Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2010
For calendar year 2010, or tax year beginning 01-01-2010 , and ending 12-31-2010
G
Check all that apply:
Name of foundation
FRANKLIN LINDSAY STUDENT AID FUND
8300147300 / R76010009

Number and street (or P.O. box number if mail is not delivered to street address)C/O JPMORGAN CHASE BANKNAPO BOX3038Room/suite
City or town, state, and ZIP code
MILWAUKEE, WI53201
A Employer identification number

74-6031753
B Telephone number (see page 10 of the instructions)

(414) 977-1210
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$20,756,952J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments 5,254 5,254  
4 Dividends and interest from securities...... 150,811 150,400  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 137,186
b Gross sales price for all assets on line 6a 4,541,671
7 Capital gain net income (from Part IV, line 2)... 137,186
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 244,412 236,506  
12 Total. Add lines 1 through 11........ 537,663 529,346  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 134,367 100,775   33,592
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 6,083 0   6,083
b Accounting fees (attach schedule)....... Click to see attachment 1,945 0   1,945
c Other professional fees (attach schedule).... Click to see attachment 9,800 0   9,800
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 7,036 1,606   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 14,072 0   14,072
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 4,477 82   4,395
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 177,780 102,463   69,887
25 Contributions, gifts, grants paid........ 0 0
26 Total expenses and disbursements. Add lines 24 and 25 177,780 102,463   69,887
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 359,883
b Net investment income (if negative, enter -0-) 426,883
c Adjusted net income (if negative, enter -0-)...  
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2010)
Form 990-PF (2010)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 700,075 251,901 251,901
2 Savings and temporary cash investments.......... 819,511 852,799 852,799
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet9,561,445
Less: allowance for doubtful accounts bullet0 8,972,451 9,561,445 9,561,445
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 5,028,445 Click to see attachment4,843,051 5,640,330
c Investments—corporate bonds (attach schedule)........ 3,742,177 Click to see attachment4,127,257 4,449,244
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment6 Click to see attachment6 Click to see attachment1,233
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 19,262,665 19,636,459 20,756,952
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).......... 0 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 19,262,665 19,636,459
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 0 0
30 Total net assets or fund balances (see page 17 of the
instructions).................... 19,262,665 19,636,459
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 19,262,665 19,636,459
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 19,262,665
2 Enter amount from Part I, line 27a...................... 2 359,883
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 13,911
4 Add lines 1, 2, and 3.......................... 4 19,636,459
5 Decreases not included in line 2 (itemize) bullet 5 0
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 19,636,459
Form 990-PF (2010)
Form 990-PF (2010)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(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.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a SALES OF PUBLICLY TRADED SECURITIES      
b CAPITAL GAINS DIVIDENDS P    
c
d
e
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 4,540,459   4,404,485 135,974
b 1,212     1,212
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(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
a       135,974
b       1,212
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 137,186
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 . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2009 1,479,888 10,024,023 0.147634
2008 1,414,347 11,407,200 0.123987
2007 1,474,483 12,654,613 0.116517
2006 1,745,686 11,793,799 0.148017
2005 1,689,969 11,410,207 0.148110
2 Total of line 1, column (d) ...................... 2 0.684265
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 0.136853
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 9,566,326
5 Multiply line 4 by line 3....................... 5 1,309,180
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 4,269
7 Add lines 5 and 6......................... 7 1,313,449
8 Enter qualifying distributions from Part XII, line 4.............. 8 1,588,437
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.
Form 990-PF (2010)
Form 990-PF (2010)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 4,269
hereBulletand 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 0
3 Add lines 1 and 2............................ 3 4,269
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 4,269
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 9,070
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 9,070
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 4,801
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet4,280 Refunded Bullet 11 521
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
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)?.............................
1b
 
No
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?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
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
    Yes
     
    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.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletTX
    b
    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 .
    8b
    Yes
     
    9
    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 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV...........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    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) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletJPMORGAN CHASE BANK NA Telephone no.bullet (512) 479-2688
    Located atbullet221 WEST 6TH STREETAUSTINTX ZIP+4bullet78701
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 5
    Part VII-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.
    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?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (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)?.................
    (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.).........
    b
    If any answer is “Yes” to 1a(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 20 of the instructions)?...
    1b
     
    No
    .........bullet
    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 2010?.............
    1c
     
