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the past quarter, each showing a recovery of roughly 13% compared to lower gains of the market averages.

The attached table summarizes the holdings and performances of the funds. Thorndike, Doran and T. Rowe Price have consistently maintained higher commitments to equities (including convertible bonds and preferred stocks) of 70% or more, which does much to explain their poorer performance than Davis, Palmer & Biggs (with 62% and 47% equities now in Consolidated and "Special Endowment" funds respectively).

The managers share the general view that there will be a moderate upturn in the economy in the second half of 1975, and that despite current uncertainties, present prices of sound stocks represent very good values.