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
2011
For calendar year 2011, or tax year beginning 05-01-2011 , and ending 04-30-2012
G
Check all that apply:
Name of foundation
Liberty Fund Inc
 
% MS SANDRA J SCHALLER
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$299,749,030J 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) 3,940
2 Check bullet
3 Interest on savings and temporary cash investments 8,084 8,084 8,084
4 Dividends and interest from securities...... 5,563,358 5,810,377 5,810,377
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 19,032,222
b Gross sales price for all assets on line 6a 212,746,081
7 Capital gain net income (from Part IV, line 2)... 10,611,508
8 Net short-term capital gain......... 0
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 476,139 -821,316 -345,177
12 Total. Add lines 1 through 11........ 25,083,743 15,608,653 5,473,284
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 2,533,306 40,237 40,237 2,493,069
14 Other employee salaries and wages...... 3,259,582     3,259,582
15 Pension plans, employee benefits....... 1,494,238 1,868 1,868 1,492,370
16a Legal fees (attach schedule)......... Click to see attachment 189,322 18,932 18,932 170,390
b Accounting fees (attach schedule)....... Click to see attachment 64,955 4,547 6,496 58,459
c Other professional fees (attach schedule).... Click to see attachment 4,764,757 1,683,373 1,683,373 3,081,384
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 0 59,299 59,299 0
19 Depreciation (attach schedule) and depletion... Click to see attachment 49,875 748 748
20 Occupancy.............. 1,866,585 23,011 23,011 1,843,574
21 Travel, conferences, and meetings....... 4,965,883 12,018 12,018 4,953,865
22 Printing and publications.......... 2,180,921 20 476,127 1,704,794
23 Other expenses (attach schedule)....... Click to see attachment 683,102 544,633 544,633 668,326
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 22,052,526 2,388,686 2,866,742 19,725,813
25 Contributions, gifts, grants paid........ 0 0
26 Total expenses and disbursements. Add lines 24 and 25 22,052,526 2,388,686 2,866,742 19,725,813
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 3,031,217
b Net investment income (if negative, enter -0-) 13,219,967
c Adjusted net income (if negative, enter -0-)... 2,606,542
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
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............... 149,079 34,239 34,239
2 Savings and temporary cash investments.......... 6,113,125 4,382,831 4,835,837
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........... 38,562 37,145 37,145
10a Investments—U.S. and state government obligations (attach schedule) 8,714,789 0  
b Investments—corporate stock (attach schedule)........ 232,045,083 Click to see attachment219,199,586 245,370,630
c Investments—corporate bonds (attach schedule)........ 12,469,093 Click to see attachment47,651,259 48,288,093
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 9,309,039 Click to see attachment579,749 580,768
14 Land, buildings, and equipment: basis bullet4,116,001
Less: accumulated depreciation (attach schedule) bullet4,024,148 114,783 Click to see attachment91,853 91,853
15 Other assets (describe bullet) Click to see attachment164,557 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) 269,118,110 272,141,219 299,749,030
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 attachment19,497 Click to see attachment11,389
23 Total liabilities (add lines 17 through 22).......... 19,497 11,389
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted.................... 269,098,613 272,129,830
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).................... 269,098,613 272,129,830
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 269,118,110 272,141,219
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)............... 1 269,098,613
2 Enter amount from Part I, line 27a..................... 2 3,031,217
3 Other increases not included in line 2 (itemize) bullet 3  
4 Add lines 1, 2, and 3.......................... 4 272,129,830
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. 6 272,129,830
Form 990-PF (2011)
Form 990-PF (2011)
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 P    
b WTC DAS ABSOLUTE RETURN P    
c WTC DIVERSIFIED INFLA HEDGES P    
d WTC TIPS P    
e WTC OPPORTUNISTIC INVESTMENT P    
WTC GLOBAL CONTRARIAN P    
EXCELSIOR VENTURE PARTNERS III P    
(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 154,372,086   143,236,183 11,135,903
b       -1,550,327
c       299,878
d       339,448
e       -275,296
      560,261
      101,641
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       11,135,903
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 10,611,508
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 -5,471,592
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))
2010      
2009      
2008      
2007      
2006      
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 2011 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 (2011)
Form 990-PF (2011)
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 2011 estimated tax payments and 2010 overpayment credited to 2011 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 2012 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 2011 or the taxable year beginning in 2011 (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) .......
    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 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 2011, 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 (2011)
    Form 990-PF (2011)
    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 2011?.............
    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 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    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 2011 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 2011.)....................
    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 2011?
    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 (2011)
    Form 990-PF (2011)
    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
    GEORGE W CAREY Director
    5.0     		40,500 598 147
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    ROSEDA D DECKER Director Emeritus
    5.0     		36,000 0 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    DOUGLAS J DEN UYL VP of Educational Progams
    40.0     		220,854 63,342 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    RICHARD W DUESENBERG Director
    5.0     		41,000 598 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    PATRICIA A GALLAGHER VP of Publishing
    40.0     		153,298 49,342 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    GIANCARLO IBARGUEN S Director
    5.0     		40,000 556 993
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    JOSEPH F JOHNSTON Director
    5.0     		40,500 598 108
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    LEONDARD P LIGGIO Director
    5.0     		41,000 598 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    EDWARD B MCLEAN Director Emeritus
    5.0     		15,000 249 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    MARY A O'GRADY Director
    5.0     		41,000 556 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    EMILIO J PACHECO Exec Vice President, COO
    40.0     		250,534 57,873 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    T ALAN RUSSELL Director and Chairman
    40.0     		388,011 506 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    SANDRA J SCHALLER VP, Controller; Secret-Treas
    40.0     		190,956 51,657 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    JO ANNE W SHEPLER Asst Sec.; Admin Svcs Mgr
    40.0     		86,508 31,163 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    DANE STARBUCK Director
    5.0     		41,000 556 5,752
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    CHRIS L TALLEY Dir., President & CEO
    40.0     		433,976 83,280 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    JENNIFER K THOMPSON VP, DIR CO-SPONSORED PROGRAMS
    40.0     		71,847 16,850 0
    8335 ALLISON POINTE TRAIL 300
    INDIANAPOLIS,IN46250
    RICHARD A WARE 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     		155,000 40,926 0
    8335 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    DAVID M HART DIR ONLINE LIBRARY
    40.0     		136,304 43,558 0
    8335 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    HANS L EICHOLZ SR LIBERTY FUND FELL
    40.0     		131,676 43,560 0
    8335 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    STEVEN D EALY SR LIBERTY FUND FELL
    40.0     		130,616 49,740 0
    8335 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    CHRISTINE D HENDERSON SR LIBERTY FUND FELL
    40.0     		125,018 34,461 0
    8335 ALLISON POINTE TRAIL
    INDIANAPOLIS,IN46250
    Total number of other employees paid over $50,000...................bullet 25
    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 195,283
    280 CONGRESS STREET
    BOSTON,MA02210
    WARE-PAK LLC FULFILLMENT SERVICES 166,700
    2427 BOND STREET
    UNIVERSITY PARK,IL60466
    APEX COVANTAGE PUB, CONV, ARCHIVING 143,000
    198 VAN BUREN ST 200 PRESIDENTS PL
    HERNDON,VA20170
    WALTER LEE DAVIS STUDIOS Outside Consultant 140,100
    7530 MOUNTAIN AVENUE
    MELROSE PARK,PA19027
    LAUREN LANDSBURG OUTSIDE CONSULTANT 95,400
    35 COMMONWEALTH ROAD
    ROCHESTER,NY14618
    Total number of others receiving over $50,000 for professional services.............bullet2
    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 7,134,786
    2 LIBERTY FUND PUBLISHING - PLEASE SEE GEA 3,270,382
    3 CO-SPONSORED PROGRAMS - PLEASE SEE GEA 2,785,028
    4 LIBERTY FUND WEBPAGES - PLEASE SEE GEA 934,045
    Form 990-PF (2011)
    Form 990-PF (2011)
    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
    295,455,306
    b
    Average of monthly cash balances.......................
    1b
    827,632
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    572,205
    d
    Total (add lines 1a, b, and c).........................
    1d
    296,855,143
    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
    296,855,143
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    4,452,827
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    292,402,316
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    14,620,116
    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 2011 from Part VI, line 5......
    2a
     
