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
JACOB S SHAPIRO FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)2545 WILKENS AVENUE Room/suite

City or town, state, and ZIP code
BALTIMORE, MD21223

A Employer identification number

52-6072215

B Telephone number (see page 10 of the instructions)

(410) 566-9200

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

$4,754,947J 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	17,652		17,652
4	Dividends and interest from securities......	61,690		61,690
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		-376,352
b	Gross sales price for all assets on line 6a 1,491,866
7	Capital gain net income (from Part IV, line 2)...			0
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).......		23	23
12	Total. Add lines 1 through 11........	-296,987		79,365
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).......		1,500	0	0
c	Other professional fees (attach schedule)....		62,493	62,493	0
17	Interest...............
18	Taxes (attach schedule) (see page 14 of the instructions)		1,502	1,502	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		301	301	0
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	65,796		64,296	0
25	Contributions, gifts, grants paid........	225,000			225,000
26	Total expenses and disbursements. Add lines 24 and 25	290,796		64,296	225,000
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-587,783
b	Net investment income (if negative, enter -0-)			15,069
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...............	18,644	7,101	7,101
	2	Savings and temporary cash investments..........	183,175	155,367	155,367
	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)	310,533	313,046	318,552
	b	Investments—corporate stock (attach schedule)........	2,398,568	2,255,099	3,472,779
	c	Investments—corporate bonds (attach schedule)........	119,956	121,412	125,178
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	1,086,790	677,858	675,970
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	4,117,666	3,529,883	4,754,947
	17	Accounts payable and accrued expenses..........
	18	Grants payable...................
	19	Deferred revenue..................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22)..........	0	0
		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.........	4,117,666	3,529,883
	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)....................	4,117,666	3,529,883
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	4,117,666	3,529,883

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	4,117,666
2	Enter amount from Part I, line 27a......................	2	-587,783
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	3,529,883
5	Decreases not included in line 2 (itemize)	5	0
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30..	6	3,529,883

