Goldman Sachs Foundation's 2008 Tax Filing

Return of Private Foundation OMB No.
1545-0052
Form 990-PF or Section 4947(a)(1) Nonexempt Charitable Trust
Department of the Treasury
Internal Revenue Service
Treated as a Private Foundation
Note: The foundation may be able to use a copy of this return to satisfy state reporting requirements. 
For calendar year 2007, or tax year beginning 12/01 , 2007, and ending 11/30/2008
G Check all that apply: Initial return Final return Amended return Address change Name change
Name of foundation A Employer identification number
Use the IRS
label. THE GOLDMAN SACHS FOUNDATION 23-7000346
Otherwise, Number and street (or P.O. box number if mail is not delivered to street address) Room/suite B Telephone number (see page 10 of the instructions)
print
or type.
85 BROAD STREET, 22ND FLOOR (212) 902-4223
See Specific
City or town, state, and ZIP code  
C If exemption application is

Instructions. pending, check here
D 1. Foreign organizations, check here
NEW YORK, NY 10004 2. Foreign organizations meeting the
H Check type of organization: X Section 501(c)(3) exempt private foundation

Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation
computation 
85% test, check here and attach
I Fair market value of all assets at end J Accounting method:

of year (from Part II, col. (c), line Other (specify)
Cash X Accrual 
E If private foundation status was terminated
under section 507(b)(1)(A), check here
16) $ 
173,313,176. (Part I, column (d) must be on cash basis.)
F

If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here
Part I A nalysis of Revenue and Expenses (The (d) Disbursements

total of amounts in columns (b), (c), and (d) (a) Revenue and (b) Net investment (c) Adjusted net for charitable
may not necessarily equal the amounts in expenses per income income purposes
column (a) (see page 11 of the instructions).) books

(cash basis only)
1 Contributions, gifts, grants, etc., received (attach schedule)
2
3
Check
 if the foundation is not required to
attach Sch. B
Interest on savings and temporary cash investments
4 
Dividends and interest from securities
5 a Gross rents 
4,164,227. 4,164,227.
b Net rental income or (loss)

6 a Net gain or (loss) from sale of assets not on line 10 -15,215,820.
Revenue
b Gross sales price for all

288,421,180.
assets on line 6a


7 Capital gain net income (from Part IV, line 2)
8
9 Income modifications 
Net short-term capital gain

1 0 a Gross sales less returns
and allowances

b Less: Cost of goods sold

c Gross profit or (loss) (attach schedule)
11
12


Other income (attach schedule)
Total. Add lines 1 through 11
389,571.
-10,662,022.
912,091.
5,076,318.
STMT 1
13
14 
Compensation of officers, directors, trustees, etc.
Other employee salaries and wages
NONE

Operating and A dministrative Expenses
15 Pension plans, employee benefits


STMT 2
1 6a Legal fees (attach schedule) 159,370. 3,594. NONE 145,342.

STMT 3
b Accounting fees (attach schedule)
STMT 
4
c Other professional fees (attach schedule)
214,575.
3,177,053.
46,258.
2,875,699.
NONE 142,660.
277,354.
17
18
Interest ** -588,240. 1,665.

Taxes (attach schedule) (see page 14 of the instructions)
Depreciation (attach schedule) and depletion

19
20 Occupancy
21 
Travel, conferences, and meetings

Printing and publications
15,954. 20,480.

22
23 STMT 6
Other expenses (attach schedule) 90,954. 90,954.

24 Total operating and administrative expenses.
Add lines 13 through 23 3,069,666. 2,925,551. NONE 678,455.
25
26

Contributions, gifts, grants paid
Total expenses and disbursements. Add lines 24 and 25
18,927,270.
21,996,936. 2,925,551. NONE
22,088,655.
22,767,110.
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements  -32,658,958.

b Net investment income (if negative, enter -0-) 2,150,767.
c A djusted net income (if negative, enter -0-) -0-
For Privacy A ct and Paperwork Reduction A ct Notice, see page 30 of the instructions. **STMT 5 Form 990-PF (2007)
JSA
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Form 990-PF (2007) Page 2
Attached schedules and amounts in the Beginning of year End of year
Part II Balance Sheets description column should be for end-of-year
amounts only. (See instructions.) (a) Book Value (b) Book Value (c) Fair Market Value
1 Cash - non-interest-bearing 1,825,955. 4,873,303. 4,873,303.
2 
Savings and temporary cash investments
3 Accounts receivable 

Less: allowance for doubtful accounts
4 Pledges receivable  
5
6
Grants receivable 
Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 16 of the instructions)
7 
Other notes and loans receivable (attach schedule)

8 
Inventories for sale or use

A ssets
9 Prepaid expenses and deferred charges


**
1 0 a Investments - U.S. and state government obligations (attach schedule) 1,109,788. 1,012,002. 1,012,002.

STMT 8
b Investments - corporate stock (attach schedule) 129,116,914. 52,746,077. 52,746,077.

STMT 9
c Investments - corporate bonds (attach schedule) 35,802,936. 23,630,819. 23,630,819.
11

Investments - land, buildings,

and equipment: basis
Less: accumulated depreciation
12
(attach schedule)

Investments - mortgage loans
13 
STMT 10
Investments - other (attach schedule) 116,451,600. 89,633,509. 89,633,509.
14 Land, buildings, and


equipment: basis
Less: accumulated depreciation

(attach schedule)
15 Other assets (describe STMT 11 ) 3,420,922. 1,417,466. 1,417,466.

16 Total assets (to be completed by all filers - see the
instructions. Also, see page 1, item I) 287,728,115. 173,313,176. 173,313,176.
17 
Accounts payable and accrued expenses 3,093,246. 1,669,956.
18 Grants payable  13,078,731. 9,988,257.

Liabilities
19 Deferred revenue
20 
Loans from officers, directors, trustees, and other disqualified persons
21 
Mortgages and other notes payable (attach schedule)
22 
Other liabilities (describe STMT 12 ) 2,648,202. 185,588.
23 
Total liabilities (add lines 17 through 22) 18,820,179. 11,843,801.
X
Foundations that follow SFA S 117, check here
and complete lines 24 through 26 and lines 30 and 31.

Net A ssets or Fund Balances
24 Unrestricted 268,907,936. 161,469,375.

25 
Temporarily restricted
26 
Permanently restricted
Foundations that do not follow SFA S 117,
27

check here and complete lines 27 through 31.

Capital stock, trust principal, or current funds
28
29


Paid-in or capital surplus, or land, bldg., and equipment fund
Retained earnings, accumulated income, endowment, or other funds
30 Total net assets or fund balances (see page 17 of the
instructions)  268,907,936. 161,469,375.

31 Total liabilities and net assets/fund balances (see page 17
of the instructions) 287,728,115. 173,313,176.
Part III A nalysis of Changes in Net A ssets or Fund Balances
1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree with
end-of-year figure reported on prior year's return)  1 268,907,936.
2 Enter amount from Part I, line 27a  2 -32,658,958.
3 Other increases not included in line 2 (itemize)
4 Add lines 1, 2, and 3


3
4 236,248,978.
5 Decreases not included in line 2 (itemize) SEE STATEMENT 13  
6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30
5
6
74,779,603.
161,469,375.
JSA **STMT 7 Form 990-PF (2007)
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Part IV Capital Gains and Losses for Tax on Investment Income
(b) How (c) Date
(a) List and describe the kind(s) of property sold (e.g., real estate, acquired acquired (d) Date sold
P-Purchase
(mo., day, yr.) (mo., day, yr.)
2-story brick warehouse; or common stock, 200 shs. MLC Co.) D-Donation
1a SEE PART IV SCHEDULE
b
c
d
e
(f) Depreciation allowed (g) Cost or other basis (h) Gain or (loss)
(e) Gross sales price
(or allowable) plus expense of sale (e) plus (f) minus (g)
a
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
(j) Adjusted basis (k) Excess of col. (i) col. (k), but not less than -0-) or
(i) F.M.V. as of 12/31/69 Losses (from col. (h))
as of 12/31/69 over col. (j), if any
a
b
c
d
e
2 Capital gain net income or (net capital loss)  

If gain, also enter in Part I, line 7

If (loss), enter -0- in Part I, line 7 2 -14,450,758.
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):

If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 3
Part V Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part.
Yes  X No
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a) (d)
(b) (c)
Base period years Distribution ratio
Calendar year (or tax year beginning in) Adjusted qualifying distributions Net value of noncharitable-use assets (col. (b) divided by col. (c))
2006 13,164,041. 290,564,283. 0.045305
2005 16,734,606. 263,396,482. 0.063534
2004 12,052,263. 230,320,343. 0.052328
2003 11,615,158. 192,744,631. 0.060262
2002 16,821,626. 177,211,367. 0.094924
2
3
Total of line 1, column (d) 
Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by
2 0.316353

the number of years the foundation has been in existence if less than 5 years 3 0.063271
4 
Enter the net value of noncharitable-use assets for 2007 from Part X, line 5 4 246,634,084.
5 Multiply line 4 by line 3  5 15,604,785.
6 
Enter 1% of net investment income (1% of Part I, line 27b) 6 21,508.
7 Add lines 5 and 6  7 15,626,293.
8 
Enter qualifying distributions from Part XII, line 4 8 22,767,110.
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions on page 18.
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Part VI Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948 - see page 18 of the instructions)

1 a Exempt operating foundations described in section 4940(d)(2), check here  and enter "N/A" on line 1.
Date of ruling letter:  
(attach copy of ruling letter if necessary - see instructions)
 
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 1 21,508.
X
here and enter 1% of Part I, line 27b
2

c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)

Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2
3 
Add lines 1 and 2 3 21,508.
4 
Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4 NONE
5
6

Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0-
Credits/Payments:
5 21,508.
 380,550.
a 2007 estimated tax payments and 2006 overpayment credited to 2007 6a

b Exempt foreign organizations-tax withheld at source NONE 6b
 NONE
c Tax paid with application for extension of time to file (Form 8868) 6c
7


d Backup withholding erroneously withheld
Total credits and payments. Add lines 6a through 6d
6d
7 380,550.
8 
Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached 8
9 
Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed 9
10 
Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid 10 359,042.
11
Part VII-A Statements Regarding A ctivities

Enter the amount of line 10 to be: Credited to 2008 estimated tax
209,042.  Refunded 11 150,000.
1 a During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it Yes No

participate or intervene in any political campaign?
b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19
1a X
of the instructions for definition)? 

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
1b X
published or distributed by the foundation in connection with the activities.

c Did the foundation file Form 1120-POL for this year? 
d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
1c X
(1) On the foundation. $ NONE  NONE

(2) On foundation managers. $
e Enter the reimbursement (if any) paid by the organization during the year for political expenditure tax imposed on
2
foundation managers.  $ NONE
Has the foundation engaged in any activities that have not previously been reported to the IRS?  2 X
If "Yes," attach a detailed description of the activities.
3 Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of

incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes 3 X
4a 
Did the foundation have unrelated business gross income of $1,000 or more during the year? 4a X
b If "Yes," has it filed a tax return on Form 990-T for this year?  4b X
5 
Was there a liquidation, termination, dissolution, or substantial contraction during the year?
If "Yes," attach the statement required by General Instruction T.
5 X
6 Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
 By language in the governing instrument, or
 By state legislation that effectively amends the governing instrument so that no mandatory directions that
conflict with the state law remain in the governing instrument?  6 X
7 
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c), and Part XV.
8a Enter the states to which the foundation reports or with which it is registered (see page 19 of the
7 X
instructions)  CA,NY,
b If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney General
9
(or designate) of each state as required by General Instruction G? If "No," attach explanation 
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
8b X
or 4942(j)(5) for calendar year 2007 or the taxable year beginning in 2007 (see instructions for Part XIV)? If
"Yes," complete Part XIV  9 X

10 Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their
names and addresses 10 X
Form 990-PF (2007)
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Part VII-A Statements Regarding A ctivities (continued)

11a At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) 11a X

b If "Yes," did the foundation have a binding written contract in effect on August 17, 2006, covering the interest,
N/A

rents, royalties, and annuities described in the attachment for line 11a? 11b
1 2 Did the foundation acquire a direct or indirect interest in any applicable insurance contract? 12 X
1 3 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X
Website address  HTTP://WWW.GS.COM/FOUNDATION
14 The books are in care of 
EMMETT ST. JOHN  212-902-4223
Telephone no.
Located at 85 BROAD STREET, 22ND FLOOR NEW YORK, NY  10004
 
ZIP + 4
 N/A
1 5 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-F in lieu of Form 1041 - Check here
and enter the amount of tax-exempt interest received or accrued during the year 15
Part VII-B Statements Regarding A ctivities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies. Yes No
1a During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? Yes X No

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a
Yes X No

disqualified person?
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? X Yes No

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? X Yes No

(5) Transfer any income or assets to a disqualified person (or make any of either available for
the benefit or use of a disqualified person)? Yes X No
(6) Agree to pay money or property to a government official? (Exception. Check "No" if

the foundation agreed to make a grant to or to employ the official for a period after
termination of government service, if terminating within 90 days.) Yes X No

b If any answer is "Yes" to 1a(1)-(6), did any of the acts fail to qualify under the exceptions described in Regulations
1b X
 
section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
Organizations relying on a current notice regarding disaster assistance check here
c Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts, that
2
were not corrected before the first day of the tax year beginning in 2007? 
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
1c X
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

a At the end of tax year 2007, did the foundation have any undistributed income (lines 6d and
6e, Part XIII) for tax year(s) beginning before 2007? Yes X No
If "Yes," list the years
 , , ,
b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement - see page 22 of the instructions.) 
c If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
2b N/A
 , , ,
3a Did the foundation hold more than a 2% direct or indirect interest in any business
enterprise at any time during the year? 
b If "Yes," did it have excess business holdings in 2007 as a result of (1) any purchase by the foundation or
X Yes No
disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved by the
Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse
of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine if the
foundation had excess business holdings in 2007.)  3b X

4a Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes? 4a X

b Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable
purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2007? 4b X
Form 990-PF (2007)
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Part VII-B Statements Regarding A ctivities for Which Form 4720 May Be Required (continued)

5a During the year did the foundation pay or incur any amount to:
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? Yes X No
(2) Influence the outcome of any specific public election (see section 4955); or to carry on,
directly or indirectly, any voter registration drive?  Yes X No

(3) Provide a grant to an individual for travel, study, or other similar purposes?
(4) Provide a grant to an organization other than a charitable, etc., organization described in
Yes X No

section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
X Yes No

educational purposes, or for the prevention of cruelty to children or animals? Yes X No
b If any answer is "Yes" to 5a(1)-(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?  5b X

Organizations relying on a current notice regarding disaster assistance check here
c If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the tax
because it maintained expenditure responsibility for the grant? 
SEE STATEMENT 14
If "Yes," attach the statement required by Regulations section 53.4945-5(d).
X Yes No

6a Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums
on a personal benefit contract? Yes X No

b Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?
If you answered "Yes" to 6b, also file Form 8870.
6b X

7 a At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
X
b If yes, did the foundation receive any proceeds or have any net income attributable to the transaction?
Yes No
7b N/A
Part VIII Information A bout Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation (see page 23 of the instructions).
(b) Title, and average (c) Compensation (d) Contributions to (e) Expense account,
(a) Name and address hours per week (If not paid, enter employee benefit plans other allowances
devoted to position -0-) and deferred compensation
SEE STATEMENT 17 NONE NONE NONE
2 Compensation of five highest-paid employees (other than those included on line 1 - see page 23 of the instructions). If none,
enter "NONE."
(d) Contributions to
(b) Title, and average employee benefit (e) Expense account,
(a) Name and address of each employee paid more than $50,000 hours per week (c) Compensation
plans and deferred other allowances
devoted to position compensation
NONE
Total number of other employees paid over $50,000  NONE

990-PF Form (2007)
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Part VIII Information A bout Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE."
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
SEE STATEMENT 22 4,657,411.
Total number of others receiving over $50,000 for professional services  2
Part IX-A Summary of Direct Charitable A ctivities
List the foundation's four largest direct charitable activities during the tax year. Include relevant statistical information such as the number
Expenses
of organizations and other beneficiaries served, conferences convened, research papers produced, etc.
1 N/A
Part IX-B Summary of Program-Related Investments (see page 24 of the instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1 NONE
All other program-related investments. See page 24 of the instructions.
3 NONE
Total. Add lines 1 through 3 

Form 990-PF (2007)
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Part X Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)
1 Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:

a Average monthly fair market value of securities 1a 246,778,951.

b Average of monthly cash balances 1b 3,610,982.

c Fair market value of all other assets (see page 25 of the instructions) 1c NONE

d Total (add lines 1a, b, and c)
e Reduction claimed for blockage or other factors reported on lines 1a and
1d 250,389,933.

1c (attach detailed explanation) 1e
2 
Acquisition indebtedness applicable to line 1 assets 2 NONE
3
4

Subtract line 2 from line 1d
Cash deemed held for charitable activities. Enter 1 1/2 % of line 3 (for greater amount, see page 25
3 250,389,933.
of the instructions) 4 3,755,849.

5
6 Minimum investment return. 
Enter 5% of line 5

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4 5
6
246,634,084.
12,331,704.
Part XI Distributable A mount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating

foundations and certain foreign organizations check here and do not complete this part.)
1 
Minimum investment return from Part X, line 6 1 12,331,704.
2a 
Tax on investment income for 2007 from Part VI, line 5 21,508. 2a
b 
Income tax for 2007. (This does not include the tax from Part VI.) 2b
3
c 
Add lines 2a and 2b

Distributable amount before adjustments. Subtract line 2c from line 1
2c
3
21,508.
12,310,196.
4 
Recoveries of amounts treated as qualifying distributions 4 577,411.
5 
Add lines 3 and 4 5 12,887,607.
6
7

Deduction from distributable amount (see page 25 of the instructions)
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
6
line 1  7 12,887,607.

Part XII Qualifying Distributions (see page 26 of the instructions)
1 Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a 
Expenses, contributions, gifts, etc. - total from Part I, column (d), line 26 1a 22,767,110.
2
b 
Program-related investments - total from Part IX-B
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
1b NONE
3
purposes 
Amounts set aside for specific charitable projects that satisfy the:
2 NONE
a 
Suitability test (prior IRS approval required) 3a NONE
b 
Cash distribution test (attach the required schedule) 3b NONE
4
5

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment income.
4 22,767,110.

Enter 1% of Part I, line 27b (see page 26 of the instructions) 5 21,508.
6 
A djusted qualifying distributions. Subtract line 5 from line 4 6 22,745,602.
Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation
qualifies for the section 4940(e) reduction of tax in those years.
Form 990-PF (2007)
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Part XIII Undistributed Income (see page 26 of the instructions)
(a) (b) (c) (d)
1 Distributable amount for 2007 from Part XI, Corpus Years prior to 2006 2006 2007
line 7  12,887,607.

2 Undistributed income, if any, as of the end of 2006:
a Enter amount for 2006 only NONE
b Total for prior years: , , NONE
3 Excess distributions carryover, if any, to 2007:
a From 2002  7,976,128.
b From 2003  1,974,412.
c From 2004  506,845.
d From 2005  3,887,514.
e From 2006 
4
f Total of lines 3a through e 
Qualifying distributions for 2007 from Part XII,
14,344,899.
line 4:  $ 22,767,110.
a Applied to 2006, but not more than line 2a  NONE

b Applied to undistributed income of prior years (Election
required - see page 27 of the instructions)
c Treated as distributions out of corpus (Election

required - see page 27 of the instructions) 
d Applied to 2007 distributable amount  12,887,607.
e Remaining amount distributed out of corpus  9,879,503.
5 Excess distributions carryover applied to 2007
(If an amount appears in column (d), the same

amount must be shown in column (a).)
6 Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 24,224,402.

b Prior years' undistributed income. Subtract
line 4b from line 2b NONE
c Enter the amount of prior years' undistributed
income for which a notice of deficiency has been
been previously assessed 

issued, or on which the section 4942(a) tax has
NONE
d Subtract line 6c from line 6b. Taxable

amount - see page 27 of the instructions
e Undistributed income for 2006. Subtract line
NONE
27 of the instructions 

4a from line 2a. Taxable amount - see page
NONE
f Undistributed income for 2007. Subtract lines
7
distributed in 2008 
4d and 5 from line 1. This amount must be
Amounts treated as distributions out of corpus

to satisfy requirements imposed by section
8
instructions) 
170(b)(1)(F) or 4942(g)(3) (see page 27 of the
Excess distributions carryover from 2002 not

NONE
9
instructions) 
applied on line 5 or line 7 (see page 27 of the
Excess distributions carryover to 2008.

7,976,128.

Subtract lines 7 and 8 from line 6a
Analysis of line 9:
16,248,274.
 1,974,412.
10
a Excess from 2003
b Excess from 2004  3,887,514.
506,845.
c Excess from 2005 
d Excess from 2006
e Excess from 2007

 9,879,503.
Form 990-PF (2007)
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Form 990-PF (2007) Page 1 0
Part XIV Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9) NOT APPLICABLE
1a If the foundation has received a ruling or determination letter that it is a private operating
b
 
foundation, and the ruling is effective for 2007, enter the date of the ruling
Check box to indicate whether the foundation is a private operating foundation described in section 4942(j)(3) or 4942(j)(5)
Tax year Prior 3 years
2a Enter the lesser of the ad- (e) Total
justed net income from Part (a) 2 007 (b) 2 006 (c) 2 005 (d) 2 004
I or the minimum investment

return from Part X for each
year listed
b 85% of line 2a 
c
d

Qualifying distributions from Part
XII, line 4 for each year listed
Amounts included in line 2c not
e

used directly for active conduct
of exempt activities
Qualifying distributions made
directly for active conduct of
3
2d from line 2c 
exempt activities. Subtract line
Complete 3a, b, or c for the

alternative test relied upon:

a "Assets" alternative test - enter:
(1) Value of all assets
(2) Value of assets qualifying
b
under section
4942(j)(3)(B)(i) 
"Endowment" alternative test-
enter 2/3 of minimum invest-
c
ment return shown in Part X,
line 6 for each year listed 
"Support" alternative test - enter:
(1) Total support other than
gross investment income
(interest, dividends, rents,
payments on securities
(2) Support

loans (section 512(a)(5)),
or royalties)
from general
public and 5 or more
exempt organizations as
(3)

provided in section 4942
(j)(3)(B)(iii)
Largest amount of sup-
(4)

port from an exempt
organization
Gross investment income
Part XV Supplementary Information (Complete this part only if the foundation had $5,000 or more in assets at any
time during the year - see page 28 of the instructions.)
1 Information Regarding Foundation Managers:
a List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
NONE
b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
NONE
2 Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here 
if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals or
organizations under other conditions, complete items 2a, b, c, and d.
a The name, address, and telephone number of the person to whom applications should be addressed:
SEE STATEMENT 23
b The form in which applications should be submitted and information and materials they should include:
SEE STATEMENT 24
c Any submission deadlines:
SEE STATEMENT 25
d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
SEE STATEMENT 26
JSA
7E1490 2.000 Form 990-PF (2007)
39633U 5364 10/14/2009 13:29:51 13
Form 990-PF (2007) Page 1 1
Part XV Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or A pproved for Future Payment
If recipient is an individual,
Recipient show any relationship to
Foundation Purpose of grant or
status of Amount
any foundation manager contribution
Name and address (home or business) or substantial contributor recipient
a Paid during the year
SEE STATEMENT 27
Total   3a 22,088,655.

b Approved for future payment
SEE STATEMENT 29. 9,994,750.
Total   3b 9,994,750.

