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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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Suggested Citation:"I. Investments." National Academy of Sciences. 2020. Report of the Treasurer for the Year Ended December 31, 2019. Washington, DC: The National Academies Press. doi: 10.17226/25854.
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I. Investments

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value I. Funds that Support the NAS A. General Fund — The following funds provide unrestricted resources to support the activities of the National Academy of Sciences. Agassiz Fund — A bequest of Alexander Agassiz, a member of the Academy. $ 50,000 $ 604,405 Carnegie Fund — The balance of the original contribution of $5,000,000 from the Carnegie Corporation of New York, for the purposes of the National Academy of Sciences/National Research Council. $1,725,000 was used to cover the cost of the 1924 Academy building and the acquisition of other property. 3,275,000 41,816,100 Commonwealth Fund — A grant from the Commonwealth Fund for the capital endowment of the Academy. 500,000 2,714,898 Carl Eckart Fund * — A bequest of Carl Eckart for the general purposes of the Academy. 1,246,366 2,763,162 Ford Foundation Fund — A grant from the Ford Foundation for the capital endowment of the Academy. 5,000,000 26,689,815 Henrietta and Alexander Hollaender Fund * — A bequest of Dr. Alexander and Mrs. Henrietta Hollaender. 500,000 1,194,685 Grayce B. Kerr Fund — A grant from Grayce B. Kerr for the general purposes of the Academy. 250,000 603,769 Nealley Fund — A bequest of George True Nealley for the general purposes of the Academy. 19,556 240,075 Simon Ramo Fund — A contribution from Simon Ramo for the general purposes of the Academy. 14,000 40,141 Rockefeller Foundation Fund * — A grant from the Rockefeller Foundation to the National Academy of Sciences for the general purposes of the Academy. 1,000,000 5,412,275 Dorothea and Herbert Simon Fund — A contribution from Dorothea and Herbert Simon for the general purposes of the Academy. 901,252 1,589,188 Sloan Foundation Fund * — A grant from the Alfred P. Sloan Foundation for the general purposes of the Academy. 1,000,000 5,394,446 Amy Prudden Turner Fund * — A bequest of Amy Prudden Turner for the general purposes of the Academy to serve as a memorial to her husband Scott and herself. 29,662 136,516 Anonymous Endowment Fund — A contribution for the general purposes of the Academy from a donor who wishes to remain anonymous. 7,146,660 17,341,401 General Endowment Fund * — A bequest of David Lloyd Fillman and others for the general purposes of the Academy. By action of the Council, the proceeds from the sale of the International Critical Tables were transferred into this fund during fiscal year 1976, and proceeds from the sale of the Audubon Folios were transferred in fiscal year 1981. 8,146,734 15,762,501 Members Endowment Fund — Contributions from Academy members to be used for the general purposes of the Academy. 3,372,235 6,744,542 Fred Kavli Endowment Fund — A gift from the Kavli Foundation to support the NAS in its missions: to validate scientific excellence; to enhance the vitality of the scientific enterprise; to guide public policy with science; and to communicate the nature, values, and judgments of science to government and the public. 6,300,000 7,102,704 Subtotal — General Fund $ 38,751,465 $ 136,150,623 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 10

