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I I I Minute 1029 Agenda V - 2 - He presented a proposed list of securities considered by the Committee for sale and purc~ese should the Board wish to consider an exchange of a portion of common stocks for bonds. The list presented was commented upon favorably with a suggestion by Mr. Dorwin that international oil stocks be held In view of the Interest of these companies in the Middle East Dnd their present and potential con­tributions to the University. After full discussion of this and other Items considered by the Committee, the following recommendations were made. seconded, and approved unanimously RESOLVED That the Investment Committee be dIrected to press forward with diversification of the portfolio along the lines sug­gested, In the amount of approximately 25% of the total holdings, exclusive of the Rockefeller gift, taking full cognizance of such stocks as it might be politic to hold (because of thetr Middle East implications, per Mr. Dorwin's suggestion); also That the Executive Committee be requested to give consider­ation to the designation of a suitable memorial to Dr. Watson to give perpetuity to the designated gift from Mr. Rockefeller; also That action on the reduction of the loan held by the Union National Bank of Pittsburgh, by the sale of portfolio securities, be held in abeyance until the fall meeting of the Board. Appreciation was expressed to Mr. Dodds for his services as Chairman of the Committee, and also to all the members of the Committee for their very efficient and satisfactory handling and building up of the excellent portfolio over the years. Report of the Committee on Budgets was presented by Mr. Crary, Chairman (attached) who called attention to the fact that the budget expenditures as considered by the Committee at its meeting on February 14th amounted to $1,351,996; whereas the tentative budget now presented totals $1,247,975, or a reduction of $104,021. The ne­cessity for this reduction is the failure to secure as­surance of receiving the first installment of the "No-year appropriation" grant from the U.S. Government during the coming year