Form 990-PF (2007)
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Form 990-PF (2007) Page 1 2
Part XVI-A A nalysis of Income-Producing A ctivities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
(a) (b) (c) (d) function income
Business code Amount Exclusion code Amount (See page 28 of
1 Program service revenue: the instructions.)
a
b
c
d
e
f
g Fees and contracts from government agencies
2 Membership dues and assessments 
3 Interest on savings and temporary cash investments
4 Dividends and interest from securities 
5 Net rental income or (loss) from real estate:
14 4,164,227.
a Debt-financed property 

b Not debt-financed property 

6 Net rental income or (loss) from personal property
7 Other investment income 
8 Gain or (loss) from sales of assets other than inventory 18 -15,215,820.
9 Net income or (loss) from special events

1 0 Gross profit or (loss) from sales of inventory
1 1 Other revenue: a
b OTHER INCOME 525990 481,890. 01 -92,319.
c
d
e
1 2 Subtotal. Add columns (b), (d), and (e)  481,890. -11,143,912.
1 3 Total. Add line 12, columns (b), (d), and (e) 
(See worksheet in line 13 instructions on page 29 to verify calculations.)
13 -10,662,022.
Part XVI-B Relationship of A ctivities to the A ccomplishment of Exempt Purposes

Line No. Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
 the accomplishment of the foundation's exempt purposes (other than by providing funds for such purposes). (See
page 29 of the instructions.)
NOT APPLICABLE
Form 990-PF (2007)

JSA
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Form 990-PF 2007 Page 1 3
Information Regarding Transfers To and Transactions and Relationships With Noncharitable
Exempt Or anizations
(1) Cash . . . . . X
Did the organization directly or indirectly engage in any of the following with any other organization described in section
501 (c) of the Code (other than section 501 (c)(3) organizations) or in section 527, relating to political organizations?
a Transfers from the reporting foundation to a noncharitable exempt organization of:
(2) Other assets . . . . . . . . . . . . . . . . . . . . X

b Other transactions:
(1) Sales of assets to a noncharitable exempt organization X
(2) Purchases of assets from a noncharitable exempt organization : X
(3) Rental of facilities, equipment, or other assets X
(4) Reimbursement arrangements. . . . . . . . . . . . . . . . X
(5) Loans or loan guarantees . . . . . . . . . . . . . . . . . . X
(6) Performance of services or membership or fundraising solicitations X
c Sharing of facilities, equipment, mailing lists, other assets, or paid employees 1 c X
d If the answer to any of the above is ''Yes,'' complete the following schedule. Column (b) should always show the fair market value of the goods,
other assets, or services given by the reporting foundation. If the foundation received.
less than fair market value in any transaction or sharing
arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line no. (b) Amount involved (e) Nam.e of noneharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
N/A N/A
2 a Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations described in
section 501 (c) of the Code (other than section 501 (c)(3)) or in section 5217 . . . . . . . . . . . . . . . . . . . . . . . . . DYes GJ No
b If "Yes" com lete the followin schedule.
(a) Name of organization (b) Type of organization (e) Description of relationship
a~ ~
"' ~ c:
,; '" 0
a. Gl
Co II
Gl ICEWAT RHOUSECOOPERS L. L. P.
ii ::
7 BROADWAY
ALBANY NY 12207 Phone no. 518-462-2030
Form 990-PF (2007)
JSA
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39633U 5364 10/14/2009 13: 29: 51 16
FORM 990-PF - PA RT IV
CA PITA L GA INS A ND LOSSES FOR TA X ON INVESTMENT INCOME
P
Kind of Property Description or Date Date sold
D acquired
Gross sale Depreciation Cost or FMV Adj. basis Excess of Gain
price less allowed/ other as of as of FMV over or
expenses of sale allowable basis 12/31/69 12/31/69 adj basis (loss)
DETAIL STATEMENT 30
-14450758.
----------
TOTAL GAIN(LOSS) ................................................ -14450758.
==========
JSA
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39633U 5364 10/14/2009
10/14/2009 13:29:51
13:29:51 17
FORM 990PF, PART I - OTHER INCOME
=================================
REVENUE
AND NET
EXPENSES INVESTMENT
DESCRIPTION PER BOOKS INCOME
----------- --------- ------
PRIVATE EQUITY LIMITED PATNERSHIPS 365,863. 689,305.
HEDGE FUNDS 1,739. 200,817.
INTEREST FROM PROGRAM RELATED INVESTMENT 21,969. 21,969.
-------------- --------------
TOTALS 389,571. 912,091.
============== ==============
39633U 5364 10/14/2009 13:29:51 18 STATEMENT 1

FORM 990PF, PART I - LEGAL FEES
===============================
REVENUE
AND NET ADJUSTED
EXPENSES INVESTMENT NET CHARITABLE
DESCRIPTION PER BOOKS INCOME INCOME PURPOSES
----------- --------- ------ ------ --------
LEGAL FEES 159,370. 3,594. 145,342.
-------------- -------------- -------------- --------------
TOTALS 159,370. 3,594. NONE 145,342.
============== ============== ============== ==============
39633U 5364 10/14/2009 13:29:51 19 STATEMENT 2

FORM 990PF, PART I - ACCOUNTING FEES
====================================
REVENUE
AND NET ADJUSTED
EXPENSES INVESTMENT NET CHARITABLE
DESCRIPTION PER BOOKS INCOME INCOME PURPOSES
----------- --------- ------ ------ --------
ACCOUNTING FEES 214,575. 46,258. 142,660.
-------------- -------------- -------------- --------------
TOTALS 214,575. 46,258. NONE 142,660.
============== ============== ============== ==============
39633U 5364 10/14/2009 13:29:51 20 STATEMENT 3

FORM 990PF, PART I - OTHER PROFESSIONAL FEES
============================================
REVENUE
AND NET
EXPENSES INVESTMENT CHARITABLE
DESCRIPTION PER BOOKS INCOME PURPOSES
----------- --------- ------ --------
INVESTMENT MANAGEMENT FEES 2,875,699. 2,875,699.
PROGRAM CONSULTANTS 301,354. 277,354.
-------------- -------------- --------------
TOTALS 3,177,053. 2,875,699. 277,354.
============== ============== ==============
39633U 5364 10/14/2009 13:29:51 21 STATEMENT 4

FORM 990PF, PART I - TAXES
==========================
REVENUE
AND
EXPENSES CHARITABLE
DESCRIPTION PER BOOKS PURPOSES
----------- --------- --------
FEDERAL EXCISE TAX -589,905.
STATE FILING FEES 1,665. 1,665.
-------------- --------------
TOTALS -588,240. 1,665.
============== ==============
39633U 5364 10/14/2009 13:29:51 22 STATEMENT 5

FORM 990PF, PART I - OTHER EXPENSES
===================================
REVENUE
AND
EXPENSES CHARITABLE
DESCRIPTION PER BOOKS PURPOSES
----------- --------- --------
MEMBERSHIP FEES 71,430. 71,430.
COMMUNICATION EXPENSE 11,500. 11,500.
TECHNOLOGY EXPENSE 7,601. 7,601.
MISCELLANEOUS 423. 423.
-------------- --------------
TOTALS 90,954. 90,954.
============== ==============
39633U 5364 10/14/2009 13:29:51 23 STATEMENT 6

FORM 990PF, PART II - U.S. AND STATE OBLIGATIONS
================================================
BEGINNING ENDING ENDING

DESCRIPTION BOOK VALUE BOOK VALUE FMV
----------- ---------- ---------- ---
US GOV'T BONDS AND NOTES 1,109,788. 795,828. 795,828.

STATE AND MUNICIPAL BONDS NONE 216,174. 216,174.
--------------- --------------- ---------------
US OBLIGATIONS TOTAL 1,109,788. 1,012,002. 1,012,002.
=============== =============== ===============
39633U 5364 10/14/2009 13:29:51 24 STATEMENT 7

FORM 990PF, PART II - CORPORATE STOCK
=====================================

----------- ---------- ---------- ---
SHORT-TERM DEPOSITS 41,296,685. 17,291,404. 17,291,404.

MAINTENANCE MARGIN ACCOUNTS -907,874. -961,993. -961,993.
EQUITY SECURITIES 88,728,103. 36,416,666. 36,416,666.
REF DETAIL STATEMENT 8A
--------------- --------------- ---------------
TOTALS 129,116,914. 52,746,077. 52,746,077.
=============== =============== ===============
39633U 5364 10/14/2009 13:29:51 25 STATEMENT 8

Description Shares/Principal Amount Ending Book Value Ending Fair Market
11/30/08 Value 11/30/2008
IAS DREYFUS INSTL PFD MM 4,755 4,755 4,755
NON-BASE CURRENCY 24 24
NON-BASE CURRENCY 22,029 22,029
NON-BASE CURRENCY - BROKER (41,853) (41,853)
NON-BASE CURRENCY - BROKER 95,345 95,345
BSDT-LATE MONEY DEPOSIT ACCT 35,572 35,572 35,572
IAS DREYFUS INSTL PFD MM 2,317,146 2,317,146 2,317,146
STATEMENT 8A
11/30/08 Value 11/30/2008
NON-BASE CURRENCY - -
NON-BASE CURRENCY (1,045) (1,045)
CASH HELD AT CREDIT SUISSE 54,940 54,940 54,940
SWAP COLLATERAL WITH CITIBANK 301,000 301,000 301,000
CASH HELD AT MERRILL LYNCH 202,400 202,400 202,400
Total Short-Term Deposits 17,291,404 17,291,404
STATEMENT 8A
11/30/08 Value 11/30/2008
CASH - BROKER (981,635) (981,635)
CASH - BROKER (284,881) (284,881)
CASH - BROKER 6,874 6,874
CASH - BROKER 14,310 14,310
CASH - BROKER 534,331 534,331
SWAP COLLATERAL WITH BARCLAYS (250,444) (250,444) (250,444)
SWAP COLLATERAL WITH DEUTSCHE (548) (548) (548)
Total Maintenance Margin Accounts (961,993) (961,993)

