TY 2010 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Nonexempt Charitable Trust
Treated as a Private Foundation

Note. The foundation may be able to use a copy of this return to satisfy state reporting requirements.

OMB No. 1545-0052

2010

For calendar year 2010, or tax year beginning 01-01-2010 , and ending 12-31-2010

Check all that apply:Initial returnInitial return of a former public charityFinal return

Amended returnAddress changeName change

Name of foundation
BERNARD & PAULINE HERBERT SCHOLARSHIP TR
R56792006 / 0400221700

Number and street (or P.O. box number if mail is not delivered to street address)JPMORGAN CHASE BANK NA PO BOX 3038 Room/suite

City or town, state, and ZIP code
MILWAUKEE, WI532013038

A Employer identification number

20-6945564

B Telephone number (see page 10 of the instructions)

(414) 977-1210

C If exemption application is pending, check here bullet

D 1. Foreign organizations, check here . bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trustOther taxable private foundation 2. Foreign organizations meeting the 85% test,
check here and attach computation bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$4,220,197J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

E If private foundation status was terminated
under section 507(b)(1)(A), check here bullet

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here bullet

	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 page 11 of the instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check
3	Interest on savings and temporary cash investments	72		72
4	Dividends and interest from securities......	92,615		92,580
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		125,646
b	Gross sales price for all assets on line 6a 2,213,857
7	Capital gain net income (from Part IV, line 2)...			111,961
8	Net short-term capital gain.........
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).......		4,106	90
12	Total. Add lines 1 through 11........	222,439		204,703
13	Compensation of officers, directors, trustees, etc.	40,520		30,390	10,130
14	Other employee salaries and wages......
15	Pension plans, employee benefits.......
16a	Legal fees (attach schedule).........
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....
17	Interest...............
18	Taxes (attach schedule) (see page 14 of the instructions)		2,207	557	0
19	Depreciation (attach schedule) and depletion...
20	Occupancy..............
21	Travel, conferences, and meetings.......
22	Printing and publications..........
23	Other expenses (attach schedule).......			65
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	42,727		31,012	10,130
25	Contributions, gifts, grants paid........	176,364			176,364
26	Total expenses and disbursements. Add lines 24 and 25	219,091		31,012	186,494
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	3,348
b	Net investment income (if negative, enter -0-)			173,691
c	Adjusted net income (if negative, enter -0-)...

For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.

Cat. No. 11289X Form 990-PF (2010)

Form 990-PF (2010)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing...............	37,391	23,317	23,317
	2	Savings and temporary cash investments..........	229,009	88,852	88,852
	3	Accounts receivable
		Less: allowance for doubtful accounts
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see page 15 of the
		instructions)....................
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........
	10a	Investments—U.S. and state government obligations (attach schedule)	227,300
	b	Investments—corporate stock (attach schedule)........	1,868,661	2,053,615	2,397,389
	c	Investments—corporate bonds (attach schedule)........	751,120	1,438,534	1,702,350
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	486,832
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )	105,244	105,244	8,289
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	3,705,557	3,709,562	4,220,197
	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 )
	23	Total liabilities (add lines 17 through 22)..........	0	0
		Foundations that follow SFAS 117, check here
		and complete lines 24 through 26 and lines 30 and 31.
	24	Unrestricted....................
	25	Temporarily restricted................
	26	Permanently restricted................
		Foundations that do not follow SFAS 117, check here
		and complete lines 27 through 31.
	27	Capital stock, trust principal, or current funds.........	3,705,557	3,709,562
	28	Paid-in or capital surplus, or land, bldg., and equipment fund	0	0
	29	Retained earnings, accumulated income, endowment, or other funds	0	0
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	3,705,557	3,709,562
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	3,705,557	3,709,562

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	3,705,557
2	Enter amount from Part I, line 27a......................	2	3,348
3	Other increases not included in line 2 (itemize)	3	1,415
4	Add lines 1, 2, and 3..........................	4	3,710,320
5	Decreases not included in line 2 (itemize)	5	758
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30..	6	3,709,562

Form 990-PF (2010)

