sit100231mfii_nq.htm - Generated by SEC Publisher for SEC Filing

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

3300 IDS Center, 80 S. 8^th Street, Minneapolis, MN 55402
(Address of principal executive offices) (Zip code)

The Registrant, Sit Mutual Funds II, Inc., is comprised of:

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer		Market Value (1)
Municipal Bonds (88.9%) (2)
	Alabama (1.5%)
		435,000	ASMS Pub. Educ. Bldg. Rev Series 2006-B (ASMSF LLC Proj.) (Ambac insured), 4.375%, 9/1/26		424,164
		565,000	Birmingham-Southern College Private Educ. Bldg. Rev. Series 1997, 5.35%, 12/1/19		496,889
			Dallas Co. Public Bldg. Auth. Rev. Series 1999 (Jail Proj.):
		290,000		5.80%, 12/1/13	296,342
		305,000		5.90%, 12/1/14	311,585
		200,000	Huntsville-Redstone Vlg. Spl. Care Facs. Fin. Auth. Rev Series 2007 (Redstone Vlg. Proj.), 5.25%, 1/1/15		194,904
		280,000	Selma G.O. Series 1999, 5.40%, 2/1/14		281,056
		290,000	University West Rev. Series 1999, 5.10%, 1/1/19		290,363
					2,295,303
	Arizona (3.3%)
		1,099,083	Arizona Hlth. Facs. Auth. Rev. Series 2007-A (New Ariz. Family Proj.), 5.25%, 7/1/27		856,658
			Pima Co. Indl. Dev. Auth. Educ. Rev.:
		225,000		Series 2004-I (AZ Charter Schools Proj.), 5.00%, 7/1/12	219,443
		245,000		Series 2004-I (AZ Charter Schools Proj.), 6.10%, 7/1/24	215,580
		250,000		Series 2004-A (Noah Webster Basic School Proj.), 5.25%, 12/15/16	233,655
		210,000		Series 2005-M (AZ Charter Schools Proj.), 5.70%, 7/1/23	178,729
		565,000		Series 2006 (Choice Educ. & Dev. Corp. Proj.), 6.00%, 6/1/16	522,139
		405,000		Series 2007-A (American Charter Schools Foundation Proj.), 5.125%, 7/1/15	385,965
		530,000		Series 2007-O (AZ Charter Schools Proj.), 4.65%, 7/1/14	492,269
		400,000		Ref. Series 2007 (Tucson Country Day School Proj.), 5.00%, 6/1/22	338,460
		500,000		Series 2007 (Center For Academic Success Proj.), 5.375%, 7/1/22	438,725
		250,000		Series 2008-A (Coral Academy Science Proj.), 6.375%, 12/1/18	242,803
		500,000	Quail Creek Cmnty. Fac. Dist. G.O. Series 2006, 5.15%, 7/15/16		455,435
		500,000	Westpark Cmnty. Facilities Dist. G.O. Series 2006, 4.90%, 7/15/16		460,270
					5,040,131
	California (7.5%)
		500,000	Agua Caliente Band Cahuilla Indians Rev. Series 2003, 6.00%, 7/1/18		485,645
		350,000	CA Co. Tobacco Securitization Agy. Asset-Backed Conv. Bond Rev. Series 2007-B, 5.10%, 6/1/28		296,474
			CA Co. Tobacco Securitization Agy. Rev. Series 2007-A (Golden Gate Tob. Proj.):
		380,000		4.50%, 6/1/21	336,528
		500,000		5.00%, 6/1/36	377,895
			CA Cmnty. Hsg. Fin. Agy. Lease Rev. Pass Thru Oblig.:
		120,000		Series 2005-D, 4.875%, 4/1/12	116,106
		350,000		Series 2005-F, 4.85%, 11/1/12	337,760
		500,000	CA Sch. Facs. Fin. Auth. Rev. Series 2010-A, zero coupon, 6.00% effective yield, 8/1/29		338,950
		500,000	CA Dept. Vet. Affairs Home Purchase Rev. Series 2002-A, 5.35%, 12/1/27		501,675
		495,000	CA Govt. Fin. Auth. Lease Rev. Series 2003-A (Placer Co. Transportation Proj.), 6.00%, 12/1/28		500,811
		250,000	CA Fin. Auth. Rev. Series 2009-A (Kern Regl. Ctr. Proj.), 6.875%, 5/1/25		252,967
		600,000	CA Fin. Auth. Educ. Rev. Series 2006-A (American Heritage Educ. Fndtn. Proj.), 5.25%, 6/1/26		518,424
		500,000	CA Infrastructure & Econ. Dev. Rev. Series 2009-A (CA Indpt. Sys. Operator Proj.), 6.00%, 2/1/30		532,320
			CA Public Works Board Lease Rev. Series 1993-A (Various CA State Univ. Proj.):
		210,000		5.25%, 12/1/13	210,706
		625,000		5.50%, 12/1/18	625,825
		500,000	CA Statewide Cmntys. Dev. Auth. Rev. Series 2007 (Lancer Educ. Student Hsg. Proj.), 5.40%, 6/1/17		460,815
		450,000	CA Statewide Cmntys. Dev. Auth. Spl. Tax Series 2007-1 (Orinda Proj.), 6.00%, 9/1/29		382,734

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
		590,000	CA Statewide Cmntys. Dev. Auth. Multifamily Rev. Series 2001 (Orange Tree Proj.)
				(GNMA collateralized), 6.15%, 11/20/36		706,425
		235,000	Garden Grove C.O.P Series 1993 (Bahia Village/Emerald Isle Proj.)(FSA insured), 5.70%, 8/1/23			235,841
		500,000	Hartnell Cmnty. College G.O. Series 2009-D, zero coupon, 7.00 effective yield, 8/1/34			242,935
		500,000	Hawthorne Sch. Dist. C.O.P. Series 2009-A, zero coupon, 6.00% effective yield, 12/1/29			373,340
		500,000	Northern CA Gas Auth. No. 1 Rev. Series 2007, variable rate, 7/1/27			376,250
		600,000	Redondo Beach School District G.O. Series, zero coupon, 6.38% effective yield, 8/1/34			405,462
		500,000	Sacramento Co. Wtr. Fin. Auth. Rev. Series 2007-B (Wtr. Agy. Zones 40 & 41 Proj.), variable rate, 6/1/39			333,625
		1,000,000	San Bernardino City. Sch. Dist. G.O. Cap. Appreciation Series 2007 (NATL insured),
				zero coupon, 4.72% effective yield, 8/1/29		246,890
		500,000	San Francisco City & Co. C.O.P. Series 2000 (San Bruno Jail Proj.), 5.25%, 10/1/33			503,345
		250,000	San Joaquin Hills Toll Rd. Rev. Refunding Series 1997-A, 5.25%, 1/15/30			210,090
			Santa Rosa Rancheria Tachi Yokut Tribe Enterprise Rev. Series 2006:
		95,000			4.50%, 3/1/11	94,856
		385,000			4.875%, 3/1/16	337,518
		350,000	Southwest Cmnty. Fin. Auth. Rev. Series 2008 (Riverside Co. Proj.), 6.00%, 5/1/24			377,048
		250,000	Stockton Pub. Fin. Rev. Series 2006-A (Redevelopment Projects) (Radian insured), 5.00%, 9/1/22			217,358
		500,000	Westminster G.O. Series 2009-A1, zero coupon, 5.37 effective yield, 8/1/24			219,055
		250,000	Yuba Redev. Agy. Tax. Allocation Series 2007, 5.125%, 9/1/27			215,588
						11,371,261
	Colorado (3.3%)
		250,000	Baptist Rd. Rural Transportation Auth. Sales & Use Tax. Rev. Series 2007, 4.80%, 12/1/17			197,435
		750,000	CO HFA Single Family Program Senior Series 2008-A-5, 5.00%, 11/1/34			755,595
		100,000	CO Hlth. Fac. Auth. Rev. Series 2000-A (Porter Place Proj.) (GNMA collateralized), 5.10%, 1/20/11			100,799
		500,000	CO Hsg. & Fin. Auth. Single Family Mtg. Rev. Series 2009-A1, 5.50%, 11/1/29			519,940
		250,000	CO Hlth. Facs. Auth. Rev. Series 2009-A (Hlth. Care Facs. - Amern. Baptist), 6.50%, 8/1/15			248,830
		1,000,000	Compark Business Campus Met. Dist. Ref. & Impt. G.O. Series 2007-A (Radian insured), 5.75%, 12/1/27			806,290
		250,000	Denver City & Co. Excise Tax Rev. Ref. Series 2009-A, 6.00%, 9/1/23			281,412
		970,000	Denver Hlth. & Hosp. Auth. Healthcare Rev. Series 2007-B, variable rate, 12/1/33			659,600
		747,045	Lyons Rev. Series 2006 (Longmont Humane Soc. Proj.), 4.75%, 11/30/16			672,012
		500,000	Maher Ranch Met. Dist. No. 4 Ref. G.O. Series 2007 (Radian insured), 5.25%, 12/1/36			394,585
		500,000	Walker Field Pub. Airport Auth. Rev. Series 2007, 4.75%, 12/1/27			450,205
						5,086,703
	Connecticut (0.4%)
		500,000	Hamden Fac. Rev. Series 2009-B (Whitney Ctr. Proj.), 6.13%, 1/1/14			492,110
		300,000	Mashantucket Western Pequot Subordinated Special Rev. Series 1997-B, 5.75%, 9/1/18			168,156
						660,266
	Delaware (0.2%)
		500,000	Millsboro Spl. Oblig. Rev. Series 2007-A (Plantation Lakes Spl. Dev. Proj.), 5.45%, 7/1/36			315,330

	Florida (5.7%)
		75,000	Arbor Greene Cmnty. Dev. Dist. Spl. Assmt. Rev. Ref. Series 2006, 5.00%, 5/1/19			74,278
		775,000	Belmont Cmnty. Dev. Dist. Cap. Impt. Rev. Series 2006-B, 5.125%, 11/01/14 (3)			177,917

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
	Quantity/Par ($)	Name of Issuer		Market Value (1)
		Capital Trust Agy. Multifamily Rev. Sr. Series 2003-A:
	435,000		(Golf Villas, Rivermill, and Village Square Apts. Proj.), 4.75%, 6/1/13	330,596
	1,000,000		(American Opportunity Proj.), 5.875%, 6/1/38	449,580
	30,000	Clearwater Hsg. Auth. Rev. Ref. Series 1997 (Hamptons At Clearwater Proj.) (ACA insured), 5.40%, 5/1/13		29,346
	45,000	Cocoa Cap. Impt. Rev. Series 1998 (NATL insured), 5.00%, 10/1/22		45,010
	435,000	Concorde Estates Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2004-B, 5.00%, 5/1/11 (3)		151,989
	400,000	Connerton West Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2007-B, 5.125%, 5/1/16 (3)		153,272
	100,000	Fiddlers Creek Cmnty. Dev. Dist. No. 2 Spl. Assmt. Rev. Series 2003-B, 5.75%, 5/1/13 (3)		39,960
	25,000	FL Brd. Pub. Educ. Cap. Outlay G.O. Ref. Series 1989-A, 5.00%, 6/1/24		25,077
	40,000	FL Correctional Privatization Commn. Certificate of Participation Series 1995-B
			(Polk Co. 350 Bed Youth Proj.), 5.00%, 8/1/17	40,037
	65,000	Forest Creek Cmnty. Dev. Dist. Cap. Impt. Spl. Assmt. Rev. Series 2005-B, 4.85%, 5/1/11 (3)		38,546
		Highlands Co. Hlth. Facs. Auth. Rev. (Adventist Health Proj.):
	10,000		Ref. Series 2005-B, 5.00%, 11/15/30	11,614
	80,000		Series 2005-B, 5.00%, 11/15/30	76,694
	250,000	Gramercy Farms Cmnty. Dev. Dist. Spl. Assessment Series 2007-B, 5.10%, 5/1/14 (3)		122,302
	490,000	Jacksonville Econ. Dev. Commn. Hlth. Care Facs. Rev. Ref. Series 2007-A
			(FL Proton Therapy Inst. Proj.), 6.00%, 91/17	498,374
	500,000	Lake Ashton Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 11/1/11 (3)		209,850
	1,000,000	Lee Co. Indus. Dev. Auth. Hlth. Care Fac. Rev. Series 2007-A (Lee Charter Foundation), 5.25%, 6/15/27		766,870
	250,000	Magnolia Creek Cmnty. Dev. Dist. Rev. Series 2007-B, 5.60%, 5/1/14 (3)		152,820
	300,000	Madeira Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 5.25%, 11/1/14 (3)		155,985
	500,000	Miami Beach Hlth. Facs. Auth. Hosp. Rev. Series 1998 (Mt. Sinai Med. Ctr. Proj.), 5.375%, 11/15/28		404,810
	100,000	Miami Beach Stormwater Rev. Series 2000 (FGIC insured), 5.25%, 9/1/25		101,297
		Miami - Dade Co. Spl. Obligation:
	265,000		Sub. Series 1997-B, zero coupon, 5.44% effective yield, 10/1/33	50,538
	40,000	Miami-Dade Co. Pub. Service Tax Rev. Series 1999 (UMSA Pub. Impts. Proj.), 5.00%, 10/1/23		40,364
	1,000,000	New River Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 5/1/13 (3)		419,700
	60,000	Orlando & Orange Co. Expressway Auth. Rev. Jr. Lien Series 1998, 5.00%, 7/1/28		60,146
		Palm Beach Co. Hlth. Fac. Auth. Rev.:
	200,000		Ref. Series 2003 (Abbey Delray South Proj.), 5.15%, 10/1/12	206,000
	90,000		Series 1993 (Jupiter Med. Ctr. Inc. Proj.) (FSA insured), 5.25%, 8/1/18	90,050
	10,000	Parklands Lee Cmnty. Dev. Dist. Spl. Assmt. Series 2004-B, 5.125%, 5/1/11 (3)		5,494
	750,000	Riverwood Estates Cmnty. Dev. Dist. Spl. Assessment Series 2006-B, 5.00%, 5/1/13 (3)		149,775
	750,000	Sarasota Co. Hlth. Facs. Auth. Retirement Rev. Ref. Series 2007 (Village on the Isle Proj.), 5.50%, 1/1/27		677,798
	250,000	Sarasota Natl. Cmnty. Dev. Dist. Spl. Assessment Rev. Series 2007, 5.30%, 5/1/39 (3)		138,463
	500,000	Seminole Tribe Spl. Oblig. Rev. Series 2007-A, 5.50%, 10/1/24		465,520
	400,000	South Lake Co. Hosp. Dist. Rev. Series 2003 (South Lake Hosp. Inc. Proj.), 5.80%, 10/1/34		401,648
	1,000,000	Stoneybrook South Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 5.45%, 11/1/15 (3)		430,970
	750,000	Tolomato Cmnty. Dev. Dist. Spl. Assmt. Series 2007, 6.375%, 5/1/17		663,098
	670,000	Waters Edge Cmnty. Dev. Dist. Cap. Impt. Spl. Assessment Rev. Series 2006-B, 5.00%, 11/1/12		378,228

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
		500,000	Waterset North Cmnty. Dev. Dist. Spl. Assmt. Rev. Series 2007-B, 6.55%, 11/1/15 (3)			308,595
		50,000	West Villages Impt. Dist. Spl. Assmt. Rev. Series 2006 (Unit of Dev. No. 3), 5.50%, 5/1/37 (3)			23,986
		450,000	Zephyr Ridge Cmnty. Dev. Dist. Spl. Assessment Rev. Series 2006-B, 5.25%, 5/1/13 (3)			179,915
						8,746,512
	Georgia (1.1%)
		1,470,000	East Point Tax Allocation Series 2002-A, 8.00%, 2/1/26			1,488,875
		250,000	Medical Ctr. Hosp. Auth. Rev. Ref. Series 2007 (Spring Harbor Green Isl. Proj.), 5.25%, 7/1/27			202,140
						1,691,015
	Hawaii (0.3%)
		500,000	HI Dept. Budget & Fin. Special Purpose Rev. Series 2009-C2, 6.40%, 11/15/14			504,855

