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: May 31, 2005

Item 1. Schedule of Investments

Marshall Funds, Inc.

Schedule of Investments

May 31, 2005 (Unaudited)

Equity Income Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Shares	Value
Common Stocks - 98.8%
Consumer Discretionary - 7.6%
Department Stores - 0.8%
Nordstrom, Inc.	42,800	$	2,612,512
Distributors - 0.6%
Genuine Parts Co.	50,000		2,148,000
Homebuilding - 0.5%
D.R. Horton, Inc.	45,466		1,571,760
Housewares & Specialties - 0.8%
Fortune Brands, Inc.	32,500		2,811,250
Movies & Entertainment - 2.3%
Walt Disney Co. (1)	290,000		7,957,600
Retail-Apparel - 0.3%
Limited Brands, Inc.	49,700		1,022,329
Retail-Computer & Electronic - 0.4%
Best Buy Co., Inc.	25,000		1,360,750
Retail-Home Improvement - 1.9%
Home Depot, Inc.	163,500		6,433,725
Total Consumer Discretionary			25,917,926
Consumer Staples - 4.8%
Agricultural Products - 1.0%
Archer-Daniels-Midland Co.	179,600		3,565,060
Packaged Foods/Meats - 0.7%
ConAgra Foods, Inc.	45,900		1,200,285
Heinz (H.J.) Co.	33,300		1,211,121
			2,411,406
Tobacco - 3.1%
Altria Group, Inc.	140,000		9,399,600
UST, Inc.	25,950		1,156,332
			10,555,932
Total Consumer Staples			16,532,398

Description	Shares	Value
Common Stocks (continued)
Energy - 11.9%
Oil & Gas-Exploration and Production - 1.4%
Kerr-McGee Corp.	63,179	$	4,666,401
Oil & Gas-Integrated - 10.1%
Chevron Corp.	214,500		11,535,810
ConocoPhillips	110,800		11,948,672
Exxon Mobil Corp.	201,500		11,324,300
			34,808,782
Oil & Gas-Refining/Manufacturing - 0.4%
Kinder Morgan, Inc.	16,100		1,251,131
Total Energy			40,726,314
Financials - 33.1%
Diversified Banks - 3.5%
Bank of America Corp.	135,000		6,253,200
U.S. Bancorp	42,825		1,256,057
Wachovia Corp.	23,750		1,205,313
Wells Fargo & Co.	55,000		3,322,550
			12,037,120
Diversified Financial Services - 7.2%
Citigroup, Inc.	272,000		12,813,920
J. P. Morgan Chase & Co.	333,700		11,929,775
			24,743,695
Insurance-Life/Health - 2.5%
Lincoln National Corp.	27,125		1,235,001
MetLife, Inc.	164,000		7,314,400
			8,549,401
Insurance-Property & Casualty - 3.4%
Chubb Corp. (1)	53,000		4,464,190
St. Paul Travelers Companies, Inc.	190,000		7,197,200
			11,661,390
Investment Banking & Brokerage - 2.8%
Goldman Sachs Group, Inc.	100,000		9,750,000
Real Estate Investment Trusts - 5.6%
Equity Office Properties Trust (1)	40,300		1,309,347
Equity Residential Properties Trust	112,546		4,040,401
Plum Creek Timber Co., Inc. (REIT)	227,000		7,956,350
Rayonier, Inc.	85,000		4,461,650
Simon Property Group, Inc. (1)	20,322		1,396,528
			19,164,276

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Regional Banks - 6.1%
AmSouth Bancorporation (1)	47,400	$	1,263,684
BB&T Corp. (1)	165,000		6,590,100
KeyCorp	38,479		1,260,572
National City Corp.	155,000		5,356,800
PNC Financial Services Group	120,000		6,558,000
			21,029,156
Thrifts & Mortgage Financials - 2.0%
Fannie Mae	50,000		2,962,000
New York Community Bancorp, Inc.	134,000		2,441,480
Washington Mutual Bank FA (1)	31,725		1,310,242
			6,713,722
Total Financials			113,648,760
Healthcare - 4.3%
Healthcare Equipment - 0.3%
PerkinElmer, Inc.	59,750		1,143,018
Pharmaceuticals - 4.0%
Bristol-Myers Squibb Co.	96,275		2,441,534
Johnson & Johnson	40,000		2,684,000
Merck & Co., Inc.	260,000		8,434,400
			13,559,934
Total Healthcare			14,702,952
Industrials - 11.2%
Aerospace & Defense - 2.8%
General Dynamics Corp.	28,600		3,088,228
Northrop Grumman Corp.	118,000		6,574,960
			9,663,188
Commercial Printing - 1.1%
Donnelley (R.R.) & Sons Co.	116,500		3,873,625
Electrical Equipment - 1.6%
Emerson Electric Co.	84,500		5,616,715
Industrial Conglomerate - 4.2%
Carlisle Companies, Inc.	23,400		1,622,088
General Electric Co.	346,000		12,622,080
			14,244,168
Machinery-Construction & Farming - 0.8%
Cummins, Inc.	40,500		2,751,975

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Services-Diversified/Commercial - 0.7%
Deluxe Corp.	59,100	$	2,388,231
Total Industrials			38,537,902
Information Technology - 5.6%
Application Software - 0.5%
AutoDesk, Inc. (2)	41,500		1,642,570
Communications Equipment - 1.1%
Harris Corp.	38,000		1,092,120
Motorola, Inc.	82,100		1,426,077
Qualcomm, Inc.	35,000		1,304,100
			3,822,297
Computer Hardware - 0.9%
IBM Corp. (1)	40,000		3,022,000
Semiconductors - 0.9%
Intel Corp.	76,500		2,060,145
Silicon Laboratories, Inc. (2)	40,800		1,131,384
			3,191,529
Services-Data Processing - 0.5%
Global Payments, Inc. (1)	25,500		1,767,150
System Software - 1.7%
Microsoft Corp.	225,000		5,805,000
Total Information Technology			19,250,546
Materials - 4.8%
Chemicals-Commodity - 0.8%
Lyondell Chemical Co. (1)	115,000		2,730,100
Chemicals-Diversified - 3.5%
Dow Chemical Co./The	147,500		6,680,275
Du Pont (E.I.) de Nemours & Co. (1)	78,000		3,627,780
PPG Industries, Inc.	24,200		1,582,438
			11,890,493
Diversified Metal/Mining - 0.5%
Phelps Dodge Corp. (1)	20,000		1,748,000
Total Materials			16,368,593

Description	Shares or Principal Amount	Value
Common Stocks (continued)
Telecommunications - 6.3%
Integrated Telecommunication Services - 6.3%
BellSouth Corp.	106,100	$	2,839,236
Citizens Communications Co. (1)	156,100		2,129,204
SBC Communications, Inc. (1)	245,000		5,728,100
Sprint Corp. (1)	231,000		5,472,390
Verizon Communications	150,000		5,307,000
Total Telecommunications			21,475,930
Utilities - 9.2%
Electric Utilities - 5.9%
American Electric Power Co., Inc.	110,800		3,954,452
DTE Energy Co. (1)	48,600		2,310,444
FirstEnergy Corp.	92,400		4,093,320
Great Plains Energy, Inc. (1)	41,600		1,310,400
Progress Energy, Inc. (1)	69,000		3,051,870
Southern Co.	132,200		4,488,190
WPS Resources Corp.	20,800		1,146,704
			20,355,380
Multi-Utilities - 3.3%
Constellation Energy Group	47,200		2,522,840
Dominion Resources, Inc. (1)	61,500		4,324,065
Duke Energy Corp. (1)	164,000		4,506,720
			11,353,625
Total Utilities			31,709,005
Total Common Stocks (identified cost $302,356,174)			338,870,326
Purchased Call Option - 0.1%
Qualcomm, Inc., 10/22/2005, Strike Price $30 (identified cost $28,600) (2)	200		28,000
Collateral Pool Investment for Securities on Loan - 11.1%
(See Note 2 of the Schedule of Investments) (amortized cost $38,211,071)			38,211,071

Description	Principal Amount		Value
Repurchase Agreement - 1.0%
Agreement with Morgan Stanley & Co., Inc., 3.050%, dated 5/31/2005 to be repurchased at $3,515,165 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 6/30/2006, with a market value of $3,807,107 (at amortized cost)	$	3,514,867	$	3,514,867
Total Investments - 111.0% (identified cost $344,110,712)				380,624,264
Other Assets & Liabilities - (11.0)%				(37,853,391	)
Total Net Assets - 100.0%			$	342,770,873

(See Notes which are an integral part of the Schedule of Investments)

Large-Cap Growth & Income Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Shares	Value
Common Stocks - 98.5%
Consumer Discretionary - 10.7%
Apparel Retail - 1.3%
American Eagle Outfitters (1)	35,000	$	990,500
Chico’s FAS, Inc. (1) (2)	32,200		1,101,562
Urban Outfitters, Inc.v (2)	21,400		1,141,476
			3,233,538
Broadcasting & Cable - 1.3%
Comcast Corp., Class A (2)	99,300		3,197,460
Consumer Electronics - 0.3%
Harman International Industries, Inc. (1)	10,100		836,886
Department Stores - 0.4%
Kohl’s Corp. (2)	19,000		925,110
General Merchandise - 0.7%
Dollar General Corp.	40,400		792,244
Target Corp.	17,900		961,230
			1,753,474
Homebuilding - 1.2%
DR Horton, Inc.	31,200		1,078,581
MDC Holdings, Inc. (1)	11,830		854,244
NVR, Inc. (1) (2)	1,300		986,700
			2,919,525
Hotels - 0.7%
Carnival Corp.	16,700		883,430
Starwood Hotels & Resorts Worldwide, Inc. (1)	16,000		895,520
			1,778,950
Motorcycle Manufacturers - 0.3%
Harley-Davidson, Inc.	15,200		745,256
Movies & Entertainment - 1.8%
Time Warner, Inc. (1)(2)	213,100		3,707,940
Walt Disney Co.	31,400		861,616
			4,569,556
Restaurants - 0.7%
McDonald’s Corp. (1) (2)	28,900		894,166
Starbucks Corp. (2)	18,300		1,001,925
			1,896,091

Description	Shares	Value
Common Stocks (continued)
Consumer Discretionary (continued)
Retail-Home Improvement - 1.3%
Home Depot, Inc.	59,700	$	2,349,195
Lowe’s Cos., Inc. (1)	15,800		903,918
			3,253,113
Specialty Stores - 0.7%
Carmax, Inc. (2)	27,400		699,522
Williams Sonoma, Inc. (1)(2)	25,500		1,002,915
			1,702,437
Total Consumer Discretionary			26,811,396
Consumer Staples - 12.6%
Agricultural Products - 0.4%
Archer-Daniels-Midland Co.	45,700		907,145
Household Products - 4.1%
Clorox Co.(1)	13,500		788,535
Proctor & Gamble Co.	172,600		9,518,890
			10,307,425
Hypermarkets & Supercenters - 3.8%
Wal-Mart Stores, Inc.	199,900		9,441,277
Personal Products - 0.4%
Gillette Co.	17,700		933,498
Retail-Drugs - 0.3%
Walgreen Co.	19,200		870,528
Retail-Food - 0.4%
7-Eleven, Inc. (2)	34,500		1,029,825
Soft Drinks - 2.5%
Coca-Cola Co./The	21,500		959,545
PepsiCo, Inc.	93,200		5,243,432
			6,202,977
Tobacco - .7%
Altria Group, Inc.	15,700		1,054,098
UST, Inc.	17,400		775,344
			1,829,442
Total Consumer Staples			31,522,117

Description	Shares	Value
Common Stocks (continued)
Energy - 8.6%
Oil & Gas-Drilling - 0.7%
Nabors Industries, Ltd., (2)	15,300	$	843,183
Transocean, Inc. (2)	19,000		946,390
			1,789,573
Oil & Gas-Equipment and Services - 0.7%
Baker Hughes, Inc.	19,200		886,848
Halliburton Co.	21,100		901,814
			1,788,662
Oil & Gas-Exploration and Production - 1.9%
Anadarko Petroleum Corp.	12,000		908,400
Apache Corp.	15,400		904,904
Devon Energy Corp.	19,300		885,870
EOG Resources, Inc.	19,500		972,855
XTO Energy, Inc.	30,133		937,739
			4,609,768
Oil & Gas-Integrated - 4.2%
ConocoPhillips	8,900		959,776
Exxon Mobil Corp.	171,500		9,638,300
			10,598,076
Oil & Gas-Refining & Marketing - 1.1%
Ashland, Inc.	13,300		908,390
Sunoco, Inc.	8,700		892,359
Valero Energy Corp.	12,300		844,026
			2,644,775
Total Energy			21,430,854
Financials - 20.4%
Asset Management & Custody Banking - 1.1%
Bank of New York Co., Inc./The	30,000		864,600
SEI Investments Co.	25,900		900,284
State Street Corp.	19,900		955,200
			2,720,084
Consumer Finance - 1.1%
American Express Co.	16,800		904,680
Capital One Financial Corp. (1)	11,300		852,020
MBNA Corp.	43,000		906,870
			2,663,570
Diversified Banks - 2.9%
Bank of America Corp.	155,120		7,185,159
Diversified Financial Services - 3.9%
Citigroup, Inc.	209,000		9,845,990

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Insurance-Life & Health - 1.4%
Prudential Financial, Inc.	54,000	$	3,418,740
Insurance-Multi-Line - 2.7%
American International Group, Inc.	52,450		2,913,598
Hartford Financial Services Group, Inc.	50,000		3,739,500
			6,653,098
Insurance-Property & Casualty - 1.7%
Chubb Corp. (1)	10,200		859,146
St. Paul Travelers Cos, Inc.	62,800		2,378,864
WR Berkley Corp.	26,100		925,506
			4,163,516
Investment Banking & Brokerage - 1.7%
Goldman Sachs Group, Inc.	18,300		1,784,250
Lehman Brothers Holdings, Inc.	9,600		885,120
Merrill Lynch & Co., Inc.	15,790		856,765
Morgan Stanley	16,400		802,944
			4,329,079
Real Estate Investment Trusts - 0.3%
Plum Creek Timber Co., Inc. (REIT)	24,000		841,200
Regional Banks - 0.7%
Synovus Financial Corp. (1)	32,600		947,682
TCF Financial Corp.	33,200		859,216
			1,806,898
Thrifts & Mortgage Finance - 2.9%
Countrywide Financial Corp.	25,800		958,986
Federal Home Loan Mortgage Corp.	59,200		3,850,368
Fremont General Corp.	38,900		836,739
MGIC Investment Corp.	13,800		846,492
Radian Group, Inc.	17,500		802,900
			7,295,485
Total Financials			50,922,819
Healthcare - 13.9%
Biotechnology - 2.7%
Amgen, Inc. (1)(2)	79,100		4,950,078
Cephalon, Inc. (1) (2)	19,200		814,464
Gilead Sciences, Inc. (1)(2)	22,000		897,600
			6,662,142
Healthcare-Distributors - 1.1%
AmerisourceBergen Corp.	43,400		2,802,338

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare-Equipment - 0.7%
Fisher Scientific International (1) (2)	15,700	$	980,622
Zimmer Holdings, Inc. (2)	11,000		842,380
			1,823,002
Healthcare-Facilities - 0.4%
Triad Hospitals, Inc. (1)(2)	19,200		973,824
Healthcare-Managed - 0.7%
UnitedHealth Group, Inc.	35,000		1,700,300
Pharmaceuticals - 8.3%
Johnson & Johnson (1)	143,900		9,655,690
Lilly (Eli) & Co.	132,400		7,718,920
MGI Pharma, Inc. (1)(2)	40,000		928,000
Wyeth	59,300		2,571,841
			20,874,451
Total Healthcare			34,836,057
Industrials - 9.2%
Aerospace & Defense - 1.1%
Honeywell International, Inc.	24,100		873,143
L-3 Communications Holdings, Inc. (1)	12,300		870,594
United Technologies Corp.	9,900		1,056,330
			2,800,067
Diversified Commercial Service - 0.4%
Laureate Education, Inc. (2)	21,500		1,004,050
Industrial Conglomerates - 5.2%
General Electric Co. (1)	271,100		9,889,728
Tyco International Ltd.	108,100		3,127,333
			13,017,061
Machinery - Construction & Farm - 0.7%
Caterpillar, Inc.	9,800		922,278
Cummins, Inc.	11,800		801,810
			1,724,088
Machinery- Industrial - 1.0%
Illinois Tool Works Inc.	10,400		878,072
Ingersoll-Rand Co., Class A	11,800		913,438
Parker-Hannifin Corp.	12,200		736,026
			2,527,536

