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 04-01-2011 , and ending 03-31-2012
G
Check all that apply:
Name of foundation
PANGBURN FOUNDATION R76950006
 

Number and street (or P.O. box number if mail is not delivered to street address)C/O JPMORGAN CHASE BANKNAPO BOX3038Room/suite
City or town, state, and ZIP code
MILWAUKEE, WI532013038
A Employer identification number

75-6042630
B Telephone number (see page 10 of the instructions)

(414) 977-1210
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$6,966,695J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments 38,542 38,542  
4 Dividends and interest from securities...... 132,960 133,037  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 150,899
b Gross sales price for all assets on line 6a 3,163,463
7 Capital gain net income (from Part IV, line 2)... 148,853
8 Net short-term capital gain.........  
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment 2,804 2,804  
12 Total. Add lines 1 through 11........ 325,205 323,236  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 62,827 47,120   15,707
14 Other employee salaries and wages......        
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule).........        
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule)....        
17 Interest...............        
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 8,569 1,892   0
19 Depreciation (attach schedule) and depletion...      
20 Occupancy..............        
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see attachment 510 1,809   0
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 71,906 50,821   15,707
25 Contributions, gifts, grants paid........ 318,000 318,000
26 Total expenses and disbursements. Add lines 24 and 25 389,906 50,821   333,707
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -64,701
b Net investment income (if negative, enter -0-) 272,415
c Adjusted net income (if negative, enter -0-)...  
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.
Cat. No. 11289X Form 990-PF (2011)
Form 990-PF (2011)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 50,738 92,861 92,861
2 Savings and temporary cash investments.......... 290,855 400,260 400,260
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet        
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet        
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges...........      
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)........ 3,564,866 Click to see attachment3,366,003 3,702,914
c Investments—corporate bonds (attach schedule)........ 2,631,945 Click to see attachment2,614,527 2,770,117
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........      
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet) Click to see attachment7 Click to see attachment7 Click to see attachment543
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 6,538,411 6,473,658 6,966,695
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22).......... 0 0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 6,538,411 6,473,658
28 Paid-in or capital surplus, or land, bldg., and equipment fund 0 0
29 Retained earnings, accumulated income, endowment, or other funds 0 0
30 Total net assets or fund balances (see page 17 of the
instructions).................... 6,538,411 6,473,658
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 6,538,411 6,473,658
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 6,538,411
2 Enter amount from Part I, line 27a..................... 2 -64,701
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 410
4 Add lines 1, 2, and 3.......................... 4 6,474,120
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 462
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 6,473,658
Form 990-PF (2011)
Form 990-PF (2011)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a PUBLICLY TRADED SECURITIES      
b POWERSHARES DB INDEX K-1 P    
c POWERSHARES DB INDEX K-1 P    
d POWERSHARES DB INDEX SEC 1256 P    
e POWERSHARES DB INDEX ADJUST TO BASIS P    
CAPITAL GAINS DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 3,128,600   3,012,564 116,036
b       -712
c       2,767
d       2,048
e       -6,149
34,863     34,863
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       116,036
b       -712
c       2,767
d       2,048
e       -6,149
      34,863
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 148,853
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2010 308,577 6,756,050 0.045674
2009 195,676 6,309,204 0.031014
2008 383,680 6,411,348 0.059844
2007 431,251 7,797,114 0.055309
2006 351,759 7,600,355 0.046282
2 Total of line 1, column (d) ...................... 2 0.238123
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 0.047625
4 Enter the net value of noncharitable-use assets for 2011 from Part X, line 5..... 4 6,850,804
5 Multiply line 4 by line 3....................... 5 326,270
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 2,724
7 Add lines 5 and 6......................... 7 328,994
8 Enter qualifying distributions from Part XII, line 4.............. 8 333,707
If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate. See
the Part VI instructions on page 18.
