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
JOE AND ARLENE WATT FOUNDATION INC

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 6085 Room/suite

City or town, state, and ZIP code
SHERIDAN, WY82801

A Employer identification number

83-0330482

B Telephone number (see page 10 of the instructions)

(307) 672-1498

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

$20,713,285J 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	(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......	610,395		610,395
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		26,610
b	Gross sales price for all assets on line 6a 3,671,023
7	Capital gain net income (from Part IV, line 2)...			26,610
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).......		26,833	26,833
12	Total. Add lines 1 through 11........	663,838		663,838
13	Compensation of officers, directors, trustees, etc.
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......		1,550	1,163	387
c	Other professional fees (attach schedule)....		81,800	81,800
17	Interest...............
18	Taxes (attach schedule) (see page 14 of the instructions)		6,785	471	14
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......		110	55	55
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	90,245		83,489	456
25	Contributions, gifts, grants paid........	1,051,000			1,051,000
26	Total expenses and disbursements. Add lines 24 and 25	1,141,245		83,489	1,051,456
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-477,407
b	Net investment income (if negative, enter -0-)			580,349
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	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...............
	2	Savings and temporary cash investments..........	409,661	115,758	115,758
	3	Accounts receivable
		Less: allowance for doubtful accounts
	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
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)	2,882,833	2,782,493	2,955,592
	b	Investments—corporate stock (attach schedule)........	10,504,433	10,771,785	12,849,207
	c	Investments—corporate bonds (attach schedule)........	4,839,953	4,486,238	4,679,519
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	2	2	106,849
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	3,161	6,360	6,360
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	18,640,043	18,162,636	20,713,285
	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.........	18,640,043	18,162,636
	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)....................	18,640,043	18,162,636
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	18,640,043	18,162,636

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	18,640,043
2	Enter amount from Part I, line 27a.....................	2	-477,407
3	Other increases not included in line 2 (itemize)	3
4	Add lines 1, 2, and 3..........................	4	18,162,636
5	Decreases not included in line 2 (itemize)	5
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	18,162,636

