Form990-PF

Department of the Treasury
Internal Revenue Service
Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
bulletDo not enter Social Security numbers on this form as it may be made public. By law, the IRS cannot redact the information on the form.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2013
Open to Public Inspection
For calendar year 2013, or tax year beginning 01-01-2013 , and ending 12-31-2013
Name of foundation
W MARSHALL HUGHES JR SCHOLARSHIP FUND
 

Number and street (or P.O. box number if mail is not delivered to street address)1340 BROADCASTING ROAD SUITE 100   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
WYOMISSING, PA19610
A Employer identification number

23-6934996
B Telephone number (see instructions)

C bullet
G Check all that apply:

D 1. bullet
2. bullet
E bullet
H Check type of organization:
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$3,808,886J Accounting method:
 
(Part I, column (d) must be on cash basis.)
F bullet
Part I 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 instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule)  
2 Check bullet
3 Interest on savings and temporary cash investments 142 142 142
4 Dividends and interest from securities...... 72,265 73,092 64,910
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 281,894
b Gross sales price for all assets on line 6a 1,171,683
7 Capital gain net income (from Part IV, line 2)... 281,894
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)....... 264 264 264
12 Total. Add lines 1 through 11........ 354,565 355,392 65,316
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 39,486 39,486 39,486  
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 instructions) 3,450 486   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).......        
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 42,936 39,972 39,486 0
25 Contributions, gifts, grants paid........ 166,184 166,184
26 Total expenses and disbursements. Add lines 24 and 25 209,120 39,972 39,486 166,184
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 145,445
b Net investment income (if negative, enter -0-) 315,420
c Adjusted net income (if negative, enter -0-)... 25,830
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2013)
Form 990-PF (2013)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.)		 Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............... 6,875 9 9
2 Savings and temporary cash investments.......... 78,835 53,243 53,243
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet     0 0
4 Pledges receivable bullet  
Less: allowance for doubtful accounts bullet        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) bullet  
Less: allowance for doubtful accounts bullet0      
8 Inventories for sale or use...............      
9 Prepaid expenses and deferred charges........... 89 1,009 1,009
10a Investments—U.S. and state government obligations (attach schedule) 509,304 Click to see attachment643,726 648,955
b Investments—corporate stock (attach schedule)........ 1,276,519 Click to see attachment1,140,257 1,848,179
c Investments—corporate bonds (attach schedule)........ 297,637 Click to see attachment422,135 433,450
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 601,552 Click to see attachment655,871 824,041
14 Land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
15 Other assets (describe bullet)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 2,770,811 2,916,250 3,808,886
Liabilities 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 bullet)    
23 Total liabilities (add lines 17 through 22)..........   0
Net Assets or Fund Balances bullet
and complete lines 24 through 26 and lines 30 and 31.
24 Unrestricted....................    
25 Temporarily restricted................    
26 Permanently restricted................    
bullet
and complete lines 27 through 31.
27 Capital stock, trust principal, or current funds......... 2,770,811 2,916,250
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).................... 2,770,811 2,916,250
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 2,770,811 2,916,250
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 2,770,811
2 Enter amount from Part I, line 27a..................... 2 145,445
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 2,916,256
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 6
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 2,916,250