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	23 SHS ALBEMARLE CORP		2009-08-12	2010-04-22
b	340 SHS ALCOA INC		2009-04-01	2010-03-11
c	0 SHS ALLEGHANY CORP		2010-04-27	2010-04-27
d	37 SHS BARCLAYS BANK MSCIINDIA			2010-01-22
e	45 SHS BARCLAYS BANK MSCIINDIA		2010-03-03	2010-04-28
	75 SHS BB&TCORP		2009-06-29	2010-06-18
	130 SHS BB&TCORP		2009-08-10	2010-04-20
	335 SHS BIOVAIL CORP INT'L		2009-08-10	2010-04-23
	110 SHS BRINKS HOME SEC HLDG INC		2009-08-12	2010-04-06
	17 SHS CARMAXINC		2009-08-12	2010-05-14
	40 SHS CATERPILLAR INC		2009-06-24	2010-06-18
	40 SHS CEPHALON INC		2010-12-06	2010-12-09
	65 SHS CHECK POINT SOFTWARE TECH		2009-08-10	2010-03-10
	60 SHS CONTANGO OIT & GAS INC			2010-12-09
	0 SHS CONTANGO ORE INC		2010-12-21	2010-12-21
	85 SHS CTC MEDIA INC		2010-11-23	2010-12-09
	11 SHS CURRENCYSHARES AUSTRALIAN		2009-08-11	2010-01-22
	14000 SHS DEERE JOHN CAPITAL CORP		2009-10-08	2010-08-05
	70 SHS DOW CHEMICAL CO		2010-08-04	2010-12-09
	25 SHS ENDO PHARMACEUTICALS HLDGS INC		2009-12-09	2010-12-09
	30000 SHS FEDERAL NATL MTG ASSN		2009-08-14	2010-04-23
	7000 SHS FEDERAL NATL MTG ASSN		2009-08-21	2010-04-23
	2000 SHS FEDERAL NATL MTG ASSN		2010-03-10	2010-04-23
	129 SHS FIRST INDL RL TY TR INC		2010-04-22	2010-09-17
	18 SHS FOSTER WHEELER		2010-10-21	2010-12-09
	125 SHS GAMESTOP CORP		2010-10-27	2010-12-09
	135 SHS HARRIS CORP		2009-08-10	2010-05-14
	63 SHS HASBROINC		2009-08-13	2010-04-22
	210 SHS HUNTSMAN CORP		2010-05-11	2010-06-18
	175 SHS HUNTSMAN CORP		2010-05-11	2010-12-09
	100 SHS IAC/INTERACTIVECRP		2009-08-10	2010-03-10
	50 SHS IAC/INTERACTIVECRP		2010-05-18	2010-09-21
	134 SHS IMS HEALTH INC		2009-08-12	2010-01-12
	105 SHS IMS HEALTH INC		2009-08-12	2010-02-26
	11 SHS ISHARES BARCLAYS 1-3 YR TREASURY BD FD		2009-08-11	2010-01-22
	9 SHS ISHARES BARCLAYS TREAS INFLATION		2009-08-11	2010-01-22
	61 SHS ISHARES INC MSCI BRAZIL INDEX FUND			2010-01-22
	71 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-03-03	2010-04-28
	42 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-04-30	2010-05-05
	40 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-06-15	2010-06-30
	37 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-06-23	2010-08-13
	21 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-08-03	2010-08-13
	36 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-06-23	2010-08-29
	15 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-06-30	2010-11-17
	22 SHS ISHARES INC MSCI BRAZIL INDEX FUND			2010-11-17
	15 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-07-02	2010-11-24
	6 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-11-19	2010-11-24
	14 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-07-02	2010-11-26
	1 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-11-19	2010-11-26
	14 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-07-09	2010-12-21
	1 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-07-11	2010-12-21
	1 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-11-26	2010-12-21
	5 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-11-28	2010-12-21
	14 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-07-09	2010-12-22
	1 SHS ISHARES INC MSCI BRAZIL INDEX FUND		2010-11-20	2010-12-22
	175 SHS ISHARES INC MSCI CANADA INDEX FUND			2010-01-22
	187 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-03-03	2010-04-28
	107 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-04-30	2010-05-05
	151 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-06-17	2010-06-30
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-09-02	2010-11-17
	96 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-06-15	2010-06-30
	96 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-06-23	2010-08-26
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-06-25	2010-08-26
	96 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-03-30	2010-11-17
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-02	2010-11-17
	57 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-02	2010-11-24
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-02	2010-11-26
	37 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-05	2010-11-26
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-09	2010-12-21
	57 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-11	2010-12-21
	37 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-12	2010-12-21
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-16	2010-12-21
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-18	2010-12-21
	5 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-12-03	2010-12-21
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-09	2010-12-22
	57 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-11	2010-12-21
	10 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-07-12	2010-12-22
	1 SHS ISHARES INC MSCI CANADA INDEX FUND		2010-12-03	2010-12-22
	151 SHS ISHARES INC MSCI HONG KONG INDEX FUND			2010-01-22
	178 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-03-03	2010-04-28
	191 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-04-30	2010-05-05
	170 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-06-15	2010-06-30
	162 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-06-23	2010-08-26
	159 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-09-02	2010-11-17
	86 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-11-19	2010-11-24
	1 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-11-22	2010-11-24
	59 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-11-19	2010-11-26
	57 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-11-26	2010-12-21
	27 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-11-28	2010-12-21
	56 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-11-26	2010-12-21
	2 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-11-29	2010-12-22
	1 SHS ISHARES INC MSCI HONG KONG INDEX FUND		2010-12-01	2010-12-22
	47 SHS ISHARES INC MSCI MEXICO INVESTABLE			2010-01-22
	57 SHS ISHARES INC MSCI MEXICO INVESTABLE		2010-03-03	2010-04-28
	57 SHS ISHARES INC MSCI MEXICO INVESTABLE		2010-04-30	2010-05-05
	51 SHS ISHARES INC MSCI MEXICO INVESTABLE		2010-06-15	2010-06-30
	50 SHS ISHARES INC MSCI MEXICO INVESTABLE		2010-06-30	2010-08-26
	53 SHS ISHARES INC MSCI MEXICO INVESTABLE			2010-11-17
	28 SHS ISHARES INC MSCI MEXICO INVESTABLE		2010-11-19	2010-11-24
	1 SHS ISHARES INC MSCI MEXICO INVESTABLE		2010-11-19	2010-11-26
	18 SHS ISHARES INC MSCI MEXICO INVESTABLE		2010-11-22	2010-11-26
	28 SHS ISHARES INC MSCI MEXICO INVESTABLE			2010-12-21
	16 SHS ISHARES INC MSCI MEXICO INVESTABLE		2010-12-06	2010-12-22
	56 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX			2010-01-22
	66 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-03-03	2010-04-26
	71 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-04-30	2010-05-05
	67 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-06-15	2010-06-30
	66 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-06-23	2010-06-26
	63 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-06-30	2010-11-17
	36 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-11-19	2010-11-24
	25 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-11-19	2010-11-26
	25 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-11-26	2010-12-21
	10 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-11-26	2010-12-21
	23 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-11-26	2010-12-22
	1 SHS ISHARES INC MSCI PACIFIC EX JAPAN INDEX		2010-11-26	2010-12-22
	50 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND			2010-01-22
	60 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-03-03	2010-04-28
	56 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-04-30	2010-05-05
	56 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-06-15	2010-06-30
	54 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-06-26	2010-06-26
	53 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-06-30	2010-11-17
	29 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-11-19	2010-11-24
	1 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-11-19	2010-11-26
	20 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-11-19	2010-11-26
	20 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-11-26	2010-12-21
	1 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-11-26	2010-12-21
	9 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-11-26	2010-12-21
	19 SHS ISHARES INC MSCI SOUTH KOREA INDEX FUND		2010-11-26	2010-12-22
	166 SHS ISHARES INC MSCI TAIWAN INDEX FUND			2010-01-22
	232 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-03-03	2010-04-26
	235 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-04-30	2010-05-05
	226 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-06-15	2010-06-30
	207 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-06-23	2010-08-26
	211 SHS ISHARES INC MSCI TAIWAN INDEX FUND			2010-11-17
	120 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-11-19	2010-11-24
	79 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-11-19	2010-11-26
	72 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-11-26	2010-12-21
	42 SHS ISHARES INC MSCI TAIWAN INDEX FUND			2010-12-21
	66 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-11-26	2010-12-22
	6 SHS ISHARES INC MSCI TAIWAN INDEX FUND		2010-11-29	2010-12-22
	102 SHS ISHARES TR FTSE XINHUS HK CHINA INDEX		2010-06-17	2010-06-30
	99 SHS ISHARES TR FTSE XINHUS HK CHINA INDEX		2010-06-03	2010-08-13
	63 SHS ISHARES TR MSCI EAFE INDEX FD			2010-01-22
	52 SHS ISHARES TR MSCI EAFE INDEX FD		2010-03-03	2010-04-26
	55 SHS IS HARES TR MSCI EAFE INDEX FD		2010-04-30	2010-05-05
	52 SHS ISHARES TR MSCI EAFE INDEX FD		2010-06-15	2010-06-30
	50 SHS ISHARES TR MSCI EAFE INDEX FD		2010-06-23	2010-06-13
	27 SHS ISHARES TR MSCI EAFE INDEX FD		2010-06-03	2010-06-13
	49 SHS ISHARES TR MSCI EAFE INDEX FD		2010-06-26	2010-06-26
	22 SHS ISHARES TR MSCI EAFE INDEX FD		2010-06-30	2010-11-17
	28 SHS ISHARES TR MSCI EAFE INDEX FD		2010-07-13	2010-11-17
	43 SHS ISHARES TR MSCI EAFE INDEX FD			2010-11-17
	22 SHS ISHARES TR MSCI EAFE INDEX FD		2010-07-02	2010-11-24
	7 SHS ISHARES TR MSCI EAFE INDEX FD		2010-07-18	2010-11-24
	20 SHS ISHARES TR MSCI EAFE INDEX FD		2010-07-18	2010-11-26
	22 SHS ISHARES TR MSCI EAFE INDEX FD		2010-07-11	2010-12-21
	7 SHS ISHARES TR MSCI EAFE INDEX FD		2010-07-24	2010-12-21
	19 SHS ISHARES TR MSCI EAFE INDEX FD		2010-07-28	2010-12-22
	603 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD			2010-01-12
	587 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-03-03	2010-04-28
	567 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-04-30	2010-05-05
	248 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-06-15	2010-06-30
	95 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-06-22	2010-06-30
	97 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-06-23	2010-08-13
	137 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-06-23	2010-08-26
	91 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-06-23	2010-08-26
	330 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD			2010-11-17
	188 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-19	2010-11-24
	2 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-19	2010-11-26
	127 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-19	2010-11-26
	124 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-26	2010-12-21
	2 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-26	2010-12-21