    b
    Income tax for 2011. (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
    19,725,813
    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
    26,541
    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
    19,752,354
    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
    19,752,354
    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 (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 0
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 0
    b Total for prior years:2009, 2008, 2007 0
    3 Excess distributions carryover, if any, to 2011:
    a From 2006.......  
    b From 2007.......  
    c From 2008.......  
    d From 2009.......  
    e From 2010....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$  
    a Applied to 2010, 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 2011 distributable amount.....  
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2011.    
    (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 2010. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2011. 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 2006 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		 
    9Excess distributions carryover to 2012.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2007....  
    b Excess from 2008....  
    c Excess from 2009....  
    d Excess from 2010....  
    e Excess from 2011.... 0
    Form 990-PF (2011)
    Form 990-PF (2011)
    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 2011, 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) 2011 (b) 2010 (c) 2009 (d) 2008
    2,606,542 10,457,166 10,486,874 9,019,149 32,569,731
    b 85% of line 2a ......... 2,215,561 8,888,591 8,913,843 7,666,277 27,684,272
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		19,752,354 19,805,644 22,144,684 27,696,864 89,399,546
    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 ....     		19,752,354 19,785,644 22,144,684 27,696,864 89,379,546
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ...... 299,749,030 327,036,908 298,288,423 265,825,617 1,190,899,978
    (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...     		9,746,744 9,851,878 9,381,920 10,671,757 39,652,299
    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 (2011)
    Form 990-PF (2011)
    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
    Total .................................bullet 3a  
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2011)
    Form 990-PF (2011)
    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 8,084  
    4 Dividends and interest from securities....     14 5,563,358  
    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 19,032,222  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aBOOK & FILM SALES         476,139
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   24,603,664 476,139
    13Total. Add line 12, columns (b), (d), and (e)..................
    1325,079,803
    (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 (2011)
    Form 990-PF (2011)
    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 (2011)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 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 58,459

    Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

    TY 2011 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 2011 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, 2012 PART I, LINE 19 - DEPRECIATION PART II, LINE 14 - LAND, BUILDINGS, AND EQUIPMENT LEASEHOLD IMPROVEMENTS - 1,993,358 OFFICE FURNITURE - 1,620,718 EQUIPMENT AND OTHER - 501,925 LESS: ACCUMULATED DEPRECIATION - (4,024,148) NET FIXED ASSETS - 91,853 DEPRECIATION EXPENSE - 49,875 DEPRECIATION CALCULATED USING THE STRAIGHT-LINE METHOD.
    Part IX-A Summary of Direct Charitable Activities Liberty Fund Colloquia and Symposiums 93 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. Liberty Fund Publishing Liberty Fund published ten 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. 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 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. The Library of Law and Liberty - www.libertylawsite.org - is a webpage dedicated to the content, status, and development of law in the context of republican and limited government and the ways that liberty and law and law and liberty mutually reinforce the other.

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Name of Bond End of Year Book Value End of Year Fair Market Value
    ABBEY NATL TREASURY SERV 27,953 28,827
    AES CORPORATION 49,500 51,300
    ALLBRITTON COMMUNICATION 30,300 31,950
    AMER EXPRESS CREDIT CO 34,527 34,952
    AMERICAN INTL GROUP 28,125 32,063
    AMERIGAS PART FIN CORP SR NOTE 20,843 21,315
    ANHEUSER-BUSCH INBEV WOR 30,070 30,182
    ARCH COAL INC 30,900 26,850
    AVIS BUDGET CAR RENTAL 16,415 16,350
    BALL CORP SR NOTES 50,063 49,725
    BANK OF AMERICA CORP 56,793 59,742
    BANK OF AMERICA CORP 65,621 69,677
    BANK OF NOVA SCOTIA 20,055 20,291
    BB&T CORPORATION 29,746 30,034
    BE AEROSPACE INC SR NOTES 32,925 33,225
    BERKSHIRE HATHAWAY INC 40,223 40,434
    BOISE PAPER HDG CO ISSR 32,400 33,075
    BP CAPITAL MARKETS PLC 30,108 30,227
    CABLEVISION SYSTEMS CORP SR NO 31,725 31,875
    CAMERON INTL CORP 20,064 20,029
    CAPITAL ONE CAPITAL IV 60,000 60,000
    CAPITAL ONE FINANCIAL CO 29,374 29,793
    CCO HLDGS LLC/CAP CORP 45,394 47,081
    CF INDUSTRIES INC 53,663 53,775
    CHESAPEAKE ENERGY CORP 76,500 74,813
    CINEMARK USA INC 33,000 33,338
    CISCO SYSTEM INC 20,028 20,104
    CITIGROUP INC 82,363 85,889
    CKE RESTAURANTS INC 33,150 34,575
    CLEAR CHANNEL WORLDWIDE 32,925 32,888
    CONSOL ENERGY INC 32,925 31,500
    CONSTELLATION BRANDS INC 50,175 50,850
    CREDIT SUISSE USA INC 29,761 29,887
    CRICKET COMMUNICATIONS INC 47,362 47,362
    CROWN AMER/CAP CORP III 48,487 48,937
    CSC HOLDINGS LLC 34,875 34,050
    D R HORTON INC 31,425 31,650
    DAVITA INC 31,200 31,500
    DELL INC 20,071 20,143
    DENTSPLY INTERNATIONAL 20,181 20,130
    DEUTSCHE BANK NY 19,820 20,017
    DISH DBS CORP 51,525 52,088
    DONNELLEY (R.R) & SONS NOTES 13,800 14,231
    DOUBLELINE FDS TR TTL RTN BD I 2,100,000 2,115,763
    DREYFUS/LAUREL FDS TR PRM EMRG 2,475,000 2,604,661
    DTE ENERGY COMPANY 20,007 20,084
    E I DU PONT DE NEMOURS 20,101 20,169
    EATON CORP 10,010 10,023
    EATON VANCE FLOATING RATE I 4,200,000 4,260,713
    ENERGY TRANSFER EQUITY 65,550 66,450
    EOG RESOURCES INC 5,012 5,032
    EQUINIX INC SR NOTES 33,600 33,150
    FORD MOTOR COMPANY GLOBAL LAND 54,225 57,319
    FORD MOTOR CREDIT CO NOTES 48,150 48,147
    FRONTIER COMMUNICATIONS SR NOT 60,000 63,000
    GENERAL ELEC CAP CORP MEDIUM T 55,381 57,557
    GENERALS MILLS INC 15,036 15,018
    GENRAL ELEC CAP CORP 58,854 59,959
    GMAC 59,700 68,700
    GOLDMAN SACHS GROUP INC 78,864 81,660
    HANESBRANDS INC 33,187 33,037
    HARBOR HIGH YIELD BOND FUND 3,100,000 3,162,853
    HARRAHS OPERATING CO INC 15,900 16,575
    HARTFORD FINL SVCS GRP 46,575 47,250
    HCA INC 49,838 50,485
    HEALTH MANAGEMENT ASSOCIATION 30,788 31,500
    HEWLETT PACKARD CO 38,906 39,520
    HOLLY CORP 33,600 33,600
    HOST HOTELS & RESORTS LP 31,088 30,825
    INGLES MARKETS INC 32,738 32,475
    INTL LEASE FINANCE CORP 47,081 50,400
    IRON MOUNTAIN INC 49,050 49,050
    JARDEN CORP SR SUB NOTES 48,037 50,062
    JOHN DEERE CAPITAL CORP 20,061 20,063
    JOHNSON CONTROLS INC 20,018 20,031
    JPM INTL CURRENCY INCOME FD 2,450,000 2,487,968
    JPM MANAGED INCOME - INSTL FUN 3,435,999 3,442,693
    JPM SHORT DURATION BOND FD 7,371,816 7,384,245
    JPM STR INC OPP FD FUND 2,100,000 2,126,286
    JPM TR I INFL MANAGED BD 3,150,000 3,190,739
    JPM TR I MLT SC INC 2,100,000 2,110,091
    KEY ENERGY SERVICES INC 12,265 12,360
    KRAFT FOODS INC 20,040 20,102
    L-3 COMMUNICATIONS CORP 15,563 15,919
    LEAR CORP 33,525 33,450
    LENNAR CORPORATION 31,350 31,275
    LIMITED BRANDS INC 53,606 53,269
    MERRILL LYNCH & CO MEDIUM TERM 30,912 33,430
    METROPCS WIRELESS INC SR NOTES 46,575 46,125
    MGM RESORTS INTERNATIONAL 33,750 33,450
    NAVISTAR INTL CORP SR NOTES 16,163 16,200
    NEWFIELD EXPLORATION CO 80,250 79,688
    NIELSEN FINANCE LLC/CO 33,150 33,150
    NOVELIS INC 49,050 48,600
    NRG ENERGY INC 43,312 45,112
    PINNACLE ENTERTAINMENT 16,106 16,425
    PIONEER NATURAL RESOURCE 88,875 92,438
    PNC FUNDING CORP 29,579 29,782
    PRINCIPAL LIFE INC FDG MEDIUM 29,900 29,730
    QUEST DIAGNOSTIC INC 20,115 20,160
    QWEST CORP 20,308 20,275
    RABOBANK NEDERLAND 39,595 39,696
    RIDGEWORTH FDS SEIX FLRT HI 4,200,000 4,261,825
    RIDGEWORTH INTERMEDIATE BOND F 2,100,000 2,111,652
    RITE AID CORP 46,012 46,012
    RRI ENERGY INC 68,063 68,250
    SANOFI AVENTIS 30,005 30,141
    SEMPRA ENERGY 29,950 30,027
    SERVICE CORP INTL 66,150 66,900
    SMITHFIELD FOODS INC SR NOTES 33,825 33,675
    SOLUTIA INC SR NOTES 33,150 33,900
    SOUTHERN CAL EDISON 15,028 15,009
    SPRINT NEXTEL CORP 51,900 54,450
    STATE STREET CAP TR IV 33,240 37,209
    STEEL DYNAMICS INC 47,363 46,800
    SUNTRUST BANK 18,651 18,745
    SUPERVALU INC 31,200 31,500
    TARGET CORP 15,015 15,026
    TELEFONICA EMISIONES SAU 19,400 19,599
    TEMPLETON GLOBAL BD FD 2,425,000 2,483,395
    TEVA PHARM FIN III 29,874 29,972
    TOTAL CAPITAL CANADA LTD 10,052 10,017
    UNITED RENTALS NORTH AM 32,775 33,450
    US BANK NA 29,467 29,792
    VALASSIS COMMUNICATION 29,100 30,450
    VANGUARD FI SECS F INTR TRM CP 2,100,000 2,130,534
    VERIZON COMMUNICATION 30,037 30,299
    VF CORP 20,020 20,003
    WACHOVIA CORPORATION 82,016 85,553
    WESTPAC BANKING CORP 20,005 20,047
    WINDSTREAM CORP 65,907 66,300
    WYNN LAS VEGAS LLC CORP 33,750 33,150
    XEROX CORPORATION 19,783 19,898