Form 990-PF (2013)
Form 990-PF (2013)
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 		(c) Date acquired
(mo., day, yr.) 		(d) Date sold
(mo., day, yr.)
1 a 25. AT&T INC COM   2013-02-14 2013-05-08
b 255. AT&T INC COM   2004-09-20 2013-05-08
c 75. AT&T INC COM   2004-09-20 2013-05-23
d 95. AT&T INC COM   2004-09-20 2013-09-23
e 30. AT&T INC COM   2004-09-20 2013-12-10
115. AT&T INC COM   2004-09-20 2013-12-10
35. ADVANCE AUTO PARTS INC   2011-09-20 2013-02-14
5. ADVANCE AUTO PARTS INC   2011-09-20 2013-12-10
85. AMERICAN FINCL GROUP INC COM   2010-02-22 2013-02-14
30. AMERICAN FINCL GROUP INC COM   2010-02-22 2013-12-10
160. AMETEK INC COM   2002-12-06 2013-02-14
55. AMETEK INC COM   2003-01-30 2013-12-10
25. AMGEN INC COM   2005-01-06 2013-02-14
40. AMGEN INC COM   2005-01-06 2013-12-10
8. APPLE INC COM   2013-02-14 2013-12-10
55. APTARGROUP INC COM   2011-12-05 2013-02-14
20. APTARGROUP INC COM   2011-12-05 2013-12-10
423.586 ARTISAN INTERNATIONAL FD-INV   2007-06-08 2013-12-10
40. BMC SOFTWARE INC COM   2007-09-25 2013-02-14
121. BMC SOFTWARE INC COM   2007-09-25 2013-05-13
30. BALL CORP   2012-11-26 2013-02-14
80. BALL CORP   2011-03-07 2013-12-10
35. BAXTER INTL INC COM   2011-07-05 2013-02-14
40. BAXTER INTL INC COM   2011-07-05 2013-12-10
20000. JP MORGAN CHASE & CO (FORMERLY BEAR STEARNS CO INC) DTD 01/29/2   2008-08-19 2013-01-24
10. BIG LOTS INC   2013-12-02 2013-12-10
80. BOB EVANS FARMS COM   2011-07-07 2013-02-14
60. BOB EVANS FARMS COM   2010-04-27 2013-04-01
150. BOB EVANS FARMS COM   2010-04-27 2013-06-25
85. BROADRIDGE FINL SOL LLC COM   2008-11-05 2013-02-14
35. BROADRIDGE FINL SOL LLC COM   2008-11-05 2013-12-10
25. C. H. ROBINSON WORLDWIDE INC COM   2011-09-01 2013-02-14
45. C. H. ROBINSON WORLDWIDE INC COM   2011-09-01 2013-12-10
120. CADENCE DESIGN SYSTEMS, INC COM   2012-11-28 2013-02-14
60. CADENCE DESIGN SYSTEMS, INC COM   2012-11-28 2013-12-10
25. CARTER'S INC COM   2012-09-05 2013-02-14
5. CARTER'S INC COM   2012-09-05 2013-12-10
45. CHARLES RIVER LABS INTL INC COM   2012-09-05 2013-02-14
30. CHARLES RIVER LABS INTL INC COM   2012-04-10 2013-12-10
40. CHEVRONTEXACO CORP COM   2010-10-18 2013-02-14
155. CHEVRONTEXACO CORP COM   2007-04-18 2013-05-23
20. CHEVRONTEXACO CORP COM   2007-04-18 2013-12-10
40. CHURCH AND DWIGHT CO INC COM   2011-09-20 2013-02-14
20. CHURCH AND DWIGHT CO INC COM   2011-09-20 2013-12-10
130. CISCO SYSTEMS INC COM   2013-03-13 2013-12-10
30. COLGATE PALMOLIVE CO COM   2011-09-20 2013-02-14
45. COLGATE PALMOLIVE CO COM   2013-05-23 2013-12-10
45. COMMERCE BANCSHARES INC COM   2011-12-05 2013-02-14
5. COMMERCE BANCSHARES INC COM   2013-09-25 2013-12-10
2237.136 CONESTOGA SMALL CAP FUND   2007-06-08 2013-02-14
1111.42 CONESTOGA SMALL CAP FUND   2007-06-08 2013-12-10
15. COOPER COS INC/THE COM   2012-09-05 2013-02-14
10. COOPER COS INC/THE COM   2012-09-05 2013-05-22
70. COOPER COS INC/THE COM   2011-12-21 2013-05-22
70. COPART INC COM   2009-03-19 2013-02-14
55. COPART INC COM   2009-03-19 2013-02-25
135. COPART INC COM   2009-03-19 2013-04-01
60. CORELOGIC INC COM   2012-11-28 2013-02-14
30. CORELOGIC INC COM   2012-11-28 2013-12-10
30. CUBIC CORP COM   2009-09-14 2013-02-14
90. CUBIC CORP COM   2009-09-14 2013-04-01
25. CUBIST PHARMACEUTICALS INC COM   2012-09-05 2013-02-14
130. CUBIST PHARMACEUTICALS INC COM   2012-09-05 2013-09-25
35. DARDEN RESTAURANTS INC COM   2005-01-06 2013-02-14
505. DARDEN RESTAURANTS INC COM   2005-01-06 2013-03-13
30. DELUXE CORPORATION COM   2013-04-01 2013-12-10
20. DIAMOND OFFSHORE DRILLING COM   2011-07-05 2013-02-14
255. DIAMOND OFFSHORE DRILLING COM   2011-07-05 2013-02-25
125. DISCOVER FINANCIAL SERVICES COM   2011-07-05 2013-02-14
100. DISCOVER FINANCIAL SERVICES COM   2011-07-05 2013-12-10
25. DOVER CORP COM   2013-12-02 2013-12-10
45. EXXON MOBIL CORPORATION COM   2001-08-21 2013-02-14
85. EXXON MOBIL CORPORATION COM   2001-08-21 2013-05-23
25. EXXON MOBIL CORPORATION COM   2001-08-21 2013-12-10
40. FACTSET RESEARCH SYSTEMS INC COM   2011-09-01 2013-02-14
10. FACTSET RESEARCH SYSTEMS INC COM   2011-09-01 2013-12-10
25000. FHLMC NOTE DTD 10/21/2005 4.75% 11/17/20   2007-11-27 2013-12-23
5000. FHLMC NOTE DTD 10/21/2005 4.75% 11/17/20   2013-12-11 2013-12-23
15000. FHLMC NOTE DTD 10/21/2005 4.75% 11/17/20   2013-02-14 2013-12-23
30000. FHLMC NOTE DTD 12/16/2011 .625% 12/29/20   2012-02-27 2013-04-30
25000. FHLMC NOTE DTD 01/13/2012 2.375% 01/13/2   2012-02-14 2013-01-29