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
1 a	SALES OF PUBLICLY TRADED SECURITIES
b	BOSTON FINANCIAL TAX CREDIT FUND PLUS LP	P
c	BOSTON FINANCIAL TAX CREDIT FUND PLUS LP - SEC 1250 GAIN	P
d	BOSTON FINANCIAL TAX CREDIT FUND VII	P
e	BOSTON FINANCIAL TAX CREDIT FUND PLUS LP - SEC 1250 GAIN	P
	RIDGEWOOD ELECTRIC POWER TRUST V - SCH K-1	P
	RIDGEWOOD POWER GROWTH FUND LP - K-1	P
	CAPITAL GAINS DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	2,210,519	2,088,211	122,308
b			838
c			1,263
d			1,018
e			5,110
			-7,312
			-14,602
	3,338		3,338

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			122,308
b			838
c			1,263
d			1,018
e			5,110
			-7,312
			-14,602
			3,338

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	111,961
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 pages 13 and 17 of the instructions). If (loss), enter -0- in Part I, line 8 . . . . . . . . . . . . .		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? Yes No

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 page 18 of the 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))
2009	215,371	3,753,571	0.057378
2008	235,382	4,355,153	0.054047
2007	148,181	4,858,618	0.030499
2006	5,023	4,475,707	0.001122
2005

2	Total of line 1, column (d) ......................	2	0.143046
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	0.035762
4	Enter the net value of noncharitable-use assets for 2010 from Part X, line 5.....	4	4,156,780
5	Multiply line 4 by line 3.......................	5	148,655
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6	1,737
7	Add lines 5 and 6.........................	7	150,392
8	Enter qualifying distributions from Part XII, line 4..............	8	186,494
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 on page 18.

Form 990-PF (2010)

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	Exempt operating foundations described in section 4940(d)(2), check hereand enter “N/A” on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Domestic foundations that meet the section 4940(e) requirements in Part V, check	1	1,737
	hereand 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	1,737
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	1,737
6	Credits/Payments:

a	2010 estimated tax payments and 2009 overpayment credited to 2010	6a	1,000
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c	600
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	1,600
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	137
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10
11	Enter the amount of line 10 to be: Credited to 2011 estimated tax	Refunded	11

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of

the instructions for definition)?.............................

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.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ 0(2) On foundation managers. bullet

$ 0

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

$ 0

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If “Yes,” attach a detailed description of the activities.

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....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If “Yes,” has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If “Yes,” attach the statement required by General Instruction T.

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?................

Yes

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.

Yes

Enter the states to which the foundation reports or with which it is registered (see page 19 of the

instructions) bullet

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 .

Yes

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 2010 or the taxable year beginning in 2010 (see instructions for Part XIV on

page 27)? If “Yes,” complete Part XIV...........................

Did any persons become substantial contributors during the tax year? If “Yes,” attach a schedule listing their names and addresses.

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 page 20 of the instructions) .......

Did the foundation acquire a direct or indirect interest in any applicable insurance contract before August 17, 2008?

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

N/A

The books are in care of bullet

JPMORGAN CHASE BANK NA Telephone no. bullet

(480) 367-3295

Located at bullet

8501 N SCOTTSDALE ROAD SUITE 240SCOTTSDALEAZ ZIP+4 bullet

85253

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —Check here......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ...... bullet

At any time during calendar year 2010, did the foundation have an interest in or a signature or other authority over

a bank, securities, or other financial account in a foreign country? .................

See page 20 of the instructions for exceptions and filing requirements for Form TD F 90-22.1. If "Yes", enter the name of the foreign country bullet

Form 990-PF (2010)

Page 5

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

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? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?.........................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(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)?.................YesNo

(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.).........YesNo

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 page 20 of the instructions)?...

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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 2010?.............

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)):

At the end of tax year 2010, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2010?...............YesNo

If “Yes,” list the years bullet

20, 20, 20, 20

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 page 20 of the instructions.) .........

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business

enterprise at any time during the year?.....................YesNo

If “Yes,” did it have excess business holdings in 2010 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 2010.)....................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

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 2010?

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))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?...............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)...YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?........YesNo

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 page 22 of the instructions)?

Organizations relying on a current notice regarding disaster assistance check here......... bullet

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?............YesNo

If “Yes,” attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay

premiums on a personal benefit contract?....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....

