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
ARTHUR B SHIPLEY & MAE NELSON SHIPLEY

Number and street (or P.O. box number if mail is not delivered to street address)434 FAYETTEVILLE ST 14TH FL Room/suite

City or town, state, and ZIP code
RALEIGH, NC27601

A Employer identification number

52-6318347

B Telephone number (see page 10 of the instructions)

(919) 716-9045

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

$2,599,437J 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
4	Dividends and interest from securities......	69,480		72,420
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		308,750
b	Gross sales price for all assets on line 6a 2,874,433
7	Capital gain net income (from Part IV, line 2)...			308,750
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).......
12	Total. Add lines 1 through 11........	378,230		381,170
13	Compensation of officers, directors, trustees, etc.	27,805		27,805
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).......		1,000	0	0	1,000
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see page 14 of the instructions)		2,878	773		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).......		70	70
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	31,753		28,648	0	1,000
25	Contributions, gifts, grants paid........	125,178				125,178
26	Total expenses and disbursements. Add lines 24 and 25	156,931		28,648	0	126,178
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	221,299
b	Net investment income (if negative, enter -0-)			352,522
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...............	653	5,376	5,376
	2	Savings and temporary cash investments..........	40,649	17,914	17,914
	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)	304,879	325,462	326,899
	b	Investments—corporate stock (attach schedule)........	578,358	1,345,396	1,267,585
	c	Investments—corporate bonds (attach schedule)........	204,376	674,602	674,800
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	1,369,018	349,207	306,863
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	2,497,933	2,717,957	2,599,437
	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.........	2,497,933	2,717,957
	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)....................	2,497,933	2,717,957
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	2,497,933	2,717,957

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	2,497,933
2	Enter amount from Part I, line 27a.....................	2	221,299
3	Other increases not included in line 2 (itemize)	3	15
4	Add lines 1, 2, and 3..........................	4	2,719,247
5	Decreases not included in line 2 (itemize)	5	1,290
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	2,717,957

