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 12-01-2013 , and ending 11-30-2014
Name of foundation
JESSIE F HALLETT CHAR TRUST UA 35157020
 

Number and street (or P.O. box number if mail is not delivered to street address)P O BOX 64713 TRUST TAX SERVICES   Room/suite
City or town, state or province, country, and ZIP or foreign postal code
ST PAUL, MN551640713
A Employer identification number

41-6211994
B Telephone number (see instructions)

(651) 466-8710
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$9,565,003J 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 257,575 257,575  
4 Dividends and interest from securities......      
5a Gross rents..............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 71,038
b Gross sales price for all assets on line 6a 909,978
7 Capital gain net income (from Part IV, line 2)... 71,038
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)....... Click to see attachment 4,386 4,386  
12 Total. Add lines 1 through 11........ 332,999 332,999  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 108,354 56,803   51,551
14 Other employee salaries and wages......   0 0 0
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule)......... Click to see attachment 3,695 1,847 0 1,848
b Accounting fees (attach schedule).......        
c Other professional fees (attach schedule).... Click to see attachment 10,255 10,255   0
17 Interest...............       0
18 Taxes (attach schedule) (see instructions) Click to see attachment 24,275 4,056   0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 4,439 0 0 4,439
22 Printing and publications..........   0 0  
23 Other expenses (attach schedule)....... Click to see attachment 10,076 28   6,173
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 161,094 72,989 0 64,011
25 Contributions, gifts, grants paid........ 371,789 371,789
26 Total expenses and disbursements. Add lines 24 and 25 532,883 72,989 0 435,800
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -199,884
b Net investment income (if negative, enter -0-) 260,010
c Adjusted net income (if negative, enter -0-)... 0
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............... 317 1,619 1,619
2 Savings and temporary cash investments.......... 77,253 68,539 68,539
3 Accounts receivable bullet  
Less: allowance for doubtful accounts bullet   177 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...........      
10a Investments—U.S. and state government obligations (attach schedule) 510,410 Click to see attachment510,410 542,566
b Investments—corporate stock (attach schedule)........ 5,976,624 Click to see attachment5,882,996 7,462,561
c Investments—corporate bonds (attach schedule)........ 1,379,277 Click to see attachment1,272,993 1,287,473
11 Investments—land, buildings, and equipment: basis bullet  
Less: accumulated depreciation (attach schedule) bullet        
12 Investments—mortgage loans..............      
13 Investments—other (attach schedule)........... 257,049 Click to see attachment264,655 202,245
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) 8,201,107 8,001,212 9,565,003
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......... 0  
28 Paid-in or capital surplus, or land, bldg., and equipment fund 3,685,743 3,685,743
29 Retained earnings, accumulated income, endowment, or other funds 4,515,364 4,315,469
30 Total net assets or fund balances (see page 17 of the
instructions).................... 8,201,107 8,001,212
31 Total liabilities and net assets/fund balances (see page 17 of
the instructions).................. 8,201,107 8,001,212
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 8,201,107
2 Enter amount from Part I, line 27a..................... 2 -199,884
3 Other increases not included in line 2 (itemize) bullet 3 0
4 Add lines 1, 2, and 3.......................... 4 8,001,223
5 Decreases not included in line 2 (itemize) bulletClick to see attachment 5 11
6 Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 30. 6 8,001,212
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 . NET SETTLEMENT FROM CLASS ACTION SUIT     2013-12-30
b 736.772 TFS MARKET NEUTRAL FUND   2012-11-29 2014-02-24
c 900. STANDARD & POORS DEPOSITARY RECEIPTS   2011-11-18 2014-02-28
d 5964.215 NUVEEN SHORT TERM BOND FUND CL I   2012-11-29 2014-05-14
e 10495.577 TFS MARKET NEUTRAL FUND   2012-11-29 2014-05-14
75000. JPMORGAN CHASE 4.650% 6/01/14   2010-06-30 2014-06-01
350. STANDARD & POORS DEPOSITARY RECEIPTS   2011-11-18 2014-06-19
. NET SETTLEMENT FROM CLASS ACTION SUIT     2014-07-28
. NET SETTLEMENT FROM CLASS ACTION SUIT     2014-07-28
75000. BNY MELLON NA 4.750% 12/15/14   2014-06-16 2014-08-20
75000. NATIONAL BANK M T N 1.500% 6/26/15   2013-03-27 2014-08-20
. NET SETTLEMENT FROM CLASS ACTION SUIT     2014-09-15
. NET SETTLEMENT FROM CLASS ACTION SUIT     2014-09-18
50000. PACCAR FINANCIAL MTN 1.550% 9/29/14   2012-11-30 2014-09-29
50000. AMGEN INC 1.875% 11/15/14   2013-02-22 2014-11-15
968. ISHARES BARCLAYS TIPS BOND ETF   2012-11-29 2014-11-28
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 14     14
b 10,978   11,479 -501
c 167,525   109,458 58,067
d 60,000   60,000  
e 159,743   163,521 -3,778
75,000   80,120 -5,120
68,699   42,567 26,132
355     355
54     54
75,848   76,608 -760
75,525   76,256 -731
160     160
84     84
50,000   50,925 -925
50,000   51,255 -1,255
109,692   116,751 -7,059
      6,301
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       14
b       -501
c       58,067
d        
e       -3,778
      -5,120
      26,132
      355
      54
      -760
      -731
      160
      84
      -925
      -1,255
      -7,059
       
