TY 2011 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation

Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.

OMB No. 1545-0052

2011

For calendar year 2011, or tax year beginning 01-01-2011 , and ending 12-31-2011

Check all that apply:Initial returnInitial return of a former public charityFinal return

Amended returnAddress changeName change

Name of foundation
ETHEL W CRAWLEY MEMORIAL EDUC FUND

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 2907 - TRUST TAX DEPT Room/suite

City or town, state, and ZIP code
WILSON, NC278942907

A Employer identification number

56-6534286

B Telephone number (see page 10 of the instructions)

(919) 716-6259

C If exemption application is pending, check here bullet

D 1. Foreign organizations, check here . bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation 2. Foreign organizations meeting the 85% test,
check here and attach computation bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$3,357,740J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

E If private foundation status was terminated
under section 507(b)(1)(A), check here bullet

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here bullet

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments	6,875		6,875
4	Dividends and interest from securities......	69,847		69,847
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		12,159
b	Gross sales price for all assets on line 6a 2,186,384
7	Capital gain net income (from Part IV, line 2)...			12,159
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).......		19	19
12	Total. Add lines 1 through 11........	88,900		88,900
13	Compensation of officers, directors, trustees, etc.	48,682		48,682
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		22			22
17	Interest...............					0
18	Taxes (attach schedule) (see page 14 of the instructions)		6,150			0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		4,692
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	59,546		48,682	0	22
25	Contributions, gifts, grants paid........	156,204				156,204
26	Total expenses and disbursements. Add lines 24 and 25	215,750		48,682	0	156,226
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-126,850
b	Net investment income (if negative, enter -0-)			40,218
c	Adjusted net income (if negative, enter -0-)...				0

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	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............	103,708	200,436	200,436
	2	Savings and temporary cash investments..........	62,216	63,990	63,990
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see page 15 of the
		instructions)....................
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)	151,473	151,473	164,397
	b	Investments—corporate stock (attach schedule)........	1,582,241	1,303,266	1,519,168
	c	Investments—corporate bonds (attach schedule)........	426,751	269,722	294,844
	11	Investments—land, buildings, and equipment: basis 216,798
		Less: accumulated depreciation (attach schedule)	216,798	216,798	510,570
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	382,884	601,225	602,111
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	133	133	2,224
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	2,926,204	2,807,043	3,357,740
	17	Accounts payable and accrued expenses..........
	18	Grants payable...................
	19	Deferred revenue..................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22)..........		0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	2,926,204	2,807,043
	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)....................	2,926,204	2,807,043
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	2,926,204	2,807,043

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	2,926,204
2	Enter amount from Part I, line 27a.....................	2	-126,850
3	Other increases not included in line 2 (itemize)	3	7,764
4	Add lines 1, 2, and 3..........................	4	2,807,118
5	Decreases not included in line 2 (itemize)	5	75
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	2,807,043

