﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.irs.gov/efile" returnVersion="2010v3.4">
  <ReturnHeader binaryAttachmentCount="0">
    <Timestamp>2011-08-13T23:33:25-00:00</Timestamp>
    <TaxPeriodEndDate>2010-12-31</TaxPeriodEndDate>
    <PreparerFirm>
      <PreparerFirmBusinessName>
        <BusinessNameLine1>Foundation Source</BusinessNameLine1>
      </PreparerFirmBusinessName>
      <PreparerFirmUSAddress>
        <AddressLine1>55 Walls Drive</AddressLine1>
        <City>Fairfield</City>
        <State>CT</State>
        <ZIPCode>06824</ZIPCode>
      </PreparerFirmUSAddress>
    </PreparerFirm>
    <ReturnType>990PF</ReturnType>
    <TaxPeriodBeginDate>2010-01-01</TaxPeriodBeginDate>
    <Filer>
      <EIN>208679139</EIN>
      <Name>
        <BusinessNameLine1>The Brandaw Family Foundation</BusinessNameLine1>
      </Name>
      <NameControl>BRAN</NameControl>
      <Phone>8008391754</Phone>
      <USAddress>
        <AddressLine1>c/o Foundation Source 501 Silversid</AddressLine1>
        <City>Wilmington</City>
        <State>DE</State>
        <ZIPCode>198091377</ZIPCode>
      </USAddress>
    </Filer>
    <Officer>
      <Name>Joan Brandaw</Name>
      <Title>President</Title>
      <DateSigned>2011-08-13</DateSigned>
      <AuthorizeThirdParty>false</AuthorizeThirdParty>
    </Officer>
    <Preparer>
      <Name>Jeffrey D Haskell</Name>
      <Phone>8008391754</Phone>
      <DatePrepared>2011-08-13</DatePrepared>
    </Preparer>
    <TaxYear>2010</TaxYear>
    <BuildTS>2016-02-24 21:20:13Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCount="8">
    <IRS990PF referenceDocumentId="990PF:150" documentId="990PF" softwareId="10000149" softwareVersion="2010.2.15">
      <ExemptPF>X</ExemptPF>
      <FMVAssetsEOY>1151120</FMVAssetsEOY>
      <MethodOfAccountingCash>X</MethodOfAccountingCash>
      <AnalysisOfRevenueAndExpenses>
        <NotRequiredToAttachScheduleB>X</NotRequiredToAttachScheduleB>
        <InterestOnSavingsRevAndExpnss>92</InterestOnSavingsRevAndExpnss>
        <InterestOnSavingsNetInvstIncm>92</InterestOnSavingsNetInvstIncm>
        <DividendsRevAndExpnss>22778</DividendsRevAndExpnss>
        <DividendsNetInvstIncm>22778</DividendsNetInvstIncm>
        <NetGainSaleAssetsRevAndExpnss referenceDocumentId="990PF:72">57666</NetGainSaleAssetsRevAndExpnss>
        <GrossSalesPrice>541966</GrossSalesPrice>
        <CapitalGainNetIncmNetInvstIncm>57666</CapitalGainNetIncmNetInvstIncm>
        <OtherIncomeRevAndExpnss referenceDocumentId="990PF:74">58</OtherIncomeRevAndExpnss>
        <OtherIncomeNetInvstIncm>58</OtherIncomeNetInvstIncm>
        <TotalRevenueAndExpenses>80594</TotalRevenueAndExpenses>
        <TotalNetInvestmentIncome>80594</TotalNetInvestmentIncome>
        <OtherProfFeesRevAndExpnss referenceDocumentId="990PF:77">8112</OtherProfFeesRevAndExpnss>
        <OtherProfFeesNetInvstIncm>8112</OtherProfFeesNetInvstIncm>
        <TaxesRevAndExpnss referenceDocumentId="990PF:78">600</TaxesRevAndExpnss>
        <OtherExpensesRevAndExpnss referenceDocumentId="990PF:79">8565</OtherExpensesRevAndExpnss>
        <OtherExpensesNetInvstIncm>443</OtherExpensesNetInvstIncm>
        <OtherExpensesDsbrsChrtblPrps>8122</OtherExpensesDsbrsChrtblPrps>
        <TotOprExpensesRevAndExpnss>17277</TotOprExpensesRevAndExpnss>
        <TotOprExpensesNetInvstIncm>8555</TotOprExpensesNetInvstIncm>
        <TotOprExpensesDsbrsChrtblPrps>8122</TotOprExpensesDsbrsChrtblPrps>
        <ContriGiftsPaidRevAndExpnss>135760</ContriGiftsPaidRevAndExpnss>
        <ContriGiftsPaidDsbrsChrtblPrps>135760</ContriGiftsPaidDsbrsChrtblPrps>
        <TotalExpensesRevAndExpnss>153037</TotalExpensesRevAndExpnss>
        <TotalExpensesNetInvstIncm>8555</TotalExpensesNetInvstIncm>
        <TotalExpensesDsbrsChrtblPrps>143882</TotalExpensesDsbrsChrtblPrps>
        <ExcessOfRevenueOverExpenses>-72443</ExcessOfRevenueOverExpenses>
        <NetInvestmentIncome>72039</NetInvestmentIncome>
      </AnalysisOfRevenueAndExpenses>
      <BalanceSheets>
        <SavingsAndTempCashInvstBOY>22990</SavingsAndTempCashInvstBOY>
        <SavingsAndTempCashInvstEOY>53899</SavingsAndTempCashInvstEOY>
        <SavingsAndTempCashInvstEOYFMV>53899</SavingsAndTempCashInvstEOYFMV>
        <InvestmentsCorpStockBOY>662241</InvestmentsCorpStockBOY>
        <InvestmentsCorpStockEOY referenceDocumentId="990PF:89">695634</InvestmentsCorpStockEOY>
