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 07-01-2011 , and ending 06-30-2012

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

Amended returnAddress changeName change

Name of foundation
A R BURNETTE SCHOLARSHIP FUND

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

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

A Employer identification number

56-6593070

B Telephone number (see page 10 of the instructions)

(252) 246-4935

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

$705,031J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

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

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

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


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities......	19,290		19,290
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		7,853
b	Gross sales price for all assets on line 6a 549,201
7	Capital gain net income (from Part IV, line 2)...			7,853
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	27,143		27,143
13	Compensation of officers, directors, trustees, etc.	11,253		11,253
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....		20			0
17	Interest...............					0
18	Taxes (attach schedule) (see page 14 of the instructions)		2,437			0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		100	100
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	13,810		11,353	0	0
25	Contributions, gifts, grants paid........	40,000				40,000
26	Total expenses and disbursements. Add lines 24 and 25	53,810		11,353	0	40,000
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-26,667
b	Net investment income (if negative, enter -0-)			15,790
c	Adjusted net income (if negative, enter -0-)...				0

For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.

Cat. No. 11289X Form 990-PF (2011)

Form 990-PF (2011)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............		20,026	20,026
	2	Savings and temporary cash investments..........	19,770	24,132	24,132
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see page 15 of the
		instructions)....................
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule)........	401,930	354,907	397,050
	c	Investments—corporate bonds (attach schedule)........
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	260,303	256,168	263,823
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	682,003	655,233	705,031
	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.........	682,003	655,233
	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)....................	682,003	655,233
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	682,003	655,233

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	682,003
2	Enter amount from Part I, line 27a.....................	2	-26,667
3	Other increases not included in line 2 (itemize)	3	0
4	Add lines 1, 2, and 3..........................	4	655,336
5	Decreases not included in line 2 (itemize)	5	103
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	655,233

