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)

111 East Kilbourn Avenue Milwaukee, WI	53202
(Address of principal executive offices)	(Zip code)

John M. Blaser

M&I Investment Management Corp.

111 East Kilbourn Avenue

Milwaukee, WI 53202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (800) 236-3863

Date of fiscal year end: August 31

Date of reporting period: November 30, 2005

Item 1. Schedule of Investments

Marshall Funds, Inc.

Schedule of Investments

November 30, 2005 (Unaudited)

Large-Cap Value Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Shares	Value
Common Stocks - 99.0%
Consumer Discretionary - 5.9%
Apparel & Accessories - 0.5%
Coach, Inc. (2)	46,700	$	1,607,881
Department Stores - 1.7%
J.C. Penny Co., Inc. (1)	88,200		4,627,854
Nordstrom, Inc.	25,900		955,192
			5,583,046
Education Services - 0.5%
Career Education Corp. (2)	44,100		1,644,930
Publishing & Printing - 0.5%
The McGraw-Hill Co., Inc.	33,700		1,787,785
Retail-Apparel - 0.3%
Chico’s FAS, Inc. (2)	25,900		1,142,449
Retail-Automotive - 0.2%
Advance Auto Parts, Inc. (1) (2)	15,600		660,504
Retail-Computer & Electronic - 0.4%
Best Buy Co., Inc.	25,900		1,249,416
Retail-Home Improvement - 0.5%
Home Depot, Inc.	38,900		1,625,242
Specialized Consumer Services - 0.5%
H&R Block, Inc.	70,000		1,710,800
Specialty Stores - 0.5%
Staples, Inc.	70,000		1,617,000
Tires & Rubber - 0.3%
The Goodyear Tire & Rubber Co. (1) (2)	64,800		1,110,024
Total Consumer Discretionary			19,739,077

Description	Shares	Value
Common Stocks (continued)
Consumer Staples - 6.7%
Agricultural Products - 1.3%
Archer-Daniels-Midland Co.	184,200	$	4,341,594
Distillers & Vintners - 1.4%
Brown-Forman Corp.	70,100		4,827,086
Household Products - 0.5%
The Clorox Co.	33,700		1,829,236
Packaged Foods/Meats - 0.5%
Wm. Wrigley Jr. Co. (1)	23,400		1,605,006
Personal Products - 0.5%
Avon Products, Inc.	57,100		1,561,685
Tobacco - 2.5%
Altria Group, Inc.	106,400		7,744,856
UST, Inc.	20,750		800,535
			8,545,391
Total Consumer Staples			22,709,998
Energy - 13.6%
Oil & Gas-Exploration and Production - 0.6%
Kerr-McGee Corp.	23,379		2,021,115
Oil & Gas-Integrated - 10.6%
Chevron Corp.	184,300		10,562,233
ConocoPhillips	166,000		10,044,660
Exxon Mobil Corp.	184,300		10,694,929
Marathon Oil Corp.	44,100		2,614,689
Murphy Oil Corp.	33,700		1,666,802
			35,583,313
Oil & Gas-Refining/Manufacturing - 2.4%
Sunoco, Inc. (1)	43,000		3,319,600
Valero Energy Corp.	50,000		4,810,000
			8,129,600
Total Energy			45,734,028
Financials - 36.8%
Asset Management & Custody Bank - 1.5%
Bank of New York Co., Inc., The	134,900		4,370,760
Northern Trust Corp.	13,000		684,970
			5,055,730
Diversified Banks - 3.6%
Wells Fargo & Co.	194,700		12,236,895

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Diversified Financial Services - 5.4%
Citigroup, Inc.	111,600	$	5,418,180
J. P. Morgan Chase & Co.	331,850		12,693,262
			18,111,442
Insurance-Life/Health - 1.4%
MetLife, Inc.	41,500		2,134,760
Prudential Financial, Inc.	33,800		2,616,120
			4,750,880
Insurance-Multi-Line - 0.3%
Unitrin, Inc.	20,800		985,920
Insurance-Property & Casualty - 5.3%
Chubb Corp. (1)	46,700		4,522,428
Cincinnati Financial Corp.	102,600		4,568,778
St. Paul Travelers Companies, Inc.	85,600		3,982,968
W. R. Berkley Corp.	99,900		4,657,338
			17,731,512
Investment Banking & Brokerage - 10.5%
A.G. Edwards, Inc.	25,900		1,141,413
Goldman Sachs Group, Inc.	70,100		9,040,096
Lehman Brothers Holdings Inc.	75,300		9,487,800
Merrill Lynch & Co., Inc. (1)	140,200		9,312,084
Morgan Stanley	111,600		6,252,948
			35,234,341
Regional Banks - 7.5%
AmSouth Bancorporation	140,100		3,725,259
BB&T Corp. (1)	101,200		4,306,060
First Horizon National Corp.	111,600		4,343,472
KeyCorp	129,779		4,303,472
National City Corp.	119,400		4,048,854
PNC Financial Services Group (1)	72,700		4,636,079
			25,363,196
Specialized Finance - 1.3%
CIT Group, Inc. (1)	90,800		4,494,600
Total Financials			123,964,516
Healthcare - 10.7%
Biotechnology - 0.9%
Amgen, Inc. (1) (2)	15,600		1,262,508
Gilead Sciences, Inc. (1) (2)	36,300		1,840,047
			3,102,555

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare Distributors - 1.6%
AmerisourceBergen Corp.	54,500	$	4,379,075
Cardinal Health, Inc.	18,200		1,163,890
			5,542,965
Healthcare Services - 0.7%
Express Scripts, Inc. (1) (2)	28,600		2,415,556
Healthcare Supplies - 0.4%
Bausch & Lomb, Inc.	15,600		1,267,656
Managed Health Care - 1.7%
UnitedHealth Group, Inc.	20,800		1,245,088
WellPoint, Inc. (2)	57,100		4,386,993
			5,632,081
Pharmaceuticals - 5.4%
Abbott Laboratories	93,400		3,522,114
Allergan, Inc.	18,200		1,820,000
Bristol-Myers Squibb Co.	95,975		2,072,100
Johnson & Johnson (1)	26,000		1,605,500
Pfizer, Inc.	382,000		8,098,400
Wyeth	26,000		1,080,560
			18,198,674
Total Healthcare			36,159,487
Industrials - 4.6%
Aerospace & Defense - 3.0%
L-3 Communications Holdings, Inc.	51,900		3,866,550
Lockheed Martin Corp.	28,600		1,733,160
Northrop Grumman Corp.	77,900		4,469,123
			10,068,833
Commercial Printing - 0.6%
Donnelley (R.R.) & Sons Co.	62,300		2,130,660
Industrial Conglomerate - 0.5%
3M Co.	23,400		1,836,432
Railroads - 0.5%
Norfolk Southern Corp.	36,300		1,605,912
Total Industrials			15,641,837

Description	Shares	Value
Common Stocks (continued)
Information Technology - 3.2%
Computer Hardware - 0.6%
Dell, Inc. (2)	15,000	$	452,400
Hewlett Packard Co.	51,900		1,539,873
			1,992,273
Computer Peripheral - 0.3%
SanDisk Corp. (2)	20,800		1,062,048
Semiconductors - 0.6%
Broadcom Corp. (2)	13,000		605,020
NVIDIA Corp. (1) (2)	36,300		1,312,971
			1,917,991
Semiconductor Equipment - 0.5%
Lam Research Corp. (1) (2)	46,700		1,753,118
Services-Data Processing - 1.2%
Paychex, Inc.	49,300		2,090,813
Sabre Holdings Corp.	77,800		1,779,286
			3,870,099
Total Information Technology			10,595,529
Materials - 5.8%
Chemicals-Commodity - 1.2%
Lyondell Chemical Co.	153,100		3,893,333
Chemicals-Diversified - 1.4%
Dow Chemical Co., The	85,600		3,873,400
Eastman Chemical Co.	18,200		1,007,006
			4,880,406
Diversified Metal/Mining - 1.6%
Freeport-McMoRan Copper & Gold, Inc.	36,300		1,891,593
Phelps Dodge Corp.	25,000		3,391,750
			5,283,343
Forest Products - 1.1%
Weyerhaeuser Co.	54,500		3,613,895
Metal & Glass Containers - 0.3%
Ball Corp.	28,500		1,174,770
Steel - 0.2%
Nucor Corp.	10,400		697,632
Total Materials			19,543,379

Description	Shares	Value
Common Stocks (continued)
Telecommunications - 3.7%
Integrated Telecommunication Services - 2.6%
Citizens Communications Co.	150,500	$	1,964,025
Verizon Communications	207,600		6,639,048
			8,603,073
Wireless Telecommunication Services - 1.1%
Sprint Nextel Corp.	153,100		3,833,624
Total Telecommunications			12,436,697
Utilities - 8.0%
Electric Utilities - 2.7%
American Electric Power Co., Inc.	106,400		3,887,856
Edison International	49,300		2,224,416
Progress Energy, Inc.	67,500		3,022,650
			9,134,922
Independent Power Producers - 1.1%
Constellation Energy Group	70,100		3,714,599
Multi-Utilities - 4.2%
CMS Energy Corp. (1) (2)	264,700		3,700,506
Energy East Corp.	54,500		1,278,025
KeySpan Corp.	98,600		3,309,016
NiSource, Inc.	90,800		1,954,924
TECO Energy, Inc.	212,800		3,721,872
			13,964,343
Total Utilities			26,813,864
Total Common Stocks
(identified cost $293,896,606)			333,338,412
Purchased Call Option - 0.0%
Walt Disney Co. 01/21/2006, Strike Price $27.50	100		1,000
Total Purchased Call Options (identified cost $5,200)			1,000
Collateral Pool Investment for Securities on Loan - 10.50%
(See Note 2 of the Schedule of Investments) (identified cost $35,337,656)			35,337,656
Repurchase Agreement - 0.4%
Agreement with Morgan Stanley & Co., Inc., 4.0200%, dated 11/30/2005 to be repurchased at $1,322,023 on 12/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 12/30/2008 with a market value of $1,345,181 (at amortized cost)	1,321,875		1,321,875

Total Investments (continued)
Total Investments - 109.9% (identified cost $330,561,337)	$	369,998,943
Other Assets and Liabilities - (9.9%)		(33,345,396	)
Total Net Assets - 100.0%	$	336,653,547

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

Large-Cap Growth Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Shares	Value
Common Stocks - 99.4%
Consumer Discretionary - 12.7%
Advertising Sales - 0.7%
Omnicom Group, Inc. (1)	20,500	$	1,733,480
Apparel Retail - 3.5%
American Eagle Outfitters	67,200		1,529,472
Coach, Inc. (2)	83,900		2,888,677
Gap, Inc.	157,200		2,732,136
TJX Co., Inc. (1)	64,700		1,449,927
			8,600,212
Broadcasting & Cable - 0.7%
Clear Channel Communications, Inc.	52,600		1,712,656
Computer & Electronics - 1.4%
Best Buy, Inc.	71,200		3,434,688
Cosmetics & Toiletries - 0.9%
Estee Lauder Co., Inc.	63,400		2,092,834
Department Stores - 1.3%
J.C. Penney Co., Inc.	60,300		3,163,941
Education Services - 0.5%
Career Education Corp. (2)	29,400		1,096,620
General Merchandise - 1.1%
Dollar General Corp.	141,200		2,670,092
Homebuilding - 0.5%
Ryland Group, Inc. (1)	16,300		1,166,102
Restaurants - 1.0%
YUM! Brands, Inc.	50,300		2,454,137

Description	Shares	Value
Common Stocks (continued)
Consumer Discretionary (continued)
Specialty Stores - 0.7%
Staples, Inc.	79,100	$	1,827,210
Tires & Rubber - 0.4%
Goodyear Tire & Rubber Co. (1) (2)	70,400		1,205,952
Total Consumer Discretionary			31,157,924
Consumer Staples - 9.0%
Agricultural Products - 0.3%
Archer-Daniels-Midland Co.	28,600		674,102
Household Products - 4.7%
Clorox Co.	12,300		667,644
Colgate-Palmolive Co.	67,400		3,674,648
Kimberly-Clark Corp.	11,200		660,576
Proctor & Gamble Co.	113,800		6,508,222
			11,511,090
Food Distributors - 1.6%
Sysco Corp.	123,400		3,988,288
Packaged Foods - 0.5%
General Mills, Inc.	14,600		693,938
H.J. Heinz Co.	18,900		656,208
			1,350,146
Soft Drinks - 1.1%
Coca-Cola Co.	43,000		1,835,670
PepsiCo, Inc.	12,900		763,680
			2,599,350
Tobacco - 0.8%
Altria Group, Inc.	9,200		669,668
Reynolds American, Inc. (1)	13,400		1,192,868
			1,862,536
Total Consumer Staples			21,985,512

Description	Shares	Value
Common Stocks (continued)
Energy - 9.6%
Oil & Gas-Exploration and Production - 3.1%
Anadarko Pete Corp.	7,100	$	643,331
Apache Corp.	23,600		1,540,608
Burlington Resources, Inc.	22,300		1,611,175
Devon Energy Corp.	16,300		981,260
Forest Oil Corp. (2)	21,300		954,453
Kerr-McGee Corp.	11,500		994,175
Pogo Producing Co.	18,800		921,200
			7,646,202
Oil & Gas-Integrated - 5.7%
Amerada Hess Corp. (1)	8,000		980,160
Chevron Corp.	27,600		1,581,756
ConocoPhillips	25,700		1,555,107
Exxon Mobil Corp.	115,500		6,702,465
Marathon Oil Corp.	25,425		1,507,448
Murphy Oil Corp.	22,300		1,102,958
Occidental Pete Corp.	7,800		618,540
			14,048,434
Oil & Gas-Refining & Marketing - 0.8%
Sunoco, Inc. (1)	14,100		1,088,520
Valero Energy Corp.	9,800		942,760
			2,031,280
Total Energy			23,725,916
Financials - 8.6%
Diversified Banks - 0.6%
Bank of America Corp.	16,120		739,747
U.S. Bancorp	23,400		708,552
			1,448,299
Diversified Financial Services - 1.6%
Citigroup, Inc.	63,100		3,063,505
JPMorgan Chase & Co.	19,900		761,175
			3,824,680

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Insurance-Property & Casualty - 0.3%
St. Paul Travelers Co., Inc.	15,400	$	716,562
Investment Banking & Brokerage - 4.4%
Goldman Sachs Group, Inc. (1)	5,700		735,072
Lehman Brothers Holdings, Inc.	5,900		743,400
Merrill Lynch & Co., Inc.	129,890		8,627,294
Morgan Stanley	12,900		722,787
			10,828,553
Thrifts & Mortgage Finance - 1.7%
Federal Home Loan Mortgage Corp.	12,100		755,645
MGIC Investment Corp. (1)	17,700		1,152,270
PMI Group, Inc.	28,000		1,136,800
Radian Group, Inc.	21,100		1,193,416
			4,238,131
Total Financials			21,056,225
Healthcare - 21.5%
Biotechnology - 3.7%
Amgen, Inc. (1) (2)	84,700		6,854,771
Gilead Sciences, Inc. (2)	42,600		2,159,394
			9,014,165
Healthcare-Distributors - 3.3%
AmerisourceBergen Corp.	23,000		1,848,050
Cardinal Health Inc.	78,300		5,007,285
McKesson Corp.	23,800		1,197,140
			8,052,475

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare-Equipment - 0.3%
Boston Scientific Co. (2)	28,600	$	757,328
Healthcare-Facilities - 1.5%
HCA, Inc.	69,600		3,548,904
Healthcare-Managed - 6.2%
Aetna, Inc.	27,510		2,544,400
Coventry Health Care, Inc. (2)	19,350		1,152,680
Health Net, Inc. (2)	23,800		1,214,514
Humana, Inc. (2)	22,200		1,017,426
Pacificare Health Systems, Inc. (1) (2)	13,900		1,195,956
UnitedHealth Group, Inc.	32,100		1,921,506
WellPoint, Inc. (2)	78,600		6,038,838
			15,085,320
Healthcare Services - 1.0%
Express Scripts, Inc. (1) (2)	18,300		1,545,618
Medco Health Solutions, Inc. (2)	20,700		1,110,555
			2,656,173
Pharmaceuticals - 5.5%
Abbott Laboratories	110,500		4,166,955
Allergan, Inc. (1)	12,100		1,210,000
Bristol-Myers Squibb Co.	28,000		604,520
Johnson & Johnson (1)	25,800		1,593,150
King Pharmaceuticals, Inc. (2)	74,200		1,167,166
Eli Lilly & Co.	51,600		2,605,800
Pfizer, Inc.	27,200		576,640
Wyeth	39,200		1,629,152
			13,553,383
Total Healthcare			52,667,748
Industrials - 12.0%
Aerospace & Defense - 6.2%
Boeing Co.	115,900		7,903,221
General Dynamics Corp.	32,500		3,714,750
Lockhead Martin Corp.	17,800		1,078,680
Northrop Grumman Corp.	33,100		1,898,947
United Technologies Corp.	13,000		699,920
			15,295,518
Commercial Printing - 0.3%
R.R. Donnelley & Sons Co.	18,900		646,380
Electrical Comp & Equipment - 0.3%
Emerson Elec Co.	9,600		725,856

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Machinery - Industrial - 4.8%
Illinois Tool Works, Inc.	96,300	$	8,500,401
Parker-Hannifin Corp.	47,700		3,263,157
			11,763,558
Office Services & Supplies - 0.4%
HNI Corp.	18,600		937,440
Total Industrials			29,368,752
Information Technology - 24.6%
Communications Equipment - 3.1%
Cisco Systems, Inc. (2)	435,300		7,635,162
Computer Hardware - 3.3%
Dell, Inc. (2)	207,200		6,249,152
International Business Machines Corp.	21,400		1,902,460
			8,151,612
Computer Storage - 2.3%
EMC Corp. (2)	355,800		4,956,294
Lexmark International, Inc. (2)	16,400		780,968
			5,737,262
Data Processing - 1.8%
Fiserv, Inc. (2)	67,400		3,067,374
Paychex, Inc.	32,100		1,361,361
			4,428,735
Home Entertainment Software - 0.4%
Activision, Inc. (2)	72,933		970,738
Semiconductors - 6.3%
Broadcom Corp. (2)	24,300		1,130,922
Intel Corp.	323,700		8,636,316
LSI Logic Corp. (2)	116,500		956,465
Texas Instruments, Inc.	149,200		4,846,016
			15,569,719
Semiconductor Equipment - 0.6%
Lam Research Corp. (2)	37,700		1,415,258

