THE SECRETARY-TREASURER has organized this report to reflect the purpose and status of each of the Society's assets. Some investments are intended to help support gifts and grants while others are reinvested for growth. Routine operating funds are maintained in the SASS operating account. Income

and expenditures are itemized. The Society is financially sound with assets on 31 December 2006 of $886,407.18. The Society has a current membership of 586 (194 Institutional and 392 Individual). That represents a decrease since 31 December 2005 of 64 members (26 Institutional and 38 Individual). Institutional memberships number 147 in the US (an increase of 9) and 47 abroad (a decrease of 35). Individual memberships number 339 in the US (a decrease of 44) and 53 abroad (an increase of 6). The Society currently has 56 lifetime members (an increase of 5). Of these, 45 are in the us (an increase of 5) and 11 abroad (the same as the previous year). Lifetime members are also included above as current members.

Brigham Young University's College of Humanities has for many years generously assisted SASS by providing office facilities and equipment and by paying the wages for a staff of students to assist with publication of our quarterly journal and other materials, maintain the SASS web site, and process membership dues. This report does not reflect the monetary value of the subsidy provided by Brigham Young University's Scandinavian Studies office.

In 2004 the Society received a generous grant of $500,000 from the family of Birgit Baldwin to establish in her honor a fellowship for dissertation research in the Nordic region. Two doctoral students have benefited from the grant thus far.

A. INVESTMENTS GAINING INTEREST AND DIVIDENDS FOR GRANTS

                                                  VALUE    CHANGE
Lord Abbett Investment Trusts
  Balanced Strategy Fund CLA                       4,598       516
  Balanced Strategy Fund CLC                      24,174     2,571
TOTAL PORTFOLIO (A):                             $28,772    $3,087

B. INVESTMENTS REINVESTING FOR GROWTH

                                                  VALUE    CHANGE
FEDERATED
  Limited Term                                    16,723       648
  Strategic Income                                15,967     1,286
GOLDMAN SACHS
  Balanced Fund                                   37,615     3,950
  Growth and Income                              103,024    18,760
  Capital Growth                                  26,951     2,036
TOTAL PORTFOLIO (B):                            $200,280   $26,680

C. BIRGIT BALDWIN FELLOWSHIP

                                                  VALUE    CHANGE
MUTUAL FUNDS
  Capital Income Builder                         635,084    96,814
TOTAL PORTFOLIO (C):                            $635,084   $96,814 (1)

D. SASS OPERATING ACCOUNT

BEGINNING BALANCE                             $15,678.61
  Income
    Advertising proceeds                          400.00
    ASF grant for student travel                   1,000
    Conference surplus from Portland              117.75
    Donations for President's grants             1075.00
    Dues and subscriptions                        35,785
    Interest Income                               982.48
    Royalties                                      8,718
    Women's caucus donations                      203.00
  TOTAL INCOME:                               $48,280.74

    Expenses
    ACLS Membership                               990.00
    Aurora Borealis Prize                          1,250
    Banquet for Aurora Borealis                       55
      Prize recipient
    Credit card fees                              108.95
    Editorial expenses (student wages)            13,000
    Non-profit tax return preparation             950.00
    Postage and mailing                            4,159
    President's grants                             4,500
    Printing and copying                          14,805
    Storage space rental                          300.00
    Subscription refund                            70.00
    Website development                            1,400
    Women's Caucus Speaker                        100.00
  TOTAL EXPENSES:                             $41,688.17
ENDING BALANCE                                $22,271.18

E. SUMMARY (ASSETS), 31 DEC. 2006

  Investments supporting gifts and grants     $28,772.00
  Investments reinvesting for growth         $200,280.00
  Birgit Baldwin Fellowship funds            $635,084.00
  Funds in SASS operating account             $22,271.18

TOTAL ASSETS                                 $886,407.18

This represents an increase of $133,173-57 over total
assets on 12/31/2005.

Respectfully submitted,
Richard L. Jensen,
Secretary-Treasurer

I. After withdrawal of $20,000 for fellowship grant

This represents an increase of $133,173.57 over total assets on 12/31/2005.

Respectfully submitted,

Richard L. Jensen, Secretary-Treasurer