    No
    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 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    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 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2010 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 2010.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    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))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    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
     
    No
    .........bullet
    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?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 6
    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 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    JPMORGAN CHASE BANK NA TRUSTEE
    2.00     		134,367 0 0
    P O BOX 3038
    MILWAUKEE,WI53201
    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
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    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
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    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, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 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 SCHOLARSHIP LOAN PROGRAM 1,518,550
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3...........................bullet1,518,550
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    8,490,311
    b
    Average of monthly cash balances.......................
    1b
    1,220,369
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    1,326
    d
    Total (add lines 1a, b, and c).........................
    1d
    9,712,006
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d..........................
    3
    9,712,006
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    145,680
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    9,566,326
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    478,316
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    478,316
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    4,269
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    4,269
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    474,047
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    939,055
    5
    Add lines 3 and 4.............................
    5
    1,413,102
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1.................................
    7
    1,413,102
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    69,887
    b
    Program-related investments—total from Part IX-B..................
    1b
    1,518,550
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes................................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    1,588,437
    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
    4,269
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    1,584,168
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2009     		(c)
    2009     		(d)
    2010
    1 Distributable amount for 2010 from Part XI, line 7 1,413,102
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 1,303,187
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2010:
    a From 2005.......  
    b From 2006.......  
    c From 2007.......  
    d From 2008.......  
    e From 2009.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 1,588,437
    a Applied to 2009, but not more than line 2a 1,303,187
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		 0
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		0
    d Applied to 2010 distributable amount..... 285,250
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2010. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    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 assessed......     		0
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		0
    e Undistributed income for 2009. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2010. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		1,127,852
    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) ...........     		0
    8Excess distributions carryover from 2005 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2006....  
    b Excess from 2007....  
    c Excess from 2008....  
    d Excess from 2009....  
    e Excess from 2010....  
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2010, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2010 (b) 2009 (c) 2008 (d) 2007
             
    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 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “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) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see page 27 of the instructions.)
    1Information Regarding Foundation Managers:
    aList 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).)
    bList 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.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    JPMORGAN CHASE BANK NA
    PO BOX 227237
    DALLAS,TX752227237
    (866) 300-6222
    bThe form in which applications should be submitted and information and materials they should include:
    APPLICATION FORMS ARE AVAILABLE ON-LINE AT WWW.FRANKLINLINDSAY.ORG
    cAny submission deadlines:
    SEE ABOVE INTERNET SITE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    TEXAS STUDENTS ATTENDING COLLEGES AND UNIVERSITIES IN THE STATE.
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    Total .................................bullet 3a 0
    bApproved for future payment
    Total ..................................bullet 3b 0
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 11
    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
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 5,254  
    4 Dividends and interest from securities....     14 150,811  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....     14 236,506  
    8Gain or (loss) from sales of assets other than inventory     18 137,186  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a2009 EXCISE TAX REFUND     01 7,906  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 537,663 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    13537,663
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 12
    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
    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 noncharitable exempt organization of:
    (1) Cash....................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements............................
    1b(4)
     
    No
    (5) Loans or loan guarantees..............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    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?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    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.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2010)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 AccountingFeesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEES 1,945 0   1,945

