UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-58433

Marshall Funds, Inc.

(Exact name of registrant as specified in charter)

1000 North Water Street

Milwaukee, WI 53202

(Address of principal executive offices) (zip code)

John M. Blaser

M&I Investment Management Corp.

1000 North Water Street

Milwaukee, WI 53202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (414) 287-8658

Date of fiscal year end: August 31

Date of reporting period: November 30, 2004

Item 1. Schedule of Investments

Marshall Funds, Inc.

Schedule of Investments

November 30, 2004 (Unaudited)

Equity Income Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Shares	Value
Common Stocks - 99.4%
Consumer Discretionary - 1.4%
Apparel Retail - 0.3%
Limited Brands, Inc.	53,000	$	1,295,320
Department Stores - 0.4%
May Department Stores Co.	53,325		1,499,499
Distributors - 0.4%
Genuine Parts Co.	32,000		1,389,120
Retail-Components/Electronic - 0.3%
Best Buy Co., Inc. (1)	20,000		1,127,600
Total Consmer Discretionary			5,311,539
Consumer Staples - 9.3%
Packaged Foods/Meats - 2.5%
ConAgra Foods, Inc.	113,500		3,070,175
Heinz (H.J.) Co.	66,600		2,474,856
Sara Lee Corp.	164,275		3,857,177
			9,402,208
Retail-Foods - 0.5%
Albertson’s, Inc. (1)	67,450		1,706,485
Tobacco - 6.3%
Altria Group, Inc.	358,339		20,600,909
Reynolds American, Inc. (1)	18,700		1,414,281
UST, Inc.	41,450		1,825,043
			23,840,233
Total Consumer Staples			34,948,926
Energy - 7.7%
Oil & Gas-Exploration and Production - 0.4%
Kerr-McGee Corp.	21,625		1,345,724
Oil & Gas-Integrated - 6.9%
ChevronTexaco Corp.	329,158		17,972,027
Exxon Mobil Corp.	152,000		7,790,000
			25,762,027
Oil & Gas-Refining/Manufacturing - 0.4%
Kinder Morgan, Inc.	22,750		1,576,575
Total Energy			28,684,326
Financials - 37.8%
Diversified Banks - 17.3%
Bank of America Corp.	437,534		20,244,698
Comerica, Inc.	36,019		2,215,168
U.S. Bancorp	340,825		10,098,645
Wachovia Corp.	256,550		13,276,462
Wells Fargo & Co. (1)	306,224		18,915,456
			64,750,429

Description	Shares	Value
Common Stocks (continued)
Diversified Financial Services - 8.4%
Citigroup, Inc.	380,795	$	17,040,576
J. P. Morgan Chase & Co.	381,892		14,378,234
			31,418,810
Insurance-Life/Health - 0.6%
Lincoln National Corp. (1)	53,525		2,463,220
Real Estate Investment Trust - 2.3%
Equity Office Properties Trust	81,983		2,250,433
Equity Residential Properties Trust	41,246		1,390,403
Plum Creek Timber Co., Inc.	65,775		2,433,675
Simon Property Group, Inc. (1)	39,522		2,453,526
			8,528,037
Regional Banks - 5.8%
AmSouth Bancorporation	103,400		2,681,162
BB&T Corp.	110,972		4,710,761
KeyCorp	98,479		3,278,366
National City Corp. (1)	113,934		4,224,673
PNC Financial Services Group (1)	57,559		3,131,210
SunTrust Banks, Inc.	51,800		3,693,340
			21,719,512
Thrifts & Mortgage Financials - 3.4%
Fannie Mae	132,230		9,084,201
Washington Mutual Bank FA	92,825		3,778,906
			12,863,107
Total Financials			141,743,115
Healthcare - 5.2%
Healthcare Equipment - 0.6%
Bard (C.R.), Inc.	14,430		864,501
PerkinElmer, Inc.	63,350		1,351,256
			2,215,757
Healthcare Services - 0.6%
Quest Diagnostics, Inc. (1)	25,000		2,343,750
Pharmaceuticals - 4.0%
Bristol-Myers Squibb Co. (1)	199,975		4,699,412
Johnson & Johnson	65,000		3,920,800
Merck & Co., Inc.	225,044		6,305,733
			14,925,945
Total Healthcare			19,485,452
Industrials - 2.6%
Commercial Printing - 0.5%
Donnelley (R.R.) & Sons Co.	53,585		1,859,400
Electrical Equipment - 0.8%
Emerson Electric Co.	43,000		2,873,260
Industrial Conglomerate - 0.9%
General Electric Co.	101,170		3,577,371

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Services-Diversified/Commercial - 0.4%
Deluxe Corp.	40,000	$	1,581,600
Total Industrials			9,891,631
Information Technology - 6.6%
Application Software - 0.8%
AutoDesk, Inc. (1)	25,685		1,680,056
FactSet Research Systems, Inc.	28,000		1,446,200
			3,126,256
Communications Equipment - 1.7%
Harris Corp.	27,375		1,811,951
Motorola, Inc.	150,000		2,889,000
Qualcomm, Inc.	42,676		1,776,175
			6,477,126
Computer Hardware - 0.8%
IBM Corp.	30,000		2,827,200
Electronic Equipment Manufacturing - 0.4%
Tektronix, Inc.	45,000		1,411,650
Semiconductors - 0.9%
Intel Corp.	150,250		3,358,088
Services-Data Processing - 0.3%
Global Payments, Inc. (1)	20,590		1,135,744
System Software - 1.7%
Microsoft Corp.	234,982		6,299,867
Total Information Technology			24,635,931
Materials - 5.3%
Chemical-Diversified - 5.3%
Dow Chemical Co.	188,730		9,525,203
Du Pont (E.I.) de Nemours & Co.	174,900		7,926,468
Eastman Chemical Co.	7,950		432,321
PPG Industries, Inc.	28,404		1,916,418
Total Materials			19,800,410
Telecommunication Services - 10.7%
Integrated Telecommunication Services - 10.7%
BellSouth Corp. (1)	307,000		8,233,740
SBC Communications, Inc. (1)	416,385		10,480,410
Sprint Corp.	250,795		5,720,634
Verizon Communications (1)	383,463		15,810,179
Total Telecommunications			40,244,963

Description	Shares		Value
Common Stocks (continued)
Utilities - 12.8%
Electric Utilities - 8.8%
Ameren Corp.	33,251		$	1,610,013
American Electric Power Co., Inc. (1)	81,174			2,773,716
CenterPoint Energy, Inc.	132,092			1,474,147
Consolidated Edison Co. (1)	46,227			2,027,054
DTE Energy Co. (1)	28,000			1,228,640
Edison International	52,435			1,672,677
Entergy Corp.	43,000			2,787,260
Exelon Corp.	123,824			5,164,699
FirstEnergy Corp. (1)	66,918			2,825,947
FPL Group, Inc.	37,736			2,653,973
PPL Corp.	37,350			1,940,333
Progress Energy, Inc.	44,500			1,953,995
Southern Co. (1)	149,707			4,908,893
				33,021,347
Gas Utilities - 0.2%
KeySpan Corp.	17,125			676,780
Multi-Utilities - 3.8%
Constellation Energy Group	30,900			1,350,330
Dominion Resources, Inc. (1)	66,448			4,350,351
Duke Energy Corp. (1)	185,853			4,698,364
Public Service Enterprises Group, Inc. (1)	46,519			2,046,371
Sempra Energy	45,972			1,700,045
				14,145,461
Total Utilities				47,843,588
Total Common Stocks
(Identified Cost $307,331,485)				372,589,881
Written Call Options - (0.5)%
Altria Group, Inc., 1/22/2005, Strike Price $50.00 (2)	(800	)		(608,000	)
Altria Group, Inc., 6/18/2005, Strike Price $70.00 (2)	(300	)		(21,000	)
AutoDesk, Inc., 4/16/2005, Strike Price $65.00 (2)	(100	)		(63,000	)
Best Buy Co., Inc.. 1/22/2005, Strike Price $65.00 (2)	(100	)		(4,000	)
ChevronTexaco Corp., 1/21/2006, Strike Price $57.50 (2)	(1,965	)		(579,675	)
Dow Chemical Co., 12/17/2004, Strike Price $45.00 (2)	(900	)		(486,000	)
Harris Corp., 12/17/2004, Strike Price $60.00 (2)	(100	)		(62,000	)
Kerr-McGee Corp., 1/22/2005, Strike Price $60.00 (2)	(200	)		(66,000	)
Total Call Options
(identified cost $(723,062))				(1,889,675	)
Written Put Options - (0.1)%
Merck & Co., Inc., 1/22/2005, Strike Price $40.00 (2)	(300	)		(375,000	)
Total Put Options
(identified cost $(23,399))				(375,000	)
Collateral Pool Investment for Securities on Loan - 12.3%
(See Note 12)
(identified cost $45,946,655)				45,946,655

Description	Principal Amount		Value
Repurchase Agreement - 0.8%
Agreement with Lehman Brothers, Inc., dated 11/30/2004 to be repurchased at $3,086,094 on 12/01/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 7/15/2020, with a market value of $3,148,526 (at amortized cost)	$	3,085,920	3,085,920
Total Investments - 111.9%
(identified cost $355,617,599)			419,357,781
Other Net Assets and Liabilities - (11.9)%			(44,435,445	)
Total Net Assets - 100.0%			374,922,336

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Large Cap Growth & Income Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Shares	Value
Common Stocks - 99.4%
Consumer Discretionary - 11.0%
Broadcasting & Cable - 0.8%
Comcast Corp., Class A (1) (2)	72,449	$	2,176,368
Department Stores - 1.5%
Kohl’s Corp. (1) (2)	48,750		2,250,300
Penney (J.C.) Co., Inc.	50,717		1,957,676
			4,207,976
General Merchandise - 0.9%
Target Corp.	47,379		2,426,752
Hotel, Resort, & Cruise - 1.5%
Carnival Corp.	36,639		1,942,233
Starwood Hotels & Resorts Worldwide, Inc. (1) (2)	40,313		2,107,967
			4,050,200
Motorcycle Manufacturing - 0.6%
Harley-Davidson, Inc.	28,545		1,650,472
Movies & Entertainment - 1.7%
Time Warner, Inc. (2)	147,755		2,616,741
Walt Disney Co.	80,206		2,155,937
			4,772,678
Publishing - 0.5%
Tribune Co.	31,320		1,358,348
Restaurants - 0.9%
McDonald’s Corp.	77,247		2,374,573
Retail-Home Improvement - 1.9%
Home Depot, Inc.	77,315		3,227,901
Lowe’s Cos., Inc. (1)	36,872		2,040,128
			5,268,029
Retail-Internet - 0.7%
eBay, Inc. (1) (2)	16,831		1,892,646
Total Consumer Discretionary			30,178,042
Consumer Staples - 9.1%
Household Products - 1.0%
Proctor & Gamble Co.	52,227		2,793,100
Hypermarkets & Supercenters - 2.8%
Costco Wholesale Corp. (1)	39,304		1,910,174
Wal-Mart Stores, Inc.	109,503		5,700,726
			7,610,900

Description	Shares	Value
Common Stocks (continued)
Packaged Foods/Meats - 1.3%
Heinz (H.J.) Co.	44,878	$	1,667,667
Sara Lee Corp.	80,014		1,878,729
			3,546,396
Personal Products - 0.7%
Gillette Co. (1)	41,388		1,799,964
Retail Drugs - 0.7%
Walgreen Co.	52,132		1,990,400
Soft Drinks - 1.0%
PepsiCo, Inc.	53,299		2,660,153
Tobacco - 1.6%
Altria Group, Inc.	75,658		4,349,578
Total Consumer Staples			24,750,491
Energy - 8.8%
Oil & Gas-Drilling - 1.4%
Nabors Industries, Ltd., (1) (2)	37,200		1,934,400
Transocean, Inc. (2)	50,490		2,033,232
			3,967,632
Oil & Gas-Equipment and Services - 0.9%
Halliburton Co. (1)	58,000		2,398,300
Oil & Gas-Exploration and Production - 1.5%
Anadarko Petroleum Corp.	29,127		2,027,239
EOG Resources, Inc. (1)	28,600		2,147,002
			4,174,241
Oil & Gas-Integrated - 5.0%
ChevronTexaco Corp.	17,126		935,080
ConocoPhillips	23,822		2,167,564
Exxon Mobil Corp.	163,029		8,355,236
Occidental Petroleum Corp.	34,470		2,075,439
			13,533,319
Total Energy			24,073,492
Exchange Traded Index - 2.0%
NASDAQ 100	70,000		2,740,500
SPDR Trust Series 1	23,820		2,808,140
Total Exchange Traded Index			5,548,640
Financials - 18.0%
Asset Management - 0.5%
State Street Corp.	33,373		1,487,101
Consumer Finance - 1.4%
American Express Co. (1)	39,038		2,174,807
MBNA Corp.	66,145		1,756,811
			3,931,618

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Diversified Banks - 3.1%
Bank of America Corp.	98,186	$	4,543,066
U.S. Bancorp	67,228		1,991,966
Wells Fargo & Co.	31,393		1,939,146
			8,474,178
Diversified Financial Services - 2.9%
Citigroup, Inc.	124,041		5,550,835
J.P. Morgan Chase & Co.	61,968		2,333,095
			7,883,930
Exchange Traded Index - 1.0%
Financial Select Sector SPDR Fund (1)	92,000		2,714,000
Insurance-Life/Health - 0.4%
Prudential Financial, Inc.	23,286		1,139,850
Insurance-Multi-Line - 1.8%
American International Group, Inc.	66,446		4,209,354
Hartford Financial Services Group, Inc.	12,462		797,568
			5,006,922
Insurance-Property & Casualty - 0.7%
Chubb Corp.	25,277		1,926,360
Investment Bank & Brokerage - 2.9%
Goldman Sachs Group, Inc. (1)	17,812		1,865,985
Lehman Brothers Holdings, Inc.	20,738		1,737,430
Merrill Lynch & Co., Inc.	40,526		2,257,703
Morgan Stanley	38,194		1,938,346
			7,799,464
REITS Warehouse - 1.0%
Prologis Trust	64,534		2,596,203
Regional Banks - 0.9%
North Fork Bancorp, Inc.	55,291.5		1,592,395
Regions Financial Corp	28,349		991,932
			2,584,327
Thrifts & Mortgage Finance - 1.4%
Countrywide Financial Corp.	57,870		1,921,863
Federal Home Loan Mortgage Corp.	26,343		1,798,173
			3,720,036
Total Financials			49,263,989
Healthcare - 11.5%
Biotechnology - 1.6%
Amgen, Inc. (1) (2)	51,811		3,110,732
Gilead Sciences, Inc. (1) (2)	37,000		1,275,020
			4,385,752

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare-Equipment - 2.2%
Boston Scientific Corp. (2)	19,648	$	683,947
Fisher Scientific International, Inc. (1) (2)	30,930		1,748,782
Medtronic, Inc.	41,625		2,000,081
Zimmer Holdings, Inc. (1) (2)	20,280		1,654,848
			6,087,658
Healthcare-Facilities - 0.5%
HCA, Inc.	35,000		1,379,700
Healthcare-Managed - 1.0%
Aetna, Inc.	9,491		1,124,778
UnitedHealth Group, Inc. (1)	17,950		1,487,158
			2,611,936
Pharmaceuticals - 6.2%
Abbott Laboratories	52,881		2,218,887
Bristol-Myers Squibb Co.	72,758		1,709,813
Johnson & Johnson	69,497		4,192,059
Merck & Co., Inc.	51,660		1,447,513
Pfizer, Inc.	189,377		5,258,999
Wyeth	53,097		2,116,977
			16,944,248
Total Healthcare			31,409,294
Industrials - 14.0%
Aerospace & Defense - 2.9%
Boeing Co.	42,258		2,263,761
General Dynamics Corp.	18,445		1,998,700
Honeywell International, Inc.	51,511		1,819,884
United Technologies Corp.	20,393		1,989,949
			8,072,294
Airfreight & Logistics - 0.9%
United Parcel Service, Inc. (1)	28,797		2,423,268
Commercial Printing - 0.8%
Donnelley (R.R.) & Sons Co.	62,532		2,169,860
Electrical Component - 0.7%
Emerson Electric Co.	30,161		2,015,358
Industrial Conglomerates - 5.3%
General Electric Co.	307,328		10,867,118
Tyco International Ltd.	105,181		3,572,999
			14,440,117
Machinery Construction & Farm - 0.6%
Caterpillar, Inc.	17,040		1,560,012
Machinery Industrial - 2.0%
Illinois Tool Works, Inc.	17,582		1,656,752
Ingersoll-Rand Co., Class A	24,994		1,860,054
Parker-Hannifin Corp.	25,283		1,891,168
			5,407,974

