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SMITHSONIAN INSTITUTION   1485

[[3 column table]]
CONSOLIDATED FUND

Book Value of Investments July 1, 1923 | --- | $177,965.28 |

Additions to Investments 1923-1959 | --- | --- |

Gifts and Bequests | --- | $1,705,467.77 |
 
Reinvestment of Income | 604,606.82 | --- |

Gains from Sales of Securities | 1,068,415.70 | 3,378,490.29 |

Total Book Value, December 31, 1959 | --- | $3,556,455.57 |

Market Value, December 31, 1959 | $4,579,577.85 | --- |

Gains on Securities now owned | 1,023,122.28 | --- |
  
Profit on Securities sold from December 31, 1958 to December 31, 1959 | 32,422.63 | --- |

FREER FUND

Original Book Value | --- | $1,958,591.42 |

Total Book Value, December 31, 1959 | --- | 8,899,575.16 |

Gain in Book Value | --- | 6,940,983.74 |

Market Value, December 31, 1959 | --- | 13,495,468.14 |

Gains on Securities now owned | --- | 4,595,892.98 |

Profit on Securities sold from December 31, 1958 to December 31, 1959 | $ 697,157.97 | --- |
  
Summary of Profits on Securities sold from Consolidated and Freer Funds from December 31, 1958 to December 31, 1959: | Consolidated Fund | $32,422.63 |
 --- |Freer Fund | 697,157.97 |
 --- | --- | $ 729,580.60 |

During the year ended December 31, 1959, the turnover from sales and purchases and the collection and reinvestment of maturing obligations in securities of the Smithsonian Institution amounted to $5,202,721. The net profit accruing to the Institution from these transactions amounted to $727,987.

The net amount received during the year from profits in the Freer Fund, which have been reinvested amounted to $697,158. The Consolidated fund was increased by $35,756, of which amount $32,423 was derived from the investment of profits on sales of securities. The remainder was made up of new bequests and the investment of accumulated income.