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	25000. BANK OF AMERICA CORP DTD 01/23/2001 7.4%		2006-04-19	2011-01-15
b	104.8 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-01-25
c	53.24 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-01-25
d	110. AT&T INC		2009-08-12	2011-02-16
e	30. AGNICO EAGLE MINES LIMITED		2009-08-12	2011-02-16
	40. ANADARKO PETE CORP.		2007-02-14	2011-02-16
	140. ANNTAYLOR STORES CORP COMMON		2009-12-15	2011-02-16
	27. APACHE CORPORATION COMMON		2009-08-12	2011-02-16
	400. APPLIED MATERIALS			2011-02-16
	260. AVERY DENNISON CORP. COMMON			2011-02-16
	45. BABCOCK & WILCOX CO COMMON		2010-02-24	2011-02-16
	200. BAXTER INTERNATIONAL INCORPORATED		2009-08-12	2011-02-16
	80. BRISTOW GROUP INC COMMON		2009-08-12	2011-02-16
	20. BUCYRUS INTERNATIONAL INC. COMMON		2010-07-07	2011-02-16
	150. CVS CORP COMMON			2011-02-16
	80. CAMPBELL SOUP COMPANY		2009-12-15	2011-02-16
	50. CHILDRENS PL RETAIL STORES INC		2010-11-05	2011-02-16
	90. CHILDRENS PL RETAIL STORES INC		2009-09-28	2011-02-16
	70. CHINA MOBILE HONG KONG LTD		2009-08-12	2011-02-16
	40. COCA COLA COMPANY		2010-09-13	2011-02-16
	52. CONOCOPHILLIPS COM		2005-10-19	2011-02-16
	150. CORNING INCORPORATED		2008-09-29	2011-02-16
	130. CORRECTIONS CORP AMER NEW COM NEW		2009-08-12	2011-02-16
	310. DISCOVER FINL SVCS			2011-02-16
	110. EDISON INTERNATIONAL		2009-05-28	2011-02-16
	290. ELECTRICITE DE FRANCE (EDF)UNSPONS ADR		2009-08-12	2011-02-16
	153. ESPRIT HOLDINGS LIMITED SPONS ADR		2009-09-28	2011-02-16
	80. EXELON CORPORATEION		2009-05-28	2011-02-16
	160. FAST RETAILING CO LTD UNSPON ADR		2009-12-15	2011-02-16
	180. GENUINE PARTS COMPANY			2011-02-16
	220. GREAT PLAINS ENERGY INCORPORATED		2009-12-15	2011-02-16
	220. INTEL CORPORATION		2006-05-19	2011-02-16
	160. J CREW GROUP INC COMMON		2010-09-13	2011-02-16
	100. KROGER COMPANY COMMON		2010-02-24	2011-02-16
	100. MICRO SYSTEMS, INC. COMMON		2009-08-12	2011-02-16
	220. NRG ENERGY INC COM		2009-08-12	2011-02-16
	270. NOKIA CORP		2010-02-24	2011-02-16
	230. NOMURA HOLDINGS INC.		2009-08-12	2011-02-16
	125. ORACLE SYSTEM CORPORATION		2005-12-01	2011-02-16
	155. PALL CORPORATION COMMON			2011-02-16
	18412.701 PIMCO FOREIGN BOND FD UNHEDGED FD 1853 C			2011-02-16
	110. QUALCOMM INC COMMON			2011-02-16
	45. SCHLUMBERGER LTD		2008-09-29	2011-02-16
	40. SHIN-ETSU CHEMICAL CO LTD ADR		2009-08-12	2011-02-16
	80. SMITH & NEPHEW PLC - SPON ADR		2009-08-12	2011-02-16
	60. STATE STR CORP		2010-09-13	2011-02-16
	260. STATE STR CORP		2009-12-15	2011-02-16
	120. TELEFONICA S A		2009-08-12	2011-02-16
	490. UNILEVER PLC-SPONSORED ADR		2009-05-28	2011-02-16
	140. USIMINAS S.A. ADR		2010-07-07	2011-02-16
	30. VALMONT INDUSTRIES COMMON		2009-12-15	2011-02-16
	100. VERTEX PHARMACEUTICALS INC		2009-08-12	2011-02-16
	110. WESTERN DIGITAL CORP COM		2010-11-05	2011-02-16
	240. ZOLTEK COMPANIES		2010-07-07	2011-02-16
	30. CREDICORP LTD COM		2009-09-28	2011-02-16
	130. WEATHERFORD INTL LTD		2010-07-07	2011-02-16
	242. BANCO BRADESCO S A			2011-02-18
	.5 APERAM		2009-08-12	2011-02-22
	84.6 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-02-25
	71.6 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-02-25
	75000. FEDERAL HM LN MTG CO 5.875% 3/21/11			2011-03-21
	70.92 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-03-25
	52.08 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-03-25
	140. JO-ANN STORES INC COMMON		2009-08-12	2011-03-29
	100. ABB LTD SPONSORED ADR		2009-08-12	2011-03-31
	100. AT&T INC		2008-12-11	2011-03-31
	70. AMERISOURCEBERGEN CORP. COMMON		2009-08-12	2011-03-31
	30. APACHE CORPORATION COMMON		2009-05-28	2011-03-31
	3. APERAM		2009-08-12	2011-03-31
	100. ARM HOLDINGS PLC -SPONS ADR		2009-08-12	2011-03-31
	90. AUTODESK, INC. COMMON		2009-08-12	2011-03-31
	180. ADR AXA-UAP F/K/A AXA SA SPONSORED ADR		2009-08-12	2011-03-31
	150. BANK OF AMER CORP COMMON		2010-07-07	2011-03-31
	40. BERKSHIRE HATHAWAY INC DEL CL B COMMON		2009-08-12	2011-03-31
	210. CVS CORP COMMON		2009-05-28	2011-03-31
	80. CELANESE CORPORATION COMMON		2009-08-12	2011-03-31
	80. CHEVRON TEXACO CORP COMMON			2011-03-31
	160. COMCAST CORP NEW CL A		2009-05-28	2011-03-31
	50. CONOCOPHILLIPS COM		2009-08-12	2011-03-31
	290. DANONE SPONS ADR		2009-08-12	2011-03-31
	100. DISNEY WALT COMPANY		2008-09-29	2011-03-31
	35. DU PONT E I DE NEMOURS & COMPANY		2009-01-26	2011-03-31
	70. FRANCE TELECOM SPONS ADR COMMON		2009-08-12	2011-03-31
	80. GAZPROM		2009-08-12	2011-03-31
	120. HANG LUNG PROPERTIES LIMITED SP ADR		2009-09-28	2011-03-31
	50. HENKEL KGAA		2009-08-12	2011-03-31
	110. ICAP PLC		2009-08-12	2011-03-31
	180. INTEL CORPORATION		2007-02-14	2011-03-31
	20. INTERNATIONAL BUSINESS MACHINES CORP		2006-05-19	2011-03-31
	260. ION GEOPHYSICAL CORP COMMON		2010-02-24	2011-03-31
	50. JOHNSON & JOHNSON		2005-12-01	2011-03-31
	100. KROGER COMPANY COMMON		2010-07-07	2011-03-31
	50. LAM RESH CORP		2009-08-12	2011-03-31
	110. LOWES COMPANIES INCORPORATED		2010-02-24	2011-03-31
	100. MERCK & CO INC		2007-02-14	2011-03-31
	90. MICROCHIP TECHNOLOGY INC		2009-08-12	2011-03-31
	100. NORTHERN OIL AND GAS, INC. COMMON		2010-12-08	2011-03-31
	60. ONYX PHARMACEUTICALS INC COM		2009-08-12	2011-03-31
	70. ORACLE SYSTEM CORPORATION		2006-05-19	2011-03-31
	30. PARKER HANNIFIN CORP		2009-08-12	2011-03-31
	140. QUANTA SERVICES INC COMMON		2009-08-12	2011-03-31
	120. REGENERON PHARMACUETICALS INC COMMON		2009-12-15	2011-03-31
	50. ROCKWOOD HOLDINGS INC COMMON		2009-12-15	2011-03-31
	150. SALLY BEAUTY COMPANY INC COMMON		2009-08-12	2011-03-31
	60. SAP AKTIENGESELLSCHAFT		2009-08-12	2011-03-31
	150. SHAW GROUP INC COM		2009-08-12	2011-03-31
	20. SHIRE PHARMACEUTICALS GROUP PLC		2009-08-12	2011-03-31
	50. STRYKER CORP COMMON		2010-09-13	2011-03-31
	50. SUN HYDRAULICS CORPORATION COMMON		2009-08-12	2011-03-31
	110. TTM TECHNOLOGIES INC COMMON		2009-08-12	2011-03-31
	50. TRACTOR SUPPLY COMPANY COMMON		2009-08-12	2011-03-31
	50. THE TRAVELERS COMPANIES INC.		2006-05-19	2011-03-31
	180. US BANCORP		2009-08-12	2011-03-31
	100. VODAFONE GROUP PLC NEW SP ADR		2009-05-28	2011-03-31
	80. WELLS FARGO & CO NEW		2004-03-17	2011-03-31
	270. COVIDIEN PLC		2010-09-13	2011-03-31
	210. XL CAPITAL LTD		2010-02-24	2011-03-31
	60. NOBLE CORPORATION		2011-02-16	2011-03-31
	100. TYCO INTERNATIONAL LTD		2010-04-28	2011-03-31
	60. CHECKPOINT SOFTWARE TECHNOLOGY COMMON		2009-08-12	2011-03-31
	630. THE SUMITO TRUST AND BANKING CO		2009-08-12	2011-04-01
	.7 SUMITOMO MITSUI TRUST HOLDINGS INC		2011-04-05	2011-04-20
	64.33 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-04-25
	69.11 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-04-25
	82.3 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-05-25
	76.14 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-05-25
	.5 MERIT MEDICAL SUSTEM INC COMMON		2009-08-12	2011-06-03
	100. ABBOTT LABORATORIES		2008-12-11	2011-06-23
	3. APERAM		2010-02-24	2011-06-23
	110. BALLY TECHNOLOGIES INC COMMON		2009-08-12	2011-06-23
	60. BALLY TECHNOLOGIES INC COMMON		2010-11-05	2011-06-23
	120. DISNEY WALT COMPANY		2008-09-29	2011-06-23
	90. EMERSON ELECTRIC COMPANY		2009-05-28	2011-06-23
	210. ESPRIT HOLDINGS LIMITED SPONS ADR		2010-12-08	2011-06-23
	249. ESPRIT HOLDINGS LIMITED SPONS ADR		2010-02-24	2011-06-23
	60. GLOBAL PAYMENTS INC COMMON		2010-09-13	2011-06-23
	60. GLOBAL PAYMENTS INC COMMON		2011-02-16	2011-06-23
	80. L 3 COMMUNICATIONS HOLDINGS INC COMMON		2009-08-12	2011-06-23
	30. LOCKHEED MARTIN CORP		2010-04-28	2011-06-23
	60. LOCKHEED MARTIN CORP			2011-06-23
	370. NOMURA HOLDINGS INC.		2010-07-07	2011-06-23
	2629.062 PIMCO LOW DURATION INSTITUTIONAL			2011-06-23
	220. PETROHAWK ENERGY CORP		2009-08-12	2011-06-23
	140. PFIZER INCORPORATED		2010-07-07	2011-06-23
	300. PFIZER INCORPORATED			2011-06-23
	230. QUANTA SERVICES INC COMMON		2009-08-12	2011-06-23
	30. RIO TINTO PLC SPONSORED ADR		2010-12-08	2011-06-23
	60. SHAW GROUP INC COM		2009-08-12	2011-06-23
	140. SONY FINANCIAL HOLDINGS INC ADR			2011-06-23
	40. SYNGENTA AG		2011-02-16	2011-06-23
	50. TARGET CORP COM		2010-07-07	2011-06-23
	80. US BANCORP		2009-08-12	2011-06-23
	120. WAL MART STORES INCORPORATED			2011-06-23
	110. LOGITECH INTERNATIONAL S.A.		2009-09-28	2011-06-23
	20. MILLICOM INTL CELLULAR S.A. COMMON		2010-07-07	2011-06-23
	57.18 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-06-27
	39.56 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-06-27
	.14 HANCOCK HOLDING COMPANY		2009-12-15	2011-07-19
	70.95 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-07-25
	66.6 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-07-25
	62.91 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-08-25
	52.14 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-08-25
	930. ABB LTD SPONSORED ADR			2011-09-12
	80. ADECCO SA REG UNSPON ADR		2011-03-31	2011-09-12
	340. ADIDAS AG		2009-08-12	2011-09-12
	150. AECOM TECHNOLOGY CORP COMMON			2011-09-12
	100. AECOM TECHNOLOGY CORP COMMON		2011-06-23	2011-09-12
	100. AIXTRON AG ADR		2010-07-07	2011-09-12
	940. ALCOA INC			2011-09-12
	110. ALLEGHENY TECHNOLOGIES INC		2009-08-12	2011-09-12
	60. AMERICAN EXPRESS COMPANY		2011-03-31	2011-09-12
	70. AMERICAN EXPRESS COMPANY		2010-12-08	2011-09-12
	80. AMERISOURCEBERGEN CORP. COMMON		2009-08-12	2011-09-12
	120. AMGEN INCORPORATED		2011-06-23	2011-09-12
	90. ANGLO AMERICAN PLC UNSPONSORED ADR		2010-12-08	2011-09-12
	50. ANHEUSER-BUSCH INBEV NV SPN ADR		2009-09-28	2011-09-12
	250. AON CORPORATION COMMON		2011-02-16	2011-09-12
	30. APACHE CORPORATION COMMON			2011-09-12
	14. APPLE COMPUTER CORPORATION COMMON		2010-09-13	2011-09-12
	30. APPLE COMPUTER CORPORATION COMMON		2010-07-07	2011-09-12
	70. ARCELORMITTAL		2011-06-23	2011-09-12
	130. ARCELORMITTAL			2011-09-12
