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I. Investments

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1997 I. ENDOWMENT A. Unrestricted 1. NAS 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 endow- ment of the Academy. Carl Eckart Fund - Bequest of Carl Eckart received for the 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 Gravce B. Kerr Fund for the General n~r- poses of the Academy. - = ~-r~- Nealley Fund - Bequest of George True Nealley for the general purposes of the Academy. Simon Ramo Fund - A gift from Simon Ramo for the 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 the general purposes of the Academy. Sloan Foundation Endowment Fund - A grant of the Alfred P. Sloan Founda- tion for the general purposes of the Academy. 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. Anonymous Endowment Fund - A gift for the general purposes of the Acade- my from a donor who wishes to remain anonymous. General Endowment Fund - Bequest of David Lloyd Fillman and others for the general purposes of the Academy. By action of the Council, the Interna- tional Critical Tables were transferred into this fund during fiscal year 1976, and the proceeds from the sale of the Audubon Folios were trans- ferred in fiscal year 1981. Members Endowment Fund - Contributions from various members to be used for the general purposes of the Academy. 8 Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted 5O,OOO 3,275,000 500,000 5,000,000 250,000 19,556 14,000 180,095 1,000,000 7,146,660 2,223,978 479,602 500,000 ,000,000 29,662 3,149,745

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended .lurze 30, 1997 National Academy of Sciences Reserve Fund Subtotal 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. 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 trans- fer of $250,000 as a matching contribution to the IOM endowment con- tribution to the IOM's Food and Nutrition Board. John D. and Catherine T. MacArthur Foundation Fund - A grant to be used 9,659,289 480,s23 s,ooo,ooo 488,48s exclusively as a permanent endowment to the Institute of Medicine, the income from which is restricted to the general purposes of the Institute. s,ooo,ooo Pharmaceutical Endowment Fund - Contributions of $250,000, over a period of 5 years, from Glaxo, Inc., and $10,000 from Eli Lilly Company, income from which is to be used for the general purposes of the Institute of Medicine. Miscellaneous Private Sector - Contributions of Kaiser Permanente to be used for the core support requirements of the Institute of Medicine. Subtotal B. Restricted for Specific Purpose 1. Program a. WAS 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. 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 engi neering in all its applications. Cecil and Ida Green Fund - A gift from Cecil and Ida Green for the general purposes of the Academy. Blakeslee Fund - Bequest of Albert Francis Blakeslee, the income of which is to be used in support of genetics research. Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted 5,159,009 259,448 26,346 11,254,802 500,000 258,081 467,256 886,902 9

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1997 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. Global Commons Project Fund Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted 2,662,514 39,0s8 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 com munications and individuals, such as enhancing the quality of U.S. edu cation, assuring access to quality health care in an era of rapidly rising cost, 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. Frank Press Fund for Dissemination and Outreach - Established with contri butions from members of the Presidents' Circle of the NAS and the IOM. The income from the fund is to support a variety of dissemination and out reach activities that seek to share Academy complex knowledge and resources with the policy-making community and the general public. 1,108,405 Scientists and Engineers for the Future Fund - Contribution from an individ ual 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. Arts in the Academy Fund - Contribution from various sources for sponsoring free cultural programs of merit for local residents and for providing a plat form for musicians and artists. 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-disci plinary aspects and those involving the interface of science, technology, and commerce and used for dissemination and outreach efforts that seek to inform policy makers about the findings of the results. The Coca Cola Foundation Fund - A grant to be used for initiatives in precol lege science and mathematics education. Postretirement Benefits. see note 10 in the footnotes to the Financial Statements. Postemplo~ment Benefits. see note 10 in the footnotes to the Financial Statements. State Street Fund Subtotal 10 20,000,000 ,000,000 ,000,000 3,934 420,232 50,000 296,593 277,000 2,027,982 802,179 28,396,382 573,593 2,830,161

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1997 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 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. lOM 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 ini tiatives. Food and Nutrition Board Fund - Grant of $250,000 to the Institute of Medi cine as a contribution to the endowment fund to support core activities of the Food and Nutrition Board. This award was contingent upon the Insti tute of Medicine transferring a matching amount from the 1986 unre stricted contribution from the Kaiser Family for general core support of the Institute. Further contributions to the FNB endowment would be matched in accordance with the earlier grant. 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 mem bers 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. Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted 250 31,050 2,025 1,300 450 100 62,077 23,800 9,965 976 200 400 750 11,100 1,000 200 145,643 11,750 Subtotal 525,000 2,200 5,000,000 20,000 5,683,950 11

