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I. Investments

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1998 I. ENDOWMENT A. Unrestricted 1. N4S Agassiz Fund - Bequest of Alexander Agassiz, a member of the Academy. Carnegie Fund - Balance of gift of $5,000,000 of 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. Commonwealth Fund - A grant of the Commonwealth Fund for capital endowment of the Academy. Carl Eckart Fund - Bequest of Carl Eckart received for general purposes of the Academy. Ford Foundation Fund - A grant of the Ford Foundation for capital endowment of the Academy. Henrietta and Alexander Hollaender Fund - A bequest to the Academy from Dr. Alexander and Mrs. Henrietta Hollaender. Grayce B. Kerr Fund - A grant from Grayce B. Kerr Fund for general purposes of the Academy. Nealley Fund - Bequest of George True Nealley for general purposes of the Academy. Simon Ramo Fund - A gift from Simon Ramo for general purposes of the Academy. Rockefeller Foundation Fund - A grant of The Rockefeller Foundation to the National Academy of Sciences for general purposes. Dorothea and Herbert Simon Fund - A gift from Dorothea and Herbert Simon for general purposes of the Academy. Sloan Foundation Endowment Fund - A grant of the Alfred P. Sloan Foundation for general purposes of the Academy. Amy Prudden Turner Fund - Bequest of Amy Prudden Turner for general purposes of the Academy to serve as a memorial to her husband Scott and herself. Anonymous Endowment Fund - A gift for general purposes of the Academy from a donor who wishes to remain anonymous. General Endowment Fund - Becuest of David LloYd Fillman and others for general Purposes of the Academy. By action of the Council, the International Critical Tables were transferred into this fund during fiscal 1976, and the proceeds from the sale of the Audubon Folios were transferred in fiscal 1981. Members Endowment Fund - Contributions from various members to be used for general purposes of the Academy. National Academy of Sciences Reserve Fund Subtotal For endowment contributions, the capital is typically restricted and the income is unrestricted. 8 Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted $ 50,000 3,275,000 500,000 5,000,000 250,000 19,556 14,000 202,320 1,000,000 7,146,660 2,375,375 $ 492,210 500,000 1,000,000 29,662 3,149,745 $19,832,911 $5,171,617

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1998 2. IOM General Endowment Fund - Contributions from various sources, including members of the Institute of Medicine, for capital endowment of the IOM. Robert Wood Johnson Foundation Fund - An endowment grant, the income from which is to be used for core support of the Institute of Medicine. IOM Reserve Funds 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 transfer of $250,000 as a matching contribution to the endowment contribution to the IOM's Food and Nutrition Board. John D. and Catherine T. MacArthur Foundation Fund - A grant to be used exclusively as a permanent endowment to the Institute of Medicine, the income from which is restricted to the general purposes of the Institute. Pharmaceutical Endowment Fund - Contributions of $250,000, over a period of 5 years, from Glaxo, Inc., and $10,000 from Eli Lilly Company, the income from which is to be used for general purposes of the Institute of Medicine. Miscellaneous Private Sector - Contributions of Kaiser Permanente to be used for core support requirements of the Institute of Medicine. Subtotal B. Restricted for Specific Purpose 1. Program a. NAS Arts in the Academy Fund - Contribution from various sources for sponsoring free cultural programs of merit for local residents and for providing a platform for musicians and artists. Basic Science Fund - Earth Sciences - Contribution from an anonymous donor to match a gift from the Palisades Geophysical Institution of New York. Together these contribu- tions will be used to establish the Maurice Ewing and Planetary Sciences Fund of the National Academy of Sciences. 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. Blakeslee Fund - Bequest of Albert Francis Blakeslee, the income of which is to be used in support of genetics research. For endowment contributions, the capital is typically restricted and the income is unrestricted. Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted $ 514,551 5,000,000 500,000 488,485 5,000,000 259,448 26,346 $11,788,830 $ 3,934 500,000 886,902 9

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended Kline 30, 1998 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. The Coca Cola Foundation Fund - A grant to be used for initiatives in precollege science and mathematics education. 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. Cecil and Ida Green Fund - A gift from Cecil and Ida Green for general purposes of the Academy. Global Commons Project Fund 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 communications and individuals, such as enhancing the quality of U.S. education, assuring access to quality health care in an era of rapidly rising costs, assessing the role of biotechnology in the future of agriculture, and similar issues as they arise. Kobelt Fund - Bequest of Nina I. Kobelt to be used for research scholarships for worthy students. Andrew W. Mellon Foundation Fund - A grant from the Andrew W. Mellon Foundation to endow a program of Academy-initiated studies. Postemployment Benefits Frank Press Fund for Dissemination and Outreach - Established with contributions from members of The Presidents' Circle of the NAS and IOM, the income from which is to support a variety of dissemination and outreach activities that seek to share Academy complex knowledge and resources with the policymaking community and the general public. Scientists and Engineers for the Future Fund - Contribution from an individual who wishes to remain anonymous. The income from this fund is used for support of 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. State Street Fund Subtotal b. NAS - Member Endowments Anthropology Fund Board on Chemical Sciences Fund Board on Earth Sciences Fund Board on Mathematical Sciences Fund Board on Physical Sciences Fund Board on Physics and Astronomy Fund Committee on Human Rights Fund Committee on International Security and Arms Control Fund For endowment contributions, the capital is typically restricted and the income is unrestricted. 10 Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted $ 258,081 50,000 2,662,514 467,256 39,058 20,000,000 296,593 1,000,000 1,128,705 1,000,000 244,302 $899,179 $28,957,577 $899,179 250 31,250 2,025 1,300 450 100 89,007 23,800

