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 01-01-2010 , and ending 12-31-2010
G
Check all that apply:
Name of foundation
The Shadow Funders Inc
 

Number and street (or P.O. box number if mail is not delivered to street address)c/o Foundation Source 501 Silversid   Room/suite
City or town, state, and ZIP code
Wilmington, DE198091377
A Employer identification number

20-2031200
B Telephone number (see page 10 of the instructions)

(800) 839-1754
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$932,962J Accounting method:
 
(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)  
2 Check bullet
3 Interest on savings and temporary cash investments 120 120  
4 Dividends and interest from securities...... 23,239 23,239  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 Click to see attachment 47,889
b Gross sales price for all assets on line 6a 581,786
7 Capital gain net income (from Part IV, line 2)... 47,889
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)....... Click to see attachment 24 24  
12 Total. Add lines 1 through 11........ 71,272 71,272  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc.        
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 11,048 11,048    
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 1,070 453    
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 8,246 222   8,024
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 20,364 11,723   8,024
25 Contributions, gifts, grants paid........ 28,500 28,500
26 Total expenses and disbursements. Add lines 24 and 25 48,864 11,723   36,524
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 22,408
b Net investment income (if negative, enter -0-) 59,549
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 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...............      
2 Savings and temporary cash investments.......... 33,684 29,376 29,376
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...........      
10a Investments—U.S. and state government obligations (attach schedule) 112,755 Click to see attachment162,781 164,213
b Investments—corporate stock (attach schedule)........ 568,370 Click to see attachment540,431 633,273
c Investments—corporate bonds (attach schedule)........ 93,849 Click to see attachment98,478 106,100
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 808,658 831,066 932,962
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)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
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 808,658 831,066
30 Total net assets or fund balances (see page 17 of the
instructions).................... 808,658 831,066
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 808,658 831,066
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)............... 1 808,658
2 Enter amount from Part I, line 27a...................... 2 22,408
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 831,066
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.. 6 831,066
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
c
d
e
(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 581,786   533,897 47,889
b
c
d
e
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       47,889
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 47,889
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  
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 63,645 788,414 000.080725
2008 25,650 938,298 000.027337
2007 76,940 1,060,832 000.072528
2006 23,795 1,027,102 000.023167
2005 38,042 1,026,613 000.037056
2 Total of line 1, column (d) ...................... 2 000.240813
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. . . 		3 000.048163
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 876,206
5 Multiply line 4 by line 3....................... 5 42,201
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 595
7 Add lines 5 and 6......................... 7 42,796
8 Enter qualifying distributions from Part XII, line 4.............. 8 36,524
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:   (attach copy of letter if necessary–see instructions)
b 1 1,191
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 1,191
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 1,191
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 500
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c 691
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. Tax Paid Original Return: 1191 7 1,191
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. Click to see attachment 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
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? ....................
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$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
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 changes....
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.
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)bullet
    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
     
    No
    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) .......
    11
     
    No
    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 addressbullet  
    14
    The books are in care ofbulletco Foundation Source Telephone no.bullet (800) 839-1754
    Located atbullet501 Silverside Road Suite 123WilmingtonDE ZIP+4bullet198091377
    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
     
    No
    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)
    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
     
     
    .........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
    Yes
     
    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
    Christina E Haglund Vice President / Director
    001.00     		0    
    c/o Foundation Source 501 Silversid
    Wilmington,DE19809
    Erick J Haglund Vice President / Director
    001.00     		0    
    c/o Foundation Source 501 Silversid
    Wilmington,DE19809
    Melissa Haglund Vice President / Director
    001.00     		0    
    c/o Foundation Source 501 Silversid
    Wilmington,DE19809
    Michael E Haglund President / Director / Secretary
    001.00     		0    
    c/o Foundation Source 501 Silversid
    Wilmington,DE19809
    Molly G Haglund Vice President / Director
    001.00     		0    
    c/o Foundation Source 501 Silversid
    Wilmington,DE19809
    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...................bullet  
    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
     
    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)
    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.)
    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
    859,085
    b
    Average of monthly cash balances.......................
    1b
    30,464
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    889,549
    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
     