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.J Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1997 2. Prizes and Awards a. HAS American Psychological Association Science Directorate Fund - A gift from the APA to conduct activities that will help inform the public of the knowledge base, a value and importance of behavioral science research. Applied Mathematics and Numerical Analysis Fund - Gift of the Internation al Business Machines Corporation for an award to recognize outstanding work in applied mathematics and numerical analysis by a candidate whose work has been carried out in institutions located in North America. The fund principal is not restricted. Arctowski Fund - Bequest of Jane Arctowska in memory of Henryk Arctow- ski for a medal to recognize contributions to studies in solar physics and solar-terrestrial relationships. B. ache Fund - Bequest of Alexander Dallas B. ache a member of the Academy , , to aid researchers 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 honor of John J. C arty for an award to recognize noteworthy and distin- guished accomplishments in any field of science within the charter of the Academy. Chemistry in Service to Society Fund - Gift of E. I. du Pont de Nemours & Company for an award to recognize contributions to chemistry, either in fundamental science or its application, that clearly satisfy a societal need. Comstock Fund - Gift of Cyrus B. Comstock for an award to recognize inves- tigations in electricity, magnetism, or radiant energy by a citizen of North America. Draper Fund - Gift of Mrs. Henry Draper in memory of her husband for an award to recognize investigations in astronomical physics. Elliot Fund - Gift of Margaret Henderson Elliot in memory of Daniel Giraud Elliot for an award to recognize meritorious work in zoology or paleon- tology published within a three- to five-year period. Estes Fund - Gift of William K. and Katherine W. Estes for an award to rec- ognize research in the cognitive or behavioral sciences that advances understanding of problems or issues relating to the risk of nuclear war. 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. 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 pro- motion of research in chemistry. Gould Fund - Gift of Mrs. Alice Bache Gould in memory of her father, a for- mer member of the Academy, for the promotion of research in astronomy; 1 ~ SCHEDULE 1 Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted 30,000 9s,736 60,000 2s,000 0,400 6,000 8,000 79,849 24,000 5,173

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1997 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 Hock- ley 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. Hollaender Fund - Bequest of Henrietta Hollaender in memory of Alexander Hollaender for an award to recognize an outstanding biophysicist. Hunsaker Fund - Gift of Mr. and Mrs. Jerome C. Hunsaker for an award to rec- ognize contributions in aeronautical engineering. Industrial Application of Science Fund - Gift of the International Business Machines Corporation in honor of Ralph E. Gomory for an award to rec- ognize work of intrinsic scientific importance and with significant, bene- ficial applications in industry. 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 accom- plishment in scientific research. Kovalenko Fund - Gift of Michael S. Kovalenko in memory of Jessie Steven- son Kovalenko for an award to recognize important contributions to the medical sciences. 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. Molecular Biology Fund - Gift of the Monsanto Company for an award to rec- ognize recent notable discovery in molecular biology by a young scientist who is a U.S. citizen. 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 in Mathematics - Gift of the American Mathematical Society in honor of its centennial to recognize excellence of research in the mathematical sciences published within the past ten years. National Academy of Sciences Award in Neurosciences - Gift of the FIDIA Research Foundation to recognize extraordinary contributions to progress in the fields of neuroscience. National Academy of Sciences Fund for Sciences and Technology in Interna- tional Affairs - Contributions from Cecil and Ida Green, J. Erik Jonsson, Jerome B. Wiesner, and Academy sources to establish the National Acad- emy of Sciences Fund for Sciences and Technology in International Affairs in honor of Walter A. Rosenblith. Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted 50,000 39,740 00,000 24,750 179,046 10,465 44,086 0,000 10,000 421,374 6,000 181,838 140,206 49,119 13

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1997 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. Robert son, 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 - Bequest of Helen P. Smith in memory of Gilbert Mor gan Smith to recognize excellence in published research on marine fresh water algae. Mrs. J. Lawrence Smith Fund - Gift of Mrs. J. Lawrence Smith in memory of her husband to recognize investigations of meteoric bodies. Thompson Fund - Gift of Mrs. Mary Clark Thompson to recognize important service to geology and paleontology. Troland Fund - Bequest of Leonard T. Troland for research awards to young investigators (age 40 or younger) to recognize unusual achievement and to further empirical research in psychology regarding the relationships of consciousness and the physical world. 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 contributions from the Foundation may be fully expended for the intended purpose. Walcott Fund - Gift of Mary Vaux Walcott in honor of Charles Doolittle Wal cott to recognize and stimulate research in pre-Cambrian and Cambrian life and history. G. K. Warren Fund - Gift of Emily B. Warren in memory of G. K. Warren to recognize noteworthy and distinguished accomplishment in fluviatile geology and closely related aspects of the geological sciences. Watson Fund - Bequest of James C. Watson to recognize contributions to the science of astronomy. 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 recog nition 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 indi vidual, group, or organization for distinguished accomplishments in the field of mental health. Subtotal 14 Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted 16,392 20,32s 67,107 8,000 10,000 sos'3ss s,ooo 15,000 2s,000 2,3s4,264 1,200,000

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended .lune 30, 1997 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 recognize the leadership and notable accomplish ments of John S. Coleman as a member of the Academy's staff. The gift may be fully expended for its intended purpose. J. Erik Jonsson Woods Hole Fund - A gift for He 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. Woods Hole Endowment- Contributrions from the Brown Foundation and var ious individuals for maintenance of the Woods Hole Study Center. Woods Hole Fund- Contributions from various 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. PEAS Billings Fund - Bequest of Mrs. Mary Ann Palmer Draper (Mrs. Henry Drap er) to support the publication of the Proceedings of the National Academy of Sciences or for other purposes to be determined by the Academy. Subtotal ll. FUNDS FUNCTIONING AS ENDOWMENT A. NAS - Prizes and Awards Henry G. Booker Fellowship Fund - Contributions from various individuals to pro vide a travel grant to one young American radio scientist to attend each Inter national Union of Radio Science Assembly as a Henry G. Booker Fellow. Subtotal Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted 11,340,737 11,340,737 100,000 502,500 727,063 12,874 50,000 3,294,937 100,000 50,102 50,102 15,826 15,826 15