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Railroads - 0.8%
Burlington Northern Santa Fe Corp.	25,500	$	1,260,210
Norfolk Southern Corp.	23,300		743,736
			2,003,946
Total Industrials			23,076,748
Information Technology - 15.7%
Application Software - 2.6%
Autodesk, Inc. (2)	163,400		6,467,372
Computer Hardware - 2.7%
Apple Computer, Inc. (2)	171,500		6,810,265
Electronic Equipment Manufacturing - 1.1%
Flir Systems, Inc. (2)	100,000		2,680,000
Home Entertainment Software - 1.5%
Activision, Inc. (2)	241,300		3,802,888
Internet Software & Service - 2.8%
Yahoo! Inc. (2)	189,000		7,030,800
Semiconductors - 3.1%
Advanced Micro Devices, Inc. (1) (2)	128,200		2,102,480
Cree, Inc. (1) (2)	88,500		2,658,540
Silicon Laboratories, Inc. (2)	106,400		2,950,472
			7,711,492
Semiconductor Equipment - 0.7%
Lam Research Corp. (1) (2)	60,200		1,846,936
Systems Software - 1.2%
McAfee, Inc. (1)(2)	107,400		3,080,232
Total Information Technology			39,429,985
Materials - 2.5%
Aluminum - 0.6%
Alcan, Inc.	27,300		823,641
Alcoa, Inc.	28,600		775,060
			1,598,701
Chemicals-Diversified - 0.7%
Dow Chemical Co./The	18,700		846,923
Du Pont (E.I.) de Nemours & Co.	17,400		809,274
			1,656,197

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Materials (continued)
Diversified Metals & Mining - 0.3%
Phelps Dodge Corp. (1)		8,700	$	760,380
Steel - 0.9%
Allegheny Technologies, Inc.		36,300		771,738
Nucor Corp. (1)		15,400		815,584
Worthington Industries		45,900		769,284
				2,356,606
Total Materials				6,371,884
Telecommunications - 3.8%
Integrated Telecommunication Service - 3.8%
Sprint Corp. (1)		38,700		916,803
Verizon Communications, Inc. (1)		246,200		8,710,556
Total Telecommunications				9,627,359
Utilities - 1.0%
Electric Utilities - 0.6%
Allegheny Energy, Inc. (1) (2)		65,200		1,576,536
Independent Power Producers - 0.4%
Constellation Energy Group, Inc.		16,300		871,235
Total Utilities				2,447,771
Total Common Stocks (identified cost $220,451,183)				246,476,990
Collateral Pool Investment for Securities on Loan - 13.9%
(See Note 2 of the Schedule of Investments) (amortized cost $34,750,701)				34,750,701
Repurchase Agreement 1.5%
Agreement with Morgan Stanley & Co., Inc., 3.05% dated 5/31/2005, to be repurchased at $3,746,735 on 6/1/2005, collateralized by a U.S. Government Agency Obligation with a maturity of 12/15/2006, with a market value of $4,040,075 (at amortized cost)	$	3,746,418		3,746,418
Total Investments - 113.9% (identified cost $258,948,302)				284,974,109
Other Assets & Liabilities - (13.9)%				(34,712,741	)
Total Net Assets - 100.0%			$	250,261,368

(See Notes which are an integral part of the Schedule of Investments)

Mid-Cap Value Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Shares	Value
Common Stocks - 92.5%
Consumer Discretionary - 16.2%
Advertising - 1.4%
The Interpublic Group of Co’s, Inc. (1)	688,300	$	8,493,622
Apparel/Accessories - 3.1%
Jones Apparel Group, Inc.	320,000		10,211,200
Liz Claiborne, Inc.	226,000		8,486,300
			18,697,500
Auto Parts & Equipment - 1.0%
Johnson Controls, Inc.	105,000		5,949,300
Home Furnishings - 1.8%
Furniture Brands International, Inc. (1)	522,400		10,505,464
Household Appliances - 2.6%
Snap-On Tools Corp.	450,000		15,529,500
Leisure Products - 2.3%
Brunswick Corp.	120,000		5,164,800
Mattel, Inc.	483,400		8,788,212
			13,953,012
Photographic Products - 1.2%
Eastman Kodak Co. (1)	273,000		7,174,440
Publishing - 1.3%
Scholastic Corp. (2)	200,000		7,504,000
Specialty Stores - 1.5%
Pier 1 Imports, Inc. (1)	525,000		8,814,750
Total Consumer Discretionary			96,621,588
Consumer Staples - 7.9%
Packaged Foods/Meats - 2.5%
Del Monte Foods Co. (2)	739,800		7,723,512
Smithfield Foods, Inc. (2)	235,500		7,024,965
			14,748,477
Retail-Drugs - 1.3%
CVS Corp.	140,000		7,679,000
Retail-Food - 2.4%
Kroger Co. (2)	503,500		8,443,695
SUPERVALU, Inc.	177,400		5,811,624
			14,255,319

Description	Shares	Value
Common Stocks (continued)
Consumer Staples (continued)
Soft Drinks - 1.7%
Coca-Cola Enterprises, Inc.	482,000	$	10,546,160
Total Consumer Staples			47,228,956
Energy - 7.2%
Oil & Gas-Drilling - 3.6%
ENSCO International, Inc.	356,000		11,854,800
Noble Corp.	171,500		9,710,330
			21,565,130
Oil & Gas-Exploration and Production - 3.6%
Burlington Resources, Inc.	204,000		10,338,720
Noble Energy, Inc. (1)	153,000		11,378,610
			21,717,330
Total Energy			43,282,460
Financials - 9.0%
Insurance-Life/Health - 1.6%
Protective Life Corp.	247,500		9,947,025
Insurance-Property/Casualty - 3.1%
ACE Ltd.	207,500		8,968,150
SAFECO Corp.	180,080		9,690,105
			18,658,255
Reinsurance - 2.8%
PartnerRe Ltd.	183,000		12,090,810
RenaissanceRe Holding Ltd.	95,150		4,481,565
			16,572,375
Thrifts & Mortgage Finance - 1.5%
MGIC Investment Corp.	143,000		8,771,620
Total Financials			53,949,275
Healthcare - 9.8%
Healthcare-Distributors - 2.3%
AmerisourceBergen Corp.	210,000		13,559,700
Healthcare-Facilities - 1.7%
Universal Health Services, Inc.	174,700		10,207,721

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare-Services - 4.0%
Apria Healthcare Group, Inc. (2)	387,400	$	12,203,100
Omnicare, Inc.	300,000		11,496,000
			23,699,100
Healthcare-Supplies - 1.8%
Bausch & Lomb, Inc.	140,000		10,932,600
Total Healthcare			58,399,121
Industrials - 16.7%
Aerospace & Defense - 1.4%
Northrop Grumman Corp.	152,000		8,469,440
Building Products - 0.6%
York International Corp.	88,500		3,646,200
Commercial Printing - 1.8%
Donnelley (R.R.) & Sons Co.	316,850		10,535,262
Electrical Components - 0.9%
Hubbell, Inc., Class B (1)	122,900		5,584,576
Machinery Industrial - 1.3%
Parker-Hannifin Corp. (1)	125,000		7,541,250
Railroads - 1.2%
CSX Corp.	170,000		7,068,600
Services-Diversified Commercials - 3.1%
Adesa, Inc.	390,000		8,884,200
Watson Wyatt & Co. Holdings	375,000		9,870,000
			18,754,200
Services-Employment - 1.8%
Manpower, Inc.	262,300		10,447,409
Services-Environmental - 1.6%
Republic Services, Inc.	275,000		9,757,000
Trade Companies & Distribution - 1.2%
Grainger (W.W.), Inc.	132,000		7,179,480
Trucking - 1.8%
Swift Transportation Co. (2)	438,000		10,752,900
Total Industrials			99,736,317

Description	Shares	Value
Common Stocks (continued)
Information Technology - 12.4%
Computer Storage/Peripheral - 1.9%
Imation Corp.	300,000	$	11,328,000
IT Consulting & Services - 1.7%
ProQuest Co. (2)	315,700		10,133,970
Office Electronics - 1.5%
Xerox Corp. (1)(2)	675,000		9,159,750
Services-Data Processing - 6.0%
Bisys Group, Inc. (2)	705,000		10,751,250
Computer Sciences Corp. (2)	210,000		9,725,100
Convergys Corp. (1)(2)	468,000		6,378,840
SunGard Data Systems, Inc. (2)	250,000		8,677,500
			35,532,690
Systems Software - 1.3%
BMC Software, Inc. (2)	461,300		7,851,326
Total Information Technology			74,005,736
Materials - 4.9%
Diversified Metal/Mining - 1.0%
Arch Coal, Inc. (1)	125,000		6,056,250
Paper Packaging - 1.4%
Packaging Corp. of America	365,000		7,971,600
Smurfit-Stone Container Corp. (2)	59,700		648,939
			8,620,539
Paper Products - 1.4.%
Bowater, Inc. (1)	260,000		8,164,000
Steel - 1.1%
Nucor Corp. (1)	127,000		6,725,920
Total Materials			29,566,709
Telecommunications - 3.8%
Integrated Telecommunication Services - 3.8%
Alltel Corp. (1)	177,000		10,296,090
Citizens Communications Co., Class B (1)	925,000		12,617,000
Total Telecommunications			22,913,090

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Utilities - 4.6%
Electric Utilities - 3.1%
Cinergy Corp.		240,000	$	9,895,200
Xcel Energy, Inc.		455,000		8,385,650
				18,280,850
Multi-Utilities - 1.5%
Constellation Energy Group		170,800		9,129,260
Total Utilities				27,410,110
Total Common Stocks (identified cost $454,265,435)				553,113,362
Mutual Fund - 1.4%
iSHARES Russell Midcap Value (identified cost $7,690,500) (1)		75,000		8,606,250
Collateral Pool Investment for Securities on Loan - 11.3%
(See Note 2 of the Schedule of Investments) (amortized cost $67,752,631)				67,752,631
Repurchase Agreement - 6.0%
Agreement with Morgan Stanley & Co, Inc., 3.050%, dated 5/31/2005, to be repurchased at $35,787,693 on 6/1/2005 , collateralized by U.S. Government Agency Obligations with various maturities to 6/26/2018, with a market value of $37,160,761 (at amortized cost)	$	35,784,661		35,784,661
Total Investments - 111.2% (identified cost $565,493,227)				665,256,904
Other Net Assets and Liabilities - (11.2)%				(67,232,361	)
Total Net Assets - 100.0%			$	598,024,543

(See Notes which are an integral part of the Schedule of Investments)

Mid-Cap Growth Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Shares	Value
Common Stocks - 92.3%
Biotechnology - 1.0%
Medical-Biomedical/Gene - 1.0%
Celgene Corp. (2)	35,000	$	1,481,900
Total Biotechnology			1,481,900
Computers - 2.0%
Computers-Memory Devices - 2.0%
Seagate Technology (2)	105,000		2,228,100
Western Digital Corp.(2)	95,000		1,425,950
Total Computers			3,654,050
Consumer Discretionary - 14.9%
Auto Parts & Equipment - 1.0%
Autoliv, Inc. (1) (2)	40,000		1,856,400
Department Stores - 1.6%
Penney (J.C) Co., Inc.	55,000		2,736,800
Home Furnishings - 2.0%
Tempur-Pedic International, Inc. (1) (2)	155,000		3,616,150
Household Durables - 1.0%
Pulte Homes, Inc.	12,000		917,400
Ryland Group, Inc.	14,000		959,000
			1,876,400
Hotels, Restaurants & Leisure - 2.5%
Hilton Hotels Corp.	80,000		1,938,400
Marriott International, Inc., Class A	25,000		1,688,500
Starwood Hotels & Resorts Paired CTF	15,000		839,550
			4,466,450
Multiline Retail - .5%
Nordstrom, Inc.	15,000		915,600
Specialty Stores - 5.3%
Advance Auto Parts, Inc. (2)	55,000		3,259,850
The Children’s Place Retail Stores, Inc. (1) (2)	65,000		3,036,150
Michaels Stores, Inc.(1)	75,000		3,158,250
			9,454,250

Description	Shares	Value
Common Stocks (continued)
Consumer Discretionary (continued)
Textiles & Apparel - 1.0%
Coach, Inc. (2)	65,000	$	1,887,600
			1,887,600
Total Consumer Discretionary			26,809,650
Consumer Staples - 2.2%
Food & Staples Retail-2.2%
CVS Corp Com.	40,000		2,194,000
Whole Food Market, Inc. (1)	15,000		1,784,700
Total Consumer Staples			3,978,700
Energy - 6.8%
Energy Equipment & Services - 2.1%
Patterson-UTI Energy, Inc.	140,000		3,708,600
Oil & Gas - Exploration and Production - 3.2%
Chesapeake Energy Corp.	140,000		2,865,800
Denbury Resources, Inc. (2)	90,000		2,878,200
			5,744,000
Oil & Gas - Refining/Marketing - 1.5%
Sasol Ltd., ADR (1)	110,000		2,728,000
Total Energy			12,180,600
Engineering & Construction - 1.0%
Building-Heavy Construction - 1.0%
Chicago Bridge & Iron Company, N.V.	65,000		1,404,000
Total Engineering & Construction			1,404,000
Financials - 2.8%
Asset Management - 1.8%
Affiliated Managers Group, Inc. (1) (2)	50,000		3,335,000
Commercial Banks - 1.0%
SVB Financial Group (2)	35,000		1,671,600
Total Financials			5,006,600
Healthcare - 23.4%
Biotechnology - 3.1%
Amylin Pharmaceuticals, Inc. (1) (2)	95,000		1,518,100
Genzyme Corp. (2)	20,000		1,247,800
Invitrogen Corp. (2)	35,000		2,776,550
			5,542,450

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare - Equipment - 4.4%
Fisher Scientific International, Inc. (2)	40,000	$	2,498,400
Kinetic Concepts, Inc. (2)	55,000		3,533,750
Varian Medical Services, Inc. (1) (2)	50,000		1,880,500
			7,912,650
Healthcare - Equipment & Supplies - 4.5%
Haemonetics, Corp. (2)	55,000		2,238,500
Resmed, Inc. (2)	35,000		2,186,450
Respironics, Inc.(2)	15,000		1,002,600
St. Jude Medical, Inc.(2)	65,000		2,607,800
			8,035,350
Healthcare - Managed Care - 2.6%
Aetna, Inc.	35,000		2,730,350
Centene Corp. (2)	60,000		1,929,000
			4,659,350
Healthcare-Products & Services - 6.3%
Caremark RX, Inc. (2)	80,000		3,572,800
Community Health Services, Inc. (2)	60,000		2,182,200
Covance, Inc. (2)	30,000		1,309,800
Medco Health Solutions, Inc.(2)	18,000		900,000
Triad Hospitals, Inc.(2)	40,000		2,028,800
Wellpoint, Inc.(2)	10,000		1,330,000
			11,323,600
Pharmaceuticals - 2.5%
Ivax Corp. (2)	90,000		1,768,500
Sepracor, Inc. (1) (2)	45,000		2,734,200
			4,502,700
Total Healthcare			41,976,100
Household Products - 1.3%
Consumer Products-Misc - 1.3%
Jarden Corp.(1) (2)	45,000		2,289,600
Total Household Products			2,289,600
Industrials - 10.6%
Aerospace & Defense - 2.6%
Goodrich Corp.	45,000		1,883,700
Precision Castparts Corp.	35,000		2,720,550
			4,604,250
Commercial Services & Supplies - 1.0%
Republic Services, Inc.	50,000		1,774,000
Construction & Engineering - 1.5%
Jacobs Engineering Group, Inc. (2)	50,000		2,629,000

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Industrial Conglomerates - 1.5%
Textron, Inc.	35,000	$	2,705,150
Machinery - Construction/Farming - 1.3%
Oshkosh Truck Corp.	30,000		2,392,200
Machinery - Industrial - 2.7%
Ingersol-Rand Co., Class A	25,000		1,935,250
Pentair, Inc.	65,000		2,893,150
			4,828,400
Total Industrials			18,933,000
Information Technology - 13.4%
Application Software - 4.8%
Adobe Systems, Inc.(1)	75,000		2,479,500
Cognos, Inc. (2)	25,000		944,000
Fair Isaac Corp.	50,000		1,712,500
Mercury Interactive Corp. (1) (2)	20,000		902,400
Wind River Systems (2)	150,000		2,458,500
			8,496,900
Communications Equipment - 2.4%
Comverse Technology, Inc. (2)	80,000		1,882,400
Corning, Inc.(1) (2)	150,000		2,352,000
			4,234,400
Computers & Periph - 0.5%
Network Appliance, Inc. (1) (2)	40,000		1,150,400
Electronic Equipment & Instructions - 1.0%
Jabil Circuit, Inc. (2)	60,000		1,753,800
Information Technology Consulting & Services - 2.1%
Cognizant Technology Solutions Corp. (2)	80,000		3,840,000
Internet Software & Services - 1.6%
j2 Global Communications, Inc. (1) (2)	85,000		2,981,800
IT Services - 1.0%
CACI International, Inc. (2)	25,000		1,611,500
Total Information Technology			24,068,800
Insurance - 1.0%
Financial Guarantee Institution - 1.0%
Assured Guaranty, LTD.	82,000		1,685,100
Total Insurance			1,685,100

