University of Virginia Library

MILLER TRUST FUND

The President reported that the Miller Trust Fund, since its establishment in 1869 by Samuel
Miller, has provided from its income fund for agricultural experiments under the direction of the
University of Virginia. From its inception, the Fund has been invested by its Trustees in governmental
and corporate bonds and in real estate bonds of individuals. This investment policy has
resulted in only a slight increase in the corpus of the Fund to $105,833 55 in June 1964, as
compared with a value of $100,000 in 1869. The President has received a request from Mr. William
A Perkins, Jr., of the firm of Battle, Neal, Harris, Minor & Williams, on behalf of the Trustees
of the Miller Trust Fund, seeking the advice of the Rector and Visitors as to possible change in
the investment policy in order that more of the funds may be invested in growth stocks.

The following resolution was adopted:

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that we believe that the investment by the Trustees of the Miller Fund in securities with the
potential of capital appreciation would not be imprudent or detrimental to the University of
Virginia as the beneficiary, and that we see no objection to action by the Trustees looking
toward the investment of such portions of the corpus of the Fund in such securities other than
bonds and in such a manner as the Trustees may from time to time deem appropriate.