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1998 Committee on Life Sciences Fund Embryology Fund Environmental Studies Fund Math and Science Education Endowment Fund NAS Class I Fund Section 14 Chemistry Discretionary Fund The Family and Community Well-Being Fund Abel Wolman Lecture Fund Subtotal c. IOM 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. Food and Nutrition Board Fund - Grant of $250,000 to the IOM 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 to two dollars from the earlier grant. Food and Nutrition Board Corporations Fund - Contributions from Monsanto Company and Nestle, USA, Inc., to provide support for FNB activities. Food and Nutrition Board Members Fund - Contributions from various members to be used for general purposes of the Food and Nutrition Board. 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. Women's Health Issues Fund - Contribution from Syntex (U.S.A.), Inc., to be used for purposes related to women's health issues. Subtotal 2. Prizes and Awards a. NAS American Psychological Association 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. 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 3 years. The fund principal is not restricted. For endowment contributions, the capital is typically restricted and the income is unrestricted. Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted up 9,965 976 200 400 750 11,100 1,000 200 $ 172,773 $ 11,750 525,000 125,000 2,700 5,000,000 20,000 $5,684,450 $ 30,000 11

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended Kline 30, 1998 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 on the ionosphere and terrestrial atmosphere. B ache Fund - Bequest of Alexander Dallas Bache, a member of the Academy, to aid research in physical and natural sciences. Blaauw Fund - Bequest of Marianne Blaauw to establish the Edmond and Marianne Blaauw Fund to support research in the field of ophthalmology. John J. C arty Fund - Gift of the American Telephone and Telegraph Company in recognition of the distinguished achievements of John J. C arty 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. 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. 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. 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 Commission on Behavioral and Social Sciences and Education. 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 englneenng. 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. 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. Gould Fund - Gift of Mrs. Alice B. ache Gould in memory of her father, a former member of the Academy, for the promotion of research in astronomy, bequest of $20,000 from the estate of Alice B. ache Gould received in 1954, and bequest of $10,000 from the estate of Elizabeth Chandler Hockley in 1979. 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. Alexander Hollaender Award in Biophysics - A bequest of Alexander Hollaender, the income Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted $ 95,736 60,000 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. For endowment contributions, the capital is typically restricted and the income is unrestricted. 12 71,299 25,000 10,400 8,000 79,849 24,000 5,173 179,046 50,000 39,740 100,000

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended Kline 30, 1998 Hunsaker Fund - Gift of Mr. and Mrs. J. C. Hunsaker to found an Academy award in the field of aeronautical engineering. Franklin Livingston Hunt Fund - Bequest of Franklin Livingston Hunt for aid to 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. 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. 44,086 Marsh Fund - Bequest of Othniel Charles Marsh, a member of the Academy, to promote original research in the natural sciences. 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. 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. 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. 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. National Academy of Sciences _ard in Mathematics - Established by the American Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted $ 24,750 10,465 Mathematical Society for a prize to be awarded every 4 years in mathematics. National Academy of Sciences Award in Neuroscience - Established by the Fidia Research Foundation for an award in neuroscience to be given every 3 years. 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. Pradel Fund - A bequest of Jules Pradel to be applied to work on the human central nervous system and allied subjects. 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. Helen P. Smith Fund - A bequest of Helen P. Smith in memory of her husband, Gilbert Morgan Smith, to establish a biannual medal and honorarium to be conferred in recognition of published research in marine and freshwater algae. 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. 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. For endowment contributions, the capital is typically restricted and the income is unrestricted. 10,000 10,000 421,374 6,000 181,838 140,206 49,119 16,392 20,325 67,107 8,000 10,000 1 ~

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1998 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. Waksman Fund - Gift of the Foundation for Microbiology for an award of $5,000 every 2 years to be known as the Selman A. Waksman Award in Microbiology. The contribu- tions from the Foundation may be fully expended for the intended purpose. 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 in pre-Cambrian or Cambrian life and history shall be judged most meritorious; the award is to be known as the Charles Doolittle Walcott Medal. G. K. Warren Fund - Gift of 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. 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. Subtotal b. IOM 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. 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. Subtotal 3. The National Academies Corporation (TNAC) - An endowment from The Arnold and Mabel Beckman Foundation for operating and program uses. The Beckman endowment is invested by NAS on behalf of TNAC. Subtotal 4. Woods Hole Peter C. Cornell Trust Fund - To memorialize Detlev W. Bronk, a former member and president of the Academy, for his contributions to science and the nation and to Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted $ 505,359 5,000 15,000 25,000 $ 2,354,264 $ 1,200,000 1,009,179 $ 2,209,179 $11,677,491 $11,677,491 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 For endowment contributions, the capital is typically restricted and the income is unrestricted. 14