20000. FNMA FANNIE MAE 2.625% 11/20/2014   2009-12-11 2013-01-29
5. FLOWSERVE CORPORATION COM   2012-08-27 2013-02-14
35. FLOWSERVE CORPORATION COM   2012-08-27 2013-05-08
60. FLOWSERVE CORPORATION COM   2012-08-27 2013-09-23
450. FLOWSERVE CORPORATION COM   2012-08-27 2013-12-02
175. FULTON FINANCIAL CORP COM   2011-12-21 2013-02-14
200. FULTON FINANCIAL CORP COM   2011-12-21 2013-02-25
415. FULTON FINANCIAL CORP COM   2011-12-21 2013-09-25
50. ARTHUR J GALLAGHER & CO COM   2011-12-05 2013-02-14
20. ARTHUR J GALLAGHER & CO COM   2013-05-13 2013-12-10
25. GENERAL MILLS INC COM   2012-11-26 2013-02-14
110. GENERAL MILLS INC COM   2009-10-12 2013-02-25
130. GENERAL MILLS INC COM   2012-11-26 2013-02-25
585. GENERAL MILLS INC COM   2009-10-12 2013-03-13
15. HANESBRANDS INC COM   2013-06-25 2013-12-10
40. HARRIS CORPORATION COM   2007-01-11 2013-02-14
15. HARRIS CORPORATION COM   2013-09-25 2013-12-10
397.863 HENDERSON INTERNATIONAL OPPORTUNITIES FU   2013-02-14 2013-12-10
50. HORMEL FOODS CORP COM   2005-09-01 2013-02-14
50. HORMEL FOODS CORP COM   2005-09-01 2013-02-25
20. HORMEL FOODS CORP COM   2005-09-01 2013-12-10
35. HUBBELL INC CL B COM   2009-02-06 2013-02-14
10. HUBBELL INC CL B COM   2009-02-06 2013-12-10
55. INTEL CORP COM   2012-04-13 2013-02-14
115. INTEL CORP COM   2012-02-08 2013-12-10
25. INTERNATIONAL BUS MACHS CORP COM   2009-05-07 2013-02-14
25. INTERNATIONAL BUS MACHS CORP COM   2009-05-07 2013-12-10
75. JOHNSON & JOHNSON COM   2001-10-18 2013-02-14
215. JOHNSON & JOHNSON COM   2001-10-18 2013-03-13
15. JOHNSON & JOHNSON COM   2001-10-18 2013-12-10
70. J2 GLOBAL INC   2010-07-26 2013-02-14
25. J2 GLOBAL INC   2010-07-26 2013-12-10
40. L-3 COMMUNICATIONS HOLDINGS COM   2011-12-05 2013-02-14
10. L-3 COMMUNICATIONS HOLDINGS COM   2013-04-01 2013-12-10
25. LABORATORY CRP OF AMER HLDGS COM   2008-12-10 2013-02-14
15. LABORATORY CRP OF AMER HLDGS COM   2013-05-23 2013-12-10
65. MACYS INC   2013-05-08 2013-12-10
70. MARSH & MCLENNAN CO COM   2012-08-27 2013-12-10
55. MATTEL INC COM   2013-04-18 2013-12-10
40. MCCORMICK & COMPANY INC NON VTG SHS COM   2008-04-28 2013-02-14
205. MCCORMICK & COMPANY INC NON VTG SHS COM   2008-04-28 2013-02-25
150. MCCORMICK & COMPANY INC NON VTG SHS COM   2008-04-28 2013-03-13
25. MCCORMICK & COMPANY INC NON VTG SHS COM   2008-04-28 2013-12-10
65. MCGRAW HILL COS INC COM   2011-03-16 2013-02-14
921. MCGRAW HILL COS INC COM   2004-06-01 2013-04-18
40. MCKESSON HBOC INC COM   2009-09-14 2013-02-14
35. MCKESSON HBOC INC COM   2009-09-14 2013-12-10
165. MICROSOFT CORP COM   2001-08-21 2013-02-14
150. MICROSOFT CORP COM   2001-08-21 2013-12-10
40. MINERALS TECHNOLOGIES INC COM   2012-09-05 2013-02-14
65. MINERALS TECHNOLOGIES INC COM   2012-09-05 2013-04-01
45. MINERALS TECHNOLOGIES INC COM   2013-09-25 2013-12-02
25. MINERALS TECHNOLOGIES INC COM   2012-09-05 2013-12-02
10. MINERALS TECHNOLOGIES INC COM   2012-09-05 2013-12-10
20. OCEANEERING INTL INC COM   2012-11-28 2013-02-14
10. OCEANEERING INTL INC COM   2012-11-28 2013-12-10
40. OMNICARE INC COM   2012-04-10 2013-02-14
20. OMNICARE INC COM   2012-04-10 2013-12-10
110. ORACLE CORP COM   2012-04-13 2013-02-14
130. ORACLE CORP COM   2001-08-21 2013-12-10
10. PANERA BREAD COMPANY CL A COM   2010-02-22 2013-02-14
10. PANERA BREAD COMPANY CL A COM   2010-02-22 2013-12-10
5. PARKER-HANNIFIN CORP. COM   2012-05-29 2013-02-14
220. PARKER-HANNIFIN CORP. COM   2012-05-29 2013-02-25
30. PEPSICO INC COM   2012-05-29 2013-02-14
55. PEPSICO INC COM   2012-05-29 2013-12-10
35. PERRIGO CO COM   2009-03-20 2013-02-14
15. PERRIGO CO COM   2009-03-20 2013-12-10
90. PERRIGO CO COM   2009-03-20 2013-12-19
80. PFIZER INC COM   2001-08-21 2013-02-14
1469. PFIZER INC COM   2001-08-21 2013-05-08
40. QUALCOMM INC COM   2012-04-13 2013-02-14
145. QUALCOMM INC COM   2008-02-25 2013-05-23
20. QUALCOMM INC COM   2008-02-25 2013-12-10
45. RAYONIER INC COM   2012-04-10 2013-02-14
30. RAYONIER INC COM   2013-05-13 2013-09-25
165. RAYONIER INC COM   2012-04-10 2013-09-25
40. RAYTHEON CO COM NEW   2012-08-27 2013-12-10
5. REINSURANCE GROUP OF AMER, INC. COM   2013-09-25 2013-12-10
65. ROLLINS INC COM   2009-07-14 2013-02-14
170. ROLLINS INC COM   2009-07-14 2013-09-25
35. ROSS STORES COM   2002-11-25 2013-02-14
25. ROSS STORES COM   2002-11-25 2013-12-10
75. TJX COMPANIES INC COM   2011-04-08 2013-02-14
100. TJX COMPANIES INC COM   2011-04-08 2013-12-10
35. TORCHMARK CORP. COM   2013-05-23 2013-12-10
