Return of Private Foundation. OMB No or Section 4947(a)(1) Nonexempt Charitable Trust Department of the Treasury

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1 Form990-PF Return of Private Foundation OMB No or Section 4947(a)(1) Nonexempt Charitable Trust Department of the Treasury Treated as a Private Foundation Internal Revenue Service Note: The foundation may be able to use a copy of this return to satisfy state reporting requirements. À¾» For calendar year 2007, or tax year beginning, 2007, and ending 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. Otherwise, print or type. See Specific Instructions. THE WILLIAM & FLORA HEWLETT FOUNDATION 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) mmmmmmm m 2121 S HILL ROAD (650) City or town, state, and ZIP code C If exemption application is pending, check here D 1. Foreign organizations, check here MENLO PARK, CA Foreign organizations meeting the H Check type of organization: X Section 501(c)(3) exempt private foundation 85% test, check here and attach computation mmmmmmmmm Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation E If private foundation status was terminated I Fair market value of all assets at end J Accounting method: Cash X Accrual under section 507(b)(1)(A), check here m of year (from Part II, col. (c), line Other (specify) F If the foundation is in a 60-month termination 16) I $ 9,890,037,555. (Part I, column (d) must be on cash basis.) under section 507(b)(1)(B), check here m Part I Analysis 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) m 1,000. Revenue Operating and Administrative Expenses I if the foundation is not required to 2 Check X attach Sch. B 3 Interest on savings and temporary cash investments 4 Dividends and interest from securities mmmm 5a Gross rents mmmmmmmmmmmmmmmmm b Net rental income or (loss) 6a Net gain or (loss) from sale of assets not on line 10 b Gross sales price for all assets on line 6a 7 Capital gain net income (from Part IV, line 2) m 8 Net short-term capital gain mmmmmmmmmmmm mmmmmmmmm 9 Income modifications 10 a Gross sales less returns and allowances mmmmm b Less: Cost of goods sold m c Gross profit or (loss) (attach schedule) mmmm 11 Other income (attach schedule) mmmmmmm 12 Total. Add lines 1 through 11 mmmmmmmm 13 Compensation of officers, directors, trustees, etc. mm 14 Other employee salaries and wages mmmmm 15 Pension plans, employee benefits mmmmmm 16a Legal fees (attach schedule) mmmmmmmmm STMT 71 b Accounting fees (attach schedule) STMT mmmmmm 72 c Other professional fees (attach schedule) STMT mmm Interestm mmmmmmmmmmmmmmmmmm 18 Taxes (attach schedule) (see page 14 of the instructions) ** 19 Depreciation (attach schedule) and depletion m 20 Occupancy mmmmmmmmmmmmmmmmm 21 Travel, conferences, and meetings mmmmmm 22 Printing and publications mmmmmmmmmm 23 Other expenses (attach schedule) STMT mmmmmm Total operating and administrative expenses. Add lines 13 through 23 mmmmmmmmmm 25 Contributions, gifts, grants paid mmmmmmm 26 Total expenses and disbursements. Add lines 24 and Subtract line 26 from line 12: mm a Excess of revenue over expenses and disbursements b Net investment income (if negative, enter -0-) 965,551,675. c Adjusted net income (if negative, enter -0-)m m -0- For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions. Form 990-PF (2007) JSA 7E U ,426,295. 1,426, ,792, ,250, ,802,621. V ,044, ,113, ,252, ,135, ,468,042. 2,090,858. 1,135, ,314,979. 3,402,078. 3,992,625. 1,381, , , , , ,694, ,485, , ,507,856. 6,587. 2,008, , , ,721. 2,411, , ,194. 2,256, , ,701, ,916, ,920, ,621, ,916, ,513,775. ** STMT 74 I I I I STMT ,199. 7,889,633. 1,801,218. NONE 253,779. NONE 173, ,190, , ,831. 2,096, ,194. 2,148,419. NONE 29,717, ,657,803. NONE 457,374,951.