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.)		(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	25000. WAL-MART STORES DTD 2/18/04 4.125% 02/15	2009-07-07	2011-02-15
b	100000. CISCO SYSTEMS INC DTD 02/22/06 5.25% 02/	2006-11-20	2011-02-22
c	2239.302 AMERICAN CENTURY DIVERSIFIED BOND FUND #	2010-12-20	2011-03-02
d	3121.83 DODGE & COX INCOME FUND	2010-03-17	2011-03-02
e	409.029 FEDERATED INTERMEDIATE CORP BOND CLASS I	2010-12-20	2011-03-02
	385.809 METROPOLITAN WEST TOTAL RETURN BOND FUND	2010-12-20	2011-03-02
	319.364 STERLING CAPITAL TOTAL RETURN BOND FUND	2010-12-20	2011-03-02
	337.44 STERLING CAPITAL INTERMEDIATE U.S. GOVERNMENT FUND INST CL FUND	2010-12-20	2011-03-02
	100. ABB LTD SPONSORED ADR	2010-12-20	2011-04-07
	544. AT&T INC	2004-08-26	2011-04-07
	2186.134 ALLIANZ AGIC OPPORTUNITY FD FUND # 4624	2009-06-29	2011-04-07
	6634.416 ARTISAN MID CAP VALUE #1464 CLD TO NEW I	2009-06-29	2011-04-07
	125. CVS CORP	2009-07-06	2011-04-07
	120. CHEVRON TEXACO CORP COMMON	2004-08-26	2011-04-07
	100. COCA-COLA CO COM STK*	2010-07-22	2011-04-07
	340. CONOCOPHILLIPS COM	2003-06-19	2011-04-07
	50. FEDEX CORP COM	2010-09-24	2011-04-07
	3136.981 GOLDMAN SACHS MID CAP VALUE CL I FUND #	2009-11-25	2011-04-07
	6952.202 GOLDMAN SACHS GROWTH OPPORTUNITY FUND CL	2009-06-29	2011-04-07
	120. HEWLETT-PACKARD CO COMM STK	2003-06-19	2011-04-07
	490. INTEL CORP	2006-11-28	2011-04-07
	35. INTERNATIONAL BUSINESS MACHINES COM	2003-06-19	2011-04-07
	140. JOHNSON + JOHNSON COM STK	2003-06-19	2011-04-07
	100. LOCKHEED MARTIN CORP	2010-12-20	2011-04-07
	220. LOWES COS INC	2010-12-20	2011-04-07
	280. ORACLE SYS CORP	2003-06-19	2011-04-07
	50. PROCTER & GAMBLE CO COM STK*	2008-02-07	2011-04-07
	1913.827 T ROWE PRICE EMERGING MARKETS STOCK FUND	2010-12-20	2011-04-07
	110. SCHLUMBERGER LTD COMMON	2003-06-19	2011-04-07
	300. STATE STR CORP	2010-07-22	2011-04-07
	150. STRYKER CORP COMMON	2010-08-10	2011-04-07
	150. THE TRAVELERS COMPANIES INC.	2004-08-26	2011-04-07
	225. UNILEVER PLC-SPONSORED ADR	2009-07-06	2011-04-07
	400. VERIZON COMMUNICATIONS	2006-11-28	2011-04-07
	6696.035 VIRTUS QUALITY SMALL CAP FUND CL I FUND	2010-12-20	2011-04-07
	290. WELLS FARGO & CO. (NEW)	2003-06-19	2011-04-07
	25000. AT&T INC DTD 12/06/07 4.95% 01/15/2013	2009-07-07	2011-04-12
	25000. CHEVRON CORP DTD 03/03/09 3.95% 03/03/20	2009-07-07	2011-04-12
	100000. FED HOME LOAN MORT CORP DTD 7/16/02 5.12	2002-10-23	2011-04-12
	100000. FED NATL MTG ASSN DTD 4/21/03 4.625% 05/	2008-02-07	2011-04-12
	25000. HEWLETT PACKARD CO DTD 05/27/09 2.95% 08	2009-07-07	2011-04-12
	120. ABBOTT LABORATORIES	2004-08-26	2011-06-22
	4453.925 INVESCO INTERNATIONAL GROWTH FUND CL I F	2009-07-06	2011-06-22
	50. ALLIANCE DATA SYSTEMS COMMON	2011-04-07	2011-06-22
	5140.187 AMERICAN CENTURY DIVERSIFIED BOND FUND #	2010-03-17	2011-06-22
	3205.798 AMERICAN CENTURY DIVERSIFIED BOND FUND #	2011-04-18	2011-06-22
	70. WALT DISNEY COMPANY THE	2003-06-19	2011-06-22
	130. EMCOR GROUP INC	2011-04-07	2011-06-22
	140. EXXON MOBIL CORP	2003-06-19	2011-06-22
	3091.851 HARBOR INTL FD	2009-07-06	2011-06-22
	25. INTERNATIONAL BUSINESS MACHINES COM	2003-06-19	2011-06-22
	180. INTERNATIONAL PAPER COMPANY	2010-07-22	2011-06-22
	320. JANUS CAPITAL GROUP INC COMMON	2011-04-07	2011-06-22
	100. LOCKHEED MARTIN CORP	2010-02-19	2011-06-22
	140. MERCK & CO INC COMMON	2003-06-19	2011-06-22
	400. PFIZER INC COM STK	2010-02-19	2011-06-22
	110. PLAINS EXPLORATION & PRODUCTION CO INC C	2011-04-07	2011-06-22
	115. TARGET CORP COM	2007-11-20	2011-06-22
	90. THERMO ELECTRON CORP COM W/RTS ATTACHED EXP 01/29/2006	2011-04-07	2011-06-22
	50. WAL-MART STORES INC	2006-11-28	2011-06-22
	50. COVIDIEN PLC	2010-08-10	2011-06-22
	70. TYCO INTERNATIONAL LTD	2010-03-17	2011-06-22
	240. ABB LTD SPONSORED ADR	2009-07-06	2011-08-08
	30. ABBOTT LABORATORIES	2004-08-26	2011-08-08
	90. ACTIVISION BLIZZARD INC COMMON	2011-04-07	2011-08-08
	70. AEROVIRONMENT INC COMMON	2011-04-07	2011-08-08
	230. ALCOA, INC.	2010-12-20	2011-08-08
	388.383 AMERICAN CENTURY DIVERSIFIED BOND FUND #	2010-12-20	2011-08-08
	30. AMERICAN EXPRESS CO COM STK*	2010-12-20	2011-08-08
	120. AON CORP	2010-12-20	2011-08-08
	10. AON CORP	2011-04-07	2011-08-08
	20. ATHENAHEALTH INC COMMON	2011-04-07	2011-08-08
	20. THE BANK OF YOKOHAMA LTD	2011-06-22	2011-08-08
	60. BRIGHAM EXPLORATION COMPANY COMMON	2011-04-07	2011-08-08
	10. CF INDUSTRIES HOLDINGS INC COMMON	2011-04-07	2011-08-08
	20. C.H ROBINSON WORLDWIDE INC COMMON	2011-04-07	2011-08-08
	5. CME GROUP INC COMMON	2011-06-22	2011-08-08
	40. CARMAX INC. COMMON	2011-04-07	2011-08-08
	180. CARNIVAL CORP COMMON	2011-06-22	2011-08-08
	40. CHART INDUSTRIES INC COMMON	2011-04-07	2011-08-08
	80. DELL INC	2011-04-07	2011-08-08
	40. ENERGIZER HOLDINGS INC COMMON	2011-04-07	2011-08-08
	8741.973 FEDERATED INTERMEDIATE CORP BOND CLASS I	2011-06-22	2011-08-08
	546.423 FEDERATED SHORT TERM INCOME FUND CL Y FU	2011-03-02	2011-08-08
	30. FIRSTENERGY CORP COM 12/01/2004	2011-04-07	2011-08-08
	140. GANNETT INC	2011-04-07	2011-08-08
	10. HALLIBURTON CO	2011-04-07	2011-08-08
	30. HALLIBURTON CO	2011-04-07	2011-08-08
	30. HARMAN INTERNATIONAL INDUSTRIES COMMON	2011-04-07	2011-08-08
	129.99963 HECLA MINING	2011-04-07	2011-08-08
	80.00037 HECLA MINING	2011-04-07	2011-08-08
	90. INDUSTRIAL AND COMMERCIAL BANK OF CHINA	2011-06-22	2011-08-08
	130. INTEL CORP	2003-06-19	2011-08-08
	20. INTERDIGITAL INC COMMON	2011-04-07	2011-08-08
	140. INTERNATIONAL PAPER COMPANY	2011-04-07	2011-08-08
	120. INTERNATIONAL PAPER COMPANY	2010-07-22	2011-08-08
	180. IRONWOOD PHARMACEUTICALS, INC. COMMON	2011-04-07	2011-08-08
	20. JUPITER TELECOMMUNICATIONS CO LTD ADR	2011-06-22	2011-08-08
	120. KRAFT FOODS INC-A COMMON	2004-08-26	2011-08-08
	40. L 3 COMMUNICATIONS HOLDINGS INC COMMON	2011-04-07	2011-08-08
	40.00503 LAKELAND FINANCIAL CORP	2011-04-07	2011-08-08
	49.99497 LAKELAND FINANCIAL CORP	2011-04-07	2011-08-08
	30. MSCI INC A COMMON	2011-04-07	2011-08-08
	60. MEDTRONIC INC	2003-06-19	2011-08-08
	646.974 METROPOLITAN WEST TOTAL RETURN BOND FUND	2010-12-20	2011-08-08
	50. MORGAN STANLEY DEAN WITTER DIS CO	2010-02-19	2011-08-08
	20. NEXTERA ENERGY, INC. COMMON	2011-04-07	2011-08-08
	100. NOVARTIS AG SPONSORED ADR	2010-05-10	2011-08-08
	2434.243 PIMCO PIMS FOREIGN BOND FUND	2010-12-20	2011-08-08
	20. PEPSICO INC	2003-06-19	2011-08-08
	40. QLIK TECHNOLOGIES INC COMMON	2011-04-07	2011-08-08
	79.99951 RESOURCES CONNECTION INC	2011-04-07	2011-08-08
	10.00049 RESOURCES CONNECTION INC	2011-04-07	2011-08-08
	20. ROCKWELL AUTOMATION INC.	2011-04-07	2011-08-08
	40. RUE21 INC COMMON	2011-04-07	2011-08-08
	60. UTILITIES SELECT SECTOR SPDR FUND	2010-02-19	2011-08-08
	120. SELECT COMFORT CORP COMMON	2011-04-07	2011-08-08
	1027.352 STERLING CAPITAL TOTAL RETURN BOND FUND	2010-12-20	2011-08-08
	834.276 STERLING CAPITAL INTERMEDIATE U.S. GOVERNMENT FUND INST CL FUN	2010-12-20	2011-08-08
	10. STRAYER EDUCATION INC COMMON	2011-04-07	2011-08-08
	40. THE TRAVELERS COMPANIES INC.	2004-08-26	2011-08-08
	60. ULTRA PETROLEUM CORP COMMON	2011-06-22	2011-08-08
	30. UNITEDHEALTH GROUP	2011-04-07	2011-08-08
	30. VERTEX PHARMACEUTICALS INC COM	2011-04-07	2011-08-08
	30. VMWARE INC CLASS A COMMON	2011-04-07	2011-08-08
	20. WAL-MART STORES INC	2003-06-19	2011-08-08
	20. YUM! BRANDS INC	2011-04-07	2011-08-08
	20. COVIDIEN PLC	2010-08-10	2011-08-08
	50. TE CONNECTIVITY LTD	2010-05-10	2011-08-08
	278.375 AMERICAN CENTURY DIVERSIFIED BOND FUND #	2010-12-20	2011-09-07
	650. BANK OF AMERICA CORP	2010-07-22	2011-09-07
	100. CENOVUS ENERGY INC.	2010-12-20	2011-09-07
	110.00154 CISCO SYS INC	2003-06-19	2011-09-07
