Form990-PF
Click to see attachment

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 05-01-2010 , and ending 04-30-2011
G
Check all that apply:
Name of foundation
Liberty Fund Inc
 

Number and street (or P.O. box number if mail is not delivered to street address)8335 ALLISON POINTE TRAIL   Room/suite
City or town, state, and ZIP code
INDIANAPOLIS, IN46250
A Employer identification number

35-1320021
B Telephone number (see page 10 of the instructions)

(317) 842-0880
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$327,036,908J Accounting method:
MODIFIED CASH
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 37,225
2 Check bullet
3 Interest on savings and temporary cash investments 27,498 27,498 27,498
4 Dividends and interest from securities...... 5,986,235 6,076,346 6,076,346
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 18,748,715
b Gross sales price for all assets on line 6a 152,393,471
7 Capital gain net income (from Part IV, line 2)... 20,660,723
8 Net short-term capital gain......... 4,899,473
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 610,991 2,408,526 3,019,517
12 Total. Add lines 1 through 11........ 25,410,664 29,173,093 14,022,834
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 2,565,397 41,458 41,458 2,523,938
14 Other employee salaries and wages...... 3,269,808     3,269,808
15 Pension plans, employee benefits....... 1,559,979 1,952 1,952 1,558,027
16a Legal fees (attach schedule)......... Click to see attachment 101,609 10,161 10,161 91,448
b Accounting fees (attach schedule)....... Click to see attachment 64,955 4,547 6,496 58,460
c Other professional fees (attach schedule).... Click to see attachment 5,086,673 1,436,456 1,436,456 3,650,217
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 0 66,500 66,500 0
19 Depreciation (attach schedule) and depletion... Click to see attachment 99,748 1,496 1,496
20 Occupancy.............. 1,837,211 22,342 22,342 1,814,869
21 Travel, conferences, and meetings....... 4,889,810 13,816 13,816 4,875,995
22 Printing and publications.......... 1,902,477 3 610,994 1,291,484
23 Other expenses (attach schedule)....... Click to see attachment 622,243 1,353,997 1,353,997 610,432
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 21,999,910 2,952,728 3,565,668 19,744,678
25 Contributions, gifts, grants paid........ 20,000 20,000
26 Total expenses and disbursements. Add lines 24 and 25 22,019,910 2,952,728 3,565,668 19,764,678
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,390,754
b Net investment income (if negative, enter -0-) 26,220,365
c Adjusted net income (if negative, enter -0-)... 10,457,166
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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 145,939 149,079 149,079
2 Savings and temporary cash investments.......... 18,839,823 6,113,125 6,117,906
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges........... 36,307 38,562 38,562
10a Investments—U.S. and state government obligations (attach schedule) 9,618,708 Click to see attachment8,714,789 8,674,879
b Investments—corporate stock (attach schedule)........ 198,443,667 Click to see attachment232,045,083 289,207,463
c Investments—corporate bonds (attach schedule)........ 27,091,367 Click to see attachment12,469,093 13,162,165
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 11,224,243 Click to see attachment9,309,039 9,061,606
14 Land, buildings, and equipment: basis bullet4,181,518
Less: accumulated depreciation (attach schedule) bullet4,066,735 172,941 Click to see attachment114,783 114,783
15 Other assets (describe bullet) Click to see attachment152,056 Click to see attachment164,557 Click to see attachment510,465
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 265,725,051 269,118,110 327,036,908
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet) Click to see attachment17,192 Click to see attachment19,497
23 Total liabilities (add lines 17 through 22).......... 17,192 19,497
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 265,707,859 269,098,613
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds.........    
28 Paid-in or capital surplus, or land, bldg., and equipment fund    
29 Retained earnings, accumulated income, endowment, or other funds    
30 Total net assets or fund balances (see page 17 of the
instructions).................... 265,707,859 269,098,613
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 265,725,051 269,118,110
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)............... 1 265,707,859
2 Enter amount from Part I, line 27a...................... 2 3,390,754
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 269,098,613
5 Decreases not included in line 2 (itemize) bullet 5  
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 269,098,613
Form 990-PF (2010)
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 PUBLICLY TRADED SECURITIES      
b WTC DAS ABSOLUTE RETURN      
c WTC DIVERSIFIED INFLA HEDGES      
d WTC TIPS      
e WTC OPPORTUNISTIC INVESTMENT      
WTC GLOBAL CONTRARIAN      
EXCELSIOR VENTURE PARTNERS III      
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 139,297,471   120,654,892 18,642,579
b       -644,551
c       182,864
d       318,397
e       1,948,162
      219,689
      -6,417
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       18,642,579
b        
c        
d        
e        
       
       
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 20,660,723
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . 		Bracket 3 4,899,473
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2009      
2008      
2007      
2006      
2005      
2 Total of line 1, column (d) ...................... 2  
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3  
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4  
5 Multiply line 4 by line 3....................... 5  
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6  
7 Add lines 5 and 6......................... 7  
8 Enter qualifying distributions from Part XII, line 4.............. 8  
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2010)
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 Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter: 1989-02-16(attach copy of letter if necessary–see instructions)
b 1 N/A
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2............................ 3 0
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 0
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a  
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 0
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9 0
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2011 estimated taxBullet   Refunded Bullet 11  
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? Click to see attachment....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?.............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changesClick to see attachment....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.Click to see attachment
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletIN
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV...........................
    9
    Yes
     
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) Click to see attachment.......
    11
    Yes
     
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletWWW.LIBERTYFUND.ORG
    14
    The books are in care ofbulletMS SANDRA J SCHALLER Telephone no.bullet (317) 842-0880
    Located atbullet8335 ALLISON PT TRL STE 300INDIANAPOLISIN ZIP+4bullet46250
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 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? .................
    16
    Yes
     