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	30. AGCO CORPORATION COMMON		2010-06-24	2011-07-19
b	392.641 AMERICAN CENTURY DIVERSIFIED BOND FUND #		2009-10-21	2011-07-19
c	20. ANIXTER INTERNATIONAL INC		2011-06-10	2011-07-19
d	35. AON CORPORATION COMMON		2011-02-10	2011-07-19
e	76.701 ARTISAN INTERNATIONAL SMALL CAP FUND # 1		2009-10-16	2011-07-19
	80. BRUKER BIOSCIENCES CORP COMMON		2010-06-24	2011-07-19
	40. CARNIVAL CORP PAIRED CTF 1 COM		2011-06-10	2011-07-19
	110. COOPER TIRE & RUBR CO			2011-07-19
	314.465 CREDIT SUISSE COMMODITY RETURN STRATEGY INSTITUTIONAL SHS FD 2			2011-07-19
	90. DISCOVER FINL SVCS		2010-06-24	2011-07-19
	379.242 DODGE & COX INCOME FUND			2011-07-19
	618.725 FEDERATED TOTAL RETURN GOV'T BOND FUND #647		2009-10-16	2011-07-19
	40. GUESS INC COMMON		2011-02-10	2011-07-19
	100. INTERNATIONAL PAPER COMPANY			2011-07-19
	90. INTERVAL LEISURE GROUP COMMON		2009-08-14	2011-07-19
	50. LEUCADIA NATIONAL CORP COMMON		2010-06-24	2011-07-19
	14. LOCKHEED MARTIN CORP		2011-03-22	2011-07-19
	14. LOCKHEED MARTIN CORP		2010-02-22	2011-07-19
	30. MACQUARIE GROUP LIMITED LTD ADR		2010-07-29	2011-07-19
	30. MEDTRONIC INC		2009-08-14	2011-07-19
	15. NOBLE ENERGY INC		2010-07-29	2011-07-19
	285.987 PIMCO LOW DURATION INSTITUTIONAL		2011-02-10	2011-07-19
	40. PROGRESS SOFTWARE COMMON		2011-03-22	2011-07-19
	60. PROGRESS SOFTWARE COMMON		2010-06-24	2011-07-19
	20. SIGMA ALDRICH CORPORATION		2010-06-24	2011-07-19
	20. SONY FINANCIAL HOLDINGS INC ADR		2009-08-14	2011-07-19
	30. TARGET CORP COM		2011-02-10	2011-07-19
	55. TELEDYNE TECHNOLOGIES INC COM		2009-08-14	2011-07-19
	60. TREEHOUSE FOODS INC COMMON		2011-03-22	2011-07-19
	60. WEATHERFORD INTL LTD		2010-06-24	2011-07-19
	30. BECKMAN COULTER INC.		2010-07-29	2011-09-01
	290. ABB LTD SPONSORED ADR		2009-08-14	2011-09-13
	30. ACACIA RESEARCH COMMON		2011-06-10	2011-09-13
	40. ADECCO SA REG UNSPON ADR		2011-06-10	2011-09-13
	80. ADIDAS AG		2009-08-14	2011-09-13
	40. AIXTRON AG ADR		2010-06-24	2011-09-13
	25. ALBEMARLE CORP COMMON		2010-06-24	2011-09-13
	120. ALCOA INC		2011-02-10	2011-09-13
	2085.018 AMERICAN CENTURY DIVERSIFIED BOND FUND #			2011-09-13
	25. AMERICAN EXPRESS COMPANY		2011-03-22	2011-09-13
	75. AMPHENOL CORP CL A		2009-08-14	2011-09-13
	10. ANHEUSER-BUSCH INBEV NV SPN ADR		2009-08-14	2011-09-13
	6. APPLE COMPUTER CORPORATION COMMON		2010-06-24	2011-09-13
	40. APPROACH RESOURCES INC COMMON		2011-03-22	2011-09-13
	40. ARCELORMITTAL		2011-06-10	2011-09-13
	20. ARCELORMITTAL		2009-08-14	2011-09-13
	719.756 ARTISAN INTERNATIONAL SMALL CAP FUND # 1		2009-10-16	2011-09-13
	90. ASAHI GLASS COMPANY LIMITED		2011-03-22	2011-09-13
	90. AVNET INCORPORATED			2011-09-13
	70. ADR AXA-UAP F/K/A AXA SA SPONSORED ADR		2009-08-14	2011-09-13
	40. BNP PARIBAS		2009-08-14	2011-09-13
	35. BNP PARIBAS		2011-03-22	2011-09-13
	60. BANCO BRADESCO S A		2009-10-16	2011-09-13
	110. BANCO SANTANDER CENT HISPANO SA ADR		2009-08-14	2011-09-13
	170. BANK OF AMER CORP COMMON		2010-06-24	2011-09-13
	20. BANK OF NOVA SCOTIA		2009-08-14	2011-09-13
	60. BARCLAYS PLC ADR		2009-12-16	2011-09-13
	5. BAYER A G SPONSORED ADR		2009-08-14	2011-09-13
	14. BAYER A G SPONSORED ADR		2011-07-19	2011-09-13
	60. BAYERISCHE MOTOREN WERKE (BMW) UNSPONS A		2010-07-29	2011-09-13
	60. BE AEROSPACE INC COMMON		2011-06-10	2011-09-13
	16. BERKSHIRE HATHAWAY INC DEL CL B COMMON		2009-08-14	2011-09-13
	54. BHP BILLITON LIMITED			2011-09-13
	14. BIO-RAD LABS CLASS A		2009-08-14	2011-09-13
	10. BIO-RAD LABS CLASS A		2011-02-10	2011-09-13
	20. BRITISH SKY BROADCAST, ADR		2009-08-14	2011-09-13
	75. CIT GROUP INC COMMON		2011-03-22	2011-09-13
	30. CAMECO CORP		2009-08-14	2011-09-13
	45. CATALYST HEALTH SOLUTIONS INC COMMON		2011-06-10	2011-09-13
	80. CENOVUS ENERGY INC.			2011-09-13
	40. CEPHEID INC COMMON		2011-06-10	2011-09-13
	12. CHEVRON TEXACO CORP COMMON		2009-08-14	2011-09-13
	130. CISCO SYSTEMS		2009-08-14	2011-09-13
	130. COMCAST CORP NEW CL A		2009-08-14	2011-09-13
	190. COMPAGNIE FINANCIERE RICHEMONT SA		2011-03-22	2011-09-13
	70. COMPANHIA ENERG DE MINAS GER PFD		2011-03-22	2011-09-13
	55. COMPANHIA ENERG DE MINAS GER PFD		2009-08-14	2011-09-13
	30. CORNING INCORPORATED		2009-08-14	2011-09-13