Description	Shares	Value
Common Stocks (continued)
Internet - 3.7%
Internet Content/Information Network - 1.5%
InfoSpace, Inc. (1) (2)	80,000	$	2,713,600
Internet Security - 2.2%
VeriSign, Inc. (1) (2)	120,000		3,882,000
Total Internet			6,595,600
Materials - 1.4%
Chemicals - Fertilizers and Agricultural Chemicals - 1.4%
Monsanto Co.(1)	45,000		2,565,000
Total Materials			2,565,000
Pharmaceuticals - 1.0%
Medical-Generic Drugs - 1.0%
Teva Pharmaceutical Industries, LTD.	55,000		1,835,350
Total Pharmaceuticals			1,835,350
Telecommunications - 2.8%
Cellular Telecommunications - 1.1%
NII Holdings, Inc.(2)	35,000		2,086,000
Telecommunications Services - 1.7%
Amdocs Ltd. (2)	110,000		2,997,500
Total Telecommunications			5,083,500
Transportation - 1.0%
Transport Services - 1.0%
UTI Worldwide, Inc.	25,000		1,843,750
Total Transportation			1,843,750
Utilities - 2.0%
Gas Utilities - 2.0%
Kinder Morgan Management LLC (2)	81,225		3,620,184
Total Utilities			3,620,184
Total Common Stocks (identified cost $142,880,536)			165,011,484
Master Limited Partnership - .9%
Kayne Anderson MLP Investment Co.(1) (identified cost $1,694,158)	65,000		1,690,000

Description	Shares or Principal Amount		Value
U. S. Treasury Bill - 0.2%
06/01/2005 (identified cost $368,378)	$	370,000	$	368,408
Collateral Pool Investment for Securities on Loan - 18.9%
(See Note 2 of the Schedule of Investments) (amortized cost $33,849,931)				33,849,931
Repurchase Agreement - 5.9%
Agreement with Morgan Stanley & Co., Inc., 3.050%, dated 5/31/2005 to be repurchased at $10,458,621 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 5/28/2013, with a market value of $11,044,603 (at amortized cost)		10,457,635		10,457,635
Total Investments - 118.2% (identified cost $189,250,638)				211,377,458
Other Assets & Liabilities - (18.2)%				(32,601,296	)
Total Net Assets - 100.0%			$	178,776,162

(See Notes which are an integral part of the Schedule of Investments)

Small-Cap Growth Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Shares	Value
Common Stocks - 89.1%
Consumer Discretionary - 14.7%
Home Furnishings - 2.0%
Tempur-Pedic International, Inc. (2)	130,000	$	3,032,900
Hotel/Resort/Cruise - 1.3%
Great Wolf Resorts, Inc. (1) (2)	90,000		1,983,600
Leisure Facilities - 1.5%
LIFE TIME FITNESS, Inc. (2)	80,000		2,278,400
Leisure Equipment & Products - 1.3%
SCP Pool Corp.	55,000		1,970,100
Consumer Products - Miscellaneous - 1.3%
Jarden Corp. (1) (2)	40,000		2,035,200
Movies & Entertainment - 2.5%
Imax Corp. (1) (2)	400,000		3,824,000
Retail-Apparel - 3.1%
Jos. A. Bank Clothiers, Inc. (1) (2)	60,000		2,365,200
Wilsons The Leather Experts, Inc. (1) (2)	400,000		2,348,000
			4,713,200
Specialty Retail - 1.7%
The Children’s Place (1) (2)	55,000		2,569,050
Total Consumer Discretionary			22,406,450
Energy - 6.6%
Oil & Gas-Drilling - 1.8%
Pioneer Drilling Company (2)	199,100		2,785,409
Oil & Gas-Exploration and Production - 4.8%
Contango Oil & Gas Co. (1) (2)	190,000		1,508,600
Gasco Energy, Inc. (1) (2)	460,000		1,453,600
The Exploration Co. of Delaware (2)	370,000		1,546,600
Toreador Resources Corp. (2)	130,000		2,792,400
			7,301,200
Total Energy			10,086,609
Financials - 8.1%
Commercial Services - 0.5%
Cash Systems, Inc. (1)(2)	115,000		794,650

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Diverse Financial Services - 5.3%
Assured Guaranty Ltd.	70,000	$	1,438,500
CB Richard Ellis Group, Inc. (2)	70,000		2,692,200
E-LOAN, Inc. (1) (2)	475,000		1,353,750
Online Resources Corp. (2)	115,000		1,120,100
Trammell Crow Co. (2)	65,000		1,465,750
			8,070,300
Investment Bank & Brokerage - 2.3%
Affiliated Managers (2)	25,000		1,667,500
Greenhill & Co. (1)	40,000		1,427,200
MCF Corp. (1) (2)	352,000		440,000
			3,534,700
Total Financials			12,399,650
Healthcare - 27.7%
Biotechnology - 0.8%
Amylin Pharmaceuticals, Inc. (1) (2)	80,000		1,278,400
Healthcare-Equipment - 3.1%
Cutera, Inc. (2)	145,000		2,320,000
I-Flow Corp. (1)(2)	150,000		2,451,000
			4,771,000
Healthcare-Equipment & Supplies - 2.4%
Hologic, Inc. (2)	30,000		1,104,300
Resmed, Inc. (2)	30,000		1,874,100
Respironics, Inc. (2)	10,000		668,400
			3,646,800
Healthcare-Managed Care - 1.6%
Wellcare Health Plans, Inc. (1) (2)	70,000		2,429,000
Healthcare-Products - 4.0%
Dexcom, Inc. (2)	95,000		1,325,250
Lifeline Systems (2)	20,000		651,200
NuVasive, Inc. (2)	75,000		1,177,500
Sonosite, Inc. (2)	35,000		1,074,500
Symmetry Medical, Inc. (2)	85,000		1,898,900
			6,127,350

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare-Providers & Services - 3.5%
Centene Corp. (2)	55,000	$	1,768,250
Community Health Systems, Inc. (2)	50,000		1,818,500
Triad Hospitals, Inc. (2)	35,000		1,775,200
			5,361,950
Healthcare-Services - 7.5%
Amedisys, Inc. (1) (2)	70,000		2,114,700
Emageon, Inc. (2)	180,000		2,781,000
Matria Healthcare, Inc. (2)	65,000		1,851,850
Psychiatric Solutions, Inc. (2)	50,000		2,047,500
SFBC International, Inc. (2)	75,000		2,625,750
			11,420,800
Healthcare-Supplies - 1.0%
Immucor, Inc. (2)	45,000		1,507,500
Medical Instruments - 0.8%
Natus Medical, Inc. (1) (2)	115,000		1,161,500
Medical Products - 0.6%
Syneron Medical, Ltd. (1) (2)	25,000		843,000
Pharmaceutical - 2.4%
CV Therapeutics, Inc. (1) (2)	110,000		2,224,200
Taro Pharmaceutical Industries, Ltd. (1) (2)	45,000		1,471,950
			3,696,150
Total Healthcare			42,243,450
Industrials - 10.9%
Aerospace & Defense - 1.9%
Aar Corp (2)	56,000		898,240
Be Aerospace, Inc. (2)	140,000		2,025,800
			2,924,040
Electrical Components - 1.2%
WESCO International, Inc. (2)	60,000		1,752,000
Machinery-Construction/Farming - 1.3%
Oshkosh Truck Corp.	25,000		1,993,500
Machinery-Industrial - 1.8%
Joy Global, Inc.	75,000		2,815,500
Manufacturer-Miscellaneous - 0.8%
Freightcar America, Inc. (2)	60,000		1,180,800

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Services-Diversified/Commercial - 1.8%
PeopleSupport, Inc. (2)	105,000	$	1,023,750
Navigant Consulting, Inc. (2)	75,000		1,720,500
			2,744,250
Services-Employment - 1.1%
Hudson Highland Group, Inc. (1) (2)	105,000		1,681,050
Trucking - 1.0%
UTI Worldwide, Inc.	20,000		1,475,000
Total Industrials			16,566,140
Information Technology - 19.7%
Application Software - 3.3%
Motive, Inc. (2)	255,000		2,215,950
Wind River Systems, Inc. (2)	25,000		409,750
Witness Systems, Inc. (1) (2)	135,000		2,346,300
			4,972,000
Communications Equipment - 2.1%
Arris Group, Inc. (2)	130,000		1,125,800
AudioCodes Ltd. (1) (2)	40,000		482,800
Westell Technologies, Inc. (2)	265,000		1,587,350
			3,195,950
Computer Storage/Peripheral - 0.8%
Western Digital Corp. (2)	80,000		1,200,800
Electronic Equipment - 3.5%
Identix, Inc. (2)	382,500		2,099,925
Lipman (1) (2)	75,000		2,432,250
Novatel Wireless, Inc. (2)	60,000		748,200
			5,280,375
Intellectual Property - 0.9%
Acacia Research Corp. (1) (2)	250,000		1,402,500
Internet-Security - 1.8%
Entrust, Inc. (2)	310,000		1,267,900
Vasco Data Security International, Inc. (1) (2)	145,000		1,442,750
			2,710,650

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Internet Software & Services - 3.3%
InfoSpace, Inc. (1) (2)		70,000	$	2,374,400
j2 Global Communications, Inc. (2)		75,000		2,631,000
				5,005,400
IT Services - 0.9%
SRA International, Inc.		40,000		1,358,000
Services-Data Processing - 3.1%
Jupitermedia Corp. (2)		65,000		1,186,250
Open Solutions (1) (2)		75,000		1,331,250
Ixia (2)		125,000		2,298,750
				4,816,250
Total Information Technology				29,941,925
Materials - 0.4%
Diversified Metal/Mining - 0.4%
Charles & Colvard, Ltd. (1)		30,000		606,600
Total Materials				606,600
Utilities - 1.0%
Gas Utilities - 1.0%
Kinder Morgan Management LLC (2)		35,000		1,559,957
Total Utilities				1,559,957
Total Common Stocks (identified cost $121,896,487)				135,810,781
U.S. Treasury Bill - 0.2% (3)
United States Treasury Bill, 7/28/2005 (identified cost $358,421)	$	360,000		358,451
Collateral Pool Investment for Securities on Loan - 25.2%
(See Note 2 of the Financial Statements) (amortized cost $38,457,415)				38,457,415
Master Limited Partnership - 1.9%
Kayne Anderson MLP Investment Company (identified cost $2,858,950)		110,000		2,860,000
Total Mutual Funds				2,860,000

Description	Shares or Principal Amount		Value
Repurchase Agreement - 9.8%
Agreement with Morgan Stanley & Co, Inc., 3.05% dated 5/31/2005, to be repurchased at $14,948,424 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 2/24/2011, with a market value of $15,766,427 (at amortized cost)	$	14,947,157	$	14,947,157
Total Investments - 126.2% (identified cost $121,896,487) (identified cost $178,518,430)				192,433,804
Other Net Assets & Liabilities - (26.2)%				(39,961,835	)
Total Net Assets - 100.0%			$	152,471,969

(See Notes which are an integral part of the Schedule of Investments)

International Stock Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Shares	Value
Common Stocks - 96.7%
Australia - 1.7%
News Corp. (1)	428,650	$	7,190,531
Belgium - 1.2%
UCB SA (1)	108,700		4,963,146
Brazil - 2.3%
Petroleo Brasileiro SA, ADR	145,800		6,881,760
Unibanco - Uniao de Bancos Brasileiros SA, GDR	80,100		2,875,590
			9,757,350
Canada - 1.2%
Precision Drilling Corp. (2)	63,934		5,045,032
Denmark - 1.2%
A P Moller - Maersk A/S	560		5,062,516
France - 10.2%
Accor SA (1)	111,500		5,139,117
Axa	188,600		4,594,284
Banque Nationale de Paris Paribas SA (1)	67,500		4,536,730
L’oreal SA	58,400		4,236,390
Publicis Groupe	124,900		3,660,829
Sanofi-Aventis (1)	75,800		6,830,709
Schneider Electric SA (1)	56,100		4,124,637
Total SA (1)	21,110		4,664,585
Vivendi Universal SA (1)	168,300		5,124,517
			42,911,798
Germany - 4.8%
Altana AG (2)	76,400		4,546,321
Bayerische Motoren Werke AG	29,900		1,297,062
Deutsche Telekom AG (1)	309,000		5,740,544
Metro AG (1)	78,400		3,905,461
Siemens AG (1)	65,800		4,803,486
			20,292,873
Hong Kong - 3.0%
Esprit Holdings Ltd.	550,000		3,925,739
Sun Hung Kai Properties Ltd.	236,000		2,245,505
Swire Pacific Ltd., Class A	520,500		4,446,842
Wharf Holdings Ltd.	558,000		1,819,931
			12,438,017
Hungary - 0.6%
MOL Magyar Olaj-es Gazipari Rt.	36,310		2,706,656

Description	Shares	Value
Common Stocks (continued)
India - 1.3%
Reliance Industries Ltd., GDR (7)	164,161	$	4,120,441
State Bank of India, GDR	28,520		1,126,540
			5,246,981
Indonesia - 1.7%
Bank Central Asia Tbk PT	3,247,800		1,185,337
Telekomunikasi Indonesia Tbk PT	11,785,000		5,776,653
			6,961,991
Ireland - 0.8%
Irish Life & Permanent PLC	187,300		3,157,218
Italy - 3.0%
Banco Popolare di Verona e Novara Scrl (1)	241,000		4,357,734
Eni SpA (1)	86,400		2,219,512
Saipem SpA	491,300		6,202,341
			12,779,587
Japan - 24.7%
Canon, Inc.	76,000		4,111,093
Credit Saison Co. Ltd.	105,900		3,517,565
Daimaru, Inc.	113,200		969,489
Fast Retailing Co. Ltd.	50,600		2,671,574
Funai Electric Co. Ltd.	23,900		2,498,128
HASEKO Corp. (2)	1,455,000		3,059,201
Hikari Tsushin, Inc.	47,000		2,793,345
Hitachi Construction Machinery Co. Ltd.	227,400		2,685,033
Hoya Corp.	31,200		3,475,323
Jupiter Telecommunications Co. Ltd. (2)	414		320,550
Keyence Corp.	11,400		2,488,226
Komeri Co. Ltd.	77,300		1,983,049
Konica Minolta Holdings, Inc.	361,000		3,228,817
Koyo Seiko Co. Ltd.	181,600		2,357,136
Kyocera Corp.	53,000		4,067,134
Lawson, Inc.	71,600		2,603,719
Mitsubishi Tokyo Financial Group, Inc.	793		6,579,673
Mitsui Trust Holdings, Inc.	418,000		4,082,672
Mizuho Financial Group, Inc.	798		3,760,605
NEC Corp.	728,000		4,020,359
Nintendo Co. Ltd.	43,400		4,592,293
Nitori Co. Ltd.	37,000		2,441,597
SMC Corp.	48,660		5,147,879
Sumitomo Mitsui Financial Group, Inc.	779		5,041,968
Sumitomo Realty & Development Co. Ltd.	159,000		1,714,967
Suzuki Motor Corp.	160,200		2,613,498
Toshiba Corp.	965,000		3,936,352
Toyota Motor Corp.	189,700		6,721,366
USS Co. Ltd.	53,600		3,372,600
Yamada Denki Co. Ltd. (1)	123,000		6,676,664
			103,531,873

Description	Shares	Value
Common Stocks (continued)
Korea, Republic of - 1.3%
Samsung Electronics Co. Ltd.	5,180	$	2,500,130
Shinsegae Co. Ltd.	8,310		2,815,159
			5,315,289
Mexico - 1.5%
Grupo Mexico SA de CV	620,700		2,931,179
Grupo Televisa SA	55,100		3,306,000
			6,237,179
Netherlands - 3.0%
ASML Holding NV (2)	223,700		3,596,815
ING Groep NV	74,600		2,062,447
Koninklijke (Royal) Philips Electronics NV	104,700		2,666,363
VNU NV	157,200		4,270,413
			12,596,039
Norway - 4.5%
Norsk Hydro ASA	78,860		6,408,256
Statoil ASA (1)	285,600		5,005,179
Tandberg ASA (1)	298,100		3,186,167
Yara International ASA (1)	279,200		4,128,490
			18,728,092
Spain - 0.8%
Gestevision Telecinco SA (1) (2)	154,600		3,579,652
Sweden - 1.8%
Telefonaktiebolaget LM Ericsson, Class B	2,347,100		7,381,435
Switzerland - 9.0%
Adecco SA (1)	73,000		3,454,021
Credit Suisse Group (1)	155,600		6,227,334
Nestle SA	22,900		6,025,483
Roche Holding AG	27,400		3,451,313
Swiss Life Holding	40,300		5,321,710
Swiss Re (1)	78,100		4,833,877
Syngenta AG	33,600		3,474,446
UBS AG	65,500		5,048,651
			37,836,836
Taiwan, Province of China - 2.1%
HON HAI Precision Industry Co. Ltd.	687,000		3,589,078
MediaTek, Inc.	287,000		2,465,832
Taiwan Semiconductor Manufacturing Co. Ltd.	1,499,000		2,708,823
			8,763,734
Thailand - 1.2%
Siam Cement Public Co. Ltd.	859,516		5,159,112