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Systems Software - 6.8%
Microsoft Corp.		304,400	$	8,434,924
Oracle Corp. (2)		415,200		5,219,064
Symantec Corp. (2)		163,200		2,883,744
				16,537,732
Total Information Technology				60,446,218
Materials - 0.9%
Chemicals-Diversified - 0.4%
Ashland, Inc.		20,200		1,126,150
Diversified Metals & Mining - 0.5%
Freeport-McMoRan Copper & Gold, Inc.		23,300		1,214,163
Total Materials				2,340,313
Telecommunications - 0.5%
Integrated Telecommunication Service - 0.5%
Sprint Nextel Corp.		46,000		1,151,840
Total Telecommunications				1,151,840
Total Common Stocks (identified cost $224,491,969)				243,900,448
Collateral Pool Investment for Securities on Loan - 7.7%
(See Note 2 of the Schedule of Investments) (identified cost $18,884,437)				18,884,437
Repurchase Agreement 0.6%
Agreement with Morgan Stanley & Co., Inc., 4.02% dated 11/30/2005, to be repurchased at $1,356,762 on 12/01/2005, collateralized by a U.S. Government Agency Obligation with a maturity of 8/02/2010, with a market value of $1,637,175 (at amortized cost)	$	1,356,610		1,356,610
Total Investments - 107.7% (identified cost $244,733,016)				264,141,495
Other Assets and Liabilities - (7.7)%				(18,871,874	)
Total Net Assets - 100.0%			$	245,269,621

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

Mid-Cap Value Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Shares	Value
Common Stocks - 97.1%
Consumer Discretionary - 20.0%
Advertising - 1.2%
The Interpublic Group of Cos., Inc. (1) (2)	870,000	$	8,108,400
Apparel/Accessories - 1.7%
Liz Claiborne, Inc. (1)	320,000		11,161,600
Auto Parts & Equipment - 1.7%
Johnson Controls, Inc.	162,000		11,250,900
Broadcasting & Cable TV - 1.6%
Clear Channel Communications, Inc.	333,000		10,842,480
Home Building - 1.2%
Pulte Homes, Inc.	185,000		7,701,550
Home Furnishings - 1.8%
Furniture Brands International, Inc. (1)	610,000		12,169,500
Home Improvement-Retail - 1.6%
The Sherwin-Williams Co.	247,500		10,850,400
Household Appliances - 2.4%
Snap-On Tools Corp. (1)	424,040		15,846,375
Leisure Products - 2.8%
Brunswick Corp.	210,000		8,250,900
Mattel, Inc.	620,000		10,323,000
			18,573,900
Publishing - 2.5%
Scholastic Corp. (1) (2)	231,000		7,685,370
Tribune Co. (1)	268,000		8,567,960
			16,253,330
Specialty Stores - 1.5%
Pier 1 Imports, Inc. (1)	763,000		9,690,100
Total Consumer Discretionary			132,448,535
Consumer Staples - 6.3%
Brewery - 1.8%
Molson Coors Brewing Co.	175,000		11,653,250

Description	Shares	Value
Common Stocks (continued)
Consumer Staples (continued)
Packaged Foods/Meats - 1.6%
Del Monte Foods Co. (2)	1,083,600	$	10,705,968
Retail-Food - 1.5%
Kroger Co. (1) (2)	528,500		10,284,610
Soft Drinks - 1.4%
Coca-Cola Enterprises, Inc.	482,000		9,264,040
Total Consumer Staples			41,907,868
Energy - 6.7%
Oil & Gas-Drilling - 3.3%
Noble Corp.	171,500		12,360,005
Patterson-UTI Energy, Inc.	314,000		9,809,360
			22,169,365
Oil & Gas-Exploration and Production - 3.4%
Noble Energy, Inc.	250,000		9,342,500
Pioneer Natural Resources Co.	190,000		9,676,700
Plains Exploration & Production Co. (2)	80,500		3,413,200
			22,432,400
Total Energy			44,601,765
Financials - 13.6%
Asset Management - 1.5%
State Street Corp.	170,000		9,807,300
Insurance-Life/Health - 1.7%
Protective Life Corp.	247,500		10,934,550
Insurance-Property/Casualty - 4.8%
ACE Ltd.	234,000		12,987,000
Ambac Financial Group, Inc.	155,000		11,886,950
SAFECO Corp.	121,000		6,806,250
			31,680,200
Investment Banking & Brokerage - 1.3
Bear Stearns Companies Inc. (1)	80,000		8,879,200
Reinsurance - 2.9%
PartnerRe Ltd.	219,500		14,987,460
RenaissanceRe Holding Ltd.	95,150		4,275,089
			19,262,549

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Thrifts & Mortgage Finance - 1.4%
MGIC Investment Corp. (1)	143,000	$	9,309,300
Total Financials			89,873,099
Healthcare - 9.1%
Healthcare-Distributors - 2.1%
AmerisourceBergen Corp.	170,000		13,659,500
Healthcare-Equipment - 1.5%
Fisher Scientific International, Inc. (2)	155,000		9,994,400
Healthcare-Facilities - 1.5%
Community Health Systems, Inc. (1) (2)	250,000		10,022,500
Healthcare-Services - 4.0%
Apria Healthcare Group, Inc. (1) (2)	387,400		9,475,804
Omnicare, Inc. (1)	300,000		17,085,000
			26,560,804
Total Healthcare			60,237,204
Industrials - 15.8%
Aerospace & Defense - 1.7%
Northrop Grumman Corp.	200,000		11,474,000
Commercial Printing - 1.7%
Donnelley (R.R.) & Sons Co.	316,850		10,836,270
Machinery Industrial - 1.5%
Parker-Hannifin Corp.	150,000		10,261,500
Railroads - 1.3%
CSX Corp. (1)	170,000		8,268,800
Services-Diversified Commercials - 3.1%
Aramark Corporation	347,500		9,007,200
Watson Wyatt & Co. Holdings (1)	410,000		11,037,200
			20,044,400
Services-Employment - 1.8%
Manpower, Inc.	262,300		12,183,835

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Services-Environmental - 1.5%
Republic Services, Inc.	275,000	$	9,858,750
Trade Companies & Distribution - 1.5%
Grainger (W.W.), Inc.	145,000		10,183,350
Trucking - 1.7%
J.B. Hunt Transport Services, Inc. (1)	500,000		11,195,000
Total Industrials			104,305,905
Information Technology - 13.5%
Application Software - 2.8%
Cadence Design Systems, Inc. (2)	496,500		8,510,010
Synopsys, Inc. (2)	526,000		10,267,520
			18,777,530
Computer Storage/Peripheral - 2.8%
Electronics For Imaging, Inc. (2)	298,900		8,348,277
Imation Corp.	230,000		10,110,800
			18,459,077
IT Consulting & Services - 1.4%
ProQuest Co. (1) (2)	337,600		9,435,920
Office Electronics - 1.8%
Xerox Corp. (2)	840,000		11,928,000
Semiconductors - 1.0%
Freescale Semiconductor Inc. (2)	262,000		6,759,600
Services-Data Processing - 3.7%
Computer Sciences Corp. (2)	135,000		6,781,050
Convergys Corp. (2)	588,600		9,770,760
Sabre Holdings Corp.	340,000		7,775,800
			24,327,610
Total Information Technology			89,687,737
Materials - 4.2%
Paper Packaging - 2.9%
Packaging Corp. of America (1)	538,000		12,476,220
Sealed Air Corporation (1) (2)	132,000		6,825,720
			19,301,940
Steel - 1.3%
Nucor Corp. (1)	127,000		8,519,160
Total Materials			27,821,100

Description	Shares	Value
Common Stocks (continued)
Telecommunication Services - 3.7%
Integrated Telecommunication Services - 3.7%
Alltel Corp.	190,000	$	12,697,700
Citizens Communications Co., Class B	925,000		12,071,250
Total Telecommunication Services			24,768,950
Utilities - 4.2%
Electric Utilities - 2.7%
PPL Corporation	322,000		9,466,800
Xcel Energy, Inc. (1)	455,000		8,422,050
			17,888,850
Multi-Utilities - 1.5%
Constellation Energy Group	188,000		9,962,120
Total Utilities			27,850,970
Total Common Stocks (identified cost $553,122,979)			643,503,133
Collateral Pool Investment for Securities on Loan - 23.8%
(See Note 2 of the Schedule of Investments) (amortized cost $157,860,011)			157,860,011
Repurchase Agreement - 2.9%
Agreement with Morgan Stanley & Co, Inc., 4.02%, dated 11/30/2005, to be repurchased at $19,392,177 on 12/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 3/8/2012, with a market value of $20,269,090 (at amortized cost $19,390,012)			19,390,012
Total Investments - 123.8% (identified cost $730,373,002)			820,753,156
Other Assets and Liabilities - (23.8)%			(157,927,012	)
Total Net Assets - 100.0%		$	662,826,144

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

Mid-Cap Growth Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Shares	Value
Common Stocks - 95.7%
Consumer Discretionary - 14.3%
Apparel & Accessories - 1.0%
Coach, Inc. (2)	52,500	$	1,807,575
Casino’s & Gaming - 1.3%
Scientific Games Corp., Class A (1) (2)	80,000		2,266,400
Consumer Electronics - 0.5%
Harman International Industries, Inc.	10,000		975,000
Department Stores - 1.9%
Nordstrom, Inc.	45,000		1,659,600
Penney (J.C) Co., Inc.	32,500		1,705,275
			3,364,875
Hotels - 1.6%
Hilton Hotels Corp.	65,000		1,424,800
Starwood Hotels & Resorts Worldwide, Inc.	22,500		1,361,250
			2,786,050
Leisure Products - 0.8%
SCP Pool Corp.	37,500		1,459,875
Recreational Centers - 1.0%
LIFE TIME FITNESS, INC. (2)	47,500		1,825,425
Retail-Apparel - 1.3%
Abercrombie & Fitch Co., Class A	20,000		1,226,400
Chico’s FAS, Inc. (2)	25,000		1,102,750
			2,329,150
Retail-Automotive - 1.6%
Advance Auto Parts, Inc. (2)	33,750		1,428,975
O’Reilly Automotive, Inc. (2)	45,000		1,369,800
			2,798,775
Retail-Computer & Electronics - 0.9%
GameStop Corp. (1) (2)	47,500		1,597,900
Specialty Stores - 2.4%
Charming Shoppes, Inc.	115,000		1,351,250
Coldwater Creek Inc. (2)	45,000		1,413,000
Michaels Stores, Inc.	37,500		1,402,500
			4,166,750
Total Consumer Discretionary			25,377,775

Description	Shares	Value
Common Stocks (continued)
Consumer Staples - 2.1%
Distillers and Vintners - 0.5%
Constellation Brands, Inc. (2)	35,000	$	826,700
Retail-Drug - 1.0%
CVS Corp.	65,000		1,756,300
Retail-Food - 0.6%
Whole Foods Market, Inc.	7,500		1,104,600
Total Consumer Staples			3,687,600
Energy - 11.2%
Oil & Gas-Drilling - 1.6%
ENSCO International Inc.	27,500		1,302,400
Nabors Industries Ltd (2)	20,000		1,400,200
			2,702,600
Oil & Gas-Equipment & Services - 1.7%
BJ Services Co. (1)	50,000		1,832,500
National-Oilwell Varco, Inc. (2)	20,000		1,212,400
			3,044,900
Oil & Gas-Exploration and Production - 6.9%
Chesapeake Energy Corp. (1)	100,000		2,895,000
Denbury Resources Inc. (2)	112,500		2,547,000
EOG Resources, Inc.	25,000		1,793,750
Newfield Exploration Co., (2)	20,000		925,200
Plains Exploration & Production Co. (2)	42,500		1,802,000
Range Resources Corp.	15,000		558,600
XTO Energy, Inc.	42,500		1,729,325
			12,250,875
Oil & Gas-Refining/Marketing - 1.0%
Sasol Ltd., ADR (1)	52,500		1,753,500
Total Energy			19,751,875
Financials - 10.7%
Asset Management - 3.6%
Affiliated Managers Group, Inc. (1) (2)	37,500		2,956,500
Legg Mason, Inc.	8,500		1,042,525
Nuveen Investments, Class A	57,500		2,383,950
			6,382,975
Commercial Banks - 1.0%
SVB Financial Group (1)	35,000		1,683,150
Diversified Financial Services - 1.1%
Chicago Merchantile Exchange Holdings, Inc.	3,000		1,062,450
National Financial Partners Corp.	17,500		890,575
			1,953,025

Description	Shares	Value
Common Stocks (continued)
Insurance - 2.8%
Assured Guaranty, LTD.	75,000	$	1,974,000
Willis Group Holdings Limited (1)	35,000		1,305,150
W. R. Berkley Corp.	35,000		1,631,700
			4,910,850
Real Estate Services- 1.0%
CB Richard Ellis Group, Inc., Class A (2)	32,500		1,803,750
Regional Banks - 0.5%
Synovus Financial Corp.	30,000		844,500
Specialized Finance - 0.7%
Moody’s Corp.	20,000		1,203,000
Total Financials			18,781,250
Healthcare - 17.4%
Biotechnology - 2.4.%
Celgene Corp. (1) (2)	17,500		1,066,100
Cephalon, Inc. (1) (2)	17,500		889,875
Genzyme Corp. (2)	12,500		929,250
Protein Design Labs, Inc. (1) (2)	50,000		1,392,500
			4,277,725
Healthcare-Equipment - 3.9%
Cytyc Corp. (2)	82,500		2,269,575
Resmed, Inc. (1) (2)	40,000		1,632,000
Respironics, Inc. (2)	35,000		1,353,800
St. Jude Medical, Inc.	35,000		1,671,950
			6,927,325
Healthcare-Facilities - 2.4%
Community Health Services, Inc. (2)	35,000		1,403,150
DaVita, Inc. (2)	20,000		1,049,800
Psychiatric Solutions, Inc. (2)	32,500		1,833,650
			4,286,600
Healthcare-Managed Care - 2.0%
Humana, Inc.	25,000		1,145,750
Wellpoint, Inc. (2)	30,000		2,304,900
			3,450,650
Healthcare-Services - 3.3%
Caremark RX, Inc. (2)	35,000		1,798,650
Covance, Inc. (2)	37,500		1,782,750
Medco Health Solutions, Inc. (2)	8,000		429,200
Omnicare, Inc.	32,500		1,850,875
			5,861,475

Description	Shares	Value
Common Stocks (continued)
Healthcare-Supplies - 2.0%
Bausch & Lomb Inc.	22,500	$	1,828,350
Haemonetics, Corp. (2)	35,000		1,789,550
			3,617,900
Pharmaceuticals - 1.4%
Cubist Pharmaceuticals Inc. (2)	65,000		1,469,650
Sepracor, Inc. (2)	17,500		962,150
			2,431,800
Total Healthcare			30,853,475
Industrials - 9.6%
Aerospace & Defense - 1.4%
Precision Castparts Corp.	60,000		3,059,400
Air Freight & Couriers - 0.7%
C.H. Robinson Worldwide, Inc.	32,500		1,314,625
Construction & Engineering - 1.4%
Fluor Corp.	8,000		592,800
Jacobs Engineering Group, Inc.	27,500		1,786,675
			2,379,475
Electrical Equipment - 1.4%
AMETEK, Inc.	30,000		1,278,300
Rockwell Automation, Inc.	20,000		1,128,600
			2,406,900
Industrial Conglomerates - 1.3%
Textron, Inc.	30,000		2,367,000
Machinery-Construction/Mining - 0.8%
Joy Global, Inc.	27,500		1,454,475
Machinery-Industrial - 1.5%
Harsco Corp.	20,000		1,329,000
ITT Industries, Inc.	12,500		1,359,500
			2,688,500
Packaging and Containers - 0.8%
Crown Holdings, Inc.	75,000		1,390,500
Total Industrials			17,060,875

Description	Shares	Value
Common Stocks (continued)
Information Technology - 25.3%
Application Software - 1.7%
Activision, Inc. (2)	80,000	$	1,064,800
Compuware Corp. (2)	105,000		969,150
Salesforce.com, Inc. (1) (2)	30,000		955,500
			2,989,450
Communications Equipment - 3.7%
ADTRAN, Inc.	30,000		886,800
Comverse Technology, Inc. (1) (2)	82,500		2,162,325
Corning, Inc.	70,000		1,417,500
Powerwave Technologies, Inc. (1) (2)	167,500		2,103,800
			6,570,425
Computer - Network Devices - 2.4%
Electronics for Imaging, Inc. (2)	100,000		2,793,000
Network Appliance, Inc. (2)	50,000		1,456,000
			4,249,000
Data Processing - 2.2%
Alliance Data Systems Corp. (1) (2)	35,000		1,349,950
Ceridian Corp. (2)	57,500		1,380,000
Paychex, Inc.	27,500		1,166,275
			3,896,225
Electronic Components - 0.5%
Amphenol Corp., Class A	22,500		939,825
Electronic Manufacturing Services - 1.4%
Jabil Circuit, Inc. (1) (2)	77,500		2,566,800
Equipment Manufacturing - 1.7%
Agilent Technologies, Inc. (2)	50,000		1,783,000
Symbol Technologies, Inc.	100,000		1,143,000
			2,926,000
Financial Software - 1.3%
Transaction Systems Architects, Inc. (2)	80,000		2,328,000
Information Technology Consulting & Services - 2.5%
Cognizant Technology Solutions Corp. (2)	30,000		1,457,700
Akamai Technologies, Inc. (2)	147,500		2,944,100
			4,401,800
Semiconductors - 7.0%
Analog Devices, Inc.	30,000		1,137,600
Broadcom Corp., Class A (2)	30,000		1,396,200
Intersil Corp.	72,500		1,859,625
Lam Research Corp. (1) (2)	17,500		656,950
MEMC Electronic Materials, Inc. (2)	35,000		783,300
Microchip Technology, Inc.	30,000		1,000,800
Micron Technology, Inc.	37,500		534,750

Description	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Semiconductors (continued)
Microsemi Corp. (1)		72,500	$	2,011,875
National Semiconductor Corp.		35,000		905,800
NVIDIA Corp. (1) (2)		17,500		632,975
SiRF Technology Holdings, Inc. (2)		50,000		1,386,000
				12,305,875
Software-Financial - 0.9%
Fair Isaac Corp.		35,000		1,603,700
Total Information Technology				44,777,100
Materials - 0.7%
Fertilizers and Agricultural Chemicals - 0.7%
Monsanto Company		17,500		1,282,225
Total Materials				1,282,225
Telecommunications - 3.3%
Cellular Telecommunications - 2.0%
NII Holdings, Inc.(1) (2)		80,000		3,476,000
Radio - 0.3%
XM Satellite Radio Holdings Inc., Class A (1) (2)		20,000		585,200
Telecommunications Services - 1.0%
American Tower Corp. (1)		67,500		1,842,075
Total Telecommunications				5,903,275
Utilities - 1.1%
Pipelines - 1.1%
Kinder Morgan Management LLC (2)		39,350		1,884,858
Total Utilities				1,884,858
Total Common Stocks
(identified cost $143,091,055)				169,360,308
Mutual Fund - 0.9%
Kayne Anderson MLP Investment Company (1)		67,130		1,633,273
(identified cost $1,748,825)				1,633,273
U. S. Treasury Bill - 0.2%
12/15/2005 (identified cost $399,432)	$	400,000		399,395
Collateral Pool Investment for Securities on Loan - 16.2%
(See Note 2 of the Schedule of Investments)
(identified cost $28,794,693)				28,794,693