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1998 J. Enk Jonsson Woods Hole Fund - A gift for the Woods Hole Study Center of the NAS in honor of J. Enk Jonsson, one of the founders of Texas Instruments and a former mayor of Dallas. The donor wishes to remain anonymous. Penzance Foundation Fund - A grant for the J. Enk Jonsson Woods Hole Study Center, especially for support of the property's Clark Carnage House. Woods Hole Endowment - Contnbutions from the Brown Foundation and venous individu- als for maintenance of the Woods Hole Study Center. Woods Hole Fund - Contnbutions from venous individuals for maintenance of the Woods Hole Study Center. 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. Subtotal 5. PANS Billings Fund - Bequest of Mrs. Mary Ann Palmer Draper (Mrs. Henry Draper) to support the publication of the Proceedings of the National Academy of Sciences or for other purposes to be determined by the Academy. Subtotal II. FUNDS FUNCTIONING AS ENDOWMENT A. NAS - Prizes and Awards Henry G. Booker Fellowship Fund - Contnbutions from venous 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. Subtotal B. PEAS Proceedings of the National Academy of Sciences Fund Subtotal C. TNAC Capital Fund Subtotal For endowment contributions, the capital is typically restricted and the income is unrestricted. Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted $2,002,500 502,500 819,691 12,874 50,000 $3,487,565 $ 50,102 $ 50,102 $ 15,826 $ 15,826 $1,000,000 $1,000,000 $1,249,294 $1,249,294 15

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1998 III. RES TRI CTED CONTRIB UTI ONS A. NAS 1. Program Basic Science Fund - Various - Contributions from American Telephone and Telegraph Corporation, Atlantic Richfield Foundation, Dow Chemical Corporation, E. I. duPont de Nemours and Company, International Business Machines Corporation, Merck and Company, Monsanto Company, Shell Oil Companies Foundation, and Standard Oil Company to support studies designed to strengthen the basic natural sciences - physics, chemistry, mathematics, and biology. Slipher Fund - Bequest of V. M. Slipher, a member of the Academy, to be used as determined by the Academy. The bequest principal is managed by Valley National Bank, Phoenix, Arizona, which makes periodic income distributions to the Academy. Income distribu- tions may be fully disbursed by the Academy in the year of receipt. 2. Prizes and Awards Levison Memorial Fund - Contributions from various sources established by the Council of the National Academy of Sciences to encourage staff development, training, and commitment within the Commission on Behavioral and Social Sciences and Education (CBASSE). Funds will be made available on a case-by-case basis as supplemental support for development activities. A prize may be awarded to CBASSE staff who exert notable and unusual effort toward improving the quality of working life at CBASSE. Richard Lounsbery Foundation Award - An annual award of $50,000 established by Mrs. Vera Lounsbery in memory of her husband, Richard Lounsbery, given in alternate years to a young French or American researcher in biology or medicine. The laureate is selected by a jury composed of members of the Academies of Science of the United States of America and France. It was Mrs. Lounsbery's desire to encourage reciprocal scientific exchanges between the two countries and to stimulate research contributing to the biological understanding of man and to the improvement and welfare of mankind. The recipient is given a 3-year option on an additional $20,000, which may be used to pursue research in the opposite country. National Academy of Sciences Award for Initiatives in Research - Established by Bell Telephone Laboratories in honor of William O. Baker to recognize innovative young scientists and encourage research likely to lead toward new capabilities for human benefit. These annual contributions may be fully disbursed in the year of the award. National Academy of Sciences Award in Chemical Sciences - Established by the Occidental Petroleum Corporation in honor of Armand Hammer, these annual contributions may be fully expended for the intended purpose. For endowment contributions, the capital is typically restricted and the income is unrestricted. 16 Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted

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SCHEDULE 1 J Endowment and Trust Investment Funds - Description of Funds for the Year Ended Kline 30, 1998 National Academy of Sciences Award in Scientific Reviewing - Funds contributed by Annual Reviews, Inc., and the Institute for Scientific Information in honor of James Murray Luck, for an award to be given in recognition of and to pay tribute to authors who have performed significant service to science and their fellow scientists in the writing of outstanding scientific reviews. These annual contributions may be fully disbursed in the year of award. National Academy of Sciences Support Staff Award - Contributions from various sources for annual awards for outstanding members of the National Research Council's administrative staff. These contributions may be fully disbursed in the year of the award. Grand Total Capital Contribution Column 2 of Schedule 1A Restricted Unrestricted $88,480,262 $6,070,796 Notes: Items that have a " " in the Capital Contribution column are those with no contribution this year but that have activity in the investment pool. In most cases there is short-term investment activity. For endowment contributions, the capital is typically restricted and the income is unrestricted. 17

