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, 2006 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.   1,246,366 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.   3,542,095 Members Endowment Fund – Contributions from various members to be used for the general purposes of the Academy.   2,642,363 Subtotal: NAS Unrestricted Endowment $ 26,860,318 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. $ 1,110,589 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

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Report of the Treasurer to the Council of the National Academy of Sciences 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.   5,000,000 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 $ 12,844,868 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.   503,231 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 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 Global Commons Project Fund   39,058

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Report of the Treasurer to the Council of the National Academy of Sciences 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.   10,000,000 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.   35,150 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 dialogue 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.   3,750,000 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 and the Section 14 Chemistry Discretionary Fund.   60,966 Subtotal: NAS Restricted Program $ 46,440,504 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   84,695

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Report of the Treasurer to the Council of the National Academy of Sciences 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.   525,100 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.   863,375 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   16,775 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.   3,234,002 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.   1,726,706 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.   1,000,000 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 $ 12,623,798 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 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 Blaauw Fund – Bequest of Marianne Blaauw to establish the Edmond and Marianne Blaauw Fund to support research in the field of ophthalmology.   71,299

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Report of the Treasurer to the Council of the National Academy of Sciences 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 Bell System associates, 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 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.   61,821 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 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

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Report of the Treasurer to the Council of the National Academy of Sciences 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, former 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 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 Watson Fund – Bequest of James Craig Watson, a former 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 $ 2,903,873

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Report of the Treasurer to the Council of the National Academy of Sciences 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. 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.   971,400 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 $ 3,639,274 4. 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 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. $ 3,176,075 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 $ 5,176,075

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Report of the Treasurer to the Council of the National Academy of Sciences B. Restricted for a Specific Purpose 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. $ 20,826 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 Bruce Alberts Fund of the Marian Koshland Science Museum – Contributions from Dr. Daniel E. Koshland, Jr. and the Koshland Foundation to support the traveling costs of the museum's exhibits, to fund new exhibits to replace traveling exhibits, and to extend the museum's outreach to school districts.   5,194,909 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.   4,479,344 Proceedings of the National Academy of Sciences Fund   1,000,000 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 $ 33,581,322 III. FUNDS HELD ON BEHALF OF OTHERS A. The National Academies’ Corporation (TNAC) Operations Endowment – An endowment from the Arnold and Mabel Beckman Foundation to TNAC to support operations of the Beckman Center in Irvine, California. The endowment is held on behalf of TNAC and invested by the NAS. $ 8,000,000 Program Endowment – An endowment from the Arnold and Mabel Beckman Foundation to TNAC to support NRC program activities conducted in whole or in part at the Beckman Center. The endowment is held on behalf of TNAC and invested by the NAS.   1,939,644 TNAC Reserve for Program Expenditures – Unexpended income from the TNAC operations endowment as well as earnings from the TNAC program endowment are deposited into the Reserve for future spending. The Reserve supports NRC program activity held whole or in part at the Beckman Center. The Reserve is held on behalf of TNAC and invested by the NAS.   3,767,675 Subtotal: TNAC Endowment $ 13,707,319 TOTAL $160,036,632

