Statements of Cash Flows   Years Ended April 30, 2002  __________ 2001  __________   Cash Flows from Operating Activities     Increase (Decrease) in Net Assets $(3,395,831) $(6,469,246)   Adjustments to Reconcile Increase (Decrease) in Net Assets to Net Cash (Used in) Operating Activities:       Depreciation and Amortization 18,796  22,496    Net (Gain) Loss on Timber Rights and Investments 1,840,419  5,376,006    (Gain)/Loss on Sale of Equipment (111)     Changes in Assets and Liabilities:          Decrease in Investment Income Receivable   15,550    200    (Increase) Decrease in Prepaid Expenses and Other Receivables (2,344)  273    (Increase) in Contribution Receivable from Annuity Trust (5,000) (65,000)   (Decrease) Increase in Accrued Federal Excise Tax 7,928  (46,000)   Increase in Accounts Payable and Accrued Expenses 52,703  5,734    (Decrease) Increase in Grant Commitments Payable 6,345  (140,756)     __________ __________   Net Cash (Used in) Operating Activities (1,461,545) (1,316,293)     Cash Flows from Investing Activities     Proceeds from Sales of Investments 21,323,675  21,544,260    Purchase of Investments (20,032,678) (20,345,187)   Proceeds from Sale/Disposal of Equipment 1,322  (3,964)     __________ __________   Net Cash Provided by Investing Activities 1,292,319  1,195,109      __________ __________   Net Increase (Decrease) in Cash (169,226) (121,184)           Cash, Beginning of Year 183,316  304,500      __________ __________   Cash, End of Year $14,090  $183,316            Supplemental Disclosure of Cash Flow Information       Federal Excise Taxes Paid During the Year   33,640      The accompanying notes are an integral part of the financial statements.