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.
bulletInformation about Form 990-PF and its instructions is at www.irs.gov/form990pf.
OMB No. 1545-0052
2015
Open to Public Inspection
For calendar year 2015, or tax year beginning 01-01-2015 , and ending 12-31-2015
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:
F bullet
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)bullet$3,616,974J Accounting method:
 
(Part I, column (d) must be on cash basis.)
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 Sch. B .............
3 Interest on savings and temporary cash investments 115 115 115
4 Dividends and interest from securities... 73,902 74,073 67,864
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 149,773
b Gross sales price for all assets on line 6a 743,578
7 Capital gain net income (from Part IV, line 2)... 149,773
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........ 223,790 223,961 67,979
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 41,194 41,194 41,194  
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)... Click to see attachment 4,242 553   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.......... 45,436 41,747 41,194 0
25 Contributions, gifts, grants paid....... 182,420 182,420
26 Total expenses and disbursements. Add lines 24 and 25 227,856 41,747 41,194 182,420
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -4,066
b Net investment income (if negative, enter -0-) 182,214
c Adjusted net income (if negative, enter -0-)... 26,785
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2015)
Form 990-PF (2015)
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............. 8 22 22
2 Savings and temporary cash investments......... 65,267 59,473 59,473
3 Accounts receivable bullet2,660
Less: allowance for doubtful accounts bullet     2,660 2,660
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.......... 604 642 642
10a Investments—U.S. and state government obligations (attach schedule) 717,604 Click to see attachment659,829 665,452
b Investments—corporate stock (attach schedule)....... 1,032,271 Click to see attachment1,106,212 1,642,006
c Investments—corporate bonds (attach schedule)....... 397,902 Click to see attachment396,716 401,118
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 772,754 Click to see attachment756,782 845,601
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) 2,986,410 2,982,336 3,616,974
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........ 2,986,410 2,982,336
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 instructions)..... 2,986,410 2,982,336
31 Total liabilities and net assets/fund balances (see instructions). 2,986,410 2,982,336
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
2,986,410
2
Enter amount from Part I, line 27a .....................
2
-4,066
3
Other increases not included in line 2 (itemize) bullet
3
0
4
Add lines 1, 2, and 3 ..........................
4
2,982,344
5
Decreases not included in line 2 (itemize) bulletClick to see attachment
5
8
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30 .
6
2,982,336
Form 990-PF (2015)
Form 990-PF (2015)
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 5. ADVANCE AUTO PARTS INC   2011-09-20 2015-11-23
b 50. AMETEK INC COM   2003-01-30 2015-05-04
c 20. AMETEK INC COM   2003-01-30 2015-11-23
d 115. APPLE INC COM   2005-09-01 2015-05-08
e 380. ARCHER DANIELS MIDLAND CO COM   2015-02-12 2015-11-11
495. BB&T CORPORATION COM   2015-02-12 2015-08-25
375. BB&T CORPORATION COM   2015-05-08 2015-08-25