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value B. Woods Hole — The following funds support the operation and maintenance of the J. Eric Jonsson Woods Hole Center in Woods Hole, Massachusetts. The Center is operated as an extension of conference facilities in Washington, D.C. and Irvine, California for meetings of the NAS, NAE, NAM, and NRC. Peter C. Cornell Trust Fund * — A contribution from the Peter C. Cornell Trust to memorialize Detlev W. Bronk, former president of the Academy, for his contributions to science and the nation and to recognize the leadership and notable accomplishments of John S. Coleman as a member of the Academy’s staff. $ 100,000 $ 285,776 J. Erik Jonsson Woods Hole Fund — A contribution for the Woods Hole Study Center of the NAS in honor of J. Erik Jonsson from a donor who wishes to remain anonymous. 2,002,500 4,947,477 Richard King Mellon Foundation Fund — A grant from the Richard King Mellon Foundation for maintenance of the building and grounds at the Woods Hole Study Center. 50,000 210,053 Penzance Foundation Fund — A grant for the J. Erik Jonsson Woods Hole Study Center for support of the property’s Clark Carriage House. 503,500 1,244,349 Woods Hole Endowment — Contributions from the Brown Foundation and various individuals for maintenance of the Woods Hole Study Center. 971,400 1,430,240 Woods Hole Fund — Contributions from various individuals for maintenance of the Woods Hole Study Center. 12,874 43,303 Subtotal — Woods Hole $ 3,640,274 $ 8,161,198 C. Presidents' Committee Funds — Each of the following funds supports programmatic efforts in areas related to the purpose specified by the fund’s donor(s) awarded by a committee consisting of the NAS, NAE, and NAM Presidents. Biology and Biotechnology Fund — Contributions from various individuals to be used for studies and other activities that address emerging research and policy issues affecting biology and biotechnology, especially cross– disciplinary aspects and those involving the interface of science, technology, and commerce and used for dissemination and outreach efforts that seek to inform policymakers about the findings of the results. $ 420,232 $ 964,899 Thomas Lincoln Casey Fund — A bequest of Thomas L. Casey as a memorial to his father, Thomas Lincoln Casey, to be used in the advancement of engineering in all its applications. 258,081 6,800,839 The Coca–Cola Foundation Fund — A grant from the Coca-Cola Foundation to be used for initiatives in precollege science and mathematics education. 50,000 84,130 Arthur L. Day Fund — A bequest of Arthur L. Day, a member of the Academy, for the purpose of advancing studies of the physics of the earth. 5,047,846 21,087,719 Maurice Ewing and Planetary Sciences Fund — Contribution from the Palisades Geophysical Institute and an anonymous donor. 503,231 1,536,471 Cecil and Ida Green Fund — A contribution from Cecil and Ida Green to be used to support activities dedicated to improving the quality of life of our people. 467,256 1,916,339 W. K. Kellogg Foundation Fund — A grant from the W. K. Kellogg Foundation for an endowment in the areas of education, health, and agriculture, the income from which is used to fund studies and other activities within these program areas such as enhancing the quality of U.S. education, assuring access to quality health care, assessing the role of biotechnology in the future of agriculture, and similar issues as they arise. 20,000,000 50,400,161 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 11

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value Kobelt Fund * — A bequest of Nina I. Kobelt to be used for research scholarships for worthy students. 296,593 2,258,817 Andrew W. Mellon Foundation Fund — A grant from the Andrew W. Mellon Foundation to endow a program of Academy-initiated studies. 1,000,000 1,850,893 George and Cynthia Mitchell Endowment for Sustainability Sciences — A contribution from the George and Cynthia Mitchell Foundation to guide academic, government, and other institutions in the development of sustainability science and to encourage the world’s business community to apply knowledge from this new field in business practices. 20,000,000 31,231,422 George and Cynthia Mitchell Matching Endowment * — Contributions from public and private sources to be used to support the same purposes as the George and Cynthia Mitchell Endowment for sustainability sciences and to raise funds to be eligible for a matching contribution from George and Cynthia Mitchell. 114,749 146,785 Frank Press Fund for Dissemination and Outreach — Contributions from members of the Presidents’ Circle of the NAS, NAE, and the NAM to support dissemination and outreach activities. 1,167,255 2,587,411 Raymond and Beverly Sackler Science Fund — A contribution, given in honor of Ralph J. Cicerone, from Raymond and Beverly Sackler to provide support for studies and projects in the areas of basic biology and of biomedical science – including the convergence of biology, physics, mathematics, and engineering sciences – in addressing problems in biomedical science and human health. 2,000,000 3,499,496 Scientists and Engineers for the Future Fund — Contribution from an individual who wishes to remain anonymous. The income from this fund is used to support educational projects focused on maintaining the health of American science and technology by ensuring an adequate supply of well-prepared American scientists and engineers for the future. 1,000,000 1,958,102 Subtotal — Presidents' Committee Funds $ 52,325,243 $ 126,323,484 D. Program Specific Funds — Each of the following funds supports a specific programmatic purpose as designated by the donor(s). Seymour Benzer Fund — Contribution from Sydney Brenner to establish a series of lectures in memory of Seymour Benzer by young researchers who have made a recognized contribution to genetics or neuroscience, and who have shown an aptitude for communicating with the public. Following his death, Sydney Brenner’s name was added to the lectureship, which is now the Seymour Benzer/Sydney Brenner Lecture. $ 120,000 $ 199,493 Billings Fund — A bequest of Mary Ann Palmer Draper (Mrs. Henry Draper) to support publication of the Proceedings of the National Academy of Sciences or for other purposes to be determined by the Academy. 50,102 1,612,010 Blakeslee Fund — A bequest of Albert Francis Blakeslee, the income from which is to be used in support of genetics research. 886,902 2,848,598 Henry G. Booker Fellowship Fund — Contributions from various individuals to provide a travel grant to one young American radio scientist to attend each International Union of Radio Science Assembly as a Henry G. Booker Fellow. 20,826 92,036 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 12

