-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RNfUEMGLWFXncrsrE89bsCP5bH04ZhnpHL6wquUVR6mCd93aDV6VmpPFWd9fBbfF 4SjJ18VjnJZmpo8IAxowHw== 0000897101-05-000392.txt : 20050211 0000897101-05-000392.hdr.sgml : 20050211 20050211123525 ACCESSION NUMBER: 0000897101-05-000392 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050211 DATE AS OF CHANGE: 20050211 EFFECTIVENESS DATE: 20050211 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIT MUTUAL FUNDS II INC CENTRAL INDEX KEY: 0000746601 IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04033 FILM NUMBER: 05596497 BUSINESS ADDRESS: STREET 1: 4600 NORWEST CTR 90 S 7TH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 2: 4600 NORWEST CTR, 90 SOUTH SEVENTH ST CITY: MINNEAPOLIS STATE: MN ZIP: 55402 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING TAX FREE INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SIT NEW BEGINNING YIELD FUND INC DATE OF NAME CHANGE: 19880929 FORMER COMPANY: FORMER CONFORMED NAME: NEW BEGINNING YIELD FUND INC DATE OF NAME CHANGE: 19870907 N-Q 1 sit050594mfii_nq.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number 811-04033 SIT MUTUAL FUNDS II, INC. (EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER) 3300 IDS Center, 80 S. 8th Street, Minneapolis, MN 55402 (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE) Kelly K. Boston, Esq. 3300 IDS Center, 80 S. 8th Street Minneapolis, MN 55402 (NAME AND ADDRESS OF AGENT FOR SERVICE) Registrant's telephone number, including area code: 612-332-3223 Date of fiscal year end: March 31, 2004 Date of reporting period: December 31, 2004 ITEM 1. SCHEDULE OF INVESTMENTS The Registrant, Sit Mutual Funds II, Inc., is comprised of: Sit Tax-Free Income Fund (Series A) Sit Minnesota Tax-Free Income Fund (Series B) Sit Bond Fund (Series C) THE SCHEDULE OF INVESTMENTS FOR EACH SERIES OF THE REGISTRANT AS OF THE DATE ON THE COVER OF THIS REPORT HAS NOT BEEN AUDITED. THIS REPORT IS PROVIDED FOR THE GENERAL INFORMATION OF THE FUND'S SHAREHOLDERS. FOR MORE INFORMATION REGARDING A PARTICULAR FUND AND ITS HOLDINGS, PLEASE SEE THAT FUND'S MOST RECENT PROSPECTUS AND ANNUAL REPORT. ================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (95.1%) (2) ALABAMA (1.2%) 1,000,000 Birmingham Baptist Med. Ctr. Special Care Facs. Financing Auth. Rev. Series 1993A, (Baptist Med. Ctr. Proj.)(MBIA insured), 5.50%, 8/15/23 1,003,040 300,000 Central Elmore Water & Sewer Auth. Rev. Refunding Series 2003A (MBIA insured), 1.40%, 7/1/05 298,821 435,000 Cullman Med. Park South Med. Clinic Board Rev. Series 1993A (Cullman Regional Medical Center Proj.), 6.50%, 2/15/13 435,687 150,000 Limestone Co. Water Auth. Rev. Series 1994 (FGIC insured), 5.25%, 12/1/20 151,768 500,000 Madison Co. Brd. Educ. Tax Warrants Series 1997 (MBIA insured), 5.20%, 9/1/15 519,025 750,000 Montgomery Special Care Facs. Fin. Auth. Rev. Series 1997C (Baptist Med. Ctr. Proj.), 5.375%, 9/1/22 803,925 Montgomery Med. Clinic Board Hlth. Care Fac. Rev. Series 1991: 530,000 7.00%, 3/1/15 531,283 225,000 7.375%, 3/1/06 225,580 ------------ 3,969,129 ------------ ALASKA (2.7%) 12,505,000 Alaska HFC Gen. Mtg. Rev. 1997 Series A, Zero Coupon, 6.15% Effective Yield on Purchase Date, 12/1/17 6,014,030 Northern Alaska Tobacco Securitization Corp. Asset-Backed Rev.: 2,240,000 Series 2000, 6.20%, 6/1/22 2,237,021 1,040,000 Series 2001, 4.75%, 6/1/15 1,024,514 ------------ 9,275,565 ------------ ARIZONA (1.1%) 230,000 Bullhead City Special Assessment Impt. Dist. Series 1993 (Bullhead Pkwy. Proj.), 6.10%, 1/1/10 235,548 500,000 Maricopa Co. Industrial Dev. Auth. Educ. Rev. Series 2000A (Arizona Charter Schools Proj. I), 6.50%, 7/1/12 505,310 640,000 Phoenix Indus. Dev. Auth. Rev. Refunding Series 1995A (Christian Care Apts. Proj.), 6.25%, 1/1/16 668,666 700,000 Phoenix Street & Hwy. User Rev. Refunding Jr. Lien Series 1992, 6.25%, 7/1/11 713,419 Pima Co. Industrial Dev. Auth. Educ. Rev.: 295,000 Series 2004I (AZ Charter Schools Proj.), 5.00%, 7/1/12 296,375 250,000 Series 2004A (Noah Webster Basic School Proj.), 5.25%, 12/15/16 249,225 1,250,000 Salt River Proj. Agric. Impt. & Pwr. Dist. Elec. Sys. Rev. Refunding Series 1993C, 4.90%, 1/1/08 1,265,225 ------------ 3,933,768 ------------ ARKANSAS (0.7%) 56,082 Drew Co. Public Fac. Bd. Single Family Mtg. Rev. Refunding Series 1993-A2 (FNMA backed), 7.90%, 8/1/11 57,366 9,850 Jacksonville Res. Hsg. Fac. Bd. Single Family Mtg. Rev. Refunding Series 1993B, 7.75%, 1/1/11 10,005 1,015,000 Maumelle HDC First Lien Rev. Refunding 1992 Series A (Section 8), 7.875%, 7/1/09 1,016,868 North Little Rock Hlth. Facs. Bd. Health Care Rev. Series 2001 (Baptist Health Proj.): 555,000 5.00%, 7/1/06 573,476 300,000 5.00%, 7/1/07 315,162 490,000 5.00%, 7/1/08 520,821 ------------ 2,493,698 ------------ CALIFORNIA (8.8%) 230,000 ABAG Fin. Auth. For Nonprofit Corp. Rev Series 2002 (Redwood Sr. Homes & Svcs. Proj.), 4.10%, 11/15/07 235,587 230,000 Bay Area Govt. Assoc. Tax Allocation Rev. Series 1994A (FSA insured), 6.00%, 12/15/14 238,551 1,000,000 Bell Cmty. Hsg. Auth. Rev. Series 1995A (Mobilehomes Park Acquisition Proj.), 6.40%, 10/1/15 1,028,910 250,000 Blythe Redev. Agy. Tax Allocation Refunding Series 1997 (Proj. No. 1), 5.80%, 5/1/28 258,297 200,000 Calexico Cmnty. Redev. Agy. Tax Allocation Series 2000 (Merged Central Bus. District Redev. Proj.) (Ambac insured), 5.375%, 8/1/26 215,290 4,575,000 CA Co. Tobacco Securitization Agy. Asset-Backed Rev. Series 2002 (Alameda Co.), 4.75%, 6/1/19 4,584,745 125,000 CA Educ. Facs. Auth. Rev. Series 1995A (Pooled College & Univ. Proj.), 5.60%, 12/1/14 129,386 950,000 CA Cmnty. College Fin. Auth. Student Hsg. Rev. Series 2003A (Feather River Cmnty. District Proj.), 4.625%, 7/1/13 965,153 750,000 CA Dept. Water Resources Rev. Series 1972 (Central Valley Proj.), 5.25%, 7/1/22 750,960 650,000 CA Dept. Water Resources Rev. Series 1996Q (Central Valley Proj.)(MBIA insured), 5.375%, 12/1/27 687,089 495,000 CA Govt. Fin. Auth. Lease Rev. Series 2003A (Placer Co. Transportation Proj.), 6.00%, 12/1/28 497,341 500,000 CA Hlth. Facs. Fin. Auth. Rev. Series 1997B (Cedars-Sinai Med. Ctr. Proj.), 5.125%, 8/1/27 524,355 1,800,000 CA Public Works Board Lease Rev. Series 1996A (Dept. of Corrections Proj.), 5.50%, 1/1/17 1,891,260 300,000 CA Public Works Board Lease Rev. Series 1993A (Various CA State Univ. Proj.), 5.25%, 12/1/13 (5) 303,696 500,000 CA Statewide Cmntys. Dev. Auth. C.O.P. Series 1994 (Motion Picture & TV Fund), 5.35%, 1/1/24 505,935 500,000 Fontana Public Fin. Auth. Tax Allocation Series 1993A (MBIA insured), 5.625%, 9/1/24 509,025
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 235,000 Garden Grove C.O.P Series 1993 (Bahia Village/Emerald Isle Proj.)(FSA insured), 5.70%, 8/1/23 239,897 500,000 Golden State Tobacco Securitization Corp. Tobacco Settlement Asset-Backed Rev. Enhanced Series 2003B, 5.25%, 6/1/16 504,625 750,000 Intercommunity Hosp. Fin. Auth. C.O.P Series 1998 (ACA insured), 5.25%, 11/1/19 779,700 165,000 Loma Linda Hosp. Rev. Refunding Series 1993C (Loma Linda Univ. Med. Ctr.)(MBIA insured), 5.375%, 12/1/22 168,486 400,000 Los Angeles Water & Power Rev. Series 2001A-A3, 5.25%, 7/1/18 410,940 3,175,000 Northern CA Power Agy. Rev. Series 1987A, 5.00%, 7/1/09 3,180,080 175,000 Northern CA Tobacco Securitization Auth. Asset-Backed Senior Rev. Series 2001B, 4.375%, 6/1/21 176,633 500,000 Oceanside C.O.P. Refunding Series 1995 (Oceanside Civic Ctr. Proj.)(MBIA insured), 5.25%, 8/1/19 518,295 1,100,000 Orange Co. Recovery C.O.P Series 1996A (MBIA insured), 6.00%, 7/1/26 1,175,669 1,000,000 Rancho Cucamonga Redev. Agy. Tax Allocation Series 1996 (MBIA insured), 5.25%, 9/1/16 1,063,550 Ridgecrest Refunding C.O.P. Series 1999 (Ridgecrest Civic Center Proj.): 275,000 5.55%, 3/1/09 300,088 290,000 5.65%, 3/1/10 316,071 350,000 6.00%, 3/1/14 375,704 2,500,000 Sacramento District Fing. Auth. Rev. Series 2000A, 5.875%, 12/1/27 2,605,350 100,000 San Jose Redev. Agy. Tax Alloc. Series 1993 (Merged Area Redev. Proj.)(MBIA insured), 5.00%, 8/1/20 100,983 250,000 Santee Public Fin. Auth. Rev. Series 1993 (City Hall Proj.)(MBIA insured), 5.40%, 2/1/11 255,657 1,000,000 South Tahoe Powers Fin. Auth. Rev. Refunding Series 1995B, 6.00%, 10/1/28 1,039,290 Southern CA Tobacco Securitization Auth. Asset-Backed Senior Rev: 1,340,000 Series 2001B, 6.00%, 5/15/22 1,324,242 1,265,000 Series 2002A, 5.25%, 6/1/27 1,261,471 570,000 Turlock Hlth. Fac. Rev. C.O.P. Series 2004 (Emanuel Med. Ctr., Inc. Proj.), 3.00%, 10/15/05 570,388 345,000 Walnut Creek C.O.P. Series 1994 (John Muir Med. Ctr. Proj.), 5.00%, 2/15/20 352,041 ------------ 30,044,740 ------------ COLORADO (2.5%) 320,000 CO Educ. & Cultural Fac. Rev. Refunding Series 2003C (Cheyenne Mtn. Charter Sch. Proj.), 4.625%, 6/15/12 313,088 1,250,000 CO Hlth. Fac. Auth. Rev. Series 1995 (Covenant Retirement Cmty. Proj.), 6.75%, 12/1/15 1,304,463 CO HFA Single Family Program Senior Series: 145,000 1996B-2, 7.45%, 11/1/27 145,479 95,000 1997B-3, 6.80%, 11/1/28 96,061 CO Hlth. Fac. Auth. Rev. Refunding & Impt. Hosp. Series 1995 (Parkview Proj.): 1,710,000 Pre-refunded Balance, 6.125%, 9/1/25 1,788,523 840,000 Unrefunded Balance, 6.125%, 9/1/25 863,411 CO Hlth. Fac. Auth. Rev.: 250,000 Series 1995 (Covenant Retirement Cmntys. Proj.), 6.20%, 12/1/07 259,893 400,000 Series 2000A (Porter Place Proj.) (GNMA collateralized), 5.10%, 1/20/11 433,856 1,000,000 Series 2000 (Evangelical Lutheran Proj.), 6.25%, 12/1/10 1,133,050 1,000,000 Series 2002 (Evangelical Lutheran Proj.), 5.90%, 10/1/27 1,063,690 350,000 Series 2004 (Vail Med. Ctr. Proj.), 4.00%, 1/15/06 353,927 600,000 Denver Hsg. Corp. Multifamily Rev. Refunding Series 1997A (Section 8), 5.35%, 10/1/12 621,786 160,000 Eagle Bend Met. District No. 2 G.O. Refunding Series 2004, 2.25%, 12/1/05 159,862 40,000 Thornton Single Family Mtg. Rev. Refunding 1992 Series A, 8.05%, 8/1/09 40,025 ------------ 8,577,114 ------------ CONNECTICUT (0.7%) 700,000 Bristol Res. Recovery Fac. Operating Committee Solid Waste Rev. Refunding Series 1995 (Ogden Martin Sys. Proj.), 6.50%, 7/1/14 727,832 60,000 CT Hlth. & Educ. Fac. Auth. Rev. Series 1993A (Griffin Hosp. Proj.), 6.00%, 7/1/13 60,452 1,850,000 Mashantucket Western Pequot Tribe Subordinated Special Rev. Series 1999B, Zero Coupon, 5.05% Effective Yield on Purchase Date, 9/1/09 1,536,203 ------------ 2,324,487 ------------ DELAWARE (0.3%) 250,000 DE Hlth. Facs. Auth. Rev. Refunding Series 2004A (Beebe Med. Ctr. Proj.), 5.00%, 6/1/05 252,500 650,000 Quaker Hill Hsg. Corp., Inc. Multifamily Rev. Refunding Series 1990A (FNMA collateralized), 7.55%, 8/1/21 656,883 ------------ 909,383 ------------ DISTRICT OF COLUMBIA (0.5%) 1,500,000 DC Rev. Series 1996 (Carnegie Endowment Proj.), 5.75%, 11/15/26 1,588,260 ------------ FLORIDA (2.9%) 600,000 Capital Trust Agy. Multifamily Rev. Sr. Series 2003A (Golf Villas, Rivermill, and Village Square Apts. Proj.), 4.75%, 6/1/13 576,222
