TY 2010 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation

Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.

OMB No. 1545-0052

2010

For calendar year 2010, or tax year beginning 01-01-2010 , and ending 12-31-2010

Check all that apply:Initial returnInitial return of a former public charityFinal return

Amended returnAddress changeName change

Name of foundation
FUND FOR CHANGE II INC CO SAUL EWING LLP

Number and street (or P.O. box number if mail is not delivered to street address)500 E PRATT STREET Room/suite

City or town, state, and ZIP code
BALTIMORE, MD21202

A Employer identification number

31-1791135

B Telephone number (see page 10 of the instructions)

(410) 332-8931

C If exemption application is pending, check here bullet

D 1. Foreign organizations, check here . bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation 2. Foreign organizations meeting the 85% test,
check here and attach computation bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$3,312,962J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

E If private foundation status was terminated
under section 507(b)(1)(A), check here bullet

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here bullet

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities......	87,535		87,535
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		490,196
b	Gross sales price for all assets on line 6a 3,620,814
7	Capital gain net income (from Part IV, line 2)...			490,196
8	Net short-term capital gain.........
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	577,731		577,731
13	Compensation of officers, directors, trustees, etc.	0		0	0
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		29,481	29,481	0
17	Interest...............
18	Taxes (attach schedule) (see page 14 of the instructions)		951	0	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	30,432		29,481	0
25	Contributions, gifts, grants paid........	170,000			170,000
26	Total expenses and disbursements. Add lines 24 and 25	200,432		29,481	170,000
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	377,299
b	Net investment income (if negative, enter -0-)			548,250
c	Adjusted net income (if negative, enter -0-)...

For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.

Cat. No. 11289X Form 990-PF (2010)

Form 990-PF (2010)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............
	2	Savings and temporary cash investments..........	66,328	41,231	41,231
	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...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	1,670,686	1,662,087	1,805,239
	c	Investments—corporate bonds (attach schedule)........
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	1,393,439	1,462,243	1,459,655
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	6,837	6,837	6,837
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	3,137,290	3,172,398	3,312,962
	17	Accounts payable and accrued expenses..........
	18	Grants payable...................
	19	Deferred revenue..................
	20	Loans from officers, directors, trustees, and other disqualified persons	3,995	3,995
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22)..........	3,995	3,995
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	3,133,295	3,168,403
	28	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	29	Retained earnings, accumulated income, endowment, or other funds	0	0
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	3,133,295	3,168,403
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	3,137,290	3,172,398

Part III	Analysis of Changes in Net Assets or Fund Balances
1	Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
	with end-of-year figure reported on prior year’s return)...............	1	3,133,295
2	Enter amount from Part I, line 27a......................	2	377,299
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	3,510,594
5	Decreases not included in line 2 (itemize)	5	342,191
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30..	6	3,168,403

