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SMITHSONIAN INSTITUTION
[[underline]]INVESTMENT FUNDS SUMMARY[[/underline]]

($1,000)
Market Value

[[6-column table]]
| Jun 30, 1971 | Dec 31, 1974 | Dec 31, 1975 | Dec 31, 1976 | Mar 31, 1977

[[underline]]T. ROWE PRICE & ASSOCIATES[[/underline]] | | | | |
  Cash | 14   -% | 1,395   13% | 6   -% | (5)   -% | 27   -%
  Bonds | 4,124   29 | 1,436   13 | 1,807   15 | 545   4 | 537   4
  Cv Bds & Pfd | 634   5 | 1,719   17 | 1,782   14 | 1,686   12 | 1,558   13
  Common Stock | [[underline]] 9,333   66 | 5,752   56 | 8,801   71 | 11,283   84 | 10,126   83[[/underline]]
    Total | [[double underline]]14,105   100% | 10,302   100% | 12,396   100% | 13,509   100% | 12,248   100%[[/double underline]]
  Value Index | 100.0 | 62.9 | 79.6 | 89.9 | 80.4
  Total Accomp. | 100.0 | 74.8 | 95.4 | 109.5 | 100.7
  Div + Int/Yr | 532 - 3.8% Mkt. | 575 - 5.6% Mkt. | 481 - 3.9% Mkt. | 415 - 3.1% Mkt. | 431 - 3.5% Mkt.
  Tot Ret Inc/Yr | - | 741 - 7.2% Mkt. | 692 - 5.6% Mkt. | 685 - 5.1% Mkt. | 685 - 5.6% Mkt.
| | | | |
[[underline]] DAVIS, PALMER & BIGGS[[/underline]] | | | | |
  Cash | 31   -% | 1,062   9% | 347   2% | 687   4% | 997   6%
  Bonds | 1,018   14 | 3,524   30 | 3,331   25 | 3,114   17 | 3,059   18
  Cv Bds & Pfd | 309   5 | 440   4 | 702   5 | 1,234   7 | 1,292   7
  Common Stock | [[underline]]5,809   81 | 6,626   57 | 9,165   68 | 13,062   72 | 12,007   69[[/underline]]
    Total | [[double underline]]7,167   100% | 11,652   100% | 13,545   100% | 18,097   100% | 17,355   100%[[/double underline]]
  Value Index | 100.0 | 84.3 | 97.0 | 116.4 | 109.5
  Total Accomp. | 100.0 | 94.9 | 113.6 | 138.6 | 133.4
  Div + Int/Yr | 276 - 3.9% Mkt. | 736 - 6.3% Mkt. | 693 - 5.1% Mkt. | 802 - 4.4% Mkt. | 836 - 4.8% Mkt.
  Tot Ret Inc/Yr | - | 696 - 6.0% Mkt. | 743 - 5.5% Mkt. | 786 - 4.3% Mkt. | 786 - 4.5% Mkt.
| | | | |
[[underline]]THORNDIKE, DORAN, PAINE & LEWIS[[/underline]] | | | | |
  Cash | 4   -% | 852   9% | 244   2% | 193   2% | 91   1%
  Bonds | 5,262   47 | 2,109   21 | 2,158   19 | 1,873   14 | 1,842   15
  Cv Bds & Pfd | 529   5 | -   - | -   - | 217   2 | 467   4
  Common Stock | [[underline]] 5,300   48 | 6,842   70 | 9,107   79 | 10,513   82 | 9,498   80[[/underline]]
    Total | [[double underline]]11,095   100% | 9,803   100% | 11,509   100% | 12,796   100% | 11,898   100%[[/double underline]]
  Value Index | 100.0 | 66.0 | 80.9 | 94.5 | 86.1
  Total Accomp. | 100.0 | 79.8 | 98.7 | 116.7 | 109.6
  Div + Int/Yr | 526 - 4.7% Mkt. | 538 - 5.5% Mkt. | 490 - 4.3% Mkt. | 511 - 4.0% Mkt. | 530 - 4.5% Mkt.
  Tot Ret Inc/Yr | - | 664 - 6.8% Mkt. | 656 - 5.7% Mkt. | 629 - 4.9% Mkt. | 629 - 5.3% Mkt.