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1997 B. PEAS Proceedings of the National Academy of Sciences Fund Subtotal C. TNAC Capital Fund Subtotal III. RESTRICTED CONTRIBUTIONS A. NAS 1. Program Basic Science Fund - Various - Contributions from American Telephone and Tele- graph Corporation, Atlantic Richfield Foundation, Dow Chemical Corporation, E. I. du Pont de Nemours and Company, International Business Machines Cor- poration, Merck and Company, Monsanto Company, Shell Oil Companies Foundation, and Standard Oil Company to support studies designed to strength- en 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 Val- ley National Bank, Phoenix, Arizona, which makes periodic income dis- tributions to the Academy. Income distributions 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 devel- opment activities. A prize may be awarded to CBASSE staff who exert notable and unusual effort toward improving the quality of working life in CBASSE. Richard Lounsbery Award - Established by Vera Lounsbery in memory of her husband, Richard Lounsbery and supported by the Lounsbery Foundation to recognize extraordinary scientific achievement in biology and medi- cine. Intended to stimulate reciprocal scientific exchanges between the United States and France, the award is given in alternate years to Ameri- can and French scientists, and additional funds are available to the recip 16 Capital Contribution Column 2 of Schedule 1A Permanently Temporarily Restricted Restricted Unrestricted ,000,000 ,000,000 ,093,660 ,093,660

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SCHEDULE 1 Endowment and Trust Investment Funds - Description of Funds for the Year Ended June 30, 1997 lent to visit research institutions in France, if he or she is Amencan, or in the United States, if he or she is French. These annual contributions may be fully disbursed in the year of the award. National Academy of Sciences Award for Initiatives in Research - Established by AT & T Bell Laboratones in honor of William 0. Baker and support- ed currently by Bell Laboratories, Lucent Technologies to recognize inno- vative young scientists and to 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 - The award is given for innovative research in the chemical sciences that in the broadest sense contributes to a better understanding of the natural sciences and to the benefit of humanity. National Academy of Sciences Award in Scientific Reviewing - Supported by Annual Reviews, Inc. and the Institute for Scientific Information in honor of J. Murray Luck to recognize excellence is scientific reviewing. These annual contributions may be fully disbursed in the year of the award. Selman A. Waksman Award in Microbiology - Established by the Foundation for Microbiology to recognize excellence in the field of microbiology. These contributions may be fully disbursed in the year of the award. NAS Support Staff Award - Contributions from venous 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 Permanently Temporarily Restricted Restricted Unrestricted 83,395,932 2,767,2s3 7,989, 158 Note: 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. 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, 1997 ENDOWMENT AND TRUST INVESTMENT POOL Cumulative Reinvestment Cumulative Total A. Endowment 1. Unrestricted a. NAS Agassiz Fund Carnegie Fund Commonwealth Fund Carl Eckart Fund Ford Foundation Fund Number of Cumulative Fund Participating Reinvestment Cumulative Total Cash and Equity Capital Capital of Earned Realized Pooled Short-Term Accrued Mine 30. Units Contribution Income Gains Investments Investments Income ~7 1997 $ so,ooo 3,275,000 500,000 479,602 5,000,000 $ 50,857 $ 3,444,053 200,939 1 17,592 2,018,865 195,320$ 296,177 13,437,08120,156,134 613,4571,314,396 393,992991,186 6,172,91513,191,780 $ - $ 177 $ 133,866 8,604 16,814 56,220 296,354 20,290,000 1,323,000 1,008,000 13,248,000 Henrietta and Alexander Hollaender Fund1,1 17.04500,00032,75640,613573,369-17,631591,000 GrayceB.Kerr Fund521.44250,00026,48018,072294,552-(6,552)288,000 National Academy of Sciences Reserve Fund1 15.25-37,83122,09959,930-1,000,0001,059,930 Nealley Fund252.7319,55625,03376,489121,078-(5,078)116,000 Simon Ramo Fund36.5514,0001,9633,60319,566-43420,000 Rockefeller Foundation Fund5,257.631,000,000414,7201,275,8732,690,593-11,4072,702,000 Dorothea and Herbert Simon Fund563.39180,09531,15490,107301,356-644302,000 Sloan Foundation Fund5,259.651,000,000414,8751,275,2882,690,163-11,8372,702,000 Amy Prudden Turner Fund145.1029,6629,33941,80480,805-19581,000 Anonymous Endowment Fund16,364.127,146,660759,321835,5548,741,535_(236,535)8,505,000 General Endowment Fund9,572.003,149,745540,7131,179,4794,869,937-21,5684,891,505 Members Endowment Fund4,868.332,223,978193,324197,5992,614,901-13,0992,628,000 119,040.17 24,818,298 $ 8,319,815 $ 25,869,345 $ 59,007,458 $ - $1,044,331 $ 60,051,789 ~- b. IOM General Endowment Fund 1,220.55 $ 480,956 $ 173,209 $ 54,964 $ 709,129 $ - $ (3,129) $ 706,000 Robert Wood Johnson Foundation Fund 13,748.85 5,000,000 1,287,981 873,576 7,161,557 - 30,443 7,192,000 Henry J. Kaiser Family Foundation Fund 1,084.18 488,485 55,391 29,391 573,267 - 1,733 575,000 John D. and Catherine T. MacArthur Foundation Fund 13,568.55 5,000,000 1,202,612 982,148 7,184,760 - 30,240 7,215,000 Pharmaceutical Endowment Fund 612.97 259,448 51,144 16,912 327,504 - 3,496 331,000 Miscellaneous - Private Sector Fund 72.59 26,346 11,935 2,226 40,507 - (507) 40~000 30,307.69 $ 1 1,255,235 $ 2,782,272 $ 1,959,217 $ 15,996,724 $ - $ 62,276 $ 16,059,000 2. Restricted for Specific Purpose a. Program i, i. NAS - Outside Sources Arts in the Academy Fund 10.68 $ 3,934 $ 1,651 $ 357 $ 5,942 $ - $ 58 6,000 Basic Science Fund - Earth Sciences 1,063.41 500,000 52,419 51,484 603,903 - 3,097 607,000 Biology and Biotechnology Fund 971.79 420,232 34,975 28,018 483,225 - 2,775 486,000 Blakeslee Fund 2,687.53 886,902 165,664 358,898 1,411,464 - 5,536 1,417,000 Thomas Lincoln Casey Fund 6,857.84 258,081 1,471,198 1,675,001 3,404,280 - 16,720 3,421,000 Coca Cola Foundation Endowment Fund 1 18.45 50,000 7,183 4,451 61,634 - 366 62,000 Arthur L. Day Fund 16,380.15 2,662,514 2,646,852 2,685,551 7,994,917 - 30,083 8,025,000 Cecil and Ida Green Fund 1,549.70 $ 467,256 $ 77,336 $ 266,996 $ 811,588 $ $ 4,412 $ 816,000 Global Commons Project Fund 100.12 39,058 12,464 2,827 54,349 - 349 54,698 18

