-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UvS32YWPWCTjMLkbvY9XVRric77Ybeul0XWQIPGjCdkd0NMRKXzvxuPWkJiCnrA8 XEuaroQ/mVcCS4MjEgG9Xg== 0000866841-09-000016.txt : 20090626 0000866841-09-000016.hdr.sgml : 20090626 20090626115439 ACCESSION NUMBER: 0000866841-09-000016 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090430 FILED AS OF DATE: 20090626 DATE AS OF CHANGE: 20090626 EFFECTIVENESS DATE: 20090626 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTEGRITY MANAGED PORTFOLIOS CENTRAL INDEX KEY: 0000866841 IRS NUMBER: 481084551 STATE OF INCORPORATION: KS FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06153 FILM NUMBER: 09911677 BUSINESS ADDRESS: STREET 1: 1 MAIN STREET NORTH CITY: MINOT STATE: ND ZIP: 58703 BUSINESS PHONE: 7018525292 MAIL ADDRESS: STREET 1: 1 MAIN STREET NORTH CITY: MINOT STATE: ND ZIP: 58703 FORMER COMPANY: FORMER CONFORMED NAME: RANSON MANAGED PORTFOLIOS DATE OF NAME CHANGE: 19920703

0000866841 S000000142 Kansas Municipal Fund

C000000311 Class A KSMUX

0000866841 S000000143 Kansas Insured Intermediate Fund

C000000312 Class A KSIMX

0000866841 S000000144 Maine Municipal Fund

C000000313 Class A MEMUX

0000866841 S000000145 Nebraska Municipal Fund

C000000314 Class A NEMUX

0000866841 S000000146 New Hampshire Municipal Fund

C000000315 Class A NHMUX

0000866841 S000000147 Oklahoma Municipal Fund

C000000316 Class A OKMUX

N-Q 1 impnq20090626.htm N-Q: INTEGRITY MANAGED PORTFOLIOS (3RD QUARTER)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-06153

Integrity Managed Portfolios
(Exact name of registrant as specified in charter)

1 Main Street North, Minot, North Dakota 58703
(Address of principal executive offices) (Zip code)

Brent Wheeler, 1 Main Street North, Minot, North Dakota 58703
(Name and address of agent for service)

Registrant's telephone number, including area code: 701-852-5292

Date of fiscal year end: July 31

Date of reporting period: April 30, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

Kansas Municipal Fund

Schedule of Investments April 30, 2009 (Unaudited)

Name of Issuer
Percentages represent the market value of each investment category to total net assets	Rating Moody's/S&P	Coupon Rate	Maturity		Principal Amount		Market Value

KANSAS MUNICIPAL BONDS (100.1%)

Burlington, KS PCR (Gas & Elec.) MBIA	Baa-1/AA-	5.300%	06/01/2031	$	1,000,000	$	919,080
Burlington, KS PCR (Gas & Elec.) MBIA	Baa-1/BBB+	4.850	06/01/2031		500,000		408,405
Butler Cty., KS Public Bldg. MBIA	NR/NR	5.550	10/01/2021		300,000		315,645
Coffeyville, KS Pub. Bldg. (Coffeyville Medl. Center) Rev. AMBAC	NR/A	5.000	08/01/2022		250,000		254,538
Cowley Cty., KS USD #465 (Winfield) MBIA	Baa-1/AA-	5.250	10/01/2014		250,000		281,970
Dodge City, KS Sales Tax Rev Assured GTY	NR/AAA	5.250	06/01/2031		1,000,000		1,027,270
Dodge, KS School District #443 FGIC	Baa-1/NR	5.000	09/01/2011		1,000,000		1,018,510
Douglas Cty., KS Sales Tax Ref. AMBAC	Aa-3/NR	5.000	08/01/2019		1,000,000		1,072,510
Douglas Cnty, KS Uni Sch Dist 491 Eudora Sch Bldg Assured GTY	NR/AAA	5.125	09/01/2029		250,000		246,508
Harvey Cty., KS USD #373 (Newton) MBIA	A-3/NR	5.000	09/01/2023		200,000		204,576
Harvey Cty., KS USD #373 (Newton) MBIA	A-3/NR	5.000	09/01/2025		1,000,000		999,900
Hutchinson, KS Community College	NR/A-	5.000	10/01/2025		350,000		334,583
Hutchinson, KS Community College	NR/A-	5.250	10/01/2030		300,000		283,167
Hutchinson, KS Community College	NR/A-	5.250	10/01/2033		450,000		419,625
Johnson Cty., KS USD #231 Gardner-Edgerton FGIC	NR/AA-	5.000	10/01/2024		1,135,000		1,137,690
Johnson Cty., KS USD #232 (Desoto)	Aa-3/NR	5.250	09/01/2023		500,000		534,735
Junction City, KS Ref & Impt AMBAC	NR/A	5.000	09/01/2025		250,000		252,698
Kansas City, KS Mrtge. Rev. GNMA	Aaa/NR	5.900	11/01/2027		245,000		245,000
Kansas Dept. Transportation Highway Rev.	Aa/AAA	5.000	03/01/2023		250,000		263,953
KS Devl. Finance Auth. Lease Rev. (Dept. of Admin. Capital Restoration) FSA	Aa-3/AAA	5.375	10/01/2020		370,000		394,498
KS Devl. Finance Auth. Lease Rev. (Juvenile Justice) MBIA	Baa-1/AA	5.250	05/01/2013		570,000		612,476
KS Devl. Fin. Auth. Sisters of Charity Leavenworth MBIA	Aa/AA	5.125	12/01/2018		100,000		100,041
*KS Devl. Finance Auth. (Water Pollution Control) Rev.	Aaa/AAA	5.250	05/01/2011		250,000		250,013
KS Devl. Finance Auth. (KS St. Projects) Rev. MBIA	Baa-1/AA	5.000	10/01/2017		250,000		266,108
KS Devl. Finance Auth. (Water Pollution Control) Rev.	Aaa/AAA	5.250	11/01/2022		1,000,000		1,057,880
KS Devl. Finance Auth. (Water Pollution Control)	Aaa/AAA	5.000	11/01/2023		1,000,000		1,037,000
KS Devl. Finance Auth. Rev. (KS St. Projects)	Aa/AA	5.000	05/01/2026		1,335,000		1,377,546
KS Devl. Finance Auth. Rev. (Dept. Admin.) FGIC	Aa/AA	5.000	11/01/2025		250,000		259,088
KS Devl. Finance Auth. Rev. (Univ. KS Research Cent.)XLCA	A-1/A	5.000	02/01/2026		500,000		496,725
KS Devl. Finance Auth. Rev. (KS St. Projects) MBIA	Aa/AA	5.250	11/01/2025		250,000		265,205
KS Devl. Finance Auth. Rev. (Athletic Facs. University of KS)	A-1/A	5.000	06/01/2033		250,000		236,545
KS Devl. Finance Auth. Rev. (Water Pollution)	Aaa/AAA	5.000	11/01/2028		250,000		255,757
KS Devl. Finance Auth. Rev. (Road Revolving Fund)	Aa-1/AA+	4.625	10/01/2026		250,000		254,252
KS Devl. Finance Auth. Rev. (KS St. Projects)	Aa/AA	5.000	05/01/2035		250,000		250,195
*KS Devl. Finance Auth. (Park Apts.) Multifamily Hsg. Rev.	NR/AAA	6.000	12/01/2021		1,975,000		1,975,276
KS Devl. Finance Auth. (Sisters of Charity) Hlth. Rev.	Aa/AA	6.125	12/01/2020		1,000,000		1,046,590
KS Devl. Finance Auth. (Hays Medical Center)	A/NR	5.000	11/15/2022		500,000		487,015
KS Devl. Finance Auth. (Stormont Vail) Hlth. Care Rev. - Unrefunded MBIA	A/AA	5.375	11/15/2024		1,365,000		1,392,832
KS Turnpike Auth. Rev. FSA	Aa-3/AAA	5.250	09/01/2021		500,000		529,635
KS Turnpike Auth. Rev. FSA	Aa-3/AAA	5.000	09/01/2024		330,000		339,807
KS Turnpike Auth. Rev. FSA	Aa-3/AAA	5.000	09/01/2025		750,000		767,977
Lawrence, KS (Unlimited Tax) Refunding G.O.	Aa/NR	5.375	09/01/2020		500,000		524,265
Lawrence, KS (Memorial Hospital) Rev.	A-3/NR	5.125	07/01/2026		500,000		455,040
Lawrence, KS (Memorial Hospital) Rev.	A-3/NR	5.125	07/01/2036		300,000		252,348
Leavenworth County USD #453 GO Improvement & Refunding Assured Guaranty	Aa/NR	5.125	03/01/2029		1,000,000		1,025,470
Lincoln County, KS Public Bldg (Lincoln County Hosp) Assured Guaranty	NR/AAA	5.000	03/01/2028		125,000		133,101
Manhattan, KS General Obligation	Aa-3/NR	5.000	11/01/2028		130,000		136,054
Manhattan, KS Hosp. Rev. Mercy Health Center FSA	Aa-3/AAA	5.500	08/15/2020		250,000		253,575
Olathe, KS (Medl. Ctr.) Hlth. Facs. Rev. AMBAC	NR/A+	5.500	09/01/2025		235,000		235,280
Olathe, KS (Medl. Ctr.) Hlth. Facs. Rev. AMBAC	NR/A+	5.500	09/01/2030		500,000		484,500
Olathe, Health Fac Rev (Med Center)	NR/A+	5.000	09/01/2029		500,000		439,355
Olathe, KS Multifamily Hsg. (Bristol Pointe) Rev. Ref. FNMA	NR/AAA	5.700	11/01/2027		2,210,000		2,210,022
Park City, KS Assured GTY	NR/AAA	6.000	12/01/2029		500,000		531,515
Reno Cty., KS USD #308 Hutchinson MBIA	A/NR	4.500	09/01/2023		500,000		491,995
Salina, KS (General Obligation)	Aa-3/NR	4.625	10/01/2027		200,000		200,070
Sedgwick Cty., KS (Catholic Care Center, Inc.) Hlth. Care Rev.	NR/A	5.800	11/15/2026		1,000,000		993,760
Sedgwick Cnty Kans Uni Sch Dist No. 262 Assumed Guaranty	NR/AAA	5.000	09/01/2028		500,000		513,220
Shawnee Cty., KS G.O. FSA	Aa-3/NR	5.000	09/01/2016		655,000		747,473
Topeka, KS G.O. XLCA	Aa-3/NR	5.000	08/15/2021		400,000		410,428
*Topeka Public Bldg. Comm. (10th & Jackson Prj.) MBIA	NR/AA	5.625	06/01/2026		435,000		436,662
Topeka Public Bldg. Comm. (10th & Jackson Prj.) MBIA	NR/AA	5.625	06/01/2031		1,200,000		1,205,244
University of Kansas Hosp. Auth. AMBAC	NR/AAA	5.700	09/01/2020		830,000		844,666
*University of Kansas Hosp. Auth. AMBAC	NR/AAA	5.550	09/01/2026		355,000		360,303
Wamego, KS PCR (Kansas Gas & Electric Project) MBIA	Baa-1/AA-	5.300	06/01/2031		750,000		687,585
Washburn Univ. (Living Le arning Ctr.) Bldg. Rev. AMBAC	NR/NR	5.000	07/01/2019		700,000		706,181
Wichita, KS (Via Christi Health System) Rev.	NR/A+	6.250	11/15/2024		1,500,000		1,522,965
Wichita, KS (Via Christi Health System) Rev.	NR/A+	5.625	11/15/2031		1,100,000		1,042,041
Wichita, KS Multifamily Hsg. (Broadmoor Chelsea) Rev. FNMA	NR/AAA	5.650	07/01/2016		990,000		990,198
Wichita, KS Multifamily Hsg. (Broadmoor Chelsea) Rev. FNMA	NR/AAA	5.700	07/01/2022		2,000,000		2,000,400
Wichita, KS Water & Sewer Util. Rev. FGIC	A-1/AA-	5.250	10/01/2018		1,465,000		1,558,965
Wichita, KS Water & Sewer Util. Rev. FGIC	A-1/AA-	5.000	10/01/2028		500,000		484,910
Wichita, KS Water & Sewer Rev. FSA	Aa-3/AAA	5.000	10/01/2023		100,000		107,316
Wyandotte City, KS General Obligation FSA	Aa-3/AAA	5.000	08/01/2027		500,000		516,685
Wyandotte Cnty/Kansas City, KS Govt Utilitiy Sys Rev Berkshire	Aa-1/AAA	5.000	09/01/2029		500,000		521,000

