-----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, DdXxoci0uSh348USu8oi+XDL/zX4YOOVcuv7E3+bsEG8QduslaqVPYlWPqczmjEQ jgnPrGGO6YO0qGeSdXAN7w== 0000897101-06-001841.txt : 20060830 0000897101-06-001841.hdr.sgml : 20060830 20060830111943 ACCESSION NUMBER: 0000897101-06-001841 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060630 FILED AS OF DATE: 20060830 DATE AS OF CHANGE: 20060830 EFFECTIVENESS DATE: 20060830 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: 061064472 BUSINESS ADDRESS: STREET 1: 3300 IDS CTR, 80 S. 8TH STREET CITY: MINNEAPOLIS STATE: MN ZIP: 55402 BUSINESS PHONE: 612-332-3223 MAIL ADDRESS: STREET 1: 3300 IDS CTR, 80 S. 8TH STREET 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 0000746601 S000003467 Sit Tax-Free Income Fund C000009601 Sit Tax-Free Income Fund SNTIX 0000746601 S000003468 Sit Minnesota Tax-Free Income Fund C000009602 Sit Minnesota Tax-Free Income Fund SMTFX N-Q 1 sit063347mfii_nq.txt QUARTERLY REPORT FOR PERIOD ENDED JUNE 30, 2006 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, 2006 Date of reporting period: June 30, 2006 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) 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 - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (95.4%) (2) ALABAMA (1.3%) 300,000 AL Wtr. Pollution Ctrl. Auth. Revolving Fund Lien Series 1998-B (AMBAC insured), 5.00%, 8/15/2021 304,767 675,000 Birmingham-Southern College Private Educ. Bldg. Rev. Series 1997, 5.35%, 12/1/19 675,149 100,000 DCH Hlth. Care Auth. Fac. Rev. Series 1998 (MBIA insured), 4.875%, 6/01/13 101,627 Huntsville Hlth. Care Auth. Rev. 200,000 Series 1997-A (MBIA insured), 5.00%, 6/1/17 202,930 1,000,000 Series 2002-A, 5.625%, 4/1/02 1,051,650 1,000,000 Series 2002-B, 5.75%, 6/1/32 1,054,850 750,000 Montgomery Special Care Facs. Fin. Auth. Rev. Series 1997-C (Baptist Med. Ctr. Proj.), 5.375%, 9/1/22 772,485 550,000 Montgomery Med. Clinic Board Hlth. Care Fac. Rev. Series 1991, 7.00%, 3/1/15 551,078 ---------------- 4,714,536 ---------------- ALASKA (2.2%) 12,505,000 Alaska HFC Gen. Mtg. Rev. Series 1997-A, zero coupon, 6.15% effective yield on purchase date, 12/1/17 6,407,312 Northern Alaska Tobacco Securitization Corp. Asset-Backed Rev.: 500,000 Series 2000, 6.20%, 6/1/22 520,190 1,025,000 Series 2001, 4.75%, 6/1/15 1,030,228 ---------------- 7,957,730 ---------------- ARIZONA (1.8%) 205,000 Bullhead City Special Assessment Impt. Dist. Series 1993 (Bullhead Pkwy. Proj.), 6.10%, 1/1/10 207,046 Maricopa Co. Indl. Dev. Auth. Multifamily Hsg. Rev.: 400,000 Series 1996-A (Place Five & Greenery Apts. Proj.), Escrowed to Maturity, 6.625%, 1/1/27 427,576 500,000 Series 1996-B (Advantage PT, etc. Proj.), Escrowed to Maturity, 7.375%, 7/1/26 511,440 100,000 Maricopa Co. Pollution Ctrl. Rev. Ref. Public Svc. Series 1996-A (New Mexico Public Svc. Co. Proj.), 6.30%, 12/1/26 103,267 700,000 Phoenix Street & Hwy. User Rev. Ref. Jr. Lien Series 1992, 6.25%, 7/1/11 701,148 Pima Co. Indl. Dev. Auth. Educ. Rev.: 295,000 Series 2004-I (AZ Charter Schools Proj.), 5.00%, 7/1/12 294,850 250,000 Series 2004-A (Noah Webster Basic School Proj.), 5.25%, 12/15/16 251,350 210,000 Series 2005-M (AZ Charter Schools Proj.), 5.70%, 7/1/23 210,401 750,000 Series 2006 (Fac. Choice Educ. & Dev. Corp. Proj.), 6.00%, 6/1/16 747,743 565,000 Pinal Co. Indl. Dev. Auth. Correctional Fac. Rev. Series 2006-A (Florence West Prison Proj.) (ACA insured), 5.25%, 10/1/23 578,594 1,250,000 Salt River Proj. Agric. Impt. & Pwr. Dist. Elec. Sys. Rev. Ref. Series 1993-C, 4.90%, 1/1/08 1,250,950 Quail Creek Cmnty. Fac. Dist. G.O. Series 2006: 585,000 4.85%, 7/15/12 583,473 500,000 5.15%, 7/15/16 500,840 ---------------- 6,368,678 ---------------- ARKANSAS (1.1%) 750,000 Bentonville Co. ISD No. 6 Refunding & Construction G.O. Series 2003-A (Ambac insured), 4/75%, 6/1/24 752,183 34,842 Drew Co. Public Fac. Bd. Single Family Mtg. Rev. Ref. Series 1993-A2 (FNMA backed), 7.90%, 8/1/11 34,929 755,000 Maumelle HDC First Lien Rev. Ref. Series 1992-A (Section 8), 7.875%, 7/1/09 756,261 North Little Rock Hlth. Facs. Bd. Health Care Rev. Series 2001 (Baptist Health Proj.): 555,000 5.00%, 7/1/06 555,017 300,000 5.00%, 7/1/07 302,625 490,000 5.00%, 7/1/08 497,644 1,000,000 White Co. Hlth. Care Fac. Rev. Series 2005 (White Co. Med. Ctr. Proj.), 5.00%, 12/1/14 1,008,440 ---------------- 3,907,099 ---------------- CALIFORNIA (9.6%) 160,000 ABAG Fin. Auth. For Nonprofit Corp. Rev Series 2002 (Redwood Sr. Homes & Svcs. Proj.), 4.10%, 11/15/07 159,243 250,000 Agua Caliente Band Cahuilla Indians Rev. Series 2003, 4.60%, 7/1/08 250,978 120,000 Bay Area Govt. Assoc. Tax Allocation Rev. Series 1994-A (FSA insured), 6.00%, 12/15/14 121,163 250,000 Blythe Redev. Agy. Tax Allocation Ref. Series 1997 (Proj. No. 1), 5.80%, 5/1/28 259,580 200,000 Calexico Cmnty. Redev. Agy. Tax Allocation Series 2000 (Merged Central Bus. District Redev. Proj.) (Ambac insured), 5.375%, 8/1/26 206,986 3,335,000 CA Co. Tobacco Securitization Agy. Asset-Backed Rev. Series 2002 (Alameda Co. Proj.), 4.75%, 6/1/19 3,346,472
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 925,000 CA Cmnty. College Fin. Auth. Student Hsg. Rev. Series 2003-A (Feather River Cmnty. Dist. Proj.), 4.625%, 7/1/13 917,369 225,000 CA Cmnty. Hsg. Fin. Agy. Lease Rev. Pass Thru Oblig. Series 2005-D, 4.875%, 4/1/2012 223,540 750,000 CA Dept. Water Resources Rev. Series 1972 (Central Valley Proj.), 5.25%, 7/1/22 771,360 220,000 CA Dept. Water Resources Rev. Series 1996-Q (Central Valley Proj.)(MBIA insured), 5.375%, 12/1/27 224,338 CA Educ. Facs. Auth. Rev.: 10,000 Series 1995-A (Pooled College & Univ. Proj.), 5.60%, 12/1/14 10,177 520,000 Series 1996 (Chapman Univ. Proj.), 5.125%, 10/1/26 527,634 CA G.O. Rev. Ref.: 770,000 Series 1993 (FSA insured), 5.125%, 10/1/17 771,894 60,000 Series 1996 (Ambac insured), 5.25%, 6/1/21 60,895 495,000 CA Govt. Fin. Auth. Lease Rev. Series 2003-A (Placer Co. Transportation Proj.), 6.00%, 12/1/28 523,774 CA Hlth. Facs. Fin. Auth. Rev.: 500,000 Series 1997-B (Cedars-Sinai Med. Ctr. Proj.), 5.125%, 8/1/27 510,480 Series 2001 (Casa Colina Proj.): 500,000 5.00%, 4/01/08 503,755 500,000 5.50%, 4/01/11 519,905 500,000 CA Fin. Auth. Educ. Rev. Series 2006-A (American Heritage Educ. Fndtn. Proj.), 5.25%, 6/1/2026 502,665 CA Public Works Board Lease Rev. Series 1993-A (Various CA State Univ. Proj.): 300,000 5.25%, 12/1/13 (5) 300,258 625,000 5.50%, 12/1/2018 625,394 1,500,000 CA. State Series 2004, 5.10%, 2/1/2034 1,509,780 CA Statewide Cmntys. Dev. Auth. Rev. Series 2005 (Daughters of Charity Hlth. Proj.): 500,000 5.00%, 7/1/06 500,015 500,000 5.00%, 7/1/07 504,570 530,000 5.25%, 7/1/11 552,329 400,000 Del Mar Race Track Auth. Rev. Series 2005, 4.00%, 8/15/06 400,064 2,250,000 East Side Unified High Sch. Dist. Santa Clara Co. G.O. Series 1999-E (FGIC insured), Escrowed to Maturity, 5.00%, 9/1/22 2,272,770 235,000 Garden Grove C.O.P Series 1993 (Bahia Village/Emerald Isle Proj.)(FSA insured), 5.70%, 8/1/23 235,486 Golden State Tobacco Securitization Corp. Asset-Backed Rev. Series 2005-A: 335,000 5.00%, 6/1/16 336,340 2,000,000 5.00%, 6/1/19 2,033,620 1,250,000 Interest Appreciation Bonds, 6/1/22 1,011,850 750,000 Intercommunity Hosp. Fin. Auth. C.O.P Series 1998 (ACA insured), 5.25%, 11/1/19 762,518 400,000 Los Angeles Water & Power Rev. Series 2001-A-A3, 5.25%, 7/1/18 400,016 3,175,000 Northern CA Power Agy. Rev. Series 1987-A, 5.00%, 7/1/09 3,176,873 685,000 Northern CA Tobacco Securitization Auth. Asset-Backed Rev. Series 2005-A1, 4.75%, 6/1/23 669,396 500,000 Oakland UNI Sch. Dist. Alameda Co. G.O. Series 2005 (MBIA insured), 5.00%, 8/1/24 514,320 1,000,000 Rancho Cucamonga Redev. Agy. Tax Allocation Series 1996 (MBIA insured), 5.25%, 9/1/16 1,022,040 2,750,000 San Bernardino Co. C.O.P. Series 1996 (Med. Ctr. Fin. Proj.) (MBIA insured), 5.00%, 8/1/28 2,800,572 1,000,000 San Francisco City & Co. Airpts., Intl. Arpt. Rev. Ref. Series 2001-27B (FGIC insured), 5.125%, 5/1/31 1,014,240 500,000 Santa Clara Redev. Agy. Tax Allocation Series 2003 (Bayshore North Proj.) (MBIA insured), 5.00%, 6/1/15 502,260 Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev.: Series 2006: 315,000 4.50%, 3/1/11 310,294 385,000 4.875%, 3/1/16 377,993 1,900,000 Series 2001-B, 6.00%, 5/15/22 1,990,649 405,000 Series 2002-A, 5.25%, 6/1/27 431,280 ---------------- 34,667,135 ---------------- COLORADO (2.4%) 565,000 Adonea Met. Dist. No. 2 Rev. Series 2005-B, 4.375%, 12/1/15 558,457 385,000 Aurora Golf Course Enterprise Sys. Rev. Ref. Series 2005, 4.00%, 12/1/08 381,985 225,000 Castle Rock Golf Enterprise Rev. Ref. Series 2005, 3.25%, 12/1/06 224,303 250,000 CO Educ. & Cultural Fac. Rev. Ref. Series 2003-C (Cheyenne Mtn. Charter Sch. Proj.), 4.625%, 6/15/12 239,683 CO HFA Single Family Program Senior Series: 65,000 1996B-2, 7.45%, 11/1/27 66,901 50,000 1997B-3, 6.80%, 11/1/28 50,923 CO Hlth. Fac. Auth. Rev.: 320,000 Series 2000-A (Porter Place Proj.) (GNMA collateralized), 5.10%, 1/20/11 327,194 1,000,000 Series 2000 (Evangelical Lutheran Proj.), 6.25%, 12/1/10 1,075,390
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,000,000 Series 2002 (Evangelical Lutheran Proj.), 5.90%, 10/1/27 1,050,580 250,000 Series 2005 (Covenant Retirement Cmntys. Proj.), 4.50%, 12/1/07 250,605 400,000 Series 2005 (Covenant Retirement Cmntys. Proj.), 4.50%, 12/1/08 400,912 750,000 Series 2005-F (Poudre Valley Hlth. Care Proj.), 5.00%, 3/1/25 742,590 600,000 Denver Hsg. Corp. Multifamily Rev. Ref. Series 1997-A (Section 8), 5.35%, 10/1/12 607,890 255,000 Denver West Met. Dist. Refunding G.O. Series 2005, 3.40%, 12/1/07 252,435 435,000 E-470 Pub. Hwy. Auth. Rev. Senior Series 1997-A (MBIA insured), 5.00%, 9/1/26 441,460 500,000 Inverness Wtr. & Sanitation Dist. Arapahoe & Dougles Cos. G.O. Series 2006-A (Radian insured), 4.60%, 12/1/19 491,140 1,250,000 Midcities Metro Dist. No. 2 G.O. Ref. & Impt. Series 2006 (Radian insured), 5.125%, 12/1/30 1,267,588 SBC Met. Dist. G.O. Ref. Series 2005 (ACA insured): 150,000 3.125%, 12/1/06 149,427 205,000 3.00%, 12/1/07 201,648 25,000 Thornton Single Family Mtg. Rev. Ref. Series 1992-A, 8.05%, 8/1/09 25,083 ---------------- 8,806,194 ---------------- CONNECTICUT (0.7%) 600,000 Connecticut Hlth. & Educ. Fac. Auth. Rev. Series 1996-H (Yale-New Haven Hosp. Proj.) (MBIA insured), 5.50%, 7/01/12 612,018 Mashantucket Western Pequot Tribe Subordinated Special Rev.: 100,000 Series 1997-B, 5.75%, 9/1/18 102,489 1,850,000 Series 1999-B, zero coupon, 5.05% effective yield on purchase date, 9/1/09 1,580,973 500,000 Series 1999-B, zero coupon, 5.12% effective yield on purchase date, 9/1/26 285,130 ---------------- 2,580,610 ---------------- DELAWARE (0.1%) 250,000 DE Hlth. Fac. Auh. Rev. Series 2005-A (Beebe Med. Ctr. Proj.), 5.00%, 6/1/07 252,255 ---------------- FLORIDA (6.9%) 700,000 Belmont Cmnty. Dev. Dist. Cap. Impt. Rev. Series 2006-B, 5.125%, 11/01/2014 694,568 500,000 Capital Trust Agy. Hsg. Rev. Series 2005-B (Sub-Atlandtic Hsg. Foundation