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Railroads - 0.8%
Burlington Northern Santa Fe Corp.	48,000	$	2,161,920
Total Industrials			38,250,803
Information Technology - 15.0%
Communications Equipment - 2.9%
Cisco Systems, Inc. (2)	250,080		4,678,997
Motorola, Inc.	95,976		1,848,498
Qualcomm, Inc.	34,030		1,416,329
			7,943,824
Computer Hardware - 2.6%
Dell, Inc. (2)	61,914		2,508,755
IBM Corp.	48,138		4,536,525
			7,045,280
Computer Storage/Peripheral - 1.0%
EMC Corp. (2)	110,502		1,482,937
Lexmark International, Inc. (2)	16,200		1,375,380
			2,858,317
Semiconductors - 2.7%
Analog Devices, Inc.	35,915		1,327,059
Intel Corp.	187,945		4,200,571
Texas Instruments, Inc.	72,411		1,750,898
			7,278,528
Semiconductor Equipment - 0.6%
Applied Materials, Inc. (1) (2)	95,282		1,585,493
Systems Software - 5.2%
Adobe Systems, Inc.	21,220		1,285,083
Microsoft Corp.	329,852		8,843,332
Oracle Corp. (1) (2)	209,178		2,648,193
SAP AG-Sponsored ADR (1)	33,320		1,482,740
			14,259,348
Total Information Technology			40,970,790
Materials - 5.4%
Aluminum - 1.3%
Alcan, Inc.	36,590		1,866,090
Alcoa, Inc.	51,890		1,763,222
			3,629,312
Chemicals-Diversified - 2.0%
Dow Chemical Co.	76,804		3,876,298
Du Pont (E.I.) de Nemours & Co.	37,556		1,702,038
			5,578,336
Forest Products - 0.8%
Weyerhaeuser Co.	300,724		2,027,784
Industrial Gases - 0.7%
Praxair, Inc.	41,148		1,847,545

Description	Shares or Principal Amount			Value
Common Stocks (continued)
Materials (continued)
Paper Products - 0.6%
International Paper Co.		41,173		$	1,709,503
Total Materials					14,792,480
Telecommunications - 2.4%
Integrated Telecommunication Services - 2.4%
BellSouth Corp.		48,489			1,300,475
SBC Communications, Inc.		87,847			2,211,109
Verizon Communications		73,022			3,010,697
Total Telecommunications					6,522,281
Utilities - 2.2%
Exchange Traded Index - 2.2%
Utilities Select Sector SPDR		214,000			5,872,160
Total Utilities					5,872,160
Total Common Stocks (identified cost $219,688,008)					271,632,462
U.S. Treasury - 0.1%
United States Treasury Bill		200,000			199,839
12/16/2004 (identified cost $199,868)
Purchased Call Option - (0.1)%
Merck & Co., Inc., 12/18/2004, Strike Price $25.00		(516	)		(152,220	)
(identified cost $(153,248))
Collateral Pool Investment for Securities on Loan - 8.6%
(See Note 12)
(identified cost $23,577,133)					23,577,133
Repurchase Agreement 0.2%
Agreement with Lehman Brothers, Inc., 2.03% dated 11/30/2004 to be repurchased at $412,832 on 12/1/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 7/15/2020, with a market value of $421,126 (at amortized cost)	$	412,809			412,809
Total Investments - 108.2%
(identified cost $243,724,570)					295,670,023
Other Net Assets and Liabilities - (8.2%)					(22,328,799	)
Total Net Assets - 100.0%					273,341,224

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Marshall Mid-Cap Value Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Shares	Value
Common Stocks - 87.9%
Consumer Discretionary - 9.6%
Apparel/Accessories - 3.2%
Jones Apparel Group, Inc.	247,000	$	8,775,910
Liz Claiborne, Inc.	204,300		8,390,601
			17,166,511
Auto Parts & Equipment - 0.8%
Johnson Controls, Inc.	65,000		3,991,000
Home Furnishings - 0.9%
Furniture Brands International, Inc.	201,000		4,882,290
Household Appliances - 1.5%
Snap-On Tools Corp.	240,700		7,608,527
Leisure Products - 1.4%
Brunswick Corp.	155,000		7,567,100
Publishing & Printing - 0.5%
Scholastic Corp. (2)	83,900		2,763,666
Specialty Stores - 1.3%
Pier 1 Imports, Inc.	385,000		7,022,400
Total Consumer Discretionary			51,001,494
Consumer Staples - 6.5%
Packaged Foods/Meats - 1.4%
Smithfield Foods, Inc. (2)	257,500		7,480,375
Retail-Drugs - 1.8%
CVS Corp. (1)	210,100		9,532,237
Retail-Food - 1.8%
Kroger Co. (1)(2)	236,960		3,834,013
SUPERVALU, Inc.	177,400		5,604,066
			9,438,079
Soft Drinks - 1.5%
Coca-Cola Enterprises, Inc.	380,000		7,904,000
Total Consumer Staples			34,354,691
Energy - 7.4%
Oil & Gas-Drilling - 3.4%
ENSCO International, Inc.	175,000		5,479,250
Noble Corp. (2)	260,200		12,606,690
			18,085,940
Oil & Gas-Exploration and Production - 4.0%
Burlington Resources, Inc.	244,000		11,324,040
Noble Energy, Inc.	158,520		10,111,991
			21,436,031
Total Energy			39,521,971

Description	Shares	Value
Common Stocks (continued)
Financials - 10.3%
Insurance-Life/Health - 3.0%
Jefferson-Pilot Corp.	113,300	$	5,573,227
Protective Life Corp.	247,500		10,357,875
			15,931,102
Insurance-Property/Casualty - 3.2%
Ace Ltd.	207,500		8,387,150
SAFECO Corp. (1)	180,080		8,728,478
			17,115,628
Reinsurance - 2.9%
PartnerRe Ltd.	173,000		10,591,060
RenaissanceRe Holding Ltd.	95,150		4,790,802
			15,381,862
Thrifts & Mortgage Finance - 1.2%
MGIC Investment Corp. (1)	99,000		6,732,000
Total Financials			55,160,592
Healthcare - 6.1%
Healthcare-Distributors - 2.0%
AmerisourceBergen Corp.	182,800		10,774,232
Healthcare-Services - 1.9%
Apria Healthcare Group, Inc. (1)(2)	330,000		10,121,100
Healthcare-Supplies - 1.4%
Bausch & Lomb, Inc.	123,000		7,242,240
Pharmaceuticals - 0.8%
Barr Pharmaceuticals, Inc. (1)(2)	111,400		4,350,170
Total Healthcare			32,487,742
Industrials - 16.9%
Aerospace & Defense - 1.4%
Northrop Grumman Corp.	127,000		7,153,910
Commercial Printing - 1.8%
Donnelley (R.R.) & Sons Co.	269,850		9,363,795
Electrical Components - 1.7%
Hubbell, Inc., Class B	184,500		8,966,700
Machinery Industrial - 1.5%
Parker-Hannifin Corp.	107,000		8,003,600
Railroads - 1.2%
CSX Corp.	170,000		6,482,100
Services-Diversified Commercials - 3.6%
Adesa, Inc.	510,000		10,179,600
Watson Wyatt & Co. Holdings (1)	345,000		9,197,700
			19,377,300

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Services-Employment - 1.9%
Manpower, Inc.	208,600	$	10,089,982
Services-Environmental - 1.0%
Republic Services, Inc.	173,200		5,454,068
Trade Companies & Distribution - 1.2%
Grainger (W.W.), Inc.	104,900		6,489,114
Trucking - 1.6%
Swift Transportation Co. (1)(2)	441,000		8,595,090
Total Industrials			89,975,659
Information Technology - 13.0%
Computer Storage/Peripheral - 1.4%
Imation Corp.	235,000		7,569,350
IT Consulting & Services - 1.5%
ProQuest Co. (1)(2)	295,000		7,979,750
Office Electronics - 1.8%
IKON Office Solutions, Inc.	188,800		2,129,664
Xerox Corp. (1)(2)	498,500		7,637,020
			9,766,684
Services-Data Processing - 6.9%
Bisys Group, Inc. (2)	635,000		10,166,350
Computer Sciences Corp. (1)(2)	138,000		7,465,800
Convergys Corp. (1)(2)	468,000		6,959,160
SunGard Data Systems, Inc. (2)	455,100		12,064,701
			36,656,011
Systems Software - 1.4%
BMC Software, Inc. (1)(2)	405,300		7,530,474
Total Information Technology			69,502,269
Materials - 9.4%
Construction Materials - 1.1%
Martin Marietta Materials	117,100		5,884,275
Diversified Metal/Mining - 2.1%
Arch Coal, Inc.	302,140		11,541,748
Paper Packaging - 2.6%
Packaging Corp. of America	291,130		6,695,990
Smurfit-Stone Container Corp (2)	392,900		7,056,484
			13,752,474
Paper Products - 1.6%
Bowater, Inc.	208,000		8,426,080
Steel - 2.0%
Nucor Corp.	200,000		10,580,000
Total Materials			50,184,577

Description	share or Principal Amount		Value
Common Stocks (continued)
Telecommunication Services - 3.6%
Integrated Telecommunication Services - 3.6%
Alltell Corp.		160,000	$	9,070,400
Citizens Communications Co., Class B		710,000		10,153,000
Total Telecommunication Services				19,223,400
Utilities - 5.1%
Electric Utilities - 4.1%
Cinergy Corp. (1)		200,000		8,278,000
TECO Energy, Inc. (1)		357,000		5,340,720
Xcel Energy, Inc. (1)		455,000		8,217,300
				21,836,020
Multi-Utilities - 1.0%
Constellation Energy Group		126,400		5,523,680
Total Utilities				27,359,700
Total Common Stocks
(identified cost $370,163,857)				468,772,095
Mutual Fund - 2.4%
iSHARES Russell Midcap Value (identified cost $12,304,800)		120,000		13,101,600
U.S. Treasury Bill - 0.2%
12/16/2004 (identified cost $1,299,144)	$	1,300,000		1,298,952
Collateral Pool Investments for Securities on Loan - 13.6%
(See Note 12)
(identified cost $72,357,434)				72,357,434
Repurchase Agreement - 9.4%
Agreement with Lehman Brothers, Inc. 2.03% dated 11/30/2004 to be repurchased at $50,274,158 on 12/01/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 07/15/2020, with a market value of $51,278,197 (at amortized cost)	$	50,271,323		50,271,323
Total Investments - 113.5% (identified cost $506,396,558)				605,801,404
Other Net Assets and Liabilities - (13.5)%				(72,280,253	)
Total Net Assets - 100.0%			$	533,521,151

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Mid-Cap Growth Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Shares	Value
Common Stocks - 99.6%
Consumer Discretionary - 16.4%
Auto Parts & Equipment - 1.6%
Autoliv, Inc.	70,000	$	3,271,800
Department Stores - 2.4%
Kohl’s Corp. (2)	40,000		1,846,400
Penney (J.C) Co., Inc.	75,000		2,895,000
			4,741,400
Home Furnishings - 2.6%
Tempur-Pedic International, Inc. (2)	260,000		5,041,400
Hotel/Resort/Cruise - 4.2%
Hilton Hotels Corp.	110,000		2,272,600
Marriott International, Inc., Class A	40,000		2,274,000
Royal Caribbean Cruises Ltd. (1)	75,000		3,727,500
			8,274,100
Specialty Stores - 5.6%
Bed Bath & Beyond, Inc. (2)	70,000		2,794,960
Michaels Stores, Inc.	85,000		2,323,050
PetSmart, Inc.	85,000		2,912,950
Williams-Sonoma, Inc. (1) (2)	80,000		2,928,800
			10,959,760
Total Consumer Discretionary			32,288,460
Consumer Staples - 1.9%
Food Distributors - 1.9%
United Natural Foods, Inc. (2)	135,000		3,797,550
Total Consumer Staples			3,797,550
Energy - 9.9%
Oil & Gas - Equipment and Services - 1.9%
Oceaneering International, Inc. (2)	95,000		3,648,000
Oil & Gas - Exploration and Production - 6.3%
Chesapeake Energy Corp. (1)	240,000		4,320,000
Denbury Resources, Inc. (2)	155,000		4,487,250
Harvest Natural Resources, Inc. (2)	200,000		3,650,000
			12,457,250
Oil & Gas - Refining/Marketing - 1.7%
Sasol Ltd., ADR	160,000		3,232,000
Total Energy			19,337,250
Financials - 3.9%
Regional Bank - 1.9%
Commerce Bancorp, Inc. (1)	60,000		3,748,200
Thrifts & Mortgage Financial - 2.0%
Doral Financial Corp.	85,000		3,944,000
Total Financials			7,692,200

Description	Shares	Value
Common Stocks (continued)
Healthcare - 22.2%
Biotechnology - 5.1%
Amylin Pharmaceuticals, Inc. (1) (2)	130,000	$	2,649,400
Eyetech Pharmaceuticals, Inc. (2)	60,000		2,419,200
Gilead Sciences, Inc. (1) (2)	100,000		3,446,000
OSI Pharmaceuticals, Inc. (2)	35,000		1,665,300
			10,179,900
Healthcare - Equipment - 6.6%
Fisher Scientific International Inc. (2)	65,000		3,675,100
Kinetic Concepts, Inc. (2)	80,000		5,073,600
Varian Medical Services, Inc. (2)	100,000		4,208,000
			12,956,700
Healthcare - Managed Care - 4.6%
Aetna, Inc.	40,000		4,740,400
Centene Corp. (2)	80,000		4,280,000
			9,020,400
Healthcare - Services - 2.4%
Caremark Rx, Inc. (2)	130,000		4,648,800
Healthcare - Supplies - 1.8%
Edwards Lifesciences Corp. (1) (2)	95,000		3,572,950
Pharmaceuticals - 1.7%
Medicis Pharmaceutical Corp., Class A (1)	90,000		3,311,100
Total Healthcare			43,689,850
Industrials - 13.4%
Aerospace & Defense - 2.2%
Precision Castparts Corp.	65,000		4,214,600
Industrial Conglomerates - 2.0%
Textron, Inc.	55,000		3,994,100
Machinery - Construction/Farming - 1.9%
Oshkosh Truck Corp.	60,000		3,769,200
Machinery - Industrial - 2.0%
Pentair, Inc.	100,000		4,002,000
Railroads - 1.5%
Norfolk Southern Corp.	85,000		2,918,050
Services - Diversified/Commercial - 3.8%
ChoicePoint, Inc. (2)	80,000		3,508,000
MSC Industrial Direct Co., Inc. Class A	110,000		3,918,200
			7,426,200
Total Industrials			26,324,150

