June 9, 1967

Miss Nancy Hanks
Executive Secretary
Special Studies
Room 4100, 1290 Avenue of the Americas
New York, N.Y. 10019

Dear Nancy:

I look forward to hearing from you after you have collected
all the comments.

I am off to Europe for a few weeks, but my secretary will
know how to reach me.

Best regards.

Henry A. Kissinger

PROGRAM POLICIES

**General Program:** The Rockefeller Brothers Fund makes grants under its General Program to local, national and international philanthropic organizations depending on the general public for funds. In the Greater New York area, the Fund contributes to such community needs as civic improvement, cultural advancement, education, health, religion and welfare. As a general rule contributions are made to agencies whose activities are city-wide in scope since the Fund cannot, because of the number involved, contribute directly to individual hospitals, churches, community centers and educational institutions. The same principle is followed in the State of New York where it contributes to agencies whose services are state-wide.

Outside New York State, grants are directed to selected organizations with programs of general import. For the most part these organizations are national or international in scope, but occasionally an institution whose primary activity is local in character may be the center of a program which the Fund assists because it relates to a field of particular interest to the Fund.

In the case of grants to the budgetary or capital needs of established agencies, the Fund's contributions are purposely held to a relatively small portion of the total need as the objective of the Fund in this area is to share with others in the support of such institutions.

**Special Program:** Activities under the Fund's Special Program include support and in some instances direct operation of experimental or new undertakings. These lie in the fields of international relations and understanding, strengthened national life, and conservation, population and resources. In many cases, the trustees take an active part in the formation and operation of these programs as well as in their support. Many projects that the Fund supports fall into both General and Special Program categories.

FUNDS

The Fund's program continues to be supported in part by annual trustee contributions. In addition to a major gift which he made in 1951, the late Mr. John D. Rockefeller, Jr., bequeathed one-half of his estate to the Fund.

4

Rockefeller
Brothers
Fund

1966 Report

Expressing the interest and responsibility shared by its
trustees in the field of philanthropy, the Rockefeller Brothers
Fund made contributions totaling $6,669,940 during 1966.
This brought to $67,546,052 the amount of the Fund's giv-
ing since its establishment by the five Rockefeller brothers
in 1940.

Ninety-seven grants, totaling $1,671,000, were made in 1966 toward the general operating needs of various agencies. Seventy-three grants, totaling $4,998,940, were directed toward special programs and activities of the recipient organizations. Brief summaries of the latter follow on pages 6-14. A complete list of contributions appears on pages 15-19, and financial statements will be found starting on page 20.

5

Grants for Special Purposes

*Abbott House* — $5,000 toward the initial operating expenses of a new service agency for the care of New York City children. Grants since 1964 total $35,000.

*ACCION International* — $15,000 toward the costs of organizational assistance and other services which ACCION International will provide for a Brazilian community development program.

*African-American Institute* — $14,500 for a trip in the summer of 1965 by Erwin N. Griswold, Dean of the Harvard Law School, to discuss broad issues relating to law and development with public and private officials in Kenya, Uganda and Tanzania.

*Agricultural Development Council* — $300,000 for the Council's core program of training and research in agricultural economics and community development in Asian countries. Grants since 1956 total $2,868,409.

*American Friends Service Committee* — $15,000 toward the Committee's 1966 International Seminar Program in West Africa for government officials and African scholars and teachers. Grants for this program since 1962 total $80,000.

*American International Association for Economic and Social Development* — $250,000 for AIA's integrated program of agricultural development in Latin America. Grants since 1956 total $2,055,000.

*American Psychiatric Association* — $11,000 toward a two-year program of research and study of emotional illness in children by the Joint Commission on Mental Health in Children.

*American School of Classical Studies at Athens* — $150,000 as a special contribution, of which $100,000 was directed to the School's program of excavation and exploration of the Athenian Agora, and $50,000 toward its education program.

6

*Arkansas Arts Center* — $50,000 on a matching basis toward the operating needs of the Center, located in Little Rock, which conducts state-wide programs in the performing and visual arts. Grants for this purpose since 1964 total $225,000. Previous grants totaling $550,000 were made in 1962 and 1963 toward construction and capital needs.

*Arthritis Foundation, New York Chapter* — $3,000 as a supplemental grant for the Kingsbridge Neighborhood Project on Aging, a pilot program on health needs of the aged. A grant of $25,000 in 1964 was made toward the initial costs of this Project.

*Asia Society* — $10,000 toward the Society's Asian Literature Program. Grants for this program since its initiation in 1959 total $187,000.

*Association of the Bar of the City of New York Fund* — $25,000 toward the work of the Association's Special Committee on the New York State Constitutional Convention.

*Berkshire Farm for Boys* — $50,000 toward a demonstration Building-Training Project aimed at assisting delinquent boys to develop skills useful to their readjustment in the community.

*Big Brothers* — $50,000 toward its 60th Anniversary Development Campaign.

*Big Sisters* — $5,000 as a special contribution toward general program needs. Grants for this purpose since 1965 total $17,000.

*Boy Scouts of America, Washington Irving Council* — $150,000 as a special contribution toward the capital funds campaign of the Council, which serves Westchester and Putnam Counties, New York.

*Catalyst* — $21,000 toward the preparation of a guidance directory of employment opportunities for mature women planning to enter or return to career occupations.

7

**Catholic Foreign Mission Society of America** — $40,000 toward the improvement of the central broadcasting facilities of the Radio School Project of the Maryknoll Fathers in Puno, Peru.

**Centre for Educational Television Overseas** — $45,000 toward the Centre's program to train personnel from developing countries in the basic techniques of producing educational television programs.

**Childville** — $6,000 to cover the cost of a study and evaluation of Childville's program by the Child Welfare League of America.

**Colonial Williamsburg** — $400,000 to complete payment, begun in 1962, on a $2,000,000 grant toward the completion of the original plans, conceived by John D. Rockefeller, Jr., for the development of the restored area of Colonial Williamsburg.

**Columbia University** — $35,060 toward a study of guidance and counseling in the United States, to be undertaken by the University's Conservation of Human Resources Office.

**Committee for Economic Development** — $50,000 toward the work of the Committee for Improvement of Management in Government, which conducts policy studies dealing with broad questions of structure, operations, procedures and personnel in public affairs at the federal, state and local levels. Grants for this purpose since 1965 total $100,000.

**Community Blood Council of Greater New York** — $125,000 as initial payment on a commitment of $250,000 toward completing the establishment of the New York Blood Center. Previous grants for the Center in 1960-62 totaled $502,500.