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,300,000 Collier Co. Cap. Improvement Rev. Refunding Series 1994 (MBIA insured), 5.75%, 10/1/06 1,329,835 650,000 Collier Co. HFA Multifamily Hsg. Rev. Series 2002C (Goodlette Arms Proj.), 5.25%, 8/15/15 690,372 230,000 Dade Co. Public Facs. Rev. Series 1993 (Jackson Mem. Hosp. Proj.), 5.25%, 6/1/23 231,964 385,000 Dade Co. Hlth. Fac. Auth. Hosp. Rev. Refunding Series 1993A (Baptist Hosp. Miami Proj.) (MBIA insured), 5.25%, 5/15/21 387,568 750,000 FL HFC Hsg. Rev. Hsg. Series 2000D-1 (Augustine Club Apts. Proj.)(MBIA insured), 5.75%, 10/1/30 786,690 545,000 Lee Co. Indus. Dev. Auth. Hlth. Care Fac. Rev. Series 1999A (ShellPoint Village Proj.), 5.50%, 11/15/08: 580,529 585,000 Marion Co. Hosp. Dist. Rev. Refunding Series 1999 (Munroe Regl. Med. Ctr. Proj), 5.25%, 10/1/10 628,331 190,000 Miami-Dade Co. Special Hsg. Rev. Refunding Series 1998 (Section 8), 5.30%, 10/1/05 189,295 200,000 Palm Beach Co. Hlth. Fac. Auth. Rev. Refunding Series 2003 (Abbey Delray South Proj.), 5.15%, 10/1/12 206,260 3,105,000 Port Everglades Auth. Rev. Refunding Series 1989A (FSA insured), 5.00%, 9/1/16 3,111,520 South Lake Co. Hosp. Dist. Rev. Series 2003 (South Lake Hosp. Inc.): 370,000 4.25%, 10/1/08 373,493 700,000 5.50%, 10/1/13 727,517 ------------ 9,819,596 ------------ GEORGIA (0.2%) 750,000 Private Colleges & Univ. Auth. Rev. Refunding Series 1999A (Mercer Univ. Proj.), 5.25%, 10/1/14 782,940 ------------ HAWAII (0.3%) 1,160,000 Honolulu Mtg. Rev. Ref. Series 1996A (Hale-Pauahi Proj.)(FHA insured)(MBIA insured), 6.80%, 7/1/28 1,184,847 ------------ ILLINOIS (12.7%) Broadview Village of Cook Co. Tax Increment Rev. Series 1999: 750,000 4.90%, 7/1/06 765,855 1,410,000 5.00%, 7/1/07 1,448,296 1,085,000 5.05%, 7/1/08 1,125,818 2,030,000 5.10%, 7/1/09 2,121,979 Chicago Gas Supply Rev. Refunding (People's Gas, Light, & Coke Co. Proj.): 1,500,000 Series 1995A, 6.10%, 6/1/25 1,549,755 3,000,000 Series 1995A (Ambac insured), 6.10%, 6/1/25 3,102,990 805,000 Series 2000B, 4.75%, 3/1/30 838,053 220,000 Chicago Metro Hsg. Dev. Corp. Mtg. Rev. Refunding Series 1992A (FHA insured) (Section 8), 6.85%, 7/1/22 221,837 Chicago O'Hare Intl. Airport Rev. Refunding Series 1994A: 100,000 Senior Lien (MBIA-IBC insured), 5.00%, 1/1/13 101,211 150,000 Second Lien, 6.375%, 1/1/15 153,090 400,000 Chicago Skyway Toll Bridge Rev. Series 1996, 5.50%, 1/1/23 426,728 450,000 IL DFA Rev. Series 2002A (Chicago Charter School Fdn. Proj.), 5.25%, 12/1/12 464,387 IL DFA Pollution Ctrl. Rev. Refunding: 300,000 Series 1993C2 (Public Svc. Co. Proj.), 5.70%, 8/15/26 303,660 2,500,000 Series 2000A (Ameren CIPS Proj.), 5.50%, 3/1/14 2,575,100 1,250,000 Series 1993C1 (Central IL Pub. Svc. Co.), 5.95%, 8/15/26 1,286,400 IL DFA Refunding & New Money Rev. (Cmty. Rehab. Providers Fac. Acquisition Program): 1,740,000 Series 1997A, 5.80%, 7/1/08 1,833,647 2,690,000 Series 1997A, 6.05%, 7/1/19 2,807,338 300,000 Series 1997A, 5.90%, 7/1/09 315,666 4,610,000 Series 1997A, 6.00%, 7/1/15 4,805,280 1,200,000 Series 1997C, 5.65%, 7/1/19 1,248,960 705,000 Series 1998A, 5.50%, 7/1/12 738,410 100,000 Series 1998A, 5.70%, 7/1/19 104,240 1,000,000 IL Educ. Fac. Auth. Rev. Series 1998 (Augustana College Proj.), 5.00%, 10/1/13 1,083,690 90,000 IL HDA Multifamily Rev. Series 1994-5 (Section 8), 6.75%, 9/1/23 92,002 IL Hlth. Fac. Auth. Rev.: 500,000 Series 1993 (Rush-Presbyterian-St. Lukes Proj.), 5.50%, 11/15/25 505,955 1,250,000 Refunding Series 1994 (Passavant Memorial Area Hospital Assn.) (MBIA insured), 5.95%, 10/1/11 1,372,350 2,595,000 Refunding Series 1993A (Edward Hosp. Proj.), 6.00%, 2/15/19 2,653,751 250,000 Refunding Series 1996A (Advocate Hlth. Proj.)(MBIA insured), 5.80%, 8/15/16 272,673 375,000 Refunding Series 1999 (Silver Cross Hosp. Proj.), 5.25%, 8/15/15 389,044 970,000 Refunding Series 2001 (Decatur Memorial Hospital Proj.), 4.625%, 10/1/08 1,021,071 500,000 Series 2000 (IA Health System Proj.), 6.75%, 2/15/13 563,650 200,000 IL Sales Tax Rev. Series 1994U, 5.00%, 6/15/10 204,454 250,000 Melrose Park Tax Increment G.O. Series 1999A (FSA insured), 5.25%, 12/15/15 271,315
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,000,000 Onterie Ctr. Hsg. Fin. Corp. Mtg. Rev. Refunding Series 1992 (Onterie Ctr. Proj.) (MBIA - FHA insured), 7.05%, 7/1/27 1,008,880 1,850,000 Roselle Multifamily Hsg. Rev. Refunding Series 1994A (GNMA collateralized) (Waterbury Apts.) (FHA insured), 7.00%, 1/1/25 1,889,553 3,200,000 Southwestern IL Dev. Auth. Local Govt. Prog. Rev. Series 1998A (City of East St. Louis Tax Increment Financing Proj.), 6.00%, 4/1/10 3,144,704 445,000 Upper Illinois River Valley Dev. Auth. Rev. Series 2001 (Morris Hosp. Proj.), 6.05%, 12/1/11 488,165 500,000 Will Co. Student Hsg. Rev. Series 2002A (Joliet Junior College Proj.), 6.375%, 9/1/13 (3) 231,910 ------------ 43,531,867 ------------ INDIANA (5.3%) 1,975,000 IN Bond Bank Special Prgm. Series 1997C (Pittsboro Wastewater Treatment Plant Proj.), 5.70%, 8/1/17 2,079,616 2,175,000 IN DFA Educ. Fac. Rev. Series 1997 (Park Tudor Fdn. Proj.), 6.00%, 6/1/22 2,381,995 IN Hlth. Fac. Fin. Auth. Hosp. Rev.: 355,000 Series 1993 (Riverview Hosp. Proj.), 6.875%, 8/1/17 355,579 Series 1993 (Community Hosp. of Anderson Proj.)(MBIA insured): 135,000 6.00%, 1/1/14 135,404 500,000 6.00%, 1/1/23 501,300 Refunding Series 1998 (Floyd Memorial Hosp. & Hlth. Svcs. Proj.): 505,000 4.85%, 2/15/06 518,009 600,000 5.25%, 2/15/18 620,598 Series 2001A (Community Foundation Northwest IN): 780,000 5.50%, 8/1/05 788,549 1,100,000 5.50%, 8/1/06 1,130,228 1,000,000 6.00%, 8/1/07 1,051,400 1,000,000 6.00%, 8/1/08 1,061,720 1,320,000 5.50%, 8/1/13 1,362,596 300,000 6.375%, 8/1/21 315,513 300,000 Series 2004A (Community Foundation Northwest IN), 4.75%, 3/1/14 291,384 500,000 IN HFA Single Family Mtg. Rev. Refunding Series 1992A, 6.80%, 1/1/17 500,920 IN Hlth. Fac. Fin. Auth. Rev. Refunding Series 1998: (Greenwood Village South Proj.): 150,000 5.25%, 5/15/06 150,103 170,000 5.35%, 5/15/08 170,082 1,875,000 (Marquette Manor Proj.), 5.00%, 8/15/18 1,860,994 1,000,000 IN Transportation Fin. Auth. Airport Facs. Lease Rev. Series 1992A, 6.25%, 11/1/16 1,002,929 1,000,000 Petersburg Pollution Ctrl. Rev. Refunding Series 1993A (Indianapolis Pwr. & Light Proj.) (MBIA insured), 6.10%, 1/1/16 1,003,000 240,000 South Knox Ind. Sch. Bldg. Corp. First Mtg. Rev. Series 1998, 4.80%, 7/15/17 249,539 760,000 Sullivan Industrial Pollution Ctrl. Rev. Refunding Series 1991 (Hoosier Energy Corp. Proj.) (MBIA insured), 7.10%, 4/1/19 779,228 ------------ 18,310,686 ------------ IOWA (0.6%) 250,000 Cedar Rapids Pollution Ctrl. Rev. Refunding Series 1993 (IA Electric Light & Pwr. Co. Proj.), 5.50%, 11/1/23 253,055 1,130,000 IA Fin. Auth. Multifamily Hsg. Rev. Refunding Series 1997A (Kingswood Apts. Proj.) (GNMA-collateralized), 6.15%, 5/1/32 1,181,799 IA Fin. Auth Single Family Rev. Series 2000D (GNMA/FNMA Mtg. Backed Securities Proj.): 140,000 5.65%, 7/1/07 146,646 170,000 5.75%, 7/1/09 177,354 250,000 IA Tobacco Settlement Auth. Asset-Backed Rev. Series 2001B, 5.30%, 6/1/25 220,442 200,000 Scott Co. Rev. Refunding Series 2004 (Ridgecrest Village Proj.), 3.25%, 11/15/05 200,462 ------------ 2,179,758 ------------ KANSAS (0.0%) 140,000 Olathe & Labette Cos. Mtg. Loan Rev. 1991 Series B (GNMA collateralized) Zero Coupon, 7.56% Effective Yield on Purchase Date, 2/1/23 39,096 ------------ LOUISIANA (1.1%) East Baton Rouge Single Family Mtg. Rev. Refunding: 1,005,000 Series 1997C-3 Subordinate Bonds, 5.65%, 10/1/18 1,052,446 7,200,000 Capital Appreciation Series 2000D1 (GNMA & FNMA collateralized) Zero Coupon, 6.46% Effective Yield on Purchase Date, 4/1/34 1,139,904 560,000 LA HFA Multifamily Mtg. Rev. Series 2003A (Section 8-202 Proj)(FSA insured), 4.40%, 6/1/33 579,426 200,000 LA Public Facs. Hlth. Auth. Hosp. Rev. Refunding Series 1989A (Gen. Hlth., Inc.)(MBIA insured), 6.50%, 11/1/14 200,298
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 400,000 Orleans Levee Dist. Rev. Series 1995A (Tr. Rcpts.) (FSA insured), 5.95%, 11/1/14 425,064 450,000 South LA Port Common Rev. Refunding Series 1997 (Cargill, Inc. Proj.), 5.85%, 4/1/17 473,904 ------------ 3,871,042 ------------ MAINE (0.9%) 1,000,000 Regl. Waste Sys. Ind. Solid Waste Res. Recovery Rev. Series 1998P (FSA insured), 6.25%, 7/1/06 1,039,300 1,000,000 Skowhegan Pollution Ctrl. Rev. Refunding Series 1993 (Scott Paper Co. Proj.), 5.90%, 11/1/13 1,013,060 1,000,000 South Berwick Educ. Rev. Series 1998 (Berwick Academy Issue), 5.25%, 8/1/13 1,037,760 ------------ 3,090,120 ------------ MARYLAND (0.1%) 1,250,000 Prince Georges Co. Hsg. Auth. Residual Rev. Series 2000 (GNMA collateralized), zero coupon, 6.15% effective yield on purchase date, 11/1/20 475,525 ------------ MASSACHUSETTS (0.7%) MA Hlth. & Educ. Fac. Auth. Rev.: 200,000 Series 1993B (Lahey Clinic Med. Ctr. Proj.), 5.40%, 7/1/06 202,484 Series 1998B (Cape Cod Healthcare Obligated Group Issue): 320,000 5.00%, 11/15/05 324,637 900,000 5.25%, 11/15/13 934,362 255,000 Series 2001E (Berkshire Health Sys.), 4.50%, 10/1/05 256,680 10,000 MA HFA Hsg. Projs. Rev. Series 1993A, 6.375%, 4/1/21 10,043 400,000 MA Indus. Fin. Agy. Pollution Ctrl. Rev. Refunding Series 1993 (Eastern Edison Co. Proj.), 5.875%, 8/1/08 404,384 140,000 MA Indus. Fin. Agy. First Mtg. Rev. Series 1994A (Berkshire Retirement Proj.), 6.375%, 7/1/05 141,232 ------------ 2,273,822 ------------ MICHIGAN (2.7%) 520,000 Central Wayne Co. Sanitation Auth. Incinerator Rev. Series 2003VII, 4.375%, 7/1/06 528,611 395,000 John Tolfree Hlth. System, Mtg. Rev. & Refunding Series 1999, 5.30%, 9/15/05 398,595 760,000 MI Hosp. Fin. Auth. Rev. Refunding Series 1993A (McLaren Oblig. Group), 5.25%, 10/15/07 768,968 225,000 MI Hosp. Fin. Auth. Rev. Refunding Series 1994 (Mercy Mem. Hosp. Proj.)(MBIA insured), 5.25%, 6/1/21 229,851 2,500,000 MI Strategic Fund Ltd. Obligation Rev. Refunding Series 2003 (Dow Chemical Proj.) (Mandatory Put 6/1/08), 4.60%, 6/1/14 2,596,350 2,095,000 Southfield Econ. Dev. Corp. Ltd. Obligation Rev. Series 1998A (Lawrence Tech. Univ. Proj.), 5.25%, 2/1/13 2,162,417 1,873,912 Suburban Mobility Auth. Regl. Transportation C.O.P. Series 2002, 4.90%, 2/15/09 (5) 1,890,234 Summit Academy North Public School C.O.P. Series 2001: 130,000 5.60%, 7/1/05 131,491 135,000 5.70%, 7/1/06 139,363 145,000 5.95%, 7/1/07 152,101 200,000 Univ. of Michigan Student Fee Rev. Series 1995A, 5.25%, 4/1/11 205,516 ------------ 9,203,497 ------------ MINNESOTA (2.0%) 3,410,000 Dakota Co. HRA Multifamily Mtg. Rev. Refunding Series 1997A (Park Place Apts. Proj.)