2 Form 990-PF (2007) Attached schedules and amounts in the Part II Balance Sheets description column should be for end-of-year amounts only. (See instructions.) 1 Cash - non-interest-bearing mmmmmmmmmmmmmmmmmm 2 Savings and temporary cash investments mmmmmmmmmmm 3 Accounts receivable Assets Liabilities Net Assets or Fund Balances I 477,320,857. Less: allowance for doubtful accountsi 4 Pledges receivable I 25,660,000. Less: allowance for doubtful accountsi 5 Grants receivable mmmmmmmmmmmmmmmmmmmmmm 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) I Less: allowance for doubtful accountsi 8 Inventories for sale or use mmmmmmmmmmmmmmmmmm 9 Prepaid expenses and deferred charges mmmmmmmmmmmm a m 10 Investments - U.S. and state government obligations (attach schedule) ** b Investments - corporate stock (attach mmmmmmmm STMT 77 c Investments - corporate bonds (attach schedule)m STMT mmmmmmm Investments - land, buildings, and equipment: basis Less: accumulated depreciation I (attach schedule) 12 Investments - mortgage loans mmmmmmmmmmmmmmmm 13 Investments - other (attach schedule) mmmmmmmmmmmmm STMT Land, buildings, and equipment: basis I 32,460,970. Less: accumulated (attach schedule) depreciationi 15 Other assets (describe I STMT 80 ) 16 Total assets (to be completed by all filers - see the instructions. Also, see page 1, item I) mmmmmmmmmmmmm Accounts payable and accrued expenses 17 mmmmmmmmmmm 18 Grants payable mmmmmmmmmmmmmmmmmmmmmmm 19 Deferred revenue mmmmmmmmmmmmmmmmmmmmmm 20 Loans from officers, directors, trustees, and other disqualified persons m 21 Mortgages and other notes payable (attach schedule) mmmmm 22 Other liabilities (describe I STMT 82 ) 2 3 Total liabilities (add lines 17 through 22) mmmmmmmmmmm Foundations that follow SFAS 117, check here I X and complete lines 24 through 26 and lines 30 and Unrestricted mmmmmmmmmmmmmmmmmmmmmmmmm 25 Temporarily restricted mmmmmmmmmmmmmmmmmmmm 26 Permanently restricted mmmmmmmmmmmmmmmmmmmm Foundations that do not follow SFAS 117, check here and complete lines 27 through 31. I 27 Capital stock, trust principal, or current funds mmmmmmmmm 28 Paid-in or capital surplus, or land, bldg., and equipment fund mmmmm 29 Retained earnings, accumulated income, endowment, or other funds mm 30 Total net assets or fund balances (see page 17 of the mmmmmmmmmmmmmmmmmmmmmmmmm of the instructions) mmmmmmmmmmmmmmmmmmmmmm instructions) 31 Total liabilities and net assets/fund balances (see page 17 8,516,356,339. 9,890,037,555. Part III Analysis of Changes in Net Assets or Fund Balances 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) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 1 Enter amount from Part I, line 27a mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm Other increases not included in line 2 (itemize) I SEE 83 Add lines 1, 2, and 3 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm Decreases not included in line 2 (itemize) I Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30 **STMT mmmmm 6 JSA 7E Page 2 Beginning of year End of year (a) Book Value (b) Book Value (c) Fair Market Value 9,793. 9,336. 9, ,734, ,927, ,927, ,792, ,085,805. 2,300, , ,619,189. 4,326,873, ,433,306. 2,674,002. 2,794,809, ,573,460. 1,998,991. 8,516,356, ,904, ,202, ,549, ,657,200. 7,980,613, ,085,805. 8,020,699, ,320, ,320, ,660, ,660,000. 1,359,747. 1,359, ,304, ,304,704. 3,791,913,948. 3,791,913, ,767, ,767,491. 4,358,847,424. 4,358,847, ,460, ,460,970. 1,465,478. 1,465,478. 9,890,037,555. 9,890,037, ,766, ,007, ,000, ,572,992. 1,102,346,056. 8,759,346, ,344,562. 8,787,691,499. STMT 81 8,020,699, ,513, ,478,585. 8,787,691,499. 8,787,691,499. Form 990-PF (2007) 18104U 1673 V07-8.3

3 Form 990-PF (2007) Capital Gains and Losses for Tax on Investment Income Part IV 1a b c d e (a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.) SEE PART IV SCHEDULE (e) Gross sales price (f) Depreciation allowed (or allowable) (g) Cost or other basis plus expense of sale a b c d e Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (i) F.M.V. as of 12/31/69 (j) Adjusted basis as of 12/31/69 (k) Excess of col. (i) over col. (j), if any (b) How acquired P-Purchase D-Donation a b c d e If gain, also enter in Part I, line 7 2 Capital gain net income or (net capital loss) mmmmm $ If (loss), enter -0- in Part I, line 7 & 2 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 8mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 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.) (c) Date acquired (mo., day, yr.) (h) Gain or (loss) (e) plus (f) minus (g) Page 3 (d) Date sold (mo., day, yr.) (l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col. (h)) 765,044,134. 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. 1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries. (a) (b) (c) (d) 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)) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmm mmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 2 Total of line 1, column (d) 2 3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years 3 4 Enter the net value of noncharitable-use assets for 2007 from Part X, line Multiply line 4 by line Enter 1% of net investment income (1% of Part I, line 27b) 6 7 Add lines 5 and ,773, Enter qualifying distributions from Part XII, line 4mmmmmmmmmmmmmmmmmmmmmmmmm 8 458,551,375. 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. JSA 7E Form 990-PF (2007) mmmm 234,722,190. 7,569,354, ,575,367. 6,683,308, ,940,299. 5,931,037, ,194,420. 4,862,023, ,769,238. 4,020,122, Yes X No 9,043,942, ,118,300. 9,655, U 1673 V07-8.3