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SCHEDULE 1-A Endowment and Trust Investment Funds - Financial Detail of Funds from Inception for the Year Ended June 30, 1998 ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Number of Cumulative Participating Reinvestment Cumulative Total Cash and Equity Values Capital Capital of Earned Realized Pooled Accrued June 30, June 30, Units Contribution Income Gains Investments Income 1998 1998 Fund Market A. Endowment 1. Unrestricted NAS Agassiz Fund628.43$ 50$ 56$ 252$ 358$ 98$ 456$ 554 Carnegie Fund42,528.143,2754,30217,27024,84735425,20137,516 Commonwealth Fund2,450.445002488341,582131,5952,162 Carl Eckart Fund1,902.564921535641,2091391,3481,678 Ford Foundation Fund24,621.265,0002,4998,39215,8915415,94521,720 Henrietta and Alexander Hollaender Fund1,074.54500621407026708948 Grayce B. Kerr Fund501.612503165346(2)344442 National Academy of Sciences Reserve Fund110.87 39327117298 Nealley Fund243.122026951411142214 Simon Ramo Fund35.1614362312431 Rockefeller Foundation Fund5,057.641,0005131,7323,245113,2564,462 Dorothea and Herbert Simon Fund556.072022114036310373491 Sloan Foundation Fund5,059.611,0005141,7313,245113,2564,463 Amy Prudden Turner Fund139.5730 54841296123 Anonymous Endowment Fund15,741.697,1471,0712,25410,472(243)10,22913,886 General Endowment Fund9,233.613,1507232,0115,884195,9038,145 Members Endowment Fund4,895.302,3753356243,33483,3424,320 114,779.62 $25,005 $10,596 $36,196 $ 71,797 $493 $ 72,290 $101,253 h IOM General Endowment Fund 1,217.20 $ 515 $ 206 $ 163 $ 884 ($ 35) $ 849 $ 1,074 Robert Wood Johnson Foundation Fund 13,168.37 5,001 1,492 2,075 8,568 (311) 8,257 11,616 IOM Reserve Fund 576.21 500 500 500 508 Henry J. Kaiser Family Foundation Fund 1,037.64 488 71 124 683 (26) 657 915 John D. and Catherine T. MacArthur Foundation Fund 12,996.26 5,000 1,404 2,170 8,574 (307) 8,267 11,465 Pharmaceutical Endowment Fund 587.93 259 70 71 400 (20) 380 519 Miscellaneous - Private-Sector Fund 69.72 26 13 9 48 (3) 45 62 29,653.33 $11,789 $ 3,256 $ 4,612 $ 19,657 ($702) $ 18,955 $ 26,159 2. Restricted for Specific Purpose a. Program i. NAS - Outside Sources Arts in the Academy Fund 10.68 $ 4 $ 2 $ 1 $ 7 $ 1 $ 8 $ 9 Basic Science Fund Earth Sciences 1,063.41 500 106 146 752 3 755 938 Biology and Biotechnology Fund 932.74 420 53 111 584 2 586 823 Blakeslee Fund 2,569.46 887 207 591 1,685 6 1,691 2,267 Thomas Lincoln Casey Fund 6,579.94 258 1,593 2,259 4,110 16 4,126 5,804 Coca Cola Foundation Endowment Fund 113.63 50 9 15 74 74 100 Arthur L. Day Fund 15,715.48 2,663 2,937 4,080 9,680 27 9,707 13,863 Cecil and Ida Green Fund 1,486.63 467 105 399 971 6 977 1,311 Fund equity includes cumulative realized and unrealized gains and income. 18

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SCHEDULE 1-A Endowment and Trust Investment Funds - Financial Detail of Funds from Inception for the Year Ended Kline 30, 1998 ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Number of Cumulative Participating Reinvestment Cumulative Total Cash and Equity Values Capital Capital of Earned Realized Pooled Accrued June 30, June 30, Units Contribution Income Gains Investments Income 1998 1998 Fund Market Global Commons Project Fund100.12$ 39$ 17$ 12$ 68$ 2$ 70$ 88 Houston Advanced Research Center 9 9110 W. K. Kellogg Foundation Fund42,572.4220,0002,2125,62727,8395227,89137,555 Kobelt Fund2,020.272973206611,27851,2831,782 Andrew W. Mellon Foundation Fund2,342.091,0001903171,50761,5132,066 Postemployment Benefits1,533.058991671601,2261341,3601,352 Frank Press Fund for Dissemination and Outreach2,152.581,1291502571,536581,5941,899 Scientists and Engineers for the Future Fund2,603.681,0001763131,489(9)1,4802,299 State Street Fund 244 244 244 81,796.18 $29,857 $ 8,253 $14,949 $ 53,059 $310 $ 53,369 $ 72,156 ii. NAS - Members Endowment(s) Anthropology Fund 0.53 $ $ $ $ $ $ $ Board on Chemical Sciences Fund 100.48 31 24 13 68 6889 Board on Earth Sciences Fund 6.14 2 2 1 5 55 Board on Mathematical Sciences Fund 3.56 2 1 3 33 Board on Physical Sciences Fund 0.88 1 1 11 Board on Physics and Astronomy Fund 0.21 Committee on Human Rights Fund 183.97 88 28 20 136 3139164 Committee on International Security and Arms Control Fund 69.31 24 15 9 48 4861 Committee on Life Sciences Fund 25.23 10 4 3 17 1722 Embryology Fund 2.57 1 1 2 22 Environmental Studies Fund 0.44 Math and Science Education Endowment Fund 0.74 1 1 11 NAS Class I Fund 2.25 1 1 2 22 Section 14 Chemistry Discretionary Fund 32.85 11 7 4 22 2229 The Family and Community Well-Being Fund 2.82 1 1 2 22 Abel Wolman Lecture Fund 0.22 432.20 $ 173 $ 84 $ 50 $ 307 $ 3 $ 310 $ 381 ''. IOM Distinguished Scholar Fund 38.18 $ 12 Food and Nutrition Board 1,516.43 525 Food and Nutrition Board Corporations Fund Food and Nutrition Board Members Fund Fund equity includes cumulative realized and unrealized gains and income. $ 11$ 5$ 28 ($ 1)$ 27 $ 34 3021901,017 61,023 1,338 405.65 125 102 49 276 12.40 3 5 1 9 276 358 0 11 19