	Idaho (0.5%)
			ID Hsg. & Fin. Assn. Nonprofit Facs. Rev. Series 2008-A:
		250,000		(Idaho Arts Charter School Proj.), 5.50%, 12/1/18		225,112
		250,000		(Liberty Charter School Proj.), 5.50%, 6/1/21		240,760
		250,000		(Victory Charter School Proj.), 5.625%, 7/1/21		238,105
						703,977
	Illinois (10.0%)
		350,000	Chicago G.O. Ref. Series 2000-D, 5.50%, 1/1/35			354,144
		15,000	Chicago Metro Hsg. Dev. Corp. Mtg. Rev. Ref. Series 1992-A (FHA insured) (Section 8),
				6.85%, 7/1/22		15,026
		500,000	Harvey Ref. & Impt. G.O. Series 2007-A, 5.50%, 12/1/27			476,440
		500,000	IL DFA Rev. Ref. Series 2007 (Chicago Charter School Fdn. Proj.), 5.00%, 12/1/36			416,230
		1,000,000	IL Fin. Auth. Rev. Ref. Series 2007-A (Christian Homes, Inc. Proj.), 5.25%, 5/15/12			979,050
			IL DFA Refunding & New Money Rev. (Cmty. Rehab. Providers Fac. Acquisition Program):
		120,000		Series 1997-A, 6.05%, 7/1/19		119,401
		150,000		Series 1998-A, 5.70%, 7/1/19		145,512
		205,000		Series 2002-A (Cmnty. Rehab. Providers Fac. Proj.), 5.70%, 7/1/12		208,669
			IL Fin. Auth. Rev.:
		500,000		Ref. Series 2006 (Luther Hillside Village Proj.), 5.25%, 2/1/37		417,505
		700,000		Series 2006-A (Three Crowns Park Plaza Proj.), 5.875%, 2/15/38		579,334
		500,000		Series 2006 (Tabor Hills Supportive Living Proj.), 5.25%, 11/15/26		418,460
		500,000		Series 2006-A (Montgomery Place Proj.), 5.75%, 5/15/38		403,150
		350,000		Series 2007-A (Sedgebrook, Inc. Fac. Proj.), 5.40%, 11/15/16 (3)		139,860
			IL Fin. Auth. Sports Fac. Rev.:
				Series 2007-A (United Sports Org. of Barrington Proj.) (UTD insured):
		500,000			6.125%, 10/1/27	324,865
		500,000			6.25%, 10/1/37	310,480
		1,000,000		Series 2008 (North Shore Ice Arena Proj.), 6.25%, 12/1/38		762,650
				IL Hlth. Facs. Auth. Rev.:
		250,000			Series 1994 (Ingalls Hlth. Sys. Proj.), 6.25%, 5/15/14	252,460
		175,000			Series 2002 (Elmhurst Mem. Healthcare Proj.), 6.25%, 1/1/17	179,896
			Lombard Public Facs. Corp. Rev. First Tier:
				Series 2005-A1 (Conference Ctr. & Hotel Proj.):
		115,000			6.375%, 1/1/15	102,844
		750,000			(ACA insured) 5.50%, 1/1/25	540,105
		1,925,000		Series 2005-B (Conference Ctr. & Hotel Proj.), 5.25%, 1/1/36		1,846,017

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
		2,000,000	Malta Tax Allocation Rev. Series 2006, 5.75%, 12/30/25			1,220,660
		909,000	Manhattan Spl. Service Area Spl. Tax No. 07-6 Series 2007 (Groebe Farm-Stonegate Proj.), 5.75%, 3/1/22			581,215
		500,000	Metropolitan Pier & Expo Rev. Refunding Series 1996-A (McCormick Proj.), 5.25%, 6/15/27			500,230
			Southwestern IL Dev. Auth. Rev.:
		2,475,000		Series 1999 (Anderson Hosp. Proj.), 5.625%, 8/15/29		2,379,638
		685,000		Ref. Series 2008-A (Local Govt. Prog.), 7.00%, 10/1/22		631,782
		480,000		Series 2006 (Village of Sauget Proj.), 5.625%, 11/1/26		337,296
		145,000	Upper Illinois River Valley Dev. Auth. Rev. Series 2001 (Morris Hosp. Proj.), 6.05%, 12/1/11			150,826
		440,000	Will Co. Spl. Educ. Rev. Series 2006, 5.40%, 1/1/18			463,078
						15,256,823
	Indiana (2.5%)
		250,000	Crown Point Economic Dev. Rev. Series 2009-C2 (Wittenberg Vlg. Proj.), 6.50%, 11/15/13			249,975
		100,000	Elkhart Co. Ind. Hosp. Auth. Rev. Series 1998 (Elkhart General Hosp. Proj.), 5.25%, 8/15/28			91,441
			IN Hlth. & Educ. Fac. Fin. Auth. Rev. Series 2005 (Baptist Homes of IN Proj.):
		400,000		5.25%, 11/15/25		375,372
		250,000		5.25%, 11/15/35		215,550
		215,000	IN Hlth. Fac. Fin. Auth. Hlth. Fac. Rev. Series 1998 (Holy Cross Health Sys. Corp. Proj.)
				(NATL insured), 5.00%, 12/1/28		215,327
			IN Hlth. Fac. Fin. Auth. Hosp. Rev.:
				Series 1993 (Community Hosp. of Anderson Proj.) (NATL insured):
		90,000			6.00%, 1/1/14	90,176
		280,000			6.00%, 1/1/23	280,190
		300,000		Ref. Series 1998 (Jackson Proj.), 5.125%, 2/15/17		300,171
				Series 2001-A (Community Foundation Northwest IN):
		495,000			5.50%, 8/1/13	513,023
		360,000			6.375%, 8/1/21	369,482
		50,000			6.375%, 8/1/31	50,618
		250,000	IN Fin. Auth. Rev. Series 2009-A (Drexel Fndtn Educ. Facs. Proj.), 6.00%, 10/1/21			248,725
		400,000	St. Joseph Co. Hosp. Auth. Hlth. Fac. Rev. Series 2005 (Madison Ctr. Oblig. Group Proj.), 5.25%, 2/15/28			328,708
		500,000	Vigo Co. Hosp. Auth. Rev. Series 2007 (Union Hosp. Inc. Proj.), 5.50%, 9/1/27			420,120
						3,748,878
	Iowa (1.1%)
		405,000	Dickinson Co. Hsg. Sr. Rev. Series 2006-A (Spirit Lake - GEAC LLC Proj.), 5.375%, 12/1/16			380,064
		410,000	IA Fin. Auth. Sr. Hsg. Rev. Ref. Series 2007-A (Walnut Ridge Proj.), 5.00%, 12/1/14			352,231
		500,000	IA Fin. Auth. Sr. Living Fac. Rev. Series 2007-A (Deerfield Ret. Cmnty. Inc. Proj.), 5.00%, 11/15/21			361,120
		500,000	IA Student Loan Liquidity Corp. Rev. Series 2009, 5.25%, 12/1/24			515,575
						1,608,990
	Louisiana (4.6%)
		7,200,000	Capital Appreciation Series 2000-D1 (GNMA & FNMA collateralized) zero coupon,
				6.46% effective yield, 4/1/34		1,537,128
		354,586	Denham Springs - Livingston Hsg. & Mtg. Rev Series 2007, 5.00%, 11/1/40			353,749
		105,000	East Baton Rouge Fin. Auth. Single Family Mtg. Rev. Ref.
				Series 2007-B1 (GNMA/FNMA/FHLMC supported), 4.625%, 10/1/24		106,738
		1,200,000	Jefferson Parish Fin. Auth. Single Family Mtg. Rev. Series 2007-D, 5.00%, 6/1/38			1,191,492
		200,000	Juban Park Cmnty. Dev. Dist. Special Assessment Series 2006, 5.15%, 10/1/14			175,580
		166,000	Layayette Pub. Fin. Auth. Single Family Mortgage Backed Rev.
				Series 2007 (GNMA/FNMA/FHLMC supported), 5.35%, 1/1/41		169,029

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer		Market Value (1)
			LA Hsg. Fin. Agy. Single Family Mtg. Rev.:
		2,015,000		Series 2007-B1, 5.70%, 12/1/38	2,069,889
		205,000		Series 2008-B (Home Ownership Prog.) (GNMA/FNMA/FHLMC supported), 6.00%, 12/1/28	219,065
		750,000	LA Public Facs. Auth. Rev. Ref. Series 2007-A2 (Tulane Univ. Proj.), variable rate, 2/15/36		486,000
		250,000	New Orleans Aviation Board Rev. Series 2009-A, 6.00%, 1/1/25		249,268
		525,000	St. John Baptist Parish Rev. Series 2007-A (Marathon Oil Corp.), 5.125%, 6/1/37		471,193
					7,029,131

	Maine (0.3%)
		500,000	ME Educ. Auth. Student Loan Rev. 2009-A2, 5.625%, 12/1/27		519,790

	Maryland (0.1%)
		205,000	MD Economic Dev. Corp. Rev. Ref. Sr. Lien Series 2006-A (Chesapeake Bay Proj.), 4.75%, 12/1/11		188,180

	Massachusetts (0.8%)
		250,000	MA St. G.O. Series 2007-A (FGIC insured), variable rate, 5/1/37		183,875
		250,000	MA Dev. Fin. Agy. Fac. Rev. Series 2009-B2, 6.25%, 6/1/14		250,235
		845,000	MA Hlth. & Educ. Fac. Auth. Rev. Series 2008-A (Quincy Med. Ctr. Proj.), 5.125%, 1/15/12		847,543
					1,281,653
	Michigan (2.2%)
		500,000	Jackson Co. Hosp. Fin. Auth. Rev. Series 1997 (W.A. Foote Mem. Hosp. Proj.), 5.25%, 6/1/17		495,745
		115,000	MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2006 (Black River School Proj.),
				5.125%, 9/1/11	113,313
		500,000	MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Series 2007 (Richfield Pub. Sch. Proj.), 5.00%, 9/1/22		413,540
		650,000	MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2007 (Bradford Proj.), 6.00%, 9/1/16		636,343
		500,000	MI Pub. Educ. Facs. Auth Ltd. Obligation Rev. Ref. Series 2007 (Nataki Talibah Proj.), 6.25%, 10/1/23		420,400
		500,000	MI Hosp. Fin. Auth. Rev. Ref. Series 1998-A (Mclaren Hlth. Care Proj.) (NATL-IBC insured), 5.00%, 6/1/28		481,905
		250,000	MI Tobacco Settlement Fin. Auth. Sr. Rev. Series 2007-A, 5.125%, 6/1/22		222,175
		500,000	Saginaw Hosp Fin. Auth. Series 2000-F (Covenant Med. Ctr. Proj.), 6.50%, 7/1/30		506,435
					3,289,856
	Minnesota (2.1%)
		2,101,504	Intermediate Sch. Dist. 287 Lease Rev. Series 2006, 5.295%, 11/1/32		2,046,508
		600,000	MN HFA Rev. Series 2009, 5.10%, 1/1/40		599,082
		583,264	St. Paul Hsg. & Redev. Auth. Rev. Series 2006 (Nursing Home NTS-Episcopal Proj.), 5.63%, 10/1/33		484,074
					3,129,664
	Mississippi (0.5%)
			MS Home Corp. Single Fam. Mtg. Rev. (GNMA/FNMA/FHLMC supported):
		230,000		Series 2007-C1, 5.60%, 6/1/38	244,856
		405,000		Series 2008-B2, 6.75%, 6/1/39	450,749
					695,605
	Missouri (3.3%)
		150,000	Branson Cmnty. Park Impt. Dist. Spl. Assessment Rev. Series 2007-A, 5.00%, 6/1/10		150,048
		80,000	Cape Girardeau Co. Indl. Dev. Auth. Hlth. Care Fac. Rev. (Southwest MO Hosp. Assoc. Proj.)
				Series 2002, 5.75%, 6/1/32	75,482
		500,000	Chillicothe Tax Increment Rev Series 2006 (South U.S. 65 Proj.), 5.625%, 4/1/27		419,810
		250,000	Independence 39th St. Transn. Dist. Rev. Ref. & Impt. Series 2008 (Road Impt. Proj.), 6.875%, 9/1/32		236,955
		1,000,000	Joplin Indl. Dev. Auth. Rev. Ref. Series 2007-F (Christian Homes Inc. Proj.), 5.50%, 5/15/17		877,370

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
		500,000	Kansas City Indl. Dev. Auth. Multifamily Hsg. Rev. Series 2009-B (Grand Blvd. Lofts Proj.), 5.00%, 1/1/12			495,045
				Series 2007-E (Independence - Centerpoint Proj.):
		250,000			5.125%, 4/1/25	252,315
		500,000			4.75%, 4/1/28	471,395
		750,000	Lakeside 370 Levee Dist. Impt. Spl. Tax Series 2008, 7.00%, 4/1/28			733,290
		300,000	MO Hlth. & Educ. Fac. Auth. Rev. Series 2005-A (Sr. Living Fac.-Lutheran Sr. Svcs. Proj.), 5.375%, 2/1/35			264,204
		400,000	MO Hlth. & Educ. Fac. Auth. Educ. Fac. Rev. Series 2007-B (Riverside Horizons Proj.)
				(ACA insured), 4.50%, 5/1/27		339,860
		250,000	St. Louis Indl. Dev. Auth. Sr. Living Facs. Rev. Series 2007-A (Friendship Vlg.), 5.375%, 9/1/21			237,405
		405,000	St. Louis Indl. Dev. Auth. Tax Allocation Rev. Series 2006 (Southtown Redev. Proj.), 5.125%, 5/1/26			307,399
		220,000	Univ. City Indl. Dev. Auth. Hsg. Rev. Ref. Series 1995-A (Canterbury Proj., 5.75%, 12/20/15			220,167
						5,080,745
	Montana (0.6%)
		828,974	MT Fac. Fin. Auth. Rev. Series 2005 (Great Falls Pre-Release Svcs. Proj.), 5.08%, 4/1/21			872,495

	Nebraska (0.2%)
		500,000	Mead Vlg. Tax Allocation Rev. Series 2006-A (E3 Biofuels - Mead LLC Proj.), 5.125%, 7/1/12 (3)			262,450

	Nevada (2.5%)
		250,000	Clark Co. Econ. Dev. Rev. Series 2003 (Alexander Dawson Sch. Proj.), 5.375%, 5/15/33			248,503
		415,000	Clark Co. Impt. Spl. Assmt. Series 2007-A (Summerlin Proj.), 4.85%, 2/1/17			367,209
		600,000	Las Vegas Paiute Tribe Rev. Series 2002A (ACA insured), 6.625%, 11/1/17			524,592
		750,000	Las Vegas Redev. Agy. Tax Allocation Rev. Series 2009, 7.50%, 6/15/23			841,770
		300,000	North Las Vegas LOC Impt. Spl. Assessment Ref. Sub. Spl. Series 2006-B (Impt. Dist. No. 60), 4.50%, 12/1/10			299,004
			NV Hsg. Dev. SF Mtg. Program Mezzanine Series 1998B:
		85,000		5.30%, 4/1/16		85,347
		550,000		5.10%, 10/1/40		548,262
			Sparks Redev. Agy. Tax Increment Rev. Series 2008 (Redev. Area No. 2 Proj.):
		275,000		6.13%, 6/1/15		270,091
		500,000		6.40%, 6/1/20		462,380
		250,000	Sparks Tourism Impt. Dist. No. 1 Sr. Sales Tax Series 2008-A, 6.50%, 6/15/20			227,875
						3,875,033
	New Hampshire (0.6%)
			Manchester Hsg. & Redev. Auth. Rev.:
		200,000		Series 2000-B (Radian insured) zero coupon, 5.25% effective yield, 1/1/19		91,344
		890,000		Series 2000-A (ACA insured), 6.75%, 1/1/15		859,366
						950,710
	New Jersey (1.4%)
		490,000	NJ Hlth. Care Facs. Fin. Auth. Rev. Series 2007-E (Catholic Hlth. Issue Proj.), variable rate, 11/15/33			324,380
		965,000	NJ Hsg. & Mtg. Fin. Agy. Rev. Series 2009-FF, 5.05%, 10/1/39			961,980
		750,000	NJ Hgr. Educ. Assistance Auth. Student Loan Rev. Series 2009-A, 5.00%, 6/1/27			784,357
						2,070,717
	New Mexico (2.6%)
			Farmington Pollution Ctl. Rev. Ref. (Pub. Svc. Co. San Juan Proj.):
		250,000		Series 1996-B, 6.30%, 12/1/16		250,095
		1,000,000		Series 1996-C, 5.70%, 12/1/16		999,900
		420,000	NM MFA Forward Mortgage-Backed Series 1995-E (GNMA collateralized), 6.95%, 1/1/26			428,547

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer		Market Value (1)
			NM MFA Single Family Mtg. Rev.:
		500,000		Series 2009-IE (GNMA/FNMA/FHLMC collateralized), 4.80%, 9/1/29	496,195
		1,000,000		Series 2009-IB2 (GNMA/FNMA/FHLMC collateralized), 5.25%, 9/1/34	1,024,790
		500,000		Series 2009-IC2 (GNMA/FNMA/FHLMC collateralized), 5.35%, 9/1/30	513,445
		250,000	NM State Hosp. Equip. Ln. Council Hosp. Rev. Ref. Series 2007-A (Rehoboth Proj.), 5.00%, 8/15/17		220,560
					3,933,532
	New York (1.0%)
		250,000	Madison Co. Indl. Dev. Agy. Civic Fac. Rev. Series 2007 (Oneida Hlth. Sys., Inc. Proj.), 4.50%, 2/1/17		237,597
		250,000	Seneca Nation Indians Cap. Impt. Auth. Spl. Oblig. Rev. Series 2007-A, 5.00%, 12/1/23		205,335
			Ulster Co. Indl. Dev. Agy. Civic Fac. Rev. Series 2007-A:
		500,000		5.10%, 9/15/13	495,610
		650,000		5.25%, 9/15/16	599,190
					1,537,732
	North Carolina (0.6%)
		750,000	Buncome Co. Proj. Dev. Fin. Rev. Series 2008 (Woodfin Downtown Corridor Dev. Proj.), 6.75%, 8/1/24		679,627
		250,000	NC Med. Care Commission Retirement Facs. Rev. Ref. Series 2007 (Brookwood Proj.), 5.25%, 1/1/32		178,863
					858,490
	North Dakota (0.2%)
		148,236	City of Washburn Series 2007-B (Bismarck State College Fdtn.), 5.01%, 4/1/32		146,059
		175,000	Williams Co. Sales Tax Rev. Series 2006, 5.00%, 11/1/31		151,926
					297,985
	Northern Mariana Islands (0.2%)
		450,000	Northern Mariana Islands Commonwealth G.O. Ref. Series 2007-B, 5.00%, 10/1/22		369,297

