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SMITHSONIAN INSTITUTION   1523

I have already spoken of the special character of the Freer Fund. When this fund was established in 1919, its book value was less than two million dollars. Today the book value of this fund is $9,234,432.23 and its market value is $13,748,653.88.

It may be emphasized that this increase is fully the result of growth in the value of the  investments of the Fund. The present figures do not include the addition of any new gifts or of income to the fund, for this income has been used for the purposes of the Freer Gallery as directed by the donor or is segregated as accumulated income to be used for the purposes of the Freer Gallery as directed by the donor or is segregated as accumulated income to be used for these purposes.

It may now be of interest to report the holdings of the Consolidated Fund and the Freer Fund as carried forward to December 31, 1960. These figures are as follows:

[[3 column table]]

CONSOLIDATED FUND

| Book Value of investments July 1, 1923 |   | $177,965.28 |
| Additions to investments 1923-1960 |   |   |
| Gifts and bequests | $1,708,132.94 |   |
| Reinvestment of income | 612,752.45 |   |
| Gains from sales of securities | 1,118,986.64 | 3,439,872.03 |
| Total Book Value, December 31, 1960 |   | 3,617,837.31 |
| Market Value, December 31, 1960 | $4,635,810.18 |   |
| Gains on securities now owned | 1,017,972.86 |   |
| Profit on securities sold from December 31, 1959 to December 31, 1960 | 50,570.94 |   |

FREER FUND

|Original Book Value |   | $1,958,591.42 |
|Total Book Value, December 31, 1960 |   | 9,234,432.23 |
| Gain in Book Value |   | $7,275,840.81 |
| Market Value, December 31, 1960 |   | $13,748,653.88 |
| Gains on Securities now owned |   | 4,514,221.65 |
| Profit on securities sold from December 31, 1959 to December 31, 1960 | $ 334,849.07 |   |
|Summary of Profits on Securities sold from Consolidated and Freer Funds from December 31, 1957 to December 31, 1958: |   |   |
|   | Consolidated Fund | $141,009.97 |
|   | Freer Fund | 223,009.57 |
|   |   | $ 379,019.54 |