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	2,650-BEST BUY INC	P	2010-05-13	2011-02-17
b	4,161.060-FHLMC POOL J11566	P	2011-01-04	2011-12-15
c	1,926.160-FHLMC SER 3640	P	2010-08-25	2011-07-15
d	5,623.510-GNMA POOL SER 2010-14	P	2011-06-23	2011-11-20
e	135.740-AMERICAN EUROPACIFIC GROWTH	P	2003-04-21	2011-08-04
	75,000-FED HOME LOAN BANK	P	2009-09-21	2011-10-05
	8,412.330-FHLMC POOL M80946	P	2008-05-23	2011-11-15
	717.730-FHLMC SER 3174 PX	P	2006-09-22	2011-02-15
	1,989.300-FHLMC SER 3640	P	2010-08-25	2011-09-15
	1,541.760-FHLMC SERIES 2790	P	2007-08-31	2011-09-15
	739.320-FHLMC SERIES 3221	P	2006-11-15	2011-12-15
	11,507.800-FNMA SERIES 2005-36	P	2008-04-11	2011-09-25
	300-GENERAL ELECTRIC COMPANY	P	2002-06-13	2011-07-11
	258.980-GNMA SER 2008-56	P	2008-08-21	2011-12-20
	4,401.760-GNMA SER 2008-56	P	2008-08-21	2011-02-20
	824.810-HARBOR INTERNATIONAL FUND	P	2003-06-20	2011-08-04
	1,372.010-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-07-25
	4,803.070-VANGUARD GNMA FUND 36	P	2008-09-18	2011-01-05
	650-BEST BUY INC	P	2010-06-22	2011-02-17
	5,740.360-FHLMC POOL J11566	P	2011-01-04	2011-05-15
	2,018.520-FHLMC SER 3640	P	2010-08-25	2011-08-15
	6,738.170-GNMA POOL SER 2010-14	P	2011-06-23	2011-09-20
	937.510-AMERICAN EUROPACIFIC GROWTH	P	2003-06-12	2011-08-04
	125,000-FED HOME LOAN BANK NOTES	P	2009-01-15	2011-01-21
	8,431.210-FHLMC POOL M80946	P	2008-05-23	2011-10-15
	720.720-FHLMC SER 3174 PX	P	2006-09-22	2011-03-15
	2,017.440-FHLMC SER 3640	P	2010-08-25	2011-12-15
	7,083.030-FHLMC SERIES 2790	P	2007-08-31	2011-10-15
	772.230-FNMA SER 2005-1 VK	P	2006-06-14	2011-01-25
	11,623.620-FNMA SERIES 2005-36	P	2008-04-11	2011-11-25
	1,200-GENERAL ELECTRIC COMPANY	P	2002-07-10	2011-07-11
	266.030-GNMA SER 2008-56	P	2008-08-21	2011-04-20
	5,214.270-GNMA SER 2008-56	P	2008-08-21	2011-01-20
	708.780-HARBOR INTERNATIONAL FUND	P	2003-07-10	2011-08-04
	1,494.880-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-06-25
	300-VERIZON COMMUNICATIONS	P	2008-01-02	2011-03-04
	700-BEST BUY INC	P	2010-12-17	2011-02-17
	5,950.240-FHLMC POOL J11566	P	2011-01-04	2011-02-15
	2,301.400-FHLMC SER 3640	P	2010-08-25	2011-02-15
	9,231.680-GNMA POOL SER 2010-14	P	2011-06-23	2011-07-20
	1,895-APACHE CORPORATION	P	2008-03-24	2011-10-05
	45,000-FED HOME LOAN BANK NOTES	P	2009-09-03	2011-02-15
	796.110-FHLMC SER 2825	P	2005-08-02	2011-01-15
	723.740-FHLMC SER 3174 PX	P	2006-09-22	2011-04-15
	2,039.210-FHLMC SER 3640	P	2010-08-25	2011-11-15
	9,906.260-FHLMC SERIES 2790	P	2007-08-31	2011-11-15
	775.440-FNMA SER 2005-1 VK	P	2006-06-14	2011-02-25
	11,823.650-FNMA SERIES 2005-36	P	2008-04-11	2011-12-25
	776.660-GNMA POOL 2009-61	P	2010-06-08	2011-06-20
	271.720-GNMA SER 2008-56	P	2008-08-21	2011-11-20
	2,142.330-GNMA SERIES 2009-93	P	2009-12-09	2011-01-20
	1,100-HEWLETT PACKARD COMPANY	P	2002-08-22	2011-08-26
	1,557.560-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-04-25
	400-VERIZON COMMUNICATIONS	P	2008-01-09	2011-03-04
	500-DANAHER CORPORATION	P	2010-12-17	2011-09-26
	5,987.420-FHLMC POOL J11566	P	2011-01-04	2011-11-15
	2,309.160-FHLMC SER 3640	P	2010-08-25	2011-04-15
	50,000-GOLDMAN SACHS GROUP INC	P	2010-03-22	2011-01-15
	305-APACHE CORPORATION	P	2009-01-26	2011-10-05
	100,000-FED HOME LOAN MTG CORP NOTES	P	2009-04-29	2011-12-12
	799.770-FHLMC SER 2825	P	2005-08-02	2011-02-15
	726.740-FHLMC SER 3174 PX	P	2006-09-22	2011-05-15
	2,068.990-FHLMC SER 3640	P	2010-08-25	2011-10-15
	10,300.320-FHLMC SERIES 2790	P	2007-08-31	2011-12-15
	778.680-FNMA SER 2005-1 VK	P	2006-06-14	2011-03-25
	721.600-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-01-25
	780.220-GNMA POOL 2009-61	P	2010-06-08	2011-07-20
	315.460-GNMA SER 2008-56	P	2008-08-21	2011-03-20
	2,229.720-GNMA SERIES 2009-93	P	2009-12-09	2011-02-20
	1,500-HEWLETT PACKARD COMPANY	P	2003-04-21	2011-08-26
	1,830.110-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-02-25
	1,800-WAL-MART STORES INC	P	2008-06-16	2011-03-03
	750-DU PONT E I DE NEMOURS & COMPANY	P	2010-10-19	2011-03-03
	7,428.730-FHLMC POOL J11566	P	2011-01-04	2011-10-15
	2,341.480-FHLMC SER 3640	P	2010-08-25	2011-05-15
	2,000-PREFERREDPLUS TRUST GEC-1 PFD	P	2011-01-03	2011-09-15
	2,500-BANK AMERICA CORPORATION	P	2009-07-30	2011-06-13
	50,000-FED NATL MTG ASSN NOTES	P	2010-07-12	2011-07-14
	803.420-FHLMC SER 2825	P	2005-08-02	2011-03-15
	729.770-FHLMC SER 3174 PX	P	2006-09-22	2011-06-15
	0.270-FHLMC SERIES 2756	P	2004-05-10	2011-05-15
	706.260-FHLMC SERIES 3221	P	2006-11-15	2011-01-15
	781.920-FNMA SER 2005-1 VK	P	2006-06-14	2011-04-25
	725.520-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-02-25
	783.800-GNMA POOL 2009-61	P	2010-06-08	2011-08-20
	376.090-GNMA SER 2008-56	P	2008-08-21	2011-02-20
	2,315.980-GNMA SERIES 2009-93	P	2009-12-09	2011-03-20
	1,000-HEWLETT PACKARD COMPANY	P	2010-07-29	2011-08-26
	2,317.070-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-11-25
	300-WAL-MART STORES INC	P	2009-09-18	2011-03-03
	50,000-FED AG MTG CORP NOTES	P	2011-06-09	2011-11-01
	7,655.420-FHLMC POOL J11566	P	2011-01-04	2011-09-15
	2,422.060-FHLMC SER 3640	P	2010-08-25	2011-03-15
	150-WAL-MART STORES INC	P	2010-04-05	2011-03-03
	2,000-BANK AMERICA CORPORATION	P	2009-08-06	2011-06-13
	100,000-FED NATL MTG ASSN NOTES	P	2010-12-15	2011-12-28
	807.110-FHLMC SER 2825	P	2005-08-02	2011-04-15
	732.820-FHLMC SER 3174 PX	P	2006-09-22	2011-07-15
	27.420-FHLMC SERIES 2756	P	2004-05-10	2011-04-15
	709.200-FHLMC SERIES 3221	P	2006-11-15	2011-02-15
	785.180-FNMA SER 2005-1 VK	P	2006-06-14	2011-05-25
	729.450-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-03-25
	787.390-GNMA POOL 2009-61	P	2010-06-08	2011-09-20
	2,438.050-GNMA SER 2008-56	P	2008-08-21	2011-06-20
	2,401.050-GNMA SERIES 2009-93	P	2009-12-09	2011-04-20
	250-ILLINOIS TOOL WORKS INC	P	2002-07-30	2011-01-06
	2,367.340-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-08-25
	100,000-WY CMNTY DEV AUTH HSG REV	P	2008-01-30	2011-05-02
	100,000-FED HOME LOAN BANK NOTES	P	2010-10-06	2011-09-29
	2.360-FHLMC SER 3640 1	P	2010-08-25	2011-06-15
	2,771.650-FHLMC SER 3640	P	2010-08-25	2011-01-15
	750-WAL-MART STORES INC	P	2010-07-29	2011-03-03
	3,000-BANK AMERICA CORPORATION	P	2009-09-02	2011-06-13
	553.900-FHLMC POOL M80946	P	2008-05-23	2011-05-15
	810.810-FHLMC SER 2825	P	2005-08-02	2011-05-15
	735.860-FHLMC SER 3174 PX	P	2006-09-22	2011-08-15
	30.360-FHLMC SERIES 2756	P	2004-05-10	2011-03-15
	712.160-FHLMC SERIES 3221	P	2006-11-15	2011-03-15
	788.450-FNMA SER 2005-1 VK	P	2006-06-14	2011-06-25
	733.400-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-04-25
	791-GNMA POOL 2009-61 5.5	P	2010-06-08	2011-10-20
	2,577.590-GNMA SER 2008-56	P	2008-08-21	2011-10-20
	2,484.890-GNMA SERIES 2009-93	P	2009-12-09	2011-05-20
	2,250-INTEL CORPORATION	P	2007-09-10	2011-05-19
	3,165.700-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-12-25
	CLASS ACTION PROCEEDS	P		2011-06-27
	100,000-FED HOME LOAN BANK NOTES STR	P	2011-01-12	2011-04-28
	2.500-FHLMC SER 3640 1	P	2010-08-25	2011-07-15
	759.100-GNMA POOL 2009-61	P	2010-06-08	2011-01-20
	375-ADOBE SYSTEMS	P	2005-06-08	2011-09-21