	30. CREDIT SUISSE GROUP SPONS ADR		2009-08-14	2011-09-13
	40. CROWN HOLDINGS INC COMMON		2009-10-16	2011-09-13
	60. DEUSTCHE BOERSE AG ADR		2009-08-14	2011-09-13
	45. DILLARDS INC		2011-06-10	2011-09-13
	110. DISNEY WALT COMPANY		2009-08-14	2011-09-13
	60. DISCOVER FINL SVCS		2010-10-27	2011-09-13
	50. DISCOVER FINL SVCS		2011-03-22	2011-09-13
	20. ENI SPA - SPONSORED ADR COMMON		2009-08-14	2011-09-13
	30. EVERCORE PARTNERS INC-CL A COMMON		2011-06-10	2011-09-13
	100. EXPEDIA INC COMMON			2011-09-13
	14. EXXON MOBIL CORPORATION		2009-10-16	2011-09-13
	1901.095 FEDERATED TOTAL RETURN GOV'T BOND FUND #647		2009-10-16	2011-09-13
	15. GDF SUEZ SPONS ADR		2009-08-14	2011-09-13
	80. GAFISA S.A.		2010-04-08	2011-09-13
	40. GARTNER,INC COMMON		2011-06-10	2011-09-13
	130. GENERAL ELECTRIC COMPANY			2011-09-13
	2. GOOGLE INC CL A		2009-08-14	2011-09-13
	110. GRAFTECH INTERNATIONAL LTD			2011-09-13
	500. GRAPHIC PACKAGING HOLDING CO COMMON			2011-09-13
	50. HDFC BANK LTD ADR		2009-08-14	2011-09-13
	40. HARRIS CORP		2011-06-10	2011-09-13
	25. HENKEL KGAA		2009-08-14	2011-09-13
	50. HEWLETT PACKARD COMPANY		2009-08-14	2011-09-13
	70. HOLCIM LTD UNSPON ADR		2011-06-10	2011-09-13
	25. J. B. HUNT		2011-06-10	2011-09-13
	300. HUNTINGTON BANCSHARES INC COMMON			2011-09-13
	70. IAC/INTERACTIVE CORP COMMON			2011-09-13
	80. ICAP PLC		2009-08-14	2011-09-13
	37. INDUSTRIAL AND COMMERCIAL BANK OF CHINA		2009-08-14	2011-09-13
	50. INTEL CORPORATION		2009-08-14	2011-09-13
	12. INTERCONTINENTALEXCHANGE INC COMMON		2009-12-16	2011-09-13
	10. INTERCONTINENTALEXCHANGE INC COMMON		2011-02-10	2011-09-13
	14. INTERNATIONAL BUSINESS MACHINES CORP		2009-08-14	2011-09-13
	220. INTERPUBLIC GROUP		2011-03-22	2011-09-13
	25. ISHARES FTSE/XINHUA CHINA 25 INDEX FUND		2010-06-24	2011-09-13
	15. ITC HOLDINGS CORP COMMON		2011-07-19	2011-09-13
	25. J P MORGAN CHASE & CO		2011-02-10	2011-09-13
	20. J P MORGAN CHASE & CO		2009-08-14	2011-09-13
	70. MINING AND METALLURGICAL CO NORILSK NICK		2009-08-14	2011-09-13
	15. KB FINANCIAL GROUP INC COMMON		2009-08-14	2011-09-13
	70. KBR INC COMMON		2011-02-10	2011-09-13
	150. KINGFISHER PLC-SPONS ADR		2010-06-24	2011-09-13
	130. KINGFISHER PLC-SPONS ADR		2011-03-22	2011-09-13
	40. KAMATSU LTD		2011-07-19	2011-09-13
	75. KRAFT FOODS INC-A COMMON		2009-08-14	2011-09-13
	14. LIBERTY MEDIA STARZ SERIES A COMMON		2011-03-22	2011-09-13
	25. LIFE TECHNOLOGIES CORP COMMON		2011-02-10	2011-09-13
	260. LLOYDS TSB GROUP		2011-03-22	2011-09-13
	60. LOWES COMPANIES INCORPORATED		2010-10-27	2011-09-13
	60. MANULIFE FINANCIAL CORPORATION - DEMUTUALIZATION BENEFIT		2009-12-16	2011-09-13
	50. MARUI LTD ADR		2009-08-14	2011-09-13
	40. MECHEL OAO		2011-06-10	2011-09-13
	30. MEDTRONIC INC		2009-08-14	2011-09-13
	40. MERCK & CO INC		2009-08-14	2011-09-13
	50. METLIFE COMMON			2011-09-13
	80. MICROSOFT CORPORATION		2009-08-14	2011-09-13
	40. MICROCHIP TECHNOLOGY INC		2011-07-19	2011-09-13
	80. MICROSEMI CORP		2011-06-10	2011-09-13
	3. MITSUI & CO LTD		2010-04-08	2011-09-13
	170. MONOTYPE IMAGING HOLDINGS INC COMMON		2009-08-14	2011-09-13
	30. MOODY'S CORPORATION		2011-06-10	2011-09-13
	48. NEW ORIENTAL EDUCATION SP ADR		2010-04-08	2011-09-13
	30. NIDEC CORPORATION		2009-08-14	2011-09-13
	30. NINTENDO LTD		2009-08-14	2011-09-13
	5. LUKOIL COMMON		2009-08-14	2011-09-13
	50. ORACLE SYSTEM CORPORATION		2009-08-14	2011-09-13
	699.534 PIMCO LOW DURATION INSTITUTIONAL		2011-02-10	2011-09-13
	92.936 PIMCO PIMS FOREIGN BOND FUND		2011-06-10	2011-09-13
	8. PETROCHINA COMPANY LTD COMMON		2009-08-14	2011-09-13
	35. PETROLEO BRASILEIRO SA PETROBRAS		2009-08-14	2011-09-13
	90. PING AN INSURANCE GROUP COMPANY OF CHINA		2011-03-22	2011-09-13
	70. PLANTRONICS INC COMMON		2011-06-10	2011-09-13
	25. PROASSURANCE CORP COMMON		2009-08-14	2011-09-13
	50. PRUDENTIAL PLC		2009-08-14	2011-09-13
	45. RAYONIER INC COMMON		2009-08-14	2011-09-13
	45. ROCK-TENN CO			2011-09-13
	120. SLM CORPORATION COMMON		2010-06-24	2011-09-13
	55. ST JUDE MEDICAL INC COMMON			2011-09-13
	80. SANDVIK AB		2010-06-24	2011-09-13
	12. SIEMENS AG SPONSORED ADR		2009-08-14	2011-09-13
	20. SOCIEDAD QUIMICA MINERA DE CHILE S A SPONSORED ADR REPSTG SER B SH		2010-10-27	2011-09-13
