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
2012
Open to Public Inspection
For calendar year 2012, or tax year beginning 07-01-2012 , and ending 06-30-2013
Name of foundation
TW BGSM-GORDON GRAY TRUST 598-1013003241
 

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 instructions)

(800) 352-3705
C bullet
G Check all that apply:

D 1. bullet
2. bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$7,295,187J 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 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...... 178,081 177,571  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 343,698
b Gross sales price for all assets on line 6a 2,140,607
7 Capital gain net income (from Part IV, line 2)... 343,698
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........ 521,779 521,269  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 46,636 34,977   11,659
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 instructions) Click to see attachment 22,440 1,514   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.......... 69,076 36,491 0 11,659
25 Contributions, gifts, grants paid........ 381,478 381,478
26 Total expenses and disbursements. Add lines 24 and 25 450,554 36,491 0 393,137
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 71,225
b Net investment income (if negative, enter -0-) 484,778
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2012)
Form 990-PF (2012)
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...............   42 42
2 Savings and temporary cash investments.......... 269,667 345,650 345,650
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)........ 3,709,926 Click to see attachment3,720,973 4,279,956
c Investments—corporate bonds (attach schedule)........   Click to see attachment2,500,394 2,669,539
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 2,517,416   0
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) 6,497,009 6,567,059 7,295,187
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......... 6,497,009 6,567,059
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).................... 6,497,009 6,567,059
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 6,497,009 6,567,059
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 6,497,009
2 Enter amount from Part I, line 27a..................... 2 71,225
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 5,113
4 Add lines 1, 2, and 3.......................... 4 6,573,347
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 6,288
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 6,567,059
Form 990-PF (2012)
Form 990-PF (2012)
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 138. AT&T INC   2013-06-03 2013-06-18
b 75. ABBOTT LABS W/RIGHTS ATTACHED EXP 11/10/2009   2013-01-08 2013-06-18
c 135. ABBVIE INC   2012-08-09 2013-06-18
d 62. AECOM TECHNOLOGY CORP   2013-03-11 2013-06-18
e 51. ALLIANCE DATA SYSTEMS CORP COM   2011-11-07 2012-11-13
263. ALLIANCE DATA SYSTEMS CORP COM   2011-11-07 2013-04-22
104. ALLSTATE CORP COM W/RIGHTS ATTACHED EXP 2/12/2009   2012-10-09 2013-06-18
24. AMGEN INC COM W/RTS ATTACHED EXP 03/21/2007   2008-12-15 2013-06-18
20. APPLE COMPUTER INC COM   2010-07-12 2012-09-24
25015.965 ABERDEEN TOTAL RETURN BD FD-I #1524   2012-04-04 2013-02-11
7616.487 ARTIO INTERNATIONAL EQ FD 3# 1529   2010-04-15 2012-12-19
6737.174 ARTIO INTERNATIONAL EQ FD 3# 1529   2010-04-15 2013-02-11
399. BERRY PLASTICS GROUP INC   2013-06-03 2013-06-18
1063. BRISTOL-MYERS SQUIBB CO COM   2008-01-24 2012-10-26
1127. CBS CORP CL B COM   2011-04-20 2012-09-24
154. CVS CORP COM   2010-08-26 2012-10-09
120. CVS CORP COM   2010-08-26 2013-06-18
471. CADENCE DESIGN SYS INC COM RTS EXP 02/09/2006   2012-07-12 2013-06-18