Proj.), 4.50%, 7/1/15 494,350 600,000 Capital Trust Agy. Multifamily Rev. Sr. Series 2003-A (Golf Villas, Rivermill, and Village Square Apts. Proj.), 4.75%, 6/1/13 571,380 800,000 Charlotte Co. Utility Rev. Ref. Series 1996-A (FGIC insured), 5.625%, 10/01/16 819,232 575,000 Collier Co. HFA Multifamily Hsg. Rev. Series 2002-C (Goodlette Arms Proj.), 5.25%, 8/15/15 588,760 385,000 Dade Co. Hlth. Fac. Auth. Hosp. Rev. Ref. Series 1993-A (Baptist Hosp. Miami Proj.) (MBIA insured), 5.25%, 5/15/21 385,300 500,000 Dade Co. School Dist. G.O. Series 1997 (MBIA insured), 5.00%, 2/15/15 507,975 Escambia Co. Hlth. Facs. Auth. Rev. Series 1998 (Baptist Hosp. & Manor Proj.): 200,000 5.00%, 10/01/08 202,726 470,000 5.125%, 10/1/19 473,708 500,000 FL Div. Bd. Fin. Dept. Gen. Svcs. Rev. Series 1997-A, 5.00%, 7/1/11 509,820 750,000 FL HFC Hsg. Rev. Hsg. Series 2000-D-1 (Augustine Club Apts. Proj.) (MBIA insured), 5.75%, 10/1/30 776,565 500,000 FL Brd. Educ. Cap. Outlay G.O. Series 1998-A (Pub. Educ. Proj.) (FSA insured), 5.20%, 6/1/23 513,475 1,950,000 FL University Cap. Impt. Rev. Series 2004, 5.125%, 9/1/33 1,974,238 1,000,000 Halifax Hosp. Med. Ctr. Hosp. Rev. Ref. Series 2006-A, 5.25%, 6/1/19 1,024,980 Highlands Co. Hlth. Fac. Auth. Hosp. Rev. (Aventist Hlth. Proj.): 350,000 Series 1998, 5.25%, 11/15/28 355,992 500,000 Series 2005-I, 5.00%, 11/15/29 512,960 425,000 Ref. Series 2005-B, 5.00%, 11/15/30 423,789 1,000,000 Series 2006-C, 5.25%, 11/15/36 1,021,610 Hillsborough Co. Indl. Dev. Auth. Hosp. Rev. Ref. Series 2003-A (Tampa Gen. Hosp. Proj.): 1,850,000 5.00%, 10/1/08 1,885,557 500,000 5.25%, 10/1/24 513,760 475,000 Hillsborough Co. Indl. Dev. Auth. Indl. Rev. Series 1999-A (Hlth. Facs. Proj. - Univ. Cmnty. Hosp.), 5.625%, 8/15/23 489,549 400,000 Lakeland Hosp. Sys. Rev. Ref. Series 1997 (Lakeland Regl. Med. Center Proj.) (MBIA insured), 5.00%, 11/15/22 404,056 545,000 Lee Co. Indus. Dev. Auth. Hlth. Care Fac. Rev. Series 1999-A (ShellPoint Village Proj.), 5.50%, 11/15/08 553,715 585,000 Marion Co. Hosp. Dist. Rev. Ref. Series 1999 (Munroe Regl. Med. Ctr. Proj), 5.25%, 10/1/10 608,657 405,000 Martin Co. Hlth. Fac. Auth. Hosp. Rev. Ref. Series 2002-B (Martin Memorial Med. Ctr. Proj.), 4.875%, 11/15/12 406,984 680,000 Miami Beach Water & Sewer Rev. Series 1995 (FSA insured), 5.375%, 9/1/15 692,281 400,000 Miami - Dade Co. Spl. Oblig. Rev. Series 1997-B, zero coupon, 4.79% effective yield on purchase date, 10/1/35 347,952
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- North Broward Hosp. Dist. Rev. Series 1997 (MBIA insured): 100,000 Prerefunded Series, 5.375%, 1/15/24 101,829 180,000 Unrefunded Balance Series, 5.375%, 1/15/24 182,876 1,000,000 Orange Co. Hlth. Fac. Auth. Rev. Series 2006-B (Orlando Regl. Hlth. Care Proj.), 5.125%, 11/15/39 1,005,640 Palm Beach Co. Hlth. Fac. Auth. Rev. Ref.: 125,000 Series 1996 (Retirement Cmnty. Proj.), 5.625%, 11/15/20 127,376 200,000 Series 2003 (Abbey Delray South Proj.), 5.15%, 10/1/12 204,944 Pinellas Co. Educ. Fac. Auth. Rev. Series 2006 (Eckerd College Proj.) (ACA insured): 350,000 4.50%, 10/1/14 345,471 680,000 4.625%, 10/1/16 668,515 25,000 Plantation Water & Sewer Rev. Series 1989 (MBIA insured), zero coupon, 5.45% effective yield on purchase date (MBIA insured), 3/1/07 23,966 3,105,000 Port Everglades Auth. Rev. Ref. Series 1989-A (FSA insured), 5.00%, 9/1/16 3,114,750 South Lake Co. Hosp. Dist. Rev. Series 2003 (South Lake Hosp. Inc. Proj.): 285,000 4.25%, 10/1/08 283,504 700,000 5.50%, 10/1/13 729,743 500,000 South Miami Hlth. Fac. Auth. Hosp. Rev. Series 2003 (Baptist Hlth. So. FL Grp. Proj.), 5.20%, 11/15/28 509,435 ---------------- 25,051,988 ---------------- GEORGIA (0.6%) 500,000 Atlanta Dev. Auth. Rev. Series 2005-C (Tuff ATDC Proj.), 5.00%, 1/1/31 490,990 590,000 Cobb Co. Dev. Auth. Pkg. Rev. Series 2004 (Kennesaw State Univ. Fdn., Inc. Proj.) (MBIA insured), 5.00%, 7/15/29 600,933 Private Colleges & Univ. Auth. Rev. Ref. Series 1999-A (Mercer Univ. Proj.): 300,000 4.45%, 10/1/07 300,672 750,000 5.25%, 10/1/14 761,970 ---------------- 2,154,565 ---------------- ILLINOIS (12.2%) 475,000 Blue Island Tax Increment G.O. Ref. Series 1997 (MBIA insured), 5.10%, 12/15/12 482,201 Broadview Village of Cook Co. Tax Increment Rev. Series 1999: 750,000 4.90%, 7/1/06 750,015 1,410,000 5.00%, 7/1/07 1,422,338 1,085,000 5.05%, 7/1/08 1,102,534 2,030,000 5.10%, 7/1/09 2,075,289 Chicago Brd. Educ. G.O. Series 1997-A (Chicago School Reform Proj.): 500,000 5.25%, 12/1/22 516,220 750,000 5.25%, 12/1/30 770,243 585,000 Chicago G.O. Series 1996-B (FGIC insured), Unrefunded, 5.125%, 1/1/25 590,850 55,000 Chicago Metro Hsg. Dev. Corp. Mtg. Rev. Ref. Series 1992-A (FHA insured) (Section 8), 6.85%, 7/1/22 56,313 250,000 Du Page Co. Spl. Svc. Areano 31 Spl. Tax Series 2006 (Monarch Landing Proj.), 5.40%, 3/1/16 248,328 700,000 Hodgkinds Tax Increment Rev. Ref. Senior Series 2005, 5.00%, 1/1/07 703,451 435,000 IL DFA Rev. Series 2002-A (Chicago Charter School Fdn. Proj.), 5.25%, 12/1/12 433,808 IL DFA Pollution Ctrl. Rev. Ref.: 300,000 Series 1993-C2 (Central IL Public Svc. Co. Proj.), 5.70%, 8/15/26 300,336 2,500,000 Series 2000-A (Ameren CIPS Proj.), 5.50%, 3/1/14 2,521,675 2,750,000 Series 1993-C1 (Central IL Pub. Svc. Co.), 5.95%, 8/15/26 2,798,125 IL DFA Refunding & New Money Rev. (Cmty. Rehab. Providers Fac. Acquisition Program): 1,740,000 Series 1997-A, 5.80%, 7/1/08 1,763,768 2,635,000 Series 1997-A, 6.05%, 7/1/19 2,690,809 300,000 Series 1997-A, 5.90%, 7/1/09 305,241 4,765,000 Series 1997-A, 6.00%, 7/1/15 4,858,251 1,240,000 Series 1997-C, 5.65%, 7/1/19 1,269,028 845,000 Series 1998-A, 5.50%, 7/1/12 863,767 250,000 Series 1998-A, 5.70%, 7/1/19 256,088 115,000 Series 2002-A (Cmnty. Rehab. Providers Fac. Proj.), 5.70%, 7/1/12 116,837 5,000 IL HDA Multifamily Rev. Series 1994-5 (Section 8), 6.75%, 9/1/23 5,014 500,000 IL Fin. Auth. Multifamily Rev. Series 2005-A (Senior Living-Bethel Terrace Apt. Proj.) (Section 8), 4.75%, 9/1/15 479,495 IL Hlth. Fac. Auth. Rev.: 500,000 Series 1993 (Rush-Presbyterian-St. Lukes Proj.), 5.50%, 11/15/25 505,135 1,100,000 Ref. Series 1994 (Passavant Memorial Area Hospital Assn.) (MBIA insured), 5.95%, 10/1/11 1,144,583
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,895,000 Ref. Series 1993-A (Edward Hosp. Proj.), 6.00%, 2/15/19 1,925,263 55,000 Unrefunded Balance Series 1996 (MBIA insured), 5.80%, 8/15/16 57,146 350,000 Ref. Series 1996-B (Sarah Bush Lincoln Hlth. Ctr. Proj.), 5.50%, 2/15/16 356,524 125,000 Series 1997-A (Edward Oblig Group Proj.) (Ambac insured), 5.25%, 2/15/27 127,925 735,000 Ref. Series 1999 (Silver Cross Hosp. Proj.), 5.25%, 8/15/15 745,775 970,000 Ref. Series 2001 (Decatur Memorial Hospital Proj.), 4.625%, 10/1/08 977,779 500,000 Series 2000 (IA Health System Proj.), 6.75%, 2/15/13 550,770 200,000 IL Sales Tax Rev. Series 1994-U, 5.00%, 6/15/10 200,154 500,000 IL State G.O. Series 1995, 5.50%, 7/1/10 505,600 Lombard Public Facs. Corp. Rev. First Tier Series 2005-A1 (Conference Ctr. & Hotel Proj.): 115,000 6.375%, 1/1/15 116,496 750,000 (ACA insured) 5.50%, 1/1/25 782,122 1,000,000 (ACA insured) 5.50%, 1/1/30 1,038,990 250,000 Melrose Park Tax Increment G.O. Series 1999-A (FSA insured), 5.25%, 12/15/15 256,712 Southwestern IL Dev. Auth. Rev. Series 1999 (Anderson Hosp. Proj.): 750,000 5.375%, 8/15/15 766,545 2,625,000 5.625%, 8/15/29 2,660,333 2,300,000 Southwestern IL Dev. Auth. Local Govt. Prog. Rev. Series 1998-A (City of East St. Louis Tax Increment Financing Proj.), 6.00%, 4/1/10 2,247,054 500,000 Univ. IL Rev. Hlth. Svc. Facs. Series 1997-A, 5.80%, 10/1/18 520,495 395,000 Upper Illinois River Valley Dev. Auth. Rev. Series 2001 (Morris Hosp. Proj.), 6.05%, 12/1/11 421,050 440,000 Will Co. Spl. Educ. Rev. Series 2006, 5.40%, 1/1/18 458,049 500,000 Will Co. Student Hsg. Rev. Series 2002-A (Joliet Junior College Proj.), 6.375%, 9/1/13 (3) 306,215 ---------------- 44,050,739 ---------------- INDIANA (4.3%) 500,000 Boone Co. Redev. Tax Increment Rev. Series 2005-B, 5.375%, 8/1/23 515,810 1,500,000 Delaware Co. Hosp. Auth. Hosp. Rev. Series 2006 (Cardinal Health Sys. Oblig. Grp. Proj.), 5.00%, 8/1/24 1,464,690 IN Hlth. & Educ. Fac. Fin. Auth. Rev. Series 2005 (Baptist Homes of IN Proj.): 555,000 5.00%, 11/15/12 569,153 650,000 5.25%, 11/15/25 651,918 200,000 IN Hlth. Fac. Fin. Auth. Hlth. Fac. Rev. Series 1998 (Holy Cross Health Sys. Corp. Proj.) (MBIA insured), 5.00%, 12/1/28 201,618 IN Hlth. Fac. Fin. Auth. Hosp. Rev.: Series 1993 (Community Hosp. of Anderson Proj.) (MBIA insured): 135,000 6.00%, 1/1/14 135,208 650,000 6.00%, 1/1/23 650,553 600,000 Ref. Series 1998 (Floyd Memorial Hosp. & Hlth. Svcs. Proj.), 5.25%, 2/15/18 607,836 Series 2001-A (Community Foundation Northwest IN): 1,100,000 5.50%, 8/1/06 1,100,968 1,000,000 6.00%, 8/1/07 1,014,620 1,000,000 6.00%, 8/1/08 1,025,260 1,320,000 5.50%, 8/1/13 1,354,967 390,000 6.375%, 8/1/21 414,274 190,000 6.375%, 8/1/31 199,589 300,000 Series 2004-A (Community Foundation Northwest IN), 4.75%, 3/1/14 293,979 500,000 IN HFA Single Family Mtg. Rev. Ref. Series 1992-A, 6.80%, 1/1/17 511,470 IN Hlth. Fac. Fin. Auth. Rev. Ref. Series 1998: 170,000 (Greenwood Village South Proj.), 5.35%, 5/15/08 170,070 1,875,000 (Marquette Manor Proj.), 5.00%, 8/15/18 1,819,163 1,125,000 IN State Dev. Fin. Auth. Rev. Educ. Facs. Series 2003 (Archdiocese Indpls. Proj.), 5.50%, 1/1/33 1,166,625 735,000 Munster Muni Ctr. Corp. Rev. Series 2006 (First MTG Proj.), 4.875%, 7/15/21 728,032 250,000 Shelby Co. Indl. Jail Bldg. Corp. Rev. Ref. Series 1996 (First Mtg. Proj.) (MBIA insured), 5.30%, 7/15/07 253,633 340,000 St. Joseph Co. Ind. Hosp. Auth. Facs. Rev. Series 2005 (Madison Ctr. Oblig. Group. Proj.), 4.25%, 2/15/07 339,663 240,000 South Knox Ind. Sch. Bldg. Corp. First Mtg. Rev. Series 1998, 4.80%, 7/15/17 242,489 ---------------- 15,431,588 ---------------- IOWA (0.6%) Coralville Urban Renewal Rev. Tax Increment Series 2006-A: 240,000 5.00%, 6/1/11 242,491 115,000 5.00%, 6/1/12 116,050 120,000 5.00%, 6/1/14 118,759 185,000 5.00%, 6/1/15 182,120