	49.99846 CISCO SYS INC	2003-06-19	2011-09-07
	242.649 FEDERATED SHORT TERM INCOME FUND CL Y FU	2011-03-02	2011-09-07
	80. FIRSTENERGY CORP COM 12/01/2004	2011-04-07	2011-09-07
	10. GREEN MOUNTAIN COFFEE ROASTERS INC COMMO	2011-04-07	2011-09-07
	60. HARMAN INTERNATIONAL INDUSTRIES COMMON	2011-04-07	2011-09-07
	280. HEWLETT-PACKARD CO COMM STK	2003-06-19	2011-09-07
	20. INTERDIGITAL INC COMMON	2011-04-07	2011-09-07
	80. MSCI INC A COMMON	2011-04-07	2011-09-07
	370.211 METROPOLITAN WEST TOTAL RETURN BOND FUND	2010-12-20	2011-09-07
	50. MICROSOFT CORP	2003-06-19	2011-09-07
	91.913 PIMCO TOTAL RETURN FUND	2011-06-22	2011-09-07
	429.644 PIMCO PIMS FOREIGN BOND FUND	2010-12-20	2011-09-07
	170. SEI INVESTMENTS COMPANY COMMON	2011-04-07	2011-09-07
	225. STAPLES INC	2010-09-24	2011-09-07
	260. STAPLES INC	2011-04-07	2011-09-07
	340.952 STERLING CAPITAL TOTAL RETURN BOND FUND	2010-12-20	2011-09-07
	4320.83 STERLING CAPITAL INTERMEDIATE U.S. GOVERNMENT FUND INST CL FUN	2010-12-20	2011-09-07
	180. STERLITE IND LTD.	2011-06-22	2011-09-07
	20. STRAYER EDUCATION INC COMMON	2011-04-07	2011-09-07
	30. TEVA PHARMACEUTICAL INDS LTD ADR	2011-04-07	2011-09-07
	310. VESTAS WIND SYSTEMS A/S ADR	2011-06-22	2011-09-07
	250. VIRGINIA COMMERCE BANCORP N/C FROM VIRGINIA COMMERCE BANK EFF 12/	2011-08-08	2011-09-07
	30. ABBOTT LABORATORIES	2004-08-26	2011-10-13
	590. ALCOA, INC.	2010-12-20	2011-10-13
	80. AMERICA MOVIL S A DE C V	2011-06-22	2011-10-13
	50. AMGEN INC	2011-06-22	2011-10-13
	110. ANNALY CAPITAL MANAGEMENT COMMON	2011-04-07	2011-10-13
	14. APPLE COMPUTER COM	2010-07-22	2011-10-13
	20. ARCELORMITTAL	2011-06-22	2011-10-13
	90. ASAHI GLASS COMPANY LIMITED	2011-06-22	2011-10-13
	40. ASSURANT INC COMMON	2011-04-07	2011-10-13
	10. BANCFIRST CORP COMMON	2011-08-08	2011-10-13
	40. THE BANK OF YOKOHAMA LTD	2011-06-22	2011-10-13
	100. CA INC COMMOM	2011-04-07	2011-10-13
	40. CAPELLA EDUCATION COMPANY COMMON	2011-08-08	2011-10-13
	50. CENOVUS ENERGY INC.	2010-12-20	2011-10-13
	110. CENOVUS ENERGY INC.	2011-04-07	2011-10-13
	190. CISCO SYS INC	2003-06-19	2011-10-13
	70. COMCAST CORP NEW CL A	2009-07-06	2011-10-13
	310. DOW CHEMICAL CO COM STK*	2011-08-08	2011-10-13
	200. EARTHLINK INC COMMON	2011-04-07	2011-10-13
	70. EBAY INC COM	2011-04-07	2011-10-13
	180. ENSCO INTERNATIONAL PLC	2011-08-08	2011-10-13
	339.225 FORWARD INTERNATIONAL SMALL COMPANIES FD	2010-12-20	2011-10-13
	50. FUEL SYSTEMS SOLUTIONS INC COMMON	2011-04-07	2011-10-13
	20. GDF SUEZ SPONS ADR	2011-08-08	2011-10-13
	70. GANNETT INC	2011-04-07	2011-10-13
	150. GENERAL ELECTRIC CO COM STK	2003-06-19	2011-10-13
	30. GILEAD SCIENCES, INC.	2011-04-07	2011-10-13
	50. INDUSTRIAL AND COMMERCIAL BANK OF CHINA	2011-06-22	2011-10-13
	40. INTUIT INC COMMON	2011-04-07	2011-10-13
	80. INVESTMENT TECH GROUP INC COMMON	2011-06-22	2011-10-13
	20. IRONWOOD PHARMACEUTICALS, INC. COMMON	2011-04-07	2011-10-13
	20. JOHNSON + JOHNSON COM STK	2004-08-26	2011-10-13
	60. LAKELAND FINANCIAL CORP	2011-04-07	2011-10-13
	942.016 LAZARD EMERGING MKTS PORTFOLIO INST CLAS	2010-12-20	2011-10-13
	91. LONE PINE RESOURCES INC COMMON	2011-04-07	2011-10-13
	40. MI DEVELOPMENTS INC	2011-04-07	2011-10-13
	70. MARUI LTD ADR	2011-06-22	2011-10-13
	110. MECHEL OAO	2011-09-07	2011-10-13
	130. MERCK & CO INC COMMON	2006-11-21	2011-10-13
	130. METLIFE COMMON	2010-02-19	2011-10-13
	170. MICROSOFT CORP	2003-06-19	2011-10-13
	150. MORGAN STANLEY DEAN WITTER DIS CO	2011-04-07	2011-10-13
	175. MORGAN STANLEY DEAN WITTER DIS CO	2010-02-19	2011-10-13
	20. NETSCOUT SYSTEMS INC COMMON	2011-09-07	2011-10-13
	40. ORACLE SYS CORP	2003-06-19	2011-10-13
	60. PEPSICO INC	2003-06-19	2011-10-13
	10. PETROCHINA COMPANY LTD COMMON	2011-06-22	2011-10-13
	20. QUALCOMM INC COMMON	2011-09-07	2011-10-13
	90. REX ENERGY CORP COMMON	2011-06-22	2011-10-13
	60. ST. JUDE MED INC	2011-06-22	2011-10-13
	90. SALLY BEAUTY COMPANY INC COMMON	2011-04-07	2011-10-13
	50. SCHLUMBERGER LTD COMMON	2003-06-19	2011-10-13
	70. SELECT COMFORT CORP COMMON	2011-04-07	2011-10-13
	10. SIEMENS AG SPONSORED ADR	2011-06-22	2011-10-13
	40. SOUTHWEST AIRLINES CO	2010-12-20	2011-10-13
	550. SOUTHWEST AIRLINES CO	2010-09-24	2011-10-13
	150. SOUTHWEST BANCORP INC/OKLA COMMON	2011-09-07	2011-10-13
	120. STAPLES INC	2011-04-07	2011-10-13
	60. STATE STR CORP	2011-06-22	2011-10-13
	270. FORMERLY SGS-THOMSON MICROELECTRONICS SH	2011-09-07	2011-10-13
	100. SUNCOR ENERGY, INC	2009-07-06	2011-10-13
	20. SUNCOR ENERGY, INC	2011-04-07	2011-10-13
	200. SYNOPSYS INC.	2011-04-07	2011-10-13
	50. TARGET CORP COM	2003-06-19	2011-10-13
	150. THERMO ELECTRON CORP COM W/RTS ATTACHED EXP 01/29/2006	2011-04-07	2011-10-13
	20. UNIVERSAL DISPLAY CORPORATION COMMON	2011-09-07	2011-10-13
	80. URBAN OUTFITTERS INC COMMON	2011-09-07	2011-10-13
	50. VIACOM INC NEW CL B	2011-04-07	2011-10-13
	30. WELLPOINT INC	2011-04-07	2011-10-13
	60. WEYERHAEUSER COMMON STK	2011-06-22	2011-10-13
	70. YAMANA GOLD INC	2011-06-22	2011-10-13
	40. ENDURANCE SPECIALTY HOLDINGS LTD	2011-04-07	2011-10-13
	50. WILLIS GROUP HOLDINGS	2011-04-07	2011-10-13
	140. WEATHERFORD INTL LTD	2011-08-08	2011-10-13
	110. TE CONNECTIVITY LTD	2010-05-10	2011-10-13
	110. TYCO INTERNATIONAL LTD	2011-09-07	2011-10-13
	80. TYCO INTERNATIONAL LTD	2010-03-17	2011-10-13
	100. TYCO INTERNATIONAL LTD	2010-12-20	2011-10-13
	.873 LONE PINE RESOURCES INC COMMON	2011-04-07	2011-10-21
	17273.284 PIMCO PIMS FOREIGN BOND FUND	2011-04-07	2011-12-02
	95. ABBOTT LABORATORIES	2008-02-07	2011-12-08
	40. ADIDAS AG	2011-06-22	2011-12-08
	60. ADMIRAL GROUP PLC	2011-09-07	2011-12-08
	80. ALCOA, INC.	2010-12-20	2011-12-08
	440. ALCOA, INC.	2011-04-07	2011-12-08
	120. AON CORP	2011-04-07	2011-12-08
	5. AON CORP	2010-12-20	2011-12-08
	340. ARCHER DANIELS MIDLAND CO	2011-10-13	2011-12-08
	60. BRIGHAM EXPLORATION COMPANY COMMON	2011-04-07	2011-12-08
	50. CENOVUS ENERGY INC.	2011-04-07	2011-12-08
	140. CISCO SYS INC	2003-06-19	2011-12-08
	350. CORNING INC	2010-03-17	2011-12-08
	10. EOG RESOURCES INC COMMON	2011-04-07	2011-12-08
	70. ENCANA CORP COMMON	2011-09-07	2011-12-08
	30. FAIR ISAAC INC COMMON	2011-04-07	2011-12-08
	14763.172 FEDERATED SHORT TERM INCOME FUND CL Y FU	2011-04-18	2011-12-08
	60. GANNETT INC	2011-04-07	2011-12-08
	30. HONEYWELL INTL INC	2011-08-08	2011-12-08
	40. INTEL CORP	2003-06-19	2011-12-08
	110. INTERPUBLIC GROUP COS INC	2011-04-07	2011-12-08
	80. ITRON INC COMMON	2011-08-08	2011-12-08
	40. J P MORGAN CHASE & CO	2004-08-26	2011-12-08
	20. KOHLS CORP	2011-10-13	2011-12-08
	20. L 3 COMMUNICATIONS HOLDINGS INC COMMON	2011-04-07	2011-12-08
	830. LLOYDS TSB GRP PLC SP ADR COM	2011-06-22	2011-12-08
	30. MEDTRONIC INC	2003-06-19	2011-12-08
	10. METLIFE COMMON	2011-04-07	2011-12-08
	45. METLIFE COMMON	2010-02-19	2011-12-08
	1008.148 METROPOLITAN WEST TOTAL RETURN BOND FUND	2010-12-20	2011-12-08
	30. NEXTERA ENERGY, INC. COMMON	2011-04-07	2011-12-08
	10. NOVO-NORDISK A S ADR	2011-08-08	2011-12-08
	60. ORACLE SYS CORP	2003-06-19	2011-12-08
	70. REX ENERGY CORP COMMON	2011-06-22	2011-12-08
	130. SELECT COMFORT CORP COMMON	2011-04-07	2011-12-08
	1010. SOUTHWEST AIRLINES CO	2011-08-08	2011-12-08
	60. SOUTHWEST AIRLINES CO	2010-12-20	2011-12-08
	30. STANCORP FINANCIAL GROUP INC COMMON	2011-04-07	2011-12-08
	360. STAPLES INC	2011-08-08	2011-12-08
	30. SUCCESSFACTORS, INC COMMON	2011-04-07	2011-12-08
	40. TEXAS INSTRUMENTS INC COM STK	2010-07-22	2011-12-08
	150. XEROX CORP COM STK	2011-04-07	2011-12-08
	50. ASPEN INSURANCE HOLDINGS LIMITED	2011-04-07	2011-12-08
	30. COVIDIEN PLC	2010-08-10	2011-12-08
	3872.217 METROPOLITAN WEST TOTAL RETURN BOND FUND	2011-06-22	2011-12-13

