2006 Annual Report
Financial Highlights for 2006 & 2005

STATEMENTS OF FINANCIAL POSITION 2006 2005
ASSETS
Cash and cash equivalents $556,292 $251,481
Investments at market value 837,384,657 793,114,552
Receivables and other assets 1,663,557 2,435,358
Total Assets 839,604,506 795,801,391
LIABILITIES
Approved grants not yet paid 33,182,369 36,014,720
Accounts payable and deferred taxes 4,679,242 8,183,732
Total Liabilities 37,861,611 44,198,452
NET ASSETS 801,742,895 751,602,939
Total Liabilities and Net Assets $839,604,506 $795,801,391
STATEMENTS OF ACTIVITIES 2006 2005
INCOME
Net investment income $52,363,022 $26,670,295
Realized and unrealized gain/(loss) 35,530,981 55,167,588
Total Income (loss) 87,894,003 81,837,883
EXPENDITURES
Grants approved 38,729,443 31,973,913
Operating expenses 1,787,131 1,823,101
Excise tax provision (benefit) (2,762,527) 1,592,689
Total Expenditures 37,754,047 35,389,703
CHANGES IN NET ASSETS
Change in unrestricted net assets 50,139,956 46,448,180
Net assets at the beginning of the year 751,602,939 705,154,759
Net Assets at the End of the Year $801,742,895 $751,602,939

A complete set of Financial Statements, audited by Ernst & Young LLP in which an unqualified opinion was rendered, is available upon written request to the President.