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,130,000 IA Fin. Auth. Multifamily Hsg. Rev. Ref. Series 1997-A (Kingswood Apts. Proj.) (GNMA-collateralized), 6.15%, 5/1/32 1,162,295 IA Fin. Auth Single Family Rev. Series 2000-D (GNMA/FNMA Mtg. Backed Securities Proj.): 110,000 5.65%, 7/1/07 110,734 110,000 5.75%, 7/1/09 112,625 ---------------- 2,045,074 ---------------- KANSAS (0.0%) 55,000 Olathe & Labette Cos. Mtg. Loan Rev. Series 1991-B (GNMA collateralized) zero coupon, 7.56% effective yield on purchase date, 2/1/23 16,988 ---------------- LOUISIANA (0.9%) 7,200,000 Capital Appreciation Series 2000-D1 (GNMA & FNMA collateralized) zero coupon, 6.46% effective yield on purchase date, 4/1/34 1,237,680 LA Public Facs. Auth. Rev.: 500,000 Series 1995-A (Glen Retirement Sys. Proj.), 6.50%, 12/1/15 504,820 500,000 Series 2002-B (Ochsner Clinic Fdn. Proj.), 5.50%, 5/15/32 509,990 400,000 Orleans Levee Dist. Rev. Series 1995-A (Tr. Rcpts.) (FSA insured), 5.95%, 11/1/14 410,436 450,000 South LA Port Common Rev. Ref. Series 1997 (Cargill, Inc. Proj.), 5.85%, 4/1/17 457,614 ---------------- 3,120,540 ---------------- MAINE (0.6%) 385,000 ME Hlth. & Hgr. Educ. Fac. Auth. Rev. Unrefunded Balance Series 1995-C (FSA insured), 5.375%, 7/1/06 385,015 1,000,000 Skowhegan Pollution Ctrl. Rev. Ref. Series 1993 (Scott Paper Co. Proj.), 5.90%, 11/1/13 1,001,550 1,000,000 South Berwick Educ. Rev. Series 1998 (Berwick Academy Issue), 5.25%, 8/1/13 1,015,730 ---------------- 2,402,295 ---------------- MASSACHUSETTS (0.8%) MA Hlth. & Educ. Fac. Auth. Rev.: 250,000 Series 1993-E (South Shore Hosp. Proj.) (MBIA insured), 5.50%, 7/1/20 252,690 1,000,000 Series 1998-B (Cape Cod Healthcare Obligated Group Issue Proj.), 5.25%, 11/15/13 1,018,540 350,000 Series 2005-E (Emerson Hosp. Proj.) (Radian insured), 3.50%, 8/15/07 348,138 MA Dev. Fin. Agy. Rev. Series 2005 (Evergreen Ctr., Inc.): 185,000 4.00%, 1/1/07 184,436 195,000 4.00%, 1/1/08 192,681 200,000 4.00%, 1/1/09 196,130 600,000 MA Indus. Fin. Agy. Rev. Series 1995 (St. Mark's School Issue), 6.00%, 1/1/15 611,976 ---------------- 2,804,591 ---------------- MICHIGAN (3.2%) 520,000 Central Wayne Co. Sanitation Auth. Incinerator Rev. Series 2003-VII, 4.375%, 7/1/06 519,995 Chandler Park Academy Public School Rev. Series 2005: 80,000 3.60%, 11/1/07 79,222 125,000 4.00%, 11/1/09 123,116 500,000 5.00%, 11/1/22 489,050 1,000,000 Kent Hosp. Fin. Auth. Rev. Series 2005-A (Met Hosp. Proj.), 6.00%, 7/1/35 1,060,990 225,000 MI Hosp. Fin. Auth. Rev. Ref. Series 1994 (Mercy Mem. Hosp. Proj.)(MBIA insured), 5.25%, 6/1/21 225,148 MI Hosp. Fin. Auth. Rev. Ref. Series 1997-A: 1,640,000 (Mid MI Obligation Group), 5.20%, 6/1/12 1,692,726 635,000 (Detroit Medical Group), 5.25%, 8/15/27 648,703 750,000 MI Strategic Fund Ltd. Obligation Rev. Ref. Series 2003 (Dow Chemical Proj.) (Mandatory Put 6/1/08), 4.60%, 6/1/14 755,895 750,000 Monroe Co. Hosp. Fin. Auth. Hosp. Rev. Ref. Series 2006 (Mercy Memorial Hosp. Proj.), 5.375%, 6/1/26 752,535 500,000 Plymouth Educ. Ctr. Charter Schl. Academy Rev. Ref. Series 2005, 5.00%, 11/1/11 502,525 300,000 Pontiac Tax Increment Fin. Auth. Rev. Ref. Series 2002 (Dev. Area 2 Proj.) (ACA insured), 5.625%, 6/1/22 312,549 2,095,000 Southfield Econ. Dev. Corp. Ltd. Obligation Rev. Series 1998-A (Lawrence Tech. Univ. Proj.), 5.25%, 2/1/13 2,119,092 1,873,912 Suburban Mobility Auth. Regl. Transportation C.O.P. Series 2002, 4.90%, 2/15/09 (5) 1,874,175 Summit Academy North Public School C.O.P. Series 2001: 135,000 5.70%, 7/1/06 135,005 145,000 5.95%, 7/1/07 147,509 ---------------- 11,438,235 ---------------- MINNESOTA (1.2%) 3,385,000 Dakota Co. HRA Multifamily Mtg. Rev. Ref. Series 1997-A (Park Place Apts. Proj.)(GNMA Collateralized), 6.875%, 2/20/32 3,580,788 740,000 Hopkins Multifamily Hsg. Rev. Series 1996 (Hopkins Renaissance Proj.)(Section 8), 6.375%, 4/1/20 765,441 ---------------- 4,346,229 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MISSISSIPPI (0.4%) 325,000 MS Dev. Bank Spl. Oblig. Rev. Ref. Series 1998 (Three Rivers Solid Waste Proj.), 5.125%, 7/1/14 318,633 100,000 MS Business Fin. Corp. Hlth. Fac. Rev. Series 1998 (Rush Medical Foundation Inc. Proj.), 5.375%, 7/1/15 96,848 1,000,000 MS Hosp. Equip. & Facs. Auth. Rev. Series 1997-A (Rush Med. Fdn. Proj.), 6.00%, 1/1/16 1,015,500 ---------------- 1,430,981 ---------------- MISSOURI (2.7%) 380,000 Brentwood Tax Increment Rev. Ref. Series 2005, 3.625%, 5/1/09 373,384 1,000,000 Cameron Indl. Dev. Auth. Rev. Ref. Series 2000 (Cameron Cmnty. Hosp. Proj.) (ACA insured), 5.80%, 12/1/09 1,020,400 500,000 Cape Girardeau Co. Indl. Dev. Auth. Hlth. Care Fac. Rev. Series 2002 (Southeast MO Hosp. Assoc. Proj.), 5.75%, 6/01/32 512,300 205,000 Chesterfield Rev. Ref. & Impt. Series 2002 (Chesterfield Vy. Projs.), 4.50%, 4/15/16 204,902 500,000 Fenton Tax Increment Rev. Ref. Series 2006 (Gravois Bluffs Redev. Proj.), 4.50%, 4/1/21 492,025 205,000 Greene Co. C.O.P. Series 2000 (Law Enforcement Proj.), 5.50%, 7/1/09 209,104 375,000 Hannibal Indl. Dev. Auth. Tax Increment & Transn. Dev. Rev. Ref. & Impt. Series 2006 (Stardust-Munger Proj.), 4.70%, 4/15/23 360,641 MO Dev. Finance Board Infrastructure Fac. Rev.: Series 2000A (Eastland Ctr. Proj. Phase 1): 710,000 5.75%, 4/1/09 728,595 550,000 5.75%, 4/1/12 566,637 1,000,000 Series 2000-B (Eastland Ctr. Proj. Phase 2), 6.00%, 4/1/15 1,043,350 450,000 Series 2005-A (Public Safety Proj.), 4.00%, 3/1/08 448,276 260,000 Joplin Dev. Auth. Hlth. Facs. Rev. Series 2004 (Freeman Hlts. Sys. Proj.), 3.875%, 2/15/07 259,514 500,000 MO Hlth. & Educ. Fac. Auth. Rev. Series 2005-A (Sr. Living Fac.-Lutheran Sr. Svcs. Proj.), 5.375%, 2/1/35 505,420 700,000 MO Hlth. & Educ. Fac. Auth. Educ. Fac. Rev. Series 1999 (Park College Proj.), 5.55%, 6/1/09 697,438 MO Environmental Impt. & Energy Res. Auth. Water Fac. Rev. Ref.: 825,000 Series 1996, 5.25%, 12/1/09 837,556 150,000 Series 1999 (Tri-Co. Water Auth. Proj.)(Radian insured), 5.50%, 4/1/07 151,686 1,000,000 St. Louis Indl. Dev. Auth. Tax-Exempt Impt. Rev. Series 1998 (St. Louis Zoo Fdn.) (LOC Nationsbank), 5.10%, 8/15/12 1,016,840 275,000 Univ. City Indl. Dev. Auth. Hsg. Rev. Ref. Series 1995-A (Canterbury Proj.), 5.75%, 12/20/15 275,220 ---------------- 9,703,288 ---------------- MONTANA (0.6%) 1,135,000 Crow Finance Auth. Tribal Purpose Revenue Series 1997-A, 5.70%, 10/1/27 1,166,746 1,000,000 MT Fac. Fin. Auth. Rev. Series 2005 (Great Falls Pre-Release Svcs. Proj.), 5.08%, 4/1/21 1,000,540 ---------------- 2,167,286 ---------------- NEVADA (2.0%) 2,750,000 Clark Co. Pollution Ctrl. Rev. Ref. Series 1992B (Nevada Pwr. Co. Proj.)(FGIC insured), 6.60%, 6/1/19 2,795,430 1,000,000 Humboldt Co. Pollution Ctrl. Rev. Ref. Series 1987 (Sierra Pac. Proj.), 6.55%, 10/1/13 1,023,650 600,000 Las Vegas Paiute Tribe Rev. Series 2002A (ACA insured), 6.625%, 11/1/17 658,098 350,000 North Las Vegas LOC Impt. Spl. Assessment Ref. Sub. Spl. Series 2006-B (Impt. Dist. No. 60), 4.50%, 12/1/10 346,126 NV Hsg. Dev. SF Mtg. Program: Series 1995-A: 400,000 6.00%, 6/1/08 400,480 1,000,000 6.125%, 6/1/12 1,001,030 160,000 Mezzanine Series 1998B-1, 5.30%, 4/1/16 164,102 1,000,000 Washoe Co. Gas & Water Fac. Rev. Ref. Series 1987 (Ambac insured), 6.30%, 12/1/14 1,019,680 ---------------- 7,408,596 ---------------- NEW HAMPSHIRE (1.3%) Manchester Hsg. & Redev. Auth. Rev.: 300,000 Series 2000-B (Radian insured) zero coupon, 5.25% effective yield on purchase date, 1/1/19 158,283 875,000 Series 2000-B (ACA insured), zero coupon, 6.00% effective yield on purchase date, 1/1/21 396,672 890,000 Series 2000-A (ACA insured), 6.75%, 1/1/15 956,750 NH Hlth. & Educ. Fac. Auth. Rev.: 500,000 Series 2004 (Covenant Hlth. Proj.), 5.00%, 7/1/14 505,420 485,000 Series 2006 (The Memorial Hosp. Proj.), 5.25%, 6/1/16 492,023 NH Hlth. & Educ. Facs. Auth. Hosp. Rev. Series 2004 (Speare Mem. Hosp. Proj.): 255,000 5.00%, 7/1/10 254,816 500,000 5.00%, 7/1/16 489,795 690,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1997 (Catholic Charities Proj.), 5.75%, 8/1/12 697,935 280,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1997 (Monadnock Cmnty. Hosp.), 5.25%, 10/1/07 282,895 390,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1998 (New Hampton School), 5.00%, 10/1/08 393,857 ---------------- 4,628,446 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- NEW MEXICO (0.4%) 815,000 NM MFA Forward Mortgage-Backed Series 1995-E (GNMA collateralized), 6.95%, 1/1/26 824,046 500,000 NM Hsg. Auth. Region III Multifamily Hsg. Rev. Series 2003-A (Villa Del Oso Apts. Proj.), 6.00%, 7/1/17 502,640 160,000 Taos Co. Gross Receipts Tax Rev. Series 2004 (Co. Education Improvement Proj.), 3.25%, 10/1/08 156,355 ---------------- 1,483,041 ---------------- NEW YORK (1.0%) 170,000 Monroe Co. Indl. Dev. Agy. Student Hsg. Rev. Series 1999-A (Collegiate Hsg. Fdn. - Rochester Institute of Technology Proj.), 4.90%, 4/1/09 170,979 1,230,000 NY Dorm Auth. Rev. Series 1996-A (Maimonides Med. Ctr. Proj.), 5.75%, 8/1/24 1,256,408 75,000 NY Dorm Auth. Rev. Series 2002 (FHA insured), 4.00%, 2/1/12 74,922 190,000 NY Cos. Tobacco Trust IV Settlement Pass-Thru Rev. Series 2005-A, 4.25%, 6/1/21 185,681 135,000 NY G.O. Series 1996-G, 5.75%, 2/1/17 137,191 500,000 NY Dorm Auth. Rev. Series 1997 (State Univ. Fac. Proj.), 5.125%, 5/15/21 510,610 NY Tobacco Settlement Fing. Corp Asset-Backed Rev.: 160,000 Series 2003-C1, 5.00%, 6/1/11 160,136 250,000 Series 2003-C1, 5.25%, 6/1/13 255,808 500,000 Series 2003-C1, 5.50%, 6/1/14 518,920 450,000 Suffolk Co. Indl. Dev. Agy. Continuing Care Retirement Rev. Ref. Series 2006 (Jeffersons Ferry Proj.), 4.10%, 11/1/07 448,821 ---------------- 3,719,476 ---------------- NORTH CAROLINA (0.5%) 500,000 Charlotte-Mecklenburg Hosp. Auth. Hlth. Care Sys. Rev. Series 1997-A (Carolinas Hlth. Care Proj.), 5.00%, 1/15/14 510,265 215,000 Mecklenburg Co. Indus. Facs. & Pollution Ctrl. Fin. Auth. Rev. Series 1993 (Fluor Corp. Proj.), 5.25%, 12/1/09 215,153 250,000 NC Med. Care Commission Hosp. Rev. Series 1995 (Gaston Memorial Hsop. Proj.), 5.50%, 2/15/19 254,567 500,000 NC Med. Care Commission Hlth. Care Hsg. Rev. Series 2004-A (The ARC of NC Proj.), 4.65%, 10/1/14 495,575 420,000 NC Med. Care Commission Rev. Series 2003 (FHA Insd. Mtg.-Betsy Johnson Proj.) (FSA insured), 5.375%, 10/1/24 445,162 ---------------- 1,920,722 ---------------- OHIO (1.7%) 75,000 Akron Waterworks Rev. Ref. Series 1996 (MBIA insured), 4.80%, 3/1/07 75,458 295,000 Cleveland-Cuyahoga Port. Auth. Dev. Rev. Series 1999-A (Port of Cleveland Bond Fund Capital Imprv. Proj.), 5.375%, 5/15/19 296,676 Cleveland-Cuyahoga Co. Port. Auth. Dev. Rev. : 700,000 Series 2004-D (Garfield Heights Proj.), 5.25%, 5/15/23 702,632 610,000 Series 2004-E (Meyers Univ. Proj.), 4.65%, 5/15/14 601,667 530,000 Series 2004-E (Meyers Univ. Proj.), 5.60%, 5/15/25 539,174 275,000 Series 2005-B (Fairmount Proj.), 5.125%, 5/15/25 274,159 750,000 Series 2006-A (Sr. Hsg. - St. Clarence - Geac Proj.), 6.00%, 5/1/21 743,393 430,000 Cleveland C.O.P. Series 1997 (Cleveland Stadium Proj.), 5.25%, 11/15/2027 441,326 120,000 Cleveland Pub. Pwr. Sys. Rev. Ref. Subordinate Series 1996-1 (MBIA insured), 5.00%, 11/15/24 121,872 1,000,000 Dayton Special Facs. Rev. Ref. Series 1998-A (Emery Air Freight Proj.), 5.625%, 2/1/18 1,039,700 700,000 Lorain Co. Hosp. Rev. Series 1997-B (Catholic Hlth.Care Partners Proj.) (MBIA insured), 5.50%, 9/1/27 723,653 500,000 Miami Co. Hosp. Fac. Rev. Ref. Impt. Series 2006 (Upper Valley Med. Ctr. Proj.), 5.25%, 5/15/17 516,945 ---------------- 6,076,655 ---------------- OKLAHOMA (2.5%) Citizen Potawatomi Nation Tax Rev. Series 2004-A: 660,000 5.00%, 9/1/08 658,211 500,000 6.50%, 9/1/16 521,040 250,000 Langston Econ. Dev. Auth. Rev. Series 2005-A (Langston Univ. Proj.) (ACA insured), 5.00%, 5/1/35 244,750 200,000 Comanche Co. Hosp. Auth. Rev. Ref. Series 2004 (Radian insured), 3.75%, 7/1/06 199,998 500,000 McClain Co. Econ. Dev. Auth. Educ. Fac. Lease Rev. Series 2006 (Newcastle Pub. School Proj.), 4.125%, 9/1/08 498,160 Norman Regl. Hosp. Auth. Rev.: 1,500,000 Ref. Series 1996-A (MBIA insured), 5.625%, 9/1/16 1,533,660 340,000 Ref. Series 1996-A (MBIA insured), 5.625%, 9/1/21 347,551 500,000 Series 2005, 5.50%, 9/1/24 515,160 335,000 Stillwater Med. Ctr. Auth. Rev. Series 2005, 4.50%, 5/15/07 335,429 1,345,000 Tulsa Indl. Auth. Educ. Fac. Rev. Ref. Series 1999-B (Holland Hall School Proj.), 5.00%, 12/1/14 1,364,476