4 Form 990-PF (2007) Page 4 Part VI Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or see page 18 of the instructions) 1a Exempt operating foundations described in section 4940(d)(2), check here I and enter "N/A" on line 1. mmm7 Date of ruling letter: (attach copy of ruling letter if necessary - see instructions) mmmm b Domestic foundations that meet the section 4940(e) requirements in Part V, check * 1 9,655, here I X and enter 1% of Part I, line 27b mmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 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-) mmm 3 Add lines 1 and 2 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm c Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) mmm 4 5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- mmmmmmmmmmmmm 5 6 Credits/Payments: a 2007 estimated tax payments and 2006 overpayment credited to 2007m mmm 6a 6,945,000. b Exempt foreign organizations-tax withheld at source mmmmmmmmmmmmm 6b NONE c Tax paid with application for extension of time to file (Form 8868)m mmmmmm 6c 1,000,000. d Backup withholding erroneously withheld mmmmmmmmmmmmmmmmmm 6d 7 Total credits and payments. Add lines 6a through 6d mmmmmmmmmmmmmmmmmmmmmmmmmmmmm 7 8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached mmmmmm 8 mmmmmmmmmmmmmmmm 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 mmmmmmmmmm Enter the amount of line 10 to be: Credited to 2008 estimated taxi Refunded I 11 Part VII-A Statements Regarding Activities mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 1a During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign? b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of the instructions for definition)? If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials published or distributed by the foundation in connection with the activities. c Did the foundation file Form 1120-POL for this year? mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year: (1) On the foundation. I$ (2) On foundation managers. I $ e Enter the reimbursement (if any) paid by the organization during the year for political expenditure tax imposed on I foundation managers. $ Has the foundation engaged in any activities that have not previously been reported to the IRS? 2 2 mmmmmmmmmmmmmmmm 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 mmmmmmmmmmmm 4a Did the foundation have unrelated business gross income of $1,000 or more during the year? mmmmmmmmmmmmmmmmm b If "Yes," has it filed a tax return on Form 990-T for this year? mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 5 Was there a liquidation, termination, dissolution, or substantial contraction during the year? mmmmmmmmmmmmmmmmmm 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? mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 6 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. mm 7 8a Enter the states to which the foundation reports or with which it is registered (see page 19 of the instructions) CA,DC, b I mmmmmmmmmmmmmmmmmm If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney General (or designate) of each state as required by General Instruction G? If "No," attach explanation 9,655,517. NONE 9,655,517. 7,945,000. X 34,272. 1,744, Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for calendar year 2007 or the taxable year beginning in 2007 (see instructions for Part XIV)? If "Yes," complete Part XIVmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 9 X 10 Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names and addresses mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 10 X Form 990-PF (2007) 1a 1b 1c 3 4a 4b 5 8b Yes X X X X X No X X X X X X JSA 7E U 1673 V07-8.3

5 Part VII-A 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)? If "Yes," attach schedule. (see page 20 of the instructions) mmmmmmmmmmmmmmmmmm STMT 84 STMT 85 11a 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 11a? mmmmmmmmmmmmmmmmmmmmmmmmmmm 11b X 12 Did the foundation acquire a direct or indirect interest in any applicable insurance contract? mmmmmmmmmmmmmmmmm Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X Website address I 14 The books are in care of I SUSAN KETCHAM Telephone no. I Located at I2121 S HILL RD MENLO PARK, CA ZIP + 4 I N/A Form 990-PF (2007) Page 5 15 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-F in lieu of Form Check here mmmmmmmmmmmmmmmmmmm and enter the amount of tax-exempt interest received or accrued during the year mmmmmmmmmmmmmmmmmm I 15 Part VII-B 1a b Statements Regarding Activities for Which Form 4720 May Be Required File Form 4720 if any item is checked in the "Yes" column, unless an exception applies. 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? mmmmmmmm (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person? mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? mmmmmmm (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? mmmmmmmm (5) Transfer any income or assets to a disqualified person (or make any of either available for Yes X Yes the benefit or use of a disqualified person)? mmmmmmmmmmmmmmmmmmmmmmmmmmm Yes (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.)m mmmmmmmmmmmmmmm Yes If any answer is "Yes" to 1a(1)-(6), did any of the acts fail to qualify under the exceptions described in Regulations section (d)-3 or in a current notice regarding disaster assistance (see page 22 of the instructions)? Yes Yes No No No No No No mmmmmmmmmm mmmmmmmmmmmmmi 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? mmmmmmmmmmmmmmmmmmmmmmmmmmm 2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private 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?m mmmmmmmmmmmmmmmmmmmmmmmm If "Yes," list the years I,,, Yes X No b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2) c 3a b 4a b (relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2) mmmmmmmmmmmmmmmmmmmm to all years listed, answer "No" and attach statement - see page 22 of the instructions.) If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.,,, I Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year? mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm X Yes No 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.) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes? mmmmmmmm 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? X X X X X mmmmmmmmmmmm 1b 1c 2b 3b 4a 4b I Yes N/A X No X X X X X Form 990-PF (2007) JSA 7E U 1673 V07-8.3