    3
    Subtract line 2 from line 1d..........................
    3
    889,549
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) Click to see attachment............................
    4
    13,343
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    876,206
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    43,810
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    43,810
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    1,191
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    1,191
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    42,619
    4
    Recoveries of amounts treated as qualifying distributions................
    4
     
    5
    Add lines 3 and 4.............................
    5
    42,619
    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
    42,619
    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 Click to see attachment..........
    1a
    36,524
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes................................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    36,524
    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
    36,524
    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 42,619
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 11,746
    b Total for prior years:20, 20, 20  
    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$ 36,524
    a Applied to 2009, but not more than line 2a 11,746
    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..... 24,778
    e Remaining amount distributed out of corpus  
    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  
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		 
    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 ...     		 
    e Undistributed income for 2009. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		 
    f Undistributed income for 2010. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		17,841
    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 ......     		 
    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)
    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 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
             
    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).)
    Melissa Haglund
    Michael E Haglund
    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
    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
    ALL SAINTS PARISH
    3847 NE GLISAN
    PORTLAND,OR97232     		N/A 509(a)(1) General Unrestricted 5,000
    ALL SAINTS PARISH
    3847 NE GLISAN
    PORTLAND,OR97232     		N/A 509(a)(1) All Saints School Program 3,500
    COLUMBIA RIVER MARITIME MUSEUM INC
    1792 MARINE DR
    ASTORIA,OR97103     		N/A 509(a)(2) Peacock Restoration/Display Campaign 20,000
    Total .................................bullet 3a 28,500
    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     14 120  
    4 Dividends and interest from securities....     14 23,239  
    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 47,889  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aForeign Tax Refund     01 24  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   71,272  
    13Total. Add line 12, columns (b), (d), and (e)...................
    1371,272
    (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.)
    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: 10000149
    Software Version: 2010.2.15
    Part VI Line 7 - Tax Paid Original Return: 1191


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 GeneralExplanationAttachment
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:10000149
    Software Version:2010.2.15
    Identifier Return Reference Explanation

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:10000149
    Software Version:2010.2.15
    Name of Bond End of Year Book Value End of Year Fair Market Value
    ABBOTT LABORATORIE - 5.875 - 05/15/2016 002824AT7 400000.00% 4,128 4,614
    ASTRAZENECA PLC NT - 5.900 - 09/15/2017 046353AB4 300000.00% 3,024 3,474
    BEAR STEARNS COS INC SR NT - 5.350 - 02/01/2012 073902PP7 400000.00% 4,002 4,194
    BOEING CO - 5.125 - 02/15/2013 097023AT2 400000.00% 3,869 4,288
    CANADIAN NAT RES LTDNT 5.700 05/15/2017 136385AK7 400000.00% 3,929 4,561
    CATERPILLAR FINL SVCS MTNS BE 7.15000 02/15/2019 14912L4E8 200000.00% 2,536 2,459
    CITIGROUP INC SUB NT - 5.000 - 09/15/2014 172967CQ2 400000.00% 3,913 4,138
    COMCAST CORP NT - 6.300 - 11/15/2017 20030NAU5 200000.00% 2,025 2,290
    CONCOPHILLIPS NOTES 04.75000 02/01/2014 20825CAS3 400000.00% 4,049 4,338
    CVS CAREMARK CORPORATION 5.750 06/01/2017 SR NT 126650BH2 400000.00% 3,873 4,460
    DAIMLERCHRYSLER N. AMER - 6.500 - 11/15/2013 233835AW7 500000.00% 5,277 5,661
    EXELON CORP NOTES - 4.900 - 06/15/2015 30161NAD3 400000.00% 3,763 4,279
    GENERAL ELEC CAP CORP MTN BE 5.25000 10/19/2012 36962G3K8 300000.00% 3,099 3,241
    GLAXOSMITHKLINE CAP INC 05.65000 05/15/2018 377372AD9 300000.00% 3,041 3,425
    GOLDMAN SACHS GRP INC - 5.125 - 01/15/2015 38141GEA8 200000.00% 2,026 2,155
    HOME DEPOT INC NOTE 03.95000 09/15/2020 437076AT9 200000.00% 2,004 1,950
    IBM BOND DTD 11/27/2002 4.75 11/29/2012 459200BA8 400000.00% 4,004 4,308
    JOHN DEERE CAPITAL CORP - 7.00 - 03/15/2012 244217BG9 500000.00% 5,502 5,367
    JPMORGAN CHASE CO GLBL - 4.750 - 03/01/2015 46625HCE8 500000.00% 5,459 5,384
    KRAFT FOODS INC NT 5.37500 02/10/2020 50075NBA1 300000.00% 3,039 3,231
    MARATHON OIL CORP BOND - 6.000 - 10/01/2017 565849AD8 300000.00% 3,021 3,407
    METLIFE INC SR NT - 5.375 - 12/15/2012 59156RAD0 200000.00% 1,954 2,145
    MORGAN STANLEY - 4.750 - 04/01/2014 61748AAE6 200000.00% 1,898 2,057
    NEWS AMER INC BD 5.300 12/15/2014 652482BG4 400000.00% 3,979 4,420
    PFIZER INC - 6.200 - 03/15/2019 717081DB6 300000.00% 3,659 3,523
    TIME WARNER CABLE INC - 08.750 - 02/14/2019 88732JAP3 300000.00% 3,018 3,817
    TIME WARNER INC DTD 3/11/2010 4.875 3/15/2020 887317AF2 200000.00% 2,151 2,083
    UNITED PARCEL SRVC NOTE 05.50000 01/15/2018 CALL 911312AH9 300000.00% 3,052 3,384
    WAL MART STORES INC NT - 5.800 - 02/15/2018 931142CJ0 300000.00% 3,184 3,447