TOTAL KANSAS MUNICIPAL BONDS (COST: $46,831,847)						$	46,895,416

SHORT-TERM SECURITIES (0.6%)					Shares
Wells Fargo Advantage National Tax-Free Money Market (COST: $276,017)					276,017	$	276,017

TOTAL INVESTMENTS IN SECURITIES (COST: $47,107,864)						$	47,171,433
OTHER ASSETS LESS LIABILITIES							(318,177)

NET ASSETS						$	46,853,256

*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

As of April 30, 2009, the Fund had one when-issued purchase:

1,000,000 of Dodge City, KS Sales Tax Rev; 5.250%; 06/01/31

Footnote: Non-rated (NR) securities have been determined to be of investment grade quality by the Fund's Manager.

Note: INVESTMENT IN SECURITIES

At April 30, 2009, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $47,107,864. The net unrealized appreciation of investments based on the cost was $63,569, which is comprised of $771,658 aggregate gross unrealized appreciation and $708,089 aggregate gross unrealized depreciation. Differences between financial reporting-basis and tax-basis unrealized appreciation/depreciation are due to differing treatment of market discount.

In September 2006, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 157 Fair Value Measurements. This standard defines fair value, and establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels:


	Level 1—	quoted prices in active markets for identical securities

	Level 2—	other significant observable inputs (including quoted prices for similar securities, 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 to value the Fund's investments as of April 30, 2009:


Valuation Inputs		Investments in Securities

Level 1—	Quoted Prices	$	276,017

Level 2—	Other Significant Observable Inputs		46,895,416

Level 3—	Significant Unobservable Inputs		--

Total		$	47,171,433

Kansas Insured Intermediate Fund

Schedule of Investments April 30, 2009 (Unaudited)

Name of Issuer
Percentages represent the market value of each investment category to total net assets	Rating Moody's/S&P	Coupon Rate	Maturity		Principal Amount		Market Value

KANSAS MUNICIPAL BONDS (96.6%)