        <InvestmentsCorpStockEOYFMV>753392</InvestmentsCorpStockEOYFMV>
        <InvestmentsCorpBondsBOY>405083</InvestmentsCorpBondsBOY>
        <InvestmentsCorpBondsEOY referenceDocumentId="990PF:90">344708</InvestmentsCorpBondsEOY>
        <InvestmentsCorpBondsEOYFMV>343829</InvestmentsCorpBondsEOYFMV>
        <InvestmentsOtherBOY>76370</InvestmentsOtherBOY>
        <TotalAssetsBOY>1166684</TotalAssetsBOY>
        <TotalAssetsEOY>1094241</TotalAssetsEOY>
        <TotalAssetsEOYFMV>1151120</TotalAssetsEOYFMV>
        <TotalLiabilitiesEOY>0</TotalLiabilitiesEOY>
        <OrgThatDoNotFollowSFAS117>X</OrgThatDoNotFollowSFAS117>
        <RetainedEarningsBOY>1166684</RetainedEarningsBOY>
        <RetainedEarningsEOY>1094241</RetainedEarningsEOY>
        <TotalNetAssetsBOY>1166684</TotalNetAssetsBOY>
        <TotalNetAssetsEOY>1094241</TotalNetAssetsEOY>
        <TotalLiabilitiesNetAssetsBOY>1166684</TotalLiabilitiesNetAssetsBOY>
        <TotalLiabilitiesNetAssetsEOY>1094241</TotalLiabilitiesNetAssetsEOY>
      </BalanceSheets>
      <ChangesInNetAssetsFundBalances>
        <TotalNetAssetsFundBalancesBOY>1166684</TotalNetAssetsFundBalancesBOY>
        <ExcessOfRevenueOverExpenses>-72443</ExcessOfRevenueOverExpenses>
        <Subtotal>1094241</Subtotal>
        <TotalNetAssetsFundBalancesEOY>1094241</TotalNetAssetsFundBalancesEOY>
      </ChangesInNetAssetsFundBalances>
      <CapitalGainsAndLosses>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>Publicly-traded Securities</DescriptionOfAsset>
          <GrossSalesPrice>541966</GrossSalesPrice>
          <CostOrOtherBasis>481648</CostOrOtherBasis>
          <GainOrLoss>60318</GainOrLoss>
          <GainsMinusExcessOrLosses>60318</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainsAndLossesInfo>
          <DescriptionOfAsset>Passthrough K1 Capital Gain</DescriptionOfAsset>
          <GainOrLoss>-2652</GainOrLoss>
          <GainsMinusExcessOrLosses>-2652</GainsMinusExcessOrLosses>
        </CapitalGainsAndLossesInfo>
        <CapitalGainNetIncome>57666</CapitalGainNetIncome>
      </CapitalGainsAndLosses>
      <QlfyUndSect4940eForReducedTax>
        <LiableFor4942Tax>false</LiableFor4942Tax>
        <QualifyingDistributionsYear1>111641</QualifyingDistributionsYear1>
        <NoncharitableAssetsYear1>1132174</NoncharitableAssetsYear1>
        <DistributionRatioYear1>000.098608</DistributionRatioYear1>
        <QualifyingDistributionsYear2>72586</QualifyingDistributionsYear2>
        <NoncharitableAssetsYear2>1499293</NoncharitableAssetsYear2>
        <DistributionRatioYear2>000.048413</DistributionRatioYear2>
        <NoncharitableAssetsYear3>83308</NoncharitableAssetsYear3>
        <TotalDistributionRatio>000.147021</TotalDistributionRatio>
        <AverageDistributionRatio>000.049007</AverageDistributionRatio>
        <NetNoncharitableAssets>1139051</NetNoncharitableAssets>
        <AdjustedNoncharitableAssets>55821</AdjustedNoncharitableAssets>
        <OnePercentNetInvestmentIncome>720</OnePercentNetInvestmentIncome>
        <AdjNonchrtblAssetsAndOnePct>56541</AdjNonchrtblAssetsAndOnePct>
        <QualifyingDistributions>143882</QualifyingDistributions>
      </QlfyUndSect4940eForReducedTax>
      <ExciseTaxBasedOnInvestmentIncm>
        <DomesticOrgMeetingSect4940e>X</DomesticOrgMeetingSect4940e>
        <InvestmentIncomeExciseTax>720</InvestmentIncomeExciseTax>
        <Subtotal>720</Subtotal>
        <TaxBasedOnInvestmentIncome>720</TaxBasedOnInvestmentIncome>
        <EstTaxPaymentsAndOverpayment>1030</EstTaxPaymentsAndOverpayment>
        <TotalCreditsAndPayments>1030</TotalCreditsAndPayments>
        <TaxPaidOriginalReturn>1030</TaxPaidOriginalReturn>
        <Form2220Attached referenceDocumentId="2220">X</Form2220Attached>
        <Overpayment>310</Overpayment>
        <AmountCreditedToNextYear>310</AmountCreditedToNextYear>
      </ExciseTaxBasedOnInvestmentIncm>
      <StatementsRegardingActivities>
        <LegislativePoliticalActivities>false</LegislativePoliticalActivities>
        <MoreThan100Spent>false</MoreThan100Spent>
        <Form1120POLFiled>false</Form1120POLFiled>
        <ActivitiesNotPrevReported>false</ActivitiesNotPrevReported>
        <ChangesToArticlesOrBylaws>false</ChangesToArticlesOrBylaws>
        <UnrelatedBusIncomeOver1000>false</UnrelatedBusIncomeOver1000>
        <TerminationEtc>false</TerminationEtc>
        <RequirementsOfSect508e>true</RequirementsOfSect508e>