	30. SOLERA HOLDINGS INC COMMON		2011-06-10	2011-09-13
	70. SOLUTIA INC COMMON		2009-10-16	2011-09-13
	160. SOUTHWEST AIRLINES			2011-09-13
	50. STAPLES INC COMMON		2011-02-10	2011-09-13
	100. ST MICROELETRONICS N.V.		2011-06-10	2011-09-13
	60. SUBSEA 7 SA		2009-08-14	2011-09-13
	110. SUMITOMO CORPORATION		2009-08-14	2011-09-13
	223. SUMITOMO MITSUI TRUST HOLDINGS INC		2011-04-05	2011-09-13
	80. SUNCOR ENERGY, INC			2011-09-13
	20. TARGET CORP COM		2011-02-10	2011-09-13
	20. TECK RESOURCES LTD COMMON		2011-02-10	2011-09-13
	25. TELENOR ASA ADR		2011-06-10	2011-09-13
	40. TENCENT HOLDINGS LIMITED LTD UNSPONS ADR		2009-08-14	2011-09-13
	80. TESCO CORP		2010-10-27	2011-09-13
	10. TEVA PHARMACEUTICAL INDS LTD ADR		2009-08-14	2011-09-13
	20. THERMO ELECTRON COMMON		2011-02-10	2011-09-13
	20. TIDEWATER INC COMMON		2011-03-22	2011-09-13
	20. TOYOTA MOTOR CORP ADR 2		2009-08-14	2011-09-13
	40. UNILEVER N V NY SHS NEW F		2011-03-22	2011-09-13
	90. UNITED RENTALS INC			2011-09-13
	100. VALE SA SP PREF ADR			2011-09-13
	40. VERISIGN INC COMMON		2011-06-10	2011-09-13
	40. VESTAS WIND SYSTEMS A/S ADR		2009-08-14	2011-09-13
	100. VESTAS WIND SYSTEMS A/S ADR		2011-03-22	2011-09-13
	30. WAL MART STORES INCORPORATED		2011-03-22	2011-09-13
	30. WASTE CONNECTIONS		2011-07-19	2011-09-13
	50. WELLS FARGO & CO NEW		2009-08-14	2011-09-13
	12. WESTPAC BANKING LTD COM		2009-08-14	2011-09-13
	10. WEYERHAEUSER COMPANY		2011-07-19	2011-09-13
	25. WHITING PETROLEUM CORP COMMON		2010-07-29	2011-09-13
	40. JOHN WILEY & SONS INC. CLASS A		2009-08-14	2011-09-13
	70. WOLVERINE WORLD WIDE INC COMMON		2009-10-16	2011-09-13
	110. WYNDHAM WORLDWIDE CORP			2011-09-13
	20. ALLIED WORLD ASSURANCE COMPANY HOLDINGS		2011-03-22	2011-09-13
	25. ALLIED WORLD ASSURANCE COMPANY HOLDINGS		2010-04-08	2011-09-13
	50. TE CONNECTIVITY LTD		2010-04-08	2011-09-13
	55. TYCO INTERNATIONAL LTD		2010-04-08	2011-09-13
	130.2 AQR MANAGED FUTURES STRATEGY FUND INST C		2011-09-13	2011-12-23
	79.476 ABERDEEN EQUITY LONG SHORT FUND INST CL		2011-09-13	2011-12-23
	60. ADMIRAL GROUP PLC		2011-09-13	2011-12-23
	210. ALCOA INC			2011-12-23
	35. ALLEGIANT TRAVEL COMPANY COMMON		2011-09-13	2011-12-23
	15. AMERICAN EXPRESS COMPANY		2011-03-22	2011-12-23
	35. AMGEN INCORPORATED		2011-06-10	2011-12-23
	30. AON CORPORATION COMMON		2011-02-10	2011-12-23
	9. APPLE COMPUTER CORPORATION COMMON			2011-12-23
	20. BERKSHIRE HATHAWAY INC DEL CL B COMMON		2009-08-14	2011-12-23
	30. CENOVUS ENERGY INC.		2011-02-10	2011-12-23
	40. CENOVUS ENERGY INC.		2010-10-27	2011-12-23
	120. CISCO SYSTEMS		2011-03-22	2011-12-23
	30. CISCO SYSTEMS		2009-08-14	2011-12-23
	100. COMCAST CORP NEW CL A		2009-08-14	2011-12-23
	120. CORNING INCORPORATED		2009-08-14	2011-12-23
	30. CROWN HOLDINGS INC COMMON		2009-10-16	2011-12-23
	100. DANA HOLDINGS CORPORATION COMMON		2011-09-13	2011-12-23
	70. DISNEY WALT COMPANY		2009-08-14	2011-12-23
	60. DOW CHEMICAL COMPANY		2011-07-19	2011-12-23
	186.533 DRIEHAUS ACTIVE INCOME FUND INST CL FUND # 1123 CLD TO NEW INV		2011-09-13	2011-12-23
	70. ELSTER GROUP SE		2011-09-13	2011-12-23
	60. ENCANA CORP COMMON		2011-09-13	2011-12-23
	170. ERSTE BK DER OESTER SPAR-ADR		2011-09-13	2011-12-23
	22. EXXON MOBIL CORPORATION		2009-10-16	2011-12-23
	12. FEDEX CORPORATION		2011-07-19	2011-12-23
	170. GENERAL ELECTRIC COMPANY		2009-08-14	2011-12-23
	2. GOOGLE INC CL A		2009-08-14	2011-12-23
	135.9 HIGHLAND LONG/SHORT EQUITY FUND CL Z FUN		2011-09-13	2011-12-23
	40. HUMAN GENOME SCIENCES INC		2011-09-13	2011-12-23
	12. INTERNATIONAL BUSINESS MACHINES CORP		2009-08-14	2011-12-23
	30. JGC CORPORATION		2011-09-13	2011-12-23
	50. J P MORGAN CHASE & CO		2009-08-14	2011-12-23
	25. JOHNSON & JOHNSON		2009-08-14	2011-12-23
	55. KRAFT FOODS INC-A COMMON		2009-08-14	2011-12-23
	14. LOCKHEED MARTIN CORP		2011-09-13	2011-12-23
	40. LOWES COMPANIES INCORPORATED		2010-10-27	2011-12-23
	199.453 MANAGERS AMG FQ GLOBAL ALTERNATIVE FUND		2011-09-13	2011-12-23
	90. MASTEC INC COMMON		2011-09-13	2011-12-23
	45. MEDTRONIC INC		2009-08-14	2011-12-23
	65. MERCK & CO INC		2009-08-14	2011-12-23
	132.76 THE MERGER FUND		2011-09-13	2011-12-23
	75. METLIFE COMMON		2010-02-22	2011-12-23
	40. MICROSOFT CORPORATION		2009-08-14	2011-12-23