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 71,038
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 443,431 9,183,768 0.048284
2011 449,016 8,767,537 0.051213
2010 392,721 8,750,185 0.044881
2009 449,130 8,669,609 0.051805
2008 356,522 8,036,498 0.044363
2 Total of line 1, column (d) ...................... 2 0.240546
3 Average distribution ratio for the 5-year base period—divide the total on line 2 by 5, or by
the number of years the foundation has been in existence if less than 5 years. . . 		3 0.048109
4 Enter the net value of noncharitable-use assets for 2013 from Part X, line 5..... 4 9,538,690
5 Multiply line 4 by line 3....................... 5 458,897
6 Enter 1% of net investment income (1% of Part I, line 27b)........... 6 2,600
7 Add lines 5 and 6......................... 7 461,497
8 Enter qualifying distributions from Part XII, line 4.............. 8 435,800
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 5,200
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 5,200
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 5,200
6 Credits/Payments:
a 2013 estimated tax payments and 2012 overpayment credited to 2013 6a 11,116
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 11,116
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 5,916
11 Enter the amount of line 10 to be: Credited to 2014 estimated taxBullet5,200 RefundedBullet 11 716
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)
    bulletMN
    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 ofbulletUS BANK NATIONAL ASSOCIATION Telephone no.bullet (651) 466-8710
    Located atbullet101 EAST 5TH STREET 14TH FLOORSAINT PAULMN ZIP+4bullet55101
    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
     
    No
    .........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
     
     
    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
    US BANK NATIONAL ASSOCIATION CORP TRUSTEE
    8     		58,554    
    155 1ST AVE SW
    ROCHESTER,MN55902
    TOM JENSEN CO-TRUSTEE
    4     		12,000    
    PO BOX 7343
    MINNEAPOLIS,MN55407
    KIRK SPRINGSTED CO-TRUSTEE
    4     		12,000    
    50 NECK ROAD
    MADISON,CT06433
    PAUL SCHLIESMAN CO-TRUSTEE
    4     		13,800    
    1200 MARION LANE W UNIT 103
    MINNETONKA,MN55305
    DESIREE PARKER CO-TRUSTEE
    4     		12,000    
    7846 REGAL HERON CR 102
    NAPLES,FL34104
    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
     
