The 'AAA' rating on the Massachusetts Health and Educational Facilities Authority's bonds, issued for Harvard University, reflects: The university's overwhelming financial resources, provided by an $18.3 billion endowment valued on June 30, 2001; Strong management of admissions, investments, and operations; and Impressive demand for Harvard's academic programs. The series DD bonds will be GOs of the university. Bond proceeds will be used to refund the university's outstanding series W bonds. As of June 30, 2001, Harvard's endowment was an estimated $18.3 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, 2001, Harvard achieved a negative
