Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter social security numbers on this form as it may be made public.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2014
Open to Public Inspection
For calendar year 2014, or tax year beginning 2014, and ending , 20
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 or province, country, and ZIP or foreign postal code
CHARLOTTE, NC28262
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
E 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$8,262,909J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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
Sch. B ...............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities...... 189,208 189,208  
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 485,329
b Gross sales price for all assets on line 6a 5,022,903
7 Capital gain net income (from Part IV, line 2)... 485,329
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........ 674,537 674,537  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 51,124 38,343   12,781
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)....... Click to see attachment 1,000 0 0 1,000
c Other professional fees (attach schedule)....       0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment 17,594 1,090   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.......... 69,718 39,433 0 13,781
25 Contributions, gifts, grants paid........ 115,080 115,080
26 Total expenses and disbursements. Add lines 24 and 25 184,798 39,433 0 128,861
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 489,739
b Net investment income (if negative, enter -0-) 635,104
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2014)
Form 990-PF (2014)
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.......... 130,738 564,178 564,178
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 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)........ 3,806,063 Click to see attachment3,856,416 4,700,051
c Investments—corporate bonds (attach schedule)........ 2,901,190 Click to see attachment2,909,209 2,998,680
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)...........     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) 6,837,991 7,329,803 8,262,909
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......... 6,837,991 7,329,803
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 instructions)...... 6,837,991 7,329,803
31 Total liabilities and net assets/fund balances (see instructions).. 6,837,991 7,329,803
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 6,837,991
2 Enter amount from Part I, line 27a..................... 2 489,739
3 Other increases not included in line 2 (itemize) bulletClick to see attachment 3 4,860
4 Add lines 1, 2, and 3.......................... 4 7,332,590
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 2,787
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 7,329,803
Form 990-PF (2014)
Form 990-PF (2014)
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 102. AETNA INC-NEW COM   2014-06-09 2015-06-11
b 71. AETNA INC-NEW COM   2014-06-09 2015-06-23
c 1761.899 INVESCO INTL GROWTH-Y #8516   2012-12-19 2014-11-19
d 2804.262 INVESCO INTL GROWTH-Y #8516   2014-06-24 2014-11-19
e 75. AMERISOURCEBERGEN CORP COM   2015-01-21 2015-06-23
419. AMERIPRISE FINANCIAL INC   2015-01-21 2015-05-18
44. AMGEN INC COM W/RTS ATTACHED EXP 03/21/2007   2015-01-21 2015-06-23
82. APPLE COMPUTER INC COM   2013-10-07 2015-06-23
155. ARCHER DANIELS MIDLAND CO COM   2014-02-05 2015-06-23
1448. ARRIS GROUP INC   2014-07-31 2015-06-11
9652.893 ARTISAN MID CAP VALUE FUND #1464   2012-04-09 2014-11-19