**Council on Foreign Relations** — $100,000 to initiate a special program of fellowships which will assist American scholars from a variety of disciplinary backgrounds in pursuing studies in international affairs.

8

*Experiment in International Living* — $100,000 as a special
contribution toward the Experiment's Development Fund
Campaign.

*Flight Safety Foundation* — $46,000 toward the development of plans for programs in air traffic control research and in the education of general aviation pilots.

*Foundation for the Graduate Institute of International Studies* — $9,000 toward a study of the European Free Trade Association and the Atlantic World.

*Frederick Douglass Institute of Negro Arts and History-Museum of African Art* — $25,000 as a special contribution toward the rehabilitation of the Institute-Museum's premises in Washington, D. C.

*Fund for Theological Education* — $150,000 to continue the Rockefeller Brothers Theological Fellowship Program, which seeks to encourage college graduates to consider careers in the Protestant ministry by assuring fellowship recipients of financial assistance during the first year at the seminary of their choice. Grants since this program was established in 1954 total $1,673,068.

The Fund also contributed $5,787 toward an experimental ten-day program at the Urban Training Center for Christian Mission conducted in Chicago for a number of the 1966-67 class of Rockefeller Brothers Theological Fellows.

*Girls Clubs of America* — $25,000 as a special contribution toward program expansion.

*Goddard-Riverside Community Center* — $12,500 toward expansion of "Operation Friend," a special project for the improvement of relations between police officers and community groups in sections of New York City.

*Hall of Science of the City of New York* — $75,000 as a special contribution toward the initial year's program of the Hall of Science, New York City's first permanent museum of science and technology.

9

**Hospitality Committee for United Nations Delegations** — $4,000 for the work of the Committee's housing office, which arranges for housing and provides other services for United Nations delegates and their families during their stay in the New York area. Grants since 1962 total $20,500.

**Hudson Guild** — $10,000 toward a pilot project in the Chelsea area of New York City directed toward improved coordination of services for older people. Grants for this purpose since 1965 total $25,000.

**International Secretariat for Volunteer Service** — $15,000 toward travel expenses of delegates from developing countries to the 1967 World Assembly in New Delhi, India.

**Joint Commission on Correctional Manpower and Training** — $25,000 toward a three-year national manpower study in the corrections field which will seek solutions to the critical shortage of trained personnel in correctional and rehabilitation occupations.

**Law Students Civil Rights Research Council** — $15,000 toward the Council's program of assigning law students to assist lawyers working in the civil rights movement. Grants since 1965 total $30,000.

**Memorial Sloan-Kettering Cancer Center** — $120,000 to the 75th Anniversary Fund for the expansion and improvement of facilities, and for research and teaching programs. Since 1960, $1,110,000 has been contributed toward commitments totaling $1,350,000.

**Metropolitan Opera Association** — $100,000 toward unanticipated costs in connection with the Opera's move to Lincoln Center for the Performing Arts. A subsequent pledge brought the total Fund commitment for this purpose to $500,000.

**NAACP Special Contribution Fund** — $60,000 to strengthen the staff working on those NAACP programs supported by the Special Fund. A total of $100,000 has been committed for this purpose over two years, 1966-67.

10

*National Association for Foreign Student Affairs* — $10,000 toward the work of the Association's Community Section, which seeks to strengthen the response of local communities to the needs of foreign students. Grants for this purpose since 1964 total $30,000.

*National Audubon Society* — $80,000 toward the work of the Society's Nature Centers Division and other conservation education activities. Grants since 1959 total $380,000.

*National Repertory Theatre Foundation* — $25,000 toward the Theatre's 1965-66 season. The Fund also contributed $25,000 in 1964 for the 1964-65 season.

*New York City Mission Society* — $50,000 toward the construction costs of the Society's new Resources and Training Center in Harlem. Grants for this Center since 1961 total $166,250.

The Fund also contributed $20,000 toward the summer youth program of the Interfaith City-Wide Coordinating Committee Against Poverty, which conducts summer employment programs in various sections of New York City. Grants for this purpose since 1964 total $80,000.

*New York Council on Alcoholism* — $5,000 toward the operation of ACCEPT, the Council's treatment center for alcoholics, during its second year. Grants since 1965 total $15,000.

*New York Public Library* — $58,000 for a professional study of the Library's management and finances.

*Open Space Action Committee* — $25,000 toward a program of encouraging the preservation of open space and natural beauty of privately owned property in the New York metropolitan area.

*Orphan Asylum Society in the City of New York* — $15,000 toward the cost of remodeling the administration-school building of the Graham Home for Children which serves the New York area.

11

**P.E.N. American Center** — $25,000 toward the 34th P.E.N. Congress, a world-wide association of writers, held for the first time in the United States in June, 1966.

**Philharmonic-Symphony Society of New York** — $225,000 as initial payment on a commitment of $500,000 toward the Society's 125th Anniversary Campaign.

**Planning Foundation of America** — $25,000 toward the 50th anniversary program of the American Institute of Planners, aimed at stimulating thinking on long-range environmental planning and development goals in the United States.

**Pratt Institute** — $133,000 toward support and expansion over a three-year period of neighborhood-based community service programs in urban renewal and planning in New York, sponsored by the Department of Planning of the Institute's School of Architecture. A grant of $94,000 in 1963 financed a two-year experiment in this area which led to the development of the present program.

**Radcliffe College** — $25,000 for The Radcliffe Institute, which assists mature women scholars in renewing or advancing their academic and creative interests. Grants since 1961 total $275,000.

**Ramon Magsaysay Award Foundation** — $893,443 toward the cost of constructing an office building in Manila to house the Foundation and provide income to meet its future financial needs, including the Awards Program. Since 1964, a total of $985,651 has been paid against a Fund commitment of $1,000,000 for this purpose.

The Fund also contributed $59,000 as special interim support for the Foundation's program pending the completion and operation of the new building. Fund grants for the financing of the Foundation's program since its initiation in 1957 total $565,000.

**Recording for the Blind** — $5,000 as a special contribution toward program expansion. Grants for this purpose, including $25,000 for the agency's new building in 1964, total $40,000.

12

**Regional Plan Association** — $75,000 toward the preparation of a new regional development plan for the 22-county New York metropolitan area. Grants for this purpose since 1964 total $225,000.

**Saratoga Performing Arts Center** — $100,000 as a special contribution toward operating costs of the Center's first season. The Fund contributed $500,000 in 1964 toward construction costs.

**Sealantic Fund** — $23,000 toward a program of grants to selected agencies in Westchester County, New York, and in the State of Maine, particularly in the area of Mount Desert Island.