6 Part VII-B Statements Regarding Activities 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))? mmmmmm Yes X (2) Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive? mmmmmmmmmmmmmmmmmmmmmmmm Yes X Yes X Form 990-PF (2007) Page 6 (3) Provide a grant to an individual for travel, study, or other similar purposes? mmmmmmmmmmm (4) Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions) mmmmmm Yes No (5) Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals? mmmmmmmmmm 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 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 mmmmmmmmmmmmmmmi 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 86 X Yes No mmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm No No No mmmmmmm If "Yes," attach the statement required by Regulations section (d). 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? mmmmmmmmmmmm 6b If you answered "Yes" to 6b, also file Form a At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? mm Yes X No b If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? mmmmmmmmmmmmm 7b Part VIII Information About 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 (a) Name and address hours per week (If not paid, enter employee benefit plans devoted to position -0-) and deferred compensation X 5b N/A (e) Expense account, other allowances X X SEE 140 2,090, ,890. 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." (a) Name and address of each employee paid more than $50,000 (b) Title, and average hours per week devoted to position (c) Compensation (d) Contributions to employee benefit plans and deferred compensation (e) Expense account, other allowances SEE 144 3,025, ,387. NONE Total number of other employees paid over $50,000 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmi NONE Form 990-PF (2007) JSA 7E U 1673 V07-8.3

7 Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees, and Contractors (continued) Form 990-PF (2007) Page 7 Part VIII 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 ,118,950. Total number of others receiving over $50,000 for professional services Part IX-A Summary of Direct Charitable Activities mmmmmmmmmmmmmmmmmmmmmmmmi 54 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, etc. Expenses 1 2 SEE S (SUMMARY OF ALL DIRECT CHARITABLE ACTIVITIES) 10,425, 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. 1 NONE Amount 2 All other program-related investments. See page 24 of the instructions. 3 NONE Total. Add lines 1 through 3 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmi Form 990-PF (2007) JSA 7E U 1673 V07-8.3

8 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: Form 990-PF (2007) Page 8 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm a Average monthly fair market value of securities 1a b Average of monthly cash balances 1b c Fair market value of all other assets (see page 25 of the instructions) mmmmmmmmmmmmmmmmmmm 1c d Total (add lines 1a, b, and c) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 1d e Reduction claimed for blockage or other factors reported on lines 1a and 1c (attach detailed explanation) mmmmmmmmmmmmmmmmmmmmm 1e 2 Acquisition indebtedness applicable to line 1 assets mmmmmmmmmmmmmmmmmmmmmmmmmmmm 2 3 Subtract line 2 from line 1d mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 3 4 Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see page 25 of the instructions) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 4 5 Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line Minimum investment return. Enter 5% of line 5 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmm mm 6 Part XI Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here I and do not complete this part.) 1 Minimum investment return from Part X, line 6 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 1 2a Tax on investment income for 2007 from Part VI, line 5 mmmmmmmm 2a 9,655,517. b Income tax for (This does not include the tax from Part VI.)m mm 2b 18,448,246. c Add lines 2a and 2b mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 2c 3 Distributable amount before adjustments. Subtract line 2c from line 1 mmmmmmmmmmmmmmmmmm 3 4 Recoveries of amounts treated as qualifying distributions 4 mmmmmmmmmmmmmmmmmmmmmmmmm 5 Add lines 3 and 4 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 6 Deduction from distributable amount (see page 25 of the instructions) mmmmmmmmmmmmmmmmmm 7 Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 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 26mmmmmmmmmmmmmmmmm b Program-related investments - total from Part IX-B mmmmmmmmmmmmmmmmmmmmmmmmmmmmm 2 Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc., purposesmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm 3 Amounts set aside for specific charitable projects that satisfy the: a Suitability test (prior IRS approval required) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm b Cash distribution test (attach the required schedule) mmmmmmmmmmmmmmmmmmmmmmmmmmm 4 Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4 mmmmmm 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) mmmmmmmmmmmmmmmmmmmmmmm 6 Adjusted qualifying distributions. Subtract line 5 from line 4 mmmmmmmmmmmmmmmmmmmmmmm 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 a 1b 2 3a 3b ,568,999, ,826,497. 2,345,842,340. 9,181,667,860. NONE 9,181,667, ,725,018. 9,043,942, ,197, ,197, ,103, ,093, , ,282, ,282, ,374,951. NONE 1,176,424. NONE NONE 458,551,375. 9,655, ,895,858. Form 990-PF (2007) JSA 7E U 1673 V07-8.3

