-----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, B5F7KdmwYL0IydCMMMZXjd3XpJrJi9CRxQhrR8TJo86virp0tY/9FsQ9N5Z46YHD kgfLVlicq99QaoWlTWC3CQ== 0000897101-08-000119.txt : 20080117 0000897101-08-000119.hdr.sgml : 20080117 20080117090733 ACCESSION NUMBER: 0000897101-08-000119 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20071231 FILED AS OF DATE: 20080117 DATE AS OF CHANGE: 20080117 EFFECTIVENESS DATE: 20080117 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: 08534726 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 0000746601 S000015046 Sit High Income Municipal Bond Fund C000040905 Class I SHIUX N-Q 1 sit-mfii080206_nq.txt FORM N-Q FOR PERIOD ENDED DECEMBER 31, 2007 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, 2007 Date of reporting period: December 31, 2007 ITEM 1. SCHEDULE OF INVESTMENTS ----------------------- The Registrant, Sit Mutual Funds II, Inc., is comprised of: Sit Tax-Free Income Fund (Series A) Sit Minnesota Tax-Free Income Fund (Series B) Sit High Income Municipal Bond Fund (Series D) THE SCHEDULE OF INVESTMENTS FOR EACH SERIES OF THE REGISTRANT AS OF THE DATE ON THE COVER OF THIS REPORT HAS NOT BEEN AUDITED. THIS REPORT IS PROVIDED FOR THE GENERAL INFORMATION OF THE FUND'S SHAREHOLDERS. FOR MORE INFORMATION REGARDING A PARTICULAR FUND AND ITS HOLDINGS, PLEASE SEE THAT FUND'S MOST RECENT PROSPECTUS AND ANNUAL REPORT.
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (96.9%) (2) ALABAMA (1.6%) 1,375,000 AL State Univ. Rev. Series 2006, 5.25%, 8/1/28 1,454,722 300,000 AL Wtr. Pollution Ctrl. Auth. Revolving Fund Lien Series 1998-B (AMBAC insured), 5.00%, 8/15/21 304,233 775,000 ASMS Pub. Educ. Bldg. Rev Series 2006-B (ASMSF LLC Proj.) (Ambac Insured), 4.375%, 9/1/26 773,659 675,000 Birmingham-Southern College Private Educ. Bldg. Rev. Series 1997, 5.35%, 12/1/19 675,027 100,000 DCH Hlth. Care Auth. Fac. Rev. Series 1998 (MBIA insured), 4.875%, 6/01/13 101,678 Huntsville Hlth. Care Auth. Rev. 200,000 Series 1997-A (MBIA insured), 5.00%, 6/1/17 203,966 1,000,000 Series 2002-A, 5.625%, 6/1/32 1,032,640 250,000 Series 2007-A, variable rate, 6/1/32 224,937 600,000 Huntsville-Redstone Vlg. Spl. Care Facs. Fin. Auth. Rev Series 2007 (Redstone Vlg. Proj.), 5.25%, 1/1/15 577,068 300,000 Montgomery Educ. Bldg. Auth. Rev. Ref. Series 2007 (Faulkner Univ. Proj.) (Radian insured), 5.25%, 10/1/32 292,272 250,000 Valley Spl. Care. Facs. Fin. Auth. Rev. Series 1997-A (Lanier Mem. Hosp.), 5.45%, 11/1/11 253,678 ---------------- 5,893,880 ---------------- ALASKA (0.1%) 325,000 Alaska Indl. Dev. & Expt. Auth. Cmnty. Provider Rev. Series 2007 (Boys & Girls Home Proj.), 5.45%, 12/1/11 320,080 ---------------- ARIZONA (3.6%) 1,500,000 Arizona Hlth. Care Facility Auth. Rev. Series 2007 (Beatitudes Campus Proj.), 4.75%, 10/1/10 1,472,280 1,171,384 Arizona Hlth. Facs. Auth. Rev. Series 2007-A (New Ariz. Family Proj.), 5.25%, 7/1/27 1,160,138 200,000 Bullhead City Special Assessment Impt. Dist. Series 1993 (Bullhead Pkwy. Proj.), 6.10%, 1/1/10 201,276 500,000 Flagstaff Spl. Assessment Series 2007 (Aspen Place Sawmill Impt. Proj.), 5.00%, 1/1/22 502,640 250,000 Glendale Indl. Dev. Auth. Unrefunded Balance Series 1998-A (Midwestern Univ. Proj.), 5.375%, 5/15/28 252,335 500,000 Maricopa Co. Indl. Dev. Auth. Hlth. Facs. Rev. Series 2007-A (Catholic Healthcare West Proj.), 5.25%, 7/1/32 500,370 Maricopa Co. Indl. Dev. Auth. Multifamily Hsg. Rev.: 400,000 Series 1996-A (Place Five & Greenery Apts. Proj.), Escrowed to Maturity, 6.625%, 1/1/27 433,788 480,000 Series 1996-B (Advantage PT, etc. Proj.), Escrowed to Maturity, 7.375%, 7/1/26 486,269 100,000 Maricopa Co. Pollution Ctrl. Rev. Ref. Public Svc. Series 1996-A (New Mexico Public Svc. Co. Proj.), 6.30%, 12/1/26 100,478 150,000 Parkway Cmnty. Facility Dist. No. 1 G.O. Series 2006, 4.85%, 7/15/15 145,611 700,000 Phoenix Street & Hwy. User Rev. Ref. Jr. Lien Series 1992, 6.25%, 7/1/11 701,589 Pima Co. Indl. Dev. Auth. Educ. Rev.: 295,000 Series 2004-I (AZ Charter Schools Proj.), 5.00%, 7/1/12 297,006 250,000 Series 2004-A (Noah Webster Basic School Proj.), 5.25%, 12/15/16 251,875 210,000 Series 2005-M (AZ Charter Schools Proj.), 5.70%, 7/1/23 210,565 705,000 Series 2006 (Choice Educ. & Dev. Corp. Proj.), 6.00%, 6/1/16 716,590 900,000 Series 2006-A (Sonoran Science Academy Proj.). 5.35%, 12/1/17 875,673 500,000 Series 2007-A (American Charter Schools Foundation Proj.), 5.125%, 7/1/15 498,155 560,000 Series 2007-O (AZ Charter Schools Proj.), 4.65%, 7/1/14 545,300 400,000 Ref. Series 2007 (Tucson Country Day School Proj.), 5.00%, 6/1/22 376,452 500,000 Series 2007 (Center For Academic Success Proj.), 5.375%, 7/1/22 489,415 150,000 Pinal Co. Elem. Sch. Dist. No. 44 C.O.P. Series 2006, 4.10%, 3/1/09 150,047 565,000 Pinal Co. Indl. Dev. Auth. Correctional Fac. Rev. Series 2006-A (Florence West Prison Proj.) (ACA insured), 5.25%, 10/1/23 541,581 500,000 Pinal Co. Certificate of Participation Series 2004, 5.00%, 12/1/26 (5) 502,590 Quail Creek Cmnty. Fac. Dist. G.O. Series 2006: 585,000 4.85%, 7/15/12 576,430 500,000 5.15%, 7/15/16 492,400 360,000 Verrado Cmnty. Facilities Dist. No. 1 G. O. Series 2006, 4.85%, 7/15/14 356,299 500,000 Westpark Cmnty. Facilities Dist. G.O. Series 2006, 4.90%, 7/15/16 482,930 ---------------- 13,320,082 ---------------- ARKANSAS (0.6%) 750,000 Bentonville Co. ISD No. 6 Refunding & Construction G.O. Series 2003-A (Ambac insured), 4/75%, 6/1/24 754,230 460,000 Maumelle HDC First Lien Rev. Ref. Series 1992-A (Section 8), 7.875%, 7/1/09 460,851 1,000,000 White Co. Hlth. Care Fac. Rev. Series 2005 (White Co. Med. Ctr. Proj.), 5.00%, 12/1/14 1,011,610 ---------------- 2,226,691 ---------------- CALIFORNIA (6.5%) 100,000 Agua Caliente Band Cahuilla Indians Rev. Series 2003, 4.60%, 7/1/08 100,007 120,000 Bay Area Govt. Assoc. Tax Allocation Rev. Series 1994-A (FSA insured), 6.00%, 12/15/14 121,597 250,000 Blythe Redev. Agy. Tax Allocation Ref. Series 1997 (Proj. No. 1), 5.80%, 5/1/28 246,165
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 405,000 CA Co. Tobacco Securitization Agy. Asset-Backed Rev. Series 2002 (Alameda Co.), 4.75%, 6/1/19 393,717 350,000 CA Co. Tobacco Securitization Agy. Asset-Backed Conv. Bond Rev. Series 2007-B, 5.10%, 6/1/28 291,182 CA Co. Tobacco Securitization Agy. Rev. Series 2007-A (Golden Gate Tob. Proj.): 500,000 4.50%, 6/1/21 470,160 500,000 5.00%, 6/1/36 429,750 CA Cmnty. Hsg. Fin. Agy. Lease Rev. Pass Thru Oblig.: 120,000 Series 2005-D, 4.875%, 4/1/12 118,716 360,000 Series 2005-F, 4.85%, 11/1/12 358,070 220,000 CA Dept. Water Resources Rev. Series 1996-Q (Central Valley Proj.)(MBIA insured), 5.375%, 12/1/27 221,379 135,000 CA Educ. Facs. Auth. Rev. Refunded Series 1996 (Chapman Univ. Proj.), 5.125%, 10/1/26 136,535 50,000 CA G.O. Series 1996, 5.25%, 6/1/21 50,337 495,000 CA Govt. Fin. Auth. Lease Rev. Series 2003-A (Placer Co. Transportation Proj.), 6.00%, 12/1/28 515,716 CA Hlth. Facs. Fin. Auth. Rev.: 500,000 5.00%, 4/01/08 501,300 500,000 5.50%, 4/01/11 519,830 600,000 CA Fin. Auth. Educ. Rev. Series 2006-A (American Heritage Educ. Fndtn. Proj.), 5.25%, 6/1/26 568,116 CA Public Works Board Lease Rev. Series 1993-A (Various CA State Univ. Proj.): 300,000 5.25%, 12/1/13 (5) 300,465 625,000 5.50%, 12/1/18 625,769 CA Statewide Cmntys. Dev. Auth. Rev.: 480,000 Series 2005 (Daughters of Charity Hlth. Proj.), 5.25%, 7/1/11 496,090 1,000,000 Series 2007 (Lancer Educ. Student Hsg. Proj.), 5.40%, 6/1/17 1,002,880 450,000 CA Statewide Cmntys. Dev. Auth. Spl. Tax Series 2007-1 (Orinda Proj.), 6.00%, 9/1/29 449,955 235,000 Garden Grove C.O.P Series 1993 (Bahia Village/Emerald Isle Proj.)(FSA insured), 5.70%, 8/1/23 Golden State Tobacco Securitization Corp. Asset-Backed Rev.: 235,764 Series 2005-A: 2,000,000 5.00%, 6/1/19 2,008,060 1,250,000 Interest Appreciation Bonds, zero coupon, 4.55% effective yield, 6/1/22 1,091,925 1,000,000 Series 2007-A1, 5.125%, 6/1/47 842,180 175,000 Industry Urban Dev. Agy. Tax Allocation Ref. Series 2002-2, 4.75%, 5/1/21 178,094 775,000 Intercommunity Hosp. Fin. Auth. C.O.P Series 1998 (ACA insured), 5.25%, 11/1/19 762,212 250,000 Lompoc Healthcare Dist. G.O. Series 2007 (Election 2005) (XLCA insured), 5.00%, 8/1/34 254,960 750,000 Los Angeles Hsg. Auth. Rev. Series 2007-A (Radian insured), 5.00%, 6/1/29 739,305 500,000 Northern CA Gas Auth. No. 1 Rev. Series 2007, variable rate, 7/1/27 452,125 700,000 Northern CA Pwr. Agy. Pub. Pwr. Rev. Ref. Series 1998-A (Hydroelectric Proj. #1), 5.20%, 7/1/32 711,816 660,000 Northern CA Tobacco Securitization Auth. Asset-Backed Rev. Series 2005-A1, 4.75%, 6/1/23 627,396 500,000 Oakland UNI Sch. Dist. Alameda Co. G.O. Series 2005 (MBIA insured), 5.00%, 8/1/24 524,405 500,000 Sacramento Co. Wtr. Fin. Auth. Rev. Series 2007-B (Wtr. Agy. Zones 40 & 41 Proj.), Variable rate, 6/1/39 442,965 1,000,000 San Bernardino City. Sch. Dist. G.O. Cap. Appreciation Series 2007 (MBIA insured), zero coupon, 4.72% effective yield, 8/1/29 316,360 2,750,000 San Bernardino Co. C.O.P. Series 1996 (Med. Ctr. Fin. Proj.) (MBIA insured), 5.00%, 8/1/28 2,773,540 750,000 San Joaquin Hills Toll Rd. Rev. Refunding Series 1997-A, 5.25%, 1/15/30 758,355 500,000 Santa Clara Redev. Agy. Tax Allocation Series 2003 (Bayshore North Proj.) (MBIA insured), 5.00%, 6/1/15 504,050 Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev.: Series 2006: 215,000 4.50%, 3/1/11 214,424 385,000 4.875%, 3/1/16 390,544 2,000,000 Series 2001-B, 6.00%, 5/15/22 2,039,480 250,000 Stockton Pub. Fin. Rev. Series 2006-A (Redevelopment Projects) (Radian insured), 5.00%, 9/1/22 250,505 250,000 Yuba Redev. Agy. Tax. Allocation Series 2007, 5.125%, 9/1/27 248,513 ---------------- 24,284,714 ---------------- COLORADO (2.2%) 250,000 Baptist Rd. Rural Transportation Auth. Sales & Use Tax. Rev. Series 2007, 4.80%, 12/1/17 231,905 215,000 CO Educ. & Cultural Fac. Rev. Ref. Series 2003-C (Cheyenne Mtn. Charter Sch. Proj.), 4.625%, 6/15/12 226,711 CO HFA Single Family Program Senior Series: 20,000 1996B-2, 7.45%, 11/1/27 20,333 15,000 1997B-3, 6.80%, 11/1/28 15,446 CO Hlth. Fac. Auth. Rev.: 230,000 Series 2000-A (Porter Place Proj.) (GNMA collateralized), 5.10%, 1/20/11 235,032 400,000 Series 2005 (Covenant Retirement Cmntys. Proj.), 4.50%, 12/1/08 400,912 160,000 Unrefunded Balance Rev. Series 2000 (Evangelical Lutheran Proj.), 6.25%, 12/1/10 167,728 750,000 Series 2007 (Yampa Valley Med. Ctr. Proj.), 5.00%, 9/15/22 713,182 250,000 Ref. Series 2007-B (Parkview Med. Ctr. Proj.), 5.00%, 9/1/29 241,322 1,000,000 Compark Business Campus Met. Dist. Ref. & Impt. G.O. Series 2007-A (Radian insured), 5.75%, 12/1/27 1,046,090
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,000,000 Denver Hlth. & Hosp. Auth. Healthcare Rev. Series 2007-B, variable rate, 12/1/33 883,650 600,000 Denver Hsg. Corp. Multifamily Rev. Ref. Series 1997-A (Section 8), 5.35%, 10/1/12 606,492 250,000 Fiddlers Business Impt. Dist Greenwood Vlg. Ref. & Cap. Impt.. G.O. Sr. Lien Series 2007-1, (ACA insured), 5.00%, 12/1/32 208,577 250,000 Interlocken Met. Dist. Ref. & Impt. G.O. Series 1999-B (Radian insured), 5.75%, 12/15/19 262,390 500,000 Inverness Wtr. & Sanitation Dist. Arapahoe & Dougles Cos. G.O. Series 2006-A (Radian insured), 4.60%, 12/1/19 483,930 919,563 Lyons Rev. Series 2006 (Longmont Humane Soc. Proj.), 4.75%, 11/30/16 897,337 500,000 Maher Ranch Met. Dist. No. 4 Ref. G.O. Series 2007 (Radian insured), 5.25%, 12/1/36 481,980 1,250,000 Midcities Metro Dist. No. 2 G.O. Ref. & Impt. Series 2006 (Radian insured), 5.125%, 12/1/30 1,208,250 ---------------- 8,331,267 ---------------- CONNECTICUT (1.0%) 2,000,000 CT Dev. Auth. Pollution Ctrl. Rev. Ref. Series 1993-A (CT Light & Power Proj.), 5.85%, 9/1/28 2,045,480 450,000 CT Hlth. & Educ. Facs. Auth. Rev. Series 2007-C (Hosp. Spl. Care Proj.), 5.25%, 7/1/27 449,455 Mashantucket Western Pequot Tribe Subordinated Special Rev.: 750,000 Series 2006-A, 5.50%, 9/1/36 697,942 300,000 Series 1997-B, 5.75%, 9/1/18 301,578 500,000 Series 1999-B, zero coupon, 5.12% effective yield on purchase date, 9/1/26 325,905 ---------------- 3,820,360 ---------------- DISTRICT OF COLUMBIA (0.2%) 750,000 DC Rev. Series 2006 (Friendship Pub. Charter Sch. Proj.) (ACA insured), 5.00%, 6/1/26 673,987 ---------------- DELAWARE (0.1%) 500,000 Millsboro Spl. Oblig. Rev. Series 2007-A (Plantation Lakes Spl. Dev. Proj.), 5.45%, 7/1/36 462,030 ---------------- FLORIDA (8.9%) 90,000 Arbor Greene Cmnty. Dev. Dist. Spl. Assmt. Rev. Ref. Series 2006, 5.00%, 5/1/19 93,001 780,000 Belmont Cmnty. Dev. Dist. Cap. Impt. Rev. Series 2006-B, 5.125%, 11/01/14 709,457 550,000 Brevard Co. Hlth. Facs. Auth. Hlth. Care Facs. Rev. Series 2005 (Health First, Inc. Proj.), 5.00%, 4/1/36 522,071 100,000 Broward Co. Hsg. Fin. Auth. Multifamily Hsg. Rev. Ref. Series 1996 (Tamarac Pointe Apt. Proj.) (GNMA collateralized), 6.15%, 7/1/16 100,972 460,000 Capital Trust Agy. Hsg. Rev. Series 2005-B (Sub-Atlandtic Hsg. Foundation Proj.), 4.50%, 7/1/15 440,211 Capital Trust Agy. Multifamily Rev. Sr. Series 2003-A: 625,000 (Golf Villas, Rivermill, and Village Square Apts. Proj.), 4.75%, 6/1/13 595,950 1,000,000 (American Opportunity Proj.), 5.875%, 6/1/38 913,220 50,000 Clearwater Hsg. Auth. Rev. Ref. Series 1997 (Hamptons At Clearwater Proj.) (ACA insured), 5.40%, 5/1/13 50,480 45,000 Cocoa Cap. Impt. Rev. Series 1998 (MBIA insured), 5.00%, 10/1/22 45,926 50,000 Collier Co. Indl. Dev. Auth. Hlth. Care Facs. Rev. Series 2004 (Naples Cmnty. Hosp. Proj.), 4.65%, 10/1/34 50,573 545,000 Collier Co. HFA Multifamily Hsg. Rev. Series 2002-C (Goodlette Arms Proj.), 5.25%, 8/15/15 564,713 440,000 Concorde Estates Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2004-B, 5.00%, 5/1/11 431,908 400,000 Connerton West Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2007-B, 5.125%, 5/1/16 358,340 Escambia Co. Hlth. Facs. Auth. Rev. Series 1998 (Baptist Hosp. & Manor Proj.): 200,000 5.00%, 10/01/08 201,260 630,000 5.125%, 10/1/19 631,468 100,000 Fiddlers Creek Cmnty. Dev. Dist. No. 2 Spl. Assmt. Rev. Series 2003-B, 5.75%, 5/1/13 99,519 500,000 FL Div. Bd. Fin. Dept. Gen. Svcs. Rev. Series 1997-A, 5.00%, 7/1/11 504,605 FL Brd. Pub. Educ. Cap. Outlay G.O.: 25,000 Ref. Series 1989-A, 5.00%, 6/1/24 25,025 1,000,000 Series 1997-B, 4.75%, 6/1/21 1,002,350 45,000 FL Correctional Privatization Commn. Certificate of Participation Series 1995-B (Polk Co. 350 Bed Youth Proj.), 5.00%, 8/1/17 45,067 90,000 Forest Creek Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2005-B, 4.85%, 5/1/11 85,142 420,000 Heritage Isle At Viera Cmnty. Dev. Dist. Special Assessment Series 2006, 5.00%, 11/1/13 390,163 Highlands Co. Hlth. Fac. Auth. Hosp. Rev. (Aventist Hlth. Proj.): 90,000 Ref. Series 2005-B, 5.00%, 11/15/30 87,368 200,000 Series 2006-C, 5.25%, 11/15/36 198,810 85,000 Hillsborough Co. Educ. Facs. Auth Rev. Ref. Series 1998 (Univ. of Tampa Proj.), 5.75%, 4/1/18 87,156 Hillsborough Co. Indl. Dev. Auth. Hosp. Rev. Ref.: 1,500,000 Series 2003-A (Tampa Gen. Hosp. Proj.), 5.25%, 10/1/24 1,508,745 250,000 Series 2003-B (Tampa Gen. Hosp. Proj.), 5.25%, 10/1/28 247,237 475,000 Hillsborough Co. Indl. Dev. Auth. Indl. Rev. Series 1999-A (Hlth. Facs. Proj. - Univ. Cmnty. Hosp.), 5.625%, 8/15/23 479,047 210,000 Gateway Services Cmnty. Dev. Dist. Spl. Assmt. Series 2003-B (Sun City Ctr. Proj.), 5.50%, 5/1/10 209,842 250,000 Gramercy Farms Cmnty. Dev. Dist. Spl. Assessment Series 2007-B, 5.10%, 5/1/14 228,640