Description	Shares	Value
Repurchase Agreement - 3.7%
Agreement with Morgan Stanley & Co., Inc., 4.02%, dated 11/30/2005 to be repurchased at $6,492,310 on 12/1/2005, collateralized by U.S. Government Agency Obligations with maturity on 3/5/2012, with a market value of $6,744,253 (at amortized cost)	6,491,585	$	6,491,585
Total Investments - 116.7% (identified cost $180,525,590)			206,679,254
Other Assets and Liabilities - (16.7)%			(29,628,060	)
Total Net Assets - 100.0%		$	177,051,194

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

Small-Cap Growth Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Shares	Value
Common Stocks - 94.7%
Consumer Discretionary - 15.7%
Advertising - 2.4%
24/7 Real Media, Inc. (1)(2)	255,000	$	1,887,000
Marchex, Inc. (1)(2)	90,000		2,106,000
			3,993,000
Commercial Services-Printing - 1.8%
American Reprographics Co. (2)	90,000		1,935,900
VistaPrint Ltd. (2)	65,000		1,180,400
			3,116,300
Diversified Consumer Services - 0.9%
Bright Horizons Family Solutions, Inc. (2)	45,000		1,592,100
Entertainment - 0.8%
Youbet.com, Inc. (2)	230,000		1,283,400
Homebuilding - 1.0%
Desarrolladora Homex, ADR (1)(2)	55,000		1,663,750
Home Improvement-Remodeling - 1.0%
Home Solutions of America, Inc. (1)(2)	300,000		1,725,000
Housewares - 0.6%
Lifetime Brands, Inc.	48,000		1,044,480
Leisure Facilities - 1.7%
LIFE TIME FITNESS, Inc. (1)(2)	75,000		2,882,250
Leisure Products - 1.3%
SCP Pool Corp.	55,000		2,141,150
Movies & Entertainment - 1.0%
Imax Corp. (1)(2)	205,000		1,752,750
Retail-Apparel - 1.9%
Coldwater Creek, Inc. (2)	55,000		1,727,000
Wilsons The Leather Experts, Inc. (2)	320,000		1,424,000
			3,151,000
Retail-Jewelry - 1.3%
Charles & Colvard Ltd. (1)	80,000		2,156,800
Total Consumer Discretionary			26,501,980
Consumer Staples - 2.2%
Food & Beverage - 1.0%
Central European Distribution Corp. (1)(2)	40,000		1,748,400
Restaurants - 1.2%
Caribou Coffee Co. (1)(2)	190,000		1,919,000
Total Consumer Staples			3,667,400

Description	Shares	Value
Common Stocks (continued)
Energy - 9.2%
Oil & Gas-Drilling - 0.7%
Pioneer Drilling Co. (2)	65,000	$	1,138,800
Oil & Gas-Exploration and Production - 7.6%
BPZ Energy, Inc. (2)	530,000		1,908,000
Carrizo Oil & Gas, Inc. (2)	50,000		1,266,500
Contango Oil & Gas Co. (1)(2)	180,000		1,787,400
Denbury Resources, Inc. (2)	40,000		905,600
Gasco Energy, Inc. (1)(2)	450,000		3,069,000
The Exploration Co. of Delaware (2)	355,000		2,215,200
Whiting Petroleum Corp. (1)(2)	40,000		1,658,000
			12,809,700
Oil & Gas-Services - 0.9%
CE Franklin Ltd. (2)	135,000		1,622,700
Total Energy			15,571,200
Financials - 11.4%
Asset Management - 2.9%
Affiliated Managers Group, Inc. (1)(2)	35,000		2,759,400
Nuveen Investments	50,000		2,073,000
			4,832,400
Commercial Services - 1.4%
Heartland Payment Systems, Inc. (1)(2)	50,000		1,066,500
TNS, Inc. (2)	70,200		1,267,110
			2,333,610
Diversified Financial Services - 0.7%
National Financial Partners Corp.	22,500		1,145,025
Insurance - 3.0%
Amerisafe, Inc. (1)(2)	90,000		884,700
Assured Guaranty Ltd.	85,000		2,237,200
Tower Group, Inc.	100,000		2,020,000
			5,141,900
Investment Bank & Brokerage - 1.5%
Greenhill & Co.	20,000		1,097,800
optionsXpress Holdings, Inc. (1)	60,000		1,470,600
			2,568,400
Real Estate Services - 1.9%
CB Richard Ellis Group, Inc. (2)	30,000		1,665,000
Trammell Crow Co. (2)	60,000		1,551,600
			3,216,600
Total Financials			19,237,935

Description	Shares	Value
Common Stocks (continued)
Healthcare - 14.7%
Biotechnology - 0.8%
Protein Design Labs, Inc. (1)(2)	45,000	$	1,253,250
Healthcare-Equipment & Supplies - 6.1%
AtriCure, Inc. (2)	60,000		761,400
Cutera, Inc. (2)	27,500		1,088,450
Natus Medical, Inc. (2)	125,000		2,067,500
ResMed, Inc. (1)(2)	40,000		1,632,000
Respironics, Inc. (2)	25,000		967,000
SonoSite, Inc. (1)(2)	35,000		1,314,600
Symmetry Medical, Inc. (2)	45,000		826,650
Syneron Medical Ltd. (1)(2)	42,500		1,691,500
			10,349,100
Healthcare-Facilities - 1.6%
Community Health Systems, Inc. (2)	25,000		1,002,250
Psychiatric Solutions, Inc. (2)	30,000		1,692,600
			2,694,850
Healthcare-Managed Care - 0.6%
Wellcare Health Plans, Inc. (2)	25,000		987,000
Healthcare-Products - 1.9%
Adeza Biomedical Corp. (2)	70,000		1,302,000
I-Flow Corp. (1)(2)	82,500		1,081,575
NuVasive, Inc. (1)(2)	47,500		817,000
			3,200,575
Healthcare-Services - 0.9%
Matria Healthcare, Inc. (1)(2)	35,000		1,187,550
SFBC International, Inc. (1)(2)	15,000		316,350
			1,503,900
Healthcare-Software - 1.3%
Emageon, Inc. (2)	95,000		1,223,600
Phase Forward, Inc. (2)	90,000		965,700
			2,189,300
Pharmaceuticals - 1.5%
Cubist Pharmaceuticals, Inc. (2)	60,000		1,356,600
CV Therapeutics, Inc. (1)(2)	50,000		1,236,500
			2,593,100
Total Healthcare			24,771,075

Description	Shares	Value
Common Stocks (continued)
Industrials - 12.5%
Aerospace & Defense - 3.1%
AAR Corp. (2)	120,000	$	2,512,800
BE Aerospace, Inc. (2)	150,000		2,628,000
			5,140,800
Electrical Components - 1.0%
WESCO International, Inc. (2)	40,000		1,670,000
Electrical Equipment - 0.6%
Color Kinetics, Inc. (1)(2)	65,000		1,005,550
Machinery-Construction/Mining - 1.8%
Astec Industries, Inc. (2)	30,000		840,900
Joy Global, Inc.	42,500		2,247,825
			3,088,725
Rail & Trucking Equipment - 0.7%
Freightcar America, Inc.	25,000		1,206,500
Real Estate - 0.6%
CoStar Group, Inc. (2)	20,000		938,800
Services-Employment - 2.9%
Hudson Highland Group, Inc. (2)	75,000		1,893,750
On Assignment, Inc. (2)	275,000		3,038,750
			4,932,500
Transportation Services - 1.0%
Forward Air Corp.	42,500		1,634,125
Waste Disposal - 0.8%
American Ecology Corp.	87,500		1,423,625
Total Industrials			21,040,625
Information Technology - 25.7%
Application Software - 3.3%
Kenexa Corp. (2)	105,000		1,775,550
RightNow Technologies, Inc. (1)(2)	110,000		1,992,100
Salesforce.com, Inc. (1)(2)	30,000		955,500
SmithMicro Software, Inc. (1)(2)	125,000		853,750
			5,576,900
Communications Equipment - 1.8%
Hypercom Corp. (2)	180,000		1,116,000
Powerwave Technologies, Inc. (1)(2)	157,500		1,978,200
			3,094,200

Description	Shares	Value
Common Stocks (continued)
Information Technology (continued)
Computer Hardware - 1.5%
Rackable Systems, Inc. (2)	140,000	$	2,585,800
Computer Network Devices - 1.1%
Electronics for Imaging, Inc. (2)	65,000		1,815,450
Computer Storage/Peripheral - 1.1%
Komag, Inc. (1)(2)	25,000		873,500
M-Systems Flash Disk Pioneers Ltd. (1)(2)	30,000		934,500
			1,808,000
Consulting Services - 0.7%
Forrester Research, Inc. (2)	65,000		1,211,600
Financial Software - 2.6%
INVESTools, Inc. (2)	175,000		873,250
Online Resources Corp. (2)	110,000		1,289,200
Transaction Systems Architects, Inc. (2)	75,000		2,182,500
			4,344,950
Intellectual Property - 1.5%
Acacia Research Corp. (1)(2)	355,000		2,485,000
Internet Software & Services - 3.5%
HomeStore, Inc. (1)(2)	400,000		1,764,000
Stamps.com, Inc. (2)	90,000		2,110,500
The Knot, Inc. (2)	100,000		1,220,000
WebSideStory, Inc. (2)	45,000		810,000
			5,904,500
IT Services - 1.7%
Akamai Technologies, Inc. (1)(2)	140,000		2,794,400
Security Software - 1.6%
Entrust, Inc. (2)	205,000		1,025,000
Vasco Data Security International, Inc. (1)(2)	150,000		1,692,000
			2,717,000
Semiconductors - 2.6%
Cirrus Logic, Inc. (2)	175,000		1,323,000
Microsemi Corp. (1)(2)	65,000		1,803,750
SiRF Technology Holdings, Inc. (2)	45,000		1,247,400
			4,374,150
Software & Services - 2.2%
Neoware Systems, Inc. (1)(2)	85,000		1,858,950
PAR Technology Corp. (1)(2)	60,000		1,926,000
			3,784,950
Telecommunication Services-Wireless - 0.5%
InPhonic, Inc. (1)(2)	75,000		885,750
Total Information Technology			43,382,650

Description	Shares or Principal Amount	Value
Common Stocks (continued)
Materials - 1.3%
Containers & Packaging - 0.8%
Crown Holdings, Inc. (2)	70,000	$	1,297,800
Diversified Metal/Mining - 0.5%
Birch Mountain Resources Ltd. (2)	115,000		832,600
Total Materials			2,130,400
Utilities - 2.0%
Gas Utilities - 1.0%
Kinder Morgan Management LLC (2)	36,149		1,731,556
Water Utilities - 1.0%
PICO Holdings, Inc. (2)	50,000		1,688,000
Total Utilities			3,419,556
Total Common Stocks (identified cost $128,375,399)			159,722,821
Master Limited Partnership - 1.5%
Kayne Anderson MLP Investment Co. (1) (identified cost $2,705,972)	104,217		2,535,600
U.S. Treasury Bill - 0.3% (3)
United States Treasury Bill,12/15/2005 (identified cost $474,456)	475,000		474,281
Collateral Pool Investment for Securities on Loan - 28.5%
(See Note 2 of the Schedule of Investments) (identified cost $48,026,085)			48,026,085
Repurchase Agreement - 3.8%
Agreement with Morgan Stanley & Co, Inc., 4.020% dated 11/30/2005, to be repurchased at $6,490,632 on 12/1/2005, collateralized by a U.S. Government Agency Obligation with a maturity of 3/8/2012, with a market value of $6,709,334 (at amortized cost)	6,489,907		6,489,907
Total Investments - 128.8% (identified cost $186,071,819)			217,248,694
Other Assets and Liabilities - (28.8)%			(48,583,875	)
Total Net Assets - 100.0%		$	168,664,819

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

International Stock Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Shares	Value
Common Stocks - 97.3%
Australia - 1.9%
Australian Stock Exchange Ltd.	2,838	$	63,954
Babcock & Brown Ltd.	28,445		369,892
Caltex Australia Ltd.	58,837		921,600
Leighton Holdings Ltd.	10,816		129,621
QBE Insurance Group Ltd.	85,251		1,201,805
Rinker Group Ltd.	197,173		2,284,282
Santos Ltd.	63,075		531,740
Sonic Healthcare Ltd.	29,903		331,408
Woodside Petroleum Ltd.	29,800		769,520
			6,603,822
Austria - 0.6%
Boehler-Uddeholm AG	479		78,228
OMV AG	39,560		2,186,075
			2,264,303
Belgium - 0.6%
Option NV (2)	1,439		99,165
UCB SA	34,650		1,701,709
Umicore	1,653		178,226
			1,979,100
Brazil - 1.0%
Petroleo Brasileiro SA, ADR	36,700		2,480,920
Unibanco - Uniao de Bancos Brasileiros SA, GDR	16,050		992,532
			3,473,452
Canada - 0.8%
EnCana Corp.	38,400		1,703,997
Husky Energy, Inc.	5,600		269,236
Imperial Oil Ltd.	5,000		459,435
Superior Plus Income Fund	3,600		72,793
Telus Corp.	8,100		310,003
			2,815,464
Denmark - 0.6%
A.P. Moller - Maersk A/S	245		2,297,489
Finland - 1.7%
Fortum Oyj	198,600		3,493,509
Metso Corp.	4,300		112,497
Sampo Oyj - Class A (1)	144,900		2,364,385
			5,970,391

Description	Shares	Value
Common Stocks (continued)
France - 8.2%
Arcelor	140,064	$	3,358,855
AXA SA (1)	172,500		5,173,141
BNP Paribas SA (1)	119,237		9,384,730
Credit Agricole SA	17,885		541,710
Lafarge SA (2)	23,600		2,028,399
L’Oreal SA (1)	29,082		2,101,835
Sanofi-Aventis (1)	25,150		2,023,273
Schneider Electric SA (1)	27,650		2,373,625
Societe Television Francaise 1 (2)	5,800		145,790
Total SA	3,705		925,965
Vallourec SA	1,407		671,835
			28,729,158
Germany - 7.1%
Allianz AG	69,545		10,125,384
Altana AG	29,650		1,568,814
Bayerische Motoren Werke AG	51,843		2,281,106
Commerzbank AG	94,000		2,783,949
DaimlerChrysler AG	11,093		561,597
Deutsche Telekom AG (1)	134,050		2,225,245
Fresenius Medical Care AG (1)	18,900		1,796,241
MAN AG	16,954		845,525
Metro AG	51,400		2,301,641
Salzgitter AG	4,441		222,580
Solarworld AG	2,279		315,850
			25,027,932
Greece - 0.5%
OPAP SA	61,800		1,949,792
Hong Kong - 2.4%
ASM Pacific Technology Ltd.	13,000		71,416
China Mobile (Hong Kong) Ltd.	450,000		2,210,946
Hutchison Whampoa Ltd.	284,000		2,695,484
Solomon Systech International Ltd.	228,000		93,351
Sun Hung Kai Properties	263,500		2,502,662
Television Broadcasts Ltd.	18,000		97,374
Wharf Holdings Ltd.	230,000		814,088
			8,485,321

Description	Shares	Value
Common Stocks (continued)
Indonesia - 1.1%
PT Gudang Garam Tbk	917,644	$	1,002,314
PT Telekomunikasi Indonesia Tbk	4,943,750		2,719,334
			3,721,648
Italy - 1.7%
Eni SpA (1)	30,784		835,132
Fondiaria-Sai SpA (1)	7,058		215,357
Marzotto SpA	5,633		23,311
Milano Assicurazioni SpA	23,428		157,581
Saipem SpA	149,900		2,300,856
UniCredito Italiano SpA	408,295		2,529,651
			6,061,888
Japan - 22.4%
ADVANTEST Corp.	29,900		2,720,224
Canon, Inc.	35,100		1,973,834
Credit Saison Co. Ltd.	41,700		1,785,227
Funai Electric Co. Ltd.	9,800		1,086,093
Haseko Corp. (1)	657,500		2,589,678
Hikari Tsushin, Inc. (1)	19,700		1,402,109
Hitachi High-Technologies Corp.	19,800		432,986
KDDI Corp.	989		5,183,975
Keyence Corp.	8,400		2,128,673
Komeri Co. Ltd.	59,400		2,167,533
Lawson, Inc.	29,300		1,166,395
Makita Corp.	23,600		579,117
Marubeni Corp.	177,000		879,017
Matsumotokiyoshi Co. Ltd.	50,700		1,438,778
Matsushita Electric Industrial Co. Ltd.	145,000		2,922,753
Mitsubishi Corp.	351,100		7,194,312
Mitsubishi Tokyo Financial Group, Inc.	221		2,793,343
Mitsui O.S.K. Lines Ltd.	590,000		4,353,226
Mizuho Financial Group, Inc.	1,021		7,158,846
Nintendo Co. Ltd.	12,560		1,375,681
Nippon Television Network Corp.	11,520		1,776,893
Nippon Yusen Kabushiki Kaisha	82,000		499,624
Nissin Food Products Co. Ltd.	24,000		663,050
Nitori Co. Ltd.	15,400		1,143,931
NTT DoCoMo, Inc.	1,406		2,202,712
Santen Pharmaceutical Co. Ltd.	3,400		80,878
Shinko Electric Industries Co. Ltd.	1,100		84,467
Sony Corp.	104,000		3,862,783
Sumikin Bussan Corp.	26,000		86,804
Suzuki Motor Corp. Ltd.	184,100		3,420,965

Description	Shares	Value
Common Stocks (continued)
Japan (continued)
Toshiba Corp.	264,000	$	1,381,517
Toyota Motor Corp. (1)	72,700		3,517,448
USS Co. Ltd.	26,990		1,659,164
Yamada Denki	67,900		6,898,989
			78,611,025
Korea, Republic of - 0.9%
Kookmin Bank - Sponsored ADR	17,700		1,168,023
Samsung Electronics Co. Ltd.	3,180		1,831,513
			2,999,536
Malaysia - 0.4%
Digi.com Berhad (2)	94,200		188,251
Resorts World Berhad	375,205		1,122,238
Shell Refining Co. (Federal of Malaya) Berhad	19,800		54,505
			1,364,994
Mexico - 0.3%
Grupo Mexico SA de CV, Series B	452,650		975,018
Netherlands - 7.2%
Aegon NV	571,781		9,087,270
ASML Holding NV (2)	95,350		1,817,277
ING Groep NV	134,739		4,353,522
Koninklijke BAM Groep NV	958		85,784
Koninklijke (Royal) Philips Electronics NV	65,500		1,821,154
Nutreco Holding NV	3,508		151,086
Royal Dutch Shell PLC - Class A	170,260		5,248,254
TomTom NV (2)	27,449		995,143
VNU NV	56,597		1,760,957
			25,320,447
New Zealand - 0.0%
Fletcher Building Ltd.	5,933		30,233
Norway - 3.4%
Norsk Hydro ASA	44,700		4,487,664
Statoil ASA	234,100		5,117,247
Tandberg ASA (1)	79,900		701,589
Yara International ASA (1)	111,000		1,691,217
			11,997,717

