UA-R-GC-1914-01-01-1977-02-15_Page-005

I -5- there be an opportunity for discussions between the Trustees and auditors without the presence of staff. The point was made that Board members involved as well as others who so desire should have information on a regular basis cover­ing all of the entities. It was pOinted out that comprehensive quarterly reports covering the Fund have been distributed to the LE Fund Committee for one year and that the other entities have been largely inactive. The Arthur Andersen representative, Mr. Benson, made a point of saying that they had found no evidence whatsoever of fraud or malfeasance of any description in their examination of the Fund. Motion was made, seconded and passed accepting the report of Arthur Andersen with thanks. (2) Dollar Endowment - Mr. Hedlund reported that the present market value of the dollar portfolio with Brown Brothers Harriman is $2,258,000. At a meeting between certain Trustees and staff with Brown Brothers Harriman new guidelines and instructions were given to Brown Brothers to reduce short-term qnd increase long-term holdings, thus in­creasing returns. This has had the desired result and portfolio income for the year has risen from $126,000 to $129,000. The overall yield of the portfolio is 5.7%. (3) LE Fund - (Mr. Stone substituted for Mr. McCloy who could not be present.) Mr. Stone made the introductory comment that a tremendous amount of work had been done in the past year by the Fund manage