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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, 2006   (Dollars in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Capital Contributions as of Dec. 31, 2006 Market Value at Dec. 31, 2005 2006 Contributions 2006 Investment Income 2006 Expenditures & Transfers Market Value at Dec. 31, 2006 I. Endowment   A. Unrestricted     1. NAS       Agassiz Fund $ 50 $ 530 $ - $ 97 $ (25) $ 602       Carnegie Fund   3,275   36,616   -   6,712   (1,661)   41,667       Commonwealth Fund   500   2,365   -   434   (99)   2,700       Carl Eckart Fund   1,246   2,423   -   444   (113)   2,754       Ford Foundation Fund   5,000   23,271   -   4,273   (992)   26,552       Henrietta and Alexander Hollaender Fund   500   1,038   -   191   (43)   1,186       Grayce B. Kerr Fund   250   515   -   95   (21)   589       Nealley Fund   20   210   -   39   (10)   239       Simon Ramo Fund   14   35   -   6   (1)   40       Rockefeller Foundation Fund   1,000   4,722   -   867   (204)   5,385       Dorothea and Herbert Simon Fund   645   1,080   -   198   (45)   1,233       Sloan Foundation Fund   1,000   4,707   -   864   (203)   5,368       Amy Prudden Turner Fund   30   120   -   22   (6)   136       Anonymous Endowment Fund   7,146   15,110   -   2,776   (639)   17,247       General Endowment Fund   3,542   8,572   390   1,612   (371)   10,203       Members Endowment Fund   2,642   5,033   6   925   (210)   5,754           $ 26,860 $ 106,347 $ 396 $ 19,555 $ (4,643) $ 121,655     2. IOM       General Endowment Fund $ 1,111 $ 1,860 $ 3 $ 338 $ (127)   2,074       Robert Wood Johnson Foundation Fund   5,000   11,058   -   2,091   (881)   12,268       IOM Kellogg Fund   283   431   -   82   -   513       IOM Members Dues   198   301   -   57   -   358       Henry J. Kaiser Family Foundation Fund   488   870   -   157   (70)   957       John D. and Catherine T. MacArthur Foundation Fund   5,000   11,076   -   1,996   (874)   12,198       Pharmaceutical Discretionary Fund   480   734   -   182   -   916       Pharmaceutical Endowment Fund   259   522   -   99   (41)   580       Miscellaneous Private Sector Fund   26   65   -   8   (5)   68           $ 12,845 $ 26,917 $ 3 $ 5,010 $ (1,998) $ 29,932   B. Restricted for Specific Purpose     1. Program       a. NAS       Arts in the Academy Fund $ 4 $ 15 $ - $ 3 $ (1) $ 17         Basic Science Fund - Earth Sciences   503   1,138   -   210   (35)   1,313         Biology and Biotechnology Fund   420   824   -   109   (27)   906         Blakeslee Fund   887   2,407   -   439   (106)   2,740         Thomas Lincoln Casey Fund   258   5,869   -   1,078   (201)   6,746         Coca-Cola Foundation Fund   50   104   -   20   -   124         Henry and Bryna David Endowment   850   1,201   -   227   (10)   1,418       Arthur L. Day Fund   5,048   16,382   -   2,984   (741)   18,625

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Report of the Treasurer to the Council of the National Academy of Sciences   (Dollars in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Capital Contributions as of Dec. 31, 2006 Market Value at Dec. 31, 2005 2006 Contributions 2006 Investment Income 2006 Expenditures & Transfers Market Value at Dec. 31, 2006         Cecil and Ida Green Fund   468   1,388   -   256   (45)   1,599         Global Commons Project Fund   39   137   -   26   -   163         W. K. Kellogg Foundation Fund   20,000   39,371   -   7,424   (307)   46,488         Kobelt Fund   297   1,814   -   336   (50)   2,100         Andrew W. Mellon Foundation Fund   1,000   1,578   -   299   -   1,877         George and Cynthia Mitchell Endowment for Sustainability Sciences   10,000   10,138   2,000   2,113   (240)   14,011         George and Cynthia Mitchell Matching Endowment   35   44   -   16   -   60         New Canaan Library Fund   4   9   -   2   -   11         Kumar and Shela Patel Endowment for US-India Dialogs   600   775   -   146   (19)   902         Frank Press Fund for Dissemination and Outreach   1,167   2,168   -   410   -   2,578         Arthur M. Sackler Colloquia Fund   3,750   4,865   -   920   (2)   5,783         Scientists and Engineers for the Future Fund   1,000   1,583   -   288   (69)   1,802         NAS Members Endowment(s)   61   233   -   45   3   281           $ 46,441 $ 92,043 $ 2,000 $ 17,351 $ (1,850) $ 109,544       b. IOM         Distinguished Scholar Fund $ 17 $ 58 $ - $ 11 $ - $ 69         Consequences of Uninsurance   7   9   -   1   (10)   -         Dissemination Activities   84   122   -   7   (129)   -         Food & Nutrition Board (FNB) Fund   525   1,361   -   258   -   1,619         FNB Corporations Fund   125   366   -   69   -   435         FNB Members Fund   5   20   -   4   -   24         Hamburg Endowment Fund   863   659   308   154   -   1,121         Howard Hughes Medical Institute Fund   5,000   13,672   -   2,465   (165)   15,972         Improving Health Policy Communication   17   22   -   1   (23)   -         Kellogg Health of the Public Fund   3,234   3,654   468   731   (146)   4,707         Kellogg Health of the Public Fund Matching Contributions   1,727   1,061   760   255   (6)   2,070         Richard and Hinda Rosenthal Lecture Series   1,000   1,320   -   247   (31)   1,536         Women’s Health Issues Fund   20   67   -   13   -   80           $ 12,624 $ 22,391 $ 1,536 $ 4,216 $ (510) $ 27,633     2. Prizes and Awards       a. NAS         American Psychological Association Science Directorate Fund $ 30 $ 64 $ - $ 12 $ (6) $ 70         Henryk Arctowski Fund   96   2,925   -   553   (3)   3,475         Bache Fund   60   376   -   71   (19)   428