        <AtLeast5000InAssets>true</AtLeast5000InAssets>
        <Form990PFFiledWithAG>true</Form990PFFiledWithAG>
        <PrivateOperatingFoundation>false</PrivateOperatingFoundation>
        <NewSubstantialContributors>false</NewSubstantialContributors>
        <InterestInControlledEntity>false</InterestInControlledEntity>
        <ApplicableInsuranceContract>false</ApplicableInsuranceContract>
        <ComplyWithPublicInspectionRqr>true</ComplyWithPublicInspectionRqr>
        <BooksInCareOfBusinessName>
          <BusinessNameLine1>co Foundation Source</BusinessNameLine1>
        </BooksInCareOfBusinessName>
        <BooksInCareOfPhoneNumber>8008391754</BooksInCareOfPhoneNumber>
        <BooksInCareOfUSAddress>
          <AddressLine1>501 Silverside Road Suite 123</AddressLine1>
          <City>Wilmington</City>
          <State>DE</State>
          <ZIPCode>198091377</ZIPCode>
        </BooksInCareOfUSAddress>
        <ForeignBank>false</ForeignBank>
      </StatementsRegardingActivities>
      <StatementsRegardingActy4720>
        <SaleOrExchangeWithDsqflyPerson>false</SaleOrExchangeWithDsqflyPerson>
        <BorrowOrLendWithDsqflyPerson>false</BorrowOrLendWithDsqflyPerson>
        <FurnishedGoodsWithDsqflyPerson>false</FurnishedGoodsWithDsqflyPerson>
        <PayCompensationToDsqflyPerson>false</PayCompensationToDsqflyPerson>
        <TransferAssetsToDsqflyPerson>false</TransferAssetsToDsqflyPerson>
        <PaymentToGovernmentOffical>false</PaymentToGovernmentOffical>
        <UncorrectedPriorActs>false</UncorrectedPriorActs>
        <UndistributedIncomePriorYears>false</UndistributedIncomePriorYears>
        <BusinessHoldings>false</BusinessHoldings>
        <JeopardyInvestments>false</JeopardyInvestments>
        <UncorrectedJeopardyInvestments>false</UncorrectedJeopardyInvestments>
        <InfluenceLegislation>false</InfluenceLegislation>
        <InfluenceElection>false</InfluenceElection>
        <GrantsToIndividuals>false</GrantsToIndividuals>
        <GrantsToOrganizations>false</GrantsToOrganizations>
        <NoncharitablePurpose>false</NoncharitablePurpose>
        <PayPremiumsPrsnlBnftContract>false</PayPremiumsPrsnlBnftContract>
        <ProhibitedTaxShelterTransactn>false</ProhibitedTaxShelterTransactn>
        <ProceedsOrNetIncome>true</ProceedsOrNetIncome>
      </StatementsRegardingActy4720>
      <OfcrDirTrusteesKeyEmployeeInfo>
        <OfcrDirTrusteesOrKeyEmployee>
          <PersonName>Joan M Brandaw</PersonName>
          <USAddress>
            <AddressLine1>c/o Foundation Source 501 Silversid</AddressLine1>
            <City>Wilmington</City>
            <State>DE</State>
            <ZIPCode>19809</ZIPCode>
          </USAddress>
          <Title>President / Director / Secretary</Title>
          <AvgHoursPerWkDevotedToPosition>001.00</AvgHoursPerWkDevotedToPosition>
          <Compensation>0</Compensation>
        </OfcrDirTrusteesOrKeyEmployee>
        <CompOfHighestPaidEmplNONE>NONE</CompOfHighestPaidEmplNONE>
      </OfcrDirTrusteesKeyEmployeeInfo>
      <MinimumInvestmentReturn>
        <AvgMonthlyFMVOfSecurities>1120078</AvgMonthlyFMVOfSecurities>
        <AvgMonthlyCashBalances>36319</AvgMonthlyCashBalances>
        <FMVAllOtherNoncharitableAssets>0</FMVAllOtherNoncharitableAssets>
        <TotalFMVOfUnusedAssets>1156397</TotalFMVOfUnusedAssets>
        <AdjTotalFMVOfUnusedAssets>1156397</AdjTotalFMVOfUnusedAssets>
        <CashDeemedCharitable referenceDocumentId="990PF:240">17346</CashDeemedCharitable>
        <NetNoncharitableAssets>1139051</NetNoncharitableAssets>
        <MinimumInvestmentReturn>56953</MinimumInvestmentReturn>
      </MinimumInvestmentReturn>
      <DistributableAmount>
        <MinimumInvestmentReturn>56953</MinimumInvestmentReturn>
        <TaxBasedOnInvestmentIncome>720</TaxBasedOnInvestmentIncome>
        <TotalTax>720</TotalTax>
        <DistributableAmountBeforeAdj>56233</DistributableAmountBeforeAdj>
        <DistributableAmountBeforeDed>56233</DistributableAmountBeforeDed>
        <DistributableAmountAsAdjusted>56233</DistributableAmountAsAdjusted>
      </DistributableAmount>
      <QualifyingDistributions>
        <ExpensesAndContributions referenceDocumentId="990PF:241">143882</ExpensesAndContributions>
        <QualifyingDistributions>143882</QualifyingDistributions>
        <OnePctSect4940eOrgNetInvstIncm>720</OnePctSect4940eOrgNetInvstIncm>