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SCHEDULE 1-A Endowment and Trust Investment Funds - Financial Detail of Funds from Inception for the Year Ended :lune 30, 1998 Number of Participating Capital Capital Units Contribution ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Cumulative Fund Market Reinvestment Cumulative Total Cash and Equity Values of Earned Realized Pooled Accrued June 30, June 30, Income Gains Investments Income 1998 1998 Howard Hughes Medical Institute Fund12,360.48$ 5,000$ 1,684$ 1,788$ 8,472($ 22)$ 8,450 $ 10,904 Women's HealthIssues Fund47.56209635(1)34 42 14,380.70$ 5,685$ 2,113$ 2,039$ 9,837($ 17)$ 9,820 $ 12,687 b. Prizes and Awards NAS American Psychological Association Science Directorate Fund51.50$ 30$ 5$ 6$ 41$ $ 41$ 45 Applied Mathematics and NumericalAnalysis Fund 29 2929 Henryk Arctowski Fund2,476.25968696591,6241,6242,184 Bache Fund 428.79 61 18 178 257 1258 378 Blaauw Fund 873.79 72 160 301 533 (3)530 771 John J. Carty Fund 673.30 25 212 206 443 3446 594 Comstock Fund 598.31 10 208 155 373 1374 528 Draper Fund 253.88 6 81 84 171 1172 224 Elliot Fund 163.91 8 45 51 104 1105 145 Estes Award in Social and Behavioral Sciences 237.03 80 49 36 165 1166 209 Gibbs Brothers Fund 264.60 24 62 82 168 2170 233 Gibbs Fund 149.87 5 33 57 95 5100 132 Ralph E. Gomory Award for the Application of Science 421.11 179 49 55 283 (2)281 371 Gould Fund 717.54 50 115 272 437 (3)434 633 Joseph Henry Fund 487.35 40 19 223 282 9291 430 Alexander Hollaender Award in Biophysics 270.53 100 45 36 181 181 239 Hunsaker Fund 309.52 25 94 90 209 209 273 Hunt Fund 144.82 10 59 31 100 100 128 Kovalenko Fund 966.16 44 300 283 627 1628 852 Marsh Fund 215.29 10 18 95 123 1124 190 George P. Merrill Fund 79.03 10 13 27 50 (3)47 70 Monsanto Award in Molecular Biology 1,001.19 421 65 161 647 19666 883 Murray Fund 191.75 6 72 42 120 (26)94 169 NAS Award for Chemistry in Service to Society 370.96 182 21 43 246 4250 327 NAS Award in Mathematics 53 53 53 NAS Award in Neurosciences 380.42 140 70 53 263 263 336 NAS Fund for Sciences and Technology in International Affairs 177.93 49 53 24 126 126 157 Pradel Fund 601.86 16 258 132 406 1407 531 H. P. Robertson Lectureship Fund 226.45 20 62 67 149 1150 200 Helen P. Smith Fund 489.46 67 123 134 324 324 432 Mrs. J. Lawrence Smith Fund 541.21 8 182 163 353 353 477 Thompson Fund 226.47 10 56 80 146 146 200 Troland Fund 3,400.55 505 1,053 1,082 2,640 2,640 3,000 Waksman Award Walcott Fund 75.88 5 9 29 43 43 67 Fund equity includes cumulative realized and unrealized gains and income. 20

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SCHEDULE 1-A Endowment and Trust Investment Funds - Financial Detail of Funds from Inception for the Year Ended Kline 30, 1998 ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Number of Cumulative FundMarket Participating Reinvestment CumulativeTotalCash and EquityValues CapitalCapitalof EarnedRealized Pooled Accrued June 30, June 30, Units Contribution Income Gains Investments Income 1998 1998 149.01 $ 15 $ 38 $ 47 $ 100$ $ 100 $ 131 1,011.55 25 358 275 658658 893 18,627.27 $ 2,354 $ 4,956 $ 5,259 $ 12,569 $ 14 $ 12,583 $ 16,432 ii. IOM Gustav O. Lienhard Award 2,963.98 $ 1,200 $ 395 $ 365 $ 1,960 $ $ 1,960 $ 2,614 Rhonda and Bernard G. Sarnat International Prize in Mental Health 1,312.41 1,009 52 68 1,129 50 1,179 1,158 4,276.39 $ 2,209 $ 447 $ 433 $ 3,089 $ 50 $ 3,139 $ 3,772 c. The National Academies' Corporation 21,061.85 $11,677 $ 643 $ 2,522 $ 14,842 $ 1 $ 14,843 $ 18,579 21,061.85 $11,677 $ 643 $ 2,522 $ 14,842 $ 1 $ 14,843 $ 18,579 d. Woods Hole Peter C. Cornell Fund 268.20 $ 99 $ 25 $ 58 $ 182 $ $ 182 $ 237 Erik Jonsson Woods Hole Fund 4,671.13 2,003 563 587 3,153 3,153 4,121 Richard King Mellon Foundation Fund 206.80 50 53 38 141 141 182 Penzance Foundation Fund 1,169.49 503 143 147 793 793 1,032 Woods Hole Endowment Fund 1,207.51 820 65 109 994 994 1,065 Woods Hole Fund 43.37 13 9 7 29 29 38 7,566.50 $ 3,488 $ 858 $ 946 $ 5,292 $ $ 5,292 $ 6,675 $ 159 $ 380 $ $ $ 159 $ 380 $ $ e. PNAS Billings Fund 590.02 $ 50 $ 171 590.02 $ 50 $ 171 159 $ 380 159 $ 380 do up 1 ~ up 520 520 B. Funds Functioning as Endowment 1. NAS - Prizes and Awards Henry G. Booker Fellowship Fund31.69$ 16$ 4$ 3$ 23$ $ 23$ 28 2. Proceedings of the National Academy of Sciences Fund3,088.231,0005095452,0542,0542,724 3. The National Academies' Corporation Capital Fund2,071.241,249852271,5611,5611,827 5,191.16 $ 2,265 $ 598 $ 775 $ 3,638 $ $ 3,638 $ 4,579 C. Restricted Contributions 1. NAS a. Program Basic Science Fund - Various Slipher Fund b. Prizes and Awards Levison Memorial Fund NAS Support Staff Award TOTAL Fund equity includes cumulative realized and unrealized gains and income. 1 99 99 $ $ 104 $ $ 104 $ $ 104 $ 298,355.22 $94,552 $32,079 $67,940 $194,571 $152 $194,723 $263,193 21