	80. MORGAN STANLEY DEAN WITTER DIS CO		2010-02-22	2011-12-23
	15. NOVO-NORDISK A S ADR		2009-08-14	2011-12-23
	40. NUANCE COMMUNICATIONS INC COMMON		2011-09-13	2011-12-23
	70. ORACLE SYSTEM CORPORATION		2009-08-14	2011-12-23
	4081.541 PIMCO PIMS FOREIGN BOND FUND			2011-12-23
	90. PANTRY, INC.		2011-09-13	2011-12-23
	60. PRESTIGE BRANDS HOLDINGS INC COMMON		2011-09-13	2011-12-23
	80. QUEST SOFTWARE INC		2011-09-13	2011-12-23
	20. ST JUDE MEDICAL INC COMMON		2011-06-10	2011-12-23
	30. ST JUDE MEDICAL INC COMMON		2010-04-08	2011-12-23
	20. SCHLUMBERGER LTD		2009-08-14	2011-12-23
	170. SOUTHWEST AIRLINES		2010-10-27	2011-12-23
	80. SOUTHWEST AIRLINES		2011-02-10	2011-12-23
	70. STAPLES INC COMMON		2011-03-22	2011-12-23
	50. STAPLES INC COMMON		2010-10-27	2011-12-23
	80. SUNCOR ENERGY, INC			2011-12-23
	30. THERMO ELECTRON COMMON		2011-03-22	2011-12-23
	20. THE TRAVELERS COMPANIES INC.		2009-08-14	2011-12-23
	15.61 GLOBAL ABSOLUTE RETURN FUND		2011-09-13	2011-12-23
	89.126 MARKETFIELD FD INST CL FUND # 6529		2011-09-13	2011-12-23
	101.122 TURNER SPECTRUM FUND INST CL FUND # 3311		2011-09-13	2011-12-23
	30. WAL MART STORES INCORPORATED		2010-06-24	2011-12-23
	71.117 WASATCH 1ST SOURCE LONG/SHORT FUND # 9		2011-09-13	2011-12-23
	50. WELLS FARGO & CO NEW		2009-08-14	2011-12-23
	110. WEYERHAEUSER COMPANY			2011-12-23
	80. TE CONNECTIVITY LTD			2011-12-23
	50. TYCO INTERNATIONAL LTD			2011-12-23
	.5 INDUSTRIAL AND COMMERCIAL BANK OF CHINA		2009-08-14	2012-01-18
	60. BG GROUP PLC SPON ADR		2011-09-13	2012-03-02
	30. BG GROUP PLC SPON ADR		2009-08-14	2012-03-02
	5. BAKER HUGHES INCORPORATED		2011-09-13	2012-03-02
	50. CINCINNATI FINANCIAL CORP			2012-03-02
	20. CONSOLIDATED EDISON INC COMMON		2011-12-23	2012-03-02
	18. DASSAULT SYSTEMS COMMON		2011-09-13	2012-03-02
	30. ENERSYS COMMON		2011-09-13	2012-03-02
	12. FEDEX CORPORATION		2011-03-22	2012-03-02
	10. F5 NETWORKS INC COMMON		2011-09-13	2012-03-02
	20. FORWARD AIR CORP		2011-12-23	2012-03-02
	5. FREEPORT-MCM COPR GOLD CL B		2011-09-13	2012-03-02
	80. GAZPROM		2011-02-10	2012-03-02
	30. INVESTMENT TECH GROUP INC		2011-09-13	2012-03-02
	10. LINDSAY MFG CO COMMON		2011-12-23	2012-03-02
	14. LOCKHEED MARTIN CORP		2011-09-13	2012-03-02
	90. MVC CAPITAL		2011-12-23	2012-03-02
	80. MTN GROUP LTD ADR			2012-03-02
	15. PROCTOR AND GAMBLE COMPANY		2009-08-14	2012-03-02
	20. ROSS STORES INC COM		2011-09-13	2012-03-02
	50. SALLY BEAUTY COMPANY INC COMMON		2011-09-13	2012-03-02
	15. UTILITIES SELECT SECTOR SPDR FUND		2011-09-13	2012-03-02
	14. SHIRE PHARMACEUTICALS GROUP PLC		2011-09-13	2012-03-02
	110. SOLUTIA INC COMMON			2012-03-02
	40. SOUTHWEST BANCORP INC/OKLA COMMON		2011-09-13	2012-03-02
	30. TEXAS INSTRUMENTS INCORPORATED		2011-02-10	2012-03-02
	70. TEXAS INSTRUMENTS INCORPORATED		2011-09-13	2012-03-02
	20. WHIRLPOOL CORP		2011-12-23	2012-03-02
	20. WHITING PETROLEUM CORP COMMON		2009-10-16	2012-03-02
	40. AMDOCS LTD ORD		2011-12-23	2012-03-02
	40. SEAGATE TECHNOLOGY		2011-12-23	2012-03-02
	20. CHECKPOINT SOFTWARE TECHNOLOGY COMMON		2011-02-10	2012-03-02
	60. LAZARD LTD		2011-09-13	2012-03-26
	.842 TELEFONICA S A		2012-06-15	2012-06-25
	716.846 AMERICAN CENTURY DIVERSIFIED BOND FUND #		2009-05-07	2012-06-28
	294.118 DODGE & COX INCOME FUND		2009-12-16	2012-06-28
	355.872 DOUBLELINE TOTAL RETURN BOND FUND		2011-12-23	2012-06-28
	374.883 METROPOLITAN WEST TOTAL RETURN BOND FUND		2011-09-13	2012-06-28
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	1,447	851	596
b	4,299	4,186	113
c	1,303	1,244	59
d	1,692	1,714	-22
e	1,555	1,326	229
	1,570	1,056	514
	1,415	1,421	-6
	2,064	2,578	-514
	3,019	2,601	418
	2,328	1,287	1,041
	5,105	4,952	153
	7,109	7,035	74
	1,592	1,812	-220
	2,959	2,456	503
	1,212	1,021	191
	1,661	1,044	617
	1,090	1,142	-52
	1,090	1,076	14
	902	1,027	-125
	1,101	1,105	-4
	1,405	1,022	383
	3,003	2,963	40
	1,009	1,108	-99
	1,514	1,211	303
	1,471	1,034	437
	354	308	46
	1,531	1,648	-117
	2,723	1,761	962
	3,155	3,290	-135
	1,102	853	249
	2,505	1,368	1,137
	5,203	5,315	-112
	1,330	1,005	325
	763	1,269	-506
	2,548	1,809	739
	752	1,055	-303
	1,145	1,014	131
	1,378	2,046	-668
	23,206	21,614	1,592
	1,186	1,121	65
	3,266	2,501	765
	500	385	115
	2,293	1,615	678
	788	1,215	-427