Description	Shares or Principal Value	Value
Common Stocks (continued)
United Kingdom - 13.8%
Amvescap PLC	1,000,500	$	5,855,884
AstraZeneca PLC	147,300		6,260,090
British Sky Broadcasting Group PLC	576,800		5,714,928
Compass Group PLC	1,176,900		4,641,455
Diageo PLC	342,900		4,921,969
Misys PLC	591,700		2,321,506
Morrison WM Supermarkets	824,900		2,832,970
Royal Bank of Scotland Group PLC	157,200		4,614,163
Smith & Nephew PLC	438,300		4,326,905
Tesco PLC	620,343		3,526,878
Vodafone Group PLC	3,717,499		9,365,149
WPP Group PLC	311,600		3,327,484
			57,709,379
Total Common Stocks (identified cost $376,490,254)			405,352,316
Collateral Pool Investment for Securities on Loan - 14.7%
(See Note 2 of the Schedule of Investments) (amorized cost $61,705,479)			61,705,479
Mutual Funds - 0.6%
Merrimac Cash Series Money Market Fund	2,569,170		2,569,170
Total Investments - 112.0% (identified cost $440,764,903)			469,626,965
Other Assets & Liabilities - (12.0)%			(50,220,736	)
Total Net Assets - 100.0%		$	419,406,229

(See Notes which are an integral part of the Schedule of Investments)

International Stock Fund

Industry Division

May 31, 2005 (UNAUDITED)

Industry	Market Value			% of Total Net Assets
Advertising	$	6,988,313		1.7	%
Automobiles		12,989,062		3.1	%
Beverages		4,921,969		1.2	%
Chemicals		11,723,377		2.8	%
Commercial Banks		49,436,996		11.8	%
Commercial Services		6,513,222		1.6	%
Construction Materials		8,090,292		1.9	%
Distribution/Wholesale		3,925,739		0.9	%
Diversified Financial Services		12,530,667		3.0	%
Diversified Holding Companies		6,266,773		1.5	%
Diversified Manufacturing		8,032,303		1.9	%
Electronics		25,765,770		6.1	%
Food & Staple Retailing		25,168,636		6.0	%
Health Care Equipments & Supplies		7,802,229		1.9	%
Hotels/Restaurants & Leisure		5,139,117		1.2	%
Insurance		16,812,318		4.0	%
Machinery		11,957,549		2.9	%
Media		29,506,591		7.0	%
Oil & Gas		39,133,320		9.3	%
Office & Business Equipment		4,111,093		1.0	%
Pharmaceuticals		26,051,579		6.2	%
Real Estate		3,960,472		0.9	%
Semiconductor Equipment & Products		8,771,471		2.1	%
Software		2,321,506		0.6	%
Specialty Retail		28,126,143		6.7	%
Telecommunications		34,243,292		8.2	%
Transportation		5,062,516		1.2	%
Total Common Stocks		405,352,316		96.6	%
Investment for Collateral Pool for Securities on Loan		61,705,479		14.7	%
Mutual Funds		2,569,170		0.6	%
Total Investments		469,626,965		112.0	%
Other Assets & Liabilities		(50,220,736	)	(12.0	)%
Total Net Assets	$	419,406,229		100.0	%

(See notes which are an integral part of the Schedule of Investments)

Government Income Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Principal Amount		Value
Asset-Backed Securities - 4.7%
Countrywide Alternative Loan Trust, Class 1A2, 3.230%, 6/25/2034	$	3,500,000	$	3,489,899
Green Tree Home Equity Loan Trust 1998-B, Class B1, 7.810%, 11/15/2029		6,000,000		6,010,860
Greenwich Capital Acceptance 1995-BA1, Class A4, 7.150%, 8/10/2020		10,643,000		10,922,538
Total Asset-Backed Securities (identified cost $20,100,656)				20,423,297
Collateralized Mortgage Obligations - 22.3%
Countrywide Home Loans, 5.750%, 3/25/2033, (Series 2003-J1-1A8)		1,975,000		2,001,706
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust, 3.370%, 10/25/2033, (Series 2003-4XS)		388,335		387,759
Federal Home Loan Mortgage Corp., 3.220%, 8/25/2031, REMIC (Series T-32-A1) (4)		2,464,435		2,477,459
Federal Home Loan Mortgage Corp., 5.000%, 10/15/2029, REMIC (Series 2745-AY)		5,000,000		5,058,160
Federal Home Loan Mortgage Corp., 5.000%, 10/15/2034, REMIC (Series 2876-DQ)		916,013		919,810
Federal Home Loan Mortgage Corp., 5.000%, 1/15/2035, REMIC (Series 2921-ZJ)		858,783		851,171
Federal Home Loan Mortgage Corp., 5.000%, 2/15/2035, REMIC (Series 2937-ZA)		3,694,792		3,704,214
Federal Home Loan Mortgage Corp., 5.500%, 7/15/2032, REMIC (Series 2686-QH)		6,000,000		6,200,598
Federal Home Loan Mortgage Corp., 5.500%, 4/15/2035, REMIC (Series 2963-AW)		2,000,000		2,107,900
Federal Home Loan Mortgage Corp., 6.250%, 9/15/2023, REMIC (Series 1666H)		9,025,264		9,258,856
Federal Home Loan Mortgage Corp., 6.500%, 10/15/2016, REMIC (Series 1702-PK)		7,772,413		7,903,044
Federal National Mortgage Association, 3.340%, 1/25/2031, REMIC (Series 2001-25-FA) (4)		4,307,750		4,315,061
Federal National Mortgage Association, 4.000%, 10/25/2032, REMIC (Series 2003-28-GA)		761,954		750,096
Federal National Mortgage Association, 5.000%, 10/25/2016, REMIC (Series 2003-16-PD)		5,000,000		5,125,490
Federal National Mortgage Association, 5.000%, 10/15/2031, REMIC (Series 2543-LN)		6,196,186		6,264,195
Federal National Mortgage Association, 5.000%, 5/15/2033, REMIC (Series 2791-BL)		3,305,562		3,343,375
Federal National Mortgage Association, 5.500%, 8/25/2032, REMIC (Series 2005-16)		1,625,897		1,627,724
Government National Mortgage Association, 4.500%, 11/16/2028, REMIC (Series 2003-77-TE)		2,500,000		2,506,635
Master Asset Securitization Trust, 5.000%, 3/25/2034, REMIC (Series 2004-3-4A5)		15,215,000		15,317,108

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Residential Accredit Loans, Inc., 4.000%, 7/25/2033, (Series 2003-QR24-A5)	$	3,000,001	$	2,979,790
Residential Asset Securitization Trust, 5.250%, 6/25/2034, (Series 2004-A3)		4,421,421		4,413,140
Salomon Brothers Mortgage Securities VII 2003-CDCA A2 FRN, 3.410%, 2/15/2015 (4) (7)		596,875		597,724
Structured Asset Securities Corporation, 5.250%, 8/25/2033, (Series 2003-21-2A2) (5)		3,821,480		3,822,546
Washington Mutual, 3.429%, 8/25/2034, REMIC (Series 2004-AR9-A3)		1,750,000		1,746,845
Washington Mutual, 3.530%, 10/25/2033, REMIC (Series 2003-AR10-A3A)		2,752,321		2,741,292
Total Collateralized Mortgage Obligations (identified cost $94,167,423)				96,421,698
Corporate Bonds - 5.3%
American Express Credit Corp., 3.160%, 10/14/2005 (4)		4,000,000		4,001,348
DaimlerChrysler North America Holding Corp. FRN, 3.200%, 3/7/2007 (4)		3,000,000		2,983,362
DaimlerChrysler North America Holding Corp. FRN, 3.890%, 9/26/2005 (4)		4,000,000		4,006,672
Ford Motor Credit Co., 7.600%, 8/1/2005		5,000,000		5,026,840
HSB Capital I FRN, 4.051%, 7/15/2027 (4)		3,000,000		3,003,630
SLM Corp. FRN, 3.210%, 9/15/2006 (4)		4,000,000		4,012,192
Total Corporate Bonds (identified cost $22,999,432)				23,034,044
Government Agencies - 4.3%
Federal Home Loan Mortgage Corp. - 3.4%
Federal Home Loan Mortgage Corp. Discount Note, 3.400%, 11/8/2005 (1)		15,000,000		14,778,889
Federal National Mortgage Association - 0.9%
Federal National Mortgage Association Discount Note, 3.400%, 11/10/2005		4,000,000		3,940,420
Total Government Agencies (amortized cost $18,719,309)				18,719,309
Mortgage Backed Securities - 50.9%
Federal Home Loan Mortgage Corp. - 4.7%
5.000%, 8/1/2014		5,481,630		5,558,570
5.000%, 10/1/2033		4,798,498		4,800,748
5.500%, 11/1/2018		6,377,477		6,556,875
6.500%, 9/1/2016		490,489		511,175
7.000%, 11/1/2009		364,839		376,322
7.500%, 9/1/2013		161,537		173,352
7.500%, 4/1/2024		409,269		441,012
7.500%, 4/1/2027		262,411		282,439
8.000%, 8/1/2030		369,883		399,468

Description	Principal Amount		Value
Mortgage Backed Securities (continued)
Federal Home Loan Mortgage Corp. (continued)
8.500%, 9/1/2024	$	214,956	$	235,354
9.000%, 6/1/2019		435,418		473,377
9.500%, 2/1/2025		364,784		402,222
				20,210,914
Federal National Mortgage Association - 39.5%
5.000%, 5/1/2018		3,729,011		3,776,149
5.000%, 6/1/2020 (6)		6,000,000		6,069,372
5.000%, 6/1/2035 (6)		25,000,000		24,984,375
5.500%, 1/1/2023		4,156,308		4,248,466
5.500%, 10/1/2024		4,645,753		4,742,956
5.500%, 2/1/2033		2,471,545		2,511,107
5.500%, 6/1/2035 (6)		40,000,000		40,550,000
6.000%, 9/1/2013		1,961,837		2,035,714
6.000%, 10/1/2016		1,126,446		1,168,125
6.000%, 6/1/2035 (6)		60,000,000		61,668,720
6.500%, 9/1/2016		1,225,861		1,279,900
6.500%, 9/1/2016		781,653		816,110
6.500%, 8/1/2030		7,339,241		7,647,497
6.500%, 12/1/2031		477,307		497,047
7.000%, 12/1/2010		710,691		730,676
7.000%, 3/1/2029		655,640		693,738
7.000%, 7/1/2029		1,736,088		1,836,968
7.000%, 2/1/2030		1,445,398		1,529,387
7.500%, 12/1/2009		1,515,165		1,586,478
7.500%, 10/1/2030		358,501		384,054
8.000%, 10/1/2028		1,887,780		2,042,698
8.000%, 4/1/2030		575,771		620,911
				171,420,448
Government National Mortgage Association - 6.7%
5.000%, 4/15/2034		3,266,336		3,295,344
5.500%, 9/15/2033		8,928,587		9,132,203
6.000%, 12/20/2033		10,216,580		10,546,545
6.500%, 9/15/2032		2,868,219		3,007,916
7.000%, 6/15/2029		592,259		628,359
7.000%, 8/15/2031		516,346		547,627
8.500%, 6/15/2010		506,567		538,786
9.000%, 11/15/2009		862,909		903,573
9.000%, 1/15/2010		269,606		284,463
9.500%, 10/15/2024		156,192		173,635
				29,058,451
Total Mortgage Backed Securities (identified cost $218,523,274)				220,689,813
U.S. Treasury Notes - 27.8%
1.125%, 6/30/2005		50,000,000		49,955,100
1.500%, 7/31/2005		10,000,000		9,980,080
3.875%, 5/15/2010 (1)		10,000,000		10,057,820
4.000%, 3/15/2010 (1)		10,000,000		10,106,260
4.000%, 4/15/2010 (1)		10,000,000		10,106,260

Description	Principal Amount		Value
U.S. Treasury Notes (continued)
4.000%, 2/15/2015 (1)	$	25,000,000	$	24,949,225
4.250%, 8/15/2014 (1)		5,000,000		5,096,290
Total U.S. Treasury Notes (identified cost $118,948,667)				120,251,035
Total Investments in Securities - 115.3% (identified cost $493,458,762)				499,539,196
Collateral Pool Investments for Securities on Loan - 17.9% (See Note 2 of the Schedule of Investments) (amortized cost $77,537,616)				77,537,616
Repurchase Agreement - 15.0%
Agreement with Morgan Stanley & Co., Inc., 3.050% dated 5/31/2005, to be repurchased at $65,078,841 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 11/13/2014, with a market value of $67,521,209 (at amortized cost)	$	65,073,329		65,073,329
Total Investments (identified cost $636,069,706) - 148.2%				642,150,141
Liabilities Less Other Assets - (48.2)%				(208,748,493	)
Total Net Assets - 100.0%			$	433,401,648

(See Notes which are an integral part of the Schedule of Investments)

Intermediate Bond Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Principal Amount		Value
Asset-Backed Securities - 2.0%
Citibank Credit Card Issuance Trust 2002-A1, Class A1, 4.950%, 2/9/2009	$	6,000,000	$	6,105,996
Green Tree Home Improvement Loan Trust 1998-B, Class HEB1, 7.810%, 11/15/2029		7,000,000		7,012,670
Total Asset-Backed Securities (identified cost $13,004,567)				13,118,666
Collateralized Mortgage Obligations - 7.1%
Countrywide Alternative Loan Trust 2004-J4, Class 1A2, 3.230%, 6/25/2034		5,000,000		4,985,570
Criimi Mae CMBS Corp. 1998-1, Class A3, 6.306%, 6/20/2030 (7)		688,919		688,943
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3, 4.500%, 6/25/2033		4,261,794		4,269,793
Deutsche Alt-A Securities Inc. Mortgage Loan, Class A2, (Series 2003-4XS), 3.370%, 10/25/2033		494,245		493,511
Federal Home Loan Mortgage Corp., Class AY, (Series 2745), 5.000%, 10/15/2029		605,000		612,037
Federal Home Loan Mortgage Corp., Class MH, (Series 2686),
5.500%, 7/15/2032		4,000,000		4,133,732
5.500%, 7/15/2032		10,000,000		10,334,330
Federal National Mortgage Association, Pass-Thru INT, 15-year, 5.500%, 11/1/2018		14,109,229		14,502,989
Federal National Mortgage Association, Pass-Thru INT, 30-year, 6.500%, 10/1/2031		1,079,064		1,123,689
Federal National Mortgage Association, Pass-Thru INT, 15-year, 7.000%, 12/1/2015		1,068,408		1,122,938
Prudential Home Mortgage Securities 1993-H, Class 2B, (Series 144A) 6.980%, 9/28/2008 (7)		80,749		80,566
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033		3,000,001		2,979,790
Total Collateralized Mortgage Obligations (identified cost $44,846,723)				45,327,888
Corporate Bonds & Notes - 56.0%
Aerospace/Defense - 0.3%
United Technologies Corp., Note, 4.375%, 5/1/2010 (1)		2,000,000		2,013,106
Automotive & Related - 4.2%
DiamlerChrysler North America Holding Corp., Company Guarantee, 3.200%, 3/7/2007 (4)		4,000,000		3,977,816
DiamlerChrysler North America Holding Corp., Note, (Series MTND), 3.890%, 9/26/2005 (4) (5)		6,000,000		6,010,008
Ford Motor Credit Co., Global Bond, 6.875%, 2/1/2006		5,000,000		5,057,010

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Automotive & Related (continued)
Ford Motor Credit Co., Senior Note, 4.950%, 1/15/2008	$	5,000,000	$	4,742,570
General Motors Acceptance Corp., Note, 6.875%, 8/28/2012		5,000,000		4,309,835
General Motors Acceptance Corp., Note, 6.750%, 1/15/2006 (1)		3,000,000		3,019,368
				27,116,607
Banks - 4.4%
Citicorp, Sub. Note, (Series MTNF), 6.375%, 11/15/2008		7,000,000		7,476,553
NationsBank Corp., Sub. Note, 7.800%, 9/15/2016		2,000,000		2,494,166
UBS Preferred Funding Trust, Bond, 8.622%, 10/29/2049		7,000,000		8,324,232
Wachovia Bank NA, 4.875%, 2/1/2015		5,000,000		5,081,885
World Savings Bank FSB, Sr. Note, (Series BKN1), 3.045%, 3/2/2009 (4)		5,000,000		5,007,855
				28,384,691
Beverages & Foods - 2.9%
General Mills, Inc., Note, 3.875%, 11/30/2007		5,000,000		4,967,170
Kraft Foods, Inc., Note, 5.250%, 6/1/2007		5,000,000		5,101,825
Kroger Co., 8.050%, 2/1/2010		5,000,000		5,665,420
Miller Brewing Co., Note, (Series 144A), 5.500%, 8/15/2013 (7)		3,000,000		3,108,843
				18,843,258
Broadcasting - 0.8%
Univision Communications, Inc., Sr. Note, 3.500%, 10/15/2007		5,000,000		4,915,955
Broker/Dealers - 5.3%
Goldman Sachs Group, Inc., Note, 5.000%, 10/1/2014		3,000,000		3,030,555
Merrill Lynch & Co., Note, (Series MTNC), 3.439%, 2/5/2010 (4)		7,000,000		7,000,000
Merrill Lynch & Co., Note, (Series MTNC), 5.000%, 1/15/2015 (1)		5,000,000		5,102,595
Merrill Lynch & Co., Sr. Note, (Series MTNC), 3.000%, 4/30/2007 (1)		7,000,000		6,911,618
Morgan Stanley Group, Inc., Note, 4.750%, 4/1/2014 (1)		5,000,000		4,931,730
Morgan Stanley, Sr. Note, (Series MTNF), 3.275%, 1/18/2008 (4)		7,000,000		7,001,981
				33,978,479

