I.
Investments



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Report of the Treasurer to the Council of the National Academy of Sciences I. Investments

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2004   Capital Contribution Column 1 of Schedule 1–A I. ENDOWMENT A. Unrestricted 1. NAS Unrestricted Endowment Agassiz Fund – Bequest of Alexander Agassiz, a member of the Academy. $ 50,000 Carnegie Fund – Balance of the original gift of $5,000,000 from the Carnegie Corporation of New York, for the purposes of the National Academy of Sciences/National Research Council, $1,725,000 of which has been used to cover the cost of the Academy building and the acquisition of other property. 3,275,000 Commonwealth Fund – A grant of the Commonwealth Fund for capital endowment of the Academy. 500,000 Carl Eckart Fund – Bequest of Carl Eckart received for the general purposes of the Academy. 1,246,323 Ford Foundation Fund – A grant of the Ford Foundation for capital endowment of the Academy. 5,000,000 Henrietta and Alexander Hollaender Fund – A bequest to the Academy from Dr. Alexander and Mrs. Henrietta Hollaender. 500,000 Grayce B. Kerr Fund – A grant from Grayce B. Kerr for the general purposes of the Academy. 250,000 Nealley Fund – Bequest of George True Nealley for the general purposes of the Academy. 19,556 Simon Ramo Fund – A gift from Simon Ramo for the general purposes of the Academy. 14,000 Rockefeller Foundation Fund – A grant of the Rockefeller Foundation to the National Academy of Sciences for the general purposes of the Academy. 1,000,000 Dorothea and Herbert Simon Fund – A gift from Dorothea and Herbert Simon for the general purposes of the Academy. 644,616 Sloan Foundation Fund – A grant of the Alfred P. Sloan Foundation for the general purposes of the Academy. 1,000,000 Amy Prudden Turner Fund – Bequest of Amy Prudden Turner for the general purposes of the Academy to serve as a memorial to her husband Scott and herself. 29,662 Anonymous Endowment Fund – A gift for the general purposes of the Academy from a donor who wishes to remain anonymous. 7,146,660 General Endowment Fund – Bequest of David Lloyd Fillman and others for the general purposes of the Academy. By action of the Council, the International Critical Tables were transferred into this fund during fiscal year 1976, and proceeds from the sale of the Audubon Folios were transferred in fiscal year 1981. 3,152,095 Members Endowment Fund – Contributions from various members to be used for the general purposes of the Academy. 2,620,538 Subtotal: NAS Unrestricted Endowment $ 26,448,450 2. IOM Unrestricted Endowment General Endowment Fund – Contributions from various sources, including members of the Institute of Medicine, for capital endowment of the Institute of Medicine. $ 1,098,329 Robert Wood Johnson Foundation Fund – An endowment grant, the income from which is to be used for core support of the Institute of Medicine. 5,000,000 Institute of Medicine Kellogg Fund – A grant from the Kellogg Foundation to be used for the general purposes of the Institute of Medicine. 282,500 Institute of Medicine Members’ Dues 197,500 For endowment contributions, the capital is typically restricted and the income is unrestricted.

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2004   Capital Contribution Column 1 of Schedule 1–A Henry J. Kaiser Family Foundation Fund – Contribution to an endowment fund to support core activities of the Institute of Medicine. The grant indicates the Foundation’s view that the Institute of Medicine is of great importance to the development of sound social policy related to health. In 1989 this grant was amended by the Kaiser Family Foundation to provide for the transfer of $250,000 as a matching contribution to the endowment contribution to the Institute of Medicine’s Food and Nutrition Board. 488,485 John D. and Catherine T. MacArthur Foundation Fund – A grant to be used exclusively as an endowment to the Institute of Medicine, the income from which is restricted to the general purposes of the Institute. 5,005,000 Pharmaceutical Discretionary Fund – A grant from W. K. Kellogg to further the Institute of Medicine’s long–range program development. 480,000 Pharmaceutical Endowment Fund – Contributions of $250,000 over a period of five years from Glaxo, Inc., and $10,000 from Eli Lilly Company, the income from which is to be used for the general purposes of the Institute of Medicine. 259,448 Miscellaneous Private Sector Fund – Contributions from Kaiser Permanente to be used for core support requirements of the Institute of Medicine. 26,346 Subtotal: IOM Unrestricted Endowment $ 12,837,608 B. Restricted for Specific Purpose 1. Program a. NAS Restricted Program Arts in the Academy Fund – Contributions from various sources for sponsoring free cultural programs of merit for local residents and for providing a platform for musicians and artists. $ 3,934 Basic Science Fund – Earth Sciences – Contribution from an anonymous donor to match a gift from the Palisades Geophysical Institution of New York. Together these contributions will be used to establish the Maurice Ewing and Planetary Sciences Fund of the National Academy of Sciences. 503,222 Biology and Biotechnology Fund – Contributions from various individuals to be used for studies and other activities that address emerging research and policy issues affecting biology and biotechnology, especially cross–disciplinary aspects and those involving the interface of science, technology, and commerce and used for dissemination and outreach efforts that seek to inform policymakers about the findings of the results. 420,232 Blakeslee Fund – Bequest of Albert Francis Blakeslee, the income from which is to be used in support of genetics research. 886,902 Thomas Lincoln Casey Fund – Bequest of Thomas L. Casey as a memorial to his father, Thomas Lincoln Casey, to be used in the advancement of engineering in all its applications. 258,081 The Coca–Cola Foundation Fund – A grant to be used for initiatives in precollege science and mathematics education. 50,000 Henry and Bryna David Endowment – A bequest of Henry and Bryna David for the establishment and funding of the Henry and Bryna David Endowment to support the communication of insights and discoveries from the social and behavioral sciences to policy makers and other decision makers to promote informed public policy and staff development through various Academy activities. 850,000 Arthur L. Day Fund – A bequest of Arthur L. Day, a member of the Academy, for the purpose of advancing studies of the physics of the earth. 5,047,846 Cecil and Ida Green Fund – A gift from Cecil and Ida Green to be used to support activities dedicated to improving the quality of life of our people. 467,256 For endowment contributions, the capital is typically restricted and the income is unrestricted.