Form 990-PF (2010)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	200 SUNTRUST BANKS INC	P	2009-06-12	2010-03-26
b	200 LG DIPLAY CO LTD	P	2009-06-30	2010-04-28
c	100 LG DIPLAY CO LTD	P	2009-07-16	2010-04-28
d	200 CAMERON INTL CORP	P	2010-03-26	2010-04-29
e	100 MAKITA CORPORATION	P	2009-09-11	2010-05-06
	100 SYMRISE AG	P	2009-09-24	2010-05-06
	0.11 DBS GROUP HOLDINGS LIMITED	P	2010-07-19	2010-07-23
	30 TEVA PHARMACEUTICAL INDUSTRIES	P	2007-11-27	2010-02-04
	145 NIDEC	P	2007-12-21	2010-02-10
	75 NIDEC	P	2007-12-27	2010-02-10
	10 NIDEC	P	2007-12-28	2010-02-10
	61 NIDEC	P	2008-03-24	2010-02-10
	14 NIDEC	P	2008-10-14	2010-02-10
	50 BP P L C SPONS	P	2004-07-29	2010-02-10
	50 MCCORMICK & CO INC	P	2009-02-13	2010-03-26
	200 MCCORMICK & CO INC	P	2008-12-24	2010-03-26
	225 SAPAG	P	2007-06-19	2010-03-26
	325 STAPLES INC	P	2007-06-19	2010-03-26
	150 TARGET CORP	P	2007-06-19	2010-03-26
	250 BP P L C SPONS	P	2002-03-07	2010-03-26
	80 KONINKLLJKE PHILIPS ELECTRONIC	P	2002-03-05	2010-04-01
	20 KONINKLLJKE PHILIPS ELECTRONIC	P	2005-06-08	2010-04-01
	300 INTEL CORP	P	2002-03-07	2010-04-13
	175 COCA COLA CO	P	2007-06-19	2010-04-13
	250 APTARGROUP INC	P	2007-07-19	2010-04-13
	200 BP P L C SPONS	P	2002-03-07	2010-04-29
	144 MAKITA CORPORATION	P	2008-12-22	2010-05-06
	100 SYMRISE AG	P	2009-04-30	2010-05-06
	50 BP P L C SPONS	P	2009-04-01	2010-05-24
	0.13 AIR LLQUIDE	P	2008-10-14	2010-07-06
	3M CO COM	P	2005-02-15	2010-11-17
	3M CO COM	P	2005-11-28	2010-11-17
	ABB LTD	P	2009-06-12	2010-11-17
	ADOBE SYSTEMS	P	2008-12-24	2010-11-17
	APACHE CORP COM	P	2009-02-13	2010-11-17
	APACHE CORP COM	P	2006-11-17	2010-11-17
	APACHE CORP COM	P	2006-03-08	2010-11-17
	BARD C R INC CAP	P	2002-06-26	2010-11-17
	BECTON DICKINSON & CO COM	P	2008-05-12	2010-11-17
	BECTON DICKINSON & CO COM	P	2009-02-13	2010-11-17
	BED BATH & BEYOND INC.	P	2010-04-23	2010-11-17
	BED BATH & BEYOND INC.	P	2010-04-23	2010-11-17
	BG PLC FIN INST N	P	2007-06-19	2010-11-17
	BG PLC FIN INST N	P	2006-10-02	2010-11-17
	CHARLES SCHWAB CORP.	P	2009-06-11	2010-11-17
	CHARLES SCHWAB CORP.	P	2009-06-12	2010-11-17
	CHARLES SCHWAB CORP.	P	2009-06-12	2010-11-17
	CHARLES SCHWAB CORP.	P	2009-06-12	2010-11-17
	CHECK POINT SOFTWARE	P	2010-03-26	2010-11-17
	CHECK POINT SOFTWARE	P	2010-03-26	2010-11-17
	CHECK POINT SOFTWARE	P	2010-03-26	2010-11-17
	CHECK POINT SOFTWARE	P	2010-03-26	2010-11-17
	CHUBB CORP COM	P	2008-10-01	2010-11-17
	CHUBB CORP COM	P	2009-04-03	2010-11-17
	CHUBB CORP COM	P	2009-02-13	2010-11-17
	CHUBB CORP COM	P	2010-04-23	2010-11-17
	CHUBB CORP COM	P	2010-04-23	2010-11-17
	CINCINNATI FINANCIAL CORP	P	2009-11-04	2010-11-17
	CINCINNATI FINANCIAL CORP	P	2009-11-04	2010-11-17
	CINCINNATI FINANCIAL CORP	P	2008-07-18	2010-11-17
	CINCINNATI FINANCIAL CORP	P	2008-07-18	2010-11-17
	CINCINNATI FINANCIAL CORP	P	2008-07-18	2010-11-17
	CINCINNATI FINANCIAL CORP	P	2008-07-18	2010-11-17
	COLGATE PALMOLIVE CO.	P	2007-06-19	2010-11-17
	COLGATE PALMOLIVE CO.	P	2005-11-28	2010-11-17
	COLGATE PALMOLIVE CO.	P	2004-11-16	2010-11-17
	CONOCOPHILLIPS COM	P	2007-06-19	2010-11-17
	CONOCOPHILLIPS COM	P	2007-06-19	2010-11-17
	CONOCOPHILLIPS COM	P	2008-12-24	2010-11-17
	CONOCOPHILLIPS COM	P	2008-12-24	2010-11-17
	CONOCOPHILLIPS COM	P	2009-06-12	2010-11-17
	CONOCOPHILLIPS COM	P	2009-06-12	2010-11-17
	CORE LABORATORIES	P	2009-09-04	2010-11-17
	CORE LABORATORIES	P	2009-09-04	2010-11-17
	COSTCO WHOLESALE CORP.	P	2003-03-14	2010-11-17
	DENTSPLY INTERNATIONAL, INC.	P	2002-03-07	2010-11-17
	DEVON ENERGY	P	2010-03-26	2010-11-17
	DONALDSON COMPANY, INC.	P	2006-10-02	2010-11-17
	DONALDSON COMPANY, INC.	P	2002-03-07	2010-11-17
	DONALDSON COMPANY, INC.	P	2002-03-07	2010-11-17
	DONALDSON COMPANY, INC.	P	2002-03-07	2010-11-17
	EMC CORP COM	P	2009-12-03	2010-11-17
	EMERSON ELECTRIC CO COM	P	2007-06-19	2010-11-17
	EMERSON ELECTRIC CO COM	P	2006-03-08	2010-11-17
	EMERSON ELECTRIC CO COM	P	2006-03-08	2010-11-17
	HEWLETT-PACKARD COMPANY	P	2008-04-25	2010-11-17
	HEWLETT-PACKARD COMPANY	P	2008-04-25	2010-11-17
	HEWLETT-PACKARD COMPANY	P	2009-02-13	2010-11-17
	HEWLETT-PACKARD COMPANY	P	2009-02-13	2010-11-17
	ILL TOOL WKS INC COM	P	2002-03-07	2010-11-17
	ILL TOOL WKS INC COM	P	2003-07-15	2010-11-17
	ILL TOOL WKS INC COM	P	2005-11-28	2010-11-17
	INTERNATIONAL BUSINESS MACHINES	P	2009-02-13	2010-11-17
	INTERNATIONAL BUSINESS MACHINES	P	2004-07-29	2010-11-17
	INTERNATIONAL BUSINESS MACHINES	P	2002-07-29	2010-11-17
	JOHNSON & JOHNSON	P	2010-04-23	2010-11-17
	JOHNSON & JOHNSON	P	2002-03-07	2010-11-17
	JOHNSON & JOHNSON	P	2005-11-28	2010-11-17
	JOHNSON CONTROLS INC.	P	2008-05-12	2010-11-17
	JOHNSON CONTROLS INC.	P	2009-02-13	2010-11-17
	KELLOGG CO.	P	2010-04-23	2010-11-17
	M&T BANK CORP.	P	2009-06-12	2010-11-17