(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	26,136	-1,136
b	100,000	100,671	-671
c	24,005	24,005
d	41,739	41,364	375
e	4,148	4,111	37
	4,020	3,993	27
	3,468	3,456	12
	3,533	3,540	-7
	2,428	2,177	251
	16,543	12,571	3,972
	57,539	35,000	22,539
	150,137	96,000	54,137
	4,442	3,854	588
	12,969	5,624	7,345
	6,727	5,434	1,293
	27,311	9,318	17,993
	4,691	4,213	478
	120,491	90,000	30,491
	181,105	112,000	69,105
	4,948	2,627	2,321
	9,805	10,538	-733
	5,742	2,981	2,761
	8,326	7,605	721
	8,133	6,990	1,143
	5,896	5,590	306
	9,425	3,769	5,656
	3,091	3,295	-204
	70,123	65,606	4,517
	10,049	2,631	7,418
	13,899	11,721	2,178
	9,006	7,147	1,859
	8,962	5,223	3,739
	6,969	5,324	1,645
	15,073	13,968	1,105
	83,098	76,000	7,098
	9,370	7,449	1,921
	26,645	26,246	399
	26,712	25,985	727
	105,879	101,500	4,379
	107,049	103,626	3,423
	25,682	25,338	344
	6,268	4,968	1,300
	128,941	92,842	36,099
	4,639	4,240	399
	56,079	55,000	1,079
	34,975	34,526	449
	2,697	1,388	1,309
	3,767	4,100	-333
	11,238	5,179	6,059
	193,364	162,016	31,348
	4,159	2,130	2,029
	5,175	4,442	733
	2,993	4,014	-1,021
	8,067	7,716	351
	4,978	8,269	-3,291
	8,140	7,228	912
	4,023	4,017	6
	5,427	5,069	358
	5,753	4,988	765
	2,656	2,335	321
	2,672	1,914	758
	3,332	2,618	714
	4,844	3,619	1,225
	1,459	1,242	217
	992	1,008	-16
	1,781	2,100	-319
	2,698	3,381	-683
	4,303	4,163	140
	1,343	1,256	87
	5,134	5,438	-304
	428	542	-114
	997	921	76
	922	972	-50
	1,421	2,159	-738
	1,437	1,392	45
	1,324	1,495	-171
	1,305	1,404	-99
	1,087	1,299	-212
	5,450	6,617	-1,167
	1,679	2,178	-499
	1,155	1,189	-34
	2,928	2,901	27
	89,430	88,486	944
	4,727	4,705	22
	1,206	1,112	94
	1,436	2,106	-670
	438	481	-43
	1,315	1,443	-128
	942	1,424	-482
	918	1,249	-331
	565	769	-204
	1,201	1,346	-145
	2,694	2,802	-108
	1,316	960	356
	3,350	4,226	-876
	2,871	2,961	-90
	2,245	2,639	-394
	1,506	1,500	6
	4,089	2,025	2,064
	2,707	3,194	-487
	880	915	-35
	1,100	1,144	-44
	934	1,129	-195
	1,917	2,945	-1,028
	6,800	6,696	104
	905	1,364	-459
	1,029	1,120	-91
	5,550	4,838	712
	25,900	25,292	608
	1,287	894	393
	1,064	1,074	-10
	882	1,247	-365
	110	156	-46
	1,181	1,871	-690
	1,120	1,146	-26
	1,859	1,786	73
	1,513	1,487	26
	11,363	11,116	247
	8,977	8,752	225
	1,066	1,470	-404
	2,033	1,393	640
	2,368	2,726	-358
	1,293	1,340	-47
	1,214	1,415	-201
	2,512	2,410	102
	1,003	1,092	-89
	983	989	-6
	894	766	128
	1,439	1,476	-37
	3,101	2,984	117
	4,761	8,950	-4,189
	3,457	3,114	343
	1,713	2,070	-357
	779	941	-162
	2,092	2,089	3
	3,485	2,966	519
	1,070	649	421
	2,084	2,848	-764
	6,675	6,129	546
	1,365	960	405
	2,617	3,010	-393
	3,898	3,832	66
	1,291	1,319	-28
	1,013	1,012	1
	4,597	4,464	133
	2,798	4,066	-1,268
	3,169	4,619	-1,450
	3,661	5,384	-1,723
	3,778	3,689	89
	46,751	45,326	1,425
	2,149	2,529	-380
	1,795	2,941	-1,146
	1,200	1,524	-324
	1,916	2,477	-561
	1,444	1,521	-77
	1,562	1,242	320
	5,876	8,673	-2,797
	1,873	2,042	-169
	2,854	2,914	-60
	1,732	1,916	-184
	5,682	3,630	2,052
	386	655	-269
	850	1,030	-180
	1,445	1,546	-101
	346	372	-26
	1,909	1,944	-35
	2,127	2,419	-292
	1,131	1,417	-286
	1,674	1,557	117
	3,684	4,330	-646
	3,290	3,576	-286
	1,648	971	677
	8,244	8,711	-467
	1,314	1,614	-300
	2,293	2,206	87
	7,978	7,665	313
	4,203	4,864	-661
	1,082	1,467	-385
	640	565	75
	746	1,053	-307
	2,436	4,479	-2,043
	1,220	1,246	-26
	559	748	-189
	2,078	2,161	-83
	868	1,131	-263
	236	293	-57
	1,281	1,154	127
	1,318	1,373	-55
	17,220	20,074	-2,854
	595	1,504	-909
	1,114	1,090	24
	1,075	1,017	58
	1,257	2,784	-1,527
	4,258	6,809	-2,551
	4,032	4,571	-539
	4,601	4,483	118
	2,265	4,159	-1,894
	2,642	4,774	-2,132
	253	258	-5
	1,241	538	703
	3,734	2,681	1,053
	1,196	1,412	-216
	1,051	1,021	30
	1,174	965	209
	2,288	2,949	-661
	1,594	1,311	283
	3,323	1,196	2,127
	1,110	868	242
	1,021	1,329	-308
	340	518	-178
	4,668	6,782	-2,114
	645	682	-37
	1,766	2,485	-719
	1,973	2,660	-687
	1,946	1,734	212
	2,863	2,625	238
	573	896	-323
	5,181	5,514	-333
	2,635	1,875	760
	8,102	8,313	-211
	959	1,044	-85
	1,912	2,164	-252
	2,128	2,354	-226
	1,984	2,069	-85
	1,002	1,275	-273
	1,023	826	197
	1,313	1,930	-617
	1,823	2,050	-227
	1,935	2,353	-418
	3,682	3,248	434
	4,852	4,447	405
	3,529	2,992	537
	4,411	4,200	211
	6	14	-8
	183,442	179,826	3,616
	5,164	4,762	402
	1,320	1,531	-211
	772	1,403	-631
	760	1,176	-416
	4,180	7,912	-3,732
	5,510	6,502	-992
	230	227	3
	9,796	9,174	622
	2,187	2,159	28
	1,670	1,968	-298
	2,590	2,635	-45
	4,758	6,667	-1,909
	1,010	1,146	-136
	1,341	1,693	-352
	1,097	926	171
	126,963	127,200	-237
	773	902	-129
	1,597	1,382	215
	998	862	136
	1,026	1,355	-329
	2,821	4,215	-1,394
	1,300	1,575	-275
	1,015	1,004	11
	1,297	1,597	-300
	1,254	2,515	-1,261
	1,062	1,473	-411
	313	450	-137
	1,407	1,582	-175
	10,525	10,434	91
	1,704	1,680	24
	1,145	1,058	87
	1,857	808	1,049
	1,019	750	269
	2,596	1,611	985
	8,363	11,581	-3,218
	497	778	-281
	1,067	1,408	-341
	5,245	5,862	-617
	1,193	1,133	60
	1,200	1,015	185
	1,210	1,628	-418
	1,311	1,417	-106
	1,307	1,148	159
	40,077	40,513	-436