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Name of Stock End of Year Book Value End of Year Fair Market Value
    8X8 INC NEW 44,917 45,554
    AAR CORP 29,509 21,058
    AARONS INC 192,204 201,085
    ABBOTT LABS 141,425 147,206
    ACADIA RLTY TR 19,750 21,047
    ACCELRYS INC 37,543 39,109
    ACCENTURE PLC 212,071 296,822
    ACCO BRANDS CORP 27,615 24,465
    ACE LTD 664,492 930,633
    ACETO CORP 55,481 69,669
    ACTUANT CORP 30,075 29,206
    ACXIOM CORP 34,296 32,705
    ADTRAN INC 35,461 34,304
    ADVANCED AUTO PTS INC 747,484 954,720
    AES CORP 1,127,654 1,095,513
    AETNA INC 440,537 482,634
    AFC ENTERPRISES INC 39,098 38,088
    AFFILIATED MANAGERS GROUP 64,371 84,988
    AGCO CORP 946,002 979,227
    AGILENT TECHNOLOGIES INC 48,206 57,491
    AGRIUM INC 342,760 363,554
    AIR METHODS CORP COM 112,951 117,081
    AIR PRODS & CHEMS INC 172,151 163,286
    AIRCASTLE LTD 60,736 60,155
    AKAMAI TECHNOLOGIES INC 49,359 42,367
    ALAMO GROUP INC 52,307 72,412
    ALAMOS GOLD INC 1,036,335 1,104,675
    ALASKA AIR GROUP INC 48,312 73,684
    ALBANY INTL CORP 53,114 54,418
    ALBEMARLE CORP 41,254 41,792
    ALEXION PHARMACEUTICALS INC 247,827 590,512
    ALLERGAN INC 408,237 582,720
    ALLETE INC 23,255 22,707
    ALLIANCE DATA SYS CORP 77,402 111,915
    ALLIANT TECHSYSTEMS INC 30,495 28,675
    ALLIED MOTION TECHS INC 44,883 45,959
    ALLIED NEV GOLD CORP 967,279 926,384
    ALLIED WORLD ASSURANCE CO HLDG 22,610 27,920
    ALPHA NAT RES INC 61,738 54,310
    ALPHATEC HLDGS INC 43,875 31,501
    AMAZON COM INC 591,286 900,700
    AMERCO 64,369 67,596
    AMERICAN CAMPUS CMNTYS INC 29,016 30,137
    AMERICAN CAP AGY CORP 56,187 58,722
    AMERICAN CAP LTD 54,231 57,024
    AMERICAN CAP LTD 64,325 71,296
    AMERICAN ELEC PWR INC 61,042 66,183
    AMERICAN FINL GROUP INC OHIO 716,254 1,040,371
    AMERICAN SCIENCE & ENGR INC 52,148 48,656
    AMERICAN SOFTWARE INC 9,851 8,619
    AMERICAN VANGUARD CORP 31,480 87,200
    AMERICAN WTR WKS CO INC 53,814 60,434
    AMERIPRISE FINL INC 1,246,373 1,319,742
    AMERIS BANCORP 48,627 59,272
    AMERISAFE INC 20,663 23,273
    AMERISTAR CASINOS INC 32,931 35,528
    AMETEK INC NEW 47,531 89,940
    AMGEN INC 1,109,868 1,287,091
    AMKOR TECHNOLOGY INC 80,413 62,950
    AMSURG CORP 42,309 47,281
    ANADARKO PETE CORP 389,543 494,899
    ANALOGIC CORP 108,281 113,706
    ANDERSONS INC 450,824 571,486
    ANIKA THERAPEUTICS INC 37,158 73,085
    ANIXTER INTL INC 32,212 31,341
    AON PLC 37,991 39,057
    APACHE CORP 281,146 292,713
    APPLE INC 320,487 525,582
    APPLIED MATLS INC 182,530 178,087
    ARBITRON INC 12,938 14,117
    ARCHER DANIELS MIDLAND CO 185,763 189,759
    ARES CAP CORP 87,811 85,509
    ARQULE INC 33,864 38,570
    ARRAY BIOPHARMA INC 34,464 50,588
    ARROW ELECTRS INC 51,913 51,049
    ASCENA RETAIL GROUP INC 32,320 32,092
    ASML HLDGS N V NY REG SHS 556,248 591,484
    ASSURANT INC 896,196 962,432
    ASTEX PHARMACEUTICALS INC 52,887 42,574
    AT&T INC 1,541,148 1,797,445
    ATHABASCA OIL SANDS CORP 197,128 198,013
    ATLAS AIR WORLDWIDE HLDGS INC 43,568 47,155
    ATMI INC 23,474 21,766
    ATRION CORP 14,720 14,761
    AUTODESK INC 38,387 41,260
    AUTOMATIC DATA PROCESSING INC 296,060 367,092
    AUTOZONE INC 33,980 41,200
    AVAGO TECHNOLOGIES LTD 93,790 104,509
    AVERY DENNISON CORP 184,672 203,713
    AVNET INC 671,700 740,362
    BAIDU INC 718,453 910,986
    BAKER HUGHES INC 352,412 324,209
    BALLANTYNE STRONG INC 11,871 12,880
    BANCORP INC 36,179 43,555
    BANK AMER CORP 689,995 536,923
    BANK KY FINL CORP 28,888 28,689
    BANK MARIN BANCORP 44,427 44,781
    BANKUNITED INC 48,142 41,894
    BARD C R INC 36,669 41,464
    BARRETT BUSINESS SVCS INC 60,333 64,152
    BARRICK GOLD CORP 291,374 262,189
    BAYTEX ENERGY CORP 157,580 200,592
    BB&T CORP 401,152 495,979
    BEBE STORES INC 18,671 16,474
    BED BATH & BEYOND INC 353,927 414,386
    BELDEN INC 47,389 42,327
    BENCHMARK ELECTRS INC 81,144 76,637
    BENIHANA INC 27,412 33,165
    BERKSHIRE HATHAWAY INC DEL 165,655 167,577
    BERKSHIRE HILLS BANCORP INC 21,247 21,692
    BHP BILLITON LTD 1,028,937 961,962
    BIG LOTS INC 506,299 450,342
    BIOGEN IDEC INC 557,901 740,539
    BIOMED RLTY TR INC 42,283 46,319
    BLACKROCK INC 311,968 381,053
    BODY CENT ACQUISITION CORP 66,502 88,073
    BOFI HLDG INC 52,463 57,024
    BOINGO WIRELESS INC 54,241 60,189
    BOISE INC 63,458 68,653
    BORG WARNER INC 33,371 41,970
    BOSTON SCIENTIFIC CORP 65,811 70,081
    BOYD GAMING CORP 37,376 35,297
    BPZ RES INC 14,296 14,912
    BRF-BRASIL FOODS SA 155,676 142,740
    BRINKS CO 57,938 60,376
    BROCADE COMMUNICATIONS SYS INC 37,933 36,769
    BROOKDALE SENIOR LIVING INC 56,785 50,091
    BRUKER CORP 27,019 26,032
    BRYN MAWR BK CORP 25,816 26,433
    BUCKEYE TECHNOLOGIES INC 18,174 61,838
    BUCKLE INC 31,077 29,278
    CABOT CORP 35,346 39,205
    CABOT OIL & GAS CORP 38,366 41,781
    CACI INTL INC 27,891 30,259
    CALAMP CORP 62,884 89,030
    CALIFORNIA WTR SVC GROUP 12,942 12,659
    CALLAWAY GOLF CO 10,351 9,072
    CAMBREX CORP 64,642 65,130
    CAMERON INTL CORP 74,113 83,999
    CAPELLA ED CO 35,300 34,346
    CARDINAL HEALTH INC 387,520 486,823
    CARIBOU COFFEE INC 34,149 45,948
    CARRIZO OIL & CO INC 16,142 15,506
    CASEYS GEN STORES INC 20,834 22,371
    CASH AMER INTL INC 114,911 131,134
    CASS INFORMATION SYS INC 55,054 61,425
    CBL & ASSOC PPTYS INC 76,146 75,694
    CBRE GROUP INC 35,577 41,721
    CBS CORP 719,242 995,625
    CEC ENTMT INC 51,846 53,049
    CELANESE CORP DEL 34,364 48,993
    CELGENE CORP 429,190 564,804
    CENOVUS ENERGY INC 588,837 636,187
    CENTENE CORP 33,274 62,710
    CENTERSTATE BKS INC 14,221 15,163
    CERADYNE INC 20,694 17,395
    CERNER CORP 35,041 46,395
    CF INDS HLDGS INC 1,578,317 1,924,229
    CHECK POINT SOFTWARE TECH LTD 45,298 46,151
    CHESAPEAKE LODGING TR 21,280 21,702
    CHESAPEAKE UTILS CORP 39,802 49,878
    CHEVRON CORP 3,068,203 3,828,807
    CHICOS FAS INC 37,627 44,959
    CHIPOTLE MEXICAN GRILL INC 360,019 563,244
    CHUBB CORP 255,647 347,813
    CISCO SYS INC 2,634,185 2,685,613
    CITIGROUP INC 246,099 213,405
    CITRIX SYS INC 53,152 61,810
    CITY NATL CORP 25,494 32,915
    CLIFFS NAT RES INC 33,309 33,869
    CMS ENERGY CORP 286,101 336,344
    CNB FINL CORP PA 27,298 32,058
    CNH GLOBAL N V 372,733 405,385
    CNO FINL GROUP INC 45,367 49,938
    COBIZ FINL INC 67,783 64,438
    COCA-COLA ENTERPRISES INC 30,950 38,795
    COEUR D ALENE MINES CORP IDAHO 28,559 24,783
    COGNEX CORP 25,464 24,150
    COGNIZANT TECHNOLOGY SOLUTIONS 743,267 855,468
    COLLECTIVE BRANDS INC 45,547 52,735
    COLONY FINL INC 33,151 34,150
    COLUMBIA EMERGING MARKETS FUND 4,180,447 4,728,656
    COLUMBIA MULTI-ADVISOR INTL 9,154,560 7,914,450
    COLUMBUS MCKINNON CORP N Y 50,186 44,119
    COMCAST CORP 479,378 823,806
    COMMUNITY HEALTH SYS INC NEWCO 66,358 48,461
    COMMUNITY TR BANCORP INC 47,227 52,334
    COMPUTER TASK GROUP INC 63,162 60,982
    CONCHO RES INC 70,608 125,186
