UNIVERSITY OF KENTUCKY RESEARCH FOUNDATION
           Statement of Portfolio Changes
           For the First Quarter, 1973



                                                     Purchase
Purchases:                                              Date



$5,000 Master Note of General Electric Company

$8, 000 Master Note of General Electric Company

Certificate of Deposit

$5, 000 Master Note of General Electric Company

450 shares ACF Industries, Inc.

800 shares Firestone Tire & Rubber Company

Certificate of Deposit

Certificate of Deposit

      Total - Purchases



1/16/73

1/25/73

1/26/73

2/15/73

3/ 6/73

3/ 6/73

3/ 8/73

3/ 8/73



;Ilaturity
  Date



Sales:



10 shares International Business Machines Corp.

Certificate of Deposit

Certificate of Deposit

10 shares International Business Machines Corp.

10 shares International Business Machines Corp.

U. S. Treasury Bills

10 shares International Business Machines Corporation

Certificate of Deposit

$35,000 Master Note of General Electric Company

FNMA Notes (Liquidated 3/20/73)

      Total - Sales



1/11/73

1/18/73

1/18/73

1/19/73

1/23/73

1/25/73

2/13/73

3/ 8/73

3/12/73

12/10/73



            Net Amount
Yield       Of Purchasc



          $     5,000.00

                8,000.00

6.75%         100,000.00

                5,000.00

                20,238.42

                18,433.80

6.75%         200,000.00

6.90%         100,000.00

          $   456,672.22



           Net Proceeds
Yield        From Sale



5.00%o

5.05%



4.77%




5.50%




7. 15%o



$     4,141.78

    200,000.00

    200,000.00

      4,240.SS

      4, 339. 91,

    100, 000. 00

      4, 492. 341

    100, 000. 00

    35, 000. 00

    99,75 85. 00