    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 bulletUK
    Form 990-PF (2010)
    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
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 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.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2010)
    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
    MANUEL F AYAUClick to see attachment Director
    5.0     		12,000 158  
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    GEORGE W CAREYClick to see attachment Director
    5.0     		39,500 410 103
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    ROSEDA D DECKERClick to see attachment Director Emeritus
    5.0     		36,000 0 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    DOUGLAS J DEN UYLClick to see attachment VP of Educational Progams
    40.0     		213,500 62,257 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    RICHARD W DUESENBERGClick to see attachment Director
    5.0     		41,000 410 666
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    PATRICIA A GALLAGHERClick to see attachment VP of Publishing
    40.0     		148,699 47,457 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    GIANCARLO IBARGUEN SClick to see attachment Director
    5.0     		40,500 632 4,503
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    JOSEPH F JOHNSTONClick to see attachment Director
    5.0     		40,000 410 668
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    LEONDARD P LIGGIOClick to see attachment Director
    5.0     		41,000 410 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    EDWARD B MCLEANClick to see attachment Director
    5.0     		37,500 410 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    MARY A O'GRADYClick to see attachment Director
    5.0     		20,400 314 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    EMILIO J PACHECOClick to see attachment Exec Vice President, COO
    40.0     		243,724 56,231 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    T ALAN RUSSELLClick to see attachment Director and Chairman
    40.0     		386,681 508 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    SANDRA J SCHALLERClick to see attachment VP, Controller; Secret-Treas
    40.0     		184,300 50,546 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    JO ANNE W SHEPLERClick to see attachment Asst Sec.; HR & Admin Svcs Mgr
    40.0     		83,302 29,018 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    DANE STARBUCKClick to see attachment Director
    5.0     		41,000 632 6,005
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    CHRIS L TALLEYClick to see attachment Dir., President & CEO
    40.0     		413,816 75,746 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    JENNIFER K THOMPSONClick to see attachment VP, DIR CO-SPONSORED PROGRAMS
    40.0     		130,257 39,995 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    RICHARD A WAREClick to see attachment DIRECTOR EMERITUS
    5.0     		36,000 0 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    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
    JAMES F COTE LF FELLOW, DIRECTOR
    40.0     		150,000 42,136 0
    8335 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    DAVID M HART DIR ONLINE LIBRARY
    40.0     		131,411 42,674 0
    8336 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    HANS L EICHOLZ SR LIBERTY FUND FELL
    40.0     		127,698 41,290 0
    8337 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    STEVEN D EALY SR LIBERTY FUND FELL
    40.0     		126,443 46,752 0
    8338 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    CHRISTINE D HENDERSON SR LIBERTY FUND FELL
    40.0     		121,355 38,504 0
    8339 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    Total number of other employees paid over $50,000...................bullet 24
    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
    WELLINGTON MANAGEMENT COMPANY LLP INVESTMENT MGMT 148,430
    280 CONGRESS STREET
    BOSTON,MA02210
    APEX COVANTAGE PUB, CONV, ARCHIVING 132,638
    198 VAN BUREN STREET
    HERNDON,VA20170
    LAUREN LANDSBURG Outside Consultant 99,910
    35 COMMONWEALTH ROAD
    ROCHESTER,NY14618
    WALTER LEE DAVIS STUDIOS Outside Consultant 98,850
    7530 MOUNTAIN AVENUE
    MELROSE PARK,PA19027
    BAKER & DANIELS LLP LEGAL SERVICES 96,259
    300 N MERIDIAN ST SUITE 2700
    INDIANAPOLIS,IN46204
    Total number of others receiving over $50,000 for professional services.............bullet3
    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 LIBERTY FUND COLLOQUIA AND SYMPOSIUMS - PLEASE SEE GEA 7,042,175
    2 CO-SPONSORED PROGRAMS - PLEASE SEE GEA 3,224,992
    3 LIBERTY FUND PUBLISHING - PLEASE SEE GEA 3,142,294
    4 LIBERTY FUND WEBPAGES - PLEASE SEE GEA 767,934
    Form 990-PF (2010)
    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 NONE  
    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.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    293,001,079
    b
    Average of monthly cash balances.......................
    1b
    6,482,933
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    573,188
    d
    Total (add lines 1a, b, and c).........................
    1d
    300,057,200
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d..........................
    3
    300,057,200
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    4,500,858
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    295,556,342
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    14,777,817
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
     
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
     
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
     
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
     
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4.............................
    5
     
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
     
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1.................................
    7
     
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    19,764,678
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes................................
    2
    40,966
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    19,805,644
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    19,805,644
    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)
    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 0
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 0
    b Total for prior years:2008, 2007, 2006 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.........  
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$  
    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)    		  
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		 
    d Applied to 2010 distributable amount.....  
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2010.    
    (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......     		 
    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) ...........     		 
    8Excess distributions carryover from 2005 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		 
    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.... 0
    Form 990-PF (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
    1989-02-16
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2010 (b) 2009 (c) 2008 (d) 2007
    10,457,166 10,486,874 9,019,149 16,483,681 46,446,870
    b 85% of line 2a ......... 8,888,591 8,913,843 7,666,277 14,011,129 39,479,840
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		19,805,644 22,144,684 27,696,864 27,245,278 96,892,470
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		20,000       20,000
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		19,785,644 22,144,684 27,696,864 27,245,278 96,872,470
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ...... 327,036,908 298,288,423 265,825,617 431,580,121 1,322,731,069
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		         0
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		9,851,878 9,381,920 10,671,757 14,681,318 44,586,873
    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) ....     		        0
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		        0
    (3) Largest amount of support
    from an exempt organization    		         0
    (4) Gross investment income         0
    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).)
    NONE
    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.
    NONE
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    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)
    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)
    aPaid during the year
    University of Notre Dame
    940 Grace Hall
    Notre Dame,IN46556     		None 509(a)(1),170b(1)(a) Support Tocqueville educational conference, Combining the Spirit of Religion and the Spirit of Liberty: The Tocqueville Thesis. 20,000
    Total .................................bullet 3a 20,000
    bApproved for future payment
    Total ..................................bullet 3b  
    Form 990-PF (2010)
    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 27,498  
    4 Dividends and interest from securities....     14 5,986,235  
    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 18,748,715  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aBOOK & FILM SALES         610,991
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   24,762,448 610,991
    13Total. Add line 12, columns (b), (d), and (e)...................
    1325,373,439
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    11B INCOME CONTRIBUTES IMPORTANTLY TO THE CONTINUED PUBLICATION OF WRITINGS OF DECEASED THINKERS AS WELL AS CURRENT WRITINGS DEEMED UNPROFITABLE BY COMMERCIAL PUBLISHERS AND TO PROMOTE THE STUDY OF LIBERTY AND PERSONAL RESPONSIBILITY.
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash....................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements............................
    1b(4)
     
    No
    (5) Loans or loan guarantees..............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2010)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description
    Schedule B
    (Form 990, 990-EZ,
    or 990-PF)
    Department of the Treasury
    Internal Revenue Service
    Schedule of Contributors
    Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
    OMB No. 1545-0047
    2010
    Name of organization
    Liberty Fund Inc
     
    Employer identification number

    35-1320021
    Organization type (check one):
    Filers of:
    Section:
    Form 990 or 990-EZ





    Form 990-PF




    Check if your organization is covered by the General Rule or a Special Rule.  
    Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
    General Rule—
    Special Rules
    ......................... Arrow Bullet   $    
    Caution. An Organization that is not covered by the General Rule and/or the Special Rules does not file Schedule B (Form 990,
    990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2 of its Form 990, or check the box in the heading of its
    Form 990-EZ, or on line 2 of its Form 990-PF, to certify that it does not meet the filing requirements of Schedule B (Form 990,
    990-EZ, or 990-PF).
    For Paperwork Reduction Act Notice, see the Instructions
    for Form 990, 990-EZ, or 990-PF.
    Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2010)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 1 of 1 of Part I
    Name of organization
    Liberty Fund Inc
          		Employer identification number

    35-1320021
    Part I
    Contributors (see Instructions)
    		     
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
    1
     
     

    Estate of Kelly E Gibson    
    5135 N Ripley Street 213
       
    Davenport, IA   52806

    		$36,425




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    (a)
    No.    		 (b)
    Name, address, and ZIP + 4    		 (c)
    Aggregate contributions    		 (d)
    Type of contribution
     
     
     

         
     
       

    		$  




    (Complete Part II if there is
    a noncash contribution.)
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 1 of 1 of Part II
    Name of organization
    Liberty Fund Inc
          		Employer identification number

    35-1320021
    Part II
    Noncash Property (see Instructions)
    		     
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    (a) No.
    from
    Part I    		 (b)
    Description of noncash property given    		 (c)
    FMV (or estimate)
    (see instructions)     		(d)
    Date received
     
    		$    
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)
    Page 1 of 1 of Part III
    Name of organization
    Liberty Fund Inc
          		Employer identification number

    35-1320021
    Part III
    Exclusively religious, charitable, etc., individual contributions to section 501(c)(7), (8), or (10) organizations
    aggregating more than $1,000 for the year. (Complete columns (a) through (e) and the following line entry.)
    For organizations completing Part III, enter the total of exclusively religious, charitable, etc.,
    contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet $  
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    (a) No.
    from
    Part I    		 (b)
    Purpose of gift    		 (c)
    Use of gift    		 (d)
    Description of how gift is held
     
    (e)
    Transfer of gift
    Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
     
     
           
     
    Schedule B (Form 990, 990-EZ, or 990-PF) (2010)

    Additional Data


    Software ID:  
    Software Version:  

    TY 2010 AccountingFeesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    AUDIT & TAX PREPARATION FEES 64,955 4,547 6,496 58,460

    TY 2010 CompensationExplanation
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Person Name Explanation
    MANUEL F AYAU Expense account and other allowances - ($1,272) In April 2010, Liberty Fund, Inc. paid $1,271.58 in registration fees for Manuel Ayau's wife to attend a professional meeting that was to be held in the fall and was reported on the 2009 990PF. Manuel passed away on August 4, 2010. Liberty Fund, Inc. received a credit for the fees in September 2010. Due to the payment and refund being in two different fiscal years, there is a credit for this year.

