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
2011
For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011
G
Check all that apply:
Name of foundation
FRANKLIN LINDSAY STUDENT AID FUND 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$20,774,529J 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 40,443 40,443  
4 Dividends and interest from securities...... 229,310 229,239  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 312,713
b Gross sales price for all assets on line 6a 6,637,094
7 Capital gain net income (from Part IV, line 2)... 312,713
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 170,900 170,379  
12 Total. Add lines 1 through 11........ 753,366 752,774  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 139,482 104,611   34,871
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment 3,405 0   3,405
b Accounting fees (attach schedule)....... Click to see attachment 2,025 0   2,025
c Other professional fees (attach schedule).... Click to see attachment 6,625 0   6,625
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 13,223 1,403   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings....... 16,999 0   16,999
22 Printing and publications.......... 250 0   250
23 Other expenses (attach schedule)....... Click to see attachment 3,839 556   3,283
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 185,848 106,570   67,458
25 Contributions, gifts, grants paid........ 0 0
26 Total expenses and disbursements. Add lines 24 and 25 185,848 106,570   67,458
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 567,518
b Net investment income (if negative, enter -0-) 646,204
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 (2011)
Form 990-PF (2011)
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............... 251,901 238,781 238,781
2 Savings and temporary cash investments.......... 852,799 1,095,660 1,095,660
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) bullet9,993,008
Less: allowance for doubtful accounts bullet0 9,561,445 9,993,008 9,997,441
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)........ 4,843,051 Click to see attachment4,389,949 4,726,375
c Investments—corporate bonds (attach schedule)........ 4,127,257 Click to see attachment4,482,160 4,715,342
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 attachment930
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 19,636,459 20,199,564 20,774,529
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......... 19,636,459 20,199,564
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).................... 19,636,459 20,199,564
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 19,636,459 20,199,564
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 19,636,459
2 Enter amount from Part I, line 27a..................... 2 567,518
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 645
4 Add lines 1, 2, and 3.......................... 4 20,204,622
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 5,058
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 20,199,564
Form 990-PF (2011)
Form 990-PF (2011)
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 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 6,598,953   6,324,381 274,572
b 38,141     38,141
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       274,572
b       38,141
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 2 312,713
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))
2010 1,584,168 9,566,326 0.165598
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
2 Total of line 1, column (d) ...................... 2 0.701753
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 0.140351
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 10,977,430
5 Multiply line 4 by line 3....................... 5 1,540,693
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 6,462
7 Add lines 5 and 6......................... 7 1,547,155
8 Enter qualifying distributions from Part XII, line 4.............. 8 1,353,258
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 (2011)
Form 990-PF (2011)
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 12,924
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 12,924
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 12,924
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 16,100
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 6,700
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 22,800
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 9,876
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet9,876 Refunded Bullet 11 0
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 2011 or the taxable year beginning in 2011 (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 (210) 841-7033
    Located atbullet1020 NORTH EAST LOOP 410 FL 02SAN ANTONIOTX ZIP+4bullet78209
    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 2011, 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 (2011)
    Form 990-PF (2011)
    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 2011?.............
    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 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    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 2011 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 2011.)....................
    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 2011?
    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 (2011)
    Form 990-PF (2011)
    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     		139,482 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 (2011)
    Form 990-PF (2011)
    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 1,285,800
    2  
    All other program-related investments. See page 24 of the instructions.
    3  
    Total. Add lines 1 through 3..........................bullet1,285,800
    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
    9,849,950
    b
    Average of monthly cash balances.......................
    1b
    1,293,567
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    1,082
    d
    Total (add lines 1a, b, and c).........................
    1d
    11,144,599
    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
    11,144,599
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    167,169
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    10,977,430
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    548,872
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    548,872
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    12,924
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    12,924
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    535,948
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    849,688
    5
    Add lines 3 and 4............................
    5
    1,385,636
    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
    1,385,636
    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
    67,458
    b
    Program-related investments—total from Part IX-B..................
