NET ASSETS

 

	Market Value	Carrying Value
Cash and cash equivalents	$      822,288	$       822,288
Marketable Securities	144,559,509	140,080,926
Real estate and minerals	8,668,750	1,029,813
Other assets	40,513	40,513
	______________	______________
	$ 154,091,360	$ 141,973,540
	===========	===========

 

CORPUS

 

July 1, 2007		$  144,689,388
ADD:
Interest and dividends	$   4,906,071
Royalties	1,407,134
Capital gain	846,382
Other	149,937	$    7,309,524
	_______________
DEDUCT:
Grants	$   8,598,806
Administrative expenses	1,266,389
Production and ad valorem taxes	160,177
		$    10,025,372
		_________________
June 30, 2008		$ 141,973,540
Adjustment to fair market value		12,117,820
		_________________
June 30, 2008		$ 154,091,360
		=============