Form 990-PF (2011)
Form 990-PF (2011)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 2,724
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2............................ 3 2,724
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 2,724
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 5,000
b Exempt foreign organizations—tax withheld at source....... 6b
c Tax paid with application for extension of time to file (Form 8868) 6c  
d Backup withholding erroneously withheld ........... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 5,000
8 Enter any penalty for underpayment of estimated tax. if Form 2220 is attached. 8  
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......Bullet 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 2,276
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet2,276 Refunded Bullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$ 0(2) On foundation managers.bullet$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletTX
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV..........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbulletN/A
    14
    The books are in care ofbulletJPMORGAN CHASE BANKNA Telephone no.bullet (817) 884-4022
    Located atbullet420 THROCKMORTONFORT WORTHTX ZIP+4bullet76102
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2011, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2011?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    If “Yes,” list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
     
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2011 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2011.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2011?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    JPMORGAN CHASE BANK NA TRUSTEE
    2.00     		62,827 0 0
    PO BOX 3038
    MILWAUKEE,WI53201
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1 N/A 0
    2  
    3  
    4  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1 N/A 0
    2  
    All other program-related investments. See page 24 of the instructions.
    3 Click to see attachment 0
    Total. Add lines 1 through 3..........................bullet0
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see page 24 of the instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    6,513,327
    b
    Average of monthly cash balances.......................
    1b
    441,471
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    333
    d
    Total (add lines 1a, b, and c).........................
    1d
    6,955,131
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    6,955,131
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    104,327
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    6,850,804
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    342,540
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    342,540
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    2,724
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    2,724
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    339,816
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    339,816
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    339,816
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    333,707
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    333,707
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
    2,724
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    330,983
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 339,816
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 317,141
    b Total for prior years:20, 20, 20 0
    3 Excess distributions carryover, if any, to 2011:
    a From 2006.......  
    b From 2007.......  
    c From 2008.......  
    d From 2009.......  
    e From 2010.......  
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2011 from Part
    XII, line 4: bullet$ 333,707
    a Applied to 2010, but not more than line 2a 317,141
    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..... 16,566
    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 ..........     		323,250
    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....  
    b Excess from 2008....  
    c Excess from 2009....  
    d Excess from 2010....  
    e Excess from 2011....  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2011, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2011 (b) 2010 (c) 2009 (d) 2008
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support” alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see page 27 of the instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    JPMORGAN CHASE BANK NA ATTNLARRT BO
    PO BOX 2050
    FORT WORTH,TX76113
    (817) 884-4022
    bThe form in which applications should be submitted and information and materials they should include:
    COPY OF IRS DETERMINATION LETTER, PURPOSE, DESCRIPTION OF PROJECT, BUDGET INFO, LIST OF DIRECTORS, AMOUNT REQUESTED
    cAny submission deadlines:
    SEPTEMBER 30
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    NO RESTRICTIONS
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    FORT WORTH ACADEMY FOR THE EDUCATION OF CHILDREN AND YOUTH
    7301 DUTCH BRANCH ROAD
    FORT WORTH,TX76132     		NONE PUBLIC CHARITY PROGRAM SUPPORT 50,000
    FORT WORTH OPERA ASSOCIATION INC
    1309 MONTGOMERY STREET
    FORT WORTH,TX76107     		NONE PUBLIC CHARITY PROGRAM SUPPORT 100,000
    FORT WORTH SYMPHONY ORCHESTRA
    330 E 4TH ST
    FORT WORTH,TX76102     		NONE PUBLIC CHARITY PROGRAM SUPPORT 100,000
    FORTRESS YOUTH DEVELOPMENT CENTER
    712 E STELLA ST
    FORT WORTH,TX76104     		NONE PUBLIC CHARITY PROGRAM SUPPORT 28,000
    JUBILEE PLAYERS INC
    506 MAIN STREET
    FORT WORTH,TX76102     		NONE PUBLIC CHARITY PROGRAM SUPPORT 30,000
    MODERN ART MUSEUM OF FORT WORTH
    3200 DARNELL STREET
    FORT WORTH,TX76107     		NONE PUBLIC CHARITY PROGRAM SUPPORT 10,000
    Total .................................bullet 3a 318,000
    bApproved for future payment
    Total .................................bullet 3b 0
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments     14 38,542  
    4 Dividends and interest from securities....     14 132,960  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6Net rental income or (loss) from personal property          
    7 Other investment income.....     14 2,804  
    8Gain or (loss) from sales of assets other than inventory     18 150,899  
    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).. 0 325,205 0
    13Total. Add line 12, columns (b), (d), and (e)..................
