Fleur Cowles, editor and published by Cowles Magazines 1952. Red cloth boards (33x25mm) with gold geometric designs. Top of spine is frayed. Title in white w/rectangular dye-cut window below the title showing text on the front flyleaf. Illustrated pastedown with multi-colored bird and butterfly with text within. Design layout with several pen/ink illustrations by Federico Pallavicini. Design elements of die-cut windows showing adjacent pages as well as odd sized pages, flaps and fold outs. Other illustrators include Saul Steinberg, Rufino Tamayo and Dali. Presentation page is inscribed by F.Cowles to the previous owner. 229 clean pages filled with stories and essays featuring unique illustrations and photos. This is the only "Annual" for the short lived magazine which proved too expensive to publish quarterly due to the unique design elements.