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-55- As of June 30, 1979, the total market value of the Smithsonian Endowment Funds was $60,617,000, compared to $57,654, 000 as of March 31, 1979, and $51,759,000 on June 30, 1978. The increase of $2,963,000 during the last quarter is attributable to (1) $1,000,000 new money added to Torray, Clark; (2) interest and dividends of $201,000 in [[underlined]] excess [[/underlined]] of total return withdrawal of $675,000; and, (3) market appreciation of $1,762,000, or +3.1% of beginning assets. The total return performance (including interest and dividend yield) of the managers over the past year is as follows: Last Last Last Quarter 6 Mos. Year 3/31/79- 12/31/78- 6/30/78- [[underlined]] 6/30/79 6/30/79 6/30/79 [[/underlined]] BEA +2.7% +7.6% +7.8% Batterymarch +6.6% +16.9% +17.1% Fiduciary Trust +5.0% +12.2% +16.4% Torray, Clark +1.0% +15.6% +20.2% [[bottom numbers underlined]] Total Endowment +5.1% +13.1% +15.2% [[underlined]] Market Averages (Total Return) [[/underlined]] DJIA +0.9% +7.5% +8.8% S&P's 500 +2.7% +10.0% +13.3% Paper Chase* +3.0% +8.2% +10.1% [[line]] *Paper portfolio of Smithsonian Senate of Scientists. These performance figures are provided by Callan Associates and may occasionally vary in minor amounts from calculations provided by the managers.