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 995,000 Valley View Hosp. Auth. Rev. Ref. Series 1996, 6.00%, 8/15/14 1,014,532 1,250,000 Washington Co. Med. Auth. Rev. Bartlesville Ref. Series 1996 (Jane Phillips Med. Ctr. Proj.) (Connie Lee insured), 5.50%, 11/1/10 1,268,062 500,000 Weatherford Hosp. Auth. Rev. Series 2006, 6.00%, 5/1/16 513,555 ---------------- 9,014,584 ---------------- OREGON (1.1%) Cow Creek Band Umpqua Tribe of Indians Rev.: 3,005,000 Series 1998-B (Ambac insured), 5.10%, 7/1/12 3,005,992 500,000 Series 2006-C, 4.875%, 10/1/08 498,890 200,000 Klamath Falls Intercmnty. Hosp. Auth. Rev. Ref. Series 2002 (Merle West Med. Ctr. Proj.), 5.20%, 9/1/09 203,000 185,000 OR Hsg. & Cmty. Svcs. Dept. Mtg. Rev. Series 2000-K, 5.70%, 7/1/22 185,183 ---------------- 3,893,065 ---------------- PENNSYLVANIA (5.0%) 200,000 Abington Co. School Dist. G.O. Series 1997 (FGIC insured), 5.125%, 5/15/26 201,324 Allegheny Co. Hosp. Dev. Auth. Rev. Series 2003-A (Ohio Valley Gen. Hosp. Proj.): 245,000 3.30%, 4/1/08 240,227 135,000 3.875%, 4/1/10 132,041 125,000 Beaver Co. Indus. Dev. Auth. Pollution Ctrl. Rev., Series 1977 (St. Joe Minerals Corp. Proj.), 6.00%, 5/1/07 125,209 565,000 Chartiers Valley Indl. & Commercial Dev. Auth. Rev. Ref. Series 2003-A (Friendship Village South Proj.), 4.75%, 8/15/11 561,192 85,000 Delaware Co. Auth. Hosp. Rev. Series 1994 (Crozer-Chester Proj.)(MBIA insured), 5.30%, 12/15/20 85,689 1,210,000 Delaware River Port Auth. PA & NJ Rev. Series 1995 (FGIC insured), 5.50%, 1/1/26 1,235,676 555,000 Erie Auth. Pkg. Fac. Rev. Series 2006, 4.60%, 9/1/21 539,144 2,750,000 Grove City Area Hosp. Auth. Rev. Series 1998 (United Cmnty. Hosp. Proj.), 5.25%, 7/1/12 2,724,233 Lehigh Co. General Purpose Auth. Rev.: 495,000 Rev. Series 2004-A (Good Shepherd Group), 4.00%, 11/1/09 490,604 500,000 Rev. Series 2003 (Saint Luke's Bethlehem Proj.), 5.25%, 8/15/23 508,405 820,000 Montgomery Co. Indus. Dev. Auth. Retirement Cmnty. Rev. Series 1998, 5.25%, 11/15/28 823,444 730,000 PA Econ. Dev. Fin. Auth. Rev. Series 1998-A (Northwestern Human Svcs. Proj.) (ACA insured), 4.875%, 6/1/08 738,008 PA Hgr. Educ. Fac. Auth. Hlth. Svcs. Rev. Series 1996-A (Allegheny Delaware Valley Obligated Group, Inc.) (MBIA insured): 150,000 5.500%, 11/15/08 154,820 3,890,000 5.875%, 11/15/16 3,995,108 PA Higher Educ. Fac. Auth. Rev.: 590,000 Series 2000 (Univ. of the Arts Proj.) (Radian insured), 5.75%, 3/15/30 617,140 Series 2005 (Widener Univ. Proj.): 100,000 3.00%, 7/15/07 98,936 190,000 3.10%, 7/15/08 186,189 370,000 Series 2006-FF2 (Assn. Indpt. Colleges & Univ. Proj.) (Radian insured), 5.00%, 12/15/24 375,210 1,000,000 PA Hgr. Educ. Fac. Auth. College & Univ. Rev. Series 1998 (Geneva College Proj.), 5.375%, 4/1/15 1,024,630 300,000 PA State Univ. Rev. Series 1997-A (MBIA insured), 5.00%, 8/15/27 304,299 Philadelphia Hosp. & Hgr. Educ. Fac. Auth. Hosp. Rev. (Temple Univ Hosp. Proj.): Series 1993-A: 775,000 6.50%, 11/15/08 798,831 385,000 6.625%, 11/15/23 390,921 400,000 Series 1997, 5.875%, 11/15/23 406,832 1,200,000 Washington Co. Auth. Rev. Series 1999, 6.15%, 12/1/29 1,278,780 ---------------- 18,036,892 ---------------- PUERTO RICO (0.6%) 1,250,000 Puerto Rico Aqueduct & Swr. Auth. Rev. Ref. Series 1995, 5.00%, 7/1/19 1,273,000 1,000,000 Puerto Rico Comwlth. Infrastructure Fin. Auth. Special Obilgation Series 2000-A, 5.50%, 10/1/32 1,060,910 ---------------- 2,333,910 ---------------- RHODE ISLAND (0.4%) 260,000 RI Clean Water Protection Fin. Agy. Pooled Lien Rev. Series 1995A (MBIA insured), 5.375%, 10/1/15 264,342 RI Hlth. & Educ. Bldg. Corp. Rev. Series 1997 (Steere House Proj.): 260,000 5.375%, 7/1/07 262,023 565,000 5.80%, 7/1/20 570,175 280,000 RI Hlth. & Educ. Bldg. Corp. Rev. Series 1996 (Roger Williams Univ.)(Connie Lee insured), 5.375%, 11/15/24 286,804 ---------------- 1,383,344 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA (1.5%) 500,000 Berkeley Co. Sch. Dist. Intallment Lease Series 2003 (Securing Assets For Education Proj.), 5.25%, 12/01/2019 513,570 400,000 Charleston Educ. Excellence Fin. Rev. Series 2005 (Charleston Co. Schl. Dist. Proj.), 5.25%, 12/1/20 417,192 60,000 Greenville Hosp. Sys. Hosp. Fac. Rev. Series 2001, 5.00%, 5/1/31 60,449 1,500,000 Kershaw Co. Public Sch. Fdn. Installment Pwr. Rev. Series 2006 (Kershaw Co. Sch. Dist. Proj.) (CIFG insured), 5.00%, 12/1/25 1,531,725 Newberry Investing Children's Educ. Installment Rev. Series 2005 (Newberry Co. School Dist. Proj.): 500,000 3.50%, 12/1/07 496,145 245,000 4.00%, 12/1/08 243,748 1,000,000 5.25%, 12/1/21 1,026,190 650,000 SC Educ. Facs. Auth. Rev. Series 1996-A (Furman Univ. Proj.) (MBIA insured), 5.50%, 10/1/26 665,086 500,000 SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Series 2006 (Tuomey Regl. Med. Ctr. Proj.) (CIFG insured), 5.00%, 11/1/30 507,735 ---------------- 5,461,840 ---------------- SOUTH DAKOTA (0.3%) 500,000 SD Bldg. Auth. Lease Rev. Series 1996-A, 5.30%, 12/1/11 512,395 SD Hlth. & Educ. Fac. Auth. Rev. (Huron Regional Med. Ctr. Proj.): Ref. Series 2006 (Huron Regional Med. Ctr. Proj.): 100,000 4.00%, 4/1/07 99,745 125,000 4.25%, 4/1/08 124,420 410,000 Series 2006 (Westhills Village Retirement Community), 5.00%, 9/1/19 413,723 ---------------- 1,150,283 ---------------- TENNESSEE (2.0%) 500,000 Johnson City Hlth. & Educ. Fac. Brd. Hosp. Rev. Series 2006-A (Mountain States Hlth. Alliance Proj.), 5.50%, 7/1/31 512,760 835,000 Knox Co. Hlth. Educ. & Hsg. Fac. Brd. Rev. Series 1999 (Univ. Hlth. Sys. Inc. Proj.), 5.625%, 4/1/29 855,483 Metro Govt. Nashville & Davidson Co. Indus. Dev. Brd. Rev. Ref.: 250,000 Series 1994-A (Section 8) (FNMA collateralized), 6.00%, 4/1/24 251,197 240,000 Series 2001-A (GNMA collateralized), 6.625%, 3/20/36 259,572 Shelby Co. Hlth., Educ. & Hsg. Fac. Board Multifamily Hsg. Rev.: (CME Memphis Apts. Proj.): 1,850,000 Senior Series 1998-A, 5.35%, 1/1/19 (3) 730,787 7,875,000 Senior Series 1998-A, 5.55%, 1/1/29 (3) 3,100,860 1,630,000 Subordinate Series 1998-C, 6.00%, 1/1/29 (3) 16 (Eastwood Park Apts. Proj.): 1,000,000 Senior Series 1995-A2, 6.40%, 9/1/25 (3) 398,560 405,000 Subordinate Series 1995-C, 7.50%, 9/1/25 (3) 4 (Raleigh Forest & Sherwood Apts. Proj.): 2,670,000 Senior Series 1996-A, 6.60%, 1/1/26 (3) 1,064,529 610,000 Subordinate Series 1996-C, 7.25%, 1/1/26 (3) 1,366 ---------------- 7,175,134 ---------------- TEXAS (12.6%) 2,500,000 Arlington Special Oblig. Rev. Series 2005-A (Special Tax-Dallas Cowboys Proj.), 5.00%, 8/15/34 2,601,075 Austin Convention Enterprises, Inc. (Convention Ctr.) Revenue: 750,000 Series 2001-A (Convention Center), 6.375%, 1/1/16 783,750 850,000 Series 2001-B (ZC Specialty Ins. Co.), 5.75%, 1/1/16 882,419 500,000 Series 2001-B (ZC Specialty Ins. Co.), 6.00%, 1/1/23 526,660 Austin Utilities System Rev. Ref.: 20,000 Series 1993 (MBIA insured), 5.25%, 5/15/18 20,020 500,000 Series 1997, 5.125%, 11/15/13 507,130 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 1,017,380 1,500,000 Bexar Co. Hlth. Fac. Dev. Corp. Rev. Ref. Series 1993 (Incarnate Word Hlth. Svcs. Proj.) (FSA insured), 6.10%, 11/15/23 1,518,330 Bexar Co. HFC Multifamily Hsg. Rev.: 565,000 Subordinated Series 2000-C (Honey Creek Apts. Proj.), 8.00%, 4/1/30 564,887 160,000 Subordinated Series 2001-B (American Oppty. Hsg. Dublin Kingswood & Waterford Apts. Proj.), 7.50%, 12/1/14 163,352 545,000 Bexar Co. Rev. Series 2000 (Venue Proj.)(MBIA insured), 5.75%, 8/15/22 573,476 500,000 Brazos Co. Hlth. Fac. Dev. Corp. Franciscan Svcs. Corp. Series 2002, 5.375%, 1/01/2032 511,610 650,000 Brazos River Hbr. Nav. Dist Rev. Series 2002-B-2 (Dow Chemical Co. Proj.), 4.75%, 5/15/33 653,432 6,185,000 Dallas HFC Multifamily Mtg. Rev. Series 1998-A (GNMA collateralized) (Towne Ctr. Apts. Proj.), 6.75%, 10/20/32 6,628,341 200,000 Denison Hosp. Rev. Series 1997 (Texoma Med. Ctr., Inc. Proj.), 6.125%, 8/15/17 206,426 500,000 Galveston Co. Hlth. Fac. Dev. Corp. Rev. Series 1995 (Devereux Foundation Proj.) (MBIA insured), 5.00%, 11/1/14 506,880
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Garza Co. Public Hlth. Fac. Corp. Rev. Ref. Series 2005, 4.50%, 10/1/06 500,100 500,000 Harris Co. Rev. Ref. Sr. Lien Series 2005-A (Toll Road Proj.) (FSA insured), 5.25%, 8/15/35 515,275 310,000 Harris Co. Hlth. Fac. Dev. Corp. Hosp. Rev. Series 1998 (Hermann Hosp. Sys. Proj.) FSA insured), 5.25%, 6/1/27 317,927 Hidalgo Co. Hlth. Svcs. Rev. Series 2005 (Mission Hosp., Inc. Proj.): 255,000 4.00%, 8/15/06 254,883 515,000 4.00%, 2/15/07 513,707 700,000 5.00%, 8/15/19 688,590 750,000 Houston Cmnty. College G.O. Ref. Series 2005, 5.00%, 2/15/12 754,043 475,000 Keller Indpt. Sch. Dist. G.O. Unrefunded Series 1996-A, 5.125%, 8/15/25 475,750 Kerrville Hlth. Fac. Dev. Corp. Hosp. Rev. Series 2005 (Sid Peterson Memorial Hosp. Proj.): 655,000 4.125%, 8/15/10 643,714 1,500,000 5.45%, 8/15/35 1,502,265 500,000 Lewisville Combination Contract Rev. Ref. Series 2004 (ACA insured), 5.75%, 9/1/12 531,540 62,087 Midland HFC Single Family Mtg. Rev. Ref. Series 1992 A-2, 8.45%, 12/1/11 63,993 Mesquite Hlth. Fac. Dev. Corp. Retirement Fac. Rev. (Christian Care Ctr. Proj.): 625,000 Series 2000-A, 7.00%, 2/15/10 660,669 750,000 Series 2005, 5.00%, 2/15/15 748,290 500,000 North Central Hlth. Fac. Dev. Corp. Rev. Ref. Series 1995 (Baylor Hlth. Care Sys.), 5.50%, 5/15/13 510,125 7,245,000 Nortex Hsg. Fin. Corp. Multifamily Hsg. Rev. Series 1999 (GNMA collateralized) (Highland Oaks Apts. Proj.), 6.75%, 9/20/32 7,694,842 500,000 Red River Auth. Pollution Ctrl. Rev. Ref. Series 1991 (Ambac insured), 5.20%, 7/1/11 509,015 Richardson Hosp. Auth. Rev. Ref. Series 1998 (Baylor/Richardson Proj.): 585,000 5.50%, 12/1/18 598,783 1,375,000 5.625%, 12/1/28 1,402,637 1,000,000 Sam Rayburn Muni Pwr. Agency Rev. Ref. Series 2002, 5.00%, 10/1/07 1,006,260 900,000 San Antonio Hotel Occupancy Rev. Series 1996 (Henry Gonzalez Proj.) (FGIC insured), 5.70%, 8/15/26 919,656 350,000 Sendero I Pub. Fac. Corp. Multifamily Hsg. Rev. Series 2003-A (Crown Meadows Proj.), 5.00%, 6/1/23 356,542 Tarrant Co. Hlth. Facs. Dev. Corp. Rev. Series 1997-A: 750,000 (Hlth. Resources Sys. Proj.), 5.25%, 2/15/22 773,340 315,000 (So. Central Nursing Proj.), 6.00%, 1/1/37 339,573 Tarrant Co. HFC Multifamily Hsg. Rev: 530,000 Senior Series 2001-A (Westridge Apts. Proj.), 5.50%, 6/1/11 265,615 490,000 Subordinate Series 2001-C (Crossroads Apt. Proj.), 7.25%, 12/1/36 (3) 24,500 Tomball Co. Hosp. Auth. Rev. Ref. Series 2005: 500,000 4.00%, 7/1/06 499,995 250,000 5.00%, 7/1/10 253,070 TX Affordable Hsg. Corp. Multifamily Hsg. Rev: 615,000 Senior Series 2001-A (NHT / GTEX Proj.)