Qualification Under Section 4940(e) for Reduced

^90_P^ Return of Private Foundation OMB No 1545-0052

Fonn or Section 4947( a)(1) Nonexempt Charitable Trust ôo^Department of the Treasury Treated as a Private FoundationInternal Revenue Service Note : The foundation may be able to use a copy of this return to satis fy state reporting requirements

For calendar year 2007, or tax year beginning 12/01 , 2007, and ending 11/30/2008

G Check all t hat a pp ly Initial return Final return Amended return Address change Name change

Name of foundation A Employer Identification number

Use the IRSlabel. NEAL & JANE FREEMAN FOUNDATION , INC 13-3603615

Otherwise , Number and street ( or P 0 box number if mail is not delivered to street address ) Room /suite BTelephone number ( seepage 10 of the onbuctroml

print

or type.See Specific PO BOX 15909 ( 904 ) 321-1886

Instructions .City or town, state, and ZIP code C If exemption application is

pending, check here

D 1. Foreign organizations , check here

FERANDINA BEACH FL 32035 2 Foreign organizations meeting the

H Check t e of or anization X Section 501 c 3 exem p t p rivate foundation85% test, check here and attach

type g ( P computation . . . . . . . . .

FI Section 4947 ( a )( 1 ) nonexem pt charitable trust Other taxable p rivate foundationE If private foundation status was terminated

I Fair mark l e of all ets at end J Acco ntin method X Cash Accrualt Lige va u ass u under section 507(b)(1)(A), check here .

of year (from Part /1, col (c), line q Other (specify ) _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ F If the foundation is in a 60-month termination

16) $ 1 , 365 , 523. (Part 1, column (d) must be on cash basis) under section 507(b)( 1)(B), check here . o- FÂnalysis of Revenue and Expenses (The (d) Disbursementstotal of amounts in columns (b), (c), and (d)

(a ) Revenue and (b) Net investment (c) Adjusted net for charitablemay not necessarily equal the amounts in expenses per

booksincome income purposes

column (a) (see page 11 of the instructions)) ( cash basis only)

I Contributions . dts,grants , etc, received ( attach schedule ) . 200 , 000.

2 Check Ills,if the foundation is not required toattach Sch B

3 Interest on savings and temporary cash investments 2 , 409. 2 , 409. STMT 1

4 Dividends and interest from securities , , , , 42 , 731. 42 , 731. STMT 2

5a Gross rents . . . . . . . . . . . . . . . . .

b Net rental income or (loss)

at 6a Net gain or (loss ) from sale of assets not on line 10 -65 , 610.

yb Gross sales price for all

assets on line 6a 1, 158, 865 .

7 Capital gain net income (from Part IV , line 2)

8 Net short -term capital gain . . . . . . . .

9 Income modifications • • .10 a Gross sales less returns

and allowances

b Less Cost of goods sold

.

c Gross profit or (loss ) (attach schedule) .

11 Other income ( attach schedule) , , , , , , ,

12 Total . Add lines 1 throu g h 11 179 , 530. 45 , 140.

13 Compensation of officers, directors , trustees , etc NON. .

14 Other employee salaries and wages , , , , .

15 Pension plans , employee benefits

a 16a Legal fees ( attach schedule)Xyj

, , , , , , , , ,

b Accounting fees (attach schedule) , . , , , •

c Other professional fees ( attach schedule) . .

17 Interest . . . . . . . . . . . . . . . . . . .

0 18 Taxes (attach schedule ) ( see page 14 of the instructionsf -A 699.

19 Depreciation ( attach schedule) and depletion.

20 Occupancy , , , , , , , , , , , , , , , , ,

0 21 Travel , conferences , and meetings

22 Printing and publications

c 23 Other expenses ( a Île! , 14 , 767. 14 , 767.

m 24 Total operatin aalive expenses. 0

o. Add lines 13th 15 , 466. 14 , 767.

0 25 Contributios , gl rants t 71 , 100. 71 , 100.

26 Total expenses and dls hlents Add li rid 86 , 566. 14 , 767. 71 , 100.

27 Subtract line 26 from II ^ '

a Excess of revenue over ex lenses arÎ ements 92 , 964.

b Net investment Inco negative , enter -0-) 30 , 373.

c Ad usted net income ( if n eg ative , enter - 0-) . -0-

L

C"cmOCî

IV

CM

tZ

For Privacy Act and Paperwork Reduction Act Notice , see page 30 of the Instructions . * * STMT 3 Form 990-PF (2007)JSA7E14104000

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Form 990-P F : 20071 13-3603615 Pane 2Attached schedules and amounts in the

SBeginning of year End of year

heets description column should be for end-of-yearBalanceamounts only (See instructions ) ( a) Book Value ( b) Book Value (c) Fair Market Value

I Cash - non-interest- bearing . . . . . . . . . . . . . . . . . .

2 Savings and temporary cash investments . . . . . . . . . . 166 828. 292 454. 292 , 454 ,

3 Accounts receivable ► -----------------------Less allowance for doubtful accounts ► -------------

4 Pledges receivable ►------------------------

Less allowance for doubtful accounts ► _ _ _ _ _

5 Grants receivable . . . . . . . . . . . . . . .

6 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) ► _ _ _ _ _

Less allowance for doubtful accounts ►8 Inventories for sale or use

9 Prepaid expenses and deferred charges . . . . . . . . . . . .

Q 10 a Investments - U S and state government obligations (attach schedule)

b Investments - corporate stock ( attach schedule) . STMT .5. , 1 , 243 , 551. 828 , 846. 697 , 359 ,

c Investments - corporate bonds (attach schedule ). STMT ,6, NON 382 043. 375 , 710,11 Investments - land, buildings, ►

and equipment basis __ ________________Less accumulated depreciation ►(attach schedule ) -------------------

12 Investments - mortgage loans . . . . . . . . . . . . . . . .

13 Investments - other (attach schedule) ,, , , , , , , , , , , ,14 Land , buildings, and ►

equipment basis ------------------Less accumulated depreciation ►(attach schedule ) --------------------

15 Other assets (describe ► )--------------------

16 Total assets ( to be completed by all filers - see the

instructions Also, see page 1, item I) , 1 , 410 , 379. 1 , 503 , 343. .1 , 365 , 523

17 Accounts payable and accrued expenses , , , , , , , , , , ,

18 Grants payable

in

,,,,,,,,,,,,,,,,,,,,,,,

19 Deferred revenue . . . . . . . . . . . . . . . . . . . . . .

20 Loans from officers , directors , trustees, and other disqualified persons

a 21 Mortgages and other notes payable (attach schedule) , , , , ,

22 Other liabilities (describe ► )-------------------

23 Total liabilities ( add lines 17 through 22) . .

Foundations that follow SFAS 117 , check here ►and complete lines 24 through 26 and lines 30 and 31.

24 Unrestricted . . . . . . . . . . . . . . . . . . . . . . . . .

25 Temporarily restricted

pp

. . . . . . . . . . . . . . . . . . . .

26 Permanently restricted

u.

o

. . . . . . . . . . . . . . . . . . . .

Foundations that do not follow SFAS 117,

check here and complete lines 27 through 31. ►

27 Capital stock , trust principal , or current funds , , ,, , , , , ,

28 Paid - in or capital surplus , or land , bldg , and equipment fund , , , , ,

29 Retained earnings , accumulated income , endowment , or other funds 1 , 410 , 379. 1 , 503 , 343.

Z

30 Total net assets or fund balances ( see page 17 of the

Instructions),,,,,,,,,,,,,,,,,,,,,,,,, 1 , 410 , 379. 1 , 503 , 343.

31 Total liabilities and net assets/fund balances ( see page 17

of the instructions ) . .....................

.

1 , 410 , 379. 1 , 503 , 343. 1

Analysis of Changes in Net Assets or Fund Balances1 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 1 , 410 , 379.

