2012-08-14T14:11:58-05:00 2011-09-30 MALONEY NOVOTNY LLC 1111 SUPERIOR AVENUE SUITE 700 CLEVELAND OH 44114 990 2010-10-01 340750346 THE HOLDEN ARBORETUM HOLD 4409464400 9500 SPERRY ROAD KIRTLAND OH 440945172 CLEMENT W HAMILTON 2012-08-14 CHRISTOPHER B ANDERSON 2163630100 2010 2016-02-24 21:20:13Z CLEMENT W HAMILTON 9500 SPERRY ROAD KIRTLAND OH 440945172 10901780 false X WWW.HOLDENARB.ORG X 1931 OH THE HOLDEN ARBORETUM IS AN OUTDOOR LIVING MUSEUM THAT PROMOTES THE BEAUTY&IMPORTANCE OF TREES&OTHER WOODY PLANTS TO CREATE SUSTAINABLE& HEALTHY COMMUNITIES IN THE GREAT LAKES REGION&BEYOND. 20 20 72 512 0 0 5871900 5882665 156703 129326 418007 379281 359024 319828 6805634 6711100 0 0 0 0 4009323 3999830 0 0 465412 2971830 3529063 6981153 7528893 -175519 -817793 124184190 118230028 2039789 1413189 122144401 116816839 X THE HOLDEN ARBORETUM IS AN OUTDOOR LIVING MUSEUM THAT PROMOTES THE BEAUTY AND IMPORTANCE OF TREES AND OTHER WOODY PLANTS TO CREATE SUSTAINABLE AND HEALTHY COMMUNITIES IN THE GREAT LAKES REGION AND BEYOND. false false 5030295 0 147773 The Holden Arboretum is an outdoor living museum that promotes the beauty and importance of trees and other woody plants, to create sustainable and healthy communities in the Great Lakes region and beyond. Holden's programs are integrated to foster its vision of "a Northeast Ohio in which trees, forests, and gardens provide maximum ecological and social benefits to the region's people and communities". Organization During the past fiscal year, Holden continued to build on its 2009 strategic plan which identified three primary themes around which all of its programs would focus: (1) growing trees and communities, promoting the creation and care of interconnected networks of trees and wooded environments to sustain the ecological health of the communities where we live and work; (2) conserving native forests, fostering conservation of the diversity, health, function and ecological services of natural forested ecosystems in our region's human-impacted landscapes; and (3) engaging children with plants, instilling in children an appreciation for and knowledge of plants and their environments, so they will apply that value and understanding as adults. The strategic plan and one of its key outgrowths, the "Holden Storybook" (a list of themes in which Holden wishes to engage its diverse audiences), served as the basis for crafting Holden's "New Leaf" master plan for improved gardens, visitor amenities, and infrastructure in the arboretum's core 250 acres. Of the many projects included in New Leaf, several were selected for Phase One fundraising and implementation. FY2011-2012 saw such a successful start to campaign fundraising that Holden was able to complete its first project, replacing its irrigation source water with a new well and deepened lake as its reservoir, whose water does not have the unacceptably high iron content that characterizes Corning Lake, the previous irrigation source. In addition, work was begun on the new Rhododendron Exploration Garden and tree allee, both slated for completion in May 2013, and planning was completed for other projects such as the library renovation, deer fence, and improvements to Corning Lake and Lotus Pond. Holden also continued its analyses of assets and collections to ensure they support the arboretum's mission. Highlights included key additions to woody plants collections; improved focus of the library, including its special collection of rare books and art; and continued demolition of dilapidated