    1b
    1,285,800
    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
    1,353,258
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    1,353,258
    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 (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 1,385,636
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 1,127,852
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2011:
    a From 2006.......  
    b From 2007.......  
    c From 2008.......  
    d From 2009.......  
    e From 2010.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 1,353,258
    a Applied to 2010, but not more than line 2a 1,127,852
    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 2011 distributable amount..... 225,406
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2011. 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 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2011. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		1,160,230
    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 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2007....  
    b Excess from 2008....  
    c Excess from 2009....  
    d Excess from 2010....  
    e Excess from 2011....  
    Form 990-PF (2011)
    Form 990-PF (2011)
    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 2011, 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) 2011 (b) 2010 (c) 2009 (d) 2008
             
    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 (2011)
    Form 990-PF (2011)
    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 (2011)
    Form 990-PF (2011)
    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 40,443  
    4 Dividends and interest from securities....     14 229,310  
    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.....     14 170,379  
    8Gain or (loss) from sales of assets other than inventory     18 312,713  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: a2010 EXCISE TAX REFUND     01 521  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 753,366 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13753,366
    (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 (2011)
    Form 990-PF (2011)
    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 (2011)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 AccountingFeesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEES 2,025 0   2,025

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Name of Bond End of Year Book Value End of Year Fair Market Value
    DREYFUS/LAUREL FDS TR PRM EMRGN MK I - 14237.054 SHS 207,810 187,360
    JPM STR INC OPP FD FUND 3844 3.25% - 17946.162 SHS 180,000 203,330
    JPM INTL CURRENCY INCOME FD 1.11% - 18911.439 SHS 205,000 204,811
