-----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, KBgUJHn9EqEdOeUG/WQv59KBmPC9e7ubTz1Wdq7F8Rbx6jDKF4MUjdxGLLoigNl+ 4ZsePc212epnKoBUX1Op/g== 0000897101-08-001733.txt : 20080815 0000897101-08-001733.hdr.sgml : 20080814 20080815080027 ACCESSION NUMBER: 0000897101-08-001733 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20080630 FILED AS OF DATE: 20080815 DATE AS OF CHANGE: 20080815 EFFECTIVENESS DATE: 20080815 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: 081021267 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-mfii083381_nq.txt FORM N-Q FOR PERIOD ENDED JUNE 30, 2008 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, 2008 Date of reporting period: June 30, 2008 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 - Class I (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 - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (94.2%) (2) ALABAMA (1.3%) 300,000 AL Wtr. Pollution Ctrl. Auth. Revolving Fund Lien Series 1998-B (AMBAC insured), 5.00%, 8/15/21 301,767 740,000 ASMS Pub. Educ. Bldg. Rev Series 2006-B (ASMSF LLC Proj.) (Ambac insured), 4.375%, 9/1/26 717,970 675,000 Birmingham-Southern College Private Educ. Bldg. Rev. Series 1997, 5.35%, 12/1/19 637,470 100,000 DCH Hlth. Care Auth. Fac. Rev. Series 1998 (MBIA insured), 4.875%, 6/01/13 100,812 Huntsville Hlth. Care Auth. Rev. : 200,000 Series 1997-A (MBIA insured), 5.00%, 6/1/17 202,000 1,000,000 Series 2002-A, 5.625%, 6/1/32 1,016,460 250,000 Series 2007-A, variable rate, 6/1/32 199,750 600,000 Huntsville-Redstone Vlg. Spl. Care Facs. Fin. Auth. Rev Series 2007 (Redstone Vlg. Proj.), 5.25%, 1/1/15 573,420 300,000 Montgomery Educ. Bldg. Auth. Rev. Ref. Series 2007 (Faulkner Univ. Proj.) (Radian insured), 5.25%, 10/1/32 285,372 250,000 Valley Spl. Care. Facs. Fin. Auth. Rev. Series 1997-A (Lanier Mem. Hosp.), 5.45%, 11/1/11 252,233 ---------------- 4,287,254 ---------------- ALASKA (0.1%) 325,000 Alaska Indl. Dev. & Expt. Auth. Cmnty. Provider Rev. Series 2007 (Boys & Girls Home Proj.), 5.45%, 12/1/11 320,346 ---------------- ARIZONA (3.9%) 1,500,000 Arizona Hlth. Care Facility Auth. Rev. Series 2007 (Beatitudes Campus Proj.),4.75%, 10/1/10 1,479,150 1,154,014 Arizona Hlth. Facs. Auth. Rev. Series 2007-A (New Ariz. Family Proj.), 5.25%, 7/1/27 1,124,587 200,000 Bullhead City Special Assessment Impt. Dist. Series 1993 (Bullhead Pkwy. Proj.), 6.10%, 1/1/10 201,698 500,000 Flagstaff Spl. Assessment Series 2007 (Aspen Place Sawmill Impt. Proj.), 5.00%, 1/1/22 500,285 Maricopa Co. Indl. Dev. Auth. Multifamily Hsg. Rev.: 400,000 Series 1996-A (Place Five & Greenery Apts. Proj.), Escrowed to Maturity, 6.625%, 1/1/27 435,984 480,000 Series 1996-B (Advantage PT, etc. Proj.), Escrowed to Maturity, 7.375%, 7/1/26 481,459 100,000 Maricopa Co. Pollution Ctrl. Rev. Ref. Public Svc. Series 1996-A (New Mexico Public Svc. Co. Proj.), 6.30%, 12/1/26 97,654 150,000 Parkway Cmnty. Facility Dist. No. 1 G.O. Series 2006, 4.85%, 7/15/15 143,474 700,000 Phoenix Street & Hwy. User Rev. Ref. Jr. Lien Series 1992, 6.25%, 7/1/11 702,072 Pima Co. Indl. Dev. Auth. Educ. Rev.: 295,000 Series 2004-I (AZ Charter Schools Proj.), 5.00%, 7/1/12 294,788 250,000 Series 2004-A (Noah Webster Basic School Proj.), 5.25%, 12/15/16 245,315 210,000 Series 2005-M (AZ Charter Schools Proj.), 5.70%, 7/1/23 200,827 635,000 Series 2006 (Choice Educ. & Dev. Corp. Proj.), 6.00%, 6/1/16 632,593 900,000 Series 2006-A (Sonoran Science Academy Proj.). 5.35%, 12/1/17 854,595 500,000 Series 2007-A (American Charter Schools Foundation Proj.), 5.125%, 7/1/15 490,215 560,000 Series 2007-O (AZ Charter Schools Proj.), 4.65%, 7/1/14 537,600 400,000 Ref. Series 2007 (Tucson Country Day School Proj.), 5.00%, 6/1/22 359,796 500,000 Series 2007 (Center For Academic Success Proj.), 5.375%, 7/1/22 469,775 250,000 Series 2008-A (Coral Academy Science Proj.), 6.375%, 12/1/18 250,173 150,000 Pinal Co. Elem. Sch. Dist. No. 44 C.O.P. Series 2006, 4.10%, 3/1/09 (5) 150,300 565,000 Pinal Co. Indl. Dev. Auth. Correctional Fac. Rev. Series 2006-A (Florence West Prison Proj.) (ACA insured), 5.25%, 10/1/23 524,049 500,000 Pinal Co. Certificate of Participation Series 2004, 5.00%, 12/1/26 (5) 499,980 Quail Creek Cmnty. Fac. Dist. G.O. Series 2006: 585,000 4.85%, 7/15/12 575,394 500,000 5.15%, 7/15/16 482,945 360,000 Verrado Cmnty. Facilities Dist. No. 1 G. O. Series 2006, 4.85%, 7/15/14 352,692 500,000 Westpark Cmnty. Facilities Dist. G.O. Series 2006, 4.90%, 7/15/16 474,035 ---------------- 12,561,435 ---------------- ARKANSAS (0.4%) 400,000 Independence Co. Poll. Ctl. Rev. Ref. Series 2008 (Entergy Inc. Proj.), 4.90%, 7/1/22 390,108 1,000,000 White Co. Hlth. Care Fac. Rev. Series 2005 (White Co. Med. Ctr. Proj.), 5.00%, 12/1/14 1,004,860 ---------------- 1,394,968 ---------------- CALIFORNIA (6.8%) 100,000 Agua Caliente Band Cahuilla Indians Rev. Series 2003, 4.60%, 7/1/08 100,002 120,000 Bay Area Govt. Assoc. Tax Allocation Rev. Series 1994-A (FSA insured), 6.00%, 12/15/14 122,027 250,000 Blythe Redev. Agy. Tax Allocation Ref. Series 1997 (Proj. No. 1), 5.80%, 5/1/28 233,787 325,000 CA Co. Tobacco Securitization Agy. Asset-Backed Rev. Series 2002 (Alameda Co.), 4.75%, 6/1/19 311,766 350,000 CA Co. Tobacco Securitization Agy. Asset-Backed Conv. Bond Rev. Series 2007-B, 5.10%, 6/1/28 282,964 CA Co. Tobacco Securitization Agy. Rev. Series 2007-A (Golden Gate Tob. Proj.): 445,000 4.50%, 6/1/21 400,393
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 5.00%, 6/1/36 397,475 CA Cmnty. Hsg. Fin. Agy. Lease Rev. Pass Thru Oblig.: 120,000 Series 2005-D, 4.875%, 4/1/12 113,248 355,000 Series 2005-F, 4.85%, 11/1/12 334,630 135,000 CA Educ. Facs. Auth. Rev. Refunded Series 1996 (Chapman Univ. Proj.), 5.125%, 10/1/26 135,630 50,000 CA G.O. Series 1996, 5.25%, 6/1/21 50,118 495,000 CA Govt. Fin. Auth. Lease Rev. Series 2003-A (Placer Co. Transportation Proj.), 6.00%, 12/1/28 508,766 CA Hlth. Facs. Fin. Auth. Rev.: 500,000 Series 2002, 5.50%, 4/01/11 515,515 150,000 Series 1998-A (Kaiser Permanente Proj.), 5.50%, 6/1/22 153,216 500,000 Series 2008-K (Catholic Healthcare West Proj.), 5.125%, 7/1/22 496,300 600,000 CA Fin. Auth. Educ. Rev. Series 2006-A (American Heritage Educ. Fndtn. Proj.), 5.25%, 6/1/26 548,508 220,000 CA St. Dept. Wtr. Res. Rev. Series 1996-Q (Cent. Vy. Proj.) (MBIA insured), 5.375%, 12/1/27 220,238 500,000 CA St. G.O. Series 1997, 5.00%, 10/1/23 500,265 CA Public Works Board Lease Rev. Series 1993-A (Various CA State Univ. Proj.): 300,000 5.25%, 12/1/13 (5) 300,585 625,000 5.50%, 12/1/18 625,594 CA Statewide Cmntys. Dev. Auth. Rev.: 480,000 Series 2005 (Daughters of Charity Hlth. Proj.), 5.25%, 7/1/11 493,123 1,000,000 Series 2007 (Lancer Educ. Student Hsg. Proj.), 5.40%, 6/1/17 981,250 450,000 CA Statewide Cmntys. Dev. Auth. Spl. Tax Series 2007-1 (Orinda Proj.), 6.00%, 9/1/29 429,741 990,000 CA Statewide Cmntys. Dev. Auth. Multifamily Rev. Series 2001 (Orange Tree Proj.) (GNMA collateralized), 6.15%, 11/20/36 1,058,884 1,000,000 Covina Pub. Fin. Auth. Tax. Allocation Rev. Series 2002-A1 (Redev. Proj.) (Ambac insured) 444,760 zero coupon, 5.35% effective yield, 12/1/22 235,000 Garden Grove C.O.P Series 1993 (Bahia Village/Emerald Isle Proj.)(FSA insured), 5.70%, 8/1/23 235,945 175,000 Industry Urban Dev. Agy. Tax Allocation Ref. Series 2002-2, 4.75%, 5/1/21 173,827 775,000 Intercommunity Hosp. Fin. Auth. C.O.P Series 1998 (ACA insured), 5.25%, 11/1/19 730,662 250,000 Lompoc Healthcare Dist. G.O. Series 2007 (Election 2005) (XLCA insured), 5.00%, 8/1/34 241,647 750,000 Los Angeles Hsg. Auth. Rev. Series 2007-A (Radian insured), 5.00%, 6/1/29 714,442 500,000 Northern CA Gas Auth. No. 1 Rev. Series 2007, variable rate, 7/1/27 379,500 205,000 Northern CA Pwr. Agy. Pub. Pwr. Rev. Series 1998-A1 (Hydroelectric Proj.), 5.20%, 7/1/32 205,447 625,000 Northern CA Tobacco Securitization Auth. Asset-Backed Rev. Series 2005-A1, 4.75%, 6/1/23 571,719 250,000 Rancho Mirage Joint Pwrs. Fin. Auth. C.O.P. Series 1997-B Rmktg. (Eisenhower Med. Proj.), (MBIA insured), 4.875%, 7/1/22 244,175 500,000 Sacramento Co. Wtr. Fin. Auth. Rev. Series 2007-B (Wtr. Agy. Zones 40 & 41 Proj.), Variable rate, 6/1/39 392,500 1,000,000 San Bernardino City. Sch. Dist. G.O. Cap. Appreciation Series 2007 (MBIA insured), zero coupon, 4.72% effective yield, 8/1/29 297,370 2,750,000 San Bernardino Co. C.O.P. Series 1996 (Med. Ctr. Fin. Proj.) (MBIA insured), 5.00%, 8/1/28 2,750,688 1,000,000 San Diego Pub. Facs. Fin. Auth. Swr. Rev. Series 1997-A, 5.25%, 5/15/27 983,480 250,000 San Joaquin Hills Toll Rd. Rev. Refunding Series 1997-A, 5.25%, 1/15/30 227,208 500,000 Santa Clara Redev. Agy. Tax Allocation Series 2003 (Bayshore North Proj.) (MBIA insured), 5.00%, 6/1/15 504,305 Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev.: Series 2006: 215,000 4.50%, 3/1/11 214,080 385,000 4.875%, 3/1/16 377,858 1,940,000 Series 2001-B, 6.00%, 5/15/22 2,045,439 250,000 Stockton Pub. Fin. Rev. Series 2006-A (Redevelopment Projects) (Radian insured), 5.00%, 9/1/22 239,450 500,000 Vernon Natural Gas Fin. Auth. Rev. Series 2006-A2 (Vernon Gas Proj.) (MBIA insured), 5.00%, 8/1/21 504,545 250,000 Yuba Redev. Agy. Tax. Allocation Series 2007, 5.125%, 9/1/27 244,460 ---------------- 22,037,532 ---------------- COLORADO (2.3%) 250,000 Baptist Rd. Rural Transportation Auth. Sales & Use Tax. Rev. Series 2007, 4.80%, 12/1/17 226,660 175,000 CO Educ. & Cultural Fac. Rev. Ref. Series 2003-C (Cheyenne Mtn. Charter Sch. Proj.), 4.625%, 6/15/12 183,099 CO HFA Single Family Program Senior Series: 10,000 1996B-2, 7.45%, 11/1/27 10,183 15,000 1997B-3, 6.80%, 11/1/28 15,263 750,000 2008A-5, 5.00%, 11/1/34 740,482 CO Hlth. Fac. Auth. Rev.: 195,000 Series 2000-A (Porter Place Proj.) (GNMA collateralized), 5.10%, 1/20/11 200,372 160,000 Unrefunded Balance Rev. Series 2000 (Evangelical Lutheran Proj.), 6.25%, 12/1/10 167,395 1,000,000 Compark Business Campus Met. Dist. Ref. & Impt. G.O. Series 2007-A (Radian insured), 5.75%, 12/1/27 1,029,990 1,000,000 Denver Hlth. & Hosp. Auth. Healthcare Rev. Series 2007-B, variable rate, 12/1/33 709,000 530,000 Denver Hsg. Corp. Multifamily Rev. Ref. Series 1997-A (Section 8), 5.35%, 10/1/12 535,697
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 250,000 E-470 Pub. Hwy. Auth. Rev. Series 2007C-1, 5.50%, 9/1/24 254,422 250,000 Fiddlers Business Impt. Dist Greenwood Vlg. Ref. & Cap. Impt.. G.O. Sr. Lien Series 2007-1, (ACA insured), 5.00%, 12/1/32 213,610 500,000 Fruita Rev. Series 2008 (Family Health West Proj.), 7.00%, 1/1/18 503,095 250,000 Interlocken Met. Dist. Ref. & Impt. G.O. Series 1999-B (Radian insured), 5.75%, 12/15/19 260,840 500,000 Inverness Wtr. & Sanitation Dist. Arapahoe & Dougles Cos. G.O. Series 2006-A (Radian insured), 4.60%, 12/1/19 471,920 919,563 Lyons Rev. Series 2006 (Longmont Humane Soc. Proj.), 4.75%, 11/30/16 879,516 500,000 Maher Ranch Met. Dist. No. 4 Ref. G.O. Series 2007 (Radian insured), 5.25%, 12/1/36 472,520 250,000 Public Auth For Colorado Energy Nat. Gas Pur. Rev. Series 2008, 5.75%, 11/15/18 244,188 500,000 Walker Field Pub. Airport Auth. Rev. Series 2007, 4.75%, 12/1/27 431,950 ---------------- 7,550,202 ---------------- CONNECTICUT (0.8%) 1,000,000 CT Dev. Auth. Pollution Ctrl. Rev. Ref. Series 1993-A (CT Light & Power Proj.), 5.85%, 9/1/28 1,010,490 500,000 CT Hlth. & Educ. Facs. Auth. Rev. Series 1995-C (Bridgeport Hosp. Proj.) (Connie Lee insured), 5.25%, 7/1/15 500,970 450,000 Series 2007-C (Hosp. Spl. Care Proj.), 5.25%, 7/1/27 450,958 Mashantucket Western Pequot Tribe Subordinated Special Rev.: 300,000 Series 1997-B, 5.75%, 9/1/18 292,545 500,000 Series 1999-B, zero coupon, 5.12% effective yield, 9/1/26 307,745 ---------------- 2,562,708 ---------------- DELAWARE (0.1%) 500,000 Millsboro Spl. Oblig. Rev. Series 2007-A (Plantation Lakes Spl. Dev. Proj.), 5.45%, 7/1/36 411,710 ---------------- FLORIDA (8.6%) 80,000 Arbor Greene Cmnty. Dev. Dist. Spl. Assmt. Rev. Ref. Series 2006, 5.00%, 5/1/19 77,842 780,000 Belmont Cmnty. Dev. Dist. Cap. Impt. Rev. Series 2006-B, 5.125%, 11/01/14 696,166 100,000 Broward Co. Hsg. Fin. Auth. Multifamily Hsg. Rev. Ref. Series 1996 (Tamarac Pointe Apt. Proj.) (GNMA collateralized), 6.15%, 7/1/16 100,140 415,000 Capital Trust Agy. Hsg. Rev. Series 2005-B (Sub-Atlandtic Hsg. Foundation Proj.), 4.50%, 7/1/15 385,211 Capital Trust Agy. Multifamily Rev. Sr. Series 2003-A: 535,000 (Golf Villas, Rivermill, and Village Square Apts. Proj.), 4.75%, 6/1/13 489,129 1,000,000 (American Opportunity Proj.), 5.875%, 6/1/38 817,280 40,000 Clearwater Hsg. Auth. Rev. Ref. Series 1997 (Hamptons At Clearwater Proj.) (ACA insured), 5.40%, 5/1/13 39,546 45,000 Cocoa Cap. Impt. Rev. Series 1998 (MBIA insured), 5.00%, 10/1/22 45,316 50,000 Collier Co. Indl. Dev. Auth. Hlth. Care Facs. Rev. Series 2004 (Naples Cmnty. Hosp. Proj.), 4.65%, 10/1/34 49,823 515,000 Collier Co. HFA Multifamily Hsg. Rev. Series 2002-C (Goodlette Arms Proj.), 5.25%, 8/15/15 527,602 440,000 Concorde Estates Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2004-B, 5.00%, 5/1/11 420,385 400,000 Connerton West Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2007-B, 5.125%, 5/1/16 350,472 630,000 Escambia Co. Hlth. Facs. Auth. Rev. Series 1998 (Baptist Hosp. & Manor Proj.), 5.125%, 10/1/19 616,518 100,000 Fiddlers Creek Cmnty. Dev. Dist. No. 2 Spl. Assmt. Rev. Series 2003-B, 5.75%, 5/1/13 96,439 25,000 FL Brd. Pub. Educ. Cap. Outlay G.O. Ref. Series 1989-A, 5.00%, 6/1/24 25,023 45,000 FL Correctional Privatization Commn. Certificate of Participation Series 1995-B (Polk Co. 350 Bed Youth Proj.), 5.00%, 8/1/17 45,074 90,000 Forest Creek Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2005-B, 4.85%, 5/1/11 84,237 370,000 Heritage Isle At Viera Cmnty. Dev. Dist. Special Assessment Series 2006, 5.00%, 11/1/13 338,250 Highlands Co. Hlth. Fac. Auth. Hosp. Rev. (Aventist Hlth. Proj.): 90,000 Ref. Series 2005-B, 5.00%, 11/15/30 85,576 200,000 Series 2006-C, 5.25%, 11/15/36 191,462 80,000 Hillsborough Co. Educ. Facs. Auth Rev. Ref. Series 1998 (Univ. of Tampa Proj.), 5.75%, 4/1/18 82,188 250,000 Hillsborough Co. Indl. Dev. Auth. Hosp. Rev. Ref. Series 2003-B (Tampa Gen. Hosp. Proj.), 5.25%, 10/1/28 246,302 475,000 Hillsborough Co. Indl. Dev. Auth. Indl. Rev. Series 1999-A (Hlth. Facs. Proj. - Univ. Cmnty. Hosp.), 5.625%, 8/15/23 474,245 175,000 Gateway Services Cmnty. Dev. Dist. Spl. Assmt. Series 2003-B (Sun City Ctr. Proj.), 5.50%, 5/1/10 172,354 250,000 Gramercy Farms Cmnty. Dev. Dist. Spl. Assessment Series 2007-B, 5.10%, 5/1/14 221,380 Jacksonville Econ. Dev. Commn. Hlth. Care Facs. Rev.: 580,000 Ref. Series 2007-A (FL Proton Therapy Inst. Proj.), 6.00%, 91/17 579,536 500,000 Series 2001-A (Mayo Clinic Jacksonville Proj.), 5.50%, 11/15/36 503,575 500,000 Jacksonville Hlth. Facs. Auth. Rev. Series 2007 (Brooks Hlth. Sys. Proj.), 5.00%, 11/1/22 480,180 500,000 Lake Ashton Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 11/1/11 464,345 Lakeland Hosp. Sys. Rev. Ref.: 165,000 Series 1996 (Lakeland Regl. Med. Center Proj.), 5.25%, 11/15/25 165,653 450,000 Series 1997 (Lakeland Regl. Med. Center Proj.) (MBIA insured), 5.00%, 11/15/22 450,801 250,000 Lakeland Retirement Cmnty. Rev. Ref. Series 2008 (Carpenters Inv. Proj.), 5.875%, 1/1/19 248,840
