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
G
Check all that apply:
Name of foundation
TW BGSM-GORDON GRAY TRUST
 

Number and street (or P.O. box number if mail is not delivered to street address)1525 W WT HARRIS BLVD D1114-044   Room/suite
City or town, state, and ZIP code
CHARLOTTE, NC28288
A Employer identification number

58-1556975
B Telephone number (see page 10 of the instructions)

(919) 881-6497
C bullet
D 1. bullet
H Check type of organization:
2. bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$6,974,140J Accounting method:
 
(Part I, column (d) must be on cash basis.)
E bullet
F bullet
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see page 11 of the instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 168,814 168,814  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 465,935
b Gross sales price for all assets on line 6a 3,614,026
7 Capital gain net income (from Part IV, line 2)... 465,935
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)....... Click to see attachment 1,396    
12 Total. Add lines 1 through 11........ 636,145 634,749  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 40,760 30,570   10,190
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)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see page 14 of the instructions) Click to see attachment 6,215 1,096   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).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 46,975 31,666 0 10,190
25 Contributions, gifts, grants paid........ 103,969 103,969
26 Total expenses and disbursements. Add lines 24 and 25 150,944 31,666 0 114,159
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 485,201
b Net investment income (if negative, enter -0-) 603,083
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 Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing...............      
2 Savings and temporary cash investments.......... 259,402 269,667 269,667
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see page 15 of the
instructions)....................      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet0      
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)........ 2,082,860 Click to see attachment3,709,926 3,950,951
c Investments—corporate bonds (attach schedule)........      
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 3,671,028 Click to see attachment2,517,416 2,753,522
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 6,013,290 6,497,009 6,974,140
Liabilities 17 Accounts payable and accrued expenses..........    
18 Grants payable...................    
19 Deferred revenue..................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 6,013,290 6,497,009
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).................... 6,013,290 6,497,009
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 6,013,290 6,497,009
Part III Analysis of Changes in Net Assets or Fund Balances
1 Total net assets or fund balances at beginning of year—Part II, column (a), line 30 (must agree
with end-of-year figure reported on prior year’s return)............... 1 6,013,290
2 Enter amount from Part I, line 27a..................... 2 485,201
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 4,150
4 Add lines 1, 2, and 3.......................... 4 6,502,641
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 5,632
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 6,497,009
Form 990-PF (2011)
Form 990-PF (2011)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.) 		(b) How acquired
P—Purchase
D—Donation 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a 1073. AGILENT TECHNOLOGIES INC COM   2011-05-27 2012-03-14
b 164. ALLIANCE DATA SYSTEMS CORP COM   2011-11-07 2012-03-19
c 1123. AMERIPRISE FINANCIAL INC   2010-02-09 2012-02-21
d 218. AMGEN INC COM W/RTS ATTACHED EXP 03/21/2007   2008-12-15 2012-03-19
e 33. APPLE COMPUTER INC COM   2010-07-12 2012-03-14
