TY 2021 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

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

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0047

2021

Open to Public Inspection

For calendar year 2021, or tax year beginning 12-01-2021 , and ending 11-30-2022

Name of foundation
JESSIE F HALLETT CHAR TRUST UA

Number and street (or P.O. box number if mail is not delivered to street address)PO BOX 0634
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
MILWAUKEE, WI532010634

A Employer identification number

41-6211994

B Telephone number (see instructions)

(651) 466-8710

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

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

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

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

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

$8,958,606J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	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)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	209,463		207,872
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		185,676
b	Gross sales price for all assets on line 6a 933,917
7	Capital gain net income (from Part IV, line 2)...			185,676
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).......		572	317
12	Total. Add lines 1 through 11........	395,711		393,865
13	Compensation of officers, directors, trustees, etc.	106,124		52,812		53,312
14	Other employee salaries and wages......	14,334		0	0	14,334
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........		4,105	0	0	4,105
b	Accounting fees (attach schedule).......		1,000	0	0	1,000
c	Other professional fees (attach schedule)....		14,198	14,198		0
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		16,864	3,768		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......	3,130		0	0	3,130
22	Printing and publications..........			0	0
23	Other expenses (attach schedule).......		3,661	102		3,395
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	163,416		70,880	0	79,276
25	Contributions, gifts, grants paid.......	356,041				356,041
26	Total expenses and disbursements. Add lines 24 and 25	519,457		70,880	0	435,317
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-123,746
b	Net investment income (if negative, enter -0-)			322,985
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2021)

Form 990-PF (2021)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............
	2	Savings and temporary cash investments.........	373,979	432,914	432,914
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	1,768,990	1,737,258	3,202,586
	c	Investments—corporate bonds (attach schedule).......	1,175,891	981,457	878,500
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........	3,591,589	3,635,693	4,444,606
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	6,910,449	6,787,322	8,958,606
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	6,910,449	6,787,322
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	6,910,449	6,787,322
	30	Total liabilities and net assets/fund balances (see instructions).	6,910,449	6,787,322

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

6,910,449

Enter amount from Part I, line 27a .....................

-123,746

Other increases not included in line 2 (itemize) bullet

662

Add lines 1, 2, and 3 ..........................

6,787,365

Decreases not included in line 2 (itemize) bullet

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

6,787,322

Form 990-PF (2021)

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	300. CORESITE REALTY CORP		2018-07-03	2021-12-14
b	150. ABBOTT LABORATORIES		2013-04-19	2022-03-17
c	200. ACTIVISION BLIZZARD INC		2020-07-08	2022-03-17
d	150. AMERICAN EXPRESS CO		2013-04-19	2022-03-17
e	250. CHEVRONTEXACO CORP COM		2013-01-10	2022-03-17
	391. ELANCO ANIMAL HEALTH INC		2017-03-07	2022-03-17
	12. ZIMVIE INC COM		2015-09-11	2022-03-17
	125. ZIMMER HLDGS INC		2015-09-11	2022-03-17
	370. INVESCO QQQ TRUST ETF		2020-03-27	2022-03-21
	.5 ZIMVIE INC COM		2016-02-01	2022-03-29
	226. STANDARD & POORS DEPOSITARY RECEIPTS		2021-11-09	2022-04-11
	34. STANDARD & POORS DEPOSITARY RECEIPTS		2021-11-09	2022-04-19
	226. VANGUARD REIT ETF		2020-06-29	2022-04-19
	250. DONALDSON CO INC		2013-02-07	2022-07-25
	250. HORMEL FOODS CORPORATIONCOM		2016-06-28	2022-07-25
	50. LILLY ELI & CO COM		2020-11-20	2022-07-25
	150. 3M CO		2013-05-15	2022-07-25
	135000. U S TREASURY NT 1.625% 8/15/22		2012-09-25	2022-08-15
	.0852 NEOGEN CORP		2013-05-15	2022-09-22
	75000. JPMORGAN CHASE CO 3.250% 9/23/22		2019-09-27	2022-09-23
	8398.657 DOUBLELINE TOTAL RET BD I		2016-02-09	2022-10-05
	50000. BANK OF MONTREAL MTN 2.550% 11/06/22		2017-12-01	2022-11-06
	250. DONALDSON CO INC		2013-07-23	2022-11-10
	200. HORMEL FOODS CORPORATIONCOM		2016-06-28	2022-11-10
	75. LILLY ELI & CO COM		2018-02-02	2022-11-10
	100. 3M CO		2013-05-15	2022-11-10
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	51,028	31,626	19,402
b	17,984	5,904	12,080
c	15,724	15,655	69
d	27,742	9,975	17,767
e	39,711	23,576	16,135
	10,339	10,628	-289
	273	275	-2
	15,185	12,152	3,033
	129,824	69,728	60,096
	12	11	1
	100,042	106,047	-6,005
	15,088	15,954	-866
	24,909	17,223	7,686
	12,732	9,383	3,349
	11,910	8,749	3,161
	16,478	7,296	9,182
	20,134	17,306	2,828
	135,000	133,829	1,171
	1	1
	75,000	77,522	-2,522
	74,664	91,881	-17,217
	50,000	49,887	113
	15,022	9,307	5,715
	9,474	6,984	2,490
	27,352	6,201	21,151
	12,815	11,141	1,674
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474
			25,474

