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[[underline]]Endowment Funds[[/underline]]

Smithsonian Endowment Funds on December 31, 1976 totaled approximately $45,500,000.  This includes the $1,000,000 in the U.S. Treasury and a small amount of miscellaneous securities, but principally the Consolidated Endowment Fund which is supervised by our three investment managers and which totaled $44,403,000 on that date, compared to $43,032,000 on September 30, 1976, and $37,450,000 on December 31, 1975.

Types of securities held in this Fund, together with a performance index based on Total Return (interest and dividend yield plus market appreciation, but adjusted for additions and withdrawals of funds) is shown below.  Investment performance of the Fund since June 30, 1971 has trailed both of the major market equity indexes.  Over the past 12 months the index for Smithsonian funds has increased 18.6%, compared to 22% for both the Dow Jones Industrial average and the S&P's 500.

[[underline]]Consolidated Endowment Fund [[/underline]]

($1,000's)
 
[[Four column table]]
| [[underline]]June 30, 1971[[/underline]] | [[underline]]Dec. 31, 1975[[/underline]] | [[underline]]Dec. 31, 1976[[/underline]]
Cash | $49 (-1%) | $ 597 (2%) | $ 875 (2%)
Bonds | 10,404 (24%) | 7,296 (19%) | 5,532 (12%)
Cv. Bonds & Pfd. | 1,472 (3%) | 2,484 (7%) | 3,138 (7%)
Common Stock | 31,972 (74%) | 27,073 (72% | 34,858 (79%)
| -------- --- | -------- --- | -------- --- 
Total| $43,897 (100%) | $37,450 (100%) | $44,403 (100%)

Total Accomplishment Index | 100.0 | 103.1 | 122.3
DJIA w/Income | 100.0 | 113.2 | 138.1
S&P's 500 w/Income | 100.0 | 105.2 | 128.7