UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON D.C. 20549

                                    FORM 13F

                               FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: September 30, 2010

Check here if Amendment [ ]; Amendment Number: _________

This Amendment (Check only one): [ ] is a restatement
                                 [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    BancorpSouth Inc.
Address: One Mississippi Plaza
         201 South Spring Street
         Tupelo MS  38804

Form 13F File Number: 28-10453

     The institutional investment manager filing this report and the person by
whom it is signed hereby represent that the person signing the report is
authorized to submit it that all information contained herein is true correct
and complete and that it is understood that all required items statements
schedules lists and tables are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name:  Cathy S. Freeman
Title: Executive Vice President and Corporate Secretary
Phone: (662) 680-2084

Signature Place and Date of Signing:


/s/ Cathy S. Freeman                    Tupelo Mississippi     November 15, 2010
-----------------------------------   ----------------------   -----------------
[Signature]                                 [City State]             [Date]

Report Type (Check only one.):

[X]  13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
     are reported in this report.)

[ ]  13F NOTICE. (Check here if no holdings reported are in this report and all
     holdings are reported by other reporting manager(s).)

[ ]  13F COMBINATION REPORT. (Check here if a portion of the holdings for this
     reporting manager are reported in this report and a portion are reported by
     other reporting manager(s).)

List of Other Managers Reporting for this Manager: None.



                              FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:               1
Form 13F Information Table Entry Total:        226
Form 13F Information Table Value Total:   $826,169
                                        (thousands)

LIST OF OTHER INCLUDED MANAGERS:

     Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed
other than the manager filing this report.

No.   Form 13F File Number   Name
---   --------------------   ----
1     28-10939               BancorpSouth Bank


                                       2



                           FORM 13F INFORMATION TABLE



                                                                                       INVESTMENT
                                                                                       DISCRETION       ** VOTING AUTHORITY **
                                                         MKT                       ---------------- -----------------------------
                                                         VAL     Shares/  SH/ PUT/ SOLE SHR OTH OTH    SOLE      SHARED     NONE
NAME OF ISSUER                TITLE OF CLASS   CUSIP    x 1000   PRN Amt  PRN CALL  (A) (B) (C) MGR     (A)        (B)       (C)
---------------------------- --------------- --------- ------- ---------- --- ---- ---- --- --- --- ---------- ---------- -------
                                                                                   