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SCHEDULE 1-B Endowment and Trust Investment Funds - Financial Detail of Funds for Current Fiscal Year ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Fund Fund Equity ExpendituresEquity June 30, IncomeCapitalandJune 30, 1997ContributionsEarnedGainsTransfers1998 A. Endowment 1. Unrestricted a. NAS Agassiz Fund $ 296 $ $ 123 $ 57 ($ 20) Carnegie Fund 20,290 2,120 4,125 (1,334) Commonwealth Fund 1,323 126 222 (76) Carl Eckart Fund 1,008 13 95 171 61 Ford Foundation Fund 13,248 1,239 2,230 (772) Henrietta and Alexander Hollaender Fund 591 52 99 (34) Grayce B. Kerr Fund 288 25 47 (16) National Academy of Sciences Reserve Fund 1,060 5 10 (1,003) Nealley Fund 116 15 19 (8) Simon Ramo Fund 20 2 3 (1) Rockefeller Foundation Fund 2,702 255 458 (159) Dorothea and Herbert Simon Fund 302 11 27 50 (17) Sloan Foundation Fund 2,702 255 458 (159) Amy Prudden Turner Fund 81 7 12 (4) Anonymous Endowment Fund 8,505 792 1,426 (494) General Endowment Fund 4,892 465 835 (289) Members Endowment Fund 2,628 197 238 427 (148) $ 60,052 $ 221 $ 5,841 $10,649 ($ 4,473) $ 72,290 b. IOM General Endowment Fund $ 706 $ 38 $ 60 $ 109 ($64) $ 849 Robert Wood Johnson Foundation Fund 7,192 666 1,209 (810) 8,257 IOM Reserve Fund 500 500 Henry J. Kaiser Family Foundation Fund 575 52 95 (65) 657 John D. and Catherine T. MacArthur Foundation Fund 7,215 657 1,193 (798) 8,267 Pharmaceutical Endowment Fund 331 30 54 (35) 380 Miscellaneous - Private-Sector Fund 40 3 6 (4) 45 $ 16,059 $ 38 $ 1,468 $ 2,666 ($ 1,276) $ 18,955 2. Restricted for Specific Purpose a. Program i. NAS - Outside Sources Arts in the academy Fund $ 6 $ $ 1 $ 1$ $ 8 Basic Science Fund Earth-Sciences 607 53 95755 Biology end Biotechnology Fund 486 46 83 (29) 586 Blakeslee Fund 1,417 132 234 (92) 1,691 Thomas Lincoln Casey Fund 3,421 326 587 (208) 4,126 Coca Cola Foundation Endowment Fund 62 6 10 (4) 74 Arthur L. Day Fund 8,025 778 1,401 (497) 9,707 Cecil and Ida Green Fund 816 75 133 (47) 977 Global Commons Project Fund 55 6 9 70 Houston Advanced Research Center 8 25 1 (24) 10 W. K. Kellogg Foundation Fund 23,360 2,067 3,795 (1,331) 27,891 Kobelt Fund 1,067 100 180 (64) 1,283 Andrew W. Mellon Foundation Fund 1,259 116 209 (71) 1,513 Postemployment Benefits 914 240 74 132 1,360 22