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Name of Bond End of Year Book Value End of Year Fair Market Value
    GOLDMAN SACHS TRUST HIGH YIELD FUND INSTITUTIONAL SHS - 53748.23 SHS 380,000 392,362
    ISHARES BARCLAYS TIPS BOND FUND - 3510 SHS 350,791 377,395
    JPM HIGH YIELD FD - SEL FUND 3580 5.95% - 81256.06 SHS 548,248 662,237
    DREYFUS/LAUREL FDS TR PRM EMRGN MK I - 7338 SHS 103,979 106,107
    JPM STR INC OPP FD FUND 3844 2.00% - 17946.16 SHS 180,000 212,303
    JPM INTL CURRENCY INCOME FD INCOME FUND 1.74% - 18911.44 SHS 205,000 212,754
    FNMA GTD REMIC PASS THRU1993-149 CL M 7% AUG 25 2023 DTD 8/1/93 -6551.45 SHS 6,740 7,345
    NATIONSBANK CORP SUB NOTES 7 3/4% AUG 15 2015 DTD 9/5/95 - 20000 SHS 22,814 22,340
    NORFOLK SOUTHERN CORP NOTES 7.70% MAY 15 2017 DTD 5/19/97 - 5000 SHS 5,582 6,107
    U S A BOND STRIPPED PRIN PMT ZERO CPN MAY 15 2017 DTD 05/16/87 - 80000 SHS 62,970 67,808
    U S A BONDS 7 1/4% MAY 15 2016 DTD 5/15/86 - 55000 SHS 65,402 69,339
    ARROW ELECTRONICS INC 6 7/8% JUN 01 2018 DTD 06/03/1998 - 5000 SHS 5,408 5,632
    UNION PACIFIC CORP NOTES 6 1/2% APR 15 2012 DTD 4/18/2002 - 3000 SHS 3,106 3,203
    HOUSEHOLD FINANCE CORP NOTES 7% MAY 15 2012 DTD 5/22/2002 - 13000 SHS 13,322 13,948
    GE CAP CORP MED TERM NOTES 6% JUN 15 2012 DTD 6/7/2002 - 15000 SHS 15,261 16,035
    SBC COMMUNICATIONS INC NOTES 5 7/8% AUG 15 2012 DTD 8/19/2002 - 10000 SHS 10,617 10,774
    VERIZON GLOBAL FUNDING CORP 7 3/8% SEP 1 2012 DTD 8/26/2002 - 15000 SHS 16,369 16,561
    WELLPOINT HEALTH NETWORK NOTES 6 3/8% JAN 15 2012 DTD 1/16/2002 - 5000 SHS 5,127 5,271
    WELLS FARGO COMPANY NOTES 5% NOV 15 2014 DTD 11/6/2002 - 20000 SHS 18,851 21,237
    GOLDMAN SACHS GROUP INC NOTES 5 1/4% APR 1 2013 DTD 3/31/2003 - 25000 SHS 25,348 26,839
    FHLMC REMIC 4 1/2% MAY 15 2018 DTD 5/1/2003 - 30000 SHS 28,078 32,117
    DEUTSCHE TELEKOM INT FIN NOTES 5 1/4% JUL 22 2013 DTD 7/22/2003 - 5000 SHS 4,710 5,415
    AMERICAN EXPRESS NOTES 4 7/8% JUL 15 2013 DTD 7/24/2003 - 5000 SHS 4,990 5,345
    FNMA CTF 5 1/2% JUL 1 2033 DTD 6/01/2003 POOL NO 555591 - 19440.48 SHS 19,854 20,955
    DAIMLERCHRYSLER NA HOLDINGS 6 1/2% NOV 15 2013 DTD 11/6/2003 - 10000 SHS 11,116 11,321
    U S A NOTES 4 1/4% NOV 15 2013 DTD 11/15/2003 - 20000 SHS 20,096 21,883
    METLIFE INC NOTES 5% NOV 24 2013 DTD 11/24/2003 - 5000 SHS 4,968 5,418
    MORGAN STANLEY NOTES 4 3/4% APR 1 2014 DTD 3/30/2004 - 20000 SHS 20,086 20,481
    FHLMC REMIC SER 2748 CL LE 4.50% DEC 15 2017 DTD 2/1/2004 - 25000 SHS 24,266 25,963
    BRISTOL-MYERS SQUIBB NOTES 5 1/4% AUG 15 2013 DTD 2/15/2004 - 5000 SHS 5,237 5,527
    U S A NOTES 4 1/4% AUG 15 2014 DTD 8/15/2004 - 45000 SHS 42,854 49,641
    U S A NOTES 4% FEB 15 2015 DTD 2/15/2005 - 100000 SHS 98,095 109,555
    BRANCH BANKING & TRUST SUB 4 7/8% JAN 15 2013 DTD 12/23/2002 - 5000 SHS 5,073 5,310
    KIMBERLY-CLARK CORPORATION 4 7/8% AUG 15 2015 DTD 8/11/2005 - 5000 SHS 5,030 5,541
    CITIGROUP INC SENIOR NOTES 5.3% JAN 7 2016 DTD 12/8/2005 - 20000 SHS 19,941 21,236
    CISCO SYSTEMS NOTES 5 1/2% FEB 22 2016 DTD 2/22/2006 - 5000 SHS 4,875 5,706
    ORACLE CORPORATION NOTES 5 1/4% JAN 15 2016 DTD 1/13/2006 - 10000 SHS 10,154 11,243
