Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation
Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.
OMB No. 1545-0052
2010
For calendar year 2010, or tax year beginning 01-01-2010 , and ending 12-31-2010
G
Check all that apply:
Name of foundation
W B MUNSON FOUNDATION R76925008 8339589100
 

Number and street (or P.O. box number if mail is not delivered to street address)C/O JPMORGAN CHASE BANKNAPOBOX 3038   Room/suite
City or town, state, and ZIP code
MILWAUKEE, WI53201
A Employer identification number

75-6015068
B Telephone number (see page 10 of the instructions)

(414) 977-1210
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$8,366,552J 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 394 394  
4 Dividends and interest from securities...... 213,938 207,485  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 -90,039
b Gross sales price for all assets on line 6a 2,899,679
7 Capital gain net income (from Part IV, line 2)... 0
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 115,219 115,142  
12 Total. Add lines 1 through 11........ 239,512 323,021  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 63,573 47,680   15,893
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)....        
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 11,367 11,367   0
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 6,800 6,937   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 81,740 65,984   15,893
25 Contributions, gifts, grants paid........ 336,660 336,660
26 Total expenses and disbursements. Add lines 24 and 25 418,400 65,984   352,553
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -178,888
b Net investment income (if negative, enter -0-) 257,037
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............... 246,464 101,824 101,824
2 Savings and temporary cash investments.......... 1,164,753 528,516 528,516
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) 91,041    
b Investments—corporate stock (attach schedule)........ 2,428,328 Click to see attachment2,423,615 2,745,825
c Investments—corporate bonds (attach schedule)........ 3,732,788 Click to see attachment4,497,662 4,546,344
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 11 Click to see attachment11 310,224
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment198,100 Click to see attachment130,995 Click to see attachment133,819
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 7,861,485 7,682,623 8,366,552
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 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......... 7,861,485 7,682,623
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 0 0
30 Total net assets or fund balances (see page 17 of the
instructions).................... 7,861,485 7,682,623
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 7,861,485 7,682,623
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 7,861,485
2 Enter amount from Part I, line 27a...................... 2 -178,888
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 1,739
4 Add lines 1, 2, and 3.......................... 4 7,684,336
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 1,713
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.. 6 7,682,623
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 SALES IN ACCOUNT OF PUBLICLY TRADED SECURITIES      
b POWERSHARES DB SCH K-1 P    
c POWERSHARES DB SCH K-1 P    
d POWERSHARES DB SCH K-1 SEC 1256 STRADDLE P    
e POWERSHARES DB SCH K-1 BASIS ADJUSTMENT P    
CAPITAL GAINS DIVIDENDS 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 2,899,584   2,989,718 -90,134
b       16
c       24
d       -244
e       320
95     95
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       -90,134
b       16
c       24
d       -244
e       320
      95
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 -89,923
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 296,096 8,143,110 0.036362
2008 272,623 8,338,102 0.032696
2007 417,725 7,926,489 0.052700
2006 377,687 8,179,779 0.046173
2005 390,464 8,191,991 0.047664
2 Total of line 1, column (d) ...................... 2 0.215595
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3 0.043119
4 Enter the net value of noncharitable-use assets for 2010 from Part X, line 5..... 4 8,275,515
5 Multiply line 4 by line 3....................... 5 356,832
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 2,570
7 Add lines 5 and 6......................... 7 359,402
8 Enter qualifying distributions from Part XII, line 4.............. 8 352,553
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 5,141
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 0
3 Add lines 1 and 2............................ 3 5,141
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-). 4 0
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 5,141
6 Credits/Payments:
a 2010 estimated tax payments and 2009 overpayment credited to 2010 6a 4,520
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 4,520
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 9 621
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$ 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 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)bulletTX
    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 addressbulletN/A
    14
    The books are in care ofbulletJPMORGAN CHASE BANK NA Telephone no.bullet (214) 965-3457
    Located atbullet2200 ROSS AVENUE FLOOR 7DALLASTX ZIP+4bullet75201
    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
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2010?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2010, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2010?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2010 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2010.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2010?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2010)
    Form 990-PF (2010)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    JPMORGAN CHASE BANK NA TRUSTEE
    2.00     		63,573 0 0
    PO BOX 3038
    MILWAUKEE,WI53201
    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 0
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    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 N/A 0
    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 N/A 0
    2  
    All other program-related investments. See page 24 of the instructions.
