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The Committee then visited the National Zoo's Conservation and Research Center in Front Royal, Virginia.  Drs. Robinson and Wemmer conducted a walking tour of several of the Center's facilities for the study and propagation of small mammals and birds, and the Committee was driven around the extensive premises for an overview of the facility.

[[underlined]] Report of the Personnel Committee [[/underlined]]

In a letter to the Chancellor the Personnel Committee reported that they had reviewed the financial interests statements of the executive staff of the Institution and they had found no conflict of interest whatsoever.  The Committee also discussed a report of the General Counsel/Ethics Counselor entitled "Report on Filing and Review of Confidential Statements of Employment and Financial Interests," from which the Committee agreed that the financial reporting procedures for those key staff who must report have functioned in accordance with established guidelines.

[[underlined]] Report of the Investment Policy Committee [[/underlined]]

Miss Leven reported that the Institution's portfolio, which is heavily invested in equities, has benefited from the recent rise in the stock market.  The market value of the fund as of the date of this meeting was estimated at $140 million compared to $129 million at the end of September and $131 million at the end of December 1984.  Responding to an inquiry, Miss Leven noted that the Institution had no direct investments in South Africa, but does have investments in multinational corporations, some of which may be doing business in South Africa.  The Institution's position with respect to such investments will be an agenda item at a forthcoming meeting of the Investment Policy Committee.

The Committee met on November 16, 1984, with Mr. Humelsine as Acting Chairman.  The Committee reviewed the investment performance of the Institution's four managers: Batterymarch Financial Management, Torray Clark & Company, Granahan-Everitt Investments, Inc., and Fiduciary Trust Company of New York.  Representatives of each of these managers were in attendance and in turn made presentations to the Committee.  Following the presentations and further Committee discussion:

- The Committee approved allocating 30% of the portfolio now under management at Batterymarch to global investments, utilizing the vehicle as determined best between Batterymarch and the Treasurer.

- The Committee reaffirmed the equity orientation of the Consolidated Smithsonian Endowment Funds.  As of the meeting date, approximately 72% of the total fund was invested in equities. 

- The Committee instructed the Treasurer to send a letter on its behalf to Mr. Jeremy Biggs of Fiduciary Trust reiterating the Committee's desire that Mr. Biggs actively involve himself in the management of the Smithsonian's account.