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 1,000,000 Lee Co. Indus. Dev. Auth. Hlth. Care Fac. Rev. Series 2007-A (Lee Charter Foundation), 5.25%, 6/15/27 832,460 250,000 Magnolia Creek Cmnty. Dev. Dist. Rev. Series 2007-B, 5.60%, 5/1/14 227,740 300,000 Madeira Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 5.25%, 11/1/14 262,833 500,000 Main St. Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2008-B, 6.90%, 5/1/17 486,760 405,000 Marion Co. Hosp. Dist. Rev. Series 1999 (Munroe Hlth. Sys. Proj.), 5.25%, 10/1/10 419,507 405,000 Martin Co. Hlth. Fac. Auth. Hosp. Rev. Ref. Series 2002-B (Martin Memorial Med. Ctr. Proj.), 4.875%, 11/15/12 410,467 820,000 Miami Beach Hlth. Facs. Auth. Hosp. Rev. Series 1998 (Mt. Sinai Med. Ctr. Proj.), 5.375%, 11/15/28 712,810 100,000 Miami Beach Stormwater Rev. Series 2000 (FGIC insured), 5.25%, 9/1/25 101,390 Miami - Dade Co. Spl. Obligation: 265,000 Sub. Series 1997-B, zero coupon, 5.44% effective yield, 10/1/33 65,519 100,000 Cap. Apprec. & Income Sub Series 2005-B, variable rate, 10/1/35 90,686 40,000 Miami-Dade Co. Pub. Service Tax Rev. Series 1999 (UMSA Pub. Impts. Proj.), 5.00%, 10/1/23 40,899 1,000,000 New River Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 5/1/13 901,540 120,000 Orange Co. Hlth. Facs. Auth. Rev. Ref. Series 2005 (Orlando Lutheran Proj.), 4.625%, 7/1/09 119,081 60,000 Orlando & Orange Co. Expressway Auth. Rev. Jr. Lien Series 1998, 5.00%, 7/1/28 58,592 Palm Beach Co. Hlth. Fac. Auth. Rev.: 500,000 Series 1997 (Abbey Delray South Proj.), 5.50%, 10/1/11 510,005 200,000 Ref. Series 2003 (Abbey Delray South Proj.), 5.15%, 10/1/12 200,664 90,000 Series 1993 (Jupiter Med. Ctr. Inc. Proj.) (FSA insured), 5.25%, 8/1/18 90,128 Series 2007 (Waterford Proj.): 250,000 5.25%, 11/15/17 242,280 500,000 5.375%, 11/15/22 467,860 10,000 Parklands Lee Cmnty. Dev. Dist. Spl. Assmt. Series 2004-B, 5.125%, 5/1/11 9,539 55,000 Pinellas Co. Swr. Rev. Ref. Unrefunded Balance Series 1998 (FGIC insured), 5.00%, 10/1/24 55,195 Pinellas Co. Educ. Fac. Auth. Rev. Series 2006 (Eckerd College Proj.) (ACA insured): 350,000 4.50%, 10/1/14 338,489 680,000 4.625%, 10/1/16 648,489 3,105,000 Port Everglades Auth. Rev. Ref. Series 1989-A (FSA insured), 5.00%, 9/1/16 3,123,071 750,000 Riverwood Estates Cmnty. Dev. Dist. Spl. Assessment Series 2006-B, 5.00%, 5/1/13 470,618 500,000 Sarasota Co. Hlth. Facs. Auth. Retirement Rev. Ref. Series 2007 (Village on the Isle Proj.), 5.50%, 1/1/27 450,605 250,000 Sarasota Natl. Cmnty. Dev. Dist. Spl. Assessment Rev. Series 2007, 5.30%, 5/1/39 180,083 500,000 Seminole Tribe Spl. Oblig. Rev. Series 2007-A, 5.50%, 10/1/24 473,725 500,000 St. Johns Co. Indl. Dev. Auth. Hlth. Care Rev. Ref. Series 2007-A (Bayview Proj.), 5.00%, 10/1/17 458,845 250,000 South Broward Hosp. Dist. Rev. Ref. Series 2007 (South Broward Hosp. Dist. Proj.), 4.75%, 5/1/24 240,818 780,000 South Lake Co. Hosp. Dist. Rev. Series 2003 (South Lake Hosp. Inc. Proj.), 5.50%, 10/1/13 813,992 850,000 Sterling Hill Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series, 5.10%, 5/1/11 798,448 1,000,000 Stoneybrook South Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 5.45%, 11/1/15 895,190 750,000 Tolomato Cmnty. Dev. Dist. Spl. Assmt. Series 2007, 6.375%, 5/1/17 739,245 975,000 Verano Ctr. Cmnty. Dev. Dist. Spl. Assessment Series 2006-B (Dist. No. 1 Infrastructure Proj.). 5.00%, 11/1/12 883,399 740,000 Waters Edge Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 11/1/12 670,980 500,000 Waterset North Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 6.55%, 11/1/15 471,890 50,000 West Villages Impt. Dist. Spl. Assmt. Rev. Series 2006 (Unit of Dev. No. 3), 5.50%, 5/1/37 36,475 500,000 Zephyr Ridge Cmnty. Dev. Dist. Spl. Assessment Rev. Series 2006-B, 5.25%, 5/1/13 326,710 ---------------- 27,897,917 ---------------- GEORGIA (1.7%) 250,000 Atlanta Dev. Auth. Rev. Series 2005-C (Tuff ATDC Proj.), 5.00%, 1/1/31 242,767 250,000 Burke Co. Dev. Auth. Poll. Ctrl. Rev. Series 1994 (GA Pwr. Co. Vogtle Proj.), 4.375%, 10/1/32 252,340 750,000 Chatham Co. Hosp. Auth. Rev. & Impt. Series 2004-A (Mem. Health Univ. Proj.), 5.50%, 1/1/34 638,265 1,490,000 East Point Tax Allocation Series 2002-A, 8.00%, 2/1/26 1,593,123 750,000 Fulton Co. Dev. Auth. Rev. Series 2007-A, 5.25%, 11/1/28 635,257 250,000 Gainesville Redev. Auth. Educ. Facs. Rev. Ref. Series 2007 (Riverside Military Academy Proj.), 5.125%, 3/1/27 224,447 250,000 Georgia St. Hsg. & Fin. Auth. Single Family Mtg. Rev. Sub. Series 2004, 4.50%, 6/1/25 242,724 500,000 Main St. Nat. Gas Inc. Rev. Series 2008-A (GA Gas Proj.), 5.50%, 7/15/17 485,545 250,000 Medical Ctr. Hosp. Auth. Rev. Ref. Series 2007 (Spring Harbor Green Isl. Proj.), 5.25%, 7/1/27 214,840 Private Colleges & Univ. Auth. Rev. Ref.: 750,000 Series 1999-A (Mercer Univ. Proj.), 5.25%, 10/1/14 759,773 100,000 Series 2001 (Mercer Univ. Proj.), 5.00%, 10/1/11 103,224 ---------------- 5,392,305 ---------------- IDAHO (0.2%) ID Hsg. & Fin. Assn. Nonprofit Facs. Rev. Series 2008-A: 250,000 (Idaho Arts Charter Sch. Proj.), 5.50%, 12/1/18 239,472 250,000 (Liberty Charter School Proj.), 5.50%, 6/1/21 242,570 ---------------- 482,042 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- ILLINOIS (10.4%) 300,000 Annawan Tax Allocation Series 2007 (Patriot Renewable Fuels, LLC Proj.), 5.625%, 1/1/18 275,541 475,000 Blue Island Tax Increment G.O. Ref. Series 1997 (MBIA insured), 5.10%, 12/15/12 475,860 20,000 Chicago Metro Hsg. Dev. Corp. Mtg. Rev. Ref. Series 1992-A (FHA insured) (Section 8), 6.85%, 7/1/22 20,684 250,000 Du Page Co. Spl. Svc. Areano 31 Spl. Tax Series 2006 (Monarch Landing Proj.), 5.40%, 3/1/16 239,385 500,000 Harvey Ref. & Impt. G.O. Series 2007-A, 5.50%, 12/1/27 475,370 100,000 IL DFA Rev. Series 1998 (St. Patrick High School Proj.), 5.125%, 7/15/28 100,005 500,000 IL DFA Rev. Ref. Series 2007 (Chicago Charter School Fdn. Proj.), 5.00%, 12/1/36 408,855 1,000,000 IL Fin. Auth. Rev. Ref. Series 2007-A (Christian Homes, Inc. Proj.), 5.25%, 5/15/12 967,310 1,250,000 IL DFA Pollution Control Rev. Ref. Series 2000-A (Ameren CIPS Proj.), 5.50%, 3/1/14 1,208,587 IL DFA Refunding & New Money Rev. (Cmty. Rehab. Providers Fac. Acquisition Program): 415,000 Series 1997-A, 6.05%, 7/1/19 417,121 120,000 Series 1997-A, 5.90%, 7/1/09 120,613 1,560,000 Series 1997-A, 6.00%, 7/1/15 1,567,972 1,240,000 Series 1997-C, 5.65%, 7/1/19 1,244,638 850,000 Series 1998-A, 5.50%, 7/1/12 858,517 285,000 Series 1998-A, 5.70%, 7/1/19 286,334 330,000 Series 2002-A (Cmnty. Rehab. Providers Fac. Proj.), 5.70%, 7/1/12 343,012 500,000 IL Educ. Facs. Auth. Rev. Ref. Series 2003-A (Augustana College Proj.), 5.70%, 10/1/32 503,135 IL Fin. Auth. Rev.: 500,000 Series 2006-B (Rush Univ. Med. Center Proj.) (MBIA insured), 5.75%, 11/1/28 507,745 750,000 Ref. Series 2006 (Luther Hillside Village Proj.), 5.25%, 2/1/37 706,650 700,000 Series 2006-A (Three Crowns Park Plaza Proj.), 5.875%, 2/15/38 609,336 Series 2006 (Tabor Hills Supportive Living Proj.): 1,000,000 4.40%, 11/15/12 975,870 500,000 5.25%, 11/15/26 453,900 Series 2006-A (Montgomery Place Proj.): 1,250,000 5.25%, 5/15/15 1,168,637 500,000 5.75%, 5/15/38 426,215 Series 2007-A: 650,000 (Christian Homes, Inc. Proj.), 5.75%, 5/15/26 576,264 500,000 (Sedgebrook, Inc. Fac. Proj.), 5.40%, 11/15/16 480,945 IL Fin. Auth. Sports Fac. Rev.: Series 2007-A (United Sports Org. of Barrington Proj.) (UTD insured): 500,000 6.125%, 10/1/27 467,045 500,000 6.25%, 10/1/37 450,105 1,000,000 Series 2008 (North Shore Ice Arena Proj.), 6.25%, 12/1/38 958,300 500,000 IL Fin. Auth. Educ. Rev. Series 2006-E (Uno Charter School Network Proj.) (ACA Insured), 5.00%, 9/1/26 406,420 IL Hlth. Fac. Auth. Rev.: 350,000 Ref. Series 1996-B (Sarah Bush Lincoln Hlth. Ctr. Proj.), 5.50%, 2/15/16 351,771 950,000 Series 1997 (Sherman Hlth. Sys. Proj.), 5.50%, 8/1/12 961,552 605,000 Ref. Series 1999 (Silver Cross Hosp. Proj.), 5.25%, 8/15/15 621,504 500,000 Series 2000 (IA Health System Proj.), 6.75%, 2/15/13 534,170 590,000 Ref. Series 2003 (Sinai Health Proj.) (FHA Insured), 5.15%, 2/15/37 583,864 200,000 IL Sales Tax Rev. Series 1994-U, 5.00%, 6/15/10 200,374 Lombard Public Facs. Corp. Rev. First Tier: Series 2005-A1 (Conference Ctr. & Hotel Proj.): 115,000 6.375%, 1/1/15 112,235 750,000 (ACA insured) 5.50%, 1/1/25 640,267 1,000,000 (ACA insured) 5.50%, 1/1/30 827,780 1,925,000 Series 2005-B (Conference Ctr. & Hotel Proj.), 5.25%, 1/1/36 1,857,163 2,000,000 Malta Tax Allocation Rev. Series 2006, 5.75%, 12/30/25 1,768,540 1,000,000 Manhattan Spl. Service Area Spl. Tax No. 07-6 Series 2007 (Groebe Farm-Stonegate Proj.), 5.75%, 3/1/22 952,970 500,000 Markham G.O. Series 2008-C, 4.75%, 2/1/17 479,540 250,000 Melrose Park Tax Increment G.O. Series 1999-A (FSA insured), 5.25%, 12/15/15 253,005 247,000 Montgomery Ref. Impt. Spl. Assmt. Series 2007 (Lakewood Creek Proj.) (Radian insured), 4.70%, 3/1/30 221,277 250,000 Quincy Hosp. Rev. Ref. Series 2007, 5.00%, 11/15/17 252,785 Southwestern IL Dev. Auth. Rev.: Series 1999 (Anderson Hosp. Proj.): 750,000 5.375%, 8/15/15 758,430 2,625,000 5.625%, 8/15/29 2,568,956 750,000 Ref. Series 2008-A (Local Govt. Prog.), 7.00%, 10/1/22 714,870 500,000 Series 2006 (Village of Sauget Proj.), 5.625%, 11/1/26 441,525 275,000 Upper Illinois River Valley Dev. Auth. Rev. Series 2001 (Morris Hosp. Proj.), 6.05%, 12/1/11 290,769 440,000 Will Co. Spl. Educ. Rev. Series 2006, 5.40%, 1/1/18 459,285 500,000 Will Co. Student Hsg. Rev. Series 2002-A (Joliet Junior College Proj.), 6.375%, 9/1/13 (3) 290,565 ---------------- 33,843,568 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- INDIANA (3.5%) 500,000 Anderson Economic Dev. Rev. Ref. & Impt. Series 2007 (Anderson Univ. Proj.), 4.75%, 10/1/21 457,065 100,000 Bloomington Sewer Wks. Rev. Series 1999-A (MBIA insured), 5.20%, 1/1/29 100,909 500,000 Boone Co. Redev. Tax Increment Rev. Series 2005-B, 5.375%, 8/1/23 499,720 315,000 Central Nine Career Ctr. Bldg. Corp. Rev. Series 2007, 5.50%, 7/15/15 337,907 100,000 Elkhart Co. Ind. Hosp. Auth. Rev. Series 1998 (Elkhart General Hosp. Proj.), 5.25%, 8/15/28 100,920 500,000 Goshen Ind. Redev. Dist. Tax Allocation Rev. Series 2008, 5.875%, 1/1/28 491,180 250,000 Hammond Ind. Redev. Dist. Rev. Series 2008 (Marina Area Proj.), 6.00%, 1/15/17 242,850 IN Hlth. & Educ. Fac. Fin. Auth. Rev.: Series 2005 (Baptist Homes of IN Proj.): 400,000 5.25%, 11/15/25 394,596 250,000 5.25%, 11/15/35 237,467 1,000,000 Series 2007 (Cmnty. Fndtn. Northwest Proj.), 5.50%, 3/1/22 953,720 215,000 IN Hlth. Fac. Fin. Auth. Hlth. Fac. Rev. Series 1998 (Holy Cross Health Sys. Corp. Proj.) (MBIA insured), 5.00%, 12/1/28 215,497 IN Hlth. Fac. Fin. Auth. Hosp. Rev.: Series 1993 (Community Hosp. of Anderson Proj.) (MBIA insured): 105,000 6.00%, 1/1/14 106,503 650,000 6.00%, 1/1/23 650,357 600,000 Ref. Series 1998 (Floyd Memorial Hosp. & Hlth. Svcs. Proj.), 5.25%, 2/15/18 602,184 Series 2001-A (Community Foundation Northwest IN): 1,360,000 5.50%, 8/1/13 1,386,289 360,000 6.375%, 8/1/21 369,252 50,000 6.375%, 8/1/31 50,602 60,000 Ref. Series 2001-A (Community Foundation Northwest IN), 5.50%, 8/1/13 64,493 300,000 Series 2004-A (Community Foundation Northwest IN), 4.75%, 3/1/14 295,737 1,875,000 IN Hlth. Fac. Fin. Auth. Rev. Ref. Series 1998 (Marquette Manor Proj.), 5.00%, 8/15/18 1,852,912 1,155,000 IN State Dev. Fin. Auth. Rev. Educ. Facs. Series 2003 (Archdiocese Indpls. Proj.), 5.50%, 1/1/33 1,170,084 500,000 St. Joseph Co. Hosp. Auth. Hlth. Fac. Rev. Series 2005 (Madison Ctr. Oblig. Group Proj.), 5.25%, 2/15/28 450,660 500,000 Vigo Co. Hosp. Auth. Rev. Series 2007 (Union Hosp. Inc. Proj.), 5.50%, 9/1/27 441,110 ---------------- 11,472,014 ---------------- IOWA (0.9%) Coralville Urban Renewal Rev. Tax Increment Series 2006-A: 240,000 5.00%, 6/1/11 242,194 115,000 5.00%, 6/1/12 115,523 120,000 5.00%, 6/1/14 119,630 185,000 5.00%, 6/1/15 183,181 405,000 Dickinson Co. Hsg. Sr. Rev. Series 2006-A (Spirit Lake - GEAC LLC Proj.), 5.375%, 12/1/16 368,752 345,000 Iowa Fin. Auth. Cmnty. Provider Rev. Series 2007 (Boys & Girls Proj.), 5.40%, 12/1/10 346,035 IA Fin. Auth. Sr. Hsg. Rev. Ref. Series: 350,000 2006-A (Bethany Life Cmntys. Proj.), 5.20%, 11/1/16 318,682 410,000 2007-A (Wedum Walnut Ridge LLC Proj.), 5.00%, 12/1/14 389,238 100,000 IA Fin. Auth Single Family Rev. Series 2000-D (GNMA/FNMA Mtg. Backed Sec. Proj.), 5.75%, 7/1/09 102,359 500,000 IA Fin. Auth. Sr. Living Fac. Rev. Series 2007-A (Deerfield Ret. Cmnty. Inc. Proj.), 5.00%, 11/15/21 406,500 400,000 Washington Co. Hosp. Rev. Series 2006 (Washington Co. Hosp. Proj.), 5.125%, 7/1/15 401,680 ---------------- 2,993,774 ---------------- KANSAS (0.2%) 10,000 Olathe & Labette Cos. Mtg. Loan Rev. Series 1991-B (GNMA collateralized) zero coupon, 7.56% effective yield, 2/1/23 3,559 500,000 KS Dev. Fin. Auth. Hsg. Dev. Rev. Series 2003-B1 (GNMA Collateralized), 5.60%, 5/20/34 509,855 250,000 KS Dev. Fin. Auth. Hlth. Facs. Rev. Series 2008-F (Stermont-Vail Healthcare), 5.75%, 11/15/27 256,722 ---------------- 770,136 ---------------- KENTUCKY (0.2%) 220,000 Dawson Springs Water & Sewer Rev. Ref. Series 1997, 5.10%, 9/1/13 222,482 500,000 Louisville/Jefferson Co. Metro Govt. College Rev. Ref. & Impt. Series 2008-A (Bellarmine Univ. Proj.), 6.00%, 5/1/33 494,225 ---------------- 716,707 ---------------- LOUISIANA (4.0%) 7,200,000 Capital Appreciation Series 2000-D1 (GNMA & FNMA collateralized) zero coupon, 6.46% effective yield, 4/1/34 1,387,656 394,604 Denham Springs - Livingston Hsg. & Mtg. Rev Series 2007, 5.00%, 11/1/40 382,778 East Baton Rouge Fin. Auth. Single Family Mtg. Rev. Ref.: 495,000 Series 2007-A, 4.40%, 10/1/23 476,838 115,000 Series 2007-B1 (GNMA/FNMA/FHLMC supported), 4.625%, 10/1/24 112,485 600,000 Houma-Terrebonne Pub. Tr. Fin. Auth. Single Family Mortgage-Backed Rev. Series 2007 (GNMA/FNMA/FHLMC supported), 5.15%, 12/1/40 581,610 Jefferson Parish Fin. Auth. Single Family Mtg. Rev. Series 2007-D: 300,000 4.00%, 12/1/23 289,812 1,900,000 5.00%, 6/1/38 1,731,413
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 400,000 Juban Park Cmnty. Dev. Dist. Special Assessment Series 2006, 5.15%, 10/1/14 377,672 1,235,000 Layayette Pub. Fin. Auth. Single Family Mortgage Backed Rev. Series 2007 (GNMA/FNMA/FHLMC supported), 5.35%, 1/1/41 1,236,470 LA Hsg. Fin. Agy. Single Family Mtg. Rev. Series 2007-B1: 2,240,000 5.70%, 12/1/38 2,262,400 500,000 (Home Ownership Pg.-Go Zone Proj.) (GNMA/FNMA/FHLMC supported), 5.60%, 6/1/39 509,105 600,000 LA Loc. Gov. Envir. Facs. Cmnty. Dev. Auth. Rev. Series 2007 (LA Local Gov. Proj.), 6.75%, 11/1/32 597,654 LA Public Facs. Auth. Rev: 500,000 Series 1995-A (Glen Retirement Sys. Proj.), 6.50%, 12/1/15 500,500 750,000 Ref. Series 2007-A2 (Tulane Univ. Proj.), variable rate, 2/15/36 600,000 1,025,000 St. John Baptist Parish Rev. Series 2007-A (Marathon Oil Corp.), 5.125%, 6/1/37 916,145 1,156,389 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 1,120,946 ---------------- 13,083,484 ---------------- MAINE (0.6%) 1,000,000 Skowhegan Pollution Ctrl. Rev. Ref. Series 1993 (Scott Paper Co. Proj.), 5.90%, 11/1/13 1,002,920 1,000,000 South Berwick Educ. Rev. Series 1998 (Berwick Academy Issue), 5.25%, 8/1/13 1,008,990 ---------------- 2,011,910 ---------------- MARYLAND (0.5%) 200,000 Howard Co. Retirement Cmnty. Rev. Ref. Series 2007-A (Vantage House Fac. Proj.), 4.50%, 4/1/10 196,914 310,000 MD Economic Dev. Corp. Rev. Ref. Sr. Lien Series 2006-A (Chesapeake Bay Proj.), 4.75%, 12/1/11 304,528 1,150,000 MD Hlth. & Hgr. Educ. Fac. Auth. Rev. Series 2007-B (King Farm Presbyterian Cmnty. Proj.), 4.75%, 1/1/13 1,110,014 ---------------- 1,611,456 ---------------- MASSACHUSETTS (2.1%) 250,000 MA St. G.O. Series 2007-A (FGIC insured), variable rate, 5/1/37 212,500 2,000,000 MA St. College Bldg. Auth. Proj. Rev. Series 1999-1 (MBIA Insured), 5.375%, 5/1/39 2,044,620 MA Hlth. & Educ. Fac. Auth. Rev.: 500,000 Series 1999-C (Nichols College Proj.), 6.00%, 10/1/17 511,180 250,000 Series 2001-E (Berkshire Hlth. Sys. Proj.), 5.70%, 101/25 255,082 1,000,000 Series 2008-A (Quincy Med. Ctr. Proj.), 5.125%, 1/15/12 989,540 MA Dev. Fin. Agy. Rev.: 200,000 Series 2005 (Evergreen Ctr., Inc.), 4.00%, 1/1/09 199,912 500,000 Series 2005-A (Curry College Proj.) (ACA Insured), 4.55%, 3/1/16 483,000 550,000 Series 2007 (Orchard Cove Proj.), 5.00%, 10/1/17 511,329 MA Indus. Fin. Agy. Rev. Series: 600,000 1995 (St. Mark's School Issue), 6.00%, 1/1/15 610,092 1,000,000 1997 (Trustees Deerfield Academy Proj.), 5.00%, 10/1/23 1,013,870 ---------------- 6,831,125 ---------------- MICHIGAN (2.0%) Chandler Park Academy Public School Rev. Series 2005: 125,000 4.00%, 11/1/09 124,757 500,000 5.00%, 11/1/22 451,885 250,000 Detroit School District G.O. Series 2003-B (School Bldg. & Site Impt. Proj.), 5.00%, 5/1/21 256,237 1,000,000 Kent Hosp. Fin. Auth. Rev. Series 2005-A (Met Hosp. Proj.), 6.00%, 7/1/35 935,550 Kentwood Econ. Dev. Ltd. Oblig. Series 2006-A (Holland Home Proj.): 350,000 5.25%, 11/15/26 321,720 500,000 5.375%, 11/15/36 439,775 115,000 MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2006 (Black River School Proj.), 5.125%, 9/1/11 115,291 500,000 MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Series 2007 (Richfield Pub. Sch. Proj.), 5.00%, 9/1/22 450,035 650,000 MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2007 (Bradford Proj.), 6.00%, 9/1/16 633,990 500,000 MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2007 (Nataki Talibah Proj.), 6.25%, 10/1/23 481,410 500,000 MI Hosp. Fin. Auth. Rev. Ref. Series 1998-A (Mclaren Hlth. Care Proj.) (MBIA-IBC insured), 5.00%, 6/1/28 501,155