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			19,402
b			12,080
c			69
d			17,767
e			16,135
			-289
			-2
			3,033
			60,096
			1
			-6,005
			-866
			7,686
			3,349
			3,161
			9,182
			2,828
			1,171

			-2,522
			-17,217
			113
			5,715
			2,490
			21,151
			1,674

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	185,676
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 ...................		3

Form 990-PF (2021)

Page 4

Part V

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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	4,489
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	4,489
6	Credits/Payments:

a	2021 estimated tax payments and 2020 overpayment credited to 2021	6a	7,728
b	Exempt foreign organizations—tax withheld at source......	6b	0
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	7,728
8	Enter any penalty for underpayment of estimated tax. Check here 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.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	3,239
11	Enter the amount of line 10 to be: Credited to 2022 estimated tax3,239	Refunded	11	0

Part VI-A

Statements Regarding Activities

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

Yes

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

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

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

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

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

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

on foundation managers. bullet

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

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

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

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

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

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

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XIV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2021 or the taxable year beginning in 2021? See the instructions for Part XIII.

If "Yes," complete Part XIII .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2021)

Page 5

Part VI-A

Statements Regarding Activities (continued)

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 .............

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.................

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

Yes

Website address bullet

WWW.HALLETTTRUSTS.ORG

The books are in care of bullet

US BANK NA Telephone no. bullet

(855) 452-4015

Located at bullet

800 NICOLLET MALL STE 800MINNEAPOLISMN ZIP+4 bullet

55402

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

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

16 At any time during calendar year 2021, 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 the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........

1a(1)

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

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

1a(2)

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

1a(3)

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

1a(4)

Yes

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

1a(5)

(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.) ...............

1a(6)

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 ..........

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

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2021? .............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2021, did the foundation have any undistributed income (lines 6d

and 6e, Part XII) for tax year(s) beginning before 2021?....................

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

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

20, 20, 20, 20

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

any time during the year? ..............................

If "Yes," did it have excess business holdings in 2021 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 2021.) .....................

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

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2021? ..

Form 990-PF (2021)

Page 6

Part VI-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........

5a(1)

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

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

5a(2)

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

5a(3)

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

in section 4945(d)(4)(A)? See instructions ........................

5a(4)

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

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

5a(5)

Yes

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 ........

Yes

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

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant? .................

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

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

a personal benefit contract? .............................

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

If "Yes" to 6b, file Form 8870.

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

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

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .........................