46. APPLE COMPUTER INC COM   2010-07-12 2012-03-19
3634. ATMEL CORP COM   2011-05-27 2011-11-07
2254. BANK NEW YORK MELLON CORP COM   2011-08-25 2012-01-09
552. BRISTOL-MYERS SQUIBB CO COM   2008-01-24 2012-03-19
751. CBS CORP CL B COM   2011-04-20 2012-03-19
320. CBS CORP CL B COM   2011-04-20 2012-06-13
505. CVS CORP COM   2010-08-26 2012-03-19
442. CARDINAL HLTH INC COM   2010-03-18 2012-03-19
263. CELGENE CORP COM   2011-11-07 2012-03-19
218. CHEVRONTEXACO CORP COM   2007-08-27 2012-03-19
697. CISCO SYS INC COM W/RIGHTS ATTACHED EXPIRING 6/10/2008   2009-06-03 2012-03-19
751. COMCAST CORP NEW CL A   2011-02-11 2012-03-19
241. CONOCOPHILLIPS COM   2005-11-18 2012-03-19
1592. CORNING INC COM W/RTS EXP 07/15/2006   2010-07-13 2011-07-13
857. CORNING INC COM W/RTS EXP 07/15/2006   2010-07-12 2011-07-13
364. DANAHER CORP COM   2010-11-04 2012-03-19
699. DANAHER CORP COM   2010-11-04 2012-05-14
985. DENBURY RESOURCES INC COM   2012-03-14 2012-03-19
834. DUKE ENERGY HOLDING CORP. COM   2011-09-15 2012-03-19
723. E M C CORP MASS COM   2011-09-15 2012-03-19
167. EXXON MOBIL CORP COM   2004-08-03 2012-03-19
1395. FIFTH THIRD BANCORP COM   2011-11-07 2012-03-19
745. FOOT LOCKER INC COM   2011-09-15 2012-03-19
250. FOOT LOCKER INC COM   2011-09-15 2012-06-13
3114. FORD MTR CO DEL COM   2010-07-12 2011-09-15
1381. FOREST LABS CL A   2010-11-04 2011-09-15
577. GNC HOLDINGS INC   2012-02-21 2012-03-19
1991. GAP INC COM   2008-09-10 2011-11-07
963. GENERAL ELEC CO COM   2010-05-25 2012-03-19
502. HALLIBURTON CO COM W/RIGHTS EXP 12/15/2005   2010-11-04 2012-03-19
9616.261 OAKMARK INTERNATIONAL FD CL I   2010-04-15 2012-03-19
925. HEWLETT-PACKARD CO COM   2003-04-29 2011-09-15
2549. HOLOGIC INC   2011-07-13 2011-11-07
527. HOME DEPOT INC COM   2009-03-30 2012-03-19
316. HOME DEPOT INC COM   2009-03-30 2012-06-13
483. IAC/INTERACTIVECORP   2010-08-26 2011-09-15
412. IAC/INTERACTIVECORP   2010-08-26 2012-03-19
753. INTEL CORP COM   2007-10-17 2012-03-19
119. INTL BUSINESS MACHINES CORP COM   2005-07-05 2012-03-19
363. JP MORGAN CHASE & CO COM   2006-04-10 2012-03-19
231. JOHNSON & JOHNSON COM   2004-01-06 2012-03-19
116. MCKESSON HBOC INC COM   2009-10-19 2011-11-07
211. MCKESSON HBOC INC COM   2009-10-19 2012-03-19
770. MEDCO HEALTH SOLUTIONS INC   2010-07-12 2011-07-13
414. METLIFE INC COM   2011-05-27 2012-03-19
607. MICROSOFT CORP COM   1997-12-30 2012-03-19
223. NATIONAL OILWELL INC COM   2011-03-08 2012-03-19
217. OCCIDENTAL PETE CORP COM   2007-07-26 2012-03-19
637. ORACLE CORP COM   2010-07-12 2012-03-19
45413.261 PIMCO FDS PAC INVT MGMT SER TOTAL RETURN FD INSTL CL   2008-12-09 2012-03-19
2448.615 PIMCO FDS PAC INVT MGMT SER TOTAL RETURN FD INSTL CL   2008-12-09 2012-04-19
231. PHILLIPS 66   2005-11-18 2012-05-14
.5 PHILLIPS 66   2005-11-18 2012-05-22
768. T ROWE PRICE GRP INC COM   2011-02-11 2011-08-25
400. QUESTCOR PHARMACEUTICALS INC   2012-01-09 2012-03-19
472. RAYMOND JAMES FINL INC COM   2011-03-08 2012-03-19
379. ROCKWOOD HLDGS INC   2011-04-20 2012-03-19
350. ROSS STORES INC COM   2008-05-09 2011-09-15
425. ROSS STORES INC COM   2008-05-09 2012-03-19
259. ROSS STORES INC COM   2008-05-09 2012-06-13
9553.881 ROYCE PREMIER FUND W CLASS #566   2010-04-15 2012-03-26
933. SYMANTEC CORP COM W/RTS EXP 8/12/2008   2011-05-27 2012-03-19
6529.33 TCW GALILEO FDS INC SMALL CAP GROWTH FD   2010-04-15 2012-03-26
9490.007 TEMPLETON GLOBAL BOND FD-ADV #616   2010-04-15 2012-03-19
1768. TEXAS INSTRS INC COM   2009-07-01 2011-09-15
580. 3M CO COM   2009-11-09 2012-01-09
730. TIBCO SOFTWARE INC COM   2012-01-09 2012-03-19
1406. TIBCO SOFTWARE INC COM   2012-01-09 2012-04-16
2483. TYSON FOODS INC COM CL A   2010-07-12 2011-09-15
627. US BANCORP DEL COM NEW W/RIGHTS ATTACHED EXP 2/27/2011   2012-01-09 2012-03-19
179. UNION PAC CORP COM   2010-11-10 2012-03-19
344. UNION PAC CORP COM   2010-11-10 2012-04-16
259. UNITED TECHNOLOGIES CORP COM   2005-11-18 2012-03-19
343. UNITEDHEALTH GRP INC COM   2011-07-13 2012-03-19