        <AdjQualifyingDistributions>143162</AdjQualifyingDistributions>
      </QualifyingDistributions>
      <UndistributedIncome>
        <DistributableAmountAsAdjusted>56233</DistributableAmountAsAdjusted>
        <ExcessDistriCarryoverYear1>50468</ExcessDistriCarryoverYear1>
        <TotalExcessDistriCarryover>50468</TotalExcessDistriCarryover>
        <QualifyingDistributions>143882</QualifyingDistributions>
        <AppliedToCurrentYear>56233</AppliedToCurrentYear>
        <RemainingDistriFromCorpus>87649</RemainingDistriFromCorpus>
        <TotalCorpus>138117</TotalCorpus>
        <UndistributedIncomeCY>0</UndistributedIncomeCY>
        <ExcessDistriCyovToNextYear>138117</ExcessDistriCyovToNextYear>
        <ExcessFromYear1>50468</ExcessFromYear1>
        <ExcessFromCurrentYear>87649</ExcessFromCurrentYear>
      </UndistributedIncome>
      <SupplementaryInformation>
        <ContributingManager>Joan M Brandaw</ContributingManager>
        <OnlyContributesToPreselected>X</OnlyContributesToPreselected>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ABIQUA SCHOOL FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>4985 BATTLE CREEK RD SE STE 107</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97302</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Wish List Fund</PurposeOfGrantOrContribution>
          <Amount>2000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>AMERICAN CANCER SOCIETY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>6525 N MERIDIAN AVE</AddressLine1>
            <City>Oklahoma City</City>
            <State>OK</State>
            <ZIPCode>73116</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ARCHBIS FRANCIS NORBERT BLANCHET S</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>4373 MARKET ST NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ASSISTANCE LEAGUE OF SALEM OREG</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1095 SAGINAW ST S</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97302</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(2)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Operation School Bell Program</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BLANCHET CATHOLIC SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>4373 MARKET ST NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Fund a Need Program</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BOY SCOUTS OF AMERICA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>4395 LIBERTY RD S</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97302</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable Event</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BOYS GIRLS CLUB OF SALEM</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1395 SUMMER ST NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BOYS GIRLS CLUB OF SALEM</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1395 SUMMER ST NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable Event</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BOYS GIRLS CLUB OF SALEM</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1395 SUMMER ST NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable Event</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>BRIDGE OF COMPASSION MINISTRY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 70010</AddressLine1>
            <City>VANCOUVER</City>
            <State>WA</State>
            <ZIPCode>98665</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>300</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CATLIN GABEL SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>8825 SW BARNES RD</AddressLine1>
            <City>PORTLAND</City>
            <State>OR</State>
            <ZIPCode>97225</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Karl Jonske 99 Memorial Fund</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CATLIN GABEL SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>8825 SW BARNES RD</AddressLine1>
            <City>PORTLAND</City>
            <State>OR</State>
            <ZIPCode>97225</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Catlin Gabel Annual Fund Campaign</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>CATLIN GABEL SCHOOL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>8825 SW BARNES RD</AddressLine1>
            <City>PORTLAND</City>
