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-46- [[underlined]] Report of the Investment Policy Committee [[/underlined]] Mr. Burden reported that the Investment Policy Committee held its regular semiannual meeting in New York City on November 26, 1979, to review the performance of the Institution's four investment managers. A summary schedule of endowment holdings and a chart of investment performance are attached to this report. [[underlined]] Investment Performance [[/underlined]] The total market value of the Smithsonian Endowment Funds on September 30, 1979 was $64,952,000, compared to $60,617,000 on June 30, 1979, and $51,759,000 on June 30, 1978. Increase in market value during the last quarter was attributable to: (1) additions to endowment of $815,000 ($500,000 Unrestricted and $315,000 Restricted); (2) interest and dividends of $215,000 in [[underline]]excess[[/underline]] of total return withdrawal of $714,000 (including manager fees); and (3) market appreciation of $3,305,000, or +5.5% of beginning assets. The total return performance (including interest and dividend yield) of the managers since June 30, 1978, is as follows: [[4 column table]] [[headings underlined]] [[fund]] | Last Quarter 6/30/79-9/30/79 | Last 12 mos. 9/30/78-9/30/79 | Last 15 mos. 6/30/78-9/30/79 BEA | + 3.2% | +6.5% | +11.6% Batterymarch | +8.7% | +17.0% | +27.4% Fiduciary Trust | +7.6% | +16.1% | +25.4% Torray, Clark | [[underlined]]+7.9% | +21.0% | +28.8%[[/underlined]] Total Endowment | +6.9% | +14.3% | +22.7% [[underline]] Market Averages (Total Return) [[/underline]] DJIA | +5.8%| +7.8% | +15.5% S&P 500 | +7.7% | +12.5% | +22.3% Paper Chase* | +9.8% | +13.2% | +20.4% [[/table]] *Paper portfolio of Smithsonian Senate of Scientists