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Computer Services - 0.8%
Computer Associates, Inc., Sr. Note, (Series 144A), 5.625%, 12/1/2014 (7) (1)	$	5,000,000	$	5,014,565
Construction Equipment - 0.4%
CRH America, Inc. Note, 6.950%, 3/15/2012		2,000,000		2,263,986
Consumer Cyclical - 0.4%
Tyco International Group, Note, 5.800%, 8/1/2006		2,500,000		2,548,488
Corporate - Other - 0.9%
Core Investment Grade Trust, Pass Thru Cert., 4.637%, 11/30/2007		5,674,074		5,681,309
Data Processing - 0.5%
First Data Corporation, Senior Notes, 4.950%, 6/15/2015		3,000,000		3,027,246
Domestic & International Oil - 1.6%
Enterprise Products Operating LP, Sr. Note, (Series 144A), 5.600%, 10/15/2014 (7)		3,000,000		3,071,124
Occidental Petroleum Corp., Note, 4.000%, 11/30/2007		2,500,000		2,486,237
Pancanadian Petroleum Ltd., Bond, 6.300%, 11/1/2011		4,000,000		4,399,040
				9,956,401
Electrical Equipment - 0.8%
General Electric Co., Note, 5.000%, 2/1/2013 (1)		5,000,000		5,148,685
Energy - 0.3%
Halliburton Co., Note, 5.500%, 10/15/2010		2,000,000		2,093,696
Financial Services - 14.3%
Allstate Financial Global, Note, (Series 144A), 7.125%, 9/26/2005 (5) (7)		5,500,000		5,560,143
American Express Credit, Note, (Series MTNB), 3.160%, 10/14/2005 (4)		6,000,000		6,002,022
American General Finance Corp., Note, (Series G), 4.500%, 11/15/2007 (1)		5,000,000		5,022,050
American General Finance Corp., Note, (Series G), 5.375%, 10/1/2012 (1)		2,500,000		2,573,995
Bunge Ltd. Finance Corp., Note, 5.350%, 4/15/2014		2,500,000		2,583,842
Countrywide Home Loans, Global Bond, 2.875%, 2/15/2007		5,000,000		4,896,810

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Financial Services (continued)
Credit Suisse, London, Sub. Note, (Series 144A), 7.900%, 5/29/2049 (7)	$	5,000,000	$	5,348,135
General Electric Capital Corp., Note, 2.980%, 3/4/2008 (4)		4,000,000		4,003,856
General Electric Capital Corp., Note, 4.875%, 3/4/2015 (1)		5,000,000		5,098,795
General Electric Capital Corp., Note, (Series A), 6.800%, 11/1/2005 (5)		4,000,000		4,053,984
General Electric Capital Corp., Note, (Series A), 6.500%, 12/10/2007 (1)		5,000,000		5,285,465
Household Finance Corp., Sr. Unsub., 3.548%, 11/16/2009		6,000,000		6,022,902
Household Finance Corp., Unsecured, 5.250%, 4/15/2015 (1)		3,000,000		3,095,772
Household Finance Corp., Note, 7.000%, 5/15/2012		3,000,000		3,411,894
MBNA Capital B, Jr. Sub. Note, (Series B), 4.010%, 2/1/2027 (4)		3,000,000		2,886,642
National Rural Utilities Cooperative Finance Corp., Note, 3.000%, 2/15/2006		7,000,000		6,967,506
National Rural Utilities Cooperative Finance Corp., Note, 3.875%, 2/15/2008 (1)		4,000,000		3,971,680
SLM Corp., Note (Series MTNA), 3.210%, 9/15/2006 (4)		5,000,000		5,015,240
SLM Corp., Note (Series MTNA), 5.625%, 4/10/2007		5,000,000		5,139,695
Textron Financial Corp., Note, 4.600%, 5/3/2010		5,000,000		5,045,845
				91,986,273
Insurance - 5.3%
AIG SunAmerica Global Financial, Bond, (Series 144A), 5.850%, 8/1/2008 (7)		7,000,000		7,310,198
Berkshire Hathaway Finance Corp., Company Guarantee, (Series 144A), 4.750%, 5/15/2012 (7)		4,000,000		4,044,096
GE Global Insurance Holding, Note, 7.500%, 6/15/2010		4,825,000		5,360,565
HSB Capital I, Company Guarantee, (Series B), 4.051%, 7/15/2027 (4)		4,000,000		4,004,840
Protective Life Corp., Unsecd. Note, 4.000%, 4/1/2011		8,000,000		7,859,424
Prudential Funding Corp., Note, (Series MTN), Series 144A), 6.600%, 5/15/2008 (7)		5,000,000		5,336,680
				33,915,803
Leasing - 0.3%
International Lease Finance Corp., Note, 4.500%, 5/1/2008		2,000,000		2,000,374

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Media - 1.2%
AOL Time Warner, Inc., Note, 6.125%, 4/15/2006 (1)	$	4,000,000	$	4,076,164
Comcast Corp., Company Guarantee, 6.750%, 1/30/2011		3,000,000		3,316,161
				7,392,325
Publishing - 0.4%
Reed Elsevier Inc., Company Guarantee, 6.125%, 8/1/2006		2,500,000		2,546,583
Real Estate - 1.2%
Centex Corp., Note, (Series MTN), 3.460%, 8/1/2007 (4)		8,000,000		8,004,992
REITS-Diversified - 1.1%
Archstone-Smith Operating Trust, Note, 5.250%, 5/1/2015		3,000,000		3,048,630
Vornado Realty Trust, Bond, 5.625%, 6/15/2007		4,000,000		4,122,924
				7,171,554
Services-Diversified Commercials - 0.6%
Cendant Corp., Note, 6.250%, 3/15/2010		3,500,000		3,710,469
Short-Term Business Credit - 0.8%
CIT Group, Inc., Sr. Note, 3.650%, 11/23/2007		5,000,000		4,933,305
Telecommunications - 6.3%
BellSouth Corp., Note, 4.750%, 11/15/2012 (1)		3,000,000		3,012,819
British Telecommunication PLC, Note, 7.875%, 12/15/2005		5,000,000		5,111,325
Intelsat, Ltd., Sr. Note, 5.250%, 11/1/2008		2,000,000		1,825,000
SBC Communications, Note, 5.100%, 9/15/2014		7,000,000		7,118,048
Sprint Capital Corp., 7.125%, 1/30/2006		5,000,000		5,101,365
Telecom Italia Capital, Company Guarantee, (Series 144A), 4.950.%, 9/30/2014 (7)		7,000,000		6,921,838
Telecom Italia Capital, Company Guarantee, (Series 144A), 5.250.%, 11/15/2013 (1) (7)		5,000,000		5,071,040
Telefonos de Mexico, S.A., Note, (Series 144A), 5.500%, 1/27/15 (7)		3,000,000		2,995,935
Verizon Global Funding, Note, 7.375%, 9/1/2012		3,000,000		3,505,467
				40,662,837

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Transportation - 0.9%
Delta Air Lines, Inc., Equip. Trust, (Series 1993-A2), 10.500%, 4/30/2016	$	2,000,000	$	864,330
Systems 2001 Asset Trust, Pass Thru Cert., (Series 144A), 6.664%, 9/15/2013 (7)		4,552,852		4,982,072
				5,846,402
Total Corporate Bonds & Notes (identified cost $356,414,118)				359,157,389
Government Agencies - 8.3%
Federal Home Loan Bank System - 3.6%
3.400%, 11/8/2005 (1)		18,000,000		17,734,756
5.430%, 11/17/2008		5,000,000		5,254,785
				22,989,541
Federal National Mortgage Association - 4.7%
3.400%, 11/10/2005		10,000,000		9,851,050
5.500%, 2/15/2006		10,000,000		10,127,720
7.000%, 7/15/2005		10,000,000		10,043,540
				30,022,310
Total Government Agencies (identified cost $52,646,125)				53,011,851
Mortgage Backed Securities - 9.9%
Federal Home Loan Mortgage Corp. - 0.2%
7.500%, 2/1/2031		714,547		766,896
7.500%, 6/1/2031		287,161		308,117
				1,075,013
Federal National Mortgage Association - 9.5%
5.500%, 6/15/2035 (6)		20,000,000		20,275,000
6.000%, 6/15/2035 (6)		40,000,000		41,112,480
				61,387,480
Government National Mortgage Association - 0.2%
7.000%, 3/15/2032		1,035,812		1,098,498
Total Mortgage Backed Securities (identified cost $62,881,783)				63,560,991
U.S. Treasury Securities - 11.7%
U.S. Treasury Notes - 11.7%
1.625%, 10/31/2005		40,000,000		39,771,880
4.000%, 3/15/2010 (1)		20,000,000		20,212,520
4.000%, 2/15/2015 (1)		15,000,000		14,969,535
Total U.S. Treasury Securities (identified cost $73,750,937)				74,953,935

Description	Principal Amount		Value
Total Investment In Securities - 95.0% (identified cost $603,544,253)			$	609,130,720
Collateral Pool Investment for Securities on Loan - 14.2%
(See Note 2 of the Schedule of Investments) (amortized cost $90,763,158)				90,763,158
Repurchase Agreement - 13.0%
Agreement with Morgan Stanley & Co., Inc., 3.050%, dated 5/31/2005 to be repurchased at $83,660,931 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 6/5/2018, with a market value of $85,705,186 (at amortized cost)	$	83,653,844		83,653,844
Total Investments - 122.2% (identified cost $777,961,255)				783,547,722
Other Assets & Liabilities - (22.2)%				(142,363,606	)
Total Net Assets - 100.0%			$	641,184,116

(See Notes which are an integral part of the Schedule of Investments)

Intermediate Tax-Free Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description/Credit Rating (9)	Principal Amount		Value
Municipals - 99.9%
Arizona - 4.1%
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	$	2,092,199
Phoenix, AZ, Civic Improvement Corp., Excise Tax Revenue Subordinate Bonds, (Series A), 5.000% (MBIA Insurance Corp.), (Original Issue Yield: 3.87%), 07/1/2015 AAA/Aaa		1,000,000		1,097,350
Phoenix, AZ, Civic Improvement Corp., Water System Revenue Refunding Jr. Lien Bonds, 5.250% (FGIC)/(Original Issue Yield: 4.69%), 7/1/2016 AAA/Aaa		500,000		571,380
				3,760,929
Arkansas - 1.9%
Arkansas Development Finance Authority, State Agency Facilities, Revenue Bonds, Department Building Commission Project Series 1997, 5.000% (AMBAC INS)/(Original Issue Yield: 5.055%), 7/1/2020 AAA/Aaa		700,000		717,073
University of Arkansas, Revenue Refunding Bonds, UAMS Campus, (Series A), 4.000% (MBIA)GO of Brd)/(Original Issue Yield: 2.75%), 11/1/2009 NR/Aaa		1,000,000		1,037,240
				1,754,313
California - 4.5%
California Health Facilities Financing Authority, Short-Term Negotiated Revenue Bonds, (Adventist Health System-A), 2.930%, (LOC-Wachovia Bank N.A.), 9/01/2025 AA-/ Aa2 (4)		3,050,000		3,050,000
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		1,056,250
				4,106,250
Colorado - 5.3%
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 (Callable 12/01/2011 @ 100) AAA/Aaa		1,875,000		2,139,206
Larimer County, CO, School District No. R-1 Poudre, GO UT, 5.250% (State Aid Withholding)/(Original Issue Yield: 4.65%), 12/15/2009 (Callable 12/15/2008 @ 100) AA-/Aa3		2,500,000		2,681,150
				4,820,356
Georgia - 3.3%
De Kalb County, GA, GO UT, (Series A), 5.000% (Original Issue Yield: 2.15%), 1/1/2007 AA+/Aaa		1,790,000		1,850,323
Georgia Municipal Electric Authority, Revenue Bonds Subordinate, Project One (Series A), 5.250% (MBIA Insurance Corp.)/(Original Issue Yield: 4.70%), 1/1/2014 AAA/Aaa		1,000,000		1,124,740
				2,975,063

Description/Credit Rating (9)	Principal Amount		Value
Municipals (continued)
Hawaii - 2.5%
Hawaii State Refunding Bonds, (Series DG), GO UT, 5.00%, (AMBAC)/ (Original Issue Yield: 3.69%), 7/1/2015 AAA/ Aaa,	$	2,000,000	$	2,234,860
Illinois - 2.7%
Kendall, Kane & Will Counties, IL, Community United School District No. 308, GO UT, 5.250% (FSA Insurance Corp.)/(Original Issue Yield: 4.38%), 10/1/2016 (Callable 10/01/2014 @ 100), NR/Aaa		1,125,000		1,266,165
University of Illinois, Auxiliary Facilities System Refunding Revenue Bonds, (Series A), 5.250%, (AMBAC)/(Original Issue Yield: 4.53%), 4/1/2013 AAA/Aaa		1,060,000		1,183,734
				2,449,899
Indiana - 1.7%
Indianapolis-Marion County, IN, Public Library, GO UT, 5.800%, (Original Issue Yield: 5.74%), 7/1/2012 (Prerefunded 1/1/2009), AAA/Aa2		1,425,000		1,573,200
Iowa - 3.4%
Iowa Finance Authority, Solid Waste Disposal Revenue Bonds, (Ipsco, Inc.) 6.000%, 6/1/2027 (Mandatory Tender 6/1/2007) NR, (10)		3,000,000		3,099,360
Kansas - 1.2%
Sedgwick County, KS, Unified School District No. 259 Wichita, GO UT, 6.000%, (Original Issue Yield: 4.64%), 9/1/2008 AA/Aa3		1,000,000		1,091,390
Louisiana - 1.2%
Louisiana State University and Agricultural and Mechanical College Board Refunding Revenue Bonds, (Series A), 5.00%, (AMBAC)/ (Original Issue Yield: 3.760), 7/1/2015 AAA/Aaa		1,000,000		1,112,950
Massachusetts - 7.4%
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		2,820,000
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		3,942,435
				6,762,435
Michigan - 5.4%
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		3,543,045
Fraser, MI, Public School District, Refunding Bonds, GO UT, 5.000%,(FSA Q-SBLF)/ (Original Issue Yield: 4.01%), 5/1/2017 (Callable 05/01/2015 @ 100) AAA/Aaa		1,295,000		1,422,299
				4,965,344
Minnesota - 3.5%
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, (10)		1,000,000		1,014,210

Description/Credit Rating (9)	Principal Amount		Value
Municipals (continued)
Minnesota (continued)
Minneapolis/St. Paul, MN, Metropolitan Airports Commission Airport Revenue Bonds, (Series B), 5.500% (FGIC)/ (Original Issue Yield: 4.75%), 1/1/2011 AAA/Aaa, (10)	$	2,000,000	$	2,201,040
				3,215,250
Nevada - 2.3%
Clark County, NV, School District, GO Ltd., Refunding Bonds (Series D), 5.250% (FGIC)/(Original Issue Yield: 4.48%), 06/15/2014 (Callable 06/15/2001 @ 105) AAA/Aaa		1,880,000		2,123,573
New Hampshire - 0.1%
New Hampshire Health & Education Facilities Authority Short Term Negotiated Revenue Bonds, 3.080%, ( LOC-Allied Irish Bank PLC), 6/01/2031 NR/ Aa1 (4)		60,000		60,000
New Mexico - 2.5%
Belen, NM, Consolidated School District No. 002, Refunding Bonds, GO UT, (Series A), 4.000% (MBIA State Aid Withholding)/(Original Issue Yield: 2.42%), 8/1/2006 NR/Aaa		1,150,000		1,164,962
New Mexico State Highway Commission, Senior Subordinate Lien Tax Revenue Bonds, 6.000% (Original Issue Yield: 5.37%), 6/15/2010 (Prerefunded 6/15/2009), AA+/Aa2		1,000,000		1,110,750
				2,275,712
New York - 9.6%
Metropolitan Transit Authority, NY, Revenue Bonds, (Series A), 5.500% (AMBAC)/(Original Issue Yield: 3.61%), 11/15/2016 AAA/Aaa		1,500,000		1,750,125
New York, NY, GO UT, (Series C), 5.500%, (FGIC-TCRS)/(Original Issue Yield: 4.80%), 8/1/2015 (Callable 02/01/2013 @100) AAA/ Aaa		2,000,000		2,255,200
Oswego County, NY, GO UT, 6.700% (Original Issue Yield: 6.80%), 6/15/2010 (Econ Defeased to Maturity), NR/A3		1,100,000		1,267,167
Oswego County, NY, GO UT, 6.700% (Original Issue Yield: 6.80%), 6/15/2011 (Econ Defeased to Maturity), NR/A3		1,100,000		1,289,937
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		1,379,755
White Plains, NY, GO UT, Public Improvement Refunding Bonds, (Series B) 3.500% (Original Issue Yield: 2.66%), 1/15/2008 Aa1		820,000		832,292
				8,774,476
North Carolina - 3.8%
University of North Carolina at Chapel Hill, Certificate Participation, 3.060%, (LOC - Bank of America N.A.), 10/01/2009 NR/ Aa1 (4)		3,450,000		3,450,000
North Dakota - 5.5%
Fargo, ND, Health System Revenue Bonds (Meritcare), (Series A), 5.750% (FSA, Inc.)/(Original Issue Yield: 5.30%), 6/1/2012 (Callable 6/1/2010 @ 101) AAA/Aaa		2,940,000		3,278,306