    13325,205
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2011)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 AllOthProgRltdInvestmentsSch
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Category Amount
    N/A 0

    TY 2011 InvestmentsCorpBondsSchedule
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Name of Bond End of Year Book Value End of Year Fair Market Value
    BLACKROCK HIGH YIELD BOND - 35854.55 SHS 280,024 277,156
    AMERICAN CENTURY INFLATION ADJUSTED BOND FUND - 11400.35 SHS 123,603 146,494
    EATON VANCE FLOATING RATE I - 6896.55 SHS 60,000 62,069
    JPM HIGH YIELD FD - SEL FUND 3580 6.18% - 20021.89 SHS 160,000 157,973
    JPM STR INC OPP FD FUND 3844 3.39% - 11653.44 SHS 116,884 134,597
    DREYFUS/LAUREL FDS TR PRM EMRGN MK I - 4855 SHS 68,795 69,766
    JPM INTL CURRENCY INCOME FD 1.02% - 12226.38 SHS 130,700 135,835
    DB 95% PPN FX BASKET 2/1/13 , UNCAPPED 7/29/11 - 55000 SHS 54,632 51,073
    BARC 93% PPN CURRENCY BASKET 9/13/13 ,UNCAPPED 9/9/11 - 50000 SHS 49,858 48,145
    NORFOLK SOUTHERN CORP NOTES 7.70% MAY 15 2017 DTD 5/19/97 - 5000 SHS 5,582 6,303
    U S A BOND STRIPPED PRIN PMT ZERO CPN MAY 15 2017 DTD 05/16/87 - 55000 SHS 45,397 51,921
    U S A BONDS 9% NOV 15 2018 DTD 11/15/88 - 15000 SHS 22,564 22,193
    HOUSEHOLD FINANCE CORP NOTES 7% MAY 15 2012 DTD 5/22/2002 - 5000 SHS 4,450 5,036
    WELLS FARGO COMPANY NOTES 5% NOV 15 2014 DTD 11/6/2002 - 20000 SHS 19,386 21,452
    GOLDMAN SACHS GROUP INC NOTES 5 1/4% APR 1 2013 DTD 3/31/2003 - 20000 SHS 20,279 20,731
    FANNIE MAE SER 2002-12 CL PG 6% MAR 25 2017 DTD 2/1/2002 - 5709.97 SHS 5,785 6,185
    DEUTSCHE TELEKOM INT FIN NOTES 5 1/4% JUL 22 2013 DTD 7/22/2003 - 5000 SHS 4,770 5,262
    DAIMLERCHRYSLER NA HOLDINGS NOTES 6 1/2% NOV 15 2013 DTD 11/6/2003-5000 SHS 5,558 5,445
    U S A NOTES 4 1/4% AUG 15 2014 DTD 8/15/2004 - 40000 SHS 38,086 43,591
    CREDIT SUISSE FB USA INC NOTES 4 7/8% JAN 15 2015 DTD 12/15/2004 - 5000 SHS 5,250 5,393
    U S A NOTES 4% FEB 15 2015 DTD 2/15/2005 - 45000 SHS 45,355 49,447
    MERCK & CO 4 3/4% MAR 1 2015 DTD 2/17/2005 - 5000 SHS 4,956 5,558
    FREDDIE MAC GOLD PARTIC CTF 6.50% JUL 1 ,14 DTD 7/1/99 NO E00721-1903.88 SHS 1,873 2,006
    KIMBERLY-CLARK CORPORATION 4 7/8% AUG 15 2015 DTD 8/11/2005 - 5000 SHS 4,986 5,603
    U S A NOTES 4 1/4% AUG 15 2015 DTD 8/15/2005 - 30000 SHS 34,132 33,614
    CITIGROUP INC SENIOR NOTES 5.3% JAN 7 2016 DTD 12/8/2005 - 15000 SHS 13,770 16,083
