N-Q 1 nq20130628.htm

N-Q

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, ND		58703
(Address of principal offices)		(Zip code)

Brent Wheeler and/or Kevin Flagstad, PO Box 500, Minot, ND 58702

(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, 2013

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, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (97.1%)

Education (4.4%)
Hutchinson KS Cmnty College 5.000% 10/01/25	$	350,000	$	373,303
Hutchinson KS Cmnty College 5.250% 10/01/30		300,000		320,058
Hutchinson KS Cmnty College 5.250% 10/01/33		450,000		480,551
KS Dev Fin Auth Sales Tax Rev K-St-Olathe Innovation-L1 5.000% 09/01/39		200,000		221,902
KS Dev Fin Auth Rev (Univ KS Research Cent) 5.000% 02/01/26		500,000		540,065
KS Dev Fin Auth Rev (KS St Proj) 4.375% 11/01/18		100,000		114,702
Washburn Univ Topeka KS Bldg Ref Rev (Living Learning Ctr Proj) 5.000% 07/01/19		955,000		986,601
				3,037,182

General Obligation (40.5%)
Atchison Cnty KS Unif Sch Dist #409 Ref & Impt Ser A 4.000% 09/01/25		500,000		559,865
Butler Cnty KS USD #402 5.250% 09/01/21		560,000		653,397
Butler Cnty KS USD #385 5.000% 09/01/18		500,000		593,910
Butler Cnty KS USD #394 5.000% 09/01/23		175,000		186,380
Cowley Cnty KS USD #470 5.500% 09/01/21		100,000		118,181
Cowley Cnty KS USD #470 4.750% 09/01/23		100,000		113,867
Cowley Cnty KS USD #470 4.750% 09/01/27		490,000		581,022
Cowley Cnty KS USD #465 (Winfield) 5.250% 10/01/14		375,000		384,311
Cowley Cnty KS USD #465 (Winfield) 5.250% 10/01/14		10,000		10,142
Dickinson Cnty KS USD #473 4.500% 09/01/22		215,000		250,911
Dickinson Cnty KS USD #473 5.000% 09/01/27		325,000		378,742
Dickinson Cnty KS USD #473 4.400% 09/01/29		100,000		110,203
Dodge KS Sch Dist #443 4.000% 09/01/16		120,000		129,041
Douglas Cnty KS Sales Tax Ref 5.000% 08/01/19		1,000,000		1,012,460
Douglas Cnty KS USD #491 Eudora 5.500% 09/01/24		250,000		289,673
Douglas Cnty KS USD #491 Eudora 5.000% 09/01/23		375,000		434,921
Douglas Cnty KS USD #491 Eudora 5.125% 09/01/29		250,000		288,858
Douglas Cnty KS USD #491 Eudora 4.000% 09/01/22		250,000		279,480
Ford Cnty KS Sales Tax - Ser A 4.500% 09/01/24		500,000		542,490
Franklin Cnty KS USD # 290 4.000% 09/01/16		100,000		104,741
Geary Cnty KS USD #475 4.500% 09/01/23		650,000		695,669
Harvey Cnty KS USD #373 (Newton) 4.000% 09/01/18		250,000		286,065
Harvey Cnty KS USD #373 (Newton) 5.000% 09/01/23		200,000		230,434
Harvey Cnty KS USD #373 (Newton) 5.000% 09/01/25		1,000,000		1,214,840
Johnson & Miami Cnty KS Unif Sch Dist #230 5.500% 09/01/30		500,000		616,450
*Johnson Cnty KS USD #231 Gardner-Edgerton 5.000% 10/01/24		1,135,000		1,177,948
#Johnson Cnty KS USD# 231 5.000% 10/01/25		250,000		303,105
Johnson Cnty KS USD #232 (Desoto) 5.250% 09/01/23		500,000		541,470
Johnson Cnty KS USD #232 (Desoto) 5.000% 09/01/15		100,000		110,634
Johnson Cnty KS USD #233 4.000% 09/01/18		150,000		173,321
Junction City KS Ref & Impt 5.000% 09/01/25		250,000		273,080
Junction City KS Unlimited GO 3.500% 09/01/16		120,000		131,196
Junction City KS Unlimited GO 4.100% 09/01/20		750,000		857,805
Junction City KS Unlimited GO 4.250% 09/01/21		100,000		114,089
Junction City KS Unlimited GO 4.400% 09/01/22		100,000		114,552
Junction City KS Unlimited GO 4.500% 09/01/23		100,000		113,234
Junction City KS Unlimited GO 3.000% 09/01/16		315,000		336,184
Leavenworth Cnty KS USD #449 3.330% 09/01/28		250,000		265,793
Leavenworth Cnty KS USD #453 GO Impt & Ref 5.250% 03/01/24		200,000		235,474
Leavenworth Cnty KS USD #453 4.750% 09/01/25		300,000		342,141
*Leavenworth Cnty KS USD #453 GO Impt & Ref 5.125% 03/01/29		1,000,000		1,145,530
Wichita Cnty KS USD #467 (Leoti) 5.000% 10/01/18		100,000		119,311
Manhattan KS GO 5.000% 11/01/28		130,000		148,621
Miami Cnty USD #416 Louisburg 5.000% 09/01/20		275,000		314,573
Montgomery Cnty KS USD #446 4.000% 09/01/19		150,000		166,368
Montgomery Cnty KS USD #446 5.000% 09/01/33		250,000		272,763
Neosho Cnty KS USD #413 5.000% 09/01/20		345,000		366,090
Neosho Cnty KS USD #413 4.000% 09/01/31		750,000		786,458
Neosho Cnty KS USD #413 4.000% 09/01/32		750,000		785,790
Newton, KS Unlimited GO 5.000% 09/01/21		100,000		121,209
Newton KS Unlimited GO 4.750% 09/01/29		435,000		492,825
Olathe KS GO 4.000% 10/01/19		100,000		109,718
Park City KS 5.100% 12/01/20		200,000		240,060
Park City KS 5.500% 12/01/24		100,000		119,719
Park City KS 6.000% 12/01/29		500,000		599,760
Park City KS GO Ref & Impr 5.375% 12/01/25		250,000		287,948
Salina KS GO 4.625% 10/01/27		200,000		218,922
Sedgwick Cnty KS USD #261 5.000% 11/01/21		250,000		281,675
Sedgwick Cnty KS USD #262 5.000% 09/01/24		250,000		286,543
Sedgwick Cnty KS USD #262 5.000% 09/01/18		100,000		120,845
Sedgwick Cnty KS USD #262 5.000% 09/01/28		500,000		562,415
Sedgwick Cnty KS USD #265 (Goddard) 4.250% 10/01/20		750,000		845,438
Sedgwick Cnty KS USD #265 (Goddard) 4.500% 10/01/26		250,000		277,653
Sedgwick Cnty KS USD #266 Maize Sch 5.250% 09/01/19		515,000		618,731
Sedgwick Cnty KS USD #266 Maize Sch 5.250% 09/01/20		360,000		426,593
Seward Cnty KS Unlimited GO Hosp Ref & Impt 5.000% 08/01/40		500,000		569,175
Shawnee Cnty KS GO 5.000% 09/01/16		655,000		724,325
#Shawnee Cty., KS USD #345 (Seaman) G.O. 5.000 % 9/01/25		250,000		303,592
Wichita KS GO 4.500% 09/01/22		150,000		167,557
Wichita KS GO 4.750% 09/01/27		180,000		201,150
Wyandotte Cnty KS Gov Unltd GO 5.000% 08/01/19		150,000		167,068
Wyandotte Cnty KS GO 5.000% 08/01/25		250,000		280,880
Wyandotte Cnty KS GO 5.000% 08/01/27		500,000		554,105
Wyandotte Cnty KS USD # 202 5.250% 09/01/18		100,000		120,753
Wyandotte Cnty KS USD #500 GO 5.250% 09/01/13		250,000		254,272
				28,214,514