11/30/08 Value 11/30/2008
AARON RENTS INC COM 808 21,355 21,355
ABB GRAIN NPV(B SHS) 13,964 68,746 68,746
ACCENTURE LTD BERMUDA CL A 2,940 91,081 91,081
ACERGY SA COM STK USD2 10,208 57,981 57,981
ACERGY SA SPONSORED ADR 10,700 61,204 61,204
ACUITY BRANDS INC 1,350 36,396 36,396
ACXIOM CORP COM 562 4,221 4,221
ADOBE SYS INC DEL COM 2,454 56,835 56,835
ADVANCED MED OPTICS INC 1,271 7,385 7,385
ADVANCED MICRO DEVICES INC COM 2,117 4,996 4,996
ADVENT SOFTWARE INC 185 4,126 4,126
AEGEAN MARINE PETROLEUM 46 558 558
AEROPOSTALE INC 1,491 22,544 22,544
AFFILIATED MANAGERS GROUP INC 447 12,516 12,516
AFLAC INC COM 1,053 48,754 48,754
AGCO CORP COM 846 20,829 20,829
AIR PRODS & CHEMS INC COM 127 6,066 6,066
AKBANK TRY1 14,800 40,567 40,567
ALCOA INC COM 254 2,733 2,733
ALEXION PHARMACEUTICALS INC 906 30,496 30,496
ALLEGIANT TRAVEL CO COM 673 29,033 29,033
ALLIANZ SE (SOCIETAS EUROPEAE) 713 58,997 58,997
ALPHA NAT RES INC 541 12,005 12,005
ALSTOM EUR7 (POST 3,300 175,032 175,032
STATEMENT 8A
11/30/08 Value 11/30/2008
ALTRIA GROUP INC 2,583 41,535 41,535
AMAZON.COM INC COM 344 14,689 14,689
AMDOCS LTD COM 351 6,595 6,595
AMERICAN EAGLE OUTFITTERS NEW 1,695 16,272 16,272
AMERICAN EXPRESS CO COM 587 13,683 13,683
AMERICAN PUB ED INC COM 630 24,923 24,923
AMERICAN TOWER CORP 3,765 102,559 102,559
AMERISOURCEBERGEN CORP COM 400 12,540 12,540
AMGEN INC 899 49,930 49,930
ANGLOGOLD ASHANTI LTD ADR NEW 2,000 42,700 42,700
APACHE CORP COM 651 50,322 50,322
APOLLO GROUP INC CL A 67 5,148 5,148
APPLE INC 819 75,897 75,897
ARCHER DANIELS MIDLAND CO COM 258 7,064 7,064
ARENA RES INC 807 21,361 21,361
ARIBA INC 2,391 19,248 19,248
ARROW ELECTRS INC COM 4,100 56,580 56,580
ASAHI GLASS CO Y50 10,200 57,401 57,401
ASATSU-DK INC Y50 4,200 97,233 97,233
ASHLAND INC NEW 924 8,824 8,824
ASTA FDG INC COM 2,600 6,968 6,968
AT & T INC COM 5,161 147,398 147,398
ATHENAHEALTH INC COM 1,008 27,549 27,549
AUTODESK INC COM 596 9,888 9,888
AVATAR HLDGS INC COM 1,100 31,933 31,933
AVID TECHNOLOGY INC COM 2,800 35,056 35,056
AVNET INC COM 4,100 58,384 58,384
AVON PRODS INC COM 1,290 27,219 27,219
AXA ROSENBERG INTL SMALL CAP 272,940 2,714,459 2,714,459
AXSYS TECHNOLOGIES INC COM 642 44,818 44,818
BAKER HUGHES INC COM 81 2,821 2,821
BANCO POPOLARE SOC COOPERATIVA 7,500 68,330 68,330
BANCORPSOUTH INC 466 10,364 10,364
BANK NEW YORK MELLON CORP COM 1,446 43,684 43,684
BANK OF AMERICA CORP 3,228 52,455 52,455
BANK OF CYPRUS PUBLIC CO LTD 20,500 80,639 80,639
STATEMENT 8A
11/30/08 Value 11/30/2008
BANK OF HAWAII CORP 1,100 49,071 49,071
BARRETT BILL CORP 750 16,778 16,778
BIOGEN IDEC INC COM 849 35,921 35,921
BJS WHSL CLUB INC COM 1,163 41,612 41,612
BLACKBOARD INC 651 16,034 16,034
BLACKROCK INC COM 119 14,959 14,959
BOEING CO COM 308 13,130 13,130
BOSTON SCIENTIFIC CORP COM 3,866 23,853 23,853
BOUYGUES EUR1 1,900 77,680 77,680
BOYD GAMING CORP 2,100 9,240 9,240
BP PLC ORD USD.25 18,900 152,763 152,763
BRIT INSURANCE HOLDINGS ORD 37,101 115,709 115,709
BRITISH AMERICAN TOBACCO ORD 3,100 80,770 80,770
BROADCOM CORP CL A COM 809 12,386 12,386
BROADRIDGE FINL SOLUTIONS INC 571 6,509 6,509
BROCADE COMMUNICATIONS SYS INC 1,938 6,240 6,240
BROCADE COMMUNICATIONS SYS INC 14,700 47,334 47,334
BROOKFIELD PPTYS CORP COM 6,117 44,776 44,776
BROOKLINE BANCORP INC DEL 2,000 22,580 22,580
BUNGE LIMITED COM 1,054 44,753 44,753
BW GAS LTD NPV 10,600 25,868 25,868
CA INC COM 8,800 148,192 148,192
CAMPBELL SOUP CO COM 595 19,070 19,070
CANON INC NPV 1,800 53,389 53,389
CAPELLA ED CO COM 170 10,176 10,176
CAPITAL CITY BANK GROUP INC 1,828 53,999 53,999
CAPITAL ONE FINL CORP 344 11,837 11,837
CARDIONET INC COM 1,147 22,802 22,802
CARRIZO OIL & GAS INC COM 726 15,028 15,028
CASEYS GEN STORES INC 900 26,685 26,685
CATALYST HEALTH SOLUTIONS INC 1,426 32,085 32,085
CATALYST PAPER CORP 91,669 27,326 27,326
CATERPILLAR INC 405 16,601 16,601
CBS CORP NEW CL B 2,773 18,468 18,468
CELGENE CORP 149 7,763 7,763
CENTER BANCORP INC 2,198 18,419 18,419
STATEMENT 8A
11/30/08 Value 11/30/2008
CENTRAL PAC FINL CORP 1,393 17,830 17,830
CENTURY ALUM CO COM 750 6,113 6,113
CERNER CORP 395 14,212 14,212
CHEVRON CORPORATION COM 1,419 112,115 112,115
CHINA MOBILE LIMITED ADR 1,500 68,745 68,745
CHUO MITSUI TRUST HLDGS INC 19,900 74,590 74,590
CISCO SYS INC COM 6,278 103,838 103,838
CITIGROUP INC COM 3,148 26,097 26,097
CLEAN HBRS INC 330 20,833 20,833
CME GROUP INC COM 160 33,912 33,912
CNOOC LTD HKD0.02 73,000 58,870 58,870
COCA COLA CO COM 397 18,607 18,607
COHERENT INC COM 2,400 59,736 59,736
COLGATE PALMOLIVE CO 769 50,039 50,039
COMCAST CORP NEW CL A 1,955 33,900 33,900
COMCAST CORP NEW CL A SPL 609 10,213 10,213
COMPANHIA VALE DO RIO DOCE 3,900 46,566 46,566
COMSTOCK RES INC NEW 698 29,267 29,267
CONCEPTUS INC COM 3,498 51,421 51,421
CONCHO RES INC COM 1,199 28,284 28,284
CONCUR TECHNOLOGIES INC 793 21,768 21,768
CONOCOPHILLIPS 1,014 53,255 53,255
CONSTANT CONTACT INC COM 1,029 14,355 14,355
CORINTHIAN COLLEGES INC COM 2,296 36,920 36,920
CORN PRODS INTL INC COM 592 16,221 16,221
COSTCO WHSL CORP NEW COM 1,143 58,830 58,830
CREDIT SAISON CO NPV 9,000 120,195 120,195
CSL ORD NPV 3,400 76,829 76,829
CSR ORD NPV 27,588 24,433 24,433
CYMER INC COM 1,100 25,839 25,839
DAIBIRU CORP Y50 5,100 39,035 39,035
DEERE & CO COM 544 18,937 18,937
DELL INC COM 1,856 20,732 20,732
DENBURY RES INC COM NEW 4,700 44,791 44,791
DEUTSCHE BOERSE AG NPV 1,600 114,140 114,140
DEVON ENERGY CORP NEW COM 175 12,660 12,660
STATEMENT 8A
11/30/08 Value 11/30/2008
DIRECTTV GROUP INC 554 12,194 12,194
DISH NETWORK CORP CL A 537 5,950 5,950
DISNEY WALT CO COM 1,279 28,803 28,803
DOLLAR TREE INC COM 533 22,541 22,541
DOMTAR CORP COM 14,500 20,300 20,300
DOW CHEM CO COM 740 13,727 13,727
DR PEPPER SNAPPLE INC 474 7,650 7,650
DREAMWORKS ANIMATION SKG INC 1,536 35,482 35,482
DRIL-QUIP INC COM 389 7,656 7,656
DTS INC 2,290 37,945 37,945
DUKE ENERGY CORP NEW COM 3,236 50,352 50,352
DUNDEE CORPORATION CL A SUB 4,200 16,919 16,919
DUNDEE PRECIOUS METALS INC 15,150 21,360 21,360
E.ON AG NPV 1,700 59,386 59,386
EASTMAN KODAK CO COM 6,000 45,420 45,420
EATON VANCE CORP NON VTG COM 1,867 35,697 35,697
EBAY INC COM 1,244 16,334 16,334
EDWARDS LIFE SCIENCES CORP COM 269 13,388 13,388
ELEKTA SER B NPV 7,900 83,642 83,642
ELIZABETH ARDEN INC COM 5,200 73,320 73,320
EMERSON ELEC CO COM 2,727 97,872 97,872
ENCORE ACQUISITION CO COM 174 4,601 4,601
EOG RES INC COM 165 14,028 14,028
EQUINIX INC 324 14,713 14,713
ESPRIT HLDGS ORD HKD0.10 21,900 103,140 103,140
EURAZEONCE NPV 1,342 69,051 69,051
EXELON CORP COM 1,373 77,176 77,176
EXPEDITORS INTL WASH INC COM 839 28,048 28,048
EXPRESS SCRIPTS INC COM STK 190 10,927 10,927
EXXON MOBIL CORP 4,044 324,127 324,127
F5 NETWORK INC COM 689 17,156 17,156
FAMILYMART Y50 1,000 40,842 40,842
FBL FINL GROUP INC CL A 1,100 12,507 12,507
FEDERATED INVS INC PA CL B 234 4,645 4,645
FIRST AMERICAN CORP COM 604 14,508 14,508
FIRST CITIZENS BANCSHARES INC 200 28,110 28,110
STATEMENT 8A
11/30/08 Value 11/30/2008
FLUOR CORP NEW COM 208 9,472 9,472
FMC TECHNOLOGIES INC COM 672 18,460 18,460
FOOT LOCKER INC COM 1,085 7,302 7,302
FORTUM OYJ FIM20 500 9,980 9,980
FORTUNE BRANDS INC COM 437 16,519 16,519
FOSSIL INC COM 1,400 21,280 21,280
FTI CONSULTING INC COM 1,709 93,722 93,722
FULTON FINL CORP PA 3,900 43,368 43,368
GARTNER INC COM 1,393 21,396 21,396
GAZPROM ADR REP10 ORD 2,400 41,520 41,520
GEA GROUP AG NPV 8,000 123,337 123,337
GENENTECH INC 181 13,865 13,865
GENERAL CABLE CORP DEL COM NEW 1,750 28,893 28,893
GENERAL DYNAMICS CORP COM 1,211 62,572 62,572
GENERAL ELEC CO COM 6,789 116,567 116,567
GENESSE & WYO INC CL A 776 23,575 23,575
GIBRALTAR INDS INC 4,800 61,920 61,920
GILDAN ACTIVEWEAR INC 2,400 40,606 40,606
GILEAD SCIENCES INC COM 2,510 112,423 112,423
GLAXOSMITHKLINE ORD GBP0.25 1,866 32,069 32,069
GOLDMAN SACHS TR EMERGING MKTS 361,096 4,148,995 4,148,995
GOOGLE INC CL A 242 70,896 70,896
GRAND CANYON ED INC COM 1,061 15,745 15,745
GREIF INC CL A COM 243 8,055 8,055
GRIFFON CORP COM 7,800 62,400 62,400
GUOCO GROUP US$0.50 14,000 85,805 85,805
GUOCOLEISURE LIMITED USD0.20 190,000 36,528 36,528
HALLIBURTON CO COM 2,736 48,154 48,154
HANOVER INS GROUP INC COM 2,900 116,928 116,928
HANSEN NAT CORP 630 18,743 18,743
HEALTH MGMT ASSOC INC NEW CL A 3,800 5,548 5,548
HEARST ARGYLE TELEVISION INC 5,800 46,516 46,516
HERBALIFE LTD USD COM SHS 571 10,152 10,152
HERMAN MILLER INC COM 427 6,281 6,281
HESS CORP 167 9,025 9,025
HEWLETT PACKARD CO COM 2,085 73,559 73,559
STATEMENT 8A
11/30/08 Value 11/30/2008
HEWLETT PACKARD CO COM 4,300 151,704 151,704
HILL ROM HLDGS COM 625 12,838 12,838
HMS HOLDING CORP 333 9,824 9,824
HON HAI PRECISION INDS TWD10 16,800 32,501 32,501
HONDA MOTOR CO NPV 3,300 72,240 72,240
HORMEL FOODS CORP COM 1,216 32,297 32,297
HUDSON CITY BANCORP INC COM 1,311 21,894 21,894
HUNT J B TRANS SVCS INC 1,761 47,565 47,565
HUTCHISON WHAMPOA HK$0.25 17,000 85,327 85,327
HUTCHISON WHAMPOA HK$0.25 36,300 182,199 182,199
IBM CORP COM 415 33,864 33,864
IBM CORP COM 700 57,120 57,120
ICF INTL INC COM 707 13,857 13,857
ICON PUB LTD CO SPONSORED ADR 840 17,800 17,800
IDEXX LABS INC COM 112 3,462 3,462
IHS INC CL A 656 23,806 23,806
IMATION CORP COM 325 4,316 4,316
IMATION CORP COM 2,300 30,544 30,544
IMERYS EUR2 1,357 50,727 50,727
IMMUCOR INC 539 13,082 13,082
IMPERIAL TOBACCO GROUP ORD 10P 7,700 191,171 191,171
INDUSTRIA DE DISENO TEXTIL SA 2,421 80,794 80,794
INGRAM MICRO INC CL A COM 1,152 12,407 12,407
INPEX CORPORATION 13 83,532 83,532
INTEGRA LIFESCIENCES HLDG CORP 134 4,220 4,220
INTEGRAL SYS INC MD 994 23,856 23,856
INTEGRYS ENERGY GROUP INC COM 511 22,576 22,576
INTEL CORP 6,000 82,800 82,800
INTERCONTINENTAL EXCHANGE INC 104 7,654 7,654
INTERNATIONAL GAME TECHNOLOGY 8,100 86,751 86,751
INTERNATIONAL PAPER CO COM 178 2,216 2,216
INTESA SANPAOLO EUR0.52 26,400 79,058 79,058
IPG PHOTONICS CORP 1,401 19,040 19,040
ISHARES TR RUSSELL 2000 GROWTH 1,153 56,266 56,266
ISIS PHARMACEUTICALS 2,272 26,060 26,060
ITC HLDGS CORP 782 32,844 32,844
STATEMENT 8A
11/30/08 Value 11/30/2008
JAPAN TOBACCO INC Y50000 36 132,290 132,290
JERONIMO MARTINS EUR1 18,300 94,973 94,973
JOHNSON & JOHNSON COM 1,709 100,113 100,113
JONES LANG LASALLE INC COM 910 21,685 21,685
JP MORGAN INTERNATIONAL 2,600 75,868 75,868
JPMORGAN CHASE & CO COM 1,783 56,450 56,450
JULIUS BAER HLDGS AG CHF0.05 4,881 159,773 159,773
K&S AG NPV 2,600 117,119 117,119
K12 INC COM 639 11,662 11,662
KENNAMETAL INC COM 2,400 44,880 44,880
KING PHARMACEUTICALS INC COM 1,257 12,080 12,080
KONICA MINOLTA HLDGS INC Y50 7,100 52,330 52,330
KROGER CO COM 1,929 53,356 53,356
L G CORP KRW5000 1,820 51,416 51,416
LANDSTAR SYS INC COM 217 6,974 6,974
LANDSTAR SYS INC COM 997 32,044 32,044
LEUCADIA NATL CORP COM 337 6,588 6,588
LI & FUNG HKD0.025 81,600 149,509 149,509
LILLY ELI & CO COM 3,170 108,256 108,256
LINCOLN ELEC HLDGS INC COM 183 8,361 8,361
LINCOLN ELEC HLDGS INC COM 450 20,561 20,561
LORILLARD INC COM 1,169 70,643 70,643
LOTTOMATICA SPA EUR1 7,900 186,452 186,452
LSI CORP COM 1,517 4,066 4,066
LUKOIL SPONSORED ADR 1,150 36,570 36,570
MANPOWER INC WIS 856 26,947 26,947
MARCUS CORP 3,700 47,693 47,693
MASIMO CORP COM 961 26,226 26,226
MATTSON TECHNOLOGY INC COM 6,400 11,520 11,520
MCDONALDS CORP COM 2,489 146,229 146,229
MCKESSON CORP COM 100 3,494 3,494
MDU RESOURCES GROUP INC 404 8,213 8,213
MEADWESTVACO CORP 700 8,162 8,162
MEDCO HEALTH SOLUTIONS INC 1,143 48,006 48,006
MEDTRONIC INC COM 849 25,911 25,911
MENTOR GRAPHICS CORP COM 993 6,733 6,733
STATEMENT 8A
11/30/08 Value 11/30/2008
MENTOR GRAPHICS CORP COM 4,200 28,476 28,476
MERCK & CO INC COM 2,268 60,601 60,601
METLIFE INC COM 193 5,551 5,551
MGM MIRAGE 4,780 57,264 57,264
MICROSEMI CORP 1,979 38,571 38,571
MICROSOFT CORP COM 4,461 90,201 90,201
MIRANT CORP NEW 794 13,673 13,673
MITSUI FUDOSAN CO Y50 5,000 76,959 76,959
MIZUHO FINL GP NPV 37 96,341 96,341
MONSANTO CO NEW COM 851 67,399 67,399
MONTPELIER RE HOLDINGS LTD CDT 5,329 73,380 73,380
MOODYS CORP COM 1,086 23,577 23,577
MORGAN STANLEY 746 11,004 11,004
MORGANS HOTEL GROUP CO COM 9,503 38,012 38,012
MOSAIC CO 79 2,398 2,398
MOTOROLA INC COM 10,900 46,979 46,979
MPS GROUP INC 914 6,051 6,051
MSCI INC CL A 1,881 29,024 29,024
MUENCHENER RUECKVERSICHERUNGS 595 80,754 80,754
MUENCHENER RUECKVERSICHERUNGS 1,000 135,722 135,722
MURPHY OIL CORP COM 757 33,346 33,346
MYRIAD GENETICS INC 473 28,039 28,039
NATIONAL GRID PLC NEW ORD 7,500 77,854 77,854
NATIONALE A PORTEFEUILLE NPV 2,263 116,297 116,297
NESTLE SA CHF0.1 (REGD) 3,012 108,959 108,959
NETAPP INC COM 1,095 14,783 14,783
NETFLIX COM INC 268 6,159 6,159
NETIA SA PLN1 90,500 75,198 75,198
NETLOGIC MICROSYSTEMS INC 554 10,327 10,327
NEUTRAL TANDEM INC COM 2,437 35,848 35,848
NEW ORIENTAL ED & TECHNOLOGY 864 44,591 44,591
NEWELL RUBBERMAID INC 5,000 66,800 66,800
NEWMONT MINING CORP HOLDING CO 2,072 69,723 69,723
NEXT GROUP ORD GBP0.10 2,200 37,404 37,404
NIKON CORP NPV 3,400 38,410 38,410
NINTENDO CO 400 124,395 124,395
STATEMENT 8A
11/30/08 Value 11/30/2008
NIPPON SHEET GLASS CO Y50 30,000 87,249 87,249
NITORI CO Y50 500 35,697 35,697
NOBEL BIOCARE AG CHF0.40(BR) 7,779 117,967 117,967
NOKIA (AB) OY EUR0.06 9,200 129,463 129,463
NORSKE SKOGSINDUSTRIER NOK10 19,200 46,308 46,308
NORTHERN TR CORP COM 1,600 73,424 73,424
NORTHROP GRUMMAN CORP COM 138 5,651 5,651
NOVELLUS SYS INC 3,400 42,126 42,126
NUVASIVE INC 290 9,991 9,991
NYSE EURONEXT COM 406 9,667 9,667
OAO GAZPROM 1,000 17,300 17,300
OCCIDENTAL PETE CORP COM 1,103 59,716 59,716
OGE ENERGY CORP COM 955 25,298 25,298
OLD REP INTL CORP COM 1,938 19,884 19,884
ONYX PHARMACEUTICALS INC 955 26,836 26,836
ORACLE CORPORATION COM 891 14,336 14,336
OSI PHARMACEUTICALS INC COM 563 20,944 20,944
PACKAGING CORP AMER COM 2,150 32,100 32,100
PANERA BREAD CO CL A COM 194 8,621 8,621
PAPA JOHNS INTL INC COM 830 14,708 14,708
PAREXEL INTL CORP 1,162 9,668 9,668
PARQUE ARAUCO SA NPV 31,454 15,413 15,413
PDL BIOPHARMA INC COM 3,613 34,613 34,613
PENN VA CORP 469 14,084 14,084
PEOPLES UTD FINL INC COM 5,350 102,025 102,025
PEPSIAMERICAS INC COM 731 12,252 12,252
PEPSICO INC COM 667 37,819 37,819
PERRIGO CO COM 1,112 38,264 38,264
PETROLEO BRASILEIRO SA 1,800 37,692 37,692
PETROQUEST ENERGY INC COM 3,100 21,731 21,731
PFIZER INC COM STK USD0.05 5,130 84,286 84,286
PHARMACEUTICAL PROD DEV INC 566 14,908 14,908
PHILADELPHIA CONS HLDG CORP CO 142 8,726 8,726
PHILIP MORRIS INTL INC COM 1,092 46,039 46,039
PIONEER NAT RES CO 558 11,205 11,205
PMC SIERRA INC 3,001 12,034 12,034
STATEMENT 8A
11/30/08 Value 11/30/2008
POWER INTEGRATIONS INC 738 13,505 13,505
PPR EUR4.00 876 41,517 41,517
PRICE T ROWE GROUP INC COM 935 31,986 31,986
PROCTER & GAMBLE CO COM 1,860 119,691 119,691
PROGRESSIVE CORP OHIO COM 578 8,682 8,682
PROVIDENT FINL SVCS INC 1,800 26,982 26,982
PRUDENTIAL FINL INC 498 10,807 10,807
PSYCHIATRIC SOLUTIONS INC 2,876 72,763 72,763
QUALCOMM INC 279 9,366 9,366
QUANTA SVCS INC COM 1,715 27,886 27,886
RAYMOND JAMES FINL INC COM 3,400 74,698 74,698
RAYTHEON CO COM NEW 85 4,148 4,148
RECKITT BENCKISER GROUP PLC 1,100 46,603 46,603
REGIONS FINL CORP 1,269 12,931 12,931
REINSURANCE GROUP AMER INC COM 250 10,150 10,150
REINSURANCE GROUP AMER INC COM 1,850 75,110 75,110
RELIANCE STL & ALUM CO 1,750 36,085 36,085
RELIANT ENERGY INC 5,900 33,866 33,866
RESMED INC 1,092 39,683 39,683
ROCKWOOD HLDGS INC 2,400 21,456 21,456
ROSS STORES INC COM 830 21,995 21,995
ROYAL CARIBBEAN CRUISES LTD 6,200 58,404 58,404
RUDDICK CORP COM 326 8,919 8,919
RWE AG (NEU) NPV 'A' 2,355 197,464 197,464
SALESFORCE COM INC 286 8,185 8,185
SAMPO OYJ SER'A'NPV 1,110 20,536 20,536
SAMSUNG ELECTRONIC GDR REP 1/2 600 100,350 100,350
SAMSUNG ELECTRONICS 100 16,725 16,725
SANOFI-AVENTIS EUR2 1,008 55,575 55,575
SAP AG ORD NPV 2,891 98,221 98,221
SAPIENT CORP 4,434 17,470 17,470
SAPPI LTD SPONS ADR NEW 5,700 30,552 30,552
SATYAM COMPUTER SVCS LTD ADR 4,200 53,466 53,466
SAUER-DANFOSS INC 4,850 39,237 39,237
SBA COMMUNICATIONS CORP COM 1,972 31,138 31,138
SCHERING PLOUGH CORP COM 1,301 21,870 21,870
STATEMENT 8A
11/30/08 Value 11/30/2008
SCHLUMBERGER LTD COM 878 44,550 44,550
SCHNITZER STL INDS INC CL A 172 4,644 4,644
SCIENTIFIC GAMES CORP CL A 3,599 54,021 54,021
SEACOAST BKG CORP FLA 1,800 8,892 8,892
SEAGATE TECHNOLOGY 2,496 10,508 10,508
SEI INVESTMENT CO COM 1,070 16,542 16,542
SEINO HOLDINGS CO LTD 17,000 86,209 86,209
SEPRACOR INC 6,100 71,736 71,736
SIGNATURE BK NEW YORK N Y 1,302 38,800 38,800
SKILLSOFT PUB LTD CO SPON ADR 4,895 29,370 29,370
SMART BALANCE INC COM 2,000 11,700 11,700
SMITH & NEPHEW ORD USD0.20 15,500 114,877 114,877
SMITHFIELD FOODS INC COM 609 4,147 4,147
SMITHFIELD FOODS INC COM 3,250 22,133 22,133
SOHU.COM INC COM 53 2,573 2,573
SOMPO JAPAN INSURANCE INC 9,000 52,160 52,160
SONOCO PRODS CO 359 9,011 9,011
SOUTHWESTERN ENERGY CO (DEL) 599 20,588 20,588
SPRINT NEXTEL CORP COM SER 1 6,417 17,903 17,903
SPRINT NEXTEL CORP COM SER 1 14,200 39,618 39,618
SPRUCEGROVE DEL TST INTL INV 390,166 8,837,310 8,837,310
ST MARY LD & EXPL CO 2,300 46,253 46,253
STADA ARZNEIMITTEL AG ORD NPV 5,000 136,280 136,280
STANCORP FINL GROUP INC COM 1,200 39,972 39,972
STANLEY INC COM 675 21,533 21,533
STARENT NETWORKS CORP COM 224 2,229 2,229
STARWOOD HOTELS & RESORTS COM 1,043 17,585 17,585
STATE BANK OF INDIA GDR EACH 1,300 56,550 56,550
STATE STREET CORP 444 18,697 18,697
STERLING FINL CORP/SPOKANE 2,400 12,768 12,768
STRAYER ED INC 295 70,685 70,685
SUNOCO INC COM 336 13,353 13,353
SUNTRUST BKS INC 695 22,052 22,052
SYBASE INC COM 2,406 59,284 59,284
SYKES ENTERPRISES INC COM 1,233 22,872 22,872
SYMANTEC CORP COM 335 4,030 4,030
STATEMENT 8A
11/30/08 Value 11/30/2008
SYMANTEC CORP COM 6,422 77,257 77,257
SYNOVUS FINL CORP 720 5,990 5,990
TAIWAN SEMICONDUCTOR MFG CO 9,300 66,495 66,495
TEAM INC 716 20,206 20,206
TECH DATA CORP COM 600 10,464 10,464
TELEDYNE TECHNOLOGIES INC COM 688 27,947 27,947
TELEFONICA SA EUR1 8,200 165,231 165,231
TEMPLE INLAND INC COM 6,400 20,224 20,224
TENON LTD 69,050 20,814 20,814
TERADATA CORP DEL COM 408 5,479 5,479
TESORO CORP 1,646 15,127 15,127
TESSERA TECHNOLOGIES INC 258 4,742 4,742
TEXAS INSTRS INC COM 630 9,809 9,809
3M CO 89 5,957 5,957
TF FINL CORP 1,500 29,993 29,993
TIBCO SOFTWARE INC COM 6,800 32,912 32,912
TIME WARNER INC 9,080 82,174 82,174
TJX COS INC NEW COM 246 5,614 5,614
TOKIO MARINE HOLDINGS INC NPV 1,200 29,167 29,167
TORO CO 258 7,338 7,338
TOTAL SYS SVCS INC 493 7,035 7,035
TOWER GROUP INC 4,450 101,505 101,505
TOYOTA MOTOR CORP NPV 7,000 220,484 220,484
TRACTOR SUPPLY CO 491 18,845 18,845
TRAVELERS COS INC COM 597 26,059 26,059
TYCO INTERNATIONAL LTD BERMUDA 1,223 25,561 25,561
TYSON FOODS INC CL A 2,540 17,043 17,043
ULTRA PETE CORP 108 4,388 4,388
UNION PAC CORP COM 265 13,261 13,261
UNITED MICRO ELECTRONICS TW$10 252,900 61,537 61,537
UNITED PARCEL SVC INC CL B 376 21,658 21,658
UNITEDHEALTH GROUP INC COM 644 13,530 13,530
UNIVERSAL CORP VA 226 7,225 7,225
UNIVERSAL HEALTH SVCS INC CL B 700 26,005 26,005
UNUM GROUP 5,100 75,990 75,990
US BANCORP DEL COM NEW 1,049 28,302 28,302
STATEMENT 8A
11/30/08 Value 11/30/2008
UST INC COM 62 4,263 4,263
VALERO ENERGY CORP COM NEW 2,814 51,637 51,637
VARIAN MED SYS INC COM 466 18,808 18,808
VECTREN CORP COM 624 17,572 17,572
VERISIGN INC COM 492 10,622 10,622
VERIZON COMMUNICATIONS COM 2,521 82,311 82,311
VIRGIN MEDIA INC 1,253 5,927 5,927
VITERRA INC 2,849 17,674 17,674
VITERRA INC 7,691 47,712 47,712
VMWARE INC CL A COM 298 5,766 5,766
VOCUS INC COM 1,178 21,404 21,404
VODAFONE GROUP 93,000 181,519 181,519
VOLCANO CORP COM 2,227 36,345 36,345
WABTEC COM 1,182 45,613 45,613
WAL MART STORES INC COM 548 30,622 30,622
WASTE CONNECTIONS INC COM 759 21,427 21,427
WAUSU PAPER CORP 9,100 93,639 93,639
WBL CORPORATION LTD STK SG$1 47,000 93,473 93,473
WELLS FARGO & CO NEW COM 2,890 83,492 83,492
WERNER ENTERPRISES INC COM 2,423 42,112 42,112
WESCO INTL INC COM 1,950 28,841 28,841
WESTERN DIGITAL CORP DEL COM 548 6,686 6,686
WHOLE FOODS MKT INC 492 5,205 5,205
WILEY JOHN & SONS INC CL A 2,000 71,920 71,920
WINDSTREAM CORP COM 3,959 35,077 35,077
WMS INDS INC COM 1,413 34,830 34,830
WRIGHT MED GROUP INC COM 1,452 24,626 24,626
WYETH COM 1,635 58,876 58,876
YAHOO INC 367 4,224 4,224
YAMADA DENKI CO NPV 1,100 57,168 57,168
YARA INTL NOK1.70 3,300 54,277 54,277
YRC WORLDWIDE INC 1,107 4,406 4,406
YUANTA FINANCIAL HLDG CO LTD 232,000 88,510 88,510
YUM BRANDS INC 1,405 37,851 37,851
FRESENIUS SE NON VTG PRF NPV 3,200 177,078 177,078
HENKEL AG & CO KGAA NON VTG 4,200 118,312 118,312
Total Equity Securities 36,416,666 36,416,666
STATEMENT 8A
Line 10b Investments - corporate stock $ 52,746,077 $ 52,746,077
STATEMENT 8A
FORM 990PF, PART II - CORPORATE BONDS
=====================================

----------- ---------- ---------- ---
FIXED INCOME SECURITIES 35,802,936. 23,630,819. 23,630,819.

--------------- --------------- ---------------
TOTALS 35,802,936. 23,630,819. 23,630,819.
=============== =============== ===============
39633U 5364 10/14/2009 13:29:51 26 STATEMENT 9

11/30/08 Value 11/30/2008
CWMBS INC 2006-3 CHL 1-A2 402,700 $ 167,068 $ 167,068
CITIBANK CR CARD 06-A4 A4 600,000 565,044 565,044
FARMER MAC GTD NTS TR 2006 2 400,000 429,152 429,152
FEDERAL HOME LN BKS CONS BD 400,000 424,814 424,814
FEDERAL HOME LN BKS CONS BD 450,000 465,755 465,755
FEDERAL FARM CR BKS CONS SYS 280,000 296,188 296,188
FEDERAL FARM CR BKS CONS BD 400,000 416,250 416,250
FEDERAL FARM CR BKS CONS BDS 200,000 210,456 210,456
FEDERAL NATL MTG ASSN CAP DEB 100,000 50,468 50,468
FNMA POOL #0652610 49,128 49,954 49,954
FNMA POOL #0686229 33,873 34,444 34,444
FNMA POOL #0695844 145,454 147,900 147,900
FNMA POOL #0695926 58,463 59,620 59,620
FNMA POOL #0708837 36,924 37,655 37,655
FNMA POOL #0710154 24,946 25,363 25,363
FNMA POOL #0725707 85,510 86,898 86,898
FNMA POOL #0725791 65,200 66,297 66,297
FNMA POOL #0725950 297,622 302,452 302,452
FNMA POOL #0761334 157,715 160,281 160,281
FNMA POOL #0766068 45,292 46,031 46,031
FNMA POOL #0766219 123,547 125,562 125,562
FNMA POOL #0766633 57,639 58,577 58,577
FNMA POOL #0770047 65,155 66,215 66,215
FNMA POOL #0770079 84,277 85,648 85,648
FNMA POOL #0774434 93,768 95,290 95,290
FNMA POOL #0785260 78,198 79,459 79,459
FNMA POOL #0785630 71,752 72,900 72,900
GOLDMAN SACHS TR INVT GRADE CR 293,049 2,318,014 2,318,014
GOLDMAN SACHS TR U S MTGS FD 594,538 5,327,061 5,327,061
HARBORVIEW MTG LN 05-16 2A1A 257,389 114,005 114,005
LB UBS COML 05-C5 CTF A-4 500,000 358,420 358,420
LB UBS COML MTG TR 06-CL A-4 500,000 343,465 343,465
MORGAN STANLEY CAP 06-TOP21 A4 500,000 343,605 343,605
STRUCTURED ASSET 06-AR2 A-1 556,532 232,603 232,603
STRUCTURED ASSET 06-AR1 3A-1 704,543 412,792 412,792
WACHOVIA BK COML 05-C21 CL A-4 1,000,000 733,390 733,390
STATEMENT 9A
11/30/08 Value 11/30/2008
GOLDMAN SACHS TR HIGH YIELD FD 1,071,149 5,227,209 5,227,209
GOLDMAN SACHS TR EMERGING MKTS 433,074 3,594,513 3,594,513
Line 10c Corporate bonds $ 23,630,819 $ 23,630,819
STATEMENT 9A
FORM 990PF, PART II - OTHER INVESTMENTS
=======================================

----------- ---------- ---------- ---
HEDGE FUNDS 73,454,827. 55,059,529. 55,059,529.

PRIVATE EQUITY PARTNERSHIPS 29,170,090. 25,689,674. 25,689,674.
REAL ESTATE INVESTMENT TRUSTS 11,999,230. 5,829,926. 5,829,926.
COMMODITIES 4,323,570. 2,215,095. 2,215,095.
VARIABLE MARGIN FUTURES
RECEIVABLE 118,685. 1,913,080. 1,913,080.
FORWARD FOREIGN EXCHANGE
CONTRACTS PAYABLE -1,615,109. -307,321. -307,321.
INTEREST RATE SWAPS PAYABLE -999,693. -766,474. -766,474.
--------------- --------------- ---------------
TOTALS 116,451,600. 89,633,509. 89,633,509.
=============== =============== ===============
39633U 5364 10/14/2009 13:29:51 27 STATEMENT 10

11/30/08 Value 11/30/2008
SILVER POINT CAPITAL OFFSHORE 595 $ 4,263,198 $ 4,263,198
TOSCA FUND (CLASS B) 35,000 1,635,485 1,635,485
CHILDRENS INVESTMENT FD CL A 10,000 643,297 643,297
CHILDRENS INVESTMENT FUND 16,055 1,598,623 1,598,623
GS DEWORDE PORTFOLIO SPC LLC 3,550,000 3,847,259 3,847,259
TOURADJI DIVERSIFIED OFFSHORE 3,000 3,308,376 3,308,376
AMARANTH INTERNATIONAL LIMITED 415 253,343 253,343
OZ OVERSEAS FUND 4,736 5,915,098 5,915,098
MOORE GLOBAL INVESTMENTS LTD 64 2,249,311 2,249,311
RAPTOR GLOBAL FUND LTD 2,580 3,390,004 3,390,004
SHEPHERD INVESTMENTS INTL LTD 1,267,547 1,529,458 1,529,458
CANTILLON PACIFIC LTD 1,920 176,661 176,661
TPG - AXON PTNRS (OFFSHORE)LTD 6,000 3,980,486 3,980,486
JANA OFFSHORE PARTNERS LTD 2,116 4,485,511 4,485,511
TACONIC OPPORTUNITY OFFSHORE 6,013 5,623,007 5,623,007
SEMINOLE OFFSHORE FUND 7,116 3,146,979 3,146,979
PALOMINO FUND 2,471 4,215,530 4,215,530
PERRY PARTNERS INTL INC CL F 9,248 4,797,903 4,797,903
Total Hedge Funds 55,059,529 55,059,529

11/30/08 Value 11/30/2008
TOM LEE V LP 2,077,980 $ 1,879,970 $ 1,879,970
WESTON PRESIDIO CAP IV LP 2,520,770 1,692,831 1,692,831
ARCH VENTURE FD V LP 3,288,670 2,500,589 2,500,589
WILLIS STEIN & PARTNERS III 2,682,573 2,682,573 2,682,573
INSIGHT CAPITAL PARTNERS 3,385,382 3,240,549 3,240,549
OCM REAL ESTATE OPP FD III LP 3,151,054 2,918,735 2,918,735
MHR INSTITUTIONAL PARTNERS II 2,635,271 1,693,191 1,693,191
QUANTUM ENERGY PARTNERS III LP 1,619,364 733,976 733,976
QUANTUM ENERGY PARTNERS V LP 261,638 261,638
BC EUROPEAN CAPITAL VIII LP 1,618,200 1,453,356 1,453,356
KSL CAPITAL PARTNERS II TE 1,709,233 1,498,644 1,498,644
ALTOR FUND II 2,431,086 2,273,790 2,273,790
BLACKSTONE CAPITAL PARTNERS V 2,360,798 1,997,918 1,997,918
CVC EUROPEAN EQUITY PARTNERS V 462,282 586,590 586,590
AMERICAN SECURITIES FD V 275,325 275,325 275,325
Total Private Equity Partnerships 25,689,674 25,689,674
STATEMENT 10A
11/30/08 Value 11/30/2008
ACADIA RLTY TR COM 10105 $ 141,268 $ 141,268
ALEXANDRIA REAL ESTATE 2407 106,582 106,582
AMB PPTYS CORP COM 216 3,720 3,720
AMB PPTYS CORP COM 6799 117,079 117,079
AMERICAN CAMPUS CMNTYS INC 10268 229,901 229,901
APARTMENT INVT & MGMT CO CL A 8374.704 96,058 96,058
AVALONBAY CMNTYS INC COM 600 36,402 36,402
AVALONBAY CMNTYS INC COM 4304 261,124 261,124
BOSTON PPTYS INC COM 7089 378,553 378,553
BRE PPTYS INC CL A 1150 33,764 33,764
CAMDEN PPTY TR SHS BEN INT 1241 32,849 32,849
DCT INDL TR INC COM 3910 17,517 17,517
DIGITAL RLTY TR INC 5312 145,336 145,336
DOUGLAS EMMETT INC COM 11246 114,709 114,709
DUKE REALTY CORPORATION 4920 40,393 40,393
EQUITY RESIDENTIAL SH 9666 294,136 294,136
ESSEX PPTY TR 29 2,508 2,508
ESSEX PPTY TR 2492 215,483 215,483
EXTRA SPACE STORAGE INC 8430 74,606 74,606
FEDERAL RLTY INVT TR SHS BEN 4546 262,941 262,941
GRAMERCY CAP CORP 182 207 207
HCP INC COM 10543 217,924 217,924
HEALTH CARE REIT INC COM 5989 227,582 227,582
HOME PROPERITIES INC 3931 153,309 153,309
HOST HOTELS & RESORTS INC 16282 122,441 122,441
KILROY RLTY CORP COM 163 4,967 4,967
KIMCO RLTY CORP COM 8476 119,935 119,935
MACERICH CO COM 490 6,595 6,595
MACERICH CO COM 3044 40,972 40,972
NATIONWIDE HEALTH PPTYS INC 1016 22,992 22,992
NATIONWIDE HEALTH PPTYS INC 3595 81,355 81,355
PROLOGIS INT 23228 88,963 88,963
PUBLIC STORAGE COM 5080 355,041 355,041
REGENCY CTRS CORP COM 4584 163,236 163,236
SIMON PPTY GROUP INC NEW COM 438 20,805 20,805
SIMON PPTY GROUP INC NEW COM 8917 423,558 423,558
SL GREEN REALTY CORP 6656 126,198 126,198
STATEMENT 10A
11/30/08 Value 11/30/2008
SUNSTONE HOTEL INVS INC NEW 12646 60,321 60,321
TANGER FACTORY OUTLET CTR INC 1520 55,693 55,693
TAUBMAN CENTERS INC 6380 152,099 152,099
VENTAS INC 12686 291,524 291,524
VORNADO RLTY TR COM 9154 489,281 489,281
Total Real Estate Investment Trusts 5,829,926 5,829,926