482. VERIZON COMMUNICATIONS COM   2010-11-04 2012-03-19
285. WABCO HOLDINGS INC   2011-01-18 2012-03-19
301. WAL MART STORES INC COM   2010-06-23 2012-03-19
11856.511 WF ADV TRAD S/C GRWTH FD INST #4132   2004-08-04 2012-03-26
11746.792 WELLS FARGO ADV SM/MD CAP CAL INS   2010-04-15 2012-03-26
966. COVIDIEN PLC   2011-09-15 2012-01-09
282. HERBALIFE LTD   2011-09-15 2012-03-19
320. ACE LIMITED   2005-11-18 2011-11-07
236. ACE LIMITED   2005-11-18 2012-03-19
434. TYCO INTERNATIONAL LTD NEW   2009-09-24 2012-03-19
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 48,099   52,977 -4,878
b 20,352   16,885 3,467
c 63,162   42,512 20,650
d 14,752   12,616 2,136
e 19,175   8,608 10,567
27,284   11,999 15,285
37,644   54,135 -16,491
46,547   45,794 753
18,254   12,733 5,521
23,791   18,507 5,284
10,108   7,886 2,222
22,709   14,174 8,535
18,241   15,724 2,517
19,809   16,812 2,997
24,104   19,015 5,089
13,975   13,403 572
22,187   17,997 4,190
18,653   14,827 3,826
27,200   28,048 -848
14,642   14,842 -200
19,936   16,286 3,650
37,333   31,275 6,058
19,325   19,213 112
17,582   16,171 1,411
20,938   16,331 4,607
14,487   7,839 6,648
20,311   17,041 3,270
22,044   16,164 5,880
7,597   5,424 2,173
32,813   34,330 -1,517
45,544   46,758 -1,214
19,600   18,960 640
39,531   38,545 986
19,385   14,919 4,466
17,504   16,483 1,021
190,787   176,555 14,232
21,436   15,286 6,150
41,145   52,178 -11,033
25,575   12,218 13,357
16,313   7,326 8,987
20,075   11,943 8,132
20,653   10,188 10,465
20,775   19,978 797
24,389   8,808 15,581
16,324   15,219 1,105
15,017   10,791 4,226
9,431   7,111 2,320
18,323   12,935 5,388
42,363   43,875 -1,512
16,071   18,127 -2,056
19,545   9,195 10,350
18,504   17,720 784
21,893   12,979 8,914
18,791   14,866 3,925
500,000   469,119 30,881
27,400   25,294 2,106
7,214   6,512 702
16   14 2
38,516   52,945 -14,429
14,792   16,983 -2,191
17,468   18,333 -865
20,124   18,531 1,593
27,549   12,249 15,300
23,672   7,437 16,235
16,762   4,532 12,230
200,823   176,556 24,267
16,947   18,116 -1,169
197,447   176,553 20,894
125,363   128,400 -3,037
48,775   38,414 10,361
48,535   44,463 4,072
22,351   16,968 5,383
46,086   32,681 13,405
43,161   43,695 -534
19,938   17,662 2,276
20,214   16,209 4,005
37,187   31,151 6,036
21,986   13,876 8,110
19,201   17,950 1,251
19,106   16,090 3,016
17,219   17,508 -289
18,246   15,323 2,923
222,072   177,492 44,580
189,123   176,554 12,569
43,615   46,235 -2,620
20,256   16,137 4,119
23,041   17,785 5,256
17,122   13,117 4,005
23,062   14,676 8,386
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       -4,878
b       3,467
c       20,650
d       2,136
e       10,567
      15,285
      -16,491
      753
      5,521
      5,284
      2,222
      8,535
      2,517
      2,997
      5,089
      572
      4,190
      3,826
      -848
      -200
      3,650
      6,058
      112
      1,411
      4,607
      6,648
      3,270
      5,880
      2,173
      -1,517
      -1,214
      640
      986
      4,466
      1,021
      14,232
      6,150
      -11,033
      13,357
      8,987
      8,132
      10,465
      797
      15,581
      1,105
      4,226
      2,320
      5,388
      -1,512
      -2,056
      10,350
      784
      8,914
      3,925
      30,881
      2,106
      702
      2
      -14,429
      -2,191
      -865
      1,593
      15,300
      16,235
      12,230
      24,267
      -1,169
      20,894
      -3,037
      10,361
      4,072
      5,383
      13,405
      -534
      2,276
      4,005
      6,036
      8,110
      1,251
      3,016
      -289
      2,923
      44,580
      12,569
      -2,620
      4,119
      5,256
      4,005
      8,386
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 465,935
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see pages 13 and 17 of the instructions).
If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . . 		Bracket 3  
Part V
Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.)