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2004   Capital Contribution Column 1 of Schedule 1–A Global Commons Project Fund 39,058 W. K. Kellogg Foundation Fund – A grant of the W. K. Kellogg Foundation for an endowment in the areas of education, health, and agriculture. The income will be used to fund studies and other activities within these program areas such as enhancing the quality of U.S. education, assuring access to quality health care, assessing the role of biotechnology in the future of agriculture, and similar issues as they arise. 20,000,000 Kobelt Fund – Bequest of Nina I. Kobelt to be used for research scholarships for worthy students. 296,593 Andrew W. Mellon Foundation Fund – A grant from the Andrew W. Mellon Foundation to endow a program of Academy–initiated studies. 1,000,000 George and Cynthia Mitchell Endowment for Sustainability Sciences – Contribution from the George and Cynthia Mitchell Foundation to be held and used by the Academy in perpetuity to guide academic, government and other institutions in the development of sustainability science and to encourage the world’s business community to apply knowledge from this new field in business practices. 6,000,000 George and Cynthia Mitchell Matching Endowment – Contributions from public and private sources to be used to support the same purposes as the original George and Cynthia Mitchell Endowment for sustainability Sciences. Also, to raise funds to be eligible for a matching gift from George and Cynthia Mitchell. 32,950 New Canaan Library Fund – Contribution from the Board of the New Canaan Library to permanently maintain a current National Academies book collection in honor of Dr. H.R. Shepherd at their library. 4,000 Kumar and Shela Patel Endowment for US–India Dialogs – To support US–India scientific and technical communication and dialog through various Academy activities. 600,000 Frank Press Fund for Dissemination and Outreach – Established with contributions from members of the Presidents’ Circle of the NAS, NAE, and the IOM, the income from the fund is to support a variety of dissemination and outreach activities that seek to share the Academy’s complex knowledge and resources with the policy making community and the general public. 1,167,255 Arthur M. Sackler Colloquia of the National Academy of Sciences Fund – A gift from Mrs. Arthur M. Sackler to endow a series of scientific symposia that promote interaction among world–class researchers in rapidly advancing scientific fields. 3,125,000 Scientists and Engineers for the Future Fund – Contribution from an individual who wishes to remain anonymous. The income from this fund is used to support educational projects focused on maintaining the health of American science and technology by ensuring an adequate supply of well–prepared American scientists and engineers for the future. 1,000,000 NAS Members Endowment(s) – Additional member contributions that have been designated for special purposes, such as the Board on Chemical Sciences Fund, the Committee on Human Rights Fund, the Committee on International Security and Arms Control Fund, and the Section 14 Chemistry Discretionary Fund. 60,966 Subtotal: NAS Restricted Program $ 41,813,295 b. IOM Restricted Program Distinguished Scholar Fund – Contributions from various IOM members to permit the selection of one or more persons of senior caliber to spend a period of time at the IOM in scholarly pursuits related to key program initiatives. $ 16,550 Consequences of Uninsurance 6,795 Dissemination Activities 84,195 For endowment contributions, the capital is typically restricted and the income is unrestricted.