            <State>OR</State>
            <ZIPCode>97225</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Special Appeal Campaign</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>DUCK ATHLETIC FUND</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2727 LEO HARRIS PKWY</AddressLine1>
            <City>EUGENE</City>
            <State>OR</State>
            <ZIPCode>97401</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>7040</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>DUCK ATHLETIC FUND</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2727 LEO HARRIS PKWY</AddressLine1>
            <City>EUGENE</City>
            <State>OR</State>
            <ZIPCode>97401</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Athletic Legacy Fund</PurposeOfGrantOrContribution>
          <Amount>25000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FAMILY BUILDING BLOCKS INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2425 LANCASTER DR NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97305</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FAMILY YOUNG MENS CHRISTIAN ASSOCIA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>685 COURT ST NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(2)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>2010 Presidents Round Table Campaign</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FRIENDS OF PIMPOLLO</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 1107</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97308</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>College Scholarship Fund</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FRIENDS OF PIMPOLLO</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 1107</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97308</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Create a Legacy of Education Scholarship Fund</PurposeOfGrantOrContribution>
          <Amount>3000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HABITAT FOR HUMANITY INTERNATIONAL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1220 12TH ST SE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97302</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Hope Builders 2010 Fund</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HABITAT FOR HUMANITY INTERNATIONAL</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1220 12TH ST SE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97302</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Hope Builders Pledge 09 Campaign</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>HALLIE FORD MUSEUM OF ART</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>WILLAMETTE UNIVERSITY 900 STATE STR</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>250</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MARION-POLK FOOD SHARE INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1660 SALEM INDUSTRIAL DR NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>750</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MEDICAL FDN OF MARION AND POLK COUN</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>698 12TH ST SE STE 230</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>MedAssist Project</PurposeOfGrantOrContribution>
          <Amount>3500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MEDICAL FDN OF MARION AND POLK COUN</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>698 12TH ST SE STE 230</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Charitable Event</PurposeOfGrantOrContribution>
          <Amount>3320</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MERCY CORPS</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>45 SW ANKENY ST</AddressLine1>
            <City>PORTLAND</City>
            <State>OR</State>
            <ZIPCode>97204</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Haiti Earthquake Relief Fund</PurposeOfGrantOrContribution>
          <Amount>500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>OREGON PUBLIC BROADCASTING</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>7140 SW MACADAM AVE</AddressLine1>
            <City>PORTLAND</City>
            <State>OR</State>
            <ZIPCode>97219</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>100</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>PEPPERDINE UNIVERSITY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>24255 PACIFIC COAST HWY</AddressLine1>