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    TY 2010 DepreciationSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
    Life (# of years)    		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included

    TY 2010 GeneralExplanationAttachment
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Identifier Return Reference Explanation
    Part I, Line 19 and Part II, Line 14   LIBERTY FUND, INC. E.I. #35-1320021 A STATEMENT ATTACHED TO AND MADE PART OF U.S. PRIVATE FOUNDATION INCOME TAX RETURN FOR THE YEAR ENDED APRIL 30, 2011 PART I, LINE 19 - DEPRECIATION PART II, LINE 14 - LAND, BUILDINGS, AND EQUIPMENT LEASEHOLD IMPROVEMENTS - 1,993,358 OFFICE FURNITURE - 1,617,148 EQUIPMENT AND OTHER - 571,912 LESS: ACCUMULATED DEPRECIATION - (4,066,735) NET FIXED ASSETS - 114,783 DEPRECIATION EXPENSE - 99,748 DEPRECIATION CALCULATED USING THE STRAIGHT-LINE METHOD.
    Part IX-A summary of charitable activities Liberty Fund Colloquia and Symposiums 102 Colloquim and symposiums were developed and conducted in the United States, Canada, Latin America, and Europe. Colloquium and symposiums are to foster thought and encourage discourse on enduring issues pertaining to liberty. Co-Sponsored Programs Liberty Fund administered Co-Sponsored Programs with thirteen other non-profit organizations with similar educational and public purposes. Liberty Fund and the Co-Sponsors have joint or shared responsibilities over planning, developing, coordinating, conducting, and evaluating the conference programs held. As with the Liberty Fund Colloquia and Symposiums, the Co-Sponsored Programs are to foster thought and encourage discourse on enduring issues pertaining to liberty. Liberty Fund Publishing Liberty Fund published eight titles and conducted editorial work on other works for upcoming publications. Titles selected for publishing are those that will preserve the wisdom and learning of the ages, and strengthen, in particular, the understanding and appreciation of individual liberty and responsibility. Titles include classics in the fields of history, politics, philosophy, law, education, and economics. Liberty Fund Webpages The Library of the Classics of Liberty - http://oll.libertyfund.org - is a webpage dedicated to making the classic texts which contributed to our modern understanding of the nature of limited government, individual liberty, and the free market more accessible to scholars, students and other interested individuals. The Library of Economics and Liberty - www.econlib.org - is a webpage dedicated to advancing the study of economics, markets, and liberty.

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Name of Bond End of Year Book Value End of Year Fair Market Value
    AGILENT TECHNOLOGIES INC 149,723 152,364
    AIRGAS INC 164,802 173,844
    ALCAN INC 210,692 210,018
    AT&T INC 111,982 112,090
    AVALONBAY CMNTYS INC 220,052 248,006
    BANK AMER FDG CORP 309,144 328,950
    BANK AMER FDG CORP 99,749 112,730
    BOEING CAP CORP 74,835 79,151
    BURLINGTON NORTHN SANTA FE COR 219,510 225,684
    CAPITAL ONE FINL CORP 74,768 83,481
    CITIGROUP INC 229,710 249,136
    COLUMBIA BOND FUND 3,150,000 3,170,388
    CONOCOPHILLIPS CDA FDG CO 160,152 160,714
    CONSOLIDATED EDISON CO NY INC 189,269 215,530
    CRH AMER INC 165,176 167,119
    DARDEN RESTAURANTS INC 269,187 285,814
    DIAGEO CAP 199,812 214,368
    DIRECTV HLDGS LLC / DIRECTV FI 149,716 152,295
    DISNEY WALT CO DTD 12/19/02 285,802 272,525
    DU PONT E I DE NEMOURS & CO 198,094 195,848
    EMC CORP 120,679 167,633
    GENERAL ELEC CAP CORP 149,343 163,613
    GOLDMAN SACHS GROUP INC 199,764 204,984
    GOODRICH CORP 194,530 204,906
    HARTFORD FINL SVCS GROUP INC 176,742 221,155
    HEINZ H J CO 214,925 233,970
    IBM INTL GROUP CAP LLC 334,735 356,316
    ILLINOIS ST 190,000 194,509
    JPMORGAN CHASE & CO 244,385 254,282
    KINDER MORGAN ENERGY PARTNERS 269,698 304,819
    LOUISIANA PUB FACS AUTH SYS RE 45,794 46,385
    MERRILL LYNCH & CO INC 174,769 189,649
    METLIFE INC 199,526 234,132
    MICROSOFT CORP 199,804 209,790
    NATIONAL CITY BK CLEVELAND OHI 153,000 238,320
    OHIO ST MAJOR NEW ST INFRASTRU 160,000 164,083
    PRUDENTIAL FINL INC 99,390 106,188
    SCHERING PLOUGH CORP 75,086 82,767
    SIMON PPTY GROUP L P 219,516 234,190
    SOUTHERN CO 259,951 258,289
    ST JUDE MED INC 299,547 317,676
    TIME WARNER CABLE INC 123,006 129,221
    TIME WARNER INC 189,774 194,621
    UNITEDHEALTH GROUP INC 106,496 106,306
    VERIZON COMMUNICATIONS INC 158,632 163,483
    VIACOM INC 198,582 214,800
    VIRGINIA ELEC & PWR CO 249,513 269,095
    VODAFONE GROUP PLC 357,120 370,113
    WELLPOINT INC 273,025 314,677
    WELLS FARGO & CO 199,586 202,138