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2004   Capital Contribution Column 1 of Schedule 1–A Food and Nutrition Board (FNB) Fund – Grant of $250,000 to the Institute of Medicine as a contribution to the endowment fund to support core activities of the Food and Nutrition Board. This award was contingent on the Institute of Medicine transferring a matching amount from the 1986 unrestricted contribution from the Kaiser family for general core support of the Institute. Further contributions to the FNB endowment would be matched by one dollar from the earlier grant for every two dollars of new contributions. 525,000 Food and Nutrition Board Corporations Fund – Contributions from Monsanto Company and Nestle, USA, Inc., to provide support for FNB activities. 125,000 Food and Nutrition Board Members Fund – Contributions from various members to be used for general purposes of the Food and Nutrition Board. 4,800 David and Betty Hamburg Endowment Fund – Contributions from various individuals in support of communication/dissemination programs, collaborations among key public health stakeholders, and forward–looking studies. This fund honors former IOM president David Hamburg and his wife, colleague, and longtime NRC participant Beatrix Hamburg. 405,000 Howard Hughes Medical Institute Fund – Contribution for the exclusive use of the Institute of Medicine to initiate and maintain a program of studies whose purpose is to foster the translation of science into advances in health. 5,000,000 Improving Health Policy Communication 11,675 Kellogg Health of the Public Fund – Contribution for the establishment of the Kellogg Health of the Public Fund, an endowment which shall be held and used by the National Academy of Sciences to advance the Institute of Medicine's capacity to contribute to the improvement of the health of America’s communities. 2,500,000 Kellogg Health of the Public Fund Matching Contributions – In response to the Kellogg challenge grant to match dollar for dollar up to $2.5 million to support communication and outreach activities now and for future projects. 404,747 Richard and Hinda Rosenthal Lecture Series – Through the generosity of the Richard and Hinda Rosenthal Foundation, a lecture series was established in 1988. In 2000, the Richard and Hinda Rosenthal Lecture Series was endowed at the Institute of Medicine of the National Academy of Sciences to bring greater attention to some of the critical health policy issues facing the country. 800,000 Women’s Health Issues Fund – Contribution from Syntex (U.S.A.), Inc., to be used for purposes related to women’s health issues. 20,000 Subtotal: IOM Restricted Program $ 9,903,762 2. Prizes and Awards a. NAS Prizes and Awards American Psychological Association (APA) Science Directorate Fund – A gift from the APA to conduct activities that will help inform the public of the knowledge base, value, and importance of behavioral science research. $ 30,000 Applied Mathematics and Numerical Analysis Fund – Gift of the International Business Machines Corporation to support the NAS award in Applied Mathematics and Numerical Analysis by an award of $5,000 approximately every three years. The fund principal is not restricted. – Henryk Arctowski Fund – Bequest of Jane Arctowski in memory of her husband Henryk Arctowski, for the promotion and study of solar activity changes of short or long duration and their effects upon the ionosphere and terrestrial atmosphere. 95,736 Bache Fund – Bequest of Alexander Dallas Bache, a member of the Academy, to aid research in the physical and natural sciences. 60,000 For endowment contributions, the capital is typically restricted and the income is unrestricted.

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2004   Capital Contribution Column 1 of Schedule 1–A Blaauw Fund – Bequest of Marianne Blaauw to establish the Edmond and Marianne Blaauw Fund to support research in the field of ophthalmology. 71,299 John J. Carty Fund – Gift of the American Telephone and Telegraph Company in recognition of the distinguished achievements of John J. Carty and as a lasting testimonial of the love and esteem in which he was held by his many thousands of associates in the Bell System, for a gold medal and award for noteworthy and distinguished accomplishments in any field of science. 25,000 Comstock Fund – Gift of General Cyrus B. Comstock, a member of the Academy, to promote research in electricity, magnetism, or radiant energy through the Comstock Prize to be awarded for notable investigations. 10,400 Draper Fund – Gift of Mrs. Henry Draper in memory of her husband, a former member of the Academy, to found the Henry Draper Medal to be awarded for notable investigations in astronomical physics; the balance of income is applied to aid research in this science. 6,000 Elliot Fund – Gift of Margaret Henderson Elliot to found the Daniel Giraud Elliot Gold Medal and Honorarium for the most meritorious work on zoology and paleontology published in each year. 8,000 Estes Award in Social and Behavioral Sciences – A gift from William K. and Katherine W. Estes to be used initially for an award relating to contributions to the prevention of nuclear war. After several awards are given for this purpose, the remaining money will be set aside for use by the Division of Behavioral and Social Sciences and Education. 79,849 Gibbs Brothers Fund – Gift of William Francis Gibbs and Frederic H. Gibbs to found the Gibbs Brothers Medal for outstanding contributions in the field of naval architecture and marine engineering. 24,000 Gibbs Fund – Established by gift of Wolcott Gibbs, a member of the Academy, and increased by a bequest of the late Morris Loeb in 1914 for the promotion of research in chemistry. 5,173 Ralph E. Gomory Award for the Application of Science – A grant from the International Business Machines Corporation for an award to be given in honor of Ralph Gomory. 179,046 Gould Fund – Gift of Mrs. Alice Bache Gould in memory of her father, former member of the Academy, for the promotion of research in astronomy, bequest of $20,000 from the estate of Alice Bache Gould received in 1954, and bequest of $10,000 from the estate of Elizabeth Chandler Hockley received in 1979. 50,000 Joseph Henry Fund – Contributions by Fairman Rogers, Joseph Patterson, George W. Childs, and others as an expression of their respect and esteem for Joseph Henry, for the establishment of a fund to assist meritorious investigators, especially in the direction of original research. 39,740 Alexander Hollaender Award in Biophysics – A bequest of Alexander Hollaender, the income from which is to be used to provide a prize to an outstanding biophysicist. The prize is to be given at the Annual Meeting of the Academy, with selection of the recipient at the Academy’s discretion. 100,000 Hunsaker Fund – Gift of Mr. and Mrs. J. C. Hunsaker to found an Academy award in the field of aeronautical engineering. 24,750 Franklin Livingston Hunt Fund – Bequest of Franklin Livingston Hunt to aid research in physics, chemistry, and preventive medicine. A portion of the income may also be used from time to time to provide a medal to be known as the Franklin Livingston Hunt Medal for distinguished accomplishment in scientific research. 10,465 Kovalenko Fund – Gift of Michael S. Kovalenko, in memory of his wife, to found the Jessie Stevenson Kovalenko Gold Medal for meritorious research in medical sciences. 60,748 Marsh Fund – Bequest of Othniel Charles Marsh, a member of the Academy, to promote original research in the natural sciences. 10,000 George P. Merrill Fund – Gift of Mrs. George P. Merrill, the income from which is to be used for studies of meteors, meteorites, and space. 10,000 For endowment contributions, the capital is typically restricted and the income is unrestricted.