    CONOCOPHILLIPS 1,508,402 1,604,584
    CONSOLIDATED GRAPHICS INC 80,665 71,582
    CONTINENTAL RES INC 48,540 70,151
    COOPER COS INC 77,925 96,811
    COOPER INDS PLC 352,631 435,487
    CORE LABORATORIES N V 222,010 363,408
    CORELOGIC INC 20,840 21,309
    CORESITE RLTY CORP 50,349 81,256
    CORN PRODS INTL INC 38,224 38,230
    COST PLUS INC CALIF 54,835 86,797
    COUSINS PPTYS INC 17,850 18,919
    COVANCE INC 104,944 101,797
    COVENTRY HEALTH CARE INC 25,825 31,819
    COWEN GROUP INC 26,942 24,946
    CROWN CASTLE INTL CORP 50,459 67,705
    CROWN HLDGS INC 52,742 64,752
    CSG SYS INTL INC 71,376 50,918
    CSX CORP 41,985 42,017
    CUBIST PHARMACEUTICALS INC 27,306 60,418
    CUMBERLAND PHARMACEUTICALS INC 19,307 26,389
    CUMMINS INC 232,220 230,038
    CVR ENERGY INC 215,653 258,060
    CVS CAREMARK CORP 294,011 406,488
    CYANOTECH CORP 25,763 32,341
    CYNOSURE INC 40,942 45,371
    DATALINK CORP 38,887 74,365
    DAVITA INC 43,613 61,032
    DEERE & CO 771,929 885,864
    DELL INC 781,131 811,968
    DENBURY RES INC 42,304 56,130
    DETOUR GOLD CORP 1,079,275 985,202
    DIAMONDROCK HOSPITALITY CO 6,894 7,579
    DICKS SPORTING GOODS INC 56,020 57,077
    DIGITAL RIV INC 40,868 45,238
    DIGITAL RLTY TR INC 87,074 89,883
    DILLARDS INC 456,465 581,363
    DIME CMNTY BANCSHARES 78,543 76,382
    DISCOVER FINL SVCS 1,114,364 1,408,037
    DISCOVERY COMMUNICATIONS INC 60,590 79,686
    DISH NETWORK CORP 751,859 790,970
    DISNEY WALT CO 356,620 401,354
    DOLLAR TREE INC 91,405 99,830
    DOMINION RES INC VA NEW 344,483 454,053
    DOMINOS PIZZA INC 7,221 7,827
    DOMTAR CORP 461,510 563,109
    DONNELLEY R R & SONS CO 81,534 79,514
    DORMAN PRODS INC 28,275 28,907
    DOUGLAS DYNAMICS INC 8,774 9,439
    DOW CHEM CO 345,051 436,374
    DST SYS INC DEL 37,289 38,458
    DU PONT E I DE NEMOURS & CO 239,120 238,432
    DUPONT FABROS TECHNOLOGY INC 26,983 32,634
    DUSA PHARMACEUTICALS INC 42,118 53,109
    DYCOM INDS INC 6,570 18,057
    DYNEX CAP INC 42,024 39,135
    EAGLE BANCORP INC MD 40,134 50,346
    EARTHLINK INC 22,950 24,953
    EARTHSTONE ENERGY INC 38,874 33,229
    EAST WEST BANCORP INC 53,667 59,771
    EASYLINK SVCS INTL CORP 52,541 88,565
    EATON CORP 63,548 60,659
    EBAY INC 231,190 389,690
    ECHO GLOBAL LOGISTICS INC 39,416 47,514
    EDWARDS LIFESCIENCES CORP 99,484 113,586
    EHEALTH INC 77,419 95,794
    EL PASO ELEC CO 51,249 72,862
    ELDORADO GOLD CORP 1,668,809 1,476,181
    ELECTRONIC ARTS INC 78,062 62,074
    EMC CORP 539,874 777,129
    EMCOR GROUP INC 72,566 78,343
    ENCANA CORP 325,259 349,489
    ENCORE CAP GROUP INC 19,068 22,776
    ENDO HEALTH SOLUTIONS INC 115,203 131,142
    ENERNOC INC 50,978 21,636
    ENERSYS 16,058 16,217
    ENSCO PLC 426,532 465,782
    ENSTAR GROUP LTD 25,396 24,296
    ENTEGRIS INC 35,915 49,472
    ENTERGY CORP NEW 216,117 214,775
    ENTEROMEDICS INC 27,125 45,725
    ENTROPIC COMMUNICATIONS INC 39,230 33,163
    EOG RES INC 492,874 586,495
    ESCO TECHNOLOGIES INC 25,378 25,250
    ESTERLINE TECHNOLOGIES CORP 44,766 52,669
    EXCO RES INC 11,968 12,992
    EXELON CORP 597,315 575,593
    EXPEDITORS INTL WASHINGTON INC 503,545 454,400
    EXPRESS SCRIPTS HLDG CO 33,052 40,113
    EXXON MOBIL CORP 2,280,414 2,573,105
    EZCORP INC 50,440 82,915
    F5 NETWORKS INC 322,944 498,220
    FAIR ISAAC CORP 41,583 48,177
    FAIRCHILD SEMICONDUCTOR INTL 23,901 24,613
    FAMILY DLR STORES INC 40,277 42,151
    FARO TECHNOLOGIES INC 56,659 60,234
    FEDERAL MOGUL CORP 57,443 34,641
    FEDEX CORP 351,295 390,021
    FERRO CORP 20,963 18,694
    FINANCIAL INSTNS INC 67,280 70,810
    FINISH LINE INC 11,766 25,065
    FIRST CTZNS BANCSHARES INC N C 68,753 58,749
    FIRST MERCHANTS CORP 39,647 54,005
    FIRST POTOMAC RLTY TR 27,402 27,281
    FLEXSTEEL INDS INC 53,587 52,600
    FLOW INTL CORP 55,633 66,130
    FMC TECHNOLOGIES INC 444,319 580,873
    FONAR CORP 42,715 39,411
    FOOT LOCKER INC 59,798 80,115
    FORBES ENERGY SVCS LTD 41,273 37,191
    FORD MTR CO DEL 309,004 281,729
    FOREST LABS INC 887,216 968,274
    FORTINET INC 42,645 52,423
    FOSSIL INC 403,415 431,864
    FRANCO-NEVADA CORP 2,169,124 2,446,014
    FRANKLIN COVEY CO 49,511 52,331
    FRANKLIN RES INC 793,035 845,310
    FREEPORT-MCMORAN COPPER & GOLD 564,167 440,450
    FTI CONSULTING INC 32,493 32,633
    FULL HOUSE RESORTS INC 41,560 34,941
    FULLER H B CO 51,432 55,173
    FX ENERGY INC 321,635 234,215
    GALLAGHER ARTHUR J & CO 21,723 23,024
    GAMESTOP CORP 747,202 716,826
    GANNETT INC 44,217 40,009
    GARDNER DENVER INC 53,727 49,050
    GENERAL COMMUNICATION INC 32,051 25,088
    GENERAL DYNAMICS CORP 361,817 358,425
    GENERAL ELEC CO 1,251,229 1,505,369
    GENERAL MLS INC 218,821 217,006
    GENERAL MTRS CO 287,381 199,479
    GENTEX CORP 64,418 65,507
    GEORESOURCE INC 32,005 35,749
    GERMAN AMERN BANCORP INC 45,913 50,932
    GILEAD SCIENCES INC 341,930 426,564
    GLATFELTER 31,156 29,976
    GLOBAL PWR EQUIP GROUP INC 24,102 25,410
    GNC HLDGS INC 40,025 46,598
    GOLDCORP INC 2,522,740 2,413,326
    GOLDMAN SACHS GROUP INC 601,989 480,751
    GOOGLE INC 616,630 676,222
    GP STRATEGIES CORP 22,519 59,569
    GRAFTECH INTL LTD 28,040 27,941
    GRAINGER W W INC 69,409 73,776
    GREAT LAKES DREDGE & DOCK CORP 20,903 20,466
    GREATBATCH INC 18,708 18,259
    GREEN MOUNTAIN COFFEE ROASTERS 1,280,935 828,215
    GREEN PLAINS RENEWABLE ENERGY 30,063 21,733
    GREIF INC 50,357 53,104
    GROUP 1 AUTOMOTIVE INC 35,838 40,111
    GRUPO MEXICO SA DE CV 403,066 337,052
    GSI GROUP INC CDA 64,420 74,243
    GUIDANCE SOFTWARE INC 72,340 61,628
    GULFMARK OFFSHORE INC 34,805 35,260
    HANCOCK HLDG CO 20,229 18,916
    HANMI FINL CORP 79,927 90,887
    HARDINGE INC COM 15,659 20,620
    HARTFORD FINL SVCS GROUP INC 263,065 232,359
    HEARTLAND FINL USA INC 48,686 61,486
    HEARTLAND PMT SYS INC 70,430 73,128
    HEIDRICK & STRUGGLES INTL INC 45,425 43,173
    HEINZ H J CO 42,493 42,062
    HELIX ENERGY SOLUTIONS GROUP I 96,267 111,234
    HERBALIFE LTD 60,451 130,514
    HFF INC 56,604 82,272
    HILL ROM HLDGS INC 46,538 45,333
    HI-TECH PHARMACAL INC 50,274 58,336
    HMS HLDGS CORP 40,814 31,495
    HOLLYFRONTIER CORP 79,787 68,759
    HONEYWELL INTL INC 361,339 418,554
    HOSPITALITY PPTYS TR 64,801 77,169
    HUDSON HIGHLAND GROUP INC 52,929 58,409
    HUMANA INC 377,753 863,276
    HUNT J B TRANS SVCS INC 43,606 61,228
    IAC / INTERACTIVECORP 66,622 78,966
    IBERIABANK CORP 25,860 24,922
    IHS INC 67,093 84,697
    ILLUMINA INC 39,606 35,891
    INFORMATICA CORP 47,732 53,659
    INGRAM MICRO INC 27,924 30,980
    INNERWORKINGS INC 59,399 80,627
    INNOPHOS HLDGS INC 20,792 21,831
    INSIGHT ENTERPRISES INC 36,510 42,042
    INTEL CORP 953,651 1,235,580
    INTERACTIVE INTELLIGENCE GROUP 40,214 72,964
    INTERCONTINENTAL EXCHANGE INC 416,775 472,824
    INTERDIGITAL INC PA 28,036 20,873
    INTERLINE BRANDS INC 7,704 7,406
    INTERNATIONAL BUSINESS MACHS 615,234 1,006,202
    INTERPUBLIC GROUP COS INC 57,120 56,086
    INTERSIL CORP 46,419 42,569