853. CARDINAL HLTH INC COM   2010-03-18 2012-08-09
118. CELGENE CORP COM   2011-11-07 2013-03-11
388. CELGENE CORP COM   2011-11-07 2013-04-22
39. CHEVRONTEXACO CORP COM   2007-08-27 2013-06-18
224. CHICAGO BRIDGE & IRON NY SHS   2012-08-09 2013-06-18
396. CISCO SYS INC COM W/RIGHTS ATTACHED EXPIRING 6/10/2008   2009-06-03 2013-06-18
139. CITIGROUP INC.   2013-02-26 2013-06-18
361. COMCAST CORP NEW CL A   2011-02-11 2012-09-25
65. COMCAST CORP NEW CL A   2011-02-11 2013-06-18
50. CONOCOPHILLIPS COM   2012-05-14 2013-06-18
23. DST SYS INC DEL COM   2013-02-26 2013-06-18
1895. DENBURY RESOURCES INC COM   2012-03-14 2012-11-13
731. DISNEY (WALT) COMPANY HOLDING COMPANY COM   2012-09-24 2013-01-08
.6661 DUKE ENERGY HOLDING CORP. COM   2011-09-15 2012-07-13
535. DUKE ENERGY HOLDING CORP. COM   2011-09-15 2013-01-08
1391. E M C CORP MASS COM   2011-09-15 2013-05-14
24. FEDEX CORP COM   2012-04-16 2013-06-18
298. FIFTH THIRD BANCORP COM   2011-11-07 2013-06-18
50. FLUOR CORP NEW COM   2012-10-09 2013-06-18
57. FOOT LOCKER INC COM   2011-09-15 2013-06-18
1111. GNC HOLDINGS INC   2012-02-21 2013-04-22
211. GENERAL ELEC CO COM   2010-05-25 2013-06-18
32. GOLDMAN SACHS GRP INC COM   2012-10-26 2013-06-18
61. GRACE W R & CO DEL NEW COM   2012-05-14 2013-06-18
967. HALLIBURTON CO COM W/RIGHTS EXP 12/15/2005   2010-11-04 2012-10-26
59. HANESBRANDS INC   2013-04-22 2013-06-18
326. HERTZ GLOBAL HOLDINGS INC   2013-03-11 2013-06-18
96. HOME DEPOT INC COM   2009-03-30 2013-06-18
794. IAC/INTERACTIVECORP   2010-08-26 2013-02-26
1451. INTEL CORP COM   2007-10-17 2012-10-09
230. INTL BUSINESS MACHINES CORP COM   2002-08-13 2012-10-26
134. JP MORGAN CHASE & CO COM   2006-04-10 2013-06-18
837. LINCOLN ELEC HLDS INC COM   2012-07-12 2012-10-09
89. LINCOLN NATL CORP COM   2013-04-22 2013-06-18
38. MAGNA INTL INC CL A   2013-06-03 2013-06-18
24. MCKESSON HBOC INC COM   2009-10-19 2013-06-18
154. METLIFE INC COM   2011-05-27 2013-06-18
52. MICROSOFT CORP COM   1997-12-26 2013-06-18
1693. NRG ENERGY INC COM   2013-01-08 2013-03-11
428. NATIONAL OILWELL INC COM   2011-03-08 2012-12-12
2079. NV ENERGY INC   2013-03-11 2013-06-03
416. OCCIDENTAL PETE CORP COM   2007-07-26 2012-08-09
86. ORACLE CORP COM   2010-07-12 2013-06-18
6521.739 PIMCO FDS PAC INVT MGMT SER TOTAL RETURN FD INSTL CL   2008-12-09 2012-09-04
456.621 PIMCO FOREIGN BOND FUND-INST   2012-03-19 2012-12-19
110. PHILLIPS 66   2012-10-26 2012-12-12
74. PHILLIPS 66   2012-10-26 2013-06-18
450.045 PIMCO FOREIGN BOND (UNHEDGED) #1853   2012-03-19 2012-12-19
773. QUESTCOR PHARMACEUTICALS INC   2012-01-09 2012-09-24
909. RAYMOND JAMES FINL INC COM   2011-03-08 2012-10-26
525. ROCKWOOD HLDGS INC   2011-04-20 2012-09-04
203. ROCKWOOD HLDGS INC   2011-04-20 2012-09-05
562. ROSS STORES INC COM   2008-05-09 2013-03-11
156. SPECTRUM BRANDS HOLDINGS INC   2012-09-05 2012-10-26
102. SPECTRUM BRANDS HOLDINGS INC   2012-09-05 2013-06-18
109. SUNTRUST BKS INC COM   2012-09-24 2013-06-18
1796. SYMANTEC CORP COM W/RTS EXP 8/12/2008   2011-05-27 2012-07-12
412. SYMANTEC CORP COM W/RTS EXP 8/12/2008   2012-06-13 2012-07-12
880. TJX COS INC NEW COM   2012-11-13 2013-06-03
442. TEREX CORP NEW COM   2012-08-09 2013-02-26
1330. TEREX CORP NEW COM   2012-08-09 2013-06-03
68. THERMO ELECTRON CORP COM W/RTS ATTACHED EXP 01/29/2006   2012-10-26 2013-06-18
1208. US BANCORP DEL COM NEW W/RIGHTS ATTACHED EXP 2/27/2011   2012-01-09 2013-02-26
497. UNITED TECHNOLOGIES CORP COM   2005-11-18 2012-08-09
86. UNITED THERAPEUTICS CORP DEL COM W/RIGHTS ATTACHED EXP 12/29/2010   2013-04-22 2013-06-18
16. UNITEDHEALTH GRP INC COM   2011-07-13 2013-06-18
114. VERIZON COMMUNICATIONS COM   2010-11-04 2013-06-18
548. WABCO HOLDINGS INC   2011-01-18 2013-03-11