Description	Shares	Value
Common Stocks (continued)
Russia - 0.9%
LUKOIL - Sponsored ADR	41,900	$	2,390,395
Mining and Metallurgical Co. Norilsk Nickel ADR	8,500		722,500
			3,112,895
Singapore - 0.9%
Chartered Semiconductor Manufacturing Ltd. (2)	975,000		714,856
MobileOne Ltd.	49,000		58,814
Singapore Telecommunications Ltd.	1,447,950		2,148,916
StarHub Ltd.	51,000		57,295
STX Pan Ocean Co. Ltd.	137,000		72,905
			3,052,786
Spain - 3.5%
Actividades de Construccion y Servicios SA	69,426		2,005,405
Banco Santander Central Hispano SA	565,448		7,199,962
Repsol YPF SA (1)	110,350		3,253,867
			12,459,234
Sweden - 1.1%
JM AB	6,000		261,918
Nordea Bank AB	110,500		1,077,625
Skandinaviska Enskilda Banken AB - Class A	32,400		609,879
Telefonaktiebolaget LM Ericsson, Class B (1)	544,550		1,771,992
			3,721,414
Switzerland - 6.2%
ABB Ltd. (2)	226,137		1,985,996
Adecco SA	22,050		1,000,068
Compagnie Financiere Richemont AG, Class A	44,500		1,759,495
Credit Suisse Group	78,582		3,809,581
Nestle SA	15,200		4,477,636
Phonak Holding AG	1,655		70,471
Roche Holding AG	2,321		347,322
Swatch Group AG, Class B	21,418		3,094,263
Swiss Life Holding	12,300		1,959,954
Syngenta AG	9,015		988,497
UBS AG	26,350		2,417,775
			21,911,058

Description	Shares	Value
Common Stocks (continued)
Taiwan, Province of China - 1.5%
Chinatrust Financial Holding Co. Ltd.	1,405,207	$	1,129,935
Hon Hai Precision Industry Co. Ltd.	279,022		1,404,778
MediaTek, Inc.	13,000		135,505
Taiwan Semiconductor Manufacturing Co. Ltd.	1,404,945		2,487,399
			5,157,617
Thailand - 0.9%
Bangkok Bank PCL	414,800		1,055,982
Siam Cement PCL	348,408		2,094,873
			3,150,855
Turkey - 1.4%
Dogan Sirketler Grubu Holding AS	406,338		1,240,132
Eregli Demir ve Celik Fabrikalari TAS	107,659		694,446
Haci Omer Sabanci Holding AS	56,310		336,241
Koc Holding AS	122,548		600,770
Petkim Petrokimya Holding AS	36,395		205,250
Tofas Turk Otomobil Fabrikasi AS	62,222		132,104
Tupras-Turkiye Petrol Rafinerileri AS	44,668		783,707
Turkcell Iletisim Hizmetleri AS	51,019		317,811
Turkiye Garanti Bankasi AS (2)	129,685		435,948
Turkiye Is Bankasi	19,393		167,268
Vestel Elektronik Sanayi ve Ticaret AS (2)	23,444		85,031
			4,998,708
United Kingdom - 17.3%
Amvescap PLC	327,550		2,223,729
Antofagasta PLC	53,589		1,543,024
Ashtead Group PLC (2)	51,617		150,856
AstraZeneca PLC	201,231		9,250,386
AWG PLC	31,618		547,879
BHP Billiton PLC	416,819		6,245,957
British American Tobacco PLC	226,906		4,944,239
British Sky Broadcasting Group PLC	215,700		1,831,396
Compass Group PLC	443,759		1,612,792
Diageo PLC	187,950		2,706,073
HSBC Holdings PLC	487,216		7,802,170
Irish Life & Permanent PLC	172,181		3,110,830
Kingfisher PLC	164,500		640,076
Misys PLC	434,900		1,627,689
NETeller PLC (2)	57,597		644,447
Reuters Group PLC	293,000		2,031,865
Royal Bank of Scotland Group PLC	74,150		2,106,867
Smith & Nephew PLC	225,735		2,007,855
Smiths Group PLC	108,100		1,820,822
Standard Chartered PLC	229,456		4,912,504
Vodafone Group PLC	1,383,100		2,970,605
			60,732,061

Description	Shares or Principal Value	Value
Common Stocks (continued)
United States - 0.8%
News Corp. (1)	176,725	$	2,768,545
Venezuela - 0.0%
Compania Anonima Nacional Telefonos de Venezuela - ADR	3,500		49,840
Total Common Stocks
(identified cost $309,059,730)			341,793,743
Collateral Pool Investment for Securities on Loan - 9.5%
(See Note 2 of the Schedule of Investments) (identified cost $33,178,312)			33,178,312
Repurchase Agreement - 2.4%
Agreement with IBT Corp., 3.50%, dated 11/30/2005, to be repurchased at $8,320,545 on 12/01/2005, collateralized by various U.S. Government Agency Obligations with various maturities to 11/1/2034, with a market value of $8,735,723 (at amortized cost)	8,319,736		8,319,736
Total Investments - 109.2%
(identified cost $350,557,778)			383,291,791
Other Assets and Liabilities - (9.2)%			(32,129,872	)
Total Net Assets - 100.0%		$	351,161,919

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

Marshall International Stock Fund

Industry Division

November 30, 2005 (Unaudited)

Industry	Market Value			% of Total Net Assets
Automobiles	$	9,913,221		2.8	%
Beverages		2,706,073		0.8
Chemicals		3,063,189		0.9
Commercial Banks		50,068,550		14.3
Commercial Services		1,150,924		0.3
Construction Materials		6,437,786		1.8
Cosmetics		2,101,835		0.6
Distribution/Wholesale		8,593,118		2.4
Diversified Financial Services		20,572,195		5.9
Diversified Holding Companies		5,686,715		1.6
Diversified Manufacturing		1,820,822		0.5
Electronics		12,916,064		3.7
Engineering & Construction		7,058,401		2.0
Entertainment		3,072,031		0.9
Food & Staple Retailing		9,206,204		2.6
Health Care Equipment & Supplies		4,205,974		1.2
Insurance		32,274,015		9.2
Machinery		1,537,138		0.4
Media		10,412,821		3.0
Metals & Mining		14,512,443		4.1
Office & Business Equipment		1,973,833		0.6
Oil & Gas		34,720,115		9.9
Pharmaceuticals		14,972,383		4.3
Real Estate		2,502,662		0.7
Retail		28,310,976		8.1
Semiconductor Equipment & Products		7,235,787		2.1
Software		2,622,832		0.7
Telecommunications		24,618,601		7.0
Tobacco		5,946,553		1.7
Transportation		7,223,244		2.1
Utilities		4,357,238		1.2
Total Common Stocks		341,793,743		97.3
Investment for Collateral Pool for Securities on Loan		33,178,312		9.4
Repurchase Agreement		8,319,736		2.4
Total Investments		383,291,791		109.1
Other Assets & Liabilities		(32,129,872	)	(9.1	)
Total Net Assets	$	351,161,919		100.0	%

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

Government Income Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 2.6%
Countrywide Alternative Loan Trust, Class 1A2,
3.230%, 6/25/2034	$	1,238,326	$	1,235,047
Green Tree Home Equity Loan Trust 1998-B, Class B1,
7.810%, 11/15/2029		5,915,599		5,925,543
GSR Mortgage Loan Trust 2005-5F, Class 2A8,
5.500%, 6/25/2035		6,000,000		5,858,694
Total Asset-Backed Securities (identified cost $13,001,565)				13,019,284
Collateralized Mortgage Obligations - 16.8%
Chase Mortgage Finance Corp.,
5.500%, 5/25/2035, (Series 2005-S1-1A7)		5,000,000		4,855,210
Countrywide Home Loans,
5.750%, 3/25/2033, (Series 2003-J1-1A8)		1,975,000		1,969,784
Federal Home Loan Mortgage Corp.,
4.321%, 8/25/2031, REMIC (Series T-32-A1)		1,961,298		1,971,713
Federal Home Loan Mortgage Corp.,
5.000%, 10/15/2029, REMIC (Series 2745-AY) (1)		5,000,000		4,857,020
Federal Home Loan Mortgage Corp.,
5.000%, 10/15/2034, REMIC (Series 2876-DQ)		815,533		794,178
Federal Home Loan Mortgage Corp.,
5.000%, 1/15/2035, REMIC (Series 2921-ZJ)		283,286		277,323
Federal Home Loan Mortgage Corp.,
5.000%, 4/15/2035, REMIC (Series 2963-ED) (1)		4,888,797		4,695,474
Federal Home Loan Mortgage Corp.,
5.500%, 7/15/2035, REMIC (Series 3000-ZB)		185,939		185,345
Federal Home Loan Mortgage Corp.,
5.500%, 10/15/2035, REMIC (Series 3058-WC) (1)		5,798,183		5,810,736
Federal Home Loan Mortgage Corp.,
6.250%, 9/15/2023, REMIC (Series 1666-H)		7,218,403		7,352,348
Federal Home Loan Mortgage Corp.,
6.500%, 10/15/2016, REMIC (Series 1702-PK)		5,159,233		5,208,096
Federal National Mortgage Association,
4.000%, 10/25/2032, REMIC (Series 2003-28-GA)		627,517		592,653
Federal National Mortgage Association,
4.444%, 1/25/2031, REMIC (Series 2001-25-FA)		3,512,257		3,517,856
Federal National Mortgage Association,
5.000%, 10/25/2016, REMIC (Series 2003-16-PD) (1)		5,000,000		4,960,030
Federal National Mortgage Association,
5.000%, 10/15/2031, REMIC (Series 2543-LN) (1)		5,328,500		5,263,780
Federal National Mortgage Association,
5.000%, 5/15/2033, REMIC (Series 2791-BL) (1)		2,967,084		2,888,005
Government National Mortgage Association,
4.500%, 11/16/2028, REMIC (Series 2003-77-TE)		1,556,733		1,551,436
Master Asset Securitization Trust,
5.000%, 3/25/2034, REMIC (Series 2004-3-4A5)		15,215,000		14,895,637

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Residential Accredit Loans, Inc.,
4.000%, 7/25/2033, (Series 2003-QR24-A5)	$	2,031,496	$	2,011,035
Residential Asset Securitization Trust,
5.250%, 6/25/2034, (Series 2004-A3)		2,967,112		2,828,123
Structured Asset Securities Corporation,
4.910%, 8/25/2034, (Series 2004-16XS-A2)		3,876,437		3,857,256
Structured Asset Securities Corporation,
5.250%, 8/25/2033, (Series 2003-21-2A2)		3,572,990		3,426,655
Washington Mutual,
3.429%, 8/25/2034, REMIC (Series 2004-AR9-A3)		369,046		368,712
Washington Mutual,
3.530%, 10/25/2033, REMIC (Series 2003-AR10-A3A)		955,133		950,694
Total Collateralized Mortgage Obligations (identified cost $85,233,561)				85,089,099
Corporate Bonds - 4.0%
CIT Group Inc. FRN,
4.533%, 11/3/2010 (1)		5,000,000		5,003,905
DaimlerChrysler North America Holding Corp. FRN,
4.026%, 3/7/2007		3,000,000		2,997,720
HSB Capital I FRN,
5.060%, 7/15/2027		3,000,000		3,002,952
SLM Corp. FRN,
4.070%, 9/15/2006		4,000,000		4,008,720
SLM Corp. FRN,
4.340%, 7/27/2009		5,000,000		4,998,825
Total Corporate Bonds (identified cost $19,968,950)				20,012,122
Government Agencies - 16.8%
Federal Home Loan Mortgage Corp. - 8.9%
Federal Home Loan Mortgage Corp. Discount Note,
3.948%, 12/02/2005		25,000,000		24,994,779
Federal Home Loan Mortgage Corp. Discount Note,
3.985%, 12/09/2005		20,000,000		19,982,578
				44,977,357
Federal National Mortgage Association - 7.9%
Federal National Mortgage Association Discount Note,
3.987%, 12/23/2005		15,000,000		14,963,236
Federal National Mortgage Association Discount Note,
4.025%, 12/19/2005		25,000,000		24,950,625
				39,913,861
Total Government Agencies (at amortized cost)				84,891,218

Description	Principal Amount		Value
Mortgage Backed Securities - 55.8%
Federal Home Loan Mortgage Corp. - 7.1%
5.000%, 8/1/2014	$	4,689,475	$	4,640,338
5.000%, 10/1/2033 (1)		4,187,439		4,043,354
5.000%, 12/1/2035 (6)		20,000,000		19,237,500
5.500%, 11/1/2018 (1)		5,527,703		5,559,399
6.500%, 9/1/2016		374,097		385,284
7.000%, 11/1/2009		290,900		295,661
7.500%, 9/1/2013		138,214		145,893
7.500%, 4/1/2024		358,393		377,899
7.500%, 4/1/2027		219,705		231,507
8.000%, 8/1/2030		297,235		316,778
8.500%, 9/1/2024		198,994		216,160
9.000%, 6/1/2019		385,183		415,945
9.500%, 2/1/2025		295,634		323,948
				36,189,666
Federal National Mortgage Association - 44.1%
5.000%, 5/1/2018 (1)		3,371,982		3,329,397
5.000%,12/1/2020 (6)		6,000,000		5,911,872
5.000%, 7/1/2035 (1)		5,883,812		5,663,805
5.000%, 12/1/2035 (6)		35,000,000		33,676,580
5.500%, 1/1/2023 (1)		3,644,688		3,627,609
5.500%, 10/1/2024 (1)		4,194,746		4,167,866
5.500%, 2/1/2033 (1)		2,231,526		2,204,757
5.500%, 6/1/2035 (1)		7,274,371		7,169,329
5.500%, 12/1/2035 (6)		80,000,000		78,800,000
6.000%, 9/1/2013		1,649,548		1,685,749
6.000%, 10/1/2016		977,187		998,787
6.000%, 12/1/2035 (6)		60,000,000		60,356,280
6.500%, 9/1/2016		593,785		612,481
6.500%, 9/1/2016		1,143,358		1,179,358
6.500%, 8/1/2030 (1)		6,068,195		6,237,334
6.500%, 12/1/2031		378,074		387,897
7.000%, 12/1/2010		521,306		529,222
7.000%, 3/1/2029		535,196		559,957
7.000%, 7/1/2029		1,500,951		1,570,394
7.000%, 2/1/2030		1,178,783		1,233,320
7.500%, 12/1/2009		1,137,378		1,171,086
7.500%, 10/1/2030		245,302		257,757
8.000%, 10/1/2028		1,595,429		1,701,217
8.000%, 4/1/2030		476,827		508,644
				223,540,698
Government National Mortgage Association - 4.6%
5.000%, 4/15/2034 (1)		2,823,284		2,766,438
5.500%, 9/15/2033 (1)		7,211,803		7,198,836
6.000%, 12/20/2033 (1)		8,416,266		8,523,582
6.500%, 9/15/2032 (1)		2,144,056		2,228,447
7.000%, 6/15/2029		585,881		615,755
7.000%, 8/15/2031		396,958		416,997
8.500%, 6/15/2010		410,577		430,421

Description	Principal Amount		Value
Mortgage Backed Securities (continued)
Government National Mortgage Association (continued)
9.000%, 11/15/2009	$	686,767	$	714,222
9.000%, 1/15/2010		218,357		227,853
9.500%, 10/15/2024		135,084		149,133
				23,271,684
Total Mortgage Backed Securities (identified cost $284,794,962)				283,002,048
U.S. Treasury Notes - 28.3%
1.875%, 12/31/2005		45,000,000		44,922,690
3.875%, 7/15/2010 (1)		20,000,000		19,544,540
3.875%, 9/15/2010 (1)		35,000,000		34,163,290
4.000%, 8/31/2007 (1)		10,000,000		9,932,040
4.000%, 4/15/2010 (1)		10,000,000		9,831,650
4.500%, 11/15/2015		25,000,000		25,011,725
Total U.S. Treasury Notes (identified cost $144,286,056)				143,405,935
Total Investments in Securities - 124.3%
(identified cost $632,176,312)				629,419,706
Collateral Pool Investments for Securities on Loan - 32.9%
(See Note 2 of the Schedule of Investments)
(identified cost $166,684,047)				166,684,047
Repurchase Agreement - 14.7%
Agreement with Morgan Stanley & Co., Inc., 4.02% dated 11/30/2005, to be repurchased at $74,735,183 on 12/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 03/07/2022, with a market value of $77,140,467 (at amortized cost)	$	74,726,839		74,726,839
Total Investments - 171.9% (identified cost $873,587,198)				870,830,592
Other Assets and Liabilities - (71.9)%				(364,115,590	)
Total Net Assets - 100.0%			$	506,715,002

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

Intermediate Bond Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 2.6%
Citibank Credit Card Issuance Trust 2002-A1, Class A1, 4.950%, 2/9/2009	$	6,000,000	$	6,012,102
Green Tree Home Improvement Loan Trust 1998-B, Class HEB1, 7.810%, 11/15/2029		6,901,532		6,913,133
Structured Asset Securities Corp.Trust 2004-16XS, Class A2, 4.910%, 8/25/2034 (4)		3,876,437		3,857,256
Total Asset-Backed Securities
(identified cost $16,780,940)				16,782,491
Collateralized Mortgage Obligations - 6.5%
Countrywide Alternative Loan Trust 2004-J4, Class 1A2, 3.230%, 6/25/2034		1,769,037		1,764,352
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3, 4.500%, 6/25/2033		3,130,481		3,109,197
Federal Home Loan Mortgage Corp., Class AY, (Series 2745), 5.000%, 10/15/2029		605,000		587,699
Federal Home Loan Mortgage Corp., Class WC, 5.500%, 7/15/2032 (1)		10,000,000		9,846,580
Federal Home Loan Mortgage Corp., Class WC, (Series 3058), 5.500%, 10/15/2035 (1)		6,764,546		6,779,192
Federal National Mortgage Association, Pass-Thru INT, 15-year, 5.500%, 11/1/2018 (1)		12,193,469		12,259,290
Federal National Mortgage Association, Pass-Thru INT, 30-year, 6.500%, 10/1/2031		773,131		793,218
Federal National Mortgage Association, Pass-Thru INT, 15-year, 7.000%, 12/1/2015		890,851		926,980
GSR Mortgage Loan Trust 2005-5F, Class 2AB, 5.500%, 6/25/2035		4,000,000		3,905,796
Prudential Home Mortgage Securities 1993-H, Class 2B, (Series 144A), 6.980%, 9/28/2008 (4) (7) (8)		59,750		59,476
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033		2,031,496		2,011,035
Total Collateralized Mortgage Obligations
(identified cost $42,552,965)				42,042,815
Corporate Bonds & Notes - 68.9%
Aerospace/Defense - 0.6%
BAE Systems Holdings, Inc., Note, (Series 144A), 4.750%, 8/15/2010 (7) (8)		2,000,000		1,959,888
United Technologies Corp., Note, 4.375%, 5/1/2010 (1)		2,000,000		1,963,806
				3,923,694
Automotive & Related - 3.3%
DiamlerChrysler North America Holding Corp., Company Guarantee, 4.026%, 3/7/2007 (1) (4)		4,000,000		3,996,960
Ford Motor Credit Co., Global Bond, 6.875%, 2/1/2006		5,000,000		4,980,400
Ford Motor Credit Co., Senior Note, 4.950%, 1/15/2008		5,000,000		4,560,970
General Motors Acceptance Corp., Note, 6.750%, 1/15/2006		3,000,000		2,989,923
General Motors Acceptance Corp., Note, 6.875%, 8/28/2012 (1)		5,000,000		4,533,465
				21,061,718

