Cash Flows from
Operating Activities
Years Ended May 31, 2005 and 2004
| |
2005 |
2004 |
| Increase (decrease) in net assets |
$(2,215,815) |
$ 4,871,577 |
Adjustments to reconcile (decrease) increase in net assets
to net cash provided by (used in) operating activities: |
|
|
| Net realized and unrealized gains on investments |
(239,208) |
(251,519) |
Net realized and unrealized losses on settlements
of futures contracts |
— |
367 |
| Cash provided by (used in) changes in: |
|
|
Interest receivable
|
— |
10,682 |
Due to sponsor
|
6,000 |
— |
Contributions receivable
|
5,000,000 |
(5,000,000) |
Grants payable
|
(377,889) |
(760,101) |
| Net Cash Provided By (Used In) Operating Activities |
$2,173,088 |
$(1,128,994) |
| |
|
|
| Cash Flows from Investing Activities |
|
|
| Proceeds from sale of investments |
— |
698,812 |
Purchases of investments |
(300,000) |
(344,000) |
| Net settlements of futures contracts |
— |
56,509 |
| Net Cash (Used In) Provided By Investing Activities |
$ (300,000) |
$ 411,321 |
| Net Increase (Decrease) in Cash and Cash Equivalents |
$ 1,873,088 |
$ (717,673) |
| Cash and cash equivalents, beginning of year |
5,759 |
723,432 |
Cash and cash equivalents, end of year |
$ 1,878,847 |
$ 5,759 |
See accompanying notes to financial statements.
|