(GNMA Collateralized), 6.875%, 2/20/32 3,674,377 740,000 Hopkins Multifamily Hsg. Rev. Series 1996 (Hopkins Renaissance Proj.)(Section 8), 6.375%, 4/1/20 775,949 2,315,000 Plymouth Multifamily Hsg. Dev. Rev. Refunding Series 1996A (GNMA collateralized) (Fox Forest Apts. Proj.), 8.05%, 6/20/31 2,459,942 ------------ 6,910,268 ------------ MISSOURI (2.6%) 1,000,000 Cameron Industrial Dev. Auth. Rev. Refunding Series 2000 (Cameron Cmnty. Hosp. Proj.) (ACA Insured), 5.80%, 12/1/09 1,072,680 535,000 Chesterfield Rev. Refunding & Impt. Series 2002 (Chesterfield Vy. Projs.), 4.50%, 4/15/16 538,231 MO Dev. Finance Board Infrastructure Fac. Rev.: Series 2000A (Eastland Ctr. Proj. Phase 1): 1,080,000 5.75%, 4/1/09 1,151,896 550,000 5.75%, 4/1/12 589,457 1,000,000 Series 2000B (Eastland Ctr. Proj. Phase 2), 6.00%, 4/1/15 1,090,240 260,000 Joplin Dev. Auth. Hlth. Facs. Rev. Series 2004 (Freeman Hlts. Sys. Proj.), 3.875%, 2/15/07 264,449 500,000 Kansas City Port Auth. Facs. Rev. Series 1995A (Riverfront Park Proj.), 5.75%, 10/1/05 507,170 1,070,000 MO Hlth. & Educ. Fac. Auth. Educ. Fac. Rev. Series 1999 (Park College Proj.), 5.55%, 6/1/09 1,097,167 150,000 MO Environmental Impt. & Energy Res. Auth. Water Fac. Rev. Refunding Series 1999 (Tri-Co. Water Auth Proj.) (Radian Asset Assurance), 5.50%, 4/1/07 159,509 500,000 Riverside Tax Increment Rev. Series 2004 (L-385 Levee Proj.), 3.00%, 5/1/05 500,710 980,000 St. Louis Co. Industrial Dev. Auth. Hsg. Rev. Refunding Series 1995 (South Point Apts. and Hunter's Ridge Apts. Proj.), 7.875%, 1/1/25 997,483
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 5,000 St. Louis Co. Single Family Res. Mtg. Series 1984 (MBIA insured), 6.75%, 4/1/10 5,089 1,000,000 St. Louis Industrial Dev. Auth. Tax-Exempt Impt. Rev. Series 1998 (St. Louis Zoo Fdn.) (LOC Nationsbank), 5.10%, 8/15/12 1,047,010 ------------ 9,021,091 ------------ MONTANA (0.4%) 1,135,000 Crow Finance Auth. Tribal Purpose Revenue Series 1997A, 5.70%, 10/1/27 1,157,314 Forsyth Pollution Ctrl. Rev. Refunding Series 1993 (Montana Power Co. Proj.) 130,000 (Ambac insured), 5.90%, 12/1/23 131,199 85,000 (MBIA insured), 6.125%, 5/1/23 86,086 ------------ 1,374,599 ------------ NEVADA (2.4%) 2,500,000 Clark Co. Industrial Dev. Rev. Refunding Series 1992C (Nevada Power Co.)(Ambac insured), 7.20%, 10/1/22 2,600,125 2,750,000 Clark Co. Pollution Ctrl. Rev. Refunding Series 1992B (Nevada Pwr. Co. Proj.)(FGIC insured), 6.60%, 6/1/19 2,760,230 NV Hsg. Dev. SF Mtg. Program: 285,000 Mezzanine Series 1998B-1, 5.30%, 4/1/16 299,250 400,000 6.00%, 6/1/08 406,428 1,000,000 6.125%, 6/1/12 1,024,460 1,000,000 Washoe Co. Gas & Water Fac. Rev. Refunding Series 1987 (AMBAC insured), 6.30%, 12/1/14 1,028,900 ------------ 8,119,393 ------------ NEW HAMPSHIRE (1.7%) Manchester Hsg. & Redev. Auth. Rev.: 300,000 Series 2000B (Radian assured) zero coupon, 5.25% effective yield on purchase date, 1/1/19 144,234 875,000 Sereis 2000B (ACA insured), zero coupon, 6.00% effective yield on purchase date, 1/1/21 355,460 890,000 Series 2000A (ACA insured), 6.75%, 1/1/15 962,446 500,000 NH Hlth. & Educ. Fac. Auth. Rev. Series 2004 (Covenant Hlth. Proj.), 5.00%, 7/1/14 523,090 NH Hlth. & Educ. Facs. Auth. Hosp. Rev. Series 2004 (Speare Mem. Hosp. Proj.): 155,000 5.00%, 7/1/10 161,071 500,000 5.00%, 7/1/16 502,640 NH Higher Educ. & Hlth. Fac. Auth. Rev.: 1,575,000 Series 1993 (Frisbie Memorial Hosp. Proj.), 6.125%, 10/1/13 1,596,058 690,000 Series 1997 (Catholic Charities Issue), 5.75%, 8/1/12 718,062 810,000 NH HFA Single Family Res. Mtg. 1982 Series A Zero Coupon, 11.75% Effective Yield on Purchase Date, 1/1/14 388,589 510,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1998 (New Hampton School), 5.00%, 10/1/08 537,739 ------------ 5,889,389 ------------ NEW JERSEY (1.1%) 1,460,000 NJ Hsg. & Mtg. Finance Agy. Multifamily Hsg. Rev. Series 1995A (AMBAC insured), 6.00%, 11/1/14 1,497,639 NJ Tobacco Settlement Financing Corp. Asset-Backed Rev. Series 2003: 1,360,000 4.375%, 6/1/19 1,354,914 500,000 6.125%, 6/1/24 494,100 500,000 Western Monmouth Utility Auth. Rev. Refunding Series 1995A (Ambac insured), 5.60%, 2/1/14 511,405 ------------ 3,858,058 ------------ NEW MEXICO (0.6%) 1,510,000 NM MFA Forward Mortgage-Backed Series 1995E (GNMA collateralized), 6.95%, 1/1/26 1,567,878 500,000 NM Hsg. Auth. Region III Multifamily Hsg. Rev. Series 2003A (Villa Del Oso Apts. Proj.), 6.00%, 7/1/17 498,695 160,000 Taos Co. Gross Receipts Tax Rev. Series 2004 (Co. Education Improvement Proj.), 3.25%, 10/1/08 158,101 ------------ 2,224,674 ------------ NEW YORK (2.2%) 170,000 Monroe Co. Industrial Dev. Agy. Student Hsg. Rev. Series 1999A (Collegiate Hsg. Fdn. - Rochester Institute of Technology Proj.), 4.90%, 4/1/09 172,428 1,230,000 NY Dorm Auth. Rev. Series 1996A (Maimonides Med. Ctr. Proj.), 5.75%, 8/1/24 1,295,030 110,000 NY Dorm Auth. Rev. Series 2002 (FHA insured), 4.00%, 2/1/12 110,253 1,215,000 NY Port Auth. Rev. Series 1995, 5.75%, 6/15/30 1,244,087 2,075,000 NY Unrefunded Balance G.O. Series 1996G, 5.75%, 2/1/17 2,166,196 400,000 NY Urban Dev. Corp. Rev. Series 1996 (Pine Barrens Proj.), 5.375%, 4/1/17 410,516 NY Tobacco Settlement Fing. Corp Asset-Backed Rev.: 85,000 Series 2003A-1, 5.00%, 6/1/09 85,192 160,000 Series 2003C-1, 5.00%, 6/1/11 165,666 250,000 Series 2003C-1, 5.25%, 6/1/13 267,795 500,000 Series 2003C-1, 5.00%, 6/1/11 545,065 1,100,000 Series 2003C-1, 5.50%, 6/1/14 1,114,762 ------------ 7,576,990 ------------
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- NORTH CAROLINA (0.3%) 200,000 Currituck Co. G.O. Series 1995 (MBIA insured), 5.40%, 4/1/14 205,678 270,000 Mecklenburg Co. Indus. Facs. & Pollution Ctrl. Fin. Auth. Rev. Series 1993 (Fluor Corp. Proj.), 5.25%, 12/1/09 270,599 500,000 NC Med. Care Common Rev. Series 2004A (Hlth. Care Hsg. Proj.), 4.65%, 10/1/14 501,560 ------------ 977,837 ------------ NORTH DAKOTA (0.2%) Mercer Co. Pollution Ctl. Rev. Refunding: 500,000 Series 1992 (Montana-Dakota Utils. Co. Proj.) (FGIC insured), 6.65%, 6/1/22 501,765 200,000 Series 1995 (Basin Elec. Pwr. Proj.)(Ambac insured), 6.05%, 1/1/19 204,000 ------------ 705,765 ------------ OHIO (2.7%) 2,780,000 Akron C.O.P. Series 1996 (Akron Baseball Stadium Proj.), 6.90%, 12/1/16 (5) 2,980,883 1,235,000 Bellefontaine Hosp. Rev. Refunding Series 1993 (Mary Rutan Hlth. Assoc.), 6.00%, 12/1/13 1,250,845 295,000 Cleveland-Cuyahoga Port. Auth. Dev. Rev. Series 1999A (Port of Cleveland Bond Fund Capital Imprv. Proj.), 5.375%, 5/15/19 295,375 Cleveland-Cuyahoga Port. Auth. Dev. Rev. : 700,000 Series 2004D (Garfield Heights Proj.), 5.25%, 5/15/23 702,933 610,000 Series 2004E (Meyers Univ. Proj.), 4.65%, 5/15/14 609,646 530,000 Series 2004E (Meyers Univ. Proj.), 5.60%, 5/15/25 533,477 450,000 Dayton Airport Rev. Refunding Series 1995 (Cox-Dayton Intl. Proj.)(Ambac insured), 5.25%, 12/1/15 465,327 700,000 Dayton Special Facs. Rev. Refunding Series 1998A (Emery Air Freight Proj.), 5.625%, 2/1/18 753,060 1,000,000 Lucas Co. Hlth. Care Fac. Rev. Series 2002 (Franciscan Care Ctr. Proj.)(LOC Bank One), 4.10%, 3/1/27 1,002,720 580,000 Mahoning Co. Hlth. Care Fac. Rev. Refunding Series 2002 (Copeland Oaks Proj.)(Mandatory Put 3/31/05) (LOC Sky Bank), 4.00%, 4/1/22 581,224 ------------ 9,175,490 ------------ OKLAHOMA (2.0%) Citizen Potawatomi Nation Tax Rev. Series 2004A: 240,000 3.40%, 9/1/05 239,664 660,000 5.00%, 9/1/08 663,247 500,000 6.50%, 9/1/19 506,465 Comanche Co. Hosp. Auth. Rev.: 415,000 Series 1993A (Connie Lee insured), 5.375%, 7/1/23 422,557 200,000 Refunding Series 2004 (Radian insured), 3.75%, 7/1/06 203,450 Norman Regl. Hosp. Auth. Rev. Refunding Series 1996A (MBIA insured): 1,500,000 5.625%, 9/1/16 1,601,115 250,000 5.625%, 9/1/21 265,732 OK Dev. Fin. Auth. Hosp. Rev. Series 2003A (Duncan Regl. Hosp. Proj.): 670,000 4.00%, 12/1/05 679,454 800,000 4.00%, 12/1/06 818,304 200,000 5.00%, 10/1/05 203,108 1,320,000 Tulsa Industrial Auth. Educ. Fac. Rev. Refunding Series 1999B (Holland Hall School Proj.), 5.00%, 12/1/14 1,377,869 ------------ 6,980,965 ------------ OREGON (1.2%) 3,305,000 Cow Creek Band Umpqua Tribe of Indians Rev. Series 1998B (Ambac insured), 5.10%, 7/1/12 3,378,470 200,000 Klamath Falls Intercmnty. Hosp. Auth. Rev. Refunding Series 2002 (Merle West Med. Ctr. Proj.), 5.20%, 9/1/09 210,784 635,000 OR Hsg. & Cmty. Svcs. Dept. Mtg. Rev. Series 2000K, 5.70%, 7/1/22 649,180 25,000 OR G.O. Refunding Series 1992B, 6.375%, 8/1/24 25,085 ------------ 4,263,519 ------------ PENNSYLVANIA (6.1%) Allegheny Co. Hosp. Dev. Auth. Rev. Series 2003A (Ohio Valley Gen. Hosp. Proj.): 200,000 2.50%, 4/1/05 199,882 245,000 3.30%, 4/1/08 244,581 135,000 3.875%, 4/1/10 135,747 115,000 Allegheny Co. Redev. Auth. Tax Alloc. Rev. Series 2000B (Waterfront Proj.), 5.75%, 12/15/05 117,452 Beaver Co. Indus. Dev. Auth. Pollution Ctrl. Rev.: 350,000 Series 1977 (St. Joe Minerals Corp. Proj.), 6.00%, 5/1/07 359,765 300,000 Series 1995A (Ambac insured) (OH Edison Beaver Valley Proj.), 7.05%, 10/1/20 316,551 1,150,000 Refunding Series 1995A (Toledo Edison Proj.), 7.75%, 5/1/20 1,218,828 325,000 Bucks Co. Redev. Auth. Mtg. Rev. Refunding Series 1992A (Warminster Hts. Proj.) (FHA insured)(Section 8), 6.875%, 8/1/23 325,952