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Banks - 6.9%
Bank of America Corp., Sr. Unsecured Note, 4.360%, 8/2/2010 (4)	$	7,000,000	$	7,010,934
Citicorp, Sub. Note, (Series MTNF), 6.375%, 11/15/2008		7,000,000		7,293,258
NationsBank Corp., Sub. Note, 7.800%, 9/15/2016		2,000,000		2,385,574
UBS Preferred Funding Trust, Bond, 8.622%, 10/29/2049		7,000,000		8,008,959
US Bank NA, Sr. Note, (Series BKNT), 4.400%, 8/15/2008		10,000,000		9,896,580
Wachovia Corp., Note, 4.280%, 10/28/08 (4)		5,000,000		5,002,385
World Savings Bank FSB, Sr. Note, (Series BKN1), 3.995%, 3/2/2009 (4)		5,000,000		5,009,730
				44,607,420
Beverages & Foods - 2.4%
General Mills, Inc., Note, 3.875%, 11/30/2007		5,000,000		4,900,850
Kraft Foods, Inc., Note, 5.250%, 6/1/2007		5,000,000		5,028,010
Kroger Co., 8.050%, 2/1/2010		5,000,000		5,423,950
				15,352,810
Broadcasting - 0.8%
Univision Communications, Inc., Sr. Note, 3.500%, 10/15/2007		5,000,000		4,846,310
Broker/Dealers - 6.9%
Credit Suisse, London, Sub. Note, (Series 144A), 7.900%, 5/29/2049 (7) (8)		5,000,000		5,189,010
Goldman Sachs Group, Inc., Note, 4.300%, 6/28/2010 (4)		10,000,000		10,000,000
Goldman Sachs Group, Inc., Note, 4.500%, 6/15/2010 (1)		6,000,000		5,854,260
Goldman Sachs Group, Inc., Note, 5.000%, 10/1/2014 (1)		3,000,000		2,926,683
Merrill Lynch & Co., Sr. Note, (Series MTNC), 3.000%, 4/30/2007		7,000,000		6,829,837
Merrill Lynch & Co., Note, (Series MTNC), 4.511%, 2/5/2010 (4)		7,000,000		7,000,000
Morgan Stanley, Sr. Note, (Series MTNF), 4.284%, 1/18/2008 (4)		7,000,000		7,008,540
				44,808,330
Computer Services - 0.7%
Computer Associates, Inc., Sr. Note, (Series 144A), 5.625%, 12/1/2014 (7) (8)		5,000,000		4,872,825
Construction Equipment - 0.7%
CRH America, Inc. Note, 6.950%, 3/15/2012		4,000,000		4,339,372
Consumer Cyclical - 0.4%
Tyco International Group, Note, 5.800%, 8/1/2006		2,500,000		2,508,778

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Corporate - Other - 0.8%
Core Investment Grade Trust, Pass Thru Cert., 4.637%, 11/30/2007 (4)	$	5,451,853	$	5,390,547
Domestic & International Oil - 0.8%
Occidental Petroleum Corp., Note, 4.000%, 11/30/2007		2,500,000		2,451,652
Pemex Project Funding Master Trust, Note, (Series 144A), 5.750%, 12/15/2015 (7) (8)		3,000,000		2,951,250
				5,402,902
Electrical Equipment - 0.8%
General Electric Co., Note, 5.000%, 2/1/2013		5,000,000		4,967,330
Energy - 1.4%
Dominion Resources, Inc., Sr. Unsecured, 5.150%, 7/15/2015 (1)		7,000,000		6,771,422
Halliburton Co., Note, 5.500%, 10/15/2010		2,000,000		2,039,526
				8,810,948
Financial Services - 18.9%
American General Finance Corp., Note, (Series G), 4.500%, 11/15/2007 (1)		5,000,000		4,965,885
American General Finance Corp., Note, (Series G), 5.375%, 10/1/2012		2,500,000		2,510,610
American General Finance, Note, (Series MTN) 4.875%, 7/15/2012		2,000,000		1,954,378
Countrywide Home Loans, Global Bond, 2.875%, 2/15/2007 (1)		5,000,000		4,881,040
General Electric Capital Corp., Note, 3.801%, 3/4/2008 (4)		4,000,000		4,004,444
General Electric Capital Corp., Note, 4.875%, 3/4/2015 (1)		5,000,000		4,903,010
General Electric Capital Corp., Note, (Series MTNA) 6.125%, 2/22/2011		5,000,000		5,250,730
Household Finance Corp., Sr. Unsub., 4.620%, 11/16/2009 (4)		6,000,000		6,020,922
Household Finance Corp., Note, 5.000%, 6/30/2015		5,000,000		4,832,290
Household Finance Corp., Unsecured, 5.250%, 4/15/2015 (1)		3,000,000		2,972,796
Household Finance Corp., Note, 7.000%, 5/15/2012		3,000,000		3,272,976
John Deere Capital Corp., Note, (Series MTND), 4.400%, 7/15/2009		6,000,000		5,895,156
JPMorgan Chase & Co., Note, 4.600%, 1/17/2011 (1)		5,000,000		4,887,245
JPMorgan Chase & Co., Note, 4.320%, 1/17/2011 (4)		10,000,000		10,008,190
MBNA Capital B, Jr. Sub. Note, (Series B), 4.493%, 2/1/2027 (4)		3,000,000		2,953,740
Morgan Stanley, Convertible, 5.3750%, 12/30/2011		10,000,000		9,947,680
National Rural Utilities Cooperative Finance Corp., Note, 3.000%, 2/15/2006		7,000,000		6,979,287
National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.875%, 2/15/2008		4,000,000		3,916,584
Residential Capital Corp., Unsecured, 5.385%, 6/29/2007 (1) (4)		7,000,000		7,029,624
SLM Corp., Note, (Series MTNA), 4.070%, 9/15/2006 (4)		5,000,000		5,010,900

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Financial Services (continued)
SLM Corp., Note, (Series MTNA), 4.340%, 7/27/2009 (4)	$	15,000,000	$	14,996,475
SLM Corp., Note, (Series MTNA), 5.625%, 4/10/2007		5,000,000		5,041,175
				122,235,137
Home Builders - 2.0%
Centex Corp., Note, (Series MTN), 4.500%, 8/1/2007 (4)		8,000,000		7,998,440
MDC Holdings, Inc., Sr. Note, 5.375%, 7/1/2015		5,000,000		4,655,750
				12,654,190
Insurance - 6.9%
American International Group, Inc., (Series 144A), 5.050%, 10/1/2015 (7) (8)		12,000,000		11,695,332
AIG SunAmerica Global Financial, Bond, (Series 144A), 5.850%, 8/1/2008 (7) (8)		7,000,000		7,160,503
Berkshire Hathaway Finance Corp., Company Guarantee, 4.750%, 5/15/2012		4,000,000		3,936,216
GE Global Insurance Holding, Note, 7.500%, 6/15/2010		4,825,000		5,268,968
HSB Capital I, Company Guarantee, (Series B), 5.060%, 7/15/2027 (4)		4,000,000		4,003,936
Protective Life Corp., Unsecd. Note, 4.000%, 4/1/2011		8,000,000		7,643,544
Prudential Funding Corp., Note, (Series MTN), (Series 144A), 6.600%, 5/15/2008 (7) (8)		5,000,000		5,204,285
				44,912,784
Leasing - 0.3%
International Lease Finance Corp., Note, 4.500%, 5/1/2008		2,000,000		1,975,048
Media - 2.0%
AOL Time Warner, Inc., Note, 6.125%, 4/15/2006		4,000,000		4,018,464
Comcast Corp., Company Guarantee, 6.750%, 1/30/2011		3,000,000		3,174,123
Comcast Corp., Note, 4.950%, 6/15/2016 (1)		6,000,000		5,641,416
				12,834,003
Medical Products - 0.7%
Genentech, Inc., Note, 4.750%, 7/15/2015		5,000,000		4,829,400
Publishing - 0.4%
Reed Elsevier Inc., Company Guarantee, 6.125%, 8/1/2006		2,500,000		2,514,735
REITS-Diversified - 0.6%
Vornado Realty Trust, Bond, 5.625%, 6/15/2007		4,000,000		4,033,184
Retail - 0.4%
Wal-Mart Stores, Bond, 5.250%, 9/1/2035		3,000,000		2,858,928
Services-Diversified Commercials - 0.6%
Cendant Corp., Note, 6.250%, 3/15/2010		3,500,000		3,585,782

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Short-Term Business Credit - 2.3%
CIT Group, Inc., Sr. Note, 3.650%, 11/23/2007	$	5,000,000	$	4,885,470
CIT Group, Inc., Sr. Note, 4.551%, 11/3/2010 (4)		10,000,000		10,007,810
				14,893,280
Telecommunications - 6.6%
BellSouth Corp., Note, 4.750%, 11/15/2012 (1)		3,000,000		2,914,743
British Telecommunication PLC, Note, 7.875%, 12/15/2005		5,000,000		5,004,065
Intelsat, Ltd., Sr. Note, 5.250%, 11/1/2008		2,000,000		1,825,000
Sprint Capital Corp., 7.125%, 1/30/2006		5,000,000		5,017,945
Telecom Italia Capital, Company Guarantee, 5.250%, 11/15/2013		5,000,000		4,906,705
Telecom Italia Capital, Company Guarantee, 4.95%, 9/30/2014		7,000,000		6,684,748
Telecom Italia Capital, Note, 4.730%, 2/01/2011 (4)		3,000,000		3,014,214
Telecom Italia Capital, Note, 5.250%, 10/1/2015		4,000,000		3,882,364
Verizon Global Funding, Note, 4.900%, 9/15/2015		1,000,000		961,382
Verizon Global Funding, Note, 7.375%, 9/1/2012		3,000,000		3,337,260
Vodafone Group PLC, Unsecured Note, 5.000%, 9/15/2015		5,000,000		4,870,290
				42,418,716
Transportation - 0.7%
Systems 2001 Asset Trust, Pass Thru Cert., (Series 144A), 6.664%, 9/15/2013 (7) (8)		4,358,845		4,627,153
Total Corporate Bonds & Notes (identified cost $449,483,095)				445,265,324
Government Agencies - 6.2%
Federal Home Loan Bank System - 4.7.%
3.985%, 12/9/05		25,000,000		24,978,222
5.430%, 11/17/2008 (1)		5,000,000		5,104,540
				30,082,762
Federal National Mortgage Association - 1.5%
5.500%, 2/15/2006		10,000,000		10,024,170
Total Government Agencies (identified cost $39,971,282)				40,106,932
Mortgage Backed Securities - 10.0%
Federal Home Loan Mortgage Corp. - 0.2%
7.500%, 2/1/2031	$	604,148	$	635,442
7.500%, 6/1/2031		187,574		197,257
				832,699
Federal National Mortgage Association - 9.7%
5.000%, 7/1/2035 (1)		2,899,711		2,791,285
5.500%, 12/15/2035 (6)		20,000,000		19,700,000
6.000%, 12/15/2035 (6)		40,000,000		40,237,520
				62,728,805
Government National Mortgage Association - 0.1%
7.000%, 3/15/2032		787,260		826,920
Total Mortgage Backed Securities (identified cost $64,613,619)				64,388,424

Description	Principal Amount		Value
U. S. Treasury Securities - 3.1%
U.S. Treasury Notes - 3.1%
4.500%, 11/15/2015	$	20,000,000	$	20,009,380
Total U.S. Treasury Securities
(identified cost $20,040,616)				20,009,380
Total Investment In Securities - 97.3%
(identified cost $633,442,517)				628,595,366
Collateral Pool Investment for Securities on Loan - 10.2%
(See Note 2 of the Schedule of Investments) (identified cost $66,011,611)				66,011,611
Repurchase Agreement - 11.5%
Agreement with Morgan Stanley & Co., Inc., 4.02%, dated 11/30/2005 to be repurchased at $74,516,443 on 12/01/2005, collateralized by U.S. Government Agency Obligation maturity 12/30/2008, with a market value of $76,526,313 (at amortized cost)		74,508,122		74,508,122
Total Investments - 119.0%
(identified cost $773,962,250)				769,115,099
Other Assets and Liabilities - (19.0)%				(122,795,436	)
Total Net Assets - 100.0%			$	646,319,663

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

Intermediate Tax-Free Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description/Credit Rating (9)	Principal Amount		Value
Municipals - 97.8%
Arizona - 4.3%
Maricopa County, AZ, School District No. 28 Kyrene Elementary, (Series 2001 A), GO UT, 5.000%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.59%), 7/1/2013 NR/Aaa	$	1,885,000	$	2,033,877
Phoenix, AZ, Civic Improvement Corp., Subordinate Excise Tax Revenue Bonds, (Series 2003 A), 5.000%, (MBIA Insurance Corp.)/(Original Issue Yield: 3.87%), 7/1/2015 AAA/Aaa		1,000,000		1,067,440
Phoenix, AZ, Civic Improvement Corp., Jr. Lien Water System Revenue Refunding Construction Bonds, 5.250%, (FGIC)/(Original Issue Yield: 4.69%), 7/1/2016 AAA/Aaa		500,000		552,530
				3,653,847
Arkansas - 0.7%
Arkansas Development Finance Authority, State Agency Facilities Construction Bonds, Revenue Department Building Commission Project, (Series 1997), Revenue Bonds, 5.000%, (AMBAC INS)/(Original Issue Yield: 5.055%), 7/1/2020, AAA/Aaa		590,000		602,349
California - 1.2%
California State Economic Recovery Bonds, (Series 2004 B), GO UT, 5.000%, (Original Issue Yield: 3.02%), 07/1/2023 (Mandatory Tender 7/01/2008), AA-/Aa3		1,000,000		1,038,560
Colorado - 8.6%
Eagle Garfield & Routt Counties, CO, School District No. RE 50J, GO UT Refunding Bonds, 4.750%, (FSA State Aid Withholding)/(Original Issue Yield: 3.88%), 12/1/2018 AAA/Aaa		1,000,000		1,064,950
El Paso County, CO, School District No. 49 Falcon, GO UT Series 2002, 5.750%, (FGIC State Aid Withholding)/(Original Issue Yield: 4.75%), 12/1/2013 AAA/Aaa		1,875,000		2,074,481
Larimer County, CO, School District No. R-1 Poudre, GO UT Refunding Bonds, (Series 1998), 5.250%, (State Aid Withholding)/(Original Issue Yield: 4.65%), 12/15/2009 AA-/Aa3		2,500,000		2,624,625
University of Northern Colorado, Auxiliary Facilities System Revenue Refunding & Improvement Bonds Series 2005, 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.88%), 6/1/2017 AAA/Aaa		1,445,000		1,546,381
				7,310,437
Florida - 1.9%
Lee County, FL, Transportation Facilities, Sanibel Bridges & Causeway Project, (Series 2005 B), Revenue Bonds, 5.000%, (CIFG)/(Original Issue Yield: 3.95%), 10/1/2018 AAA/Aaa		1,525,000		1,628,608

Description/Credit Rating (9)	Principal Amount		Value
Municipals (continued)
Georgia - 5.0%
Coweta County, GA, Water & Sewer Authority Revenue Refunding Bonds, 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.79%), 6/1/2017 NR/Aaa	$	1,200,000	$	1,307,352
De Kalb County, GA, GO UT Refunding Bonds, (Series 2003 A), 5.000%, (Original Issue Yield: 2.15%), 1/1/2007 AA+/Aaa		1,790,000		1,823,079
Georgia Municipal Electric Authority, Project One Subordinated Revenue Bonds (Series 1998 A), 5.250%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.70%), 1/1/2014 AAA/Aaa		1,000,000		1,094,140
				4,224,571
Hawaii - 2.5%
State of Hawaii GO UT Refunding Bonds 2005, (Series DG), 5.000%, (AMBAC INS)/(Original Issue Yield: 3.69%), 7/1/2015 AAA/Aaa		2,000,000		2,164,320
Illinois - 2.8%
Kendall, Kane & Will Counties, IL, Community Unit School District No. 308, GO UT, (Series 2004), 5.250%, (FSA Insurance Corp.)/(Original Issue Yield: 4.38%), 10/1/2016 NR/Aaa		1,125,000		1,231,234
University of Illinois, Auxiliary Facilities System Revenue Refunding Bonds, (Series 2001 A), 5.250%, (AMBAC INS)/(Original Issue Yield: 4.53%), 4/1/2013 AAA/Aaa		1,060,000		1,155,262
				2,386,496
Indiana - 1.8%
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		1,538,943
Iowa - 3.6%
Iowa Finance Authority, Solid Waste Disposal Revenue Bonds, (Series 1997) (IPSCO Project), 6.000%, 6/1/2027 (Mandatory Tender 6/1/2007) NR (10)		3,000,000		3,064,530
Kansas - 1.2%
Sedgwick County, KS, Wichita, Unified School District No. 259, GO UT, (Series 2000), 6.000%, (Original Issue Yield: 4.64%), 9/1/2008 AA/Aa3		1,000,000		1,066,850
Louisiana - 4.7%
Louisiana State University Agricultural and Mechanical College Auxiliary Board Revenue Refunding Bonds, (Series 2005 A), 5.000%, (AMBAC INS)/(Original Issue Yield: 3.76%), 7/1/2015 AAA/Aaa		1,000,000		1,073,910
New Orleans, LA, Sewer Service Revenue Refunding Bonds Anticipation Notes, 3.000%, (Original Issue Yield: 2.65%), 7/26/2006 SG/SP-3		3,000,000		2,895,810
				3,969,720
Michigan - 2.5%
Detroit, MI, City School District, School Building & Site Improvement Bonds (Series 1998 B), GO UT, 5.000%, (FGIC Q-SBLF)/(Original Issue Yield: 4.50%), 5/1/2009 AAA/Aaa		2,000,000		2,105,320
Minnesota - 3.7%
Minneapolis/St. Paul, MN, Metropolitan Airports, Commission Airport Revenue Bonds, (Series 2001 B), (AMT), 5.250%, (FGIC)/(Original Issue Yield: 4.07%), 1/1/2006 AAA/Aaa (10)		1,000,000		1,001,470