Health Care (17.0%)
KS Dev Fin Auth Lease Rev Univ KS Tenant 5.000% 06/15/39		1,000,000		1,090,000
KS Dev Fin Auth Rev Adventist Health 5.150% 11/15/23		250,000		288,125
KS Dev Fin Auth Rev Adventist Health 5.250% 11/15/24		250,000		288,232
KS Dev Fin Auth Rev Adventist Health 5.500% 11/15/29		100,000		115,503
KS Dev Fin Auth Rev Adventist Health 5.750% 11/15/34		250,000		260,290
KS Dev Fin Auth Rev Sisters Leavenworth-Ser A 5.000% 01/01/40		500,000		541,565
KS Dev Fin Auth Hlth Fac Rev Hays Med Ctr 5.000% 11/15/22		500,000		536,175
KS Dev Fin Auth Stormont-Vail Healthcare 5.125% 11/15/32		410,000		439,221
KS Dev Fin Auth Stormont-Vail Healthcare 5.125% 11/15/36		500,000		534,785
KS Dev Fin Auth Hlth Fac Rev Hays Med Ctr 5.000% 05/15/25		250,000		272,870
KS Dev Fin Auth Hlth Fac Rev Hays Med Ctr 5.000% 05/15/35		1,000,000		1,079,810
KS Devl Fin Auth (Univ of KS Hosp Auth) 5.000% 03/01/28		755,000		827,367
Lawrence KS (Mem Hosp) Rev 5.125% 07/01/26		500,000		530,160
Lawrence KS (Mem Hosp) Rev 5.125% 07/01/36		300,000		314,352
Lincoln Cnty KS Pub Bldg (Lincoln Cnty Hosp) 5.500% 03/01/35		500,000		561,080
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/23		250,000		293,370
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/24		250,000		290,307
Manhattan KS Hosp Rev Mercy Health Ctr 5.000% 11/15/29		500,000		562,440
Olathe KS Health Fac Rev (Med Ctr) 5.000% 09/01/29		500,000		535,100
Olathe KS (Med Ctr) Health 5.000% 09/01/30		250,000		272,912
Olathe KS Hlth Facs Rev Olathe Med Ctr - Ser A 4.000% 09/01/28		250,000		262,712
Olathe KS Hlth Facs Rev Olathe Med Cntr - Ser A 4.000% 09/01/30		445,000		462,577
Sedgwick Cnty KS Health Care Rev (Catholic Care Ctr) 5.000% 08/01/25		1,000,000		1,041,480
Univ KS Hosp Auth 5.000% 09/01/26		100,000		107,917
Wichita KS (Via Christi Health Sys) Rev 5.000% 11/15/29		300,000		334,791
				11,843,141

Housing (0.5%)
Kansas City KS Mtg Rev Rev 5.900% 11/01/27		95,000		95,044
KS Dev Fin Auth Rev (Sec. 8) Rev Ref. 6.400% 01/01/24		225,000		225,117
				320,161

Other Revenue (18.4%)
Butler Cnty KS Pub Bldg Impt Rev 4.500% 10/01/21		160,000		171,261
Dodge City KS Sales Tax Rev 5.000% 06/01/21		310,000		364,095
Dodge City KS Sales Tax Rev 4.400% 06/01/25		350,000		392,721
Dodge City KS Sales Tax Rev 4.500% 06/01/28		100,000		109,410
Dodge City KS Sales Tax Rev 5.250% 06/01/31		1,000,000		1,134,140
KS Dev Fin Auth Lease Rev (Juvenile Justice) 5.250% 05/01/13		570,000		570,074
KS Dev Fin Auth Rev KS Projs-Ser B 4.125% 05/01/31		500,000		536,265
KS Dev Fin Auth Athletic Fac Rev (K-St Athletics Inc) 5.000% 07/01/32		250,000		274,505
KS Dev Fin Auth (KS St Proj) Rev Unrefunded 5.000% 10/01/17		20,000		20,060
*KS Dev Fin Auth Rev (KS St Proj) 5.000% 05/01/26		1,335,000		1,419,746
KS Dev Fin Auth Rev (KS St Proj) 5.000% 11/01/34		500,000		559,770
KS Dev Fin Auth Rev (Dept Admin) 5.000% 11/01/25		250,000		280,885
KS Dev Fin Auth Rev (KS St Proj) 4.100% 05/01/19		250,000		270,775
KS Dev Fin Auth (KS St Proj) Rev Unrefunded 4.500% 11/01/17		125,000		143,706
KS Dev Fin Auth Rev (KS St Proj) 5.250% 11/01/25		350,000		402,896
KS Dev Fin Auth Rev (Athletic Facs Univ of KS) 5.000% 06/01/33		250,000		260,268
KS Dev Fin Auth Rev (KS St Proj) 5.000% 05/01/35		250,000		277,568
Lincoln Cnty KS Pub Bldg (Lincoln Cnty Hosp) 5.000% 03/01/28		250,000		283,350
Manhattan KS Sales Tax Rev Downtown Redev 5.250% 12/01/26		140,000		154,466
Manhattan KS Sales Oblig Rev North Proj Area - Downtown A 5.000% 12/01/26		500,000		546,730
Manhattan KS Sales Tax Rev 4.500% 12/01/25		500,000		559,245
*Manhattan KS Sales Tax Rev 5.000% 12/01/32		1,000,000		1,128,310
Neosho Cnty KS Sales Tax Rev 4.000% 10/01/23		500,000		552,775
Sumner Cnty KS Sales Tax Rev 5.000% 10/01/14		400,000		426,452
Topeka KS Pub Bldg Commn Lease Rev Social & Rehab Proj 5.000% 06/01/22		255,000		297,853
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 4.000% 09/01/28		600,000		652,758
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 5.000% 09/01/32		500,000		568,795
Washinton Cnty KS Pub Bldg Com Rev Law Enforcement Ctr & Hosp Proj 5.000% 09/01/37		400,000		438,396
				12,797,275