15833.333 ASHMORE EMERG MKTS CR DB-INS   2014-01-17 2014-11-19
123. AVERY DENNISON CORP COM   2015-06-11 2015-06-23
3144. BANK AMER CORP COM   2013-07-08 2014-08-28
394. BERKSHIRE HATHAWAY INC.   2013-11-15 2015-05-18
21. BIOGEN INC   2014-08-28 2015-06-23
336. BOEING CO COM   2013-11-04 2014-10-08
3711. BOSTON SCIENTIFIC CORP COM   2013-10-07 2014-10-08
93. CVS CORP COM   2010-08-26 2015-06-23
6046.596 CALVERT CAPTL ACCUMULATION-I #764   2012-04-09 2014-11-19
83. CAPITAL ONE FINL CORP COM RTS EXP 11/29/2005   2014-10-08 2015-06-23
710. CARDINAL HLTH INC COM   2014-01-22 2015-01-21
187. CENTENE CORP COM   2014-11-11 2015-03-19
123. CENTENE CORP COM   2014-11-11 2015-06-23
379. CHEVRONTEXACO CORP COM   2007-08-27 2014-10-08
223. CISCO SYS INC COM W/RIGHTS ATTACHED EXPIRING 6/10/2008   2009-06-03 2015-06-23
838. CITIGROUP INC.   2013-02-26 2014-10-08
136. COMCAST CORP NEW CL A   2011-02-11 2015-06-23
80. CONOCOPHILLIPS COM   2014-07-31 2015-06-23
77. DST SYS INC DEL COM   2013-02-26 2015-06-23
704. DELTA AIR LINES INC   2013-07-08 2014-08-28
158. DELTA AIR LINES INC   2013-07-08 2014-12-12
173. DELTA AIR LINES INC   2013-07-08 2015-06-23
3552.207 DODGE & COX INT'L STOCK FD # 1048   2014-06-24 2014-11-19
420.208 DODGE & COX INT'L STOCK FD # 1048   2013-02-11 2014-11-19
18182.213 DODGE & COX INCOME FD COM   2008-12-09 2014-11-19
32286.424 DODGE & COX INCOME FD COM   2014-06-24 2014-11-19
144. DOW CHEM CO COM   2013-10-07 2015-06-23
2314. E*TRADE GROUP   2014-02-05 2015-01-21
139. ELECTRONIC ARTS COM   2015-03-18 2015-06-23
43. EXXON MOBIL CORP COM   2004-08-03 2015-06-23
715. FACEBOOK INC   2014-02-05 2015-02-25
127. FOOT LOCKER INC COM   2014-11-11 2015-06-23
337. FORD MTR CO DEL COM   2013-08-07 2015-06-23
80. GILEAD SCIENCES INC COM   2014-03-12 2015-06-23
39. GOLDMAN SACHS GRP INC COM   2014-08-28 2015-06-23
776. HALLIBURTON CO COM W/RIGHTS EXP 12/15/2005   2014-08-28 2015-03-18
237. HANESBRANDS INC   2013-04-22 2014-07-31
84. HANESBRANDS INC   2013-04-22 2014-10-08
219. HANESBRANDS INC   2013-04-22 2015-03-18
249. HANESBRANDS INC   2013-04-22 2015-06-23
184. HARTFORD FINL SVCS GRP COM   2015-05-18 2015-06-23
1483. HEWLETT-PACKARD CO COM   2014-04-07 2015-03-18
80. HOME DEPOT INC COM   2009-03-30 2015-06-23
193. INTEL CORP COM   2015-01-21 2015-06-23
2858. ISHARES S & P SMALLCAP 600 INDEX FUND   2014-06-24 2014-11-19
116. JP MORGAN CHASE & CO COM   2015-05-18 2015-06-23
445. JOHNSON & JOHNSON COM   1999-05-26 2015-02-25
28014.616 JPMORGAN HIGH YIELD FUND SS #3580   2014-06-24 2015-01-29
29615.861 JPMORGAN HIGH YIELD FUND SS #3580   2014-01-17 2015-01-29
81. LEAR CORP   2013-09-20 2015-06-23
125. LINCOLN NATL CORP COM   2013-04-22 2015-06-23
3279.006 LOOMIS SAYLES BOND FD INSTL #1162   2013-02-11 2014-11-19
16088.328 LOOMIS SAYLES BOND FD INSTL #1162   2014-06-24 2014-11-19
35962.362 LOOMIS SAYLES BOND FD INSTL #1162   2014-01-17 2015-01-29
121. LOWES COS INC COM W/RIGHTS ATTACHED EXPIRING 9/9/2008   2013-11-04 2015-06-23
167. MAGNA INTL INC CL A   2013-06-03 2015-06-23
590. MASTERCARD INC   2014-01-22 2014-07-31
80. MCKESSON HBOC INC COM   2009-10-19 2015-02-25
40. MCKESSON HBOC INC COM   2009-10-19 2015-06-23
114. MERCK & CO INC NEW   2014-10-08 2015-06-23
149. MICROSOFT CORP COM   1997-12-26 2015-06-23
415. MICRON TECHNOLOGY INC COM   2013-11-15 2014-10-08
256. MICRON TECHNOLOGY INC COM   2013-11-15 2015-06-23
204. MORGAN STANLEY DEAN WITTER & CO COM NEW   2013-11-04 2015-06-23
91. NATIONAL OILWELL INC COM   2014-10-08 2015-06-23
54. NORTHROP GRUMMAN CORP COM W/RTS ATTACHED EXP 10/31/2008   2014-01-22 2015-06-23