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			-1,136
b			-671
c
d			375
e			37
			27
			12
			-7
			251
			3,972
			22,539
			54,137
			588
			7,345
			1,293
			17,993
			478
			30,491
			69,105
			2,321
			-733
			2,761
			721
			1,143
			306
			5,656
			-204
			4,517
			7,418
			2,178
			1,859
			3,739
			1,645
			1,105
			7,098
			1,921
			399
			727
			4,379
			3,423
			344
			1,300
			36,099
			399
			1,079
			449
			1,309
			-333
			6,059
			31,348
			2,029
			733
			-1,021
			351
			-3,291
			912
			6
			358
			765
			321
			758
			714
			1,225
			217
			-16
			-319
			-683
			140
			87
			-304
			-114
			76
			-50
			-738
			45
			-171
			-99
			-212
			-1,167
			-499
			-34
			27
			944
			22
			94
			-670
			-43
			-128
			-482
			-331
			-204
			-145
			-108
			356
			-876
			-90
			-394
			6
			2,064
			-487
			-35
			-44
			-195
			-1,028
			104
			-459
			-91
			712
			608
			393
			-10
			-365
			-46
			-690
			-26
			73
			26
			247
			225
			-404
			640
			-358
			-47
			-201
			102
			-89
			-6
			128
			-37
			117
			-4,189
			343
			-357
			-162
			3
			519
			421
			-764
			546
			405
			-393
			66
			-28
			1
			133
			-1,268
			-1,450
			-1,723
			89
			1,425
			-380
			-1,146
			-324
			-561
			-77
			320
			-2,797
			-169
			-60
			-184
			2,052
			-269
			-180
			-101
			-26
			-35
			-292
			-286
			117
			-646
			-286
			677
			-467
			-300
			87
			313
			-661
			-385
			75
			-307
			-2,043
			-26
			-189
			-83
			-263
			-57
			127
			-55
			-2,854
			-909
			24
			58
			-1,527
			-2,551
			-539
			118
			-1,894
			-2,132
			-5
			703
			1,053
			-216
			30
			209
			-661
			283
			2,127
			242
			-308
			-178
			-2,114
			-37
			-719
			-687
			212
			238
			-323
			-333
			760
			-211
			-85
			-252
			-226
			-85
			-273
			197
			-617
			-227
			-418
			434
			405
			537
			211
			-8
			3,616
			402
			-211
			-631
			-416
			-3,732
			-992
			3
			622
			28
			-298
			-45
			-1,909
			-136
			-352
			171
			-237
			-129
			215
			136
			-329
			-1,394
			-275
			11
			-300
			-1,261
			-411
			-137
			-175
			91
			24
			87
			1,049
			269
			985
			-3,218
			-281
			-341
			-617
			60
			185
			-418
			-106
			159
			-436