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 500,000 MI St. Univ. Gen. Rev. Series 2007-B (Ambac insured), variable rate, 2/15/37 415,000 250,000 MI Tobacco Settlement Fin. Auth. Sr. Rev. Series 2007-A, 5.125%, 6/1/22 229,097 500,000 Plymouth Educ. Ctr. Charter Schl. Academy Rev. Ref. Series 2005, 5.00%, 11/1/11 503,170 300,000 Pontiac Tax Increment Fin. Auth. Rev. Ref. Series 2002 (Dev. Area 2 Proj.) (ACA insured), 5.625%, 6/1/22 225,360 500,000 Saginaw Hosp Fin. Auth. Series 2000-F (Covenant Med. Ctr. Proj.), 6.50%, 7/1/30 526,670 ---------------- 6,611,102 ---------------- MINNESOTA (1.9%) 740,000 Hopkins Multifamily Hsg. Rev. Series 1996 (Hopkins Renaissance Proj.) (Section 8), 6.375%, 4/1/20 749,886 5,424,004 Intermediate Sch. Dist. 287 Lease Rev. Series 2006, 5.295%, 11/1/32 4,743,400 600,000 St. Paul Hsg. & Redev. Auth. Rev. Series 2006 (Nursing Home NTS-Episcopal Proj.), 5.63%, 10/1/33 522,120 ---------------- 6,015,406 ---------------- MISSISSIPPI (0.6%) MS Dev. Bank Spl. Oblig. Rev. Ref.: 325,000 Series 1998 (Three Rivers Solid Waste Proj.), 5.125%, 7/1/14 325,136 1,000,000 Series 2006-B (Magnolia Regl. Hlth. Ctr. Proj.), 5.00%, 10/1/13 1,033,390 MS Home Corp. Single Fam. Mtg. Rev. (GNMA/FNMA/FHLMC supported): 245,000 Series 2007-C1, 5.60%, 6/1/38 252,438 500,000 Series 2008-A1, 5.05%, 12/1/39 477,275 ---------------- 2,088,239 ---------------- MISSOURI (2.5%) 200,000 Branson Cmnty. Park Impt. Dist. Spl. Assessment Rev. Series 2007-A, 5.00%, 6/1/10 201,190 80,000 Cape Girardeau Co. Indl. Dev. Auth. Hlth. Care Fac. Rev. (Southwest MO Hosp. Assoc. Proj.) Series 2002, 5.75%, 6/1/32 76,110 500,000 Chillicothe Tax Increment Rev Series 2006 (South U.S. 65 Proj.), 5.625%, 4/1/27 448,925 750,000 Gravois Bluffs Transn. Dev. Dist. Transn. Sales Tax Rev. Series 2007, 4.75%, 5/1/32 646,410 295,000 Hannibal Indl. Dev. Auth. Tax Increment & Transn. Dev. Rev. Ref. & Impt. Series 2006 (Stardust-Munger Proj.), 4.70%, 4/15/23 281,058 250,000 Harrisonville Annual Approp. Tax. Rev. Ref. Series 2007 (Harrisonville Towne Ctr. Proj.), 4.625%, 11/1/28 225,245 1,000,000 Joplin Indl. Dev. Auth. Rev. Ref. Series 2007-F (Christian Homes Inc. Proj.), 5.50%, 5/15/17 938,400 250,000 Kansas City Tax Increment Fin. Comm. Rev. Series 2007-A (Maincor Proj.), 5.00%, 3/1/12 248,577 300,000 Lincoln Univ. Auxiliary Sys. Rev. Subordinate Series 2007, 4.65%, 6/1/21 298,893 Series 2007-E (Independence - Centerpoint Proj.): 250,000 5.125%, 4/1/25 249,285 500,000 4.75%, 4/1/28 470,625 MO Hlth. & Educ. Fac. Auth. Rev. Series: 500,000 2005-A (Sr. Living Fac.-Lutheran Sr. Svcs. Proj.), 5.375%, 2/1/35 453,790 500,000 2007-A (Sr. Living Fac.-Lutheran Sr. Svcs. Proj.), 4.875%, 2/1/18 478,370 MO Hlth. & Educ. Fac. Auth. Educ. Fac. Rev.: 500,000 2007-A (Riverside Horizons Proj.) (ACA insured), 5.00%, 5/1/20 478,425 400,000 2007-B (Riverside Horizons Proj.) (ACA insured), 4.50%, 5/1/27 342,336 St. Louis Indl. Dev. Auth. Sr. Living Facs. Rev.: 250,000 Series 2007-A (Friendship Vlg. West Proj.), 5.375%, 9/1/21 236,763 1,250,000 Series 2007-B (St. Andrews Residence For Seniors Proj.), 5.375%, 12/1/27 1,229,825 460,000 St. Louis Indl. Dev. Auth. Tax Allocation Rev. Series 2006 (Southtown Redev. Proj.), 5.125%, 5/1/26 431,324 260,000 Univ. City Indl. Dev. Auth. Hsg. Rev. Ref. Series 1995-A (Canterbury Proj., 5.75%, 12/20/15 260,317 ---------------- 7,995,868 ---------------- MONTANA (0.5%) 905,961 MT Fac. Fin. Auth. Rev. Series 2005 (Great Falls Pre-Release Svcs. Proj.), 5.08%, 4/1/21 910,119 750,000 MT Fac. Fin. Auth. Rev. Series 2007-C (St. Luke Cmnty. Healthcare Proj.), 5.00%, 1/1/22 752,572 ---------------- 1,662,691 ---------------- NEBRASKA (0.2%) 220,000 Douglas Co. San. & Impt. Dists. No. 375 G.O. Series 2003 (Walnut Ridge Proj.), 5.30%, 12/15/23 220,818 500,000 Mead Vlg. Tax Allocation Rev. Series 2006-A (E3 Biofuels - Mead LLC Proj.), 5.125%, 7/1/12 454,490 ---------------- 675,308 ---------------- NEVADA (1.2%) 250,000 Clark Co. Econ. Dev. Rev. Series 2003 (Alexander Dawson Sch. Proj.), 5.375%, 5/15/33 249,132 1,000,000 Clark Co. Poll. Ctrl. Rev. Ref. Series 1995-D (Nev. Pwr. Co. Proj.) (ACA-CBI Insured), 5.30%, 10/1/11 987,220 415,000 Clark Co. Impt. Spl. Assmt. Series 2007-A (Summerlin Proj.), 4.85%, 2/1/17 379,248 600,000 Las Vegas Paiute Tribe Rev. Series 2002A (ACA insured), 6.625%, 11/1/17 621,660 305,000 North Las Vegas LOC Impt. Spl. Assessment Ref. Sub. Spl. Series 2006-B (Impt. Dist. No. 60), 4.50%, 12/1/10 300,327 100,000 NV Hsg. Dev. SF Mtg. Program Mezzanine Series 1998B-1, 5.30%, 4/1/16 101,581 Reno Hosp. Rev. Series 2007-A (Renown Regl. Med. Ctr. Proj.): 500,000 5.00%, 6/1/22 481,530 500,000 5.25%, 6/1/32 470,795 250,000 Sparks Tourism Impt. Dist. No. 1 Sr. Sales Tax Series 2008-A, 6.50%, 6/15/20 241,740 ---------------- 3,833,233 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- NEW HAMPSHIRE (1.3%) Manchester Hsg. & Redev. Auth. Rev.: 300,000 Series 2000-B (Radian insured) zero coupon, 5.25% effective yield, 1/1/19 162,891 890,000 Series 2000-A (ACA insured), 6.75%, 1/1/15 909,438 NH Hlth. & Educ. Fac. Auth. Rev.: 600,000 Series 2004 (Covenant Hlth. Proj.), 5.00%, 7/1/14 604,014 485,000 Series 2006 (The Memorial Hosp. Proj.), 5.25%, 6/1/16 481,940 565,000 Series 2006-A (Havenwood-Heritage Heights Proj.), 5.00%, 1/1/16 512,489 NH Hlth. & Educ. Facs. Auth. Hosp. Rev. Series 2004 (Speare Mem. Hosp. Proj.): 255,000 5.00%, 7/1/10 259,271 500,000 5.00%, 7/1/16 490,320 690,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1997 (Catholic Charities Proj.), 5.75%, 8/1/12 695,368 135,000 NH Higher Educ. & Hlth. Fac. Auth. Rev. Series 1998 (New Hampton School), 5.00%, 10/1/08 135,400 ---------------- 4,251,131 ---------------- NEW JERSEY (0.3%) NJ Hlth. Care Facs. Fin. Auth. Rev.: 365,000 Series 1997 (Capital Health Sys. Proj.), 5.125%, 7/1/12 369,216 250,000 Series 2002 (Englewood Hosp. Proj.) (FHA insured), 5.00%, 2/1/21 252,562 495,000 Series 2007-E (Catholic Hlth. East Issue Proj.), variable rate, 11/15/33 402,930 ---------------- 1,024,708 ---------------- NEW MEXICO (0.6%) Farmington Pollution Ctl. Rev. Ref. (Pub. Svc. Co. San Juan Proj.): 250,000 Series 1996-B, 6.30%, 12/1/16 247,290 1,000,000 Series 1996-C, 5.70%, 12/1/16 1,012,260 560,000 NM MFA Forward Mortgage-Backed Series 1995-E (GNMA collateralized), 6.95%, 1/1/26 569,436 250,000 NM State Hosp. Equip. Ln. Council Hosp. Rev. Ref. Series 2007-A (Rehoboth Proj.), 5.00%, 8/15/17 224,473 ---------------- 2,053,459 ---------------- NEW YORK (1.5%) 250,000 Albany Indl. Dev. Agy. Civic Fac. Rev. Series 2007-A (Brighter Choice Charter Sch. Proj.), 5.00%, 4/1/20 237,807 500,000 Amherst Indl. Dev. Agy. Civic Fac. Rev. Series 2007 (Beechwood Hlth. Care Ctr. Inc. Proj.), 4.875%, 1/1/13 479,950 500,000 Genesee Co. Indl. Dev. Agy. Civic Fac. Rev. Series 2007 (United Mem. Med. Ctr. Proj.), 4.75%, 12/1/14 465,065 275,000 Madison Co. Indl. Dev. Agy. Civic Fac. Rev. Series 2007 (Oneida Hlth. Sys., Inc. Proj.), 4.50%, 2/1/17 257,980 1,230,000 NY Dorm Auth. Rev. Series 1996-A (Maimonides Med. Ctr. Proj.), 5.75%, 8/1/24 1,231,697 650,000 NY Dorm Auth. Debt Rev. Series 2007-B (N Shore Proj.), variable rate, 5/1/33 519,350 155,000 NY Cos. Tobacco Trust IV Settlement Pass-Thru Rev. Series 2005-A, 4.25%, 6/1/21 143,860 130,000 NY Tobacco Settlement Fing. Corp Asset-Backed Rev. Series 2003-C1, 5.00%, 6/1/11 130,170 250,000 Seneca Nation Indians Cap. Impt. Auth. Spl. Oblig. Rev. Series 2007-A, 5.00%, 12/1/23 217,775 Ulster Co. Indl. Dev. Agy. Civic Fac. Rev. Series 2007-A: 500,000 5.10%, 9/15/13 485,375 650,000 5.25%, 9/15/16 607,302 ---------------- 4,776,331 ---------------- NORTH CAROLINA (1.1%) 400,000 Albemarle Hosp. Auth. Healthcare Fac. Rev. Ref. Series 2007, 5.25%, 10/1/21 387,352 375,000 Asheville Certificates of Participation Series 1997-A, 5.125%, 6/1/18 377,347 105,000 Mecklenburg Co. Indus. Facs. & Pollution Ctrl. Fin. Auth. Rev. Series 1993 (Fluor Corp. Proj.), 5.25%, 12/1/09 105,197 250,000 NC Med. Care Commission Retirement Facs. Rev. Ref. Series 2007 (Brookwood Proj.), 5.25%, 1/1/32 202,850 NC Med. Care. Commission Hlth. Care Facs. Rev.: 150,000 Series 1998-B (Novant Hlth. Proj.), 5.00%, 10/1/28 150,401 525,000 Ref. Series 2005-B (Presbyterian Proj.), 4.90%, 7/1/31 521,918 NC Med. Care Commission Hlth. Care Hsg. Rev. Series 2004-A: 500,000 (The ARC of NC Proj.), 4.65%, 10/1/14 489,615 700,000 (ARC Proj.), 5.80%, 10/1/34 673,491 370,000 NC Med. Care Commission Rev. Series 2003 (FHA Insd. Mtg.-Betsy Johnson Proj.) (FSA insured), 5.375%, 10/1/24 386,461 175,000 Northern Hosp. Dist. Surry. Co. Hlth. Care Facs. Rev. Series 1999, 5.50%, 10/1/19 175,966 ---------------- 3,470,598 ---------------- NORTH DAKOTA (0.8%) 750,000 City of Washburn Series 2007-B (Bismarck State College Fdtn.), 5.01%, 4/1/32 724,725 1,000,000 Grand Forks Hlth. Care Sys. Rev. Series 1997 (Altru Hlth. Sys. Oblig. Group Proj.), 5.625%, 8/15/27 997,610 Grand Forks Sr. Hsr. Rev. Ref. Series 2006 (4000 VY Square Proj.): 260,000 4.50%, 12/1/08 258,765 395,000 4.60%, 12/1/10 385,864 175,000 Williams Co. Sales Tax Rev. Series 2006, 5.00%, 11/1/31 157,206 ---------------- 2,524,170 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- NORTHERN MARIANA ISLANDS (0.1%) 500,000 Northern Mariana Islands Commonwealth G.O. Ref. Series 2007-B, 5.00%, 10/1/22 443,280 ---------------- OHIO (2.1%) 330,000 Blue Ash Tax Allocation Rev. Series 2006 (Duke Realty Ohio Proj.), 5.00%, 12/1/21 310,616 485,000 Buckeye Tobacco Settlement Fin. Auth. Asset-Backed Sr. Rev. Series 2007-A2, 5.125%, 6/1/24 438,615 295,000 Cleveland-Cuyahoga Port. Auth. Dev. Rev. Series 1999-A (Port of Cleveland Bond Fund Capital Imprv. Proj.), 5.375%, 5/15/19 285,893 Cleveland-Cuyahoga Co. Port. Auth. Dev. Rev. : 675,000 Series 2004-D (Garfield Heights Proj.), 5.25%, 5/15/23 633,170 610,000 Series 2004-E (Meyers Univ. Proj.), 4.65%, 5/15/14 592,566 530,000 Series 2004-E (Meyers Univ. Proj.), 5.60%, 5/15/25 509,828 265,000 Series 2005-B (Fairmount Proj.), 5.125%, 5/15/25 236,322 750,000 Series 2006-A (Sr. Hsg. - St. Clarence - Geac Proj.), 6.00%, 5/1/21 709,507 250,000 Erie Co. Hosp. Facs. Rev. Series 2002-A (Firelands Regl. Med. Ctr. Proj.), 5.625%, 8/15/32 250,920 1,500,000 Hamilton Co. Hlth. Care Rev. Ref. Series 2006-A (Life Enriching Cmntys. Proj.), 5.00%, 1/1/27 1,341,435 805,000 Lorain Co. Hosp. Rev. Series 1997-B (Catholic Hlth.Care Partners Proj.) (MBIA insured), 5.50%, 9/1/27 817,228 500,000 Miami Co. Hosp. Fac. Rev. Ref. Impt. Series 2006 (Upper Valley Med. Ctr. Proj.), 5.25%, 5/15/17 500,290 250,000 Toldeo-Lucas Co. Port Auth. Spl. Assessment Rev. Series 2003 (Crocker Park), 5.38%, 12/1/35 233,543 ---------------- 6,859,933 ---------------- OKLAHOMA (1.4%) 500,000 Atoka Co. Health Care Auth. Hosp. Rev. Series 2007 (Atoka Mem. Hosp. Proj.), 5.875%, 10/1/18 469,345 Citizen Potawatomi Nation Tax Rev. Series 2004-A: 660,000 5.00%, 9/1/08 660,733 500,000 6.50%, 9/1/16 513,865 250,000 Langston Econ. Dev. Auth. Rev. Series 2005-A (Langston Univ. Proj.) (ACA insured), 5.00%, 5/1/35 210,135 915,000 Oklahoma St. Ind. Auth Rev. Series 2006 (YMCA Greater OK Earlywine Proj.), 4.875%, 7/1/22 812,438 400,000 Valley View Hosp. Auth. Rev. Ref. Series 1996, 6.00%, 8/15/14 417,564 960,000 Washington Co. Med. Auth. Rev. Bartlesville Ref. Series 1996 (Jane Phillips Med. Ctr. Proj.) (Connie Lee insured), 5.50%, 11/1/10 966,970 500,000 Weatherford Hosp. Auth. Rev. Series 2006, 6.00%, 5/1/16 484,190 ---------------- 4,535,240 ---------------- OREGON (0.5%) 200,000 Cow Creek Band Umpqua Tribe of Indians Rev. Series 2006-C, 4.875%, 10/1/08 199,358 250,000 OR G.O. Series 2001-81 (Veterans Welfare Proj.), 5.25%, 10/1/42 246,963 55,000 OR Hsg. & Cmty. Svcs. Dept. Mtg. Rev. Series 2000-K, 5.70%, 7/1/22 55,629 1,245,000 Western Generation Agy. Sub. Lien Rev. Series 2006-C (Wauna Cogeneration Proj.), 5.00%, 1/1/21 1,064,849 ---------------- 1,566,799 ---------------- PENNSYLVANIA (5.1%) 135,000 Allegheny Co. Hosp. Dev. Auth. Rev. Series 2003-A (Ohio Valley Gen. Hosp. Proj.), 3.875%, 4/1/10 134,451 495,000 Butler Co. Gen. Auth. Rev. Series 2007 (Butler Area Sch. Dist. Proj.), variable rate, 10/1/34 405,900 225,000 Cambridge Area Jt. Auth. Gtd. Swr. Rev. Series 2008, 5.625%, 12/1/28 223,020 565,000 Chartiers Valley Indl. & Commercial Dev. Auth. Rev. Ref. Series 2003-A (Friendship Village South Proj.), 4.75%, 8/15/11 569,458 555,000 Erie Auth. Pkg. Fac. Rev. Series 2006, 4.60%, 9/1/21 514,885 500,000 Harrisburg Auth. Univ. Rev. Series 2007-A (Harrisburg Univ of Science Proj.), 5.40%, 9/1/16 494,120 600,000 Geisinger Auth. Hlth. Sys. Rev. Series 2007 (Geisinger Hlth. Sys. Proj.), variable rate, 5/1/37 473,400 2,330,000 Grove City Area Hosp. Auth. Rev. Series 1998 (United Cmnty. Hosp. Proj.), 5.25%, 7/1/12 2,329,953 Lancaster Co. Hosp. Auth. Rev.: 200,000 Series 1994 (Hlth. Center-Masonic Homes Proj.), 5.30%, 11/15/08 200,322 250,000 Series 2006 (Hlth. Center-Masonic Homes Proj.), 5.00%, 11/1/26 240,120 Series 2008-A (Brethren Village Proj.): 500,000 5.20%, 7/1/12 504,090 500,000 6.10%, 7/1/22 485,545 250,000 Lehigh Co. General Purpose Auth. Rev. Rev. Series 2007 (Saint Luke's Bethlehem Proj.), variable rate, 8/15/42 182,250 1,575,000 Montgomery Co. Indus. Dev. Auth. Retirement Cmnty. Rev. Series 1998, 5.25%, 11/15/28 1,510,252 500,000 Montgomery Co. Indus. Dev. Auth. Rev. Ref. Series 1997-A (Meadowood Proj.), 6.25%, 12/1/17 494,030 500,000 Northeastern PA Hosp. & Educ. Auth. College Rev. Series 1997 (Luzerne Co. Cmnty. Coll. Proj.) (MBIA insured), 5.15%, 8/15/16 500,890 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 3,887,899 PA Higher Educ. Fac. Auth. Rev.: 190,000 Unrefunded Balance Series 1998 (Temple Univ. Proj.), 5.00%, 4/1/21 191,444 800,000 Series 2000 (Univ. of the Arts Proj.) (Radian insured), 5.75%, 3/15/30 804,568 190,000 Series 2005 (Widener Univ. Proj.), 3.10%, 7/15/08 189,956 370,000 Series 2006-FF2 (Assn. Indpt. Colleges & Univ. Proj.) (Radian insured), 5.00%, 12/15/24 357,942 500,000 Ref. Series 2007 (Philadelphia Univ. Proj.), 5.00%, 6/1/22 478,225
