Our managing Trustee, Mr. Frederick B. Adams, Jr., has asked me to present to you the Report of the Trustees. At the close of the fiscal year the market value of our securities stood at $264,668, against some $259,000 for the previous year. The income from the fund this year came to $5,335, as against $8,200 for 1964. Some of the discrepancy here is attributable to our reporting, this time, an eleven-month year. Our fiscal year now ends 31 August, giving us an extra month to be audited and to prepare for the annual meeting. The income from the securities is distributed, under the bylaws, over the three endowment funds. The Trustees have approved the actions of the United States Trust Company in the management of the funds.