Description/Credit Rating (9)	Principal Amount		Value
Municipals (continued)
North Dakota (continued)
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 (Prerefunded 8/1/2010) AAA/Aaa	$	1,545,000	$	1,757,097
				5,035,403
Ohio - 1.7%
Olentangy, OH, Local School District, Refunding Bonds (Series B), GO UT, 5.500% (FGIC)/(Original Issue Yield: 4.48%), 12/1/2016 (Callable 6/1/2014 @ 100) AAA/Aaa		1,000,000		1,138,290
Sidney, OH, Industrial Development, Revenue Bonds (Perfection Bakeries Inc. Project), 5.400% (LOC Fort Wayne National Corp.)/ (Original Issue Yield: 5.399%), 9/15/2005 NR, (10)		425,000		428,370
				1,566,660
South Carolina - 3.2%
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		2,878,290
Tennessee - 1.5%
Putnam County, TN, Refunding GO UT, 5.250% (FGIC)/ (Original Issue Yield: 4.53%), 4/1/2013 NR/Aaa		1,200,000		1,351,392
Texas - 3.6%
Dallas,TX, Waterworks & Sewer System, Refunding Revenue Bonds, 5.500% (Original Issue Yield: 5.22%), 10/1/2014 (Prerefunded 10/1/2010) AA+/Aa2		1,000,000		1,116,990
Tarrant County, TX, HFDC, Health System Revenue Bonds, 5.75% (Texas Health Resources System Series A)/(MBIA Insurance Corp.)/ (Original Issue Yield: 5.05%), 2/15/2009 (Callable 2/15/2008 @ 102) AAA/Aaa		2,000,000		2,170,780
				3,287,770
Utah - 5.3%
Alpine, Utah, School District, Utah, GO UT, 4.000% (School Board Guaranty), 3/15/2006 NR/Aaa		1,525,000		1,540,098
Jordan, UT, School District,, GO UT, (Series A), 5.25%, (SCH BD GTY)/ (Original Issue Yield: 4.70%), 6/15/2006 AAA / NR		2,000,000		2,050,780
South Valley Sewer District, UT, Sewer Revenue Bonds, 5.00% (FSA)/ (Original Issue Yield: 3.72%), 1/01/2014 NR/ Aaa		1,100,000		1,217,029
				4,807,907
Virginia - 3.0%
Suffolk, VA, Redevelopment & Housing Authority, Multi Family Housing Revenue Refunding Bonds (Windsor at Potomac Project), 4.850%, (Fannie Mae - Standby Liq Fac)/(Original Issue Yield: 4.85%)/ (Mandatory Tender 7/1/2011), 7/1/2031 NR/Aaa		1,500,000		1,596,780
Virginia State Public School Authority School Financing Refunding Revenue Bonds, (Series C), 5.00% (Original Issue Yield: 3.51%), 8/1/2013 AA+/Aa1		1,000,000		1,110,140
				2,706,920

Description/Credit Rating (9)	Shares or Principal Amount		Value
Municipals (continued)
Washington - 1.2%
Port Longview, WA, Industrial Development Corp., Solid Waste Disposal Revenue Bonds, (Weyerhaeuser Co.) 6.875% (Original Issue Yield: 6.874%)/ 10/1/2008 BBB/NR, (10)	$	1,000,000	$	1,090,630
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), NR/A2		1,000,000		1,181,200
Wisconsin - 7.2%
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		999,849
Cedarburg, WI, School District, Refunding GO UT, (Series B), 5.375%, (Financial Security Assurance, Inc.)/(Original Issue Yield: 5.00%), 3/1/2016 (Prerefunded 3/1/2011), NR/Aaa		940,000		1,050,121
Highland, WI, School District, Bond Anticipation Notes (Original Issue Yield: 3.000%), 12/20/2005 (Callable 10/3/2005 @ 100), NR/MIG1		1,000,000		1,003,150
Pewaukee, WI, School District, Refunding GO UT, 5.00% (FSA)/ (Original Issue Yield: 3.900%), 3/1/2016, NR/Aaa		1,340,000		1,489,812
Wisconsin State, GO UT, (Series C), 6.000% (Original Issue Yield 5.750%), 5/1/2014 (Prerefunded 5/1/2010) AA-/Aa3		1,750,000		1,982,050
				6,524,982
Total Municipals (identified cost $88,022,925)				91,036,514
Mutual Funds - 3.7%
Federated Tax - Free Obligations Fund		1,648,571		1,648,571
Fidelity Tax Exempt Money Market		1,740,049		1,740,049
Total Mutual Funds (shares at net asset value)				3,388,620
Total Investments - 103.6% (identified cost $91,411,546) (10)				94,425,134
Other Assets & Liabilities - (3.6)%				(3,266,975	)
Total Net Assets - 100.0%			$	91,158,159

(See Notes which are an integral part of the Schedule of Investments)

Short-Term Income Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Principal Amount		Value
Asset-Backed Securities - 11.7%
BMW Vehicle Owner Trust 2003-A, Class A3, 1.940%, 2/25/2007	$	419,158	$	417,844
Capital Auto Receivables Asset Trust 2003-2, Class A3A, 1.440%, 2/15/2007		564,877		561,250
Capital Auto Receivables Asset Trust 2004-1, Class A4, Class A, 2.640%, 11/17/2008		1,000,000		975,649
Caterpillar Financial Asset Trust 2005-A, Class A3, 3.900%, 2/25/2009		1,000,000		999,951
CNH Equipment Trust 2003-A, Class A3B, 1.890%, 7/16/2007		712,988		709,389
DaimlerChrysler Auto Trust 2004-B, Class A3, 3.180%, 9/8/2008		1,000,000		993,002
Green Tree Home Equity Loan Trust 1998-B, Class B1, 7.810%, 11/15/2029		3,000,000		3,005,430
Honda Auto Receivables Owner Trust 2003-1, Class A3, 1.920%, 11/20/2006		425,182		424,208
Honda Auto Receivables Owner Trust 2005-2, Class A3, 3.930%, 1/15/2009		1,500,000		1,500,196
Household Automotive Trust 2002-3, Class A3A, 2.750%, 6/18/2007		190,060		190,016
Household Automotive Trust 2003-1, Class A3, 1.730%, 12/17/2007		608,506		605,624
John Deere Owner Trust 2001-A, Class A3, 1.790%, 4/15/2007		904,050		897,798
Long Beach Acceptance Auto Receivables Trust 2003-A, Class A3, 2.021%, 7/15/2007		647,598		646,005
Pegasus Aviation Lease Securitization 1999-1A, Class A1, 6.300%, 3/25/2029		750,654		539,063
Residential Asset Mortgage Products, Inc. 2004-RS2, Series RS2, 3.350%, 8/25/2029		1,500,000		1,487,360
USAA Auto Owner Trust 2004-2, Class A3, 3.030%, 6/16/2008		1,750,000		1,735,375
WFS Financial Owner Trust 2004-1, Class A4, 2.810%, 8/22/2011		1,150,000		1,124,766
Total Asset-Backed Securities (identified cost $17,121,262)				16,812,926
Collateralized Mortgage Obligations - 24.0%
Government National Mortgage Association - 3.2%
2.866%, Series 0348, Class AB, 2/16/2020		750,862		731,463
3.206%, Series 2003-72, Class A, 4/16/2018		1,754,933		1,720,633
3.313%, Series 2002-83, Class A, 4/16/2017		1,264,679		1,245,820
3.590%, Series 2004-78, Class A, 11/16/2017		965,628		951,105
				4,649,021
Federal Home Loan Mortgage Corporation - 1.4%
3.150%, Class A3, 5/15/2010		2,000,000		1,943,276

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Other Financial - 19.4%
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3, 4.500%, 6/25/2033	$	951,293	$	953,079
CS First Boston Mortgage Securities Corp. 2004-C1, Class A1, 2.254%, 1/15/2037		1,483,537		1,447,512
Countrywide Alternative Loan Trust 2004-J9, Class 1A2, 4.586%, 10/25/2034		2,400,000		2,397,924
Deutsche Mortgage Securities, Inc. 2004-2, Class A2, 3.080%, 1/25/2034		1,021,968		1,020,334
GSR Mortgage Loan Trust 2004-12, Class 3A3, 4.499%, 12/25/2034 (4)		1,600,000		1,589,142
Impac Secured Assets Common Owner Trust 2004-2, Class A3, 4.995%, 8/25/2034		1,200,000		1,202,179
JP Morgan Chase Commercial Mortgage Securities, Class A1, 3.053%, 1/15/2038		1,294,335		1,259,086
LB-UBS Commercial Mortgage Trust 2004-C1, Class A1, 2.964%, 1/15/2029		1,373,605		1,335,911
Master Adjustable Rate Mortgages Trust 2004-13, Class 3A4, 3.787%, 11/21/2034		1,900,000		1,886,383
Morgan Stanley Capital, Inc., 2003-IQ6, Class A1, 2.800%, 12/15/2041		1,291,040		1,267,133
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.065%, 2/15/2041		1,621,285		1,578,791
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.291%, 12/15/2035		2,082,363		2,042,221
Washington Mutual 2002-R10, Class A6, 4.820%, 10/25/2032		400,765		404,258
Washington Mutual 2003-AR5, Class A4, 3.641%, 6/25/2033		521,304		520,121
Washington Mutual 2004-AR7, Class A4, 3.954%, 7/25/2034 (4)		3,000,000		2,974,236
Washington Mutual 2005-AR5, Class A2, 4.852%, 5/15/2035		2,500,000		2,512,822
Wells Fargo Mortgage Backed Securities 2004-N, Class A2, 3.599%, 8/25/2034		2,000,000		1,994,080
Wells Fargo Mortgage Backed Securities 2004-W, Class A4, 4.613%, 11/25/2034 (4)		1,600,000		1,598,301
				27,983,513
Total Collateralized Mortgage Obligations (identified cost $34,969,018)				34,575,810
Corporate Bonds & Notes - 37.1%
Banks - 2.9%
Bank of New York Co., Inc., Note, 2.200%, 5/12/2006		1,100,000		1,082,854
Union Planters Bank, Note, 5.125%, 6/15/2007		1,500,000		1,530,427
Wachovia Corp., Note, 4.950%, 11/1/2006		1,600,000		1,622,254
				4,235,535

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Broadcasting - 1.1%
Clear Channel Communications, Inc., 6.000%, 11/1/2006	$	1,500,000	$	1,525,164
Brokers/Dealers - 3.1%
Credit Suisse First Boston USA, Inc., Note, 5.875%, 8/1/2006		1,220,000		1,247,232
Goldman Sachs Group, Inc., Note, Series MTNB, 2.850%, 10/27/2006		1,900,000		1,868,114
Morgan Stanley Group, Inc., Note, 7.750%, 6/15/2005		450,000		450,661
Morgan Stanley, Unsubordinated, 6.100%, 4/15/2006		810,000		825,592
				4,391,599
Computer Services - 1.0%
IBM Corp., Unsecured Note, 2.375%, 11/1/2006		1,500,000		1,471,995
Construction Equipment - 0.9%
Caterpillar Financial Services Corp., Note, Series MTNF, 2.350%, 9/15/2006		1,300,000		1,274,380
Corporate - Other - 1.1%
Core Investment Grade Bond, 4.637%, 11/30/2007		1,607,654		1,609,704
Electric - 2.8%
Alabama Power Co., 2.800%, 12/1/2006		1,250,000		1,229,281
CalEnergy Co Inc., Sr. Note, 7.630%, 10/15/2007		1,000,000		1,070,073
FPL Group, Inc., Company Guarantee, 7.625%, 9/15/2006		1,600,000		1,673,288
				3,972,642
Energy - 1.1%
Marathon Oil Corp., Note, 5.375%, 6/1/2007		1,500,000		1,533,222
Entertainment - 1.1%
AOL Time Warner, Inc., Note, 6.125%, 4/15/2006 (1)		1,610,000		1,640,656
Financial Services - 3.4%
Allstate Financial Global, Note, (Series 144A), 7.125%, 9/26/2005 (1) (7)		750,000		758,201
Cendant Corp., Unsecured Note, 6.875%, 8/15/2006		1,550,000		1,599,009
MBNA Corp., 6.250%, 1/17/2007		1,290,000		1,329,025

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Financial Services (continued)
National City Bank, Indiana, Note, 2.375%, 8/15/2006	$	1,275,000	$	1,251,043
				4,937,278
Forest Products & Paper - 0.3%
Reed Elsevier, Inc., Company Guarantee, 6.125%, 8/1/2006		490,000		499,130
Industrial Services - 3.0%
Dayton-Hudson Corp., Note, 7.500%, 7/15/2006		1,700,000		1,761,429
FedEx Corp., Note, 2.650%, 4/1/2007		2,200,000		2,143,610
Tyco International Group, Note, 5.800%, 8/1/2006		410,000		417,952
				4,322,991
Insurance - 2.5%
HSB Capital I, Company Guarantee, 4.051%, 7/15/2027 (4)		2,430,000		2,432,940
MGIC Investment Corp., Sr. Note, 6.000%, 3/15/2007		1,100,000		1,136,894
				3,569,834
Leasing - 0.7%
General Electric Capital Corp., 5.350%, 3/30/2006		1,000,000		1,012,649
Media - 1.1%
Cox Communications, Inc., 7.750%, 8/15/2006		1,500,000		1,557,257
Other Financial - 0.8%
National Rural Utilities Cooperative Finance Corp., Note, 3.000%, 2/15/2006		1,200,000		1,194,430
Personal Credit - 4.6%
Ford Motor Credit Co., Sr. Note, 4.950%, 1/15/2008		2,300,000		2,181,582
Ford Motor Credit Co., Note, 7.600%, 8/1/2005		780,000		784,187
Ford Motor Credit Co., Note, 6.875%, 2/1/2006		1,100,000		1,112,542
General Motors Acceptance Corp., Note, 6.125%, 9/15/2006 (1)		2,600,000		2,591,714
				6,670,025

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Real Estate - 3.3%
Duke Realty Corp., Note, 3.350%, 1/15/2008	$	1,500,000	$	1,458,888
Kimco Realty Corp., Note, Series MTN, 7.460%, 5/29/2007		1,700,000		1,816,244
Vornado Realty Trust, Bond, 5.625%, 6/15/2007		1,500,000		1,546,097
				4,821,229
Short-Term Business Credit - 0.9%
CIT Group, Inc., Sr. Note, 4.125%, 2/21/2006		1,275,000		1,278,812
Telecommunications - 1.4%
British Telecommunication PLC, Note, 7.875%, 12/15/2005		570,000		582,691
France Telecommunications, Note, 7.450%, 3/1/2006		570,000		585,148
Verizon Global Funding, Note, 6.750%, 12/1/2005 (1)		810,000		822,398
				1,990,237
Total Corporate Bonds & Notes (identified cost $54,100,676)				53,508,769
Government Agencies - 9.1%
Federal Home Loan Mortgage Company - 5.6%
Federal Home Loan Mortgage Company, Note, 4.250%, 6/15/2005		5,000,000		5,001,650
4.300%, 5/5/2008		3,000,000		3,014,910
				8,016,560
Federal National Mortgage Association - 3.5%
Federal National Mortgage Association, Note, 5.500%, 2/15/2006 (1)		5,000,000		5,063,860
Total Government Agencies (identified cost $13,039,537)				13,080,420
Mortgage Backed Pass-Through Securities - 1.3%
Federal Home Loan Mortgage Corporation - 0.1%
9.000%, 7/1/2014		47,475		49,458
11.000%, 8/1/2019		114,048		124,908
				174,366
Federal National Mortgage Association - 1.1%
7.000%, 12/1/2015		288,545		303,272
7.500%, 9/1/2015		347,985		369,100
8.000%, 8/1/2007		540		558
8.000%, 5/1/2008		75,774		77,510
9.000%, 7/1/2009		52,544		55,440
9.500%, 12/1/2024		85,493		94,883
9.500%, 1/1/2025		38,754		43,010
9.500%, 1/1/2025		153,931		171,233