Transportation (1.5%)
KS Dept Transn Hwy Rev 5.000% 03/01/23		250,000		259,890
KS Dev Fin Auth Rev (Road Revolving Fund) 4.625% 10/01/26		250,000		280,862
Overland Park KS Trans Dev Dist Sales Tax Rev Oak Park Mall 5.200% 04/01/20		305,000		349,066
PR Comwlth Hwy & Transn Auth Hwy Rev 4.950% 07/01/26		145,000		153,796
				1,043,614

Utilities (14.8%)
Burlington KS Envrn Impt Rev Kansas City Power & Lights 4.650% 09/01/35		575,000		597,195
*Burlington KS PCR (Gas & Elec) 5.300% 06/01/31		1,000,000		1,023,460
Burlington KS PCR (Gas & Elec) 4.850% 06/01/31		250,000		259,752
Kansas Power Pool Elec Util Rev 4.500% 12/01/28		500,000		531,015
Kansas Power Pool Elec Util Rev 5.000% 12/01/31		750,000		822,307
Kansas Power Pool Energy Agy Elec Util Rev 3.000% 08/01/22		325,000		325,335
KS Dev Fin Auth (Wtr Pollution Control) 5.000% 11/01/28		250,000		253,417
Wamego KS PCR (KS Gas & Elec Proj) 5.300% 06/01/31		750,000		764,370
*Wichita KS Wtr & Swr Util Rev 5.250% 10/01/18		1,465,000		1,495,062
Wichita KS Wtr & Swr Util Rev 5.000% 10/01/28		500,000		510,015
Wichita KS Wtr & Swr Rev 5.000% 10/01/17		245,000		282,852
Wichita KS Wtr & Swr Rev 5.000% 10/01/23		300,000		336,261
Wichita KS Wtr & Swr Rev 4.000% 10/01/18		200,000		225,116
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/27		100,000		106,769
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/24		200,000		231,454
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/29		500,000		576,560
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/36		250,000		280,935
Wyandotte Cnty KS Govt Util Sys Rev 5.000% 09/01/32		1,250,000		1,431,737
Wyandotte Cnty KS Govt Rev Plaza Proj 3.400% 10/01/27		245,000		245,071
				10,298,683

TOTAL MUNICIPAL BONDS (COST: $63,250,400)			$	67,554,570

SHORT-TERM SECURITIES (2.8%)		Shares
^Wells Fargo Advantage Tax-Free Money Market 0.037% (Cost: $1,914,897)		1,914,897	$	1,914,897

TOTAL INVESTMENTS IN SECURITIES (COST: $65,165,297) (99.9%)			$	69,469,467
OTHER ASSETS LESS LIABILITIES (0.1%)				100,165

NET ASSETS (100.0%)			$	69,569,632

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

^	Variable rate security; rate shown represents rate as of April 30, 2013.

#	When-issued purchase as of April 30, 2013.

NEBRASKA MUNICIPAL FUND

Schedule of Investments April 30, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (98.0%)

Education (21.0%)
Douglas Cnty Ed Fac Rev Creighton Univ 5.500% 07/01/30	$	350,000	$	395,920
*Douglas Cnty Ed Fac Rev Creighton Univ 5.875% 07/01/40		1,500,000		1,710,465
Lincoln NE Ed & Fac Rev (Wesleyan Univ) 4.000% 04/01/32		1,000,000		1,039,870
NE St Colleges Student Fees (Wayne St College) 4.000% 07/01/30		200,000		207,800
Metropolitan Cmnty College South Omaha Bldg Proj 4.500% 03/01/26		1,000,000		1,036,500
NE Edl Fin Auth Rev Ref - Clarkson College Proj 5.050% 09/01/30		250,000		278,175
Polk Cnty Sch Dist #15 4.000% 12/15/31		400,000		413,584
Univ of NE Fac Corp Deferred Maintenance 5.000% 07/15/20		500,000		560,825
Univ of NE Univ Rev Kearney Student Fees & Facs 5.000% 07/01/35		600,000		647,220
Univ of NE Brd of Regt Student Facs 5.000% 05/15/32		250,000		276,190
Univ of NE Brd of Regt (Hlth & Rec Proj) 5.000% 05/15/33		600,000		667,260
Univ of NE Rev Lincoln Student Fee 4.000% 07/01/24		250,000		275,970
Univ of NE Omaha Student Hsg Proj 4.500% 05/15/30		250,000		278,298
Univ of NE Omaha Student Hsg Proj 5.000% 05/15/35		275,000		319,479
Univ of NE (Univ of NE - Lincoln Student Fees) Rev 5.000% 07/01/42		1,000,000		1,142,480
Univ of NE Rev Lincoln Student Facs 5.000% 07/01/28		250,000		256,125
Univ of NE Lincoln Student Facs 5.000% 07/01/38		250,000		287,970
				9,794,131

General Obligation (18.1%)
Buffalo County NE GO 4.000% 12/15/30		135,000		139,331
Buffalo County NE UNLTD GO 4.000% 12/15/31		500,000		521,040
Buffalo County NE GO 4.250% 12/15/34		295,000		308,278
Douglas Cnty Sch Dist #59 Bennington Pub Schools 4.000% 12/15/28		250,000		254,768
Hall Cnty NE Ref GO 4.000% 12/15/29		250,000		265,165
Hall Cnty NE Sch Dist #2 Grand Island 5.000% 12/15/23		500,000		562,610
Knox Cnty Sch Dist #0583 Verdigre Schools 4.500% 12/15/29		250,000		269,753
Lancaster Cnty Sch Dist #160 Norris Schools 4.250% 12/15/25		400,000		409,628
Lincoln-Lancaster Cnty Neb Pub Bldg Lease Rev 4.000% 10/15/30		100,000		106,133
*Madison Cnty Sch Dist #2 (Norfolk) 5.000% 12/15/25		1,545,000		1,642,799
Omaha, NE (Convention Center) G.O. 5.250% 04/01/27		1,000,000		1,343,940
Omaha NE Various Purpose 4.250% 10/15/26		500,000		535,590
Omaha NE Unlimited GO 5.000% 10/15/25		250,000		296,230
Sarpy Cnty Sch Dist #27 Papillion-LA Vista GO 5.000% 12/01/28		250,000		283,830
Papio Missouri River NE Natural Res Dist GO 4.000% 12/15/23		250,000		269,318
Papio Missouri River NE Natural Res Dist GO 4.000% 12/15/24		250,000		269,865
Ralston NE Arena GO 4.500% 09/15/31		500,000		521,480
Scotts Bluff Cnty NE Sch Dist #32 GO Bldg Bonds 4.300% 12/15/29		440,000		452,896
				8,452,654

