UNIVERSITY OF KENTUCKY RESEARCH FOUNDATION
           Statement of Portfolio Changes
           For the First Quarter, 1971



Purchases:

FIC Bank Bonds

Certificate of Deposit

Certificate of Deposit

The Twelve Federal Land Banks Consolidated
   Federal Farm Loan Bonds

Certificate of Deposit

Certificate of Deposit

       Total - Purchases






Sales:

Consolidated FIC Bonds

The Twelve Federal Land Banks Consolidated
   Federal Farm Loan Bonds

Federal Land Bank Bonds

Consolidated FIC Bonds

Spindletop Research, Inc. Notes

      Total - Sales



Purchase
  Date

  2/ 1/71

  2/ 5/71

  2/ 5/71


  2/22/71

  3/ 8/71

  3/ 8/71







Maturity
  Date

  2/ 1/71


  2/23/71

  2/23/71

  3/ 1/71

10/15/71*



Yield

4.55'S,

5.50%

5.50%


7.35%

5.50%

5.00%









Yield

7.40%


6.80%

6.80%

8.15%

8.00%



  Par Value

$    200,000

     100,000

     100,000


     20,000

     100,000

     100,000

$    620,000






  Par Value

$    200,000


      20,000

      35,000

      100,000

      100,000

$    455,000



*Liquidated 3/ 2/71.