Office of the President
                                                January 22, 1991







Members, Board of Trustees:


                         REPORT OF INVESTMENTS


Recommendation: that the Report of Changes in Investments for the University
of Kentucky and its affiliated corporations for the three months ended
December 31, 1990 be accepted.

Background: The Report of Changes in Investments is submitted to the Board
of Trustees each quarter. The attached report reflects investment transac-
tions for the three months ended December 31, 1990, for the University of
Kentucky and affiliated corporations which include UK Athletics Association,
The Medical Center Fund, UK Research Foundation, UK Business Partnership
Foundation, UK Mining Engineering Foundation, UK Equine Research Foundation,
and UK Humanities Foundation.



Other__



Action taken: Approved     j      Disapproved

Date: January 22, 1991