    3 Click to see attachment 0
    Total. Add lines 1 through 3...........................bullet0
    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
    7,160,700
    b
    Average of monthly cash balances.......................
    1b
    817,426
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    423,412
    d
    Total (add lines 1a, b, and c).........................
    1d
    8,401,538
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) ..............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d..........................
    3
    8,401,538
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ............................
    4
    126,023
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    8,275,515
    6
    Minimum investment return. Enter 5% of line 5...................
    6
    413,776
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    413,776
    2a
    Tax on investment income for 2010 from Part VI, line 5......
    2a
    5,141
    b
    Income tax for 2010. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    5,141
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    408,635
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4.............................
    5
    408,635
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1.................................
    7
    408,635
    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
    352,553
    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
     
    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
    352,553
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4...............
    6
    352,553
    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 7 408,635
    2 Undistributed income, if any, as of the end of 2010:
    a Enter amount for 2009 only....... 247,340
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2010:
    a From 2005.......  
    b From 2006.......  
    c From 2007.......  
    d From 2008.......  
    e From 2009.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2010 from Part
    XII, line 4: bullet$ 352,553
    a Applied to 2009, but not more than line 2a 247,340
    b Applied to undistributed income of prior years
    (Election required—see page 26 of the instructions)    		 0
    c Treated as distributions out of corpus (Election
    required—see page 26 of the instructions)...     		0
    d Applied to 2010 distributable amount..... 105,213
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2010. 0 0
    (If an amount appears in column (d), the
    same amount must be shown in column (a).)
    6Enter the net total of each column as
    indicated below:
    a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 0
    b Prior years’ undistributed income. Subtract
    line 4b from line 2b ...........     		0
    c Enter the amount of prior years’ undistributed
    income for which a notice of deficiency has
    been issued, or on which the section 4942(a)
    tax has been previously assessed......     		0
    d Subtract line 6c from line 6b. Taxable
    amount—see page 27 of the instructions ...     		0
    e Undistributed income for 2009. Subtract line
    4a from line 2a. Taxable amount—see page 27
    of the instructions ...........     		0
    f Undistributed income for 2010. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		303,422
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see page 27
    of the instructions) ...........     		0
    8Excess distributions carryover from 2005 not
    applied on line 5 or line 7 (see page 27 of the
    instructions) .............     		0
    9Excess distributions carryover to 2011.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2006....  
    b Excess from 2007....  
    c Excess from 2008....  
    d Excess from 2009....  
    e Excess from 2010....  
    Form 990-PF (2010)
    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).)
    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:
    JPMORGAN CHASE BANK NA
    2200 ROSS AVENUE FLOOR 7
    DALLAS,TX75201
    (214) 965-3457
    bThe form in which applications should be submitted and information and materials they should include:
    LETTER OF APPLICATION PREFERRED STATING APPLICATION OF FUNDS
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    LIMITED TO EDUCTIONAL, MEDICAL & CULTURAL.
