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[[underlined]] --Nonappropriated Trust Funds [[/underlined]]: Operating experience for the first two months of the fiscal year is not sufficient to be indicative of annual performance. Budget estimates have been adjusted, however, to reflect the provision of unrestricted trust funds ($2,018,000), as previously approved by the Board, for the acquisition of the Henri Vever Collection. The additional $1,482,000, to complete the initial $3,500,000 payment, is being provided from Regents' Acquisition Fund monies assigned to the Freer and Sackler galleries.

Budget estimates have also been adjusted to reflect the launching of [[underlined]] Air & Space [[/underlined]] magazine as discussed by the Board at the September meeting. Publication of the magazine is proceeding, with the approval of the Chairman of the Executive Committee. It is estimated that the magazine will incur net operating losses of $1,739,000 in fiscal year 1986 and $805,000 in fiscal year 1987, with a [[underlined]] first [[/underlined]] surplus of $134,000 being realized in fiscal year 1988.

Minor adjustments have been made in the projections for special purpose and restricted trust funds; namely, the anticipated receipts ($200,000) from the auctioning of deaccessioned works of the National Museum of American Art; the first payment for the acquisition of the Thomas Eakins portrait of [[underlined]] William Rush and His Model [[/underlined]] by the National Museum of American Art, using donated funds; an unrestricted bequest to the Institution from the estate of Mr. Thor Wilhelm Matson; and the establishment of the Mary Horner Stuart Mineral Endowment Fund. In accordance with the donor's instruction the Stuart fund utilizes