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The total market value of the Smithsonian Endowment Funds on June 30, 1980, was $67,236,000, compared to $59,741,000 on March 31, 1980, and $51,759,000 on June 1978.  The market value change in the last quarter was due to (1) interest and dividends of $245,000 in excess of total return withdrawal of $743,000 (includes managers' fees), (2) new cash of $81,000, and (3) market appreciation of $7,169,000 (+12% on March 31 assets).  Total return performance (includes interest/dividend yield and market appreciation) of the managers since June 30, 1978 is as follows:

[[4 column table]]
[[headings are underlined]]

[[funds]] | Last Quarter 3/31/80-6/30/80 | Last 12 mos. 6/30/79-6/30/80 | Last 24 mos. 6/30/78-6/30/80

Batterymarch | +15.6% | +14.1% | +33.7%
Fiduciary Trust | +13.2% | +19.0% | 38.7%
Torray & Clark | [[underlined]] +12.1% | +9.7% | +31.0% [[/underlined]]
Total * | +13.7% | +14.3% | +31.2%

DJIA | 12.3% | +9.6% | +18.7%
S&P 500 | +13.6% | +17.2% | +32.3%

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*Includes BEA from 6/30/78 - 12/31/79

During the last quarter, the three investment managers performed in line with or ahead of the market averages.  For the two-year period since June 30, 1978, the two new managers, Batterymarch and Torray, have produced investment performance equivalent to the S&P 500, and substantially better than the Dow Jones Industrial Average.  During this same period, Fiduciary Trust has outperformed the S&P 500 by approximately 6%.

The ten largest equity holdings as of June 30 were, with market values in thousands: Superior Oil ($1,121), General Foods ($857). Cities Service ($832), General Dynamics ($827), IBM (*22), Phillip Morris ($749), Exxon ($662), American Can ($642), American Express ($621), and Media General ($575).  A summary table and performance graph are attached.