    2  
    3  
    4  
    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
    476,935
    2a
    Tax on investment income for 2013 from Part VI, line 5......
    2a
    5,200
    b
    Income tax for 2013. (This does not include the tax from Part VI.)...
    2b
     
    c
    Add lines 2a and 2b............................
    2c
    5,200
    3
    Distributable amount before adjustments. Subtract line 2c from line 1............
    3
    471,735
    4
    Recoveries of amounts treated as qualifying distributions................
    4
    2,000
    5
    Add lines 3 and 4............................
    5
    473,735
    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
    473,735
    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 7 473,735
    2 Undistributed income, if any, as of the end of 2013:
    a Enter amount for 2012 only....... 220,514
    b Total for prior years:20, 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$ 435,800
    a Applied to 2012, but not more than line 2a 220,514
    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..... 215,286
    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 ..........     		258,449
    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:
    US BANK NA ATTN SARAH GODFREY
    101 EAST 5TH STREET 14TH FLOOR
    SAINT PAUL,MN55101
    (651) 466-8710
    bThe form in which applications should be submitted and information and materials they should include:
    APPLICATIONS SHOULD BE SUBMITTED IN WRITTEN FORM OUTLINING THE NATURE OF THE REQUEST.
    cAny submission deadlines:
    NONE
    dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
    factors:
    THE TRUST AWARDS GRANT FOR RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY AND EDUCATIONAL PURPOSES.
    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
    HALLETT COMMUNITY CENTER
    470 8TH ST NE
    CROSBY,MN56441     		NONE N/A OPERATING EXPENSES 11,026
    JESSE HALLETT MEMORIAL
    LIBRARY
    101 1ST STREET NE
    CROSBY,MN56441     		NONE N/A GENERAL 7,526
    BEREA COLLEGE
    CPO 2216
    BEREA,KY40404     		NONE N/A GENERAL 55,656
    BETHEL UNIVERSITY
    3900 BETHEL DRIVE
    SAINT PAUL,MN551126902     		NONE N/A GENERAL 55,656
    CHILDRENS HOME SOCIETY OF MINN
    2230 COMO AVE
    SAINT PAUL,MN551081720     		NONE N/A GENERAL 250
    CHRISTIAN HERALD ASSOCIATION INC
    ATTN ROBERT P DEPUE
    NEW YORK,NY10016     		NONE N/A GENERAL 18,552
    CONCORDIA COLLEGE
    901 8TH STREET S
    MOORHEAD,MN565620001     		NONE N/A GENERAL 37,104
    GIRL SCOUTS OF THE USA
    420 5TH AVE
    NEW YORK,NY100182798     		NONE N/A GENERAL 3,710
    JAMESTOWN COLLEGE
    6000 COLLEGE LANE
    JAMESTOWN,ND58405     		NONE N/A GENERAL 37,104
    LUTHER COLLEGE
    700 COLLEGE DRIVE
    DECORAH,IA52101     		NONE N/A GENERAL 18,552
    MCCORMICK THEOLOGICAL SEMINARY
    5460 S UNIVERSITY AVE
    CHICAGO,IL60615     		NONE N/A GENERAL 29,683
    VISION LOSS RESOURCES
    1936 LYNDALE AVENUE SOUTH
    MINNEAPOLIS,MN55403     		NONE N/A GENERAL 18,552
    MOODY BIBLE INSTITUTE
    820 N LASALLE STREET
    CHICAGO,IL606103214     		NONE N/A GENERAL 55,656
    VILLAGE OF CROSBY
    JESSIE HALLETT PUBLIC LIBRARY
    CROSBY,MN56441     		NONE N/A GENERAL 500
    BOY SCOUTS OF AMERICA
    NAPERVILLE
    230 W DIEHL DRIVE
    NAPERVILLE,IL60566     		NONE N/A GENERAL 3,710
    PRESBYTERIAN CHURCH USA
    200 E 12TH STREET
    JEFFERSONVILLE,IN471303854     		NONE N/A GENERAL 18,552
    Total .................................bullet 3a 371,789
    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 ............     		    14 257,575  
    4 Dividends and interest from securities....          
    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 71,038  
    9 Net income or (loss) from special events:          
    10 Gross profit or (loss) from sales of inventory..          
    11 Other revenue: aGRANT REVERSAL     1 2,000  
    bPARTNERSHIP INCOME     14 2,386  
    c
    d
    e
    12 Subtotal. Add columns (b), (d), and (e)..   332,999  
    13Total. Add line 12, columns (b), (d), and (e)..................
    13332,999
    (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:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Name of Bond End of Year Book Value End of Year Fair Market Value
    HSBC USA INC 2.375 51,513 50,198
    GENERAL ELEC CAP CORP 3.100 74,214 76,000
    ORACLE CORP 2.250 49,981 50,444
    NATIONAL SEMICONDUCTOR 3.950 52,184 50,651
    ROYAL BANK OF CANADA 1.400 50,107 50,103
    JPMORGAN CHASE 4.650    
    EI DU PONT DE NEMOUR C 75,076 76,157
    WACHOVIA BANK NA 5.600 76,733 79,634
    XTRA FIN CORP 5.150 52,409 54,430
    DUKE ENERGY CAROLINAS 82,927 82,745
    NORTHERN TRUST CORP 3.450 75,265 79,954
    HEWLETT PACKARD CO 3.750 75,342 77,021
    BERKSHIRE HATHAWAY 4.250 75,000 82,853
    NORTHERN TRUST CO 3.375 25,103 26,368
    PACCAR FINANCIAL CORP NT 1.55    
    PNC FUNDING CORP 3.625 53,113 50,293
    TOYOTA MOTOR CR CORP .875 50,237 50,168
    CATERPILL FIN MED 1.250 50,332 50,147
    BANK OF MONTREAL MED TERM NT 50,487 50,310
    NATIONAL BANK OF CANADA 1.500    
    AMGEN INC 1.875    
    JOHN DEERE CAPITAL CORP 0.700 50,350 50,149
    PRAXAIR INC 1.950 50,204 50,123
    AT&T INC 50,316 49,757
    IBM CORP 51,860 49,986
    ROYAL BANK OF CANADA 1.500 50,240 49,982