            <City>MALIBU</City>
            <State>CA</State>
            <ZIPCode>90263</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Seaver College Parents Association Membership Campaign</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SALEM ALLIANCE CHURCH</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>555 GAINES ST NE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Broadway Commons Project</PurposeOfGrantOrContribution>
          <Amount>20000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SALEM ART ASSOCIATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>600 MISSION ST SE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97302</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SALEM HOSPITAL FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>890 OAK ST SE</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97301</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SALEM LEADERSHIP FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 7384</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97303</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>SLF Special Campaign</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>THE SALVATION ARMY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 7047</AddressLine1>
            <City>SALEM</City>
            <State>OR</State>
            <ZIPCode>97303</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(2)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>General Unrestricted</PurposeOfGrantOrContribution>
          <Amount>1000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>UNIVERSITY OF OREGON FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>360 E 10TH AVE STE 202</AddressLine1>
            <City>EUGENE</City>
            <State>OR</State>
            <ZIPCode>97401</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>School of Architecture and Allied Arts Division</PurposeOfGrantOrContribution>
          <Amount>3000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>UNIVERSITY OF OREGON FOUNDATION</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>360 E 10TH AVE STE 202</AddressLine1>
            <City>EUGENE</City>
            <State>OR</State>
            <ZIPCode>97401</ZIPCode>
          </RecipientUSAddress>
          <RecipientRelationship>N/A</RecipientRelationship>
          <RecipientFoundationStatus>509(a)(1)</RecipientFoundationStatus>
          <PurposeOfGrantOrContribution>Brandaw Family Fellowship Scholarship</PurposeOfGrantOrContribution>
          <Amount>2500</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>135760</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>92</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>22778</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <ExclusionCode>18</ExclusionCode>
          <ExclusionAmount>57666</ExclusionAmount>
        </GainSalesAssetsOthThanInvntry>
        <OtherRevenueDescribed>
          <Description>K-1 Pass-Through</Description>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>58</ExclusionAmount>
        </OtherRevenueDescribed>
        <SubtotalsPartXVIA>
          <ExclusionAmount>80594</ExclusionAmount>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>80594</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <GeneralExplanationAttachment documentId="990PF:150" softwareId="10000149" softwareVersion="2010.2.15"></GeneralExplanationAttachment>
    <InvestmentsCorpBondsSchedule documentId="990PF:90" softwareId="10000149" softwareVersion="2010.2.15">
      <InvestmentsCorpBonds>
        <NameOfBond>3M CO MEDIUM TERM NTS BK ENTRY 4.37500 08/15/2013 88579EAE5 5000000.00%</NameOfBond>
        <EOYBookValue>53359</EOYBookValue>
        <EOYFMV>54397</EOYFMV>
      </InvestmentsCorpBonds>
      <InvestmentsCorpBonds>
        <NameOfBond>CISCO SYSTEMS INC - 5.250 - 02/22/2011 17275RAB8 5000000.00%</NameOfBond>
        <EOYBookValue>52936</EOYBookValue>
        <EOYFMV>50286</EOYFMV>
      </InvestmentsCorpBonds>
      <InvestmentsCorpBonds>
        <NameOfBond>HEWLETT-PACKARD CO 2.25 5/27/11 428236AX1 2500000.00%</NameOfBond>
        <EOYBookValue>25375</EOYBookValue>
        <EOYFMV>25216</EOYFMV>
      </InvestmentsCorpBonds>
      <InvestmentsCorpBonds>
        <NameOfBond>HSBC FINANCE CORP 5.6 2/15/18 40429XUD6 3000000.00%</NameOfBond>