Part VII

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-)
US BANK NA	CO-TRUSTEE 1	56,124
800 NICOLLET MALL STE 800 MINNEAPOLIS,MN55402	CO-TRUSTEE 1	56,124
DESIREE PARKER	CO-TRUSTEE 4	12,500
5021 OJIBWA ROAD BRAINERD,MN56401	CO-TRUSTEE 4	12,500
KIRK A SPRINGSTED	CO-TRUSTEE 4	12,500
50 NECK ROAD MADISON,CT06433	CO-TRUSTEE 4	12,500
MARGARET POLEY	CO-TRUSTEE 4	12,500
5921 BONNIE BRAE DRIVE EDINA,MN55439	CO-TRUSTEE 4	12,500
PAUL JUSTIN SCHLIESMAN	CO-TRUSTEE 4	12,500
5936 BEARD AVENUE S EDINA,MN55410	CO-TRUSTEE 4	12,500

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...................				0

Form 990-PF (2021)

Page 7

Part VII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

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............. bullet

Part VIII-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

Part VIII-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 (2021)

Page 8

Part IX

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

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

purposes:

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

8,906,277

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

420,299

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

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

9,326,576

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

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

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

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

9,326,576

Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see

instructions) .............................

139,899

Net value of noncharitable-use assets. Subtract line 4 from line 3. .......

9,186,677

Minimum investment return. Enter 5% (0.05) of line 5................

459,334

Part X

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

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

459,334

Tax on investment income for 2021 from Part V, line 5.......

4,489

Income tax for 2021. (This does not include the tax from Part V.) ...

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

4,489

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

454,845

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

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

454,845

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...

454,845

Part XI

Qualifying Distributions (see instructions)

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

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

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

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

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

Amounts set aside for specific charitable projects that satisfy the:

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

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

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

Form 990-PF (2021)

Page 9

Part XII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2020	(c) 2020	(d) 2021
1 Distributable amount for 2021 from Part X, line 7					454,845
2 Undistributed income, if any, as of the end of 2021:
a Enter amount for 2020 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2021:
a From 2016......	0
b From 2017......	0
c From 2018......	0
d From 2019......	158,319
e From 2020......	0
f Total of lines 3a through e ........		158,319
4Qualifying distributions for 2021 from Part
XI, line 4: $ 435,317
a Applied to 2020, but not more than line 2a				0
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 2021 distributable amount.....					435,317
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2021.		19,528			19,528
(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		138,791
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 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2021. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2022 ..........					0
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
8 Excess distributions carryover from 2016 not applied on line 5 or line 7 (see instructions) ...		0
9 Excess distributions carryover to 2022. Subtract lines 7 and 8 from line 6a ......		138,791
10 Analysis of line 9:
a Excess from 2017....	0
b Excess from 2018....	0
c Excess from 2019....	138,791
d Excess from 2020....	0
e Excess from 2021....	0

Form 990-PF (2021)

Page 10

Part XIII

Private Operating Foundations (see instructions and Part VI-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 2021, enter the date of the ruling ....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section 4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2021	(b) 2020	(c) 2019	(d) 2018	(e) Total

b 85% (0.85) of line 2a .........
c Qualifying distributions from Part XI, 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 IX, 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 XIV

Supplementary Information (Complete this part only if the foundation 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

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

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

U S BANK CHARITABLE SERVICES GROUP
800 NICOLLET MALL SUITE 800
MINNEAPOLIS,MN55402
(612) 234-2367

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

APPLICATIONS SHOULD BE SUBMITTED TO WWW.HALLETTTRUSTS.ORG IN WRITTEN FORMAT ACCORDING TO GRANT APPLICATION AND SUBMISSION GUIDELINES LISTED ON WEBSITE.

cAny submission deadlines:

GRANT APPLICATION SHOULD BE FILED BY SEPTEMBER 1ST.

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

THE TRUST AWARDS GRANTS TO DESIGNATED TAX EXEMPT ENTITIES FOR RELIGIOUS, CHARITABLE, SCIENTIFIC, LITERARY, AND EDUCATIONAL PURPOSES.