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SCHEDULE 1-A Endowment and Trust Investment Funds - Financial Detail of Funds from Inception for the Year Ended June 30, 1997 ENDOWMENT AND TRUST INVESTMENT POOL Number ofCumulativeFund Participating Reinvestment Cumulative Total Cash and Equity CapitalCapital of Earned Realized Pooled Short-Term Accrued June30, Units Contribution Income Gains Investments Investments Income 1997 Houston Advanced Research Center ~-13,078 (5,O78) 8,OOO W. K. Kellogg Foundation Fund 44,361.77 20,000,000 1,410,485 1,850,384 23,260,869- 99,131 23,360,000 Kobelt Fund 2,106.28 296,593 283,845 482,128 1,062,566- 4,434 1,067,000 Andrew W. Mellon Foundation Fund 2,437.42 1,000,000 143,214 109,689 1,252,903- 6,097 1,259,000 Postemployment Benefits 1,428.02 802,173 80,833 29,032 912,038- 1,962 914,000 Postretirement Benefits 3,471.59 2,027,976 170,629 56,544 2,255,149- 7,851 2,263,000 Frank Press Fund for Dissemination and Outreach 2,209.32 1,108,879 159,519 66,842 1,335,240- 3,760 1,339,000 Scientists and Encineers for the Future Fund 2,711.57 1,000,000 72,611 State Street Fund - 277,000 88,465.64 $ 31,800,598 $ 6,790,878 $ ~i. NAS - Members Endowment (s) 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 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 0.53 100.22 6.14 3.56 0.21 0.88 148.82 69.31 25.23 2.57 0.44 0.74 2.25 32.85 2.82 0.22 396.79 82,3001,154,91 1- -277,000- 7,750,502$ 46,336,036$ 13,078 $ 133,584 $ 250 3 1,050 2,025 1,300 450 100 62,076 23,800 9,965 976 200 400 750 ,100 as 18,558 1,222 599 94 39 19,696 1 1,301 3,083 299 87 70 390 5,750 20 3,959 235 134 26 10 4,094 2,516 829 83 15 90 82 1,195 365 53,567 3,482 2,033 570 149 85,866 37,617 13,877 1,358 302 560 1,222 18,045 1,0005271 121,639 200437250 145,642$ 61,853$ 13,407$ 220,902 5,089 1,160,000 (53,000) 224,000 46,482,698 q7 - UP - UP 1,134 383 365 53,567 3,482 2,033 570 149 87,000 38,000 13,877 1,358 302 560 1,222 (18)18,027 _ _1,639 _ -250 $ - $ 1,499$ 222,401 iii. IOM Distinguished Scholar Fund38.18$ 11,750$ 8,113$ 1,324$ 21,187$ -$ -$ 21,187 Food and Nutrition Board1,539.14525,000245,93953,743824,682-4,318829,000 Food and Nutrition Board Corporations Fund405.07125,00080,96612,696218,662-1,338220,000 Food and Nutrition Board Members Fund12.402,2004,2233796,802-1987,000 Howard Hughes Medical Institute Fund12,421.795,000,0001,128,301686,1056,814,406-(32,406)6,782,000 Women's Health Issues Fund47.7220,0006,7461,36128,107-(107)28,000 14,464.30 $ 5,683,950 $ 1,474,288 $ 755,608 $ 7,913,846 $ - $ (26,659) $ 7,887,187 19