	MEDTRONIC INC COM	P	2002-03-07	2010-11-17
	MEDTRONIC INC COM	P	2009-02-13	2010-11-17
	MERCK & CO INC COM	P	2009-12-03	2010-11-17
	MERCK & CO INC COM	P	2009-12-03	2010-11-17
	MERCK & CO INC COM	P	2010-04-23	2010-11-17
	NESTLE S.A. ADR	P	2010-03-26	2010-11-17
	NIKE INC CL B	P	2007-06-19	2010-11-17
	NIKE INC CL B	P	2005-11-28	2010-11-17
	NOKIA CORP SPONSORED ADR	P	2007-06-19	2010-11-17
	NOKIA CORP SPONSORED ADR	P	2005-11-28	2010-11-17
	NOKIA CORP SPONSORED ADR	P	2005-11-28	2010-11-17
	NOKIA CORP SPONSORED ADR	P	2005-11-28	2010-11-17
	NOVARTIS AG	P	2003-06-16	2010-11-17
	NOVARTIS AG	P	2003-09-15	2010-11-17
	OMNICOM GROUP INC COM	P	2005-11-28	2010-11-17
	OMNICOM GROUP INC COM	P	2003-03-14	2010-11-17
	OMNICOM GROUP INC COM	P	2003-03-14	2010-11-17
	OMNICOM GROUP INC COM	P	2003-03-14	2010-11-17
	ORACLE CORP.	P	2009-04-03	2010-11-17
	PEPSICO INC COM	P	2005-11-28	2010-11-17
	PRAXAIR INC COM	P	2003-03-14	2010-11-17
	PRAXAIR INC COM	P	2003-03-14	2010-11-17
	PROCTER & GAMBLE CO COM	P	2009-02-13	2010-11-17
	PROCTER & GAMBLE CO COM	P	2002-03-15	2010-11-17
	QEP RESOURCES INC	P	2008-06-23	2010-11-17
	QEP RESOURCES INC	P	2008-06-23	2010-11-17
	QEP RESOURCES INC	P	2009-02-13	2010-11-17
	QEP RESOURCES INC	P	2009-04-03	2010-11-17
	QEP RESOURCES INC	P	2009-04-03	2010-11-17
	QUALCOMM INC COM	P	2009-06-12	2010-11-17
	ROSS STORES	P	2010-03-26	2010-11-17
	SIGMA-ALDRICH CORP COM	P	2009-04-03	2010-11-17
	SIGMA-ALDRICH CORP COM	P	2004-11-16	2010-11-17
	STAPLES INC.	P	2004-01-29	2010-11-17
	STATE STREET CORP.	P	2009-06-12	2010-11-17
	STATE STREET CORP.	P	2010-04-14	2010-11-17
	STRYKER CORP COMMON COMMON	P	2006-03-08	2010-11-17
	STRYKER CORP COMMON COMMON	P	2009-02-13	2010-11-17
	SYSCO CORP.	P	2002-03-07	2010-11-17
	SYSCO CORP.	P	2009-06-12	2010-11-17
	SYSCO CORP.	P	2008-12-24	2010-11-17
	SYSCO CORP.	P	2009-12-03	2010-11-17
	T. ROWE PRICE GROUP, INC.	P	2002-03-07	2010-11-17
	TARGET CORP COM STK	P	2006-10-02	2010-11-17
	TEVA PHARMACEUTICAL INDUSTRIES LTD	P	2003-06-16	2010-11-17
	TIME WARNER CABLE INC CL A	P	2008-12-24	2010-11-17
	TIME WARNER CABLE INC CL A	P	2009-04-03	2010-11-17
	VISA INC.	P	2009-04-03	2010-11-17
	WALT DISNEY CO	P	2008-05-12	2010-11-17
	WATERS CORPORATION	P	2003-11-18	2010-11-17
	WATERS CORPORATION	P	2003-11-18	2010-11-17
	WW GRAINGER INC.	P	2004-03-26	2010-11-17
	ACERGY S A SPONSORED ADR	P	2008-08-01	2010-11-23
	ACERGY S A SPONSORED ADR	P	2009-04-30	2010-11-23
	ADVANTEST CORP SPON ADR NEW	P	2010-05-11	2010-11-23
	ADVANTEST CORP SPON ADR NEW	P	2010-02-03	2010-11-23
	ADVANTEST CORP SPON ADR NEW	P	2009-10-14	2010-11-23
	ADVANTEST CORP SPON ADR NEW	P	2009-10-13	2010-11-23
	AIR LIQUIDE ADR	P	2010-07-06	2010-11-23
	AIR LIQUIDE ADR	P	2003-02-19	2010-11-23
	AIR LIQUIDE ADR	P	2008-10-14	2010-11-23
	AKZO NOBEL NV	P	2009-04-17	2010-11-23
	AMDOCS LTD	P	2008-10-14	2010-11-23
	AMDOCS LTD	P	2002-11-05	2010-11-23
	AMDOCS LTD	P	2002-11-05	2010-11-23
	BNP PARIBAS SPONSORED	P	2008-05-08	2010-11-23
	BNP PARIBAS SPONSORED	P	2008-10-14	2010-11-23
	BROOKFIELD ASSET MANAGEMENT INC. A	P	2002-03-05	2010-11-23
	BROOKFIELD ASSET MANAGEMENT INC. A	P	2002-03-05	2010-11-23
	BROOKFIELD ASSET MANAGEMENT INC. A	P	2002-03-05	2010-11-23
	CAROLINA POWER & LIGHT CO.	P	2010-06-01	2010-11-23
	CENOVUS ENERGY	P	2007-09-18	2010-11-23
	CENOVUS ENERGY	P	2007-09-19	2010-11-23
	CENOVUS ENERGY	P	2008-10-14	2010-11-23
	CENOVUS ENERGY	P	2010-05-12	2010-11-23
	DBS GROUP HOLDINGS LTD	P	2010-08-02	2010-11-23
	DBS GROUP HOLDINGS LTD	P	2008-09-09	2010-11-23
	DBS GROUP HOLDINGS LTD	P	2008-10-14	2010-11-23
	DENSO CORP LTD	P	2008-11-06	2010-11-23
	DENSO CORP LTD	P	2009-02-20	2010-11-23
	EXPERIAN GROUP LTD	P	2008-10-10	2010-11-23
	EXPERIAN GROUP LTD	P	2008-10-14	2010-11-23
	FANUC LTC UNSUP A	P	2009-08-11	2010-11-23
	FANUC LTC UNSUP A	P	2009-01-09	2010-11-23
	FANUC LTC UNSUP A	P	2008-11-06	2010-11-23
	FANUC LTC UNSUP A	P	2009-02-23	2010-11-23
	FRANCE TELECOM SPONSORED ADR	P	2008-10-14	2010-11-23
	FRANCE TELECOM SPONSORED ADR	P	2006-07-28	2010-11-23
	GLAXOSMITHKLINE	P	2003-06-25	2010-11-23
	GLAXOSMITHKLINE	P	2008-10-14	2010-11-23
	GLAXOSMITHKLINE	P	2003-02-14	2010-11-23
	GLAXOSMITHKLINE	P	2008-10-24	2010-11-23
	GRUPO TELEVISA	P	2008-09-15	2010-11-23
	GRUPO TELEVISA	P	2009-08-06	2010-11-23
	GRUPO TELEVISA	P	2008-10-13	2010-11-23
	GUOCO GROUP	P	2009-02-10	2010-11-23
	GUOCO GROUP	P	2009-02-09	2010-11-23
	GUOCO GROUP	P	2009-12-21	2010-11-23
	HSBC HOLDINGS PLC, ADR	P	2008-08-29	2010-11-23
	HSBC HOLDINGS PLC, ADR	P	2009-05-06	2010-11-23
	HSBC HOLDINGS PLC, ADR	P	2009-03-26	2010-11-23
	ICICI BANK LTD.	P	2009-03-24	2010-11-23
	ING GROEP NV, ADR	P	2003-02-14	2010-11-23
	ING GROEP NV, ADR	P	2009-04-30	2010-11-23
	LONMIN PLC	P	2003-09-10	2010-11-23