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 580,000 Jacksonville Econ. Dev. Commn. Hlth. Care Facs. Rev. Ref. Series 2007-A (FL Proton Therapy Inst. Proj.), 6.00%, 9/1/17 579,101 500,000 Jacksonville Econ. Dev. Commn. Rev. Series 2007-A, 4.55%, 3/1/47 438,480 Jacksonville Hlth. Facs. Auth. Rev. Series 2007 (Brooks Hlth. Sys. Proj.): 500,000 5.00%, 11/1/22 501,510 500,000 5.00%, 11/1/27 487,075 500,000 Lake Ashton Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 11/1/11 470,345 Lakeland Hosp. Sys. Rev. Ref.: 80,000 Series 1996 (Lakeland Regl. Med. Center Proj.), 5.25%, 11/15/25 80,889 450,000 Series 1997 (Lakeland Regl. Med. Center Proj.) (MBIA insured), 5.00%, 11/15/22 454,374 1,000,000 Lee Co. Indus. Dev. Auth. Hlth. Care Fac. Rev. Series 2007-A (Lee Charter Foundation), 5.25%, 6/15/27 886,230 250,000 Magnolia Creek Cmnty. Dev. Dist. Rev. Series 2007-B, 5.60%, 5/1/14 234,987 300,000 Madeira Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 5.25%, 11/1/14 274,890 405,000 Marion Co. Hosp. Dist. Rev. Series 1999 (Munroe Hlth. Sys. Proj.), 5.25%, 10/1/10 422,055 405,000 Martin Co. Hlth. Fac. Auth. Hosp. Rev. Ref. Series 2002-B (Martin Memorial Med. Ctr. Proj.), 4.875%, 11/15/12 411,913 820,000 Miami Beach Hlth. Facs. Auth. Hosp. Rev. Series 1998 (Mt. Sinai Med. Ctr. Proj.), 5.375%, 11/15/28 734,712 Miami - Dade Co. Spl. Obligation: 500,000 Sub. Series 1997-B, 5.00%, 10/1/37 504,515 265,000 Sub. Series 1997-B, zero coupon, 5.44% effective yield, 10/1/33 65,574 100,000 Cap. Apprec. & Income Sub Series 2005-B, variable rate, 10/1/35 95,413 40,000 Miami-Dade Co. Pub. Service Tax Rev. Series 1999 (UMSA Pub. Impts. Proj.), 5.00%, 10/1/23 41,212 1,000,000 New River Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 5/1/13 921,760 215,000 North Broward Hosp. Dist. Rev. Series 1997 (MBIA insured) Unrefunded Balance Series, 5.375%, 1/15/24 217,150 120,000 Orange Co. Hlth. Facs. Auth. Rev. Ref. Series 2005 (Orlando Lutheran Proj.), 4.625%, 7/1/09 118,237 60,000 Orlando & Orange Co. Expressway Auth. Rev. Jr. Lien Series 1998, 5.00%, 7/1/28 60,848 Palm Beach Co. Hlth. Fac. Auth. Rev.: 500,000 Series 1997 (Abbey Delray South Proj.), 5.50%, 10/1/11 506,875 200,000 Ref. Series 2003 (Abbey Delray South Proj.), 5.15%, 10/1/12 203,012 90,000 Series 1993 (Jupiter Med. Ctr. Inc. Proj.) (FSA insured), 5.25%, 8/1/18 90,121 Series 2007 (Waterford Proj.): 250,000 5.25%, 11/15/17 251,540 500,000 5.375%, 11/15/22 486,745 10,000 Parklands Lee Cmnty. Dev. Dist. Spl. Assmt. Series 2004-B, 5.125%, 5/1/11 9,561 55,000 Pinellas Co. Swr. Rev. Ref. Unrefunded Balance Series 1998 (FGIC insured), 5.00%, 10/1/24 56,048 Pinellas Co. Educ. Fac. Auth. Rev. Series 2006 (Eckerd College Proj.) (ACA insured): 350,000 4.50%, 10/1/14 330,271 680,000 4.625%, 10/1/16 631,455 3,105,000 Port Everglades Auth. Rev. Ref. Series 1989-A (FSA insured), 5.00%, 9/1/16 3,115,650 750,000 Riverwood Estates Cmnty. Dev. Dist. Spl. Assessment Series 2006-B, 5.00%, 5/1/13 695,123 500,000 Sarasota Co. Hlth. Facs. Auth. Retirement Rev. Ref. Series 2007 (Village on the Isle Proj.), 5.50%, 1/1/27 461,765 250,000 Sarasota Natl. Cmnty. Dev. Dist. Spl. Assessment Rev. Series 2007, 5.30%, 5/1/39 195,513 500,000 Seminole Tribe Spl. Oblig. Rev. Series 2007-A, 5.50%, 10/1/24 479,880 500,000 St. Johns Co. Indl. Dev. Auth. Hlth. Care Rev. Ref. Series 2007-A (Bayview Proj.), 5.00%, 10/1/17 462,055 250,000 South Broward Hosp. Dist. Rev. Ref. Series 2007 (South Broward Hosp. Dist. Proj.), 4.75%, 5/1/24 247,465 South Lake Co. Hosp. Dist. Rev. Series 2003 (South Lake Hosp. Inc. Proj.): 95,000 4.25%, 10/1/08 94,883 780,000 5.50%, 10/1/13 816,832 850,000 Sterling Hill Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series, 5.10%, 5/1/11 810,373 1,000,000 Stoneybrook South Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 5.45%, 11/1/15 911,580 750,000 Tolomato Cmnty. Dev. Dist. Spl. Assmt. Series 2007, 6.375%, 5/1/17 739,575 500,000 Volusia Co. Educ. Auth. Rev. Ref. Series 2005 (Embry-Riddle Proj.), 5.00%, 10/15/35 480,380 975,000 Verano Ctr. Cmnty. Dev. Dist. Spl. Assessment Series 2006-B (Dist. No. 1 Infrastructure Proj.). 5.00%, 11/1/12 873,932 750,000 Waters Edge Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 11/1/12 698,903 500,000 Waterset North Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 6.55%, 11/1/15 489,485 50,000 West Villages Impt. Dist. Spl. Assmt. Rev. Series 2006 (Unit of Dev. No. 3), 5.50%, 5/1/37 41,345 500,000 Zephyr Ridge Cmnty. Dev. Dist. Spl. Assessment Rev. Series 2006-B, 5.25%, 5/1/13 466,185 ---------------- 33,556,088 ---------------- GEORGIA (1.4%) 500,000 Atlanta Dev. Auth. Rev. Series 2005-C (Tuff ATDC Proj.), 5.00%, 1/1/31 491,945 750,000 Chatham Co. Hosp. Auth. Rev. & Impt. Series 2004-A (Mem. Health Univ. Proj.), 5.50%, 1/1/34 684,435 590,000 Cobb Co. Dev. Auth. Pkg. Rev. Series 2004 (Kennesaw State Univ. Fdn., Inc. Proj.) (MBIA insured), 5.00%, 7/15/29 610,426
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,500,000 East Point Tax Allocation Series 2002-A, 8.00%, 2/1/26 1,646,820 750,000 Fulton Co. Dev. Auth. Rev. Series 2007-A, 5.25%, 11/1/28 674,497 250,000 Gainesville Redev. Auth. Educ. Facs. Rev. Ref. Series 2007 (Riverside Military Academy Proj.), 5.125%, 3/1/27 235,432 250,000 Medical Ctr. Hosp. Auth. Rev. Ref. Series 2007 (Spring Harbor Green Isl. Proj.), 5.25%, 7/1/27 216,355 Private Colleges & Univ. Auth. Rev. Ref.: 750,000 Series 1999-A (Mercaer Univ. Proj.), 5.25%, 10/1/14 761,910 100,000 Series 2001 (Mercer Univ. Proj.), 5.00%, 10/1/11 102,611 ---------------- 5,424,431 ---------------- ILLINOIS (10.6%) 300,000 Annawan Tax Allocation Series 2007 (Patriot Renewable Fuels, LLC Proj.), 5.625%, 1/1/18 286,986 475,000 Blue Island Tax Increment G.O. Ref. Series 1997 (MBIA insured), 5.10%, 12/15/12 475,750 20,000 Chicago Metro Hsg. Dev. Corp. Mtg. Rev. Ref. Series 1992-A (FHA insured) (Section 8), 6.85%, 7/1/22 20,608 250,000 Du Page Co. Spl. Svc. Areano 31 Spl. Tax Series 2006 (Monarch Landing Proj.), 5.40%, 3/1/16 248,190 500,000 Harvey Ref. & Impt. G.O. Series 2007-A, 5.50%, 12/1/27 491,660 100,000 IL DFA Rev. Series 1998 (St. Patrick High School Proj.), 5.125%, 7/15/28 100,206 325,000 IL DFA Rev. Series 2002-A (Chicago Charter School Fdn. Proj.), 5.25%, 12/1/12 330,756 500,000 IL DFA Rev. Ref. Series 2007 (Chicago Charter School Fdn. Proj.), 5.00%, 12/1/36 436,030 1,000,000 IL Fin. Auth. Rev. Ref. Series 2007-A (Christian Homes, Inc. Proj.), 5.25%, 5/15/12 981,600 1,250,000 IL DFA Pollution Control Rev. Ref. Series 2000-A (Ameren CIPS Proj.), 5.50%, 3/1/14 1,250,125 IL DFA Refunding & New Money Rev. (Cmty. Rehab. Providers Fac. Acquisition Program): 695,000 Series 1997-A, 5.80%, 7/1/08 700,546 415,000 Series 1997-A, 6.05%, 7/1/19 419,025 120,000 Series 1997-A, 5.90%, 7/1/09 121,568 1,560,000 Series 1997-A, 6.00%, 7/1/15 1,577,066 1,240,000 Series 1997-C, 5.65%, 7/1/19 1,255,537 850,000 Series 1998-A, 5.50%, 7/1/12 862,214 285,000 Series 1998-A, 5.70%, 7/1/19 288,642 330,000 Series 2002-A (Cmnty. Rehab. Providers Fac. Proj.), 5.70%, 7/1/12 345,150 IL Fin. Auth. Rev.: 750,000 Ref. Series 2006 (Luther Hillside Village Proj.), 5.25%, 2/1/37 714,555 700,000 Series 2006-A (Three Crowns Park Plaza Proj.), 5.875%, 2/15/38 644,329 500,000 Series 2006-B2 (Three Crowns Park Plaza Proj.), 5.40%, 2/15/38 487,330 Series 2006 (Tabor Hills Supportive Living Proj.): 1,000,000 4.40%, 11/15/12 974,710 500,000 5.25%, 11/15/26 467,040 Series 2006-A (Montgomery Place Proj.): 1,250,000 5.25%, 5/15/15 1,196,500 500,000 5.75%, 5/15/38 453,890 Series 2007-A: 650,000 (Christian Homes, Inc. Proj.), 5.75%, 5/15/26 606,008 500,000 (Sedgebrook, Inc. Fac. Proj.), 5.40%, 11/15/16 476,780 1,500,000 (OSF Healthcare Sys. Proj.), 5.25%, 11/15/22 1,541,805 IL Fin. Auth. Sports Fac. Rev. Series 2007-A (United Sports Org. of Barrington Proj.) (UTD insured): Series 2007-A: 500,000 6.125%, 10/1/27 465,605 500,000 6.25%, 10/1/37 459,975 1,250,000 IL Educ. Facs. Auth. Rev. Series 1998-A (Univ. Chciago Proj.) (MBIA-IBC Insured), 5.125%, 7/1/38 1,270,512 500,000 IL HDA Multifamily Rev. Series 2007-D, 4.80%, 7/1/28 501,515 500,000 IL Fin. Auth. Educ. Rev. Series 2006-E (Uno Charter School Network Proj.) (ACA Insured), 5.00%, 9/1/26 434,140 IL Hlth. Fac. Auth. Rev.: 770,000 Ref. Series 1994 (Passavant Memorial Area Hospital Assn.) (MBIA insured), 5.95%, 10/1/11 803,095 350,000 Ref. Series 1996-B (Sarah Bush Lincoln Hlth. Ctr. Proj.), 5.50%, 2/15/16 353,846 605,000 Ref. Series 1999 (Silver Cross Hosp. Proj.), 5.25%, 8/15/15 624,808 500,000 Series 2000 (IA Health System Proj.), 6.75%, 2/15/13 540,145 1,900,000 Ref. Series 2003 (Sinai Health Proj.) (FHA Insured), 5.10%, 8/15/33 1,912,806 590,000 Ref. Series 2003 (Sinai Health Proj.) (FHA Insured), 5.15%, 2/15/37 594,254 200,000 IL Sales Tax Rev. Series 1994-U, 5.00%, 6/15/10 200,292 Lombard Public Facs. Corp. Rev. First Tier: Series 2005-A1 (Conference Ctr. & Hotel Proj.): 115,000 6.375%, 1/1/15 114,840 750,000 (ACA insured) 5.50%, 1/1/25 718,072 1,000,000 (ACA insured) 5.50%, 1/1/30 930,150 1,925,000 Series 2005-B (Conference Ctr. & Hotel Proj.), 5.25%, 1/1/36 1,922,189
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 2,000,000 Malta Tax Allocation Rev. Series 2006, 5.75%, 12/30/25 1,882,780 1,000,000 Manhattan Spl. Service Area Spl. Tax No. 07-6 Series 2007 (Groebe Farm-Stonegate Proj.), 5.75%, 3/1/22 979,130 250,000 Melrose Park Tax Increment G.O. Series 1999-A (FSA insured), 5.25%, 12/15/15 254,948 250,000 Montgomery Ref. Impt. Spl. Assmt. Series 2007 (Lakewood Creek Proj.) (Radian insured), 4.70%, 3/1/30 226,383 250,000 Quincy Hosp. Rev. Ref. Series 2007, 5.00%, 11/15/17 258,050 Southwestern IL Dev. Auth. Rev. Series 1999 (Anderson Hosp. Proj.): 750,000 5.375%, 8/15/15 764,025 2,625,000 5.625%, 8/15/29 2,626,943 Southwestern IL Dev. Auth. Local Govt. Prog. Rev.: 1,800,000 Series 1998-A (City of East St. Louis Proj.) Tax Increment Financing Proj., 6.00%, 4/1/10 1,765,080 500,000 Series 2006 (Village of Sauget Proj.), 5.625%, 11/1/26 477,070 275,000 Upper Illinois River Valley Dev. Auth. Rev. Series 2001 (Morris Hosp. Proj.), 6.05%, 12/1/11 292,166 440,000 Will Co. Spl. Educ. Rev. Series 2006, 5.40%, 1/1/18 466,664 500,000 Will Co. Student Hsg. Rev. Series 2002-A (Joliet Junior College Proj.), 6.375%, 9/1/13 (3) 329,935 ---------------- 39,924,024 ---------------- INDIANA (3.5%) 500,000 Anderson Economic Dev. Rev. Ref. & Impt. Series 2007 (Anderson Univ. Proj.), 4.75%, 10/1/21 474,285 100,000 Bloomington Sewer Wks. Rev. Series 1999-A (MBIA insured), 5.20%, 1/1/29 103,287 500,000 Boone Co. Redev. Tax Increment Rev. Series 2005-B, 5.375%, 8/1/23 510,985 315,000 Central Nine Career Ctr. Bldg. Corp. Rev. Series 2007, 5.50%, 7/15/15 341,221 100,000 Elkhart Co. Ind. Hosp. Auth. Rev. Series 1998 (Elkhart General Hosp. Proj.), 5.25%, 8/15/28 102,466 IN Hlth. & Educ. Fac. Fin. Auth. Rev.: 400,000 Series 2005 (Baptist Homes of IN Proj.), 5.25%, 11/15/25 399,516 1,000,000 Series 2007 (Cmnty. Fndtn. Northwest Proj.), 5.50%, 3/1/22 987,340 215,000 IN Hlth. Fac. Fin. Auth. Hlth. Fac. Rev. Series 1998 (Holy Cross Health Sys. Corp. Proj.) (MBIA insured), 5.00%, 12/1/28 217,784 IN Hlth. Fac. Fin. Auth. Hosp. Rev.: Series 1993 (Community Hosp. of Anderson Proj.) (MBIA insured): 120,000 6.00%, 1/1/14 122,452 650,000 6.00%, 1/1/23 650,526 600,000 Ref. Series 1998 (Floyd Memorial Hosp. & Hlth. Svcs. Proj.), 5.25%, 2/15/18 607,044 Series 2001-A (Community Foundation Northwest IN): 1,360,000 5.50%, 8/1/13 1,397,563 360,000 6.375%, 8/1/21 374,713 50,000 6.375%, 8/1/31 51,240 Ref. Series 2001-A (Community Foundation Northwest IN): 60,000 5.50%, 8/1/13 64,916 45,000 6.375%, 8/1/21 50,007 140,000 6.375%, 8/1/31 155,576 300,000 Series 2004-A (Community Foundation Northwest IN), 4.75%, 3/1/14 297,612 500,000 IN HFA Single Family Mtg. Rev. Ref. Series 1992-A, 6.80%, 1/1/17 514,990 IN Hlth. Fac. Fin. Auth. Rev. Ref. Series 1998: 170,000 (Greenwood Village South Proj.), 5.35%, 5/15/08 169,915 1,875,000 (Marquette Manor Proj.), 5.00%, 8/15/18 1,883,119 1,155,000 IN State Dev. Fin. Auth. Rev. Educ. Facs. Series 2003 (Archdiocese Indpls. Proj.), 5.50%, 1/1/33 1,184,707 500,000 Paoli Bldg. Corp. Rev. Series 2007, 5.00%, 1/15/32 502,120 1,100,000 Rockport Poll. Ctl. Rev. Series 2002-A (Indiana Michigan Pwr. Co. Proj.), 4.625%, 6/1/25 1,074,865 500,000 St. Joseph Co. Hosp. Auth. Hlth. Fac. Rev. Series 2005 (Madison Ctr. Oblig. Group Proj.), 5.25%, 2/15/28 464,140 500,000 Vigo Co. Hosp. Auth. Rev. Series 2007 (Union Hosp. Inc. Proj.), 5.50%, 9/1/27 462,630 ---------------- 13,165,019 ---------------- IOWA (0.8%) Coralville Urban Renewal Rev. Tax Increment Series 2006-A: 240,000 5.00%, 6/1/11 241,637 115,000 5.00%, 6/1/12 115,765 120,000 5.00%, 6/1/14 120,467 185,000 5.00%, 6/1/15 185,427 405,000 Dickinson Co. Hsg. Sr. Rev. Series 2006-A (Spirit Lake - GEAC LLC Proj.), 5.375%, 12/1/16 376,893 345,000 Iowa Fin. Auth. Cmnty. Provider Rev. Series 2007 (Boys & Girls Proj.), 5.40%, 12/1/10 338,617 IA Fin. Auth. Sr. Hsg. Rev. Ref. Series: 350,000 2006-A (Bethany Life Cmntys. Proj.), 5.20%, 11/1/16 327,295 410,000 2007-A (Wedum Walnut Ridge LLC Proj.), 5.00%, 12/1/14 386,158 100,000 IA Fin. Auth Single Family Rev. Series 2000-D (GNMA/FNMA Mtg. Backed Sec. Proj.), 5.75%, 7/1/09 102,928 500,000 Palo Alto Co. Hosp. Rev. Series 2006 (Palo Alto Co. Hosp. Proj.), 5.25%, 8/1/24 444,780 400,000 Washington Co. Hosp. Rev. Series 2006 (Washington Co. Hosp. Proj.), 5.125%, 7/1/15 405,768 ---------------- 3,045,735 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- KANSAS (0.2%) 25,000 Olathe & Labette Cos. Mtg. Loan Rev. Series 1991-B (GNMA collateralized) zero coupon, 7.56% effective yield on purchase date, 2/1/23 8,589 500,000 KS Dev. Fin. Auth. Hsg. Dev. Rev. Series 2003-B1 (GNMA Collateralized), 5.60%, 5/20/34 518,955 375,000 Sterling Educ. Fac. Rev. Series 2007 (Sterling College Proj.), 5.375%, 11/1/27 357,604 ---------------- 885,148 ---------------- KENTUCKY (0.2%) 220,000 Dawson Springs Water & Sewer Rev. Ref. Series 1997, 5.10%, 9/1/13 224,422 350,000 KY Hsg. Corp. Rev. Series 2007-G, 4.75%, 7/1/32 343,539 ---------------- 567,961 ---------------- LOUISIANA (4.1%) 7,200,000 Capital Appreciation Series 2000-D1 (GNMA & FNMA collateralized) zero coupon, 6.46% effective yield, 4/1/34 1,356,336 400,000 Denham Springs - Livingston