	75,000-CHEVRON CORP	P	2009-02-27	2011-09-06
	662.450-FHLMC POOL M80946	P	2008-05-23	2011-08-15
	814.530-FHLMC SER 2825	P	2005-08-02	2011-06-15
	738.930-FHLMC SER 3174 PX	P	2006-09-22	2011-09-15
	31.120-FHLMC SERIES 2756	P	2004-05-10	2011-05-15
	715.130-FHLMC SERIES 3221	P	2006-11-15	2011-04-15
	791.730-FNMA SER 2005-1 VK	P	2006-06-14	2011-07-25
	737.370-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-05-25
	794.620-GNMA POOL 2009-61	P	2010-06-08	2011-11-20
	2,585.260-GNMA SER 2008-56	P	2008-08-21	2011-08-20
	2,567.430-GNMA SERIES 2009-93	P	2009-12-09	2011-06-20
	213-INTERNATIONAL BUSINESS MACHINES	P	2009-03-27	2011-10-05
	3,241.220-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-01-25
	50,000-FED HOME LOAN MTG CORP NOTES	P	2011-04-06	2011-08-24
	2.620-FHLMC SER 3640 1	P	2010-08-25	2011-08-15
	762.580-GNMA POOL 2009-61	P	2010-06-08	2011-02-20
	1,000-ADOBE SYSTEMS	P	2005-07-29	2011-09-21
	1,000-CITIGROUP INC	P	2010-04-09	2011-12-27
	2,096.780-FHLMC POOL M80946	P	2008-05-23	2011-06-15
	818.260-FHLMC SER 2825	P	2005-08-02	2011-07-15
	742.020-FHLMC SER 3174 PX	P	2006-09-22	2011-10-15
	39.090-FHLMC SERIES 2756	P	2004-05-10	2011-02-15
	718.110-FHLMC SERIES 3221	P	2006-11-15	2011-05-15
	795.030-FNMA SER 2005-1 VK	P	2006-06-14	2011-08-25
	741.360-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-06-25
	798.270-GNMA POOL 2009-61	P	2010-06-08	2011-12-20
	2,806.130-GNMA SER 2008-56	P	2008-08-21	2011-05-20
	2,648.640-GNMA SERIES 2009-93	P	2009-12-09	2011-07-20
	1,000-KRAFT FOODS INC	P	2008-01-28	2011-03-03
	750-TEVA PHARMACEUTICAL INDUSTRIES L	P	2009-02-18	2011-12-23
	100,000-FED NATL MTG ASSN NOTES STR	P	2010-07-29	2011-07-28
	2.990-FHLMC SER 3640 1	P	2010-08-25	2011-02-15
	766.080-GNMA POOL 2009-61	P	2010-06-08	2011-03-20
	1,000-ADOBE SYSTEMS	P	2005-08-05	2011-09-21
	1,500-CITIGROUP INC	P	2010-05-13	2011-12-27
	2,346.730-FHLMC POOL M80946	P	2008-05-23	2011-01-15
	822.010-FHLMC SER 2825	P	2005-08-02	2011-08-15
	745.100-FHLMC SER 3174 PX	P	2006-09-22	2011-11-15
	43.610-FHLMC SERIES 2756	P	2004-05-10	2011-01-15
	721.100-FHLMC SERIES 3221	P	2006-11-15	2011-06-15
	798.350-FNMA SER 2005-1 VK	P	2006-06-14	2011-09-25
	745.380-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-07-25
	208.310-GNMA SER 2008-56	P	2008-08-21	2011-06-20
	2,834.410-GNMA SER 2008-56	P	2008-08-21	2011-09-20
	2,728.470-GNMA SERIES 2009-93	P	2009-12-09	2011-08-20
	1,411-KRAFT FOODS INC	P	2008-10-02	2011-03-03
	200,000-TOYOTA MOTOR CREDIT CORP	P	2008-12-29	2011-12-22
	1,531.110-FHLMC POOL J11566	P	2011-01-04	2011-07-15
	3-FHLMC SER 3640 1.500	P	2010-08-25	2011-04-15
	769.570-GNMA POOL 2009-61	P	2010-06-08	2011-04-20
	750-ADOBE SYSTEMS	P	2005-08-30	2011-09-21
	300-CITIGROUP INC	P	2010-12-17	2011-12-27
	2,880.040-FHLMC POOL M80946	P	2008-05-23	2011-03-15
	825.780-FHLMC SER 2825	P	2005-08-02	2011-09-15
	748.200-FHLMC SER 3174 PX	P	2006-09-22	2011-12-15
	3,159.830-FHLMC SERIES 2756	P	2004-05-10	2011-04-15
	724.100-FHLMC SERIES 3221	P	2006-11-15	2011-07-15
	801.670-FNMA SER 2005-1 VK	P	2006-06-14	2011-10-25
	749.420-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-08-25
	220.230-GNMA SER 2008-56	P	2008-08-21	2011-10-20
	2,908.200-GNMA SER 2008-56	P	2008-08-21	2011-07-20
	2,806.860-GNMA SERIES 2009-93	P	2009-12-09	2011-09-20
	400-MCDONALDS CORPORATION	P	2008-01-28	2011-12-23
	300-U S BANCORP DEL	P	2007-03-22	2011-06-13
	1,732.900-FHLMC POOL J11566	P	2011-01-04	2011-04-15
	3.040-FHLMC SER 3640 1	P	2010-08-25	2011-05-15
	773.120-GNMA POOL 2009-61	P	2010-06-08	2011-05-20
	1,000-ADOBE SYSTEMS	P	2008-03-24	2011-09-21
	100,000-CREDIT SUISSE FB USA INC	P	2004-01-28	2011-11-15
	3,187.260-FHLMC POOL M80946	P	2008-05-23	2011-04-15
	829.570-FHLMC SER 2825	P	2005-08-02	2011-10-15
	2.580-FHLMC SER 3640 1	P	2010-08-25	2011-09-15
	3,497.870-FHLMC SERIES 2756	P	2004-05-10	2011-03-15
	727.120-FHLMC SERIES 3221	P	2006-11-15	2011-08-15
	805.010-FNMA SER 2005-1 VK	P	2006-06-14	2011-11-25
	753.480-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-09-25
	220.880-GNMA SER 2008-56	P	2008-08-21	2011-08-20
	3,031.210-GNMA SER 2008-56	P	2008-08-21	2011-12-20
	2,883.780-GNMA SERIES 2009-93	P	2009-12-09	2011-10-20
	582.890-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-10-25
	2,000-UNITED TECHNOLOGIES CORPORATIO	P	2002-06-13	2011-08-26
	1,918.300-FHLMC POOL J11566	P	2011-01-04	2011-03-15
	3.140-FHLMC SER 3640 1	P	2010-08-25	2011-03-15
	2,941.030-GNMA POOL SER 2010-14	P	2011-06-23	2011-10-20
	1,500-ADOBE SYSTEMS	P	2009-01-05	2011-09-21
	1,000-DANAHER CORPORATION	P	2004-04-05	2011-09-26
	3,932.870-FHLMC POOL M80946	P	2008-05-23	2011-09-15
	833.390-FHLMC SER 2825	P	2005-08-02	2011-11-15
	2.620-FHLMC SER 3640 1	P	2010-08-25	2011-12-15
	4,503.290-FHLMC SERIES 2756	P	2004-05-10	2011-02-15
	730.150-FHLMC SERIES 3221	P	2006-11-15	2011-09-15
	808.370-FNMA SER 2005-1 VK	P	2006-06-14	2011-12-25
	757.560-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-10-25
	239.760-GNMA SER 2008-56	P	2008-08-21	2011-05-20
	3,113.630-GNMA SER 2008-56	P	2008-08-21	2011-04-20
	2,959.170-GNMA SERIES 2009-93	P	2009-12-09	2011-11-20
	592.040-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-03-25
	1,002.080-VANGUARD GNMA FUND 36	P	2005-11-29	2011-01-05
	2,089.910-FHLMC POOL J11566	P	2011-01-04	2011-08-15
	3.590-FHLMC SER 3640 1	P	2010-08-25	2011-01-15
	4,027.460-GNMA POOL SER 2010-14	P	2011-06-23	2011-08-20
	429.070-AMERICAN EUROPACIFIC GROWTH	P	2002-11-13	2011-08-04
	1,000-DANAHER CORPORATION	P	2004-07-07	2011-09-26
	4,225.310-FHLMC POOL M80946	P	2008-05-23	2011-02-15
	837.200-FHLMC SER 2825	P	2005-08-02	2011-12-15
	2.640-FHLMC SER 3640 1	P	2010-08-25	2011-11-15
	5,024.560-FHLMC SERIES 2756	P	2004-05-10	2011-01-15
	733.190-FHLMC SERIES 3221	P	2006-11-15	2011-10-15
	6,199.360-FNMA SERIES 2005-36	P	2008-04-11	2011-10-25
	761.660-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-11-25
	242.170-GNMA SER 2008-56	P	2008-08-21	2011-09-20
	3,180.200-GNMA SER 2008-56	P	2008-08-21	2011-11-20
	3,033-GNMA SERIES 2009-93 3	P	2009-12-09	2011-12-20
	1,151.500-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-09-25
	614.630-VANGUARD GNMA FUND 36	P	2006-02-13	2011-01-05
	3,888.990-FHLMC POOL J11566	P	2011-01-04	2011-06-15
	1,816.100-FHLMC SER 3640	P	2010-08-25	2011-06-15
	4,769.060-GNMA POOL SER 2010-14	P	2011-06-23	2011-12-20
	431.180-AMERICAN EUROPACIFIC GROWTH	P	2002-11-26	2011-08-04
	50,000-FED FARM CREDIT BANK NOTES	P	2009-09-16	2011-12-21
	4,810.870-FHLMC POOL M80946	P	2008-05-23	2011-07-15
	714.730-FHLMC SER 3174 PX	P	2006-09-22	2011-01-15
	2.680-FHLMC SER 3640 1	P	2010-08-25	2011-10-15
	1,515.850-FHLMC SERIES 2622 PE	P	2007-08-10	2011-12-15
	736.250-FHLMC SERIES 3221	P	2006-11-15	2011-11-15
	7,837.500-FNMA SERIES 2005-36	P	2008-04-11	2011-08-25
	765.790-FNMA SERIES 2006-78 AV	P	2007-05-10	2011-12-25
	248.480-GNMA SER 2008-56	P	2008-08-21	2011-07-20
	3,692.180-GNMA SER 2008-56	P	2008-08-21	2011-03-20
	222.960-HARBOR INTERNATIONAL FUND	P	2003-06-12	2011-08-04
	1,250.100-RBSGC MTG PASS THRU CERTS	P	2008-02-15	2011-05-25
	333.330-VANGUARD GNMA FUND 36	P	2008-06-18	2011-01-05

