ASSETS

2007

2006

Cash and Cash Equivalents

$137,712

$164,072

Interest Receivable

1,354,919

1,222,275

Receivable for Unsettled Investment Transactions

27,888,422

Prepayments and Other Assets

9,907

52,035

Investments — At fair value

595,318,688

597,820,993

Property and Equipment — Net

1,961,244

1,842,015

Total Assets

$626,670,892

$601,101,390

LIABILITIES AND NET ASSETS

LIABILITIES:

Accounts payable and other accrued liabilities

$1,003,093

$925,106

Deferred federal excise tax

965,730

1,094,010

Grants payable

17,068,477

19,356,112

Deferred lease incentive

192,287

244,139

Total liabilities

19,229,587

21,619,367

NET ASSETS—Unrestricted

607,441,305

579,482,023

TOTAL LIABILITIES AND NET ASSETS

$626,670,892

$601,101,390

INVESTMENT INCOME

2007

2006

Dividends, interest and other

$15,223,456

$13,840,496

Net realized and unrealized gains on investments

51,208,313

70,159,863

Custodial and investment related expenses

(1,511,849)

(1,329,465)

Net investment income before federal excise tax

64,919,920

82,670,894

Federal excise tax

(910,405)

(874,307)

Net investment income

$64,009,515

$81,796,587

EXPENDITURES

Grants***

$28,745,470

$30,205,477

Direct charitable activities

559,692

543,259

Grant management

6,745,071

6,291,296

Total expenditures

$36,050,233

$37,040,032

Increase in Net Assets

$27,959,282

$44,756,555

NET ASSETS — UNRESTRICTED

Beginning of year

579,482,023

534,725,468

End of year

$607,441,305

$579,482,023