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Philadelphia Hosp. & Hgr. Educ. Fac. Auth. Hosp. Rev.: 275,000 Series 1993-A (Temple Univ. Hosp. Proj.), 6.50%, 11/15/08 277,844 250,000 Series 1997-A (FHA insured), 5.30%, 1/1/18 254,228 700,000 Potter Co. Hosp. Auth. Rev. Series 1996 (Charles Cole Mem. Hosp. Proj.) (Radian insured), 5.95%, 8/1/16 700,476 25,000 South Fork Municipal Auth. Hosp. Rev. Series 1998-B (Conemaugh Valley Mem. Hosp. Proj.), 5.375%, 7/1/22 25,275 200,000 Washington Co. Auth. Rev. Series 1999, 6.15%, 12/1/29 198,788 ---------------- 16,629,331 ---------------- PUERTO RICO (0.4%) 500,000 Puerto RicoElec. Pwr. Auth. Rev. Ref. Series 2007-UU, variable rate, 7/1/25 394,500 500,000 Puerto Rico Commonwealth Hwy. & Transportation Auth. Rev. Ref. Series 2007-N, variable rate, 7/1/45 370,000 500,000 Puerto Rico Sales Tax. Fin. Corp. Rev. Series 2007-A, variable rate, 8/1/57 392,000 ---------------- 1,156,500 ---------------- RHODE ISLAND (0.3%) 260,000 RI Clean Water Protection Fin. Agy. Pooled Lien Rev. Series 1995A (MBIA insured), 5.375%, 10/1/15 260,551 RI Hlth. & Educ. Bldg. Corp. Rev. Series: 250,000 1996 (Lifespan Oblig. Group Proj.), 5.25%, 5/15/26 252,220 565,000 1997 (Steere House Proj.), 5.80%, 7/1/20 532,027 ---------------- 1,044,798 ---------------- SOUTH CAROLINA (2.0%) Berkeley Co. Sch. Dist. Intallment Lease (Securing Assets For Education Proj.): 500,000 Series 2003, 5.25%, 12/1/19 510,845 1,250,000 Series 2003, 5.25%, 12/1/20 1,271,737 1,000,000 Series 2006, 5.00%, 12/1/20 1,006,790 400,000 Charleston Educ. Excellence Fin. Corp. Rev. Series 2005 (Charleston Co. Schl. Dist. Proj.), 5.25%, 12/1/20 413,908 60,000 Greenville Hosp. Sys. Hosp. Fac. Rev. Series 2001, 5.00%, 5/1/31 58,795 500,000 Lee Co. Sch. Facs. Inc. Installment Purchase Rev. Series 2007 (Radian insured), 6.00%, 12/1/31 514,825 SC Jobs Econ. Dev. Auth. Hosp. Fac. Rev. Ref. & Impt. Series 2006 (Hampton Regl. Med. Proj.): 390,000 4.60%, 11/1/09 382,524 735,000 4.65%, 11/1/11 701,719 885,000 SC Jobs Econ. Dev. Auth. Hlth. Care Fac. Rev. Ref. Series 2007 (Lutheran Homes Proj.), 4.875%, 5/1/10 877,070 SC Jobs Econ. Dev. Auth. Hlth. Care Fac. Rev. (Woodlands at Furman Proj.): 500,000 Series 2007-A, 6.00%, 11/15/27 461,270 250,000 Series 2007-B, 5.15%, 11/15/42 243,688 ---------------- 6,443,171 ---------------- SOUTH DAKOTA (0.3%) SD Hlth. & Educ. Fac. Auth. Rev.: 410,000 Series 2006 (Westhills Village Retirement Community), 5.00%, 9/1/19 401,054 500,000 Series 2004-A (Sioux Valley Hosp. & Hlth.), 5.25%, 11/1/34 491,555 ---------------- 892,609 ---------------- TENNESSEE (1.7%) 500,000 Blount Co. Hlth. & Educ. Fac. Brd. Rev. Ref. Series 2007-A (Asbury Inc. Proj.), 4.75%, 4/1/12 484,355 500,000 Metro Govt. Nashville & Davidson Co. Hlth. & Educ. Facs. Brd. Multifamily Hsg. Rev. Series 2005-A (Prestige Proj.), 7.50%, 12/20/40 458,915 240,000 Metro Govt. Nashville & Davidson Co. Indus. Dev. Brd. Rev. Ref. Series 2001-A (GNMA collateralized), 6.625%, 3/20/36 254,246 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) 559,755 7,875,000 Senior Series 1998-A, 5.55%, 1/1/29 (3) 2,282,805 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) 383,490 405,000 Subordinate Series 1995-C, 7.50%, 9/1/25 (3) 4 500,000 Series 2006-A (Trezevant Manor Proj.), 4.90%, 9/1/11 489,135 500,000 TN Hsg. Dev. Agy. Rev. Series 2008-1B, 5.10%, 7/1/34 491,515 ---------------- 5,404,236 ---------------- TEXAS (9.5%) Austin Convention Enterprises, Inc. (Convention Ctr.) Rev. Ref.: 400,000 Series 2006-B, 6.00%, 1/1/10 408,040 500,000 First Tier Series 2006, 5.25%, 1/1/24 462,495 20,000 Austin Utilities System Rev. Ref. Series 1993 (MBIA insured), 5.25%, 5/15/18 20,028 Bexar Co. HFC Multifamily Hsg. Rev.: 250,000 Series 2000-A (Dymaxion & Marbach Pk. Apts. Proj.), 6.10%, 8/1/30 257,340 550,000 Subordinated Series 2000-C (Honey Creek Apts. Proj.), 8.00%, 4/1/30 467,934 230,000 Ref. Series 2001-A (Nob Hill Apartments Proj.), 5.50%, 6/1/11 216,635 130,000 Subordinated Series 2001-B (American Oppty. Hsg. Dublin Kingswood & Waterford Apts. Proj.), 7.50%, 12/1/14 129,013 1,000,000 Series 2001-A-1 (Stablewood Farms Proj.) (GNMA Insured), 6.25%, 7/20/43 1,051,290 440,000 Series 2001-A-1 (American Opportunity -Waterford Proj.), 6.50%, 12/1/21 449,007
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 440,000 Bexar Co. Rev. Series 2000 (Venue Proj.)(MBIA insured), 5.75%, 8/15/22 460,526 Brazos Co. Hlth. Fac. Dev. Corp. Franciscan Svcs. Corp. Rev.: 500,000 Series 2002, 5.38%, 1/1/32 483,495 500,000 Series 2008 (St. Joseph Regl. Proj.), 5.50%, 1/1/33 500,000 500,000 Brazos River Hbr. Nav. Dist Rev. Series 2002-B-2 (Dow Chemical Co. Proj.), 4.75%, 5/15/33 432,575 750,000 Cameron Educ. Corp. Rev. Series 2006-A (Faith Family Academy Proj.) (ACA Insured), 5.00%, 8/15/21 673,035 115,000 Dallas Area Rapid Transit Rev. Sr. Lien Unrefunded Balance Series 2001 (Ambac insured), 5.00%, 12/1/26 116,617 6,009,000 Dallas HFC Multifamily Mtg. Rev. Series 1998-A (GNMA collateralized) (Towne Ctr. Apts.), 6.75%, 10/20/32 6,313,957 150,000 Fort Bend Co. Municipal Util. Dist. No. 106 G.O. Series 1999 (Radian insured), 5.30%, 9/1/10 150,168 500,000 Galveston Co. Hlth. Fac. Dev. Corp. Rev. Series 1995 (Devereux Foundation Proj.) (MBIA insured), 5.00%, 11/1/14 500,820 1,100,000 Galveston Co. Municipal Util. Dist. No. 52 Series 2007-A, 6.00%, 8/13/08 1,105,280 100,000 Harris Co. Spl. Rev. Sr. Lien Series 1998-A (Houston Sports Auth. Proj.), 5.00%, 11/15/28 97,991 500,000 Harris Co. Hlth. Fac. Dev. Corp. Hosp. Rev. Series 2008 (Teco Proj.) (Assured Gty.), 5.00%, 11/15/32 498,575 700,000 Hidalgo Co. Hlth. Svcs. Rev. Series 2005 (Mission Hosp., Inc. Proj.), 5.00%, 8/15/19 656,152 100,000 Houston Airport Sys. Rev. Sub. Lien Rev. Series 1998-C, 5.00%, 7/1/28 95,027 750,000 Houston Cmnty. College G.O. Ref. Series 2005, 5.00%, 2/15/12 751,995 655,000 Kerrville Hlth. Fac. Dev. Corp. Hosp. Rev. Series 2005 (Sid Peterson Memorial Hosp. Proj.), 4.125%, 8/15/10 654,908 500,000 La Vernia Higher Educ. Fin. Corp. Rev. Series 2008 (Friends Life Proj.), 6.00%, 2/15/18 492,435 500,000 Leander Indpt. Sch. Dist. Cap. Apprecation G.O. Ref. Series 2008 (School Building Proj.) 258,500 zero coupon, 5.04% effective yield, 8/15/21 750,000 Lewisville Combination Contract Impt. Rev. Series 2008, 6.75%, 10/1/32 725,692 1,000,000 Lower CO River Auth. Rev. Ref. Series 2008, 5.75%, 5/15/37 1,033,130 25,255 Midland HFC Single Family Mtg. Rev. Ref. Series 1992 A-2, 8.45%, 12/1/11 25,848 500,000 Midlothian Dev. Auth. Tax Allocation Rev. Ref. Series 2007-A (Radian insured), 5.00%, 11/15/16 488,050 750,000 Mesquite Hlth. Fac. Dev. Corp. Retirement Fac. Rev. (Christian Care Ctr. Proj.) Series 2005, 5.00%, 2/15/15 733,837 500,000 North Central Hlth. Fac. Dev. Corp. Rev. Ref. Series 1998 (Baylor Hlth Care Sys. Proj.), 5.00%, 5/15/17 502,465 250,000 North TX Hlth. Facs. Dev. Corp. Hosp. Rev. Series 1997 (UTD Regl. Hlth. Care Sys. Inc. Proj.), 5.00%, 9/1/14 252,538 1,000,000 North TX Twy. Auth. Cap. Apprec. Rev. Ref. Series 2008-D, zero coupon, 5.90% effective yield, 1/1/28 345,780 Richardson Hosp. Auth. Rev. Ref. Series 1998 (Baylor/Richardson Proj.): 610,000 5.50%, 12/1/18 597,202 1,175,000 5.625%, 12/1/28 1,108,953 250,000 San Leanna Educ. Fac. Corp. Rev. Ref. Series 2007 (Saint Edwards Univ. Proj.), 5.00%, 6/1/20 246,680 350,000 Sendero I Pub. Fac. Corp. Multifamily Hsg. Rev. Series 2003-A (Crown Meadows Proj.), 5.00%, 6/1/23 355,096 Tarrant Co. Cultural Educ. Facs. Fin. Corp. Retirement Fac. Rev. Series 2007: (C.C. Young Mem. Hom. Proj.): 300,000 4.85%, 2/15/09 297,798 300,000 5.00%, 2/15/13 285,810 250,000 (Buckingham Sr. Living Cmnty. Inc. Proj.), 5.25%, 11/15/16 228,380 490,000 Tarrant Co. HFC Multifamily Hsg. Rev. Subordinate Seroes 2001-C (Crossroads Apt. Proj.), 7.25%, 12/1/36 (3) 4,900 TX Municipal Gas Acq. & Supply Corp. I Gas Supply Sub. Lien Rev.: 250,000 Series 2006-B, variable rate, 12/15/26 178,665 500,000 Series 2006-C, variable rate, 12/15/26 379,545 300,000 TX Municipal Gas Acq. & Supply Corp. II Gas Supply Rev. Series 2007, variable rate, 9/15/27 258,000 250,000 TX Public Property Fin. Corp. Mental Hlth. & Mental Retardation Rev. Series 1996, 6.20%, 9/1/16 250,423 500,000 TX St. Pub. Fin. Auth. Charter Sch. Fin. Corp. Rev. Series 2007-A (Idea Pub. Sch. Proj.) (ACA insured), 5.00%, 8/15/30 416,695 175,000 TX St. Student Hsg. Corp. Rev. Series 2002 (Midwestern St. Univ. Proj.), 5.50%, 9/1/12 175,179 TX Pub. Fin. Auth. Charter Sch. Fin. Corp. Rev.: 1,000,000 Series 2006-A (Kipp Inc. Proj.) (ACA Insured), 5.00%, 2/15/28 841,760 750,000 Series 2006-A (Ed-Burnham Wood Proj.), 5.50%, 9/1/18 718,388 835,000 Travis Co. Hlth. Facs. Dev. Corp. Retirement Fac. Rev. Series 2005 (Querencia Barton Creek Proj.), 4.90%, 11/15/13 796,365 Tyler Hlth. Facs. Dev. Corp.: 750,000 Hosp. Rev. Series 1992 (Mother Frances Hosp. Proj.) (FGIC insured), 6.60%, 7/1/09 765,990 350,000 Rev. Ref. & Impt. Series 2007-A (East TX Med Ctr. Proj.), 5.375%, 11/1/37 304,815 2,050,000 White Settlement Ind. Sch. Dist. G.O. Series 2008, zero coupon, 5.80% effective yield, 8/15/28 657,681 750,000 Whitehouse TX Indpt. Sch. Dist. Cap. Apprec. G.O. Ref. Series 2007 (Sch. Building Proj.), zero coupon, 4.65% effective yield, 2/15/25 305,985 ---------------- 30,985,488 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- UTAH (0.5%) 280,000 Murray City Hosp. Rev. Ref. Series 1996 (IHC Hlth. Svcs. Inc. Proj.) (MBIA insured), 5.00%, 5/15/22 280,014 250,000 Provo Charter Sch. Rev. Series 2007 (Freedom Academy Fdtn. Proj.), 5.50%, 6/15/37 206,918 857,000 UT Assoc. Muni. Pwr. Sys. Rev Series 2007-A, 5.00%, 5/1/27 765,447 290,000 UT Charter Sch. Fin. Auth. Rev. Series 2007-A (Summit Academy Proj.), 5.125%, 6/15/17 284,084 240,000 UT Hsg. Finance Agy. Multifamily Rev. Ref. Series 1996-A (Section 8) (FHA insured), 6.10%, 7/1/22 241,488 ---------------- 1,777,951 ---------------- VERMONT (0.1%) 400,000 VT Educ. & Hlth. Bldgs. Financing Agency Rev. Series 2003-A (Vermont Law School Proj.), 5.00%, 1/1/13 406,668 ---------------- VIRGINIA (1.5%) 415,000 Alexandria Indl. Dev. Auth. Rev. Pollution Control Ref. Series 1994 (Potomac Electric Proj.) (MBIA insured), 5.375%, 2/15/24 415,490 250,000 Chesterfield Co. Indl. Dev. Auth. Pollution Ctrl. Rev. Series 1987-A Rmktg. (VA Elec. & Power Co. Proj.), 5.875%, 6/1/17 263,355 1,000,000 Farms New Kent Cmnty. Dev. Auth. Spl. Assmt. Series 2006-A, 5.125%, 3/1/36 727,230 100,000 Prince William Co. Indus. Dev. Auth. Educ. Fac. Rev. Series 2003 (Catholic Diocese Arlington): 5.00%, 10/1/18 101,440 400,000 Suffolk Indl. Dev. Auth. Retirement Facs. Rev. Ref. Series 2006 (Lake Prince Ctr. Proj.), 4.625%, 9/1/11 393,136 Virginia St. Hsg. Dev. Auth. Comwlth. Mtg. Rev. Series 2001-H1: 1,000,000 5.35%, 7/1/31 1,006,660 2,000,000 (MBIA insured), 5.375%, 7/1/36 2,002,740 ---------------- 4,910,051 ---------------- WASHINGTON (1.8%) 2,000,000 Kalispel Tribe Indians Priority Dist. Rev. Series 2008, 6.20%, 1/1/16 1,915,240 450,000 Klickitat Co. Pub. Hosp. Dist. No. 2 Rev. Series 2007 (Skyline Hosp. Proj.), 6.00%, 12/1/20 434,709 250,000 Okanogan Co. Pub. Hosp. Dist. No. 4 G.O. Series 2007 (Radian insured), 5.625%, 12/1/23 258,575 500,000 Skagit Co. Public Hosp. Dist. No. 001 Rev. Series 2005 (Skagit Valley Hosp.), 5.50%, 12/1/13 511,240 WA State Hsg. Fin. Commn. Nonprofit Rev. Series: 1,750,000 2007-A (Skyline At First Hill Proj.), 5.25%, 1/1/17 1,656,323 1,250,000 2007-B (Skyline At First Hill Proj.), 5.10%, 1/1/13 1,214,500 ---------------- 5,990,587 ---------------- WEST VIRGINIA (0.4%) 1,250,000 Pleasants Co. Pollution Ctrl. Rev. Series 1995-C (Monongahela Pwr. Co.), 6.15%, 5/1/15 1,253,488 ---------------- WISCONSIN (3.4%) 500,000 Milwaukee Redev. Auth. Rev. Series 2005-A (Science Ed. Consortium Proj.), 5.125%, 8/1/15 492,980 WI Hlth. & Educ. Fac. Auth. Rev.: 500,000 Series 1996 (Sinai Samaritan Med. Ctr. Inc. Proj.), 5.875%, 8/15/26 488,525 1,000,000 Ref. Series 1997-B (United Health Group, Inc. Proj.), 5.50%, 12/15/16 1,021,880 220,000 Series 1998 (Lawrence Univ. Proj.), 5.125%, 4/15/28 207,073 2,450,000 Series 1999-A (Aurora Hlth. Care Proj), 5.60%, 2/15/29 2,324,193 225,000 Series 1999-B (Aurora Hlth. Care Proj), 5.50%, 2/15/15 226,476 500,000 Series 1999-B (Aurora Hlth. Care Proj)(ACA insured), 5.625%, 2/15/29 483,910 900,000 Series 1999 (Divine Savior, Inc. Proj.)(ACA insured), 5.70%, 6/1/28 872,469 Series 2001 (Agnesian Healthcare, Inc. Proj.): 550,000 6.00%, 7/1/17 566,088 340,000 6.00%, 7/1/21 347,378 Series 2003 (Synergy Hlth., Inc. Proj.): 225,000 6.00%, 11/15/23 226,355 250,000 6.00%, 11/15/32 243,123 225,000 Ref. Series 2003 (Three Pillars Proj.), 4.60%, 8/15/13 222,363 105,000 Series 2004-A (Three Pillars Sr. Living Proj.), 4.15%, 8/15/11 104,282 450,000 Series 2004 (Blood Ctr. Southeastern Proj.), 5.50%, 6/1/24 453,591 425,000 Series 2004 (Beaver Dam Cmnty. Hosp. Inc. Proj.), 5.50%, 8/15/14 411,256 535,000 Series 2005 (Vernon Mem. Hlth. Care Inc. Proj.), 4.65%, 3/1/15 514,189 Ref. Series 2006 (Sr. Hsg. Proj.): 315,000 5.00%, 8/1/09 312,108 300,000 5.00%, 8/1/10 295,218 500,000 Ref. Series 2006 (Milwaukee Catholic Home Proj.), 5.00%, 7/1/26 458,285 400,000 Series 2006-B (Upland Hills Health Inc. Proj.), 5.125%, 5/15/29 363,572 375,000 Series 2006-A (Marshfield Clinic Proj.), 5.00%, 2/15/11 382,365 ---------------- 11,017,679 ---------------- Total municipal bonds (cost: $331,383,910) 306,532,646 ----------------
================================================================================================================================== TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- Quantity/Par ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- CLOSED-END MUTUAL FUNDS (4.3%) (2) 49,400 BlackRock Insured Municipal Term Trust (MPA) 631,826 79,800 BlackRock MuniHoldings Insured Fund II (MUE) 908,922 66,500 BlackRock MuniYield Insured Fund (MYI) 816,620 30,800 BlackRock MuniHoldings Florida Insured Fund (MFL) 368,368 53,200 BlackRock MuniYield Florida Fund (MYF) 644,784 14,000 BlackRock MuniYield Florida Insured Fund (MFT) 166,880 36,100 BlackRock MuniYield Michigan Insured Fund (MIY) 451,250 23,000 BlackRock MuniYield Michigan Insured Fund II (MYM) 273,930 208,600 DWS Municipal Income Trust (KTF) 2,146,494 23,000 Eaton Vance National Municipal Income Trust (FEV) 277,150 41,800 Insured Municipal Income Fund (PIF) 522,918 58,300 Investment Grade Municipal Income Fund (PPM) 747,406 62,600 MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund (MZF) 743,688 71,000 Nuveen Florida Investment Quality Municipal Fund (NQF) 864,070 74,600 Nuveen Florida Quality Income Municipal Fund (NUF) 915,342 11,700 Nuveen Michigan Premium Income Municipal Fund (NMP) 147,186 32,900 Nuveen Pennsylvania Investment Quality Municipal Fund (NQP) 413,224 21,500 Nuveen Premier Municipal Income Fund (NPF) 264,880 54,911 Putnam Municipal Opportunities Trust (PMO) 592,490 100,100 Seligman Select Municipal Fund (SEL) 946,946 21,800 Van Kampen Advantage Municipal Income Trust II (VKI) 257,894 23,200 Van Kampen Pennsylvania Value Municipal Income Trust (VPV) 296,264 23,389 Van Kampen Trust Investment Grade Muni Fund (VGM) 325,112 9,000 Western Asset Managed Municipals Fund (MMU) 97,830 14,839 Western Asset Municipal Partners Fund (MNP) 184,746 ---------------- Total closed-end mutual funds (cost: $15,067,264) 14,006,220 ---------------- SHORT-TERM SECURITIES (0.9%) (2) 3,070,631 Dreyfus Tax-Exempt Cash Management Fund, 1.63% 3,070,631 ---------------- Total short-term securities (cost: $3,070,631) 3,070,631 ---------------- Total investments in securities (cost: $349,521,805) $ 323,609,497 ---------------- Other Assets and Liabilities, Net (+0.52%) 1,683,794 ---------------- Total Net Assets $ 325,293,291 ================ ---------------- Aggregate Cost 349,521,805 ---------------- Gross Unrealized Appreciation 830,130 Gross Unrealized Depreciation (26,742,438) ---------------- Net Unrealized Appreciation(Depreciation) (25,912,308) ================
Notes To Schedule of Investments: - --------------------------------- (1) Securities Valuation: The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Accounting Standards No. 157 ("FAS 157"). FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below. LEVEL 1 - quoted prices in active markets for identical investments LEVEL 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) LEVEL 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) Securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service that are based on transactions in municipal obligations, quotations from municipal bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, the Fund may value these securities at fair value as determined in accordance with the procedures approved by the Fund's Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value. The following is a summary of the inputs used in valuing the Fund's assets carried at fair value: INVESTMENTS IN SECURITIES VALUATION INPUTS AT VALUE ------------------------- Level 1 - Quoted Prices $323,609,497 Level 2 - Other Significant Observable Inputs -- Level 3 - Significant Unobservable Inputs -- - ------------------------------------------------------------------------------ Total $323,609,497 ============================================================================== (2) Percentage figures indicate percentage of total net assets. (3) Presently non-income producing securities.