9 Form 990-PF (2007) Undistributed Income (see page 26 of the instructions) Part XIII mmmmmmmmmmmmmmmmmmmmm a Enter amount for 2006 only mmmmmmmmmm b Total for prior years:,, a From 2002 mmmmmm b From 2003 mmmmmm c From 2004 mmmmmm d From 2005 mmmmmm e From 2006 mmmmmm f Total of lines 3a through e mmmmmmmmmmm 1 Distributable amount for 2007 from Part XI, line 7 2 Undistributed income, if any, as of the end of 2006: 3 Excess distributions carryover, if any, to 2007: 4 Qualifying distributions for 2007 from Part XII, line 4: I $ 458,551,375. a Applied to 2006, but not more than line 2a mmm b Applied to undistributed income of prior years (Election required - see page 27 of the instructions) mmmmmm c Treated as distributions out of corpus (Election required - see page 27 of the instructions)m mmm d Applied to 2007 distributable amount mmmmm e Remaining amount distributed out of corpus mm 5 Excess distributions carryover applied to 2007 m (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 mmmmmmmmmmmmmm b Prior years' undistributed income. Subtract line 4b from line 2b c Enter the amount of prior years' undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessedm mmmmmmmmmm mm d Subtract line 6c from line 6b. Taxable amount - see page 27 of the instructions mmmm e Undistributed income for Subtract line 4a from line 2a. Taxable amount - see page 27 of the instructions mmmmmmmmmmmmm f Undistributed income for Subtract lines 4d and 5 from line 1. This amount must be distributed in 2008mmmmmmmmmmmmmmm 7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) mmmmmmmmmmmmmmmmmm instructions) mmmmmmmmmmmmmmmmmm 9 Excess distributions carryover to Subtract lines 7 and 8 from line 6a mmmmmmm 10 Analysis of line 9: a 8 Excess distributions carryover from 2002 not applied on line 5 or line 7 (see page 27 of the Excess from 2003 mmm b Excess from 2004 mmm c Excess from 2005 mmm d Excess from 2006 mmm e Excess from 2007 mmm (a) (b) (c) (d) Corpus Years prior to ,469,050. STMT ,469, ,469, ,377, ,377,916. Page 9 424,282, ,704, ,578,363. Form 990-PF (2007) JSA 7E U 1673 V07-8.3

10 Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9) Form 990-PF (2007) Page 10 Part XIV 1a 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 mmmmmmmmmmmm b Check box to indicate whether the foundation is a private operating foundation described in section 4942(j)(3) or 4942(j)(5) 2a Enter the lesser of the adjusted Tax year Prior 3 years (e) Total net income from Part I or the minimum investment return from Part X for each year listed (a) 2007 (b) 2006 (c) 2005 (d) 2004 mmmmmmm b 85% of line 2a mmmmm c Qualifying distributions from Part XII, line 4 for each year listed m d Amounts included in line 2c not used directly for active conduct of exempt activitiesmmmmm e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c mmmmmm 3 Complete 3a, b, or c for the alternative test relied upon: a "Assets" alternative test - enter: b c (1) Value of all assets mmm (2) Value of assets qualifying under section 4942(j)(3)(B)(i)m mmmm "Endowment" alternative testenter 2/3 of minimum investment return shown in Part X, line 6 for each year listed mm "Support" alternative test - enter: (1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) mmmmmm (2) Support from general public and 5 or more exempt organizations as provided in section 4942 (j)(3)(b)(iii) mmmmmm (3) Largest amount of support from an exempt organization mmmmm (4) Gross investment incomem Part XV 1 a b 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.) Information Regarding Foundation Managers: 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).) NOT APPLICABLE 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. NOT APPLICABLE I NOT APPLICABLE 2 a b c Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs: I 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. The name, address, and telephone number of the person to whom applications should be addressed: SEE 147 The form in which applications should be submitted and information and materials they should include: SEE 69 Any submission deadlines: d JSA SEE 69 Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors: 7E U 1673 SEE 69 V Form 990-PF (2007)

11 Part XV Supplementary Information (continued) 3 Grants and Contributions Paid During the Year or Approved for Future Payment Recipient Foundation Purpose of grant or status of contribution Name and address (home or business) recipient Form 990-PF (2007) Page 11 a Paid during the year If recipient is an individual, show any relationship to any foundation manager or substantial contributor Amount SEE 148 Total mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm b Approved for future payment SEE 337 I 3a 427,657,803. Total mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm I 3b 338,786,150. Form 990-PF (2007) JSA 7E U 1673 V07-8.3

