2010 Annual Report
Financial Highlights for 2010 & 2009

STATEMENTS OF FINANCIAL POSITION 2010 2009
ASSETS
Cash and cash equivalents $2,146,056 $25,3332
Investments at market value 628,791,057 599,845,032
Receivables and other assets 4,742,008 4,108,829
Total Assets 635,679,121 604,207,193
LIABILITIES
Approved grants not yet paid 9,109,834 20,739,020
Accounts payable and deferred taxes 3,154,421 2,477,949
Total Liabilities 12,264,255 23,216,969
NET ASSETS 623,414,866 580,990,224
Total Liabilities and Net Assets $635,679,121 $604,207,193
STATEMENTS OF ACTIVITIES 2010 2009
INCOME
Net investment income $24,307,707 $25,658,110
Realized and unrealized gain/(loss) 46,175,964 (195,337,166)
Total Income (loss) 70,483,671 (169,679,056)
EXPENDITURES
Grants approved 24,738,804 23,770,300
Operating expenses 2,601,358 2,470,785
Excise tax provision (benefit) 718,867 (3,733,758)
Total Expenditures 28,059,029 22,507,327
CHANGES IN NET ASSETS
Change in unrestricted net assets 42,424,642 (192,186,383)
Net assets at the beginning of the year 580,990,224 773,176,607
Net Assets at the End of the Year $623,414,866 $580,990,224

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.