If section 4940(d)(2) applies, leave this part blank.
Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period?
If “Yes,” the foundation does not qualify under section 4940(e). Do not complete this part.
1 Enter the appropriate amount in each column for each year; see page 18 of the instructions before making any entries.
(a)
Base period years Calendar
year (or tax year beginning in) 		(b)
Adjusted qualifying distributions 		(c)
Net value of noncharitable-use assets 		(d)
Distribution ratio
(col. (b) divided by col. (c))
2010      
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)
Form 990-PF (2011)
Page 4
Part VI
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see page 18 of the instructions)
1a Bulletand enter “N/A” on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 12,062
hereBulletand enter 1% of Part I, line 27b...................
c All other domestic foundations enter 2% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2 0
3 Add lines 1 and 2............................ 3 12,062
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 12,062
6 Credits/Payments:
a 2011 estimated tax payments and 2010 overpayment credited to 2011 6a 3,200
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 3,200
8 Enter any penalty for underpayment of estimated tax. if 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.......Bullet 9 8,862
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2012 estimated taxBullet   Refunded Bullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
If the answer is “Yes” to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If “Yes,” attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If “Yes,” attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If “Yes,” has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If “Yes,” attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
  • By language in the governing instrument, or
  • By state legislation that effectively amends the governing instrument so that no mandatory directions
    • that conflict with the state law remain in the governing instrument?................
    6
    Yes
     