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology - 27.9%
Application Software - 5.9%
Amdocs Ltd. (2)		140,000	$	3,619,000
Autodesk, Inc.		55,000		3,597,550
Cognos, Inc. (2)		110,000		4,332,900
				11,549,450
Communications Equipment - 5.9%
Comverse Technology, Inc. (2)		205,000		4,360,350
Harris Corp.		55,000		3,640,450
Polycom, Inc. (2)		160,000		3,654,400
				11,655,200
Information Technology Consulting & Services - 2.3%
Cognizant Technology Solutions Corp. (2)		120,000		4,575,600
Services - Data Processing -7.9%
Affiliated Computer Services, Inc., Class A (1) (2)		65,000		3,846,700
Alliance Data Systems Corp. (2)		60,000		2,574,000
Checkfree Corp. (1) (2)		125,000		4,631,250
Global Payments, Inc.		80,000		4,412,800
				15,464,750
Systems Software -1.9%
McAfee, Inc. (1) (2)		125,000		3,612,500
Technology Distribution - 4.0%
CDW Corp.		55,000		3,614,600
VeriSign, Inc. (2)		130,000		4,277,000
				7,891,600
Total Information Technology				54,749,100
Materials - 4.0%
Chemicals - Fertilizers and Agricultural Chemicals - 2.2%
Monsanto Co.		95,000		4,371,900
Chemicals - Specialty - 1.8%
Methanex Corp.		195,000		3,424,200
Total Materials				7,796,100
Utilities - 0.0%
Kinder Morgan Management LLC (2)		0.120		5
Total Utilities				5
Total Common Stocks
(identified cost $163,470,514)				195,674,665
Collateral Pool Investment for Securities on Loan - 20.0%
(See Note 12)
(identified cost $39,458,672)				39,458,672
Repurchase Agreement - 0.5%
Agreement with Lehman Brothers, Inc., 2.03% dated 11/30/2004 to be repurchased at $998,790 on 12/1/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2019, with a market value of $1,020,269 (at amortized cost)	$	998,733.00		998,733
Total Investments - 120.1%
(identified cost $203,927,919)				236,132,070
Other Net Assets and Liablilties - (20.1)%				(39,579,873	)
Total Net Assets - 100.0%			$	196,552,197

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Small-Cap Growth Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Shares	Value
Common Stocks - 98.7%
Consumer Discretionary - 12.8%
General Merchandising-1.4%
Tuesday Morning Corp. (1) (2)	65,000	$	2,176,850
Home Furnishings-4.2%
Tempur-Pedic International, Inc. (1) (2)	220,000		4,265,800
Yankee Candle, Inc. (1) (2)	75,000		2,284,500
			6,550,300
Movies & Entertainment-2.5%
Imax Corp. (1) (2)	475,000		3,942,500
Recreational Centers-1.9%
Life Time Fitness, Inc. (2)	115,000		2,857,750
Retail Apparel-1.4%
Pacific Sunwear of California (2)	95,000		2,109,950
Specialty Stores-1.4%
PETCO Animal Supplies, Inc. (2)	60,000		2,169,600
Total Consumer Discretionary			19,806,950
Consumer Staples-3.5%
Food Distributors-3.5%
Central European Distribution Corp. (1) (2)	105,000		2,760,450
United Natural Foods, Inc. (2)	95,000		2,672,350
Total Consumer Staples			5,432,800
Energy - 10.8%
Oil & Gas-Exploration and Production-10.8%
Chesapeake Energy Corp. (1)	135,000		2,430,000
Contango Oil & Gas Co. (1) (2)	221,800		1,661,282
Denbury Resources, Inc. (1) (2)	90,000		2,605,500
Gasco Energy, Inc. (1) (2)	875,000		3,368,750
Harvest Natural Resources, Inc. (2)	215,000		3,923,750
MCF Corp. (2)	75,100		121,662
The Exploration Co. of Delware (2)	425,000		2,592,500
Total Energy			16,703,444
Financials - 2.1%
Insurance-Property & Casualty-2.1%
Infinity Property & Casualty	90,000		3,330,000
Total Financials			3,330,000
Healthcare - 23.5%
Biotechnology-2.6%
Amylin Pharmaceuticals, Inc. (1) (2)	90,000		1,834,200
Santarus, Inc. (1) (2)	220,000		2,145,000
			3,979,200

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare-Equipment-2.6%
Animas Corp. (1) (2)	125,000	$	2,025,000
Cutera, Inc. (2)	170,000		2,082,500
			4,107,500
Healthcare-Managed Care-2.8%
Centene Corp. (1) (2)	80,000		4,280,000
Healthcare-Services-8.9%
Amedisys, Inc. (2)	95,000		3,127,400
American Healthways, Inc. (1) (2)	95,000		3,168,250
Matria Healthcare, Inc. (1) (2)	60,000		2,100,000
Phase Forward, Inc. (2)	240,000		1,970,400
SFBC International, Inc. (1) (2)	90,000		3,494,700
			13,860,750
Healthcare-Supplies-4.1%
Edwards Lifesciences Corp. (1) (2)	70,000		2,632,700
Immucor, Inc. (2)	115,000		3,697,250
			6,329,950
Pharmaceuticals-2.5%
I-Flow Corp. (2)	100,000		2,053,000
Inhibitex, Inc. (1) (2)	185,000		1,859,250
			3,912,250
Total Healthcare			36,469,650
Industrials - 15.0%
Building Products-1.4%
Jacuzzi Brands, Inc. (2)	230,000		2,148,200
Distributors-3.8%
MSC Industrial Direct Co.	65,000		2,315,300
WESCO International (2)	125,000		3,515,000
			5,830,300
Electronics-2.0%
Identix, Inc. (2)	400,000		3,172,000
Machinery-Construction/Farming-1.8%
Oshkosh Truck Corp.	45,000		2,826,900
Machinery-Industrial-2.8%
Joy Global, Inc.	70,000		2,848,300
Nordson Corp.	40,000		1,522,400
			4,370,700
Services-Diversified/Commercial-3.2%
CB Richard Ellis Services (2)	100,000		2,709,000
Trammell Crow Co. (2)	130,000		2,223,000
			4,932,000
Total Industrials			23,280,100

Description	Shares	Value
Common Stocks (continued)
Information Technology - 27.9%
Application Software-8.3%
Hyperion Solutions Corp. (2)	55,000	$	2,464,550
Kronos, Inc. (2)	65,000		3,285,100
RSA Security, Inc. (2)	150,000		3,172,500
Tibco Software, Inc. (2)	345,000		3,967,500
			12,889,650
Communications Equipment-4.5%
Acacia Research Corp. (1) (2)	230,000		1,046,500
Brocade Communications Systems, Inc. (2)	410,000		2,841,300
Polycom, Inc. (2)	135,000		3,083,400
			6,971,200
Computer Storage-2.4%
Avid Technology, Inc. (1) (2)	65,000		3,709,550
Information Consulting Service-4.8%
DiamondCluster Int'l, Inc. (2)	215,000		2,629,450
Navigant Consulting (2)	105,000		2,451,750
Sapient Corp. (2)	300,000		2,373,000
			7,454,200
Services-Data Processing-3.9%
Global Payments, Inc. (1)	60,000		3,309,600
Open Solutions (2)	100,000		2,645,000
			5,954,600
Technology Distribution-4.0%
Anixter International, Inc. (1) (2)	80,000		3,018,400
Ness Technologies, Inc. (1) (2)	240,000		3,252,000
			6,270,400
Total Information Technology			43,249,600
Materials-1.1%
Chemicals-Diversified-1.1%
Aceto Corp.	105,000		1,785,000
Total Materials			1,785,000
Telecommunications-2.0%
Broadcast Telecommunications-0.8%
New Frontier Media, Inc. (2)	155,700		1,259,613
Wireless Telecommunications-1.2%
Novatel Wireless, Inc. (1) (2)	90,000		1,895,400
Total Telecommunications			3,155,013
Utilities-0.0%
Kinder Morgan Management LLC	—		6
Total Common Stocks (Cost $124,724,968)			153,212,563
Warrants - 0.0%
Casino & Gaming - 0.0%
Mikohn Gaming Corp., Warrants (2)	69,985		0

Description	Principal Amount		Value
Collateral Pool Investment for Securities on Loan-25.0%
(See Note 12)
(identified cost $38,744,611)				38,744,611
Repurchase Agreement 0.8%
Agreement with Lehman Brothers, Inc., 2.03% dated 11/30/2004 to be repurchased at $1,271,204 on 12/01/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 07/15/2020, with a market value of $1,298,657 (at amortized cost)	$	1,271,132		1,271,132
Total Investments - 124.5% (cost $164,740,711)				193,228,306
Other Net Assets and Liabilities - (24.5%)				(38,004,406	)
Total Net Assets - 100.0%			$	155,223,900

(See Notes which are an integral part of the Financial Statements.)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Marshall International Stock Fund

Schedule of Investments

November 30, 2004 (UNAUDITED)

Description	Shares	Value
Common Stocks - 100.0%
Australia - 1.9%
News Corp. Ltd. (1)	537,450	$	9,636,519
Belgium - 0.7%
UCB SA	68,800		3,558,948
Brazil - 3.3%
Companhia Siderurgica Nacional SA, ADR	156,500		2,940,635
Petroleo Brasileiro SA, ADR	225,700		8,612,712
Unibanco - Uniao de Bancos Brasileiros SA, GDR	191,600		5,359,052
			16,912,399
Canada - 2.1%
Petro-Canada	54,400		3,110,341
Precision Drilling Corp. (2)	117,434		7,697,799
			10,808,140
China - 2.0%
China Petroleum and Chemical Corp. (Sinopec)	23,252,000		9,943,142
France - 2.4%
Accor SA	88,200		3,759,275
LVMH Moet-Hennessy (1)	64,300		4,573,374
Total SA (1)	17,200		3,766,119
			12,098,768
Germany - 1.5%
Metro AG (1)	98,300		4,945,118
Siemens AG (1)	34,900		2,795,468
			7,740,586
Hong Kong - 4.9%
Cheung Kong (Holdings) Limited	430,000		4,147,643
Esprit Holdings Ltd.	690,000		3,798,084
HSBC HLDGS HK	147,200		2,517,857
Sun Hung Kai Properties	510,000		5,066,877
Swire Pacific Ltd., Class A	840,000		6,751,977
Wharf Holdings Ltd.	699,000		2,490,168
			24,772,606
India - 1.1%
Reliance Industries Ltd., GDR (7)	226,261		5,412,163
Indonesia - 1.9%
PT Telekomunikasi Indonesia	17,001,000		9,445,000
Italy - 0.5%
Eni SpA (1)	108,200		2,659,002
Japan - 28.6%
Credit Saison Co. Ltd.	287,400		9,691,720
Daiwa Securities Group, Inc.	1,741,000		11,911,215
Eisai Co. Ltd.	82,700		2,467,337
Fast Retailing Co. Ltd.	88,900		6,695,578

Description	Shares	Value
Common Stocks (continued)
Japan (continued)
Fuji Television Network, Inc.	1,185	$	2,510,496
INPEX CORPORATION	127		638,086
Keyence Corp.	11,300		2,558,698
Kurita Water Industries	164,400		2,286,262
Mitsubishi Estate Co. Ltd.	570,000		6,453,353
Mitsubishi Tokyo Financial Group, Inc.	2,027		19,206,268
NEC Electronics Corp.	110,200		5,012,012
NIDEC CORPORATION	21,700		2,551,701
Nitori Co.	36,300		2,162,478
NTT DoCoMo, Inc.	2,163		3,762,653
Omron Corp.	213,400		4,883,936
Orix Corp.	63,000		8,020,408
SMC Corp.	81,800		9,030,593
Softbank Corp. (1)	72,700		3,589,077
Sumitomo Heavy Industries (2)	1,047,000		3,428,950
Sumitomo Realty & Development Co. Ltd.	433,000		5,331,497
Sumitomo Trust & Banking Co. Ltd.	1,439,000		9,593,333
Suzuki Motor Corp. Ltd.	200,100		3,615,023
Toyota Motor Corp.	237,800		8,920,389
Yamada Denki (1)	273,800		11,760,894
			146,081,957
Korea, Republic of - 1.0%
Daewoo Heavy Industries & Machinery Ltd. (2)	271,770		2,322,422
Shinsegae Department Store Co.	10,440		2,947,296
			5,269,718
Netherlands - 2.4%
IHC Caland NV	42,400		2,594,650
ING Groep NV	258,800		7,122,076
STMicroelectronics NV	124,300		2,498,590
			12,215,316
Norway - 2.5%
Norsk Hydro ASA	98,800		8,081,454
Yara International ASA (2)	349,900		4,494,238
			12,575,692
Spain - 5.6%
Banco Bilbao Vizcaya Argentaria SA	194,900		3,207,779
Banco Santander Central Hispano SA (1)	544,300		6,541,521
Gamesa Corporacion Tecnologica SA	214,200		2,824,900
Gestevision Telecinco SA (2)	193,900		3,665,637
Sogecable SA (1)(2)	30,300		1,285,812
Telefonica SA	637,160		11,198,297
			28,723,946
Sweden - 4.5%
Atlas Copco AB, Class A (1)	132,910		5,856,722
Telefonaktiebolaget LM Ericsson, Class B (1)	5,189,300		17,304,619
			23,161,341

Description	Shares	Value
Common Stocks (continued)
Switzerland - 8.4%
ABB Ltd.	393,700	$	2,431,910
Adecco SA	91,600		4,565,131
Credit Suisse Group	248,400		9,687,971
Novartis AG (1)	171,300		8,206,528
Roche Holding AG	34,300		3,611,477
Syngenta AG	62,300		6,586,953
UBS AG	96,300		7,782,074
			42,872,044
Thailand - 2.2%
PTT Public Co. Ltd.	759,000		3,254,370
Siam Cement Co. Ltd.	1,278,716		8,175,477
			11,429,847
United Kingdom - 22.5%
Amvescap PLC	611,200		3,746,664
ARM Holdings PLC	2,536,600		4,993,258
BG Group PLC	1,157,200		8,028,045
BP PLC	640,600		6,537,670
British Sky Broadcasting PLC	525,000		5,596,206
Burberry Group PLC	530,062		4,039,449
Cairn Energy PLC (2)	128,400		3,680,875
EMI Group PLC	1,866,100		8,621,765
GlaxoSmithKline PLC	345,500		7,269,929
Misys PLC	741,900		3,009,455
Next PLC	139,700		4,282,482
iSoft Group PLC	460,900		3,391,269
Rio Tinto PLC	117,200		3,433,717
Smith & Nephew PLC	871,300		8,883,762
Standard Chartered PLC	142,100		2,719,818
Tesco PLC	3,024,743		17,428,924
Vodafone Group PLC	4,660,499		12,647,816
WPP Group PLC	582,400		6,433,451
			114,744,555
Total Common Stocks
(identified cost $436,292,303)			510,061,689
Collateral Pool Investment for Securities on Loan - 12.5%
(See note 12) (identified cost $63,536,638)			63,536,638
Total Investments - 112.5%
(identified cost $499,828,941)			573,598,327
Other Net Assets and Liabilities - (12.5)%			(63,646,848	)
Total Net Assets - 100.0%		$	509,951,479

(See notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Marshall International Stock Fund

Industry Division

November 30, 2004 (UNAUDITED)

Industry	Market Value			% of Total Net Assets
Advertising	$	6,433,451		1.3	%
Apparel		4,039,449		0.8	%
Automobiles		12,535,412		2.5	%
Chemicals		16,493,354		3.2	%
Commercial Banks		66,615,674		13.1	%
Commercial Services		4,565,131		0.9	%
Construction Materials		8,175,477		1.6	%
Distribtution/Wholesale		3,798,084		0.7	%
Diversified Financial Services		33,370,007		6.5	%
Diversified Holding Companies		13,815,520		2.7	%
Diversified Manufacturing		2,795,468		0.5	%
Electronics		7,442,634		1.5	%
Energy		2,824,900		0.6	%
Engineering & Contruction		2,431,910		0.5	%
Environmental Control		2,286,262		0.4	%
Food & Staple Retailing		22,374,042		4.4	%
Health Care Equipments & Supplies		8,883,762		1.7	%
Hotels/Restaurants & Leisure		3,759,275		0.7	%
Insurance		7,122,076		1.4	%
Internet Software & Service		3,589,077		0.7	%
Machinery		23,190,388		4.5	%
Media		31,316,434		6.1	%
Metal & Mining		6,374,352		1.2	%
Oil & Gas		68,604,265		13.5	%
Pharmaceuticals		25,114,219		4.9	%
Real Estate		20,999,369		4.1	%
Semiconductor Equipment & Products		12,503,859		2.5	%
Software		6,400,724		1.3	%
Specialty Retail		27,848,729		5.5	%
Telecommunications		54,358,385		10.7	%
Total Common Stocks		510,061,689		100.0	%
Investment for Collateral Pool for Securities on Loan		63,536,638		12.5	%
Total Investments		573,598,327		112.5	%
Other Net Assets & Liabilities		(63,646,848	)	(12.5	)%
Total Net Assets	$	509,951,479		100.0	%

(See notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Marshall Funds Government Income Fund

Schedule of Investments

November 30, 2004 (UNAUDITED)

