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: May 31, 2007

Item 1. Schedule of Investments

Marshall Funds, Inc.

Schedule of Investments

May 31, 2007 (Unaudited)

Marshall Large-Cap Value Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Shares	Value
Common Stocks - 99.1%
Consumer Discretionary - 6.3%
Apparel Retail - 0.5%
TJX Companies, Inc. (1)	65,400	$	1,829,238
Apparel, Accessories & Luxury Goods - 0.3%
VF Corp.	10,900		1,022,202
Broadcasting & Cable TV - 1.8%
CBS Corp.	142,800		4,749,528
DIRECTV Group, Inc. (2)	76,600		1,789,376
			6,538,904
Department Stores - 0.7%
J.C. Penney Co., Inc. (1)	20,900		1,682,032
Nordstrom, Inc.	14,600		758,178
			2,440,210
Housewares & Specialties - 0.7%
Newell Rubbermaid, Inc.	84,100		2,671,016
Movies & Entertainment - 1.8%
News Corp. (1)	111,100		2,454,199
Walt Disney Co.	129,800		4,600,112
			7,054,311
Restaurants - 0.5%
Brinker International, Inc.	53,350		1,705,066
Total Consumer Discretionary			23,260,947
Consumer Staples - 5.2%
Household Products - 1.4%
Procter & Gamble Co.	83,300		5,293,715
Packaged Foods & Meats - 0.6%
General Mills, Inc.	13,300		814,492
Kraft Foods Inc., Class A (1)	44,497		1,505,778
			2,320,270
Soft Drinks - 0.9%
Coca-Cola Co.	62,800		3,327,772
Tobacco - 2.3%
Altria Group, Inc.	64,300		4,571,730
Reynolds American, Inc.	16,200		1,053,648
UST, Inc.	45,600		2,434,584
			8,059,962
Total Consumer Staples			19,001,719
Energy - 14.6%
Integrated Oil & Gas - 11.8%
Chevron Corp.	174,000		14,179,260
ConocoPhillips	165,000		12,775,950
Exxon Mobil Corp.	113,100		9,406,527
Hess Corp.	33,800		2,001,636
Marathon Oil Corp.	43,600		5,398,116
			43,761,489
Oil & Gas-Equipment and Services - 0.5%
BJ Services Co.	62,300		1,827,259
Oil & Gas-Exploration and Production - 1.6%
Apache Corp. (1)	32,000		2,584,000
Devon Energy Corp.	43,500		3,339,930
			5,923,930
Oil & Gas-Refining & Marketing - 0.7%
Valero Energy Corp.	35,500		2,649,010

Description	Shares	Value
Common Stocks (continued)
Energy (continued)
Total Energy		$	54,161,688
Financials - 33.8%
Diversified Banks - 3.7%
U.S. Bancorp	91,500		3,164,070
Wells Fargo & Co.	285,800		10,314,522
			13,478,592
Investment Banking & Brokerage - 9.7%
A.G. Edwards, Inc. (1)	39,200		3,455,872
Goldman Sachs Group, Inc. (1)	21,000		4,847,220
Lehman Brothers Holdings, Inc.	109,800		8,057,124
Merrill Lynch & Co., Inc. (1)	105,500		9,783,015
Morgan Stanley (1)	118,700		10,094,248
			36,237,479
Life & Health Insurance - 1.1%
Lincoln National Corp.	56,700		4,110,750
Multi-line Insurance - 1.3%
HCC Insurance Holdings, Inc. (1)	85,300		2,807,223
Loews Corp.	41,100		2,097,333
			4,904,556
Other Diversified Financial Services - 6.3%
Bank of America Corp.	200,000		10,142,000
Citigroup, Inc.	169,400		9,230,606
JP Morgan Chase & Co.	71,800		3,721,394
			23,094,000
Property & Casualty Insurance - 7.0%
Allstate Corp.	135,000		8,302,500
Chubb Corp.	84,000		4,609,080
Cincinnati Financial Corp.	42,200		1,916,724
Travelers Co., Inc.	167,500		9,073,475
W. R. Berkley Corp.	68,350		2,251,449
			26,153,228
Real Estate Investment Trusts - 2.4%
Archstone-Smith Trust	43,500		2,683,950
Boston Properties, Inc. (1)	13,800		1,596,384
ProLogis (1)	67,900		4,390,414
			8,670,748
Regional Banks - 2.3%
BB&T Corp.	90,300		3,802,533
KeyCorp	28,400		1,011,324
PNC Financial Services Group	48,400		3,571,920
			8,385,777
Total Financials			125,035,130
Healthcare - 8.2%
Biotechnology - 0.6%
Gilead Sciences, Inc. (2)	24,800		2,052,696
Healthcare Technology - 0.5%
IMS Health, Inc.	58,900		1,926,030
Managed Healthcare - 1.0%
UnitedHealth Group, Inc.	31,700		1,736,209
WellPoint, Inc. (1) (2)	22,700		1,848,007
			3,584,216
Pharmaceuticals - 6.1%
Bristol-Myers Squibb Co.	133,200		4,037,292
Eli Lilly & Co. (1)	14,900		873,438
Forest Laboratories, Inc. (2)	33,800		1,713,998
Johnson & Johnson	72,300		4,574,421
Pfizer, Inc.	411,400		11,309,386
			22,508,535
Total Healthcare			30,071,477
Industrials - 8.2%
Aerospace & Defense - 3.0%			.
General Dynamics Corp.	30,500		2,447,320
Honeywell International, Inc.	38,700		2,241,117
Lockheed Martin Corp.	34,400		3,374,640
Northrop Grumman Corp.	38,700		2,926,107

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
		$	10,989,184
Commercial Printing - 0.6%
R. R. Donnelley & Sons Co.	52,800		2,260,896
Construction & Farm Machinery & Heavy Trucks - 1.0%
Cummins, Inc.	16,200		1,526,526
Deere & Co. (1)	18,300		2,204,601
			3,731,127
Electrical Components & Equipment - 0.8%
Emerson Electric Co.	58,000		2,810,100
Environmental & Facilities Services - 0.5%
Republic Services, Inc.	62,200		1,883,416
Industrial Machinery - 1.4%
Eaton Corp.	22,700		2,127,898
Parker Hannifin Corp.	30,400		3,081,344
			5,209,242
Railroads - 0.9%
Burlington Northern Santa Fe Corp.	11,800		1,098,934
Norfolk Southern Corp.	37,900		2,193,652
			3,292,586
Total Industrials			30,176,551
Information Technology - 6.2%
Application Software - 0.6%
AutoDesk, Inc. (2)	46,100		2,095,245
Computer Hardware - 3.1%
Hewlett Packard Co.	218,000		9,964,780
International Business Machines Corp.	12,700		1,353,820
			11,318,600
Data Processing & Outsourced Services - 0.5%
Fiserv, Inc. (2)	31,900		1,890,075
Semiconductor Equipment - 0.8%
Applied Materials, Inc.	93,000		1,776,300
Lam Research Corp. (1) (2)	24,100		1,293,206
			3,069,506
Semiconductors - 0.3%
NVIDIA Corp. (2)	34,500		1,196,115
Systems Software - 0.9%
Microsoft Corp.	106,200		3,257,154
Total Information Technology			22,826,695
Materials - 3.0%
Commodity Chemicals - 0.5%
Lyondell Chemical Co.	45,900		1,706,103
Diversified Chemicals - 0.7%
Dow Chemical Co.	56,200		2,550,356
Diversified Metals & Mining - 0.8%
Freeport-McMoRan Copper & Gold, Inc. (1)	42,201		3,321,219
Metal & Glass Containers - 0.6%
Ball Corp.	37,800		2,092,608
Specialty Chemicals - 0.4%
Rohm and Haas Co.	24,600		1,304,046
Total Materials			10,974,332
Telecommunication Services - 7.0%
Integrated Telecommunication Services - 7.0%
AT&T, Inc.	222,800		9,210,552
Embarg Corp.	24,100		1,548,666
Verizon Communications	286,600		12,475,698
Windstream Corp. (1)	163,500		2,455,770
Total Telecommunication Services			25,690,686
Utilities - 6.6%
Electric Utilities - 4.0%
Duke Energy Corp.	213,500		4,171,790

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Utilities (continued)
Entergy Corp.		34,800	$	3,928,920
FirstEnergy Corp.		65,200		4,513,796
Progress Energy, Inc.		45,000		2,254,050
				14,868,556
Gas Utilities - 0.8%
ONEOK, Inc.		56,900		3,078,290
Independent Power Producers & Energy Traders - 0.4%
TXU Corp.		21,000		1,416,450
Multi-Utilities - 1.4%
CenterPoint Energy, Inc. (1)		135,000		2,555,550
TECO Energy, Inc. (1)		140,000		2,458,400
				5,013,950
Total Utilities				24,377,246
Total Common Stocks (identified cost $283,046,600)				365,576,471
Short-Term Investments - 8.5%
Collateral Pool Investment for Securities on Loan - 7.7%
(See Note 2 of the Schedule of Investments)				28,282,352
Repurchase Agreement - 0.8%
Agreement with Morgan Stanley & Co., Inc., 5.250%, dated 5/31/2007 to be repurchased at $2,997,820 on 6/1/2007, collateralized by a U.S. Government Agency Obligation with a maturity of 6/27/2007, with a market value of $3,058,027 (at amortized cost)	$	2,997,383		2,997,383
Total Short-Term Investments (identified cost $ 31,279,735)				31,279,735
Total Investments - 107.6% (identified cost $ 314,326,335)				396,856,206
Other Assets and Liabilities - (7.6)%				(28,050,844	)
Total Net Assets - 100.0%			$	368,805,362

Marshall Large-Cap Growth Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Shares	Value
Common Stocks - 97.2%
Consumer Discretionary - 9.4%
Apparel Retail - 0.5%
American Eagle Outfitters, Inc.	43,500	$	1,174,500
Apparel, Accessories & Luxury Goods - 1.1%
Coach, Inc. (2)	56,070		2,879,755
Broadcasting & Cable TV - 1.3%
Comcast Corp., Class A (1) (2)	124,575		3,414,602
Casinos & Gaming - 0.5%
International Game Technology	31,900		1,282,061
Computer & Electronics Retail - 1.3%
Best Buy, Inc. (1)	68,320		3,299,173
Department Stores - 1.7%
J.C. Penney Co., Inc.	38,880		3,129,062
Kohl’s Corp. (1) (2)	20,460		1,541,047
			4,670,109
General Merchandise Stores - 0.3%
Target Corp.	11,080		691,724
Home Improvement Retail - 1.0%
Home Depot, Inc.	66,940		2,601,958
Movies & Entertainment - 0.7%
Walt Disney Co.	52,980		1,877,611
Specialty Stores - 1.0%
Office Depot, Inc. (2)	35,000		1,274,000
Staples, Inc.	51,550		1,291,843
			2,565,843
Total Consumer Discretionary			24,457,336
Consumer Staples - 8.2%
Agricultural Products - 0.5%
Archer-Daniels-Midland Co.	34,990		1,226,050
Drug Retail - 1.8%
CVS Caremark Corp.	73,018		2,814,114
Walgreen Co.	41,310		1,864,320
			4,678,434
Food Retail - 0.2%
Whole Foods Market, Inc. (1)	13,350		548,685
Household Products - 2.6%
Colgate-Palmolive Co.	35,500		2,377,080
Procter & Gamble Co.	68,740		4,368,427
			6,745,507

Description	Shares	Value
Common Stocks (continued)
Consumer Staples (continued)
Packaged Foods & Meats - 0.8%
Kellogg Co.	24,960	$	1,347,341
Kraft Foods Inc., Class A	21,660		732,974
			2,080,315
Soft Drinks - 1.9%
PepsiCo, Inc.	72,830		4,976,474
Tobacco - 0.4%
Altria Group, Inc.	15,600		1,109,160
Total Consumer Staples			21,364,625
Energy - 3.9%
Oil & Gas-Drilling - 1.2%
Diamond Offshore Drilling, Inc. (1)	10,000		943,700
ENSCO International, Inc.	4,620		279,833
Noble Corp.	10,000		923,900
Transocean, Inc. (2)	10,000		982,400
			3,129,833
Oil & Gas-Equipment and Services - 1.8%
Baker Hughes, Inc. (1)	23,500		1,938,280
Grant Prideco, Inc. (2)	5,000		283,950
National-Oilwell Varco, Inc. (2)	5,500		519,475
Schlumberger, Ltd.	24,000		1,868,880
			4,610,585
Oil & Gas-Exploration and Production - 0.9%
XTO Energy, Inc.	40,630		2,356,947
Total Energy			10,097,365
Financials - 10.8%
Asset Management & Custody Banks - 0.9%
Bank of New York Co., Inc.	26,600		1,078,896
Franklin Resources, Inc.	10,010		1,358,757
			2,437,653
Investment Banking & Brokerage - 4.6%
Goldman Sachs Group, Inc. (1)	20,500		4,731,811
Lehman Brothers Holdings, Inc.	23,000		1,687,740
Merrill Lynch & Co., Inc.	41,500		3,848,295
Morgan Stanley	19,700		1,675,288
			11,943,134
Multi-line Insurance - 1.1%
American International Group, Inc.	27,500		1,989,350
Hartford Financial Services Group, Inc.	8,400		866,628
			2,855,978

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Other Diversified Financial Services - 1.2%
Bank of America Corp.	13,920	$	705,883
Citigroup, Inc.	25,700		1,400,393
JP Morgan Chase & Co.	18,700		969,221
			3,075,497
Property & Casualty Insurance - 1.1%
Chubb Corp.	13,870		761,047
Philadelphia Consolidated Holding Corp. (2)	30,000		1,236,000
Travelers Co., Inc.	14,500		785,465
			2,782,512
Real Estate Investment Trusts - 0.5%
ProLogis	20,328		1,314,408
Regional Banks - 0.8%
Synovus Financial Corp.	60,000		1,983,600
Specialized Finance - 0.6%
Chicago Mercantile Exchange Holdings, Inc.	3,000		1,593,000
Total Financials			27,985,782
Healthcare - 19.9%
Biotechnology - 7.2%
Amgen, Inc. (2)	26,000		1,464,580
Biogen Idec, Inc. (2)	42,700		2,229,794
Celgene Corp. (1) (2)	39,930		2,445,313
Cephalon, Inc. (1) (2)	24,860		2,063,629
Genzyme Corp. (2)	45,250		2,919,530
Gilead Sciences, Inc. (2)	92,830		7,683,538
			18,806,384
Healthcare Distributors - 1.6%
AmerisourceBergen Corp.	15,920		815,422
Cardinal Health, Inc.	44,500		3,224,470
			4,039,892
Healthcare Equipment - 1.4%
Medtronic, Inc.	70,000		3,721,900
Healthcare Services - 2.3%
Express Scripts, Inc. (1) (2)	13,900		1,419,190
Laboratory Corporation of America Holdings (1) (2)	15,000		1,181,100
Medco Health Solutions, Inc. (2)	42,200		3,281,472
			5,881,762
Life Sciences Tools & Services - 0.8%
Millipore Corp. (2)	7,000		523,390
Thermo Fisher Scientific, Inc. (2)	30,000		1,638,000
			2,161,390
Managed Healthcare - 0.8%
WellPoint, Inc. (1) (2)	26,000		2,116,660

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Pharmaceuticals - 5.8%
Abbott Laboratories	16,980	$	956,823
Allergan, Inc.	26,400		3,287,592
Eli Lilly & Co. (1)	28,700		1,682,394
Johnson & Johnson	110,000		6,959,700
Wyeth	36,900		2,134,296
			15,020,805
Total Healthcare			51,748,793
Industrials - 12.9%
Aerospace & Defense - 5.4%
Boeing Co.	54,030		5,434,878
General Dynamics Corp.	16,350		1,311,924
Lockheed Martin Corp.	57,300		5,621,130
United Technologies Corp.	21,640		1,526,702
			13,894,634
Construction & Engineering - 0.9%
Fluor Corp.	22,300		2,321,430
Construction & Farm Machinery & Heavy Trucks - 0.4%
Oshkosh Truck Corp.	18,800		1,159,772
Electrical Components & Equipment - 1.3%
Emerson Electric Co.	70,800		3,430,260
Human Resource & Employment Services - 0.7%
Robert Half International, Inc.	54,300		1,908,102
Industrial Conglomerates - 2.2%
3M Co.	32,700		2,876,292
General Electric Co.	71,500		2,686,970
			5,563,262
Industrial Machinery - 1.3%
Illinois Tool Works, Inc.	64,820		3,417,310
Railroads - 0.7%
Norfolk Southern Corp.	32,840		1,900,779
Total Industrials			33,595,549
Information Technology - 27.5%
Application Software - 0.9%
AutoDesk, Inc. (2)	22,820		1,037,169
Salesforce.com, Inc. (2)	28,500		1,346,625
			2,383,794
Communications Equipment - 4.5%
Cisco Systems, Inc. (1) (2)	288,100		7,755,652
Harris Corp.	27,300		1,362,816
QUALCOMM, Inc.	59,000		2,534,050
			11,652,518

Description	Shares	Value
Common Stocks (continued)
Information Technology (continued)
Computer Hardware - 5.0%
Apple Computer, Inc. (1) (2)	57,430	$	6,981,191
Hewlett Packard Co.	83,860		3,833,241
International Business Machines Corp.	20,400		2,174,640
			12,989,072
Computer Storage & Peripherals - 1.9%
EMC Corp. (1)	214,500		3,622,905
Seagate Technology	59,000		1,214,810
			4,837,715
Internet Software & Services - 2.7%
Akamai Technologies, Inc. (2)	30,430		1,345,310
Google Inc., Class A (1) (2)	11,640		5,793,810
			7,139,120
Semiconductor Equipment - 1.7%
Applied Materials, Inc.	116,020		2,215,982
Lam Research Corp. (1) (2)	41,880		2,247,281
			4,463,263
Semiconductors - 4.3%
Broadcom Corp., Class A (2)	48,570		1,484,299
Intel Corp.	194,650		4,315,391
NVIDIA Corp. (2)	23,900		828,613
Texas Instruments, Inc. (1)	125,800		4,448,288
			11,076,591
Systems Software - 6.5%
Microsoft Corp.	331,300		10,160,970
Oracle Corp. (1) (2)	268,350		5,200,623
Symantec Corp. (2)	73,060		1,460,469
			16,822,062
Total Information Technology			71,364,135
Materials - 2.3%
Diversified Chemicals - 0.5%
Du Pont (E. I.) de Nemours & Co.	25,380		1,327,882
Diversified Metals & Mining - 1.3%
Freeport-McMoRan Copper & Gold, Inc.	40,940		3,221,978
Industrial Gases - 0.5%
Praxair, Inc.	20,000		1,361,800
Total Materials			5,911,660
Telecommunication Services - 0.8%
Wireless Telecommunication Services - 0.8%
Sprint Nextel Corp.	96,050		2,194,743

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Utilities - 1.5%
Independent Power Producers & Energy Traders - 1.5%
Constellation Energy Group		42,770	$	3,925,003
Total Common Stocks (identified cost $208,403,290)				252,644,991
Short-Term Investments - 19.0%
Collateral Pool Investment for Securities on Loan - 16.0%
(See Note 2 of the Schedule of Investments)				41,504,989
Repurchase Agreement - 3.0%
Agreement with Morgan Stanley & Co., Inc., 5.250%, dated 5/31/2007 to be repurchased at $7,776,570 on 6/1/2007, collateralized by a U.S. Government Agency Obligation with a maturity of 7/20/2007, with a market value of $7,933,271 (at amortized cost)	$	7,775,436		7,775,436
Total Short-Term Investments
(identified cost $49,280,425)				49,280,425
Total Investments - 116.2% (identified cost $257,683,715)				301,925,416
Other Assets and Liabilities - (16.2)%				(42,020,022	)
Total Net Assets - 100.0%			$	259,905,394

Marshall Mid-Cap Value Fund

SCHEDULE OF INVESTMENTS –

As of May 31, 2007

(Unaudited)

Description	Shares	Value
Common Stocks - 93.9%
Consumer Discretionary - 13.7%
Advertising - 2.5%
Harte-Hanks, Inc.	339,200	$	8,907,392
Interpublic Group of Cos., Inc. (1) (2)	629,700		7,398,975
			16,306,367
Apparel Retail - 2.4%
Chico’s FAS, Inc. (1) (2)	257,200		7,006,128
Ross Stores, Inc.	277,000		9,096,680
			16,102,808
Auto Parts & Equipment - 2.2%
Autoliv, Inc. (1)	162,250		9,686,325
Johnson Controls, Inc.	49,400		5,419,180
			15,105,505
Broadcasting & Cable TV - 2.4%
Clear Channel Communications, Inc.	180,700		6,938,880
Liberty Media Corp. Capital (2)	80,900		9,133,610
			16,072,490
Home Furnishings - 1.5%
Mohawk Industries, Inc. (1) (2)	101,200		10,328,472
Homebuilding - 1.0%
Lennar Corp. (1)	146,000		6,664,900
Household Appliances - 0.8%
Snap-On Tools Corp.	103,800		5,612,466
Specialized Consumer Services - 0.9%
H&R Block, Inc.	257,300		6,095,437
Total Consumer Discretionary			92,288,445
Consumer Staples - 7.6%
Food Retail - 1.5%
Kroger Co.	343,100		10,402,792
Hypermarkets & Supercenters - 1.6%
BJ’s Wholesale Club, Inc. (1) (2)	278,000		10,513,960
Packaged Foods & Meats - 3.5%
ConAgra Foods, Inc.	265,500		6,770,250
Del Monte Foods Co.	570,100		6,869,705
Pilgrim’s Pride Corp. (1)	282,000		9,963,060
			23,603,015
Soft Drinks - 1.0%
Coca-Cola Enterprises, Inc.	298,700		6,974,645
Total Consumer Staples			51,494,412
Energy - 6.4%
Integrated Oil & Gas - 3.0%
Hess Corp.	152,700		9,042,894
Murphy Oil Corp.	190,800		11,257,200
			20,300,094
Oil & Gas-Equipment and Services - 0.6%
Grant Prideco, Inc. (2)	63,800		3,623,202
Oil & Gas-Exploration and Production - 2.8%
Newfield Exploration Co. (2)	148,000		7,109,920
Noble Energy, Inc.	188,400		11,923,836
			19,033,756
Total Energy			42,957,052

Description	Shares	Value
Common Stocks - (continued)
Financials - 18.8%
Asset Management & Custody Banks - 2.4%
Affiliated Managers Group, Inc. (1) (2)	31,000	$	4,036,200
Ameriprise Financial, Inc.	48,300		3,035,655
State Street Corp.	144,400		9,858,188
			16,930,043
Investment Banking & Brokerage - 1.0%
Bear Stearns Co., Inc.	46,800		7,018,128
Life & Health Insurance - 2.7%
Protective Life Corp.	232,300		11,621,969
StanCorp Financial Group, Inc.	135,400		6,886,444
			18,508,413
Property & Casualty Insurance - 5.2%
ACE Ltd. (5)	174,400		10,737,808
Ambac Financial Group, Inc.	154,500		13,844,744
XL Capital Ltd.	127,400		10,390,744
			34,973,296
Regional Banks - 2.5%
City National Corp.	66,600		5,157,504
Huntington Bancshares, Inc.	138,100		3,101,726
Zions Bancorp.	104,000		8,367,840
			16,627,070
Reinsurance - 1.8%
PartnerRe Ltd. (5)	155,600		11,950,080
Specialized Finance - 1.7%
CIT Group, Inc. (1) (5)	191,000		11,446,630
Thrifts & Mortgage Finance - 1.5%
MGIC Investment Corp.	152,000		9,880,000
Total Financials			127,333,660
Healthcare - 8.9%
Healthcare Distributors - 1.5%
AmerisourceBergen Corp. (5)	201,200		10,305,464
Healthcare Services - 2.0%
DaVita, Inc. (2)	84,800		4,683,504
Omnicare, Inc.	231,600		8,666,472
			13,349,976
Healthcare Supplies - 1.1%
DENTSPLY International, Inc.	212,600		7,683,364
Healthcare Technology - 1.6%
IMS Health, Inc.	329,400		10,771,380
Life Sciences Tools & Services - 1.5%
Thermo Fisher Scientific, Inc. (1) (2)	184,400		10,068,240
Pharmaceuticals - 1.2%
Biovail Corp. (1)	333,600		8,093,136
Total Healthcare			60,271,560
Industrials - 9.8%
Aerospace & Defense - 1.4%
Alliant Techsystems, Inc. (1) (2)	94,200		9,514,200
Airlines - 1.5%
Continental Airlines, Inc. (2)	84,900		3,410,433
Southwest Airlines Co.	461,700		6,606,927
			10,017,360
Commercial Printing - 0.8%
Donnelley (R.R.) & Sons Co.	118,000		5,052,760

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Environmental & Facilities Services - 1.4%
Republic Services, Inc.	322,300	$	9,759,244
Human Resource & Employment Services - 1.2%
Manpower, Inc.	86,000		7,912,000
Industrial Machinery - 2.5%
Eaton Corp.	73,900		6,927,386
ITT Corp.	152,900		10,290,170
			17,217,556
Trucking - 1.0%
J.B. Hunt Transport Services, Inc. (1)	242,090		7,054,503
Total Industrials			66,527,623
Information Technology - 10.6%
Application Software - 3.2%
Cadence Design Systems, Inc. (1) (2)	446,300		10,135,473
Fair Isaac Corp.	82,400		3,118,840
Synopsys, Inc. (2)	311,900		8,271,588
			21,525,901
Communications Equipment - 0.7%
Juniper Networks, Inc. (2)	195,000		4,759,950
Computer Storage & Peripherals - 1.2%
Electronics for Imaging, Inc. (1) (2)	277,270		7,904,968
Data Processing & Outsourced Services - 1.5%
Fiserv, Inc. (2)	171,200		10,143,600
Electronic Manufacturing Services - 0.4%
Jabil Circuit, Inc.	128,500		2,955,500
Office Electronics - 1.4%
Xerox Corp. (2)	506,400		9,555,768
Semiconductors - 0.5%
Intersil Corp.	120,300		3,621,030
Technology Distributors - 1.7%
Arrow Electronics, Inc. (2)	199,800		8,201,790
Ingram Micro, Inc. (2)	166,100		3,441,592
			11,643,382
Total Information Technology			72,110,099
Materials - 6.0%
Paper Packaging - 2.5%
Packaging Corp. of America	332,600		8,601,036
Sealed Air Corp.	246,000		7,945,800
			16,546,836
Paper Products - 1.3%
MeadWestvaco Corp. (1)	260,440		9,115,400
Specialty Chemicals - 1.4%
Valspar Corp.	332,400		9,603,036
Steel - 0.8%
Nucor Corp.	81,300		5,491,002
Total Materials			40,756,274
Telecommunication Services - 3.5%
Integrated Telecommunication Services - 2.5%
Citizens Communications Co.	435,500		6,902,675
Embarq Corp. (1)	156,100		10,030,986
			16,933,661
Wireless Telecommunication Services - 1.0%
Alltel Corp.	101,880		6,980,818
Total Telecommunication Services			23,914,479

Description	Shares or Principal Amount		Value
Common Stocks - (continued)
Utilities - 8.6%
Electric Utilities - 5.9%
Edison International		204,500	$	11,916,215
Entergy Corp.		80,300		9,065,870
Pepco Holdings, Inc.		181,820		5,429,145
PPL Corp.		295,000		13,558,200
				39,969,430
Multi-Utilities - 2.7%
CMS Energy Corp. (1)		471,900		8,612,175
PG&E Corp.		197,000		9,704,220
				18,316,395
Total Utilities				58,285,825
Total Common Stocks (identified cost $485,463,900)				635,939,429
Short-Term Investments - 18.7%
Collateral Pool Investment for Securities on Loan - 12.9%
(See Note 2 to the Schedule of Investments)				87,465,710
Repurchase Agreement - 5.6%
Agreement with Morgan Stanley & Co., Inc., 5.2500%, dated 5/31/2007, to be repurchased at $37,769,823 on 6/1/2007, collateralized by a U.S. Government Agency Obligation with a maturity of 6/27/2007, with a market value of $38,524,168 (at amortized cost)	$	37,764,315		37,764,315
U.S. Treasury Bill - 0.2%
4.798%, 06/28/2007 (3) (13)		1,400,000		1,395,077
Total Short-Term Investments (identified cost $126,625,102)				126,625,102
Total Investments - 112.6% (identified cost $612,089,002)				762,564,531
Other Assets and Liabilities - (12.6)%				(85,172,028	)
Total Net Assets - 100.0%			$	677,392,503

Marshall Mid-Cap Growth Fund

SCHEDULE OF INVESTMENTS –

As of May 31, 2007

(Unaudited)

Description	Shares		Value
Common Stocks - 98.7%
Consumer Discretionary - 18.7%
Advertising - 2.0%
Focus Media Holding Ltd. (1)	$	48,700	$	2,154,001
National CineMedia, Inc. (1) (2)		84,900		2,423,895
				4,577,896
Apparel Retail - 1.6%
Aeropostale, Inc. (2)		44,200		2,046,460
Chico’s FAS, Inc. (1) (2)		58,500		1,593,540
				3,640,000
Apparel, Accessories & Luxury Goods - 2.5%
Coach, Inc. (2)		46,800		2,403,648
Phillips-Van Heusen Corp.		18,500		1,130,720
Polo Ralph Lauren Co.		21,700		2,116,401
				5,650,769
Broadcasting & Cable TV - 0.7%
Net Servicos de Comunicacao S.A. ADR (1) (2)		88,600		1,484,936
Catalog Retail - 0.9%
Liberty Media Corp. Interactive (2)		88,900		2,154,047
Computer & Electronics Retail - 1.3%
GameStop Corp. (2)		78,500		2,902,930
Department Stores - 1.8%
J.C. Penney Co., Inc. (1)		28,200		2,269,536
Saks, Inc. (2)		85,700		1,717,428
				3,986,964
Education Services - 1.0%
DeVry, Inc.		65,700		2,207,520
Homebuilding - 1.2%
Gafisa S.A. ADR (1) (2)		79,300		2,686,684
Hotels, Resorts & Cruise Lines - 0.9%
Hilton Hotels Corp.		59,500		2,115,225
Leisure Facilities - 1.7%
LIFE TIME FITNESS, Inc. (1) (2)		43,400		2,221,212
Vail Resorts, Inc. (1) (2)		28,200		1,690,590
				3,911,802
Movies & Entertainment - 1.0%
CTC Media, Inc. (2)		87,600		2,239,932
Restaurants - 0.6%
Darden Restaurants, Inc.		31,800		1,449,126

Description	Shares		Value
Common Stocks (continued)
Consumer Discretionary (continued)
Specialty Stores - 1.5%
Cabela’s, Inc. (1) (2)	$	85,900	$	1,979,136
Dick’s Sporting Goods, Inc.		26,500		1,472,605
				3,451,741
Total Consumer Discretionary				42,459,572
Consumer Staples - 4.7%
Drug Retail - 1.8%
Longs Drug Stores Corp.		28,900		1,655,392
Rite Aid Corp. (1) (2)		371,500		2,347,880
				4,003,272
Food Retail - 1.1%
SUPERVALU, Inc.		52,100		2,482,044
Packaged Foods & Meats - 1.8%
Pilgrim’s Pride Corp. (1)		70,200		2,480,166
Tyson Foods, Inc., Class A		80,600		1,796,574
				4,276,740
Total Consumer Staples				10,762,056
Energy - 9.0%
Coal & Consumable Fuels - 1.5%
Cameco Corp.		65,200		3,388,444
Oil & Gas-Drilling - 2.3%
Noble Corp. (1)		24,300		2,245,077
Transocean, Inc.		30,100		2,957,024
				5,202,101
Oil & Gas-Equipment and Services - 0.8%
National-Oilwell Varco, Inc. (1) (2)		19,700		1,860,665
Oil & Gas-Exploration and Production - 4.4%
Chesapeake Energy Corp. (1)		83,800		2,921,268
Denbury Resources, Inc. (2)		65,500		2,375,030
Quicksilver Resources, Inc. (1)		34,300		1,526,007
Ultra Petroleum Corp. (2)		53,100		3,259,278
				10,081,583
Total Energy				20,532,793
Financials - 7.4%
Asset Management & Custody Banks - 2.4%
Affiliated Managers Group, Inc. (1) (2)		21,500		2,799,300
Franklin Resources, Inc.		18,800		2,551,912
				5,351,212
Insurance Brokers - 0.9%
Willis Group Holdings, Ltd.		44,700		2,070,057
Investment Banking & Brokerage - 1.0%
GFI Group, Inc. (1) (2)		31,300		2,331,850