        <EOYBookValue>30000</EOYBookValue>
        <EOYFMV>29811</EOYFMV>
      </InvestmentsCorpBonds>
      <InvestmentsCorpBonds>
        <NameOfBond>NOVARTIS CAPITAL CORP - 4.125 - 02/10/2014 66989HAA6 5000000.00%</NameOfBond>
        <EOYBookValue>52088</EOYBookValue>
        <EOYFMV>53051</EOYFMV>
      </InvestmentsCorpBonds>
      <InvestmentsCorpBonds>
        <NameOfBond>PFIZER INC MAKE WHOLE 04.45000 03/15/2012 717081CZ4 5000000.00%</NameOfBond>
        <EOYBookValue>52822</EOYBookValue>
        <EOYFMV>52188</EOYFMV>
      </InvestmentsCorpBonds>
      <InvestmentsCorpBonds>
        <NameOfBond>SHELL INTL FIN B/E - 1.300 - 09/22/2011 822582AG7 2500000.00%</NameOfBond>
        <EOYBookValue>25253</EOYBookValue>
        <EOYFMV>25162</EOYFMV>
      </InvestmentsCorpBonds>
      <InvestmentsCorpBonds>
        <NameOfBond>WAL MART STORES INC NT 4.25000 04/15/2013 931142CL5 5000000.00%</NameOfBond>
        <EOYBookValue>52875</EOYBookValue>
        <EOYFMV>53718</EOYFMV>
      </InvestmentsCorpBonds>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="990PF:89" softwareId="10000149" softwareVersion="2010.2.15">
      <InvestmentsCorpStock>
        <NameOfStock>1613 shares of DIAMOND HILL LONG SHORT FUND CLASS I DHLSX</NameOfStock>
        <EOYBookValue>26000</EOYBookValue>
        <EOYFMV>26484</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>3385 shares of EATON VANCE GLOBAL MACRO FD CL I EIGMX</NameOfStock>
        <EOYBookValue>35000</EOYBookValue>
        <EOYFMV>34763</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>480 shares of EII INTERNATIONAL PROPERTY FD INSTL CL EIIPX</NameOfStock>
        <EOYBookValue>8800</EOYBookValue>
        <EOYFMV>8694</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2997 shares of ELEMENTS ROGER ENERGY TR RJN</NameOfStock>
        <EOYBookValue>17892</EOYBookValue>
        <EOYFMV>19451</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1878 shares of ELEMENTS ROGERS AGRI TOTAL RETURN RJA</NameOfStock>
        <EOYBookValue>17575</EOYBookValue>
        <EOYFMV>20132</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1547 shares of ELEMENTS ROGERS INTL COMMODITY METAL RJZ</NameOfStock>
        <EOYBookValue>17651</EOYBookValue>
        <EOYFMV>19013</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1318 shares of GATEWAY FUND CLASS Y GTEYX</NameOfStock>
        <EOYBookValue>32727</EOYBookValue>
        <EOYFMV>34335</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>6506 shares of HUSSMAN STRATEGIC GROWTH FD HSGFX</NameOfStock>
        <EOYBookValue>96868</EOYBookValue>
        <EOYFMV>79954</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>282 shares of ISHARES COHEN STEERS REALTY MAJORS INDEX FUND ICF</NameOfStock>
        <EOYBookValue>12280</EOYBookValue>
        <EOYFMV>18533</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>596 shares of ISHARES MSCI BRIC BKF</NameOfStock>
        <EOYBookValue>24617</EOYBookValue>
        <EOYFMV>29281</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1061 shares of ISHARES MSCI EMERGING MARKETS INDEX FD EEM</NameOfStock>
        <EOYBookValue>32359</EOYBookValue>
        <EOYFMV>50546</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>857 shares of ISHARES MSCI PACIFIC EX-JAPAN EPP</NameOfStock>
        <EOYBookValue>35936</EOYBookValue>
        <EOYFMV>40262</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>202 shares of ISHARES RUSSELL MICR IWC</NameOfStock>
        <EOYBookValue>6286</EOYBookValue>
        <EOYFMV>10122</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>921 shares of ISHARES SP 500 GROWTH INDEX FUND IVW</NameOfStock>
        <EOYBookValue>44945</EOYBookValue>
        <EOYFMV>60464</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>217 shares of ISHARES SP LAT AM40 ILF</NameOfStock>
        <EOYBookValue>10529</EOYBookValue>
        <EOYFMV>11688</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>203 shares of ISHARES SP MIDCAP 400 BARRA VALUE IJJ</NameOfStock>
        <EOYBookValue>11562</EOYBookValue>
        <EOYFMV>16130</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>237 shares of ISHARES SP MIDCAP 400 GROWTH INDEX FUND IJK</NameOfStock>
        <EOYBookValue>15281</EOYBookValue>
        <EOYFMV>23871</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>327 shares of ISHARES SP SMALLCAP 600 GROWTH INDEX FD IJT</NameOfStock>
        <EOYBookValue>15003</EOYBookValue>