Health Care (11.8%)
Adams Cnty NE Hosp Auth #1 Hosp Rev (Mary Lanning Mem Hosp) 5.300% 12/15/18		250,000		250,290
Adams Cnty NE Hosp Auth #1 Hosp Rev (Mary Lanning Mem Hosp) 5.250% 12/15/33		250,000		263,615
Douglas Cnty NE Hosp Auth #001 (Alegent Hlth - Immanuel Med Ctr) Rev 5.250% 09/01/21		250,000		250,455
Douglas Cnty NE Hosp Auth #002 (NE Med Ctr) 5.000% 11/15/16		250,000		278,493
Douglas Cnty NE Hosp Auth #002 Immanuel Group 5.500% 01/01/30		500,000		563,745
Douglas Cnty NE Hosp Methodist Health 5.500% 11/01/38		795,000		850,745
Douglas Cnty NE Hosp Methodist Health 5.500% 11/01/38		415,000		457,633
*Lancaster Cnty NE Hosp Auth #1 (BryanLGH Med Ctr Proj) 4.750% 06/01/21		1,000,000		1,057,050
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/23		250,000		286,868
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/24		250,000		284,358
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/25		250,000		281,970
Lincoln Cnty NE Hosp Auth (Great Plains Regl Med Cntr) 5.000% 11/01/32		250,000		274,383
Madison Cnty NE Hosp Rev Faith Reg Hlth 5.500% 07/01/21		100,000		109,896
NE Elem & Secondary Sch Auth Ed Facs Rev 4.750% 09/01/28		250,000		273,910
				5,483,411

Housing (2.4%)
Lancaster Cnty NE Hosp Auth #1 Immanuel Oblig Group 5.500% 01/01/30		250,000		276,832
NE Invmt Fin Auth Multifamily Hsg Rev 6.200% 06/01/28		135,000		135,013
Nebraska ST Inv Fin Auth SF Hsg Rev 4.750% 03/01/22		125,000		136,614
Sarpy Cnty NE Hosp Auth #1 Immanuel Oblig Group 5.500% 01/01/30		500,000		553,975
				1,102,434

Other Revenue (7.5%)
Lincoln NE West Haymarket Joint Pub Agy GO Fac 5.000% 12/15/42		750,000		849,435
Omaha Convention Hotel Corp 5.000% 02/01/35		500,000		529,790
Omaha Pub Fac Corp Lease Rev Omaha Tech & Forestry Equip 4.000% 11/15/31		115,000		120,788
Omaha NE Special Tax Rev 5.000% 02/01/27		1,000,000		1,198,640
Omaha NE Special Tax Rev 4.000% 02/01/32		500,000		536,325
PR Sales Tax Fin Corp Sales Tax Rev First Sub-Ser A 5.000% 08/01/24		250,000		269,530
				3,504,508

Transportation (1.6%)
Lincoln NE Pkg Rev 5.500% 08/15/31		500,000		598,745
PR Comwlth Hwy & Transn Auth Hwy Rev 4.950% 07/01/26		150,000		159,099
				757,844

Utilities (35.6%)
*Central Plains Energy Project 5.000% 09/01/27		1,000,000		1,117,670
Central Plains Energy Proj Rev 5.250% 09/01/37		500,000		554,020
Central Plains Energy Proj Rev 5.000% 09/01/42		500,000		542,940
NE Cornhusker Pub Pwr Dist Elec Sys Rev Ref 4.650% 07/01/29		250,000		256,782
NE Cornhusker Pub Pwr Dist Elec Sys Rev Ref 4.100% 07/01/30		250,000		258,490
Hastings NE Comb Utility Rev Ref 4.000% 10/15/32		750,000		804,772
Lincoln NE Elec Syst Rev 5.000% 09/01/37		1,000,000		1,163,530
Lincoln NE Elec Syst Rev 5.000% 09/01/31		250,000		279,325
Lincoln NE San Swr Rev 4.500% 06/15/29		250,000		266,667
Lincoln NE Solid Waste Mgmt Rev 4.000% 08/01/25		275,000		315,637
Lincoln NE Solid Waste Mgmt Rev 4.000% 08/01/27		400,000		449,616
Lincoln NE Wtr Rev 4.000% 08/15/25		250,000		279,827
Lincoln NE Wtr Rev 4.500% 08/15/34		250,000		275,495
NE Metropolitan Utility Dist Omaha Water Rev 4.000% 12/15/24		750,000		840,412
NE Metropolitan Utility Dist Omaha Water Rev 4.000% 12/15/26		250,000		272,615
NE Metropolitan Utility Dist Omaha Water Rev 4.000% 12/15/27		250,000		270,840
Mun Energy Agy of NE Pwr Supply Rev 5.125% 04/01/24		195,000		225,424
Municipal Energy Agency of Nebraska 5.000% 04/01/30		500,000		577,945
Mun Energy Agy of NE Rev 5.000% 04/01/32		100,000		115,666
NE Pub Pwr Dist Rev 4.000% 01/01/31		250,000		270,207
NE Pub Pwr Dist Rev 5.000% 01/01/28		500,000		587,910
NE Pub Pwr Dist Rev 5.000% 01/01/26		250,000		283,742
Omaha NE Metropolitan Util Wtr Dist Rev 4.375% 12/01/26		400,000		427,060
Omaha Pub Pwr Rev Elec Rev 5.250% 02/01/23		250,000		287,782
Omaha Pub Pwr Rev 5.500% 02/01/33		100,000		113,661
Omaha NE Pub Pwr Elec Rev 5.000% 02/01/34		1,000,000		1,035,460
Omaha NE Pub Pwr Dist Elec Syst Rev 6.200% 02/01/17		520,000		583,419
Omaha Sanitation & Sewer 4.000% 11/15/31		250,000		270,335
Omaha NE Santn Swr Revenue Sys 4.250% 11/15/38		1,500,000		1,608,045
Omaha NE Pub Pwr Dist (Elec Rev) 4.750% 02/01/25		250,000		272,903
Omaha NE Pub Pwr Dist (Elec Rev) 4.300% 02/01/31		100,000		104,704
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/24		250,000		275,932
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/32		1,000,000		1,074,960
NE Pub Pwr Generation Agy Whelan Energy 5.000% 01/01/27		250,000		276,460
Southern Pub Pwr Dist 5.000% 12/15/23		250,000		288,575
				16,628,828