12 Form 990-PF (2007) Page 12 Part XVI-A Analysis of Income-Producing Activities 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 mmmmm 3 Interest on savings and temporary cash investments 14 1,426, Dividends and interest from securities mmmm ,792, Net rental income or (loss) from real estate: a Debt-financed property mmmmmmmmm b Not debt-financed property mmmmmmm 6 Net rental income or (loss) from personal property m 7 Other investment income mmmmmmmmmm 8 Gain or (loss) from sales of assets other than inventory ,802, Net income or (loss) from special events mmm 10 Gross profit or (loss) from sales of inventory mm 11 Other revenue: a b SEE ,784, ,897,247. c d e 12 Subtotal. Add columns (b), (d), and (e) mmmm -40,784, ,918, Total. Add line 12, columns (b), (d), and (e) mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm ,134,570. (See worksheet in line 13 instructions on page 29 to verify calculations.) Part XVI-B Relationship of Activities to the Accomplishment of Exempt Purposes Line No. L 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 JSA 7E U 1673 V Form 990-PF (2007)

13 Form 990-PF (2007) Part XVII Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations 1 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: (1) Cash mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm (2) Other assets mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm Other transactions: (1) Sales of assets to a noncharitable exempt organization mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm (2) Purchases of assets from a noncharitable exempt organization mmmmmmmmmmmmmmmmmmmmmmmmmmmmmm (3) Rental of facilities, equipment, or other assets mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm (4) Reimbursement arrangements mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm (5) Loans or loan guarantees mmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm (6) Performance of services or membership or fundraising solicitations mmmmmmmmmmmmmmmmmmmmmmmmmmmm Sharing of facilities, equipment, mailing lists, other assets, or paid employees mmmmmmmmmmmmmmmmmmmmmmmmm 1a(1) 1a(2) Yes Page 13 b 1b(1) X 1b(2) X 1b(3) X 1b(4) X 1b(5) X 1b(6) X c 1c 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. No X X (a) Line no. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements N/A N/A mmmmmmmmmmmmmmmmmmmmmmmmm 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 527? Yes X No b If "Yes," complete the following schedule. (a) Name of organization (b) Type of organization (c) Description of relationship Sign Here Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge. M M Signature of officer or trustee Date Title Paid Preparer's Use Only M Preparer's signature Firm's name (or yours if self-employed), address, and ZIP code M Date PRICEWATERHOUSECOOPERS LLP 1301 K STREET NW, 800W WASHINGTON, DC Check if self-employedi EIN I Phone no. Preparer's SSN or PTIN (See Signature on page 30 of the instructions.) Form 990-PF (2007) JSA 7E U 1673 V07-8.3

14 FORM 990-PF - PART IV CAPITAL GAINS LOSSES FOR TAX ON INVESTMENT INCOME P Kind of Property Description or Date 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) Date sold PUBLIC INVESTMENTS - GAINS & LOSSES PROPERTY TYPE: SECURITIES PARTNERSHIP INVESTMENTS - GAINS & LOSSES PROPERTY TYPE: OTHER P P TOTAL GAIN(LOSS) ========== JSA 7E U 1673 V07-8.3

15 FORM 990PF - GENERAL EXPLANATION ATTACHMENT =========================================== TABLE OF CONTENTS SECTION NUMBER(S) PART II, BALANCE SHEET INVESTMENTS U.S. STATE GOVERNMENT OBLIGATIONS 03-13, 76 CORPORATE STOCK 14-37, 77 CORPORATE BONDS 38-56, 78 PARTNERSHIP INVESTMENTS 57, 79 PART IX-A - SUMMARY OF DIRECT CHARITABLE ACTIVITIES PART XV - SUPPLEMENTARY INFORMATION - GRANTS 69 PART I - OTHER INCOME 70 PART I - LEGAL FEES 71 PART I - ACCOUNTING FEES 72 PART I - OTHER PROFESSIONAL FEES 73 PART I - TAXES 74 PART I - OTHER EXPENSES 75 PART II - OTHER ASSETS 80 PART II - MORTGAGES OTHER NOTES PAYABLE 81 PART II - OTHER LIABILITIES 82 PART III - OTHER INCREASES IN NET WORTH OR FUND BALANCES 83 PART VII-A, CONTROLLED ENTITY PART VIII-B, EXPENDITURE RESPONSIBILITY PART VIII - LIST OF OFFICERS, DIRECTORS, TRUSTEES U 1673 V07-8.3

16 FORM 990PF - GENERAL EXPLANATION ATTACHMENT (CONT'D) ==================================================== PART VIII - COMPENSATION OF THE FIVE HIGHEST PAID EMPLOYEES 144 PART VIII - COMPENSATION OF THE FIVE HIGHEST PAID PROFESSIONALS 145 PART XIII - DISTRIBUTION FROM CORPUS ELECTION 146 PART XV - NAME, ADDRESS PHONE FOR APPLICATION 147 PART XV - GRANTS CONTRIBUTIONS PAID DURING THE YEAR PART XV - CONTRIBUTIONS APPROVED FOR FUTURE PAYMENT PART XVI-A - ANALYSIS OF OTHER REVENUE 429 OTHER ATTACHMENTS PART IV - CAPITAL GAINS LOSSES FOR TAX ON INVESTMENT INCOME DEPRECIATION SCHEDULE U 1673 V07-8.3

