STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2004 AND 2003
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2004 | |
2003 | |
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| Cash Flows From Operating Activities: |
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| Increase in net assets | $ | 125,933,931 | $ | 199,843,092 | |
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| Adjustments to reconcile increase in net assets to net cash used in operating activities: | |
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| Net gain on disposal of investments |
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(80,885,574) | |
(21,237,935) | |
| Unrealized gain in investments |
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(102,213,401) | |
(238,384,341) | |
| Increase in deferred federal |
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| excise tax |
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2,044,269 | |
3,705,012 | |
| Decrease in other assets |
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189,381 | |
115,778 | |
| Increase in grants payable |
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977,359 | |
2,142,461 | |
| Increase in other liabilities |
297,376 | — |
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| Net cash used in operating activities |
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(53,815,933) | |
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| Cash Flows From Investing Activities: |
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| Proceeds from sales of investments |
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596,241,077 | |
1,277,943,162 | |
| Purchases of investments |
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(1,223,396,866) | |
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| Net cash provided by investing activities |
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54,546,296 | |
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| Net (decrease) increase in cash |
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730,363 | |
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| Cash at beginning of year |
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730,363 | |
— | |
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| Cash at end of year |
$ |
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$ | 730,363 | |
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See accompanying notes to financial statements.