2008 Deborah and Andrew Madoff Foundation 990

Return of Private Foundation OMB No 1545-0052
Form 9 9 0-P F or Section 4947( a)(1) Nonexempt Charitable Trust

Department of the Treasury Treated as a Private Foundation
n may be able to use a copy of this return to satisfy stare 2008
For calendar y ear 2008 , or tax year beg innin g , 2008 , and ending , 20
G Check all that apply: Initial return Final return Amended return Address change Name change
Name of foundation A Employer identification number
Use the IRS THE DEBORAH AND ANDREW MADOFF FOUNDATION

label. 90-0070901
Otherwise , Number and street (or P 0. box number if mail is not delivered to street address ) Room/ suite B Telephone number Isee page 10 of the nsuummns)
print
or type. yH - is (y
S ee S pec ifi c 400 EAST 84TH STREET , APT 36-B 212 23 24 4-
City or town, state, and ZIP code C Is . . . . . ^
Instructions . pending, hleret,on
D 1 Foreign organizations , check here ^
NEW YORK NY 10028-5613 2 Foreign organizations meeting the

B5%test• check here and attach ^ ❑
H Check type of organization: X Section 501 (c)(3) exempt private foundation computation
Section 4947 ( a )( 1) nonexem pt charitable trust Other taxable p rivate foundation

E It private f oundation status was terminated ❑
I Fair market value of all assets at end J Accounting method: Cash Accrual under sect i on 507 ( b)(1)(A), check here . ^
of year (from Part II, col. (c), line ❑ Other (specify) ....................... F If the foundation is to a 60 -month termination
16)101 $ 3 , 625 , 456. (Part 1, column (d) must be on cash basis) under section 507(b1 ( 1)(Bl, check here . ^
Analysis of Revenue and Expenses (The (d) Disbursements

total of amounts in columns (b), (c), and (d) (a) Revenue and (b) Net investment (c) Adjusted net for charitable
expenses per income income purposes
may not necessarily equal the amounts in
books
column (a) (see pa g e 1 1 of the instructions)) ( cash basis onl y)
1 Contribution s, ts, grants , etc . received (attach schedule) 16 , 120 .
tt the foundation is not required to
2 Check 00- attach Sch B . .
3 Interest on savings and temporary cash investments
4 Dividends and interest from securities . . . 133 534. 133 534.
5a Gross rents . . . . . . . . . . . . . . . .
b Net rental income or (loss)
6e Net gain or (loss) from sale of assets not on line 10 -866 , 438 .
M1 b Gross salesprceforall
assets on line 6a 2 , 800 , 276 .
7 Capital gain net income (from Part IV, line 2)

X
8 Net short-term capital gain . . . . . . . .
9 Income modifications . . • • • • •
10 a Gross sales less returns
and all o wances . . •
b Less Cost of goods sold F RECE IVED
c Gross profit or (loss) (attach schedule) . .
11 Other income (attach schedule) • , , , • , c,)
12 Total. Add lines 1 throu g h 11 -716 , 784 . 133 534. o
13 Compensation of officers, directors , trustees, etc. • _
14 Other employee salaries and wages . . . . . eft fn
y 15 Pension plans, employee benefits . . . . ,

d 16a Legal fees (attach schedule) , , • , , , , ,
CL
L b Accounting fees (attach schedule) ,
d c Other professional fees (attach schS `V. 1 30 , 799 . 29 , 663. 1 , 136
17 Interest . . . . . . . . . . . . . . . . . .
17- 18 Taxes (attach schedule) (see page 14 of 4 ,c25) 8 , 074 . 495.
19 Depreciation (attach schedule) and depletion •
E
20 Occupancy . . . . . . . . . . . . . . . .
O
n 21 Travel, conferences, and meetings . . . . ,
m 22 Printing and publications . . . . . . . . .
co 23 Other expenses (attach schedule) STJ T. 3 . 384 19. 365
24 Total operating and administrative expenses.
. Add lines 13 through 23 ........ 39 , 257 . 30 , 177. 1 501
25 Contributions, gifts, grants paid . . . . . 290000. 290 , 000
26 Totalex enses and disbursements Add lines 24 and 25 329 , 257. 30 , 177. 291 , 501
27 Subtract line 26 from line 12-
a Excess of revenue over expenses and disbursements -1 , 046 , 041
b Net investment income (if negative, enter -0-) 103 , 357.

c Adjusted net income (if ne g ative , enter -0
For Privacy Act and Paperwork Reduction Act Notice , see page 30 of the instructions. Forr90- PF (2008)
JSA
BE 1410 1 000
Z C
M ,
'Form 990-PF (20081 90-0070901 Paae 2

Attached schedules and amounts in the Beginning of year End of year
Balance Sheets description column should be for endof-year
amounts only . ( See instructions .) ( a) Book Value ( b) Book Value ( c) Fair Market Value
1 Cash - non-interest-bearing . . . . . . . . . . . . . . . . .
2 Savings and temporary cash investments . . . . . . . . . , 632 887. 2 , 357 , 170. 2 , 357 , 170
3 Accounts receivable ^
-------------------------
Less . allowance for doubtful accounts ^
---------- -- - -
4 Pledges receivable ^
-------------------------
Less allowance for doubtful accounts ^
-------- ------
5 Grants receivable . . . . . . . . . . . . . . . . . . . . .
6 Receivables due from officers , directors , trustees , and other
disqualified persons ( attach schedule ) ( see page 15 of the instructions)
7 Other notes and loans receivable ( attach schedule ) ^ ______
Less: allowance for doubtful accounts ^
------------- -
8 Inventories for sale or use . . . . . . . . . . . . . . . . .
U
0 9 Prepaid expenses and deferred charges . . . . . . . . . . . .
Q 10 a Investments - U S and state government obligations ( attaco ul4 , 1 , 549 , 697. 453 , 750. 461 , 896
b Investments - corporate stock ( attach schedule ) . STMT 5 2 , 374 , 216. 805 308. 606 , 704
c Investments - corporate bonds ( attach schedule ). STMT 197 442. 197 442. 191 , 610
11 Investments - land, buildings, ^
and equipment basis --------------------
Less accumulated depreciation ^
( a tt ac h sc h e d u l e ) --------------------
12 Investments - mortgage loans . . . . . . . . . . . . . . . .
13 Investments - other (attach schedule ) . . . . . . . . . . . . .
14 Land , buildings, and ^
equipment basis ---------- ----------
Less accumulated depreciation 11,
(att ac h schedule ) ---------------------
15 Other assets ( describe^---------------------- STMT 7 ) 16 , 103. 8 , 076. 8 , 076
16 Total assets (to be completed by all filers - see the
instructions . Also, see page 1, item I ) .. 4 , 770 , 345. 3 , 821 , 746 . 3 , 625 , 456
17 Accounts payable and accrued expenses , , , , , . , , , , ,
18 Grants payable . . . . . . . . . . . . . . . . . . . . . . .
y 19 Deferred revenue . . . . . . . . . . . . . . . . . . . . . .
20 Loans from officers , directors , trustees , and other disqualified persons
W 21 Mortgages and other notes payable ( attach schedule) . . . . .

J 22 Other liabilities ( describe ^ )
--------------------
23 Total liabilities ( add lines 17 through 22) . .

Foundations that follow SFAS 117 , check here ^ X
and complete lines 24 through 26 and lines 30 and 31.
m 24 Unrestricted ......................... 4 , 770 , 345. 3 , 821 , 746m
25 Temporarily restricted . . . . . . . . . . . . . . . . . . . .
co 26 Permanently restricted . . . . . . . . . . . . . . . . . . . .
Foundations that do not follow SFAS 117,
U. check here and complete lines 27 through 31. ^ ❑
0 27 Capital stock , trust principal , or current funds , . , , , , , , ,
28 Paid-in or capital surplus, or land, bldg ., and equipment fund . . . . .
29 Retained earnings, accumulated income, endowment , or other funds
30 Total net assets or fund balances ( see page 17 of the
z instructions ) ......................... 4,770 , 345. 3 , 821 , 746.
31 Total liabilities and net assets /fund balances ( see page 17
of the instructions ) .. .................... 4 , 770 , 345. 1 3 , 821 , 746 .
Anal ysis of Chan g es 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 4 , 770 , 345.
2 Enter amount from Part I, line 27a . .. .............. 2 -1 , 046 , 041.
3 Other increases not included in line 2 ( itemize ) ^ SEE STATEMENT 8 3 97 442 .
-----------------------------
4 Add lines 1 , 2, and 3 , , , , , , , 4 3 , 821 , 746.
5 Decreases not included in line 2 ( itemize) ^ 5
6 Total net assets or fund balances at end of year ( line 4 minus line 5) - Part II , column (b), line 30 . 6 3,821,746.
JSA Form 990-PF (2008)
BE 1420 1 000
W ,` .
90-0070901
Form 990-PF(2008) Page 3
f anital gains and Losses for Tax on Investment Income
How 10 Date
(a) List and describe the kind ( s) of property sold (e.g., real estate , acqu i red. acq uired Id ) Date sold
mo., day, yr.)
2-story brick warehouse , or common stock , 200 shs . MLC Co.) 0 n81ao (mo ., day, yr.)
la SEE PART IV DETAIL
b
c
d
e
( f) Depreciation allowed ( g) Cost or other basis ( h) Gain or (loss)
(e) Gross sales price plus expense of sale ( e) plus (f) minus (g)
(or allowable )
a
b
c
d
e
Complete only for assets showin g g ain in column (h) and owned by the foundation on 12/31 /69 (I) Gains (Col. (h) gain minus
(j) Adj usted basis ( k) Excess of col. (I) col. (k), but not less than -0-) or
(i) F.M.V. as of 12/31/69 over col . ()), if any Losses ( from col. (h))
as of 12 / 31/69
a
b
c
d
e
If gain , also enter in Part I, line 7
2 Capital gain net income or (net capital loss) . . . } 2
{ If (loss), enter -0- in Part I, line 7 -866 , 438.
3 Net short-term capital gain or ( loss) as defined in sections 1222( 5) and (6):
If gain, also enter in Part I, line 8, column ( c) (see pages 13 and 17 of the instructions).
If (loss ), enter -0- in Part I, line 8. . . . . . . 3
Qualification Under Section 4940(e ) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)
If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period ? . .. . Yes No
If "Yes ," the foundation does not qualify under section 4940 ( e). Do not complete this part.
1 Fnter the nnnrnnrrate amount in P arh cnlumn for each year see nacre 18 of the instructions before makina any entries.
Base pe iod years (C) Distnbunon ratio

Calendar year (or tax year beginning in) Adjusted q uali(bn
N g distributions Net value of noncharitable-use assets (col. (b) divided by col (c))
2007
2006
2005
2004
2003
2 Total of line 1, column (d) 2

3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by the
number of years the foundation has been in existence if less than 5 years .. . . . . . . . 3
4 Enter the net value of noncharitable-use assets for 2008 from Part X, line 5 4
5 Multiply line 4 by line 3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 5
6 Enter 1%of net investment income (1% of Part I, line 27b ) , , , , , , , , , , , , , , , , , , , 6
7 Add lines 5 and 6 7
8 Enter qualifying distributions from Part XII, line 4 8

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 11/o tax rate. See
the Part VI instructions on page 18.
JSA
8E 1430 1 000
Form 990-PF (2008)
5
a 1
008) 90-0070901 Page 4

Excise Tax Based on Investment Income ( Section 4940(a ), 4940 ( b), 4940 ( e), or 4948 - see 18 of the instructions)
la Exempt operating foundations described in section 4940 ( d)(2), check here ^ ❑ and enter'N/A' on line 1.
Date of ruling letter. ---------- ( attach copy of ruling letter if necessary - see instructions)
b Domestic foundations that meet the section 4940(e) requirements in Part V, check 2, 067.
here ^ ❑ and enter 1%of Part I, line 27b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I. line 12, col. (b)
2 Tax under section 511 (domestic section 4947( a)(1) trusts and taxable foundations only. Others enter -0-) . . .
3 Add lines 1 and 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2, 067.
4 Subtitle A (income) tax (domestic section 4947 (a)(1) trusts and taxable foundations only. Others enter -0-) , , , NONE
5 Tax based on investment income . Subtract line 4 from line 3. If zero or less, enter -0. . . . . . . . . . . . . . 2, 067.
6 Credits/Payments-
a 2008 estimated tax payments and 2007 overpayment credited to 2008 . 6a 5 , 870.
b Exempt foreign organizations-tax withheld at source . . . . . . . . . . . . 6b NONE
c Tax paid with application for extension of time to file (Form 8868) , , , , , , , Sc NONE
d Backup withholding erroneously withheld . . . . . . . . . . . . . . . . . 6d
7 Total credits and payments. Add lines 6a through 6d . . . . . . . . . . . . . . . . . . . . . . . . . 5, 870.
8 Enter any penalty for underpayment of estimated tax. Check here ❑ if Form 2220 is attached . . . . . . .
9 Tax due . If the total of lines 5 and 8 is more than line 7, enter amount owed . . . . . . . . . . . . . . . . ^
10 Overpayment. If line 7 is more than the total of lines 5 and 8 , enter the amount overpaid . . . , , , 10.
11 Enter the amount of line 10 to be: Credited to 2009 estimated tax Ili- 2 , 068 . Refunded ^ 735.
Stateme nts Regarding Activities
la During the tax year , did the foundation attempt to influence any national , state, or local legislation or did it Yes No
participate or intervene in any political campaign? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1a X
b Did it spend more than $ 100 during the year ( either directly or indirectly ) for political purposes (see page 19
of the instructions for definition )? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b X
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 X
d Enter the amount ( if any ) of tax on political expenditures (section 4955 ) imposed during the year-
11) On the foundation . ^ $ ( 2) On foundation managers ^ $
e Enter the reimbursement ( if any ) paid by the foundation during the year for political expenditure tax imposed on
foundation managers. ^ $
2 Has the foundation engaged in any activities that have not previously been reported to the IRS? . . . . . . . . . . . . . . . 2 X
If "Yes," attach a detailed description of the activities
3 Has the foundation made any changes , not previously reported to the IRS , in its governing instrument , articles of
incorporation , or bylaws , or other similar instruments ? If 'Yes , " attach a conformed copy of the changes . . . . . . . . . . . , 3 X
4a Did the foundation have unrelated business gross income of $1 , 000 or more during the year ? . . . . . . . . . . . . . . . . 4a
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 X
If "Yes," attach the statement required by General Instruction T.
6 Are the requirements of section 508(e ) ( relating to sections 4941 through 4945 ) satisfied either.
• By language in the governing instrument, or
• By state legislation that effectively amends the governing instrument so that no mandatory directions that
conflict with the state law remain in the governing instrument? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 X
7 Did the foundation have at least $ 5 , 000 in assets at any time during the year? If "Yes , " complete Part 11, col (c), and Part XV 7 X
8a Enter the states to which the foundation reports or with which it is registered ( see page 19 of the
STMT 9
instructions ) ^ --------------------------------------------------------------------
-
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 G7lf "No," attach explanation . . . . . . . . . . . . . . . . . 8b X
9 Is the foundation claiming status as a private operating foundation within the meaning of section 4942(1((3)
or 4942 ( 1)(5) for calendar year 2008 or the taxable year beginning in 2008 ( see instructions for Part XIV on
page 27 )7 If "Yes , " complete Part XIV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 X
10 Did any persons become substantial contributors during the tax year? If 'Yes ," attach a schedule listing their
names and addresses . . . . . . . . . . . . . . . . . . . . . . . . 10 X
Form 990-PF (2008)
JSA
8E1440 1 000
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}
Form 990-PF (2008) (•1
Statements Regarding Activities (contin ued)

11 At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 51 2 (b)(3)? If 'Yes,' attach schedule ( see page 20 of the instructions ) . . . . . . . . . . . . . . . . . . . 11 X
12 Did the foundation acquire a direct or indirect interest in any applicable insurance contract before
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
August 17, 20087 12 X
13 Did the foundation comply with the public inspection requirements for its annual returns and . exemption application ? . . . . . 13 X
Website address N/A
14 The books are in care of MADOFF _____________________ Telephone no. ^ -(212) 230_2424_______--
Located at 84TH STREET, APT36-B, NEWYORK,_ '_-___ _ ZIP+4
15 Section 4947( a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 - Check here . . . . . . . . • • • ^ ❑
and enter the amount of tax-exempt interest received or accrued during the year . ^ 1 15 1
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
la During the year did the foundation ( either directly or indirectly):
(1) Engage in the sale or exchange , or leasing of property with a disqualified person? . . . . . . . . ❑ Yes No
(2) Borrow money from , lend money to, or otherwise extend credit to (or accept it from) a
disqualified person ? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Yes X No
(3) Furnish goods , services, or facilities to (or accept them from ) a disqualified person? . . . . . . . Yes X No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? . . . . . . . . Yes X No
(5) Transfer any income or assets to a disqualified person ( or make any of either available for
the benefit or use of a disqualified person ) ? . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ Yes ❑ No
(6) Agree to pay money or property to a government official ? ( Exception . Check "No" if
the foundation agreed to make a grant to or to employ the official for a period after
termination of government service , if terminating within 90 days .) . . . . . . . . . . . . . . . . ❑ Yes ❑ No
b If any answer is 'Yes' to l a(l)-(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
Organizations relying on a current notice regarding disaster assistance check here . . . . . . . . . . . . . ^ ❑
c Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts, that
were not corrected before the first day of the tax year beginning in 2008? . . . . . . . . . . . . . . . . . . . . . . . . . . . 1c X
2 Taxes on failure to distribute income ( section 4942 ) ( does not apply for years the foundation was a private
operating foundation defined in section 4942 (j)(3) or 4942 ( 1)(5))-
a At the end of tax year 2008 , did the foundation have any undistributed income (lines 6d and
6e, Part XIII) for tax year( s) beginning before 2008? . . . . . . . . . . . . . . . . . . . . . . . . . ❑ Yes No
If "Yes,' list the years ^ _________-_ ,_--------_
b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets ) to the year ' s undistributed income? ( If applying section 4942(a)(2)
2b X
to all y ears listed , answer "No" and attach statement - see pa g e 20 of the instructions . ) . . . . . . . . . . . . . . . . . . . .
c If the provisions of section 4942 ( a)(2) are being applied to any of the years listed in 2a, list the years here.
^ ----------- '---------- ' ---------- '----------
3a Did the foundation hold more than a 2% direct or indirect interest in any business
enterprise at any time during the year? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ Yes No
b If "Yes ," did it have excess business holdings in 2008 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 2008) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
4a Did the foundation invest durin g the year any amount in a manner that would J eopardize its charitable purposes ? . . . . . . . 4a X
b Did the foundation make any investment in a prior year (but after December 31, 1969 ) that could jeopardize its
charitable ouroose that had not been removed from ieooardv before the first day of the tax year beginning in 20087 . . . . . 4b X
Form 990-PF (2008)
JSA
SE 1450 1 000
l 7
a i
Form 990-PF (2008 ) 90-0070901 Pace 6

IL1' 1I! Statements Reaardinq Activities for Which Form 4720 May Be Required (continued)
5a During the year did the foundation pay or incur any amount to,
(1) Carry on propaganda , or otherwise attempt to influence legislation ( section 4945 (e))? . . . . . . . Yes a No
(2) Influence the outcome of any specific public election (see section 4955 ); or to carry on,
directly or indirectly , any voter registration drive? , , , , , , , , , , , , , , , , , , , , , , , Yes X No
(3) Provide a grant to an individual for travel , study , or other similar purposes? . , , , , , , , , , Yes X No
(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 ) , , , , , , El Yes a No
( 5) Provide for any purpose other than religious , charitable, scientific , literary, or
educational purposes , or for the prevention of cruelty to children or animals ? . . . . . . . . . . ❑ Yes No
b If any answer is "Yes ' to 5a ( 1 H5), 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 )? . . . sb
Organizations relying on a current notice regarding disaster assistance check here . . . . . . . . . . . . . . . ^ ❑
c If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the tax
because it maintained expenditure responsibility for the grant? . . . . . . . . . . . . . . . . . . . ❑ Y es 0 No
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? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ❑ Y es No
b Did the foundation , during the year, pay premiums , directly or indirectly, on a personal benefit contract? . . . . . . . . . . , 6b X
If you answered " Yes" to 6b, also file Form 8870.
7a At any time during the tax year , was the foundation a party to a prohibited tax shelter transaction? 0 Yes L No
b If y es, did the foundation receive any proceeds or have any net income attributable to the transaction? . 7b
Information About Officers , Directors , Trustees , Foundation Managers, Highly Paid Employees,
I 1 iat all nffirare dirertnrs trustees foundation m ananers and their comnensation Isee nacre 22 of the instructionsl_
( b) Title, and average ( c) Compensation (d) Contr i butions to (e) Expense account,
(a) Name and address hours per week ( if not paid , enter employee benefit plans other allowances
d evoted to p osition -0- and deferred com p ensation
--------------------------------------
SEE STATEMENT 10 -0- -0- -0-
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2 Compensation of five highest-paid employees (other than those included on line 1 - see page Z3 of the instructions).
If none enter "NONF "
(d) ployee benesto
(b) Title, and average employfit benefit (e) Expense account,
(a) Name and address of each employee paid more than $50,000 P week
hours per (c) Compensation other allowances
plans and deferred
devoted to position com p ensation
--------------------------------------
SEE STATEMENT 11 NONE NONE NONE
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Total number of other employees paid over $50,000 .. NONE

Form 990-PF (2008)
JSA
BE 1460 J000
8
IF i
90-0070901
Form 990-PF(2008) Page 7
Information About Officers , Directors, Trustees, Foundation Managers , Highly Paid Employees,
and Contractors (continued)
3 Five hi g hest-p aid inde p endent contractors for p rofessional services ( see p a g e 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
Total number of others receiving over $50 , 000 for professional services .. ^ NONE
Summary of Direct Charitable Activities
List the foundation ' s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number
Expenses
of organizations and other beneficiaries served, conferences convened , research papers produced, etc.
1NONE- --FOUNDATION-IS-NOT AN OPERATING-FOUNDATION.

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IT-ONLY MADE UNRESTRICTED DONATIONS-TO- CHARITABLE -------------------------
ORGANIZATIONS.
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I 1 IV i Summary of Proaram -Related Investments (see nacre 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
1NONE
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z
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
All other program-related investments . See page 24 of the instructions
3NONE
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Total. Add lines 1 throu g h 3 . •^

Form 990-PF (2008)
JSA
8E1465 100n
9 -
a ^ •
Form 990-PF (2008 ) 90-0070901 Page 8

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)
1 Fair market value of assets not used ( or held for use) directly in carrying out charitable, etc.,
purposes:
a Average monthly fair market value of securities , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , la 3 , 204 , 392.
b Average of monthly cash balances , , , , , , , , lb 1 , 269 , 537.
c Fair market value of all other assets (see page 24 of the instructions ) , , , , , , , , , , , , , , , , 1c NONE
d Total ( add lines 1a , b, and c ) . . . . . . . . . . . . . . . . . . .. . .. . . . . . . . . . . . . . . . . 1d 4 , 473 , 929.
e Reduction claimed for blockage or other factors reported on lines 1 a and
1c (attach detailed explanation ) , , , , , , , , , , , , , le
2 Acquisition indebtedness applicable to line 1 assets . . . . . . , , 2 NONE
3 Subtract line 2 from line td ..................................... 3 4 , 473 , 929.
4 Cash deemed held for charitable activities. Enter 1 1/2%of line 3 (for greater amount, see page 25
of the instructions) . . .. , , , , , , , . . . ..... ...... .. .. ..... .. . 4 67 , 109.
5 Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4 5 4 , 406 , 820.
6 Minimum investment return . Enter 5% of line 5 6 220 , 341.
Distributable Amount ( see page 25 of the instructions ) ( Section 4942 ( j)(3) and (j)(5) private operating
foundations an d certain foreign organizations check here ^ and do not complete this part.)
1 Minimum investment return from Part X , line 6 . .. . .. . .. . . . . . . . . . 220, 341.
2a Tax on investment income for 2008 from Part VI, line 5 12a 2, 067m
b Income tax for 2008 . ( This does not include the tax from Part VI.) . . 2b
c Add lines 2a and 2b 2 ,067.
3 Distributable amount before adjustments . Subtract line 2c from line 1 , , , , , , , , , , , , , , , , , , 218 ,274.
4 Recoveries of amounts treated as qualifying distributions . . . . . . . . . . . . . . . . . . . . . . . . . NONE
5 Add lines 3 and 4 .. .. .. . .... .. . 218 ,274.
6 Deduction from distributable amount ( see page 25 of the instructions ) , , , , , , , , NONE
7 Distributable amount as adjusted . Subtract line 6 from line 5 . Enter here and on Part XIII,
line1 ............ ......................... 218 ,274.
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 291.501.
b Program-related investments -total from Part IX-B 1b
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 NONE
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
5 Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment income.
Enter 1%of Part I, line 27b (see page 26 of the instructions) . . . . . .. . . .. . . .. . . . . . . 5 N /A
6 Adjusted qualifying distributions . Subtract line 5 from line 4, , , , ,, , , , , , , , , , , , , , , , 6 291 , 501.
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 (2008)
JSA
8E1470 1 000
10 -
V Ilk
90-0070901
Form 990-PF ( 2008) Page 9
JjMjM Undistributed Income ( see page 26 of the instructions)

(a) (b) (c) (d)
1 Distributable amount for 2008 from Part XI , Corpus Years prior to 2007 2007 2008
line 7 .............. ....... 218 , 274.