Form 990-PF (2021)

Page 11

Part XIV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
CHRISTIAN HERALD ASSOCIATION DBA THE BOWERY MISSION 355 LEGACY GIVING OFFICE NEW YORK,NY10017	NONE	PC	GENERAL OPERATING	17,764
JESSE HALLETT MEMORIAL LIBRARY 101 1ST STREET NE CROSBY,MN56441	NONE	PC	GENERAL OPERATING	500
GIRL SCOUTS OF THE USA 420 5TH AVE NEW YORK,NY100182798	NONE	PC	GENERAL OPERATING	3,552
PRESBYTERIAN CHURCH 200 EAST 12TH STREET JEFFERSONVILLE,IN47130	NONE	PC	GENERAL OPERATING	17,764
CITY OF CROSBY 2 2ND STREET SW CROSBY,MN56441	NONE	GOV	GENERAL OPERATING	17,765
BOY SCOUTS OF AMERICA NATIONAL COUNCIL 1325 W WALNUT HILL LN IRVING,TX75015	NONE	PC	GENERAL OPERATING	3,552
MOODY BIBLE INSTITUTE OF CHICAGO 820 N LASALLE STREET CHICAGO,IL606103214	NONE	PC	GENERAL OPERATING	53,294
MCCORMICK THEOLOGICAL SEMINARY 5460 S UNIVERSITY AVE CHICAGO,IL60615	NONE	PC	GENERAL OPERATING	28,424
CHILDRENS HOME SOCIETY OF MINN ATTN FINANCE DEPARTMENT ST PAUL,MN551081219	NONE	PC	GENERAL OPERATING	250
CONCORDIA COLLEGE 901 8TH STREET S MOORHEAD,MN565620001	NONE	PC	GENERAL OPERATING	35,530
VISION LOSS RESOURCES 1936 LYNDALE AVENUE SOUTH MINNEAPOLIS,MN55403	NONE	PC	GENERAL OPERATING	17,764
BETHEL UNIVERSITY 3900 BETHEL DRIVE SAINT PAUL,MN551126902	NONE	PC	GENERAL OPERATING	53,294
LUTHER COLLEGE 700 COLLEGE DRIVE DECORAH,IA52101	NONE	PC	GENERAL OPERATING	17,764
UNIVERSITY OF JAMESTOWN 6088 COLLEGE LN JAMESTOWN,ND584050001	NONE	PC	GENERAL OPERATING	35,530
BEREA COLLEGE CPO 2214 BEREA,KY40404	NONE	PC	GENERAL OPERATING	53,294
Total ................................. 3a				356,041

bApproved for future payment

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

Form 990-PF (2021)

Page 12

Part XV-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	(e) Related or exempt function income (See instructions.)
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 ...........
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	185,676
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: aOTHER INCOME			1	317
bFEDERAL TAX REFUND			1	255
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..				395,711

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

395,711

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

Part XV-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XV-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 (2021)

Page 13

Part XVI

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

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

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

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

1a(1)

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

1a(2)

Other transactions:

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

1b(1)

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

1b(2)

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

1b(3)

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

1b(4)

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

1b(5)

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

1b(6)

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

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

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

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

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.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2021)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2021 AccountingFeesSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC	1,000			1,000

- TIN:

TY 2021 InvestmentsCorpBondsSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Name of Bond	End of Year Book Value	End of Year Fair Market Value
665859AM6 NORTHERN TRUST CORP
713448DY1 PEPSICO INC	56,110	47,232
404280BA6 HSBC HOLDINGS PLC
30231GBD3 EXXON MOBIL	27,040	23,354
912828WR7 U S TREASURY NT
808513AT2 CHARLES SCHWAB CORP	78,408	74,760
06366RJJ5 BANK OF MONTREAL MTN
0258M0EB1 AMERICAN EXPRESS MTN
91324PCU4 UNITEDHEALTH GROUP
57636QAG9 MASTERCARD INC	56,236	47,674
037833CU2 APPLE INC	75,345	73,226
17325FAL2 CITIBANK NA
69371RQ25 PACCAR FINANCIAL MTN	75,188	71,700
92826CAB8 VISA INC
244199BH7 DEERE COMPANY	54,736	48,078
94974BFC9 WELLS FARGO MTN
912828TJ9 U S TREASURY NT
458140AS9 INTEL CORP	56,932	49,035
857477AW3 STATE STREET CORP	54,988	47,200
89236TDR3 TOYOTA MOTOR MTN	56,427	47,329
95001BAW4 WFC 24M SPX 1.5X LBR
05565QBU1 BP CAPITAL MARKETS
46625HJE1 JPMORGAN CHASE CO
084664BQ3 BERKSHIRE HATHAWAY
20030NCH2 COMCAST CORP	55,266	47,389
02665WCE9 AMERICAN HONDA MTN	55,303	46,910
12189LBA8 BURLINGTN NORTH	54,259	47,568
14913R2H9 CATERPILLAR FINL MTN	49,025	44,967
68389XBM6 ORACLE CORP	53,150	46,064
74340XBH3 PROLOGIS LP	56,240	47,477
40434LAK1 HP INC	66,804	68,537

- TIN:

TY 2021 InvestmentsCorpStockSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Name of Stock	End of Year Book Value	End of Year Fair Market Value
537008104 LITTELFUSE INC	67,572	86,275
92826C839 VISA INC	38,891	48,825
02079K107 ALPHABET INC CL C	78,734	152,175
G6700G107 NVENT ELECTRIC PLC	19,263	40,010
74251V102 PRINCIPAL FINANCIAL	16,748	49,324
166764100 CHEVRON CORPORATION
91324P102 UNITED HEALTH GROUP	79,198	178,022
743713109 PROTO LABS INC	24,867	11,934
747525103 QUALCOMM INC	28,776	53,758
G5960L103 MEDTRONIC PLC	72,587	75,088
257651109 DONALDSON CO INC	38,076	67,012
67066G104 NVIDIA CORP	30,855	67,692
253798102 DIGI INTL INC	14,581	42,470
46625H100 J P MORGAN CHASE CO	38,367	103,635
891092108 TORO CO	64,876	110,990
09073M104 BIO TECHNE CORP	20,194	101,988
437076102 HOME DEPOT INC	26,666	56,698
438516106 HONEYWELL INTERNATIO	31,845	82,331
808513105 SCHWAB CHARLES CORP	24,993	96,985
532457108 ELI LILLY CO	18,468	83,493
478160104 JOHNSON JOHNSON	67,058	124,600
949746101 WELLS FARGO CO	30,015	57,540
002824100 ABBOTT LABORATORIES	23,138	69,927
440452100 HORMEL FOODS CORP	51,088	70,500
594918104 MICROSOFT CORP	58,294	76,542
742718109 PROCTER GAMBLE CO	15,732	29,832
28414H103 ELANCO ANIMAL HEALTH
337738108 FISERV INC	28,383	93,924
771195104 ROCHE HOLDINGS LTD S	55,228	69,564
254687106 DISNEY WALT CO	33,727	58,722
056525108 BADGER METER INC	8,855	46,328
12541W209 C H ROBINSON WORLDWI	42,953	72,660
018802108 ALLIANT ENERGY CORP	20,655	22,520
911312106 UNITED PARCEL SERVIC	15,762	37,946
00507V109 ACTIVISION BLIZZARD
21870Q105 CORESITE REALTY CORP
806857108 SCHLUMBERGER LTD
311900104 FASTENAL CO	32,122	72,114
071813109 BAXTER INTERNATIONAL	13,402	19,786
278865100 ECOLAB INC	98,516	119,864
229899109 CULLEN FROST BANKERS	6,752	14,507
87612E106 TARGET CORP	9,033	25,061
458140100 INTEL CORP	17,257	24,056
88579Y101 3M CO	12,905	15,242
880345103 TENNANT CO	30,832	28,589
025816109 AMERICAN EXPRESS CO	24,921	66,976
871829107 SYSCO CORP	18,287	34,604
384109104 GRACO INC	45,478	132,943
98956P102 ZIMMER BIOMET HOLDIN
359694106 FULLER H B CO	55,637	110,426
620076307 MOTOROLA SOLUTIONS I	43,481	74,855
824348106 SHERWIN WILLIAMS CO	17,638	18,689
47074L105 JAMF HLDG CORP COM	16,779	10,640
731068102 POLARIS INC	18,513	17,109
83125X103 SLEEP NUMBER CORP	19,071	7,313
98139A105 WORKIVA INC	16,679	16,112
368736104 GENERAC HOLDINGS INC	8,026	7,914
79466L302 SALESFORCE COM INC	10,322	8,013
29362U104 ENTEGRIS INC	12,795	11,594
640491106 NEOGEN CORP	444	447
773903109 ROCKWELL AUTOMATION	21,923	26,422