57. WAL MART STORES INC COM   2010-06-23 2013-06-18
560. ACCENTURE PLC   2012-10-26 2013-06-03
283. MARVELL TECHNOLOGY GRP LTD SHS   2013-06-03 2013-06-18
86. SEAGATE TECHNOLOGY   2013-05-14 2013-06-18
454. ACE LIMITED   2005-11-18 2013-04-22
838. TYCO INTERNATIONAL LTD NEW   2009-09-24 2012-07-12
(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 4,998   4,847 151
b 2,776   2,508 268
c 5,787   4,624 1,163
d 1,939   1,944 -5
e 7,292   5,251 2,041
42,539   27,079 15,460
4,920   4,262 658
2,409   1,389 1,020
13,737   5,217 8,520
341,218   340,000 1,218
85,000   93,683 -8,683
76,130   82,867 -6,737
9,636   8,442 1,194
35,655   24,521 11,134
41,858   27,773 14,085
7,417   4,322 3,095
7,148   3,368 3,780
7,107   5,166 1,941
34,253   30,346 3,907
13,169   7,543 5,626
49,009   24,803 24,206
4,733   3,402 1,331
13,686   8,534 5,152
9,813   7,615 2,198
6,926   5,636 1,290
13,264   8,651 4,613
2,623   1,558 1,065
3,100   2,642 458
1,563   1,550 13
27,469   36,963 -9,494
37,018   38,641 -1,623
44   39 5
34,674   31,121 3,553
32,029   31,420 609
2,388   2,119 269
5,456   3,640 1,816
3,157   2,824 333
2,002   1,237 765
45,427   36,506 8,921
5,064   3,269 1,795
5,248   3,819 1,429
5,089   3,512 1,577
31,359   31,752 -393
3,075   2,751 324
8,160   6,903 1,257
7,369   2,226 5,143
32,304   19,634 12,670
31,740   38,497 -6,757
44,364   16,963 27,401
7,233   5,618 1,615
31,968   35,445 -3,477
3,166   2,797 369
2,681   2,556 125
2,750   1,471 1,279
6,970   6,743 227
1,822   779 1,043
42,684   38,643 4,041
28,958   34,010 -5,052
48,723   41,956 6,767
37,771   24,881 12,890
2,966   2,007 959
75,000   67,370 7,630
5,000   4,849 151
5,852   5,169 683
4,783   3,478 1,305
5,000   4,802 198
15,559   32,820 -17,261
34,664   35,306 -642
24,432   25,161 -729
9,600   9,926 -326
31,568   9,834 21,734
7,019   5,866 1,153
6,192   3,835 2,357
3,425   3,157 268
23,955   34,873 -10,918
5,495   5,944 -449
44,106   36,510 7,596
13,766   9,679 4,087
46,736   29,123 17,613
5,832   4,150 1,682
40,377   34,028 6,349
38,191   26,626 11,565
5,604   5,222 382
1,041   837 204
5,854   3,805 2,049
38,859   33,664 5,195
4,288   2,902 1,386
45,847   37,536 8,311
3,226   3,067 159
3,830   3,514 316
40,345   25,233 15,112
42,724   28,338 14,386
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       151
b       268
c       1,163
d       -5
e       2,041
      15,460
      658
      1,020
      8,520
      1,218
      -8,683
      -6,737
      1,194
      11,134
      14,085
      3,095
      3,780
      1,941
      3,907
      5,626
      24,206
      1,331
      5,152
      2,198
      1,290
      4,613
      1,065
      458
      13
      -9,494
      -1,623
      5
      3,553
      609
      269
      1,816
      333
      765
      8,921
      1,795
      1,429
      1,577
      -393
      324
      1,257
      5,143
      12,670
      -6,757
      27,401
      1,615
      -3,477
      369
      125
      1,279
      227
      1,043
      4,041
      -5,052
      6,767
      12,890
      959
      7,630
      151
      683
      1,305
      198
      -17,261
      -642
      -729
      -326
      21,734
      1,153
      2,357
      268
      -10,918
      -449
      7,596
      4,087
      17,613
      1,682
      6,349
      11,565
      382
      204
      2,049
      5,195
      1,386
      8,311
      159
      316
      15,112
      14,386
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 2 343,698
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 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))
2011      
2010      
2009      
2008      
2007      
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 2012 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.