Description	Principal Amount		Value
Asset-Backed Securities - 5.6%
Countrywide Alternative Loan Trust, Class 1A2,
3.23%, 6/25/2034 (5)	$	3,500,000	$	3,466,383
Green Tree Home Equity Loan Trust 1998-B, Class B1,
7.81%, 11/15/2029 (5)		6,000,000		6,016,500
Greenwich Capital Acceptance 1995-BA1, Class A4,
7.15%, 8/10/2020 (5)		10,643,000		10,840,832
Total Asset-Backed Securities (identified cost $20,103,555)				20,323,715
Collateralized Mortgage Obligations - 18.8%
Credit Suisse First Boston Mortgage Securities Corp.,
6.25%, 1/25/2032		626,222		629,505
Federal Home Loan Mortgage Corp.,
2.324%, 8/25/2031, REMIC (Series T-32-A1) (4) (5)		3,192,094		3,207,205
Federal Home Loan Mortgage Corp.,
6.25%, 9/15/2023, REMIC (Series 1666H) (4)		11,261,112		11,602,617
Federal Home Loan Mortgage Corp.,
6.50%, 10/15/2016, REMIC (Series 1702-PK) (5)		9,909,386		10,154,069
Federal National Mortgage Association,
2.444%, 1/15/2031, REMIC (Series 2001-25-FA) (4) (5)		5,262,517		5,270,364
Federal National Mortgage Association,
4.00%, 10/25/2032, REMIC (Series 2003-28-GA) (4) (5)		915,249		901,489
Federal National Mortgage Association,
5.00%, 10/15/2031, REMIC (Series 2543-LN) (5)		6,895,206		6,961,607
Federal National Mortgage Association,
5.00%, 5/15/2033, REMIC (Series 2791-BL) (5)		3,588,764		3,600,514
Government National Mortgage Accociation,
4.50%, 11/16/2028, REMIC (Series 2003-77-TE) (5)		2,500,000		2,509,585
Master Asset Securitization Trust,
5.00%, 3/25/2034 REMIC (Series 2004-3-4A5) (5)		15,215,000		15,058,331
Salomon Brothers Mortgage Securities VII 2003-CDCA A2 FRN,
2.42%, 2/15/2015 (4) (5) (7)		2,318,295		2,319,689
Structured Asset Securities Corporation,
5.25%, 8/25/2033, (Series 2003-21-2A2) (4) (5)		2,647,778		2,580,974
Washington Mutual,
3.53%, 10/25/2033, REMIC (Series 2003-AR10-A3A) (5)		3,500,000		3,488,811
Total Collateralized Mortgage Obligations (identified cost $66,419,676)				68,284,760
Corporate Bonds - 7.8%
American Express Credit Corp.,
2.468%, 10/14/2005 (4) (5)		4,000,000		4,002,348
DaimlerChrysler North America Holding Corp. FRN,
2.75%, 9/26/2005 (4) (5)		4,000,000		4,019,696
Ford Motor Crdit Co.,
7.60%, 8/1/2005 (5)		5,000,000		5,135,560
FPL Group, Inc. FRN,
2.275%, 3/30/2005 (4) (5)		4,000,000		4,002,984
General Motors Acceptance Corp. FRN,
4.23%, 5/19/2005 (4) (5)		4,000,000		4,022,000
HSB Capital I FRN,
2.98%, 7/15/2027 (4)		3,000,000		2,956,344
SLM Corp. FRN,
2.08%, 9/15/2006 (4) (5)		4,000,000		4,012,336
Total Corporate Bonds (identified cost $28,280,450)				28,151,268
Mortgage Backed Securities - 73.4%
Federal Home Loan Mortgage Corp. - 19.2%
5.00%, 8/1/2014 (1)		6,186,053		6,287,523
5.00%, 10/1/2033 (1)		5,293,382		5,244,948
5.50%, 11/1/2018 (1)		7,279,426		7,518,308
6.00%, 12/1/2034 (6)		45,000,000		46,420,290
6.50%, 9/1/2016		584,102		618,422
7.00%, 11/1/2009		506,221		528,391

Description	Principal Amount		Value
Mortgage Backed Securities (continued)
Federal Home Loan Mortgage Corp. (continued)
7.50%, 9/1/2013	$	217,815	$	235,469
7.50%, 4/1/2024		507,345		547,481
7.50%, 4/1/2027		317,059		340,551
8.00%, 8/1/2030		445,959		484,006
8.50%, 91/2024		257,756		284,029
9.00%, 6/1/2019		508,066		567,719
9.50%, 2/1/2025		432,701		486,717
				69,563,854
Federal National Mortgage Association - 43.7%
5.00%, 5/1/2018		4,056,362		4,117,435
5.00%, 12/1/2019 (6)		16,000,000		16,215,008
5.00%, 12/1/2034 (6)		25,000,000		24,664,050
5.50%, 10/1/2017 (1)		9,285,589		9,594,066
5.50%, 2/1/2033		2,709,680		2,748,662
5.50%, 12/1/2034 (6)		51,000,000		51,589,662
6.00%, 9/1/2013		2,317,742		2,435,458
6.00%, 10/1/2016		1,237,707		1,297,688
6.00%, 12/1/2034 (6)		15,000,000		15,482,820
6.50%, 9/1/2016		1,523,031		1,615,603
6.50%, 9/1/2016		950,740		1,008,527
6.50%, 8/1/2030 (1)		8,641,504		9,087,509
6.50%, 12/1/2031		598,145		628,263
6.50%, 12/1/2034 (6)		6,000,000		6,296,250
7.00%, 12/1/2010 (5)		953,058		993,751
7.00%, 3/1/2029		796,450		846,583
7.00%, 7/1/2029 (5)		2,078,405		2,209,232
7.00%, 2/1/2030 (5)		1,681,225		1,787,051
7.50%, 12/1/2009 (5)		1,880,528		1,989,973
7.50%, 10/1/2030		480,992		515,738
8.00%, 10/1/2028 (5)		2,265,996		2,470,130
8.00%, 4/1/2030		698,374		758,479
				158,351,938
Government National Mortgage Association - 10.5%
5.00%, 6/15/2033 (1)		1,552,663		1,548,476
5.00%, 4/15/2034		3,728,058		3,714,246
5.50%, 9/15/2033 (1)		10,426,349		10,625,013
6.00%, 12/20/2033 (1)		12,450,958		12,881,201
6.50%, 12/15/2029		1,127,860		1,190,890
6.50%, 9/15/2032 (1)		4,158,434		4,386,607
7.00%, 6/15/2029		598,403		637,293
7.00%, 8/15/2031		665,580		708,323
8.50%, 6/15/2010		612,447		656,642
9.00%, 11/15/2009 (5)		1,072,031		1,148,939
9.00%, 1/15/2010		338,568		364,077
9.50%, 10/15/2024		180,137		203,549
				38,065,256
Total Mortgage Backed Securities (identified cost $263,169,062)				265,981,048
U.S. Treasury Notes - 30.3%
1.25%, 5/31/2005 (5)		20,000,000	$	19,896,880
1.50%, 2/28/2005 (5)		40,000,000		39,951,600
1.625%, 1/31/2005 (5)		45,000,000		44,978,940
4.25%, 8/15/2014 (1)		5,000,000		4,956,255
Total U.S. Treasury Notes (identified cost $110,056,641)				109,783,675
Total Investments in Securities - 135.9%
(identified cost $488,029,384)				492,524,466
Collateral Pool Investments for Securities on Loan - 1.5%
(See Note 12)
(identified cost $5,180,865)				5,180,865

Description	Principal Amount		Value
Repurchase Agreement - 8.4%
Agreement with Lehman Brothers, Inc., 2.030% dated 11/30/2004 to be repurchased at $30,518,380 on 12/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 07/15/2020, with a market value of $29,855,335 (at amortized cost)	$	30,516,661	$	30,516,661
Total Investments (identified cost $523,726,910) - 145.8%				528,221,992
Other Net Assets less Liabilities - (45.8%)				(165,876,606	)
Total Net Assets - 100.0%			$	362,345,386

(See Notes with are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Intermediate Bond Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Principal Amount		Value
Asset-Backed Securities - 2.1%
Citibank Credit Card Issuance Trust 2002-A1, Class A1
4.95%, 2/9/2009	$	6,000,000	$	6,197,448
Green Tree Home Equity Loan Trust 1998-B, Class HEB1
7.81%, 11/15/2029		7,000,000		7,019,250
Total Asset-Backed Securities
(identified cost $13,006,358)				13,216,698
Collateralized Mortgage Obligations - 6.6%
Countrywide Alternative Loan Trust 2004-J4, Class 1A2
3.23%, 6/25/2034		5,000,000		4,951,975
Criimi Mae CMBS Corp. 1998-1, Class A3, (Series 144A)
6.306%, 6/20/2030 (7)		2,100,547		2,112,656
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3
4.50%, 6/25/2033		4,480,000		4,493,149
Federal Home Loan Mortgage Corp., Series 2686, Class MH
5.50%, 7/15/2032		10,000,000		10,074,000
Federal National Mortgage Association, Pass-Thru INT, 15-year,
5.50%, 11/1/2018		15,801,094		16,319,986
Federal National Mortgage Association, Pass-Thru INT, 30-year,
6.50%, 10/1/2031		1,850,609		1,943,793
Federal National Mortgage Association, Pass-Thru INT, 15-year,
7.00%, 12/1/2015		1,276,562		1,354,811
Prudential Home Mortgage Securities 1993-H, Class 2B, (Series 144A)
6.82651%, 9/28/2008 (7)		150,346		150,292
Total Collateralized Mortgage Obligations
(identified cost $41,171,946)				41,400,662
Corporate Bonds & Notes - 54.0%
Automotive & Related - 4.8%
DiamlerChrysler North America Holding Corp., Note, (Series MTND)
2.75%, 9/26/2005 (4) (5)		6,000,000		6,029,544
Ford Motor Credit Co., Global Bond
6.875%, 2/1/2006		5,000,000		5,168,140
General Motors Acceptance Corp., Note
6.875%, 8/28/2012 (1)		5,000,000		5,063,800
General Motors Acceptance Corp., Note, (Series MTN)
4.23%, 5/16/2005		6,000,000		6,033,000
General Motors Acceptance Corp., Note, (Series MTN)
4.375%, 12/10/2007		5,000,000		4,936,960
General Motors Acceptance Corp., Note
6.75%, 1/15/2006		3,000,000		3,091,122
				30,322,566
Banks - 4.4%
Citicorp, Sub. Note, (Series F)
6.375%, 11/15/2008		7,000,000		7,597,772
Citigroup, Inc., Note
3.50%, 2/1/2008 (1)		4,000,000		3,977,004
Citigroup, Inc., Note
5.75%, 5/10/2006		5,000,000		5,179,205
NationsBank Corp., Sub. Note
7.80%, 9/15/2016		2,000,000		2,411,438
UBS Preferred Funding Trust, Bond
8.622%, 10/29/2049		7,000,000		8,421,448
				27,586,867
Beverages & Foods - 3.0%
General Mills, Inc., Note
3.875%, 11/30/2007		5,000,000		5,005,615
Kraft Foods, Inc., Note
5.25%, 6/1/2007		5,000,000		5,180,035
Kroger Co.
8.05%, 2/1/2010		5,000,000		5,805,825
Miller Brewing Co., Note, (Series 144A)
5.50%, 8/15/2013 (1) (7)		3,000,000		3,103,464
				19,094,939
Broadcasting - 0.8%
Univision Communications, Inc., Sr. Note
3.50%, 10/15/2007		5,000,000		4,936,455

Description	Principal Amount		Value
Broker/Dealers - 4.1%
Goldman Sachs Group, Inc., Note
5.00%, 10/1/2014	$	3,000,000	$	2,956,299
Goldman Sachs Group, Inc., Note, (Series MTNB)
2.85%, 10/27/2006		4,000,000		3,963,920
Lehman Brothers Holdings, Inc., Note
6.25%, 5/15/2006		1,000,000		1,040,984
Merrill Lynch & Co., Note, (Series MTNC)
5.00%, 1/15/2015		5,000,000		4,927,645
Merrill Lynch & Co. Inc., Sr. Note, (Series MTNC)
3.00%, 4/30/2007		7,000,000		6,909,329
Morgan Stanley Group, Inc., Note
3.625%, 4/1/2008		1,000,000		992,709
Morgan Stanley, Sub. Note
4.75%, 4/1/2014		5,000,000		4,830,835
				25,621,721
Computer Services - 0.8%
Computer Associates, Inc., Sr. Note, (Series 144A)
5.625%, 12/1/2014 (7)		5,000,000		4,954,555
Construction Equipment - 0.4%
CRH America, Inc. Note
6.95%, 3/15/2012		2,000,000		2,263,716
Consumer Cyclical - 0.4%
Tyco International Group, Note
5.80%, 8/1/2006		2,500,000		2,596,450
Domestic & International Oil - 1.6%
Enterprise Products Operating LP, Sr. Note, (Series 144A)
5.60%, 10/15/2014 (7)		3,000,000		2,996,295
Occidental Petroleum Corp., Note
4.00%, 11/30/2007		2,500,000		2,515,075
Pancanadian Petroleum Ltd., Bond
6.30%, 11/1/2011		4,000,000		4,365,860
				9,877,230
Electrical Equipment - 0.8%
General Electric Co., Note
5.00%, 2/1/2013 (1)		5,000,000		5,084,305
Energy - 0.3%
Halliburton Co., Note
5.50%, 10/15/2010				2,095,216
Financial Services - 13.5%
Allstate Financial Global, Note, (Series 144A)
7.125%, 9/26/2005 (5) (7)		5,500,000		5,678,321
American Express Credit, Note, (Series MTNB)
2.4675%, 10/14/2005		6,000,000		6,003,522
American General Finance Corp., Note, (Series G)
4.50%, 11/15/2007		5,000,000		5,095,145
American General Finance Corp., Note, (Series G)
5.375%, 10/1/2012		2,500,000		2,571,555
Bunge Ltd. Finance Corp., Note
5.35%, 4/15/2014		2,500,000		2,540,363
Countrywide Home Loan, Company Guarantee, (Series MTNL)
4.00%, 3/22/2011		5,000,000		4,812,605
Countrywide Home Loans, Global Bond
2.875%, 2/15/2007 (1)		5,000,000		4,910,570
Credit Suisse, London, Sub. Note, (Series 144A)
7.90%, 5/29/2049 (7)		5,000,000		5,439,745
General Electric Capital Corp., Note
6.80%, 11/1/2005 (5)		4,000,000		4,138,132
General Electric Capital Corp., Note, (Series A)
6.50%, 12/10/2007		5,000,000		5,388,655

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Financial Services (continued)
Household Finance Corp., Sr. Unsub.
6.40%, 6/17/2008 (1)	$	4,000,000	$	4,314,088
Household Finance Corp., Note
7.00%, 5/15/2012		3,000,000		3,407,856
MBNA Capital B, Jr. Note, (Series B)
2.96%, 2/1/2027 (4)		3,000,000		2,842,683
National Rural Utilities Cooperative Finance Corp., Collateral Trust
4.375%, 10/1/2010		6,000,000		6,008,250
National Rural Utilities Cooperative Finance Corp., Note
3.00%, 2/15/2006		7,000,000		6,988,184
National Rural Utilities Cooperative Finance Corp., Note
3.875%, 2/15/2008		4,000,000		4,005,556
SLM Corp., Note (Series MTNA)
5.625%, 9/15/2006		5,000,000		5,220,685
SLM Corp., Note (Series MTNA)
5.625%, 4/10/2007		5,000,000		5,015,420
				84,381,335
Healthcare - 0.5%
Amgen Inc., Sr. Note, (Series 144A)
4.85%, 11/18/2014 (7)		3,000,000		2,963,811
Household Product/Wares - 0.8%
Proctor & Gamble Co., Unsub.
6.60%, 12/15/2004 (5)		5,000,000		5,007,260
Insurance - 3.9%
AIG SunAmerica Global Financial, Bond, (Series 144A)
5.85%, 8/1/2008 (7)		7,000,000		7,437,892
HSB Capital I, Company Guarantee, (Series B)
2.98%, 7/15/2027 (4)		4,000,000		3,941,792
Protective Life Corp., Unsecd. Note
4.00%, 4/1/2011		8,000,000		7,746,600
Prudential Funding Corp., Note, (Series 144A)
6.60%, 5/15/2008 (7)		5,000,000		5,407,045
				24,533,329
Leasing - 0.3%
International Lease Finance Corp., Note
4.50%, 5/1/2005		2,000,000		2,023,146
Media - 1.4%
AOL Time Warner, Inc., Note
6.125%, 4/15/2006		4,000,000		4,152,760
Comcast Corp., Company Guarantee
5.50%, 3/15/2011		1,000,000		1,044,007
Comcast Cable Communications, Sr. Note
6.75%, 1/30/2011 (1)		3,000,000		3,331,740
				8,528,507
Publishing - 0.4%
Reed Elsevier Inc., Company Guarantee
6.125%, 8/1/2006		2,500,000		2,601,380
Real Estate - 1.0%
Core Investments, Pass Thru Cert.
4.727%, 11/30/2007		6,000,000		6,134,250
REITS-Diversified - 0.7%
Vornado Realty Trust, Bond
5.625%, 6/15/2007		4,000,000		4,153,000
Services-Diversified Comercials - 1.2%
Cendant Corp., Note
6.25%, 3/15/2010		3,500,000		3,757,519
Interpublic Group of Cos, Inc., Note
6.25%, 11/15/2014		4,000,000		3,974,140
				7,731,659