TOTAL MUNICIPAL BONDS (COST: $43,428,871)			$	45,723,810

SHORT-TERM SECURITIES (1.0%)		Shares
^Wells Fargo Advantage Tax-Free Money Market 0.037% (Cost: $492,843)		492,843	$	492,843

TOTAL INVESTMENTS IN SECURITIES (COST: $43,921,714) (99.0%)			$	46,216,653
OTHER ASSETS LESS LIABILITIES (1.0%)				458,673

NET ASSETS (100.0%)			$	46,675,326

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

^	Variable rate security; rate shown represents rate as of April 30, 2013.

OKLAHOMA MUNICIPAL FUND

Schedule of Investments April 30, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (95.8%)

Education (19.0%)
McClain Cnty OK Econ Dev Auth Ed Lease Rev (Purcell Schs) 4.250% 09/01/20	$	335,000	$	352,842
OK Agric & Mech Colleges OK St Univ 5.000% 07/01/39		140,000		154,729
OK Agric & Mech Colleges Rev (OK St Univ) 4.500% 08/01/35		450,000		492,682
OK Agric & Mech Colleges Rev (OK St Univ) 4.400% 08/01/39		1,130,000		1,220,705
OK Agric & Mech Colleges Rev (OK St Univ) 4.375% 08/01/35		200,000		216,270
OK Cmnty College Student Fac Rev 4.375% 07/01/30		750,000		819,585
OK Colleges Brd of Regt (NE St Univ Ctr) Rev 5.100% 03/01/16		90,000		90,127
OK Colleges Brd of Regt (NE St Univ Ctr) Rev 5.150% 03/01/21		100,000		100,195
OK Dev Fin Auth Lease Rev Master St Higher Ed 4.400% 12/01/29		250,000		273,190
OK Dev Fin Auth OK St Higher Ed (Master Lease) 4.500% 06/01/26		250,000		267,917
OK Dev Fin Auth (Seminole St College) 5.125% 12/01/27		150,000		151,566
OK Dev Fin Auth (Langston Univ Stadium) 5.000% 07/01/27		250,000		255,200
OK Cap Impt Auth (Higher Ed Proj) Rev 5.000% 07/01/22		500,000		536,995
OK Cap Impt Auth (Higher Ed Proj) 5.000% 07/01/24		250,000		267,105
*OK Cap Impt Auth (Higher Ed Proj) Rev 5.000% 07/01/30		1,000,000		1,062,690
Texas Cnty OK Dev Auth (OPSU Student Hsg) 5.250% 11/01/23		250,000		253,150
OK Colleges Brd of Regt (Multi Facs) Rev 4.750% 06/01/29		250,000		255,482
OK Colleges Brd of Regt (Univ of OK) 4.125% 07/01/26		250,000		263,795
Brd of Regt (OK Univ Science Ctr) 5.000% 07/01/36		1,000,000		1,092,230
Univ of OK Student Hsg (Cameron Univ) Rev 5.500% 07/01/23		250,000		260,827
University of Oklahoma Rev 5.000% 07/01/37		290,000		331,395
				8,718,677

General Obligation (7.2%)
Broken Arrow GO Series A 4.125% 08/01/31		180,000		197,980
Broken Arrow Untld GO 4.125% 08/01/31		250,000		276,137
#Lawton OK Unltd GO 2.250% 05/01/23		380,000		378,301
Oklahoma City OK 4.250% 03/01/22		110,000		117,252
Oklahoma City OK 5.000% 03/01/27		400,000		452,080
Oklahoma City OK 4.000% 03/01/24		1,000,000		1,163,980
Tulsa OK GO 4.500% 03/01/23		700,000		728,714
				3,314,444

Health Care (1.2%)
OK Dev Fin Auth (St John Health Syst) 5.000% 02/15/42		250,000		275,610
Tulsa Cnty Ind Auth Health Fac 4.600% 02/01/35		250,000		273,355
				548,965

Housing (2.2%)
OK Hsg Fin 5.050% 09/01/23		445,000		454,185
OK Hsg Fin 5.150% 09/01/29		225,000		229,952
OK Hsg Fin 5.200% 09/01/32		225,000		231,381
OK Hsg Fin Single Family Mtg Rev 5.100% 03/01/17		45,000		46,905
OK Hsg Fin Single Family Mtg Rev 5.100% 09/01/17		40,000		41,347
				1,003,770

Other Revenue (15.5%)
Collinsville OK Mun Auth Sales Tax Rev 5.000% 03/01/35		275,000		304,422
Collinsville OK Mun Auth Sales Tax Rev 5.000% 03/01/40		250,000		272,347
Delaware Cnty OK Sales Tax Rev 3.750% 09/01/29		375,000		377,824
Durant OK Cmnty Fac Auth Sales Tax Rev 5.500% 11/01/19		250,000		269,970
Oklahoma City, OK Economic Dev Trust 5.000% 03/01/32		250,000		279,673
Oklahoma City, OK Economic Dev Trust 5.000% 03/01/34		500,000		556,085
Oklahoma City, OK Economic Dev Trust 5.000% 03/01/33		250,000		278,858
Oklahoma City OK Pub Auth (OK City Fairgrounds Fac) 5.500% 10/01/19		250,000		276,205
Oklahoma City Pub Property Hotel Tax Rev 4.500% 10/01/31		155,000		165,142
OK Cap Impt Auth (Supreme Court Proj) 4.500% 07/01/26		500,000		531,240
OK Cap Impt Auth (OK St Bureau of Investigation) 4.375% 07/01/22		100,000		107,900
OK Cap Impt Auth (OK St Bureau of Investigation) 4.375% 07/01/23		100,000		107,324
OK Cap Impt Auth (OK St Bureau of Investigation) 4.500% 07/01/24		200,000		215,658
Pawnee Cnty OK Pub Programs Auth Sales Tax Rev 4.875% 02/01/30		250,000		286,923
Rogers Cnty OK Indl Dev Auth Cap Impt Rev 4.900% 04/01/35		500,000		559,750
#Tahlequah, OK Pub Facs Auth Sales Tax Rev 4.000% 04/01/23		550,000		602,080
Tulsa Airport Impt Rev 5.000% 06/01/23		420,000		461,530
Tulsa Airport Impt Rev 5.000% 06/01/24		230,000		250,873
Tulsa Airport Impt Rev 5.250% 06/01/25		245,000		269,115
Tulsa Airport Impt Rev 5.250% 06/01/26		360,000		391,064
Tulsa OK Pkg Auth Pkg Rev 4.000% 07/01/25		500,000		547,915
				7,111,898

