TY 2011 Form 990PF

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...............	5,813	7,131	7,131
	2	Savings and temporary cash investments..........	70,162	85,722	85,722
	3	Accounts receivable 2,291
		Less: allowance for doubtful accounts		2,291	2,291
	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 0
	8	Inventories for sale or use...............
	9	Prepaid expenses and deferred charges...........		136	136
	10a	Investments—U.S. and state government obligations (attach schedule)	517,933	477,168	514,378
	b	Investments—corporate stock (attach schedule)........	1,234,111	1,259,542	1,598,394
	c	Investments—corporate bonds (attach schedule)........	277,601	332,597	369,261
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans..............
	13	Investments—other (attach schedule)...........	628,457	601,552	576,608
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	2,734,077	2,766,139	3,153,921
	17	Accounts payable and accrued expenses..........	368
	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)..........	368	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.........	2,733,709	2,766,139
	28	Paid-in or capital surplus, or land, bldg., and equipment fund
	29	Retained earnings, accumulated income, endowment, or other funds
	30	Total net assets or fund balances (see page 17 of the
		instructions)....................	2,733,709	2,766,139
	31	Total liabilities and net assets/fund balances (see page 17 of
		the instructions)..................	2,734,077	2,766,139

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	2,733,709
2	Enter amount from Part I, line 27a.....................	2	31,756
3	Other increases not included in line 2 (itemize)	3	674
4	Add lines 1, 2, and 3..........................	4	2,766,139
5	Decreases not included in line 2 (itemize)	5	0
6	Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30.	6	2,766,139

