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" . I I -4- bulk of the University's annual pound operating expenses. This would stop the eroding of the Endowment principal. Similarly. AID will seek additional amounts to gradually replenish the LE Endowment to its original level of 25,000,000. 5. Egyptian Pound Fund - Report - Mr. Nichols, Managing Partner of the University Educa­tional Endowment Fund, presented his report. He noted that to date no new foreign investments have actually been consummated in Egypt but that many U.S. companies are actively exploring the possibilities. If such investments are allowed to proceed at all, the expectation is that the University's Endowment Fund will par­ticipate in some of them. Mr. Nichols gave a brief review of the activities in which the Fund is currently engageq and described the kinds of services that are being offered and the fee structure that the Fund has adopted. The project nearest completion. Mr. Nichols said, is the establishment of a tourist agency. Such an agency would sup­plant the present travel office of the University and would eli­minate the current annual subsidy by the University of LE 8,000. The tourist agency project will require a capital investment of LE 50,000 and should at the very least break even, he predicted