    CISCO SYSTEMS NOTES 5 1/2% FEB 22 2016 DTD 2/22/2006 - 5000 SHS 4,875 5,803
    U S A NOTES 5 1/8% MAY 15 2016 DTD 5/15/2006 - 40000 SHS 47,733 46,978
    COMCAST CORP 6 1/2% JAN 15 2017 DTD 7/14/2006 - 10000 SHS 10,801 11,965
    FANNIE MAE 7% JAN 1 2031 DTD 1/1/2001 POOL NO 566955 - 3724.07 SHS 3,825 4,318
    FANNIE MAE 5% JUN 1 2019 DTD 6/1/2004 POOL NO 781333 - 6783.79 SHS 6,907 7,404
    GNMA POOL NO 781079 7.50% AUG 15 2029 AUG 8/1/1999 - 3622.43 SHS 3,792 4,247
    BHP BILLITON FINANCE USA 5 1/4% DEC 15 2015 DTD 12/12/2005 - 5000 SHS 4,760 5,739
    FHLMC REMIC SER 2962 CL YE 4 1/2% SEP 15 2018 DTD 4/01/05 - 25000 SHS 24,266 25,717
    OHIO POWER COMPANY 4.85% JAN 15 2014 DTD 7/11/2003 - 5000 SHS 4,918 5,271
    PITNEY BOWES INC MED NOTE 4 7/8% AUG 15 2014 DTD 8/18/2004 - 5000 SHS 4,973 5,315
    SUNTRUST BANKS SR NOTES 6% SEP 11 2017 DTD 09/10/2007 - 5000 SHS 5,000 5,619
    G E CAP CORP MED TERM NOTES 5 5/8% SEP 15 2017 DTD 09/24/2007 - 15000 SHS 14,541 17,463
    DIAGEO CAPITAL PLC NOTES 5 3/4% OCT 23 2017 DTD 10/26/2007 - 5000 SHS 5,156 6,009
    ORACLE CORP 5 3/4% APR 15 2018 DTD 04/09/2008 - 5000 SHS 4,998 6,079
    JOHN DEERE CAP CORP MED TERM NOTE 5.35% APR 03,18 DTD 04/03/08-5000 SHS 4,985 5,935
    ALLSTATE LF GLB FN TRST MED NOTES 5 3/8% APR 30 2013 DTD 04/30/08 - 5000 SHS 4,934 5,252
    GLAXOSMITHKLINE CAP INC 5.65% MAY 15 2018 DTD 05/13/2008 - 5000 SHS 5,051 6,038
    TRAVELERS COS INC SR NOTES 5.8% MAY 15 2018 DTD 05/13/2008 - 5000 SHS 4,401 6,040
    KEYCORP MEDIUM TERM NOTES 6 1/2% MAY 14 2013 DTD 05/14/2008 - 5000 SHS 5,497 5,276
    EATON CORP NOTES 5.6% MAY 15 2018 DTD 05/20/2008 - 5000 SHS 4,862 5,898
    AMER EXP CREDIT CO MED NOTES 5 7/8% MAY 02 2013 DTD 06/02/2008 - 5000 SHS 4,985 5,258
    TIME WARNER CABLE INC 6.2% JUL 01 2013 DTD 06/19/2008 - 5000 SHS 5,210 5,333
    RIO TINTO FIN USA LTD NOTES 6 1/2% JUL 15 2018 DTD 06/27/2008 - 5000 SHS 5,892 6,161
    E.I. DU PONT DE NEMOURS SR NOTES 6% JUL 15 2018 DTD 07/28/2008 - 5000 SHS 5,103 6,177
    FANNIE MAE SER 2001-51 CL QN 6% OCT 25 2016 DTD 09/01/2001 - 6804.1 SHS 6,867 7,275
    FANNIE MAE SER 2004-45 CL ZL 6% OCT 15 2032 DTD 05/01/2004 - 30959.77 SHS 28,986 34,949
    NATIONAL CITY CORP 4.9% JAN 15 2015 DTD 01/12/2005 - 5000 SHS 4,464 5,485
    NATIONAL RURAL UTIL CORP 10 3/8% NOV 01 2018 DTD 10/30/2008 - 5000 SHS 6,751 7,252
    TYCO INTERNATIONAL FINAN 8 1/2% JAN 15 2019 DTD 01/09/2009 - 5000 SHS 6,397 6,480