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value Ralph J. and Carol M. Cicerone Endowment for NAS Missions — Contributions from NAS president Ralph Cicerone and his wife Carol and others -- including a matching gift from the Simons Foundation -- to support the NAS in its missions: to validate scientific excellence; to enhance the vitality of the scientific enterprise; to guide public policy with science; and to communicate the nature, values, and judgments of science to government and the public. 13,237,965 15,563,737 Ralph J. and Carol M. Cicerone Endowment for NAS Missions Designated Fund * — Contributions from private sources to be used to support the same purposes as the Ralph J. and Carol M. Cicerone Endowment for NAS Missions. 210,000 229,217 Communications Initiative Fund * — Contributions from various sources for the support of the Academies’ communications activities. - 3,854,661 Cultural Programs of the National Academy of Sciences Fund — Contributions from various sources for sponsoring free cultural programs for local residents and for providing a platform for dialogue and engagement at the intersection of science, culture and art. 83,984 152,202 CWSEM Endowment — Contributions from various sources to support the Committee on Women in Science, Engineering, and Medicine of the NAS, NAE, and NAM. 55,050 56,144 Henry and Bryna David Endowment — A bequest of Henry and Bryna David to support the communication of insights and discoveries from the social and behavioral sciences to policy makers and other decision makers to promote informed public policy and staff development. 850,000 1,630,940 The Arthur L. Day Memorial Fund — A bequest of Ruth Easling Day to support research projects in any field of scientific endeavor or for the scientific publications of the Academy. 2,235,894 2,686,120 Food and Nutrition Board Fund — Two grants from the Kaiser Family Foundation for core activities of the Food and Nutrition Board. 525,350 2,411,345 Food and Nutrition Board Corporations Fund — Contributions from Monsanto Company and Nestle, USA, Inc., to provide support for Food and Nutrition Board activities. 125,000 780,842 Food and Nutrition Board Members Fund — Contributions from members to be used for general purposes of the Food and Nutrition Board. 21,600 61,224 Global Commons Project Fund — A contribution by George Mitchell to support issues of sustainable development. 39,058 292,652 Frederic L. Hoch Fund — A bequest of Frederic L. Hoch to provide grants to women studying in the sciences. 50,000 66,748 Marian E. Koshland Fund * — Contributions from Dr. Daniel E. Koshland, Jr. and the Koshland Foundation to support public engagement programs that inspire people to use science to solve problems and reach current and future leaders whose decisions will be informed by science. 22,793,243 20,997,021 Bruce Alberts Fund of the Marian E. Koshland Fund * — Contributions from Dr. Daniel E. Koshland, Jr. and the Koshland Foundation to support outreach related to the purposes of the Marian E. Koshland Fund. 5,134,871 9,682,837 Christine Mirzayan Fellowship Fund — A contribution from the Kate Mahaffey Memorial Scholarship Fund of the Westmoreland Congregational United Church of Christ to support a program designed to engage graduate students in various fields in the analysis and creation of science and technology policy. 5,760 11,401 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 13