	3604.298 ARTISAN INTERNATIONAL SMALL CAP FUND # 1		2009-09-28	2011-09-12
	290. ASAHI GLASS COMPANY LIMITED		2011-03-31	2011-09-12
	220. ADR AXA-UAP F/K/A AXA SA SPONSORED ADR			2011-09-12
	170. BNP PARIBAS		2009-08-12	2011-09-12
	85. BABCOCK & WILCOX CO COMMON		2009-08-12	2011-09-12
	242. BANCO BRADESCO S A		2009-08-12	2011-09-12
	460. BANCO SANTANDER CENT HISPANO SA ADR		2009-08-12	2011-09-12
	240. BANK OF AMER CORP COMMON		2010-07-07	2011-09-12
	540. BANK OF AMER CORP COMMON		2010-09-13	2011-09-12
	60. BANK OF NOVA SCOTIA		2011-03-31	2011-09-12
	70. BANK OF NOVA SCOTIA		2009-08-12	2011-09-12
	40. THE BANK OF YOKOHAMA LTD		2009-08-12	2011-09-12
	50. THE BANK OF YOKOHAMA LTD		2011-03-31	2011-09-12
	320. BARCLAYS PLC ADR			2011-09-12
	40. BAYER A G SPONSORED ADR		2011-03-31	2011-09-12
	30. BAYER A G SPONSORED ADR		2009-09-28	2011-09-12
	190. BAYERISCHE MOTOREN WERKE (BMW) UNSPONS A			2011-09-12
	50. BELLE INTERNATIONAL HOLDINGS LIMITED		2011-03-31	2011-09-12
	40. BERKSHIRE HATHAWAY INC DEL CL B COMMON		2009-08-12	2011-09-12
	170. BHP BILLITON LIMITED			2011-09-12
	60. BLACKBOARD INC COMMON		2011-02-16	2011-09-12
	170. BLACKBOARD INC COMMON		2009-08-12	2011-09-12
	80. BRITISH SKY BROADCAST, ADR		2009-08-12	2011-09-12
	150. CAMECO CORP		2009-08-12	2011-09-12
	140. CELANESE CORPORATION COMMON		2009-08-12	2011-09-12
	470. CENOVUS ENERGY INC.			2011-09-12
	510. CISCO SYSTEMS			2011-09-12
	340. COMCAST CORP NEW CL A		2009-05-28	2011-09-12
	130. COMERICA, INC. COMMON		2011-03-31	2011-09-12
	60. COMERICA, INC. COMMON		2010-12-08	2011-09-12
	350. COMPAGNIE FINANCIERE RICHEMONT SA		2011-03-31	2011-09-12
	370. COMPAGNIE FINANCIERE RICHEMONT SA		2010-11-05	2011-09-12
	220. COMPANHIA ENERG DE MINAS GER PFD		2009-08-12	2011-09-12
	130. COMPANHIA ENERG DE MINAS GER PFD		2010-09-13	2011-09-12
	130. COMPANHIA ENERG DE MINAS GER PFD		2011-03-31	2011-09-12
	190. CORNING INCORPORATED			2011-09-12
	130. CREDIT SUISSE GROUP SPONS ADR		2009-08-12	2011-09-12
	844.306 CREDIT SUISSE COMMODITY RETURN STRATEGY INSTITUTIONAL SHS FD 2		2009-08-17	2011-09-12
	160. DANONE SPONS ADR		2009-08-12	2011-09-12
	240. DEUSTCHE BOERSE AG ADR		2009-09-28	2011-09-12
	320. DISNEY WALT COMPANY			2011-09-12
	85. DU PONT E I DE NEMOURS & COMPANY		2009-01-26	2011-09-12
	80. ENI SPA - SPONSORED ADR COMMON		2009-08-12	2011-09-12
	160. EMCOR GROUP INC		2009-08-12	2011-09-12
	170. ERICSSON LM TELEPHONE CO ADR NEW		2011-02-16	2011-09-12
	1. ESPRIT HOLDINGS LIMITED SPONS ADR		2010-02-24	2011-09-12
	70. EXXON MOBIL CORPORATION		2011-02-16	2011-09-12
	150. EXXON MOBIL CORPORATION			2011-09-12
	20. FEDEX CORPORATION		2010-09-13	2011-09-12
	30. FEDEX CORPORATION		2011-02-16	2011-09-12
	70. GDF SUEZ SPONS ADR		2009-08-12	2011-09-12
	50. GDF SUEZ SPONS ADR		2011-03-31	2011-09-12
	300. GAFISA S.A.			2011-09-12
	220. GAZPROM		2009-08-12	2011-09-12
	480. GENERAL ELECTRIC COMPANY			2011-09-12
	2. GOOGLE INC CL A		2011-02-16	2011-09-12
	14. GOOGLE INC CL A		2009-05-28	2011-09-12
	320. GRUPO FIN BANORTE SPON ADR		2011-03-31	2011-09-12
	150. HDFC BANK LTD ADR			2011-09-12
	50. HENKEL KGAA		2009-08-12	2011-09-12
	190. HEWLETT PACKARD COMPANY		2009-08-12	2011-09-12
	240. HOLCIM LTD UNSPON ADR		2011-06-23	2011-09-12
	230. ICAP PLC		2009-08-12	2011-09-12
	150. INDUSTRIAL AND COMMERCIAL BANK OF CHINA		2009-09-28	2011-09-12
	60. INTERNATIONAL BUSINESS MACHINES CORP		2006-05-19	2011-09-12
	420. INTERNATIONAL PAPER COMPANY		2010-09-13	2011-09-12
	380. ION GEOPHYSICAL CORP COMMON		2010-02-24	2011-09-12
	60. ISHARES FTSE/XINHUA CHINA 25 INDEX FUND		2011-02-16	2011-09-12
	50. ISHARES FTSE/XINHUA CHINA 25 INDEX FUND		2010-04-28	2011-09-12
	160. ISHARES BARCLAYS 1-3 YEAR CREDIT BOND FD		2008-04-09	2011-09-12
	300. J P MORGAN CHASE & CO		2009-08-12	2011-09-12
	280. MINING AND METALLURGICAL CO NORILSK NICK		2009-08-12	2011-09-12
	50. KB FINANCIAL GROUP INC COMMON		2009-09-28	2011-09-12
	290. KINGFISHER PLC-SPONS ADR		2011-02-16	2011-09-12
	310. KINGFISHER PLC-SPONS ADR		2010-07-07	2011-09-12
	140. KAMATSU LTD			2011-09-12
	420. KRAFT FOODS INC-A COMMON			2011-09-12
	80. LAM RESH CORP		2009-08-12	2011-09-12
	960. LLOYDS TSB GROUP		2011-03-31	2011-09-12
	350. LOWES COMPANIES INCORPORATED		2010-12-08	2011-09-12
	70. MACQUARIE GROUP LIMITED LTD ADR		2010-07-07	2011-09-12
	160. MANULIFE FINANCIAL CORPORATION - DEMUTUALIZATION BENEFIT		2009-08-12	2011-09-12
	190. MARUI LTD ADR		2009-08-12	2011-09-12
	110. MARUI LTD ADR		2011-02-16	2011-09-12
	90. MECHEL OAO		2011-02-16	2011-09-12
	330. MEDTRONIC INC			2011-09-12
	225. MERCK & CO INC			2011-09-12
	240. METLIFE COMMON		2009-12-15	2011-09-12
	440. MICROSOFT CORPORATION			2011-09-12
	110. MICROCHIP TECHNOLOGY INC		2009-08-12	2011-09-12
	420. MITSUBISHI UJF FINANCIAL GROUP INC		2009-08-12	2011-09-12
	10. MITSUI & CO LTD		2010-04-28	2011-09-12
	6. MITSUI & CO LTD		2011-02-16	2011-09-12
	230. MORGAN STANLEY DEAN WITTER DIS CO			2011-09-12
	200. NALCO HOLDING CO COMMON		2011-06-23	2011-09-12
	120. NEW ORIENTAL EDUCATION SP ADR		2009-12-15	2011-09-12
	110. NIDEC CORPORATION		2009-08-12	2011-09-12
	90. NIDEC CORPORATION		2011-02-16	2011-09-12
	120. NINTENDO LTD		2009-08-12	2011-09-12
	40. LUKOIL COMMON		2011-02-16	2011-09-12
	40. LUKOIL COMMON		2010-12-08	2011-09-12
	110. ORACLE SYSTEM CORPORATION		2006-05-19	2011-09-12
	992.477 PIMCO LOW DURATION INSTITUTIONAL		2011-03-31	2011-09-12
	2542.834 PIMCO PIMS FOREIGN BOND FUND		2011-02-16	2011-09-12
	310. PEOPLES UNITED FINANCIAL INC COMMON		2009-08-12	2011-09-12
	80. PEPSICO INCORPORATED		2005-12-01	2011-09-12
	20. PETROCHINA COMPANY LTD COMMON		2011-02-16	2011-09-12
	30. PETROCHINA COMPANY LTD COMMON		2009-08-12	2011-09-12
	150. PETROLEO BRASILEIRO SA PETROBRAS		2009-08-12	2011-09-12
	370. PING AN INSURANCE GROUP COMPANY OF CHINA		2011-03-31	2011-09-12
	50. PROCTOR AND GAMBLE COMPANY		2008-01-29	2011-09-12
	190. PRUDENTIAL PLC		2009-08-12	2011-09-12
	140. PUBLICIS GROUPE ADR		2011-03-31	2011-09-12
	40. RIO TINTO PLC SPONSORED ADR		2009-08-12	2011-09-12
	70. ROCKWOOD HOLDINGS INC COMMON		2009-12-15	2011-09-12
	40. ROLLS ROYCE PLC ADR		2011-02-16	2011-09-12
	120. ST JUDE MEDICAL INC COMMON		2011-06-23	2011-09-12
	250. SANDVIK AB		2010-07-07	2011-09-12
	110. SANDVIK AB		2011-03-31	2011-09-12
	40. SHIRE PHARMACEUTICALS GROUP PLC		2009-08-12	2011-09-12
	10. SIEMENS AG SPONSORED ADR		2011-03-31	2011-09-12
	50. SIEMENS AG SPONSORED ADR		2009-08-12	2011-09-12
	60. SOCIEDAD QUIMICA MINERA DE CHILE S A SPONSORED ADR REPSTG SER B SH		2009-12-15	2011-09-12
	40. SOCIEDAD QUIMICA MINERA DE CHILE S A SPONSORED ADR REPSTG SER B SH		2011-02-16	2011-09-12
	100. SONY FINANCIAL HOLDINGS INC ADR		2011-03-31	2011-09-12
	710. SOUTHWEST AIRLINES			2011-09-12
	270. SOUTHWEST AIRLINES		2011-02-16	2011-09-12
	220. STAPLES INC COMMON			2011-09-12
	270. STAPLES INC COMMON		2009-04-06	2011-09-12
	190. STERLITE IND LTD.		2011-02-16	2011-09-12
	450. ST MICROELETRONICS N.V.		2011-03-31	2011-09-12
	260. SUBSEA 7 SA		2009-08-12	2011-09-12
	450. SUMITOMO CORPORATION		2009-08-12	2011-09-12
	938. SUMITOMO MITSUI TRUST HOLDINGS INC		2011-04-05	2011-09-12
	410. SUNCOR ENERGY, INC			2011-09-12
	50. SYNGENTA AG		2009-09-28	2011-09-12
	60. TARGET CORP COM		2010-09-13	2011-09-12
	60. TECK CORPORATION CL B COMMON		2010-02-24	2011-09-12
	60. TECK CORPORATION CL B COMMON		2010-09-13	2011-09-12
	100. TELENOR ASA ADR			2011-09-12
	130. TENCENT HOLDINGS LIMITED LTD UNSPONS ADR		2009-09-28	2011-09-12
	150. TESCO PLC SPONS ADR		2009-08-12	2011-09-12
	40. TEVA PHARMACEUTICAL INDS LTD ADR		2009-08-12	2011-09-12
	160. THERMO ELECTRON COMMON		2011-02-16	2011-09-12
	80. TOYOTA MOTOR CORP ADR 2		2009-08-12	2011-09-12
	210. UNILEVER N V NY SHS NEW F		2011-03-31	2011-09-12
	200. UNITED RENTALS INC		2011-06-23	2011-09-12
	170. VALE SA SP ADR		2009-08-12	2011-09-12
	210. VALE SA SP PREF ADR		2009-08-12	2011-09-12
	80. VARIAN SEMICONDUCTOR EQUIPMENT ASSOC		2010-07-07	2011-09-12
	160. VESTAS WIND SYSTEMS A/S ADR		2009-08-12	2011-09-12
	260. VESTAS WIND SYSTEMS A/S ADR		2011-06-23	2011-09-12
	180. VESTAS WIND SYSTEMS A/S ADR		2010-11-05	2011-09-12
	360. VIRGINIA COMMERCE BANCORP N/C FROM VIRGINIA COMMERCE BANK EFF 12/		2011-03-31	2011-09-12
	100. WAL MART STORES INCORPORATED		2011-02-16	2011-09-12
	330. WELLS FARGO & CO NEW			2011-09-12
	40. WESTPAC BANKING LTD COM		2009-08-12	2011-09-12
	240. WEYERHAEUSER COMPANY		2011-06-23	2011-09-12
	120. WORLEYPARSONS LIMITED		2011-03-31	2011-09-12
	150. LOGITECH INTERNATIONAL S.A.		2010-07-07	2011-09-12
	440. TE CONNECTIVITY LTD			2011-09-12
	230. TYCO INTERNATIONAL LTD			2011-09-12
	40. MILLICOM INTL CELLULAR S.A. COMMON		2009-08-12	2011-09-12
	59.96 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-09-26
	47.27 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-09-26
	69.34 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-10-25
	50.13 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-10-25
	.461 KINDER MORGAN MANAGEMENT LLC		2011-09-12	2011-11-22
	52.42 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-11-25
	52.01 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-11-25
	50000. SBC COMMUNICATIONS INC 5.875% 2/1/12		2008-05-07	2011-11-28
	53.54 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-12-27
	51.08 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-12-27
	250. ADMIRAL GROUP PLC		2011-09-12	2011-12-29
	80. AGNICO EAGLE MINES LIMITED			2011-12-29
	30. AGNICO EAGLE MINES LIMITED		2011-09-12	2011-12-29
	340. ALCOA INC			2011-12-29
	360. ALCOA INC		2010-12-08	2011-12-29
	60. AON CORPORATION COMMON		2011-02-16	2011-12-29
	180. CARNIVAL CORP PAIRED CTF 1 COM		2011-06-23	2011-12-29
	105. CISCO SYSTEMS		2006-05-19	2011-12-29
	150. CORNING INCORPORATED		2009-05-28	2011-12-29
