University of Virginia Library

There is submitted herewith a copy of a report and summary of the Consolidated Endowment
Funds, submitted by the State Planters Bank and Trust Company, for the period January 25, 1952, to
January 25, 1953. It will be noted that the Fund had a book value as of January 25, 1952, of
$5,775,187.36, that cash and security values added during the year have increased the book value
of the Fund to $6,157,034.95 as of January 25, 1953.

There have been sales, redemptions, etc., of securities during the year in the amount of
$486,940.50, while investments and/or reinvestments through purchases, conversions and subscriptions
amount to $810,864.73.

The gross adjusted income for the 12-month period amounted to $285,859.55 which, when
related to the average book value during the year 1952 (weighted average by months) represented a
yield of 4.87. This rate compares with an average yield of 4.61 for 1951 and 4.77 for 1950. The
Bank points out that this improved yield for 1952 was due partly to the increased dividends received
on oil, banking and utility common stocks, and partly to the fact that many of the lower yielding
bonds were not purchased until late in the year. It is estimated that the current yield on the
investments which now constitute the Fund is approximately 4.69% of the present book value of
$6,157,034.95, or 3.99% of the current market value of $7,232,766.97.

It is also to be noted that the Bank turned over to the Bursar during the course of the
year an aggregate of $273,708.75 net income after all deductions and expenses which (with those
accruing in respect to the three subsidiary accounts) was approximately 2/100 of 1% of the average
book value, and included the services of custody, collection of income, monthly statements of the
Bursar and the Finance Committee, as well as general financial supervision and review.

There appears on page 4, a statement showing the diversification of securities in which
the Funds are invested which appears to your Committee to be conservative and in line with prudent
investment practices