152. ORACLE CORP COM   2010-07-12 2015-06-23
644. PHILLIPS 66   2012-10-26 2014-11-11
204. PINNACLE FOODS INC   2014-12-12 2015-06-23
555. QUALCOMM INC COM W/RTS ATTACHED   2012-04-16 2015-01-21
6813. RITE AID CORP COM   2014-04-30 2014-08-28
92. SANDISK CORP COM W/RTS ATTACHED EXP 04/28/2007   2013-10-07 2015-06-23
85. SKYWORKS SOLUTIONS INC COM   2015-02-25 2015-06-23
287. SOUTHWEST AIRLINES CO COM   2014-02-05 2014-10-08
270. SOUTHWEST AIRLINES CO COM   2014-02-05 2014-11-11
213. SOUTHWEST AIRLINES CO COM   2014-02-05 2015-06-23
182. SPIRIT AEROSYTSEMS HOLD-CL A   2014-10-08 2015-06-23
180. TESSERA TECHNOLOGIES INC   2015-03-19 2015-06-23
162. TRINITY INDS INC COM W/RIGHTS ATTACHED EXP 4/27/2009   2014-06-09 2015-06-23
520. UNITED THERAPEUTICS CORP DEL COM W/RIGHTS ATTACHED EXP 12/29/2010   2013-04-22 2014-08-28
65. UNITEDHEALTH GRP INC COM   2015-02-25 2015-06-23
113. VALERO ENERGY CORP NEW COM   2014-04-30 2015-06-23
816. VERIZON COMMUNICATIONS COM   2010-11-04 2014-12-12
175. VOYA FINANCIAL INC   2014-01-17 2015-06-23
521. WAL MART STORES INC COM   2010-06-23 2014-11-11
152. WESTERN REFNG INC   2015-03-18 2015-06-23
275. ACTAVIS PLC   2013-11-15 2015-01-21
766. HERBALIFE LTD   2012-06-13 2014-07-31
3851. MARVELL TECHNOLOGY GRP LTD SHS   2013-06-03 2015-03-18
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 12,029   8,066 3,963
b 9,035   5,615 3,420
c 60,838   50,000 10,838
d 96,831   100,000 -3,169
e 8,367   6,962 1,405
53,948   52,864 1,084
7,096   6,920 176
10,430   5,753 4,677
8,063   5,993 2,070
46,453   50,637 -4,184
238,813   208,000 30,813
144,717   152,000 -7,283
7,622   7,672 -50
50,369   41,403 8,966
57,378   45,706 11,672
8,717   7,186 1,531
41,219   44,697 -3,478
44,253   43,319 934
9,887   2,610 7,277
260,004   208,000 52,004
7,417   6,745 672
58,066   48,265 9,801
13,193   8,853 4,340
9,821   5,823 3,998
43,820   33,058 10,762
6,378   4,288 2,090
43,253   33,978 9,275
8,238   3,259 4,979
5,063   6,621 -1,558
9,669   5,190 4,479
28,115   13,425 14,690
7,621   3,013 4,608
7,443   3,299 4,144
158,002   165,000 -6,998
18,691   15,165 3,526
252,187   207,459 44,728
447,813   446,000 1,813
7,701   5,721 1,980
51,143   44,319 6,824
9,210   7,704 1,506
3,658   2,018 1,640
56,885   44,674 12,211
8,345   6,964 1,381
5,146   5,684 -538
9,741   6,336 3,405
8,519   6,923 1,596
32,065   52,486 -20,421
23,261   11,051 12,210
9,130   3,917 5,213
7,533   2,553 4,980
8,518   2,903 5,615
7,827   7,661 166
48,745   48,695 50
9,048   1,855 7,193
6,168   7,040 -872
316,974   317,942 -968
8,078   7,710 368
44,672   18,870 25,802
213,191   230,000 -16,809
225,377   239,000 -13,623
9,551   5,770 3,781
7,704   3,928 3,776
50,792   50,169 623
249,208   255,000 -5,792
527,568   549,831 -22,263
8,544   6,011 2,533
9,674   5,617 4,057
43,920   49,188 -5,268
18,408   4,904 13,504
9,400   2,452 6,948
6,711   6,717 -6
6,823   2,232 4,591
12,936   8,113 4,823
6,254   5,005 1,249
8,187   5,944 2,243
4,457   6,513 -2,056
8,864   6,497 2,367
6,331   3,547 2,784
47,658   30,264 17,394
9,664   7,087 2,577
39,698   36,676 3,022
42,853   49,555 -6,702
5,978   5,757 221
9,309   7,494 1,815
9,220   5,904 3,316
10,774   5,554 5,220
7,349   4,381 2,968
10,210   6,733 3,477
7,077   7,719 -642
4,941   6,754 -1,813
47,653   31,575 16,078
7,927   7,454 473
6,902   6,472 430
37,088   27,239 9,849
8,426   6,333 2,093
41,185   26,523 14,662
6,785   7,552 -767
75,879   45,349 30,530
42,155   41,158 997
60,731   41,733 18,998
      66,315
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       3,963
b       3,420
c       10,838
d       -3,169
e       1,405