Hsg. & Mtg. Rev Series 2007, 5.00%, 11/1/40 409,108 East Baton Rouge Fin. Auth. Single Family Mtg. Rev. Ref.: Series 2007-A: 500,000 Series 2007-A, 4.40%, 10/1/23 491,050 500,000 Series 2007-A, 4.50%, 10/1/28 480,395 250,000 Series 2007-B1 (GNMA/FNMA/FHLMC supported), 4.625%, 10/1/24 250,665 600,000 Houma-Terrebonne Pub. Tr. Fin. Auth. Single Family Mortgage-Backed Rev. Series 2007 (GNMA/FNMA/FHLMC supported), 5.15%, 12/1/40 620,628 Jefferson Parish Fin. Auth. Single Family Mtg. Rev. Series 2007-D: 300,000 4.00%, 12/1/23 304,236 1,900,000 5.00%, 6/1/38 1,880,373 400,000 Juban Park Cmnty. Dev. Dist. Special Assessment Series 2006, 5.15%, 10/1/14 383,884 1,248,000 Layayette Pub. Fin. Auth. Single Family Mortgage Backed Rev. Series 2007 (GNMA/FNMA/FHLMC supported), 5.35%, 1/1/41 1,314,756 LA Hsg. Fin. Agy. Single Family Mtg. Rev.: 250,000 Series 2007-A1 (Home Ownership Proj.), 4.40%, 12/1/23 245,500 Series 2007-B1 (Home Ownership Proj.): 250,000 4.80%, 12/1/22 254,927 1,000,000 5.00%, 12/1/32 1,008,930 2,250,000 5.70%, 12/1/38 2,453,220 600,000 LA Loc. Gov. Envir. Facs. Cmnty. Dev. Auth. Rev. Series 2007 (LA Local Gov. Proj.), 6.75%, 11/1/32 594,858 LA Public Facs. Auth. Rev: 500,000 Series 1995-A (Glen Retirement Sys. Proj.), 6.50%, 12/1/15 500,645 750,000 Ref. Series 2007-A2 (Tulane Univ. Proj.), variable rate, 2/15/36 692,175 1,025,000 St. John Baptist Parish Rev. Series 2007-A (Marathon Oil Corp.), 5.125%, 6/1/37 981,458 1,173,477 St. Tammany Parish Fin. Auth. Single Family Mtg. Rev. Series 2007-A (Home Ownership Prog. Proj.) (GNMA/FNMA/FHLMC Backed Securities Proj.), 5.25%, 12/1/39 1,218,222 ---------------- 15,441,366 ---------------- MAINE (0.5%) 1,000,000 Skowhegan Pollution Ctrl. Rev. Ref. Series 1993 (Scott Paper Co. Proj.), 5.90%, 11/1/13 1,002,230 1,000,000 South Berwick Educ. Rev. Series 1998 (Berwick Academy Issue), 5.25%, 8/1/13 1,013,670 ---------------- 2,015,900 ---------------- MARYLAND (0.6%) 500,000 Annapolis Econ. Dev. Rev. Series 2007-B (St. Johns College Fac. Proj.), 5.00%, 10/1/27 482,500 200,000 Howard Co. Retirement Cmnty. Rev. Ref. Series 2007-A (Vantage House Fac. Proj.), 4.50%, 4/1/10 197,840 310,000 MD Economic Dev. Corp. Rev. Ref. Sr. Lien Series 2006-A (Chesapeake Bay Proj.), 4.75%, 12/1/11 306,829 1,150,000 MD Hlth. & Hgr. Educ. Fac. Auth. Rev. Series 2007-B (King Farm Presbyterian Cmnty. Proj.), 4.75%, 1/1/13 1,099,917 ---------------- 2,087,086 ---------------- MASSACHUSETTS (1.9%) 380,000 Lynn Wtr. & Swr. Rev. Series 2003-A (MBIA Insured), 5.00%, 12/1/32 388,569 500,000 MA St. G.O. Series 2007-A (FGIC insured), variable rate, 5/1/37 448,920 2,000,000 MA St. College Bldg. Auth. Proj. Rev. Series 1999-1 (MBIA Insured), 5.375%, 5/1/39 2,059,480 MA Hlth. & Educ. Fac. Auth. Rev.: 250,000 Series 1993-E (South Shore Hosp. Proj.) (MBIA insured), 5.50%, 7/1/20 253,653 250,000 Series 2001-E (Berkshire Hlth. Sys. Proj.), 5.70%, 10/1/25 257,868 MA Dev. Fin. Agy. Rev. Series 2005 (Evergreen Ctr., Inc.): 195,000 4.00%, 1/1/08 195,000 200,000 4.00%, 1/1/09 199,188 500,000 Series 2005-A (Curry College Proj.) (ACA Insured), 4.55%, 3/1/16 481,140
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 550,000 Series 2007 (Orchard Cove Proj.), 5.00%, 10/1/17 531,019 MA Indus. Fin. Agy. Rev. Series: 600,000 1995 (St. Mark's School Issue), 6.00%, 1/1/15 608,448 1,250,000 1997 (Trustees Deerfield Academy Proj.), 5.00%, 10/1/23 1,275,300 250,000 1998-H (Tufts Univ. Proj.), 4.75%, 2/15/28 250,718 ---------------- 6,949,303 ---------------- MICHIGAN (2.7%) Chandler Park Academy Public School Rev. Series 2005: 125,000 4.00%, 11/1/09 123,322 500,000 5.00%, 11/1/22 468,565 1,000,000 Kent Hosp. Fin. Auth. Rev. Series 2005-A (Met Hosp. Proj.), 6.00%, 7/1/35 1,021,770 Kentwood Econ. Dev. Ltd. Oblig. Series 2006-A (Holland Home Proj.): 1,000,000 5.25%, 11/15/26 919,060 500,000 5.375%, 11/15/36 445,455 250,000 Lincoln Park School Dist. G.O. Refunding Series 1998, 5.00%, 5/1/18 251,277 MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2006 (Black River School Proj.): 115,000 5.125%, 9/1/11 115,449 250,000 5.50%, 9/1/19 247,438 500,000 MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Series 2007 (Richfield Pub. Sch. Proj.), 5.00%, 9/1/22 468,795 650,000 MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2007 (Bradford Proj.), 6.00%, 9/1/16 655,174 500,000 MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2007 (Nataki Talibah Proj.), 6.25%, 10/1/23 500,300 500,000 MI Hosp. Fin. Auth. Rev. Ref. Series 1998-A (Mclaren Hlth. Care Proj.) (MBIA-IBC insured), 5.00%, 6/1/28 507,030 500,000 MI St. Univ. Gen. Rev. Series 2007-B (Ambac insured), variable rate, 2/15/37 454,160 250,000 MI Tobacco Settlement Fin. Auth. Sr. Rev. Series 2007-A, 5.125%, 6/1/22 239,898 500,000 Plymouth Educ. Ctr. Charter Schl. Academy Rev. Ref. Series 2005, 5.00%, 11/1/11 503,255 300,000 Pontiac Tax Increment Fin. Auth. Rev. Ref. Series 2002 (Dev. Area 2 Proj.) (ACA insured), 5.625%, 6/1/22 300,054 500,000 Saginaw Hosp Fin. Auth. Series 2000-F (Covenant Med. Ctr. Proj.), 6.50%, 7/1/30 530,550 2,345,000 Southfield Econ. Dev. Corp. Ltd. Obligation Rev. Series 1998-A (Lawrence Tech. Univ. Proj.), 5.25%, 2/1/13 2,369,411 ---------------- 10,120,963 ---------------- MINNESOTA (2.1%) 740,000 Hopkins Multifamily Hsg. Rev. Series 1996 (Hopkins Renaissance Proj.)(Section 8), 6.375%, 4/1/20 756,110 5,284,107 Intermediate Sch. Dist. 287 Lease Rev. Series 2006, 5.295%, 11/1/32 4,981,169 1,000,000 MN St. Hgr. Educ. Fac. Auth. Rev. Series 2006-6M (College of St. Benedict Proj.), 4.493%, 10/1/16 1,018,210 750,000 North Oaks Sr. Hsg. Rev. Series 2007 (Presbyterian Homes North Oaks Proj.), 5.75%, 10/1/22 728,880 600,000 St. Paul Hsg. & Redev. Auth. Rev. Series 2006 (Nursing Home NTS-Episcopal Proj.), 5.63%, 10/1/33 544,098 ---------------- 8,028,467 ---------------- MISSISSIPPI (0.6%) MS Dev. Bank Spl. Oblig. Rev. Ref.: 325,000 Series 1998 (Three Rivers Solid Waste Proj.), 5.125%, 7/1/14 325,127 Series 2006-B (Magnolia Regl. Hlth. Ctr. Proj.): 1,000,000 5.00%, 10/1/13 1,036,260 200,000 4.00%, 10/1/08 199,362 250,000 MS Home Corp. Single Fam. Mtg. Rev. Series 2007-C1 (GNMA/FNMA/FHLMC supported), 5.60%, 6/1/38 269,765 265,000 MS Hosp. Equip. & Facs. Auth. Rev. Series 2007-A (MS Baptist Hlth. Sys. Inc. Proj.), 5.00%, 8/15/26 260,259 ---------------- 2,090,773 ---------------- MISSOURI (2.9%) 200,000 Branson Cmnty. Park Impt. Dist. Spl. Assessment Rev. Series 2007-A, 5.00%, 6/1/10 199,586 Cape Girardeau Co. Indl. Dev. Auth. Hlth. Care Fac. Rev. (Southwest MO Hosp. Assoc. Proj.): 80,000 Series 2002, 5.75%, 6/1/32 80,708 1,000,000 Series 2007, 5.00%, 6/1/27 951,050 500,000 Chillicothe Tax Increment Rev Series 2006 (South U.S. 65 Proj.), 5.625%, 4/1/27 467,360 1,000,000 Gravois Bluffs Transportation Dev. Dist. Sales Tax Rev. Series 2007, 4.75%, 5/1/32 964,140 110,000 Greene Co. C.O.P. Series 2000 (Law Enforcement Proj.), 5.50%, 7/1/09 (5) 111,880 295,000 Hannibal Indl. Dev. Auth. Tax Increment & Transn. Dev. Rev. Ref. & Impt. Series 2006 (Stardust-Munger Proj.), 4.70%, 4/15/23 288,124 250,000 Harrisonville Annual Approp. Tax. Rev. Ref. Series 2007 (Harrisonville Towne Ctr. Proj.), 4.625%, 11/1/28 231,287 300,000 I470 & 350 Transportation Dev. Dist. Sales Tax. Rev. Ref. & Impt. Series 2007 (Radian insured), 4.60%, 6/1/29 301,704 1,000,000 Joplin Indl. Dev. Auth. Rev. Ref. Series 2007-F (Christian Homes Inc. Proj.), 5.50%, 5/15/17 968,650 250,000 Kansas City Tax Increment Fin. Comm. Rev. Series 2007-A (Maincor Proj.), 5.00%, 3/1/12 249,240 600,000 Lincoln Univ. Auxiliary Sys. Rev. Subordinate Series 2007, 4.65%, 6/1/21 615,726
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Series 2007-E (Independence - Centerpoint Proj.): 250,000 5.125%, 4/1/25 251,168 500,000 4.75%, 4/1/28 471,275 MO Hlth. & Educ. Fac. Auth. Rev. Series: 500,000 2005-A (Sr. Living Fac.-Lutheran Sr. Svcs. Proj.), 5.375%, 2/1/35 489,160 500,000 2007-A (Sr. Living Fac.-Lutheran Sr. Svcs. Proj.), 4.875%, 2/1/18 501,620 485,000 MO Hlth. & Educ. Fac. Auth. Educ. Fac. Rev. Series 1999 (Park College Proj.), 5.55%, 6/1/09 494,540 500,000 2007-A (Riverside Horizons Proj.) (ACA insured), 5.00%, 5/1/20 488,720 400,000 2007-B (Riverside Horizons Proj.) (ACA insured), 4.50%, 5/1/27 354,080 St. Louis Indl. Dev. Auth. Sr. Living Facs. Rev.: 250,000 Series 2007-A (Friendship Vlg. West Proj.), 5.375%, 9/1/21 240,503 1,250,000 Series 2007-B (St. Andrews Residence For Seniors Proj.), 5.375%, 12/1/27 1,241,475 480,000 St. Louis Indl. Dev. Auth. Tax Allocation Rev. Series 2006 (Southtown Redev. Proj.), 5.125%, 5/1/26 442,411 275,000 Univ. City Indl. Dev. Auth. Hsg. Rev. Ref. Series 1995-A (Canterbury Proj., 5.75%, 12/20/15 275,380 ---------------- 10,679,787 ---------------- MONTANA (0.5%) 930,362 MT Fac. Fin. Auth. Rev. Series 2005 (Great Falls Pre-Release Svcs. Proj.), 5.08%, 4/1/21 955,612 750,000 MT Fac. Fin. Auth. Rev. Series 2007-C (St. Luke Cmnty. Healthcare Proj.), 5.00%, 1/1/22 773,025 ---------------- 1,728,637 ---------------- NEBRASKA (0.2%) Douglas Co. San. & Impt.: 200,000 Dists. No. 420 G.O. Series 2003, 5.75%, 10/15/26 204,324 220,000 Dists. No. 375 G.O. Series 2003 (Walnut Ridge Proj.) , 5.30%, 12/15/23 222,017 500,000 Mead Vlg. Tax Allocation Rev. Series 2006-A (E3 Biofuels - Mead LLC Proj.), 5.125%, 7/1/12 469,820 ---------------- 896,161 ---------------- NEVADA (1.0%) 250,000 Clark Co. Econ. Dev. Rev. Series 2003 (Alexander Dawson Sch. Proj.), 5.375%, 5/15/33 251,430 1,000,000 Clark Co. Poll. Ctrl. Rev. Ref. Series 1995-D (Nev. Pwr. Co. Proj.) (ACA-CBI Insured), 5.30%, 10/1/11 986,570 415,000 Clark Co. Impt. Spl. Assmt. Series 2007-A (Summerlin Proj.), 4.85%, 2/1/17 388,672 600,000 Las Vegas Paiute Tribe Rev. Series 2002A (ACA insured), 6.625%, 11/1/17 632,268 315,000 North Las Vegas LOC Impt. Spl. Assessment Ref. Sub. Spl. Series 2006-B (Impt. Dist. No. 60), 4.50%, 12/1/10 305,780 110,000 NV Hsg. Dev. SF Mtg. Program Mezzanine Series 1998B-1, 5.30%, 4/1/16 111,962 Reno Hosp. Rev. Series 2007-A (Renown Regl. Med. Ctr. Proj.): 500,000 5.00%, 6/1/22 500,725 500,000 5.25%, 6/1/32 491,200 ---------------- 3,668,607 ---------------- NEW HAMPSHIRE (1.2%) Manchester Hsg. & Redev. Auth. Rev.: 300,000 Series 2000-B (Radian insured) zero coupon, 5.25% effective yield, 1/1/19 168,561 890,000 Series 2000-A (ACA insured), 6.75%, 1/1/15 922,885 NH Hlth. & Educ. Fac. Auth. Rev.: 450,000 Series 2004 (Covenant Hlth. Proj.), 5.00%, 7/1/14 468,216 485,000 Series 2006 (The Memorial Hosp. Proj.), 5.25%, 6/1/16 490,898 615,000 Series 2006-A (Havenwood-Heritage Heights Proj.), 5.00%, 1/1/16 571,200 NH Hlth. & Educ. Facs. Auth. Hosp. Rev. Series 2004 (Speare Mem. Hosp. Proj.): 255,000 5.00%, 7/1/10 257,683 500,000 5.00%, 7/1/16 497,605 690,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1997 (Catholic Charities Proj.), 5.75%, 8/1/12 697,963 135,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1998 (New Hampton School), 5.00%, 10/1/08 135,296 190,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1998 (Rivier College Proj.), 5.55%, 1/1/18 192,290 ---------------- 4,402,597 ---------------- NEW JERSEY (0.3%) NJ Hlth. Care Facs. Fin. Auth. Rev.: 365,000 Series 1997 (Capital Health Sys. Proj.), 5.125%, 7/1/12 371,172 250,000 Series 2002 (Englewood Hosp. Proj.) (FHA insured), 5.00%, 2/1/21 257,515 495,000 Series 2007-E (Catholic Hlth. East Issue Proj.), variable rate, 11/15/33 440,426 ---------------- 1,069,113 ---------------- NEW MEXICO (0.4%) 750,000 Farmington Hosp. Rev. Series 2007-A (San Juan Regl. Med. Ctr. Proj.), 5.25%, 6/1/27 753,285 620,000 NM MFA Forward Mortgage-Backed Series 1995-E (GNMA collateralized), 6.95%, 1/1/26 628,661 250,000 NM State Hosp. Equip. Ln. Council Hosp. Rev. Ref. Series 2007-A (Rehoboth Proj.), 5.00%, 8/15/17 230,873 ---------------- 1,612,819 ---------------- NEW YORK (1.7%) 250,000 Albany Indl. Dev. Agy. Civic Fac. Rev. Series 2007-A (Brighter Choice Charter Sch. Proj.), 5.00%, 4/1/20 240,667 500,000 Amherst Indl. Dev. Agy. Civic Fac. Rev. Series 2007 (Beechwood Hlth. Care Ctr. Inc. Proj.), 4.875%, 1/1/13 482,480 500,000 Genesee Co. Indl. Dev. Agy. Civic Fac. Rev. Series 2007 (United Mem. Med. Ctr. Proj.), 4.75%, 12/1/14 475,055 300,000 Madison Co. Indl. Dev. Agy. Civic Fac. Rev. Series 2007 (Oneida Hlth. Sys., Inc. Proj.), 4.50%, 2/1/17 287,874
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 170,000 Monroe Co. Indl. Dev. Agy. Student Hsg. Rev. Series 1999-A (Collegiate Hsg. Fdn. - Rochester Institute of Technology Proj.), 4.90%, 4/1/09 170,614 500,000 Nassau Co. Indl. Dev. Agy. Continuing Care Retirement Rev. Series 2007-A (Amsterdam at Harborside Proj.), 5.875%, 1/1/18 495,350 1,230,000 NY Dorm Auth. Rev. Series 1996-A (Maimonides Med. Ctr. Proj.), 5.75%, 8/1/24 1,232,103 650,000 NY Dorm Auth. Debt Rev. Series 2007-B (N Shore Proj.), variable rate, 5/1/33 586,736 170,000 NY Cos. Tobacco Trust IV Settlement Pass-Thru Rev. Series 2005-A, 4.25%, 6/1/21 160,149 1,060,000 NY Tobacco Settlement Fing. Corp Asset-Backed Rev. Series 2003-C1, 5.00%, 6/1/11 1,061,399 250,000 Seneca Nation Indians Cap. Impt. Auth. Spl. Oblig. Rev. Series 2007-A, 5.00%, 12/1/23 222,698 Ulster Co. Indl. Dev. Agy. Civic Fac. Rev. Series 2007-A: 500,000 5.10%, 9/15/13 487,510 650,000 5.25%, 9/15/16 624,273 ---------------- 6,526,908 ---------------- NORTH CAROLINA (1.2%) 400,000 Albemarle Hosp. Auth. Healthcare Fac. Rev. Ref. Series 2007, 5.25%, 10/1/21 403,676 375,000 Asheville Certificates of Participation Series 1997-A, 5.125%, 6/1/18 379,234 105,000 Mecklenburg Co. Indus. Facs. & Pollution Ctrl. Fin. Auth. Rev. Series 1993 (Fluor Corp. Proj.), 5.25%, 12/1/09 105,143 250,000 NC Med. Care Commission Hosp. Rev. Series 1995 (Gaston Memorial Hsop. Proj.), 5.50%, 2/15/19 250,245 NC Med. Care Commission Retirement Facs. Rev. Ref. Series 2007: 625,000 (Givens Estates), 5.00%, 7/1/27 571,150 250,000 (Village at Brookwood Proj.), 5.25%, 1/1/32 213,355 NC Med. Care. Commission Hlth. Care Facs. Rev.: 150,000 Series 1998-B (Novant Hlth. Proj.), 5.00%, 10/1/28 152,667 525,000 Ref. Series 2005-B (Presbyterian Proj.), 4.90%, 7/1/31 523,504 NC Med. Care Commission Hlth. Care Hsg. Rev. Series 2004-A: 500,000 (The ARC of NC Proj.), 4.65%, 10/1/14 503,425 700,000 (ARC Proj.), 5.80%, 10/1/34 707,756 370,000 NC Med. Care Commission Rev. Series 2003 (FHA Insd. Mtg.-Betsy Johnson Proj.) (FSA insured), 5.375%, 10/1/24 397,254 175,000 Northern Hosp. Dist. Surry. Co. Hlth. Care Facs. Rev. Series 1999, 5.50%, 10/1/19 178,663 ---------------- 4,386,072 ---------------- NORTH DAKOTA (1.2%) 750,000 City of Washburn Series 2007-B (Bismarck State College Fdtn.), 5.01%, 4/1/32 698,093 3,000,000 Fargo Univ. Facs. Rev. Series 2007-B1 (NDSU Dev. Foundation Proj.), 5.11%, 11/29/27 3,050,375 Grand Forks Sr. Hsr. Rev. Ref. Series 2006 (4000 VY Square Proj.), 4.50%, 12/1/08 260,000 4.50%, 12/1/08 257,741 395,000 4.60%, 12/1/10 385,480 175,000 Williams Co. Sales Tax Rev. Series 2006, 5.00%, 11/1/31 160,190 ---------------- 4,551,879 ---------------- NORTHERN MARIANA ISLANDS (0.1%) 500,000 Northern Mariana Islands Commonwealth G.O. Ref. Series 2007-B, 5.00%, 10/1/22 472,505 ---------------- OHIO (2.3%) 100,000 Akron Bath Copley Twp. Hosp. Dist. Rev. Series 2006-A (Akron Gen. Hlth. Sys. Proj.), 4.00%, 1/1/08 100,000 330,000 Blue Ash Tax Allocation Rev. Series 2006 (Duke Realty Ohio Proj.), 5.00%, 12/1/21 329,657 500,000 Buckeye Tobacco Settlement Fin. Auth. Asset-Backed Sr. Rev. Series 2007-A2, 5.125%, 6/1/24 472,640 295,000 Cleveland-Cuyahoga Port. Auth. Dev. Rev. Series 1999-A (Port of Cleveland Bond Fund Capital Imprv. Proj.), 5.375%, 5/15/19 295,475 Cleveland-Cuyahoga Co. Port. Auth. Dev. Rev. : 700,000 Series 2004-D (Garfield Heights Proj.), 5.25%, 5/15/23 676,319 610,000 Series 2004-E (Meyers Univ. Proj.), 4.65%, 5/15/14 598,111 530,000 Series 2004-E (Meyers Univ. Proj.), 5.60%, 5/15/25 534,166 270,000 Series 2005-B (Fairmount Proj.), 5.125%, 5/15/25 256,862 750,000 Series 2006-A (Sr. Hsg. - St. Clarence - Geac Proj.), 6.00%, 5/1/21 741,128 1,000,000 Dayton Special Facs. Rev. Ref. Series 1998-A (Emery Air Freight Proj.), 5.625%, 2/1/18 1,021,030 1,500,000 Hamilton Co. Hlth. Care Rev. Ref. Series 2006-A (Life Enriching Cmntys. Proj.), 5.00%, 1/1/27 1,407,240 750,000 Huron Co. Hosp. Fac. Rev. Ref. & Impt. Series 2007 (Fisher - Titus Med. Proj.), 5.00%, 12/1/22 755,010 805,000 Lorain Co. Hosp. Rev. Series 1997-B (Catholic Hlth.Care Partners Proj.) (MBIA insured), 5.50%, 9/1/27 822,146 500,000 Miami Co. Hosp. Fac. Rev. Ref. Impt. Series 2006 (Upper Valley Med. Ctr. Proj.), 5.25%, 5/15/17 513,945 250,000 239,038 ---------------- 8,762,767 ---------------- OKLAHOMA (1.5%) 500,000 Atoka Co. Health Care Auth. Hosp. Rev. Series 2007 (Atoka Mem. Hosp. Proj.), 5.875%, 10/1/18 484,705 Citizen Potawatomi Nation Tax Rev. Series 2004-A: 660,000 5.00%, 9/1/08 659,142
