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





                               Purchase
                                 Date       Yield



200 shares Xerox Corporation


300 shares Upjohn Company


800 shares Newmont Mining Corporation



11/ 9/71



11/ 9/71



11/ 9/71



Total - Purchases



$   22, 791.08



19, 802.05



18, 604. 52



$   61 197.65



Sales:



Maturity
Date



FNMA Notes



10/12/71



FIC Bank Bonds



11/ 1/71



713 shares American Electric Power Company


300 shares Chase Manhattan Corporation



Yield


8.45%


4.55%



11/ 9/71


11/ 9/71



Par Value



$  300,000.00


   200,000.00


   19, 317. 16



15, 699.01



T a$  535,016.17



Purchases:



Par Value



Total - Sales