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-28- Further serious consideration was also given to the possibility of terminating or switching choices of one or more of the managers. While there appeared to be some sentiment to the effect that we might be better served with two rather than three managers, it was agreed that no action would be taken at this time. In part, this reflected the decision of Thorndike, Doran, Paine & Lewis to change their internal management responsibility of the Smithsonian fund and from the feeling also that the type of growth stocks favored by T. Rowe Price is likely to perform better from here on following the deflation of the previous high level of price-earnings multiples for growth stocks coupled with the continued superior earnings performances of these growth companies as compared to other companies.