Transportation (12.9%)
Oklahoma City OK Airport Tr Jr Lien Ref Series B 5.000% 07/01/19		250,000		290,095
Oklahoma City OK Airport Tr Jr Lien Ref Series B 5.000% 07/01/21		250,000		284,123
OK Cap Impt Auth (St Hwy) 5.000% 06/01/14		250,000		257,208
OK St Cap Impt Auth 4.000% 10/01/24		1,000,000		1,133,500
OK St Cap Impt Auth 4.000% 10/01/25		1,000,000		1,126,750
OK St Tpk Auth Rev 5.000% 01/01/28		250,000		292,790
OK State Turnpike Auth Rev 4.000% 01/01/31		250,000		268,955
Oklahoma St Turnpike Auth 5.000% 01/01/23		500,000		619,630
OK State Turnpike Auth. Rev. 5.000% 01/01/30		250,000		294,698
Tulsa OK Arpts Impt Tr Gen Rev Ref 5.000% 06/01/19		125,000		134,020
Tulsa OK Arpts Impt Tr Gen Rev Ref 5.375% 06/01/24		275,000		293,334
Tulsa OK Arpts Impt Tr Gen Rev Ref 5.000% 06/01/19		125,000		134,020
Tulsa OK Arpts Impt Tr Gen Rev Ref 5.750% 06/01/31		500,000		520,640
Tulsa OK Arpts Impt Tr Gen Rev Ref 6.000% 06/01/23		250,000		261,125
				5,910,888

Utilities (37.8%)
Coweta Pub Works Util Rev 5.000% 08/01/34		100,000		112,092
*Drumright OK Util Sys Rev 4.750% 02/01/36		450,000		467,748
Edmond OK Pub Wks Auth Util Rev 4.850% 01/01/24		155,000		158,139
Edmond OK Pub Wks Auth Util Rev 4.750% 07/01/24		250,000		263,643
Edmond OK Pub Wks Auth Util Rev 4.750% 07/01/23		200,000		201,526
Glenpool Util Rev 5.100% 12/01/35		250,000		283,575
Grand River Dam Auth Rev 5.000% 06/01/27		1,000,000		1,170,350
Grand River Dam Auth Rev 4.800% 06/01/33		200,000		223,110
*Grand River Dam Auth Rev 5.250% 06/01/40		2,000,000		2,323,840
Jenks Aquarium Auth Rev 5.250% 07/01/29		500,000		521,420
McAlester OK Pub Works Auth 5.100% 02/01/30		100,000		101,208
Midwest City OK Cap Impt 4.125% 09/01/33		250,000		258,910
*Midwest City Municipal Auth Cap Impt Rev 5.000 % 03/01/25		2,000,000		2,355,260
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/29		425,000		445,345
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/34		250,000		261,517
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 4.000% 07/01/34		250,000		264,433
Oklahoma City OK Wtr Util Tr Wtr & Swr Sys Rev 5.000% 07/01/31		250,000		297,168
*OK Mun Pwr Auth Rev 5.750% 01/01/24		2,230,000		2,636,261
OK Wtr Resources Brd 5.000% 04/01/28		500,000		582,925
OK Wtr Resources Brd 5.000% 04/01/32		140,000		165,784
Oklahoma St Wtr Resource Brd Rev 5.000% 04/01/23		100,000		126,105
Oklahoma St Wtr Resource Brd Rev 5.000% 04/01/24		150,000		186,576
Oklahoma St Wtr Resource Brd Rev 4.000% 04/01/25		150,000		170,970
Sallisaw OK Mun Auth Rev 4.000% 09/01/35		500,000		511,065
Sallisaw OK Mun Auth Rev 4.450% 01/01/28		100,000		108,890
Sand Springs OK Muni Auth Utility Sys Rev 4.00% 11/01/27		500,000		524,950
Sapulpa OK Mun Auth Util Sys Rev 4.250% 07/01/37		1,000,000		1,024,770
Sapulpa OK Mun Auth Util Sys Rev 5.000% 04/01/28		750,000		861,697
Tulsa Metropolitan Auth Util Rev 4.250% 05/01/26		100,000		105,726
Tulsa Metropolitan Auth Util Rev 4.500% 05/01/27		610,000		641,354
				17,356,357

TOTAL MUNICIPAL BONDS (COST: $41,419,264)			$	43,964,999

SHORT-TERM SECURITIES (5.4%)		Shares
^Wells Fargo Advantage Tax-Free Money Market 0.037% (Cost: $2,469,122)		2,469,122	$	2,469,122

TOTAL INVESTMENTS IN SECURITIES (COST: $43,888,386) (101.2%)			$	46,434,121
LIABILITIES IN EXCESS OF OTHER ASSETS (-1.2%)				(541,395)

NET ASSETS (100.0%)			$	45,892,726

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

^	Variable rate security; rate shown represents rate as of April 30, 2013.

#	When-issued purchase as of April 30, 2013.

MAINE MUNICIPAL FUND

Schedule of Investments April 30, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (94.3%)

Education (13.9%)
ME Ed Loan Auth Student Loan Rev 5.875% 12/01/39	$	155,000	$	172,985
ME Ed Loan Auth 4.450% 12/01/25		100,000		110,213
ME Health & Higher Ed Facs Auth Rev Ser A-Bowdoin College 5.125% 07/01/39		715,000		797,761
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/32		30,000		30,089
ME Health & Higher Ed Facs Auth Rev Unrefunded Bal 5.000% 07/01/23		135,000		148,422
ME Hlth & Higher Ed Facs Auth Rev 4.750% 07/01/31		250,000		270,025
ME Health & Higher Ed Facs Auth Rev Colby Clg 4.000% 07/01/24		270,000		306,779
Regl Sch Unit No 1 ME Lower Kennebec Region Sch Unit 5.000% 02/01/26		100,000		116,880
Univ of ME Sys Rev 4.625% 03/01/29		100,000		105,855
Univ of ME Sys Rev 4.750% 03/01/37		550,000		581,675
				2,640,684