    INTEVAC INC 17,490 18,087
    INTUIT 55,444 66,897
    INTUITIVE SURGICAL INC 14,775 51,460
    INVACARE CORP 24,944 24,774
    INVESTMENT TECHNOLOGY GRP NEW 15,069 13,984
    ISHARES GOLD TRUST 301,747 329,112
    ITC HLDGS CORP 53,295 57,630
    IXYS CORP 56,535 70,461
    J P MORGAN CHASE & CO 2,447,472 2,863,285
    JABIL CIRCUIT INC 37,906 61,369
    JARDEN CORP 82,223 110,486
    JETBLUE AWYS CORP 55,685 50,607
    JOHNSON & JOHNSON 851,860 905,671
    JOHNSON CTLS INC 329,001 335,046
    JONES LANG LASALLE INC 44,527 58,356
    JOURNAL COMMUNICATIONS INC 40,486 39,218
    JOY GLOBAL INC 116,956 100,918
    JUNIPER NETWORKS INC 823,127 645,086
    KADANT INC 68,128 72,333
    KAMAN CORP 49,389 50,917
    KANSAS CITY SOUTHERN 27,352 61,231
    KAPSTONE PAPER & PACKAGING COR 84,185 127,937
    KBR INC 56,601 51,806
    KELLOGG CO 107,732 99,421
    KENNAMETAL INC 60,369 74,663
    KEY TECH INC COM 16,424 15,788
    KFORCE INC 33,458 33,686
    KIRBY CORP 44,837 44,667
    KIRKLANDS INC 74,069 73,859
    KLA-TENCOR CORP 36,571 39,153
    KONA GRILL INC 35,982 43,880
    KRATOS DEFENSE & SECURITY 12,893 11,050
    KROGER CO 1,131,688 1,075,656
    KUBOTA LTD 280,925 261,589
    KULICKE & SOFFA INDS INC 39,312 54,011
    LABORATORY CORP AMER HLDGS 51,815 58,623
    LAS VEGAS SANDS CORP 593,154 797,280
    LAUDER ESTEE COS INC 485,565 724,078
    LEAR CORP 77,744 68,724
    LECROY CORP 37,030 38,579
    LEXMARK INTL NEW 28,911 29,468
    LIFEPOINT HOSPITALS INC 11,415 11,589
    LILLY ELI & CO 1,703,388 1,803,197
    LIN TV CORP 47,453 37,481
    LINCOLN NATL CORP IND 94,900 95,711
    LINDSAY MANUFACTURING COMPANY 155,718 159,962
    LINEAR TECHNOLOGY CORP 53,795 61,658
    LINKEDIN CORP 42,361 45,224
    LITTELFUSE INC 38,950 43,994
    LMI AEROSPACE INC 25,124 23,576
    LOCKHEED MARTIN CORP 1,288,660 1,299,792
    LORILLARD INC 257,085 310,761
    LOWES COS INC 354,616 489,988
    LSI INDS INC 34,903 33,305
    LTX-CREDENCE CORP 65,032 49,818
    LULULEMON ATHLETICA INC 546,771 887,604
    LYONDELLBASELL INDUSTRIES NV 1,080,140 1,165,578
    MACK CALI RLTY CORP 20,724 20,966
    MACYS INC 755,139 1,395,623
    MAGELLAN HEALTH SVCS INC 39,753 37,328
    MAIDEN HLDGS LTD 58,834 62,499
    MAIN STR CAP CORP 37,070 35,598
    MAINSOURCE FINL GROUP INC 40,558 57,678
    MAJOR DRILLING GROUP INTL 561,534 675,965
    MANHATTAN ASSOCS INC 38,910 46,539
    MAP PHARMACEUTICALS INC 31,792 24,986
    MARATHON OIL CORP 241,621 210,632
    MARCUS CORP 46,211 48,601
    MARTEN TRANS LTD 20,061 19,995
    MASTEC INC 54,553 51,283
    MATERIAL SCIENCES CORP 41,889 39,552
    MATTEL INC 251,051 311,808
    MCGRATH RENTCORP 40,664 37,805
    MCGRAW HILL COS INC 161,576 169,341
    MCKESSON CORP 554,982 656,964
    MEAD JOHNSON NUTRITION CO 41,732 58,010
    MEADOWBROOK INS GROUP INC 40,873 48,795
    MEDICINES CO 40,408 61,300
    MEDICIS PHARMACEUTICAL CORP 34,922 46,972
    MEDIFAST INC 66,059 73,286
    MEDIWARE INFORMATION SYS INC C 51,284 64,541
    MEDTRONIC INC 613,332 546,260
    MEG ENERGY CORP 519,328 488,023
    MENTOR GRAPHICS CORP 12,920 12,321
    MERCK & CO INC 1,423,847 1,640,624
    MERGE HEALTHCARE INC 24,184 25,955
    METALS USA HLDGS CORP 30,243 35,845
    METLIFE INC 694,396 667,240
    METROPCS COMMUNICATIONS INC 57,365 44,377
    METROPOLITAN HEALTH NETWORKS 30,052 66,744
    MICHAEL KORS HLDGS LTD 907,399 868,735
    MICROSOFT CORP 1,079,140 1,284,762
    MID-AMER APT CMNTYS INC 19,444 27,636
    MILLER INDS INC TENNESSEE 81,255 81,459
    MINDSPEED TECHNOLOGIES INC 53,909 37,174
    MITCHAM INDS INC 38,542 54,268
    MODINE MFG CO 26,880 24,948
    MOLYCORP INC DEL 26,808 24,976
    MONMOUTH REAL ESTATE INVT CORP 31,560 33,868
    MONSANTO CO 284,517 351,875
    MONSTER BEVERAGE CORP 43,797 65,390
    MOODYS CORP 229,918 259,951
    MOOG INC 24,293 24,601
    MORGANS HOTEL GROUP CO 13,632 12,817
    MOVADO GROUP INC 43,250 76,857
    MULTIBAND CORP NEW 84,712 68,291
    MULTIMEDIA GAMES HLDG CO INC 32,181 45,588
    MYRIAD GENETICS INC 52,863 55,817
    NACCO INDS INC 61,650 70,919
    NANOMETRICS INC 47,437 55,061
    NATIONAL BANKSHARES INC VA 37,804 42,188
    NATIONAL CINEMEDIA INC 70,410 69,521
    NATIONAL INTST CORP 18,510 18,984
    NATIONAL OILWELL VARCO INC 231,649 217,962
    NAVIGANT CONSULTING INC 20,140 20,922
    NAVISTAR INTL CORP NEW 25,478 21,558
    NCI BLDG SYS INC 48,815 52,996
    NEW GOLD INC CDA 1,270,267 1,416,233
    NEW JERSEY RES 26,972 25,468
    NEWFIELD EXPL CO 272,671 168,371
    NEWMONT MNG CORP 62,262 53,225
    NEWPARK RES INC 25,558 21,026
    NEWPORT CORP 32,076 31,972
    NICHOLAS FINL INC BC 32,026 34,927
    NORDSTROM INC 57,994 79,824
    NORFOLK SOUTHERN CORP 181,879 199,099
    NORTHWEST PIPE CO 16,677 15,857
    NOVELLUS SYS INC 471,669 694,325
    NOVO-NORDISK A S 492,933 791,115
    NV ENERGY INC 64,233 76,773
    NYSE EURONEXT 264,744 234,325
    O REILLY AUTOMOTIVE INC 60,205 79,234
    OBAGI MED PRODS INC 69,414 72,107
    OCCIDENTAL PETE CORP DEL 474,882 509,008
    OCEANEERING INTL INC 22,260 21,478
    OIL STS INTL INC 32,036 45,042
    OMNICARE INC 9,710 10,138
    OMNICOM GROUP INC 202,306 265,016
    OMNOVA SOLUTIONS INC 70,718 114,346
    ON SEMICONDUCTOR CORP 70,928 73,051
    ONYX PHARMACEUTICALS INC 40,702 45,373
    ORACLE CORP 240,181 259,308
    ORIENTAL FINL GROUP INC 60,165 59,537
    OWENS & MINOR INC NEW 18,148 17,573
    OYO GEOSPACE CORP COM 313,786 438,988
    P C CONNECTION 58,177 43,380
    PANERA BREAD CO 45,677 63,800
    PARKER HANNIFIN CORP 194,105 191,515
    PARK-OHIO HLDGS CORP 76,165 75,997
    PATRICK INDS INC 27,738 57,247
    PEABODY ENERGY CORP 83,612 58,113
    PENFORD CORP 7,685 8,300
    PENN WEST PETE LTD 464,085 404,573
    PENNEY J C CO INC 173,787 184,988
    PENSKE AUTOMOTIVE GROUP INC 33,793 37,360
    PEPSICO INC 623,972 665,940
    PERICOM SEMICONDUCTOR CORP 19,160 19,398
    PERSEUS MNG LTD 1,223,355 1,072,505
    PETSMART INC 32,598 42,064
    PFIZER INC 3,294,589 3,914,045
    PG&E CORP 260,757 261,104
    PHILIP MORRIS INTL INC 393,024 717,512
    PINNACLE FINL PARTNERS INC 49,160 70,821
    PINNACLE WEST CAP CORP 20,948 22,048
    PIONEER NAT RES CO 54,040 55,941
    PITNEY BOWES INC 241,318 224,848
    PLAINS EXPL & PRODTN CO 87,631 78,024
    PLANTRONICS INC NEW 24,468 36,864
    PLEXUS CORP 87,268 79,371
    PMFG INC 18,271 15,847
    PNC FINL SVCS GROUP INC 1,357,116 1,604,944
    POLARIS INDS INC 49,715 67,206
    PORTLAND GEN ELEC CO 865,489 892,581
    POST PPTYS INC 51,501 52,352
    POTASH CORP SASK INC 505,828 406,704
    PRECISION CASTPARTS CORP 485,678 616,590
    PRECISION DRILLING CORP 207,787 168,820
    PREFORMED LINE PRODS CO COM 45,929 56,575
    PRGX GLOBAL INC 27,917 29,540
    PRICELINE COM INC 579,867 1,025,585
    PRINCIPAL FINL GROUP INC 275,969 262,865
    PROASSURANCE CORP 56,741 76,550
    PROCERA NETWORKS INC 31,549 39,236
    PROCTER & GAMBLE CO 883,577 906,106
    PROGENICS PHARMACEUTICALS INC 19,016 38,355
    PROGRESS SOFTWARE CORP 92,022 91,241
    PROTECTIVE LIFE CORP 145,952 167,045