    STAPLES INC 9 3/4% JAN 15 2014 DTD 01/15/2009 - 5000 SHS 5,463 5,681
    AMGEN INC SR NOTES 5.7% FEB 01 2019 DTD 01/16/2009 - 5000 SHS 5,182 5,765
    PRINCIPAL LIFE INC FDG MED NOTE 5.3% APR 24 2013 DTD 04/24/2008 - 10000 SHS 9,849 10,446
    U S A TREASURY NOTES 1 3/4% JAN 31 2014 DTD 01/22/2009 - 5000 SHS 4,965 5,129
    PACCAR INC NOTES 6 7/8% FEB 15 2014 DTD 02/13/2009 - 5000 SHS 5,459 5,560
    MIDAMERICAN ENERGY CO 5.3% MAR 15 2018 DTD 03/25/2008 - 10000 SHS 9,972 11,675
    THOMSON REUTERS CORP 5.7% OCT 01 2014 DTD 10/02/2007 - 5000 SHS 5,205 5,515
    WYETH 5.45% APR 01 2017 DTD 03/27/2007 - 5000 SHS 5,060 5,972
    PROGRESS ENERGY INC 6.05% MAR 15 2014 DTD 03/19/2009 - 5000 SHS 4,986 5,483
    ATOMS ENERGY CORP 8 1/2% MAR 15 2019 DTD 03/26/2009 - 5000 SHS 4,991 6,541
    FHLMC REMIC SER 3150 CL EQ 5% MAY 15 2026 DTD 05/01/2006 - 15000 SHS 14,025 16,856
    TRANS-CANADA PIPELINES 4% JUN 15 2013 DTD 06/12/2003 - 5000 SHS 4,680 5,199
    HRPT PROPERTIES TRUST 5 3/4% FEB 15 2014 DTD 10/30/2003 - 5000 SHS 4,829 5,174
    U S A NOTES 2 1/4% MAY 31 2014 DTD 06/01/2009 - 35000 SHS 36,332 36,400
    BANK OF AMERICA CORP SR NOTES 7 5/8% JUN 01 2019 DTD 06/02/2009-10000 SHS 11,707 11,531
    ERP OPERATING LP 5 3/4% JUN 15 2017 DTD 06/04/2007 - 5000 SHS 4,958 5,703
    JOHNSON CONTROLS INC SR NOTES 5 1/2% JAN 15 2016 DTD 01/17/2006 - 5000 SHS 5,039 5,639
    FHLMC REMIC SER 2981 CL ND 5% JUN 15 2033 DTD 05/01/2005 - 25000 SHS 25,914 26,068
    FHLMC ERIMC SER 1556 CL H 6 1/2% AUG 15 2013 DTD 08/01/1993 - 2342.59 SHS 2,383 2,404
    BURLINGTN NORTH SANTA FE 4.7% OCT 01 2019 DTD 09/24/2009 - 5000 SHS 4,991 5,592
    FED HOME LN MTG CTFS GROUP NBR E78603 6.50% DUE 09/01/2014 - 603.96 SHS 592 639
    FED HOME LN MTG MTG GTD SER 1628 CL 1628-KZ 6.25% DUE 12/15/23-11796.51 SHS 11,955 13,317
    FED HOME LN MTG CORP GRP NBR C9-0572 6.00% DUE 08/01/2022 - 9682.41 SHS 9,794 10,678
    FED NATL MTG ASSN GTD REMIC TR 1992-G61 CL Z 7.00% DUE 10/25/22-9346.69 SHS 9,744 11,019
    FED NATL MTG ASSN GTD MTG NBR 254346 6.50% DUE 06/01/2032 - 6898.7 SHS 7,012 7,857
    FED NATL MTG ASSN GTD MTG NBR 255203 5.50% DUE 04/01/2019 - 7133.48 SHS 7,283 7,797
    FED NATL MTG ASSN GTD TR 2003-80 CL-CE 5.50% DUE 04/25/2030 - 16895.07 SHS 16,805 17,171
    FED NATL MTG ASSN GTD TR 2003-88 CL-WA 4.50% DUE 09/25/2018 - 2822.65 SHS 2,576 2,859
    FED HOME LN MTG CTFS SER 2531 CL 2531-HN 5.00% DUE 12/15/17-19994.79 SHS 19,407 21,455
