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(8) The investment manager will maintain close communication with the Smithsonian Treasurer so that the Institution will be continually informed as to the suitability of investment actions taken. The Treasurer will receive copies of all purchase and sale confirmations and will be able to question the manager on any actions taken. The Smithsonian Treasurer should likewise be kept advised on any personnel changes among principal officers or policy makers of the manager's organization, and of any major changes in investment policies or emphasis upon types of securities held in "model" accounts. Information on these matters will be relayed promptly by the Treasurer to members of the Investment Policy Committee.

(9) Policy, procedure and results will be reviewed in periodic meetings held at least semi-annually between the Investment Policy Committee and the investment manager. It is the intent of the Investment Policy Committee to monitor each manager's achievement versus goals and objectives above.

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December 19, 1978