    COMCAST CORP 6 1/2% JAN 15 2017 DTD 7/14/2006 - 10000 SHS 10,801 11,528
    FANNIE MAE 5% JUN 1 2019 DTD 6/1/2004 POOL NO 781333 - 30135.43 SHS 30,672 32,325
    BHP BILLITON FINANCE USA 5 1/4% DEC 15 2015 DTD 12/12/2005 - 5000 SHS 4,840 5,553
    FNMA REMIC TRUST 6% NOV 25 2034 DTD 4/1/2005 - 25000 SHS 24,961 27,283
    OHIO POWER COMPANY 4.85% JAN 15 2014 DTD 7/11/2003 - 5000 SHS 4,958 5,298
    CS FIRST BOSTON MGT SEC CL A4 6.18% DEC 15 2035 DTD 8/1/2001-14487.37 SHS 14,863 14,669
    FANNIE MAE 5.5% APR 1 2033 DTD 3/1/2003 POOL NO 254693 - 19220.46 SHS 19,097 20,718
    FANNIE MAE NOTES 5% FEB 13 2017 DTD 1/12/2007 - 15000 SHS 14,463 16,926
    FNMA REMIC TRUST 5% SER 2003-55 CL CD JUN 25 2023 DTD 05/01/2003 - 25000 SHS 23,930 25,998
    U S A NOTES 4 1/2% MAY 15 2017 DTD 5/15/2007 - 10000 SHS 11,518 11,189
    MERRILL LYNCH & CO MEDIUM NOTE 6.05% AUG 15 2012 DTD 8/15/2007-15000 SHS 15,026 15,884
    SUNTRUST BANKS SR NOTES 6% SEP 11 2017 DTD 09/10/2007 - 10000 SHS 9,582 10,502
    GE CAP CORP MEDIUM TERM NOTES 5 5/8% SEP 15 2017 DTD 09/24/2007 - 10000 SHS 9,694 10,965
    DIAGEO CAPITAL PLC NOTES 5 3/4% OCT 23 2017 DTD 10/26/2007 - 5000 SHS 5,154 5,671
    VIRGINIA ELECTRIC POWER 5.1% NOV 30 2012 DTD 12/04/2007 - 5000 SHS 5,283 5,374
    ALLSTATE LF GLB FN TRST MED NOTES 5 3/8% APR 30 2013 DTD 04/30/2008-5000 SHS 4,934 5,445
    GLAXOSMITHKLINE CAP INC 5.65% MAY 15 2018 DTD 05/13/2008 - 5000 SHS 5,238 5,717
    TRAVELERS COS INC SR NOTES 5.8% MAY 15 2018 DTD 05/13/2008 - 5000 SHS 4,991 5,601
    KRAFT FOODS INC NOTES 6 1/8% AUG 23 2018 DTD 05/22/2008 - 10000 SHS 11,550 11,434
    RIO TINTO FIN USA LTD NOTES 6 1/2% JUL 15 2018 DTD 06/27/2008 - 5000 SHS 5,892 5,829
    E.I. DU PONT DE NEMOURS SR NOTES 6% JUL 15 2018 DTD 07/28/2008 - 5000 SHS 5,080 5,749
    FANNIE MAE SER 2004-45 CL ZL 6% OCT 15 2032 DTD 05/01/2004 - 29658.47 SHS 29,776 32,773
    BOTTLING GROUP LLC 6.95% MAR 15 2014 DTD 10/24/2008 - 5000 SHS 5,721 5,794
    NATIONAL RURAL UTIL CORP 10 3/8% NOV 01 2018 DTD 10/30/2008 - 5000 SHS 6,690 6,897
    BP CAPITAL MARKETS PLC 5 1/4% NOV 07 2013 DTD 11/07/2008 - 10000 SHS 10,864 10,830
    SEMPRA ENERGY 9.8% FEB 15 2019 DTD 11/20/2008 - 5000 SHS 5,668 6,722
    AMERPRISE FINANCIAL INC 5.65% NOV 15 2015 DTD 11/23/2005 - 5000 SHS 5,733 5,541
    FREDDIE MAC SER 2773 CL CD 4.5% APR 15 2024 DTD 04/01/2004 - 25000 SHS 26,602 26,553
    ACE INA HOLDINGS 5.8% MAR 15 2018 DTD 02/14/2008 - 5000 SHS 5,414 5,526
    STAPLES INC 9 3/4% JAN 15 2014 DTD 01/15/2009 - 5000 SHS 5,507 6,059
    AMGEN INC SR NOTES 5.7% FEB 01 2019 DTD 01/16/2009 - 5000 SHS 5,259 5,685
    CONOCOPHILLIPS NOTES 5 3/4% FEB 01 2019 DTD 02/03/2009 - 5000 SHS 5,139 5,698
    CME GROUP INC 5 3/4% FEB 15 2014 DTD 02/09/2009 - 5000 SHS 5,317 5,536
    NOVARTIS SECS INVEST LTD 5 1/8% FEB 10 2019 DTD 02/10/2009 - 5000 SHS 5,094 5,530
    CATERPILLAR FIN SE MED TERM NOTE 7.15% FEB 15 2019 DTD 02/12/2009-10000 SHS 10,510 12,297
    PACCAR INC NOTES 6 7/8% FEB 15 2014 DTD 02/13/2009 - 5000 SHS 5,459 5,735
    MIDAMERICAN ENERGY CO 5.3% MAR 15 2018 DTD 03/25/2008 - 10000 SHS 9,972 11,100
    WYETH 5.45% APR 01 2017 DTD 03/27/2007 - 5000 SHS 5,880 5,649