and strategically irrelevant structures. The following account of our achievements is organized according to the three strategic themes, augmented by the general heading "Place and Purpose", under which we include how the public values Holden as a wonderful place to visit and an institution that improves their communities' general well-being. Growing Trees and Communities Horticulture During the spring and fall planting seasons, 294 trees and shrubs and 3900+ herbaceous plants were planted. There are currently 5619 different living plant taxa (species, varieties and cultivars) in the collections, of which 3667 are trees, shrubs and woody vines. The holdings of the herbarium increased to 2991 preserved plant specimens. The Plant Collections Curator continued to provide a horticultural information service to the public year-round, and responded to 300 contacts during the year with questions on plant identification, landscape plant selection and sources, horticultural practices and a range of related subjects. As a participant in the International Seed Exchange, Holden Nursery Staff distributed 300 packets of seed representing 12 different species native to Ohio on request at no charge to 83 sister institutions in 26 countries around the world and 3 states within the U.S. Beds in the Rhododendron and Main Display Gardens were renovated, redesigned and even added. Viburnum species highly susceptible to viburnum leaf beetle were removed from the Main Display Garden and Wildflower Garden. Research and Plant Introduction All research focused on resistance to root rot disease in rhododendrons caused by the soil pathogen Phytophthora cinnamomi. Field trials established that 1) Rhododendron hyperythrum and resistant hybrids derived from it could maintain resistance under repeated flooding conditions while resistant hybrids derived from other species did not survive the stess test and 2) that stem inoculations and subsequent lesion development could provide a measure of resistance comparable to and more efficient than root inoculation. In greenhouse experiments, comparison of 4 Ohio collected isolates of P. cinnamomi demonstrated that 2 were more pathogenic on rhododendrons than the others, and these 2 will be used for disease screening going forward. A total of 160 selections were made from root rot resistance breeding populations derived from R. hyperythrum (2500 plants) following spring 2011 field evaluations for ornamental and adaptive attributes. Approximately 1/3 of these were propagated (8 of each) and shipped to Louisiana for field trials in USDA hardiness zone 8, as part of our collaboration with Plant Development Services Inc in Mobile, AL. The remainder will be delivered in 2012. Rhododendron hyperythrum, possibly because of its resistance to root rot, can tolerate warm climates and may provide a means of developing hybrids with novel and commercially important adaptation to the southern U.S. Briggs Nursery, our primary propagator and distributor visited in late May and selected a species azalea (Leach plant), a yellow evergreen rhododendron, and a summer blooming deciduous azalea for further evaluation and potential introduction. A total of $15K was received in grants for research on rhododenrdron root rot and southern evaluation of R. hyperythrum F1 selections. All plant breeding and introduction research was carried out by Stephen Krebs. Conserving Native Forests Research In FY11, research staff published seven papers in peer-reviewed scientific journals. Research