• December 1968
• Bee Bowman, Frank Denton, eds.

Contents
• "Gollum's Grandmother", p. 1
• "Joe's Turn", p. 4
• "Time of Waiting" by Tova Inpyn (fiction), p. 6
• "No Word From William" by Paul Novitski (fiction), p. 13
• "Tolkien in Britain" by Gerald Bishop, p. 16
• Review of "Flowers for Algernon" (movie) by J. B. Drapkin, p. 17
• Review of The Last Unicorn, p. 20
• "In a Hole in the Ground There Lived a Hobbit", p. 21
• "The Grey-White Lord" (poem) by R. H. Racwain, p. 22
• Swordpoint (letters), p. 23
• Elvish Plate by Paul Novitski, p. 39

Tolkien in Britain mentions the publishing of Smith of Wooton Major and The Road Goes Ever On, reviews the BBC radio broadcast of The Hobbit, and reviews the first UK paperback printing of The Lord of the Rings. "In a Hole..." is a review of an article by that name that appeared in Weekend Magazine No. 35., by Charlotte and Denis Plimmer. The reviewer really didn't like the art, but thought the article itself was very informative. A long letter from Paul Novitski (Alpajpuri) criticizing John Closson's Tengwar wraps up the issue, including on p. 39-40 Paul's rendition of Closson's Tengwar.