2006 Financial Review

Statements of Activities
Years Ended December 31, 2006 and 2005

		2006		2005
Investment Income:
Interest and dividends	$	24,163,628)	$	19,441,967)

Less:
Investment expenses		9,693,245)		6,178,063)
Provision for taxes		4,425,000)		3,953,000)
		14,118,245)		10,131,063)
Net investment income		10,045,383)		9,310,904)

Expenses:
Grants authorized (net of refunds of
$511,899 in 2006 and $1,004,338
in 2005)		69,408,995)		68,528,984)
Management expenses		6,593,525)		6,071,861)
		76,002,520)		74,600,845)
Excess of expenses over net
investment income		(65,957,137)		(65,289,941)

Investment Gains:
Net gain on disposal of investments		132,727,786)		125,445,454)
Unrealized gain in investments, net of
deferred federal excise tax of $3,117,573 and
$149,615 in 2006 and 2005, respectively		152,761,015)		7,331,183)
		285,488,801)		132,776,637)

Increase in net assets		219,531,664)		67,486,696)
Net assets at beginning of year		1,506,458,664)		1,438,971,968)
Net assets at end of year	$	1,725,990,328)	$	1,506,458,664)

See accompanying notes to financial statements.