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	86,569	118,787	-32,218
b	4,161	4,347	-186
c	1,926	1,938	-12
d	5,624	5,921	-297
e	5,265	3,000	2,265
	75,000	74,978	22
	8,412	8,528	-116
	718	711	7
	1,989	2,002	-13
	1,542	1,351	191
	739	731	8
	11,508	11,891	-383
	5,577	9,029	-3,452
	259	268	-9
	4,402	4,559	-157
	46,956	25,000	21,956
	1,372	1,327	45
	51,345	50,000	1,345
	21,233	24,208	-2,975
	5,740	5,997	-257
	2,019	2,031	-12
	6,738	7,094	-356
	36,366	23,498	12,868
	125,000	124,850	150
	8,431	8,547	-116
	721	714	7
	2,017	2,030	-13
	7,083	6,207	876
	772	750	22
	11,624	12,010	-386
	22,306	32,936	-10,630
	266	276	-10
	5,214	5,400	-186
	40,351	21,469	18,882
	1,495	1,446	49
	10,802	12,055	-1,253
	22,866	24,159	-1,293
	5,950	6,216	-266
	2,301	2,316	-15
	9,232	9,719	-487
	153,208	209,639	-56,431
	45,000	47,000	-2,000
	796	814	-18
	724	717	7
	2,039	2,052	-13
	9,906	8,680	1,226
	775	753	22
	11,824	12,217	-393
	777	849	-72
	272	281	-9
	2,142	2,219	-77
	27,313	16,753	10,560
	1,558	1,507	51
	14,403	15,596	-1,193
	21,491	23,435	-1,944
	5,987	6,255	-268
	2,309	2,324	-15
	50,000	52,308	-2,308
	24,659	24,242	417
	100,000	100,000
	800	818	-18
	727	720	7
	2,069	2,082	-13
	10,300	9,026	1,274
	779	756	23
	722	741	-19
	780	853	-73
	315	327	-12
	2,230	2,309	-79
	37,245	23,085	14,160
	1,830	1,771	59
	93,331	106,182	-12,851
	40,871	34,491	6,380
	7,429	7,761	-332
	2,341	2,356	-15
	50,000	50,760	-760
	27,275	34,990	-7,715
	50,000	50,000
	803	821	-18
	730	723	7