	58 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-28	2010-12-21
	120 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-26	2010-12-22
	3 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-28	2010-12-22
	3 SHS ISHARES TR MSCI EMERGING MKTS INDEX FD		2010-11-29	2010-12-22
	37 SHS ISHARES TR RUSSELL 2000 INDEX FD			2010-01-22
	43 SHS ISHARES TR RUSSELL 2000 INDEX FD		2010-03-03	2010-04-28
	41 SHS ISHARES TR RUSSELL 2000 INDEX FD		2010-04-30	2010-05-05
	39 SHS ISHARES TR RUSSELL 2000 INDEX FD		2010-06-15	2010-06-30
	39 SHS ISHARES TR RUSSELL 2000 INDEX FD		2010-06-23	2010-08-26
	1 SHS ISHARES TR RUSSELL 2000 INDEX FD		2010-07-08	2010-08-26
	42 SHS ISHARES TR RUSSELL 2000 INDEX FD			2010-11-17
	24 SHS ISHARES TR RUSSELL 2000 INDEX FD			2010-11-24
	15 SHS ISHARES TR RUSSELL 2000 INDEX FD		2010-11-22	2010-11-26
	23 SHS ISHARES TR RUSSELL 2000 INDEX FD			2010-12-21
	14 SHS ISHARES TR RUSSELL 2000 INDEX FD		2010-12-06	2010-12-22
	24 SHS ISHARES TR SSP 500 INDEX FD			2010-04-28
	0 SHS KINDER MORGAN MGMT LLC		2010-02-16	2010-02-16
	12 SHS KINDER MORGAN MGMT LLC		2010-08-12	2010-04-22
	12 SHS KINDER MORGAN MGMT LLC		2010-05-17	2010-05-17
	0 SHS KINDER MORGAN MGMT LLC		2010-08-16	2010-08-16
	0 SHS KINDER MORGAN MGMT LLC		2010-11-15	2010-11-15
	750 SHS KING PHARMACEUTICALS INC			2010-06-02
	74 SHS KNOLL INC		2009-08-12	2010-04-22
	148 SHS KORN FERRY INTL		2010-08-12	2010-05-14
	152 SHS LANCE INC			2010-07-23
	115 SHS LIBERTY MEDIA HLDGS CORP		2009-08-10	2010-04-21
	7 SHS LIBERTY STARZ COM		2009-11-24	2010-11-03
	3 SHS MARKEL CORP HLDG CO		2009-08-13	2010-05-14
	130 SHS MASCOCORP		2010-06-27	2010-06-18
	165 SHS MASCOCORP		2010-05-27	2010-12-09
	45 SHS NATIONAL OILWELL VARCO INC		2010-06-03	2010-08-12
	340 SHS NOKIA OYJ		2010-03-15	2010-05-27
	175 SHS NOKIA OYJ		2010-10-19	2010-12-09
	15 SHS NORTHROP GRUMMAN CORP HLDG CO		2009-08-10	2010-02-24
	85 SHS NYSE EURONEXT		2009-12-31	2010-06-18
	70 SHS NYSE EURONEXT		2009-12-31	2010-12-09
	?0 SHS OWENS & MINOR INC HLDG CO		2010-04-09	2010-04-09
	70 SHS PAYCHEXINC		2010-11-04	2010-12-09
	419.13 SHS PIA BBB BOND FUND		2009-08-14	2010-07-12
	193 SHS POWERS HARES DB COMMODITY INDEX TRACKING			2010-01-22
	119 SHS POWERS HARES DB COMMODITY INDEX TRACKING		2010-03-03	2010-04-28
	126 SHS POWERSHARES DB COMMODITY INDEX TRACKING		2010-04-30	2010-05-05
	117 SHS POWERSHARES DB COMMODITY INDEX TRACKING		2010-06-15	2010-06-30
	113 SHS POWERSHARES DB COMMODITY INDEX TRACKING		2010-06-23	2010-08-26
	115 SHS POWERS HARES DB COMMODITY INDEX TRACKING			2010-11-17
	69 SHS POWERS HARES DB COMMODITY INDEX TRACKING			2010-11-24
	45 SHS POWERS HARES DB COMMODITY INDEX TRACKING		2010-11-22	2010-11-26
	65 SHS POWERS HARES DB COMMODITY INDEX TRACKING			2010-12-21
	41 SHS POWERSHARES DB COMMODITY INDEX TRACKING		2010-12-06	2010-12-22
	310 SHS PROSHARES SHORT S&P 500 PROSHARES		2009-12-28	2010-01-22
	189 SHS PROSHARES SHORT S&P 500 PROSHARES		2010-03-03	2010-03-05
	315 SHS REGIONS FINL CORP		2010-04-20	2010-12-09
	600000 SHS ROLLS ROYCE		2009-11-13	2010-01-07
	720000 SHS ROLLS ROYCE		2010-05-14	2010-07-08
	41 SHS SECTOR SPSR TR SHS BEN INT ENERGY			2010-01-22
	49 SHS SECTOR SPSR TR SHS BEN INT ENERGY		2010-03-03	2010-04-28
	71 SHS SECTOR SPSR TR SHS BEN INT ENERGY		2010-04-30	2010-05-05
	48 SHS SECTOR SPSR TR SHS BEN INT ENERGY		2010-06-15	2010-06-30
	48 SHS SECTOR SPSR TR SHS BEN INT ENERGY		2010-06-23	2010-08-26
	91 SHS SECTOR SPSR TR SHS BEN INT ENERGY			2010-11-17
	50 SHS SECTOR SPSR TR SHS BEN INT ENERGY		2010-11-19	2010-11-24
	33 SHS SECTOR SPSR TR SHS BEN INT ENERGY		2010-11-19	2010-11-26
	48 SHS SECTOR SPSR TR SHS BEN INT ENERGY			2010-12-21
	31 SHS SECTOR SPSR TR SHS BEN INT ENERGY			2010-12-22
	35 SHS SOHU COM INC		2009-12-11	2010-10-25
	85 SHS SOHU COM INC			2010-10-26
	0 SHS SPDR GOLD TR GOLD SHS			2010-01-07
	22 SHS SPDR GOLD TR GOLD SHS			2010-01-22
	0 SHS SPDR GOLD TR GOLD SHS		2010-03-03	2010-03-03
	12 SHS SPDR GOLD TR GOLD SHS		2010-03-03	2010-03-24
	13 SHS SPDR GOLD TR GOLD SHS		2010-03-03	2010-03-25
	27 SHS SPDR GOLD TR GOLD SHS		2010-04-30	2010-05-05
	21 SHS SPDR GOLD TR GOLD SHS		2010-06-15	2010-06-30
	0 SHS SPDR GOLD TR GOLD SHS		2010-07-08	2010-07-08
	0 SHS SPDR GOLD TR GOLD SHS		2010-07-08	2010-08-04
	21 SHS SPDR GOLD TR GOLD SHS		2010-07-08	2010-08-26
	0 SHS SPDR GOLD TR GOLD SHS		2010-09-02	2010-09-03
	0 SHS SPDR GOLD TR GOLD SHS		2010-09-02	2010-10-04
	0 SHS SPDR GOLD TR GOLD SHS		2010-09-02	2010-11-05
	21 SHS SPDR GOLD TR GOLD SHS		2010-09-02	2010-11-17
	13 SHS SPDR GOLD TR GOLD SHS		2010-11-19	2010-11-24
	8 SHS SPDR GOLD TR GOLD SHS		2010-11-22	2010-11-26
	0 SHS SPDR GOLD TR GOLD SHS			2010-12-03
	6 SHS SPDR GOLD TR GOLD SHS		2010-11-29	2010-12-21
	4 SHS SPDR GOLD TR GOLD SHS		2010-12-03	2010-12-21
	8 SHS SPDR GOLD TR GOLD SHS		2010-11-29	2010-12-22
	25 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-04-30	2010-05-05
	23 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-06-15	2010-06-30
	23 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-06-23	2010-06-26
	23 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-06-30	2010-11-17
	1 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-09-02	2010-11-17
	14 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-07-02	2010-11-24
	9 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-07-05	2010-11-26
	14 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-07-11	2010-12-21
	9 SHS SPDR S&P ETF TRUST UNIT SER 1 S&P		2010-07-15	2010-12-22
	60 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2009-12-28	2010-01-22
	72 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-03-03	2010-04-28
	76 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-04-30	2010-05-05
	66 SHS SPDR SER BARCLAYS CAP HIGH YIELD SD		2010-06-15	2010-06-30
	64 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-06-23	2010-08-26
	67 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD			2010-11-17
	41 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-11-19	2010-11-24
	1 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-11-19	2010-11-26
	27 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-11-19	2010-11-26
	27 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-11-26	2010-12-21
	1 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-11-26	2010-12-21
	14 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-11-28	2010-12-21
	27 SHS SPDR SER BARCLAYS CAP HIGH YIELD BD		2010-11-26	2010-12-22
	29 SHS STURM RUGER & CO INC		2009-08-12	2010-05-14
	70 SHS SUNOCOINC		2010-05-18	2010-06-18
	60 SHS SUNOCOINC		2010-05-18	2010-12-09
	50 SHS SUNOCOINC		2009-08-10	2010-01-29
	95 SHS SUNOCOINC		2009-08-10	2010-04-28
	50 SHS TYCO INERNATIONAL LTD		2010-10-21	2010-12-09
	70 SHS ULTRA PETROLEUM CORP			2010-12-09
	23000 SHS UNITED STATES TREAS NTS		2009-08-14	2010-05-20
	5000 SHS UNITED STATES TREAS NTS		2009-08-21	2010-05-20
	27000 SHS UNITED STATES TREAS NTS		2009-08-14	2010-01-27
	7000 SHS UNITED STATES TREAS NTS		2009-08-21	2010-01-27
	640 SHS VALERO ENERGY CORP		2009-06-04	2010-05-18
	304 SHS VANGUARD EMERGING MKTS VIPERS		2009-12-01	2010-01-22
	387 SHS VANGUARD EMERGING MKTS VIPERS			2010-04-28
	377 SHS VANGUARD EMERGING MKTS VIPERS		2010-04-30	2010-05-05
	371 SHS VANGUARD EMERGING MKTS VIPERS		2010-06-15	2010-06-30
	348 SHS VANGUARD EMERGING MKTS VIPERS		2010-06-23	2010-08-26
	431 SHS VANGUARD EMERGING MKTS VIPERS			2010-11-17
	185 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-19	2010-11-24
	2 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-19	2010-11-26
	125 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-19	2010-11-26
	122 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-26	2010-12-21
	2 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-26	2010-12-21
	58 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-28	2010-12-21
	118 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-26	2010-12-22
	2 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-28	2010-12-22
	3 SHS VANGUARD EMERGING MKTS VIPERS		2010-11-29	2010-12-22
	55 SHS VISTEON CORP		2010-10-08	2010-12-09
	61 SHS VULCAN MATERIALS CO		2009-08-13	2010-06-02
	100 SHS WESTERN DIGITAL CORP		2010-08-20	2010-12-09
	105 SHS ZIONS BANCORP		2010-04-23	2010-12-09
	SHS MYPE PARTNERS
	SHS POWERSHARES DB COMMODITY INDEX TRACKING
	30 SHS 3M COMPANY		2006-07-25	2010-06-18
	25 SHS 3M COMPANY		2006-07-25	2010-12-09
	40 SHS ABBOTT LABS		2006-07-25	2010-06-18
	35 SHS ABBOTT LABS		2006-07-25	2010-12-29
	16 SHS ALBEMARLE CORP		2009-06-12	2010-09-17
	960 SHS ALCOA INC			2010-03-11
	55 SHS AMERICAN EXPRESS CO		2006-10-15	2010-06-18
	45 SHS AMERICAN EXPRESS CO		2008-10-15	2010-12-09
	60 SHS ANNALY CAPITAL MNGMNT INC		2009-01-15	2010-03-03
	80 SHS ANNAL Y CAPITAL MNGMNT INC			2010-09-09
	150 SHS ANNALY CAPITAL MNGMNT INC		2009-06-10	2010-12-10
	640 SHS ARM HLDNGS		2006-05-01	2010-01-29
	600 SHS ARM HLDNGS			2010-05-28
	510 SHS ARM HLDNGS			2010-07-28
	260 SHS ARM HLDNGS		2009-04-22	2010-09-13
	520 SHS ARM HLDNGS		2009-04-22	2010-11-08
	190 SHS ASML HLDNG NV EURO.09		2007-10-01	2010-01-13
	70 SHS AVON PRODUCTS INC		2006-07-25	2010-06-16
	60 SHS AVON PRODUCTS INC		2006-07-25	2010-12-09
	40 SHS BAXTER INT'L INC		2006-07-25	2010-06-16
	30 SHS BAXTER INT'L INC		2006-07-25	2010-12-09
	80 SHS BB&T CORP		2009-06-29	2010-12-09
	110 SHS BHP BILLITON			2010-06-23
	116 SHS BRINKS CO		2009-06-12	2010-11-30
	105 SHS BRISTOL MYERS SQUIBB		2006-07-25	2010-06-18
	85 SHS BRISTOL MYERS SQUIBB		2006-07-25	2010-12-09
	320 SHS CADBURY SCHWEPPES		2006-06-07	2010-01-26
	60 SHS CATERPILLAR INC		2009-06-24	2010-11-01
	25 SHS CATERPILLAR INC		2009-06-24	2010-12-09
	60 SHS CHECK POINT SOFTWARE TECH		2009-06-10	2010-08-20
	60 SHS CHECK POINT SOFTWARE TECH		2009-06-10	2010-12-09
	30 SHS CHEVRON CORP		2006-07-25	2010-06-18
	25 SHS CHEVRON CORP		2006-07-25	2010-12-09
	45 SHS CHINA MOBILE L TO		2006-10-06	2010-06-16
	295 SHS CHINA MOBILE L TO		2006-10-06	2010-11-06
	100 SHS CIGNACORP		2009-06-10	2010-12-09
	25 SHS COLGATE-PALMOLIVE CO		2006-07-25	2010-06-18
	20 SHS COLGATE-PALMOLIVE CO		2006-07-25	2010-12-09
	85 SHS COMPUTER SCIENCES CORP		2009-06-10	2010-12-09
	40 SHS CONOCOPHILLIPS		2006-07-25	2010-06-16
	35 SHS CONOCOPHILLIPS		2006-07-25	2010-12-09
	30 SHS DEERE & CO		2009-03-16	2010-06-16
	25 SHS DEERE&CO		2009-03-16	2010-12-09
	400 SHS DIRECT TV		2007-10-03	2010-01-14
	200 SHS DIRECT TV		2007-10-06	2010-09-23
	200 SHS DIRECT TV		2009-01-07	2010-09-23
	65 SHS DU PPONT E I DE NEMOURS & CO		2006-07-26	2010-06-16
	55 SHS DU PPONT E I DE NEMOURS & CO		2006-07-26	2010-12-09
	55 SHS EMERSON ELECTRIC CO		2006-07-26	2010-06-18
	45 SHS EMERSON ELECTRIC CO		2006-07-26	2010-12-09
	150 SHS ENDO PHARMACEUTICALS HLDGS INC		2009-08-10	2010-12-09
	85 SHS ENDO PHARMACEUTICALS HLDGS INC		2009-08-10	2010-12-09
	12 SHS ENERGIZER HLDGS INC		2010-09-17	2010-09-17
	45 SHS EVEREST RE GRP		2009-06-10	2010-12-09
	1000 SHS FERRO CORP		2004-07-23	2010-04-29
	155 SHS FOREST LABS INC		2009-08-10	2010-12-09
	115 SHS FOSTER WHEELER			2010-12-06
	97 SHS FOSTER WHEELER		2009-08-10	2010-12-09
	50 SHS GARMIN		2008-12-29	2010-06-18
	40 SHS GARMIN LTD		2008-12-29	2010-12-09
	135 SHS GENERAL ELECTRIC CO		2006-07-26	2010-06-18
	110 SHS GENERAL ELECTRIC CO		2006-07-26	2010-12-09
	100 SHS HALLIBUTRON CO		2008-11-28	2010-06-18
	145 SHS HALLIBUTRON CO		2008-11-28	2010-12-09
	475 SHS HALLIBUTRON CO		2008-11-28	2010-12-22
	55 SHS HANCOCK HOLDING CO		2009-05-01	2010-06-18
	60 SHS HANCOCK HOLDING CO		2009-05-01	2010-12-09
