Summary Report of The Carl B. Kern Fund

for the Four Quarters Ended 12/31/95

Received by the Kern Fund Advisory Board Chair on 2/22/96:

Opening Balance as of January 1 ........... $ 47,564.15

Investment Income .......................... + 2,285.93
Foundation Distribution .......................... 0.00
Change in Market Value ..................... + 8.585.21
Gifts Received ............................. + 5,174.00
Interfund Transfers .............................. 0.00
Broker Fees/Commission ........................... 0.00
Foundation Fees .............................. - 227.34
Bank Fees .................................... - 211.58
Grants Paid ................................ - 2,600.00
Program Expenses ........................... - 1,000.00

Ending Balance for Fourth Quarter ......... $ 59,570.37

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