MARVELL TECHNOLOGY GROUP LTD       ORD       G5876H105     220     13,957 SH         X           1      13,957          0       0
WILLIS GROUP HOLDINGS PUBLIC       SHS       G96666105     265      8,830 SH         X           1       8,400          0     430
ACE LTD                            SHS       H0023R105     256      4,965 SH         X           1       4,341          0     624
AERCAP HOLDINGS NV                 SHS       N00985106     114     10,941 SH         X           1      10,941          0       0
FLEXTRONICS INTL LTD               ORD       Y2573F102     296     52,932 SH         X           1      50,229          0   2,703
AGL RES INC                        COM       001204106     238      6,632 SH         X           1       6,632          0       0
AT&T INC                           COM       00206R102     761     31,456 SH         X           1      28,050          0   3,406
AT&T INC                           COM       00206R102     131      5,420 SH                 X   1         288      5,132       0
ABBOTT LABS                        COM       002824100     701     14,988 SH         X           1      13,534          0   1,454
ABBOTT LABS                        COM       002824100     189      4,036 SH                 X   1          36      4,000       0
AIR PRODS & CHEMS INC              COM       009158106     649     10,019 SH         X           1      10,019          0       0
ALLSCRIPT MISYS HEALTCAR SOL       COM       01988P108     190     11,783 SH         X           1      11,783          0       0
ALTRIA GROUP INC                   COM       02209S103     618     30,845 SH         X           1      27,083          0   3,762
ALTRIA GROUP INC                   COM       02209S103       4        210 SH                 X   1         210          0       0
AMERICAN EXPRESS CO                COM       025816109     540     13,594 SH         X           1      13,594          0       0
AMGEN INC                          COM       031162100     416      7,918 SH         X           1       7,918          0       0
AMPHENOL CORP                    NEW CL A    032095101     223      5,669 SH         X           1       5,342          0     327
APACHE CORP                        COM       037411105     227      2,692 SH         X           1       2,497          0     195
APPLE INC                          COM       037833100   1,469      5,841 SH         X           1       5,628          0     213
APPLIED MATLS INC                  COM       038222105     253     21,009 SH         X           1      19,571          0   1,438
ARCHER DANIELS MIDLAND CO          COM       039483102     336     13,006 SH         X           1      12,353          0     653
ATMEL CORP                         COM       049513104     102     21,350 SH         X           1      21,350          0       0
AUTODESK INC                       COM       052769106     252     10,359 SH         X           1      10,359          0       0
BP PLC                        SPONSORED ADR  055622104     185      6,391 SH         X           1       6,228          0     163
BP PLC                        SPONSORED ADR  055622104      81      2,800 SH                 X   1       2,800          0       0
BAKER HUGHES INC                   COM       057224107     391      9,398 SH         X           1       9,398          0       0
BALDOR ELEC CO                     COM       057741100   5,778    160,146 SH         X           1     160,146          0       0
BANCORPSOUTH INC                   COM       059692103  19,329  1,081,065 SH         X           1     959,131          0 121,934
BANCORPSOUTH INC                   COM       059692103     200     11,192 SH                 X   1       8,600      2,592       0
BANK OF AMERICA CORPORATION        COM       060505104     563     39,211 SH         X           1      39,211          0       0
BANK OF THE OZARKS INC             COM       063904106   2,130     60,051 SH         X           1      60,051          0       0
BAXTER INTL INC                    COM       071813109     405      9,956 SH         X           1       9,121          0     835
BERKSHIRE HATHAWAY INC         DEL CL B NEW  084670702     834     10,471 SH         X           1      10,471          0       0
BEST BUY INC                       COM       086516101     255      7,543 SH         X           1       6,879          0     664
BOEING CO                          COM       097023105     293      4,670 SH         X           1       4,220          0     450
BRISTOL MYERS SQUIBB CO            COM       110122108     314     12,600 SH         X           1       8,906          0   3,694