If “Yes” to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Form 990-PF (2010)

Page 6

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 page 22 of the 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
JPMORGAN CHASE BANK NA	TRUSTEE 4.00	40,520	0	0
PO BOX 3038 MILWAUKEE,WI53201	TRUSTEE 4.00	40,520	0	0

2 Compensation of five highest-paid employees (other than those included on line 1—see page 23 of the 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...................				0

3 Five highest-paid independent contractors for professional services (see page 23 of the 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............. bullet

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	N/A	0
2


3


4

Form 990-PF (2010)

Page 7

Part IX-B

Summary of Program-Related Investments (see page 23 of the instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.		Amount
1	N/A	0
2


All other program-related investments. See page 24 of the instructions.
3		0

Total. Add lines 1 through 3........................... bullet

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
see page 24 of the instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

4,107,912

Average of monthly cash balances.......................

112,169

Fair market value of all other assets (see page 24 of the instructions)............

Total (add lines 1a, b, and c).........................

4,220,081

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) ..............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d..........................

4,220,081

Cash deemed held for charitable activities. Enter 1 1⁄2% of line 3 (for greater amount, see page 25

of the instructions) ............................

63,301

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

4,156,780

Minimum investment return. Enter 5% of line 5...................

207,839

Part XI

Distributable Amount (see page 25 of the instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here bullet

and do not complete this part.)

Minimum investment return from Part X, line 6....................

207,839

Tax on investment income for 2010 from Part VI, line 5......

1,737

Income tax for 2010. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

1,737

Distributable amount before adjustments. Subtract line 2c from line 1............

206,102

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4.............................

206,102

Deduction from distributable amount (see page 25 of the instructions)...........

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,

line 1.................................

206,102

Part XII

Qualifying Distributions (see page 25 of the instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

186,494

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes................................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

186,494

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 page 26 of the instructions)............

1,737

Adjusted qualifying distributions. Subtract line 5 from line 4...............

184,757

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 (2010)

Page 8

Part XIII

Undistributed Income (see page 26 of the instructions)

	(a) Corpus	(b) Years prior to 2009	(c) 2009	(d) 2010
1 Distributable amount for 2010 from Part XI, line 7				206,102
2 Undistributed income, if any, as of the end of 2010:
a Enter amount for 2009 only.......			176,364
b Total for prior years:20, 20, 20		0
3 Excess distributions carryover, if any, to 2010:
a From 2005.......
b From 2006.......
c From 2007.......
d From 2008.......
e From 2009.......
fTotal of lines 3a through e.........	0
4Qualifying distributions for 2010 from Part
XII, line 4: $ 186,494
a Applied to 2009, but not more than line 2a			176,364
b Applied to undistributed income of prior years (Election required—see page 26 of the instructions)		0
c Treated as distributions out of corpus (Election required—see page 26 of the instructions)...	0
d Applied to 2010 distributable amount.....				10,130
e Remaining amount distributed out of corpus	0
5 Excess distributions carryover applied to 2010.	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 page 27 of the instructions ...		0
e Undistributed income for 2009. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........			0
f Undistributed income for 2010. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........				195,972
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (see page 27 of the instructions) ...........	0
8Excess distributions carryover from 2005 not applied on line 5 or line 7 (see page 27 of the instructions) .............	0
9Excess distributions carryover to 2011. Subtract lines 7 and 8 from line 6a ......	0
10 Analysis of line 9:
a Excess from 2006....
b Excess from 2007....
c Excess from 2008....
d Excess from 2009....
e Excess from 2010....

Form 990-PF (2010)

Page 9

Part XIV

Private Operating Foundations (see page 27 of the 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 2010, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

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) 2010	(b) 2009	(c) 2008	(d) 2007	(e) Total

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 page 27 of the 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

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. (see page 28 of the instructions) to individuals or organizations
under other conditions, complete items 2a, b, c, and d.

aThe name, address, and telephone number of the person to whom applications should be addressed:

JPMORGAN CHASE BANKNA SCHOLARSHIP A
2200 ROSS AVENUE FL 05
DALLAS,TX75201
(866) 300-6222

bThe form in which applications should be submitted and information and materials they should include:

SCHOLARSHIP APPLICANTS SHOULD PROVIDE WRITTEN DOCUMENTATION STATING THAT THEY ARE EITHER ACCEPTED STUDENTS OR MATRICULATED STUDENTS AT THE DES MOINES UNIVERSITY, OSTEOPATHIC MEDICAL CENTER. THE APPLICANT MUST DEMONSTRATE THAT THEIR FIELD OF STUDY IS IN THE AREA OF OSTEOPATHIC MEDICINE. THE APPLICANT SHOULD PROVIDE THEIR FAFSA FORM OR AN EQUIVALENT TO DEMONSTRATE THEIR FINANCIAL NEED.

cAny submission deadlines:

THE APPLICATION SHOULD REACH THE ADDRESS ABOVE SIX WEEKS BEFORE THE NEXT TUITION BILL DATE.

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

SCHOLARSHIP AWARDS ARE LIMITED TO STUDENTS OF OSTEOPATHIC MEDICINE AT DES MOINES UNIVERSITY, OSTEOPATHIC MEDICAL CENTER, DES MOINES, IA. THE STUDENTS MUST DEMONSTRATE FINANCIAL NEED.

Form 990-PF (2010)

Page 10

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)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
DES MOINES UNIVERSITY 3200 GRAND AVENUE DES MOINES,IA50312	NONE	PUBLIC CHARITY	SCHOLARSHIPS FOR OSTEOPATHIC MEDICINE STUDIES	176,364
Total ................................. 3a				176,364

bApproved for future payment

Total .................................. 3b				0

Form 990-PF (2010)

Page 11

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 page 28 of the 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....
3Interest on savings and temporary cash investments			14	72
4 Dividends and interest from securities....			14	92,615
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6Net rental income or (loss) from personal property
7 Other investment income.....			14	3,370
8Gain or (loss) from sales of assets other than inventory			18	125,646
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: aFEDERAL EXCISE TAX REFUND			01	736
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..		0		222,439	0

13Total. Add line 12, columns (b), (d), and (e)...................

13222,439

(See worksheet in line 13 instructions on page 28 to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the organization’s exempt purposes (other than by providing funds for such purposes). (See page 28 of the instructions.)

Form 990-PF (2010)

Page 12

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section

Yes

501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash....................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements............................

1b(4)

(5) Loans or loan guarantees..............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

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

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?...........YesNo

If “Yes,” complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

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 or fiduciary) is based on all information of which preparer has any knowledge.

	Signature of officer or trustee	Date	Title

Preparer's Signature	Date	Check if self- employed	PTIN
Firm's name Firm's address		Firm's EIN
		Phone no.

Form 990-PF (2010)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2010 AllOthProgRltdInvestmentsSch

Name:

BERNARD & PAULINE HERBERT SCHOLARSHIP TR

R56792006 / 0400221700

EIN: 20-6945564

Category	Amount
N/A	0

- TIN:

TY 2010 InvestmentsCorpBondsSchedule

Name:

BERNARD & PAULINE HERBERT SCHOLARSHIP TR

R56792006 / 0400221700

EIN: 20-6945564

Name of Bond	End of Year Book Value	End of Year Fair Market Value
GOLDMAN SACHS TRUST HIGH YIELD FUND INSTITUTIONAL SHS - 21639.99 SHS	152,820	157,972
U S SAVINGS BONDS SER HH APR 1 2012 DTD 4/1/92 - 20500 SHS	2,269	20,500
UNITED STATES SVGS BD SER HH SEPT 01 2004 DTD 09/01/94 - 112000 SHS	12,225	112,000
UNITED STATES SVGS BD SER HH NOV 01 2004 DTD 11/01/94 - 33500 SHS	3,840	33,500
UNITED STATES SVGS BD SER HH DEC 01 2006 DTD 12/01/96 - 25000 SHS	3,750	25,000
VANGUARD FIXED INCOME SECS F INTR TRM CP PT (FUND 71) - 11892.96 SHS	120,000	117,978
UNITED STATES SVGS BD SER HH NOV 01 2007 DTD 11/01/97 - 12500 SHS	1,163	12,500
UNITED STATES SVGS BD SER HH FEB 01 2008 DTD 02/01/98 - 3500 SHS	375	3,500
ISHARES BARCLAYS TIPS BOND FUND - 1129 SHS	113,491	121,390
EATON VANCE MUT FDS TR FLT RT CL I - 11631.54 SHS	101,776	104,219
JPM CORE BOND FD - SEL FUND 3720 3.44% - 17319.4 SHS	189,411	198,480
JPM HIGH YIELD FD - SEL FUND 3580 5.95% - 18894.51 SHS	155,012	153,990
JPM CORE PLUS BOND FD - SEL FUND 3122 4.32% - 10139.42 SHS	80,000	82,332
JPM SHORT DURATION BOND FD - SEL FUND 3133 1.12% - 27530.81 SHS	300,469	302,013
DREYFUS/LAUREL FDS TR PRM EMRGN MK I - 2974.5 SHS	42,000	43,011
JPM STR INC OPP FD FUND 3844 2.00% - 7166.71 SHS	71,882	84,782
UNITED STATES SVGS BDS SER H JUN 01 2002 DTD 06/01/92 - 8000 SHS	1,036	8,000
UNITED STATES SVGS BD SER HH AUG 01 2002 DTD 08/01/92 - 8000 SHS	900	8,000
JPM INTL CURRENCY INCOME FD INCOME FUND 1.74% - 7616.24 SHS	82,560	85,683
UNITED STATES SVGS BDS SER H DEC 1 2010 DTD 12/01/90 - 12500 SHS	1,792	12,500
U S SAVINGS BONDS SER HH APR 1 2011 DTD 4/1/91 - 15000 SHS	1,763	15,000

- TIN:

TY 2010 InvestmentsCorpStockSchedule

Name:

BERNARD & PAULINE HERBERT SCHOLARSHIP TR

R56792006 / 0400221700

EIN: 20-6945564

Name of Stock	End of Year Book Value	End of Year Fair Market Value
ABBOTT LABORATORIES - 235 SHS	11,937	11,259
ALEXION PHARMACEUTICALS INC - 45 SHS	2,526	3,625
AMAZON COM INC - 55 SHS	6,411	9,900
AMERICAN EXPRESS CO - 50 SHS	2,114	2,146
APACHE CORP - 110 SHS	10,713	13,115
APPLE INC. - 75 SHS	12,096	24,192
BB & T CORP - 105 SHS	2,104	2,760
BAKER HUGHES INC - 110 SHS	5,704	6,289
CVS CAREMARK CORPORATION - 220 SHS	6,592	7,649
CAMPBELL SOUP COMPANY - 65 SHS	2,371	2,259
CARDINAL HEALTH INC - 160 SHS	4,813	6,130
CELGENE CORPORATION - 115 SHS	5,998	6,801
CISCO SYSTEMS INC - 770 SHS	16,635	15,577
CITRIX SYSTEMS INC - 40 SHS	2,748	2,736
COLGATE PALMOLIVE CO - 60 SHS	4,728	4,822
WALT DISNEY CO - 240 SHS	4,905	9,002
DOW CHEMICAL CO - 210 SHS	6,048	7,169
E I DU PONT DE NEMOURS & CO - 315 SHS	11,720	15,712
E M C CORP MASS - 200 SHS	4,093	4,580
FREEPORT-MCMORAN COPPER & GOLD INC CL B - 125 SHS	6,924	15,011
GENERAL ELECTRIC CO - 265 SHS	4,055	4,847
GENERAL MILLS INC - 110 SHS	3,370	3,915
INTERNATIONAL BUSINESS MACHINES CORP - 65 SHS	7,924	9,539
JOHNSON CONTROLS INC - 345 SHS	9,291	13,179
KELLOGG CO - 40 SHS	1,952	2,043
LENNAR CORP - 75 SHS	1,162	1,406
LOWES COMPANIES INC - 160 SHS	3,689	4,013
MATTHEWS PACIFIC TIGER FD - 4727 SHS	73,079	110,801
MICROSOFT CORP - 850 SHS	22,238	23,724
MORGAN STANLEY - 175 SHS	4,016	4,762
NATIONAL-OILWELL VARCO INC - 40 SHS	2,512	2,690
NIKE INC B - 55 SHS	3,089	4,698
NORFOLK SOUTHERN CORP - 255 SHS	12,621	16,019
NOVELLUS SYSTEMS INC - 150 SHS	3,788	4,848
OCCIDENTAL PETROLEUM CORP - 145 SHS	11,802	14,225
ORACLE CORP - 375 SHS	8,919	11,738
PACCAR INC - 185 SHS	6,209	10,608
PARKER-HANNIFIN CORP - 25 SHS	1,243	2,158
PEPSICO INC - 100 SHS	5,862	6,533
PFIZER INC - 910 SHS	14,186	15,934
PROCTER & GAMBLE CO - 240 SHS	14,499	15,439
QUALCOMM INC - 250 SHS	10,237	12,373
SANDISK CORP - 50 SHS	2,184	2,493
SOUTHERN CO - 145 SHS	4,590	5,543
SPRINT NEXTEL CORP - 845 SHS	3,648	3,574
STAPLES INC - 305 SHS	6,556	6,945
STATE STREET CORP - 50 SHS	1,988	2,317
SYSCO CORP - 100 SHS	3,173	2,940
UNITED TECHNOLOGIES CORP - 170 SHS	11,767	13,382
XILINX CORP - 150 SHS	4,245	4,347
COGNIZANT TECHNOLOGY SOLUTIONS CORP CL A - 90 SHS	4,699	6,596
SEMPRA ENERGY - 50 SHS	2,612	2,624
CITIGROUP INC - 2255 SHS	9,670	10,666
WELLS FARGO & CO - 390 SHS	8,678	12,086
BANK OF AMERICA CORP - 770 SHS	16,515	10,272
GOLDMAN SACHS GROUP INC - 60 SHS	5,765	10,090
DEVON ENERGY CORP - 105 SHS	7,042	8,244
EOG RESOURCES INC - 100 SHS	9,214	9,141
HONEYWELL INTERNATIONAL INC - 160 SHS	6,794	8,506
UNITEDHEALTH GROUP INC - 90 SHS	3,409	3,250
VERIZON COMMUNICATIONS INC - 310 SHS	9,592	11,092
COACH INC - 90 SHS	3,529	4,978
ISHARES COHEN & STEERS REALTY MAJORS INDEX FUND - 615 SHS	37,198	40,418
US BANCORP DEL - 195 SHS	4,257	5,259
ISHARES RUSSELL MIDCAP INDEX FUND - 619 SHS	46,963	62,983
ADVANCED AUTO PARTS INC - 65 SHS	2,161	4,300
3M CO - 50 SHS	4,318	4,315
YUM BRANDS INC - 190 SHS	6,610	9,320
COMCAST CORP CL A - 160 SHS	2,717	3,515
CARNIVAL CORPORATION - 105 SHS	3,967	4,842
ARBITRAGE FUNDS - I CL I - 6229.61 SHS	81,421	79,677
GOOGLE INC CL A - 9 SHS	2,725	5,346
WELLPOINT INC - 25 SHS	1,383	1,422
JPM US REAL ESTATE FD - SEL FUND 3037 - 5471.84 SHS	81,421	85,251
JPM MARKET EXPANSION INDEX FD - SEL FUND 3708 - 10324.48 SHS	70,000	111,091
JPM INTL VALUE FD - SEL FUND 1296 - 3926.52 SHS	40,954	52,615
JPM ASIA 3 FD - SEL FUND 1134 - 1980.98 SHS	50,000	75,040
VANGUARD MSCI EMERGING MARKETS ETF - 2785 SHS	121,434	134,087
AT&T INC - 155 SHS	5,577	4,554
STARWOOD HOTELS & RESORTS - 55 SHS	1,189	3,343
MANNING & NAPIER FUND INC WORLD OPPR SERIES FUND - 9120.6 SHS	72,600	78,528
CME GROUP INC CLASS A COMMON STOCK - 15 SHS	4,219	4,826
EATON VANCE MUT FDS TR GLOBAL MACRO - I - 7870.73 SHS	81,571	80,832
INVESCO LTD - 120 SHS	2,319	2,887
PHILIP MORRIS INTERNATIONAL - 80 SHS	3,373	4,682
GATEWAY FUND - Y - 1576.38 SHS	40,828	41,080
ACE LTD NEW - 60 SHS	2,806	3,735
TYCO INTERNATIONAL LTD - 120 SHS	4,483	4,973
TIME WARNER INC NEW - 488 SHS	12,515	15,699
COVIDIEN PLC - 75 SHS	2,724	3,425
THREADNEEDLE ASIA PACIFIC FUND - R5 - 7035.19 SHS	75,980	99,548
HSBC SPX MKT PLS NOTE 02/03/11 - 40000 SHS	39,600	50,520
MERCK AND CO INC - 340 SHS	11,729	12,254
JPM RESEARCH MARKET NEUTRAL FD - SEL FUND - SEL - 4530.95 SHS	71,136	69,958
CS ASIA BREN 01/12/11 - 70000 SHS	69,300	83,671
GS EAFE NOTE 01/24/11 - 40000 SHS	39,660	40,141
HIGHBRIDGE DYNAMIC COMM STRG FD - - 2607.94 SHS	40,710	50,516
CS SPX NOTE 05/02/11 - 80000 SHS	79,360	84,896
BARC COMMODITY CPN 5/9/11 - 43000 SHS	42,570	45,946
NEXTERA ENERGY INC - 80 SHS	4,023	4,159
HSBC BREN EAFE 08/22/11 - 40000 SHS	39,600	40,760
HSBC GOLD CPN NOTE 10/21/11 - 40000 SHS	39,600	40,620
GS BREN MID 11/23/11 10%BUFFER - 80000 SHS	79,200	83,622
BARC BREN SPX 01/11/12 10% - 80000 SHS	79,200	79,312
JUNIPER NETWORKS INC - 215 SHS	4,569	7,938
EXXON MOBIL CORP - 320 SHS	23,233	23,398
METLIFE INC - 135 SHS	5,358	5,999
MARVELL TECHNOLOGY GROUP LTD - 180 SHS	3,696	3,339
PRUDENTIAL FINANCIAL INC - 105 SHS	4,768	6,165
CONOCOPHILLIPS - 145 SHS	7,093	9,875
BIOGEN IDEC INC - 60 SHS	3,341	4,023
BAIDU INC SPONS ADR - 35 SHS	3,226	3,379
TD AMERITRADE HOLDING CORPORATION - 200 SHS	3,314	3,798
MASTERCARD INC - CLASS A - 20 SHS	3,656	4,482
GENERAL MOTORS CO - 155 SHS	5,367	5,713