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 565,000 Chartiers Valley Industrial & Commercial Dev. Auth. Rev. Refuning Series 2003A (Friendship Village South Proj.), 4.75%, 8/15/11 567,876 Delaware Co. Auth. Hosp. Rev. Series 1993 (Crozer-Chester Proj.): 500,000 Series 1993, 6.00%, 12/15/20 504,320 30,000 Series 1994 (MBIA insured), 5.30%, 12/15/20 30,350 2,750,000 Grove City Area Hosp. Auth. Rev. Series 1998 (United Cmnty. Hosp. Proj.), 5.25%, 7/1/12 2,785,475 Horizon Hosp. System Auth. Hosp. Rev. Series 1996 (Horizon Hosp. Sys.): 715,000 6.15%, 5/15/08 758,465 710,000 6.25%, 5/15/09 751,975 1,145,000 6.30%, 5/15/11 1,208,857 425,000 Lehigh Co. Indus. Dev. Auth. Pollution Ctrl. Rev. Refunding Series 1994A (PA Pwr. & Light Co. Proj.) (MBIA insured), 5.50%, 2/15/27 434,380 Lehigh Co. General Purpose Auth.: 500,000 Rev. Refunding Series 1996B (Cedar Crest College), 6.65%, 4/1/17 524,845 610,000 Rev. Series 2004A (Good Shepherd Group), 4.00%, 11/1/09 621,608 500,000 McKean Co. Hosp. Auth. Rev. Refunding Series 1994 (Bradford Hosp. Proj.) (ACA insured), 6.00%, 10/1/13 510,475 PA Hgr. Educ. Fac. Auth. Hlth. Svcs. Rev. Series 1996A (Allegheny Delaware Valley Obligated Group, Inc.)(MBIA insured): 150,000 5.500%, 11/15/08 163,149 3,890,000 5.875%, 11/15/16 4,141,216 2,500,000 PA Hgr. Educ. Fac. Auth. Rev. Series 1996A (Univ. of PA Hlth. Svcs. Proj.), 5.75%, 1/1/17 2,602,100 590,000 PA Hgr. Educ. Fac. Auth. Rev. Series 2000 (Univ. of the Arts Proj.)(Radian insured), 5.75%, 3/15/30 634,374 270,000 PA Hgr. Educ. Fac. Auth. Rev. Series 2002 (Geneva College Proj.), 4.25%, 4/1/05 270,832 1,550,000 Pittsburgh G.O. Series 1995B (FGIC insured), 5.00%, 3/1/08 1,577,993 ------------ 21,007,048 ------------ RHODE ISLAND (0.7%) 995,000 RI Hsg. & Mtg. Fin. Corp. Rental Hsg. Program Rev. Series 1993A (Section 8), 5.65%, 10/1/08 999,647 260,000 RI Clean Water Protection Fin. Agy. Pooled Lien Rev. Series 1995A (MBIA insured), 5.375%, 10/1/15 271,032 500,000 RI Clean Water Fin. Agy. Rev. Series 1994A (Safe Drinking Water Proj.)(Ambac insured), 6.50%, 1/1/09 511,775 260,000 RI Hlth. & Educ. Bldg. Corp. Rev. Series 1997 (Steere House Proj.), 5.375%, 7/1/07 266,050 175,000 RI Hlth. & Educ. Bldg. Corp. Rev. Series 1996 (Roger Williams Univ.)(Connie Lee insured), 5.375%, 11/15/24 185,395 ------------ 2,233,899 ------------ SOUTH CAROLINA (0.2%) 650,000 SC Educ. Facs. Auth. Rev. Series 1996A (Furman Univ. Proj.)(MBIA insured), 5.50%, 10/1/26 690,215 ------------ SOUTH DAKOTA (0.8%) 2,250,000 SD Hlth. & Educ. Fac. Auth. Rev Series 2001C (Sioux Valley Hosp. & Health Sys. Proj.) (LOC US Bank)(Mandatory Put 11/1/06), 4.85%, 11/1/19 2,314,732 400,000 SD Hlth. & Educ. Fac. Auth. Rev. Series 1994 (Huron Regional Med. Ctr. Proj.), 7.25%, 4/1/20 409,344 ------------ 2,724,076 ------------ TENNESSEE (2.3%) Shelby Co. Hlth., Educ. & Hsg. Fac. Board Multifamily Hsg. Rev.: (CME Memphis Apts. Proj.): 1,850,000 Senior Series 1998A, 5.35%, 1/1/19 (3) 922,669 7,875,000 Senior Series 1998A, 5.55%, 1/1/29 (3) 3,927,656 1,630,000 Subordinate Series 1998C, 6.00%, 1/1/29 (3) 28,525 (Eastwood Park Apts. Proj.): 15,000 Series 1995A, 6.00%, 9/1/05 (3) 10,425 1,000,000 Senior Series 1995 A2, 6.40%, 9/1/25 (3) 695,000 405,000 Subordinate Series 1995C, 7.50%, 9/1/25 (3) 40,500 (Raleigh Forest & Sherwood Apts. Proj.): 2,670,000 Senior Series 1996A, 6.60%, 1/1/26 (3) 2,268,646 610,000 Subordinate Series 1996C, 7.25%, 1/1/26 (3) 61,000 ------------ 7,954,421 ------------ TEXAS (11.4%) Austin Convention Enterprises, Inc. (Convention Ctr.) Revenue: 750,000 Series 2001A (Convention Center), 6.375%, 1/1/16 791,573 850,000 Series 2001B (ZC Specialty Ins. Co.), 5.75%, 1/1/16 883,592 250,000 Series 2001B (ZC Specialty Ins. Co.), 6.00%, 1/1/23 265,013 20,000 Austin Utilities System Rev. Refunding Series 1993 (MBIA insured), 5.25%, 5/15/18 20,045 1,000,000 Bell Co. Hlth. Fac. Dev. Corp. Retirement Fac. Rev. Series 1998 (Buckner Retirement Services, Inc. Obligated Group, Proj.), 5.00%, 11/15/11 1,049,030
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Beaumont HA Multifamily Mtg. Rev. Series 1993A (Section 8): 385,000 6.65%, 11/1/07 373,789 590,000 6.75%, 11/1/10 553,196 970,000 Bexar Co. Rev. Series 2000 (Venue Proj.)(MBIA insured), 5.75%, 8/15/22 1,045,146 Bexar Co. HFC Multifamily Hsg. Rev.: 575,000 Subordinated Series 2000C (Honey Creek Apts. Proj.), 8.00%, 4/1/30 570,331 170,000 Subordinated Series 2001B (American Oppty. Hsg. Dublin Kingswood & Waterford Apts. Proj.), 7.50%, 12/1/14 177,730 125,000 Brazos Co. Hlth. Facs. Rev. Refunding Series 1993B (St. Joseph Hosp. & Hlth. Ctr. Proj.), 6.00%, 1/1/19 126,387 650,000 Brazos River Hbr. Nav. Dist Rev. Series 2002B-2 (Dow Chemical Co. Proj.), 4.75%, 5/15/33 675,461 Dallas Hsg. Corp. Capital Program Revenue Bonds: 835,000 Series 1995A (Estell Village Apts.) (Section 8), 7.875%, 12/1/09 860,518 820,000 Series 1995 (Cedar Glen Apts.) (Section 8), 7.75%, 12/1/09 837,359 6,306,000 Dallas HFC Multifamily Mtg. Rev. Series 1998A (GNMA collateralized) (Towne Ctr. Apts. Proj.), 6.75%, 10/20/32 6,882,936 200,000 Fort Bend Co. Utility Dist. No. 30 G.O. Refunding Series 1996 (Radian insured), 5.90%, 9/1/15 204,340 500,000 Lewisville Combination Contract Rev. Refunding Series 2004 (ACA insured), 5.75%, 9/1/12 556,310 96,814 Midland HFC Single Family Mtg. Rev. Refunding Series 1992 A-2, 8.45%, 12/1/11 100,808 Mesquite Hlth. Fac. Dev. Corp. Retirement Fac. Rev. (Christian Care Ctr. Proj.): 1,000,000 Series 1996A, 6.30%, 2/15/12 1,016,870 823,000 Series 2000A, 7.00%, 2/15/10 878,709 7,272,000 Nortex Hsg. Fin. Corp. Multifamily Hsg. Rev. Series 1999 (GNMA collateralized) (Highland Oaks Apts. Proj.), 6.75%, 9/20/32 7,838,925 250,000 Northwest Travis Co. Dist. No. 3 G.O. Refunding Series 1995 (Radian insured), 5.625%, 9/1/14 255,140 266,760 Odessa HFC Single Family Mtg. Rev. Refunding Series 1992B Class B-2, 8.125%, 11/1/11 268,573 200,000 Palmer Plantation Utility Dist. No. 1 G.O. Refunding Series 1996 (Radian insured), 5.90%, 9/1/16 204,328 500,000 Red River Auth. Pollution Ctrl. Rev. Refunding Series 1991 (AMBAC insured), 5.20%, 7/1/11 511,225 600,000 Richardson Hosp. Auth. Rev. Refunding Series 1998 (Baylor/Richardson Proj.), 5.625%, 12/1/28 615,948 Tarrant Co. Hlth. Fac. Dev. Corp. Hosp. Rev.: 185,000 Series 1997 (Ft. Worth Osteopathic Hosp. Proj.), 5.25%, 5/15/28 187,692 515,000 Series 2000 (Adventist Hlth. Sys. Proj.), 5.80%, 11/15/05 530,594 Tarrant Co. HFC Multifamily Hsg. Rev: 530,000 Senior Series 2001A (Westridge Apts. Proj.), 5.50%, 6/1/11 265,000 485,000 Subordinate Series 2001C (Crossroads Apt. Proj.), 7.25%, 12/1/36 (3) 276,455 2,000,000 Tomball Hosp. Auth. Rev. Refunding Series 1993, 6.125%, 7/1/23 2,021,220 TX Affordable Hsg. Corp. Multifamily Hsg. Rev: 955,000 Senior Series 2001A (NHT / GTEX Proj.)(MBIA insured), 4.10%, 10/1/08 995,444 740,000 Junior Series 2001B (NHT / GTEX Proj.), 6.75%, 10/1/16 (3) 222,000 TX Dept. Hsg. & Cmnty. Affairs Multifamily Hsg. Rev.: 850,000 Senior Series 1996A (Harbors & Plumtree Apts. Proj.), 6.35%, 7/1/16 882,801 3,610,000 Senior Series 1996A (Harbors & Plumtree Apts. Proj.), 6.45%, 7/1/26 3,721,549 870,000 Subordinate Series 1996C (Harbors & Plumtree Apts. Proj.), 7.375%, 7/1/26 848,528 820,000 TX Public Property Fin. Corp. Mental Hlth. & Mental Retardation Rev. Series 1996, 6.20%, 9/1/16 853,710 250,000 TX Water Dev. Brd. Sr. Lien Rev. Series 1996B, 5.125%, 7/15/18 261,235 265,000 Tyler Hlth. Facs. Dev. Corp. Rev. Series 1997B (East TX Med. Ctr. Proj.), 5.60%, 11/1/27 285,201 ------------ 38,914,711 ------------ UTAH (0.6%) 725,000 Eagle Mountain Water & Sewer Rev. Refunding Series 2000 (ACA insured), 5.60%, 11/15/13 784,356 600,000 Intermountain Power Agy. Rev. Series 1993B, 5.25%, 7/1/17 607,554 Salt Lake Co. College Rev. Series 1999 (Westminister College Proj.): 120,000 5.15%, 10/1/11 127,868 125,000 5.20%, 10/1/12 132,402 130,000 5.25%, 10/1/13 137,111 305,000 UT Hsg. Finance Agy. Multifamily Refunding Rev. Series 1996A (Section 8) (FHA insured), 6.10%, 7/1/22 318,966 ------------ 2,108,257 ------------ VERMONT (0.3%) VT Educ. & Hlth. Bldgs. Financing Agency Rev.: 420,000 Series 1998 (Norwich Univ. Proj.), 5.13%, 7/1/09 446,305 200,000 Series 2002A (Developmental & Mental Hlth. Proj.), 4.375%, 6/15/07 202,430 400,000 Series 2003A (Vermont Law School Proj.), 5.00%, 1/1/13 411,956 ------------ 1,060,691 ------------ VIRGINIA (1.3%) 415,000 Alexandria Industrial Dev. Auth. Rev. Pollution Control Refunding Series 1994 (Potomac Electric Proj.) (MBIA insured), 5.375%, 2/15/24 424,097
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 480,000 Arlington Co. Indus. Dev. Auth. Multifamily Rev. Refunding Series 1998A (Woodbury Parks Apts. Proj.) 5.45%, 1/1/29 486,912 650,000 Chesapeake Hosp. Auth. Fac. Rev. Refunding Series 2004A (Chesapeake Gen. Hosp. Proj.), 4.25%, 7/1/16 639,255 250,000 Chesterfield Co. Industrial Dev. Auth. Pollution Ctrl. Rev. Series 1987A Rmktg. (VA Elec. & Power Co. Proj.), 5.875%, 6/1/17 274,908 260,000 Fairfax Co. Indus. Dev. Auth. Rev. Series 1996 (Inova Hlth. Sys. Proj.), 6.00%, 8/15/26 278,057 385,000 Hanover Co. Indus. Dev. Auth. Rev. Series 1995 (Bon Secours Hlth. Sys. Proj.), 5.50%, 8/15/25 398,360 850,000 Portsmouth Redev. & Hsg. Auth. Rev. Refunding Series 1994 (New Regency Proj.), 6.05%, 12/1/08 870,621 Prince William Co. Indus. Dev. Auth. Educ. Fac. Rev. Series 2003 (Catholic Diocese Arlington): 1,000,000 4.375%, 10/1/13 1,010,090 100,000 5.00%, 10/1/18 101,926 ------------ 4,484,226 ------------ WASHINGTON (1.1%) 200,000 Energy Northwest Wind Proj. Rev. Series 2001B, 4.55%, 7/1/06 204,278 King Co. Hsg. Auth. Rev. Refunding: 515,000 Senior Series 1995A, 6.80%, 3/1/26 526,387 1,550,000 Subordinated Series 1995A, 7.20%, 3/1/6 1,592,532 350,000 Skagit Co. Public Hosp. Rev Refunding Series 2003, 3.75%, 12/1/05 351,239 500,000 WA HFC Nonprofit Hsg. Rev. Refunding Series 1995A (Horizon House Proj.), 6.125%, 7/1/27 525,550 400,000 WA Tobacco Settlement Fing. Corp Asset-Backed Rev. Series 2002, 5.00%, 6/1/08 410,712 ------------ 3,610,698 ------------ WEST VIRGINIA (1.1%) 3,500,000 Pleasants Co. Pollution Ctrl. Rev. Series 1995C (Monongahela Pwr. Co.), 6.15%, 5/1/15 3,645,250 ------------ WISCONSIN (3.5%) 100,000 WI Hsg. & Econ. Dev. Auth. Home Ownership Rev. Series 1997A, 6.00%, 3/1/17 105,234 1,000,000 WI HEDA Hsg. Rev. Series 1993C (MBIA insured)(Section 8), 5.80%, 11/1/13 1,011,390 WI Hlth. & Educ. Fac. Auth. Rev.: 550,000 Series 1995 (Franciscan Sisters Proj.)(Connie Lee insured), 5.50%, 2/15/14 563,068 335,000 Series 1996 (Meriter Hosp., Inc. Proj.), 6.00%, 12/1/06 344,450 750,000 Refunding Series 1997B, (United Hlth. Grp., Inc. Proj.), 5.50%, 12/15/20 811,702 105,000 Series 1998 (Lawrence Univ. Proj.), 5.125%, 4/15/28 103,101 520,000 Series 1999 (FH Hlth. Care Dev. Inc Proj.), 5.625%, 11/15/09 544,736 Series 1999 (Kenosha Hosp. & Med. Ctr., Inc. Proj.): 670,000 5.00%, 5/15/06 690,475 705,000 5.10%, 5/15/07 741,378 740,000 5.15%, 5/15/08 787,042 820,000 5.35%, 5/15/10 885,838 865,000 5.45%, 5/15/11 930,558 730,000 Series 1999A (Aurora Hlth. Care Proj), 5.60%, 2/15/29 738,877 500,000 Series 1999B (Aurora Hlth. Care Proj)(ACA insured), 5.625%, 2/15/29 511,220 780,000 Series 1999 (FH Hlth. Care Dev., Inc. Proj.), 6.25%, 11/15/28 829,616 900,000 Series 1999 (Divine Savior, Inc. Proj.)(ACA insured), 5.70%, 6/1/28 931,563 Series 2001 (Agnesian Healthcare, Inc. Proj.): 150,000 5.00%, 7/1/06 155,262 550,000 6.00%, 7/1/17 596,535 340,000 6.00%, 7/1/21 363,334 105,000 Series 2004A (Three Pillars Sr. Living Proj.), 4.15%, 8/15/11 104,426 250,000 Series 2004 (Blood Ctr. Southeastern Proj.), 5.50%, 6/1/24 258,640 ------------ 12,008,445 ------------ WYOMING (0.2%) 500,000 Sweetwater Co. Pollution Ctrl. Rev. Refunding Series 1996A (Idaho Pwr. Co. Proj.), 6.05%, 7/15/26 526,570 ------------ Total municipal bonds (cost: $329,696,827) 325,925,485 ------------