BRISTOL MYERS SQUIBB CO            COM       110122108       8        334 SH                 X   1         334          0       0
BROADCOM CORP                      CL A      111320107     747     22,654 SH         X           1      22,654          0       0
CVS CAREMARK CORPORATION           COM       126650100     218      7,442 SH         X           1       6,921          0     521
CABE/LONG PROPERTIES LIMITED                 136002995     479      4,418 SH         X           1       4,418          0       0
CABE/LONG PROPERTIES LIMITED                 136002995   3,953     36,457 SH                 X   1      36,457          0       0
CABE/ARK LIMITED PARTNERSHIP                 136003993   5,046     38,082 SH         X           1      38,082          0       0
CATERPILLAR INC                  DEL COM     149123101     327      5,450 SH         X           1       5,450          0       0
CELESTICA INC                  SUB VTG SHS   15101Q108     120     14,876 SH         X           1      14,876          0       0
CELGENE CORP                       COM       151020104     372      7,327 SH         X           1       6,924          0     403
CENTURYLINK INC                    COM       156700106     218      6,552 SH         X           1       5,455          0   1,097
CENTURYLINK INC                    COM       156700106       5        142 SH                 X   1         142          0       0
CHEVRON CORP                     NEW COM     166764100   1,711     25,218 SH         X           1      23,948          0  1,2700
CHEVRON CORP                     NEW COM     166764100     545      8,026 SH                 X   1       8,026          0       0
CISCO SYS INC                      COM       17275R102     696     32,640 SH         X           1      30,848          0   1,792
CITIGROUP INC                      COM       172967101      50     13,337 SH         X           1      13,337          0       0
CITIZENS HLDG CO MISS              COM       174715102   2,750    158,987 SH         X           1     158,987          0       0
CLIFFS NATURAL RESOURCES INC       COM       18683K101     567     12,020 SH         X           1      12,020          0       0
COCA COLA CO                       COM       191216100     511     10,203 SH         X           1       9,450          0     753
COCA COLA CO                       COM       191216100     245      4,898 SH                 X   1       4,898          0       0
COGNIZANT TECHNOLOGY SOLUTIO       CL A      192446102     204      4,072 SH         X           1       3,508          0     564
COLGATE PALMOLIVE CO               COM       194162103     227      2,881 SH         X           1       2,881          0       0
CONCUR TECHNOLOGIES INC            COM       206708109     237      5,555 SH         X           1       5,555          0       0
CONOCOPHILLIPS                     COM       20825C104     416      8,476 SH         X           1       7,189          0   1,287
CONOCOPHILLIPS                     COM       20825C104       5         96 SH                 X   1          96          0       0
MONTGOMERY EXPLORATION 10.87                 216000992     227          1 SH         X           1           1          0       0
CORNING INC                        COM       219350105     496     30,703 SH         X           1      29,711          0     992
DWS VALUE SER INC             SMCP VALF INST 23338F754  13,860    458,032 SH         X           1     457,832        140      60
DWS VALUE SER INC             SMCP VALF INST 23338F754      68      2,232 SH                 X   1       1,817        384      31
DANAHER CORP                     DEL COM     235851102     203      5,482 SH         X           1       4,704          0     778
DEERE & CO                         COM       244199105     767     13,780 SH         X           1      13,780          0       0
DELTIC TIMBER CORP                 COM       247850100     264      6,324 SH         X           1       6,324          0       0
DELTIC TIMBER CORP                 COM       247850100  17,378    415,743 SH                 X   1           0    415,743       0
DODGE & COX STK FD                 COM       256219106  26,265    298,767 SH         X           1     298,647         96      24
DODGE & COX STK FD                 COM       256219106     123      1,400 SH                 X   1       1,131        248      21
DREYFUS APPRECIATION FD INC        COM       261970107   1,264     40,160 SH         X           1      40,160          0       0