45. BAXALTA INC COM   2014-07-21 2015-07-17
365. BAXALTA INC COM   2011-07-05 2015-07-17
45. BAXTER INTL INC COM   2014-07-21 2015-07-17
365. BAXTER INTL INC COM   2011-07-05 2015-07-17
15. BEMIS COMPANY COM   2015-01-09 2015-11-23
10. BIG LOTS INC   2013-12-02 2015-11-23
20. BROADRIDGE FINL SOL LLC COM   2008-11-05 2015-11-23
25. BROWN & BROWN INC COM   2014-08-25 2015-11-23
25. CADENCE DESIGN SYSTEMS, INC COM   2012-11-28 2015-11-23
194. CHEVRONTEXACO CORP COM   2007-04-18 2015-02-12
25. CHURCH AND DWIGHT CO INC COM   2011-05-05 2015-11-23
30. COMMERCE BANCSHARES INC COM   2013-02-25 2015-11-23
.3 COMMERCE BANCSHARES INC COM   2013-02-25 2015-12-14
198.399 CONESTOGA SMALL CAP INSTITUTIONAL   2007-06-08 2015-11-23
243.798 CONESTOGA SMALL CAP INSTITUTIONAL   2014-12-10 2015-11-23
5000. COSTCO WHSL CORP NEW DTD 02/20/2007 5.5%   2014-12-12 2015-03-24
30000. COSTCO WHSL CORP NEW DTD 02/20/2007 5.5%   2007-11-08 2015-03-24
15. CRANE CO COM   2014-07-08 2015-11-23
95. CRANE CO COM   2014-01-08 2015-12-16
30. DELUXE CORPORATION COM   2013-04-01 2015-11-23
5. DICK'S SPORTING GOODS INC   2015-05-04 2015-11-23
120. EXXON MOBIL CORPORATION COM   2001-08-21 2015-05-08
100. EXXON MOBIL CORPORATION COM   2001-08-21 2015-11-11
10. FACTSET RESEARCH SYSTEMS INC COM   2008-04-03 2015-11-23
25000. FNMA NOTE DTD 04/16/2007 5% 05/11/2017   2009-12-14 2015-01-27
5000. FNMA DTD 10/01/2013 1.625% 11/27/2018   2014-12-12 2015-11-23
15000. FNMA DTD 10/01/2013 1.625% 11/27/2018   2013-12-23 2015-11-23
15000. FHLMC NOTE DTD 10/02/2012 1.25% 10/02/20   2014-10-06 2015-11-23
5000. FHLMC NOTE DTD 10/02/2012 1.25% 10/02/20   2014-12-12 2015-11-23
20. ARTHUR J GALLAGHER & CO COM   2011-12-05 2015-11-23
25000. GLAXOSMITHKLINE CAP INC DTD 05/13/2008 5   2008-07-30 2015-03-17
5000. GLAXOSMITHKLINE CAP INC DTD 05/13/2008 5   2014-12-12 2015-03-17
95. GLOBAL PAYMENTS INC COM   2014-03-07 2015-01-09
5. HSN INC COM   2015-01-09 2015-11-23
25. HANCOCK HOLDING CO COM   2014-01-08 2015-11-23
30. HANCOCK HOLDING CO COM   2015-07-17 2015-12-09
225. HANCOCK HOLDING CO COM   2014-01-08 2015-12-09
245. HANESBRANDS INC COM   2013-06-25 2015-11-11
20. HANESBRANDS INC COM   2013-06-25 2015-11-23
15. HARRIS CORPORATION COM   2013-09-25 2015-11-23
140. HEALTH NET INC COM   2014-08-25 2015-07-17
251.198 HENDERSON INTERNATIONAL OPPORTUNITIES FU   2013-02-14 2015-11-23
112.834 HENDERSON INTERNATIONAL OPPORTUNITIES FU   2014-12-10 2015-11-23
15. HOLLYFRONTIER CORP COM   2014-04-04 2015-11-23
20. HORMEL FOODS CORP COM   2005-09-01 2015-11-23
5. HUBBELL INC CL B COM   2009-02-06 2015-11-23
185. INTERNATIONAL BUS MACHS CORP COM   2009-05-07 2015-05-08
50. J2 GLOBAL INC   2010-07-26 2015-11-11
10. J2 GLOBAL INC   2010-07-26 2015-11-23
10. L-3 COMMUNICATIONS HOLDINGS COM   2002-12-17 2015-11-23
40. LABORATORY CRP OF AMER HLDGS COM   2013-05-23 2015-05-08
5. LABORATORY CRP OF AMER HLDGS COM   2014-08-25 2015-05-08
75. LABORATORY CRP OF AMER HLDGS COM   2013-04-18 2015-07-17
275. LABORATORY CRP OF AMER HLDGS COM   2008-12-10 2015-11-11
10. LEIDOS HOLDINGS INC COM   2015-11-11 2015-11-23
40. MSCI INC COM   2014-01-08 2015-03-26
90. MSCI INC COM   2014-01-08 2015-05-04
15. MEDNAX INC COM   2014-03-07 2015-11-23
15. MEREDITH CORP COM   2015-05-21 2015-11-23
250. MICROSOFT CORP COM   2001-08-21 2015-11-11
55. MINERALS TECHNOLOGIES INC COM   2012-09-05 2015-03-26
330. OLIN CORP COM   2014-04-04 2015-01-09
45. OLIN CORP COM   2014-08-25 2015-01-09
120. OMNICARE INC COM   2012-04-10 2015-05-21
5. PANERA BREAD COMPANY CL A COM   2010-02-22 2015-11-23
15. PAREXEL INTERNATIONAL CORP COM   2015-07-17 2015-11-23