11/30/08 Value 11/30/2008
WELLINGTON CTF COMMODITIES 327,193 $ 2,215,095 $ 2,215,095
Total Commodities 2,215,095 2,215,095

11/30/08 Value 11/30/2008
US TREAS BD FUTURE (CBT) -7 $ (6,384) $ (6,384)
US 10 YR TREAS NTS FUTURE (CBT 17 67,069 67,069
US 5YR TREAS NTS FUTURE (CBT) -4 (5,052) (5,052)
US 2YR TREAS NTS FUT (CBT) 6 4,342 4,342
S & P 500 EMINI INDEX FUT(CME) 2 3,530 3,530
AUSTRALIAN 10YR BOND FUT (SFE) 4 16,010 16,010
SPI 200 INDEX FUTURE (SFE) 1 (9,166) (9,166)
FTSE 100 INDEX FUTURE (LIF) 6 (72,420) (72,420)
UK LONG GILT FUTURE (LIF) 4 9,078 9,078
CANADA 10YR BOND FUTURE (MSE) 29 34,112 34,112
S&P / TSE 60 INDEX FUTURES MSE 1 (25,546) (25,546)
DAX INDEX FUTURE (EUX) -1 39,558 39,558
EURO-BUND FUTURE (EUX) -4 (23,222) (23,222)
CAC 40 EURO INDEX FUTURE (MNP) -1 (844) (844)
S & P/MIB INDEX FUTURE (MIL) -1 19,915 19,915
AMSTERDAM INDEX FUTURE (EOE) 3 7,766 7,766
HANG SENG INDEX FUTURE (HKG) 3 19,471 19,471
JAPAN 10YR BOND FUTURE (TSE) -2 (29,440) (29,440)
TOPIX INDEX FUTURE (TSE) -3 34,175 34,175
MSCI SINGAPORE INDEX FUT (SGX) -8 (7,213) (7,213)
OMXS30 INDEX FUT (SSE) 21 7,117 7,117
US 10 YR TREAS NTS FUTURE (CBT -3 (10,922) (10,922)
NASDAQ 100 E-MINI IND FUT(CME) 3 (10,661) (10,661)
DOW JONES MINI FUTURE (CBT) -2 6,527 6,527
STATEMENT 10A
11/30/08 Value 11/30/2008
S & P 500 EMINI INDEX FUT(CME) -6 28,071 28,071
RUSSELL 2000 MINI INDX FUT NYF 6 (99,090) (99,090)
SPI 200 INDEX FUTURE (SFE) 8 (45,356) (45,356)
FTSE 100 INDEX FUTURE (LIF) 27 84,464 84,464
DAX INDEX FUTURE (EUX) 5 (6,709) (6,709)
IBEX 35 INDEX FUTURE (MFM) 3 19,715 19,715
CAC 40 EURO INDEX FUTURE (MNP) 21 4,035 4,035
S & P/MIB INDEX FUTURE (MIL) 2 (13,501) (13,501)
HANG SENG INDEX FUTURE (HKG) 2 12,101 12,101
TOPIX INDEX FUTURE (TSE) 23 (67,195) (67,195)
OMXS30 INDEX FUT (SSE) 20 2,704 2,704
US TREAS BD FUTURE (CBT) -13 (10,563) (10,563)
10YR SWAP NOTE FUTURE (CBT) -23 (264,875) (264,875)
90DAY EURODOLLAR FUTURE (CME) -11 (38,538) (38,538)
90DAY EURODOLLAR FUTURE CME -11 (34,188) (34,188)
US 5YR TREAS NTS FUTURE (CBT) -11 (11,430) (11,430)
US 2YR TREAS NTS FUT (CBT) -3 (2,344) (2,344)
MIDCAP 400 INDEX FUTURE (CME) -4 561,400 561,400
RUSSELL 1000 MINI FUTURE (NYF) 405 753,300 753,300
RUSSELL 2000 MINI INDX FUT NYF -263 1,074,770 1,074,770
UK LONG GILT FUTURE (LIF) 7 12,859 12,859
EURO-BOBL FUTURE (EUX) 20 61,986 61,986
EURO BUXL 30 YR BOND FUT (EUX) 8 78,900 78,900
US TREAS BD FUTURE (CBT) 1 1,563 1,563
US 5YR TREAS NTS FUTURE (CBT) 31 51,586 51,586
Total Variable Margin Futures Receivable 1,913,080 1,913,080
STATEMENT 10A
11/30/08 Value 11/30/2008
FFX CONTRACTS RECEIVABLE $ 2,407,393 $ 2,407,393
PAYABLE FOR FORWARD FOREIGN EXCHANGE CONTRACTS (2,342,328) (2,342,328)
FFX CONTRACTS RECEIVABLE 11,028,620 11,028,620
PAYABLE FOR FORWARD FOREIGN EXCHANGE CONTRACTS (397,824) (397,824)
FFX CONTRACTS RECEIVABLE 493,756 493,756
STATEMENT 10A
11/30/08 Value 11/30/2008
STATEMENT 10A
11/30/08 Value 11/30/2008
Total Forward Foreign Exchange Contracts Payable (307,321) (307,321)

11/30/08 Value 11/30/2008
IRS P BBSW6M R 7.250% -380000 $ (246,844) $ (246,844)
IRS_P BBSW6M R 7.250% 380000 288,617 288,617
IRS P BBSW6M R 7.250% -250000 (162,398) (162,398)
IRS_P BBSW6M R 7.250% 250000 189,880 189,880
IRS P BBSW6M R 7.250% -500000 (324,795) (324,795)
IRS_P BBSW6M R 7.250% 500000 379,760 379,760
IRS P BBSW6M R 7.250% -90000 (58,463) (58,463)
IRS_P BBSW6M R 7.250% 90000 68,357 68,357
IRS P BBSW6M R 7.250% -420000 (272,828) (272,828)
IRS_P BBSW6M R 7.250% 420000 318,998 318,998
IRS R BBSW6M P 7.500% -190000 (138,295) (138,295)
IRS_R BBSW6M P 7.500% 190000 123,422 123,422
IRS P BBSW6M R 7.250% -430000 (279,324) (279,324)
IRS_P BBSW6M R 7.250% 430000 326,593 326,593
IRS P BBSW6M R 7.250% -460000 (298,811) (298,811)
IRS_P BBSW6M R 7.250% 460000 349,379 349,379
IRS R BBSW6M P 7.500% -810000 (589,573) (589,573)
IRS_R BBSW6M P 7.500% 810000 526,168 526,168
IRS R BBSW6M P 7.500% -420000 (305,705) (305,705)
STATEMENT 10A
11/30/08 Value 11/30/2008
IRS_R BBSW6M P 7.500% 420000 272,828 272,828
IRS R BBSW6M P 7.500% -610000 (443,999) (443,999)
IRS_R BBSW6M P 7.500% 610000 396,250 396,250
IRS R BBSW6M P 7.500% -930000 (676,917) (676,917)
IRS_R BBSW6M P 7.500% 930000 604,119 604,119
IRS R BBSW6M P 7.250% -710000 (539,259) (539,259)
IRS_R BBSW6M P 7.250% 710000 461,209 461,209
IRS R BBSW6M P 7.250% -510000 (387,355) (387,355)
IRS_R BBSW6M P 7.250% 510000 331,291 331,291
IRS R BBSW6M P 7.250% -510000 (387,355) (387,355)
IRS_R BBSW6M P 7.250% 510000 331,291 331,291
IRS R BBSW6M P 7.250% -260000 (197,475) (197,475)
IRS_R BBSW6M P 7.250% 260000 168,893 168,893
IRS R BBSW6M P 7.250% -540000 (410,140) (410,140)
IRS_R BBSW6M P 7.250% 540000 350,779 350,779
IRS P BBSW6M R 7.500% -1040000 (675,574) (675,574)
IRS_P BBSW6M R 7.500% 1040000 756,983 756,983
IRS P BBSW6M R 7.500% -990000 (643,094) (643,094)
IRS_P BBSW6M R 7.500% 990000 720,589 720,589
IRS P BBSW6M R 7.500% -930000 (604,119) (604,119)
IRS_P BBSW6M R 7.500% 930000 676,917 676,917
IRS R BP0006M P 5.250% -110000 (185,309) (185,309)
IRS_R BP0006M P 5.250% 110000 167,901 167,901
IRS P BP0006M R 5.250% -130000 (198,428) (198,428)
IRS_P BP0006M R 5.250% 130000 213,333 213,333
IRS P BP0006M R 5.250% -240000 (366,329) (366,329)
IRS_P BP0006M R 5.250% 240000 393,845 393,845
IRS R BP0006M R 5.250% -190000 (320,080) (320,080)
IRS_R BP0006M R 5.250% 190000 290,011 290,011
IRS R BP0006M P 5.250% -200000 (336,926) (336,926)
IRS_R BP0006M P 5.250% 200000 305,275 305,275
IRS P BP0006M R 5.250% -230000 (351,067) (351,067)
IRS_P BP0006M R 5.250% 230000 387,465 387,465
IRS P BP0006M R 5.250% -30000 (45,791) (45,791)
IRS_P BP0006M R 5.250% 30000 50,539 50,539
IRS P BP0006M R 5.250% -240000 (366,330) (366,330)
IRS_P BP0006M R 5.250% 240000 404,311 404,311
IRS R BP0006M P 5.250% -130000 (213,333) (213,333)
STATEMENT 10A
11/30/08 Value 11/30/2008
IRS_R BP0006M P 5.250% 130000 198,428 198,428
IRS R BP0006M P 5.250% -240000 (393,845) (393,845)
IRS_R BP0006M P 5.250% 240000 366,329 366,329
IRS P BP0006M R 3.420% -710000 (1,073,555) (1,073,555)
IRS_P BP0006M R 3.420% 710000 1,083,507 1,083,507
IRS R BP0006M P 4.429% -170000 (265,825) (265,825)
IRS_R BP0006M P 4.429% 170000 257,050 257,050
IRS R CDOR03 P 4.000% -100000 (86,921) (86,921)
IRS_R CDOR03 P 4.000% 100000 80,477 80,477
IRS R CDOR03 P 4.000% -420000 (365,066) (365,066)
IRS_R CDOR03 P 4.000% 420000 338,002 338,002
IRS R CD0006M P 4.000% -1250000 (1,086,507) (1,086,507)
IRS_R CD0006M P 4.000% 1250000 1,005,960 1,005,960
IRS P CDOR03 R 4.000% -780000 (627,719) (627,719)
IRS_P CDOR03 R 4.000% 780000 677,980 677,980
IRS P CD0006M R 4.000% -1010000 (812,815) (812,815)
IRS_P CD0006M R 4.000% 1010000 877,898 877,898
IRS P CDOR03 R 4.000% -1100000 (885,244) (885,244)
IRS_P CDOR03 R 4.000% 1100000 956,126 956,126
IRS R CDOR03 P 4.000% -530000 (460,679) (460,679)
IRS_R CDOR03 P 4.000% 530000 426,527 426,527
IRS R CDOR03 P 4.000% -590000 (512,831) (512,831)
IRS_R CDOR03 P 4.000% 590000 474,813 474,813
IRS P EUR006M R 4.500% -1600000 (2,022,947) (2,022,947)
IRS_P EUR006M R 4.500% 1600000 2,078,438 2,078,438
IRS P EUR006M R 4.500% -1600000 (2,022,947) (2,022,947)
IRS_P EUR006M R 4.500% 1600000 2,078,438 2,078,438
IRS P EUR006M R 4.500% -560000 (708,031) (708,031)
IRS_P EUR006M R 4.500% 560000 727,453 727,453
IRS P EUR006M R 4.750% -750000 (948,263) (948,263)
IRS_P EUR006M R 4.750% 750000 1,011,950 1,011,950
IRS P EUR006M R 5.000% -630000 (796,539) (796,539)
IRS_P EUR006M R 5.000% 630000 988,070 988,070
IRS P EUR006M R 4.500% -200000 (252,869) (252,869)
IRS_P EUR006M R 4.500% 200000 264,981 264,981
IRS P EUR006M R 4.500% -420000 (531,026) (531,026)
IRS_P EUR006M R 4.500% 420000 556,461 556,461
IRS P EUR006M R 4.500% -800000 (1,011,478) (1,011,478)
STATEMENT 10A
11/30/08 Value 11/30/2008
IRS_P EUR006M R 4.500% 800000 1,059,925 1,059,925
IRS R EUR006M P 5.000% -630000 (988,070) (988,070)
IRS_R EUR006M P 5.000% 630000 796,539 796,539
IRS R EUR006M P 4.750% -90000 (121,434) (121,434)
IRS_R EUR006M P 4.750% 90000 113,792 113,792
IRS R EUR006M P 4.750% -80000 (107,941) (107,941)
IRS_R EUR006M P 4.750% 80000 101,148 101,148
IRS R EUR006M P 4.750% -170000 (229,375) (229,375)
IRS_R EUR006M P 4.750% 170000 214,940 214,940
IRS R EUR006M P 4.750% -170000 (229,375) (229,375)
IRS_R EUR006M P 4.750% 170000 214,940 214,940
IRS R EUR006M P 4.750% -90000 (121,434) (121,434)
IRS_R EUR006M P 4.750% 90000 113,792 113,792
IRS R EUR006M P 4.750% -10000 (13,493) (13,493)
IRS_R EUR006M P 4.750% 10000 12,644 12,644
IRS R EUR006M P 4.750% -20000 (26,985) (26,985)
IRS_R EUR006M P 4.750% 20000 25,287 25,287
IRS R EUR006M P 4.750% -20000 (26,985) (26,985)
IRS_R EUR006M P 4.750% 20000 25,287 25,287
IRS R EUR006M P 4.500% -360000 (467,649) (467,649)
IRS_R EUR006M P 4.500% 360000 455,163 455,163
IRS R JY0006M P 1.500% -17000000 (181,617) (181,617)
IRS_R JY0006M P 1.500% 17000000 178,397 178,397
IRS R JY0006M P 1.500% -18000000 (192,300) (192,300)
IRS_R JY0006M P 1.500% 18000000 188,891 188,891
IRS R JY0006M P 1.500% -18000000 (192,300) (192,300)
IRS_R JY0006M P 1.500% 18000000 188,891 188,891
IRS R JY0006M P 1.500% -157000000 (1,677,282) (1,677,282)
IRS_R JY0006M P 1.500% 157000000 1,647,548 1,647,548
IRS R JY0006M R 1.500% -33000000 (352,550) (352,550)
IRS_R JY0006M R 1.500% 33000000 346,300 346,300
IRS R JY0006M P 1.500% -98000000 (1,046,966) (1,046,966)
IRS_R JY0006M P 1.500% 98000000 1,028,406 1,028,406
IRS R JY0006M P 1.500% -65000000 (694,416) (694,416)
IRS_R JY0006M P 1.500% 65000000 682,106 682,106
IRS P JY0006M R 1.500% -76000000 (797,539) (797,539)
IRS_P JY0006M R 1.500% 76000000 811,933 811,933
STATEMENT 10A
11/30/08 Value 11/30/2008
IRS P JY0006M R 1.500% -20000000 (209,879) (209,879)
IRS_P JY0006M R 1.500% 20000000 213,667 213,667
IRS P JY0006M R 1.500% -35000000 (367,288) (367,288)
IRS_P JY0006M R 1.500% 35000000 373,916 373,916
IRS P JY0006M R 1.500% -52000000 (545,685) (545,685)
IRS_P JY0006M R 1.500% 52000000 555,533 555,533
IRS P JY0006M R 1.500% -76000000 (797,539) (797,539)
IRS_P JY0006M R 1.500% 76000000 811,933 811,933
IRS P JY0006M R 1.500% -61000000 (640,130) (640,130)
IRS_P JY0006M R 1.500% 61000000 651,683 651,683
IRS P JY0006M R 1.500% -26000000 (272,842) (272,842)
IRS_P JY0006M R 1.500% 26000000 277,766 277,766
IRS P JY0006M R 1.500% -26000000 (272,842) (272,842)
IRS_P JY0006M R 1.500% 26000000 277,766 277,766
IRS R JY0006M P 1.500% -402000000 (4,294,697) (4,294,697)
IRS_R JY0006M P 1.500% 402000000 4,218,563 4,218,563
IRS R JY0006M P 1.500% -68000000 (726,466) (726,466)
IRS_R JY0006M P 1.500% 68000000 713,588 713,588
IRS R JY0006M P 1.500% -58000000 (619,633) (619,633)
IRS_R JY0006M P 1.500% 58000000 608,648 608,648
IRS R SF0003M P 4.750% -3680000 (484,025) (484,025)
IRS_R SF0003M P 4.750% 3680000 452,807 452,807
IRS R SF0003M P 5.000% -13300000 (1,858,790) (1,858,790)
IRS_R SF0003M P 5.000% 13300000 1,636,503 1,636,503
IRS P STIB3M R 5.000% -1100000 (135,350) (135,350)
IRS_P STIB3M R 5.000% 1100000 153,735 153,735
IRS R STIB3M P 5.000% -3400000 (475,179) (475,179)
IRS_R STIB3M P 5.000% 3400000 418,354 418,354
IRS P STIB3M R 4.750% -1380000 (169,802) (169,802)
IRS_P STIB3M R 4.750% 1380000 181,509 181,509
IRS P STIB3M R 4.750% -2300000 (283,004) (283,004)
IRS_P STIB3M R 4.750% 2300000 302,516 302,516
IRS R STIB3M P 5.000% -1230000 (171,903) (171,903)
IRS_R STIB3M P 5.000% 1230000 151,346 151,346
IRS P STIB3M R 5.000% -850000 (104,589) (104,589)
IRS_P STIB3M R 5.000% 850000 118,795 118,795
IRS P STIB3M R 5.000% -820000 (100,897) (100,897)
STATEMENT 10A
11/30/08 Value 11/30/2008
IRS_P STIB3M R 5.000% 820000 114,602 114,602
IRS P STIB3M R 5.000% -1640000 (201,794) (201,794)
IRS_P STIB3M R 5.000% 1640000 229,204 229,204
IRS P STIB3M R 5.000% -1650000 (203,025) (203,025)
IRS_P STIB3M R 5.000% 1650000 230,602 230,602
IRS P STIB3M R 5.000% -860000 (105,819) (105,819)
IRS_P STIB3M R 5.000% 860000 120,192 120,192
IRS P STIB3M R 5.000% -9510000 (1,170,161) (1,170,161)
IRS_P STIB3M R 5.000% 9510000 1,329,105 1,329,105
IRS P STIB3M R 5.000% -120000 (14,765) (14,765)
IRS_P STIB3M R 5.000% 120000 16,771 16,771
IRS P STIB3M R 5.000% -250000 (30,761) (30,761)
IRS_P STIB3M R 5.000% 250000 34,940 34,940
IRS P STIB3M R 5.000% -230000 (28,300) (28,300)
IRS_P STIB3M R 5.000% 230000 32,144 32,144
IRS P US0003M R 5.6% -270000 (200,081) (200,081)
IRS_P US0003M R 5.6% 270000 243,027 243,027
IRS R US0003M P 5.60% -900000 (810,090) (810,090)
IRS_R US0003M P 5.60% 900000 666,938 666,938
IRS R US0003M P 5.000% -600000 (823,319) (823,319)
IRS_R US0003M P 5.000% 600000 599,168 599,168
IRS P US0003M R 4.250% -1500000 (1,497,915) (1,497,915)
IRS_P US0003M R 4.250% 1500000 1,600,120 1,600,120
IRS R US0003M P 5.000% -200000 (256,072) (256,072)
IRS_R US0003M P 5.000% 200000 199,722 199,722
IRS P US0003M R 4.250% -1470000 (1,467,957) (1,467,957)
IRS_P US0003M R 4.250% 1470000 1,568,118 1,568,118
IRS R US0003M P 5.000% -270000 (345,697) (345,697)
IRS_R US0003M P 5.000% 270000 269,625 269,625
IRS R US0003M P 5.000% -110000 (140,840) (140,840)
IRS_R US0003M P 5.000% 110000 109,847 109,847
IRS P US0003M R 4.250% -700000 (699,027) (699,027)
IRS_P US0003M R 4.250% 700000 746,723 746,723
IRS R US0003M P 5.000% -140000 (179,251) (179,251)
IRS_R US0003M P 5.000% 140000 139,806 139,806
IRS R US0003M P 5.600% -1000000 (900,099) (900,099)
IRS_R US0003M P 5.600% 1000000 741,043 741,043
STATEMENT 10A
11/30/08 Value 11/30/2008
IRS P US0003M R 4.250% -170000 (169,764) (169,764)
IRS_P US0003M R 4.250% 170000 181,347 181,347
IRS R US0003M P 5.600% -170000 (153,017) (153,017)
IRS_R US0003M P 5.600% 170000 125,977 125,977
IRS R US0003M P 5.000% -20000 (25,607) (25,607)
IRS_R US0003M P 5.000% 20000 19,972 19,972
IRS R US0003M P 5.600% -840000 (756,084) (756,084)
IRS_R US0003M P 5.600% 840000 622,476 622,476
IRS P US0003M R 4.250% -800000 (798,888) (798,888)
IRS_P US0003M R 4.250% 800000 853,397 853,397
IRS R US0003M P 4.250% -830000 (885,400) (885,400)
IRS_R US0003M P 4.250% 830000 828,847 828,847
IRS R US0003M P 4.250% -260000 (277,354) (277,354)
IRS_R US0003M P 4.250% 260000 259,639 259,639
IRS R US0003M P 4.250% -670000 (714,720) (714,720)
IRS_R US0003M P 4.250% 670000 669,069 669,069
IRS R US0003M P 4.250% -740000 (789,393) (789,393)
IRS_R US0003M P 4.250% 740000 738,972 738,972
IRS P US0003M R 4.423% -2590000 (2,485,137) (2,485,137)
IRS_P US0003M R 4.423% 2590000 2,600,902 2,600,902
IRS R US0003M P 4.530% -1590000 (1,669,903) (1,669,903)
IRS_R US0003M P 4.530% 1590000 1,525,626 1,525,626
IRS R US0003M P 4.250% -310000 (330,691) (330,691)
IRS_R US0003M P 4.250% 310000 309,569 309,569
IRS R US0003M P 3.8425% -1030000 (1,024,516) (1,024,516)
IRS_R US0003M P 3.8425% 1030000 988,299 988,299
IRS P US0003M R 3.89175% -1710000 (1,640,766) (1,640,766)
IRS_P US0003M R 3.89175% 1710000 1,677,287 1,677,287
IRS R US0003M P 4.250% -150000 (160,012) (160,012)
IRS_R US0003M P 4.250% 150000 149,792 149,792
IRS R US0003M P 4.250% -1680000 (1,792,134) (1,792,134)
IRS_R US0003M P 4.250% 1680000 1,677,665 1,677,665
IRS P US0003M R 3.250% -1600000 (1,581,581) (1,581,581)
IRS_P US0003M R 3.250% 1600000 1,603,768 1,603,768
Total Interest Rate Swaps Payable (766,474) (766,474)
Line 13, Other Investments $ 89,633,509 $ 89,633,509
STATEMENT 10A
FORM 990PF, PART II - OTHER ASSETS
==================================

----------- ---------- ---------- ---
FEDERAL EXCISE TAX RECEIVABLE 78,240. 337,110. 337,110.