    TY 2013 InvestmentsCorpStockSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Name of Stock End of Year Book Value End of Year Fair Market Value
    IPATH DOW JONES UBS COMMODITY 333,998 272,214
    ISHARES MSCI EMERGING MKTS ETF 246,510 399,023
    ISHARES RUSSELL MIDCAP INDEX 193,044 376,920
    BAXTER INTERNATIONAL INC 27,747 29,200
    MIDCAP SPDR TRUSTSER IETF 189,979 364,061
    ISHARES BARCLAYS TIPS BOND ETF 355,300 345,103
    ISHARES IBOXX H Y CORP BOND 505,385 526,276
    HIGHLAND LONG SHORT EQUITY Z 174,029 200,606
    ISHARES MSCI EAFE INDEX FD ET 1,184,361 1,459,932
    ISHARES DJ US REAL ESTATE ETF 254,583 326,565
    SPDR DJ WILSHIRE INTERNATIONAL    
    SPDR S&P 500 ETF TRUST 127,701 217,560
    SPDR DOW JONES INTNL RELEST 266,111 287,832
    NUVEEN SHORT TERM BOND FD 40,000 39,642
    BIO TECHNE CORP 27,176 36,644
    TFS MARKET NEUTRAL FD    
    ISHARES CORE S&P SMALL CAP ETF 221,357 440,192
    ABBOT LABORATORIES 21,170 26,706
    AMERICAN EXPRESS CO 40,301 55,452
    ASSOCIATED BANC CORP 25,675 33,264
    BADGER METER INC 29,064 35,809
    BEMIS COMPANY INC 38,023 29,200
    C H ROBINSON WORLDWIDE INC 39,751 49,775
    CHEVRON CORP 53,271 48,992
    CRAY INC 21,741 41,136
    DELUXE CORP 19,033 32,148
    DISNEY WALT CO 43,391 69,383
    DONALDSON CO INC 44,943 46,800
    EMERSON ELEC CO 56,576 63,750
    EXXON MOBIL CORP 42,314 43,007
    FASTENAL CO 44,380 42,940
    FISERV INC 19,969 28,596
    FULLER H B CO 36,490 41,031
    GENERAL ELECTRIC CO 36,140 43,046
    HONEYWELL INTL INC 16,132 19,814
    INTEL CORP 31,385 52,150
    JP MORGAN CHASE CO 59,138 69,184
    JOHNSON JOHNSON 41,331 54,125
    MEDTRONIC INC 46,020 73,870
    NVE CORP 24,367 31,761
    PATTERSON COMPANIES INC 22,983 28,908
    PRINCIPAL FINANCIAL GROUP INC 36,917 55,934
    QUALCOMM INC 17,675 20,048
    SCHWAB CHARLES CORP 29,491 38,940
    SNAP ON INC 23,005 33,833
    ST JUDE MED INC 45,475 74,756
    TARGET CORP 57,042 66,600
    TECHNE CORP    
    UNITED PARCEL SERVICE INC 58,645 76,944
    VALSPAR CORP 42,390 54,542
    WESTERN UNION CO 20,608 23,690
    3M CO 41,797 60,034
    ROCHE HLDG LTD ADR 41,568 44,952
    SCHLUMBERGER LTD 48,820 58,016
    SPDR S&P 500 ETF TRUST 267,848 319,710
    ECOLAB INC 43,371 43,580
    GENERAL MILLS INC 30,001 31,650
    IBM CORP 46,011 40,543
    PROCTER & GAMBLE CO 31,463 36,172