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value Whitney and Elizabeth MacMillan Fund — A contribution from the WEM Foundation to support the NAS in its missions: to validate scientific excellence; to enhance the vitality of the scientific enterprise; to guide public policy with science; and to communicate the nature, values, and judgments of science to government and the public. 500,000 511,887 NAS Members Endowment(s) — NAS members’ contributions that have been designated for special purposes, such as the Board on Chemical Sciences Fund and the Section 14 Chemistry Discretionary Fund. 58,941 503,712 National Science Resources Center (NSRC) Fund * — Royalty revenues from elementary and middle school science kits developed by the NSRC to provide core support of NSRC programs to enhance and improve the learning and teaching of science in domestic and international schools. 4,986,473 7,543,758 National Academy of Sciences Fund for Sciences and Technology in International Affairs — Contributions from Cecil and Ida Green, J. Erik Jonsson, and Jerome B. Wiesner and others in honor of Walter A. Rosenblith. 49,119 361,350 New Canaan Library Fund — Contribution from the Board of the New Canaan Library to permanently maintain a current National Academies book collection at the library in honor of Dr. H.R. Shepherd. 4,000 19,091 Kumar and Shela Patel Endowment for US–India Dialogs — Contributions from Kumar and Shela Patel to support US-India scientific and technical communication and dialog. 625,000 1,047,488 Arthur M. Sackler Colloquia of the National Academy of Sciences Fund — A contribution from Mrs. Arthur M. Sackler to endow a series of scientific symposia that promotes interaction among world–class researchers in rapidly advancing scientific fields. 5,000,175 7,099,728 The Raymond and Beverly Sackler USA–UK Scientific Forum Endowment — A contribution from the Raymond and Beverly Sackler Foundation to endow a bilateral scientific forum to forge a partnership between the scientific leadership of the United Kingdom and the United States through conferences and meetings on topics of immediate and future scientific concern. 2,025,108 2,503,542 U.S. National Committee for the International Astronomical Union (USNC/IAU) Fund * — Contributions from USNC/IAU to support participation by U.S. astronomers in the activities of the International Astronomical Union Triennial General Assemblies. 100,000 240,434 Subtotal – Program Specific Funds $ 59,794,421 $ 83,060,218 E. Prizes and Awards — The following funds support prizes or awards presented in various scientific fields as designated by the donor(s). American Psychological Association (APA) Science Directorate Fund — A contribution from the APA to conduct activities that will help inform the public of the knowledge base, value, and importance of behavioral science research. $ 30,000 $ 98,338 Henryk Arctowski Fund — A bequest of Jane Arctowski in memory of her husband Henryk Arctowski, for the promotion and study of solar activity changes of short or long duration and their effects upon the ionosphere and terrestrial atmosphere. 95,736 4,921,919 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 14

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value Richard C. Atkinson Fund — A contribution from Richard C. Atkinson to establish the National Academy of Sciences Prize in Psychological and Cognitive Sciences to be awarded for significant advances in the psychological and cognitive sciences with important implications for formal and systematic theory in these fields. 3,151,478 4,524,924 Bache Fund — A bequest of Alexander Dallas Bache to aid research in the physical and natural sciences. 60,000 431,660 Edward and Marianne Blaauw Fund — A bequest of Marianne Blaauw to support research in the field of ophthalmology. 71,299 937,258 John J. Carty Fund — A contribution from the American Telephone and Telegraph Company in recognition of John J. Carty for a gold medal and award for noteworthy and distinguished accomplishments in any field of science. 25,000 987,372 Comstock Fund — A contribution from Cyrus B. Comstock for a prize for notable investigations in electricity, magnetism, or radiant energy. 10,400 1,183,968 Draper Fund — A contribution from 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. 6,000 481,314 Elliot Fund — A contribution from Margaret Henderson Elliot for the most meritorious work on zoology and paleontology published in each year. 8,000 228,888 Estes Award in Social and Behavioral Sciences — A contribution from William K. and Katherine W. Estes to be used initially for an award relating to contributions to the prevention of nuclear war. After several awards are given for this purpose, the remaining money will be set aside for use by the Division of Behavioral and Social Sciences and Education. 79,849 291,870 Food and Agriculture Research Fund — Contributions from the Foundation for Food and Agriculture Research and The Bill & Melinda Gates Foundation to provide support for the National Academy of Sciences Prize in Food and Agriculture Sciences which is to be awarded to an individual researcher at a U.S. institution who has made an extraordinary contribution to understanding the fundamental biology of an agriculturally important species and/or has had a major impact on agriculture. 3,000,000 3,755,647 Gibbs Brothers Fund — A contribution from William Francis Gibbs and Frederic H. Gibbs for outstanding contributions in the field of naval architecture and marine engineering. 24,000 298,697 Gibbs Fund — A contribution from Wolcott Gibbs and increased by a bequest of Morris Loeb for the promotion of research in chemistry. 5,274 176,803 Ralph E. Gomory Award for the Application of Science — A grant from the International Business Machines Corporation for an award to be given in honor of Ralph Gomory. 179,046 756,254 Gould Fund — A contribution and a bequest of Alice Bache Gould in memory of her father for the promotion of research in astronomy, increased by a bequest of Elizabeth Chandler Hockley. 50,000 774,508 Michael and Sheila Held Prize in Mathematical Programming — A bequest of Michael and Sheila Held for achievement in mathematical programming. 3,975,226 5,193,303 Joseph Henry Fund — Contributions by Fairman Rogers, Joseph Patterson, George W. Childs, and others in honor of Joseph Henry to assist meritorious investigators of original research. 39,740 503,510 Alexander Hollaender Award in Biophysics — A bequest of Alexander Hollaender for a prize to an outstanding biophysicist. 100,000 403,228 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 15

