DECEMBER 31, 2008

ASSETS
Cash and cash equivalents	$	326,224
Distribution receivable		4,265,280
Investments, at fair value		56,399,683
Collateral held under securities lending agreement		955,647
Program related investment, net		20,438
Property and equipment, net		32,408
Other assets		72,864
TOTAL ASSETS	$	62,072,564
LIABILITIES AND NET ASSETS
LIABILITIES
Accounts payable and accrued expenses	$	185,701
Security transactions pending settlement		3,472,520
Excise tax payable		-
Grants payable		559,219
Payable under securities lending agreement		955,647
Deferred federal excise tax		-
TOTAL LIABILITIES		5,173,087
NET ASSETS
Unrestricted		56,899,477
Temporarily restricted net assets		-
TOTAL NET ASSETS		56,899,477
TOTAL LIABILITIES AND NET ASSETS	$	62,072,564

Statements of Activities

Year ended December 31, 2008

	Unrestricted		Temporarily Restricted		Total
SUPPORT AND REVENUE
Dividends and interest	$	2,025,375			$	2,025,375
Net realized and unrealized gains/(losses) on investments		(25,520,092)				(25,520,092)
Other investment income		117,268				117,268
Custodial and management fees		(513,755)				(513,755)
Other investment expenses		(445,755)				(445,755)
Net investment income before provision for federal excise tax		(24,336,949)				(24,336,949)
Provision for federal excise taxes		138,853				138,853
Net investment income		(24,198,096)				(24,198,096)
Contributions		21,033				21,033
Other revenue		-				-
Net assets released from restrictions		250,000		(250,000)	-
TOTAL SUPPORT AND REVENUE		(23,927,063)		(250,000)		(24,177,063)
EXPENSES
Program Services
Grants		4,455,216				4,455,216
Grants management		457,043				457,043
Philanthropic community and public relations		126,103				126,103
Total program services		5,038,362				5,038,362
Supporting services
Board meetings and support		148,882				148,882
General administration		131,075				131,075
Total supporting services		279,957				279,957
TOTAL EXPENSES		5,318,319				5,318,319
CHANGE IN NET ASSETS		(29,245,382)		(250,000)		(29,495,382)
NET ASSETS
Beginning of year		86,144,859		250,000		86,394,859
End of year	$	56,899,477	$		$	56,899,477