| | | | |
[[underline]]TOTAL SMITHSONIAN CONSOLIDATED ENDOWMENT[[/underline]] | | | | |
  Cash | 49   0% | 3,309   10% | 597   2% | 875   2% | 1,115   3%
  Bonds | 10,404   24 | 7,069   22 | 7,296   19 | 5,532   12 | 5,438   13
  Cv Bds & Pfd | 1,472   3 | 2,159   7 | 2,484   7 | 3,137   7 | 3,317   8
  Common Stock | [[underline]]31,972   73 | 19,220   61 | 27,073   72 | 34,858   79 | 31,631   76[[/underline]]
    Total* | [[double underline]] 43,897***   100% | 31,757   100% | 37,450   100% | 44,402   100% | 41,501   100%[[/double underline]]
  Value Index | 100.0 | 71.2 | 86.1 | 100.7 | 92.4
  Total Accomp. | 100.0 | 83.5 | 103.1 | 122.3 | 115.3
  Div + Int/Yr | 1,741 - 4.0% Mkt. | 1,849 - 5.8% Mkt. | 1,664 - 4.4% Mkt. | 1,728 - 3.9% Mkt. | 1,797 - 4.3% Mkt.
  Tot Ret Inc/Yr | - | 2,101 - 6.6% Mkt. | 2,091 - 5.6% Mkt. | 2,100 - 4.7% Mkt. | 2,100 - 5.1% Mkt.
| | | | |
*Includes Freer Fd | 18,805 | 12,259 | 14,420 | 16,318 | 15,098
 Consolidated Fd** | 12,765 | 9,997 | 11,682 | 15,159 | 14,409
 Endowment #3 | [[underline]]12,327*** | 9,501 | 11,348 | 12,925 | 11,994[[/underline]]
   Total | [[double underline]]43,897 | 31,757 | 37,450 | 44,402 | 41,501[[/double underline]]
| | | | |
[[underline]]STOCK MARKET AVERAGES - TOTAL ACCOMPLISHMENT INDEX 6/30/71 - 100[[/underline]] | | | | |
  D-J Industrials | 100.0 | 82.4 | 113.2 | 138.1 | 127.4
  S&P's 500 Stocks | 100.0 | 79.8 | 105.2 | 128.7 | 118.8
  Value Line Comp. | 100.0 | 55.4 | 75.9 | 99.1 | 97.4

[[underline]]STOCK MARKET AVERAGES - VALUE INDEX (Excluding Dividends & Interest Yield - 6/30/71 = 100)[[/underline]] | | | | |
  D-J Industrials | 100.0 (891.14) | 69.16 (616.24) | 95.6 (852.41) | 112.7 (1004.65) | 103.1 (919.13)
  S&P's 500 Stocks | 100.0 (99.70) | 68.78 (68.56) | 90.4 (90.19) | 107.8 (107.46) | 98.7 (98.42)
  Value Line Comp. | 100.0 (116.31) | 42.10 (48.97) | 60.7 (70.69) | 80.4 (93.47) | 77.7 (90.34)

[[/6-column table]]

** Includes Special Endowment Fund.
*** Includes portion of Johnson & Johnson stock held in Treasurer's Office.

Transcription Notes:
Chart completed per transcription instructions, but with so many numbers, lines, columns, and underline formatting it can be really confusing. I added the following: (-->) to indicate the beginning of a new line to help differentiate. Later transcriber: Removed the "-->" marks; these are not needed in properly transcribed tables with pipes, and they are misleading because they imply original content which is, in fact, not there. Also changed footnote to use asterisks (*) rather than half-superscripted underlined "1/" notations that are hard to transcribe and read.