      1,084
      176
      4,677
      2,070
      -4,184
      30,813
      -7,283
      -50
      8,966
      11,672
      1,531
      -3,478
      934
      7,277
      52,004
      672
      9,801
      4,340
      3,998
      10,762
      2,090
      9,275
      4,979
      -1,558
      4,479
      14,690
      4,608
      4,144
      -6,998
      3,526
      44,728
      1,813
      1,980
      6,824
      1,506
      1,640
      12,211
      1,381
      -538
      3,405
      1,596
      -20,421
      12,210
      5,213
      4,980
      5,615
      166
      50
      7,193
      -872
      -968
      368
      25,802
      -16,809
      -13,623
      3,781
      3,776
      623
      -5,792
      -22,263
      2,533
      4,057
      -5,268
      13,504
      6,948
      -6
      4,591
      4,823
      1,249
      2,243
      -2,056
      2,367
      2,784
      17,394
      2,577
      3,022
      -6,702
      221
      1,815
      3,316
      5,220
      2,968
      3,477
      -642
      -1,813
      16,078
      473
      430
      9,849
      2,093
      14,662
      -767
      30,530
      997
      18,998
       
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 2 485,329
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 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))
2013      
2012      
2011      
2010      
2009      
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 2014 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 (2014)
Form 990-PF (2014)
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 12,702
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 12,702
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 12,702
6 Credits/Payments:
a 2014 estimated tax payments and 2013 overpayment credited to 2014 6a 13,100
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 13,100
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 10 398
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet0 RefundedBullet 11 398
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 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 2014 or the taxable year beginning in 2014 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    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 2014, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See instructions for exceptions and filing requirements for FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 6
    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 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 2014?.............
    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 2014, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2014?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
    (relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
    to all years listed, answer "No" and attach statement—see 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 2014 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 2014.)....................
    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 2014?
    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 4945(d)(4)(A)? (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 (2014)
    Form 990-PF (2014)
    Page 7
    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     		51,124    
    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 (2014)
    Form 990-PF (2014)
    Page 8
    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 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
    7,953,556
    b
    Average of monthly cash balances.......................