	Ohio (2.2%)
		330,000	Blue Ash Tax Allocation Rev. Series 2006 (Duke Realty Ohio Proj.), 5.00%, 12/1/21		301,201
		445,000	Buckeye Tobacco Settlement Fin. Auth. Asset-Backed Sr. Rev. Series 2007-A2, 5.125%, 6/1/24		399,815
		295,000	Cleveland-Cuyahoga Port. Auth. Dev. Rev. Series 1999-A (Port of Cleveland Bond Fund Capital
				Imprv. Proj.), 5.375%, 5/15/19	273,126
			Cleveland-Cuyahoga Co. Port. Auth. Dev. Rev. :
		250,000		Series 2005-B (Fairmount Proj.), 5.125%, 5/15/25	206,372
		730,000		Series 2006-A (Sr. Hsg. - St. Clarence - Geac Proj.), 6.00%, 5/1/21	665,986
		750,000	Cuyahoga Co. Hsg. Mtg. Sr. Rev. Series 2007 (R H Myers Apts. Proj.), 5.70%, 3/20/42		782,707
		250,000	Erie Co. Hosp. Facs. Rev. Series 2002-A (Firelands Regl. Med. Ctr. Proj.), 5.625%, 8/15/32		226,985
		250,000	OH Hsg. Fin. Agy. Residential Mtg. Rev. Series 2008-F, 5.45%, 9/1/33		256,775
		250,000	Toldeo-Lucas Co. Port Auth. Spl. Assessment Rev. Series 2003 (Crocker Park), 5.38%, 12/1/35		202,210
					3,315,177
	Oklahoma (1.1%)
		500,000	Atoka Co. Health Care Auth. Hosp. Rev. Series 2007 (Atoka Mem. Hosp. Proj.), 5.875%, 10/1/18		466,065
		500,000	Citizen Potawatomi Nation Tax Rev. Series 2004-A, 6.50%, 9/1/16		485,610
		215,000	Valley View Hosp. Auth. Rev. Ref. Series 1996, 6.00%, 8/15/14		215,267
		500,000	Weatherford Hosp. Auth. Rev. Series 2006, 6.00%, 5/1/16		476,185
					1,643,127
	Oregon (0.7%)
		250,000	OR G.O. Series 2001-81 (Veterans Welfare Proj.), 5.25%, 10/1/42		251,265
		980,000	Western Generation Agy. Sub. Lien Rev. Series 2006-C (Wauna Cogeneration Proj.), 5.00%, 1/1/21		885,048
					1,136,313
	Pennsylvania (1.9%)
		490,000	Butler Co. Gen. Auth. Rev. Series 2007 (Butler Area Sch. Dist. Proj.), variable rate, 10/1/34		330,382

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
		250,000	Erie Co. Hosp. Auth. Rev. Series 2010-A (St. Vincents Hlth.), 7.00%, 7/1/27			249,750
		600,000	Geisinger Auth. Hlth. Sys. Rev. Series 2007 (Geisinger Hlth. Sys. Proj.), variable rate, 5/1/37			410,700
		250,000	Lehigh Co. General Purpose Auth. Rev. Rev. Series 2007 (Saint Luke's Bethlehem Proj.), variable rate, 8/15/42			154,875
		500,000	Luzerne Co. G.O. Notes Series 2009 (FSA insured), 7.00%, 11/1/26			561,585
		500,000	PA Econ. Dev. Fin. Auth. Hlth. Sys. Rev. Series 2009-A (Albert Einstein Hlth. Care Proj.), 6.25%, 10/15/23			526,110
			PA Turnpike Commn. Rev. Cap. Appreciation Sub Series 2009-C:
		500,000		zero coupon, 6.00% effective yield, 6/1/30		321,285
		500,000		zero coupon, 6.25% effective yield, 6/1/33		362,585
		25,000	South Fork Municipal Auth. Hosp. Rev. Series 1998-B (Conemaugh Valley Mem. Hosp. Proj.), 5.375%, 7/1/22			25,010
						2,942,282
	Puerto Rico (0.6%)
		500,000	Puerto RicoElec. Pwr. Auth. Rev. Ref. Series 2007-UU, variable rate, 7/1/25			381,125
		500,000	Puerto Rico Commonwealth Hwy. & Transportation Auth. Rev. Ref. Series 2007-N, variable rate, 7/1/45			239,750
		500,000	Puerto Rico Sales Tax. Fin. Corp. Rev. Series 2007-A, variable rate, 8/1/57			319,750
						940,625
	Rhode Island (1.0%)
		565,000	RI Hlth. & Educ. Bldg. Corp. Rev. Series 1997 (Steere House Proj.), 5.80%, 7/1/20			549,016
		500,000	RI Hsg. & Mtg. Fin. Corp. Rev. Series 2008-A2 (Home Ownership Oppty. Proj.), 5.625%, 10/1/38			517,455
		500,000	RI Student Loan Sr. Rev. Series 2009-A, 5.75%, 121/27			501,845
						1,568,316
	South Carolina (0.7%)
			SC Jobs Econ. Dev. Auth. Hlth. Care Fac. Rev. (Woodlands at Furman Proj.):
		500,000		Series 2007-A, 6.00%, 11/15/27		389,910
		250,000		Series 2007-B, 5.15%, 11/15/42		237,140
		500,000	SC Educ. Assist. Auth. Rev. Series 2009-I, 5.10%, 10/1/29			503,015
						1,130,065
	Tennessee (1.2%)
		495,000	Metro Govt. Nashville & Davidson Co. Hlth. & Educ. Facs. Brd. Multifamily Hsg. Rev.
				Series 2005-A (Prestige Proj.), 7.50%, 12/20/40 (3)		327,616
		240,000	Metro Govt. Nashville & Davidson Co. Indus. Dev. Brd. Rev. Ref.
				Series 2001-A (GNMA collateralized), 6.625%, 3/20/36		251,489
			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)	189,366
		7,875,000			Senior Series 1998-A, 5.55%, 1/1/29 (3)	794,981
		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)	210,000
		405,000			Subordinate Series 1995-C, 7.50%, 9/1/25 (3)	4
						1,773,472
	Texas (9.3%)
		450,000	Austin Convention Enterprises, Inc. (Convention Ctr.) Rev. Ref. Series 2006, 5.25%, 1/1/24			389,110
		20,000	Austin Utilities System Rev. Ref. Series 1993 (NATL insured), 5.25%, 5/15/18			20,060
			Bexar Co. HFC Multifamily Hsg. Rev.:
		250,000		Series 2000-A (Dymaxion & Marbach Pk. Apts. Proj.), 6.10%, 8/1/30		201,137
		540,000		Subordinated Series 2000-C (Honey Creek Apts. Proj.), 8.00%, 4/1/30		318,740
		90,000		Ref. Series 2001-A (Nob Hill Apartments Proj.), 5.50%, 6/1/11		86,345

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer		Market Value (1)
		100,000		Subordinated Series 2001-B (American Oppty. Hsg. Dublin Kingswood & Waterford Apts. Proj.), 7.50%, 12/1/14	91,580
		440,000		Series 2001-A-1 (American Opportunity -Waterford Proj.), 6.50%, 12/1/21	390,166
		500,000	Brazos River Hbr. Nav. Dist Rev. Series 2002-B-2 (Dow Chemical Co. Proj.), 4.75%, 5/15/33		447,595
		1,937,000	Dallas HFC Multifamily Mtg. Rev. Series 1998-A (GNMA collateralized) (Towne Ctr. Apts.), 6.75%, 10/20/32		2,016,514
		219,662	El Paso Hsg. Fin. Corp. Single Family Mtg. Rev. Series 2001-A3 (GNMA collateralized), 6.18%, 4/1/33		232,249
		1,241,889	Galveston Co. Municipal Util. Dist. No. 52 Series 2009-A, 6.69%, 2/23/10		1,054,985
		100,000	Harris Co. Spl. Rev. Sr. Lien Series 1998-A (Houston Sports Auth. Proj.), 5.00%, 11/15/28		94,056
		500,000	Harris Co. Cultural Educ. Facs. Fin. Corp. Rev Series 2009 (Space Center Houston Proj.), 6.75%, 8/15/21		495,590
		500,000	La Vernia Higher Educ. Fin. Corp. Rev. Series 2008 (Friends Life Proj.), 6.00%, 2/15/18		471,435
		250,000	North TX Twy. Auth. Toll Rev. Ref. Series 2008-F, 6.125%, 1/1/31		261,658
		1,000,000	Northeast TX Wtr. Dist. Rev. Series 2009 (Southside Water Facs. Proj.)
				zero coupon, 8.50% effective yield, 9/1/27	279,190
		750,000	Port Corpus Christi Auth. Gen. Rev. Ref. Series 1989 (Union Pacific-Conv.), 5.65%, 12/1/22		757,305
		1,175,000	Richardson Hosp. Auth. Rev. Ref. Series 1998 (Baylor/Richardson Proj.), 5.625%, 12/1/28		1,019,089
		385,000	Rio Grande Valley Hlth. Facs. Dev. Corp. Hosp. Rev. Series 1992 (Valley Baptist Proj.), 6.40%, 8/1/12		385,955
			Tarrant Co. Cultural Educ. Facs. Fin. Corp. Retirement Fac. Rev.:
		300,000		Series 2007 (C.C. Young Mem. Hom. Proj.), 5.00%, 2/15/13	288,915
		250,000		Series 2007 (Buckingham Sr. Living Cmnty. Inc. Proj.), 5.25%, 11/15/16	245,048
		500,000		Series 2009-C (Sr. Living Ctr. Proj.), 6.50%, 11/15/14	500,040
		500,000		Series 2009-B-2 (C.C. Young Mem. Home Proj.), 6.50%, 2/15/14	499,595
		490,000	Tarrant Co. HFC Multifamily Hsg. Rev. Subordinate Seroes 2001-C
				(Crossroads Apt. Proj.), 7.25%, 12/1/36 (3)	5
			TX Municipal Gas Acq. & Supply Corp. I Gas Supply Sr. Lien Rev.:
		500,000		Series 2006-C, variable rate, 12/15/26	343,500
		35,000		Series 2008-D, 6.25%, 12/15/26	37,576
		300,000	TX Municipal Gas Acq. & Supply Corp. II Gas Supply Rev. Series 2007, variable rate, 9/15/27		230,475
		220,000	TX Public Property Fin. Corp. Mental Hlth. & Mental Retardation Rev. Series 1996, 6.20%, 9/1/16		220,440
		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	411,985
			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	856,770
		735,000		Series 2006-A (Ed-Burnham Wood Proj.), 5.50%, 9/1/18	678,552
		835,000	Travis Co. Hlth. Facs. Dev. Corp. Retirement Fac. Rev. Series 2005
				(Querencia Barton Creek Proj.), 4.90%, 11/15/13	846,531
					14,172,191
	Utah (0.6%)
		250,000	Provo Charter Sch. Rev. Series 2007 (Freedom Academy Fdtn. Proj.), 5.50%, 6/15/37		189,823
		857,000	UT Assoc. Muni. Pwr. Sys. Rev Series 2007-A, 5.00%, 5/1/27		700,495
					890,318
	Virginia (1.8%)
		1,000,000	Farms New Kent Cmnty. Dev. Auth. Spl. Assmt. Series 2006-A, 5.125%, 3/1/36		626,480
		500,000	Virginia St. Hsg. Dev. Auth. Rev. Series 2009-F (Rental Hsg. Proj.), 5.00%, 12/1/39		500,350
		1,500,000	Virginia St. Hsg. Dev. Auth. Comwlth. Mtg. Rev. Series 2001-H1 (NATL insured), 5.38%, 7/1/36		1,511,475
		150,000	Washington Co. Indl. Dev. Auth. Hosp. Rev. Series 2009-C (Mtn. Sts. Hlth. Alliance Proj.), 7.25%, 7/1/19		178,785
					2,817,090

TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
	Washington (1.4%)
		915,000	Kalispel Tribe Indians Priority Dist. Rev. Series 2008, 6.20%, 1/1/16			858,782
		1,250,000	WA State Hsg. Fin. Commn. Nonprofit Rev. Series 2007-B (Skyline At First Hill Proj.), 5.10%, 1/1/13			1,218,125
						2,076,907
	West Virginia (0.9%)
		1,350,000	Pleasants Co. Pollution Ctrl. Rev. Series 1995-C (Monongahela Pwr. Co.), 6.15%, 5/1/15			1,351,566

	Wisconsin (4.2%)
		250,000	WI Gen. Rev. Appropriation Rev. Series 2009-A, 6.00%, 5/1/27			285,473
			WI Hlth. & Educ. Fac. Auth. Rev.:
		250,000		Series 1993-C (Sorrowful Mother Corp. Proj.), 5.50%, 8/15/23		250,068
		500,000		Series 1996 (Aurora Med. Group Proj.), 5.75%, 11/15/25		500,455
		1,000,000		Series 1999-A (Aurora Hlth. Care Proj), 5.60%, 2/15/29		988,370
		225,000		Series 1999-B (Aurora Hlth. Care Proj), 5.50%, 2/15/15		225,252
		500,000		Series 1999-B (Aurora Hlth. Care Proj)(ACA insured), 5.625%, 2/15/29		492,200
		900,000		Series 1999 (Divine Savior, Inc. Proj.)(ACA insured), 5.70%, 6/1/28		875,961
				Series 2001 (Agnesian Healthcare, Inc. Proj.):
		550,000			6.00%, 7/1/17	560,241
		340,000			6.00%, 7/1/21	343,339
		250,000		Series 2003 (Aurora Hlth. Care Proj), 6.40%, 4/15/33		254,780
				Series 2003 (Synergy Hlth., Inc. Proj.):
		205,000			6.00%, 11/15/23	212,454
		250,000			6.00%, 11/15/32	256,450
		450,000		Series 2004 (Blood Ctr. Southeastern Proj.), 5.50%, 6/1/24		460,944
		500,000		Series 2004-A (Beaver Dam Cmnty. Hosp., Inc.), 6.75%, 8/15/34		493,455
		250,000		Series 2009-C2 (St. Johns Cmntys., Inc.), 5.40%, 9/15/14		248,158
						6,447,600

Total municipal bonds (cost: $165,084,954)						135,478,158

Closed-End Mutual Funds (7.4%) (2)
		32,600	BlackRock Long-Term Municipal Advantage Trust (BTA)			333,172
		66,500	BlackRock MuniYield Insured Fund (MYI)			816,620
		33,800	BlackRock MuniHoldings Florida Insured Fund (MFL)			439,062
		54,500	BlackRock MuniYield Florida Fund (MYF)			691,060
		23,700	BlackRock MuniYield Michigan Insured Fund (MIY)			307,626
		23,000	BlackRock MuniYield Michigan Insured Fund II (MYM)			273,240
		208,600	DWS Municipal Income Trust (KTF)			2,457,308
		12,390	Eaton Vance National Municipal Income Trust (FEV)			142,981
		44,000	Special Opportunity Fund (PIF)			619,520
		58,300	Investment Grade Municipal Income Fund (PPM)			823,779
		62,600	MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund (MZF)			825,694
		6,000	Morgan Stanley Quality Investment (IQT)			75,960
		11,700	Nuveen Michigan Premium Income Municipal Fund (NMP)			143,559
		21,500	Nuveen Premier Municipal Income Fund (NPF)			279,070
		81,332	Nuveen Premium Income Fund (NPM)			1,084,156
		67,411	Putnam Municipal Opportunities Trust (PMO)			750,284
		36,800	Van Kampen Advantage Municipal Income Trust II (VKI)			421,360
		28,200	Van Kampen Pennsylvania Value Municipal Income Trust (VPV)			359,268
		9,100	Van Kampen Select Sector Muni Fund (VKL)			103,922
		25,889	Van Kampen Trust Investment Grade Muni Fund (VGM)			358,827

Total closed-end mutual funds (cost: $11,243,244)						11,306,468

Short-Term Securities (3.1%) (2)
		4,744,774	Dreyfus Tax-Exempt Cash Management Fund, 0.05%			4,744,774

Total short-term securities (cost: $4,744,774)


Total investments in securities (cost: $181,072,972)						$151,529,400

Other Assets and Liabilities, Net (+0.62%)						944,307

Total Net Assets						$152,473,707

Aggregate Cost						181,072,972

Gross Unrealized Appreciation						1,231,489
Gross Unrealized Depreciation						(30,775,062)
Net Unrealized Appreciation(Depreciation)						(29,543,572)

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.