    7
    Did the foundation have at least $5,000 in assets at any time during the year? If “Yes,” complete Part II, col. (c), and Part XV.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see page 19 of the
    instructions)bulletNC
    b
    If the answer is “Yes” to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
    General (or designate) of each state as required by General Instruction G? If “No,” attach explanation .
    8b
    Yes
     
    9
    Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
    or 4942(j)(5) for calendar year 2011 or the taxable year beginning in 2011 (see instructions for Part XIV on
    page 27)? If “Yes,” complete Part XIV..........................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.
    10
     
    No
    11
    At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
    meaning of section 512(b)(13)? If "Yes," attach schedule. (see page 20 of the instructions) .......
    11
     
    No
    12
    Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletWELLS FARGO BANK NA Telephone no.bullet (919) 881-6497
    Located atbullet1 WEST 4TH STREET 4TH FLOOR D4000-0WINSTON SALEMNC ZIP+4bullet271013818
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16
    At any time during calendar year 2011, did the foundation have an interest in or a signature or other authority over
    a bank, securities, or other financial account in a foreign country? .................
    16
     
    No
    See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 5
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required
    File Form 4720 if any item is checked in the “Yes” column, unless an exception applies.
    Yes
    No
    1a
    During the year did the foundation (either directly or indirectly):
    (1) Engage in the sale or exchange, or leasing of property with a disqualified person?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (5) Transfer any income or assets to a disqualified person (or make any of either available
    for the benefit or use of a disqualified person)?.................
    (6) Agree to pay money or property to a government official? (Exception. Check “No”
    if the foundation agreed to make a grant to or to employ the official for a period
    after termination of government service, if terminating within 90 days.).........
    b
    If any answer is “Yes” to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
    section 53.4941(d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?...
    1b
     
    No
    .........bullet
    c
    Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
    that were not corrected before the first day of the tax year beginning in 2011?.............
    1c
     
    No
    2
    Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
    operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
    a
    At the end of tax year 2011, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2011?...............
    If “Yes,” list the years bullet2010, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer “No” and attach statement—see page 20 of the instructions.) .........
    2b
     
    No
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business
    enterprise at any time during the year?.....................
    b
    If “Yes,” did it have excess business holdings in 2011 as a result of (1) any purchase by the foundation
    or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
    by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
    the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
    if the foundation had excess business holdings in 2011.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
    charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2011?
    4b
     
    No
    5a
    During the year did the foundation pay or incur any amount to:
    (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (4) Provide a grant to an organization other than a charitable, etc., organization described
    in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    If any answer is “Yes” to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
    Regulations section 53.4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?
    5b
     
     
    .........bullet
    c
    If the answer is “Yes” to question 5a(4), does the foundation claim exemption from the
    tax because it maintained expenditure responsibility for the grant?............
    If “Yes,” attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay
    premiums on a personal benefit contract?....................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If “Yes” to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 6
    Part VIII
    Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
    and Contractors
    1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
    (a) Name and address (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation
     (If not paid, enter
    -0-)     		(d) Contributions to
    employee benefit plans
    and deferred compensation     		(e) Expense account,
    other allowances
    WELLS FARGO BANK NA TRUSTEE
    40     		40,760    
    1525 WEST WT HARRIS D1114-044
    CHARLOTTE,NC282881161
    2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the instructions).
    If none, enter “NONE.”
    (a) Name and address of each employee paid more than $50,000 (b) Title, and average
    hours per week
    devoted to position     		(c) Compensation (d) Contributions to
    employee benefit
    plans and deferred
    compensation     		(e) Expense account,
    other allowances
    NONE
    Total number of other employees paid over $50,000...................bullet 0
    3 Five highest-paid independent contractors for professional services (see page 23 of the instructions). If none, enter "NONE".
    (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
    NONE
    Total number of others receiving over $50,000 for professional services.............bullet0
    Part IX-A
    Summary of Direct Charitable Activities
    List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
    1
     