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2004   Capital Contribution Column 1 of Schedule 1–A Monsanto Award in Molecular Biology – A grant from the Monsanto Company for an award to be given in recognition of contributions in the field of molecular biology. 421,374 Murray Fund – Gift of the late Sir John Murray to found the Alexander Agassiz Gold Medal in honor of a former member and president of the Academy, to be awarded for original contributions to the science of oceanography. 6,000 National Academy of Sciences Award for Chemistry in Service to Society – Established by the E. I. DuPont de Nemours & Company to recognize contributions to chemistry, whether in fundamental science or its applications, that clearly satisfy a societal need. Given in alternate years to chemists working in industry, academia, government, and nonprofit organizations. 181,838 National Academy of Sciences Award in Mathematics – Established by the American Mathematical Society for a prize to be awarded every four years in mathematics. 53,597 National Academy of Sciences Award in Chemical Sciences – An annual award currently sponsored and endowed by The Merck Company Foundation to recognize distinction in research and broad fundamental impact in pure chemistry. This award was originally established by the Occidental Petroleum Corporation in honor of Armand Hammer. 478,277 National Academy of Sciences Award in Neuroscience – Established by the Fidia Research Foundation for an award in neuroscience, to be given every three years. 140,206 National Academy of Sciences Fund for Sciences and Technology in International Affairs – Contributions from Cecil and Ida Green, J. Erik Jonsson, Jerome B. Wiesner, and Academy sources to establish the National Academy of Sciences Fund for Sciences and Technology in International Affairs in honor of Walter A. Rosenblith. 49,119 Pradel Fund – A bequest of Jules Pradel to be applied to work on the human central nervous system and allied subjects. 16,392 H. P. Robertson Lectureship Fund – Contributions by friends of H. P. Robertson, foreign secretary of the Academy, to establish a lectureship under which distinguished scientists would be invited from anywhere in the world to present lectures to be known as the Robertson Memorial Lecture of the National Academy of Sciences. 20,325 Helen P. Smith Fund – A bequest of Helen P. Smith in memory of her husband, Gilbert Morgan Smith, to establish a triannual medal and honorarium to be conferred in recognition of published research in marine and freshwater algae. 67,107 Mrs. J. Lawrence Smith Fund – Gift of Mrs. J. Lawrence Smith in memory of her husband, a former member of the Academy, to found the J. Lawrence Smith Gold Medal to be awarded for important investigations of meteoric bodies and to assist, by grants of money, research concerning such objects. 8,000 Thompson Fund – Gift of Mrs. Mary Clark Thompson for a gold medal of appropriate design, to be known as the Mary Clark Thompson Gold Medal, to be awarded for important services to geology and paleontology. 10,000 Troland Fund – Bequest of Leonard T. Troland to be known as the Troland Foundation for Research in Psychophysics. The income is to be expended with a view to the actual advancement of scientific knowledge in the field of psychophysics. 505,359 Waksman Fund – Gift of the Foundation for Microbiology for an award of $5,000 every two years to be known as the Selman A. Waksman Award in Microbiology. The contributions from the foundation may be fully expended for the intended purpose. 10,000 Walcott Fund – Gift of Mrs. Mary Vaux Walcott in honor of her husband, a former member and president of the Academy, for the award of medals and honoraria to persons, the results of whose published research, explorations, and discoveries of pre–Cambrian or Cambrian life and history shall be judged most meritorious; the award is to be known as the Charles Doolittle Walcott Medal. 5,000 G. K. Warren Fund – Gift of Miss Emily B. Warren in memory of her father, a member of the Academy, the income from which is to be used for an award to be known as the G. K. Warren Prize in any field of science. 15,000 For endowment contributions, the capital is typically restricted and the income is unrestricted.

