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REPORT OF THE TREASURER TO THE COUNCIL OF THE NATIONAL ACADEMY OF SCIENCES For the Year Ended December 31, 2005

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Contents Page Treasurer's Statement 1 I. Investments 9 Endowment and Trust Investment Funds ­ Description of Funds for the Year Ended December 31, 2005 Schedule 1 10 Endowment and Trust Investment Funds ­ Financial Detail of Funds for the Year Ended December 31, 2005 Schedule 1 ­ A 18 Endowment and Trust Investment Funds ­ Asset Allocation as of December 31, 2005 Schedule 2 22 Endowment and Trust Investment Funds - Change in Valuation and Market Value Summary Schedule 2 ­ A 23 II. Private Contributions 25 III. Financial Condition 39 Report of the Auditing Committee of the National Academy of Sciences 40 Independent Auditor's Report 41 Statements of Financial Position 42 Statements of Activities 43 Statements of Cash Flows 44 Notes to the Financial Statements 45 iii

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