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Name of Stock End of Year Book Value End of Year Fair Market Value
    3M CO 453,216 495,771
    ACACIA RESH CORP 37,278 102,800
    ACADIA PHARMACEUTICALS INC 15,931 23,760
    ACCENTURE PLC 327,571 474,179
    ACE LTD 1,011,216 1,304,314
    ACME PACKET INC 445,890 516,313
    ADVANCED AUTO PTS INC 250,835 314,208
    ADVANCED MICRO DEVICES INC 70,136 80,189
    AETNA INC 78,516 83,132
    AFFILIATED MANAGERS GROUP 68,754 108,426
    AGCO CORP 205,432 274,254
    AGILENT TECHNOLOGIES INC 35,776 45,418
    AGNICO EAGLE MINES LTD 74,563 81,617
    AGRIUM INC 287,293 293,536
    AIR PRODS & CHEMS INC 114,572 124,080
    ALAMO GROUP INC 52,307 61,512
    ALAMOS GOLD INC 1,332,582 1,318,299
    ALASKA AIR GROUP INC 60,071 93,206
    ALEXION PHARMACEUTICALS INC 343,000 486,965
    ALLEGHENY TECHNOLOGIES INC 126,105 167,256
    ALLERGAN INC 626,142 825,117
    ALLIANCE DATA SYS CORP 72,219 111,910
    ALLIANT CORP 54,267 69,986
    ALLIED MOTION TECHS INC 44,883 39,525
    ALLIED NEV GOLD CORP 1,308,848 1,958,154
    ALLIED WORLD ASSURANCE CO HLDG 850,994 948,562
    ALPHA & OMEGA CO 51,006 63,526
    ALPHA NAT RES INC 137,775 171,776
    ALTERA CORP 95,989 111,572
    AMAZON COM INC 624,637 1,023,107
    AMERCO 62,550 66,525
    AMERICAN AXLE & MFG HLDGS INC 67,012 64,883
    AMERICAN CAP LTD 35,623 35,411
    AMERICAN ELEC PWR INC 275,118 306,067
    AMERICAN FINL GROUP INC OHIO 525,629 761,901
    AMERICAN GREETINGS CORP 35,676 39,237
    AMERICAN SAFETY INS GROUP 57,563 56,804
    AMERICAN VANGUARD CORP 56,251 55,572
    AMERIGROUP CORP 226,949 334,670
    AMERIPRISE FINL INC 854,243 1,005,372
    AMERISOURCEBERGEN CORP 88,959 101,600
    AMETEK INC NEW 39,985 74,401
    AMGEN INC 628,174 625,350
    AMKOR TECHNOLOGY INC 53,188 52,729
    AMSURG CORP 42,309 44,158
    ANADARKO PETE CORP 479,224 652,913
    ANALOG DEVICES INC 292,084 399,069
    ANAREN INC 61,999 52,290
    ANDERSONS INC 439,034 550,817
    ANGLO AMERICAN PLC 281,782 270,608
    APAC CUSTOMER SERVICES INC 46,184 45,109
    APACHE CORP 229,496 309,172
    ARCH COAL INC 43,257 43,218
    ARCTIC CAT INC 38,572 58,765
    ARM HLDGS PLC 74,409 83,589
    ARRIS GROUP INC 53,663 60,553
    ARROW ELECTRS INC 56,732 60,498
    ARTESIAN RES CORP CL A 24,917 24,816
    ARUBA NETWORKS INC 52,190 60,094
    ASHLAND INC 55,800 62,390
    ASSURANT INC 543,455 583,590
    ASTRAZENECA PLC 591,238 702,603
    AT&T INC 2,279,967 2,378,564
    ATHENAHEALTH INC 96,137 166,217
    ATLAS AIR WORLDWIDE HLDGS INC 37,050 51,200
    ATRION CORP 26,396 29,436
    AUTODESK INC 59,069 72,868
    AUTOLIV INC 413,812 641,040
    AUTOMATIC DATA PROCESSING INC 329,532 402,264
    AVAGO TECHNOLOGIES LTD 74,814 89,907
    AVNET INC 214,350 265,136
    AXIS CAP HLDGS LTD 22,342 27,758
    BAIDU INC 561,114 971,766
    BAKER HUGHES INC 314,605 549,611
    BALL CORP 478,296 503,685
    BANK AMER CORP 1,463,387 1,336,064
    BANK OF THE OZARKS INC 40,547 64,569
    BANKUNITED INC 44,241 42,697
    BARRETT BILL CORP 48,953 59,674
    BARRICK GOLD CORP 1,594,187 1,982,657
    BB&T CORP 600,289 611,515
    BE AEROSPACE INC 32,448 54,412
    BERKSHIRE HATHAWAY INC DEL 222,929 233,240
    BGC PARTNERS INC 34,182 61,631
    BHP BILLITON LTD 861,685 1,011,489
    BIG LOTS INC 25,486 35,560
    BIOGEN IDEC INC 784,124 972,789
    BIOMED RLTY TR INC 38,443 42,160
    BIRCHCLIFF ENERGY LTD 89,447 135,519
    BORG WARNER INC 58,005 54,840
    BROOKDALE SENIOR LIVING INC 57,853 82,074
    BUCKEYE TECHNOLOGIES INC 20,538 60,910
    BUNGE LTD 114,586 143,110
    C H ROBINSON WORLDWIDE INC 476,745 489,258
    CABOT CORP 332,843 365,483
    CALLON PETE CO DEL 37,886 52,471
    CAMERON INTL CORP 162,340 219,790
    CANADIAN NAT RES LTD 85,733 99,602
    CANADIAN OIL SANDS LTD 400,276 506,406
    CANTEL MED CORP 57,552 75,197
    CARDICA INC 27,475 22,057
    CARDINAL HEALTH INC 310,436 428,162
    CARDTRONICS INC 47,752 85,000
    CARNIVAL CORP 162,503 200,629
    CASH AMER INTL INC 65,999 94,900
    CB RICHARD ELLIS GROUP INC 100,010 161,622
    CBS CORP 47,626 69,355
    CELANESE CORP DEL 46,477 68,890
    CELGENE CORP 645,789 693,430
    CENOVUS ENERGY INC 426,344 500,736
    CENTENE CORP 33,275 57,388
    CENTRAL GARDEN & PET CO 74,005 67,465
    CERNER CORP 46,964 76,555
    CF INDS HLDGS INC 80,409 119,610
    CHARLES RIV LABORATORIES INTL 136,634 146,146
    CHESAPEAKE UTILS CORP 55,853 72,315
    CHEVRON CORP 2,973,786 4,016,776
    CHICAGO BRDG & IRON CO N V 78,912 136,498
    CHIPOTLE MEXICAN GRILL INC 761,719 772,090
    CHUBB CORP 243,091 306,393
    CIGNA CORP 71,547 81,110
    CIMAREX ENERGY CO 361,404 617,092
    CINEMARK HLDGS INC 37,800 43,445
    CISCO SYS INC 539,769 455,625
    CIT GROUP INC 413,256 403,752
    CITIGROUP INC 187,884 216,501
    CITRIX SYS INC 64,839 98,931
    CITY NATL CORP 113,458 129,411
    CLEARWATER PAPER CORP 44,522 54,936
    CLIFFS NAT RES INC 38,763 48,828
    CMS ENERGY CORP 253,087 257,400
    CNH GLOBAL N V 523,890 607,228
    COACH INC 35,770 45,216
    COBIZ FINL INC 67,783 70,005
    COFFEE HLDG CO INC 51,784 50,002
    COGNIZANT TECHNOLOGY SOLUTIONS 629,009 873,103
    COINSTAR INC 141,780 157,568
    COLGATE PALMOLIVE CO 122,113 134,960
    COLLECTIVE BRANDS INC 40,762 37,989
    COLUMBIA EMERGING MARKETS FUND 4,180,447 5,677,247
    COLUMBIA MULTI-ADVISOR INTL 9,154,560 8,820,684
    COMCAST CORP 427,128 647,859
    COMMONWEALTH REIT 38,382 40,619
    COMMUNITY HEALTH SYS INC NEWCO 66,358 61,183
    CONCHO RES INC 41,743 98,943
    CONCUR TECHNOLOGIES INC 60,881 68,923
    CONOCOPHILLIPS 1,306,018 1,514,688
    CONSOL ENERGY INC 35,184 43,272
    CONSOLIDATED GRAPHICS INC 66,997 84,506
    CONTINENTAL RES INC 35,995 53,158
    CONVIO INC 43,834 56,182
    COOPER COS INC 77,989 84,263
    COOPER INDS PLC 293,074 389,105
    COOPER TIRE & RUBR CO 63,866 86,390
    CORE LABORATORIES N V 192,828 232,560
    CORESITE RLTY CORP 38,390 39,159
    CORNERSTONE THERAPEUTICS INC 24,245 26,213
    COVENTRY HEALTH CARE INC 37,556 49,793
    CRAFT BREWERS ALLIANCE INC 29,151 35,933
    CREXUS INVT CORP 26,281 22,737