2 Undistributed income , if any, as of the end of 2007
a Enter amount for 2007 only . . . . . . . . , 286 , 630.
b Total for prior years 20 06 ,20 ,20 NON
3 Excess distributions carryover , if any , to 2008.
a From 2003 NONE
b From 2004 NONE
c From 2005 NONE
d From 2006 NONE
e From 2007 , , , , NONE
f Total of lines 3a through e . . . . . . . . . . NON
4 Qualifying distributions for 2008 from Part XII,
line4. ^ $ 291,501.
a Applied to 2007, but not more than line 2a . . . 286 , 630.
b Applied to undistributed income of prior years ( Election
required - seepage 26 of the instructions) . . . . NON
c Treated as distributions out of corpus ( Election

required - see page 26 of the instructions ) . . NON
d Applied to 2008 distributable amount . . . . 4 , 871.
e Remaining amount distributed out of corpus , . NON
5 Excess distributions carryover applied to 2008 NON NONE
(If an amount appears in column (d), the same
amount must be shown in column (a).)
6 Enter the net total of each column as
indicated below:
a Corpus . Add lines 3f , 4c, and 4e . Subtract line 5 NON
b Prior years ' undistributed income . Subtract
line 4b from line 2b .............. NON
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 . . . . . . . . . . . NON
d Subtract line 6c from line 6b. Taxable
amount - see page 27 of the instructions NON
e Undistributed income for 2007 . Subtract line
4a from line 2a . Taxable amount - see page
27 of the instructions . . . . . . . . . . . .
f Undistributed income for 2008 . Subtract lines

4d and 5 from line 1 This amount must be
distributed in 2009 ............... 213 , 403.
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 ) . . . . . . . . . NON
8 Excess distributions carryover from 2003 not
applied on line 5 or line 7 ( see page 27 of the
instructions ) . . . . . . . . . . . . . . . . . NON
9 Excess distributions carryover to 2009.
Subtract lines 7 and 8 from line 6a . . . . . . NON
10 Analysis of line 9:
a Excess from 2004 . . NONE
b Excess from 2005 . . NONE
e Excess from 2006 . . NONE
d Excess from 2007 . . NONE
e Excess from 2008 . . . NONE
Form 990-PF (2008)
JSA
8E1480 1 000
11
IN.
'Form 990-PF(2008 ) 90-0070901 Page 10

Private O p eratin g Foundations (see p a g e 27 of the instructions and Part VII-A, question 9) NOT APPLICABL
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation , and the ruling is effective for 2008 , enter the date of the ruling . . . . , . . . . . . . ^
b Check box to indicate whether the foundation is a private operating foundation described in section 4942 ())(3) or 4942(j)(5)
Tax year Prior 3 years
2a Enter the lesser of the ad- (e) Total
lusted net income from Part (a ) 2008 ( b) 2007 ( c) 2006 ( d) 2005
or the minimum investment
return from Part X for each
year listed , . . . . , .
b 85 % of line 2a . . . . .
C Qualifying distributions from Part

XII, line 4 for each year listed ,
d Amounts included in use 2c not

used directly for active conduct
of exempt activities . . . . .
8 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(1)(3)18)11). . . . .
b 'Endowment ' alternative test-
enter 2/3 of minimum invest-
ment return shown in Pan 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 5121a)(5)),
or royalties) , , , ,
(2) Support from general
public and 5 or more
exempt organizations as
provided in section 4942
b113)IBtai) . . . . . .
( 3) Largest amount of sup-
port from an exempt
organization , , , , ,
(4) Gross investment i ncome
Supplementary Information (Complete this part only if the foundation had $5, 000 or more in assets at any
time during the year - see page 27 of the instructions.)
1 Information Regarding Foundation Managers:
a List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
ANDREW AND DEBORAH MADOFF
b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
NONE
2 Information Regarding Contribution , Grant, Gift, Loan, Scholarship , etc., Programs:

Check here ^ X if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals or
organizations under other conditions, complete items 2a, b, c, and d.
a The name, address, and telephone number of the person to whom applications should be addressed.
b The form in which applications should be submitted and information and materials they should include.
c Any submission deadlines:
d Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors-
iSA
SE 1490 1 000
Form 990-PF (2008)
12 -
90-0070901
Form 990-PF (2008) 11
Information (contin
3 Grants and Contrib utions Paid During the Year or Approved for Future Payment
H recipient is an indmdual, Foundation
Recipient show any relationship to
status of P urpose of grant or Amount
any foundation manager contribution
Name and address (home or business) or substantial contributor tent
recipient
a Paid during the year
SEE STATEMENT 13
Total ^ 3a 290 000.

b Approved for future payment
Total 3b
Form 990-PF (2008)
JSA
8E 1491 1 000
13
90-0070901
Form 990-PF (2008) Page 12
Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
(a) (b) (e) (d ) function income
Business code Amount Exclusion code Amount (See page 28 of
1 Pro g ram service revenue: the instructions.)
a
b
e
d
e
f
9 Fees and contracts from government agencies
2 Me nbership dues and assessments . . . . .
3 Inter est on savings and temporary cash investments
4 Divi dends and interest from securities . . . . 14 133 , 534.
5 Net rental income or (loss) from real estate:
a Debt-financed property . . . . . . . . .
b Not debt-financed property . . . . . . .
6 Net rental income or (loss) from personal property
7 0th er investment income . . . . . . . . . .
8 Gain or (loss) from sales of assets other than inventory 18 -866 , 438.
9 Net income or (loss) from special events . , .
10 Gro ss profit or (loss) from sales of inventory . .
11 Oth er revenue a
b
c
d
e
12 Su b total. Add columns (b), (d), and (e) -732 904 .
13 Total . Add line 12 , columns ( b), (d), and (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 -732,904.
( See worksheet in line 13 instructions on page 28 to verify calculations.)
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No. Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
. the accomplishment of the foundation ' s exempt purposes (other than by providing funds for such purposes). (See
page 28 of the instructions.)
Form 990-PF (2008)

JSA
8E 1492 1000
14 -
a
Form990-PF 2008) 90-0070901 Page 13

Information Regarding Transfers To and Transactions and Relationships With Noncharitable
Exempt Organizations
Did the organization directly or indirectly engage in any of the following with any other organization described in section Yes No
501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
a Transfers from the reporting foundation to a nonchantable exempt organization of-
(1) Cash ........................................................ 1a1 X
(2) Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . la ( 2 ) X
b Other transactions.
( 1 ) Sales of assets to a noncharitable exempt organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 1 X
(2) Purchases of assets from a noncharitable exempt organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b ( 2 ) X
(3) Rental of facilities, equipment, or other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 3 X
(4) Reimbursement arrangements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 4 X
(5) Loans or loan guarantees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 5 X
(6) Performance of services or membership or fundraising solicitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1b 6 X
c Sharing of facilities, equipment, mailing lists, other assets, or paid employees . . . . . . . . . . . . . . . . . . . . . . . . 1c
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.
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? . . . . . . . . . . . . . . . . . . . . . . . . . ❑ Yes © No
Is If •Vac " rmm^loto thn fnllnwinn ccherlula
(a) Name of organization (b) Type of organization (c) Description of relationship
Under penaltie erlu , I declare that I have xamined this return, including accompanying schedules and statements , and to the best of my knowledge and
belief , it is e, cor ec an te. Decl f preparer ( other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge
1 Signature of offic r rtrustee
IM " E Preparer's
y 2 p signature
m? Firm ' s name (or y rs If CEWA ERHOUSE000
self-employed), address, 00 GRANT STREET,
and ZIP code PITTSBURGH , PA
JSA
8E1493 1 000
OMB No. 1545-0047
Schedule B I Schedule of Contributors I
(Form 990 , 990-EZ,

or 990-PF) ^ Attach to Form 990, 990-EZ, and 990-PF.
Department of the Treasury 2008
internal Revenue Serv,ce
Name of the organization Employer identification number
THE DEBO RAH AND ANDREW MADOFF FOUNDATION 90-0070901

Organization type (check one)-
Filers of: Section:
Form 990 or 990-EZ ❑ 501(c)( ) (enter number) organization
❑ 4947( a)(1) nonexempt charitable trust not treated as a private foundation
❑ 527 political organization
Form 990-PF © 501(c)(3) exempt private foundation
❑ 4947( a)(1) nonexempt charitable trust treated as a private foundation
❑ 501(c)(3) taxable private foundation
Check if your organization is covered by the General Rule or a Special Rule. (Note . Only a section 501(c)(7), (8), or (10)
organization can check boxes for both the General Rule and a Special Rule. See instructions.)
General Rule
For organizations filing Form 990, 990-EZ, or 990-PF that received, during the year, $5,000 or more (in money or
property) from any one contributor. Complete Parts I and II.
Special Rules
❑ For a section 501(c)( 3) organization filing Form 990 , or Form 990-EZ, that met the 331/3%support test of the regulations
under sections 509(a )(1)/170(b)(1)(A)(vi), and received from any one contributor , during the year , a contribution of the
greater of ( 1) $5,000 or ( 2) 2%of the amount on Form 990 , Part VIII, line 1h or 2 % of the amount on Form 990-EZ, line
1. Complete Parts I and II.
❑ For a section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor,
during the year, aggregate contributions or bequests of more than $1,000 for use exclusivelyfor religious, charitable,
scientific, literary, or educational purposes, or the prevention of cruelty to children or animals. Complete Parts I, II, and III.
❑ For a section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor,
during the year, some contributions for use exclusively for religious, charitable, etc., purposes, but these contributions did
not aggregate to more than $1,000. (If this box is checked, enter here the total contributions that were received during
the year for an exclusively religious, charitable, etc., purpose. Do not complete any of the parts unless the General Rule
applies to this organization because it received nonexclusively religious , charitable, etc., contributions of $5,000 or more
during the year.) . . . . . . . . . . . . . . .. . .. .. . . . . .. . . . . . . . . . . . . . .. . . ^ $
Caution . Organizations that are not covered by the General Rule and/or the Special Rules do not file Schedule B (Form 990,
990-EZ, or 990-PF), but they must answer "No" on Part IV, line 2 of their Form 990, or check the box in the heading of their
Form 990-EZ, or on line 2 of their Form 990-PF, to certify that they do not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Privacy Act and Paperwork Reduction Act Notice, see the Instructions Schedule B (Form 990, 990-EZ, or 990-PF) (2008)
for Form 990. These Instructions will be Issued separately.
JSA
BE 1251 1 000
17 -
Schedule B ( Form 990, 99092 . or 990-PF) 120081 Page of of Part I
Name of organization Employer identification number
THE DEBORAH AND ANDREW MADOFF FOUNDATION 90-0070901

Contributors (see instructions)
(a) (b) (c) (d)

No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
1 WALTER ZACHARIUS Person

Payroll
400 EAST 56TH STREET $ 15,000. Noncash
(Complete Part II if there is
NEW YORK, NY 10022 a noncash contribution . )
(a) (b) (c) (d)

No. Name, address , and ZIP + 4 Aggregate contributions Type of contribution
2 ANTHONY AND ELIZABETH SCHULTE Person

Payroll
1220 PARK AVENUE $ 1,120. Noncash
NEW YORK, NY 10128 a nonc as h c o ntribution . )
(a) (b) (c) (d)

No. Name , address , and ZIP + 4 Aggregate contributions Type of contribution
Person
Payroll
$ Noncash
a noncash contribution . )
( a) (b) (c) (d)

No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution
Person
Payroll
$ Noncash
( a) (b) (c) (d)

No. Name , address , and ZIP + 4 Aggregate contributions Type of contribution
Person
Payroll
$ Noncash
(a) (b) (c) (d)

No. Name, address , and ZIP + 4 Aggregate contributions Type of contribution
Person
Payroll
$ Noncash
(Complete Part li if there is
JSA Schedule B ( Form 990 , 990-EZ. or 990-PF ) ( 2008)

8E 1253 1 000
18
F.,. 8868 Application for Extension of Time To File an
(Rev April 20091 Exempt Organization Return OMB No 1545-1709
Department of the Treasury
^ File a separate application for each return.
• If you are filing for an Automatic 3-Month Extension , complete only Part I and check this box , , , . _ _ ^ X
• If you are filing for an Additional ( Not Automatic ) 3-Month Extension , complete only Part II (on page 2 of this form).
Do not complete Part ll unless you have already been granted an automatic 3-month extension on a previously filed Form 8868
Automatic 3-Month Extension of Time. Only submit original (no copies needed).
A corporation required to file Form 990-T and requesting an automatic 6-month extension - check this box and complete
Part Ionly
All other corporations (including 1120-C filers), partnerships, REMICs, and trusts must use Form 7004 to request an extension of
time to file income tax returns
Electronic Filing (e-file). Generally, you can electronically file Form 8868 if you want a 3-month automatic extension of time to file
one of the returns noted below (6 months for a corporation required to file Form 990-T). However, you cannot file Form 8868
electronically if (1) you want the additional (not automatic) 3-month extension or (2) you file Forms 990-BL, 6069, or 8870, group
returns, or a composite or consolidated From 990-T Instead, you must submit the fully completed and signed page 2 (Part II) of Form
8868 For more details on the electronic filing of this form, visit www irs gov/efileand click on e-file for Charities & Nonprofits.
Type or Name of Exempt Organization THE DEBORAH AND ANDREW MADOFF FOUNDAT Employer identification number
print 90-0070901
File by the Number, street, and room or suite no If a P 0 box, see instructions
due date for 10 GRACIE S Q UARE
filing your
return See City, town or post office, state, and ZIP code For a foreign address, see instructions
instruct ions
NEW YORK , NY 10028
Check type of return to be filed (file a separate application for each return)
Form 990 Form 990-T (corporation) Form 4720
Form 990-BL Form 990-T (sec 401(a) or 408(a) trust) Form 5227
Form 990-EZ Form 990-T (trust other than above) Form 6069
X Form 990-PF Form 1041-A Form 8870
• The books are in the care of ^
Telephone No ^ (212) 230-2424 FAX No
• If the organization does not have an office or place of business in the United States, check this box . . . . .. . . ... . . . ^ ❑
• If this is for a Group Return, enter the organization's four digit Group Exemption Number (GEN) If this is
for the whole group, check this box - If it is for part of the group, check this box • • ® and attach a list with the
names and EINs of all members the extension will cover
1 I request an automatic 3-month ( 6 months for a corporation required to file Form 990-T) extension of time
until 08/17 , 2009 , to file the exempt organization return for the organization named above The extension is
for the organization ' s return for
^ XX calendar year 2008 or

^ tax year beginning , and ending
2 If this tax year is for less than 12 months, check reason LI Initial return Final return El Change in accounting period
3a If this application is for Form 990-BL, 990-PF, 990-T, 4720, or 6069, enter the tentative tax, less any
nonrefundable credits See instructions
b If this application is for Form 990-PF or 990-T, enter any refundable credits and estimated tax payments
made Include any prior year overpayment allowed as a credit
c Balance Due Subtract line 3b from line 3a Include your payment with this form, or, if required, deposit
with FTD coupon or, if required, by using EFTPS (Electronic Federal Tax Payment System) See
Instructions
Caution If you are going to make an electronic fund withdrawal with this Form 8868, see Form 8453-EO and Form 8879-EO
for payment instructions
For Privacy Act and Paperwork Reduction Act Notice, see Instructions Form 8868 (Rev 4.2009)
JSA
BF8054 3 ODD
1 +
FORM 990-PF - PART IV
CAPITOL RAINS AND LOSSES FOR TAX ON INVESTMENT INCOME
Description Date Date sold
Kind of Property
acquired
Gross sale Depreciation Cost or FMV Adj. basis Excess of Gain
price less allowed / other as of as of FMV over or
ex p enses of sale I owable hagis 12/31/69 12131/69 ad ' basis loss
SEE ATTACHED 12/31/2008

PROPERTY TYPE: SECURITIES
-671104.00
SEE ATTACHED 12/31/2008

PROPERTY TYPE: SECURITIES
-197410.00
TOTAL GAIN(LOSS) ...... ....................................... -866,438.
Jsr+
8E1730 1 000
16
FORM 990PF, PART I - OTHER PROFESSIONAL FEES

--------------------------------------------
REVENUE
AND NET
EXPENSES INVESTMENT CHARITABLE
DESCRIPTION PER BOOKS INCOME PURPOSES
----------- --------- ------
AGENCY FEES 11,361. 10,225. 1,136.

INVST MGMT FEES 19,438. 19,438.
-------------- -------------- --------------
TOTALS 30,799. 29,663. 1,136.
-------------- -------------- --------------
19 STATEMENT 1
FORM 990PF, PART I - TAXES

--------------------------
--------------------------
REVENUE
AND NET
EXPENSES INVESTMENT
DESCRIPTION PER BOOKS INCOME
FOREIGN TAXES PAID 495. 495.

FEDERAL ESTIMATES 5,870.
PY TAX DUE 1,709.
-------------- --------------
TOTALS 8,074. 495.
--------------
-------------- --------------
20 STATEMENT 2
FORM 990PF, PART I - OTHER EXPENSES

-----------------------------------
REVENUE
AND NET
EXPENSES INVESTMENT CHARITABLE
DESCRIPTION PER BOOKS INCOME PURPOSES
----------- --------- ------ --------
AG FILING FEE 250. 250.

ADVERTISMENT FEE 115. 115.
ADR FEES 19. 19.
-------------- -------------- --------------
TOTALS 384. 19. 365.
-------------- -------------- --------------
21 STATEMENT 3
FORM 990PF, PART II - U.S. AND STATE OBLIGATIONS
ENDING ENDING
DESCRIPTION BOOK VALUE FMV
SEE ATTACHED CLIENT STATEMENTS 453,750. 461,896.

--------------- ---------------
TOTALS 453,750. 461,896.
--------------- ---------------
22 STATEMENT 4
FORM 990PF, PART II - CORPORATE STOCK
ENDING ENDING

--------------- ---------------
TOTALS 805,308. 606,704.
23 STATEMENT 5
FORM 990PF, PART II - CORPORATE BONDS

-------------------------------------
-------------------------------------
ENDING ENDING

--------------- ---------------
TOTALS 197,442. 191,610.
--------------- ---------------
24 STATEMENT 6
FORM 990PF, PART II - OTHER ASSETS

----------------------------------
----------------------------------
ENDING ENDING
ACCRUED INTEREST 5,382. 5,382.

ACCRUED DIVIDENDS 2,694. 2,694.
--------------- ---------------
TOTALS 8,076. 8,076.
--------------- ---------------
25 STATEMENT 7
Client Statement NEUBERGER BERMAN -
For the period 11/29/2008 to 12/31/2008

THE DEBORAH AND ANDREW MADOFF
FOUNDATION (EPOCH)
CASH EQUIVALENT 0.00 634.26 634.26 6.15 0.97

ACCRUED DIVIDEND 79.90 0.00 0.00 0.00 0.00
TOTAL =V L:U 75=90'. - = :. ; = = .634:2 =.__------- :_

------------------ :-- .634.6 . ,15 = . ..= =9
- ------ ---- --- - --
NOT AVAILABLE
CASH EQUIVALENT 100.00
TAXABLE DIVIDENDS 79.90 9 , 615.87 TOTAL LONG TERM 7.87

MONEY MKT FUND DIVIDENDS 554.36 1,932.42 TOTAL SHORT TERM ( 277,536.96)
Client Statement NEUBERGER BERMAN -
For the period 11/29/2008 to 12/31/2008

FOUNDATION (EPOCH)
(1)(4)(9) (1)(4)(9) (2) 6) (lo)

Average Total Mkt Unrealized Annual (
Quantity Description Ticker/Cusip Unit Cost Cost Price Value P/L Income Yield
CASH EQUIVALENT
634 26 NEUBERGER BERMAN INSTL NBAXX 1 0000 634 26 10000* 634 26 N/A 6 15 0 97
LIQDTY SER INSTL CASH FD TR CL
TOTAL CASH EQUIVALENT 634.26 634.26 N/A 6.15 0.97
GRAND TOTAL (5) 634. 26 634 .26 N/A 6.15 0.97

NEUBERGER BERMA -
Client Statement
For the period 11/29/2008 to 12/31/2008
THE DEBORAH & ANDREW MADOFF
FOUNDATION - CUSTODY
CASH 0.00 8 , 100.00 8 , 100.00 0.00 0.00

CASH EQUIVALENT 1 , 937 , 135 . 04 1 , 990 , 102.73 1,990,102.73 19,304.00 0.97
EQUITIES 324 324.00 324 864.00 405,300.00 10,357.20 3.19
PREFERRED STOCK 273 , 560 . 00 281 840.00 400,007.70 28,200.00 10.01
CC)RPORATF RONDS 184.398.00 191,610.00 197 441.71 6,000.00 5.58
I 5 / 1 L5 4L 40 I t O.38 '+Z).), f av.vv cv..,vv.vv 1.1 v
US GOVERNMENT & AGENCY
ACCRUED INTEREST 16 275.28 5 , 381.95 5 , 381.95 0.00 0.00
ACCRUED DIVIDEND 0.00 2 , 589.62 2 , 589.62 0.00 0.00
TOTAL.VALUE=OF°AGCouNT= -- -- -- ---- ---- ---- ; -=3,266,38 68: =., = _ :; = '= --3,462,673.71

----- :20:....';
NOT AVAILABLE
CASH .25
IVALENT
PREFERRED STOCK 8.65

CORPORATE BONDS 5.88
US GOVERNMENT & AGENCY 14.18
TAXABLE DIVIDENDS 0.00 14,450.72 TOTAL LONG TERM 302.91

Client Statement NEUBERGER BERMAN
For the period 11/29/2008 to 12/31/2008

/^ M ^y ^n e ^^ ^ +n... .,
_
^ A_^c....•-.i ^fx ^^ .^.^.5. _L.:t ^ M...Y !•.^. _^,'^^_î-=. u -^"P 4 ..G .:.'R",:S::L ^^^^^^^.^^ F's.. ^ .^:. µ =^ y .t. ^ `î^.^ _
^4y.:-= re ^3
- .. <N '•"` _ - S '
^'1^ T'.^"FP^"' _ ',",'"q," - c^4"^^°e °no '-'R °'.• ^' .':.1^ T ..^"=...i' ,^. ab u `fir="- „'.ne
_ ^:tf. '.+5,-
"^^t-'s _ ^ 2 PA^F 3 .. da ~^ y
- Y.xs - dc..o-xsya'.&+^S.G.:s is^ts's B' -..1.a.-` F^3• ••••• 1
Total Mkt
CASH Cost Value
CASH ( USD Exchange Rate 1 000000000 ) 8,10000 8,10000
TOTAL CASH 8,100 . 00 8,100.00
(1)(4 ) (9) (1)(4)(9) (10)

Average Total Mkt Unrealized ) Annual (6)
Quantity Description Ticker/Cusp Unit Cost Cost Price Value P/L Income Yield
CASH EQUIVALENT
1,990,102 73 NEUBERGER BERMAN INSTL NBAXX 1 0000 1,990,102 73 10000* 1,990,102 73 N/A 19,304 00 0 97
LIODTY SER INSTL CASH FD TR CL
TOTAL CASH EQUIVALENT 1,990 , 102.73 1 , 990,102 . 73 NIA 19,304 . 00 0.97
EQUITIES
3,600 STANDARD & POORS DEPOSITARY SPY N/A 405,300 00 90 2400 324,864 00 N/A 10,357 20 3 19
RECEIPTS (SPDRS) (BOOK ENTRY)
UNITS UNDIVIDED BENEFICIAL INT
TOTAL EQUITIES 405,300 . 00 324 , 864.00 NIA 10 , 357.20 3.19

PREFERRED STOCK
8,000 BANK AMER CORP BACPRH 25 0000 200,000 00 20 2500 162,000 00 (38,000 00) 16,400 00 10 12
DEPOSITARY SH REPSTG 1/1000TH
4,000 CORPORATE BACKED TR CTFS JZS 250000 100,003 85 15 6000 62.400 00 (37,603 85) 5,80000 9 29
2003-12 GOLDMAN SACHS GROUP
4,000 CORPORATE BACKED TR CTFS JZC 25 0000 100.003 85 14 3600 57,440 00 (42.563 85 ) 6,00000 10 45
2004-4 GOLDMAN SACHS CAP I DEB
NEUBERGER BERMAN
Client Statement
For the period 11/29/2008 to 12/31/2008
(10)
Average
(1)(4)(9)
Total
(1)(4)(9) Mkt Unrealized al Annual (6)
Quantity Description Ticker/Cusip Unit Cost Cost Price Value P/ L Income Yield
PREFERRED STOCK (Continued)
TOTAL PREFERRED STOCK 400 007.70 2811,840. 00 ( 118 ,167.70 ) 28,200.00 10.01
CORPORATE BONDS
"'GENERAL ELECTRIC CAP CORP 36962GD35 98 7200 197 , 441.71 95 8050 191,610.00 (5,831 . 71) 6,000 . 00 5.58
200,000
MEDIUM TERM NOTES
3 00000 % 06/27/2018 36962GD35
JD 27
197 441 71 191 610.00 ( 5 , 831 . 71) 6,000 . 00 5.58