    2  
    3  
    4  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see page 23 of the instructions)
    Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
    1  
    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.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
    6,405,031
    b
    Average of monthly cash balances.......................
    1b
    323,560
    c
    Fair market value of all other assets (see page 24 of the instructions)............
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    6,728,591
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    6,728,591
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25
    of the instructions) ...........................
    4
    100,929
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    6,627,662
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    331,383
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    331,383
    2a
    Tax on investment income for 2011 from Part VI, line 5......
    2a
    12,062
    b
    Income tax for 2011. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    12,062
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    319,321
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    319,321
    6
    Deduction from distributable amount (see page 25 of the instructions)...........
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    319,321
    Part XII
    Qualifying Distributions (see page 25 of the instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
    114,159
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    114,159
    5
    Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment
    income. Enter 1% of Part I, line 27b (see page 26 of the instructions)............
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    114,159
    Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
    the section 4940(e) reduction of tax in those years.
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 8
    Part XIII
    Undistributed Income (see page 26 of the instructions)
    (a)
    Corpus     		(b)
    Years prior to 2010     		(c)
    2010     		(d)
    2011
    1 Distributable amount for 2011 from Part XI, line 7 319,321
    2 Undistributed income, if any, as of the end of 2011:
    a Enter amount for 2010 only....... 175,904
    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: bullet$ 114,159
    a Applied to 2010, but not more than line 2a 114,159
    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..... 0
    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 ...........     		61,745
    f Undistributed income for 2011. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2011 ..........     		319,321
    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)
    Form 990-PF (2011)
    Page 9
    Part XIV
    Private Operating Foundations (see page 27 of the instructions and Part VII-A, question 9)
    1a If the foundation has received a ruling or determination letter that it is a private operating
    foundation, and the ruling is effective for 2011, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    2a Enter the lesser of the adjusted net
    income from Part I or the minimum
    investment return from Part X for each
    year listed ..........     		Tax year Prior 3 years (e) Total
    (a) 2011 (b) 2010 (c) 2009 (d) 2008
             
    b 85% of line 2a .........          
    c Qualifying distributions from Part XII,
    line 4 for each year listed .....     		         
    d Amounts included in line 2c not used directly
    for active conduct of exempt activities ....     		         
    e Qualifying distributions made directly
    for active conduct of exempt activities.
    Subtract line 2d from line 2c ....     		         
    3 Complete 3a, b, or c for the
    alternative test relied upon:
    a “Assets” alternative test—enter:
    (1) Value of all assets ......          
    (2) Value of assets qualifying
    under section 4942(j)(3)(B)(i)    		          
    b “Endowment” alternative test— enter 2⁄3
    of minimum investment return shown in
    Part X, line 6 for each year listed...     		         
    c “Support” alternative test—enter:
    (1) Total support other than gross
    investment income (interest,
    dividends, rents, payments
    on securities loans (section
    512(a)(5)), or royalties) ....     		         
    (2) Support from general public
    and 5 or more exempt
    organizations as provided in
    section 4942(j)(3)(B)(iii)....     		         
    (3) Largest amount of support
    from an exempt organization    		          
    (4) Gross investment income          
    Part XV
    Supplementary Information (Complete this part only if the organization had $5,000 or more in
    assets at any time during the year—see page 27 of the instructions.)
    1Information Regarding Foundation Managers:
    aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
    before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
    bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
    ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
    2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
    Check here bullet
    aThe name, address, and telephone number of the person to whom applications should be addressed:
    bThe form in which applications should be submitted and information and materials they should include:
    cAny submission deadlines:
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 10
    Part XV
    Supplementary Information (continued)
    3 Grants and Contributions Paid During the Year or Approved for Future Payment
    Recipient If recipient is an individual,
    show any relationship to
    any foundation manager
    or substantial contributor
    		 Foundation
    status of
    recipient     		Purpose of grant or
    contribution     		Amount
    Name and address (home or business)
    aPaid during the year
    BOWMAN GRAY SCHOOL OF MEDICINE
    MEDICAL CENTER BOULEVARD
    WINSTONSALEM,NC27103     		NONE PUBLIC CHARITY CONTRIBUTION 103,969
    Total .................................bullet 3a 103,969
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 11
    Part XVI-A
    Analysis of Income-Producing Activities
    Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
    Related or exempt
    function income
    (See page 28 of
    the instructions.)
    1Program service revenue: (a)
    Business code     		(b)
    Amount     		(c)
    Exclusion code     		(d)
    Amount
    a
    b
    c
    d
    e
    f
    gFees and contracts from government agencies          
    2 Membership dues and assessments....          
    3Interest on savings and temporary cash investments          
    4 Dividends and interest from securities....     14 168,814  
    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     18 465,935  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aPR YR FED TAX REF.     1 1,396  
    b
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   636,145  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13636,145
    (See worksheet in line 13 instructions on page 28 to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See
    page 28 of the instructions.)
    Form 990-PF (2011)
    Form 990-PF (2011)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section
    Yes
    No
    501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    If the answer to any of the above is “Yes,” complete the following schedule. Column (b) should always show the fair market value
    of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
    in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
    (a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
    2a
    Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
    described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527?...........
    b
    If “Yes,” complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    SignHere
    Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer or fiduciary) is based on all information of which preparer has any knowledge.
    Bullet Bullet
    Signature of officer or trustee Date Title
    PaidPreparersUseOnly Preparer's SignatureBullet Date PTIN
    Firm's namebullet