INTEREST AND DIVIDENDS
RECEIVABLE 754,395. 199,967. 199,967.
RECEIVABLE FROM SALE OF
INVESTMENTS 1,416,870. 374,972. 374,972.
PROGRAM RELATED INVESTMENTS:
NONPROFIT FINANCE FUND 1,000,000. 500,000. 500,000.
PREPAID EXPENSES 5,417. 5,417. 5,417.
DEFERRED FEDERAL INCOME TAX
ASSET 166,000. NONE NONE
--------------- --------------- ---------------
TOTALS 3,420,922. 1,417,466. 1,417,466.
=============== =============== ===============
39633U 5364 10/14/2009 13:29:51 28 STATEMENT 11

FORM 990PF, PART II - OTHER LIABILITIES
=======================================
BEGINNING ENDING
DESCRIPTION BOOK VALUE BOOK VALUE
----------- ---------- ----------
DUE TO BROKER 1,824,740. 160,951.

DEFERRED FEDERAL TAX 823,462. NONE
FEDERAL INCOME TAX PAYABLE NONE 24,637.
--------------- ---------------
TOTALS 2,648,202. 185,588.
=============== ===============
STATEMENT 12
39633U 5364 10/14/2009 13:29:51 29

FORM 990PF, PART III - OTHER DECREASES IN NET WORTH OR FUND BALANCES
====================================================================
DESCRIPTION AMOUNT
----------- ------
UNREALIZED LOSS ON INVESTMENTS 74,779,603.

--------------
TOTAL 74,779,603.
==============
STATEMENT 13
39633U 5364 10/14/2009 13:29:51 30

FORM 990PF, PART VII-B, LINE 5C-EXPENDITURE RESPONSIBILITY STATEMENT
====================================================================
GRANTEE'S NAME: SCHWAB FOUNDATION FOR SOCIAL ENTREPRENEU

GRANTEE'S ADDRESS: 91-93 ROUTE DE LA CAPITE CH
CITY, STATE & ZIP: 1223 COLOGNY
FOREIGN PROVINCE: GENEVA
FOREIGN COUNTRY: SWITZERLAND
GRANT DATE: 11/30/2007
GRANT AMOUNT: 90,000.
GRANT PURPOSE: TO SUPPORT THE 7TH ANNUAL SUMMIT FOR OUTSTANDING SOCIAL
ENTREPRENEURS IN JANUARY 2008.
AMOUNT EXPENDED:
ANY DIVERSION? NO
DATES OF REPORTS: OCTOBER 31, 2008
VERIFICATION DATE:
RESULTS OF VERIFICATION:
GRANT CLOSED OUT. FINAL NARRATIVE AND FINANCIAL EXPENDITURE REPORT
RECEIVED 10/31/2008. AUDITED FINANCIAL STATEMENTS RECEIVED FOR YEARS
ENDED JUNE 30, 2007 AND 2006. NO DIVERSION OF FUNDS TO THE KNOWLEDGE
OF GSF.
GRANTEE'S NAME: EVERY CHILD A CHANCE TRUST

GRANTEE'S ADDRESS: 8 SALISBURY SQUARE EC4Y 8BB
CITY, STATE & ZIP:
FOREIGN PROVINCE: LONDON
FOREIGN COUNTRY: UNITED KINGDOM
GRANT PURPOSE: TO SUPPORT THE DEVELOPMENT OF EVERY CHILD COUNTS, A
3 YEAR PROGRAM TO WORK WITH CHILDREN.
AMOUNT EXPENDED:
ANY DIVERSION? NO
DATES OF REPORTS: JANUARY 30, 2009
VERIFICATION DATE:
REPORTS DUE JANUARY 30, 2009 AND SEPTEMBER 29, 2009 WITH AUDITED
FINANCIAL STATEMENTS DUE ON JUNE 30, 2009. JANUARY REPORT RECEIVED
ON MARCH 11, 2009, AUDITED FINANCIAL STATEMENT NOT RECEIVED.
FOUNDATION STAFF CONTINUE TO FOLLOW UP. NO DIVERSION OF FUNDS TO THE
KNOWLEDGE OF GSF.
CONTINUED STATEMENT 14
39633U 5364 10/14/2009 13:29:51 31

=====================================================================
GRANTEE'S NAME: SCHWAB FOUNDATION FOR SOCIAL ENTREPRENUE

GRANTEE'S ADDRESS: 91-93 ROUTE DE LA CAPITE; CH
GRANT PURPOSE: TO SUPPORT CONVENING OF SOCIAL ENTREPRENEURS HELD IN
COORDINATION WITH WORLD ECONOMIC FORUM.
AMOUNT EXPENDED:
ANY DIVERSION? NO
DATES OF REPORTS: NOVEMBER 20, 2008
VERIFICATION DATE:
REPORTS DUE NOVEMBER 20, 2008 AND SEPTEMBER 30, 2009 WITH AUDITED
FINANCIAL STATEMENTS DUE ON JUNE 30, 2009. NOVEMBER REPORT RECEIVED
ON MARCH 16, 2009, AUDITED FINANCIAL STATEMENT NOT RECEIVED.
FOUNDATION STAFF CONTINUE TO FOLLOW UP. NO DIVERSION OF FUNDS TO THE
KNOWLEDGE OF GSF.
GRANTEE'S NAME: WORLD ECONOMIC FORUM

GRANTEE'S ADDRESS: 91-93 ROUTE DE LA CAPITE; CH
GRANT PURPOSE: TO SUPPORT THE DEVELOPMENT & LAUNCH OF AN ENTREPRENEUR-
SHIP EDUCATION WHITE PAPER.
AMOUNT EXPENDED:
ANY DIVERSION? NO
DATES OF REPORTS: DECEMBER 31, 2008 AND SEPTEMBER 30, 2008
VERIFICATION DATE:
REPORTS DUE DECEMBER 31, 2008 AND SEPTEMBER 30, 2009 WITH FINANCIALS
DUE JUNE 30, 2009. DECEMBER 2008 REPORT RECEIVED APRIL 1, 2009 AND
SEPTEMBER 2009 REPORT RECEIVED MAY 4, 2009, FINANCIALS DUE JUNE 30,
2009 RECEIVED SEPTEMBER 2009. NO DIVERSION OF FUNDS TO THE KNOWLEDGE
OF GSF.
CONTINUED STATEMENT 15
39633U 5364 10/14/2009 13:29:51 32

=====================================================================
GRANTEE'S NAME: HERTIE FOUNDATION

GRANTEE'S ADDRESS:
CITY, STATE & ZIP:
FOREIGN PROVINCE: FRANKFURT
FOREIGN COUNTRY: GERMANY
GRANT PURPOSE: TO SUPPORT THE START PROGRAM FOR TALENTED IMMIGRANT
YOUTH IN GERMANY.
AMOUNT EXPENDED:
ANY DIVERSION? NO
DATES OF REPORTS: JUNE 30, 2009
VERIFICATION DATE:
REPORTS DUE JUNE 30, 2009, DECEMBER 31, 2009, JUNE 30, 2010, DECEMBER
31, 2010, JUNE 30, 2011, DECEMBER 31, 2011 AND SEPTEMBER 30, 2012
WITH AUDITED FINANCIALS STATEMENTS DUE JUNE 30, 2009, JUNE 30, 2010,
JUNE 30, 2011, JUNE 30, 2012. JUNE 30, 2009 REPORT RECEIVED JUNE 25,
2009, AUDITED FINANCIAL STATEMENTS DUE JUNE 30, 2009 RECEIVED JUNE
25, 2009.
NO DIVERSION OF FUNDS TO THE KNOWLEDGE OF GSF.
STATEMENT 16
39633U 5364 10/14/2009 13:29:51 33

FORM 990PF, PART VIII - LIST OF OFFICERS, DIRECTORS, AND TRUSTEES
=================================================================
CONTRIBUTIONS EXPENSE ACCT

TITLE AND AVERAGE HOURS PER TO EMPLOYEE AND OTHER
NAME AND ADDRESS WEEK DEVOTED TO POSITION COMPENSATION BENEFIT PLANS ALLOWANCES
---------------- ------------------------ ------------ ------------- ----------
STEPHANIE BELL-ROSE PRESIDENT NONE NONE NONE

85 BROAD STREET, 22ND FLOOR 40.00
NEW YORK, NY 10004
RUSSELL A. BROOME VICE PRESIDENT NONE NONE NONE

NEW YORK, NY 10004
NANCY D. BROWNE VICE PRESIDENT NONE NONE NONE

NEW YORK, NY 10004
NOA A. MEYER VICE PRESIDENT NONE NONE NONE

NEW YORK, NY 10004
DINA POWELL VICE PRESIDENT NONE NONE NONE

NEW YORK, NY 10004
MANDA J. D'AGATA TREASURER NONE NONE NONE

NEW YORK, NY 10004
39633U 5364 10/14/2009 13:29:51 34STATEMENT 17

=================================================================

---------------- ------------------------ ------------ ------------- ----------
EILEEN M. SCOTT CFO/TREASURER NONE NONE NONE

(THROUGH 2/11/2008) 40.00
85 BROAD STREET, 22ND FLOOR
NEW YORK, NY 10004
EMMETT C. ST. JOHN ASSISTANT TREASURER NONE NONE NONE

NEW YORK, NY 10004
MARILYN DUFFY GRANDE COO/CORPORATE SECRETARY NONE NONE NONE

(THROUGH 11/2008) 40.00
NEW YORK, NY 10004
BENJAMIN J. RADER SECRETARY NONE NONE NONE

NEW YORK, NY 10004
MATI TSADOK ASSISTANT SECRETARY NONE NONE NONE

NEW YORK, NY 10004
GLENN EARLE (THROUGH 6/2008) TRUSTEE NONE NONE NONE

GOLDMAN SACHS INTERNATIONAL 2.00
PETERBOROUGH COURT, 133 FLEET ST
EC4A, 2BB
39633U 5364 10/14/2009 13:29:51 35STATEMENT 18

=================================================================

---------------- ------------------------ ------------ ------------- ----------
LONDON
UNITED KINGDOM
JOSEF JOFFE (THROUGH 6/2008) TRUSTEE NONE NONE NONE

DIE ZEIT 2.00
PRESSEHAUS
SPEERSPORT 1
HAMBURG
GERMANY
THOMAS W. PAYZANT (THROUGH 6/2008) TRUSTEE NONE NONE NONE

GOLDMAN SACHS & CO 2.00
85 BROAD STREET
10TH FLOOR
NEW YORK, NY 10004
FRANK H. T. RHODES (THROUGH 6/2008) TRUSTEE NONE NONE NONE

CORNELL UNIVERSITY 2.00
3104 SNEE HALL
ITHACA, NY 14853-2801
STUART ROTHENBERG (THROUGH 6/2008) TRUSTEE NONE NONE NONE

85 BROAD STREET
10TH FLOOR
NEW YORK, NY 10004
NEIL RUDENSTINE (THROUGH 6/2008) TRUSTEE NONE NONE NONE

ARTSTOR 2.00
140 EAST 62ND STREET
NEW YORK, NY 10021
39633U 5364 10/14/2009 13:29:51 36STATEMENT 19

=================================================================

---------------- ------------------------ ------------ ------------- ----------
PETER M. FAHEY DIRECTOR NONE NONE NONE

NEW YORK, NY 10004
BEVERLY O'TOOLE DIRECTOR NONE NONE NONE

NEW YORK, NY 10004
JOHN F. W. ROGERS DIRECTOR NONE NONE NONE

NEW YORK, NY 10004
SIDNEY J. WEINBERG, JR. DIRECTOR NONE NONE NONE

NEW YORK, NY 10004
JOHN C. WHITEHEAD (THROUGH 6/2008) DIRECTOR NONE NONE NONE

85 BROAD STREET, 30TH FLOOR
NEW YORK, NY 10004
EILEEN M. DILLON (9/08-11/08) VICE PRESIDENT NONE NONE NONE

NEW YORK, NY 10004
DIANA NEWMAN (9/08-11/08) VICE PRESIDENT NONE NONE NONE

0.50
39633U 5364 10/14/2009 13:29:51 37STATEMENT 20

=================================================================

---------------- ------------------------ ------------ ------------- ----------
NEW YORK, NY 10004
JOSH W. PRUEHER (9/08-11/08) VICE PRESIDENT NONE NONE NONE

NEW YORK, NY 10004
-------------- -------------- --------------

GRAND TOTALS NONE NONE NONE
============== ============== ==============
39633U 5364 10/14/2009 13:29:51 38STATEMENT 21

990PF, PART VIII- COMPENSATION OF THE FIVE HIGHEST PAID PROFESSIONALS
=====================================================================
NAME AND ADDRESS TYPE OF SERVICE COMPENSATION

---------------- --------------- ------------
GOLDMAN SACHS ASSET MANAGEMENT INVESTMENT MGMT 3,864,540.

32 OLD SLIP
NEW YORK, NY 10005
MELLON TRUST CUSTODY FEES 312,129.

1 MELLON BANK CENTER
PITTSBURGH, PA 15258
JUAN SABATER CONSULTING FEES 230,000.

10 COBBLEFIELD LANE
WHITE PLAINS, NY 10605
PATTERSON BELKNAP LEGAL 148,936.

1133 AVENUE OF THE AMERICAS
NEW YORK, NY 10036
DELOITE & TOUCHE LLP AUDIT 101,806.

1633 BROADWAY
NEW YORK, NY 10019
------------
TOTAL COMPENSATION 4,657,411.
============
STATEMENT 22
39633U 5364 39
FORM 990PF, PART XV - NAME, ADDRESS AND PHONE FOR APPLICATIONS
==============================================================
BRENDA LEE
NEW YORK, NY 10004
212-902-3246
THE GOLDMAN SACHS FOUNDATION
STATEMENT 23
39633U 5364 10/14/2009 13:29:51 40

990PF, PART XV - FORM AND CONTENTS OF SUBMITTED APPLICATIONS
============================================================
PROSPECTIVE APPLICANTS ARE INVITED TO EXPLAIN THEIR IDEAS INFORMALLY

BY SUBMITTING TO THE FOUNDATION A SHORT LETTER (OF ABOUT TWO PAGES)
DESCRIBING THE PROGRAM OR ORGANIZATION FOR WHICH A GRANT IS SOUGHT,
ITS MISSION, ACCOMPLISHMENTS, BUDGET SIZE AND CURRENT FUNDING NEEDS.
DOCUMENTATION OF RESULTS ACHIEVED TO DATE IS HIGHLY DESIRABLE.
SUBMISSION OF PUBLISHED PROGRAM DESCRIPTIONS OR BROCHURES IS ALSO
ENCOURAGED. ON THE BASIS OF THIS INFORMATION, STAFF WILL DETERMINE
WHETHER ADDITIONAL MATERIALS ARE REQUIRED AND CONTACT PROSPECTIVE
GRANTEES ACCORDINGLY.
STATEMENT 24
39633U 5364 10/14/2009 13:29:51 41

990PF, PART XV - SUBMISSION DEADLINES
=====================================
WITH FEW EXCEPTIONS, THERE ARE NO FIXED DEADLINES. THE FOUNDATION

MAKES GRANTS THROUGHOUT THE YEAR.
STATEMENT 25
39633U 5364 10/14/2009 13:29:51 42

990PF, PART XV - RESTRICTIONS OR LIMITATIONS ON AWARDS
======================================================
OUR PROGRAM INTERESTS

FUNDING PRIORITIES ARE DETERMINED BY A PERIODIC ASSESSMENT OF NEEDS
AND OPPORTUNITIES IN THE FIELD OF EDUCATION. CURRENT PRIORITIES ARE:
- TO DEVELOP THE ABILITIES OF HIGH POTENTIAL YOUTH WORLDWIDE.

- TO SUPPORT HIGH QUALITY EDUCATION FOR YOUNG PEOPLE IN LEADERSHIP,
ENTREPRENEURSHIP AND BUSINESS EDUCATION.
- TO ENHANCE ACADEMIC PERFORMANCE AND PROSPECTS FOR LIFE ACHIEVEMENT
OF STUDENTS AT THE SECONDARY SCHOOL LEVEL.
CANDIDATES FOR FUNDING

THE FOUNDATION MAKES ONLY A SMALL NUMBER OF LARGE GRANTS TO EFFECTIVE,
HIGH QUALITY ORGANIZATIONS THAT:
- IMPLEMENT ACHIEVEMENT ORIENTED EDUCATION PROGRAMS,

- PRODUCE SUBSTANTIAL, MEASURABLE RESULTS,
- POSSESS A WELL DELINEATED PLAN FOR BRAD DISSEMINATION AND OUTREACH,
- DEMONSTRATE EXCEPTIONAL PROMISE,
- EMPLOY STRONG LEADERSHIP,
- COMMAND DISTINGUISHED RECORDS OF ACCOMPLISHMENT,
- EVIDENCE A CLEAR CAPACITY TO EXPEND SIZEABLE GRANTS WISELY.
THE FOUNDATION IS ABLE TO RESPOND FAVORABLY TO AN EXTREMELY SMALL

FRACTION OF THE REQUESTS THAT IT RECEIVES. RARELY WILL A GRANT BE
MADE IN RESPONSE TO AN UNSOLICITED PROPOSAL.
INELIGIBLE PARTIES AND PROJECTS

THE FOUNDATION DOES NOT MAKE GRANTS TO INDIVIDUALS; FRATERNAL
ORGANIZATIONS; POLITICAL CAUSES, CAMPAIGNS, OR CANDIDATES; OR
FUNDRAISING EVENTS.
STATEMENT 26
39633U 5364 10/14/2009 13:29:51 43

FORM 990PF, PART XV - GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR
===================================================================
RELATIONSHIP TO SUBSTANTIAL CONTRIBUTOR

AND
RECIPIENT NAME AND ADDRESS FOUNDATION STATUS OF RECIPIENT PURPOSE OF GRANT OR CONTRIBUTION AMOUNT
-------------------------- ------------------------------ -------------------------------- ------
SEE STATEMENT 28
ALL GRANTEES ARE PUBLIC CHARITIES OR PUBLIC 22,088,655.
CHARITIES EQUIVALENT, OR IF NOT THE FOUNDATION IS
EXERCISING EXPENDITURE RESPONSIBILITY.
------------
TOTAL CONTRIBUTIONS PAID 22,088,655.
============
39633U 5364 10/14/2009 13:29:51 44 STATEMENT 27