    BLACKROCK HIGH YIELD BOND - 50995.391 SHS 398,274 376,856
    EATON VANCE FLOATING RATE I - 37369.659 SHS 330,721 329,227
    JPM HIGH YIELD FD - SEL FUND 3580 5.91% - 55580.364 SHS 338,735 423,522
    JPM TR I INFL MANAGED BD - SEL 2.19% - 19535.421 SHS 207,662 204,731
    DB 95% PPN FX BASKET 2/1/13 - 85000 SHS 84,245 78,557
    BARC 93% PPN CURRENCY BASKET 9/13/13 1 - 80000 SHS 79,328 75,080
    FNMA GTD REMIC PASS THRU CTF REMIC - 5219.3 SHS 5,369 5,949
    NORFOLK SOUTHERN CORP NOTES 7.70% MAY 15 2017 DTD 5/19/97 - 5000 SHS 5,582 6,417
    U S A BOND STRIPPED PRIN PMT ZERO CPN MAY 15 2017 DTD 05/16/87 - 80000 SHS 65,379 75,889
    U S A TREAS BONDS 7.250% 05/15/2016 DTD 05/15/1986 - 55000 SHS 65,402 70,533
    ARROW ELECTRONICS INC 6 7/8% JUN 01 2018 DTD 06/03/1998 - 5000 SHS 5,408 5,648
    GENERAL ELECTRIC CAPITAL CORP MEDIUM TERM - 15000 SHS 15,261 15,337
    WELLPOINT HEALTH NETWORK NOTES 6 3/8% JAN 15 2012 DTD 1/16/2002 - 5000 SHS 5,127 5,009
    WELLS FARGO COMPANY NOTES 5% NOV 15 2014 DTD 11/6/2002 - 20000 SHS 18,851 21,401
    FHLMC REMIC 4 1/2% MAY 15 2018 DTD 5/1/2003 - 25174.46 SHS 23,562 26,778
    DEUTSCHE TELEKOM INT FIN NOTES 5 1/4% JUL 22 2013 DTD 7/22/2003 - 5000 SHS 4,710 5,255
    AMERICAN EXPRESS NOTES 4 7/8% JUL 15 2013 DTD 7/24/2003 - 5000 SHS 4,990 5,229
    FNMA CTF 5 1/2% JUL 1 2033 DTD 6/01/2003 POOL NO 555591 - 13959.04 SHS 14,256 15,259
    DAIMLERCHRYSLER NA HOLDINGS NOTES11/6/2003 - 10000 SHS 11,116 10,892
    METLIFE INC NOTES 5% NOV 24 2013 DTD 11/24/2003 - 5000 SHS 4,968 5,326
    MORGAN STANLEY NOTES 4 3/4% APR 1 2014 DTD 3/30/2004 - 20000 SHS 20,086 19,702
    FHLMC REMIC SER 2748 CL LE 4.50% DEC 15 2017 DTD 2/1/2004 - 13576.24 SHS 13,177 13,856
    USA TREAS NOTES 4.250% 08/15/2014 DTD 08/15/2004 - 45000 SHS 42,854 49,570
    CREDIT SUISSE FB USA INC NOTES 4 7/8% JAN 15 2015 DTD 12/15/2004 - 10000 SHS 10,500 10,448
    USA TREAS NOTES 4.000% 02/15/2015 DTD 02/15/2005 - 100000 SHS 98,095 111,063
    BRANCH BANKING & TRUST 12/23/2002 - 5000 SHS 5,073 5,095
    KIMBERLY-CLARK CORPORATION 4 7/8% AUG 15 2015 DTD 8/11/2005 - 5000 SHS 5,030 5,595
    CITIGROUP INC SENIOR NOTES 5.3% JAN 7 2016 DTD 12/8/2005 - 20000 SHS 19,941 20,738
    CISCO SYSTEMS NOTES 5 1/2% FEB 22 2016 DTD 2/22/2006 - 5000 SHS 4,875 5,819
    ORACLE CORPORATION NOTES 5 1/4% JAN 15 2016 DTD 1/13/2006 - 10000 SHS 10,154 11,547
    COMCAST CORP 6 1/2% JAN 15 2017 DTD 7/14/2006 - 10000 SHS 10,801 11,762
    KRAFT FOODS INC NOTES 6 1/8% AUG 23 2018 DTD 05/22/2008 - 10000 SHS 11,550 11,799
    RIO TINTO FIN USA LTD NOTES 6 1/2% JUL 15 2018 DTD 06/27/2008 - 5000 SHS 5,892 6,027
    E.I. DU PONT DE NEMOURS SR NOTES 6% JUL 15 2018 DTD 07/28/2008 - 5000 SHS 5,080 6,111