131. ROSS STORES COM   2002-11-25 2015-01-09
110.358 T ROWE PRICE INTERNATIONAL DISCOVERY FUN   2014-02-21 2015-11-23
130. SCHLUMBERGER LTD COM   2014-07-21 2015-02-12
15. SILGAN HOLDINGS INC COM   2015-03-26 2015-11-23
5. SIRONA DENTAL SYSTEMS INC COM   2015-05-21 2015-11-23
5. SYNOPSYS INC COM   2015-07-17 2015-11-23
120. TORCHMARK CORP. COM   2013-04-18 2015-02-12
20. TORO CO COM   2007-03-21 2015-11-23
30. TRUSTMARK CORP COM   2015-05-04 2015-11-23
10. TUPPERWARE BRANDS CORP COM   2007-08-08 2015-11-23
35000. US TREASURY NOTE DTD 12/02/2013 1.25% 11   2013-12-23 2015-12-09
25000. US TREASURY NOTE DTD 12/31/2014 2.125% 1   2015-01-27 2015-12-09
25000. US TREASURY NOTE DTD 08/16/2010 2.625% 0   2011-08-18 2015-12-09
25000. US TREASURY NOTE DTD 03/31/2011 2.875% 0   2011-04-01 2015-12-09
70. UNITED THERAPEUTICS CORP COM   2013-09-25 2015-05-04
5. UNITED THERAPEUTICS CORP COM   2013-09-25 2015-11-23
145. V F CORPORATION COM   2008-08-11 2015-05-08
65. V F CORPORATION COM   2008-08-11 2015-11-11
20. VALSPAR CORPORATION COM   2011-03-24 2015-11-23
25. WADDELL & REED FINANCIAL INC CL A COM   2013-09-25 2015-11-23
5. WATSCO INC COM   2015-11-11 2015-11-23
30. WEBSTER FINANCIAL CORP COM   2015-05-21 2015-11-23
20. WORLD FUEL SERVICES CORP COM   2010-03-17 2015-11-23
25. ZEBRA TECHNOLOGIES CORP CL A COM   2013-02-25 2015-05-21
80. ZEBRA TECHNOLOGIES CORP CL A COM   2013-02-25 2015-07-17
660. MEDTRONIC PLC COM   2014-07-21 2015-07-17
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 811   315 496
b 2,652   259 2,393
c 1,124   104 1,020
d 14,553   912 13,641
e 15,308   17,996 -2,688
17,621   18,921 -1,300
13,349   14,612 -1,263
1,441   1,575 -134
11,690   10,103 1,587
1,696   1,848 -152
13,759   11,856 1,903
704   685 19
458   387 71
1,098   245 853
809   809  
542   323 219
21,336   15,000 6,336
2,151   1,029 1,122
1,433   1,132 301
12   10 2
7,222   3,707 3,515
8,874   8,000 874
5,457   5,454 3
32,740   30,419 2,321
773   1,089 -316
4,390   6,467 -2,077
1,752   1,240 512
196   278 -82
10,597   10,918 -321
8,158   5,431 2,727
1,700   548 1,152
27,400   26,282 1,118
5,036   5,043 -7
15,107   14,883 224
14,781   14,669 112
4,927   4,943 -16
881   642 239
28,154   25,621 2,533
5,631   5,640 -9
8,099   6,907 1,192
251   381 -130
722   916 -194
770   886 -116
5,776   7,928 -2,152
7,689   3,101 4,588
633   253 380
1,240   895 345
9,575   6,209 3,366
6,835   5,509 1,326
3,070   3,023 47
761   754 7
1,383   325 1,058
486   161 325
31,892   18,956 12,936
3,949   1,873 2,076
807   244 563
1,259   402 857
4,745   4,009 736
593   536 57
9,179   7,413 1,766
33,539   18,599 14,940
568   557 11
2,383   1,750 633
5,610   3,937 1,673
1,124   931 193
692   798 -106
13,421   7,382 6,039
3,948   1,896 2,052
7,322   9,216 -1,894
999   1,247 -248
11,534   4,101 7,433
891   367 524
1,022   1,003 19
12,493   1,494 10,999
6,192   6,268 -76
11,239   14,310 -3,071
788   857 -69
555   491 64
248   254 -6
6,403   4,695 1,708
1,540   506 1,034
755   720 35
573   313 260
34,989   34,600 389
25,266   25,726 -460
26,051   25,894 157
26,012   25,363 649
11,932   5,385 6,547
765   385 380
10,431   2,631 7,800
4,306   1,180 3,126
1,672   980 692
943   1,302 -359
620   615 5
1,160   1,141 19
854   818 36
2,692   1,122 1,570
9,007   3,591 5,416
50,372   41,304 9,068
      6,630
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       496
b       2,393
c       1,020
d       13,641
e       -2,688
      -1,300
      -1,263
      -134
      1,587
      -152
      1,903
      19
      71
      853
       