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SCHEDULE 1-B Endowment and Trust Investment Funds - Financial Detail of Funds for Current Fiscal Year ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Fund Fund Equity Expenditures Equity June 30, IncomeCapital and June 30, 1997ContributionsEarnedGains Transfers 1998 Postretirement Benefits $ 2,263 $ 308 $ 146 $ 372 ($3,089) $ Frank Press Fund for Dissemination and Outreach 1,339 20 106 191 (62) $ 1,594 Scientists and Engineers for the Future Fund 1,160 169 232 (81) 1,480 State Street Fund 224 20 244 $ 46,489 $ 613 $ 4,202 $ 7,664 ($ 5,599) $ 53,369 ii. NAS - Members Endowment (s) Board on Chemical Sciences Fund $ 53 $ $ 5 $ 10$ $ 68 Board on Earth Sciences Fund 3 25 Board on Mathematical Sciences Fund 2 13 Board on Physical Sciences Fund 1 1 Committee on Human Rights Fund 87 27 9 16 139 Committee on International Security and Arms Control Fund 38 3 7 48 Committee on Life Sciences Fund 14 1 2 17 Embryology Fund 2 2 Math and Science Education Endowment Fund 1 1 NAS Class I Fund 2 2 Section 14 Chemistry Discretionary Fund 18 3 1 22 The Family and Community Well-Being Fund 2 2 $ 223 $ 27 $ 21 $ 39 $ $ 310 iii. IOM Distinguished Scholar Fund $ 21 $ $ 2 $ 4 $ $ 27 Food and Nutrition Board 829 77 137 (20)1,023 Food and Nutrition Board Corporations Fund 220 20 36 276 Food and Nutrition Board Members Fund 7 1 1 1 10 Howard Hughes Medical Institute Fund 6,782 615 1,107 (54)8,450 Women's HealthIssues Fund 28 2 4 34 $ 7,887 $ 1 $ 717 $ 1,289 ($74)$ 9,820 b. Prizes and Awards i. NAS American Psychological Association Science Directorate Fund $ 34 $ $ 3 $ 5 ($ 1) $ 41 Applied Mathematics and Numerical Analysis Fund 27 2 29 Henryk Arctowski Fund 1,280 123 221 1,624 B ache Fund 216 22 40 (20) 258 Blaauw Fund 444 45 82 (41) 530 John J. Carty Fund 353 33 60 446 Comstock Fund 291 30 53 374 Draper Fund 136 13 23 172 23

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SCHEDULE 1-B Endowment and Trust Investment Funds - Financial Detail of Funds for Current Fiscal Year ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Fund Fund Equity Expenditures Equity June 30, IncomeCapital and June 30, 1997ContributionsEarnedGains Transfers 1998 Elliot Fund $ 82 $ $ 8 $ 15$ $ 105 Estes Award in Social and Behavioral Sciences 133 12 21166 Gibbs Brothers Fund 133 13 24170 Gibbs Fund 85 8 14 (7) 100 Ralph E. Gomory Award for the Application of Science 222 21 38 281 Gould Fund 364 37 67 (34) 434 Joseph Henry Fund 243 25 46 (23) 291 Alexander Hollaender Award in Biophysics 160 14 26 (19) 181 Hunsaker Fund 166 15 28 209 Hunt Fund 81 7 12 100 Kovalenko Fund 522 49 89 (32) 628 Marsh Fund 103 11 20 (10) 124 George P. Merrill Fund 40 4 7 (4) 47 Monsanto Award in Molecular Biology 549 51 91 (25) 666 Murray Fund 81 10 18 (15) 94 NAS Award for Chemistry in Service to Society 200 18 33 (1) 250 NAS Award in Mathematics 50 3 53 NAS Award in Neurosciences 212 20 36 (5) 263 NAS Fund for Sciences and Technology in International Affairs 100 9 17 126 Pradel Fund 325 30 52 407 H. P. Robertson Lectureship Fund 120 10 20 150 Helen P. Smith Fund 257 24 44 (1) 324 Mrs. J. Lawrence Smith Fund 281 34 48 (10) 353 Thompson Fund 124 11 11 146 Troland Fund 2,233 172 310 (75) 2,640 Waksman Award 7 (7) Walcott Fund 39 4 9 (9) 43 G. K. Warren Fund 89 8 15 (12) 100 Watson Fund 538 51 88 (19) 658 $ 10,313 $ 7 $ 950 $ 1,683 ($ 370) ii. IOM Gustav O. Lienhard Award$ 1,531 $ $ 147$ 264$ 18 $ 1,960 Rhonda and Bernard G. Sarnat International Prize in Mental Health25 1,00959 6818 $ 1,556 $1,009$ 206 $ 332$ 36 24

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SCHEDULE 1-B Endowment and Trust Investment Funds - Financial Detail of Funds for Current Fiscal Year ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Fund Fund Equity ExpendituresEquity June 30, IncomeCapital andJune 30, 1997ContributionsEarnedGains Transfers1998 c. The National Academies' Corporation $ 12,594$ $ 1,063 $ 1,883 ($697) $ 14,843 $ 12,594 $ $ 1,063 $ 1,883 ($697) $ 14,843 d. Woods Hole Peter C. Cornell Fund $154$ $ 13 $ 24 ($9) $ 182 Erik Jonsson Woods Hole Fund 2,657235 401 (140) 3,153 Richard King Mellon Foundation Fund 11911 19 (8) 141 Penzance Foundation Fund 66759 102 (35) 793 Woods Hole Endowment Fund 745 78 56 115 994 Woods Hole Fund 26 2 3 (2) 29 $ 4,368 $ 78 $ 376 $ 664 ($ 194) $ 5,292 e. PNAS Billings Fund $ 301 $ $ 29 $ 50 $ $ 380 $ 301 $ $ 29 $ 50 $ $ 380 B. Funds Functioning as Endowment 1. NAS - Prizes and Awards Henry G. Booker Fellowship Fund $ 19 $ $ 2 $ 2 $ $ 23 2. PNAS Proceedings of the National Academy of Sciences Fund 1,912 155 265 (278) 2,054 3. TNAC TNAC Capital Fund1,22710791181 (45)1,561 $ 3,158$ 107$ 248$ 448 ($ 323)$ 3,638 C. Restricted Contributions 1. NAS a. Program Basic Science Fund - Various Slipher Fund b. Prizes and Awards is 91 Levison Memorial Fund 2 2 NAS Support Staff Award 2 2 TOTAL $ $ $ 18 (10) 99 $ 96 $ 18 $ $ ($ 10) $ 104 $163,096 $2,119 $15,121 $27,367 ($12,980) $194,723 25