THE GOLDMAN SACHS FOUNDATION 23-7000346
FORM 990PF, PART XV - GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR
GSF Grants - 12/1/2007 - 11/30/2008
Foundation Status of
Grantee Name Grantee Address Recipient Purpose of Grant or Contribution Amount
American Associates, Ben-Gurion University of the Negev New York, NY 501(c)(3) To support BGU's scholarship program $5,000
American Institute for Contemporary German Studies Washington, DC 501(c)(3) To support AICGS Society, Culture and Politics Program $5,000
American Museum of Natural History New York, NY 501(c)(3) To support the Urban Advantage Program, which engages science- $400,000
rich institutions with schools nationwide
America's Promise- The Alliance for Youth Washington, DC 501(c)(3) To support the Goldman Sachs-First Focus Internship Program $100,000
Ashoka Arlington, VA 501(c)(3) To help launch its inaugural program in the UK and expand its newly $400,000
established program in France and Germany by supporting dynamic
social entrepreneurs in the field of education and youth development
Asian University for Women Support Foundation Cambridge, MA 501(c)(3) To help launch Asian University for Women's Access Program that $650,000
recruits and cultivates high-potential secondary school graduates
from disadvantaged backgrounds across Asia
Asian University for Women Support Foundation Cambridge, MA 501(c)(3) To support AUW's Access Program which recruits and cultivates high- $750,000
potential secondary school graduates from disadvantaged
backgrounds across Asia
Bank Street College of Education New York, NY 501(c)(3) To support the Goldman Sachs Institute for Leadership, Excellence, $500,000
& Academic Development (I-LEAD) Program
Bank Street College of Education New York, NY 501(c)(3) To support the Goldman Sachs Institute for Leadership, Excellence, $249,333
& Academic Development (I-LEAD) Program, a pioneering college
preparatory initiative for talented students from selected urban
Catholic high schools in New York City
Boston Charitable Trust Boston, MA 501(c)(3) To support the Mayor's Scholarship Fund $7,500
Cambridge in America New York, NY 501(c)(3) To be used by the University of Cambridge in England to support an $350,000
innovative college preparatory program providing mathematics
enrichment for high-potential students from disadvantaged
backgrounds
Citizen Schools, Inc. Boston, MA 501(c)(3) To support the 8th Grade Academy, which provides low-income $250,000
students with the academic and leadership preparation needed to
successfully enroll in selective colleges and universities.
Columbia University New York, NY 501(c)(3) To support underrepresented talented youth and prepare them for $125,000
admission to and success at highly selective colleges and
universities.
STATEMENT 28
Cornell University Ithaca, NY 501(c)(3) To support summer research programs for undergraduates and $10,000
graduates students
Corporation for Enterprise Development Washington, DC 501(c)(3) To support the development of an Effective Practices web-based $75,000
toolkit for communities interested in starting youth entrepreneurship
leadership programs
Council For Economic Education New York, NY 501(c)(3) To support the NCEE/Goldman Sachs Foundation National Economic $350,000
Challenge engaging talented students in economic education
Cunningham Dance Foundation, Inc. New York, NY 501(c)(3) General support $5,000
Duke University Durham, NC 501(c)(3) To support the national scale up of the Next Generation Venture $2,250,000
Fund
Duke University Durham, NC 501(c)(3) To support the Next Generation Venture Fund $5,000
Educational Testing Service Princeton, NJ 501(c)(3) To evaluate selected Foundation programs; to serve as advisors on $325,000
evaluation; and to assist in the dissemination of findings and results
Every Child a Chance Trust London, UK Expenditure responsibility To support the development of Every Child Counts, a three year $100,000
program to work with children having the most difficulty with
mathematics
Family & Children's Services of Ithaca Ithaca, NY 501(c)(3) To support the 'Opening New Doors' campaign $5,000
First Book Washington, DC 501(c)(3) To support the development of 'First Book Marketplace,' an online $25,000
retail marketplace serving disadvantaged children
Foundation for Teaching Economics Davis, CA 501(c)(3) To support four annual week-long summer institutes that will provide $333,333
economic and leadership education to rising high school seniors, and
also train teachers on experiential techniques and effective teaching
strategies
Friends of the University of Nottingham America, Inc. Rochester, NY 501(c)(3) To replicate the Masterclass program which prepares talented young $166,667
students from disadvantaged backgrounds to enroll and succeed at
top universities across England
Friends of the University of Nottingham America, Inc. Rochester, NY 501(c)(3) To replicate the Masterclass program which prepares talented young $166,667
Fund for the City of New York New York, NY 501(c)(3) To support the 2008 Pipeline Crisis/Winning Strategies forum being $10,000
held on July 11, 2008
Georgetown University Washington, DC 501(c)(3) To support academic and leadership development opportunities for $125,000
talented, underrepresented secondary school students in order to
prepare them for enrollment and success at selective colleges and
universities
STATEMENT 28
Global Fund for Children Washington, DC 501(c)(3) To support innovative community-based initiatives that develop the $445,000
leadership, entrepreneurship, and academic skills of young people in
Mumbai, Bangalore and across India
Harvard College Association for US-China Relations Cambridge, MA 501(c)(3) To support the 2008 and 2009 Summit for Young Leaders in China, $300,000
Corporation bringing together three hundred talented Chinese high school
students to Shanghai for an intensive and innovative academic and
leadership development program
Harvard University Cambridge, MA 501(c)(3) General operating support at the JFK School of Government $25,000
Harvard University Cambridge, MA 501(c)(3) To support the Women's Leadership Board at the JFK School of $10,000
Government
Harvard University Cambridge, MA 501(c)(3) To support the Graduate School of Education $10,000
Harvard University Cambridge, MA 501(c)(3) To support Villa I Tatti's Craig & Barbara Smyth Library Fund $10,000
Harvard University Cambridge, MA 501(c)(3) General operating support at Harvard's Divinity School $25,000
Haverford College Haverford, PA 501(c)(3) To provide general operating support $25,000
Humanity in Action New York, NY 501(c)(3) To support Humanity in Action, Germany $5,000
Independent Sector Washington, DC 501(c)(3) To support the Increasing Effectiveness tract at the 2008 $10,000
Independent Sector Annual Conference to be held in Philadelphia on
November 9 - 11
Institute of International Education New York, NY 501(c)(3) To support the expansion and enhancement of the Goldman Sachs $2,550,000
Global Leaders Program in building a strong platform for the
Program's 10th anniversary activities in 2010
International House New York, NY 501(c)(3) To provide general operating support $15,000
Johns Hopkins University Baltimore, MD 501(c)(3) To support the national scale up of the Next Generation Venture $2,750,000
Fund
Johns Hopkins University Baltimore, MD 501(c)(3) To expand the Next Generation Venture Fund Program (NGVF) $472,250
participation to the point of national impact
Juma Ventures San Francisco, CA 501(c)(3) To support youth development program in Washington, DC, providing $35,000
skills training and employment opportunities, education and career
services, financial literacy education, asset building services, and
personal case management services.
Let's Get Ready, Inc. New York, NY 501(c)(3) To establish a field office in Boston that would initiate and support six $157,000
new self-supporting high school/university partnerships in New
England and mobilize 500 talented undergraduates to provide quality
SAT and college prep to underserved students
Let's Get Ready, Inc. New York, NY 501(c)(3) To support the implementation of LGR programs in New England $400,000
STATEMENT 28
London School of Economics and Political Science London, UK Equivalency To support the CHOICE program which develops the academic and $87,500
Determination leadership skills of talented secondary students preparing them for
admission and success in highly selective colleges and universities
Management Leadership for Tomorrow New York, NY 501(c)(3) To implement a developmental program for alumni of GSF's $165,000
Signature Initiative efforts that will enhance their ability to compete for
entry-level jobs, MBA programs, and leadership positions
Management Leadership for Tomorrow New York, NY 501(c)(3) To support the Career Preparation Program and MLT Houston $325,000
programming
Manhattanville College Purchase, NY 501(c)(3) To support the Manhattanville College Promotes Academics and Life- $200,000
Long Success (MPALS) program, which prepares talented students
from underrepresented backgrounds for admission into selective
colleges and universities
Marlboro Music School & Festival Philadelphia, PA 501(c)(3) To support the Fellowship Fund $5,000
Museum of Modern Art New York, NY 501(c)(3) General operating support $35,000
National Foundation for Teaching Entrepreneurship New York, NY 501(c)(3) To expand and enhance NFTE's entrepreneurial education initiatives $500,000
in Germany and China and to support the 2009 and 2010 Youth
Entrepreneur Expo and Global Young Entrepreneurs of the Year
Awards
National Urban League New York, NY 501(c)(3) To support the 2008 Black Executive Exchange Program Student $100,000
Leadership Institute and Project Ready
Neighborhood Centers Inc. Houston, TX 501(c)(3) To support the New Century Campaign's vision to create a $10,000
neighborhood infrastructure in Southwest Houston
North American Foundation for the University of Littleton, MA 501(c)(3) To replicate the Masterclass program which prepares talented young $166,667
Manchester, Inc. students from disadvantaged backgrounds to enroll and succeed at
North American Foundation for the University of Littleton, MA 501(c)(3) To replicate the Masterclass program which prepares talented young $166,667
Manchester, Inc. students from disadvantaged backgrounds to enroll and succeed at
Northfield Mount Hermon School Northfield, MA 501(c)(3) To support Northfield Mount Hermon School programs $7,500
Peter Westbrook Foundation New York, NY 501(c)(3) To support leadership training for low-income students between the $25,000
ages of 9-18 pursing the art of fencing
Prep for Prep New York, NY 501(c)(3) To support the Prep for Prep/Goldman Sachs Foundation Institute for $330,000
Entrepreneurship and Prep for Prep's Smart Connection program
Prep for Prep New York, NY 501(c)(3) To implement workshops and create a technical support office $168,437
Princeton University Princeton, NJ 501(c)(3) To support the Princeton University Preparatory Program (PUPP) $200,000
STATEMENT 28
Rainier Scholars Seattle, WA 501(c)(3) To support the Academic Enrichment Program $250,000
Robert C. Maynard Institute for Journalism Education Oakland, CA 501(c)(3) To support 'Against the Odds: Outsiders, Outcasts and those who $25,000
Overcome,' a radio and multimedia series to be distributed by Public
Radio International
Room to Read San Francisco, CA 501(c)(3) To establish 450 libraries in under-resourced schools and provide $350,000
high-quality training to 450 teachers and librarians in Delhi, Rajasthan
and several key locations in India.
Schwab Foundation for Social Entrepreneurship Geneva, Switzerland Expenditure responsibility To support the 7th annual Summit for Outstanding Social $90,000
Entrepreneurs in January 2008 and to co-host 'Leadership from the
Edge' at the 2008 World Economic Forum's Annual Meeting
Schwab Foundation for Social Entrepreneurship Geneva, Switzerland Expenditure responsibility To support convening of social entrepreneurs at pre-event meetings $100,000
held in coordination with World Economic Forum regional events
Sponsors for Educational Opportunity New York, NY 501(c)(3) To support the 2008 College Knowledge Day; College Admissions $70,000
Summit and the GSF Youth Entrepreneurship Camp
Students in Free Enterprise Springfield, MO 501(c)(3) To support teams of French, Chinese and U.S. college students to $450,000
teach high school students about capital markets and capital
Teach First London, UK Equivalency To support the expansion of the Teach First teacher recruitment $333,333
Determination model across England.
The American Academy in Berlin New York, NY 501(c)(3) To support the Fall Fellows Presentation in September 2008 $5,000
The Asia Society New York, NY 501(c)(3) To support the March 2008 Asia-Pacific Leaders Forum on $50,000
Secondary Education in India
The Asia Society New York, NY 501(c)(3) To support The Asia Society's core programming $25,000
The Asia Society New York, NY 501(c)(3) To support the Goldman Sachs Foundation Prizes for Excellence in $360,800
International Education awards program and to disseminate
international educational best practices throughout the US
The Brookings Institution Washington, DC 501(c)(3) To support Brookings educational research $50,000
The Foreign Policy Association New York, NY 501(c)(3) To provide general operating support $15,000
The Middle East Media Research Institute Washington, DC 501(c)(3) To support MEMRI's Reform Project $5,000
The Phelps Stokes Fund Washington, DC 501(c)(3) To support the preparation of the Fund's comprehensive $40,000
development strategy
The Quest Scholars Program Palo Alto, CA 501(c)(3) To support the strategic development of the organization in order to $200,000
increase the number of students served
The Salvation Army Ithaca, NY 501(c)(3) To support The Salvation Army's core programs in Ithaca, NY $10,000
STATEMENT 28
The Steppingstone Foundation, Inc. Boston, MA 501(c)(3) To support the continued development of the National Partnership for $100,000
Educational Access (NPEA)
The Studio Museum In Harlem New York, NY 501(c)(3) To research Empowerment Schools in NYC's District 5 with the $10,000
ultimate goal of aligning Studio Museum Harlem's arts curriculum with
the objectives of Empowerment Schools
The Synergos Institute New York, NY 501(c)(3) To provide general operating support $25,000
The University of Warwick Coventry, UK Equivalency Determination To support the National Academy for Gifted and Talented Youth $125,000
(NAGTY) and to establish a 'Next Generation Venture Fund' initiative
Trisha Brown Company New York, NY 501(c)(3) To provide support for the premiere of Trisha Brown's new $5,000
choreography in April 2009
United Way of New York City New York, NY 501(c)(3) To support the Early Childhood Education Group of The Pipeline $75,000
Crisis: Winning Strategies for Young Black Men initiative
University of Birmingham Foundation Bellingham, WA 501(c)(3) To replicate the Masterclass program which prepares talented young $166,667
University of Birmingham Foundation Bellingham, WA 501(c)(3) To replicate the Masterclass program which prepares talented young $166,667
University of California at Berkeley Berkeley, CA 501(c)(3) To support the Haas School of Business 2008 Global Social Venture $25,000
Competition
University of Chicago Chicago, IL 501(c)(3) To provide opportunities for academic and leadership development $100,000
for talented, underrepresented secondary school students that will
help prepare them for enrollment and success at selective colleges
and universities
University of Southern California Los Angeles, CA 501(c)(3) For use over two years by the Center for Higher Education Policy $250,000
Analysis (CHEPA) to replicate the college access pilot program in five
of Los Angeles’ poorest inner-city schools.
University of the Witwatersrand Wits, South Africa Equivalency To provide opportunities for academic and leadership development $250,000
Determination for talented, underrepresented secondary school students that will
and universities
and universities
and universities
STATEMENT 28
William J. Clinton Foundation Little Rock, AR 501(c)(3) To support the Imbuto Foundation's first annual Celebrating Young $25,000
Women Achievers forum
World Economic Forum Geneva, Switzerland Expenditure responsibility To support the development and launch of an Entrepreneurship $40,000
Education white paper with focus on three areas: Youth
Entrepreneurship, High Growth/Opportunity Entrepreneurship and
Necessity Entrepreneurship/Social
Total $22,088,655
STATEMENT 28
THE GOLDMAN SACHS FOUNDATION 23-7000346
FORM 990PF, PART XV - GRANTS AND CONTRIBUTIONS APPROVED FOR FUTURE PAYMENT
Recipient Recipient Address Recipient Purpose of Grant or Contribution Amount
To support the Urban Advantage Program, which engages science-

American Museum of Natural History New York, NY 501(c)(3) rich institutions with schools nationwide 400,000
Ashoka Arlington, VA 501(c)(3) To help launch its inaugural program in the UK and expand its newly $300,000
established program in France and Germany by supporting dynamic
social entrepreneurs in the field of education and youth development
Cambridge in America New York, NY 501(c)(3) To be used by the University of Cambridge in England to support an $400,000
innovative college preparatory program providing mathematics
enrichment for high-potential students from disadvantaged
backgrounds
Foundation for Teaching Economics Davis, CA 501(c)(3) To support four annual week-long summer institutes that will provide $333,333
economic and leadership education to rising high school seniors, and
also train teachers on experiential techniques and effective teaching
strategies
Girls, Inc. New York, NY 501(c)(3) To support the annual Girls Inc. Corporate Camp $200,000
Harvard University Cambridge, MA 501(c)(3) To support The Next Step program, a new initiative that works to $125,000
ensure the success of Crimson Summer Academy alumni during
their college years
Hertie Foundation Frankfurt, Germany Expenditure responsibility To support the START program for talented immigrant youth in $350,000
Germany
Johns Hopkins University Baltimore, MD 501(c)(3) To expand the Next Generation Venture Fund Program (NGVF) $152,250
participation to the point of national impact
London School of Economics and London, UK Equivalency To support the CHOICE program which develops the academic and $262,500
Political Science Determination leadership skills of talented secondary students preparing them for
admission and success in highly selective colleges and universities
National Foundation for Teaching New York, NY 501(c)(3) To expand and enhance NFTE's entrepreneurial education initiatives $435,000
Entrepreneurship in Germany and China and to support the 2009 and 2010 Youth
Awards
Strategic Education Research Washington, DC 501(c)(3) To support a collaborative partnership with the Minority Student $250,000
Partnership Institute Achievement Network (MSAN) to improve mathematics achievement
STATEMENT 29
Recipient Recipient Address Recipient Purpose of Grant or Contribution Amount
Asian University for Women Support Cambridge, MA 501(c)(3) To help launch Asian University for Women's Access Program that $650,000
Foundation recruits and cultivates high-potential secondary school graduates
from disadvantaged backgrounds across Asia
Duke University Durham, NC 501(c)(3) To support the national scale up of the Next Generation Venture $2,250,000
Fund
Johns Hopkins University Baltimore, MD 501(c)(3) To support the national scale up of the Next Generation Venture $2,750,000
Fund
National Foundation for Teaching New York, NY 501(c)(3) To expand and enhance NFTE's entrepreneurial education initiatives $500,000
Entrepreneurship in Germany and China and to support the 2009 and 2010 Youth
Awards
Prep for Prep New York, NY 501(c)(3) To support the Prep for Prep/Goldman Sachs Foundation Institute for $330,000
Entrepreneurship and Prep for Prep's Smart Connection program
WGBH Educational Foundation Boston, MA 501(c)(3) To support the production of Justice: A Journey in Moral Reasoning $10,000
Total approved for future payment $9,994,750
STATEMENT 29
Form 990-PF, Part IV
Capital Gains Losses Detail
Cost or other
Description Date Acquired Date Sold Proceeds basis Gain/(Loss)
Publicly Traded Securities VARIOUS VARIOUS 69,646,081 79,429,080 (9,782,999)
MAINTENANCE MARGIN AUSTRALIAN VARIOUS 1/8/2008 12,473 12,473 -
MAINTENANCE MARGIN AUSTRALIAN VARIOUS 4/21/2008 743 743 -
AUD MARGIN BALANCE VARIOUS 4/14/2008 90,075 90,075 -
MAINTENANCE MARGIN BRITISH VARIOUS 1/2/2008 16,361 16,361 -
The Goldman Sachs Foundation

Form 990-PF 11/30/2008 1 of 212 STATEMENT 30

MAINTENANCE MARGIN BRITISH VARIOUS 4/23/2008 779 779 -




MAINTENANCE MARGIN CANADIAN VARIOUS 1/4/2008 19,703 19,703 -
MAINTENANCE MARGIN CANADIAN VARIOUS 3/4/2008 403 403 -
MAINTENANCE MARGIN CANADIAN VARIOUS 3/17/2008 361 361 -


MAINTENANCE MARGIN EURO VARIOUS 1/8/2008 33,332 33,332 -
MAINTENANCE MARGIN EURO VARIOUS 2/4/2008 589 589 -




MAINTENANCE MARGIN HONG KONG VARIOUS 1/2/2008 12,393 12,393 -
MAINTENANCE MARGIN HONG KONG VARIOUS 2/21/2008 614 614 -
MAINTENANCE MARGIN HONG KONG VARIOUS 3/18/2008 927 927 -
MAINTENANCE MARGIN HONG KONG VARIOUS 12/10/2007 29,628 29,629 (0)

MAINTENANCE MARGIN JAPANESE VARIOUS 1/2/2008 18,040 18,040 -

MAINTENANCE MARGIN JAPANESE VARIOUS 5/1/2008 15,949 15,949 0


MAINTENANCE MARGIN JAPANESE VARIOUS 8/29/2008 658 658 -
MAINTENANCE MARGIN SGD VARIOUS 1/2/2008 3,005 3,005 -
MAINTENANCE MARGIN SGD VARIOUS 2/19/2008 566 566 -


MAINTENANCE MARGIN SWEDISH VARIOUS 1/8/2008 753 753 -
MAINTENANCE MARGIN SWEDISH VARIOUS 1/14/2008 1,409 1,409 -


SWAP COLLATERAL WITH DEUTSCHE VARIOUS 1/16/2008 350,020 350,020 -
BSDT-LATE MONEY DEPOSIT ACCT VARIOUS 1/2/2008 1,537 1,537 -


BSDT-LATE MONEY DEPOSIT ACCT VARIOUS 1/11/2008 68 68 -








BSDT-LATE MONEY DEPOSIT ACCT VARIOUS 11/5/2008 1,067,662 1,067,662 -


BSDT-LATE MONEY DEPOSIT ACCT VARIOUS 12/21/2007 1,595,723 1,595,723 -
IAS DREYFUS INSTL PFD MM VARIOUS 1/2/2008 50,000 50,000 -
IAS DREYFUS INSTL PFD MM VARIOUS 1/2/2008 11,000,000 11,000,000 -


IAS DREYFUS INSTL PFD MM VARIOUS 1/16/2008 812 812 -










































CASH HELD AT CREDIT SUISSE VARIOUS 10/23/2008 250,030 250,030 -
CASH HELD AT CREDIT SUISSE VARIOUS 12/19/2007 249,080 249,080 -
FUTURES CASH COLLATERAL MARGIN VARIOUS 1/2/2008 157,000 157,000 -

FUTURES CASH COLLATERAL MARGIN VARIOUS 1/8/2008 499 499 -























FUTURES CASH COLLATERAL MARGIN VARIOUS 9/16/2008 2,747,693 2,747,693 -
FUTURES CASH COLLATERAL MARGIN VARIOUS 9/17/2008 1,803,144 1,803,144 -
FUTURES CASH COLLATERAL MARGIN VARIOUS 11/28/2007 (77,000) (77,000) -


CASH HELD AT MERRILL LYNCH VARIOUS 1/22/2008 350,010 350,010 -
IRS_P BBSW6M R 5.720% VARIOUS 11/14/2008 14,266 (437) 14,703
IRS_P BBSW6M R 5.720% VARIOUS 11/17/2008 13,911 (896) 14,807
IRS_R BP0006M P 5.760% VARIOUS 7/2/2008 9,273 117 9,156
IRS_R BP0006M P 5.665% VARIOUS 7/2/2008 13,283 977,053 (963,771)
IRS_R BP0006M P 5.7875% VARIOUS 7/2/2008 5,950 110 5,840
IRS_R CDOR03 P 3.740% VARIOUS 8/1/2008 1,097 (9) 1,106
IRS_R CDOR03 P 3.750% VARIOUS 8/18/2008 662 (13) 675
IRS_P CDOR03 R 3.7925% VARIOUS 8/5/2008 204 (1) 205
IRS_P CDOR03 R 4.080% VARIOUS 8/6/2008 10,329 (58) 10,387
IRS_P CDOR03 R 4.0525% VARIOUS 8/1/2008 13,026 (142) 13,168
IRS_P EUR006M R 4.865% VARIOUS 6/12/2008 2,534 11 2,522
IRS_R EUR006M P 4.503% VARIOUS 6/12/2008 19,014 85 18,929
IRS_R EUR006M P 4.503% VARIOUS 6/13/2008 21,286 (340) 21,626
IRS_P EUR006M R 4.875% VARIOUS 9/3/2008 6,467 (389) 6,856


IRS_P EUR006M R 4.9342% VARIOUS 9/19/2008 12,736 - 12,736
IRS_P EUR006M R 4.7742% VARIOUS 9/19/2008 10,040 - 10,040
IRS_P EUR006M R 5.000% VARIOUS 8/21/2008 33,657 1,688 31,969
IRS P JY0006M R 1.1875% VARIOUS 9/18/2008 8,395 (517) 8,912
IRS P JY0006M R 2.6475% VARIOUS 9/18/2008 24,062 (1,481) 25,543
IRS R JY0006M P 1.6704% VARIOUS 6/20/2008 19,470 (1,874) 21,345
IRS_P JY0006M R 1.1825% VARIOUS 10/1/2008 1,003 (74) 1,076
IRS P JY0006M R 1.18125% VARIOUS 10/2/2008 243 (15) 258
IRS_P JY0006M R 1.16% VARIOUS 10/6/2008 353 (24) 377
IRS_P JY0006M R 1.500% VARIOUS 10/1/2008 1,993 3,676 (1,683)
IRS P US0003M R 4.83% VARIOUS 8/18/2008 27,953 - 27,953
IRS_P US0003M R 6.00% VARIOUS 10/1/2008 15,620 - 15,620
TOSCA FUND VARIOUS 10/14/2008 463,487 738,337 (274,849)
TOSCA FUND VARIOUS 1/14/2008 3,500,000 2,377,871 1,122,129
WELLINGTON CTF COMMODITIES VARIOUS 7/1/2008 1,300,000 1,094,276 205,724
WELLINGTON CTF COMMODITIES VARIOUS 10/1/2008 300,000 327,511 (27,511)
WELLINGTON MGMT PORTFOLIO VARIOUS 1/16/2008 4,601,541 4,188,722 412,820
AMARANTH INTERNATIONAL LIMITED VARIOUS 5/2/2008 55,295 112,246 (56,951)
OZ OVERSEAS FUND VARIOUS 1/4/2008 5,072,266 3,171,520 1,900,746
OZ OVERSEAS FUND VARIOUS 1/31/2008 668,489 417,985 250,505

OZ OVERSEAS FUND VARIOUS 10/31/2008 104,600 121,931 (17,331)

ARCH VENTURE FD V LP VARIOUS 3/31/2008 20,728 20,728 -
INSIGHT CAPITAL PARTNERS VARIOUS 2/29/2008 8,683 8,683 -
SHEPHERD INVESTMENTS INTL LTD VARIOUS 1/17/2008 1,120,514 752,327 368,187
SHEPHERD INVESTMENTS INTL LTD VARIOUS 4/25/2008 809,394 567,185 242,209
SHEPHERD INVESTMENTS INTL LTD VARIOUS 10/16/2008 548,723 422,192 126,531
MHR INSTITUTIONAL PARTNERS II VARIOUS 1/31/2008 11,449 11,449 -
OCM REAL ESTATE OPP FD III LP VARIOUS 1/31/2008 9,236 9,236 -
OCM REAL ESTATE OPP FD III LP VARIOUS 10/31/2008 6,497 124,973 (118,476)
CANTILLON PACIFIC LTD VARIOUS 11/26/2008 1,647,291 1,800,000 (152,709)
JANA OFFSHORE PARTNERS LTD VARIOUS 1/23/2008 2,000,000 1,663,019 336,981
SEMINOLE OFFSHORE FUND VARIOUS 1/7/2008 2,000,000 1,639,203 360,797
PALOMINO FUND VARIOUS 6/30/2008 1,551,419 404,450 1,146,969
CWMBS INC 2006-3 CHL 1-A2 VARIOUS 12/26/2007 3 (3)
FNMA POOL #0652610 VARIOUS 9/9/2008 (22) 22


HARBORVIEW MTG LN 05-16 2A1A VARIOUS 12/19/2007 5 (5)


STRUCTURED ASSET 06-AR2 A-1 VARIOUS 12/26/2007 - -
STRUCTURED ASSET 06-AR1 3A-1 VARIOUS 12/26/2007 (1) 1
IRS P BP0006M R 5.2875% VARIOUS 6/30/2008 26,213 (26,213)
IRS P EUR006M R 5.302% VARIOUS 6/30/2008 32,272 (32,272)
IRS R BP0006M P 6.0725% VARIOUS 6/30/2008 2,653 (2,653)
IRS R BP0006M P 6.010% VARIOUS 6/30/2008 707 (707)

IRS R JY0006M P 1.709% VARIOUS 10/29/2008 32,880 (32,880)

IRS P JY0006M R 1.17% VARIOUS 6/17/2008 11,161 (11,161)
IRS P JY0006M P 1.645% VARIOUS 7/15/2008 7,523 (7,523)
IRS R JY0006M P 1.500% VARIOUS 10/1/2008 (10,651) 10,651
IRS R JY0006M R 1.500% VARIOUS 9/30/2008 (6,470) 6,470
IRS R JY0006M P 1.500% VARIOUS 10/1/2008 (263) 263
IRS R CDOR03 P 3.8261% VARIOUS 7/30/2008 4,395 (4,395)
IRS P CDOR03 R 3.756% VARIOUS 7/30/2008 1,401 (1,401)
IRS P CDOR03 R 3.681% VARIOUS 7/30/2008 4,446 (4,446)
IRS R SF0003M P 5.000% VARIOUS 9/30/2008 10,344 (10,344)
IRS R EUR006M P 4.18788% VARIOUS 6/19/2008 20,613 (20,613)


IRS R EUR006M P 4.696% VARIOUS 9/1/2008 8,399 (8,399)
IRS P EUR006M R 4.96505% VARIOUS 6/18/2008 914 (914)
IRS R EUROO6M P 4.6684% VARIOUS 9/19/2008 8,395 (8,395)
IRS R EUROO6M P 4.6684% VARIOUS 10/7/2008 2,554 (2,554)






US TREAS-CPI INFLAT VARIOUS 11/3/2008 - -
IRS R US0003M P 4.17% VARIOUS 8/14/2008 17,847 (17,847)