    CROWN HLDGS INC 531,022 757,986
    CSG SYS INTL INC 71,376 75,069
    CSX CORP 979,335 983,625
    CTRIP COM INTL LTD 41,421 47,697
    CUBIST PHARMACEUTICALS INC 27,989 49,576
    CUMMINS INC 59,763 146,499
    CVS CAREMARK CORP 290,036 325,980
    CYPRESS SEMICONDUCTOR CORP 78,603 80,425
    DANAHER CORP DEL 462,511 508,208
    DATALINK CORP 53,692 85,199
    DECKERS OUTDOOR CORP 76,374 121,859
    DEERE & CO 720,087 975,098
    DENBURY RES INC 26,816 44,598
    DENDREON CORP 50,002 69,054
    DESTINATION MATERNITY CORP 34,134 34,354
    DIAGEO PLC 166,567 226,046
    DICKS SPORTING GOODS INC 70,387 116,528
    DIGITAL RIV INC 135,946 120,788
    DIODES INC 31,172 55,402
    DIRECTV 779,005 996,095
    DISCOVER FINL SVCS 32,091 57,356
    DISCOVERY COMMUNICATIONS INC 46,281 50,545
    DOMINION RES INC VA NEW 314,373 380,644
    DOMTAR CORP 450,408 586,491
    DOUBLE EAGLE PETROLEUM CO C 19,574 26,747
    DOW CHEM CO 243,243 373,009
    DR PEPPER SNAPPLE INC 694,650 701,680
    DU PONT E I DE NEMOURS & CO 246,862 261,234
    DUKE RLTY CORP 172,066 204,350
    DUSA PHARMACEUTICALS INC 7,991 7,668
    DYCOM INDS INC 16,183 28,383
    DYNEX CAP INC 57,329 57,304
    EASYLINK SVCS INTL CORP 16,821 34,194
    EATON CORP 145,365 154,681
    EBAY INC 177,364 264,803
    ECOLOGY & ENVIRONMENT INC 33,772 32,078
    EHEALTH INC 64,461 62,560
    EL PASO CORP 249,557 305,645
    EL PASO ELEC CO 46,083 70,913
    ELDORADO GOLD CORP 140,804 162,081
    ELECTRONIC ARTS INC 94,835 101,505
    EMC CORP 620,489 948,880
    EMCOR GROUP INC 49,150 56,730
    ENCORE CAP GROUP INC 113,159 177,544
    ENDO PHARMACEUTICALS HLDGS INC 695,222 1,213,098
    ENDURANCE SPECIALITY HLDGS LTD 828,811 902,061
    ENPRO INDS INC 36,322 60,721
    ENSIGN GROUP INC 122,771 135,645
    ENTEGRIS INC 35,915 48,242
    ENTEROMEDICS INC 27,125 42,625
    ENTERPRISE FINL SVCS CORP 32,492 46,935
    EOG RES INC 464,071 542,979
    ESTERLINE TECHNOLOGIES CORP 44,766 55,214
    EXELON CORP 299,867 311,046
    EXPEDITORS INTL WASHINGTON INC 469,020 658,784
    EXPRESS SCRIPTS INC 47,690 74,613
    EXPRESS-1 EXPEDITED SOLUTIONS 46,083 45,194
    EXXON MOBIL CORP 1,621,327 1,988,348
    EZCORP INC 69,332 134,620
    F5 NETWORKS INC 809,362 752,395
    FAIR ISAAC CORP 81,751 130,874
    FASTENAL CO 29,775 53,068
    FEDERAL MOGUL CORP 57,443 70,913
    FEDEX CORP 303,256 382,680
    FINANCIAL INSTNS INC 23,558 28,900
    FINISH LINE INC 27,493 61,891
    FIRST CTZNS BANCSHARES INC N C 64,629 63,003
    FIRST MERCHANTS CORP 32,969 33,001
    FLUOR CORP 168,472 239,055
    FMC TECHNOLOGIES INC 456,831 724,856
    FORD MTR CO DEL 367,343 417,938
    FOREST LABS INC 887,216 921,848
    FOREST OIL CORP 89,632 86,184
    FORRESTER RESH INC 61,982 152,074
    FORTINET INC 66,375 77,190
    FOSSIL INC 41,003 51,338
    FRANCO-NEVADA CORP 337,946 388,776
    FRANKLIN RES INC 762,742 826,626
    FREEPORT-MCMORAN COPPER & GOLD 1,089,028 1,204,168
    FTI CONSULTING INC 103,482 115,710
    FULL HOUSE RESORTS INC 30,184 31,600
    FX ENERGY INC 149,346 192,935
    GEN PROBE INC 21,553 41,626
    GENCORP INC 56,150 58,444
    GENERAL DYNAMICS CORP 216,961 240,306
    GENERAL ELEC CO 1,081,939 1,392,645
    GENERAL MLS INC 110,684 116,203
    GENERAL MTRS CO 225,997 193,118
    GENTEX CORP 49,755 77,717
    GENUINE PARTS CO 156,099 196,811
    GLOBAL TRAFFIC NETWORK INC 61,538 66,881
    GOLDCORP INC 2,389,368 3,539,120
    GOLDMAN SACHS GROUP INC 729,902 718,808
    GOODYEAR TIRE & RUBR CO 47,303 70,059
    GOOGLE INC 628,675 691,007
    GORDMANS STORES INC 25,155 40,680
    GP STRATEGIES CORP 22,519 46,470
    GRAMERCY CAP CORP COM 34,594 20,242
    GRAN TIERRA ENERGY INC 29,070 36,284
    GRANITE CONSTR INC 111,318 110,759
    GREAT LAKES DREDGE & DOCK CORP 55,960 71,595
    GREAT SOUTHN BANCORP INC MD 34,085 31,050
    GREEN MOUNTAIN COFFEE ROASTERS 37,127 77,674
    GREEN PLAINS RENEWABLE ENERGY 52,450 48,578
    GREENHILL & CO INC 131,709 113,752
    GRUPO MEXICO SA DE CV 367,141 330,293
    GSI TECHNOLOGY INC 23,084 43,165
    HANDY & HARMAN LTD 21,345 22,218
    HARLEY DAVIDSON INC 38,905 35,062
    HARMAN INTL INDS INC 79,348 120,500
    HARTFORD FINL SVCS GROUP INC 237,905 289,700
    HARVARD BIOSCIENCE INC 25,404 27,552
    HAWAIIAN HLDGS INC 69,695 54,254
    HEALTHSPRING INC 50,604 103,103
    HEALTHSTREAM INC 30,299 53,126
    HEINZ H J CO 168,348 185,760
    HELMERICH & PAYNE INC 81,587 180,378
    HERBALIFE LTD 47,139 113,572
    HERTZ GLOBAL HLDGS INC 154,221 203,147
    HESS CORP 1,258,956 1,469,228
    HEWLETT PACKARD CO 285,697 257,318
    HONDA MOTOR LTD 221,242 253,110
    HONEYWELL INTL INC 210,368 257,166
    HORACE MANN EDUC CORP NEW 48,329 57,842
    HOSPIRA INC 118,761 124,579
    HOSPITALITY PPTYS TR 22,966 25,237
    HUMAN GENOME SCIENCES INC 47,518 55,138
    HUMANA INC 555,073 1,301,652
    HUNTINGTON INGALLS INDS INC 30,859 33,320
    ICON PUB LTD CO 46,049 64,396
    IHS INC 28,842 39,532
    ILLUMINA INC 28,944 64,237
    IMMUCOR INC 40,613 44,315
    INFORMATICA CORP 40,083 42,344
    INFOSPACE INC 70,306 72,900
    INNOPHOS HLDGS INC 44,679 94,534
    INNOSPEC INC 25,923 97,389
    INSIGHT ENTERPRISES INC 43,107 42,299
    INTEL CORP 770,474 838,030
    INTERACTIVE INTELLIGENCE INC 44,955 102,905
    INTERCONTINENTAL EXCHANGE INC 39,034 43,206
    INTERDIGITAL INC PA 46,406 92,025
    INTERNATIONAL BUSINESS MACHS 1,387,903 1,953,312
    INTERPUBLIC GROUP COS INC 42,750 39,703
    INTL FCSTONE INC 43,366 56,138
    INTREPID POTASH INC 93,394 120,698
    INTUIT 87,072 99,008
    INTUITIVE SURGICAL INC 23,223 51,756
    IRIDIUM COMMUNICATIONS INC 113,699 96,552
    ISHARES GOLD TRUST 589,333 672,644
    ISTA PHARMACEUTICALS INC 14,953 49,874
    ITC HLDGS CORP 44,876 47,239
    IVANHOE MINES LTD 473,295 519,345
    IXYS CORP 56,535 89,688
    J P MORGAN CHASE & CO 2,291,275 2,852,514
    J2 GLOBAL COMMUNICATONS INC 109,396 136,783
    JABIL CIRCUIT INC 41,280 56,544
    JACOBS ENGR GROUP INC DEL 112,263 117,824
    JAMES RIV COAL CO 66,086 77,282
    JARDEN CORP 54,745 70,051
    JAZZ PHARMACEUTICALS INC 21,671 41,164