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:

MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
Municipal Bonds (95.5%) (2)
	Education/Student Loan (10.4%)
		1,070,000	Brooklyn Park Lease Rev. Series 2009A (Prairie Seeds Academy Proj.), 8.00%, 3/1/20			1,117,080
			Intermediate Sch. Dist. 287 Lease Rev. Series 2006:
		4,102,205		5.46%, 1/1/28		4,001,290
		5,096,147		5.30%, 11/1/32		4,962,781
			Minneapolis Educ. Fac. Lease Rev. Series 2006-A (Seed/Harvest Prep. Proj.) (LOC-U.S. Bank):
		775,000		5.125%, 1/1/16		654,022
		875,000		6.25%, 1/1/21		722,461
			Minnesota Higher Educ. Fac. Auth. Rev.:
		272,940		Lease Rev. Series 1999-5A (Concordia University), 5.25%, 4/25/14		273,104
		700,000		Series 1999-4Y (Augsburg College), 5.05%, 10/1/13		700,707
		150,000		Series 1999-4Y (Augsburg College), 5.20%, 10/1/16		150,016
		75,000		Series 1999-4Y (Augsburg College), 5.30%, 10/1/27		69,461
		700,000		Series 2005-6C (Augsburg College), 5.00%, 5/1/23		694,575
		50,000		Series 2000-5E (St. Mary's Univ.), 6.75%, 3/1/22		50,108
		100,000		Series 2000-5E (St. Mary's Univ.), 6.75%, 3/1/26		100,172
		500,000		Series 2006-6I (Univ. St. Thomas), 5.00%, 4/1/23		521,140
		1,250,000		Series 2008-6W (Univ. St. Thomas), 6.00%, 10/1/25		1,339,975
		1,000,000		Series 2009-7A (Univ. St. Thomas), 5.00%, 10/1/39		994,710
		2,432,948		Series 2006-6M (College of St. Benedict), 4.493%, 10/1/16		2,433,435
		1,898,664		Series 2007-6N (College St. Catherine), 4.75%, 4/26/27		1,769,479
		910,000		Series 2007-6R (Bethel University), 5.50%, 5/1/14		928,883
		600,000		Series 2007-6R (Bethel University), 5.50%, 5/1/22		594,132
		160,000		Series 2007-6R (Bethel University), 5.50%, 5/1/23		157,173
		1,400,000		Series 2007-6S (St. Scholastica College), 5.00%, 12/1/27		1,342,362
			Pine City Lease Rev. Series 2006-A (Lakes Intl. Language Academy Proj.):
		315,000		5.75%, 5/1/16		302,702
		300,000		6.00%, 5/1/26		264,141
		415,000	Ramsey Lease Rev. Series 2004-A (Pact Charter School Proj.), 5.65%, 12/1/13			412,137
		757,044	Olmsted Co. Hsg. & Redev. Auth. Series 2007 (Schaeffer Academy Proj.), 4.977%, 4/25/27			581,471
			St. Paul Hsg. & Redev. Auth. Lease Rev.:
		370,000		Series 2002-A (New Spirit Charter School Proj.), 6.50%, 12/1/12		378,125
		605,000		Series 2006-A (Hmong Academy Proj.), 5.50%, 9/1/18		557,042
				Series 2006-A (Cmnty. Peace Academy Proj.):
		685,000			4.35%, 12/1/12	676,314
		600,000			4.35%, 12/1/14	576,588
		1,500,000			5.00%, 12/1/18	1,419,285
		500,000	St. Paul Hsg. & Redev. Auth. Rev. Ref. Series 2007 (St. Paul Acad. & Summit Proj.), 5.00%, 10/1/24			520,820
		100,000	Victoria Private School Fac. Rev. Series 1999-A (Holy Family Catholic H.S. Proj.), 5.20%, 9/1/11			100,018
						29,365,709
	Escrowed To Maturity/Prerefunded (2.1%)
		55,000	Guam Economic Dev. Auth. Tobacco Settlement Asset-Backed Series 2001-A, 5.00%, 5/15/22			58,228
			Marshall Medical Center Gross Rev. (Weiner Memorial Medical Center Proj.):
		50,000		Series 2003-A, 5.00%, 11/1/14		55,911
		850,000		Series 2003-A, 5.85%, 11/1/23		977,143
		100,000		Series 2003-A, 6.00%, 11/1/28		115,511
		3,500,000	Marshall Medical Ctr. Gross Rev. Series 2006 (Avera Marshall Reg. Med. Ctr. Proj.), 4.75%, 11/1/28			3,913,980
		50,000	Northfield Hospital Rev. Series 2001-C, 6.00%, 11/1/21			54,635
		465,000	Roseville Dev. Rev. Refunding Series 2004 (Roseville Office Plaza Proj.), 4.625%, 8/1/12			488,594
		350,000	St. Paul Hsg. & Redev. Auth. Lease Rev. Series 2001-A (Cmnty. of Peace Academy), 6.375%, 12/1/11			372,194
						6,036,196
	General Obligation (0.8%)
		650,000	Dakota Co. Cmnty. Dev. Agy. Sr. Hsg. Facs. G.O. Series 2007-A, 5.00%, 1/1/26			692,191
		300,000	Metropolitan Council Minneapolis-St. Paul Met. Area Tran. G.O. Series 2008-B, 4.50%, 3/1/26			311,895
		605,000	Minneapolis Ref. G.O. Series 1996 (Sports Arena Proj.), 5.125%, 10/1/20			605,986
		500,000	Northern Mariana Islands Commonwealth Ref. G.O. Series 2007-B, 5.00%, 10/1/22			410,330
		150,000	Sauk Rapids Tax Increment G.O. Series 1997-B, 5.25%, 8/1/12			150,540
		100,000	St. Paul Street Impt. Special Assessment G.O. Series 2000-B, 5.30%, 3/1/12			100,378
		30,000	Winona Water & Sewer G.O. Series 1998-C, 4.90%, 2/1/13			30,100
						2,301,420
	Hospital/Health Care (22.0%)
		1,500,000	Bemidji Hlth. Care Facs. Rev. Series 2002 (North Country Hlth. Svcs. Proj.) (Radian insured),
				5.00%, 9/1/24		1,464,870
			Bemidji Hlth. Care Facs. Rev. Ref. Series 2006 (North County Health Svcs. Proj.):
		435,000		5.00%, 9/1/21		435,213
		250,000		5.00%, 9/1/24		244,145

MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
	Quantity/Par ($)	Name of Issuer			Market Value (1)
	4,025,000	Breckenridge Rev. Series 2004-A (Catholic Hlth. Initiatives Proj.), 5.00%, 5/1/30			4,084,208
		Carlton Hlth. Care & Hsg. Fac. Rev. Ref. Series 2006 (Faith Care Ctr. Proj.):
	100,000		5.00%, 4/1/13		102,921
	400,000		5.20%, 4/1/16		375,080
	1,000,000	Chippewa Co. Gross Rev. Series 2007 (Montevideo Hosp. Proj.), 4.625%, 3/1/14			1,011,080
	365,000	Cold Spring Hlth. Care Facs. Rev. Series 2008 (Assumption Home, Inc. Proj.), 7.25%, 3/1/23			378,118
		Cold Spring Nursing Home & Sr. Hsg. Rev. Series 2005 (Assumption Home, Inc. Proj.):
	135,000		4.70%, 3/1/14		136,222
	145,000		4.80%, 3/1/15		142,315
	150,000		4.90%, 3/1/16		141,616
	285,000	Crookston Hlth. Care Fac. Rev. Ref. Series 2007 (Riverview Hlth. Proj.), 4.75%, 5/1/10			285,351
	50,000	Crookston Nursing Home & Multifamily Hsg. Rev Series 2002-A (Villa St. Vincent Proj.), 5.50%, 9/1/11			50,295
	400,000	Cuyuna Range Hosp. Dist. Hlth. Fac. Gross Rev.Series 2005, 5.20%, 6/1/25			357,412
	1,500,000	Detroit Lakes Hsg. Rev. Ref. Series 2004-E (Mankato Lutheran Proj.), 4.25%, 8/1/34			1,496,580
	415,000	Detroit Lakes Hsg. & Hlth. Facs. Rev. Ref. Series 2004-A (CDL Homes Proj.), 4.00%, 8/1/34			415,054
	1,500,000	Douglas Co. Gross Hlth. Care Facs. Rev. Series 2008-A (Douglas Co. Hosp. Proj.), 6.00%, 7/1/28			1,533,030
	195,000	Duluth Econ. Dev. Auth. Hlth. Care Fac. Rev. Series 2002 (St. Luke's Hosp. Proj.), 6.00%, 6/15/12			201,632
	769,587	Duluth Sr. Hsg. Loan Participation (Lakeshore Proj.) Series 2004, 4.00%, 8/20/36			723,581
	942,611	Duluth Hsg. & Redev. Auth. Sr. Hsg. Fac. Loan Participation (Lakeshore Proj.)
			Series 2005, 5.20%, 12/20/35		907,414
		Elk River Rev. Series 1998 (Care Choice Member Proj.):
	660,000		5.60%, 8/1/13		660,383
	115,000		5.75%, 8/1/23		101,647
	1,925,000	Glencoe Hlth. Care Fac. Rev. Series 2005 (Glencoe Regional Hlth. Svcs. Proj.), 5.00%, 4/1/25			1,837,817
		Hastings Hlth. Care Fac. Rev. Series 1998 (Augustana Home of Hastings Proj.):
	120,000		5.20%, 11/1/10		119,303
	125,000		5.30%, 11/1/11		124,461
	135,000		5.40%, 11/1/12		135,019
	140,000		5.50%, 11/1/13		140,025
		Hastings Hlth. Care Fac. Rev. Series 1998 (Regina Med. Ctr.)(ACA insured):
	970,000		5.25%, 9/15/18		931,287
	705,000		5.30%, 9/15/28		615,493
	275,000	Inver Grove Heights Nursing Home Rev. Ref. Series 2006 (Presbyterian Homes Care), 5.00%, 10/1/11			282,210
		Maple Grove Hlth. Care Fac. Rev. Series 2005 (North Memorial Hlth. Care Proj.):
	1,000,000		5.00%, 9/1/20		1,006,300
	780,000		5.00%, 9/1/29		741,515
		Maple Grove Hlth. Care Sys. Rev. Series 2007 (Maple Grove Hosp. Corp.):
	1,200,000		5.25%, 5/1/25		1,234,464
	1,500,000		5.25%, 5/1/28		1,522,680
	150,000	Marshall Medical Ctr. Gross Rev. Series 2003-B (Weiner Memorial Medical Ctr. Proj.), 4.85%, 11/1/11			159,811
		Meeker Co. Hosp. Facs. Gross Rev. Series 2007 (Mem. Hosp. Proj.):
	500,000		5.00%, 11/1/14		507,035
	1,000,000		5.625%, 11/1/22		1,002,110
		Minneapolis Hlth. Care Sys. Rev. Series 2008-A (Fairview Hlth Svcs. Proj.):
	1,000,000		6.00%, 11/15/18		1,117,430
	520,000		6.375%, 11/15/23		576,987
	1,000,000	Minneapolis Hsg. & Hlth. Care Facs. Rev. Ref. Series 2007-A (Providence Proj.), 5.50%, 10/1/14			990,050
	600,000	Minneapolis & St. Paul Hsg. & Redev. Auth. Rev. Series 2003 (Health Partners Proj.), 5.875%, 12/1/29			602,562
	250,000	Minneapolis Pooled Rev. Series 1999 (Care Choice Member Proj.), 5.75%, 4/1/19			234,200
		Minneapolis Hlth. Care Fac. Rev.:
	1,470,000		Series 2005 (Jones-Harrison Residence Proj.), 5.40%, 10/1/25		1,333,996
			Series 2005-E (Augustana Chapel View Homes Proj.):
	205,000			4.40%, 6/1/10	204,668
	220,000			4.55%, 6/1/11	222,985
	240,000			4.80%, 6/1/13	242,011
	250,000			4.90%, 6/1/14	251,737
	255,000			5.00%, 6/1/15	250,956
	270,000			5.10%, 6/1/16	257,310
	285,000			5.25%, 6/1/17	271,112
		Minneapolis Hsg. Fac. Rev. (Augustana Chapel View Homes Proj.) Series 2004-A:
	315,000			5.20%, 1/1/11	316,874
	500,000			5.75%, 1/1/19	485,495
	530,000			5.80%, 1/1/24	488,008
	200,000			5.50%, 6/1/27	172,220
	120,000	MN Agr. & Econ. Dev. Board Hlth. Care Rev. Series 1999 (Benedictine Care Centers. Proj.), 5.50%, 2/1/10			119,976
		MN Agr. & Econ. Dev. Board Rev.:

MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
				Evangelical Lutheran Good Samaritan Society Proj.:
		405,000			Series 2000, 6.55%, 8/1/16	418,199
		1,330,000			Series 2000, 6.625%, 8/1/25	1,366,495
		250,000			Series 2002, 5.50%, 2/1/12	261,600
				Series 2000-A (Fairview Hlth. Care Sys. Proj.):
		10,000			6.375%, 11/15/22	10,205
		130,000			6.375%, 11/15/29	132,126
		110,000	Moose Lake Cmnty. Hosp. Dist. Hlth. Facs. Rev. Ref. Series 2005-A (Crossover Proj.), 4.10%, 12/1/10			107,872
			New Hope Hlth. Care Facs. Rev. (MN Masonic Home North Ridge Proj.):
		150,000		5.60%, 3/1/12		150,635
		1,175,000		5.90%, 3/1/19		1,129,892
		920,000		5.875%, 3/1/29		823,796
		900,000	Northfield Hospital Rev. Series 2006 5.50%, 11/1/15			924,570
			Olmsted Co. Hlth. Care Fac. Rev. Series 1998 (Olmsted Medical Ctr. Proj.):
		775,000		5.45%, 7/1/13		775,543
		900,000		5.55%, 7/1/19		899,010
		240,000	Pine Island Hlth. Care Facs. Rev. Series 2001 (Olmsted Med. Ctr. Proj.), 5.00%, 7/1/10			240,046
		180,000	Puerto Rico Indus. Tourist Educ. Med. & Environmental Ctl. Facs. Rev. Series 1995-A
				(Hosp. Auxilio Oblig. Group Proj.), 6.25%, 7/1/16		180,311
			Redwood Falls Hosp. Fac. Gross Rev. Series 2006 (Redwood Area Hosp. Proj.):
		100,000		5.00%, 12/1/10		100,289
		1,000,000		5.00%, 12/1/21		987,600
		100,000	Rochester Hlth. Care Facs. Rev. Series 2006 (Mayo Clinic Proj.), 5.00%, 11/15/36			100,863
			Sauk Rapids Hlth. Care & Hsg. Facs. Rev. Series 2009 (Good Shepherd Lutheran Home Proj.):
		100,000		5.00%, 1/1/12		101,500
		115,000		5.00%, 1/1/13		116,726
		1,000,000		6.75%, 1/1/24		1,026,710
		1,000,000		7.25%, 1/1/29		1,026,320
			Shakopee Hlth. Care Facs. Rev. Series 2004 (St. Francis Regl. Med. Ctr. Proj.):
		125,000		5.10%, 9/1/25		119,911
		3,475,000		5.25%, 9/1/34		3,208,502
			Stillwater Hlth. Care Rev. Series 2005 (Hlth. Sys. Obligation Proj.):
		2,500,000		5.00%, 6/1/25		2,501,075
		750,000		5.00%, 6/1/35		699,923
		510,000	St. Cloud Hosp. Facs. Rev. Ref. Series 1996-B (St. Cloud Hosp. Proj.), 5.00%, 7/1/20			505,487
		1,000,000	St. Louis Park Hlth. Care Facs. Rev. Series 2008-C (Park Nicollet Hlth. Svcs. Proj.), 5.50%, 7/1/23			1,014,230
		2,000,000	St. Louis Park Hlth. Care Facs. Rev. Series 2009 (Park Nicollet Hlth. Svcs. Proj.), 5.50%, 7/1/29			1,978,780
			St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 1998 (Regions Hosp. Proj.):
		250,000		5.00%, 5/15/10		250,340
		60,000		5.00%, 5/15/11		60,058
		1,365,000		5.20%, 5/15/13		1,366,229
		2,070,000		5.25%, 5/15/18		2,070,000
		1,944,214	St. Paul Hsg. & Redev. Auth. Nursing Home Dev. Rev. Series 2006, 5.63%, 10/1/33			1,613,581
		1,210,000	St. Paul HRA Rev. Refunding Series 1996-C (St. Mary's Home Proj.), 7.00%, 7/1/21			1,210,290
			St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2005 (Gillette Childrens Hosp. Proj.):
		200,000		5.00%, 2/1/13		204,982
		210,000		5.00%, 2/1/14		215,048
		160,000		5.00%, 2/1/15		158,650
		265,000	St. Paul Hsg. & Redev. Auth. Hlth. Care Rev. Series 2001-A (Model Cities Hlth. Ctr.), 6.50%, 11/1/11			269,860
		145,000	St. Paul Port Auth. Lease Rev. Series 2005-A (Health East Midway Campus Proj.), 5.00%, 5/1/10			144,769
		50,000	Washington Co. Hsg. & Redev. Auth. Hosp. Rev. Series 1998 (Healtheast Proj.), 5.25%, 11/15/12			49,713
						62,268,010
	Industrial / Pollution Control (2.7%)
		200,000	Burnsville Solid Waste Rev. Refunding Series 2003-A (Freeway Transfer Inc. Proj.), 4.15%, 4/1/10			200,702
		1,600,000	Cohasset Poll. Ctl. Rev. Ref. Series 2004 (Coll. Allete Proj.) (Radian-IBCC insured), 4.95%, 7/1/22			1,616,048
		615,000	Cohasset Pollution Ctrl. Rev. Refunding Series 2004 (Allete, Inc. Proj.), 4.95%, 7/1/22			622,165
		500,000	Otter Tail Co. Rev. Sub. Series 2007-A (Otter Tail Proj.), 7.50%, 11/1/19 (3)			140,420
			Owatonna Industrial Dev. Rev. Series 1997 (Slidell, Inc. Proj.):
		280,000		7.25%, 5/1/14 (7)		185,500
		505,000		7.375%, 5/1/17 (7)		334,563
			Puerto Rico Childrens Trust Fund Tobacco Settlement Rev. :
		300,000		Series 2002, 4.00%, 5/15/10		301,143
		920,000		Series 2002, 5.375%, 5/15/33		878,158
			Virgin Islands Tobacco Settlement Financing Corp. Asset-Backed Rev. Series 2001:
		750,000		zero coupon, 4.95% effective yield, 5/15/14		753,713
		1,125,000		5.00%, 5/15/21		1,084,286
		1,425,000	White Earth Band of Chippewa Indians Rev. Series 2000-A, 7.00%, 12/1/11			1,478,993
						7,595,691

MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
	Insured (4.1%)
		1,000,000	Duluth Econ. Dev. Auth. Health Care Facs. Rev. Series 1993-C (Benedictine Hlth.), 6.00%, 2/15/12			1,005,600
		20,000	Itasca Co. ISD No. 318 G.O. Series 1996 (MBIA insured), 5.20%, 2/1/10			20,076
			Minneapolis & St. Paul Metro Airport Comm. Airport Rev.:
		1,000,000		Sub. Series 2001-D, 5.75%, 1/1/14		1,033,010
		2,010,000		Ref. Sub. Series 2005-C, 5.00%, 1/1/22		2,083,687
		1,750,000		Sub. Series 2007-B, 5.00%, 1/1/25		1,812,667
		200,000	Plymouth Health Facs. Rev. Series 1994-A (West Health Proj.), 6.125%, 6/1/24			200,204
		1,000,000	Puerto Rico Cwlth. Pub. Impt. G.O. Series 2001, 5.25%, 7/1/20			1,066,530
		600,000	Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 2007-UU (FSA insured), variable rate, 7/1/29			451,950
			St. Cloud Hlth. Care Rev.:
		375,000		Series 2000-A (St. Cloud Hosp. Obligated Group) (FSA insured), 5.75%, 5/1/26		379,943
		1,000,000		Series 2008 (CentraCare Hlth. Sys. Proj.), 5.50%, 5/1/39		1,023,740
		2,105,000	St. Paul Hsg. & Redev. Sales Tax Rev. Refunding Series 1996 (Civic Center Proj.)
				(FSA insured), 7.10%, 11/1/23		2,525,979
						11,603,386
	Multifamily Mortgage (17.8%)
			Apple Valley Multifamily Hsg. Rev. Refunding Series 1998-A (Mtg. Loan/Apple Valley
		1,520,000		Villa Proj.) (GNMA collateralized), 5.25%, 8/1/18		1,521,444
			Austin Hsg. & Redev. Auth. Governmental Hsg. Gross Rev. (Courtyard Res. Proj.):
		625,000		Series 2000-A, 7.15%, 1/1/20		625,594
		500,000		Series 2000-A, 7.25%, 1/1/32		500,155
		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		2,589,730
		495,000	Chaska Multifamily Hsg. Rev. Series 1999 (West Suburban Hsg. Partners Proj.), 5.375%, 9/1/14			463,206
		500,000	Cloquet Hsg. Fac. Rev. Ref. Series 2005-A (HADC Cloquet LLC Proj.), 5.50%, 8/1/25			433,340
		700,000	Coon Rapids Multifamily Hsg. Rev. Refunding Series 1997-A (Margaret Place Apts. Proj.),
				6.50%, 5/1/25		687,939
			Coon Rapids Senior Hsg. Rev. Refunding Series 1998 (Epiphany Sr. Citizens Hsg. Corp. Proj.):
		170,000		5.50%, 11/1/10		169,194
		545,000		5.80%, 11/1/18		544,984
		2,565,000	Cottage Grove Sr. Hsg. Rev. Series 2006-A (Cottage Grove, Inc. Proj.), 5.00%, 12/1/31			2,057,566
			Eden Prairie Multifamily Hsg. Rev. Refunding :
		470,000		Senior Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.00%, 8/20/21		503,610
		675,000		Senior Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.15%, 8/20/31		718,578
		1,185,000		Series 2001-A (Rolling Hills Proj.) (GNMA collateralized), 6.20%, 2/20/43		1,259,181
		459,000		Subordinate Series 2001-C (Rolling Hills Proj.), 9.00%, 4/1/43		459,055
			Eveleth Multifamily Hsg. Rev. Sr. Series 2006-A1 (Manor House Woodland Proj.):
		140,000		4.95%, 10/1/10		140,267
		100,000		5.00%, 10/1/11		102,622
		155,000		5.10%, 10/1/12		155,294
		165,000		5.15%, 10/1/13		165,807
			Fairmont Hsg. Fac. Rev. Series 2002-A1 (Homestead-GEAC Proj.):
		530,000		6.625%, 10/1/11		540,467
		295,000		6.875%, 10/1/14		300,755
			Fairmont Hsg. Fac. Rev. Series 2005-A (Goldfinch Estates-GEAC Proj.):
		300,000		5.75%, 10/1/17		283,212
		290,000		6.00%, 10/1/21		270,509
			Golden Valley Rev. Series 1999-A (Covenant Retirement Cmntys. Proj.):
		695,000		5.50%, 12/1/25		652,869
		2,000,000		5.50%, 12/1/29		1,845,300
			Grand Rapids Hsg. & Redev. Auth. (Lakeshore Place and Forest Park West Apts. Proj.):
		500,000		Series 1999-A, 5.20%, 10/1/19		487,280
		1,660,000		Series 1999-A, 5.30%, 10/1/29		1,485,800
		245,000	Inver Grove Heights Nursing Home Rev. Ref. Series 2006 (Presbyterian Homes
				Care Proj.), 5.50%, 10/1/33		213,667
		1,400,000	Maplewood Multifamily Hsg. Rev. Series 1998 (Park Edge Apts. Proj.), 6.50%, 5/1/29			1,254,190
		2,765,000	Minneapolis & St. Paul Hsg. & Redev. Auth. Multifamily Hsg. Rev. Series (Torre De San Proj.)
				(GNMA Collateralized), 4.75%, 1/20/42		2,500,196
			Minneapolis Multifamily Hsg. Rev.:
		270,000		Series 1996 (Belmont Apts.), 7.25%, 11/1/16		269,965
		3,145,000		Series 1996-A (Nicollet Towers) (Section 8), 6.00%, 12/01/19		3,147,422
		1,200,000		Series 1998 (Riverside Plaza Proj.) (GNMA collateralized), 5.10%, 12/20/18		1,200,600
		310,000		Series 2000 (Garr Scott Loft Proj.) (LOC U.S. Bank), 5.95%, 5/1/30		313,605
		830,000		Series 2007 (Blaisdell Apts. Proj.), 5.10%, 4/1/17		734,674
				Ref. Series 2007-A (Keeler Apts. Proj.):
		150,000			4.50%, 10/1/12	149,722
		580,000			4.65%, 10/1/15	560,361

MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer			Market Value (1)
			Moorhead Sr. Hsg. Rev. Series 2006 (Sheyenne Crossing Proj.):
		370,000		5.00%, 4/1/13		380,808
		170,000		5.10%, 4/1/14		170,746
			MN HFA Hsg. Fin. Agy. Rental Hsg.:
		85,000		Series 2004-A, 4.875%, 8/1/24		84,777
				Series 1997-A:
		60,000			5.40%, 8/1/10	60,137
		125,000			5.45%, 8/1/11	125,237
		1,350,000	MN HFA Residential Hsg. Rev. Series 2006-I, 5.00%, 7/1/21			1,369,548
		650,000	MN HFA Residential Hsg. Rev. Series 2006-A1, 5.10%, 8/1/47			612,671
			Minnetonka Multifamily Hsg. Rev. Ref. Series 1999-A (GNMA coll.) (Archer Heights Apts. Proj.):
		540,000		5.10%, 7/20/13		551,480
		975,000		5.20%, 1/20/18		984,370
			North Oaks Sr. Hsg. Rev. Series 2007 (Presbyterian Homes North Oaks Proj.):
		500,000		5.25%, 10/1/13		507,000
		1,565,000		5.625%, 10/1/17		1,582,966
		500,000		5.75%, 10/1/22		491,535
		115,000	Northwest MN Multi Co. Hsg. & Redev. Auth. Hsg. Rev. Series 2005-A (Pooled Hsg. Proj.), 4.75%, 7/1/10			115,028
			Norwood Young America Econ. Dev. Auth. Gov. Rev. Series 2005-A (Harbor at Peace Village Proj.):
		140,000		5.35%, 8/1/15		136,763
		200,000		5.625%, 8/1/20		187,472
		550,000		5.75%, 8/1/25		492,080
		250,000		6.00%, 8/1/31		222,610
		460,000	Oakdale Multifamily Sr. Hsg. Rev. Refunding Series 2004 (Oak Meadows Proj.), 5.00%, 4/1/12			469,876
		725,000	Oronoco Multifamily Hsg. Rev. Ref. Series 2006 (Wedum Shorewood Campus Proj.), 4.70%, 6/1/11			736,723
		125,000	Pine City Hlth. Care & Hsg. Rev. Series 2006-A (North Branc Proj.), 4.50%, 10/20/16			128,693
		500,000	Richfield Sr. Hsg. Rev. Refunding Series 2004-A (Richfield Sr. Hsg., Inc. Proj.), 5.00%, 12/1/15			487,740
		2,800,000	Rochester Multifamily Rev. Refunding Series 2000-A (Weatherstone Apts. Proj.) (LOC Household Fin.)
				(Mandatory Put 9/1/17) 6.375%, 9/1/37		3,082,884
			Rochester Health Care & Hsg. Rev. Series 2009-A (Samaritan Bethany):
		430,000		5.25%, 12/1/17		422,884
		455,000		5.50%, 12/1/18		446,815
		475,000		5.75%, 12/1/19		465,847
		600,000	St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev. Refunding Series 1998
				(Northway Manor Apts. Proj.) (Section 8), 5.35%, 12/1/18		507,786
		1,280,000	St. Cloud Hsg. & Redev. Auth. Multifamily Hsg. Rev. Series 1993 (Germain Towers Proj.)
				(Section 8), 5.90%, 9/1/20		1,093,466
		180,000	St. Paul Hsg. & Redev. Auth. Multifamily Refunding Rev. Series 1995
				(Sun Cliffe Apts. Proj.) (GNMA collateralized), 5.875%, 7/1/15		182,347
		1,000,000	St. Paul Hsg. & Redev. Auth. Multifamily Refunding Rev. Ref. Series 2007-A,
				(Marian Ctr. Proj.), 5.20%, 11/1/22		842,640
			St. Paul Hsg. & Redev. Auth. Rev. Series 2007-A (Rossy & Richard Schaller Proj.):
		400,000		5.15%, 10/1/42		299,676
		450,000		4.80%, 10/1/18		425,205
		670,000	Stillwater Multifamily Hsg. Rev. Series 2007 (Orleans Homes LP Proj.), 5.00%, 2/1/17			627,716
		120,000	Victoria Sr. Hsg. Rev. Series 2003 (Chanhassen, Inc. Proj.), 5.50%, 8/1/18			114,007
			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		755,506
		695,000		2002 (Woodland Park Apts. Proj.) (Co. Guaranteed), 4.70%, 10/1/26		696,911
		1,000,000	Willmar Hsg. & Redev. Auth. Multifamily Rev. Sub. Series 2008-B (Copperleaf Proj.), 8.00%, 3/15/41			1,008,690
		250,000	Woodbury Econ. Dev. Auth. Sr. Hsg. Rev. Series 2006-B (Summerhouse Woodbury Proj.),
				5.75%, 6/1/41		215,818
						50,394,618
	Municipal Lease (2.2%)
		200,000	Andover Econ. Dev. Auth. Public Fac. Lease Rev. Series 2004 (Cmnty. Ctr. Proj.), 5.125%, 2/1/24			221,262
		300,000	Andover Econ. Dev. Auth. Lease Rev. Prerefunded Series 2004 (Cmnty. Ctr. Proj.), 5.125%, 2/1/24			331,893
		40,000	Anoka Co. C.O.P. Series 1998, 5.40%, 6/1/28			40,030
		1,797,568	Carver Scott Co. Lease Purchase Agreement Series 2005, 5.00%, 8/4/20			1,546,664
		72,000	Hennepin Co. Hsg. & Redev. Auth. Rev. Series 1993-A (Community Provider Program), 5.70%, 8/1/13			72,192
		489,073	Intermediate Sch. Dist. 287 Lease Rev. Series 2006, 4.78%, 3/15/13			483,850
			Virginia Hsg. & Redev. Auth. Hlth. Care Fac. Lease Rev. Series 2005:
		300,000		4.50%, 10/1/10		303,099
		1,250,000		5.125%, 10/1/20		1,225,125
		150,000		5.25%, 10/1/14		155,891
		400,000		5.25%, 10/1/25		379,424
		1,455,000	Winona Indpt. Sch. Dist. 861 Lease Purchase, 6.04%, 8/1/24			1,456,280
						6,215,710

MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer		Market Value (1)
	Public Facilities (0.4%)
		50,000	MN Agr. Soc. State Fair Rev. Series 2003, 5.00%, 9/15/20		50,113
		250,000	Rockville Econ. Dev. Auth. Pub. Proj. Lease Rev. Series 2005-A, 4.00%, 2/1/14		258,398
			Spring Grove Econ. Dev. Auth. Pub. Proj. Rev. Series 2006-A:
		135,000		4.625%, 2/1/12	137,194
		255,000		5.00%, 2/1/16	256,448
		125,000		5.10%, 2/1/18	125,050
			Victoria Recreational Facility Gross Rev. Series 2002:
		70,000		4.75%, 2/1/12	70,232
		75,000		4.75%, 8/1/12	75,248
		85,000		5.10%, 8/1/15	85,306
		205,000	Victoria Rec. Fac. Gross Rev. Ref. Crossover Series 2006-A, 4.55%, 8/1/17		175,886
					1,233,875
	Single Family Mortgage (15.5%)
			Dakota Co. Cmnty. Dev. Agy. Single Family Mtg. Rev.:
		2,422,310		Series 2006 (FNMA, GNMA, & FHLMC backed), 5.30%, 12/1/39	2,503,239
		1,770,085		Series 2007-A (FNMA, GNMA, & FHLMC backed), 5.125%, 12/1/40	1,813,222
			Minneapolis- St. Paul Hsg. Fin. Bd. Single Family Mtg. Rev. (FNMA & GNMA backed):
		120,000		Series 1997, 6.25%, 11/1/30	123,709
		1,039,406		Series 2005-A3, 5.10%, 4/1/27	1,092,312
		367,866		Series 2006-A3, 5.70%, 4/1/27	383,471
		1,599,931		Series 2006-A5, 5.45%, 4/1/27	1,654,137
		3,597,189		Series 2007-A1, 5.25%, 12/1/40	3,708,090
		860,000		Series 2007-A2, 5.52%, 3/1/41	905,967
			MN HFA Single Family Mtg. Rev.:
		285,000		Series 1994-E, 5.60%, 7/1/13	285,741
		190,000		Series 1994-E, 5.90%, 7/1/25	190,163
		45,000		Series 1996-D, 6.00%, 1/1/16	45,087
		165,000		Series 1997-I, 5.50%, 1/1/17	165,000
		70,000		Series 1996-H, 6.00%, 1/1/21	70,082
		335,000		Series 1997-D, 5.85%, 7/1/19	348,681
		15,000		Series 1997-E, 5.90%, 7/1/29	15,072
		10,000		Series 1997-G, 6.00%, 1/1/18	10,000
		460,000		Series 1998-C, 5.25%, 1/1/17	460,000
		130,000		Series 1998-F-1, 5.45%, 1/1/17	131,369
		40,000		Series 1998-F, 5.70%, 1/1/17	40,437
		60,000		Series 1998-A, 4.90%, 7/1/10	60,496
		2,045,000		Series 1998-G, 6.00%, 7/1/22	2,073,610
		840,000		Series 1999-B, 5.20%, 7/1/17	840,000
		260,000		Series 1999-B, 5.25%, 1/1/20	260,000
		45,000		Series 1999-H, 5.30%, 7/1/11	45,960
		75,000		Series 2000-A, 5.75%, 7/1/18	75,000
		90,000		Series 2000-C, 6.10%, 7/1/30	90,000
		420,000		Series 2001-A, 5.35%, 7/1/17	436,061
		775,000		Series 2002-E, 5.00%, 1/1/20	784,145
		290,000		Series 2003-I, 4.30%, 7/1/11	296,281
		540,000		Series 2003-I, 5.10%, 7/1/20	545,929
		490,000		Series 2005-G, 4.30%, 1/1/18	499,844
		1,455,000		Series 2006-B, 5.00%, 1/1/37	1,489,804
		1,950,000		Series 2006-M, 4.80%, 7/1/26	1,900,119
		925,000		Series 2007-D, 5.50%, 1/1/38	960,742
		1,000,000		Series 2007-I, 4.75%, 7/1/27	964,290
		1,975,000		Series 2007-Q, 5.15%, 7/1/28	1,980,234
		1,975,000		Series 2007-Q, 5.25%, 7/1/33	1,964,454
		1,160,000		Series 2008-B, 5.50%, 7/1/28	1,190,172
		1,495,000		Series 2008-B, 5.65%, 7/1/33	1,529,744
		2,000,000		Series 2009-E, 5.05%, 7/1/34	2,005,980
		6,250,000		Series 2009-E, 5.10%, 7/1/40	6,240,437
		250,000		Series 2009-A, 5.20%, 1/1/23	262,427
		1,535,000		Series 2009-B, 5.90%, 7/1/28	1,597,904
		1,845,000		Series 2009-B, 5.00%, 7/1/38	1,917,601
					43,957,013
	Transportation (2.4%)
			Minneapolis & St. Paul Metro Airport Comm. Airport Rev.:
		2,145,000		Series 2000-B, 6.00%, 1/1/18	2,172,241
		20,000		Series 2001-B, 5.75%, 1/1/16	20,454
		1,500,000		Sub. Series 2005-B, 5.00%, 1/1/25	1,455,345
		100,000		Ref. Sub. Series 2005-C, 5.00%, 1/1/31	100,836

MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer		Market Value (1)
		2,500,000		Ref. Series 2009-B, 5.00%, 1/1/22	2,518,025
		1,000,000	Puerto Rico Cwlth. Hwy. & Trnsn. Auth. Rev. Ref. Series 2007-N (FSA insured), variable rate, 7/1/45		479,500
					6,746,401
	Utility (5.3%)
		1,000,000	Chaska Elec. Rev. Ref. Series 2005-A (Generating Facs. Proj.), 5.25%, 10/1/25		1,039,610
			MN Muni Pwr. Agy. Elec. Rev.:
		2,000,000		Series 2004-A, 5.25%, 10/1/24	2,080,700
		1,465,000		Series 2005, 5.00%, 10/1/35	1,475,797
		700,000		Series 2007, 5.25%, 10/1/27	735,854
			North Branch Elec. Sys. Rev. Series 2008-B:
		250,000		5.00%, 8/1/22	258,050
		500,000		5.75%, 8/1/28	524,220
		1,250,000	Puerto Rico Elec. Pwr. Auth. Rev. Ref. Series 2007-UU, variable rate, 7/1/25		952,813
		2,000,000	Puerto Rico Elec. Pwr. Auth. Rev. Series 2005-RR, 5.00%, 7/1/22		2,013,860
			Southern MN Pwr. Agy. Pwr. Supply Sys. Rev.:
		3,100,000		Series 2006, 4.84%, 1/1/13	2,906,529
		2,000,000		Series 2009-A, 5.25%, 1/1/30	2,102,460
		780,000	Virgin Islands Water & Power Auth. Water Sys. Rev. Ref. Series 1998, 5.50%, 7/1/17		783,338
					14,873,231

	Other Revenue Bonds (9.7%)
		830,000	Brooklyn Park Econ. Dev. Auth. Tax Increment Rev. Series 2007-A (Huntington Site Dev. Proj.),
				5.00%, 2/1/10	831,511
			Columbia Heights Econ. Dev. Auth. Tax Increment Rev. Series 2007 (Huset Park Area Redev. Proj.):
		288,000		5.00%, 2/15/17	262,431
		510,000		5.20%, 2/15/22	431,618
		900,000	Commissioner of Iron Range Resources and Rehab. Gross Rev. (Giant's Ridge Rec. Area Proj.),
				Series 2000, 7.25%, 11/1/16	920,709
		724,490	Crystal Governmental Fac. Rev. Series 2006, 5.095%, 12/15/26		574,151
			Guam Gov. Section 30 Ltd. Obligation Rev. Series 2009-A:
		1,000,000		5.50%, 12/1/19	1,035,270
		400,000		5.375%, 12/1/24	399,776
			Lakeville Liquor Rev. Series 2007:
		145,000		5.00%, 2/1/11	145,438
		190,000		5.00%, 2/1/17	179,575
		210,000		5.00%, 2/1/22	184,542
		230,000	McLeod Co. Commercial Dev. Rev. Series 2005 (Southwest MN Foundation Proj.), 5.125%, 12/1/31		218,521
			Minneapolis Cmty. Dev. Agy. Ltd. Tax Common Bond Fund:
		55,000		Series 1996-1 (LOC-U.S. Bank), 6.00%, 6/1/11	55,945
		475,000		Series 1999-1A (Discount Steel), 5.25%, 6/1/19	475,446
		160,000		Series 2000-G2 (LOC-U.S. Bank), 6.00%, 12/1/20	162,114
			Minneapolis Tax Increment Rev. Refunding Series 2007 (East River/Unocal Site Proj.):
		120,000		4.80%, 2/1/12	119,357
		245,000		5.10%, 2/1/17	228,048
		240,000		5.20%, 2/1/21	211,932
			Minneapolis Tax Increment Rev. Refunding Series 2004 (St. Anthony Falls Proj.):
		600,000		4.50%, 2/1/13	570,936
		100,000		4.50%, 2/1/10	99,869
		100,000		4.60%, 2/1/11	98,448
		125,000		4.70%, 2/1/12	121,627
		125,000		4.80%, 2/1/13	120,144
		550,000	Minneapolis Tax Increment Rev. Series 2006 (Grant Park Proj.), 5.00%, 2/1/16		515,091
			Mound Hsg. & Redev. Auth. Tax Increment Rev. Ref. Series 2006 (Metroplaines Proj.):
		156,000		4.25%, 8/15/11	159,033
		1,195,000		5.00%, 2/15/27	1,083,578
		280,000	Puerto Rico Cwlth. Infrastructure Fin. Auth. Spl. Tax. Rev. Ref. Series 2005-C
				zero coupon, 8.40% effective yield, 7/1/28	81,774
		1,000,000	Puerto Rico Sales Tax Fin. Corp. Rev. Series 2009-A, zero coupon, 6.75% effective yield, 8/1/32		762,020
			St. Anthony Hsg. & Redev. Auth. Tax Increment Rev. Series 2007 (Silver Lake Vlg. Phase 1A Proj.):
		500,000		4.75%, 2/1/17	462,430
		500,000		4.90%, 2/1/22	418,675
			St. Paul Hsg. & Redev. Auth. Rev. Series 2008 (Jimmy Lee Rec. Ctr. Proj.):
		500,000		4.75%, 12/1/26	512,245
		500,000		5.00%, 12/1/32	507,160
			St. Paul Hsg. & Redev. Auth. Tax Increment Rev.:
		100,000		Series 2001 (US Bank Operations Ctr. Proj.), 5.70%, 8/1/12	99,781
		800,000		Series 2001 (US Bank Operations Ctr. Proj.), 6.125%, 8/1/19	728,752
		1,086,000		Series 2002 (North Quadrant Owner Occupied Proj. Phase 2), 7.00%, 2/15/28	971,470

MINNESOTA TAX-FREE INCOME FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
	Quantity/Par ($)	Name of Issuer		Market Value (1)
	967,000		Series 2002 (North Quadrant Owner Occupied Proj. Phase 1), 7.50%, 2/15/28	907,878
	2,996,000		Series 2002-A (Upper Landing Proj.), 6.80%, 3/1/29	2,664,792
	1,922,000		Series 2002-B-2 (Upper Landing Proj.), 6.90%, 3/1/29	1,728,301
	1,131,000		Series 2002 (Drake Marble Proj.), 6.75%, 3/1/28	1,009,485
	1,215,000		Series 2004 (9th St. Lofts Proj.), 6.375%, 2/15/28	1,041,036
		St. Paul Port Auth. Lease Rev. Series 2007-1 (Regions Hosp. Parking Ramp Proj.):
	200,000		5.00%, 8/1/10	200,458
	390,000		5.00%, 8/1/11	393,705
	805,000		5.00%, 8/1/21	737,807
	2,150,000		5.00%, 8/1/36	1,674,786
	715,000	St. Paul Recreational Facs. Gross Rev. Series 2005 (Highland National Proj.), 5.00%, 10/1/25		753,689
		Steele Co. Hlth. Care Fac. Gross Rev. Refunding Crossover Series 2005-B:
	475,000		4.65%, 6/1/20	473,433
	300,000		5.00%, 6/1/30	289,566
	620,000	Steele Co. Hlth. Care Fac. Gross. Rev. Prerefunded Series 2000 (Elderly Hsg. Proj.), 6.625%, 6/1/20		633,882
		Virgin Islands Pub. Fin. Auth.:
	95,000		Rev. Gross Receipts Taxes Loan Series 1999-A, 5.625%, 10/1/10	97,382
	125,000		Sr. Lien Rev. Series 2004-A, 5.25%, 10/1/21	125,510
	1,000,000		Rev. Series 2009-A (Diago Proj.), 6.625%, 10/1/29	1,051,240
				27,532,367

Total municipal bonds (cost: $275,722,519)				270,123,627

Closed-End Mutual Funds (0.9%) (2)
	10,900	Delaware Investments Minnesota Municipal Income Fund II		133,307
	44,100	First American Minnesota Municipal Income Fund II		654,003
	117,900	MN Municipal Income Portfolio		1,739,025

Total closed-end mutual funds (cost: $2,302,267)				2,526,335

Short-Term Securities (3.0%) (2)
	8,350,865	Wells Fargo Minnesota Municipal Cash Fund, 0.01%		8,350,865

Total Short-Term Securities (cost: $8,350,865)

Total investments in securities (cost: $286,375,651)				$281,000,827

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)

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
Municipal Bonds (95.4%) (2)

	Alabama (2.4%)
		300,000	Bessemer Med. Clinic Rev. (Bessemer Carraway)	7.25	4/1/2015	300,714
		250,000	Cullman Co. Health Care Auth. Rev.	6.25	2/1/2023	243,245
		400,000	Health Care Auth. For Baptist Health Rev.	6.13	11/15/2036	422,740
		100,000	Huntsville-Redstone Vlg. Spl. Care Facs. Auth.	5.25	1/1/2015	97,452
		150,000	Pell City Spl. Care. Rev. (Noland Hlth. Svcs.)	5.25	12/1/2027	141,672
		260,000	University of Alabama Birmingham Hosp. Rev.	5.75	9/1/2022	279,807
						1,485,630
	Alaska (1.3%)
		250,000	AK Indl. Dev. & Expt. Rev. (Boys & Girls Home)	5.50	12/1/2012	250,652
		150,000	Aleutians East Borough (Aleutian Pribilof Islands)	5.00	6/1/2020	134,202
		300,000	Aleutians East Borough (Aleutian Pribilof Islands)	5.50	6/1/2025	265,203
		150,000	Matanuska-Susitna Boro COP (Animal Care)	5.75	3/1/2023	154,816
						804,873
	Arizona (5.2%)
		92,750	AZ Hlth. Facs. Auth. Rev. (New AZ Family)	5.25	1/7/2027	72,292
		100,000	Coconino Co. Poll. Ctrl. Corp. Rev.	5.50	6/1/2034	105,175
		250,000	Festival Ranch Cmnty. Facs. Dist. G.O.	6.25	7/15/2024	251,955
		250,000	Flagstaff Indl. Dev. Auth. (Sr. Living Cmnty.)	5.50	7/1/2022	205,650
		250,000	Pima Co. Indl. Dev. Auth. (Coral Academy Science)	6.38	12/1/2018	242,803
		100,000	Pima Co. Indl. Dev. Rev. (Academic Success)	5.38	7/1/2022	87,745
		250,000	Pima Co. Indl. Rev. Ref. (Tucson Country Day Sch.)	5.00	6/1/2022	211,538
		235,000	Pima Co. Indl. Dev. Rev. (AZ Charter Schools)	6.10	7/1/2024	206,781
		370,000	Pima Co. Indl. Dev. Rev. (AZ Charter Schools)	6.75	7/1/2031	336,759
		200,000	Pinal Co. Indl. Dev. Rev. (Florence West Prison)	5.25	10/1/2018	197,228
		150,000	Scottsdale Indl. Rev. Ref. (Scottsdale Healthcare)	5.25	9/1/2030	138,431
		593,000	Southside Cmnty. Spl. Assmt. Rev. (Prescott Vy.)	6.13	7/1/2018	548,383
		300,000	University Med. Ctr. Corp. Hosp. Rev.	6.25	7/1/2029	320,136
		270,000	West Campus Hsg. LLC Rev. (AZ St. West Campus)	5.00	7/1/2025	250,981
						3,175,857
	California (8.1%)
		200,000	Abag Fin. Auth. Nonprofit COP (Channing House)	5.38	2/15/2019	192,660
		250,000	Agua Caliente Band Cahuilla Indians Rev.	6.00	7/1/2018	242,822
		295,000	Alameda Transn. Auth. Sub. Lien Rev. Ref.	6.15	10/1/2018	177,212
		150,000	CA Tob. Sec. Corp. Asset-Backed Sr. Rev.	5.10	6/1/2028	127,060
		250,000	CA Fin. Auth. Rev. (Kern Regl. Ctr.)	6.88	5/1/2025	252,967
		400,000	CA Fin. Auth. Educ. Fac. Rev. (King/Chavez)	8.00	10/1/2022	437,624
		125,000	CA Mobilehome Pk. Fing. Rev. (Ranch Vallecitos)	5.25	11/15/2036	101,352
		250,000	CA Sr. Living Rev. (Pilgrim Pl. Claremont)	5.88	5/15/2029	253,485
		250,000	CA Sch. Facs. Fin. Auth. Rev. (Azusa Sch. Dist.)	6.00	8/1/2029	169,475
		140,000	CA Statewide Cmntys. Rev. (Lancer Educ.)	5.40	6/1/2017	129,028