    1b
    258,132
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    8,211,688
    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
    8,211,688
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    123,175
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    8,088,513
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    404,426
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    404,426
    2a
    Tax on investment income for 2014 from Part VI, line 5......
    2a
    12,702
    b
    Income tax for 2014. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    12,702
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    391,724
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    391,724
    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
    391,724
    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
    128,861
    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
    128,861
    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
    128,861
    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 (2014)
    Form 990-PF (2014)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2013     		(c)
    2013     		(d)
    2014
    1 Distributable amount for 2014 from Part XI, line 7 391,724
    2 Undistributed income, if any, as of the end of 2014:
    a Enter amount for 2013 only....... 335,438
    b Total for prior years:2012, 20, 20 0
    3 Excess distributions carryover, if any, to 2014:
    a From 2009....... 0
    b From 2010....... 0
    c From 2011....... 0
    d From 2012....... 0
    e From 2013....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2014 from Part
    XII, line 4: bullet$ 128,861
    a Applied to 2013, but not more than line 2a 128,861
    b Applied to undistributed income of prior years
    (Election required—see instructions).....     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2014 distributable amount..... 0
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2014. 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 2013. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		206,577
    f Undistributed income for 2014. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		391,724
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2009 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2015.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2010.... 0
    b Excess from 2011.... 0
    c Excess from 2012.... 0
    d Excess from 2013.... 0
    e Excess from 2014.... 0
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 10
    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 2014, 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) 2014 (b) 2013 (c) 2012 (d) 2011
             
    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 or email address 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 (2014)
    Form 990-PF (2014)
    Page 11
    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
    WAKE FOREST UNIV HEALTH SCIENCES
    ATTN JOHN GILLON
    PO BOX 571021
    WINSTON SALEM,NC27104     		NONE PC CONTRIBUTION 115,080
    Total .................................bullet 3a 115,080
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2014)
    Form 990-PF (2014)
    Page 12
    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....          
    3
    Interest on savings and temporary cash investments ............     		         
    4 Dividends and interest from securities....     14 189,208  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....          
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 485,329  
    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)..   674,537  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13674,537
    (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 (2014)
    Form 990-PF (2014)
    Page 13
    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 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    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) 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 (2014)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2014 AccountingFeesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    TAX PREPARATION FEE (NON-ALLOC 1,000     1,000

    TY 2014 InvestmentsCorpBondsSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Name of Bond End of Year Book Value End of Year Fair Market Value
    256210105 DODGE & COX INCOME F 628,620 749,276
    315920702 FID ADV EMER MKTS IN 150,000 143,445
    543495840 LOOMIS SAYLES BOND F    
    693390700 PIMCO TOTAL RET FD-I    
    693390841 PIMCO HIGH YIELD FD-    
    693390882 PIMCO FOREIGN BD FD 143,111 151,133
    722005220 PIMCO FOREIGN BOND (    
    72369B406 PIONEER HIGH YIELD F    
    044820504 ASHMORE EMERG MKTS C    
    4812C0803 JPMORGAN HIGH YIELD    
    921937819 VANGUARD INTERMEDIAT 1,547,478 1,519,976
    922031760 VANGUARD HIGH YIELD 440,000 434,850