	704	1,295	-591
	352	667	-315
	12,545	12,445	100
	822	1,177	-355
	2,294	3,062	-768
	828	1,572	-744
	754	1,597	-843
	660	1,310	-650
	983	1,062	-79
	828	1,597	-769
	1,190	2,562	-1,372
	1,037	805	232
	565	1,150	-585
	262	299	-37
	733	1,114	-381
	1,412	1,069	343
	1,895	2,223	-328
	1,098	1,066	32
	4,163	3,555	608
	1,299	1,170	129
	928	1,087	-159
	854	701	153
	2,428	3,149	-721
	631	857	-226
	2,354	2,356	-2
	2,548	2,842	-294
	1,350	1,242	108
	1,141	815	326
	2,085	2,744	-659
	2,817	1,892	925
	967	1,093	-126
	1,173	1,260	-87
	922	753	169
	410	475	-65
	694	1,489	-795
	1,271	1,089	182
	323	453	-130
	2,108	2,218	-110
	3,428	2,827	601
	1,489	1,056	433
	1,240	1,124	116
	722	921	-199
	712	1,039	-327
	2,978	2,869	109
	996	1,022	-26
	22,452	21,615	837
	403	583	-180
	670	1,133	-463
	1,380	1,436	-56
	1,986	1,965	21
	1,052	918	134
	1,688	2,154	-466
	1,850	2,594	-744
	1,528	973	555
	1,575	1,816	-241
	1,257	953	304
	1,128	2,193	-1,065
	697	1,053	-356
	978	1,077	-99
	1,425	2,023	-598
	2,785	2,210	575
	1,162	1,182	-20
	445	515	-70
	1,023	933	90
	1,419	1,284	135
	1,183	1,249	-66
	2,269	1,653	616
	1,648	2,622	-974
	891	1,021	-130
	1,106	1,068	38
	817	1,127	-310
	653	841	-188
	1,745	747	998
	539	641	-102
	1,970	2,314	-344
	1,089	1,008	81
	944	1,037	-93
	930	1,268	-338
	2,545	2,099	446
	945	1,081	-136
	963	1,341	-378
	507	1,043	-536
	1,138	1,288	-150
	733	1,064	-331
	710	730	-20
	624	1,074	-450
	1,009	1,105	-96
	1,269	1,232	37
	1,511	1,831	-320
	2,074	1,893	181
	1,330	1,304	26
	1,287	1,607	-320
	996	1,047	-51
	2,014	1,205	809
	905	1,225	-320
	1,539	1,052	487
	595	540	55
	600	990	-390
	283	236	47
	1,374	1,090	284
	7,275	7,247	28
	999	974	25
	966	905	61
	920	1,476	-556
	1,354	1,787	-433
	2,125	2,435	-310
	1,762	1,286	476
	913	856	57
	1,783	1,218	565
	2,443	2,031	412
	1,571	1,402	169
	2,359	2,743	-384
	995	1,038	-43
	1,078	977	101
	1,115	1,016	99
	1,639	1,700	-61
	1,119	873	246
	1,329	1,966	-637
	700	1,102	-402
	596	1,014	-418
	1,260	625	635
	1,417	1,154	263
	667	781	-114
	2,292	2,678	-386
	1,010	1,098	-88
	791	1,156	-365
	1,147	1,169	-22
	913	606	307
	1,142	994	148
	380	512	-132
	1,034	1,142	-108
	1,054	1,211	-157
	1,375	1,713	-338
	1,215	1,210	5
	1,467	2,362	-895
	2,445	2,152	293
	1,177	1,348	-171
	224	1,011	-787
	560	1,271	-711
	1,543	1,564	-21
	1,012	990	22
	1,221	1,384	-163
	1,208	1,213	-5
	167	219	-52
	1,107	1,098	9
	1,822	1,203	619
	2,506	1,893	613
	3,345	3,509	-164
	1,065	1,243	-178
	1,332	1,109	223
	1,423	1,424	-1
	2,270	2,154	116
	1,242	1,302	-60
	888	879	9
	767	1,224	-457
	1,850	3,537	-1,687
	1,906	1,675	231
	715	673	42
	2,219	2,042	177
	1,402	1,469	-67
	3,616	2,568	1,048
	1,546	1,332	214
	985	1,019	-34
	1,314	1,140	174
	2,207	2,104	103
	552	633	-81
	2,378	1,455	923
	1,597	1,901	-304
	1,034	817	217
	1,198	1,188	10
	2,624	1,799	825
	1,727	2,083	-356
	1,863	1,953	-90
	905	1,196	-291
	1,122	1,374	-252
	1,472	2,412	-940
	1,866	1,606	260
	1,015	1,101	-86
	3,089	2,356	733
	1,266	918	348
	1,498	1,465	33
	292	473	-181
	2,211	1,417	794
	1,390	1,648	-258
	1,664	2,102	-438
	1,644	1,499	145
	2,072	1,539	533
	1,138	1,021	117
	1,009	858	151
	1,821	1,823	-2
	1,566	1,783	-217
	1,701	1,658	43
	2,454	2,002	452
	2,125	2,083	42
	2,317	2,627	-310
	1,039	946	93
	1,245	2,195	-950
	1,714	915	799
	1,020	725	295
	1,812	1,526	286
	43,509	42,406	1,103
	1,041	1,188	-147
	677	588	89
	1,482	1,309	173
	697	972	-275
	1,045	1,228	-183
	1,377	1,068	309
	1,435	2,302	-867
	675	979	-304
	989	1,389	-400
	706	1,013	-307
	2,283	2,469	-186
	1,367	1,619	-252
	1,181	938	243
	289	293	-4
	1,249	1,172	77
	1,108	1,172	-64
	1,797	1,504	293
	922	879	43
	1,382	1,384	-2
	1,994	2,316	-322
	2,493	2,250	243
	2,352	1,896	456
	7	7
	1,448	1,181	267
	724	506	218
	246	285	-39
	1,723	1,492	231
	1,164	1,239	-75
	1,480	1,290	190
	1,013	644	369
	1,088	1,061	27
	1,266	789	477
	672	656	16
	208	209	-1
	1,074	1,142	-68
	347	324	23
	631	558	73
	1,238	1,021	217
	1,113	1,085	28
	1,442	1,619	-177
	998	782	216
	1,078	765	313
	1,204	867	337
	524	498	26
	1,471	1,289	182
	3,080	1,355	1,725
	342	180	162
	987	1,045	-58
	2,303	1,867	436
	1,478	1,023	455
	1,153	621	532
	1,226	1,133	93
	1,079	643	436
	1,170	970	200
	1,772	1,463	309
	11	32	-21
	8,007	7,398	609
	4,006	3,865	141
	4,000	3,950	50
	4,004	3,940	64
			15

