During 2005-2006, our campus completed Campaign UCLA, the most successful fund-raising effort in the history of higher education. Together, we reached extraordinary heights, and all of us in the UCLA community should feel a deep sense of pride and accomplishment. With your support, UCLA retained its leadership role among the best institutions of higher learning in the world. Your investments help the campus remain among the nation’s elite research universities, and the global community continues to benefit from the advances afforded by the generous support of alumni and friends. The UCLA Foundation is a proud partner in the pursuit of our university’s highest priorities, including faculty and student recruitment and retention and interdisciplinary innovation. We are honored to carry out our mission of promoting a culture of philanthropy and managing endowed resources for UCLA’s benefit. The four stories in this annual report represent the far-reaching power of philanthropy at UCLA. I am pleased to share them with you and to present a financial report that describes a growing and prudently managed endowment. On behalf of The UCLA Foundation, thank you for helping to keep UCLA at the vanguard of technological, scientific, social and cultural progress. James T. McCarthy Chair, The UCLA Foundation