Summary Report of The Carl B. Kern Fund

for the Two Quarters Ended 06/30/96

Received by the Kern Fund Advisory Board Chair on 8/19/96:

Opening Balance as of January 1 ................ $ 59,570.37
    
Investment Income ............................... + 1,210.86
Foundation Distribution ............................... 0.00
Change in Market Value .......................... + 1,933.89
Gifts Received .................................. + 1,775.00
Interfund Transfers ................................... 0.00
Broker Fees/Commission ................................ 0.00
Foundation Fees ................................... - 118.62
Bank Fees ......................................... - 116.93
Grants Paid ..................................... - 3,200.00
Program Expenses ................................ - 1,500.00
    
Ending Balance for Second Quarter .............. $ 59,554.57

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