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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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