                                       3





                                                                                       INVESTMENT
                                                                                       DISCRETION       ** VOTING AUTHORITY **
                                                         MKT                       ---------------- -----------------------------
                                                         VAL     Shares/  SH/ PUT/ SOLE SHR OTH OTH    SOLE      SHARED     NONE
NAME OF ISSUER                TITLE OF CLASS   CUSIP    x 1000   PRN Amt  PRN CALL  (A) (B) (C) MGR     (A)        (B)       (C)
---------------------------- --------------- --------- ------- ---------- --- ---- ---- --- --- --- ---------- ---------- -------
                                                                                   
DU PONT E I DE NEMOURS & CO        COM       263534109     230      6,650 SH         X           1       5,800          0     850
DUKE ENERGY CORP                 NEW COM     26441C105     221     13,798 SH         X           1      11,019          0   2,779
DUKE ENERGY CORP                 NEW COM     26441C105       6        364 SH                 X   1         364          0       0
ERHC ENERGY INC                    COM       26884J104       2     10,000 SH         X           1      10,000          0       0
EMERSON ELEC CO                    COM       291011104     960     21,980 SH         X           1      21,980          0       0
ENCORE WIRE CORP                   COM       292562105     218     11,959 SH         X           1      11,959          0       0
EXPRESS SCRIPTS INC                COM       302182100   1,811     38,508 SH         X           1      37,904          0     604
EXXON MOBIL CORP                   COM       30231G102   4,876     85,433 SH         X           1      75,177      9,981     275
EXXON MOBIL CORP                   COM       30231G102     835     14,630 SH                 X   1       6,030      8,600       0
FEDERATED EQUITY FDS          INTRCONTL INST 314172461  30,175    788,478 SH         X           1     788,189        239      50
FEDERATED EQUITY FDS          INTRCONTL INST 314172461     127      3,307 SH                 X   1       2,693        561      53
FEDERATED TOTAL RETURN SERS   ULSHT INST NEW 31428Q747     114     12,478 SH         X           1      12,478          0       0
FIDELITY ADVISOR SER VIII     DIVR INTL INST 315920686     178     13,642 SH         X           1      13,642          0       0
FIDELITY CONTRAFUND INC       NEW INSIGHTS I 316071604  28,139  1,706,405 SH         X           1   1,705,692        530     183
FIDELITY CONTRAFUND INC I      NEW INSIGHTS  316071604     133      8,037 SH                 X   1       6,528      1,389     120
FIDELITY PURITAN TR           LOW PRICE STK  316345305  27,863    894,191 SH         X           1     893,817        277      95
FIDELITY PURITAN TR           LOW PRICE STK  316345305     175      5,622 SH                 X   1       4,808        752      62
GENERAL ELECTRIC CO                COM       369604103     612     42,465 SH         X           1      40,965          0   1,500
GENERAL MLS INC                    COM       370334104     227      6,404 SH         X           1       6,404          0       0
GOOGLE INC                         CL A      38259P508     600      1,349 SH         X           1       1,254          0      95
RESTER ENTERPRISES LP 5% INT                 404005993     208          1 SH         X           1           1          0       0
RESTER ENTERPRISES LP 8% INT                 405002999     333          1 SH         X           1           1          0       0
RESTER ENTERPRISES LP 8% INT                 407000991     333          1 SH         X           1           1          0       0
DAVIS FAMILY HOLDINGS LP                     419002993   1,194          0 SH         X           1           0          0       0
LONESTAR PARTNERS, L.P.                      420002990   2,445  2,500,000 SH                 X   1           0  2,500,000       0
HESS CORP                          COM       42809H107     217      4,313 SH         X           1       3,999          0     314
HEWLETT PACKARD CO                 COM       428236103     482     11,130 SH         X           1      10,295          0     835
KEY COLONY                                   430004994     626          1 SH                 X   1           0          1       0
JOHNSTON ENTERPRISES, L.P.                   432004992   1,389          0 SH         X           1           0          0       0
GURDON TIMBER LTD 36.494%                    434002994   2,477          1 SH         X           1           1          0       0
WOODLAND HILLS LIMITED PARTN                 435001995     220         25 SH         X           1          25          0       0
SUNNYDALE LIMITED PARTNERSHI                 436001994   1,558         88 SH         X           1          88          0       0
WEH PROPERTIES LIMITED PARTN                 436002992     410         86 SH         X           1          86          0       0
CRICKET LIMITED PARTNERSHIP                  436003990     941         28 SH         X           1          28          0       0
MCM TIMBER 3.021% INTEREST                   438002990     243          1 SH         X           1           1          0       0
MCM TIMBER 3.020% INTEREST                   438003998     243          1 SH         X           1           1          0       0
MCM TIMBER 1.510% INTEREST                   438004996   1,598          2 SH         X           1           2          0       0
MARIE P CARTER ENTERPRISES L                 439004995   1,623          1 SH         X           1           1          0       0
OAK GROVE LAND CO, L.P. 12.5                 440000990     353          4 SH         X           1           4          0       0
REED HOLDINGS PARTNERSHIP, L                 441002995   1,104         71 SH         X           1          71          0       0
MCM TIMBER 12% INTEREST                      442000998     966          1 SH         X           1           1          0       0
DCT OPERATING PARTNERSHIP                    443004999     580     75,518 SH         X           1      75,518          0       0
MCMILLON PROPERTIES L/P                      445000995   2,183         96 SH         X           1          96          0       0
INGRAM MICRO INC                   CL A      457153104     213     14,018 SH         X           1      13,510          0     508
INTEL CORP                         COM       458140100     912     46,879 SH         X           1      43,630          0   3,249
INTEL CORP                         COM       458140100      62      3,200 SH                 X   1       3,200          0       0
INTERNATIONAL BUSINESS MACHS       COM       459200101     836      6,769 SH         X           1       6,374          0     395
INVESTMENT CO AMER                 COM       461308108     966     41,203 SH         X           1      41,203          0       0
ISHARES TR INDEX               RUSSELL 2000  464287655     402      6,577 SH         X           1       6,577          0       0
JPMORGAN CHASE & CO                COM       46625H100     302      8,242 SH         X           1       8,242          0       0
JPMORGAN CHASE & CO                COM       46625H100      72      1,956 SH                 X   1           0      1,956       0
JANUS INVT FD                 ORION FD CL T  471023648     160     17,287 SH         X           1           0          0  17,287
JANUS INVT FD                OVERSEAS FD SHS 47103C449     211      5,148 SH         X           1           0          0   5,148
JOHNSON & JOHNSON                  COM       478160104   1,292     21,876 SH         X           1      20,674          0   1,202
JOHNSON & JOHNSON                  COM       478160104     337      5,700 SH                 X   1       4,500      1,200       0
JUNIPER NETWORKS INC               COM       48203R104     629     27,569 SH         X           1      27,569          0       0
K L S ENVIRO RES INC               COM       482530102       0    125,000 SH         X           1     125,000          0       0
KELLOGG CO                         COM       487836108     252      5,011 SH         X           1       4,530          0     481
KIMBERLY CLARK CORP                COM       494368103     200      3,294 SH         X           1       1,778          0   1,516
KIMBERLY CLARK CORP                COM       494368103       8        134 SH                 X   1         134          0       0
KRAFT FOODS INC                    CL A      50075N104     261      9,314 SH         X           1       8,264          0   1,050
LENDER PROCESSING SVCS INC         COM       52602E102     229      7,316 SH         X           1       7,316          0       0
LONGLEAF PARTNERS FDS TR        SH BEN INT   543069108     209      8,827 SH         X           1       8,827          0       0



