2009 Annual Report
Financial Highlights for 2009 & 2008

STATEMENTS OF FINANCIAL POSITION 2009 2008
ASSETS
Cash and cash equivalents $25,3332 $62,348
Investments at market value 599,845,032 811,346,829
Receivables and other assets 4,108,829 9,570,768
Total Assets 604,207,193 820,979,945
LIABILITIES
Approved grants not yet paid 20,739,020 41,265,223
Accounts payable and deferred taxes 2,477,949 6,538,115
Total Liabilities 23,216,969 47,803,338
NET ASSETS 580,990,224 773,176,607
Total Liabilities and Net Assets $604,207,193 $820,979,945
STATEMENTS OF ACTIVITIES 2009 2008
INCOME
Net investment income $25,658,110 $30,161,537
Realized and unrealized gain/(loss) (195,337,166) (92,719,558)
Total Income (loss) (169,679,056) (62,558,021)
EXPENDITURES
Grants approved 23,770,300 42,249,237
Operating expenses 2,470,785 2,268,029
Excise tax provision (benefit) (3,733,758) (1,154,145)
Total Expenditures 22,507,327 43,363,121
CHANGES IN NET ASSETS
Change in unrestricted net assets (192,186,383) (105,921,142)
Net assets at the beginning of the year 773,176,607 879,097,749
Net Assets at the End of the Year $580,990,224 $773,176,607

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