Description/Credit Rating (9)	Principal Amount		Value
Municipals (continued)
Minnesota (continued)
Minneapolis/St. Paul, MN, Metropolitan Airports, Commission Airport Revenue Bonds, (Series 2001 B), (AMT), 5.500%, (FGIC)/(Original Issue Yield: 4.75%), 1/1/2011 AAA/Aaa (10)	$	2,000,000	$	2,154,500
				3,155,970
Nevada - 2.4%
Clark County, NV, School District, GO Ltd., Building & Refunding Bonds (Series 2001 D), 5.250%, (FGIC)/(Original Issue Yield: 4.48%), 6/15/2014 AAA/AA-		1,880,000		2,058,318
New Jersey - 1.5%
New Jersey State Transportation Trust Fund Authority Transportation Systems Bonds, (Series 2003 C), 5.000%, (Original Issue Yield: 3.86%), 6/15/2012 AA-/A1		1,200,000		1,277,544
New Mexico - 2.6%
Belen, NM, Consolidated School District No. 002, GO UT, Refunding Bonds (Series 2005 A), 4.000%, (MBIA State Aid Withholding)/(Original Issue Yield: 2.42%), 8/1/2006 NR/Aaa		1,150,000		1,155,888
New Mexico State Highway Commission, Senior Subordinate Lien Tax Revenue Bonds, (Series 1999), 6.000%, (Original Issue Yield: 5.37%), 6/15/2010 (Prerefunded 6/15/2009), AA+/Aa2		1,000,000		1,084,700
				2,240,588
New York - 10.1%
Metropolitan Transit Authority, NY, Transportation Revenue Bonds, (Series 2005 A), 5.500%, (AMBAC INS)/(Original Issue Yield: 3.61%), 11/15/2016 AAA/Aaa		1,500,000		1,694,970
New York, NY, GO UT, (Series C), 5.500%, (FGIC-TCRS)/(Original Issue Yield: 4.80%), 8/1/2015 AAA/Aaa		2,000,000		2,190,180
Oswego County, NY, GO UT, 6.700%, (Original Issue Yield: 6.80%), 6/15/2010 (Econ Defeased to Maturity), NR/A3		1,100,000		1,247,180
Oswego County, NY, GO UT, 6.700%, (Original Issue Yield: 6.80%), 6/15/2011 (Econ Defeased to Maturity), NR/A3		1,100,000		1,272,513
White Plains, NY, GO UT, Public Improvement Revenue Refunding Bonds, (Series B), 3.500%, (Original Issue Yield: 2.31%), 1/15/2007 Aa1/NR		1,365,000		1,368,958
White Plains, NY, GO UT, Public Improvement Revenue Refunding Bonds, (Series B), 3.500%, (Original Issue Yield: 2.66%), 1/15/2008 Aa1/NR		820,000		824,297
				8,598,098
North Dakota - 5.8%
Fargo, ND, Health System Revenue Bonds (Meritcare), (Series 2000 A), 5.750%, (FSA Insurance Corp.)/(Original Issue Yield: 5.30%), 6/1/2012 AAA/Aaa		2,940,000		3,204,453
North Dakota State Water Commission, Water Development and Management Program Revenue Bonds, (Series 2000 A), 6.000%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.39%), 8/1/2011 (Prerefunded 8/1/2010) AAA/Aaa		1,545,000		1,710,933
				4,915,386

Description/Credit Rating (9)	Principal Amount		Value
Municipals (continued)
Ohio - 4.4%
Butler County, OH, Sewer System Refunding Revenue Bonds, (Series 2005), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.87%), 12/1/2017 NR/Aaa	$	2,450,000	$	2,659,598
Olentangy, OH, Local School District, (Series 2004 B), GO UT Refunding Bonds, 5.500%, (FGIC)/(Original Issue Yield: 4.48%), 12/1/2016 AAA/Aaa		1,000,000		1,104,040
				3,763,638
Pennsylvania - 2.6%
Pennsylvania State Industrial Development Authority Revenue Economic Development, 5.500%, (AMBAC Insurance)/(Original Issue Yield: 4.52%), 7/1/2014 AAA/Aaa		2,000,000		2,207,980
South Carolina - 3.3%
South Carolina State Public Service Authority Revenue Bonds, (Series 1999 A), 5.375%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.80%), 1/1/2006 AAA/Aaa		2,835,000		2,839,366
Tennessee - 1.5%
Putnam County, TN, GO UT School Refunding Bonds, (Series 2001), 5.250%, (FGIC)/(Original Issue Yield: 4.53%), 4/1/2013 NR/Aaa		1,200,000		1,316,676
Texas - 3.8%
Dallas,TX, Waterworks & Sewer System, Revenue Refunding Bonds, (Series 2000), 5.500%, (Original Issue Yield: 5.22%), 10/1/2014 (Prerefunded 10/1/2010) AA+/Aa2		1,000,000		1,086,600
Tarrant County, TX, HFDC, Texas Health Resource System Revenue Bonds, (Series 1997 A), 5.750%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.05%), 2/15/2009 AAA/Aaa		2,000,000		2,131,220
				3,217,820
Utah - 5.6%
Alpine, Utah, School District, GO UT, 4.000%, (School Board Guaranty)/(Original Issue Yield: 2.35%) 3/15/2006 NR/Aaa		1,525,000		1,528,447
Jordan, Utah, School District, GO UT Refunding Bonds, (Series 1997 A), 5.250%, (School Board Guaranty)/(Original Issue Yield: 4.70%), 6/15/2006 AAA/NR		2,000,000		2,021,680
South Valley Sewer District, Utah, Sewer Revenue Bonds, (Series 2005), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.72%), 1/1/2014 NR/Aaa		1,100,000		1,185,437
				4,735,564
Virginia - 3.1%
Suffolk, VA, Redevelopment & Housing Authority, Multi Family Housing Revenue Refunding Bonds (Windsor at Potomac Vista Limited Partnership 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		1,572,540
Virginia State Public School Authority, School Financing Revenue Refunding Bonds, (Series C), 5.000%, (Original Issue Yield: 3.51%), 8/1/2013 AA+/Aa1		1,000,000		1,079,700
				2,652,240

Description/Credit Rating (9)	Shares or Principal Amount		Value
Municipals (continued)
Washington - 1.3%
Port Longview, WA, Industrial Development Corp., Solid Waste Disposal Revenue Bonds, (Weyerhaeuser Co. Project Series 1992), 6.875%, (Original Issue Yield: 6.874%) 10/1/2008 BBB/NR (10)	$	1,000,000	$	1,073,450
West Virginia – 1.3%
West Virginia State Hospital Finance Authority, Hospital Revenue Bonds (Series 2000 B), (Oak Hill Hospital Inc.), 6.750%, (Original Issue Yield: 6.95%), 9/1/2030, (Prerefunded 9/1/2010), NR/A2		1,000,000		1,147,780
Wisconsin - 4.0%
Pewaukee, WI, School District, Refunding GO UT, 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.90%), 3/1/2016 NR/Aaa		1,340,000		1,442,255
Wisconsin State, GO UT, (Series C), 6.000%, (Original Issue Yield 5.75%), 5/1/2014, (Prerefunded 5/1/2010), AA-/Aa3		1,750,000		1,927,870
				3,370,125
Total Municipals
(identified cost $82,486,279)				83,325,094
Mutual Funds - 0.8%
Federated Tax-Free Obligations Fund		455,679		455,679
Fidelity Tax Exempt Money Market		226,596		226,596
Total Mutual Funds
(identified cost $682,275)				682,275
Total Investments - 98.6%
(identified cost $83,168,554) (10)				84,007,369
Other Assets and Liabilities - 1.4%				1,204,225
Total Net Assets - 100.0%			$	85,211,594

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

Short-Term Income Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 9.4%
Capital Auto Receivables Asset Trust 2003-2, Class A3A, 1.440%, 2/15/2007	$	145,317	$	144,890
Capital Auto Receivables Asset Trust 2004-1, Class A4, Class A4, 2.640%, 11/17/2008		1,000,000		969,732
Caterpillar Financial Asset Trust 2005-A, Class A3, 3.900%, 2/25/2009		1,000,000		987,925
CNH Equipment Trust 2003-A, Class A3B, 1.890%, 7/16/2007		246,307		245,492
DaimlerChrysler Auto Trust 2004-B, Class A3, 3.180%, 9/8/2008		1,000,000		989,730
Green Tree Home Equity Loan Trust 1998-B, Class B1, 7.810%, 11/15/2029		2,957,799		2,962,771
Honda Auto Receivables Owner Trust 2005-2, Class A3, 3.930%, 1/15/2009		1,500,000		1,482,619
Household Automotive Trust 2003-1, Class A3, 1.730%, 12/17/2007		174,364		173,933
John Deere Owner Trust 2001-A, Class A3, 1.790%, 4/15/2007		403,807		402,048
Pegasus Aviation Lease Securitization 1999-1A, Class A1, 6.300%, 3/25/2029 (7)		750,654		362,660
Residential Asset Mortgage Products, Inc. 2004-RS2, Series RS2, 3.350%, 8/25/2029		902,352		893,320
USAA Auto Owner Trust 2004-2, Class A3, 3.030%, 6/16/2008		1,750,000		1,732,812
WFS Financial Owner Trust 2004-1, Class A4, 2.810%, 8/22/2011		1,150,000		1,124,138
Total Asset-Backed Securities (identified cost $12,978,972)				12,472,070
Collateralized Mortgage Obligations - 24.8%
Government National Mortgage Association - 3.1%
2.866%, Series 0348, Class AB, 2/16/2020		687,561		662,463
3.206%, Series 2003-72, Class A, 4/16/2018		1,642,837		1,591,296
3.313%, Series 2002-83, Class A, 4/16/2017		1,008,567		983,014
3.590%, Series 2004-78, Class A, 11/16/2017		929,285		901,971
				4,138,744
Federal Home Loan Mortgage Corporation - 1.5%
3.150%, Class A3, 5/15/2010		2,000,000		1,951,972

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Other Financial - 20.2%
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3, 4.500%, 6/25/2033	$	698,768	$	694,017
CS First Boston Mortgage Securities Corp. 2004-C1, Class A1, 2.254%, 1/15/2037		1,214,253		1,179,169
Countrywide Alternative Loan Trust 2004-J9, Class 1A2, 4.586%, 10/25/2034		2,400,000		2,376,598
GSR Mortgage Loan Trust 2005-AR5, Class 2A2 5.201%, 10/25/2035		1,897,663		1,887,835
GSR Mortgage Loan Trust 2004-12, Class 3A3, 4.469%, 12/25/2034		1,600,000		1,578,398
Impac Secured Assets Common Owner Trust 2004-2, Class A3, 4.995%, 8/25/2034		1,200,000		1,195,320
J.P. Morgan Chase Commercial Mortgage Securities, Class A1, 3.053%, 1/15/2038		1,220,712		1,170,741
LB-UBS Commercial Mortgage Trust 2004-C1, Class A1, 2.964%, 1/15/2029		1,285,746		1,236,107
Master Adjustable Rate Mortgages Trust 2004-13, Class 3A4, 3.787%, 11/21/2034		1,900,000		1,852,187
Morgan Stanley Capital, Inc., 2003-IQ6, Class A1, 2.800%, 12/15/2041		1,104,373		1,075,131
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.065%, 2/15/2041		1,547,102		1,487,757
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.291%, 12/15/2035		1,925,754		1,863,408
Washington Mutual 2002-R10, Class A6, 4.820%, 10/25/2032		267,857		266,610
Washington Mutual 2004-AR7, Class A4, 3.954%, 7/25/2034		3,000,000		2,932,635
Washington Mutual 2005-AR5, Class A2, 4.847%, 5/25/2035 (4)		2,500,000		2,488,669
Wells Fargo Mortgage Backed Securities 2004-N, Class A2, 3.599%, 8/25/2034		2,000,000		1,994,524
Wells Fargo Mortgage Backed Securities 2004-W, Class A4, 4.590%, 11/25/2034		1,561,883		1,555,092
				26,834,198
Total Collateralized Mortgage Obligations (identified cost $33,580,100)				32,924,914
Corporate Bonds & Notes - 38.2%
Banks - 3.1%
Bank of New York Co., Inc., Note, 2.200%, 5/12/2006		1,100,000		1,088,497
Union Planters Bank, Note, 5.125%, 6/15/2007		1,500,000		1,502,106
Wachovia Corp., Note, 4.950%, 11/1/2006		1,600,000		1,600,962
				4,191,565

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Broadcasting - 1.1%
Clear Channel Communications, Inc., 6.000%, 11/1/2006	$	1,500,000	$	1,513,910
Brokers/Dealers - 2.9%
Credit Suisse First Boston USA, Inc., Note, 5.875%, 8/1/2006		1,220,000		1,228,860
Goldman Sachs Group, Inc., Note, Series MTNB, 2.850%, 10/27/2006		1,900,000		1,868,209
Morgan Stanley, Unsubordinated, 6.100%, 4/15/2006		810,000		814,020
				3,911,089
Computer Services - 1.1%
IBM Corp., Unsecured Note, 2.375%, 11/1/2006		1,500,000		1,468,928
Construction Equipment - 1.0%
Caterpillar Financial Services Corp., Note, Series MTNF, 2.350%, 9/15/2006		1,300,000		1,275,828
Corporate - Other – 1.1%
Core Investment Grade Bond, 4.659%, 11/30/2007 (4)		1,544,690		1,527,320
Electric - 2.9%
Alabama Power Co., 2.800%, 12/1/2006		1,250,000		1,226,200
CalEnergy Co Inc., Sr. Note, 7.630%, 10/15/2007		1,000,000		1,044,396
FPL Group, Inc., Company Guarantee, 7.625%, 9/15/2006		1,600,000		1,634,003
				3,904,599
Energy - 1.1%
Marathon Oil Corp., Note, 5.375%, 6/1/2007		1,500,000		1,510,206
Entertainment - 1.2%
AOL Time Warner, Inc., Note, 6.125%, 4/15/2006 (1)		1,610,000		1,617,432
Financial Services - 3.1%
Cendant Corp., Unsecured Note, 6.875%, 8/15/2006		1,550,000		1,566,379
MBNA Corp., 6.250%, 1/17/2007		1,290,000		1,307,549

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Financial Services (continued)
National City Bank, Indiana, Note, 2.375%, 8/15/2006	$	1,275,000	$	1,253,073
				4,127,001
Forest Products & Paper - 0.4%
Reed Elsevier, Inc., Company Guarantee, 6.125%, 8/1/2006		490,000		492,888
Industrial Services - 3.2%
Dayton-Hudson Corp., Note, 7.500%, 7/15/2006		1,700,000		1,724,222
FedEx Corp., Note, 2.650%, 4/1/2007		2,200,000		2,135,146
Tyco International Group, Note, 5.800%, 8/1/2006		410,000		411,439
				4,270,807
Insurance - 2.7%
HSB Capital I, Company Guarantee, 5.060%, 7/15/2027 (4)		2,430,000		2,432,391
MGIC Investment Corp., Sr. Note, 6.000%, 3/15/2007		1,100,000		1,110,975
				3,543,366
Leasing - 0.8%
General Electric Capital Corp., 5.350%, 3/30/2006		1,000,000		1,002,599
Media - 1.2%
Cox Communications, Inc., 7.750%, 8/15/2006		1,500,000		1,527,135
Other Financial - 0.9%
National Rural Utilities Cooperative Finance Corp., Note, 3.000%, 2/15/2006		1,200,000		1,196,449
Personal Credit - 4.3%
Ford Motor Credit Co., Sr. Note, 4.950%, 1/15/2008		2,300,000		2,098,046
Ford Motor Credit Co., Note, 6.875%, 2/1/2006		1,100,000		1,095,688
General Motors Acceptance Corp., Note, 6.125%, 9/15/2006		2,600,000		2,508,688
				5,702,422

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Real Estate - 3.6%
Duke Realty Corp., Note, 3.350%, 1/15/2008	$	1,500,000	$	1,441,737
Kimco Realty Corp., Note, Series MTN, 7.460%, 5/29/2007		1,700,000		1,764,272
Vornado Realty Trust, Bond, 5.625%, 6/15/2007		1,500,000		1,512,444
				4,718,453
Short-Term Business Credit - 1.0%
CIT Group, Inc., Sr. Note, 4.125%, 2/21/2006		1,275,000		1,274,320
Telecommunications - 1.5%
British Telecommunication PLC, Note, 7.875%, 12/15/2005		570,000		570,463
France Telecommunications, Note, 7.450%, 3/1/2006		570,000		573,780
Verizon Global Funding, Note, 6.750%, 12/1/2005		810,000		810,000
				1,954,243
Total Corporate Bonds & Notes (identified cost $51,676,192)				50,730,560
Government Agencies - 15.1%
Federal Home Loan Banks - 1.3%
Federal Home Loan Banks 3.875%, 02/15/2008 (1)		1,800,000		1,769,326
				1,769,326
Federal Home Loan Mortgage Company - 2.2%
Federal Home Loan Mortgage Company, Note, 4.300%, 5/5/2008 (1)		3,000,000		2,963,148
				2,963,148
Federal National Mortgage Association - 11.6%
Federal National Mortgage Association, Note,
4.000%, 12/14/2007 (1)		3,500,000		3,449,219
4.125%, 06/16/2008 (1)		4,000,000		3,943,512
4.200%, 06/08/2009 (1)		3,000,000		2,942,571
5.500%, 2/15/2006 (1)		5,000,000		5,012,085
				15,347,387
Total Government Agencies (identified cost $20,304,581)				20,079,861
Mortgage Backed Pass-Through Securities - 1.2%
Federal Home Loan Mortgage Corporation - 0.1%
9.000%, 7/1/2014		35,648		37,000
11.000%, 8/1/2019		87,495		94,600
				131,600

Description	Shares or Principal Amount		Value
Mortgage Backed Pass-Through Securities (continued)
Federal National Mortgage Association - 1.0%
7.000%, 12/1/2015	$	240,592	$	250,349
7.500%, 9/1/2015		263,938		277,763
8.000%, 8/1/2007		387		395
8.000%, 5/1/2008		50,399		50,923
9.000%, 7/1/2009		41,040		43,036
9.500%, 12/1/2024		82,303		90,760
9.500%, 1/1/2025		102,848		113,416
9.500%, 1/1/2025		151,002		166,896
10.000%, 7/1/2020		103,091		114,758
11.000%, 12/1/2015		213,836		233,548
				1,341,844
Government National Mortgage Association - 0.1%
9.000%, 12/15/2019		86,645		94,311
Total Mortgage Backed Pass-Through Securities (identified cost $1,534,383)				1,567,755
Mutual Funds - 9.0%
Eaton Vance Institutional Senior Loan Fund (11)		645,161		5,983,355
Fidelity Advisor Floating Rate High Income Fund		603,622		6,000,000
Total Mutual Funds Shares at Net Asset Value (identified cost $12,000,000)				11,983,355
Total Investments – 97.7% (identified cost $132,074,288)				129,758,515
Collateral Pool Investment for Securities on Loan - 16.4%
(See Note 2 of the Schedule of Investments) (identified cost $21,786,541)				21,786,541
Repurchase Agreements - 1.8%
Agreement with Morgan Stanley & Co, Inc., 4.020%, dated 11/30/2005, to be repurchased at $2,328,271 on 12/1/2005, collateralized by a U.S. Government Agency Obligation with a maturity of 12/30/2008, with a market value of $2,394,131 (at amortized cost)	$	2,328,011		2,328,011
Total Investments - 115.9% (identified cost $156,188,780)				153,873,067
Other Assets and Liabilities - (15.9)%				(21,110,976	)
Total Net Assets - 100.0%			$	132,762,091