(MBIA insured), 4.10%, 10/1/08 614,336 740,000 Junior Series 2001-B (NHT / GTEX Proj.), 6.75%, 10/1/16 (3) 95,934 845,000 TX Dept. Hsg. & Cmnty. Affairs Multi. Hsg. Rev. Sub. Series 1996-C (Harbours Apts. Proj.), 7.375%, 7/1/26 855,808 730,000 TX Public Property Fin. Corp. Mental Hlth. & Mental Retardation Rev. Series 1996, 6.20%, 9/1/16 739,052 230,000 TX St. Student Hsg. Corp. Rev. Series 2002 (Midwestern St. Univ. Proj.), 5.50%, 9/1/12 232,859 TX Water Dev. Brd. State Revolving Fund Sr. Lien Rev.: 500,000 Series 1996-A, 5.25%, 7/15/17 500,510 250,000 Series 1996-B, 5.125%, 7/15/18 251,315 340,000 Tyler Hlth. Facs. Dev. Corp. Rev. Series 1997-B (East TX Med. Ctr. Proj.), 5.60%, 11/1/27 352,713 205,000 Weslaco Hlth. Fac. Dev. Series 2002 (Knapp Med. Ctr. Proj.), 5.00%, 6/1/07 206,002 500,000 Winkler Co. G.O. Series 2006 (Radian insured ), 5.25%, 2/15/31 514,430 ---------------- 45,352,826 ---------------- UTAH (0.7%) 725,000 Eagle Mountain Water & Sewer Rev. Ref. Series 2000 (ACA insured), 5.60%, 11/15/13 761,540 Salt Lake Co. College Rev. (Westminster College Proj.): 1,000,000 Series 1997, 5.75%, 10/1/27 1,031,010 Series 1999: 120,000 5.15%, 10/1/11 123,692 125,000 5.20%, 10/1/12 128,567 130,000 5.25%, 10/1/13 133,624 240,000 UT Hsg. Finance Agy. Multifamily Rev. Ref. Series 1996-A (Section 8) (FHA insured), 6.10%, 7/1/22 246,139 ---------------- 2,424,572 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- VERMONT (0.2%) VT Educ. & Hlth. Bldgs. Financing Agency Rev.: 420,000 Series 1998 (Norwich Univ. Proj.), 5.13%, 7/1/09 429,425 85,000 Series 2002-A (Developmental & Mental Hlth. Proj.), 4.375%, 6/15/07 84,352 400,000 Series 2003-A (Vermont Law School Proj.), 5.00%, 1/1/13 400,140 ---------------- 913,917 ---------------- VIRGINIA (0.8%) 415,000 Alexandria Indl. Dev. Auth. Rev. Pollution Control Ref. Series 1994 (Potomac Electric Proj.) (MBIA insured), 5.375%, 2/15/24 415,444 250,000 Chesterfield Co. Indl. Dev. Auth. Pollution Ctrl. Rev. Series 1987-A Rmktg. (VA Elec. & Power Co. Proj.), 5.875%, 6/1/17 267,355 100,000 Prince William Co. Indus. Dev. Auth. Educ. Fac. Rev. Series 2003 (Catholic Diocese Arlington): 5.00%, 10/1/18 100,631 2,000,000 Virginia St. Hsg. Dev. Auth. Comwlth. Mtg. Rev. Series 2001-H1 (MBIA insured), 5.375%, 7/1/36 2,073,980 ---------------- 2,857,410 ---------------- WASHINGTON (0.6%) 200,000 Energy Northwest Wind Proj. Rev. Series 2001-B, 4.55%, 7/1/06 200,000 500,000 Skagit Co. Public Hosp. Dist. No. 001 Rev. Series 2005 (Skagit Valley Hosp. Proj.), 5.50%, 12/1/13 519,525 500,000 WA G.O. Variable Purpose Series 2001-A (FSA insured), 5.00%, 7/1/22 511,080 260,000 WA Hgr. Educ. Fac. Auth. Rev. Ref. Series 1998 (Univ. Puget Sound Proj.) (MBIA insured), 5.375%, 10/1/30 269,162 400,000 WA Tobacco Settlement Fing. Corp Asset-Backed Rev. Series 2002, 5.00%, 6/1/08 402,380 350,000 WA St. Pub. Pwr. Supply Sys. Nuclear Proj. No. 3 Rev. Ref. Series 1996-A (Ambac insured), 5.70%, 7/1/09 357,017 ---------------- 2,259,164 ---------------- WEST VIRGINIA (1.4%) 340,000 Ohio Co. Cmnty. Spl. Dist. Excise Tax Rev. Ref. Series 2006-B (Ft. Henry Econ. Dev. Proj.), 5.625%, 3/1/36 340,976 3,500,000 Pleasants Co. Pollution Ctrl. Rev. Series 1995-C (Monongahela Pwr. Co.), 6.15%, 5/1/15 3,514,490 1,250,000 WV Schl. Bldg. Auth. Rev. Ref. Cap. Impt. Series 1997-B (FSA insured), 5.40%, 7/1/17 1,291,937 ---------------- 5,147,403 ---------------- WISCONSIN (4.4%) 500,000 Freedom Co. Dist. No. 1 Waterworks Sys. Rev. Series 2006 (Bond Antic Notes), 4.90%, 6/1/11 501,345 WI Hlth. & Educ. Fac. Auth. Rev.: 550,000 Series 1995 (Franciscan Sisters Proj.)(Connie Lee insured), 5.50%, 2/15/14 554,576 175,000 Series 1996 (Meriter Hosp., Inc. Proj.), 6.00%, 12/1/06 175,756 850,000 Ref. Series 1997-B, (United Hlth. Grp., Inc. Proj.), 5.50%, 12/15/20 883,175 195,000 Series 1998 (Lawrence Univ. Proj.), 5.125%, 4/15/28 190,039 420,000 Series 1999 (FH Hlth. Care Dev. Inc Proj.), 5.625%, 11/15/09 428,131 Series 1999 (Kenosha Hosp. & Med. Ctr., Inc. Proj.): 705,000 5.10%, 5/15/07 710,640 740,000 5.15%, 5/15/08 751,085 820,000 5.35%, 5/15/10 847,962 865,000 5.45%, 5/15/11 895,396 1,655,000 Series 1999-A (Aurora Hlth. Care Proj), 5.60%, 2/15/29 1,701,075 200,000 Series 1999-B (Aurora Hlth. Care Proj), 5.50%, 2/15/15 206,994 500,000 Series 1999-B (Aurora Hlth. Care Proj)(ACA insured), 5.625%, 2/15/29 508,210 900,000 Series 1999 (Divine Savior, Inc. Proj.)(ACA insured), 5.70%, 6/1/28 921,978 Series 2001 (Agnesian Healthcare, Inc. Proj.): 150,000 5.00%, 7/1/06 150,004 550,000 6.00%, 7/1/17 579,420 340,000 6.00%, 7/1/21 355,956 1,000,000 Series 2003-A (Wheaton Franciscan Svcs. Proj.), 5.125%, 8/15/33 1,003,790 Series 2003 (Synergy Hlth., Inc. Proj.): 500,000 6.00%, 11/15/23 532,290 250,000 6.00%, 11/15/32 265,210 105,000 Series 2004-A (Three Pillars Sr. Living Proj.), 4.15%, 8/15/11 101,746 450,000 Series 2004 (Blood Ctr. Southeastern Proj.), 5.50%, 6/1/24 464,904 600,000 Series 2005 (Vernon Mem. Hlth. Care Inc. Proj.), 4.65%, 3/1/15 586,446 Series 2006-A (Marshfield Clinic Proj.): 375,000 5.00%, 2/15/11 384,240 2,000,000 5.375%, 2/15/34 2,046,500 ---------------- 15,746,868 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- WYOMING (0.2%) 615,000 Sweetwater Co. Pollution Ctrl. Rev. Ref. Series 1996-A (Idaho Pwr. Co. Proj.), 6.05%, 7/15/26 628,081 ---------------- Total municipal bonds (cost: $356,546,680) 344,434,853 ---------------- CLOSED-END MUTUAL FUNDS (0.2%) (2) 47,200 BlackRock Municipal Target Term Trust 468,696 10,000 DWS Municipal Income Trust 107,900 10,000 Seligman Select Municipal Fund 96,100 100 Van Kampen Muni Trust 1,426 100 Van Kampen Trust Investment Grade Muni Fund 1,424 100 Van Kampen Select Muni Fund 1,213 ---------------- Total closed-end mutual funds (cost: $679,917) 676,759 ---------------- SHORT-TERM SECURITIES (2.9%) (2) 6,631,461 Dreyfus Tax-Exempt Cash Management Fund, 3.43% 6,631,461 1,000,000 SD Hlth. & Educ. Facs. Auth. Rev. Series 2004 (Avera Hlth. Proj.), variable rate, 7/1/24 1,000,000 2,755,000 SD Hlth. & Educ. Facs. Auth. Rev. Series 2004 (Avera Hlth. Proj.), variable rate, 7/1/30 2,755,000 ---------------- Total short-term securities (cost: $10,386,461) 10,386,461 ---------------- Total investments in securities (cost: $367,613,058) $355,498,073 ---------------- Other Assets and Liabilities, Net (+1.5%) 5,485,352 ---------------- Total Net Assets $360,983,425 ================ ---------------- Aggregate Cost 367,613,058 ---------------- Gross Unrealized Appreciation 2,266,222 Gross Unrealized Depreciation (14,381,207) ---------------- Net Unrealized Appreciation(Depreciation) (12,114,985) ================
Notes To Schedule of Investments - -------------------------------- (1) Securities are valued by procedures described in note 1 to the financial statements. (2) Percentage figures indicate percentage of total net assets. (3) Presently non-income producing securities.
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (96.1%)(2) EDUCATION/STUDENT LOAN (6.5%) 4,200,000 Intermediate Sch. Dist. 287 Lease Rev. Series 2006, 5.46%, 1/1/28 4,200,000 Minneapolis Educ. Fac. Lease Rev. Series 2006-A (Seed/Harvest Prep. Proj.) (LOC-U.S. Bank): 775,000 5.125%, 1/1/16 763,553 875,000 6.25%, 1/1/21 858,672 Minnesota Higher Educ. Fac. Auth. Rev.: 750,000 Series 1998-4T (College of St. Benedict), 5.35%, 3/1/20 752,003 110,000 Series 1998-4R (St. Olaf College), 5.25%, 10/1/23 110,772 458,000 Lease Rev. Series 1999-5A (Concordia University), 5.25%, 4/25/14 458,595 700,000 Series 1999-4Y (Augsburg College), 5.05%, 10/1/13 708,099 150,000 Series 1999-4Y (Augsburg College), 5.20%, 10/1/16 151,754 75,000 Series 1999-4Y (Augsburg College), 5.30%, 10/1/27 76,057 700,000 Series 2005-6C (Augsburg College), 5.00%, 5/1/23 704,326 100,000 Series 1999-4Z (Northwestern Hlth. Services University), 4.875%, 10/1/09 101,081 275,000 Series 1999-4Z (Northwestern Hlth. Services University), 5.20%, 10/1/13 278,559 100,000 Series 2000-5D (College Art & Design), 5.75%, 5/1/08 102,634 50,000 Series 1998-4T (St. Benedict College), 5.125%, 3/1/13 50,104 270,000 Series 2004-5U (St. Mary's Univ.), 3.75%, 10/1/13 256,929 1,400,000 Series 2006-6I (Univ. St. Thomas), 5.00%, 4/1/23 1,439,074 Moorhead Educ. Fac. Rev. Series 2005-A (Concordia College Corp. Proj.): 665,000 4.00%, 12/15/06 665,618 1,115,000 5.00%, 12/15/20 1,148,004 210,000 Northfield Lease Rev. Series 1999-A (Village School Proj.), 7.50%, 12/1/24 137,239 Pine City Lease Rev. Series 2006-A (Lakes Intl. Language Academy Proj.): 315,000 5.75%, 5/1/16 312,874 300,000 6.00%, 5/1/26 296,886 550,000 Ramsey Lease Rev. Series 2004-A (Pact Charter School Proj.), 5.65%, 12/1/13 550,633 St. Paul Hsg. & Redev. Auth. Lease Rev.: 370,000 Series 1999 (St. Paul Academy & Summit School Proj.), 5.50%, 10/1/24 379,927 815,000 Series 2001-A (Cmty. of Peace Academy Proj.), 6.375%, 12/1/11 813,289 750,000 Series 2001-A (Cmty. of Peace Academy Proj.), 7.00%, 12/1/15 757,253 350,000 Series 2001-A (Cmty. of Peace Academy Proj.), 7.375%, 12/1/19 356,486 415,000 Series 2002-A (New Spirit Charter School Proj.), 6.50%, 12/1/12 416,697 100,000 Victoria Private School Fac. Rev. Series 1999-A (Holy Family Catholic H.S. Proj.), 5.20%, 9/1/11 100,471 Winona Port. Auth. Lease Rev. Series 1999-A (Bluffview Montessori School Proj.): 80,000 5.80%, 12/1/06 80,484 85,000 5.90%, 12/1/07 86,664 165,000 8.00%, 12/1/24 174,169 ---------------- 17,288,906 ---------------- ESCROWED TO MATURITY/PREREFUNDED (5.0%) Carver Co. Hsg. & Redev. Auth. Multifamily Hsg.: 650,000 Rev. Refunding Series 1997-A (Waybury Apts. Proj.), 5.875%, 8/1/27 675,448 400,000 Subordinate Rev. Refunding Series 1997-C (Waybury Apts. Proj.), 8.00%, 8/1/27 424,380 100,000 Cloquet Hsg. Fac. Rev. Series 2001-A (HADC Cloquet, LLC Proj.), 7.50%, 2/1/17 102,887 Cloquet Multifamily Hsg. Rev. Refunding Series 2001-A (HADC Proj.): 60,000 6.50%, 2/1/07 60,806 75,000 7.10%, 2/1/10 76,993 175,000 Dakota Co. Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding (Walnut Trails Apts. Proj.), Subordinate Series 1995-C, 9.00%, 1/20/15 185,124 2,865,000 Little Canada Multifamily Hsg. Rev. Series 1997-A (Hsg. Alt. Dev. Co. Proj.), 6.10%, 12/1/17 2,921,526 Minneapolis Cmty. Dev. Agy. Ltd. Tax Common Bond Fund: 1,000,000 Series 2001-G3 (LOC-U.S. Bank), 5.35%, 12/1/21 1,063,660 175,000 Series 2001-G3 (LOC-U.S. Bank), 5.45%, 12/1/31 186,984 45,000 Minneapolis G.O. Series 1999 (Parking Ramp Proj.), 5.125%, 12/1/16 46,766 Minnesota Higher Educ. Fac. Auth. Rev.: 110,000 Series 1996-4A1 (University of St. Thomas), 5.625%, 10/1/21 110,494 50,000 Series 1997-4J (Macalester College), 5.40%, 3/1/09 50,524 800,000 Series 1997-4L (St. John's University), 5.35%, 10/1/17 814,784 400,000 Series 1997-4L (St. John's University), 5.40%, 10/1/22 407,636 1,000,000 Minneapolis Rev. Series 1997-A (Univ. Gateway Proj.), 5.25%, 12/1/17 1,019,860 Minneapolis Student Hsg. Rev. Series 2000 (Riverton Community Hsg. Proj.): 125,000 6.80%, 7/1/10 136,312 240,000 6.90%, 7/1/11 262,519 MN Public Facs. Auth. Wtr. Pollution Ctrl. Rev. Series 1997: 215,000 Series 1997, 5.00%, 3/1/12 216,731
