﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2025v4.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2026-07-31T14:47:04-04:00</ReturnTs>
    <TaxPeriodEndDt>2026-06-30</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>421263144</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>ROSENE PICKHINKE PETERS &amp; CO PC</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>PO BOX 1333</AddressLine1Txt>
        <CityNm>STORM LAKE</CityNm>
        <StateAbbreviationCd>IA</StateAbbreviationCd>
        <ZIPCd>50588</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2025-07-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>426507732</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>JEPSEN EDUCATIONAL TRUST</BusinessNameLine1Txt>
        <BusinessNameLine2Txt>% CITIZENS FIRST NATIONAL BANK TTEE</BusinessNameLine2Txt>
      </BusinessName>
      <BusinessNameControlTxt>JEPS</BusinessNameControlTxt>
      <PhoneNum>7122133613</PhoneNum>
      <USAddress>
        <AddressLine1Txt>PO BOX 1227</AddressLine1Txt>
        <CityNm>STORM LAKE</CityNm>
        <StateAbbreviationCd>IA</StateAbbreviationCd>
        <ZIPCd>50588</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>CITIZENS FIRST NATIONAL BANK</PersonNm>
      <PersonTitleTxt>TRUSTEE</PersonTitleTxt>
      <PhoneNum>7127325440</PhoneNum>
      <SignatureDt>2026-07-30</SignatureDt>
    </BusinessOfficerGrp>
    <PreparerPersonGrp>
      <PreparerPersonNm>STEVEN PETERS</PreparerPersonNm>
      <PTIN>P00032378</PTIN>
      <PhoneNum>7127321419</PhoneNum>
      <PreparationDt>2026-07-31</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2025</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="7">
    <IRS990PF documentId="RetDoc8">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>110223</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>425</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>425</InterestOnSavNetInvstIncmAmt>
        <InterestOnSavingsAdjNetIncmAmt>425</InterestOnSavingsAdjNetIncmAmt>
        <DividendsRevAndExpnssAmt>3715</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>3715</DividendsNetInvstIncmAmt>
        <DividendsAdjNetIncmAmt>3715</DividendsAdjNetIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>4562</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>38025</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>4562</CapGainNetIncmNetInvstIncmAmt>
        <NetSTCapitalGainAdjNetIncmAmt>139</NetSTCapitalGainAdjNetIncmAmt>
        <TotalRevAndExpnssAmt>8702</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>8702</TotalNetInvstIncmAmt>
        <TotalAdjNetIncmAmt>4279</TotalAdjNetIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>2760</CompOfcrDirTrstRevAndExpnssAmt>
        <LegalFeesRevAndExpnssAmt referenceDocumentId="RetDoc4">500</LegalFeesRevAndExpnssAmt>
        <LegalFeesDsbrsChrtblAmt>500</LegalFeesDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc1">725</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesChrtblPrpsAmt>725</AccountingFeesChrtblPrpsAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc6">95</TaxesRevAndExpnssAmt>
        <TaxesDsbrsChrtblAmt>95</TaxesDsbrsChrtblAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc5">10</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesDsbrsChrtblAmt>10</OtherExpensesDsbrsChrtblAmt>
        <TotOprExpensesRevAndExpnssAmt>4090</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>0</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>1330</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>4000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>4000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>8090</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>0</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>5330</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>612</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>8702</NetInvestmentIncomeAmt>
        <AdjustedNetIncomeAmt>4279</AdjustedNetIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <SavAndTempCashInvstBOYAmt>11984</SavAndTempCashInvstBOYAmt>
        <SavAndTempCashInvstEOYAmt>10940</SavAndTempCashInvstEOYAmt>
        <SavAndTempCashInvstEOYFMVAmt>11499</SavAndTempCashInvstEOYFMVAmt>
        <CorporateStockBOYAmt>28809</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc3">41022</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>47631</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>64545</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc2">53988</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>51093</CorporateBondsEOYFMVAmt>
        <TotalAssetsBOYAmt>105338</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>105950</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>110223</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <CapitalStockBOYAmt>133204</CapitalStockBOYAmt>
        <CapitalStockEOYAmt>133204</CapitalStockEOYAmt>
        <RetainedEarningBOYAmt>-27866</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>-27254</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>105338</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>105950</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>105338</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>105950</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>105338</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>612</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>105950</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>105950</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>AMERICAN FUNDS STATEGIC BOND</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-11-19</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>300</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>296</CostOrOtherBasisAmt>