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SCHEDULE 1-A Endowment and Trust Investment Funds - Financial Detail of Funds from Inception for the Year Ended June 30, :1997 ENDOWMENT AND TRUST INVESTMENT POOL Number of Cumulative Participating Reinvestment Cumulative Total Cash and Capital Capital of Earned Realized Pooled Short-Term Accrued Units Contribution Income Gains Investments Investments Income Fund Equity June 30, 1997 b. Prizes and Awards i. NAS American Psychological Association Science Directorate Fund Applied Mathematics and Numerical Analysis Fund Henryk Arctowski Fund Bache Fund Blaauw Fund John J. Carty Fund Comstock Fund Draper Fund Elliot Fund Estes Award in Social and Behavioral Sciences Gibbs Brothers Fund Gibbs Fund Ralph E. Gomory Award for the Application of Science Gould Fund Joseph Henry Fund Alexander Hollaender Award in Biophysics Hunsaker Fund Hunt Fund Kovalenko Fund Marsh Fund George P. Merrill Fund Monsanto Award in Molecular Biology Murray Fund NAS Award for Chemistry in Service to Society NAS Award in Mathematics NAS Award in Neurosciences NAS Fund for Sciences and Technology in International Affairs Pradel Fund H. P. Robertson Lectureship Fund Helen P. Smith Fund Mrs. J. Lawrence Smith Fund Thompson Fund Troland Fund Waksman Award Walcott Fund G. K. Warren Fund Watson Fund 5 1.50 2,476.25 451.83 920.75 673.32 598.3 1 253.88 168.20 237.03 269.43 157.92 421.11 756.10 513.54 292.26 309.52 144.82 1,001.86 226.86 83.28 1,030.21 206.50 370.96 403.28 177.93 601.86 226.45 489.46 541.21 226.47 3,492.81 79.31 162.04 1,037.69 30,000 $ 2,674 $ 95,736 60,000 71,299 25,000 10,400 6,000 8,000 79,849 24,000 5,173 179,046 50,000 39,740 100,000 24,750 10,465 44,086 10,000 10,000 421,374 6,000 181,838 140,206 49,119 16,392 20,325 67, 107 8,000 10,000 505,359 5,000 15,000 25,000 742,960 16,317 151,139 185,089 177,924 71,948 39,368 39,455 60,5 16 27,271 27,686 107,978 24,575 48,943 78,874 52,225 281,570 18,597 12,497 67,594 50,913 5,854 59,773 42,117 227,759 50,744 103,661 159,435 53,742 954,204 10,092 41,288 328,543 1,018$ 33,692 $ - $ 308 $ 34,000 439,5011,278,197 138,283214,600 219,568442,006 146,629356,7 18 101,468289,792 61,951139,899 36,58183,949 15,357 58,255 42,921 17,682 205,006 177,103 9,885 62,157 17,522 193,961 74,654 19,889 69,896 23,772 10,631 134,661 142,77 1 75,365 224,414 362,984 241,418 158,828 165,781 80,212 519,617 103,25 1 42,386 558,864 80,685 198,323 27,579(579) 1,803 1,400 1,994 (3,718) 1,208 (3,899) (1,949) (1,661) (9,771) 9,635 (2,414) 1,016 1,582 1,172 219 788 2,383 (251) (2,386) (9,864) 315 _1.677 50,501 17,373 217,352 - (5,352) 8,432 78,987 47,090 90,992 1 15,181 60,244 773,246 21,867 32,133 183,320 99,668 323,138 1 18,159 261,760 282,616 123,986 2,232,809 36,959 88,42 1 536,863 1,862 2,159 (4,760) (1,616) 14 - 2,041 579 - 1,137 27,000 1,280,000 216,000 444,000 353,000 291,000 136,000 82,000 1 33,000 133,000 85,000 222,000 364,000 243,000 160,000 166,000 81,000 522,000 103,000 40,000 549,000 81,000 200,000 50,501 212,000 99,668 325,000 120,318 257,000 281,000 124,000 2,232,809 39,000 89,000 538,000 19,053.95 $ 2,354,264 $ 4,323,325 $ 3,572,555 $ 10,250,144 $ 78,080 $ (14,928) $ 10,313,296