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (96.9%) (2) EDUCATION/STUDENT LOAN (12.1%) Intermediate Sch. Dist. 287 Lease Rev. Series 2006: 4,288,535 5.46%, 1/1/28 3,927,741 5,261,284 5.30%, 11/1/32 4,601,098 Minneapolis Educ. Fac. Lease Rev. Series 2006-A (Seed/Harvest Prep. Proj.) (LOC-U.S. Bank): 775,000 5.125%, 1/1/16 730,709 875,000 6.25%, 1/1/21 835,607 Minnesota Higher Educ. Fac. Auth. Rev.: 360,558 Lease Rev. Series 1999-5A (Concordia University), 5.25%, 4/25/14 360,789 700,000 Series 1999-4Y (Augsburg College), 5.05%, 10/1/13 703,402 150,000 Series 1999-4Y (Augsburg College), 5.20%, 10/1/16 150,528 75,000 Series 1999-4Y (Augsburg College), 5.30%, 10/1/27 73,750 700,000 Series 2005-6C (Augsburg College), 5.00%, 5/1/23 672,308 Series 2006-6J1 (Augsburg College): 505,000 5.00%, 5/1/10 518,802 595,000 5.00%, 5/1/12 615,813 100,000 Series 1999-4Z (Northwestern Hlth. Services University), 4.875%, 10/1/09 100,115 675,000 Series 1999-4Z (Northwestern Hlth. Services University), 5.20%, 10/1/13 675,466 50,000 Series 2000-5E (St. Mary's Univ.), 6.75%, 3/1/22 51,019 100,000 Series 2000-5E (St. Mary's Univ.), 6.75%, 3/1/26 101,974 270,000 Series 2004-5U (St. Mary's Univ.), 3.75%, 10/1/13 254,324 2,500,000 Series 2004-5Y (Univ. St. Thomas), 5.25%, 10/1/34 2,499,775 2,000,000 Series 2006-6I (Univ. St. Thomas), 5.00%, 4/1/23 2,001,120 Series 2006-6K (College of Art & Design): 270,000 4.50%, 5/1/10 272,797 750,000 5.00%, 5/1/19 738,863 2,862,926 Series 2006-6M (College of St. Benedict), 4.493%, 10/1/16 2,802,461 Series 2007-6S (St. Scholastica College): 2,000,000 5.00%, 12/1/22 1,903,160 1,900,000 5.00%, 12/1/27 1,798,464 2,000,000 Series 2007-6N (College St. Catherine), 4.75%, 4/26/27 1,961,460 1,115,000 Moorhead Educ. Fac. Rev. Series 2005-A (Concordia College Corp. Proj.), 5.00%, 12/15/20 1,127,421 Pine City Lease Rev. Series 2006-A (Lakes Intl. Language Academy Proj.): 315,000 5.75%, 5/1/16 303,254 300,000 6.00%, 5/1/26 279,774 575,000 Ramsey Lease Rev. Series 2004-A (Pact Charter School Proj.), 5.65%, 12/1/13 576,616 775,000 Olmsted Co. Hsg. & Redev. Auth. Series 2007 (Schaeffer Academy Proj.), 4.977%, 4/25/27 681,620 St. Paul Hsg. & Redev. Auth. Lease Rev.: 375,000 Series 2002-A (New Spirit Charter School Proj.), 6.50%, 12/1/12 380,134 605,000 Series 2006-A (Hmong Academy Proj.), 5.50%, 9/1/18 579,947 Series 2006-A (Cmnty. Peace Academy Proj.): 685,000 4.35%, 12/1/12 665,930 600,000 4.35%, 12/1/14 567,738 1,500,000 5.00%, 12/1/18 1,434,165 500,000 St. Paul Hsg. & Redev. Auth. Rev. Ref. Series 2007 (St. Paul Acad. & Summit Proj.), 5.00%, 10/1/24 502,905 100,000 Victoria Private School Fac. Rev. Series 1999-A (Holy Family Catholic H.S. Proj.), 5.20%, 9/1/11 100,159 ---------------- 35,551,208 ---------------- ESCROWED TO MATURITY/PREREFUNDED (2.4%) 55,000 Guam Economic Dev. Auth. Tobacco Settlement Asset-Backed Series 2001-A, 5.00%, 5/15/22 57,720 370,000 Minneapolis Hlth. Care Fac. Rev. Series 1999 (Shelter Care Foundation Proj.), 6.00%, 4/1/10 381,833 50,000 Northfield Hospital Rev. Series 2001-C, 6.00%, 11/1/21 54,152 5,000,000 Puerto Rico Commonwealth Infrastruc. Fin. Auth. Special Obligation Series 2000-A, 5.50%, 10/1/32 5,184,600 655,000 St. Paul Hsg. & Redev. Auth. Lease Rev. Series 2001-A )Cmnty. Of Peace Academy Proj.), 6.375%, 12/1/11 697,562 780,000 Western MN Muni Pwr. Agy. Series 1979 (MBIA-IBC insured), 6.60%, 1/1/10 811,840 ---------------- 7,187,707 ---------------- GENERAL OBLIGATION (1.5%) 120,000 Austin Impt. G.O. Series 1998-B, 4.70%, 2/1/13 120,193 200,000 Barnesville Impt. G.O. Series 2002, 5.00%, 2/1/23 202,478 5,000 Cold Spring G.O. Series 1998-B, 4.55%, 12/1/08 5,047 75,000 Cold Spring G.O. Series 2000, 5.15%, 2/1/09 75,160 650,000 Dakota Co. Cmnty. Dev. Agy. Sr. Hsg. Facs. G.O. Series 2007-A, 5.00%, 1/1/26 654,686 Metropolitan Council Minneapolis-St. Paul Met. Area Tran. G.O. Series 2008-B: 1,425,000 4.375%, 3/1/24 1,411,377 300,000 4.50%, 3/1/26 299,619 305,000 North Mankato Impt. G.O. Series 2000-A, 4.75%, 2/1/10 305,445 500,000 Northern Mariana Islands Commonwealth Ref. G.O. Series 2007-B, 5.00%, 10/1/22 443,280 Owatonna G.O. Series 1997: 265,000 5.00%, 12/1/13 265,509 240,000 5.00%, 12/1/14 240,449
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 150,000 Sauk Rapids Tax Increment G.O. Series 1997-B, 5.25%, 8/1/12 150,309 100,000 St. Paul Street Impt. Special Assessment G.O. Series 2000-B, 5.30%, 3/1/12 100,222 30,000 Winona Water & Sewer G.O. Series 1998-C, 4.90%, 2/1/13 30,055 ----------------- 4,303,829 ----------------- HOSPITAL/HEALTH CARE (23.8%) Aitkin Hlth. Care Fac. Rev. Refunding Series (Riverwood Hlth. Care Ctr. Proj.): 155,000 5.00%, 2/1/09 154,834 615,000 5.00%, 2/1/12 610,597 250,000 5.25%, 2/1/14 245,545 285,000 Bemidji Hlth. Care Facs. Rev. Ref. Series 2006 (North County Health Svcs. Proj.), 5.00%, 9/1/21 284,706 4,025,000 Breckenridge Rev. Series 2004-A (Catholic Hlth. Initiatives Proj.), 5.00%, 5/1/30 3,951,302 85,000 Cambridge Hsg. & Hlth. Care Fac. Rev. Series 1998-C (Grandview West Proj.), 5.25%, 10/1/08 84,958 Carlton Hlth. Care & Hsg. Fac. Rev. Ref. Series 2006 (Faith Care Ctr. Proj.): 100,000 5.00%, 4/1/13 97,558 400,000 5.20%, 4/1/16 377,700 2,000,000 Chippewa Co. Gross Rev. Series 2007 (Montevideo Hosp. Proj.), 4.625%, 3/1/14 1,888,140 Cold Spring Nursing Home & Sr. Hsg. Rev. Series 2005 (Assumption Home, Inc. Proj.): 135,000 4.70%, 3/1/14 129,994 145,000 4.80%, 3/1/15 139,449 150,000 4.90%, 3/1/16 141,495 Crookston Hlth. Care Fac. Rev. Ref. Series 2007 (Riverview Hlth. Proj.): 285,000 4.75%, 5/1/10 283,450 600,000 4.85%, 5/1/12 594,606 Crookston Nursing Home & Multifamily Hsg. Rev Series 2002-A (Villa St. Vincent Proj.): 25,000 4.75%, 9/1/08 24,980 75,000 5.50%, 9/1/11 74,972 Cuyuna Range Hosp. Dist. Hlth. Fac. Gross Rev.: Series 2005: 265,000 4.50%, 6/1/13 258,261 400,000 5.20%, 6/1/25 374,820 1,000,000 5.50%, 6/1/35 942,470 Ref. Series 2007: 430,000 4.75%, 6/1/18 410,323 500,000 5.00%, 6/1/29 445,750 1,500,000 Detroit Lakes Hsg. Rev. Ref. Series 2004-E (Mankato Lutheran Proj.), 4.25%, 8/1/34 1,496,415 445,000 Detroit Lakes Hsg. & Hlth. Facs. Rev. Ref. Series 2004-A (CDL Homes Proj.), 4.00%, 8/1/34 441,751 250,000 Duluth Econ. Dev. Auth. Hlth. Care Fac. Rev. Series 2002 (St. Luke's Hosp. Proj.), 6.00%, 6/15/12 253,500 791,002 Duluth Sr. Hsg. Loan Participation (Lakeshore Proj.) Series 2004, 4.00%, 8/20/36 755,977 967,620 Duluth Hsg. & Redev. Auth. Sr. Hsg. Fac. Loan Participation (Lakeshore Proj.) Series 2005, 5.20%, 12/20/35 946,488 Elk River Rev. Series 1998 (Care Choice Member Proj.): 725,000 5.60%, 8/1/13 725,000 115,000 5.75%, 8/1/23 108,784 260,000 Fairbault Co. Hosp. Dist. Gross Rev. Series 1999 (Blue Earth Proj.), 5.30%, 12/1/08 259,529 1,925,000 Glencoe Hlth. Care Fac. Rev. Series 2005 (Glencoe Regional Hlth. Svcs. Proj.), 5.00%, 4/1/25 1,780,625 Hastings Hlth. Care Fac. Rev. Series 1998 (Augustana Home of Hastings Proj.): 115,000 5.10%, 11/1/09 114,078 120,000 5.20%, 11/1/10 119,102 135,000 5.40%, 11/1/12 133,126 140,000 5.50%, 11/1/13 136,707 Inver Grove Heights Nursing Home Rev. Refunding Series 2006 (Presbyterian Homes Care Proj.): 250,000 5.00%, 10/1/11 247,545 290,000 5.00%, 10/1/12 285,403 450,000 5.00%, 10/1/16 436,063 Maple Grove Hlth. Care Fac. Rev. Series 2005 (North Memorial Hlth. Care Proj.): 1,000,000 5.00%, 9/1/20 999,030 2,000,000 5.00%, 9/1/29 1,920,860 Maple Grove Hlth. Care Sys. Rev. Series 2007 (Maple Grove Hosp. Corp.): 1,200,000 5.25%, 5/1/25 1,208,340 1,500,000 5.25%, 5/1/28 1,503,045 Maplewood Hlth. Care Fac. Rev. Refunding Series 2005-A (VOA Care Centers Proj.): 255,000 4.125%, 10/1/08 254,082 300,000 4.375%, 10/1/09 295,743
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Marshall Medical Center Gross Rev. (Weiner Memorial Medical Center Proj.): 150,000 Series 2003-B, 4.85%, 11/1/11 153,420 50,000 Series 2003-A, 5.00%, 11/1/14 50,910 850,000 Series 2003-A, 5.85%, 11/1/23 869,193 100,000 Series 2003-A, 6.00%, 11/1/28 102,230 3,500,000 Marshall Medical Ctr. Gross Rev. Series 2006 (Avera Marshall Reg. Med. Ctr. Proj.), 4.75%, 11/1/28 3,141,285 Meeker Co. Hosp. Facs. Gross Rev. Series 2007 (Mem. Hosp. Proj.): 1,000,000 5.00%, 11/1/14 972,960 750,000 5.625%, 11/1/22 724,192 1,000,000 Minneapolis Hsg. & Hlth. Care Facs. Rev. Ref. Series 2007-A (Providence Proj.), 5.50%, 10/1/14 976,690 Minneapolis & St. Paul Hsg. & Redev. Auth. Hlth. Care Sys. Rev. Series 2003 (Health Partners Proj.): 750,000 5.25%, 12/1/12 771,075 700,000 5.25%, 12/1/13 717,528 1,235,000 5.00%, 12/1/14 1,248,375 600,000 5.875%, 12/1/29 601,314 250,000 Minneapolis Pooled Rev. Series 1999 (Care Choice Member Proj.), 5.75%, 4/1/19 239,537 Minneapolis Hlth. Care Fac. Rev.: 1,470,000 Series 2005 (Jones-Harrison Residence Proj.), 5.40%, 10/1/25 1,332,437 Series 2005-E (Augustana Chapel View Homes Proj.): 200,000 4.20%, 6/1/09 198,044 205,000 4.40%, 6/1/10 201,923 220,000 4.55%, 6/1/11 215,600 240,000 4.80%, 6/1/13 234,934 250,000 4.90%, 6/1/14 244,395 255,000 5.00%, 6/1/15 246,027 270,000 5.10%, 6/1/16 260,177 285,000 5.25%, 6/1/17 275,826 Minneapolis Hsg. Fac. Rev. (Augustana Chapel View Homes Proj.): Series 2004-A: 315,000 5.20%, 1/1/11 312,804 500,000 5.75%, 1/1/19 485,065 530,000 5.80%, 1/1/24 504,115 200,000 5.50%, 6/1/27 180,606 500,000 Refunding Series 2006-A 5.00%, 6/1/15 486,590 MN Agr. & Econ. Dev. Board Hlth. Care Rev. Series 1999 (Benedictine Care Centers. Proj.): 115,000 5.45%, 2/1/09 115,114 120,000 5.45%, 8/1/09 120,223 120,000 5.50%, 2/1/10 120,445 125,000 5.50%, 8/1/10 125,604 MN Agr. & Econ. Dev. Board Rev.: Series 2000 (Evangelical Lutheran Good Samaritan Society Proj.): 215,000 5.80%, 8/1/08 215,529 405,000 6.55%, 8/1/16 427,968 770,000 Series 2002-B (Principal Custody Receipts Proj.), zero coupon, 3.85% effective yield, 11/15/22 688,118 220,000 Series 2002 (Evangelical Lutheran Good Samaritan Society Proj.), 5.50%, 2/1/12 230,773 Series 2000-A (Fairview Hlth. Care Sys. Proj.): 10,000 6.375%, 11/15/22 10,381 20,000 6.375%, 11/15/29 20,679 Moose Lake Cmnty. Hosp. Dist. Hlth. Facs. Rev. Ref. Series 2005-A (Crossover Proj.): 110,000 4.10%, 12/1/10 108,134 750,000 5.10%, 12/1/24 683,438 300,000 New Hope Hlth. Care Facs. Rev. Series 2003-A (St. Therese Home, Inc. Proj.), 5.90%, 10/1/23 291,054 New Hope Hlth. Care Facs. Rev. (MN Masonic Home North Ridge Proj.): 1,125,000 5.90%, 3/1/19 1,070,696 810,000 5.875%, 3/1/29 746,148 Northfield Hospital Rev. Series 2006: 900,000 5.50%, 11/1/15 927,288 1,500,000 5.25%, 11/1/21 1,452,375 Olmsted Co. Hlth. Care Fac. Rev. Series 1998 (Olmsted Medical Ctr. Proj.): 775,000 5.45%, 7/1/13 775,101 900,000 5.55%, 7/1/19 867,861 Pine Island Hlth. Care Facs. Rev. Series 2001 (Olmsted Med. Ctr. Proj.): 155,000 4.90%, 7/1/09 154,631 240,000 5.00%, 7/1/10 239,458 Redwood Falls Hosp. Fac. Gross Rev. Series 2006 (Redwood Area Hosp. Proj.): 190,000 5.00%, 12/1/09 189,658 100,000 5.00%, 12/1/10 99,726 1,000,000 5.00%, 12/1/21 926,060 100,000 Rochester Hlth. Care Facs. Rev. Series 2006 (Mayo Clinic Proj.), 5.00%, 11/15/36 97,916 500,000 Rochester Hlth. Care & Hsg. Rev. Series 2003-A (Samaritan Bethany Inc. Proj.), 6.25%, 8/1/19 495,245
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Shakopee Hlth. Care Facs. Rev. Series 2004 (St. Francis Regl. Med. Ctr. Proj.): 125,000 5.10%, 9/1/25 119,348 3,475,000 5.25%, 9/1/34 3,223,375 Stillwater Hlth. Care Rev. Series 2005 (Hlth. Sys. Obligation Proj.): 2,500,000 5.00%, 6/1/25 2,452,350 750,000 5.00%, 6/1/35 702,600 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 1998 (Regions Hosp. Proj.): 250,000 5.00%, 5/15/10 252,278 60,000 5.00%, 5/15/11 60,352 1,365,000 5.20%, 5/15/13 1,369,900 2,070,000 5.25%, 5/15/18 2,049,466 845,000 5.30%, 5/15/28 802,159 1,000,000 St. Paul Hsg. & Redev. Auth. Hosp. Rev. Series 2005 (Health East Proj.), 5.25%, 11/15/14 998,600 2,000,000 St. Paul Hsg. & Redev. Auth. Nursing Home Dev. Rev. Series 2006, 5.63%, 10/1/33 1,740,400 1,210,000 St. Paul HRA Rev. Refunding Series 1996-C (St. Mary's Home Proj.), 7.00%, 7/1/21 1,210,944 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2005 (Gillette Childrens Hosp. Proj.): 300,000 4.00%, 2/1/11 289,908 200,000 5.00%, 2/1/13 198,056 210,000 5.00%, 2/1/14 206,879 160,000 5.00%, 2/1/15 155,880 340,000 St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2001-A (Model Cities Hlth. Ctr.), 6.50%, 11/1/11 339,058 580,000 St. Paul Hsg. & Redev. Auth. Hlth. Care Fac. Rev. Series 2006 (HealthPartners Oblig. Group Proj.), 5.25%, 5/15/36 522,858 540,000 St. Paul Port Auth. Lease Rev. Series 2005-A (Health East Midway Campus Proj.), 5.00%, 5/1/10 540,243 50,000 Washington Co. Hsg. & Redev. Auth. Hosp. Rev. Series 1998 (Healtheast Proj.), 5.25%, 11/15/12 50,124 ---------------- 70,168,756 ---------------- INDUSTRIAL / POLLUTION CONTROL (3.5%) 605,000 Anoka Co. Solid Waste Disp. Rev. Series 1987-A (Natl. Rural Util. Proj.), 6.95%, 12/1/08 610,814 585,000 Burnsville Solid Waste Rev. Refunding Series 2003-A (Freeway Transfer Inc. Proj.), 4.15%, 4/1/10 582,133 615,000 Cohasset Pollution Ctrl. Rev. Refunding Series 2004 (Allete, Inc. Proj.), 4.95%, 7/1/22 595,443 355,000 E. Grand Forks Indus. Dev. Rev. Refunding Series 2001-B (Am. Crystal Sugar Proj.), 5.40%, 4/1/11 364,684 500,000 Otter Tail Co. Rev. Sub. Series 2007-A (Otter Tail Proj.), 7.50%, 11/1/19 423,460 Owatonna Industrial Dev. Rev. Series 1997 (Slidell, Inc. Proj.): 280,000 7.25%, 5/1/14 184,800 505,000 7.375%, 5/1/17 333,300 20,000 7.375%, 5/1/20 13,200 10,000 7.50%, 5/1/24 6,600 Puerto Rico Childrens Trust Fund Tobacco Settlement Rev.: 300,000 Series 2002, 4.00%, 5/15/10 295,890 990,000 Series 2002, 5.375%, 5/15/33 929,927 465,000 Roseville Dev. Rev. Refunding Series 2004 (Roseville Office Plaza Proj.), 4.625%, 8/1/12 474,360 265,000 Sauk Centre Industrial Dev. Rev. Series 1998 (Seluemed LLP Proj.)(LOC First Trust), 5.75%, 4/1/18 257,283 St. Paul Hsg. & Redev. Auth. District Cooling Rev. Series 1998-J: 95,000 5.125%, 3/1/12 95,862 500,000 5.35%, 3/1/18 502,665 Virgin Islands Tobacco Settlement Financing Corp. Asset-Backed Rev. Series 2001: 750,000 zero coupon, 4.95% effective yield, 5/15/14 743,933 1,305,000 5.00%, 5/15/21 1,230,328 2,700,000 White Earth Band of Chippewa Indians Rev. Series 2000-A, 7.00%, 12/1/11 2,762,802 ---------------- 10,407,484 ---------------- INSURED (7.5%) 1,500,000 Bemidji Hlth. Care Facs. Rev. Series 2002 (North Country Hlth. Svcs. Proj.) (Radian insured) 5.00%, 9/1/24 1,468,965 1,600,000 Cohasset Poll. Ctl. Rev. Ref. Series 2004 (Coll. Allete Proj.) (Radian-IBCC insured), 4.95%, 7/1/22 1,535,968 Hastings Hlth. Care Fac. Rev. Series 1998 (Regina Med. Ctr.)(ACA insured): 970,000 5.25%, 9/15/18 935,022 705,000 5.30%, 9/15/28 641,451 20,000 Itasca Co. ISD No. 318 G.O. Series 1996 (MBIA insured), 5.20%, 2/1/10 20,038 Minneapolis & St. Paul Metro Airport Comm. Airport Rev.: 75,000 Series 1999-B (Ambac insured), 5.25%, 1/1/18 74,557 20,000 Series 2001-B (FGIC insured), 5.75%, 1/1/16 20,292 1,000,000 Sub. Series 2001-D (FGIC insured), 5.75%, 1/1/14 1,018,610 2,010,000 Ref. Sub. Series 2005-C (FGIC insured), 5.00%, 1/1/22 1,963,730 100,000 Ref. Sub. Series 2005-C (MBIA-IBC FGIC insured), 5.00%, 1/1/31 98,276 1,250,000 Sub. Series 2005-B (Ambac insured), 5.00%, 1/1/25 1,185,375 1,750,000 Sub. Series 2007-B (FGIC Insured), 5.00%, 1/1/25 1,692,722 485,000 MN HFA Single Family Mtg. Rev. Series 2001-A (MBIA insured), 5.35%, 7/1/17 496,916
