This report is a snapshot of how 35 funders approach arts grantmaking in a changing world. The information is drawn from a series of interviews and conversations which, in a manner characteristic of the arts, reveal a diversity of multilayered views, raise creative and challenging questions, and offer a range of visions for the future. The fact that every funder contacted agreed to participate in the study suggests an interest in the many questions it raises. This report is not intended to provide definitive answers to these questions. Rather, it is intended to stimulate thinking and dialogue about the direction of arts funding.