BEFORE THE FUND FILED ITS CERTIFICATE OF DISSOLUTION THE FUND ENGAGED IN A PRIVATE INVESTMENT PROGRAM IN RUSSIA WHICH PROVIDED EQUITY INVESTMENTS, LOANS AND TECHNICAL ASSISTANCE GRANTS TO RUSSIAN ENTERPRISES, WESTERN FIRMS AND RUSSIAN-WESTERN JOINT VENTURES OPERATING IN RUSSIA. DURING THE CURRENT REPORTING PERIOD, THE FUND PROVIDED GRANTS TO CFE, INC. THE PURPOSE OF THE GRANTS IS TO PROVIDE SUPPORT FOR ENTREPRENEURIAL MANAGEMENT TEAMS AND THE PROMOTION OF ENTREPRENEURSHIP IN RUSSIA.THE FUND ALSO PROVIDED GRANTS TO THE U.S. RUSSIA FOUNDATION FOR (CONTINUED) ECONOMIC ADVANCEMENT AND RULE OF LAW ("USRF") IN ACCORDANCE WITH ITS WIND-UP AND LIQUIDATION PLAN FOR DISTRIBUTION OF THE FUND'S PROCEEDS OF SALES OF PORTFOLIO INVESTMENTS, AND THE ENDOWMENT OF USRF.