Office of the President
                                               August 16, 1994










Members, Board of Trustees:


                   INVESTMENT POLICY - ENOWWMENT FWND$

Recommendation:  that the Board of Trustees rescind the policy prohibiting
investment of funds in any U. S. corporation or bank doing business in
the Republic of South Africa.

Background: On December 10, 1985 the Board of Trustees established a
policy to prohibit investment of any funds of the University of Kentucky
in companies or banks doing business in South Africa. This policy was
adopted in response to the policy of Apartheid then maintained by the
Government of the Republic of South Africa. The conditions that existed
in 1985 have changed significantly and the Investment Committee
recommends a change in policy.



8936



Action taken:  Approved            Disapproved           Other_

Date: August 16, 1994