    EATON CORP 6.95% MAR 20 2019 DTD 3/16/2009 - 5000 SHS 5,190 5,984
    PROGRESS ENERGY INC 6.05% MAR 15 2014 DTD 03/19/2009 - 5000 SHS 4,986 5,553
    ATOMS ENERGY CORP 8 1/2% MAR 15 2019 DTD 03/26/2009 - 5000 SHS 4,991 6,259
    FHLMC REMIC SER 3150 CL EQ 5% MAY 15 2026 DTD 05/01/2006 - 25000 SHS 23,375 25,288
    TRANS-CANADA PIPELINES 4% JUN 15 2013 DTD 06/12/2003 - 5000 SHS 4,680 5,300
    NUCOR CORP 5.85% JUN 01 2018 DTD 06/02/2008 - 5000 SHS 5,929 5,641
    HRPT PROPERTIES TRUST 5 3/4% FEB 15 2014 DTD 10/30/2003 - 5000 SHS 4,829 5,216
    BURLINGTN NORTH SANTA FE 5 3/4% MAR 15 2018 DTD 03/14/2008 - 5000 SHS 5,014 5,634
    ERP OPERATING LP 5 3/4% JUN 15 2017 DTD 06/04/2007 - 5000 SHS 4,958 5,478
    JOHNSON CONTROLS INC SR NOTES 5 1/2% JAN 15 2016 DTD 01/17/2006 - 5000 SHS 5,656 5,468
    JEFFRIES GROUP INC 8 1/2% JUL 15 2019 DTD 06/30/2009 - 5000 SHS 5,432 5,717
    EOG RESOURCES INC 5 7/8% SEP 15 2017 DTD 09/10/2007 - 5000 SHS 5,361 5,670
    FED HOME LN MTG CORP MULTI MTG 2405-PE 6.00% DUE 01/15/2017-13412.27 SHS 13,496 14,458
    DEUTSCHE BANK AG LONDON 3 7/8% AUG 18 2014 DTD 08/18/2009 - 5000 SHS 5,364 5,249
    PUBLIC SERVICE EL & GAS MED NOTE 5 3/8% SEP 01 2013 DTD 09/08/2003-5000 SHS 5,504 5,496
    HONEYWELL INTERNATIONAL 5.4% MAR 15 2016 DTD 03/14/2006 - 3000 SHS 3,523 3,396
    FHLMC REMIC SER 2627 CL MW 5% JUN 15 2023 DTD 06/01/2003 - 25000 SHS 25,953 26,353
    FHLMC REMIC SER 2977 CL JT 5% MAY 15 2020 DTD 05/01/2005 - 25000 SHS 26,250 26,848
    FED HOME LN MTG CORP NBR E96507 5.00% DUE 05/01/2018 - 15238.5 SHS 15,772 16,250
    FED HOME LN MTG CORP NBR E9-8662 5.00% DUE 08/01/2018 - 11300.39 SHS 11,533 12,051
    FED HOME LN MTG CORP NBR J0-2821 5.50% DUE 06/01/2021 - 8157.55 SHS 8,106 8,821
    FED HOME LN MTG CORP NBR B11031 4.50% DUE 11/01/2018 - 41552.57 SHS 41,536 43,864
    FED HOME LN MTG CORP NBR A3-6345 5.00% DUE 08/01/2035 - 16135.35 SHS 15,953 17,175
    FED HOME LN MTG CP GTD SER 2399 CL 2399-PG 6.00% DUE 01/15/2017-9815.77 SHS 9,877 10,601
    FED NATL MTG GTD REMIC TR 1992-G44 CL-ZQ 8.000% DUE 07/25/2022-11875.SHS 12,840 14,354
    FED NATL MTG ASSN NBR 0251730 6.0% DUE 04/01/2028 - 3490.6 SHS 3,563 3,845
    FED NATL MTG ASSN GTD MTG NBR 545967 5.50% DUE 10/01/2017 - 16612.94 SHS 16,639 17,913
    FED NATL MTG ASSN GTD MTG NBR 0604960 6.00% DUE 11/01/2031 - 5510.16 SHS 5,620 6,070
    FED NATL MTG GTD REMIC TR 2001-69 CL PG 6.00% DUE 12/25/2016 - 7229.65 SHS 7,329 7,798
    FED NATL MTG ASSN GTD REMIC TR 2002-2 CL UC 6.00%DUE 02/25/2017-12038.08 SHS 12,190 12,944
    FED NATL MTG ASSN GTD REMIC TR 2002-54 CL-PE 5.85%DUE 02/25/2022-12914.73SHS 13,205 13,332
    FED NATL MTG ASSN GTD REMIC TR 2003-17 CL HC 5.00% DUE 03/25/2018-25000 SHS 24,000 26,988
    FED HOME LN MTG CORP GTD SER 2624 CL QH 5.00% DUE 06/15/2033 - 25000 SHS 23,258 26,166
    FED HOME LN MTG CORP GTD SER 2628 CL WA 4.00% DUE 07/15/2028 - 23885.13 SHS 22,661 24,256
    FED NATL MTG ASSN GTD REMIC TR 2005-47 CL-AN 5.00%DUE 12/25/2016-4754.95 SHS 4,693 4,796
    FED NATL MTG ASSN GTD REMIC TR 2005-70 CL NA 5.50%DUE 08/25/2035-18704.43SHS 18,658 20,586
    FED HOME LN MTG CORP GTD SER 2687 CL 2687-JG 75.00% DUE 11/15/2022-45000 SHS 42,469 48,362