TOTAL CORPORATE BONDS
US GOVERNMENT & AGENCY
FEDERAL HOME LOAN BANK 3133XNTG4 101 5000 253,750 00 103 1918 257,979 61 4,22961 12,500 00 1 69
250.000
5 00000% 12/24/2014 3133XNTG4
CALLABLE @ 100 00 12/24/09
JD_24
FEDERAL HOME LOAN BANK 3133XRQJ2 100 0000 200,000 00 101 9584 203.916 77 3,91677 11.000 00 1 81
200,000
5 50000% 07/15/2015 3133XRQJ2
CALLABLE @ 100 00 07/15/09
JJ_15 CC
TOTAL US GOVERNMENT & AGENCY 453 750. 00 461 , 896.38 8 , 146 . 38 23 , 500.00 1.75
(5) 3 , 049 ,402. 14 3 ,258 , 413 . 11 (115 ,853.03) 87, 3 61.20 2.68
GRAND TOTAL
For the period 11/29/2008 to 12/31/2008

FOUNDATION - UNIPLAN
CASH EQUIVALENT 0.00 162.83 162.83 1.58 0.97

- - - -- -- - - - -- - - - - - -- ---- --- - - --- -
_ , UE )F.'ACCOUNT,,,==
TOTALVAi, ._ #t,00 _:-
NOT AVAILABLE
TAXABLE DIVIDENDS 0.00 6,118.54 TOTAL LONG TERM (29,027.23

MONEY MKT FUND DIVIDENDS 162.83 1,109.25 TOTAL SHORT TERM (770.25
For the period 11/29/2008 to 12/31/2008

FOUNDATION - UNIPLAN
ME=
_ 07 -.._u^=.
(1)(4)(9) (1)(4)(9) (10)

Average Total Mkt Unrealizedrn Annual (8)
Quantity Description Ticker/ Cusip Unit Cost Cost Price Value P/L Income Yield
CASH EQUIVALENT
162 83 NEUBERGER BERMAN INSTL NBAXX 1 0000 162 83 1 0000' 162 83 N/A 1 58 0 97
TOTAL CASH EQUIVALENT 162.83 162.83 NIA 1 . 58 0.97
GRAND TOTAL (5) 162. 83 162 . 83 N/A 1.58 0.97

For the period 11/29/2008 to 12/31/2008

FOUNDATION - FEDERATED
CASH EQUIVALENT 0.00 352.68 352.68 3.42 0.97

ACCRUED DIVIDEND 134.19 103.98 103.98 0.00 0.00
-- - --------- -= - -= - - ---
TOTAL_V-AL E; À^C^ 456. 6.61:='
NOT AVAILABLE
TOTAL LONG TERM ( 68,195.49)

TOTAL SHORT TERM (46,122.94)
FOREIGN TAX 0.00 (494.74 )
NEUBERGER BERMAN -
Client Statement
For the period 11/29/2008 to 12/31/2008
FOUNDATION - FEDERATED
(2) (10)
Average
(1)(4)(9)
Total
(1)(4)(9)
Mkt Unrealized Annual (8)
Ticker/Cusip Unit Cost Cost Price Value P/L Income Yield
Quantity Description
CASH EQUIVALENT
NBAXX 1 0000 352 68 10000* 352 68 N/A 3 42 0 97

352 68 NEUBERGER BERMAN INSTL
352.68 352.68 N/A 3.42 0.97

TOTAL CASH EQUIVALENT
N/A 3.42 0.97

GRAND TOTAL (5) 352 .68 352.68
Client Statement NEUBERGER BERMA .
For the period 11129/2008 to 12/31/2008

FOUNDATION
CASH EQUIVALENT 0.00 98.54 98.54 0.96 0.97

-- - - - - -- - - - ---- - - - - - - - - ..-_ - - -
T,OTAL=VALUE=QFAC£±QUNT `--.. 0.00 :.... :.. .. . ::.:.:..98.5+^. 98:544 =-.. -.:.©:'
-- G==.. - - -
- - -- - - - - - - --- - - - - --
NOT AVAILABLE
TAXABLE DIVIDENDS 0.00 1,256 .45 TOTAL LONG TERM (28,157.21)

MONEY MKT FUND DIVIDENDS 98.54 368 .00 TOTAL SHORT TERM ( 10,756.82)
NEUBERGER BERMAN
Client Statement
For the period 11 /29/2008 to 12/31/2008
FOUNDATION
(1)(4)(9) (12) Annual (6) (10)

Averagetltt4t(9) Total Mkt
Unit Cost Cost Price Value % Portfolio Income Yield
Quanti ty Descri p tion Ttcker/Cusi p
CASH EQUIVALENT
1 0000 98 54 10000* 98 54 100 00 0 96 0 97

98 54 NEUBERGER BERMAN INSTL NBAXX
98.54 98 . 54 100.00 0.96 0.97

TOTAL CASH EQUIVALENT
98.54 98 . 54 100.00 0.96 0.97

GRAND TOTAL (5)
For the period 11/29 /2008 to 12/31/2008

FOUNDATION - IRONWOOD
CASH EQUIVALENT 0.00 116.28 116.28 1 .13 0.97

- - ......:... - -- - - - - - - - -- -
TOTÂL==VALUE=OF'A Ct7[ HIT. = x.00 .:..::..: : ...:.. _= :13 =:-- =- 0;97
NOT AVAILABLE
TAXABLE DIVIDENDS 0.00 483.05 TOTAL LONG TERM ( 72,224.08)

MONEY MKT FUND DIVIDENDS 116.28 347.42 TOTAL SHORT TERM (11,723.32)
Client Statement NEUBERGER BERMA .
For the period 11/29/2008 to 12/31/2008

FOUNDATION - IRONWOOD
(1)(4)(9) (2)
Average t^tt4J^l Total Mkt Unrealized Annual (8) (10)
CASH EQUIVALENT
116 28 NEUBERGER BERMAN INSTL NBAXX 10000 116 28 1 0000' 116 28 N/A 1 13 0 97
TOTAL CASH EQUIVALENT 116.28 116 . 28 N/A 1.13 0.97
(5) NIA
GRAND TOTAL 116 .28 116.28 1 . 13 0.97
NEUBERGER BERMAN
Client Statement
For the period 11/29/2008 to 12/31/2008
FOUNDATION (JULIUS BAER)
CASH EQUIVALENT 760.04 357 602.78 357,602.78 3,468 .75 0.97

EQUITIES 451,884 .69 0.00 0.00 0.00 0.00
=T O TAB -VAtL = C- O U NT _ _: .= === =^452 = G44.73 _;_ _ _ = .. . =

- -- U E' aFA 357 G02:7&.= - : '357 5 2.7$ _ ... _ .==3;A68:7
NOT AVAILABLE
MONEY MKT FUND DIVIDENDS 1.26 39 .20 TOTAL LONG TERM N/A
TOTAL SHORT TERM N/A
For the period 11/29/2008 to 12/31/2008

FOUNDATION (JULIUS BAER)
(1)(4)(9) (2)
Average Total(l)t°t(9) Mkt Unrealized Annual tet (10)
CASH EQUIVALENT
357,602 78 NEUBERGER BERMAN INSTL NBAXX 1 0000 357,602 78 10000* 357,602 78 0 00 3,46875 0 97
TOTAL CASH EQUIVALENT 357,602 .78 357 ,602.78 0 . 00 3,468.75 0.97
(5)
GRAND TOTAL 357,602.78 357,602.78 0 .00 3,468 .75 0.97
FORM 990PF, PART III - OTHER INCREASES IN NET WORTH OR FUND BALANCES
--------------------------------------------------------------------
DESCRIPTION AMOUNT
TO ADJUST 2007 BASIS OF U.S. OBLIGATIONS & S&P DEPOSITORY SHARES 96,066.
RETURN OF CAPITAL 1,376.
--------------
TOTAL 97,442.
--------------
--------------
STATEMENT 8
X0576 2000
26
-------------------------------------------
STATE(S) WHERE THE FOUNDATION IS REGISTERED
-------------------------------------------
-------------------------------------------
NY
STATEMENT 9
XD576 2000
27
FORM 990PF, PART VIII - LIST OF OFFICERS, DIRECTORS, AND TRUSTEES
OFFICER NAME:
ANDREW MADOFF
ADDRESS:
400 EAST 84TH STREET APT 36-B
NEW YORK, NY 10028-5613
TITLE:
PRES,TREAS,DIR.
AVERAGE HOURS PER WEEK DEVOTED TO POSITION: 12
OFFICER NAME:
DEBORAH MADOFF
ADDRESS:
400 EAST 84TH STREET APT 36-B
NEW YORK, NY 10028-5613
TITLE:
VP,SECRETARY,DIR.
OFFICER NAME:
MARK MADOFF
ADDRESS:
158 MERCER STREET
NEW YORK, NY 10012
TITLE:
DIRECTOR
STATEMENT 10
XD576 2 000
28 -
990PF, PART VIII - COMPENSATION OF THE FIVE HIGHEST PAID EMPLOYEES

------------------------------------------------------------------
EMPLOYEE NAME:
NONE
STATEMENT 11
XD576 2 ooo
29
990PF, PART VIII- COMPENSATION OF THE FIVE HIGHEST PAID PROFESSIONALS
NAME:
NONE
STATEMENT 12
XD576 2 000
30 -
THE DEBORAH AND ANDREW MADOFF FOUNDATION - EIN: 90-0070901
FORM 990PF, PART XV, LINE 3 - CONTRIBUTIONS, GIFTS, GRANTS PAID
Date of
Distribution Chari Address City, State, Zip Status Purpose Amount
4/17/2008 SquashBusters 795 Columbus Avenue, 15th Fl Roxbury Crossing, MA 02120 Public Support of charitable mission $1,000.00
5/1/2008 Fisherman's Conservation 260 Aspinwall Street Staten Island, NY 10307 Public Support of charitable mission $2,700 00
6/26/2008 Grant Making Program under IRC 4945(g)(3) 135 E 54th Street, Apt 5-H New York, NY 10022 Public Support of charitable mission $12,320 00
Erena Topchieva - Music Instructor
10/20/2008 Dalton School 63 East 91st Street New York, NY 10128 Public Support of charitable mission $10,000 00
10/20/2008 Central Synagogue 123 East 55th Street New York, NY 10019 Public Support of charitable mission $5,000 00
11/12/2008 Make-a-Wish Foundation of Connecticut 126 Monroe Turnpike Trumbull, CT 06611 Public Support of charitable mission $2,000 00
12/5/2008 Fidelity Charitable Gift Fund 200 Seaport Boulevard, ZE7 Boston, MA 02210 Public Support of charitable mission $150,000 00
12/22/2008 Fidelity Charitable Gift Fund 200 Seaport Boulevard, ZE7 Boston, MA 02210 Public Support of charitable mission $96,900.00
2/6/2007 Grant Making Program under IRC 4945(g)(3) 135 E 54th Street, Apt 5-H New York, NY 10022 Public Support of charitable mission $10,080.00
Erena Topchieva - Music Instructor
$290,000.00
STATEMENT 13
SCHEDULE D 0MB No. 1 5 4 5-0 092
(Form 1041) Capital Gains and Losses
Department of the Treasury
Internal Revenue Servi ce
^ Attach to Form 1041, Form 5227, or Form 990-T. See the separate
instructions for Form 1041 (also for Form 5227 or Form 990-T, if applicable).
200 8
Name of estate or trust Employer identification number
Note : Form 5227 filers need to complete only Parts l and ll.
F67Me Short-Term Capital Gains and Losses - Assets Held One Year or Less
( a) Cost or other basis ( f) Gain or ( loss) for
( a) Description of property ( b) Date acquired ( c) Date sold
( d) Sales price ( see page 4 of the the entire year
(Example 100 shares 7% preferred of Z" Co) Imo., day, yr.) (mo., day, yr) instructions) Subtract (e) from (d)
la
b Enter the short-term gain or (loss), if any, from Schedule D-1, line 1b . . . . . .. . . . . . . . . . . . . . lb -671 , 104
2 Short-term capital gain or (loss) from Forms 4684, 6252, 6781, and 8824 , , , , , , , , , , , , , , , , , 2
3 Net short-term gain or (loss) from partnerships, S corporations, and other estates or trusts , , , , , , , , 3
4 Short-term capital loss carryover. Enter the amount, if any, from line 9 of the 2007 Capital Loss
Carryover Worksheet . . . . . . . . .. . .. . . . . . .. .. . . . ... . . . . . . . . . . . . . .. . . . 4 ( )
5 Net short-term gain or (loss). Combine lines 1a through 4 in column (f). Enter here and on line 13,
column (3) on the back . ^ 5 -671 , 104
IflUlU Lana-Term Capital Gains and Losses - Assets Held More Than One Year
(a) Cost or other basis (f) Gain or ( loss) for
(a) Description of property (b) Date acquired ( c) Date sold the entire year
( d) Sales price ( see st
pa ge 4 of the
(Example 100 shares 7% preferred of 'Z' Co 1 (mo., day, yr) Imo, day, yr) in st ructionsl
ructions) Subtract (e) from (d)
6a
b Enter the long-term gain or (loss), if any, from Schedule D-1, line 6b, , , , , , , , , , , , , , , , , , , , , 6b -197 , 410
7 Long-term capital gain or (loss) from Forms 2439, 4684, 6252, 6781, and 8824 . . . . . . . . . . . . . 7
8 Net long-term gain or (loss) from partnerships, S corporations, and other estates or trusts .. . . . . . . . 8
9 Capital gain distributions . . .. . .. . . . . . .. . ... . . . . . . . . . . . .. . . . . . . . . . . .. . 9 2 , 076
10 Gain from Form 4797, Part I , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 10

11 Long-term capital loss carryover. Enter the amount, if any, from line 14 of the 2007 Capital Loss
Carryover Worksheet . . . . . . . .. . . .. . . . .... . . . . . . . . . . . . . . . . . . . . . . . . . . 11
12 Net long -term gain or (loss). Combine lines 6a through 11 in column (f). Enter here and on line 14a,
column (3) on the back . ^ 12 -195 , 334
For Paperwork Reduction Act Notice, see the Instructions for Form 1041. Schedule D (Form 1041) 2008
JSA
8F12102000
32 -
Schedule D (Form 1041) 2008 Page 2
Summary of Parts I and II (1) Beneficiaries' (2) Estate's
(see page 5) or trust's (3) Total
Caution : Read the instructions before completing this part.
13 Net short-term gain or ( loss) . . . . . . . . . . . . .. .. . . . 13 -671 , 104.
14 Net long-term gain or ( loss):
a Total for year .... ........................ 14a -195 , 334.
b Unrecaptured section 1250 gain (see line 18 of the wrksht.). 14b
c 28% rate gain .. . . . . . . . . . . . . . . .. . . . .. .. . .. 14c
15 Total net gain or (loss). Combine lines 13 and 14a .. .. . . . ^ 15 -866 438.
Note : If line 15, column (3), is a net gain, enter the gain on Form 1041, line 4 (or Form 990-T, Part 1, line 4a). If lines 14a and 15, column (2), are net gains, go
to Pa rt V. a nd do not complete Part IV. If line 15, column (3), is a net loss, complete Part IV and the Capital Loss Carryover Worksheet, as necessary
Loss Limitation
16 Enter here and enter as a (loss) on Form 1041, line 4 (or Form 990-T, Part I, line 4c, if a trust), the smaller of:
a The loss on line 15, column (3) or b $3,000 , , 16 ( 3 , 000)
Note: If the loss on line 15, column (3), is more than $3,000, or if Form 1041, page 1, line 22 (or Form 99'0-T, line 34), is a loss, complete the Capital Loss
Carryover Worksheet on page 7 of the instructions to figure your capital loss carryover.
Tax Computation Using Maximum Capital Gains Rates
Form 1041 filers. Complete this part only if both lines 14a and 15 in column (2) are gains, or an amount is entered in Part I or Part II and
there is an entry on Form 1041, line 2b(2), and Form 1041, line 22, is more than zero.
Caution: Skip this part and complete the worksheet on page 8 of the instructions if.•
• Either line 14b, col. (2) or line 14c, col. (2) is more than zero, or
• Both Form 1041, line 2b(1), and Form 4952, line 4g are more than zero.
Form 990-T trusts. Complete this part only if both lines 14a and 15 are gains, or qualified dividends are included in income in Part I
of Form 990-T, and Form 990-T, line 34, is more than zero. Skip this part and complete the worksheet on page 8 of the instructions if
either line 14b, col. (2) or line 14c, col. (2) is more than zero.
17 Enter taxable income from Form 1041, line 22 (or Form 990-T, line 34) . . 17
18 Enter the smaller of line 14a or 15 in column (2)
but not less than zero . . . . . . . . . . . . . . 18
19 Enter the estate's or trust's qualified dividends
from Form 1041, line 2b(2) (or enter the qualified
dividends included in income in Part I of Form 990-T) , 19
20 Add lines 18 and 19 . .. . . . . . . . . .. . 20
21 If the estate or trust is filing Form 4952, enter the
amount from line 4g; otherwise, enter -0- . . ^ 21
22 Subtract line 21 from line 20. If zero or less, enter -0- . . . . . ... . .. 22
23 Subtract line 22 from line 17. If zero or less, enter -0- . . . . . ... . . . 23
24 Enter the smaller of the amount on line 17 or $2,200 , , , , . . 24

25 Is the amount on line 23 equal to or more than the amount on line 24?
8 Yes. Skip lines 25 and 26; go to line 27 and check the "No" box.
No. Enter the amount from line 23 , 25
26 Subtract line 25 from line 24 26
27 Are the amounts on lines 22 and 26 the same?
Yes. Skip lines 27 thru 30, go to line 31. NO. Enter the smaller of line 17 or line 22 27
28 Enter the amount from line 26 (If line 26 is blank, enter -0-) , . ... . . . . 28
29 Subtract line 28 from line 27 . . . .. .. . .. . . . . . . .. . . .. 29

30 Multiply line 29 by 15% (.15) . . . . . . . . . . . . .. . . .. . ... . . . . . . . . . . . . . . . . . . . 0
31 Figure the tax on the amount on line 23. Use the 2008 Tax Rate Schedule for Estates and Trusts (see
the Schedule G instructions) . . . . . . . . . .. ... . . .. . . ... . . . . . . . . .. . . . . . . . . 31
32 Add lines 30 and 31 . . . . . . . . . . . . . . 32

33 Figure the tax on the amount on line 17. Use the 2008 Tax Rate Schedule for Estates and Trusts (see
the Schedule G instructions) 33
34 Tax on all taxable income . Enter the smaller of line 32 or line 33 here and on line la of
Schedule G , Form 1041 ( or line 36 of Form 990-T) . .. . . . . . . . . . ... . . . . . . . . . . . 34
Schedule D (Form 1041) 2008
JSA
SF 1220 2 000
33 -
SCHEDULE D-1 Continuation Sheet for Schedule D OMB No 1545-0092
(Form 1041 ) ( Form 1041)
Department of the Treasury ^ See instructions for Schedule D (Form 1041).
2008
Internal Revenue Service ^ Attach to Schedule D to list additional transactions for lines la and 6a.
Name of estate or trust Employer identification number
Short-Term Capital Gains and Losses - Assets Held One Year or Less
( a) Description of Property ( Example ( b) Data ( c) Date sold (d ) Sales price ( e) Cost or other basis
I If)
100 sh. 7 % preferred of ' Z Co.) acquired ( mo., day, yr.) (see page 4 of the ( see page 4 of the
instructions ) Subtract (e )rfrom (d)
(mo., day, yr) instructions)
la . SEE ATTACHED
12/31/2 -671,104.00
lb Total . Combine the amounts in column M. Enter here and on Sc 1b .1 -671,104.00

For Paperwork Reduction Act Notice , see the Instructions for Form 1041. Schedule D-1 (Form 1041) 2008
JSA
8F1221 2 000
34 -
Schedule D1 (Form 1041 ) 2008 Page 2
Schedule D-1 (Form 1041) 2008
JSA
8F1222 200^
35
CAPITAL GAINS SCHEDULE
PAGE• 1
FROM Jan 01, 2008 TO Dec 31, 2008
DENCIMINATED IN - U.S. Collars

REPORT RUN DATE - Jul 14, 2009
---- PURCHASE ----- ----- SALE --------

DESCRIPTION UNITS DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
ORIG FACE FX RATE MNY CURR FX RATE ORIGINAL COST GAIN/LOSS DISCOUNT INC
C A P I T A L G A I N S
LB ADV SERIES INTL
•*HOLDBACK 74,766 024 12/09/08 1.00 12/22/08 0 77 0 00 57,777 38 57,777.38 ST
SECTION TOTAL 74,766 0 00 57,777 38 57,777.38 ST

0.00 LT
IND LEGEND _= ACCOUNT TOTALS == COST PROCEEDS GAIN/LOSS
WO - WRITTEN OPTION SHORT TERM 0.00 57,777.38 57,777.38

SS - SHORT-SALE
ST - SHORT TERM
MT - MEDIUM TERM
LT - LONG TERM LONG TERM 0.00 0.00 0.00
p - PURCHASE INCLUDES ZERO GAIN /LOSS ITEMS 0.00 0.00

OPTION PREMIUM
s - SALE INCLUDES TOTALS 0 .00 57,"77 38 57,777.38
OPTION PREMIUM
b - PURCHASE & SALE TOTAL CURRENCY GAINS 0.00
INCLUDES OPTION PREMIUM
TOTAL SHORT SALE P&L 0.00
TOTAL DISCOUNT INCOME 0.00
THIS REPORT IS INTENDED TO BE AN INTERNAL WORKSHEET AND SHOULD NOT BE RELIED UPON FOR ACCURACY
_____= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =_____
CAPITAL GAINS SCHCDULE
FROM Jan 01, 2008 TO Dec 31, 2008
FISCAL YEAR END - 12/31

TAX EXEMPT CODE - Y -
DENOMINATED IN - U.S Dollars
REPORT RUN DATE - Aor 21, 2009
---- PURCHASE ----- ----- SALE --------

ORIG FACE rX RATE MNY CURR FX RATE ORIGINAL COST GAIN/LOSS DISCOUNT INC
se_.==.a =.==a====^= C A P I T A L G A I N S ve.aae=. te=e=====c=.
LB ADV SERIES INTL 74.766.024 12/09/08 1.00 12/22/08 0.77 681,035 52 299, 064 10 -381,971 42 ST
....nave=v=cv = vvs=.aces = av=a ---------- - .- ae=t=svv=ve==ev= -...vvv = e=ec ae c.o=vsveêôvo
=a IND LEGEND ao =- ACCOUNT TOTALS == COST PROCEEDS GAIN/LOSS

681,035.52 299,064 10 -381,971 42
WO - WRITTEN OPTION SHORT TERM
SS - SHORT-SALE
ST - SHORT TERM
MT - MEDIUM TERM
LT - LONG TERM LONG TERM 0.00 0 00 0 00
p - PURCHASE INCLUDES ZERO GAIN/LOSS ITEMS 0 00 0 00

OPTION PREMIUM
681,035 52 299,064 10 -381,971 42
s - SALE INCLUDES TOTALS
OPTION PREMIUM
TOTAL DISCOUNT INCOME 0 00
THIS REPORT IS INTENDED TO BE AN INTERNAL WORKSHEET AND SHOULD NOT BE RELIED UPON FOR ACCURACY =a==
_____= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM -=e===
FROM Jan 01, 2008 TO Dec 31, 2008

TAX EXEMPT CODE - N
DENOMINATED IN - U .S. Dollars
RE PORT RUN DATE - Apr 21, 2009
----PURCHASE----- ----- SALE - -------

DESCRIPTION UNITS DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECUR ITY IND CURRENCY G/L
FEDERAL HOME LOA 200,000 000 11/07/03 99 83 02/01/08 100 00 199,650.45 200,000 00 349 55 LT
R/MD 4.70 199,650 45
4 70000% 10/08/2010
CALLED @ 100.00 02/0
FEDERAL HOME LOA 100,000 000 08/24/04 99 82 03/17/08 100 00 99,824 19 100,000.00 175 81 LT
R/MD 4.25 99,824 19
4 25000% 06/17/2009
FEDERAL HOME LOA 250,000 .000 06/10/03 100.09 03/19/08 100.00 250,222 45 250,000.00 -222 45 LT
R/MD 3 02 250,222 45
3 02000% 03/19/2008
-------------- - - - - - ---- - - - - - - - - - - - ------------ -- --------- - - - - - - - - ---- - - ---- -
550,000 549,697 09 550,000.00 0 00 ST
549,697 09 302 91 LT
---------- ---- -- -------------- --- ------------- -- --------- --- -- --------------
FEDERAL HOME LOA 250,000 000 07/19/05 100 00 01/25/08 100 00 250,000.00 250,000 00 0 00
4% TO 01/06;THEREAFT 250,000.00
4.90000% 07/25/2008
FEDERAL HOME LOA 250,000 000 06/02/03 100.00 03/31/08 100.00 250,000 00 250,000.00 0 00
R/MD 3.50 250,000 00
3 50000/ 03/30/2009
FEDERAL FARM CRE 100,000 000 01/17/08 100 00 04/22/08 100 00 100,000.00 100,000 00 0 00
100,000.00
5 00000% 07/22/2015
CALLED @ 100 00 04/2
FEDERAL HOME LOA 100,000 000 05/20/08 100 00 12/11/08 100.00 100,000 00 100,000 00 0 00
100,000 00
3 70000% 06/03/2011
CALLED @ 100 00 12/1
FEDERAL HOME LOA 200,000 000 06/17/03 100.00 12/30/08 100.00 200,000.00 200,000.00 0 00
200,000.00
3 10000% 06/30/2009
CALLED @ 100.00 12/3
_____= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =__-__
FROM Jan 01, 2008 TO Dec 31, 2008