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 105,000 Series 1997, 5.00%, 3/1/16 105,845 MN Agr. & Econ. Dev. Board Rev. Series 2000-A (Fairview Hlth. Care System Proj.): 320,000 6.375%, 11/15/22 352,154 360,000 6.375%, 11/15/29 396,173 Plymouth Multifamily Hsg. Rev. Refunding Series 1996-C (Fox Forest Apts. Proj.) 620,000 (GNMA collateralized), 8.00%, 6/20/31 627,930 630,000 Puerto Rico Childrens Trust Fund Tobacco Settlement Rev. Series 2000, 5.75%, 7/1/20 653,184 620,000 Steele Co. Hlth. Care Fac. Gross. Rev. Prerefunded Series 2000 (Elderly Hsg. Proj.), 6.625%, 6/1/20 661,100 Victoria Recreational Facility Gross Rev. Series 2002: 70,000 4.75%, 2/1/12 70,756 75,000 4.75%, 8/1/12 75,810 85,000 5.10%, 8/1/15 86,493 1,430,000 Western MN Muni Pwr. Agy. Series 1979 (MBIA-IBC insured), 6.60%, 1/1/10 1,505,175 ---------------- 13,298,054 ---------------- GENERAL OBLIGATION (3.3%) 280,000 Anoka Co. G.O. Series 2006-B, 3.25%, 2/1/07 278,953 40,000 Apple Valley Equipment Certficates G.O. Series 2004, 2.50%, 10/1/06 39,802 200,000 Barnesville Impt. G.O. Series 2002, 5.00%, 2/1/23 203,164 85,000 Barnum Indpt. Sch. Dist. No. 91 G.O. Series 1997 (SD Cred. Prog.), 5.00%, 2/1/18 85,047 25,000 Cold Spring G.O. Series 1998-B, 4.55%, 12/1/08 25,062 75,000 Cold Spring G.O. Series 2000, 5.15%, 2/1/09 75,409 250,000 Hennepin Co. G.O. Series 1998-A, 4.50%, 12/1/07 250,740 50,000 Hutchinson ISD No. 423 G.O. Series 1996-A, 5.85%, 2/1/18 51,465 50,000 Little Falls G.O. Series 1999-A, 5.00%, 2/1/11 50,252 1,685,000 Minneapolis-St. Paul Metro Apartments Cmnty. G.O. Series 1998-13, 5.00%, 1/1/10 1,742,458 4,000,000 MN State G.O. Series 1997, 4.90%, 8/1/14 4,041,360 780,000 New Ulm ISD No. 088 Refunding G.O. Series 1998, 4.35%, 2/1/17 780,686 225,000 North St. Paul Maplewood ISD No. 622 G.O. Series 1996-A, 5.125%, 2/1/20 226,352 60,000 North St. Paul Maplewood ISD No. 622 G.O. Series 1996-A, 5.125%, 2/1/25 60,268 150,000 Sauk Rapids Tax Increment G.O. Series 1997-B, 5.25%, 8/1/12 150,149 200,000 St. Louis Co. Indpt. Sch. Dist. No. 2142 G.O. Series 1996, 5.125%, 2/1/07 200,190 290,000 St. Paul Cap. Impt. G.O. Series 2005, 4.00%, 9/1/06 4.00%, 9/1/06 290,122 100,000 St. Paul Street Impt. Special Assessment G.O. Series 2000-B, 5.30%, 3/1/12 102,057 30,000 Winona Water & Sewer G.O. Series 1998-C, 4.90%, 2/1/13 30,021 ---------------- 8,683,557 ---------------- HOSPITAL/HEALTH CARE (24.1%) 250,000 Aitkin Hlth. Care Fac. Rev. Series 2001 (Riverwood Hlth. Care Ctr. Proj.), 6.25%, 2/1/07 252,012 Alexandria Hlth. Care Fac. Rev. Series 2002-B (BSM Property - Bethany Home Proj.): 375,000 4.65%, 7/1/06 374,996 375,000 4.95%, 7/1/07 376,189 Bemidji Hosp. Fac. Rev. Refunding (North Country Hlth. Proj.): 110,000 Series 1995, 6.05%, 9/1/24 110,076 1,035,000 Series 1996, 5.625%, 9/1/21 1,058,546 1,775,000 Breckenridge Rev. Series 2004-A (Catholic Hlth. Initiatives Proj.), 5.00%, 5/1/30 1,807,127 240,000 Cambridge Hsg. & Hlth. Care Fac. Rev. Series 1998-C (Grandview West Proj.), 5.25%, 10/1/08 241,752 Carlton Hlth. Care & Hsg. Fac. Rev. Ref. Series 2006 (Faith Care Ctr. Proj.): 100,000 5.00%, 4/1/13 99,585 400,000 5.20%, 4/1/16 397,552 840,000 Columbia Heights Multifamily & Health Care Fac. Rev. Series 1998 (Crest View Corp. Proj.), 5.75%, 9/1/11 846,560 Crookston Nursing Home & Multifamily Hsg. Rev Series 2002-A (Villa St. Vincent Proj.): 95,000 4.75%, 9/1/08 95,598 75,000 5.50%, 9/1/11 76,664 Cuyuna Range Hosp. Dist. Hlth. Fac. Gross Rev.: Series 1999-A: 1,000,000 5.75%, 6/1/14 1,020,950 1,000,000 6.00%, 6/1/19 1,021,030 235,000 Series 2005, 4.50%, 6/1/13 231,602 1,500,000 Detroit Lakes Hsg. Rev. Ref. Series 2004-E (Mankato Lutheran Proj.), 4.25%, 8/1/34 1,501,545 455,000 Detroit Lakes Hsg. & Hlth. Facs. Rev. Ref. Series 2004-A (CDL Homes Proj.), 4.00%, 8/1/34 442,037 355,000 Duluth Econ. Dev. Auth. Hlth. Care Fac. Rev. Series 2002 (St. Luke's Hosp. Proj.), 6.00%, 6/15/12 359,093 1,000,000 Duluth Sr. Hsg. Loan Participation (Lakeshore Proj.) Series 2004, 4.00%, 8/20/36 1,000,110 206,421 Duluth Hsg. & Redev. Auth. Sr. Hsg. Fac. Loan Participation (Lakeshore Proj.) Series 2005, 5.20%, 12/20/35 201,669 Elk River Rev. Series 1998 (Care Choice Member Proj.): 1,000,000 5.60%, 8/1/13 1,008,300 160,000 5.75%, 8/1/23 160,669
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Glencoe Hlth. Care Fac. Rev. Series 2005 (Glencoe Regional Hlth. Svcs. Proj.): 280,000 3.60%, 4/1/08 277,012 915,000 4.15%, 4/1/12 900,607 1,150,000 5.00%, 4/1/25 1,141,340 Hastings Hlth. Care Fac. Rev. Series 1998 (Augustana Home of Hastings Proj.): 115,000 5.10%, 11/1/09 113,589 120,000 5.20%, 11/1/10 118,237 135,000 5.40%, 11/1/12 132,138 140,000 5.50%, 11/1/13 137,302 Maple Grove Hlth. Care Fac. Rev. Series 2005 (North Memorial Hlth. Care Proj.) 1,000,000 5.00%, 9/1/20 1,019,610 2,000,000 5.00%, 9/1/29 2,014,940 Maplewood Hlth. Care Fac. Rev. Refunding Series 2005-A (VOA Care Centers Proj.): 100,000 4.00%, 10/1/06 99,965 250,000 4.00%, 10/1/07 248,970 255,000 4.125%, 10/1/08 252,690 300,000 4.375%, 10/1/09 297,714 Marshall Medical Center Gross Rev. (Weiner Memorial Medical Center Proj.): 305,000 Series 1999, 5.65%, 11/1/13 315,141 320,000 Series 1999, 5.70%, 11/1/14 330,330 150,000 Series 2003-B, 4.85%, 11/1/11 153,565 50,000 Series 2003-A, 5.00%, 11/1/14 51,099 850,000 Series 2003-A, 5.85%, 11/1/23 899,835 100,000 Series 2003-A, 6.00%, 11/1/28 106,449 Minneapolis & St. Paul Hsg. & Redev. Auth. Hlth. Care Sys. Rev. Series 2003 (Health Partners Proj.): 300,000 4.50%, 12/1/06 300,672 2,250,000 4.50%, 12/1/07 2,260,687 1,000,000 5.25%, 12/1/08 1,023,470 750,000 5.25%, 12/1/12 782,475 700,000 5.25%, 12/1/13 729,820 1,150,000 5.00%, 12/1/14 1,175,254 500,000 5.875%, 12/1/29 526,500 155,000 Minneapolis Hlth. Care Sys. Rev. Series 2002-A (Allina Hlth. Sys. Proj.), 5.75%, 11/15/32 163,108 Minneapolis Hlth. Care Fac. Rev.: 705,000 Series 1999 (Shelter Care Foundation Proj.), 6.00%, 4/1/10 698,874 Series 2005 (Jones-Harrison Residence Proj.): 105,000 3.50%, 4/1/07 104,778 110,000 3.50%, 10/1/07 109,613 1,470,000 5.40%, 10/1/25 1,446,715 Series 2005-E (Augustana Chapel View Homes Proj.): 190,000 4.00%, 6/1/08 189,787 200,000 4.20%, 6/1/09 200,256 205,000 4.40%, 6/1/10 205,242 220,000 4.55%, 6/1/11 220,367 240,000 4.80%, 6/1/13 240,230 250,000 4.90%, 6/1/14 250,402 255,000 5.00%, 6/1/15 256,214 270,000 5.10%, 6/1/16 271,655 285,000 5.25%, 6/1/17 287,197 Minneapolis Hsg. Fac. Rev. (Augustana Chapel View Homes Proj.): Series 2004-A: 280,000 4.00%, 1/1/07 278,477 315,000 5.20%, 1/1/11 312,140 500,000 5.75%, 1/1/19 501,570 530,000 5.80%, 1/1/24 535,003 500,000 Refunding Series 2006-A 5.00%, 6/1/15 497,490 MN Agr. & Econ. Dev. Board Hlth. Care Rev.: Series 1999 (Benedictine Care Centers Proj.): 115,000 5.45%, 2/1/09 115,345 120,000 5.45%, 8/1/09 120,392 120,000 5.50%, 2/1/10 120,554 125,000 5.50%, 8/1/10 125,515 MN Agr. & Econ. Dev. Board Rev.: Series 2000 (Evangelical Lutheran Good Samaritan Society Proj.): 410,000 5.80%, 8/1/08 420,845 750,000 6.55%, 8/1/16 809,505 770,000 Series 2002-B (Principal Custody Receipts Proj.), zero coupon, 3.85% effective yield, 11/15/22 615,923
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Series 2002 (Evangelical Lutheran Good Samaritan Society Proj.): 345,000 5.40%, 2/1/09 352,894 220,000 5.50%, 2/1/12 229,603 Series 2000-A (Fairview Hlth. Care Sys. Proj.): 10,000 6.375%, 11/15/22 10,713 20,000 6.375%, 11/15/29 21,334 Moose Lake Cmnty. Hosp. Dist. Hlth. Facs. Rev. Ref. Series 2005-A (Crossover Proj.): 110,000 4.10%, 12/1/10 108,741 225,000 4.40%, 12/1/14 222,685 New Hope Hlth. Care Facs. Rev. Series 1999 (St. Therese Home, Inc. Proj.): 45,000 Series 2003-B, 3.00%, 10/1/06 44,845 300,000 Series 2003-A, 5.90%, 10/1/23 305,979 New Hope Hlth. Care Facs. Rev. (MN Masonic Home North Ridge Proj.): 1,000,000 5.90%, 3/1/19 1,023,820 575,000 5.875%, 3/1/29 583,251 North Oaks Presbyterian Loan Participation: 1,050,000 Series 2004-B, 4.25%, 12/15/34 1,051,334 750,000 Series 2004-C, 4.38%, 12/15/34 750,953 500,000 Series 2004-D, 4.75%, 12/15/34 498,265 Northfield Hospital Rev. Series 2001-C: 1,080,000 6.00%, 11/1/13 1,138,115 50,000 6.00%, 11/1/21 52,272 3,100,000 6.00%, 11/1/26 3,224,248 Olmsted Co. Hlth. Care Fac. Rev. Series 1998 (Olmsted Medical Ctr. Proj.): 775,000 5.45%, 7/1/13 786,207 900,000 5.55%, 7/1/19 909,900 Pine Island Hlth. Care Facs. Rev. Series 2001 (Olmsted Med. Ctr. Proj.): 155,000 4.90%, 7/1/09 156,440 240,000 5.00%, 7/1/10 242,458 90,000 Rochester Hlth. Care Fac. Rev. G.O. Series 1998-A (Mayo Foundation Proj.), 5.50%, 11/15/27 92,999 Rochester Hlth. Care & Hsg. Rev. Series 2003-A (Samaritan Bethany Inc. Proj.): 160,000 3.25%, 8/1/06 159,816 500,000 6.25%, 8/1/19 512,990 Shakopee Hlth. Care Facs. Rev. Series 2004 (St. Francis Regl. Med. Ctr. Proj.): 315,000 4.00%, 9/1/06 314,962 125,000 5.10%, 9/1/25 125,830 2,475,000 5.25%, 9/1/34 2,511,432 1,500,000 Stillwater Hlth. Care Rev. Series 2005 (Hlth. Sys. Obligation Proj.), 5.00%, 6/1/25 1,510,245 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 1998 (Regions Hosp. Proj.): 800,000 5.00%, 5/15/08 811,000 250,000 5.00%, 5/15/10 254,593 50,000 5.00%, 5/15/11 50,825 1,340,000 5.20%, 5/15/13 1,361,775 2,050,000 5.25%, 5/15/18 2,070,869 605,000 5.30%, 5/15/28 608,388 1,000,000 St. Paul Hsg. & Redev. Auth. Hosp. Rev. Series 2005 (Health East Proj.), 5.25%, 11/15/14 1,015,240 960,000 St. Paul Hsg. & Redev. Auth. Nursing Home Dev. Rev. Refunding Series 1996-C (Franciscan Hlth. Cmmty. Proj., St. Mary's Home), 7.00%, 7/1/21 961,046 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2005 (Gillette Childrens Hosp. Proj.): 200,000 5.00%, 2/1/07 201,452 300,000 4.00%, 2/1/11 294,762 200,000 5.00%, 2/1/13 203,266 225,000 5.00%, 2/1/14 227,354 400,000 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2001-A (Model Cities Hlth. Ctr. Proj.), 6.50%, 11/1/11 410,588 1,030,000 St. Paul Port Auth. Lease Rev. Series 2005-A (Health East Midway Campus Proj.), 5.00%, 5/1/10 1,033,420 150,000 White Bear Lake First Mtg. Rev. Series 2004 (Health East Care Ctr. Proj.), 2.75%, 11/1/06 149,156 ---------------- 63,786,335 ---------------- INDUSTRIAL / POLLUTION CONTROL (6.8%) 1,680,000 Anoka Co. Solid Waste Disp. Rev. Series 1987-A (Natl. Rural Util. Proj.), 6.95%, 12/1/08 1,696,145 1,075,000 Burnsville Solid Waste Rev. Refunding Series 2003-A (Freeway Transfer Inc. Proj.), 4.15%, 4/1/10 1,045,093 500,000 Cohasset Pollution Ctrl. Rev. Refunding Series 2004 (Allete, Inc. Proj.), 4.95%, 7/1/22 491,270 560,000 East Grand Forks Industrial Dev. Rev. Refunding Series 2001-B (Am. Crystal Sugar Proj.), 5.40%, 4/1/11 570,388 180,000 Guam Economic Dev. Auth. Tobacco Settlement Asset-Backed Series 2001-A, 5.00%, 5/15/22 181,586 1,000,000 Guam Econ. Dev. Auth. Tobacco Settlement Asset-Backed Rev. Series 2001-B, zero Coupon, 5.20% Effective Yield on Purchase Date, 5/15/15 941,970 Laurentian Energy Auth. MN Cogeneration Rev. Series 2005-A: 940,000 4.00%, 12/1/07 931,888 650,000 4.00%, 12/1/08 638,625 965,000 4.00%, 12/1/09 940,209 MN Public Facs. Auth. Water Pollution Ctrl. Rev.: 85,000 Series 1997, 5.00%, 3/1/12 85,591 45,000 Series 1997, 5.00%, 3/1/16 45,304 1,500,000 Series 1998, 5.00%, 3/1/14 1,523,670 185,000 Series 2001-A, 5.00%, 3/1/19 191,777