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Short-Term Business Credit - 0.8%
CIT Group, Inc., Sr. Note
3.65%, 11/23/2007	$	5,000,000	$	4,972,665
Telecommunications - 6.0%
BellSouth Corp., Bond
6.55%, 6/15/2034		3,000,000		2,979,741
British Telecommunication PLC, Note
7.875%, 12/15/2005		5,000,000		5,237,630
Intelsat, Ltd., Sr. Note
5.25%, 11/1/2008		2,000,000		1,901,644
SBC Communications, Note
5.10%, 9/15/2014		7,000,000		6,950,524
Sprint Capital Corp.
7.125%, 1/30/2006		5,000,000		5,218,675
Telecom Italia Capital, Company Guarantee,
5.25%, 11/15/2013		5,000,000		5,002,675
Telecom Italia Capital, Company Guarantee, (Series 144A)
4.95%, 9/30/2014 (7)		7,000,000		6,776,238
Verizon Global Funding, Note
7.25%, 9/1/2012 (1)		3,000,000		3,500,352
				37,567,479
Transportation - 1.5%
Continental Airlines, Inc., Pass Thru Cert.
6.541%, 9/15/2008		1,822,021		1,625,747
Delta Air Lines, Inc., Equip. Trust, (Series 1993-A2)
10.50%, 4/30/2016		4,000,000		2,284,020
Systems 2001 Asset Trust, Pass Thru Cert., (Series 144A)
6.664%, 9/15/2013 (7)		4,882,619		5,357,332
				9,267,099
Utilities-Electric - 0.6%
FPL Group Capital, Inc., Company Guarantee
2.275%, 3/30/2005 (4)		4,000,000		4,002,984
Total Corporate Bonds & Notes
(identified cost $337,376,374)				338,301,924
Governmment Agencies - 4.2%
Federal Home Loan Bank System - 0.9%
5.43%, 11/17/2008 (1)		5,000,000		5,311,040
Federal National Mortgage Association - 6.4%
5.50%, 2/15/2006		10,000,000		10,300,990
7.00%, 7/15/2005		10,000,000		10,268,350
Total Government Agencies
(identified cost $25,910,438)				25,880,380
Mortgage Backed Securities - 10.3%
Federal Home Loan Mortgage Corp. - 0.2%
7.50%, 2/1/2031		881,637		945,486
7.50%, 6/1/2031		380,986		408,574
Federal National Mortgage Association - 9.8%
5.50%, 12/1/2004 (6)		20,000,000		20,231,240
6.00%, 12/1/2004 (6)		40,000,000		41,287,520
Government National Mortgage Association - 0.3%
7.00%, 3/15/2032		1,533,656		1,631,973
Total Mortgage Backed Securities
(identified cost $63,764,094)				64,504,793
U.S. Treasury Securities - 9.5%
U.S. Treasury Notes - 9.5%
1.625%, 3/31/2005 (5)		30,000,000		29,947,290
1.625%, 4/30/2005 (1)		30,000,000		29,923,830
Total U.S. Treasury Securities (identified cost $60,025,782)				59,871,120
Total Investment In Securities - 86.7%
(identified cost $541,257,992)				543,175,577

Description	Principal Amount		Value
Collateral Pool Investment for Securities on Loan - 6.7%
(See Note 12)
(identified cost $41,631,356)			$	41,631,356
Repurchase Agreement - 22.6%
Agreement with Lehman Brothers, Inc., 2.03% dated 11/30/2004 to be repurchased at $141,684,426 on 12/1/2004, collateralized by U.S. Government Agency Obligations with various maturities to 05/2/2030, with a market value of $144,514,134 (at amortized cost)	$	141,676,752		141,676,752
Total Investments - 116.0%
(identified cost $724,563,100)				726,483,685
Other Net Assets and Liabilities - (16.0)%			($	100,203,271	)
Total Net Assets - 100.0%				626,280,414

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Intermediate Tax-Free Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description (9)		Principal Amount		Value
Long-Term Municipals - 97.8%
Arizona - 5.2%
	Maricopa County, AZ, School District No. 214 Tolleson Unified High, GO UT
	5.100% (FSA Insurance Corp.)/(Original Issue Yield: 5.099%), 7/1/2010 AAA/Aaa	$	1,000,000	$	1,099,710
	Maricopa County, AZ, School District No. 28 Kyrene Elementary, (Series A), GO UT Refunding
	5.000% (MBIA Insurance Corp.)/(Original Issue Yield: 4.59%), 7/1/2013 NR/Aaa		1,885,000		2,070,918
	Phoenix, AZ, Civic Improvement Corp., Excise Tax Revenue Subordinate Bonds - (Series A)
	5.000% (MBIA Insurance Corp.), 07/1/2015 AAA/Aaa		1,000,000		1,086,350
	Phoenix, AZ, Civic Improvement Corp., Water System Revenue Refunding Jr. Lien Bonds
	5.250% (FGIC)/(Original Issue: 4.69%), 7/1/2016 AAA/Aaa		500,000		562,890
					4,819,868
Arkansas - 2.1%
	Arkansas Development Finance Authority, Revenue Bonds
	5.000% (AMBAC INS)/(Original Issue Yield: 5.055%), 7/1/2020 AAA/Aaa		955,000		979,687
	University of Arkansas, Refunding Revenue Bonds (Series A)
	4.000% (MBIA GO of Brd)/(Original Issue Yield: 2.75%), 11/1/2009 NA/Aaa		1,000,000		1,047,660
					2,027,347
California - 1.2%
	California State, Economic Recovery Bonds (Series B), GO UT
	5.000% (Original Issue Yield: 3.02%), 07/1/2023 (Mandatory Tender 7/01/2008), AA-/Aa3		1,000,000		1,080,400
Colorado - 5.1%
	El Paso County, Co, School District No. 49 Falcon, GO UT
	5.750% (FGIC State Aid Withholding)/(Original Issue Yield: 4.75%), 12/1/2013 AAA/Aaa		1,875,000		2,135,981
	Larimer County, Co, School District No. R-1 Poudre, GO UT
	5.500% (FGIC State Aid Withholding)/(Original Issue Yield: 4.42%), 12/15/2006 AAA/Aaa		2,500,000		2,661,600
					4,797,581
Hawaii - 1.2%
	Hawaii State Airport System, Refunding Revenue Bonds
	5.250% (FGIC)/(Original Issue Yield: 4.77%), 07/1/2011 AAA/Aaa		1,000,000		1,086,090
Illinois - 2.6%
	Kendall, Kane & Will Counties, IL, Community United School District No. 308, GO UT
	5.250% (FSA)/(Original Issue Yield: 4.38%), 10/1/2016, NR/Aaa		1,125,000		1,248,908
	University of Illinois, Auxiliary Facilities System Refunding Revenue Bonds, (Series A)
	5.250%, (AMBAC INS)/(Original Issue Yield: 4.53%), 4/1/2013 AAA/Aaa		1,060,000		1,175,169
					2,424,077
Indiana - 3.9%
	Indianapolis-Marion County, IN, Public Library, GO UT
	5.800%, (Original Issue Yield:5.74%), 7/1/2012 (Prefunded 1/1/2009), AAA/Aa2		1,425,000		1,610,179
	Petersburg, IN, Pollution Control Refunding Revenue Bonds, (Indianapolis Power & Light Co.)
	6.100%, (MBIA Insurance Corp.)/(Original Issue Yield: 6.099%), 1/1/2016 AAA/Aaa		2,000,000		2,040,200
					3,650,379
Iowa - 3.3%
	Iowa Finance Authority, Solid Waste Disposal Revenue Bonds, (Ipsco, Inc.)
	6.000%, (Original Issue Yield 6.000%), 6/1/2027 (Mandatory Tender 6/1/2007) NR		3,000,000		3,060,390
Kansas - 2.9%
	Manhattan, KS, Commercial Development, Refunding Revenue Holiday Inn Sub (Series B)
	11.000%, 07/1/2016 (Escrowed to Maturity), NR/#Aaa		1,000,000		1,627,130
	Sedgwick County, KS, Unified School District No. 259 Wichita, GO UT
	6.000%, (Original Issue Yield 4.640%), 9/1/2008 AA/Aa3		1,000,000		1,117,860
					2,744,990
Kentucky - 3.1%
	Kentucky State Property & Buildings Commission, Revenue Bonds Project No. 65
	6.000% (FSA, Inc.)/(Original Issue Yield: 5.51%), 2/1/2011 (Prerefunded 2/1/2010), AAA/#Aaa		2,565,000		2,934,232
Massachusetts -7.3%
	Commonwealth of Massachusetts, GO Ltd., Consolidated Loan (Series A)
	6.000% (Original Issue Yield: 5.67%), 2/1/2014 (Prerefunded 2/1/2010), AAA/Aa2		2,500,000		2,881,350
	Commonwealth of Massachusetts, GO Ltd., Consolidated Loan (Series E)
	5.500%, (Original Issue Yield: 4.10%), 1/1/2014 (Prerefunded 1/1/2013), AA-/Aa2		3,500,000		3,933,720
					6,815,070
Michigan - 5.6%
	Detroit, MI, City School District, (Series B) GO UT
	5.000% (FGIC Q-SBLF)/(Original Issue Yield: 4.50%), 5/1/2009 AAA/Aaa		3,300,000		3,590,631
	Michigan State Building Authority, Refunding Revenue (Facilities Program Series I)
	5.500% (Original Issue Yield: 4.25%), 10/15/2009 AA/Aa2		1,500,000		1,676,490
					5,267,121
Minnesota - 3.3%
	Minneapolis/St. Paul, MN Metropolitan Airports Commission Airport Revenue Bonds, (Series B)
	5.250% (FGIC)/(Original Issue Yield: 4.07%), 1/1/2006 AAA/Aaa		3,000,000		3,094,590
Nevada - 2.3%
	Clark County, NV, School District, GO Ltd., (Series D) Refunding Bonds
	5.250%, (FGIC)/(Original Issue Yield: 4.48%), 06/15/2014 AAA/Aaa		1,880,000		2,101,069
New Mexico - 4.0%
	New Mexico State Highway Comission, Senior Subordinate Lien Tax Revenue
	6.000% (Original Issue Yield: 5.37%), 6/15/2010 (Prerefunded 6/15/2009), AA+/Aa2		3,325,000		3,768,954

Description (9)		Principal Amount		Value
Long-Term Municipals (continued)
New York - 6.5%
	Oswego County, NY, GO UT
	6.700% (Original Issue Yield: 6.80%), 6/15/2010 (Econ Defeased to Maturity), NR/A3	$	1,100,000	$	1,284,096
	Oswego County, NY, GO UT
	6.700% (Original Issue Yield: 6.80%), 6/15/2011 (Econ Defeased to Maturity), NR/A3		1,100,000		1,301,157
	White Plains, NY, GO UT, Public Improvement Refunding Bonds (Series B)
	3.000% (Original Issue Yield: 1.45%), 1/15/2005 Aa1		1,245,000		1,246,693
	White Plains, NY, GO UT, Public Improvement Refunding Bonds (Series B)
	3.500% (Original Issue Yield: 2.31%), 1/15/2007 Aa1		1,365,000		1,399,193
	White Plains, NY, GO UT, Public Improvement Refunding Bonds (Series B)
	3.500% (Original Issue Yield: 2.66%), 1/15/2008 Aa1		820,000		843,682
					6,074,821
North Dakota - 5.4%
	Fargo, ND, Health System Revenue Bonds (Meritcare) (Series A)
	5.750% (FSA, Inc.)/(Original Issue Yield: 5.30%), 6/1/2012 AAA/Aaa		2,940,000		3,297,034
	North Dakota State Water Commission, Water Development and Management Program Revenue Bonds (Series A)
	6.000% (MBIA Ins.)/(Original Issue Yield: 5.39%), 8/1/2011 AAA/Aaa		1,545,000		1,756,155
					5,053,189
Ohio - 4.0%
	Ohio State Building Authority, Revenue Refunding Bonds (Series B)
	5.000% (Original Issue Yield: 2.27%), 10/1/2009 AAA/Aaa		2,000,000		2,182,220
	Olentangy, OH, Local School District, Refunding Bonds (Series B), GO UT
	5.500% (FGIC)/(Original Issue Yield: 4.48%), 12/1/2016 AAA/Aaa		1,000,000		1,122,570
	Sidney, OH, Industrial Development, Revenue Bonds (Perfection Bakeries Inc. Project)
	5.400% (Fort Wayne National Corp.LOC)/(Original Issue Yield: 5.399%), 9/15/2005 NR		425,000		435,413
					3,740,203
Oregon - 1.2%
	Salem-Keizer, OR, School District No. 24J, GO UT
	5.375% (FGIC School Bond Guaranty), 6/1/2014 (Prerefunded 6/1/2009), AAA/Aaa		1,000,000		1,110,710
Pennsylvania - 4.9%
	Commonwealth of Pennsylvania, First Series GO UT
	6.000% (Original Isssue Yield: 5.54%), 1/15/2012 (Prerefunded 1/15/2010), AAA/Aa2		4,000,000		4,605,640
Puerto Rico - 1.6%
	Puerto Rico Commonwealth Highway and Transportation Authority, Subordinate Transportation Revenue Bonds
	5.000%, (CIFG-TCRS)/(Original Issue Yield: 3.61%), 7/1/2009 AAA/Aaa		1,335,000		1,456,138
South Carolina -3.1%
	South Carolina State Public Service Authority Revenue Bonds, (Series A)
	5.375% (MBIA Insurance Corp.)/(Original Issue Yield: 4.80%), 1/1/2006 AAA/Aaa		2,835,000		2,932,467
Tennessee - 1.4%
	Putnam County, TN, Refunding GO UT
	5.250% (FGIC)/(Original Issue Yield: 4.53%), 4/1/2013 NR/Aaa		1,200,000		1,339,488
Texas - 3.6%
	Dallas,TX, Waterworks & Sewer System, Refunding Revenue Bonds
	5.500% (Original Issue Yield: 5.22%), 10/1/2014 AA+/Aa2		1,000,000		1,102,900
	Tarrant County, TX, HFDC, Health System Revenue Bonds
	5.75% (Texas Health Resources System Series A)/(MBIA Insurance Corp. INS)/(Original Issue Yield: 5.05%), 2/15/2009 AAA/Aaa		2,000,000		2,211,320
					3,314,220
Virginia - 4.4%
	Loudoun County, VA, GO UT, Public Improvement Bonds (Series B)
	5.750%, (State Aid Withholding)/(Original Issue Yield: 5.00%), 1/1/2011 AA+/Aaa		2,190,000		2,477,197
	Suffolk, VA, Redevelopment & Housing Authority, Multi Family Housing Revenue Refunding Bonds (Windsor at Potomac Project)
	4.850%, (Fannie Mae - Stanby Liq Fac)/(Original Issue Yield: 4.85%)/(Mandatory Put 07/01/2011), 7/1/2031 NR/Aaa		1,500,000		1,596,255
					4,073,452
Washington - 1.2%
	Port Longview, WA, Industrial Development Corp., Solid Waste Disposal Revenue Bonds
	6.875% (Original Issue Yield 6.874%)/(Weyerhaeuser Co.), 10/1/2008 BBB/NR		1,000,000		1,104,760
West Virginia -1.3%
	West Virginia State Hospital Finance Authority, Hospital Revenue (Series B) (Oak Hill Hospital Inc.)
	6.750% (Original Issue Yield: 6.95%), 9/1/2030, (Prerefunded 9/1/2010), AAA/Aaa		1,000,000		1,198,450
Wisconsin - 6.1%
	Cedarburg, WI, School District, Refunding GO UT, (Series B),
	5.375%, (Financial Security Assurance, Inc.)/(Original Issue Yield: 4.93%), 3/1/2015 (Prerefunded 3/1/2011), NR/Aaa		895,000		1,004,879
	Cedarburg, WI, School District, Refunding GO UT, (Series B),
	5.375%, (Finanacial Security Assurance, Inc.)/(Original Issue Yield: 5.00%), 3/1/2016 (Prerefunded 3/1/2011), NR/Aaa		940,000		1,055,404
	Kenosha County, WI, Refunding GO UT, (Series A)
	5.000% (FGIC)/(Original Issue Yield: 4.50%), 3/1/2013 AAA/Aaa		1,535,000		1,632,258
	Wisconsin State, GO UT, (Series C)
	6.000% (Original Issue Yield 5.750%), 5/1/2014 (Prerefunded 05/1/10) AA-/Aa3		1,750,000		2,004,730
					5,697,271
Total Long-Term Municipals
	(identified cost $86,565,894)				91,372,964