staff presented nine scientific lectures at universities and scientific meetings and presented four popular lectures to green industry professionals, garden clubs and Holden members. Research staff reviewed 19 scientific manuscripts for 14 international journals, and served as ad hoc reviewers and panelists for National Science Foundation grant review panels. Two Holden scientists, David Burke and Kurt Smemo, continued a 4-year National Science Foundation-funded study examining the cumulative effects of acid rain on soil fertility, soil biodiversity, and the important role soil organisms may play in acquiring limiting nutrients from the soil for forest trees. This grant employs two postdoctoral scientists, who joined the research program in 2010, who will be able to further develop their scientific and technical skills in the areas of soil ecology and plant biology. Research staff submitted two proposals to federal and non-profit agencies, including the National Science Foundation and USDA Specialty Crops Initiative. Kurt Smemo helped organize and coordinate the Fourth International Conference on Enzymes and the Environment in Bad nauheim, Germany. Education/Research collaborations Holden scientists are training/mentoring one research associate and postdoctoral scholar funded from a National Science Foundation grant awarded to Holden scientists. Holden scientists are serving on graduate student committees for six Ph.D. and/or M.S. students at Case Western Reserve University (CWRU), Kent State University, Ohio State University and University of Minnesota; two of these students are using Holden's collections for part of their research. Holden hosted 3 undergraduate interns in the summer of 2011 and one high school intern in the fall of 2010, all of whom assisted in the National Science Foundation project examining acid rain and forest health. Conservation The deer herbivory study initiated in 2005 now includes 72 plots in five forest types across Holden property. The Pierson Creek Valley plots, Baldwin and East Branch of the Chagrin plots, the Stebbins Gulch plots, and the Little Mountain research plots were resurveyed in 2011, providing a seventh year of data on deer density and herbivory impact. Non-native earthworm surveys were conducted inside deer study plots in 2011 to address combined impacts of deer and earthworms on Holden's forests. Deer population management continued in the form of hunting in the natural areas and sharp shooting in the core garden areas. Harvest numbers for 2011 were 49 from the hunting program and 33 from the core deer cull. Holden continues to review the impacts of horse trails in sensitive natural areas, particularly Stebbins Gulch, and implemented selected seasonal and permanent closings of trails. Primary observed and potential impacts include alteration to the hydrological environment, soil compaction and introduction of invasive plants. Conservation staff continues to participate as members of Lake Er 5030295 true true false false false true true false true true false false false true false true false false false false false false false true false false false false true false false false false false false false false true false false false false false false false false false true 60 0 true 72 true false false false false false true true false false false false X 20 20 false false false false true true false true true false false false true true true true true true false false OH X JAMES W ANSBERRY 4409464400 9500 SPERRY ROAD