We have discovered that snmptd 3.10 and 3.11 fail to resolve IPs to hostnames when setting the source of alarms. This is a configuration option that worked fine up to and including 3.02 for sure (not sure about 3.03). Since this might not be obvious in a low-trap-volume environment, I thought I would give a heads-up.
The good news is that it actually logs an error:
snmptd: ptNetIpToHost - getnameinfo failed for X.X.X.X
But on the server that is running the probe, I am able to resolve IPs to hostnames without an issue.