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-6- performance has been better than that of the stock market in general and also better than the group of large banks against which it was measured. The Trustees transferred $400,000 from quasi-endowment accounts in Europe to Brown Brothers Harriman & Co. where they constitute special funds available, on Trustee approval, for contingencies, These funds are kept in short-term obligations (U.S. Treasury and Land Banks) and 25% is turned over each quarter. A special motion of appreciation to Mr. Hedlund for his efforts in supervising the University's financial affairs was passed by the Trustees. At this point there was a discussion about the possibility of adding one or more Trustees to the Board and it was decided to hold this over until the next meeting. 5. Report of the Development Committee - The Chairman of the Committee, Mr. Devine, praised Judy Symonds for her work and noted that a substantial number of new corporate contacts have been made and that the Development Office has been reorganized so as to enable the Trustees to be more efficient about pursuing possible donors. Mr. Devine noted that all but six Trustees have made personal contributions and stressed the importance of a 100% Trustee giving record in approaching potential outside donors. Mr. Devine reported on a successful luncheon in New Orleans which was hosted by Mr. Hedlund and was followed by a special viewing of the Tutantkhamen exhibit