	706	698	8
	782	759	23
	726	745	-19
	784	857	-73
	376	389	-13
	2,316	2,398	-82
	24,830	46,714	-21,884
	2,317	2,242	75
	15,555	15,027	528
	50,000	50,000
	7,655	7,998	-343
	2,422	2,437	-15
	7,778	8,360	-582
	21,820	33,568	-11,748
	100,000	100,000
	807	825	-18
	733	726	7
	27	27
	709	701	8
	785	762	23
	729	749	-20
	787	860	-73
	2,438	2,525	-87
	2,401	2,487	-86
	13,525	8,148	5,377
	2,367	2,290	77
	100,000	102,664	-2,664
	100,000	100,227	-227
	2	2
	2,772	2,789	-17
	38,888	38,427	461
	32,730	48,946	-16,216
	554	562	-8
	811	829	-18
	736	729	7
	30	30
	712	704	8
	788	765	23
	733	753	-20
	791	864	-73
	2,578	2,669	-91
	2,485	2,573	-88
	52,394	57,803	-5,409
	3,166	3,063	103
	242		242
	100,000	100,000
	3	3
	759	830	-71
	9,491	12,147	-2,656
	76,168	75,746	422
	662	672	-10
	815	833	-18
	739	732	7
	31	31
	715	707	8
	792	768	24
	737	757	-20
	795	868	-73
	2,585	2,677	-92
	2,567	2,659	-92
	37,383	20,193	17,190
	3,241	3,136	105
	50,000	49,430	570
	3	3
	763	833	-70
	25,302	29,769	-4,467
	27,195	45,800	-18,605
	2,097	2,126	-29
	818	836	-18
	742	735	7
	39	39
	718	710	8
	795	772	23
	741	761	-20
	798	872	-74
	2,806	2,906	-100
	2,649	2,743	-94
	31,694	30,509	1,185
	31,225	34,556	-3,331
	100,000	99,950	50
	3	3
	766	837	-71
	25,302	27,100	-1,798
	40,792	62,250	-21,458
	2,347	2,379	-32
	822	840	-18
	745	738	7
	44	44
	721	713	8
	798	775	23
	745	765	-20
	208	216	-8
	2,834	2,935	-101
	2,728	2,826	-98
	44,720	47,715	-2,995
	200,000	203,292	-3,292
	1,531	1,600	-69
	3	3
	770	841	-71
	18,977	20,385	-1,408
	8,158	14,151	-5,993
	2,880	2,920	-40
	826	844	-18
	748	741	7
	3,160	3,162	-2
	724	716	8
	802	778	24
	749	769	-20
	220	228	-8
	2,908	3,012	-104
	2,807	2,907	-100
	39,927	20,373	19,554
	7,306	10,809	-3,503
	1,733	1,810	-77
	3	3
	773	845	-72
	25,302	35,649	-10,347
	100,000	110,704	-10,704
	3,187	3,231	-44
	830	848	-18
	3	3
	3,498	3,501	-3
	727	719	8
	805	781	24
	753	773	-20
	221	229	-8
	3,031	3,139	-108
	2,884	2,987	-103
	583	564	19
	142,777	69,325	73,452
	1,918	2,004	-86
	3	3
	2,941	3,096	-155
	37,953	34,845	3,108
	42,982	23,659	19,323
	3,933	3,987	-54
	833	852	-19
	3	3
	4,503	4,507	-4
	730	722	8
	808	785	23
	758	778	-20
	240	248	-8
	3,114	3,225	-111
	2,959	3,065	-106
	592	573	19
	10,712	10,251	461
	2,090	2,183	-93
	4	4
	4,027	4,240	-213
	16,643	9,762	6,881
	42,982	25,185	17,797
	4,225	4,283	-58
	837	856	-19
	3	3
	5,025	5,028	-3
	733	725	8
	6,199	6,406	-207
	762	782	-20
	242	251	-9
	3,180	3,293	-113
	3,033	3,141	-108
	1,152	1,114	38
	6,570	6,300	270
	3,889	4,063	-174
	1,816	1,827	-11
	4,769	5,021	-252
	16,725	10,000	6,725
	50,000	53,125	-3,125
	4,811	4,877	-66
	715	708	7
	3	3
	1,516	1,430	86
	736	728	8
	7,838	8,098	-260
	766	786	-20
	248	257	-9
	3,692	3,824	-132
	12,693	6,811	5,882
	1,250	1,209	41
	3,563	3,400	163