    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
    ABILENE CHRISTIAN UNIVERSITY - JESSICA E ELLER
    ACU BOX 29007
    ABILENE,TX79699     		NONE PUBLIC CHARITY SCHOLARSHIPS 1,000
    AMERICAN CANCER SOCIETY OF GRAYSON COUNTY
    100 W HOUSTON
    SHERMAN,TX75090     		NONE PUBLIC CHARITY PROGRAM SUPPORT 5,000
    AMERICAN RED CROSS
    2527 STATE HIGHWAY 691
    DENISON,TX75020     		NONE PUBLIC CHARITY PROGRAM SUPPORT 32,000
    AUSTIN COLLEGE - JESSICA M SMITH
    623 W BEN WHITE BLVD
    AUSTIN,TX78704     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    AUSTIN COLLEGE - THE IDEA CENTER
    1212 RIO GRANDE STREET
    AUSTIN,TX78701     		NONE PUBLIC CHARITY PROGRAM SUPPORT 50,000
    BAYLOR UNIVERSITY - ADRIENNE E BOUDREAUX
    ONE BEAR PLACE
    WACO,TX767987068     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    BOYS & GIRLS CLUB OF DENISON
    2100 S MIRICK AVE
    DENISON,TX75020     		NONE PUBLIC CHARITY PROGRAM SUPPORT 2,500
    CIRCLE TEN COUNCIL BOY SCOUTS OF AMERICA
    8605 HARRY HINES BLVD
    DALLAS,TX75235     		NONE PUBLIC CHARITY PROGRAM SERVICES 5,000
    DENISON HOUSING DEVELOPMENT CORPORATION
    330 NORTH 8TH AVENUE
    DENISON,TX75021     		NONE PUBLIC CHARITY PROGRAM SUPPORT 3,440
    DENISON LIONS CLUB CHARITIES INC
    1030 W CRAWFORD
    DENISON,TX75020     		NONE PUBLIC CHARITY PROGRAM SUPPORT 10,000
    DENISON PERFORMIING ARTS INC
    PO BOX 1035
    DENISON,TX75021     		NONE PUBLIC CHARITY PROGRAM SUPPORT 4,020
    DENISON PUBLIC LIBRARY ENDOWMENT FUND
    500 WEST CHESTNUT
    DENISON,TX75020     		NONE PUBLIC CHARITY PROGRAM SUPPORT 37,500
    DENISON SISTER CITIES
    1301 PENNSYLVANIA AVE NW
    WASHINGTON,DC20004     		NONE PUBLIC CHARITY PROGRAM SERVICES 15,000
    FOUR RIVERS OUTREACH INC
    210 S RUSK
    SHERMAN,TX75090     		NONE PUBLIC CHARITY PROGRAM SUPPORT 25,200
    GRAYSON COUNTY COLLEGE - KENDRA POWELL
    6101 GRAYSON DRIVE
    DENISON,TX75020     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    GRAYSON COUNTY COLLEGE FOUNDATION
    6101 GRAYSON DRIVE
    DENISON,TX75020     		NONE PUBLIC CHARITY PROGRAM SERVICES 42,500
    HOME HOSPICE OF GRAYSON COUNTY
    505 W CENTER STREET
    SHERMAN,TX75090     		NONE PUBLIC CHARITY PROGRAM SERVICES 15,000
    SHERMAN MUSICAL ARTS INC
    500 N ELM STREET
    SAN ANGELO,TX76909     		NONE PUBLIC CHARITY PROGRAM SUPPORT 15,000
    SOUTHWESTERN DIABETIC FOUNDATION INC
    PO BOX 918
    GAINESVILLE,TX76241     		NONE PUBLIC CHARITY PROGRAM SUPPORT 2,500
    TEXAS A&M UNIVERSITY - ASHLEY G LECHLER
    PO BOX 30015
    COLLEGE STATION,TX778423015     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    TEXAS A&M UNIVERSITY - JESSICA M HOLLEY
    PO BOX 30015