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SCHEDULE 1-A Endowment and Trust Investment Funds - Financial Detail of Funds from Inception for the Year Ended Mine 30, 1997 ENDOWMENT AND TRUST INVESTMENT POOL Number of Cumulative Participating Reinvestment Cumulative Total Cash and Capital Capital of Earned Realized Pooled Short-Term Accrued Units Contribution Income Gains Investments Investments Income Fund Equity June 30, 1997 ii. IOM Gustav O. Lienhard Award2,963.98 $ 1,200,000$ 244,985$ 102,158$ 1,547,143$ - $ (16,143) $ 1,531,000 Rhonda and Bernard G. Sarnat International Prize in Mental Health - - - _ _ 46,246 (21,246)25,000 2,963.98 1,200,000 244,985 102,158 1,547,143 46,246 (37,389)1,556,000 c. The National Academies' Corporation 21,935.46 11,340,737 590,683 613,358 12,544,778 - 49,22212,594,000 21,935.46 $ 1 1,340,737 $ 590,683 $ 613,358 $ 12,544,778 $ - $ 49,222$ 12,594,000 d. Woods Hole Peter C. Cornell Fund 278.33 $ 100,000 $ 19,096 $ 33,423 $ 152,519 $ 0 $ 1,481$ 154,000 J. Erik Jonsson Woods Hole Fund 4,847.54 2,002,500 477,693 167,004 2,647,197 - 9,8032,657,000 Richard King Mellon Foundation Fund 215.20 50,000 48,569 19,286 117,855 - 1,145119,000 Penzance Foundation Fund 1,213.65 502,500 119,088 41,411 662,999 - 4,001667,000 Woods Hole Endowment Fund 1,088.07 727,063 8,847 7,912 743,822 1,178745,000 Woods Hole Fund 45.00 12,874 8,248 3,254 24,376 - 1,62426,000 7,687.79 $ 3,394,937 $ 681,541 $ 272,290 $ 4,348,768 $ - $ 19,232$ 4,368,000 e. Proceedings of the National Academy of Sciences Billings Fund 590.02 $ 50,102 $ 141,406 $ 106,417 $ 297,925 $ - $ 3,075$ 301,000 590.02 $ 50,102 $ 141,406 $ 106,417 $ 297,925 $ - $ 3,075$ 301,000 2. B. Funds Functioning as Endowment 1. NAS - Prizes and Awards Henry G. Booker Fellowship Fund Proceedings of the National Academy of Sciences Proceedings of the National Academy of Sciences Fund 3 1.69 $ 15,826 $ 2,960 $ 827 $ 19,613 $ - $ (513.00) $ 19,100 3,441.13 1,000,000 639,924 257,681 1,897,605 - 13,985 1,91 1,590 3. The National Academies' Corporation The National Academies' Corporation Capital Fund 1,993.741,093,66082,72046,4001,222,780-4,2201,227,000 5,466.56$ 2,109,486$ 725,604$ 304,908$ 3,139,998$ -$ 17,692$ 3,157,690 C. Restricted Contributions 1. NAS a. Program Basic Science Fund - Various Slipher Fund Prizes and Awards Levison Memorial Fund Richard Lounsbery Foundation Award NAS Award for Initiatives in Research NAS Award in Chemical Sciences NAS Award in Scientific Reviewing NAS Support Staff Award b. TOTAL $ 1,101 $ - -93,553 (2,553) 1,624 376 (77) (18) (18) (5) 1,494(494) 1,101 91,000 2,000 (77) (18) (18) (5) 1,000 o.oo $ - $ - $ - $ - $ 97,772 $ (2,789) $ 94,983 310,372.35 $ 94,153,249 $ 26,136,650 $ 41,319,765 $161,609,664 $ 235,175 $1,249,146 $163,088,043 21

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SCHEDULE 1-B Endowment arid Trust Investment Funds - Financial Detail of Fur'ds for Current Fiscal Year A. Endowment 1. Unrestricted A. NAS ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Fund Fund Equity Expenditures Equity June 30, IncomeCapitaland June 30, 1996ContributionsEarnedGainsTransfers 1997 Agassiz Fund$ 279$ -$ 27$ 8$ (18) $ 296 Carnegie Fund19,045-1,872577(1,204) $ 20,290 Commonwealth Fund1,248-11133(69) $ 1,323 Carl Eckart Fund920219825(56) $ 1,008 Ford Foundation Fund12,524-1,087334(697) $ 13,248 Henrietta and Alexander Hollaender Fund558-4815(30) $ 591 Grayce B. Kerr Fund273-227(14) $ 288 National Academy of Sciences Reserve Fund1,036-4810(34) $ 1,060 Nealley Fund109-113(7) $ 116 Simon Ramo Fund19_2_(1) $ 20 Rockefeller Foundation Fund2,553-22369(143) $ 2,702 Dorothea and Herbert Simon Fund26620238(15) $ 302 Sloan Foundation Fund2,553-22369(143) $ 2,702 Amy Prudden Turner Fund65-614(4) $ 81 Anonymous Endowment Fund8,320-422208(445) $ 8,505 General Endowment Fund4,623-407121(260) $ 4,892 Members Endowment Fund2,39310120259(127) $ 2.628 $ 56,784$ 142$ 4,832$ 1,560$ (3,267) $ 60,052 B. IOM General Endowment Fund$ 632$ 10$ 49$ 15 Robert Wood Johnson Foundation Fund6,441-575176 Henry J. Kaiser Family Foundation Fund516-4514 John D. and Catherine T. MacArthur Foundation Fund6,473-568174 Pharmaceutical Endowment Fund297-268 Miscellaneous - Private Sector Fund37-3 706 7,192 575 7,215 331 40 $ 14,396 $ 10 $ 1,266 $ 387 $ -$ 16,059 2. Restricted for Specific Purpose a. Program 1L T ~ i. BAD - uuts~ce Sources Arts in the academy Fund$ 5$ -$ 1$ - $ - $ 6 Basic Science Fund - Earth Sciences548-4514 - $ 607 Biology and Biotechnology Fund457-4113 (25) $ 486 Blakeslee Fund1,348-11635 (82) $ 1,417 Thomas Lincoln Casey Fund3,236-28789 (191) $ 3,421 Coca Cola Foundation Endowment Fund58-52 (3) $ 62 Arthur L. Day Fund7,587-685213 (460) $ 8,025 Cecil and Ida Green Fund776-6420 (44) $ 816 Global Commons Project Fund49-41 - $ 55 Houston Advanced Research Center13331- (39) $ 8 W. K. Kellogg Foundation Fund22,169-1,856576 (1,241) $ 23,360 Kobelt Fund1,011-8827 (59) $ 1,067 Andrew W. Mellon Foundation Fund1,190-10232 (65) $ 1,259 _ _

