Forty years ago W. K. Kellogg, the breakfast cereal pioneer, established this Foundation in fulfillment of his earlier vow to "invest my money in people/' In 1930 the concept of private philanthropy through a foundation was relatively new and the course uncharted. Wise and able leadership through four decades has translated our founder's dreams into tangible programs in the fields of health, education, and agriculture on four continents, to serve pressingconcerns of mankind.This fortieth year has proven to be a pivotal year in the Foundation's history. In concert with all other philanthropic organizations, we have been preoccupied with the implications and implementation of the provisions of the Tax Reform Act of 1969. We concur with those aspects of the law related to the sound management of philanthropyfor the best interests of society. We nonetheless question whether all features of this landmark legislation relative to private philanthropy in American society will best serve the long-term interests of our people. Only further experience will give the necessary perspective and insight which, hopefully, wise minds will use as a basis for anycorrective legislative action which may be warranted. Beyond the significance of this new legal climate, the fortieth year saw substantial changes in the personnel of the Foundation. Many who have been prime shapers and movers in the expanding programs of the Foundation left us during the year.