    FANNIE MAE SER 2004-45 CL ZL 6% OCT 15 2032 DTD 05/01/2004 - 31331.082 SHS 29,776 35,422
    NATIONAL RURAL UTIL CORP 10 3/8% NOV 01 2018 DTD 10/30/2008 - 5000 SHS 6,690 7,194
    SEMPRA ENERGY 9.8% FEB 15 2019 DTD 11/20/2008 - 5000 SHS 5,668 6,753
    AMERPRISE FINANCIAL INC 5.65% NOV 15 2015 DTD 11/23/2005 - 5000 SHS 5,733 5,648
    FREDDIE MAC SER 2773 CL CD 4.5% APR 15 2024 DTD 04/01/2004 - 21245.26 SHS 22,606 22,907
    ACE INA HOLDINGS 5.8% MAR 15 2018 DTD 02/14/2008 - 5000 SHS 5,414 5,856
    TYCO INTERNATIONAL FINAN 8 1/2% JAN 15 2019 DTD 01/09/2009 - 5000 SHS 6,397 6,440
    STAPLES INC 9 3/4% JAN 15 2014 DTD 01/15/2009 - 5000 SHS 5,507 5,717
    AMGEN INC SR NOTES 5.7% FEB 01 2019 DTD 01/16/2009 - 5000 SHS 5,259 5,623
    FANNIE MAE 5% JUN 1 2019 DTD 6/1/2004 POOL NO 781333 - 20696.51 SHS 21,065 22,477
    CONOCOPHILLIPS NOTES 5 3/4% FEB 01 2019 DTD 02/03/2009 - 5000 SHS 5,139 6,025
    CME GROUP INC 5 3/4% FEB 15 2014 DTD 02/09/2009 - 5000 SHS 5,317 5,450
    NOVARTIS SECS INVEST LTD 5 1/8% FEB 10 2019 DTD 02/10/2009 - 5000 SHS 5,094 5,876
    CATERPILLAR FINACIAL SE MEDIUM TERM NOTE - 10000 SHS 10,510 12,808
    PACCAR INC NOTES 6 7/8% FEB 15 2014 DTD 02/13/2009 - 5000 SHS 5,459 5,602
    MIDAMERICAN ENERGY CO 5.3% MAR 15 2018 DTD 03/25/2008 - 10000 SHS 9,972 11,677
    WYETH 5.45% APR 01 2017 DTD 03/27/2007 - 5000 SHS 5,880 5,857
    EATON CORP 6.95% MAR 20 2019 DTD 3/16/2009 - 5000 SHS 5,190 6,375
    PROGRESS ENERGY INC 6.05% MAR 15 2014 DTD 03/19/2009 - 5000 SHS 4,986 5,517
    ATOMS ENERGY CORP 8 1/2% MAR 15 2019 DTD 03/26/2009 - 5000 SHS 4,991 6,607
    FHLMC REMIC SER 3150 CL EQ 5% MAY 15 2026 DTD 05/01/2006 - 25000 SHS 23,375 28,022
    TRANS-CANADA PIPELINES 4% JUN 15 2013 DTD 06/12/2003 - 5000 SHS 4,680 5,203
    BHP BILLITON FINANCE USA 5 1/4% DEC 15 2015 DTD 12/12/2005 - 5000 SHS 4,840 5,745
    NUCOR CORP 5.85% JUN 01 2018 DTD 06/02/2008 - 5000 SHS 5,929 5,965
    HRPT PROPERTIES TRUST 5 3/4% FEB 15 2014 DTD 10/30/2003 - 5000 SHS 4,829 5,115
    USA TREAS NOTES 2.250% 05/31/2014 DTD 05/31/2009 - 20000 SHS 20,761 20,923
    BANK OF AMERICA CORP SR NOTES 7 5/8% JUN 01 2019 DTD 06/02/2009 - 20000 SHS 23,413 20,684
    BURLINGTN NORTH SANTA FE 5 3/4% MAR 15 2018 DTD 03/14/2008 - 5000 SHS 5,014 5,842
    ERP OPERATING LP 5 3/4% JUN 15 2017 DTD 06/04/2007 - 5000 SHS 4,958 5,544
    JOHNSON CONTROLS INC SR NOTES 5 1/2% JAN 15 2016 DTD 01/17/2006 - 5000 SHS 5,656 5,595
    JEFFRIES GROUP INC 8 1/2% JUL 15 2019 DTD 06/30/2009 - 5000 SHS 5,432 5,075
    EOG RESOURCES INC 5 7/8% SEP 15 2017 DTD 09/10/2007 - 5000 SHS 5,361 5,967
    FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS - 9953.1 SHS 10,015 10,664
    DEUTSCHE BANK AG LONDON 3 7/8% AUG 18 2014 DTD 08/18/2009 - 5000 SHS 5,364 5,086