KIRTLAND OH 440945172 Paul Abbey 2.0 X X 0 0 0 Barbara Brown 2.0 X 0 0 0 Jeanette Grasselli Brown 2.0 X 0 0 0 Christopher Cullis 2.0 X 0 0 0 Jonathan E Dick 2.0 X X 0 0 0 Robert R Galloway 2.0 X X 0 0 0 Simin Gharib-Naraghipour 2.0 X 0 0 0 Sarah L Gries 2.0 X X 0 0 0 Peter S Hellman 2.0 X 0 0 0 Arlene M Holden 2.0 X 0 0 0 Leslie W Jacobs 2.0 X X 0 0 0 Stephen J Knerly Jr 2.0 X X 0 0 0 Joseph J Mahovlic 2.0 X X 0 0 0 Michael C Marino 2.0 X 0 0 0 Cynthia A Moore-Hardy 2.0 X 0 0 0 Ellen W Jones Nordell 2.0 X 0 0 0 Jeffrey K Orloff 2.0 X 0 0 0 CW Eliot Paine 2.0 X X 0 0 0 Timothy L Swanson 2.0 X 0 0 0 KK Sullivan 2.0 X 0 0 0 Michael T Victor 2.0 X 0 0 0 Ann T Whitney 2.0 X 0 0 0 Clement W Hamilton 40.0 X 190908 0 28349 Jim Ansberry 40.0 X 115740 0 15931 Deborah R Ryan 40.0 X 50593 0 10622 357241 0 54902 2 false true false MTR LANDSCAPE ARCHITECTS LLC 101 BELLEVUE RD PITTSBURGH PA 15229 LANDSCAPE ARCHITECTS 491141 ADDECO EMPLOYMENT SERVICES PO BOX 371084 PITTSBURGH PA 15250 SEASONAL LABOR 215456 THE ALBERT M HIGLEY CO 2926 CHESTER AVENUE CLEVELAND OH 44114 CONSTRUCTION MGMT. 139867 MARKS CONSTRUCTION INC 5855 CENTER ROAD VALLEY CITY OH 44280 DREDGING SERVICES 144963 4 8125 5874540 181547 5882665 ADMISSIONS 900099 28065 28065 EDUCATION COURSES 611600 101261 101261 129326 319057 319057 0 0 151907 151907 151907 151907 4049855 400 3987460 2571 62395 -2171 60224 60224 246997 143202 103795 103795 0 103126 57447 45679 45679 MISCELLANEOUS REVENUE 900099 18447 18447 18447 6711100 147773 680662 0 0 0 0 368821 268502 69707 30612 0 2963583 2157489 560117 245977 192561 137388 38468 16705 240370 174989 45430 19951 234495 170712 44320 19463 0 7096 5196 1799 101 31000 22699 7860 441 0 0 0 186059 136238 47176 2645 116299 48688 65211 2400 87166 44302 25086 17778 57526 31487 25664 375 0 232168 192533 33805 5830 0 0 100379 48749 36736 14894 35609 35609 0 643571 570034 30062 43475 79570 69137 10433 EDUCATION & PROMOTIONAL EXPENS 353729 276025 52808 24896 SITE PLANNING 808453 808453 LANDSCAPE MAINTENANCE 375891 375891 BUILDING & EQUIPMENT MAINTENAN 274256 194706 62823 16727 RESEARCH SUPPLIES 50055 50055 90236 19866 67228 3142 7528893 5030295 2033186 465412 838140 296097 1016075 920022 37930 36264 29387834 9282863 19722883 20104971 102564874 96859296 4288 13378 124184190 118230028 789564 693052 11137 47564 1000000 0 0 419957 239088 252616 2039789 1413189 X 36498727 35581820 2630223 1893020 83015451 79341999 122144401 116816839 124184190 118230028 X -817793 -4509769 X false true true X false X false false false 7721108 7464663 6344389 5871900 5882665 33284725 7721108 7464663 6344389 5871900 5882665 33284725 24346071 8938654 865142 873949 424739 440418 470964 3075212 60315 148808 128883 136229 122242 596477 36956414 1504981 0.24187 0.23479 X HOLDEN ARBORETUM'S PUBLIC SUPPORT PERCENTAGE, AS SHOWN ON LINE 14 OF PART II OF SCHEDULE A, IS BELOW THE SECTION 509(a)(1) REQUIREMENT OF 33.33%. THE ARBORETUM SUBMITS THAT IT SHOULD BE CONSIDERED AS A "PUBLICLY SUPPORTED ORGANIZATION" BECAUSE IT SATISFIES THE 10% FACTS AND CIRCUMSTANCES TEST OF REGULATION SECTION 1.170A-9(f)(3). REGULATION SECTION 1.170A-9(f)(3) REQUIRES AN ORGANIZATION TO HAVE A PUBLIC SUPPORT PERCENTAGE OF GREATER THAN 10%, WHICH THE ARBORETUM MEETS. FURTHER, THE REGULATION REQUIRES AN ORGANIZATION TO BE SO ORGANIZED AND OPERATED AS TO ATTRACT NEW AND ADDITIONAL PUBLIC OR GOVERNMENTAL SUPPORT ON A CONTINUOUS BASIS. THE ARBORETUM MAINTAINS A CONTINUOUS AND BONA FIDE SOLICITATION PROGRAM TO OBTAIN CONTRIBUTIONS FROM THE GENERAL PUBLIC INCLUDING