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:10000149
    Software Version:2010.2.15
    Name of Stock End of Year Book Value End of Year Fair Market Value
    99 shares of AEGON N V ORD AMER REG AEG 681 607
    125 shares of AFLAC INC. AFL 6,723 7,054
    160 shares of AGILENT TECHNOLOGIES INC A 4,377 6,629
    130 shares of ALASKA AIR GROUP INC ALK 6,061 7,370
    91 shares of ALLIANZ SE ADR AZSEY.PK 1,330 1,080
    409 shares of ALSTOM ALSMY.PK 2,139 1,996
    255 shares of ALTRIA GROUP INC MO 6,088 6,278
    351 shares of AMERICAN EXPRESS CO AXP 15,570 15,065
    62 shares of AMERIPRISE FINANCIAL INC AMP 2,246 3,568
    53 shares of ANGLO AMERICAN PLC - AMERICAN DEPOSITARY SHARES EX AAUK 780 1,384
    42 shares of APPLE INC. AAPL 4,543 13,548
    16 shares of ASTELLAS PHARMA INC ALPMY.PK 601 601
    54 shares of AUTOZONE INC AZO 6,451 14,720
    42 shares of BAE SYSTEMS PLC SP/AR BAESY.PK 874 876
    103 shares of BALL CP BLL 6,098 7,009
    64 shares of BANCO BILBAO ARG SA BBVA 680 651
    103 shares of BANCO POPOLARE SOCIE BPSAY.PK 396 221
    334 shares of BANK NEW YORK MELLON CORP COM BK 9,799 10,087
    21 shares of BARCLAYS PLC ADR BCS 887 347
    50 shares of BAXTER INTERNATIONAL INC. BAX 2,204 2,531
    38 shares of BECTON DICKINSON CO BDX 2,553 3,212
    115 shares of BED BATH BEYOND INC. BBBY 3,964 5,652
    130 shares of BERKSHIRE HATHAWAY INC. CLASS B BRK-B 7,894 10,414
    40 shares of BLUESCOPE STEEL ADR BLSFY.PK 445 452
    48 shares of BP P L C SPONSORED ADR BP 2,717 2,120
    14 shares of BRIDGESTONE CRPJAPANADR BRDCY.PK 465 542
    123 shares of BUZZI UNICEM SPA BZZUY.PK 868 670
    240 shares of CANADIAN NATURAL RESOURCES LTD CNQ 7,087 10,661
    186 shares of CARREFOUR S A CRERY.PK 1,475 1,559
    126 shares of CELESIO AG UNSP/ADR CAKFY.PK 555 616
    12 shares of CHINA MOBILE HGK LTD CHL 580 595
    20 shares of CHINA RAILWAY GROUP LTD CRWOY.PK 374 360
    138 shares of CHUO MITSUI T/HL UNSP/ADR CMTDY.PK 1,086 1,121
    214 shares of COACH INC COH 9,457 11,836
    78 shares of COCA-COLA CO KO 4,168 5,130
    31 shares of COCA-COLA WEST-UNSPONS ADR CCOJY.PK 271 271
    265 shares of COSTCO WHOLESALE CORP NEW COST 13,666 19,137
    192 shares of CRACKER BARREL OLD COUNTRY STORE INC CBRL 9,366 10,516
    138 shares of CREDIT AGRICOLE SA CRARY.PK 818 879
    372 shares of CVS CAREMARK CORP. CVS 12,065 12,934
    3 shares of DAIMLERCHRYSLER AG DDAIF.PK 130 203
    5 shares of DAIWA HOUSE IND LTD DWAHY.PK 542 616
    44 shares of DBS GROUP HLDGS SPON ADR DBSDY.PK 1,761 1,977
    717 shares of DELL INC DELL 9,378 9,715
    16 shares of DEUTSCHE BANK AG DB 858 833