	LONMIN PLC	P	2003-08-14	2010-11-23
	MAGNA INTERNATIONAL INC.	P	2008-11-10	2010-11-23
	NOVARTIS AG	P	2008-10-14	2010-11-23
	NOVARTIS AG	P	2002-03-05	2010-11-23
	NOVARTIS AG	P	2002-03-05	2010-11-23
	PHILIPS ELECTRONICS NV	P	2004-11-05	2010-11-23
	PHILIPS ELECTRONICS NV	P	2005-06-02	2010-11-23
	PHILIPS ELECTRONICS NV	P	2005-06-08	2010-11-23
	PUBLICIS GROUPE SA	P	2002-11-15	2010-11-23
	PUBLICIS GROUPE SA	P	2003-02-19	2010-11-23
	SK TELECOM CO. LTD	P	2004-09-01	2010-11-23
	SUMITOMO MITSUI FINANCIAL GROUP	P	2008-05-02	2010-11-23
	SUMITOMO MITSUI FINANCIAL GROUP	P	2008-05-07	2010-11-23
	SUMITOMO MITSUI FINANCIAL GROUP	P	2008-10-15	2010-11-23
	SUMITOMO MITSUI FINANCIAL GROUP	P	2010-03-30	2010-11-23
	SYMRISE AG	P	2008-11-28	2010-11-23
	SYMRISE AG	P	2009-02-23	2010-11-23
	TESCO PLC, ADR	P	2006-06-09	2010-11-23
	TEVA PHARMACEUTICAL INDUSTRIES LTD	P	2007-11-27	2010-11-23
	TEVA PHARMACEUTICAL INDUSTRIES LTD	P	2008-10-14	2010-11-23
	TEVA PHARMACEUTICAL INDUSTRIES LTD	P	2007-06-14	2010-11-23
	TEVA PHARMACEUTICAL INDUSTRIES LTD	P	2007-06-14	2010-11-23
	THK CO. LTD	P	2008-11-06	2010-11-23
	THK CO. LTD	P	2009-04-17	2010-11-23
	THK CO. LTD	P	2009-01-09	2010-11-23
	TOKIO MARINE ADR	P	2008-10-14	2010-11-23
	TOKIO MARINE ADR	P	2002-08-23	2010-11-23
	UNILEVER NV ADR	P	2008-03-28	2010-11-23
	UNILEVER NV ADR	P	2004-03-16	2010-11-23
	YUE YUEN INDUSTRIAL (HOLDINGS) LTD	P	2010-05-13	2010-11-23
	YUE YUEN INDUSTRIAL (HOLDINGS) LTD	P	2010-06-01	2010-11-23
	EATON VANCE FLOATING RATE I	P	2004-06-24	2010-08-13
	EATON VANCE FLOATING RATE I	P	2006-09-19	2010-08-13
	EATON VANCE FLOATING RATE I	P	2008-02-15	2010-08-13
	EATON VANCE FLOATING RATE I	P	2009-02-02	2010-08-13
	EATON VANCE FLOATING RATE I	P	2010-07-30	2010-08-13
	EDGEWOOD GROWTH INSTL	P	2009-06-09	2010-08-13
	ING INTERNATIONAL REAL ESTATE I	P	2009-02-02	2010-08-13
	ING INTERNATIONAL REAL ESTATE I	P	2009-02-02	2010-08-13
	MORGAN STANLEY INST INTL REAL ESTATE I	P	2006-09-19	2010-08-13
	MORGAN STANLEY INST INTL REAL ESTATE I	P	2005-05-19	2010-08-13
	MORGAN STANLEY INST INTL REAL ESTATE I	P	2010-07-07	2010-08-13
	MORGAN STANLEY INST US REAL ESTATE A	P	2002-01-09	2010-08-13
	MORGAN STANLEY INST US REAL ESTATE A	P	2003-03-18	2010-08-13
	MORGAN STANLEY INST US REAL ESTATE A	P	2009-02-02	2010-08-13
	MORGAN STANLEY INST US REAL ESTATE A	P	2010-07-07	2010-08-13
	MORGAN STANLEY INST US REAL ESTATE A	P	2009-09-10	2010-08-13
	PIMCO COMMODITYREALRET STRAT INSTITUTIONAL	P	2003-03-26	2010-08-13
	PIMCO COMMODITYREALRET STRAT INSTITUTIONAL	P	2009-02-02	2010-08-13
	PIMCO COMMODITYREALRET STRAT INSTITUTIONAL	P	2009-09-10	2010-08-13
	PIMCO EMERGING MARKETS LOCAL CURRENCY FUND	P	2010-07-30	2010-08-13
	PIMCO EMERGING MARKETS LOCAL CURRENCY FUND	P	2009-09-10	2010-08-13
	PIMCO FOREIGN UNHEDGED BOND FUND I	P	2010-07-30	2010-08-13
	PIMCO FOREIGN UNHEDGED BOND FUND I	P	2009-09-10	2010-08-13
	PIMCO HIGH YIELD INSTITUTIONAL	P	2010-07-30	2010-08-13
	PIMCO HIGH YIELD INSTITUTIONAL	P	2002-01-09	2010-08-13
	PIMCO HIGH YIELD INSTITUTIONAL	P	2008-06-24	2010-08-13
	PIMCO HIGH YIELD INSTITUTIONAL	P	2009-02-02	2010-08-13
	THE ARBITRAGE FUND I	P	2009-09-10	2010-08-13
	THE ARBITRAGE FUND I	P	2004-06-29	2010-08-13
	VANGUARD INFLATION-PROTECTED SECS ADM	P	2009-06-09	2010-08-16
	VANGUARD INFLATION-PROTECTED SECS ADM	P	2009-09-10	2010-08-16
	ACADIAN EMERGING MARKETS	P	2009-02-02	2010-10-11
	ARTISAN FDS INC INTL S CAP INV	P	2006-09-19	2010-10-11
	ARTISAN FDS INC INTL S CAP INV	P	2004-06-29	2010-10-11
	ARTISAN FDS INC INTL S CAP INV	P	2003-03-17	2010-10-11
	ARTISAN INTERNATIONAL	P	2009-02-02	2010-10-11
	BOSTON TRUST SMALL CAP	P	2006-09-19	2010-10-11
	OAKMARK INTERNATIONAL SMALL CAP I	P	2004-06-24	2010-10-11
	OAKMARK INTERNATIONAL SMALL CAP I	P	2009-02-02	2010-10-11
	OPPENHEIMER DEVELOPING MARKETS	P	2006-09-19	2010-10-11
	PIMCO TOTAL RETURN INSTITUTIONAL	P	2009-09-10	2010-10-11
	PIMCO TOTAL RETURN INSTITUTIONAL	P	2003-04-07	2010-10-11
	PIMCO TOTAL RETURN INSTITUTIONAL	P	2006-09-19	2010-10-11
	PIMCO TOTAL RETURN INSTITUTIONAL	P	2007-08-14	2010-10-11
	PIMCO TOTAL RETURN INSTITUTIONAL	P	2010-09-30	2010-10-11
	PIMCO TOTAL RETURN INSTITUTIONAL	P	2010-08-31	2010-10-11
	PIMCO TOTAL RETURN INSTITUTIONAL	P	2010-07-30	2010-10-11
	CRA QUALIFIED INVESTMENT	P	2010-11-18	2010-11-19
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	5,258	3,330	1,928
b	4,054	2,494	1,560
c	2,027	1,424	603
d	7,725	8,220	-495
e	2,994	3,118	-124
	2,272	1,835	437
	4	189	-185
	1,728	1,317	411
	3,501	2,606	895
	1,811	1,379	432
	241	182	59
	1,473	973	500
	338	178	160
	2,834	2,818	16
	1,882	1,605	277
	7,529	6,246	1,283
	10,569	11,495	-926
	7,706	8,145	-439
	8,142	9,497	-1,355
	14,168	13,075	1,093
	2,613	2,281	332
	653	542	111
	6,786	10,050	-3,264
	9,578	8,981	597