	98.372 CREDIT SUISSE COMMODITY RETURN STRATEGY INSTITUTIONAL SHS FD 21		2009-08-17	2011-12-29
	330. DANA HOLDINGS CORPORATION COMMON		2011-06-23	2011-12-29
	270. ENCANA CORP COMMON		2011-09-12	2011-12-29
	80. ENERSYS COMMON		2010-11-05	2011-12-29
	70. ENSCO INTERNATIONAL PLC		2011-09-12	2011-12-29
	720. ERSTE BK DER OESTER SPAR-ADR			2011-12-29
	70. FUEL SYSTEMS SOLUTIONS INC COMMON		2010-04-28	2011-12-29
	50. HSBC HLDGS PLC ADR		2011-06-23	2011-12-29
	90. HSBC HLDGS PLC ADR		2009-08-12	2011-12-29
	630. HARMONIC INC COM		2009-08-12	2011-12-29
	150. HUMAN GENOME SCIENCES INC		2011-03-31	2011-12-29
	330. ICICI BANK LIMITED SPONS ADR			2011-12-29
	140. INVESTMENT TECH GROUP INC		2010-07-07	2011-12-29
	70. ITRON INC COMMON		2009-08-12	2011-12-29
	120. J P MORGAN CHASE & CO		2010-12-08	2011-12-29
	40. J P MORGAN CHASE & CO		2011-03-31	2011-12-29
	3960. LI & FUNG LIMITED UNSPONS ADR			2011-12-29
	140. MERIT MEDICAL SUSTEM INC COMMON		2009-08-12	2011-12-29
	220. METLIFE COMMON			2011-12-29
	180. MONSTER WORLDWIDE INC COMMON		2010-11-05	2011-12-29
	180. MORGAN STANLEY DEAN WITTER DIS CO			2011-12-29
	4. NVR INC. COMMON		2011-02-16	2011-12-29
	7612.538 PIMCO LOW DURATION INSTITUTIONAL		2011-03-31	2011-12-29
	17032.864 PIMCO PIMS FOREIGN BOND FUND			2011-12-29
	370. PANTRY, INC.			2011-12-29
	90. PEABODY ENERGY CORPORATION COMMON			2011-12-29
	240. QUEST SOFTWARE INC		2011-02-16	2011-12-29
	120. ST JUDE MEDICAL INC COMMON		2011-06-23	2011-12-29
	290. SOLUTIA INC COMMON			2011-12-29
	530. SOUTHWEST AIRLINES		2011-02-16	2011-12-29
	220. SOUTHWEST BANCORP INC/OKLA COMMON		2009-08-12	2011-12-29
	160. STAPLES INC COMMON		2011-06-23	2011-12-29
	80. SUNCOR ENERGY, INC			2011-12-29
	330. TD AMERITRADE HOLDING CORPORATION		2009-08-12	2011-12-29
	70. THERMO ELECTRON COMMON		2011-02-16	2011-12-29
	2660. TURKIYE GARANTI BANKASI A.S.		2011-09-12	2011-12-29
	200. VERIFONE HOLDINGS INC COMMON			2011-12-29
	90. WMS INDUSTRIES INC COMMON		2009-08-12	2011-12-29
	50. WHIRLPOOL CORP		2010-12-08	2011-12-29
	40. WHIRLPOOL CORP		2011-03-31	2011-12-29
	150. WHITING PETROLEUM CORP COMMON			2011-12-29
	260. LAZARD LTD			2011-12-29
	270. UTI WORLDWIDE INC		2011-02-16	2011-12-29
	350. WARNER CHILCOTT PLC CLASS A			2011-12-29
	64.87 FEDERAL NATIONAL MORTGAGE CORP 6.00% DUE 4/01/2013 POOL #251656		1998-06-22	2011-12-31
	35.83 FEDERAL NATIONAL CREDIT INSURANCE 6.50% DUE 08/01/2013		2000-04-03	2011-12-31
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	25,000	26,951	-1,951
b	105	104	1
c	53	51	2
d	3,102	2,835	267
e	2,291	1,691	600
	3,096	1,692	1,404
	3,381	2,262	1,119
	3,242	1,958	1,284
	6,548	4,214	2,334
	10,610	6,228	4,382
	1,473	991	482
	10,516	11,057	-541
	3,793	2,593	1,200
	1,817	1,024	793
	4,900	4,350	550
	2,745	2,770	-25
	2,312	2,261	51
	4,162	2,668	1,494
	3,340	4,015	-675
	2,534	2,320	214
	3,892	3,203	689
	3,331	2,297	1,034
	3,229	2,694	535
	6,801	4,737	2,064
	4,041	3,220	821
	2,448	2,880	-432
	1,594	2,049	-455
	3,295	3,821	-526
	2,376	2,789	-413
	9,695	6,829	2,866
	4,338	4,160	178
	4,782	4,002	780
	6,979	5,574	1,405
	2,300	2,187	113
	4,774	2,881	1,893
	4,556	6,228	-1,672
	2,441	3,602	-1,161
	1,502	2,002	-500
	4,117	1,619	2,498
	8,582	4,009	4,573
	192,781	148,921	43,860
	6,437	3,797	2,640
	4,229	3,662	567
	2,315	2,145	170
	4,730	3,174	1,556
	2,763	2,318	445
	11,973	10,371	1,602
	3,004	2,971	33
	14,190	11,544	2,646
	1,641	2,113	-472
	2,881	2,453	428
	3,975	3,420	555
	3,709	3,792	-83
	3,778	2,107	1,671
	2,949	2,299	650
	3,280	1,824	1,456
	23		23
	21	19	2
	85	84	1
	72	69	3
	75,000	76,485	-1,485
	71	70	1
	52	50	2
	8,540	3,430	5,110
	2,414	1,840	574
	3,071	2,811	260
	2,762	1,431	1,331
	3,946	2,495	1,451
	120	112	8
	2,826	628	2,198
	3,967	2,256	1,711
	3,769	4,121	-352
	1,998	2,186	-188
	3,358	2,692	666
	7,170	6,208	962
	3,524	2,189	1,335
	8,679	6,160	2,519
	3,941	2,288	1,653
	4,027	2,203	1,824
	3,793	3,097	696
	4,296	3,178	1,118
	1,931	818	1,113
	1,577	1,780	-203
	2,585	1,634	951
	2,620	2,140	480
	3,108	1,953	1,155
	1,850	1,580	270
	3,598	3,784	-186
	3,275	1,605	1,670
	3,307	1,118	2,189
	2,966	3,090	-124
	2,409	2,041	368
	2,827	1,478	1,349
	2,906	2,570	336
	3,305	4,408	-1,103
	3,427	2,424	1,003
	2,722	2,384	338
	2,102	1,885	217
	2,332	962	1,370
	2,840	1,488	1,352
	3,143	3,218	-75
	5,307	2,422	2,885
	2,434	1,193	1,241
	2,082	1,145	937
	3,685	2,828	857
	5,322	4,691	631
	1,745	1,004	741
	3,040	2,366	674
	2,153	928	1,225
	1,976	1,194	782
	2,979	1,196	1,783
	2,993	2,245	748
	4,743	3,992	751
	2,867	1,881	986
	2,528	2,346	182
	14,042	10,087	3,955
	5,170	3,860	1,310
	2,770	2,386	384
	4,479	3,972	507
	3,067	1,645	1,422
	3,285	3,629	-344
	2	2
	64	64
	69	67	2
	82	82
	76	74	2
	10	7	3
	5,138	5,176	-38
	89	120	-31
	4,464	4,243	221
	2,435	2,273	162
	4,495	3,814	681
	4,768	2,892	1,876
	1,224	2,029	-805
	1,452	3,568	-2,116
	2,989	2,435	554
	2,989	2,984	5
	6,745	6,030	715
	2,369	2,523	-154
	4,737	4,324	413
	1,704	2,031	-327
	27,579	27,365	214
	5,137	5,039	98
	2,882	2,030	852
	6,175	5,921	254
	4,449	5,287	-838
	2,000	2,080	-80
	1,924	1,876	48
	2,425	2,084	341
	2,622	2,616	6
	2,345	2,497	-152
	1,931	1,774	157
	6,338	6,133	205
	1,189	2,054	-865
	2,057	1,699	358
	57	57
	40	38	2
	4	3	1
	71	70	1
	67	64	3
	63	62	1
	52	50	2
	16,520	13,567	2,953
	1,469	2,651	-1,182
	10,457	7,660	2,797
	3,060	4,253	-1,193
	2,040	2,685	-645
	1,843	2,784	-941
	10,716	13,227	-2,511
	4,755	3,242	1,513
	2,816	2,714	102
	3,285	3,150	135
	3,003	1,635	1,368
	6,417	6,882	-465
	1,674	2,111	-437
	2,484	2,278	206
	10,682	12,938	-2,256
	2,812	2,492	320
	5,272	3,741	1,531
	11,297	7,671	3,626
	1,200	2,220	-1,020
	2,228	4,548	-2,320
	62,859	59,939	2,920
	2,604	3,660	-1,056
	2,541	4,718	-2,177
	3,014	6,684	-3,670
	1,662	1,864	-202
	4,007	3,308	699
	3,308	6,737	-3,429
	1,675	3,497	-1,822
	3,769	7,549	-3,780
	3,063	3,694	-631
	3,573	2,836	737
	1,947	2,191	-244
	2,434	2,392	42
	2,892	6,802	-3,910
	2,096	3,117	-1,021
	1,572	2,130	-558
	4,343	4,369	-26
	4,363	4,643	-280
	2,714	2,692	22
	12,934	10,852	2,082
	2,613	2,297	316
	7,402	6,045	1,357
	3,404	2,822	582
	3,115	4,055	-940
	5,647	3,831	1,816
	14,979	14,213	766
	7,986	9,160	-1,174
	7,039	4,862	2,177
	2,881	4,757	-1,876
	1,330	2,351	-1,021
	1,764	2,034	-270
	1,864	2,042	-178
	3,713	3,034	679
	2,194	2,103	91
	2,194	2,493	-299
	2,503	2,173	330
	2,911	6,361	-3,450
	7,844	6,932	912
	1,902	1,709	193
	1,217	2,035	-818
	9,798	7,386	2,412
	3,781	1,986	1,795
	2,843	3,678	-835
	3,206	4,047	-841
	1,683	2,147	-464
	5	14	-9
	4,916	5,846	-930
	10,535	10,446	89
	1,443	1,694	-251
	2,165	2,888	-723
	1,866	2,802	-936
	1,333	2,051	-718
	2,523	4,283	-1,760
	2,388	2,247	141
	7,149	13,418	-6,269
	1,045	1,247	-202
	7,318	5,735	1,583
	5,549	7,562	-2,013
	4,525	3,365	1,160
	2,548	1,953	595
	4,215	8,382	-4,167
	2,374	3,509	-1,135
	3,383	3,303	80
	1,795	2,252	-457
	9,598	4,815	4,783
	10,711	9,635	1,076
	2,271	1,634	637
	2,127	2,539	-412
	1,772	2,028	-256
	16,683	16,477	206
	9,474	12,701	-3,227
	6,907	2,901	4,006
	1,784	2,509	-725
	2,108	2,424	-316
	2,254	2,070	184
	3,132	4,497	-1,365
	14,312	11,618	2,694
	2,930	2,364	566
	1,805	3,590	-1,785
	6,550	8,883	-2,333
	1,590	2,255	-665
	1,942	3,304	-1,362
	2,641	2,738	-97
	1,529	2,066	-537
	1,374	2,842	-1,468
	10,911	14,657	-3,746
	7,076	8,582	-1,506
	7,015	8,835	-1,820
	11,287	11,429	-142
	3,544	2,962	582
	1,709	2,678	-969
	3,233	3,106	127
	1,940	2,217	-277
	3,407	6,514	-3,107
	6,996	5,364	1,632
	3,798	2,302	1,496
	2,105	1,967	138
	1,723	2,090	-367
	2,510	3,974	-1,464
	2,262	2,628	-366
	2,262	2,293	-31
	2,871	1,512	1,359
	10,322	10,361	-39
	27,361	26,445	916
	3,642	5,266	-1,624
	4,775	4,796	-21
	2,371	2,740	-369
	3,557	3,460	97
	3,898	6,308	-2,410
	5,498	7,596	-2,098
	3,064	3,275	-211
	3,382	3,012	370
	2,831	3,954	-1,123
	2,216	1,557	659
	3,151	1,670	1,481
	1,915	2,081	-166
	5,039	5,632	-593
	2,955	3,195	-240
	1,300	2,077	-777
	3,695	2,008	1,687
	877	1,374	-497
	4,385	4,087	298
	3,349	2,382	967
	2,233	2,238	-5
	1,360	2,119	-759
	5,581	8,964	-3,383
	2,122	3,340	-1,218
	2,980	4,595	-1,615
	3,657	5,200	-1,543
	1,982	2,732	-750
	2,588	5,585	-2,997
	5,395	2,709	2,686
	5,625	4,644	981
	2,767	3,283	-516
	11,810	12,735	-925
	2,825	2,139	686
	2,971	3,190	-219
	2,352	2,186	166
	2,352	2,381	-29
	4,518	4,896	-378
	2,938	2,096	842
	2,602	2,757	-155
	1,495	2,072	-577
	7,990	9,154	-1,164
	5,393	6,798	-1,405
	6,426	6,579	-153
	3,052	4,754	-1,702
	4,466	3,446	1,020
	5,048	3,753	1,295
	4,927	2,281	2,646
	889	3,909	-3,020
	1,445	1,949	-504
	1,000	1,980	-980
	2,024	2,042	-18
	5,082	5,484	-402
	7,781	10,223	-2,442
	3,980	3,868	112
	3,967	4,956	-989
	3,020	3,870	-850
	1,390	2,088	-698
	12,222	13,532	-1,310
	9,035	8,988	47
	4,050	2,837	1,213
	60	59	1
	47	46	1
	69	69
	50	48	2
	31	26	5
	52	52
	52	50	2
	50,496	52,108	-1,612
	54	53	1
	51	49	2
	3,240	5,158	-1,918
	2,818	4,658	-1,840
	1,057	2,131	-1,074
	2,927	5,991	-3,064
	3,100	5,076	-1,976
	2,798	3,105	-307
	5,902	6,776	-874
	1,906	2,185	-279
	1,950	2,131	-181
	801	808	-7
	3,960	5,498	-1,538
	4,952	6,134	-1,182
	2,069	2,199	-130
	3,324	3,385	-61
	6,156	11,030	-4,874
	1,133	2,206	-1,073
	1,893	2,402	-509
	3,408	4,892	-1,484
	3,200	4,234	-1,034
	1,060	4,124	-3,064
	8,619	12,451	-3,832
	1,532	2,104	-572
	2,547	3,707	-1,160
	3,997	4,760	-763
	1,332	1,848	-516
	14,619	16,254	-1,635
	1,897	1,998	-101
	6,912	7,933	-1,021
	1,413	3,541	-2,128
	2,725	4,593	-1,868
	2,719	3,039	-320
	78,257	79,475	-1,218
	180,208	177,123	3,085
	4,344	7,417	-3,073
	2,949	4,767	-1,818
	4,411	6,329	-1,918
	4,106	5,632	-1,526
	4,973	6,986	-2,013
	4,516	6,556	-2,040
	1,343	2,760	-1,417
	2,226	2,429	-203
	2,261	2,376	-115
	5,135	6,490	-1,355
	3,142	4,005	-863
	8,060	9,722	-1,662
	7,062	8,045	-983
	1,824	3,705	-1,881
	2,335	4,141	-1,806
	1,868	3,472	-1,604
	6,877	9,187	-2,310
	6,731	8,397	-1,666
	3,540	6,058	-2,518
	5,323	7,104	-1,781
	65	64	1
	36	35	1
			16