THE CURRENT MULTI-YEAR CAPITAL CAMPAIGN THAT THE ARBORETUM HAS UNDERTAKEN. ITS CHARITABLE AND EDUCATIONAL ACTIVITIES ARE OF INTEREST TO THE ENTIRE COMMUNITY. THE ARBORETUM FURTHER SUBMITS THAT IT SATISFIES MANY OF THE ADDITIONAL FACTORS SPECIFIED IN REGULATION SECTION 1.170A-9(f)(3)(iii) TO (vii): (1) ITS PUBLIC SUPPORT PERCENTAGE IS CLOSE TO THE REQUIRED 33.33% AND IS SUBSTANTIALLY MORE THAN 10%; (2) ITS FACILITIES ARE DIRECTLY AVAILABLE TO THE PUBLIC ON A YEAR-ROUND BASIS. THE ARBORETUM OFFERS FESTIVALS, SPECIAL EVENTS, EDUCATIONAL PROGRAMS, AND OTHER ACTIVITIES RELATED TO ITS TREES, SHRUBS, PLANTS, AND OTHER NATURAL RESOURCES; (3) THE ARBORETUM'S BOARD OF DIRECTORS IS COMPRISED OF A BROAD CROSS-SECTION OF THE COMMUNITY THAT REPRESENTS THE INTERESTS OF THE PUBLIC INSTEAD OF THE PERSONAL INTERESTS OF A SMALL GROUP OF PEOPLE. ITS DIRECTORS INCLUDE COMMUNITY LEADERS AND EXPERTS IN THE HORTICULTURAL AND AGRICULTURAL FIELDS; (4) THE ACTIVITIES OF THE ARBORETUM ARE BROAD AND APPEAL TO PERSONS HAVING AN INTEREST IN NATURE AND NATURE'S RESOURCES. THE ARBORETUM CONDUCTS MANY SCIENTIFIC STUDIES AND ENGAGES IN OTHER EDUCATIONAL ACTIVITIES TO INCREASE KNOWLEDGE AND UNDERSTANDING OF HORTICULTURAL AND AGRICULTURAL TOPICS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X 23 1489.00 0 0 0 1 true 60.00 0 true X X X false 22008573 755467 -252362 2332727 20178951 21000048 890496 1604491 1486462 22008573 21701435 -364878 -173832 162677 21000048 0.79493 0.13190 0.07316 false false 12517795 12517795 8380648 4096364 4284284 3408107 2235532 1172575 5081284 2950967 2130317 20104971 0 GIFT ANNUITY LIABILITY 252616 252616 6711100 7528893 -817793 -4509769 -4509769 -5327562 2201331 -4509769 -4509769 6711100 6711100 7528893 7528893 7528893 CONSERVATION EASEMENTS, PART II, LINE 9: THE ARBORETUM HAS RECEIVED CONTRIBUTIONS OF DEVELOPMENT RIGHTS - VIA CONSERVATION EASEMENTS - ASSOCIATED WITH APPROXIMATELY 1,489 ACRES OF LAND. NO VALUE HAS BEEN PLACED ON THESE CONTRIBUTIONS AND THE EASEMENTS ARE NOT REFLECTED IN THE STATEMENT OF FINANCIAL POSITION. HOWEVER, THE ARBORETUM IS REQUIRED TO MAINTAIN THE INTEGRITY OF THE EASEMENTS AND MAY INCUR LEGAL AND OTHER COSTS TO ENFORCE THE EASEMENTS. USE OF ENDOWMENT FUNDS, PART V, LINE 4: THE ARBORETUM ENDOWMENT CONSISTS OF SEVERAL PERMANENTLY RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ENDOWMENT FUNDS ARE RECORDED AT HISTORICAL DOLLAR VALUE. INCOME AND REALIZED/UNREALIZED GAINS/LOSSES FOR SOME SPECIFIC FUNDS' INCOME IS RECORDED AS TEMPORARILY RESTRICTED UNTIL SPENT FOR THOSE SPECIFIC PURPOSES IN ACCORDANCE WITH THE SPENDING POLICY APPROVED BY THE BOARD OF DIRECTORS. IN ADDITION, EARNINGS IN EXCESS OF THE SPENDING POLICY ARE ADDED TO TEMPORARILY RESTRICTED NET ASSETS. INCOME FROM OTHER FUNDS IS TO BE USED FOR THE GENERAL OPERATIONS, AND IS RECORDED AS UNRESTRICTED. COLLECTIONS, PART III, LINE 1A AND 4: PERMANENT COLLECTIONS - THE ARBORETUM'S ACCESSIONED COLLECTIONS OF WOODY PLANTS AND HERBACEOUS PLANTS OF CONSERVATION SIGNIFICANCE, HERBARIUM SPECIMENS, WOOD SAMPLES, TREE ARTIFACTS, LIBRARY AND RARE BOOKS AND WORKS OF ART THAT SUPPORT THE ARBORETUM'S MISSION ARE PROTECTED AND PRESERVED FOR PUBLIC EXHIBITION, EDUCATION, RESEARCH AND FURTHERANCE OF THE PUBLIC GOOD. ACCORDINGLY, SUCH COLLECTIONS ARE NOT RECORDED FOR FINANCIAL STATEMENT PURPOSES. ADDITIONS AND DEACCESSIONS TO THE PERMANENT COLLECTIONS ARE MADE BY THE BOARD OF DIRECTORS PER THE GUIDELINES ESTABLISHED IN THE ARBORETUM'S COLLECTION MANAGEMENT POLICY WHICH HAS BEEN DEVELOPED IN ACCORDANCE