    TY 2014 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    
    20030N101 COMCAST CORP CLASS A 21,209 53,224
    345370860 FORD MOTOR COMPANY 36,970 32,902
    364760108 GAP INC    
    437076102 HOME DEPOT INC 12,149 58,232
    778296103 ROSS STORES INC    
    92927K102 WABCO HOLDINGS INC    
    126650100 CVS HEALTH CORPORATI 16,981 63,452
    902494103 TYSON FOODS INC    
    931142103 WAL MART STORES INC    
    166764100 CHEVRON CORP    
    20825C104 CONOCOPHILLIPS 43,371 32,179
    30231G102 EXXON MOBIL CORPORAT 13,002 23,046
    406216101 HALLIBURTON CO    
    637071101 NATIONAL OILWELL INC 42,368 28,582
    674599105 OCCIDENTAL PETE CORP    
    03076C106 AMERIPRISE FINL INC    
    46625H100 JPMORGAN CHASE & CO 50,113 51,091
    59156R108 METLIFE INC    
    754730109 RAYMOND JAMES FINL I    
    74144T108 T ROWE PRICE GROUP    
    031162100 AMGEN INC 45,452 44,367
    110122108 BRISTOL MYERS SQUIBB    
    14149Y108 CARDINAL HEALTH INC    
    345838106 FOREST LABS INC    
    478160104 JOHNSON & JOHNSON    
    58155Q103 MCKESSON CORP 16,061 58,900
    58405U102 MEDCO HEALTH    
    235851102 DANAHER CORP    
    369604103 GENERAL ELECTRIC CO    
    907818108 UNION PACIFIC CORP    
    913017109 UNITED TECHNOLOGIES    
    88579Y1013M CO COM    
    00846U101 AGILENT TECHNLOGIES    
    037833100 APPLE INC 21,577 66,977
    049513104 ATMEL CORP    
    17275R102 CISCO SYSTEMS INC 26,113 39,872
    219350105 CORNING INC    
    428236103 HEWLETT PACKARD CO    
    44919P508 IAC/INTERACTIVECORP    
    458140100 INTEL CORP 45,923 38,292
    459200101 INTERNATIONAL BUSINE    
    594918104 MICROSOFT CORP 14,484 42,693
    68389X105 ORACLE CORPORATION 23,058 39,816
    871503108 SYMANTEC CORP    
    882508104 TEXAS INSTRUMENTS    
    774415103 ROCKWOOD HLDGS INC    
    92343V104 VERIZON COMMUNICATIO    
    91324P102 UNITEDHEALTH GROUP I 48,282 51,362
    G4412G101 HERBALIFE LTD    
    H0023R105 ACE LIMITED    
    H89128104 TYCO INTERNATIONAL L    
    003021714 ABERDEEN EMERG MARKE    
    008882532 INVESCO INTL GROWTH-    
    018581108 ALLIANCE DATA SYS CO    
    04314H105 ARTISAN FDS INC SMAL    
    04314H204 ARTISAN INTERNATIONA    
    04314H709 ARTISAN MID CAP VALU    
    04315J837 ARTIO INTERNATIONAL    
    131649709 CALVERT CAPTL ACCUMU    
    151020104 CELGENE CORP COM    
    247916208 DENBURY RESOURCES    
    256206103 DODGE & COX INT'L ST 252,679 327,617
    26441C105 DUKE ENERGY HOLDING    
    268648102 E M C CORP MASS    
    31428X106 FEDEX CORPORATION    
    316773100 FIFTH THIRD BANCORP    
    344849104 FOOT LOCKER INC 45,511 55,618
    36191G107 GNC HOLDINGS INC    
    38388F108 W. R. GRACE & CO COM    
    641233200 NEUBERGER BERMAN GEN    
    722005667 PIMCO COMMODITY REAL    
    747525103 QUALCOMM INC    
    74835Y101 QUESTCOR PHARMACEUTI    
    78464A607 SPDR DOW JONES REIT 369,586 439,535
    902973304 US BANCORP DEL NEW    
    00206R102 AT & T INC    
    002824100 ABBOTT LABS    
    00287Y109 ABBVIE INC    
    00766T100 AECOM TECHNOLOGY COR    
    020002101 ALLSTATE CORP    
    08579W103 BERRY PLASTICS GROUP    