      219
      6,336
      1,122
      301
      2
      3,515
      874
      3
      2,321
      -316
      -2,077
      512
      -82
      -321
      2,727
      1,152
      1,118
      -7
      224
      112
      -16
      239
      2,533
      -9
      1,192
      -130
      -194
      -116
      -2,152
      4,588
      380
      345
      3,366
      1,326
      47
      7
      1,058
      325
      12,936
      2,076
      563
      857
      736
      57
      1,766
      14,940
      11
      633
      1,673
      193
      -106
      6,039
      2,052
      -1,894
      -248
      7,433
      524
      19
      10,999
      -76
      -3,071
      -69
      64
      -6
      1,708
      1,034
      35
      260
      389
      -460
      157
      649
      6,547
      380
      7,800
      3,126
      692
      -359
      5
      19
      36
      1,570
      5,416
      9,068
       
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 2 149,773
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 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))
2014      
2013      
2012      
2011      
2010      
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 2015 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 (2015)
Form 990-PF (2015)
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 Bullet and enter “N/A" on line 1. Bracket
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions)
b 1 3,644
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 3,644
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 3,644
6 Credits/Payments:
a 2015 estimated tax payments and 2014 overpayment credited to 2015 6a 5,000
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 5,000
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  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...Bullet 10 1,356
11 Enter the amount of line 10 to be: Credited to 2015 estimated taxBullet1,356 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 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, NY, FL
    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 2015 or the taxable year beginning in 2015 (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
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 5
    Part VII-A
    Statements Regarding Activities (continued)
    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 2015, 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 FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR). If "Yes", enter the name of the foreign country bullet  
    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 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 2015?.............
    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 2015, did the foundation have any undistributed income (lines 6d
    and 6e, Part XIII) for tax year(s) beginning before 2015?.............
    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 2015 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 2015.)..................
    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 2015?
    4b
     