Butler Cnty, KS USD #385 MBIA Insured	A/NR	5.000%	09/01/2018	$	500,000	$	551,010
Butler Cty., KS (Circle) USD #375 FSA	Aa-3/NR	5.000	09/01/2013		250,000		253,205
Butler Cty., KS USD#402 Assured GTY	Aa/NR	5.250	09/01/2021		250,000		279,915
Chisholm Creek Util. Auth. (Bel Aire & Park City, KS Pj.) MBIA	NR/NR	5.250	09/01/2016		770,000		845,013
Cowley County, KS USD# 470 FSA	Aa-3/AAA	4.750	09/01/2023		100,000		103,838
Cowley Cty., KS USD #465 (Winfield) MBIA	Baa-1/AA-	5.250	10/01/2014		140,000		157,903
Dodge City, KS Sales Tax Rev Assured GTY	NR/AAA	5.000	06/01/2021		310,000		333,833
Dodge City, KS Sales Tax Rev Assured GTY	NR/AAA	4.400	06/01/2025		350,000		344,817
Dodge, KS USD #443 Unltd. General Obligation FSA	Aa-3/AAA	5.750	09/01/2013		100,000		101,784
Douglas Cnty, KS Uni Sch Dist 491 Eudora Sch Bldg Assured GTY	NR/AAA	5.000	09/01/2023		375,000		392,010
Harvey Cty., KS USD #373 (Newton) MBIA	A-3/NR	4.000	09/01/2018		250,000		250,430
Johnson Cty., KS Community College Student Commons & Parking AMBAC	NR/AA+	5.000	11/15/2019		235,000		247,815
Johnson Cty., KS USD #232 (Desoto) FSA	Aa-3/NR	5.000	09/01/2015		100,000		114,517
Junction City, KS Unlimited GO FSA	NR/AAA	4.100	09/01/2020		100,000		97,365
Junction City, KS Unlimited GO FSA	NR/AAA	4.250	09/01/2021		100,000		97,091
Junction City, KS Unlimited GO FSA	NR/AAA	4.400	09/01/2022		100,000		97,462
Junction City, KS Unlimited GO FSA	NR/AAA	4.500	09/01/2023		100,000		97,345
Kansas City, KS Util. Syst. Ref. & Impvt. AMBAC	NR/AA	6.300	09/01/2016		490,000		490,352
KS Devl Fin. Auth. Kansas Projects AMBAC	NR/AA	5.250	10/01/2022		100,000		103,635
KS Devl. Finance Auth. (KS St. Projects) Rev. MBIA	Baa-1/AA	5.000	10/01/2017		250,000		266,108
KS Devl. Finance Auth. (Park Apts.) Multifamily Hsg. Rev. FNMA	NR/AAA	5.700	12/01/2009		115,000		115,033
KS Devl. Finance Auth. (Sec. 8) Rev. Ref. MBIA	Baa-1/AA-	6.400	01/01/2024		255,000		255,179
*KS Devl. Finance Auth. (Stormont Vail) Hlth. Care Rev. MBIA	A/AA-	5.750	11/15/2012		595,000		655,857
KS Devl. Finance Auth. (Water Pollution Control) Rev.	Aaa/AAA	5.250	05/01/2011		380,000		380,019
KS Devl. Finance Auth. (Wichita Univ.) AMBAC	NR/A	5.900	04/01/2015		305,000		315,867
KS Devl. Finance Auth. Lease Rev. (Dept. Admin. 7th & Harrison PJ) AMBAC	A-1/AA	5.500	12/01/2013		375,000		385,890
KS Devl. Finance Auth. Rev. (KS St. Projects) MBIA	Aa/AA	4.100	05/01/2019		250,000		259,707
KS Devl. Finance Auth. Rev. (KS St. Projects) MBIA	Aa/AA	5.250	11/01/2025		100,000		106,082
KS Turnpike Auth. Rev. FSA	Aa-3/AAA	5.000	09/01/2024		200,000		205,944
Leavenworth County USD #453 GO Improvement & Refunding Assured Guaranty	Aa/NR	5.250	03/01/2024		200,000		212,668
Leavenworth County USD# 453 Assured GTY	Aa/NR	4.750	09/01/2025		300,000		303,234
Leavenworth Cty., KS USD# 458 FSA	Aa-3/AAA	4.500	09/01/2028		250,000		237,075
Lincoln County, KS Public Bldg (Lincoln County Hosp) Assured Guaranty	NR/AAA	5.000	03/01/2028		125,000		133,101
Manhattan, KS Hosp. Rev. Mercy Health Center FSA	Aa-3/AAA	5.500	08/15/2020		500,000		507,150
*Mission, KS Multifamily Hsg. (Lamar Place) Rev. FNMA	NR/AAA	5.000	10/01/2014		565,000		565,814
Mission, KS Multifamily Hsg. (Lamar Place) Rev. FNMA	NR/AAA	5.180	10/01/2023		445,000		430,942
Montgomery Cnty, KS Uni Sch Dist No 445 Natl-RE FGIC	NR/AA-	5.000	04/01/2021		100,000		99,415
Morton Cty., KS USD #217 FSA	Aa-3/AAA	4.000	09/01/2010		100,000		100,116
Olathe, KS Multifamily Hsg. (Bristol Pointe) Rev. Ref. FNMA	NR/AAA	5.250	11/01/2012		400,000		400,008
Park City, KS Assured GTY	NR/AAA	5.100	12/01/2020		200,000		218,836
Park City, KS Assured GTY	NR/AAA	5.500	12/01/2024		100,000		108,502
Saline Cty., KS USD #305 (Salina) G.O. Ref. FSA	Aa-3/NR	5.500	09/01/2015		190,000		207,957
Sedgwick Cnty USD #266 Maize School FSA	Aa-3/AAA	5.250	09/01/2020		360,000		406,508
Sedgwick County KS UNI School Dist. # 262 Assumed Guaranty	NR/AAA	5.000	09/01/2018		100,000		115,672
Sedgwick Cty., KS USD #265 (Goddard) Assured GTY	Aa/NR	4.500	10/01/2026		250,000		252,635
Shawnee Cty., KS USD #437 (Auburn-Washburn) G.O. Ref. FSA	Aa-3/NR	5.000	09/01/2014		485,000		521,331
*Shawnee, KS Multifamily Hsg. (Thomasbrooks Apts.) Rev. FNMA COL.	NR/AAA	5.250	10/01/2014		160,000		160,362
*University of Kansas Hosp. Auth. AMBAC	NR/AAA	5.500	09/01/2015		500,000		508,260
Washburn Univ. (Living Learning Ctr.) Bldg. Rev. AMBAC	NR/NR	5.000	07/01/2019		255,000		257,251
Washburn Univ. (Living Learning Ctr.) Bldg. Rev. AMBAC	NR/A	5.350	07/01/2011		105,000		105,752
Wichita, KS GO AMBAC	Aa/AA+	4.500	09/01/2022		150,000		155,510
Wichita, KS GO AMBAC	Aa/AA+	4.750	09/01/2027		180,000		182,286
Wichita, KS Multifamily Hsg. (Broadmoor Chelsea) Rev. FNMA	NR/AAA	5.375	07/01/2010		150,000		150,048
Wichita, KS Water & Sewer Rev. FSA	Aa-3/AAA	5.000	10/01/2023		200,000		214,632
Wyandotte Cnty/Kansas City, KS Govt Utilitiy Sys Rev 5.000% 09/01/24 Berkshire	Aa-1/AAA	5.000	09/01/2024		200,000		219,412
Wyandotte Cnty/Kansas City, KS Govt Utilitiy Sys Rev MBIA	A/AA-	5.125	09/01/2013		500,000		505,700
Wyandotte Cty, KS. GO FSA	Aa-3/AAA	5.000	08/01/2025		250,000		263,805
Wyandotte Cty., KS USD #500 G.O. FSA	Aa-3/AAA	5.250	09/01/2013		250,000		286,893

TOTAL KANSAS MUNICIPAL BONDS (COST: $15,348,866)						$	15,735,901

SHORT-TERM SECURITIES (13.2%)					Shares
Wells Fargo Advantage National Tax-Free Money Market (COST: $2,154,406)					2,154,406	$	2,154,406

TOTAL INVESTMENTS IN SECURITIES (COST: $17,503,272)						$	17,890,307
OTHER ASSETS LESS LIABILITIES							(1,594,887)

NET ASSETS						$	16,295,420

As of April 30, 2009, the Fund had six when-issued purchases:

100,000 of Junction City, KS Unlimited GO; 4.100%; 09/01/20

100,000 of Junction City, KS Unlimited GO; 4.250%; 09/01/21

100,000 of Junction City, KS Unlimited GO; 4.400%; 09/01/22

100,000 of Junction City, KS Unlimited GO; 4.500%; 09/01/23

350,000 of Dodge City, KS Sales Tax Rev; 4.400%; 06/01/25

310,000 of Dodge City, KS Sales Tax Rev; 5.000%; 06/01/21

*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

Footnote: Non-rated (NR) securities have been determined to be of investment grade quality by the Fund's Manager.