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

Government Money Market Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Principal Amount		Value
Government Agencies - 37.7%
Federal Home Loan Bank - 19.5%
Federal Home Loan Bank, 2.000%, 2/27/2006	$	500,000	$	497,944
Federal Home Loan Bank, 2.400%, 3/17/2006		200,000		199,285
Federal Home Loan Bank, 2.060%, 4/24/2006		500,000		496,817
Federal Home Loan Bank, 1.950%, 4/28/2006		500,000		496,318
Federal Home Loan Bank, 2.750%, 5/15/2006		310,000		308,727
Federal Home Loan Bank, 3.914%, 04/04/2007 (4)		25,000,000		24,986,868
				26,985,959
Federal Home Loan Mortgage Corporation - 3.3%
Federal Home Loan Mortgage Corp., 2.375%, 4/15/2006		1,050,000		1,045,099
Federal Home Loan Mortgage Corp., 1.950%, 4/26/2006		500,000		496,555
Federal Home Loan Mortgage Corp., 3.830%, 6/20/2006		3,000,000		3,000,000
				4,541,654
Federal National Mortgage Association - 14.9%
Federal National Mortgage Association, 2.625%, 4/28/2006		500,000		497,891
Federal National Mortgage Association, 4.268%, 5/22/2006 (4)		10,000,000		9,999,030
Federal National Mortgage Association, 3.794%, 12/22/2006 (4)		10,000,000		9,991,623
				20,488,544
Total Government Agencies				52,016,157

Description	Principal Amount		Value
Repurchase Agreements - 62.5%
Agreement with Barclay’s Capital, Inc., Tri-Party Agency, 4.000%, dated 11/30/2005, to be repurchased at $15,001,667 on 12/1/2005, collateralized by a U.S. Government Agency Obligation with a maturity of 5/2/2006, with a market value of $15,300,430	$	15,000,000	$	15,000,000
Agreement with Deutsche Bank Alex Brown, Inc., 4.00%, dated 11/30/2005, to be repurchased at $20,002,222 on 12/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 6/30/2020, with a market value of $20,400,337		20,000,000		20,000,000
Agreement with Morgan Stanley & Co., Inc., 4.020%, dated 11/30/2005, to be repurchased at $20,002,233 on 12/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 4/15/2030, with a market value of $20,415,791		20,000,000		20,000,000
Agreement with State Street Bank & Trust Co., Inc., 3.750%, dated 11/30/2005, to be repurchased at $11,224,909 on 12/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 7/9/2008, with a market value of $11,448,845		11,223,740		11,223,740
Agreement with Wachovia Capital, LLC, 4.000%, dated 11/30/2005, to be repurchased at $20,002,222 on 12/1/2005, collateralized by U.S. Government Agency Obligations with various maturities to 8/1/2026, with a market value of $20,404,231		20,000,000		20,000,000
Total Repurchase Agreements				86,223,740
Total Investments - 100.2% (at amortized cost)				138,239,897
Other Assets and Liabilities - (0.2%)				(333,512	)
Total Net Assets - 100.0%			$	137,906,385

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

Prime Money Market Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Principal Amount		Value
Certificate of Deposit - 3.3%
Banks - 3.3%
Associated Bank, 4.220%, 1/5/2006	$	50,000,000	$	50,000,000
Associated Bank, 4.240%, 1/30/2006		50,000,000		50,000,000
Citibank, 3.845%, 12/19/2005		10,000,000		9,998,572
First Tennessee Bank, (Series CD), 3.860%, 3/21/2006 (4)		20,500,000		20,497,469
Total Certificate of Deposit				130,496,041
Collateralized Loan Agreements - 7.6%
Brokerage - 7.6%
Deutsche Bank Alex Brown, Inc., 4.123%, 12/1/2005		100,000,000		100,000,000
Morgan Stanley & Co., Inc., 4.123%, 12/1/2005		100,000,000		100,000,000
Wachovia Securities, Inc., 4.130%, 12/1/2005		100,000,000		100,000,000
Total Collateralized Loan Agreements				300,000,000
Commercial Paper - 22.3%
Asset-Backed - 16.4%
Atlantis One Funding Corp., 144A, 4.230%, 1/30/2006 (7) (8)		30,375,000		30,160,856
Beta Finance, Inc., 144A, 4.373%, 11/22/06 (4) (7) (8)		50,000,000		50,011,265
CC USA Inc., 144A, 4.030%, 1/11/2006 (7) (8)		49,500,000		49,272,809
CC USA Inc., 144A, 4.070%, 1/13/2006 (7) (8)		50,000,000		49,756,931
Concord Minutemen Capital Co., 4.025%, 1/6/2006 (7) (8)		45,000,000		44,818,875
CRC Funding LLC, 4.150%, 1/11/2006 (7) (8)		17,700,000		17,616,343
CRC Funding LLC, 4.210%, 1/24/2006 (7) (8)		30,000,000		29,810,550
Crown Point Capital Co., 144A, 4.180%, 1/12/2006 (7) (8)		50,000,000		49,756,167
Fairway Finance, 144A, 4.035%, 12/12/2005 (7) (8)		28,214,000		28,179,214
Jupiter Security Corp., 144A, 4.145%, 1/5/2006 (7) (8)		50,000,000		49,798,507
Lexington Parker Cap. Co. LLC, 144A, 4.110%, 1/10/2006 (7) (8)		50,000,000		49,771,667
Liquid Funding Ltd., 144A, 4.006%, 10/26/2006 (4) (7) (8)		50,000,000		49,990,000
Liquid Funding Ltd., 144A, 3.798%, 6/7/2006 (4) (7) (8)		50,000,000		50,000,000
World Omni Vehicle Leasing, Inc., 144A, 4.100%, 12/14/2005 (7) (8)		100,000,000		99,849,056
				648,792,240

Description	Principal Amount		Value
Commercial Paper (continued)
Diversified - 1.3%
Sigma Financial, Inc., 144A, 3.731%, 12/5/2005 (4) (7) (8)	$	50,000,000	$	49,999,894
Foreign Banks - 3.8%
Britannia Building Society, 3.860%, 12/8/2005		20,000,000		19,984,989
Britannia Building Society, 4.090%, 1/13/2006		30,000,000		29,853,441
Britannia Building Society, 4.100%, 1/19/2006		50,000,000		49,720,972
Spintab-Swedmortgage AB, 4.220%, 02/6/2006		50,000,000		49,607,306
				149,166,708
Insurance - 0.8%
Torchmark Corp., 4.060%, 12/7/2005		10,500,000		10,492,895
Torchmark Corp., 4.100%, 12/16/2005		10,000,000		9,982,917
Torchmark Corp., 4.120%, 12/20/2005		10,000,000		9,978,255
				30,454,067
Total Commercial Paper				878,412,909
Corporate Bonds - 2.3%
Automotive - 1.8%
BMW US Capital LLC, 144A, 4.149%, 6/7/2006 (7) (8)		70,000,000		70,119,342
Brokerage - 0.2%
Merrill Lynch & Co., Inc., (Series MTNB), 2.490%, 5/5/2006		8,775,000		8,728,196
Leasing - 0.3%
International Lease Finance Corp., (Series MTNO), 4.000%, 1/17/2006		13,043,000		13,045,133
Total Corporate Bonds				91,892,671

Description	Principal Amount		Value
Notes - Variable - 56.7%
Banks - 4.5%
First Tennessee Bank, 144A, 4.104%, 12/8/2006 (4) (7) (8)	$	45,000,000	$	45,000,000
SMM Trust, (Series 2004-M), 144A, 4.110%, 1/10/2006 (4) (7) (8)		8,536,000		8,536,000
Washington Mutual, Inc., (Series CD1), 4.260%, 5/31/2006 (4)		50,000,000		50,000,000
Washington Mutual, Inc., (Series CD1), 3.941%, 7/26/2006 (4)		50,000,000		49,991,193
Westpac Bank NY, (Series MTN), 3.844%, 4/11/2006 (4)		25,000,000		25,000,798
				178,527,991
Broker/Dealers - 13.7%
Bear Stearns Master Note, 144A, 4.410%, 5/26/2006 (4) (7)		100,000,000		100,000,000
Bank of America Securities, LLC, 3.860%, 5/26/2006 (4) (7)		100,000,000		100,000,000
Credit Suisse First Boston USA, Inc., (Series YCD), 4.030%, 12/29/2005 (4)		13,100,000		13,100,322
Credit Suisse First Boston USA, Inc., (Series YCD), 4.138%, 7/19/2006 (4)		85,000,000		85,000,000
First Clearing, LLC, 4.140%, 3/6/2006 (4) (7)		25,000,000		25,000,000
Goldman Sachs Group, Inc., 144A, (Series MTN), 4.386%, 10/27/2006 (4)		100,000,000		100,172,105
JP Morgan Securities Inc. 144A, 4.099%, (7) (8)		20,000,000		20,000,000
Lehman Brothers Inc., 4.256%, 12/22/2006 (4)		25,000,000		25,028,069
Merrill Lynch & Co., Inc., (Series MTN5), 4.315%, 3/10/2006 (4)		20,000,000		20,000,000
Merrill Lynch & Co., Inc., (Series MTN), 4.116%, 6/19/2006 (4)		10,000,000		10,012,679
Merrill Lynch & Co., Inc., (Series MTNB), 4.592%, 10/16/2006 (4)		19,000,000		19,038,555
Merrill Lynch & Co., Inc., (Series MTNB), 4.228%, 10/19/2006 (4)		15,000,000		15,010,664
Merrill Lynch & Co., Inc., (Series MTNB), 4.074%, 12/22/2006		5,150,000		5,157,719
				537,520,113
Foreign Banks - 11.9%
Bos Intl Australia Ltd., (Series EMTN), 3.936%, 3/17/2006 (4)		10,000,000		10,001,558
Dekabank, 144A, 4.159%, 5/19/2006 (4) (7) (8)		100,000,000		100,000,000

Description	Principal Amount		Value
Notes - Variable (continued)
Foreign Banks (continued)
Depfa-Bank PLC, 144A, 3.880%, 12/15/2005 (4) (7) (8)	$	50,000,000	$	50,000,000
HBOS Treasury Services, PLC, 144A, (Series MTN), 4.440%, 6/20/2006 (4) (7) (8)		30,000,000		30,000,000
Household Financial Corp., 3.974%, 6/22/2006 (4)		80,000,000		80,035,299
Northern Rock PLC, 144A, 3.854%, 4/7/2006 (4) (7) (8)		50,000,000		50,000,000
Northern Rock PLC, 144A, 4.224%, 10/20/2006 (4) (7) (8)		50,000,000		50,030,720
Westlb AG NY, 144A, 4.110%, 4/4/2006 (4) (7) (8)		100,000,000		100,000,000
				470,067,577
Industrial Services - 2.5%
Caterpillar Financial Services Corp., (Series MTNF), 4.130%, 4/7/2006 (4)		25,000,000		25,003,623
Caterpillar Financial Services Corp., (Series MTNF), 4.230%, 7/10/2006 (4)		75,000,000		75,000,000
				100,003,623
Insurance - 10.8%
American General Finance., (Series MTNH), 4.040% 3/29/2006 (4)		61,225,000		61,236,993
GE Capital Assurance Co., 144A, 4.234%, 4/20/2006 (4) (7)		75,000,000		75,000,000
Jackson National Life Insurance Co., 144A, 4.224%, 1/20/2006 (4) (7) (8)		25,000,000		25,000,802
Metropolitan Life Insurance Co., 3.910%, 6/1/2006 (4) (7)		65,000,000		65,000,000
Monumental Life Insurance Co., 144A, 4.110%, 11/1/2006 (4) (7)		10,000,000		10,000,000
Monumental Life Insurance Co., 4.124%, 12/5/2006 (4) (7)		25,000,000		25,000,000
Monumental Life Insrance Co., 144A, 4.460%, 8/2/2006 (4) (7)		40,000,000		40,000,000
Principal Life Insurance Co., 4.320%, 2/15/2006 (4)		72,000,000		72,000,821
Travelers Insurance Co., 144A, 4.300%, 2/1/2006 (4) (7)		50,000,000		50,000,000
				423,238,616
Mortgage Banking - 2.5%
Countrywide Home Loans, (Series MTNL), 4.500%, 2/17/2006 (4)		35,730,000		35,735,137
Countrywide Home Loans, (Series MTNL), 4.130%, 3/29/2006 (4)		45,500,000		45,505,882
Countrywide Home Loans, (Series MTNL), 3.904%, 9/13/2006 (4)		18,000,000		18,000,000
				99,241,019

Description	Principal Amount		Value
Notes - Variable (continued)
Personal Credit - 2.5%
American Honda Finance Corp., 144A, 4.350%, 5/10/2006 (4) (7) (8)	$	20,000,000	$	20,003,590
American Honda Finance Corp., 144A, 4.510%, 8/15/2006 (4) (7) (8)		25,000,000		25,034,252
American Honda Finance Corp., 144A, 4.260%, 10/6/2006 (4) (7) (8)		40,000,000		40,066,651
American Honda Finance Corp., 144A, 4.159%, 10/18/2006 (4) (7) (8)		15,000,000		15,003,282
				100,107,775
Short-Term Business Loans - 2.5%
CIT Group, Inc., (Series MTN), 4.268%, 4/19/2006 (4)		25,000,000		25,007,685
CIT Group, Inc., (Series MTN), 4.340%, 05/12/2006 (4)		37,000,000		37,002,916
CIT Group, Inc., (Series MTN), 4.106%, 6/19/2006 (4)		7,300,000		7,307,410
CIT Group, Inc., (Series MTN), 4.398%, 8/18/2006 (4)		30,000,000		30,005,109
				99,323,120
Student Loans - 0.9%
SLM Corp., 144A, (Series MTN), 4.139%, 3/2/2006 (4) (7) (8)		15,000,000		15,000,000
SLM Corp, (MTNA), 4.070%, 3/15/2006 (4)		20,000,000		20,012,963
				35,012,963
Telecommunications - 1.9%
Verizon Global Funding, 144A, 4.260%, 7/14/2006 (4) (7) (8)		75,000,000		75,000,000
Thrifts and Mortgage - 1.7%
SLM Corporate, (Series MTNA), 4.070%, 9/15/2006 (4)		65,000,000		65,106,644
Toiletries - 1.3%
Procter & Gamble Co., 144A, 3.788%, 3/2/2006 (4) (7) (8)		50,000,000		50,000,000
Total Notes - Variable				2,233,149,441
Repurchase Agreements - 7.7%
Agreement with State Street Bank & Trust Co., Inc., 3.750%, dated 11/30/2005 to be repurchased at $101,724,734 on 12/1/2005, collateralized by a U.S. Government Agency Obligation with maturity of 9/15/2007, with a market value of $103,748,725		101,714,139		101,714,139
Agreement with Morgan Stanley & Co., Inc., 4.020% dated 11/30/2005 to be repurchased at $200,022,333 on 12/1/2005, collateralized by U.S. Government Agency Obligations with maturity of 12/30/2024 with a market value of $205,690,140		200,000,000		200,000,000
Total Repurchase Agreements				301,714,139
Total Investments - 99.9% (at amortized cost)				3,935,665,201
Other Assets and Liabilities - .1%				4,569,054
Total Net Assets - 100.0%			$	3,940,234,255

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

Tax-Free Money Market Fund

Schedule of Investments

November 30, 2005 (Unaudited)

Description	Principal Amount		Value
Municipals - 99.5%
Arizona - 1.5%
Phoenix, Arizona Civic Improvement Corp, Revenue Bonds (Series Z-11), 3.120%, 5/8/2034 (4)	$	3,000,000	$	3,000,000
Arkansas - 1.0%
Arkansas State Development Finance Authority Multifamily, Revenue Bonds (Series 964Z), 3.080%, 6/1/2010 (4)		2,000,000		2,000,000
Colorado - 4.1%
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, 3.080%, 9/1/2034 (4)		4,100,000		4,100,000
Denver, Colorado City & County Excise Tax, Revenue Bonds (Series B), 3.040%, 9/1/2025 (4)		2,650,000		2,650,000
Denver, Colorado City & County, Certificate Participation, 2.990%, 12/1/2029 (4)		1,600,000		1,600,000
				8,350,000
Delaware - 2.1%
Delaware State Economic Development Authority, Revenue Bonds, 3.150%, 12/1/2032 (4)		4,300,000		4,300,000
District of Columbia - 4.0%
ABN AMRO Munitops CTFS Tr, Revenue Bonds, 144A, 3.110%, 4/1/2012 (4) (7)		8,345,000		8,345,000
Florida - 8.1%
Florida State Board of Education Lottery, Revenue Bonds (Series 222Z), 3.080%, 7/1/2017 (4)		3,000,000		3,000,000
Jacksonville, Florida Sales Tax, Revenue Bonds, 3.020%, 10/1/2027 (4)		4,975,000		4,975,000
Miami-Dade County, Florida Special Obligation, Revenue Bonds (Series Z-9), 3.120%, 4/17/2015 (4)		1,725,000		1,725,000
Miami-Dade County, Florida Special Obligation, Revenue Bonds (Series Z-12), 3.120%, 5/15/2015 (4)		3,530,000		3,530,000
Palm Beach County, Florida School District, Commercial Paper, 3.120%, 2/13/2006		1,000,000		1,000,000
Pinellas County, Florida Industrial Development Authority, Revenue Bonds, 3.050%, 7/1/2024 (4)		2,375,000		2,375,000
				16,605,000

Description	Principal Amount		Value
Municipals (continued)
Georgia - 1.0%
Bibb County, Georgia Development Authority, Revenue Bonds, 3.040%, 6/1/2026 (4)	$	630,000	$	630,000
Clayton County, Georgia Housing Authority, Multifamily Housing, Revenue Bonds, 3.070%, 1/1/2021 (4)		565,000		565,000
De Kalb County, Georgia Development Authority, Revenue Bonds, 3.100%, 10/1/2022 (4)		960,000		960,000
				2,155,000
Illinois - 11.5%
Chicago, Illinois Tender Notes, 2.300%, 2/2/2007 (4)		1,000,000		1,000,000
Illinois Health Facilities Authority, Revenue Bonds (Series B), 3.090%, 11/15/2029 (4)		800,000		800,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series A), 3.180%, 12/1/2020 (4)		9,000,000		9,000,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series B), 3.270%, 12/1/2020 (4)		2,000,000		2,000,000
Metropolitan Pier & Exposition Authority, Revenue Bonds (Series Z-5), 3.120%, 4/3/2034 (4)		5,235,000		5,235,000
Metropolitan Pier & Exposition Authority, Revenue Bonds, 3.120%, 12/15/2036 (4)		1,500,000		1,500,000
Phoenix Realty SPL Account-U LP Illinois, Multifamily, Refunding Revenue Bonds, 3.250%, 4/1/2020 (4)		4,075,000		4,075,000
				23,610,000
Indiana - 7.0%
Dekko Foundation Educational Facilities Tax Exempt Income Trust, Ctfs of Ownership (Series 1), 3.300%, 4/1/2021 (4)		200,000		200,000
Goshen, Indiana Economic Development, Revenue Bonds, 3.000%, 10/1/2037 (4)		2,000,000		2,000,000
Indiana State Educational Facilities Authority, Revenue Bonds, 3.250%, 12/1/2029 (4)		200,000		200,000
Indiana State Office Building Community Facilities, Revenue Bonds (Series B17), 3.020%, 7/1/2023 (4)		9,980,000		9,980,000
Indianapolis, Indiana LOC Public Improvement Bd Bk, Revenue Bonds, 3.120%, 2/1/2025 (4)		2,035,000		2,035,000
				14,415,000