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value Hunsaker Fund — A contribution from Mr. and Mrs. J. C. Hunsaker to found an Academy award in the field of aeronautical engineering. 24,750 623,448 Franklin Livingston Hunt Fund — A bequest of Franklin Livingston Hunt to aid research in physics, chemistry, and preventive medicine. 10,465 421,492 Robert L. James Fund — A contribution from Robert L. James to support The James Prize in Science and Technology Integration, which recognizes outstanding contributions from researchers who adopt or adapt information or techniques from outside their fields and thus integrate knowledge from two or more disciplines. 1,965,001 1,965,001 Kovalenko Fund — A contribution from Michael S. Kovalenko, in memory of his wife, to found the Jessie Stevenson Kovalenko Gold Medal for meritorious research in medical sciences. 120,464 2,246,886 Marsh Fund — A bequest of Othniel Charles Marsh to promote original research in the natural sciences. 10,000 220,825 George P. Merrill Fund — A contribution from Mrs. George P. Merrill for studies of meteors, meteorites, and space. 10,000 722,834 Stanley Miller Award * — A bequest of Stanley L. Miller for work or contributions to early earth studies. 204,554 307,265 Monsanto Award in Molecular Biology — A grant from the Monsanto Company for contributions in the field of molecular biology. 421,374 1,405,029 Murray Fund — A contribution from Sir John Murray in honor of Alexander Agassiz for original contributions to the science of oceanography. 6,000 202,385 National Academy of Sciences Award in Chemical Sciences — A contribution from The Merck Company Foundation for distinction in research and broad fundamental impact in pure chemistry. 478,278 724,727 National Academy of Sciences Award for Chemistry in Service to Society — A contribution from the E. I. DuPont de Nemours & Company for contributions to chemistry, whether in fundamental science or its applications, that clearly satisfy a societal need. 181,838 451,441 National Academy of Sciences Award in Mathematics — A contribution from the American Mathematical Society with further contributions from the Simons Foundation and others for achievements in mathematics. 394,986 453,188 National Academy of Sciences Award in Neuroscience — A contribution from the Fidia Research Foundation for achievements in neuroscience. 140,206 696,281 Pradel Fund — A bequest of Jules Pradel to be applied to work on the human central nervous system and allied subjects. 16,392 2,398,478 H. P. Robertson Lectureship Fund — Contributions by friends of H. P. Robertson for the Robertson Memorial Lecture of the National Academy of Sciences. 20,325 524,248 Raymond and Beverly Sackler Convergence Research Prize Fund — A contribution from Dr. Raymond R. Sackler and Beverly Sackler to establish a Prize to recognize significant advances by a group or individual in convergence research in two or more among the disciplines of mathematics, physics, chemistry, biomedicine, biology, astronomy, earth sciences, engineering and computational science. 10,000,000 11,630,425 John P. Schaefer Fund — A contribution from the Research Corporation for Science Advancement to create the National Academy of Sciences Award for Scientific Discovery, in honor of John P. Schaefer for basic research. 1,500,000 1,870,094 Helen P. Smith Fund — A bequest of Helen P. Smith in memory of her husband, Gilbert Morgan Smith, for published research in marine and freshwater algae. 67,107 887,969 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 16