- TIN:

TY 2010 OtherAssetsSchedule

Name:

BERNARD & PAULINE HERBERT SCHOLARSHIP TR

R56792006 / 0400221700

EIN: 20-6945564

Description	Beginning of Year - Book Value	End of Year - Book Value	End of Year - Fair Market Value
BOSTON FIN'L TAX CR FUND PLUS LP - 0.05 UNITS	23,021	23,021	1,223
BOSTON FIN'L TAX CR FUND VII LP - 30 UNITS	28,227	28,227	2,250
RIDGEWOOD PWR GROWTH FUND LP - 0.5 UNITS	26,219	26,219	4,000
RIDGEWOOD ELEC PWR TR V - 0.85 UNITS	27,777	27,777	816

- TIN:

TY 2010 OtherDecreasesSchedule

Name:

BERNARD & PAULINE HERBERT SCHOLARSHIP TR

R56792006 / 0400221700

EIN: 20-6945564

Description	Amount
MUTUAL FUND TIMING/FACTORING ADJUSTMENT	758

- TIN:

TY 2010 OtherIncomeSchedule2

Name:

BERNARD & PAULINE HERBERT SCHOLARSHIP TR

R56792006 / 0400221700

EIN: 20-6945564

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
ACCRETION	90	90	90
LIMITED PARTNERSHIP CASH DISTRIBUTIONS	3,280	0	3,280
FEDERAL EXCISE TAX REFUND	736		736

- TIN:

TY 2010 OtherIncreasesSchedule

Name:

BERNARD & PAULINE HERBERT SCHOLARSHIP TR

R56792006 / 0400221700

EIN: 20-6945564

Description	Amount
NONDIVIDEND DISTRIBUTION/RETURN OF CAPITAL	1,415

- TIN:

TY 2010 TaxesSchedule

Name:

BERNARD & PAULINE HERBERT SCHOLARSHIP TR

R56792006 / 0400221700

EIN: 20-6945564

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
FEDERAL EXCISE TAX-PRIOR YEAR	1,650	0		0
FOREIGN TAX WITHHELD	557	557		0