================================================================================ TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ================================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- CLOSED-END MUTUAL FUNDS (0.2%) (2) 50,000 Blackrock Insured Municipal Term Trust 2008 815,500 100 Van Kampen Municipal Trust/Investment Grade 1,495 100 Van Kampen Select Sector Municipal Trust 1,251 ------------- Total closed-end mutual funds (cost: $818,380) 818,246 ------------- SHORT-TERM SECURITIES (3.6%) (2) 6,094,538 Dreyfus Tax-Exempt Cash Management Fund, 1.86% 6,094,538 2,250,000 SD Hlth. & Educ. Facs. Auth. Rev. Series 2004 (Avera Hlth. Proj.), variable rate, 7/1/24 2,250,000 4,100,000 SD Hlth. & Educ. Facs. Auth. Rev. Series 2004 (Avera Hlth. Proj.), variable rate, 7/1/30 4,100,000 ------------- Total short-term securities (cost: $12,444,538) 12,444,538 ------------- Total investments in securities 339,188,269 Liabilities in Excess of Other Assets (1.1%) 3,628,482 ------------- Total Net Assets $342,816,751 ============= ------------- Aggregate Cost 342,959,745 ------------- Gross Unrealized Appreciation 6,413,252 Gross Unrealized Depreciation (10,184,728) ------------- Net Unrealized Appreciation(Depreciation) (3,771,476) =============
Notes To Schedule of Investments - -------------------------------- (1) Securities are valued by procedures described in note 1 to the financial statements. (2) Percentage figures indicate percentage of total net assets. (3) Presently non-income producing securities. =============================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (93.4%) (2) EDUCATION/STUDENT LOAN (4.7%) 1,000,000 Minneapolis Rev. Series 1997A (Univ. Gateway proj.), 5.25%, 12/1/17 1,069,880 Minnesota Higher Educ. Fac. Auth. Rev. : 125,000 Series 1992-3L1 (Carleton College), 5.75%, 11/1/12 130,358 425,000 Series 1996-4F1 (Augsburg College), 6.25%, 5/1/23 442,667 800,000 Series 1997-4L (St. John's University), 5.35%, 10/1/17 839,080 400,000 Series 1997-4L (St. John's University), 5.40%, 10/1/22 421,888 50,000 Series 1997-4J (Macalester College), 5.40%, 3/1/09 52,991 630,000 Series 1998-4T (College of St. Benedict), 5.00%, 3/1/05 632,665 750,000 Series 1998-4T (College of St. Benedict), 5.35%, 3/1/20 762,105 100,000 Series 1998-4R (St. Olaf College), 5.25%, 10/1/23 102,328 458,000 Lease Rev. Series 1999-5A (Concordia University), 5.25%, 4/25/14 462,488 700,000 Series 1999-4Y (Augsburg College), 5.05%, 10/1/13 728,546 150,000 Series 1999-4Y (Augsburg College), 5.20%, 10/1/16 155,122 100,000 Series 1999-4Z (Northwestern Hlth. Services University), 4.875%, 10/1/09 103,538 275,000 Series 1999-4Z (Northwestern Hlth. Services University), 5.20%, 10/1/13 281,608 100,000 Series 2000-5D (College Art & Design), 5.75%, 5/1/08 108,194 50,000 Series 1998-4T (St. Benedict College), 5.125%, 3/1/13 50,939 50,000 Rev. Series 1996-4A1 (University of St. Thomas), 5.625%, 10/1/21 51,898 Rev. Series 2004-5U (St. Mary's Univ.): 200,000 2.00%, 10/1/05 199,760 270,000 3.75%, 10/1/13 265,143 310,000 Northfield Lease Rev. Series 1999A (Village School Proj.), 7.50%, 12/1/24 270,587 550,000 Ramsey Lease Rev. Series 2004A (Pact Charter School Proj.), 5.65%, 12/1/13 556,110 St. Paul Hsg. & Redev. Auth. Lease Rev.: 100,000 Series 1999 (St. Paul Academy & Summit School Proj.), 5.50%, 10/1/24 104,924 825,000 Series 2001A (Cmty. of Peace Academy Proj.), 6.375%, 12/1/11 840,848 750,000 Series 2001A (Cmty. of Peace Academy Proj.), 7.00%, 12/1/15 776,145 350,000 Series 2001A (Cmty. of Peace Academy Proj.), 7.375%, 12/1/19 365,834 415,000 Series 2002A (New Spirit Charter School Proj.), 6.50%, 12/1/12 420,856 100,000 Victoria Private School Fac. Rev. Series 1999A (Holy Family Catholic H.S. Proj.), 5.20%, 9/1/11 101,169 165,000 Winona Port. Auth. Lease Rev. Series 1999A (Bluffview Montessori School Proj.), 8.00%, 12/1/24 175,545 ------------- 10,473,216 ------------- ESCROWED TO MATURITY/PREREFUNDED (0.6%) 710,000 Puerto Rico Childrens Trust Fund Tobacco Settlement Rev. Series 2000, 5.75%, 7/1/20 769,533 200,000 Red Wing Hlth. Care Ctr. Fac. Rev. Refunding Series 1993B (River Region Oblig. Group), 6.20%, 9/1/05 205,340 325,000 Sandstone Econ. Dev. Auth. Hsg. & Dev. Rev. Series 1994A (Family Apts. Proj.), 8.00%, 1/1/12 331,500 ------------- 1,306,373 ------------- GENERAL OBLIGATION (5.2%) Apple Valley Equipment Certficates G.O. Series 2004: 35,000 2.50%, 10/1/05 35,108 40,000 2.50%, 10/1/06 40,122 150,000 Brainerd ISD No. 181 G.O. Series 1995A, 5.50%, 2/1/15 150,420 530,000 Carver Co. Hsg. & Redev. Auth. Hsg. & Dev. Gross Rev. Ltd.Tax G.O. (Chanhassen Apts. Proj.), 7.00%, 1/1/25 565,727 75,000 Cold Spring G.O. Series 2000, 5.15%, 2/1/09 77,846 35,000 Dodge Ctr. G.O. Series 2004A, 2.00%, 2/1/05 34,998 1,100,000 Fridley Refunding Tax Increment G.O. Series 1997A, 5.00%, 8/1/06 1,117,820 100,000 Hopkins Redev. Refunding G.O. Series 1993C, 4.60%, 2/1/09 100,137 50,000 Hutchinson ISD No. 423 G.O. Series 1996A, 5.85%, 2/1/18 54,443 100,000 Luverne ISD No. 2184 G.O. Series 1997, 5.45%, 2/1/14 100,276 50,000 Minneapolis Refunding G.O. Series 1993A, 5.10%, 12/1/08 51,324 45,000 Minneapolis G.O. Series 1999 (Parking Ramp Proj.), 5.125%, 12/1/16 49,146 Minneapolis ISD No. 001: 300,000 Series 1997, 5.00%, 2/1/09 308,490 100,000 Series 1998, 4.125%, 2/1/05 100,186 MN G.O.: 1,000,000 Refunding Series 2003, 2.00%, 8/1/05 1,000,410 6,200,000 Series 1995, 5.70%, 8/1/11 6,331,874 185,000 Ramsey Co. Refunding G.O. Series 2004A (Cap. Improvement Plan), 2.50%, 2/1/05 185,098 100,000 St. Cloud Infrastructure Mgmt. Fund G.O. Series 1997C, 4.70%, 3/1/06 100,416 100,000 St. Paul Street Impt. Special Assessment G.O. Series 2000B, 5.30%, 3/1/12 107,849 1,000,000 St. Paul ISD No. 625 G.O. Series 1997A, 5.125%, 2/1/15 1,002,220 ------------- 11,513,910 ------------- HOSPITAL/HEALTH CARE (19.0%) Aitkin Hlth. Care Fac. Rev. Series 2001 (Riverwood Hlth. Care Ctr. Proj.): 250,000 6.00%, 2/1/06 253,060 250,000 6.25%, 2/1/07 256,058 Alexandria Hlth. Care Fac. Rev. Series 2002B (BSM Property - Bethany Home Proj.): 375,000 4.65%, 7/1/06 376,658 375,000 4.95%, 7/1/07 376,534 Bemidji Hosp. Fac. Rev. Refunding (North Country Hlth. Proj.): 105,000 Series 1995, 6.05%, 9/1/24 106,925 1,035,000 Series 1996, 5.625%, 9/1/21 1,077,921
=============================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Brooklyn Center Hlth. Care Fac. Rev. Series 1993 (Maranatha Proj.): 50,000 6.75%, 12/1/05 50,115 500,000 7.50%, 12/1/10 501,130 200,000 7.60%, 12/1/18 200,434 305,000 Cambridge Hsg. & Hlth. Care Fac. Rev. Series 1998C (Grandview West Proj.), 5.25%, 10/1/08 310,127 1,030,000 Columbia Heights Multifamily & Health Care Fac. Rev. Series 1998 (Crest View Corp. Proj.), 5.75%, 9/1/11 1,020,369 Crookston Nursing Home & Multifamily Hsg. Rev Series 2002A (Villa St. Vincent Proj.): 100,000 4.75%, 9/1/08 101,526 75,000 5.50%, 9/1/11 77,060 1,000,000 Cuyuna Range Hosp. Dist. Hlth. Fac. Gross Rev. Series 1999A, 6.00%, 6/1/19 1,006,310 1,500,000 Detroit Lakes Hsg. Rev. Refunding Series 2004E (Mankato Lutheran Proj.), 4.25%, 8/1/34 1,504,725 450,000 Duluth Econ. Dev. Auth. Hlth. Care Fac. Rev. Series 2002 (St. Luke's Hosp. Proj.), 6.00%, 6/15/12 454,288 159,606 Duluth Sr. Hsg. Loan Participation Series 2004 (Lakeshore Proj.), 4.00%, 8/20/36 159,960 Elk River Rev. Series 1998 (Care Choice Member Proj.): 1,000,000 5.60%, 8/1/13 1,009,220 160,000 5.75%, 8/1/23 154,142 850,000 Fergus Falls Hlth. Care Fac. Auth. Rev. Series 1995 (Lake Region Hosp. Corp.), 6.40%, 12/1/15 882,138 Hastings Hlth. Care Fac. Rev. Series 1998 (Augustana Home of Hastings Proj.): 115,000 5.10%, 11/1/09 112,909 120,000 5.20%, 11/1/10 116,689 135,000 5.40%, 11/1/12 129,967 140,000 5.50%, 11/1/13 134,455 505,000 Hopkins Hlth. Care Fac. Rev. Series 1999 (Augustana Chapel View Homes, Inc. Proj.), 6.00%, 3/1/14 504,248 1,685,000 Maplewood Hlth. Care Fac. Rev. (Volunteers of America Care Ctrs. Proj.), 7.375%, 10/1/12 1,696,340 Marshall Medical Center Gross Rev. (Weiner Memorial Medical Center Proj.): 305,000 Series 1999, 5.65%, 11/1/13 317,468 320,000 Series 1999, 5.70%, 11/1/14 331,251 150,000 Series 2003B, 4.85%, 11/1/11 159,923 Minneapolis & St. Paul Hsg. & Redev. Auth. Hlth. Care Sys. Rev. Series 2003 (Healthpartners Proj.): 500,000 4.00%, 12/1/05 505,330 750,000 5.25%, 12/1/12 797,145 700,000 5.25%, 12/1/13 740,453 1,150,000 5.00%, 12/1/14 1,180,164 500,000 5.875%, 12/1/29 521,640 150,000 Minneapolis Hsg. & Hlth. Care Facs. Rev. Series 1997 (Augustana Chapel View Homes Proj.), 6.75%, 6/1/27 150,149 1,140,471 Minneapolis CDA Promissory Note (Augustana Chapel View Proj.), 4.25%, 5/23/09 1,132,283 1,045,000 Minneapolis Hlth. Care Fac. Rev. Series 1993 (St. Olaf Res. Proj.), 7.00%,10/1/18 882,806 1,000,000 Minneapolis Hlth. Care Fac. Rev. Series 1998A (Benchmark Hlth. Care Proj.), 6.625%, 12/1/28 ) (3) 202,070 930,000 Minneapolis Hlth. Care Fac. Rev. Series 1999 (Shelter Care Foundation Proj.), 6.00%, 4/1/10 920,440 Minneapolis Hlth. Care Fac. Rev. Series 2004A (Augustana Chapel View Homes Proj.): 115,000 3.00%, 1/1/05 115,000 270,000 3.50%, 1/1/06 269,554 280,000 4.00%, 1/1/07 281,176 315,000 5.20%, 1/1/11 322,654 500,000 5.75%, 1/1/19 507,845 500,000 5.80%, 1/1/24 502,865 MN Agr. & Econ. Dev. Board Hlth. Care Rev.: Series 1999 (Benedictine Care Centers Proj.): 115,000 5.45%, 2/1/09 118,839 120,000 5.45%, 8/1/09 124,322 120,000 5.50%, 2/1/10 124,400 125,000 5.50%, 8/1/10 129,608 MN Agr. & Econ. Dev. Board Rev. Series 2000 (Evangelical Lutheran Good Samaritan Society Proj.): 410,000 5.80%, 8/1/08 444,477 750,000 6.55%, 8/1/16 836,752 MN Agr. & Econ. Dev. Board Rev. Series 2002 (Evangelical Lutheran Good Samaritan Society Proj.): 230,000 4.35%, 2/1/05 230,329 345,000 5.40%, 2/1/09 370,858 220,000 5.50%, 2/1/12 240,088 MN Agr. & Econ. Dev. Board Rev. Series 2000A (Fairview Hlth. Care Sys. Proj.): 645,000 5.625%. 11/15/05 662,905 590,000 5.70%, 11/15/06 623,724 330,000 6.375%, 11/15/22 365,039 380,000 6.375%, 11/15/29 416,222 New Hope Hlth. Care Facs. Rev. (St. Therese Home, Inc. Proj.): 45,000 Series 2003B, 3.00%, 10/1/06 44,942 300,000 Series 2003A, 5.90%, 10/1/23 309,318 North Oaks Presbyterian Loan Participation: 52,500 Series 2004B, 4.25%, 12/15/34 52,675 43,605 Series 2004C, 4.38%, 12/15/34 43,750 29,940 Series 2004D, 4.75%, 12/15/34 29,940 Northfield Hospital Rev. Series 2001C: 1,080,000 6.00%, 11/1/13 1,192,147 3,100,000 6.00%, 11/1/26 3,316,535 Olmsted Co. Hlth. Care Fac. Rev. Series 1998 (Olmsted Medical Ctr. Proj.): 775,000 5.45%, 7/1/13 802,675 900,000 5.55%, 7/1/19 923,670 240,000 Pine Island Hlth. Care Facs. Rev. Series 2001 (Olmsted Med. Ctr. Proj.), 5.00%, 7/1/10 249,288
