Playmate of the Month
Patricia Farinelli photographed by Ken Marcus.

Interview
Henry Fonda by Lawrence Grobel.

20 Questions
John Kenneth Galbraith by Warren Kalbacker.

Features
"Atlanta: The Evidence of Things Not Seen" by James Baldwin
"The Buddy System" by Geoffrey Norman
"Anatomy of a corporate Take-Over" by Richard Phalon
"Confessions of a Cocaine Cowboy" by Thomas "Hollywood" Henderson with Walter Lowe Jr.
"Playboy's College Basketball Preview" by Anson Mount
"American Beauties" by Laurence Shames.

And the Playmates Sing
Heidi Sorenson, Sondra Theodore, Michele Drake, Kelly Tough, Anne Randall, Nicki Thomas and George Burns (not nude).

Sex Stars of 1981
Christopher Reeve, Bo Derek, Brooke Shields, Burt Reynolds, Rachel Ward, John Travolta, Nancy Allen, Harrison Ford, Karen Allen, Leon Isaac Kennedy, Bruce Dern, Angie Dickinson, James Caan, Valerie Perrine, Maud Adams, Margot Kidder, Nastassia Kinski, Barbara Bach, Elisabeth Brooks, Kathleen Turner, Barbara Carrera, Sandahl Be gman, Bernadette Peters, Julie Andrews, Dudley Moore, Tome Selleck, Andrew Stevens, Morgan Fairchild, Linda Evans, Victoria Principal, Charlene Tilton, Jane Seymore, Susan Sarandon, William Hurt, Jessica Lange, Jack Thompson, Isabelle Huppert, Sonia Braga, Isabelle Adjani, Yank Sydne Rome, Sylvia Kristel, Kim Basinger, Robbin Young, Terri Welles and Miles O'Keeffe (not all previously named are nude).

Bernadette Peters (cover and inside) cover photographed by Tom Staebler, photos by Jeff Dunas.