    JDS UNIPHASE CORP 78,229 99,157
    JOHNSON & JOHNSON 969,580 1,058,092
    JOHNSON CTLS INC 159,372 217,300
    JONES LANG LASALLE INC 80,549 118,863
    JOY GLOBAL INC 52,226 67,334
    JUNIPER NETWORKS INC 706,853 657,245
    KADANT INC 72,517 91,933
    KAISER FED FINL GROUP INC 26,730 24,994
    KANSAS CITY SOUTHERN 97,456 224,653
    KAPSTONE PAPER & PKG CORP 84,185 123,120
    KBW INC 117,440 100,900
    KELLOGG CO 222,980 234,635
    KENEXA CORP 81,009 143,834
    KEY TECH INC COM 26,300 28,690
    KMG CHEMICALS INC 58,200 74,124
    KNOLOGY INC 53,965 76,860
    KRATOS DEFENSE & SECURITY 62,613 64,112
    KUBOTA LTD 300,279 275,790
    KULICKE & SOFFA INDS INC 51,431 48,852
    LABORATORY CORP AMER HLDGS 43,123 56,917
    LAM RESEARCH CORP 393,684 367,156
    LAMAR ADVERTISING CO 29,076 36,552
    LATTICE SEMICONDUCTOR CORP 43,891 47,645
    LAUDER ESTEE COS INC 545,281 621,964
    LAYNE CHRISTENSEN CO 76,985 66,871
    LEAR CORP 70,339 76,403
    LECROY CORP 47,259 63,733
    LEGG MASON INC 104,822 164,314
    LIFE TECHNOLOGIES CORP 260,513 370,944
    LIFEPOINT HOSPITALS INC 32,075 36,991
    LILLY ELI & CO 1,851,973 1,746,872
    LIN TV CORP 39,375 42,265
    LOGMEIN INC 38,745 43,458
    LORILLARD INC 217,464 308,850
    LOWES COS INC 349,763 401,625
    LSI INDS INC 35,818 32,746
    LTX-CREDENCE CORP 67,734 65,198
    LULULEMON ATHLETICA INC 245,472 537,769
    LYONDELLBASELL INDUSTRIES NV 132,182 217,694
    M & F WORLDWIDE CORP 48,662 33,370
    MACYS INC 527,119 643,633
    MAIDEN HLDGS LTD 68,414 65,188
    MAINSOURCE FINL GROUP INC 39,429 48,632
    MAJOR DRILLING GROUP INTL 487,122 660,374
    MANHATTAN ASSOCS INC 97,450 169,001
    MARSH & MCLENNAN COS INC 35,837 37,123
    MASCO CORP 157,218 175,802
    MATERION CORP 45,748 103,607
    MAXIM INTEGRATED PRODS INC 57,476 60,285
    MAXLINEAR INC 46,619 38,030
    MCDERMOTT INTL INC 22,891 53,453
    MEAD JOHNSON NUTRITION CO 50,959 57,249
    MEADOWBROOK INS GROUP INC 89,245 128,512
    MEDCO HLTH SOLUTIONS INC 865,616 964,113
    MEDICINES CO 53,990 59,723
    MEDICIS PHARMACEUTICAL CORP 57,045 73,615
    MEDIWARE INFO SYS INC COM 33,558 35,613
    MEDTRONIC INC 614,165 584,500
    MERCK & CO INC 1,089,741 1,180,850
    MERGE HEALTHCARE INC 41,372 51,026
    MERITAGE HOMES CORP 82,952 111,373
    METLIFE INC 677,449 902,064
    METROPCS COMMUNICATIONS INC 100,224 105,440
    METROPOLITAN HEALTH NETWORKS 44,162 58,869
    MICROSOFT CORP 652,912 619,488
    MICROSTRATEGY INC 44,828 73,476
    MID-AMER APT CMNTYS INC 34,739 48,801
    MINDSPEED TECHNOLOGIES INC 53,909 66,928
    MISSION NEWENERGY LTD 24,300 23,490
    MOLEX INC 133,017 133,758
    MONSANTO CO 305,271 345,915
    MOODYS CORP 63,901 89,044
    MOSAIC CO 514,203 510,395
    MOTORCAR PTS AMER INC 31,023 56,336
    MSCI INC 39,427 38,840
    MULTIBAND CORP NEW 61,534 45,694
    MULTIMEDIA GAMES HLDG CO INC 56,265 60,021
    MURPHY OIL CORP 737,134 867,776
    NABI BIOPHARMACEUTICALS 29,557 31,385
    NACCO INDS INC 31,972 38,093
    NANOMETRICS INC 47,437 57,404
    NASDAQ OMX GROUP 532,036 715,968
    NATIONAL BANKSHARES INC VA 27,385 28,430
    NATIONAL OILWELL VARCO INC 643,649 1,119,674
    NAVISTAR INTL CORP NEW 35,562 44,493
    NCI INC 59,315 61,525
    NETAPP INC 82,146 100,729
    NETFLIX.COM INC 590,218 741,287
    NETSCOUT SYS INC 35,796 72,932
    NEUROCRINE BIOSCIENCES INC 24,738 32,606
    NEW GOLD INC CDA 1,115,723 1,840,112
    NEW ORIENTAL ED & TECHNOLOGY 36,523 49,791
    NEWS CORP 359,265 454,410
    NEXSTAR BROADCASTING GROUP INC 23,490 28,106
    NEXTERA ENERGY INC 244,622 231,937
    NIKO RESOURCES LTD 237,709 213,463
    NOKIA CORP 144,157 150,449
    NORDSTROM INC 148,271 187,347
    NORTHROP GRUMMAN CORP 288,296 318,050
    NOVELLUS SYS INC 625,323 692,493
    NOVO-NORDISK A S 415,694 704,594
    NRG ENERGY INC 481,341 513,040
    NUCOR CORP 76,450 75,981
    NV ENERGY INC 65,263 71,271
    NVE CORP 53,683 79,596
    NVIDIA CORP 35,706 40,160
    OCCIDENTAL PETE CORP DEL 1,468,676 2,106,365
    OIL STS INTL INC 54,891 95,046
    OMEGA PROTEIN CORP 39,171 43,663
    OMNIAMERICAN BANCORP INC 29,894 29,452
    OMNICOM GROUP INC 69,513 73,785
    OMNOVA SOLUTIONS INC 53,238 56,610
    OPLINK COMMUNICATIONS INC 24,190 32,076
    ORRSTOWN FINL SVCS INC 38,396 38,136
    OUTDOOR CHANNEL HLDGS INC 28,227 28,600
    OVERSTOCK.COM INC 59,864 45,175
    OWENS ILL INC 260,985 286,316
    P F CHANGS CHINA BISTRO INC 66,689 78,396
    PACCAR INC 78,289 79,187
    PACIFIC RUBIALES ENERGY CORP 205,682 187,247
    PALL CORP 23,882 54,875
    PANERA BREAD CO 68,405 107,425
    PANTRY INC 60,213 46,626
    PARK-OHIO HLDGS CORP 53,558 50,102
    PARTNERRE LTD BERMUDA 22,959 24,912
    PEAPACK-GLADSTONE FINL CORP 28,095 28,574
    PENN WEST PETE LTD 182,025 201,525
    PENTAIR INC 237,676 333,328
    PEPSICO INC 605,937 668,233
    PERSEUS MNG LTD 1,316,052 1,359,656
    PETROBAKKEN ENERGY LTD 126,237 109,647
    PETROLEO BRASILEIRO SA PETROBR 97,647 104,935
    PETROMINERALES LTD 228,041 293,624
    PFIZER INC 1,107,960 1,366,887
    PG&E CORP 520,659 566,554
    PHILIP MORRIS INTL INC 549,344 857,792
    PINNACLE FINL PARTNERS INC 49,160 62,191
    PLANTRONICS INC NEW 80,206 116,696
    PNC FINL SVCS GROUP INC 1,471,585 1,688,105
    POLYONE CORP 19,766 39,386
    POSTROCK ENERGY CORP 41,892 42,533
    POTASH CORP SASK INC 473,200 519,598
    POWER INTEGRATIONS INC 93,381 137,398
    POWER ONE INC 23,429 33,660
    PPL CORP 169,156 189,267
    PRAXAIR INC 653,239 774,312
    PRECISION CASTPARTS CORP 677,875 794,233
    PREFORMED LINE PRODS CO COM 53,221 82,628
    PRICE T ROWE GROUP INC 50,662 70,225
    PRICELINE COM INC 501,358 908,584
    PRINCIPAL FINL GROUP INC 175,230 175,500
    PROASSURANCE CORP 42,618 44,355
    PROCTER & GAMBLE CO 778,044 843,700
    PROSPERITY BANCSHARES INC 338,753 365,562
    PROTECTIVE LIFE CORP 30,166 41,710
    PROVIDENCE SVC CORP 85,464 81,807
    QIAGEN N V 389,982 427,464
    QUALCOMM INC 908,592 1,198,376
    QUANEX BLDG PRODS CORP 86,675 122,448
    QUEST DIAGNOSTICS INC 76,727 76,451
    QUEST SOFTWARE INC 41,723 61,824
