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SMITHSONIAN INSTITUTION 1423 FREER FUND [[3 column table]] Original Book Value | | $1,958,591.42 Total Book Value, December 31, 1955 | | 7,403,411.27 Gain in Book Value | | $5,444,819.85 Market Value, December 31, 1955 | | $10,779,704.78 Gains on Securities now owned | | 3,376,293.51 Profit on Securities sold from December 31, 1954 to December 31, 1955 | $191,021.44 | Summary of Profits on securities sold from Consolidated and Freer Funds from December 31, 1954 to December 31, 1955: Consolidated Fund | | $204,137.37 Freer Fund | | 191,021.44 Total | | $ 395,158.81 [[/table]] During the year ended December 31, 1955 a considerable number of changes in the investment portfolio of the Institution were made. The turnover from sales and purchases and the collection and reinvestment of maturing obligations amounted to over $3,375,000. The net profit accruing to the Institution resulting from these transactions amounted to $395,158.81. The amount of capital available from profits in the Freer Fund which have been reinvested amounted to $191,021.44. The Consolidated Fund was increased $303,559.79, of which amount $204,137.37 was from the reinvestment of profits on sales of securities. The remaining $99,422.42 was made up of transfers from new bequests and the investment of accumulated income. During the year, the Institution received final distribution of $48.10 a share on the 656 shares of stock in the Ontario Apartment House held by the Walcott Fund. This distribution amounted to $31,553.60. This makes a gain of $70,913.60 over the book carrying figure at the time of receipt of these shares. This final outcome of our handling of our securities in the Ontario Apartment House Company is indeed most gratifying. If it is the will of the Board of Regents I will be pleased to continue in my present capacity to take the responsibility of passing upon recommendations for investment made by Scudder, Stevens & Clark. I will use my best