=============================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 135,000 Plymouth Hlth. Facs. Rev. Series 2003 (Mission Farm Nursing Home Proj.), 3.25%, 8/1/05 134,744 Rochester Hlth. Care & Hsg. Rev. Series 2003A (Samaritan Bethany Inc. Proj.): 160,000 3.25%, 8/1/06 159,960 500,000 6.25%, 8/1/19 518,800 Shakopee Hlth. Care Facs. Rev. Series 2004 (St. Francis Regl. Med. Ctr. Proj.): 355,000 4.00%, 9/1/05 358,003 315,000 4.00%, 9/1/06 320,742 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 8 (Regions Hosp. Proj.): 800,000 5.00%, 5/15/08 843,896 250,000 5.00%, 5/15/10 263,278 1,340,000 5.20%, 5/15/13 1,393,225 2,050,000 5.25%, 5/15/18 2,093,644 580,000 5.30%, 5/15/28 585,249 960,000 St. Paul Hsg. & Redev. Auth. Nursing Home Dev. Rev. Refunding Series 1996C (Franciscan Hlth. Cmmty. Proj., St. Mary's Home), 7.00%, 7/1/21 942,538 400,000 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2001A (Model Cities Hlth. Ctr. Proj.), 6.50%, 11/1/11 412,208 150,000 White Bear Lake First Mtg. Rev. Series 2004 (Healtheast Care Ctr. Proj.), 2.75%, 11/1/06 148,923 ------------- 42,241,237 ------------- INDUSTRIAL / POLLUTION CONTROL (6.8%) 2,180,000 Anoka Co. Solid Waste Disp. Rev. Series 1987A (Natl. Rural Util. Proj.), 6.95%, 12/1/08 2,215,774 1,415,000 Burnsville Solid Waste Rev. Refunding Series 2003A (Freeway Transfer Inc. Proj.), 4.15%, 4/1/10 1,413,599 500,000 Cohasset Pollution Ctrl. Rev. Refunding Series 2004 (Allete, Inc. Proj.), 4.95%, 7/1/22 510,335 745,000 East Grand Forks Industrial Dev. Rev. Refunding Series 2001B (Am. Crystal Sugar Proj.), 5.40%, 4/1/11 793,984 255,000 Guam Economic Dev. Auth. Tobacco Settlement Asset-Backed Series 2001A, 5.00%, 5/15/22 256,657 1,000,000 Guam Econ. Dev. Auth. Tobacco Settlement Asset-Backed Rev. Series 2001B, Zero Coupon, 5.20% Effective Yield on Purchase Date, 5/15/15 835,520 1,500,000 Hugo Industial Dev. Rev. Refunding Series 2002 (MN Union Builders Proj.), 7.75%, 3/1/17 750,315 MN Public Facs. Auth. Water Pollution Ctrl. Rev.: 300,000 Series 1997, 5.00%, 3/1/12 315,564 185,000 Series 2001A, 5.00%, 3/1/19 198,818 155,000 MN Agricultural & Econ. Dev. Board Small Business Dev. Loan Program Rev. Series 2002A Lot 1, 3.65%, 8/1/05 155,842 210,000 Medina Industrial Dev. Rev. Refunding Series 1998 (Temroc Metals, Inc. Proj.), 5.10%, 10/1/05 211,625 Owatonna Industrial Dev. Rev. Series 1997: 280,000 7.25%, 5/1/14 (3) 126,115 505,000 7.375%, 5/1/17 (3) 227,331 20,000 7.375%, 5/1/20 (3) 9,001 10,000 7.50%, 5/1/24 (3) 4,499 525,000 Puerto Rico Indus. Tourist, Educ., Medical and Environmental Control Facs. Financing Auth. Industrial Rev. Series 1998A (Guaynabo Warehouse for Emergencies Proj.), 4.35%, 7/1/06 538,198 Puerto Rico Childrens Trust Fund Tobacco Settlement Rev. : 300,000 Series 2002, 4.00%, 5/15/10 294,300 2,660,000 Series 2002, 5.375%, 5/15/33 2,535,352 465,000 Roseville Dev. Rev. Refunding Series 2004 (Roseville Office Plaza Proj.), 4.625%, 8/1/12 477,309 Sauk Centre Industrial Dev. Rev. Series 1998 (Seluemed LLP Proj.)(LOC First Trust): 75,000 4.95%, 4/1/10 75,218 275,000 5.75%, 4/1/18 275,234 St. Paul Hsg. & Redev. Auth. District Cooling Rev. ies 1998J: 150,000 4.75%, 3/1/08 159,066 95,000 5.125%, 3/1/12 100,067 500,000 5.35%, 3/1/18 521,145 Virgin Islands Tobacco Settlement Financing Corp. Asset-Backed Rev. Series 2001: 750,000 Zero Coupon, 4.95% Effective Yield on Purchase Date, 5/15/14 620,130 1,715,000 5.00%, 5/15/21 1,589,908 ------------- 15,210,906 ------------- INSURED (8.5%) 50,000 Bemidji ISD No. 031 G.O. Series 1998 (FSA insured), 5.00%, 4/1/19 52,291 600,000 Brooklyn Ctr. Police & Fire Bldg. G.O. Series 1997B (FGIC insured), 4.85%, 2/1/12 601,344 Dakota Co. Hsg. Dev. G.O. Series 1995 (Ambac insured): 95,000 5.10%, 1/1/11 95,232 235,000 5.125%, 1/1/17 235,522 Hastings Hlth. Care Fac. Rev. Series 1998 (Regina Med. Ctr.)(ACA insured): 565,000 5.25%, 9/15/18 578,888 200,000 5.30%, 9/15/28 201,098 100,000 Itasca Co. ISD No. 318 G.O. Series 1996 (MBIA insured), 5.20%, 2/1/10 100,252 100,000 Lake Crystal G.O. Series 2004B (Ambac insured), 2.00%, 12/1/05 100,035 Minneapolis & St. Paul Hsg. & Redev. Auth. Hlth. Care Sys. Rev. Series 1993A (Ambac insured): 175,000 5.00%, 11/15/13 177,130 3,090,000 4.75%, 11/15/18 3,107,149 1,650,000 Minneapolis & St. Paul Metro Airport Comm. Airport Rev. Series 1998B (Ambac insured), 5.25%, 1/1/13 1,764,460 835,000 MN Higher Educ. Facs. Auth. Rev. Series 1995-4C (Macalester College), 5.50%, 3/1/12 839,576 90,000 MN HFA Single Family Mtg. Rev. Series 2001A (MBIA insured), 5.35%, 7/1/17 94,226 NE Metro Intermediate School Dist. No. 916 C.O.P. Series 2004: 705,000 3.00%, 1/1/06 708,666 500,000 4.25%, 1/1/14 507,855 250,000 New Ulm ISD No. 088 G.O. Series 1996 (FSA insured), 5.50%, 2/1/15 250,700 200,000 Puerto Rico Indus. Tourist Educ. Med. & Environmental Ctl. Facs. Rev. Series 1995A (Hosp. Auxilio Oblig. Group Proj.), 6.25%, 7/1/16 204,642 300,000 Scott Co. Hsg. & Redev. Auth. Ltd. Special Benefits Tax Series 1997B (River City Centre Proj.), (Ambac insured), 5.45%, 2/1/20 321,117
=============================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 300,000 St. Cloud Hosp. Facs. Rev. Ref. Series 1996B (St. Cloud Hosp. Proj.)(Ambac insured), 5.00%, 7/1/20 309,546 55,000 St. Cloud Multifamily Rev. Refunding Series 1993B (St. Cloud Hosp. Proj.), 5.40%, 10/1/23 55,651 200,000 St. Cloud Hlth. Care Rev. Series 2000A (St. Cloud Hosp. Obligated Group)(FSA insured), 5.125%, 5/1/09 218,622 250,000 St. Louis Co. Hsg. & Redev. Auth. Rev. Series 1997 (Law Enforce. Proj.)(FGIC insured), 5.00%, 12/1/08 256,235 235,000 St. Paul Hsg. & Redev. Auth. Rev. Series 1993 (Ramsey Med. Ctr. Proj.)(Ambac insured), 5.55%, 5/15/23 237,371 2,480,000 St. Paul Hsg. & Redev. Sales Tax Rev. Refunding Series 1996 (Civic Center Proj.) (FSA insured), 7.10%, 11/1/23 3,122,072 100,000 St. Paul Ind. School Dist. No. 625 G.O. Series 1997B, 4.65%, 2/1/06 100,204 500,000 St. Paul Port Auth. Tax Increment Rev. Refunding Series 2003-16 (Energy Park Dist. Proj.) (Radian insured), 2.00%, 2/1/05 499,940 130,000 Scott Co. Hsg. & Redev. Auth. Fac. Lease Rev. Series 1997 (Justice Ctr. Proj.)(Ambac insured), 5.50%, 12/1/15 140,596 765,000 Waconia Hlth. Care Facs. Rev. Series 1999A (Ridgeview Med. Ctr. Proj.) 6.125%, 1/1/29 844,568 100,000 Wayzata ISD No. 284 G.O. Series 1995B (FSA insured), 5.95%, 2/1/13 100,319 Western MN Pwr. Agy. Rev. Refunding Series 1996A (Ambac insured): 600,000 6.25%, 1/1/05 600,000 300,000 5.50%, 1/1/12 315,210 200,000 White Bear Lake ISD No. 624 G.O. Series 2004-4A (FSA insured), 2.00%, 2/1/05 200,022 1,750,000 White Earth Band of Chippewa Indians Rev. Series 2000A (ACA insured), 7.00%, 12/1/11 1,961,470 ------------- 18,902,009 ------------- MULTIFAMILY MORTGAGE (33.2%) 1,520,000 Apple Valley Multifamily Hsg. Rev. Refunding Series 1998A (Mtg. Loan/Apple Valley Villa Proj.) (GNMA collateralized), 5.25%, 8/1/18 1,574,750 Austin Hsg. & Redev. Auth. Governmental Hsg. Gross Rev. (Courtyard Res. Proj.): 50,000 Serie 1995 A, 7.00%, 1/1/15 51,687 500,000 Series 1995A, 7.25%, 1/1/26 516,095 650,000 Series 2000A, 7.15%, 1/1/20 691,665 500,000 Series 2000A, 7.25%, 1/1/32 529,750 1,190,000 Brooklyn Center Multifamily Hsg. Rev. Series 1993 (Ponds Family Hsg. Proj.), 5.90%, 1/1/20 1,194,689 500,000 Buffalo Hlth. Care C.O.P. Series 2004C (Central MN Sr. Hsg., LLC Proj.), 7.50%, 2/20/33 499,985 250,000 Buffalo Rev. Refunding Series 1998 (Covenant Retirement Cmtys. Proj.), 4.55%, 12/1/05 253,105 Burnsville Multifamily Hsg. Rev. Refunding Series 1991 (Oak Leaf Apts. Proj.)(GNMA collateralized): 760,000 7.05%, 1/1/12 761,573 780,000 7.125%, 1/1/17 781,544 860,000 7.125%, 1/1/21 861,574 150,000 7.15%, 1/1/27 150,225 530,000 7.15%, 1/1/23 530,901 425,000 7.15%, 1/1/25 425,663 Carver Co. Hsg. & Redev. Auth. Multifamily Hsg.: 1,200,000 Gross Rev. & Ltd. Tax Refunding Series 1997A (Lake Grace Apts. Proj.), 6.00%, 7/1/28 1,213,164 650,000 Rev. Refunding Series 1997A (Waybury Apts. Proj.), 5.875%, 8/1/27 669,656 400,000 Subordinate Rev. Refunding Series 1997C (Waybury Apts. Proj.), 8.00%, 8/1/27 402,380 Chaska Multifamily Hsg. Rev. Series 1999 (West Suburban Hsg. Partners Proj.): 235,000 5.00%, 9/1/09 231,625 495,000 5.375%, 9/1/14 474,259 405,000 Chisago City Hlth. Fac. Rev. Refunding Series 1995A (Pleasant Heights Proj.), 7.30%, 7/1/18 415,591 Cloquet Multifamily Hsg. Rev. Refunding Series 2001A (HADC Proj.): 55,000 6.00%, 2/1/05 55,039 60,000 6.25%, 2/1/06 60,607 60,000 6.50%, 2/1/07 61,188 75,000 7.10%, 2/1/10 76,943 700,000 Coon Rapids Multifamily Hsg. Rev. Refunding Series 1997A (Margaret Place Apts. Proj.), 6.50%, 5/1/25 641,053 Coon Rapids Senior Hsg. Rev. Refunding Series 1998 (Epiphany Sr. Citizens Hsg. Corp. Proj.): 115,000 5.30%, 11/1/07 115,575 115,000 5.40%, 11/1/08 115,538 170,000 5.50%, 11/1/10 170,163 545,000 5.80%, 11/1/18 539,904 Dakota Co. Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding (Walnut Trails Apts. Proj.): 4,350,000 Series 1995A (GNMA collateralized), 7.90%, 1/20/31 4,663,417 190,000 Subordinate Series 1995C, 9.00%, 1/20/15 185,828 800,000 Dakota Co. Cmty. Dev. Agy. Hsg. Fac. Rev. Subordinate Series 2002B (HADC Apple Valley Sr. Apts. Proj.), 7.50%, 8/15/43 782,168 330,000 Eagan Multifamily Hsg. Rev. Refunding Series 1997A (Woodridge Apts. Proj.), 5.95%, 2/1/32 347,520 Eden Prairie Multifamily Hsg. Rev. Refunding : 300,000 Series 1997A (Preserve Place Proj.) (GNMA collateralized), 5.50%, 1/20/18 316,077 410,000 Series 1997A (Preserve Place Proj.) (GNMA collateralized), 5.60%, 7/20/28 422,546 470,000 Senior Series 2001A (Rolling Hills Proj.) (GNMA collateralized), 6.00%, 8/20/21 520,859 675,000 Senior Series 2001A (Rolling Hills Proj.) (GNMA collateralized), 6.15%, 8/20/31 733,590 1,185,000 Series 2001A (Rolling Hills Proj.) (GNMA collateralized), 6.20%, 2/20/43 1,284,256 1,060,000 Subordinate Series 2001C (Rolling Hills Proj.), 9.00%, 4/1/43 1,046,252 Fairmont Hsg. Fac. Rev. Series 2002-A1 (Homestead-GEAC Proj.): 1,100,000 6.625%, 10/1/11 1,153,526 295,000 6.875%, 10/1/14 298,475 Golden Valley Rev. Series 1999A (Covenant Retirement Cmntys. Proj.): 500,000 5.50%, 12/1/25 512,445 1,000,000 5.50%, 12/1/29 1,020,100 Grand Rapids Hsg. & Redev. Auth. (Lakeshore Place and Forest Park West Apts. Proj.): 55,000 Series 1999B, 5.00%, 10/1/09 55,855
