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decreased slightly as a percentage of the Smithsonian's total portfolio (from 16% to 15%), the number of these holdings had fluctuated both upward and downward especially upon changing investment managers. Mr. Adams and Miss Leven reported that Reverend Sullivan had recently cautioned against divestment of stock in the most responsible corporations for the time being, adding that he was contemplating calling upon the Federal government to take formal action should the political and social conditions in South Africa fail to improve. Mindful of the likelihood of new developments in this area in the foreseeable future, the Executive Committee took no action to recommend a departure from the Regents' present position on the matter. It was anticipated that a full discussion of the issues, including Reverend  Sullivan's most recent views, would take place at the May 11 meeting of the Board.

In his Secretary's Report Mr. Adams spoke about several recent program initiatives with the U.S.S.R. and Mexico, the status of major recruitments, a potential donation toward the restoration of the interior of the Arts and Industries Building, and several other topics which he said he would raise at the Regents' meeting. Mr. Adams also described recent activities with respect to the repatriation of a number of the Smithsonian's American Indian sacred objects and skeletal remains, related legislative activities, and the future of the Heye Foundation's Museum of the American Indian. Distributing copies of an April 10 letter from Senator Inouye, Mr. Adams remarked at the potential benefit to the nation and its native Americans should the Smithsonian succeed in establishing that Museum on the Mall in Washington. While the Secretary pointed out that there are many matters to be resolved, he thought there would be an enormous reservoir of enthusiasm for the idea among those directly involved and citizens all across America. The Executive 
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