2 Enter amount from Part I, line 27a 2 92 , 964.

3 Other increases not included in line 2 ( itemize) ► 3-------------------------------------

4 Add lines 1, 2 , and 3 4 1 , 503 , 343 .

5 Decreases not included in line 2 ( 5_ ______

6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b) line 30 . 6 1 , 503 , 343.

JSA

7E1420 2 000

Form 990 -PF (2007)

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Form 990-PF ( 2007 ) 1 3 -36 0 5 Page 3

Canital Gains and Losses for Tax on Investment Income

a List and describe the kind(s) of property sold (e real estate,() 9.2-story brick warehouse, or common stock, 200 shs MLC Co )

acquiredPD -

PurchaseoDonation

(c) Dateacquired

(mo , day , )Yr

Jd) Date soldmo, day, yr )

1a SEE PART IV SCHEDULE

b

cd

e

(e) Gross sales price (f) Depreciation allowed(or allowable)

(g) Cost or other basisplus expense of sale

(h) Gain or (loss)(e) plus (f) minus (g)

a

b

c

deCom p lete onl y for assets showing g ain in column (h) and owned by the foundation on 12/31/69 (I) Gains (Col (h) gain minus

(1) F M V as of 12/31/69 (1) Adjusted basisas of 12/31/69

(k) Excess of col (t)over col Q), if any

col (k), but not less than -0-) orLosses (from col (h))

a

b

c

de

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 -65 , 610.3 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

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'? . . . . Yes FX NoIf "Yes," the foundation does not qualify under section 4940(e) Do not complete this part

F-. ..L. 4 0 -9 4k- -6-- .- L...F,, nL,.. n!r

Base period yearsCalendar year ( or tax year beginning in ) Adjusted uald(b distributionsq yn9 Net value of nonhantable use assets

Distribution ratio( col (b) divided by col (c))

2006 80 , 673. 1 , 570 , 373. 0.051372

2005 66 , 950. 1 , 369 , 787. 0.048876

2004 51 , 000. 1 , 166 , 147. 0.043734

2003 50 , 500. 1 , 014 , 008 . 0.049802

2002 44 , 500. 873 773. 0.050929

2 Total of line 1, column (d) 2 0.244713

3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, o

the number of years the foundation has been in existence if less than 5 years . . . .

r by

. . . . 3 0.048943

4 Enter the net value of noncharitable - use assets for 2007 from Part X, line 5 4 1 , 620 , 286.

5 Multiply line 4 by line 3 5 79 , 302.

6

, , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

,Enter 1 % of net investment income (1% of Part I, line 27b)

, , ,

, ,

, , , , ,

, , , , , 6 304.

7

, , , , , , , , , ,

Add lines 5 and 6

,

7 79 , 606.

8 Enter qualifying distributions from Part XII, line 4 , . , . , , , , , , , , , , , 8 71 , 100.If line 8 is equal to or g reater than line 7, check the box in Part VI, line 1 b, and complete that part using a 1% tax rate See the Part VI inst ructions on page 18

JSA7E1430 2 000

Form 990-PF (2007)

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Form 990 -PF (2007 ) 13-3603615 Page4

JAMM 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 1 607.

here ► q and enter 1 % of Part I, line 27b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C All other domestic foundations enter 2% of line 27b Exempt foreign organizations enter 4% of Part I, line 12, col (b)

2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only Others enter - 0-) , . 2

3 Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 607 .

4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0-) , , , 4 NONI

5 Tax based on Investment Income . Subtract line 4 from line 3 If zero or less, enter -0- . . . . . . . . 5 607.

6 Credits/Payments

a 2007 estimated tax payments and 2006 overpayment credited to 2007, , , , 6a NONE

b Exempt foreign organizations-tax withheld at source . . . . . . . . . . . . 6 b NONE

c Tax paid with application for extension of time to file (Form 8868), . , , , , . 6c NONE

d Backup withholding erroneously withheld . . . . . . . . . . . . . . . . . 6d

7 Total credits and payments Add lines 6a through 6d . . . . . . . . . . . . . . . . . . . . . . . . . 7 NONE

8 Enter any penalty for underpayment of estimated tax Check here q if Form 2220 is attached . . . . . . 8 32.

9 Tax due . If the total of lines 5 and 8 is more than line 7, enter amount owed . . . . . . . . . . . . . . . . ► 9 639.

10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid , , , , , , , , , , ► 10

11 Enter the amount of line 10 to be Credited to 2008 estimated tax ► Refunded ilp^ 11

Statements Regarding Activities

la did the foundation attempt to influence any national, state, or local legislation or did itDuring the tax year Yes No,

. . . . . . . . . . . .participate or intervene in any political campaign? . 1 a X. . . . . . . . . . . . . . . . . . . . . . . .

b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19

. . . . . . . . . . . . . . . .of the instructions for definition)? 1 b X. . . . . . . . . . . . . . . . . . . . . . . . . . . .

If the answer is "Yes" to 1a or 1b, attach a detailed descnption of the activities and copies of any materials

published or distributed by the foundation in connection with the activities

c Did the foundation file Form 1120-POL for this year? 1 c X, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year

(1) On the foundation (2) On foundation managers ► $

e Enter the reimbursement (if any) paid by the organization during the year for political expenditure tax imposed on

foundation managers ► $

2 Has the foundation engaged in any activities that have not previously been reported to the IRS? 2 X, , , , , , , , , , ,

If "Yes," attach a detailed descnption of the activities

3 Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of

" attach a conformed copy of the changesor bylaws or other similar instruments? If "Yesincorporation 3 X, , . . . . . . . . ,,, ,

4a 000 or more during the year?Did the foundation have unrelated business gross income of $1 4a X. . . . . . . . . . . . . . . .,

b " has it filed a tax return on Form 990-T for this year?If "Yes 4b N /A, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,,

5 or substantial contraction during the year?termination dissolutionWas there a liquidation 5 X, , , , , , , , , , , , , , , , ,,, ,

If "Yes,"attach the statement required by General Instruction T

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 and PartXV"complete Part ll col (c)000 in assets at any time during the year? If "YesDid the foundation have at least $5 7 X, ,,, ,

8a Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) ► NY, _ _ _ _ _--------------------------------------------------------- --

b If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney General

. . . . . ." attach explanation(or designate) of each state as required by General Instruction G9 If "No 8 b X. . . . . . . . . . .,

9 Is the foundation claiming status as a private operating foundation within the meaning of section 49420)(3)

or 49420)(5) for calendar year 2007 or the taxable year beginning in 2007 (see instructions for Part XIV)? If

" complete Part XIV . . . . . . . . . . . ."Yes . . . . 9, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10 Did any persons become substantial contributors during the tax yeah If "Yes," attach a schedule listing their

names and addresses 10 X

Form 990-PF (2007)

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7E 1440 2 000

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Form 990-PF (2007) 5

Statements Regarding Activities (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)" I f "Yes," attach schedule (see page 20 of the instructions) . . . . . . . . . . . . . . . . . . 11 a X

b If "Yes ," did the foundation have a binding written contract in effect on August 17, 2006, covering the interest,

rents , royalties , and annuities described in the attachment for line 11 a? . . . . . . . . . . . . . . . . . . . . . . . . . . . 111b X

12 Did the foundation acquire a direct or indirect interest in any applicable insurance contract? . . . . . . . . . . . . . . . . . 12 X

13 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X

Website address -------------------------------------------------------------------14 The books are in care of Telephone no

Located at AS TAX ADDRESS _ -- ZIP+4 lo- _32035 ______

15 Section 4947 ( a)(1) nonexempt charitable trusts filing Form 990-F in lieu of Form 1041 Check here . . . . . . . . . . N/A . . .

and enter the amount of tax- exempt interest received or accrued during the year . ► 15

- . r Statements Regardinq Activities 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? . . . . . . . . q Yes q No

