Diversification of common stock holdings in employee benefit accounts

fat year-end, not including accounts where investment is not directed by Trust and Investment Division, market value in millions)

APPENDIX

Comparison of annual activity rates of institutional investors

taverage of purchases and sales of common stocks during year divided by average of quarterly market values of holdings)

Common trust funds managed by Trust and Investment Division

'December 31, 1973: market value in millions)

Bankers Trust Company

FIFTY LARGEST COMMON STOCK HOLDINGS OF THE TRUST DEPARTMENT
RANKED BY MARKET VALUE (TOTAL OF COLUMNS 1, 2 AND 4) AS OF DECEMBER 31, 1973

(A) Shares held as Co-Trustee Proxies are signed in blank by the Bank and mailed to the other Co-Trustee(s) for execution.
(B) Figures include holdings where Bank is Trustee of various Savings Plans In such cases proxies are sent to employees to be voted by them.

BANKERS TRUST Co.,
New York, March 20, 1974.

Hon. LEE METCALF,
U.S. Senate,
Washington, D.C.

DEAR SENATOR METCALF: In response to your letter of March 11, 1974 to Mr. Brittain concerning Trust Department investments in portfolio companies as of the end of 1973, I am pleased to enclose a list of Bankers Trust Company's fifty largest common stock holdings ranked by market value as of December 31, 1973, which list was made available and released to the press at the Corporation's Annual Meeting of shareholders March 19, 1974.

Very truly yours,

Enclosure.

Q. U. FORD, Senior Vice President.