(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.)		(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	485. AFLAC INC COM	2005-11-09	2011-07-05
b	285. AT&T INC COM	2010-09-09	2011-09-01
c	20. ADTRAN INC COM	2009-07-14	2011-09-01
d	40. AEROPOSTALE INC COM	2009-03-19	2011-09-01
e	220. ALLIANT ENERGY CORP COM	2011-03-07	2011-05-05
	75. ALTERA CORPORATION COM	2009-03-12	2011-09-01
	45. AMERICAN FINCL GROUP INC COM	2010-09-23	2011-09-01
	5. AMERICAN FINCL GROUP INC COM	2010-02-22	2011-09-01
	95. AMETEK INC COM	2002-12-06	2011-07-07
	35. AMETEK INC COM	2002-12-06	2011-09-01
	40. AMGEN INC COM	2011-05-13	2011-09-01
	35. AMPHENOL CORPORATION CL A	2005-06-22	2011-09-01
	207. AMPHENOL CORPORATION CL A	2005-06-22	2011-09-20
	5. APPLE INC COM	2005-09-01	2011-09-01
	287.228 ARTISAN INTERNATIONAL FD-INV	2007-06-08	2011-12-29
	40. AVISTA CORP COM	2010-12-20	2011-09-01
	175. BJ'S WHOLESALE CLUB INC COM	2009-04-09	2011-07-07
	10. BMC SOFTWARE INC COM	2007-09-25	2011-09-01
	90. BAXTER INTL INC COM	2011-07-05	2011-09-01
	45. BROADRIDGE FINL SOL LLC COM	2008-11-05	2011-09-01
	45. CABOT CORPORATION COM	2011-03-25	2011-09-01
	265. CABOT CORPORATION COM	2011-03-24	2011-12-05
	220. CALGON CARBON CORP COM	2010-04-27	2011-05-05
	870. CAMERON INTERNATIONAL CORP COM	2011-02-17	2011-07-05
	10. CATALYST HEALTH SOLUTIONS INC COM	2009-09-14	2011-09-01
	90. CATALYST HEALTH SOLUTIONS INC COM	2009-09-14	2011-12-05
	130. CATALYST HEALTH SOLUTIONS INC COM	2009-09-14	2011-12-21
	30. CHEVRONTEXACO CORP COM	2010-10-18	2011-09-01
	15. CHURCH AND DWIGHT CO INC COM	2011-05-05	2011-09-01
	168. COACH INC COM	2004-04-05	2011-07-07
	.0003 CONESTOGA SMALL CAP FUND	2007-06-08	2011-03-21
	1351.961 CONESTOGA SMALL CAP FUND	2007-06-08	2011-09-01
	25. COPART INC COM	2009-03-19	2011-09-01
	10. CUBIC CORP COM	2009-09-14	2011-09-01
	15. CULLEN/FROST BANKERS INC COM	2011-07-07	2011-09-01
	191. CULLEN/FROST BANKERS INC COM	2006-06-16	2011-12-05
	55. CULLEN/FROST BANKERS INC COM	2011-07-07	2011-12-05
	405. DANAHER CORP COM	2001-10-18	2011-09-01
	300. DANAHER CORP COM	2001-10-18	2011-09-20
	110. DARDEN RESTAURANTS INC COM	2005-01-06	2011-09-01
	40. DENTSPLY INTERNATIONAL INC COM	2010-03-17	2011-09-01
	85. DENTSPLY INTERNATIONAL INC COM	2008-10-16	2011-12-05
	140. DENTSPLY INTERNATIONAL INC COM	2008-10-16	2011-12-21
	55. DIAMOND OFFSHORE DRILLING COM	2011-07-05	2011-09-01
	225. DISCOVER FINANCIAL SERVICES COM	2011-07-05	2011-09-01
	10. DRESSER-RAND GROUP INC	2011-07-07	2011-09-01
	100. EATON VANCE CORP COM	2008-08-01	2011-02-07
	80. EATON VANCE CORP COM	2010-04-27	2011-02-07
	45. EXXON MOBIL CORPORATION COM	2001-08-21	2011-09-01
	229. FMC CORP COM	2007-05-25	2011-03-24
	45. FAIRCHILD SEMICONDUCTOR INTL INC COM	2011-05-05	2011-09-01
	5000. FHLMC NOTE DTD 08/06/2009 2.125% 09/21/2	2010-03-23	2011-02-01
	5000. FHLMC NOTE DTD 08/06/2009 2.125% 09/21/2	2010-09-13	2011-02-01
	10000. FHLMC NOTE DTD 08/06/2009 2.125% 09/21/2	2010-03-23	2011-08-10
	15000. FHLMC NOTE DTD 12/02/2009 1.375% 01/09/2	2009-12-15	2011-08-11
	5000. FHLMC NOTE DTD 12/02/2009 1.375% 01/09/2	2010-09-13	2011-08-11
	15000. FNMA NOTE DTD 01/15/2010 1.75% 02/22/201	2010-03-23	2011-05-03
	15000. FNMA NOTE DTD 01/15/2010 1.75% 02/22/201	2010-03-23	2011-08-24
	20000. FNMA DTD 01/11/2008 3.625% 02/12/2013	2009-11-23	2011-08-18
	15000. FNMA NOTE DTD 06/06/2008 3.875% 07/12/20	2009-04-28	2011-04-01
