FINANCIAL STATUS OF THE FUND

The Fund's investments are managed by the investment firm of Pell Rudman, Boston and by the Fidelity Investments Charitable Gift Fund, also of Boston.

The financial status of the Fund as of June, 1999 was:

Income

Contributions to date: $290,519

Capital Gains on invested

Contributions: $137,754

Total: $428,273

Expenditures

Total Grants Made since inception: $104,150         

- Net current funds invested and held for future Fellowships: $324,123

The capital gains in the Fund have more than paid for the

past five years of Fellowships. 

It was a good time in the financial markets to start this

Fund and solicit contributions. It has enabled us to grow a

small amount of contributions into a significantly sized fund

to support critical research.

Whether this degree of success will continue in the

future must be considered with some caution. However, the two

investment advisors have had excellent reputations for

managing growth, and we can look forward to a solid future for

the Fund.