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SCHEDULE 2 Endowment and Trust Investment Pool dime 30, 1998 and 1997 ($ in thousands) Balance Balance QuotedInvestment June 30, June 30, MarketIncome 1997 Additions Net 1998 June 30,Year Ended (et cost) (et cost)Reductions* Gain/(Loss) (et cost)** 1998June 30, 1998 FIXED-INCOME SECURITIES (Schedule 2-A) Cash Equivalents$ 4,955 $ 6,366 $ 8,697 $ $ 2,624 $ 2,624 $ 129 Bonds and Notes 44,181 21,242 32 173 65,564 67,247 4,279 Real Estate - Mortgage 13,062 829 12,233 12,233 1,158 Total Fixed-Income Securities $ 62,198 $27,608 $ 9,558 $ 173 $ 80,421 $ 82,104 $ 5,566 EQUITY SECURITIES (Schedule 2-B) 99,421 54,776 67,246 27,005 113,956 181,089 9,663 TOTAL POOLED INVESTMENTS $161,619 $82,384 $76,804 $27,178 $194,377 $263,193 $15,229 Less: Investment Advisory Fees (115) Net Investment Income *Reductions from sales, redemptions, or payoff of mortgage. **Balance excludes short-term investments which are reported on Schedules 1-A and 1-B. 26 $15,114

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SCHEDULE 2-A Endowment and Trust Investment Pool - F~ced-Income Securities Kline 30, 1998 and 1997 ($ in thousands) Interest Principal Rate Maturity Amount Cost Quoted Market CASH EQUIVALENTS Bankers Trust Investment Fund Variable (1) Demand$41$41$41 Fidelity Money Market Trust Variable (2) Demand2,5832,5832,583 TOTAL CASH EQUIVALENTS $2,624$2,624$2,624 BONDS AND NOTES BZW Barclay's U.S. Debit Index Fund B Variable (3) Demand$35,103$35,103$36,889 MAS Fixed-Income II Institutional Variable (4) Demand12,12712,12712,310 MAS High-Yield Institutional Fund Demand6,1916,1916,438 T. Rowe Price International Bond Fund Variable (5) Demand2,8032,8032,745 Scudder International Bond Fund Variable (6) Demand3,1013,1012,605 State Street Bank Demand244244156 Vanguard High-Yield Corporate Variable(7) Demand5,9955,9956,104 TOTAL BONDS AND NOTES $65,564$65,564$67,247 REAL ESTATE - MORTGAGES Bank of New York 9.125% $10,044$10,044$10,044 Bank of New York 9.125% 2,1892,189$2,189 TOTAL REAL ESTATE - MORTGAGES $12,233$12,233$12,233 Current yield on June 30, 1998: (1) 4.89% (5) 5.65% (2) 5.64% (6) 4.47% (3) 10.56% (7) 8.22% (4) 9.70% 27

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SCHEDULE 2-B Endowment and Trust Investment Pool - Equity Securities Kline 30, 1998 ($ in thousands) Number Quoted of SharesCostMarket Jones and BabsonEnteIpnse Fund601,442$9,254$11,806 BEA Emerging Market Fund124,3752,1091,723 Belmont II Limited Partners--16 Berkshire Hathaway, Inc.2751,20221,534 Berkshire Hathaway, Inc. (Class B)91424 Capital International Emerging Market Fund90,2791,8302,280 Chiron Corporation9,756205153 Insurance Partners, L.P.906906906 Scudder International Fund118,7834,7646,546 Templeton Emerging Market Fund183,6262,0071,548 Templeton Foreign Equity Series695,7097,79913,803 The Investment Fund Foundation220220220 VanguardIndexExtendedInstitutionalShares426,85613,33414,184 VanguardInstitutionalIndex Fund473,42519,48649,530 VanguardInternationalEuropean Portfolio360,9766,5539,216 VanguardInternationalPacific Portfolio223,2462,5071,616 Vanguard International Growth Portfolio1335,5183,9176,257 VanguardIntemationalValue158,3764,4284,146 Vanguard SmallCapitaiizationInstitutionalPortfolio553,93413,31213,682 Vanguard Windsor Fund1,169,18319,50321,759 Partnership Interest - New Enterprise Associates 606140 TOTAL EQUITY SECURITIES $113,956$181,089 SCHEDULE 3 Short-Term Investments Kline 30, 1998 ($ in thousands) Interest Type and Description RateCost NASA FederalCredit Union 5.32%$100 Vanguard Admiral Funds - Short-Term U.S. Treasury Portfolio Variable (1)16,958 Vanguard Fixed-Income Securities Short-Term Corporate Portfolio Variable (2) 17,016 TOTAL SHORT-TERM INVESTMENTS Current yield on June 30, 1998: (1) 5.55% (2) 5.98% 28 $34,074