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			596
b			113
c			59
d			-22
e			229
			514
			-6
			-514
			418
			1,041
			153
			74
			-220
			503
			191
			617
			-52
			14
			-125
			-4
			383
			40
			-99
			303
			437
			46
			-117
			962
			-135
			249
			1,137
			-112
			325
			-506
			739
			-303
			131
			-668
			1,592
			65
			765
			115
			678
			-427
			-591
			-315
			100
			-355
			-768
			-744
			-843
			-650
			-79
			-769
			-1,372
			232
			-585
			-37
			-381
			343
			-328
			32
			608
			129
			-159
			153
			-721
			-226
			-2
			-294
			108
			326
			-659
			925
			-126
			-87
			169
			-65
			-795
			182
			-130
			-110
			601
			433
			116
			-199
			-327
			109
			-26
			837
			-180
			-463
			-56
			21
			134
			-466
			-744
			555
			-241
			304
			-1,065
			-356
			-99
			-598
			575
			-20
			-70
			90
			135
			-66
			616
			-974
			-130
			38
			-310
			-188
			998
			-102
			-344
			81
			-93
			-338
			446
			-136
			-378
			-536
			-150
			-331
			-20
			-450
			-96
			37
			-320
			181
			26
			-320
			-51
			809
			-320
			487
			55
			-390
			47
			284
			28
			25
			61
			-556
			-433
			-310
			476
			57
			565
			412
			169
			-384
			-43
			101
			99
			-61
			246
			-637
			-402
			-418
			635
			263
			-114
			-386
			-88
			-365
			-22
			307
			148
			-132
			-108
			-157
			-338
			5
			-895
			293
			-171
			-787
			-711
			-21
			22
			-163
			-5
			-52
			9
			619
			613
			-164
			-178
			223
			-1
			116
			-60
			9
			-457
			-1,687
			231
			42
			177
			-67
			1,048
			214
			-34
			174
			103
			-81
			923
			-304
			217
			10
			825
			-356
			-90
			-291
			-252
			-940
			260
			-86
			733
			348
			33
			-181
			794
			-258
			-438
			145
			533
			117
			151
			-2
			-217
			43
			452
			42
			-310
			93
			-950
			799
			295
			286
			1,103
			-147
			89
			173
			-275
			-183
			309
			-867
			-304
			-400
			-307
			-186
			-252
			243
			-4
			77
			-64
			293
			43
			-2
			-322
			243
			456

