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            <BusinessNameLine1>MALLARME CHAMBER PLAYERS</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>120 MORRIS STREET</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27701</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MANBITES DOG THEATER</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 402</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27702</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>3000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MDC INC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 17268</AddressLine1>
            <City>CHAPEL HILL</City>
            <State>NC</State>
            <ZIPCode>27516</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>MUSEUM OF LIFE AND SCIENC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>433 MURRAY AVENUE</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27704</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>12025</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>NC THERAPEUTIC RIDING CTR</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 841</AddressLine1>
            <City>CARRBORO</City>
            <State>NC</State>
            <ZIPCode>27510</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>3000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>RONALD MCDONALD HOUSE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>506 ALEXANDER AVENUE</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27705</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>62500</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SEEDS</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>706 GILBERT STREET</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27701</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>7000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>URBAN MINISTRIES OF DURHA</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>410 LIBERTY STREET</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27702</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>VOLUNTEER CTR OF DURHAM</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 3374</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27702</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>30000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>NC BOTANICAL GARDENS</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>UNIVNC CB 3375</AddressLine1>
            <City>CHAPEL HILL</City>
            <State>NC</State>
            <ZIPCode>27599</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>10000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>EDGE</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>1107 HOLLOWAY STREET</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27701</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>SOCIETY OF ST ANDREW</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>PO BOX 25081</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27705</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>8000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>DURHAM CHILDREN' CHOIR</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>117 LANDSBURY DRIVE</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27707</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>15000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>FOOD BANK OF CENTRAL NC</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>3808 TARHEEL DRIVE</AddressLine1>
            <City>RALEIGH</City>
            <State>NC</State>
            <ZIPCode>27609</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <GrantOrContriPaidDuringYear>
          <RecipientBusinessName>
            <BusinessNameLine1>ANIMAL PROTECTION SOCIETY</BusinessNameLine1>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1>2117 EAST CLUB BLVD</AddressLine1>
            <City>DURHAM</City>
            <State>NC</State>
            <ZIPCode>27704</ZIPCode>
          </RecipientUSAddress>
          <PurposeOfGrantOrContribution>UNRESTRICTED</PurposeOfGrantOrContribution>
          <Amount>5000</Amount>
        </GrantOrContriPaidDuringYear>
        <TotGrantOrContriPaidDuringYear>579025</TotGrantOrContriPaidDuringYear>
      </SupplementaryInformation>
      <AnalysisIncomeProducingActy>
        <IntOnSavingsAndTempCashInvst>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>187674</ExclusionAmount>
        </IntOnSavingsAndTempCashInvst>
        <DividendsAndIntFromSecPartVII>