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			-32,218
b			-186
c			-12
d			-297
e			2,265
			22
			-116
			7
			-13
			191
			8
			-383
			-3,452
			-9
			-157
			21,956
			45
			1,345
			-2,975
			-257
			-12
			-356
			12,868
			150
			-116
			7
			-13
			876
			22
			-386
			-10,630
			-10
			-186
			18,882
			49
			-1,253
			-1,293
			-266
			-15
			-487
			-56,431
			-2,000
			-18
			7
			-13
			1,226
			22
			-393
			-72
			-9
			-77
			10,560
			51
			-1,193
			-1,944
			-268
			-15
			-2,308
			417

			-18
			7
			-13
			1,274
			23
			-19
			-73
			-12
			-79
			14,160
			59
			-12,851
			6,380
			-332
			-15
			-760
			-7,715

			-18
			7

			8
			23
			-19
			-73
			-13
			-82
			-21,884
			75
			528

			-343
			-15
			-582
			-11,748

			-18
			7

			8
			23
			-20
			-73
			-87
			-86
			5,377
			77
			-2,664
			-227

			-17
			461
			-16,216
			-8
			-18
			7

			8
			23
			-20
			-73
			-91
			-88
			-5,409
			103
			242


			-71
			-2,656
			422
			-10
			-18
			7

			8
			24
			-20
			-73
			-92
			-92
			17,190
			105
			570

			-70
			-4,467
			-18,605
			-29
			-18
			7

			8
			23
			-20
			-74
			-100
			-94
			1,185
			-3,331
			50

			-71
			-1,798
			-21,458
			-32
			-18
			7

			8
			23
			-20
			-8
			-101
			-98
			-2,995
			-3,292
			-69

			-71
			-1,408
			-5,993
			-40
			-18
			7
			-2
			8
			24
			-20
			-8
			-104
			-100
			19,554
			-3,503
			-77

			-72
			-10,347
			-10,704
			-44
			-18

			-3
			8
			24
			-20
			-8
			-108
			-103
			19
			73,452
			-86

			-155
			3,108
			19,323
			-54
			-19

			-4
			8
			23
			-20
			-8
			-111
			-106
			19
			461
			-93

			-213
			6,881
			17,797
			-58
			-19

			-3
			8
			-207
			-20
			-9
			-113
			-108
			38
			270
			-174
			-11
			-252
			6,725
			-3,125
			-66
			7

			86
			8
			-260
			-20
			-9
			-132
			5,882
			41
			163

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	26,610
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	-39,224

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	917,808	20,558,064	0.044645
2009	1,004,260	18,744,903	0.053575
2008	851,939	21,409,879	0.039792
2007	1,033,969	23,493,297	0.044011
2006	798,279	21,737,645	0.036723

2	Total of line 1, column (d) ......................	2	0.218746
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	0.043749
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4	21,484,686
5	Multiply line 4 by line 3.......................	5	939,934
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	5,803
7	Add lines 5 and 6.........................	7	945,737
8	Enter qualifying distributions from Part XII, line 4..............	8	1,051,456
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	5,803
	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
3	Add lines 1 and 2............................	3	5,803
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-).	4
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	5,803
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	10,076
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	10,076
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	4,265
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax4,265	Refunded	11

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

FIRST INTERSTATE BANK FSG Telephone no. bullet

(307) 672-1493

Located at bullet

16 S MAIN STSHERIDANWY ZIP+4 bullet

82801

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
JOHN M PRADERE	SECY/TREAS 2.00	0	0	0
PO BOX 6085 SHERIDAN,WY82801	SECY/TREAS 2.00	0	0	0
BOB EBERHART	DIRECTOR 2.00	0	0	0
PO BOX 6085 SHERIDAN,WY82801	DIRECTOR 2.00	0	0	0
KY DIXON	DIRECTOR 2.00	0	0	0
PO BOX 6085 SHERIDAN,WY82801	DIRECTOR 2.00	0	0	0
BOB FERRIL	PRESIDENT 2.00	0	0	0
PO BOX 6085 SHERIDAN,WY82801	PRESIDENT 2.00	0	0	0
JACK PELISSIER	VICE PRESIDE 2.00	0	0	0
PO BOX 6085 SHERIDAN,WY82801	VICE PRESIDE 2.00	0	0	0

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

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
FIRST INTERSTATE BANK	INVESTMENT MGMT	81,800
PO BOX 2007 SHERIDAN,WY82801	INVESTMENT MGMT	81,800

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	N/A
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...................

21,219,846

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

485,169

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

106,849

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

21,811,864

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

21,811,864

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

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

327,178

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

21,484,686

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

1,074,234

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

1,074,234

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

5,803

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

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

5,803

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

1,068,431

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

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

1,068,431

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

1,068,431

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 ..........