=============================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Series 1999A, 5.20%, 10/1/19 515,275 1,660,000 Series 1999A, 5.30%, 10/1/29 1,669,329 110,000 Series 1999B, 5.70%, 10/1/29 109,556 495,000 Hopkins Subordinate Multifamily Hsg. Rev. Refunding Series 1996C (Auburn Apts. Proj.), 8.00%, 6/20/31 481,224 Hopkins Multifamily Hsg. Rev. Series 1996 (Hopkins Renaissance Proj.) (Section 8): 100,000 5.85%, 4/1/09 105,953 450,000 6.25%, 4/1/15 473,188 Hutchinson Hsg. Fac. Rev. (Prince of Peace Apts. Proj.): 50,000 Series 2003A, 3.50%, 10/1/06 50,049 115,000 Series 2003A, 4.00%, 10/1/07 115,173 120,000 Series 2003A, 4.50%, 10/1/08 120,239 Inver Grove Heights Senior Hsg. Rev. (PHM/Inver Grove, Inc Proj): 85,000 Series 2001, 6.375%, 5/1/31 85,077 105,000 Series 2001A, 5.50%, 5/1/08 105,045 110,000 Series 2001A, 5.50%, 11/1/08 110,047 65,000 Series 2001B, 5.00%, 5/1/06 65,954 70,000 Series 2001B, 5.25%, 5/1/07 71,308 75,000 Series 2001B, 5.50%, 5/1/08 76,414 80,000 Series 2001B, 5.60%, 5/1/09 81,440 70,000 Series 2001B, 5.00%, 11/1/06 71,250 75,000 Series 2001B, 5.50%, 11/1/08 76,502 80,000 Series 2001B, 5.60%, 11/1/09 81,411 3,115,000 Little Canada Multifamily Hsg. Rev. Series 1997A (Hsg. Alt. Dev. Co. Proj.), 6.10%, 12/1/17 3,123,037 1,400,000 Maplewood Multifamily Hsg. Rev. Series 1998 (Park Edge Apts. Proj.), 6.50%, 5/1/29 1,258,600 Maplewood Multifamily Refunding Rev. (Village on Woodlyn Proj.): 1,605,000 Series 1999A (GNMA collateralized), 6.75%, 7/20/30 1,696,806 100,000 Subordinate Series 1999C-1, 8.00%, 11/1/30 95,284 265,000 Subordinate Series 1999C-2, 8.00%, 11/1/30 252,503 Minneapolis Multifamily Hsg. Rev.: 500,000 Series 2002A (Keeler Apts. Proj.), 7.00%, 10/1/17 490,445 355,000 Series 1996 (Belmont Apts.), 7.25%, 11/1/16 355,185 Series 1994 (Findley Place Townhomes Proj.) (Section 8): 50,000 6.00%, 12/1/05 50,245 1,465,000 7.00%, 12/1/16 1,460,209 5,020,000 Series 1996A (Nicollet Towers) (Section 8), 6.00%, 12/01/19 5,211,111 1,000,000 Series 1998 (Riverside Plaza Proj.) (GNMA collateralized), 5.10%, 12/20/18 1,030,440 335,000 Series 2000 (Garr Scott Loft Proj.)(LOC U.S. Bank), 5.95%, 5/1/30 356,564 50,000 Series 2003A (Sumner Proj.) (GNMA collateralized), 3.00%, 8/20/08 50,015 3,445,000 Series 2003 (Sumner Field Phase II Proj.), 2.60%, 8/20/08 3,462,328 Minneapolis Student Hsg. Rev. Series 2000 (Riverton Community Hsg. Proj.): 100,000 6.80%, 7/1/10 103,819 240,000 6.90%, 7/1/11 247,560 50,000 MN HFA Rental Hsg. Rev. Series 1996A, 6.10%, 8/1/27 51,590 320,000 Minnetonka Multifamily Hsg. Rev. Refunding Subordinate Series 1994C (Brier Creek Proj.), 8.00%, 12/20/16 331,050 Minnetonka Multifamily Hsg. Rev. Refunding Series 1999A (GNMA collateralized) (Archer Heights Apts. Proj.): 540,000 5.10%, 7/20/13 571,698 975,000 5.20%, 1/20/18 1,025,417 New Ulm Multifamily Rev. Series 1999 (HADC Ridgeway Proj.): 95,000 5.35%, 12/1/08 94,266 100,000 5.40%, 12/1/09 97,738 105,000 5.50%, 12/1/10 101,752 110,000 5.60%, 12/1/11 105,706 Oakdale Multifamily Sr. Hsg. Rev. Refunding Series 2004 (Oak Meadows Proj.): 325,000 4.25%, 4/1/08 328,029 600,000 5.00%, 4/1/12 611,280 Plymouth Multifamily Hsg. Rev. Refunding Series 1996A (Fox Forest Apts. Proj.) (GNMA collateralized): 1,650,000 Series 1996A, 8.05%, 6/20/31 1,753,306 635,000 Series 1996C, 8.00%, 6/20/31 617,328 500,000 Richfield Sr. Hsg. Rev. Refunding Series 2004A (Richfield Sr. Hsg., Inc. Proj.), 5.00%, 12/1/15 489,120 2,800,000 Rochester Multifamily Rev. Refunding Series 2000A (Weatherstone Apts. Proj.) (LOC Household Finance) (Mandatory Put 9/1/17) 6.375%, 9/1/37 3,032,596 2,820,000 Roseville Hsg. Fac. Rev. Refunding Bonds Series 1998 (College Properties Inc. Proj.), 5.60%, 10/1/13 2,862,413 80,000 Sherburne Co. Hsg. & Redev. Auth. Lease Rev. Series 1997, 5.50%, 2/1/17 81,070 2,520,000 Shoreview Sr. Hsg. Rev. Series 1996 (Shoreview Sr. Residence Proj.), 7.25%, 2/1/26 2,626,823 100,000 St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding Series 1998 (Northway Manor Apts. Proj.)(Section 8), 5.35%, 12/1/18 100,907 1,650,000 St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev.: Series 1993 (Germain Towers Proj.) (Section 8), 5.90%, 9/1/20 1,280,862 73,000 Series 1999A (Parkview Terrace Apts. Proj.) (Section 8), 5.00%, 6/1/09 73,112 St. Louis Park Multifamily Hsg. Rev. Refunding: 650,000 Series 1995 (FHA insured) (Knollwood Cmty. Hsg. Proj.), 6.15%, 12/1/16 671,619 500,000 Series 1998A (Park Ridge Apts. Proj.) (GNMA collateralized), 5.25%, 11/1/20 522,935 200,000 St. Paul Hsg. & Redev. Auth. Multifamily Refunding Rev. Series 1995 (Sun Cliffe Apts. Proj.)(GNMA collateralized), 5.875%, 7/1/15 207,456 3,250,000 St. Paul Port Authority Multifamily Hsg. Refunding (Jackson Towers Apts. Proj.) Senior Series 1998-1A (GNMA collateralized), 6.95%, 4/20/33 3,485,592 845,000 Washington Co. Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding Series 1994 (White Bear Lake Transitional Hsg. Proj.), 6.625%, 8/1/24 849,140 755,000 Washington Co. Hsg. & Redev. Auth. Governmental Hsg. Rev. Refunding Series 1999A (Briar Pond Apts. Proj.) (GNMA collateralized), 5.50%, 2/20/14 783,992 ------------- 73,874,187 -------------
=============================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL LEASE (2.3%) (5) Andover Econ. Dev. Auth. Public Fac. Lease Rev. Series 2004 (Cmnty. Ctr. Proj.): 185,000 2.125%, 2/1/06 184,347 500,000 5.125%, 2/1/24 512,940 40,000 Anoka Co. C.O.P. Series 1998, 5.40%, 6/1/28 40,538 61,424 Brooklyn Park C.O.P. Series 1996, 5.45%, 9/27/06 61,814 110,000 Burnsville Econ. Dev. Auth. Lease Rev. Series 1994A, 5.90%, 12/1/05 110,326 50,000 Chaska Econ. Dev. Auth. ISD No. 112 Sch. Facs. Lease Rev. Series 1999A, 5.125%, 12/1/09 54,038 225,000 Goodhue Co. Econ. Dev. Auth. Rev. Series 1997A (Courts Bldg. Proj.), 5.75%, 2/1/13 233,507 104,000 Hennepin Co. Hsg. & Redev. Auth. Rev. Series 1993A (Community Provider Program), 5.70%, 8/1/13 104,140 535,000 Hibbing Econ. Dev. Auth. Public Proj. Rev. Series 1997 (Hibbing Lease Obligations Proj.), 6.10%, 2/1/08 558,770 125,000 Mountain Iron Hsg. & Redev. Auth. Rev. Series 2001A (Arrowhead Library Sys. Proj.), 5.00%, 9/1/09 132,081 250,000 North St. Paul Maplewood ISD No. 622 C.O.P. Series 2004, 3.00%, 2/1/05 250,190 Shorewood Econ. Dev. Auth. Public Safety Fire Fac. Lease Rev. Series 2002A: 135,000 3.00%, 2/1/05 135,042 140,000 3.50%, 2/1/06 141,099 800,000 St. Cloud C.O.P. Series 1997, 5.90%, 12/1/17 811,152 1,369,326 St. Paul Lease Series 1998 (City Hall Annex Building), 5.71%, 10/1/18 1,321,181 40,000 St. Paul ISD No. 625 C.O.P Series 1995C, 5.40%, 2/1/10 40,108 400,000 St. Paul Hsg. & Redev. Auth. Lease Rev. Series 2000 (Rivercentre Pkg. Ramp Proj.), 5.70%, 5/1/08 435,192 ------------- 5,126,465 ------------- PUBLIC FACILITIES (1.3%) 1,000,000 Minneapolis Cmty. Dev. Agy. Ltd. Tax Supported Dev. Rev. Common Bond Fund Series 2001G3 (LOC-U.S. Bank), 5.35%, 12/1/21 1,058,160 395,000 MN Agric. Society State Fair Rev. Series 2003, 3.00%, 9/15/05 396,793 St. Paul Recreational Fac. Gross Rev. Series 1996D: 160,000 5.50%, 6/1/08 163,629 1,245,000 5.875%, 6/1/18 1,273,398 ------------- 2,891,980 ------------- SINGLE FAMILY MORTGAGE (3.1%) Dakota County Hsg. & Redev. Auth. Single Family Mtg. Rev.: 40,000 Series 1994A (FNMA backed), 6.70%, 10/1/09 40,322 30,000 Series 1995 (FNMA & GNMA backed), 6.25%, 10/1/09 30,200 80,000 Minneapolis- St. Paul Hsg. Fin. Bd. Single Family Mtg. Rev. Series 1997 (FNMA & GNMA backed), 6.25%, 11/1/30 85,447 885,000 Minneapolis Redev. Mtg. Rev. Series 1987A (Riverplace Proj.) (LOC Bk. of Tokyo), 7.10%, 1/1/20 893,452 281,337 Minneapolis Residual Interest Mtg. Rev. Series 1995, 7.00%, 10/1/12 286,379 MN HFA Single Family Mtg. Rev.: 205,000 Series 1994E, 5.90%, 7/1/25 209,278 10,000 Series 1995K, 6.20%, 7/1/20 10,212 175,000 Series 1996D, 6.00%, 1/1/16 181,498 125,000 Series 1997A, 5.60%, 7/1/09 130,900 415,000 Series 1997I, 5.50%, 1/1/17 435,003 260,000 Series 1996H, 6.00%, 1/1/21 269,238 840,000 Series 1997D, 5.85%, 7/1/19 840,000 50,000 Series 1997E, 5.90%, 7/1/29 50,000 130,000 Series 1997G, 6.00%, 1/1/18 133,605 1,330,000 Series 1998C, 5.25%, 1/1/17 1,365,976 90,000 Series 1998F-1, 4.75%, 7/1/07 91,165 70,000 Series 1998F, 4.95%, 7/1/08 72,530 390,000 Series 1998F-1, 5.45%, 1/1/17 396,755 115,000 Series 1998F, 5.70%, 1/1/17 117,937 530,000 Series 1999B, 5.25%, 1/1/20 539,847 590,000 Series 1999C, 4.40%, 7/1/05 596,455 190,000 Series 2000C, 6.10%, 7/1/30 190,000 ------------- 6,966,199 ------------- UTILITY (0.4%) 255,000 Glencoe Light & Power Commission Elec. Rev. Series 2004, 2.00%, 12/1/05 254,383 Lake Crystal Public Utilities Comm. Electric Rev. Series 1998: 130,000 5.45%, 12/1/13 131,691 120,000 5.50%, 12/1/16 120,853 70,000 MN Public Facs. Auth. Water Pollution Ctrl. Rev. Series 1996B, 5.00%, 3/1/17 72,258 300,000 Princeton Public Utility Sys. Rev. Series 2004, 5.00%, 4/1/24 304,716 ------------- 883,901 ------------- TRANSPORTATION (0.1%) 170,000 Puerto Rico Hwy. & Transportation Auth. Rev. Series 1993X, 5.00%, 7/1/22 171,562 -------------
=============================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) ===============================================================================
- ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- OTHER REVENUE BONDS (8.2%) Columbia Heights Commercial Dev. Refunding Rev. Series 1999 (Columbia Park Properties - Medical Clinic Proj.): 250,000 5.15%, 12/1/08 243,115 1,750,000 5.60%, 12/1/15 1,606,307 Commissioner of Iron Range Resources and Rehab. Gross Rev. (Giant's Ridge Rec. Area Proj.): 200,000 Series 2000, 6.25%, 11/1/05 203,350 900,000 Series 2000, 7.25%, 11/1/16 933,831 Minneapolis Cmty. Dev. Agy. Ltd. Tax Common Bond Fund: 100,000 Series 1996-1 (LOC-U.S. Bank), 6.00%, 6/1/11 103,334 170,000 Series 1997-1 (Halper Corrugated Box Mfg. Co.), 5.90%, 6/1/07 181,626 500,000 Series 1999-1A (Discount Steel), 5.25%, 6/1/19 514,850 160,000 Series 2000-G2 (LOC-U.S. Bank), 6.00%, 12/1/20 174,070 175,000 Series 2001-G3 (LOC-U.S. Bank), 5.45%, 12/1/31 182,919 945,000 Minneapolis Public Hsg. Auth. Series 1997 (General Credit Energy Savings Proj.), 6.00%, 7/1/08 929,266 600,000 Minneapolis Tax Increment Rev. Refunding Series 2004 (St. Anthony Falls Proj.), 4.50%, 2/1/13 604,836 200,000 Renville Gross Rev. Golf Course Bond Series 1997, 6.50%, 2/1/19 202,988 St. Paul Hsg. & Redev. Auth. Tax Increment Rev. : 100,000 Series 2001 (US Bank Operations Ctr. Proj.), 5.70%, 8/1/12 105,308 800,000 Series 2001 (US Bank Operations Ctr. Proj.), 6.125%, 8/1/19 830,520 1,140,000 Series 2002 (North Quadrant Owner Occupied Proj. Phase 2), 7.00%, 2/15/28 1,175,796 1,076,000 Series 2002 (North Quadrant Owner Occupied Proj. Phase 1), 7.50%, 2/15/28 1,156,409 3,000,000 Series 2002A (Upper Landing Proj.), 6.80%, 3/1/29 3,017,400 2,000,000 Series 2002B-2 (Upper Landing Proj.), 6.90%, 3/1/29 1,988,100 1,300,000 Series 2002 (Drake Marble Proj.), 6.75%, 3/1/28 1,303,692 1,335,000 Series 2004 (9th St. Lofts Proj.), 6.375%, 2/15/28 1,342,209 845,000 Steele Co. Hlth. Care Fac. Rev. Series 2000 (Elderly Hsg. Proj.), 6.625%, 6/1/20 914,822 Victoria Recreational Facility Gross Rev. Series 2002: 70,000 4.75%, 2/1/12 72,554 75,000 4.75%, 8/1/12 77,737 85,000 5.10%, 8/1/15 87,814 200,000 Virgin Islands Public Fin. Auth. Rev. Gross Receipts Taxes Loan Note Series 1999A, 5.625%, 10/1/10 212,814 ------------- 18,165,667 ------------- Total municipal bonds (cost: $207,822,107) 207,727,612 ------------- SHORT-TERM SECURITIES (5.3%) (2) 467,401 Federated Minnesota Municipal Cash Fund, 1.78% 467,401 1,000,000 Hennepin Co. G.O. Series, variable rate, 12/1/20 1,000,000 700,000 Minneapolis Conv. Ctr. G.O. Series, variable rate, 12/1/18 700,000 300,000 Minneapolis Various Proj. G.O. Series, variable rate, 12/1/18 300,000 1,000,000 Minneapolis Library G.O. Series, variable rate, 12/1/32 1,000,000 900,000 MN Higher Educ. Facs. Rev. Series 2003 , variable rate, 12/1/18 900,000 4,000,000 So. MN Pwr. Agy. CP, 1.78%, 1/6/05 4,000,000 3,390,000 Univ. of MN Gateway Proj. Rev. Series 2002, variable rate, 6/1/32 3,390,000 5,723 Wells Fargo Minnesota Municipal Cash Fund, 1.38% 5,723 ------------- Total Short-Term Securities (cost: $11,763,124) 11,763,124 ------------- Total investments in securities 219,490,736 Liabilities in Excess of Other Assets (1.4%) 3,034,730 ------------- Total Net Assets $222,525,466 ============= ------------- Aggregate Cost 219,585,231 ------------- Gross Unrealized Appreciation 4,220,474 Gross Unrealized Depreciation (4,314,969) ------------- Net Unrealized Appreciation(Depreciation) (94,495) =============