    PUBLIC SERVICE EL & GAS MEDIUM TERM NOTE - 5000 SHS 5,504 5,367
    FNMA REMIC TRUST 6% NOV 25 2034 DTD 4/1/2005 - 25000 SHS 24,961 29,111
    OHIO POWER COMPANY 4.85% JAN 15 2014 DTD 7/11/2003 - 5000 SHS 4,958 5,309
    FANNIE MAE 5.5% APR 1 2033 DTD 3/1/2003 POOL NO 254693 - 13894.44 SHS 13,805 15,189
    FANNIE MAE NOTES 5% FEB 13 2017 DTD 1/12/2007 - 15000 SHS 14,463 17,714
    FNMA REMIC TRUST 5% - 18204.25 SHS 17,425 19,845
    USA TREAS NOTES 4.500% 05/15/2017 DTD 05/15/2007 - 10000 SHS 11,518 11,860
    SUNTRUST BANKS SR NOTES 6% SEP 11 2017 DTD 09/10/2007 - 10000 SHS 9,582 10,987
    GENERAL ELEC CAP CORP MEDIUM TERM NOTES - 10000 SHS 9,694 11,068
    DIAGEO CAPITAL PLC NOTES 5 3/4% OCT 23 2017 DTD 10/26/2007 - 5000 SHS 5,154 5,867
    VIRGINIA ELECTRIC POWER 5.1% NOV 30 2012 DTD 12/04/2007 - 5000 SHS 5,283 5,194
    ALLSTATE LF GLB FN TRST MEDIUM TERM NOTES - 5000 SHS 4,934 5,280
    BANK OF AMERICA NA NOTES 4.90% MAY 01 2013 DTD 05/02/2008 - 15000 SHS 15,224 15,012
    GLAXOSMITHKLINE CAP INC 5.65% MAY 15 2018 DTD 05/13/2008 - 5000 SHS 5,238 6,018
    TRAVELERS COS INC SR NOTES 5.8% MAY 15 2018 DTD 05/13/2008 - 5000 SHS 4,991 5,877
    HONEYWELL INTERNATIONAL 5.4% MAR 15 2016 DTD 03/14/2006 - 3000 SHS 3,523 3,489
    FHLMC REMIC SER 2627 CL MW 5% JUN 15 2023 DTD 06/01/2003 - 25000 SHS 25,953 27,919
    FHLMC REMIC SER 2977 CL JT 5% MAY 15 2020 DTD 05/01/2005 - 25000 SHS 26,250 28,144
    FED HOME LN MTG CORP PARTN CTFS GROUP NBR E96507 - 9552.79 SHS 9,887 10,288
    FED HOME LN MTG CORP PARTN CTFS GROUP NBR E9-8662 - 7494.59 SHS 7,649 8,071
    FED HOME LN MTG CORP PARTN CTFS GROUP NBR J0-2821 - 5756.37 SHS 5,720 6,288
    FED HOME LN MTG CORP PARTN CTFS GROUP NBR B11031 - 32424.54 SHS 32,412 35,013
    FED HOME LN MTG CORP PARTN CTFS GROUP NBR A3-6345 - 14054.76 SHS 13,896 15,456
    FEDERAL HOME LN MTG CORP MULTICLASS MTG - 6561.84 SHS 6,603 7,004
    FEDERAL NATL MTG ASSN - 8962.84 SHS 9,691 10,185
    FEDERAL NATL MTG ASSN NBR 0251730 6.0% DUE 04/01/2028 - 2554.5 SHS 2,608 2,848
    FEDERAL NATL MTG ASSN NBR 545967 5.50% DUE 10/01/2017 - 11543.94 SHS 11,562 12,548
    FEDERAL NATL MTG ASSN NBR 0604960 6.00% DUE 11/01/2031 - 4315.45 SHS 4,401 4,811
    FEDERAL NATL MTG 2001-69 CL PG 6.00% DUE 12/25/2016 - 4944.07 SHS 5,012 5,271
    FEDERAL NATL MTG A 2002-2 CL UC 6.00% DUE 02/25/2017 - 8587.55 SHS 8,696 9,186
    FEDERAL NATL MTG2002-54 CL-PE 5.85% DUE 02/25/2022 - 3855.93 SHS 3,943 3,880
    FEDERAL NATL MTG 2003-17 CL HC 5.00% DUE 03/25/2018 - 25000 SHS 24,000 26,818
    FEDERAL HOME LN MTG SER 2613 CL BY 5.50% DUE 05/15/2033 - 25000 SHS 27,516 28,565
    FEDERAL HOME LN MTG SER 2624 CL QH 5.00% DUE 06/15/2033 - 25000 SHS 23,258 28,002
