This report reviews the past 20 years of the Carnegie Corporation's philosophy and activities and lists 92 grants and 3 appropriations made in fiscal year 1981. Grants listed and described fall into the categories of higher education, elementary and secondary education, early childhood, public affairs, and a miscellaneous category. Also described are programs funded under the Corporation's international program. In addition, this volume includes reports from the organization's secretary and treasurer. (GC)