    FED NATL MTG ASSN GTD REMIC TR 2006-18 CL PD 5.50% DUE 08/25/2034-25000 SHS 24,922 27,371
    FED NATL MTG ASSN GTD MTG NBR 821144 6.00% DUE 05/01/2035 - 18296.71 SHS 18,851 20,059
    FED NATL MTG ASSN GTD MTG NBR 821503 5.50% DUE 06/01/2035 - 23443.87 SHS 23,759 25,263
    FED NATL MTG ASSN GTD MTG NBR 0835467 5.00% DUE 09/01/2020 - 19457.01 SHS 19,251 20,871
    FED NATL MTG ASSN GTD MTG NBR 888656 6.50% DUE 04/01/2025 - 23742.3 SHS 24,450 26,136
    GNMA GTD PASS THRU CTF POOL NBR 615494 6.00% DUE 08/15/2033 - 6072.41 SHS 6,319 6,752
    HONEYWELL INTL INC SR NT DTD 03/15/2007 5.30% DUE 03/15/2017 - 2000 SHS 2,313 2,206
    MEDTRONIC INC SR NT DTD 09/15/2005 4.75% DUE 09/15/2015 - 5000 SHS 4,726 5,535
    BANK OF NEW YORK MELLON NOTES 4.6% JAN 15 2020 DTD 11/16/2009 - 5000 SHS 4,990 5,246
    U S A NOTES 3 3/8% NOV 15 2019 DTD 11/16/2009 - 60000 SHS 59,723 61,252
    WESTPAC BANKING CORP NOTES 4 7/8% NOV 19 2019 DTD 11/19/2009 - 5000 SHS 4,996 5,254
    BLACKROCK INC 5% DEC 10 2019 DTD 12/10/2009 - 5000 SHS 4,975 5,221
    FANNIE MAE SER 2005-29 CL QD 5% AUG 25 2033 DTD 03/01/2005 - 25000 SHS 26,945 26,739
    BANK OF NOVA SCOTIA 3.4% JAN 22 2015 DTD 01/22/2010 - 5000 SHS 5,367 5,190
    GOV NAT'L MGT ASSOC II SER 2003-25 CLT 5% APR 20 2033DTD 04/01/2003-3000 SHS 31,800 32,154
    TOYOTA MTR CREDIT CORP MEDIUM NOTES 3.2% JUN 17 2015 DTD 06/17/2010-5000 SHS 5,009 5,165
    SHELL INTERNATIONAL FIN 3.1% JUN 28 2015 DTD 06/28/2010 - 4000 SHS 3,997 4,108
    FREDDIE MAC SER 2942 CL LA 5% MAR 15 2035 DTD 03/01/2005 - 18361.05 SHS 19,394 19,555
    GOV NAT'L MGT II SER 2004-69 CL AB 5.5% SEP 20 2034 DTD 09/01/2004-25000 SHS 26,969 27,006
    FREDDIE MAC SER 3473 CL CH 5.5% JUL 15 2038 DTD 07/01/2008 - 25000 SHS 27,156 27,290
    CNA FINANCIAL CORP 5 7/8% AUG 15 2020 DTD 08/10/2010 - 2000 SHS 1,994 1,991
    AON CORP SR NOTES 3 1/2% SEP 30 2015 DTD 09/10/2010 - 2000 SHS 1,990 2,001
    GNMA II SER 2005-80 CL VC 5% MAY 20 2029 DTD 10/01/2005 - 25000 SHS 26,977 26,791
    TOTAL CAPITAL SA 2.3% MAR 15 2016 DTD 09/15/2010 - 5000 SHS 5,054 4,972
    GNMA II SER 2005-93 CL BG 5.5% JUN 20 2035 DTD 12/01/2005 - 22770.03 SHS 24,307 24,812
    CAPITAL ONE FINANCIAL CO SUB NOTES 6.15% SEP 1 2016 DTD 8/29/2006 - 5000 SHS 5,000 5,413
    INTUIT INC 5 3/4% MAR 15 2017 DTD 3/12/2007 - 10000 SHS 11,342 10,902
    FHLB 5% NOV 17 2017 DTD 10/19/2007 - 20000 SHS 23,823 22,675
    U S A NOTES 3 7/8% MAY 15 2018 DTD 05/15/2008 - 40000 SHS 45,802 43,038
    U S A NOTES 3 3/4% NOV 15 2018 DTD 11/17/2008 - 95000 SHS 96,970 101,049
    DOW CHEMICAL COMPANY 5.7% MAY 15 2018 DTD 05/06/2008 - 5000 SHS 5,519 5,409
    ANADARKO PETROLEUM CORP NOTES 8.7% MAR 15 2019 DTD 03/05/2009 - 5000 SHS 4,945 6,106
    SIMON PROP GP LP SR NOTES 10.35% APR 01 2019 DTD 03/25/2009 - 10000 SHS 13,945 13,672
    DELL INC 5.65% APR 15 2018 DTD 10/15/2008 - 5000 SHS 5,725 5,476
    U S A NOTES 3 1/4% MAY 31 2016 DTD 06/01/2009 - 80000 SHS 80,509 84,382
    VODAFONE GROUP PLC 4.15% JUN 10 2014 DTD 06/10/2009 - 10000 SHS 9,993 10,512
    BUNGE LIMITED FINANCE CO 8 1/2% JUN 15 2019 DTD 06/09/2009 - 5000 SHS 5,127 5,863
    U S A NOTES 1 3/4% APR 15 2013 DTD 04/15/2010 - 165000 SHS 170,440 168,790

