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       Y.    Report of Investments (ICR 1)

       Mr. Stricker, Chairman of the Investment Committee, reported that
the Committee had met and reviewed the Report of Investments. He moved
that the Board accept the report of changes in investments for the
University and its affiliated corporations for the three months ended
March 31, 1991. The motion was seconded by Mrs. Hayes and carried.
(See ICR 1 at the end of the Minutes.)

       Z.   Meeting Adjourned

       There being no further business to come before the Board, the
Chairman adjourned the meeting at 1:57 p.m.

                                       Respectfully submitted,



                                       Edythe Jones Hayes
                                       Secretary
                                       Board of Trustees

(Residency Status of Scott Crosbie, PR's 2, 4A, 4B, 5A, SB, 5C, and 6A,
FCR's 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, and 15 and ICR 1
which follow are official parts of the Minutes of the Meeting.)



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