1,051,456

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

1,051,456

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

5,803

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

1,045,653

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)

	(c) 2010	(d) 2011
1 Distributable amount for 2011 from Part XI, line 7		1,068,431
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......	994,582
b Total for prior years:20, 20, 20
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.........
4Qualifying distributions for 2011 from Part
XII, line 4: $ 1,051,456
a Applied to 2010, but not more than line 2a	994,582
b Applied to undistributed income of prior years (Election required—see page 26 of the instructions)
c Treated as distributions out of corpus (Election required—see page 26 of the instructions)...
d Applied to 2011 distributable amount.....		56,874
e Remaining amount distributed out of corpus
5 Excess distributions carryover applied to 2011.
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5
b Prior years’ undistributed income. Subtract line 4b from line 2b ...........
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......
d Subtract line 6c from line 6b. Taxable amount—see page 27 of the instructions ...
e Undistributed income for 2010. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........
f Undistributed income for 2011. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........		1,011,557
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........
8Excess distributions carryover from 2006 not applied on line 5 or line 7 (see page 27 of the instructions) .............
9Excess distributions carryover to 2012. Subtract lines 7 and 8 from line 6a ......
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)

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:

JOE AND ARLENE WATT FOUNDATION
PO BOX 6085
SHERIDAN,WY82801
(307) 672-1498

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

THE APPLICATION SHOULD BE IN WRITTEN FORM AND INCLUDE: 1. NAME, ADDRESS AND TAX ID NUMBER OF THE CHARITY, 2. DOCUMENTARY PROOF OF THE TAX EXEMPT STATUS OF THE CHARITY UNDER SECTION 501(C)(3) OF THE IRC OF 1954, OR AS AMENDED. 3. COPY OF THE MOST RECENT ANNUAL REPORT OF THE CHARITY IN THE FORM REQUIRED OF IT BY APPLICABLE SECTION OF THE INTERNAL REVENUE CODE. 4. DESCRIPTION OF THE CHARITABLE PURPOSE, OR PURPOSES, TO WHICH THE FUNDS FOR WHICH APPLICATION IS BEING MADE SHALL BE PUT.

cAny submission deadlines:

NONE

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

NONE

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
VOLUNTEERS OF AMERICA 1876 S SHERIDAN AVE SHERIDAN,WY82801	NONE	EXEMPT ORG.	UNRESTRICTED	100,000
ALTERNATIVE ELDER LIVING INC SHERIDAN,WY82801	NONE	EXEMPT ORG.	BUILDING CAMPAIGN	500,000
CHILD ADVOCACY SERVICES OF THE BIG HORNS SHERIDAN,WY82801	NONE	EXEMPT ORG.	EARLY CHILDHOOD DEVELOPMENT PROGRAM	25,000
CHILDREN'S CENTER 863 HIGHLAND AVE SHERIDAN,WY82801	NONE	EXEMPT ORG.	UNRESTRICTED	15,000
SHERIDAN SENIOR CENTER 211 SMITH ST SHERIDAN,WY82801	NONE	EXEMPT ORG.	UNRESTRICTED	100,000
THE FREE CLINIC OF SHERIDAN COUNTY SHERIDAN,WY82801	NONE	EXEMPT ORG.	MID-LEVEL PROFESSIONAL	56,000
TONGUE RIVER CHILD'S PLACE 84 DAYTON RANCHESTER,WY82839	NONE	EXEMPT ORG.	UNRESTRICTED	10,000
WYO THEATER 42 N MAIN SHERIDAN,WY82801	NONE	EXEMPT ORG.	UNRESTRICTED	25,000
SHERIDAN COUNTY MEM HOSPITAL FOUND 1401 W 5TH ST SHERIDAN,WY82801	NONE	EXEMPT ORG.	CANCER CENTER	200,000
LIFELINK OF SHERIDAN COUNTY 1617 N MAIN ST SHERIDAN,WY82801	NONE	EXEMPT ORG.	UNRESTRICTED	20,000
Total ................................. 3a				1,051,000

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	610,395
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.....			15	26,833
8Gain or (loss) from sales of assets other than inventory			18	26,610
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)..				663,838

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

13663,838

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

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

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

Form 990-PF (2011)

Page 12

Part XVII

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

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

Yes

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

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

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

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

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

If “Yes,” complete the following schedule.

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

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

	Signature of officer or trustee	Date	Title

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

Form 990-PF (2011)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

Name of Bond	End of Year Book Value	End of Year Fair Market Value
BEGINNING OF YEAR
100,000-TRAVELERS COS INC	101,170	101,925
100,000-BB&T CORPORATION	104,500	101,632
100,000-GOLDMAN SACHS GROUP INC.	100,927	101,761
100,000-WELLS FARGO COMPANY	99,694	103,350
200,000-MARSH & MCLENNAN COS INC	202,478	206,354
100,000-GOLDMAN SACHS GROUP INC	101,264	101,979
100,000-LEGGETT & PLATT INC	105,531	103,699
100,000-BANK OF AMERICA CORP	104,951	100,081
100,000-NUCOR CORP	100,000	105,694
200,000-ELECTRONIC DATA SYSTEMS	216,034	212,015
100,000-FIRST DATA CORPORATION	94,787	102,500
100,000-ROYAL BANK OF SCOTLAND PLC	101,122	97,286
65,000-APACHE CORP	72,599	70,812
100,000-BROWN-FORMAN CORPORATION	101,564	107,762
100,000-DELL INC CORP	101,855	109,657
150,000-GLAXOSMITHKLINE	140,679	162,335
100,000-NORFOLK SOUTHERN CORP	98,587	110,299
250,000-AMERICAN GENERAL FINANCE	250,000	189,296
100,000-CODELCO INC	105,977	107,256
250,000-AMGEN INC	247,558	270,939
50,000-MERCK & CO. INC	46,970	55,830
100,000-BANK OF NY MELLON	109,170	107,902
100,000-KIMBERLY-CLARK CORP	94,737	111,906
100,000-MEDTRONIC INC	92,907	111,997
50,000-BB&T CORPORATION	49,800	52,122
100,000-HARTFORD FINANCIAL GROUP	95,276	103,868
50,000-LILLY ELI & CO	53,925	57,758
100,000-TARGET CORPORATION	99,170	117,528
150,000-GEORGIA POWER COMPANY	149,676	177,991
100,000-NUCOR CORPORATION	103,735	117,818
50,000-GENERAL ELECTRIC CO	55,222	57,388
200,000-DANAHER CORP	204,412	235,115
100,000-BARCLAYS BANK PLC STR	100,000	95,135
200,000-MORGAN STANLEY STR	192,000	209,436
346,533.24-MASTER ASSET SECURITIZATI	337,870	357,054
51,773.67-RBSGC MTG PASS THRU CERTS	50,091	50,111
7,716.049-OPPENHEIMER INTERNATIONAL	50,000	47,840
3,725.782-TEMPLETON GLOBAL BOND FUND	50,000	46,088