    RADNET INC 43,291 47,763
    RAM ENERGY RES INC 39,655 42,992
    RANGE RES CORP 34,471 45,668
    RAVEN INDS INC 157,050 163,080
    RAYTHEON CO 623,977 529,195
    RED HAT INC 64,594 85,968
    REGAL BELOIT CORP 38,496 50,476
    REINSURANCE GROUP AMER INC 17,134 23,105
    RENAISSANCE LEARNING INC 53,126 59,111
    RENTECH INC 30,395 28,205
    RICHARDSON ELECTRS LTD 57,692 72,522
    RIGEL PHARMACEUTICALS INC 29,561 36,531
    RIO TINTO PLC 185,121 256,235
    RIVERBED TECHNOLOGY INC 53,110 46,530
    ROCKY BRANDS INC 45,058 64,575
    ROSS STORES INC 115,854 191,594
    ROYAL CARIBBEAN CRUISES LTD 22,719 30,462
    ROYAL GOLD INC 2,250,245 2,724,708
    RYLAND GROUP INC 108,994 111,165
    SABA SOFTWARE INC 29,895 71,050
    SAFEWAY INC 151,916 162,683
    SALESFORCE COM INC 612,953 963,547
    SANDERSON FARMS INC 84,444 94,819
    SCICLONE PHARMACEUTICALS INC 29,158 38,587
    SEACOR HLDGS INC 45,335 57,321
    SEADRILL LTD 422,421 475,856
    SEMPRA ENERGY 227,013 231,861
    SENIOR HSG PPTYS TR 433,595 495,511
    SENOMYX INC 23,716 26,691
    SENSATA TECH HLDG NV 41,575 57,089
    SFN GROUP INC 54,671 67,076
    SHAW GROUP INC 123,679 155,522
    SIEMENS A G 551,860 788,076
    SIGMA DESIGNS INC 36,934 41,125
    SILVER WHEATON CORP 660,555 873,695
    SIMPSON MFG CO INC 141,285 124,663
    SM ENERGY CO 108,523 215,139
    SMITHFIELD FOODS INC 76,784 76,334
    SOLTA MED INC 49,391 57,898
    SOLUTIA INC 43,993 50,407
    SONOSITE INC 37,365 56,214
    SOTHEBYS HLDGS INC 44,777 114,882
    SOUTHSIDE BANCSHARES INC 28,531 33,582
    SOVRAN SELF STORAGE INC 40,465 49,197
    SPARTON CORP 29,831 38,258
    SPDR GOLD TR 5,690,954 8,237,274
    SPS COMM INC 44,880 50,051
    ST JUDE MED INC 435,912 618,087
    STANCORP FINL GROUP INC 57,272 61,202
    STANDARD MTR PRODS INC 27,075 37,050
    STAPLES INC 341,706 310,758
    STARWOOD HOTELS & RESORTS 58,186 61,655
    STEC INC 106,865 150,143
    STEEL DYNAMICS INC 37,074 45,329
    STERICYCLE INC 23,563 41,350
    STERLING CONSTR INC 50,374 46,469
    STONE ENERGY CORP 64,079 73,902
    SUNCOR ENERGY INC 253,467 349,029
    SUNRISE SENIOR LIVING INC 18,659 35,396
    SUPERGEN INC 34,630 40,785
    SUSSER HLDGS CORP 73,946 77,224
    SVB FINL GROUP 137,177 176,303
    SYKES ENTERPRISES INC 53,205 40,060
    SYNERGETICS USA INC 20,830 41,965
    SYNGENTA AG 512,107 635,316
    SYNOPSYS INC 48,772 64,366
    SYNOVIS LIFE TECHNOLOGIES INC 36,473 46,897
    TAHOE RES INC 204,769 234,600
    TAIWAN SEMICONDUCTOR MFG LTD 268,387 310,500
    TAL INTERNATIONAL GROUP INC 59,854 86,700
    TANGER FACTORY OUTLET CTRS INC 54,014 57,028
    TARGET CORP 246,859 240,590
    TATE & LYLE PLC 320,684 391,404
    TE CONNECTIVITY LTD 340,561 406,109
    TECH DATA CORP 84,179 97,228
    TELECOMMUNICATION SYS INC 63,390 54,905
    TELEPHONE & DATA SYS INC 57,184 57,891
    TEMPLE INLAND INC 230,891 247,065
    TEMPUR-PEDIC INTL INC 78,312 144,205
    TENNESSEE COMM BANCORP INC 22,333 16,960
    TERADATA CORP 67,750 94,952
    TERADYNE INC 50,640 79,904
    TESSCO TECHNOLOGIES INC 59,004 54,411
    TEVA PHARMACEUTICAL INDS LTD 172,704 156,625
    TEXAS INSTRS INC 524,989 550,715
    TEXTRON INC 110,841 108,785
    THERMO FISHER SCIENTIFIC CORP 206,290 309,428
    THOR INDS INC 45,544 97,588
    TIBCO SOFTWARE INC 31,842 74,675
    TIDEWATER INC 51,051 53,856
    TIFFANY & CO NEW 57,141 63,538
    TIMBERLAND CO 64,627 119,889
    TIME WARNER CABLE INC 160,624 250,016
    TIME WARNER INC 231,741 326,845
    TJX COS INC NEW 539,928 824,783
    TOMPKINSTRUSTCO INC 39,935 44,814
    TOTAL S A 354,549 385,380
    TPC GROUP INC 47,103 69,020
    TRANSATLANTIC HLDGS INC 21,267 20,455
    TRAVELERS COS INC 827,526 1,069,432
    TRIMAS CORP 21,620 39,225
    TRW AUTOMOTIVE HLDGS CORP 201,872 553,482
    TYSON FOODS INC 227,436 291,037
    U S PHYSICAL THERAPY INC 37,962 54,787
    UBS AG 338,527 416,000
    UFP TECHNOLOGIES INC COM 22,319 46,560
    ULTRA PETE CORP 431,697 482,505
    UNIFIRST CORP MASS 27,563 28,209
    UNILEVER N V 350,398 409,200
    UNITED CONTL HLDGS INC 276,014 324,318
    UNITED FINL BANCORP INC MD 38,677 49,020
    UNITED PARCEL SVC INC 487,388 583,641
    UNITED TECHNOLOGIES CORP 183,165 341,300
    UNITEDHEALTH GROUP INC 1,151,840 1,691,838
    UNITRIN INC 45,775 48,686
    URS CORP NEW 410,585 451,975
    US BANCORP DEL 195,183 299,873
    UST EXCELSIOR VENTURE PARTNER 1,218,000 1,327,800
    U-STORE-IT TR 21,250 32,717
    VAALCO ENERGY INC COM 47,182 53,878
    VERIFONE SYSTEMS INC 27,694 40,457
    VERIZON COMMUNICATIONS INC 1,527,961 1,624,540
    VIACOM INC 250,126 377,816
    VIROPHARMA INC 37,432 69,251
    VIRTUS FOREIGN OPPORTUNITIES 5,491,333 6,954,092
    VISHAY INTERTECHNOLOGY INC 284,545 345,272
    W & T OFFSHORE INC 36,440 60,885
    WALGREEN CO 823,230 986,832
    WAL-MART STORES INC 472,740 489,322
    WALTER ENERGY INC 26,098 41,568
    WARNACO GROUP INC 83,996 111,085
    WASTE MGMT INC DEL 274,108 327,518
    WATSON PHARMACEUTICALS INC 162,119 227,675
    WEATHERFORD INTL LTD 46,265 40,462
    WEB COM GROUP INC 36,503 73,061
    WEBMD HEALTH CORP 47,963 52,314
    WEBSENSE INC 90,482 115,049
    WELLS FARGO & CO 2,693,383 3,074,103
    WESTELL TECHNOLOGIES INC 17,615 43,488
    WESTERN DIGITAL CORP 93,404 102,763
    WESTERN UNION CO 48,569 58,501
    WESTMORELAND COAL CO 37,653 60,123
    WHOLE FOODS MKT INC 33,212 45,438
    WILLIAMS COS INC DEL 118,598 166,712
    WILLIAMS SONOMA INC 80,704 166,738
    WINTRUST FINL CORP 95,902 119,734
    WORLD ACCEP CORP DEL 52,336 87,995
    WTC CTF DAS ABSOL RETURN FND 8,827,754 8,659,701
    WTC CTF DIH FUND 8,546,653 11,940,494
    WTC CTF GLOBAL CONTRARIAN FUND 10,417,000 11,717,431
    WTC CTF OPPORTUNISTIC INVSTMNT 24,905,124 37,876,255
    WTC CTF TRSY INFL PRT SC FUND 8,198,146 8,974,642
    WYNN RESORTS LTD 41,360 51,502
    XCEL ENERGY INC 461,127 511,635
    XILINX INC 172,690 209,160
    YORK WTR CO 47,771 48,888
    YOUNG INNOVATIONS INC 28,363 31,020
    ZALICUS INC 28,053 57,069
    ZHONGPIN INC 210,453 167,400
    ZIMMER HLDGS INC 96,998 123,583
    ZIONS BANCORPORATION 118,100 166,925