    FEDERAL NATL MTG ASSN 2005-70 CL NA 5.50% DUE 08/25/2035 - 15297.69 SHS 15,259 17,110
    FEDERAL HOME LN MTG CORP CL 2687-JG 5.00% DUE 11/15/2022 - 45000 SHS 42,469 48,135
    FEDERAL NATL MTG ASSNCL PD 5.50% DUE 08/25/2034 - 25000 SHS 24,922 27,387
    FEDERAL NATL MTG ASSN NBR 821144 6.00% DUE 05/01/2035 - 16637.32 SHS 17,142 18,458
    FEDERAL NATL MTG ASSN NBR 821503 5.50% DUE 06/01/2035 - 19885.88 SHS 20,153 21,838
    FEDERAL NATL MTG ASSN NBR 0835467 5.00% DUE 09/01/2020 - 15603.9 SHS 15,439 16,946
    FEDERAL NATL MTG ASSN NBR 888656 6.50% DUE 04/01/2025 - 18856.48 SHS 19,419 20,990
    GNMA GTD PASS THRU CTF POOL NBR 615494 6.00% DUE 08/15/2033 - 3897.7 SHS 4,056 4,436
    HONEYWELL INTL INC SR NT DTD 03/15/2007 5.30% DUE 03/15/2017 - 2000 SHS 2,313 2,325
    MEDTRONIC INC SR NT DTD 09/15/2005 4.75% DUE 09/15/2015 - 5000 SHS 4,726 5,600
    NATIONAL SEMICONDUCTOR CORP SR 06/15/2017 - 5000 SHS 5,952 6,141
    BANK OF NEW YORK MELLON NOTES 4.6% JAN 15 2020 DTD 11/16/2009 - 5000 SHS 4,990 5,443
    USA TREAS NOTES 3.375% 11/15/2019 DTD 11/16/2009 - 60000 SHS 59,723 68,395
    WESTPAC BANKING CORP NOTES 4 7/8% NOV 19 2019 DTD 11/19/2009 - 5000 SHS 4,996 5,320
    BLACKROCK INC 5% DEC 10 2019 DTD 12/10/2009 - 5000 SHS 4,975 5,457
    FANNIE MAE SER 2005-29 CL QD 5% AUG 25 2033 DTD 03/01/2005 - 25000 SHS 26,945 26,866
    BANK OF NOVA SCOTIA 3.4% JAN 22 2015 DTD 01/22/2010 - 5000 SHS 5,367 5,252
    GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 28477.17 SHS 30,186 31,846
    TOYOTA MOTOR CREDIT CORP MEDIUM TERM 06/17/2010 - 5000 SHS 5,009 5,259
    SHELL INTERNATIONAL FIN 3.1% JUN 28 2015 DTD 06/28/2010 - 4000 SHS 3,997 4,289
    FREDDIE MAC SER 2942 CL LA 5% MAR 15 2035 DTD 03/01/2005 - 14612.029 SHS 15,434 16,177
    GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 25000 SHS 26,969 28,855
    FREDDIE MAC SER 3473 CL CH 5.5% JUL 15 2038 DTD 07/01/2008 - 25000 SHS 27,156 27,726
    USA TREAS NOTES 1.750% 07/31/2015 DTD 08/02/2010 - 50000 SHS 51,846 52,188
    CNA FINANCIAL CORP 5 7/8% AUG 15 2020 DTD 08/10/2010 - 2000 SHS 1,994 2,055
    FANNIE MAE SER 2007-72 CL DB 5.75% JUL 25 2037 DTD 06/01/2007 - 25000 SHS 27,789 28,172
    AON CORP SR NOTES 3 1/2% SEP 30 2015 DTD 09/10/2010 - 2000 SHS 1,990 2,052
    GNMA II SER 2005-80 CL VC 5% MAY 20 2029 DTD 10/01/2005 - 25000 SHS 26,977 27,602
    TOTAL CAPITAL SA 2.3% MAR 15 2016 DTD 09/15/2010 - 5000 SHS 5,054 5,132
    GNMA II SER 2005-93 CL BG 5.5% JUN 20 2035 DTD 12/01/2005 - 22770.033 SHS 24,307 24,222
    FHLMC SER 3476 CL VB 5.5% FEB 15 2027 DTD 07/01/2008 - 25000 SHS 27,250 26,800
    HONDA AUTO RECEIVABLES - 25000 SHS 25,492 25,403
    DIRECTV HLDG FIN INC 5% MAR 01 2021 DTD 03/10/2011 - 5000 SHS 5,007 5,351