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a

disqualified person? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes X No

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? . . . . . . . Yes X No

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? . . . . . . . Yes X 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)? . . . . . . . . . . . . . . . . . . . . . . . . . . . q Yes q 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 ) . . . . . . . . . . . . . . . . q Yes q No

b If any answer is "Yes" to la(1)-(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53 4941 (d)-3 or in a current notice regarding disaster assistance (see page 22 of the instructions)? . . . ... . . 1 b N/A

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

were not corrected before the first day of the tax year beginning in 2007" . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 c X

2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 49420)(3) or 4942(j)(5))

a At the end of tax year 2007, did the foundation have any undistributed income (lines 6d and

1:16e, Part XIII) for tax year(s) beginning before 2007" . . . . . . . . . . . . . . . . . . . . . . . Yes qX 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) . . . . . . . . . . . . . . . . . . . . 2b N / A

c If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here

3a Did the foundation hold more than a 2% direct or indirect interest in any business

enterprise at any time during the year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . q Yes q No

b If "Yes," did it have excess business holdings in 2007 as a result of (1) any purchase by the foundation or

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 N

4a Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes? . . . . 4a

b Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitablepurpose that had not been removed from jeopardy before the first day of the tax year beginning in 2007? . . . . . . . . . . . 4 b X

Form 990-PF (2007)

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Form 990-PF Page 6

Statements Reg arding Activities for Which Form 4720 May Be Req uired (continued)

5a During the year did the foundation pay or incur any amount toq Y? Nqes(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e)) . . . . . . oX

(2) Influence the outcome of any specific public election (see section 4955), or to carry on,

directly or indirectly, any voter registration drives Yes X No

(3) Provide a grant to an individual for travel, study, or other similar purposes? . . . . . . . , , , , Yes X No

(4) Provide a grant to an organization other than a charitable, etc , organization described in

q Y? q Nes(see page 22 of the instructions) , , , , , ,section 509(a)(1), (2), or (3), or section 4940(d)(2) o

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals? , , , , , , . . . . q Yes 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 N

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

N/A q Yes? q No. . . . . . . . . . . . . . .because it maintained expenditure responsibility for the grant

If "Yes," attach the statement required by Regulations section 53 4945-5(d)

6 a Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums

El Y X Nqeson a personal benefit contract? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . o

b during the year, pay premiums, directly or indirectly, on a personal benefit contract?Did the foundation X

7a

, , , ,,

you answered "Yes" to 6b, also file Form 8870If

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? , , Yes

, , , , . , , .

No

.-

b If yes, did the foundation receive an proceeds or have an net Income attributable to the transactions N A

information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,and Contractors

1 List all officers. directors. trustees. foundation managers and their compensation (see oaae 23 of the instructions).

(a) Name and addressrsa

average( b)houT

it le.P er week

devoted to ositionpaid,( Inotpai d enter-0 -

employeettfitCon t ribu t ion s

benefit plansand deferred com pensation

(e) Expense account,other allowances

-------------------------------------SEE STATEMENT 7 NONE NONE NONI

-------------------------------------

-------------------------------------

-------------------------------------

2 Compensation of five hiahest-oaid emolovees ( other than those included on line 1 - see aaae 23 of the instructions). If none,enter "NONE-"

(a) Name and address of each employee paid more than $50,000Title, and avers

(b)hours

averagePer week

devoted to position(c) Compensation

(d) Contributions toemployee benefitplans and deferredcom pensation

(e) Expense account,other allowances

NONE-------------------------------------

-------------------------------------

-------------------------------------

-------------------------------------

-------------------------------------

Total number of other employees paid over $50,000 . ► I NONEForm 990-PF (2007)

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Form 990-PF (2007) 13-3603615 Page 7

Information About Officers, Directors, Trustees, Foundation Managers , Highly Paid Employees,and Contractors (continued)

3 Five hi g hest-paid independent contractors for p rofessional services ( see pa ge 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

NONE---------------------------------------------------------

Total number of others receiving over $50,000 for professional services . . ► NONE

Summary of Direct Charitable Activities

List the foundation ' s four largest direct charitable activities during the tax year Include relevant statistical information such as the number

of organizations and other beneficiaries served , conferences convened , research papers produced, etcEVenses

I -NOT-APPLICABLE-------------------------------------------------------------------------

---------------------------------------------------------------------------

2---------------------------------------------------------------------------

---------------------------------------------------------------------------

3---------------------------------------------------------------------------

---------------------------------------------------------------------------

4

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f l7i.W_:1 Summary of Proaram -Related Investments (see nacre 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-NOT-APPLICABLE------------------------------------------------------------------------

---------------------------------------------------------------------------

2---------------------------------------------------------------------------

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

3-NOT-APPLICABLE-----------------------------------------------------------

---------------------------------------------------------------------------

Total . Add lines 1 throug h 3 . . ►Form 990-PF (2007)

JSA

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Form 990-PF(2007) 13-3603615 Page8

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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . la 1 , 216 , 350.b Average of monthly cash balances lb 428 610.c Fair market value of all other assets (see page 25 of the instructions) . . . . . . . . . . . . . . . . . . . Ic NONEd Total (add lines 1a, b, and c) , , , , , , , . . , . Id 1 649 960.e Reduction claimed for blockage or other factors reported on lines la and

1c (attach detailed explanation) , . . . . . . . le2 Acquisition indebtedness applicable to line 1 assets ............................ 2 NONE3 Subtract line 2 from line 1d .........................................

.

3 1 , 644 , 960.4 Cash deemed held for charitable activities Enter 1 1 /2 % of line 3 (for greater amount, see page 25

of the instructions) ..... ... .. ... ... ... .. ... ................. 4 24 674 .5 Net value of noncharitable - use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 1 , 620 , 286.6 Minimum investment return . Enter 5% of line 5 6 81 , 014.

Distributable Amount (see page 25 of the instructions) (Section 49420)(3) and 0)(5) private operatingfoundations and certain foreign organizations check here ► and do not complete this part )

1 Minimum investment return from Part X, line 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 81 , 014.2a Tax on investment income for 2007 from Part VI, line 5 2a 607.b Income tax for 2007 (This does not include the tax from Part VI) . 2b

c Add lines 2a and 2b 2c 607.

3 Distributable amount before adjustments Subtract line 2c from line 1 , , , , , , , , , , , , , , , , , , 3 80 , 407.4 Recoveries of amounts treated as qualifying distributions , , , , , , , , , , , , , , , , , , , , , , 4

5 Add lines 3 and 4 5 80 , 407.

6 Deduction from distributable amount (see page 25 of the instructions) . , . , 67 Distributable amount as adjusted Subtract line 6 from line 5 Enter here and on Part XIII,

line 1 7 80 , 407.

Qualifying Distributions (see page 26 of the instructions)

I Amounts paid (including administrative expenses) to accomplish charitable, etc, purposes

a Expenses, contributions, gifts, etc - total from Part I, column (d), line 26 . . . . . . . . . . . . . . . . . Ia 71 , 100.b Program-related investments - total from Part IX-B lb NONE.... .........

2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc ,

purposes

.

2 NONE.. ... ........ ... ....3 Amounts set aside for specific charitable projects that satisfy the

a Suitability test (prior IRS approval required) . . . . . . . . . . . . . . 3a NONEb Cash distribution test (attach the required schedule) , , , , , , , , , , , , , , , , , , , , , , , , , , ,

.

3b NONE4 Qualifying distributions . Add lines 1 a through 3b Enter here and on Part V, line 8, and Part XIII, line 4 , , , , , , 4 71 , 100.

5 Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment income

, , , , , , , , ,Enter 1% of Part I, line 27b (see page 26 of the instructions) , , , 5 N /A, , , , , , , , , ,

6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 71 , 100.

Note : The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whequalifies for the section 4940(e) reduction of tax in those years

ther the foundation

Form 990 -PF (2007)

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Form 990-PF (2007) 13-3603615 Page 9

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 80 , 407., , , , , , , , , , , , , , , , ,

2 Undistributed income, if any, as of the end of 2006

a Enter amount for 2006 only , . . . . . . . . .

b Total for prior years

3 Excess distributions carryover, if any, to 2007

a From 2002 951.

b From 2003 NON

c From 2004 NON

d From2005 589.

e From 2006 3 , 808.

f Total of lines 3a through e . . . . . . . . . . 5 , 348.