**Southern Regional Council** — $50,000 toward the Council's reactivated Voter Education Project, which supports voter education and registration work in the South. Grants for the Project since 1964 total $75,000.

The Fund also contributed $10,000 toward the expenses of the White House Conference on Civil Rights held in June, 1966.

**State Charities Aid Association** — $25,000 toward the 1967 Centennial Anniversary Program of the New York State Board of Social Welfare which will focus on public understanding and support for important welfare programs.

**Tanzania National Parks** — $40,000 toward the development and maintenance of the Mkumi National Park. Grants for the Tanzania National Parks since 1963 total $210,000, of which $155,000 has been for the Mkumi Park.

**Theatre Incorporated** — $25,000 toward the 1966-67 season of the APA-Phoenix Repertory Company, the first at the Company's permanent home, the Lyceum Theatre in New York City.

**Tri-Faith Chapels Building Fund** — $15,000 applied equally toward the construction costs of the Protestant, Roman Catholic and Jewish chapels at John F. Kennedy International Airport in New York City.

13

**United Nations Institute for Training and Research** — $35,000 for UNITAR's two-year project of securing, organizing and preparing the papers of Ralph J. Bunche for the benefit of future scholars and historians.

**United States Committee for the First World Festival of Negro Arts** — $35,000 toward American participation in the First World Festival of Negro Arts held at Dakar, Senegal, in April, 1966.

**Volunteers for International Technical Assistance** — $23,650 as a special contribution for the expenses of a pilot project involving the assignment of a field representative to Taiwan for six months.

**Whitney Museum of American Art** — $100,000 toward a capital funds campaign for the Museum's new building and expanded program.

**Women's City Club of New York** — $25,000 toward the Club's Golden Anniversary Fund, which will be used to help finance special projects.

**World University Service** — $20,000 toward an expanded summer employment program administered by the African Student Service in 1966.

14

1966 Contributions

<table><tbody><tr><td>Abbott House</td><td>$ 5,000*</td></tr><tr><td>Academy of Religion and Mental Health</td><td>7,500</td></tr><tr><td>ACCION International</td><td>15,000*</td></tr><tr><td>African-American Institute</td><td>50,000</td></tr><tr><td></td><td>14,500*</td></tr><tr><td>Agricultural Development Council</td><td>300,000*</td></tr><tr><td>Allergy Foundation of America</td><td>2,500</td></tr><tr><td>American Cancer Society, New York City Division</td><td>5,000</td></tr><tr><td>American Conservation Association</td><td>200,000</td></tr><tr><td>American Council for Emigrés in the Professions</td><td>10,000</td></tr><tr><td>American Council for Nationalities Service</td><td>2,500</td></tr><tr><td>American Craftsmen's Council</td><td>5,000</td></tr><tr><td>American Diabetes Association</td><td>2,500</td></tr><tr><td>American Friends Service Committee</td><td>15,000</td></tr><tr><td></td><td>15,000*</td></tr><tr><td>American International Association for Economic and Social Development</td><td>250,000*</td></tr><tr><td>American Museum of Natural History</td><td>5,000</td></tr><tr><td>American Psychiatric Association</td><td>11,000*</td></tr><tr><td>American Red Cross in Greater New York</td><td>7,500</td></tr><tr><td>American School of Classical Studies at Athens</td><td>150,000*</td></tr><tr><td>Arkansas Arts Center</td><td>50,000*</td></tr><tr><td>Arkansas Council on Human Relations</td><td>6,000</td></tr><tr><td>Arthritis Foundation, New York Chapter</td><td>3,000*</td></tr><tr><td>Asia Society</td><td>35,000</td></tr><tr><td></td><td>10,000*</td></tr><tr><td>ASPIRA</td><td>5,000</td></tr><tr><td>Associated Councils of the Arts</td><td>25,000</td></tr><tr><td>Association for Homemaker Service</td><td>5,000</td></tr><tr><td>Association of the Bar of the City of New York Fund</td><td>25,000*</td></tr><tr><td>Berkshire Farm for Boys</td><td>50,000*</td></tr><tr><td>Big Brothers</td><td>4,000</td></tr><tr><td></td><td>50,000*</td></tr><tr><td>Big Sisters</td><td>4,000</td></tr><tr><td></td><td>5,000*</td></tr><tr><td>Boy Scouts of America, Greater New York Councils</td><td>7,500</td></tr><tr><td>Boy Scouts of America, Washington Irving Council</td><td>150,000*</td></tr><tr><td>Brooklyn Bureau of Social Service and Children's Aid Society</td><td>7,500</td></tr></tbody></table>

(* Indicates contributions for those special projects or activities described on pages 6 to 14; all others were for general operating purposes.)

15

<table>
  <tbody>
    <tr>
      <td>Herald Tribune Fresh Air Fund</td>
      <td>2,500</td>
    </tr>
    <tr>
      <td>Hospitality Committee for United Nations Delegations</td>
      <td>4,000</td>
    </tr>
    <tr>
      <td>Hudson Guild</td>
      <td>10,000*</td>
    </tr>
    <tr>
      <td>Institute of International Education</td>
      <td>10,000</td>
    </tr>
    <tr>
      <td>International Cultural Center, Tunisia</td>
      <td>10,000</td>
    </tr>
    <tr>
      <td>International House (New York)</td>
      <td>10,000</td>
    </tr>
    <tr>
      <td>International Secretariat for Volunteer Service</td>
      <td>15,000*</td>
    </tr>
    <tr>
      <td>International Social Service, American Branch</td>
      <td>6,000</td>
    </tr>
    <tr>
      <td>Joint Commission on Correctional Manpower and Training</td>
      <td>25,000*</td>
    </tr>
    <tr>
      <td>Law Students Civil Rights Research Council</td>
      <td>15,000*</td>
    </tr>
    <tr>
      <td>Legal Aid Society</td>
      <td>20,000</td>
    </tr>
    <tr>
      <td>Memorial Sloan-Kettering Cancer Center</td>
      <td>120,000*</td>
    </tr>
    <tr>
      <td>Metropolitan Museum of Art</td>
      <td>2,500</td>
    </tr>
    <tr>
      <td>Metropolitan Opera Association</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td></td>
      <td>100,000*</td>
    </tr>
    <tr>
      <td>NAACP Special Contribution Fund</td>
      <td>60,000*</td>
    </tr>
    <tr>
      <td>National Association for Foreign Student Affairs</td>
      <td>10,000*</td>
    </tr>
    <tr>
      <td>National Association for Mental Health</td>
      <td>25,000</td>
    </tr>
    <tr>
      <td>National Audubon Society</td>
      <td>80,000*</td>
    </tr>
    <tr>
      <td>National Committee Against Discrimination in Housing</td>
      <td>25,000</td>
    </tr>
    <tr>
      <td>National Committee for Children and Youth</td>
      <td>10,000</td>
    </tr>
    <tr>
      <td>National Conference of Christians and Jews</td>
      <td>2,500</td>
    </tr>
    <tr>
      <td>National Council of the Churches of Christ in the United States of America</td>
      <td>30,000</td>
    </tr>
    <tr>
      <td>National Council on Alcoholism</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>National Council on Crime and Delinquency</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>National Council on the Aging</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>National Fund for Graduate Nursing Education</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>National Information Bureau</td>
      <td>2,000</td>
    </tr>
    <tr>
      <td>National Repertory Theatre Foundation</td>
      <td>25,000*</td>
    </tr>
    <tr>
      <td>National Urban League</td>
      <td>20,000</td>
    </tr>
    <tr>
      <td>New York Association for the Blind</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>New York Botanical Garden</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td>New York City Mission Society</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td></td>
      <td>50,000*</td>
    </tr>
    <tr>
      <td>New York Council on Alcoholism</td>
      <td>20,000*</td>
    </tr>
    <tr>
      <td>New York Heart Association</td>
      <td>5,000*</td>
    </tr>
    <tr>
      <td>New York Public Library</td>
      <td>5,000</td>
    </tr>
    <tr>
      <td></td>
      <td>10,000</td>
    </tr>
    <tr>
      <td></td>
      <td>58,000*</td>
    </tr>
  </tbody>
</table>