	80 SHS HARLEY DAVIDSON INC		2009-03-20	2010-06-18
	70 SHS HARLEY DAVIDSON INC		2009-03-20	2010-12-09
	55 SHS HARRIS CORP		2009-03-31	2010-06-18
	45 SHS HARRIS CORP		2009-03-31	2010-12-09
	20 SHS HASBRO INC		2009-08-13	2010-09-17
	125 SHS HCC INS HLDGS INC		2009-08-10	2010-12-09
	75 SHS HOME DEPOT INC		2007-12-19	2010-06-18
	60 SHS HOME DEPOT INC		2007-12-19	2010-12-09
	55 SHS LAC IINTERSCTIVECRP		2009-08-10	2010-08-20
	130 SHS LAC IINTERSCTIVECRP		2009-08-10	2010-06-21
	110 SHS ICICI BANK LIMITED			2010-09-24
	130 SHS INTEL CORP		2006-09-26	2010-06-18
	835 SHS INTEL CORP			2010-10-13
	40 SHS JOHNSON & JOHNSON		2006-07-26	2010-06-18
	35 SHS JOHNSON & JOHNSON		2006-07-26	2010-12-09
	40 SHS KBRINC		2009-08-10	2010-10-21
	125 SHS KBRINC		2009-08-10	2010-12-09
	40 SHS KIMBERLY CLARK CORP		2006-07-26	2010-06-18
	30 SHS KIMBERLY CLARK CORP		2006-07-26	2010-12-09
	10 SHS KINDER MORGAN MGMT LLC		2009-08-12	2010-09-17
	60 SHS KNOLL INC		2009-08-12	2010-09-17
	80 SHS KRAFT FOODS INC		2007-04-03	2010-06-18
	515 SHS KRAFT FOODS INC		2007-04-03	2010-08-04
	10 SHS L-3 COMM HLDGS INC		2006-07-25	2010-02-24
	14 SHS L-3 COMM HLDGS INC		2006-07-25	2010-12-09
	41 SHS L-3 COMM HLDGS INC			2010-12-09
	60 SHS LIBERTY MEDIA HLDG CORP		2009-08-10	2010-11-02
	115 SHS LIBERTY MEDIA HLDG CORP		2009-05-10	2010-12-09
	28 SHS LIBERTY STARZ		2009-08-10	2010-11-03
	75 SHS LIBERTY STARZ		2009-11-24	2010-12-09
	105 SHS LOWES CORP		2009-08-10	2010-12-09
	75 SHS MARATHON OIL CORP		2008-10-27	2010-06-18
	60 SHS MARATHON OIL CORP		2008-10-27	2010-12-09
	115 SHS MAXIM INTEGRATED PRODS INC		2006-12-18	2010-06-18
	95 SHS MAXIM INTEGRATED PRODS INC			2010-12-09
	25 SHS MCDONALDS CORP		2006-09-27	2010-06-18
	25 SHS MCDONALDS CORP		2006-09-27	2010-12-09
	70 SHS MERCK & CO INC		2008-04-04	2010-06-18
	60 SHS MERCK & CO INC		2008-04-04	2010-12-09
	65 SHS MURPHY OIL CORP		2009-08-10	2010-12-09
	125 SHS NEW YORK COMMUNITY BANCORP		2009-05-11	2010-06-18
	115 SHS NEW YORK COMMUNITY BANCORP		2009-05-11	2010-12-09
	95 SHS NOBLE CORP		2009-10-09	2010-12-09
	760 SHS NOKIAOYJ		2006-07-27	2010-05-27
	75 SHS NORDSTROM INC		2008-09-05	2010-06-18
	60 SHS NORDSTROM INC		2008-09-05	2010-12-09
	600 SHS NORTHEAST UTILITIES		2003-05-23	2010-09-23
	35 SHS NORTHROP GRUMMAN CORP		2008-04-30	2010-06-18
	30 SHS NORTHROP GRUMMAN CORP		2008-04-30	2010-12-09
	85 SHS NORTHROP GRUMMAN CORP HLDG CO		2009-08-10	2010-12-10
	50 SHS NUCOR CORP		2009-06-08	2010-06-18
	40 SHS NUCOR CORP		2009-06-08	2010-12-09
	30 SHS OWENS & MINOR		2009-08-12	2010-09-17
	80 SHS PALL CORP		2006-07-27	2010-06-18
	95 SHS PALL CORP		2006-07-27	2010-12-09
	40 SHS PEPSICO INC		2008-05-21	2010-06-18
	30 SHS PEPSICO INC		2008-05-21	2010-12-10
	26 SHS PRICESMART INC		2009-08-12	2010-09-17
	40 SHS PROCTER & GAMBLE CO		2006-07-27	2010-06-18
	35 SHS PROCTER & GAMBLE CO		2006-07-27	2010-12-09
	145 SHS PROLOGIS TRUST			2010-06-18
	120 SHS PROLOGIS TRUST		2008-12-31	2010-12-09
	425 SHS QWEST COMM INT'L INC		2009-04-30	2010-06-18
	2675 SHS QWEST COMM INT'L INC		2009-04-30	2010-11-04
	332 SHS RECKITT BENCKISER GRP		2008-11-10	2010-10-22
	598 SHS RECKITT BENCKISER GRP			2010-10-25
	210 SHS REDWOOD TRUST INC			2010-12-09
	135 SHS REGAL ENTERTAINMENT GRP		2006-07-27	2010-06-18
	125 SHS REGAL ENTERTAINMENT GRP		2006-07-27	2010-12-09
	1000 SHS S L INDUSTRIES INC		1999-11-24	2010-10-20
	580 SHS SOCIETE GENERALE			2010-07-08
	265 SHS SYMANTEC CORP		2009-08-10	2010-12-09
	76 SHS SYNAPTICS INC		2009-09-21	2010-10-21
	55 SHS TUPPERWARE BRANDS CORP		2008-10-29	2010-06-18
	45 SHS TUPPERWARE BRANDS CORP		2008-10-29	2010-12-09
	50 SHS UDR INC		2009-08-12	2010-09-17
	40 SHS UNION PACIFIC CORP		2009-03-18	2010-06-18
	80 SHS UNION PACIFIC CORP		2009-03-18	2010-12-21
	25 SHS UNION PACIFIC CORP		2009-03-18	2010-12-09
	35 SHS UNITED PARCEL SVC INC		2008-07-08	2010-06-18
	30 SHS UNITED PARCEL SVC INC		2008-07-08	2010-12-09
	3 SHS WESCO FINL CORP		2009-08-12	2010-06-17
	THRU MYPE PARTNERS, LP
	POWERSHARES DB COMMODITY INDEX TRACKING
	AJW OFFSHORE LTD- WORTHLESS AT 12/31/2010			2010-12-31
	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	1,004	745	259
b	4,592	2,604	1,988
c	41		41
d	2,249	2,467	-218
e	3,011	2,854	157
	2,219	1,703	516
	4,448	3,393	1,055
	5,588	4,652	936
	4,696	3,204	1,492
	402	293	109
	2,605	1,363	1,242
	2,523	2,626	-103
	2,217	1,773	444
	3,547	3,348	199
	3		3
	2,020	1,914	106
	993	914	79
	15,377	15,128	249
	2,369	1,763	606
	898	488	410
	31,324	31,195	129
	7,309	7,278	31
	2,088	2,089	-1
	654	1,100	-446
	590	439	151
	2,681	2,406	275
	6,509	4,294	2,215
	2,514	1,678	836
	1,976	2,173	-197
	2,775	1,811	964
	2,387	1,859	528
	1,324	1,158	166
	2,868	1,742	1,126
	2,310	1,365	945
	919	918	1
	946	904	42
	4,156	4,904	-748
	5,051	5,015	36
	2,802	3,054	-252
	2,500	2,514	-14
	2,546	2,546	0
	1,445	1,445	0
	2,395	2,542	-147
	1,127	1,127	0
	1,653	1,612	41
	1,139	1,139	0
	456	455	1
	1,048	1,048	0
	75	75	0
	1,037	1,038	-1
	74	74	0
	74	74	0
	371	371	0
	1,038	1,037	1
	74	74	0
	4,395	4,766	-371
	5,290	5,047	243
	2,896	3,042	-146
	3,759	4,127	-368
	29	27	2
	2,390	2,390	0
	2,459	2,459	0
	26	26	0
	2,755	2,755	0
	29	28	1
	1,685	1,685	0
	29	29	0
	1,087	1,087	0
	30	30	0
	1,717	1,717	0
	1,115	1,115	0
	30	30	0
	30	30	0
	151	151	0
	30	31	-1
	1,727	1,727	0
	303	303	0
	30	31	-1
	2,241	2,448	-207
	2,829	2,803	26
	2,893	3,005	-112
	2,514	2,520	-6
	2,591	2,573	18
	3,045	2,612	433
	1,626	1,625	1
	19	19	0
	1,100	1,100	0
	1,076	1,076	0
	510	509	1
	1,061	1,062	-1
	38	38	0
	19	18	1
	2,219	2,350	-131
	3,014	2,851	163
	2,853	3,046	-193
	2,455	2,459	-4
	2,393	2,393	0
	3,055	2,921	134
	1,671	1,663	8
	59	58	1
	1,059	1,060	-1
	1,719	1,706	13
	1,105	1,095	10
	2,312	2,490	-178
	2,911	2,816	95
	2,853	3,007	-154
	2,402	2,406	-4
	2,545	2,554	-9
	2,877	2,782	95
	1,638	1,638	0
	1,114	1,114	0
	1,151	1,151	0
	460	460	0
	1,064	1,063	1
	46	46	0
	2,389	2,369	20
	3,103	2,832	271
	2,816	3,021	-205
	2,517	2,522	-5
	2,557	2,558	-1
	2,887	2,698	189
	1,602	1,603	-1
	54	53	1
	1,073	1,072	1
	1,173	1,173	0
	59	59	0
	528	527	1
	1,117	1,117	0
	2,291	2,405	-114
	2,983	2,812	171
	2,829	3,003	-174
	2,536	2,546	-10
	2,517	2,517	0
	2,924	2,686	238
	1,681	1,682	-1
	1,100	1,101	-1
	1,080	1,080	0
	630	625	5
	1,018	1,018	0
	90	90	0
	4,017	4,124	-107
	3,960	4,159	-199
	4,480	4,799	-319
	2,823	2,811	12
	2,836	2,994	-158
	2,438	2,446	-8
	2,540	2,539	1
	1,371	1,371	0
	2,432	2,432	0
	1,240	1,239	1
	1,578	1,576	2
	2,423	2,340	83
	1,236	1,235	1
	393	394	-1
	1,109	1,109	0
	1,267	1,267	0
	403	403	0
	1,095	1,095	0
	23,951	25,849	-1,898
	24,589	23,549	1,040
	22,396	23,971	-1,575
	9,304	9,338	-34
	3,564	3,825	-261
	3,946	3,946	0
	5,443	5,443	0
	3,615	3,615	0
	14,988	14,310	678
	8,622	8,622	0
	90	90	0
	5,719	5,718	1
	5,765	5,764	1
	93	93	0
	2,696	2,696	0
	5,591	5,591	0
	140	140	0
	140	139	1
	2,284	2,337	-53
	3,117	2,788	329
	2,866	2,965	-99
	2,398	2,397	1
	2,346	2,346	0
	60	60	0
	2,971	2,929	42
	1,765	1,739	26
	1,103	1,091	12
	1,822	1,741	81
	1,105	1,068	37
	2,876	2,825	51
	25		25
	715	542	173
	12		12
	16		16
	5		5
	6,108	7,624	-1,516
	996	730	266
	2,382	2,112	270
	3,329	3,807	-478
	5,100	1,989	3,111
	454	353	101
	1,071	917	154
	1,589	1,743	-154
	2,168	2,213	-45
	1,773	1,617	156
	3,467	5,021	-1,554
	1,710	1,865	-155
	924	713	211
	2,525	2,181	344
	2,067	1,796	271
	16		16
	2,100	1,993	107
	4,141	3,940	201
	4,510	4,876	-366
	2,867	2,845	22
	2,938	3,084	-146
	2,523	2,526	-3
	2,498	2,498	0
	2,797	2,712	85
	1,733	1,702	31
	1,125	1,113	12
	1,744	1,716	28
	1,106	1,080	26
	16,511	16,168	343
	9,627	9,817	-190
	1,981	2,715	-734
	958	960	-2
	1,089	1,089	0
	2,318	2,439	-121
	2,969	2,818	151
	4,108	4,286	-178
	2,401	2,401	0
	2,438	2,438	0
	5,611	5,274	337
	3,157	3,158	-1
	2,063	2,062	1
	3,214	3,193	21
	2,081	2,052	29
	2,490	1,873	617
	6,313	4,375	1,938
	1	1	0
	2,351	2,469	-118
	1	1	0
	1,276	1,340	-64
	1,387	1,452	-65
	3,104	3,118	-14
	2,549	2,537	12
	1	1	0
	1	1	0
	2,540	2,458	82
	1	1	0
	1	1	0
	1	1	0
	2,734	2,568	166
	1,743	1,717	26
	1,062	1,062	0
	1	1	0
	1,083	1,083	0
	541	541	0
	1,081	1,081	0
	2,913	2,983	-70
	2,385	2,385	0
	2,423	2,423	0
	2,717	2,718	-1
	118	109	9
	1,680	1,679	1
	1,075	1,075	0
	1,755	1,731	24
	1,131	1,118	13
	2,321	2,357	-36
	2,874	2,804	70
	2,944	3,058	-114
	2,575	2,576	-1
	2,472	2,472	0
	2,675	2,635	40
	1,633	1,633	0
	40	39	1
	1,075	1,075	0
	1,086	1,086	0
	40	41	-1
	564	564	0
	1,085	1,085	0
	500	346	154
	2,428	2,095	333
	2,354	1,796	558
	1,290	1,304	-14
	2,918	2,477	441
	2,039	1,926	113
	3,389	3,323	66
	23,738	23,664	74
	5,161	5,143	18
	27,348	27,332	16
	7,090	7,087	3
	12,186	12,070	116
	11,984	12,397	-413
	16,227	15,645	582
	14,990	15,966	-976
	14,139	14,183	-44
	14,073	14,073	0
	19,869	18,766	1,103
	8,607	8,607	0
	91	91	0
	5,706	5,706	0
	5,821	5,822	-1
	95	96	-1
	2,768	2,767	1
	5,543	5,543	0
	94	94	0
	141	140	1
	3,560	3,203	357
	3,074	2,984	90
	3,495	2,454	1,041
	2,410	3,154	-744
	260		260
	3		3
	2,426	2,038	388
	2,100	1,698	402
	1,944	1,899	45
	1,648	1,662	-14
	696	519	177
	12,967	20,351	-7,384
	2,302	1,376	926
	2,057	1,126	931
	1,086	856	230
	1,410	1,186	224
	2,685	2,553	132
	5,696	4,573	1,123
	6,377	3,778	2,599
	7,970	2,646	5,324
	4,847	1,373	3,474
	8,835	2,746	6,089
	6,388	4,060	2,328
	2,012	2,291	-279
	1,755	1,964	-209
	1,692	1,650	42
	1,490	1,238	252
	2,143	1,817	326
	6,234	5,618	616
	2,855	3,105	-250
	2,682	2,729	-47
	2,193	2,210	-17
	17,144	14,003	3,141
	4,756	2,044	2,712
	2,235	852	1,383
	2,076	1,637	439
	2,660	1,637	1,023
	2,258	1,980	278
	2,160	1,650	510
	2,235	1,975	260
	15,677	12,950	2,727
	3,728	2,768	960
	2,019	1,515	504
	1,567	1,213	354
	4,004	4,144	-140
	2,220	2,652	-432
	2,256	2,320	-64
	1,771	917	854
	2,019	764	1,255
	13,381	9,912	3,469
	8,320	4,956	3,364
	8,320	3,122	5,198
	2,479	2,620	-141
	2,636	2,217	419
	2,592	2,114	478
	2,548	1,729	819
	5,486	3,178	2,308
	3,052	1,801	1,251
	830	805	25
	3,813	3,757	56
	11,219	19,081	-7,862
	4,968	4,073	895
	3,554	2,626	928
	3,177	2,933	244
	1,613	940	673
	1,193	752	441
	2,144	4,410	-2,266
	1,885	3,594	-1,709
	2,655	1,765	890
	5,874	2,559	3,315
	19,042	8,383	10,659
	1,928	2,042	-114
	2,086	2,228	-142
	2,152	1,007	1,145
	2,353	881	1,472
	2,663	1,593	1,070
	2,059	1,304	755
	897	533	364
	3,577	3,270	307
	2,398	1,969	429
	2,059	1,575	484
	1,306	1,022	284
	3,442	2,416	1,026
	5,406	5,526	-120
	2,784	2,554	230
	16,433	16,987	-554
	2,364	2,480	-116
	2,165	2,170	-5
	1,006	910	96
	3,665	2,845	820
	2,521	2,452	69
	1,859	1,839	20
	604	439	165
	911	592	319
	2,395	2,449	-54
	15,147	15,768	-621
	908	761	147
	1,001	1,001	0
	2,931	2,922	9
	3,578	1,038	2,540
	7,078	1,989	5,089
	1,817	768	1,049
	4,822	3,778	1,044
	4,031	3,364	667
	2,514	1,746	768
	2,091	1,397	694
	2,092	3,541	-1,449
	2,331	2,890	-559
	1,749	1,001	748
	1,956	1,001	955
	2,496	2,703	-207
	2,131	2,317	-186
	4,536	3,782	754
	2,013	1,458	555
	2,022	1,341	681
	3,285	3,833	-548
	7,751	14,957	-7,206
	2,929	2,366	563
	2,536	1,893	643
	17,419	9,937	7,482
	2,163	2,617	-454
	1,905	2,243	-338
	5,442	4,042	1,400
	2,078	2,291	-213
	1,650	1,833	-183
	800	884	-84
	2,976	2,101	875
	4,587	2,496	2,091
	2,571	2,719	-148
	1,933	2,039	-106
	748	459	289
	2,466	2,266	200
	2,196	1,982	214
	1,639	1,952	-313
	1,644	1,682	-38
	2,280	1,517	763
	18,137	9,334	8,803
	3,507	2,976	531
	6,388	5,263	1,125
	3,000	3,134	-134
	1,956	2,697	-741
	1,804	1,887	-83
	14,500	12,799	1,701
	5,626	8,034	-2,408
	4,497	4,120	377
	2,006	2,138	-132
	2,251	1,259	992
	2,139	1,030	1,109
	1,072	675	397
	3,036	1,571	1,465
	6,671	3,142	3,529
	2,322	982	1,340
	2,173	2,094	79
	2,197	1,795	402
	1,079	918	161
	3,111		3,111
	9		9
		500,000	-500,000
	634		634