Note: INVESTMENT IN SECURITIES

At April 30, 2009, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $17,503,272. The net unrealized appreciation of investments based on the cost was $387,035, which is comprised of $436,631 aggregate gross unrealized appreciation and $49,596 aggregate gross unrealized depreciation. Differences between financial reporting-basis and tax-basis unrealized appreciation/depreciation are due to differing treatment of market discount.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels:


	Level 1—	quoted prices in active markets for identical securities

	Level 2—	other significant observable inputs (including quoted prices for similar securities, 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 to value the Fund's investments as of April 30, 2009:


Valuation Inputs		Investments in Securities

Level 1—	Quoted Prices	$	2,154,406

Level 2—	Other Significant Observable Inputs		15,735,901

Level 3—	Significant Unobservable Inputs		--

Total			17,890,307

Maine Municipal Fund

Schedule of Investments April 30, 2009 (Unaudited)

Name of Issuer
Percentages represent the market value of each investment category to total net assets	Rating Moody's/S&P	Coupon Rate	Maturity		Principal Amount		Market Value

MAINE MUNICIPAL BONDS (85.3%)

Bangor, ME FSA	Aa-3/AAA	4.000%	09/01/2009	$	345,000	$	348,188
Bangor, ME	A-1/AA	4.000	09/01/2024		155,000		155,028
Bar Harbor, ME GO	A-1/NR	6.450	06/01/2009		75,000		75,306
Brewer, ME GO	A/A	4.600	11/01/2017		210,000		218,927
Freeport, ME GO	Aa-3/AA	7.250	09/01/2010		20,000		21,723
Gorham, ME Unlimited Tax G.O. MBIA	A-1/NR	4.300	02/01/2023		155,000		157,923
Gorham, ME Unlimited Tax G.O. MBIA	A-1/NR	4.350	02/01/2024		155,000		157,368
Gray, ME Unlimited GO FSA	Aa-3/AAA	4.000	10/15/2026		280,000		275,299
Gray, ME Unlimited GO FSA	Aa-3/AAA	4.000	10/15/2027		280,000		271,569
Houlton, ME Water District MBIA	Baa-1/NR	4.600	05/01/2014		100,000		100,966
Kennebec, ME Regl. Dev.	Baa-1/NR	5.500	08/01/2014		75,000		76,696
Lewiston, ME G.O. FSA	Aa-3/NR	5.000	04/01/2022		500,000		525,580
Lewiston, ME G.O. FSA	Aa-3/NR	5.000	04/01/2024		250,000		262,665
Lewiston, ME G.O. FSA	Aa-3/NR	4.500	01/15/2025		200,000		203,320
Maine Governmental Facs. Auth Lease MBIA	A-1/AA-	5.375	10/01/2016		250,000		268,977
Maine Governmental Facs. Auth Lease Rent Rev.	Aa-3/AAA	5.000	10/01/2023		125,000		130,123
Maine Health & Higher Educ. Facs. Auth. (Bates College) FSA	Aa-3/AAA	5.250	07/01/2011		25,000		25,162
*Maine Health & Higher Educ. Facs. Auth. (Blue Hill Mem. Hosp) FSA	Aa-3/AAA	5.250	07/01/2010		410,000		414,641
Maine Health & Higher Educ. Facs. Auth.	Aaa/NR	6.000	10/01/2013		195,000		225,459
Maine Health & Higher Educ. (University Systems) MBIA	Aa-3/NR	5.000	07/01/2023		200,000		209,380
Maine Health & Higher Educ. Facs. Auth. Rev. AMBAC	NR/A	7.300	05/01/2014		5,000		5,000
Maine Health & Higher Educ. Facs. Rev. AMBAC	Aa-3/NR	5.000	07/01/2022		250,000		262,748
Maine Health & Higher Educ. Auth. (Maine Maritime Academy) MBIA	Aa-3/NR	5.000	07/01/2025		340,000		351,567
*Maine Municipal Bond Bank MBIA	NR/AAA	5.625	11/01/2016		1,000,000		1,080,370
Maine Municipal Bond Bank (Sewer & Water) Rev.	Aaa/AAA	4.900	11/01/2024		100,000		104,722
Maine State (Highway)	Aa-3/AA	5.000	06/15/2011		200,000		215,972
*Maine State Turnpike Auth. Rev. FGIC	Aa-3/A+	5.750	07/01/2028		500,000		527,615
Maine State Turnpike Auth. AMBAC	Aa-3/A+	5.000	07/01/2033		450,000		451,084
Portland, ME	Aa/AA	5.000	09/01/2013		60,000		63,580
Portland, ME	Aa/AA	4.250	05/01/2029		250,000		241,168
Portland, ME Airport Rev FSA	Aa-3/AAA	5.000	07/01/2032		500,000		486,140
Scarborough, ME G.O. MBIA	Aa-3/AA	4.400	11/01/2031		250,000		236,000
Scarborough, ME G.O. MBIA	Aa-3/AA	4.400	11/01/2032		480,000		449,256
Skowhegan, ME Pollution Ctl. Rev. (Scott Paper Co. Prj.)	A/A	5.900	11/01/2013		1,465,000		1,465,000
South Portland, ME	Aa-1/NR	5.800	09/01/2011		40,000		44,319
University of Maine System Rev. MBIA	Baa-1/AA-	4.750	03/01/2037		550,000		523,996
Westbrook, ME G.O. MBIA	A/AA-	3.250	10/15/2009		195,000		197,207
Westbrook, ME G.O. FGIC	NR/AA-	4.250	10/15/2020		180,000		185,542
Windham, ME G.O. AMBAC	A-1/A	3.125	11/01/2010		100,000		102,660
Windham, ME G.O. AMBAC	A-1/A	4.000	11/01/2014		475,000		505,733
Yarmouth, ME AMBAC	Aa-3/NR	5.250	11/15/2009		250,000		256,220
*Yarmouth, ME	Aa-3/AA-	5.000	11/15/2019		500,000		542,185
York, ME G.O.	NR/AA+	4.000	09/01/2010		75,000		78,414

TOTAL MAINE MUNICIPAL BONDS						$	12,500,798

GUAM MUNICIPAL BONDS (0.1%)
Guam Hsg. Corp. Single Family Mtg.	NR/AAA	5.750	09/01/2031		10,000		9,839

PUERTO RICO MUNICIPAL BONDS (5.7%)
*Puerto Rico Public Finance Corp. Commonwealth Appropriations AMBAC	Aaa/AAA	5.375	06/01/2018		710,000		829,245

VIRGIN ISLANDS MUNICIPAL BONDS (3.4%)
Virgin Islands Water & Power Auth. Elec. Syst. Rev. ACA/MBIA	Baa-1/AA-	5.300	07/01/2021		500,000		505,295

TOTAL MUNICIPAL BONDS (COST: $13,543,708)						$	13,845,177

SHORT-TERM SECURITIES (10.2%)					Shares
Wells Fargo Advantage National Tax-Free Money Market (COST: $1,501,640)					1,501,640	$	1,501,640

TOTAL INVESTMENTS IN SECURITIES (COST: $15,045,348)						$	15,346,817
OTHER ASSETS LESS LIABILITIES							(691,152)

NET ASSETS						$	14,655,665

As of April 30, 2009, the Fund had four when-issued purchases:

155,000 of Bangor, ME; 4.000%; 09/01/24

250,000 of Portland, ME; 4.250%; 05/01/29

280,000 of Gray, ME Unlimited GO; 4.000%; 10/15/27

280,000 of Gray, ME Unlimited GO; 4.000%; 10/15/26

*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.

Footnote: Non-rated (NR) securities have been determined to be of investment grade quality by the Fund's Manager.