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	308,750
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	112,288	2,630,672	0.042684
2009	55,847	2,349,859	0.023766
2008	69,599	2,368,398	0.029387
2007
2006

2	Total of line 1, column (d) ......................	2	0.095837
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	0.031946
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	2,747,479
5	Multiply line 4 by line 3.......................	5	87,771
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	3,525
7	Add lines 5 and 6.........................	7	91,296
8	Enter qualifying distributions from Part XII, line 4..............	8	126,178
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	3,525
	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	3,525
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	3,525
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	1,513
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	1,513
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	2,012
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax	Refunded	11	0

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

N/A

The books are in care of bullet

BRANCH BANKING AND TRUST COMPANY Telephone no. bullet

(410) 230-1064

Located at bullet

111 S CALVERT ST STE 2810BALTIMOREMD ZIP+4 bullet

212026174

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 AND TRUST CO	TRUSTEE 40	27,805
111 S CALVERT ST STE 2810 BALTIMORE,MD212026174	TRUSTEE 40	27,805

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...................

2,735,649

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

53,670

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

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

2,789,319

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.........................

2,789,319

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

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

41,840

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

2,747,479

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

137,374

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....................

137,374

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

3,525

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

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

3,525

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

133,849

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

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

133,849

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................................

133,849

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 ..........

126,178

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

126,178

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)............

3,525

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

122,653

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					133,849
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......				125,178
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: $ 126,178
a Applied to 2010, but not more than line 2a				125,178
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.....					1,000
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 ..........					132,849
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).)

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

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:

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

cAny submission deadlines:

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

Form 990-PF (2011)

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
WINFIELD COMMUNITY VOL FIRE DEPT 1320 WEST OLD LIBERTY RD SYKESVILLE,MD21784	NONE	EXEMPT	DONATION	125,178
Total ................................. 3a				125,178

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
4 Dividends and interest from securities....			14	69,480
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	308,750
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				378,230

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

13378,230

(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

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC	1,000			1,000

Name of Bond	End of Year Book Value	End of Year Fair Market Value
AT&T INC 4.95% 01/15/13
CHEVRON CORP 3.95% 03/03/14
CISCO SYSTEMS INC 5.25% 022211
HEWLETT PACKARD CO 2.95 081512
MERRILL LYNCH & CO 4.79 8/4/10
WAL-MART STORES 4.125% 2/15/11
AMERICAN CENTURY DIV #349	101,811	103,474
DOUBLELINE TOTAL RETURN	208,469	207,154
STERLING CAPITAL CORP	157,999	157,934
STERLING CAPITAL TOTAL RETURN	206,323	206,238

- TIN:

TY 2011 InvestmentsCorpStockSchedule

Name:

ARTHUR B SHIPLEY & MAE NELSON SHIPLEY

EIN: 52-6318347

Name of Stock	End of Year Book Value	End of Year Fair Market Value
AT&T INC COMMON	8,253	11,068
ABBOTT LABORATORIES COMMON
ANNALY CAPITAL	2,439	2,234
ACME PACKET	489	309
ACTIVISION BLIZZARD	3,023	3,326
ADOBE SYSTEM	4,141	3,392
AEROVIRONMENT	2,100	2,203
BANK OF AMERICA CORP COMMON
AMGEN INC	7,577	8,347
CVS CAREMARK CORP COMMON	9,184	10,195
CHEVRON CORP COMMON	3,749	8,512
CISCO SYSTEMS COMMON	14,773	14,283
COMCAST CORP CLASS A	12,237	15,767
CONOCOPHILLIPS	2,192	5,830
ALLEGHENY TECH	2,816	2,868
WALT DISNEY COMPANY COMMON	6,542	12,375
AMERICAN EXPRESS COMPANY COM	3,979	4,481
ALCOA INC COMMON	3,894	2,076
AON CORPORATION COMMON
APPLE COMPUTER CORPORATION COM	16,350	20,250
EXXON MOBIL CORPORATION COM	11,199	16,952
GENERAL ELECTRIC COMPANY COM	26,969	17,552
HEWLETT PACKARD COMPANY COM
INTEL COMMON	6,011	7,033
INTERNATIONAL BUSINESS MACHINE	3,407	7,355
J P MORGAN CHASE & CO COMMON	14,392	11,970
JOHNSON & JOHNSON COMMON	8,371	9,181
KRAFT FOODS INC-A COMMON	8,640	10,087
MEDTRONIC INC COMMON	10,651	8,989
MERCK & CO INC COMMON	16,712	15,080
MICROSOFT CORP COMMON	19,160	17,912
BERKSHIRE HATHAWAY INC DEL COM	9,113	9,156
ORACLE SYS CORP COMMON	7,039	7,695
PEPSICO INC COMMON	10,857	13,934
PROCTER AND GAMBLE COMMON	9,503	10,007
SCHLUMBERGER LTD COMMON	13,352	14,345
COCA COLA COMPANY COMMON	7,970	8,396
STAPLES INC COMMON
CORNING INC COMMON
TARGET CORP COM COMMON	7,876	10,756
THE TRAVELERS COMPANIES INC	6,650	8,284
INTERNATIONAL PAPER COMP COMM
GOOGLE INC COMMON	10,323	12,918
VERIZON COMMUNICATIONS INC
LOWE'S COMPANIES INC COMMON	9,697	9,898
METLIFE INC COMMON	10,824	7,795
WELLS FARGO & CO COMMON	10,148	10,197
ABB LTD SPONS ADR	2,403	3,013
SUNCOR ENERGY, INC	14,492	10,091
UNILEVER PLC-SPONSORED ADR	1,593	1,676
LOCKHEED MARTIN CORP COMMON
FEDEX CORPORATION COMMON	12,105	11,691
MORGAN STANLEY COMMON
PFIZER INC COMMON	7,232	9,089
SOUTHWEST AIRLINES COMMON
STATE STREET CORP COMMON
STRYKER CORP COMMON	8,287	8,451
TEXAS INSTRUMENTS COMMON	10,269	10,334
WAL MART STORES COMMON	6,227	7,769
CENOVUS ENERGY INC.	7,480	6,308
NOVARTIS A G ADR	3,628	4,288
COVIDIEN PLC	4,203	3,601
TYCO INTERNATIONAL LTD
TYCO ELECTRONICS LTD
ALLSCRIPTS HEALTHCARE	4,683	4,167
APACHE CORP	3,589	2,717
ARUBA NETWORKS	2,954	2,037
ASSURANT	2,705	2,874
ATHENAHEALTH	3,225	3,438
ATWOOD OCEANICS	4,484	3,979
BAKER HUGHES INC	7,590	6,810
BANCFIRST	1,092	1,126
BILL BARRETT CORP	2,729	2,044
BECTON DICKINSON	5,610	5,230
BENCHMARK ELECTRONICS	2,514	2,155
BORGWARNER AUTO	2,750	2,550
BROADCOM CORP	2,595	2,349
CF INDUSTRIES HOLDINGS	2,785	2,900
CH ROBINSON WORLDWIDE	2,990	2,791
CME GROUP	1,404	1,218
CA INC	7,984	6,671
CALGON CAROBN	4,082	3,928
CARBO CERAMICS	2,281	1,850
CARMAX	2,923	2,743
CAVIUM INC	4,105	2,559
CHART INDUSTRIES	5,094	5,407
CHICO'S FAS	5,200	4,122
COINSTAR INC	2,938	2,738
COMPUTER SCIENCES	4,483	2,133
DST SYSTEMS	6,499	5,462
DELL INC	2,974	2,926
DENDREON CORP	4,286	836
DICKS SPORTING GOODS	1,894	2,213
DOLE FOOD	1,466	1,038
E I DUPONT DE NEMOURS	7,592	7,783
EMC CORP	5,494	5,170
EOG RESOURCES	3,439	2,955
E TRADE	6,208	3,264
EXCO RESOURCES	5,233	2,613
EARTHLINK	2,502	1,996
EBAY	8,195	7,886
ENERGIZER HOLDINGS	2,912	3,099
EXPEDIA	689	726
EXPEDITORS INTL	4,084	3,277
EXPRESS SCRIPTS	7,673	8,491
FMC TECH	2,469	3,134
FAIR ISSAC	4,632	5,376
F5 NETWORKS	3,246	3,184
FIDELITY NATIONAL	4,327	3,457
FORD MOTOR	2,431	2,582
FOREST OIL	3,963	2,033
FORWARD AIR	3,444	3,526
FOSSIL INC	3,426	2,381
FREEPORT MCMORAN	3,056	2,575
FUEL SYSTEMS	2,641	1,484
GENERAL DYNAMICS	5,596	5,313
GILEAD SCIENCES	2,906	2,865
GREEN DOT CORP	2,648	2,498
GREEN MOUNTAIN COFFEE	4,542	3,140
HALLIBURTON CO	3,659	2,761
HANCOCK HOLDING	2,514	2,558
HARMONIC INC	4,071	2,066
HARRIS CORP	4,088	2,883
HECLA	3,127	1,831
HONEYWELL INTL	9,679	11,414
HUMAN GENOME	4,009	2,143
IHS INC	2,655	2,585
INTERDIGITAL INC	2,400	2,179
INTL SPEEDWAY	2,771	2,535
INTERPUBLIC GROUP	6,200	6,033
INTUIT INC	2,161	2,104
INTUITIVE SURGICAL	4,438	5,556
INVESTMENT TECH	1,414	1,081
IRONWOOD PHARMACEUTICALS	1,173	958
ITRON INC	1,502	1,431
KELLOGG	4,440	4,551
KOHLS CORP	7,526	7,403
LAKELAND FINANCIAL	1,727	2,070
LAYNE CHRISTENSEN	3,831	2,904
LENDER PROCESSING	2,966	2,713
LEUCADIA NATIONAL	10,465	6,367
LEXMARK INTL	6,504	5,953
LIFE TECH	2,612	2,724
LINCOLN NATIONAL	3,488	3,107
LINDSAY MFG	1,707	1,647
LINKEDIN CORP	1,444	1,260
LUFKIN IND	2,782	3,366
MVC CAPITAL	897	927
MCKESSON CORP	1,452	1,558
MERIT MEDICAL	4,176	3,345
MYLAN LAB	3,694	3,648
NAVIGATORS GROUP	4,194	3,814
NETSCOUT SYSTEMS	903	1,232
NEXTERA ENERGY	1,680	1,826
OCEANEERING INTL	4,410	4,613
OMNICARE INC	5,273	5,857
OMNICOM GROUP	5,378	4,904
OMNIVISION TECH	3,338	1,468
PAREXEL INTL	4,276	3,318
PHARMASSET INC	720	1,282
PORTFOLIO RECOVERY	4,256	3,376
PRESTIGE BRANDS	2,590	2,367
T ROWE PRICE GROUP	8,743	8,543
QLIK TECH	3,222	2,904
QUALCOMM INC	7,144	7,658
RESOURCES CONNECTION	2,746	1,906
REX ENERGY	1,072	1,476
ROBERT HALF INTL	4,061	3,700
ROCKWELL AUTOMATION	2,807	2,201
RUE21 INC	3,153	2,376
SAIC INC	2,683	1,966
ST JUDE MEDICAL	12,405	9,261
SALESFORCE COM	4,020	3,044
SALLY BEAUTY	3,495	5,071
SCHNITZER STEEL	2,673	2,114
CHARLES SCHWAB	2,833	2,590
SEMITECH CORP	4,184	3,971
STANCORP FINANCIAL	2,816	2,205
STERIS CORP	4,156	3,578
SUCCESSFACTORS	3,023	3,190
SUN HYDRAULICS	4,020	3,163
SUPERIOR ENERGY	4,349	3,128
SYNAPTICS INC	2,604	3,015
SYSCO CORP	7,903	7,919
TTM TECHNOLOGIES	4,111	2,411
THORATEC CORP	2,486	2,685
TRIPADVISOR INC COMMON	689	630
UNION PACIFIC CORP	4,046	4,238
UNITED NATURAL FOODS	4,073	3,601
UNITED HEALTH GROUP	2,681	3,041
UNIVERSAL DISPLAY CORP	522	367
UNIVERSAL TECHINCAL INSTITUTE	2,617	1,789
VERTEX PHARMACEUTICALS INC	2,831	1,993
VIACOM INC	7,533	7,266
VMWARE INC CLASS A	2,410	2,496
VOLCANO CORP COMMON	2,151	1,903
WMS INDUSTRIES INC	4,018	2,257
WELLPOINT INC	4,138	3,975
WEYERHAEUSER COMPANY	9,985	8,775
XEROX CORP	6,395	5,333
XYLEM INC	9,697	10,276
YUM BRANDS INC	2,966	3,541
ZIMMER HOLDINGS INC	3,645	3,205
ADIDAS AG	2,121	1,957
L'AIR LIQUIDE UNSPONS	6,021	5,460
ALLIANZ COMMON	3,608	2,687
AMERICA MOVIL SAB DE CV	3,188	2,938
ARCELORMITTAL	2,159	1,273
ARM HOLDINGS PLC	8,984	9,131
ASAHI GLASS COMPANY	1,603	1,175
ATLAS COPCO	2,509	2,159
BG GROUP PLC SPON	3,209	3,209
BP PLC SPONS	421	427
BAIDU.COM INC	4,174	3,494
BANCO BRADESCO S A	2,557	2,168
BANCO SANTANDER CENT HISPANO	1,891	1,579
BANK OF NOVA SCOTIA	2,985	2,491
THE BANK OF YOKOHAMA	1,500	1,419
BARCLAYS PLC	2,959	1,978
BARRICK GOLD CORP COMMON	2,483	2,263
BAYER A G SPONSORED	3,074	2,565
BELLE INTERNATIONAL HOLDINGS	1,998	1,743
BHP BILLITON LIMITED	3,625	2,825
CSL LIMITED ADR	1,281	1,476
CANADIAN NATL RY CO	6,757	7,070
CANON INC	4,658	4,404
CARNIVAL CORP COMMON	1,838	1,632
CHINA RESOURCES ENTERPRISE	1,545	1,235
COCHLEAR LIMITED UNSPON	2,701	2,225
COMPANHIA ENRGETICA DE MINAS	2,618	2,313
CREDIT SUISSE GROUP	2,033	1,644
CTRIP.COM INTERNATIONAL	4,550	2,340
DBS GROUP HLDGS LTD	5,080	3,909
DASSAULT SYSTEMS	4,864	4,824
ENI SPA SPONSORED	2,744	2,476
ERSTE BK DER OESTER	3,523	1,235
FANUC LTD ADR	7,836	7,655
FRESENIUS USA INC	3,496	3,399
GDF SUEZ SPONS	1,136	1,097
GAFISA S.A.	2,551	1,242
GAZPROM	4,076	2,986
GILDAN ACTIVEWEAR	2,727	1,503
GLAXOSMITHKLINE PLC	2,488	2,738
HSBC HLDGS	4,886	3,810
HENKEL KGAA	2,739	2,315
HOYA CORP	1,970	1,939
ICAP PLC	2,608	1,941
ICICI BANK LIMITED	5,667	3,436
IMPERIAL OIL	1,962	2,224
INDSTRL & COMMERCIAL BK OF CH	1,795	1,425
INFOSYS TECHNOLOGIES	999	1,028
ITAU UNIBANKCO BANCO	2,562	2,784
JGC CORP	1,687	1,441
MINING AND METALLURGICAL CO	4,043	2,469
JUPITER TELECOMMUNICATIONS	1,500	1,352
KB FINANCIAL GROUP INC	2,809	1,880
KINGFISHER PLC	3,942	3,506
LI & FUNG LIMITED UNSPON	3,449	3,703
L'OREAL SA ADR	2,793	2,305
LVMH MOET HENNESSEY	1,845	1,704
LONZA GROUP AG	1,882	1,721
MI DEVELOPMENTS INC	5,177	6,076
MARUI LTD	1,598	1,716
MITSUI & CO LTD	2,686	2,489
MTN GROUP LTD	6,422	5,697
NESTLE SA	8,731	8,085
NIDEC CORP	2,574	2,374
NINTENDO	2,630	1,894
LUKOIL COMMON	2,519	2,120
PETROCHINA COMPANY	1,412	1,243
PETROLEO BRASILEIR PREFERENCE	2,714	2,114
PETEROLEO BRASILEIRO SA PET	2,659	1,988
PING AN INSURANCE GROUP	2,566	1,714
PRUDENTIAL PLC	198	197
PUBLICIS GROUP ADR	2,519	2,076
ROCHE HOLDINGS	7,062	7,236
SANDVIK AB	3,200	2,341
SANOFI SYNTHELABO	2,113	2,192
SAP AKTIENGESELLSCHAFT	7,135	6,354
SASOL LTD SPONSORED	2,582	2,370
SBERBANK OF RUSSIA	1,849	1,473
SCHNEIDER ELECTRIC SA	3,388	2,218
SIEMENS AG SPONSORED	3,988	2,868
SONOVA HOLDINGS	1,952	2,522
SUBSEA 7 SA	2,686	2,046
SUMITOMO CORPORATION	2,959	2,979
SUMITOMO MITSUI TRUST HOLDINGS	2,584	2,232
SWATCH GROUP AG	2,681	2,067
TAIWAN SEMICONDUCTOR MANUFACT	3,393	3,357
TESCO PLC SPONS	5,794	5,643
TEVA PHARMACEUTICAL	3,695	3,229
TOTAL S A SPONSORED	2,354	2,556
TURKIYE GARANTI BANKASI	2,791	1,968
UNICHARM CORP	2,208	2,466
VALE SA SP	4,044	3,090
VODOFONE GROUP	2,930	3,083
WPP PLC	3,042	2,612
WAL-MART DE MEXICO	2,933	2,745
WESTPAC BANKING	4,423	4,096
YAMANA GOLD	1,769	2,204
YOUKU.COM INC	2,615	1,410
ARCOS DORADOS HOLDINGS	1,582	1,437
ASPEN INSURANCE HOLDINGS	6,236	5,830
ASSURED GUARANTY LTD	2,499	2,102
BUNGE LIMITED	1,206	1,144
ENDURANCE SPECIALTY HOLDINGS	7,847	6,503
ENSTAR GROUP	961	982
WILLIS GROUP	7,789	7,372
ACE LTD	3,851	4,207
TE CONNECTIVITY	11,730	10,784
CORE LABORATORIES	5,016	5,698
QIAGEN N.V.	2,487	1,795
ISHARES FTSE XINHUA CHINA	3,737	3,138
FINANCIAL SELECT SECTOR	3,956	4,030
UTILITIES SELECT SECTOR SPDR	5,240	6,332
TORO COMPANY	3,995	3,640
BNP PARIBAS	3,097	1,576
TECK CORPORATION	3,215	2,463
UNILEVER N V NY SHS	4,195	4,468