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Owatonna Industrial Dev. Rev. Series 1997 (Slidell, Inc. Proj.): 280,000 7.25%, 5/1/14 (3) 141,400 505,000 7.375%, 5/1/17 (3) 255,025 20,000 7.375%, 5/1/20 (3) 10,000 10,000 7.50%, 5/1/24 (3) 5,050 525,000 Puerto Rico Indus. Tourist, Educ., Medical and Environmental Control Facs. Financing Auth. Industrial Rev. Series 1998-A (Guaynabo Warehouse for Emergencies Proj.), 4.35%, 7/1/06 525,000 Puerto Rico Childrens Trust Fund Tobacco Settlement Rev. : 300,000 Series 2002, 4.00%, 5/15/10 293,976 2,050,000 Series 2002, 5.375%, 5/15/33 2,081,303 465,000 Roseville Dev. Rev. Refunding Series 2004 (Roseville Office Plaza Proj.), 4.625%, 8/1/12 465,423 265,000 Sauk Centre Industrial Dev. Rev. Series 1998 (Seluemed LLP Proj.)(LOC First Trust), 5.75%, 4/1/18 265,019 1,700,000 Seaway Port Auth. Duluth Dock & Wharf Rev. Refunding Series 2004 (Cargill, Inc. Proj.), 4.20%, 5/1/13 1,675,588 St. Paul Hsg. & Redev. Auth. District Cooling Rev. Series 1998-J: 105,000 4.75%, 3/1/08 106,067 95,000 5.125%, 3/1/12 97,040 500,000 5.35%, 3/1/18 509,110 Virgin Islands Tobacco Settlement Financing Corp. Asset-Backed Rev. Series 2001: 750,000 zero Coupon, 4.95% Effective Yield on Purchase Date, 5/15/14 696,938 1,535,000 5.00%, 5/15/21 1,523,779 ---------------- 17,934,234 ---------------- INSURED (8.8%) 50,000 Bemidji ISD No. 031 G.O. Series 1998 (FSA insured), 5.00%, 4/1/19 50,390 Hastings Hlth. Care Fac. Rev. Series 1998 (Regina Med. Ctr.)(ACA insured): 565,000 5.25%, 9/15/18 569,588 275,000 5.30%, 9/15/28 276,642 240,000 Hermantown Econ. Dev. Auth. Sales Tax Rev. Series 1998 (MBIA insured), 4.90%, 2/1/18 242,974 20,000 Itasca Co. ISD No. 318 G.O. Series 1996 (MBIA insured), 5.20%, 2/1/10 20,020 Minneapolis & St. Paul Hsg. & Redev. Auth. Hlth. Care Sys. Rev. Series 1993-A (Healthspan Hlth. Sys. Proj.) (Ambac insured): 175,000 5.00%, 11/15/13 175,122 3,265,000 4.75%, 11/15/18 3,265,555 Minneapolis & St. Paul Metro Airport Comm. Airport Rev. (Ambac insured): 440,000 Series 1998-A, 5.00%, 1/1/22 448,307 380,000 Series 1998-A, 5.00%, 1/1/30 383,032 1,650,000 Series 1998-B, 5.25%, 1/1/13 1,687,323 75,000 Series 1999-B, 5.25%, 1/1/18 77,221 615,000 MN HFA Single Family Mtg. Rev. Series 2001-A (MBIA insured), 5.35%, 7/1/17 624,951 500,000 NE Metro Intermediate School Dist. No. 916 C.O.P. Series 2004, 4.25%, 1/1/14 493,055 305,000 North Mankato Impt. G.O. Series 2000-A (FGIC insured), 4.75%, 2/1/10 305,186 Perham Gas Utility Rev. Series 1999 (Radian insured): 300,000 5.35%, 6/1/19 308,679 50,000 5.45%, 6/1/29 50,912 100,000 Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 1997-C (MBIA-IBC insured), 5.25%, 7/1/09 102,798 200,000 Puerto Rico Indus. Tourist Educ. Med. & Environmental Ctl. Facs. Rev. Series 1995-A (Hosp. Auxilio Oblig. Group Proj.) (MBIA insured), 6.25%, 7/1/16 202,386 5,000,000 Puerto Rico Commonwealth Infrastruc. Fin. Auth. Special Obligation Series 2000-A, 5.50%, 10/1/32 5,304,550 1,000,000 Puerto Rico CommonWealth Public Impt. Series 2001 (FSA insured), 5.125%, 7/1/30 1,024,420 100,000 Rockford Impt. G.O. Series 1998 (Ambac insured), 4.30%, 12/1/07 100,201 300,000 Scott Co. Hsg. & Redev. Auth. Spl. Benefits Tax Series 1997-B (River City Centre Proj.) (Ambac insured), 5.45%, 2/1/20 306,771 St. Cloud Hosp. Facs. Rev. Ref. (St. Cloud Hosp. Proj.) (Ambac insured), 510,000 Series 1996-B, 5.00%, 7/1/20 515,330 St. Cloud Hlth. Care Rev. Series 2000-A (St. Cloud Hosp. Obligated Group)(FSA insured): 200,000 5.125%, 5/1/09 206,166 250,000 5.75%, 5/1/26 265,895 245,000 St. Paul Hsg. & Redev. Auth. Rev. Series 1993 (Ramsey Med. Ctr. Proj.)(Ambac insured), 5.55%, 5/15/23 245,277 2,415,000 St. Paul Hsg. & Redev. Sales Tax Rev. Refunding Series 1996 (Civic Center Proj.) (FSA insured), 7.10%, 11/1/23 2,908,843 130,000 Scott Co. Hsg. & Redev. Auth. Fac. Lease Rev. Series 1997 (Justice Ctr. Proj.)(Ambac insured), 5.50%, 12/1/15 132,720 805,000 Waconia Hlth. Care Facs. Rev. Series 1999-A (Ridgeview Med. Ctr. Proj.) 6.125%, 1/1/29 854,717 1,750,000 White Earth Band of Chippewa Indians Rev. Series 2000-A (ACA insured), 7.00%, 12/1/11 1,883,700 145,000 Worthington Perm. Impt. Revolving Fd. G.O. Series 1998-A (FSA insured), 4.50%, 2/1/10 145,058 ---------------- 23,177,789 ---------------- MULTIFAMILY MORTGAGE (23.2%) Apple Valley Multifamily Hsg. Rev. Refunding Series 1998-A (Mtg. Loan/Apple Valley Villa Proj.) (GNMA collateralized): 40,000 4.90%, 8/1/09 40,568 1,520,000 5.25%, 8/1/18 1,538,772 Austin Hsg. & Redev. Auth. Governmental Hsg. Gross Rev. (Courtyard Res. Proj.): 650,000 Series 2000-A, 7.15%, 1/1/20 686,075 500,000 Series 2000-A, 7.25%, 1/1/32 527,210
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 488,534 Buffalo Hlth. Care C.O.P. Series 2004-C (Central MN Sr. Hsg., LLC Proj.), 7.50%, 2/20/33 488,715 Burnsville Multifamily Hsg. Rev. Refunding Series 1991 (Oak Leaf Apts. Proj.)(GNMA collateralized): 640,000 7.05%, 1/1/12 640,986 780,000 7.125%, 1/1/17 781,193 860,000 7.125%, 1/1/21 861,307 150,000 7.15%, 1/1/27 150,214 530,000 7.15%, 1/1/23 530,800 425,000 7.15%, 1/1/25 425,616 Carver Co. Hsg. & Redev. Auth. Multifamily Hsg. Gross Rev. & Ltd. Tax Refunding Series 1997-A 2,715,000 (Lake Grace Apts. Proj.), 6.00%, 7/1/28 2,800,197 Chaska Multifamily Hsg. Rev. Series 1999 (West Suburban Hsg. Partners Proj.): 210,000 5.00%, 9/1/09 204,120 495,000 5.375%, 9/1/14 463,657 700,000 Coon Rapids Multifamily Hsg. Rev. Refunding Series 1997-A (Margaret Place Apts. Proj.), 6.50%, 5/1/25 718,648 Coon Rapids Senior Hsg. Rev. Refunding Series 1998 (Epiphany Sr. Citizens Hsg. Corp. Proj.): 115,000 5.30%, 11/1/07 115,035 115,000 5.40%, 11/1/08 115,031 170,000 5.50%, 11/1/10 170,012 545,000 5.80%, 11/1/18 544,945 1,930,000 Eagan Multifamily Hsg. Rev. Refunding Series 1997-A (Woodridge Apts. Proj.), 5.95%, 2/1/32 1,995,852 Eden Prairie Multifamily Hsg. Rev. Refunding : 25,000 Series 1997 (Preserve Place Proj.) (GNMA collateralized), 4.90%, 1/20/08 25,292 300,000 Series 1997-A (Preserve Place Proj.) (GNMA collateralized), 5.50%, 1/20/18 307,371 410,000 Series 1997-A (Preserve Place Proj.) (GNMA collateralized), 5.60%, 7/20/28 418,229 470,000 Senior Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.00%, 8/20/21 507,468 675,000 Senior Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.15%, 8/20/31 725,618 1,185,000 Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.20%, 2/20/43 1,269,775 935,000 Subordinate Series 2001-C (Rolling Hills Proj.), 9.00%, 4/1/43 910,400 Faribault Hsg. & Redev. Auth. Govt. Hsg. Dev. Gross Rev. Ref. Series 1998-A (Trails Edge Apts. Proj.): 355,000 5.125%, 2/1/18 361,493 650,000 5.25%, 2/1/28 659,503 Fairmont Hsg. Fac. Rev. Series 2002-A1 (Homestead-GEAC Proj.): 1,100,000 6.625%, 10/1/11 1,145,100 295,000 6.875%, 10/1/14 310,290 Fairmont Hsg. Fac. Rev. Series 2005-A (Goldfinch Estates-GEAC Proj.): 300,000 5.75%, 10/1/17 298,497 290,000 6.00%, 10/1/21 288,536 Golden Valley Rev. Series 1999-A (Covenant Retirement Cmntys. Proj.): 600,000 5.50%, 12/1/25 614,088 1,270,000 5.50%, 12/1/29 1,299,159 Grand Rapids Hsg. & Redev. Auth. (Lakeshore Place and Forest Park West Apts. Proj.): 45,000 Series 1999-B, 5.00%, 10/1/09 44,684 500,000 Series 1999-A, 5.20%, 10/1/19 503,750 1,660,000 Series 1999-A, 5.30%, 10/1/29 1,661,361 130,000 Series 1999-B, 5.70%, 10/1/29 130,269 500,000 Hastings Hsg. & Redev. Auth. Rev. Series 2001 (Augustana Apts. Proj.), 6.00%, 11/1/31 501,405 480,000 Hopkins Subordinate Multifamily Hsg. Rev. Refunding Series 1996-C (Auburn Apts. Proj.), 8.00%, 6/20/31 486,312 Hopkins Multifamily Hsg. Rev. Series 1996 (Hopkins Renaissance Proj.) (Section 8): 100,000 5.85%, 4/1/09 102,563 450,000 6.25%, 4/1/15 465,043 Hutchinson Hsg. Fac. Rev. (Prince of Peace Apts. Proj.): 50,000 Series 2003-A, 3.50%, 10/1/06 49,974 115,000 Series 2003-A, 4.00%, 10/1/07 114,757 120,000 Series 2003-A, 4.50%, 10/1/08 119,561 1,400,000 Maplewood Multifamily Hsg. Rev. Series 1998 (Park Edge Apts. Proj.), 6.50%, 5/1/29 1,420,174 Maplewood Multifamily Refunding Rev. (Village on Woodlyn Proj.): 1,605,000 Series 1999-A (GNMA collateralized), 6.75%, 7/20/30 1,671,543 100,000 Subordinate Series 1999-C-1, 8.00%, 11/1/30 102,209 250,000 Subordinate Series 1999-C-2, 8.00%, 11/1/30 255,522 200,000 Minneapolis Hsg. Fac. Rev. Ref. Series 2006-A (Augustana Chapel View Homes Proj.), 5.50%, 6/1/27 198,762 Minneapolis Multifamily Hsg. Rev.: 500,000 Series 2002-A (Keeler Apts. Proj.), 7.00%, 10/1/17 514,935 355,000 Series 1996 (Belmont Apts.), 7.25%, 11/1/16 352,408 405,000 Series 1996-A (Nicollet Towers) (Section 8), 5.60%, 6/1/08 411,986 5,020,000 Series 1996-A (Nicollet Towers) (Section 8), 6.00%, 12/01/19 5,091,736 1,000,000 Series 1998 (Riverside Plaza Proj.) (GNMA collateralized), 5.10%, 12/20/18 1,007,640 325,000 Series 2000 (Garr Scott Loft Proj.) (LOC U.S. Bank), 5.95%, 5/1/30 334,646 50,000 Series 2003-A (Sumner Proj.) (GNMA collateralized), 3.00%, 8/20/08 49,100 200,000 Moorhead Econ Dev. Auth. Multifamily Rev. Series 1999-B (Eventide Sr. Hsg. Proj.), 5.90%, 6/1/19 200,034 Moorhead Sr. Hsg. Rev. Series 2006 (Sheyenne Crossing Proj.): 300,000 5.00%, 4/1/13 297,909 170,000 5.10%, 4/1/14 169,051