85. TORO CO COM   2007-03-21 2013-02-14
30. TORO CO COM   2007-03-21 2013-12-10
35. TUPPERWARE BRANDS CORP COM   2007-08-08 2013-02-14
15. TUPPERWARE BRANDS CORP COM   2007-08-08 2013-12-10
15. UGI CORP COM   2013-04-01 2013-12-10
75. U.S. BANCORP COM   2013-02-14 2013-12-10
15. UNION PACIFIC CORP COM   2013-02-25 2013-12-10
20000. US TREASURY NOTE DTD 03/31/2010 2.5% 03/   2010-04-06 2013-09-25
5000. US TREASURY NOTE DTD 04/30/2010 2.5% 04/   2013-02-14 2013-09-25
15000. US TREASURY NOTE DTD 04/30/2010 2.5% 04/   2010-05-06 2013-09-25
20000. US TREASURY NOTE DTD 06/30/2011 2.375% 0   2011-07-01 2013-06-25
5000. US TREASURY NOTE DTD 09/30/2011 1% 09/30   2013-12-11 2013-12-23
30000. US TREASURY NOTE DTD 09/30/2011 1% 09/30   2013-01-29 2013-12-23
5. UNITED TECHNOLOGIES CORP COM   2002-08-13 2013-02-14
40. UNITED TECHNOLOGIES CORP COM   2002-08-13 2013-12-10
10. UNITED THERAPEUTICS CORP COM   2013-09-25 2013-12-10
10. V F CORPORATION COM   2008-08-11 2013-02-14
10. V F CORPORATION COM   2013-05-23 2013-12-10
65. VALSPAR CORPORATION COM   2011-03-24 2013-02-14
25. VALSPAR CORPORATION COM   2011-03-24 2013-12-10
110. VECTREN CORPORATION COM   2011-05-05 2013-02-14
75. VECTREN CORPORATION COM   2011-05-05 2013-02-25
55. VECTREN CORPORATION COM   2011-05-05 2013-04-01
15. VECTREN CORPORATION COM   2011-05-05 2013-12-10
50. WADDELL & REED FINANCIAL INC CL A COM   2011-03-24 2013-02-14
30. WADDELL & REED FINANCIAL INC CL A COM   2011-03-24 2013-02-25
10. WADDELL & REED FINANCIAL INC CL A COM   2013-09-25 2013-12-10
25000. WAL-MART STORES DTD 04/05/2007 5.375% 04   2007-11-27 2013-04-23
50. WALGREEN CO COM   2008-10-17 2013-02-14
5. WALGREEN CO COM   2008-10-17 2013-12-10
45. WALGREEN CO COM   2013-05-08 2013-12-10
15. WATSCO INC COM   2011-02-07 2013-02-14
10. WATSCO INC COM   2013-04-01 2013-12-10
35. WESTERN DIGITAL CORP COM   2011-09-01 2013-02-14
80. WESTERN DIGITAL CORP COM   2009-06-02 2013-02-25
50. JOHN WILEY & SONS, INC COM   2010-10-12 2013-02-14
10. JOHN WILEY & SONS, INC COM   2013-09-25 2013-12-10
65. WISCONSIN ENERGY CORP COM   2010-12-03 2013-02-25
15. WISCONSIN ENERGY CORP COM   2013-02-14 2013-02-25
175. WISCONSIN ENERGY CORP COM   2010-12-03 2013-03-13
95. WISCONSIN ENERGY CORP COM   2010-12-03 2013-05-23
15. WISCONSIN ENERGY CORP COM   2010-12-03 2013-12-10
60. WORLD FUEL SERVICES CORP COM   2010-03-17 2013-02-14
20. WORLD FUEL SERVICES CORP COM   2010-03-17 2013-12-10
15. ZEBRA TECHNOLOGIES CORP CL A COM   2013-02-25 2013-12-10
20. TE CONNECTIVITY LTD COM   2013-05-08 2013-12-10
CAPITAL GAIN DIVIDENDS P    
(e) Gross sales price (f) Depreciation allowed
(or allowable) 		(g) Cost or other basis
plus expense of sale 		(h) Gain or (loss)
(e) plus (f) minus (g)
a 938   885 53
b 9,565   6,853 2,712
c 2,738   1,970 768
d 3,223   2,495 728
e 1,032   788 244
3,969   3,020 949
2,761   2,207 554
547   315 232
3,723   2,208 1,515
1,734   779 955
6,696   869 5,827
2,703   285 2,418
2,122   1,490 632
4,561   2,383 2,178
4,534   3,521 1,013
2,912   2,848 64
1,287   1,036 251
12,572   12,512 60
1,654   1,277 377
5,480   3,559 1,921
1,355   1,339 16
4,045   3,482 563
2,389   2,106 283
2,692   2,406 286
24,984   20,559 4,425
306   387 -81
3,371   2,900 471
2,514   2,009 505
6,820   4,972 1,848
1,910   1,042 868
1,330   429 901
1,450   1,739 -289
2,594   3,129 -535
1,699   1,549 150
818   775 43
1,499   1,417 82
350   283 67
1,855   1,682 173
1,581   1,056 525
4,636   3,362 1,274
19,452   12,443 7,009
2,477   1,546 931
2,375   1,803 572
1,320   901 419
2,746   2,819 -73
3,253   2,842 411
2,916   2,757 159
1,743   1,628 115
223   219 4
60,000   41,717 18,283
40,000   20,725 19,275
1,559   1,268 291
1,098   846 252
7,683   4,908 2,775
2,507   1,047 1,460
1,879   822 1,057
4,560   2,018 2,542
1,685   1,537 148
1,046   768 278
1,363   1,185 178
3,818   3,555 263
1,044   1,179 -135
8,468   6,128 2,340
1,587   880 707
24,633   12,702 11,931
1,540   1,240 300
1,515   1,436 79
18,134   18,307 -173
4,934   3,355 1,579
5,317   2,684 2,633
2,271   2,246 25
3,988   2,444 1,544
7,824   4,616 3,208
2,395   1,358 1,037
3,724   3,501 223
1,144   870 274
27,058   25,685 1,373
5,412   5,421 -9
16,235   16,226 9
30,195   30,059 136
25,696   25,293 403
20,833   20,149 684
801   644 157
5,670   4,505 1,165
3,738   2,574 1,164
31,936   19,308 12,628
1,951   1,684 267
2,226   1,924 302
4,849   3,993 856
1,937   1,604 333
937   896 41
1,107   1,016 91
5,024   3,578 1,446
5,937   5,285 652
