DECEMBER 31, 2006

ASSETS
Cash and cash equivalents	$	144,385
Interest and dividends receivable		2,677
Grants receivable		250,000
Investments, at fair value		84,527,836
Collateral held under securities lending agreement		7,699,784
Program related investment, net		119,043
Property and equipment, net		52,086
Other assets		20,182
TOTAL ASSETS	$	92,815,957
LIABILITIES AND NET ASSETS
LIABILITIES
Bank overdraft	$	-
Accounts payable and accrued expenses		482,030
Excise tax payable		119,574
Grants payable		375,728
Payable under securities lending agreement		7,699,748
Deferred federal excise tax liability		261,595
TOTAL LIABILITIES		8,938,675
NET ASSETS
Unrestricted		83,626,282
Temporarily restricted net assets		251,000
TOTAL NET ASSETS		83,877,282
TOTAL LIABILITIES AND NET ASSETS	$	92,815,957

Statements of Activities

Year ended December 31, 2006

	Unrestricted		Temporarily Restricted		Total
SUPPORT AND REVENUE
Dividends and interest	$	1,660,537			$	1,660,537
Net realized and unrealized gains on investments		11,052,670				11,052,670
Other investment income		143,505				143,505
Custodial and management fees		(450,867)				(450,867)
Other investment expenses		(177,134)				(177,134)
Net investment income before provision for federal excise tax		12,228,691				12,228,691
Provision for federal excise taxes		(367,540)				(367,540)
Net investment income		11,861,151				11,861,151
Contributions		-		1,251,000		1,251,000
Income from program-related investment		3,652				3,652
Other revenue		(680)				(680)
Net assets released from restrictions		1,000,000		(1,000,000)	-
TOTAL SUPPORT AND REVENUE		12,864,123		251,000		13,115,123
EXPENSES
Program Services
Grants		5,681,483				5,681,483
Grants management		384,606				384,606
Philanthropic community and public relations		106,701				106,701
Total program services		6,172,790				6,172,790
Supporting services
Board meetings and support		131,161				131,161
General administration		112,225				112,225
Total supporting services		243,386				243,386
TOTAL EXPENSES		6,416,176				6,416,176
CHANGE IN NET ASSETS		6,447,947		251,000		6,698,947
NET ASSETS
Beginning of year		77,178,335		-		77,178,335
End of year	$	83,626,383	$	251,000	$	83,877,282