    PROVIDENCE SVC CORP 109,502 103,313
    PRUDENTIAL FINL INC 989,281 978,690
    PSS WORLD MED INC 31,732 30,726
    PUBLIC STORAGE INC 77,693 84,810
    PUBLIC SVC ENTERPRISE GROUP 264,252 269,852
    PULSE ELECTRONICS CORP 8,415 6,255
    QUALCOMM INC 719,896 1,012,344
    RACKSPACE HOSTING INC 28,091 41,767
    RADISYS CORP 47,512 40,659
    RADNET INC 51,646 48,825
    RAND LOGISTICS INC - CITIZEN 29,706 29,903
    RAVEN INDS INC 254,593 288,899
    RAYONIER INC 105,343 108,840
    RAYTHEON CO 412,168 389,808
    RED HAT INC 47,939 46,913
    REGAL BELOIT CORP 64,276 71,834
    REINSURANCE GROUP AMER INC 1,139,960 1,103,904
    RENT A CTR INC NEW 57,490 56,754
    REPUBLIC SVCS INC 47,773 42,369
    RESOLUTE ENERGY CORP 21,302 19,883
    ROADRUNNER TRANSN SVCS HLDGS 33,464 36,418
    ROCK-TENN CO 41,775 43,070
    ROCKWELL AUTOMATION INC 60,485 55,453
    ROCKWOOD HLDGS INC 33,443 43,829
    ROCKY MOUNTAIN DEALERSHIP INC 68,312 75,720
    ROGERS CORP 27,227 27,416
    ROYAL GOLD INC 2,662,754 2,999,546
    RTI BIOLOGICS INC 1,650 1,362
    RUSH ENTERPRISES INC 29,266 23,142
    RYDER SYS INC 68,211 65,041
    SAFEWAY INC 268,720 249,286
    SALESFORCE COM INC 732,740 1,014,425
    SANDISK CORP 46,539 34,928
    SANFILIPPO JOHN B & SON INC 50,603 61,657
    SAUER-DANFOSS INC 4,355 3,855
    SCBT FINL CORP 86,275 100,384
    SCHOLASTIC CORP 64,965 63,819
    SCICLONE PHARMACEUTICALS INC 26,097 45,075
    SEACOR HLDGS INC 71,458 69,698
    SEADRILL LTD 653,331 794,652
    SENIOR HSG PPTYS TR 206,876 214,176
    SENSATA TECH HLDG NV 35,990 42,876
    SENSIENT TECHNOLOGIES CORP 45,576 46,252
    SHERWIN WILLIAMS CO 40,539 42,098
    SHUFFLE MASTER INC 48,911 83,226
    SIEMENS A G 221,128 246,106
    SIGNATURE BK NEW YORK N Y 37,080 45,457
    SILVER WHEATON CORP 62,444 54,893
    SIMMONS 1ST NATL CORP 19,880 18,547
    SIMON PPTY GROUP INC NEW 252,698 268,721
    SIRIUS XM RADIO INC 39,663 38,071
    SL INDS INC 46,414 37,352
    SLM CORP 82,692 77,961
    SM ENERGY CO 44,841 41,451
    SOCIEDAD QUIMICA MINERA DE CHI 204,028 216,547
    SOLTA MED INC 60,778 64,178
    SOUTH JERSEY INDS INC 31,051 29,452
    SOUTHWEST BANCORP INC 32,014 31,997
    SPARTECH CORP 15,455 14,362
    SPDR GOLD TR 4,874,860 6,891,070
    SPECTRANETICS CORP 28,610 43,691
    SPECTRUM PHARMACEUTICALS INC 26,790 34,707
    STAAR SURGICAL CO 84,477 101,944
    STAG INDL INC 29,682 30,847
    STAGE STORES INC 30,258 28,188
    STANCORP FINL GROUP INC 57,272 54,500
    STANDARD MTR PRODS INC 39,369 51,569
    STARWOOD HOTELS & RESORTS 51,006 64,587
    STATE AUTO FINL CORP 11,998 12,395
    STATE BK FINL CORP 17,000 18,975
    STEINWAY MUSICAL INSTRS INC 36,658 35,571
    STEPAN CO 35,292 37,616
    STERICYCLE INC 96,200 115,091
    STERLING CONSTR INC 14,135 14,029
    STONE ENERGY CORP 71,936 65,581
    SUMMIT HOTEL PPTYS INC 18,144 18,802
    SUPERIOR ENERGY SVCS INC 244,186 233,235
    SUSQUEHANNA BANCSHARES INC PA 21,890 24,195
    SUSSER HLDGS CORP 27,004 53,887
    SVB FINL GROUP 54,974 76,395
    SXC HEALTH SOLUTIONS CORP 35,694 33,333
    SYKES ENTERPRISES INC 75,229 55,190
    SYNAPTICS INC 33,711 31,293
    SYNGENTA AG 326,468 396,440
    SYNOPSYS INC 56,919 79,827
    TAHOE RES INC 417,659 417,425
    TAIWAN SEMICONDUCTOR MFG LTD 165,256 207,604
    TARGET CORP 340,251 391,674
    TATE & LYLE PLC 359,694 483,444
    TAUBMAN CTRS INC 18,654 18,832
    TEARLAB CORP 40,247 37,269
    TECH DATA CORP 62,841 73,639
    TECHTARGET 17,679 18,689
    TELEDYNE TECHNOLOGIES INC 16,582 18,352
    TELEPHONE & DATA SYS INC 57,182 45,544
    TEMPUR-PEDIC INTL INC 71,801 79,199
    TENNANT CO 21,223 22,549
    TERADATA CORP 56,832 66,082
    TERADYNE INC 78,026 80,181
    TEREX CORP NEW 21,051 20,829
    TERRENO RLTY CORP 44,629 44,688
    TESORO CORP 962,120 956,365
    TESSCO TECHNOLOGIES INC 42,367 60,280
    TETRA TECHNOLOGIES INC DEL 49,994 45,937
    TEVA PHARMACEUTICAL INDS LTD 291,456 292,667
    TEXAS INSTRS INC 421,663 422,247
    THERAGENICS CORP 43,504 38,877
    THORATEC CORP 24,267 25,063
    TIBCO SOFTWARE INC 24,320 44,810
    TIDEWATER INC 194,910 185,176
    TIME WARNER CABLE INC 422,413 442,475
    TIME WARNER INC 302,821 381,233
    TJX COS INC NEW 31,912 53,973
    TNS INC 92,823 109,630
    TOTAL S A 396,890 328,591
    TOWER INTL INC 67,664 52,328
    TPC GROUP INC 45,836 77,453
    TRACTOR SUPPLY CO 36,707 44,678
    TRAVELERS COS INC 485,628 617,472
    TREX INC 23,566 27,616
    TRIMBLE NAVIGATION LTD 30,119 40,767
    TRIPADVISOR INC 60,437 80,121
    TRUE RELIGION APPAREL INC 59,325 46,661
    TUCOWS INC 8,475 9,648
    TYCO INTL LTD 75,922 77,965
    TYSON FOODS INC 906,764 865,050
    U S HOME SYS INC 47,414 52,304
    U S PHYSICAL THERAPY INC 50,950 68,264
    ULTA SALON COSMETICS & FRAGRAN 39,991 64,283
    ULTRA PETE CORP 430,875 189,696
    ULTRATECH INC 21,920 25,233
    UNIFIRST CORP MASS 91,190 97,641
    UNILEVER N V 346,467 380,942
    UNION FIRST MKT BANKSHARES COR 78,677 83,676
    UNIT CORP 49,325 45,250
    UNITED CONTL HLDGS INC 227,762 264,136
    UNITED PARCEL SVC INC 410,919 490,954
    UNITED TECHNOLOGIES CORP 143,246 238,797
    UNITED THERAPEUTICS CORP DEL 38,072 35,088
    UNITEDHEALTH GROUP INC 943,470 1,542,216
    US BANCORP DEL 675,744 937,466
    USANA HEALTH SCIENCES INC 51,143 69,848
    UST EXCELSIOR VENTURE PARTNER 1,218,000 1,185,840
    VAALCO ENERGY INC COM 84,739 108,468
    VALERO ENERGY CORP NEW 955,820 1,041,624
    VARIAN MED SYS INC 55,125 65,703
    VERISK ANALYTICS INC 65,082 76,362
    VERIZON COMMUNICATIONS INC 726,793 820,683
    VERTEX PHARMACEUTICALS INC 32,567 32,977
    VIACOM INC 208,106 283,443
    VIROPHARMA INC 24,377 41,347
    VIRTUS FOREIGN OPPORTUNITIES 5,320,530 6,822,098
    VISA INC 786,326 990,973
    VISHAY INTERTECHNOLOGY INC 84,959 65,188
    VOXX INTL CORP 48,599 83,069
    WABASH NATL CORP 52,165 45,064
    WADDELL & REED FINL INC 22,799 22,994
    WALGREEN CO 131,783 136,734
    WAL-MART STORES INC 640,471 686,537
    WARNACO GROUP INC 30,858 37,496
    WARNER CHILCOTT PLC 124,126 163,422
    WARRANT TO PURCHASE ENTEROMEDI    
    WARREN RES INC 63,352 59,606
    WASHINGTON BKG CO OAK HBR 31,739 31,964
    WASTE MGMT INC DEL 329,905 345,078
    WATSON PHARMACEUTICALS INC 76,636 112,437
    WEBSENSE INC 40,252 43,554
    WELLCARE GROUP INC 51,595 65,401
    WELLS FARGO & CO 3,111,298 3,916,472
    WEST COAST BANCORP 33,225 37,009
    WEST PHARMACEUTICAL SVSC INC 10,908 11,988
    WESTERN DIGITAL CORP 1,020,893 1,056,913
    WESTERN REFNG INC 40,948 39,052
    WESTWOOD HLDGS GROUP INC 32,556 30,675
    WET SEAL INC 26,493 26,370
    WHOLE FOODS MKT INC 48,865 67,121
    WILEY JOHN & SONS INC 32,097 30,548
    WORLD ACCEP CORP DEL 38,286 63,783
    WTC CTF GLOBAL CONTRARIAN FUND 11,108,000 11,283,206
    WTC CTF OPPORTUNISTIC EQUITY F 24,760,800 27,458,097
    WYNDHAM WORLDWIDE CORP 25,436 38,258
    WYNN RESORTS LTD 40,103 43,222
    XCEL ENERGY INC 355,521 426,736
    XYRATEX LTD 100,371 109,495
    YORK WTR CO 47,770 48,916
    YOUNG INNOVATIONS INC 28,363 34,000
    YUM BRANDS INC 584,561 664,534