Form 990-PF (2012)
Form 990-PF (2012)
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 9,696
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 9,696
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 9,696
6 Credits/Payments:
a 2012 estimated tax payments and 2011 overpayment credited to 2012 6a 12,064
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 12,064
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  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 2,368
11 Enter the amount of line 10 to be: Credited to 2013 estimated taxBullet0 Refunded Bullet 11 2,368
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 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 2012 or the taxable year beginning in 2012 (see instructions for Part XIV)?
    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 instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    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 (800) 352-3705
    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 2012, 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 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 (2012)
    Form 990-PF (2012)
    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 2012?.............
    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 2012, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2012?...............
    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 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 2012 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 2012.)....................
    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 2012?
    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 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 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 (2012)
    Form 990-PF (2012)
    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 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     		46,636    
    1525 WEST WT HARRIS D1114-044
    CHARLOTTE,NC282881161
    2 Compensation of five highest-paid employees (other than those included on line 1—see 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 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 (2012)
    Form 990-PF (2012)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see 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 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
    5,800,012
    b
    Average of monthly cash balances.......................
    1b
    1,386,722
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    7,186,734
    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
    7,186,734
    4
    Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see
    instructions) .............................
    4
    107,801
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    7,078,933
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    353,947
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    353,947
    2a
    Tax on investment income for 2012 from Part VI, line 5......
    2a
    9,696
    b
    Income tax for 2012. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    9,696
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    344,251
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    344,251
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    344,251
    Part XII
    Qualifying Distributions (see 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
    393,137
    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
    393,137
    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 instructions).................
    5
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    393,137
    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 (2012)
    Form 990-PF (2012)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2011     		(c)
    2011     		(d)
    2012
    1 Distributable amount for 2012 from Part XI, line 7 344,251
    2 Undistributed income, if any, as of the end of 2012:
    a Enter amount for 2011 only....... 319,321
    b Total for prior years:2010, 20, 20 61,745
    3 Excess distributions carryover, if any, to 2012:
    a From 2007....... 0
    b From 2008....... 0
    c From 2009....... 0
    d From 2010....... 0
    e From 2011....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2012 from Part
    XII, line 4: bullet$ 393,137