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2004   Capital Contribution Column 1 of Schedule 1–A Watson Fund – Bequest of James Craig Watson, a member of the Academy, for the promotion of astronomical sciences through the award of the Watson Gold Medal and grants of money in aid of research. 25,000 Subtotal: NAS Prizes and Awards $ 2,912,800 b. IOM Prizes and Awards Gustav O. Lienhard Award – Initially established by an annual grant award in 1986, the Robert Wood Johnson Foundation in 1991 approved a grant for endowment of the Gustav O. Lienhard Award to be given annually in recognition of an outstanding contribution to the advancement of health care. $ 1,200,000 Rhoda and Bernard G. Sarnat International Prize in Mental Health – A grant from Rhoda and Bernard G. Sarnat for the purpose of honoring an individual, group, or organization for distinguished accomplishments in the field of mental health. 1,009,179 Subtotal: IOM Prizes and Awards $ 2,209,179 3. The National Academies’ Corporation (TNAC) Restricted Endowment – An endowment from the Arnold and Mabel Beckman Foundation for operating and program uses. The Beckman endowment is invested by the NAS on behalf of TNAC. $ 12,112,013 4. Woods Hole Restricted Endowment Peter C. Cornell Trust Fund – To memorialize Detlev W. Bronk, former member and president of the Academy, for his contributions to science and the nation and to recognize the leadership and notable accomplishments of John S. Coleman as a member of the Academy’s staff. The gift may be fully expended for its intended purpose. $ 100,000 J. Erik Jonsson Woods Hole Fund – A gift for the Woods Hole Study Center of the NAS in honor of J. Erik Jonsson, one of the founders of Texas Instruments and a former mayor of Dallas. The donor wishes to remain anonymous. 2,002,500 Penzance Foundation Fund – A grant for the J. Erik Jonsson Woods Hole Study Center especially for support of the property’s Clark Carriage House. 502,500 Woods Hole Endowment – Contributions from the Brown Foundation and various individuals for maintenance of the Woods Hole Study Center. 970,400 Woods Hole Fund – Contributions from various individuals for maintenance of the Woods Hole Study Center. 12,874 Richard King Mellon Foundation Fund – Grant from the Richard King Mellon Foundation for maintenance of the building and grounds at the Woods Hole Study Center. 50,000 Subtotal: Woods Hole Restricted Endowment $ 3,638,274 5. PNAS Restricted Endowment Billings Fund – Bequest of Mrs. Mary Ann Palmer Draper (Mrs. Henry Draper) to support publication of the Proceedings of the National Academy of Sciences or for other purposes to be determined by the Academy. $ 50,102 For endowment contributions, the capital is typically restricted and the income is unrestricted.

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds – Description of Funds for the Year Ended December 31, 2004   Capital Contribution Column 1 of Schedule 1–A II. FUNDS FUNCTIONING AS ENDOWMENT A. Unrestricted Funds National Academy of Sciences Reserve Fund – Accumulated surplus from prior years’ NAS General Fund operating budget. The reserve provides additional funding for ongoing operations during periods of market decline. $ 1,931,130 IOM Reserve Fund – Unexpended balance earned on endowment based on IOM Council spending plan. The IOM reserve permits the effective management of unanticipated financial emergencies. 500,000 TRB Reserve Fund – Holds income in excess of expenditures for TRB core support activities in a fiscal year. This fund is used to cover temporary shortfalls and extraordinary one–time expenditures. 1,500,000 Subtotal: Funds Functioning as Endowment, Unrestricted $ 3,931,130 B. Restricted for a Specific Purpose Postemployment Benefits – NAS assets set aside to fund the Academy’s postemployment benefit liability calculated at the end of each year. $ 700,000 Henry G. Booker Fellowship Fund – Contributions from various individuals to provide a travel grant to one young American radio scientist to attend each International Union of Radio Science Assembly as a Henry G. Booker Fellow. 19,825 Marian Koshland Science Museum Fund – Contributions from Dr. Daniel E. Koshland, Jr. and the Koshland Foundation to fund the operation and activities of the museum for the purpose of extending the resources of the National Academies and increasing public understanding of the nature and value of science. Dr. Koshland’s original commitment of $30 million was completed in 2004. The gift was used to fund the museum’s opening in April 2004 and ongoing operations until November 2004, when the remainder was invested in the Endowment Pool. 22,786,243 National Science Resources Center Fund – Funded by royalty revenues from elementary and middle school science kits developed by the National Science Resources Center. Funds will be used to provide core support of NSRC programs to enhance and improve the learning and teaching of science in domestic and international schools. 3,395,238 Proceedings of the National Academy of Sciences Fund 1,000,000 TNAC Capital Fund 1,595,306 U.S. National Committee for the International Astronomical Union (USNC/IAU) Fund – Contributions from USNC/IAU to provide funds in support of participation by U.S. astronomers in the activities of the International Astronomical Union Triennial General Assemblies. 100,000 Subtotal: Funds Functioning as Endowment, Restricted for a Specific Purpose $ 29,596,612 Grand Total $145,453,225 For endowment contributions, the capital is typically restricted and the income is unrestricted.