    TY 2013 InvestmentsGovtObligationsSch
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    US Government Securities - End of Year Book Value:

    510,410
    US Government Securities - End of Year Fair Market Value:

    542,566
    State & Local Government Securities - End of Year Book Value:


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


     


    TY 2013 InvestmentsOtherSchedule2
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Category/ Item Listed at Cost or FMV Book Value End of Year Fair Market Value
    COAST DIVIRSIFIED AT COST 84,056 12,865
    IDR FIXED INCOME REAL ESTATE AT COST 180,542 189,323
    ACCRUED INCOM AT COST 57 57

    TY 2013 LegalFeesSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    LEGAL FEES 3,695 1,847   1,848


    TY 2013 OtherDecreasesSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Description Amount
    ROUNDING 11


    TY 2013 OtherExpensesSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    PARTNERSHIP SYNDICATION EXPENS 625 0   0
    FILING FEES 82 0   82
    PAYROLL EXPENSE 4,666 0   4,666
    FUNDS TRANSFER 3,250 0   0
    OTHER EXPENSES 1,425 0   1,425
    ADR FEES 28 28   0


    TY 2013 OtherIncomeSchedule2
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
    PARTNERSHIP INCOME 2,386 2,386  
    GRANT REVERSAL 2,000 2,000  


    TY 2013 OtherProfessionalFeesSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    INVESTMENT FEES 10,255 10,255    


    TY 2013 TaxesSchedule
    Name:
    JESSIE F HALLETT CHAR TRUST UA 35157020
    EIN: 41-6211994
    Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
    FOREIGN TAXES 133 133   0
    FEDERAL TAX PAYMENT - PRIOR YE 9,103 0   0
    FEDERAL TAX 11,116 0   0
    FOREIGN TAXES ON QUALIFIED FOR 3,544 3,544   0
    FOREIGN TAXES ON NONQUALIFIED 379 379   0