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THE JAMES IRVINE FOUNDATIONSTATEMENTS OF FINANCIAL POSITIONDecember 31, 2004 and 20032004 2003ASSETSCash – Interest-bearing deposits $ 14,551 $ 62,649Receivable from Sales of Securities 1,096,762 529,566Interest and Dividends Receivable 3,558,831 3,892,570Investments:Short-term, fixed-income 35,387,330 37,481,368Equity securities 943,715,579 859,045,484Alternative investments 292,569,332 149,536,416Fixed-income securities 264,227,302 312,778,252Total investments 1,535,899,543 1,358,841,520Property and Equipment – Net 1,113,502 1,200,493Prepaid Excise Taxes and Other 366,320 394,153Total $ 1,542,049,509 $ 1,364,920,951LIABILITIES AND NET ASSETSLiabilities:Payable for purchases of securities $ 1,109,148 $ 6,332,268Accounts payable and other accrued liabilities 2,557,620 2,051,845Grants payable – net 37,889,708 35,355,579Total liabilities 41,556,476 43,739,692Net Assets – Unrestricted 1,500,493,033 1,321,181,259Total $ 1,542,049,509 $ 1,364,920,951See notes to financial statements.41