General Obligation (25.6%)
Auburn, ME GO 4.500% 09/01/22		100,000		120,841
Bangor ME 4.000% 09/01/24		155,000		172,520
Falmouth ME GO 4.250% 11/15/31		200,000		216,406
Gorham ME Unlimited Tax GO 4.350% 02/01/24		155,000		161,322
Gorham, ME Unlimited GO 4.000% 10/01/23		100,000		116,300
Gray ME Unlimited GO 4.000% 10/15/26		280,000		315,025
Gray ME Unlimited GO 4.000% 10/15/27		280,000		311,592
Lewiston ME GO 5.000% 04/01/22		500,000		521,985
Lewiston ME GO 5.000% 04/01/24		250,000		261,733
Lewiston ME GO 4.500% 01/15/25		200,000		208,574
ME St Hsg Auth Energy Recovery Fd 5.000% 06/15/24		250,000		285,533
Portland ME 4.250% 05/01/29		150,000		163,238
Portland ME 4.125% 10/01/29		100,000		110,423
Portland ME UNLTD GO 5.000% 08/01/21		125,000		157,231
Saco ME GO 4.000% 04/01/28		100,000		110,058
Scarborough ME GO 4.400% 11/01/31		250,000		268,100
Scarborough ME GO 4.400% 11/01/32		480,000		514,075
Scarborough, ME G.O. 4.000% 11/01/28		100,000		109,863
ME Sch Adminstrative Dist # 51 4.250% 10/15/29		250,000		277,713
Waterville Maine Unltd GO 3.000% 04/01/25		250,000		270,295
Westbrook ME GO 4.250% 10/15/20		180,000		184,536
				4,857,363

Health Care (17.7%)
ME Health & Higher Ed Facs Auth Rev 6.000% 10/01/13		100,000		102,009
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/22		250,000		281,002
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/25		340,000		351,863
*ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/39		610,000		658,471
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/26		115,000		128,753
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20		250,000		298,307
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/40		250,000		271,875
ME Health & Higher Ed Facs Auth Rev 4.500% 07/01/31		200,000		214,564
ME Health & Higher Ed Facs Auth Rev 5.250% 07/01/23		200,000		235,884
ME Health & Higher Gen Med Ctr 6.650% 07/01/32		500,000		603,205
ME Health & Higher Ed Facs Auth Rev 5.000% 07/01/20		180,000		212,416
				3,358,349

Housing (5.7%)
ME St Hsg Auth 4.000% 11/15/24		95,000		101,176
*ME St Hsg Auth 5.000% 11/15/29		350,000		369,705
ME St Hsg Auth 4.700% 11/15/27		250,000		262,712
ME St Hsg Auth 4.375% 11/15/25		100,000		102,147
ME St Hsg Auth 5.150% 11/15/32		250,000		255,642
				1,091,382

Other Revenue (8.3%)
ME Governmental Facs Auth Lease Rent Rev 5.000% 10/01/23		125,000		126,647
ME Governmental Facs Auth Ser A 4.000% 10/01/24		200,000		220,564
Maine Municipal Bond Bank 4.000% 11/01/38		125,000		131,617
Maine Municipal Bond Bank 5.000% 11/01/25		125,000		154,317
ME Mun Bd Bk (Swr & Wtr) Rev Prerefunded 4.900% 11/01/24		95,000		97,248
ME Mun Bd Bk (Swr & Wtr) Rev Unrefunded 4.900% 11/01/24		5,000		5,080
*PR Pub Fin Corp Comwlth Appropriations 5.375% 06/01/18		515,000		628,846
PR Sales Tax Fing Corp Sales Tax Rev 5.000% 08/01/26		200,000		215,518
				1,579,837

Transportation (17.3%)
*ME Mun Bd Bk Transn Infrastructure Rev 5.000% 09/01/24		1,000,000		1,177,650
ME St Tpk Auth 5.000% 07/01/33		450,000		453,609
ME St Tpk Auth 5.125% 07/01/30		500,000		525,470
Portland ME Airport Rev 5.000% 07/01/32		500,000		503,890
Portland ME Airport Rev 5.250% 01/01/35		250,000		274,510
Portland ME Airport Rev 5.000% 07/01/22		100,000		120,638
Portland ME Airport Rev 5.000% 07/01/23		100,000		120,525
Portland ME Airport Rev 5.000% 07/01/24		100,000		118,777
				3,295,069

Utilities (5.8%)
*Kennebunk ME Pwr & Light Dist 5.000% 08/01/22		500,000		558,835
Portland ME Wtr Dist Rev 4.250% 11/01/27		500,000		538,255
				1,097,090

TOTAL MUNICIPAL BONDS (COST: $16,744,014)			$	17,919,774

SHORT-TERM SECURITIES (4.7%)		Shares
^Wells Fargo Advantage Tax-Free Money Market 0.037% (Cost: $898,337)		898,337	$	898,337

TOTAL INVESTMENTS IN SECURITIES (COST: $17,642,351) (99.0%)			$	18,818,111
OTHER ASSETS LESS LIABILITIES (1.0%)				186,128

NET ASSETS (100.0%)			$	19,004,239

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

^	Variable rate security; rate shown represents rate as of April 30, 2013.

NEW HAMPSHIRE MUNICIPAL FUND

Schedule of Investments April 30, 2013 (unaudited)

		Principal Amount		Fair Value
MUNICIPAL BONDS (95.2%)

Education (8.6%)
New Hampshire Health & Educ Facs Auth (Pinkerton Academy) 4.625% 06/01/30	$	50,000	$	54,833
New Hampshire Health & Educ Facs Auth (Pinkerton Academy) 4.875% 06/01/35		70,000		76,068
NH Health & Ed Fac Auth Rev Southern NH Univ 5.000% 01/01/17		200,000		223,778
NH Health & Ed Fac Auth Rev Southern NH Univ 5.000% 01/01/20		100,000		117,183
				471,862