27,077   19,026 8,051
1,029   759 270
1,910   2,005 -95
983   895 88
10,428   8,725 1,703
1,794   811 983
1,852   811 1,041
905   325 580
3,292   1,524 1,768
1,080   321 759
1,167   1,555 -388
2,847   3,221 -374
4,991   3,247 1,744
4,434   2,562 1,872
5,693   4,720 973
16,875   12,585 4,290
1,414   878 536
2,518   1,708 810
1,144   610 534
3,107   2,585 522
1,023   809 214
2,232   1,968 264
1,488   1,503 -15
3,368   3,048 320
3,354   2,403 951
2,542   2,470 72
2,575   1,463 1,112
13,534   7,498 6,036
10,553   5,486 5,067
1,716   914 802
2,902   2,401 501
47,362   33,077 14,285
4,177   2,328 1,849
5,600   2,037 3,563
4,613   4,872 -259
5,719   4,429 1,290
1,678   1,379 299
2,644   2,240 404
2,652   2,205 447
1,473   862 611
588   345 243
1,291   1,041 250
779   520 259
1,587   1,367 220
1,190   684 506
3,841   3,153 688
4,528   1,493 3,035
1,599   734 865
1,770   734 1,036
482   434 48
20,643   19,117 1,526
2,165   2,071 94
4,547   3,797 750
3,957   790 3,167
2,317   338 1,979
13,699   2,031 11,668
2,162   2,767 -605
42,220   38,248 3,972
2,616   2,688 -72
9,264   8,077 1,187
1,466   831 635
2,471   1,930 541
1,667   1,783 -116
9,167   7,077 2,090
3,490   2,261 1,229
378   338 40
1,634   737 897
4,405   1,929 2,476
2,116   399 1,717
1,787   285 1,502
3,388   1,904 1,484
6,222   2,539 3,683
2,678   2,256 422
3,878   2,177 1,701
1,800   759 1,041
2,694   1,698 996
1,413   470 943
606   574 32
2,953   2,639 314
2,443   2,059 384
20,681   20,033 648
5,178   5,175 3
15,534   15,059 475
20,856   19,866 990
5,045   5,061 -16
30,272   30,359 -87
448   168 280
4,445   1,342 3,103
921   769 152
1,526   726 800
2,311   1,855 456
4,095   2,505 1,590
1,776   956 820
3,532   3,090 442
2,458   2,107 351
1,917   1,545 372
517   421 96
2,116   1,953 163
1,271   1,172 99
631   521 110
29,377   25,028 4,349
2,090   1,191 899
283   119 164
2,548   2,220 328
1,165   980 185
941   832 109
1,707   1,013 694
3,605   1,963 1,642
1,969   2,459 -490
513   476 37
2,633   1,953 680
608   593 15
7,252   5,258 1,994
3,975   2,854 1,121
613   451 162
2,678   1,720 958
825   573 252
764   673 91
1,073   899 174
      2,343
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       53
b       2,712
c       768
d       728
e       244
      949
      554
      232
      1,515
      955
      5,827
      2,418
      632
      2,178
      1,013
      64
      251
      60
      377
      1,921
      16
      563
      283
      286
      4,425
      -81
      471
      505
      1,848
      868
      901
      -289
      -535
      150
      43
      82
      67
      173
      525
      1,274
      7,009
      931
      572
      419
      -73
      411
      159
      115
      4
      18,283
      19,275
      291
      252
      2,775
      1,460
      1,057
      2,542
      148
      278
      178
      263
      -135
      2,340
      707
      11,931
      300
      79
      -173
      1,579
      2,633
      25
      1,544
      3,208
      1,037
      223
      274
      1,373
      -9
      9
      136
      403
      684
      157
      1,165
      1,164
      12,628
      267
      302
      856
      333
      41
      91
      1,446
      652
      8,051
      270
      -95
      88
      1,703
      983
      1,041
      580
      1,768
      759
      -388
      -374
      1,744
      1,872
      973
      4,290
      536
      810
      534
      522
      214
      264
      -15
      320
      951
      72
      1,112
      6,036
      5,067
      802
      501
      14,285
      1,849
      3,563
      -259
      1,290
      299
      404
      447
      611
      243
      250
      259
      220
      506
      688
      3,035
      865
      1,036
      48
      1,526
      94
      750
      3,167
      1,979
      11,668
      -605
      3,972
      -72
      1,187
      635
      541
      -116
      2,090
      1,229
      40
      897
      2,476
      1,717
      1,502
      1,484
      3,683
      422
      1,701
      1,041
      996
      943
      32
      314
      384
      648
      3
      475
      990
      -16
      -87
      280
      3,103
      152
      800
      456
      1,590
      820
      442
      351
      372
      96
      163
      99
      110
      4,349
      899
      164
      328
      185
      109
      694
      1,642
      -490
      37
      680
      15
      1,994
      1,121
      162
      958
      252
      91
      174
       