Description	Shares or Principal Amount		Value
Mortgage Backed Pass-Through Securities (continued)
Federal National Mortgage Association (continued)
9.500%, 1/1/2025	$	105,610	$	117,210
10.000%, 7/1/2020		105,085		119,157
11.000%, 12/1/2015		253,583		280,523
				1,631,896
Government National Mortgage Association - 0.1%
9.000%, 12/15/2019		97,681		107,114
Total Mortgage Backed Pass-Through Securities (identified cost $1,858,862)				1,913,376
Mutual Funds - 4.1%
Eaton Vance Institutional Senior Loan (identified cost $6,000,000) (7)		645,161		5,972,600
Total Investments in Securities - 87.3% (identified cost $127,089,355)				125,863,901
Collateral Pool Investment for Securities on Loan - 4.0%
(See Note 2 of the Schedule of Investments) (amortized cost $5,835,999)				5,835,999
Repurchase Agreements - 12.3%
Agreement with Morgan Stanley & Co, Inc., 3.050%, dated 5/31/2005, to be repurchased at $17,788,205 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 6/12/2013, with a market value of $18,559,113 (at amortized cost)	$	17,786,698		17,786,698
Total Investments - 103.6% (identified cost $150,712,052)				149,486,598
Other Assets & Liabilities - (3.6)%				(5,259,076	)
Total Net Assets - 100.0%			$	144,227,522

(See Notes which are an integral part of the Schedule of Investments)

Government Money Market Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Principal Amount		Value
Government Agencies - 58.4%
Federal Home Loan Bank - 20.2%
Federal Home Loan Bank, 2.250%, 6/23/2005	$	1,000,000	$	999,937
Federal Home Loan Bank, 1.750%, 8/15/2005		4,220,000		4,215,562
Federal Home Loan Bank, 3.000%, 8/15/2005		3,000,000		3,004,837
Federal Home Loan Bank, 3.174%, 8/26/2005		21,600,000		21,596,588
Federal Home Loan Bank, 2.375%, 11/1/2005		2,000,000		1,997,918
Federal Home Loan Bank, 2.400%, 3/17/2006		200,000		198,090
Federal Home Loan Bank, 2.060%, 4/24/2006		500,000		492,891
Federal Home Loan Bank, 2.750%, 5/15/2006		310,000		307,353
				32,813,176
Federal Home Loan Mortgage Corporation - 0.9%
Federal Home Loan Mortgage Corp., 2.375%, 4/15/2006		1,050,000		1,038,619
Federal Home Loan Mortgage Corp., 1.950%, 4/26/2006		500,000		492,370
				1,530,989
Federal National Mortgage Association - 37.3%
Federal National Mortgage Association, 3.005%, 7/6/2005		40,000,000		39,998,758
Federal National Mortgage Association, 2.990%, 8/17/2005 (4)		20,000,000		19,998,340
Federal National Mortgage Association, 2.625%, 4/28/2006		500,000		495,366
				60,492,464
Total Government Agencies				94,836,629

Description	Principal Amount		Value
Repurchase Agreements - 41.7%
Agreement with Deutsche Bank Alex Brown, Inc., 3.050%, dated 5/31/2005, to be repurchased at $20,001,694 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 5/13/2011, with a market value of $20,400,605	$	20,000,000	$	20,000,000
Agreement with Morgan Stanley & Co., Inc., 3.050%, dated 5/31/2005, to be repurchased at $16,001,356 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 3/13/2006, with a market value of $18,447,874		16,000,000		16,000,000
Agreement with State Street Bank & Trust Co., Inc., 2.920%, dated 5/31/2005, to be repurchased at $11,688,899 on 6/1/2005, collateralized by a U.S. Government Agency Obligation with a maturity of 8/15/2005, with a market value of $11,926,699		11,687,951		11,687,951
Agreement with Wachovia Capital, LLC, 3.020%, dated 5/31/2005, to be repurchased at $20,001,678 on 6/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 12/20/2019, with a market value of $20,401,337		20,000,000		20,000,000
Total Repurchase Agreements				67,687,951
Total Investments - 100.1% (at amortized cost)				162,524,580
Other Assets & Liabilities - (0.1%)				(163,270	)
Total Net Assets - 100.0%			$	162,361,310

(See Notes which are an integral part of the Schedule of Investments)

Money Market Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Principal Amount		Value
Certificate of Deposit - 1.5%
Banks - 1.5%
Associated Bank, 3.260%, 8/24/2005	$	50,000,000	$	50,000,000
Total Certificate of Deposit				50,000,000
Collateralized Loan Agreements - 9.5%
Banking - 5.9%
Deutsche Bank Alex Brown, Inc., 3.123%, 06/01/2005		100,000,000		100,000,000
Wachovia, Inc., 3.130%, 06/01/2005		100,000,000		100,000,000
				200,000,000
Brokerage - 3.6%
Morgan Stanley & Co., Inc., 3.123%, 06/01/2005		100,000,000		100,000,000
Morgan Stanley & Co., Inc., 3.050%, 06/01/2005		25,000,000		25,000,000
				125,000,000
Total Collateralized Loan Agreements				325,000,000
Commercial Paper - 22.3%
Asset-Backed - 11.1%
Crown Point Capital Co., 144A, 3.170%, 8/08/2005 (7) (8)		25,000,000		24,850,306
Lexington Parker, 144A, 3.160%, 8/23/2005 (7) (8)		36,815,000		36,549,088
Lexington Parker, 144A, 3.370%, 10/20/2005 (7) (8)		35,018,000		34,555,792
Liberty Light, 144A (MTN), 3.055%, 7/15/2005 (4) (7) (8)		43,000,000		42,999,076
Liquid Funding Ltd., 144A, 2.850%, 6/01/2005 (7) (8)		50,000,000		50,000,000
Liquid Funding Ltd., 144A, 3.070%, 10/26/2005 (4) (7) (8)		50,000,000		50,000,000
Thunder Bay, 144A, 2.960%, 6/09/2005 (7) (8)		40,282,000		40,255,504
World Omni Vehicle Leasing, Inc., 144A 3.060%, 6/22/2005 (7) (8)		50,000,000		49,910,750
World Omni Vehicle Leasing, Inc., 144A 3.060%, 6/23/2005 (7) (8)		50,000,000		49,906,500
				379,027,016
Broker/Dealers - 0.7%
Goldman Sachs Group, Inc., 144A, 3.160%, 7/29/2005 (4) (7) (8)		25,000,000		25,000,000
Diversified - 4.3%
Sigma Financial, Inc., 3.170%, 8/04/2005 (7) (8)		50,000,000		49,718,222
Sigma Financial, Inc., 144A, 2.910%, 12/05/2005 (4) (7) (8)		50,000,000		49,994,489

Description	Principal Amount		Value
Commercial Paper (continued)
Diversified (continued)
Tannehill Capital Co., 3.085%, 8/16/2005 (7) (8)	$	45,500,000	$	45,202,154
				144,914,865
Foreign Banks - 0.7%
Northern Rock PLC, 3.030%, 7/08/2005 (7) (8)		24,000,000		23,925,260
Insurance - 2.5%
Torchmark Corp., 3.060%, 6/03/2005		13,000,000		12,997,790
Torchmark Corp., 3.060%, 6/08/2005		13,200,000		13,192,146
Torchmark Corp., 3.050%, 6/10/2005		25,000,000		24,980,938
Torchmark Corp., 3.040%, 6/14/2005		25,000,000		24,972,556
Torchmark Corp., 3.040%, 6/20/05		10,000,000		9,983,956
				86,127,386
Short-Term Business Credit - 1.1%
CIT Group, Inc., 2.810%, 6/14/2005		25,000,000		24,974,632
CIT Group, Inc., 3.270%, 9/20/2005		14,500,000		14,353,804
				39,328,436
Telecommunications - 1.9%
SBC Communications, 3.150%, 7/18/2005 (7) (8)		64,420,000		64,155,073
Total Commercial Paper				762,478,036
Corporate Bonds - 5.1%
Automotive - 2.8%
BMW US Capital LLC, 144A, 4.231%, 6/07/2006 (7) (8)		95,000,000		95,244,922
Banks - 0.6%
Wells Fargo & Co., 7.250%, 8/24/2005		17,995,000		18,842,924
Leasing - 0.4%
International Lease Finance Corp., (Series MTNO) 4.000%, 1/17/2006		13,043,000		13,067,844
Personal Credit - 0.5%
Household Financial Corp., 8.875%, 2/15/2006		15,966,000		16,572,034
Short-Term Business Credit - 0.1%
Citicorp Lease, 144A, 7.220%, 6/15/2005 (7) (8)		5,203,289		5,212,184

Description	Principal Amount		Value
Corporate Bonds (continued)
Student Loans - 0.7%
SLM Corporate, (Series MTNA), 2.496%, 7/01/2005	$	25,000,000	$	25,004,264
Total Corporate Bonds				173,944,172
Notes - Variable - 60.2%
Automobiles - 0.6%
BMW US Capital LLC, 144A, 3.170%, 6/24/2005 (4) (7) (8)		20,000,000		20,001,498
				20,001,498
Banks - 4.0%
First Tennessee Bank, (Series CD) 2.990%, 3/21/2006 (4)		20,500,000		20,493,466
JP Morgan Chase & Co., 3.091%, 1/01/2020 (4)		20,000,000		20,000,000
SMM Trust, (Series 2004-H), 144A, 3.053%, 9/23/2005 (4) (7) (8)		12,974,359		12,974,359
SMM Trust, (Series 2004-M), 144A, 3.130%, 1/10/2006 (4) (7) (8)		8,536,000		8,536,000
Washington Mutual, Inc., (Series CD1) 3.190%, 5/31/2006 (4)		50,000,000		50,000,000
Westpac Bank NY, (Series MTN) 2.990%, 4/11/2006 (4)		25,000,000		25,002,096
				137,005,921
Broker/Dealers - 14.9%
Bank of America Securities, LLC, 2.920%, 8/29/2005 (4)		100,000,000		100,000,000
Bear Stearns Master Note, 2.900%, 8/29/2005 (4)		100,000,000		100,000,000
Credit Suisse First Boston USA, Inc., (Series YCD), 3.153%, 7/08/2005 (4)		65,000,000		65,003,975
Credit Suisse First Boston USA, Inc., (Series YCD), 3.170%, 7/21/2005 (4)		20,000,000		20,001,196
Credit Suisse First Boston USA, Inc., (Series YCD), 3.110%, 12/29/2005 (4)		13,100,000		13,102,285
First Clearing, LLC, 3.160%, 6/06/2005 (4)		50,000,000		50,000,000
Goldman Sachs Group, Inc., 144A, (Series MTN), 3.160%, 05/15/2006 (4) (7) (8)		75,000,000		75,041,536
Merrill Lynch & Co., Inc., (Series MTNB), 3.350%, 9/21/2005 (4)		56,000,000		56,056,421
Merrill Lynch & Co., Inc., (Series MTN5), 3.240%, 7/11/2006 (4)		20,000,000		20,000,000
Merrill Lynch & Co., Inc., (Series MTNB), 2.490%, 5/5/2006		8,775,000		8,674,436
				507,879,849
Foreign Banks - 12.5%
Bos Intl Aust., (Series EMTN) 3.080%, 3/17/2006 (4)		10,000,000		10,004,116
Deka Bank, 144A, 3.187%, 3/15/2006 (4) (7) (8)		100,000,000		100,000,000

Description	Principal Amount		Value
Notes - Variable (continued)
Foreign Banks (continued)
Depfa-Bank PLC, 144A, 2.990%, 12/15/2005 (4) (7) (8)	$	50,000,000	$	50,000,000
HBOS Treasury Services, PLC, 144A, (Series MTN), 3.000%, 6/10/2005 (4) (7) (8)		10,000,000		10,000,197
HBOS Treasury Services, PLC, 144A, (Series MTN), 3.330%, 6/20/2006 (4) (7) (8)		30,000,000		30,000,000
Northern Rock PLC, 144A, 3.170%, 7/13/2005 (4) (7) (8)		25,550,000		25,551,087
Northern Rock PLC, 144A, 3.000%, 4/07/2006 (4) (7) (8)		50,000,000		50,000,000
Spintab-Swedmortgage AB, 3.180%, 7/27/2005 (4)		50,500,000		50,501,703
Westlb AG NY, 144A, 3.100, 4/04/2006 (4) (7) (8)		100,000,000		100,000,000
				426,057,103
Industrial Services - 2.9%
Caterpillar Financial Services Corp., (Series MTNF), 3.250%, 7/09/2005 (4)		75,000,000		75,000,000
Caterpillar Financial Services Corp., (Series MTNF), 3.328%, 8/15/2005 (4)		25,000,000		25,004,890
				100,004,890
Insurance - 11.9%
AIG SunAmerica Institutional Funding II, (Series EMTN), 3.140%, 9/14/2005 (4)		45,000,000		45,019,729
American General Finance., (Series MTNH) 3.120% 3/29/2006 (4)		61,225,000		61,254,797
GE Capital Assurance Co., 144A, 3.205%, 4/20/2006 (4) (7) (8)		75,000,000		75,000,000
Metropolitan Life Insurance Co., 2.950%, 6/01/2005 (4)		65,000,000		65,000,000
Metropolitan Life Insurance Co., 144A, 3.379%, 8/26/2005 (4) (7) (8)		35,000,000		35,008,821
Monumental Life Insurance Co., 144A, 3.160%, 10/14/2005 (4) (7) (8)		10,000,000		10,000,000
Monumental Life Insurance Co., 144A, 3.410%, 11/01/2005 (4) (7) (8)		40,000,000		40,000,000
Monumental Life Insurance Co., 3.170%, 11/04/2005 (4)		25,000,000		25,000,000
Travelers Insurance Co., 144A, 3.260%, 2/01/2006 (4) (7) (8)		50,000,000		50,000,000
				406,283,347
Mortgage Banking - 1.5%
Countrywide Home Loans, (Series MTNM), 3.389%, 8/26/2005 (4)		18,350,000		18,349,243
Countrywide Home Loans, (Series MTNL), 3.420%, 2/17/2006 (4)		33,730,000		33,746,149
				52,095,392

Description	Principal Amount		Value
Notes - Variable (continued)
Personal Credit - 4.2%
American Honda Finance Corp., 144A, 3.029%, 9/08/2005 (4) (7) (8)	$	30,000,000	$	30,006,624
American Honda Finance Corp., 144A, 3.080%, 10/12/2005 (4) (7) (8)		40,000,000		40,000,000
American Honda Finance Corp., 144A, 3.215%, 10/20/2005 (4) (7) (8)		25,000,000		25,009,902
Associates First Capital Corp., 3.190%, 6/27/2005 (4)		50,000,000		50,000,000
				145,016,526
Short-Term Business Loans - 1.8%
CIT Group, Inc., (Series MTN), 3.440%, 11/04/2005 (4)		60,350,000		60,413,291
Student Loans - 2.2%
SLM Corp., (Series MTNA), 3.090%, 8/15/2005 (4)		40,000,000		40,009,401
SLM Corp., 144A, (Series MTN), 3.119%, 6/30/2006 (4) (7) (8)		15,000,000		15,001,099
SLM Corp, (MTNA) 3.210%, 3/15/2006 (4)		20,000,000		20,034,736
				75,045,236
Telecommunications - 2.2%
Verizon Global Funding, 144A, 3.120%, 10/14/2005 (4) (7) (8)		75,000,000		75,000,000
Toiletries - 1.5%
Procter & Gamble Co., 144A, 2.930%, 7/10/2006 (4) (7) (8)		50,000,000		50,000,000
Total Notes - Variable				2,054,803,053
Repurchase Agreements - 2.7%
Agreement with State Street Bank & Trust Co., Inc., 2.920%, dated 5/31/2005 to be repurchased at $91,224,936 on 6/1/2005, collateralized by a U.S. Government Agency Obligation with maturity of 8/15/2005, with a market value of $93,042,260	$	91,217,538		91,217,538
Total Investments - 101.3% (at amortized cost)				3,457,442,799
Other Net Liabilities less Assets - (1.3)%				(44,805,357	)
Total Net Assets - 100.0%			$	3,412,637,442

(See Notes which are an integral part of the Schedule of Investments)

Tax-Free Money Market Fund

Schedule of Investments

May 31, 2005 (UNAUDITED)