    a Applied to 2011, but not more than line 2a 319,321
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		61,745
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2012 distributable amount..... 12,071
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2012. 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 instructions ...........     		0
    e Undistributed income for 2011. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2012. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2013 ..........     		332,180
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		0
    8Excess distributions carryover from 2007 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2013.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2008.... 0
    b Excess from 2009.... 0
    c Excess from 2010.... 0
    d Excess from 2011.... 0
    e Excess from 2012.... 0
    Form 990-PF (2012)
    Form 990-PF (2012)
    Page 9
    Part XIV
    Private Operating Foundations (see 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 2012, 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) 2012 (b) 2011 (c) 2010 (d) 2009
             
    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 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 (2012)
    Form 990-PF (2012)
    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
    ATTN DOUG LISCHKECONTROLLER
    WINSTONSALEM,NC27103     		NONE PUBLIC CHARITY CONTRIBUTION 381,478
    Total .................................bullet 3a 381,478
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2012)
    Form 990-PF (2012)
    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 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....     14 178,081  
    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     18 343,698  
    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)..   521,779  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13521,779
    (See worksheet in line 13 instructions 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 foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2012)
    Form 990-PF (2012)
    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
    Sign Here
    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
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2012)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2012 AppliedToPriorYearElection
    Name:
    TW BGSM-GORDON GRAY TRUST 598-1013003241
    EIN: 58-1556975
    Election:
    9/6/2012 in the amount of 61,745.00

    TY 2012 InvestmentsCorpBondsSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST 598-1013003241
    EIN: 58-1556975
    Name of Bond End of Year Book Value End of Year Fair Market Value
    256210105 DODGE & COX INCOME F 836,079 987,760
    315920702 FID ADV EMER MKTS IN 346,000 334,024
    543495840 LOOMIS SAYLES BOND F 400,000 389,542
    693390700 PIMCO TOTAL RET FD-I 274,761 286,199
    693390841 PIMCO HIGH YIELD FD- 195,713 211,380
    693390882 PIMCO FOREIGN BD FD 157,684 165,412
    722005220 PIMCO FOREIGN BOND ( 167,198 154,349
    72369B406 PIONEER HIGH YIELD F 122,959 140,873

    TY 2012 InvestmentsCorpStockSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST 598-1013003241
    EIN: 58-1556975
    Name of Stock End of Year Book Value End of Year Fair Market Value
    124857202 CBS CORP NEW    
    20030N101 COMCAST CORP CLASS A 24,468 42,627
    345370860 FORD MOTOR CO    
    364760108 GAP INC    
    437076102 HOME DEPOT INC 14,004 46,792
    778296103 ROSS STORES INC    
    92927K102 WABCO HOLDINGS INC    
    126650100 CVS/CAREMARK CORPORA 19,591 39,912
    902494103 TYSON FOODS INC    
    931142103 WAL MART STORES INC 26,523 38,809
    166764100 CHEVRON CORP 33,058 44,851
    20825C104 CONOCOPHILLIPS 30,838 38,176
    30231G102 EXXON MOBIL CORPORAT 15,020 28,912
    406216101 HALLIBURTON CO    
    637071101 NATIONAL OILWELL INC    
    674599105 OCCIDENTAL PETE CORP    
    03076C106 AMERIPRISE FINL INC    
    46625H100 JPMORGAN CHASE & CO 35,145 47,300
    59156R108 METLIFE INC 39,479 46,858
    754730109 RAYMOND JAMES FINL I    
    74144T108 T ROWE PRICE GROUP    
    031162100 AMGEN INC 22,802 38,872
    110122108 BRISTOL MYERS SQUIBB    
    14149Y108 CARDINAL HEALTH INC    
    345838106 FOREST LABS INC    
    478160104 JOHNSON & JOHNSON 18,870 38,208
    58155Q103 MCKESSON CORP 23,418 43,739
    58405U102 MEDCO HEALTH    
