Western States Trail Endowment Fund

Adopt-The-Trail Program: Management of investment activity consisted of selling $28,715 of various securities resulting in realized gains of $4,477. Most proceeds were re-invested. Dividend and interest income, including capital gain distributions less foreign tax paid, of $23,782 were received on investments. Investment management fees were $8,546. The organization's investments' market value ended the year with an unrealized gain of $30,725.