          <GainOrLossAmt>4</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>4</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FEDERATED HERMES INSTL HY</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-11-19</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>1000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>989</CostOrOtherBasisAmt>
          <GainOrLossAmt>11</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>11</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>JP MORGAN CORE BOND</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2023-01-31</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>3000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>3557</CostOrOtherBasisAmt>
          <GainOrLossAmt>-557</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-557</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>FEDERATED HERMES TOTAL RETRN BOND</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-11-19</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>2000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2002</CostOrOtherBasisAmt>
          <GainOrLossAmt>-2</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-2</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD TOTAL BD MKT</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2021-03-19</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>2000</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2161</CostOrOtherBasisAmt>
          <GainOrLossAmt>-161</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-161</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD INTER-TERM</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-01-16</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>1259</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>1234</CostOrOtherBasisAmt>
          <GainOrLossAmt>25</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>25</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD EQUITY INCOME FUND</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2021-12-20</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>5911</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>5316</CostOrOtherBasisAmt>
          <GainOrLossAmt>595</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>595</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD DIV GROWTH FD</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-07-01</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>16531</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>14079</CostOrOtherBasisAmt>
          <GainOrLossAmt>2452</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>2452</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD EQUITY INCOME FUND</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-12-19</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>889</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>810</CostOrOtherBasisAmt>
          <GainOrLossAmt>79</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>79</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD INTER-TERM</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2024-11-19</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>2741</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>2700</CostOrOtherBasisAmt>
          <GainOrLossAmt>41</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>41</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>VANGUARD DIV GROWTH FD</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <AcquiredDt>2025-03-31</AcquiredDt>
          <SoldDt>2025-07-24</SoldDt>
          <GrossSalesPriceAmt>325</GrossSalesPriceAmt>
          <CostOrOtherBasisAmt>319</CostOrOtherBasisAmt>
          <GainOrLossAmt>6</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>6</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>4562</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>139</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>121</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>121</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>121</TaxBasedOnInvestmentIncomeAmt>
        <TaxDueAmt>121</TaxDueAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <OrgReportOrRegisterStateCd>IA</OrgReportOrRegisterStateCd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>N/A</WebsiteAddressTxt>
        <IndividualWithBooksNm>CITIZENS FIRST NATL BK</IndividualWithBooksNm>
        <PhoneNum>7127325440</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>PO BOX 1227</AddressLine1Txt>
          <CityNm>STORM LAKE</CityNm>
          <StateAbbreviationCd>IA</StateAbbreviationCd>
          <ZIPCd>50588</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <BusinessName>
            <BusinessNameLine1Txt>CITIZENS FIRST NATIONAL BANK</BusinessNameLine1Txt>
          </BusinessName>
          <USAddress>
            <AddressLine1Txt>PO BOX 1227</AddressLine1Txt>
            <CityNm>STORM LAKE</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>50588</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>2760</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>97126</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>11499</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>0</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>108625</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>108625</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>1629</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>106996</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>5350</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>5350</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>121</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>121</TotalTaxAmt>