    TY 2011 InvestmentsOtherSchedule2
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    AM AIRLN PT TRS   15,968 16,999
    CAPITAL AUTO RECEIVABLES ASSET   3,581 3,564
    CAPITAL ONE MULTI-AST EXEC TRS   50,035 50,101
    FANNIE MAE SER 2003-49 CL FY   34,922 34,943
    FHLMC SER 2411 CL FR   37,912 37,934
    FHLMC SER 3222 CL FN   41,374 41,446
    FHLMC SER 3360 CL FC   39,137 39,134
    FHLMC SER 3411 CL FL   31,451 31,372
    FHLMC SER 3867 CL FD   35,494 35,469
    FHLMC SER 3989 CL JF   39,416 39,391
    FNMA SER 2003-7 CL FA   35,078 35,096
    FNMA SER 2005-59 CL DF   30,411 30,789
    FNMA SER 2006-46 CL FW   27,677 27,720
    FNMA SER 2007-100 CL YF   36,641 36,582
    FNMA SER 2007-7 CL FJ   36,485 36,461
    FREDDIE MAC SER 3345 CL PF   35,603 35,584
    MBNA CREDIT CARD MSTR NOTE TRS   39,966 40,000
    RESIDENT'L FDG MTG SECS II INC   8,598 8,183