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Name of Stock End of Year Book Value End of Year Fair Market Value
    MATTHEWS PACIFIC TIGER FD - 15060.04 SHS 238,000 353,007
    ISHARES RUSSELL MIDCAP INDEX FUND - 1675 SHS 114,971 170,431
    FMI FDS INC LARGE CAP FD - 22644.93 SHS 250,000 353,487
    JPM US REAL ESTATE FD - SEL FUND 3037 - 14869.36 SHS 268,544 231,665
    JPM INTREPID AMERICA FD - SEL FUND 1206 - 9760.38 SHS 238,712 223,805
    JPM MARKET EXPANSION INDEX FD - SEL FUND 3708 - 27092.85 SHS 178,000 291,519
    JPM INTL VALUE FD - SEL FUND 1296 - 12243.52 SHS 129,414 164,063
    JPM ASIA 3 FD - SEL FUND 1134 - 9304.62 SHS 219,101 352,459
    VANGUARD MSCI EMERGING MARKETS ETF - 4368 SHS 203,166 210,302
    JPM US LRGE CAP CORE PLUS FD - SEL FUND 1002 - 25722.35 SHS 526,316 531,681
    HARTFORD CAPITAL APPRECIATION FUND - 12080.54 SHS 252,000 418,470
    EATON VANCE MUT FDS TR GLOBAL MACRO - I - 19277.11 SHS 200,000 197,976
    GATEWAY FUND - Y - 3959.12 SHS 102,541 103,175
    SPDR GOLD TRUST - 794 SHS 69,927 110,144
    ARTIO INTERNATIONAL 3 II - I - 14209.55 SHS 216,269 177,051
    HARTFORD MID CAP FD I - 8001 SHS 160,500 177,222
    JPM RESEARCH MARKET NEUTRAL FD - SEL FUND - SEL - 13354.37 SHS 208,667 206,192
    BARC 2YR COMMODITY BREN DD 01/08/10 - 100000 SHS 98,500 112,350
    DB ASIA BREN 03/03/11 :2/12/10:100.00 - 48000 SHS 47,520 55,850
    GS SPX CONT BUFF EQ NOTE 08/18/11 :2/12/10: 1075.51 - 48000 SHS 47,400 55,709
    GS CONT BUFF EQ NOTE SPX 08/25/11:2/19/10: 1109.17 - 95000 SHS 93,813 107,770
    BARC EAFE BREN 03/31/11 3/12/10:- 100000 SHS 99,000 102,390
    GS EAFE NOTE 04/25/11 - 100000 SHS 98,770 97,778
    BNP SPX NOTE 05/12/11 - 70000 SHS 69,370 73,396
    MS COMMODITY INDEX BREN 01/03/12 DD 06/25/10 - 100000 SHS 98,750 110,625
    BARC BREN ASIA BASKET 08/05/11 - 60000 SHS 59,400 67,494
    GS BREN SPX 08/05/11 - 60000 SHS 59,400 67,402
    BARC BREN SPX 09/19/11 - 100000 SHS 99,000 110,340
    GS GOLD CPN NOTE 10/07/11 DD 10/01/10 - 100000 SHS 99,000 104,300
    SG BREN EAFE 10/19/11 - 100000 SHS 99,000 102,120
    CS BREN ASIA BASKET 11/9/11 - 100000 SHS 99,000 96,810
    GS BREN MID 12/02/11 - 100000 SHS 99,000 103,347