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds - Financial Detail of Funds for the Year Ended December 31, 2004   ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Capital Contributions as of Dec. 31, 2004 Market Value at Dec. 31, 2003 2004 Contributions 2004 Investment Income 2004 Expenditures & Transfers Market Value at Dec. 31, 2004 I. Endowment   A. Unrestricted   1. NAS   Agassiz Fund $ 50 $ 465 $ - $ 60 $ (23) $ 502 Carnegie Fund 3,275 32,058 - 4,078 (1,470) 34,666 Commonwealth Fund 500 2,063 - 260 (91) 2,232 Carl Eckart Fund 1,246 2,113 - 278 (95) 2,296 Ford Foundation Fund 5,000 20,307 - 2,584 (915) 21,976 Henrietta and Alexander Hollaender Fund 500 906 - 114 (40) 980 Grayce B. Kerr Fund 250 448 - 56 (19) 485 Nealley Fund 19 184 - 23 (8) 199 Simon Ramo Fund 14 30 - 4 (1) 33 Rockefeller Foundation Fund 1,000 4,122 - 526 (188) 4,460 Dorothea and Herbert Simon Fund 645 870 58 119 (31) 1,016 Sloan Foundation Fund 1,000 4,106 - 529 (188) 4,447 Amy Prudden Turner Fund 30 108 - 10 (5) 113 Anonymous Endowment Fund 7,147 13,179 - 1,667 (582) 14,264 General Endowment Fund 3,152 7,485 - 958 (344) 8,099 Members Endowment Fund 2,620 4,277 99 540 (186) 4,730   $ 26,448 $ 92,721 $ 157 $ 11,806 $ (4,186) $ 100,498 2. IOM   General Endowment Fund $ 1,098 $ 1,575 $ 57 $ 203 $ (69) $ 1,766 Robert Wood Johnson Foundation Fund 5,000 9,703 - 1,201 (240) 10,664 IOM Kellogg Fund 283 344 - 46 - 390 IOM Members Dues 198 241 - 32 - 273 Henry J. Kaiser Family Foundation Fund 489 796 - 97 (53) 840 John D. and Catherine T. MacArthur Foundation Fund 5,005 10,115 5 1,275 (709) 10,686 Pharmaceutical Discretionary Fund 480 586 - 78 - 664 Pharmaceutical Endowment Fund 259 474 - 55 (28) 501 Miscellaneous Private Sector Fund 26 281 - 7 (225) 63   $ 12,838 $ 24,115 $ 62 $ 2,994 $ (1,324) $ 25,847 B. Restricted for Specific Purpose   1. Program   a. NAS   Arts in the Academy Fund $ 4 $ 12 $ $ 1 $ $ 13 Basic Science Fund - Earth Sciences 503 993 3 128 (45) 1,079 Biology and Biotechnology Fund 420 718   89 (30) 777 Blakeslee Fund 887 2,111   265 (99) 2,277 Thomas Lincoln Casey Fund 258 5,107   637 (205) 5,539 Coca-Cola Foundation Fund 50 90   11 (3) 98 Henry and Bryna David Endowment 850 968   128 (3) 1,093