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Perham Gas Utility Rev. Series 1999 (Radian insured): 300,000 5.35%, 6/1/19 304,692 50,000 5.45%, 6/1/29 50,006 1,000,000 Puerto Rico Cwlth. Hwy. & Trnsn. Auth. Rev. Ref. Series 2007-N (FSA insured), variable rate, 7/1/45 740,000 100,000 Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 1997-C (MBIA-IBC insured), 5.25%, 7/1/09 100,989 2,000,000 Puerto Rico Elec. Pwr. Auth. Rev. Series 2005-RR (FGIC insured), 5.00%, 7/1/22 1,966,420 600,000 Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 2007-UU (FSA insured), variable rate, 7/1/29 510,000 200,000 Puerto Rico Indus. Tourist Educ. Med. & Environmental Ctl. Facs. Rev. Series 1995-A (Hosp. Auxilio Oblig. Group Proj.) (MBIA insured), 6.25%, 7/1/16 200,564 510,000 St. Cloud Hosp. Facs. Rev. Ref. (St. Cloud Hosp. Proj.) (Ambac insured), Series 1996-B, 5.00%, 7/1/20 510,525 St. Cloud Hlth. Care Rev. Series 2000-A (St. Cloud Hosp. Obligated Group)(FSA insured): 200,000 5.125%, 5/1/09 205,196 250,000 5.75%, 5/1/26 259,530 250,000 St. Cloud Hsg. & Redev. Auth. In & For Sales Tax Rev. Ref. Series 1998-A (Paramount Theater Proj.) (FGIC insured), 5.00%, 3/1/22 250,640 2,270,000 St. Paul Hsg. & Redev. Sales Tax Rev. Refunding Series 1996 (Civic Center Proj.) (FSA insured), 7.10%, 11/1/23 2,689,905 3,100,000 Southern MN Pwr. Agy. Pwr. Supply Sys. Rev Series 2006, 4.84%, 1/1/13 3,046,587 ---------------- 21,986,976 ---------------- MULTIFAMILY MORTGAGE (19.3%) Apple Valley Multifamily Hsg. Rev. Refunding Series 1998-A (Mtg. Loan/Apple Valley Villa Proj.) (GNMA collateralized): 40,000 4.90%, 8/1/09 40,078 1,520,000 5.25%, 8/1/18 1,520,912 Austin Hsg. & Redev. Auth. Governmental Hsg. Gross Rev. (Courtyard Res. Proj.): 640,000 Series 2000-A, 7.15%, 1/1/20 653,920 500,000 Series 2000-A, 7.25%, 1/1/32 508,350 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 2,644,138 Chaska Multifamily Hsg. Rev. Series 1999 (West Suburban Hsg. Partners Proj.): 95,000 5.00%, 9/1/09 95,322 495,000 5.375%, 9/1/14 484,174 500,000 Cloquet Hsg. Fac. Rev. Ref. Series 2005-A (HADC Cloquet LLC Proj.), 5.50%, 8/1/25 452,660 700,000 Coon Rapids Multifamily Hsg. Rev. Refunding Series 1997-A (Margaret Place Apts. Proj.), 6.50%, 5/1/25 703,108 Coon Rapids Senior Hsg. Rev. Refunding Series 1998 (Epiphany Sr. Citizens Hsg. Corp. Proj.): 115,000 5.40%, 11/1/08 114,980 170,000 5.50%, 11/1/10 169,398 545,000 5.80%, 11/1/18 536,972 3,065,000 Cottage Grove Sr. Hsg. Rev. Series 2006-A (Cottage Grove, Inc. Proj.), 5.00%, 12/1/31 2,474,865 Dakota Co. Cmnty. Dev. Agy. Multifamily Hsg. Rev. Ref. Series 2007-A (Commons On Marice Proj.): 120,000 4.30%, 11/1/08 119,609 150,000 4.40%, 11/1/09 148,290 Eden Prairie Multifamily Hsg. Rev. Refunding : 300,000 Series 1997-A (Preserve Place Proj.) (GNMA collateralized), 5.50%, 1/20/18 304,662 410,000 Series 1997-A (Preserve Place Proj.) (GNMA collateralized), 5.60%, 7/20/28 413,223 470,000 Senior Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.00%, 8/20/21 503,746 675,000 Senior Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.15%, 8/20/31 717,525 1,185,000 Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.20%, 2/20/43 1,253,789 740,000 Subordinate Series 2001-C (Rolling Hills Proj.), 9.00%, 4/1/43 739,815 Eveleth Multifamily Hsg. Rev. Sr. Series 2006-A1 (Manor House Woodland Proj.): 200,000 4.90%, 10/1/09 198,322 140,000 4.95%, 10/1/10 138,296 100,000 5.00%, 10/1/11 98,288 155,000 5.10%, 10/1/12 152,342 165,000 5.15%, 10/1/13 161,141 Faribault Hsg. & Redev. Auth. Govt. Hsg. Dev. Gross Rev. Ref. Series 1998-A (Trails Edge Apts. Proj.): 355,000 5.125%, 2/1/18 343,754 650,000 5.25%, 2/1/28 579,813 Fairmont Hsg. Fac. Rev. Series 2002-A1 (Homestead-GEAC Proj.): 885,000 6.625%, 10/1/11 889,416 295,000 6.875%, 10/1/14 297,422 Fairmont Hsg. Fac. Rev. Series 2005-A (Goldfinch Estates-GEAC Proj.): 300,000 5.75%, 10/1/17 283,707 290,000 6.00%, 10/1/21 273,531
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Golden Valley Rev. Series 1999-A (Covenant Retirement Cmntys. Proj.): 695,000 5.50%, 12/1/25 689,586 1,785,000 5.50%, 12/1/29 1,731,200 Grand Rapids Hsg. & Redev. Auth. (Lakeshore Place and Forest Park West Apts. Proj.): 25,000 Series 1999-B, 5.00%, 10/1/09 25,465 500,000 Series 1999-A, 5.20%, 10/1/19 500,055 1,660,000 Series 1999-A, 5.30%, 10/1/29 1,575,108 Hopkins Multifamily Hsg. Rev. Series 1996 (Hopkins Renaissance Proj.) (Section 8): 100,000 5.85%, 4/1/09 101,295 450,000 6.25%, 4/1/15 455,967 120,000 Hutchinson Hsg. Fac. Rev. Series 2003-A (Prince of Peace Apts. Proj.), 4.50%, 10/1/08 119,964 245,000 Inver Grove Heights Nursing Home Rev. Ref. Series 2006 (Presbyterian Homes Care Proj.), 5.50%, 10/1/33 232,806 1,400,000 Maplewood Multifamily Hsg. Rev. Series 1998 (Park Edge Apts. Proj.), 6.50%, 5/1/29 1,354,920 2,765,000 Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. Series (Torre De San Proj.) (GNMA Collateralized), 4.75%, 1/20/42 2,373,974 Minneapolis Multifamily Hsg. Rev.: 320,000 Series 1996 (Belmont Apts.), 7.25%, 11/1/16 320,227 5,020,000 Series 1996-A (Nicollet Towers) (Section 8), 6.00%, 12/01/19 5,032,148 115,000 Ref. Series 1998 (Riverside Plaza Proj.) (GNMA collateralized), 4.75%, 12/20/12 115,285 1,200,000 Series 1998 (Riverside Plaza Proj.) (GNMA collateralized), 5.10%, 12/20/18 1,200,252 315,000 Series 2000 (Garr Scott Loft Proj.) (LOC U.S. Bank), 5.95%, 5/1/30 319,293 10,000 Series 2003-A (Sumner Proj.) (GNMA collateralized), 3.00%, 8/20/08 10,006 835,000 Series 2007 (Blaisdell Apts. Proj.), 5.10%, 4/1/17 788,891 Ref. Series 2007-A (Keeler Apts. Proj.): 150,000 4.50%, 10/1/12 145,861 580,000 4.65%, 10/1/15 550,791 Moorhead Sr. Hsg. Rev. Series 2006 (Sheyenne Crossing Proj.): 300,000 5.00%, 4/1/13 293,898 170,000 5.10%, 4/1/14 166,704 MN HFA Hsg. Fin. Agy. Rental Hsg.: 85,000 Series 2004-A, 4.875%, 8/1/24 81,030 Series 1997-A: 60,000 5.40%, 8/1/10 60,974 125,000 5.45%, 8/1/11 126,537 100,000 Series 2000-A (Section 8), 5.375%, 2/1/09 101,433 1,350,000 MN HFA Residential Hsg. Rev. Series 2006-I, 5.00%, 7/1/21 1,325,956 650,000 MN HFA Residential Hsg. Rev. Series 2006-A1, 5.10%, 8/1/47 585,890 Minnetonka Multifamily Hsg. Rev. Ref. Series 1999-A (GNMA coll.) (Archer Heights Apts. Proj.): 540,000 5.10%, 7/20/13 548,413 975,000 5.20%, 1/20/18 980,626 North Oaks Sr. Hsg. Rev. Series 2007 (Presbyterian Homes North Oaks Proj.): 500,000 5.25%, 10/1/13 496,455 1,565,000 5.625%, 10/1/17 1,536,674 500,000 5.75%, 10/1/22 479,770 Northwest MN Multi Co. Hsg. & Redev. Auth. Hsg. Rev. Series 2005-A (Pooled Hsg. Proj.): 145,000 4.50%, 7/1/09 145,479 115,000 4.75%, 7/1/10 115,044 Norwood Young America Econ. Dev. Auth. Gov. Rev. Series 2005-A (Harbor at Peace Village Proj.): 150,000 5.35%, 8/1/15 146,454 200,000 5.625%, 8/1/20 189,332 550,000 5.75%, 8/1/25 508,844 250,000 6.00%, 8/1/31 230,668 600,000 Oakdale Multifamily Sr. Hsg. Rev. Refunding Series 2004 (Oak Meadows Proj.), 5.00%, 4/1/12 588,510 Oronoco Multifamily Hsg. Rev. Ref. Series 2006 (Wedum Shorewood Campus Proj.): 305,000 4.65%, 6/1/09 303,405 725,000 4.70%, 6/1/11 713,190 Pine City Hlth. Care & Hsg. Rev. Series 2006-A (North Branc Proj.): 125,000 4.50%, 10/20/16 125,323 300,000 4.75%, 10/20/21 293,895 500,000 Richfield Sr. Hsg. Rev. Refunding Series 2004-A (Richfield Sr. Hsg., Inc. Proj.), 5.00%, 12/1/15 477,005 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 2,965,228 115,000 Shoreview Sr. Hsg. Rev. Series 2005-A (Shoreview Sr. Residence Proj.), 3.75%, 5/1/09 114,704 600,000 St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding Series 1998 (Northway Manor Apts. Proj.) (Section 8), 5.35%, 12/1/18 548,364 St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev.: 1,445,000 Series 1993 (Germain Towers Proj.) (Section 8), 5.90%, 9/1/20 1,331,611 60,000 Series 1999-A (Parkview Terrace Apts. Proj.) (Section 8), 5.00%, 6/1/09 46,395 500,000 St. Louis Park Multifamily Hsg. Rev. Refunding Series 1998-A (Park Ridge Apts. Proj.) (GNMA collateralized), 5.25%, 11/1/20 506,095
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- St. Louis Park Rev. Ref. Series 2006 (Roitenberg Family Proj.): 140,000 4.65%, 8/15/09 139,182 525,000 5.50%, 8/15/26 480,480 200,000 St. Paul Hsg. & Redev. Auth. Multifamily Refunding Rev. Series 1995 (Sun Cliffe Apts. Proj.) (GNMA collateralized), 5.875%, 7/1/15 201,688 1,000,000 St. Paul Hsg. & Redev. Auth. Multifamily Refunding Rev. Ref. Series 2007-A, (Marian Ctr. Proj.), 5.20%, 11/1/22 892,200 St. Paul Hsg. & Redev. Auth. Rev. Series 2007-A (Rossy & Richard Schaller Proj.): 400,000 5.15%, 10/1/42 324,508 450,000 4.80%, 10/1/18 406,998 735,000 Stillwater Multifamily Hsg. Rev. Series 2007 (Orleans Homes LP Proj.), 5.00%, 2/1/17 692,311 120,000 Victoria Sr. Hsg. Rev. Series 2003 (Chanhassen, Inc. Proj.), 5.50%, 8/1/18 116,294 Washington Co. Hsg. & Redev. Auth. Governmental Hsg. Rev. Ref. Series: 755,000 1999-A (Briar Pond Apts. Proj.) (GNMA collateralized), 5.50%, 2/20/14 760,655 695,000 2002 (Woodland Park Apts. Proj.) (Co. Guaranteed), 4.70%, 10/1/26 675,040 500,000 Woodbury Econ. Dev. Auth. Sr. Hsg. Rev. Series 2006-B (Summerhouse Woodbury Proj.), 5.75%, 6/1/41 452,735 ---------------- 56,934,659 ---------------- MUNICIPAL LEASE (2.3%) (5) 200,000 Andover Econ. Dev. Auth. Public Fac. Lease Rev. Series 2004 (Cmnty. Ctr. Proj.), 5.125%, 2/1/24 212,804 300,000 Andover Econ. Dev. Auth. Lease Rev. Prerefunded Series 2004 (Cmnty. Ctr. Proj.), 5.125%, 2/1/24 319,206 40,000 Anoka Co. C.O.P. Series 1998, 5.40%, 6/1/28 40,026 100,000 Big Lake Econ. Dev. Auth. Public Proj. Rev. Series 2005-A, 4.20%, 2/1/10 100,861 1,993,418 Carver Scott Co. Lease Purchase Agreement Series 2005, 5.00%, 8/4/20 1,843,652 50,000 Chaska Econ. Dev. Auth. ISD No. 112 Sch. Facs. Lease Rev. Series 1999-A, 5.125%, 12/1/09 51,763 89,000 Hennepin Co. Hsg. & Redev. Auth. Rev. Series 1993-A (Community Provider Program), 5.70%, 8/1/13 91,713 675,156 Intermediate Sch. Dist. 287 Lease Rev. Series 2006, 4.78%, 3/15/13 675,028 125,000 Mountain Iron Hsg. & Redev. Auth. Rev. Series 2001-A (Arrowhead Library Sys. Proj.), 5.00%, 9/1/09 127,683 Virginia Hsg. & Redev. Auth. Hlth. Care Fac. Lease Rev. Series 2005: 275,000 4.00%, 10/1/08 275,391 300,000 4.00%, 10/1/09 301,296 300,000 4.50%, 10/1/10 303,894 200,000 5.00%, 10/1/11 204,378 1,250,000 5.125%, 10/1/20 1,219,375 150,000 5.25%, 10/1/14 153,597 400,000 5.25%, 10/1/25 385,892 315,000 5.375%, 10/1/30 300,627 ---------------- 6,607,186 ---------------- PUBLIC FACILITIES (0.4%) 50,000 MN Agr. Soc. State Fair Rev. Series 2003, 5.00%, 9/15/20 49,233 250,000 Rockville Econ. Dev. Auth. Pub. Proj. Lease Rev. Series 2005-A, 4.00%, 2/1/14 246,388 Spring Grove Econ. Dev. Auth. Pub. Proj. Rev. Series 2006-A: 135,000 4.625%, 2/1/12 135,717 255,000 5.00%, 2/1/16 255,638 125,000 5.10%, 2/1/18 124,873 Victoria Recreational Facility Gross Rev. Series 2002: 70,000 4.75%, 2/1/12 71,681 75,000 4.75%, 8/1/12 76,801 85,000 5.10%, 8/1/15 87,364 205,000 Victoria Rec. Fac. Gross Rev. Ref. Crossover Series 2006-A, 4.55%, 8/1/17 185,472 ---------------- 1,233,167 ---------------- SINGLE FAMILY MORTGAGE (9.3%) Dakota Co. Cmnty. Dev. Agy. Single Family Mtg. Rev.: 2,847,374 Series 2006 (FNMA, GNMA, & FHLMC backed), 5.30%, 12/1/39 2,745,865 1,989,355 Series 2007-A (FNMA, GNMA, & FHLMC backed), 5.125%, 12/1/40 1,875,842 Minneapolis- St. Paul Hsg. Fin. Bd. Single Family Mtg. Rev. (FNMA & GNMA backed): 20,000 Series 1997, 6.25%, 11/1/30 20,446 1,305,706 Series 2005-A3, 5.10%, 4/1/27 1,342,449 3,975,443 Series 2007-A1, 5.25%, 12/1/40 3,780,805 1,000,000 Series 2007-A2, 5.52%, 3/1/41 969,330 MN HFA Single Family Mtg. Rev.: 395,000 Series 1994-E, 5.60%, 7/1/13 399,542 200,000 Series 1994-E, 5.90%, 7/1/25 204,706 75,000 Series 1996-D, 6.00%, 1/1/16 75,105 60,000 Series 1997-A, 5.60%, 7/1/09 60,562 220,000 Series 1997-I, 5.50%, 1/1/17 221,850 130,000 Series 1996-H, 6.00%, 1/1/21 130,120 530,000 Series 1997-D, 5.85%, 7/1/19 542,492 30,000 Series 1997-E, 5.90%, 7/1/29 30,722 15,000 Series 1997-G, 6.00%, 1/1/18 15,206
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 650,000 Series 1998-C, 5.25%, 1/1/17 662,161 45,000 Series 1998-F, 4.95%, 7/1/08 45,003 185,000 Series 1998-F-1, 5.45%, 1/1/17 187,055 55,000 Series 1998-F, 5.70%, 1/1/17 55,645 55,000 Series 1998-A, 4.80%, 7/1/09 55,652 60,000 Series 1998-A, 4.90%, 7/1/10 60,678 3,000,000 Series 1999-B, 5.20%, 7/1/17 3,027,690 315,000 Series 1999-B, 5.25%, 1/1/20 317,977 55,000 Series 1999-H, 5.30%, 7/1/11 56,056 100,000 Series 2000-A, 5.75%, 7/1/18 103,385 115,000 Series 2000-C, 6.10%, 7/1/30 119,215 320,000 Series 2003-I, 4.30%, 7/1/11 324,029 600,000 Series 2003-I, 5.10%, 7/1/20 598,134 1,000,000 Series 2005-G, 4.30%, 1/1/18 992,300 1,865,000 Series 2006-B, 5.00%, 1/1/37 1,858,845 1,950,000 Series 2006-M, 4.80%, 7/1/26 1,814,221 1,000,000 Series 2007-I, 4.75%, 7/1/27 925,600 2,000,000 Series 2007-Q, 5.15%, 7/1/28 1,911,040 2,000,000 Series 2007-Q, 5.25%, 7/1/33 1,916,780 ---------------- 27,446,508 ---------------- UTILITY (4.9%) 1,000,000 Chaska Elec. Rev. Ref. Series 2005-A (Generating Facs. Proj.), 5.25%, 10/1/25 1,023,520 200,000 Delano Wtr. & Pwr. Cmnty. Elec. Rev. Series 2000-A, 5.30%, 12/1/09 200,254 Laurentian Energy Auth. MN Cogeneration Rev. Series 2005-A: 650,000 4.00%, 12/1/08 650,637 965,000 4.00%, 12/1/09 965,463 MN Muni Pwr. Agy. Elec. Rev.: 2,000,000 Series 2004-A, 5.25%, 10/1/24 2,040,380 Series 2005: 1,550,000 5.00%, 10/1/30 1,549,876 4,465,000 5.00%, 10/1/35 4,367,127 700,000 Series 2007, 5.25%, 10/1/27 717,997 300,000 Princeton Public Utility Sys. Rev. Series 2004, 5.00%, 4/1/24 291,222 1,000,000 Puerto Rico Commonwealth Aqueduct & Swr. Auth. Rev., Sr. Lien Series 2008-A, zero coupon, 5.92% effective yield, 7/1/19 862,890 1,250,000 Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 2007-UU, variable rate, 7/1/25 986,250 125,000 Virgin Islands Pub. Fin. Auth. Sr. Lien Rev. Series 2004-A, 5.25%, 10/1/21 123,580 780,000 Virgin Islands Water & Power Auth. Water Sys. Rev. Ref. Series 1998, 5.50%, 7/1/17 783,221 ---------------- 14,562,417 ---------------- OTHER REVENUE BONDS (9.9%) 830,000 Brooklyn Park Econ. Dev. Auth. Tax Increment Rev. Series 2007-A (Huntington Site Dev. Proj.), 5.00%, 2/1/10 844,077 Columbia Heights Commercial Dev. Refunding Rev. Series 1999 (Columbia Park Properties - Medical Clinic Proj.): 250,000 5.15%, 12/1/08 252,522 1,750,000 5.60%, 12/1/15 1,767,675 Columbia Heights Econ. Dev. Auth. Tax Increment Rev. Series 2007 (Huset Park Area Redev. Proj.): 295,000 5.00%, 2/15/17 282,613 510,000 5.20%, 2/15/22 469,139 900,000 Commissioner of Iron Range Resources and Rehab. Gross Rev. (Giant's Ridge Rec. Area Proj.), Series 2000, 7.25%, 11/1/16 945,189 763,440 Crystal Governmental Fac. Rev. Series 2006, 5.095%, 12/15/26 682,233 Lakeville Liquor Rev. Series 2007: 145,000 5.00%, 2/1/11 146,886 190,000 5.00%, 2/1/17 187,129 210,000 5.00%, 2/1/22 197,543 235,000 5.00%, 2/1/27 209,843 230,000 McLeod Co. Commercial Dev. Rev. Series 2005 (Southwest MN Foundation Proj.), 5.125%, 12/1/31 223,723 Minneapolis Cmty. Dev. Agy. Ltd. Tax Common Bond Fund: 110,000 Series 1996-1 (LOC-U.S. Bank), 6.00%, 6/1/11 111,088 500,000 Series 1999-1A (Discount Steel), 5.25%, 6/1/19 498,825 160,000 Series 2000-G2 (LOC-U.S. Bank), 6.00%, 12/1/20 164,811 270,000 Minneapolis Public Hsg. Auth. Series 1997 (General Credit Energy Savings Proj.), 6.00%, 7/1/08 270,008 Minneapolis Tax Increment Rev. Refunding Series 2007 (East River/Unocal Site Proj.): 165,000 4.80%, 2/1/12 163,294 245,000 5.10%, 2/1/17 230,890 240,000 5.20%, 2/1/21 222,552