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Report of the Treasurer to the Council of the National Academy of Sciences   (Dollars in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Capital Contributions as of Dec. 31, 2006 Market Value at Dec. 31, 2005 2006 Contributions 2006 Investment Income 2006 Expenditures & Transfers Market Value at Dec. 31, 2006         Blaauw Fund   71   811   -   152   (38)   925         John J. Carty Fund   25   738   -   135   (37)   836         Comstock Fund   11   699   -   132   -   831         Draper Fund   6   300   -   56   (3)   353         Elliot Fund   8   165   -   31   -   196         Estes Award in Social and Behavioral Sciences   80   263   -   - 47   (26)   284         Gibbs Brothers Fund   24   265   -   50   -   315         Gibbs Fund   5   145   -   23   (34)   134         Ralph E. Gomory Award for the Application of Science   179   462   -   87   (2)   547         Gould Fund   50   674   -   126   (33)   767         Joseph Henry Fund   40   439   -   83   (22)   500         Alexander Hollaender Award in Biophysics   100   298   -   57   -   355         Hunsaker Fund   25   370   -   70   (2)   438         Franklin Livingston Hunt Fund   11   197   -   38   -   235         Kovalenko Fund   62   1,213   1   229   (1)   1,442         Marsh Fund   10   192   -   36   (9)   219         George P. Merrill Fund   10   601   -   113   (21)   693         Monsanto Award in Molecular Biology   421   1,044   -   192   (39)   1,197         Murray Fund   6   169   -   32   -   201         NAS Award for Chemistry in Service to Society   182   365   -   69   (5)   429         NAS Award in Mathematics   54   60   -   11   -   71         NAS Award in Chemical Sciences   478   529   -   97   (21)   605         NAS Award in Neurosciences   140   448   -   85   (1)   532         NAS Fund for Sciences and Technology in International Affairs   49   217   -   40   (4)   253         Pradel Fund   16   1,425   -   269   -   1,694         H. P. Robertson Lectureship Fund   20   248   -   46   (2)   292         Helen P. Smith Fund   67   585   -   107   (27)   665         Mrs. J. Lawrence Smith Fund   8   640   -   117   (31)   726         Thompson Fund   10   246   -   44   (20)   270         Troland Fund   505   4,062   -   753   (116)   4,699         Walcott Fund   5   81   -   16   -   97         G. K. Warren Fund   15   182   -   31   (14)   199         Watson Fund   25   1,231   -   233   -   1,464           $ 2,904 $ 22,729 $ 1 $ 4,243 $ (536) $ 26,437       b. IOM         Gustav O. Lienhard Award $ 1,200 $ 3,740 $ - $ 702 $ (34) $ 4,408         Rhonda and Bernard G. Sarnat International Prize in Mental Health   1,009   1,330 -   249   (31)   1,548           $ 2,209 $ 5,070 $ - $ 951 $ (65) $ 5,956