	10,222	9,457	765
	10,479	10,460	19
	4,312	3,168	1,144
	2,272	1,378	894
	2,096	1,998	98
	3	3	0
	6,336	6,442	-106
	8,447	7,823	624
	8,556	7,023	1,533
	7,564	5,499	2,065
	7,947	5,546	2,401
	7,947	4,917	3,030
	5,298	3,193	2,105
	8,426	2,705	5,721
	7,675	8,783	-1,108
	1,919	1,768	151
	4,350	4,727	-377
	4,350	4,727	-377
	7,264	6,019	1,245
	9,685	6,156	3,529
	2,271	2,700	-429
	757	894	-137
	1,514	1,788	-274
	1,514	1,788	-274
	4,282	3,474	808
	2,141	1,737	404
	2,141	1,737	404
	2,141	1,737	404
	8,601	7,669	932
	4,301	3,167	1,134
	2,867	2,099	768
	1,434	1,330	104
	2,866	2,660	206
	5,937	5,194	743
	2,226	1,948	278
	3,710	3,137	573
	2,968	2,509	459
	2,553	2,158	395
	416	351	65
	1,939	1,642	297
	7,757	5,459	2,298
	11,636	7,217	4,419
	12,244	16,076	-3,832
	1,531	2,010	-479
	4,592	3,622	970
	4,592	3,622	970
	1,531	1,100	431
	4,591	3,300	1,291
	8,246	4,775	3,471
	4,123	2,387	1,736
	16,713	7,409	9,304
	9,327	5,080	4,247
	8,810	7,905	905
	5,029	3,727	1,302
	5,029	2,033	2,996
	5,029	2,033	2,996
	1,257	508	749
	10,676	8,430	2,246
	9,555	8,598	957
	5,460	4,140	1,320
	5,460	4,140	1,320
	4,124	4,743	-619
	3,093	3,557	-464
	1,031	900	131
	1,031	900	131
	7,020	5,752	1,268
	7,020	4,892	2,128
	2,668	2,506	162
	3,556	2,357	1,199
	3,556	2,182	1,374
	10,667	5,308	5,359
	4,736	4,838	-102
	14,207	14,265	-58
	3,157	3,141	16
	9,895	9,429	466
	2,699	1,014	1,685
	8,570	9,439	-869
	5,969	3,632	2,337
	10,291	13,350	-3,059
	1,715	1,651	64
	4,333	4,601	-268
	3,466	3,681	-215
	3,466	3,414	52
	9,618	8,824	794
	8,181	5,447	2,734
	12,272	6,570	5,702
	2,037	5,704	-3,667
	1,018	1,740	-722
	2,037	3,480	-1,443
	1,018	1,740	-722
	4,199	3,077	1,122
	5,599	4,004	1,595
	4,473	4,128	345
	2,237	1,283	954
	4,473	2,566	1,907
	4,473	2,566	1,907
	5,334	3,673	1,661
	9,474	8,871	603
	9,073	2,741	6,332
	5,444	1,645	3,799
	3,171	2,548	623
	12,682	8,486	4,196
	3,385	4,710	-1,325
	846	1,178	-332
	1,693	1,207	486
	846	532	314
	2,539	1,596	943
	5,605	5,298	307
	9,716	8,050	1,666
	3,135	1,970	1,165
	15,674	7,383	8,291
	7,512	6,507	1,005
	3,222	3,566	-344
	2,277	2,502	-225
	7,589	6,840	749
	2,530	2,158	372
	5,735	5,944	-209
	2,867	2,390	477
	5,735	4,627	1,108
	2,867	2,807	60
	28,811	10,445	18,366
	8,349	8,400	-51
	10,118	5,546	4,572
	6,219	6,071	148
	933	391	542
	7,563	5,943	1,620
	9,315	8,650	665
	7,708	3,043	4,665
	3,855	1,522	2,333
	18,782	7,022	11,760
	3,922	3,110	812
	2,097	778	1,319
	2,001	2,514	-513
	2,001	2,435	-434
	2,001	2,759	-758
	2,001	2,729	-728
	609	518	91
	7,183	2,769	4,414
	1,948	1,618	330
	5,785	4,448	1,337
	1,718	1,682	36
	3,644	1,127	2,517
	2,603	805	1,798
	1,008	1,585	-577
	1,546	1,942	-396
	4,027	809	3,218
	1,852	372	1,480
	1,087	218	869
	2,461	2,106	355
	2,493	2,673	-180
	659	705	-46
	344	258	86
	2,350	2,319	31
	83	86	-3
	3,124	3,774	-650
	958	945	13
	3,852	2,597	1,255
	257	150	107
	5,166	2,234	2,932
	1,047	539	508
	5,537	3,150	2,387
	1,752	881	871
	2,243	1,069	1,174
	1,682	764	918
	326	400	-74
	4,461	4,704	-243
	1,752	1,893	-141
	39	39	0
	3,115	2,923	192
	4,050	3,748	302
	1,425	1,383	42
	2,226	1,815	411
	1,825	1,447	378
	2,041	1,098	943
	1,441	769	672
	2,401	2,101	300
	2,959	4,567	-1,608
	51	29	22
	1,224	444	780
	1,773	484	1,289
	903	1,365	-462
	1,962	1,916	46
	133	78	55
	1,116	646	470
	6,072	2,074	3,998
	1,484	1,306	178
	4,014	2,716	1,298
	1,210	819	391
	449	393	56
	1,033	921	112
	1,333	1,206	127
	3,943	1,882	2,061
	2,493	1,069	1,424
	1,348	1,470	-122
	1,540	4,324	-2,784
	936	2,624	-1,688
	1,442	2,918	-1,476
	3,598	3,933	-335
	4,181	1,821	2,360
	1,873	691	1,182
	2,757	2,588	169
	550	483	67
	3,249	2,738	511
	1,200	953	247
	3,299	2,622	677
	1,872	1,318	554
	2,080	1,446	634
	676	416	260
	816	998	-182
	5,264	3,160	2,104
	802	902	-100
	5,495	4,235	1,260
	3,376	3,390	-14
	1,688	1,474	214
	12,498	14,057	-1,559
	6,202	6,949	-747
	83,516	81,307	2,209
	19,844	14,835	5,009
	456	455	1
	46,457	45,807	650
	66,564	50,680	15,884
	1,531	1,166	365
	24,642	43,987	-19,345
	42,500	57,000	-14,500
	36	34	2
	11,288	13,107	-1,819
	28,015	30,000	-1,985
	211,609	125,000	86,609
	1,221	1,148	73
	12,604	10,000	2,604
	28,914	43,143	-14,229
	51,219	40,000	11,219
	5,155	5,000	155
	46	46	0
	31,046	30,000	1,046
	118	117	1
	58,461	55,000	3,461
	848	851	-3
	37,486	38,971	-1,485
	76,732	77,000	-268
	19,916	15,000	4,916
	9,987	10,000	-13
	69,726	68,084	1,642
	109,563	100,000	9,563
	15,836	15,000	836
	144,723	63,574	81,149
	5,862	7,000	-1,138
	22,932	20,000	2,932
	39,979	20,000	19,979
	93,941	57,545	36,396
	137,728	119,814	17,914
	32,240	42,377	-10,137
	21,120	10,000	11,120
	90,598	101,500	-10,902
	10,802	10,000	802
	326,567	299,894	26,673
	34,902	31,000	3,902
	51,355	45,000	6,355
	1,080	1,070	10
	1,055	1,039	16
	1,111	1,082	29
	492,767	492,767	0
	2,369		2,369

