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[[underlined]] Total Return Performance [[/underlined]]
[[4 column table]]
[[headings are underlined]]

[[fund]] | Last Quarter 6/30/80- | Last 12 mos. 9/30/79 9/30/80 |  Last 27 Mos. 6/30/78-9/30/80

Batterymarch | +7.6% | +12.0% | +42.7%
Fiduciary Trust | +14.4% | +26.8% | +58.9% 
Torray, Clark, Inc. | [[underlined]] +7.7% | +9.7% | +41.4% [[/underlined]]
Total SI* | +11.1% | +18.8% | +45.8% 

DJIA | +9.0% | +12.2% | +29.4%
S&P 500 | +11.2% | +21.2% | +48.3%

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

[[underlined]] Principal Value Only [[/underlined]]
Total SI | +9.7% | 12.8% | +30.4%
Consumer Price Index | +1.7% | +12.6% | +29.0%

As these figures indicate, the overall performance of the combined Smithsonian endowments since inception with Battery and Torray, on June 30, 1978, has been slightly behind the S&P 500, but superior to the DJIA.  The overall performance, however, has in the past year been due to the strong results of Fiduciary Trust, while the other two managers have lagged behind the major averages.  While an imperfect measure of the effect of inflation on purchasing power of the dollar, the growth of the Consumer Price Index over the past 27 months is shown above in comparison to the increase during the same period of the principal market value of our endowments; the figures indicate that since June 30, 1978, endowment principal, augmented in part by reinvestment of a portion of dividend and interest yield, has kept pace with inflation.

Representatives from the three managers provided updated portfolio appraisals through November; performance results for this two-month period on a total return basis are as follows: