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, 2006

Item 1. Schedule of Investments

Marshall Funds, Inc.

Schedule of Investments

November 30, 2006 (Unaudited)

Marshall Large-Cap Value Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Shares	Value
Common Stocks - 98.3%
Consumer Discretionary - 9.5%
Apparel Retail - 0.5%
TJX Companies, Inc.	60,700	$	1,664,394
Apparel, Accessories & Luxury Goods - 0.9%
Liz Claiborne, Inc.	31,800		1,359,450
VF Corp.	22,500		1,763,775
			3,123,225
Department Stores - 1.8%
J.C. Penney Co., Inc.	21,600		1,670,544
Sears Holdings Corp. (1)	28,600		4,902,612
			6,573,156
Home Improvement Retail - 0.3%
Home Depot, Inc.	28,000		1,063,160
Homebuilding - 0.7%
Lennar Corp.	50,100		2,630,250
Household Appliances - 1.2%
Black & Decker Corp.	25,500		2,189,940
Whirlpool Corp. (2)	25,700		2,192,210
			4,382,150
Housewares & Specialties - 0.7%
Newell Rubbermaid, Inc.	91,200		2,598,288
Movies & Entertainment - 2.2%
News Corp.	171,000		3,522,600
Walt Disney Co.	134,300		4,438,615
			7,961,215
Publishing - 0.5%
Gannett Co., Inc.	19,800		1,178,496
Idearc, Inc. (1)	16,515		454,823
			1,633,319
Restaurants - 0.7%
Brinker International, Inc.	43,900		1,996,133
Darden Restaurants, Inc.	13,900		558,085
			2,554,218
Total Consumer Discretionary			34,183,375
Consumer Staples - 4.4%
Agricultural Products - 0.8%
Archer-Daniels-Midland Co.	77,800		2,730,780
Packaged Foods & Meats - 0.2%
General Mills, Inc.	13,700		766,515
Soft Drinks - 0.8%
Coca-Cola Co.	65,000		3,043,950
Tobacco - 2.6%
Altria Group, Inc.	66,500		5,599,965
Reynolds American, Inc. (2)	16,800		1,079,232
UST, Inc.	47,800		2,675,844
			9,355,041
Total Consumer Staples			15,896,286
Energy - 11.2%
Integrated Oil & Gas - 8.8%
Chevron Corp.	192,400		13,914,368
ConocoPhillips	183,400		12,342,820
Hess Corp. (2)	24,000		1,206,480
Marathon Oil Corp.	45,000		4,247,100
			31,710,768
Oil & Gas-Exploration and Production - 1.8%
Apache Corp.	33,000		2,307,690
Devon Energy Corp.	45,000		3,301,650

Description	Shares	Value
Common Stocks (continued)
Energy (continued)
EOG Resources, Inc.	14,000	$	987,420
			6,596,760
Oil & Gas-Refining & Marketing - 0.6%
Valero Energy Corp.	36,500		2,010,055
Total Energy			40,317,583
Financials - 36.9%
Asset Management & Custody Banks - 0.5%
Bank of New York Co., Inc.	55,100		1,958,254
Diversified Banks - 6.4%
Comerica, Inc.	71,000		4,135,750
U.S. Bancorp (2)	251,800		8,470,552
Wells Fargo & Co.	295,700		10,420,468
			23,026,770
Investment Banking & Brokerage - 9.5%
A.G. Edwards, Inc.	46,500		2,690,025
Goldman Sachs Group, Inc. (2)	23,500		4,577,800
Lehman Brothers Holdings, Inc.	113,600		8,368,912
Merrill Lynch & Co., Inc.	108,500		9,486,155
Morgan Stanley	120,300		9,162,048
			34,284,940
Multi-line Insurance - 1.2%
Hartford Financial Services Group, Inc.	49,300		4,227,968
Other Diversified Financial Services - 6.5%
Bank of America Corp.	217,700		11,723,144
Citigroup, Inc.	168,700		8,365,833
JPMorgan Chase & Co.	72,500		3,355,300
			23,444,277
Property & Casualty Insurance - 6.4%
Allstate Corp.	55,100		3,497,748
Chubb Corp.	83,300		4,311,608
Cincinnati Financial Corp.	43,700		1,935,036
Old Republic International Corp.	49,000		1,104,950
St. Paul Travelers Companies, Inc.	185,500		9,610,755
W. R. Berkley Corp.	70,750		2,484,033
			22,944,130
Real Estate Investment Trusts - 0.8%
Archstone-Smith Trust	27,500		1,649,450
ProLogis	18,500		1,205,645
			2,855,095
Regional Banks - 5.6%
BB&T Corp.	93,400		4,017,134
Fifth Third Bancorp	51,000		2,010,930
KeyCorp	103,679		3,742,812
National City Corp.	111,700		4,032,370
PNC Financial Services Group	57,700		4,078,813
TCF Financial Corp. (2)	90,500		2,363,860
			20,245,919
Total Financials			132,987,353
Healthcare - 7.4%
Biotechnology - 0.9%
Amgen, Inc. (1) (2)	23,900		1,696,900
Gilead Sciences, Inc. (1)	25,700		1,694,144
			3,391,044
Healthcare Technology - 0.5%
IMS Health, Inc.	61,000		1,675,670
Managed Healthcare - 0.5%
WellPoint, Inc. (1)	23,400		1,770,678
Pharmaceuticals - 5.5%
Abbott Laboratories	40,000		1,866,400
Bristol-Myers Squibb Co.	137,900		3,424,057
Johnson & Johnson	45,000		2,965,950
Pfizer, Inc.	423,500		11,642,015
			19,898,422
Total Healthcare			26,735,814
Industrials - 6.1%
Aerospace & Defense - 2.9%
General Dynamics Corp.	31,500		2,357,460
Honeywell International, Inc.	40,000		1,719,200

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Lockheed Martin Corp.	35,500	$	3,210,975
Northrop Grumman Corp.	40,000		2,677,200
			9,964,835
Construction & Farm Machinery & Heavy Trucks - 0.8%
Cummins, Inc.	10,200		1,223,184
Deere & Co. (2)	18,900		1,814,400
			3,037,584
Electrical Components & Equipment - 0.7%
Emerson Electric Co.	30,000		2,601,000
Industrial Machinery - 0.8%
Eaton Corp.	23,400		1,803,672
Parker Hannifin Corp.	15,000		1,252,200
			3,055,872
Railroads - 0.9%
Burlington Northern Santa Fe Corp.	16,500		1,240,140
Norfolk Southern Corp.	39,200		1,930,600
			3,170,740
Total Industrials			21,830,031
Information Technology - 6.1%
Application Software - 0.4%
Autodesk, Inc. (1)	34,000		1,400,120
Communications Equipment - 1.5%
Motorola, Inc.	243,000		5,387,310
Computer Hardware - 2.2%
Hewlett Packard Co.	171,900		6,783,174
International Business Machines Corp.	13,100		1,204,152
			7,987,326
Computer Storage & Peripherals - 0.4%
Western Digital Corp. (1)	72,300		1,483,596
Data Processing & Outsourced Services - 0.5%
Fidelity National Information Services, Inc.	0		5
Fiserv, Inc. (1) (2)	33,000		1,686,630
			1,686,635
Semiconductor Equipment - 0.4%
Lam Research Corp. (1)	25,000		1,315,000
Systems Software - 0.7%
Microsoft Corp.	90,000		2,639,700
Total Information Technology			21,899,687
Materials - 3.4%
Commodity Chemicals - 0.3%
Lyondell Chemical Co.	45,000		1,111,500
Diversified Chemicals - 1.0%
Dow Chemical Co.	60,900		2,436,609
Eastman Chemical Co.	16,800		997,584
			3,434,193
Diversified Metals & Mining - 1.4%
Freeport-McMoRan Copper & Gold, Inc.	22,000		1,383,140
Phelps Dodge Corp.	31,000		3,813,000
			5,196,140
Forest Products - 0.2%
Louisiana-Pacific Corp.	40,000		844,000
Metal & Glass Containers - 0.2%
Ball Corp.	15,600		667,056
Steel - 0.3%
United States Steel Corp.	12,500		934,875
Total Materials			12,187,764
Telecommunication Services - 6.7%
Integrated Telecommunication Services - 6.7%
AT&T, Inc. (2)	350,000		11,868,500
Citizens Communications Co.	41,500		588,055
Verizon Communications	330,300		11,540,682
Total Telecommunication Services			23,997,237

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Utilities - 6.6%
Electric Utilities - 2.6%
Entergy Corp.		35,900	$	3,278,388
FirstEnergy Corp.		26,800		1,603,712
Progress Energy, Inc.(2)		91,000		4,347,070
				9,229,170
Gas Utilities - 0.8%
ONEOK, Inc.		63,400		2,741,416
Independent Power Producers & Energy Traders - 0.4%
TXU Corp.		24,800		1,423,272
Multi-Utilities - 2.8%
CenterPoint Energy, Inc. (2)		172,100		2,813,835
Energy East Corp.		98,900		2,416,127
OGE Energy Corp.		66,700		2,615,974
TECO Energy, Inc.		156,000		2,650,440
				10,496,376
Total Utilities				23,890,234
Total Common Stocks (identified cost $295,042,575)				353,925,364
Short Term Investments - 8.5%
Collateral Pool Investment for Securities on Loan – 7.0%
(See Note 2 of Additional Information)				25,059,147
Repurchase Agreement - 1.5%
Agreement with Morgan Stanley & Co., Inc., 5.280%, dated 11/30/2006 to be repurchased at $5,571,298 on 12/1/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007, with a market value of $5,683,792 (at amortized cost)	$	5,570,481		5,570,481
Total Short Term Investments (identified cost $30,629,628)				30,629,628
Total Investments - 106.8% (identified cost $325,672,203)				384,554,992
Other Assets and Liabilities - (6.8)%				(24,609,176	)
Total Net Assets - 100.0%			$	359,945,816

(See Notes to Schedules of Investments)

Marshall Large-Cap Growth Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Shares	Value
Common Stocks - 97.2%
Consumer Discretionary - 12.2%
Apparel Retail - 0.9%
Abercrombie & Fitch Co.	13,600	$	917,184
American Eagle Outfitters, Inc.	29,000		1,310,220
			2,227,404
Apparel, Accessories & Luxury Goods - 1.4%
Coach, Inc. (1)	78,900		3,409,269
Automotive Retail - 0.3%
AutoZone, Inc. (1) (2)	7,100		806,631
Computer & Electronics Retail - 1.3%
Best Buy, Inc.	55,400		3,045,338
Department Stores - 3.2%
J.C. Penney Co., Inc.	52,300		4,044,882
Kohl’s Corp. (1)	20,460		1,424,016
Sears Holdings Corp. (1) (2)	12,170		2,086,181
			7,555,079
Home Improvement Retail - 1.0%
Home Depot, Inc.	66,940		2,541,712
Homebuilding - 0.4%
D.R. Horton, Inc.	32,300		860,472
Motorcycle Manufacturers - 0.6%
Harley-Davidson, Inc. (2)	20,600		1,519,662
Movies & Entertainment - 0.7%
Walt Disney Co.	52,980		1,750,989
Restaurants - 1.9%
Brinker International, Inc.	23,800		1,082,186
McDonald’s Corp.	30,980		1,300,231
Starbucks Corp. (1)	28,680		1,012,117
YUM! Brands, Inc.	20,200		1,236,038
			4,630,572
Specialty Stores - 0.5%
Staples, Inc.	51,550		1,312,979
Total Consumer Discretionary			29,660,107
Consumer Staples - 9.3%
Agricultural Products - 0.4%
Archer-Daniels-Midland Co.	26,700		937,170
Household Products - 4.2%
Colgate-Palmolive Co.	35,500		2,309,275
Kimberly-Clark Corp.	11,000		731,170
Procter & Gamble Co.	117,650		7,387,244
			10,427,689
Hypermarkets & Supercenters - 0.7%
Wal-Mart Stores, Inc.	34,800		1,604,280
Packaged Foods & Meats - 1.0%
General Mills, Inc.	44,000		2,461,800

Description	Shares	Value
Common Stocks (continued)
Consumer Staples (continued)
Soft Drinks - 1.9%
PepsiCo, Inc.	72,830	$	4,513,275
Tobacco - 1.1%
Altria Group, Inc.	31,300		2,635,773
Total Consumer Staples			22,579,987
Energy - 5.5%
Integrated Oil & Gas - 2.9%
ConocoPhillips	18,711		1,259,250
ExxonMobil Corp.	19,900		1,528,519
Hess Corp. (2)	26,400		1,327,128
Marathon Oil Corp.	17,625		1,663,447
Occidental Petroleum Corp.	27,800		1,399,452
			7,177,796
Oil & Gas-Drilling - 0.6%
Patterson-UTI Energy, Inc.	26,500		734,315
Unit Corp. (1)	15,020		766,471
			1,500,786
Oil & Gas-Exploration and Production - 2.0%
Apache Corp.	16,900		1,181,817
EOG Resources, Inc.	25,200		1,777,356
XTO Energy, Inc.	35,200		1,781,120
			4,740,293
Total Energy			13,418,875
Financials - 10.5%
Asset Management & Custody Banks - 0.4%
Bank of New York Co., Inc.	26,600		945,364
Investment Banking & Brokerage - 4.1%
Goldman Sachs Group, Inc. (2)	20,500		3,993,400
Lehman Brothers Holdings, Inc.	11,000		810,370
Merrill Lynch & Co., Inc.	39,090		3,417,639
Morgan Stanley	19,700		1,500,352
			9,721,761
Multi-line Insurance - 0.3%
Hartford Financial Services Group, Inc.	8,400		720,384
Other Diversified Financial Services - 1.2%
Bank of America Corp.	13,920		749,592
Citigroup, Inc.	25,700		1,274,463
JPMorgan Chase & Co.	18,700		865,436
			2,889,491
Property & Casualty Insurance - 0.6%
Fidelity National Financial, Inc.	33,213		751,942
St. Paul Travelers Companies, Inc.	14,500		751,245
			1,503,187
Real Estate Investment Trusts - 0.9%
ProLogis	33,810		2,203,398
Regional Banks - 1.3%
Synovus Financial Corp.	107,100		3,215,142
Specialized Finance - 1.3%
Moody’s Corp.	45,800		3,182,184
Thrifts & Mortgage Finance - 0.4%
MGIC Investment Corp. (2)	17,800		1,031,688
Total Financials			25,412,599
Healthcare - 19.0%
Biotechnology - 6.2%
Amgen, Inc. (1) (2)	62,900		4,465,900
Biogen Idec, Inc. (1)	23,250		1,215,045

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Genzyme Corp. (1)	46,700	$	3,007,480
Gilead Sciences, Inc. (1) (2)	97,300		6,414,015
			15,102,440
Healthcare Distributors - 1.5%
AmerisourceBergen Corp.	15,400		708,246
Cardinal Health, Inc.	41,400		2,675,268
McKesson Corp.	3,800		187,720
			3,571,234
Healthcare Equipment - 2.3%
Boston Scientific Corp. (1)	26,600		420,812
Medtronic, Inc.	101,000		5,265,130
			5,685,942
Healthcare Services - 1.6%
Caremark Rx, Inc.	23,400		1,106,820
Express Scripts, Inc. (1)	13,900		947,980
Medco Health Solutions, Inc. (1)	35,000		1,757,350
			3,812,150
Life Sciences Tools & Services - 0.6%
Applera Corp.	41,600		1,515,904
Managed Healthcare - 2.5%
Aetna, Inc.	43,120		1,781,287
Coventry Health Care, Inc. (1)	21,250		1,022,763
WellPoint, Inc. (1)	41,400		3,132,738
			5,936,788
Pharmaceuticals - 4.3%
Abbott Laboratories	16,500		769,890
Allergan, Inc.	15,700		1,830,306
Eli Lilly & Co.	28,700		1,538,033
Johnson & Johnson	58,800		3,875,508
King Pharmaceuticals, Inc. (1) (2)	33,100		547,143
Wyeth	36,900		1,781,532
			10,342,412
Total Healthcare			45,966,870
Industrials - 11.9%
Aerospace & Defense - 6.0%
Boeing Co.	82,200		7,277,166
General Dynamics Corp.	20,000		1,496,800
Lockheed Martin Corp.	57,300		5,182,785
United Technologies Corp.	12,200		787,266
			14,744,017
Construction & Engineering - 0.8%
Fluor Corp.	22,300		1,941,884
Electrical Components & Equipment - 1.3%
Emerson Electric Co.	35,400		3,069,180
Industrial Conglomerates - 1.1%
3M Co.	32,700		2,663,742
Industrial Machinery - 2.0%
Illinois Tool Works, Inc.	67,400		3,181,280
Parker-Hannifin Corp.	19,000		1,586,120
			4,767,400
Railroads - 0.7%
Norfolk Southern Corp.	32,840		1,617,370
Total Industrials			28,803,593
Information Technology - 26.9%
Application Software - 1.1%
AutoDesk, Inc. (1)	62,600		2,577,868

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Communications Equipment - 4.7%
Cisco Systems, Inc. (1)		288,100	$	7,744,128
Harris Corp.		27,300		1,149,603
Juniper Networks, Inc. (1)		52,800		1,124,112
Motorola, Inc.		64,270		1,424,866
				11,442,709
Computer Hardware - 4.5%
Apple Computer, Inc. (1) (2)		75,100		6,885,168
Hewlett Packard Co.		37,600		1,483,696
International Business Machines Corp.		26,500		2,435,880
				10,804,744
Computer Storage & Peripherals - 2.7%
EMC Corp. (1)		214,500		2,812,095
SanDisk Corp. (1) (2)		24,300		1,078,920
Seagate Technology		45,400		1,169,504
Western Digital Corp. (1)		67,000		1,374,840
				6,435,359
Data Processing & Outsourced Services - 0.7%
Affiliated Computer Services, Inc. (1) (2)		20,100		1,016,055
Fidelity National Information Services, Inc.		17,036		679,732
				1,695,787
Semiconductor Equipment - 0.6%
Lam Research Corp. (1)		15,840		833,184
MEMC Electronic Materials, Inc. (1)		16,650		662,670
				1,495,854
Semiconductors - 5.8%
Advanced Micro Devices, Inc. (1) (2)		45,300		977,121
Broadcom Corp. (1)		36,950		1,213,069
Freescale Semiconductor, Inc. (1)		47,100		1,880,703
Intel Corp.		225,500		4,814,425
NVIDIA Corp. (1)		23,900		884,061
Texas Instruments, Inc.		147,800		4,367,490
				14,136,869
Systems Software - 6.8%
Microsoft Corp.		331,300		9,717,028
Oracle Corp. (1)		354,630		6,748,609
				16,465,637
Total Information Technology				65,054,827
Materials - 1.9%
Diversified Metals & Mining - 1.9%
Freeport-McMoRan Copper & Gold, Inc.		43,500		2,734,845
Phelps Dodge Corp.		14,940		1,837,620
Total Materials				4,572,465
Total Common Stocks (identified cost $202,507,644)				235,469,323
Short Term Investments - 12.0%
Collateral Pool Investment for Securities on Loan – 9.1%				22,081,807
(See Note 2 of Additional Information)
Repurchase Agreement - 2.8%
Agreement with Morgan Stanley & Co., Inc., 5.280%, dated 11/30/2006, to be repurchased at $6,785,506 on 12/1/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007, with a market value of $6,922,321 (at amortized cost)	$	6,784,511		6,784,511
U.S. Treasury Bill - 0.1%
5.050%, 12/21/2006 (3) (13)		300,000		299,175
Total Short Term Investments (identified cost $29,165,492)				29,165,493
Total Investments - 109.2%     (identified cost $231,673,136)				264,634,816
Other Assets and Liabilities - (9.2)%				(22,341,636	)
Total Net Assets - 100.0%			$	242,293,180

(See Notes to Schedules of Investments)

Marshall Mid-Cap Value Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Shares	Value
Common Stocks - 98.1%
Consumer Discretionary - 14.7%
Advertising - 2.8%
Harte-Hanks, Inc.	349,100	$	9,041,690
Interpublic Group of Cos., Inc. (1) (2)	758,400		9,078,048
			18,119,738
Apparel Retail - 2.4%
Chico’s FAS, Inc. (1) (2)	129,400		3,073,250
Ross Stores, Inc.	393,900		12,206,961
			15,280,211
Auto Parts & Equipment - 1.5%
Johnson Controls, Inc.	117,300		9,540,009
Broadcasting & Cable TV - 2.0%
Clear Channel Communications, Inc.	358,300		12,597,828
Home Furnishings - 2.4%
Furniture Brands International, Inc. (2)	526,500		9,066,330
Mohawk Industries, Inc. (1) (2)	84,200		6,519,606
			15,585,936
Home Improvement Retail - 1.3%
Sherwin-Williams Co.	133,800		8,369,190
Household Appliances - 0.8%
Snap-on, Inc.	103,800		4,930,500
Publishing - 1.0%
Tribune Co.	191,400		6,086,520
Specialty Stores - 0.5%
Claire’s Stores, Inc.	106,500		3,398,415
Total Consumer Discretionary			93,908,347
Consumer Staples - 7.0%
Food Retail - 1.3%
Kroger Co.	398,980		8,562,111
Hypermarkets & Supercenters - 1.4%
BJ’s Wholesale Club, Inc. (1)	278,000		8,979,400
Packaged Foods & Meats - 2.8%
Del Monte Foods Co.	994,500		11,227,905
Pilgrim’s Pride Corp.	252,900		6,454,008
			17,681,913
Soft Drinks - 1.5%
Coca-Cola Enterprises, Inc.	452,800		9,259,760
Total Consumer Staples			44,483,184
Energy - 7.3%
Integrated Oil & Gas - 0.5%
Hess Corp.	63,200		3,177,064
Oil & Gas-Drilling - 1.5%
Noble Corp.	126,000		9,733,500
Oil & Gas-Equipment and Services - 0.6%
Grant Prideco, Inc. (1)	88,200		3,864,924
Oil & Gas-Exploration and Production - 4.7%
Chesapeake Energy Corp. (2)	205,550		6,994,867
Newfield Exploration Co. (1)	63,700		3,170,349
Noble Energy, Inc.	232,000		12,412,000
Pogo Producing Co. (2)	132,400		7,006,608
			29,583,824
Total Energy			46,359,312

Description	Shares	Value
Common Stocks (continued)
Financials - 19.7%
Asset Management & Custody Banks - 2.3%
Affiliated Managers Group, Inc. (1) (2)	31,000	$	3,165,410
Ameriprise Financial, Inc.	48,300		2,613,030
State Street Corp.	144,400		8,971,572
			14,750,012
Investment Banking & Brokerage - 1.3%
Bear Stearns Companies, Inc.	55,300		8,432,144
Life & Health Insurance - 1.8%
Protective Life Corp.	247,500		11,686,950
Property & Casualty Insurance - 6.6%
ACE Ltd.	238,900		13,579,076
Ambac Financial Group, Inc.	169,000		14,473,160
XL Capital Ltd.	187,000		13,299,440
			41,351,676
Regional Banks - 2.0%
City National Corp.	66,600		4,516,812
Zions Bancorp.	104,000		8,136,960
			12,653,772
Reinsurance - 2.4%
PartnerRe Ltd.	219,500		15,303,539
Specialized Finance - 1.6%
CIT Group, Inc.	191,000		9,933,910
Thrifts & Mortgage Finance - 1.7%
MGIC Investment Corp. (2)	182,000		10,548,720
Total Financials			124,660,723
Healthcare - 10.6%
Healthcare Distributors - 1.6%
AmerisourceBergen Corp.	231,500		10,646,685
Healthcare Facilities - 1.4%
Community Health Systems, Inc. (1) (2)	257,600		9,016,000
Healthcare Services - 1.4%
Omnicare, Inc.	231,600		9,192,204
Healthcare Supplies - 0.9%
DENTSPLY International, Inc.	186,700		5,961,331
Healthcare Technology - 1.4%
IMS Health, Inc.	321,200		8,823,364
Life Sciences Tools & Services - 1.3%
Thermo Fisher Scientific, Inc. (1) (2)	184,400		8,082,252
Managed Healthcare - 1.3%
Health Net, Inc. (1)	173,000		7,982,220
Pharmaceuticals - 1.3%
Biovail Corp.	450,600		8,007,162
Total Healthcare			67,711,218
Industrials - 8.2%
Aerospace & Defense - 1.6%
Alliant Techsystems, Inc. (1) (2)	133,100		10,289,961
Commercial Printing - 0.5%
Donnelley (R.R.) & Sons Co.	90,900		3,206,043
Diversified Commercial & Professional Services - 0.5%
Aramark Corp., Class B	94,900		3,164,915
Environmental & Facilities Services - 1.3%
Republic Services, Inc.	195,200		8,096,896
Human Resource & Employment Services - 1.8%
Manpower, Inc.	168,400		11,956,400
Industrial Conglomerates - 1.5%
ITT Corp.	174,100		9,392,695
Trucking - 1.0%
Hunt (J.B.) Transport Services, Inc.	293,000		6,413,770
Total Industrials			52,520,680

Description	Shares	Value
Common Stocks (continued)
Information Technology - 12.2%
Application Software - 3.0%
Cadence Design Systems, Inc. (1) (2)	500,000	$	9,190,000
Synopsys, Inc. (1)	418,600		10,695,230
			19,885,230
Communications Equipment - 0.7%
Juniper Networks, Inc. (1)	195,000		4,151,550
Computer Storage & Peripherals - 1.1%
Electronics for Imaging, Inc. (1) (2)	277,270		6,793,115
Data Processing & Outsourced Services - 2.5%
Fiserv, Inc. (1) (2)	171,200		8,750,032
Sabre Holdings Corp.	275,100		7,545,993
			16,296,025
Electronic Manufacturing Services - 0.5%
Jabil Circuit, Inc.	108,500		3,077,060
Office Electronics - 1.6%
Xerox Corp. (1)	602,400		9,939,600
Semiconductor Equipment - 0.9%
Novellus Systems, Inc. (1) (2)	176,500		5,510,330
Technology Distributors - 1.9%
Arrow Electronics, Inc. (1) (2)	274,200		8,708,592
Ingram Micro, Inc. (1)	166,100		3,385,118
			12,093,710
Total Information Technology			77,746,620
Materials - 6.9%
Metal & Glass Containers - 1.3%
Pactiv Corp. (1)	232,400		8,006,180
Paper Packaging - 2.6%
Packaging Corp. of America	332,600		7,500,130
Sealed Air Corp.	158,800		9,450,188
			16,950,318
Paper Products - 0.7%
MeadWestvaco Corp.	161,200		4,755,400
Specialty Chemicals - 1.5%
Valspar Corp.	332,400		9,300,552
Steel - 0.8%
Nucor Corp.	81,300		4,865,805
Total Materials			43,878,255
Telecommunication Services - 3.9%
Integrated Telecommunication Services - 2.0%
Citizens Communications Co.	562,800		7,974,876
Windstream Corp. (2)	369,424		5,149,771
			13,124,647
Wireless Telecommunication Services - 1.9%
Alltel Corp.	210,000		11,915,400
Total Telecommunication Services			25,040,047
Utilities - 7.6%
Electric Utilities - 4.4%
Entergy Corp.	133,100		12,154,692
PPL Corp.	265,100		9,636,385
Progress Energy, Inc. (2)	134,300		6,415,511
			28,206,588
Multi-Utilities - 3.2%
CMS Energy Corp. (1) (2)	418,700		6,787,127
PNM Resources, Inc.	107,500		3,300,250
Xcel Energy, Inc. (2)	455,000		10,446,800
			20,534,177
Total Utilities			48,740,765
Total Common Stocks (identified cost $516,051,228)			625,049,151
Short Term Investments - 16.4%
Collateral Pool Investment for Securities on Loan - 14.7%
(See Note 2 of the Additional Information)			93,878,999

Description	Shares or Principal Amount		Value
Short Term Investments (continued)
Repurchase Agreement - 1.7%
Agreement with Morgan Stanley & Co, Inc., 5.280% dated 11/30/2006, to be repurchased at $10,539,285 on 12/01/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007 with a market value of $10,753,120 (at amortized cost)	$	10,537,740	$	10,537,740
Total Short Term Investments (identified cost $104,416,739)				104,416,739
Total Investments - 114.5% (identified cost $620,467,967)				729,465,890
Other Assets and Liabilities - (14.5)%				(92,311,489	)
Total Net Assets - 100.0%			$	637,154,401

(See Notes to Schedules of Investments)

Marshall Mid-Cap Growth Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Shares	Value
Common Stocks - 98.0%
Consumer Discretionary - 18.9%
Apparel Retail - 2.3%
Coldwater Creek, Inc. (1)(2)	42,700	$	1,073,905
Limited Brands, Inc.	60,600		1,920,414
TJX Companies, Inc.	56,400		1,546,488
			4,540,807
Apparel, Accessories & Luxury Goods - 2.0%
Coach, Inc. (1)	48,100		2,078,401
Polo Ralph Lauren Co.	21,400		1,673,480
			3,751,881
Broadcasting & Cable TV - 1.7%
Comcast Corp., Class A (1)(2)	81,300		3,289,398
Casinos & Gaming - 1.1%
International Game Technology (2)	47,500		2,079,550
Catalog Retail - 1.0%
Liberty Media Corp. - Interactive (1)	82,100		1,868,596
Computer & Electronics Retail - 1.0%
GameStop Corp. (1)(2)	32,900		1,844,045
Department Stores - 1.1%
J.C. Penney Co., Inc.	26,400		2,041,776
Home Furnishings - 1.1%
Tempur-Pedic International, Inc. (1)(2)	94,200		1,985,736
Homefurnishing Retail - 0.7%
Rent-A-Center, Inc. (1)	49,700		1,358,798
Hotels, Resorts & Cruise Lines - 0.9%
Hilton Hotels Corp.	49,500		1,625,085
Internet Retail - 2.1%
Amazon.com, Inc. (1)(2)	29,600		1,194,064
Netflix, Inc. (1)(2)	50,200		1,474,876
Priceline.com, Inc. (1)(2)	38,300		1,512,467
			4,181,407
Leisure Facilities - 1.3%
LIFE TIME FITNESS, Inc. (1)	48,400		2,386,604
Leisure Products - 0.9%
Pool Corp. (2)	42,700		1,749,419
Movies & Entertainment - 0.9%
DreamWorks Animation SKG, Inc. (1)	57,200		1,671,956
Specialty Stores - 0.8%
Office Depot, Inc. (1)	39,500		1,495,470
Total Consumer Discretionary			35,870,528
Consumer Staples - 2.9%
Agricultural Products - 0.6%
Corn Products International, Inc.	32,900		1,194,928
Food Retail - 0.8%
SUPERVALU, INC.	42,100		1,442,346
Household Products - 0.9%
Central Garden & Pet Co. (1)	32,100		1,675,620
Packaged Foods & Meats - 0.6%
McCormick & Company, Inc.	30,000		1,161,600
Total Consumer Staples			5,474,494
Energy - 7.0%
Coal & Consumable Fuels - 0.5%
Cameco Corp.	22,800		866,856

Description	Shares	Value
Common Stocks (continued)
Energy (continued)
Oil & Gas-Drilling - 0.4%
ENSCO International, Inc.	14,600	$	757,156
Oil & Gas-Equipment and Services - 1.5%
BJ Services Co.	26,800		905,036
Grant Prideco, Inc. (1)	14,200		622,244
National-Oilwell Varco, Inc. (1)	18,300		1,217,133
			2,744,413
Oil & Gas-Exploration and Production - 3.6%
Chesapeake Energy Corp. (2)	60,400		2,055,412
Denbury Resources, Inc. (1)	49,100		1,441,085
Helix Energy Solutions Group Inc. (1)	38,500		1,416,030
XTO Energy, Inc.	41,600		2,104,960
			7,017,487
Oil & Gas-Storage & Transportation - 1.0%
Kinder Morgan Management LLC (1)	0		18
Williams Companies, Inc.	64,900		1,801,624
			1,801,642
Total Energy			13,187,554
Financials - 9.4%
Asset Management & Custody Banks - 2.8%
Affiliated Managers Group, Inc. (1)(2)	20,000		2,042,200
Franklin Resources, Inc.	17,500		1,867,950
Nuveen Investments, Class A	31,300		1,553,106
			5,463,256
Insurance Brokers - 0.7%
Willis Group Holdings, Ltd.	31,400		1,264,164
Investment Banking & Brokerage - 0.7%
GFI Group, Inc. (1)(2)	23,300		1,317,848
Property & Casualty Insurance - 0.8%
Assured Guaranty, Ltd.	55,000		1,421,750
Real Estate Investment Trusts - 0.7%
Essex Property Trust, Inc. (2)	10,300		1,360,012
Real Estate Management & Development - 1.1%
CB Richard Ellis Group, Inc., Class A (1)	61,400		2,021,902
Specialized Finance - 2.6%
IntercontinentalExchange, Inc. (1)	16,100		1,581,825
Nasdaq Stock Market, Inc. (1)(2)	39,000		1,565,850
NYSE Group, Inc. (1)(2)	16,900		1,691,690
			4,839,365
Total Financials			17,688,297
Healthcare - 16.3%
Biotechnology - 2.6%
Alexion Pharmaceuticals, Inc. (1)	32,600		1,410,928
BioMarin Pharmaceutical, Inc. (1)	80,400		1,375,644
Celgene Corp. (1)	38,500		2,145,605
			4,932,177
Healthcare Equipment - 2.9%
Baxter International, Inc.	42,700		1,910,398
C.R. Bard, Inc.	24,800		2,040,792
Hologic, Inc. (1)(2)	32,400		1,620,972
			5,572,162
Healthcare Facilities - 3.5%
Brookdale Senior Living, Inc. (2)	28,400		1,296,460
Manor Care, Inc. (2)	28,200		1,340,064
Psychiatric Solutions, Inc. (1)(2)	57,700		2,099,703
Sunrise Senior Living, Inc. (1)(2)	52,300		1,668,370
			6,404,597
Healthcare Services - 0.8%
DaVita, Inc. (1)	29,100		1,548,411
Healthcare Supplies - 0.6%
Inverness Medical Innovations, Inc. (1)	29,300		1,142,993
Healthcare Technology - 1.6%
Cerner Corp. (1)(2)	37,200		1,788,204
IMS Health, Inc.	42,900		1,178,463
			2,966,667
Life Sciences Tools & Services - 1.2%
Covance, Inc. (1)(2)	24,300		1,454,841

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Thermo Fisher Scientific, Inc. (1)	20,500	$	898,515
			2,353,356
Pharmaceuticals - 3.1%
Allergan, Inc. (2)	20,900		2,436,522
Forest Laboratories, Inc. (1)	33,300		1,621,710
Shire PLC ADR	30,000		1,818,000
			5,876,232
Total Healthcare			30,796,595
Industrials - 14.0%
Aerospace & Defense - 3.2%
DRS Technologies, Inc.	19,000		944,110
Precision Castparts Corp.	42,500		3,207,050
Rockwell Collins, Inc.	30,000		1,809,900
			5,961,060
Construction & Engineering - 0.8%
Jacobs Engineering Group, Inc. (1)	17,500		1,467,725
Construction & Farm Machinery & Heavy Trucks - 1.6%
Joy Global, Inc.	24,700		1,084,330
Manitowoc Company, Inc.	32,300		1,945,752
			3,030,082
Diversified Commercial & Professional Services – 2.3%
Corporate Executive Board Co.	10,200		965,124
Dun & Bradstreet Corp. (1)	22,300		1,833,506
SAIC, Inc. (1)(2)	83,900		1,591,583
			4,390,213
Electrical Components & Equipment - 1.2%
Roper Industries, Inc. (2)	44,700		2,293,557
Heavy Electrical Equipment - 0.9%
ABB, Ltd. ADR (2)	106,900		1,740,332
Industrial Conglomerates - 3.1%
Harsco Corp.	21,800		1,701,054
ITT Corp.	31,200		1,683,240
Textron, Inc.	25,100		2,445,995
			5,830,289
Office Services & Supplies - 0.9%
Herman Miller, Inc.	50,900		1,787,099
Total Industrials			26,500,357
Information Technology - 22.3%
Application Software - 2.2%
Adobe Systems, Inc. (1)	41,600		1,669,408
BEA Systems, Inc. (1)	64,700		890,919
Synopsys, Inc. (1)	61,500		1,571,325
			4,131,652
Communications Equipment - 1.0%
Avocent Corp. (1)	52,100		1,812,038
Computer Hardware - 0.8%
Sun Microsystems, Inc. (1)(2)	291,900		1,582,098
Computer Storage & Peripherals - 1.6%
Network Appliance, Inc. (1)(2)	55,000		2,156,550
SanDisk Corp. (1)(2)	18,700		830,280
			2,986,830
Data Processing & Outsourced Services - 4.4%
Alliance Data Systems Corp. (1)	29,200		1,889,532
Electronic Data Systems Corp.	61,000		1,655,540
Mastercard, Inc., Class A (2)	17,500		1,780,625
Paychex, Inc.	42,300		1,667,043
VeriFone Holdings, Inc. (1)	44,600		1,505,696
			8,498,436
Electronic Equipment Manufacturers - 1.5%
Amphenol Corp., Class A	24,500		1,669,185
Corning, Inc. (1)	55,400		1,194,424
			2,863,609
Home Entertainment Software - 1.1%
Electronic Arts, Inc. (1)(2)	36,700		2,049,695
Internet Software & Services - 4.0%
Akamai Technologies, Inc. (1)	39,500		1,930,365

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Digital River, Inc. (1)(2)		28,200	$	1,661,262
Equinix, Inc. (1)(2)		26,500		2,022,480
Webex Communications, Inc. (1)(2)		53,800		1,931,420
				7,545,527
IT Consulting & Other Services - 1.7%
Cognizant Technology Solutions Corp. (1)		20,900		1,704,604
Satyam Computer Services, Ltd. ADR		65,500		1,529,425
				3,234,029
Semiconductor Equipment - 2.5%
ASML Holding N.V. (1)(2)		49,900		1,242,510
Lam Research Corp. (1)		25,200		1,325,520
MEMC Electronic Materials, Inc. (1)		54,900		2,185,020
				4,753,050
Semiconductors - 1.5%
Integrated Device Technology, Inc. (1)		85,700		1,414,050
NVIDIA Corp. (1)(2)		37,800		1,398,222
				2,812,272
Total Information Technology				42,269,236
Materials - 2.4%
Fertilizers & Agricultural Chemicals - 0.8%
Monsanto Co.		30,000		1,442,100
Industrial Gases - 0.9%
Praxair, Inc.		28,000		1,747,200
Specialty Chemicals - 0.7%
Ecolab, Inc.		31,600		1,401,460
Total Materials				4,590,760
Telecommunication Services - 4.8%
Wireless Telecommunication Services - 4.8%
America Movil S.A. de C.V. ADR		41,500		1,845,505
American Tower Corp. (1)		56,300		2,132,081
Crown Castle International Corp. (1)(2)		41,800		1,440,428
Leap Wireless International, Inc. (1)		28,900		1,640,075
NII Holdings, Inc. (1)		30,000		1,947,900
Total Telecommunication Services				9,005,989
Total Common Stocks (identified cost $154,665,126)				185,383,810
Short Term Investments - 28.0%
Collateral Pool Investment for Securities on Loan - 24.3%
(See Note 2 of the Additional Information)				45,940,856
Repurchase Agreement - 3.5%
Agreement with Morgan Stanley & Co., Inc., 5.280%, dated 11/30/2006, to be repurchased at $6,594,682 on 12/1/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007, with a market value of $6,730,301 (at amortized cost)	$	6,593,715		6,593,715
U.S. Treasury Bill - 0.2%
4.820%, 12/14/2006 (3)(13)		350,000		349,398
Total Short Term Investments (identified cost $52,883,969)				52,883,969
Total Investments - 126.0% (identified cost $207,549,095)				238,267,779
Other Assets and Liabilities - (26.0)%				(49,159,674	)
Total Net Assets - 100.0%			$	189,108,105

(See Notes to Schedules of Investments)

Marshall Small-Cap Growth Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Shares	Value
Common Stocks - 94.9%
Consumer Discretionary - 14.3%
Apparel Retail - 2.8%
bebe stores, inc.	52,800	$	1,051,248
Coldwater Creek, Inc. (1)(2)	57,200		1,438,580
Wet Seal, Inc. Class A (1)	281,000		2,040,060
Iconix Brand Group, Inc. (1)	86,200		1,550,738
			6,080,626
Computer & Electronics Retail - 0.9%
GameStop Corp. (1)(2)	34,200		1,916,910
Department Stores - 0.6%
Bon-Ton Stores, Inc. (2)	33,900		1,267,521
General Merchandise Stores - 0.7%
Big Lots, Inc. (1)(2)	72,500		1,617,475
Home Furnishings - 1.0%
Tempur-Pedic International, Inc. (1)(2)	105,900		2,232,372
Homefurnishing Retail - 0.6%
Rent-A-Center, Inc. (1)	52,100		1,424,414
Internet Retail - 3.2%
Blue Nile, Inc. (1)(2)	37,000		1,239,870
Netflix, Inc. (1)(2)	58,200		1,709,916
Priceline.com, Inc. (1)(2)	44,500		1,757,305
VistaPrint Ltd. (1)	68,100		2,268,411
			6,975,502
Leisure Facilities - 1.3%
LIFE TIME FITNESS, Inc. (1)	56,200		2,771,222
Leisure Products - 1.7%
Pool Corp. (2)	52,700		2,159,119
RC2 Corp. (1)	36,400		1,560,468
			3,719,587
Restaurants - 0.6%
Benihana Inc. (1)	49,600		1,388,800
Specialty Stores - 0.9%
Cabela’s Inc., Class A (1)(2)	83,200		2,015,104
Total Consumer Discretionary			31,409,533
Consumer Staples - 1.5%
Food Distributors - 0.6%
Central European Distribution Corp. (1)(2)	46,300		1,326,495
Household Products - 0.9%
Central Garden & Pet Co. (1)	36,900		1,926,180
Total Consumer Staples			3,252,675
Energy - 4.8%
Integrated Oil & Gas - 0.9%
InterOil Corp. (1)(2)	65,400		1,955,460
Oil & Gas-Drilling - 0.7%
Pioneer Drilling Company (1)	100,000		1,448,000
Oil & Gas-Exploration and Production - 3.2%
BPZ Energy, Inc. (1)	371,316		1,522,396
Contango Oil & Gas Co. (1)(2)	109,400		2,540,268
Exploration Co. of Delaware (1)	144,700		1,993,966
Helix Energy Solutions Group Inc. (1)	29,600		1,088,688
			7,145,318
Oil & Gas-Storage & Transportation - 0.0%
Kinder Morgan Management LLC (1)	1		34
Total Energy			10,548,812

Description	Shares	Value
Common Stocks (continued)
Financials - 11.2%
Asset Management & Custody Banks - 1.9%
Affiliated Managers Group, Inc. (1)(2)	22,300	$	2,277,053
Nuveen Investments, Class A	36,200		1,796,244
			4,073,297
Consumer Finance - 0.8%
First Cash Financial Services, Inc. (1)	84,300		1,722,249
Investment Banking & Brokerage - 1.1%
GFI Group, Inc. (1)(2)	27,900		1,578,024
Tradestation Group Inc. (1)	54,050		788,590
			2,366,614
Multi-Sector Holdings - 0.7%
PICO Holdings, Inc. (1)(2)	50,100		1,591,176
Property & Casualty Insurance - 3.6%
Amerisafe, Inc. (1)	146,500		2,001,190
Assured Guaranty, Ltd.	85,000		2,197,250
Infinity Property & Casualty Corp.	42,900		1,936,935
Tower Group, Inc.	62,200		2,048,868
			8,184,243
Real Estate Management & Development - 1.1%
CB Richard Ellis Group, Inc., Class A (1)	72,300		2,380,839
Reinsurance - 0.8%
IPC Holdings, Ltd.	54,300		1,694,160
Specialized Finance - 0.7%
Nasdaq Stock Market, Inc. (1)(2)	39,000		1,565,850
Thrifts & Mortgage Finance - 0.5%
Triad Guaranty Inc. (1)(2)	19,800		1,065,240
Total Financials			24,643,668
Healthcare - 19.7%
Biotechnology - 2.7%
Alexion Pharmaceuticals, Inc. (1)(2)	47,700		2,064,456
Applera Corp.- Celera Group (1)	90,700		1,301,545
BioMarin Pharmaceutical, Inc. (1)	93,700		1,603,207
Metabolix, Inc (1)	52,100		875,280
			5,844,488
Healthcare Distributors - 0.9%
MWI Veterinary Supply, Inc. (1)	59,000		2,025,470
Healthcare Equipment - 5.6%
Cutera, Inc. (1)	70,900		1,995,126
Hologic, Inc. (1)(2)	35,700		1,786,071
Natus Medical, Inc. (1)	111,800		1,817,868
NuVasive, Inc. (1)	78,800		1,812,400
Quidel Corp. (1)	109,400		1,488,934
The Spectranetics Corp. (1)	133,200		1,451,880
Volcano Corp. (1)(2)	113,900		2,026,281
			12,378,560
Healthcare Facilities - 3.6%
Five Star Quality Care, Inc. (1)(2)	190,000		1,932,300
Psychiatric Solutions, Inc. (1)(2)	67,000		2,438,129
Sun Healthcare Group, Inc. (1)	153,900		1,552,851
Sunrise Senior Living, Inc. (1)(2)	60,600		1,933,140
			7,856,420
Healthcare Services - 1.0%
AMN Healthcare Services, Inc. (1)	75,600		2,097,900
Healthcare Supplies - 1.7%
DJO, Inc. (1)	43,200		1,836,864
Inverness Medical Innovations, Inc. (1)(2)	50,700		1,977,807
			3,814,671
Healthcare Technology - 1.3%
Emageon, Inc. (1)(2)	99,000		1,585,980
Phase Forward Inc. (1)	91,700		1,370,915
			2,956,895
Life Sciences Tools & Services - 2.3%
Bio-Rad Laboratories, Inc. (1)	16,800		1,326,360
ICON PLC ADR (1)	57,000		2,119,260
PAREXEL International Corp. (1)	55,200		1,532,904
			4,978,524

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Pharmaceuticals - 0.6%
New River Pharmaceuticals Inc. (1)(2)	27,700	$	1,359,516
Total Healthcare			43,312,444
Industrials - 21.1%
Aerospace & Defense - 7.0%
AAR Corp. (1)(2)	89,900		2,390,441
BE Aerospace, Inc. (1)	106,100		2,780,881
DRS Technologies, Inc.	22,000		1,093,180
Ladish Co., Inc. (1)	50,600		1,707,244
Moog, Inc., Class A (1)(2)	58,800		2,150,904
Stanley Inc. (1)(2)	116,800		1,958,736
Taser International, Inc. (1)(2)	196,700		1,668,016
TransDigm Group, Inc (1)	68,000		1,660,560
			15,409,962
Air Freight & Logistics - 0.6%
Hub Group, Inc. (1)	45,100		1,287,154
Building Products - 0.9%
Ameron International Corp.	25,370		1,908,078
Construction & Farm Machinery & Heavy Trucks – 0.5%
Joy Global, Inc.	25,500		1,119,450
Diversified Commercial & Professional Services – 3.1%
Advisory Board Co. (1)	40,500		2,246,535
CBIZ, Inc. (1)	161,100		1,127,700
Teletech Holdings, Inc. (1)	155,600		3,513,447
			6,887,682
Electrical Components & Equipment - 1.7%
First Solar, Inc. (1)	40,600		1,148,980
LSI Industries Inc.	146,700		2,507,103
			3,656,083
Human Resource & Employment Services - 0.5%
On Assignment, Inc. (1)	101,700		1,110,564
Industrial Machinery - 1.3%
Kadant, Inc. (1)	76,400		1,806,096
TurboChef Technologies, Inc. (1)(2)	77,200		1,118,628
			2,924,724
Marine - 1.5%
American Commercial Lines, Inc. (1)(2)	31,600		2,191,144
Genco Shipping & Trading Ltd. (2)	45,000		1,068,750
			3,259,894
Office Services & Supplies - 1.7%
Herman Miller, Inc.	38,800		1,362,268
ICT Group, Inc (1)	26,900		901,957
PeopleSupport Inc. (1)	65,200		1,446,136
			3,710,361
Trading Companies & Distributors - 2.3%
Interline Brands, Inc. (1)	76,100		1,850,752
WESCO International, Inc. (1)	22,500		1,505,250
Williams Scotsman International Inc. (1)(2)	79,700		1,590,015
			4,946,017
Total Industrials			46,219,969
Information Technology - 17.8%
Application Software - 1.7%
Kenexa Corp. (1)	67,850		2,093,173
Lawson Software, Inc. (1)	209,900		1,561,656
			3,654,829
Communications Equipment - 2.2%
Avocent Corp. (1)	58,500		2,034,630
Occam Networks, Inc. (1)	45,300		723,894
Oplink Communications, Inc. (1)	105,600		2,106,720
			4,865,244
Computer Storage & Peripherals - 0.9%
Rackable Systems, Inc. (1)(2)	52,600		1,873,086
Home Entertainment Software - 0.9%
THQ, Inc. (1)	59,700		1,943,235
Internet Software & Services - 8.4%
Akamai Technologies, Inc. (1)	44,000		2,150,280
DealerTrack Holdings, Inc. (1)	81,700		2,232,861
Digital River, Inc. (1)(2)	49,200		2,898,372

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Equinix, Inc. (1)(2)		30,000	$	2,289,600
Internap Network Services Corp. (1)(2)		159,100		3,094,495
Knot Inc. (1)(2)		44,400		1,224,108
ValueClick, Inc. (1)		105,200		2,616,324
Webex Communications, Inc. (1)(2)		59,000		2,118,100
				18,624,140
Semiconductor Equipment - 1.1%
Rudolph Technologies, Inc. (1)		62,800		1,006,684
Tessera Technologies, Inc. (1)		34,800		1,317,876
				2,324,560
Semiconductors - 1.7%
Silicon Motion Technology Corp. ADR (1)(2)		140,000		2,294,600
Techwell, Inc. (1)(2)		83,200		1,439,360
				3,733,960
Systems Software - 0.9%
VASCO Data Security International, Inc. (1)(2)		171,900		2,023,263
Total Information Technology				39,042,317
Materials - 0.8%
Gold - 0.4%
Kinross Gold Corp. (1)(2)		71,800		899,654
Specialty Chemicals - 0.4%
Landec Corp. (1)		87,900		842,082
Total Materials				1,741,736
Telecommunication Services - 3.7%
Integrated Telecommunication Services - 1.3%
Cbeyond Communications, Inc. (1)(2)		85,100		2,796,386
Wireless Telecommunication Services - 2.4%
@Road, Inc. (1)(2)		356,800		2,326,336
InPhonic, Inc. (1)		95,200		1,072,904
SBA Communications Corp. (1)		70,200		1,991,574
				5,390,814
Total Telecommunication Services				8,187,200
Total Common Stocks (identified cost $168,936,909)				208,358,354
Short Term Investments - 34.7%
Collateral Pool Investment for Securities on Loan - 31.5%
(See Note 2 of the Additional Information)				69,189,240
Repurchase Agreement - 3.0%
Agreement with Morgan Stanley & Co., Inc., 5.280%, dated 11/30/2006, to be repurchased at $6,484,818 on 12/1/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007, with a market value of $6,615,089 (at amortized cost)	$	6,483,867		6,483,867
U.S. Treasury Bill - 0.2%
4.820%, 12/14/2006 (3)(13)		500,000		499,139
Total Short Term Investments (identified cost $76,172,246)				76,172,246
Total Investments - 129.6% (identified cost $245,109,155)				284,530,600
Other Assets and Liabilities - (29.6)%				(64,994,956	)
Total Net Assets - 100.0%			$	219,535,644

(See Notes to Schedules of Investments)

Marshall International Stock Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Shares	Value
Common Stocks - 99.2%
Australia - 4.3%
BHP Billiton Ltd.	315,083	$	6,520,379
Caltex Australian Ltd.	27,952		488,468
Computershare Ltd.	19,118		136,502
Leighton Holdings Ltd.	51,275		826,059
Oxiana Ltd.	547,938		1,435,222
Qantas Airways Ltd. (2)	1,010,382		3,945,847
QBE Insurance Group Ltd.	131,050		2,676,816
Santos Ltd.	329,899		2,680,820
Woolworths Ltd.	10,634		184,573
Zinifex Ltd.	100,735		1,353,457
			20,248,143
Austria - 0.2%
Raiffeisen International Bank-Holding AG	2,635		309,882
Voestalpine AG	9,648		478,255
			788,137
Belgium - 1.1%
Belgacom	5,996		256,806
Delhaize Group	2,647		210,509
Dexia	31,737		865,836
KBC GROEP NV	35,200		3,960,124
			5,293,275
Brazil - 0.3%
Petroleo Brasileiro SA, ADR	15,400		1,449,910
Canada - 0.7%
Husky Energy, Inc.	9,800		672,498
Imperial Oil Ltd.	15,000		563,329
IPSCO, Inc.	8,300		846,679
Teck Cominco Ltd.	10,900		821,282
Telus Corp.	11,800		567,760
			3,471,548
Cayman Islands – 0.0%
ASM Pacific Technology	34,000		186,200
Solomon Systech	228,000		35,759
			221,959
Denmark - 0.0%
Topdanmark A/S (1)	600		95,829
Finland - 0.4%
Metso Corp. (2)	35,900		1,653,586
France - 8.9%
Air France - KLM	154,507		6,165,240
Alcatel - Lucent	264,900		3,550,302
Alstom (1)	39,231		4,559,102
Assurances Generales de France (AGF)	4,308		638,423
Axa (2)	88,800		3,363,425
BNP Paribas SA (2)	91,537		9,861,818
CNP Assurances	1,377		144,158
Credit Agricole SA (2)	28,064		1,188,215
Electricite de France (2)	48,517		3,109,869
Groupe Danone	736		113,263
Sanofi-Aventis	23,700		2,080,964
Societe Television Francaise 1 (2)	103,700		3,837,143
Vallourec SA	3,860		1,036,712
Vinci SA	5,049		634,228
Vivendi Universal SA (2)	39,151		1,506,232
			41,789,094

Description	Shares	Value
Common Stocks (continued)
Germany - 11.7%
Allianz AG (2)	54,883	$	10,680,959
Bayerische Hypo-und Vereinsbank AG (2)	80,100		3,399,878
Bayerische Motoren Werke AG	21,543		1,188,579
Beiersdorf AG	2,871		169,426
Commerzbank AG	131,400		4,728,112
Deutsche Boerse AG	357		59,761
Deutsche Lufthansa AG	213,780		5,322,647
GEA Group AG	194,800		3,867,171
MAN AG (2)	81,853		7,803,862
Metro AG (2)	64,528		4,020,783
Muenchener Rueckversicherungs-Gesellschaft AG	9,556		1,556,625
ProSiebenSat.1 Media AG	8,513		256,939
Salzgitter AG	24,731		2,972,617
SAP AG	16,600		3,470,427
Stada Arzneimittel AG	56,600		3,000,577
ThyssenKrupp AG (2)	63,638		2,455,890
			54,954,253
Hong Kong - 2.3%
Cathay Pacific Airways Ltd.	49,000		116,535
Cheung Kong Ltd.	171,000		2,020,235
China Mobile Ltd.	106,500		895,401
Hong Kong Exchanges & Clearing Ltd.	24,500		216,063
Hutchison Whampoa Ltd.	403,000		3,787,150
Sun Hung Kai Properties	283,500		3,210,844
Techtronic Industries Co., Ltd.	374,000		500,991
			10,747,219
Indonesia - 0.2%
PT Gundang Garam Tbk	1,075,934		1,168,090
PT Telekomunikasi Indonesia Tbk	250		270
			1,168,360
Italy - 5.4%
Banca Italease	67,900		3,849,619
Banca Popolare di Milano Scarl (2)	18,767		305,457
Banco Popolare di Verona e Novara Scrl (2)	56,955		1,596,064
Capitalia SpA	224,211		2,069,629
Compagnia Assicuratrice Unipol SpA	17,654		62,191
Fondiaria-Sai SpA	11,605		533,768
IFIL - Investments SpA	77,015		610,949
Luxottica Group S.p.A.	3,167		96,257
Marzotto SpA	3,661		16,708
Mediaset SpA (2)	318,900		3,779,900
Mediobanca SpA (2)	178,891		4,285,780
Saipem SpA (2)	154,400		3,915,785
SanPaolo IMI S.p.A. (2)	186,158		4,122,121
			25,244,228
Japan - 20.4%
AEON CREDIT SERVICE Co., Ltd.	80,400		1,573,202
BROTHER INDUSTRIES, Ltd.	29,000		379,802
Canon Inc.	153,550		8,118,233
Central Japan Railway Co.	462		4,988,985
Credit Saison Co., Ltd.	51,420		1,812,393
Daiei, Inc. (1)(2)	77,000		1,360,330
Daimaru, Inc.	198,000		2,521,291
Diamond Lease Co., Ltd.	4,300		215,455
Don Quijote Co., Ltd. (2)	70,200		1,449,423
FamilyMart Co., Ltd.	3,400		93,110
Fuji Heavy Industries Ltd.	163,000		846,296
FUJIFILM Holdings Corporation	47,800		1,903,659
Fujikura Ltd.	287,000		2,528,962
Haseko Corp. (1)	1,072,000		3,685,854
HOYA CORPORATION	36,200		1,426,046
Joyo Bank, Ltd.	33,000		187,586
Jupiter Telecommunications Co., Ltd. (1)	1,661		1,363,181
KDDI Corp.	608		4,065,414
Kenwood Corp.	81,000		149,747

Description	Shares	Value
Common Stocks (continued)
Japan (continued)
Keyence Corp.	15,050	$	3,455,825
KOMATSU Ltd.	77,800		1,414,790
Komeri Co., Ltd.	70,800		2,238,590
KUBOTA Corp.	189,000		1,663,781
Matsushita Electric Industrial Co., Ltd.	69,000		1,344,175
Mazda Motor Corp.	32,000		219,498
Mitsubishi Electric Corp.	81,000		736,841
Mitsubishi UFJ Financial Group, Inc.	275		3,516,047
Mitsui OSK Lines, Ltd.	131,000		1,200,734
Mizuho Financial Group, Inc.	435		3,201,762
NIKON Corp.	84,000		1,734,353
Nippon Electric Glass Co., Ltd.	98,972		2,150,357
NIPPON OIL Corp.	74,000		526,128
NIPPON STEEL Corp.	90,000		404,302
Nippon Television Network Corp.	15,860		2,123,710
Nissan Diesal Motor Co., Ltd.	12,000		40,430
Nissan Motor Co., Ltd.	158,000		1,927,312
Nitori Co., Ltd.	47,900		2,077,301
Nomura Holdings, Inc.	80,400		1,409,978
Pacific Metals Co., Ltd.	22,000		189,676
Santen Pharmaceutical Co., Ltd.	3,400		98,104
SBI Holdings, Inc.	8,563		3,007,092
Seven & I Holdings Co., Ltd.	87,040		2,774,633
SFCG Co., Ltd.	3,980		627,833
Shin-Etsu Chemical Co., Ltd.	6,600		436,180
Sumikin Bussan Corp.	26,000		95,685
Sumisho Lease Co., Ltd.	4,000		241,545
Sumitomo Metal Industries, Ltd.	357,000		4,669,327
Suzuki Motor Corp. Ltd. (2)	145,400		4,170,256
THK Co., Ltd.	76,273		1,976,753
Tokyo Electric Power Company, Inc.	4,300		134,102
Tokyo Electron Ltd.	23,500		1,814,954
TOKYO TEKKO Co., Ltd.	4,000		32,621
TOYOTA BOSHOKU Corp.	29,777		668,828
UFJ NICOS Co., Ltd.	259,645		1,081,153
Yamada Denki Co., Ltd.	30,100		2,852,551
Yamaha Motor Co., Ltd.	30,900		848,879
YAMATO KOGYO Co., Ltd.	4,100		101,654
YASKAWA Electic Corp.	7,000		76,982
			95,953,691
Malaysia - 0.4%
Digi.com Berhad	51,400		191,791
Resorts World Berhad	451,405		1,646,917
			1,838,708
Netherlands – 3.4%
Aegon NV (2)	327,747		5,942,162
ASML Holding NV (1)	14,731		365,989
Heineken NV	61,391		2,991,957
ING Groep NV	148,394		6,326,159
Koninklijke Ahold NV (1)	15,676		156,949
			15,783,216
Norway - 3.8%
Aker Kvaerner ASA	37,100		4,240,138
Norsk Hydro ASA	13,750		340,413
Petroleum Geo-Services ASA (1)	68,600		4,621,741
Statoil ASA	138,355		3,840,824
Yara International ASA	233,400		4,859,499
			17,902,615
Russian Federation - 0.2%
GMK Norilsk Nickel, ADR	4,664		712,426
Singapore - 0.6%
Chartered Semiconductor Manufacturing Ltd. (1)	975,000		867,793
Cosco Corp Ltd.	103,000		147,215
MobileOne Ltd.	49,000		67,487
SembCorp Industries Ltd.	38,000		91,343
Singapore Telecommunications Ltd.	886,602		1,658,869
			2,832,707

Description	Shares	Value
Common Stocks (continued)
South Korea - 3.2%
Hana Financial Group, Inc.	22,430	$	1,146,420
Hynix Semiconductor Inc. (1)	36,710		1,394,376
Hyundai Motor Co.	17,370		1,315,810
Hyundai Steel Company	2,770		103,426
Kookmin Bank, ADR	16,700		1,306,775
KT Corp.	34,750		1,783,585
KT&G Corp.	2,182		142,986
LG.Philips LCD Co., Ltd. (1)	2,640		82,380
POSCO	3,309		1,039,682
Samsung Electronics Co., Ltd.	7,092		4,868,666
Shinhan Financial Group Co., Ltd.	33,064		1,609,884
SK Telecom Co., Ltd.	1,469		341,426
			15,135,416
Spain - 4.1%
ACS SA	102,395		5,719,896
Banco Santander Central Hispano SA	565,448		10,266,748
Fomento de Construcciones y Contratas SA	1,566		152,641
Gas Natural SDG, SA	5,943		242,415
Telefonica SA	135,524		2,744,268
			19,125,968
Sweden - 3.2%
Atlas Copco AB, Class A (2)	137,900		4,057,067
JM AB	27,600		558,125
Kaupthing Bank HF (1)	202,700		2,315,853
Lindex AB	9,800		144,160
Nordea Bank AB (2)	127,500		1,798,292
Sandvik AB (1)	320,190		4,113,989
Skandinaviska Enskilda Banken AB, Class A (2)	66,600		1,954,534
			14,942,020
Switzerland - 5.7%
ABB Ltd. (2)	254,279		4,105,723
Geberit AG	462		670,023
Julius Baer Holding Ltd., AG	35,308		3,756,484
Nestle SA	14,129		4,987,122
Novartis AG-REG	68,084		3,968,347
Roche Holding AG	15,732		2,842,104
Swatch Group AG	3,724		788,522
Swiss Life Holding	1,534		377,612
Zurich Financial Services AG	20,577		5,348,579
			26,844,516
Taiwan - 1.7%
Advanced Semiconductor Engineering, Inc. (1)	410,000		471,614
China Steel Corporation	131,000		132,863
Compal Electronics	1,557,457		1,430,318
High Tech Computer Corp.	10,800		249,796
Hon Hai Precision Industry Co., Ltd.	203,026		1,478,436
Nanya Technology Corp.	365,643		298,484
Powerchip Semiconductor Corp.	1,614,000		1,048,052
Taiwan Semiconductor Manufacturing Co., Ltd.	1,520,209		3,078,964
			8,188,527
Thailand - 0.4%
Bangkok Bank PCL	544,500		1,987,171
IRPC PCL (1)	460,300		93,612
			2,080,783
Turkey - 0.7%
Dogan Sirketler Grubu Holding AS	604,441		1,056,082
Eregli Demir ve Celik Fabrikalari AS	107,659		636,882
Koc Holding AS	189,798		650,178
Petkim Petrokimya Holding AS	36,395		128,932
Tofas Turk Otomobil Fabrikasi	62,222		214,005
Tupras-Turkiye Petrol Rafinerileri AS	44,668		737,425
Turkcell Iletisim Hizmetleri	0		2
Vestel Elektronik Sanayi ve Ticaret AS	23,444		59,023
			3,482,529

Description	Shares or Principal Amount		Value
Common Stocks (continued)
United Kingdom – 15.5%
Alliance Boots PLC		21,943	$	341,841
Amvescap Plc		196,200		2,121,241
Antofagasta PLC		377,265		3,557,868
ARM Holdings PLC		1,404,800		3,313,783
Ashtead Group PLC		66,653		188,018
AstraZeneca PLC		150,281		8,714,738
BHP Billiton PLC		26,323		499,334
British American Tobacco PLC		119,921		3,392,222
British Energy Group PLC (1)		68,857		626,697
British Sky Broadcasting Group PLC		363,800		3,779,514
BT Group PLC		556,923		3,111,888
Capita Group PLC		38,410		433,018
Collins Stewart Tullett PLC		221,485		3,722,534
Diageo PLC		183,250		3,517,584
Drax Group PLC		15,060		239,350
easyJet Plc (1)		27,266		318,909
HSBC Holdings PLC		487,216		8,983,646
Imperial Tobacco Group PLC		7,300		268,201
International Power PLC		50,142		334,387
Marks & Spencer Group PLC		221,312		2,971,351
Michael Page International PLC		14,497		116,270
National Grid PLC		207,682		2,806,725
NETeller PLC (1)		57,597		169,266
Next PLC		6,952		243,253
Prudential PLC		240,900		3,127,792
Royal Dutch Shell PLC, Class A		274,587		9,694,890
Smith & Nephew PLC		298,300		2,824,901
Xstrata PLC		83,500		3,742,395
				73,161,616
United States - 0.4%
News Corp. (2)		89,025		1,921,664
Total Common Stocks (identified cost $391,379,787)				467,031,943
Short Term Investments - 19.5%
Collateral Pool Investment for Securities on Loan - 18.3%
(See Note 2 of the Financial Statements)				86,415,550
Repurchase Agreement - 1.2%
Agreement with IBT Corp., 4.500%, dated 11/30/2006, to be repurchased at $5,686,997 on 12/1/2006, collateralized by various U.S. Government Agency Obligations with various maturities to 1/25/2033, with a market value of $5,970,601 (at amortized cost)	$	5,686,287		5,686,287
Total Short Term Investments (identified cost $92,101,837)				92,101,837
Total Investments - 118.7% (identified cost $483,481,624)				559,133,780
Other Assets and Liabilities - (18.7)%				(87,935,435	)
Total Net Assets - 100.0%			$	471,198,345

Marshall International Stock Fund

Industry Division

November 30, 2006

(Unaudited)

Industry	Market Value			% of Total Net Assets
Airlines	$	15,869,180		3.4
Automobiles		10,591,015		2.3
Beverages		6,509,541		1.4
Chemicals		5,518,223		1.2
Commercial Banks		69,366,182		14.7
Commercial Services		737,306		0.2
Computers		1,816,616		0.4
Construction Materials		670,023		0.1
Cosmetics		169,426		0.0
Distribution/Wholesale		95,688		0.0
Diversified Financial Services		26,457,980		5.6
Diversified Holding Companies		9,971,530		2.1
Diversified Manufacturing		3,638,011		0.8
Electronics		12,315,631		2.6
Engineering & Construction		16,328,153		3.5
Entertainment		1,646,917		0.3
Food & Staple Retailing		9,673,199		2.1
Hand and Machine Tools		6,591,734		1.4
Health Care Products & Services		2,921,158		0.6
Home Furnishings		5,238,800		1.1
Insurance		40,874,497		8.7
Internet		3,007,092		0.6
Leisure Time		848,879		0.2
Machinery		21,152,187		4.5
Media		18,568,282		3.9
Metals & Mining		24,538,076		5.2
Office Equipment		8,118,232		1.7
Oil & Gas		29,532,231		6.3
Pharmaceuticals		20,704,836		4.4
Real Estate		5,231,078		1.1
Retail		19,856,355		4.2
Semiconductor Equipment & Products		17,744,634		3.8
Software		3,470,427		0.7
Steel Producers		9,204,871		2.0
Textiles		84,195		0.0
Telecommunications		19,167,780		4.1
Tobacco		4,971,499		1.1
Transportation		6,336,934		1.3
Utilities		7,493,545		1.6
Total Common Stocks		467,031,943		99.2
Investment for Collateral Pool for Securities on Loan		86,415,550		18.3
Repurchase Agreement		5,686,287		1.2
Total Investments		559,133,780		118.7
Other Assets & Liabilities		(87,935,435	)	(18.7	)
Total Net Assets	$	471,198,345		100.0	%

(See Notes to Schedules of Investments)

Marshall Government Income Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Principal Amount		Value
Asset - Backed Securities - 0.9%
Federal Home Loan Mortgage Corporation - 0.2%
5.580%, 8/25/2031, (Series T-32-A1) (4) (5)	$	1,262,161	$	1,268,507
Other Financial - 0.7%
Green Tree Home Improvement Loan Trust 1998-B, Class HEB1, 7.810%, 11/15/2029 (5)		3,000,384		3,014,321
Structured Asset Securities Corp. Trust 2004-16XS, Class A2, 4.910%, 8/25/2034 (5)		1,406,400		1,400,253
				4,414,574
Total Asset - Backed Securities (identified cost $5,675,017)				5,683,081
Collateralized Mortgage Obligations - 10.2%
Federal Home Loan Mortgage Corporation - 3.3%
5.000%, 10/15/2029, (Series 2745-AY), (5)		5,000,000		4,911,769
5.000%, 10/15/2031, REMIC (Series 2543-LN)		4,382,309		4,342,925
5.000%, 5/15/2033, REMIC (Series 2791-BL) (5)		2,508,735		2,468,759
5.000%, 10/15/2034, REMIC (Series 2876-DQ)		587,264		583,640
5.000%, 4/15/2035, REMIC (Series 2963-ED)		2,199,520		2,123,659
5.500%, 10/15/2035, (Series 3058-WC)		3,818,358		3,827,938
6.500%, 10/15/2016, REMIC (Series 1702-PK) (5)		2,166,902		2,170,650
				20,429,340
Federal National Mortgage Association - 1.7%
4.000%, 10/25/2032, REMIC (Series 2003-28-GA)		508,950		484,690
5.000%, 10/25/2016, REMIC (Series 2003-16-PD) (5)		5,000,000		4,978,305
5.500%, 11/25/2035, (Series 2005-100-DA)		2,193,281		2,193,882
5.570%, 1/25/2031, REMIC (Series 2001-25-FA) (4) (5)		2,767,948		2,772,819
				10,429,696
Other Financial - 5.2%
Countrywide Home Loans, (Series 2003-J1-1A8), 5.750%, 3/25/2033 (5)		1,922,874		1,911,461
Credit Suisse Mortgage Capital Certificate, Class A1, (Series 2006-TF2A), 5.420%, 10/15/2021 (4) (5)		5,000,000		5,000,000
GSR Mortgage Loan Trust 2005-5F, Class 2A8, 5.500%, 6/25/2035 (5)		6,000,000		5,948,538
Master Asset Securitization Trust, 5.000%, REMIC (Series 2004-3-4A5), 5.000%, 3/25/2034 (5)		15,215,000		15,018,986
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033 (5)		1,999,311		1,940,777
Structured Asset Securities Corporation, (Series 2003-21-2A2), 5.250%, 8/25/2033 (5)		3,572,982		3,499,901
				33,319,663
Total Collateralized Mortgage Obligations (identified cost $64,584,455)				64,178,699
Corporate Bonds & Notes - 9.0%
Automotive & Related - 0.5%
DaimlerChrysler North America Holding Corp., Company Guarantee, 5.640%, 3/7/2007 (4) (5)		3,000,000		3,001,083
Banks - 2.4%
HBOS Treasury Services PLC, 5.625%, 7/20/2009 (5) (6)		10,000,000		10,139,550
Suntrust Bank, 5.374%, 4/21/2008 (4) (5)		5,000,000		5,004,865
				15,144,415
Broker/Dealers - 1.6%
Goldman Sachs Group, Inc., (Series MTN), 5.455%, 11/16/2009 (4) (5)		5,000,000		5,004,430
Goldman Sachs Group, Inc., (Series MTNB), 5.477%, 12/22/2008 (4) (5)		5,000,000		5,008,230
				10,012,660
Financial Services - 2.4%
Countrywide Home Loans, (Series MTN), 5.530%, 2/27/2008 (4) (5)		5,000,000		5,006,200
John Deere Capital Corp., (Series MTN), 5.424%, 4/15/2008 (4) (5)		5,000,000		5,004,725
SLM Corp., Note, (Series MTNA), 5.517%, 7/27/2009 (4) (5)		5,000,000		5,011,835
				15,022,760

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Insurance - 0.5%
HSB Capital I, Company Guarantee, (Series B), 6.284%, 7/15/2027 (4)	$	3,000,000	$	3,006,843
Multimedia - 0.8%
Time Warner, Inc., 5.606%, 11/13/2009 (4) (5)		5,000,000		5,007,435
Real Estate - 0.8%
iStar Financial, Inc., 5.788%, 3/3/2008 (4) (5)		5,000,000		5,014,260
Total Corporate Bonds & Notes (identified cost $55,986,224)				56,209,456
Government Agencies - 5.6%
Federal Home Loan Bank - 2.4%
5.375%, 3/14/2008(5)		15,000,000		15,000,000
Federal Home Loan Mortgage Corporation - 1.6%
5.125%, 2/27/2008(5)		10,000,000		9,995,930
Federal National Mortgage Association - 1.6%
5.000%, 2/27/2008(5)		10,000,000		9,977,082
Total Government Agencies (identified cost $34,960,782)				34,973,012
Mortgage - Backed Securities - 77.5%
Federal Home Loan Mortgage Corporation - 6.0%
3.750%, 3/15/2007(2)(5)		15,000,000		14,938,276
5.000%, 8/1/2014(5)		3,658,682		3,638,431
5.000%, 5/1/2021		4,147,189		4,108,450
5.000%, 10/1/2033		3,600,695		3,528,436
5.500%, 11/1/2018(5)		4,433,368		4,466,964
5.500%, 10/1/2021		4,879,431		4,904,687
6.500%, 9/1/2016		290,095		296,934
7.000%, 11/1/2009		153,439		153,942
7.500%, 9/1/2013		104,600		109,571
7.500%, 4/1/2024		298,235		311,816
7.500%, 4/1/2027		163,364		170,870
8.000%, 8/1/2030		209,827		220,968
8.500%, 9/1/2024		157,011		168,647
9.000%, 6/1/2019		275,647		294,373
9.500%, 2/1/2025		217,719		235,463
				37,547,828
Federal National Mortgage Association - 68.7%
2.710%, 1/30/2007(5)		15,000,000		14,939,250
5.000%, 5/1/2018		2,852,595		2,833,834
5.000%, 5/1/2020		5,569,575		5,520,078
5.000%, 7/1/2035		5,191,331		5,073,576
5.000%, 2/1/2036		6,638,488		6,487,907
5.000%, 12/1/2036(7)		33,807,193		33,040,344
5.250%, 6/21/2007(2)(4)(5)		10,000,000		10,001,970
5.500%, 1/1/2023		3,097,761		3,111,224
5.500%, 10/1/2024		3,557,549		3,570,168
5.500%, 2/1/2033		1,926,787		1,925,240
5.500%, 6/1/2035		6,370,941		6,349,866
5.500%, 8/1/2036		4,127,809		4,114,155
5.500%, 11/1/2036		28,339,201		28,245,455
5.500%, 12/1/2036(7)		20,000,000		19,933,840
5.500%, 12/15/2036(7)		170,000,000		169,415,541
6.000%, 9/1/2013(5)		1,228,424		1,251,515
6.000%, 10/1/2016		744,925		759,326
6.000%, 9/1/2021		6,542,114		6,662,992
6.000%, 12/15/2036(7)		95,000,000		96,039,111
6.500%, 9/1/2016		461,155		472,664
6.500%, 9/1/2016(5)		910,441		933,162
6.500%, 8/1/2030		4,757,132		4,891,074
6.500%, 12/1/2031		292,395		300,219
7.000%, 12/1/2010(5)		275,114		275,463
7.000%, 3/1/2029		409,559		423,766
7.000%, 7/1/2029(5)		1,137,892		1,177,363
7.000%, 2/1/2030(5)		950,551		983,523
7.500%, 12/1/2009(5)		594,870		601,044
7.500%, 10/1/2030		186,854		194,976
8.000%, 10/1/2028(5)		1,350,725		1,432,140
8.000%, 4/1/2030		331,585		350,472
				431,311,258

Description	Principal Amount		Value
Mortgage - Backed Securities (continued)
Government National Mortgage Association - 2.8%
5.000%, 4/15/2034	$	2,345,445	$	2,310,095
5.500%, 9/15/2033(2)		5,783,754		5,801,747
6.000%, 12/20/2033(2)		6,583,931		6,683,757
6.500%, 9/15/2032		1,024,572		1,056,925
7.000%, 6/15/2029		572,387		592,519
7.000%, 8/15/2031		289,508		299,646
8.500%, 6/15/2010		249,214		256,776
9.000%, 11/15/2009(5)		376,368		383,164
9.000%, 1/15/2010		133,052		136,416
9.500%, 10/15/2024		108,283		118,219
				17,639,264
Total Mortgage - Backed Securities (identified cost $483,886,141)				486,498,350
U.S. Treasury Bonds & Notes - 40.4%
2.250%, 2/15/2007(5)		30,000,000		29,832,450
3.000%, 12/31/2006(5)		40,000,000		39,925,040
3.125%, 1/31/2007(5)		20,000,000		19,942,980
3.625%, 6/30/2007(5)		20,000,000		19,849,220
3.750%, 3/31/2007(5)		40,000,000		39,840,640
3.875%, 9/15/2010(2)		20,000,000		19,608,600
4.000%, 8/31/2007(5)		10,000,000		9,932,430
4.000%, 4/15/2010(2)		10,000,000		9,858,600
4.375%, 5/15/2007(5)		20,000,000		19,949,220
4.375%, 1/31/2008(2)		25,000,000		24,882,825
4.375%, 11/15/2008(2)		20,000,000		19,918,760
Total U.S. Treasury Bonds & Notes (identified cost $253,965,016)				253,540,765
Total Investments in Securities - 143.6% (identified cost $899,057,635)				901,083,363
Short Term Investments - 23.6%
Collateral Pool Investment for Securities on Loan - 17.8%
(See Note 2 of Additional Information)				111,291,967
Repurchase Agreement - 5.8%
Agreement with Morgan Stanley & Co., Inc., 5.280%, dated 11/30/2006 to be repurchased at $36,607,504 on 12/1/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007, with a market value of $37,338,289 (at amortized cost)		36,602,136		36,602,136
Total Short Term Investments (identified cost $147,894,103)				147,894,103
Total Investments - 167.2% (identified cost $1,046,951,738)				1,048,977,466
Other Assets and Liabilities - (67.2)%				(421,693,724	)
Total Net Assets - 100.0%			$	627,283,742

(See Notes to Schedules of Investments)

Marshall Intermediate Bond Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Principal Amount		Value
Asset - Backed Securities - 1.5%
Other Financial - 1.5%
Citibank Credit Card Issuance Trust 2002-A1, Class A1, 4.950%, 2/9/2009 (5)	$	6,000,000	$	5,998,632
Green Tree Home Improvement Loan Trust 1998-B, Class HEB1, 7.810%, 11/15/2029		3,500,448		3,516,708
Structured Asset Securities Corp. Trust 2004-16XS, Class A2, 4.910%, 8/25/2034 (4)		1,406,400		1,400,253
Total Asset - Backed Securities (identified cost $10,903,571)				10,915,593
Collateralized Mortgage Obligations - 3.5%
Federal Home Loan Mortgage Corporation - 2.1%
5.000%, 10/15/2029, (Series 2745-AY) (2)		605,000		594,324
5.500%, 07/15/2032, (Series 2686-MH)		10,000,000		9,968,980
5.500%, 10/15/2035, (Series 3058-WC)		4,454,751		4,465,928
				15,029,232
Federal National Mortgage Association - 0.3%
5.500%, 11/25/2035, (Series 2005-100-DA)		2,193,281		2,193,882
Other Financial - 1.1%
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3, 4.500%, 6/25/2033		2,205,556		2,174,718
GSR Mortgage Loan Trust 2005-5F, Class 2A8, 5.500%, 6/25/2035 (5)		4,000,000		3,965,692
Prudential Home Mortgage Securities 1993-H, Class 2B, 6.980%, 9/28/2008 (4) (6)		28,710		28,511
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033		1,999,311		1,940,777
				8,109,698
Total Collateralized Mortgage Obligations (identified cost $25,554,371)				25,332,812
Corporate Bonds & Notes - 38.1%
Aerospace/Defense - 0.3%
BAE Systems Holdings, Inc., Note, 4.750%, 8/15/2010 (6)		2,000,000		1,962,284
Automotive & Related - 1.5%
DaimlerChrysler North America Holding Corp., Company Guarantee, 4.050%, 6/4/2008		7,000,000		6,859,650
DaimlerChrysler North America Holding Corp., Company Guarantee, 5.640%, 3/7/2007 (4) (5)		4,000,000		4,001,444
				10,861,094
Banks - 7.2%
Citicorp, Sub. Note, (Series MTNF), 6.375%, 11/15/2008		7,000,000		7,167,622
CSFB, London, 7.900%, 4/29/2049 (6)		5,000,000		5,052,290
HBOS Treasury Services PLC, 5.625%, 7/20/2009 (6)		15,000,000		15,209,325
NationsBank Corp., Sub. Note, 7.800%, 9/15/2016		2,000,000		2,377,732
Suntrust Bank, 5.374%, 4/21/2008 (4) (5)		5,000,000		5,004,865
U.S. Bank NA, Sr. Note, (Series BKNT), 4.400%, 8/15/2008		10,000,000		9,898,900
UBS Preferred Funding Trust, 8.622%, 10/1/2049		7,000,000		7,818,300
				52,529,034
Beverages & Foods - 2.1%
Diageo Capital PLC, 5.500%, 9/30/2016		7,000,000		7,042,441
General Mills, Inc., Note, 3.875%, 11/30/2007 (5)		5,000,000		4,924,635
Safeway, Inc., 5.718%, 3/27/2009 (4) (5)		3,000,000		3,009,720
				14,976,796

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Broker/Dealers - 4.0%
Bear Stearns & Co., Inc., 5.550%, 1/22/2017	$	5,000,000	$	5,058,260
Goldman Sachs Group, Inc., (Series MTN), 5.455%, 11/16/2009 (4)		5,000,000		5,004,430
Lehman Brothers Holdings, 5.750%, 5/17/2013 (2)		5,000,000		5,144,560
Merrill Lynch & Co., Sr. Note, (Series MTNC), 3.000%, 4/30/2007		7,000,000		6,936,209
Morgan Stanley, Sr. Note, (Series MTNF), 5.499%, 1/18/2008 (4) (5)		7,000,000		7,012,859
				29,156,318
Construction Equipment - 1.1%
CRH America, Inc., 6.000%, 9/30/2016		4,000,000		4,099,296
CRH America, Inc., Note, 6.950%, 3/15/2012		4,000,000		4,277,912
				8,377,208
Corporate - Other - 0.7%
Core Investment Grade Bond, 4.659%, 11/30/2007 (4) (5)		5,303,705		5,278,698
Domestic & International Oil - 0.3%
Occidental Petroleum Corp., Note, 4.000%, 11/30/2007		2,500,000		2,472,343
Electric Utilities - 0.4%
Baltimore Gas & Electric Co., 5.900%, 10/1/2016 (6)		3,000,000		3,079,551
Electrical Equipment - 0.7%
General Electric Co., Note, 5.000%, 2/1/2013		5,000,000		5,003,945
Entertainment - 0.7%
Walt Disney Co., 5.700%, 7/15/2011		5,000,000		5,135,020
Financial Services - 6.7%
American General Finance Corp., Note, (Series G), 4.500%, 11/15/2007 (2)		5,000,000		4,971,860
American General Finance Corp., Note, (Series G), 5.375%, 10/1/2012		2,500,000		2,524,460
Countrywide Financial Corp., Note, (Series MTNA), 4.500%, 6/15/2010 (2)		6,000,000		5,881,716
General Electric Capital Corp., Note, 5.431%, 3/4/2008 (4) (5)		4,000,000		4,004,400
General Electric Capital Corp., Note, (Series MTNA), 6.125%, 2/22/2011		5,000,000		5,220,505
John Deere Capital Corp., Note, (Series MTND), 4.400%, 7/15/2009		6,000,000		5,915,502
National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.875%, 2/15/2008		4,000,000		3,943,404
Residential Capital Corp., 6.500%, 4/17/2013		4,000,000		4,154,996
Residential Capital Corp., Unsecured, 6.742%, 6/29/2007 (4) (5)		7,000,000		7,039,088
SLM Corp., Note, (Series MTNA), 5.517%, 7/27/2009 (4) (5)		5,000,000		5,011,835
				48,667,766
Healthcare Providers & Services - 1.1%
United Healthcare Group, Unsecured, 5.471%, 3/2/2009 (4) (5)		8,000,000		7,994,056
Home Builders - 1.1%
Centex Corp., Note, (Series MTN), 5.621%, 8/1/2007 (4) (5)		8,000,000		8,008,184
Insurance - 2.9%
AIG SunAmerica Global Financial, Bond, (Series 144A), 5.850%, 8/1/2008 (6)		7,000,000		7,082,411
GE Global Insurance Holding, Note, 7.500%, 6/15/2010		4,825,000		5,193,731
HSB Capital I, Company Guarantee, 6.284%, 7/15/2027 (4)		4,000,000		4,009,124
Prudential Funding Corp., Note, (Series MTN), 6.600%, 5/15/2008 (6)		5,000,000		5,095,955
				21,381,221
Leasing - 0.3%
International Lease Finance Corp., Note, 4.500%, 5/1/2008		2,000,000		1,977,746
Media - 0.8%
Comcast Corp., Company Guarantee, 4.950%, 6/15/2016		6,000,000		5,704,308
Multimedia - 1.5%
Time Warner, Inc., 5.500%, 11/15/2011		6,000,000		6,052,428
Time Warner, Inc., 5.606%, 11/13/2009 (4) (5)		5,000,000		5,007,435
				11,059,863

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Personal Credit - 0.7%
Ford Motor Credit Co., Sr. Note, 4.950%, 1/15/2008 (2)	$	5,000,000	$	4,908,865
Real Estate - 1.9%
iStar Financial, Inc., 5.788%, 3/3/2008 (4) (5)		5,000,000		5,014,260
iStar Financial, Inc., 5.950%, 10/15/2013 (6)		5,000,000		5,099,920
Vornado Realty Trust, Bond, 5.625%, 6/15/2007 (5)		4,000,000		3,998,264
				14,112,444
Retail - Department Stores - 0.6%
Target Corp., 5.875%, 7/15/2016		4,000,000		4,206,584
Short-Term Business Credit - 0.7%
CIT Group, Inc., Sr. Note, 3.650%, 11/23/2007		5,000,000		4,926,030
Telecommunications - 0.8%
Telecom Italia Capital, Note, 5.851%, 2/01/2011 (4) (5)		3,000,000		2,995,686
Vodaphone Group PLC, 5.500%, 6/15/2011 (2)		3,000,000		3,038,733
				6,034,419
Total Corporate Bonds & Notes (identified cost $277,012,316)				277,813,777
Government Agencies - 9.6%
Federal Home Loan Bank - 2.8%
5.375%, 3/14/2008 (5)		15,000,000		15,000,000
5.430%, 11/17/2008 (2)		5,000,000		5,064,305
				20,064,305
Federal Home Loan Mortgage Corporation - 3.4%
5.000%, 7/15/2014 (2)		10,000,000		10,172,210
5.125%, 2/27/2008 (2)		15,000,000		14,993,895
				25,166,105
Federal National Mortgage Association - 3.4%
5.000%, 2/27/2008 (2)		15,000,000		14,965,399
5.125%, 1/2/2014 (2)		10,000,000		10,141,320
				25,106,719
Total Government Agencies (identified cost $69,794,309)				70,337,129
Mortgage - Backed Securities - 20.5%
Federal Home Loan Mortgage Corporation - 1.6%
5.500%, 10/1/2021		4,879,431		4,904,688
5.500%, 10/1/2021		3,010,512		3,026,094
6.000%, 10/1/2021 (2)		2,943,137		2,994,756
7.500%, 2/1/2031		433,792		452,279
7.500%, 6/1/2031		140,843		146,697
				11,524,514
Federal National Mortgage Association - 18.8%
5.000%, 7/1/2035		2,558,437		2,500,404
5.500%, 11/1/2018		10,055,071		10,132,324
5.500%, 7/1/2020 (2)		4,122,392		4,147,424
5.500%, 11/1/2036		19,988,626		19,922,503
5.500%, 12/1/2036 (7)		30,000,000		29,900,759
5.500%, 12/15/2036 (7)		20,000,000		19,931,240
6.000%, 9/1/2021 (2)		8,767,747		8,929,749
6.000%, 12/15/2036 (7)		40,000,000		40,437,519
6.500%, 10/1/2031		755,868		776,095
7.000%, 12/1/2015		674,439		694,380
				137,372,397
Government National Mortgage Association - 0.1%
7.000%, 3/15/2032		478,806		495,518

Description	Principal Amount		Value
Mortgage - Backed Securities (continued)
Total Mortgage - Backed Securities (identified cost $148,773,269)			$	149,392,429
U.S. Treasury Bonds & Notes - 36.1%
4.250%, 8/15/2015 (2)	$	25,000,000		24,641,625
4.375%, 11/15/2008 (2)		50,000,000		49,796,900
4.500%, 2/15/2009 (2)		32,000,000		31,960,032
4.625%, 10/31/2011 (2)		25,000,000		25,197,275
4.625% 11/15/2016 (2)		80,000,000		81,075,040
4.875%, 5/31/2008 (2)		20,000,000		20,057,820
4.875%, 8/15/2016 (2)		30,000,000		30,952,740
Total U.S. Treasury Bonds & Notes (identified cost $261,703,457)				263,681,432
Total Investments in Securities - 109.3% (identified cost $793,741,293)				797,473,172
Short Term Investments - 43.4%
Collateral Pool Investment for Securities on Loan - 42.6%
(See Note 2 of the Additional Information)				310,219,456
Repurchase Agreement - 0.8%
Agreement with Morgan Stanley & Co., Inc., 5.280%, dated 11/30/2006, to be repurchased at $6,148,024 on 12/1/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007, with a market value of $6,274,254 (at amortized cost)		6,147,122		6,147,122
Total Short Term Investments (identified cost $316,366,578)				316,366,578
Total Investments - 152.7% (identified cost $1,110,107,871)				1,113,839,750
Other Assets and Liabilities - (52.7)%				(384,307,023	)
Total Net Assets - 100.0%			$	729,532,727

(See Notes to Schedules of Investments)

Marshall Intermediate Tax-Free Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description/Credit Ratings(9)	Principal Amount		Value
Municipals - 97.6%
Arizona - 6.1%
Maricopa County, AZ, School District No. 28 Kyrene Elementary, (Series 2001 A), GO UT, 5.000%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.590%), 7/1/2013 NR/Aaa	$	1,385,000	$	1,501,769
Phoenix, AZ, Civic Improvement Corp., Jr. Lien Water System Revenue Refunding Construction Bonds, 5.250%, (FGIC)/(Original Issue Yield: 4.690%), 7/1/2016 AAA/Aaa		500,000		564,130
University of Arizona System Revenue Refunding Bonds, (Series 2003), 5.000%, (FGIC)/(Original Issue Yield: 3.920%), 6/1/2016 AAA/Aaa; Call Date 6/1/2013		2,725,000		2,935,834
				5,001,733
Arkansas - 0.4%
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; Call Date 7/1/2007		360,000		365,537
California - 2.6%
State of California, GO UT Refunding Bonds, 5.000%, (Original Issue Yield: 3.720%), 9/1/2012 A+/A1		2,000,000		2,148,200
Colorado - 7.0%
Eagle, Garfield & Routt Counties, CO, School District No. RE 50J, GO UT Refunding Bonds, 4.750%, (FSA State Aid Withholding)/(Original Issue Yield: 3.880%), 12/1/2018 AAA/Aaa		1,000,000		1,092,810
El Paso County, CO, School District No. 49 Falcon, GO UT, (Series 2002), 5.750%, (FGIC State Aid Withholding)/(Original Issue Yield: 4.750%), 12/1/2013 AAA/Aaa; Call Date 12/1/2011		1,875,000		2,064,769
Larimer County, CO, School District No. R-1 Poudre, GO UT Refunding Bonds, (Series 1998), 5.250%, (State Aid Withholding)/(Original Issue Yield: 4.650%), 12/15/2009 AA-/Aa3; Call Date 12/15/2008		1,000,000		1,032,180
University of Northern Colorado, Auxiliary Facilities System Revenue Refunding & Improvement Bonds Series 2005, 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.880%), 6/1/2017 AAA/Aaa; Call Date 6/1/2015		1,445,000		1,581,885
				5,771,644
Florida - 4.6%
Lee County, FL, Transportation Facilities, Sanibel Bridges & Causeway Project, (Series 2005 B), Revenue Bonds, 5.000%, (CIFG)/(Original Issue Yield: 3.950%), 10/1/2018 AAA/Aaa; Call Date 10/1/2015		1,525,000		1,664,583
State of Florida Board of Education, Lottery Revenue Bonds, (Series 2002 A), 5.000 %, (FGIC)/(Original Issue Yield: 5.060%), 7/1/2019 AAA/Aaa; Call Date 7/1/2012		2,000,000		2,140,860
				3,805,443
Georgia - 3.0%
Coweta County, GA, Water & Sewer Authority Revenue Refunding Bonds, 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.790%), 6/1/2017 NR/Aaa		1,200,000		1,334,592
Georgia Municipal Electric Authority, Project One Subordinated Revenue Bonds, (Series 1998 A), 5.250%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.700%), 1/1/2014 AAA/Aaa		1,000,000		1,103,500
				2,438,092

Description/Credit Ratings(9)	Principal Amount		Value
Municipals (continued)
Illinois - 6.1%
Cook County, IL, School District No. 227, GO Ltd., 4.250%, (Original Issue Yield: 4.176%), 1/1/2026, NR; Call Date 12/31/2006	$	2,000,000	$	2,000,099
Kendall, Kane & Will Counties, IL, Community Unit School District No. 308, GO UT, (Series 2004), 5.250%, (FSA Insurance Corp.)/(Original Issue Yield: 4.380%),10/1/2016 NR/Aaa; Call Date 10/1/2014		1,125,000		1,244,858
Streamwood Park District, IL, GO Ltd., (Series 2006 B), 4.875%, (Original Issue Yield: 3.870%), 12/1/2008		620,000		632,053
University of Illinois, Auxiliary Facilities System Revenue Refunding Bonds, (Series 2001 A), 5.250%, (AMBAC INS)/(Original Issue Yield: 4.530%), 4/1/2013 AAA/Aaa		1,060,000		1,158,050
				5,035,060
Iowa - 3.7%
Iowa Finance Authority, Solid Waste Disposal Revenue Bonds, (Series 1997), (IPSCO Project), 6.000%, 6/1/2027 (Mandatory Tender 6/1/2007) NR; Call Date 6/1/2007 (10)		3,000,000		3,018,900
Louisiana - 2.7%
Louisiana State University Agricultural and Mechanical College Auxiliary Board Revenue Refunding Bonds, (Series 2005 A), 5.000%, (AMBAC INS)/(Original Issue Yield: 3.760%), 7/1/2015 AAA/Aaa		1,000,000		1,096,260
State of Louisiana, GO UT Match Bonds, (Series 2006 B), 5.000%, (CIFG INS)/(Original Issue Yield: 4.380%), 7/15/2017 AAA/Aaa; Call Date 7/15/2016		1,000,000		1,093,300
				2,189,560
Michigan - 5.0%
Detroit, MI, City School District, School Building & Site Improvement Bonds (Series 1998 B), GO UT, 5.000%, (FGIC Q-SBLF)/(Original Issue Yield: 4.500%), 5/1/2009 AAA/Aaa		2,000,000		2,069,040
Michigan State Strategic Fund, Ltd., Oblig. Revenue Refunding Bonds, (OBG-DOW Chemical Project), (Series 2003), 4.600%, (Original Issue Yield: 4.599%), 6/1/2014 A-/A-2/A3/P-2		2,000,000		2,019,760
				4,088,800
Minnesota - 2.6%
Minneapolis/St. Paul, MN, Metropolitan Airports, Commission Airport Revenue Bonds, (Series 2001 B), (AMT), 5.500%, (FGIC)/(Original Issue Yield: 4.750%), 1/1/2011 AAA/Aaa (10)		2,000,000		2,131,760
Mississippi - 1.3%
Rankin County, MS, School District, GO UT Refunding Bonds, 5.000%, (FSA INS)/(Original Issue Yield: 3.980%), 10/1/2014 AAA/Aaa		1,000,000		1,094,660
Nevada - 2.5%
Clark County, NV, School District, GO Ltd., Building & Refunding Bonds, (Series 2001 D), 5.250%, (FGIC)/(Original Issue Yield: 4.480%), 6/15/2014 AAA/Aaa; Call Date 6/15/2011		1,880,000		2,080,333
New Jersey - 1.6%
New Jersey State Transportation Trust Fund Authority Transportation Systems Bonds, (Series 2003 C), 5.000%, (Original Issue Yield: 3.860%), 6/15/2012 AA-/Aaa		1,200,000		1,287,876
New Mexico - 1.3%
New Mexico State Highway Commission, Senior Subordinate Lien Tax Revenue Bonds, (Series 1999), 6.000%, (Original Issue Yield: 5.370%), 6/15/2010 (Prerefunded 6/15/2009), AA+/Aa2; Call Date 6/15/2009		1,000,000		1,058,970
New York - 10.5%
Metropolitan Transit Authority, NY, Transportation Revenue Bonds, (Series 2005 A), 5.500%, (AMBAC INS)/(Original Issue Yield: 3.610%), 11/15/2016 AAA/Aaa		1,500,000		1,731,000
New York, NY, GO UT, (Series C), 5.500%, (FGIC-TCRS)/(Original Issue Yield: 4.800%), 8/1/2015 AAA/Aaa; Call Date 2/1/2013		2,000,000		2,208,039
Oswego County, NY, GO UT, 6.700%, (Original Issue Yield: 6.800%), 6/15/2010 (Econ Defeased to Maturity), NR/A3		1,100,000		1,215,467

Description/Credit Ratings(9)	Principal Amount		Value
Municipals (continued)
Oswego County, NY, GO UT, 6.700%, (Original Issue Yield: 6.800%), 6/15/2011 (Econ Defeased to Maturity), NR/A3	$	1,100,000	$	1,245,211
White Plains, NY, GO UT, Public Improvement Revenue Refunding Bonds, (Series B), 3.500%, (Original Issue Yield: 2.310%), 1/15/2007 Aa1/NR		1,365,000		1,364,918
White Plains, NY, GO UT, Public Improvement Revenue Refunding Bonds, (Series B), 3.500%, (Original Issue Yield: 2.660%), 1/15/2008 Aa1/NR		820,000		820,689
				8,585,324
North Dakota - 5.9%
Fargo, ND, Health System Revenue Bonds, (Meritcare), (Series 2000 A), 5.750%, (FSA Insurance Corp.)/(Original Issue Yield: 5.300%), 6/1/2012 AAA/Aaa; Call Date 6/1/2010		2,940,000		3,166,439
North Dakota State Water Commission, Water Development and Management Program Revenue Bonds, (Series 2000 A), 6.000%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.390%), 8/1/2011 (Prerefunded 8/1/2010) AAA/Aaa; Call Date 8/1/2010		1,545,000		1,675,815
				4,842,254
Ohio - 7.5%
Butler County, OH, Sewer System Refunding Revenue Bonds, (Series 2005), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.870%), 12/1/2017 NR/Aaa		2,450,000		2,740,129
Columbus, OH, GO UT, (Series 2002-1), 5.000%, (Original Issue Yield: 4.050%), 11/15/2015 AAA/Aaa; Call Date 11/15/2012		2,115,000		2,278,003
Olentangy, OH, Local School District, (Series 2004 B), GO UT, Refunding Bonds, 5.500%, (FGIC)/(Original Issue Yield: 4.480%), 12/1/2016 AAA/Aaa; Call Date 6/1/2014		1,000,000		1,124,450
				6,142,582
Pennsylvania - 2.7%
Pennsylvania State Industrial Development Authority Economic Development Revenue Bonds, 5.500%, (AMBAC INS)/(Original Issue Yield: 4.520%), 7/1/2014 AAA/Aaa; Call Date 7/1/2012		2,000,000		2,217,340
Tennessee - 1.6%
Putnam County, TN, GO UT School Refunding Bonds, (Series 2001), 5.250%, (FGIC)/(Original Issue Yield: 4.530%), 4/1/2013 NR/Aaa		1,200,000		1,315,272
Texas - 5.2%
San Antonio, TX, Electricity and Gas System Revenue Refunding Bonds, (Series 2005), 5.000%, (Original Issue Yield: 4.150%), 2/1/2019 AA/Aa1; Call Date 2/1/2015		2,000,000		2,161,040
Tarrant County, TX, HFDC, Texas Health Resource System Revenue Bonds, (Series 1997 A), 5.750%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.050%), 2/15/2009 AAA/Aaa; Call Date 2/15/2008		2,000,000		2,086,840
				4,247,880
Utah - 1.5%
South Valley Sewer District, Utah, Sewer Revenue Bonds, (Series 2005), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.720%), 1/1/2014 NR/Aaa		1,100,000		1,195,370
Virginia - 1.9%
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: 4.850%)/(Mandatory Tender 7/1/2011), 7/1/2031 NR/Aaa		1,500,000		1,567,605
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		1,048,350
West Virginia - 3.1%
West Virginia State Hospital Finance Authority, Hospital Revenue Bonds, (Series 2000 B), (Oak Hill Hospital, Inc.), 6.750%, (Original Issue Yield: 6.950%), 9/1/2030, (Prerefunded 9/1/2010), NR/A2; Call Date 9/1/2010		1,000,000		1,119,440

Description/Credit Ratings(9)	Shares or Principal Amount		Value
Municipals (continued)
West Virginia State Hospital Finance Authority, Hospital Revenue Bonds, United Hospital Center, Inc. Project (Series A), (AMBAC INS), 5.000%, (Original Issue Yield: 4.380%), 6/1/2018 AAA/Aaa; Call Date 6/1/2016	$	1,345,000	$	1,462,513
				2,581,953
Wisconsin - 5.9%
Oconomowoc, Wisconsin Area School District Refunding Bonds, (Series 2006 A), GO UT, 4.500%, (Original Issue Yield: 4.170%), 4/1/2019 NR/Aaa; Call Date 4/1/2016		500,000		522,440
Oconomowoc, Wisconsin Area School District Refunding Bonds, (Series 2006 A), GO UT, 4.500%, (Original Issue Yield: 4.210%), 4/1/2020 NR/Aaa; Call Date 4/1/2016		595,000		620,282
Oconomowoc, Wisconsin Area School District Refunding Bonds, (Series 2006 A), GO UT, 4.500%, (Original Issue Yield: 4.250%), 4/1/2021 NR/Aaa; Call Date 4/1/2016		630,000		655,276
Village of Grafton, WI, Bond Anticipation Notes, (Series 2006 B), 4.000%, (Original Issue Yield: 3.750%), 12/1/2010 NR/A1; Call Date 12/1/2009		1,180,000		1,190,926
Wisconsin State, GO UT, (Series C), 6.000%, (Original Issue Yield: 5.750%), 5/1/2014, (Prerefunded 5/1/2010), AA-/Aa3; Call Date 5/1/2010		1,750,000		1,885,747
				4,874,671
Total Municipals (identified cost $78,464,389)				80,135,169
Mutual Funds - 3.2%
Marshall Tax Free Money Market Fund Class I		2,650,278		2,650,278
Total Mutual Funds (identified cost $2,650,278)				2,650,278
Total Investments - 100.8% (identified cost $81,114,667)				82,785,447
Other Assets and Liabilities - (0.8)%				(656,964	)
Total Net Assets - 100.0%			$	82,128,483

(See Notes to Schedules of Investments)

Marshall Short-Term Income Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Principal Amount		Value
Asset - Backed Securities - 9.4%
Other Financial - 9.4%
Capital Auto Receivables Asset Trust 2004-1, Class A4, 2.640%, 11/17/2008	$	1,000,000	$	987,779
Caterpillar Financial Asset Trust 2005-A, Class A3, 3.900%, 2/25/2009		901,725		895,789
DaimlerChrysler Auto Trust 2004-B, Class A3, 3.180%, 9/8/2008		332,168		330,593
DaimlerChrysler Auto Trust 2006-C, Class A4, 4.980%, 11/8/2011		2,000,000		2,008,278
GE Capital Credit Card Master Note Trust 2006-1, Class A, 5.080%, 9/15/2012		1,850,000		1,864,806
Green Tree Home Improvement Loan Trust 1998-B, Class HEB1, 7.810%, 11/15/2029		1,500,192		1,507,161
Honda Auto Receivables Owner Trust 2005-2, Class A3, 3.930%, 1/15/2009		1,293,173		1,285,076
Pegasus Aviation Lease Securitization 1999-1A, Class A1, 6.300%, 3/25/2029 (6)		750,654		338,263
USAA Auto Owner Trust 2004-2, Class A3, 3.030%, 6/16/2008		382,361		381,175
USAA Auto Owner Trust 2006-4, Class A4, 4.980%, 10/15/2012		1,650,000		1,649,500
WFS Financial Owner Trust 2004-1, Class A4, 2.810%, 8/22/2011		943,299		927,770
Total Asset - Backed Securities (identified cost $12,597,816)				12,176,190
Collateralized Mortgage Obligations - 24.4%
Federal Home Loan Mortgage Corporation - 2.5%
3.150%, Class A3, 5/15/2010		1,686,336		1,663,486
5.900%, Class BV, 11/15/2035		1,577,000		1,584,179
				3,247,665
Federal National Mortgage Association - 0.5%
5.000%, Series 2003-63, Class CU, 7/25/2033		595,734		593,605
Government National Mortgage Association - 2.4%
2.866%, Series 0348, Class AB, 2/16/2020		604,270		587,737
3.206%, Series 2003-72, Class A, 4/16/2018		884,825		866,254
3.313%, Series 2002-83, Class A, 4/16/2017		888,248		872,721
3.590%, Series 2004-78, Class A, 11/16/2017		850,893		831,177
				3,157,889
Other Financial - 19.0%
Countrywide Alternative Loan Trust 2004-J9, Class 1A2, 4.586%, 10/25/2034		1,958,818		1,939,490
Countrywide Home Loans 2006-HYB1, Class 2A2A, 5.602%, 3/20/2036		1,855,433		1,850,552
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3, 4.500%, 6/25/2033		492,312		485,428
CS First Boston Mortgage Securities Corp. 2004-C1, Class A1, 2.254%, 1/15/2037		542,316		534,116
GSR Mortgage Loan Trust 2004-12, Class 3A3, 4.437%, 12/25/2034		1,252,244		1,239,130
GSR Mortgage Loan Trust 2005-AR5, Class 2A2, 5.182%, 10/25/2035		1,500,717		1,489,466
Impac Secured Assets Common Owner Trust 2004-2, Class A3, 4.995%, 8/25/2034		340,856		339,158
J.P. Morgan Alternative Loan Trust 2006-A5, Class 2A4, 5.850%, 10/25/2036		2,000,000		2,003,750
J.P. Morgan Chase Commercial Mortgage Securities, Class A1, 3.053%, 1/15/2038		1,011,639		977,453
LB-UBS Commercial Mortgage Trust 2004-C1, Class A1, 2.964%, 1/15/2029		1,091,585		1,059,831
Master Adjustable Rate Mortgages Trust 2004-13, Class 3A4, 3.787%, 11/21/2034		1,900,000		1,865,602
Morgan Stanley Capital, Inc. 2003-IQ6, Class A1, 2.800%, 12/15/2041		705,064		692,318
Residential Funding Mortgage Securities, 2006-SA3, Class 2A2, 6.003%, 9/25/2036		2,009,836		2,015,391
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.065%, 2/15/2041		1,280,288		1,242,373
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.291%, 12/15/2035		1,345,558		1,312,970
Washington Mutual 2002-R10, Class A6, 4.820%, 10/25/2032		194,499		193,503
Washington Mutual 2004-AR7, Class A4, 3.954%, 7/25/2034		3,000,000		2,930,529
Washington Mutual 2005-AR5, Class A2, 4.672%, 5/25/2035		2,500,000		2,482,735
				24,653,795
Total Collateralized Mortgage Obligations (identified cost $32,013,648)				31,652,954
Corporate Bonds & Notes - 16.0%
Automotive & Related - 1.7%
Ford Motor Credit Co., Sr. Note, 4.950%, 1/15/2008 (2)		2,300,000		2,258,078
Banks - 1.2%
Union Planters Bank, Note, 5.125%, 6/15/2007		1,500,000		1,498,890

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Corporate - Other - 1.2%
Core Investment Grade Trust, Pass-Thru Certificate, 4.659%, 11/30/2007	$	1,502,715	$	1,495,630
Electrical Equipment - 1.8%
Alabama Power Co., 2.800%, 12/1/2006		1,250,000		1,250,000
CalEnergy Co., Inc., Sr. Note, 7.630%, 10/15/2007		1,000,000		1,019,213
				2,269,213
Energy - 1.2%
Marathon Oil Corp., Note, 5.375%, 6/1/2007		1,500,000		1,499,837
Financial Services - 1.0%
MBNA Corp., 6.250%, 1/17/2007		1,290,000		1,291,229
Industrial Services - 1.7%
FedEx Corp., Note, 2.650%, 4/1/2007		2,200,000		2,180,420
Insurance - 2.6%
HSB Capital I, Company Guarantee, (Series B), 6.284%, 7/15/2027 (4)(6)(8)		2,430,000		2,435,542
MGIC Investment Corp., Sr. Note, 6.000%, 3/15/2007		1,100,000		1,101,242
				3,536,784
Real Estate - 2.4%
Duke Realty Corp., Note, 3.350%, 1/15/2008		1,500,000		1,465,956
Kimco Realty Corp., Note, Series MTN, 7.460%, 5/29/2007		1,700,000		1,715,722
				3,181,678
Real Estate Investment Trusts - 1.2%
Vornado Realty Trust, Bond, 5.625%, 6/15/2007		1,500,000		1,499,349
Total Corporate Bonds & Notes (identified cost $20,872,995)				20,711,108
Government Agencies - 15.2%
Federal Home Loan Bank - 1.4%
3.875%, 2/15/2008		1,800,000		1,778,348
Federal Home Loan Mortgage Corporation - 5.8%
4.300%, 5/5/2008 (2)		3,000,000		2,974,542
5.250%, 2/24/2011 (2)		4,500,000		4,525,997
				7,500,539
Federal National Mortgage Association - 8.0%
4.000%, 12/14/2007		3,500,000		3,462,680
4.125%, 6/16/2008 (2)		4,000,000		3,960,979
4.200%, 6/8/2009 (2)		3,000,000		2,959,590
				10,383,249
Total Government Agencies (identified cost $19,755,739)				19,662,136
Mortgage - Backed Securities - 0.8%
Federal Home Loan Mortgage Corporation - 0.1%
9.000%, 7/1/2014		25,907		26,595
11.000%, 8/1/2019		41,259		43,990
				70,585
Federal National Mortgage Association - 0.6%
7.000%, 12/1/2015		182,146		187,531
7.500%, 9/1/2015		216,445		224,364
8.000%, 8/1/2007		100		101
8.000%, 5/1/2008		15,027		15,021
9.000%, 7/1/2009		23,636		24,250
9.500%, 12/1/2024		77,406		84,746
9.500%, 1/1/2025		74,332		81,380
9.500%, 1/1/2025		96,772		106,186
10.000%, 7/1/2020		40,511		45,012
11.000%, 12/1/2015		130,430		140,792
				909,383
Government National Mortgage Association - 0.1%
9.000%, 12/15/2019		68,315		73,424
Total Mortgage - Backed Securities (identified cost $1,038,411)				1,053,392
Mutual Funds - 8.4%
Eaton Vance Institutional Senior Loan Fund (11)		591,340		5,456,897
Fidelity Advisor Floating Rate High Income Fund (12)		553,421		5,495,470

Description	Principal Amount		Value
Mutual Funds (continued)
Total Mutual Funds (identified cost $11,000,466)			$	10,952,367
Short Term Investments - 37.8%
Collateral Pool Investment for Securities on Loan - 12.4%
(See Note 2 of the Additional Information)				16,045,859
Federal Home Loan Mortgage Corporation - 0.2%
5.145%, 12/5/2006 (3)(13)	$	200,000		199,886
Repurchase Agreement - 25.2%
Agreement with Morgan Stanley & Co., Inc., 5.280% dated 11/30/2006, to be repurchased at $32,696,997 on 12/1/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007, with a market value of $33,349,074 (at amortized cost)		32,692,202		32,692,202
Total Short Term Investments (identified cost $48,937,947)				48,937,947
Total Investments - 112.0% (identified cost $146,217,022)				145,146,094
Other Assets and Liabilities - (12.0)%				(15,509,478	)
Total Net Assets - 100.0%			$	129,636,616

(See Notes to Schedules of Investments)

Marshall Government Money Market Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Principal Amount		Value
Government Agencies - 28.6%
Federal Home Loan Bank - 13.6%
3.750%, 3/7/2007	$	1,000,000	$	996,109
3.750%, 8/15/2007		350,000		346,389
4.750%, 8/17/2007		250,000		249,250
5.230%, 4/4/2007 (4)		25,000,000		24,996,672
5.500%, 8/9/2007		3,000,000		3,000,000
				29,588,420
Federal Home Loan Mortgage Corporation - 10.0%
2.700%, 3/16/2007		1,090,000		1,082,349
3.500%, 9/15/2007		290,000		286,155
3.800%, 6/28/2007		250,000		247,684
5.260%, 06/19/2007 (4)		20,000,000		20,000,000
				21,616,188
Federal National Mortgage Association - 5.0%
2.500%, 7/16/2007		580,000		569,942
4.750%, 8/3/2007		236,000		235,158
5.257%, 12/22/2006 (4)		10,000,000		9,999,544
				10,804,644
Total Government Agencies				62,009,252
Repurchase Agreements - 71.3%
Agreement with Barclay’s Capital, Inc., Tri-Party Agency, 5.310%, dated 11/30/2006, to be repurchased at $35,005,163 on 12/1/2006, collateralized by a U.S. Government Agency Mortgage Pool with a maturity of 10/19/2016, with a market value of $35,703,130		35,000,000		35,000,000
Agreement with Cantor Fitzgerald, Inc, 5.360%, dated 11/30/2006, to be repurchased at $25,003,722 on 12/1/2006, collateralized by U.S. Government Agency SBA Pools with various maturities to 8/25/2031, with a market value of $25,500,000		25,000,000		25,000,000
Agreement with Deutsche Bank Alex Brown, Inc., 5.300%, dated 11/30/2006, to be repurchased at $50,007,361 on 12/1/2006, collateralized by U.S. Government Agency Mortgage Pools with various maturities to 11/01/2036, with a market value of $51,001,996		50,000,000		50,000,000
Agreement with Morgan Stanley & Co., 5.290%, dated 11/30/2006, to be repurchased at $35,005,143 on 12/1/2006, collateralized by U.S. Government Agency Mortgage Pools with various maturities to 1/1/2035, with a market value of $35,843,180		35,000,000		35,000,000
Agreement with State Street Bank & Trust Co., Inc., 5.100%, dated 11/30/2006, to be repurchased at $9,512,327 on 12/1/2006, collateralized by U.S. Government Agency Obligations with various maturities to 3/9/2007, with a market value of $9,704,501		9,510,979		9,510,979
Total Repurchase Agreements				154,510,979
Total Investments - 99.9% (at amortized cost)				216,520,231
Other Assets and Liabilities - 0.1%				315,148
Total Net Assets - 100.0%			$	216,835,379

(See Notes to Schedules of Investments)

Marshall Prime Money Market Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Principal Amount		Value
Collateralized Loan Agreements – 6.9%
Brokerage – 6.9%
Deutsche Bank Alex Brown, Inc., 5.373%, 12/1/2006	$	100,000,000	$	100,000,000
Morgan Stanley & Co., Inc., 5.373%, 12/1/2006		100,000,000		100,000,000
Wachovia Securities, Inc., 5.380%, 12/1/2006		100,000,000		100,000,000
Total Collateralized Loan Agreements				300,000,000
Commercial Paper - 26.3%
Asset-Backed Securities - 10.4%
Atlantis One Funding, 5.260%, 12/28/2006 (6) (8) (13)		39,255,000		39,100,139
Beta Finance, Inc., 5.369%, 7/16/2007 (4) (6) (8)		50,000,000		50,001,779
Beta Finance, Inc., 5.370%, 11/19/2007 (4) (6) (8)		23,000,000		23,005,674
CRC Funding LLC, 5.260%, 1/11/2007 (6) (8) (13)		39,000,000		38,766,368
CRC Funding LLC, 5.260%, 1/23/2007 (6) (8) (13)		12,900,000		12,800,104
Crown Point Capital Co., 5.240%, 1/17/2007 (6) (8) (13)		10,997,000		10,921,768
Crown Point Capital Co., 5.260%, 1/18/2007 (6) (8) (13)		50,000,000		49,649,333
Crown Point Capital Co., 5.270%, 1/19/2007 (6) (8) (13)		8,000,000		7,942,616
Lexington Parker Cap. Co. LLC, 5.280%, 1/4/2007 (6) (8) (13)		17,844,000		17,755,018
Liquid Funding Ltd., 5.355%, 10/23/2007 (4) (6) (8)		50,000,000		49,993,246
Liquid Funding Ltd., 5.357%, 6/22/2007 (4) (6) (8)		50,000,000		50,000,000
World Omni Vehicle leasing, Inc., 5.280%, 12/14/2006 (6) (8) (13)		50,000,000		49,911,833
World Omni Vehicle leasing, Inc., 5.290%, 12/13/2006 (6) (8) (13)		50,000,000		49,904,667
				449,752,545
Diversified - 3.4%
Liberty Lighthouse Co. LLC, 5.331%, 2/1/2007 (4) (6) (8)		50,000,000		49,998,387
Sigma Financial, Inc., 5.374%, 1/18/2007 (4) (6) (8)		100,000,000		100,003,273
				150,001,660
Foreign Banks - 4.5%
Britannia Building Society, 5.260%, 1/29/2007 (13)		15,000,000		14,870,692
Britannia Building Society, 5.270%, 2/14/2007 (13)		20,000,000		19,780,417
Britannia Building Society, 5.275%, 1/25/2007 (13)		65,000,000		64,476,277
Depfa-Bank PLC, 5.245%, 2/27/2007 (6) (8) (13)		50,000,000		49,358,944
UniCredito Italiano Bank, 5.255%, 1/11/2007 (13)		50,000,000		49,700,757
				198,187,087
Insurance - 2.8%
Irish Life & Permanent 5.250%, 2/23/2007 (6) (8) (13)		19,000,000		18,767,250
Irish Life & Permanent 5.250%, 2/27/2007 (6) (8) (13)		31,000,000		30,602,167
Irish Life & Permanent 5.270%, 12/19/2006 (6) (8) (13)		50,000,000		49,868,249
Prudential Insurance Co., 5.270%, 2/13/2007 (13)		25,000,000		24,729,181
				123,966,847
Mortgage Banking - 2.3%
Alliance & Leicester PLC, 5.240%, 3/8/2007 (13)		17,500,000		17,252,919
Countrywide Funding Corp., 5.340%, 12/1/2006 (13)		85,000,000		85,000,000
				102,252,919
Telecommunication Services - 2.9%
AT&T, Inc., 5.270%, 12/12/2006(13)		100,000,000		99,838,972
Verizon Communications, 5.270%, 12/7/2006 (6) (8) (13)		25,000,000		24,978,042
				124,817,014
Total Commercial Paper				1,148,978,072
Corporate Bonds & Notes – 6.7%
Banks - 0.9%
Bank One NA Illinois, 5.500%, 3/26/2007		18,216,000		18,230,280
Credit Suisse First Boston USA, Inc., (Series YCD), 4.810%, 12/5/2006		15,000,000		15,000,000
J.P. Morgan Securities, Inc., 5.350%, 3/1/2007		5,000,000		5,004,910
				38,235,190

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Foreign Banks - 2.1%
Calyon NY, (Series YCD), 5.000%, 2/12/2007	$	25,000,000	$	25,000,000
HBOS Treasury Services, PLC, 3.625%, 7/23/2007 (4) (6) (8)		20,000,000		19,776,026
HBOS Treasury Services, PLC, (Series YCD), 5.000%, 2/13/2007		25,000,000		25,000,000
Household Finance Corp., 5.750%, 1/30/2007		20,000,000		20,029,633
				89,805,659
Insurance - 1.5%
American General Finance, 5.429%, 3/23/2007 (4)		47,000,000		47,008,260
American General Finance, 5.750%, 3/15/2007		19,075,000		19,101,146
				66,109,406
Leasing - 0.9%
International Lease Finance Corp., 5.625%, 6/1/2007		40,000,000		40,014,403
Retail - 0.8%
Wal-Mart Stores, 5.877%, 6/1/2007		35,000,000		35,084,991
Utilities - 0.5%
National Rural Utilities, (Series MTNC), 3.240%, 7/23/2007		22,285,000		21,996,287
Total Corporate Bonds & Notes				291,245,936
Municipals - 0.2%
Sun Prairie, Wisconsin Area School District, Revenue Notes, 5.600%, 1/29/2007		8,600,000		8,602,030
Total Municipals				8,602,030
Notes-Variable – 56.9%
Banks – 11.6%
Bayerische Landesbank, 5.419%, 6/25/2007 (4)		12,500,000		12,503,349
Canadian Imperial Bank of Commerce, 5.432%, 4/2/2007 (4)		80,000,000		80,024,700
Citigroup Global, (Series MTNA), 5.460%, 3/16/2007 (4)		51,000,000		51,015,575
Credit Suisse First Boston USA, Inc., 5.349%, 7/19/2007 (4)		85,000,000		85,000,000
First Tennessee Bank, (Series YCD1) 5.310%, 11/16/2007 (4) (6) (8)		45,000,000		45,000,000
SMM Trust, (Series 2006-M), 5.371%, 2/2/2007 (4) (6) (8)		8,536,000		8,536,000
Washington Mutual, Inc., (Series CD), 5.350%, 6/26/2007 (4)		50,000,000		50,000,000
Washington Mutual, Inc., 5.356%, 8/24/2007 (4)		50,000,000		50,000,000
Wells Fargo & Co., 5.449%, 3/23/2007 (4)		100,000,000		100,032,336
Westpac Bank NY, (Series MTN), 5.430%, 10/11/2007 (4)		25,000,000		25,000,000
				507,111,961
Broker/Dealers - 9.9%
Bank of America Securities, LLC, 5.340%, 5/26/2007 (4) (6) (8)		100,000,000		100,000,000
Bear Stearns Master Note, 5.380%, 8/24/2007 (4) (6) (8)		100,000,000		100,000,000
Goldman Sachs Group, Inc., (Series MTN), 5.495%, 10/5/2007 (4)		52,700,000		52,767,198
Goldman Sachs Group, Inc., (Series MTN), 5.497%, 7/2/2007 (4)		25,000,000		25,022,025
Lehman Brothers, Inc., 5.470%, 12/21/2007 (4)		25,000,000		25,000,000
Lehman Brothers, Inc., (Series MTNG), 5.494%, 4/20/2007 (4)		13,270,000		13,276,881
Merrill Lynch & Co., Inc., (Series MTN1), 5.338%, 7/27/2007 (4)		40,000,000		40,000,000
Merrill Lynch & Co. Inc., (Series MTN1), 5.380%, 1/14/2008 (4)		7,000,000		7,003,335
Merrill Lynch & Co., Inc., (Series MTNB), 5.537%, 12/22/2006 (4)		5,150,000		5,150,470
Wachovia Securities Financial Holdings LLC, 5.410%, 2/4/2007 (4) (6) (8)		65,000,000		65,000,000
				433,219,909
Construction Equipment. - 1.8%
Caterpillar Financial Services Corp., 5.390%, 7/27/2007 (4)		79,900,000		79,914,006
Financial Services - 1.0%
GE Capital Corp., (Series MTN), 5.445%, 6/22/2007 (4)		40,000,000		40,014,550
GE Capital Corp., (Series MTNA), 5.447%, 9/17/2007 (4)		4,500,000		4,502,430
				44,516,980
Foreign Banks - 17.2%
Aust. & N.Z. Banking Group, 5.339%, 12/28/2007 (4)		100,000,000		100,000,000
BNP Paribas, 5.345%, 11/19/2007 (4) (6) (8)		100,000,000		100,000,000
Credit Agricole, 5.344%, 11/24/2007 (4) (6) (8)		50,000,000		50,000,000
Dekabank, 5.394%, 11/15/2007 (4) (6) (8)		100,000,000		100,000,000
Depfa-Bank PLC, 5.430%, 7/15/2007 (4) (6) (8)		50,000,000		50,000,000
HBOS Treasury Services, PLC, (Series MTN), 5.445%, 9/20/2007 (4) (6) (8)		30,000,000		30,000,000
Household Finance Corp., 5.440%, 6/1/2007 (4)		27,800,000		27,806,640
Natexis Banques Populaires U.S. Finance Co., 5.365%, 11/9/2007 (4) (6) (8)		100,000,000		100,000,000
Northern Rock PLC, 5.240%, 3/7/2007 (4) (6) (8)		50,000,000		49,301,333
Northern Rock PLC, 5.460%, 9/7/2007 (4) (6) (8)		50,000,000		50,000,000
Westlb AG NY, 5.360%, 12/10/2007 (4) (6) (8)		100,000,000		100,000,000
				757,107,972

Description	Principal Amount		Value
Notes-Variable (continued)
Insurance - 9.0%
Genworth Life Insurance Co., 5.434%, 4/20/2007 (4) (6)	$	75,000,000	$	75,000,000
Jackson National Life Insurance Co., 5.481%, 2/12/2007 (4) (6) (8)		24,713,000		24,718,431
Metropolitan Life Insurance Co., 5.421%, 2/1/2007 (4) (6)		50,000,000		50,000,000
Metropolitan Life Insurance Co., 5.440%, 2/11/2007 (4) (6)		65,000,000		65,000,000
Monumental Life Insurance Co., 5.430%, 4/13/2007 (4) (6)		10,000,000		10,000,000
Monumental Life Insurance Co., 5.442%, 10/5/2007 (4) (6)		25,000,000		25,000,000
Monumental Life Insurance Co., 5.570%, 5/2/2007 (4) (6)		40,000,000		40,000,000
Pricoa Global Funding Inc., 5.491%, 3/2/2007 (4) (6) (8)		74,065,000		74,086,944
Principal Life Insurance Co., 5.359%, 2/14/2007 (4)		27,157,000		27,156,717
Principal Life Insurance Co., 5.420%, 12/7/2007 (4)		2,550,000		2,551,039
				393,513,131
Mortgage Banking - 0.2%
Countrywide Home Loans, (Series MTNL), 5.471%, 12/5/2006 (4)		10,000,000		9,999,959
Personal Credit - 2.2%
American Express Credit, (Series MTNB), 5.420%, 12/5/2007 (4)		30,000,000		30,008,023
American Honda Finance Corp., 5.341%, 9/26/2007 (4) (6) (8)		45,000,000		45,000,000
SLM Corp., 5.497%, 1/25/2007 (4)		20,000,000		20,004,233
				95,012,256
Short-Term Business Loans – 2.3%
CIT Group, Inc., (Series MTN), 5.5440%, 2/15/2007 (4)		37,500,000		37,524,407
CIT Group, Inc., (Series MTN), 5.574%, 2/15/2007 (4)		62,235,000		62,261,217
				99,785,624
Telecommunications - 1.7%
Verizon Global Funding, 5.500%, 4/13/2007 (4) (6) (8)		75,000,000		75,000,000
Total Notes-Variable				2,495,181,798
Repurchase Agreements - 4.6%
Agreement with Cantor Fitzgerald & Co., 5.360%, dated 11/30/2006 to be repurchased at $25,003,722 on 12/1/2006, collateralized by U.S. Government Agency Obligations with various maturities to 8/25/2031, with a market value of $25,500,000		25,000,000		25,000,000
Agreement with Morgan Stanley & Co., 5.280%, dated 11/30/2006 to be repurchased at $115,016,867 on 12/1/2006, collateralized by a U.S. Government Agency Obligation with a maturity of 9/18/2007, with a market value of $117,300,218		115,000,000		115,000,000
Agreement with State Street Bank & Trust Co., Inc., 5.100%, dated 11/30/2006 to be repurchased at $63,200,949 on 12/1/2006, collateralized by U.S. Government Agency Obligations with various maturities to 3/5/2007, with a market value of $64,459,170		63,191,997		63,191,997
Total Repurchase Agreements				203,191,997
Trust Demand Notes – 0.5%
Broker/Dealers-0.5%
JP Morgan Securities, Inc., 5.330%, 12/1/2006 (4) (6) (8)		20,000,000		20,000,000
Total Trust Demand Notes				20,000,000
Total Investments - 102.1%				4,467,199,833
Other Assets and Liabilities - (2.1) %				(90,861,642	)
Total Net Assets - 100.0%			$	4,376,338,191

(See Notes to Schedules of Investments)

Marshall Tax-Free Money Market Fund

SCHEDULE OF INVESTMENTS

November 30, 2006

(Unaudited)

Description	Principal Amount		Value
Municipals - 100.4%
Alabama - 3.1%
Birmingham-Medical Center, East Alabama Special Care Facilities Financing Authority, Revenue Bonds, 3.600%, 7/1/2015 (4)	$	5,000,000	$	5,000,000
Florence-Scs, Alabama Educational Building Authority, Revenue Bonds, 3.760%, 4/1/2017, Call Date 12/1/2006 (4)		805,000		805,000
Gardendale, Alabama Multifamily Housing, Revenue Bonds, 3.710%, 10/1/2032, Call Date 12/1/2006 (4)		3,283,000		3,283,000
Gardendale, Alabama Multifamily Housing, Revenue Bonds, 3.710%, 10/1/2032, Call Date 12/1/2006 (4)		1,400,000		1,400,000
Gardendale, Alabama Multifamily Housing, Revenue Bonds, 3.710%, 10/1/2032, Call Date 12/1/2006 (4)		1,284,000		1,284,000
Gardendale, Alabama Multifamily Housing, Revenue Bonds, 3.710%, 10/1/2032, Call Date 12/1/2006 (4)		1,062,000		1,062,000
				12,834,000
Alaska - 3.7%
Alaska Industrial Development & Export Authority, Revenue Bonds, 4.010%, 7/1/2007, Call Date 12/6/2006 (4)		30,000		30,000
Valdez, Alaska Marine, Revenue Bonds (Series B), 3.650%, 7/1/2037, Call Date 12/1/2006 (4)		15,000,000		15,000,000
				15,030,000
Arizona - 1.3%
Phoenix, Arizona Civic Improvement Corp., Revenue Bonds (Series Z-11), 3.540%, 5/8/2034 (4)		5,210,000		5,210,000
Colorado - 5.4%
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, 3.480%, 9/1/2034, Call Date 12/1/2006 (4)		5,600,000		5,600,000
Colorado Health Facilities Authority, Revenue Bonds, 3.480%, 3/1/2030, Call Date 12/7/2006 (4)		900,000		900,000
Colorado Housing & Finance Authority, Revenue Bonds (Series A-5), 3.430%, 1/3/2007		2,700,000		2,700,000
Denver, Colorado City & County Economic Development, Revenue Bonds, 3.750%, 7/1/2029, Call Date 12/6/2006 (4)		1,950,000		1,950,000
Denver, Colorado City & County Excise Tax, Revenue Bonds (Series B), 3.480%, 9/1/2025, Call Date 12/1/2006 (4)		1,280,000		1,280,000
Denver, Colorado City & County, Certificate Participation, 3.500%, 12/1/2029, Call Date 12/1/2006 (4)		2,010,000		2,010,000
Park Creek Metropolitan District, Revenue Bonds, 3.500%, 12/1/2037, Call Date 6/1/2008 (4)		6,500,000		6,500,000
Section 14 Metropolitan District, Jefferson County, Colorado, GO UT, 5.200%, 12/1/2019, Call Date 12/1/2006 (4)		1,325,000		1,325,000
				22,265,000
Delaware - 1.5%
Delaware State Economic Development Authority, Revenue Bonds, 3.500%, 7/1/2036, Call Date 12/1/2006 (4)		1,900,000		1,900,000
Delaware State Economic Development Authority, Revenue Bonds, 3.600%, 12/1/2032, Call Date 12/1/2006 (4)		4,200,000		4,200,000
				6,100,000
District of Columbia - 0.9%
District of Columbia, Revenue Bonds, 3.530%, 10/1/2023, Call Date 12/1/2006 (4)		3,595,000		3,595,000

Description	Principal Amount		Value
Florida - 3.8%
Broward County, Florida Health Facilities Authority, Revenue Bonds, 3.800%, 9/1/2032, Call Date 12/1/2006 (4)	$	4,260,000	$	4,260,000
Florida Development Finance Corp., Revenue Bonds, 3.520%, 7/1/2026, Call Date 12/1/2006 (4)		2,000,000		2,000,000
Miami-Dade County, Florida Special Obligation, Revenue Bonds (Series Z-9), 3.540%, 4/17/2015 (4)		1,875,000		1,875,000
Miami-Dade County, Florida Special Obligation, Revenue Bonds (Series Z-12), 3.540%, 5/15/2015 (4)		3,685,000		3,685,000
Orange County, Florida Health Facilities Authority, Revenue Bonds, 3.530%, 11/15/2014, Call Date 12/1/2006 (4)		1,400,000		1,400,000
Pinellas County, Florida Industrial Development Authority, Revenue Bonds, 3.540%, 7/1/2024, Call Date 12/1/2006 (4)		2,250,000		2,250,000
				15,470,000
Georgia - 1.3%
Bibb County, Georgia Development Authority, Revenue Bonds, 3.500%, 6/1/2026, Call Date 12/1/2006 (4)		630,000		630,000
Clayton County, Georgia Housing Authority, Multifamily Housing, Revenue Bonds, 3.550%, 1/1/2021, Call Date 12/6/2006 (4)		100,000		100,000
Clayton County, Georgia Housing Authority, Multifamily Housing, Revenue Bonds, 3.550%, 1/1/2021, Call Date 12/6/2006 (4)		875,000		875,000
De Kalb County, Georgia Development Authority, Revenue Bonds, 3.540%, 10/1/2022, Call Date 12/1/2006 (4)		955,000		955,000
Richmond County, Georgia Development Authority, Revenue Bonds, 3.540%, 06/01/2018 (4)		2,810,000		2,810,000
				5,370,000
Hawaii - 0.7%
ABN AMRO Munitops Certificates Trust, Revenue Bonds, 3.530%, 7/1/2012 (4)		3,000,000		3,000,000
Illinois - 8.2%
Illinois Health Facilities Authority, Revenue Bonds (Series B), 3.520%, 11/15/2029, Call Date 12/1/2006 (4)		3,000,000		3,000,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series A), 3.620%, 12/1/2020, Call Date 12/1/2006 (4)		9,000,000		9,000,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series B), 3.710%, 12/1/2020 (4)		7,000,000		7,000,000
Metropolitan Pier & Exposition Authority, Revenue Bonds (Series Z-5), 3.540%, 4/3/2034 (4)		4,785,000		4,785,000
Metropolitan Pier & Exposition Authority, Revenue Bonds, 3.540%, 12/15/2021 (4)		2,865,000		2,865,000
Metropolitan Pier & Exposition Authority, Revenue Bonds, 3.540%, 6/15/2033 (4)		500,000		500,000
Phoenix Realty SPL Account-U LP Illinois, Multifamily, Refunding Revenue Bonds, 3.690%, 4/1/2020, Call Date 12/1/2006 (4)		4,075,000		4,075,000
Will County, Illinois, Revenue Bonds, 3.550%, 12/1/2025, Call Date 12/1/2006 (4)		400,000		400,000
Will County, Illinois Community Unit School District No. 365, GO UT (Series Z-10), 3.540%, 4/15/2020 (4)		2,115,000		2,115,000
				33,740,000
Indiana - 1.7%
Dekko Foundation Educational Facilities Tax Exempt Income Trust, Certificates of Ownership (Series 1), 3.750%, 4/1/2021, Call Date 12/1/2006 (4)		200,000		200,000
Indiana Health Facility Financing Authority, Revenue Bonds, 3.530%, 12/01/2021, Call Date 12/1/2006 (4)		3,500,000		3,500,000
Indiana State Educational Facilities Authority, Revenue Bonds, 3.530%, 12/1/2029, Call Date 12/1/2006 (4)		500,000		500,000
Indianapolis, Indiana LOC Public Improvement Bd Bk, Revenue Bonds (Series Z-7), 3.540%, 9/9/2019 (4)		2,280,000		2,280,000
Terre Haute, Indiana Economic Development, Revenue Bonds, 3.550%, 12/1/2015, Call Date 12/1/2006 (4)		600,000		600,000
				7,080,000

Description	Principal Amount		Value
Kentucky - 1.1%
Jefferson County, Kentucky Industrial Building Revenue, 3.580%, 1/1/2009 (4)	$	1,400,000	$	1,400,000
Jefferson County, Kentucky Industrial Building Revenue, 3.580%, 3/1/2010 (4)		3,000,000		3,000,000
				4,400,000
Louisiana - 3.2%
Jefferson Parish, Louisiana Hospital Service District No. 2, Revenue Bonds, 3.530%, 7/1/2009, Call Date 12/1/2006 (4)		2,050,000		2,050,000
Lafayette Parish, Louisiana Industrial Development Board, Inc., Revenue Bonds, 3.750%, 12/15/2014, Call Date 12/1/2006 (4)		1,035,000		1,035,000
Louisiana Housing Finance Agency, Revenue Bonds, 3.530%, 12/1/2025 (4)		1,715,000		1,715,000
Louisiana Public Facilities Authority, Revenue Bonds, 3.540%, 7/1/2034, Call Date 7/1/2016 (4)		8,470,000		8,470,000
				13,270,000
Maryland - 1.5%
Anne Arundel County, Maryland Economic, Revenue Bonds, 3.640%, 12/1/2015, Call Date 12/1/2006 (4)		2,500,000		2,500,000
Maryland State Community Development Administration, Revenue Notes, 3.670%, 9/12/2007		2,500,000		2,500,000
Washington Suburban Sanitary District, GO UT, 3.450%, 6/1/2023 (4)		1,300,000		1,300,000
				6,300,000
Massachusetts - 0.2%
Massachusetts State Industrial Financial Agency, Revenue Bonds, 3.900%, 12/1/2019, Call Date 12/6/2006 (4)		1,000,000		1,000,000
Michigan - 0.2%
Macomb County, Michigan Hospital Finance Authority, Revenue Bonds, 3.680%, 10/1/2020, Call Date 12/1/2006 (4)		1,000,000		1,000,000
Minnesota - 0.7%
Burnsville, Minnesota Housing, Revenue Bonds (Series A), 3.730%, 1/1/2045, Call Date 12/1/2006 (4)		2,000,000		2,000,000
Minneapolis, Minnesota, Revenue Bonds, 3.700%, 10/1/2021, Call Date 12/1/2006 (4)		735,000		735,000
				2,735,000
Mississippi - 2.1%
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, 3.580%, 6/1/2031, Call Date 12/1/2006 (4)		8,500,000		8,500,000
Nebraska - 1.1%
Nebraska Investment Finance Authority, Multifamily Mortgage, Revenue Bonds, 3.630%, 9/1/2007, Call Date 12/1/2006 (4)		200,000		200,000
Nebraska Public Power District, Revenue Bonds, 3.560%, 1/1/2041 (4)		4,225,000		4,225,000
				4,425,000
Nevada - 1.0%
Clark County, Nevada School District, Putters (Series 1159), GO UT, 3.530%, 6/15/2013 (4)		3,995,000		3,995,000
New York - 9.8%
Municipal Securities Trust Certificates, Revenue Bonds (Series 5020), 144A, 3.600%, 7/1/2018 (4) (6)		3,000,000		3,000,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 3.730%, 10/1/2035 (4)		27,700,000		27,700,000
Suffolk County, New York Industrial Development Agency, Revenue Bonds, 3.900%, 4/1/2018, Call Date 12/6/2006 (4)		3,785,000		3,785,000
TSASC INC NY, Revenue Bonds, 3.570%, 6/1/2034, Call Date 6/1/2016 (4)		6,000,000		6,000,000
				40,485,000
North Carolina - 0.5%
Alamance County, North Carolina Industrial Facilities & Pollution Control Financing Authority, Revenue Bonds, 3.630%, 12/01/2014 (4)		610,000		610,000
North Carolina Medical Care Community Health Care Facilities, Revenue Bonds, 3.580%, 7/1/2017, Call Date 12/1/2006 (4)		935,000		935,000
Rutherford County, North Carolina Industrial Facilities & Pollution Control Authority, Revenue Bonds, 3.630%, 12/1/2008 (4)		340,000		340,000
				1,885,000

Description	Principal Amount		Value
Ohio - 11.1%
Fairfield, Ohio Waste Water System Improvement, Revenue Notes, 3.850%, 8/30/2007	$	3,000,000	$	3,004,293
Hamilton County, Ohio Hospital Facilities, Revenue Bonds, 3.560%, 7/15/2029, Call Date 1/8/2007 (4)		10,000,000		10,000,000
Lawrence County, Ohio Industrial Development, Revenue Bonds, 3.580%, 11/1/2011 (4)		3,100,000		3,100,000
Montgomery County, Ohio Industrial Development, Refunding Revenue Bonds, 3.580%, 10/1/2009 (4)		4,700,000		4,700,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 3.730%, 2/15/2036 (4)		25,000,000		25,000,000
				45,804,293
Oklahoma - 3.5%
Oklahoma State Industrial Authority, Revenue Bonds, 3.750%, 8/1/2018, Call Date 12/1/2006 (4)		1,835,000		1,835,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 3.650%, 11/1/2030 (4)		8,000,000		8,000,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 3.660%, 11/1/2026 (4)		3,500,000		3,500,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 3.750%, 10/1/2032, Call Date 12/1/2006 (4)		1,005,000		1,005,000
				14,340,000
Oregon - 0.5%
Multnomah County, Oregon Higher Education, Revenue Bonds, 3.700%, 12/1/2029, Call Date 12/1/2006 (4)		2,015,000		2,015,000
Pennsylvania - 11.9%
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds, 3.580%, 7/1/2010 (4)		3,100,000		3,100,000
Bucks County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.580%, 9/1/2019, Call Date 12/1/2006 (4)		2,030,000		2,030,000
Chester County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.530%, 4/1/2017, Call Date 12/1/2006 (4)		1,190,000		1,190,000
Erie County, Pennsylvania Convention Center Authority, Revenue Bonds (Series 1507), 3.520%, 1/15/2013 (4)		3,500,000		3,500,000
Langhorne Manor Borough, Pennsylvania, Higher Education & Health Authority, Revenue Bonds, 3.670%, 10/1/2032, Call Date 12/1/2006 (4)		12,505,000		12,505,000
Montgomery County, Pennsylvania Higher Education & Health Authority, Revenue Bonds, 3.480%, 05/01/2034, Call Date 12/1/2006 (4)		2,300,000		2,300,000
Montgomery County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.490%, 1/1/2023, Call Date 12/1/2006 (4)		2,500,000		2,500,000
Philadelphia, Pennsylvania Authority for Industrial Development, Revenue Bonds, 3.500%, 12/1/2035, Call Date 12/1/2006 (4)		4,700,000		4,700,000
Schuylkill County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.530%, 4/1/2021, Call Date 12/1/2006 (4)		16,925,000		16,925,000
				48,750,000
Puerto Rico - 0.5%
Puerto Rico Industrial Medical & Environmental Pollution Control Facilities, Financing Authority, Revenue Bonds, 3.550%, 3/1/2023, Call Date 3/1/2007		2,000,000		2,000,243
South Carolina - 0.6%
Piedmont Municipal Power Agency, South Carolina Electric, Revenue Bonds, 3.470%, 1/1/2034, Call Date 12/1/2006 (4)		500,000		500,000
Piedmont Municipal Power Agency, South Carolina Electric, Revenue Bonds (Sub-Series B-1), 3.470%, 1/1/2034, Call Date 12/1/2006 (4)		2,100,000		2,100,000
				2,600,000
Tennessee - 1.4%
Memphis, Tennessee Health, Educational & Housing Facility Board, Revenue Bonds, 3.650%, 8/1/2032, Call Date 12/1/2006 (4)		800,000		800,000
Municipal Energy Acquisition Corp., Tennessee, Gas Revenue Bonds (Series 1578), 3.540%, 2/1/2013 (4)		4,090,000		4,090,000
Rutherford County, Tennessee Industrial Development Board, Revenue Bonds, 3.580%, 7/1/2010 (4)		1,000,000		1,000,000
				5,890,000

Description	Principal Amount		Value
Texas - 6.8%
Collin County, Texas Housing Financial Corp. Multifamily, Revenue Bonds, 3.560%, 9/1/2018 (4)	$	14,195,000	$	14,195,000
Comal, Texas Independent School District, GO UT, 3.560%, 8/1/2016 (4)		2,260,000		2,260,000
Sam Rayburn, Texas Municipal Power Agency, Revenue Bonds, 3.530%, 10/01/2021, Call Date 10/1/2012 (4)		1,510,000		1,510,000
San Antonio, Texas Water, Revenue Bonds, 3.490%, 5/15/2033, Call Date 12/1/2006 (4)		945,000		945,000
Texas State Authority Central Texas, Revenue Bonds, 3.540%, 8/15/2029 (4)		5,000,000		5,000,000
Texas State Student Housing Authority, Revenue Bonds, 3.560%, 10/1/2033 (4)		4,220,000		4,220,000
				28,130,000
Vermont - 1.5%
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds (Series A), 3.660%, 10/1/2036, Call Date 12/1/2006 (4)		3,335,000		3,335,000
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, 3.680%, 4/1/2032, Call Date 12/1/2006 (4)		2,800,000		2,800,000
				6,135,000
Virginia - 0.4%
Suffolk, Virginia Redevelopment & Housing Authority Multi-Family Housing, Revenue Bonds, 3.590%, 9/1/2019, Call Date 12/1/2006 (4)		1,505,000		1,505,000
Washington - 2.9%
Clark County, Washington School District Number 037, GO UT, 3.540%, 12/1/2020 (4)		1,195,000		1,195,000
King County, Washington, Putters (Series 1184), GO UT, 3.530%, 1/1/2013 (4)		2,000,000		2,000,000
Washington State Housing Finance Commission, Revenue Bonds, 3.680%, 3/1/2036, Call Date 12/1/2006 (4)		7,200,000		7,200,000
Washington State Putters, GO UT (Series 333), 3.540%, 12/1/2014 (4)		1,730,000		1,730,000
				12,125,000
Wisconsin - 5.7%
Delavan Darien, Wisconsin School District, Revenue Notes, 3.800%, 8/29/2007		1,500,000		1,500,639
Denmark, Wisconsin School District, Revenue Notes, 3.700%, 8/30/2007		3,750,000		3,750,782
Marinette, Wisconsin School District, Tax & Revenue Promissory Notes, 3.650%, 6/29/2007		5,000,000		5,000,540
Middleton-Cross Plains, Wisconsin Area School District, Revenue Notes, 3.700%, 9/20/2007		5,700,000		5,703,055
Seymour, Wisconsin Community School District, Tax & Revenue Notes, 3.700%, 10/2/2007		1,375,000		1,375,774
Verona, Wisconsin Area School District, Revenue Notes, 3.700%, 08/24/2007		2,925,000		2,926,635
Wisconsin Dells, Wisconsin School District, Tax & Revenue Promissory Notes, 3.700%, 10/26/2007		3,000,000		3,000,513
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 3.750%, 5/1/2026, Call Date 12/1/2006 (4)		200,000		200,000
				23,457,938
Wyoming - 0.6%
Sweetwater County, Wyoming, Hospital Revenue Bonds (Series B), 3.520%, 9/1/2037, Call Date 12/1/2006 (4)		2,600,000		2,600,000
Total Municipals				413,041,474
Mutual Funds - 0.1%
Federated Tax-Free Obligations Fund		236,442		236,442
Total Mutual Funds (identified cost $236,442)				236,442
Total Investments - 100.5% (at amortized cost)				413,277,916
Other Assets and Liabilities - (0.5)%				(2,178,827	)
Total Net Assets - 100.0%			$	411,099,089

(See Notes to Schedules of Investments)

Notes to Schedules of Investments

Note: The categories of investments are shown as a percentage of total net assets for each Fund as of November 30, 2006.

(1) Non-income producing.

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

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

(4) Floating rate securities 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, 2006.

(5) Designated as cover for dollar roll transactions.

(6) Denotes a restricted security which is subject to restrictions on resale under federal securities law. At November 30, 2006, these securities amounted to:

	Amount		% of Total Net Assets
Government Income	$	10,139,550	1.62	%
Intermediate Bond		42,610,247	5.84
Short-Term Income		2,773,805	2.14
Prime Money Market		2,224,747,591	50.84
Tax-Free Money Market		3,000,000	1.08

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

(8) Denotes a restricted security which has been deemed liquid by criteria approved by the Funds’ 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 7.55% of Intermediate Tax-Free Fund’s portfolio as calculated based upon total net assets.

(11) Offshore fund.

(12) Securities have redemption features that may delay redemption beyond seven days.

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

The following acronyms are used throughout this report:

ADR	-	American Depository Receipt
AMBAC	-	American Municipal Bond Assurance Corporation
CIFG	-	CDC IXIS Financial Guaranty
FGIC	-	Financial Guaranty Insurance Corporation
FRN	-	Floating Rate Note
GO	-	Government Obligation
HFDC	-	Health Facility Development Corporation
INS	-	Insured
LP	-	Limited Partnership
LOC	-	Letter of Credit
MTN	-	Medium Term Note
PLC	-	Public Limited Company
REITs	-	Real Estate Investment Trusts
REMIC	-	Real Estate Mortgage Investment Conduit
TCRs	-	Transferable Custody Receipts
UT	-	Unlimited Tax

Additional Information Associated with the Schedules of Investments

1. Federal Tax Information

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the discount accretion/premium amortization of debt securities.

The identified cost for tax purposes of investments owned by each Fund and their respective gross unrealized appreciation and depreciation at November 30, 2006 are as follows:

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	$	326,475,477	$	60,226,919	$	(2,147,404	)	$	58,079,515
Large-Cap Growth Fund		231,668,158		38,546,887		(5,580,229	)		32,966,658
Mid-Cap Value Fund		621,298,811		116,878,886		(8,711,807	)		108,167,079
Mid-Cap Growth Fund		207,722,328		31,916,993		(1,371,542	)		30,545,451
Small-Cap Growth Fund		245,256,423		41,328,215		(2,054,038	)		39,274,177
International Stock Fund		483,726,626		81,482,982		(6,075,828	)		75,407,154
Government Income Fund		1,046,917,845		4,202,942		(2,143,321	)		2,059,621
Intermediate Bond Fund		1,109,929,906		5,944,009		(2,034,165	)		3,909,844
Intermediate Tax-Free Fund		81,113,537		1,738,804		(66,894	)		1,671,910
Short-Term Income Fund		146,990,297		168,145		(2,012,348	)		(1,844,203	)
Government Money Market Fund*		216,520,231		—		—			—
Prime Money Market Fund*		4,467,199,833		—		—			—
Tax-Free Money Market Fund*		413,277,916		—		—			—

* at amortized cost

2. Securities Lending

Certain 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, 2006, the value of securities loaned and the payable on collateral due to brokers were as follows:

Fund	Market Value of Securities Loaned		Payable on Collateral Due to Brokers
Large-Cap Value	$	24,372,553	$	25,059,147
Large-Cap Growth		21,476,789		22,081,807
Mid-Cap Value		91,306,814		93,878,999
Mid-Cap Growth		44,682,125		45,940,856
Small-Cap Growth		67,293,528		69,189,240
International Stock		84,047,857		86,415,550
Government Income		108,242,685		111,291,967
Intermediate Bond		301,719,773		310,219,456
Short-Term Income		15,606,220		16,045,859

Cash collateral was jointly pooled and invested in the following securities as of November 30, 2006 (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, 5.330%, 12/8/2006	$	642,487	$	566,153	$	2,406,948	$	1,177,870	$	1,773,930	$	2,215,594	$	2,853,396	$	7,953,665	$	411,397	$	20,001,440
Allstate Life Global Fd II, 5.410%, 12/16/2006		642,441		566,111		2,406,775		1,177,785		1,773,804		2,215,434		2,853,191		7,953,092		411,367		20,000,000
American Express Credit, 5.420%, 12/5/2006		643,195		566,776		2,409,600		1,179,168		1,775,886		2,218,037		2,856,540		7,962,429		411,849		20,023,480
Aust. & N.Z. Banking Group, 5.320%, 12/23/2006		642,763		566,395		2,407,981		1,178,375		1,774,692		2,216,544		2,854,620		7,957,077		411,574		20,010,021
Banco Santander Totta SA, 5.320%, 12/16/2006		481,795		424,551		1,804,946		883,273		1,330,252		1,661,451		2,139,733		5,964,372		308,502		14,998,875
Bank of America Corp., 5.315%, 1/26/2007		642,444		566,114		2,406,787		1,177,791		1,773,812		2,215,445		2,853,205		7,953,132		411,370		20,000,100
Barclays Capital Repo, 5.290%, 12/1/2006		2,890,985		2,547,499		10,830,486		5,300,033		7,982,116		9,969,455		12,839,358		35,788,914		1,851,154		90,000,000
Bayerische Landesbank NY, 5.370%, 12/24/2006		642,441		566,111		2,406,775		1,177,785		1,773,804		2,215,434		2,853,191		7,953,092		411,367		20,000,000
Bear Stearns Co., 5.400%, 12/5/2006		482,168		424,880		1,806,345		883,957		1,331,284		1,662,739		2,141,391		5,968,994		308,742		15,010,500
Bear Stearns Co., 5.380%, 12/28/2006		192,790		169,884		722,249		353,442		532,301		664,830		856,214		2,386,643		123,447		6,001,800
BMW US Capital LLC, 5.320%, 12/15/2006		706,826		622,847		2,647,982		1,295,823		1,951,574		2,437,465		3,139,137		8,750,151		452,595		22,004,400
Canadian Imperial Bank, 5.400%, 12/15/2006		481,831		424,583		1,805,081		883,339		1,330,353		1,661,575		2,139,893		5,964,819		308,526		15,000,000
Comerica Bank, 5.320%, 12/14/2006		642,505		566,167		2,407,013		1,177,902		1,773,979		2,215,654		2,853,473		7,953,879		411,408		20,001,980
DNB NOR Bank ASA, 5.310%, 12/25/2006		642,467		566,134		2,406,873		1,177,833		1,773,876		2,215,527		2,853,308		7,953,418		411,384		20,000,820
GE Capital Corp., 5.445%, 12/17/2006		482,516		425,187		1,807,650		884,596		1,332,246		1,663,940		2,142,938		5,973,307		308,965		15,021,345
Goldman Sachs Group, 5.445%, 12/16/2006		643,181		566,763		2,409,547		1,179,142		1,775,847		2,217,987		2,856,478		7,962,254		411,841		20,023,040
Greenwich Capital Holdings, 5.463%, 12/1/2006		642,441		566,111		2,406,775		1,177,785		1,773,804		2,215,434		2,853,191		7,953,092		411,367		20,000,000
HBOS Treasury Services PLC, 5.370%, 12/1/2006		642,441		566,111		2,406,775		1,177,785		1,773,804		2,215,434		2,853,191		7,953,092		411,367		20,000,000
HSBC Finance Corp., 5.350%, 12/24/2006		481,831		424,583		1,805,081		883,338		1,330,353		1,661,576		2,139,893		5,964,819		308,526		15,000,000
HSH Nordbank NY, 5.350%, 12/23/2006		642,772		566,403		2,408,014		1,178,392		1,774,717		2,216,575		2,854,660		7,957,188		411,579		20,010,300
IBM Corp., 5.310%, 12/8/2006		642,676		566,318		2,407,652		1,178,215		1,774,451		2,216,242		2,854,232		7,955,996		411,518		20,007,300
Irish Life & Permanent, 5.320%, 12/22/2006		642,479		566,144		2,406,916		1,177,855		1,773,908		2,215,565		2,853,359		7,953,562		411,392		20,001,180
JP Morgan Chase Repo, 5.313%, 12/1/2006		1,927,324		1,698,333		7,220,324		3,533,355		5,321,411		6,646,303		8,559,572		23,859,276		1,234,102		60,000,000
Liquid Funding LTD, 5.300%, 12/29/2006		642,390		566,066		2,406,581		1,177,691		1,773,662		2,215,257		2,852,962		7,952,456		411,335		19,998,400
Merrill Lynch & Co., 5.570%, 12/11/2006		643,262		566,834		2,409,848		1,179,289		1,776,069		2,218,263		2,856,834		7,963,248		411,893		20,025,540
Metlife Insurance FA, 5.380%, 12/1/2006		642,441		566,111		2,406,775		1,177,785		1,773,804		2,215,434		2,853,191		7,953,092		411,367		20,000,000
Monumental Life FA, 5.430%, 12/15/2006		481,830		424,583		1,805,081		883,339		1,330,353		1,661,576		2,139,893		5,964,819		308,526		15,000,000
Morgan Stanley CP, 5.373%, 12/1/2006		642,457		566,126		2,406,837		1,177,816		1,773,850		2,215,492		2,853,265		7,953,299		411,378		20,000,520
National Rural Utilities Coop., 5.310%, 12/1/2006		321,222		283,055		1,203,387		588,892		886,902		1,107,717		1,426,595		3,976,546		205,684		10,000,000
Northern Rock PLC, 5.360%, 12/3/2006		642,736		566,371		2,407,882		1,178,327		1,774,620		2,216,453		2,854,503		7,956,751		411,557		20,009,200
Provident Money Market Fund, 5.199%, 12/1/2006		1,026,407		904,459		3,845,232		1,881,712		2,833,953		3,539,533		4,558,457		12,706,417		657,230		31,953,400
Prudential Funding, 5.345%, 12/15/2006		642,441		566,111		2,406,775		1,177,785		1,773,804		2,215,434		2,853,191		7,953,092		411,367		20,000,000
SLM Corp., 5.320%, 12/20/2006		642,369		566,046		2,406,500		1,177,651		1,773,601		2,215,182		2,852,865		7,952,185		411,321		19,997,720
Wachovia Securities LLP, 5.410%, 12/1/2006		481,830		424,583		1,805,081		883,339		1,330,353		1,661,576		2,139,893		5,964,819		308,526		15,000,000
Wells Fargo & Co., 5.370%, 12/2/2006		321,507		283,309		1,204,463		589,419		887,695		1,108,707		1,427,871		3,980,101		205,868		10,008,940
Westlb AG NY FRN, 5.360%, 12/10/2006		481,981		424,716		1,805,644		883,614		1,330,768		1,662,094		2,140,561		5,966,680		308,622		15,004,680
Westpac Bank NY, 5.430%, 12/11/2006		321,475		283,279		1,204,338		589,358		887,602		1,108,592		1,427,722		3,979,688		205,846		10,007,900
	$	25,059,147	$	22,081,807	$	93,878,999	$	45,940,856	$	69,189,240	$	86,415,550	$	111,291,967	$	310,219,456	$	16,045,859	$	780,122,881

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

3. Options Contracts

Certain Funds may write covered call and put options on futures, swaps, securities or currencies a Fund owns or in which it may invest. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked to market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statements of Assets and Liabilities. Payments received or made, if any, from writing options with premiums to be determined on a future date are reflected as such on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security or currency may be sold (call) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds may also purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium which is included in a Fund’s Statement of Assets and Liabilities as an investment and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security or currency transaction to determine the realized gain or loss.

For the quarter ended November 30, 2006, the Large-Cap Value Fund had $77,932 in realized gains on written options.

At November 30, 2006, 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)
Marathon Oil Corp	Call	December 2006	$	95.00	100	$	19,000	$	(8,300	)
Phelps Dodge Corp.	Put	January 2007		105.00	100		17,500		(7,800	)
United States Steel	Call	December 2006		80.00	125		11,875		(2,075	)
Total					325			($	18,175	)

4. Futures Contracts

Certain Funds may purchase futures contracts to manage cash flows, enhance yield, and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from or pays to the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

At November 30, 2006, the following Funds had outstanding futures contracts as set forth below:

Fund	Expiration Date	Contracts	Description	Position	Unrealized Appreciation/ (Depreciation)
Large-Cap Growth Fund	December 2006	65	CME S&P 500	Long	$	(73,198	)
Mid-Cap Growth Fund	December 2006	22	S&P Mid-Cap 400	Long		(71,563	)
Small-Cap Growth Fund	December 2006	61	Russell 2000	Long		(85,177	)
Short-Term Income Fund	March 2007	300	U.S. 5 Year Note	Long		(64,545	)

Item 2. Controls and Procedures

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

b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter ended November 30, 2006 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 Officer
99.2	Certification of Principal Financial Officer

SIGNATURES

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

Marshall Funds, Inc.

/s/ John M. Blaser

By: John M. Blaser

President

January 24, 2007

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

By: John M. Blaser

President

(Principal Executive Officer)

January 24, 2007

/s/ Timothy M. Bonin

By: Timothy M. Bonin

Treasurer

(Principal Financial Officer)

January 24, 2007