    235851102 DANAHER CORP    
    369604103 GENERAL ELECTRIC CO 25,470 38,124
    907818108 UNION PACIFIC CORP    
    913017109 UNITED TECHNOLOGIES    
    88579Y1013M CO COM    
    00846U101 AGILENT TECHNLOGIES    
    037833100 APPLE INC 17,998 27,361
    049513104 ATMEL CORP    
    17275R102 CISCO SYSTEMS INC 30,401 40,761
    219350105 CORNING INC    
    428236103 HEWLETT PACKARD    
    44919P508 IAC/INTERACTIVECORP    
    458140100 INTEL CORP    
    459200101 INTERNATIONAL BUSINE    
    594918104 MICROSOFT CORP 16,716 38,552
    68389X105 ORACLE CORPORATION 26,605 35,009
    871503108 SYMANTEC CORP 41,660 39,610
    882508104 TEXAS INSTRUMENTS    
    774415103 ROCKWOOD HLDGS INC    
    92343V104 VERIZON COMMUNICATIO 27,239 41,077
    91324P102 UNITEDHEALTH GROUP I 33,650 42,104
    G4412G101 HERBALIFE LTD 41,158 34,577
    H0023R105 ACE LIMITED    
    H89128104 TYCO INTERNATIONAL L    
    003021714 ABERDEEN EMERG MARKE 414,000 409,346
    008882532 INVESCO INTL GROWTH- 50,000 51,712
    018581108 ALLIANCE DATA SYS CO    
    04314H105 ARTISAN FDS INC SMAL 139,000 161,539
    04314H204 ARTISAN INTERNATIONA 176,545 222,582
    04314H709 ARTISAN MID CAP VALU 208,000 235,531
    04315J837 ARTIO INTERNATIONAL    
    131649709 CALVERT CAPTL ACCUMU 208,000 223,119
    151020104 CELGENE CORP COM    
    247916208 DENBURY RESOURCES    
    256206103 DODGE & COX INT'L ST 267,844 288,743
    26441C105 DUKE ENERGY HOLDING    
    268648102 E M C CORP MASS    
    31428X106 FEDEX CORPORATION 35,048 39,136
    316773100 FIFTH THIRD BANCORP 29,172 43,103
    344849104 FOOT LOCKER INC 24,453 39,592
    36191G107 GNC HOLDINGS INC    
    38388F108 W. R. GRACE & CO COM 31,950 46,642
    641233200 NEUBERGER BERMAN GEN 139,000 154,617
    722005667 PIMCO COMMODITY REAL 274,000 227,073
    747525103 QUALCOMM INC 36,676 33,905
    74835Y101 QUESTCOR PHARMACEUTI    
    78464A607 SPDR DOW JONES REIT 264,545 287,243
    902973304 US BANCORP DEL NEW    
    00206R102 AT & T INC 40,178 40,498
    002824100 ABBOTT LABS 34,350 36,938
    00287Y109 ABBVIE INC 32,665 39,769
    00766T100 AECOM TECHNOLOGY COR 39,790 40,342
    020002101 ALLSTATE CORP 33,769 39,651
    08579W103 BERRY PLASTICS GROUP 36,243 37,806
    127387108 CADENCE DESIGN SYSTE 30,151 39,806
    167250109 CHICAGO BRIDGE & IRO 29,220 45,759
    172967424 CITIGROUP, INC. 33,978 40,199
    233326107 DST SYS INC COM 38,756 37,565
    343412102 FLUOR CORP NEW 35,408 37,187
    38141G104 GOLDMAN SACHS GROUP 33,415 42,350
    410345102 HANESBRANDS INC 39,354 43,398
    42805T105 HERTZ GLOBAL HOLDING 35,574 41,664
    436106108 HOLLYFRONTIER CORP 38,353 36,106
    534187109 LINCOLN NATL CORP IN 38,969 45,223
    559222401 MAGNA INTL INC CL A 42,242 44,726
    718546104 PHILLIPS 66 30,264 37,938
    84763R101 SPECTRUM BRANDS HOLD 28,211 42,880
    867914103 SUNTRUST BANKS INC 36,084 39,336
    883556102 THERMO FISHER SCIENT 32,772 45,446
    91307C102 UNITED THERAPEUTICS 36,615 39,689
    G5876H105 MARVELL TECHNOLOGY G 41,733 45,095
    G7945M107 SEAGATE TECHNOLOGY 40,533 44,471

    TY 2012 InvestmentsOtherSchedule2
    Name:
    TW BGSM-GORDON GRAY TRUST 598-1013003241
    EIN: 58-1556975
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    256210105 DODGE & COX INCOME F      
    693390841 PIMCO HIGH YIELD FD-      
    693390700 PIMCO TOTAL RET FD-I      
    72369B406 PIONEER HIGH YIELD F      
    693390882 PIMCO FOREIGN BD FD      
    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      
    315920702 FID ADV EMER MKTS IN      
    722005220 PIMCO FOREIGN BOND (      

    TY 2012 OtherDecreasesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST 598-1013003241
    EIN: 58-1556975
    Description Amount
    MUTUAL FUND TAX EFFECTIVE DATE AFTER TYE 6,288


    TY 2012 OtherIncreasesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST 598-1013003241
    EIN: 58-1556975
    Description Amount
    MUTUAL FUND TAX EFFECTIVE DATE BEFORE TYE 5,088
    ROUNDING 4
    ROC BASIS ADJUSTMNET 21


    TY 2012 TaxesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST 598-1013003241
    EIN: 58-1556975
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 120 120   0
    FEDERAL TAX PAYMENT - PRIOR YE 8,862 0   0
    FEDERAL ESTIMATES - PRINCIPAL 12,064 0   0
    FOREIGN TAXES ON QUALIFIED FOR 1,388 1,388   0
    FOREIGN TAXES ON NONQUALIFIED 6 6   0