17 FORM 990PF - GENERAL EXPLANATION ATTACHMENT =========================================== INVESTMENTS - U.S. STATE GOVERNMENT OBLIGATIONS PART II - BALANCE SHEET, LINE 10A DESCRIPTION ENDING BOOK VALUE/FMV 01F COMMIT TO PUR FNMA SF MTG (143,731,250) AF7-US TREAS-CPI INFLAT (111,150,665) 01F COMMIT TO PUR FNMA SF MTG (97,846,875) W8-US TREAS-CPI INFLATION INDEX (66,357,265) GD6-US TREAS-CPI INFLAT (63,460,858) FR4-US TREAS-CPI INFLATION INDEX (58,842,685) 01F COMMIT TO PUR FNMA SF MTG (58,090,625) FB1-US TREAS-CPI INFLAT (54,835,847) FB1-US TREAS-CPI INFLAT (54,835,847) FB1-US TREAS-CPI INFLAT (54,835,847) DH0-US TREAS-CPI INFLAT (54,491,949) GX2-US TREAS-CPI INFLATION INDEX (53,900,779) GX2-US TREAS-CPI INFLATION INDEX (53,900,779) GX2-US TREAS-CPI INFLATION INDEX (53,900,779) FD5-US TREAS-CPI INFLATION INDEX (49,119,659) 01F COMMIT TO PUR FNMA SF MTG (49,076,563) FS2-US TREAS-CPI INFLAT (45,941,758) 01F COMMIT TO PUR FNMA SF MTG (39,682,500) BW9-US TREAS-CPI INFLAT (34,712,025) FH6-US TREAS-CPI INFLATION INDEX (30,666,833) 02R COMMIT TO PUR FHLMC GOLD SFM (29,045,313) 02R COMMIT TO PUR FHLMC GOLD SF (28,637,500) DH0-US TREAS-CPI INFLAT (25,938,168) GN4-US TREAS-CPI INFLATION INDEX (23,506,534) BR0-U S TREASURY NOTES (18,667,800) 01F COMMIT TO PUR FNMA SF MTG (18,454,625) GH7-U S TREASURY NOTES (18,092,340) ED6-U S TREASURY BONDS (17,655,329) 01F COMMIT TO PUR FNMA SF MTG (16,889,766) 01F COMMIT TO PUR FNMA SF MTG (16,043,750) 01F COMMIT TO PUR FNMA SF MTG (14,239,531) GS3-U S TREASURY NOTES (14,100,480) FB1-US TREAS-CPI INFLAT (12,502,573) GN4-US TREAS-CPI INFLATION INDEX (12,227,039) FR4-US TREAS-CPI INFLATION INDEX (11,886,222) R8-US TREAS-CPI INFLAT (11,803,508) EA4-US TREAS-CPI INFLATION INDEX (11,183,764) 01F COMMIT TO PUR FNMA SF MTG (11,032,656) 01F COMMIT TO PUR FNMA SF MTG (11,017,188) DZ8-U S TREASURY BONDS (10,649,010) GX2-US TREAS-CPI INFLATION INDEX (10,348,950) U 1673 V07-8.3