Note: INVESTMENT IN SECURITIES

At April 30, 2009, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $15,045,348. The net unrealized appreciation of investments based on the cost was $301,469, which is comprised of $429,275 aggregate gross unrealized appreciation and $127,806 aggregate gross unrealized depreciation. Differences between financial reporting-basis and tax-basis unrealized appreciation/depreciation are due to differing treatment of market discount.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels:


	Level 1—	quoted prices in active markets for identical securities

	Level 2—	other significant observable inputs (including quoted prices for similar securities, 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 to value the Fund's investments as of April 30, 2009:


Valuation Inputs		Investments in Securities

Level 1—	Quoted Prices	$	1,501,640

Level 2—	Other Significant Observable Inputs		13,845,177

Level 3—	Significant Unobservable Inputs		--

Total		$	15,346,817

Nebraska Municipal Fund

Schedule of Investments April 30, 2009 (Unaudited)

Name of Issuer
Percentages represent the market value of each investment category to total net assets	Rating Moody's/S&P	Coupon Rate	Maturity		Principal Amount		Market Value

NEBRASKA MUNICIPAL BONDS (94.0%)

Adams Cnty, NE Hosp Auth #1 Hosp Rev (Mary Lanning Memorial Hosp.) ASGUA	NR/A-	5.300%	12/15/2018	$	250,000	$	250,050
Adams Cnty, NE Hosp Auth #1 Hosp Rev (Mary Lanning Memorial Hosp.) Radian Insured	NR/A-	5.250	12/15/2033		250,000		213,143
Dawson Cnty, NE SID #1 G.O. Ref (IBP, Inc. Proj.)	Ba/BB	5.650	02/01/2022		700,000		546,252
Dawson Cty., NE School Dist. #20 (Gothenburg) G.O. MBIA	Baa-1/AA-	4.500	12/15/2025		405,000		405,134
Dawson Cty. Public Power Electric Sys. Rev.	NR/AA-	4.750	12/01/2032		250,000		236,965
*Dodge Cty., NE SD #001 (Fremont Public Schools) FSA	Aa-3/NR	5.500	12/15/2020		1,000,000		1,075,830
Douglas Cty., NE G.O.	Aa-1/AAA	4.750	12/01/2025		250,000		251,582
Douglas Cty., NE Hosp. Auth. #001 (Alegent Hlth - Immanuel Med. Ctr.) Rev. AMBAC	NR/A	5.250	09/01/2021		250,000		239,035
Douglas Cty., NE Hosp. Auth. #002 (Nebraska Medical Center)	Aa-3/NR	5.000	11/15/2016		250,000		267,245
Douglas Cty., NE (Catholic Health Corp.) Rev. MBIA	Aa/AA-	5.375	11/15/2015		190,000		190,027
Douglas County, NE Hosp. Methodist Health	NR/A-	5.500	11/01/2038		500,000		430,085
Douglas Cty, NE Hosp. Methodist Health BHAC	Aa-1/AAA	5.500	11/01/2038		250,000		240,142
Douglas Cty., NE SID #392 (Cinnamon Creek) G.O.	NR/NR	5.750	08/15/2017		200,000		187,268
Douglas Cty., NE SID #397 (Linden Estates II)	NR/NR	5.600	07/15/2018		265,000		237,424
Douglas Cty., NE SID #397 (Linden Estates II)	NR/NR	5.600	07/15/2019		280,000		246,551
Douglas Cty., NE SID #397 (Linden Estates II)	NR/NR	5.600	04/01/2023		500,000		446,755
Douglas Cty., NE SD #010 (Elkhorn Pub. Schools) G.O. FSA Insured	NR/AAA	4.500	12/15/2023		250,000		251,787
Fremont, NE Combined Utilities Rev. MBIA	Baa-1/AA-	5.000	10/15/2021		500,000		513,725
Hall Cty., NE School Dist. #2 Grand Island FSA	Aa-3/AAA	5.000	12/15/2023		500,000		537,635
Lancaster Cnty Neb Hosp Auth No 1 (Bryanlg Med Center)	A-1/NR	4.000	06/01/2010		250,000		253,787
*Lancaster Cty., NE Hosp. Auth. #1 (BryanLGH Medical Center Project)	A-1/NR	4.750	06/01/2021		1,000,000		968,410
Lancaster Cty., NE School Dist. #1 (Lincoln Public Schools)	Aa-1/AAA	5.250	01/15/2021		500,000		524,720
Lancaster Cty., NE School Dist. #1 (Lincoln Public Schools) G.O.	Aa-1/AAA	5.250	01/15/2022		500,000		529,640
Lancaster Cty, NE School District #0160 (Norris Schools) G.O. FSA	Aa-3/NR	5.000	12/15/2025		250,000		250,120
*Lincoln, NE Elec. Syst. Rev.	Aa/AA	5.000	09/01/2021		1,000,000		1,047,110
Lincoln, NE San. Swr. Rev. MBIA	Aa/AA+	4.500	06/15/2029		250,000		237,627
Lincoln, NE Water Rev.	Aa/AA	5.000	08/15/2022		575,000		594,314
Metropolitan Community College South Omaha Bldg. Proj. AMBAC	NR/AA-	4.500	03/01/2026		1,000,000		1,002,010
Municipal Energy Agy of NE Power Supply Rev. Berkshire Insured	Aa-1/AAA	5.125	04/01/2024		195,000		205,477
NE Hgr. Educ. Loan Program Senior Subord. Term MBIA	Aa/AA-	6.250	06/01/2018		800,000		858,544
NE Hgr. Educ. Loan Program Junior Subord. Rev. MBIA	Baa-1/AA-	6.400	06/01/2013		130,000		136,288
NE Hgr. Educ. Loan Program Junior Subord. Term MBIA	Baa-1/AA-	6.450	06/01/2018		400,000		415,072
*NE Hgr. Educ. Loan Program Student Loan MBIA	Baa-1/AA-	5.875	06/01/2014		710,000		710,660
NE Hgr. Educ. Loan Program B Rev. MBIA	Baa-1/AA-	6.000	06/01/2028		100,000		100,004
NE Educ. Finance Auth. (Wesleyan Univ.) Rev. Radian Insured	NR/BBB-	5.500	04/01/2027		1,000,000		868,680
NE Invmt. Finance Auth. Multifamily Hsg. Rev. FNMA	NR/AAA	6.200	06/01/2028		135,000		135,031
NE Invmt. Finance Auth. (Great Plains Regional Medical Center) ASGUA	NR/A	5.450	11/15/2017		400,000		401,060
NE Invmt. Finance Auth. (Great Plains Regional Medical Center) Rev. Asset Guaranty	NR/A	5.450	11/15/2022		750,000		747,817
Omaha, NE Various Purpose	Aa-1/AAA	5.000	05/01/2022		250,000		264,560
Omaha, NE Various Purpose	Aa-1/AAA	4.250	10/15/2026		500,000		499,635
Omaha Public Power Electric Rev.	Aa-1/AA	5.250	02/01/2023		250,000		268,562
Omaha, NE Public Power Dist. Elec. Syst. Rev.	Aa-1/AA	5.200	02/01/2022		500,000		517,515
Omaha, NE Public Power Electric Rev.	Aa-1/AA	5.000	02/01/2034		1,000,000		1,002,230
Omaha, NE Public Power Dist. Elec. Syst. Rev.	NR/NR	6.200	02/01/2017		650,000		791,980
*Omaha, NE (Riverfront Project) Special Obligation	Aa/AA+	5.500	02/01/2029		1,000,000		1,024,660
Omaha, NE Public Power Dist. (Electric Rev) AMBAC	A-1/A	4.750	02/01/2025		250,000		252,498
Omaha, NE Public Power Dist. (Electric Rev) AMBAC	A-1/A	4.300	02/01/2031		100,000		88,828
Papillion, NE G.O. MBIA	Baa-1/AA-	4.350	12/15/2027		250,000		235,835
Sarpy Count School Dist.#27 Papillion-LA Vista GO	Aa-3/NR	5.000	12/01/2028		250,000		254,353
Platte Cty., NE Hosp. Auth. No. 1 (Columbus Community Hospital Proj.) Hosp. Rev. Asset Guaranty	NR/BBB-	5.650	05/01/2012		100,000		102,279
Platte Cty., NE Hosp. Auth. No. 1 (Columbus Community Hospital Proj.) Hosp. Rev. Asset Guaranty	NR/BBB-	6.150	05/01/2030		250,000		228,588
Public Power Generation Agy Whelan Energy Rev AMBAC	A/A	5.000	01/01/2032		500,000		484,145
Public Power Generation Agy. Whelan Energy Center Bhac - Cr, AMBAC	Aa-1/AAA	5.000	01/01/2027		250,000		257,413
Sarpy Cty., NE School Dist. #046 FSA	Aa-3/AAA	5.000	12/15/2022		200,000		200,094
Saunders Cty., NE G.O. FSA	Aa-3/AAA	5.000	11/01/2030		250,000		250,843
Saunders Cty., NE G.O. MBIA	Baa-1/AA-	4.250	12/15/2021		515,000		517,730
Southern Public Power Dist.	NR/AA-	5.000	12/15/2023		250,000		259,120
University of NE Fac. Corp. Deferred Maintenance AMBAC	Aa/AA-	5.000	07/15/2020		500,000		546,475
Univ. of NE Board of Regents Student Facs.	Aa/AA-	5.000	05/15/2032		250,000		251,448
Univ. of NE Board of Regents (Heath & Rec. Proj.)	Aa/AA-	5.000	05/15/2033		600,000		603,852
Univ. of NE (U. of NE - Lincoln Student Fees) Rev.	Aa/AA-	5.125	07/01/2032		250,000		252,213
University of NE University Rev. Lincoln Student Facs.	Aa/AA-	5.000	07/01/2028		250,000		253,285
Washington Cnty S/D#1 (Blair)	NR/A	3.750	12/15/2013		130,000		133,767