    COLLEGE STATION,TX778423015     		NONE PUBLIC CHARITY SCHOLARSHIPS 1,000
    TEXAS CHRISTIAN UNIVERSITY - MICAH M VAUGHN
    TCU BOX 297011
    FORT WORTH,TX76129     		NONE PUBLIC CHARITY SCHOLARSHIPS 1,000
    TEXAS STATE UNIVERSITY - RACHEL BULLOCK
    601 UNIVERSITY DR
    SAN MARCOS,TX786664603     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    TEXAS STATE UNIVERSITY SAN MARCOS - APRIL S BRAXTON
    601 UNIVERSITY DR
    SAN MARCOS,TX786664603     		NONE PUBLIC CHARITY SCHOLARSHIPS 1,000
    TEXAS STATE UNIVERSITY SAN MARCOS - BRITTANY GATES
    601 UNIVERSITY DR
    SAN MARCOS,TX786664603     		NONE PUBLIC CHARITY SCHOLARSHIPS 1,000
    TEXOMA AREA PARATRANSIT SYSTEM INC
    6104 TEXOMA PARKWAY
    SHERMAN,TX75090     		NONE PUBLIC CHARITY PROGRAM SERVICES 20,000
    THE CHILD AND FAMILY GUIDANCE CENTER OF TEXOMA
    804 E PECAN GROVE ROAD
    SHERMAN,TX75090     		NONE PUBLIC CHARITY PROGRAM SUPPORT 20,000
    THE UNIVERSITY OF TEXAS AT AUSTIN - ERIN THOMPSON
    405 W 18TH ST
    AUSTIN,TX78701     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    TRI-COUNTY SENIOR NUTRITION PROJECT INC
    4114 AIRPORT DRIVE
    DENISON,TX75020     		NONE PUBLIC CHARITY PROGRAM SUPPORT 20,000
    TYLER JUNIOR COLLEGE - CHRISTIAN D LOPEZ
    PO BOX 9020
    TYLER,TX75711     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    UNIVERSITY OF ARKANSAS - ANDY L BLANKENSHIP
    215 ADMINISTRATION BUILDING
    FAYETTEVILLE,AR72701     		NONE PUBLIC CHARITY SCHOLARSHIPS 1,500
    UNIVERSITY OF NORTH TEXAS - SILVIA ERIVES
    1155 UNION CIRCLE 311277
    DENTON,TX76203     		NONE PUBLIC CHARITY PROGRAM SUPPORT 500
    UNIVERSITY OF TEXAS AT DALLAS - ASHLEY LECHELER
    PO BOX 830688
    RICHARDSON,TX75080     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    UNIVERSITY OF TEXAS AT DALLAS - MARY C GURAK
    PO BOX 830688
    RICHARDSON,TX75080     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    UNIVERSITY OF TEXAS-ARLINGTON - ROYA SAID
    701 SOUTH NEDDERMAN DRIVE
    ARLINGTON,TX76019     		NONE PUBLIC CHARITY SCHOLARSHIPS 500
    Total .................................bullet 3a 336,660
    bApproved for future payment
    Total ..................................bullet 3b 0
    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     14 394  
    4 Dividends and interest from securities....     14 213,938  
    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.....     14 115,142  
    8Gain or (loss) from sales of assets other than inventory     18 -90,039  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aFEDERAL EXCISE TAX REFUND     01 77  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e).. 0 239,512 0
    13Total. Add line 12, columns (b), (d), and (e)...................