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    US Government Securities - End of Year Book Value:

    8,714,789
    US Government Securities - End of Year Fair Market Value:

    8,674,879
    State & Local Government Securities - End of Year Book Value:


     
    State & Local Government Securities - End of Year Fair Market Value:


     


    TY 2010 InvestmentsOtherSchedule2
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    ADJUSTABLE RATE MTG TR   467,707 230,838
    BEAR STEARNS COM MTG SECS INC   250,745 247,908
    BEAR STEARNS COM MTG SECS TR   118,093 119,686
    BEAR STEARNS COMM MTG SECS   221,891 233,191
    CAPITAL AUTO RECEIVABLES ASSET   80,994 82,089
    CD 2007-CD4 COML MTG TR   271,338 279,442
    CITIFINANCIAL AUTO ISSUANCE TR   61,683 61,808
    COMMERCIAL MTG TR 2007-GG9   186,391 217,450
    CWALT SER 2004-22CB CL 1A1 DTD   140,916 140,723
    FEDERAL HOME LN MTG ASSN   493,092 479,291
    FEDERAL HOME LN MTG ASSN   374,772 368,246
    FEDERAL HOME LN MTG ASSN   730,856 721,791
    FEDERAL HOME LN MTG ASSN   506,160 519,503
    FEDERAL HOME LN MTG CORP   334,437 358,024
    FEDERAL HOME LN MTG CORP   99,127 113,250
    FEDERAL HOME LN MTG CORP   114,060 121,667
    FEDERAL NATL MTG ASSN   686,840 704,315
    FEDERAL NATL MTG ASSN   55,560 60,665
    FEDERAL NATL MTG ASSN   115,907 128,279
    FEDERAL NATL MTG ASSN   193 134
    FEDERAL NATL MTG ASSN   99,516 103,660
    FIRST HORIZON MTG PASSTHRU TR   62,775 61,079
    FORD CR AUTO OWNER TR 2009-B   219,918 221,195
    FORD CR OWNER TR 2011-A   99,971 99,892
    FREDDIE MAC NOTE   754,765 753,374
    GMACM MTG LN TR SER 2005-AR3 C   29,208 28,199
    GOVERNMENT NATL MTG ASSN   6,346 13,068
    GOVERNMENT NATL MTG ASSN   4,405 12,636
    GOVERNMENT NATL MTG ASSN   143,080 155,310
    GOVERNMENT NATL MTG ASSN   186,443 187,676
    HONDA AUTO RECEIVABLES 2009-3   187,778 189,568
    LB-UBS COML MTG TR   148,731 163,240
    LBUBS SER 2005-C2 CLASS A2   16,038 15,972
    LEHMAN XS TR   276,959 202,287
    MASTR ALTERNATIVE LN TR   267,137 274,608
    MASTR ASSET SECURITIZATION TR   149,141 157,845
    MERCEDES BENZ AUTO RECVBLS   199,962 201,802
    MORGAN STANLEY MTG LN TR   194,728 112,751
    RESIDENTIAL ASSET MTG PROD INC   125,195 125,008
    RESIDENTIAL FDG MTG SECS II IN   18,743 17,734
    STRUCTURED ASSET SECS CORP   53,671 42,587
    STRUCTURED ASSET SECS CORP   109,051 94,251
    VOLKSWAGEN CR AUTO MASTER TR   206,280 202,626
    WAMU MTG PASS-THRU CTFS SER   93,469 90,835
    WORLD OMNI AUTO LEASE SECS   344,967 346,103

    TY 2010 LandEtcSchedule2
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value


    TY 2010 LegalFeesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL CONSULTING FEES 101,609 10,161 10,161 91,448


    TY 2010 OtherAssetsSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    ART COLLECTION 152,056 164,557 510,465


    TY 2010 OtherExpensesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EDUCATIONAL MATERIALS 110,775 11,077 11,077 99,697
    INSURANCE 115,304 144 144 115,160
    MISCELLANEOUS 39,437 49 49 39,386
    EQUIPMENT LEASING 35,892 538 538 35,354
    ADMINISTRATIVE EXPENSES 320,835 0 0 320,835
    PASS THRU P'SHIP PORTFOLIO DED 0 1,342,189 1,342,189 0


    TY 2010 OtherIncomeSchedule2
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Book & Film Sales 610,991 0 610,991
    PASS THROUGH PARTNERSHIP INCOME 0 2,408,526 2,408,526


    TY 2010 OtherLiabilitiesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Description Beginning of Year - Book Value End of Year - Book Value
    OTHER LIABILITIES 17,192 19,497


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 1,436,300 1,436,300 1,436,300  
    CONFERENCE FEES 3,114,724     3,114,724
    WEBSITE DEVELOPMENT FEES 282,075     282,075
    OTHER PROFESSIONAL FEES 253,574 156 156 253,418


    TY 2010 TaxesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES PAID 0 66,500 66,500 0


    TY 2010 TransfersFrmControlledEntities
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Name US /
    Foreign Address    		 EIN Description Amount
    Pierre F and Enid Goodrich Foundation 8335 Allison Pointe Trail Suite 30
    Indianapolis,IN46250     		35-6056960 Operating Expenses 96,390
    The Winchester Foundation 8335 Allison Pointe Trail
    Indianapolis,IN46250     		23-7422941 no transfers to report 0
    Total     96,390