- 7



        Y.    Report of Investments   (ICR 1)

        Mr. Clay, reporting in the absence of Mr. Ronald G. Geary,
recommended and so moved that the report of changes made in investments
for the University of Kentucky and its affiliated corporations for the
three months ended December 31, 1985 be accepted. His motion was
seconded by Mr. Black, and it was so ordered. (See ICR 1 at the end of
the Minutes.)

        Z.    Meeting Adjourned

        There being no further business, the meeting was adjourned at
1:45 p.m.

                                    Respectfully submitted,



                                    John C. Darsie
                                    Assistant Secretary
                                    Board of Trustees



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



1345