        <EOYFMV>23737</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>224 shares of ISHARES SP SMALLCAP 600 VALUE INDEX FUND IJS</NameOfStock>
        <EOYBookValue>10528</EOYBookValue>
        <EOYFMV>16103</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>772 shares of ISHARES TRUST RUSSELL 1000 VALUE INDEX FUND IWD</NameOfStock>
        <EOYBookValue>39305</EOYBookValue>
        <EOYFMV>50080</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1479 shares of IVY ASSET STRATEGY FUND CLASS I IVAEX</NameOfStock>
        <EOYBookValue>35000</EOYBookValue>
        <EOYFMV>36405</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1500 shares of LEHMAN BROTHERS HOLDINGS 7.95 LBHJP.PK</NameOfStock>
        <EOYBookValue>37500</EOYBookValue>
        <EOYFMV>17</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>2123 shares of MERGER FUND-SBI MERFX</NameOfStock>
        <EOYBookValue>31861</EOYBookValue>
        <EOYFMV>33505</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1575 shares of OAKMARK INTERNATIONAL FUND CL I OAKIX</NameOfStock>
        <EOYBookValue>27570</EOYBookValue>
        <EOYFMV>30567</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>745 shares of OAKMARK INTERNATIONAL SMALL CAP FUND CL I OAKEX</NameOfStock>
        <EOYBookValue>9095</EOYBookValue>
        <EOYFMV>10704</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>488 shares of POWERSHARES GLOBAL WATER PORTFOLIO PHO</NameOfStock>
        <EOYBookValue>7366</EOYBookValue>
        <EOYFMV>9267</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>829 shares of PS WILDERHILL ENRGY PBW</NameOfStock>
        <EOYBookValue>7828</EOYBookValue>
        <EOYFMV>8613</EOYFMV>
      </InvestmentsCorpStock>
      <InvestmentsCorpStock>
        <NameOfStock>1288 shares of TWEEDY BROWNE GLOBAL VALUE FUND TBGVX</NameOfStock>
        <EOYBookValue>28270</EOYBookValue>
        <EOYFMV>30671</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <OtherExpensesSchedule documentId="990PF:79" softwareId="10000149" softwareVersion="2010.2.15">
      <OtherExpenses>
        <Description>Administrative Fees</Description>
        <RevenueAndExpensesPerBooks>8097</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>8097</DisbursementsCharitablePrps>
      </OtherExpenses>
      <OtherExpenses>
        <Description>K1 passthrough DB COMMODITY INDEX TRACKING FUND</Description>
        <RevenueAndExpensesPerBooks>245</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>245</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>K1 passthrough POWERSHARES DB G10 CURRENCY HARVEST FD</Description>
        <RevenueAndExpensesPerBooks>198</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>198</NetInvestmentIncome>
      </OtherExpenses>
      <OtherExpenses>
        <Description>State or Local Filing Fees</Description>
        <RevenueAndExpensesPerBooks>25</RevenueAndExpensesPerBooks>
        <DisbursementsCharitablePrps>25</DisbursementsCharitablePrps>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="990PF:74" softwareId="10000149" softwareVersion="2010.2.15">
      <OtherIncome>
        <Description>DB COMMODITY INDEX TRACKING FUND K-1 Pass-Through Share of Partnership Income/Loss</Description>
        <RevenueAndExpensesPerBooks>31</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>31</NetInvestmentIncome>
      </OtherIncome>
      <OtherIncome>
        <Description>POWERSHARES DB G10 CURRENCY HARVEST FUND K-1 Pass-Through Share of Partnership Income/Loss</Description>
        <RevenueAndExpensesPerBooks>27</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>27</NetInvestmentIncome>
      </OtherIncome>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="990PF:77" softwareId="10000149" softwareVersion="2010.2.15">
      <OtherProfessionalFees>
        <Category>Investment Management Services</Category>
        <Amount>8112</Amount>
        <NetInvestmentIncome>8112</NetInvestmentIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="990PF:78" softwareId="10000149" softwareVersion="2010.2.15">
      <Taxes>
        <Category>Estimated Tax for 2010</Category>
        <Amount>600</Amount>
        <NetInvestmentIncome>0</NetInvestmentIncome>
        <AdjustedNetIncome>0</AdjustedNetIncome>
        <DisbursementsCharitablePrps>0</DisbursementsCharitablePrps>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>