The Link Foundation awards yearly fellowships for research into themastery of the air and sea, and the development of energy resourcesand their conservation. The Fellows' annual reports make stimulatingreading, representing some of the most advanced work in the energyand energy-related fields. Contents: DIETER BEIKE: Offshore Oil and Gas Development in the Ross Sea; DWAYNE S. BREGER: Seasonal Ice Storage for Cooling Loads; DAVID ANTHONY HOGSETT: Direct Microbial Conversion of Lignocellulose to Ethanol; Q.X. JIA and W. A. ANDERSON: High Temperature Superconducting YBa2Cu307-x Films; BIN LIU and MICHAEL J. WENGLER: Modeling of Quasioptical Josephson Oscillator; C. MICHAEL SMITH: Thermal Reaction Chemistry of Polycyclic Alkylaromatics