    127387108 CADENCE DESIGN SYSTE    
    167250109 CHICAGO BRIDGE & IRO    
    172967424 CITIGROUP INC.    
    233326107 DST SYS INC COM 33,566 62,738
    343412102 FLUOR CORP NEW    
    38141G104 GOLDMAN SACHS GROUP 45,620 53,659
    410345102 HANESBRANDS INC 18,931 54,112
    42805T105 HERTZ GLOBAL HOLDING    
    436106108 HOLLYFRONTIER CORP    
    534187109 LINCOLN NATL CORP IN 25,707 48,442
    559222401 MAGNA INTL INC CL A 36,625 61,082
    718546104 PHILLIPS 66    
    84763R101 SPECTRUM BRANDS HOLD    
    867914103 SUNTRUST BANKS INC    
    883556102 THERMO FISHER SCIENT    
    91307C102 UNITED THERAPEUTICS    
    G5876H105 MARVELL TECHNOLOGY G    
    G7945M107 SEAGATE TECHNOLOGY    
    00817Y108 AETNA INC-NEW 36,615 59,014
    039483102 ARCHER DANIELS MIDLA 39,167 48,847
    060505104 BANK OF AMERICA CORP    
    084670702 BERKSHIRE HATHAWAY I    
    097023105 BOEING CO    
    101137107 BOSTON SCIENTIFIC CO    
    247361702 DELTA AIR LINES INC 21,472 46,256
    260543103 DOW CHEMICAL CO 37,385 48,151
    269246401 E*TRADE GROUP    
    30303M102 FACEBOOK INC    
    375558103 GILEAD SCIENCES INC 41,260 60,999
    464287200 ISHARES CORE S & P 5 213,577 224,834
    464287804 ISHARES CORE S&P SMA    
    521865204 LEAR CORP 37,399 58,937
    548661107 LOWES COS INC 39,146 52,772
    57636Q104 MASTERCARD INC    
    595112103 MICRON TECHNOLOGY IN 32,529 31,350
    617446448 MORGAN STANLEY 38,662 51,474
    666807102 NORTHROP GRUMMAN COR 42,232 55,679
    767754104 RITE AID CORP    
    80004C101 SANDISK CORP COM 37,546 34,932
    844741108 SOUTHWEST AIRLINES C 28,613 46,028
    896522109 TRINITY INDS INC 44,110 27,963
    91913Y100 VALERO ENERGY CORP 42,210 46,136
    929089100 VOYA FINANCIAL INC 41,364 53,115
    G0083B108 ACTAVIS PLC    
    00770G847 JOHCM INTERNATIONAL 334,000 346,919
    03073E105 AMERISOURCEBERGEN CO 45,673 52,319
    053611109 AVERY DENNISON CORP 49,899 48,752
    09062X103 BIOGEN INC 45,513 53,724
    14040H105 CAPITAL ONE FINANCIA 43,802 47,416
    15135B101 CENTENE CORP DEL 37,970 64,481
    285512109 ELECTRONIC ARTS INC 50,049 60,050
    34984T857 GOLDEN SMALL CAP COR 317,942 353,668
    416515104 HARTFORD FINANCIAL S 50,044 49,967
    464287499 ISHARES RUSSELL MID- 521,864 535,284
    58933Y105 MERCK & CO INC NEW 43,956 42,470
    72348P104 PINNACLE FOODS INC 46,169 60,523
    83088M102 SKYWORKS SOLUTIONS I 48,578 57,359
    848574109 SPIRIT AEROSYTSEMS H 43,728 65,140
    88164L100 TESSERA TECHNOLOGIES 49,557 44,475
    959319104 WESTERN REFNG INC 49,047 43,227

    TY 2014 OtherDecreasesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Description Amount
       
       


    TY 2014 OtherIncreasesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Description Amount
       


    TY 2014 TaxesSchedule
    Name:
    TW BGSM-GORDON GRAY TRUST
    EIN: 58-1556975
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 257 257   0
    FEDERAL TAX PAYMENT - PRIOR YE 3,404 0   0
    FEDERAL ESTIMATES - PRINCIPAL 13,100 0   0
    FOREIGN TAXES ON QUALIFIED FOR 823 823   0
    FOREIGN TAXES ON NONQUALIFIED 10 10   0