    Firm's addressbullet







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


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2011 InvestmentsCorpStockSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Name of Stock End of Year Book Value End of Year Fair Market Value
    124857202 CBS CORP NEW 27,773 36,943
    20030N101 COMCAST CORP CLASS A 34,677 46,261
    345370860 FORD MOTOR CO    
    364760108 GAP INC    
    437076102 HOME DEPOT INC 16,229 37,093
    778296103 ROSS STORES INC 9,834 35,108
    92927K102 WABCO HOLDINGS INC 33,664 29,006
    126650100 CVS/CAREMARK CORPORA 27,282 45,422
    902494103 TYSON FOODS INC    
    931142103 WAL MART STORES INC 29,424 40,298
    166764100 CHEVRON CORP 36,459 44,099
    20825C104 CONOCOPHILLIPS 33,481 38,054
    30231G102 EXXON MOBIL CORPORAT 15,020 27,382
    406216101 HALLIBURTON CO 31,752 27,453
    637071101 NATIONAL OILWELL INC 34,010 27,580
    674599105 OCCIDENTAL PETE CORP 24,881 35,680
    03076C106 AMERIPRISE FINL INC    
    46625H100 JPMORGAN CHASE & CO 40,763 36,802
    59156R108 METLIFE INC 46,222 36,341
    754730109 RAYMOND JAMES FINL I 35,306 31,124
    74144T108 T ROWE PRICE GROUP    
    031162100 AMGEN INC 24,191 30,476
    110122108 BRISTOL MYERS SQUIBB 24,521 38,215
    14149Y108 CARDINAL HEALTH INC 30,346 35,826
    345838106 FOREST LABS INC    
    478160104 JOHNSON & JOHNSON 18,870 30,064
    58155Q103 MCKESSON CORP 24,889 38,063
    58405U102 MEDCO HEALTH    
    235851102 DANAHER CORP    
    369604103 GENERAL ELECTRIC CO 28,739 38,658
    907818108 UNION PACIFIC CORP    
    913017109 UNITED TECHNOLOGIES 26,626 37,538
    88579Y1013M CO COM    
    00846U101 AGILENT TECHNLOGIES    
    037833100 APPLE INC 23,215 51,976
    049513104 ATMEL CORP    
    17275R102 CISCO SYSTEMS INC 38,016 35,559
    219350105 CORNING INC    
    428236103 HEWLETT PACKARD    
    44919P508 IAC/INTERACTIVECORP 19,634 36,206
    458140100 INTEL CORP 38,497 38,669
    459200101 INTERNATIONAL BUSINE 16,963 44,983
    594918104 MICROSOFT CORP 17,495 35,729
    68389X105 ORACLE CORPORATION 28,612 36,412
    871503108 SYMANTEC CORP 40,817 32,259
    882508104 TEXAS INSTRUMENTS    
    774415103 ROCKWOOD HLDGS INC 35,596 32,287
    92343V104 VERIZON COMMUNICATIO 31,045 41,329
    91324P102 UNITEDHEALTH GROUP I 34,487 38,552
    G4412G101 HERBALIFE LTD 41,158 37,021
    H0023R105 ACE LIMITED 25,233 33,655
    H89128104 TYCO INTERNATIONAL L 28,338 44,288
    003021714 ABERDEEN EMERG MARKE 414,000 398,798
    008882532 INVESCO INTL GROWTH- 30,000 28,279
    018581108 ALLIANCE DATA SYS CO 32,330 42,390
    04314H105 ARTISAN FDS INC SMAL 139,000 132,383
    04314H204 ARTISAN INTERNATIONA 176,545 186,965
    04314H709 ARTISAN MID CAP VALU 208,000 196,147
    04315J837 ARTIO INTERNATIONAL 176,550 142,388
    131649709 CALVERT CAPTL ACCUMU 208,000 199,780
    151020104 CELGENE CORP COM 32,346 32,465
    247916208 DENBURY RESOURCES 36,963 28,633
    256206103 DODGE & COX INT'L ST 170,844 156,971
    26441C105 DUKE ENERGY HOLDING 31,159 37,057
    268648102 E M C CORP MASS 31,420 35,651
    31428X106 FEDEX CORPORATION 37,166 38,568
    316773100 FIFTH THIRD BANCORP 32,812 35,992
    344849104 FOOT LOCKER INC 25,690 36,207
    36191G107 GNC HOLDINGS INC 36,506 43,551
    38388F108 W. R. GRACE & CO COM 35,461 31,077
    641233200 NEUBERGER BERMAN GEN 139,000 135,044
    722005667 PIMCO COMMODITY REAL 274,000 263,618
    747525103 QUALCOMM INC 36,676 30,902
    74835Y101 QUESTCOR PHARMACEUTI 32,820 41,155
    78464A607 SPDR DOW JONES REIT 264,545 275,670
    902973304 US BANCORP DEL NEW 34,028 38,849

