REPORT OF THE EXECUTIVE COMMITTEE 131 
CONSOLIDATED FUND 
This fund contains substantially all the investments of the In- 
stitution, with the exception of those of the Freer Gallery of Art; 
the deposit of $1,000,000 in the United States Treasury, with guar- 
anteed income of 6 percent; and investments in real estate and real- 
estate mortgages. This fund contains endowments for both un- 
restricted and specific use. A statement of principal and income of 
this fund for the last 10 years follows: 
Fiscal year | Principal Income res Fiscal year | Principal Income | P peed 
1937.__._--.._| $738, 858. 54 | $33, 819. 43 AN BTA PL O42 ues $1, 270, 968. 45 | $46, 701. 98 3. 67 
hOSRe eee 867, 528.50 | 34,679. 64 AEO0)||| plan eenenuees 1, 316, 533.49 | 50, 524. 22 3.83 
1O30E See es 902, 801.27 | 30, 710. 53 SIA) | 1044 eee weal 1, 372, 516.41 | 50, 783. 79 3.69 
1940__________] 1, 081, 249.25 | 38, 673. 29 SUA 7al| G45 Tea 1, 454, 957.73 | 50, 046. 67 3. 50 
1941__________] 1,093, 301.51 | 41, 167.38 357641 |e 046s neu 1, 559, 215.25 | 57, 612.38 3. 69 
CONSOLIDATED FUND 
Gain in investments over year 1945 
Investments made from gifts and savings on income___-__---_---__ $82, 817. 37 
Investments of gain from sales, ete., of securities____________-_____ 21, 440. 15 
NN sn Sk ST ET a Ls Ste Es Bt 104, 257, 52 
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 $5,994,394.31 in a selected list of securities classi- 
fied later. 
The invested funds of the Freer bequest are under the following 
headings: 
Courhand ¢rounds fun G22 2422 Ss Shes ee ee $671, 519. 80 
Court and grounds maintenance fund____________-_______ 168, 648. 43 
COTM eEEW aa eete DUES Lata st a DO pe 683, 381. 72 
Residuary levacy tundes =n 22 a ee 4, 470, 849. 36 
LO tals = eee ee ee eee 5, 994, 394. 31 