    29 shares of DEUTSCHE LUFTHANSA S OTC DLAKY.PK 463 631
    64 shares of DEUTSCHE TELE AG ADS DTEGY.PK 836 819
    146 shares of DEVON ENERGY CORPORATION DVN 8,599 11,462
    70 shares of DIAGEO PLC ADS DEO 4,412 5,203
    146 shares of DU PONT DE NEMOURS DD 6,761 7,282
    73 shares of E.ON AG SPON ADR REP 1/3 ORD NPV EONGY.PK 2,339 2,220
    152 shares of EAST JAPAN RAILWAY C EJPRY.PK 1,662 1,626
    144 shares of ELECTRICITE FR UNSP/ADR ECIFY.PK 1,229 1,195
    21 shares of ENI S.P.A. E 1,210 919
    139 shares of EOG RESOURCES INC EOG 8,577 12,706
    128 shares of ERICSSON L M TEL CO ERIC 1,341 1,476
    163 shares of ESPRIT HLDGS LTDSPONSORED ADR ESPGY.PK 1,840 1,550
    49 shares of EUROPEAN ARNUTC DS ADR EADSY.PK 957 1,149
    340 shares of EXPRESS SCRIPTS INC. ESRX 12,843 18,378
    304 shares of FINMECCANICA ADR FINMY.PK 1,982 1,733
    187 shares of FOSTERS GROUP LTD FBRWY.PK 914 1,077
    61 shares of FRANCE TELECOM ADS FTE 1,510 1,286
    724 shares of GAMESA CORP TECN UNSP/ADR GCTAY.PK 1,685 1,158
    16 shares of GDF SUEZ SP ADR GDFZY.PK 502 577
    103 shares of GEN DYNAMICS CP GD 6,773 7,309
    272 shares of GILEAD SCIENCES INC GILD 9,351 9,857
    50 shares of GLAXOSMITHKLINE PLC GSK 2,505 1,961
    6 shares of GOOGLE INC CL A GOOG 1,962 3,564
    123 shares of GRUPO TELEVISA ADR TV 1,746 3,189
    81 shares of HANG SENG BANK LTD S/ADR HSNGY.PK 1,144 1,336
    146 shares of HARLEY DAVIDSON INC. HOG 6,503 5,062
    21 shares of HEINEKEN N V ADR HINKY.PK 499 516
    205 shares of HERSHEY FOODS CORP COMMON HSY 8,472 9,666
    95 shares of HEWLETT PACKARD CO HPQ 3,473 4,000
    106 shares of HOME RETAIL GRP PLC ADR HMRTY.PK 1,499 1,237
    64 shares of HSBC HLDGS PLC ADS HBC 3,032 3,267
    225 shares of HUMANA INC HUM 9,813 12,317
    21 shares of HUSQUARVA AB HSQVY.PK 282 350
    10 shares of HUTCHISON WHAMPOA LTD ADR HUWHY.PK 313 514
    34 shares of IBERDROLA ADR IBDRY.PK 1,102 1,042
    17 shares of INPEX HOLDINGS INC IPXHY.PK 994 997
    48 shares of INTERNATIONAL BUSINESS MACHINES IBM 6,119 7,044
    89 shares of INVESTORS AB UNSP/ADR B IVSBY.PK 749 939
    236 shares of IRON MOUNTAIN NEW IRM 4,989 5,902
    144 shares of JOHNSON JOHNSON JNJ 8,665 8,906
    25 shares of KAO CORP ADR KCRPY.PK 528 672
    19 shares of KDDI CP UNSP ADR KDDIY.PK 1,004 1,091
    29 shares of KONINKLIJKE PHILIPS ELECTRONICS PHG 885 890
    14 shares of KOOKMIN BK ADS NEW KB 775 740
    23 shares of KOREA ELECTRIC PW CP KEP 321 311
    15 shares of KT CORP ADS KT 348 312
    85 shares of LEAR CORP LEA 6,075 8,390
    240 shares of LIMITED BRANDS INC LTD 6,078 7,375