	15000. FNMA NOTE DTD 06/06/2008 3.875% 07/12/20	2009-04-28	2011-09-21
	25. FLOWERS FOODS INC COM	2011-07-07	2011-09-01
	890. GENERAL ELECTRIC CO COM	2001-08-21	2011-07-05
	20. GENERAL MILLS INC COM	2009-10-12	2011-09-01
	10432.373 GOLDMAN SACHS STRUCTURED INTERNATIONAL E	2010-09-13	2011-12-29
	889.878 GOLDMAN SACHS STRUCTURED INTERNATIONAL E	2011-10-11	2011-12-29
	30. HCC INSURANCE HOLDINGS INC COM	2009-10-12	2011-09-01
	295. HCC INSURANCE HOLDINGS INC COM	2009-10-12	2011-12-21
	15. HARRIS CORPORATION COM	2007-01-11	2011-09-01
	60. HEWLETT PACKARD CO COM	2007-10-19	2011-09-01
	10. HORMEL FOODS CORP COM	2005-09-01	2011-09-01
	610. INTUIT INC COM	2009-03-25	2011-05-13
	35. J2 GLOBAL COMMUNICATIONS INC COM	2010-07-26	2011-09-01
	60. JOHNSON & JOHNSON COM	2011-05-13	2011-09-01
	25. L-3 COMMUNICATIONS HOLDINGS COM	2003-06-27	2011-09-01
	35. MCCORMICK & COMPANY INC NON VTG SHS COM	2008-04-28	2011-09-01
	105. MCGRAW HILL COS INC COM	2011-03-16	2011-09-01
	50. MCKESSON HBOC INC COM	2009-09-14	2011-09-01
	50. MEDICIS PHARMACEUTICAL - CL A	2010-09-21	2011-09-01
	25. MICROSOFT CORP COM	2001-08-21	2011-09-01
	665. MURPHY OIL CORP COM	2010-09-07	2011-02-17
	30. NETFLIX INC COM	2008-11-25	2011-01-27
	45. NETFLIX INC COM	2008-11-25	2011-05-05
	90. ORACLE CORP COM	2001-08-21	2011-09-01
	15. PANERA BREAD COMPANY CL A COM	2010-02-22	2011-09-01
	320. PEPSICO INC COM	2001-08-21	2011-03-16
	30. PEPSICO INC COM	2001-08-21	2011-09-01
	10. PERRIGO CO COM	2009-03-20	2011-09-01
	85. PFIZER INC COM	2001-08-21	2011-09-01
	25. PHARMACEUTICAL PRODUCT DEVEL INC COM	2007-11-16	2011-09-01
	145. PHARMACEUTICAL PRODUCT DEVEL INC COM	2007-11-16	2011-10-04
	45. PROGRESSIVE CORP OHIO COM	2010-06-28	2011-09-01
	15. QUALCOMM INC COM	2008-02-25	2011-09-01
	5. ROCK TENN COMPANY CL A	2010-07-14	2011-09-01
	125. ROCK TENN COMPANY CL A	2010-07-14	2011-09-20
	20. ROLLINS INC COM	2009-07-14	2011-09-01
	20. ROSS STORES COM	2002-11-25	2011-09-01
	350. SEI INVESTMENTS COMPANY COM	2008-03-25	2011-03-24
	645. SIGMA ALDRICH CORP	2009-03-25	2011-03-07
	1296. STAPLES INC COM	2001-08-21	2011-04-08
	170. STERIS CORP COM	2009-07-30	2011-03-28
	545. STRYKER CORP COM	2008-11-21	2011-12-02
	90. STRYKER CORP COM	2011-09-01	2011-12-02
	80. TJX COMPANIES INC COM	2011-04-08	2011-09-01
	15. TECHNE CORP COM	2007-10-24	2011-09-01
	20. TORO CO COM	2010-04-27	2011-09-01
	10. TUPPERWARE BRANDS CORP COM	2011-07-07	2011-09-01
	15000. US TREAS INFLATION INDEX BD DTD 7/15/200	2008-12-17	2011-06-01
	20000. US TREAS NOTE DTD 04/30/2010 1% 04/30/20	2010-05-25	2011-07-01
	20000. US TREAS NOTE DTD 08/31/2010 1.875% 08/3	2010-09-28	2011-03-21
	75. UNITED TECHNOLOGIES CORP COM	2002-08-13	2011-09-01
	45. V F CORPORATION COM	2008-08-11	2011-09-01
	40. VALSPAR CORPORATION COM	2011-03-25	2011-09-01
	160. VARIAN SEMICONDUCTOR EQUIPMENT ASSOC INC	2011-03-29	2011-05-05
	45. VECTREN CORPORATION COM	2011-05-05	2011-09-01
	230. WGL HOLDINGS INC	2010-09-23	2011-03-07
	35. WADDELL & REED FINANCIAL INC CL A COM	2011-03-24	2011-09-01
	140. WALGREEN CO COM	2008-10-17	2011-09-01
	10. WATSCO INC COM	2011-02-07	2011-09-01
	20. JOHN WILEY & SONS, INC COM	2011-07-07	2011-09-01
	25. WISCONSIN ENERGY CORP COM	2010-12-03	2011-09-01
	130. WORLD FUEL SERVICES CORP COM	2010-03-17	2011-07-07
	50. WORLD FUEL SERVICES CORP COM	2010-03-17	2011-09-01