17

1966 Contributions (Continued)

<table><tbody><tr><td>New York State Citizens Committee for the Public Schools</td><td>2,500</td></tr><tr><td>New York State Council of Churches</td><td>2,500</td></tr><tr><td>New York Zoological Society</td><td>5,000</td></tr><tr><td>Open Space Action Committee</td><td>25,000*</td></tr><tr><td>Operation Crossroads Africa</td><td>5,000</td></tr><tr><td>Orphan Asylum Society in the City of New York</td><td>15,000*</td></tr><tr><td>Overseas Education Fund of the League of Women Voters</td><td>10,000</td></tr><tr><td>P.E.N. American Center</td><td>25,000*</td></tr><tr><td>Philharmonic-Symphony Society of New York</td><td>5,000</td></tr><tr><td></td><td>225,000*</td></tr><tr><td>Planned Parenthood Federation of America</td><td>25,000</td></tr><tr><td>Planning Foundation of America</td><td>25,000*</td></tr><tr><td>Police Athletic League</td><td>3,000</td></tr><tr><td>Population Council</td><td>300,000</td></tr><tr><td>Population Reference Bureau</td><td>7,500</td></tr><tr><td>Pratt Institute</td><td>133,000*</td></tr><tr><td>Protestant Council of the City of New York</td><td>15,000</td></tr><tr><td>Public Education Association</td><td>2,500</td></tr><tr><td>Radcliffe College</td><td>25,000*</td></tr><tr><td>Ramon Magsaysay Award Foundation</td><td>893,443*</td></tr><tr><td></td><td>59,000*</td></tr><tr><td>Recording for the Blind</td><td>5,000*</td></tr><tr><td>Regional Plan Association</td><td>5,000</td></tr><tr><td></td><td>75,000*</td></tr><tr><td>Retarded Infants Services</td><td>5,000</td></tr><tr><td>Riverdale Children's Association</td><td>3,500</td></tr><tr><td>Riverside Church</td><td>35,000</td></tr><tr><td>Riverside Fund to Help Build a Christian World</td><td>2,000</td></tr><tr><td>Saratoga Performing Arts Center</td><td>100,000*</td></tr><tr><td>Sealantic Fund</td><td>23,000*</td></tr><tr><td>Social Work Recruiting Center of Greater New York</td><td>2,500</td></tr><tr><td>Southern Regional Council</td><td>50,000*</td></tr><tr><td></td><td>10,000*</td></tr><tr><td>State Charities Aid Association</td><td>7,500</td></tr><tr><td></td><td>25,000*</td></tr></tbody></table>

18

Tanzania National Parks 40,000*
Theatre Incorporated 25,000*
Travelers Aid Society of New York 5,000
Tri-Faith Chapels Building Fund 15,000*

United Hospital Fund of New York 50,000
United Nations Association of the United States of America 20,000
United Nations Institute for Training and Research 35,000*
United Negro College Fund 20,000
United Neighborhood Houses of New York 50,000
United Service Organizations 17,500
United States Committee for the First World Festival of Negro Arts 35,000*
United States Conference for the World Council of Churches 4,000
United States-South Africa Leader Exchange Program 15,000
USO of New York City 2,500

Visiting Nurse Service of New York 5,000
Volunteers for International Technical Assistance 5,000
23,650*

Whitney Museum of American Art 100,000*
Wiltwyck School for Boys 2,500
Women's City Club of New York 25,000*
World University Service 20,000*

Young Men's Christian Association of Greater New York 7,500
Young Men's Christian Association, National Board 7,500
Young Women's Christian Association of the City of New York 7,500
Young Women's Christian Association, National Board 7,500