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds - Financial Detail of Funds for the Year Ended December 31, 2004   ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Capital Contributions as of Dec. 31, 2004 Market Value at Dec. 31, 2003 2004 Contributions 2004 Investment Income 2004 Expenditures & Transfers Market Value at Dec. 31, 2004   Arthur L. Day Fund 5,048 14,297   1,794 (589) 15,502 Cecil and Ida Green Fund 467 1,201   156 (55) 1,302 Global Commons Project Fund 39 110   14   124 W. K. Kellogg Foundation Fund 20,000 34,220   4,276 (1,373) 37,123 Kobelt Fund 297 1,582 - 203 (74) 1,711 Andrew W. Mellon Foundation Fund 1,000 1,391 - 172 (58) 1,505 George and Cynthia Mitchell Endowment for Sustainability Sciences 6,000 4,676 2,000 865 (132) 7,409 George and Cynthia Mitchell Matching Endowment 33 25 10 2 (18) 19 New Canaan Library Fund 4 - 4 4 - 8 Kumar and Shela Patel Endowment for US-India Dialogs 600 645 - 80 (25) 700 Frank Press Fund for Dissemination and Outreach 1,167 1,862 17 241 (82) 2,038 Arthur M. Sackler Colloquia Fund 3,125 2,801 625 394 - 3,820 Scientists and Engineers for the Future Fund 1,000 1,404 - 174 (66) 1,512 NAS Members Endowment(s) 61 606 - 26 (420) 212 State Street Fund - 126 - - (126) -   $ 41,813 $ 74,945 $ 2,659 $ 9,660 $ (3,403) $ 83,861 b. IOM   Distinguished Scholar Fund $ 16 $ 220 $ - $ 6 $ (174) $ 52 Consequences of Uninsurance 7 7 - 1 - 8 Dissemination Activities 84 97 - 13 - 110 Food and Nutrition Board Fund 525 1,155 - 141 (65) 1,231 Food and Nutrition Board Corporations Fund 125 306 - 37 (12) 331 Food and Nutrition Board Members F 5 16 - 2 - 18 Hamburg Endowment Fund 405 - 405 47 - 452 Howard Hughes Medical Institute Fund 5,000 11,286 - 1,467 (205) 12,548 Improving Health Policy Communication 12 11 2 2 - 15 Kellogg Health of the Public Fund 2,500 2,765 - 369 (1) 3,133 Kellogg Health of the Public Fund Matching Contributions 405 - 405 43 - 448 Richard and Hinda Rosenthal Lecture Series 800 700 200 121 (12) 1,009 Women’s Health Issues Fund 20 54 - 7 - 61   $ 9,904 $ 16,617 $ 1,012 $ 2,256 $ (469) $ 19,416

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds - Financial Detail of Funds for the Year Ended December 31, 2004   ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Capital Contributions as of Dec. 31, 2004 Market Value at Dec. 31, 2003 2004 Contributions 2004 Investment Income 2004 Expenditures & Transfers Market Value at Dec. 31, 2004 2. Prizes and Awards   a. NAS   American Psychological Association Science Directorate Fund $ 30 $ 52 $ $ 6 $ $ 58 Henryk Arctowski Fund 96 2,406 - 323 (1) 2,728 Bache Fund 60 330 - 40 (15) 355 Blaauw Fund 71 712 - 87 (33) 766 John J. Carty Fund 25 647 - 84 (30) 701 Comstock Fund 11 581 - 73 (18) 636 Draper Fund 6 256 - 34 - 290 Elliot Fund 8 152 - 17 (16) 153 Estes Award in Social and Behavioral Sciences 80 210 - 28 - 238 Gibbs Brothers Fund 24 212 - 28 - 240 Gibbs Fund 5 127 - 16 (6) 137 Ralph E. Gomory Award for the Application of Science 179 397 - 52 - 449 Gould Fund 50 591 - 72 (27) 636 Joseph Henry Fund 40 386 - 47 (18) 415 Alexander Hollaender Award in Biophysics 100 263 - 31 (21) 273 Hunsaker Fund 25 312 - 41 - 353 Franklin Livingston Hunt Fund 11 158 - 21 - 179 Kovalenko Fund 61 996 1 131 (28) 1,100 Marsh Fund 10 169 - 21 (8) 182 George P. Merrill Fund 10 508 - 49 (3) 554 Monsanto Award in Molecular Biolog 421 891 - 113 (25) 979 Murray Fund 6 154 - 18 (16) 156 NAS Award for Chemistry in Service to Society 182 314 - 42 - 356 NAS Award in Mathematics 54 58 - 7 (7) 58 NAS Award in Chemical Sciences 478 459 - 60 (17) 502 NAS Award in Neurosciences 140 387 - 48 (27) 408 NAS Fund for Sciences and Technology in International Affairs 49 196 - 26 - 222 Pradel Fund 16 1,156 - 132 - 1,288 H. P. Robertson Lectureship Fund 20 210 - 28 - 238 Helen P. Smith Fund 67 467 - 62 - 529 Mrs. J. Lawrence Smith Fund 8 511 - 68 - 579 Thompson Fund 10 196 - 27 - 223 Troland Fund 505 3,466 - 435 (107) 3,794 Waksman Award 10 - - - - - Walcott Fund 5 64 - 10 - 74 G. K. Warren Fund 15 146 - 19 - 165 Watson Fund 25 1,036 - 134 (53) 1,117   $ 2,913 $ 19,176 $ 1 $ 2,430 $ (476) $ 21,131