                                       4





                                                                                       INVESTMENT
                                                                                       DISCRETION       ** VOTING AUTHORITY **
                                                         MKT                       ---------------- -----------------------------
                                                         VAL     Shares/  SH/ PUT/ SOLE SHR OTH OTH    SOLE      SHARED     NONE
NAME OF ISSUER                TITLE OF CLASS   CUSIP    x 1000   PRN Amt  PRN CALL  (A) (B) (C) MGR     (A)        (B)       (C)
---------------------------- --------------- --------- ------- ---------- --- ---- ---- --- --- --- ---------- ---------- -------
                                                                                   
LORD ASSET MGMT TR             T WHITE INTL  543917108     167     11,912 SH         X           1           0          0  11,912
MFS SER TR I                  VALUE FD CL A  552983801     212     11,086 SH         X           1       1,707          0   9,379
MANULIFE FINL CORP                 COM       56501R106     274     18,800 SH         X           1      18,800          0       0
MCDONALDS CORP                     COM       580135101     485      7,364 SH         X           1       6,470          0     894
MCDONALDS CORP                     COM       580135101       8        118 SH                 X   1         118          0       0
MERCK & CO INC                   NEW COM     58933Y105     288      8,242 SH         X           1       8,242          0       0
MICROSOFT CORP                     COM       594918104   1,394     60,581 SH         X           1      59,320          0   1,261
COLLABRX SER A PFD STOCK                     601A4X997     634    446,227 SH                 X   1           0    446,227       0
MONTGOMERY EXPLORATION                       601A5Z991     295          1 SH         X           1           1          0       0
MURPHY OIL CORP                    COM       626717102   4,154     83,839 SH         X           1      83,839          0       0
MURPHY OIL CORP                    COM       626717102 371,775  7,503,034 SH                 X   1           0  7,503,034       0
MUTUAL SER FD INC              SHS FD CL Z   628380107     310     16,903 SH                 X   1      16,903          0       0
MUTUAL SER FD INC              BEACON FD Z   628380305     145     13,366 SH                 X   1      13,366          0       0
MUTUAL SER FD INC            GBL DISCVR FD Z 628380404  30,427  1,168,470 SH         X           1   1,167,981        342     147
MUTUAL SER FD INC            GBL DISCVR FD Z 628380404     135      5,193 SH                 X   1       4,199        918      76
MYLAN INC                          COM       628530107     173     10,144 SH         X           1      10,144          0       0
NESTLE S A                    SPONSORED ADR  641069406     253      5,222 SH         X           1       5,222          0       0
NETAPP INC                         COM       64110D104     426     11,416 SH         X           1      10,950          0     466
NEW PERSPECTIVE FD INC             COM       648018109     584     25,124 SH         X           1      25,124          0       0
NORFOLK SOUTHERN CORP              COM       655844108     320      6,038 SH         X           1       5,691          0     347
ON SEMICONDUCTOR CORP              COM       682189105     136     21,252 SH         X           1      19,680          0   1,572
O REILLY AUTOMOTIVE INC            COM       686091109     534     11,226 SH         X           1      10,678          0     548
PDL BIOPHARMA INC                  COM       69329Y104     169     30,000 SH                 X   1           0     30,000       0
PACTIV CORP                        COM       695257105     488     17,528 SH         X           1      16,569          0     959
PEPSICO INC                        COM       713448108     837     13,740 SH         X           1      13,248          0     492
PEPSICO INC                        COM       713448108      67      1,100 SH                 X   1           0      1,100       0
PFIZER INC                         COM       717081103     347     24,310 SH         X           1      24,310          0       0
PFIZER INC                         COM       717081103      20      1,420 SH                 X   1         720        700       0
PHILIP MORRIS INTL INC             COM       718172109     766     16,717 SH         X           1      14,936          0   1,781
PHILIP MORRIS INTL INC             COM       718172109       5        118 SH                 X   1         118          0       0