4 Qualifying distributions for 2007 from Part XII,

line4 ► $ 71,100.a Applied to 2006, but not more than line 2a

b Applied to undistributed income of prior years (Election

required - see page 27 of the instructions) . . . . . .

c Treated as distributions out of corpus (Electionrequired - see page 27 of the instructions) , , , ,

d Applied to 2007 distributable amount 71 , 100.. . . .

e Remaining amount distributed out of corpus , ,

5 Excess distributions carryover applied to 2007 , 5 , 348. 5 , 348.(If an amount appears in column (d), the sameamount must be shown in column (a) )

6 Enter the net total of each column asindicated below:

a Corpus Add lines 3f, 4c, and 4e Subtract line 5

b Prior years' undistributed income Subtractline 4b from line 2b

c Enter the amount of prior years' undistributedincome for which a notice of deficiency has beenissued, or on which the section 4942(a) tax hasbeen previously assessed . . . . . . . . . ... .

d Subtract line 6c from line 6b Taxableamount - see page 27 of the instructions ,

e Undistributed income for 2006 Subtract line4a from line 2a Taxable amount - see page27 of the instructions . . . . . . . . . . . . .

f Undistributed income for 2007 Subtract lines4d and 5 from line 1 This amount must bedistributed in 2008, 3 , 959.

7 Amounts treated as distributions out of corpusto satisfy requirements imposed by section170(b)(1)(F) or 4942(g)(3) (see page 27 of theinstructions) . . . . . . .

8 Excess distributions carryover from 2002 notapplied on line 5 or line 7 (see page 27 of theinstructions) . . . . . . . . . . . . . .. . . .

9 Excess distributions carryover to 2008.

Subtract lines 7 and 8 from line 6a

10 Analysis of line 9

a Excess from 2003 . , ,

b Excess from 2004 . , ,

c Excess from 2005 . , ,

d Excess from 2006 . , ,e Excess from 2007 .

Form 990-PF (2007)

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Form 990 - PF (2007 ) 13-3603615 Page 10

T75,%V Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9) NOT APPLICABLE

I a If the foundation has received a ruling or determination letter that it is a private operating

foundation, and the ruling is effective for 2007, enter the date of the ruling , . . . . . . . . . . . ►b Check box to indicate whether the foundation is a private operating foundation described in section 49420)(3) or 49420)(5)

2 a Enter the lesser of the addusted net income from PartIor the minimum investment

return from Part X for each

year listed . . . . . . .

b 85% of line 2a . . . . .

C Qualifying distributions from Part

XII, line 4 for each year listed ,

d Amounts included in line 2c not

used directly for active conduct

of exempt activities . . . . .

e Qualifying distributions made

directly for active conduct of

exempt activities Subtract line

2d from line 2c

3 Complete 3e, b, or c for the

alternative test relied upon

a "Assets" alternative test - enter

(1) Value of all assets . . .

(2) Value of assets qualifying

under section

4942(I)(3)(B)(i) . . . . .b "Endowment" alternative test-

enter 2/3 of minimum invest-

ment return shown in Part X,

line 6 for each year listed

C "Support" alternative test - enter

(1) Total support other then

gross investment income

(interest, dividends, rents,payments on securitiesloans (section 512(a)(5)),or royalties) . . , .

(2) Support from generalpublic and 5 or moreexempt organizations asprovided in section 4942

6)(3)(B)() . . . . . .(3) Largest amount of sup-

port from an exemptorganization , , , , ,

Tax year Prior 3 years(e) Total

(a) 2007 (b) 2006 (c) 2005 (d) 2004

(4) Gross investment income ,

JiMM Supplementary Information (Complete this part only if the foundation had $5,000 or more in assets at anytime 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 foundationbefore the close of any tax year (but only if they have contributed more than $5,000) (See section 507(d)(2) )

N/A

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

N/A

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

Check here ► q if the foundation only makes contributions to preselected charitable organizations and does not acceptunsolicited requests for funds If the foundation makes gifts, grants, etc (see page 28 of the instructions) to individuals ororganizations 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

b The form in which applications should be submitted and information and materials they should include

c Any submission deadlines

N/A

d Any restrictions or limitations on awards , such as by geographical areas , charitable fields , kinds of institutions , or otherfactors

N/A

7Eiasoz 000 Form 990-PF (2007)

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102

Form 990-PF (2007) 13-3603615 Page 1 1

FUTIFTY- Supplernentary Information (continued)3 Grants and Contributions Paid During the Year or Approved for Future Payment

Reci p ientPIf recipient is an individual ,show any relationsh i p to

Foundationf

Purpose of grant or AmountName and address (home or business) any foundation manager

or substantial contributor

status orecipient

contribution

a Paid during the year

SEE STATEMENT 8

Total ► 3a................................................. 71 100.

b Approved for future payment

Total ► 3b

Form 990-PF (2007)

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Form 990 - PF (2007 ) 13-3603615 Page 12

OREM Analysis of Income-Producing Activities

Enter g

1 Pro

a

b

c

d

e

9

2 Me

3 Inter

4 Dlvl

5 Net

a

b

6 Net

7 Oth

8 Gain

9 Net

10 Gro

11 Oth

b

c

d

e

12 Sub

oss amounts unless otherwise indicated Unrelated business income Excluded b section 512, 513, or 514 (e)Related or exem t

gram service revenue

(a)Business code

(b)Amount

(c)

Exclusion code

(d )Amount

function income(See page 28 ofhe instructions

Fees and contracts from government agencies

mbership dues and assessments . . . . .

est on savings and temporary cash investments 14 2 , 409.

dends and interest from securities , . . . 14 42 , 731.

rental income or (loss) from real estate

Debt-financed property , . . . . , . . .

Not debt-financed property , . , . . . .

rental income or (loss) from personal property ,

er investment income . . . . . .

or (loss ) from sales of assets other than inventory 18 -65 , 610.

income or (loss) from special events . . .

ss profit or (loss) from sales of inventory.

errevenue a

total Add columns (b), (d), and (e) . . -20 , 470.

r

n

13 Total. Add line 12, columns (b), (d), and (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 -20,470.

(See worksheet in line 13 instructions on page 29 to verify calculations )

Relationship of Activities to the Accomplishment 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 )

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Form 990 -PF 2007 13-3603615 Page 13

Information Regarding Transfers To and Transactions and Relationships With Noncharitable

Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section Yes No

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 nonchantable exempt organization of

(1) Cash ..........................................................1a1 X

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

b Other transactions

( 1 ) Sales of assets to a noncharltable exempt organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 b 1 X

(2) Purchases of assets from a nonchantable exempt organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 b 2 X

(3) Rental of facilities, equipment, or other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b ( 3 ) X

(4) Reimbursement arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 4 X

(5) Loans or loan guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 5 X

(6) Performance of services or membership or fundraising solicitations . . . . . . . . . . . . . . . . . . . . . . . . . . . lb 6 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 giver, 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) Name of organization (b) Type of organization (c) Description of relationship

Under penalties of perjury, I declare that I have amined this return , including accompanying schedules nd statements , and to the best of my knowledge and

belief, it is true , corr t, and com to Decla n of preparer ( other than to yer or fiduci ary) isased n all information ofythich prârer has any knowledge

C e401

Signature of office r c ste

pt Preparer's pA-y 0 signature

CL d y Firm's name (or yours if O'KEEFE & MORET, CE'a self-employed), address , 55 MAPLE AVE., SUIZ

and ZIP code ROCKVILLE CENTRE

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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 5277 . . . . . . . . . . . . . . . . . . . . . . . . . q Yes Eil No

h If "Vae " rmmnlnt tha fnllrnumn ccharfhilp

FORM 990-PF - PART IVCAPITAL GAINS AND LOSSES FOR TAX ON INVESTMENT INCOME

Kind of Property DescriptionP

Dateacquired

Date sold

Gross sale Depreciation Cost or FMV Add basis Excess of Gainprice less allowed/ other as of as of FMV over or

expenses of sale allowable ad i basis (loss )

SEE ATTACHED SCHEDULE

820,208. 898 ,974. -78,766.