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Report of the Treasurer to the Council of the National Academy of Sciences   (Dollars in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Capital Contributions as of Dec. 31, 2006 Market Value at Dec. 31, 2005 2006 Contributions 2006 Investment Income 2006 Expenditures & Transfers Market Value at Dec. 31, 2006     3. Woods Hole       Peter C. Cornell Trust Fund $ 100 $ 254 $ - $ 47 $ (11) $ 290       J. Erik Jonsson Woods Hole Fund   2,002   4,395   -   810   (189)   5,016       Penzance Foundation Fund   503   1,104   -   203   (47)   1,260       Woods Hole Endowment Fund   971   1,271   -   234   (54)   1,451       Woods Hole Fund   13   39   -   7   (1)   45       Richard King Mellon Foundation Fund   50   186   -   34   (8)   212           $ 3,639 $ 7,249 $ - $ 1,335 $ (310) $ 8,274     4. PNAS       Billings Fund $ 50 $ 770 $ - $ 146 $ - $ 916           $ 50 $ 770 $ - $ 146 $ - $ 916 II. Funds Functioning as Endowment   A. Unrestricted     National Academy of Sciences Reserve Fund $ 3,176 $ 2,977 $ - $ 502 $ (438) $ 3,041     IOM Reserve Fund   500   742   -   141   -   883     TRB Reserve Fund   1,500   1,885   -   356   -   2,241     Due to (from) National Academy of Sciences       (144)           444   300           $ 5,176 $ 5,460 $ - $ 999 $ 6 $ 6,465   B. Restricted for a Specific Purpose     Henry G. Booker Fellowship Fund $ 21 $ 50 $ - $ 10 $ - $ 60     Marian Koshland Science Museum Fund   22,786   25,015   -   4,492   (2,085)   27,422     Bruce Alberts Fund for the Marian Koshland Science Museum   5,195   5,788   -   1,088   (80)   6,796     National Science Resources Center Fund   4,479   4,812   500   978   (1)   6,289     Proceedings of the National Academy of Sciences Fund   1,000   4,188   -   594   (3,729)   1,053     Communications Initiative Fund   -   -       198   3,729   3,927     USNC/IAU   100   148   -   28   -   176           $ 33,581 $ 40,001 $ 500 $ 7,388 $ (2,166) $ 45,723 III. Funds Held on Behalf of Others   A. The National Academies' Corporation     Endowment Fund $ - $ 20,399 $ - $ 1,194 $ (21,593) $ -     Operations Endowment   8,000   -   -   1,041   8,479   9,520     Program Endowment   1,940   -   -   255   2,074   2,329     Capital Fund   -   2,185   -   129   (2,314)   -     Reserve for Program Expense   3,768   -   -   1,222   9,950   11,172           $ 13,708 $ 22,584 $ - $ 3,841 $ (3,404) $ 23,021 TOTAL $ 160,037 $ 351,561 $ 4,436 $ 65,035 $ (15,476) $ 405,556

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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, 2006

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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 12/31/05 to 12/31/06 (Dollars in Thousands) Market Value at 12/31/05 $ 351,561 Realized Capital Gains   10,446 Unrealized Capital Gains   36,184 Reinvested Income   18,405 Contributions   4,436 Expenditures and Transfers   (15,476) Market Value at 12/31/06 $ 405,556 Holdings and Market Value Summary as of 12/31/06 U.S. Large Stocks Berkshire Hathaway A $ 25,518 Berkshire Hathaway B   33 Biotech Index   2,296 Vanguard Index 500   32,983 Vanguard Windsor   32,224 Subtotal $ 93,054 U.S. Small - Mid Stocks Tamarack Enterprise $ 10,752 Third Avenue Value   13,655 Vanguard Extended   11,765 Vanguard Small   9,260 Subtotal $ 45,432 Non - U.S. Developed DWS International $ 6,545 Templeton Foreign   20,737 Vanguard European   16,761 Vanguard Pacific   10,592 Vanguard Intl. Growth   11,743 Vanguard Intl. Value   11,711 Subtotal $ 78,089 Non - U.S. Emerging Capital International $ 19,482 Templeton Emerging   15,793 Morgan Stanley India   894 Subtotal $ 36,169 Fixed Income Morgan Stanley $ 3,060 PIMCO Foreign Bond   4,980 PIMCO FDS   13,784 Price International   2,961 DWS Global Bond   2,540 Vanguard High Yield   5,061 Other   386 Subtotal $ 32,772 Real Estate Dow Jones RE Index $ 8,737 Green Bldg Mortgages   1,124 Third Avenue RE Fund   7,865 Subtotal $ 17,726 Hedge Funds Commonfund $ 11,430 GT Offshore   8,575 Ironwood   8,152 Princeton   18,316 Renaissance   22,724 Subtotal $ 69,197 Private Placements $ 13,598 Cash Equivalents $ 19,519 GRAND TOTAL $ 405,556

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