Office of the President
                                               December 9, 1986







Members, Board of Trustees:


                          REPORT OF INVESTMENTS


Recommendation: that the report of changes made in investments for the
University of Kentucky and its Affiliated Corporations for the three
months ended September 30, 1986, be accepted.

Background: A part of the Board policy regarding investments is a
provision that a quarterly report be submitted by the Investment
Committee of the Board. The attached reports reflect the purchases and
sales made during the Third Quarter of 1986, for the University of
Kentucky Athletic Association, the Fund for Advancement of Education and
Research in the University of Kentucky Medical Center, the University of
Kentucky, the University of Kentucky Research Foundation, the University
of Kentucky Business Partnership Foundation, the University of Kentucky
Mining Engineering Foundation, the University of Kentucky Equine Research
Foundation, and the University of Kentucky Humanities Foundation.



Action taken:



Approved    A      Disapproved              Other



Date: December 9, 1986