    13239,512
    (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:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2010 AllOthProgRltdInvestmentsSch
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Category Amount
    N/A 0

    TY 2010 InvestmentsCorpBondsSchedule
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Name of Bond End of Year Book Value End of Year Fair Market Value
    GOLDMAN SACHS TRUST HIGH YIELD FUND INSTITUTIONAL SHS - 21813.63 SHS 154,213 159,239
    PAYDEN HIGH INCOME FUND - 40894.3 SHS 285,314 296,075
    ISHARES BARCLAYS TIPS BOND FUND - 1435 SHS 151,614 154,291
    EATON VANCE MUT FDS TR FLT RT CL I - 18055.56 SHS 157,399 161,778
    JPM TR I TAX AWARE REAL RTRN FD -SEL FUND 992 1.69% - 23667.15 SHS 235,683 234,068
    DREYFUS/LAUREL FDS TR PRM EMRGN MK I - 5863.21 SHS 82,341 84,782
    JPM STR INC OPP FD FUND 3844 2.16% - 10148.2 SHS 116,953 120,053
    JPM INTL CURRENCY INCOME FD INCOME FUND 1.45% - 14199.98 SHS 151,684 159,750
    INTERNATIONAL BUSINESS MACHINES CORP 7 1/2% JUN 15 - 20000 SHS 23,304 22,993
    U S A BONDS 11 1/4% FEB 15 2015 DTD 2/15/85 - 125000 SHS 180,127 173,204
    STRIPS U S A TREAS ISSUE ZERO CPN FEB 15 2013 DTD 2/15/85 - 190000 SHS 183,716 187,053
    US TREAS ISSUE FEB 15 2014 DTD 2/15/85 INT PMT DUE - 200000 SHS 187,465 192,918
    HOUSEHOLD FINANCE CORP NOTES 7% MAY 15 2012 DTD 5/22/2002 - 25000 SHS 27,129 26,824
    GENERAL ELECTRIC CAPITAL CORP MEDIUM TERM NOTES 6% - 40000 SHS 43,068 42,760
    BB&T CORP NOTES 4 3/4% OCT 1 2012 DTD 9/24/2002 - 15000 SHS 15,687 15,827
    BOEING COMPANY NOTES 5 1/8% FEB 15 2013 DTD 2/11/2003 - 10000 SHS 10,813 10,824
    GOLDMAN SACHS GROUP INC NOTES 5 1/4% APR 1 2013 DTD 3/31/2003 - 35000 SHS 37,325 37,574
    CONOCOPHILLIPS 4 3/4% OCT 15 2012 DTD 10/9/2002 - 15000 SHS 16,163 16,063
    MORGAN STANLEY NOTES 4 3/4% APR 1 2014 DTD 3/30/2004 - 25000 SHS 25,105 25,601
    ELECTRONIC DATA SYSTEMS NOTES 6% B AUG 1 2013 DTD 6/30/2003 - 15000 SHS 16,669 16,720
    ACE INA HOLDINGS INC NOTES 5 7/8% JUN 15 2014 DTD 6/9/2004 - 20000 SHS 21,945 22,425
    SBC COMMUNICATIONS NOTES 5.10% SEP 15 2014 DTD 11/3/2004 - 20000 SHS 21,754 21,882
    CREDIT SUISSE FB USA INC NOTES 4 7/8% JAN 15 2015 DTD 12/15/2004 - 15000 SHS 16,108 16,172
    WACHOVIA CORPORATION SUB NOTES 5 1/4% AUG 1 2014 DTD 7/22/2004 - 20000 SHS 20,805 21,330
    CISCO SYSTEMS NOTES 5 1/2% FEB 22 2016 DTD 2/22/2006 - 10000 SHS 10,940 11,411
    ST PAUL TRAVELERS 5 1/2% DEC 1 2015 DTD 11/28/2005 - 15000 SHS 17,075 16,837
    FANNIE MAE NOTES 4 7/8% MAY 18 2012 DTD 05/18/2007 - 85000 SHS 92,522 90,071
    BANK OF AMERICA CORPORATION 5 1/8% NOV 15 2014 DTD 11/07/2002 - 20000 SHS 20,636 20,970
