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prior years.  However, in these times of fiscal stringency it is felt the Institution should make available the maximum amount of Endowment funding possible within the limits of fiscal responsibility.

Accordingly, the following motion was recommended by the Investment Policy Committee and was adopted by the Board of Regents:

VOTED that the Board of Regents accepts the Report of the Investment Policy Committee and approves for fiscal year 1987 a total return income payout rate of $9.29 per share for all endowment funds.

[[underlined]] Report of the Secretary [[/underlined]]

Mr. Adams began his oral presentation by thanking National Board Chairman Knox for his gracious hospitality to the members of the National Board of Smithsonian Associates and Smithsonian staff during their recent meeting in Buffalo.

The Secretary mentioned that he had planned to carry out field research in Iraq in June, but the deterioration of the world since December (when the plans were first made) had obviously left him somewhat skeptical about following through at this time. He said he would withhold making a final judgment on the trip until after he has spoken with the Iraqi Ambassador and others.

APPROPRIATIONS HEARINGS AND BUDGET PLANNING

Giving a brief account of the hearings with the House appropriations subcommittee on the Interior Department and Related Agencies, Mr. Adams reported that the session focussed in large measure on the effects of Gramm-Rudman cuts on the Smithsonian bureaus and offices.  At that hearing he suggested that it would be very helpful to the Institution if the subcommittee would, for purposes of making its recommendations on