POTASH CORP SASK INC               COM       73755L107     421      4,880 SH         X           1       4,880          0       0
PRAXAIR INC                        COM       74005P104     208      2,739 SH         X           1       2,448          0     291
PRECISION CASTPARTS CORP           COM       740189105     269      2,617 SH         X           1       2,420          0     197
PRICE T ROWE GROUP INC             COM       74144T108     682     15,370 SH         X           1      15,370          0       0
PRICE T ROWE GROWTH STK FD I       COM       741479109  32,309  1,276,511 SH         X           1   1,275,799        336     376
PRICE T ROWE GROWTH STK FD I       COM       741479109     248      9,800 SH                 X   1       8,411      1,308      81
PRICE T ROWE RETIREMENT FDS   2040 FD ADVISR 74149P838     152     10,706 SH         X           1      10,706          0       0
PROCTER & GAMBLE CO                COM       742718109   2,081     34,693 SH         X           1      33,651          0   1,042
PROCTER & GAMBLE CO                COM       742718109     363      6,060 SH                 X   1       6,060          0       0
RALCORP HLDGS INC                NEW COM     751028101     306      5,585 SH         X           1       5,390          0     195
RAYTHEON CO                       COMNEW     755111507     591     12,203 SH         X           1      11,743          0     460
REGIONS FINANCIAL CORP           NEW COM     7591EP100     220     33,489 SH         X           1      30,640          0   2,849
REGIONS FINANCIAL CORP           NEW COM     7591EP100      15      2,205 SH                 X   1                  2,205       0
ROWE T PRICE EQUITY INCOME F    SH BEN INT   779547108  26,281  1,339,498 SH         X           1   1,338,959        429     110
ROWE T PRICE EQUITY INCOME F    SH BEN INT   779547108     127      6,448 SH                 X   1       5,278      1,074      96
ROWE T PRICE MID-CAP GROWTH        COM       779556109  42,070    890,562 SH         X           1     890,163        274     125
ROWE T PRICE MID-CAP GROWTH        COM       779556109     211      4,473 SH                 X   1       3,630        781      62
ROWE T PRICE MID CAP VALUE F       COM       77957Y106     256     12,930 SH         X           1       4,902          0   8,028
ROYAL DUTCH SHELL PLC           SPON ADR B   780259107     122      2,523 SH         X           1       1,235          0   1,288
ROYAL DUTCH SHELL PLC           SPON ADR B   780259107      81      1,687 SH                 X   1       1,687          0       0
ROYAL DUTCH SHELL PLC          SPONS ADR A   780259206      75      1,500 SH         X           1       1,500          0       0
ROYAL DUTCH SHELL PLC          SPONS ADR A   780259206     161      3,200 SH                 X   1       3,200          0       0
ROYCE FD                       PENN MUT INV  780905840  28,404  3,084,062 SH         X           1   3,082,737        927     398
ROYCE FD                       PENN MUT INV  780905840     137     14,926 SH                 X   1      12,170      2,545     211
SEQUENOM INC                     COM NEW     817337405      59     10,000 SH         X           1      10,000          0       0
SHERWIN WILLIAMS CO                COM       824348106     224      3,235 SH         X           1       3,235          0       0
SIMMONS 1ST NATL CORP          CL A $1 PAR   828730200     277     10,566 SH         X           1      10,566          0       0
SIRIUS XM RADIO INC                COM       82967N108       9     10,000 SH         X           1      10,000          0       0
SOUTHERN CO                        COM       842587107   3,733    112,172 SH         X           1     110,480          0   1,692
SOUTHERN CO                        COM       842587107     163      4,898 SH                 X   1       4,898          0       0
SPRINT NEXTEL CORP              COM SER 1    852061100     212     50,000 SH                 X   1      50,000          0       0
STAPLES INC                        COM       855030102     373     19,563 SH         X           1      18,314          0   1,249
STRYKER CORP                       COM       863667101     809     16,166 SH         X           1      15,633          0     533
SYMANTEC CORP                      COM       871503108     465     33,473 SH         X           1      32,418          0   1,055
TARGET CORP                        COM       87612E106     737     14,985 SH         X           1      14,110          0     875
TEXAS ROADHOUSE INC                COM       882681109     708     56,076 SH         X           1      56,076          0       0
THERMO FISHER SCIENTIFIC INC       COM       883556102     207      4,224 SH         X           1       3,646          0     578