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			259
b			1,988
c			41
d			-218
e			157
			516
			1,055
			936
			1,492
			109
			1,242
			-103
			444
			199
			3
			106
			79
			249
			606
			410
			129
			31
			-1
			-446
			151
			275
			2,215
			836
			-197
			964
			528
			166
			1,126
			945
			1
			42
			-748
			36
			-252
			-14
			0
			0
			-147
			0
			41
			0
			1
			0
			0
			-1
			0
			0
			0
			1
			0
			-371
			243
			-146
			-368
			2
			0
			0
			0
			0
			1
			0
			0
			0
			0
			0
			0
			0
			0
			0
			-1
			0
			0
			-1
			-207
			26
			-112
			-6
			18
			433
			1
			0
			0
			0
			1
			-1
			0
			1
			-131
			163
			-193
			-4
			0
			134
			8
			1
			-1
			13
			10
			-178
			95
			-154
			-4
			-9
			95
			0
			0
			0
			0
			1
			0
			20
			271
			-205
			-5
			-1
			189
			-1
			1
			1
			0
			0
			1
			0
			-114
			171
			-174
			-10
			0
			238
			-1
			-1
			0
			5
			0
			0
			-107
			-199
			-319
			12
			-158
			-8
			1
			0
			0
			1
			2
			83
			1
			-1
			0
			0
			0
			0
			-1,898
			1,040
			-1,575
			-34
			-261
			0
			0
			0
			678
			0
			0
			1
			1
			0
			0
			0
			0
			1
			-53
			329
			-99
			1
			0
			0
			42
			26
			12
			81
			37
			51
			25
			173
			12
			16
			5
			-1,516
			266
			270
			-478
			3,111
			101
			154
			-154
			-45
			156
			-1,554
			-155
			211
			344
			271
			16
			107
			201
			-366
			22
			-146
			-3
			0
			85
			31
			12
			28
			26
			343
			-190
			-734
			-2
			0
			-121
			151
			-178
			0
			0
			337
			-1
			1
			21
			29
			617
			1,938
			0
			-118
			0
			-64
			-65
			-14
			12
			0
			0
			82
			0
			0
			0
			166
			26
			0
			0
			0
			0
			0
			-70
			0
			0
			-1
			9
			1
			0
			24
			13
			-36
			70
			-114
			-1
			0
			40
			0
			1
			0
			0
			-1
			0
			0
			154
			333
			558
			-14
			441
			113
			66
			74
			18
			16
			3
			116
			-413
			582
			-976
			-44
			0
			1,103
			0
			0
			0
			-1
			-1
			1
			0
			0
			1
			357
			90
			1,041
			-744
			260
			3
			388
			402
			45
			-14
			177
			-7,384
			926
			931
			230
			224
			132
			1,123
			2,599
			5,324
			3,474
			6,089
			2,328
			-279
			-209
			42
			252
			326
			616
			-250
			-47
			-17
			3,141
			2,712
			1,383
			439
			1,023
			278
			510
			260
			2,727
			960
			504
			354
			-140
			-432
			-64
			854
			1,255
			3,469
			3,364
			5,198
			-141
			419
			478
			819
			2,308
			1,251
			25
			56
			-7,862
			895
			928
			244
			673
			441
			-2,266
			-1,709
			890
			3,315
			10,659
			-114
			-142
			1,145
			1,472
			1,070
			755
			364
			307
			429
			484
			284
			1,026
			-120
			230
			-554
			-116
			-5
			96
			820
			69
			20
			165
			319
			-54
			-621
			147
			0
			9
			2,540
			5,089
			1,049
			1,044
			667
			768
			694
			-1,449
			-559
			748
			955
			-207
			-186
			754
			555
			681
			-548
			-7,206
			563
			643
			7,482
			-454
			-338
			1,400
			-213
			-183
			-84
			875
			2,091
			-148
			-106
			289
			200
			214
			-313
			-38
			763
			8,803
			531
			1,125
			-134
			-741
			-83
			1,701
			-2,408
			377
			-132
			992
			1,109
			397
			1,465
			3,529
			1,340
			79
			402
			161
			3,111
			9
			-500,000
			634