          <ExclusionCode>14</ExclusionCode>
          <ExclusionAmount>129212</ExclusionAmount>
        </DividendsAndIntFromSecPartVII>
        <GainSalesAssetsOthThanInvntry>
          <RelatedOrExemptFunctionIncome>2425</RelatedOrExemptFunctionIncome>
        </GainSalesAssetsOthThanInvntry>
        <SubtotalsPartXVIA>
          <ExclusionAmount>316886</ExclusionAmount>
          <RelatedOrExemptFunctionIncome>2425</RelatedOrExemptFunctionIncome>
        </SubtotalsPartXVIA>
        <TotalPartXVIA>319311</TotalPartXVIA>
      </AnalysisIncomeProducingActy>
      <TrnsfrTrRlnWithNoncharitableEO>
        <TrnsfrOfCashToNoncharitableEO>false</TrnsfrOfCashToNoncharitableEO>
        <TrnsfrOthAssetsNoncharitableEO>false</TrnsfrOthAssetsNoncharitableEO>
        <SalesOrExchangesOfAssets>false</SalesOrExchangesOfAssets>
        <PurchaseAssetsNoncharitableEO>false</PurchaseAssetsNoncharitableEO>
        <RentalOfFacilitiesEtc>false</RentalOfFacilitiesEtc>
        <ReimbursementArrangements>false</ReimbursementArrangements>
        <LoansOrLoanGuarantees>false</LoansOrLoanGuarantees>
        <PerformanceOfServicesEtc>false</PerformanceOfServicesEtc>
        <SharingOfFacilitiesEtc>false</SharingOfFacilitiesEtc>
        <RelationshipsNoncharitableEOs>false</RelationshipsNoncharitableEOs>
      </TrnsfrTrRlnWithNoncharitableEO>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc3">
      <AccountingFees>
        <Category>INDIRECT ACCOUNTING FEES</Category>
        <Amount>10000</Amount>
        <NetInvestmentIncome>10000</NetInvestmentIncome>
        <AdjustedNetIncome>10000</AdjustedNetIncome>
      </AccountingFees>
    </AccountingFeesSchedule>
    <CompensationExplanation documentId="RetDoc4">
      <Compensation>
        <PersonName>DRBARBARA NEWBORG</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>SARAH FISH</PersonName>
      </Compensation>
      <Compensation>
        <PersonName>BOND ANDERSON III</PersonName>
      </Compensation>
    </CompensationExplanation>
    <GainLossSaleOtherAssetsSch documentId="RetDoc5">
      <GainLossSaleOtherAsset>
        <Name>SALE OF SECURITIES</Name>
        <DateAcquired>2009-01</DateAcquired>
        <HowAcquired>PURCHASE</HowAcquired>
        <DateSold>2010-12</DateSold>
        <GrossSalesPrice>126373</GrossSalesPrice>
        <Basis>123948</Basis>
        <TotalNet>2425</TotalNet>
      </GainLossSaleOtherAsset>
    </GainLossSaleOtherAssetsSch>
    <InvestmentsCorpBondsSchedule documentId="RetDoc6">
      <InvestmentsCorpBonds>
        <NameOfBond>SECURITIES HELD BY SMITH BARNEY</NameOfBond>
        <EOYBookValue>2676051</EOYBookValue>
        <EOYFMV>2699866</EOYFMV>
      </InvestmentsCorpBonds>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc7">
      <InvestmentsCorpStock>
        <NameOfStock>SECURITIES HELD BY MERRILL LYNCH</NameOfStock>
        <EOYBookValue>6370035</EOYBookValue>
        <EOYFMV>8035222</EOYFMV>
      </InvestmentsCorpStock>
    </InvestmentsCorpStockSchedule>
    <InvestmentsGovtObligationsSch documentId="RetDoc8">
      <USGovtSecuritiesEOYBookValue>535239</USGovtSecuritiesEOYBookValue>
      <USGovtSecuritiesEOYFMV>775934</USGovtSecuritiesEOYFMV>
    </InvestmentsGovtObligationsSch>
    <OtherExpensesSchedule documentId="RetDoc9">
      <OtherExpenses>
        <Description>EXPENSES</Description>
      </OtherExpenses>
      <OtherExpenses>
        <Description>OFFICE EXPENSES</Description>
        <RevenueAndExpensesPerBooks>183</RevenueAndExpensesPerBooks>
        <NetInvestmentIncome>183</NetInvestmentIncome>
        <AdjustedNetIncome>183</AdjustedNetIncome>
      </OtherExpenses>
    </OtherExpensesSchedule>
    <OtherProfessionalFeesSchedule documentId="RetDoc10">
      <OtherProfessionalFees>
        <Category>PORTFOLIO MANAGEMENT FEES</Category>
        <Amount>90631</Amount>
        <NetInvestmentIncome>90631</NetInvestmentIncome>
        <AdjustedNetIncome>90631</AdjustedNetIncome>
      </OtherProfessionalFees>
      <OtherProfessionalFees>
        <Category>COMPLIANCE CONSULTING</Category>
        <Amount>10000</Amount>
        <NetInvestmentIncome>10000</NetInvestmentIncome>
        <AdjustedNetIncome>10000</AdjustedNetIncome>
      </OtherProfessionalFees>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc11">
      <Taxes>
        <Category>EXCISE TAX</Category>
        <Amount>3366</Amount>
        <NetInvestmentIncome>3366</NetInvestmentIncome>
        <AdjustedNetIncome>3366</AdjustedNetIncome>
      </Taxes>
    </TaxesSchedule>
  </ReturnData>
</Return>