TAX EXEMPT CODE - N
DENOMINATED IN - U.S Dollars
REPORT RUN DATE - Apr 21, 2009
---- PURCHASE ----- ----- SALE -- ------

INTERSTATE HOTEL 30 000 12/17/03 5 29 04/22/08 4.21 158 70 126 29 -32 41 LT

INC NEW
MACQUARIE INFRAS 5 000 11/30/06 31.35 04/22/08 30 40 156 74 151.99 -4 75 LT
LLC MEMBERSHIP INT
SUNSTONE HOTEL I 5 000 03/12/07 27 74 04/22/08 17.38 138. 70 86.89 -51 81 LT
NEW
INTERSTATE HOTEL 110 000 12/17/03 5.29 10/29/08 0.99' 581.90 108 90 -473.00 LT
INC NEW
*SJ,1E AS ABOVE* 150 000 12/23/04 5.05 10/29/08 0.99 757 50 148 49 -609 01 LT
MACQUARIE INFRAS 105 000 11/30/06 31.35 10/29/08 10.52 3,291 53 1,104 59 -2,186 94 LT
LLC MEMBERSHIP INT
*SAME AS ABOVE* 100 000 11/27/06 31 00 10/29/08 10.52 3,099 70 1,051.99 -2,047 71 LT
SUNSTONE HOTEL I 25 000 03/12/07 27 74 10/29/08 4 81 693 50 120.25 -573 25 LT
NEW
*SAME AS ABOVE* 20 000 03/13/07 27 58 10/29/08 4 81 551 60 96.20 -455.40 LT
*SAME AS ABOVE* 40 000 03/12/07 27 56 10/29/08 4 81 1,102 40 192 40 -910 00 LT
*SAME AS ABOVE* 30 000 03/12/07 27.41 10/29/08 4 81 822 25 144.30 -677.95 LT
*SAME AS ABOVE* 40 000 03/13/07 27 35 10/29/08 4 81 1,093 86 192.39 -901 47 LT
---- ------ ---- -- ------------ -- --- ------------- -- ------------ -- --------------
660 12,448 38 3,524.68 0 00 ST
-8,923 70 LT
---- ------ ---- -- ------------ -- --- ------------- -- ------------ -- --------------
SECTION TOTAL 660 12,448 38 3,524 68 0 00 ST

-8,923 70 LT
R E A L E S T A T E I N V E S T M E N T T R U S T S
CEDAR SHOPPING C 10 000 04/22/08 12 25 10/29/08 8 10 122 50 81.03 -41.47 ST

NEW
HOSPITALITY PROP 15 000 04/22/08 33 62 10/29/08 10.00 504. 30 149 99 -354 31 ST
SBI
KIMCO REALTY COR 5 000 04/22/08 39.03 10/29/08 21 16 195 15 105.78 -89.37 ST
VORNADO REALTY T 10 000 04/22/08 91 86 10/29/08 63 35 918 60 633.50 -285 10 ST
THIS REPO RT IS INTENDED TO BE AN INTERNAL WORKSHEET AND SHOULD NOT B E RELIED UPON FOR ACCURACY
_____= UNLE SS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =_____
FROM Jan 01, 2008 TO Dec 31, 2008
----PURCHASE----- -----SALE--------
-------------- ---------------- ---------------- -------------- -- --------------

40 1,740 55 970.30 -770 25 ST
ALEXANDRIA REAL 10 000 11/27/06 100 47 04/22/08 101.59 1,004 70 1,015.89 11 19 LT

EQUITIES INC
AVALONBAY COMMUN 5 000 11/28/06 127 45 04/22/08 101.26 637 24 506 29 -130.95 LT
BOSTON PROPERTIE 10 000 11/27/06 114 37 04/22/08 99 82 1,143 67 998 19 -145.48 LT
CAMDEN PROPERTY 10.000 11/28/06 76 44 04/22/08 52.20 764 .43 521 99 -242 44 LT
EASTGROUP PROPER 5 000 12/23/04 37 71 04/22/08 47 90 188 56 239.49 50 93 LT
EDUCATION REALTY 10 000 03/28/07 14 29 04/22/08 13 87 142 89 138.69 -4 20 LT
HEALTH CARE REIT 10.000 11/27/06 40 07 04/22/08 48 76 400 65 487.59 86 94 LT
PUBLIC STORAGE I 5.000 11/30/06 95 67 04/22/08 94.00 478 33 469 99 -8 34 LT
RAMCO GERSHENSON 5.000 11/30/06 36 90 04/22/08 22 47 164 52 112.34 -72 18 LT
TRUST-MD SBI
REALTY INCOME CO 10 000 11/27/06 26 61 04/22/08 26.80 266 07 267 99 1 92 LT
SL GREEN REALTY 5 000 11/28/06 138 63 04/22/08 94 04 693 17 470 19 -222 98 LT
SIMON PROPERTY G 5 000 05/05/04 47 68 04/22/08 100.29 238 40 501 44 263.04 LT
SIMON PROPERTY G 5 000 02/02/02 42 90 04/22/08 80 05 214 50 400 24 185.74 LT
SERIES I CONVERTIBLE
PREFERRED STOCK
ALEXANDRIA REAL 30 000 11/27/06 100 47 10/29/08 67 09 3,014 12 2,012.69 -1,001 43 LT
EQUITIES INC
*SAME AS ABOVE* 1 000 09/05/03 47 42 10/29/08 67 09 47 42 67.09 19 67 LT
*SAME AS ABOVE* 52 000 05/28/03 44 .51 10/29/08 67 09 2,314 54 3,488 65 1,174 11 LT
AMB PROPERTY COR 40 000 12/23/04 39 87 10/29/08 18 72 1,594.75 748 .96 -845 '79 LT
'SAME AS ABOVE* 6 000 09/05/03 28 71 10/29/08 18 '72 172 25 112 34 -59 91 LT
*SAME AS ABOVE* 116 000 05/28/03 27 24 10/29/08 18. 72 3,159.75 2,171 98 -987 77 LT
AVALONBAY COMMUN 5.000 11/28/06 127 45 10/29/08 69 96 637.24 349 80 -287 44 LT
*SAME AS ABOVE* 44 000 05/28/03 42 91 10/29/08 69. 96 1,888 04 3,078 22 1,190 18 LT
AMERICAN CAMPUS 80 000 11/27/06 27 30 10/29/08 24 60 2,183 85 1,961 .90 -215. 95 LT
INC
BOSTON PROPERTIE 20 000 11/27/06 114 37 10/29/08 64.79 2,287 35 1,295 79 -991 56 LT
*SAME AS ABOVE* 3 000 09/05/03 44.27 10/29/08 64 79 132 81 194 37 61.56 LT
`SAME AS ABOVE* 54 000 05/28/03 42 15 10/29/08 64.79 2,276 10 3,498 64 1,222 54 LT
CEDAR SHOPPING C 40 000 11/28/06 17 39 10/29/08 8.10 695 68 324 09 -371 59 LT
NEW
*SAME AS ABOVE* 60 000 01/20/06 14 08 10/29/08 8.10 844 72 486.13 -358.59 LT
*SAME AS ABOVE* 150 000 03/19/04 13 07 10/29/08 8 20 1,960.50 1,215 33 -745 17 LT
CAMDEN PROPERTY 81 000 03/26/04 34 35 10/29/08 30 74 2,782 26 2,489 92 -292.34 LT
AMERICAN CAMPUS 145.000 06/24/05 20 28 10/29/08 24 60 2,939 77 3,566.91 627 04 LT
INC
DIGIT AL REALTY T 20 000 11/28/06 35 05 10/29/08 29 56 700 95 591 20 -109 75 LT
*SAME AS ABOVE* 100 000 06/24/05 16 42 10/29/08 29 56 1,641.88 2,955.98 1,314 10 LT
EASTGR OUP PROPER 35 000 12/23/04 37 71 10/29/08 27 95 1,319 96 978 25 -341.71 LT
_____= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =_-___
CPPITAL GAINS SCHEDULE
FROM Jan 01, 2008 TO Dec 31, 2008
-PURCHASE----- -----SALE --------

5 .000 09/05/03 27.78 10/29/08 27 95 138 91 139.75 0 84 LT

*SAME AS ABOVE*
*SAME AS ABOVE* 61 000 05/28/03 26 50 10/29/08 27.95 1,616 67 1,704 94 B8 27 LT
EDUCATION REALTY 60 000 03/28/07 14 29 10/29/08 4 42 857. 31 265.20 -592 11 LT
50 000 03/22/07 14 24 10/29/08 4 42 712 05 221 00 -491 05 LT
*SAME AS ABOVE*
*SAME AS ABOVE* 30 000 03/14/07 14 11 10/29/08 4 42 423. 25 132 60 -290 65 LT
*SAME AS ABOVE* 20 000 03/12/07 13.99 10/29/08 4.42 279 72 88 40 -191 32 LT
30 000 03/13/07 13 90 10/29/08 4 42 416 98 132.60 -284 38 LT
*SAME AS ABOVE*
*SAME AS ABOVE* 30 000 03/13/07 13 85 10/29/08 4 42 415 65 132.60 -283. 05 LT
*SAME AS ABOVE* 80 000 05/08/07 13 58 10/29/08 4 42 1,086 44 353.59 -732. 85 LT
HEALTH CARE REIT 70 000 11/27/06 40.07 10/29/08 42.08 2,804 57 2,945.83 141 26 LT
55 000 03/22/04 37.64 10/29/08 42.08 2,070 04 2,314 58 244 54 LT
*SAME AS ABOVE*
*SAME AS ABOVE* 30 000 12/23/04 35.80 10/29/08 42 08 1,074 05 1,262.49 188 44 LT
HOSPITALITY PROP 40 000 11/30/06 50.19 10/29/08 10 00 2,007 77 400 00 -1,607 77 LT
SBI
*SAME AS ABOVE* 130 000 11/29/06 49 99 10/29/08 10.00 6,498 39 1,299 99 -5,198 40 LT
75 000 06/22/05 46 48 10/29/08 29.53 3,486. 00 2,214.73 -1,271 27 LT
KILROY REALTY CO
KIMCO REALTY COR 80 .000 03/30/04 24.81 10/29/08 21.16 1,984 82 1,692.58 -292. 24 LT
*SAME AS ABOVE* 87 000 05/28/03 19 10 10/29/08 21 16 1,661 74 1,840.68 178. 94 LT
PUBLIC STORAGE I 25 .000 11/30/06 95 67 10/29/08 77.68 2,391 63 1,941 99 -449 64 LT
*SAME AS ABOVE* 70 .000 11/29/06 95 61 10/29/08 77 68 6,692 60 5,437.56 -1,255. 04 LT
PROLOGIS 50 000 11/27/06 64.01 10/29/08 12 99 3,200. 67 649 50 -2,551 17 LT
SH BEN INT
*SAME AS ABOVE* 105 000 06/21/05 40.98 10/29/08 12.99 4,302 05 1,363 95 -2,938 10 LT
POTLATCH CORPORA 40 000 11/27/06 41 05 10/29/08 30 25 1,641 88 1,209 99 -431 89 LT
NEW
*SAME AS ABOVE* 120 000 06/15/06 38 50 10/29/08 30.25 4,619 42 3,629 98 -989 44 LT
RAMCO GERSHENSON 115 .000 11/30/06 36 90 10/29/08 11 95 4,243 94 1,374.24 -2,869. 70 LT
TRUST-MD SBI
REGENCY CENTERS 85 000 03/26/04 45 14 10/29/08 34 06 3,836 60 2,895.08 -941 52 LT
REALTY INCOME CO 20 .000 11/27/06 26 61 10/29/08 22 81 532 14 456 20 -75 94 LT
40 000 12/23/04 25.34 10/29/08 22.81 1,013 59 912 39 -101. 20 LT
*SAME AS ABOVE*
95 000 09/05/03 20 03 10/29/08 22 81 1,902. 63 2,166 94 264 31 LT
*SAME AS ABOVE*
5 .000 09/05/03 36 20 10/29/08 33 60 181 00 168 00 -13 00 LT
SL GREEN REALTY
*SAME AS ABOVE* 77 000 05/28/03 35 04 10/29/08 33 60 2,698 08 2,587 18 -110 90 LT
SIMON PROPERTY G 20 000 05/05/04 47 68 10/29/08 61 75 953 60 1,234 90 281 30 LT
*SAME AS ABOVE* 109 000 05/28/03 38 58 10/29/08 61 75 4,205 22 6,730.22 2,525 00 LT
22 000 02/02/02 42 90 10/29/08 49.04 943 80 1,078 87 135 07 LT
SIMON PROPERTY G
SERIES I CONVERTIBLE
PREFERRED STOCK
VENTAS INC. 30 000 12/23/04 27 24 10/29/08 33.48 817 20 1,004 39 187 19 LT
.000 09/05/03 18 09 10/29/08 33 48 958 73 1,774 43 815 70 LT
*SAME AS ABOVE* 53
VORNADO REALTY T 61 .000 05/28/03 40 40 10/29/08 63 35 2,464. 47 3,864 32 1,399. 85 LT
WEINGARTEN REALT 40 .000 12/23/04 40 38 10/29/08 19 35 1,615 20 773 99 -841 21 LT
SBI
*SAME AS ABOVE* 71 000 05/28/03 28 26 10/29/08 19 35 2,006 46 1,373 84 -632 62 LT
FROM Jan 01, 2008 TO Dec 31, 2008
----PURCHASE----- ----- SALE --------

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

3,363 117,706 34 97,493 9B 0.00 ST
-20,212 36 LT
-------------- ---------------- ---------------- -------------- -- --------------
------ ------ --------------

SECTION TOTAL 3,403 119,446 89 98,464 28 -770 25 ST
-20,212 36 LT
C A P I T A L G A I N D I V I D E N D S
RAMCO GERSHENSON 4 430 01/02/08 1 00 0.00 4 43 4 43 LT

TRUST-MD SBI
*SAME AS ABOVE* 25 500 01/02/08 1 00 0 00 25.50 25 50 LT
AVALONBAY COMMUN 5 050 01/15/08 1 00 0.00 S 05 5 05 LT
*SAME AS ABOVE* 24 790 01/15/08 1 00 0.00 24.79 24.79 LT
SL GREEN REALTY 2 880 01/15/08 1 .00 0 00 2 88 2.88 LT
*SAME AS ABOVE* 8 870 01/15/08 1 00 0 00 8 87 8.87 LT
SUNSTONE HOTEL I 1. 820 01/15/08 1 00 0 00 1 82 1 82 LT
NEW
CAMDEN PROPERTY 8 540 01/17/08 1 00 0 00 8 54 8 54 LT
*SAME AS ABOVE* 26 950 01/17/08 1 00 0 00 26 95 26 95 LT -
- -- -- ------- ---- --- - -------- -- -- -- - -- - ----- - -- -- --------------
109 0 00 108 83 0.00 ST
108 83 LT
--- ------------- ---- ------------ -- ------------ -- --------------
SECTION TOTAL 109 0 00 108 83 0.00 ST

108 83 LT
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- -----SALE--------

ORIG FACE FX RATE £4NY CURR FX RATE ORIGINAL COST GAIN/LOSS DISCOUNT INC
IND LEGEND =_ _= ACCOUNT TOTALS == COST PROCEEDS GAIN/LOSS
MO - WRITTEN OPTION SHORT TERM 1,740.55 970 30 -770 25

SS - SHORT-SALE
ST - SHORT TERM
MT - MEDIUM TERM
LT - LONG TERM LONG TERM 130,154.72 101,127.49 -29,027 23
p - PURCHASE INCLUDES ZERO GAIN/LOSS ITEMS 0.00 0 00

OPTION PREMIUM
s - SALE INCLUDES TOTALS 131,895 27 102,097 79 -29,797 48
OPTION PREMIUM
TOTAL SHORT SALE P&L 0 00
FROM Jan 01, 2008 TO Dec 31, 2008

TAX EXEMPT CODE - N
DE NOMINATED IN - U S Dollars
RE PORT RUN DATE - Apr 21, 2009
---- PURCHASE -- --- -----SALE- ---- ---

DESCRIPTION UNITS DATE PR ICE DATE PR ICE ADJUSTED BASIS PROCEEDS SECUR ITY IND CURRENCY G/L
GALLAGHER ARTHUR 45.000 02/09/07 29 17 01/04/08 23 .30 1,312.65 1,048.66 -263 99 ST

*•*KINGFISHER PL 416.000 02/09/07 10 00 01/09/08 4 49 4,160.00 1,866 15 -2,293 85 ST
SPONSORED ADR NEW
REGAL ENTMT GROU 171 000 06/28/07 21 73 02/04/08 19 00 3,715 66 3,248.55 -467 11 ST
ALTRIA GROUP INC 6.000 04/23/07 69 75 02/06/08 73 31 418.52 439.85' 21 .33 ST
BB&T CORP 12.000 08/21/07 40 52 02/06/08 34 70 486 21 416 39 -69 82 ST
***BP P L C SPON 6 000 02/12/07 62 .15 02/06/08 63 92 372 90 383 51 10 61 ST
BRISTOL MYERS SQ 3.000 10/02/07 29 07 02/06/08 23 75 87 21 71.24 -15 97 ST
CITIZENS COMMUNI 15 000 06/28/07 15 40 02/06/08 11 24 231 05 168.59 -62 .46 ST
DUKE ENERGY CORP 6.000 11/01/07 19 .05 02/06/08 18 94 114 28 113 63 -0 65 ST
(HOLDING COMPANY) NE
***ENI S P A SPO 3.000 03/08/07 62 .04 02/06/08 62 98 186 11 188 92 2 81 ST
REPRESENTING 5 ORD
***FRANCE TELECO 6.000 05/23/07 30 36 02/06/08 33 07 182 15 198 41 16 26 ST
SPONSORED ADR
FIFTH THIRD BANC 6.000 05/07/07 41 .52 02/06/08 26 40 249.13 158.39 -90 74 ST
GALLAGHER ARTHUR 3.000 02/09/07 29 17 02/06/08 24. 75 87 51 74.24 -13. 27 ST
KRAFT FOODS INC 9.000 11/08/07 32 .96 02/06/08 29 44 296 65 264.95 -31 70 ST
NEW YORK COMMUNI 9.000 04/13/07 17 57 02/06/08 17 75 158.14 159.77 1 63 ST
REGAL ENTMT GROU 3.000 06/28/07 21 .73 02/06/08 18 56 65 19 55.67 -9. 52 ST
FAIRPOINT COMMUN 3.000 02/12/08 9 89 04/14/08 7 70 29 68 23 09 -6 59 ST
*SAME AS ABOVE* 2.000 03/04/08 6 66 04/14/08 7 70 13.33 15.40 2 07 ST
FIFTH THIRD BANC 238 000 05/07/07 41 .52 04/15/08 19 13 9,882 09 4,551 74 -5,330 35 ST
AT&T INC 3 000 05/06/08 39 26 06/18/08 35. 54 117 78 106 61 -11. 17 ST
BB&T CORP 6 000 08/21/07 40 52 06/18/08 25 24 243 10 151 43 -91 67 ST
BRISTOL MYERS SQ 9 000 10/19/07 29 67 06/18/08 19 90 267.05 179 09 -87 96 ST
CITIZENS COMMUNI 12.000 06/28/07 15 40 06/18/08 11 07 184 84 132 83 -52 01 ST
DUKE ENERGY CORP 9.000 11/15/07 19 38 06/18/08 18 16 174 43 163 43 -11. 00 ST
H J HEINZ CO 3 000 10/19/07 46 29 06/18/08 50 36 138 87 151 07 12 20 ST
KRAFT FOODS INC 6 000 11/15/07 32 98 06/18/08 30 28 197 86 181 64 -16 22 ST
KIMBERLY CLARK C 3 000 03/19/08 65. 26 06/18/08 62 60 195 78 187 79 -7 99 ST
REGAL ENTMT GROU 6.000 08/22/07 22 34 06/18/08 16 05 134 04 96 29 -37. 75 ST
REGIONS FINANCIA 6.000 05/08/08 21 48 06/18/08 11 87 128 86 71 21 -57 65 ST
NEW
SUNTRUST BANKS I 3.000 02/04/08 66 19 06/18/08 37. 17 198.58 111 50 -87 08 ST
VERIZON COMMUNIC 3 000 02/12/08 37 42 06/18/08 35. 64 112 25 106 91 -5 34 ST
THIS REPORT IS INTENDED TO BE AN INTER NAL WORKSHEET AND SHOULD NOT BE RELIED UPON FOR ACCURACY
_____= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =____ _
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

ORIG FACE FX RATE MNY CURB FX RATE ORIGINAL COST GAIN/LOSS DISCOUNT INC
***VODAFONE GROU 6.000 04/09/08 31 77 06/18/08 29 36 190 62 176.15 -14.47 ST

SPONSORED ADR NEW
REGIONS FINANCIA 229.000 05/08/08 21 48 07/16/08 7 33 4,918 19 1,678 90 -3,239 29 ST
NEW
*SAME AS ABOVE* 147 000 04/22/08 20 84 07/16/08 7 33 3,062 95 1,077 72 -1,985 23 ST
WACHOVIA CORPORA 101 000 07/30/07 48 28 07/16/08 9 62 4,875 95 971 83 -3,904 12 ST
BRISTOL MYERS SQ 9 000 10/19/07 29 67 09/26/08 20.74 267 05 186.65 -80.40 ST
DUKE ENERGY CORP 12 000 11/15/07 19 38 09/26/08 17 95 232 57 215 39 -17.18 ST
KRAFT FOODS INC 6 000 11/15/07 32.98 09/26/08 32 72 197 86 196 31 -1.55 ST
KIMBERLY CLARK C 3 000 03/19/08 65.26 09/26/08 64 87 195 78 194 60 -1 18 ST
SUNTRUST BANKS I 6 000 02/04/08 66 19 09/26/08 47 07 397.16 282 41 -114 75 ST
VERIZON COMMUNIC 6 000 02/12/08 37.42 09/26/08 31.61 224.50 189.65 -34 85 ST
***VODAFONE GROU 3.000 04/09/08 31.77 09/26/08 23.29 95 31 69.86 -25.45 ST
SPONSORED ADR NEW
H J HEINZ CO 6 000 10/19/07 46 29 09/26/08 50 68 277 73 304.07 26 34 ST
SUNTRUST BANKS I 37.000 02/04/08 66 19 10/09/08 36.21 2,449 18 1,339.80 -1,109.38 ST
*SAME AS ABOVE' 48.000 02/06/08 65 78 10/09/08 36.21 3,157 28 1,738.12 -1,419 16 ST
*SAME AS ABOVE* 64 000 01/04/08 59 02 10/09/08 36 21 3,777 42 2,317.50 -1,459 92 ST
*SAME AS ABOVE* 48 000 04/15/08 51.20 10/09/08 36 21 2,457 78 1,738 13 -719 65 ST
***ING GROEP NV- 82 000 05/07/08 38 26 10/13/08 16 78 3,136.95 1,375 73 -1,761 22 ST
*SAME AS ABOVE' 87.000 09/04/08 31 03 10/13/08 16.78 2,699 53 1,459 61 -1,239.92 ST
AGL RESOURCES IN 85 000 10/06/08 29 15 10/29/08 27.86 2,477.84 2,368 08 -109.76 ST
ALTRIA GROUP INC 125.000 04/15/08 21 56 10/29/08 19 33 2,694 79 2,416.23 -278 56 ST
AT&T INC 131.000 05/06/08 39 26 10/29/08 27 23 5,142 97 3,567.15 -1,575.82 ST
*SAME AS ABOVE* 178.000 08/05/08 31 00 10/29/08 27 23 5,518. 82 4,846 96 -671 86 ST
*SAME AS ABOVE* 3 000 09/26/08 29 83 10/29/08 27.23 89 49 81 69 -7.80 ST
***BP P L C SPON 25 000 02/12/08 65 72 10/29/08 49.52 1,642.90 1,238 00 -404 90 ST
***BT GROUP PLC 66 000 07/18/08 39 69 10/29/08 22 57 2,619.56 1,489.61 -1.129 95 ST
ADR
BRISTOL MYERS SQ 71 000 02/12/08 23 12 10/29/08 20 22 1,641.24 1,435 66 -205 58 ST
CENTURYTEL INC 86.000 10/08/08 35 43 10/29/08 26 15 3,047. 08 2,248.88 -798 20 ST
CONAGRA FOODS IN 159.000 10/08/08 19 14 10/29/08 17.46 3,043 55 2,776 12 -267.43 ST
DUKE ENERGY CORP 77.000 11/15/07 19 38 10/29/08 16.56 1,492 36 1,275 27 -217.09 ST
*SAME AS ABOVE' 104.000 11/01/07 19 05 10/29/08 16.56 1,980 85 1,722 44 -258 41 ST
*SAME AS ABOVE* 293 000 11/02/07 18.95 10/29/08 16.56 5,552 82 4,852 63 -700.19 ST
GENERAL ELECTRIC 155 000 06/04/08 30 46 10/29/08 19.43 4,721.73 3,011.63 -1,710.10 ST
*SAME AS ABOVE* 84 000 08/05/08 29 10 10/29/08 19 43 2,444 75 1,632 11 -812 64 ST
*SAME AS ABOVE' 103 000 06/18/08 28 52 10/29/08 19 43 2,937 64 2,001.28 -936 36 ST
*SAME AS ABOVE* 3.000 09/26/08 24 72 10/29/08 19 43 74 16 58 29 -15 87 ST
*SAME AS ABOVE* 69.000 10/09/08 20 38 10/29/08 19 43 1,406 19 1,340 66 -65 53 ST
`**GLAXOSMITHKLI 95.000 07/18/08 47 55 10/29/08 38 17 4,517 14 3,626 13 -891 01 ST
SPONSORED ADR(FRM GL
*SAME AS ABOVE* 124 000 09/08/08 43 98 10/29/08 38.17 5,453 84 4,733 05 -720 79 ST
***HSBC HOLDINGS 37.000 09/12/08 79 09 10/29/08 61 45 2,926 27 2,273 77 -652 50 ST
^____= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