19

Statement of Securities DECEMBER 31, 1966

PRINCIPAL FUND

<table><thead><tr><th>Bonds</th><th>Principal Amount</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Aluminum Company of America<br>Deb. 5¼%, Sept. 20, 1991</td><td>$ 360,000</td><td>$ 360,000</td><td>$ 414,000</td></tr><tr><td>American Telephone & Telegraph Co.<br>4¾%, Nov. 1, 1992</td><td>500,000</td><td>508,280</td><td>460,000</td></tr><tr><td>Bank for Cooperatives<br>5.90%, Feb. 1, 1967</td><td>500,000</td><td>500,547</td><td>500,000</td></tr><tr><td>Bell Telephone Company of Canada<br>4⅞%, May 1, 1988</td><td>200,000</td><td>199,280</td><td>172,000</td></tr><tr><td>4.85%, Sept. 1, 1995</td><td>250,000</td><td>250,000</td><td>250,000</td></tr><tr><td>Beneficial Finance Co.<br>Deb. 4⅞%, June 1, 1981</td><td>500,000</td><td>495,200</td><td>450,000</td></tr><tr><td>Burlington Industries<br>5%, Sept. 15, 1991</td><td>500,000</td><td>500,000</td><td>515,000</td></tr><tr><td>Celanese Corporation of America<br>4%, Apr. 1, 1990</td><td>199,200</td><td>208,506</td><td>157,368</td></tr><tr><td>Charter New York Corporation<br>5¾%, Aug. 1, 1991</td><td>250,000</td><td>250,000</td><td>255,000</td></tr><tr><td>C.I.T. Financial Corp.<br>Deb. 4¾%, July 1, 1970</td><td>250,000</td><td>262,500</td><td>237,500</td></tr><tr><td>City of Oslo, Kingdom of Norway<br>5½%, Apr. 1, 1977</td><td>100,000</td><td>98,000</td><td>91,000</td></tr><tr><td>City of Winnipeg, Province of Manitoba,<br>Canada, Deb. 4¾%, Nov. 1, 1989</td><td>500,000</td><td>500,000</td><td>420,000</td></tr><tr><td>Commonwealth of Australia<br>5¼%, Oct. 1, 1980</td><td>443,000</td><td>434,140</td><td>398,700</td></tr><tr><td>5½%, Oct. 1, 1982</td><td>233,000</td><td>230,670</td><td>212,030</td></tr><tr><td>Columbia Gas System, Inc.<br>4⅝%, May 1, 1990</td><td>250,000</td><td>248,750</td><td>220,000</td></tr><tr><td>Consolidated Edison Co. of N. Y.<br>1st and Ref. Mtge., 5%, Dec. 1, 1990</td><td>500,000</td><td>510,000</td><td>465,000</td></tr><tr><td>Eastern Air Lines<br>Deb. 5⅜%, Dec. 1, 1983</td><td>21,000</td><td>89,670</td><td>74,550</td></tr></tbody></table>

24

<table><thead><tr><th>Bonds</th><th>Principal Amount</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Federal Home Loan Bank Notes</td><td></td><td></td><td></td></tr><tr><td>5.40%, Feb. 27, 1967</td><td>800,000</td><td>800,000</td><td>800,000</td></tr><tr><td>5.55%, Apr. 25, 1967</td><td>1,000,000</td><td>998,281</td><td>1,000,000</td></tr><tr><td>5.65%, Jan. 25, 1967</td><td>1,000,000</td><td>1,000,000</td><td>1,000,000</td></tr><tr><td>5.75%, July 26, 1967</td><td>2,000,000</td><td>1,998,125</td><td>2,000,000</td></tr><tr><td>Federal Intermediate Credit Bank</td><td></td><td></td><td></td></tr><tr><td>6.05%, Sept. 5, 1967</td><td>1,000,000</td><td>1,004,063</td><td>1,000,000</td></tr><tr><td>Federal National Mortgage Association</td><td></td><td></td><td></td></tr><tr><td>5.45%, June 12, 1967</td><td>750,000</td><td>748,945</td><td>750,000</td></tr><tr><td>Federal Paper Board Co., Inc.</td><td></td><td></td><td></td></tr><tr><td>5%, May 1, 1981</td><td>500,000</td><td>495,000</td><td>460,000</td></tr><tr><td>General American Transportation Corp.</td><td></td><td></td><td></td></tr><tr><td>4.60%, Nov. 15, 1985</td><td>250,000</td><td>250,000</td><td>222,500</td></tr><tr><td>General Motors Acceptance Corp. Deb.</td><td></td><td></td><td></td></tr><tr><td>3½%, Mar. 15, 1972</td><td>345,000</td><td>345,000</td><td>307,050</td></tr><tr><td>4⅝%, Sept. 1, 1982</td><td>400,000</td><td>397,000</td><td>356,000</td></tr><tr><td>4⅝%, Mar. 1, 1983</td><td>500,000</td><td>496,875</td><td>445,000</td></tr><tr><td>General Telephone & Electronics Corp.</td><td></td><td></td><td></td></tr><tr><td>4%, Mar. 15, 1990</td><td>115,000</td><td>117,300</td><td>124,200</td></tr><tr><td>Global Marine Inc.</td><td></td><td></td><td></td></tr><tr><td>5%, Dec. 1, 1984</td><td>750,000</td><td>608,252</td><td>577,500</td></tr><tr><td>Hess Oil and Chemical Corp.</td><td></td><td></td><td></td></tr><tr><td>4½%, May 1, 1987</td><td>406,100</td><td>406,100</td><td>507,625</td></tr><tr><td>High Authority of The European Coal & Steel Community, 5⅜%, Oct. 15, 1980</td><td>250,000</td><td>242,500</td><td>227,500</td></tr><tr><td>Hilo Electric Light Co. Ltd.</td><td></td><td></td><td></td></tr><tr><td>1st Mtge. Bond Series G</td><td></td><td></td><td></td></tr><tr><td>4⅝%, Mar. 1, 1989</td><td>400,000</td><td>400,000</td><td>372,000</td></tr><tr><td>Illinois Power Co.</td><td></td><td></td><td></td></tr><tr><td>5.85%, Oct. 1, 1996</td><td>200,000</td><td>200,000</td><td>212,000</td></tr><tr><td>International Bank for Reconstruction and Development, 5%, Feb. 15, 1985</td><td>100,000</td><td>100,000</td><td>95,000</td></tr><tr><td>4½%, Feb. 1, 1990</td><td>500,000</td><td>501,875</td><td>445,000</td></tr><tr><td>International Harvester Credit Corp.</td><td></td><td></td><td></td></tr><tr><td>4¾%, Aug. 1, 1981</td><td>250,000</td><td>250,625</td><td>222,500</td></tr><tr><td>Iowa Electric Light & Power Co.</td><td></td><td></td><td></td></tr><tr><td>1st Mtge. 5⅛%, Jan. 1, 1991</td><td>500,000</td><td>500,000</td><td>475,000</td></tr><tr><td>Itek Corporation</td><td></td><td></td><td></td></tr><tr><td>5%, May 1, 1986</td><td>180,000</td><td>180,000</td><td>293,400</td></tr></tbody><tfoot><tr><td></td><td></td><td></td><td>25</td></tr></tfoot></table>

Securities (Continued)