Description	Principal Amount		Value
Municipals (continued)
Kansas - 0.4%
Shawnee, Kansas Industrial Revenue, Revenue Bonds, 3.050% , 12/1/2009 (4)	$	800,000	$	800,000
Kentucky - 1.5%
Jefferson County, Kentucky Industrial Building Revenue, 3.140% , 3/1/2010 (4)		3,000,000		3,000,000
Louisiana - 2.7%
Jefferson Parish, Louisiana Hospital Service District No. 2, Revenue Bonds, 3.110% , 7/1/2009 (4)		2,100,000		2,100,000
Lafayette Parish, Louisiana Industrial Development Board, Inc., Revenue Bonds, 3.160% , 12/15/2014 (4)		755,000		755,000
Louisiana Public Facilities Authority, Revenue Bonds, 3.090%, 9/1/2034 (4)		700,000		700,000
Louisiana State, GO UT, 3.140%, 10/15/2018 (4)		2,000,000		2,000,000
				5,555,000
Maryland - 1.0%
Anne Arundel County, Maryland Economic, Revenue Bonds, 3.200%, 12/1/2015 (4)		2,000,000		2,000,000
Massachusetts - 0.5%
Massachusetts State Industrial Financial Agency, Revenue Bonds, 3.210%, 12/1/2019 (4)		1,000,000		1,000,000
Minnesota - 1.0%
Burnsville, Minnesota Housing, Revenue Bonds (Series A), 3.290%, 1/1/2045 (4)		2,000,000		2,000,000
Mississippi - 1.5%
Mississippi Development Bank, Special Obligation, Revenue Bonds, 3.080%, 8/1/2010 (4)		3,000,000		3,000,000
Missouri - 0.7%
Kansas City, Missouri Municipal Assistance Corp., Revenue Bonds, 3.120%, 4/15/2031 (4)		1,500,000		1,500,000
Montana - 1.9%
Montana State Health Facility Authority Facility, Refunding Revenue Bonds (Series FX 1), 3.190%, 2/15/2016 (4)		3,855,000		3,855,000

Description	Principal Amount		Value
Municipals (continued)
New York - 8.3%
Cayuga County, New York Hospital Improvement Corp., Certificate Participation, 3.110%, 1/1/2021 (4)	$	8,720,000	$	8,720,000
New York, New York, GO UT, 3.040%, 8/1/2034 (4)		600,000		600,000
Suffolk County, New York Industrial Development Agency, Revenue Bonds, 3.210%, 4/1/2018 (4)		3,785,000		3,785,000
Tobacco Settlement Financing Corp. New York, Revenue Bonds (Series 776T), 3.090%, 6/1/2011 (4)		2,500,000		2,500,000
Tobacco Settlement Financing Corp. New York, Revenue Bonds, 3.000%, 8/12/2011 (4)		1,500,000		1,500,000
				17,105,000
North Carolina - 0.4%
North Carolina Medical Care Community Health Care Facilities, Revenue Bonds, 3.150%, 7/1/2017 (4)		735,000		735,000
Ohio - 9.5%
Hamilton County, Ohio Hospital Facilities, Revenue Bonds, 3.130%, 7/15/2029 (4)		6,500,000		6,500,000
Montgomery County, Ohio Industrial Development, Refunding Revenue Bonds, 3.140%, 10/1/2009 (4)		4,700,000		4,700,000
Ohio State Higher Educational Facility Commission, Revenue Bonds, 3.150%, 9/1/2026 (4)		4,290,000		4,290,000
Trumbull County, Ohio Health Care Facility, Revenue Bonds, 3.060%, 10/1/2031 (4)		4,375,000		4,375,000
				19,865,000
Oklahoma - 1.5%
Oklahoma State Industrial Authority, Revenue Bonds, 3.250%, 8/1/2018 (4)		2,010,000		2,010,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 3.230%, 11/1/2030 (4)		1,000,000		1,000,000
				3,010,000

Description	Principal Amount		Value
Municipals (continued)
Pennsylvania - 5.5%
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds, 3.140%, 7/1/2010 (4)	$	3,100,000	$	3,100,000
Bucks County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.150%, 9/1/2019 (4)		1,405,000		1,405,000
Montgomery County, Pennsylvania Industrial Development Authority, Commercial Paper, 2.750%, 12/14/2005		2,000,000		2,000,000
Schuylkill County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.020%, 4/1/2021 (4)		4,925,000		4,925,000
				11,430,000
Puerto Rico - 1.0%
JPMorgan Chase Bank, Commercial Paper, 2.850%, 1/30/2006		2,000,000		2,000,000
South Carolina - 0.5%
Piedmont Municipal Power Agency, South Carolina Electric, Revenue Bonds, 3.120%, 1/1/2032 (4)		940,000		940,000
Tennessee - 1.5%
Memphis, Tennessee Health, Educational, & Housing Facility Board, Revenue Bonds, 3.230%, 8/1/2032 (4)		800,000		800,000
Metropolitan Government, Nashville & Davidson County, Tennessee Industrial Development Board, Revenue Bonds, 3.040%, 12/1/2014 (4)		1,300,000		1,300,000
Rutherford County, Tennessee Industrial Development Board, Revenue Bonds, 3.140%, 7/1/2010 (4)		1,000,000		1,000,000
				3,100,000
Texas - 12.2%
ABN AMRO Munitops CTFS Tr, GO UT, 144A, 3.110%, 2/15/2013 (4) (7)		2,470,000		2,470,000
Collin County, Texas Housing Financial Corp. Multifamily, Revenue Bonds, 3.110%, 9/1/2018 (4)		7,000,000		7,000,000
Northside, Texas Independent School District, GO UT, 2.850%, 6/15/2035 (4)		1,500,000		1,500,000
Sam Rayburn, Texas Municipal Power Agency, Revenue Bonds, 3.090%, 10/1/2021 (4)		6,565,000		6,565,000
Strategic Housing Financial Corp., Travis County, Texas Lease Pur., Revenue Bonds, 3.190%, 1/1/2010 (4)		5,400,000		5,400,000

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
Texas State Student Housing Authority, Revenue Bonds, 3.130%, 10/1/2033 (4)	$	1,700,000	$	1,700,000
Victoria, Texas Independent School District, GO UT, 3.080%, 2/15/2023 (4)		450,000		450,000
				25,085,000
Vermont - 0.4%
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, 3.110%, 4/1/2032 (4)		900,000		900,000
Virginia - 0.5%
Suffolk, Virginia Redevelopment & Housing Authority Multi-Family Housing, Revenue Bonds, 3.150%, 9/1/2019 (4)		1,105,000		1,105,000
Washington - 0.8%
Clark County, Washington School District Number 037, GO UT, 3.120%, 12/1/2020 (4)		1,000,000		1,000,000
Washington State Putters, GO UT, (Series 333), 3.110%, 12/1/2014 (4)		730,000		730,000
				1,730,000
Wisconsin - 5.9%
Campbell, Wisconsin Industrial Development, Revenue Bonds, 3.050%, 5/1/2020 (4)		1,410,000		1,410,000
Monroe, Wisconsin School District, Revenue Notes, 4.250%, 10/24/2006		1,500,000		1,513,618
Oshkosh, Wisconsin Area School District, GO UT, 4.000%, 8/29/2006		1,500,000		1,510,810
Sun Prairie, Wisconsin Area School District, Bond Anticipation Notes, 3.250%, 2/1/2006		2,000,000		2,000,000
Verona, Wisconsin Area School District, Revenue Notes, 3.250%, 8/25/2006		1,000,000		1,001,428
Wisconsin Health & Educational Facilities, Authority Health Facilities, Revenue Bonds, 3.050%, 8/15/2034 (4)		3,100,000		3,100,000
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 3.200%, 8/15/2019 (4)		1,500,000		1,500,000

Description	Principal Amount		Value
Municipals (continued)
Wisconsin (continued)
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 3.250%, 5/1/2026 (4)	$	200,000	$	200,000
				12,235,856
Total Municipals				204,730,856
Mutual Funds - 0.2%
Federated Tax-Free Obligations Fund		379,829		379,829
Total Mutual Funds (identified cost $379,829)				379,829
Total Investments - 99.7% (at amortized cost)				205,110,685
Other Assets and Liabilities - 0.3%				685,174
Total Net Assets - 100.0%			$	205,795,859

(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 November 30, 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) All variable, floating, and multi-coupon rate securities whose yields are either fixed or vary with a designated market index or market rate. These securities are shown at their current rates as of November 30, 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 November 30, 2005, these securities amounted to:

	Amount		% of Total Net Assets
Tax-Free Money Market	$	10,815,000	5.26	%
Intermediate Bond	$	43,719,722	6.76	%
Short-Term Income	$	362,660	0.27	%
Prime Money Market	$	1,977,586,773	50.19	%

(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 8.68% 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 an order to the Marshall Funds that exempts certain securities lending activities from prohibitions under the Act. Under the terms of the exemptive order, (i) the Funds may pay a portion of net revenue to Marshall & Ilsley Trust Company N.A. (“M&I Trust”) for its services as securities lending agent, and (ii) cash collateral received for a loan of one Fund’s securities may be invested jointly with collateral received for loans of other Funds’ securities.

As of November 30, 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
Large-Cap Value	$	35,331,650	$	35,337,656	$	35,337,656
Large-Cap Growth		18,881,225		18,884,437		18,884,437
Mid-Cap Value		157,833,182		157,860,011		157,860,011
Mid-Cap Growth		28,789,793		28,794,693		28,794,693
Small-Cap Growth		48,017,925		48,026,085		48,026,085
International Stock		33,172,672		33,178,312		33,178,312
Government Income		166,655,717		166,684,047		166,684,047
Intermediate Bond		66,000,392		66,011,611		66,011,611
Short-Term Income		21,782,838		21,786,541		21,786,541

Individual reinvested cash collateral jointly pooled with collateral received from other loans of the securities lending at November 30, 2005 are as follows (1):

	Large-Cap Value Fund		Large-Cap Growth 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
Alliance & Leicester PLC, 4.080%, 12/01/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
Allstate Life Glob Fd II, 4.181%, 12/18/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
American Express Credit, 4.170%, 12/05/2005		1,227,303		655,870		5,482,591		1,000,060		1,667,980		1,152,307		5,789,056		2,292,631		756,662		20,024,460
BMW US Capital LLC, 4.090%, 12/15/2005		1,348,181		720,468		6,022,580		1,098,558		1,832,262		1,265,799		6,359,230		2,518,435		831,187		21,996,700
Bayerische Landesbank NY, 4.220%, 12/24/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
Bear Stearns Co. Inc., 4.140%, 12/05/2005		919,719		491,498		4,108,564		749,429		1,249,957		863,520		4,338,223		1,718,060		567,030		15,006,000
CIT Group, Inc., 4.240%, 12/01/2005		1,226,851		655,630		5,480,582		999,694		1,667,369		1,151,884		5,786,935		2,291,790		756,385		20,017,120
Canadian Imp Bk Comm NY, 4.180%, 12/15/2005		919,352		491,302		4,106,921		749,129		1,249,457		863,174		4,336,489		1,717,373		566,803		15,000,000
General Elec Cap Corp., 4.240%, 12/17/2005		920,690		492,017		4,112,901		750,220		1,251,276		864,431		4,342,803		1,719,873		567,629		15,021,840
Goldman Sachs Group LP, 4.220%, 12/16/2005		1,227,301		655,869		5,482,582		1,000,058		1,667,977		1,152,304		5,789,046		2,292,626		756,661		20,024,424
HBOS Treasury Srvcs PLC, 4.109%, 12/01/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
HSBC Finance Corp., 4.181%, 12/24/2005		919,439		491,348		4,107,307		749,199		1,249,575		863,255		4,336,896		1,717,534		566,857		15,001,410
HSH Nordbank AG NY, 4.170%, 12/23/2005		1,226,122		655,240		5,477,322		999,099		1,666,377		1,151,199		5,783,492		2,290,427		755,935		20,005,213
IBM Corp., 4.060%, 12/08/2005		1,226,041		655,196		5,476,957		999,032		1,666,266		1,151,122		5,783,107		2,290,274		755,885		20,003,880
Irish Life & Permanent, 4.170%, 12/22/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
Jackson Natl Life Global, 4.249%, 12/22/2005		1,226,449		655,414		5,478,780		999,365		1,666,821		1,151,506		5,785,032		2,291,037		756,136		20,010,540
Liquid Funding LTD, 4.095%, 12/14/2005		919,261		491,252		4,106,510		749,054		1,249,332		863,088		4,336,055		1,717,201		566,747		14,998,500
Merrill Lynch & Co., 4.315%, 12/11/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
Monumental Life FA, 4.230%, 12/15/2005		919,352		491,302		4,106,921		749,129		1,249,457		863,174		4,336,489		1,717,373		566,803		15,000,000
Morgan Stanley CP, 4.090%, 12/01/2005		1,225,681		655,003		5,475,347		998,739		1,665,776		1,150,784		5,781,407		2,289,601		755,662		19,998,000
Natexis Banq Populair NY, 4.170%, 12/23/2005		919,462		491,361		4,107,414		749,219		1,249,607		863,278		4,337,009		1,717,579		566,871		15,001,800
Northern Roc PLC, 4.100%, 12/03/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
RMAC 2004-NS2A A1, 4.115%, 12/12/2005		742,785		396,944		3,318,160		605,254		1,009,491		697,396		3,503,638		1,387,540		457,945		12,119,153
SLM Corp., 4.159%, 12/20/2005		1,226,111		655,233		5,477,266		999,089		1,666,360		1,151,187		5,783,434		2,290,404		755,927		20,005,011
Treasury Bank, 4.246%, 12/22/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
Wachovia, 4.140%, 12/01/2005		306,450		163,767		1,368,974		249,710		416,486		287,725		1,445,496		572,458		188,934		5,000,000
Wells Fargo & Co., 4.140%, 12/02/2005		613,429		327,815		2,740,296		499,848		833,686		575,943		2,893,473		1,145,897		378,193		10,008,580
Westlb AG NY, 4.110%, 12/10/2005		919,394		491,324		4,107,111		749,164		1,249,515		863,214		4,336,689		1,717,452		566,830		15,000,693
Westpac Bank NY, 3.844%, 12/18/2005		613,153		327,669		2,739,070		499,624		833,313		575,685		2,892,178		1,145,384		378,024		10,004,100
Metlife Insurance FA, 4.169%, 12/01/2005		1,225,803		655,069		5,475,894		998,839		1,665,943		1,150,899		5,781,985		2,289,830		755,738		20,000,000
Prudential Funding, 4.200%, 12/15/2005		612,901		327,534		2,737,947		499,419		832,972		575,450		2,890,993		1,144,915		377,869		10,000,000
Prudential Funding, 4.200%, 12/15/2005		612,901		327,534		2,737,947		499,419		832,972		575,450		2,890,993		1,144,915		377,869		10,000,000
Provident Temp Cash, 3.982%, 12/01/2005		2,287,101		1,222,226		10,216,915		1,863,631		3,108,314		2,147,346		10,788,019		4,272,362		1,410,055		37,315,969
	$	35,337,656	$	18,884,437	$	157,860,011	$	28,794,693	$	48,026,085	$	33,178,312	$	166,684,047	$	66,011,611	$	21,786,541	$	576,563,393

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

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
Large-Cap Value Fund	331,297,657	44,937,045	(6,235,759	)	38,701,286
Large-Cap Growth Fund	244,733,016	24,928,640	(5,520,161	)	19,408,479
Mid-Cap Value Fund	730,651,692	108,786,176	(18,684,712	)	90,101,464
Mid-Cap Growth Fund	180,737,717	27,112,361	(1,170,824	)	25,941,537
Small-Cap Growth Fund	186,151,564	34,102,556	(3,005,426	)	31,097,130
International Stock Fund	350,895,626	38,875,549	(6,479,384	)	32,396,165
Government Income Fund	873,659,464	2,603,110	(5,431,984	)	(2,828,874	)
Intermediate Bond Fund	774,074,003	2,412,522	(7,371,427	)	(4,958,905	)
Intermediate Tax-Free Fund	83,168,553	1,481,017	(642,201	)	838,816
Short-Term Income Fund	156,254,949	105,910	(2,422,354	)	(2,316,444	)
Government Money Market Fund*	138,239,897	—	—		—
Prime Money Market Fund*	3,935,665,201	—	—		—
Tax-Free Money Market Fund*	210,110,685	—	—		—

* at amortized cost

At November 30, 2005, the Large-Cap Value Fund had the following outstanding written option contracts:

Contract	Type	Expiration Date	Exercise Price		Number of Contracts	Market Value		Unrealized Appreciation (Depreciation)
Express Scripts, Inc.	Call	December 2005	$	80.00	150	$	75,000	$	(53,701	)
Nucor Corp.	Call	January 2006		70.00	25		5,125		(199	)
Nucor Corp.	Call	January 2006		75.00	79		5,925		316
Phelps Dodge Corp.	Call	January 2006		150.00	85		18,700		(669	)
Altria Group, Inc.	Put	January 2007		50.00	200		25,000		(7,899	)
Disney, Walt Co.	Put	January 2006		22.50	100		1,500		3,800
Exxon Mobil Corp.	Put	January 2006		50.00	200		4,000		13,569
Federal National Mortgage Association	Put	January 2006		50.00	350		105,000		(59,552	)
Gap, Inc.	Put	January 2006		20.00	150		42,000		(16,201	)
Zimmer Holdings, Inc.	Put	January 2006		60.00	100		18,500		(2,801	)
Net Unrealized Depreciation on Written Option Contracts:					1,439			$	(123,337	)

At November 30, 2005, the Small Cap Growth Fund had the following outstanding futures:

Contract	Type	Expiration Date	Number of Contracts	Original Value		Unrealized Appreciation (Depreciation)
Russell E-Mini Index	Future	December 2005	76	$	5,025,278	128,282

At November 30, 2005, the Mid Cap Growth Fund had the following outstanding futures:

Contract	Type	Expiration Date	Number of Contracts	Original Value	Unrealized Appreciation (Depreciation)
S&P Mid E-Mini 400 Index	Future	December 2005	66	4,806,242	42,118

Item 2. Controls and Procedures

a) The Registrant’s principal executive and principal financial officer has 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 has 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 him by others within the Registrant and by the Registrant’s service providers.

b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter ended November 30, 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	Certification of Principal Executive and 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 & Treasurer

January 18, 2006

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 & Treasurer

January 18, 2006