_ UNI=.9 DATE PRICE DATE PRICE ADJUSTED BA SIS PROCEEDS SECURITY IND CURRENCY C'L
SPONSORED ADR NEW

*SAME AS ABOVE* 36 000 09/08/08 78 61 10/29/08 61 45 2,830 10 2,212.32 -617.78 ST
*SAME AS ABOVE* 37 000 10/06/08 77.15 10/29/08 61 45 2,854 41 2,273.77 -580.64 ST
KRAFT FOODS INC 57 .000 11/15/07 32.98 10/29/08 29 39 1,879 69 1,675.23 -204 46 ST
*SAME AS ABOVE* 229 000 11/08/07 32.96 10/29/08 29 39 7,548 .21 6,730.32 -817 89 ST
*SAME AS ABOVE* 67 .000 01/09/08 31.39 10/29/08 29.39 2,103 44 1,969.13 -134 31 ST
KIMBERLY CLARK C 175 000 03/19/08 65.26 10/29/08 60 14 11,420 70 10,524 44 -896 26 ST
PNC FINANCIAL SV 38 000 10/13/08 65.88 10/29/08 64 99 2,503 50 2,469 60 -33 90 ST
*SAME AS ABOVE* 36 000 10/09/08 64 09 10/29/08 64 99 2,307 31 2,339.63 32 32 ST
SCANA CORPORATIO 72 000 09/08/08 39.21 10/29/08 32 74 2,823 40 2,357 26 -466 14 ST
SOUTHERN CO 9 .000 02/06/08 36 83 10/29/08 3S 62 331 .47 320 58 -10 89 ST
*SAME AS ABOVE* 108 000 11/08/07 36 16 10/29/08 35.62 3,905 29 3,846 94 -58 35 ST
*SAME AS ABOVE* 23 000 11/09/07 36 03 10/29/08 35 62 828 72 819.25 -9.47 ST
***UNILEVER PLC 117 000 10/08/08 25 40 10/29/08 22 11 2,971 74 2,586 85 -384 89 ST
SPONSORED ADR NEW
VERIZON COMMUNIC 171 000 02/12/08 37.42 10/29/08 31 06 6,398 17 5,310.95 -1,087 22 ST
*SAME AS ABOVE* 86 000 03/04/08 35.17 10/29/08 31.06 3,024 .40 2,671 01 -353.39 ST
**'VODAFONE GROU 173 000 04/09/08 31.77 10/29/08 19.59 5,496 14 3,389 06 -2,107 08 ST
SPONSORED ADR NEW
*SAME AS A13OVE* 146 000 10/06/08 21.69 10/29/08 19 59 3,166 38 2,860.14 -306 24 ST
WELLS FARGO & CO 163 .000 10/09/08 28.82 10/29/08 33.69 4,697 58 5,491.48 793 90 ST
H J HEINZ CO 144 000 11/09/07 45.77 10/29/08 43.67 6,591 31 6,289 02 -302.29 ST
*SAME AS ABOVE* 6 000 02/06/08 42.22 10/29/08 43 67 253.32 262 04 8.72 ST
--- ----- - ----- -- ------------ -- ----- ----------- -- ------------ -- --------------
5,897 192,116 98 145,994 04 -46,122 94 ST
--- -------- --- -- ------------ -- ----- ----------- -- ------------ -- --------------
PINNACLE WEST CA 68 000 03/18/04 39 07 01/04/08 41.38 2,656 62 2,813 99 157.37 LT

W/RTS
AMEREN CORP 3 000 02/02/04 47.89 02/06/08 45.55 143 67 136.64 -7 03 LT
BANK OF AMER COR 9 000 01/05/07 53 38 02/06/08 43 20 480 43 388 79 -91 64 LT
COMERICA INC 3 000 03/20/06 57.56 02/06/08 41 45 172 69 124 34 -48 35 LT
***DEUTSCHE TELE 21. 000 09/05/06 14.54 02/06/08 19 51 305 42 409 70 104 28 LT
SPONSORED ADR
***ENEL SOCIETA 9 000 09/14/06 45.33 02/06/08 54 15 407 98 487 34 79.36 LT
ADR
INTEGRYS ENERGY 3 000 06/22/05 54 04 02/06/08 50 33 162 13 150 98 -11 15 LT
***LLOYDS TSB GR 9. 000 09/05/06 40.46 02/06/08 33.29 364 17 299 60 -64.57 LT
SPONSORED ADR
PROGRESS ENERGY 6 000 02/02/04 44.58 02/06/08 45.52 267 46 273.11 5 65 LT
PFIZER INC 18 000 12/08/06 24 88 02/06/08 22 92 447 76 412 55 -35 21 LT
PINNACLE WEST CA 3. 000 03/18/04 39 07 02/06/08 38 43 117 20 115 28 -1 92 LT
W/RTS
REYNOLDS AMERICA 9 000 03/30/04 29 78 02/06/08 64.38 268 00 579 41 311.41 LT
***TELSTRA CORPO 24 000 10/24/06 13 85 02/06/08 20 25 332. 30 485 99 153.69 LT
THIS REPORT IS I NTEN DED TO BE AN INTER NAL WORKSH EET AND SHOULD NOT B E RELIED UPON FOR ACCU RACY
_____= UNLE SS IT CONFORMS WITH THE OFFI CIAL RECORDS OF THIS FIRM =_____
FROM Jan 01, 2008 TO Dec 31, 2008
----''URCHAS------ ----- S;:LE--------

UN=:, DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND LURRE.N!C
CRIG FAC E FY. RATE MNY CURB FX RATE ORIGINAL COST GAIN/LOSS DISCO'u1'T !NC
DEP SHs5 REPSTG 20 OR

FINAL INSTALMENT
**'TELECOM ITALI 12 000 11/02/06 30 31 02/06/08 29 40 363 66 352 79 -10 87 LT
SPONSORED ADR REPSTG
***TELECOM CORP 21 000 09/22/05 21.65 02/06/08 16 02 454 70 336 32 -118 38 LT
LTD-SPONSORED ADR RE
SHS
***UNITED UTILIT 15 000 02/03/05 24.58 02/06/08 27.30 368 73 409.49 40 76 LT
SPONSORED ADR
US BANCORP DEL 15 000 12/14/06 35.99 02/06/08 32 61 539 85 469.14 -50 71 LT
UST INC 6 000 02/02/04 35.85 02/06/08 55 71 215 07 334.25 119 18 LT
WACHOVIA CORPORA 9 000 12/06/06 55.20 02/06/08 34 78 496 82 313.01 -183 81 LT
WINDSTREAM CORP 27 000 01/09/07 14.10 02/06/08 11.16 380. 74 301.31 -79 43 LT
CON
***TELECOM ITALI 35 000 11/02/06 30.31 02/12/08 27 49 1,060 69 962 24 -98 45 LT
SPONSORED ADR REPSTG
*SAME AS ABOVE* 91 000 12/01/06 30.46 02/12/08 27.49 2,772 20 2,501.82 -270 .38 LT
*SAME AS ABOVE* 227 000 02/09/07 29.68 02/12/08 27.49 6,737. 36 6,240.82 -496 54 LT
***TELECOM CORP 100 000 09/22/05 21 65 03/04/08 15.63 2,165 21 1,562.60 -602 .61 LT
SHS
*SAME AS ABOVE* 50. 000 12/20/05 20 37 03/04/08 15 63 1,018 41 781.30 -237 .11 LT
*SAME AS ABOVE* 60. 000 02/09/07 16 57 03/04/08 15.63 994 24 937.56 -56 68 LT
***ENEL SOCIETA 96 000 02/09/07 53 80 03/17/08 51 76 5,165 05 4,969.29 -195 76 LT
ADR
*SAME AS ABOVE* 74 000 03/08/07 52 98 03/17/08 51 76 3,920 88 3,830.49 -90 39 LT
*SAME AS ABOVE* 47. 000 09/14/06 45 33 03/17/08 51.76 2,130 57 2,432.88 302 31 LT
***TELECOM CORP 308. 000 02/09/07 16.57 04/09/08 15.07 5,103 75 4,642.95 -460 .80 LT
SHS
*SAME AS ABOVE* 45 000 09/25/06 13 84 04/09/08 15.07 622 94 678 35 55 .41 LT
INTEGRYS ENERGY 33 000 02/09/07 56 07 04/22/08 47 86 1,850 41 1,579 41 -271 00 LT
PINNACLE WEST CA 45 000 02/09/07 47 95 04/22/08 35 30 2,157 75 1,588.58 -569 17 LT
W/RTS
UST INC 99 000 02/09/07 58 16 05/06/08 52 18 5,757 84 5,166.16 -591 68 LT
*SAME AS ABOVE* 10 000 02/02/04 35 85 05/06/08 52 18 358 46 521 83 163 37 LT
PINNACLE WEST CA 84. 000 02/09/07 47,95 05/07/08 33 56 4,027 80 2,818 82 -1,208 98 LT
W/RTS
*SAME AS ABOVE' 7 000 03/18/04 39.07 05/07/08 33 56 273 48 234 90 -38 58 LT
INTEGRYS ENERGY 49 000 02/09/07 56 07 05/08/08 48 46 2,747 59 2,374.30 -373 29 LT
*SAME AS ABOVE* 28 000 07/26/05 54 12 05/08/08 48 46 1,515 24 1,356.74 -158. 50 LT
*SAME AS ABOVE* 20. 000 06/22/05 54.04 05/08/08 48 46 1,080 90 969.11 -111 79 LT
AMEREN CORP 102. 000 02/09/07 53 76 06/04/08 44 38 5,483 52 4,526.35 -957 17 LT
*SAME AS ABOVE` 3. 000 02/02/04 47.89 06/04/08 44.38 143. 67 133.13 -10 54 LT
ALTRIA GROUP INC 6. 000 05/21/07 22.02 06/18/08 20 72 132 12 124 31 -7 81 LT
***BP P L C SPON 3 000 02/14/07 62 99 06/18/08 68 55 188. 96 205.64 16 68 LT
__=__= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =____ _
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- -----SALE --------

DESCRIPTION UNITS DATE PR ICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
BANK OF AMER COR 6.000 01/05/07 53 .38 06/18/08 28.76 320 29 172 55 -147 74 LT
COMERICA INC 3.000 02/09/07 60 52 06/18/08 30 00 181 56 89 99 -91 57 LT
***DEUTSCHE TELE 12.000 02/09/07 17 70 06/18/08 15 77 212 40 189 23 -23.17 LT
SPONSORED ADR
***ENI S P A SPO 6.000 03/08/07 62 04 06/18/08 75.55 372.21 453 29 81.08 LT
REPRESENTING 5 ORD
***FRANCE TELECO 3 000 05/23/07 30 36 06/18/08 28 35 91 07 85 04 -6 03 LT
SPONSORED ADR
GALLAGHER ARTHUR 3.000 02/09/07 29 17 06/18/08 25 83 87.51 77 48 -10.03 LT
***LLOYDS TSB GR 6 000 02/09/07 47 23 06/18/08 27 09 283 38 162 53 -120 85 LT
SPONSORED ADR
NEW YORK COMMUNI 6.000 04/13/07 17 57 06/18/08 19 90 105.43 119 39 13 96 LT
PHILIP MORRIS IN 3 000 05/21/07 49 01 06/18/08 50 10 147 04 150 29 3.25 LT
PFIZER INC 12.000 04/13/07 26 72 06/18/08 18.27 320.63 219 23 -101.40 LT
REYNOLDS AMERICA 3 000 02/09/07 62 75 06/18/08 51 09 188 24 153 26 -34 98 LT
SOUTHERN CO 6.000 02/09/07 36 22 06/18/08 35 08 217.32 210. 47 -6.85 LT
'**TELSTRA CORPO 12 000 02/09/07 16 96 06/18/08 21 16 203.54 253 91 50.37 LT
DEP SHS REPSTG 20 OR
FINAL INSTALMENT
***UNITED UTILIT 9 000 02/09/07 30 35 06/18/08 28.65 273.18 257. 84 -15 34 LT
SPONSORED ADR
US BANCORP DEL 6 000 12/14/06 3S 99 06/18/08 29.91 215 94 179 45 -36 49 LT
UST INC 3.000 02/02/04 35 85 06/18/08 53 81 107 54 161 42 53 88 LT
WACHOVIA CORPORA 6 000 02/09/07 56 96 06/18/08 16.46 341.76 98 75 -243.01 LT
WINDSTREAM CORP 15 000 02/09/07 14 84 06/18/08 13 07 222.60 196 04 -26 56 LT
CON
COMERICA INC 50 000 02/09/07 60 52 07/16/08 22 23 3,026.00 1,111 68 -1,914.32 LT
*SAME AS ABOVE- 26.000 03/21/06 57 67 07/16/08 22.23 1,499 49 578 07 -921.42 LT
*SAME AS ABOVE* 3.000 03/20/06 57 56 07/16/08 22.23 172 69 66 70 -105.99 LT
WACHOVIA CORPORA 73 000 02/09/07 56 96 07/16/08 9 62 4,158.08 702 42 -3,455.66 LT
*SAME AS ABOVE* 36.000 12/06/06 55 20 07/16/08 9.62 1,987.28 346. 40 -1,640.88 LT
,SAME AS ABOVE* 81 000 03/15/07 55 19 07/16/08 9 62 4,470 68 779 39 -3,691.29 LT
***TELSTRA CORPO 390.000 02/09/07 16 96 08/05/08 20.61 6,615 06 8,039 68 1,424.62 LT
FINAL INSTALMENT
***UNITED UTILIT 168 000 02/09/07 39 36 09/04/08 24 40 6,612 15 4,099 27 -2,512.88 LT
SPONSORED ADR
UST INC 48 000 08/22/07 49 38 09/08/08 68.56 2,370.35 3,290 62 920.27 LT
*SAME AS ABOVE* 42 000 02/02/04 35 85 09/08/08 68 56 1,505 52 2,879 29 1,373 77 LT
US BANCORP DEL 61.000 12/14/06 35 99 09/12/08 33 66 2,195.37 2,053 52 -141.85 LT
-SAME AS ABOVE* 27 000 02/09/07 35 79 09/12/08 33 66 966 33 908 94 -57 39 LT
ALTRIA GROUP INC 6 000 05/21/07 22 02 09/26/08 20 42 132 12 122 51 -9.61 LT
BB&T CORP 6 000 08/21/07 40 52 09/26/08 37 94 243.10 227 63 -15.47 LT
***BP P L C SPON 3 000 02/14/07 62 99 09/26/08 54.16 188.96 162 47 -26.49 LT
BANK OF AMER COR 6.000 01/05/07 53 38 09/26/08 35 09 320.29 210 53 -109 76 LT
***DEUTSCHE TELE 12 000 02/09/07 17 70 09/26/08 15.81 212 40 189 71 -22.69 LT
THIS REPORT IS INTEN DED TO BE AN IN TER NAL WORKSHEET AND SHOULD NOT BE RELIED UPON FOR ACCURACY
_____= UNLE SS IT CONFORMS WIT H THE OFFICIAL REC ORDS OF THIS FIRM =_____
^4 • 01 ')^09 TO Dec 31, 2008
----. 2CHASC - ---.-SAL- -------

UX1:^ DATE PRICE DATE PRICE ADJUSTED BA SIS PROCE EDS SECUR ITY IND CURRE`dC^ G /L
SPONSORED ADR
***ENI S P A SPO 3.000 03/08/07 62 04 09/26/08 56 09 186 11 168 ,26 -17 85 LT
REPRESENTING 5 ORD
***FRANCE TELECO 6 000 05/23/07 30.36 09/26/08 29.62 182 15 177 .71 -4 .44 LT
SPONSORED ADR
FRONTIER COMMUNI 9 000 06/28/07 15.40 09/26/08 11.74 138 63 105 65 -32 98 LT
SER B
GALLAGHER ARTHUR 3.000 02/09/07 29 17 09/26/08 27.03 87 51 81 08 -6 43 LT
NEW YORK COMMUNI 3 000 04/13/07 17 57 09/26/08 17.01 52 71 51 02 -1 69 LT
PROGRESS ENERGY 6.000 02/09/07 48.86 09/26/08 43.92 293 16 263 51 -29 65 LT
PHILIP MORRIS IN 3 000 05/21/07 49 01 09/26/08 51.12 147 04 153 35 6 31 LT
PFIZER INC 12 000 04/13/07 26 72 09/26/08 18 49 320 .63 221 87 -98 76 LT
REGAL ENTMT GROU 3.000 08/22/07 22 34 09/26/08 15 33 67 02 45 98 -21 04 LT
REYNOLDS AMERICA 6 000 02/09/07 62 75 09/26/08 50.66 376 47 303 95 -72 .52 LT
SOUTHERN CO 6 000 02/09/07 36.22 09/26/08 38 60 217 32 231 59 14 27 LT
***TELSTRA CORPO 9.000 02/09/07 16.96 09/26/08 17 17 152 65 154 .52 1 87 LT
FINAL INSTALMENT
US BANCORP DEL 6 000 02/09/07 35 79 09/26/08 35 37 214 74 212 21 -2 53 LT
***UNITED UTILIT 6.000 02/09/07 39.36 09/26/08 25.10 236 15 150 .59 -85 56 LT
SPONSORED ADR
WINDSTREAM CORP 15.000 02/09/07 14 84 09/26/08 11.24 222. 60 168 59 -54. 01 LT
COM
***LLOYDS TSB GR 178.000 02/09/07 47 23 10/03/08 20 59 8,406 94 3,665 53 -4,741 41 LT
SPONSORED ADR
'SAME AS ABOVE* 54 000 09/05/06 40 46 10/03/08 20 59 2,184 99 1,112 01 -1,072. 98 LT
*SAME AS ABOVE* 45 000 09/25/06 40.44 10/03/08 20.59 1,820 02 926. 68 -893 34 LT
***TELSTRA CORPO 27 000 02/09/07 16 96 10/06/08 16 11 457 97 435. 00 -22 97 LT
FINAL INSTALMENT
*SAME AS ABOVE* 232 000 10/24/06 13.85 10/06/08 16.11 3,212 28 3,737 77 525. 49 LT
BANK OF AMER COR 14.000 01/05/07 53 38 10/08/08 22 05 747 34 308. 74 -438 60 LT
*SAME AS ABOVE' 46 000 01/08/07 53 32 10/08/08 22.05 2,452 89 1,014 44 -1,438 45 LT
*SAME AS ABOVE* 171 000 02/09/07 52 71 10/08/08 22.05 9,013 41 3,771 06 -5,242. 35 LT
*SAME AS ABOVE* 22 000 01/31/07 52 38 10/08/08 22.05 1,152. 35 485 17 -667 18 LT
*SAME AS ABOVE* 38 000 05/07/07 51.36 10/08/08 22.05 1,951 57 838 00 -1,113 57 LT
ALTRIA GROUP INC 41 000 05/21/07 22.02 10/29/08 19 33 902 82 792 53 -110 29 LT
*SAME AS ABOVE* 108 000 04/23/07 21 62 20/29/08 19.33 2,335 35 2,087 63 -247 72 LT
BB&T CORP 271.000 08/21/07 40.52 10/29/08 35.76 10,980 19 9,690 06 -1,290 13 LT
*SAME AS ABOVE- 47 000 09/06/07 39 46 10/29/08 35 76 1,854 76 1,680 56 -174. 20 LT
***BP P L C SPON 56 000 02/14/07 62 99 10/29/08 49 52 3,527 35 2,773 10 -754 25 LT
*SAME AS ABOVE* 33 000 02/12/07 62 15 10/29/08 49 52 2,050 97 1,634 15 -416. 82 LT
*SAME AS ABOVE* 63.000 03/01/07 61 15 10/29/08 49 52 3,852 69 3,119 74 -732 95 LT
BRISTOL MYERS SQ 138.000 10/19/07 29 67 10/29/08 20 22 4,094 81 2,790. 44 -1,304 37 LT
*SAME AS ABOVE* 90.000 10/03/07 29 19 10/29/08 20 22 2,627 43 1,819 85 -807 58 LT
*SAME AS ABOVE* 135 000 10/02/07 29 07 10/29/08 20.22 3,924 60 2,729 78 -1,194 82 LT
THIS REPORT IS INTEN DED TO BE AN INTER NAL WORKSHEET AND SHOULD NOT B E RELIED UPON FOR ACCURACY
_____= UNLE SS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =____ _
^^T, ,cTVS SCHEDULE
-gCqA.S-_ ___ _____^î^ ___

L;0'TS DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND ::;RREN::'! -
ORIG FACE FX RATE MNY CURR FX RATE ORIGINAL COST GAIN/LOSS DISCOUNT _NC
*-,DEUTSCHE TELE 386 000 02/09/07 17.70 10/29/08 15 10 6,832 20 5,827.94 -1,004.26 LT
SPONSORED ADR
*SAME AS ABOVE* 211.000 09/05/06 14 54 10/29/08 15.10 3,068.70 3,185 74 117 04 LT
-**ENI S P A SPO 174 000 03/08/07 62.04 10/29/08 45 85 10,794 23 7,977 85 -2,816 38 LT
REPRESENTING 5 ORD
***FRANCE TELECO 186 000 05/23/07 30 36 10/29/08 26 04 5,646 65 4,843.26 -803.39 LT
SPONSORED ADR
FRONTIER COMMUNI 223 000 06/28/07 15 40 10/29/08 7 66 3,434.91 1,708 19 -1,726.72 LT
SER B
*SAME AS ABOVE* 147 000 07/20/07 15 29 10/29/08 7.66 2,247 94 1,126 03 -1,121.91 LT
*SAME AS ABOVE* 140.000 08/22/07 13 78 10/29/08 7 66 1,929 51 1,072 40 -857 11 LT
GALLAGHER ARTHUR 138.000 02/09/07 29 17 10/29/08 23 95 4,025.46 3,305.08 -720 38 LT
NEW YORK COMMUNI 250.000 04/13/07 17 57 10/29/08 14 50 4,392 91 3,624.97 -767.94 LT
PROGRESS ENERGY 90 000 02/09/07 48.86 10/29/08 39 95 4,397 40 3,595 47 -801 93 LT
-SAME AS ABOVE, 53 000 02/02/04 44 58 10/29/08 39 95 2,362 56 2,117.34 -245 22 LT
PHILIP MORRIS IN 47.000 05/21/07 49 01 10/29/08 42.43 2,303 56 1,994.31 -309 25 LT
*SAME AS ABOVE* • 108.000 04/23/07 48 13 10/29/08 42.43 5,198 03 4,582.66 -615 37 LT
PFIZER INC 51 000 04/13/07 26 72 10/29/08 17 63 1,362.69 899.12 -463.57 LT
,SAME AS ABOVE, 11 000 02/01/07 26 47 10/29/08 17 63 291 22 193 93 -97.29 LT
*SAME AS ABOVE* 311 000 02/09/07 26 45 10/29/08 17 63 8,225 95 5,482.90 -2,743 05 LT
*SAME AS ABOVE* 50 000 01/31/07 26 13 10/29/08 17 63 1,306 40 881 49 -424.91 LT
'SAME AS ABOVE* 110.000 12/08/06 24 88 10/29/08 17.63 2,736.32 1,939 29 -797 03 LT
*SAME AS ABOVE* 37 000 08/22/07 24.56 10/29/08 17.63 908 82 652 31 -256.51 LT
REGAL ENTMT GROU 52 000 08/22/07 22.34 10/29/08 11.79 1,161 65 613 07 -548 58 LT
*SAME AS ABOVE* 11.000 06/28/07 21.73 10/29/08 11.79 239 02 129 69 -109.33 LT
*SAME AS ABOVE* 108.000 07/20/07 21.61 10/29/08 11 79 2,333 56 1,273.31 -1,060.25 LT
REYNOLDS AMERICA 147.000 02/09/07 62 75 10/29/08 47 79 9,223.54 7,025.09 -2,198 45 LT
*SAME AS ABOVE* 87.000 03/30/04 29.78 10/29/08 47 79 2,590 62 4,157.70 1,567.08 LT
SOUTHERN CO 89 000 02/09/07 36.22 10/29/08 35.62 3,223 58 3,170 16 -53 42 LT
-SAME AS ABOVE* 61 000 04/15/05 32 20 10/29/08 35 62 1,963 98 2,172 81 208 83 LT
US BANCORP DEL 170.000 02/09/07 35.79 10/29/08 30.09 6,084 30 5,115 27 -969 03 LT
*SAME AS ABOVE* 30.000 02/01/07 35.49 10/29/08 30 09 1,064.69 902.69 -162 00 LT
*SAME AS ABOVE* 10.000 01/31/07 35 30 10/29/08 30 09 352 99 300.90 -52 09 LT
*SAME AS ABOVE* 59.000 05/07/07 34.65 10/29/08 30 09 2,044 46 1,775.30 -269.16 LT
*SAME AS ABOVE* 54 000 04/12/07 34.39 10/29/08 30 09 1,857.04 1,624.85 -232 19 LT
*SAJAE AS ABOVE* 36 000 08/22/07 32 58 10/29/08 30.09 1,172 92 1,083.23 -89 69 LT
***UNITED UTILIT 35 000 02/09/07 39 36 10/29/08 21 21 1,377 53 742 35 -635 18 LT
SPONSORED ADR
*SAME AS ABOVE* 41 000 08/10/06 32 67 10/29/08 21 21 1,339.34 869 60 -469 74 LT
*SAME AS ABOVE* 37 000 02/03/05 32 55 10/29/08 21.21 1,204 51 784 77 -419.74 LT
*SAME AS ABOVE* 44.000 07/22/05 28 53 10/29/08 21.21 1,255 15 933 23 -321.92 LT
WINDSTREAM CORP 399.000 02/09/07 14.84 10/29/08 7 32 5,921 16 2,920 74 -3,000.42 LT
COM
*SAME AS ABOVE* 66.000 01/23/07 14 80 10/29/08 7.32 976.80 483 13 -493.67 LT
*SAME AS ABOVE* 131.000 04/13/07 14 53 10/29/08 7 32 1,903.88 958 94 -944 94 LT
*SAME AS ABOVE* 166 000 01/09/07 14 10 10/29/08 7 32 2,340 83 1,215 14 -1,125 69 LT
THIS REPORT IS INTEN DED TO BE AN INTER NAL WORKSH EET AND SHOULD NOT BE RELIED UPON FOR ACCURACY
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