Description	Principal Amount		Value
Municipals - 99.2%
Alaska - 2.3%
Valdez Alaska Marine Term., Refunding Revenue Bonds (Series B), 2.980%, 7/1/2037 (4)	$	3,300,000	$	3,300,000
Arizona - 5.5%
Arizona School Facilities Board, Certificate Participation, 2.990%, 9/1/2017 (4)		2,900,000		2,900,000
Northern Arizona Cap. Facilities Financial Corp. Student Housing, Revenue Bonds (Series A), 3.070%, 8/1/2033 (4)		5,200,000		5,200,000
				8,100,000
California - 3.3%
California State Public Works Board, Revenue Bonds (Series 413), 2.990%, 12/1/2011 (4)		1,100,000		1,100,000
Golden State Tobacco Securitization Corp., California Tobacco Settlement, Revenue Bonds (Series 726), 2.990%, 12/1/2010 (4)		1,795,000		1,795,000
Northern California Power Agency Public Power, Revenue Bonds, (Series SSP 35A), 3.030%, 7/1/2028 (4)		2,000,000		2,000,000
				4,895,000
Colorado - 3.3%
Broomfield Colorado, Certificate Participation, 2.990%, 12/1/2008 (4)		20,000		20,000
Denver Colorado City & County, Certificate Participation 2.980%, 12/1/2029 (4)		1,600,000		1,600,000
Denver Colorado City & County Excise Tax, Revenue Bonds, 3.030%, 9/1/2025 (4)		3,200,000		3,200,000
				4,820,000
Delaware - 3.0%
Delaware State Economic Development Authority, Revenue Bonds (Series B), 3.100%, 12/1/2032 (4)		4,400,000		4,400,000
Florida - 10.3%
Broward County Florida Health Facilities Authority, Revenue Bonds, 3.100%, 9/1/2032 (4)		2,045,000		2,045,000
Collier County Florida School Board, Certificate Participation, 2.990%, 2/15/2021 (4)		2,225,000		2,225,000

Description	Principal Amount		Value
Municipals (continued)
Florida (continued)
Florida State Board of Education Lottery, Revenue Bonds (Series 222Z), 3.000%, 7/1/2017 (4)	$	5,000,000	$	5,000,000
Pinellas County, Florida Industrial Development Authority, Revenue Bonds, 3.020%, 7/1/2024 (4)		2,500,000		2,500,000
St. Lucie County Florida Pollution Control, Revenue Bonds, 3.020%, 9/1/2028 (4)		3,325,000		3,325,000
				15,095,000
Georgia - 2.6%
Bibb County, Georgia Development Authority, Revenue Bonds, 3.030%, 6/1/2026 (4)		290,000		290,000
Burke County Georgia Development Authority Pollution Control, Revenue Bonds, 2.990%, 1/1/2021 (4)		2,000,000		2,000,000
Clayton County Georgia Housing Authority, Multifamily Housing, Revenue Bonds, 2.990%, 1/1/2021 (4)		565,000		565,000
De Kalb County, Georgia Development Authority, Revenue Bonds, 3.020%, 10/1/2022 (4)		960,000		960,000
				3,815,000
Illinois - 11.6%
Chicago, Illinois Tender Notes 2.300%, 2/2/2007 (4)		1,000,000		1,000,000
Illinois Health Facilities Authority, Revenue Bonds (Series B), 3.020%, 11/15/2029 (4)		900,000		900,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series A), 3.100%, 12/1/2020 (4)		9,000,000		9,000,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series B), 3.190%, 12/1/2020 (4)		2,000,000		2,000,000
Phoenix Realty SPL Account-U LP Illinois, Multifamily, Refunding Revenue Bonds, 3.190%, 4/1/2020 (4)		4,075,000		4,075,000
				16,975,000
Indiana - 0.3%
Dekko Foundation Educational Facilities Tax Exempt Income Trust, Ctfs of Ownership (Series 1), 3.160%, 4/1/2021 (4)		200,000		200,000
Indiana State Educational Facilities Authority, Revenue Bonds, 3.060%, 12/1/2029		200,000		200,000
				400,000

Description	Principal Amount		Value
Municipals (continued)
Kansas - 0.5%
Kansas State Turnpike Authority, Revenue Bonds, 3.000%, 3/1/2015 (4)	$	730,000	$	730,000
Louisiana - 0.5%
Lafayette Parish Louisiana Industrial Development Board Inc., Revenue Bonds, 3.060%, 12/15/2014 (4)		755,000		755,000
Maryland - 1.4%
Anne Arundel County, Maryland Economic, Revenue Bonds, 3.120%, 12/1/2015 (4)		2,000,000		2,000,000
Michigan - 0.7%
Greater Detroit Res Recovery Authority Michigan, Revenue Bonds (Series 167Z), 3.000%, 12/13/2008 (4)		1,000,000		1,000,000
Minnesota - 2.5%
Burnsville Minnesota Housing, Revenue Bonds (Series A), 3.210%, 1/1/2045 (4)		2,000,000		2,000,000
Coon Rapids, Minnesota Hospital, Revenue Bonds, 3.050%, 8/1/2015 (4)		1,700,000		1,700,000
				3,700,000
Mississippi - 2.0%
Mississippi Development Bk Special Obligation, Revenue Bonds, 2.990%, 8/1/2010 (4)		3,000,000		3,000,000
Montana - 2.6%
Montana State Health Facility Authority Facility, Refunding Revenue Bonds (Series FX 1), 3.170%, 2/15/2016 (4)		3,855,000		3,855,000
New Hampshire - 1.6%
New Hampshire Health & Education Facilities Authority, Revenue Bonds, 3.080%, 6/1/2031 (4)		2,280,000		2,280,000
New Jersey - 1.9%
New Jersey State Turnpike Authority, Revenue Bonds, 3.070%, 1/1/2010 (4)		2,800,000		2,800,000
New York - 7.4%
Cayuga County, New York Hospital Impt Corp., Certificate Participation (Series L1-Reg D), 3.120%, 1/1/2021 (4)		2,205,000		2,205,000
New York State Tollway Authority, Second General Highway & Bridge Trust Fund, Revenue Bonds, 3.070%, 4/1/2015 (4)		3,655,000		3,655,000

Description	Principal Amount		Value
Municipals (continued)
New York (continued)
Tobacco Settlement Financing Corp. New York, Revenue Bonds, (Series 376), 3.000%, 6/1/2009 (4)	$	4,995,000	$	4,995,000
				10,855,000
North Carolina - 0.1%
North Carolina Medical Care Community Health Care Facilities, Revenue Bonds, 3.070%, 7/1/2017 (4)		200,000		200,000
Ohio - 3.2%
Montgomery County, Ohio Industrial Development, Refunding Revenue Bonds, 3.060%, 10/1/2009 (4)		4,700,000		4,700,000
Pennsylvania - 7.0%
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds, 3.060%, 7/1/2010 (4)		3,100,000		3,100,000
Bucks County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.070%, 9/1/2019 (4)		1,405,000		1,405,000
Lehigh County Pennsylvania Industrial Development Authority, Pollution Control, Revenue Bonds, 3.050%, 12/1/2015 (4)		100,000		100,000
Montgomery County, Pennsylvania Industrial Development Authority Retirement Community, Revenue Bonds, 3.010%, 11/15/2029 (4)		5,600,000		5,600,000
				10,205,000
Tennessee - 5.3%
Metropolitan Government Nashville & Davidson County Tennessee Health & Education Facilities Board, Revenue Bonds, 2.970%, 12/1/2027 (4)		3,500,000		3,500,000
Metropolitan Government Nashville & Davidson County Tennessee Indl. Development Board, Revenue Bonds, 2.750%, 12/1/2014 (4)		1,300,000		1,300,000
Rutherford County, Tennessee Industrial Development Board, Revenue Bonds, 3.060%, 7/1/2010 (4)		1,000,000		1,000,000
Tennergy Corp. Tennessee Gas, Revenue Bonds, 5.000%, 6/1/2005 (4)		2,000,000		2,000,000
				7,800,000
Texas - 11.2%
Alief Texas Independent School District, General Obligation UT, 2.990%, 2/15/2025 (4)		5,000,000		5,000,000
Dallas, Texas Waterworks & Sewer System, Revenue Bonds, 4.000%, 10/1/2005		1,000,000		1,007,762

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
San Antonio Texas Municipal Drain Utility System, Revenue Bonds, (Series 1089), 3.000%, 2/1/2030 (4)	$	2,030,000	$	2,030,000
Strategic Housing Financial Corp., Travis County, Texas Lease Pur., Revenue Bonds, 3.120%, 1/1/2010 (4)		5,400,000		5,400,000
Tarrant County, Texas Health Facilities Development Corp., Revenue Bonds (Series 173), 3.060%, 11/15/2008 (4)		2,415,000		2,415,000
Victoria Texas Health Facilities Development Corp. Healthcare System, Revenue Bonds, 3.010%, 9/1/2027 (4)		535,000		535,000
				16,387,762
Utah - 2.3%
Carbon County Utah Pollution Control, Revenue Bonds, 2.980%, 11/1/2024 (4)		2,090,000		2,090,000
Eagle Mountain, Utah Gas & Electric, Refunding Revenue Bonds, 2.980%, 12/1/2025 (4)		1,270,000		1,270,000
				3,360,000
Virginia - 0.8%
Suffolk, Virginia Redevelopment & Housing Authority Multi-Family Housing, Revenue Bonds, 3.070%, 9/1/2019 (4)		1,105,000		1,105,000
Washington - 0.6%
Energy Northwest Washington Elec., Revenue Bonds, (Series 255Z) 3.000%, 7/1/2018 (4)		400,000		400,000
Washington State Health Care Facilities Authority, Revenue Bonds, (Series L26J-Reg D), 3.070%, 12/1/2005 (4)		425,000		425,000
				825,000
West Virginia - 0.7%
Clarksburg West Virginia Water, Revenue Bonds, 3.000%, 9/1/2005		1,035,000		1,035,458
Wisconsin - 3.3%
Highland Wisconsin School District Notes, 3.500%, 12/20/2005		1,500,000		1,502,485
Wisconsin Health & Educational Facilities, Authority Health Facilities, Revenue Bonds, 2.980%, 8/15/2034 (4)		3,100,000		3,100,000
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 3.060%, 5/1/2026 (4)		200,000		200,000
				4,802,485

Description	Shares or Principal Amount		Value
Wyoming - 1.4%
Albany County, Wyoming Impts Stat Tr., Certificate Participation, 3.000%, 7/15/2005	$	350,000	$	350,363
Uinta County Wyoming Pollution Control, Revenue Bonds, 2.970%, 8/15/2020 (4)		1,700,000		1,700,000
				2,050,363
Total Municipals				145,246,068
Mutual Funds - 0.2%
Federated Tax-Free Obligations Fund		241,814		241,814
Total Mutual Funds				241,814
Total Investments - 99.4% (at amortized cost)				145,487,882
Other Net Assets and Liabilities - 0.6%				909,437
Total Net Assets - 100.0%			$	146,397,319

(See Notes which are an integral part of the Schedule of Investments)

Note: The categories of investments are shown as a percentage of total net assets for each Fund as of May 31, 2005.

(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 May 31, 2005.

(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 May 31, 2005, these securities amounted to:

	Amount		% of Total Net Assets
Government Income	$	597,724	0.14	%
Intermediate Bond	$	59,509,087	9.28	%
Short-Term Income	$	6,730,801	4.67	%
Money Market	$	1,664,610,443	48.78	%

(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 10.24% 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 May 31, 2005, 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	$	36,979,249	$	38,211,071	$	38,211,071
Large-Cap Growth & Income		33,630,432		34,750,701		34,750,701
Mid-Cap Value		65,568,468		67,752,631		67,752,631
Mid-Cap Growth		32,758,700		33,849,931		33,849,931
Small-Cap Growth		37,217,651		38,457,415		38,457,415
International Stock		59,716,260		61,705,479		61,705,479
Government Income		75,038,011		77,537,616		77,537,616
Intermediate Bond		87,837,197		90,763,158		90,763,158
Short-Term Income		5,647,862		5,835,999		5,835,999

Individual reinvested cash collateral jointly pooled with collateral received from other loans of the securities lending at

May 31, 2005 are 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 Fd II		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
American Express Credit		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
Bayerische Landesbank		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
Bear Stearns Co. FRN		1,276,926		1,161,288		2,264,137		1,131,187		1,285,158		2,062,055		2,591,128		3,033,095		195,026		15,000,000
BMW US Cap LLC		1,872,825		1,703,223		3,320,734		1,659,074		1,884,899		3,024,347		3,800,322		4,448,540		286,038		22,000,000
Canadian Imperial Bank		1,276,926		1,161,288		2,264,137		1,131,187		1,285,158		2,062,055		2,591,128		3,033,095		195,026		15,000,000
CIT Group Inc.		1,704,970		1,550,569		3,023,108		1,510,377		1,715,962		2,753,286		3,459,712		4,049,833		260,401		20,028,217
First Clearing LLC		766,156		696,773		1,358,482		678,712		771,095		1,237,233		1,554,677		1,819,857		117,015		9,000,000
GE Capital Corp MTN		1,276,926		1,161,288		2,264,137		1,131,187		1,285,158		2,062,055		2,591,128		3,033,095		195,026		15,000,000
Goldman Sachs FRN		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
HBOS Treasury Services PLC		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
HSBC Finance Corp.		1,276,926		1,161,288		2,264,137		1,131,187		1,285,158		2,062,055		2,591,128		3,033,095		195,026		15,000,000
IBM Corp.		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
J.P. Morgan Repo		2,128,210		1,935,481		3,773,561		1,885,311		2,141,930		3,436,758		4,318,547		5,055,159		325,043		25,000,000
Jackson National Life Global		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
Merrill Lynch FRN		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
Metlife Insurance FA		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
Monumental Life FA		1,276,926		1,161,288		2,264,137		1,131,187		1,285,158		2,062,055		2,591,128		3,033,095		195,026		15,000,000
Northern Rock PLC		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
Provident Money Market Fund		499,531		454,294		885,726		442,518		502,751		806,672		1,013,644		1,186,541		76,294		5,867,970
Prudential Funding		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
RMAC 2004-NS2A A1		1,444,443		1,313,635		2,561,163		1,279,584		1,453,755		2,332,571		2,931,052		3,431,000		220,611		16,967,814
SLM Corp		1,702,568		1,548,384		3,018,849		1,508,249		1,713,544		2,749,406		3,454,838		4,044,127		260,034		20,000,000
Wells Fargo & Co.		851,284		774,192		1,509,424		754,124		856,772		1,374,703		1,727,419		2,022,064		130,017		10,000,000
Westlb AG NY FRN		1,276,926		1,161,288		2,264,137		1,131,187		1,285,158		2,062,055		2,591,128		3,033,095		195,026		15,000,000
Westpac Bank NY		851,284		774,192		1,509,424		754,124		856,772		1,374,703		1,727,419		2,022,064		130,017		10,000,000
	$	38,211,071	$	34,750,701	$	67,752,631	$	33,849,931	$	38,457,415	$	61,705,479	$	77,537,616	$	90,763,158	$	5,835,999	$	448,864,001

(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	345,586,769	43,200,295	(8,162,800	)	35,037,495
Large-Cap Growth & Income Fund	261,524,025	32,939,843	(9,489,759	)	23,450,084
Mid-Cap Value Fund	565,845,358	111,301,155	(11,889,609	)	99,411,546
Mid-Cap Growth Fund	189,390,083	24,095,933	(2,108,558	)	21,987,375
Small-Cap Growth Fund	178,733,363	18,539,011	(4,478,399	)	14,060,612
International Stock Fund	442,143,713	43,540,276	(16,057,024	)	27,483,252
Government Income Fund	636,069,706	6,501,745	(421,310	)	6,080,435
Intermediate Bond Fund	778,113,958	9,215,621	(3,806,948	)	5,408,673
Intermediate Tax-Free Fund	91,411,546	3,112,519	(98,931	)	3,013,588
Short-Term Income Fund	150,712,052	308,340	(1,533,794	)	(1,225,454	)
Government Money Market Fund*	162,524,580	—	—		—
Money Market Fund*	3,457,442,799	—	—		—
Tax-Free Money Market Fund*	145,487,882	—	—		—

* at amortized cost

At May 31, 2005, the Equity Income Fund had the following outstanding options:

Contract	Type	Expiration Date	Exercise Price		Number of Contracts	Market Value			Unrealized Appreciation (Depreciation)
Autodesk	Call	October 2005	$	40.00	200	$	(60,000	)	$	(38,475	)
Conoco Phillips	Call	August 2005		62.50	100		(5,500	)		4,700
Conoco Phillips	Call	August 2005		60.00	100		(11,500	)		5,199
Dr. Horton Inc.	Call	August 2005		37.50	180		(27,531	)		(1,778	)
Nordstrom, Inc.	Call	July 2005		30.00	350		(96,250	)		(68,076	)
Abercrombie & Fitch	Put	August 2005		45.00	150		(7,500	)		7,075
Federal National Mortgage Association	Put	January 2006		40.00	550		(30,250	)		13,898
Qualcomm Inc.	Put	October 2005		35.00	200		(29,000	)		(1,011	)
Net Unrealized Depreciation on Written Options Contracts:				1,830					$	(78,468	)

At May 31, 2005, the Small Cap Growth Fund had the following outstanding futures:

Contract	Type	Expiration Date	Number of Contracts	Original Value		Unrealized Appreciation (Depreciation)
Russell Mini Index	Future	June 2005	125	$	7,356,080	360,170

At May 31, 2005, the Mid Cap Growth Fund had the following outstanding futures:

Contract	Type	Expiration Date	Number of Contracts	Original Value		Unrealized Appreciation (Depreciation)
Nasdaq 100 E-Mini	Future	June 2005	201	$	6,201,588	9,312

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 May 31, 2005 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

July 22, 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

July 22, 2005

/s/ Joseph P. Bree

Joseph P. Bree

Treasurer

July 22, 2005