    FED HOME LN MTG CORP MTG GTD SER 2624 CL QH 5.00% DUE 06/15/33-25000 SHS 26,063 28,031
    FED NATL MTG ASSN GTD TR 2004-86 CL-AL 4.25% DUE 04/25/30-2672.1 SHS 2,539 2,675
    FED HOME LN MTG CORP SER 2785 CL 2785-VD 4.50% DUE 05/15/15-6736.48 SHS 6,551 7,009
    FED NATL MTG ASSN GTD TR 2006-39 CL-WB 5.50% DUE 10/25/2030 - 4788.94 SHS 4,737 4,891
    FED HOME LN MTG CORP SER 2929 CL 2929-PE 5.00% DUE 05/15/2033 - 25000 SHS 24,719 26,397
    FED NATL MTG ASSN GTD POOL NBR 730131 5.00% DUE 08/01/2033 - 14138.06 SHS 14,186 15,717
    FED NATL MTG ASSN GTD POOL NBR 761534 5.00% DUE 07/01/2019 - 10762.87 SHS 10,934 11,746
    FED NATL MTG ASSN GTD POOL NBR 798368 5.50% DUE 12/01/2034 - 13723.5 SHS 14,009 15,081
    FED NATL MTG ASSN GTD POOL NBR 800715 5.00% DUE 10/01/2019 - 8219.93 SHS 8,355 8,971
    FED NATL MTG ASSN GTD POOL NBR 805119 5.50% DUE 01/01/2020 - 14888.38 SHS 14,812 16,370
    FED NATL MTG ASSN GTD POOL NBR 810092 5.00% DUE 03/01/3020 - 20617.85 SHS 20,843 22,502
    FED NATL MTG ASSN GTD POOL NBR 828371 5.50% DUE 06/01/2035 - 16925.93 SHS 16,778 18,601
    FED NATL MTG ASSN GTD POOL NBR 888656 6.50% DUE 04/01/2025 - 8841.5 SHS 9,110 9,904
    GNMA GTD PASS THRU CTF POOL NBR 605477 4.50% DUE 06/15/2019 - 8856.97 SHS 8,885 9,640
    NAT'L SEMICONDUCTOR SR NT 2017 DTD 06/18/2007 6.60% DUE 06/15/2017-5000 SHS 5,952 6,168
    FANNIE MAE SER 2002-85 CL PE 5.5% DEC 25 2032 DTD 11/01/2002 - 25000 SHS 26,125 27,656
    BANK OF NEW YORK MELLON NOTES 4.6% JAN 15 2020 DTD 11/16/2009 - 5000 SHS 4,990 5,556
    U S A NOTES 3 3/8% NOV 15 2019 DTD 11/16/2009 - 45000 SHS 46,973 50,238
    FANNIEMAE WHOLE LN SER 2004-W9 6.05% FEB 25 44 DTD 06/01/04-23842.73 SHS 26,138 26,387
    BLACKROCK INC 5% DEC 10 2019 DTD 12/10/2009 - 5000 SHS 4,975 5,719
    U S A NOTES 3 1/2% MAY 15 2020 DTD 05/15/2010 - 50000 SHS 51,488 56,242
    SHELL INTERNATIONAL FIN 3.1% JUN 28 2015 DTD 06/28/2010 - 2000 SHS 1,999 2,141
    HONDA AUTO RECV SER 2010-1 CL A4 1.98% MAY 21,16 DTD 02/24/10-35000 SHS 35,520 35,449
    TOTAL CAPITAL SA 2.3% MAR 15 2016 DTD 09/15/2010 - 5000 SHS 5,054 5,056
    FREDDIE MAC SER 2728 CL DC 6% JAN 15 2034 DTD 01/01/2004 - 33000 SHS 36,630 38,257
    FREDDIE MAC GOLD CTF 5% NOV 01,26 DTD 11/01/06 POOL NO C91009-10060.87 SHS 10,753 10,931
    DIRECTV HLDG FIN INC 5% MAR 01 2021 DTD 03/10/2011 - 5000 SHS 5,007 5,419
    BP CAPITAL MARKETS PLC 4.742% MAR 11 2021 DTD 03/11/2011 - 5000 SHS 5,000 5,600