Description (9)		Principal Amount		Value
Mutual Funds -.8%
	Federated Tax - Free Obligations Fund	$	39,178	$	39,178
	Fidelity Tax Exempt Money Market		741,714		741,714
Total Mutual Funds
(identified cost $780,892)					780,892
Total Investments - 98.6%
(identified cost $87,346,786) (10)					92,153,856
Other Net Assets and Liabilites - Net - 1.4%					1,329,745
Total Net Assets - 100.0%				$	93,483,601

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Short-Term Income Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Principal Amount		Value
Asset-Backed Securities - 11.1%
BMW Vehicle Owner Trust 2003-A,
Class A3, 1.94%, 2/25/2007	$	957,885	$	954,915
Capital Auto Receivables Trust 2004-1, Class A4,
Class A, 2.64%, 11/17/2008		1,000,000		981,170
Capital Auto Receivables Asset Trust 2003-2,
Class A3A, 1.44%, 2/15/2007		1,068,871		1,061,754
CNH Equipment Trust 2003-A,
Class A3B, 1.89%, 7/16/2007		1,275,000		1,269,322
Core Investment Grade Bond
4.727%, 11/30/2007		1,700,000		1,738,037
DaimlerChrysler Auto Trust 2004-B,
Class A3, 3.18%, 9/8/2008		1,000,000		999,982
Honda Auto Receivables Owner Trust 2001-3, Class A4
3.96%, 2/19/2007		557,224		558,066
Honda Auto Receivables Owner Trust 2003-1, Class A3
1.92%, 11/20/2006		1,019,936		1,017,689
Household Automotive Trust 2002-3, Class A3A
2.75%, 6/18/2007		662,419		663,243
Household Automotive Trust 2003-1, Class A3
1.73%, 12/17/2007		1,100,000		1,094,198
John Deere Owner Trust 2001-A, Class A3
1.79%, 4/15/2007		1,425,000		1,415,534
Long Beach Acceptance Auto Receivables Trust 2003-A, Class A3
2.021%, 7/15/2007		1,485,832		1,482,308
Pegasus Aviation Lease Securitization 1999-1A, Class A1, (Series 144A)
6.30%, 3/25/2029 (7)		750,654		345,770
Residential Asset Mortgage Products, Inc. 2004-RS2, Series RS2,
3.35%, 8/25/2029		1,500,000		1,476,968
USAA Auto Owner Trust 2004-2, Class A3,
3.03%, 6/16/2008		1,750,000		1,745,233
WFS Financial Owner Trust 2004-1, Class A4,
2.81%, 8/22/2011		1,150,000		1,128,929
Total Asset-Backed Securities (identified cost $18,394,102)				17,933,118
Collateralized Mortgage Obligations - 24.0%
Government National Mortgage Association - 3.0%
2.866%, Series 0348, Class AB, 2/16/2020		878,451		859,193
3.2062%, Series 2003-72, Class A, 4/16/2018 (1)		1,805,996		1,779,281
3.3126%, Series 2002-83, Class A, 4/16/2017		1,301,994		1,290,384
3.59%, Series 2004-78, Class A, 11/16/2017		991,974		981,564
				4,910,422
Federal Home Loan Mortgage Corporation - 1.2%
3.15%, Class A3, 5/15/2010		2,000,000		1,938,846
Other Financial - 19.8%
CS First Boston Mortgage Securities Corp. 2004-C1, Class A1,
2.254%, 1/15/2037		1,717,145		1,682,060
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3,
4.50%, 6/25/2033		1,000,000		1,002,935
Countrywide Alternative Loan Trust 2004-J9, Class 1A2,
4.586%, 11/25/2034		2,400,000		2,378,250
Deutsche Mortgage Securities, Inc. 2004-2, Class A2,
3.08%, 1/25/2034		1,500,000		1,490,157
Green Tree Home Equity Loan Trust 1998-B, Class B1
7.81%, 11/15/2029		3,000,000		3,008,250
GSR Mortgage Loan Trust 2004-12, Class 3A3,
4.60%, 12/25/2034		1,600,000		1,602,187
Impac Secured Assets Common Owner Trust 2004-2, Class A3,
4.995%, 8/25/2034		1,200,000		1,194,920

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Other Financial (continued)
JP Morgan Chase Commercial Mortgage Securities, Class A1,
3.053%, 1/15/2038	$	2,296,515	$	2,255,185
LB-UBS Commercial Mortgage Trust 2004-C1, Class A1,
2.964%, 1/15/2029		1,463,783		1,432,404
Master Adjustable Rate Mortgages Trust 2004-13, Class 3A4,
3.787%, 11/21/2034		1,900,000		1,868,531
Morgan Stanley Capital, Inc., 2003-IQ6, Class A1,
2.80%, 12/15/2041		1,479,456		1,460,072
Wachovia Bank Commercial Mortgage Trust, Class A1
3.065%, 2/15/2041		1,696,959		1,660,218
Wachovia Bank Commercial Mortgage Trust, Class A1
3.291%, 12/15/2035		2,241,430		2,212,323
Washington Mutual 2003-AR5, Class A4,
3.641%, 6/25/2033		1,664,507		1,663,725
Washington Mutual 2004-AR7, Class A4,
3.9593%, 7/25/2034		3,000,000		2,948,406
Washington Mutual 2002-R10, Class A6,
4.816%, 10/25/2032		489,149		490,908
Wells Fargo Mortgage Backed Securities 2004-N, Class A2,
3.599%, 8/25/2034		2,000,000		1,994,482
Wells Fargo Mortgage Backed Securities 2004-W, Class A4,
4.6345%, 11/25/2034		1,600,000		1,603,786
				31,948,799
Total Collateralized Mortgage Obligations (identified cost $39,235,994)				38,798,067
Mortgage Backed Pass-Through Securities - 1.5%
Federal Home Loan Mortgage Corporation - 0.1%
9.00%, 7/01/2014		52,566		52,606
11.00%, 8/1/2019		142,925		157,922
				210,528
Federal National Mortgage Association - 1.3%
7.00%, 12/01/2015		344,761		365,894
7.50%, 9/01/2015		381,259		405,329
8.00%, 8/01/2007		889		891
8.00%, 5/01/2008		106,858		110,372
9.00%, 7/01/2009		70,457		76,204
9.50%, 12/01/2024		89,067		100,539
9.50%, 1/01/2025		126,638		142,950
9.50%, 1/01/2025		188,835		213,158
9.50%, 1/01/2025		193,737		218,971
10.00%, 7/01/2020		106,987		119,605
10.50%, 1/01/2022		26,276		29,602
11.00%, 12/01/2015		308,705		345,070
				2,128,585
Government National Mortgage Association - 0.1%
9.00%, 12/15/2019		114,789		128,907
Total Mortgage Backed Pass-Through Securities (identified cost $2,402,600)				2,468,020
Corporate Bonds & Notes - 43.0%
Automotive & Related - 0.7%
DaimlerChrysler North America Holding Corp.,
3.40%, 12/15/2004		1,200,000		1,200,134
Banks - 3.4%
Bank of New York Co, Inc., Note,
2.20%, 5/12/2006		1,100,000		1,084,887
J.P. Morgan Chase & Co., Note,
4.00%, 2/01/2008		1,200,000		1,206,252
Union Planters Bank, Note,
5.125%, 6/15/2007		1,500,000		1,563,981
Wachovia Corp, Note,
4.95%, 11/01/2006		1,600,000		1,648,293
				5,503,413

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Broadcasting - 1.0%
Clear Channel Communications, Inc.
6.00%, 11/01/2006 (1)	$	1,500,000	$	1,561,851
Brokers/Dealers - 4.0%
Credit Suisse First Boston USA, Inc., Note,
5.875%, 8/01/2006		1,220,000		1,271,141
Goldman Sachs Group, Inc., Note, Series MTNB,
2.85%, 10/27/06		1,900,000		1,882,862
Merrill Lynch & Co., Inc., Sr. Note, Series MTNC,
3.00%, 4/30/2007		2,000,000		1,974,094
Morgan Stanley Group, Inc., Note
7.75%, 6/15/2005		450,000		462,084
Morgan Stanley, Unsub.,
6.10%, 4/15/2006		810,000		841,681
				6,431,862
Computer Services - 0.9%
IBM Corp., Unsecd. Note,
2.375%, 11/01/2006		1,500,000		1,478,781
Construction Equipment - 0.8%
Catepillar Financial Services Corp., Note, Series MTNF
2.35%, 9/15/2006		1,300,000		1,277,752
Drugs - 0.7%
Pfizer, Inc., Note,
2.50%, 3/15/2007		1,200,000		1,177,964
Electric - 2.7%
Alabama Power Co
2.80%, 12/01/2006		1,250,000		1,235,131
Dominion Resources, Inc., Note
2.80%, 2/15/2005		1,350,000		1,350,940
FPL Group, Inc., Company Gurantee
7.625%, 9/15/2006		1,600,000		1,716,122
				4,302,193
Energy - 1.6%
Marathon Oil Corp., Note,
5.375%, 6/01/2007		1,500,000		1,558,805
MidAmerican Energy Holdings, Sr. Note,
7.63%, 10/15/2007		1,000,000		1,096,956
				2,655,761
Entertainment - 1.8%
AOL Time Warner, Inc., Note,
6.125%, 4/15/2006		1,610,000		1,671,486
Walt Disney Co.
7.30%, 2/8/2005		1,310,000		1,321,476
				2,992,962
Financial Services - 3.1%
Allstate Financial Global, Note, (Series 144A)
7.125%, 9/26/2005 (7)		750,000		774,317
Cendant Corp., Unsecd. Note
6.875%, 8/15/2006		1,550,000		1,636,006
MBNA Corp.
6.25%, 1/17/2007		1,290,000		1,358,122
National City Bank, Indiana, Note
2.375%, 8/15/2006		1,275,000		1,256,731
				5,025,176
Forest Products & Paper - 0.3%
Reed Elsevier, Inc., Company Gurantee
6.125%, 8/01/2006		490,000		509,870
Industrial Services - 2.7%
Dayton-Hudson Corp., Note
7.50%, 7/15/2006		1,700,000		1,812,149
FedEx Corp., Note,
2.65%, 4/01/2007		2,200,000		2,153,441
Tyco International Group, Note,
5.80%, 8/01/2006		410,000		425,818
				4,391,408

Description	Principal Amount	Value
Corporate Bonds & Notes (continued)
Insurance - 2.2%
HSB Capital I, Company Guarantee,
2.98%, 7/15/2027	2,430,000	2,394,639
MGIC Investment Corp., Sr. Note,
6.00%, 3/15/2007	1,100,000	1,157,138
		3,551,777
Leasing - 2.2%
General Electric Capital Corp.,
5.35%, 3/30/2006	1,000,000	1,028,807
General Electric Capital Corp., Note
5.00%, 6/15/2007	1,000,000	1,035,516
International Lease Finance Corp., Note, Series MTNP,
3.125%, 5/3/2007	1,500,000	1,479,720
		3,544,043
Media - 2.2%
Cox Communications Inc
7.75%, 8/15/2006	1,500,000	1,599,059
Gannett Co., Inc., Note
4.95%, 4/1/2005	955,000	961,892
Liberty Media Corp., Note,
3.50%, 9/25/2006 (1)	1,050,000	1,045,005
		3,605,956
Other Financial - 1.4%
American Express Co.
3.75%, 11/20/2007	1,000,000	1,001,323
National Rural Utilities Cooperative Finance Corp., Note,
3.00%, 2/15/2006	1,200,000	1,197,974
		2,199,297
Papers - 0.2%
Weyerhaeuser Co., Note,
5.50%, 3/15/2005	303,000	305,308
Personal Credit - 4.3%
American General Finance Corp., Note, Series G,
4.500%, 11/15/2007	1,100,000	1,120,932
Ford Motor Credit Co.,
7.60%, 8/1/2005	780,000	801,147
Ford Motor Credit Co., Note,
6.125%, 1/9/2006	1,100,000	1,129,605
General Motors Acceptance Corp., Note
4.50%, 7/15/2006	2,600,000	2,609,903
Household Finance Corp., Note,
8.00%, 5/09/2005	1,200,000	1,227,956
		6,889,543
Real Estate - 3.9%
Duke Realty Corp., Note,
3.35%, 1/15/2008	1,500,000	1,467,900
ERP Operating LP, Note,
6.63%, 4/13/2015	1,400,000	1,419,163
Kimco Realty Corp., Note, Series MTN,
7.46%, 5/29/2007	1,700,000	1,858,238
Vornado Realty Trust, Bond,
5.625%, 6/15/2007	1,500,000	1,557,375
		6,302,676
Short-Term Business - 0.8%
CIT Group, Inc., Sr. Note,
4.125%, 2/21/2006	1,275,000	1,288,769
Telecommunications - 2.1%
British Telecommunication PLC, Note
7.875%, 12/15/2005	570,000	597,090
France Telecommunications, Note
8.70%, 3/01/2006	570,000	601,136
Tele-Communications, Inc., Note
6.58%, 2/15/2005	1,350,000	1,365,381
Verizon Global Funding, Note
6.75%, 12/01/2005	810,000	839,605
		3,403,212
Total Corporate Bonds & Notes (identfied cost $70,981,738)		69,599,708

Description	Principal Amount		Value
Government Agencies - 9.7%
Federal National Mortgage Association, Note,
3.00%, 11/22/2006	$	3,500,000	$	3,485,825
Federal National Mortgage Association, Note,
4.25%, 6/15/2005 (1)		5,000,000		5,046,950
Federal National Mortgage Association, Note,
4.375%, 10/15/2006 (1)		2,000,000		2,043,712
Federal National Mortgage Association, Note,
5.50%, 2/15/2006 (1)		5,000,000		5,150,495
Total Government Agencies (identified cost $15,947,921)				15,726,982
U.S. Treasury Notes - 1.2%
United States Treasury
2.75%, 8/15/2007 (1)
(identified cost $1,995,625)		2,000,000		1,976,954
Total Investments in Securities - 90.5%
(identified cost $148,957,980)				146,502,849
Collateral Pool Investment for Securities on Loan - 11.6%
(See Note 12)
(identified cost $18,734,849)				18,734,849
Repurchase Agreements - 9.0%
Agreement with Lehman Brothers, Inc., 2.03%, dated 11/30/2004, to be repurchased at $14,545,011 on 12/01/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 7/15/2020, with a market value of $14,836,436 (at amortized cost)		14,544,191		14,544,191
Total Investments - 111.1%
(identified cost $182,237,020)				179,781,889
Other Net Assets and Liabilities - (11.1)%				(17,987,652	)
Total Net Assets - 100.0%			$	161,794,237