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MN HFA Rental Hsg. Rev.: 50,000 Series 1996-A, 6.10%, 8/1/27 50,880 85,000 Series 2004-A, 4.875%, 8/1/24 84,411 Series 1997-A: 60,000 5.40%, 8/1/10 61,168 125,000 5.45%, 8/1/11 127,385 100,000 Series 2000-A (Section 8), 5.375%, 2/1/09 102,527 1,300,000 Series 2006-A2, 3.80%, 2/1/08 1,296,087 1,350,000 MN HFA Residential Hsg. Rev. Series 2006-I, 5.00%, 7/1/21 1,355,063 Minnetonka Multifamily Hsg. Rev. Refunding Series 1999-A (GNMA collateralized) (Archer Heights Apts. Proj.): 540,000 5.10%, 7/20/13 551,551 975,000 5.20%, 1/20/18 992,472 New Ulm Multifamily Rev. Series 1999 (HADC Ridgeway Proj.): 95,000 5.35%, 12/1/08 95,595 100,000 5.40%, 12/1/09 100,878 105,000 5.50%, 12/1/10 106,056 110,000 5.60%, 12/1/11 111,067 200,000 6.125%, 12/1/19 203,404 Northwest MN Multi Co. Hsg. & Redev. Auth. Hsg. Rev. Series 2005-A (Pooled Hsg. Proj.): 145,000 4.50%, 7/1/09 143,557 115,000 4.75%, 7/1/10 113,436 Norwood Young America Econ. Dev. Auth. Gov. Rev. Series 2005-A (Harbor at Peace Village Proj.): 150,000 5.35%, 8/1/15 146,828 200,000 5.625%, 8/1/20 195,150 550,000 5.75%, 8/1/25 533,858 250,000 6.00%, 8/1/31 244,595 Oakdale Multifamily Sr. Hsg. Rev. Refunding Series 2004 (Oak Meadows Proj.): 325,000 4.25%, 4/1/08 326,346 600,000 5.00%, 4/1/12 607,428 Pine City Hlth. Care & Hsg. Rev. Series 2006-A (North Branc Proj.): 125,000 4.50%, 10/20/16 125,034 300,000 4.75%, 10/20/21 299,010 500,000 Richfield Sr. Hsg. Rev. Refunding Series 2004-A (Richfield Sr. Hsg., Inc. Proj.), 5.00%, 12/1/15 482,715 2,800,000 Rochester Multifamily Rev. Refunding Series 2000-A (Weatherstone Apts. Proj.) (LOC Household Finance) (Mandatory Put 9/1/17) 6.375%, 9/1/37 3,024,784 Roseville Hsg. Fac. Rev. Refunding Bonds Series 1998 (College Properties Inc. Proj.): 2,820,000 5.60%, 10/1/13 2,822,115 100,000 5.875%, 10/1/28 100,046 80,000 Sherburne Co. Hsg. & Redev. Auth. Lease Rev. Series 1997, 5.50%, 2/1/17 80,066 Shoreview Sr. Hsg. Rev. Series 2005-A (Shoreview Sr. Residence Proj.): 110,000 3.50%, 5/1/08 108,176 115,000 3.75%, 5/1/09 112,680 600,000 St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding Series 1998 (Northway Manor Apts. Proj.) (Section 8), 5.35%, 12/1/18 573,288 1,585,000 St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev.: Series 1993 (Germain Towers Proj.) (Section 8), 5.90%, 9/1/20 1,482,324 60,000 Series 1999-A (Parkview Terrace Apts. Proj.) (Section 8), 5.00%, 6/1/09 58,584 St. Louis Park Multifamily Hsg. Rev. Refunding: 500,000 Series 1998-A (Park Ridge Apts. Proj.) (GNMA collateralized), 5.25%, 11/1/20 511,430 200,000 St. Paul Hsg. & Redev. Auth. Multifamily Refunding Rev. Series 1995 (Sun Cliffe Apts. Proj.) (GNMA collateralized), 5.875%, 7/1/15 204,128 3,190,000 St. Paul Port Authority Multifamily Hsg. Refunding (Jackson Towers Apts. Proj.) Senior Series 1998-1A (GNMA collateralized), 6.95%, 4/20/33 3,384,558 755,000 Washington Co. Hsg. & Redev. Auth. Governmental Hsg. Rev. Refunding Series 1999-A (Briar Pond Apts. Proj.) (GNMA collateralized), 5.50%, 2/20/14 770,840 500,000 Woodbury Econ. Dev. Auth. Sr. Hsg. Rev. Series 2006-B (Summerhouse Woodbury Proj.), 5.75%, 6/1/41 491,470 ---------------- 61,378,096 ---------------- MUNICIPAL LEASE (3.5%) 500,000 Andover Econ. Dev. Auth. Public Fac. Lease Rev. Series 2004 (Cmnty. Ctr. Proj.), 5.125%, 2/1/24 511,135 40,000 Anoka Co. C.O.P. Series 1998, 5.40%, 6/1/28 40,350 100,000 Big Lake Econ. Dev. Auth. Public Proj. Rev. Series 2005-A, 4.20%, 2/1/10 98,974 15,981 Brooklyn Park C.O.P. Series 1996, 5.45%, 9/27/06 16,038 175,000 Cambridge Econ. Dev. Auth. Public Fac. Lease Rev. Refunding Series 1998, 4.50%, 2/1/10 175,332 2,220,664 Carver Scott Co. Lease Purchase Agreement Series 2005, 5.00%, 8/4/20 2,143,918 50,000 Chaska Econ. Dev. Auth. ISD No. 112 Sch. Facs. Lease Rev. Series 1999-A, 5.125%, 12/1/09 51,876 89,000 Hennepin Co. Hsg. & Redev. Auth. Rev. Series 1993-A (Community Provider Program), 5.70%, 8/1/13 89,957 285,000 Hibbing Econ. Dev. Auth. Public Proj. Rev. Series 1997 (Hibbing Lease Obligations Proj.), 6.10%, 2/1/08 286,733 900,000 Intermediate Sch. Dist. 287 Lease Rev. Series 2006, 4.78%, 3/15/13 910,026 125,000 Mountain Iron Hsg. & Redev. Auth. Rev. Series 2001-A (Arrowhead Library Sys. Proj.), 5.00%, 9/1/09 126,671
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,268,726 St. Paul Lease Series 1998 (City Hall Annex Building), 5.71%, 10/1/18 1,304,669 40,000 St. Paul ISD No. 625 C.O.P Series 1995-C, 5.40%, 2/1/10 40,046 400,000 St. Paul Hsg. & Redev. Auth. Lease Rev. Series 2000 (Rivercentre Pkg. Ramp Proj.), 5.70%, 5/1/08 411,592 520,000 Scott Co. Hsg. & Red. Auth. Fac. Lease Rev. Series 1998 (Workforce Ctr. Proj.), 5.00%, 2/1/18 524,789 Virginia Hsg. & Redev. Auth. Hlth. Care Fac. Lease Rev. Series 2005: 300,000 4.00%, 10/1/07 298,680 275,000 4.00%, 10/1/08 272,330 300,000 4.00%, 10/1/09 295,803 300,000 4.50%, 10/1/10 299,694 200,000 5.00%, 10/1/11 203,382 1,200,000 5.125%, 10/1/20 1,203,588 ---------------- 9,305,583 ---------------- PUBLIC FACILITIES (0.4%) 50,000 MN Agr. Soc. State Fair Rev. Series 2003, 5.00%, 9/15/20 50,476 250,000 Rockville Econ. Dev. Auth. Pub. Proj. Lease Rev. Series 2005-A, 4.00%, 2/1/14 241,378 Spring Grove Econ. Dev. Auth. Pub. Proj. Rev. Series 2006-A: 135,000 4.625%, 2/1/12 134,818 255,000 5.00%, 2/1/16 256,326 125,000 5.10%, 2/1/18 125,634 Victoria Rec. Fac. Gross Rev. Ref. Crossover Series 2006-A: 205,000 4.55%, 8/1/17 200,625 ---------------- 1,009,257 ---------------- SINGLE FAMILY MORTGAGE (5.1%) 3,000,000 Dakota Co. Cmnty. Dev. Agy. Single Family Mtg. Rev. Series 2006 (FNMA, GNMA, & FHLMC backed), 5.30%, 12/1/39 3,104,280 Minneapolis- St. Paul Hsg. Fin. Bd. Single Family Mtg. Rev. (FNMA & GNMA backed): 40,000 Series 1997, 6.25%, 11/1/30 42,063 1,244,511 Series 2005-A3, 5.10%, 4/1/27 1,281,933 180,000 Minneapolis Redev. Mtg. Rev. Series 1987-A (Riverplace Proj.) (LOC Bk. of Tokyo), 7.10%, 1/1/20 182,155 19,065 Minneapolis Residual Interest Mtg. Rev. Series 1995, 7.00%, 10/1/12 19,093 MN HFA Single Family Mtg. Rev.: 200,000 Series 1994-E, 5.90%, 7/1/25 202,840 115,000 Series 1996-D, 6.00%, 1/1/16 117,422 85,000 Series 1997-A, 5.60%, 7/1/09 86,587 295,000 Series 1997-I, 5.50%, 1/1/17 301,977 175,000 Series 1996-H, 6.00%, 1/1/21 178,315 640,000 Series 1997-D, 5.85%, 7/1/19 649,184 35,000 Series 1997-E, 5.90%, 7/1/29 35,520 15,000 Series 1997-G, 6.00%, 1/1/18 15,326 880,000 Series 1998-C, 5.25%, 1/1/17 887,181 70,000 Series 1998-F-1, 4.75%, 7/1/07 70,106 55,000 Series 1998-F, 4.95%, 7/1/08 55,104 275,000 Series 1998-F-1, 5.45%, 1/1/17 276,999 80,000 Series 1998-F, 5.70%, 1/1/17 80,572 75,000 Series 1998-A, 4.80%, 7/1/09 76,554 80,000 Series 1998-A, 4.90%, 7/1/10 81,865 415,000 Series 1999-B, 5.25%, 1/1/20 416,552 115,000 Series 2000-A, 5.75%, 7/1/18 115,741 135,000 Series 2000-C, 6.10%, 7/1/30 136,095 30,000 Series 2001-B, 4.55%, 7/1/07 29,912 340,000 Series 2003-I, 4.30%, 7/1/11 339,017 640,000 Series 2003-I, 5.10%, 7/1/20 649,114 2,000,000 Series 2003-L-2, 2.35%, 1/1/31 1,979,200 2,000,000 Series 2006-B, 5.00%, 1/1/37 2,053,000 ---------------- 13,463,707 ---------------- UTILITY (1.9%) 610,000 Chaska Electric Rev. Series 2000-A, 5.50%, 10/1/06 612,519 200,000 Delano Wtr. & Pwr. Cmnty. Elec. Rev. Series 2000-A, 5.30%, 12/1/09 200,922 1,475,000 MN Muni Pwr. Agy. Elec. Rev. Series 2005, 5.00%, 10/1/30 1,481,401 300,000 Princeton Public Utility Sys. Rev. Series 2004, 5.00%, 4/1/24 300,096 2,300,000 Puerto Rico Aqueduct & Swr. Auth. Rev. Refunding Series 1995, 5.00%, 7/1/19 2,342,320 ---------------- 4,937,258 ---------------- OTHER REVENUE BONDS (7.5%) Columbia Heights Commercial Dev. Refunding Rev. Series 1999 (Columbia Park Properties - Medical Clinic Proj.): 250,000 5.15%, 12/1/08 251,570 1,750,000 5.60%, 12/1/15 1,758,260 Commissioner of Iron Range Resources and Rehab. Gross Rev. (Giant's Ridge Rec. Area Proj.), 900,000 Series 2000, 7.25%, 11/1/16 959,067 Minneapolis Cmty. Dev. Agy. Ltd. Tax Common Bond Fund: 125,000 Series 1996-1 (LOC-U.S. Bank), 6.00%, 6/1/11 125,866 85,000 Series 1997-1 (Halper Corrugated Box Mfg. Co.), 5.90%, 6/1/07 86,680 500,000 Series 1999-1A (Discount Steel), 5.25%, 6/1/19 504,955 160,000 Series 2000-G2 (LOC-U.S. Bank), 6.00%, 12/1/20 168,794 675,000 Minneapolis Public Hsg. Auth. Series 1997 (General Credit Energy Savings Proj.), 6.00%, 7/1/08 665,293 325,000 Minneapolis Rev. Ref. Series 2006 (Univ. Gateway Proj.), 4.00%, 12/1/06 325,351
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2006 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Minneapolis Tax Increment Rev. Refunding Series 2004 (St. Anthony Falls Proj.): 600,000 4.50%, 2/1/13 588,588 75,000 4.40%, 2/1/09 74,401 100,000 4.50%, 2/1/10 98,760 100,000 4.60%, 2/1/11 98,616 125,000 4.70%, 2/1/12 123,306 125,000 4.80%, 2/1/13 123,400 1,000,000 MN Agr. & Econ. Dev. Board Rev. Series 2000-B (Small Business Dev. Proj.), 7.25%, 8/1/20 1,052,650 St. Paul Hsg. & Redev. Auth. Tax Increment Rev.: 100,000 Series 2001 (US Bank Operations Ctr. Proj.), 5.70%, 8/1/12 101,910 775,000 Series 2001 (US Bank Operations Ctr. Proj.), 6.125%, 8/1/19 789,206 1,132,000 Series 2002 (North Quadrant Owner Occupied Proj. Phase 2), 7.00%, 2/15/28 1,159,530 1,059,000 Series 2002 (North Quadrant Owner Occupied Proj. Phase 1), 7.50%, 2/15/28 1,114,682 3,000,000 Series 2002-A (Upper Landing Proj.), 6.80%, 3/1/29 2,992,740 2,000,000 Series 2002-B-2 (Upper Landing Proj.), 6.90%, 3/1/29 1,950,580 1,263,000 Series 2002 (Drake Marble Proj.), 6.75%, 3/1/28 1,323,687 1,335,000 Series 2004 (9th St. Lofts Proj.), 6.375%, 2/15/28 1,338,071 St. Paul Recreational Facs. Gross Rev. Series 2005 (Highland National Proj.): 205,000 3.50%, 10/1/07 203,998 715,000 5.00%, 10/125 731,974 475,000 Steele Co. Hlth. Care Fac. Gross Rev. Refunding Crossover Series 2005-B, 4.65%, 6/1/20 460,304 160,000 Steele Co. Hlth. Care Fac. Gross Rev. Unref. Bal. Series 2000 (Elderly Housing Proj.), 6.625%, 6/1/20 170,606 415,000 Virgin Islands Public Fin. Auth. Rev. Gross Receipts Taxes Loan Note Series 1999-A, 5.625%, 10/1/10 425,284 ---------------- 19,768,129 ---------------- Total municipal bonds (cost: $253,495,908) 254,030,905 ---------------- SHORT-TERM SECURITIES (3.9%)(2) 980,000 Midwest Consortium of Muni Utility Rev. Series 2005-A (MN Utilities Assoc. Proj.), variable rate, 1/1/25 980,000 1,800,000 Minneapolis Rev. Series 1997-B (Univ. Gateway Proj.), variable rate, 12/1/27 1,800,000 1,395,000 Mpls. Nursing Home Rev. Ref. Series 2002 (Catholic Eldercare Proj.), variable rate, 12/1/27 1,395,000 790,000 Minneapolis Multifamily Rev. Series 2001 (Seven Corners Apts. Proj.), variable rate, 11/1/31 790,000 1,900,000 MN Higher Educ. Fac. Auth. Rev. Series 2002-N2 (St. Catherine Proj.), variable rate, 10/1/32 1,900,000 800,000 MN Higher Educ. Facs. Rev. Series 2003 , variable rate, 10/1/33 800,000 Robbinsdale Hlth. Care Facs. Rev. Series 2003 (North Memorial Health Proj.) (Ambac insured): 1,250,000 St. Paul Hsg. & Redev. Auth. Rev. Series 2001 (Cretin -Derham Hall Proj.), variable rate, 2/1/26 1,250,000 1,431,779 Wells Fargo Minnesota Municipal Cash Fund, 2.88% 1,431,779 ---------------- Total Short-Term Securities (cost: 10,346,779) 10,346,779 ---------------- Total investments in securities (cost: $263,842,687) $264,377,684 ---------------- Other Assets and Liabilities, Net (+0.03%) 82,302 ---------------- Total Net Assets $264,459,986 ================ ---------------- Aggregate Cost 263,842,687 ---------------- Gross Unrealized Appreciation 2,655,867 Gross Unrealized Depreciation (2,120,870) ---------------- Net Unrealized Appreciation(Depreciation) 534,997 ================
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. 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: August 30, 2006 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: August 30, 2006 By: /s/ Eugene C. Sit ----------------- Eugene C. Sit Chairman Date: August 30, 2006 EX-99.CERT 2 sit063347mfii_ex99cert.txt CERTIFICATIONS OF VICE PRESIDENT AND CHAIRMAN 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: August 30, 2006 --------------- /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: August 30, 2006 --------------- /s/ Eugene C. Sit - -------------------------------------- Eugene C. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----