18 FORM 990PF - GENERAL EXPLANATION ATTACHMENT (CONT'D) ==================================================== DESCRIPTION ENDING BOOK VALUE/FMV 01F COMMIT TO PUR FNMA SF MTG (10,035,156) 01F COMMIT TO PUR FNMA SF MTG (10,015,625) 01F COMMIT TO PUR FNMA SF MTG (9,830,078) HD5-U S TREASURY NOTES (9,145,800) 01F COMMIT TO PUR FNMA SF MTG (9,014,063) 02R COMMIT TO PUR FHLMC GOLD SFM (9,011,250) 02R COMMIT TO PUR FHLMC GOLD SFM (8,893,828) 02R COMMIT TO PUR FHLMC GOLD SF (8,887,500) 01F COMMIT TO PUR FNMA SF MTG (8,731,580) 01F COMMIT TO PUR FNMA SF MTG (8,110,000) PT9-U S TREASURY BONDS (8,018,587) 01F COMMIT TO PUR FNMA SF MTG (7,941,563) 02R COMMIT TO PUR FHLMC GOLD SF (7,900,000) 01F COMMIT TO PUR FNMA SF MTG (7,020,781) ET3-US TREAS-CPI INFLAT (6,662,030) 01F COMMIT TO PUR FNMA SF MTG (6,490,688) 01F COMMIT TO PUR FNMA SF MTG (6,431,906) 01F COMMIT TO PUR FNMA SF MTG (6,082,500) 01F COMMIT TO PUR FNMA SF MTG (6,063,750) 01F COMMIT TO PUR FNMA SF MTG (5,884,688) 01F COMMIT TO PUR FNMA SF MTG (5,846,250) 01F COMMIT TO PUR FNMA SF MTG (5,617,719) 01F COMMIT TO PUR FNMA SF MTG (5,412,129) 01F COMMIT TO PUR FNMA SF MTG (5,338,867) 01F COMMIT TO PUR FNMA SF MTG (5,087,500) 01F COMMIT TO PUR FNMA SF MTG (5,087,500) 01F COMMIT TO PUR FNMA SF MTG (5,061,914) 01F COMMIT TO PUR FNMA SF MTG (5,061,719) 01F COMMIT TO PUR FNMA SF MTG (4,950,781) 02R COMMIT TO PUR FHLMC GOLD SFM (4,469,590) GS3-U S TREASURY NOTES (4,354,560) CZ1-US TREAS-CPI INFLATION INDEX (4,091,518) 01F COMMIT TO PUR FNMA SF MTG (4,070,000) 01F COMMIT TO PUR FNMA SF MTG (4,049,375) 02R COMMIT TO PUR FHLMC GOLD SFM (3,968,750) GX2-US TREAS-CPI INFLATION INDEX (3,773,055) 02R COMMIT TO PUR FHLMC GOLD SFM (3,476,348) PT9-U S TREASURY BONDS (3,453,655) 01F COMMIT TO PUR FNMA SF MTG (3,028,242) 01F COMMIT TO PUR FNMA SF MTG (3,027,656) 01F COMMIT TO PUR FNMA SF MTG (3,008,906) 01F COMMIT TO PUR FNMA SF MTG (3,005,977) U 1673 V07-8.3

19 FORM 990PF - GENERAL EXPLANATION ATTACHMENT (CONT'D) ==================================================== DESCRIPTION ENDING BOOK VALUE/FMV 01F COMMIT TO PUR FNMA SF MTG (2,973,750) 01F COMMIT TO PUR FNMA SF MTG (2,911,406) PS1-US TREAS-CPI INFLAT (2,881,188) 01F COMMIT TO PUR FNMA SF MTG (2,832,938) 01F COMMIT TO PUR FNMA SF MTG (2,796,640) FB1-US TREAS-CPI INFLAT (2,675,048) 01F COMMIT TO PUR FNMA SF MTG (2,055,313) 02R COMMIT TO PUR FHLMC GOLD SFM (2,030,938) 02R COMMIT TO PUR FHLMC GOLD SFM (1,985,625) 02R COMMIT TO PUR FHLMC GOLD SF (1,976,250) 01F COMMIT TO PUR FNMA SF MTG (1,962,266) 01F COMMIT TO PUR FNMA SF MTG (1,961,641) 01F COMMIT TO PUR FNMA SF MTG (1,940,938) 01F COMMIT TO PUR FNMA SF MTG (1,930,938) 01F COMMIT TO PUR FNMA SF MTG (1,930,781) HJ2-U S TREASURY NOTES (1,902,660) 01F COMMIT TO PUR FNMA SF MTG (1,850,063) HH6-U S TREASURY NOTES (1,730,090) PU6-U S TREASURY BONDS (1,308,378) 02R COMMIT TO PUR FHLMC GOLD SFM (1,217,640) 02R0606B1-COMMIT TO PUR FHLMC GOLD SFM (1,210,734) GH7-U S TREASURY NOTES (1,045,800) 31414AEQ1-FNMA POOL # (1,012,892) 31414AEQ1-FNMA POOL # (1,012,892) 3128M43K7-FHLMC POOL #G (995,228) 3128M43K7-FHLMC POOL #G (995,228) 3128M43K7-FHLMC POOL #G (995,228) 3128M43K7-FHLMC POOL #G (995,228) 01F COMMIT TO PUR FNMA SF MTG (994,141) 01F COMMIT TO PUR FNMA SF MTG (985,156) 01F COMMIT TO PUR FNMA SF MTG (983,125) 01F COMMIT TO PUR FNMA SF MTG (980,781) 01F COMMIT TO PUR FNMA SF MTG (966,406) 01F COMMIT TO PUR FNMA SF MTG (965,234) HA1-UNITED STATES TREASURY NOTES (950,850) FF2-U S TREASURY NOTES (866,080) BD1-US TREAS-CPI INFLATION INDEX (590,561) 01F COMMIT TO PUR FNMA SF MTG (506,875) 02R COMMIT TO PUR FHLMC GOLD SFM (496,621) 99F1399BF-US 10 YR TREAS NTS FUT MAR 08 (406,656) Y5-US TREAS-CPI INFLATION INDEX (261,596) 31414ARB0-FNMA POOL # (258,532) U 1673 V07-8.3