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			-1,951
b			1
c			2
d			267
e			600
			1,404
			1,119
			1,284
			2,334
			4,382
			482
			-541
			1,200
			793
			550
			-25
			51
			1,494
			-675
			214
			689
			1,034
			535
			2,064
			821
			-432
			-455
			-526
			-413
			2,866
			178
			780
			1,405
			113
			1,893
			-1,672
			-1,161
			-500
			2,498
			4,573
			43,860
			2,640
			567
			170
			1,556
			445
			1,602
			33
			2,646
			-472
			428
			555
			-83
			1,671
			650
			1,456
			23
			2
			1
			3
			-1,485
			1
			2
			5,110
			574
			260
			1,331
			1,451
			8
			2,198
			1,711
			-352
			-188
			666
			962
			1,335
			2,519
			1,653
			1,824
			696
			1,118
			1,113
			-203
			951
			480
			1,155
			270
			-186
			1,670
			2,189
			-124
			368
			1,349
			336
			-1,103
			1,003
			338
			217
			1,370
			1,352
			-75
			2,885
			1,241
			937
			857
			631
			741
			674
			1,225
			782
			1,783
			748
			751
			986
			182
			3,955
			1,310
			384
			507
			1,422
			-344


			2

			2
			3
			-38
			-31
			221
			162
			681
			1,876
			-805
			-2,116
			554
			5
			715
			-154
			413
			-327
			214
			98
			852
			254
			-838
			-80
			48
			341
			6
			-152
			157
			205
			-865
			358