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 6.50%, 9/1/16 521,630 250,000 Langston Econ. Dev. Auth. Rev. Series 2005-A (Langston Univ. Proj.) (ACA insured), 5.00%, 5/1/35 210,997 500,000 Norman Regl. Hosp. Auth. Rev. Series 2005, 5.50%, 9/1/24 506,145 350,000 Oklahoma Dev. Fin. Auth. Rev. Ref. Series 2007 (St. John Hlth. Sys. Proj.), 5.00%, 2/15/32 349,979 915,000 Oklahoma St. Ind. Auth Rev. Series 2006 (YMCA Greater OK Earlywine Proj.), 4.875%, 7/1/22 841,617 400,000 Valley View Hosp. Auth. Rev. Ref. Series 1996, 6.00%, 8/15/14 418,376 960,000 Washington Co. Med. Auth. Rev. Bartlesville Ref. Series 1996 (Jane Phillips Med. Ctr. Proj.) (Connie Lee insured), 5.50%, 11/1/10 966,470 500,000 Weatherford Hosp. Auth. Rev. Series 2006, 6.00%, 5/1/16 497,685 ---------------- 5,456,746 ---------------- OREGON (0.8%) 200,000 Cow Creek Band Umpqua Tribe of Indians Rev. Series 2006-C, 4.875%, 10/1/08 199,220 200,000 Klamath Falls Intercmnty. Hosp. Auth. Rev. Ref. Series 2002 (Merle West Med. Ctr. Proj.), 5.20%, 9/1/09 203,466 1,250,000 OR G.O. Series 2001-81 (Veterans Welfare Proj.), 5.25%, 10/1/42 1,302,113 100,000 OR Hsg. & Cmty. Svcs. Dept. Mtg. Rev. Series 2000-K, 5.70%, 7/1/22 100,905 1,475,000 Western Generation Agy. Sub. Lien Rev. Series 2006-C (Wauna Cogeneration Proj.), 5.00%, 1/1/21 1,369,582 ---------------- 3,175,286 ---------------- PENNSYLVANIA (4.8%) Allegheny Co. Hosp. Dev. Auth. Rev. Series 2003-A (Ohio Valley Gen. Hosp. Proj.): 245,000 3.30%, 4/1/08 244,280 135,000 3.875%, 4/1/10 133,022 495,000 Butler Co. Gen. Auth. Rev. Series 2007 (Butler Area Sch. Dist. Proj.), variable rate, 10/1/34 460,335 565,000 Chartiers Valley Indl. & Commercial Dev. Auth. Rev. Ref. Series 2003-A (Friendship Village South Proj.), 4.75%, 8/15/11 569,401 1,210,000 Delaware River Port Auth. PA & NJ Rev. Series 1995 (FGIC insured), 5.50%, 1/1/26 1,210,000 555,000 Erie Auth. Pkg. Fac. Rev. Series 2006, 4.60%, 9/1/21 527,367 500,000 Harrisburg Auth. Univ. Rev. Series 2007-A (Harrisburg Univ of Science Proj.), 5.40%, 9/1/16 504,435 600,000 Geisinger Auth. Hlth. Sys. Rev. Series 2007 (Geisinger Hlth. Sys. Proj.), variable rate, 5/1/37 523,350 2,330,000 Grove City Area Hosp. Auth. Rev. Series 1998 (United Cmnty. Hosp. Proj.), 5.25%, 7/1/12 2,331,351 Lancaster Co. Hosp. Auth. Rev.: 200,000 Series 1994 (Hlth. Center-Masonic Homes Proj.), 5.30%, 11/15/08 200,194 250,000 Series 2006 (Hlth. Center-Masonic Homes Proj.), 5.00%, 11/1/26 247,575 Series 2008-A (Brethren Village Proj.): 500,000 5.20%, 7/1/12 499,960 1,000,000 6.10%, 7/1/22 998,100 250,000 Lehigh Co. General Purpose Auth. Rev. Rev. Series 2007 (Saint Luke's Bethlehem Proj.), variable rate, 8/15/42 216,337 1,575,000 Montgomery Co. Indus. Dev. Auth. Retirement Cmnty. Rev. Series 1998, 5.25%, 11/15/28 1,538,019 365,000 PA Econ. Dev. Fin. Auth. Rev. Series 1998-A (Northwestern Human Svcs. Proj.) (ACA insured), 4.875%, 6/1/08 364,529 3,890,000 PA Hgr. Educ. Fac. Auth. Hlth. Svcs. Rev. Series 1996-A (Allegheny Delaware Valley Obligated Group, Inc.) (MBIA insured), 5.875%, 11/15/16 3,933,296 PA Higher Educ. Fac. Auth. Rev.: 190,000 Unrefunded Balance Series 1998 (Temple Univ. Proj.), 5.00%, 4/1/21 192,609 800,000 Series 2000 (Univ. of the Arts Proj.) (Radian insured), 5.75%, 3/15/30 807,824 190,000 Series 2005 (Widener Univ. Proj.), 3.10%, 7/15/08 188,985 370,000 Series 2006-FF2 (Assn. Indpt. Colleges & Univ. Proj.) (Radian insured), 5.00%, 12/15/24 363,806 500,000 Ref. Series 2007 (Philadelphia Univ. Proj.), 5.00%, 6/1/22 497,945 Philadelphia Hosp. & Hgr. Educ. Fac. Auth. Hosp. Rev. (Temple Univ Hosp. Proj.): Series 1993-A: 275,000 6.50%, 11/15/08 279,917 385,000 6.625%, 11/15/23 385,712 700,000 Potter Co. Hosp. Auth. Rev. Series 1996 (Charles Cole Mem. Hosp. Proj.) (Radian insured), 5.95%, 8/1/16 704,746 25,000 South Fork Municipal Auth. Hosp. Rev. Series 1998-B (Conemaugh Valley Mem. Hosp. Proj.), 5.375%, 7/1/22 25,439 200,000 Washington Co. Auth. Rev. Series 1999, 6.15%, 12/1/29 199,988 ---------------- 18,148,522 ---------------- PUERTO RICO (0.4%) 500,000 Puerto RicoElec. Pwr. Auth. Rev. Ref. Series 2007-UU, variable rate, 7/1/25 451,860 500,000 Puerto Rico Commonwealth Hwy. & Transportation Auth. Rev. Ref. Series 2007-N, variable rate, 7/1/45 440,065 500,000 Puerto Rico Sales Tax. Fin. Corp. Rev. Series 2007-A, variable rate, 8/1/57 458,505 ---------------- 1,350,430 ---------------- RHODE ISLAND (0.3%) 260,000 RI Clean Water Protection Fin. Agy. Pooled Lien Rev. Series 1995A (MBIA insured), 5.375%, 10/1/15 260,471 RI Hlth. & Educ. Bldg. Corp. Rev. Series: 250,000 1996 (Lifespan Oblig. Group Proj.), 5.25%, 5/15/26 254,523 565,000 1997 (Steere House Proj.), 5.80%, 7/1/20 536,688 ---------------- 1,051,682 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- SOUTH CAROLINA (2.7%) Berkeley Co. Sch. Dist. Intallment Lease (Securing Assets For Education Proj.): 500,000 Series 2003, 5.25%, 12/01/19 516,125 1,250,000 Series 2003, 5.25%, 12/01/20 1,285,750 1,000,000 Series 2006, 5.00%, 12/1/20 1,022,340 250,000 Series 2006 (CIFG insured), 4.75%, 12/1/31 245,087 Charleston Educ. Excellence Fin. Corp. Rev. Series 2005 (Charleston Co. Schl. Dist. Proj.): 400,000 5.25%, 12/1/20 422,780 750,000 5.25%, 12/1/26 775,470 1,000,000 Dorchester Co. Sch. Dist. No. 2 Rev. Series 2004 (Growth Remedy Proj.), 5.25%, 12/1/29 1,012,670 60,000 Greenville Hosp. Sys. Hosp. Fac. Rev. Series 2001, 5.00%, 5/1/31 60,344 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 1,536,810 500,000 Scago Educ. Fac. Corp. For Beaufort Sch. Dist. Installment Rev. Series 2006 (FSA Insured), 5.00%, 12/1/31 517,065 SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Ref. & Impt. Series 2006 (Hampton Regl. Med. Proj.): 390,000 4.60%, 11/1/09 383,066 735,000 4.65%, 11/1/11 708,952 885,000 SC Jobs Econ. Dev. Auth. Hlth. Care Fac. Rev. Ref. Series 2007 (Lutheran Homes Proj.), 4.875%, 5/1/10 869,946 SC Jobs Econ. Dev. Auth. Hlth. Care Fac. Rev. (Woodlands at Furman Proj.): 500,000 Series 2007-A, 6.00%, 11/15/27 467,530 250,000 Series 2007-B, 5.15%, 11/15/42 244,100 ---------------- 10,068,035 ---------------- SOUTH DAKOTA (0.3%) SD Hlth. & Educ. Fac. Auth. Rev.: 250,000 Series 2007 (Sanford Health Proj.), 5.00%, 11/1/27 252,960 125,000 Ref. Series 2006 (Huron Regional Med. Ctr. Proj.), 4.25%, 4/1/08 125,043 410,000 Series 2006 (Westhills Village Retirement Community), 5.00%, 9/1/19 410,201 500,000 Series 2004-A (Sioux Valley Hosp. & Hlth.), 5.25%, 11/1/34 506,260 ---------------- 1,294,464 ---------------- TENNESSEE (1.7%) 500,000 Blount Co. Hlth. & Educ. Fac. Brd. Rev. Ref. Series 2007-A (Asbury Inc. Proj.), 4.75%, 4/1/12 482,615 500,000 Johnson City Hlth. & Educ. Fac. Brd. Hosp. Rev. Series 2006-A (Mountain States Hlth. Alliance Proj.), 5.50%, 7/1/31 493,510 500,000 Knox Co. Hlth. Educ. & Hsg. Fac. Brd. Rev. Series 1999 (Univ. Hlth. Sys. Inc. Proj.), 5.25%, 4/1/27 495,180 500,000 Metro Govt. Nashville & Davidson Co. Hlth. & Educ. Facs. Brd. Multifamily Hsg. Rev. Series 2005-A (Prestige Proj.), 7.50%, 12/20/40 477,190 240,000 Metro Govt. Nashville & Davidson Co. Indus. Dev. Brd. Rev. Ref. Series 2001-A (GNMA collateralized), 6.625%, 3/20/36 255,876 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) 559,588 7,875,000 Senior Series 1998-A, 5.55%, 1/1/29 (3) 2,331,236 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) 392,150 405,000 Subordinate Series 1995-C, 7.50%, 9/1/25 (3) 4 500,000 Series 2006-A (Trezevant Manor Proj.), 4.90%, 9/1/11 490,510 500,000 Sullivan Co. Hlth. Educ. & Hsg. Fac. Brd. Hosp. Rev. Series 2006-C, (Wellmont Hlth. Sys. Proj.), 5.25%, 9/1/36 471,730 ---------------- 6,449,605 ---------------- TEXAS (9.6%) 1,500,000 Arlington Special Oblig. Rev. Series 2005-A (Special Tax-Dallas Cowboys Proj.), 5.00%, 8/15/34 1,562,070 400,000 Austin Convention Enterprises, Inc. (Convention Ctr.) Rev. Ref. Series 2006-B, 6.00%, 1/1/10 407,372 Austin Utilities System Rev. Ref.: 20,000 Series 1993 (MBIA insured), 5.25%, 5/15/18 20,028 150,000 Series 1997, 5.125%, 11/15/13 150,240 Bexar Co. HFC Multifamily Hsg. Rev.: 560,000 Subordinated Series 2000-C (Honey Creek Apts. Proj.), 8.00%, 4/1/30 531,042 300,000 Ref. Series 2001-A (Nob Hill Apartments Proj.), 5.50%, 6/1/11 286,689 130,000 Subordinated Series 2001-B (American Oppty. Hsg. Dublin Kingswood & Waterford Apts. Proj.), 7.50%, 12/1/14 132,529 1,000,000 Series 2001-A-1 (Stablewood Farms Proj.) (GNMA Insured), 6.25%, 7/20/43 1,082,750 440,000 Series 2001-A-1 (American Opportunity -Waterford Proj.), 6.50%, 12/1/21 459,686 440,000 Bexar Co. Rev. Series 2000 (Venue Proj.)(MBIA insured), 5.75%, 8/15/22 461,133 500,000 Brazos Co. Hlth. Fac. Dev. Corp. Franciscan Svcs. Corp. Series 2002, 5.38%, 1/1/32 500,635
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 Brazos River Hbr. Nav. Dist Rev. Series 2002-B-2 (Dow Chemical Co. Proj.), 4.75%, 5/15/33 470,595 750,000 Cameron Educ. Corp. Rev. Series 2006-A (Faith Family Academy Proj.) (ACA Insured), 5.00%, 8/15/21 703,380 115,000 Dallas Area Rapid Transit Rev. Sr. Lien Unrefunded Balance Series 2001 (Ambac insured), 5.00%, 12/1/26 118,412 6,055,000 Dallas HFC Multifamily Mtg. Rev. Series 1998-A (GNMA collateralized) (Towne Ctr. Apts.), 6.75%, 10/20/32 6,381,728 150,000 Fort Bend Co. Municipal Util. Dist. No. 106 G.O. Series 1999 (Radian insured), 5.30%, 9/1/10 150,139 500,000 Fort Bend Co. Tax Levee Impt. Dist. No. 17 G.O. Series 2007 (Radian insured), 5.00%, 9/1/32 472,225 500,000 Galveston Co. Hlth. Fac. Dev. Corp. Rev. Series 1995 (Devereux Foundation Proj.) (MBIA insured), 5.00%, 11/1/14 502,740 1,100,000 Galveston Co. Municipal Util. Dist. No. 52 Series 2007-A, 6.00%, 8/13/08 1,119,525 Garza Co. Public Hlth. Fac. Corp. Rev.: 750,000 Series 2006, 5.00%, 10/1/11 744,637 500,000 Series 2006, 5.50%, 10/1/16 500,985 100,000 Harris Co. Spl. Rev. Sr. Lien Series 1998-A (Houston Sports Auth. Proj.), 5.00%, 11/15/28 100,477 500,000 Harris Co. Municipal Util. Dist. No. 360 G.O. Series 1998 (FSA Insured), 4.875%, 12/1/23 500,455 310,000 Harris Co. Hlth. Fac. Dev. Corp. Hosp. Rev. Series 1998 (Hermann Hosp. Sys. Proj.) FSA insured), 5.25%, 6/1/27 314,796 700,000 Hidalgo Co. Hlth. Svcs. Rev. Series 2005 (Mission Hosp., Inc. Proj.), 5.00%, 8/15/19 685,475 100,000 Houston Airport Sys. Rev. Sub. Lien Rev. Series 1998-C, 5.00%, 7/1/28 100,093 750,000 Houston Cmnty. College G.O. Ref. Series 2005, 5.00%, 2/15/12 751,522 Kerrville Hlth. Fac. Dev. Corp. Hosp. Rev. Series 2005 (Sid Peterson Memorial Hosp. Proj.): 655,000 4.125%, 8/15/10 648,162 1,750,000 5.45%, 8/15/35 1,631,927 250,000 Lubbock Educ. Facs. Auth. Rev. Ref. & Impt. Series 2007 (Lubbock Christian Proj.), 5.125%, 11/1/27 238,167 34,182 Midland HFC Single Family Mtg. Rev. Ref. Series 1992 A-2, 8.45%, 12/1/11 34,922 Mesquite Hlth. Fac. Dev. Corp. Retirement Fac. Rev. (Christian Care Ctr. Proj.): 485,000 Series 2000-A, 7.00%, 2/15/10 503,527 750,000 Series 2005, 5.00%, 2/15/15 750,848 1,000,000 Muleshoe Indpt. Sch. Dist. G.O. Series 2006 (Sch. Bldg. Proj.), 5.00%, 2/15/31 1,000,880 500,000 North Central Hlth. Fac. Dev. Corp. Rev. Ref. Series 1998 (Baylor Hlth Care Sys. Proj.), 5.00%, 5/15/17 510,050 1,250,000 North Harris Co. Regl. Water Auth. Rev. Sr. Lien Series 2005 (MBIA Insured), 5.00%, 12/15/32 1,287,700 500,000 North TX Twy. Auth. Rev. Series 2007, 4.125%, 11/19/08 500,695 Richardson Hosp. Auth. Rev. Ref. Series 1998 (Baylor/Richardson Proj.): 610,000 5.50%, 12/1/18 614,374 1,175,000 5.625%, 12/1/28 1,157,340 250,000 San Leanna Educ. Fac. Corp. Rev. Ref. Series 2007 (Saint Edwards Univ. Proj.), 5.00%, 6/1/20 250,548 350,000 Sendero I Pub. Fac. Corp. Multifamily Hsg. Rev. Series 2003-A (Crown Meadows Proj.), 5.00%, 6/1/23 359,363 Tarrant Co. Cultural Educ. Facs. Fin. Corp. Retirement Fac. Rev. Series 2007 (C.C. Young Mem. Hom. Proj.): 300,000 4.85%, 2/15/09 297,792 300,000 5.00%, 2/15/13 290,634 485,000 Tarrant Co. HFC Multifamily Hsg. Rev. Subordinate Seroes 2001-C (Crossroads Apt. Proj.), 7.25%, 12/1/36 (3) 4,850 TX Affordable Hsg. Corp. Multifamily Hsg. Rev: 605,000 Senior Series 2001-A (NHT / GTEX Proj.)