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[[underlined]]Summary of Update of the Five-Year Prospectus[[/underlined]]

Mr. Jameson brought to the Regents' attention the draft of the Institution's Five-Year Prospectus*, pointing out that this is a draft for the Regents' review prior to the January 1980 meeting, where the Regents will be asked to approve a revised edition. In the interim, adjustments will be made to take into account changes in the fiscal year 1980 appropriations made by Congress as well as the President's budget allowances for fiscal year 1981.

The draft Prospectus indicates for both the Office of Management and Budget and the Congress the trends and directions of the Institution. The emphasis for the next several years will continue to be the completion and equipping of the Museum Support Center, and the Prospectus reflects now an estimate of the costs of equipping that facility. The administration is concentrating on the facilities of the Institution, including the Quadrangle project as well as the completion of the Zoo Master Plan and the proper repair and renovation of the other facilities of the Smithsonian. 

[[underlined]]Report of the Investment Policy Committee[[/underlined]]

The Treasurer summarized the following report, which had been provided for the Regents' review. The four investment managers, three of whom are new to the Institution over the last year, have outperformed the market averages, and the Treasurer noted that their performance has continued to be better than the market in the months of July and August. 

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* See appendix A attached