Notes To Schedule of Investments - -------------------------------- (1) Securities are valued by procedures described in note 1 to the financial statements. (2) Percentage figures indicate percentage of total net assets. (3) Presently non-income producing securities. =============================================================================== BOND FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) =============================================================================== - ------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE(1) - ------------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES (2.5%) (2) 600,000 U.S. Treasury Strips, Zero Coupon, 6.04% Effective Yield, 11/15/27 187,998 150,000 U.S. Treasury Note, 6.50%, 5/15/05 152,191 ----------- 340,189 ----------- (cost: $328,648) ASSET-BACKED SECURITIES (19.0%) (2) 55,896 Advanta Mortgage Loan Trust Series 1999-3 A4, 7.75%, 10/25/26 57,562 63,740 Bear Stearns Securities, Inc. Series 2000-1 AF, 7.52%, 3/25/30 66,092 150,000 Chase Funding Mtg. Series 2002-1, 6.595%, 2/25/32 158,010 400,000 Conseco Home Equity Loan Series 2002-A A5, 7.05%, 4/15/32 428,294 167,089 Conseco Mfg. Housing Series, 2002-2 A2, 6.03%, 3/1/33 168,445 Deutsche Financial Capital Securitization: 125,078 Series 1997-I A3, 6.75%, 9/15/27 128,495 59,635 Series 1998-I A3, 6.10%, 4/15/28 59,839 175,350 FMAC Trust Series 1997C, 6.75%, 12/15/19 172,390 Green Tree Financial Corp.: 36,875 1995-5 A6, 7.25%, 9/15/26 38,160 90,479 1997-1 A6, 7.29%, 3/15/28 98,018 180,885 1998-1 A6, 6.33%, 11/1/29 189,738 71,128 1998-3 A6, 6.76%, 3/1/30 75,765 200,000 1999-1 A5, 6.11%, 9/1/23 207,557 10,034 Green Tree Home Equity Loan Trust Series 1999-D A5, 7.88%, 9/15/30 10,076 Indymac Manufactured Housing Contract: 160,864 1998-2 A3, 6.20%, 9/25/17 161,322 120,648 1998-2 A4, 6.64%, 12/25/27 122,603 65,079 Oakwood Mortgage Investors, Inc. Series 1997-D A4, 6.725%, 2/15/28 66,913 150,000 Origen Mfg. Housing Series 2001A, 7.08%, 3/15/32 158,710 200,000 UCFC Mfg. Housing Contract Series1998-2 A3, 6.16%, 8/15/19 203,773 ----------- Total asset-backed securities 2,571,762 ----------- (cost: $2,523,182) COLLATERALIZED MORTGAGE OBLIGATIONS (7.3%) (2) 90,060 Countrywide Home Loans Series 2002-27 A8, 4.00%, 12/25/32 88,389 128,718 FHLMC Series 2647-A, 3.25%, 4/15/32 123,916 233,311 FHLMC Series 2694-BA, 4.00%, 6/15/31 232,715 98,869 FNMA Series 1990 45J, 9.50%, 5/25/20 108,991 291,914 Vendee Mortgage Trust Series 1999-1 2Z, 6.50%, 12/15/28 307,992 126,411 Washington Mutual Series 2002-S8 A7, 5.25%, 1/25/18 124,800 ----------- Total collateralized mortgage obligations 986,803 ----------- (cost: $981,203) =============================================================================== BOND FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) =============================================================================== - ------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE(1) - ------------------------------------------------------------------------------- CORPORATE BONDS & NOTES (27.6%) (2) 100,000 Bank of New York Capital, 7.97%, 12/31/26 110,514 200,000 Barnett Capital (BOA), 8.06%, 12/1/26 218,233 297,181 Canadian Natl. Railway Co. Series 1997-A2, 7.195%, 1/2/16 343,660 100,000 Conoco Philips, 8.00%, 1/15/37 114,497 329,512 Continental Airlines Series 2000-2, 7.707%, 4/2/21 328,579 50,000 CSX Transportation, Inc., 9.75%, 6/15/20 69,750 100,000 Delta Air Lines Series 2002-1, 6.417%, 7/2/12 104,392 300,000 First Hawaiian Capital Trust, 8.343%, 7/1/27 343,657 100,000 Ford Motor Credit Co., 7.20%, 6/15/07 106,665 50,000 McDonald's Corp., 7.31%, 9/15/27 53,916 200,000 Morton Intl., Inc., 9.25%, 6/1/20 282,062 100,000 Narragansett Electric Co., 7.39%, 10/1/27 111,103 58,000 Norfolk Southern Railway, 9.75%, 6/15/20 82,027 Northwest Airlines Corp.: 161,633 7.935%, 10/1/20 176,915 351,236 8.072%, 10/1/19 392,498 50,000 Prologis Trust, 7.625%, 7/1/17 59,082 360,108 Southwest Air Co., 7.67%, 1/2/14 400,520 100,000 Union Pacific Corp., 7.00%, 2/1/16 115,774 100,000 US Bancorp Capital, 8.27%, 12/15/26 110,831 200,000 Wells Fargo Capital, 7.96%, 12/15/26 217,232 ----------- Total corporate bonds & notes 3,741,907 ----------- (cost: $3,626,043) MORTGAGE PASS-THROUGH SECURITIES (31.1%) (2) Federal Home Loan Mortgage Corporation: 69,250 3.08%, 5/1/34 68,677 276,530 7.00%, 7/1/32 292,946 95,158 8.00%, 1/1/18 101,436 236,601 8.00%, 11/15/29 256,431 33,320 8.30%, 7/17/19 36,233 170,650 8.375%, 5/17/20 185,923 89,829 8.50%, 9/1/16 98,822 94,707 9.00%, 3/1/21 105,376 23,436 9.00%, 7/1/22 26,091 14,936 9.00%, 7/1/30 16,482 122,948 9.00%, 8/1/30 135,672 47,874 9.50%, 8/1/16 54,078 59,814 9.50%, 12/1/22 67,440 40,875 9.50%, 12/1/22 45,975 5,347 10.25%, 9/1/09 5,808 10,601 10.75%, 3/1/11 11,582 Federal National Mortgage Association: 134,625 4.023%, 4/1/33 134,388 239,914 7.00%, 5/1/32 254,326 269,756 7.50%, 4/1/24 291,102 160,639 7.50%, 6/1/32 173,002 39,429 8.50%, 2/1/25 43,454 103,244 8.50%, 5/1/30 113,610 97,299 9.00%, 1/1/15 108,155 92,593 9.00%, 12/1/19 103,001 21,474 9.50%, 4/1/25 24,180 53,057 9.75%, 1/15/13 58,120 39,490 10.25%, 8/15/13 43,550 90,981 10.50%, 5/1/19 100,726 38,945 11.00%, 9/1/19 43,462 40,499 11.00%, 11/1/20 45,061 =============================================================================== BOND FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2004 (UNAUDITED) =============================================================================== - ------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE(1) - ------------------------------------------------------------------------------- Government National Mortgage Association: 77,111 7.90%, 8/20/21 83,882 58,684 8.00%, 4/15/17 64,249 93,290 8.50%, 10/15/24 102,289 94,720 8.50%, 11/20/26 103,302 51,857 8.50%, 10/15/24 56,860 51,521 8.75%, 11/15/09 56,734 5,742 9.00%, 10/15/06 5,959 8,411 9.00%, 9/15/08 9,046 8,038 9.00%, 4/15/09 8,729 20,912 9.00%, 4/15/09 22,710 124,741 9.00%, 6/15/09 133,900 2,432 9.00%, 8/15/11 2,725 47,632 9.00%, 1/15/17 54,307 6,902 9.00%, 8/20/19 7,717 4,738 9.00%, 6/20/21 5,308 7,138 9.00%, 12/20/21 7,996 60,019 9.00%, 2/20/27 66,702 11,437 9.25%, 5/15/10 12,867 186,904 9.25%, 10/15/11 211,236 4,501 9.50%, 11/15/05 4,578 18,637 9.50%, 2/15/11 21,148 53,655 9.50%, 5/20/16 60,122 3,655 9.50%, 5/20/18 4,107 31,779 9.50%, 7/20/18 35,710 19,814 9.50%, 7/20/18 22,265 455 9.50%, 4/15/20 513 4,604 9.50%, 11/15/21 5,199 ----------- Total mortgage pass-through securities 4,215,269 ----------- (cost: $4,162,886) TAXABLE MUNICIPAL SECURITIES (3.3%) (2) 250,000 Academica Charter Sch. Series 2004, 7.93%, 8/15/19 253,950 20,000 Bernalillo Multifamily. Series 1998A, 7.50%, 9/20/20 22,057 CA Rural HMFA Single Family Mtg. Rev.: 27,000 Series 2003A, 5.25%, 12/1/24 27,014 150,000 Series 2004A, 5.375%, 6/1/29 148,905 ----------- Total taxable municipal securities 451,926 ----------- (cost: $447,000) CLOSED-END MUTUAL FUNDS (7.7%) (2) 8,825 American Select Portfolio 113,048 8,145 American Strategic Income Portfolio (I) 98,229 33,394 American Strategic Income Portfolio (II) 413,418 34,172 American Strategic Income Portfolio (III) 417,924 ----------- Total closed-end mutual funds 1,042,619 ----------- (cost: $1,025,790) SHORT-TERM SECURITIES (0.9%) (2) 6,742 Dreyfus Gov't Cash Mgmt. Fund, 1.98% 6,742 111,000 Sit Money Market Fund, 1.76% (3) 111,000 ----------- Total short-term securities 117,742 ----------- (cost: $117,742) Total investments in securities 13,468,217 Liabilities in Excess of Other Assets (0.7%) 92,075 ------------- Total Net Assets $13,560,292 ============= ------------- Aggregate Cost 13,212,494 ------------- Gross Unrealized Appreciation 309,560 Gross Unrealized Depreciation (53,838) ------------- Net Unrealized Appreciation(Depreciation) 255,722 ============= Notes To Schedule of Investments - -------------------------------- (1) Securities are valued by procedures described in note 1 to the financial statements. (2) Percentage figures indicate percentage of total net assets. (3) This security represents an investment in an affiliated party. ITEM 2. CONTROLS AND PROCEDURES. (a) The Vice President and Treasurer and the Chairman have concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) of Sit Mutual Funds II, Inc. (the "Registrant") provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Sit Mutual Funds II, Inc. By: /s/Paul E. Rasmussen -------------------------------- Paul Rasmussen Vice President and Treasurer Date: February 11, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/Paul E. Rasmussen -------------------------------- Paul Rasmussen Vice President and Treasurer Date: February 11, 2005 By: /s/Eugene C. Sit -------------------------------- Eugene C. Sit Chairman Date: February 11, 2005 EX-99.CERT 2 sit050594usgov_ex99cert.txt EXHIBIT EX-99.CERT ------------------ I, Paul E. Rasmussen, certify that: 1. I have reviewed this report on Form N-Q of Sit Mutual Funds II, Inc; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 11, 2005 /s/Paul E. Rasmussen - ----------------------------------- Paul E. Rasmussen Vice President and Treasurer I, Eugene C. Sit, certify that: 1. I have reviewed this report on Form N-Q of Sit Mutual Funds II, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 11, 2005 /s/Eugene C. Sit - ----------------------------------- Eugene C. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----