(MBIA insured), 4.10%, 10/1/08 605,460 740,000 Junior Series 2001-B (NHT / GTEX Proj.), 6.75%, 10/1/16 (3) 73,571 TX Municipal Gas Acq. & Supply Corp. I Gas Supply Sub. Lien Rev.: 250,000 Series 2006-B, variable rate, 12/15/26 220,078 500,000 Series 2006-C, variable rate, 12/15/26 451,125 300,000 TX Municipal Gas Acq. & Supply Corp. II Gas Supply Rev. Series 2007, variable rate, 9/15/27 276,021 250,000 TX Public Property Fin. Corp. Mental Hlth. & Mental Retardation Rev. Series 1996, 6.20%, 9/1/16 251,760 175,000 TX St. Student Hsg. Corp. Rev. Series 2002 (Midwestern St. Univ. Proj.), 5.50%, 9/1/12 175,842 TX Pub. Fin. Auth. Charter Sch. Fin. Corp. Rev.: 1,000,000 Series 2006-A (Kipp Inc. Proj.) (ACA Insured), 5.00%, 2/15/28 882,930 750,000 Series 2006-A (Ed-Burnham Wood Proj.), 5.50%, 9/1/18 733,973 835,000 Travis Co. Hlth. Facs. Dev. Corp. Retirement Fac. Rev. Series 2005 (Querencia Barton Creek Proj.), 4.90%, 11/15/13 798,953 Tyler Hlth. Facs. Dev. Corp.: 750,000 Hosp. Rev. Series 1992 (Mother Frances Hosp. Proj.) (FGIC insured), 6.60%, 7/1/09 761,910 505,000 Rev. Series 1997-B (East TX Med. Ctr. Proj.), 5.60%, 11/1/27 515,100 350,000 Rev. Ref. & Impt. Series 2007-A (East TX Med Ctr. Proj.), 5.375%, 11/1/37 321,118 750,000 Whitehouse TX Indpt. Sch. Dist. Cap. Apprec. G.O. Ref. Series 2007 (Sch. Building Proj.), zero coupon, 4.65% effective yield, 2/15/25 310,785 500,000 Winkler Co. G.O. Series 2006 (Radian insured ), 5.25%, 2/15/31 492,075 ---------------- 36,163,838 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- UTAH (0.7%) 725,000 Eagle Mountain Water & Sewer Rev. Ref. Series 2000 (ACA insured), 5.60%, 11/15/13 780,013 250,000 Murray City Hosp. Rev. Ref. Series 1996 (IHC Hlth. Svcs. Inc. Proj.) (MBIA insured), 5.00%, 5/15/22 250,095 250,000 Provo Charter Sch. Rev. Series 2007 (Freedom Academy Fdtn. Proj.), 5.50%, 6/15/37 224,580 857,000 UT Assoc. Muni. Pwr. Sys. Rev Series 2007-A, 5.00%, 5/1/27 798,595 290,000 UT Charter Sch. Fin. Auth. Rev. Series 2007-A (Summit Academy Proj.), 5.125%, 6/15/17 286,999 240,000 UT Hsg. Finance Agy. Multifamily Rev. Ref. Series 1996-A (Section 8) (FHA insured), 6.10%, 7/1/22 242,659 ---------------- 2,582,941 ---------------- VERMONT (0.1%) 400,000 VT Educ. & Hlth. Bldgs. Financing Agency Rev. Series 2003-A (Vermont Law School Proj.), 5.00%, 1/1/13 406,832 ---------------- VIRGINIA (1.2%) 415,000 Alexandria Indl. Dev. Auth. Rev. Pollution Control Ref. Series 1994 (Potomac Electric Proj.) (MBIA insured), 5.375%, 2/15/24 415,589 250,000 Chesterfield Co. Indl. Dev. Auth. Pollution Ctrl. Rev. Series 1987-A Rmktg. (VA Elec. & Power Co. Proj.), 5.875%, 6/1/17 264,185 1,000,000 Farms New Kent Cmnty. Dev. Auth. Spl. Assmt. Series 2006-A, 5.125%, 3/1/36 868,290 500,000 Marquis Cmnty. Dev. Auth. Rev. Series 2007, 5.10%, 9/1/13 496,425 100,000 Prince William Co. Indus. Dev. Auth. Educ. Fac. Rev. Series 2003 (Catholic Diocese Arlington): 5.00%, 10/1/18 102,659 400,000 Suffolk Indl. Dev. Auth. Retirement Facs. Rev. Ref. Series 2006 (Lake Prince Ctr. Proj.), 4.625%, 9/1/11 395,836 2,000,000 Virginia St. Hsg. Dev. Auth. Comwlth. Mtg. Rev. Series 2001-H1 (MBIA insured), 5.375%, 7/1/36 2,030,220 ---------------- 4,573,204 ---------------- WASHINGTON (2.5%) 2,000,000 Kalispel Tribe Indians Priority District Rev. Series 2008, 6.20%, 1/1/16 1,997,800 2,000,000 King Co. G.O. Ref. Series 1998-B, 5.00%, 1/1/30 2,021,720 450,000 Klickitat Co. Pub. Hosp. Dist. No. 2 Rev. Series 2007 (Skyline Hosp. Proj.), 6.00%, 12/1/20 452,308 250,000 Okanogan Co. Pub. Hosp. Dist. No. 4 G.O. Series 2007 (Radian insured), 5.625%, 12/1/23 265,705 Skagit Co. Public Hosp. Dist. No. 001 Rev. Series: 500,000 2005 (Skagit Valley Hosp. Proj.), 5.50%, 12/1/13 517,300 500,000 2007 (Skagit Valley Hosp. Proj.), 5.625%, 12/1/25 499,695 500,000 WA G.O. Variable Purpose Series 2001-A (FSA insured), 5.00%, 7/1/22 519,325 WA State Hsg. Fin. Commn. Nonprofit Rev. Series: 1,750,000 2007-A (Skyline At First hill Proj.), 5.25%, 1/1/17 1,714,405 1,250,000 2007-B (Skyline At First Hill Proj.), 5.10%, 1/1/13 1,237,525 ---------------- 9,225,783 ---------------- WEST VIRGINIA (0.3%) 1,250,000 Pleasants Co. Pollution Ctrl. Rev. Series 1995-C (Monongahela Pwr. Co.), 6.15%, 5/1/15 1,293,113 ---------------- WISCONSIN (3.0%) 500,000 Milwaukee Redev. Auth. Rev. Series 2005-A (Science Ed. Consortium Proj.), 5.125%, 8/1/15 500,455 WI Hlth. & Educ. Fac. Auth. Rev.: 220,000 Series 1998 (Lawrence Univ. Proj.), 5.125%, 4/15/28 209,453 2,450,000 Series 1999-A (Aurora Hlth. Care Proj), 5.60%, 2/15/29 2,410,506 225,000 Series 1999-B (Aurora Hlth. Care Proj), 5.50%, 2/15/15 227,675 500,000 Series 1999-B (Aurora Hlth. Care Proj)(ACA insured), 5.625%, 2/15/29 493,580 900,000 Series 1999 (Divine Savior, Inc. Proj.)(ACA insured), 5.70%, 6/1/28 854,613 Series 2001 (Agnesian Healthcare, Inc. Proj.): 550,000 6.00%, 7/1/17 574,992 340,000 6.00%, 7/1/21 352,726 1,025,000 Series 2003-A (Wheaton Franciscan Svcs. Proj.), 5.125%, 8/15/33 920,635 Series 2003 (Synergy Hlth., Inc. Proj.): 225,000 6.00%, 11/15/23 227,747 250,000 6.00%, 11/15/32 246,800 225,000 Ref. Series 2003 (Three Pillars Proj.), 4.60%, 8/15/13 221,771 105,000 Series 2004-A (Three Pillars Sr. Living Proj.), 4.15%, 8/15/11 104,682 450,000 Series 2004 (Blood Ctr. Southeastern Proj.), 5.50%, 6/1/24 456,530 425,000 Series 2004 (Beaver Dam Cmnty. Hosp. Inc. Proj.), 5.50%, 8/15/14 413,045 600,000 Series 2005 (Vernon Mem. Hlth. Care Inc. Proj.), 4.65%, 3/1/15 588,150 Ref. Series 2006 (Sr. Hsg. Proj.): 315,000 5.00%, 8/1/09 311,598 300,000 5.00%, 8/1/10 295,077 500,000 Ref. Series 2006 (Milwaukee Catholic Home Proj.), 5.00%, 7/1/26 470,100 400,000 Series 2006-B (Upland Hills Health Inc. Proj.), 5.125%, 5/15/29 374,576
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - DECEMBER 31, 2007 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Series 2006-A (Marshfield Clinic Proj.): 375,000 5.00%, 2/15/11 381,915 500,000 5.375%, 2/15/34 478,675 ---------------- 11,115,301 ---------------- Total municipal bonds (cost: $383,089,898) 363,748,989 ---------------- CLOSED-END MUTUAL FUNDS (3.7%) (2) 49,400 BlackRock Insured Municipal Term Trust (MPA) 673,816 79,300 BlackRock MuniHoldings Insured Fund II (MUE) 950,807 66,500 BlackRock MuniYield Insured Fund (MYI) 844,550 23,300 BlackRock MuniHoldings Florida Insured Fund (MFL) 291,483 44,800 BlackRock MuniYield Florida Fund (MYF) 568,960 14,000 BlackRock MuniYield Florida Insured Fund (MFT) 174,860 28,600 BlackRock MuniYield Michigan Insured Fund (MIY) 377,806 18,000 BlackRock MuniYield Michigan Insured Fund II (MYM) 225,000 208,600 DWS Municipal Income Trust (KTF) 2,209,074 20,500 Eaton Vance Florida Municipal Income Fund (FEV) 262,400 56,800 Insured Municipal Income Fund (PIF) 721,360 58,300 Investment Grade Municipal Income Fund (PPM) 750,904 62,600 MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund (MZF) 777,492 51,400 Nuveen Florida Investment Quality Municipal Fund (NQF) 665,116 74,600 Nuveen Florida Quality Income Municipal Fund (NUF) 972,784 32,900 Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) 428,029 21,500 Nuveen Premier Municipal Income Fund (NPF) 276,920 10,839 Putnam Investment Grade Municipal Trust (PGM) 102,970 13,318 Putnam Municipal Bond Fund (PMG) 156,220 31,951 Putnam Municipal Opportunities Trust (PMO) 358,490 108,200 Seligman Select Municipal Fund (SEL) 1,064,688 24,200 Van Kampen Advantage Municipal Income Trust II (VKI) 293,546 25,000 Van Kampen Pennsylvania Value Municipal Income Trust (VPV) 324,750 5,689 Van Kampen Trust Investment Grade Muni Fund (VGM) 78,457 100 Van Kampen Select Muni Fund (VKL) 1,176 9,000 Western Asset Managed Municipals Fund (MMU) 97,740 16,700 Western Asset Municipal Partners Fund (MNP) 221,108 ---------------- Total closed-end mutual funds (cost: $14,402,068) 13,870,506 ---------------- SHORT-TERM SECURITIES (0.8%) (2) 3,153,217 Dreyfus Tax-Exempt Cash Management Fund, 3.24% 3,153,217 ---------------- Total short-term securities (cost: $3,153,217) 3,153,217 ---------------- Total investments in securities (cost: $400,645,183) $ 380,772,712 ================ Other Assets and Liabilities, Net (-1.4%) (5,236,388) ---------------- Total Net Assets $ 375,536,324 ================ ---------------- Aggregate Cost 400,645,183 ---------------- Gross Unrealized Appreciation 1,492,572 Gross Unrealized Depreciation (21,363,759) ---------------- Net Unrealized Appreciation(Depreciation) (19,871,187) ================
Notes To Schedule of Investments (1) Securities are valued by procedures described in note 1 to the financial statements. (2) Percentage figures indicate percentage of total net assets. (3) Presently non-income producing securities.
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (95.3%) (2) EDUCATION/STUDENT LOAN (12.3%) Intermediate Sch. Dist. 287 Lease Rev. Series 2006: 4,347,374 5.46%, 1/1/28 4,244,080 4,914,220 5.30%, 11/1/32 4,632,488 Minneapolis Educ. Fac. Lease Rev. Series 2006-A (Seed/Harvest Prep. Proj.) (LOC-U.S. Bank): 775,000 5.125%, 1/1/16 757,369 875,000 6.25%, 1/1/21 847,805 Minnesota Higher Educ. Fac. Auth. Rev.: 750,000 Series 1998-4T (College of St. Benedict), 5.35%, 3/1/20 757,193 378,259 Lease Rev. Series 1999-5A (Concordia University), 5.25%, 4/25/14 378,747 700,000 Series 1999-4Y (Augsburg College), 5.05%, 10/1/13 706,538 150,000 Series 1999-4Y (Augsburg College), 5.20%, 10/1/16 151,310 75,000 Series 1999-4Y (Augsburg College), 5.30%, 10/1/27 73,910 700,000 Series 2005-6C (Augsburg College), 5.00%, 5/1/23 683,837 Series 2006-6J1 (Augsburg College): 730,000 5.00%, 5/1/10 743,184 595,000 5.00%, 5/1/12 616,848 100,000 Series 1999-4Z (Northwestern Hlth. Services University), 4.875%, 10/1/09 100,053 675,000 Series 1999-4Z (Northwestern Hlth. Services University), 5.20%, 10/1/13 675,574 50,000 Series 1998-4T (St. Benedict College), 5.125%, 3/1/13 50,113 50,000 Series 2000-5E (St. Mary's Univ.), 6.75%, 3/1/22 51,740 100,000 Series 2000-5E (St. Mary's Univ.), 6.75%, 3/1/26 103,025 270,000 Series 2004-5U (St. Mary's Univ.), 3.75%, 10/1/13 256,997 2,500,000 Series 2004-5Y (Univ. St. Thomas), 5.25%, 10/1/34 2,530,950 1,400,000 Series 2006-6I (Univ. St. Thomas), 5.00%, 4/1/23 1,436,050 Series 2006-6K (College of Art & Design): 245,000 4.15%, 5/1/08 245,213 270,000 4.50%, 5/1/10 272,965 750,000 5.00%, 5/1/19 761,445 3,000,000 Series 2006-6M (College of St. Benedict), 4.493%, 10/1/16 3,054,630 Series 2007-6S (St. Scholastica College): 2,000,000 5.00%, 12/1/22 1,979,200 1,900,000 5.00%, 12/1/27 1,839,618 2,000,000 Series 2007-6N (College St. Catherine), 4.75%, 4/26/27 2,032,680 1,115,000 Moorhead Educ. Fac. Rev. Series 2005-A (Concordia College Corp. Proj.), 5.00%, 12/15/20 1,146,655 Pine City Lease Rev. Series 2006-A (Lakes Intl. Language Academy Proj.): 315,000 5.75%, 5/1/16 313,942 300,000 6.00%, 5/1/26 292,809 575,000 Ramsey Lease Rev. Series 2004-A (Pact Charter School Proj.), 5.65%, 12/1/13 583,389 775,000 Olmsted Co. Hsg. & Redev. Auth. Series 2007 (Schaeffer Academy Proj.), 4.977%, 4/25/27 719,425 St. Paul Hsg. & Redev. Auth. Lease Rev.: 375,000 Series 2002-A (New Spirit Charter School Proj.), 6.50%, 12/1/12 382,061 605,000 Series 2006-A (Hmong Academy Proj.), 5.50%, 9/1/18 606,603 Series 2006-A (Cmnty. Peace Academy Proj.): 685,000 4.35%, 12/1/12 671,033 600,000 4.35%, 12/1/14 579,450 1,500,000 5.00%, 12/1/18 1,466,640 500,000 St. Paul Hsg. & Redev. Auth. Rev. Ref. Series 2007 (St. Paul Acad. & Summit Proj.), 5.00%, 10/1/24 511,195 100,000 Victoria Private School Fac. Rev. Series 1999-A (Holy Family Catholic H.S. Proj.), 5.20%, 9/1/11 100,116 ---------------- 37,356,880 ---------------- ESCROWED TO MATURITY/PREREFUNDED (4.3%) 300,000 Andover Econ. Dev. Auth. Lease Rev. Prerefunded Series 2004 (Cmnty. Ctr. Proj.), 5.125%, 2/1/24 323,256 160,000 Dakota Co. Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding (Walnut Trails Apts. Proj.), Subordinate Series 1995-C, 9.00%, 1/20/15 163,466 465,000 Hopkins Subordinate Multifamily Hsg. Rev. Ref. Series 1996-C (Auburn Apts. Proj.), 8.00%, 6/20/31 474,886 100,000 Minnesota Higher Educ. Fac. Auth. Rev. Series 2000-5D (College Art & Design), 5.75%, 5/1/08 100,878 455,000 Minneapolis Hlth. Care Fac. Rev. Series 1999 (Shelter Care Foundation Proj.), 6.00%, 4/1/10 467,590 Minneapolis Student Hsg. Rev. Series 2000 (Riverton Community Hsg. Proj.): 125,000 6.80%, 7/1/10 134,817 240,000 6.90%, 7/1/11 259,394 50,000 Northfield Hospital Rev. Series 2001-C, 6.00%, 11/1/21 54,935 605,000 Plymouth Multifamily Hsg. Rev. Refunding Series 1996-C (Fox Forest Apts. Proj.) (GNMA collateralized), 8.00%, 6/20/31 617,862 435,000 Puerto Rico Childrens Trust Fund Tobacco Settlement Rev. Series 2000, 5.75%, 7/1/20 452,626 5,000,000 Puerto Rico Commonwealth Infrastruc. Fin. Auth. Special Obligation Series 2000-A, 5.50%, 10/1/32 5,280,850 St. Paul Hsg. & Redev. Auth. Lease Rev.: 495,000 Series 1999 (St. Paul Academy & Summit School Proj.), 5.50%, 10/1/24 515,577 655,000 Series 2001-A (Cmty. of Peace Academy Proj.), 6.375%, 12/1/11 698,446 750,000 Series 2001-A (Cmty. of Peace Academy Proj.), 7.00%, 12/1/15 840,390
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- 350,000 Series 2001-A (Cmty. of Peace Academy Proj.), 7.375%, 12/1/19 395,595 805,000 Waconia Hlth. Care Facs. Rev. Series 1999-A (Ridgeview Med. Ctr. Proj.) 6.125%, 1/1/29 851,070 1,090,000 Western MN Muni Pwr. Agy. Series 1979 (MBIA-IBC insured), 6.60%, 1/1/10 1,125,327 165,000 Winona Port. Auth. Lease Rev. Series 1999-A (Bluffview Montessori School Proj.), 8.00%, 12/1/24 179,700 ---------------- 12,936,665 ---------------- GENERAL OBLIGATION (0.6%) 120,000 Austin Impt. G.O. Series 1998-B, 4.70%, 2/1/13 120,145 200,000 Barnesville Impt. G.O. Series 2002, 5.00%, 2/1/23 203,676 85,000 Barnum Indpt. Sch. Dist. No. 91 G.O. Series 1997 (SD Cred. Prog.), 5.00%, 2/1/18 85,105 5,000 Cold Spring G.O. Series 1998-B, 4.55%, 12/1/08 5,026 75,000 Cold Spring G.O. Series 2000, 5.15%, 2/1/09 75,094 650,000 Dakota Co. Cmnty. Dev. Agy. Sr. Hsg. Facs. G.O. Series 2007-A, 5.00%, 1/1/26 666,809 50,000 Hutchinson ISD No. 423 G.O. Series 1996-A, 5.85%, 2/1/18 50,101 500,000 Northern Mariana Islands Commonwealth Ref. G.O. Series 2007-B, 5.00%, 10/1/22 472,505 150,000 Sauk Rapids Tax Increment G.O. Series 1997-B, 5.25%, 8/1/12 150,248 100,000 St. Paul Street Impt. Special Assessment G.O. Series 2000-B, 5.30%, 3/1/12 100,356 30,000 Winona Water & Sewer G.O. Series 1998-C, 4.90%, 2/1/13 30,042 ---------------- 1,959,107 ---------------- HOSPITAL/HEALTH CARE (25.0%) Aitkin Hlth. Care Fac. Rev. Refunding Series (Riverwood Hlth. Care Ctr. Proj.): 155,000 5.00%, 2/1/09 154,461 615,000 5.00%, 2/1/12 606,285 3,560,000 Breckenridge Rev. Series 2004-A (Catholic Hlth. Initiatives Proj.), 5.00%, 5/1/30 3,575,094 85,000 Cambridge Hsg. & Hlth. Care Fac. Rev. Series 1998-C (Grandview West Proj.), 5.25%, 10/1/08 84,916 Carlton Hlth. Care & Hsg. Fac. Rev. Ref. Series 2006 (Faith Care Ctr. Proj.): 100,000 5.00%, 4/1/13 97,250 400,000 5.20%, 4/1/16 383,844 2,000,000 Chippewa Co. Gross Rev. Series 2007 (Montevideo Hosp. Proj.), 4.625%, 3/1/14 1,915,440 Cold Spring Nursing Home & Sr. Hsg. Rev. Series 2005 (Assumption Home, Inc. Proj.): 135,000 4.70%, 3/1/14 129,352 145,000 4.80%, 3/1/15 139,110 150,000 4.90%, 3/1/16 143,788 Crookston Hlth. Care Fac. Rev. Ref. Series 2007 (Riverview Hlth. Proj.): 285,000 4.75%, 5/1/10 282,258 600,000 4.85%, 5/1/12 591,240 Crookston Nursing Home & Multifamily Hsg. Rev Series 2002-A (Villa St. Vincent Proj.): 40,000 4.75%, 9/1/08 39,894 75,000 5.50%, 9/1/11 75,012 Cuyuna Range Hosp. Dist. Hlth. Fac. Gross Rev.: Series 2005: 265,000 4.50%, 6/1/13 254,037 400,000 5.20%, 6/1/25 358,208 1,000,000 5.50%, 6/1/35 898,530 Ref. Series 2007: 430,000 4.75%, 6/1/18 396,632 720,000 5.00%, 6/1/19 672,926 500,000 5.00%, 6/1/29 428,315 1,500,000 Detroit Lakes Hsg. Rev. Ref. Series 2004-E (Mankato Lutheran Proj.), 4.25%, 8/1/34 1,469,055 445,000 Detroit Lakes Hsg. & Hlth. Facs. Rev. Ref. Series 2004-A (CDL Homes Proj.), 4.00%, 8/1/34 445,031 305,000 Duluth Econ. Dev. Auth. Hlth. Care Fac. Rev. Series 2002 (St. Luke's Hosp. Proj.), 6.00%, 6/15/12 309,502 975,494 Duluth Sr. Hsg. Loan Participation (Lakeshore Proj.) Series 2004, 4.00%, 8/20/36 923,959 798,894 Duluth Hsg. & Redev. Auth. Sr. Hsg. Fac. Loan Participation (Lakeshore Proj.) Series 2005, 5.20%, 12/20/35 751,072