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value Mrs. J. Lawrence Smith Fund — A contribution from Mrs. J. Lawrence Smith in memory of her husband for important investigations of meteoric bodies and to assist, by grants of money, research concerning such objects. 8,000 987,202 Thompson Fund — A contribution from Mary Clark Thompson for important services to geology and paleontology. 10,000 324,896 Troland Fund — A bequest of Leonard T. Troland for the advancement of scientific knowledge in the field of psychophysics. 505,359 5,683,155 Selman A. Waksman Award Fund — A contribution from the Waksman Foundation for Microbiology to establish an award to be given biennially to an individual responsible for significant advances in the field of microbiology. 390,000 598,651 Walcott Fund — A contribution from Mary Vaux Walcott in honor of her husband for Cambrian or pre-Cambrian life and its history. 5,000 99,698 G. K. Warren Fund — A contribution from Emily B. Warren in memory of her father for achievements in any field of science. 15,000 250,953 Watson Fund — A bequest of James Craig Watson for the promotion of astronomical sciences and grants in aid of research. 25,000 1,992,637 Subtotal — Prizes and Awards $ 27,441,147 $ 63,638,669 F. Reserve Funds — The following funds are invested in the long-term investment pool to provide for future unanticipated funding needs. National Academy of Sciences Reserve Fund * $ 5,645,696 $ 7,954,068 National Academy of Sciences Reserve – COM Fund * - 42,590,405 Proceedings of the National Academy of Sciences (PNAS) Fund * 1,000,000 1,970,826 Transportation Research Board (TRB) Reserve Fund * 1,500,000 4,022,970 Due from National Academy of Sciences - (2,005,438) Subtotal — Reserve Funds $ 8,145,696 $ 54,532,831 Subtotal — Funds that Support the NAS $ 190,098,246 $ 471,867,023 II. Funds that Support the NAM A. General Funds — The following funds provide unrestricted resources to support the activities of the National Academy of Medicine. H. Fineberg and M. Wilson Fund — A contribution by Harvey V. Fineberg and Mary E. Wilson to be used at the discretion of the president of the National Academy of Medicine to increase the impact of its activities and of the joint program with the National Academy of Sciences and National Academy of Engineering. $ 171,500 $ 223,883 General Endowment Fund — Contributions from various sources, including members of the National Academy of Medicine, for capital endowment of the National Academy of Medicine. 1,160,789 2,263,397 Robert Wood Johnson Foundation Fund — A grant from the Robert Wood Johnson Foundation for core support of the National Academy of Medicine. 5,000,000 12,947,514 Henry J. Kaiser Family Foundation Fund — A contribution from the Henry J. Kaiser Family Foundation for core activities of the National Academy of Medicine. 488,485 1,010,164 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 17