TOTAL NEBRASKA MUNICIPAL BONDS (COST: $26,357,833)						$	26,294,914

SHORT-TERM SECURITIES (4.9%)					Shares
Wells Fargo Advantage National Tax-Free Money Market (COST: $1,359,260)					1,359,260	$	1,359,260

TOTAL INVESTMENTS IN SECURITIES (COST: $27,717,093)						$	27,654,174
OTHER ASSETS LESS LIABILITIES							315,009

NET ASSETS						$	27,969,183

*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

Footnote: Non-rated (NR) securities have been determined to be of investment grade quality by the Fund's Manager.

Note: INVESTMENT IN SECURITIES

At April 30, 2009, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $27,717,093. The net unrealized depreciation of investments based on the cost was $62,919, which is comprised of $632,931 aggregate gross unrealized appreciation and $695,850 aggregate gross unrealized depreciation. Differences between financial reporting-basis and tax-basis unrealized appreciation/depreciation are due to differing treatment of market discount.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels:


	Level 1—	quoted prices in active markets for identical securities

	Level 2—	other significant observable inputs (including quoted prices for similar securities, 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 to value the Fund's investments as of April 30, 2009:


Valuation Inputs		Investments in Securities

Level 1—	Quoted Prices	$	1,359,260

Level 2—	Other Significant Observable Inputs		26,294,914

Level 3—	Significant Unobservable Inputs		--

Total		$	27,654,174

New Hampshire Municipal Fund

Schedule of Investments April 30, 2009 (Unaudited)

Name of Issuer
Percentages represent the market value of each investment category to total net assets	Rating Moody's/S&P	Coupon Rate	Maturity		Principal Amount		Market Value

NEW HAMPSHIRE MUNICIPAL BONDS (93.2%)

Belknap Cty., NH G.O. MBIA	A-1/AA-	5.200%	06/15/2013	$	225,000	$	225,688
Concord, NH G.O.	Aa/AA	4.600	10/15/2014		100,000		107,257
*Derry, NH FSA	Aa-3/NR	4.800	02/01/2018		115,000		120,793
Gorham, NH G.O. FSA	Aa-3/NR	4.850	04/01/2014		65,000		65,724
Hampton, NH G.O. XLCA	A-1/NR	4.000	12/15/2020		200,000		194,080
Hillsborough, NH G.O. XLCA	NR/A	4.000	11/01/2020		100,000		100,082
Hillsborough, NH G.O. XLCA	NR/A	4.000	11/01/2021		100,000		98,881
Manchester, NH Public Improvement	Aa/NR	5.875	05/01/2019		50,000		50,507
*Manchester, NH School Facs. Rev. MBIA	Aa-3/AA	5.250	06/01/2009		250,000		250,928
Manchester, NH Water Rev. FGIC	Aa-3/AA	5.000	12/01/2028		100,000		101,505
Manchester, NH Water Works Rev.	Aa-3/AA	5.000	12/01/2034		250,000		252,993
Merrimack Cty., NH G.O. FSA	NR/AAA	4.250	12/01/2019		100,000		108,004
Merrimack Cty., NH G.O. FSA	NR/AAA	4.500	12/01/2027		100,000		101,514
Nashua, NH G.O.	Aa/AA+	5.250	09/15/2017		100,000		107,354
New Hampshire Hlth. & Educ. Facs. Auth. (Exeter)	A/A+	5.100	10/01/2010		100,000		103,960
New Hampshire Hlth. & Educ. Facs. Auth. (Exeter)	A/A+	5.200	10/01/2011		60,000		63,145
*New Hampshire Hlth. & Educ. Facs. Auth. (Exeter)	A/A+	5.500	10/01/2015		120,000		124,764
New Hampshire Hlth. & Educ. Facs. Auth. (Exeter)	A/A+	5.625	10/01/2016		20,000		20,962
New Hampshire Hlth. & Educ. Facs. Auth. (Univ. Sys. of NH) AMBAC	A-1/A+	5.500	07/01/2013		40,000		43,711
New Hampshire Hlth. & Educ. Facs. Auth. (Univ. Sys. of NH) AMBAC	A-1/A+	5.500	07/01/2013		95,000		103,351
New Hampshire Health & Ed. Conway Hosp.	Baa-3/NR	5.250	06/01/2016		100,000		89,251
New Hampshire Health & Educ Concord Hosp. AMBAC	A-3/A	5.875	10/01/2016		100,000		100,421
*New Hampshire State Capital Improvement G.O.	Aa/AA	5.000	04/15/2013		250,000		280,435
New Hampshire State Capital Improvement G.O.	Aa/AA	4.750	03/01/2027		100,000		102,950
New Hampshire State Hsg. Single Fam. Rev.	Aa/NR	4.900	07/01/2025		200,000		189,046
New Hampshire State Turnpike System FSA	Aa-3/AAA	5.125	10/01/2019		100,000		106,772
Portsmouth, NH G.O. MBIA	Aa/AA	4.000	08/01/2019		100,000		104,653
*Rochester, NH G.O. MBIA	A-3/NR	4.750	07/15/2020		300,000		311,109

TOTAL NEW HAMPSHIRE MUNICIPAL BONDS						$	3,629,840

GUAM MUNICIPAL BONDS (0.3%)
Guam Hsg. Corp. Single Family Mtg.	NR/AAA	5.750	09/01/2031		10,000		9,839

TOTAL MUNICIPAL BONDS (COST: $3,579,861)						$	3,639,679

SHORT-TERM SECURITIES (5.7%)					Shares
Wells Fargo Advantage National Tax-Free Money Market (Cost: $221,843)					221,843	$	221,843

TOTAL INVESTMENTS IN SECURITIES (COST: $3,801,704)						$	3,861,522
OTHER ASSETS MINUS LIABILITIES							31,359

NET ASSETS						$	3,892,881

*Indicates bonds are segregated by the custodian to cover when-issued or delayed delivery purchases.

Footnote: Non-rated (NR) securities have been determined to be of investment grade quality by the Fund's Manager.