<table><thead><tr><th>Bonds</th><th>Principal Amount</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Japan Development Bank<br>6½%, Nov. 15, 1980</td><td>300,000</td><td>293,250</td><td>291,000</td></tr><tr><td>John Deere Credit Co. Deb.<br>4¾%, Apr. 1, 1981</td><td>500,000</td><td>493,750</td><td>435,000</td></tr><tr><td>4⅞%, Oct. 31, 1985</td><td>400,000</td><td>396,000</td><td>352,000</td></tr><tr><td>Kingdom of Norway<br>15 yr. External Loan Bonds of 1961<br>5½%, May 1, 1976</td><td>457,000</td><td>445,575</td><td>429,580</td></tr><tr><td>Macy Credit Corporation Deb.<br>4¾%, Nov. 1, 1981</td><td>500,000</td><td>500,000</td><td>435,000</td></tr><tr><td>4⅞%, June 1, 1985</td><td>250,000</td><td>247,625</td><td>207,500</td></tr><tr><td>Mexico/United Mexican States<br>6¾%, July 15, 1978</td><td>437,000</td><td>426,949</td><td>402,040</td></tr><tr><td>Michigan Gas Utilities Co.<br>4.70%, Feb. 1, 1990</td><td>300,000</td><td>300,000</td><td>261,000</td></tr><tr><td>Mitsubishi Heavy Industries<br>6½%, Sept. 30, 1977</td><td>250,000</td><td>250,000</td><td>270,000</td></tr><tr><td>Mitsui &amp; Company, Ltd.<br>6¾%, Mar. 31, 1978</td><td>250,000</td><td>250,000</td><td>250,000</td></tr><tr><td>Montreal Catholic School Commission<br>5¼%, Dec. 1, 1992</td><td>243,000</td><td>243,000</td><td>211,410</td></tr><tr><td>Montreal Metropolitan Corp.<br>5⅝%, Feb. 1, 1985</td><td>271,000</td><td>274,850</td><td>262,870</td></tr><tr><td>National Dairy Products Corp.<br>3¼%, June 1, 1976</td><td>200,000</td><td>205,750</td><td>166,000</td></tr><tr><td>New Brunswick Electric Power Commission<br>5¼%, Jan. 2, 1986</td><td>463,000</td><td>463,000</td><td>421,330</td></tr><tr><td>6%, Nov. 15, 1991</td><td>200,000</td><td>196,000</td><td>202,000</td></tr><tr><td>New York Telephone Co.—Series O<br>4⅜%, Jan. 1, 2004</td><td>500,000</td><td>508,750</td><td>440,000</td></tr><tr><td>Nippon Tel. &amp; Tel. Public Corp.<br>5¾%, Apr. 15, 1980</td><td>250,000</td><td>243,125</td><td>207,500</td></tr><tr><td>Northern Natural Gas Co., Deb.<br>4⅞%, Nov. 1, 1980</td><td>233,000</td><td>233,739</td><td>214,360</td></tr><tr><td>Northwestern Bell Telephone Co.<br>6%, Sept. 1, 2001</td><td>200,000</td><td>201,464</td><td>208,000</td></tr></tbody></table>

26

<table><thead><tr><th>Bonds</th><th>Principal Amount</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Pacific Gas & Electric Co.<br>1st and Ref. 4⅝%, June 1, 1992</td><td>400,000</td><td>391,501</td><td>360,000</td></tr><tr><td>Pacific Power & Light Co.<br>1st Mtge. 3½%, Aug. 1, 1984</td><td>200,000</td><td>209,500</td><td>146,000</td></tr><tr><td>Pennsylvania Railroad Conditional Sales<br>Contracts, 5¾%, Feb. 15, 1986</td><td>250,000</td><td>250,000</td><td>242,500</td></tr><tr><td>Quebec Hydro Electric Comm.<br>Deb. 4¾%, Nov. 16, 1989</td><td>500,000</td><td>500,000</td><td>420,000</td></tr><tr><td>Republic of Finland<br>External 6%, May 15, 1976</td><td>200,000</td><td>185,000</td><td>178,000</td></tr><tr><td>Republic of Venezuela<br>6¼%, Apr. 15, 1980</td><td>250,000</td><td>247,500</td><td>242,500</td></tr><tr><td>Republic Steel Corp.<br>Deb. 4⅜%, Sept. 1, 1985</td><td>245,000</td><td>242,550</td><td>218,050</td></tr><tr><td>Sears Roebuck Acceptance Corp.<br>Deb. 4⅝%, Feb. 1, 1972</td><td>250,000</td><td>259,375</td><td>235,000</td></tr><tr><td>Southern California Edison Co.<br>6⅛%, Aug. 15, 1991</td><td>200,000</td><td>200,000</td><td>210,000</td></tr><tr><td>J. P. Stevens & Co.<br>4%, Apr. 1, 1990</td><td>190,000</td><td>191,900</td><td>169,100</td></tr><tr><td>Tennessee Gas Transmission Co.<br>5⅛%, May 1, 1981</td><td>451,000</td><td>451,000</td><td>401,390</td></tr><tr><td>Texas Eastern Transmission Corp.<br>1st Mtge. 5⅝%, Sept. 1, 1977</td><td>396,000</td><td>411,840</td><td>384,120</td></tr><tr><td>4¾%, Oct. 1, 1984</td><td>500,000</td><td>500,000</td><td>430,000</td></tr><tr><td>Trans Canada Pipe Lines, Ltd.<br>5⅛%, May 1, 1985</td><td>250,000</td><td>251,250</td><td>212,500</td></tr><tr><td>United Gas Corp.<br>1st Mtge. 3⅝%, July 1, 1971</td><td>182,000</td><td>187,053</td><td>163,800</td></tr><tr><td>United Kingdom Treasury Stock<br>5½%, Sept. 10, 2008</td><td>535,915</td><td>533,911</td><td>444,809</td></tr><tr><td>United States Steel Corp.<br>4⅝%, Jan. 1, 1996</td><td>105,000</td><td>99,094</td><td>93,450</td></tr><tr><td>Youngstown Sheet & Tube Co.<br>1st Mtge. 4½%, Oct. 1, 1990</td><td>500,000</td><td>491,875</td><td>445,000</td></tr><tr><td>4.60%, July 1, 1995</td><td>500,000</td><td>500,000</td><td>445,000</td></tr></tbody><tfoot><tr><td>TOTAL BONDS</td><td></td><td>$29,961,660</td><td>$28,292,232</td></tr></tfoot></table>

27

Securities (Continued)

