164 ANNUAL REPORT SMITHSONIAN INSTITUTION, 1947 



CONSOLIDATED FUND 



This fund contains substantially all the investments of the Institu- 

 tion, with the exception of those of the Freer Gallery of Art ; the deposit 

 of $1,000,000 in the United States Treasury, with guaranteed income 

 of 6 percent ; and investments in real estate and real-estate mortgages. 

 This fund contains endowments for both unrestricted and specific use. 

 A statement of principal and income of this fund for the last 10 years 

 follows : 



CONSOLIDATED FUND 



Gain in investments over year 1946 



Investments made from gifts and savings on income $314, 400. 71 



Less loss on sales of securities 2, 183. 04 



Total 312, 217. 67 



FREER GALLERY OF ART FUND 



Early in 1906, by deed of gift, Charles L. Freer, of Detroit, gave to 

 the Institution his collection of Chinese and other Oriental objects of 

 art, as well as paintings, etchings, and other works of art by Whistler, 

 Thayer, Dewing, and other artists. Later he also gave funds for the 

 construction of a building to house the collection, and finally in his 

 will, probated November 6, 1919, he provided stock and securities to 

 the estimated value of $1,958,591.42, as an endowment fund for the 

 operation of the Gallery. 



The above fund of Mr. Freer was almost entirely represented by 

 20,465 shares of stock in Parke, Davis & Co. As this stock advanced in 

 value, much of it was sold and the proceeds reinvested so that the fund 

 now amounts to $6,069,845.32 in a selected list of securities classified 

 later. 



The invested funds of the Freer bequest are under the following 

 headings : 



Court and grounds fund $679, 970. 31 



Court and grounds maintenance fund 170, 756. 06 



Curator fund 691, 983. 14 



Residuary legacy fund 4,527,135.81 



Total - 6, 069, 845. 32 