Note: INVESTMENT IN SECURITIES

At April 30, 2009, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $3,801,704. The net unrealized appreciation of investments based on the cost was $59,818, which is comprised of $75,497 aggregate gross unrealized appreciation and $15,679 aggregate gross unrealized depreciation. Differences between financial reporting-basis and tax-basis unrealized appreciation/depreciation are due to differing treatment of market discount.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels:


	Level 1—	quoted prices in active markets for identical securities

	Level 2—	other significant observable inputs (including quoted prices for similar securities, 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 to value the Fund's investments as of April 30, 2009:


Valuation Inputs		Investments in Securities

Level 1—	Quoted Prices	$	221,843

Level 2—	Other Significant Observable Inputs		3,639,679

Level 3—	Significant Unobservable Inputs		--

Total			3,861,522

Oklahoma Municipal Fund

Schedule of Investments April 30, 2009 (Unaudited)

Name of Issuer
Percentages represent the market value of each investment category to total net assets	Rating Moody's/S&P	Coupon Rate	Maturity		Principal Amount		Market Value

OKLAHOMA MUNICIPAL BONDS (97.8%)

Board of Regents (OK Univ. Science Center)	NR/AA	5.000%	07/01/2036	$	1,000,000	$	995,260
City of Tulsa, OK MBIA	Aa/AA	4.250	03/01/2025		1,000,000		1,000,810
Claremore, OK Student Hsg. Rev. (Rogers University) ACA	NR/NR	5.750	09/01/2034		500,000		356,875
Drumright, OK Utility Sys. Rev. Assured Guaranty Ins.	NR/AAA	4.750	02/01/2036		950,000		952,793
Durant, OK Community Fac. Auth. Sales Tax Rev. XLCA	NR/A	5.500	11/01/2019		500,000		525,485
Edmond Economic Dev. Auth., OK Student Housing Rev.	Baa-3/NR	5.375	12/01/2019		200,000		169,610
Edmond Economic Dev. Auth., OK Student Housing Rev.	Baa-3/NR	5.500	12/01/2028		865,000		631,960
Edmond Public Works Auth. AMBAC	NR/A	4.850	01/01/2024		155,000		157,142
Edmond Public Works Auth. AMBAC	NR/A+	4.750	07/01/2024		250,000		248,730
Edmond Public Works Sales Tax & Utility Rev. AMBAC	NR/A+	4.750	07/01/2023		200,000		202,234
Garfield Cty., Criminal Justice Auth. (Enid, OK) Rev. MBIA	Baa-1/NR	4.500	04/01/2018		250,000		238,520
Jenks Aquarium Auth. Rev. MBIA	Baa-1/AA-	5.250	07/01/2029		500,000		499,845
McAlester, OK Public Works Auth. FSA	Aa-3/NR	5.100	02/01/2030		100,000		102,558
McClain Cty., OK Econ. Dev. Auth. Ed. Lease Rev. (Purcell Schools) Assured GTY	NR/AAA	4.250	09/01/2020		585,000		599,771
Midwest City, OK Capital Impvt. MBIA	Baa-1/AA-	5.375	09/01/2024		500,000		515,790
Norman, OK (Regl. Hospital) Auth. Radian	Baa-3/BBB-	5.250	09/01/2016		180,000		154,247
Norman, OK Utilities Auth. Utility Rev. FGIC	A/NR	4.000	11/01/2022		265,000		246,726
OK Agric. & Mech. Colleges (OK St. Univ.) Athletic Facs. AMBAC	A-1/NR	5.000	08/01/2024		300,000		300,123
OK Board of Regents (Univ. of Central OK) AMBAC	NR/A	5.600	08/01/2020		150,000		158,019
OK Board of Regents (Univ. of Central OK) AMBAC	NR/A	5.700	08/01/2025		390,000		402,149
OK Board of Regents (Univ. of OK) FGIC	NR/AA-	4.125	07/01/2026		500,000		464,850
OK Capital Impvt. Auth. (Higher Ed. Project) AMBAC	A-1/AA	5.000	07/01/2024		250,000		256,738
OK Capital Impvt. Auth. (Higher Ed. Project) Rev. AMBAC	A-1/AA	5.000	07/01/2022		500,000		522,240
*OK Capital Impvt. Auth. (Higher Ed. Project) Rev. AMBAC	A-1/AA	5.000	07/01/2030		2,000,000		2,020,820
OK Capital Impvt. Auth. (OK St. Bureau of Investigation) FSA	Aa-3/AAA	4.375	07/01/2022		100,000		102,729
OK Capital Impvt. Auth. (OK St. Bureau of Investigation) FSA	Aa-3/AAA	4.375	07/01/2023		100,000		101,417
OK Capital Impvt. Auth. (OK St. Bureau of Investigation) FSA	Aa-3/AAA	4.500	07/01/2024		200,000		204,246
OK Capital Impvt. Auth. (State Highway) Rev. MBIA	Baa-1/AA	5.000	06/01/2014		250,000		281,372
OK Capital Impvt. Auth. (Supreme Court Proj.) CIFG	A-1/AA	4.500	07/01/2026		500,000		491,925
OK Colleges Board of Regents (NE State Univ. Ctr.) Rev. FSA	Aa-3/AAA	5.100	03/01/2016		140,000		140,108
OK Colleges Board of Regents (NE State Univ. Ctr.) Rev. FSA	Aa-3/AAA	5.150	03/01/2021		100,000		100,092
OK Devl. Finance Auth. (DHS Lease Rev.) Series 2000A MBIA	Baa-1/NR	5.600	03/01/2015		280,000		281,044
OK Devl. Finance Auth. (Langston Univ. Stadium)	NR/AA+	5.000	07/01/2027		250,000		256,992
OK Devl. Finance Auth. (Lease Rev.) Law Enforcement MBIA	A/AA	5.100	06/01/2027		120,000		122,269
OK Devl. Finance Auth. (OK State Syst. Higher Ed.) AMBAC	A-1/AA	4.900	12/01/2022		200,000		206,274
OK Devl. Finance Auth. (Seminole State College)	NR/AA+	5.125	12/01/2027		150,000		153,688
OK Devl. Finance Auth. (St. Ann's Retirement Village) Rev. MBIA	Baa-1/NR	5.000	12/01/2028		500,000		433,100
OK Devl. Finance Auth. (St. John Health Syst.) MBIA	A-1/AA	5.750	02/15/2025		50,000		50,244
OK Devl. Finance Auth. (St. John Health Syst.) Rev. Ref.—Unrefunded	A-3/A	5.750	02/15/2025		125,000		124,614
OK Devl. Finance Auth. (St. John Health Syst.) Rev. Ref.—Unrefunded	A-3/A	6.000	02/15/2029		100,000		98,155
OK Devl. Finance Auth. OK Dept. of Corrections (McLoud Fac.) FGIC	NR/AA	4.600	04/01/2022		250,000		255,495
OK Devl. Finance Auth. OK Dept. of Corrections (McLoud Fac.) FGIC	NR/AA	4.650	04/01/2023		250,000		253,850
OK Devl. Finance Auth. OK State Higher Ed (Master Lease) FSA	Aa-3/AAA	4.500	06/01/2026		250,000		252,277
OK Housing Finance Agency Single Family Homeownership	Aaa/NR	5.250	09/01/2021		75,000		75,111
*OK Housing Finance Agency Single Family Homeownership GNMA	Aaa/NR	5.375	03/01/2020		60,000		60,527
OK Housing Finance Agency Single Family Homeownership GNMA/FNMA	Aaa/NR	5.850	09/01/2020		30,000		30,143
*OK Municipal Power Auth. Power Supply Rev. FGIC	A/AA-	4.500	01/01/2047		850,000		723,707
OK Municipal Power Auth. Rev. MBIA	A/AA-	5.750	01/01/2024		2,230,000		2,599,199
*OK State Student Loan Auth.	Aaa/AAA	5.625	06/01/2031		685,000		587,120
OK State Student Loan Auth.	A/NR	6.350	09/01/2025		280,000		274,120
OK State Student Loan Auth. MBIA	Baa-1/AA-	5.300	12/01/2032		450,000		369,050
*OK State Water (Loan Program) Rev.	NR/AAA	5.100	09/01/2016		40,000		40,238
OK State Water Resources Loan Rev.	NR/AAA	5.100	10/01/2027		500,000		516,150
OK Transportation Auth. Turnpike Sys. Rev. - Prerefunded AMBAC	Aa-3/AA-	5.000	01/01/2021		10,000		10,957
OK Transportation Auth. Turnpike Sys. Rev. - Unrefunded AMBAC	Aa-3/AA-	5.000	01/01/2021		90,000		92,942
OK Water Resources Board Rev. AMBAC	Aaa/AAA	4.750	04/01/2024		100,000		103,999
Oklahoma City Airport Trust Jr. Lien Refunding Series B AMBAC	A/A+	5.000	07/01/2021		250,000		261,663
Oklahoma City Airport Trust Jr. Lien Refunding Series B. AMBAC	A/A+	5.000	07/01/2019		250,000		269,755
Oklahoma City, OK MBIA	Aa-1/AAA	4.250	03/01/2022		110,000		111,722
Oklahoma City, OK Public Auth. (OKC Fairgrounds Fac.) FGIC	A/AA-	5.500	10/01/2019		250,000		271,360
Oklahoma City, OK Water Utility Rev. FGIC	Aa/AAA	5.000	07/01/2034		250,000		250,755
Oklahoma City, OK Water Utility Trust (Water & Sewer) Rev. FGIC	Aa/AAA	5.000	07/01/2029		425,000		433,232
Oklahoma Housing Fin. Agy. Single Family Mtg. Rev	Aaa/NR	5.100	03/01/2017		100,000		100,375
Oklahoma Housing Fin. Agy. Single Family Mtg. Rev.	Aaa/NR	5.100	09/01/2017		100,000		100,754
Oklahoma Housing Finance FNMA / GNMA	Aaa/NR	5.150	09/01/2029		465,000		424,638
Oklahoma Housing Finance GNMA / FNMA	Aaa/NR	5.050	09/01/2023		935,000		896,805
Oklahoma Housing Finance GNMA / FNMA	Aaa/NR	5.200	09/01/2032		470,000		420,345
Okmulgee Public Works Auth. Capital Improvement Rev. MBIA	Baa-1/AA-	5.125	08/01/2030		750,000		761,865
Okmulgee Public Works Auth. Capital Improvement Rev. MBIA	Baa-1/AA-	4.800	10/01/2027		500,000		511,375
Rural Enterprises, OK Inc. OK Govt. Fin. (Cleveland Cty. Hlth.) MBIA	Baa-1/NR	5.000	11/01/2021		250,000		240,660
Rural Enterprises, OK Inc. Okmulgee Student Housing Proj. ACA	NR/NR	5.750	12/01/2030		250,000		185,415
Rural Enterprises, OK Inc. Okmulgee Student Housing Proj. Series A ACA	NR/NR	5.625	12/01/2020		140,000		122,234
Rural Enterprises, OK Inc. Okmulgee Student Housing Proj. Series A ACA	NR/NR	5.700	12/01/2025		220,000		175,331
Rural Enterprises, OK Inc. Student Hsg. (Connors College) ACA	NR/NR	5.550	11/01/2021		250,000		201,893
Rural Enterprises, OK Inc. Student Hsg. (Connors College) ACA	NR/NR	5.650	11/01/2031		375,000		270,326
Rural Enterprises, OK Inc. USAOF Student Housing ACA	NR/NR	5.550	11/01/2021		250,000		208,303
Rural Enterprises, OK Inc. USAOF Student Housing ACA	NR/NR	5.650	11/01/2031		250,000		182,585
Sapulpa Municipal Authority Utility Rev. FSA	Aa-3/AAA	5.125	01/01/2032		250,000		254,470
Texas Cty., OK Dev. Auth. (OPSU Student Hsg.) ACA	NR/NR	5.250	11/01/2023		250,000		190,283
Tulsa Cty, OK Indl. Auth. Recreation Facs.	NR/AA-	4.700	09/01/2024		500,000		504,315
Tulsa Metropolitan Util. Auth. Utility Revs XLCA	Aa/AA	4.250	05/01/2026		650,000		618,189
Tulsa Metropolitan Util. Auth. Utility Revs XLCA	Aa/AA	4.500	05/01/2027		910,000		888,033
Tulsa Oklahoma Pub. Facs. Auth. XLCA	Aa-3/NR	4.750	11/15/2037		500,000		472,720
Tulsa Oklahoma Public Facs. Auth. XLCA	Aa-3/NR	5.250	11/15/2036		1,000,000		1,009,880
Tulsa, OK General Obligation	Aa/AA	4.500	03/01/2023		700,000		723,107
Tulsa, OK General Obligation	Aa/AA	4.500	03/01/2026		1,035,000		1,046,975
Tulsa, Oklahoma Unlimited GO MBIA	Aa/AA	4.250	03/01/2024		500,000		503,390
University of OK Board of Regents (Multi Facs.) Rev. MBIA	A-1/NR	4.750	06/01/2029		250,000		237,160
University of OK Board of Regents (Research Fac.) Rev. AMBAC	A/NR	4.800	03/01/2028		670,000		663,126
University of OK Board of Regents Student Hsg. Rev. FGIC	A-1/NR	5.000	11/01/2027		1,000,000		969,470
University of OK Student Hsg. (Cameron Univ.) Rev. AMBAC	NR/A	5.500	07/01/2023		250,000		264,445