<table><thead><tr><th>Corporate Notes</th><th>Book Value</th><th>Principal Amount</th></tr></thead><tbody><tr><td>Bank of Hawaii 4.70%, Oct. 15, 1989</td><td>$ 250,000</td><td>$ 250,000</td></tr><tr><td>Broad Exchange Corp. 5⅞%, Jan. 25, 1976</td><td>52,326</td><td>52,326</td></tr><tr><td>Cambrian Oil Co. 5⅞%, Jan. 25, 1976</td><td>117,733</td><td>117,733</td></tr><tr><td>Celanese Corp. of America 4¾%, Apr. 1, 1990</td><td>500,000</td><td>500,000</td></tr><tr><td>Chase Manhattan Bank 4.60%, June 1, 1990</td><td>500,000</td><td>500,000</td></tr><tr><td>Central Trust Co., Rochester, N. Y. 4⅞%, June 1, 1989</td><td>237,000</td><td>237,000</td></tr><tr><td>Commercial Credit Corp. 4¾%, Nov. 1, 1980</td><td>395,563</td><td>400,000</td></tr><tr><td>Certificate of Participation in Compagnie de Saint-Gobain S.A. 6½%, May 1, 1976</td><td>380,000</td><td>380,000</td></tr><tr><td>City National Bank of Detroit 4¾%, Feb. 1, 1990</td><td>250,000</td><td>250,000</td></tr><tr><td>Continental Can Co., Inc. 5%, June 25, 1970</td><td>200,000</td><td>200,000</td></tr><tr><td>Continental Consolidated Corp. 5⅞%, Jan. 25, 1976</td><td>41,860</td><td>41,860</td></tr><tr><td>Copenhagen Telephone Co., Inc. 6¼%, Feb. 1, 1973</td><td>148,500</td><td>150,000</td></tr><tr><td>Cummins Engine Co., Inc. 4.60%, July 15, 1990</td><td>250,000</td><td>250,000</td></tr><tr><td>Dow Chemical Company 4.50%, Jan. 15, 1990</td><td>500,000</td><td>500,000</td></tr><tr><td>Eastern Air Lines 6%, Dec. 1, 1986</td><td>250,000</td><td>250,000</td></tr><tr><td>Ethyl Corp. 5¾%, Nov. 1, 1982</td><td>583,109</td><td>750,000</td></tr><tr><td>Family Finance Corp. 5½%, June 1, 1981</td><td>500,000</td><td>500,000</td></tr><tr><td>First National Bank of Jersey City 4.75%, June 1, 1990</td><td>250,000</td><td>250,000</td></tr><tr><td>First National State Bank of New Jersey 4.70%, Dec. 1, 1989</td><td>500,000</td><td>500,000</td></tr><tr><td>General Acceptance Corp. 5%, Apr. 15, 1967</td><td>500,000</td><td>500,000</td></tr><tr><td>General Electric Credit Corp. 4¾%, Dec. 30, 1975</td><td>500,000</td><td>500,000</td></tr><tr><td>General Finance Corp. 5%, Apr. 1, 1976</td><td>500,000</td><td>500,000</td></tr><tr><td>Glens Falls National Bank &amp; Trust Co. 4⅞%, Sept. 1, 1989</td><td>250,000</td><td>250,000</td></tr><tr><td>Hillman Coal &amp; Coke Co. 5%, Oct. 1, 1979</td><td>379,203</td><td>379,203</td></tr><tr><td>Industrial Acceptance Corp. 5½%, Oct. 1, 1987</td><td>250,000</td><td>250,000</td></tr><tr><td>International Telephone &amp; Telegraph Credit Corp. 5.10%, Dec. 1, 1984</td><td>500,000</td><td>500,000</td></tr><tr><td>Jutland Telephone Co., Ltd. 6¼%, Mar. 15, 1973</td><td>371,250</td><td>375,000</td></tr><tr><td>Kawasaki Steel Corp. 7½%, Dec. 1, 1970</td><td>105,000</td><td>105,000</td></tr><tr><td>Long Point Corp. 5⅞%, Jan. 25, 1976</td><td>10,465</td><td>10,465</td></tr><tr><td>Mitsubishi Chemical Industries, Ltd. 7%, Oct. 1, 1971</td><td>218,560</td><td>219,000</td></tr></tbody></table>

28

Securities (Continued)

<table><thead><tr><th>Common Stocks</th><th>Shares</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Bethlehem Steel Corporation</td><td>11,000</td><td>495,408</td><td>319,000</td></tr><tr><td>B. F. Goodrich Co.</td><td>8,000</td><td>599,268</td><td>488,000</td></tr><tr><td>Boeing Company</td><td>8,000</td><td>513,518</td><td>528,000</td></tr><tr><td>Bristol-Myers Company</td><td>4,000</td><td>92,482</td><td>220,000</td></tr><tr><td>Burlington Industries</td><td>10,000</td><td>413,950</td><td>290,000</td></tr><tr><td>Celanese Corp. of America</td><td>17,500</td><td>870,504</td><td>840,000</td></tr><tr><td>Cerro Corporation</td><td>11,025</td><td>367,735</td><td>407,925</td></tr><tr><td>Chase Manhattan Bank</td><td>169,003</td><td>7,071,120</td><td>10,520,437</td></tr><tr><td>Chrysler Corporation</td><td>80,000</td><td>2,915,048</td><td>2,460,000</td></tr><tr><td>Commonwealth and European Investment Trust</td><td>40,000</td><td>200,000</td><td>208,000</td></tr><tr><td>Consolidated Natural Gas Co.</td><td>44,812</td><td>707,289</td><td>1,299,548</td></tr><tr><td>Continental Baking Company</td><td>10,000</td><td>486,939</td><td>460,000</td></tr><tr><td>Continental Can Company</td><td>15,000</td><td>621,417</td><td>630,000</td></tr><tr><td>Cutler-Hammer, Inc.</td><td>10,000</td><td>501,633</td><td>430,000</td></tr><tr><td>Deere & Company</td><td>10,000</td><td>261,790</td><td>680,000</td></tr><tr><td>Detroit Edison Company</td><td>10,000</td><td>382,194</td><td>330,000</td></tr><tr><td>Discount Corporation of N. Y. du Pont (E. I.) de Nemours & Co.</td><td>1,500</td><td>397,500</td><td>217,500</td></tr><tr><td>Eastman Kodak Co.</td><td>5,480</td><td>599,664</td><td>789,120</td></tr><tr><td>Ethyl Corp.</td><td>28,000</td><td>390,132</td><td>3,584,000</td></tr><tr><td>Ford Motor Co.</td><td>18,000</td><td>165,946</td><td>576,000</td></tr><tr><td>Freeport Sulphur Co.</td><td>10,000</td><td>353,801</td><td>390,000</td></tr><tr><td>Fund American Companies</td><td>20,000</td><td>281,250</td><td>760,000</td></tr><tr><td>GCA Corporation</td><td>10,000</td><td>350,750</td><td>380,000</td></tr><tr><td>General Electric Co.</td><td>24,900</td><td>563,293</td><td>722,100</td></tr><tr><td>General Motors Corp.</td><td>28,000</td><td>689,591</td><td>2,478,000</td></tr><tr><td>Global Marine Inc.</td><td>11,000</td><td>391,892</td><td>726,000</td></tr><tr><td>Hilo Electric Light Co. Ltd.</td><td>10,325</td><td>121,649</td><td>330,400</td></tr><tr><td>Home Insurance Co.</td><td>12,863</td><td>394,466</td><td>295,849</td></tr><tr><td>Hooker Chemical Corp.</td><td>3,600</td><td>258,563</td><td>270,000</td></tr><tr><td>International Business Machines Corp.</td><td>28,000</td><td>879,758</td><td>1,036,000</td></tr><tr><td>International Nickel Co. of Canada, Ltd.</td><td>11,596</td><td>937,461</td><td>4,313,712</td></tr><tr><td>International Paper Co.</td><td>4,000</td><td>92,148</td><td>356,000</td></tr><tr><td></td><td>12,000</td><td>294,922</td><td>300,000</td></tr></tbody></table>