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Government Money Market

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Principal Amount		Value
Government Agencies - 73.1%
Federal Home Loan Bank - 47.0%
Federal Home Loan Bank,
1.840%, 3/21/2005	$	40,000,000	$	40,002,152
Federal Home Loan Bank,
2.250%, 6/23/2005		1,000,000		999,448
Federal Home Loan Bank,
2.375%, 11/1/2005		2,000,000		1,997,918
Federal Home Loan Bank,
2.256%, 8/26/2005		21,600,000		21,589,309
Federal Home Loan Bank,
1.750%, 8/15/2005		4,220,000		4,204,904
Federal Home Loan Bank,
3.000%, 8/15/2005		3,000,000		3,016,278
				71,810,009
Federal National Mortgage Association - 26.1%
Federal National Mortgage Association, 1.91625%, 7/6/2005		40,000,000		39,992,343
Total Government Agencies				111,802,352
Repurchase Agreements - 26.9%
Agreement with Deutsche Bank Alex Brown, Inc., 2.04%, dated 11/30/2004, to be repurchased at $15,000,850 on 12/01/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 12/17/2007, with a market value of $15,270,561 (at amortized cost)		15,000,000		15,000,000
Agreement with Morgan Stanley & Co., Inc., 2.05%, dated 11/30/2004, to be repurchased at $15,000,854 on 12/01/2004, collateralized by Corporate Bonds with various maturities to 7/16/2018, with a market value of $15,305,680 (at amortized cost)		15,000,000		15,000,000
Agreement with State Street Bank & Trust Co., Inc., 1.94%, dated 11/30/2004, to be repurchased at $11,058,461 on 12/01/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 9/15/2005, with a market value of $11,210,000 (at amortized cost)		11,057,865		11,057,865
Total Repurchase Agreements				41,057,865
Total Investments - 100.0%
(at amortized cost)				152,860,217
Other Net Assets and Liabilities - 0.0%				23,797
Total Net Assets - 100%			$	152,884,014

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Money Market Fund

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Principal Amount		Value
Certificate of Deposit - 2.9%
Banks - 2.9%
Washington Mutual, Inc.,
1.71%, 12/13/2004	$	50,000,000	$	50,000,000
Washington Mutual, Inc.,
1.71%, 12/14/2004		50,000,000		50,000,000
Total Certificate of Deposit				100,000,000
Commercial Paper - 23.1%
Asset-Backed - 16.2%
Atlantis One Funding Corp., 144A
2.00%, 3/01/2005 (7) (8)		25,000,000		24,875,000
Atlantis One Funding Corp., 144A
2.22%, 2/15/2005 (7) (8)		18,990,000		18,901,000
Atlantis One Funding Corp., 144A
2.38%, 4/20/2005 (7) (8)		25,000,000		24,768,611
Concord Minutemen,
2.01%, 1/12/2005		50,261,000		50,143,138
Crown Point Capital Co., 144A
1.935%, 2/03/2005 (7) (8)		50,000,000		49,808,889
Lexington Parker,
2.22%, 2/08/2005		50,000,000		49,787,250
Lexington Parker,
2.23%, 1/19/2005		30,000,000		29,908,942
Liquid Funding Ltd., 144A,
1.75%, 3/01/2005 (7) (8)		50,000,000		50,000,000
Liquid Funding Ltd., 144A,
2.06%, 2/03/2005 (7) (8)		50,000,000		49,816,889
Scaldis Capital Ltd., 144A,
2.00%, 3/02/2005 (7) (8)		29,660,000		29,510,052
Scaldis Capital Ltd., 144A,
2.25%, 2/14/2005 (7) (8)		30,178,000		30,036,020
Tannehill Capital Co., 144A
1.92%, 2/22/2005 (7) (8)		25,000,000		24,889,333
Tannehill Capital Co., 144A
2.14%, 3/21/2005 (7) (8)		28,478,000		28,289,341
World Omni Vehicle Leasing, Inc., 144A
2.08%, 12/15/2004 (7) (8)		100,000,000		99,919,111
				560,653,576
Broker/Dealers - 0.7%
Goldman Sachs Group, Inc., 144A
2.10%, 7/29/2005 (7) (8)		25,000,000		25,000,000
Foreign Banks - 4.0%
Britiannia Building Society,
2.26%, 2/15/2005		28,899,000		28,761,120
Depfa-Bank PLC, 144A
1.86%, 12/15/2005 (7) (8)		50,000,000		50,000,000
HBOS Treasury Services, PLC, 144A
1.72%, 12/09/2004 (7) (8)		50,000,000		49,980,889
HBOS Treasury Services, PLC, 144A
2.25%, 2/17/2005 (7) (8)		10,000,000		9,951,250
				138,693,259
Telecommunications - 2.2%
Verizon Global Funding, 144A
1.99%, 10/14/2005 (7) (8)		75,000,000		75,000,000
Total Commercial Paper				799,346,835
Corporate Bonds - 2.6%
Automotive - 1.3%
BMW US Capital LLC, 144A,
2.051%, 6/24/2005 (7) (8)		20,000,000		20,013,425
BMW US Capital LLC, 144A,
4.231%, 6/07/2005 (7) (8)		25,000,000		25,259,611
				45,273,036

Description	Principal Amount		Value
Banks - 0.6%
Wells Fargo & Co.,
7.25%, 8/24/2005	$	17,995,000	$	18,842,924
Student Loans - 0.7%
SLM Corporate, (Series MTNA),
2.496%, 7/01/2005		25,000,000		25,031,059
Total Corporate Bonds				89,147,019
Government Agencies - 6.5%
Federal Home Loan Bank Systems - 2.2%
Federal Home Loan Bank System,
1.35%, 4/15/2005		25,000,000		25,000,000
Federal Home Loan Bank System,
1.375%, 5/02/2005		25,000,000		25,000,000
Federal Home Loan Bank System,
1.40%, 3/29/2005		25,000,000		25,000,000
				75,000,000
Federal Home Loan Mortgage Corporation - 0.7%
Federal Home Loan Mortgage Corp.,
1.50%, 2/14/2005		25,000,000		25,000,000
Federal National Mortgage Association - 3.6%
Federal National Mortgage Association,
1.55%, 5/04/2005		25,000,000		25,000,000
Federal National Mortgage Association,
1.61%, 5/13/2005		10,000,000		10,000,000
Federal National Mortgage Association,
1.65%, 5/16/2005		15,000,000		15,000,000
Federal National Mortgage Association,
2.019%, 1/28/2005		75,000,000		74,995,822
				124,995,822
Total Government Agencies				224,995,822
Notes - Variable - 53.4%
Banks - 2.5%
J.P. Morgan Chase & Co.,
2.00%, 1/01/2020		20,000,000		20,000,000
J.P. Morgan Chase & Co., (Series MTN1),
2.61%, 2/24/2005		33,000,000		33,019,564
SMM Trust, (Series 2003-M), 144A,
1.88%, 12/15/2004 (7) (8)		11,000,000		11,000,000
SMM Trust, (Series 2004-H), 144A,
1.93%, 9/23/2005 (7) (8)		22,000,000		22,000,000
				86,019,564
Broker/Dealers - 14.5%
Bank of America, 144A
2.41%, 12/31/2004 (7) (8)		100,000,000		100,000,000
Bear Stearns Master Note, 144A
2.40%, 2/28/2005 (7) (8)		100,000,000		100,000,000
Credit Suisse First Boston USA, Inc., (Series YCD),
2.075%, 7/08/2005		65,000,000		65,023,508
Credit Suisse First Boston USA, Inc., (Series YCD),
2.10%, 7/21/2005		20,000,000		20,005,541
Credit Suisse First Boston USA, Inc.,
2.15%, 12/03/2004		15,000,000		15,000,270
First Clearing, LLC,
2.16%, 6/06/2005		50,000,000		50,000,000
Goldman Sachs Group, Inc., 144A, (Series MTN),
2.03%, 11/14/2005 (7) (8)		75,000,000		75,056,118
Merrill Lynch & Co., Inc., (Series MTN5),
2.237%, 1/11/2006		20,000,000		20,000,000
Merrill Lynch & Co., Inc., (Series MTNB),
2.82%, 9/21/2005		56,000,000		56,148,268
				501,233,705
Foreign Banks - 4.8%
HBOS Treasury Services, PLC, 144A, (Series MTN),
1.893%, 6/10/2005 (7) (8)		10,000,000		10,004,256
HBOS Treasury Services, PLC, 144A, (Series MTN),
2.389%, 12/20/2005 (7) (8)		30,000,000		30,000,000
Northern Rock PLC, 144A,
1.83%, 8/08/2005 (7) (8)		50,000,000		50,000,000
Northern Rock PLC, 144A,
2.083%, 7/13/2005 (7) (8)		25,550,000		25,555,784
Spintab-Swedmortgage AB,
2.11%, 7/27/2005		50,500,000		50,507,060
				166,067,100
Industrial Services - 2.9%
Catepillar Financial Services Corp., (Series MTNF),
2.18%, 7/09/2005		75,000,000		75,000,000
Catepillar Financial Services Corp., (Series MTNF),
2.35%, 8/15/2005		25,000,000		25,016,969
				100,016,969
Insurance - 13.6%
AIG SunAmerica Institutional Funding II, (Series EMTN),
2.014%, 9/14/2005		45,000,000		45,054,153
GE Life and Annuity Assurance Co., 144A
2.139%, 4/20/2005 (7)		75,000,000		75,000,000

Description	Principal Amount		Value
Jackson National Life Insurance Co., 144A,
2.04%, 3/11/2005 (7) (8)	$	60,000,000	$	60,032,299
Jackson National Life Insurance Co., 144A,
2.14%, 5/20/2005 (7) (8)		40,000,000		40,000,000
Metropolitan Life Insurance Co., 144A,
2.461%, 6/01/2005 (7)		65,000,000		65,000,000
Metropolitan Life Insurance Co., 144A,
2.461%, 8/26/2005 (7) (8)		35,000,000		35,027,828
Monumental Life Insurance Co., 144A,
2.07%, 10/14/2005 (7)		10,000,000		10,000,000
Monumental Life Insurance Co., 144A,
2.076%, 4/01/2005 (7)		25,000,000		25,000,000
Monumental Life Insurance Co., 144A,
2.37%, 11/01/2005 (7)		40,000,000		40,000,000
Monumental Life Insurance Co., 144A,
2.401%, 2/11/2005 (7) (8)		25,000,000		25,005,735
Travelers Insurance Co., 144A
2.22%, 2/01/2005 (7)		50,000,000		50,000,000
				470,120,015
Leasing - 1.9%
International Lease Finance Corp.,
3.303%, 1/13/2005		65,500,000		65,598,181
Mortgage Banking - 2.9%
Countrywide Home Loans, (Series MTNM),
2.419%, 5/20/2005		25,000,000		25,000,000
Countrywide Home Loans, (Series MTNM),
2.471%, 8/26/2005		18,350,000		18,347,596
Countrywide Home Loans, (Series MTNK),
2.889%, 5/20/2005		56,000,000		56,123,991
				99,471,587
Personal Credit - 4.4%
American Honda Finance Corp., 144A, (Series MTN),
1.92%, 9/08/2005 (7) (8)		30,000,000		30,018,863
American Honda Finance Corp., 144A, (Series MTN1),
2.01%, 10/12/2005 (7) (8)		40,000,000		40,000,000
American Honda Finance Corp., 144A, (Series MTN),
2.149%, 10/20/2005 (7) (8)		25,000,000		25,022,574
Associates First Capital Corp.,
2.05%, 6/27/2005		50,000,000		50,000,000
Household Financial Corp.,
8.00%, 5/09/2005		6,200,000		6,347,144
				151,388,581
Short-Term Business Credit - 1.7%
Citi Group, Inc., (Series MTN),
2.56%, 2/14/2005		25,000,000		25,012,566
Citi Group, Inc., (Series MTN),
3.63%, 1/31/2005		35,000,000		35,074,593
				60,087,159
Student Loans - 1.6%
SLM Corp., 144A, (Series MTN),
2.02%, 2/2/2006 (7) (8)		15,000,000		15,003,301
SLM Corp., (Series MTNA),
1.96%, 8/15/2005		40,000,000		40,032,276
				55,035,577
Toiletries - 1.4%
Procter & Gamble Co., 144A,
1.83%, 10/07/2005 (7) (8)		50,000,000		50,000,000
Utilities - 1.2%
National Rural Utilities Cooperative Finance Corp., (Series MTNC),
2.213%, 3/10/2005		43,600,000		43,641,287
Total Notes - Variable				1,848,679,725
Repurchase Agreements - 11.4%
Agreement with Deutsche Bank Alex Brown, Inc., 2.123%, dated 11/30/2004, to be repurchased at $50,002,948 on 12/01/2004, collateralized by Corporate Bonds with various maturities to 04/01/2032, with a market value of $51,178,666 (at amortized cost)		50,000,000		50,000,000
Agreement with First Union Securities, Inc., 2.13%, dated 11/30/2004, to be repurchased at $100,005,917 on 12/01/2004, collateralized by Corporate Bonds with various maturities to 07/15/2048, with a market value of $102,511,852 (at amortized cost)		100,000,000		100,000,000
Agreement with Morgan Stanley & Co., Inc., 2.123%, dated 11/30/2004, to be repurchased at $100,005,896 on 12/01/2004, collateralized by Corporate Bonds with various maturities to 10/15/2049, with a market value of $103,072,428 (at amortized cost)		100,000,000		100,000,000
Agreement with State Street Bank & Trust Co., Inc., 1.94%, dated 11/30/2004, to be repurchased at $114,066,926 on 12/01/2004, collateralized by a U.S. Government Agency Obligation with a maturity of 09/15/2005, with a market value of $146,045,000 (at amortized cost)		144,059,163		144,059,163
Total Repurchasement Agreements				394,059,163
Total Investments - 99.9%
(at amortized cost)				3,456,228,564
Other Net Assets and Liabilities - 0.1%				3,000,439
Total Net Assets - 100.0%			$	3,459,229,003

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Tax-Free Money Market

Portfolio of Investments

November 30, 2004 (UNAUDITED)

Description	Principal Amount		Value
Long-Term Municipals - 92.0%
Arizona - 3.3%
Northern Arizona Cap. Facilities Financial Corp. Student Housing, Revenue Bonds (Series A)
1.77%, 8/1/2033	$	5,200,000	$	5,200,000
Alaska - 3.2%
Valdez, Alaska Marine Term., Revenue Bonds (Series B)
1.68%, 7/1/2037		5,100,000		5,100,000
California - 10.6%
Alameda Corridor Transportation Authority California, Revenue Bonds (Series 430)
1.73%, 4/1/2017		2,000,000		2,000,000
California Health Facilities Fing. Authority, Revenue Bonds
1.74%, 12/1/2034		1,000,000		1,000,000
California State, GO UT
1.69%, 3/1/2016		1,700,000		1,700,000
California State Municipal Securities TR Receipts, GO UT (Series JPMC3)
1.70%, 6/1/2013		500,000		500,000
California State Public Works Board Lease, Revenue Bonds (Series 413)
1.70%, 12/1/2011		5,000,000		5,000,000
San Francisco, California City & County Airport Community International Airport, Revenue Bonds
1.70%, 5/1/2020		1,990,000		1,990,000
Victorville, California Redevelopment Agency, Tax Allocation (Series 485)
1.70%, 12/1/2019		4,500,000		4,500,000
				16,690,000
District of Columbia - 0.6%
District of Columbia, Revenue Bonds
1.74%, 3/1/2028		970,000		970,000
Delaware - 2.8%
Delaware State Economic Development Authority, Revenue Bonds
1.75%, 12/1/2032		4,400,000		4,400,000
Florida - 7.9%
Collier County, Florida School Board Ctfs Partn., Certificate Participation
1.68%, 2/15/2021		2,000,000		2,000,000
Escambia County, Florida Health Facilities Authority, Revenue Bonds
1.70%, 11/15/2015		1,000,000		1,000,000
Pinellas County, Florida Industrial Development Authority, Revenue Bonds
1.73%, 7/1/2024		2,500,000		2,500,000
St. Lucie County, Florida Pollution Control Revenue, Revenue Bonds
1.69%, 9/1/2028		7,000,000		7,000,000
				12,500,000
Georgia - 1.2%
Gainesville & Hall County, Georgia Development Authority, Revenue Bonds
1.69%, 11/15/2030		2,000,000		2,000,000
Louisiana - 4.7%
Lafayette Parish Louisiana Industrial Development Board Inc., Revenue Bonds
1.78%, 12/15/2014		755,000		755,000
Louisiana Public Facilities Authority, Revenue Bonds
1.73%, 9/1/2028		3,200,000		3,200,000
Louisiana Public Facilities Authority, Revenue Bonds
1.78%, 7/1/2021		3,500,000		3,500,000
				7,455,000