    TY 2010 LegalFeesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 6,083 0   6,083


    TY 2010 OtherAssetsSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    MINERAL PROPERTY 6 6 1,233


    TY 2010 OtherExpensesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MISC EXPENSE - INTERNET SITE MAINT 1,300 0   1,300
    MINERAL EXPENSE 82 82   0
    INSURANCE EXPENSE - O & D 3,095 0   3,095


    TY 2010 OtherIncomeSchedule2
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ROYALTY INCOME 494 494 494
    STUDENT LOAN INTEREST 232,888 232,888 232,888
    ACCRETION 2,322 2,322 2,322
    MISC LOAN PAYMENTS 802 802 802
    2009 EXCISE TAX REFUND 7,906   7,906


    TY 2010 OtherIncreasesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Description Amount
    RECOVERY OF PRIOR YR LOAN DISTRIBUTIONS 3,500
    MUTUAL FUND TIMING DIFFERENCES 3,526
    ADJUSTMENT - RETURN OF CAPITAL 6,084
    STUDENT LOAN EXCESS PAYMENTS REFUNDED 801


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 9,800 0   9,800


    TY 2010 TaxesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND
    8300147300 / R76010009
    EIN: 74-6031753
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EST EXCISE TAX PAID 12/31/10 5,430 0   0
    FOREIGN DIVIDEND TAX PAID 1,606 1,606   0