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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, IncomeCapitaland June 30, 1996ContributionsEarnedGainsTransfers 1997 Postemployment Benefits6052405316- $ 914 Postretirement Benefits1,68040813540- $ 2,263 Frank Press Fund for Dissemination and Outreach1,252209128(52) $ 1,339 Scientists and Engineers for the Future Fund1,086-11335(74) $ 1,160 State Street Fund224---- $ 224 $ 43,294$ 701$ 3,687$ 1,141$ (2,335) $ 46,483 ii. NAS - Members Endowment (s) Anthropology Fund$ -$ -$ -$ - $ Board on Chemical Sciences Fund48-41- $ 53 Board on Earth Sciences Fund3---- $ 3 Board on Mathematical Sciences Fund2---- $ 2 Board on Physical Sciences Fund----- $ Board on Physics and Astronomy Fund----- $ Committee on Human Rights Fund631662- $ 87 Committee on International Security and Arms----- $ Control Fund34-31- $ 38 Committee on Life Sciences Fund13-1-- $ 14 Embryology Fund1---- $ 2 Environmental Studies Fund----- $ Math and Science Education Endowment Fund1---- $ 1 NAS Class IFund1---- $ 2 Section 14 Chemistry Discretionary Fund1611-- $ 18 The Family and Community Well-Being Fund1---- $ 2 Abel Wolman Lecture Fund0 $ 183$ 17$ 15$ 4$ - $ 222 ii. IOM Distinguished Scholar Fund$ 18$ -$ 2$ 1$ - $ 21 Food and Nutrition Board752-6520(8) $ 829 Food and Nutrition Board Corporations Fund198-175- $ 220 Food and Nutrition Board Members Fund6-1-- $ 7 Howard Hughes Medical Institute Fund6,387-530161(296) $ 6,782 Women's Health Issues Fund$ 26-2-- $ 28 $ 7,387$ -$ 617$ 187$ (304) $ 7,887 b. Prizes and Awards i. NAS American Psychological Association Science Directorate Fund Applied Mathematics and Numerical Analysis Fund Henryk Arctowski Fund Bache Fund Blaauw Fund John J. Carty Fund Comstock Fund Draper Fund 31 26 1,144 207 426 345 258 136 2$ 1 $ - $ 34 1- - $ 27 10432 - $ 1,280 206 (17) $ 216 4113 (36) $ 444 309 (31) $ 353 258 - $ 29 1 113 (14) $ 136

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SCHEDULE 1-B Endowment and Trust Investment Fur'ds - Financial Detail of Funds for Current Fiscal Year ($ in thousands) ENDOWMENT AND TRUST INVESTMENT POOL Fund Fund Equity Expenditures Equity June 30, IncomeCapitaland June 30, 1996ContributionsEarnedGainsTransfers 1997 Elliot Fund73-72- $ 82 Estes Award in Social and Behavioral Sciences137-113(18) $ 133 Gibbs Brothers Fund124-124(7) $ 133 Gibbs Fund82-72(6) $ 85 Ralph E. Gomory Award for the application of Science199-185- $ 222 Gould Fund350-3310(29) $ 364 Joseph Henry Fund233-237(20) $ 243 Alexander Hollaender Award in Biophysics144-124- $ 160 Hunsaker Fund149-134 $ 166 Hunt Fund73-62 $ 81 Kovalenko Fund467-4213 $ 522 Marsh Fund99-103(9) $ 103 George P. Merrill Fund41-11(3) $ 40 Monsanto Award in Molecular Biology519-4413(27) $ 549 Murray Fund69-93- $ 81 NAS Award for Chemistry in Service to Society198-205(23) $ 200 NAS Award in Mathematics57_2_(9) $ 50 NAS Award in Neurosciences190-175- $ 212 NAS Fund for Sciences and Technology in----- $ International Affairs90-72- $ 100 Pradel Fund292-258- $ 325 H. P. Robertson Lectureship Fund104-934 $ 120 Helen P. Smith Fund250-216(20) $ 257 Mrs. J. Lawrence Smith Fund273-248(24) $ 281 Thompson Fund101-914- $ 124 Troland Fund2,118-25033(168) $ 2,233 Waksman Award----- $ Walcott Fund39-41(5) $ 39 G. K. Warren Fund80-72- $ 89 Watson Fund482-4313- $ 538 $ 9,606$ -$ 920$ 248$ (462) $ 10,313 ii. IOM Gustav O. Lienhard Award$ 1,369$ -$ 124$ 38$ - $ 1.531 Rhonda and Bernard G. Sarnat International Prize in Mental Health2520$ 2_(22) $ 25 $ 1,394$ 20.00$ 126$ 38$ (22) $ 19556 c. The National Academies' Corporation d. Woods Hole $ 1 1,990 $ - $ 935 $ 288.0 $ (619) $ 12,594 $ 1 1,990 $ - $ 935 $ 288 $ (619) $ 12,594 Peter C. Cornell Fund$ 145$ -$ 12$ 4$ (7) $ 154 J. Erik Jonsson Woods Hole Fund2,513-20663(125) $ 2,657 Richard King Mellon Foundation Fund112-93(5) $ 119 Penzance Foundation Fund630-5216(31) $ 667 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 June30, IncomeCapitalandJune 30, 1996ContributionsEarnedGainsTransfers1997 Woods Hole Endowment Fund2726108(1)$ 745 Woods Hole Fund24-2--$ 26 $ 3,426$ 726$ 291$ 94$ (169)$ 4,368 e. Proceedings of the National Academy of Sciences Billings Fund$ 268$ -$ 25$ 8$ -301 $ 268$ -$ 25$ 8$ -$ 301 B. Funds Functioning as Endowment 1. NAS - Prizes and Awards Henry G. Booker Fellowship Fund$ 17$ -$ 1$ 1$ -$ 19 2. Proceedings of the National Academy of Sciences Proceedings of the National Academy of Sciences Fund1,723-14444-1,912 3. The National Academies' Corporation The National Academies' Corporation Capital Fund9072667223(41)1,227 $ 2,647$ 266$ 217$ 68$ (41)$ 3,158 C. Restricted Contributions 1. NAS a. Program Basic Science Fund -Various$ 1$ -$ -$ -$ -1 Slipher Fund905--(4)91 b. Prizes and Awrads Levison Memorial Fund2----2 Richard Lounsbery Foundation Award(34)74--(117) NAS Award for Initiatives in Research(20)20- (18) NAS Award in Chemical Sciences(17)17--(18) NAS Award in Scientific Reviewing(8)8--(5) NAS Support Staff Award1----1 15$ 124$ -$ -$ (162)$ 95 TOTAL$151,390$ 2,006$ 12,931$ 4,023$ (7,381)$163,088 25

