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SMITHSONIAN INSTITUTION   1601

securities of $307,436.67.

CONSOLIDATED FUND SALES
$50,000 U.S. Steel 4 1/2% (4-15-86)
25,000 New York Tel. & Tel. 4 1/8% (7-1-93)
25,000 Consol. Edison 3 5/8% (5-1-86)
400 shares Christiana Securities
500 shares Kennecott Copper
2,361 RIGHTS Consol. Edison of N.Y.

PURCHASES
$187,000 U.S. Treas. 3 1/2% (2-15-90)
14/100 shs. First Nat'l City Bank of New York
800 shares Ingersoll Rand
$62,000 U.S. Treas. 3% (2-15-64)

The proceeds from the above sales resulted in a net gain on sale of securities of $96,703.44.

There were no transactions in the Younger Fund nor the General Fund in the period January 1, 1963 through April 30, 1963.

It may be interesting to note at this time the comparison of the book and market value of the securities held in these funds on March 29, 1963 as compared with their values at the end of the calendar year 1962 as reported to the Board at the time of the annual meeting.

[[5 column table]]
|   | MARKET VALUE 12/31/62 | MARKET VALUE 3/29/63 | Adjusted Book Value 3/29/63 | Gain or (Loss) from Book |
| Freer | $14,680,476 | $15,243,404 | $10,596,138 | $4,647,266 |
| Consol. | 5,278,785 | 5,459,054 | 4,242,708 | 1,216,346 |
| Younger | 150,688 | 154,198 | 117,025 | 37,173 |
| General | 1,630,090 | 1,624,630 | 1,631,989 | (7,359) |
| Totals  | $21,740,039 | $22,481,286 | $16,587,860 | $5,893,426 |
[[/table]]

The Smithsonian has been notified that under the will of the late Robert Lee Forrest of Java Farm, First District of Anne Arundel County, Maryland, the Institution has been bequeathed a substantial estate. Mr. Forrest was an owner of farms and other real estate and of Government Bonds and other securities. It is known that Mr. Forrest, who was keenly interested in sailing, oceanography and exploration, had long been a great admirer of the scientific work of the Smithsonian Institution. It has been estimated that when legal details are complete and if no unforeseen circumstances arise the Smithsonian may shortly receive from this estate a total currently estimated at about $1,700,000. Mr. Forrest's will does not impose any limitations of any sort on the use that the Smithsonian may make of the