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Minneapolis Tax Increment Rev. Refunding Series 2004 (St. Anthony Falls Proj.): 600,000 4.50%, 2/1/13 575,004 75,000 4.40%, 2/1/09 75,031 100,000 4.50%, 2/1/10 99,800 100,000 4.60%, 2/1/11 99,037 125,000 4.70%, 2/1/12 122,216 125,000 4.80%, 2/1/13 121,597 600,000 Minneapolis Tax Increment Rev. Series 2006 (Grant Park Proj.), 5.00%, 2/1/16 585,558 1,000,000 MN Agr. & Econ. Dev. Board Rev. Series 2000-B (Small Business Dev. Proj.), 7.25%, 8/1/20 1,021,090 Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. Series 2006 (Metroplaines Proj.): 248,000 4.25%, 8/15/11 247,802 1,205,000 5.00%, 2/15/27 1,129,254 St. Anthony Hsg. & Redev. Auth. Tax Increment Rev. Series 2007 (Silver Lake Vlg. Phase 1A Proj.): 500,000 4.75%, 2/1/17 468,720 500,000 4.90%, 2/1/22 444,415 St. Paul Hsg. & Redev. Auth. Rev. Series 2008 (Jimmy Lee Rec. Ctr. Proj.): 500,000 4.75%, 12/1/26 491,545 500,000 5.00%, 12/1/32 497,885 St. Paul Hsg. & Redev. Auth. Tax Increment Rev.: 155,000 Series 2001 (US Bank Operations Ctr. Proj.), 5.40%, 8/1/09 156,814 100,000 Series 2001 (US Bank Operations Ctr. Proj.), 5.70%, 8/1/12 101,793 800,000 Series 2001 (US Bank Operations Ctr. Proj.), 6.125%, 8/1/19 807,880 1,115,000 Series 2002 (North Quadrant Owner Occupied Proj. Phase 2), 7.00%, 2/15/28 1,146,510 1,007,000 Series 2002 (North Quadrant Owner Occupied Proj. Phase 1), 7.50%, 2/15/28 1,028,348 3,000,000 Series 2002-A (Upper Landing Proj.), 6.80%, 3/1/29 3,060,510 1,962,000 Series 2002-B-2 (Upper Landing Proj.), 6.90%, 3/1/29 2,008,676 1,212,000 Series 2002 (Drake Marble Proj.), 6.75%, 3/1/28 1,233,355 1,286,000 Series 2004 (9th St. Lofts Proj.), 6.375%, 2/15/28 1,284,457 St. Paul Port Auth. Lease Rev. Series 2007-1 (Regions Hosp. Parking Ramp Proj.): 155,000 5.00%, 8/1/09 154,783 200,000 5.00%, 8/1/10 199,326 390,000 5.00%, 8/1/11 387,457 555,000 5.00%, 8/1/21 493,578 1,150,000 5.00%, 8/1/36 917,378 715,000 St. Paul Recreational Facs. Gross Rev. Series 2005 (Highland National Proj.), 5.00%, 10/1/25 728,006 Steele Co. Hlth. Care Fac. Gross Rev. Refunding Crossover Series 2005-B: 475,000 4.65%, 6/1/20 457,050 300,000 5.00%, 6/1/30 287,649 85,000 Steele Co. Hlth. Care Fac. Gross Rev. Unref. Bal. Series 2000 (Elderly Housing Proj.), 6.625%, 6/1/20 87,818 620,000 Steele Co. Hlth. Care Fac. Gross. Rev. Prerefunded Series 2000 (Elderly Hsg. Proj.), 6.625%, 6/1/20 660,232 265,000 Virgin Islands Public Fin. Auth. Rev. Gross Receipts Taxes Loan Series 1999-A, 5.625%, 10/1/10 271,659 ---------------- 29,322,273 ---------------- Total municipal bonds (cost: $295,667,788) 285,712,170 ---------------- CLOSED-END MUTUAL FUNDS (0.8%) (2) 10,900 Delaware Investments Minnesota Municipal Income Fund II 141,918 44,100 First American Minnesota Municipal Income Fund II 582,120 124,000 MN Municipal Income Portfolio 1,640,520 ---------------- Total closed-end mutual funds (cost: $2,389,307) 2,364,558 ---------------- SHORT-TERM SECURITIES (1.8%) (2) 875,000 Robbinsdale Hlth. Care Facs. Rev. Series 2003-I (North Memorial Proj.), variable rate, 5/15/33 875,000 4,400,760 Wells Fargo Minnesota Municipal Cash Fund, 0.95% 4,400,760 ---------------- Total Short-Term Securities (cost: $5,275,760) 5,275,760 ----------------
================================================================================================================================== MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - JUNE 30, 2008 (UNAUDITED) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- QUANTITY/PAR ($) NAME OF ISSUER MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- Total investments in securities (cost: $303,332,855) $ 293,352,488 ---------------- Other Assets and Liabilities, Net (+0.53%) 1,566,531 ---------------- Total Net Assets $ 294,919,019 ================ ---------------- Aggregate Cost 303,332,855 ---------------- 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 Valuation: The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Accounting Standards No. 157 ("FAS 157"). FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below. LEVEL 1 - quoted prices in active markets for identical investments LEVEL 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) LEVEL 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) Securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service that are based on transactions in municipal obligations, quotations from municipal bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, the Fund may value these securities at fair value as determined in accordance with the procedures approved by the Fund's Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value. The following is a summary of the inputs used in valuing the Fund's assets carried at fair value: INVESTMENTS IN SECURITIES VALUATION INPUTS AT VALUE ------------------------- Level 1 - Quoted Prices $292,352,488 Level 2 - Other Significant Observable Inputs $1,000,000 Level 3 - Significant Unobservable Inputs -- - ------------------------------------------------------------------------------ Total $293,352,488 ============================================================================== (2) Percentage figures indicate percentage of total net assets.
================================================================================================================================== SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - June 30, 2008 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- COUPON MATURITY Quantity/Par ($) NAME OF ISSUER RATE (%) DATE MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS (92.4%) (2) ALABAMA (1.7%) 200,000 Huntsville-Redstone Vlg. Spl. Care Facs. Auth. 5.25 1/1/2015 191,140 150,000 Pell City Spl. Care. Rev. (Noland Hlth. Svcs.) 5.25 12/1/2027 132,030 260,000 University of Alabama Birmingham Hosp. Rev. 5.75 9/1/2022 269,292 ---------------- 592,462 ---------------- ALASKA (1.1%) 250,000 AK Indl. Dev. & Expt. Rev. (Boys & Girls Home) 5.50 12/1/2012 246,145 150,000 Matanuska-Susitna Boro COP (Animal Care) 5.75 3/1/2023 150,538 ---------------- 396,683 ---------------- ARIZONA (3.9%) 100,000 Apache Co. G.O. (Window Rock Sch. Impt.) 5.75 7/1/2014 100,352 215,000 Apache Co. G.O. (Window Rock Sch. Impt.) 6.00 7/1/2015 216,342 97,385 AZ Hlth. Facs. Auth. Rev. (New AZ Family) 5.25 1/7/2027 94,902 250,000 Pima Co. Indl. Dev. Auth. (Coral Academy Science) 6.38 12/1/2018 250,173 100,000 Pima Co. Indl. Dev. Rev. (Academic Success) 5.38 7/1/2022 93,955 250,000 Pima Co. Indl. Rev. Ref. (Tucson Country Day Sch.) 5.00 6/1/2022 224,873 150,000 Scottsdale Indl. Rev. Ref. (Scottsdale Healthcare) 5.25 9/1/2030 146,343 250,000 Southside Cmnty. Spl. Assmt. Rev. (Prescott Vy.) 6.13 7/1/2018 246,153 ---------------- 1,373,093 ---------------- CALIFORNIA (2.6%) 150,000 CA Tob. Sec. Corp. Asset-Backed Sr. Rev. 5.10 6/1/2028 121,270 140,000 CA Statewide Cmntys. Rev. (Lancer Educ.) 5.40 6/1/2017 137,375 100,000 CA Statewide Cmntys. Spl. Tax Rev. (Orinda) 6.00 9/1/2029 95,498 500,000 Center Uni. Sch. Dist. G.O. (1991 Election) 6.07 8/1/2031 128,405 200,000 Dinuba Fin. Auth. Lease Rev. (Measure R Road) 5.10 9/1/2022 190,104 30,000 Los Angeles Regl. Arpts. Impt. Lease Rev. 10.25 1/1/2013 32,823 200,000 Rialto Redev. Agy. Tax Alloc. (Merged Proj.) 6.25 9/1/2037 209,010 ---------------- 914,485 ---------------- COLORADO (6.1%) 250,000 Co. Hlth. Facs. Rev. Ref. (Valley View Hosp.) 5.50 5/15/2028 244,080 200,000 Denver Hlth. & Hosp. Auth. Healthcare Rev. 2.89 12/1/2033 141,800 1,000,000 E-470 Pub. Hwy. Auth. Cap. Appeciation Rev. 6.20 9/1/2028 305,890 150,000 E-470 Pub. Hwy. Auth. Rev. 5.50 9/1/2024 152,653 300,000 Fruita Rev. (Family Hlth. West) 7.00 1/1/2018 301,857 250,000 La Junta Hosp. Rev. (Ark Valley Regl. Med. Ctr.) 6.10 4/1/2024 253,007 250,000 Park Creek Met. Dist. Ltd. Tax Sr. Rev. Ref. 5.50 12/1/2037 245,695 350,000 CO Pub. Auth. For Energy Nat. Gas. Rev. 5.75 11/15/2018 341,863 150,000 Walker Field Pub. Arpt. Auth Rev. 4.75 12/1/2027 129,585 ---------------- 2,116,430 ---------------- CONNECTICUT (1.5%) 50,000 CT DFA Pollution Ctl. Rev. Ref. (CT Light & Power) 5.85 9/1/2028 50,524 250,000 Mashantucket Western Pequot Tribe Spl. Rev. 5.75 9/1/2018 243,787 400,000 Mashantucket Western Pequot Tribe Sub. Spl. Rev. 5.55 9/1/2016 246,196 ---------------- 540,507 ---------------- FLORIDA (10.5%) 250,000 Alachua Co. Health Facs. Rev. (Shands Healthcare) 2.66 12/1/2037 196,000 250,000 Atlantic Beach Healtcare Rev. Ref. (Fleet Landing) 5.38 10/1/2010 248,037 100,000 Connerton West Cap. Impt. Spl. Assmnt. Rev. 5.13 5/1/2016 87,618 50,000 Gateway Svcs. Spl. Assmt. (Sun City Ctr.) 5.50 5/1/2010 49,244 250,000 Gramercy Farms Cmnty. Dev. Dist. Spl. Assmnt. 5.10 5/1/2014 221,380 220,000 Heritage Landing Cmnty. Dev. Spl. Assmt. 5.60 5/1/2036 215,127 150,000 Highlands Co. Hlth. Facs. Rev. Ref. (Adventist) 5.00 11/15/2031 141,507 250,000 Hollywood Cmnty. Redev. Agy. Rev. 5.63 3/1/2024 251,205 135,000 Jacksonville Econ. Dev. Rev. (Mayo Clinic) 5.50 11/15/2036 135,965 100,000 Lake Ashton II Cmnty. Dev. Dist. Cap. Impt. Rev. 5.00 11/1/2011 92,869 100,000 Lakeland Retirement Cmnty. Rev. Ref. (Carpenters) 5.88 1/1/2019 99,536 250,000 Lee Co. Indl. Rev. Ref. (Shell Pt/Alliance Cmnty.) 5.00 11/15/2029 210,185 250,000 Lee Co. Indl. Dev. Auth. Rev. (Charter Foundation) 5.25 6/15/2027 208,115 100,000 Madeira Cmnty. Dev. Dist. Spl. Assmt. Rev. 5.25 11/1/2014 87,611 250,000 Main St. Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. 6.90 5/1/2017 243,380
================================================================================================================================== SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - June 30, 2008 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- COUPON MATURITY Quantity/Par ($) NAME OF ISSUER RATE (%) DATE MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- 275,000 Miami Beach Hlth. Facs. Hosp. Rev. (Mt. Sinai) 5.38 11/15/2028 239,052 100,000 Palm Beach Co. Hlth. Rev. Ref. (Acts Retirement) 5.00 11/15/2020 93,166 140,000 St. Johns Co. Indl. Dev. Auth. Rev. Ref. (Bayview) 5.00 10/1/2017 128,477 250,000 St. Johns Co. Indl. Dev. Auth. Rev. (Presbyterian) 5.63 8/1/2034 235,510 100,000 Sarasota Co. Hlth. Rev. (Vlg. on the Isle) 5.50 1/1/2027 90,121 250,000 Sarasota Natl. Cmnty. Spl. Assessment 5.30 5/1/2039 180,083 50,000 Seminole Tribe Spl. Oblig. Rev. 5.75 10/1/2022 48,954 150,000 Stoneybrook South Cmnty. Spl. Asst. Rev. 5.45 11/1/2015 134,279 25,000 Waters Edge Cmnty. Dev. Dist. Cap. Impt. 5.00 11/1/2012 22,668 ---------------- 3,660,089 ---------------- GEORGIA (0.9%) 200,000 Main St. Nat. Gas Inc. Rev. (GA Gas) 5.50 7/15/2017 194,218 100,000 Med. Ctr. Hosp. Auth. (Spring Harbor Green Isl.) 5.25 7/1/2027 85,936 30,000 Private Colleges & Univ. Rev. (Mercer Univ.) 5.38 10/1/2029 29,165 ---------------- 309,319 ---------------- GUAM (0.3%) 100,000 Northern Mariana Islands G.O. 5.00 10/1/2022 88,656 ---------------- IDAHO (1.3%) 335,000 ID Hsg. & Fin. Assn. Rev. (ID Arts Center Sch.) 5.50 12/1/2018 320,893 150,000 ID Hsg. & Fin. Assn. Rev. (Liberty Charter Sch.) 5.50 6/1/2021 145,542 ---------------- 466,435 ---------------- ILLINOIS (7.2%) 250,000 Annawan Tax Alloc. (Patriot Renewable Fuels LLC) 5.63 1/1/2018 229,617 150,000 Harvey Ref. & Impt. G.O. 5.50 12/1/2027 142,611 250,000 IL Fin. Auth. Rev. (Sedgebrook Inc. Fac.) 5.40 11/15/2016 240,472 165,000 IL Fin. Auth. Rev. (OSF Healthcare Sys.) 5.25 11/15/2022 164,495 150,000 IL Fin. Auth. Rev. (Swedish American Hosp.) 5.00 11/15/2023 150,234 350,000 IL Fin. Auth. Rev. (Tabor Hills Supportive Living) 5.25 11/15/2026 317,730 205,000 IL Fin. Auth. Rev. (Intl. Ice Ctr.) 7.00 12/1/2035 190,449 150,000 IL Fin. Auth. Rev. (Elmhurst Mem.) 5.63 1/1/2037 144,741 200,000 IL Fin. Auth. Rev. (North Shore Ice Arena) 6.25 12/1/2038 191,660 55,000 IL Health Facs. Auth. Rev. (Condell Med. Ctr.) 5.50 5/15/2032 52,130 100,000 Manhattan Spl. Tax. (Groebe Farm-Stonegate) 5.75 3/1/2022 95,297 200,000 Markham IL G.O. 4.75 2/1/2017 191,816 100,000 Southwestern IL Dev. Auth. Tax. Alloc. Rev. Ref. 7.00 10/1/2022 95,316 500,000 Winnebago & Stephenson Co. (Sch. Dist. 321) 5.25 1/1/2019 289,240 ---------------- 2,495,808 ---------------- IOWA (1.1%) 150,000 IA Fin. Auth. Sr. Hsg. Rev. (Wedum Walnut Ridge) 5.00 12/1/2014 142,404 100,000 IA Fin. Auth. Sr. Living (Deerfield Ret. Cmnty.) 5.00 11/15/2021 81,300 200,000 IA Fin. Auth. Sr. Living (Deerfield Ret. Cmnty.) 5.50 11/15/2027 158,768 ---------------- 382,472 ---------------- INDIANA (2.2%) 200,000 IN Hlth. & Educ. Fac. Fing. Auth. Hosp. Rev. 5.50 3/1/2022 190,744 200,000 Paoli Bldg. Corp. (First Mtg.) 5.00 1/15/2032 196,144 150,000 St. Joseph Co. Hosp. Auth. Rev. (Madison Ctr.) 5.80 2/15/2024 145,232 250,000 St. Joseph Co. Hosp. Auth. Health. Facs. Rev. 5.25 2/15/2028 225,330 ---------------- 757,450 ---------------- KANSAS (1.4%) 200,000 Olathe Hlth. Facs. Rev. (Olathe Med. Ctr.) 5.00 9/1/2029 195,566 300,000 Sterling Educ. Facs. Rev. (Sterling College) 5.25 11/1/2024 287,283 ---------------- 482,849 ---------------- KENTUCKY (2.3%) 500,000 Louisville/Jefferson Co. Health Fac. (Jewish Hosp.) 6.00 2/1/2022 508,565 300,000 Louisville/Jefferson Co. (Bellarmine Univ.) 6.00 5/1/2033 296,535 ---------------- 805,100 ---------------- LOUISIANA (1.2%) 100,000 Caddo Parish Sew. Dist. No. 7 Rev. Ref. 6.60 11/1/2024 103,690 215,000 LA Loc. Gov. Rev. (Cap. Pjs. & Equip. Acquisition) 6.55 9/1/2025 205,600 125,000 St. John Baptist Parish Rev. (Marathon Oil) 5.13 6/1/2037 111,725 ---------------- 421,015 ---------------- MARYLAND (0.8%) 250,000 Howard Co. Retirement Cmnty. Rev. (Vantage House) 5.25 4/1/2027 214,327 60,000 MD State Hlth. & Hgr. Educ. Facs. (King Farm Pres) 5.00 1/1/2017 56,698 ---------------- 271,025 ----------------
