But although Gray said yesterday that theadvisory board to the CCSR had hoped to discussthe tobacco issue, shareholders in the twocompanies could not vote on any such proxyresolutions this year.

"The tobacco issues were pulled because the SEC[Securities and Exchange Commission] ruled thatthe wording [on the Philip Morris resolution] wasillegal and RJR went private," Gray said.

This February, RJR-Nabisco became a privatecompany after a multi-billion dollar takeover byKohlberg, Kravis, Roberts and Company (KKR), aWall Street leveraged buyout firm. Harvard, whichwas invested in KKR, now owns part of RJR throughits involvement in the buyout, but can no longervote on its policies.

Harvard's Top Ten Investments (in thousandsof dollars)

International Business Machines  $54,732General Motors Corporation  $49,0185Exxon Corporation  45,983Philip Morris Companies, Inc  44,402Amoco Corporation  38,552Atlantic Richfield Company  34,744The Boeing Company  31,863Digital Equipment Corporation  29,627General Electric Company  28,847The Dow Chemical Company  27,544