338,657. 325,501. 13,156.

TOTAL GAIN(LOSS) ....... ......................................... -65,610.

JSA7E1730 1 000

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DESCRIPTION

SHORT-TERM GAINS ( LOSSES)

ALLEGHENY TECH INC

APPLE INC

BARCLAYS BANK PLC

BARCLAYS BANK PLC IPATH DOW JONES AID AGRICULTURE

BOEING CORP

CHESAPEAKE ENERGY

CLAYMORE EXCHANGE SAP GLOBAL WATER

CLAYMORE EXCHANGE SAP GLOBAL WATER

COMPANH[A VA! E DO

GENERAL ELECTRIC

(SHARES INC MSCI MAI AYSIA FREE INDEX FND

(SHARES INC MSCI SINGAPORE INDEX FND

(SHARES TR FTSE XINHUA CHINA 25

(SHARES TR LEHMAN INTER CR BD FD

MARKET VECTORS TR AGRIBUSINESS

PCTROLEO BRASILEIRO

POWERSHARES DB US

POWERSHARES EXG TRADED AEROSPACF & DEF PORT

POWERSHARES EXG TRADED INTL DIV 0) ACHIEVFRS PORT

POWERSHARF.S EXG TRADED INTL DIVED ACHIEVERS PORT

RYDEX ETF TR

RYDEX ETF TR

SPDR INDEX SHS FOS SHS FND DJ STOXX 50 ETF

SPDR INDEX SHS FDS SHS FND DJ STOXX 50 EFF

SPECTOR SPDR TR SHS BEN TNT INDUST

UNITED HEALTH GROUP

US BANCORP

US TREASURY 10/23/2008

VANGUARD SFC(ORINDEX FDS VANGUARD INFORMATION TECH

TOTAL SHORT-TERM LOSS

THE NEIL AND JANE FREEMAN FOUNDATIONSCHEDULE OF CAPITAL GAINS AND (LOSSES)

NOVEMBER 30, 2008P

PROPERTY OR PURCHASE SALE

TYPE D DATE DATE SHS

SECURITIES P 10/31107 01W00)8 300

SFCURITIES P 02.)80)8 080)8008 150

SECURITIES P 0927,07 032098 200

SECURITIES P 020)80)8 0324618 656

SECURITIES P 10010)7 08580)8 300

SECURITIES P 070)20)8 11/17,08 600

SECURITIES P 0724/07 12/240)7 560

SECURITIES P 07/31/07 12/240)7 540

SFCURITIES P 10/310)7 0320008 850

SECURITIES P 04/16108 07,070)8 1 100

SECURITIES P 09270)7 03/13,08 500

SECURITIES P 09270)7 100)10)0 1 500

SECURITIES P 04/110)8 09/16008 136

SECURITIES P 04/110)8 09250)8 764

SFCURTTIFS P 10/3 M7 09/240)8 800

SECURITIES P 02/130)8 09/100)8 300

SFCURTTIES P 050)50)8 07/160)8 1500

SFCURRIES P 01/19007 12240)7 2000

SECURITIES P 01/19,07 12/17,07 900

SECURITIES P 020)10)7 12/18007 1,100

SFCURITIES P 03/190)7 12/100)7 200

SECURITIES P 03270)7 121100)7 500

SECURITIES P 09/270)7 01/18,08 200

SECURITIES P 05/180)7 012308 700

SECURITIES P 09/240)7 05/1608 1147

SECURITIES P 11/16007 0225,08 650

SECURITIES P 04/1 INS 11/180)8 800

SECURITIES P 0724,08 1023,0)8 130,000

SECURITIES P 0127007 02/250)8 200

PROCEEDS

ON SALES

1364608

23 980 69

12,584 34

40565 40

19.5-4870

12,523 78

1384444

13 35000

27 271 43

29 401 40

525560

1666937

1494597

71 709 14

3576715

25 981 41

1118726

4490191

19,009 23

21 082 75

964491

24 112 28

10 084 62

34,357 51

52 629 41

11,016 26

20,724 76

13000000

1021105

820,207 85

COST OF

SALES

30 599 70

19 458 11

10 71968

41 101 14

28 854 84

27,675 18

1461840

1408580

3030590

3541593

5,932 95

21 716 30

19,949 17

7794297

39850%

34 258 41

34 104 45

38,10800

1649690

2060000

9 479 33

24 511 00

10 655 28

36 808 75

5496991

34,338 85

26,265 28

12950051

10 62800

198 ,973 70

GAIN

(1695362)

4 522 58

1,864 66

(535 74)

(9306 14)

(1515140)

(773%)

(73580)

(3,034 47)

(601451)

(677 35)

(5046 93)

(5 003 20)

(623491)

(408381)

(827700)

(71719)

679591

2 512 31

2 482 75

163 58

(420 72)

(57066)

(2 45124)

(234030)

(3 322 59)

(5 54052)

499 49

(41695)

(78,76185)

LONG-TERM GAINS (LOSSES)

BARCI AYS BANK PLC SECURITIES P 096/906 0320108 200 1258414 974800 283634

CUMMINGS INC SECURITIES P 10/310)7 11 /17/08 250 1007714 2883123 ( 1875389)

ISHARES INC MSC( AUSTRALIA INDEX FND SFCURH'IFS P 07/ 1105 080)80)8 1200 28 683 67 20 346 28 8 137 39

ISHARES INC MSCI CANADA INDEX FND SECURITIES P 07/1205 08200)8 467 1153858 862949 490909

ISIIARFS INC MSCI MAI AYSIA FREE INDEX FND SECURITIES P 0NJ 1105 03 /130)8 2 500 26 277 95 18 376 50 7901 45

(SHARES INC MSCI SINGAPORE INDEX FND SECURITIES P 07/12j%)5 100)1018 500 496)82 3 727 10 1 238 52

(SHARES INC MSCI SINGAPORE INDEX FND SECURITIES P 0922.)5 10,01008 500 4 965 82 194900 1 017 82

(SHARES TR 1.3 YR TREAS INDEX FD SECURITIES P 09,06006 04 /110)8 930 77 775 74 74 619 48 3 156 26

(SHARES SP GSTI SEMICONDUCTOR INDEX FND SECURITIES P 07/13005 121200)7 550 12 ,619 12 31 343 98 1 275 14

(SHARES TR MSCI EAFE INDEX FD SECURITIES P 096/56/6 03605608 500 36,03000 33 87965 2,150 35

(SHARES TR SAP GLOBAL HEALTFICARE SECTOR INDEX FND SECURITIES P 07/150)5 05/ 160)8 500 26 393 65 25 410 32 98313

POWERSHARES EXG TRADED DYNAMIC OIL SECURITIES P 09,)50)6 11/110)0 200 2 416 52 3901 96 (1,48544)

POWERSHARESEXG TRADED DYNAMIC ENERGY EXPLOR SECURITIES P 090)566/6 11/17MS 200 272536 180374 ( 107818)

SPDR GOLDTR SECURITIES P 096/586 05/160)8 100 854762 614133 240629

VANGUARD SECIORINDEX FOS VANGUARD INFORMATION TECH SECURITIES P 02JDIJ07 02/250)8 1 000 51,055 27 52 793 50 ( 1738 23)

TOTAL LONG-TERM GAIN 7 78,65680 72550076 13,1 5604

NET CAPITAL LOSS 1,1380)6465 1, 24.474 J6 (65,60911)

Schedule B Schedule of Contributors(Form 990 , 990-EZ,or 990 -PF) Supplementary Information forDepartment of the Treasury

line I of Form 990, 990 -EZ, and 990 -PF (see instructions)Internal Revenue Service