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value Kaiser Permanente Fund — Contribution from Kaiser Permanente for core support of the National Academy of Medicine. 26,346 73,197 National Academy of Medicine Kellogg Fund * — A grant from the Kellogg Foundation for the general purposes of the National Academy of Medicine. 282,500 712,102 National Academy of Medicine Members’ Dues * 197,500 492,534 John D. and Catherine T. MacArthur Foundation Fund — A grant to the endowment of the National Academy of Medicine, the income from which is restricted to the general purposes of the Academy. 5,000,000 12,755,834 Pharmaceutical Discretionary Fund * — A grant from the W. K. Kellogg Foundation to further the National Academy of Medicine’s long-range program development. 480,000 1,270,815 Pharmaceutical Endowment Fund — Contributions from Glaxo Inc. and Eli Lilly Company for the general purposes of the National Academy of Medicine. 259,448 613,165 Subtotal — General Funds $ 13,066,568 $ 32,362,605 B. Program Specific Funds — Each of the following funds supports a specific programmatic purpose as designated by the donor(s). American Board of Emergency Medicine (ABEM) Fellowship Fund — A contribution from the American Board of Emergency Medicine for early career health science scholars in the field of emergency medicine to participate in the NAM study process as part of NAM’s Anniversary Fellows program. $ 750,336 $ 899,393 Distinguished Scholar Fund — Contributions from NAM members for one or more persons of senior caliber to spend a period of time at the NAM in scholarly pursuits related to key program initiatives. 16,550 123,214 Norman F. Gant, M.D. and American Board of Obstetrics and Gynecology Fellowship Fund — A contribution from the American Board of Obstetrics and Gynecology for an early career health scientist in the field of obstetrics and gynecology, as part of NAM’s Anniversary Fellows program. 650,500 1,106,001 Greenwall Fellowship in Bioethics — A contribution from the Greenwall Foundation to support a two-year fellowship at the National Academy of Medicine for an early career scholar in the field of bioethics. 750,000 873,982 David and Beatrix Hamburg Endowment Fund — Contributions from individuals for communication and dissemination programs, collaborations among key public health stakeholders, and forward-looking studies. 1,013,025 2,261,716 Howard Hughes Medical Institute Fund — A contribution from the Howard Hughes Medical Institute for a program of studies to foster the translation of science into advances in health. 5,000,000 19,147,385 Robert Wood Johnson Foundation Culture of Health Program — A grant from the Robert Wood Johnson Foundation to support programs and activities in the National Academy of Medicine related to the culture of health. 5,487,248 6,517,861 Kellogg Health of the Public Fund — A contribution from the W.M. Kellogg Foundation to advance the National Academy of Medicine's capacity to contribute to the improvement of the health of America's communities. 5,000,000 8,339,370 Kellogg Health of the Public Fund Matching Contributions — Contributions in response to the W.M. Kellogg Foundation’s challenge grant to support communication and outreach activities. 2,572,544 5,402,641 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 18

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value Omenn Fellowship Fund — A contribution from Gilbert S. Omenn and Martha Darling for early career health science scholars in the fields of biomedical science and population health to participate in the NAM study process as part of NAM’s Anniversary Fellows program. 752,805 1,020,419 Osteopathic Medicine Fellow Fund — Contributions from the American Osteopathic Association, the American Association of Colleges of Osteopathic Medicine, and the American Osteopathic Foundation for early career health science scholars in the field of osteopathic medicine to participate in the NAM study process as part of NAM’s Anniversary Fellows program. 750,000 834,926 Pharmacy Fellowship Fund — Contributions from the American Association of Colleges of Pharmacy and the American College of Clinical Pharmacy for early career health science scholars from the pharmaceutical and clinical sciences to participate in the NAM study process as part of NAM’s Anniversary Fellows program. 751,000 964,191 James C. Puffer / ABFM Fund — A contribution from the American Board of Family Medicine for early career health science scholars in the field of family medicine to participate in the NAM study process as part of the NAM’s Anniversary Fellows program. 750,000 1,057,732 Richard and Hinda Rosenthal Lecture Series — A contribution from the Richard and Hinda Rosenthal Foundation for a lecture series to bring greater attention to some of the critical health policy issues facing the country. 1,000,000 1,911,464 Leonard D. Schaeffer Fund — A contribution from Leonard D. Schaeffer to establish an endowed position in the Executive Office of the National Academy of Medicine. 2,020,684 2,914,504 Women’s Health Issues Fund — A contribution from Syntex (U.S.A.), Inc., to be used for purposes related to women’s health issues. 20,000 139,701 Subtotal — Program Specific Funds $ 27,284,692 $ 53,514,500 C. Prizes and Awards — The following funds support prizes or awards presented in various fields as designated by the donor(s). Gustav O. Lienhard Award — A grant from the Robert Wood Johnson Foundation for an outstanding contribution to the advancement of health care. $ 1,200,000 $ 5,684,626 Sandra H. Matthews Cecil Award * — Contributions from former Institute of Medicine presidents to support an award for a current or former administrative support staff member who has made a significant and sustained contribution to developing and maintaining efficient, effective, and service oriented support for the membership or program activities. 153,175 183,920 Rhoda and Bernard G. Sarnat International Prize in Mental Health — A grant from Rhoda and Bernard G. Sarnat for distinguished accomplishments in the field of mental health. 1,009,179 2,034,381 Subtotal — Prizes and Awards $ 2,362,354 $ 7,902,927 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 19