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 281,894
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 instructions). If (loss), enter -0-
in Part I, line 8 . . . . . . . . . . . . . . . . 		Bracket 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?
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))
2012      
2011      
2010      
2009      
2008      
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 2013 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.
Form 990-PF (2013)
Form 990-PF (2013)
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 Bulletand enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 6,308
hereBulletand 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 6,308
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 6,308
6 Credits/Payments:
a 2013 estimated tax payments and 2012 overpayment credited to 2013 6a 3,084
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 3,084
8 Enter any penalty for underpayment of estimated tax. if 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.......Bullet 9 3,224
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10  
11 Enter the amount of line 10 to be: Credited to 2014 estimated taxBullet0 RefundedBullet 11 0
Part VII-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19 of
the instructions for definition)?............................
1b
 
No
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.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. bullet$   (2) On foundation managers.bullet$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.bullet$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
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....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
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?................
    6
    Yes
     
    7
    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.
    7
    Yes
     
    8a
    Enter the states to which the foundation reports or with which it is registered (see instructions)
    bulletPA
    b
    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 .
    8b
    Yes
     
    9
    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 2013 or the taxable year beginning in 2013 (see instructions for Part XIV)?
    If "Yes," complete Part XIV.............................
    9
     
    No
    10
    Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names and addresses.
    10
     
    No
    11
    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 instructions) .............
    11
     
    No
    12
    Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
    advisory privileges? If "Yes," attach statement (see instructions).................
    12
     
    No
    13
    Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
    13
    Yes
     
    Website addressbullet  
    14
    The books are in care ofbulletNational Penn Investors Trust Co Telephone no.bullet (610) 371-2069
    Located atbullet1340 BROADCASTING ROAD SUITE 100WYOMISSINGPA ZIP+4bullet19610
    15
    Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041.........bullet
    and enter the amount of tax-exempt interest received or accrued during the year ......bullet
    15  
    16 At any time during calendar year 2013, did the foundation have an interest in or a signature or other authority over YesNo
    a bank, securities, or other financial account in a foreign country?
    16   No
    See 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 (2013)
    Form 990-PF (2013)
    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
    No
    1a
    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?
    (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
    a disqualified person?.........................
    (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?
    (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?
    (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)?.................
    (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.).........
    b
    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)?...
    1b
     
     
    .........bullet
    c
    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 2013?.............
    1c
     
    No
    2
    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)):
    a
    At the end of tax year 2013, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2013?...............
    If "Yes," list the years bullet20, 20, 20, 20
    b
    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 instructions.) ..............
    2b
     
    No
    c
    If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
    bullet20, 20, 20, 20
    3a
    Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
    any time during the year?.........................
    b
    If "Yes," did it have excess business holdings in 2013 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 2013.)....................
    3b
     
     
    4a
    Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
    4a
     
    No
    b
    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 2013?
    4b
     
    No
    5a
    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))?
    (2) Influence the outcome of any specific public election (see section 4955); or to carry
    on, directly or indirectly, any voter registration drive?...............
    (3) Provide a grant to an individual for travel, study, or other similar purposes?
    (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 instructions)........
    (5) Provide for any purpose other than religious, charitable, scientific, literary, or
    educational purposes, or for the prevention of cruelty to children or animals?........
    b
    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 instructions)? ......
    5b
     
     
    .........bullet
    c
    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?............
    If "Yes," attach the statement required by Regulations section 53.4945–5(d).
    6a
    Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
    a personal benefit contract?........................
    b
    Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?....
    6b
     
    No
    If "Yes" to 6b, file Form 8870.
    7a
    At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
    b
    If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? ....
    7b
     
     
    Form 990-PF (2013)
    Form 990-PF (2013)
    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 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     		39,486    
    1340 Broadcasting Road Suite 100
    Wyomissing,PA19610
    2 Compensation of five highest-paid employees (other than those included on line 1—see 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...................bullet 0
    3 Five highest-paid independent contractors for professional services (see 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.............bullet0
    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 SCHOLARSHIP TO ALBRIGHT COLLEGE FOR ANA Y CADIZ JANESSA ORRS 2,060
    2 SCHOLARSHIP TO SHENANDOAH UNIVERSITY FOR GARRET A BROWN 3,360
    3 SCHOLARSHIP TO PENN STATE UNIVERSITY FOR MORGAN M KAUFFMAN 5,840
    4 SCHOLARSHIP TO MILLERSVILLE UNIVERSITY FOR CECILIA C COOPER 3,650
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 7
    Part IX-B
    Summary of Program-Related Investments (see instructions)
    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  
    Total. Add lines 1 through 3.........................bullet  
    Part X
    Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
    see instructions.)
    1
    Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
    purposes:
    a
    Average monthly fair market value of securities...................
    1a
     
    b
    Average of monthly cash balances.......................
    1b
     
    c
    Fair market value of all other assets (see instructions)................
    1c
     
    d
    Total (add lines 1a, b, and c).........................
    1d
     
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
     
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
     
    3
    Subtract line 2 from line 1d.........................
    3
     
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
     
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
     
    6
    Minimum investment return. Enter 5% of line 5..................
    6
     
    Part XI
    Distributable Amount bullet and do not complete this part.)
    1
    Minimum investment return from Part X, line 6....................
    1
    179,305
    2a
    Tax on investment income for 2013 from Part VI, line 5......
    2a
    6,308
    b
    Income tax for 2013. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    6,308
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    172,997
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    172,997
    6
    Deduction from distributable amount (see instructions).................
    6
    0
    7
    Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII,
    line 1................................
    7
    172,997
    Part XII
    Qualifying Distributions (see instructions)
    1
    Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
    a
    Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
    1a
     
    b
    Program-related investments—total from Part IX-B..................
    1b
     
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
     
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
     
    b
    Cash distribution test (attach the required schedule) .................
    3b
     
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
     
    5
    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 instructions).................
    5
     
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
     
    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 (2013)
    Form 990-PF (2013)
    Page 8
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2012     		(c)
    2012     		(d)
    2013
    1 Distributable amount for 2013 from Part XI, line 7 172,997
    2 Undistributed income, if any, as of the end of 2013:
    a Enter amount for 2012 only....... 31,403
    b Total for prior years:2011, 20, 20 0
    3 Excess distributions carryover, if any, to 2013:
    a From 2008....... 0
    b From 2009....... 0
    c From 2010....... 0
    d From 2011....... 0
    e From 2012....... 0
    fTotal of lines 3a through e......... 0
    4Qualifying distributions for 2013 from Part
    XII, line 4: bullet$ 166,184
    a Applied to 2012, but not more than line 2a 31,403
    b Applied to undistributed income of prior years
    (Election required—see instructions)......     		0
    c Treated as distributions out of corpus (Election
    required—see instructions).........     		0
    d Applied to 2013 distributable amount..... 134,781
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2013. 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 instructions ...........     		0
    e Undistributed income for 2012. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2013. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2014 ..........     		38,216
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (see
    instructions) .............     		0
    8Excess distributions carryover from 2008 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2014.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2009.... 0
    b Excess from 2010.... 0
    c Excess from 2011.... 0
    d Excess from 2012.... 0
    e Excess from 2013.... 0
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 9
    Part XIV
    Private Operating Foundations (see 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 2013, enter the date of the ruling.......bullet
     
    b Check box to indicate whether the organization is a private operating foundation described in section or
    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) 2013 (b) 2012 (c) 2011 (d) 2010
             