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	22,499	23,406	-907
b	8,063	7,952	111
c	612	435	177
d	439	694	-255
e	8,662	8,739	-77
	2,711	1,290	1,421
	1,474	1,351	123
	164	130	34
	4,384	785	3,599
	1,345	289	1,056
	2,199	2,423	-224
	1,612	743	869
	9,068	4,392	4,676
	1,910	278	1,632
	5,664	8,484	-2,820
	986	904	82
	8,816	5,715	3,101
	398	356	42
	4,982	5,415	-433
	933	552	381
	1,530	2,103	-573
	9,032	11,739	-2,707
	3,817	3,818	-1
	43,876	51,830	-7,954
	540	290	250
	4,732	2,607	2,125
	6,584	3,765	2,819
	2,976	2,522	454
	651	617	34
	11,556	3,320	8,236

	30,000	25,211	4,789
	1,058	748	310
	410	395	15
	741	861	-120
	9,758	10,624	-866
	2,810	2,718	92
	18,065	6,775	11,290
	13,742	5,019	8,723
	5,234	2,767	2,467
	1,397	1,388	9
	3,058	2,846	212
	4,922	4,116	806
	3,495	3,949	-454
	5,609	6,040	-431
	420	556	-136
	3,282	3,033	249
	2,625	2,767	-142
	3,316	2,444	872
	18,870	9,319	9,551
	588	901	-313
	5,125	5,062	63
	5,125	5,120	5
	10,205	10,084	121
	15,232	14,906	326
	5,077	5,043	34
	15,308	15,032	276
	15,309	15,026	283
	20,973	20,604	369
	15,941	15,560	381
	15,960	15,446	514
	477	570	-93
	16,868	32,556	-15,688
	754	650	104
	86,693	101,716	-15,023
	7,395	8,000	-605
	867	855	12
	8,021	8,240	-219
	597	752	-155
	1,546	2,836	-1,290
	274	162	112
	33,967	16,097	17,870
	1,104	854	250
	3,926	4,007	-81
	1,676	1,107	569
	1,662	1,280	382
	4,369	3,879	490
	3,964	2,911	1,053
	1,899	1,510	389
	656	738	-82
	47,896	37,987	9,909
	6,310	633	5,677
	10,368	950	9,418
	2,509	972	1,537
	1,705	1,102	603
	19,999	16,129	3,870
	1,927	1,512	415
	936	226	710
	1,611	2,940	-1,329
	786	957	-171
	4,619	4,810	-191
	853	881	-28
	769	623	146
	265	264	1
	6,868	6,606	262
	409	227	182
	1,499	456	1,043
	7,995	7,834	161
	40,645	25,756	14,889
	26,358	14,969	11,389
	5,874	5,072	802
	26,662	19,864	6,798
	4,403	4,353	50
	4,230	4,063	167
	1,084	972	112
	1,076	1,116	-40
	653	715	-62
	16,901	14,673	2,228
	20,130	20,049	81
	19,184	20,050	-866
	5,498	2,515	2,983
	5,204	3,266	1,938
	1,271	1,543	-272
	9,791	7,754	2,037
	1,229	1,264	-35
	8,802	8,528	274
	1,072	1,367	-295
	4,994	3,334	1,660
	583	653	-70
	978	1,061	-83
	785	751	34
	4,836	3,727	1,109
	1,822	1,434	388

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			-907
b			111
c			177
d			-255
e			-77
			1,421
			123
			34
			3,599
			1,056
			-224
			869
			4,676
			1,632
			-2,820
			82
			3,101
			42
			-433
			381
			-573
			-2,707
			-1
			-7,954
			250
			2,125
			2,819
			454
			34
			8,236

			4,789
			310
			15
			-120
			-866
			92
			11,290
			8,723
			2,467
			9
			212
			806
			-454
			-431
			-136
			249
			-142
			872
			9,551
			-313
			63
			5
			121
			326
			34
			276
			283
			369
			381
			514
			-93
			-15,688
			104
			-15,023
			-605
			12
			-219
			-155
			-1,290
			112
			17,870
			250
			-81
			569
			382
			490
			1,053
			389
			-82
			9,909
			5,677
			9,418
			1,537
			603
			3,870
			415
			710
			-1,329
			-171
			-191
			-28
			146
			1
			262
			182
			1,043
			161
			14,889
			11,389
			802
			6,798
			50
			167
			112
			-40
			-62
			2,228
			81
			-866
			2,983
			1,938
			-272
			2,037
			-35
			274
			-295
			1,660
			-70
			-83
			34
			1,109
			388

