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                                                                 EXHIBIT 4(k) TO
                                                 1997 ANNUAL REPORT ON FORM 10-K

                       FIRST SUPPLEMENTAL TRUST INDENTURE


         This First Supplemental Trust Indenture (the "Supplement") is made as
of the 12th day of September, 1997, by and among LEXINGTON COUNTY, SOUTH
CAROLINA, a body politic and corporate, and a political subdivision of the State
of South Carolina (hereinafter called the "County"); ELLETT BROTHERS, INC., a
South Carolina corporation (hereinafter called the "Company"); and THE BANK OF
NEW YORK (the "Trustee"), as successor to Citizens and Southern Trust Company
(South Carolina), National Association, as Trustee under that certain Trust
Indenture, dated as of November 1, 1988 (the "Indenture") between the County and
Citizens and Southern Trust Company (South Carolina), National Association.

         WHEREAS, by Ordinance enacted on November 4, 1988 (the "1988
Ordinance"), the County Council of Lexington County (the "County Council")
authorized the issuance of its $9,100,000 Industrial Revenue Refunding Bonds,
Series 1988 (Ellett Brothers Limited Partnership Project) (the "Series 1988
Bonds"), pursuant to the provisions of Chapter 29, Title 4 of the Code of Laws
of South Carolina 1976, as amended (the "Enabling Act"), to refinance the
acquisition of warehouse facilities on behalf of Ellett Brothers Limited
Partnership, a North Carolina limited partnership (the "Predecessor Company"),
under the terms of a loan agreement dated as of November 1, 1988 (the "Loan
Agreement") between the County and the Predecessor Company; and

         WHEREAS, the Predecessor Company evidenced its obligations under the
Loan Agreement by that certain promissory note, dated December 1, 1988 (the
"Note") in the original principal amount of $9,100,000 to the County which the
County assigned to the original trustee by assignment dated December 1, 1988 and
the Predecessor Company secured its obligations under the Note and the Loan
Agreement, as assigned by the County to the original trustee, by giving the
original trustee a Mortgage and Security Agreement, dated as of November 1, 1988
(the "Mortgage"); and

         WHEREAS, the Series 1988 Bonds were issued by the County pursuant to
the terms of the Indenture; and

         WHEREAS, pursuant to the terms of an Assignment and Assumption
Agreement, dated as of June 9, 1993, between the Predecessor Company and the
Company, the Company has succeeded to all rights and obligations of the
Predecessor Company with respect to the Loan Agreement, the Note, and the
Mortgage; and

         WHEREAS, the Trustee is successor trustee in compliance with the terms
of the Indenture to Citizens and Southern Trust Company (South Carolina),
National Association; and


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         WHEREAS, Sections 1002 and 1102 of the Indenture permit the amendment
of the Bonds, and the Indenture with the consent of the owner of all outstanding
Bonds; and

         WHEREAS, the original interest rate on the Bonds is 10.625%; and

         WHEREAS, The Depository Trust Company, under its nominee name Cede &
Co., is the registered owner of all of the outstanding Bonds on behalf of its
beneficial owner The Bank of New York, as custodian (the "Custodian") on behalf
of Municipal Income Opportunities Trust and Municipal Income Trust II, funds
managed by Dean Witter InterCapital, Inc. (collectively, the "Bondholder"); and

         WHEREAS, the Bondholder, as the owner of all the outstanding Bonds has
agreed to a reduction of the interest rate on the Bonds from 10.625% to 7.50%
upon elimination of the optional redemption features of the Bonds.

         NOW, THEREFORE, in consideration of the recitals and the mutual
promises contained herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Company, the
County, the Trustee, and the Bondholder, intending to be legally bound hereby,
agree as follows:

         Section 1. Recitals. The Recitals are incorporated herein by reference
and shall be deemed to be part of this Supplement.

         Section 2. Supplements. The Indenture is hereby amended, to be
effective on September 12, 1997, as set forth in this Section 2.

                  (a) Exhibit C to the Indenture is hereby replaced with the
form of the Amended Bonds (the "Amended Bonds") attached hereto as Exhibit A and
all references in the Indenture to Exhibit C shall hereinafter be deemed to
refer to the Exhibit A attached hereto and the Exhibit A attached to this
Supplement is hereby added to the Indenture and made a part hereof and thereof
by this reference.