    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 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
    aThe name, address, and telephone number or e-mail address 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
    Form 990-PF (2013)
    Form 990-PF (2013)
    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)
    aPaid during the year
    HUGHES SCHOLARSHIP FOUNDATION
    C/O NATIONAL PENN INVESTORS TRUST
    1340 BROADCASTING ROAD SUITE 100
    WYOMISSING,PA19610     		NONE EXEMPT ACADEMIC SCHOLARSHIPS 166,184
    Total .................................bullet 3a 166,184
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2013)
    Form 990-PF (2013)
    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 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....          
    3
    Interest on savings and temporary cash investments ............     		    14 142  
    4 Dividends and interest from securities....     14 72,265  
    5 Net rental income or (loss) from real estate:
    aDebt-financed property......          
    bNot debt-financed property.....          
    6
    Net rental income or (loss) from personal property .............     		         
    7 Other investment income.....     14 264  
    8
    Gain or (loss) from sales of assets other than inventory .............     		    18 281,894  
    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)..   354,565  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13354,565
    (See worksheet in line 13 instructions to verify calculations.)
    Part XVI-B
    Relationship of Activities to the Accomplishment of Exempt Purposes
    Line No.
    DownArrow     		Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
    the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
    instructions.)
    Form 990-PF (2013)
    Form 990-PF (2013)
    Page 12
    Part XVII
    Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
    1
    Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political
    Yes
    No
    organizations?
    a
    Transfers from the reporting foundation to a noncharitable exempt organization of:
    (1) Cash...................................
    1a(1)
     
    No
    (2) Other assets.................................
    1a(2)
     
    No
    b
    Other transactions:
    (1) Sales of assets to a noncharitable exempt organization....................
    1b(1)
     
    No
    (2) Purchases of assets from a noncharitable exempt organization..................
    1b(2)
     
    No
    (3) Rental of facilities, equipment, or other assets.......................
    1b(3)
     
    No
    (4) Reimbursement arrangements...........................
    1b(4)
     
    No
    (5) Loans or loan guarantees.............................
    1b(5)
     
    No
    (6) Performance of services or membership or fundraising solicitations................
    1b(6)
     
    No
    c
    Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
    1c
     
    No
    d
    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
    2a
    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?...........
    b
    If "Yes," complete the following schedule.
    (a) Name of organization (b) Type of organization (c) Description of relationship
    Sign Here
    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.
    Bullet Bullet
    May the IRS discuss this return
    with the preparer shown below
    (see instr.)?
    Signature of officer or trustee Date Title
    Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date PTIN
    Firm's namebullet



    Firm's addressbullet







         		Firm's EINbullet
    Phone no.
    Form 990-PF (2013)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2013 InvestmentsCorpBondsSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Name of Bond End of Year Book Value End of Year Fair Market Value
    GENERAL ELECTRIC CO DTD 1/28    
    COSTCO WHSL CORP NEW DTD 30,750 33,699
    WAL-MART STORES 4/5/2007 5.375 29,845 27,410
    WELLS FARGO COMPANY DTD 10/1    
    JP MORGAN CHASE & CO DTD 1/29 30,011 28,441
    GLAXOSMITHKLINE CAP INC 25,894 28,779
    INTERNATIONAL BUS MACHS CORP 25,205 28,708
    SBC COMMUNICATIONS DTD 8/18 30,207 33,107
    CONSOLIDATED EDISON CO OF NY 16,003 17,348
    WELLS FARGO 12/12/11 2.625% 35,682 36,655
    ALLSTATE LIFE GL DTD 4/24/2008    
    US BANCORP DTD 7/27/2010 2.45% 20,207 20,562
    PEPSICO IND DTD 10/26/10 3.125 25,079 25,029
    GEN ELEC CAP CORP 1/7/11 4.625 27,032 27,261
    BANK OF NY MELLON 9/23/11 3.55 35,863 35,810
    MERCK & CO 12/10/10 3.875% 20,474 21,095
    OCCIDENTAL PETE 12/16/10 4.1% 25,388 26,244
    DEERE & CO 6/8/12 2.6% 24,767 23,377
    ORACLE CORP DTD 7/8/2009    
    CHEVRON CORP 19,728 19,925