			2
			1
			1
			3
			1
			2
			2,953
			-1,182
			2,797
			-1,193
			-645
			-941
			-2,511
			1,513
			102
			135
			1,368
			-465
			-437
			206
			-2,256
			320
			1,531
			3,626
			-1,020
			-2,320
			2,920
			-1,056
			-2,177
			-3,670
			-202
			699
			-3,429
			-1,822
			-3,780
			-631
			737
			-244
			42
			-3,910
			-1,021
			-558
			-26
			-280
			22
			2,082
			316
			1,357
			582
			-940
			1,816
			766
			-1,174
			2,177
			-1,876
			-1,021
			-270
			-178
			679
			91
			-299
			330
			-3,450
			912
			193
			-818
			2,412
			1,795
			-835
			-841
			-464
			-9
			-930
			89
			-251
			-723
			-936
			-718
			-1,760
			141
			-6,269
			-202
			1,583
			-2,013
			1,160
			595
			-4,167
			-1,135
			80
			-457
			4,783
			1,076
			637
			-412
			-256
			206
			-3,227
			4,006
			-725
			-316
			184
			-1,365
			2,694
			566
			-1,785
			-2,333
			-665
			-1,362
			-97
			-537
			-1,468
			-3,746
			-1,506
			-1,820
			-142
			582
			-969
			127
			-277
			-3,107
			1,632
			1,496
			138
			-367
			-1,464
			-366
			-31
			1,359
			-39
			916
			-1,624
			-21
			-369
			97
			-2,410
			-2,098
			-211
			370
			-1,123
			659
			1,481
			-166
			-593
			-240
			-777
			1,687
			-497
			298
			967
			-5
			-759
			-3,383
			-1,218
			-1,615
			-1,543
			-750
			-2,997
			2,686
			981
			-516
			-925
			686
			-219
			166
			-29
			-378
			842
			-155
			-577
			-1,164
			-1,405
			-153
			-1,702
			1,020
			1,295
			2,646
			-3,020
			-504
			-980
			-18
			-402
			-2,442
			112
			-989
			-850
			-698
			-1,310
			47
			1,213
			1
			1

			2
			5

			2
			-1,612
			1
			2
			-1,918
			-1,840
			-1,074
			-3,064
			-1,976
			-307
			-874
			-279
			-181
			-7
			-1,538
			-1,182
			-130
			-61
			-4,874
			-1,073
			-509
			-1,484
			-1,034
			-3,064
			-3,832
			-572
			-1,160
			-763
			-516
			-1,635
			-101
			-1,021
			-2,128
			-1,868
			-320
			-1,218
			3,085
			-3,073
			-1,818
			-1,918
			-1,526
			-2,013
			-2,040
			-1,417
			-203
			-115
			-1,355
			-863
			-1,662
			-983
			-1,881
			-1,806
			-1,604
			-2,310
			-1,666
			-2,518
			-1,781
			1
			1

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	12,159
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions). If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . .		3

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? Yes No

If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.

1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2010	151,428	3,289,466	0.046034
2009	162,576	3,042,008	0.053444
2008	182,161	3,564,517	0.051104
2007	245,231	5,181,915	0.047324
2006	295,932	4,228,078	0.069992

2	Total of line 1, column (d) ......................	2	0.267898
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	0.05358
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	3,436,737
5	Multiply line 4 by line 3.......................	5	184,140
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	402
7	Add lines 5 and 6.........................	7	184,542
8	Enter qualifying distributions from Part XII, line 4..............	8	156,226
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)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A” on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	804
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2............................	3	804
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	804
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	2,616
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	2,616
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	1,812
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax804	Refunded	11	1,008

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?............................

If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If “Yes,” attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If “Yes,” has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If “Yes,” attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.

Yes

Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) bullet

If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on

page 27)? If “Yes,” complete Part XIV..........................

Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......

Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

The books are in care of bullet

BRANCH BANKING & TRUST COMPANY Telephone no. bullet

(919) 716-6259

Located at bullet

434 FAYETTEVILLE STRALEIGHNC ZIP+4 bullet

276011701

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

At any time during calendar year 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? .................

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 (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

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?.........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?.................YesNo

(6) Agree to pay money or property to a government official? (Exception. Check “No”

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).........YesNo

If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...

Organizations relying on a current notice regarding disaster assistance check here......... bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2011?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2011, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2011?...............YesNo

If “Yes,” list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business

enterprise at any time during the year?.....................YesNo

If “Yes,” did it have excess business holdings in 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.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2011?

During the year did the foundation pay or incur any amount to:

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?

Organizations relying on a current notice regarding disaster assistance check here......... bullet

If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?............YesNo

If “Yes,” attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay

premiums on a personal benefit contract?....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If “Yes” to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Form 990-PF (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
BRANCH BANKING & TRUST COMPANY	TRUSTEE 1	48,682
434 FAYETTEVILLE ST RALEIGH,NC276011701	TRUSTEE 1	48,682

2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions). If none, enter “NONE.”
(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
NONE

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.		Expenses
1


2


3


4

Form 990-PF (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


2


All other program-related investments. See page 24 of the instructions.
3

Total. Add lines 1 through 3.......................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

3,489,073

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

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

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

3,489,073

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

3,489,073

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

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

52,336

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

3,436,737

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

171,837

Part XI

Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

171,837

Tax on investment income for 2011 from Part VI, line 5......

804

Income tax for 2011. (This does not include the tax from Part VI.)...

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

804

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

171,033

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

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

171,033

Deduction from distributable amount (see page 25 of the instructions)...........

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,

line 1................................

171,033

Part XII

Qualifying Distributions (see page 25 of the instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

156,226

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

156,226

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............

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

156,226

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)

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					171,033
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......				31,984
b Total for prior years:2009, 20, 20			0
3 Excess distributions carryover, if any, to 2011:
a From 2006.......	0
b From 2007.......	0
c From 2008.......	0
d From 2009.......	0
e From 2010.......	0
fTotal of lines 3a through e.........		0
4Qualifying distributions for 2011 from Part
XII, line 4: $ 156,226
a Applied to 2010, but not more than line 2a				31,984
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 2011 distributable amount.....					124,242
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2011.		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 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 ..........					46,791
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 2006 not applied on line 5 or line 7 (see page 27 of the instructions) .............		0
9Excess distributions carryover to 2012. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2007....	0
b Excess from 2008....	0
c Excess from 2009....	0
d Excess from 2010....	0
e Excess from 2011....	0

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

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2011	(b) 2010	(c) 2009	(d) 2008	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ....
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets” alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment” alternative test— enter 2⁄3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support” alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the organization had $5,000 or more in
assets at any time during the year—see page 27 of the instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals or organizations
under other conditions, complete items 2a, b, c, and d.

aThe name, address, and telephone number of the person to whom applications should be addressed:

WILL CREWS
223 W NASH ST
WILSON,NC278933801
(252) 246-4935

bThe form in which applications should be submitted and information and materials they should include:

APPLICATIONS MAY BE OBTAINED FROM LOCAL HIGH SCHOOL OR ACADEMY OFFICES LOCATED IN HALIFAX COUNTY, NC. MUST PROVIDE COPIES OF PARENTS' W-2 FORM FOR PROOF OF NEED.

cAny submission deadlines:

APPLICATION MUST BE SUBMTTED BY MARCH 15

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

SCHOLARSHIPS AWARDED TO INDIVIDUALS DOMICILED IN HALIFAX COUNTY, NC FOR AT LEAST TWO YEARS PRIOR TO GRADUATION. MUST HAVE DISTINGUISHED SCHOLASTICS AND NEED FOR ASSISTANCE.

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
HEATHER BATCHELDER c/o EAST CAROLINA UNIVERSITY EAST FIFTH STREET GREENVILLE,NC278584353	NONE	N/A	COLLEGE SCHOLARSHIP	6,772
DWIGHT HUNTER c/o NC A&T UNIVERSITY 1601 EAST MARKET ST GREENSBORO,NC27411	NONE	N/A	COLLEGE SCHOLARSHIP	626
TANISHA MILLS c/o UNC GREENSBORO PO BOX 26170 GREENSBORO,NC274026170	NONE	N/A	COLLEGE SCHOLARSHIP	3,452
GEOGEANNE MINGGIA c/o UNC GREENSBORO PO BOX 26170 GREENSBORO,NC274026170	NONE	N/A	COLLEGE SCHOLARSHIP	2,160
RONNELL GREEN c/o UNC CHAPEL HILL CB 2200 JACKSON HALL CHAPEL HILL,NC275992200	NONE	N/A	COLLEGE SCHOLARSHIP	11,933
KATLIN HOWARD c/o UNC CHAPEL HILL CB 2200 JACKSON HALL CHAPEL HILL,NC275992200	NONE	N/A	COLLEGE SCHOLARSHIP	8,841
TIMALA HARRISON c/o NC STATE UNIVERSITY 1008 HARRIS HALL BOX 7313 RALEIGH,NC276957313	NONE	N/A	COLLEGE SCHOLARSHIP	5,493
ANTONIO ALSTON c/o METHODIST UNIVERSITY 5400 RAMSEY ST FAYETTEVILLE,NC28311	NONE	N/A	COLLEGE SCHOLARSHIP	13,499
DAQUAN MINGGIA c/o UNC GREENSBORO PO BOX 26170 GREENSBORO,NC274026170	NONE	N/A	COLLEGE SCHOLARSHIP	12,032
EMILY MONDS c/o UNC CHAPEL HILL CD 2200 JACKSON HALL CHAPEL HILL,NC275992200	NONE	N/A	COLLEGE SCHOLARSHIP	30,739
JENNA WESNER c/o UNC WILMINGTON 601 S COLLEGE ROAD WILMINGTON,NC28403	NONE	N/A	COLLEGE SCHOLARSHIP	14,964
LORANE FERGUSON C/O BARTON COLLEGE PO BOX 5000 WILSON,NC27893	NONE	N/A	COLLEGE SCHOLARSHIP	16,199
CASEY GREEN C/O UNC-CHAPEL HILL CB 2200 JACKSON HALL CHAPEL HILL,NC275992200	NONE	N/A	COLLEGE SCHOLARSHIP	4,653
JERRIKA ALSTON c/o EAST CAROLINA UNIVERSITY EAST FIFTH STREET GREENVILLE,NC278584353	NONE	N/A	COLLEGE SCHOLARSHIP	6,226
ASHLEY BISHOP c/o EAST CAROLINA UNIVERSITY EAST FIFTH STREET GREENVILLE,NC278584353	NONE	N/A	COLLEGE SCHOLARSHIP	8,562
ERVIN BRINKLEY c/o FAYETTEVILLE STATE 1200 MURCHISON ROAD FAYETTEVILLE,NC28301	NONE	N/A	COLLEGE SCHOLARSHIP	10,053
Total ................................. 3a				156,204

bApproved for future payment

Total ................................. 3b

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
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	6,875
4 Dividends and interest from securities....			14	69,847
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	12,159
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aLITIGATION PROCEED			01	19
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				88,900

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

1388,900

(See worksheet in line 13 instructions on page 28 to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See page 28 of the instructions.)

