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$181.2 million as of the same date (September 30) a year ago. "Black Monday," however, saw the value of the Institutions's fund drop to $179.0 million. As of December 31, the Smithsonian's Endowment Fund had an unreconciled value of $188.4 million reflecting a loss of $44.4 million or 19% since September 30. The Dow was down 25%, so the Institution's managers have performed better than this generally accepted measure. The Institution's asset mix is as follows:

Cash Equivalents - 18.1%
Fixed Income - 16.6%
Convertibles - 3.4%
Preferred Stock - .3%
Common Stock - 61.6%
Total - 100.0%

[[underlined]]SECRETARY'S REPORT[[/underlined]]

In his oral presentation to the Board Mr. Adams reported that he had recently received a set of recommendations from the Smithsonian's Cultural Education Committee which suggested several steps to redress the dearth of minorities in the professional and senior management areas of the Smithsonian. He said he would forward these recommendations to the Regents, along with his comments, as soon as he had an opportunity to consider them seriously and discuss them with his advisory staff. Mr. Adams went on to note that concentrated efforts which have recently been made to bring qualified minority personnel into professional positions had brought forward an encouraging number of candidates. He added that several searches currently under way represent still other opportunities to increase minority representation in the senior staff.

Emphasizing the Smithsonian is dealing with more than one facet of affirmative action, Mr Adams noted that the Smithsonian has been approached by those who would like assistance in establishing an Afro-American museum in Washington, possibly on the Mall -- an institution which would go beyond the ordinary definition of a museum and incorporate minority employment services, cultural performances, and political meetings in addition to exhibitions of art and cultural artifacts. Mr. Adams added that while the Smithsonian may not be the appropriate institution to lead such an effort, he and his staff are sympathetic with this initiative and will try to be of help.

[[underlined]]FINANCIAL REPORT[[/underlined]]

[[underlined]]Fiscal Year 1987 Actual Results[[/underlined]]

Operating funds received by the Institution in fiscal year 1987 from all sources (net of expenses related to bureau and central auxiliary activities) totalled $262,086,000 or $2,036,000 higher than the projection reported in September. Fiscal year 1987 Federal funds were in line with budget. The Institution returned to the Treasury un unobligated balance of $343,000, two-tenths of one per cent of final 1987 appropriation which totaled $188,874,000 for salaries and other expenses.