There was an investment presentation by David King in the form of a report. For calendar year, KYSU started with $25.2 million; has roughly $1 million of cash outflows and $3.2 million of positive market change and end with $27.4 million. Fiscal year to date investment gains is at about $2.1 million with outflows of $518,000.

Regent Hatchett had a comment/question on whether they were doing foreign investments for the portfolio. Regent Moyer responded that there is a provision for some international investment and it's an appropriate discussion to engage in. Regents Hatchett, Moyer and Grimshaw further discussed foreign investment along with Mr. King's response.

Regent Obielodan asked if the report is available and Mr. King said he could provide a copy of the report to Secretary Sergent.

There was a discussion if the action items would be voted on today or by the full board. It was agreed that this time the action items would be voted on by the full board.