                                       5





                                                                                       INVESTMENT
                                                                                       DISCRETION       ** VOTING AUTHORITY **
                                                         MKT                       ---------------- -----------------------------
                                                         VAL     Shares/  SH/ PUT/ SOLE SHR OTH OTH    SOLE      SHARED     NONE
NAME OF ISSUER                TITLE OF CLASS   CUSIP    x 1000   PRN Amt  PRN CALL  (A) (B) (C) MGR     (A)        (B)       (C)
---------------------------- --------------- --------- ------- ---------- --- ---- ---- --- --- --- ---------- ---------- -------
                                                                                   
TRIMBLE NAVIGATION LTD             COM       896239100     333     11,910 SH         X           1      11,910          0       0
TRUSTMARK CORP                     COM       898402102     500     23,997 SH         X           1      23,997          0       0
CABE TIMBER I LIMITED PARTNE                 9020F6992   1,819          4 SH         X           1           4          0       0
LONG TIMBER CO LTD 80% FAMIL                 9020G7999   3,786          1 SH         X           1           1          0       0
USA TRUCK INC                      COM       902925106     268     16,613 SH         X           1      16,613          0       0
UNION PAC CORP                     COM       907818108     170      2,450 SH         X           1       2,280          0     170
UNION PAC CORP                     COM       907818108     306      4,400 SH                 X   1           0      4,400       0
UNITED TECHNOLOGIES CORP           COM       913017109     211      3,251 SH         X           1       2,852          0     399
V F CORP                           COM       918204108     349      4,900 SH         X           1       4,900          0       0
VANGUARD STAR FD              TOTAL INTL STK 921909602     366     28,867 SH         X           1      28,867          0       0
VANGUARD WORLD FD             MEGA CAP INDEX 921910873   1,790     50,784 SH         X           1      50,784          0       0
VANGUARD EXPLORER FD INC           COM       921926101     392      7,001 SH         X           1       7,001          0       0
VANGUARD TAX-MANAGED FD       EUROPE PAC ETF 921943858     755     25,813 SH         X           1      25,813          0       0
VANGUARD INDEX FDS            500 PORTFOLIO  922908108     222      2,335 SH         X           1         153          0   2,182
VANGUARD INDEX FDS            500 PORTFOLIO  922908108      75        795 SH                 X   1         795          0       0
VANGUARD INDEX FDS              VALUE PTFL   922908405   2,407    138,155 SH         X           1     138,155          0       0
VANGUARD INDEX FDS             MID CAP ETF   922908629   1,216     20,720 SH         X           1      20,720          0       0
VANGUARD INDEX FDS             SMALL CP ETF  922908751     818     14,444 SH         X           1      14,444          0       0
VERIZON COMMUNICATIONS INC         COM       92343V104     355     12,663 SH         X           1       9,829          0   2,834
VERIZON COMMUNICATIONS INC         COM       92343V104      29      1,038 SH                 X   1         240        798       0
VISA INC                         COM CL A    92826C839     311      4,402 SH         X           1       3,995          0     407
WAL MART STORES INC                COM       931142103   1,236     25,710 SH         X           1      25,710          0       0
WASHINGTON MUT INVS FD INC         COM       939330106     730     32,164 SH         X           1      32,164          0       0
WESTERN UN CO                      COM       959802109     212     14,210 SH         X           1      13,109          0   1,101
WISDOMTREE TRUST              DIV EX-FINL FD 97717W406     297      7,565 SH         X           1       7,565          0       0
YUM BRANDS INC                     COM       988498101   1,061     27,168 SH         X           1      27,168          0       0
FINAL TOTALS                                           826,169 27,224,977                           16,023,851 10,951,219 249,907