    TY 2013 InvestmentsCorpStockSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Name of Stock End of Year Book Value End of Year Fair Market Value
    FMC CORP    
    AMETEK INC 1,905 19,383
    L-3 COMMUNICATIONS HOLDINGS 3,976 10,365
    TORO CO 4,231 12,656
    CHARLES RIVER LABX INTL 5,982 9,017
    ROSS STORES 1,722 11,314
    TUPPERWARE BRANDS CORP COM 2,331 8,602
    HORMEL FOODS CORP 2,464 7,453
    CUBIST PHARMACEUTICALS INC COM    
    PARKER-HANNIFIN CORP COM    
    US BANCORP COM 42,967 54,540
    ADVANCE AUTO PARTS 5,044 8,854
    BMC SOFTWARE INC    
    HARRIS CORPORATION 6,984 10,472
    DANAHER CORP    
    GENERAL ELECTRIC CO    
    UNITED TECHNOLOGIES CORP 12,543 42,561
    DARDEN RESTAURANTS INC    
    MCGRAW HILL COS INC    
    STAPLES INC    
    PEPSICO INC 29,434 44,953
    CHEVRON CORPORATION 22,732 36,724
    EXXON MOBIL CORPORATION 21,071 39,266
    AFLAC INC    
    AMGEN INC 24,191 46,316
    JOHNSON & JOHNSON 28,858 45,154
    PFIZER INC    
    APPLE INC 5,899 52,736
    INTEL CORP COM 41,962 41,658
    MICROSOFT CORP 41,531 55,891
    ORACLE CORP COM 13,973 49,508
    AT&T INC 11,004 14,732
    BROADRIDGE FINL SOL LLC 2,279 8,102
    DENTSPLY INTERNATIONAL INC    
    FLOWSERVE CORP COM    
    FACTSET RESEARCH SYSTEMS INC 4,209 9,229
    LABORATORY CRP OF AMER HLDGS 32,526 37,919
    OCEANEERING INT'L INC COM 2,862 4,338
    QUALCOMM INC 18,071 32,299
    RAYTHEON CO COM NEW 24,309 39,001
    STRYKER CORP    
    VF CORPORATION 15,445 51,119
    WALGREEN CO 22,507 54,281
    ADTRAN INC    
    AEROPOSTALE INC    
    ALTERA CORPORATION    
    CORELOGIC INC COM 4,738 6,573
    CH ROBINSON WORLDWIDE INC 22,287 23,048
    CARTERS INC COM 5,670 7,179
    COPART INC    
    CUBIC CORP    
    GENERAL MILLS INC    
    HCC INSURANCE HOLDINGS INC    
    HUBBELL INC CL B 2,570 8,712
    INTERNATIONAL BUS MACHS CORP 22,030 40,328
    INTUIT INC    
    MCCORMICK & COMPANY INC 18,836 35,494
    MCKESSON HBOC INC 20,665 57,297
    PERRIGO CO 13,698 13,811
    WESTERN DIGITAL CORP    
    ROLLINS INC    
    SIGMA ALDRICH CORP    
    STERIS CORP    
    AMERICAN FNCL GRP INC COM    
    AMERICAN FINANCIAL GROUP INC 5,325 11,833
    BOB EVANS FARMS COM    
    CADENCE DESIGN SYSTEMS INC 5,034 5,468
    FEDERATED INESTORS INC CL B    
    J2 GLOBAL COMM INC COM 3,904 8,002
    MINERALS TECHNOLOGIES INC 2,757 4,806
    MARSH & MCLENNAN CO COM 38,615 54,405
    PANERA BREAD CO CL A 2,937 7,068
    PROGRESSIVE CORP OHIO COM    
    RAYONIER INC COM    
    WGL HOLDINGS INC    
    OMNICARE INC COM 4,955 8,752
    WISCONSIN ENERGY CORP COM 10,817 14,882
    WORLD FUEL SVCS CORP COM 4,014 6,042
    ADVANCE AUTO PARTS INC    
    APTARGROUP INC 6,731 8,815
    BALL CORP 28,479 41,070
    BAXTER INTL INC 23,162 26,777
    CHURCH & DWIGHT CO 5,968 9,611
    COLGATE PALMOLIVE CO 38,215 51,190
    COMMERCE BANCSHARES INC COM 9,739 12,036
    COOPER COS    
    DIAMOND OFFSHORE DRILLING    
    DISCOVER FNCL SERVICES 27,111 56,510
    DRESSER-RAND GROUP    
    FAIRCHILD SEMICONDUCTOR    
    FLOWERS FOODS INC    
    FULTON FNCL CORP    
    ARTHUR J GALLAGHER & CO 6,678 9,386
    PROTECTIVE LIFE CORP    
    TJX COS INC 24,757 62,137
    VALSPAR CORP 5,927 11,050
    VECTREN CORP 4,495 5,680
    WADDELL & REED FNCL INC CL A 6,639 10,094
    WATSCO INC 6,094 8,165
    JOHN WILEY & SONS 6,564 8,335
    AVISTA CORP    
    HEWLITT-PACKARD COMPANY    
    MEDICIS PHARMACEUTICAL    
    TECHNE CORP    
    BIG LOTS 4,059 3,390
    CISCO SYSTEMS INC 39,031 41,608
    DELUXE CORP 10,072 13,048
    DOVER CORP 33,306 35,720
    HANESBRANDS INC 6,075 8,432
    MACYS INC 40,076 50,196
    MATTEL INC 37,533 42,346
    PANERA BREAD COMPANY CL A    
    REINSURANCE GROUP OF AMERICA 8,893 10,450
    TORCHMARK CORP 41,776 53,924
    UGI CORP 4,207 4,561
    UNION PACIFIC CORP 30,888 37,800
    UNITED THERAPEUTICS CORP 10,002 14,700
    ZEBRA TECHNOLOGIES CORP 5,387 6,490
    TE CONNECTIVITY LTD 26,529 32,515

    TY 2013 InvestmentsGovtObligationsSch
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    US Government Securities - End of Year Book Value:

    643,726
    US Government Securities - End of Year Fair Market Value:

    648,955
    State & Local Government Securities - End of Year Book Value:


     
    State & Local Government Securities - End of Year Fair Market Value:


     


    TY 2013 InvestmentsOtherSchedule2
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    CONESTOGA SMALL CAP FUND AT COST 81,603 160,383
    ARTISAN INTERNATIONAL FUND AT COST 189,304 203,572
    GOLDMAN SACHS STRUC INTL EQUIT      
    GOLDMAN SACHS SATELLITE STRAT AT COST 242,683 256,256
    HENDERSON INTL OPPORTUNITIES AT COST 142,281 203,830

    TY 2013 OtherDecreasesSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN: 23-6934996
    Description Amount
    ROUNDING 6