- TIN:

TY 2021 InvestmentsOtherSchedule2

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Category/ Item	Listed at Cost or FMV	Book Value	End of Year Fair Market Value
464287804 ISHARES CORE S P SMA	AT COST	68,814	250,425
78467Y107 SPDR S P MIDCAP 400	AT COST	223,860	542,934
46090E103 INVESCO QQQ TRUST ET	AT COST	55,029	85,661
922908553 VANGUARD REAL ESTATE	AT COST	309,244	371,345
258620103 DOUBLELINE TOTAL RET	AT COST	297,560	247,906
78462F103 SPDR S P 500 ETF	AT COST	117,036	170,818
464287234 ISHARES MSCI EMERGIN	AT COST	263,655	397,018
464287465 ISHARES MSCI EAFE ET	AT COST	587,267	797,923
31420B300 FEDERATED HERMES INS	AT COST	285,748	271,929
277923728 EATON VANCE GLOBAL M
46434G103 ISHARES CORE MSCI EM	AT COST	139,530	102,462
98MSCF1K8 PARTNERS GROUP PRVT	AT COST	443,093	432,336
464287499 ISHARES RUSSELL MID	AT COST	334,782	316,120
46432F842 ISHARES CORE MSCI EA	AT COST	240,075	202,643
56064L298 MAINSTAY CBRE GLOBAL	AT COST	270,000	255,086

- TIN:

TY 2021 LegalFeesSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
LEGAL FEES - PRINCIPAL (ALLOCA	4,105			4,105

- TIN:

TY 2021 OtherDecreasesSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Description	Amount
ROC ADJUSTMENT	43

- TIN:

TY 2021 OtherExpensesSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Description	Revenue and Expenses per Books	Net Investment Income	Disbursements for Charitable Purposes
MEMBERSHIP DUES	398	0	398
MISC TRUST EXPENSE	2,986	0	2,972
STATE FILING FEE	25	0	25
ADR FEES	102	102	0
TAXABLE EXP- SEE FORM 4720	150	0	0

- TIN:

TY 2021 OtherIncomeSchedule2

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Description	Revenue And Expenses Per Books	Net Investment Income	Adjusted Net Income
OTHER INCOME	317	317
FEDERAL TAX REFUND	255	0

- TIN:

TY 2021 OtherIncreasesSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Description	Amount
REFUND OF FEES	632
COST BASIS ADJUSTMENT	30

- TIN:

TY 2021 OtherProfessionalFeesSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	14,198	14,198

- TIN:

TY 2021 TaxesSchedule

Name:

JESSIE F HALLETT CHAR TRUST UA

EIN:

41-6211994

Category	Amount	Net Investment Income
FOREIGN TAXES	2,496	2,496
FEDERAL TAX PAYMENT - PRIOR YE	5,368	0
FEDERAL ESTIMATES - PRINCIPAL	7,728	0
FOREIGN TAXES ON NONQUALIFIED	1,272	1,272