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Funds - Financial Detail of Funds for the Year Ended December 31, 2004   ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Capital Contributions as of Dec. 31, 2004 Market Value at Dec. 31, 2003 2004 Contributions 2004 Investment Income 2004 Expenditures & Transfers Market Value at Dec. 31, 2004       b. IOM   Gustav O. Lienhard Award $ 1,200 $ 3,044 $ $ 395 $ (3) $ 3,436 Rhonda and Bernard G. Sarnat International Prize in Mental Health 1,009 1,248 - 167 (1) 1,414   $ 2,209 $ 4,292 $ - $ 562 $ (4) $ 4,850 3. The National Academies’ Corporation $ 12,112 $ 17,771 $ - $ 2,299 $ (806) $ 19,264   $ 12,112 $ 17,771 $ - $ 2,299 $ (806) $ 19,264 4. Woods Hole   Peter C. Cornell Trust Fund $ 100 $ 221 $ - $ 28 $ (10) $ 239 J. Erik Jonsson Woods Hole Fund 2,002 3,826 - 488 (174) 4,140 Penzance Foundation Fund 503 961 - 122 (43) 1,040 Woods Hole Endowment Fund 970 1,104 2 142 (51) 1,197 Woods Hole Fund 13 34 - 4 (1) 37 Richard King Mellon Foundation Fund 50 162 - 20 (6) 176   $ 3,638 $ 6,308 $ 2 $ 804 $ (285) $ 6,829 5. PNAS   Billings Fund $ 50 $ 614 $ - $ 82 $ - $ 696   $ 50 $ 614 $ - $ 82 $ - $ 696 II Funds Functioning as Endowment   A. Unrestricted   National Academy of Sciences Reserve Fund $ 1,931 $ 1,983 $ - $ 184 $ (500) $ 1,667 IOM Reserve Fund 500 591 - 80 - 671 TRB Reserve Fund 1,500 1,803 - 201 (300) 1,704 Due to National Academy of Sciences - - - - 50 50   $ 3,931 $ 4,377 $ - $ 465 $ (750) $ 4,092 B. Restricted for a Specific Purpose   Postemployment Benefits $ 700 $ 1,062 $ - $ 122 $ - $ 1,184 Henry G. Booker Fellowship Fund 20 40 - 5 - 45 Marian Koshland Science Museum Fund 22,786   22,786 1,699 (559) 23,926 National Science Resources Center Fund 3,395 - 3,395 388 (1) 3,782 Proceedings of the National Academy of Sciences Fund 1,000 3,343 - 444 (1) 3,786 TNAC Capital Fund 1,596 2,338 - 290 (101) 2,527 USNC/IAU 100 118 - 16 - 134   $ 29,597 $ 6,901 $ 26,181 $ 2,964 $ (662) $ 35,384 TOTAL $ 145,453 $ 267,837 $ 30,074 $ 36,322 $ (12,365) $ 321,868

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Pool – Asset Allocation as of December 31, 2004

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Report of the Treasurer to the Council of the National Academy of Sciences Endowment and Trust Investment Pool Change in Valuation and Market Value Summary Change in Valuation from 12/31/03 to 12/31/04 Market Value at 12/31/03 $ 267,837 Realized Capital Gains 4,015 Unrealized Capital Gains 26,484 Reinvested Income 5,823 Contributions 30,074 Expenditures and Transfers (12,365) Market Value at 12/31/04 $ 321,868 Holdings and Market Value Summary as of 12/31/04 U.S. Large Stocks Alcoa Inc. $ 6 Berkshire Hathaway A 27,073 Berkshire Hathaway B 26 Biotech Index 2,226 Price Science & Tech 3,352 Putnam New Opp. 4,645 Vanguard Index 500 26,693 Vanguard Windsor 30,427 Subtotal $ 94,448 Non - U.S. Developed Scudder International $ 4,692 Templeton Foreign 16,259 Vanguard European 12,081 Vanguard Pacific 7,989 Vanguard Intl. Growth 9,279 Vanguard Intl. Value 8,979 Subtotal $ 59,279 Fixed Income Morgan Stanley $ 3,152 PIMCO 19,374 Price International 3,267 Scudder International 2,745 Vanguard High Yield 5,240 Other 318 Subtotal $ 34,096 Cash Equivalents $ 2,253 U.S. Small - Mid Stocks Tamarack Enterprise $ 16,860 Third Avenue Value 11,873 Vanguard Extended 17,222 Vanguard Small 14,482 Subtotal $ 60,437 Non - U.S. Emerging Capital International $ 10,194 Templeton Emerging 11,424 Subtotal $ 21,618 Hedge Funds Commonfund $ 11,862 GT Offshore 6,551 Ironwood 6,828 Man-Glenwood 116 Medallion 347 Subtotal $ 25,704 Real Estate Dow Jones RE Index $ 3,166 Green Bldg Mortgages 4,555 Residential Property 3,756 Third Avenue RE Fund 3,144 Subtotal $ 14,621 Private Placements 9,412$ GRAND TOTAL 321,868$

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