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SMITHSONIAN INSTITUTION    1434

During the year ended December 31, 1956 a considerable number of changes were made in the investment portfolio of the Institution. The turnover from sales and purchases and the collection and reinvestment of maturing obligations amounted to $3,547,606.70. The net profit accruing to the Institution from these transactions amounted to $480,724.09.

The amount received during the year from profits in the Freer Fund which have been reinvested amounted to $395,373.65. The Consolidated Fund was increased $111,464.49 of which amount $85,350.44 derived from the reinvestment of profits on sales of securities. The remaining $26,114.05 was made up of transfers from new bequests and the investment of accumulated income.

If it is the wish of the Board of Regents, I will be glad to continue in my present capacity to take the responsibility of passing upon recommendations for the investment and reinvestment of Smithsonian funds as made by Scudder, Stevens & Clark. The members of the Board know that I will use my best judgement in this work, but no man can be infallible in matters relating to the care of investments.

Respectfully submitted,

/s/ Robert V. Fleming
Chairman

On motion by Senator Anderson, seconded by Senator Smith, and carried the Report of the Executive Committee as presented was 

VOTED approved for inclusion in the minutes, and the Regents expressed their pleasure with the Chairman's effective management of the funds and other business of the Smithsonian Institution and their wish that the present Chairman continue in his office.

INCOME AND EXPENDITURE

On motion duly made, seconded and carried, it was 

VOTED that the income of the Institution for the fiscal year ending June 30, 1958, together with such allotments from the unobligated funds as are needed to meet necessary expenses, be appropriated for the service of the Institution, to be expended by the Secretary, with the advice of the Executive Committee, with full discretion on the part of the Secretary as to items.

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