    TY 2011 LandEtcSchedule2
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value


    TY 2011 LegalFeesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL CONSULTING FEES 189,322 18,932 18,932 170,390


    TY 2011 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 164,557 164,557 510,465


    TY 2011 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 139,494 13,949 13,949 125,545
    INSURANCE 108,101 135 135 107,966
    MISCELLANEOUS 39,938 50 50 39,888
    EQUIPMENT LEASING 40,990 615 615 40,375
    ADMINISTRATIVE EXPENSES 354,579 27 27 354,552
    PASS THRU P'SHIP PORTFOLIO DED 0 529,857 529,857 0


    TY 2011 OtherIncomeSchedule2
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    Book & Film Sales 476,139   476,139
    PASS THROUGH PARTNERSHIP INCOME   -821,316 -821,316


    TY 2011 OtherLiabilitiesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Description Beginning of Year - Book Value End of Year - Book Value
    OTHER LIABILITIES 19,497 11,389


    TY 2011 OtherProfessionalFeesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT MANAGEMENT FEES 1,683,255 1,683,255 1,683,255  
    CONFERENCE FEES 2,712,651     2,712,651
    WEBSITE DEVELOPMENT FEES 274,300     274,300
    OTHER PROFESSIONAL FEES 94,551 118 118 94,433


    TY 2011 TaxesSchedule
    Name:
    Liberty Fund Inc
    EIN: 35-1320021
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES PAID 0 59,299 59,299 0