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	124,768
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

2	Total of line 1, column (d) ......................	2
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
4	Enter the net value of noncharitable-use assets for 2011 from Part X, line 5.....	4
5	Multiply line 4 by line 3.......................	5
6	Enter 1% of net investment income (1% of Part I, line 27b)...........	6
7	Add lines 5 and 6.........................	7
8	Enter qualifying distributions from Part XII, line 4..............	8
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.

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	3,201
	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	3,201
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	3,201
6	Credits/Payments:

a	2011 estimated tax payments and 2010 overpayment credited to 2011	6a	640
b	Exempt foreign organizations—tax withheld at source.......	6b
c	Tax paid with application for extension of time to file (Form 8868)	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	640
8	Enter any penalty for underpayment of estimated tax. Check hereif Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9	2,561
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 2012 estimated tax	Refunded	11	0

1 List all officers, directors, trustees, foundation managers and their compensation (see page 22 of the instructions).
National Penn Investors Trust Co	Trustee 5	26,917
2201 Ridgewood Road Suite 180 Wyomissing,PA19610

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	SCHOLARSHIP TO UNIVERSITY OF DELAWARE FOR REBECCA THOMPSON	500
2	SCHOLARSHIP TO MILLERSVILLE UNIVERSITY FOR ERIKA BAER GALICK	2,660
3	SCHOLARSHIP TO UNIVERSITY OF PITTSBURGH FOR GRZEGORZ PISZCZEK	3,610
4	SCHOLARSHIP TO MESSIAH COLLEGE FOR RACHEL BAUMAN SAMUEL SCHREIBER	4,270

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


2


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

		(a) Corpus	(b) Years prior to 2010	(c) 2010	(d) 2011
1 Distributable amount for 2011 from Part XI, line 7					158,726
2 Undistributed income, if any, as of the end of 2011:
a Enter amount for 2010 only.......				0
b Total for prior years:2009, 20, 20			0
3 Excess distributions carryover, if any, to 2011:
a From 2006.......	0
b From 2007.......	0
c From 2008.......	5,187
d From 2009.......	6,912
e From 2010.......	0
fTotal of lines 3a through e.........		12,099
4Qualifying distributions for 2011 from Part
XII, line 4: $ 138,901
a Applied to 2010, but not more than line 2a				0
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 2011 distributable amount.....					138,901
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2011.		12,099			12,099
(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 2010. Subtract line 4a from line 2a. Taxable amount—see page 27 of the instructions ...........				0
f Undistributed income for 2011. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2011 ..........					7,726
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 2006 not applied on line 5 or line 7 (see page 27 of the instructions) .............		0
9Excess distributions carryover to 2012. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2007....	0
b Excess from 2008....	0
c Excess from 2009....	0
d Excess from 2010....	0
e Excess from 2011....	0

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) 2011	(b) 2010	(c) 2009	(d) 2008	(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

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

Hughes Scholarship Foundations
2201 Ridgewood Road Suite 180
Wyomissing,PA19610
(610) 372-6414

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

Complete written scholarship application. Include high school transcript, verification of enrollment and certification of acceptance to Institution for which you are requesting award

cAny submission deadlines:

March 1

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

Award is for tuition only

3 Grants and Contributions Paid During the Year or Approved for Future Payment
aPaid during the year
HUGHES SCHOLARSHIP FOUNDATION C/O NATIONAL PENN INVESTORS TRUST 2201 RIDGEWOOD ROAD SUITE 180 WYOMISSING,PA19610		ACADEMIC SCHOLARSHIPS	138,901
Total ................................. 3a	138,901

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.)

