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       R. Report of Investments (ICR 1)

       Mr. Hershey, Chairman of the Investment Committee, reported that the
Investment Committee met on the morning of March 1 and reviewed the report
of changes made in investments for the University and its Affiliated
Corporations for the three months ended December 31, 1987. He then moved
that the report be accepted. The motion was seconded by Mr. Stricker and
passed. (See ICR 1 at the end of the Minutes.)

       S. Robert Clay Recognized

       Professor Betts asked that the Board recognize Mr. Robert Clay, the
new Director of Residence Life. Professor Betts stated that Mr. Clay
served the University well as an undergraduate and will continue to serve
the University well in his new role as director. Mr. Robert Clay was
recognized and given a round of applause.

       T. Meeting Adjourned

       There being no further business to come before the Board, the
Chairman adjourned the meeting at 2:18 p.m.

                                        Respectfully submitted,



                                        Edythe Jones Hayes
                                        Secretary
                                        Board of Trustees

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

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