OMB No 1545-0047

2007Name of organization

NEAL & JANE FREEMAN FOUNDATION, INC

Organization type (check one)

Filers of:

Form 990 or 990-EZ

Form 990-PF

Section:

Employer identification number

q 501(c )( ) ( enter number) organization

q 4947( a)(1) nonexempt charitable trust not treated as a private foundation

q 527 political organization

501(c)( 3) exempt private foundation

q 4947( a)(1) nonexempt charitable trust treated as a private foundation

q 501(c)( 3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule. (Note: Only a section 501(c)(7), (8), or (10)

organization can check boxes for both the General Rule and a Special Rule - see instructions)

General Rule -

For organizations filing Form 990, 990-EZ, or 990-PF that received, during the year, $5,000 or more (in money or

property) from any one contributor (Complete Parts I and II )

Special Rules -

q For a section 501 (c)(3) organization filing Form 990, or Form 990-EZ, that met the 331/3 % support test of the regulations

under sections 509(a)(1)/170(b)(1)(A)(vl), and received from any one contributor, during the year, a contribution of the

greater of $5,000 or 2% of the amount on line 1 of these forms (Complete Parts I and II )

q For a section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor,

during the year, aggregate contributions or bequests of more than $1,000 for use exclusively for religious, charitable,

scientific, literary, or educational purposes, or the prevention of cruelty to children or animals (Complete Parts I, II, and III )

q For a section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor,

during the year, some contributions for use exclusively for religious, charitable, etc , purposes, but these contributions did

not aggregate to more than $1,000 (If this box is checked, enter here the total contributions that were received during

the year for an exclusively religious, charitable, etc , purpose Do not complete any of the Parts unless the General Rule

applies to this organization because it received nonexclusively religious, charitable, etc , contributions of $5,000 or more

during the year) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . No- $

Caution : Organizations that are not covered by the General Rule and/or the Special Rules do not file Schedule B (Form 990,

990-EZ, or 990-PF), but they must check the box in the heading of their Form 990, Form 990-EZ, or on line 2 of their Form

990-PF, to certify that they do not meet the filing requirements of Schedule B (Form 990, 990-EZ, or 990-PF)

For Paperwork Reduction Act Notice, see the Instructionsfor Form 990, Form 990-EZ, and Form 990-PF.

JSA

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Schedule B (Form 990, 990-EZ , or 990 -PF) (2007)

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Schedyle 8 (Form 990, 990-EZ , or 990-PF ) (2007) Page of of Part I

Name of organization NEAL & JANE FREEMAN FOUNDATION, INC Employer Identification number

Contributors (See Specific Instructions.)

(a)No.

(b)Name , address, and ZIP + 4

(c)Aggregate contributions

(d)Type of contribution

1 NEAL B & JANE M FREEMAN Person

PO BOX 15909 $ 200,000.Payroll

Noncash

FERNANDINA BEACH, FL 32035(Complete Part II if there isa noncash contribution )

(a)No.




Person

$

Payroll

Noncash

(Complete Part II if there isa noncash contribution

(a)No.

(b)Name , address , and ZIP + 4



Person

$

Payroll

Noncash

(Complete Part II if there isa noncash contribution )

(a)No.




Person

$

Payroll

Noncash

(Complete Part II if there isa noncash contribution )

(a)No.




Person

$

Payroll

Noncash


(a)No.




Person

$

Payroll

Noncash


JSA Schedule 6 (Form eau, aau-tA or eau- rr) vuvrl

7E1253 1 000

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102

NEAL & JANE FREEMAN FOUNDATION, INC 13-3603615

FORM 990PF, PART I - INTEREST ON TEMPORARY CASH INVESTMENTS----------------------------------------------------------------------------------------------------------------------

DESCRIPTION

PNC BANK

NORTH AMERICAN MGMT CORP

TOTAL

REVENUE

AND

EXPENSES

PER BOOKS

40.2,369.

--------------2,409.

----------------------------

NET

INVESTMENT

INCOME

40.2,369.

--------------2,409.

----------------------------

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102 STATEMENT 1


FORM 990PF, PART I - DIVIDENDS AND INTEREST FROM SECURITIES----------------------------------------------------------------------------------------------------------------------

DESCRIPTION

NORTH AMERICAN MGMT CORP

DREYFUS WORLDWIDE MM FUND

TOTAL

REVENUE

AND

EXPENSESPER BOOKS

33,887.8,844.

--------------42,731.

----------------------------

NETINVESTMENT

INCOME

33,887.8,844.

--------------

42,731.

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102 STATEMENT 2

INEAL & JANE FREEMAN FOUNDATION, INC

FORM 990PF, PART I - TAXES----------------------------------------------------

DESCRIPTION

EXCISE TAX - INVESTMENT INCOME

TOTALS

REVENUE

ANDEXPENSES

PER BOOKS

699.--------------

699.----------------------------

13-3603615

STATEMENT 3

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102


FORM 990PF, PART I - OTHER EXPENSES

DESCRIPTION

BROKER FEESINSURANCEDUESFILING FEES

TOTALS

REVENUEAND

EXPENSES

PER BOOKS

13,245.

777.495.250.

--------------

14, 767.--------------

13-3603615

NETINVESTMENT

INCOME

13,245.777.495.250.

--------------

14,767.--------------

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102 STATEMENT 4


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

DESCRIPTION


TOTALS

13-3603615

ENDING

BOOK VALUE

828,846.---------------

828,846.

ENDINGFMV

697,359.---------------

697,359.------------------------------

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102 STATEMENT 5


FORM 990PF, PART II - CORPORATE BONDS--------------------------------------------------------------------------

DESCRIPTION

13-3603615

ENDINGBOOK VALUE

SEE ATTACHED SCHEDULE 382,043.---------------

TOTALS 382,043.------------------------------

ENDING

FMV

375,710.---------------

375,710.

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102 STATEMENT 6


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

---------------- ------------------------ ------------ ------------- ----------

NEAL B. FREEMAN PRESIDENT NONE NONE NONE

PO BOX 15909

FERANDINA BEACH, FL 32035

JANE M. FREEMAN SECTY - TR

PO BOX 15909


KATHRYN F. BROWN DIRECTOR

PO BOX 15909


GRAND TOTALS

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102

NONE NONE NONE

NONE NONE NONE

NONE NONE NONE

-------------- -------------- --------------

NONE NONE NONE

STATEMENT 7


FORM 990PF, PART XV - GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

-------------------------------------------------------------------

RELATIONSHIP TO SUBSTANTIAL CONTRIBUTOR

AND

RECIPIENT NAME AND ADDRESS FOUNDATION STATUS OF RECIPIENT

-------------------------- ------------------------------

INTERCOLLEGIATE STUDIES INSTITUTE NONE

3901 CENTERVILLE ROAD N/A

WILMINGTON, DE 19807

PRINCETON UNIVERSITY NONE

PRINCETON, NJ 08544 N/A

FIRST PARISH CONGREGATIONAL CHURCH NONE

180 YORK STREET N/A

YORK, ME 03909

EDUCATIONAL RESEARCH INSTITUTE NONE

WASHINGTON DC, N/A

THE FUND FOR AMERICAN STUDIES NONE

1706 NEW HAMPSHIRE AVE NW N/A

WASHINGTON, DC 20009

ST THOMAS MORE COLLEGE NONE

1437 COLLEGE DRIVE S7N 0W6 N/A

SASKATOON

SASKATCHEWAN

CANADA

THE MAINE HERITAGE POLICY CENTER NONE

4 MILK STREET SUITE 201 N/A

PORTLAND, ME 04101

4C104U E012 04/07/2009 15:32:08 V07-8.7 0102

13-3603615

PURPOSE OF GRANT OR CONTRIBUTION AMOUNT

-------------------------------- ------

UNRESTRICTIVE GENERAL CONTRIBUTION 10,000.

UNRESTRICTIVE GENERAL CONTRIBUTION

1,500.



10,000.