Description	Principal Amount		Value
Long-Term Municipals (continued)
Maryland - 1.3%
Anne Arundel County, Maryland Economic, Revenue Bonds
1.73%, 12/1/2015	$	2,000,000	$	2,000,000
Michigan - 1.5%
Greater Detroit Res. Recovery Authority Michigan, Revenue Bonds
1.71%, 12/13/2008		2,450,000		2,450,000
Minnesota - 2.1%
Coon Rapids, Minnesota Hospital, Revenue Bonds
1.75%, 8/1/2015		1,700,000		1,700,000
Northern Municipal Power Agency Minnesota Elec. System, Revenue Bonds (Series II-R-32)
1.72%, 1/1/2013		1,700,000		1,700,000
				3,400,000
Mississippi - 0.9%
Jackson County, Mississippi Port Fac., Revenue Bonds
1.68%, 6/1/2023		1,400,000		1,400,000
Missouri - 0.9%
St. Louis County, Missouri Industrial Development Authority Facilities, Revenue Bonds
1.71%, 6/15/2024		1,400,000		1,400,000
New Jersey - 1.0%
New Jersey Health Care Facilities Fing. Authority, Revenue Bonds (Series 943)
1.70%, 7/1/2024		1,600,000		1,600,000
New Mexico - 2.4%
New Mexico Finance Authority State Transportation, Revenue Bonds (Series 435)
1.71%, 12/15/2011		3,740,000		3,740,000
New York - 5.7%
New York, New York, GO UT
1.67%, 8/1/2020		5,000,000		5,000,000
Tobacco Settlement Fing. Corp. New York, Revenue Bonds (Series 376)
1.71%, 6/1/2009		4,000,000		4,000,000
				9,000,000
Pennsylvania - 12.7%
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds
1.69%, 7/1/2027		1,725,000		1,725,000
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds
1.69%, 7/1/2027		2,300,000		2,300,000
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds
1.74%, 7/1/2010		3,100,000		3,100,000
Bucks County, Pennsylvania Industrial Development Authority, Revenue Bonds
1.78%, 9/1/2019		915,000		915,000
Emmaus, Pennsylvania General Authority, Revenue Bonds
1.70%, 3/1/2024		1,400,000		1,400,000
Emmaus, Pennsylvania General Authority, Revenue Bonds
1.70%, 3/1/2024		600,000		600,000
Emmaus, Pennsylvania General Authority, Revenue Bonds
1.70%, 3/1/2024		4,000,000		4,000,000
Lehigh County, Pennsylvania Industrial Development Authority Pollution Control, Revenue Bonds
1.80%, 10/1/2014		970,000		970,000
Montgomery County, Pennsylvania Industrial Development Authority Retirement Community, Revenue Bonds
1.70%, 11/15/2029		5,200,000		5,200,000
				20,210,000

Description	Principal Amount		Value
Long-Term Municipals (continued)
Puerto Rico - 2.5%
Puerto Rico Public Buildings Authority Revenue GTD
1.74%, 7/1/2028	$	3,995,000	$	3,995,000
South Carolina - 1.9%
Piedmont Municipal Power Agency South Carolina Elec, Revenue Bonds
1.63%, 1/1/2031		3,000,000		3,000,000
Tennessee - 7.3%
Chattanooga, Tennessee Health Education & Housing Facility Board, Revenue Bonds
1.68%, 7/1/2025		2,000,000		2,000,000
Knox County, Tennessee Industrial Development Board, Revenue Bonds
1.66%, 6/1/2006		2,000,000		2,000,000
Rutherford, County Tennessee Industrial Development Board, Revenue Bonds
1.86%, 7/1/2010		1,000,000		1,000,000
Sevier County, Tennessee Public Building Authority, Revenue Bonds
1.70%, 6/1/2030		4,500,000		4,500,000
Tennergy Corp. Tennessee Gas, Revenue Bonds
5.00% . 6/1/2005		2,000,000		2,031,982
				11,531,982
Texas - 8.9%
Brownsville, Texas Utility System, Revenue Bonds (Series A)
1.65%, 9/1/2027		675,000		675,000
Dallas, Texas Waterworks & Sewer System, Revenue Bonds
4.00%, 10/1/2005		1,000,000		1,019,325
Frisco, Texas Independent School District, GO UT (Series DB-106)
1.71%, 8/15/2034		1,000,000		1,000,000
Port Arthur, Texas Nav. District, Revenue Bonds
1.69%, 10/1/2024		2,220,000		2,220,000
Tarrant County, Texas Health Facilities Development Corp., Revenue Bonds
1.69%, 8/15/2032		1,400,000		1,400,000
Tarrant County, Texas Health Facilities Development Corp., Revenue Bonds (Series 173)
1.77%, 11/15/2008		2,415,000		2,415,000
Strategic Housing Financial Corp., Travis County, Texas Lease Pur., Revenue Bonds
1.82%, 1/1/2010		5,400,000		5,400,000
				14,129,325
Utah - 1.7%
Utah State Building Ownership Authority Lease, Revenue Bonds
1.70%, 5/15/2022		2,745,000		2,745,000
Virginia - 0.7%
Suffolk, Virginia Redevelopment & Housing Authority Multi-Family Housing, Revenue Bonds
1.78%, 9/1/2019		1,105,000		1,105,000
Washington - 2.3%
Energy Northwest Washington Elec, Revenue Bonds (Series 255Z)
1.71%, 7/1/2018		2,195,000		2,195,000
Washington State Health Care Facilities Authority, Revenue Bonds (Series L26J-Reg D)
1.75%, 12/1/2005		1,435,000		1,435,000
				3,630,000
Wisconsin - 1.3%
Manitowoc, Wisconsin Elec., Revenue Bonds (Ser DB-110)
1.71%, 10/1/2029		2,000,000		2,000,000

Description	Principal Amount		Value
Long-Term Municipals (continued)
Wyoming - 2.6%
Albany County, Wyoming Impts Stat Tr., Certificate Participation
3.00%, 7/15/2005	$	350,000	$	351,889
Albany-Dougherty County, GA Hospital Authority, Revenue Bonds
1.75%, 9/1/2020		3,000,000		3,000,000
Platte County, Wyoming Pollution Control, Revenue Bonds
1.74%, 7/1/2014		850,000		850,000
				4,201,889
Total Long-Term Municipals				145,853,196
Mutual Funds - 7.8%
Federated Tax - Free Obligations Fund		4,847,427		4,847,427
Fidelity Tax Exempt Money Market		7,600,000		7,600,000
Total Mutual Funds				12,447,427
Total Investments - 99.8% (at amortized cost)				158,300,623
Other Net Assets and Liabilities-Net - 0.2%				282,512
Total Net Assets - 100.0%			$	158,583,135

(See Notes which are an integral part of the Financial Statements)

The schedule of investments as of the date of this report has not been audited. For more information regarding the Marshall Funds, please see the most recent prospectus and annual report. These reports include additional information about security valuation policies and about certain security types the Fund may invest in.

Note: The categories of investments are shown as a percentage of total net assets for each Fund as of November 30, 2004.

(1) Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers.

(2) Non-income producing.

(3) Represents the initial deposit within a margin account used to ensure the Fund is able to satisfy the obligations of its outstanding long futures contracts.

(4) Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of November 30, 2004.

(5) Securities held as collateral for dollar roll transactions.

(6) Denotes a security subject to dollar roll transactions and deemed a when-issued security.

(7) Denotes a restricted security which is subject to restrictions on resale under federal securities law. At November 30, 2004, these securities amounted to:

	Amount		% of Total Net Assets
Government Income	$	2,319,689	0.64	%
Intermediate Bond	$	52,377,646	8.36	%
Short-Term Income	$	1,120,087	0.69	%
Money Market	$	1,694,746,179	48.99	%

(8) Denotes a restricted security which has been deemed liquid by criteria approved by the Fund’s Board of Directors.

(9) Please refer to the Statement of Additional Information for an explanation of the credit ratings.

(10) Securities that are subject to alternative minimum tax represent 9.4% of Intermediate Tax-Free Fund’s portfolio as calculated based upon total portfolio market value.

(11) Each issue shows the rate of the discount at the time of purchase.

(12) Securities Lending - The Funds participate in a securities lending program providing for the lending of corporate bonds, equity and government securities to qualified brokers. The Funds receive cash as collateral in return for the securities and record a corresponding payable for collateral due to the respective broker. The amount of cash collateral received is maintained at a minimum level of 100% of the prior day’s market value on securities loaned. Collateral is reinvested in short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates) and money market funds. On May 18, 2000, the Securities and Exchange Commission issued and order to the Marshall Funds that exempts certain securities lending activities from prohibitions under the Act. Under the terms of the exemptive order, (i) the Funds may pay a portion of net revenue to Marshall & Ilsley Trust Company N.A. (“M&I Trust”) for its services as securities lending agent, and (ii) cash collateral received for a loan of one Fund’s securities may be invested jointly with collateral received for loans of other Funds’ securities.

As of November 30, 2004, the value of securities loaned, the payable on collateral due to broker and the value of reinvested cash collateral securities were as follows:

Fund	Market Value of Securities Loaned	Payable on Collateral Due to Broker	Reinvested Collateral Securities
Equity Income	44,465,762	45,946,655	45,946,655
Large-Cap Growth & Income	22,962,104	23,577,133	23,577,133
Mid-Cap Value	69,516,012	72,357,434	72,357,434
Mid-Cap Growth	38,213,564	39,458,672	39,458,672
Small-Cap Growth	37,087,776	38,744,611	38,744,611
International Stock	60,462,628	63,536,638	63,536,638
Government Income	5,027,945	5,180,865	5,180,865
Intermediate Bond	40,778,554	41,631,356	41,631,356
Short-Term Income	18,360,667	18,734,849	18,734,849

Individual reinvested cash collateral jointly pooled with collateral received from other loans of the securities lending at November 30, 2004 is as follows (1):

	Equity Income Fund	Large- Cap Growth & Income Fund	Mid-Cap Value Fund	Mid-Cap Growth Fund	Small- Cap Growth Fund	International Stock Fund	Government Income Fund	Intermediate Bond Fund	Short- Term Income Fund	Total
Allstate Life Global FB II	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
American Express Credit	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
Provident Temp Cash	911,577	467,768	1,435,565	782,856	768,689	1,260,561	102,788	825,962	371,699	6,927,465
CC USA, Inc.	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
Canadian IMP BK Comm	1,973,833	1,012,856	3,108,420	1,695,114	1,664,439	2,729,485	222,566	1,788,451	804,836	15,000,000
Dorada Finance, Inc.	2,633,304	1,351,257	4,146,964	2,261,463	2,220,539	3,641,425	296,927	2,385,985	1,073,736	20,011,600
General Electric Capital Corp.	1,973,833	1,012,856	3,108,420	1,695,114	1,664,439	2,729,485	222,566	1,788,451	804,836	15,000,000
Goldman Sachs Group	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
HBOS Treasury Services PLC	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
Jackson National Life Global	2,631,753	1,350,461	4,144,521	2,260,131	2,219,231	3,639,279	296,752	2,384,579	1,073,102	19,999,809
IBM Corporation	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
Merrill Lynch & Co.	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
Monumental Life Insurance Master Note	1,973,833	1,012,856	3,108,420	1,695,114	1,664,439	2,729,485	222,566	1,788,451	804,836	15,000,000
RMAC 2004-NS24 A1	2,530,367	1,298,436	3,984,858	2,173,062	2,133,737	3,499,080	285,320	2,292,716	1,031,763	19,229,339
First Clearing LLC	2,368,600	1,215,427	3,730,104	2,034,137	1,997,327	3,275,383	267,079	2,146,142	965,801	18,000,000
Wells Fargo & Company	1,315,889	675,237	2,072,280	1,130,076	1,109,626	1,819,657	148,377	1,192,301	536,557	10,000,000
Westpac Banking Corp.	1,315,889	675,237	2,072,280	1,130,076	1,109,626	1,819,657	148,377	1,192,301	536,557	10,000,000
Metlife Funding Agreement	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
Prudential Financial Funding	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
Bayerische Landesbank NY	2,631,778	1,350,474	4,144,560	2,260,153	2,219,252	3,639,314	296,755	2,384,602	1,073,112	20,000,000
	45,946,658	23,577,131	72,357,432	39,458,673	38,744,612	63,536,637	5,180,868	41,631,359	18,734,843	349,168,213

(1) The collateral pool is managed by the Fund Manager of the Short-Term Income and Money Market Fund.

The following acronyms are used throughout this report:

ADR	-American Depository Receipt
AMBAC	-American Municipal Bond Assurance Corporation
CFC	-Cooperative Finance Corporation
CIFG	-CDC IXIS Financial Guaranty
COL	-Collateralized
FGIC	-Financial Guaranty Insurance Corporation
FRN	-Floating Rate Note
GDR	-Global Depository Receipt
GO	-Government Obligation
HFDC	-Health Facility Development Corporation
IDC	-Industrial Development Corporation
INS	-Insured
LIQ	-Liquidity Agreement
LP	-Limited Partnership
LOC	-Letter of Credit
MTN	-Medium Term Note
PCA	-Pollution Control Authority
PLC	-Public Limited Company
REITs	-Real Estate Investment Trusts
REMIC	-Real Estate Mortgage Investment Conduit
TCRs	-Transferable Custody Receipts
TRANs	-Tax and Revenue Anticipation Notes
UT	-Unlimited Tax
VRNs	-Variable Rate Notes

Fund	Cost of Investments for Federal Tax Purposes	Gross Unrealized Appreciation for Federal Tax Purposes	Gross Unrealized (Depreciation) for Federal Tax Purposes		Net Unrealized Appreciation (Depreciation) for Federal Tax Purposes
Equity Income Fund	357,592,992	68,137,068	(6,372,279	)	61,764,789
Large-Cap Growth & Income Fund	247,063,773	53,610,526	(5,004,276	)	48,606,250
Mid-Cap Value Fund	506,776,709	106,030,112	(5,630,693	)	100,399,419
Mid-Cap Growth Fund	204,316,561	33,274,874	(1,459,365	)	31,815,509
Small-Cap Growth Fund	164,862,976	29,194,141	(828,811	)	28,365,330
International Stock Fund	500,349,064	78,345,864	(5,096,601	)	73,249,263
Government Income Fund	523,769,019	5,684,649	(1,231,676	)	4,452,973
Intermediate Bond Fund	724,930,014	8,265,960	(6,712,289	)	1,553,671
Intermediate Tax-Free Fund	87,346,786	4,827,733	(20,663	)	4,807,070
Short-Term Income Fund	182,237,020	438,734	(2,893,865	)	(2,455,131	)
Government Money Market Fund*	152,860,217	—	—		—
Money Market Fund*	3,456,228,564	—	—		—
Tax-Free Money Market Fund*	158,300,623	—	—		—

* at amortized cost

Item 2. Controls and Procedures

a) The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing of this report and have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized, reported and made known to them by others within the Registrant and by the Registrant’s service providers.

b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act that occurred during the Registrant’s last fiscal quarter ended November 30, 2004 that materially affected, or were reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits

(a) Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

Exhibit No.	Description of Exhibit
99.1	Certificate of Principal Executive Officer
99.2	Certificate of Principal Financial Officer

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Marshall Funds, Inc.

/S/    JOHN M. BLASER        

John M. Blaser

President

January 27, 2005

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.

/S/    JOHN M. BLASER        

John M. Blaser

President

January 27, 2005

/S/    JOSEPH P. BREE         

Joseph P. Bree

Treasurer

January 27, 2005