UNITS DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
H J HEINZ CO 100.000 10/19/07 46 29 10/29/08 43 67 4,628 90 4,367 37 -261 53 LT

--- ----------- -- -------------- --- --- - --------- -- ------------ -- ------------- -
9,631 303,093 48 234,884 34 0 00 ST
-68,209 14 LT
--- ----------- -- ------------- --- ------------- -- ------------ -- --------------
-------------- --- ----------- -- -------- --- - --- ------------- -- ------------ -- --------------

SECTION TOTAL 15,528 495,210 46 380,878 38 -46,122 94 ST
-68,209 14 LT
C A S H I N L I E U
FAIRPOINT COMMUN .120 04/14/08 1 00 0.00 0.12 0 12 LT

***UNITED UTILIT 13 530 08/04/08 1.00 0.00 13.53 13.53 LT
SPONSORED ADR
--- ----------- -- -------------- --- ------------- -- ------------ -- - -------------
14 0 00 13 65 0 00 ST
13.65 LT
--- ----------- -- -------------- --- ------------- -- ------------ -- --------------
SECTION TOTAL 14 0 00 13.65 0 00 ST

13 65 LT
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

DESCR7PTION UNITS DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
ORIG FACE FX RATE MNY CURR FX RATE ORIGINAL COST GAIN / LOSS DISCO UNT INC
IND LEGEND =_ _= ACCOUNT TOTALS == COST PROCEEDS GAIN/LOSS
WO - WRITTEN OPTION SHORT TERM 192,116 98 145,994.04 -46,122.94

SS - SHORT-SALE
ST - SHORT TERM
MT - MEDIUM TERM
LT - LONG TERM LONG TERM 303,093.48 234,897 99 -68,195.49

OPTION PREMIUM
OPTION PREMIUM
b - PURCHASE & SALE TOTAL CURRENCY GAINS 0 00
TOTAL DISCOUNT INCOME 0.00
FROM Jan 01, 2008 TO Dec 31, 2008
REG REP - 099 THE DEBORAH AND ANDREW MADOFF

PORTFOLIO NO - FOUNDATION
FISCAL YEAR END - i t/31 ATT ANDREW MADOFF
TAX EXEMPT CODE - N 433 EAST 74TH STREET APT 5A
DENOMINATED IN - U .S. Dollars NEW YORK NY 10021-3901
---- PURCHASE ----- ----- SALE - -------

PTION UNITS DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
DUSTRIES I 10 000 10/30/07 34 45 02/20/08 38 96 344 50 389 56 45 06 ST

AS ABOVE* 5 000 10/30/07 34 45 02/21/08 38 90 172 25 194.49 22 24 ST
AS ABOVE- 75 000 10/30/07 34 45 02/22/08 39 12 2,583 72 2,934 26 350 54 ST
POINT INC 5 000 09/25/07 38 03 02/27/08 48 06 190 15 240.29 50 14 ST
SOURCES IN 81 000 11/14/07 22 93 03/14/08 9 70 1,857 35 786.04 -1,071 31 ST
AS ABOVE* 5 000 12/04/07 22.62 03/14/08 9 70 113 10 48.52 -64 58 ST
AS ABOVE* 34 000 11/15/07 22.37 03/14/08 9.70 760 66 329.94 -430 72 ST
INC 20 000 07/24/08 44 51 10/29/08 25 61 890. 24 512 20 -378.04 ST
AS ABOVE* 28 000 07/16/08 42.94 10/29/08 25.61 1,202 33 717.07 -485.26 ST
TECHNOLOG 75 000 12/04/07 36 81 10/29/08 13.63 2,760 75 1,022.24 -1,738 51 ST
R INTERNAT 5 000 12/04/07 22 18 10/29/08 9.00 110. 90 45.00 -65 90 ST
RY HEALTH 25 000 05/09/08 44.34 10/29/08 11.94 1,108 42 298.50 -809 92 ST
RP 5 000 12/04/07 41.50 10/29/08 44 06 207. 50 220.30 12.80 ST
EAKE ENERG 40 000 03/28/08 45.76 10/29/08 21 13 1,830. 29 845.19 -985.10 ST
N CHEMICAL 5 000 12/04/07 63 03 10/29/08 38.11 315 15 190 55 -124 60 ST
ENERGY SOL 85 000 08/04/08 29.99 10/29/08 9.61 2,549 41 816.84 -1,732 57 ST
INC 5 000 12/04/07 29 19 10/29/08 24 24 145 95 121.20 -24.75 ST

OBAL INC 30 000 08/14/08 66.56 10/29/08 25 78 1,996. 83 773 39 -1,223.44 ST
LD EXPLORA 20 000 06/10/08 64 31 10/29/08 21.51 1,286 19 430.20 -855 99 ST
CEUTICAL P 50 000 08/12/08 42 52 10/29/08 28 63 2,125 81 1,431.49 -694 32 ST
PMENT INC
AS ABOVE* 25 000 10/28/08 26 96 10/29/08 28 63 673. 99 715.74 41.75 ST
R NATURAL 10 000 06/04/08 73.38 10/29/08 25.36 733 84 253.60 -480.24 ST
AS ABOVE* 5 000 12/04/07 44.38 10/29/08 25 36 221 90 126.80 -95 10 ST
R CORP 5 000 12/04/07 22 49 10/29/08 18 69 112 45 93 45 -19.00 ST
--- - ------ ---- -- ------------ -- --- ------------- -------------- -- --------------
653 24,293 68 13,536.86 -10,756.82 ST
--- ------- ---- -- ------------ -- --- ------------- -------------- -- --------------
E INC 10 000 02/15/06 57.00 01/08/08 92.76 570 00 927.56 357 56 LT

YWIDE FINA 30 000 02/15/06 33.89 01/10/08 8.24 1,016 62 247 20 -769 42 LT
POINT INC 55 .000 08/30/06 36 29 02/27/08 48.06 1,995 89 2,643.23 647.34 LT
AS ABOVE- 10 000 12/28/06 39.87 02/27/08 48 06 398 73 480 59 81.86 LT
HARMACEUTI 25 000 02/15/06 65 94 07/21/08 64 67 1,648. 50 1,616 74 -31.76 LT
THIS REP ORT IS INTEN DED TO BE AN INTER NAL WORKSHEET AND SHOULD NOT B E RELI ED UPON FOR ACCURACY
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

DESC'R T P-=ON UNITS DATE PR ICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
ORIG FACE FX R ATE MNY CURR FX RATE ORIGINAL COST GAIN/LOSS DISCOUNT INC
*SAME AS ABOVE* 22 000 02/02/02 0 01 07/21/08 64 67 0 01 1,422 74 1,422 73 LT

CHESAPEAKE ENERG 25.000 07/12/06 29 60 07/21/08 55 19 739.94 1,379 .66 639.72 LT
*SAME AS ABOVE* 15 000 02/15/06 29 25 07/21/08 55 19 438.75 827 80 389 05 LT
XTO ENERGY INC 20.000 02/15/06 32 77 07/21/08 56.66 655 41 1,133 22 477 81 LT
CUMMINS INC 5 000 02/15/06 25 .49 08/04/08 66 18 127.44 330 .87 203.43 LT
AMERICAN TOWER C 50 000 02/15/06 31 13 10/29/08 30 99 1,556 30 1,549 49 -6 81 LT
CL A
*SAME AS ABOVE* 42.000 02/02/02 0 01 10/29/08 30 99 0.01 1,301 .57 1,301 56 LT
AFFILIATED COMPU 20 000 02/15/06 62 .S2 10/29/08 38 53 1,250.48 770 59 -479 89 LT
*SAME AS ABOVE* 15 000 07/12/06 50 20 10/29/08 38 53 752.99 577 95 -175 04 LT
ALLIED WASTE IND 5 000 09/25/07 12 92 10/29/08 8 79 64 60 43 .95 -20.65 LT
NEW
*SAME AS ABOVE* 250.000 02/15/06 10 65 10/29/08 8.79 2,662.50 2,197 48 -465.02 LT
AUTODESK INC 5 000 09/25/07 49 21 10/29/08 22 55 246 05 112 75 -133 30 LT
*SAME AS ABOVE* 45.000 02/15/06 36 70 10/29/08 22 55 1,651 41 1,014 74 -636 67 LT
ASTORIA FINANCIA 75 000 02/15/06 28 03 10/29/08 17 79 2,102 02 1,334 24 -767 78 LT
*SAME AS ABOVE* 10.000 09/25/07 26 74 10/29/08 17 79 267.43 177 90 -89.53 LT
BECKMAN COULTER 50 000 02/15/06 59 62 10/29/08 48 58 2,981 00 2,428 98 -552 02 LT
C R BARD INC 5 000 09/25/07 86 51 10/29/08 84 15 432.55 420 75 -11.80 LT
*SAME AS ABOVE* 20 000 02/15/06 64 35 10/29/08 84 15 1,286 94 1,682 98 396.04 LT
BORG WARNER AUTO 30 000 04/10/07 38 27 10/29/08 21.60 1,148.20 647 99 -500.21 LT
BRINKER INTERNAT 5.000 09/25/07 27 97 10/29/08 9 00 139.86 45 .00 -94.86 LT
*SAME AS ABOVE* 52 000 02/15/06 27 95 10/29/08 9 00 1,453 55 467 99 -985 56 LT
COVANCE INC 5 000 09/25/07 77 01 10/29/08 46.03 385.05 230 15 -154 90 LT
*SAME AS ABOVE* 35 000 02/15/06 57 00 10/29/08 46 03 1,995 00 1,611 03 -383.97 LT
COVENTRY HEALTH 40.000 02/15/06 58 74 10/29/08 11 94 2,349.73 477 59 -1,872.14 LT
CSX CORP 60.000 07/12/06 33 51 10/29/08 44.06 2,010 73 2,643 58 632.85 LT
CARMAX INC 105.000 07/27/07 23 53 10/29/08 10 27 2,470,89 1,078 .34 -1,392.55 LT
CHESAPEAKE ENERG 25 000 02/15/06 29 25 10/29/08 21.13 731 25 528 25 -203.00 LT
CORNING INC 175 000 02/15/06 24 22 10/29/08 10 50 4,238 50 1,837 48 -2,401.02 LT
*SAME AS ABOVE* 10 000 09/25/07 23 86 10/29/08 10.50 238.64 105. 00 -133 64 LT
CUMMINS INC 85 000 02/15/06 25 49 10/29/08 30.47 2,166 44 2,589 93 423 49 LT
D R HORTON INC 80.000 02/15/06 33 79 10/29/08 5.43 2,703.20 434 39 -2,268.81 LT
*SAME AS ABOVE* 55.000 05/09/07 22 48 10/29/08 5 43 1,236 52 298 65 -937.87 LT
*SAME AS ABOVE* 20.000 09/25/07 13 20 10/29/08 5 43 264 05 108 60 -155.45 LT
DARDEN RESTAURAN 5 000 09/25/07 42 35 10/29/08 19.93 211.73 99 65 -112.08 LT
*SAME AS ABOVE* 55 000 02/15/06 41 19 10/29/08 19 93 2,265 45 1,096 14 -1,169.31 LT
EASTMAN CHEMICAL 10.000 12/28/06 59 52 10/29/08 38 11 595.23 381 10 -214.13 LT
*SAME AS ABOVE* 25.000 02/15/06 49 63 10/29/08 38 11 1,240.75 952 74 -288.01 LT
EATON VANCE CORP 10 000 03/22/07 35 49 10/29/08 20.10 354 90 201 00 -153 90 LT
*SAME AS ABOVE* 70.000 02/15/06 29 21 10/29/08 20 10 2,044,70 1,406. 99 -637 71 LT
EXPRESS SCRIPTS 5 000 09/25/07 53 50 10/29/08 50.68 267 52 253 40 -14 12 LT
*SAME AS ABOVE* 50 000 02/15/06 46 27 10/29/08 50.68 2,313.25 2,533 98 220.73 LT
GATX CORP 11.000 05/09/06 47 70 10/29/08 26.58 524.72 292 38 -232.34 LT
*SAME AS ABOVE* 19.000 05/10/06 47 68 10/29/08 26.58 906.00 505 02 -400 98 LT
*SAME AS ABOVE* 30 000 02/15/06 40 23 10/29/08 26.58 1,206 90 797 39 -409.51 LT
_-___= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =_____
FROM Jan 01 , 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

GLOBAL PAYMENTS 21.000 12/28/06 46 85 10/29/08 37 94 983 95 796 73 -187 22 LT

`SAME AS ABOVE* 9 000 12/29/06 46 85 10/29/08 37 94 421 66 341 46 -80 20 LT
*SAME AS ABOVE* 5 000 09/25/07 42 26 10/29/08 37 94 211 32 189 70 -21.62 LT
GENERAL DYNAMICS 5.000 09/25/07 83 72 10/29/08 59 39 418 60 296 95 -121 65 LT
*SAME AS ABOVE* 30 000 02/15/06 59 93 10/29/08 59 39 1,797 75 1,781 68 -16.07 LT
INTEGRYS ENERGY 32 000 07/13/06 49.82 10/29/08 46 19 1,594 26 1,478.06 -116.20 LT
*SAME AS ABOVE* 8 000 07/12/06 49 21 10/29/08 46.19 393 69 369.52 -24.17 LT
HARMAN INT'L IND 15.000 02/15/06 103 41 10/29/08 16.92 1,551 09 253 79 -1,297.30 LT
*SAME AS ABOVE* 5.000 10/02/07 86 25 10/29/08 16 92 431 24 84 60 -346 64 LT
HARRIS CORP-DEL 5 000 05/09/07 50.13 10/29/08 34.07 250.63 170 35 -80.28 LT
*SAME AS ABOVE* 10.000 12/28/06 46.76 10/29/08 34 07 467 59 340 70 -126 89 LT
*SAME AS ABOVE* 40 000 09/29/06 44 78 10/29/08 34 07 1,791.36 1,362 78 -428.58 LT
HARSCO CORP 55 000 02/15/06 39 57 10/29/08 20.16 2,176 36 1,108 79 -1,067 57 LT
INTL GAME TECHNO 70 000 02/15/06 36 30 10/29/08 12.08 2,541 00 845 59 -1,695 41 LT
INTERNATIONAL RE 25 000 12/28/06 38.95 10/29/08 13 78 973 75 344 50 -629 25 LT
*SAME AS ABOVE* 35 000 02/15/06 37 44 10/29/08 13.78 1,310.40 482 29 -828 11 LT
JEFFRIES GROUP I 5.000 09/25/07 27 43 10/29/08 13 87 137 15 69 35 -67 80 LT
INTUIT INC 95 000 08/08/07 29 41 10/29/08 24 24 2,793 99 2,302 78 -491 21 LT
JEFFRIES GROUP I 75.000 02/15/06 26 50 10/29/08 13 87 1,987.50 1,040 24 -947 26 LT
NEWFIELD EXPLORA 5 000 09/25/07 46 77 10/29/08 21.51 233 86 107 55 -126.31 LT
*SAME AS ABOVE* 50 000 02/15/06 40 83 10/29/08 21 51 2,041 50 1,075 49 -966 01 LT
PIONEER NATURAL 50.000 02/15/06 42 89 10/29/08 25.36 2,144 50 1,267 99 -876 51 LT
PULTE HOMES INC 45.000 02/15/06 38 43 10/29/08 9.48 1,729.35 426.60 -1,302 75 LT
,SAME AS ABOVE* 20 000 09/25/07 14 93 10/29/08 9 48 298 5S 189.60 -108.95 LT
*SAME AS ABOVE* 30 000 02/02/02 0 01 10/29/08 9 48 0 01 284.39 284.38 LT
PROTECTIVE LIFE 40 000 02/15/06 48 49 10/29/08 12 31 1.939 56 492.39 -1,447 17 LT
*SAME AS ABOVE* 20 000 03/28/07 44 17 10/29/08 12 31 883.41 246.20 -637.21 LT
'SAME AS ABOVE* 5.000 09/25/07 40.94 10/29/08 12.31 204.71 61 55 -143.16 LT
REPUBLIC SERVICE 5 000 09/25/07 31 99 10/29/08 20 30 159 93 101 50 -58 43 LT
CL A
*SAME AS ABOVE* 77 000 02/15/06 26 43 10/29/08 20 30 2,035 15 1,563 09 -472.06 LT
RAYMOND JAMES FI 5.000 09/25/07 33.80 10/29/08 18.26 168.98 91 30 -77 68 LT
*SAME AS ABOVE* 70 000 02/15/06 29 18 10/29/08 18 26 2,042 60 1,278.19 -764 41 LT
SCIENTIFIC GAMES 35.000 07/12/06 34 98 10/29/08 15 51 1,224.32 542.84 -681.48 LT
*SAME AS ABOVE* 30.000 12/28/06 30 43 10/29/08 15.51 912 95 465 30 -447.65 LT
SCOTTS MIRACLE-G 45 000 02/15/06 48.25 10/29/08 24 61 2,171.12 1,107.44 -1,063.68 LT
SNAP-ON INC 10.000 02/15/06 38 59 10/29/08 36.76 385 90 367 59 -18 31 LT
TJX COMPANIES IN 75.000 02/15/06 24.64 10/29/08 25 93 1,848 00 1,944 73 96.73 LT
UNION PACIFIC CO 10.000 09/25/07 55.57 10/29/08 61 77 555 68 617 70 62 02 LT
*SAME AS ABOVE* 40 000 02/15/06 44.28 10/29/08 61 77 1,771.28 2,470.78 699 50 LT
VALSPAR CORP 20.000 02/15/06 27 41 10/29/08 18.69 548.20 373 79 -174 41 LT
*SAME AS ABOVE* 10 000 09/25/07 26 37 10/29/08 18 69 263 66 186 90 -76 76 LT
YUM BRANDS INC 10.000 09/25/07 33.78 10/29/08 28 70 337.78 287 00 -50 78 LT
*SAME AS ABOVE* 70 000 02/15/06 25 16 10/29/08 28 70 1,760 74 2,008 98 248 24 LT
XTO ENERGY INC 6.000 09/25/07 51.23 10/29/08 34 45 307.40 206 70 -100.70 LT
*SAME AS ABOVE* 24 000 02/15/06 32 77 10/29/08 34.45 786 49 826 79 40 30 LT
FROM Jan 01, 2008 TO Dec 31, 2008
_= ------ -
JATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND
JRIG F-C-E FX RATE MNY CURR FX RATE ORIGINAL COST GAIN/LOSS i;ISCO JNT INC
C&S TEC, iNOLOGiES 55 000 02 / 04/08 6.19 10 / 29/08 3 25 340 48 178 75 -161 73 ST
*SAMI' A S ABOVE* 140 000 12 / 07/07 5.62 10 / 29/08 3 2S 787 18 455 00 -332.18 ST
*SAME AS ABOVE* 205 000 11 / 01/07 4 80 10/29/08 3.25 984 .00 666 24 -317.76 ST
CACHE INC NEW 170 000 11 / 12/07 15 . 38 10/29/08 3 26 2,615 .20 554.20 -2,061.00 ST
*SAME AS ABOVE* 170 000 10 / 15/08 3 75 10 / 29/08 3 26 636 92 554 19 -82 73 ST
DYCOM INDUSTRIES 35 000 07 / 17/08 15 00 10/29/08 8 05 525 .05 281 82 -243 23 ST
*SAME AS ABOVE* 90 000 04 / 03/08 12 91 10/29 / 08 8.05 1,161 68 724.67 -437 01 ST
FRONTIER OIL COR 35 000 08/07/08 20.34 10/29 / 08 10.90 711 96 381.50 -330 46 ST
*SAME AS ABOVE* 45 000 08/12/08 19.97 10/29 / 08 10 . 90 898 87 490 50 -408 37 ST
*SAME AS ABOVE* 45 000 07 / 28/08 17.46 10/29 / 08 10 90 785 91 490 49 -295 42 ST
FRANKLIN BANK CO 135 .000 12 / 10/07 6.26 10 / 29/08 0 27 845 18 36 46 -808.72 ST
*SAME AS ABOVE* 340 000 10 / 22/08 0 37 10 / 29/08 0 27 124 30 91 83 -32 47 ST
FREIGHTCAR AMERI 35 000 01 / 25/08 35 27 10/29 / 08 21.33 1 , 234 41 746 . 54 -487 87 ST
FIRST MERCURY Fl 35 000 10 / 07/08 13 70 10/29 / 08 9 51 479. 37 332 84 -146 53 ST
HOLLIS-EDEN PHAR 215 000 10/23/08 1.34 10 / 29/08 1 13 287. 48 242.45 -45 03 ST
INC
ICO INC NEW 125 000 02 / 28/08 7 82 10 / 29/08 4 04 977 78 504 62 -473 16 ST
HANOVER INSURANC 35 000 10/09/08 36 41 10/29/08 35 42 1,274 43 1,239 69 - 34.74 ST
(THE)
LTX CREDENCE COR 170 000 10 / 23/08 0.74 10/29/08 0 44 125 46 74 96 -50.50 ST
MERCURY COMPUTER 45 000 09/26/08 8.82 10 / 29/08 6 63 396 97 298.41 -98 56 ST
*SAME AS ABOVE* 115 000 10 / 07/08 8.43 10 / 29/08 6.63 969 86 762 59 -207.27 ST
METALICO INC 120 000 09 / 26/08 5 62 10 / 29/08 3 08 674 30 369 59 -304.71 ST
STEVEN MADDEN LT 15. 000 02 / 04/08 17 . 41 10 / 29/08 19 42 261 11 291.30 30 19 ST
MENTOR GRAPHICS 50 000 12/28/07 11 18 10/29 / 08 6 57 559 12 328.51 -230 61 ST
***NOVAGOLD RESO 160. 000 10 / 16/08 3 53 10 / 29/08 2.91 564 22 465 59 -98 63 ST
NMS COMMUNICATIO 655 000 10 / 17/08 0 35 10/29/08 0 . 13 229 25 85 14 -144.11 ST
NAUTILUS GROUP I 135 000 10/15/08 2.97 10 / 29/08 2.21 401 25 298 84 -102.41 ST
NEWALLIANCE BANC 85 000 04/16/08 13 15 10/29/08 13.75 1,117. 99 1,169 10 51.11 ST
PERFICIENT INC 105 000 08/14/08 8 24 10 / 29/08 4 27 865 10 448 34 -416 76 ST
*SAME AS ABOVE* 65 000 10 / 07/08 6 01 10 / 29/08 4 27 390. 94 277.55 -113.39 ST
RTI INTERNATIONA 80 000 10 / 07/08 14 67 10/29 / 08 14.85 1,173 99 1,187 99 14 00 ST
SYPRIS SOLUTIONS 150 000 10/17/08 1 31 10 / 29/08 0 99 196 76 148 . 99 -47 77 ST
SHOE CARNIVAL IN 80. 000 12/21/07 14 05 10/29 / 08 12.04 1 , 123 81 963.19 -160.62 ST
SOUTHWEST BANCOR 75 000 06 / 03/08 16 73 10/29 / 08 14 24 1,254 83 1,067.99 -186.84 ST
TEMPUR PEDIC INT 45 000 02/27/08 18.55 10/29 / 08 6.69 834 96 301 17 -533.79 ST
WAUSAU-MOSINEE P 90. 000 05 / 20/08 8 89 10 / 29/08 7 57 800 42 681 30 -119 12 ST
'SAME AS ABOVE* 145 000 01 / 25/08 8 37 10 / 29/08 7 57 1 , 213 59 1,097 64 -115 95 ST
WATTS WATER TECH 20 000 02 / 04/08 30.27 10/29 / 08 22 98 605 31 459 60 -145 71 ST
CL A
*SAME AS ABOVE* 5 000 11/14/07 30 . 02 10 / 29/08 22 98 150. 11 114 90 -35 21 ST
*SAME AS ABOVE* 40 000 11/13/07 29 16 10/29 / 08 22.98 2,166 49 919 19 -247 30 ST
WHOLE FOODS MARK 95. 000 10 / 14/08 15.99 10/29 / 08 10 62 1,518 67 1,008.89 - 509 78 ST
WHITNEY HOLDING 25 000 12/28/07 25 99 10/29 / 08 17 26 649 79 431 50 -218.29 ST
*SAME AS ABOVE* 55. 000 11/14/07 25.82 10/29 / 08 17.26 1,419 91 949 29 -470 62 ST
ZORAN CORP 80 000 03/11/08 13.64 10/29 / 08 6 97 1,091 05 557 32 -533.73 ST
FROM Jan 01, 2008 TO Dec 31, 2008
----PURCHASE----- ----- SALE --------