STATEMENT 8


FORM 990PF, PART XV - GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

RECIPIENT NAME AND ADDRESS

--------------------------

TRINITY CHURCH

33 MERCER STREET

PRINCETON, NJ 08540

RELATIONSHIP TO SUBSTANTIAL CONTRIBUTOR

AND

FOUNDATION STATUS OF RECIPIENT

------------------------------

NONE

N/A

13-3603615

PURPOSE OF GRANT OR CONTRIBUTION

--------------------------------


TOTAL CONTRIBUTIONS PAID

AMOUNT

4,600.

------------

71,100.

4C104U E012 04/07/2009 15:32:08 V07-8.7 0102 STATEMENT 9

SCHEDULE D

(Form 1041 ) Capital Gains and LossesDepartment of the Treasury ► Attach to Form 1041 , Form 5227 , or Form 990 -T. See the separate

Internal Revenue Seance instructions for Form 1041 ( also for Form 5227 or Form 990-T , if applicable).

Name of estate or trust Employer Identification number

NEAL & JANE FREEMAN FOUNDATION, INC I 13-3603615Note : Form 5227 filers need to complete only Parts l and//

Short-Term Capital Gains and Losses - Assets Held One Year or Less(a) Description of property

( Example 100 shares 7%p referred of "Z" Co

(b) Dateacquired

mo , day , r

(c) Date sold(mo , day, yr)

(d) Sales pace(e) Cost or other basis

( see page 40 of theinstructions )

(Q Gain or (loss)for the entire yearSubtract (e) from (d)

Ia

b Enter the short-term gain or (loss), if any, from Schedule D-1, line lb . . . . . . . . . . . . . . . . . . . . . 1 b -78 , 766.

2 Short-term capital gain or (loss) from Forms 4684, 6252, 6781, and 8824 . . . . . . . . . . . . . . . . 2

3 Net short-term gain or (loss) from partnerships, S corporations, and other estates or trusts . . . . 3

4 Short-term capital loss carryover Enter the amount, if any, from line 9 of the 2006 Capital Loss

Carryover Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45 Net short -term gain or (loss). Combine lines 1a through 4 in column (f) Enter here and on line 13,

column (3) on the back . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ► 5 78 , 766.Long-Term Capital Gains a nd Losses - Assets Held More Than One Year

(a) Description of property

( Example 100 shares 7%

p referred of "Z" Co

(b) Date

acquired

mo , day , r

(c) Date sold

(mo, day, yr)(d) Sales pace

(a) Cost or other basis(see page 40 of the

instructions)

(f) Gain or (loss)for the entire yearSubtract (e) from (d)

6a

b Enter the long-term gain or (loss), if any, from Schedule D-1, line 6b . . . . . . . . . . . . . . . . . . . . . . . 6b 13 , 156.

7 Long-term capital gain or (loss) from Forms 2439, 4684, 6252, 6781, and 8824 . . . 7

8 Net long-term gain or (loss) from partnerships, S corporations, and other estates or trusts . . . . . , . .__________________

9 Capital gain distributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10 Gain from Form 4797, Part I

.

11 Long-term capital loss carryover Enter the amount, if any, from line 14 of the 2006 Capital Loss

Carryover Worksheet . . . . . . . . . . . . . . . . . . . . . . . . . . .

12 Net long -term gain or (loss). Combine lines 6a through 11 in column (f) Enter here and on line 14a,

column (3) on the back 13, 156.

For Paperwork Reduction Act Notice, see the Instructions for Form 1041 . Schedule D ( Form 1041) 2007

JSA7F12102000

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102

OMB No 1545-0092

2@07

Schedule 0 (Form 1041) 2007 Page 2

JjM Summary of Parts I and 11 (1 ) Beneficiaries' (2) Estate'sCaution: Read the instructions before completing this part. (see page 41) or trust's (3) Total

13 Net short -term gain or ( loss) . . . . . . . . . . . . . . . . . . . . . 13 -78 , 766.

14 Net long -term gain or ( loss):

a Total for year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14a 13 , 156.b Unrecaptured section 1250 gain (see line 18 of the wrksht) . . . . 14b

c 28% rate gain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14c

15 Total net gain or (loss). Combine lines 13 and 14a . . . . . . . 01 15 -65 , 610.

Note : If line 15, column (3), is a net gain, enter the gain on Form 1041, line 4 (or Form 990-T, Part 1, line 4a) If lines 14a and 15, column (2), are net gains, goto Part V, and do not complete PartIV if line 15, column (3), is a net loss, complete Part lV and the Capital Loss Carryover Worksheet, as necessary

Caoital Loss Limitation

16 Enter here and enter as a (loss) on Form 1041, line 4 (or Form 990-T, Part I, line 4c, if a trust), the smaller of

a The loss on line 15, column (3) or b $3,000. . 16 3 , 000.Note: If the loss on line 15, column (3), is more than $3,000, or,f Form 1041, page 1, line 22 (or Form 990-T, line 34), is a loss, complete the Capital LossCarryover Worksheet on page 42 of the instructions to figure your capital loss carryover

Tax Computation Using Maximum Capital Gains RatesForm 1041 filers. Complete this part only if both lines 14a and 15 in column (2) are gains, or an amount is entered in Part I or Part II and

there is an entry on Form 1041, line 2b(2), and Form 1041, line 22, is more than zero

Caution: Skip this part and complete the worksheet on page 43 of the instructions if• Either line 14b, col (2) or line 14c, col (2) is more than zero, or• Both Form 1041, line 2b(1), and Form 4952, line 4g are more than zero

Form 990-T trusts. Complete this part only if both lines 14a and 15 are gains, or qualified dividends are included in income in Partof Form 990-T, and Form 990-T, line 34, is more than zero Skip this part and complete the worksheet on page 43 of the instructions if

I

either line 14b, col (2) or line 14c, col (2) is more than zero

17 Enter taxable income from Form 1041, line 22 (or Form 990-T, line 34) . . . i

18 Enter the smaller of line 14a or 15 in column (2)

but not less than zero . . . . . . . . . . . . . 18

19 Enter the estate's or trust's qualified dividends

from Form 1041, line 2b(2) (or enter the qualified

dividends included in income in Part I of Form 990-1). 19

20 Add lines 18 and 19 . . . . . . . . . . . . . . . 20

21 If the estate or trust is filing Form 4952, enter the

amount from line 4g, otherwise, enter -0- . . ► 21

22 Subtract line 21 from line 20 If zero or less, enter -0- . . . . . . . . . . . . . 22

23 Subtract line 22 from line 17 If zero or less. enter -0- . . . . . . . . . . . . . 23

24 Enter the smaller of the amount on line 17 or $2,150 . . . . . . . . . . . . . 24

25 Is the amount on line 23 equal to or more than the amount on line 24'?

Yes. Skip lines 25 through 27, go to line 28 and check the "No" box

No. Enter the amount from line 23 25

26 Subtract line 25 from line 24 . . . . . . . . . . . . . . . . . . . . . . . . . . 26

27 Multiply line 26 by 5% ( 05) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28 Are the amounts on lines 22 and 26 the same?

ElYes. Skip lines 28 thru 31 . go to line 32

1-1NO. Enter the smaller of line 17 or line 22 28

29 Enter the amount from line 26 ( If line 26 is blank , enter -0-) . . . . . . . . . ..9

30 Subtract line 29 from line 28 . . . . . . . . . . . . . . . . . . . . . . . . . . 1 30 1

31 Multiply line 30 by 15% (15) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32 Figure the tax on the amount on line 23 Use the 2007 Tax Rate Schedule on page 27 of the

instructions ................ .................................. .

33 Add lines 27 , 31, and 32 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

34 Figure the tax on the amount on line 17 Use the 2007 Tax Rate Schedule on page 27 of the

instructions ............. ... .................................. .