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
		100,000	CA Statewide Cmntys. Spl. Tax Rev. (Orinda)	6.00	9/1/2029	85,052
		500,000	Center Uni. Sch. Dist. G.O. (1991 Election)	6.07	8/1/2031	116,365
		200,000	El Centro Redev. Agy. Tax. Alloc.	4.25	11/1/2024	173,536
		250,000	El Paso De Robles Redev. Agy. Tax. Alloc.	6.38	7/1/2033	254,722
		245,000	Foothill/Eastern Corridor Agy. Toll Rd. Rev. Ref.	9.65	1/15/2022	105,406
		500,000	Hartnell Cmnty. College Cap. Appreciation	7.00	8/1/2034	242,935
		250,000	Lancaster Redev. Agy. Tax Alloc. (Redev. Projs)	6.00	8/1/2024	261,475
		20,000	Los Angeles Regl. Arpts. Impt. Lease Rev.	10.25	1/1/2013	20,750
		250,000	Palmdale Cmnty. Redev. Agy. Tax. Alloc.	6.95	12/1/2020	134,455
		120,000	Palm Desert Fin. Auth. Tax. Alloc. Rev. Ref.	5.00	10/1/2023	118,349
		450,000	Rialto Redev. Agy. Tax Alloc. (Merged Proj.)	6.25	9/1/2037	458,078
		250,000	Richmond Jt. Pwrs. Lse. Rev. (Point Potrero)	6.25	7/1/2024	261,998
		250,000	Rohnert Park Cmnty. Dev. Tax. Alloc.	7.75	8/1/2030	64,468
		250,000	San Gorgonio Hlth. Care G.O. (Election 2006)	7.00	8/1/2027	267,233
		250,000	South Bayside Waste Mgmt. Rev. (Shoreway Environ.)	6.25	9/1/2029	268,545
						4,917,052
	Colorado (3.9%)
		250,000	Co. Hlth. Facs. Rev. Ref. (Valley View Hosp.)	5.50	5/15/2028	243,500
		250,000	CO Hlth. Facs. Auth. Rev. (Amern. Baptist)	6.50	8/1/2015	248,830
		195,000	Denver Hlth. & Hosp. Auth. Healthcare Rev.	1.32	12/1/2033	132,600
		1,000,000	E-470 Pub. Hwy. Auth. Cap. Appeciation Rev.	6.20	9/1/2028	297,030
		150,000	E-470 Pub. Hwy. Auth. Rev.	5.50	9/1/2024	147,031
		350,000	Gunnison Co. (Western State College)	6.10	7/15/2019	353,059
		300,000	Fruita Rev. (Family Hlth. West)	7.00	1/1/2018	301,272
		250,000	La Junta Hosp. Rev. (Ark Valley Regl. Med. Ctr.)	6.10	4/1/2024	237,212
		285,000	CO Pub. Auth. For Energy Nat. Gas. Rev.	5.75	11/15/2018	298,546
		150,000	Walker Field Pub. Arpt. Auth Rev.	4.75	12/1/2027	135,062
						2,394,142
	Connecticut (0.7%)
		50,000	CT DFA Pollution Ctl. Rev. Ref. (CT Light & Power)	5.85	9/1/2028	50,233
		250,000	Hamden Fac. Rev. (Whitney Ctr. Proj.)	6.13	1/1/2014	246,055
		250,000	Mashantucket Western Pequot Tribe Spl. Rev.	5.75	9/1/2018	140,130
						436,418
	District of Columbia (1.5%)
		250,000	DC Rev. (Friendship Pub. Charter Sch.)	5.00	6/1/2026	207,617
		1,000,000	Metro DC Arpts. Dulles Toll Rd. Cap. Apprec. Rev.	6.50	10/1/2041	698,820
						906,437
	Florida (8.0%)
		150,000	Alachua Co. Hlth. Facs Rev. (Shands Hlth. Care)	6.75	12/1/2030	160,341
		315,000	Arbor Greene Cmnty. Dev. Dist. Spl. Assmt. Ref.	5.00	5/1/2019	311,970
		130,000	Atlantic Beach Healtcare Rev. Ref. (Fleet Landing)	5.38	10/1/2010	130,658
		100,000	Connerton West Cap. Impt. Spl. Assmnt. Rev. (3)	5.13	5/1/2016	38,318
		250,000	Gramercy Farms Cmnty. Dev. Dist. (3)	5.10	5/1/2014	122,302
		210,000	Heritage Landing Cmnty. Dev. Spl. Assmt.	5.60	5/1/2036	156,967
		150,000	Highlands Co. Hlth. Facs. Rev. Ref. (Adventist)	5.00	11/15/2031	141,061

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
		135,000	Jacksonville Econ. Dev. Rev. (Mayo Clinic)	5.50	11/15/2036	136,921
		135,000	Jupiter Island Util. Rev. (So. Martin Regl.)	5.00	10/1/2028	135,355
		100,000	Lake Ashton II Cmnty. Dev. Dist. Cap. Impt. (3)	5.00	11/1/2011	41,970
		100,000	Lakeland Retirement Cmnty. Rev. Ref. (Carpenters)	5.88	1/1/2019	96,914
		250,000	Lee Co. Indl. Rev. Ref. (Shell Pt/Alliance Cmnty.)	5.00	11/15/2029	203,670
		250,000	Lee Co. Indl. Dev. Auth. Rev. (Charter Foundation)	5.25	6/15/2027	191,717
		100,000	Madeira Cmnty. Dev. Dist. Spl. Assmt. Rev. (3)	5.25	11/1/2014	51,995
		275,000	Miami Beach Hlth. Facs. Hosp. Rev. (Mt. Sinai)	5.38	11/15/2028	222,645
		110,000	Miami-Dade Co. Pub. Svc. Tax Rev. (UMSA)	4.20	4/1/2024	100,574
		400,000	Miami-Dade Co. Spl. Obligation Rev. Ref. Sub.	7.01	10/1/2024	155,084
		125,000	Miami-Dade Co. Spl. Obligation Rev. Ref. Sub.	7.30	10/1/2025	44,340
		65,000	Miami Spl. Rev. Ref.	6.75	1/1/2015	47,375
		820,000	Palm Bay Utility Rev.	5.92	10/1/2031	230,699
		210,000	Palm Beach Co. Hlth. Rev. (Abbey Delray South)	5.50	10/1/2011	210,275
		100,000	Palm Beach Co. Hlth. Rev. Ref. (Acts Retirement)	5.00	11/15/2020	97,619
		160,000	Port St. Lucie Spl. Assmt. Rev. Ref.	6.00	7/1/2021	180,837
		245,000	Sail Harbour Cmnty. Dev. Dist. Spl. Assmt.	5.50	5/1/2036	200,547
		125,000	St. Johns Co. Indl. Dev. Auth. Rev. Ref. (Bayview)	5.00	10/1/2017	111,814
		250,000	St. Johns Co. Indl. Dev. Auth. Rev. Ref. (Glenmoor)	5.00	1/1/2016	226,298
		100,000	St. Johns Co. Indl. Dev. Auth. Rev. (Presbyterian)	5.63	8/1/2034	87,995
		200,000	Sarasota Co. Hlth. Rev. (Vlg. on the Isle)	5.50	1/1/2027	180,746
		250,000	Sarasota Natl. Cmnty. Spl. Assessment (3)	5.30	5/1/2039	138,463
		50,000	Seminole Tribe Spl. Oblig. Rev.	5.75	10/1/2022	48,202
		300,000	South Lake Co. Hosp. Dist. Rev.	6.00	4/1/2029	298,950
		150,000	Stoneybrook South Cmnty. Spl. Asst. Rev. (3)	5.45	11/1/2015	64,646
		300,000	Tallahassee Hlth. Facs. Rev. (Mem. Hlth. Care)	6.38	12/1/2030	301,128
		25,000	Waters Edge Cmnty. Dev. Dist. Cap. Impt.	5.00	11/1/2012	14,113
						4,882,509
	Georgia (1.6%)
		250,000	Atlanta Wtr. & Waste Wtr. Rev.	6.00	11/1/2029	263,255
		100,000	Chatham Co. Hosp. Rev. Ref. Impt. (Mem. Med. Ctr.)	5.50	1/1/2021	96,016
		500,000	Gainesville & Hall Co. Dev. Rev. (ACTS Retirement)	6.38	11/15/2029	523,635
		100,000	Med. Ctr. Hosp. Auth. (Spring Harbor Green Isl.)	5.25	7/1/2027	80,856
		30,000	Private Colleges & Univ. Rev. (Mercer Univ.)	5.38	10/1/2029	27,584
						991,346
	Guam (0.6%)
		300,000	Guam Gov. G.O.	5.75	11/15/2014	307,650
		100,000	Northern Mariana Islands G.O.	5.00	10/1/2022	82,066
						389,716
	Hawaii (0.7%)
		400,000	HI State Dept. Budget & Fin. Rev.	6.40	11/15/2014	403,884

	Idaho (1.3%)
		335,000	ID Hsg. & Fin. Assn. Rev. (ID Arts Center Sch.)	5.50	12/1/2018	301,651
		150,000	ID Hsg. & Fin. Assn. Rev. (Liberty Charter Sch.)	5.50	6/1/2021	144,456

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
		220,000	ID Hsg. & Fin. Assn. Nonprofit Facs. Rev.	5.63	7/1/2021	209,532
		100,000	ID Hsg. & Fin. Assn. (North Star Charter School)	9.00	7/1/2021	112,086
						767,725
	Illinois (6.0%)
		320,000	Cook Co. Sch. Dist. No. 148 (Dolton)	5.50	12/1/2027	303,235
		150,000	Harvey Ref. & Impt. G.O.	5.50	12/1/2027	142,932
		150,000	IL Fin. Auth. Rev. Ref. (Christian Homes, Inc.)	5.25	5/15/2012	146,857
		100,000	IL Fin. Auth. Rev. (Noble Network Charter Sch.)	4.30	9/1/2015	86,817
		250,000	IL Fin. Auth. Rev. (Sedgebrook Inc. Fac.) (3)	5.40	11/15/2016	99,900
		250,000	IL Fin. Auth. Rev. (IL Institute of Technology)	6.25	2/1/2019	262,125
		165,000	IL Fin. Auth. Rev. (OSF Healthcare Sys.)	5.25	11/15/2022	165,940
		150,000	IL Fin. Auth. Rev. (Swedish American Hosp.)	5.00	11/15/2023	147,196
		350,000	IL Fin. Auth. Rev. (Tabor Hills Supportive Living)	5.25	11/15/2026	292,922
		100,000	IL Fin. Auth. Rev. (Wesleyan Univ.)	4.20	9/1/2020	87,879
		250,000	IL Fin. Auth. Rev. (Noble Network Charter Sch.)	5.00	9/1/2027	179,115
		250,000	IL FIn. Auth. Rev. (Rush Univ. Med. Ctr.)	6.38	11/1/2029	270,330
		205,000	IL Fin. Auth. Rev. (Intl. Ice Ctr.) (3)	7.00	12/1/2035	50,817
		150,000	IL Fin. Auth. Rev. (Elmhurst Mem.)	5.63	1/1/2037	138,948
		200,000	IL Fin. Auth. Rev. (North Shore Ice Arena)	6.25	12/1/2038	152,530
		250,000	IL Health Facs. Auth. Rev. (Ingalls Hlth. Sys.)	6.25	5/15/2014	252,460
		100,000	IL Health Facs. Auth. Rev. Ref. (Sinai Health)	5.00	8/15/2024	101,249
		100,000	Lake Co. Cmnty. Sch. Dist. #3 G.O. (Beach Pk.)	6.47	2/1/2019	67,712
		91,000	Manhattan Spl. Tax. (Groebe Farm-Stonegate)	5.75	3/1/2022	58,185
		180,000	Markham IL G.O.	4.75	2/1/2017	181,177
		100,000	Melrose Park Tax Increment G.O.	4.60	12/15/2013	102,397
		95,000	Southwestern IL Dev. Auth. Tax. Alloc. Rev. Ref.	7.00	10/1/2022	87,619
		500,000	Winnebago & Stephenson Co. (Sch. Dist. 321)	5.25	1/1/2019	308,985
						3,687,327
	Iowa (0.6%)
		150,000	IA Fin. Auth. Sr. Hsg. Rev. (Wedum Walnut Ridge)	5.00	12/1/2014	128,865
		100,000	IA Fin. Auth. Sr. Living (Deerfield Ret. Cmnty.)	5.00	11/15/2021	72,224
		200,000	IA Fin. Auth. Sr. Living (Deerfield Ret. Cmnty.)	5.50	11/15/2027	139,414
						340,503
	Indiana (3.4%)
		250,000	Crown Point Econ. Dev. Rev. (Whittenberg Vlg.)	6.50	11/15/2013	249,975
		280,000	Delaware Co. Hosp. Rev. (Cardinal Hlth Sys.)	5.00	8/1/2016	269,500
		205,000	Delaware Co. Hosp. Rev. (Cardinal Hlth Sys.)	5.00	8/1/2024	175,947
		370,000	East Chicago Redev. Tax Allocation (Harborside)	5.50	1/15/2016	375,332
		200,000	IN Hlth. & Educ. Fac. Fing. Auth. Hosp. Rev.	5.50	3/1/2022	202,224
		215,000	IN Fin. Auth. Rev. (Educ. Facs. Proj.)	6.00	10/1/2021	213,903
		100,000	Richmond Hosp. Auth. Rev. (Reid Hosp.)	6.50	1/1/2029	105,212
		150,000	St. Joseph Co. Econ. Dev. Rev. (Holy Cross Vlg.)	5.70	5/15/2028	128,645
		150,000	St. Joseph Co. Hosp. Auth. Rev. (Madison Ctr.)	5.80	2/15/2024	134,624

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
		250,000	St. Joseph Co. Hosp. Auth. Health. Facs. Rev.	5.25	2/15/2028	205,443
						2,060,805
	Kentucky (0.7%)
		140,000	Jefferson Co. Mtg. Rev. (Christian Church Homes)	6.13	11/15/2013	140,206
		250,000	Louisville/Jefferson Co. Health Fac. (Jewish Hosp.)	6.00	2/1/2022	257,552
						397,758
	Louisiana (1.3%)
		100,000	Caddo Parish Sew. Dist. No. 7 Rev. Ref.	6.60	11/1/2024	102,318
		195,000	LA Loc. Gov. Rev. (Cap. Pjs. & Equip. Acquisition)	6.55	9/1/2025	168,737
		150,000	New Orleans Aviation Board Gulf Oppty. Rev.	6.00	1/1/2025	149,561
		250,000	New Orleans Swr. Svc. Rev. Ref.	6.00	6/1/2024	263,778
		125,000	St. John Baptist Parish Rev. (Marathon Oil)	5.13	6/1/2037	112,189
						796,583
	Maine (0.3%)
		200,000	ME Educ. Auth. Student Loan Rev.	5.63	12/1/2027	207,916

	Maryland (0.4%)
		250,000	Howard Co. Retirement Cmnty. Rev. (Vantage House)	5.25	4/1/2027	201,405
		55,000	MD State Hlth. & Hgr. Educ. Facs. (King Farm Pres)	5.00	1/1/2017	50,073
						251,478
	Massachusetts (1.6%)
		350,000	MA Dev. Fin. Agy Sr. Living Fac. Rev.	6.25	6/1/2014	350,329
		255,000	MA St. Hlth. & Educ. Rev. (Quincy Med. Ctr.)	5.13	1/15/2012	255,768
		170,000	MA St. Hlth. & Educ. Rev. (Nichols College)	6.00	10/1/2017	167,606
		100,000	MA State Hlth. & Educ. (Valley Regl. Hlth. Sys.)	5.75	7/1/2018	97,964
		75,000	Pioneer Valley Regl. Sch. Dist. G.O.	6.30	6/1/2019	76,373
						948,040
	Michigan (4.8%)
		350,000	Advanced Technology Academy Pub. Sch. Rev.	6.00	11/1/2028	305,070
		200,000	Bishop Intl Airport Auth. Rev.	5.13	12/1/2017	200,106
		150,000	Detroit G.O.	5.25	4/1/2020	124,535
		240,000	Detroit Convention Fac. Cap. Appreciation Rev.	6.17	9/30/2014	201,547
		190,000	Detroit Downtown Dev. Tax Alloc. (Dev. Area No. 1)	4.75	7/1/2025	166,425
		100,000	Detroit Sewer Disp. Rev. Ref. Second Lien	5.50	7/1/2022	103,197
		250,000	Grand Traverse Academy Pub. Sch. Acad. Rev. Ref.	5.00	11/1/2022	206,420
		500,000	Jackson Co. Hosp. Fin. Rev. (W.A. Foote Hosp.)	5.25	6/1/2017	495,745
		50,000	Kentwood Econ. Ltd. Oblig. Rev. (Holland Home)	5.25	11/15/2014	46,670
		155,000	MI Pub. Educ. Facs. Oblig. Rev. (Bradford Academy)	6.00	9/1/2016	151,743
		200,000	MI Pub. Educ. Facs. Oblig. Rev. (Bradford Academy)	8.00	9/1/2021	213,560
		40,000	MI St. Hosp. Rev. Ref. (Detroit Medical)	5.25	8/15/2027	29,942
		150,000	MI St. Strategic Fd. Rev. Ref. (Detroit Edison)	5.45	9/1/2029	150,438
		250,000	MI Tob. Settlement Fin. Auth. Sr. Rev.	5.13	6/1/2022	222,175
		290,000	Saginaw Hosp. Fin. Auth. Rev. (Covenant Med. Ctr.)	6.50	7/1/2030	293,732
						2,911,305
	Minnesota (3.2%)
		100,000	Cloquet Hsg. Fac. Rev. Ref. (HADC Cloquet LLC)	5.50	8/1/2025	86,668
		98,000	Columbia Heights Econ. Dev. Rev. (Huset Park)	5.00	2/15/2017	89,300

