2002

  2001

 Cash flows from operating activities:

     Change in net assets

$  (1,428,148)

 $ (1,309,308)

     Adjustments to reconcile change in net assets

       to net cash used in operating activities:

         Net losses (gains) on sales of securities

   492,426

     382,712

         Increase (Decrease) in grants payable

   (314,920)

   (272,580)

         Increase (Decrease) in accounts payable

     14,532

         13,011

         (Increase) Decrease in accrued interest receivable

       (10,816)

               828

               Net Cash provided (used) by Operating

                   Activities

   (1,246,926)

   (1,185,337)

 Cash flows from investing activities:

     Proceeds on disposition of securities

   1,885,094

   2,477,885

     Purchase of securities

   (706,992)

(1,354,658)

               Net Cash provided (used) by Investing

                   Activities

  1,178,102

  1,123,227

               Net Increase (decrease) in Cash and

                   Cash Equivalents

     (68,824)

   (62,110)

 Cash and cash equivalents, beginning of year

       125,463

       187,573

 Cash and cash equivalents, end of year

$  56,639

$  125,463