    No
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 6
    Part VII-B
    Statements Regarding Activities for Which Form 4720 May Be Required (Continued)
    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 4945(d)(4)(A)? (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 (2015)
    Form 990-PF (2015)
    Page 7
    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     		41,194    
    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 BOSTON CONSERVATORY FOR REBECCA SNYDER 8,750
    2 SCHOLARSHIP TO ROLLINS COLLEGE FOR MEGAN BUTTERWORTH 8,750
    3 SCHOLARSHIP TO MANHATTEN SCHOOL OF MUSIC FOR ALLISON GIERI 8,750
    4 SCHOLARSHIP TO UNIVERSITY OF THE ARTS FOR EVAN C WILSON 8,120
    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 instructions.
    3  
    Total. Add lines 1 through 3.........................bullet  
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 8
    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
    3,644,540
    b
    Average of monthly cash balances.......................
    1b
    78,279
    c
    Fair market value of all other assets (see instructions)................
    1c
    0
    d
    Total (add lines 1a, b, and c).........................
    1d
    3,722,819
    e
    Reduction claimed for blockage or other factors reported on lines 1a and
    1c (attach detailed explanation) .............
    1e
    0
    2
    Acquisition indebtedness applicable to line 1 assets..................
    2
    0
    3
    Subtract line 2 from line 1d.........................
    3
    3,722,819
    4
    Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see
    instructions) .............................
    4
    55,842
    5
    Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4
    5
    3,666,977
    6
    Minimum investment return. Enter 5% of line 5..................
    6
    183,349
    Part XI
    Distributable Amount bullet
    1
    Minimum investment return from Part X, line 6....................
    1
    183,349
    2a
    Tax on investment income for 2015 from Part VI, line 5......
    2a
    3,644
    b
    Income tax for 2015. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    3,644
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    179,705
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    0
    5
    Add lines 3 and 4............................
    5
    179,705
    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
    179,705
    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
    182,420
    b
    Program-related investments—total from Part IX-B..................
    1b
    0
    2
    Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
    purposes...............................
    2
    0
    3
    Amounts set aside for specific charitable projects that satisfy the:
    a
    Suitability test (prior IRS approval required)....................
    3a
    0
    b
    Cash distribution test (attach the required schedule) .................
    3b
    0
    4
    Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4
    4
    182,420
    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
    0
    6
    Adjusted qualifying distributions. Subtract line 5 from line 4..............
    6
    182,420
    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 (2015)
    Form 990-PF (2015)
    Page 9
    Part XIII
    Undistributed Income (see instructions)
    (a)
    Corpus     		(b)
    Years prior to 2014     		(c)
    2014     		(d)
    2015
    1 Distributable amount for 2015 from Part XI, line 7 179,705
    2 Undistributed income, if any, as of the end of 2015:
    a Enter amount for 2014 only....... 29,563
    b Total for prior years:2013, 20, 20 0
    3 Excess distributions carryover, if any, to 2015:
    a From 2010...... 0
    b From 2011...... 0
    c From 2012...... 0
    d From 2013...... 0
    e From 2014...... 0
    fTotal of lines 3a through e........ 0
    4Qualifying distributions for 2015 from Part
    XII, line 4: bullet$ 182,420
    a Applied to 2014, but not more than line 2a 29,563
    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 2015 distributable amount..... 152,857
    e Remaining amount distributed out of corpus 0
    5 Excess distributions carryover applied to 2015. 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 2014. Subtract line
    4a from line 2a. Taxable amount—see
    instructions .............     		0
    f Undistributed income for 2016. Subtract
    lines 4d and 5 from line 1. This amount must
    be distributed in 2015 ..........     		26,848
    7 Amounts treated as distributions out of
    corpus to satisfy requirements imposed by
    section 170(b)(1)(F) or 4942(g)(3) (Election may
    be required - see instructions) .......     		0
    8Excess distributions carryover from 2010 not
    applied on line 5 or line 7 (see instructions) ...     		0
    9Excess distributions carryover to 2016.
    Subtract lines 7 and 8 from line 6a ......     		0
    10 Analysis of line 9:
    a Excess from 2011.... 0
    b Excess from 2012.... 0
    c Excess from 2013.... 0
    d Excess from 2014.... 0
    e Excess from 2015.... 0
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 10
    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 2015, 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) 2015 (b) 2014 (c) 2013 (d) 2012
             