    33 shares of LOCKHEED MARTIN CORP LMT 2,320 2,307
    267 shares of LOEWS CORP L 7,158 10,389
    10 shares of LONMIN PLC SP ADR LNMIY.PK 235 308
    118 shares of LORILLARD INC COMMON STOCK LO 9,429 9,683
    125 shares of MCDONALDS CORP MCD 9,466 9,595
    31 shares of MEDICEO PALTC HOLDINGS MAHLY.PK 357 340
    295 shares of MERCK CO INC. MRK 8,238 10,632
    121 shares of MICROSOFT CORPORATION MSFT 3,569 3,377
    348 shares of MITSUBISHI TOKYO FIN MTU 2,783 1,883
    24 shares of MONSANTO CO MON 1,826 1,671
    85 shares of MOODYS CORP MCO 3,507 2,256
    34 shares of MTN GROUP LTD SPON ADR MTNOY.PK 506 702
    63 shares of MUENCHENER RUECKVERS MURGY.PK 862 952
    77 shares of NATIONAL AUSTRALIA BK LTD NABZY.PK 1,895 1,860
    16 shares of NINTENDO CO LTD ADR OTC NTDOY.PK 521 581
    15 shares of NIPPON EXPRESS CO LTD NPEXY.PK 375 399
    295 shares of NOKIA NOK 4,159 3,044
    105 shares of NOMURA HOLDINGS ADR NMR 2,015 670
    17 shares of NOMURA RESEARCH INST LTD NRILY.PK 685 762
    169 shares of NORSK HYDRO A S ADS NHYDY.PK 933 1,230
    40 shares of NOVARTIS AG ADR NVS 1,976 2,358
    25 shares of OAO GAZPROM SPONS GDR OGZPY.PK 866 636
    177 shares of OCCIDENTAL PETE CORP OXY 7,747 17,365
    343 shares of ORACLE CORP ORCL 8,476 10,736
    82 shares of PANASONIC CORP PC 1,154 1,156
    4 shares of PETRO CHINA PTR 372 526
    18 shares of PETROLEO BRASILEIRO PBR 713 681
    11 shares of PEUGEOT S A SPON ADR PEUGY.PK 324 419
    373 shares of PFIZER INC. PFE 6,300 6,531
    75 shares of PHILIP MORRIS INTL PM 3,221 4,390
    65 shares of PROCTER GAMBLE CO PG 3,865 4,181
    437 shares of PROGRESSIVE CORP OHIO PGR 8,216 8,683
    103 shares of QBE INSURANCE GP UNSP/ADR QBEIY.PK 1,703 1,938
    65 shares of QINETIQ GROUP PLC ADR QNTQY.PK 567 519
    14 shares of REED ELSEVIER PLC RUK 409 470
    28 shares of RENTOKIL INITIAL PLC SPON ADR RTOKY.PK 411 210
    41 shares of REXAM PLC ADR REXMY.PK 964 1,058
    8 shares of RICOH CO LTD SPN ADR RICOY.OB 642 588
    50 shares of ROCHE HOLDING LTD ADR RHHBY.PK 1,637 1,833
    43 shares of ROYAL DUTCH SHELL PLC RDS-A 2,442 2,872
    278 shares of RUE21 INCCOM RUE 9,377 8,148
    14 shares of RWE AKTIENGESELLSCHAF RWEOY.PK 1,422 929
    64 shares of SANOFI-AVENTIS SPONSORED ADR SNY 2,460 2,063
    207 shares of SCOTTS CO. CLASS A SMG 8,485 10,509
    314 shares of SEALED AIR CP NEW SEE 7,413 7,991
    99 shares of SECOM CO LTD ADR OTC SOMLY.PK 1,070 1,173
    36 shares of SEVEN I HOLDINGS C SVNDY.PK 1,652 1,921
    33 shares of SHIN-ETSU CHEMICAL C SHECY.PK 1,661 1,794
    24 shares of SK TELECOM ADS ADS SKM 563 447