Form 990-PF (2011)

Page 12

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section

Yes

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........YesNo

If “Yes,” complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.

	Signature of officer or trustee	Date	Title

Preparer's Signature	Date	Check if self- employed	PTIN
Firm's name Firm's address		Firm's EIN
		Phone no.

Form 990-PF (2011)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
ANHEUSER-BUSCH COS INC 4.375%	23,233	25,862
BANK OF AMERICA CORP 7.4%
FED HOME LOAN MTG CORP 5%	48,432	54,639
FED HOME LOAN MTG CORP 5.875%
FED NATL MTG ASSN 4.75%	48,315	52,515
FED NATL MTG ASSN 5.125%	98,353	108,130
FED NATL MTG ASSN 6%	653	712
FED MATL MTG ASSN 6.5%
SBC COMMUNICATIONS 5.875%
WAL-MART STORES INC 4.25%	50,217	52,429
FED NATL MTG ASSN 6.5%	519	557

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
AMERICAN CENURY DIVR BD #349	AT COST	92,191	94,591
DODGE & COX INCOME FD #147	AT COST	64,315	64,412
FEDERATED TOTAL RTN GOVT #647	AT COST	30,111	30,136
ISHARES BARCLAYS 1-3 YR CREDIT	AT COST	76,757	77,108
METROPOLITAN WEST TOTAL RTN	AT COST	61,649	61,709
PIMCO FOREIGN FUND
AOR MANAGED FUTURES STRATEGY	AT COST	2,000	2,000
ABERDEEN EQUITY LONG SHORT#435	AT COST	7,661	7,661
COHEN & STEERS REALTY SHARES	AT COST	65,179	65,733
CREDIT SUISSE COMMODITY RETURN	AT COST	73,161	71,982
DRIEHAUS ACTIVE INCOME FD#1123	AT COST	24,380	24,429
HIGHLAND LONG/SHORT EQTY #305	AT COST	6,700	6,682
MANAGERS AMG FO GLOBAL FD #337	AT COST	23,578	23,526
MARKETFIELD FD #6529	AT COST	2,000	1,987
TURNER SPECTRUM FD #3311	AT COST	9,929	9,938
WASATCH 1ST SOURCE LONG/SHORT	AT COST	9,794	9,771
ARTISAN INTER SM CAP $1465
FORWARD INTL SM COMPANIES #111	AT COST	49,584	47,927
UTILITIES SELECT SECTOR SPDR	AT COST	2,236	2,519
ISHARES FTSE/XINHUA CHINA #25