    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 (2015)
    Form 990-PF (2015)
    Page 11
    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 182,420
    Total .................................bullet 3a 182,420
    bApproved for future payment
    Total .................................bullet 3b  
    Form 990-PF (2015)
    Form 990-PF (2015)
    Page 12
    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 ...........     		    14 115  
    4 Dividends and interest from securities....     14 73,902  
    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.....          
    8
    Gain or (loss) from sales of assets other than inventory ............     		    18 149,773  
    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)..   223,790  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13223,790
    (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 (2015)
    Form 990-PF (2015)
    Page 13
    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 organizations?
    Yes
    No
    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) 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 name SmallBullet
    		 Firm's EIN SmallBullet
    Firm's address SmallBullet


    		 Phone no.
    Form 990-PF (2015)
    Additional Data


    Software ID:  
    Software Version:  


    Form 990PF - Special Condition Description:
    Special Condition Description

    TY 2015 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
    COSTCO WHSL CORP NEW DTD    
    WAL-MART STORES 4/5/2007 5.375 29,867 29,586
    JP MORGAN CHASE & CO DTD 1/29 30,005 29,902
    GLAXOSMITHKLINE CAP INC    
    CONSOLIDATED EDISON CO OF NY 15,566 16,219
    WELLS FARGO 12/12/11 2.625% 35,214 35,196
    PEPSICO IND DTD 10/26/10 3.125 24,981 25,884
    GEN ELEC CAP CORP 1/7/11 4.625 32,005 32,951
    BANK OF NY MELLON 9/23/11 3.55 40,939 41,960
    MERCK & CO 12/10/10 3.875% 25,655 26,802
    OCCIDENTAL PETE 12/16/10 4.1% 25,305 26,229
    DEERE & CO 6/8/12 2.6% 24,814 24,650
    CHEVRON CORP 19,757 19,898
    APPLE INC DTD 5/6/2014 25,378 25,899
    ABBOTT LABS DTD 3/10/2015 29,984 29,624
    TARGET CORP DTD 6/26/2014 37,246 36,318