    TY 2011 InvestmentsOtherSchedule2
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    256210105 DODGE & COX INCOME F AT COST 836,079 997,286
    693390841 PIMCO HIGH YIELD FD- AT COST 195,713 208,239
    693390700 PIMCO TOTAL RET FD-I AT COST 342,131 374,257
    72369B406 PIONEER HIGH YIELD F AT COST 122,959 130,763
    693390882 PIMCO FOREIGN BD FD AT COST 162,534 175,556
    880208400 TEMPLETON GLOBAL      
    780905451 ROYCE PREMIER FUND      
    87234N849 TCW SMALL GAP      
    949917363 WELLS FARGO ADVANT.      
    94985D244 WELLS FARGO ADVANT      
    04315J837 ARTIO INTERNATIONAL      
    04314H204 ARTISAN INTERNATIONA      
    256206103 DODGE & COX      
    413838202 OAKMARK FUNDS      
    H0023R105 ACE LIMITED      
    H89128104 TYCO INTERNATIONAL      
    04315J209 ARTIO TOTAL RETURN B AT COST 340,000 344,470
    315920702 FID ADV EMER MKTS IN AT COST 346,000 347,405
    722005220 PIMCO FOREIGN BOND ( AT COST 172,000 175,546

    TY 2011 OtherDecreasesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Description Amount
    MUTUAL FUND TAX EFFECTIVE DATE AFTER TYE 5,628
    ROUNDING 4


    TY 2011 OtherIncomeSchedule2
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PRIOR YR FED TAX REF 1,396 0  


    TY 2011 OtherIncreasesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Description Amount
    MUTUAL FUND TAX EFFECTIVE DATE BEFORE TYE 4,150


    TY 2011 TaxesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 43 43   0
    FEDERAL TAX PAYMENT - PRIOR YE 1,919 0   0
    FEDERAL ESTIMATES - PRINCIPAL 3,200 0   0
    FOREIGN TAXES ON QUALIFIED FOR 902 902   0
    FOREIGN TAXES ON NONQUALIFIED 151 151   0