CLOSE IRS P CDOR03 R 4.000% VARIOUS 9/8/2008 470
CLOSE IRS P EUR006M R 4.500% VARIOUS 9/8/2008 8,417
CLOSE IRS P STIB3M R 5.000% VARIOUS 9/8/2008 13,416
CLOSE IRS P US0003M R 5.000% VARIOUS 9/8/2008 3,877
CLOSE IRS P US003M R 5.000% VARIOUS 9/8/2008 4,391
CLOSE IRS R BP0006M P 5.250% VARIOUS 9/8/2008 240
CLOSE IRS R EUR006M P 4.50% VARIOUS 9/8/2008 13,688
CLOSE IRS R US0003M P 4.250% VARIOUS 9/8/2008 1,873
CLOSE IRS_P CDOR03 R 4.000% VARIOUS 9/8/2008 (1,991)
CLOSE IRS_P EUR006M R 5.000% VARIOUS 9/8/2008 (65,138)
CLOSE IRS_P US0003M R 4.250% VARIOUS 9/8/2008 (1,534)
CLOSE IRS_P US0003M R 5.000% VARIOUS 9/8/2008 (750)
CLOSE IRS_R BP0006M P 5.250% VARIOUS 9/8/2008 (13,833)
CLOSE IRS_R EUR006M P 4.500% VARIOUS 9/8/2008 (15,740)
CLOSE IRS_R EUR006M P 4.750% VARIOUS 9/8/2008 (9,187)
CLOSE IRS_R US0003M P 4.250% VARIOUS 9/8/2008 (4,549)
CLOSE SAWP IRS_R EUR006M P 4.750% VARIOUS 9/3/2008 (585)
CLOSE SWAP 25004894 IRS R US0003M P 5.250% VARIOUS 4/7/2008 32,303
CLOSE SWAP 25004899 IRS_P US0003M R 4.5% VARIOUS 4/7/2008 (14,459)
CLOSE SWAP 25006189 IRS_P JY0006M R 1.25% VARIOUS 4/7/2008 (38,050)
CLOSE SWAP 25006191 IRS_P JY0006M P 1.250% VARIOUS 4/7/2008 (19,175)
CLOSE SWAP 25007866 IRS R EUR006M P 4.250% VARIOUS 4/7/2008 2,137
CLOSE SWAP 25008144 IRS_P CDOR03 R 4.750% VARIOUS 4/7/2008 (11,745)
CLOSE SWAP 25119110 IRS_P JY0006M P 1.250% VARIOUS 4/16/2008 (20,869)


CLOSE SWAP 26367605 IRS_R EUR006M P 4.750% VARIOUS 6/5/2008 (14,074)
CLOSE SWAP 26367607 IRS P SF0003M R 4.750% VARIOUS 6/5/2008 11,384
CLOSE SWAP 26368548 IRS_P EUR006M R 4.250% VARIOUS 6/5/2008 (1,772)
CLOSE SWAP 26368652 IRS P EUR006M R 4.250% VARIOUS 6/5/2008 9,048
CLOSE SWAP 26369216 IRS_P US0003M P 5.250% VARIOUS 6/5/2008 (3,509)
CLOSE SWAP 26369220 IRS P JY0006M R 1.25% VARIOUS 6/5/2008 2,636
CLOSE SWAP 26369222 IRS_R EUR006M P 4.750% VARIOUS 6/5/2008 (557)
CLOSE SWAP 26370196 IRS_P STIB3M R 4.75% VARIOUS 6/5/2008 (4,083)
CLOSE SWAP 26370301 IRS R CDOR03 P 4.75% VARIOUS 6/5/2008 2,664
CLOSE SWAP 26496373 IRS R CDOR03 P 4.75% VARIOUS 6/11/2008 10,658
CLOSE SWAP 26496374 IRS_R CDOR03 P 4.750% VARIOUS 6/11/2008 (12,519)
CLOSE SWAP 26497362 IRS P SF0003M R 4.750% VARIOUS 6/11/2008 1,352
CLOSE SWAP 26497363 IRS R STIB3M P 4.750% VARIOUS 6/11/2008 623
CLOSE SWAP 26498898 IRS P EUR006M R 4.250% VARIOUS 6/11/2008 739
CLOSE SWAP 26498899 IRS R EUR006M P 4.250% VARIOUS 6/11/2008 517


CLOSE SWAP 26498903 IRS R STIB3M P 4.750% VARIOUS 6/11/2008 5,869
CLOSE SWAP 26498904 IRS R SF0003M P 4.750% VARIOUS 6/11/2008 15,039
CLOSE SWAP 26499598 IRS_P US0003M P 5.250% VARIOUS 6/11/2008 (9,357)
CLOSE SWAP 26500098 IRS_P SF0003M R 4.750% VARIOUS 6/11/2008 (5,881)
CLOSE SWAP 26500099 IRS R STIB3M P 4.750% VARIOUS 6/11/2008 14,821
CLOSE SWAP 26500515 IRS P BBSW6M R 7.250% VARIOUS 6/11/2008 4,544
CLOSE SWAP 26500517 IRS_S US0003M R 4.500% VARIOUS 6/11/2008 (55,204)
CLOSE SWAP 26501217 IRS P BP0006M R 5.250% VARIOUS 6/11/2008 1,089
CLOSE SWAP 27322478 IRS P US0003M R 4.250% VARIOUS 7/11/2008 2,350
CLOSE SWAP 27322479 IRS_R US0003M P 4.250% VARIOUS 7/11/2008 (5,145)
CLOSE SWAP 27322481 IRS P STIB3M R 5.000% VARIOUS 7/11/2008 8,052
CLOSE SWAP 27323404 IRS P US0003M R 5.000% VARIOUS 7/11/2008 455


CLOSE SWAP 27324602 IRS P US0003M R 4.250% VARIOUS 7/11/2008 389
CLOSE SWAP 27324609 IRS R SF0003M P 4.750% VARIOUS 7/11/2008 836
CLOSE SWAP 27325129 IRS_R EUR006M R 4.750% VARIOUS 7/11/2008 (3,978)
CLOSE SWAP 27325489 IRS P JY0006M R 1.5% VARIOUS 7/11/2008 2,044
CLOSE SWAP 27325490 IRS_R JY0006M P 1.500% VARIOUS 7/11/2008 (2,355)
CLOSE SWAP IRS P BP0006M R 5.250% VARIOUS 10/20/2008 2,070
CLOSE SWAP IRS P BP0006M R 5.250% VARIOUS 9/8/2008 38,230
CLOSE SWAP IRS P EUR006M R 4.500% VARIOUS 10/30/2008 4,175
CLOSE SWAP IRS P STIB3M R 4.750% VARIOUS 9/5/2008 8,697
CLOSE SWAP IRS P STIB3M R 5.000% VARIOUS 9/8/2008 13,138
CLOSE SWAP IRS P US0003M R 4.250% VARIOUS 9/8/2008 16,408
CLOSE SWAP IRS P US0003M R 5.000% VARIOUS 9/8/2008 40,382
CLOSE SWAP IRS R CDOR03 P 4.000% VARIOUS 9/8/2008 30
CLOSE SWAP IRS R EUR006M P 4.50% VARIOUS 7/22/2008 5,463
CLOSE SWAP IRS R EUR006M P 4.750% VARIOUS 9/8/2008 201
CLOSE SWAP IRS R EUR006M P 5.000% VARIOUS 9/8/2008 44,851
CLOSE SWAP IRS R SF0003M P 4.750% VARIOUS 9/8/2008 701
CLOSE SWAP IRS R SF0003M P 5.000% VARIOUS 9/8/2008 28,993
CLOSE SWAP IRS R US0003M P 4.250% VARIOUS 9/8/2008 5,525

CLOSE SWAP IRS_P BP0006M R 5.250% VARIOUS 10/20/2008 (15,623)

CLOSE SWAP IRS_P BP0006M R 5.250% VARIOUS 10/21/2008 (23,669)
CLOSE SWAP IRS_P CDOR03 R 4.000% VARIOUS 9/8/2008 (2,623)
CLOSE SWAP IRS_P EUR006M R 4.750% VARIOUS 10/20/2008 (2,213)
CLOSE SWAP IRS_P JY0006M R 1.500% VARIOUS 9/8/2008 (2,197)
CLOSE SWAP IRS_P US0003M R 4.25% VARIOUS 9/8/2008 (110)
CLOSE SWAP IRS_P US0003M R 5.000% VARIOUS 9/8/2008 (2,990)
CLOSE SWAP IRS_R BP0006M P 5.250% VARIOUS 10/21/2008 (12,555)
CLOSE SWAP IRS_R CDOR03 P 4.000% VARIOUS 9/8/2008 (3,714)
CLOSE SWAP IRS_R EUR006M P 4.500% VARIOUS 10/30/2008 (1,048)
CLOSE SWAP IRS_R JY0006M P 1.500% VARIOUS 9/8/2008 (1,450)
CLOSE SWAP IRS_R US0003M P 4.250% VARIOUS 9/8/2008 (6,813)
CLOSE SWAP IRS_R US0003M P 5.00% VARIOUS 9/8/2008 (344)
CLOSE SWAP IRS_R US0003M P 5.000% VARIOUS 9/8/2008 (31,590)
CLOSED SWAP IRS P BP0006M R 5.250% VARIOUS 10/7/2008 6,817
CLOSED SWAP IRS P EUR006M R 4.50% VARIOUS 10/20/2008 2,195
CLOSED SWAP IRS P EUR006M R 4.500% VARIOUS 9/12/2008 179
CLOSED SWAP IRS P SF0003M R 5.000% VARIOUS 9/5/2008 7,302
CLOSED SWAP IRS P STIB3M R 5.000% VARIOUS 9/5/2008 11,588
CLOSED SWAP IRS P US0003M R 4.250% VARIOUS 9/12/2008 5,332
CLOSED SWAP IRS P US0003M R 5.000% VARIOUS 9/12/2008 9,778
CLOSED SWAP IRS R BP0006M P 5.250% VARIOUS 10/21/2008 16,430
CLOSED SWAP IRS R EUR006M P 4.5% VARIOUS 6/11/2008 3,450

CLOSED SWAP IRS R EUR006M P 4.750% VARIOUS 9/8/2008 158

CLOSED SWAP IRS R US0003M P 4.250% VARIOUS 10/21/2008 2,098
CLOSED SWAP IRS_P BP0006M R 5.250% VARIOUS 10/21/2008 (9,088)
CLOSED SWAP IRS_P CDOR03 R 4.000% VARIOUS 9/5/2008 (634)
CLOSED SWAP IRS_P EUR006M R 5.000% VARIOUS 9/2/2008 (33,657)
CLOSED SWAP IRS_P US0003M R 4.250% VARIOUS 10/20/2008 (3,153)
CLOSED SWAP IRS_R CDOR03 P 4.000% VARIOUS 9/5/2008 (671)
CLOSED SWAP IRS_R CDOR03 P 4.000% VARIOUS 9/8/2008 (379)
CLOSED SWAP IRS_R EUR006M P 4.500% VARIOUS 10/20/2008 (28,601)
CLOSED SWAP IRS_R STIB3M P 4.75% VARIOUS 9/12/2008 (2,583)
ILS (ISRAELI SHEKEL) VARIOUS 10/23/2008 -
IRS P EUR006M R 4.500% 2013 DEC 17 VARIOUS 9/12/2008 (1,591)
IRS R EUR006M P 4.50% 4.500% N 04 VARIOUS 7/22/2008 (3,917)
IRS R US0003M P 5.000% 2038 DEC 17 VARIOUS 9/12/2008 (14,263)
IRS_P EUR006M R 5.000% 2038 DEC 17 VARIOUS 9/11/2008 65,138
OPEN SWAP IRS_R BP0006M P 5.665% VARIOUS 6/5/2008 976,800
ODD CENT VARIOUS 10/23/2008 (3)
ODD CENT ADJUSTMENT CAD (CANADIAN DOLLARS) VARIOUS 6/20/2008 0
ODD CENT ADJUSTMENT ILS (ISRAELI SHEKEL) VARIOUS 10/9/2008 -
ODD CENT ADJUSTMENT TRY (NEW TURKISH LIRA) VARIOUS 2/6/2008 (1)
ODD CENT ADJUSTMENT TRY (NEW TURKISH LIRA) VARIOUS 5/8/2008 (2)
ODD CENT TRY (NEW TURKISH LIRA) VARIOUS 10/23/2008 (2)
ODDCENT BALANCING ENTRY TRY (NEW TURKISH LIRA) VARIOUS 6/18/2008 1
ODDCENT GBP (GREAT BRITISH POUNDS) VARIOUS 11/20/2008 0
ODDCENT JPY (JAPANESE YEN) VARIOUS 10/23/2008 0
OTHER MISCELLLANEOUS VARIOUS 1,961
Goldman Sachs Fixed Income VARIOUS 12/1/2007 5,260
Goldman Sachs Emerging Market Debt FD INSTL CD VARIOUS 12/1/2007 43,339
Goldman Sachs Emerging Markets VARIOUS 12/1/2007 1,077,775
Goldman Sachs Fixed Income VARIOUS 12/1/2007 3,261
Goldman Sachs Emerging Market Debt FD INSTL CD VARIOUS 12/1/2007 26,870

Goldman Sachs Emerging Markets VARIOUS 12/1/2007 404,929

SEARS, ROEBUCK & COMPANY FOR ACCOUNT GLDF5551242 VARIOUS 1/2/2008 1,860
QWEST COMM. FOR ACCOUNT GLDF5551022 VARIOUS 1/24/2008 200
QWEST COMM. FOR ACCOUNT GLDF5551032 VARIOUS 1/24/2008 2,064
FLEMING CO. CLASS ACTION SETTLEMENT PROCEEDS VARIOUS 3/3/2008 14,537
WORLDCOM 2ND DIST FOR ACCOUNT GLDF5551022 VARIOUS 3/12/2008 2,655
WORLDCOM 2ND DIST FOR ACCOUNT GLDF5551032 VARIOUS 3/12/2008 6,947
WHITEHALL JEWELERS CL ACTION SETTLEMENT PROCEEDS VARIOUS 4/11/2008 5,779
LATTICE SEMICONDUCTOR CORPORAT FOR ACCOUNT GLDF5551222 VARIOUS 4/25/2008 194
PNC FINANCIAL SERVICES GROUP, INC. CLASS ACTION STLMNT FWD VARIOUS 5/13/2008 186
ALLEGHENY ENERGY, INC. FOR ACCOUNT GLDF5551032 VARIOUS 5/29/2008 826
COMP ASSOC FEINBERG CLASS ACT FORWARDING PROCEEDS VARIOUS 5/30/2008 7,175
COMP ASSOC FEINBERG CLASS ACT FORWARDING PROCEEDS VARIOUS 6/2/2008 103
VERISIGN, INC. FOR ACCOUNT GLDF5551032 VARIOUS 7/9/2008 532
PORTAL SOFTWARE, INC. FOR ACCOUNT GLDF5551222 VARIOUS 7/15/2008 1,059
FEDERAL HOME LOAN MORTGAGE COR FOR ACCOUNT GLDF5551032 VARIOUS 7/16/2008 1,782
BRISTOL MYERS SQUIBB COMPANY I FOR ACCOUNT GLDF5551032 VARIOUS 8/1/2008 5,546
ELECTRONIC DATA SYSTEM CORP FOR ACCOUNT GLDF5551242 VARIOUS 8/6/2008 1,702
GLOBAL CROSSING, LTD. FOR ACCOUNT GLDF5551032 VARIOUS 9/2/2008 1,290
DIRECT GENERAL CLASS ACT SETTLEMENT PROCEEDS VARIOUS 9/4/2008 4,436
NBTY CL ACT STLMNT $$ VARIOUS 9/18/2008 297
CHARTER COMM 2 CLASS ACTION FORWARDING PROCEEDS VARIOUS 9/22/2008 56
CIGNA CORPORATION FOR ACCOUNT GLDF5551242 VARIOUS 9/29/2008 1,750
LEVEL 3 COMMUNICATIONS, INC. FOR ACCOUNT GLDF5551032 VARIOUS 10/7/2008 47
XO COMMUNICATIONS, INC. II FOR ACCOUNT GLDF5551032 VARIOUS 10/8/2008 88
POZEN, INC. FOR ACCOUNT GLDF5551222 VARIOUS 11/12/2008 139
KVH INDUSTRIES, INC. FOR ACCOUNT GLDF5551222 VARIOUS 11/17/2008 150
DECEMBER 2007 CLASS ACTIONS VARIOUS 2,324
1Q08 REALIZED GAIN ARCH VENTURE FD V LP VARIOUS 6/30/2008 1,873
2Q2008 REALIZED LOSS ARCH VENTURE FD V LP VARIOUS 10/31/2008 (172,709)
4Q07 REALIZED LOSS ARCH VENTURE FD V LP VARIOUS 3/31/2008 (109,337)
RECD CASH DISTRIBUTION ALTOR FUND II VARIOUS 8/28/2008 72,895
3Q2008 REALIZED GAIN KSL CAPITAL PARTNERS II TE VARIOUS 11/28/2008 2,219
1Q08 REALIZED GAIN WESTON PRESIDIO CAP IV LP VARIOUS 6/30/2008 1,279
2Q08 REALIZED LOSS WESTON PRESIDIO CAP IV LP VARIOUS 7/31/2008 (208,930)
1Q08 REALIZED GAIN INSIGHT CAPITAL PARTNERS VARIOUS 5/30/2008 13,915
2Q08 REALIZED GIAN INSIGHT CAPITAL PARTNERS VARIOUS 7/31/2008 99,639
2Q08 REALIZED GAIN MHR INSTITUTIONAL PARTNERS II VARIOUS 7/31/2008 98
3Q08 REALIZED GAIN MHR INSTITUTIONAL PARTNERS II VARIOUS 9/30/2008 33,412
4Q07 REALIZED GAIN MHR INSTITUTIONAL PARTNERS II VARIOUS 1/31/2008 136,209
2007 Reversal 11/30/2008 (319,875)

1Q08 REALIZED GAIN OCM REAL ESTATE OPP FD III LP VARIOUS 5/30/2008 6,721
2Q08 REALIZED LOSS OCM REAL ESTATE OPP FD III LP VARIOUS 7/31/2008 (165,434)
3Q08 REALIZED LOSS OCM REAL ESTATE OPP FD III LP VARIOUS 10/31/2008 (203,285)
4Q07 REALIZED GAIN OCM REAL ESTATE OPP FD III LP VARIOUS 1/31/2008 50,794
2Q08 REALIZED LOSS WILLIS STEIN & PARTNERS III VARIOUS 8/29/2008 (21,456)
Venture Capital Partnerships Topside Adjustment VARIOUS 11/30/2008 591,916
Quantum Topside Adjustment VARIOUS 11/30/2008 688,381
10YR SWAP NOTE FUTURE (CBT) VARIOUS 1/2/2008 (34,609)
10YR SWAP NOTE FUTURE (CBT) VARIOUS 1/4/2008 6,000


5YR SWAP FUTURE (CBT) VARIOUS 2/25/2008 172
90DAY EURODOLLAR FUTURE CME VARIOUS 1/2/2008 (2,975)
90DAY EURODOLLAR FUTURE CME VARIOUS 1/8/2008 (175)
90DAY EURODOLLAR FUTURE CME VARIOUS 1/11/2008 1,925
90DAY EURODOLLAR FUTURE CME VARIOUS 2/7/2008 325
90DAY EURODOLLAR FUTURE (CME) VARIOUS 1/2/2008 (23,513)


90DAY EURODOLLAR FUTURE (CME) VARIOUS 1/8/2008 438
90DAY EURODOLLAR FUTURE (CME) VARIOUS 1/11/2008 11,563
90DAY EURODOLLAR FUTURE (CME) VARIOUS 1/17/2008 (738)
AMSTERDAM INDEX FUTURE (EOE) VARIOUS 1/2/2008 (9,203)
AMSTERDAM INDEX FUTURE (EOE) VARIOUS 1/7/2008 (74)


AMSTERDAM INDEX FUTURE (EOE) VARIOUS 1/14/2008 4,241
AMSTERDAM INDEX FUTURE (EOE) VARIOUS 2/13/2008 583
AUSTRALIAN 10YR BOND FUT (SFE) VARIOUS 1/2/2008 (3,242)
AUSTRALIAN 10YR BOND FUT (SFE) VARIOUS 1/3/2008 68,860


AUSTRALIAN 10YR BOND FUT (SFE) VARIOUS 1/31/2008 495
AUSTRALIAN 10YR BOND FUT (SFE) VARIOUS 2/5/2008 (986)
CAC 40 EUR INDEX FUTURE (MNP) VARIOUS 1/2/2008 (2,827)
CAC 40 EUR INDEX FUTURE (MNP) VARIOUS 1/3/2008 (110)
CAC 40 EUR INDEX FUTURE (MNP) VARIOUS 1/7/2008 375
CAC 40 EUR INDEX FUTURE (MNP) VARIOUS 1/8/2008 1,744
CAC 40 EUR INDEX FUTURE (MNP) VARIOUS 1/14/2008 1,429
CAC 40 EURO INDEX FUTURE (EOP) VARIOUS 1/15/2008 (2,562)


CAC 40 EURO INDEX FUTURE (EOP) VARIOUS 1/22/2008 4,735
CAC 40 EURO INDEX FUTURE (EOP) VARIOUS 1/31/2008 (259)
CAC 40 EURO INDEX FUTURE (MNP) VARIOUS 1/2/2008 345
CAC 40 EURO INDEX FUTURE (MNP) VARIOUS 1/3/2008 4,628
CAC 40 EURO INDEX FUTURE (MNP) VARIOUS 1/8/2008 (791)
CAC 40 EURO INDEX FUTURE (MNP) VARIOUS 1/9/2008 (1,652)


CANADA 10YR BOND FUTURE (MSE) VARIOUS 1/2/2008 (13,358)
CANADA 10YR BOND FUTURE (MSE) VARIOUS 1/3/2008 9,944
CANADA 10YR BOND FUTURE (MSE) VARIOUS 2/4/2008 (784)


DAX INDEX FUTURE (EUX) VARIOUS 1/2/2008 (21,312)
DAX INDEX FUTURE (EUX) VARIOUS 1/7/2008 3,382
DAX INDEX FUTURE (EUX) VARIOUS 1/31/2008 (722)


DOW JONES MINI FUT (CBT) VARIOUS 1/2/2008 37,440
DOW JONES MINI FUT (CBT) VARIOUS 1/3/2008 (1,365)

DOW JONES MINI FUT (CBT) VARIOUS 2/27/2008 720

EURO BUXL 30 YR BOND FUTURE VARIOUS 2/8/2008 (348)
EURO BUXL 30 YR BOND FUTURE VARIOUS 2/11/2008 4,175
EURO BUXL 30 YR BOND FUTURE VARIOUS 2/12/2008 (20,311)
EURO BUXL 30 YR BOND FUTURE VARIOUS 2/13/2008 (466)
EURO-BOBL FUTURE (EUX) VARIOUS 1/2/2008 (109,757)
EURO-BOBL FUTURE (EUX) VARIOUS 1/8/2008 28,517


EURO-BOBL FUTURE (EUX) VARIOUS 2/27/2008 (423)
EURO-BUND FUTURE (EUX) VARIOUS 1/2/2008 120,160
EURO-BUND FUTURE (EUX) VARIOUS 1/8/2008 (41,201)
EURO-BUND FUTURE (EUX) VARIOUS 2/1/2008 800


FTSE 100 INDEX FUTURE (LIF) VARIOUS 1/2/2008 6,641
FTSE 100 INDEX FUTURE (LIF) VARIOUS 1/8/2008 (190)
FTSE 100 INDEX FUTURE (LIF) VARIOUS 1/23/2008 (2,891)
FTSE 100 INDEX FUTURE (LIF) VARIOUS 2/14/2008 54


FTSE 250 MID INDEX FUTURE LIF VARIOUS 2/25/2008 1,441
HANG SENG INDEX FUTURE (HKG) VARIOUS 1/2/2008 (13,129)
HANG SENG INDEX FUTURE (HKG) VARIOUS 1/4/2008 32,687
HANG SENG INDEX FUTURE (HKG) VARIOUS 1/29/2008 255
HANG SENG INDEX FUTURE (HKG) VARIOUS 1/30/2008 (310)


IBEX 35 INDEX FUTURE (MFM) VARIOUS 1/2/2008 10,718
IBEX 35 INDEX FUTURE (MFM) VARIOUS 1/7/2008 (3,385)
IBEX 35 INDEX FUTURE (MFM) VARIOUS 1/8/2008 (982)
IBEX 35 INDEX FUTURE (MFM) VARIOUS 1/22/2008 903


JAPAN 10YR BOND FUTURE (TSE) VARIOUS 1/4/2008 4,713
JAPAN 10YR BOND FUTURE (TSE) VARIOUS 1/7/2008 (92)
JAPAN 10YR BOND FUTURE (TSE) VARIOUS 1/8/2008 91
JAPAN 10YR BOND FUTURE (TSE) VARIOUS 1/23/2008 (1,040)
MAINTENANCE MARGIN CANADIAN VARIOUS 1/14/2008 0
MAINTENANCE MARGIN SGD VARIOUS 1/31/2008 (11)
MIDCAP 400 INDEX FUTURE (CME) VARIOUS 1/2/2008 7,200


MIDCAP 400 INDEX FUTURE (CME) VARIOUS 1/10/2008 (8,600)
MSCI EAFT EMINI IND FUT (CME) VARIOUS 2/25/2008 (6,600)
MSCI SINGAPORE INDEX FUT (SGX) VARIOUS 1/2/2008 (3,005)
MSCI SINGAPORE INDEX FUT (SGX) VARIOUS 1/4/2008 6,812