    TY 2015 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
    AMETEK INC 880 9,110
    L-3 COMMUNICATIONS HOLDINGS 1,875 5,617
    TORO CO 2,965 10,887
    ROSS STORES    
    TUPPERWARE BRANDS CORP COM 1,548 3,673
    HORMEL FOODS CORP 1,733 9,490
    US BANCORP COM 40,429 54,404
    ADVANCE AUTO PARTS 3,783 9,031
    HARRIS CORPORATION 4,897 9,994
    UNITED TECHNOLOGIES CORP 10,866 31,127
    PEPSICO INC 24,416 46,663
    CHEVRON CORPORATION    
    EXXON MOBIL CORPORATION 13,999 19,721
    JOHNSON & JOHNSON 26,289 44,991
    APPLE INC 5,379 49,472
    INTEL CORP COM 35,792 47,369
    MICROSOFT CORP 31,733 61,250
    ORACLE CORP COM 11,975 40,512
    BROADRIDGE FINL SOL LLC 1,666 8,328
    FACTSET RESEARCH SYSTEMS INC 3,114 10,567
    LABORATORY CRP OF AMER HLDGS    
    QUALCOMM INC 18,434 21,993
    RAYTHEON CO COM NEW 20,635 45,453
    VF CORPORATION 9,963 31,748
    WALGREEN CO 10,956 39,171
    CH ROBINSON WORLDWIDE INC 28,257 30,080
    HUBBELL INC CL B 1,927 6,062
    INTERNATIONAL BUS MACHS CORP    
    MCCORMICK & COMPANY INC 17,196 37,219
    MCKESSON HBOC INC 12,807 43,391
    CADENCE DESIGN SYSTEMS INC 4,002 6,451
    J2 GLOBAL COMM INC COM 2,684 9,055
    MINERALS TECHNOLOGIES INC    
    MARSH & MCLENNAN CO COM 30,720 49,628
    PANERA BREAD CO CL A 2,203 5,843
    WORLD FUEL SVCS CORP COM 3,440 4,615
    BALL CORP 24,539 49,820
    BAXTER INTL INC    
    CHURCH & DWIGHT CO 4,322 8,912
    COLGATE PALMOLIVE CO 31,226 44,635
    COMMERCE BANCSHARES INC COM 6,793 9,189
    DISCOVER FNCL SERVICES 20,535 41,019
    ARTHUR J GALLAGHER & CO 4,172 5,322
    TJX COS INC 17,774 49,637
    VALSPAR CORP 4,780 10,369
    WADDELL & REED FNCL INC CL A 7,149 4,872
    WATSCO INC 5,489 8,785
    BIG LOTS 3,092 3,083
    CISCO SYSTEMS INC 33,452 43,312
    DELUXE CORP 7,385 10,090
    DOVER CORP 39,079 33,721
    HANESBRANDS INC 1,962 4,562
    MACYS INC 33,161 27,459
    TORCHMARK CORP 15,954 23,150
    UNION PACIFIC CORP 26,427 30,107
    UNITED THERAPEUTICS CORP 2,693 5,481
    ZEBRA TECHNOLOGIES CORP    
    TE CONNECTIVITY LTD 25,854 37,151
    BROWN AND BROWN 9,002 8,988
    CRANE CO    
    GENUINE PARTS CO 47,576 47,240
    GLOBAL PAYMENTS INC    
    HANCOCK HOLDINGS    
    HEALTH NET INC    
    HOLLYFRONTEIR 5,638 4,587
    MSCI    
    MEDNAX INC 7,709 8,958
    MEDTRONIC INC    
    MEREDITH CORP COM 6,632 5,623
    SCHLUMBERGER LTD 27,163 20,576
    BANK HAWAII CORP 6,468 6,290
    BEMIS COMPANY COM 7,078 6,927
    DICKS SPORTING GOODS 7,791 4,949
    DR PEPPER AND SNAPPLE GROUP CO 27,526 28,892
    FOOT LOCKER INC 4,263 4,882
    FRANKLIN RESOURCES 32,835 30,192
    GILEAD SCIENCES 41,778 35,922
    HSN INC 6,864 4,560
    LEIDOS HOLDINGS 6,127 6,189
    MANPOWER INC 4,303 4,215
    MCDONALDS 37,602 43,121
    PAREXEL INTL CORP 9,030 9,196
    SILGAN HOLDINGS 7,649 7,252
    SIRONA DENTAL SYSTEMS INC 8,831 9,861
    SYNOPSYS INC 6,342 5,701
    TRUST MARK CORP COM 7,676 7,373
    UNITED HEALTH GROUP INC 42,117 39,998
    VARIAN MEDICAL SYSTEMS 27,160 27,068
    WEBSTER FINANCAL CORP 8,651 9,855
    OLIN CORP    
    OMNICARE INC    

    TY 2015 InvestmentsGovtObligationsSch
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN:
    23-6934996
    US Government Securities - End of Year Book Value:

    659,829
    US Government Securities - End of Year Fair Market Value:

    665,452
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2015 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 52,669 101,058
    ARTISAN INTERNATIONAL FUND AT COST 184,369 186,520
    GOLDMAN SACHS SATELLITE STRAT AT COST 257,232 247,252
    HENDERSON INTL OPPORTUNITIES AT COST 129,375 183,907
    T ROWE PRICE DISCOVERY FUND AT COST 133,137 126,864

    TY 2015 OtherDecreasesSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN:
    23-6934996
    Description Amount
    ROUNDING 8


    TY 2015 TaxesSchedule
    Name:
    W MARSHALL HUGHES JR SCHOLARSHIP FUND
    EIN:
    23-6934996
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FEDERAL ESTIMATES - PRINCIPAL 3,689 0   0
    FOREIGN TAXES ON QUALIFIED FOR 286 286   0
    FOREIGN TAXES ON NONQUALIFIED 267 267   0