PTION UNITS DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
ORIG FACE FX RATE MNY CURB FX RATE ORIGINAL COST GAIN/LOSS DISCOUNT INC
AS ABOVE* 32.000 02/02/02 0 01 10/29/08 34.45 0.01 1,102 39 1,102 38 LT

---- ------------ --- ------------- -------------- -- --------------
3,265 107,297.26 79,601 37 0.00 ST
-27,695 89 LT
-------------- ---------------- --- ------------- -------------- -- --------------
'N TOTAL 3,918 131,590 94 93,138 23 - 10,756 82 ST

-27,695 89 LT
==== R E A L E S T A T E I N V E S T M E N T T R U S T S ====
I PROPERTIE 30.000 02/15/06 80 46 10/29/08 65 08 2,413 70 1,952 38 -461.32 LT
'N TOTAL 30 2,413 70 1,952.38 0 00 ST

-461 32 LT
ND LEGEND == ACCOUNT TOTALS == COST PROCEEDS GAIN/LOSS
IRITTEN OPTION SHORT TERM 24,293 68 13,536 86 -10,756.82

'HORT-SALE
:HORT TERM
TEDIUM TERM
.ONG TERM LONG TERM 109,710 96 81,553.75 -28,157.21
'RCHASE INCLUDES ZERO GAIN/LOSS ITEMS 0 00 0 00

,PTION PREMIUM
LE INCLUDES TOTALS 134,004.64 95,090.61 -38,914.03
,PTION PREMIUM
'RCHASE & SALE TOTAL CURRENCY GAINS 0.00
NCLUDES OPTION PREMIUM
FROM Jan 01, 2008 TO Dec 31, 2008
=G REP - noo THE DEBORAH & ANDREW MADOFF

PO RTFOLIO NO - FOUNDATION - IRONWOOD
FISCAL YEAR END - 1 2/31 ATT ANDREW MADOFF
TAX EXEMPT CODE - N 433 EAST 74TH STREET APT 5A
DENOMINATED IN - U S Dollars NEW YORK NY 10021-3901
REPORT RU14 DATE - Apr 21, 2009
---- PURCH ASE -- --- -----SALE- -------

DENBURY RESOURCE 110.000 05/04/07 16 87 01/17/08 25.11 1,855 70 2,761 53 905.83 ST

HOLDING COMPANY
HMS HOLDINGS COR 45 000 05/04/07 22 .50 01/17/08 35 73 1,012 50 1,608 02 595 52 ST
CRITICARE SYSTEM 535 000 05/04/07 3 69 02/29/08 4 95 1,974 15 2,646 40 672.25 ST
DENBURY RESOURCE 50.000 05/04/07 16 87 04/02/08 28.88 843 50 1,443.81 600 31 ST
HOLDING COMPANY
INTERNATIONAL CO 130.000 05/04/07 5 23 04/22/08 8 86 679 90 1,151 52 471 62 ST
NEW
MOLDFLOW CORP 120 000 05/04/07 15 81 05/02/08 21 80 1,897 20 2,615 98 718.78 ST
PFF BANCORP INC 65.000 08/24/07 17 50 05/02/08 1.63 1,137 24 105 91 -1,031 33 ST
*SAME AS ABOVE* 55.000 12/10/07 10 96 05/02/08 1 63 602 58 89.62 -512.96 ST
*SAME AS ABOVE- 75 000 10/23/07 10 92 05/02/08 1 63 818 75 122.21 -696 54 ST
METALICO INC 55 000 08/14/07 7 .63 06/16/08 14 63 419 78 804 51 384.73 ST
***IONA TECHNOLO 247 000 12/11/07 3 .73 07/09/08 3.95 921 78 974.53 52 75 ST
SPONSORED ADR
*SAME AS ABOVE* 13 000 12/10/07 3 54 07/09/08 3 95 46 06 51 29 5 23 ST
AQUILA INC 735.000 08/01/07 3 81 07/15/08 3 97 2,798 95 2,918 88 119 93 ST
NEW
GREAT PLAINS ENE 62.000 07/16/08 25 74 07/23/08 25 05 1,595 88 1,552 85 -43 03 ST
PACER INTERNATIO 40 000 12/20/07 13 36 07/25/08 23 71 534 26 948 52 414.26 ST
TENN
*SAME AS ABOVE* 60 000 12/20/07 13 36 08/07/08 20.03 801 40 1,201 86 400 46 ST
AIRTRAN HOLDINGS 160.000 10/17/08 3 37 10/29/08 3.43 538 42 548 79 10 37 ST
AMERICAN COMMERC 50.000 02/04/08 18 .25 10/29/08 6 49 912 34 324.50 -587 84 ST
NEW
*SAME AS ABOVE* 145.000 08/18/08 10 68 10/29/08 6 49 1,548 30 941 04 -607.26 ST
ACCO BRANDS CORP 155.000 08/13/08 8 30 10/29/08 2.58 1,286 08 399 89 -886 19 ST
P.CTIVIDENTITY CO 170.000 12/21/07 3 S7 10/29/08 1.72 607 7.2 292 40 -315.32 ST
*SAME AS ABOVE* 104 000 07/29/08 2 69 10/29/08 1 72 280 19 178 88 -101.31 ST
*SAME AS ABOVE* 96 000 07/30/08 2 .66 10/29/08 1 72 255 06 165.11 -89 95 ST
BERKSHIRE HILLS 35 000 12/24/07 26 40 10/29/08 24.06 924 00 842 09 -81 91 ST
*SAME AS ABOVE* 50.000 01/03/08 25 89 10/29/08 24 06 1,294 54 1,202 99 -91 55 ST
BEACON ROOFING S 55.000 12/05/07 9 04 10/29/08 11.47 497 12 630 85 133 73 ST
BTU INTERNATIONA 50 000 07/31/08 9 53 10/29/08 5.44 476. 61 271 99 -204 62 ST
*SAME AS ABOVE* 25 000 10/07/08 8 62 10/29/08 5 44 215 59 136 00 -79 59 ST
JOSEPH A BANK CL 20 000 02/27/08 23. 72 10/29/08 24.54 474. 40 490.80 16 40 ST
BOSTON PRIVATE F 55.000 10/23/08 7 03 10/29/08 7 64 386 67 420 19 33 52 ST
THIS REPORT IS INTEN DED TO BE AN INTER NAL WORKSHEET AND SHOULD NOT B E RELI ED UPON FOR ACCURACY
_____= UNLE SS IT CONFORMS WIT H THE OFFICIAL REC ORDS OF THIS FIRM =__-__
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- -----SALE--------

`SAME AS ABOVE* 75 000 07/18/08 10 10 10/29/08 6 97 757 .30 522 48 -234 82 ST

-------------- ---------------- ---------------- -------------- -- --------------
8,257 62,819 43 51,096 11 -11,723 32 ST
GENITOPE CORP 200.000 05/04/07 3 83 05/05/08 0 12 766 00 24.17 -741 83 LT

DENBURY RESOURCE 35.000 05/04/07 16 87 05/14/08 34.00 590 45 1,189 99 599.54 LT
HOLDING COMPANY
*SAME AS ABOVE* 35.000 05/04/07 16.87 06/05/08 34.42 590 45 1,204.86 614 41 LT
PHOTON DYNAMICS 80 000 05/04/07 12 12 07/02/08 15 13 969 60 1,210 39 240 79 LT
PETROHAWK ENERGY 95.000 05/04/07 15.44 07/02/08 51 63 1,466 80 4,904.86 3,438.06 LT
*SAME AS ABOVE* 10 000 05/04/07 15 44 07/11/08 49 20 154 40 491.99 337.59 LT
HMS HOLDINGS COR 65 000 05/04/07 22.50 08/07/08 25.42 1,462 50 1,652 54 190 04 LT
AURORA OIL & GAS 465 000 05/04/07 2 51 08/21/08 0.29 1,167 15 134 89 -1,032 26 LT
PETROHAWK ENERGY 35 000 05/04/07 15 44 08/27/08 36 68 540 40 1,283.93 743.53 LT
HMS HOLDINGS COR 65 000 05/04/07 22 50 09/17/08 26 06 1,462 50 1,693.81 231 31 LT
AIRTRAN HOLDINGS 160 000 05/04/07 11 74 10/29/08 3.43 1,878 .40 548 80 -1,329.60 LT
ANALOGIC CORP-NE 55 000 05/04/07 63 75 10/29/08 39 37 3,506 25 2,165 33 -1,340 92 LT
ARIAD PHARMACEUT 320 000 05/04/07 4 88 10/29/08 1 76 1,561 80 563 19 -998 61 LT
BEACON ROOFING S 75.000 08/02/07 14 65 10/29/08 11 47 1,098 77 B60 24 -238 53 LT
*SAME AS ABOVE` 50 000 08/17/01 12 26 10/29/08 11.47 613 14 573 50 -39 64 LT
*SAME AS ABOVE* 65.000 10/01/07 10 37 10/29/08 11 47 674 OS 745.54 71 49 LT
BRONCO DRILLING 65 000 08/09/07 15 07 10/29/08 6 74 979 .62 437.96 -541 66 LT
*SAME AS ABOVE* 60 000 08/27/07 14 70 10/29/08 6 74 881 81 404.28 -477 53 LT
JOSEPH A BANK CL 85 000 05/04/07 39 32 10/29/08 24 54 3,342 20 2,085.88 -1,256 32 LT
CITIZENS FIRST B 90 000 05/04/07 21 85 10/29/08 3.15 1,966. 50 283 49 -1,683.01 LT
DEL
CHARLOTTE RUSSE 85 000 05/04/07 26.35 10/29/08 6 99 2,239 75 594 14 -1,645 61 LT
*SAME AS ABOVE* 50 000 08/03/07 17.00 10/29/08 6 99 849 95 349.50 -500 45 LT
CHIQUITA BRANDS 110.000 05/04/07 15.48 10/29/08 12 73 1,702 80 1,400.19 -302.61 LT
NEW
CARTER INC 100.000 05/04/07 25 85 10/29/08 19.09 2,585. 00 1,908.98 -676 02 LT
CHEROKEE INTERNA 500.000 05/04/07 5.19 10/29/08 2 80 2,593 00 1,397.99 -1,195 01 LT
CHEMTURA CORP 130 000 05/04/07 10.98 10/29/08 1 45 1,427 40 188.53 -1,238 87 LT
DURECT CORP 1,420 000 05/04/07 4 68 10/29/08 3 85 6,642 50 5,462 98 -1,179 52 LT
DYNEGY INC DEL 265 000 05/04/07 9 81 10/29/08 2 82 2,599. 65 747 29 -1,852 36 LT
CL A
EMS TECHNOLGIES 100 000 05/04/07 19 02 10/29/08 19.13 1,902 00 1,912 72 10.72 LT
FLANDERS CORP 245 000 05/04/07 6 75 10/29/08 4 89 1,653 75 1,198.04 -455.71 LT
FRANKLIN BANK CO 100.000 09/19/07 9 69 10/29/08 0 21 969 07 27.01 -942.06 LT
*SAME AS ABOVC* 105 000 09/25/07 9 25 10/29/08 0.27 971 36 28 36 -943 00 LT
***GSI GROUP INC 130.000 05/04/07 10.14 10/29/08 1 59 1,318 20 206 69 -1,111 51 LT
FORMERLY GSI LUMONIC
GEVITY HR INC 115.000 05/04/07 19.52 10/29/08 2 73 2,244. 80 313.94 -1,930.86 LT
HOLLIS-EDEN PHAR 215 000 05/04/07 2 87 10/29/08 1.13 617 05 242.45 -374.60 LT
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- -----SALE--------

DESCRIPTION UNITS DATE PR ICE DATE PRICE ADJUSTED BA SIS PROCEEDS SECURITY IND CURRENCY G/L
INC
ICO INC NEW 305 000 05/04/07 7 .20 10/29/08 4 04 2,195 36 1,231 28 -964 08 LT
I-MANY INC 2,000 000 05/04/07 1 80 10/29/08 0 22 3,600 .64 440 39 -3,160 .25 LT
INDEVZJS PHARMACE 200 000 05/04/07 7 67 10/29/06 2.28 1,534 00 455 99 -1,078 .01 LT
HUDSON HIGHLAND 200 000 05/04/07 18 90 10/29/08 4.44 3,780 00 887 99 -2,892 .01 LT
INTERNATIONAL CO 360 000 05/04/07 5 .23 10/29/08 3 57 1,882 80 1,285 23 -597 57 LT
NEW
KONA GRILL INC 100 000 05/04/07 18 53 10/29/08 2 52 1,853 00 251.99 -1,601 01 LT
LTX CREDENCE COR 170 000 05/04/07 5 .93 10/29/08 0.44 1,008 10 74,97 -933 .13 LT
MAXWELL TECHNOLO 85 000 05/04/07 11 49 10/29/08 7 59 976 65 645.14 -331 .51 LT
METALICO INC 45 .000 08/14/07 7 63 10/29/08 3.08 343 46 138 60 -204 86 LT
*SAME AS ABOVE* 160 000 09/21/07 7 50 10/29/08 3.08 1,199 97 492 80 -707 17 LT
MODUSLINK GLOBAL 151 000 07/26/07 15 .66 10/29/08 5.13 2,364 01 774 62 -1,589 39 LT
MAGNETEK INC 140 000 05/04/07 4 .75 10/29/08 1 87 665 00 261 79 -403 21 LT
STEVEN MADDEN LT 100 000 05/04/07 31 26 10/29/08 19.42 3,126 00 1,941 98 -1,184 02 LT
MATERIAL SCIENCE 140 000 05/04/07 9 84 10/29/08 2 49 1,377 .60 348 59 -1,029 01 LT
MEASUREMENT SPEC 70 000 05/04/07 21. 35 10/29/08 9 28 1,494 50 649 59 -844 91 LT
MENTOR GRAPHICS 150 .000 05/04/07 15 74 10/29/08 6 57 2,361 00 985 54 -1,375 46 LT
NOVAVAX INC 260 000 05/04/07 3 25 10/29/08 1.96 845 .00 509.60 -335 40 LT
*SAME AS ABOVE* 275 000 08/03/07 2 77 10/29/08 1.96 762 74 538 99 -223 75 LT
**^NOVAGOLD RESO 160 000 05/08/07 14 81 10/29/08 2.91 2,369 60 465.60 -1,904 00 LT
NMS COMMUNICATIO 655 000 05/04/07 1 73 10/29/08 0 13 1,133 15 85 15 -1,048 00 LT
NAUTILUS GROUP I 135 000 05/04/07 13 78 10/29/08 2 21 1,860 30 298 85 -1,561 45 LT
NEWPARK RESOURCE 410 000 05/04/07 8 10 10/29/08 4 80 3,321 00 1,967 98 -1,353. 02 LT
PEGASYSTEMS INC 200 000 05/04/07 10 06 10/29/08 11 73 2,012. 00 2,344.98 332 98 LT
PMA CAPITAL CORP 320 .000 05/04/07 10 48 10/29/08 4.23 3,353 60 1,352.60 -2,001 00 LT
PLATO LEARNING I 215 000 05/04/07 4 22 10/29/08 1.62 906 45 349 30 -557 15 LT
PETROHAWK ENERGY 45 000 05/04/07 15 44 10/29/08 16.87 694 80 759.14 64 34 LT
PARALLEL PETROLE 150 000 05/04/07 23 90 10/29/08 4 00 3,585 00 599 99 -2,985. 01 LT
PROGRESS SOFTWAR 150 000 05/04/07 31 47 10/29/08 20 31 4,720. 50 3,046 48 -1,674 02 LT
STRATEGIC DIAGNO 280 .000 05/04/07 4 85 10/29/08 0.95 1,357. 00 265 99 -1,091 01 LT
SYPRIS SOLUTIONS 150 000 05/04/07 7 83 10/29/08 0 99 1,174 50 148 99 -1,025 51 LT
SYCAMORE NETWORK 475 000 05/04/07 3. 85 10/29/08 3 17 1,828 75 1,505 74 -323 01 LT
COM
SONUS NETWORKS I 535 000 05/04/07 7. 62 10/29/08 2.14 4,076 70 1,144.89 -2,931 81 LT
* * * S[NOPTA INC 530 000 05/04/07 12 22 10/29/08 3.56 6,477 60 1,886.78 -4,590 82 LT
SEMITOOL INC 220. 000 05/04/07 10 66 10/29/08 5.00 2,345 20 1,099 99 -1,245 21 LT
SHAW GROUP INC 75 000 05/04/07 33 63 10/29/08 14 64 2,522 25 1,097 99 -1,424 26 LT
TEMPUR PEDIC INT 135 000 05/04/07 26 70 10/29/08 6 69 3,604 50 903.52 -2,700 98 LT
U S PHYSICAL THE 185. 000 05/04/07 13 76 10/29/08 12 63 2,545. 60 2,336.53 -209 07 LT
UNIVERSAL FOREST 30 000 08/01/07 39 52 10/29/08 20.40 1,185 73 611.99 -573 74 LT
VARIAN SEMICONDU 210 000 05/04/07 45 65 10/29/08 18.06 9,585. 80 3,792 57 -5,793 23 LT
ASSOCS INC
VIVUS INC 525 000 05/04/07 5 18 10/29/08 5.74 2,719. 50 3,012 48 292 98 LT
VICOR CORP 160 000 05/04/07 11 20 10/29/08 5.33 1,792 00 852 79 -939 21 LT
_____= UNLESS IT CONFORMS WITH THE OFCICIAL RECORDS OF THIS FIRM =_____
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

NIKE INC-CL B 5 .000 10/31/07 65 68 03/20/08 65 68 328 40 328 39 -0 01 ST

ONEOK INC (NEW) 5 000 10/31/07 49 62 03/20/08 44 41 248 10 222 04 -26 06 ST
ORACLE CORP 20 .000 10/31/07 21 .93 03/20/08 19 84 438 62 396 79 -41 83 ST
PRAXAIR INC 10 .000 10/31/07 84 21 03/20/08 81.58 842 06 815 79 -26 27 ST
SOUTHERN UNION C 5 000 10/31/07 31 43 03/20/08 21 91 157 13 109 54 -47 59 ST
THERMO FISHER SC 10 000 10/31/07 58 .31 03/20/08 54 17 583 10 541 69 -41 41 ST
WASTE MANAGEMENT 15 000 10/31/07 35 81 03/20/08 32.87 537 .15 493.04 -44 11 ST
***WEATHERFORD I 5 000 10/31/07 64 .26 03/20/08 62 91 321 30 314.54 -6 76 ST
LTD NEW(BERMUDA)
WELLPOINT INC 5 000 10/31/07 77 44 03/20/08 45.51 387 19 227 54 -159 65 ST
WESTERN UNION CO 15 000 10/31/07 21 94 03/20/08 21 89 329 10 328.34 -0 76 ST
WELLPOINT INC 185 000 10/31/07 77 44 04/23/08 49 25 14,326 16 9,111.67 -5,214 49 ST
HUDSON CITY BANC 125 000 10/31/07 15 90 04/25/08 18.88 1,987 50 2,360.49 372.99 ST
*SAME AS ABOVE* 290 000 10/31/07 15 90 04/29/08 19.10 4,611 00 5,539 98 928.98 ST
VISA INC 15 .000 03/20/08 63 30 05/05/08 84 43 949 50 1,266 41 316.91 ST
CL A
*SAME AS ABOVE* 20 000 03/19/08 60 .13 05/05/08 84 43 1,202 60 1,688 55 485 95 ST
NEWS CORPORATION 650 000 10/31/07 21 .26 05/14/08 18 87 13,819. 00 12,267 45 -1,551 55 ST
CLASS A
ANHEUSER BUSCH C 45 000 01/02/08 52 19 05/23/08 56 90 2,348 70 2,560 54 211.84 ST
BUNGE LTD 30 000 10/31/07 113 .18 05/30/08 118.29 3,395. 45 3,548.55 153 10 ST
ANHEUSER BUSCH C 55 000 01/02/08 52 19 06/12/08 61 36 2,870 63 3,374 98 504.35 ST
*SAME AS ABOVE* 145 000 10/31/07 51 70 06/12/08 61.36 7,496 50 8,897.67 1,401 17 ST
LIBERTY MEDIA HO 90 000 10/31/07 18 61 07/02/08 14 22 1,675. 28 1,279 80 -395.48 ST
CORPORATION CAPITAL
MARSHALL & IISLE 305. 000 05/20/08 24 14 07/07/08 12 47 7,363 25 3,803 63 -3,559 62 ST
NEW
*SAME AS ABOVE* 80 000 06/11/08 19 15 07/07/08 12.47 1,531 66 997 67 -533 99 ST
*SAME AS ABOVE* 105. 000 06/18/08 17 28 07/07/08 12.47 1,814 87 1,309.45 -505.42 ST
LEGG MASON INC 115 000 10/31/07 82. 44 07/08/08 38 12 9,480 85 4,384 22 -5,096.63 ST
*SAME AS ABOVE* 25 000 11/05/07 75 56 07/08/08 38.12 1,889. 09 953 09 -936.00 ST
*SAME AS ABOVE* 40 000 03/19/08 55 42 07/08/08 38 12 2,216 94 1,524 95 -691.99 ST
NATIONAL-OILWELL -65 000 10/31/07 72 55 07/17/08 76 16 4,716 05 4,950 55 234.50 ST
A.LTRIA GROUP INC 200. 000 10/31/07 22 59 07/24/08 20.81 4,518 96 4,161.73 -357 23 ST
BRISTOL MYERS SQ 500 000 10/31/07 30 05 07/31/08 21.19 15,025 00 10,594 44 -4,430.56 ST
*SAME AS ABOVE* 40 000 01/18/08 24 62 07/31/08 21.19 984 68 847 55 -137 13 ST
INTL FLAVORS & F 110 000 10/31/07 51 72 07/31/08 40.43 5,689 00 4,447 42 -1,241.58 ST
ARCH COAL INC 120 000 10/31/07 40 98 08/06/08 50.18 4,918 05 6,021.72 1,103 67 ST
AGILENT TECHNOLO 190 000 10/31/07 36 27 09/10/08 32 03 6,891 30 6,086 18 -805.12 ST
'SAME AS ABOVE* 85. 000 02/15/08 30. 81 09/10/08 32.03 2,618 68 2,722 76 104 08 ST
ENDO PHARMACEUTI 310 000 10/31/07 29 37 09/10/08 20 93 9,104 70 6,487 98 -2,616.72 ST
NIKE INC-CL B 75 000 10/31/07 65 68 09/29/08 66.45 4,926 00 4,983 70 57 70 ST
HUDSON CITY BANC 235 000 10/31/07 15 90 10/08/08 16 49 3,736. 50 3,874 42 137.92 ST
PEOPLES UTD FINL 135 000 06/09/08 16 35 10/08/08 17 79 2,207 60 2,401 31 193 71 ST
AETNA U S HEALTH 295. 000 10/31/07 55 65 10/29/08 25 35 16,417 95 7,478.20 -8,939.75 ST
*SAME AS ABOVE* 50 000 06/19/08 41. 03 10/29/08 25.35 2,051 70 1,267.49 -784 21 ST
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

D-^, .;.- ".:N UNITS DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
CRIG FACE FX RATE MNY CURR FX RATE ORIGINAL COST GAIN /LOSS DISCOLNT INC
-------------- ---------------- ---------------- -------------- -- --------------

16,641 152,530 43 80,283.85 0 00 ST
-72,246.58 LT
-------------- ---------------- ---------------- -------------- -- --------------
SECTION TOTAL 24,898 215,349.86 131,379 96 -11,723 32 ST

-72,246 58 LT
C A S H I N L I E U
GREAT PLAINS ENE 22.500 07/15/08 1 00 0.00 22.50 22.50 LT
SECTION TOTAL 23 0 00 22 50 0 00 ST
22.50 LT
WO - WRITTEN OPTION SHORT TERM 62,819 43 51,096.11 -11,723 32

SS - SHORT-SALE
ST - SHORT TERM
MT - MEDIUM TERM
LT - LONG TERM LONG TERM 152,530 43 80,306 35 -72,224 08

OPTION PREMIUM
OPTION PREMIUM
___<_. UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =a-===
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