MSCI SINGAPORE INDEX FUT (SGX) VARIOUS 1/29/2008 787
NASDAQ 100 E-MINI IND FUT(CME) VARIOUS 1/2/2008 (35,445)
NASDAQ 100 E-MINI IND FUT(CME) VARIOUS 1/3/2008 6,375


OBX INDEX FUTURE (OBX) VARIOUS 2/25/2008 344
OMX INDEX FUTURE (OME) VARIOUS 1/2/2008 1,366
OMX INDEX FUTURE (OME) VARIOUS 1/8/2008 (954)
OMX INDEX FUTURE (OME) VARIOUS 1/9/2008 730
OMX INDEX FUTURE (OME) VARIOUS 1/14/2008 (1,273)


OMX INDEX FUTURE (OML) VARIOUS 1/23/2008 2,846
OMX INDEX FUTURE (OML) VARIOUS 1/24/2008 (2,306)
OMX INDEX FUTURE (OML) VARIOUS 1/25/2008 (362)
OMX INDEX FUTURE (OML) VARIOUS 1/28/2008 342
RUSSELL 1000 INDEX FUTURE(NYF) VARIOUS 1/2/2008 (113,100)
RUSSELL 1000 INDEX FUTURE(NYF) VARIOUS 1/10/2008 198,900
RUSSELL 1000 INDEX FUTURE(NYF) VARIOUS 1/22/2008 (1,218,250)


RUSSELL 2000 MINI INDEX (CME) VARIOUS 1/2/2008 (18,000)
RUSSELL 2000 MINI INDEX (CME) VARIOUS 1/3/2008 17,560


S & P 500 INDEX FUTURE (CME) VARIOUS 2/25/2008 (270)
S&P 500 EMINI INDEX FUT (CME) VARIOUS 1/2/2008 (940)
S&P 500 EMINI INDEX FUT (CME) VARIOUS 1/3/2008 15
S&P 500 EMINI INDEX FUT (CME) VARIOUS 1/4/2008 (1,790)
S&P 500 EMINI INDEX FUT (CME) VARIOUS 1/23/2008 1,610


S&P/MIB INDEX FUTURE (MIL) VARIOUS 1/2/2008 18,922
S&P/MIB INDEX FUTURE (MIL) VARIOUS 1/3/2008 (501)
S&P/MIB INDEX FUTURE (MIL) VARIOUS 1/7/2008 (5,041)


S&P/TSE 60 INDEX FUTURE (MSE) VARIOUS 1/2/2008 4,218
S&P/TSE 60 INDEX FUTURE (MSE) VARIOUS 1/4/2008 (12,690)
S&P/TSE 60 INDEX FUTURE (MSE) VARIOUS 1/11/2008 353
S&P/TSE 60 INDEX FUTURE (MSE) VARIOUS 1/25/2008 (239)


SILVER FUTURE (CMX) VARIOUS 12/24/2007 (8,400)
SPI 200 FUTURES (SFE) VARIOUS 12/24/2007 (2,221)
SPI 200 FUTURES (SFE) VARIOUS 1/2/2008 2,946
SPI 200 FUTURES (SFE) VARIOUS 1/3/2008 814
SPI 200 FUTURES (SFE) VARIOUS 1/28/2008 17


SUGAR #11 WORLD FUTURE (NYB) VARIOUS 12/24/2007 2,550
SUGAR #11 WORLD FUTURE (NYB) VARIOUS 2/25/2008 93
TIN FUTURE (LME) VARIOUS 2/25/2008 21,438
TOPIX INDEX FUTURE (TSE) VARIOUS 12/31/2007 (17,724)
TOPIX INDEX FUTURE (TSE) VARIOUS 1/2/2008 3,187
TOPIX INDEX FUTURE (TSE) VARIOUS 1/18/2008 (923)


UK LONG GILT FUTURE (LIF) VARIOUS 1/2/2008 (20,469)
UK LONG GILT FUTURE (LIF) VARIOUS 1/3/2008 789
UK LONG GILT FUTURE (LIF) VARIOUS 1/8/2008 13,618

UK LONG GILT FUTURE (LIF) VARIOUS 2/22/2008 (354)

US 10 YR TREAS NTS FUTURE(CBT) VARIOUS 1/2/2008 (96,796)
US 10 YR TREAS NTS FUTURE(CBT) VARIOUS 1/3/2008 13,924
US 10 YR TREAS NTS FUTURE(CBT) VARIOUS 2/11/2008 (141)


US 2YR TREAS NTS FUT (CBT) VARIOUS 1/2/2008 7,578
US 2YR TREAS NTS FUT (CBT) VARIOUS 1/3/2008 (2,531)
US 2YR TREAS NTS FUT (CBT) VARIOUS 1/8/2008 938
US 2YR TREAS NTS FUT (CBT) VARIOUS 1/23/2008 (281)
US 5 YEAR NOTE (CBT) VARIOUS 2/20/2008 7,000

US 5 YEAR NOTE (CBT) VARIOUS 2/22/2008 (8,049)

US 5YR TREAS NTS FUTURE (CBT) VARIOUS 1/2/2008 212,408
US 5YR TREAS NTS FUTURE (CBT) VARIOUS 1/3/2008 (9,953)

US 5YR TREAS NTS FUTURE (CBT) VARIOUS 2/28/2008 913

US TREAS BD FUTURE (CBT) VARIOUS 1/2/2008 (115,281)
US TREAS BD FUTURE (CBT) VARIOUS 1/8/2008 1,250
US TREAS BD FUTURE (CBT) VARIOUS 2/28/2008 (906)
US TREAS BOND FUTURE (CBT) VARIOUS 2/14/2008 80
US TREAS BOND FUTURE (CBT) VARIOUS 2/15/2008 (625)
US TREAS BOND FUTURE (CBT) VARIOUS 2/20/2008 21,898


US TREAS BOND FUTURE (CBT) VARIOUS 2/22/2008 (30,500)
WHEAT FUTURE (CBT) VARIOUS 2/25/2008 3,139
WHEAT FUTURE (CBT) VARIOUS 12/1/2007 (16,886)








AMSTERDAM INDEX FUT (EOE) VARIOUS 3/17/2008 (6,858)
AMSTERDAM INDEX FUT (EOE) VARIOUS 3/18/2008 17,758
AMSTERDAM INDEX FUT (EOE) VARIOUS 3/19/2008 (313)
AMSTERDAM INDEX FUT (EOE) VARIOUS 3/28/2008 315


AMSTERDAM INDEX FUTURE (EOE) VARIOUS 5/5/2008 743








CANADA 10YR BOND FUTURE (MSE) VARIOUS 4/17/2008 523


DAX INDEX FUTURE (EUX) VARIOUS 4/9/2008 473


DOW JONES MINI FUT (CBT) VARIOUS 3/17/2008 555
DOW JONES MINI FUTURE (CBT) VARIOUS 3/17/2008 (2,775)
DOW JONES MINI FUTURE (CBT) VARIOUS 3/19/2008 52,910
DOW JONES MINI FUTURE (CBT) VARIOUS 4/17/2008 (680)
DOW JONES MINI FUTURE (CBT) VARIOUS 4/21/2008 340


EURO BUXL 30 YR BOND FUT (EUX) VARIOUS 3/4/2008 1,737
EURO BUXL 30 YR BOND FUT (EUX) VARIOUS 3/5/2008 (12,703)

EURO BUXL 30 YR BOND FUT (EUX) VARIOUS 4/9/2008 (947)

EURO BUXL 30 YR BOND FUT (EUX) VARIOUS 4/14/2008 158
EURO-BOBL FUTURES VARIOUS 3/5/2008 (847)
EURO-BOBL FUTURES VARIOUS 3/6/2008 1,827


EURO-BOBL FUTURES VARIOUS 3/11/2008 (12,982)
EURO-BOBL FUTURES VARIOUS 3/14/2008 796


EURO-BUND FUTURE (EUX) VARIOUS 3/20/2008 (493)
EURO-BUND FUTURE (EUX) VARIOUS 4/9/2008 (631)


EURO-SCHATZ FUTURE (EUX) VARIOUS 3/14/2008 13,642
EURO-SCHATZ FUTURE (EUX) VARIOUS 3/18/2008 (25,887)
EURO-SCHATZ FUTURE (EUX) VARIOUS 3/26/2008 (315)
EURO-SCHATZ FUTURE (EUX) VARIOUS 4/8/2008 628






FUTURES CASH COLLATERAL MARGIN VARIOUS 4/1/2008 6,819
FUTURES CASH COLLATERAL MARGIN VARIOUS 4/2/2008 (11,000)
HANG SENG IND FUT (HKG) VARIOUS 3/27/2008 (1,086)
HANG SENG IND FUT (HKG) VARIOUS 3/31/2008 4,240
HANG SENG IND FUT (HKG) VARIOUS 4/8/2008 2,317
HANG SENG IND FUT (HKG) VARIOUS 4/9/2008 199


IBEX 35 INDEX FUT (MFM) VARIOUS 3/18/2008 (5,467)
IBEX 35 INDEX FUT (MFM) VARIOUS 3/20/2008 4,293
IBEX 35 INDEX FUT (MFM) VARIOUS 3/24/2008 552






MAINTENANCE MARGIN CANADIAN VARIOUS 3/5/2008 20


MIDCAP 400 INDEX FUTURE (CME) VARIOUS 4/8/2008 (800)
MIDCAP 400 INDEX FUTURE (CME) VARIOUS 5/20/2008 600
MSCI SINGAPORE IND FUT (SGX) VARIOUS 4/9/2008 3,967
MSCI SINGAPORE IND FUT (SGX) VARIOUS 4/11/2008 (12,484)


MSCI SINGAPORE IND FUT (SGX) VARIOUS 4/25/2008 (205)
MSCI SINGAPORE IND FUT (SGX) VARIOUS 4/30/2008 (412)
MSCI SINGAPORE IND FUT (SGX) VARIOUS 5/1/2008 0
MSCI SINGAPORE INDEX FUT (SGX) VARIOUS 5/5/2008 (206)
MSCI SINGAPORE INDEX FUT (SGX) VARIOUS 5/21/2008 (648)


NASDAQ 100 E-MINI IND FUT(CME) VARIOUS 3/7/2008 (860)
NASDAQ 100 E-MINI INDEX FUTURE VARIOUS 3/17/2008 (37,249)
NASDAQ 100 E-MINI INDEX FUTURE VARIOUS 3/18/2008 81,810
NASDAQ 100 E-MINI INDEX FUTURE VARIOUS 4/15/2008 460


NASDAQ 100 E-MINI INDEX FUTURE VARIOUS 4/25/2008 230
NASDAQ 100 E-MINI INDEX FUTURE VARIOUS 5/16/2008 (220)


OMXS30 IND FUTURE (SSE) VARIOUS 4/21/2008 (20,036)
OMXS30 IND FUTURE (SSE) VARIOUS 4/22/2008 11,900
OMXS30 IND FUTURE (SSE) VARIOUS 5/1/2008 673
OMXS30 IND FUTURE (SSE) VARIOUS 5/14/2008 (878)


RUSSELL 1000 INDEX FUT (NYF) VARIOUS 3/18/2008 99,850
RUSSELL 1000 INDEX FUT (NYF) VARIOUS 3/20/2008 (551,475)




S & P 500 EMINI INDEX FUT(CME) VARIOUS 3/14/2008 (16,148)
S & P 500 EMINI INDEX FUT(CME) VARIOUS 3/18/2008 96,820


S & P 500 EMINI INDEX FUT(CME) VARIOUS 3/25/2008 (420)
S & P 500 EMINI INDEX FUT(CME) VARIOUS 4/2/2008 630


S&P/MIB INDEX FUTURE (MIL) VARIOUS 3/28/2008 709




SPI 200 INDEX FUTURE (SFE) VARIOUS 3/18/2008 (2,064)
SPI 200 INDEX FUTURE (SFE) VARIOUS 3/20/2008 8,852
SPI 200 INDEX FUTURE (SFE) VARIOUS 3/27/2008 720




TOPIX INDEX FUTURE (TSE) VARIOUS 4/18/2008 52






US 10 YR TREAS NTS FUTURE(CBT) VARIOUS 4/16/2008 992




US 5 YEAR NOTE (CBT) VARIOUS 3/27/2008 916


US 5YR TREAS NTS FUTURE (CBT) VARIOUS 5/19/2008 (278)


US TREAS BOND (CBT) VARIOUS 5/22/2008 (206)
US TREAS BOND (CBT) VARIOUS 5/23/2008 1,371
US TREAS BOND (CBT) VARIOUS 5/27/2008 (2,689)
US TREAS BOND FUTURE (CBT) VARIOUS 3/26/2008 (999)






3MO EURO EURIBOR FUTURE (LIF) VARIOUS 6/10/2008 (434)






AMSTERDAM INDEX FUTURE(E0E) VARIOUS 6/17/2008 (8,093)


AMSTERDAM INDEX FUTURE(E0E) VARIOUS 6/23/2008 1,177
AMSTERDAM INDEX FUTURE(E0E) VARIOUS 6/27/2008 (299)




CAC 40 EURO INDEX FUTURE (EOP) VARIOUS 7/9/2008 692
















EURO-BOBL FUTURE (EUX) VARIOUS 7/9/2008 574




EURO-SCHATZ FUTURE(EUX) VARIOUS 6/3/2008 680
EURO-SCHATZ FUTURE(EUX) VARIOUS 6/4/2008 (494)
EURO-SCHATZ FUTURE(EUX) VARIOUS 6/5/2008 3,201
EURO-SCHATZ FUTURE(EUX) VARIOUS 6/20/2008 (1,251)




FED FUND 30 DAY FUTURE (CBT) VARIOUS 6/9/2008 (7,845)
FED FUND 30 DAY FUTURE (CBT) VARIOUS 6/11/2008 3,750
FED FUND 30 DAY FUTURE (CBT) VARIOUS 7/8/2008 385
FED FUND 30 DAY FUTURE (CBT) VARIOUS 7/9/2008 (76)


HANG SENG IDX FUT (HKG) VARIOUS 7/28/2008 (24,530)

HANG SENG IDX FUT (HKG) VARIOUS 7/30/2008 82,884

HANG SENG IDX FUT (HKG) VARIOUS 8/22/2008 20










MIDCAP 400 INDEX FUTURE (CME) VARIOUS 7/21/2008 600


MSCI SING IX ETS (SGX) VARIOUS 8/27/2008 1,240
MSCI SING IX ETS (SGX) VARIOUS 8/29/2008 (2,715)
MSCI SINGAPORE FUTURE (SGX) VARIOUS 7/28/2008 881
MSCI SINGAPORE FUTURE (SGX) VARIOUS 7/29/2008 4,093
MSCI SINGAPORE FUTURE (SGX) VARIOUS 7/30/2008 (7,600)
MSCI SINGAPORE FUTURE (SGX) VARIOUS 8/13/2008 (997)
MSCI SINGAPORE FUTURE (SGX) VARIOUS 8/27/2008 (676)


NASDAQ 100 E-MINI INDEX FUT VARIOUS 6/11/2008 (72,884)
NASDAQ 100 E-MINI INDEX FUT VARIOUS 6/12/2008 4,550


NASDAQ 100 E-MINI INDEX FUT VARIOUS 8/15/2008 (360)


OMXS30 INDEX FUT (SSE) VARIOUS 6/18/2008 3,016
OMXS30 INDEX FUT (SSE) VARIOUS 6/20/2008 523
OMXS30 INDEX FUT (SSE) VARIOUS 6/25/2008 (17,226)








S & P 500 EMINI INDEX FUT (CME VARIOUS 6/11/2008 60,033
S & P 500 EMINI INDEX FUT (CME VARIOUS 6/12/2008 (15,635)
S & P 500 EMINI INDEX FUT (CME VARIOUS 6/16/2008 (885)


S & P/MIB INDEX FUTURE (MIL) VARIOUS 6/17/2008 (5,481)
S & P/MIB INDEX FUTURE (MIL) VARIOUS 6/23/2008 921
S & P/MIB INDEX FUTURE (MIL) VARIOUS 6/25/2008 21,792


S & P/MIB INDEX FUTURE (MIL) VARIOUS 8/27/2008 (213)



S&P/TSE 60 INDEX FUTURE (MSE) VARIOUS 7/23/2008 (1,744,861)

S&P/TSE 60 INDEX FUTURE (MSE) VARIOUS 7/24/2008 1,691,734


SPI 200 INDEX FUTURE (SFE) VARIOUS 8/7/2008 (242)










US 10YR NOTE FUTURE (CBT) VARIOUS 6/10/2008 (6,891)
US 10YR NOTE FUTURE (CBT) VARIOUS 8/19/2008 (464)
US 10YR NOTE FUTURE (CBT) VARIOUS 8/21/2008 3,078







US TREAS BOND (CBT) VARIOUS 7/1/2008 450

US TREAS BOND (CBT) VARIOUS 7/31/2008 (640)




AUD (AUSTRALIAN DOLLARS) VARIOUS 9/16/2008 45,434


CAD (CANADIAN DOLLARS) VARIOUS 9/16/2008 (118,536)


EUR (EURO) VARIOUS 9/16/2008 (66,230)
EUR (EURO) VARIOUS 9/16/2008 (342,919)




FUTURES CASH COLLATERAL MARGIN VARIOUS 9/17/2008 (3,000)
GBP (GREAT BRITISH POUNDS) VARIOUS 9/16/2008 (3,371)
GBP (GREAT BRITISH POUNDS) VARIOUS 9/16/2008 183,535


HANG SENG IDX FUT (HKG) VARIOUS 9/3/2008 (7)
HANG SENG IDX FUT (HKG) VARIOUS 9/4/2008 (2)
HKD (HONG KONG DOLLARS) VARIOUS 9/16/2008 558,578


JPY (JAPANESE YEN) VARIOUS 9/16/2008 88,488


OMX INDEX FUTURE (SSE) VARIOUS 9/17/2008 520
OMX INDEX FUTURE (SSE) VARIOUS 10/15/2008 (14,249)
OMX INDEX FUTURE (SSE) VARIOUS 9/16/2008 16,029
OMX INDEX FUTURE (SSE) VARIOUS 9/17/2008 (7)
OMXS30 INDEX FUT (SSE) VARIOUS 9/2/2008 (780)
OMXS30 INDEX FUT (SSE) VARIOUS 9/3/2008 623


RUSSELL 1000 INDEX FUT (NYF) VARIOUS 9/15/2008 -
RUSSELL 1000 INDEX FUT (NYF) VARIOUS 9/16/2008 (1,083,200)
RUSSELL 1000 INDEX FUT (NYF) VARIOUS 9/30/2008 50
RUSSELL 1000 INDEX FUT (NYF) VARIOUS 11/17/2008 (6,938,775)
RUSSELL 2000 MINI INDEX FT NYF VARIOUS 9/2/2008 (2,283)

RUSSELL 2000 MINI INDEX FT NYF VARIOUS 9/3/2008 770

RUSSELL 2000 MINI INDEX FT NYF VARIOUS 9/5/2008 15,540
RUSSELL 2000 MINI INDEX FT NYF VARIOUS 9/8/2008 840
RUSSELL 2000 MINI INDEX FT NYF VARIOUS 9/10/2008 17,500
RUSSELL 2000 MINI INDX FUT NYF VARIOUS 9/10/2008 160
RUSSELL 2000 MINI INDX FUT NYF VARIOUS 9/11/2008 (70,360)
RUSSELL 2000 MINI INDX FUT NYF VARIOUS 9/16/2008 303,900
S & P 500 EMINI INDEX FUT (CME VARIOUS 9/5/2008 225


S&P / TSE 60 INDEX FUTURES MSE VARIOUS 9/12/2008 (1,800)
S&P / TSE 60 INDEX FUTURES MSE VARIOUS 9/15/2008 18,307
S&P / TSE 60 INDEX FUTURES MSE VARIOUS 9/17/2008 21,828
SEK (SWEDISH KRONA) VARIOUS 9/16/2008 (16,029)
SGD (SINGAPORE DOLLARS) VARIOUS 9/16/2008 (37,504)




US 10 YR TREAS NTS FUTURE (CBT VARIOUS 11/25/2008 1,064


US 10YR NOTE FUTURE (CBT) VARIOUS 9/11/2008 688




US TREAS BD FUTURE (CBT) VARIOUS 9/3/2008 969


USD (UNITED STATES DOLLAR) VARIOUS 9/16/2008 (985)
USD (UNITED STATES DOLLAR) VARIOUS 9/17/2008 3,000
USD (UNITED STATES DOLLAR) VARIOUS 9/16/2008 (14,788)
USD (UNITED STATES DOLLAR) VARIOUS 9/16/2008 1,182,343
Other Miscellaneous VARIOUS 9/1/08 (28,881)

Commissions paid on futures transactions VARIOUS (56,479)
Total Part IV, Line 2 $ (14,450,758)

Schedule D Detail of Long-term Capital Gains and Losses
Date Date Gross Sales Cost or Other Long-term

Description Acquired Sold Price Basis Gain/Loss
CAPITAL GAINS (LOSSES) HELD FOR INVESTMENT PURPOSES
DETAIL STATEMENT 30 -14,450,758.
TOTAL CAPITAL GAINS (LOSSES) HELD FOR INVESTMENT PURPOSES -14,450,758.
Totals -14,450,758.
JSA
7F0970 1.000
39633U 5364 10/14/2009 13:29:51 45 STATEMENT 1

Goldman Sachs Foundation&#39;s 2008 Tax Filing

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Goldman Sachs Foundation&#39;s 2008 Tax Filing

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Return of Private Foundation OMB No.

H Check type of organization: X Section 501(c)(3) exempt private foundation

I Fair market value of all assets at end J Accounting method:

Part I A nalysis of Revenue and Expenses (The (d) Disbursements

b Net rental income or (loss)

b Gross sales price for all

15 Pension plans, employee benefits

39633U 5364 10/14/2009 13:29:51 4

9 Prepaid expenses and deferred charges

24 Unrestricted 268,907,936. 161,469,375.

39633U 5364 10/14/2009 13:29:51 5

2 Capital gain net income or (net capital loss)  

If section 4940(d)(2) applies, leave this part blank.

5 Multiply line 4 by line 3  5 15,604,785.

7 Add lines 5 and 6  7 15,626,293.

39633U 5364 10/14/2009 13:29:51 6

of the instructions for definition)? 

published or distributed by the foundation in connection with the activities.

(1) On the foundation. $ NONE  NONE

39633U 5364 10/14/2009 13:29:51 7

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

SEE STATEMENT 17 NONE NONE NONE

Total number of other employees paid over $50,000  NONE

SEE STATEMENT 22 4,657,411.

Part IX-B Summary of Program-Related Investments (see page 24 of the instructions)

All other program-related investments. See page 24 of the instructions.

Total. Add lines 1 through 3 

of the instructions) 4 3,755,849.

line 1  7 12,887,607.

c Treated as distributions out of corpus (Election

been previously assessed 

27 of the instructions 

Amounts treated as distributions out of corpus

Excess distributions carryover from 2002 not

Excess distributions carryover to 2008.

Complete 3a, b, or c for the

2 Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Total   3a 22,088,655.

Total   3b 9,994,750.

a Debt-financed property 

Part XVI-B Relationship of A ctivities to the A ccomplishment of Exempt Purposes

Form 990-PF (2007)

39633U 5364 10/14/2009 13:29:51 15

(2) Other assets . . . . . . . . . . . . . . . . . . . . X

39633U 5364 10/14/2009 13:29:51 18 STATEMENT 1

39633U 5364 10/14/2009 13:29:51 19 STATEMENT 2

39633U 5364 10/14/2009 13:29:51 20 STATEMENT 3

39633U 5364 10/14/2009 13:29:51 21 STATEMENT 4

39633U 5364 10/14/2009 13:29:51 22 STATEMENT 5

39633U 5364 10/14/2009 13:29:51 23 STATEMENT 6

BEGINNING ENDING ENDING

US GOV'T BONDS AND NOTES 1,109,788. 795,828. 795,828.

39633U 5364 10/14/2009 13:29:51 24 STATEMENT 7

BEGINNING ENDING ENDING

SHORT-TERM DEPOSITS 41,296,685. 17,291,404. 17,291,404.

39633U 5364 10/14/2009 13:29:51 25 STATEMENT 8

Description Shares/Principal Amount Ending Book Value Ending Fair Market

BEGINNING ENDING ENDING

FIXED INCOME SECURITIES 35,802,936. 23,630,819. 23,630,819.

39633U 5364 10/14/2009 13:29:51 26 STATEMENT 9

Line 10c Corporate bonds $ 23,630,819 $ 23,630,819

BEGINNING ENDING ENDING

HEDGE FUNDS 73,454,827. 55,059,529. 55,059,529.

Goldman Sachs Foundation's 2008 Tax Filing

Goldman Sachs Foundation's 2008 Tax Filing