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a			1,928
b			1,560
c			603
d			-495
e			-124
			437
			-185
			411
			895
			432
			59
			500
			160
			16
			277
			1,283
			-926
			-439
			-1,355
			1,093
			332
			111
			-3,264
			597
			765
			19
			1,144
			894
			98
			0
			-106
			624
			1,533
			2,065
			2,401
			3,030
			2,105
			5,721
			-1,108
			151
			-377
			-377
			1,245
			3,529
			-429
			-137
			-274
			-274
			808
			404
			404
			404
			932
			1,134
			768
			104
			206
			743
			278
			573
			459
			395
			65
			297
			2,298
			4,419
			-3,832
			-479
			970
			970
			431
			1,291
			3,471
			1,736
			9,304
			4,247
			905
			1,302
			2,996
			2,996
			749
			2,246
			957
			1,320
			1,320
			-619
			-464
			131
			131
			1,268
			2,128
			162
			1,199
			1,374
			5,359
			-102
			-58
			16
			466
			1,685
			-869
			2,337
			-3,059
			64
			-268
			-215
			52
			794
			2,734
			5,702
			-3,667
			-722
			-1,443
			-722
			1,122
			1,595
			345
			954
			1,907
			1,907
			1,661
			603
			6,332
			3,799
			623
			4,196
			-1,325
			-332
			486
			314
			943
			307
			1,666
			1,165
			8,291
			1,005
			-344
			-225
			749
			372
			-209
			477
			1,108
			60
			18,366
			-51
			4,572
			148
			542
			1,620
			665
			4,665
			2,333
			11,760
			812
			1,319
			-513
			-434
			-758
			-728
			91
			4,414
			330
			1,337
			36
			2,517
			1,798
			-577
			-396
			3,218
			1,480
			869
			355
			-180
			-46
			86
			31
			-3
			-650
			13
			1,255
			107
			2,932
			508
			2,387
			871
			1,174
			918
			-74
			-243
			-141
			0
			192
			302
			42
			411
			378
			943
			672
			300
			-1,608
			22
			780
			1,289
			-462
			46
			55
			470
			3,998
			178
			1,298
			391
			56
			112
			127
			2,061
			1,424
			-122
			-2,784
			-1,688
			-1,476
			-335
			2,360
			1,182
			169
			67
			511
			247
			677
			554
			634
			260
			-182
			2,104
			-100
			1,260
			-14
			214
			-1,559
			-747
			2,209
			5,009
			1
			650
			15,884
			365
			-19,345
			-14,500
			2
			-1,819
			-1,985
			86,609
			73
			2,604
			-14,229
			11,219
			155
			0
			1,046
			1
			3,461
			-3
			-1,485
			-268
			4,916
			-13
			1,642
			9,563
			836
			81,149
			-1,138
			2,932
			19,979
			36,396
			17,914
			-10,137
			11,120
			-10,902
			802
			26,673
			3,902
			6,355
			10
			16
			29
			0
			2,369