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	-376,352
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	289,871	4,545,787	0.063767
2008	324,074	5,769,529	0.056170
2007	271,794	6,560,428	0.041429
2006	228,832	5,927,321	0.038606
2005	188,945	5,521,613	0.034219

2	Total of line 1, column (d) ......................	2	0.234191
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	0.046838
4	Enter the net value of noncharitable-use assets for 2010 from Part X, line 5.....	4	5,221,955
5	Multiply line 4 by line 3.......................	5	244,586
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	151
7	Add lines 5 and 6.........................	7	244,737
8	Enter qualifying distributions from Part XII, line 4..............	8	225,000
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	301
	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	301
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	301
6	Credits/Payments:

a	2010 estimated tax payments and 2009 overpayment credited to 2010	6a	16,339
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	16,339
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
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	16,038
11	Enter the amount of line 10 to be: Credited to 2011 estimated tax16,038	Refunded	11	0

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

NONE

The books are in care of bullet

KATHY HESSELBEIN Telephone no. bullet

(410) 566-9200

Located at bullet

2545 WILKENS AVEBALTIMOREMD ZIP+4 bullet

21223

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
JAMES R SHAPIRO	TRUSTEE 0.50	0	0	0
2545 WILKENS AVENUE BALTIMORE,MD21223	TRUSTEE 0.50	0	0	0
JANE BAUM RODBELL	TRUSTEE 0.50	0	0	0
2545 WILKENS AVENUE BALTIMORE,MD21223	TRUSTEE 0.50	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...................

5,082,641

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

218,836

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

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

5,301,477

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..........................

5,301,477

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

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

79,522

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

5,221,955

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

261,098

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....................

261,098

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

301

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

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

301

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

260,797

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

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

260,797

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.................................

260,797

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 ..........

225,000

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

225,000

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

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

225,000

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				260,797
2 Undistributed income, if any, as of the end of 2010:
a Enter amount for 2009 only.......			223,999
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2010:
a From 2005.......
b From 2006.......
c From 2007.......
d From 2008.......
e From 2009.......
fTotal of lines 3a through e.........	0
4Qualifying distributions for 2010 from Part
XII, line 4: $ 225,000
a Applied to 2009, but not more than line 2a			223,999
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.....				1,001
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2010.	0			0
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5	0
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........		0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......		0
d Subtract line 6c from line 6b. Taxable amount—see page 27 of the instructions ...		0
e Undistributed income for 2009. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........			0
f Undistributed income for 2010. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........				259,796
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........	0
8Excess distributions carryover from 2005 not applied on line 5 or line 7 (see page 27 of the instructions) .............	0
9Excess distributions carryover to 2011. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2006....
b Excess from 2007....
c Excess from 2008....
d Excess from 2009....
e Excess from 2010....

Form 990-PF (2010)

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).)

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
ADVOCATES FOR CHILDREN AND YOUTH 8 MARKET PLACE 5TH FLOOR BALTIMORE,MD21202	NONE	PUBLIC	GENERAL	250
AMERICAN TECHNION SOCIETY 55 EAST 59TH ST NEW YORK,NY10022	NONE	PUBLIC	GENERAL	2,000
AMERICAN VISIONARY ART MUSEUM 800 KEY HIGHWAY BALTIMORE,MD21230	NONE	PUBLIC	GENERAL	1,000
ASSOCIATED JEWISH COMMUNITY FOUNDATION 101 WEST MOUNT ROYAL AVE BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	167,500
AVON WALK FOR CANCER 1600 K STREET NW SUITE 200 WASHINGTON,DC20006	NONE	PUBLIC	GENERAL	300
BALTIMORE COMMUNITY FOUNDATION 2 EAST READ ST BALTIMORE,MD21202	NONE	PUBLIC	GENERAL	300
BALTIMORE MUSEUM OF ART 10 ART MUSEUM DR BALTIMORE,MD21218	NONE	PUBLIC	GENERAL	1,500
BALTIMORE SCHOOL FOR THE ARTS 712 CATHEDRAL ST BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	3,500
BALTIMORE SYMPHONY 1212 CATHEDRAL STREET BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	3,500
BROWN UNIVERSITY PO BOX 1976 PROVIDENCE,RI02912	NONE	PUBLIC	GENERAL	250
CENTER STAGE 700 NORTH CLAVERT STREET BALTIMORE,MD21202	NONE	PUBLIC	GENERAL	250
CENTRAL SCHOLARSHIP BUREAU 1700 REISTERSTOWN ROAD BALTIMORE,MD21208	NONE	PUBLIC	GENERAL	500
CORNELL UNIVERSITY 130 E SENECA ST SUITE 400 ITHACA,NY14850	NONE	PUBLIC	GENERAL	250
ENOCH PRATT FREE LIBRARY 400 CATHEDRAL ST BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	1,000
ETZ CHAIM 3702 FORDS LN BALTIMORE,MD21215	NONE	PUBLIC	GENERAL	1,500
HOUSE OF RUTH 2201 ARGONNE DRIVE BALTIMORE,MD21218	NONE	PUBLIC	GENERAL	250
GUILDFORD COLLEGE 5800 WEST FRIENDLY AVE GREENSBORO,NC27410	NONE	PUBLIC	GENERAL	250
GILLMAN SCHOOL SCHOLARSHIP FUND 5407 ROLAND AVE BALTIMORE,MD21210	NONE	PUBLIC	GENERAL	250
JOHNS HOPKINS UNIVERSITY DEPT OF NEUROLOGY 100 N CHARLES ST SUITE 453 BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	750
KENNEDY KRIEGER FOUNDATION 707 NORTH BROADWAY BALTIMORE,MD21205	NONE	PUBLIC	GENERAL	4,500
KIPP BALTIMORE 4701 GREENSPRING AVE BALTIMORE,MD21209	NONE	PUBLIC	GENERAL	500
LEARNING INC 1234 W 36 ST BALTIMORE,MD21211	NONE	PUBLIC	GENERAL	500
LIVING CLASSROOMS FOUNDATION 802 SOUTH CAROLINE ST BALTIMORE,MD21231	NONE	PUBLIC	GENERAL	500
MARYLAND HISTORICAL SOCIETY 201 WEST MONUMENT ST BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	250
MARYLAND INSTITUTE COLLEGE OF ART 1300 MOUNT ROYAL AVE BALTIMORE,MD21217	NONE	PUBLIC	GENERAL	1,000
MARYLAND PUBLIC TELEVISION 11767 OWINGS MILLS BLVD BALTIMORE,MD21117	NONE	PUBLIC	GENERAL	1,500
MASS MENTORING PARTNERSHIP 105 CHAUNCY ST BOSTON,MA02111	NONE	PUBLIC	GENERAL	250
MILO FOUNDATION 1575 SOLANO AVE BERKELEY,CA94707	NONE	PUBLIC	GENERAL	250
MIRRER YESHIRE 1795 OCEAN PKWY BROOKLYN,NY11223	NONE	PUBLIC	GENERAL	1,000
NATIONAL AQUARIUM IN BALTIMORE 501 E PRATT STREET BALTIMORE,MD21202	NONE	PUBLIC	GENERAL	1,200
NER ISRAEL RABBINICAL COLLEGE 400 MOUNT WILSON LN BALTIMORE,MD21208	NONE	PUBLIC	GENERAL	2,000
PARK SCHOOL 2425 OLD COURT ROAD BROOKLANDVILLE,MD21208	NONE	PUBLIC	GENERAL	3,000
PLANNED PARENTHOOD OF MARYLAND 300 N HOWARD STREET BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	500
POLYCYSTIC KIDNEY DISEASE 8330 WARD PARKWAY SUITE 500 KANSAS CITY,MO64114	NONE	PUBLIC	GENERAL	250
ROLLINS COLLEGE 1000 HOLT AVE WINTER PARK,FL32789	NONE	PUBLIC	GENERAL	250
SHEPPARD & ENOCH PRATT FOUNDATION 6501 N CHARLES STREET BALTIMORE,MD21285	NONE	PUBLIC	GENERAL	4,000
SPECIAL OLYMPICS 513 PROGRESS AVE LINTHICUM,MD21090	NONE	PUBLIC	GENERAL	250
SUSAN COHAN COLON CANCER FOUNDATION 201 NORTH CHARLES ST SUITE 2404 BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	1,000
TEACH FOR AMERICA 2601 N HOWARD ST SUITE 300 BALTIMORE,MD21218	NONE	PUBLIC	GENERAL	5,000
THE SEED SCHOOL OF MARYLAND 200 FONT HILL AVE BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	1,000
THE UNIVERSITY OF MARYLAND SCHOOL OF SOCIAL WORK 620 W LEXINGTON ST BALTIMORE,MD21201	NONE	PUBLIC	GENERAL	8,000
VASSAR COLLEGE 124 RAYMOND AVE POUGHKEEPSIE,NY12604	NONE	PUBLIC	GENERAL	250
VMC FOUNDATION 751 S BASCOM AVE BLDG H-26 SAN JOSE,CA95128	NONE	PUBLIC	GENERAL	450
WALTERS ART MUSEUM 600 N CHARLES STREET BALTIMORE,MD20201	NONE	PUBLIC	GENERAL	1,000
WILMER EYE INSTITUTE 600 NORTH WOLFE STREET BALTIMORE,MD21287	NONE	PUBLIC	GENERAL	1,000
NACHALAT NAFTALI FOUNDATION 1081 EAST 27TH STREET BROOKLYN,NY11210	NONE	PUBLIC	GENERAL	500
Total ................................. 3a				225,000