================================================================================================================================== SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - June 30, 2008 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- COUPON MATURITY Quantity/Par ($) NAME OF ISSUER RATE (%) DATE MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- MASSACHUSETTS (2.4%) 300,000 MA St. Hlth. & Educ. Rev. (Quincy Med. Ctr.) 5.13 1/15/2012 296,862 200,000 MA St. Hlth. & Educ. Rev. (Nichols College) 6.00 10/1/2017 204,472 100,000 MA State Hlth. & Educ. (Valley Regl. Hlth. Sys.) 5.75 7/1/2018 100,162 180,000 MA Hlth. & Educ. Facs. Rev. (Springfield College) 5.25 10/15/2033 171,284 75,000 Pioneer Valley Regl. Sch. Dist. G.O. 6.30 6/1/2019 78,301 ---------------- 851,081 ---------------- MICHIGAN (6.0%) 350,000 Advanced Technology Academy Pub. Sch. Rev. 6.00 11/1/2028 343,521 200,000 Bishop Intl Airport Auth. Rev. 5.13 12/1/2017 192,544 200,000 Detroit G.O. Ref. 5.38 4/1/2012 200,168 150,000 Detroit G.O. 5.25 4/1/2020 147,766 250,000 Grand Traverse Academy Pub. Sch. Acad. Rev. Ref. 5.00 11/1/2022 184,567 50,000 Kentwood Econ. Ltd. Oblig. Rev. (Holland Home) 5.25 11/15/2014 50,238 100,000 Kentwood Econ. Ltd. Oblig. Rev. (Holland Home) 5.38 11/15/2036 87,955 190,000 MI Educ. Facs. Oblig. Rev. Ref. (Black River Sch.) 4.95 9/1/2008 190,312 155,000 MI Educ. Facs. Oblig. Rev. Ref. (Bradford) 6.00 9/1/2016 151,182 250,000 MI St. Bldg. Auth. Rev. 5.98 10/15/2021 121,640 40,000 MI St. Hosp. Rev. Ref. (Detroit Medical) 5.25 8/15/2027 36,442 150,000 MI St. Strategic Fd. Rev. Ref. (Detroit Edison) 5.45 9/1/2029 150,550 250,000 MI Tob. Settlement Fin. Auth. Sr. Rev. 5.13 6/1/2022 229,097 ---------------- 2,085,982 ---------------- MINNESOTA (3.8%) 100,000 Cloquet Hsg. Fac. Rev. Ref. (HADC Cloquet LLC) 5.50 8/1/2025 90,532 100,000 Columbia Heights Econ. Dev. Rev. (Huset Park) 5.00 2/15/2017 95,801 100,000 Cuyuna Range Hosp. Dist. Hlth. Facs. Rev. Ref. 5.00 6/1/2029 89,150 225,000 Lakeville Liquor Rev. 5.00 2/1/2027 200,914 180,000 North Oaks Sr. Hsg. Rev. (Presbyterian Homes) 5.25 10/1/2013 178,724 85,000 St. Cloud Hsg. & Redev. MF Rev. (Germain Towers) 5.90 9/1/2020 78,330 200,000 St. Paul Hsg. & Redev. Auth. MF (Marian Ctr.) 5.05 11/1/2017 190,076 165,000 St. Paul Hsg. & Redev. Rev. (Cmnty. Peace Acad.) 5.00 12/1/2018 157,758 150,000 St. Paul Hsg. & Redev. Auth. Rev. (US Bank Ops.) 6.50 8/1/2022 150,480 100,000 St. Paul Hsg. & Redev. Rev. (Healthpartners) 5.25 5/15/2036 90,148 ---------------- 1,321,913 ---------------- MISSOURI (1.5%) 140,000 Joplin Indl. Dev. Auth. Rev. Ref. (Christian) 5.50 5/15/2017 131,376 250,000 MO Dev. Fin. Brd. Rev. (Arnold-Rd Infrastructure) 5.00 11/1/2027 246,027 150,000 St. Louis Co. Indl. Rev. (St. Andrews) 5.38 12/1/2027 147,579 ---------------- 524,982 ---------------- NEBRASKA (1.4%) 500,000 Madison Co. Hosp. Auth. No. 1 (Faith Regl. Hlth.) 5.50 7/1/2021 485,545 ---------------- NEVADA (2.1%) 215,000 Clark Co. Impt. Dist. (128 Summerlin) 5.00 2/1/2020 189,499 250,000 Clark Co. Poll. Ctr. Rev. Ref. (Nev. Pwr. Co.) 5.30 10/1/2011 246,805 300,000 Sparks Tourism Impt. Dist. No. 1 Sr. Sales Tax. 6.50 6/15/2020 290,088 ---------------- 726,392 ---------------- NEW HAMPSHIRE (0.2%) 300,000 Manchester Hsg. & Redev. Auth. Rev. 6.91 1/1/2027 84,144 ---------------- NEW MEXICO (1.4%) 270,000 Farmington Poll. Ctr. Rev. Ref. (San Juan) 6.30 12/1/2016 267,073 250,000 NM State Hosp. Equip. Rev. Ref. (Rehoboth) 5.00 8/15/2017 224,473 ---------------- 491,546 ---------------- NEW YORK (0.9%) 100,000 Nassau Co. Indl. Rev. (Amsterdam at Harborside) 5.88 1/1/2018 96,718 200,000 Seneca Nations Indians Cap. Impt. Auth. 5.00 12/1/2023 174,220 35,000 Tobacco Settlement Fin. Corp. Rev. 5.00 6/1/2011 35,046 ---------------- 305,984 ---------------- NORTH CAROLINA (1.2%) 250,000 NC Med. Care. Cmmn. Rev. (Arc Projects) 5.80 10/1/2034 240,533 200,000 NC Med. Care Cmnty. Retirement Facs. (Brookwood) 5.25 1/1/2032 162,280 ---------------- 402,813 ----------------
================================================================================================================================== SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - June 30, 2008 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- COUPON MATURITY Quantity/Par ($) NAME OF ISSUER RATE (%) DATE MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- NORTH DAKOTA (1.0%) 105,000 City of Washburn (Bismarck State College Fdtn.) 5.01 4/1/2032 101,462 250,000 Grand Forks Healthcare Sys. Rev. (Altru Health) 5.63 8/15/2027 249,402 ---------------- 350,864 ---------------- OHIO (4.0%) 250,000 Akron Bath Copley Hosp. Rev. (Summa Hlth.) 5.25 11/15/2031 245,690 100,000 Buckeye OH Tob. Settlement Asset-Backed Sr. Rev. 5.13 6/1/2024 90,436 350,000 Erie Co. Hosp. Facs. Rev. (Firelands Regl. Med. Ctr.) 5.63 8/15/2032 351,288 300,000 Greene Co. Impt. Rev. Notes (Greene Town Ctr.) 6.00 3/5/2009 300,861 205,000 Hamilton Co. Healthcare Rev. Ref. (Life Enriching) 5.00 1/1/2027 183,329 250,000 Toledo-Lucas Co. Spl. Assmt. Rev. (Crocker Park) 5.38 12/1/2035 233,543 ---------------- 1,405,147 ---------------- OKLAHOMA (0.8%) 195,000 Atoka Co. Hlth. Care Rev. (Atoka Mem. Hosp) 5.88 10/1/2018 183,045 100,000 Grady Co. Indl. Auth. Lease Rev. 6.00 11/1/2029 101,193 ---------------- 284,238 ---------------- OREGON (1.0%) 100,000 Oregon St. Hlth. Hsg. Educ. & Cultural Facs. Rev. 8.00 11/15/2026 100,092 300,000 Western Generation Agy. Rev. (Wauna Cogeneration) 5.00 1/1/2021 257,274 ---------------- 357,366 ---------------- PENNSYLVANIA (2.4%) 350,000 Cambridge Area Jt. Auth. Gtd. Swr. Rev. 5.63 12/1/2028 346,920 50,000 Grove City Area Rev. (United Cmnty Hosp.) 5.25 7/1/2012 49,999 250,000 Lehigh Co. Gen. Purpose Rev. (St. Luke's Hosp) 2.81 8/15/2042 182,250 100,000 Lancaster Co. Hosp. Auth. Rev. (Brethren Vlg.) 5.20 7/1/2012 100,818 60,000 Montgomery Co. Indl. Dev. Auth. (Whitemarsh) 6.00 2/1/2021 56,803 100,000 Quakertown Gen. Auth. Hlth. Rev. (Lifequest) 6.05 7/20/2024 105,023 ---------------- 841,813 ---------------- SOUTH CAROLINA (1.1%) 150,000 SC Educ. Facs. Auth. Rev. (Southern Wesleyan Univ.) 5.00 3/1/2020 140,885 150,000 SC Jobs EDA Rev. Ref. & Impt. (Hampton Med.) 4.75 11/1/2012 141,719 100,000 SC Jobs EDA Rev. Ref. & Impt. (Hampton Med.) 4.75 11/1/2013 93,683 ---------------- 376,287 ---------------- TENNESSEE (0.5%) 200,000 Blount Co. Hlth. & Educ. Facs. (Asbury, Inc.) 5.13 4/1/2023 176,738 ---------------- TEXAS (8.3%) 200,000 Abilene Hlth. Facs. Rev. (Sears Methodist) 5.15 11/15/2028 193,736 150,000 Austin Convention Enterprises Rev. Ref. 5.25 1/1/2024 138,748 95,000 Bexar Co. Hsg. Rev. Ref. (Nob Hill Apts.) 5.50 6/1/2011 89,480 150,000 Bexar Co. Hsg. Corp. Rev. (Dymaxion & Marbach) 6.10 8/1/2030 154,404 100,000 Bexar Co. Hsg. Fin. Corp. Rev. (American Oppty.) 5.80 1/1/2031 101,692 180,000 El Paso Hlth. Facs. Rev. (Bienvivir Sr. Hlth.) 7.00 8/15/2012 194,863 135,000 Galveston Co. Muni. Util. No. 52 6.00 8/13/2008 135,648 60,000 Harris Co. Hsg. Rev. Sr. Lien (Windsor Hsg. Fdn.) 6.30 6/1/2025 60,128 100,000 Hopkins Co. Hosp. Dist. Rev. 5.75 2/15/2028 96,573 250,000 Lewisville Combination Contract Impt. Rev. 6.75 10/1/2032 241,897 100,000 Kerrville Hlth. Facs. Rev. (Sid Peterson) 5.45 8/15/2035 90,811 250,000 Midlothian Dev. Auth. Tax Alloc. Rev. Ref. 5.00 11/15/2016 244,025 200,000 North TX Twy. Rev. Ref. First Tier 5.63 1/1/2033 200,510 100,000 Richardson Rev. Ref. & Impt. (Baylor/Richardson) 5.63 12/1/2028 94,379 50,000 Tarrant Co. Cultural Educ. Rev. (C.C. Young) 5.00 2/15/2013 47,635 150,000 TX Pub. Fin. Auth. Rev. (Uplift Educ.) 5.35 12/1/2017 147,599 250,000 TX Pub. Fin. Auth. Rev. (Idea Pub. School) 5.00 8/15/2030 208,348 250,000 Travis Co. Hlth. Dev. Corp. (Querencia Barton Cr.) 5.10 11/15/2015 236,645 250,000 Tyler Hlth. Facs. Dev. Corp. (Mother Frances) 5.00 7/1/2033 220,478 ---------------- 2,897,599 ---------------- UTAH (1.0%) 200,000 Provo Charter Sch. Rev. (Freedom Academy Fdn.) 5.50 6/15/2037 165,534 200,000 UT Assoc. Muni. Pwr. Sys. Rev. 5.00 5/1/2027 178,634 ---------------- 344,168 ---------------- WASHINGTON (1.5%) 200,000 Kalispel Tribe Indians Priority Dist. Rev. 6.20 1/1/2016 191,524 100,000 Quinault Indian Nation Rev. Ref. & Impt. (Beach) 5.80 12/1/2015 94,631 150,000 WA St. Hsg. Fin. Commn. Rev. (Skyline First Hill) 5.25 1/1/2017 141,971 100,000 WA St. Hsg. Fin. Commn. Rev. (Skyline First Hill) 5.25 1/1/2013 97,160 ---------------- 525,286 ----------------
================================================================================================================================== SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - June 30, 2008 (Unaudited) ================================================================================================================================== - ---------------------------------------------------------------------------------------------------------------------------------- COUPON MATURITY Quantity/Par ($) NAME OF ISSUER RATE (%) DATE MARKET VALUE (1) - ---------------------------------------------------------------------------------------------------------------------------------- VIRGINIA (0.9%) 250,000 Fairfax Co. EDA Rev. (Goodwin House) 5.00 10/1/2022 238,452 100,000 VA Tobacco Settlement Fin. Corp. Senior Rev. 5.00 6/1/2047 74,423 ---------------- 312,875 ---------------- WISCONSIN (2.8%) 110,000 Milwaukee Redev. Auth. Rev. (Academy of Learning) 5.50 8/1/2022 100,228 130,000 Milwaukee Redev. Auth. (Science Ed. Consortium) 5.13 8/1/2015 128,175 100,000 WI Hlth. & Educ. Facs. Auth. (Beaver Dam Hosp.) 6.00 8/15/2019 95,846 250,000 WI Hlth. & Educ Facs. Rev. Ref. (Three Pillars) 5.60 8/15/2023 248,170 100,000 WI Hlth. & Educ Facs. Rev. Ref. (Three Pillars) 5.75 8/15/2026 99,881 300,000 WI Hlth. & Educ Facs. Rev. (Sinai Samaritan Med. Ctr.) 5.88 8/15/2026 293,115 ---------------- 965,415 ---------------- Total municipal bonds (cost: $33,709,787) 32,192,056 ---------------- CLOSED-END MUTUAL FUNDS (1.6%) (2) 5,000 BlackRock MuniHoldings FL. Insured Fund (MFL) 59,800 10,000 DWS Strategic Muni Income Trust (KSM) 112,500 30,000 MFS High Income Muni trust (CXE) 159,300 20,000 Morgan Stanley Muni Income Opp. Trust (OIA) 151,000 5,000 Van Kampen Trust Invsmt. Grade Muni Fund (VGM) 69,500 ---------------- Total closed-end mutual funds (cost: $574,473) 552,100 ---------------- SHORT-TERM SECURITIES (12.6%) (2) 4,375,900 Dreyfus Tax-Exempt Cash Management Fund, 1.63% 4,375,900 ---------------- Total Short-Term Securities (cost: $4,375,900) 4,375,900 ---------------- Total investments in securities (cost: $38,660,160) $ 37,120,056 ---------------- Other Assets and Liabilities, Net (-6.58%) (2,292,244) ---------------- Total Net Assets $ 34,827,812 ================ ---------------- Aggregate Cost 38,660,160 ---------------- Gross Unrealized Appreciation 22,341 Gross Unrealized Depreciation (911,048) ---------------- Net Unrealized Appreciation(Depreciation) (888,707) ================
Notes To Schedule of Investments: - --------------------------------- (1) Securities Valuation: The Fund adopted Financial Accounting Standards Board ("FASB") Statement of Accounting Standards No. 157 ("FAS 157"). FAS 157 establishes a single definition of fair value, creates a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Fund's investments, and requires additional disclosure about fair value. The hierarchy of inputs is summarized below. LEVEL 1 - quoted prices in active markets for identical investments LEVEL 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) LEVEL 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) Securities are valued at the mean between the last quoted bid and asked prices provided by an independent pricing service that are based on transactions in municipal obligations, quotations from municipal bond dealers, market transactions in comparable securities and various other relationships between securities. When prices are not readily available, or are determined not to reflect fair value, the Fund may value these securities at fair value as determined in accordance with the procedures approved by the Fund's Board of Directors. Short-term obligations with maturities of 60 days or less are valued at amortized cost, which approximates fair value. The following is a summary of the inputs used in valuing the Fund's assets carried at fair value: INVESTMENTS IN SECURITIES VALUATION INPUTS AT VALUE ------------------------- Level 1 - Quoted Prices $37,120,056 Level 2 - Other Significant Observable Inputs -- Level 3 - Significant Unobservable Inputs -- - ------------------------------------------------------------------------------ Total $37,120,056 ============================================================================== (2) Percentage figures indicate percentage of total net assets. ITEM 2. CONTROLS AND PROCEDURES. ------------------------ (a) The principal financial officer and principal executive officer have concluded that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) of Sit Mutual Funds II, Inc. (the "Registrant") provide reasonable assurances that material information relating to the Registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report. (b) There was no change in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS -------- Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Sit Mutual Funds II, Inc. By: /s/Paul E. Rasmussen ---------------------------- Paul Rasmussen Vice President and Treasurer Date: August 15, 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: August 15, 2008 By: /s/Roger J. Sit ----------------------------- Roger J. Sit President Date: August 15, 2008 EX-99.CERT 2 sit-mfii083381_ex99cert.txt CERTIFICATIONS OF VP/PRES. 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: August 15, 2008 --------------- /s/Paul E. Rasmussen - ---------------------------- Paul E. Rasmussen Vice President and Treasurer I, Roger J. Sit, certify that: 1. I have reviewed this report on Form N-Q of Sit Mutual Funds II, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and c. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: August 15, 2008 --------------- /s/Roger J. Sit - --------------------- Roger J. Sit President -----END PRIVACY-ENHANCED MESSAGE-----