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- Elk River Rev. Series 1998 (Care Choice Member Proj.): 725,000 5.60%, 8/1/13 724,986 115,000 5.75%, 8/1/23 112,335 260,000 Faribault Co. Hosp. Dist. Gross Rev. Series 1999 (Blue Earth Proj.), 5.30%, 12/1/08 258,869 1,925,000 Glencoe Hlth. Care Fac. Rev. Series 2005 (Glencoe Regional Hlth. Svcs. Proj.), 5.00%, 4/1/25 1,788,075 Hastings Hlth. Care Fac. Rev. Series 1998 (Augustana Home of Hastings Proj.): 115,000 5.10%, 11/1/09 113,755 120,000 5.20%, 11/1/10 118,835 135,000 5.40%, 11/1/12 132,440 140,000 5.50%, 11/1/13 135,849 Inver Grove Heights Nursing Home Rev. Refunding Series 2006 (Presbyterian Homes Care Proj.): 250,000 5.00%, 10/1/11 247,375 290,000 5.00%, 10/1/12 284,696 450,000 5.00%, 10/1/16 429,984 Maple Grove Hlth. Care Fac. Rev. Series 2005 (North Memorial Hlth. Care Proj.): 1,000,000 5.00%, 9/1/20 1,015,840 2,000,000 5.00%, 9/1/29 1,955,860 Maple Grove Hlth. Care Sys. Rev. Series 2007 (Maple Grove Hosp. Corp.): 1,200,000 5.25%, 5/1/25 1,214,040 1,500,000 5.25%, 5/1/28 1,506,150 5,000,000 5.25%, 5/1/37 4,947,950 Maplewood Hlth. Care Fac. Rev. Refunding Series 2005-A (VOA Care Centers Proj.): 255,000 4.125%, 10/1/08 252,802 300,000 4.375%, 10/1/09 295,653 Marshall Medical Center Gross Rev. (Weiner Memorial Medical Center Proj.): 150,000 Series 2003-B, 4.85%, 11/1/11 153,250 50,000 Series 2003-A, 5.00%, 11/1/14 51,215 850,000 Series 2003-A, 5.85%, 11/1/23 882,878 100,000 Series 2003-A, 6.00%, 11/1/28 103,475 3,500,000 Marshall Medical Ctr. Gross Rev. Series 2006 (Avera Marshall Reg. Med. Ctr. Proj.), 4.75%, 11/1/28 3,193,610 Meeker Co. Hosp. Facs. Gross Rev. Series 2007 (Mem. Hosp. Proj.): 1,000,000 5.00%, 11/1/14 969,000 750,000 5.625%, 11/1/22 733,717 1,000,000 Minneapolis Hsg. & Hlth. Care Facs. Rev. Ref. Series 2007-A (Providence Proj.), 5.50%, 10/1/14 987,180 Minneapolis & St. Paul Hsg. & Redev. Auth. Hlth. Care Sys. Rev. Series 2003 (Health Partners Proj.): 750,000 5.25%, 12/1/12 776,542 700,000 5.25%, 12/1/13 726,978 1,235,000 5.00%, 12/1/14 1,261,565 600,000 5.875%, 12/1/29 614,544 250,000 Minneapolis Pooled Rev. Series 1999 (Care Choice Member Proj.), 5.75%, 4/1/19 245,312 Minneapolis Hlth. Care Fac. Rev.: 1,470,000 Series 2005 (Jones-Harrison Residence Proj.), 5.40%, 10/1/25 1,368,864 Series 2005-E (Augustana Chapel View Homes Proj.): 190,000 4.00%, 6/1/08 188,949 200,000 4.20%, 6/1/09 197,028 205,000 4.40%, 6/1/10 201,039 220,000 4.55%, 6/1/11 215,050 240,000 4.80%, 6/1/13 234,271 250,000 4.90%, 6/1/14 243,470 255,000 5.00%, 6/1/15 243,275 270,000 5.10%, 6/1/16 256,918 285,000 5.25%, 6/1/17 274,033 Minneapolis Hsg. Fac. Rev. (Augustana Chapel View Homes Proj.): Series 2004-A: 315,000 5.20%, 1/1/11 312,574 500,000 5.75%, 1/1/19 496,785 530,000 5.80%, 1/1/24 518,234 200,000 5.50%, 6/1/27 184,944 500,000 Refunding Series 2006-A 5.00%, 6/1/15 489,680 MN Agr. & Econ. Dev. Board Hlth. Care Rev. Series 1999 (Benedictine Care Centers. Proj.): 115,000 5.45%, 2/1/09 115,213 120,000 5.45%, 8/1/09 120,324 120,000 5.50%, 2/1/10 120,509 125,000 5.50%, 8/1/10 125,650
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- MN Agr. & Econ. Dev. Board Rev.: Series 2000 (Evangelical Lutheran Good Samaritan Society Proj.): 215,000 5.80%, 8/1/08 217,574 405,000 6.55%, 8/1/16 432,852 770,000 Series 2002-B (Principal Custody Receipts Proj.), zero coupon, 3.85% effective yield, 11/15/22 675,798 220,000 Series 2002 (Evangelical Lutheran Good Samaritan Society Proj.), 5.50%, 2/1/12 231,381 Series 2000-A (Fairview Hlth. Care Sys. Proj.): 10,000 6.375%, 11/15/22 10,532 20,000 6.375%, 11/15/29 20,932 Moose Lake Cmnty. Hosp. Dist. Hlth. Facs. Rev. Ref. Series 2005-A (Crossover Proj.): 110,000 4.10%, 12/1/10 105,898 225,000 4.40%, 12/1/14 209,194 250,000 5.00%, 12/1/22 226,488 750,000 5.10%, 12/1/24 676,335 300,000 New Hope Hlth. Care Facs. Rev. Series 2003-A (St. Therese Home, Inc. Proj.), 5.90%, 10/1/23 300,162 New Hope Hlth. Care Facs. Rev. (MN Masonic Home North Ridge Proj.): 1,125,000 5.90%, 3/1/19 1,095,863 810,000 5.875%, 3/1/29 766,544 Northfield Hospital Rev. Series 2006: 900,000 5.50%, 11/1/15 932,346 1,255,000 5.25%, 11/1/21 1,239,363 Olmsted Co. Hlth. Care Fac. Rev. Series 1998 (Olmsted Medical Ctr. Proj.): 775,000 5.45%, 7/1/13 775,953 900,000 5.55%, 7/1/19 889,623 Pine Island Hlth. Care Facs. Rev. Series 2001 (Olmsted Med. Ctr. Proj.): 155,000 4.90%, 7/1/09 154,456 240,000 5.00%, 7/1/10 239,165 Redwood Falls Hosp. Fac. Gross Rev. Series 2006 (Redwood Area Hosp. Proj.): 190,000 5.00%, 12/1/09 189,546 100,000 5.00%, 12/1/10 99,594 1,000,000 5.00%, 12/1/21 914,430 500,000 Rochester Hlth. Care & Hsg. Rev. Series 2003-A (Samaritan Bethany Inc. Proj.), 6.25%, 8/1/19 507,510 Shakopee Hlth. Care Facs. Rev. Series 2004 (St. Francis Regl. Med. Ctr. Proj.): 125,000 5.10%, 9/1/25 122,006 2,475,000 5.25%, 9/1/34 2,378,747 2,500,000 Stillwater Hlth. Care Rev. Series 2005 (Hlth. Sys. Obligation Proj.), 5.00%, 6/1/25 2,485,525 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 1998 (Regions Hosp. Proj.): 250,000 5.00%, 5/15/10 252,428 60,000 5.00%, 5/15/11 60,551 1,365,000 5.20%, 5/15/13 1,377,135 2,070,000 5.25%, 5/15/18 2,079,915 800,000 5.30%, 5/15/28 786,256 1,000,000 St. Paul Hsg. & Redev. Auth. Hosp. Rev. Series 2005 (Health East Proj.), 5.25%, 11/15/14 1,004,800 2,000,000 St. Paul Hsg. & Redev. Auth. Nursing Home Dev. Rev. Series 2006, 5.63%, 10/1/33 1,813,660 1,210,000 St. Paul HRA Rev. Refunding Series 1996-C (St. Mary's Home Proj.), 7.00%, 7/1/21 1,210,823 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2005 (Gillette Childrens Hosp. Proj.): 300,000 4.00%, 2/1/11 288,288 200,000 5.00%, 2/1/13 197,698 225,000 5.00%, 2/1/14 220,946 345,000 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2001-A (Model Cities Hlth. Ctr. Proj.), 6.50%, 11/1/11 342,868 2,680,000 St. Paul Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Series 2006 (HealthPartners Oblig. Group Proj.), 5.25%, 5/15/36 2,536,352 665,000 St. Paul Port Auth. Lease Rev. Series 2005-A (Health East Midway Campus Proj.), 5.00%, 5/1/10 667,421 50,000 Washington Co. Hsg. & Redev. Auth. Hosp. Rev. Series 1998 (Healtheast Proj.), 5.25%, 11/15/12 50,388 ---------------- 76,054,127 ----------------
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- INDUSTRIAL / POLLUTION CONTROL (2.7%) 605,000 Anoka Co. Solid Waste Disp. Rev. Series 1987-A (Natl. Rural Util. Proj.), 6.95%, 12/1/08 611,225 710,000 Burnsville Solid Waste Rev. Refunding Series 2003-A (Freeway Transfer Inc. Proj.), 4.15%, 4/1/10 703,802 615,000 Cohasset Pollution Ctrl. Rev. Refunding Series 2004 (Allete, Inc. Proj.), 4.95%, 7/1/22 603,899 460,000 E. Grand Forks Indus. Dev. Rev. Refunding Series 2001-B (Am. Crystal Sugar Proj.), 5.40%, 4/1/11 469,412 55,000 Guam Economic Dev. Auth. Tobacco Settlement Asset-Backed Series 2001-A, 5.00%, 5/15/22 57,995 500,000 Otter Tail Co. Rev. Sub. Series 2007-A (Otter Tail Proj.), 7.50%, 11/1/19 454,275 Owatonna Industrial Dev. Rev. Series 1997 (Slidell, Inc. Proj.): 280,000 7.25%, 5/1/14 168,000 505,000 7.375%, 5/1/17 303,000 20,000 7.375%, 5/1/20 12,000 10,000 7.50%, 5/1/24 6,000 Puerto Rico Childrens Trust Fund Tobacco Settlement Rev. : 300,000 Series 2002, 4.00%, 5/15/10 299,049 1,020,000 Series 2002, 5.375%, 5/15/33 998,498 465,000 Roseville Dev. Rev. Refunding Series 2004 (Roseville Office Plaza Proj.), 4.625%, 8/1/12 474,212 265,000 Sauk Centre Industrial Dev. Rev. Series 1998 (Seluemed LLP Proj.)(LOC First Trust), 5.75%, 4/1/18 264,769 St. Paul Hsg. & Redev. Auth. District Cooling Rev. Series 1998-J: 65,000 4.75%, 3/1/08 65,122 95,000 5.125%, 3/1/12 96,175 500,000 5.35%, 3/1/18 505,820 Virgin Islands Tobacco Settlement Financing Corp. Asset-Backed Rev. Series 2001: 750,000 zero coupon, 4.95% effective yield, 5/15/14 754,815 1,445,000 5.00%, 5/15/21 1,369,268 ---------------- 8,217,336 ---------------- INSURED (5.3%) 500,000 Bemidji Hlth. Care Facs. Rev. Series 2002 (North Country Hlth. Svcs. Proj.) (Radian insured) 5.00%, 9/1/24 500,585 100,000 Cohasset Poll. Ctl. Rev. Ref. Series 2004 (Coll. Allete Proj.) (Radian-IBCC insured), 4.95%, 7/1/22 100,275 Hastings Hlth. Care Fac. Rev. Series 1998 (Regina Med. Ctr.)(ACA insured): 565,000 5.25%, 9/15/18 558,130 705,000 5.30%, 9/15/28 647,648 20,000 Itasca Co. ISD No. 318 G.O. Series 1996 (MBIA insured), 5.20%, 2/1/10 20,034 Minneapolis & St. Paul Metro Airport Comm. Airport Rev. (Ambac insured): 1,650,000 Series 1998-B, 5.25%, 1/1/13 1,668,843 75,000 Series 1999-B, 5.25%, 1/1/18 76,498 20,000 Minneapolis & St. Paul Met. Arpts. Rev. Series 2001-B (FGIC Insured), 5.75%, 1/1/16 20,882 485,000 MN HFA Single Family Mtg. Rev. Series 2001-A (MBIA insured), 5.35%, 7/1/17 502,450 305,000 North Mankato Impt. G.O. Series 2000-A (FGIC insured), 4.75%, 2/1/10 305,387 Perham Gas Utility Rev. Series 1999 (Radian insured): 300,000 5.35%, 6/1/19 306,843 50,000 5.45%, 6/1/29 50,199 1,000,000 Puerto Rico Commonwealth Hwy. & Trnsn. Auth. Rev. Ref. Series 2007-N, variable rate, 7/1/45 880,130 100,000 Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 1997-C (MBIA-IBC insured), 5.25%, 7/1/09 101,669 600,000 Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 2007-UU, variable rate, 7/1/29 556,692 200,000 Puerto Rico Indus. Tourist Educ. Med. & Environmental Ctl. Facs. Rev. Series 1995-A (Hosp. Auxilio Oblig. Group Proj.) (MBIA insured), 6.25%, 7/1/16 200,494 510,000 St. Cloud Hosp. Facs. Rev. Ref. (St. Cloud Hosp. Proj.) (Ambac insured), Series 1996-B, 5.00%, 7/1/20 513,126 St. Cloud Hlth. Care Rev. Series 2000-A (St. Cloud Hosp. Obligated Group)(FSA insured): 200,000 5.125%, 5/1/09 205,214 250,000 5.75%, 5/1/26 263,045 2,270,000 St. Paul Hsg. & Redev. Sales Tax Rev. Refunding Series 1996 (Civic Center Proj.) (FSA insured), 7.10%, 11/1/23 2,757,301 130,000 Scott Co. Hsg. & Redev. Auth. Fac. Lease Rev. Series 1997 (Justice Ctr. Proj.)(Ambac insured), 5.50%, 12/1/15 130,252 3,100,000 Southern MN Pwr. Agy. Pwr. Supply Sys. Rev Series 2006, 4.84%, 1/1/13 3,046,556 2,700,000 White Earth Band of Chippewa Indians Rev. Series 2000-A (ACA insured), 7.00%, 12/1/11 2,763,774 ---------------- 16,176,027 ----------------
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- MULTIFAMILY MORTGAGE (21.3%) Apple Valley Multifamily Hsg. Rev. Refunding Series 1998-A (Mtg. Loan/Apple Valley Villa Proj.) (GNMA collateralized): 40,000 4.90%, 8/1/09 40,324 1,520,000 5.25%, 8/1/18 1,529,074 Austin Hsg. & Redev. Auth. Governmental Hsg. Gross Rev. (Courtyard Res. Proj.): 645,000 Series 2000-A, 7.15%, 1/1/20 668,975 500,000 Series 2000-A, 7.25%, 1/1/32 515,980 2,715,000 Carver Co. Hsg. & Redev. Auth. Multifamily Hsg. Gross Rev. & Ltd. Tax Refunding Series 1997-A (Lake Grace Apts. Proj.), 6.00%, 7/1/28 2,725,398 Chaska Multifamily Hsg. Rev. Series 1999 (West Suburban Hsg. Partners Proj.): 125,000 5.00%, 9/1/09 124,165 495,000 5.375%, 9/1/14 489,105 500,000 Cloquet Hsg. Fac. Rev. Ref. Series 2005-A (HADC Cloquet LLC Proj.), 5.50%, 8/1/25 464,835 700,000 Coon Rapids Multifamily Hsg. Rev. Refunding Series 1997-A (Margaret Place Apts. Proj.), 6.50%, 5/1/25 710,276 Coon Rapids Senior Hsg. Rev. Refunding Series 1998 (Epiphany Sr. Citizens Hsg. Corp. Proj.): 115,000 5.40%, 11/1/08 114,987 170,000 5.50%, 11/1/10 169,152 545,000 5.80%, 11/1/18 534,220 3,065,000 Cottage Grove Sr. Hsg. Rev. Series 2006-A (Cottage Grove, Inc. Proj.), 5.00%, 12/1/31 2,585,818 Dakota Co. Cmnty. Dev. Agy. Multifamily Hsg. Rev. Ref. Series 2007-A (Commons On Marice Proj.): 240,000 4.30%, 11/1/08 237,478 150,000 4.40%, 11/1/09 146,920 500,000 5.00%, 11/1/22 448,575 Eden Prairie Multifamily Hsg. Rev. Refunding : 5,000 Series 1997 (Preserve Place Proj.) (GNMA collateralized), 4.90%, 1/20/08 5,004 300,000 Series 1997-A (Preserve Place Proj.) (GNMA collateralized), 5.50%, 1/20/18 306,282 410,000 Series 1997-A (Preserve Place Proj.) (GNMA collateralized), 5.60%, 7/20/28 416,601 470,000 Senior Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.00%, 8/20/21 509,851 675,000 Senior Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.15%, 8/20/31 726,070 1,185,000 Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.20%, 2/20/43 1,271,552 790,000 Subordinate Series 2001-C (Rolling Hills Proj.), 9.00%, 4/1/43 790,142 Eveleth Multifamily Hsg. Rev. Sr. Series 2006-A1 (Manor House Woodland Proj.): 200,000 4.90%, 10/1/09 197,692 140,000 4.95%, 10/1/10 137,845 100,000 5.00%, 10/1/11 98,119 155,000 5.10%, 10/1/12 151,945 165,000 5.15%, 10/1/13 160,675 Faribault Hsg. & Redev. Auth. Govt. Hsg. Dev. Gross Rev. Ref. Series 1998-A (Trails Edge Apts. Proj.): 355,000 5.125%, 2/1/18 357,141 650,000 5.25%, 2/1/28 651,748 Fairmont Hsg. Fac. Rev. Series 2002-A1 (Homestead-GEAC Proj.): 995,000 6.625%, 10/1/11 1,007,905 295,000 6.875%, 10/1/14 299,885 Fairmont Hsg. Fac. Rev. Series 2005-A (Goldfinch Estates-GEAC Proj.): 300,000 5.75%, 10/1/17 287,661 290,000 6.00%, 10/1/21 278,696 Golden Valley Rev. Series 1999-A (Covenant Retirement Cmntys. Proj.): 695,000 5.50%, 12/1/25 700,067 1,740,000 5.50%, 12/1/29 1,742,941 Grand Rapids Hsg. & Redev. Auth. (Lakeshore Place and Forest Park West Apts. Proj.): 25,000 Series 1999-B, 5.00%, 10/1/09 25,269 500,000 Series 1999-A, 5.20%, 10/1/19 503,545 1,660,000 Series 1999-A, 5.30%, 10/1/29 1,626,700 Hopkins Multifamily Hsg. Rev. Series 1996 (Hopkins Renaissance Proj.) (Section 8): 100,000 5.85%, 4/1/09 102,011 450,000 6.25%, 4/1/15 459,747 120,000 Hutchinson Hsg. Fac. Rev. Series 2003-A (Prince of Peace Apts. Proj.), 4.50%, 10/1/08 119,983 245,000 Inver Grove Heights Nursing Home Rev. Ref. Series 2006 (Presbyterian Homes Care Proj.), 5.50%, 10/1/33 223,055 1,400,000 Maplewood Multifamily Hsg. Rev. Series 1998 (Park Edge Apts. Proj.), 6.50%, 5/1/29 1,406,132
