7



       Q.    Report of Investments (ICR 1)

       Mr. Stricker, Chairman of the Investment Committee, moved that the
routine report of investments for the three months ending December 31,
1990 be adopted. His motion was seconded by Mr. Lohman and passed
unanimously. (See ICR 1 at the end of the Minutes.)

       R.    Remarks by Mr. Ockerman

       Mr. Ockerman noted that this is the first meeting for the 1991
calendar year. He stated that the University is off to an excellent
start and expressed thanks to the Board members, the faculty, the
employees and others in the Commonwealth who have given of their time and
talents to the University. He asked that everyone continue to work
together to build the University.

       S.    Meeting Adjourned

       There being no further business to come before the Board, the
Chairman declared the meeting officially adjourned at 1:45 p.m.

                                        Respectfully submitted,



                                        Edythe Jones Hayes
                                        Secretary
                                        Board of Trustees

/6793

(PR's 2, 3A, 5A, 5B, and 5C; FCR's 1, 2, 3, 4, 5, 6, 7, and 8; and ICR 1
which follow are official parts of the Minutes of the Meeting.)