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			14	17,652
4 Dividends and interest from securities....			14	61,690
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.....			01	23
8Gain or (loss) from sales of assets other than inventory			18	-376,352
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		-296,987	0

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

13-296,987

(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

Name of Bond	End of Year Book Value	End of Year Fair Market Value
14000 SHS DEERE JOHN CAPITAL CORP 7.% - OWNED 1/1, SOLD DURING 2010	0	0
14000 SHS VERIZON COMM INC 5.25%	14,726	15,222
14000 SHS WELLS FARGO & CO 4.95%	14,379	14,994
14000 SHS CONOCOPHILIPA GTD 4.6%	14,930	15,259
15000 SHS JPMORGAN CHASE & CO 4.75%	15,686	16,016
14000 SHS PFIZER INC 5.35%	15,917	15,738
15000 SHS GENERAL ELEC CAP CORP 5.4%	15,561	16,056
15000 SHS GOLDMAN SACHS GRP INC 5.95%	15,481	16,273
14000 SHS AT&T INC NTS 5.60%	14,732	15,620

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
152 SHS ANNALY CAPITAL MNGMNT	AT COST	2,589	2,724
164 SHS FIRST INDL RLTY TR INC	AT COST	1,398	1,437
105 SHS HATTERAS FINL CORP	AT COST	2,993	3,088
5824.759 SHS PIA BBB BOND FUND	AT COST	54,852	58,073
790 SHS PROLOGIS TRUST	AT COST	7,989	11,408
215 SHS REDWOOD TRUST INC	AT COST	3,137	3,210
136 SHS UDR INC	AT COST	1,835	3,199
MOUNT YALE GUARDIAN FUND, LP	AT COST	103,065	103,065
AJW OFFSHORE LTD - OWNED 1/1, WORTHLESS AT 12/31/2010	AT COST	0	0
MOUNT YALE PRIVATE EQUITY	AT COST	500,000	489,766

