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NOTE

By order of the Board of Trustees of the University of North
Carolina, and through the generosity of Mr. John Sprunt Hill, of
Durham, the annual report of the President to the Board of Trustees
is being distributed among University alumni and friends of educa-
tion in North Carolina.

The report covers the year 1932-1933 and was made to the trustees
at their regular winter meeting, in Raleigh, on January 31, 1934.

Because of its vital relation with the present report and because
it is President Graham's outline of a manifold university of the
people, his inaugural address, delivered November 11, 1931, is made
a part of this pamphlet.

It is Mr. Hill's desire and that of the Board of Trustees that
North Carolina citizens should know the underlying objectives of
their consolidated University, and how through coördination and
consolidation of three great institutions a unique university type is
being developed in and for North Carolina.