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21

After adjustment for additions and withdrawals of capital, but without consideration of interest and dividend income, the percentage changes of the portions of the funds under each manager have been:

[[5-column table]]
| Last Quarter | Last 6 Months | Last 24 Months | Last 42 Months
| 9/30/74-[[underline]]12/31/74[[/underline]] | 6/30/74-[[underline]]12/31/74[[/underline]] | 12/31/72-[[underline]]12/31/74[[/underline]] | 7/1/71-[[underline]]12/31/74[[/underline]]
[[underline]]T. Rowe Price[[/underline]] | +13.2% | -16.3% | -48.4% | -37.2%
[[underline]]Davis, Palmer & Biggs[[/underline]] | + 8.8% | - 7.6% | -32.6% | -14.5%
[[underline]]Thorndike, Doran, P. & L.[[/underline]] | +12.5 | -18.8% | -44.5% | -34.1%
[[underline]]Total Smithsonian Consolidated Endowment[[/underline]] | +11.3% | -14.3% | -42.1% | -29.2%
[[underline]]Spec. Endowment (Davis,Palmer)[[/underline]] | + 4.7% | - 8.0% | -30.7% | -27.3%
- - - - - - - - - -
[[underline]]Market Averages[[/underline]] | | | |
[[underline]]Dow Jones Industrials[[/underline]] | +1.5% | -23.1% | -39.6% | -30.9%
[[underline]]Standard & Poor's 500[[/underline]] | +8.0% | -20.2% | -41.9% | -31.2%
[[underline]]Value Line Index[[/underline]] | -2.4% | -24.2% | -57.3% | -57.9%
[[/5-column table]]

As the figures above indicate, both the total Smithsonian Consolidated Endowment and the "Special Endowment Fund" have, in the full 3-1/2-year period, declined slightly less than the Dow Jones and Standard & Poor's market averages.  Davis, Palmer & Biggs (in its portion of the Consolidated Endowment) has shown decidedly the best performance of the three managers for the 42 months since inception, and has been the only manager to out-perform all three market averages listed above for that period.

Thorndike, Doran, Pain & Lewis, and T. Rowe Price, with worse than average 3-1/2-year performances, have both regained some lost ground in