    MERRILL LYNCH & CO MEDIUM TERM NOTE 6.05% AUG 15 2012 DTD - 15000 SHS 16,056 15,884
    WELLS FARGO COMPANY 5 1/4% OCT 23 2012 DTD 10/23/2007 - 15000 SHS 16,054 16,081
    DIAGEO CAPITAL PLC 5.2% JAN 30 2013 DTD 10/26/2007 - 15000 SHS 16,096 16,176
    MIDAMERICAN ENERGY CO NOTES 4.65% OCT 01 2014 DTD 10/01/2004 - 15000 SHS 16,140 16,210
    GLAXOSMITHKLINE CAP INC 4 3/8% APR 15 2014 DTD 04/06/2004 - 8000 SHS 8,470 8,626
    ALLSTATE LF GLB FN TRST MEDIUM TERM NOTES 5 3/8% APR 30 2013 - 20000 SHS 21,353 21,779
    CANADIAN NATL RY CO NT 4.40% MAR 15 2013 DTD 03/10/2003 - 10000 SHS 10,592 10,658
    FREDDIE MAC NOTES 4 1/8% SEP 27 2013 DTD 08/20/2008 - 90000 SHS 96,984 97,527
    ORACLE CORP 4.95% APR 15 2013 DTD 04/09/2008 - 20000 SHS 21,630 21,788
    SIMON PROPERTY GROUP LP 5 3/4% DEC 01 2015 DTD 11/15/2005 - 10000 SHS 11,303 11,110
    NATIONAL CITY CORP 4.9% JAN 15 2015 DTD 01/12/2005 - 20000 SHS 20,425 21,421
    BP CAPITAL MARKETS PLC 5 1/4% NOV 07 2013 DTD 11/07/2008 - 10000 SHS 10,970 10,830
    GOLDMAN SACHS GROUP INC 3 1/4% JUN 15 2012 DTD 12/01/2008 - 50000 SHS 52,396 51,905
    DELL INC 4.7% APR 15 2013 DTD 10/15/2008 - 5000 SHS 5,349 5,367
    SOUTHERN CALIF GAS CO 5 1/2% MAR 15 2014 DTD 11/21/2008 - 10000 SHS 11,027 11,018
    AMERPRISE FINANCIAL INC 5.65% NOV 15 2015 DTD 11/23/2005 - 5000 SHS 5,733 5,541
    JOHN DEERE CAPITAL CORP MEDIUM TERM NOTE 4.50% APR 03 2013 - 15000 SHS 15,844 16,044
    PRINCIPAL LIFE INC FDG MEDIUM TERM NOTE 5.3% APR 24 2013 - 15000 SHS 15,784 16,232
    APACHE CORP NOTES 6% SEP 15 2013 DTD 10/01/2008 - 10000 SHS 11,202 11,229
    CME GROUP INC 5 3/4% FEB 15 2014 DTD 02/09/2009 - 10000 SHS 10,995 11,073
    CATERPILLAR FINACIAL SE MEDIUM TERM NOTE 6 1/8% FEB 17 2014 - 20000 SHS 22,118 22,485
    PACCAR INC NOTES 6 7/8% FEB 15 2014 DTD 02/13/2009 - 15000 SHS 17,138 17,206
    BAXTER INTERNATIONAL INC 4% MAR 01 2014 DTD 02/26/2009 - 20000 SHS 20,812 21,288
    BHP BILLION FIN USA LTD 5 1/2% APR 01 2014 DTD 03/25/2009 - 15000 SHS 16,390 16,599
    HONDA AUTO RECIEVABLES OWNER TRUST SER 2009-2 CL A3 - 51348.07 SHS 52,170 51,923
    US BANCORP SR NOTES 4.2% MAY 15 2014 DTD 05/14/2009 - 10000 SHS 10,466 10,682
    STATE STREET CORP SR NOTES 4.3% MAY 30 2014 DTD 05/22/2009 - 15000 SHS 15,723 16,049
    PRAXAIR INC 5 1/4% NOV 15 2014 DTD 11/13/2007 - 6000 SHS 6,611 6,690
    FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS - 47075.35 SHS 50,209 51,361
    FREDDIE MAC SER 2825 CL-VP 5.5% JUN 15 2015 DTD 07/01/2004 - 75092.5 SHS 80,381 81,740
    NUCOR CORP 5% JUN 01 2013 DTD 06/02/2008 - 10000 SHS 10,614 10,797
    FREDDIE MAC 8.500% SEP 01 2017 DTD 11/01/1987 POOL NO 301343 - 39022.24 SHS 43,705 44,118
    FREDDIE MAC 8.5% OCT 01 2019 DTD 11/01/1989 POOL NO 538267 - 36070.78 SHS 40,399 40,781