30

Common Stocks

<table><thead><tr><th></th><th>Shares</th><th>Book Value</th><th>Market Value</th></tr></thead><tbody><tr><td>Louisville Gas & Electric Co.</td><td>18,000</td><td>210,531</td><td>576,000</td></tr><tr><td>Lubrizol Corporation</td><td>5,000</td><td>185,000</td><td>205,000</td></tr><tr><td>Marathon Oil Co.</td><td>31,662</td><td>1,101,350</td><td>1,994,706</td></tr><tr><td>Marquardt Corp.</td><td>27,050</td><td>334,614</td><td>351,650</td></tr><tr><td>Martin-Marietta Corp.</td><td>20,000</td><td>485,419</td><td>420,000</td></tr><tr><td>Mobil Oil Corporation</td><td>404,832</td><td>8,711,140</td><td>18,925,896</td></tr><tr><td>New York State Electric & Gas Corp.</td><td>12,000</td><td>527,556</td><td>528,000</td></tr><tr><td>Chas. Pfizer & Co.</td><td>1,000</td><td>39,724</td><td>70,000</td></tr><tr><td>Phelps Dodge Corporation</td><td>6,500</td><td>330,359</td><td>435,500</td></tr><tr><td>Polaroid Corp.</td><td>7,000</td><td>259,483</td><td>1,113,000</td></tr><tr><td>Sears, Roebuck & Co.</td><td>58,000</td><td>639,172</td><td>2,588,250</td></tr><tr><td>Security Insurance Company of Hartford</td><td>5,574</td><td>273,583</td><td>183,942</td></tr><tr><td>Selected Risks</td><td>20,000</td><td>133,407</td><td>116,540</td></tr><tr><td>Smith, Kline & French Laboratories</td><td>1,000</td><td>69,421</td><td>52,000</td></tr><tr><td>Southeastern Public Service Co.</td><td>20,000</td><td>447,457</td><td>300,000</td></tr><tr><td>Southern California Edison Co.</td><td>15,000</td><td>502,952</td><td>585,000</td></tr><tr><td>Southern Railway Co.</td><td>15,000</td><td>774,032</td><td>630,000</td></tr><tr><td>Standard Oil Company of California</td><td>265,422</td><td>11,052,138</td><td>15,958,498</td></tr><tr><td>Standard Oil Company (New Jersey)</td><td>695,035</td><td>31,315,267</td><td>43,960,964</td></tr><tr><td>Texaco, Inc.</td><td>20,000</td><td>651,829</td><td>1,440,000</td></tr><tr><td>Toledo Edison Co.</td><td>22,100</td><td>586,764</td><td>884,000</td></tr><tr><td>Travelers Insurance Co.</td><td>4,000</td><td>195,685</td><td>152,000</td></tr><tr><td>Union Electric Company</td><td>15,000</td><td>417,582</td><td>390,000</td></tr><tr><td>U. S. Borax & Chemical Corp.</td><td>5,000</td><td>191,250</td><td>120,000</td></tr><tr><td>Upjohn Company</td><td>1,000</td><td>29,976</td><td>68,000</td></tr><tr><td>Warner-Lambert Pharmaceutical Co.</td><td>3,000</td><td>86,125</td><td>114,000</td></tr><tr><td>Wisconsin Electric Power Corp.</td><td>16,720</td><td>377,638</td><td>484,880</td></tr><tr><td>Youngstown Sheet & Tube Co.</td><td>10,000</td><td>426,337</td><td>260,000</td></tr><tr><td>TOTAL COMMON STOCKS</td><td></td><td>$ 86,814,780</td><td>$133,535,215</td></tr><tr><td>TOTAL SECURITIES</td><td></td><td>$136,115,699</td><td>$181,277,374</td></tr></tbody></table>

31

FUND FOR THE ADVANCEMENT OF CONTEMPORARY
SOCIAL AND CULTURAL STUDIES

<table><thead><tr><th>Bonds</th><th>Principal<br>Amount</th><th>Book<br>Value</th><th>Maturity<br>Value</th></tr></thead><tbody><tr><td>Federal Home Loan Banks</td><td></td><td></td><td></td></tr><tr><td>5.55%, April 25, 1967</td><td>$900,000</td><td>$ 899,250</td><td>$ 900,000</td></tr><tr><td>5¾%, July 26, 1967</td><td>750,000</td><td>749,297</td><td>750,000</td></tr><tr><td>Federal Intermediate Credit Banks</td><td></td><td></td><td></td></tr><tr><td>5.35%, January 3, 1967</td><td>250,000</td><td>250,000</td><td>250,000</td></tr></tbody><tfoot><tr><td>TOTAL SECURITIES</td><td></td><td>$1,898,547</td><td>$1,900,000</td></tr></tfoot></table>

SUMMARY

<table><thead><tr><th></th><th>Book<br>Value</th><th>Market<br>Value</th></tr></thead><tbody><tr><td>Bonds</td><td>$ 31,860,207</td><td>$ 30,192,232</td></tr><tr><td>Corporate Notes</td><td>18,416,409</td><td>18,593,427</td></tr><tr><td>Preferred Stocks</td><td>922,850</td><td>856,500</td></tr><tr><td>Common Stocks</td><td>86,814,780</td><td>133,535,215</td></tr></tbody><tfoot><tr><td>TOTAL SECURITIES</td><td>$138,014,246</td><td>$183,177,374</td></tr></tfoot></table>

Printed in U.S.A.

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