    FHLMC SER 3204 CL NW 5% JAN 15 2025 DTD 08/01/2006 - 25000 SHS 27,078 28,019
    U S A NOTES 2 3/8% MAY 31 2018 DTD 05/31/2011 - 25000 SHS 26,552 26,461
    FHLMC SER 3051 CL AY 6% OCT 15 2035 DTD 10/01/2005 - 18000 SHS 20,025 20,567
    MORGAN STANLEY 2 7/8% JUL 28 2014 DTD 07/28/2011 - 15000 SHS 14,294 14,932
    HEWLETT PACKARD CO SR NOTES 4 3/8% SEP 15 2021 DTD 09/19/2011 - 4000 SHS 3,993 4,105
    TEVA PHARMACEUT FIN BV 2.4% NOV 10 2016 DTD 11/10/2011 - 5000 SHS 5,006 5,120
    FHLMC SER 3575 CL EB 4% SEP 15 2024 DTD 09/01/2009 - 25000 SHS 26,703 26,938
    FHLMC MTN 2 3/8% JAN 13 2022 DTD 01/13/2012 - 15000 SHS 14,944 14,725
    FREDDIE MAC NOTES 5% JUL 15 2014 DTD 7/16/2004 - 10000 SHS 10,225 11,026
    HOME DEPOT INC SR NOTES 5.40% MAR 1 2016 DTD 3/24/2006 - 5000 SHS 4,824 5,770
    CAPITAL ONE FIN CO SUB NOTES 6.15% SEP 1 2016 DTD 8/29/2006 - 5000 SHS 5,000 5,496
    INTUIT INC 5 3/4% MAR 15 2017 DTD 3/12/2007 - 5000 SHS 5,671 5,734
    U S A NOTES 3 3/8% JUL 31 2013 DTD 07/31/2008 - 25000 SHS 26,533 26,026
    U S A NOTES 3 3/4% NOV 15 2018 DTD 11/17/2008 - 75000 SHS 77,019 85,775
    DOW CHEMICAL COMPANY 5.7% MAY 15 2018 DTD 05/06/2008 - 5000 SHS 5,519 5,788
    ANADARKO PETROLEUM CORP NOTES 8.7% MAR 15 2019 DTD 03/05/2009 - 5000 SHS 4,945 6,566
    SIMON PROPERTY GP LP SR NOTES 10.35% APR 01 2019 DTD 03/25/2009 - 5000 SHS 6,972 6,887
    AFLAC INC SR NOTES 8 1/2% MAY 15 2019 DTD 05/21/2009 - 5000 SHS 6,384 6,526
    U S A NOTES 3 1/4% MAY 31 2016 DTD 06/01/2009 - 20000 SHS 20,127 21,969
    VODAFONE GROUP PLC 4.15% JUN 10 2014 DTD 06/10/2009 - 5000 SHS 4,997 5,348
    BUNGE LIMITED FINANCE CO 8 1/2% JUN 15 2019 DTD 06/09/2009 - 5000 SHS 5,123 6,108
    EBAY INC 3 1/4% OCT 15 2020 DTD 10/28/2010 - 5000 SHS 4,705 5,085

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Name of Stock End of Year Book Value End of Year Fair Market Value
    MATTHEWS PACIFIC TIGER FD - 5051.38 SHS 108,706 113,909
    T ROWE PRICE INTERNATIONAL FUNDS INC NEW ASIA FUND - 4470.64 SHS 56,957 70,860
    THORNBURG VALUE FUND FD CL I - 6922.85 SHS 246,361 240,500
    JPM LARGE CAP GROWTH FD - SEL FUND 3118 - 6390.05 SHS 143,584 160,071
    JPM US REAL ESTATE FD - SEL FUND 3037 - 4394.73 SHS 92,440 78,182
    JPM INTREPID AMERICA FD - SEL FUND 1206 - 2133.98 SHS 50,719 55,014
    JPM INTREPID VALUE FD - SEL FUND 1136 - 5782.7 SHS 143,584 144,799
    JPM MARKET EXPANSION INDEX FD - SEL FUND 3708 - 14461.97 SHS 94,581 157,635