                  (b) Section 202 of the Indenture is hereby amended to read as
follows:

                  "The Amended Bonds, in the aggregate principal amount of
                  $9,100,000 originally dated December 1, 1988, shall be
                  designated "Lexington County, South Carolina, Industrial
                  Revenue Refunding Bonds, Series 1988 (Ellett Brothers Limited
                  Partnership Project)", and shall be issuable only as
                  fully-registered bonds without coupons in the denominations of
                  $5,000 or any integral multiple thereof, shall be numbered
                  from R-1 upward, and shall bear interest payable on March 1,
                  1989, and thereafter semiannually on each March 1 and
                  September 1



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                  at the rate of 7 and 1/2 percentum (7.50%) per annum. Series
                  1988 Bonds in the aggregate principal amount of $3,850,000
                  shall mature on September 1, 2002, and the Series 1988 Bonds
                  in the aggregate principal amount of $5,250,000 shall mature
                  on September 1, 2008. The Series 1988 Bonds are subject to
                  redemption prior to maturity as more fully described in
                  Article III."

                  (c) Section 301(a)(ii) is hereby deleted in its entirety.

                  (d) All references in the Indenture to the Series 1988 Bonds
shall hereinafter be deemed to refer to the Amended Bonds issued pursuant to the
terms of this Supplement and described in Exhibit A attached hereto.

                  (e) All references in the Indenture to the term "Note" shall
hereinafter be deemed to mean the Note (as defined therein) as modified by the
modification to Note attached to the First Amendatory Loan Agreement as Exhibit
A.

                  (f) The Indenture is amended by adding Section 217 as set
forth on Exhibit B hereto.

         Section 3. Conditions to Effectiveness. This Supplement is hereby
subject to the satisfaction of all conditions set forth in Section 3 to the
First Amendatory Loan Agreement.

         Section 4. No Other Supplement. Except for the amendment set forth
above, the text of the Indenture shall remain unchanged and in full force and
effect. The Indenture and this Supplement shall be construed together as a
single agreement. Nothing herein contained shall waive, annul, alter, limit,
diminish, vary, or affect any provision, condition, covenant, or agreement
contained in the Indenture, except as herein amended, nor affect nor impair any
rights, powers, or remedies under the Indenture as hereby amended. The County
and the Company promise and agree to perform all their respective obligations
and agreements under the Indenture, as hereby amended; the Indenture, as
amended, being hereby ratified and affirmed. The County and the Company hereby
expressly agree that the Indenture, as amended, is in full force and effect.

         Section 5. Counterparts. This Supplement may be executed in
counterparts, each of which shall be deemed to be an original and all of which,
taken together, shall constitute one and the same agreement.

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         Section 6. Governing Law. This Supplement shall be deemed to be made
pursuant to the laws of the State of South Carolina with respect to agreements
made and to be performed wholly in the State of South Carolina and shall be
construed, interpreted, performed, and enforced in accordance therewith.

         IN WITNESS WHEREOF, the parties have caused their respective duly
authorized officers or representatives to execute and deliver this Supplement as
of the date and year first above written.

                                      ELLETT BROTHERS, INC.


                                      By:  /s/ E. Wayne Gibson
                                           ---------------------
                                      Its: Corporate Secretary



                                      LEXINGTON COUNTY, SOUTH CAROLINA
(SEAL)

ATTEST:                               By:  /s/ William B. Banning
                                           ----------------------
                                               Chairman, County Council of
                                               Lexington County, South Carolina
/s/ Dorothy K. Black
--------------------
Clerk, County Council of Lexington
County, South Carolina


                                      THE BANK OF NEW YORK, as Trustee


                                      By:  /s/ Watson T. Barger
                                           -----------------------
                                      Its: Agent




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         The undersigned The Bank of New York, as Custodian, hereby (i)
represents that it is the authorized custodian of the holders of all Bonds, (ii)
consents to the foregoing First Supplemental Trust Indenture, and (iii) waives
any rights as to notice of the same pursuant to the Indenture.


                                             THE BANK OF NEW YORK, as Custodian


                                             By:  /s/ The Bank of New York
                                                  -----------------------------
                                             Its: /s/ Helena Morales
                                                  -----------------------------

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