UNITS DATE PRICE DATE PRICE ADJUSTED BA SIS PROCEEDS SECURITY IND '2URRENC'' G/L
ORIG FACE FX RATE MNY CURR FX RATE ORIGINAL COST GAIN /LOSS DISCOUNT INC
•SAML' AS ABOVE* 110.000 10/28/08 25 46 10 / 29/08 25 35 2,800 66 2,788 49 -12 17 ST

AM£RIPRISE FINL 140.000 09 / 08/08 45.85 10/29 / 08 22.47 6,418 52 3,145 . 98 -3,272 54 ST
ALLIANT TECHSYST 140 000 10 / 31/07 109 31 10/29/08 80 39 15,303 45 11,254 . 53 -4,048.92 ST
APPLE INC 55 000 10 / 31/07 188 64 10/29 / 08 106 12 10 , 375 .20 5,836.56 -4,538 64 ST
*SAME AS ABOVE* 20 000 09/29/08 108.35 10/29 / 08 106.12 2 , 167 08 2,122.39 -44.69 ST
AUTOMATIC DATA P 215 000 10 / 31/07 49 28 10 / 29/08 34 01 10,596 17 7,311 95 -3,284 22 ST
BUNGE LTD 120.000 10 / 31/07 113 18 10/29 / 08 34.47 13,581 .79 4,136 37 -9,445 42 ST
*SAME AS ABOVE- 45 000 09 / 10/08 73 . 44 10/29/08 34 47 3,304 97 1,551 14 -1,753 83 ST
BANK NEW YORK ME 230.000 10 / 31/07 48 33 10 / 29/08 31 . 32 11,115 90 7,203 56 -3,912.34 ST
*SAME AS ABOVE* 45.000 04 / 22/08 40.85 10/29/08 31 32 1,838 31 1,409 . 39 -428 92 ST
*SAME AS ABOVE* 55 000 07 / 08/08 36 14 10/29/08 31 32 1,987 95 1,722 59 - 265 36 ST
*SAME AS ABOVE* 45 000 07 / 17/08 35.43 10/29 / 08 31.32 1,594 35 1,409 39 -184 96 ST
BOSTON SCIENTIFI 565.000 10 / 31/07 13 94 10/29 / 08 7 88 7,876 10 4,452 17 - 3,423 93 ST
*SAME AS ABOVE* 245 000 02/05/08 12.79 10/29 / 08 7 88 3,133 70 1,930 59 -1,203.11 ST
BOEING CO 175 000 10 / 31/07 97.72 10/29 / 08 50.60 17,100 .25 8,854 95 -8,245.30 ST
*SAME AS ABOVE* 25 000 03 / 11/08 73.25 10/29/08 50.60 1,831 27 1,264 . 99 -566 28 ST
COMCAST CORPORAT 915 000 10 / 31/07 20 74 10/29 / 08 15 60 18,977 10 14 , 273.92 -4 , 703 18 ST
NEW SPL CLASS A
*SAME AS ABOVE* 175 000 12 / 18/07 17.95 10/29 / 08 15 60 3,141 25 2,729 . 98 -411 27 ST
CAMERON INTERNAT 100 000 07/17/08 50 86 10/29/08 22 33 5,085 50 2,233 36 -2,852 14 ST
CORPORATION
*SAME AS ABOVE* 60 000 09/09/08 41 26 10/29 / 08 22.33 2,475 76 1,340.02 -1,135 74 ST
CONOCOPHILLIPS 170.000 10 / 31/07 84.62 10/29 / 08 51 78 14 , 385. 14 8,802 55 -5,582 59 ST
COLGATE PALMOLIV 95 000 07 / 25/08 69 13 10/29 / 08 60 54 6,567 81 5,751 26 - 816 55 ST
DIAMOND OFFSHORE 115 000 10/31/07 113.07 10/29/08 85 47 13,003 05 9,828 84 -3,174 21 ST
DAVITA INC 340.000 10/31/07 64 28 10 / 29/08 50.59 21,856 59 17,198 90 -4,657 69 ST
DANAHER CORP 85.000 07/24/08 79.76 10/29 / 08 56.68 6,779 19 4,817.77 -1,961 42 ST
'SAME AS ABOVE* 75.000 09 / 10/08 77 51 10/29 / 08 56 68 5,813 02 4,250 . 97 -1,562.05 ST
E I DU PONT DE N 295.000 10 / 31/07 48 64 10/29/08 31 56 14 , 348. 80 9,311 . 11 -5,037 69 ST
***EVEREST RE GR 170 000 10 / 31/07 106 99 10/29 / 08 74 . 14 18,187 58 12,602 92 -5 , 584 66 ST
EXXON MOBIL CORP 32S 000 10 / 31/07 91 46 10/29/08 76 21 29,724 50 24,767 10 -4,957.40 ST
ELECTRONIC ARTS 275 000 10 / 31/07 60 33 10/29/08 27.01 16 , 590 75 7,428 53 -9,162 22 ST
*SAME AS ABOVE* 40 000 12 / 18/07 57 26 10/29/08 27.01 2,290. 52 1,080.51 -1,210 01 ST
*SAME AS ABOVE* 20.000 02/11/08 45 53 10 / 29/08 27.01 910 57 540 26 -370 31 ST
FISERV INC 150.000 10/31/07 55.16 10/29/08 30.41 8,274 53 4,560.98 -3,713.55 ST
*SAME AS ABOVE' 50 000 11/02/07 54 71 10/29 / 08 30.41 2,735 48 1,520.33 -1,215 15 ST
*SAME AS ABOVE* 40.000 07 / 25/08 47.04 10 / 29/08 30 41 1,881 66 1,216.25 -665 41 ST
FRANKLIN RESOURC 75.000 10 / 08/08 70.91 10/29 / 08 61 61 5,318 38 4,620 72 - 697 66 ST
*SAME AS ABOVE* 45.000 10 / 22/08 62 79 10/29/08 61.61 2,825 65 2,772 43 -53 22 ST
HUDSON CITY BANC 320 000 10 / 31/07 15 90 10/29 / 08 17 37 5,088. 00 5,558.36 470 36 ST
INTL FLAVORS & F 160.000 10 / 31/07 51 72 10/29 / 08 34 02 8,274 91 5,442 . 57 -2,832.34 ST
INTL GAME TECHNO 475 000 10 / 31/07 43.91 10/29/08 12.37 20,857 54 5,875 . 71 -14,981 83 ST
*SAME AS ABOVE* 25.000 06 / 27/08 24 90 10/29 / 08 12 37 622 45 309 25 -313 20 ST
LABORATORY CORP 35 000 12 / 27/07 76 . 05 10/29/08 60 29 2,661 61 2,110 29 -551.32 ST
*SAME AS ABOVE* 160.000 10/31/07 68 52 10/29 / 08 60 29 10 , 963 20 9,647 05 -1,316.15 ST
*SAME AS ABOVE* 30 000 10 / 09/08 59 06 10/29/08 60 29 1,771. 65 1,808.82 37.17 ST
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

UNITS DATE PRICE DATE PR ICE ADJUSTED BASIS PROCEEDS SECURITY IND CURRENCY G/L
LIBERTY MEDIA CO 355 000 10/31/07 26 14 10/29/08 16 34 9,279 26 5,800.67 -3,478.59 ST

SERIES A LIBERTY ENT
*SAME AS ABOVE* 55 000 03/05/08 25 54 10/29/08 16 .34 1,404.43 898 69 -505 74 ST
MICROSOFT CORP 735.000 10/31/07 36 43 10/29/08 23 .10 26,776 05 16,978.62 -9,797 43 ST
*SAME AS ABOVE* 200.000 01/29/08 32.67 10/29/08 23 .10 6,533.68 4,620.03 -1,913 65 ST
*SAME AS ABOVE* 135.000 03/04/08 27 08 10/29/08 23 10 3,655.65 3,118 53 -537 12 ST
MEMC ELECTRONIC 145.000 10/31/07 72 05 10/29/08 17 09 10,447 01 2,478.67 -7,968.34 ST
*SAME AS ABOVE* 65 000 07/03/08 55 38 10/29/08 17 09 3,599.90 1,111 13 -2,488.77 ST
*SAME AS ABOVE* 60 000 07/24/08 42 63 10/29/08 17 09 2,557 62 1,025.66 -1,531.96 ST
*SAME AS ABOVE* 90.000 09/10/08 34 46 10/29/08 17 09 3,101.72 1,538.48 -1,563.24 ST
NATIONAL-OILWELL 195 000 10/31/07 72 55 10/29/08 28 34 14,148 14 5,526 28 -8,621 86 ST
*SAME AS ABOVE* 70 000 09/04/08 62.04 10/29/08 28 34 4,342.70 1,983 79 -2,358 91 ST
*SAME AS ABOVE* 60.000 09/30/08 49.79 10/291/08 28 34 2,987 38 1,700 40 -1,286.98 ST
NSTAR 220 000 10/31/07 35 08 10/29/08 32 17 7,717.60 7,077 36 -640.24 ST
NIKE INC-CL B 50.000 10/31/07 65.68 10/29/08 52 99 3,284 00 2,649 24 -634.76 ST
'SAME AS ABOVE* 45.000 06/27/08 60.44 10/29/08 52 99 2,719 69 2,384.31 -335 38 ST
ONEOK INC (NEW) 145 000 10/31/07 49.62 10/29/08 29 .16 7,194 90 4,228 17 -2,966.73 ST
'SAME AS ABOVE* 60 000 09/18/08 35.60 10/29/08 29 16 2,135 83 1,749 59 -386.24 ST
PEABODY ENERGY C 105.000 08/06/08 62.33 10/29/08 32 97 6,544.95 3,461 83 -3,083.12 ST
PEOPLES UTD FINL 300.000 06/09/08 16 35 10/29/08 16 77 4,905.78 5,030 97 125 19 ST
PHILIP MORRIS IN 85 000 10/31/07 50.29 10/29/08 42 38 4,274.79 3,601 87 -672.92 ST
*SAME AS ABOVE* 115.000 10/31/07 50.29 10/29/08 42 32 5,783 53 4,866 82 -916.71 ST
ORACLE CORP 685.000 10/31/07 21.93 10/29/08 17 11 15,022.61 11,720.42 -3,302.19 ST
OVERSEAS SHIPHOL 95.000 10/31/07 74.74 10/29/08 36 04 7,100 30 3,423 90 -3,676.40 ST
PACCAR INC 155 000 02/14/08 43.78 10/29/08 25 97 6,785.88 4,025.32 -2,760.56 ST
PRAXAIR INC 205.000 10/31/07 84 21 10/29/08 61 .20 17,262 18 12,545 96 -4,716.22 ST
ROCKWELL COLLINS 120.000 09/10/08 50 29 10/29/08 36 27 6,034.48 4,352.37 -1,682.11 ST
SAFEWAY INC 230.000 06/03/08 31.47 10/29/08 20 78 7,238.84 4,779 37 -2,459 47 ST
*SAME AS ABOVE* 12S 000 06/18/08 29 84 10/29/08 20 78 3,730 18 2,597.48 -1,132.70 ST
*SAME AS ABOVE* 130 000 07/17/08 26 71 10/29/08 20 78 3,471 95 2,701.39 -770.56 ST
SCANA CORPORATIO 360 000 02/20/08 38 86 10/29/08 32 .99 13,991 15 11,876 33 -2,114 82 ST
SOUTHERN UNION C 440.000 10/31/07 31.43 10/29/08 16 44 13,827.00 7,234.34 -6,592.66 ST
*SAME AS ABOVE* 70 000 12/18/07 28 95 10/29/08 16 44 2,026.30 1,150.92 -875.38 ST
*SAME AS ABOVE* 40 000 03/03/08 24.80 10/29/08 16 44 991.84 657.67 -334.17 ST
THERMO FISHER SC 315.000 10/31/07 58.31 10/29/08 35. 64 18,367.65 11,226.53 -7,141.12 ST
VISA INC 20 000 09/17/08 65 61 10/29/08 51 85 1,312 18 1,036 99 -275.19 ST
CL A
*SAME AS ABOVE* 3 000 09/30/08 60 46 10/29/08 51 85 181 38 155.55 -25.83 ST
*SAME AS ABOVE* 260.000 03/19/08 60.13 10/29/08 51. 85 15,633.74 13,480 92 -2,152 82 ST
*SAME AS ABOVE* 72.000 09/29/08 57 73 10/29/08 51 85 4,156 32 3,733 18 -423 14 ST
***WEATHERFORD I 150 000 09/08/08 32.42 10/29/08 14 50 4,862 28 2,174 98 -2,687 30 ST
LTD NEW (BERMUDA)
*SAME AS ABOVE* 240.000 10/31/07 32 13 10/29/08 14 50 7,711.19 3,479 98 -4,231 21 ST
WESTERN UNION CO 490.000 10/31/07 21 94 10/29/08 15 88 10,750 60 7,781 15 -2,969.45 ST
*SAME AS ABOVE* 115 000 10/15/08 19.50 10/29/08 15 88 2,242.86 1,826 19 -416.67 ST
*SAME AS ABOVE* 95.000 10/21/08 17 20 10/29/08 15 88 1,633 75 1,508 59 -125 16 ST
CAPITAL GAINS SCHEDULE •
FROM Jan 01, 2008 TO Dec 31, 2008
---- PURCHASE ----- ----- SALE --------

WASTE MANAGEMENT 435.000 10/31/07 35 81 10/29/08 29 61 15,577 35 12,878 92 -2,698 43 ST

-------------- ---------------- --- ------------- -------------- -- --------------
21,085 883,584 26 619,753 54 -263,830 72 ST
0 00 LT
-------------- ---------------- --- ------------- -------------- -- --------------
SECTION TOTAL 21,085 883,584 26 619,753 54 -263,830 72 ST

0.00 LT
==== R E A L E S T A T E I N V E S T M E N T T R U S T S ====
ISTAR FINL INC 5 000 10/31/07 30 82 03/20/08 14.52 154 11 72.59 -81.52 ST
YENTAS INC 10. 000 10/31/07 43 00 03/20/08 45 44 429.97 454 39 24 42 ST
ISTAR FINL INC 335 000 10/31/07 30 82 07/22/08 7 64 10,325.68 2,559.12 -7,766 56 ST
*SAME AS ABOVE* 245 000 03/04/08 17 03 07/22/08 7 64 4,172 57 1,871.59 -2,300 98 ST
VENTAS INC. 50 000 10/31/07 43 00 09/29/08 47.61 2,149 86 2,380.45 230 59 ST
'SAME AS ABOVE* 385 000 10/31/07 43 00 10/29/08 33.10 16,553 92 12,741.73 -3,812.19 ST
--- -------- --- ---- ------------ -- -------------- -- ------------ -- --------------
1, 030 33,786 11 20,079 87 -13,706.24 ST
0 00 LT
--- -------- --- ---- ------------ -- -------------- -- ------------ -- --------------
SECTION TOTAL 1,030 33,786 11 20,079.87 - 13,706.24 ST

0.00 LT
C A P I T A L G A I N D I V I D E N D S
ISTAR FINL INC 1.070 01/14/08 1 00 0 00 1 07 1 07 LT

`SAME AS ABOVE* 6 800 01/14/08 1.00 0 00 6 80 6 80 LT
VENTAS INC 8 490 03/28/08 1.00 0 00 8 49 8 .49 LT
*SAME AS ABOVE* 7 920 03/28/08 1 00 0 00 7 92 7 92 LT
ISTAR FINL INC 66.400 04/30/08 1 00 0 00 66 40 66 40 LT
*SAME AS ABOVE* 387.390 04/30/08 1 00 0 00 387 39 387 39 LT
VENTAS INC. 8 300 06/27/08 1 00 0 00 8 30 8 30 LT
*SAME AS ABOVE* 7 740 06/27/08 1.00 0 00 7. 74 7. 74 LT
ISTAR FINL INC 65 830 07/31/08 1.00 0 00 65 83 65 83 LT
`SAME AS ABOVE* 384 080 07/31/08 1 00 0 00 384 08 384 08 LT
VENTAS INC 8.300 09/30/08 1.00 0 00 8 30 8 30 LT
*SAME AS ABOVE* 7.740 09/30/08 1 00 0 00 7. 74 7 74 LT
THIS REPORT IS INTENDED TO BE AN INTERNAL WORKSHEET AND SHOULD NOT B E RELIED UPON FOR ACCURACY
UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM
•
FROM Jan 01 , 2008 TO Dec 31, 2008
- ..:RCHAS_. ---- ----- :-:LL --

C ' ON! A DATE PRICE DATE PRICE ADJUSTED BASIS PROCEEDS SECURITY :N D Cr RR EINC-:
ORIG FACE FX RATE MNY CURR FX RATE ORIGINAL COST GAIN / LOSS DISCCJN': INC
-------------- ---------------- ---------------- -------------- -- --------------

960 0 00 960 06 0.00 ST
960.06 LT
-------------- ---------------- ---------------- -------------- -- --------------
SECTION TOTAL 960 0 00 960 06 0 00 ST

960 06 LT
WO - WRITTEN OPTION SHORT TERM 917,370 37 639,833 41 -277,536 96

SS - SHORT-SALE
ST - SHORT TERM
MT - MEDIUM TERM
LT - LONG TERM LONG TERM 0 00 960 06 960.06
p - PURCHASE INCLUDES ZERO GAIN / LOSS ITEMS 0 00 0 00

OPTION PREMIUM
s - SALE INCLUDES TOTALS 917, 370 37 640 , 793 47 -276,576 90
OPTION PREMIUM
FROM Jan 01, 2008 TO Dec 31, 2008

FOUNDATION (EPOCH)
FISCAL YEAR END - 12/31 ATT ANDREW MADOFF
TAX EXEMPT CODE - Y 433 EAST 74TH STREET APT 5A
DENOMINATED IN - U.S Dollars NEW YORK NY 10021-3901
---- PURCHASE ----- ----- SALE --------

MARSHALL & IISLE 200 000 10/31/07 34.57 01/02/08 25.66 6,845.15 5,131 56 -1,713.59 ST-
NEW
SYSCO CORP 235 000 10/31/07 34 15 01/08/08 30 23 8,024 15 7,103.96 -920.19 ST
YAHOO INC 225 000 10/31/07 31 05 02/14/08 30.00 6,986 25 6,749.65 -236 60 ST
ARCH COAL INC 140 000 10/31/07 40 98 02/19/08 52.02 5,737 73 7,282.58 1,544.85 ST
AETNA U S HEALTH 10 000 10/31/07 55 65 03/20/08 42 45 556 54 424.49 -132 05 ST
ALTRIA GROUP INC 5 000 10/31/07 72 89 03/20/08 70.57 364.43 352 84 -11 59 ST
ALLIANT TECHSYST 5 000 10/31/07 109 31 03/20/08 101 29 546 55 506.44 -40.11 ST
ANHEUSER BUSCH C 5 000 01/02/08 52 19 03/20/08 45.97 260 97 229.84 -31 13 ST
APPLE INC 5.000 10/31/07 188 64 03/20/08 130 43 943.20 652 14 -291 06 ST
AUTOMATIC DATA P 10.000 10/31/07 49 .28 03/20/08 40 55 492 84 405 49 -87 35 ST
BUNGE LTD 5.000 10/31/07 113 18 03/20/08 90 72 565 91 453 59 -112 32 ST
BANK NEW YORK ME 5.000 10/31/07 48 33 03/20/08 44.81 241.65 224.04 -17 61 ST
BOSTON SCIENTIFI 5.000 10/31/07 13 94 03/20/08 12 50 69.70 62 49 -7 21 ST
BRISTOL MYERS SQ 5.000 10/31/07 30 05 03/20/08 21.38 150 25 106.89 -43 36 ST
COMCAST CORPORAT 30 000 10/31/07 20 74 03/20/08 18.99 622 20 569.69 -52.51 ST
NEW SPL CLASS A
CONOCOPHILLIPS 5 000 10/31/07 84 62 03/20/08 73 71 423 09 368 54 -54.55 ST
DIAMOND OFFSHORE 5.000 10/31/07 113 07 03/20/08 112.73 565.35 563.64 -1 71 ST
DAVITA INC 10 000 10/31/07 64 28 03/20/08 44 10 642 84 440.99 -201 85 ST
E I DU PONT DE N 10.000 10/31/07 48 .64 03/20/08 45 58 486 40 455 79 -30 61 ST
***EVEREST RE GR 5 000 10/31/07 106 99 03/20/08 89.42 534 93 447 09 -87 84 ST
ENDO PHARMACEUTI 10.000 10/31/07 29 .37 03/20/08 23 12 293 70 231.19 -62 51 ST
EXXON MOBIL CORP 15 000 10/31/07 91 46 03/20/08 84 47 1,371.90 1,267 03 -104 87 ST
ELECTRONIC ARTS 5 000 10/31/07 60 33 03/20/08 47 72 301 65 238.59 -63 06 ST
FISERV INC 5.000 10/31/07 55 16 03/20/08 48 34 275 82 241 69 -34 13 ST
HUDSON CITY BANC 35.000 10/31/07 15 90 03/20/08 18.10 556 50 633.32 76 82 ST
INTL FLAVORS & F 5 000 10/31/07 51 72 03/20/08 42 39 258.59 211 94 -46.65 ST
INTL GAME TECHNO 15.000 10/31/07 43 91 03/20/08 44 09 658.66 661.34 2 68 ST
LIBERTY MEDIA CO 5.000 10/31/07 26 14 03/20/08 21.03 130 69 105.14 -25 55 ST
SERIES A LIBERTY ENT
MICROSOFT CORP 5 000 10/31/07 36 43 03/20/08 28 93 182 15 144 64 -37.51 ST
MEMC ELECTRONIC 5 000 10/31/07 72 05 03/20/08 81.81 360 24 409.04 48 80 ST
NATIONAL-OILWELL 10 000 10/31/07 72 .55 03/20/08 51 53 725 55 515.29 -210 26 ST
NSTAR 5.000 10/31/07 35 08 03/20/08 30 40 175 40 151 99 -23.41 ST
NEWS CORPORATION 25 000 10/31/07 21 .26 03/20/08 18.52 531.50 462 99 -68 51 ST
CLASS A
_.___= UNLESS IT CONFORMS WITH THE OFFICIAL RECORDS OF THIS FIRM =_____

2008 Deborah and Andrew Madoff Foundation 990

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2008 Deborah and Andrew Madoff Foundation 990

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Return of Private Foundation OMB No 1545-0052

Form 9 9 0-P F or Section 4947( a)(1) Nonexempt Charitable Trust

Use the IRS THE DEBORAH AND ANDREW MADOFF FOUNDATION

NEW YORK NY 10028-5613 2 Foreign organizations meeting the

Section 4947 ( a )( 1) nonexem pt charitable trust Other taxable p rivate foundation

Analysis of Revenue and Expenses (The (d) Disbursements

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

y 15 Pension plans, employee benefits . . . . ,

b Net investment income (if negative, enter -0-) 103 , 357.

'Form 990-PF (20081 90-0070901 Paae 2

W 21 Mortgages and other notes payable ( attach schedule) . . . . .

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

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

Base pe iod years (C) Distnbunon ratio

2 Total of line 1, column (d) 2

5 Multiply line 4 by line 3 , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , 5

6 Enter 1%of net investment income (1% of Part I, line 27b ) , , , , , , , , , , , , , , , , , , , 6

7 Add lines 5 and 6 7

8 Enter qualifying distributions from Part XII, line 4 8

008) 90-0070901 Page 4

Form 990-PF (2008) (•1

Statements Regarding Activities (contin ued)

Form 990-PF (2008 ) 90-0070901 Pace 6

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

Summary of Direct Charitable Activities

1NONE- --FOUNDATION-IS-NOT AN OPERATING-FOUNDATION.

I 1 IV i Summary of Proaram -Related Investments (see nacre 23 of the instructions)

Total. Add lines 1 throu g h 3 . •^

Form 990-PF (2008 ) 90-0070901 Page 8

Qualifying Distributions (see page 25 of the instructions)

Form 990-PF ( 2008) Page 9

JjMjM Undistributed Income ( see page 26 of the instructions)

line 7 .............. ....... 218 , 274.

c Treated as distributions out of corpus ( Election

f Undistributed income for 2008 . Subtract lines

'Form 990-PF(2008 ) 90-0070901 Page 10

C Qualifying distributions from Part

d Amounts included in use 2c not

(1) Value of all assets

(1) Total support other than

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

c Any submission deadlines:

a Paid during the year

Total ^ 3a 290 000.

Analysis of Income-Producing Activities

Form 990-PF (2008)

Form990-PF 2008) 90-0070901 Page 13

1 Signature of offic r rtrustee

(Form 990 , 990-EZ,

THE DEBO RAH AND ANDREW MADOFF FOUNDATION 90-0070901

Filers of: Section:

Form 990 or 990-EZ ❑ 501(c)( ) (enter number) organization

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

❑ 527 political organization

Form 990-PF © 501(c)(3) exempt private foundation

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

❑ 501(c)(3) taxable private foundation

Name of organization Employer identification number

THE DEBORAH AND ANDREW MADOFF FOUNDATION 90-0070901

(a) (b) (c) (d)

1 WALTER ZACHARIUS Person

(a) (b) (c) (d)

2 ANTHONY AND ELIZABETH SCHULTE Person

(a) (b) (c) (d)