    JPM INTL VALUE FD - SEL FUND 1296 - 11817.39 SHS 143,060 147,599
    JPM EM MKTS 3 FD - SEL FUND 1235 - 3104.13 SHS 66,087 71,022
    JPM ASIA 3 FD - SEL FUND 1134 - 1423.08 SHS 31,009 44,784
    JPM US LRGE CAP CORE PLUS FD - SEL FUND 1002 - 11875.7 SHS 220,000 268,272
    POWERSHARES DB COMMODITY INDEX TRACKING FUND - 4240 SHS 95,738 122,112
    T. ROWE PRICE OVERSEAS STOCK FUND - 26102.02 SHS 215,256 213,515
    SPDR GOLD TRUST - 610 SHS 56,760 98,893
    HIGHBRIDGE DYNAMIC COMM STRG FD -SEL - 4720.96 SHS 66,235 85,024
    JPM TR I MIDCAP CORE - SEL - 11517.19 SHS 182,176 208,461
    CS BREN EAFE 05/02/12 INITIAL LEVEL-04/21/11:- 75000 SHS 74,250 69,150
    BNP CONT BUFF EQ SPX 08/01/12 INITIAL LEVEL-07/15/11- 110000 SHS 108,900 117,267
    BARC BREN EAFE 08/29/12 INITIAL LEVEL-08/12/11:- 65000 SHS 64,350 67,834
    CS MARKET PLUS SPX 02/22/13 INITIAL LEVEL-08/19/11 - 100000 SHS 98,750 123,660
    JPM ACCESS MULTI-STRATEGY FUND II RIC ENDOWMNTS AND FDNS- 43496.36 SHS 660,000 670,169
    HSBC BREN SPX 10/31/12 INITIAL LEVEL-10/14/11- 100000 SHS 99,000 111,620
    GS BREN EAFE 11/07/12 INITIAL LEVEL-10/21/11:- 65000 SHS 64,350 67,360
    CS QARN SPX 02/06/13 INITIAL LEVEL-01/20/12- 120000 SHS 118,800 123,012
    GS BREN EEM 11/05/12 INITIAL LEVEL-10/19/11- 65000 SHS 64,350 72,190

    TY 2011 OtherAssetsSchedule
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
    MINERAL PROPERTY ASSETS 7 7 543


    TY 2011 OtherDecreasesSchedule
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Description Amount
    ADJUSTMENT - MUTUAL FUND TIMING DIFFERENCES 462


    TY 2011 OtherExpensesSchedule
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    MISC MINERAL EXPENSE 10 10   0
    MINERAL MGMT FEES 500 500   0
    POWERSHARES DB INDEX K-1 0 1,299   0


    TY 2011 OtherIncomeSchedule2
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    OIL & GAS ROYALTY INCOME 206 206 206
    OID INCOME 2,598 2,598 2,598


    TY 2011 OtherIncreasesSchedule
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Description Amount
    NON-DIVIDEND DISTRIBUTION/RETURN OF CAPITAL 399
    ADJUSTMENT - MISC 11


    TY 2011 TaxesSchedule
    Name:
    PANGBURN FOUNDATION R76950006
    EIN: 75-6042630
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    EST EXCISE TAX PAID - CURRENT YEAR 5,000 0   0
    EXCISE TAX PAID - PRIOR YEAR 1,677 0   0
    FOREIGN TAXES PAID 1,877 1,877   0
    AD VALOREM TAX 7 7   0
    PFODUCTION TAXES 8 8   0