        <DistributableBeforeAdjAmt>5229</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>5229</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>5229</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>5330</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>5330</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>5229</DistributableAsAdjustedAmt>
        <UndistributedIncomePYAmt>3699</UndistributedIncomePYAmt>
        <QualifyingDistributionsAmt>5330</QualifyingDistributionsAmt>
        <AppliedToYear1Amt>3699</AppliedToYear1Amt>
        <AppliedToCurrentYearAmt>1631</AppliedToCurrentYearAmt>
        <UndistributedIncomeCYAmt>3598</UndistributedIncomeCYAmt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>CITIZENS FIRST NATIONAL BANK</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 1227</AddressLine1Txt>
            <CityNm>STORM LAKE</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>50588</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>7127325440</RecipientPhoneNum>
          <FormAndInfoAndMaterialsTxt>INFORMATION REGARDING APPLICATIONS MAY BE OBTAINED FROM THE TRUSTEE, CITIZENS 1ST NATIONAL BANK, STORM LAKE, IOWA 50588.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>INFORMATION REGARDING SUBMISSION DEADLINES MAY BE OBTAINED FROM THE TRUSTEE, CITIZENS 1ST NATIONAL B</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>THE JEPSEN EDUCATIONAL TRUST MAKES AVAILABLE ITS ANNUAL NET INCOME TO STUDENTS GRADUATING FROM THE GALVA-HOLSTEIN COMMUNITY SCHOOL DISTRICT OR SUCCESSOR DISTRICT, WHO SUBMIT APPLICATION SHOWING THEY ARE ACCEPTED AND ATTENDING FOUR-YEAR ACCREDITED COLLEGES WITHIN THE UNITED STATES. THE TRUSTEE IS DIRECTED TO ESTABLISH A COMMITTEE OF FROM THREE TO FIVE INDIVIDUALS FROM THE SCHOOL SYSTEM AND GALVA -HOLSTEIN COMMUNITY. SUCH COMMITTEE SHALL MAKE DECISIONS AS TO WHICH APPLICANTS SHALL RECEIVE EDUCATIONAL GRANTS. THE COMMITTEE IS DIRECTED TO CONSIDER FINANCIAL NEED AND TO MAKE SUCH GRANTS TO RESIDENTS OF THE GALVA-HOLSTEIN SCHOOL DISTRICT. GRANTS MADE BY THE TRUST ARE DIRECT GRANTS AND ARE NOT TO BE REPAID TO THE TRUST.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>CARTER TODD</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2433 UNION DR</AddressLine1Txt>
            <CityNm>AMES</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>50011</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>I</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EDUCATION</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>REESE HAWTHORNE</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>1111 MAIN ST</AddressLine1Txt>
            <CityNm>WAYNE</CityNm>
            <StateAbbreviationCd>NE</StateAbbreviationCd>
            <ZIPCd>68787</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>I</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EDUCATION</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>TYLER FRIEDRICHSEN</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2433 UNION DR</AddressLine1Txt>
            <CityNm>AMES</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>50011</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>I</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EDUCATION</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientPersonNm>JACOB FRIEDMANN</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>2433 UNION DR</AddressLine1Txt>
            <CityNm>AMES</CityNm>
            <StateAbbreviationCd>IA</StateAbbreviationCd>
            <ZIPCd>50011</ZIPCd>
          </RecipientUSAddress>
          <RecipientRelationshipTxt>N/A</RecipientRelationshipTxt>
          <RecipientFoundationStatusCd>I</RecipientFoundationStatusCd>
          <GrantOrContributionPurposeTxt>EDUCATION</GrantOrContributionPurposeTxt>
          <Amt>1000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>4000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>425</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>3715</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>2069</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>2493</RelatedOrExemptFunctionIncmAmt>
        </GainSalesAstOthThanInvntryGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>6209</ExclusionAmt>
          <RelatedOrExemptFunctionIncmAmt>2493</RelatedOrExemptFunctionIncmAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>8702</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc1">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>725</Amt>
        <DisbursementsCharitablePrpsAmt>725</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc2">
      <InvestmentsCorporateBondsGrp>
        <EOYBookValueAmt>53988</EOYBookValueAmt>
        <EOYFMVAmt>51093</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc3">
      <InvestmentsCorporateStockGrp>
        <EOYBookValueAmt>41022</EOYBookValueAmt>
        <EOYFMVAmt>47631</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <LegalFeesSchedule documentId="RetDoc4">
      <LegalFeesGrp>
        <CategoryTxt>LEGAL FEES</CategoryTxt>
        <LegalFeesAmt>500</LegalFeesAmt>
        <DisbursementsCharitablePrpsAmt>500</DisbursementsCharitablePrpsAmt>
      </LegalFeesGrp>
    </LegalFeesSchedule>
    <OtherExpensesSchedule documentId="RetDoc5">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>COURT COSTS</Desc>
        <RevenueAndExpensesPerBooksAmt>10</RevenueAndExpensesPerBooksAmt>
        <DisbursementsCharitablePrpsAmt>10</DisbursementsCharitablePrpsAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <TaxesSchedule documentId="RetDoc6">
      <TaxesDetail>
        <CategoryTxt>FEDERAL TAX</CategoryTxt>
        <Amt>95</Amt>
        <DisbursementsCharitablePrpsAmt>95</DisbursementsCharitablePrpsAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>