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	490,196
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

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

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

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? Yes No

If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2009	176,100	2,643,162	0.066625
2008	14,881	3,090,469	0.004815
2007	181,170	3,313,170	0.054682
2006	158,479	3,044,775	0.052049
2005	48,092	2,944,982	0.016330

2	Total of line 1, column (d) ......................	2	0.194501
3	Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years. . .	3	0.038900
4	Enter the net value of noncharitable-use assets for 2010 from Part X, line 5.....	4	3,170,015
5	Multiply line 4 by line 3.......................	5	123,314
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	5,483
7	Add lines 5 and 6.........................	7	128,797
8	Enter qualifying distributions from Part XII, line 4..............	8	170,000
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See the Part VI instructions on page 18.

Form 990-PF (2010)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A” on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	5,483
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2............................	3	5,483
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-).	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	5,483
6	Credits/Payments:

a	2010 estimated tax payments and 2009 overpayment credited to 2010	6a	1,436
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	1,436
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	4,047
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 2011 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?.............................

If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If “Yes,” attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If “Yes,” has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If “Yes,” attach the statement required by General Instruction T.

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?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.

Yes

Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) bullet

If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on

page 27)? If “Yes,” complete Part XIV...........................

Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......

Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

N/A

The books are in care of bullet

MICHAEL ALPERT Telephone no. bullet

(415) 399-9159

Located at bullet

417 MONTGOMERY STREET 3RD FLSAN FRANCISCOCA ZIP+4 bullet

94104

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over

a bank, securities, or other financial account in a foreign country? .................

See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet

Form 990-PF (2010)

Page 5

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.

Yes

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?.........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?.................YesNo

(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.).........YesNo

If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...

