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Chart C reflects the Composite Smithsonian fund against both the S&P 500 and the Dow Jones Industrial average over the five year period.

Attachment A summarizes the holdings of the three portfolios, reflecting an investment of 82% of the combined portfolio in common stock, and a further 6% in convertible issues, as of June 30, 1983. Torray Clark continues to hold more than half of its portfolio in cash reserves, while Fiduciary has shifted further towards equities during the past quarter. The ten largest equity holdings as of June 30, with market values in thousands, were: 
IBM ($3,607), General Motors ($2,512), NCR )$2,360), Lomas & Nettleton ($1,872), Schlumberger ($1,798), General Electric ($1,650), Service Merchandise ($1,557), Shared Medical Systems ($1,555), Natomas ($1,319), and Pfizer ($1,314).