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AT&T INC	9,669	10,886
ABBOTT LABORATORIES	15,519	17,712
APPLIED MATERIALS
AMGEN INC	4,014	4,495
ANADARKO PETE CORP
AVERY DENNISON CORP
CHEVRON CORP	10,690	14,896
CVS CAREMARK CORP	3,638	4,078
BERKSHIRE HATHAWAY INC DEL	2,692	3,052
DISNEY, WALT COMPANY	3,324	5,250
COMCAST CORP CLASS A	4,488	6,165
CISCO SYSTEMS	4,554	4,430
CONOCOPHILLIPS	12,197	18,217
E.I. DUPONT DE NEMOURS COMPANY
EXXON MOBIL CORPORATION	4,195	4,238
CORNING INC	437	519
GENERAL ELECTRIC COMPANY	6,285	8,776
EMERSON ELECTRIC COMPANY	8,210	8,852
J P MORGAN CHASE & CO
JOHNSON & JOHNSON	10,815	11,477
MICROSOFT CORP	12,021	14,408
MEDTRONIC INC	4,071	4,208
ORACLE SYS CORP	2,200	4,104
INTEL	10,457	13,338
PEPSICO INC	15,232	16,256
PALL CORPORATION
PROCTER AND GAMBLE	7,314	7,672
QUALCOMM INC	3,038	3,282
SCHLUMBERGER LTD	14,597	18,102
L'OREAL SA ADR	10,138	10,895
L'AIR LIQUIDE-UNSPONS ADR	18,596	20,102
US BANCORP
LORILLARD INC	2,141	2,280
WELLS FARGO & CO	4,143	4,134
ANHEUSER BUSCH ADR
MERCK & CO INC	3,994	4,901
TD AMERITRADE HOLDING CORP
TRAVELERS COMPANIES INC	8,082	10,651
KRAFT FOODS INC-A	2,818	4,110
ABB LTD SPONS ADR
ALLIANZ	8,849	10,746
GLAXOSMITHKLINE PLC SPONS ADR	8,079	9,126
FRESENIUS USA INC ADR	14,482	14,956
HONEYWELL INTERNATIONAL INC	3,948	4,892
CREDIT SUISSE FUND #2156
ALTRIA GROUP INC	5,512	6,226
ALEXANDRIA REAL ESTATE	3,984	5,518
ALLEGHENY TECH
AMERISOURCEBERGEN CORP	3,270	5,950
ANNTAYLOR STORES
APACHE CORP
ATWOOD OCEANICS	3,415	4,775
AUTODESK INC	3,760	4,549
BALLY TECH
BANCFIRST CORP	1,806	1,877
BAXTER
BENCHMARK ELECTRONICS	3,678	3,098
BLACKBOARD INC
BRISTOW GROUP INC
CAMPBELL SOUP CO
CASEY'S GENERAL STORES	5,191	8,242
CELANESE CORP
CHART INDUSTRIES	2,208	6,488
CHILDRENS PLACE
CENTURYTEL INC	4,902	5,580
CORRECTIONS CORP
EDISON INTL COM
EMCOR GROUP
EXELON CORP
DIAGEO PLC SPONSORED ADR	6,760	7,868
FORWARD AIR CORP	4,554	5,769
GENUINE PARTS
GOOGLE INC	4,110	5,167
GREAT PLAINS ENERGY
HARMONIC INC
HEALTH CARE REIT INC	4,151	5,453
HEWLETT PARCKARD
ITRON INC COMMON
JARDEN CORP	6,454	6,872
JO-ANN STORES
HOYA CORP SPONSORED ADR	9,580	9,482
L 3 COMMUNICATIONS
LAKELAND FINANCIAL	2,901	3,622
LAM RESH CORP
LAYNE CHRISTENSEN CO	4,124	4,114
MAGELLAN HEALTH SERVICES	4,170	6,431
ILLINOIS TOOL WORKS	5,416	6,072
MEDNAX INC	7,154	10,081
MERIT MEDICAL SUSTEM INC	2,812	2,636
METLIFE INC
MICRO SYSTEMS
MICROCHIP TECH
MOHAWK IND INC	6,899	8,379
NRG ENERGY INC
NAVIGATORS GROUP INC	4,562	4,291
JGC CORPORATION	6,520	5,764
OCEANEERING INTERNATIONAL INC	3,368	5,536
ONYX PHARMACEUTICALS	5,127	7,472
JOY GLOBAL INC	4,290	3,744
PANTRY INC
PAREXEL INTL	2,390	3,941
PARKER HANNIFIN CORP	4,960	7,625
PEOPLES UNITED FINANCIAL
PETROHAWK ENERGY
PRESTIGE BRANDS HOLDINGS	2,136	3,156
JUPITER TELECOMMUNICATIONS ADR	7,117	6,759
QUANTA SERVICES
REGENERON
ROCKWOOD HOLDINGS	3,102	5,118
ROSS STORES	6,282	10,457
SALLY BEAUTY COMPANY INC	3,205	8,875
SEMTECH CORP	4,357	6,205
SEMPRA ENERGY	4,650	4,950
SHAW GROUP INC
SIGNATURE BANK	3,468	6,599
SOUTHWEST BANCORP
STATE STREET CORP
STERIS CORP	2,964	2,982
SUN HYDRAULICS CORPORATION	1,484	2,812
SUPERIOR ENERGY SERVICES INC	2,216	2,844
SYNAPTICS INC	2,176	2,412
TTM TECHNOLOGIES INC	3,257	3,288
TORO COMPANY	2,540	4,246
TRACTOR SUPPLY COMPANY	2,632	7,717
UNITED NATURAL FOODS INC	3,709	5,601
VALMONT INDUSTRIES
LINCOLN ELECTRIC HOLDINGS	5,446	7,042
VERTEX
WMS INDUSTRIES INC
WHITNEY HOLDINGS
M & T BANK CORPORATION	6,574	6,107
CREDICORP LTD COM
ACERGY SA SPON ADR
ADIDAS AG
AGNICO EAGLE MINES
ASTRAZENECA PLC	6,074	6,481
AMERICA MOVIL SAB	10,887	10,396
ARCELORMITTAL
ARM HOLDINGS PLC-SPONS ADR	9,446	17,709
ATLAS COPCO AB SPONS	7,343	8,851
ADR AXA-UAP F/K/A AXA SA
BNP PARIBAS
BANCO BRADESCO S A
BANCO SANTANDER CENT HISPANO
BANK OF NOVA SCOTIA
THE BANK OF YOKOHAMA LTD
BARCLAYS PLC-SPONS ADR
BAYER A G
BHP BILLITON LIMITED
BRITISH SKY BROADCAST ADR
CSL LIMITED ADR	5,526	6,397
CAMECO CORP
CANON INC COMMON	11,928	11,891
CHINA MOBILE HK LTD
COMPANHIA ENERGETICA
CREDIT SUISSE GROUP
ELSTER GROUP SE	4,998	4,027
DBS GROUP HLDGS SINGAPORE	7,247	6,752
DANONE SPONS ADR
DEUSTCHE BOERSE
ENI SPA
ELAN CORP INC ADR	3,000	5,496
DASSAULT SYSTEMS	19,138	21,706
ESPRIT HOLDINGS
FANUC LTD ADR	11,506	14,290
FAST RETAILING CO
FRANCE TELECOM
GDF SUEZ SPONS ADR
GAZPROM	4,784	4,479
HDFC BANK LTD ADR
HANG LUNG PROPERTIES ADR
HENKEL KGAA
ICAP PLC
INDUSTRIAL AND COMM BANK CHINA
ITAU UNIBANCO BANCO MULT	6,487	7,183
MINING AND METALLURGICAL ADR
KB FINANCIAL GRP
MANULIFE FINL CORP
MARUI LTD ADR
IMPERIAL OIL LTD	8,286	9,786
MITSUBISHI UJF FIN GRP
INTERDIGITAL INC	2,176	2,614
NESTLE SA ADR
NEW ORIENTAL EDUC ADR
NIDEC CORP
NINTENDO ADR
NOMURA HOLDINGS
NOVARTIS A G ADR	13,390	14,864
NOV0-NORDISK A S ADR	2,394	4,610
PETROCHINA
PETROLEO BRASILEIRO PREFERENCE	8,116	7,987
PRUDENTIAL PLC
RIO TINTO PLC ADR
ROCHE HOLDING LTD	12,372	13,620
SAP AKTIENGESELLSCHAFT	13,413	14,826
SHIN-ETSU CHEMICAL
SHIRE PHARMACEUTICALS GROUP	3,012	6,234
SIEMENS AG ADR
SMITH & NEPHEW ADR
SOCIEDAD QUIMICA MINERA CHILE
SONY FINANCIAL ADR
SUMITOMO CORP
THE SUMITO TR & BANKING CO
SUNCOR ENERGY INC	3,407	3,171
SYNGENTA AG ADR
TAIWAN SEMICONDUCTOR MANUF	14,156	15,750
TELEFONICA S A	5,428	5,329
TENCENT HOLDINGS ADR
TESCO PLC SPONS ADR	6,270	6,395
TEVA PHARMACEUTICAL ADR
TOTAL S A SPONSORED	5,509	5,111
TOYOTA MOTOR CORP ADR
UNILEVER PLC ADR	10,503	11,397
VALE SA SP ADR
VESTAS WIND SYSTEMS ADR
VODAFONE GROUP	4,515	6,727
WAL-MART DE MEXICO	9,131	11,252
WESTPAC BANKING
BRISTOL MYERS SQUIBB CO	9,518	11,629
ARCH CAPITAL GRP	5,652	10,052
INVESCO LTD	6,380	6,228
PARTNERRE HOLDINGS LTD	6,465	5,779
LOGITECH INTERNL
LYMH MOET-HENNESSEY UNSPON ADR	6,740	6,533
MILLICOM INTL CELLULAR
CHECKPOINT SOFTWARE TECH	3,838	7,356
VAL SA SP PREF ADR
ARCHER-DANIELS-MIDLAND CO	8,305	8,866
BG GROUP PLC SPON ADR	11,311	11,765
BCE INC	7,383	7,916
BILL BARRETT CORP	2,247	2,044
BLACKROCK INC	4,471	5,347
BANK OF AMERICA CORP
CHINA RESOURCES ENTERPRISE LTD	5,865	5,079
CINTAS CORPORATION	4,321	5,221
DUKE ENERGY CORPORATION	6,675	7,920
DOW CHEMICAL	3,055	3,451
CONSOLIDATED EDISON INC	3,304	3,722
ENERGIZER HOLDINGS INC	5,608	6,198
HEINZ, H. J. COMPANY	8,473	9,187
KIMBERLY-CLARK CORP	8,675	9,563
HECLA MINING	2,109	1,203
INVESTMENT TECH GROUP INC
KINDER MORGAN MANAGEMENT LLC	8,060	11,150
LONZA GROUP AG ADR	6,869	7,122
WAL-MART STORES	2,742	2,988
FS NETWORKS INC	7,548	9,551
COCHLEAR LIMITED UNSPONS ADR	6,934	7,310
HANCOCK HOLDING COMPANY	2,035	3,069
HSBC HLDGS PLC SPONSORED ADR
INTERNATIONAL BUSINESS MACHINE	1,605	3,678
TARGET CORP	13,966	13,317
LILLY, ELI & COMPANY	6,765	7,896
DOMINION RESOURCES INC/VA	7,964	9,024
PFIZER INC	11,023	13,200
AECOM TECH CORP
AIXTRON AG ADR
ALCOA INC
ALLEGIANT TRAVEL COMPANY	7,355	8,001
ALLSCRIPTS HEALTHCARE	5,239	6,818
AMERICAN EXPRESS COMPANY	2,714	2,830
ANGLO AMERICAN PLC
APPLE COMPUTERS	7,535	10,530
BABCOCK & WILCOX
BAYERISCHE MOTOREN WERKE
BUCYRUS INTL INC
CALGON CARBON CORP	4,212	4,242
CANADIAN NATL RY CO	8,213	9,427
CENOVUS ENERGY	4,802	4,980
COCA COLA COMPANY	5,389	5,598
COMERICA INC
COMPAGNIE FINANCIERE RICHEMONT
COMPLETE PRODUCTION SERVICES	5,036	5,370
CROWN HOLDINGS INC	6,415	6,716
CYMER	4,120	5,474
DISCOVER FINANCIAL SVC
ELECTRICITE DE FRANCE
ENERSYS	7,247	7,012
FEDEX CORPORATION	4,663	4,175
FUEL SYSTEMS SOLUTIONS
GAFISA
GLOBAL PAYMENTS INC
INTL PAPER COMPANY
ION GEOPHYSICAL CORP
J CREW GROUP INC
JOS A BANK CLOTHIERS	7,381	8,289
KINGFISHIER PLC SPONS ADR
KROGER COMPANY
LOCKHEED MARTIN	8,509	9,708
LOWE'S COMPANIES	3,582	3,553
MACQUARIE GROUP LIMITED LTD
MITSUI & CO LTD
MONSTER WORLDWIDE INC
MORGAN STANLEY
NOKIA CORP
NORTHERN OIL ADN GAS
LUKOIL
PEABODY ENERGY CORP
PORTFOLIO RECOVERY ASSOC	2,655	2,701
SANDVIK AB
SOUTHWEST AIRLINES
STRYKER CORP
TECK CORP
TEXAS INSTRUMENTS	13,727	13,100
USIMINAS SA
VARIAN SEMI CONDUCTOR EQUIP
WESTERN DIGITAL
WHIRLPOOL CORP
XLINX INC	4,326	4,809
ZOLTEK
AMDOCS LTD SC	4,606	4,565
COVIDIEN
XL CAPITAL
WEATHERFORD
TYCO INTERNATIONAL LTD	4,312	5,138
TYCO ELECTRONIC
MASTEC INC	5,980	6,427
MCDONALDS CORP	12,775	15,050
MTN GROUP LTD ADR	11,788	11,038
NVR INC	4,530	4,116
NATIONAL GRID GROUP SPON ADR	6,860	6,787
NATURAL RESOURCE PARTNERS LP	8,523	8,133
NESTLE AS ADR	18,264	20,789
NEW YORK COMMUNITY BANCORP	2,412	2,474
NUANCE COMMUNICATIONS INC	6,987	10,316
OIL STATES INTERNATIONAL INC	5,231	6,110
OMINCOM GROUP	8,187	9,808
OMINIVISION TECHNOLOGIES INC	2,394	1,713
PPL CORPORATION	4,973	5,296
PAYCHEX INC	6,940	8,130
PEARSON PLC SPONSORED ADR	6,857	7,737
PHILLIP MORRIS INTL INC	14,347	17,266
PIONEER NAT RES CO	4,988	6,264
PROGRESS ENERGY INC	5,276	6,162
REYNOLDS AMERICAN INC	5,829	6,627
ROGERS COMMUNICATIONS INC	8,302	8,472
ROYAL DUTCH SHELL PLC ADR CL B	8,265	9,881
SASOL LTD SPONSORED ADR	5,270	5,688
SCHNEIDER ELECTRIC SA UNSPON	10,196	10,351
SCHNITZER STEEL INDS INC CL A	1,986	2,114
SONOVA HOLDING AG	7,139	9,877
SOUTHERN COMPANY	8,926	10,184
SWATCH GROUP AG	8,954	8,270
THERMO FISHER SCIENTIFIC INC
THORATEC CORP	2,211	2,685
TOLL BROTHERS INC	3,479	3,267
UNICHARM CORP	12,215	12,824
VERIZON COMMUNICATIONS INC	12,557	14,443
WPP PLC ADR	9,724	10,968
WASTE MANAGEMENT INC NEW	8,493	9,159
WEYERHAEUSER COMPANY	4,750	4,294
WINDSTREAM CORPORATION	2,481	2,348
WISCONSIN ENERGY CORPORATION	3,897	4,545
BUNGE LIMITED	5,529	5,148
SEAGATE TECHNOLOGY	5,267	6,232
SIGNET JEWELERS LTD	5,283	6,594
TE CONNECTIVITY LTD	4,962	5,854
CNH GLOBAL NV	5,835	7,198
OIAGEN N.V.	5,748	5,800
STAPLES