The 'AAA' rating on Massachusetts Health and Educational Facilities Authority's bonds, issued for Harvard University, reflects: Overwhelming financial resources provided by a $14.5 billion endowment valued at June 30, 1999; Strong management of admissions, investments, and operations; and Impressive demand for Harvard's academic programs. The 'A-1+' rating reflects Harvard's ability to cover its short-term debt and demand bonds with an estimated $4.24 billion of cash and investments available on a same day basis. As of June 30, 1999, Harvard's endowment was an estimated $14.5 billion (including $279 million in pledges outstanding), and for the first 10 months of fiscal 2000 has experienced an appreciation in excess of 10%. Both its endowment and general operating cash are invested by Harvard Management