TOTAL OKLAHOMA MUNICIPAL BONDS (COST: $37,099,453)						$	35,863,403

SHORT-TERM SECURITIES (1.0%)					Shares
Wells Fargo Advantage National Tax-Free Money Market (COST: $380,578)					380,578	$	380,578

TOTAL INVESTMENTS IN SECURITIES (COST: $37,480,031)						$	36,243,981
OTHER ASSETS LESS LIABILITIES							412,469

NET ASSETS						$	36,656,450

*Indicates bonds are segregated by the custodian to cover when-issued or delayed-delivery purchases.

Footnote: Non-rated (NR) securities have been determined to be of investment grade quality by the Fund's Manager.

Note: INVESTMENT IN SECURITIES

At April 30, 2009, the aggregate cost of securities for federal income tax purposes was substantially the same for financial reporting purposes at $37,480,031. The net unrealized depreciation of investments based on the cost was $1,236,050, which is comprised of $403,562 aggregate gross unrealized appreciation and $1,639,612 aggregate gross unrealized depreciation. Differences between financial reporting-basis and tax-basis unrealized appreciation/depreciation are due to differing treatment of market discount.

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in three broad levels:


	Level 1—	quoted prices in active markets for identical securities

	Level 2—	other significant observable inputs (including quoted prices for similar securities, 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 to value the Fund's investments as of April 30, 2009:


Valuation Inputs		Investments in Securities

Level 1—	Quoted Prices	$	380,578

Level 2—	Other Significant Observable Inputs		35,863,403

Level 3—	Significant Unobservable Inputs		--

Total		$	36,243,981

Item 2. Controls and Procedures

	(a)	The certifying officers, whose certifications are included herewith, have evaluated the registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this Form N-Q (the "Report"). The registrant's principal executive officer and principal financial officer believe that the disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) are adequately designed to ensure that material information relating to the registrant is made known to them by others, particularly during the period in which this report is being prepared, so that there is time to allow for decisions regarding required disclosure. Further, in their opinion, the registrant's disclosure controls and procedures are adequately designed, and are operating effectively, to ensure that information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the filing date.

	(b)	There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant's most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits

(a)

(1)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 is filed and attached hereto.

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.

Integrity Managed Portfolios

By: /s/Robert E. Walstad

Robert E. Walstad
Interim President

Date: June 26, 2009

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.

Integrity Managed Portfolios

By: /s/Robert E. Walstad

Robert E. Walstad
Interim President

Date: June 26, 2009

By: /s/Adam Forthun

Adam Forthun
Treasurer

Date: June 26, 2009

EX-99.CERT 2 impnqcert20090626.htm CERTIFICATION: INTEGRITY MANAGED PORTFOLIOS (3RD QUARTER)

CERTIFICATIONS

I, Robert E. Walstad, certify that:

	1.	I have reviewed this report on Form N-Q of Integrity Managed Portfolios;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

	4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

		(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

		(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

		(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	5.	The registrant's certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

		(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

		(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


			Date: June 26, 2009	/s/ Robert E. Walstad	Interim President
				[Signature]	[Title]

CERTIFICATIONS

I, Adam Forthun, certify that:

	1.	I have reviewed this report on Form N-Q of Integrity Managed Portfolios;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

	4.	The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

		(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

		(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

		(c)	Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

		(d)	Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

	5.	The registrant's certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

		(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

		(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


			Date: June 26, 2009	/s/Adam Forthun	Treasurer
				[Signature]	[Title]

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