General Obligation (41.5%)
Carroll County NH UNLTD GO 4.000% 08/01/20		100,000		115,292
Concord NH 4.600% 10/15/14		100,000		100,253
Concord NH 4.000% 01/15/24		100,000		117,201
Dover New Hampshire GO 4.000% 06/15/28		100,000		110,962
*Hampton NH GO 4.000% 12/15/20		200,000		212,238
Hillsborough NH GO 4.000% 11/01/20		100,000		105,093
Hillsborough NH GO 4.000% 11/01/21		100,000		105,595
Hooksett, NH Sch Dist GO 5.000% 07/15/22		100,000		126,406
Merrimack Cnty NH GO 4.250% 12/01/19		100,000		114,509
Merrimack Cnty NH GO 4.500% 12/01/26		100,000		109,137
Merrimack Cnty NH GO 4.500% 12/01/27		100,000		109,829
Nashua NH Unltd Go Capital Impt 3.000% 10/15/21		100,000		110,846
*NH Mun Bd Bk 2009 Series D 4.000% 07/15/25		175,000		194,135
NH St Cap Impt GO 4.750% 03/01/27		100,000		111,626
Portsmouth NH GO 4.000% 08/01/19		100,000		106,739
Portsmouth NH GO Cap Impt 4.000% 12/01/30		100,000		109,459
Rochester NH GO 4.750% 07/15/20		300,000		320,589
				2,279,909

Health Care (18.8%)
NH Hlth & ED Facs Rev Wentworth Douglas Hosp 5.500% 01/01/26		100,000		114,427
NH Health & Ed Facs Conway Hosp 5.250% 06/01/16		100,000		107,204
NH Health & Ed Facs Rev Southern NH Med Ctr 5.250% 10/01/23		100,000		109,071
NH Health & Ed Facs Rev Healthcare Sys-Covenant Hlth-B 5.000% 07/01/24		100,000		107,807
*NH Health & Ed Rev Covenant Health 5.000% 07/01/31		150,000		162,627
NH Health & Ed Rev Catholic Med Center 5.000% 07/01/24		100,000		115,850
NH St Hlth & Edu Facs Auth Rev Concord Hosp-Ser A 5.000% 10/01/26		100,000		115,589
NH Health & Ed Facs Auth Rev Dartmouth-Hitchcock 6.000% 08/01/33		115,000		119,794
NH ST Health & Edu. Fac Covenant Hlth Sys 5.000% 07/01/42		75,000		80,756
				1,033,125

Housing (11.4%)
NH St Hsg Single Fam Rev 4.900% 07/01/25		80,000		80,624
NH St Hsg Single Fam Rev 5.000% 07/01/30		75,000		75,811
NH St Hsg Fin Auth Single Family Mtg Rev 5.350% 07/01/40		100,000		102,451
*NH St Hsg Fin Auth Single Family Mtg Rev 4.625% 07/01/25		150,000		156,265
NH St Hsg Fin Auth Single Family Mtg Rev 4.875% 07/01/28		95,000		104,061
NH St Hsg Fin Auth Multi Family Hsg 5.200% 07/01/31		100,000		108,383
				627,595

Other Revenue (4.9%)
NH St Business Fin Auth Solid Waste Disp Rev - Waste Mgmt Inc 5.200% 05/01/27		150,000		163,996
PR Sales Tax Fin Corp Sales Tax Rev First Sub-Ser A 5.000% 08/01/24		100,000		107,812
				271,808

Transportation (3.4%)
New Hampshire State Turnpike Sys. Rev. 4.000% 08/01/29		75,000		81,238
New Hampshire State Turnpike Sys. Rev. 4.000% 08/01/38		100,000		102,821
				184,059

Utilities (6.6%)
Manchester NH Wtr Works Rev 5.000% 12/01/28		100,000		102,822
*Manchester NH Wtr Works Rev 5.000% 12/01/34		250,000		256,935
				359,757

TOTAL MUNICIPAL BONDS (COST: $4,996,631)			$	5,228,115

SHORT-TERM SECURITIES (3.6%)		Shares
^Wells Fargo Advantage Tax-Free Money Market 0.037% (Cost: $200,918)		200,918	$	200,918

TOTAL INVESTMENTS IN SECURITIES (COST: $5,197,549) (98.8%)			$	5,429,033
OTHER ASSETS LESS LIABILITIES (1.2%)				63,463

NET ASSETS (100.0%)			$	5,492,496

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

^	Variable rate security; rate shown represents rate as of April 30, 2013.

NOTE: INVESTMENT IN SECURITIES (unaudited)

April 30, 2013, the net unrealized appreciation (depreciation) based on the cost of investments for federal income tax purposes was as follows:


	Kansas Municipal Fund	Nebraska Municipal Fund	Oklahoma Municipal Fund	Maine Municipal Fund	New Hampshire Municipal Fund
Investments at cost	$65,165,297	$43,921,714	$43,888,386	$17,642,351	$5,197,549
Unrealized appreciation	$44,395,462	$2,392,968	$2,548,973	$1,187,482	$233,362
Unrealized depreciation	($91,292)	($98,029)	($3,238)	($11,722)	($1,878)
Net unrealized appreciation (depreciation)*	$44,304,170	$2,294,939	$2,545,735	$1,175,760	$231,484

*	Differences between financial reporting-basis and tax-basis unrealized appreciation/(depreciation) are due to differing treatment of market discount.

NOTE: FAIR VALUE MEASUREMENTS (unaudited)

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in three broad levels: Level 1 inputs are based on quoted prices in active markets for identical securities. Level 2 inputs are based on significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 inputs are based on 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 Funds' investments as of April 30, 2013:


Kansas Municipal Fund

	Level 1	Level 2	Level 3	Total
Short Term Securities	$1,914,897	$0	$0	$1,914,897
Municipal Bonds	0	67,554,570	0	67,554,570
Total	$1,914,897	$67,554,570	$0	$69,469,467

Nebraska Municipal Fund

	Level 1	Level 2	Level 3	Total
Short Term Securities	$492,843	$0	$0	$492,843
Municipal Bonds	0	45,723,810	0	45,723,810
Total	$492,843	$45,723,810	$0	$46,216,653

Oklahoma Municipal Fund

	Level 1	Level 2	Level 3	Total
Short Term Securities	$2,469,122	$0	$0	$2,469,122
Municipal Bonds	0	43,964,999	0	43,964,999
Total	$2,469,122	$43,964,999	$0	$46,434,121

Maine Municipal Fund

	Level 1	Level 2	Level 3	Total
Short Term Securities	$898,337	$0	$0	$898,337
Municipal Bonds	0	17,919,774	0	17,919,774
Total	$898,337	$17,919,774	$0	$18,818,111

New Hampshire Municipal Fund

	Level 1	Level 2	Level 3	Total
Short Term Securities	$200,918	$0	$0	$200,918
Municipal Bonds	0	5,228,115	0	5,228,115
Total	$200,918	$5,228,115	$0	$5,429,033

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/ Shannon D. Radke
Shannon D. Radke
President

June 28, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ Shannon D. Radke
Shannon D. Radke
President

June 28, 2013

By: /s/ Adam Forthun
Adam Forthun
Treasurer

June 28, 2013