The rating on Massachusetts Health and Educational Facilities Authority's revenue refunding bonds, issued for Harvard University, reflects: The university's overwhelming financial resources provided by a $19.2 billion endowment valued at June 30, 2000; Strong management of admissions, investments, and operations; and Impressive demand for Harvard's academic programs. The series Z and AA bonds will be general obligations of the university. Bond proceeds will be used to refund various series of the university's outstanding tax-exempt debt. As of June 30, 2000, Harvard's endowment was an estimated $19.2 billion. Harvard Management Co. invests both its endowment and general operating cash in a sophisticated portfolio that often uses leverage and derivative instruments to achieve higher returns. For the fiscal year ended June 30,
