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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]]

Mr. Adams began his oral presentation to the Board by mentioning that there had been contacts at the staff level between the Smithsonian and the Textile Museum, initiated at the request of the Board of the Museum to explore all its options for the future, including an affiliation with the Smithsonian.  It was the Secretary's and Mr. Freudenheim's opinion that the Smithsonian was not in a position to contemplate any formal affiliation but could serve the Museum well by an expression of sympathy as it faces difficult decisions about its future.

Mr. Adams mentioned that he had just 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 that the Smithsonian is dealing with more than one facet of affirmative action, Mr. Adams noted that Mr. Tom Mack has