    BP CAPITAL MARKETS PLC 4.742% MAR 11 2021 DTD 03/11/2011 - 10000 SHS 10,000 11,327
    ABBEY NATL TREASURY SERV FLOATING RATE APR 25 2014 DTD 04/27/2011 - 5000 SHS 5,022 4,552
    GNMA SER 2005-7 CL BK 5.5% FEB 20 2032 DTD 02/01/2005 - 25000 SHS 27,563 28,969
    HEWLETT PACKARD CO SR NOTES 4 3/8% SEP 15 2021 DTD 09/19/2011 - 4000 SHS 3,993 4,128
    INTEL CORP 3.3% OCT 01 2021 DTD 09/19/2011 - 5000 SHS 5,158 5,267
    FHLMC SER 3834 CL PG 4.5% DEC 15 2037 DTD 04/01/2011 - 25000 SHS 26,578 26,432
    BEAR STEARNS COMMERCIAL MORTGAGE - 22345.23 SHS 23,103 23,174
    TEVA PHARMACEUT FIN BV 2.4% NOV 10 2016 DTD 11/10/2011 - 5000 SHS 5,006 5,085
    CAPITAL ONE FINANCIAL CO SUB NOTES 6.15% SEP 1 2016 DTD 8/29/2006 - 5000 SHS 5,000 5,203
    INTUIT INC 5 3/4% MAR 15 2017 DTD 3/12/2007 - 10000 SHS 11,342 11,218
    FHLB 5% NOV 17 2017 DTD 10/19/2007 - 20000 SHS 23,823 24,002
    USA TREAS NOTES 3.875% 05/15/2018 DTD 05/15/2008 - 40000 SHS 45,802 46,656
    USA TREAS NOTES 3.750% 11/15/2018 DTD 11/17/2008 - 95000 SHS 96,970 110,519
    DOW CHEMICAL COMPANY 5.7% MAY 15 2018 DTD 05/06/2008 - 5000 SHS 5,519 5,570
    GOLDMAN SACHS GROUP INC SR NOTES 02/05/2009 - 15000 SHS 16,363 16,566
    ANADARKO PETROLEUM CORP NOTES 8.7% MAR 15 2019 DTD 03/05/2009 - 5000 SHS 4,945 6,384
    SIMON PROPERTY GROUP LP SR NOTES 10.35% DTD 03/25/2009 - 10000 SHS 13,945 13,727
    DELL INC 5.65% APR 15 2018 DTD 10/15/2008 - 5000 SHS 5,725 5,793
    GNMA II SER 2003-75 CL ZA 5.5% SEP 20 2033 DTD 09/01/2003 - 25077.372 SHS 27,178 28,181
    USA TREAS NOTES 3.250% 05/31/2016 DTD 05/31/2009 - 80000 SHS 80,509 88,769
    VODAFONE GROUP PLC 4.15% JUN 10 2014 DTD 06/10/2009 - 10000 SHS 9,993 10,603
    BUNGE LIMITED FINANCE CO 8 1/2% JUN 15 2019 DTD 06/09/2009 - 5000 SHS 5,127 6,086
    USA TREAS NOTES 1.750% 04/15/2013 DTD 04/15/2010 - 115000 SHS 118,791 117,282
    EBAY INC 3 1/4% OCT 15 2020 DTD 10/28/2010 - 5000 SHS 4,705 5,047
    USA TREAS NOTES 3.625% 02/15/2021 DTD 02/15/2011 - 50000 SHS 53,189 58,051
    LOWE'S COMPANIES INC 3.8% NOV 15 2021 DTD 11/23/2011 - 5000 SHS 5,050 5,250

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Name of Stock End of Year Book Value End of Year Fair Market Value
    EATON VANCE MUT FDS TR GLOBAL MACRO - I - 29464.332 SHS 301,057 289,340
    VICTORY PORTFOLIOS DIVRS STK CL I - 11093.03 SHS 155,746 160,294
    GATEWAY FUND - Y - 7683.526 SHS 198,482 202,768
    SPDR GOLD TRUST - 794 SHS 69,927 120,680
    T. ROWE PRICE OVERSEAS STOCK FUND - 41452.605 SHS 293,070 303,433
    JPM REALTY INCOME FD - INSTL FUND 1372 - 10562.641 SHS 103,831 107,845
    ISHARES RUSSELL MIDCAP INDEX FUND - 1675 SHS 114,971 164,854
    FMI FDS INC LARGE CAP FD - 22644.928 SHS 250,000 345,335