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

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

	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	(c) Adjusted net 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	229		229
4	Dividends and interest from securities......	75,855		62,583
5a	Gross rents..............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		124,768
b	Gross sales price for all assets on line 6a 938,750
7	Capital gain net income (from Part IV, line 2)...			124,768
8	Net short-term capital gain.........				0
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).......
12	Total. Add lines 1 through 11........	200,852		187,580
13	Compensation of officers, directors, trustees, etc.	26,917		26,917
14	Other employee salaries and wages......			0	0	0
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......
c	Other professional fees (attach schedule)....					0
17	Interest...............					0
18	Taxes (attach schedule) (see page 14 of the instructions)		3,263	592		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		15	15
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	30,195		27,524	0	0
25	Contributions, gifts, grants paid........	138,901				138,901
26	Total expenses and disbursements. Add lines 24 and 25	169,096		27,524	0	138,901
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	31,756
b	Net investment income (if negative, enter -0-)			160,056
c	Adjusted net income (if negative, enter -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

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514
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	229
4 Dividends and interest from securities....			14	75,855
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.....
8Gain or (loss) from sales of assets other than inventory			18	124,768
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory..
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				200,852

Name of Bond	End of Year Book Value	End of Year Fair Market Value
GENERAL ELECTRIC CO DTD 1/28/0	25,032	26,053
COSTCO WHSL CORP NEW DTD	24,980	29,860
WAL-MART STORES DTD 4/5/2007	25,038	29,504
ALLSTATE LIFE GL DTD 4/24/2008	20,038	21,119
JP MORGAN CHASE & CO DTD 1/29	20,690	23,447
GLAXOSMITHKLINE CAP INC	19,953	24,072
INTERNATIONAL BUS MACHS CORP	25,291	30,272
SBC COMMUNICATIONS DTD 8/18	30,353	34,415
CONSOLIDATED EDISON CO OF NY	10,061	12,200
WELLS FARGO COMPANY DTD 10/1	14,971	15,836
ORACLE CORP DTD 7/8/2009	30,867	32,264
US BANCORP DTD 7/27/2010 2.45%	15,089	15,373
PEPSICO IND DTD 10/26/10 3.125	14,712	15,590
GEN ELEC CAP CORP 1/7/11 4.625	10,443	10,375
BANK OF NY MELLON 9/23/11 3.55	15,193	15,217
MERCK & CO 12/10/10 3.875%	9,818	11,258
OCCIDENTAL PETE 12/16/10 4.1%	20,068	22,406

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))
2010
2009
2008
2007
2006

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
National Penn Investors Trust Co	Trustee 5	26,917
2201 Ridgewood Road Suite 180 Wyomissing,PA19610	Trustee 5	26,917

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
HUGHES SCHOLARSHIP FOUNDATION C/O NATIONAL PENN INVESTORS TRUST 2201 RIDGEWOOD ROAD SUITE 180 WYOMISSING,PA19610			ACADEMIC SCHOLARSHIPS	138,901
Total ................................. 3a				138,901

