MIND C.T.I. (MNDO) 6-K Current report (foreign)

FORM 6-KSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549Report of Foreign Private IssuerPursuant to Rule 13a-16 or 15d-16 ofthe Securities Exchange Act of 1934For the month of June, 2008Commission File Number: 000-31215MIND C.T.I. LTD.(Translation of Registrant's Name into English)Industrial Park, Building 7, P.O.Box 144, Yoqneam 20692, Israel(Address of Principal Executive Offices)Indicate by check mark whether the registrant files or will file annualreports under cover Form 20-F or Form 40-F:Form 20-F [X] Form 40-F [ ]Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/AIndicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/AIndicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes [ ] No [X]If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-N/A.INCORPORATION BY REFERENCEExhibit 1 to this Report on Form 6-K is hereby incorporated by reference into: (i) the Registrant's Registration Statement on Form S-8, Registration No. 333-117054; (ii) the Registrant's Registration Statement on Form S-8, Registration No. 333-100804; and (iii) the Registrant's Registration Statement on Form S-8, Registration No. 333-54632.CONTENTSThis report on Form 6-K of the registrant consists of the following document, which is attached hereto and incorporated by reference herein:
1. Press Release: MIND CTI Updates on Company Held Auction Rate Securities. Dated June 3, 2008. SIGNATURESPursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: June 4, 2008

MIND C.T.I. LTD.

By: /s/ Monica Eisinger
Name: Monica Eisinger
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Title: Chairperson of the Board of Directors, President and Chief Executive Officer

EXHIBIT INDEX

Exhibit Number	Description of Exhibit
1.	MIND CTI Updates on Company Held Auction Rate Securities. Dated June 3, 2008.

Exhibit 1

MIND CTI Updates on Company Held Auction Rate Securities

Yoqneam, Israel, June 3, 2008 - MIND C.T.I. LTD. (NasdaqGM:MNDO), a leading provider of convergent end-to-end billing and customer care product based solutions for tier 2 and tier 3 carriers worldwide, today announced an update on its auction rate securities rating.

As previously announced, as of March 31, 2008, we have a total of $20.3 million invested in asset backed auction rate securities called "Mantoloking CDO". While the liquidity of these investments has been significantly impacted by market conditions, we continue to receive interest payments every month, lately of around 3.4% per year. We are not able to predict whether conditions in the market for these securities will worsen or improve.

Recently we were advised that the Mantoloking CDO #564616AB6 has been downgraded to Ba1 by Moody's and on CreditWatch with negative implications. The security remains rated BBB by S&P.

As previously announced, we planned to complete an independent valuation of this security in the second quarter, prior to the publication of our audited financial statements. We have almost completed this process and we expect to file the full 2007 financials and the year report as requested, by June 30 2008.

As previously announced, on February 20, 2008, we filed a Statement of Claim with the Financial Industry Regulatory Authority and commenced an arbitration against the international bank and certain employees thereof that invested these funds on behalf of the Company. We intend to pursue the arbitration vigorously. The arbitration, however, has just begun and no predictions of possible outcomes can be made at this time.

About MIND
MIND CTI Ltd. is a leading provider of convergent prepaid and postpaid end-to-end billing and customer care solutions for Wireless, Wireline, VoIP and Quad-play carriers worldwide. A global company, with over ten years of experience in providing solutions to carriers, MIND operates from offices in Europe, Israel and the United States, serving customers in more than 40 countries around the world. For more information, visit MIND at: www.mindcti.com.

Cautionary Statement for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995: All statements other than historical facts included in the foregoing press release regarding the Company's business strategy are "forward-looking statements." These statements are based on management's beliefs and assumptions and on information currently available to management. Forward-looking statements are not guarantees of future performance, and actual results may materially differ. The forward-looking statements involve risks, uncertainties, and assumptions, including the risks discussed in the Company's filings with the United States Securities Exchange Commission. The Company does not undertake to update any forward-looking information.

For more information please contact:
Andrea Dray
MIND CTI Ltd.
Tel: +972-4-993-6666
investor@mindcti.com