35 Tax on all taxable income . Enter the smaller of line 33 or line 34 here and on line la of

Schedule G , Form 1041 ( or line 36 of Form 990-T) . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

JSA7F 1220 3 000

27

31

32

33

34

I351Schedule D (Form 1041) 2007

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102

SCHEDJLE D-1 Continuation Sheet for Schedule D(Form 1041) (Form 1041)Department of the Treasury ► See instructions for Schedule D (Form 1041).

Internal Revenue Service ► Attach to Schedule D to list additional transactions for lines 1a and 6a.

OM B No 1545-0092

2007Name of estate or trust Employer Identification number

NEAL & JANE FREEMAN FOUNDATION , INC 13-3603615

Short-Term Capital Gains and Losses - Assets Held One Year or Less

(a) Description of property (Example100 sh 7% of "Z" Co1 preferredr)

(b) Dateacquired( mo , a r

(c) Date sold(mo, day, yr)

(d) Sales puce(see page 40 of the

instructions)

(e) Cost or other basis( see page 40 of the

instructions)

(f) Gain or (loss)Subtract (e) from (d)

1a

SEE ATTACHED SCHEDULE 820 208. 898 974. -78 , 766.

1b. Total . Combine the amounts in column (f) Enter here and on Schedule D, line lb . -78,766.For Paperwork Reduction Act Notice , see the Instructions for Form 1041. Schedule D-1 (Form 1041) 2007

JSA7F1221 4 000

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102

Schedule D-1 (Form 1041) 2007 Page 2

Name of estate or trust as shown on Form 1041 Do not enter name and employer identification number if shown on the other side Employer Identification number

jJ Long-Term Capital Gains and Losses - Assets Held More Than One Year

(a) Description of property ( Example100 sh 7% preferred of "Z" Co)

( b) Dateacquired

( mo , day, r

(c) Date sold(mo, day, yr)

( d) Sales puce(see page 40 of the

instructions )

( e) Cost or other basis(see page 40 of the

instructions)

(f) Gain or (loss)Subtract (e) from (d)

6a

SEE ATTACHED SCHEDULE 338 657. 325 501. 1 3,156.

6b. Total. Combine the amounts in column (f) Enter here and on Schedule D, line 6b . . 13, 156.Schedule D-1 (Form 1041) 2007

JSA7F1222 4 000

4CI04U E012 04/07/2009 15:32:08 V07-8.7 0102

THE NEIL AND JANE FREEMAN FOUNDATION

INVESTMENTS IN CORPORATE STOCKS

NOVEMBER 30, 2008

M

HOLDINGS SHS COST

AIR

MARKET

VALUE

ABBOTT LABORATORIES 300 27,431 60 26,195 00

APPLE INC 115 10,970 46 10,657 05

BANK OF AMERICA 400 9,59496 6,50000

CADBURY PLC 300 16,098 42 10,197 00

CADBURY PLC 300 16,169 79 10,197 00

CADBURY PLC 600 21,986 52 20,394 00

CATERPILLAR INC 400 29,695 60 16,396 00

DIMENSIONAL ADVISOR EMERGING MKTS VALUE 822 15,915 00 14,703 29

DOW CHEMICAL CO 200 5,00496 3,71000

ENTERPRISE PRODUCTS 1,200 23,824 92 25,644 00

HCP INC COM 1,000 25,166 60 20,670 00

IBM 300 34,013 73 24,480 00

INTEL CORP 1,600 32,499 20 22,080 00

ISHARES TR 1-3 YR TREAS INDEX FD 1,570 125,970 52 133,136 00

ISHARES TR 1-3 YR TREAS INDEX FD 600 48,230 00 50,880 00

ISHARES TR S&P GLOBAL HEALTHCARE SECTOR INDEX FND 1,000 50,820 63 41,700 00

KAYNE ANDERSON MLP IN VT CO 1,500 49,391 00 20,055 00

KAYNE ANDERSON MLP INVT CO 500 16,198 95 6,68500

MEDTRONIC INC 100 3,904 99 3,052 00

MEDTRONIC INC 150 5,691 75 4,57800

MIRCOSOFT CORP 1,100 34,970 21 22,242 00

NOVO NORDISK A/S ADR 400 26,695 36 20,440 00

OMEGA HEALTHCARE INVS SERV 1,000 13,623 72 13,240 00

PFIZER INC 1,200 24,060 00 19,716 00

RAYTHEON CO 500 32,092 25 24,400 00

SPDR GOLD TR 500 30,706 67 40,155 00

SPDR GOLD TR 192 18,268 30 15,419 52

STRYKER CORP 400 25,581 12 15,568 00

FIDELITY US TREASURY FUND 54,269 54,26900 54,26900

828,846.23 697,358.86


INVESTMENTS IN CORPORATE STOCKS

NOVEMBER 30, 2008

HOLDINGS SHS COST

FAIR

MARKET

VALUE

ABBOTT LABORATORIES 300 27,431 60 26,195 00

APPLE INC 115 10,970 46 10,657 05

BANK OF AMERICA 400 9,594 96 6,50000

CADBURY PLC 300 16,098 42 10,197 00

CADBURY PLC 300 16,169 79 10,197 00

CADBURY PLC 600 21,986 52 20,394 00

CATERPILLAR INC 400 29,695 60 16,396 00

DIMENSIONAL ADVISOR EMERGING MKTS VALUE 822 15,915 00 14,703 29

DOW CHEMICAL CO 200 5,00496 3,71000

ENTERPRISE PRODUCTS 1,200 23,824 92 25,644 00

HCP INC COM 1,000 25,166 60 20,670 00

IBM 300 34,013 73 24,480 00

INTEL CORP 1,600 32,499 20 22,080 00

(SHARES TR 1-3 YR TREAS INDEX FD 1,570 125,970 52 133,136 00

ISHARES TR 1-3 YR TREAS INDEX FD 600 48,230 00 50,880 00

ISHARES TR S&P GLOBAL HEALTHCARE SECTOR INDEX FND 1,000 50,820 63 41,700 00

KAYNE ANDERSON MLP INVT CO 1,500 49,391 00 20,055 00

KAYNE ANDERSON MLP INVT CO 500 16,198 95 6,68500

MEDTRONIC INC 100 3,90499 3,05200

MEDTRONIC INC 150 5,691 75 4,578 00

MIRCOSOFT CORP 1,100 34,970 21 22,242 00

NOVO NORDISK A/S ADR 400 26,695 36 20,440 00

OMEGA HEALTHCARE INVS SERV 1,000 13,623 72 13,240 00

PFIZER INC 1,200 24,060 00 19,716 00

RAYTHEON CO 500 32,092 25 24,400 00

SPDR GOLD TR 500 30,706 67 40,155 00

SPDR GOLD TR 192 18,268 30 15,419 52

STRYKER CORP 400 25,581 12 15,568 00

FIDELITY US TREASURY FUND 54,269 54,269 00 54,269 00

828,846 .23 697,358 86


INVESTMENTS IN CORPORATE BONDS

NOVEMBER 30, 2008

HOLDINGS

tl

SHS COST

FAIR

MARKET

VALUE

ALTRIA GROUP INC NTE 8 5% DUE 11 / 10/2013 50,000 50,601 50 50,194 00

ATMOS ENERGY CORP NTE 4 0% DUE 10/15/09 20,000 19 ,240 80 19,148 40

BELLSOUTH CORP NT 6 0% DUE 10/ 15/2011 50,000 49,602 50 49,030 00

EXELON CORP SR NT 6 75% DUE 05/01/2011 50,000 48,894 50 47,964 50

ERAC USA FIN CO NT 144A 7 95% DUE 12/15/2009 10,000 9,89440 9,52700

FED'L HOME LOAN BKS CON BD 12/29/2014 25, 000 25,015 00 25,086 00

KRAFT FOODS INC NT 4 125% DUE 11/12/2009 25,000 24,781 25 24,720 75

VERIZON COMMUNICATIONS INC 8 75% NTE DUE 11/01 /2018 150,000 154,012 50 150,039 00

382,042 . 45 375 ,709.65

Documents

Qualification Under Section 4940(e) for Reduced