WITH THE AMERICAN ASSOCIATION OF MUSEUMS CODE OF ETHICS. OBJECTS IN THE ARBORETUM'S PERMANENT COLLECTIONS ARE NEITHER DISPOSED OF FOR FINANCIAL GAIN NOR ENCUMBERED IN ANY MANNER. BENEFIT 164067 164067 16679 35347 GARDEN GNOMES 54208 54208 0 66246 1 28722 28722 2597 22333 246997 246997 19276 123926 143202 103795 X X true true X X X X X false false false false false false false false false Clement W Hamilton 190908 0 0 0 0 0 11700 0 16649 0 219257 0 0 0 BENEFITS PROVIDED TO CERTAIN OFFICERS, PART I, LINE 1A: THE ARBORETUM PROVIDED HOUSING TO ITS PRESIDENT & CEO, CLEMENT HAMILTON. MR. HAMILTON PAYS FAIR MARKET VALUE RENT FOR THE HOUSING, AND THIS ARRANGEMENT WAS APPROVED BY THE BOARD OF DIRECTORS. THE ARBORETUM ALSO PAID DUES FOR A SOCIAL CLUB FOR MR. HAMILTON. MR. HAMILTON REIMBURSES THE ARBORETUM FOR HIS PERSONAL USE OF THE CLUB. X 11 217066 FMV X 4 755 FMV X AUCTION ITEMS 112 0 N/A 0 false true true GIFTS FOR WHICH REVENUE IS NOT RECORDED, PART I, LINE 33: THE ARBORETUM ACCEPTS GIFTS OF CONSERVATION EASEMENTS BUT DOES NOT RECORD REVENUE OR ASSETS IN ITS BOOKS AND RECORDS. USE OF THIRD PARTIES, PART I, LINE 32B: THE ARBORETUM USES THE SERVICES OF A BROKER TO SELL DONATED SECURITIES. THE FEES CHARGED ARE AT OR BELOW FAIR MARKET VALUE. MEMBERS OF THE ORGANIZATION, FORM 990, PART VI, LINE 6: THE ORGANIZATION HAS TWO KINDS OF MEMBERSHIP. MEMBERS OF THE CORPORATION ARE ELECTED BY THE BOARD OF DIRECTORS FOR A FIVE YEAR TERM AND ARE ENTITLED TO VOTE AS MEMBERS OF THE CORPORATION. GENERAL MEMBERS ARE NOT MEMBERS OF THE CORPORATION AND HAVE NO VOTING AUTHORITY. ELECTION OF MEMBERS, FORM 990, PART VI, LINE 7A: THE BOARD OF DIRECTORS CAN ESTABLISH GENERAL MEMBERS IN ONE OR MORE CLASSIFICATIONS. REVIEW OF FORM 990, FORM 990, PART VI, LINES 11A AND 11B: THE BOARD OF DIRECTORS HAS DELEGATED THE REVIEW OF THE FORM 990 TO THE AUDIT COMMITTEE AND OPERATING MANAGEMENT. AFTER REVIEW OF THE FORM 990, THE AUDIT COMMITTEE WILL ADVISE THE BOARD OF DIRECTORS OF THE REVIEW AND PROVIDE THE FORM 990 TO THE BOARD OF DIRECTORS PRIOR TO FILING. THE ARBORETUM WILL REDACT THE NAMES AND ADDRESSES OF DONORS ON SCHEDULE B FOR THE VERSION OF THE 990 THAT WILL BE SENT TO THE BOARD. AS SUCH, WE ARE REQUIRED TO ANSWER "NO" TO THE QUESTION ON LINE 11A EVEN THOUGH A COPY OF THE 990 WILL PROVIDED TO THE BOARD BEFORE FILING BECAUSE OF THE DELETION OF CERTAIN INFORMATION FROM SCHEDULE B. MONITORING AND ENFORCEMENT OF CONFLICT POLICY, FORM 990, PART VI, LINE 12C: THE ORGANIZATION USES A PROCESS OF ANNUAL ATTESTATION, IN WRITING, THAT DIRECTORS, OFFICERS, AND MANAGERS WITH PURCHASING AUTHORITY ARE IN COMPLIANCE WITH HOLDEN'S CONFLICT OF INTEREST POLICY. HOLDEN'S OPERATING MANAGEMENT CONTINUALLY MONITORS COMPLIANCE WITH HOLDEN'S POLICIES AND PROCEDURES. COMPENSATION REVIEW AND APPROVAL, FORM 990, PART VI, LINE 15: THE PRESIDENT AND CEO'S SALARY IS ESTABLISHED BY THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS AFTER REVIEWING COMPENSATION DATA FROM SIMILARLY SIZED ABORETA AND PUBLIC GARDENS, OTHER LOCAL CULTURAL INSTITUTIONS, AND CONSIDERATION OF LOCAL ECONOMIC CONDITIONS. THE COMMITTEE MEMBERS ARE INDEPENDENT OF THE PRESIDENT AND CEO. AVAILABILITY OF DOCUMENTS, FORM 990, PART VI, LINE 19: THREE YEARS OF AUDITED FINANCIAL STATEMENTS ARE AVAIALABLE ON HOLDEN'S WEBSITE. THE ORGANIZATION'S GOVERNING DOCUMENTS ARE AVAILABLE UPON REQUEST. HOLDEN DOES NOT MAKE ITS CONFLICT OF INTEREST POLICY AVAILABLE TO THE PUBLIC. OTHER CHANGES IN NET ASSETS, FORM 990, PART XI, LINE 5: UNREALIZED LOSS ON INVESTMENTS: ($4,509,769)