UNIVERSITY OF KENTUCKY
                                   Statement of I'ortfolio Changes
                                   For the First Quarter, 1971

                                                       Purchase
 Purchases:                                              Date

 Banks for Cooperatives Notes                           1/ 4/71

 FIC Bank Bonds                                         1/ 4/71

 U. S. Treasury Bills                                   1/21/71

 U. S. Treasurv Bills                                   1/21/71

 Certificate of Deposit                                 2/ 5/71

 The Twelve Federal Land Banks Consolidated
    Federal Farm Loan Bonds                             2/22/71

 Certificate of Deposit                                 3/ 2/71

 Certificate of Deposit                                 3/ 8/71

 Certificate of Deposit                                 3/ 8/71

 Certificate of Deposit                                 3/ 8/71

 Certificate of Deposit                                 3/ 8/71

       Total - Purchases
                                                       Maturity
Sales:                                                  Date

Banks for Cooperatives Notes                           1/ 4/71

Transcontinental Gas Pipe Line Corp. Notes              1/22/71

U. S. Treasury Bills                                    2/ 4/71

FNMA Notes                                             2/10/71

U. S. Treasury Bills                                    2/18/71

The Twelve Federal Land Banks Consolidated
   Federal Farm Loan Bonds                              2/23/71

The Twelve Federal Land Banks Consolidated
   Federal Farm Loan Bonds                              2/23/71

Consolidated FIC Bonds                                  3/ 1/71

Certificate of Deposit                                  3/ 2/71

      Total - Sales



Yield

5.25%

5.30%

3.71%,,

:3. 71%

5.50%)


7.35%

5.00%

5.25%

5.00%

5.00%

5.50%




Yield

7.85%

8.44%

3. 71%

8.75%

3.71%


6.80%


6.80%

8.15%

5.00%



  Par Value

$    130,000

     100,000

   1,500,000

   1,000,000

     100,000


     39,000

       3,000

     100,000

     500,000

     100,000

     100,000

$  3,672,000

  Par Value

$    130,000

     200,000

   1,500,000

      20,000

   1,000,000


      17,000


      22,000

      100,000

      3,000

$ 2,992,000