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
		250,000	Duluth Econ. Dev. Auth. Health Care Facs. Rev.	6.00	2/15/2012	251,400
		430,000	Sauk Rapids Hlth. Care & Hsg. Rev. (Good Shepherd)	7.25	1/1/2029	441,318
		75,000	St. Cloud Hsg. & Redev. MF Rev. (Germain Towers)	5.90	9/1/2020	64,070
		200,000	St. Paul Hsg. & Redev. Auth. MF (Marian Ctr.)	5.05	11/1/2017	186,928
		165,000	St. Paul Hsg. & Redev. Rev. (Cmnty. Peace Acad.)	5.00	12/1/2018	156,121
		150,000	St. Paul Hsg. & Redev. Auth. Rev. (US Bank Ops.)	6.50	8/1/2022	129,567
		375,000	St. Paul Port Auth. Lse. Rev. (Regions Hosp. Pkg.)	5.00	8/1/2036	292,114
		225,000	White Earth Band of Chippewa Indians Rev.	7.00	12/1/2011	233,525
						1,931,011
	Missouri (3.9%)
		300,000	Independence 39th St. Transn. Dist. Rev.	6.88	9/1/2032	284,346
		140,000	Joplin Indl. Dev. Auth. Rev. Ref. (Christian)	5.50	5/15/2017	122,832
		500,000	Kansas City Indl. Dev. Auth. Multifamily Hsg. Rev.	5.00	1/1/2012	495,045
		690,000	Kansas City Spl. Oblig. Cap. Apprec. Rev.	6.55	2/1/2023	329,785
		100,000	Lakeside 370 Levee Dist. Spl. Tax	7.00	4/1/2028	97,772
		240,000	MO Dev. Fin. Brd. Rev. (Arnold-Rd Infrastructure)	5.00	11/1/2027	238,445
		500,000	St. Joseph Tax. Alloc. Rev. (Shoppes North Vlg.)	4.25	11/1/2011	495,155
		350,000	St. Louis Co. Indl. Rev. (Friendship Vlg. West)	5.38	9/1/2021	332,367
						2,395,747
	Nevada (2.5%)
		215,000	Clark Co. Impt. Dist. (128 Summerlin)	5.00	2/1/2020	179,985
		250,000	Las Vegas Paiute Tribe Rev.	6.63	11/1/2017	218,580
		250,000	Las Vegas Redev. Agy. Tax Allocation	6.00	6/15/2015	273,515
		200,000	Mesquite Redev. Agy. Tax Allocation Rev.	6.00	6/1/2015	203,840
		250,000	Sparks Redev. Agy. Tax Increment Rev. (Area No. 2)	6.40	6/1/2020	231,190
		300,000	Sparks Tourism Impt. Dist. No. 1 Sr. Sales Tax.	6.50	6/15/2020	273,450
		150,000	Sparks Tourism Impt. Dist. No. 1 Sr. Sales Tax.	6.75	6/15/2028	127,974
						1,508,534
	New Hampshire (0.2%)
		600,000	Manchester Hsg. & Redev. Auth. Rev.	6.91	1/1/2027	126,906

	New Jersey (0.8%)
		100,000	NJ Educ. Facs. Rev. Ref. (Univ. Med. & Dentistry)	7.13	12/1/2023	113,546
		230,000	NJ Hlth. Care. Facs. Fin. Auth. Rev.	6.25	7/1/2016	230,320
		165,000	NJ Hlth. Care. Rev. (St. Josephs Hlth. Care Sys.)	5.75	7/1/2015	171,529
						515,395
	New Mexico (0.8%)
		270,000	Farmington Poll. Ctr. Rev. Ref. (San Juan)	6.30	12/1/2016	270,103
		250,000	NM State Hosp. Equip. Rev. Ref. (Rehoboth)	5.00	8/15/2017	220,560
						490,663
	New York (1.3%)
		250,000	Brooklyn Arena Local Dev. Corp. (Barclays Ctr.)	6.00	7/15/2030	253,757
		100,000	Nassau Co. Indl. Rev. (Amsterdam at Harborside)	5.88	1/1/2018	99,478
		250,000	NY Dorm Auth. Rev. (Frances Schervier Home)	5.50	7/1/2027	249,165
		200,000	Seneca Nations Indians Cap. Impt. Auth.	5.00	12/1/2023	164,268
						766,668

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
	North Carolina (1.0%)
		240,000	Buncome Co. Proj. (Woodfin Downtown Corridor)	6.75	8/1/2024	217,481
		250,000	NC Med. Care. Cmmn. Rev. (Arc Projects)	5.80	10/1/2034	239,840
		200,000	NC Med. Care Cmnty. Retirement Facs. (Brookwood)	5.25	1/1/2032	143,090
						600,411
	North Dakota (0.4%)
		20,753	City of Washburn (Bismarck State College Fdtn.)	5.01	4/1/2032	20,448
		250,000	Grand Forks Healthcare Sys. Rev. (Altru Health)	5.63	8/15/2027	247,915
						268,363
	Ohio (2.5%)
		95,000	Buckeye OH Tob. Settlement Asset-Backed Sr. Rev.	5.13	6/1/2024	85,354
		245,000	Cleveland-Cuyahoga Co. Rev. (St. Clarence)	6.00	5/1/2021	223,516
		143,500	Cuyahoga Co. Hsg. Mtg. Rev. (R. H. Myers Apts.)	5.70	3/20/2042	149,758
		350,000	Erie Co. Hosp. Facs. Rev. (Firelands Regl. Med. Ctr.)	5.63	8/15/2032	317,779
		205,000	Hamilton Co. Healthcare Rev. Ref. (Life Enriching)	5.00	1/1/2027	180,355
		150,000	Ross Co. Hosp. Rev. Ref. (Adena Hlth. Sys.)	5.75	12/1/2028	155,711
		250,000	Toledo-Lucas Co. Spl. Assmt. Rev. (Crocker Park)	5.38	12/1/2035	202,210
		250,000	Toledo-Lucas Co. Spl. Assmt. Rev. (Town Square)	5.40	11/1/2036	221,610
						1,536,293
	Oklahoma (0.6%)
		195,000	Atoka Co. Hlth. Care Rev. (Atoka Mem. Hosp)	5.88	10/1/2018	181,765
		100,000	Grady Co. Indl. Auth. Lease Rev.	6.00	11/1/2029	94,630
		100,000	Tulsa Indl. Auth. Rev. Ref. (Univ. of Tulsa)	6.00	10/1/2027	109,069
						385,464
	Oregon (1.8%)
		400,000	Forest Grove Campus Impt. Rev. (Pacific Univ.)	6.00	5/1/2030	405,736
		250,000	Langston Econ. Dev. Rev. (Langston Univ./LDF)	5.00	5/1/2035	196,212
		200,000	Redmond Airport Rev.	5.50	6/1/2024	199,006
		300,000	Western Generation Agy. Rev. (Wauna Cogeneration)	5.00	1/1/2021	270,933
						1,071,887
	Pennsylvania (4.1%)
		210,000	Allegheny Co. Higher Educ. Rev. (Thiel College)	5.38	11/15/2019	186,497
		60,000	Chester GTD Rev. (Host Community)	5.80	12/1/2013	60,005
		170,000	Crawford Co. Indl. Dev. Rev. (Allegheny College)	6.00	11/1/2031	177,259
		250,000	Erie Co. Hosp. Auth. Rev. (St. Vincents Hlth.)	7.00	7/1/2027	249,750
		250,000	Lehigh Co. Gen. Purpose Rev. (St. Luke's Hosp)	1.27	8/15/2042	154,875
		500,000	Luzerne Co. Notes G.O.	7.00	11/1/2026	561,585
		250,000	McKean Co. Hosp. Auth. Rev. (Bradford Hosp.)	5.25	10/1/2030	189,855
		60,000	Montgomery Co. Indl. Dev. Auth. (Whitemarsh)	6.00	2/1/2021	48,254
		500,000	PA Turnpike Commn. Cap. Apprec. Sub. Rev.	6.25	6/1/2033	362,585
		400,000	Philadelphia Hosp. & Higher Educ. (Temple Univ.)	6.63	11/15/2023	399,988
		100,000	Quakertown Gen. Auth. Hlth. Rev. (Lifequest)	6.05	7/20/2024	105,349
						2,496,002

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
	Rhode Island (1.0%)
		350,000	RI Hlth. & Educ. Bldg. Rev. (Johnson & Wales)	6.10	4/1/2026	350,179
		250,000	RI Hlth. & Educ. Bldg. Rev. Ref. (Univ. of RI)	6.50	9/15/2028	281,065
						631,244
	South Carolina (0.6%)
		150,000	SC Educ. Facs. Auth. Rev. (Southern Wesleyan Univ.)	5.00	3/1/2020	136,985
		150,000	SC Jobs EDA Rev. Ref. & Impt. (Hampton Med.)	4.75	11/1/2012	150,959
		100,000	SC Jobs EDA Rev. Ref. & Impt. (Hampton Med.)	4.75	11/1/2013	100,708
						388,652
	Tennessee (0.3%)
		200,000	Blount Co. Hlth. & Educ. Facs. (Asbury, Inc.)	5.13	4/1/2023	168,916

	Texas (9.1%)
		300,000	Austin Convention Enterprises Rev. Ref.	6.00	1/1/2010	300,000
		150,000	Austin Convention Enterprises Rev. Ref.	5.25	1/1/2024	129,703
		65,000	Bexar Co. Hsg. Rev. Ref. (Nob Hill Apts.)	5.50	6/1/2011	62,360
		150,000	Bexar Co. Hsg. Corp. Rev. (Dymaxion & Marbach)	6.10	8/1/2030	120,682
		100,000	Bexar Co. Hsg. Fin. Corp. Rev. (American Oppty.)	5.80	1/1/2031	85,727
		100,000	Clifton Hgr. Educ. Rev. Ref. (Tejano Ctr. Cmnty.)	7.75	2/15/2018	112,548
		250,000	Harris Co. Cultural Educ. Rev. (Space Ctr.)	6.75	8/15/2021	247,795
		55,000	Harris Co. Hsg. Rev. Sr. Lien (Windsor Hsg. Fdn.)	6.30	6/1/2025	55,255
		152,413	Galveston Co. Muni. Util. Dist. No. 52	6.69	2/23/2010	129,475
		245,000	Lewisville Combination Contract Impt. Rev.	6.75	10/1/2032	249,170
		195,000	Kerrville Hlth. Facs. Rev. (Sid Peterson)	5.45	8/15/2035	174,271
		150,000	North TX Twy. Toll Rev. Ref. Second Tier	6.13	1/1/2031	156,995
		200,000	North TX Twy. Rev. Ref. First Tier	5.63	1/1/2033	204,586
		1,000,000	Northeast TX Wtr. Dist. Rev. (Southside Water)	8.50	9/1/2027	279,190
		500,000	Port Corpus Christi Auth. Nueces Co. (Union Pacific)	5.65	12/1/2022	504,870
		100,000	Richardson Rev. Ref. & Impt. (Baylor/Richardson)	5.63	12/1/2028	86,731
		195,000	Rio Grande Valley Hosp. Rev. (Valley Baptist)	6.40	8/1/2012	195,484
		50,000	Tarrant Co. Cultural Educ. Rev. (C.C. Young)	5.00	2/15/2013	48,153
		200,000	Tarrant Co. Cultural Educ. Rev. (Air Force Vlg.)	5.13	5/15/2027	179,274
		275,000	Tarrant Co. Cultural Educ. Rev. (Air Force Vlg.)	5.75	11/15/2019	276,832
		500,000	Tarrant Co. Cultural Educ. Rev. (Sr. Living Ctr.)	6.50	11/15/2014	500,040
		250,000	Tarrant Co. Cultural Educ. Rev. (C.C. Young Home)	6.50	2/15/2014	249,798
		150,000	TX Pub. Fin. Auth. Rev. (Uplift Educ.)	5.35	12/1/2017	145,664
		400,000	TX Pub. Fin. Auth. Rev. (Idea Pub. School)	5.00	8/15/2030	329,588
		250,000	TX Pub. Fin. Auth. Charter Sch. Rev. (Kipp Inc. Educ.)	5.00	2/15/2036	199,703
		490,000	Tom Green Co. Hsg. Fin. Corp. Mtg. Rev.	28.62	3/1/2016	93,100
		250,000	Travis Co. Hlth. Dev. Corp. (Querencia Barton Cr.)	5.10	11/15/2015	247,218
		250,000	Tyler Hlth. Facs. Dev. Corp. (Mother Frances)	5.00	7/1/2033	208,815
						5,573,027

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
		Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)
	Utah (0.5%)
		200,000	Provo Charter Sch. Rev. (Freedom Academy Fdn.)	5.50	6/15/2037	151,858
		200,000	UT Assoc. Muni. Pwr. Sys. Rev.	5.00	5/1/2027	157,470
						309,328
	Vermont (0.7%)
		415,000	VT Educ. & Hlth. Bldgs. Fin. Rev. (VT Law School)	5.38	1/1/2023	402,733

	Virginia (0.8%)
		250,000	Virginia Hsg. Dev. Auth. Commonwealth Mtg. Rev.	6.00	7/1/2025	271,465
		100,000	VA Tobacco Settlement Fin. Corp. Senior Rev.	5.00	6/1/2047	68,419
		100,000	Washington Co. Indl. Dev. Rev. (Mtn. Sts. Hlth.)	7.25	7/1/2019	119,190
						459,074
	Virgin Islands (0.4%)
		250,000	Virgin Islands Pub. Fin. Auth Rev. (Diago)	6.75	10/1/2037	262,360

	Washington (1.7%)
		185,000	Kalispel Tribe Indians Priority Dist. Rev.	6.20	1/1/2016	173,634
		100,000	Quinault Indian Nation Rev. Ref. & Impt. (Beach)	5.80	12/1/2015	86,527
		500,000	WA St. Hlth. Care Rev. (Seattle Cancer Care)	7.13	3/1/2029	553,660
		150,000	WA St. Hsg. Fin. Commn. Rev. (Skyline First Hill)	5.25	1/1/2017	129,627
		100,000	WA St. Hsg. Fin. Commn. Rev. (Skyline First Hill)	5.25	1/1/2013	97,450
						1,040,898
	Wisconsin (2.9%)
		110,000	Milwaukee Redev. Auth. Rev. (Academy of Learning)	5.50	8/1/2022	90,709
		100,000	WI Hlth. & Educ. Facs. Auth. (Beaver Dam Hosp.)	6.00	8/15/2019	100,151
		250,000	WI Hlth. & Educ Facs. Rev. Ref. (Three Pillars)	5.60	8/15/2023	250,145
		100,000	WI Hlth. & Educ Facs. Rev. Ref. (Three Pillars)	5.75	8/15/2026	99,886
		500,000	WI Hlth. & Educ Facs. Rev. (Sinai Samaritan Med. Ctr.)	5.88	8/15/2026	499,990
		290,000	WI Hlth. & Educ. Auth Rev. (Aurora Health Care)	6.40	4/15/2033	295,545
		100,000	WI Hlth. & Educ. Auth Rev. (Beaver Dam Hosp.)	6.50	8/15/2024	99,989
		100,000	WI Hlth. & Educ. Auth Rev. (Beaver Dam Hosp.)	6.75	8/15/2034	98,691
		250,000	WI Hlth. & Educ. Auth Rev. (St. Johns Cmntys.)	5.40	9/15/2014	248,158
						1,783,264
Total municipal bonds (cost: $59,496,443)						58,270,144

Closed-End Mutual Funds (3.2%) (2)
		40,000	BlackRock Long-Term Muni Advantage Trust (BTA)			408,800
		5,000	BlackRock MuniHoldings FL. Insured Fund (MFL)			64,950
		35,000	DWS Muni Income Trust (KFT)			412,300
		10,000	DWS Strategic Muni Income Trust (KSM)			126,000
		75,000	MFS High Income Muni trust (CXE)			362,250
		20,000	Morgan Stanley Muni Income Opp. Trust (OIA)			123,600
		10,000	PIMCO California Muni. Income Fund II (PCK)			86,700
		10,000	Van Kampen Advantage Muni Income Trust II (VKI)			114,500
		19,700	Van Kampen Trust Invsmt. Grade Muni Fund (VGM)			273,042

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)

The following is a summary of the inputs used in valuing the Fund's assets carried at fair value:

(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.

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.

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.

Date of fiscal year end:	March 31, 2009
Date of reporting period:	December 31, 2009

	Valuation Inputs at Value
Level 1 - Quoted Prices
Equity securities (includes sweep Funds and closed-end Funds)	$16,051,242
Level 2 - Other Significant Observable Inputs
Debt securities issued by states of the U.S. & its political subdivisions	$135,478,158
Level 3 - Significant Unobservable Inputs	—
Total	$151,529,400

	Valuation Inputs at Value
Level 1 - Quoted Prices
Equity securities (includes sweep Funds and closed-end Funds)	$10,877,200
Level 2 - Other Significant Observable Inputs
Debt securities issued by states of the U.S. & its political subdivisions	$270,123,627
Level 3 - Significant Unobservable Inputs	—
Total	$281,000,827

SIT HIGH INCOME MUNI BOND FUND PORTFOLIO OF INVESTMENTS - December 31, 2009 (Unaudited)
	Quantity/Par ($)	Name of Issuer	Coupon Rate (%)	Maturity Date	Fair Value (1)

Total closed-end mutual funds (cost: $1,853,909)					1,972,142

Short-Term Securities (1.8%) (2)
	1,082,633	Dreyfus Tax-Exempt Cash Management Fund, 0.05%			1,082,633

Total Short-Term Securities (cost: $1,082,633)

Total investments in securities (cost: $62,432,985) (3)					$61,324,919

Other Assets and Liabilities, Net (-0.42%)	(255,102)

Total Net Assets	$61,069,817


Aggregate Cost	62,432,985

Gross Unrealized Appreciation	2,071,738
Gross Unrealized Depreciation	(3,179,804)
Net Unrealized Appreciation(Depreciation)	(1,108,067)

Other Assets and Liabilities, Net (+0.67%)	1,905,619

Total Net Assets	$282,906,446


Aggregate Cost	286,375,651

Gross Unrealized Appreciation	4,287,874
Gross Unrealized Depreciation	(9,662,697)
Net Unrealized Appreciation(Depreciation)	(5,374,823)

By:	/s/Paul E. Rasmussen
	Paul Rasmussen
	Vice President and Treasurer
Date:	January 20, 2010