Name of Stock	End of Year Book Value	End of Year Fair Market Value
235 SHS ABBOTT LAB	11,156	11,259
480 SHS ABB LTD	8,227	10,776
62 SHS ADVENT SOFTWARE INC	2,487	3,591
84 SHS ALBEMARLE CORP	2,722	4,686
200 SHS ALBERTO CULVER CO	5,019	7,408
60 SHS ALCON INC	8,515	9,804
1300 SHS ALCOA - OWNED 1/1, SOLD DURING 2010	0	0
7 SHS ALLEGHANY CORP	1,904	2,145
138 SHS ALEXANDER & BALDWIN INC	4,003	5,524
80 SHS AMDOCS LTD	2,189	2,198
600 SHS AMERICAN EXPRESS CO.	3,449	25,752
300 SHS AMERICAN EXPRESS CO.	7,506	12,876
200 SHS AMERIPRISE	819	11,510
1200 SHS AMETEK, INC.	3,908	47,100
54 SHS AOL INC	1,110	1,280
158 SHS AOL INC	3,283	3,746
500 SHS ARCHER DANIELS MIDLAND CO.	5,662	15,040
2530 SHS ARM HOLDNGS - OWNED 1/1, SOLD DURING 2010	0	0
580 SHS ASML HOLDINGS	12,178	22,237
300 SHS ASCENT MEDIA CORP	6,226	11,628
154 SHS ATWOOD OCEANICS INC	4,377	5,755
390 SHS AVON PRODUCTS	12,763	11,333
520 SHS BB&T CORP	12,096	13,671
130 SHS BB&T CORP - OWNED 1/1, SOLD DURING 2010	0	0
270 SHS BHP BILLTON PIC	12,100	21,735
37 SHS BARCLAYS BANK - OWNED 1/1, SOLD DURING 2010	0	0
210 SHS BAXTER INTL	9,716	10,630
400 SHS BECKMAN COULTER INC	19,186	30,092
335 SHS BIOVIL CORP INTL - OWNED 1/1, SOLD DURING 2010	0	0
116 SHS BRINKS CO - OWNED 1/1, SOLD DURING 2010	0	0
110 SHS BRINKS HOME SEC HLDG INC - OWNED 1/1, SOLD DURING 2010	0	0
560 SHS BRISTOL MYERS SQUIBB	14,557	14,829
580 SHS CTC MEDIA INC	13,059	13,589
254 SHS CABELAS INC	4,194	5,525
2200 SHS CABLEVISION SYSTEM CORPORATION	14,213	74,448
320 SHS CABURY SCHWEPPES - OWNED 1/1, SOLD DURING 2010	0	0
99 SHS CARMAX INC	1,705	3,156
170 SHS CORRECTIONS CORP AMER - OWNED 1/1, SOLD DURING 2010	0	0
180 SHS CATIPILLAR	6,132	16,859
500 SHS CBS	5,964	9,515
40 SHS CEPHALON INC	2,626	2,469
65 SHS CHECK POINT SOFTWARE TECH	1,773	3,007
170 SHS CHEVRON	11,602	15,513
300 SHS CHINA LIFE INS	16,828	18,351
340 SHS CHINA MOBILE - OWNED 1/1, SOLD DURING 2010	0	0
100 SHS CIGNA CORP	2,768	3,666
1500 SHS CINCINNATI BELL	7,784	4,200
400 SHS CNH GLOBAL N V	8,001	19,096
135 SHS COLGATE-PALMOLIVE	8,187	10,850
90 SHS COMPUTER SCIENCE CORP	4,320	4,464
225 SHS CONOPHILLIPS	14,915	15,323
65 SHS CONTANGO OIL & GAS	3,140	3,765
12 SHS CONTANGO ORE INC - OWNED 1/1, SOLD DURING 2010	0	126
165 SHS CONSTELLATION BRANDS INC	2,982	3,655
200 SHS COOPERS INDS	6,646	11,658
1000 SHS CORNING	10,297	19,320
192 SHS CORRECTIONS CORP AMER	4,013	4,812
500 SHS CRANE CO	16,704	20,535
410 SHS CREDIT SUISSE GRP	16,869	16,568
11 SHS CURRENCY SHARES AUSTRALIAN - OWNED 1/1, SOLD DURING 2010	0	0
2000 SHS DANONE	21,404	25,232
175 SHS DEERE & CO	5,351	14,534
800 SHS DEERE CORP	28,391	66,440
270 SHS DIAGEO PIC	18,213	20,069
500 SHS DIEBOLD	18,705	16,025
800 SHS DIRECT TV	12,997	31,944
500 SHS DISCOVERY COMMS A	3,225	20,850
500 SHS DISCOVERY COMM S C	2,251	18,345
700 SHS DISH NETWORK CORP	8,386	13,762
500 SHS DR PEPPER SNAPPLE GRP	9,741	17,580
470 SHS DOW CHEMICAL CO	11,835	16,046
355 SHS DUPONT E I DEMOURSA	13,322	17,707
66 SHS EATON VANCE CORP	2,000	1,995
1500 SHS EI PASCO CORP	13,788	20,640
1400 SHS EI PASO ELEC CO NEW	15,848	38,542
315 SHS EMERSON ELECTRIC	12,105	18,009
500 SHS ENERGIZER HLDGS	4,803	36,450
40 SHS ENERGIZER HLDGS	2,682	2,916
113 SHS ENDO PHARM HLDGS INC	2,455	4,035
50 SHS EVEREST RE GRP	4,200	4,241
1000 SHS FEDERAL MOGUL CORP	18,426	20,650
2000 SHS FERROR CORP	9,286	29,280
300 SHS FLOWERS FOODS	1,216	8,073
300 SHS FLOWSERVE CORP	5,546	35,766
531 SHS FORCE PROTIN INC	2,900	2,926
155 SHS FOREST LABS INC	4,185	4,957
117 SHS FOSTER WHEELER	2,762	4,039
350 SHS FRESENIUS MEDICAL CARE	14,014	20,192
125 SHS GAMESTOP CORP	2,406	2,860
280 SHS GARMI LTD	5,267	8,677
1000 SHS GAYLORD ENTERTAINMENT	14,266	35,940
2000 SHS GENCORP INC	15,896	10,340
730 SHS GENERAL ELECTRIC	14,757	13,352
1000 SHS GOLDMAN SACHS HIGH YIELD INST	106,529	118,872
2000 SHS GENCORP INC	6,483	19,840
800 SHS GREAT PLAINS ENERGY	12,192	15,512
1500 SHS GRIFFON CORP	14,215	19,110
125 SHS HCC INS HLDGS INC	3,270	3,618
184 SHS HSBC HLDGS	16,336	9,391
720 SHS HALLIBURTON CO HLDNG - OWNED 1/1, SOLD DURING 2010	0	0
395 SHS HANCOCK HOLDING CO	14,938	13,770
450 SHS HARLEY DAVIDSON INC	5,665	15,602
310 SHS HARRIS CORP	9,018	14,043
135 SHS HARRIS CORP - OWNED 1/1, SOLD DURING 2010	0	0
67 SHS HASBRO INC	1,785	3,161
400 SHS HOME DEPOT	10,500	14,024
1165 SHS HUNTSMAN CORP	12,054	18,186
285 SHS IAC/INTERCATIVECRP - OWNED 1/1, SOLD DURING 2010	0	0
400 SHS ICICI BK LTD	8,126	20,256
239 SHS IMS HEALTH INC - OWNED 1/1, SOLD DURING 2010	0	0
965 SHS INTEL CORP - OWNED 1/1, SOLD DURING 2010	0	0
31 SHS INVESTORS TITLE CO	993	946
37 SHS ISHARES INC MSCI BRAZILL INDEX	2,978	2,864
170 SHS ISHARES INC MSCI CANADA INDEX FD	5,318	5,270
60 SHS ISHARES INC MSCI PACIFI EX JAPAN	2,877	2,819
184 SHS ISHARES INC MSCI TAIWAN INDEX FD	2,791	2,874
47 SHS ISHARES INC MSCI SOUTH KOREA INDEX FD	2,781	2,876
45 SHS ISHARES INC MSCI MEXICO INVESTABLE	2,762	2,786
147 SHS ISHARES INC MSCI HONG KONG INDEX FD	2,886	2,781
9 SHS ISHARES BARCIAYS TREAS - OWNED 1/1, SOLD DURING 2010	0	0
312 SHS ISHARES TR MSCI EMERGING MKTS	14,955	14,864
11 SHS ISHARES BARCLAYS 1-3YR TREAS BD FD - OWNED 1/1, SOLD DURING 2010	0	0
767 SHS ISHARES BARCLAYS 1-3YR TREAS	61,168	64,413
1123 SHS I SHARES TR JPMORGAN USD EMERGING MKTS	109,765	120,251
48 SHS ISHARES TR MSCI EAFE INDEX FD	2,991	2,795
35 SHS ISHARES TR RUSSELL 2000 INDEX FD	2,762	2,738
500 SHS ITT INDS	8,182	26,055
225 SHS JOHNSON& JOHNSON	13,952	13,916
1000 SHS JOURNAL COM	1,152	5,050
125 SHS KBR INC	2,656	3,809
1500 SHS KAMAN CORP	25,605	43,605
210 SHS KIMBERLY CLARK	12,875	13,238
61 SHS KINDER MORGAN MGMT LLC	2,635	4,080
555 SHS KING PHARM INC - OWNED 1/1, SOLD DURING 2010	0	0
170 SHS KNOLL INC	1,678	2,844
148 SHS KORN FERRY INTL - OWNED 1/1, SOLD DURING 2010	0	0
595 SHS KRAFT FOODS - OWNED 1/1, SOLD DURING 2010	0	0
55 SHS L3 COMM	4,151	3,877
5000 SHS LADBROKES	21,680	9,575
152 SHS LANCE INC - OWNED 1/1, SOLD DURING 2010	0	0
500 SHS LEGG MASON	10,318	18,135
1740 SHS LIBERTY GLOBAL A	13,631	61,561
100 SHS LIBERTY MEDIA CORP	1,805	6,648
78 SHS LIBERTY MEDIA CORP	3,862	5,185
120 SHS LIBERTY MEDIA HLDG CORP	2,075	7,507
105 SHS LOWES CORP	3,364	4,086
368 SHS MBIA INC	2,776	4,412
550 SHS MADISON SQUARE GARDEN	2,923	14,179
415 SHS MARATHON OIL	9,661	15,367
3 SHS MARKEL CORP HLDG CO - OWNED 1/1, SOLD DURING 2010	0	0
36 SHS MARTIN MARIETTA MATIS INC	3,223	3,321
1085 SHS MASCO CORP	13,827	13,736
640 SHS MAXIM INTERGRATED PRODS	11,398	15,117
150 SHS MCDONALDS	6,004	11,514
395 SHS MERCK & CO	15,251	14,236
261 SHS MICREL INC	2,712	3,390
1000 SHS MIDAS GRP	16,050	8,110
270 SHS MINDRAY MED INTL LTD	9,037	7,128
700 SHS MODINE MANUFACTURING CO.	6,399	10,850
227 SHS MONTPELIER RE HLSGS COM	3,679	4,526
65 SHS MURPHY OIL CORP	3,616	4,846
455 SHS NYSE EURONEXT	11,676	13,641
180 SHS NESTLE	8,584	10,573
500 SHS NATIONAL FUEL GAS CO	16,490	32,810
1200 SHS NAVISTAR	34,467	69,492
53 SHS NEWMARKET CORP	4,413	6,539
2500 SHS NEWS CORP	8,549	36,400
765 SHS NEW YORK COMMUNICTY BANCORP	9,504	14,420
95 SHS NOBLE CORP	3,872	3,398
1150 SHS NOKIA CORP	12,253	11,868
410 SHS NORDSTROM INC	12,932	17,376
900 SHS NORTHEAST UTIL	14,906	28,692
300 SHS NORTHERN TRUST CORP	16,395	16,623
205 SHS NORTHRUP GRUMMAN	15,325	13,280
100 SHS NORTHRUP GRUMMAN - OWNED 1/1, SOLD DURING 2010	0	0
265 SHS NUCOR CORP	12,073	11,612
156 SHS OLD DOMINION FGHT LINES INC	3,620	4,990
79 SHS OWENS & MINOR	2,328	2,325
400 SHS PALL CORP	10,508	19,832
450 SHS PAYCHEX INC	12,811	13,910
215 SHS PEPSICO INC	14,616	14,046
102 SHS POWERSHARES DB COMMODITY INDEX	2,768	2,810
149 SHS PRICESMART INC	2,641	5,666
230 SHS PROCTOR & GAMBLE	13,027	14,796
310 SHS PROSHARES SHORT S & P 500 PROSHARES - OWNED 1/1, SOLD DURING 2010	0	0
329 SHS QLT INC	1,984	2,412
1100 SHS QIAGEN N V REG	18,170	21,505
3100 SHS QWEST COMM INTI INC - OWNED 1/1, SOLD DURING 2010	0	0
900 SHS RECKITT BENCKISER GRP	7,974	9,934
820 SHS REGAL ENTERTAINMENT	16,374	9,627
2000 SHS REPUBLIC SVC INC	21,130	59,720
320 SHS REGIONS FINL CORP	2,249	2,240
530 SHS ROCHE HLDGS	22,531	19,475
700 SHS ROGERS COM	9,034	24,241
4500 SHS ROLLINS, INC.	8,065	88,875
8000 SHS ROLLS-ROYCE GRP	60,822	77,784
627 SHS SABMILLER PIC	12,539	22,151
500 SHS SAFEWAY INC	9,416	11,245
190 SHS SAP SA	8,809	9,616
800 SHS SCRIPPS NETWORK	23,899	41,400
77 SHS SECTOR SPDR TR SHS BEN INT ENERGY	5,183	5,255
500 SHS SENSIENT TECH CORP	10,652	18,365
431 SHS SERVICE CORP INTI	3,319	3,556
1350 SHS SGSSA	18,264	22,725
580 SHS SOCIETE GENERALE - OWNED 1/1, SOLD DURING 2010	0	0
400 SHS SJW CORP	5,666	10,588
1000 SHS SL INDS INC - OWNED 1/1, SOLD DURING 2010	0	0
65 SHS SOHU.COM INC - OWNED 1/1, SOLD DURING 2010	0	0
2000 SHS SPRINT CORP NEW	24,724	8,460
21 SHS SPDR GOLD TR GOLD	2,892	2,913
68 SHS SPDR SER TR BARCLAYS CAP HIGH YIELD BD	2,773	2,700
22 SHS SPDR S &P 500 ETF TRUST UNIT	2,764	2,767
139 SHS STURM RIGER & CO	1,657	2,125
395 SHS SUNOCOLNC	11,820	15,922
270 SHS SYMANTEC CORP	4,179	4,520
76 SHS SYNAPTICS INC - OWNED 1/1, SOLD DURING 2010	0	0
107 SHS TEJON RANCH CO	2,777	2,948
120 SHS TELEFONICA	5,940	8,210
1000 SHS TELEPHONE AND DATA SYSTEMS, INC. SPL	4,963	36,550
403 SHS TENCENT HLDGS LTD	9,312	8,756
651 SHS TENET HEALTHCARE CORP	2,728	4,355
105 SHS TESSERA TECH INC	2,161	2,326
320 SHS TEVA PHARM	10,951	16,682
180 SHS 3MCO	12,229	15,534
700 SHS THOMAS & BETTS CORP	10,143	33,810
600 SHS TIME WARNER, INC.	15,590	19,302
1000 SHS TREDEGAR INDS	12,848	19,380
244 SHS TREADEGAR CORP	3,836	4,729
290 SHS TUPPERWARE	5,534	13,824
325 SHS TYCO INTI INC	12,522	13,468
800 SHS U S CELLULAR CORP	29,156	39,952
70 SHS ULTRA PETROLEUM CORP	3,037	3,344
155 SHS UNION PACIFIC	6,088	14,362
190 SHS UNITED PARCEL	11,366	13,790
67 SHS UNIVERSAL CORP	2,543	2,727
640 SHS VALERO ENERGY CORP - OWNED 1/1, SOLD DURING 2010	0	0
296 SHS VALUECLLICK INC	3,361	4,745
309 SHS VANGUARD EMERGING MKTS VIPERS	14,943	14,877
360 SHS VEOLIA	20,680	10,570
120 SHS VESTAS WIND SYS	3,004	1,267
1500 SHS VIACOM, INC.	28,178	68,790
60 SHS VISTEON CORP	3,762	4,455
500 SHS VIVENDI UNIV A ADR	6,275	13,511
1000 SHS VODAFONE	25,442	26,440
830 SHS VODAFONE	20,359	21,945
61 SHS VULCAN MATERIALS CO - OWNED 1/1, SOLD DURING 2010	0	0
500 SHS WATTS WATER TECH	6,609	18,295
700 SHS WEATHERFORD INTI LTD	11,439	15,960
4 SHS WESCO FINL CORP	1,224	1,474
100 SHS WESTERN DIGITAL CORP	2,580	3,390
730 SHS WEYERHAEUSER CO	13,504	13,819
7 SHS WHITE MOUNTAINS INS GRP	2,017	2,349
800 SHS ZEP	10,169	15,904
110 SHS ZION BANCORP	2,358	2,665