			267
			218
			-39
			231
			-75
			190
			369
			27
			477
			16
			-1
			-68
			23
			73
			217
			28
			-177
			216
			313
			337
			26
			182
			1,725
			162
			-58
			436
			455
			532
			93
			436
			200
			309
			-21
			609
			141
			50
			64

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	7,853
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 . . . . . . . . . . . . .		3

Part V

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

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

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

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

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

1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a) Base period years Calendar year (or tax year beginning in)	(b) Adjusted qualifying distributions	(c) Net value of noncharitable-use assets	(d) Distribution ratio (col. (b) divided by col. (c))
2010
2009
2008
2007
2006

2	Total of line 1, column (d) ......................	2
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
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4
5	Multiply line 4 by line 3.......................	5
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6
7	Add lines 5 and 6.........................	7
8	Enter qualifying distributions from Part XII, line 4..............	8
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	316
	hereand enter 1% of Part I, line 27b...................
c	All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2............................	3	316
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	316
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	1,108
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	1,108
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	792
11	Enter the amount of line 10 to be: Credited to 2012 estimated tax316	Refunded	11	476

Part VII-A

Statements Regarding Activities

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

Yes

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

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

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

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

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

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

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

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

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

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

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

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

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

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

By language in the governing instrument, or

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

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

Yes

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

Yes

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

instructions) bullet

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

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

Yes

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

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

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

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

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

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

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

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

Yes

Website address bullet

The books are in care of bullet

BRANCH BANKING & TRUST COMPANY Telephone no. bullet

(252) 246-4935

Located at bullet

223 W NASH STWILSONNC ZIP+4 bullet

27893

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

2008, 20, 20, 20

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

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

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

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

20, 20, 20, 20

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

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

If “Yes,” did it have excess business holdings in 2011 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2011.)....................

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

If “Yes” to 6b, file Form 8870.

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

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

Form 990-PF (2011)

Page 6

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
BRANCH BANKING AND TRUST COMPANY	TRUSTEE 1	11,253
PO BOX 2907 WILSON,NC27894	TRUSTEE 1	11,253

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









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

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

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

Part IX-A

Summary of Direct Charitable Activities

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


2


3


4

Form 990-PF (2011)

Page 7

Part IX-B

Summary of Program-Related Investments (see page 23 of the instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.		Amount
1


2


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

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

Part X

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

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

purposes:

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

691,359

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

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

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

691,359

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

691,359

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

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

10,370

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

680,989

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

34,049

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

34,049

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

316

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

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

316

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

33,733

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

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

33,733

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

33,733

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 ..........

40,000

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

40,000

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

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

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

40,000

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2011)

Page 8

Part XIII

Undistributed Income (see page 26 of the instructions)

		(a) Corpus	(b) Years prior to 2010	(c) 2010	(d) 2011
1 Distributable amount for 2011 from Part XI, line 7					33,733
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......				23,412
b Total for prior years:2009, 20, 20			0
3 Excess distributions carryover, if any, to 2011:
a From 2006.......	0
b From 2007.......	0
c From 2008.......	0
d From 2009.......	0
e From 2010.......	0
fTotal of lines 3a through e.........		0
4Qualifying distributions for 2011 from Part
XII, line 4: $ 40,000
a Applied to 2010, but not more than line 2a				23,412
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.....					16,588
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 ..........					17,145
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........		0
8Excess distributions carryover from 2006 not applied on line 5 or line 7 (see page 27 of the instructions) .............		0
9Excess distributions carryover to 2012. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2007....	0
b Excess from 2008....	0
c Excess from 2009....	0
d Excess from 2010....	0
e Excess from 2011....	0

Form 990-PF (2011)

Page 9

Part XIV

Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2011, enter the date of the ruling....... bullet

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

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

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

Part XV

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

1Information Regarding Foundation Managers:

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

NONE

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

NONE

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

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

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

WILLIAM CREWS
PO BOX 2907 BBT WEALTH MGMT
WILSON,NC278942907
(252) 246-4935

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

APPLICATION

cAny submission deadlines:

MARCH 1

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

WORTHY AND DESERVING GRADUATES OF TARBORO HIGH SCHOOL THAT ARE ATTENDING A COLLEGE, JUNIOR COLLEGE OR UNIVERSITY

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
NC STATE UNIVERSITY 1008 HARRIS HALL BOX 731 RALEIGH,NC276957313	NONE	EXEMPT	EDUCATIONAL	15,000
MEREDITH COLLEGE 3800 HILLSBOROGH ST WILSON,NC276075298	NONE	EXEMPT	EDUCATIONAL	5,000
UNC CHAPEL HILL CB 2200 JACKSON HALL CHAPEL HILL,NC275992200	NONE	EXEMPT	EDUCATIONAL	10,000
EAST CAROLINA UNIVERSITY FOR MIRAND EAST FIFTH STREET GREENVILLE,NC278584353	NONE	EXEMPT	EDUCATIONAL	5,000
WAKE FOREST UNIVERSITY 1834 WAKE FOREST ROAD WINSTONSALEM,NC27106	NONE	EXEMPT	EDUCATIONAL	5,000
Total ................................. 3a				40,000

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	19,290
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6Net rental income or (loss) from personal property
7 Other investment income.....
8Gain or (loss) from sales of assets other than inventory			18	7,853
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)..				27,143

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

1327,143

(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

Description	Amount
DIFF IN MUTUAL FDS REC/REPORTED	101
ADJUSTMENT FOR ROUNDING	2