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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.