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SMITHSONIAN INSTITUTION
Consolidated Endowment Funds History
(000's)

[[9 column table]]

Year Ending | Gifts and Trnsfrs. | Int. and Dvdnds. | Less Fees Mgrs./Custod. | Less Income to Operations | Int. & Dvdnds. Reinvested | Mkt. Value Increase (Decrease) | Market Value | Year End per Share Value

9/30/80 |  |  |  |  |  |  | $ 77,330 | 
9/30/81 | $1,769 | $4,706 | ($363) | ($3,128) | $1,215 | ($ 2,342) | 77,972 | 134.12
9/30/82 | 2,527 | 5,706 | (367) | (3,275) | 2,064 | 6,295 | 88,858 | 148.04
9/30/83 | 4,034 | 5,702 | (445) | (3,491) | 1,766 | 36,026 | 130,684 | 210.27
9/30/84 | 3,890 | 7,160 | (546) | (3,820) | 2,794 | (6,255) | 131,113 | 205.85
9/30/85 | 3,388 | 7,235 | (556) | (4,295) | 2,384 | 10,415 | 147,300 | 223.18
9/30/86 | 8,506 | 6,982 | (712) | (5,589) | 681 | 23,303 | 179,790 | 259.24
9/30/87 | 3,840 | 7,388 | (931) | (6,460) | (3) | 49,124 | 232,751 | 330.06

As of 12/31/87, 54% of the Endowment Fund is restricted; 46% unrestricted. The single largest fund is the restricted Freer Endowment representing 22% of the portfolio.

[[underlined]] THE SECRETARY'S REPORT [[underlined]]

Mr. Adams began his oral report on recent developments by announcing that Smithsonian will be holding its first annual "Garden Party" in honor of Congressional Regent Eddie Boland from 6 to 8 p.m. on Tuesday, June 14, in the Enid A. Haupt Garden. As this party is intended to enhance the Smithsonian's contacts on Capitol Hill the Secretary expressed the hope that as many Regents as possible will be able to attend. 

The Secretary informed the Regents that two quite important appointments have recently been made at the top rank of Deputy Assistant Secretary for External Affairs. First. Mr. Tom McCance, who has a background in law and investment banking and is currently Director of the Yale Alumni Fund, will come on board in September as the Director of the Office of Development; his experience will be particularly useful as the