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SMITHSONIAN INSTITUTION

($1,000's)   [[underlined]] Investment Funds Summary [[/underlined]]

[[ruled table, 9 columns]]

--- | June 30, 1978 | Sep. 30, 1979 | June 30, 1980 | Sep. 30, 1980
[[underlined]] BEA [[/underlined]]
Cash or Equiv. | 4,443 | 34% | 1,731 | 12%
Bonds | 1,772 | 13 | 5,974 | 41
Cv Bds & Pfd | 538 | 4 | 597 | 4
Common Stock | [[underlined]] 6,450 | 49 | 6,371 | 43 [[/underlined]]
Total | 13,203 | 100% | 14,673 | 100%
Div & Int/Yr. | 807 | 6.1% Mkt. | 1,131 | 7.7% Mkt.
Tot Ret Inc/Yr. | 670 | 5.1% Mkt. | 705 | 4.8% Mkt.

[[underlined BATTERYMARCH [[/underlined]]
Cash or Equiv. | 1,072 | 8% | 1,293 | 8% | 2,302 | 11% | 2,168 | 10%
Bonds | - | - | - | - | - | - | - | -
Cv Bds & Pfd | 249 | 2 | - | - | 222 | 1 | 248 | 1
Common Stock | [[underlined]] 11,283 | 90 | 15,073 | 92 | 18,141 | 88 | 20,419 | 89 [[/underlined]]
Total | 12,604 | 100% | 16,366 | 100% | 20,665 | 100% | 22,835 | 100%
Div & Int/Yr. | 459 | 3.6% Mkt. | 956 | 5.8% Mkt. | 1,292 | 6.3% Mkt. | 1,496 | 6.6% Mkt.
Tot Ret Inc/Yr. | 666 | 5.3% Mkt. | 701 | 4.3% Mkt. | 988 | 4.8% Mkt. | 988 | 4.3% Mkt.

[[underlined]] FIDUCIARY TRUST [[/underlined]]
Cash or Equiv. | 2,135 | 9% | (105) | -% | (152) | -% | (199) | -%
Bonds | 5,154 | 21 | 6,516 | 23 | 7,206 | 21 | 5,890 | 14
Cv Bds & Pfd | 1,214 | 5 | 2,118 | 7 | 2,774 | 8 | 2,475 | 6
Common Stock | [[underlined]] 15,461 | 65 | 19,809 | 70 | 24,948 | 71 | 32,053 | 80 [[/underlined]]
Total | 23,964 | 100% | 28,338 | 100% | 34,776 | 100% | 40,219 | 100%
Div & Int/Yr. | 1,304 | 5.4% Mkt. | 1,456 | 5.1% Mkt. | 1,649 | 4.7% Mkt. | 1,680 | 4.2% Mkt.
Tot Ret Inc/Yr. | 1,120 | 4.7% Mkt. | 1,120 | 4.0% Mkt. | 1,434 | 4.1% Mkt. | 1,434 | 3.6% Mkt.

[[underlined]] TORRAY CLARK [[/underlined]]
Cash or equiv. | 1,660 | 84% | 2,283 | 41% | 1,973 | 17% | 2,690 | 20%
Bonds | - | - | - | - | - | - | - | -
Cv Bds & Pfd | - | - | - | - | - | - | 361 | 3
Common Stock | [[underlined]] 328 | 16 | 3,292 | 59 | 9,822 | 83 | 10,355 | 77 [[/underlined]]
Total | 1,988 | 100% | 5,575 | 100% | 11,795 | 100% | 13,406 | 100%
Div & Int/Yr. | 125 | 6.3% Mkt. | 417 | 7.5% Mkt. | 772 | 6.6% Mkt. | 964 | 7.2% Mkt.
Tot Ret Inc/Yr. | 103 | 5.2% Mkt. | 205 | 3.7% Mkt. | 552 | 4.7% Mkt. | 552 | 4.1% Mkt.

[[underlined]] TOTAL SMITHSONIAN CONSOLIDATED ENDOWMENT [[/underlined]]
Cash | 9,310 | 18% | 5,202 | 8% | 4,123 | 6% | 4,659 | 6%
Bonds | 6,926 | 13 | 12,490 | 19 | 7,206 | 11 | 5,890 | 8
Cv Bds & Pfd | 2,001 | 4 | 2,715 | 4 | 2,996 | 4 | 3,084 | 4
Common Stock | [[underlined]] 33,522 | 65 | 44,545 | 69 | 52,911 | 79 | 62,827 | 82 [[/underlined]]
Total | 51,759 | 100% | 64,952 | 100% | 67,236 | 100% | 76,460 | 100%
Div & Int/Yr. | 2,695 | 5.2% Mkt. | 3,960 | 6.1% Mkt. | 3,713 | 5.5% Mkt. | 4,140 | 5.4% Mkt.
Tot Ret Inc/Yr. | 2,559 | 4.9% Mkt. | 2,731 | 4.2% Mkt. | 2,974 | 4.4% Mkt. | 2,974 | 3.9% Mkt.

Includes Freer Fd. | 15,973 | 18,135 | 18,739 | 20,644
Consolidated Fd. | 22,991 | 31,937 | 33,120 | 38,995
Endowment #3 | [[underlined]] 12,795 | 14,880 | 15,377 | 16,821 [[/underlined]]
Total | 51,759 | 64,952 | 67,236 | 76,460

[[underlined]] Stock Market Averages [[/underlined]]
DJIA | 818.95 | 878.58 | 867.92 | 932.42
S&P 500 | 95.53 | 109.32 | 114.24 | 125.46
Value Line Comp. | 104.11 | 125.19 | 121.71 | 141.30 [[/table]]