    150 shares of SOCIETE GENERALE FRANCE SCGLY.PK 1,823 1,631
    30 shares of STANDARD BANK GP UNSP/ADR SBGOY.PK 913 992
    218 shares of SUMITOMO MITSUI FINCL GRP SMFG 2,665 1,550
    26 shares of TELE NORTE LESTE TNE 374 382
    27 shares of TESCO PLC ADR TSCDY.PK 508 545
    26 shares of TEVA PHARMECEUTICAL SP ADR TEVA 1,335 1,355
    213 shares of TEXAS INSTRUMENTS INC. TXN 5,319 6,923
    5 shares of TOKYO ELECTRON LTD TOELY.PK 610 627
    51 shares of TOTAL FINA ELF S.A. TOT 2,890 2,727
    16 shares of TOYODA GOSEI CO LTD TGOSY.PK 793 755
    21 shares of TOYOTA MTR CORP TM 2,322 1,651
    75 shares of TRANSATLANTIC HLDS TRH 4,441 3,872
    32 shares of TRANSOCEAN LTD. RIG 3,037 2,224
    48 shares of TYCO INTERNATIONAL LTD. TYC 2,472 1,989
    88 shares of UBS AG UBS 2,547 1,449
    262 shares of UMC ELECTRONICS CO COM UMC 904 828
    62 shares of UNILEVER PLC AMER UL 1,625 1,915
    1805 shares of UNIPOL GRUPPO FN ADR UFGSY.PK 847 415
    40 shares of UNITED OVRSEAS BK LTD ADR UOVEY.PK 1,062 1,134
    43 shares of VIVENDI SA S/ADR VIVDY.PK 1,062 1,164
    47 shares of VODAFONE GROUP PLC VOD 925 1,243
    530 shares of WELLS FARGO CO. WFC 11,199 16,426
    516 shares of WINDSTREAM CORP WIN 6,769 7,193
    29 shares of YAMATO HLDGS CO UNSP/ADR YATRY.PK 1,121 1,217
    274 shares of YUM BRANDS INC YUM 9,189 13,454

    TY 2010 InvestmentsGovtObligationsSch
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:10000149
    Software Version:2010.2.15
    US Government Securities - End of Year Book Value:

    162,781
    US Government Securities - End of Year Fair Market Value:

    164,213
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2010 OtherExpensesSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:10000149
    Software Version:2010.2.15
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Administrative Fees 8,024     8,024
    Bank Charge 222 222    


    TY 2010 OtherIncomeSchedule2
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:10000149
    Software Version:2010.2.15
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Foreign Tax Refund 24 24  


    TY 2010 OtherProfessionalFeesSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:10000149
    Software Version:2010.2.15
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Investment Management Services 11,048 11,048    


    TY 2010 TaxesSchedule
    Name:
    The Shadow Funders Inc
    EIN: 20-2031200
    Software ID:10000149
    Software Version:2010.2.15
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    Estimated tax for 2010 500 0 0 0
    Excise tax for 2009 117 0 0 0
    Foreign Tax Paid 453 453 0 0