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SCHEDULE 2 Endowment and Trust Investment Pool June 30, 1997 and 1996 ($ in thousands) Investment Income Balance Balance Quoted Year June 30, Net June 30, Market Ended 1996Additions Gain/ 1997 June30, June30, (et cost)(et cost)Reductions(Loss) (et cost) 1997 1997 FIXED INCOME SECURITIES (Schedule 2-A) Cash Equivalents $ 4,684$ 30,215$ 29,944$ 0 $ 4,955 $ 4,955 $ 131 Bonds and Notes 41,41637,55334,715(73) 44,181 44,900 2,965 Real Estate - Mortgage 13,818 756 13,061 13,061 1,165 Total Fixed Income Securities 59,91867,76865,415(73) 62,198 62,916 4,261 EQUITY SECURITIES (Schedule 2-B) 90,29321,50616,4744,096 99,421 168,932 8,783 TOTAL POOLED INVESTMENTS $ 150,211$ 89,274$ 81,889$ 4,023 $161,619 $231,848 $13,044 Less: Investment Advisory Fees (113) Net Investment Income $ 12,931 Reductions from Sales, Redemptions, or Pay-off of Mortgage 26

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SCHEDULE 2-A Endowment and Trust Investment Pool - Fixed Income Securities June 30, 1997 ($ in thousands) Interest Principal Quoted Rate Maturity AmountCostMarket CASH EQUIVALENTS Bankers Trust Investment Fund Demand $ (3)$ (3)$ (3) Fidelity Money Market Trust Variable(l) Demand 4,9584,9584,958 TOTAL CASH EQUIVALENTS $ 4,955$ 4,955$ 4,955 BONDS AND NOTES BZW Barclay's U.S. Debit Index Fund B Variable (2) Demand$ 31,929$ 31,929$ 32,772 MAS High Yield Bond Fund Variable(3) Demand3,0763,0763,340 T. Rowe Price International Bond Fund Variable (4) Demand2,8032,8032,840 Scudder International Bond Fund Variable (5) Demand3,1013,1012,763 State Street Bank Demand277277156 Vanguard High Yield Corporate Variable (6) Demand2,9952,9953,029 TOTAL BONDS AND NOTES $ 44,181$ 44,181$ 44,900 REAL ESTATE - MORTGAGE Bank of New York 9.125%$ 10,724$ 10,724 $ 10,724 Bank of New York 9.125%2,3372,337 $ 2,337 TOTAL REAL ESTATE - MORTGAGE Current yield on June 30, 1997: (1) 5.41% (4) 5.14% (2) 8.11% (5) 4.47% (3) 6.79% (6) 8.54% 27

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SCHEDULE 2-B Endowment and Trust Investment Pool- Equity Securities June 30, 1997 ($ in thousands) Number of Shares Cost Quoted Market Jones and Babson Enterprise Fund BEA Emerging Market Fund Belmont II Limited Partners Berkshire Hathaway, Inc. Capital International Emerging Market Fund Chiron Corporation Insurance Partners, L.P. Scudder International Fund Templeton Emerging Market Fund Templeton Foreign Equity Series Vanguard Index Extended Market Vanguard Institutional Index Fund Vanguard International European Portfolio Vanguard International Pacific Portfolio Vanguard International Growth Portfolio Vanguard International Value Vanguard Small Capitalization Portfolio Vanguard Windsor Fund Partnership Interest-New Enterprise Associates TOTAL EQUITY SECURITIES Short-Term Investments June 30, 1997 Type and Description s3s,296 90,373 271 30s 7s,026 2,439 333,340 87,083 140,295 661,651 401,763 783,003 21,779 124,829 297,463 106,764 s26,433 997,38s $ $8,039 ,466 271 ,333 ,330 20s 333 3,196 1,427 7,215 7,267 31,419 ,523 1,507 3,248 3,043 9,910 6,076 612 $ 10,203 ,922 781 4,396 2,s76 204 333 4,709 2,08s 2,186 11,587 64,488 2,315 1,412 5,708 3,220 ,834 8,831 142 $ 99,421 $ 168,932 SCHEDULE 3 ($ in thousands) Interest Rate Cost Merganser Capital Management Corporation NASA Federal Credit Union TOTAL SHORT-TERM INVESTMENTS Current yield on June 30, 1997: (1) 5.97% 28 Variable ( 1 ) 5.15% $ 26,817 100 $ 26,917