    JPM 3 INCOME FD - SEL FUND 3128 - 22442.847 SHS 204,230 210,065
    JPM INTREPID GROWTH FD - SEL FUND 1202 - 9072.853 SHS 204,230 206,770
    JPM MARKET EXPANSION INDEX FD - SEL FUND 3708 - 27092.846 SHS 178,000 261,988
    JPM INTL VALUE FD - SEL FUND 1296 - 20698.793 SHS 233,245 232,033
    JPM ASIA 3 FD - SEL FUND 1134 - 2629.821 SHS 47,310 75,634
    JPM US LRGE CAP CORE PLUS FD - SEL FUND 1002 - 5145.175 SHS 105,278 101,566
    HARTFORD CAPITAL APPRECIATION FUND - 6881.646 SHS 206,243 198,260
    BARC 2YR COMMODITY BREN MD 01/17/12 - 100000 SHS 98,500 107,850
    HIGHBRIDGE DYNAMIC COMM STRG FD -SEL - 4907.56 SHS 107,966 84,067
    MS COMMODITY INDEX BREN 01/03/12 - 100000 SHS 98,750 114,685
    MATTHEWS PACIFIC TIGER INSTL FUND - 10736.992 SHS 196,188 218,176
    JPM TR I MIDCAP CORE - SEL - 4113.924 SHS 65,000 66,111
    SG REN SPX 2/8/12 - 150000 SHS 148,500 148,485
    SG CONT BUFF EQ SPX 3/21/12 - 150000 SHS 148,500 147,495
    CS BREN EAFE 05/02/12 - 110000 SHS 108,900 93,610
    BARC BREN EAFE 06/27/12 - 100000 SHS 99,000 87,480
    HSBC MARKET PLUS SPX 02/19/13 - 150000 SHS 148,125 156,630
    GS CONT BUFF EQ SPX 09/26/12 - 150000 SHS 148,500 160,817
    HSBC BREN SPX 10/31/12 - 160000 SHS 158,400 164,176
    GS BREN EAFE 11/07/12 - 100000 SHS 99,000 95,558
    GS BREN EEM 11/05/12 - 100000 SHS 99,000 100,370

    TY 2011 LegalFeesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 3,405 0   3,405


    TY 2011 OtherAssetsSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    MINERAL PROPERTY 6 6 930


    TY 2011 OtherDecreasesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Description Amount
    MUTUAL FUND TIMING DIFFERENCES 5,058


    TY 2011 OtherExpensesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND 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 188 0   188
    MINERAL MGMT FEES 500 500   0
    MINERAL EXPENSE 56 56   0
    INSURANCE EXPENSE - O & D 3,095 0   3,095


    TY 2011 OtherIncomeSchedule2
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    ROYALTY INCOME 366 366 366
    STUDENT LOAN INTEREST 166,539 166,539 166,539
    ACCRETION 3,244 3,244 3,244
    MISC LOAN PAYMENTS 230 230 230
    2010 EXCISE TAX REFUND 521   521


    TY 2011 OtherIncreasesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Description Amount
    ADJUSTMENT - RETURN OF CAPITAL 645


    TY 2011 OtherProfessionalFeesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PROFESSIONAL FEES 6,625 0   6,625


    TY 2011 TaxesSchedule
    Name:
    FRANKLIN LINDSAY STUDENT AID FUND R76010009
    EIN: 74-6031753
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EST EXCISE TAX PAID 12/31/11 11,820 0   0
    FOREIGN DIVIDEND TAX PAID 1,403 1,403   0