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SMITHSONIAN INSTITUTION 1587 FREER FUND Original Book Value $1,958,591.42 Total Book Value, December 31, 1962 10,288,701.57 Gain in Book Value $8,330,110.15 Market Value December 31, 1962 $14,680,476.20 Gains on Securities now owned $4,391,774.63 Profit on Securities sold from December 29, 1961 to December 31, 1962 $239,711.63 Summary of Profits on Securities sold from Consolidated and Freer Funds from December 29, 1961 to December 31, 1962: Consolidated Fund $148,520.67 Freer Fund 239,711.63 $388.232.30 During the year ended December 31, 1962, the turnover from sales and purchases and the collection and reinvestment of maturing obligations in securities of the Smithsonian Institution amounted to $3,024,069. The net profit accruing to the Institution from these transactions amounted to $388.232. The net amount received during the year from profits in the Freer Fund, which have been reinvested amounted to $239,712. The Consolidated Fund was increased by $257,755, of which amount $148,521 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. Ever since I have had the privilege of serving as Chairman of the Executive Committee of the Board of Regents I have concluded my report, as I do this year, with the statement that I will always use my best judgment in this work for the Smithsonian Institution. The members of the Board will agree with me, I am sure, that we are living in a period in which no individual can be infallible in matters related to the investment of trust funds. Respectfully submitted, /s/ Robert V. Fleming Chairman At the conclusion of the reading of this report Dr. Burden asked if the Board or the
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