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persons examined material on file in the Washington, D.C. office, and several thousand others examined files in the New York and Chicago regional offices. More than 15,900 searches were made for individuals requesting information and approximately 2,134 letters were written with respect to information required.

PUBLICATIONS In additional to the daily News Digest, and releases concerning Commission action under the Acts administered by it and litigation involving securities violations, the Commission issues a number of other publications, including the following: Weekly:

Weekly Trading Data on New York Exchanges : Round-lot and odd-lot trans

actions effected on the New York and American Stock Exchanges (infor

mation is also included in the Statistical Bulletin). Monthly:

Statistical Bulletin.c
Official Summary of Securities Transactions and Holdings of Officers,

Directors and Principal Stockholders.

Financial Report, U.S. Manufacturing Corporations (jointly with the Federal

Trade Commission). (Statistical Series Release summarizing this report

is available from the Publications Unit.) Plant and Equipment Expenditures of U.S. Corporations (jointly with the

Department of Commerce).
New Securities Offerings.
Volume and Composition of Individuals' Saving.

Working Capital of U.S. Corporations.

Annual Report of the Commission.
Securities Traded on Exchanges under the Securities Exchange Act of 1934.
List of Companies Registered under the Investment Company Act of 1940.
Classification, Assets and Location of Registered Investment Companies

under the Investment Company Act of 1940.0 Corporate Pension Funds.

Directory of Companies Filing Annual Reports.
Other Publications:

Decisions and Reports of the Commission.a
Judicial Decisions.
A Study of Mutual Funds (by The Wharton School).
Report of Special Study of Securities Markets.
Accounting Series Releases—Compilation of 1–89.
Securities and Exchange Commission—Its Functions and Activities.

a Must be ordered from the Superintendent of Documents, Government Printing Office, Washington, D.C., 20402.

• This document is available in photocopy form, at a current cost of $9.80, plus postage. Purchasers are billed by the printing company which prepares the photocopies.

ORGANIZATION During the fiscal year certain organizational changes were effected in accordance with the Commission's policy of continuing review of its organization and functional alignments :

Reference has already been made to the reallocation of certain functions relating to investment companies from the Division of Cor. poration Finance to the Division of Corporate Regulation. The change was designed to concentrate responsibility in the latter division for administration of the securities laws as they apply to investment companies, and to enable the Division of Corporation Finance better to assume and discharge its increased responsibilities under the Securities Acts Amendments of 1964. In related action, two new branches and an Assistant Director were added to the Division of Corporate Regulation to assist in handling the increased duties resulting from the assumption of its additional functions and from the increased responsibilities in recent years in administering the regulatory pro visions of the Investment Company Act.

In addition, several new branches were created in the Division of Trading and Markets, and certain statistical activities were transferred from that Division to the Office of Policy Research.

PERSONNEL AND FINANCIAL MANAGEMENT An important development in the Commission's personnel management program in fiscal 1965 was the adoption of a Management Intern Program under a formal training agreement approved by the Civil Service Commission. The main objective of this program is to recruit and train persons of proven ability and high potential for top level supervisory and administrative positions.

Candidates are selected from lists of eligibles established by the Civil Service Commission as a result of the written and oral Management Intern Examination. The academic training and backgrounds of persons chosen vary according to the long-range needs of the Commission and include law, finance and other disciplines in addition to public administration.

The first intern under this new program was appointed on April 12, 1965. Following 12 to 15 months of specialized management training, he will be assigned to one of the operating divisions of the Commission,

During fiscal 1965, within-grade salary increases in recognition of high quality performance were granted to 92 employees. These awards are authorized by Section 702 of the Classification Act of 1949, as amended by the Salary Reform Act of 1962. Also during fiscal 1965, cash awards totaling $960 were made to 18 employees for adopted suggestions, and cash awards for superior performance amounting to $4,000 were presented to 24 employees.

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The following comparative table shows the personnel strength of the Commission as of June 30, 1964 and 1965:

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The table on page 157 shows the status of the Commission's budget estimates for the fiscal years 1961 to 1966, from the initial submission to the Bureau of the Budget to final enactment of the annual appropriation.

The Commission is required by law to collect fees for registration of securities issued, qualification of trust indentures, registration of exchanges, and sale of copies of documents filed with the Commission.45

The following table shows the Commission's appropriation, total fees collected, percentage of fees collected to total appropriation, and the net cost to the taxpayers of Commission operations for the fiscal years 1963, 1964 and 1965.

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* Principal rates in effect during the fiscal year were (1) 1100 of 1 percent of the maximum aggregate price of securities proposed to be offered but not less than $25; (2) 1600 of 1 percent of the aggregate dollar amount of stock transactions. Fees for other services are only nominal. See Part II of this report with respect to the increase in the rate as to (1).

Securities and Exchange Commission Action taken on budget estimates and appropriation from fiscal year 1961 through fiscal 1966

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• Includes a supplemental request for $400,000.

Includes a supplemental request for $100,000. • Includes a supplemental request for $450,000 for the Special Study of the Securities Markets.

Includes a supplemental request for $1.366,000. • Includes supplemental requests of $800,000 and $390,000, or a total of $1,190,000.

| The increase of $1 million in 1966 over 1965 represents funds for relocation of offices in Washington, D.C.

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