    FREDDIE MAC 8.500% OCT 01 2017 DTD 12/01/1989 POOL NO 538313 - 27936.07 SHS 31,288 30,862
    FANNIE MAE SER 2003-32 CL KC 5% MAY 25 2018 DTD 4/01/2003 - 95000 SHS 100,938 102,532
    AMERICREDIT AUTOMOBILE RECEIVABLES TR 2008-A-F NT CL A-3 - 16137.91 SHS 16,770 16,332
    FREDDIE MAC GOLD PARTIC CTF 5.5% AUG 01 2019 DTD 08/01/200 - 49170.34 SHS 52,505 53,035
    FEDERAL NATL MTG ASSN GTD REMIC PASS THRU CTF REMIC TR - 70000 SHS 73,675 74,969
    FANNIE MAE 5.5% NOV 01 2018 DTD 12/01/2003 POOL NO 762517 - 40571.12 SHS 43,208 43,735
    FANNIE MAE 6.5% AUG 01 2017 DTD 07/01/2002 POOL NO 649633 - 35448.78 SHS 38,395 38,789
    USAA AUTO OWNER TRUST SER 2009-2 CL A4 2.53% JUL 15 2015 - 10000 SHS 10,000 10,298
    U S A TREASURY NOTES 2 3/4% NOV 30 2016 DTD 11/30/2009 - 175000 SHS 185,836 178,623
    BNP PARIBAS SA 2 1/8% DEC 21 2012 DTD 12/21/2009 - 10000 SHS 10,047 10,161
    DUKE ENERGY OHIO INC 2.1% JUN 15 2013 DTD 12/17/2009 - 6000 SHS 5,999 6,116
    FREDDIE MAC 7% APR 01 2017 DTD 04/01/1987 POOL NO 291302 - 63930.41 SHS 69,005 70,783
    FANNIE MAE 5.5% DEC 01 2018 DTD 09/01/2005 POOL NO 735930 - 48728.44 SHS 52,368 52,482
    FREDDIE MAC GOLD PARTIC CTF 6% NOV 01 2018 DTD 11/01/1998 - 59334.11 SHS 64,192 65,040
    TOYOTA MOTOR CREDIT CORP MEDIUM TERM NOTES 3.2% - 5000 SHS 5,009 5,165
    SHELL INTERNATIONAL FIN 3.1% JUN 28 2015 DTD 06/28/2010 - 6000 SHS 5,996 6,162
    FREDDIE MAC NOTES 5% JUL 15 2014 DTD 7/16/2004 - 100000 SHS 112,201 112,084
    BANK OF NEW YORK MELLON MEDIUM TERM NOTE 4.95% - 15000 SHS 16,213 16,094
    VERIZON COMMUNICATIONS 4.35% FEB 15 2013 DTD 02/12/2008 - 15000 SHS 15,809 15,951
    U S A TREASURY NOTES 1 3/8% MAY 15 2012 DTD 05/15/2009 - 200000 SHS 200,295 202,656
    U S A NOTES 3 1/4% JUL 31 2016 DTD 07/31/2009 - 150000 SHS 157,125 157,887
    U S A NOTES 1 3/8% SEP 15 2012 DTD 09/15/2009 - 100000 SHS 100,004 101,449
    CITIGROUP INC 6.01% JAN 15 2015 DTD 12/15/2009 - 25000 SHS 26,088 27,426

    TY 2010 InvestmentsCorpStockSchedule
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Name of Stock End of Year Book Value End of Year Fair Market Value
    AMERICAN CENTURY 3 INCOME FUND (FUND 123) - 18047.62 SHS 104,746 130,123
    MATTHEWS PACIFIC TIGER FD - 7302.22 SHS 132,579 171,164
    PROFESSIONALLY MANAGED PORTFOLIOS THE OSTERWEIS FUND - 12677.48 SHS 296,109 343,560
    SPDR S&P 500 ETF TRUST - 700 SHS 58,435 88,025
    JPM REALTY INCOME FD - INSTL FUND 1372 - 8928.57 SHS 80,000 83,929
    ISHARES S&P MIDCAP 400 INDEX FUND - 1805 SHS 139,175 163,695
    ARBITRAGE FUNDS - I CL I - 11868.3 SHS 155,000 151,796
    JPM INTL VALUE FD - SEL FUND 1296 - 12825.22 SHS 156,239 171,858
    VANGUARD MSCI EMERGING MARKETS ETF - 1785 SHS 77,909 85,941