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- Maplewood Multifamily Refunding Rev. (Village on Woodlyn Proj.): 1,605,000 Series 1999-A (GNMA collateralized), 6.75%, 7/20/30 1,654,322 100,000 Subordinate Series 1999-C-1, 8.00%, 11/1/30 100,745 235,000 Subordinate Series 1999-C-2, 8.00%, 11/1/30 236,751 2,765,000 Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. Series (Torre De San Proj.) (GNMA Collateralized), 4.75%, 1/20/42 2,482,362 Minneapolis Multifamily Hsg. Rev.: 330,000 Series 1996 (Belmont Apts.), 7.25%, 11/1/16 332,119 105,000 Series 1996-A (Nicollet Towers) (Section 8), 5.60%, 6/1/08 105,697 5,020,000 Series 1996-A (Nicollet Towers) (Section 8), 6.00%, 12/01/19 5,060,662 115,000 Ref. Series 1998 (Riverside Plaza Proj.) (GNMA collateralized), 4.75%, 12/20/12 115,856 1,200,000 Series 1998 (Riverside Plaza Proj.) (GNMA collateralized), 5.10%, 12/20/18 1,205,496 320,000 Series 2000 (Garr Scott Loft Proj.) (LOC U.S. Bank), 5.95%, 5/1/30 328,653 20,000 Series 2003-A (Sumner Proj.) (GNMA collateralized), 3.00%, 8/20/08 19,953 835,000 Series 2007 (Blaisdell Apts. Proj.), 5.10%, 4/1/17 807,086 Ref. Series 2007-A (Keeler Apts. Proj.): 150,000 4.50%, 10/1/12 145,681 580,000 4.65%, 10/1/15 550,234 Moorhead Sr. Hsg. Rev. Series 2006 (Sheyenne Crossing Proj.): 300,000 5.00%, 4/1/13 293,082 170,000 5.10%, 4/1/14 166,114 85,000 Series 2004-A, 4.875%, 8/1/24 83,808 Series 1997-A: 60,000 5.40%, 8/1/10 60,965 125,000 5.45%, 8/1/11 126,993 100,000 Series 2000-A (Section 8), 5.375%, 2/1/09 101,764 1,350,000 MN HFA Residential Hsg. Rev. Series 2006-I, 5.00%, 7/1/21 1,361,516 650,000 MN HFA Residential Hsg. Rev. Series 2006-A1, 5.10%, 8/1/47 615,609 Minnetonka Multifamily Hsg. Rev. Ref. Series 1999-A (GNMA coll.) (Archer Heights Apts. Proj.): 540,000 5.10%, 7/20/13 556,826 975,000 5.20%, 1/20/18 994,588 North Oaks Sr. Hsg. Rev. Series 2007 (Presbyterian Homes North Oaks Proj.): 500,000 5.25%, 10/1/13 495,685 1,565,000 5.625%, 10/1/17 1,567,754 500,000 5.75%, 10/1/22 485,920 Northwest MN Multi Co. Hsg. & Redev. Auth. Hsg. Rev. Series 2005-A (Pooled Hsg. Proj.): 145,000 4.50%, 7/1/09 143,882 115,000 4.75%, 7/1/10 113,405 Norwood Young America Econ. Dev. Auth. Gov. Rev. Series 2005-A (Harbor at Peace Village Proj.): 150,000 5.35%, 8/1/15 147,882 200,000 5.625%, 8/1/20 194,978 550,000 5.75%, 8/1/25 524,821 250,000 6.00%, 8/1/31 238,188 Oakdale Multifamily Sr. Hsg. Rev. Refunding Series 2004 (Oak Meadows Proj.): 165,000 4.25%, 4/1/08 164,441 600,000 5.00%, 4/1/12 586,722 Oronoco Multifamily Hsg. Rev. Ref. Series 2006 (Wedum Shorewood Campus Proj.): 600,000 4.65%, 6/1/09 595,236 725,000 4.70%, 6/1/11 711,805 Pine City Hlth. Care & Hsg. Rev. Series 2006-A (North Branc Proj.): 125,000 4.50%, 10/20/16 127,259 300,000 4.75%, 10/20/21 301,929 500,000 Richfield Sr. Hsg. Rev. Refunding Series 2004-A (Richfield Sr. Hsg., Inc. Proj.), 5.00%, 12/1/15 475,780 2,800,000 Rochester Multifamily Rev. Refunding Series 2000-A (Weatherstone Apts. Proj.) (LOC Household Fin.) (Mandatory Put 9/1/17) 6.375%, 9/1/37 3,059,700 Shoreview Sr. Hsg. Rev. Series 2005-A (Shoreview Sr. Residence Proj.): 110,000 3.50%, 5/1/08 109,569 115,000 3.75%, 5/1/09 113,461 600,000 St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding Series 1998 (Northway Manor Apts. Proj.) (Section 8), 5.35%, 12/1/18 569,562 St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev.: 1,445,000 Series 1993 (Germain Towers Proj.) (Section 8), 5.90%, 9/1/20 1,381,579 60,000 Series 1999-A (Parkview Terrace Apts. Proj.) (Section 8), 5.00%, 6/1/09 53,997 500,000 St. Louis Park Multifamily Hsg. Rev. Refunding Series 1998-A (Park Ridge Apts. Proj.) (GNMA collateralized), 5.25%, 11/1/20 511,200 St. Louis Park Rev. Ref. Series 2006 (Roitenberg Family Proj.): 140,000 4.65%, 8/15/09 138,839 525,000 5.50%, 8/15/26 493,521 200,000 St. Paul Hsg. & Redev. Auth. Multifamily Refunding Rev. Series 1995 (Sun Cliffe Apts. Proj.) (GNMA collateralized), 5.875%, 7/1/15 201,862 1,000,000 St. Paul Hsg. & Redev. Auth. Multifamily Refunding Rev. Ref. Series 2007-A, (Marian Ctr. Proj.), 5.20%, 11/1/22 906,890
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- St. Paul Hsg. & Redev. Auth. Rev. Series 2007-A (Rossy & Richard Schaller Proj.): 400,000 5.15%, 10/1/42 338,844 450,000 4.80%, 10/1/18 412,646 3,130,000 St. Paul Port Authority Multifamily Hsg. Refunding (Jackson Towers Apts. Proj.) Senior Series 1998-1A (GNMA collateralized), 6.95%, 4/20/33 3,291,852 735,000 Stillwater Multifamily Hsg. Rev. Series 2007 (Orleans Homes LP Proj.), 5.00%, 2/1/17 707,952 120,000 Victoria Sr. Hsg. Rev. Series 2003 (Chanhassen, Inc. Proj.), 5.50%, 8/1/18 119,234 Washington Co. Hsg. & Redev. Auth. Governmental Hsg. Rev. Ref. Series: 755,000 1999-A (Briar Pond Apts. Proj.) (GNMA collateralized), 5.50%, 2/20/14 765,781 695,000 2002 (Woodland Park Apts. Proj.) (Co. Guaranteed), 4.70%, 10/1/26 697,307 500,000 Woodbury Econ. Dev. Auth. Sr. Hsg. Rev. Series 2006-B (Summerhouse Woodbury Proj.), 5.75%, 6/1/41 463,445 ---------------- 64,789,356 ---------------- MUNICIPAL LEASE (2.5%) 200,000 Andover Econ. Dev. Auth. Public Fac. Lease Rev. Series 2004 (Cmnty. Ctr. Proj.), 5.125%, 2/1/24 215,504 40,000 Anoka Co. C.O.P. Series 1998, 5.40%, 6/1/28 40,155 100,000 Big Lake Econ. Dev. Auth. Public Proj. Rev. Series 2005-A, 4.20%, 2/1/10 100,449 2,052,250 Carver Scott Co. Lease Purchase Agreement Series 2005, 5.00%, 8/4/20 2,001,395 50,000 Chaska Econ. Dev. Auth. ISD No. 112 Sch. Facs. Lease Rev. Series 1999-A, 5.125%, 12/1/09 51,689 89,000 Hennepin Co. Hsg. & Redev. Auth. Rev. Series 1993-A (Community Provider Program), 5.70%, 8/1/13 93,700 150,000 Hibbing Econ. Dev. Auth. Public Proj. Rev. Series 1997 (Hibbing Lease Obligations Proj.), 6.10%, 2/1/08 150,135 734,311 Intermediate Sch. Dist. 287 Lease Rev. Series 2006, 4.78%, 3/15/13 740,215 125,000 Mountain Iron Hsg. & Redev. Auth. Rev. Series 2001-A (Arrowhead Library Sys. Proj.), 5.00%, 9/1/09 127,231 400,000 St. Paul Hsg. & Redev. Auth. Lease Rev. Series 2000 (Rivercentre Pkg. Ramp Proj.), 5.70%, 5/1/08 402,760 520,000 Scott Co. Hsg. & Red. Auth. Fac. Lease Rev. Series 1998 (Workforce Ctr. Proj.), 5.00%, 2/1/18 520,452 Virginia Hsg. & Redev. Auth. Hlth. Care Fac. Lease Rev. Series 2005: 275,000 4.00%, 10/1/08 274,805 300,000 4.00%, 10/1/09 299,433 300,000 4.50%, 10/1/10 301,986 200,000 5.00%, 10/1/11 204,928 1,250,000 5.125%, 10/1/20 1,258,238 400,000 5.25%, 10/1/25 397,228 315,000 5.375%, 10/1/30 310,297 ---------------- 7,490,600 ---------------- PUBLIC FACILITIES (0.4%) 50,000 MN Agr. Soc. State Fair Rev. Series 2003, 5.00%, 9/15/20 50,565 250,000 Rockville Econ. Dev. Auth. Pub. Proj. Lease Rev. Series 2005-A, 4.00%, 2/1/14 249,593 Spring Grove Econ. Dev. Auth. Pub. Proj. Rev. Series 2006-A: 135,000 4.625%, 2/1/12 136,250 255,000 5.00%, 2/1/16 258,468 125,000 5.10%, 2/1/18 126,308 Victoria Recreational Facility Gross Rev. Series 2002: 70,000 4.75%, 2/1/12 71,416 75,000 4.75%, 8/1/12 76,517 85,000 5.10%, 8/1/15 87,139 205,000 Victoria Rec. Fac. Gross Rev. Ref. Crossover Series 2006-A, 4.55%, 8/1/17 190,345 ---------------- 1,246,601 ---------------- SINGLE FAMILY MORTGAGE (7.5%) Dakota Co. Cmnty. Dev. Agy. Single Family Mtg. Rev.: 2,931,919 Series 2006 (FNMA, GNMA, & FHLMC backed), 5.30%, 12/1/39 3,023,659 2,000,000 Series 2007-A (FNMA, GNMA, & FHLMC backed), 5.125%, 12/1/40 2,026,620 Minneapolis- St. Paul Hsg. Fin. Bd. Single Family Mtg. Rev. (FNMA & GNMA backed): 25,000 Series 1997, 6.25%, 11/1/30 25,945 1,340,516 Series 2005-A3, 5.10%, 4/1/27 1,406,577 3,999,000 Series 2007-A1, 5.25%, 12/1/40 4,089,777 1,000,000 Series 2007-A2, 5.52%, 3/1/41 1,042,790 MN HFA Single Family Mtg. Rev.: 425,000 Series 1994-E, 5.60%, 7/1/13 428,659 200,000 Series 1994-E, 5.90%, 7/1/25 204,164 85,000 Series 1996-D, 6.00%, 1/1/16 85,128 60,000 Series 1997-A, 5.60%, 7/1/09 60,517 235,000 Series 1997-I, 5.50%, 1/1/17 238,779 135,000 Series 1996-H, 6.00%, 1/1/21 135,154 580,000 Series 1997-D, 5.85%, 7/1/19 592,238 30,000 Series 1997-E, 5.90%, 7/1/29 30,648 15,000 Series 1997-G, 6.00%, 1/1/18 15,171 720,000 Series 1998-C, 5.25%, 1/1/17 730,930 45,000 Series 1998-F, 4.95%, 7/1/08 45,272
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- 200,000 Series 1998-F-1, 5.45%, 1/1/17 201,738 60,000 Series 1998-F, 5.70%, 1/1/17 60,568 60,000 Series 1998-A, 4.80%, 7/1/09 61,003 65,000 Series 1998-A, 4.90%, 7/1/10 66,075 340,000 Series 1999-B, 5.25%, 1/1/20 342,360 60,000 Series 1999-H, 5.30%, 7/1/11 60,940 100,000 Series 2000-A, 5.75%, 7/1/18 103,760 120,000 Series 2000-C, 6.10%, 7/1/30 125,326 320,000 Series 2003-I, 4.30%, 7/1/11 325,808 600,000 Series 2003-I, 5.10%, 7/1/20 608,538 1,930,000 Series 2006-B, 5.00%, 1/1/37 1,988,383 1,950,000 Series 2006-M, 4.80%, 7/1/26 1,873,697 1,000,000 Series 2007-I, 4.75%, 7/1/27 948,790 2,000,000 Series 2007-Q, 5.15%, 7/1/28 1,973,840 ---------------- 22,922,854 ---------------- UTILITY (3.8%) 1,000,000 Chaska Elec. Rev. Ref. Series 2005-A (Generating Facs. Proj.), 5.25%, 10/1/25 1,033,340 200,000 Delano Wtr. & Pwr. Cmnty. Elec. Rev. Series 2000-A, 5.30%, 12/1/09 200,132 Laurentian Energy Auth. MN Cogeneration Rev. Series 2005-A: 650,000 4.00%, 12/1/08 648,596 965,000 4.00%, 12/1/09 959,702 MN Muni Pwr. Agy. Elec. Rev.: Series 2005: 1,550,000 5.00%, 10/1/30 1,547,783 4,465,000 5.00%, 10/1/35 4,385,746 700,000 Series 2007, 5.25%, 10/1/27 722,043 300,000 Princeton Public Utility Sys. Rev. Series 2004, 5.00%, 4/1/24 300,090 450,000 Puerto Rico Commonwealth Aqueduct & Swr. Auth. Rev. Ref. Series 1995, 5.00%, 7/1/19 461,997 1,250,000 Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 2007-UU, variable rate, 7/1/25 1,129,650 125,000 Virgin Islands Pub. Fin. Auth. Sr. Lien Rev. Series 2004-A, 5.25%, 10/1/21 127,408 ---------------- 11,516,487 ---------------- OTHER REVENUE BONDS (9.6%) 830,000 Brooklyn Park Econ. Dev. Auth. Tax Increment Rev. Series 2007-A (Huntington Site Dev. Proj.), 5.00%, 2/1/10 843,380 Columbia Heights Commercial Dev. Refunding Rev. Series 1999 (Columbia Park Properties - Medical Clinic Proj.): 250,000 5.15%, 12/1/08 249,460 1,750,000 5.60%, 12/1/15 1,733,392 Columbia Heights Econ. Dev. Auth. Tax Increment Rev. Series 2007 (Huset Park Area Redev. Proj.): 295,000 5.00%, 2/15/17 282,064 510,000 5.20%, 2/15/22 471,837 900,000 Commissioner of Iron Range Resources and Rehab. Gross Rev. (Giant's Ridge Rec. Area Proj.), Series 2000, 7.25%, 11/1/16 958,095 775,783 Crystal Governmental Fac. Rev. Series 2006, 5.095%, 12/15/26 743,464 450,000 Hopkins Hsg. & Redev. Tax Increment Rev. Series 2007 (Excelsior Crossings Proj.), 4.80%, 2/1/19 411,079 Lakeville Liquor Rev. Series 2007: 145,000 5.00%, 2/1/11 147,352 165,000 5.00%, 2/1/14 168,901 190,000 5.00%, 2/1/17 193,182 210,000 5.00%, 2/1/22 206,863 235,000 5.00%, 2/1/27 224,418 Minneapolis Cmty. Dev. Agy. Ltd. Tax Common Bond Fund: 125,000 Series 1996-1 (LOC-U.S. Bank), 6.00%, 6/1/11 126,254 500,000 Series 1999-1A (Discount Steel), 5.25%, 6/1/19 504,730 160,000 Series 2000-G2 (LOC-U.S. Bank), 6.00%, 12/1/20 167,330 390,000 Minneapolis Public Hsg. Auth. Series 1997 (General Credit Energy Savings Proj.), 6.00%, 7/1/08 390,741 Minneapolis Tax Increment Rev. Refunding Series 2007 (East River/Unocal Site Proj.): 85,000 4.50%, 2/1/08 84,961 165,000 4.80%, 2/1/12 162,129 245,000 5.10%, 2/1/17 236,089 240,000 5.20%, 2/1/21 224,155 Minneapolis Tax Increment Rev. Refunding Series 2004 (St. Anthony Falls Proj.): 600,000 4.50%, 2/1/13 577,278 75,000 4.40%, 2/1/09 74,482 100,000 4.50%, 2/1/10 98,921 100,000 4.60%, 2/1/11 98,670 125,000 4.70%, 2/1/12 122,272 125,000 4.80%, 2/1/13 122,252 675,000 Minneapolis Tax Increment Rev. Series 2006 (Grant Park Proj.), 5.00%, 2/1/16 651,901 1,000,000 MN Agr. & Econ. Dev. Board Rev. Series 2000-B (Small Business Dev. Proj.), 7.25%, 8/1/20 1,030,740
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) Name of Issuer Market Value (1) - ---------------------------------------------------------------------------------------------------------------------------------- Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. Series 2006 (Metroplaines Proj.): 279,000 4.25%, 8/15/11 279,081 1,205,000 5.00%, 2/15/27 1,165,175 St. Anthony Hsg. & Redev. Auth. Tax Increment Rev. Series 2007 (Silver Lake Vlg. Phase 1A Proj.): 500,000 4.75%, 2/1/17 467,335 500,000 4.90%, 2/1/22 446,600 St. Paul Hsg. & Redev. Auth. Tax Increment Rev.: 155,000 Series 2001 (US Bank Operations Ctr. Proj.), 5.40%, 8/1/09 155,902 100,000 Series 2001 (US Bank Operations Ctr. Proj.), 5.70%, 8/1/12 101,324 800,000 Series 2001 (US Bank Operations Ctr. Proj.), 6.125%, 8/1/19 806,584 1,115,000 Series 2002 (North Quadrant Owner Occupied Proj. Phase 2), 7.00%, 2/15/28 1,161,150 1,007,000 Series 2002 (North Quadrant Owner Occupied Proj. Phase 1), 7.50%, 2/15/28 1,033,655 3,000,000 Series 2002-A (Upper Landing Proj.), 6.80%, 3/1/29 3,072,840 2,000,000 Series 2002-B-2 (Upper Landing Proj.), 6.90%, 3/1/29 2,056,560 1,212,000 Series 2002 (Drake Marble Proj.), 6.75%, 3/1/28 1,240,482 1,286,000 Series 2004 (9th St. Lofts Proj.), 6.375%, 2/15/28 1,298,178 St. Paul Port Auth. Lease Rev. Series 2007-1 (Regions Hosp. Parking Ramp Proj.): 155,000 5.00%, 8/1/09 154,690 200,000 5.00%, 8/1/10 199,036 390,000 5.00%, 8/1/11 387,336 555,000 5.00%, 8/1/21 508,252 1,150,000 5.00%, 8/1/36 950,314 715,000 St. Paul Recreational Facs. Gross Rev. Series 2005 (Highland National Proj.), 5.00%, 10/1/25 742,864 Steele Co. Hlth. Care Fac. Gross Rev. Refunding Crossover Series 2005-B: 475,000 4.65%, 6/1/20 466,198 300,000 5.00%, 6/1/30 290,940 120,000 Steele Co. Hlth. Care Fac. Gross Rev. Unref. Bal. Series 2000 (Elderly Housing Proj.), 6.625%, 6/1/20 125,688 620,000 Steele Co. Hlth. Care Fac. Gross. Rev. Prerefunded Series 2000 (Elderly Hsg. Proj.), 6.625%, 6/1/20 663,313 265,000 Virgin Islands Public Fin. Auth. Rev. Gross Receipts Taxes Loan Series 1999-A, 5.625%, 10/1/10 272,012 ---------------- 29,351,901 ---------------- Total municipal bonds (cost: $294,798,005) 290,017,941 ---------------- CLOSED-END MUTUAL FUNDS (1.0%) (2) 10,900 Delaware Investments Minnesota Municipal Income Fund II 140,392 67,700 First American Minnesota Municipal Income Fund II 844,219 168,600 MN Municipal Income Portfolio 2,127,732 ---------------- Total closed-end mutual funds (cost: $3,382,813) 3,112,343 ---------------- SHORT-TERM SECURITIES (2.8%) (2) 160,000 Midwest Consortium of Utility Rev. Series 2005-A (MN Utilities Assoc. Proj.), variable rate, 1/1/25 160,000 3,600,000 Mpls. & St. Paul Hsg. & Redev. Auth. Hlth. Care Series 2007-A (Children's Proj.), variable rate, 8/15/37 3,600,000 2,500,000 Robbinsdale Hlth. Care Facs. Rev. Series 2003-I (North Memorial Proj.), variable rate, 5/15/33 2,500,000 900,000 St. Paul Hsg. & Redev. Auth. Rev. Series 2001 (Cretin -Derham Hall Proj.), variable rate, 2/1/26 900,000 1,410,851 Wells Fargo Minnesota Municipal Cash Fund, 2.78% 1,410,851 ---------------- Total Short-Term Securities (cost: $8,570,851) 8,570,851 ---------------- Total investments in securities (cost: $306,751,669) $ 301,701,135 ================ Other Assets and Liabilities, Net (+0.8%) 2,484,873 ---------------- Total Net Assets $ 304,186,008 ================ ---------------- Aggregate Cost 306,751,669 ---------------- Gross Unrealized Appreciation 2,301,190 Gross Unrealized Depreciation (7,351,723) ---------------- Net Unrealized Appreciation(Depreciation) (5,050,534) ================
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.