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
FINANCIAL SELECT SECTOR SPDR
ALLIANZ OCC OPPORTUNITY #4624
AMERICAN CENTURY DIV BD FD 349
ARTISAN MID CAP VALUE #1464
GOLDMAN SACH MID CAP VALUE 864
GOLDMAN SACHS GROWTH OPP #1132
BB&T INTER US GOVT FUND #0341
PIMCO FOREIGN BD FD CL 103
VIRTUS QUALITY SML CAP FD 1764
BB&T TOTAL RETURN BOND FD #342
HARBOR INTERNATIONAL INST #11
DODGE & COX INCOME FUND #147
FEDERATED INTERMED BD FD #303
METRO WEST TOTL RTN BD FD #512
INVESCO INTRNL GROWTH FD
FORWARD INTNL SM COMP FD 111	AT COST	57,073	47,172
LAZARD EMERGING MKTS PORT #638	AT COST	93,478	74,411
TRP EMERGING MKTS STK FD #111
UTILITIES SELECT SECTOR SPDR
OPPENHEIMER DEV MARKETS	AT COST	94,128	77,238
COHEN AND STEERS REALTY	AT COST	50,000	55,826
CREDIT SUISSE COMMODITY RETURN	AT COST	54,528	52,216

Category	Amount	Net Investment Income
FOREIGN TAXES	357	357
FEDERAL TAX PAYMENT - PRIOR YE	669	0
FEDERAL ESTIMATES - PRINCIPAL	1,436	0
FOREIGN TAXES ON QUALIFIED FOR	319	319
FOREIGN TAXES ON NONQUALIFIED	97	97

Description	Amount
DISALLOWED WASH SALES	1,281
ROUNDING	9