    JPM US LRGE CAP CORE PLUS FD - SEL FUND 1002 - 12889.96 SHS 248,741 266,435
    SPDR GOLD TRUST - 315 SHS 30,602 43,697
    JPM RESEARCH MARKET NEUTRAL FD - SEL FUND - SEL - 7393.5 SHS 116,000 114,156
    ABERDEEN ASIA PACIFIC EX JAPAN 3 INSTITUTIONAL FUND - 9570.9 SHS 90,922 118,392
    BARC BREN DJ-UBS COMDTY 12/12/11 BUFFER 15% MAX LOSS 100%,- 40000 SHS 39,400 46,080
    GS SPX MKT PLS NOTE 08/04/11 (85 CONTIN BARRIER-2.53%PMT- 100000 SHS 98,750 116,215
    DB ASIA BREN 03/03/11 (10%BUFF -2XLEV-8.83%CAP-17.66%MXPYMT) - 40000 SHS 39,600 46,541
    GS SPX CONT BUFF EQ NOTE 08/18/11 (80% CONTIN BARRIER 13%COUP - 75000 SHS 74,063 87,046
    BARC EAFE BREN 03/31/11 (10%BUFFER- 2XLEV-6.18%CAP-12.36%- 60000 SHS 59,400 61,434
    BNP SPX NOTE 05/12/11 (80%KO BAR -0%CPN-7%CAP) INITIAL LEVE - 80000 SHS 79,280 83,882
    BARC COMMODITY CPN 5/9/11 CAPPED MARKET PLUS NOTES LKND S&P - 40000 SHS 39,600 42,740
    BARC EAFE NOTE 05/27/11 (80%KO BAR -0%CPN-7%CAP) INITIAL LEVEL - 50000 SHS 49,115 49,060
    GS EAFE BREN 06/17/11 (10%BUFFER- 2XLEV-11.49%CAP-22.98%- 75000 SHS 74,250 82,086
    HSBC SPX BREN 06/17/11 (10%BUFF -2XLEV-10.05%CAP-20.10%MXPYMT) - 75000 SHS 74,250 84,780
    GS GOLD CPN NOTE 10/07/11 5%CPN, 20% BARRIER, 16.5% MAX RET- 55000 SHS 54,450 57,365
    MS WTI QRN 11/25/11 LNKED TO S&P GSCI CRUDE OIL INDEX 102.5%- 55000 SHS 55,000 55,825

    TY 2010 InvestmentsOtherSchedule2
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    SEE ATTACHED - SPECIALTY ASSETS AT COST 11 310,224

    TY 2010 OtherAssetsSchedule
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    SEE ATTACHED - OTHER ASSETS 198,100 130,995 133,819


    TY 2010 OtherDecreasesSchedule
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Description Amount
    ADJUSTMENT TO REFLECT PENDING PURCHASE TRADE DATE/SETTLEMENT DATE 560
    CARRYING VALUE BASIS ADJUSTMENTS 1,153


    TY 2010 OtherExpensesSchedule
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MINERAL PRODUCTION EXPENSE 968 968   0
    MINERAL FEES 5,832 5,832   0
    POWERSHARES DB K-1 - OTHER EXPENSES 0 137   0


    TY 2010 OtherIncomeSchedule2
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    MINERAL INCOME 115,142 115,142 115,142
    FEDERAL EXCISE TAX REFUND 77   77


    TY 2010 OtherIncreasesSchedule
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Description Amount
    MUTUAL FUND TIMING DIFFERENCE 655
    ADJUSTMENTS DUE TO RETURN OF CAPITAL 1,084


    TY 2010 TaxesSchedule
    Name:
    W B MUNSON FOUNDATION R76925008 8339589100
    EIN: 75-6015068
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES WITHHELD 602 602   0
    MINERAL PRODUCTION TAXES 5,513 5,513   0
    AD VALOREM TAXES 5,252 5,252   0