================================================================================================================================== SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER COUPON RATE (%) MATURITY DATE MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (96.7%) (2) ALABAMA (1.2%) 200,000 Huntsville-Redstone Vlg. Spl. Care Facs. Auth. 5.25 1/1/2015 192,356 ---------------- ALASKA (1.6%) 250,000 AK Indl. Dev. & Expt. Rev. (Boys & Girls Home) 5.50 12/1/2012 246,190 ---------------- ARIZONA (2.7%) 98,851 AZ Hlth. Facs. Auth. Rev. (New AZ Family) 5.25 1/7/2027 97,902 100,000 Pima Co. Indl. Dev. Rev. (Academic Success) 5.38 7/1/2022 97,883 250,000 Pima Co. Indl. Rev. Ref. (Tucson Country Day Sch.) 5.00 6/1/2022 235,283 ---------------- 431,068 ---------------- CALIFORNIA (3.7%) 150,000 CA Tob. Sec. Corp. Asset-Backed Sr. Rev. 5.10 6/1/2028 124,792 140,000 CA Statewide Cmntys. Rev. (Lancer Educ.) 5.40 6/1/2017 140,403 100,000 CA Statewide Cmntys. Spl. Tax Rev. (Orinda) 6.00 9/1/2029 99,990 200,000 Dinuba Fin. Auth. Lease Rev. (Measure R Road) 5.10 9/1/2022 187,596 30,000 Los Angeles Regl. Arpts. Impt. Lease Rev. 10.25 1/1/2013 33,752 ---------------- 586,533 ---------------- COLORADO (2.7%) 200,000 Denver Hlth. & Hosp. Auth. Healthcare Rev. 4.53 12/1/2033 176,730 250,000 La Junta Hosp. Rev. (Ark Valley Regl. Med. Ctr.) 6.10 4/1/2024 254,287 ---------------- 431,017 ---------------- FLORIDA (13.4%) 250,000 Alachua Co. Health Facs. Rev. (Shands Healthcare) 4.30 12/1/2037 228,687 100,000 Connerton West Cap. Impt. Spl. Assmnt. Rev. 5.13 5/1/2016 89,585 60,000 Gateway Svcs. Spl. Assmt. (Sun City Ctr.) 5.50 5/1/2010 59,955 250,000 Gramercy Farms Cmnty. Dev. Dist. Spl. Assmnt. 5.10 5/1/2014 228,640 100,000 Lake Ashton II Cmnty. Dev. Dist. Cap. Impt. Rev. 5.00 11/1/2011 94,069 250,000 Lee Co. Indl. Rev. Ref. (Shell Pt/Alliance Cmnty.) 5.00 11/15/2029 220,582 250,000 Lee Co. Indl. Dev. Auth. Rev. (Charter Foundation) 5.25 6/15/2027 221,558 100,000 Madeira Cmnty. Dev. Dist. Spl. Assmt. Rev. 5.25 11/1/2014 91,630 275,000 Miami Beach Hlth. Facs. Hosp. Rev. (Mt. Sinai) 5.38 11/15/2028 246,397 140,000 St. Johns Co. Indl. Dev. Auth. Rev. Ref. (Bayview) 5.00 10/1/2017 129,375 100,000 Sarasota Co. Hlth. Rev. (Vlg. on the Isle) 5.50 1/1/2027 92,353 250,000 Sarasota Natl. Cmnty. Spl. Assessment 5.30 5/1/2039 195,513 50,000 Seminole Tribe Spl. Oblig. Rev. 5.75 10/1/2022 50,036 150,000 Stoneybrook South Cmnty. Spl. Asst. Rev. 5.45 11/1/2015 136,737 25,000 Waters Edge Cmnty. Dev. Dist. Cap. Impt. 5.00 11/1/2012 23,297 ---------------- 2,108,414 ---------------- GEORGIA (0.7%) 100,000 Med. Ctr. Hosp. Auth. (Spring Harbor Green Isl.) 5.25 7/1/2027 86,542 30,000 Private Colleges & Univ. Rev. (Mercer Univ.) 5.38 10/1/2029 28,899 ---------------- 115,441 ---------------- GUAM (0.6%) 100,000 Northern Mariana Islands G.O. 5.00 10/1/2022 94,501 ------------------ ILLINOIS (7.3%) 250,000 Annawan Tax Alloc. (Patriot Renewable Fuels LLC) 5.63 1/1/2018 239,155 150,000 Harvey Ref. & Impt. G.O. 5.50 12/1/2027 147,498 250,000 IL Fin. Auth. Rev. (Sedgebrook Inc. Fac.) 5.40 11/15/2016 238,390 165,000 IL Fin. Auth. Rev. (OSF Healthcare Sys.) 5.25 11/15/2022 169,599 205,000 IL Fin. Auth. Rev. (Intl. Ice Ctr.) 7.00 12/1/2035 199,071 55,000 IL Health Facs. Auth. Rev. (Condell Med. Ctr.) 5.50 5/15/2032 53,627 100,000 Manhattan Spl. Tax. (Groebe Farm-Stonegate) 5.75 3/1/2022 97,913 ---------------- 1,145,253 ---------------- IOWA (3.2%) 200,000 Coralville Urban Renewal Rev. Tax Increment 5.00 6/1/2047 176,304 150,000 IA Fin. Auth. Sr. Hsg. Rev. (Wedum Walnut Ridge) 5.00 12/1/2014 141,277 200,000 IA Fin. Auth. Sr. Living (Deerfield Ret. Cmnty.) 5.50 11/15/2027 180,732 ---------------- 498,313 ----------------
================================================================================================================================== SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER COUPON RATE (%) MATURITY DATE MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- INDIANA (4.0%) 200,000 IN Hlth. & Educ. Fac. Fing. Auth. Hosp. Rev. 5.50 3/1/2022 197,468 200,000 Paoli Bldg. Corp. (First Mtg.) 5.00 1/15/2032 200,848 250,000 St. Joseph Co. Hosp. Auth. Health. Facs. Rev. 5.25 2/15/2028 232,070 ---------------- 630,386 ---------------- KANSAS (1.8%) 300,000 Sterling Educ. Facs. Rev. (Sterling College) 5.25 11/1/2024 287,364 ---------------- LOUISIANA (1.4%) 100,000 Caddo Parish Sew. Dist. No. 7 Rev. Ref. 6.60 11/1/2024 104,833 125,000 St. John Baptist Parish Rev. (Marathon Oil) 5.13 6/1/2037 119,690 ---------------- 224,523 ---------------- MARYLAND (1.8%) 250,000 Howard Co. Retirement Cmnty. Rev. (Vantage House) 5.25 4/1/2027 225,835 50,000 MD State Hlth. & Hgr. Educ. Facs. (King Farm Pres) 5.00 1/1/2017 49,289 ---------------- 275,124 ---------------- MASSACHUSETTS (0.6%) 100,000 MA State Hlth. & Educ. (Valley Regl. Hlth. Sys.) 5.75 7/1/2018 100,134 ---------------- 100,134 ---------------- MICHIGAN (5.8%) 250,000 Grand Traverse Academy Pub. Sch. Acad. Rev. Ref. 5.00 11/1/2022 234,282 100,000 Kentwood Econ. Ltd. Oblig. Rev. (Holland Home) 5.38 11/15/2036 89,091 190,000 MI Educ. Facs. Oblig. Rev. Ref. (Black River Sch.) 4.95 9/1/2008 190,133 155,000 MI Educ. Facs. Oblig. Rev. Ref. (Bradford) 6.00 9/1/2016 156,234 250,000 MI Tob. Settlement Fin. Auth. Sr. Rev. 5.13 6/1/2022 239,898 ---------------- 909,638 ---------------- MINNESOTA (8.6%) 100,000 Cloquet Hsg. Fac. Rev. Ref. (HADC Cloquet LLC) 5.50 8/1/2025 92,967 100,000 Columbia Heights Econ. Dev. Rev. (Huset Park) 5.00 2/15/2017 95,615 100,000 Cuyuna Range Hosp. Dist. Hlth. Facs. Rev. Ref. 5.00 6/1/2029 85,663 225,000 Lakeville Liquor Rev. 5.00 2/1/2027 214,868 180,000 North Oaks Sr. Hsg. Rev. (Presbyterian Homes) 5.25 10/1/2013 178,447 85,000 St. Cloud Hsg. & Redev. MF Rev. (Germain Towers) 5.90 9/1/2020 81,269 200,000 St. Paul Hsg. & Redev. Auth. MF (Marian Ctr.) 5.05 11/1/2017 190,112 165,000 St. Paul Hsg. & Redev. Rev. (Cmnty. Peace Acad.) 5.00 12/1/2018 161,330 150,000 St. Paul Hsg. & Redev. Auth. Rev. (US Bank Ops.) 6.50 8/1/2022 152,118 100,000 St. Paul Hsg. & Redev. Rev. (Healthpartners) 5.25 5/15/2036 94,640 ---------------- 1,347,029 ---------------- MISSOURI (1.8%) 140,000 Joplin Indl. Dev. Auth. Rev. Ref. (Christian) 5.50 5/15/2017 135,611 150,000 St. Louis Co. Indl. Rev. (St. Andrews) 5.38 12/1/2027 148,977 ---------------- 284,588 ---------------- NEVADA (2.8%) 215,000 Clark Co. Impt. Dist. (128 Summerlin) 5.00 2/1/2020 197,217 250,000 Clark Co. Poll. Ctr. Rev. Ref. (Nev. Pwr. Co.) 5.30 10/1/2011 246,642 ---------------- 443,859 ---------------- NEW MEXICO (1.5%) 250,000 NM State Hosp. Equip. Rev. Ref. (Rehoboth) 5.00 8/15/2017 230,873 ---------------- NEW YORK (3.4%) 100,000 Nassau Co. Indl. Rev. (Amsterdam at Harborside) 5.88 1/1/2018 99,070 200,000 Seneca Nations Indians Cap. Impt. Auth. 5.00 12/1/2023 178,158 255,000 Tobacco Settlement Fin. Corp. Rev. 5.00 6/1/2011 255,337 ---------------- 532,565 ---------------- NORTH CAROLINA (1.1%) 200,000 NC Med.Care Cmnty. Retirement Facs. (Brookwood) 5.25 1/1/2032 170,684 ---------------- NORTH DAKOTA (0.6%) 105,000 City of Washburn (Bismarck State College Fdtn.) 5.01 4/1/2032 97,733 ---------------- OKLAHOMA (1.8%) 195,000 Atoka Co. Hlth. Care Rev. (Atoka Mem. Hosp) 5.88 10/1/2018 189,035 100,000 Grady Co. Indl. Auth. Lease Rev. 6.00 11/1/2029 102,009 ---------------- 291,044 ---------------- OREGON (0.6%) 100,000 Oregon St. Hlth. Hsg. Educ. & Cultural Facs. Rev. 8.00 11/15/2026 100,088 ----------------
================================================================================================================================== SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2007 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER COUPON RATE (%) MATURITY DATE MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- PENNSYLVANIA (3.1%) 250,000 Lehigh Co. Gen. Purpose Rev. (St. Luke's Hosp) 4.28 8/15/2042 216,338 100,000 Lancaster Co. Hosp. Auth. Rev. (Brethren Vlg.) 5.20 7/1/2012 99,992 60,000 Montgomery Co. Indl. Dev. Auth. (Whitemarsh) 6.00 2/1/2021 59,301 105,000 Philadelphia Hosp. & Hgr. Educ. Rev. (Temple Univ) 6.63 11/15/2023 105,194 ---------------- 480,825 ---------------- TENNESSEE (1.2%) 200,000 Blount Co. Hlth. & Educ. Facs. (Asbury, Inc.) 5.13 4/1/2023 182,096 ---------------- TEXAS (10.0%) 200,000 Abilene Hlth. Facs. Rev. (Sears Methodist) 5.15 11/15/2028 194,322 125,000 Bexar Co. Hsg. Rev. Ref. (Nob Hill Apts.) 5.50 6/1/2011 119,454 180,000 El Paso Hlth. Facs. Rev. (Bienvivir Sr. Hlth.) 7.00 8/15/2012 195,466 135,000 Galveston Co. Muni. Util. No. 52 6.00 8/13/2008 137,396 60,000 Harris Co. Hsg. Rev. Sr. Lien (Windsor Hsg. Fdn.) 6.30 6/1/2025 60,130 100,000 Kerrville Hlth. Facs. Rev. (Sid Peterson) 5.45 8/15/2035 93,253 100,000 Richardson Rev. Ref. & Impt. (Baylor/Richardson) 5.63 12/1/2028 98,497 50,000 Tarrant Co. Cultural Educ. Rev. (C.C. Young) 5.00 2/15/2013 48,439 150,000 TX Pub. Fin. Auth. Rev. (Uplift Educ.) 5.35 12/1/2017 152,067 250,000 Travis Co. Hlth. Dev. Corp. (Querencia Barton Cr.) 5.10 11/15/2015 238,350 250,000 Tyler Hlth. Facs. Dev. Corp. (Mother Frances) 5.00 7/1/2033 231,680 ---------------- 1,569,054 ---------------- UTAH (2.3%) 200,000 Provo Charter Sch. Rev. (Freedom Academy Fdn.) 5.50 6/15/2037 179,664 200,000 UT Assoc. Muni. Pwr. Sys. Rev. 5.00 5/1/2027 186,370 ---------------- 366,034 ---------------- WASHINGTON (2.8%) 200,000 Kalispel Tribe Indians Priority Dist. Rev. 6.20 1/1/2016 199,780 150,000 WA St. Hsg. Fin. Commn. Rev. (Skyline First Hill) 5.25 1/1/2017 146,949 100,000 WA St. Hsg. Fin. Commn. Rev. (Skyline First Hill) 5.25 1/1/2013 99,002 ---------------- 445,731 ---------------- VIRGINIA (0.5%) 100,000 VA Tobacco Settlement Fin. Corp. Senior Rev. 5.00 6/1/2047 83,013 ---------------- WISCONSIN (2.1%) 110,000 Milwaukee Redev. Auth. Rev. (Academy of Learning) 5.50 8/1/2022 106,882 130,000 Milwaukee Redev. Auth. (Science Ed. Consortium) 5.13 8/1/2015 130,118 100,000 WI Hlth. & Educ. Facs. Auth. (Beaver Dam Hosp.) 6.00 8/15/2019 99,496 ---------------- 336,496 ---------------- Total municipal bonds (cost: $16,125,635) 15,237,967 ---------------- CLOSED-END MUTUAL FUNDS (0.8%) (2) 5,000 BlackRock MuniHoldings FL. Insured Fund (MFL) 62,550 5,000 Van Kampen Trust Invsmt. Grade Muni Fund (VGM) 68,950 ---------------- Total closed-end mutual funds (cost: $132,539) 131,500 ---------------- SHORT-TERM SECURITIES (1.7%) (2) 262,131 Dreyfus Tax-Exempt Cash Management Fund, 3.24% 262,131 ---------------- Total Short-Term Securities (cost: $262,131) Total investments in securities (cost: $16,520,305) (3) $ 15,631,598 ================ Other Assets and Liabilities, Net (+0.8%) 127,023 ---------------- Total Net Assets $ 15,758,621 ================ ---------------- Aggregate Cost 16,520,305 ---------------- Gross Unrealized Appreciation 22,341 Gross Unrealized Depreciation (911,048) ---------------- Net Unrealized Appreciation(Depreciation) (888,707) ================
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: January 17, 2008 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: January 17, 2008 By: /s/ Eugene C. Sit ---------------------------- Eugene C. Sit Chairman Date: January 17, 2008 EX-99.CERT 2 sit-mfii080206_ex99cert.txt CERTIFICATIONS OF VP/CHAIRMAN PURSUANT TO SECTION 302 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: January 17, 2008 /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: January 17, 2008 /s/ Eugene C. Sit - ---------------------------- Eugene C. Sit Chairman -----END PRIVACY-ENHANCED MESSAGE-----