SCHEDULE 1 Endowment and Other Long–Term Investments Pool Capital Description of Funds for the Year Ended December 31, 2019 Contribution Market Value D. Reserve Funds — The following funds are invested in the long-term investment pool to provide for future unanticipated funding needs. NAM Reserve Fund * $ 500,000 $ 1,584,245 NAM General Fund * 8,000,000 8,910,923 NAM Leadership Consortium Reserve * 2,500,000 2,586,689 Subtotal — Reserve Funds $ 11,000,000 $ 13,081,857 Subtotal — Funds that Support the NAM $ 53,713,614 $ 106,861,889 Subtotal — NAS and NAM Funds $ 243,811,860 $ 578,728,912 III. FUNDS HELD ON BEHALF OF OTHERS A. The National Academies' Corporation (TNAC) Operations Endowment — An endowment from the Arnold and Mabel Beckman Foundation to TNAC to support operations of the Beckman Center in Irvine, California. The endowment is held on behalf of TNAC and invested by the NAS. $ 8,000,000 $ 9,938,867 Program Endowment — An endowment from the Arnold and Mabel Beckman Foundation to TNAC to support NRC program activities conducted in whole or in part at the Beckman Center. The endowment is held on behalf of TNAC and invested by the NAS. 1,923,034 2,420,810 Building Maintenance Reserve * — Accumulated surplus from TNAC operations set aside for maintenance of the Beckman Center. The endowment is held on behalf of TNAC and invested by the NAS. 6,597 892,595 Subtotal — The National Academies’ Corporation $ 9,929,631 $ 13,252,272 TOTAL $ 253,741,491 $ 591,981,184 * Denotes funds for which the contribution was not restricted in perpetuity by the donor 20

SCHEDULE 2 Endowment and Other Long-term Investments Pool Change in Valuation and Asset Allocation as of December 31, 2019 Change in Valuation from 12/31/18 to 12/31/19 (Dollars in Thousands) Market Value at 12/31/18 $ 510,729 Realized Capital Gain 58,938 Unrealized Capital Gain 12,788 Reinvested Income 3,466 Contributions 24,860 Expenditures and Transfers (18,800) Market Value at 12/31/19 $ 591,981 Asset Allocation as of 12/31/19 (Dollars in Thousands) U.S. Fixed Income/Cash $ 129,352 U.S. Large Equity 38,926 Non-U.S. Equity (Developed) 28,197 Long/Short Equity Hedge Funds 104,415 Multi-Strategy Hedge Funds 256,672 Private Equity 34,419 TOTAL $ 591,981 U.S. Fixed Income/Cash 21.9% U.S. Large Equity 6.6% Private Equity 5.8% Non-U.S. Equity (Developed) 4.8% Long-Short Equity Hedge Funds 17.6% Multi-Strategy Hedge Funds 43.3% 21

Next: II. Private Contributions »
Report of the Treasurer for the Year Ended December 31, 2019 Get This Book
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The income that supports the activities of the National Academy of Sciences (NAS) comes from two major sources: program revenue received from sponsors to pay for the myriad studies and other activities undertaken each year by the National Academies of Sciences, Engineering, and Medicine, and a much smaller sum that is obtained from our endowment under the endowment spending policies adopted by the Council. The goal of the endowment is to provide stable support for the Academy's programs and activities. To achieve this goal, the Council, acting on the recommendations of the Finance Committee, has historically authorized spending from the portfolio at a rate designed to maintain the purchasing power of the endowment over time.

This Report of the Treasurer of the National Academy of Sciences presents the financial position and results of operations as well as a review of the endowment, trust, and other long-term investments portfolio activities of our Academy for the year ended December 31, 2019. While this book provides essential financial summary to key personnel, it also serves as a vital informative resource for various members of the public, private, and governmental sectors.

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