Name of Stock	End of Year Book Value	End of Year Fair Market Value
BEGINNING OF YEAR
4,300-ABBOTT LABORATORIES	179,320	241,789
3,000-AFLAC INC	121,538	129,780
2,000-AIR PRODUCTS & CHEMICALS	108,805	170,380
950-APPLE COMPUTER INC	130,713	384,750
2,488-BERKSHIRE HATHAWAY INC - CL B	196,851	189,834
2,600-CATERPILLAR INC	119,540	235,560
3,000-CHEVRON CORP	155,436	319,200
8,500-CISCO SYSTEMS INC	127,282	153,680
2,500-COCA COLA COMPANY	110,406	174,925
2,693-CONOCOPHILLIPS	171,576	196,239
3,000-COSTCO WHOLESALE CORPORATION	99,455	249,960
2,850-DEERE & COMPANY	180,507	220,448
5,000-DISNEY WALT CO HOLDINGS	109,046	187,500
4,350-DU PONT E I DE NEMOURS & COMPA	208,133	199,143
11,000-EMC CORPORATION	136,532	236,940
3,200-EMERSON ELECTRIC COMPANY	103,182	149,088
4,730-EXELON CORPORATION	224,331	205,140
4,650-EXXON MOBIL CORPORATION	281,844	394,134
3,000-FLUOR CORPORATION	153,882	150,750
11,000-GENERAL ELECTRIC COMPANY	187,390	197,010
350-GOOGLE INC	169,842	226,065
3,250-ILLINOIS TOOL WORKS INC	108,653	151,808
9,500-INTEL CORPORATION	194,605	230,375
1,000-INTERNATIONAL BUSINESS MACHINE	97,000	183,880
3,500-JOHNSON & JOHNSON	198,108	229,530
6,400-JOHNSON CONTROLS INC	231,893	200,064
5,800-JP MORGAN CHASE & COMPANY	245,038	192,850
5,400-KRAFT FOODS INC	169,267	201,744
2,800-MCDONALDS CORPORATION	168,007	280,924
5,000-MDU RESOURCES GROUP INC	87,897	107,300
5,700-MERCK & CO INC	211,271	214,890
4,100-METLIFE INC	206,055	127,838
4,000-NEXTERA ENERGY INC	201,784	243,520
4,000-NORTHERN TRUST CORPORATION	205,754	158,640
7,000-ORACLE CORPORATION	78,267	179,550
6,000-PEABODY ENERGY CORPORATION	198,711	198,660
3,000-PEPSICO INC	161,443	199,050
3,300-PHILIP MORRIS INTERNATIONAL	222,348	258,984
3,200-PROCTER & GAMBLE COMPANY	179,726	213,472
3,671-QUALCOMM INC	147,017	200,804
3,000-SCHLUMBERGER LIMITED	112,513	204,930
4,600-TARGET CORPORATION	221,748	235,612
2,000-TIFFANY & CO	129,766	132,520
5,200-U S BANCORP DEL	153,032	140,660
3,000-UNITEDHEALTH GROUP INC	151,957	152,040
5,000-VERIZON COMMUNICATIONS	177,448	200,600
6,250-WASTE MANAGEMENT INC	204,220	204,438
1,500-AT&T INC 6.375% 02/15/2056 SER	37,500	40,125
2,000-NATL CITY CAP TR III PFD 6.625	50,600	51,180
2,000-BHP BILLITON LIMITED ADR	143,216	141,260
3,500-TEVA PHARMACEUTICAL INDUSTRIES	171,863	141,260
10,349.576-LKCM SMALL CAP EQ INSTITU	197,486	232,348
10,210.172-MRGN STNLY INST MID CAP G	253,181	324,377
9,608.612-OPPENHEIMER MAIN STREET SM	193,597	200,051
5,891.259-T ROWE PRICE MID CAP GROWT	263,653	310,646
13,588.491-T ROWE PRICE MID CAP VALU	302,295	290,658
11,770.602-AMERICAN EUROPACIFIC GROW	412,502	413,266
7,807.101-HARBOR INTERNATIONAL FUND	342,531	409,482
13,218.587-EATON VANCE PARAMETRIC TA	567,000	545,399
1,200-VANGUARD EMERGING MARKETS ETF	46,209	45,852
1,300-ISHARES S&P PREF STOCK INDEX F	51,013	46,305

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
ACCRUED DIVIDENDS AND INTEREST	1,595	4,977	4,977
ROYALTIES RECEIVABLE	1,566	1,383	1,383

Category	Amount	Net Investment Income	Disbursements for Charitable Purposes
SECRETARY OF STATE	28	14	14
EXCISE TAXES	6,300
FOREIGN TAXES ON DIVIDENDS	457	457