bApproved for future payment

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

Name of Stock	End of Year Book Value	End of Year Fair Market Value
FMC CORP
AMETEK INC	3,062	16,377
L-3 COMMUNICATIONS HOLDINGS	6,838	9,135
TORO CO	7,168	9,524
COACH INC
ROSS STORES	4,289	17,871
TUPPERWARE BRANDS CORP	4,500	7,892
HORMEL FOODS CORP	6,114	11,423
CULLEN/FROST BANKERS INC
PHARMACEUTICAL PRODUCT DEVEL
TECHNE CORP	4,173	4,437
AMPHENOL CORPORATION
BMC SOFTWARE INC	4,836	5,278
HARRIS CORPORATION	6,902	5,586
DANAHER CORP	9,201	25,872
GENERAL ELECTRIC CO
UNITED TECHNOLOGIES CORP	19,754	43,050
DARDEN RESTAURANTS INC	22,763	41,250
MCGRAW HILL COS INC	39,357	49,062
STAPLES INC
PEPSICO INC	20,514	27,004
CHEVRON CORPORATION	40,084	54,158
EXXON MOBIL CORPORATION	29,488	46,025
AFLAC INC
AMGEN INC	45,115	48,543
JOHNSON & JOHNSON	47,041	52,333
PFIZER INC	36,950	29,409
APPLE INC	7,052	51,435
HEWLITT-PACKARD COMPANY	39,802	21,690
MICROSOFT CORP	50,832	46,962
ORACLE CORP	15,322	36,397
AT&T INC	42,589	47,447
BROADRIDGE FINL SOL LLC	3,750	7,329
DENTSPLY INTERNATIONAL INC
EATON VANCE CORP
FACTSET RESEARCH SYSTEMS INC	8,581	11,783
LABORATORY CRP OF AMER HLDGS	16,367	21,922
NETFLIX INC
QUALCOMM INC	21,602	28,444
SEI INVESTMENTS COMPANY
STRYKER CORP
VF CORPORATION	19,598	34,287
WALGREEN CO	32,987	45,788
ADTRAN INC	2,828	3,921
AEROPOSTALE INC	5,117	4,499
ALTERA CORPORATION	18,140	39,141
BJ'S WHOLESALE CLUB INC
CH ROBINSON WORLDWIDE INC	22,925	27,912
CATALYST HEALTH SOLUTIONS INC
COPART INC	3,887	6,226
CUBIC CORP	4,740	5,231
GENERAL MILLS INC	22,604	28,085
HCC INSURANCE HOLDINGS INC
HUBBELL INC CL B	4,415	8,358
INTERNATIONAL BUS MACHS CORP	27,838	48,728
INTUIT INC
MCCORMICK & COMPANY INC	40,963	56,470
MCKESSON HBOC INC	25,031	33,501
PERRIGO CO	3,159	13,622
WESTERN DIGITAL CORP	2,977	3,559
ROLLINS INC	2,666	5,222
SIGMA ALDRICH CORP
STERIS CORP
AMERICAN FNCL GRP INC COM	8,312	11,805
AVISTA CORP COM	10,619	12,103
BOB EVANS FARMS COM	9,881	9,727
CALGON CARBON CORP COM
FEDERATED INESTORS INC CL B	32,281	19,544
J2 GLOBAL COMM INC COM	6,222	7,176
MEDICIS PHARM - CL A	11,364	13,633
MURPHY OIL CORP COM
PANERA BREAD CO CL A	5,508	10,609
PROGRESSIVE CORP OHIO COM	21,335	21,266
ROCK TENN CO CL A
WGL HOLDINGS INC
JOHN WILEY & SONS, INC
WISCONSIN ENERGY CORP COM	35,305	41,078
WORLD FUEL SVCS CORP COM	6,308	9,236
ADVANCE AUTO PARTS INC	7,566	8,356
APTARGROUP INC	10,615	10,695
BALL CORP	36,898	36,781
BAXTER INTL INC	27,674	22,761
CHURCH & DWIGHT CO	12,728	13,499
COLGATE PALMOLIVE CO	28,038	29,103
COMMERCE BANCSHARES INC COM	7,596	7,624
COOPER COS	4,908	4,936
DIAMOND OFFSHORE DRILLING	19,743	15,197
DISCOVER FNCL SERVICES	33,151	29,640
DRESSER-RAND GROUP	6,116	5,490
FAIRCHILD SEMICONDUCTOR	11,292	7,284
FLOWERS FOODS INC	7,302	6,074
FULTON FNCL CORP	7,601	7,750
ARTHUR J GALLAGHER & CO	6,899	7,190
PROTECTIVE LIFE CORP	6,939	7,219
TJX COS INC	32,248	40,989
VALSPAR CORP	9,388	9,548
VECTREN CORP	11,660	12,545
WADDELL & REED FNCL INC CL A	7,420	4,706
WATSCO INC	3,919	3,940
JOHN WILEY & SONS	8,785	8,702

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
CONESTOGA SMALL CAP FUND	AT COST	144,046	174,731
ARTISAN INTERNATIONAL FUND	AT COST	149,316	100,238
GOLDMAN SACHS STRUC INTL EQUIT
GOLDMAN SACHS SATELLITE STRAT	AT COST	209,683	202,466
HENDERSON INTL OPPORTUNITIES	AT COST	98,507	99,173

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