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-25-

[[underlined]] 10/1/80 - 11/30/80 [[/underlined]]

[[table, 3 columns]]
Batterymarch | + 3.8% | DJIA + 7.0%
Fiduciary Trust | +15.7% | S&P 500 +12.7%
Toray, Clark | [[underlined]] +2.0% [[/underlined]]
Total SI | + 9.8% [[/table]]

The Committee reviewed with the investment managers both their current investments as well as their expectations for the future.  Some concern was noted about the relative performance of both Batterymarch and Torray over the past twelve months and their failure to participate as fully as Fiduciary in the substantial market advance during this period.