Organizations relying on a current notice regarding disaster assistance check here......... bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2010?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2010, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2010?...............YesNo

If “Yes,” list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business

enterprise at any time during the year?.....................YesNo

If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2010.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?

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))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(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)...YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?............YesNo

If “Yes,” attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay

premiums on a personal benefit contract?....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If “Yes” to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Form 990-PF (2010)

Page 6

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
BETSY L KRIEGER	DIRECTOR 1.00	0	0	0
500 E PRATT ST BALTIMORE,MD21202	DIRECTOR 1.00	0	0	0
HOWARD B MILLER	DIRECTOR 1.00	0	0	0
500 E PRATT ST BALTIMORE,MD21202	DIRECTOR 1.00	0	0	0
DAVID A KANDEL	DIRECTOR 1.00	0	0	0
500 E PRATT ST BALTIMORE,MD21202	DIRECTOR 1.00	0	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions). If none, enter “NONE.”
(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1


2


3


4

Form 990-PF (2010)

Page 7

Part IX-B

Summary of Program-Related Investments (see page 23 of the instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.		Amount
1


2


All other program-related investments. See page 24 of the instructions.
3

Total. Add lines 1 through 3........................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

3,164,510

Average of monthly cash balances.......................

53,779

Fair market value of all other assets (see page 24 of the instructions)............

Total (add lines 1a, b, and c).........................

3,218,289

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) ..............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d..........................

3,218,289

Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25

of the instructions) ............................

48,274

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

3,170,015

Minimum investment return. Enter 5% of line 5...................

158,501

Part XI

Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

158,501

Tax on investment income for 2010 from Part VI, line 5......

5,483

Income tax for 2010. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

5,483

Distributable amount before adjustments. Subtract line 2c from line 1............

153,018

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4.............................

153,018

Deduction from distributable amount (see page 25 of the instructions)...........

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,

line 1.................................

153,018

Part XII

Qualifying Distributions (see page 25 of the instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

170,000

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes................................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

170,000

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)............

5,483

Adjusted qualifying distributions. Subtract line 5 from line 4...............

164,517

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2010)

Page 8

Part XIII

Undistributed Income (see page 26 of the instructions)

		(a) Corpus	(b) Years prior to 2009	(c) 2009	(d) 2010
1 Distributable amount for 2010 from Part XI, line 7					153,018
2 Undistributed income, if any, as of the end of 2010:
a Enter amount for 2009 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2010:
a From 2005.......
b From 2006.......
c From 2007.......
d From 2008.......
e From 2009.......	1,892
fTotal of lines 3a through e.........		1,892
4Qualifying distributions for 2010 from Part
XII, line 4: $ 170,000
a Applied to 2009, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see page 26 of the instructions)			0
c Treated as distributions out of corpus (Election required—see page 26 of the instructions)...		0
d Applied to 2010 distributable amount.....					153,018
e Remaining amount distributed out of corpus		16,982
5 Excess distributions carryover applied to 2010.		0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		18,874
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount—see page 27 of the instructions ...			0
e Undistributed income for 2009. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........				0
f Undistributed income for 2010. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........					0
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........		0
8Excess distributions carryover from 2005 not applied on line 5 or line 7 (see page 27 of the instructions) .............		0
9Excess distributions carryover to 2011. Subtract lines 7 and 8 from line 6a ......		18,874
10 Analysis of line 9:
a Excess from 2006....
b Excess from 2007....
c Excess from 2008....
d Excess from 2009....	1,892
e Excess from 2010....	16,982

Form 990-PF (2010)

Page 9

Part XIV

Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2010, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2010	(b) 2009	(c) 2008	(d) 2007	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ....
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets” alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment” alternative test— enter 2⁄3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support” alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the organization had $5,000 or more in
assets at any time during the year—see page 27 of the instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

BETSY L KRIEGER

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

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

Check here bullet

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.

aThe name, address, and telephone number of the person to whom applications should be addressed:

bThe form in which applications should be submitted and information and materials they should include:

cAny submission deadlines:

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

Form 990-PF (2010)

Page 10

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
FUND FOR CHANGE INC III 101 W MOUNT ROYAL AVE BALTIMORE,MD21201	NONE	PUBLIC	GENERAL SUPPORT FOR COMMUNITY ORGANIZING AND PUBLIC EDUCATION	70,000
ZANVYL & ISABELLE KRIEGER FUND 101 W MOUNT ROYAL AVE BALTIMORE,MD21201	NONE	PUBLIC	UNRESTRICTED	100,000
Total ................................. 3a				170,000

bApproved for future payment

Total .................................. 3b				0

Form 990-PF (2010)

Page 11

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See page 28 of the instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3Interest on savings and temporary cash investments
4 Dividends and interest from securities....			14	87,535
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6Net rental income or (loss) from personal property
7 Other investment income.....
8Gain or (loss) from sales of assets other than inventory			18	490,196
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		577,731	0

13Total. Add line 12, columns (b), (d), and (e)...................

13577,731

(See worksheet in line 13 instructions on page 28 to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See page 28 of the instructions.)

Form 990-PF (2010)

Page 12

Part XVII

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

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash....................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements............................

1b(4)

(5) Loans or loan guarantees..............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

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?...........YesNo

If “Yes,” complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.

	Signature of officer or trustee	Date	Title

Preparer's Signature	Date	Check if self- employed	PTIN
Firm's name Firm's address		Firm's EIN
		Phone no.

Form 990-PF (2010)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
FIXED INCOME	FMV	1,030,000	1,007,475
HARD ASSETS	FMV	432,243	452,180