SECURITIES LITIGATION-CLASS ACTION SUITS

Northern Trust Company (NTC) is responsible for acting upon all class action suits claimed while NTC is the custodian. Suits that arise from the time period when US Bank/Chase Manhattan was the custodian must be handled by US Bank or Chase Manhattan.

NTC subscribes to ClassAction Alert, an independent monitoring service that reports class action suits. Companies listed on ClassAction Alert are compared to the Foundation's custody accounts for eligible securities. Where an eligible security is found NTC files a proof of claim for the Foundation. The claims are generally filed close to the filing deadline. Occasionally a client or investment manager will request that NTC opt out of the class action suit. This rarely occurs except in situations where the client believes there is a better chance of recovery by filing a suit independently. The Foundation has not engaged in independent suits.

NTC currently does not have a report readily available to view the Foundation's pending class action suits. NTC sees an average 60 suits per year applicable to their entire client base. Not all clients are eligible to participate in all the suits.

In general, recoveries of class action suits are added to the basis of the securities subject to litigation. In the case where the security had been sold it is treated as capital gain income on the Form 990PF. In practice the security for which the suit was filed is rarely still held in the portfolio and all recoveries are automatically treated as capital gains. Litigation proceeds are recorded in the Foundation's distribution account.

The claims filed by US Bank and Chase and proceeds are below.

Claims Filed/Other than NTC

Company	Filing date	Explanation

Boeing	2002	filed by US Bank for owners as of 10/22/97

PennCorp Financial Group, Inc 2000 filed by US Bank for owners between 2/8/96 and 11/16/98

Payments Received

Payor	Amount	Date	Explanation

Cott	$62.98	9/27/01	second and final payment

Housecall Medial Resources $5,092.49	8/14/01	recognized loss $44,372.40

NASDAQ Antitrust	$46,135.33	2001	filed by US Bank

NASDAQ Antitrust	$971.02	2002	filed by US Bank

Coated Sales	$2,614.37	4/25/02	unknown

Unknown	$27,721.07 1/31/02	filed by Chase Manhattan Bank

Unknown	$0.63 8/31/02 filed by NTC

H:\Finance\Accounting\Class action suits\NTC casmemo9-02.wpd