Dukakis Trust Fund Sold Stock Tied to S. Africa

A $1-million trust fund in which Democratic presidential candidate Michael S. Dukakis is co-beneficiary sold stock worth up to $65,000 last year from companies with ties to South Africa, according to financial disclosure forms.

The forms, filed Friday with the Federal Election Commission, are consistent with but more detailed than state financial disclosure forms filed by the Massachusetts governor last month.

Dukakis gained no income in 1987 from the family trust established by his late father, whose equal beneficiaries are Dukakis and Bates College, the elder Dukakis’ alma mater.

Immediately Sold

The trust drew attention last year when similar forms filed with the FEC disclosed that until 1986 it included stock in companies that do business in South Africa.

Dukakis has no role in investment decisions of the trust but in 1986, when questioned about its holdings during a gubernatorial reelection campaign, told the bank that controls the account to divest it of any stock in companies with South African dealings. Stock in 10 such companies was immediately sold.

The trust gained between $15,001 and $50,000 last year by selling stock in Unisys Corp., which maintains operations in South Africa. Dukakis campaign spokesman Steven Akey said the trust had owned stock in a company acquired by Unisys last year and sold it because of Unisys’ ties to South Africa.

Pepsico Stock Sold

The trust also reported capital gains of between $5,001 and $15,000 from the sale of Pepsico Inc. stock. The company maintains indirect ties to South Africa through its Kentucky Fried Chicken subsidiary.

The FEC forms, which cover the period from Jan. 1, 1987, to March 31, 1988, show that Dukakis’ principal source of income during that period was $106,310 from his salary as governor.

Kitty Dukakis also earned $20,000 last year in salary from a Harvard University program that cleans up and preserves public grounds.