Description	Shares		Value
Common Stocks (continued)
Financials (continued)
Property & Casualty Insurance - 1.5%
Ambac Financial Group, Inc.	$	15,800	$	1,415,838
Assured Guaranty, Ltd.		70,000		2,070,600
				3,486,438
Real Estate Management & Development - 1.0%
CB Richard Ellis Group, Inc., Class A (2)		59,700		2,222,034
Specialized Finance - 0.6%
IntercontinentalExchange, Inc. (1) (2)		8,700		1,260,978
Total Financials				16,722,569
Healthcare - 15.6%
Biotechnology - 3.6%
Alexion Pharmaceuticals, Inc. (1) (2)		41,800		2,030,226
BioMarin Pharmaceutical, Inc. (1) (2)		109,700		1,957,048
Celgene Corp. (1) (2)		34,800		2,131,152
Cephalon, Inc. (1) (2)		23,600		1,959,036
				8,077,462
Healthcare Equipment - 4.5%
Baxter International, Inc.		39,300		2,233,812
C.R. Bard, Inc.		26,200		2,211,542
Gen-Probe, Inc.		31,900		1,725,471
Hospira, Inc. (2)		57,300		2,282,832
Kyphon, Inc. (1) (2)		35,000		1,662,150
				10,115,807
Healthcare Supplies - 1.0%
Inverness Medical Innovations, Inc. (1) (2)		49,400		2,355,886
Healthcare Technology - 0.9%
Cerner Corp. (1) (2)		35,100		1,994,031
Life Sciences Tools & Services - 2.1%
Covance, Inc. (2)		30,500		2,029,775
Thermo Fisher Scientific, Inc. (2)		51,600		2,817,360
				4,847,135
Pharmaceuticals - 3.5%
Schering-Plough Corp.		89,500		2,930,230
Shire PLC ADR (1)		40,700		2,838,825
Teva Pharmaceutical Industries Ltd. (1)		55,600		2,179,520
				7,948,575
Total Healthcare				35,338,896
Industrials - 14.4%
Aerospace & Defense - 4.1%
Empresa Brasileira de Aeronautica S.A. (1)		23,400		1,134,432
Precision Castparts Corp.		29,100		3,479,196
Rockwell Collins, Inc.		31,200		2,204,904

Description	Shares		Value
Common Stocks (continued)
Industrials (continued)
Spirit Aerosystems Holdings Inc., Class A	$	66,000	2,304,060
			9,122,592
Construction & Engineering - 1.7%
Chicago Bridge & Iron Co., N.V.		49,500	1,928,520
Jacobs Engineering Group, Inc. (2)		34,400	1,993,480
			3,922,000
Construction & Farm Machinery & Heavy Trucks - 1.0%
Manitowoc Company, Inc.		30,700	2,326,446
Diversified Commercial & Professional Services - 1.1%
Dun & Bradstreet Corp. (2)		24,000	2,403,120
Electrical Components & Equipment - 1.0%
Roper Industries, Inc.		40,300	2,351,908
Heavy Electrical Equipment - 1.0%
ABB, Ltd. ADR (1)		110,200	2,365,994
Industrial Machinery - 2.2%
Harsco Corp.		52,000	2,769,520
ITT Corp.		33,600	2,261,280
			5,030,800
Trading Companies & Distributors - 2.3%
GATX Corp.		36,900	1,898,505
UAP Holding Corp. (1)		113,700	3,349,602
			5,248,107
Total Industrials			32,770,967
Information Technology - 15.5%
Application Software - 3.0%
Adobe Systems, Inc. (1) (2)		63,100	2,781,448
ANSYS, Inc. (1) (2)		32,900	1,847,664
Synopsys, Inc. (2)		80,800	2,142,816
			6,771,928
Data Processing & Outsourced Services - 3.9%
DST Systems, Inc. (1) (2)		28,500	2,386,305
Fidelity National Information Services, Inc.		42,900	2,313,168
Mastercard, Inc., Class A (1)		14,600	2,183,430
VeriFone Holdings, Inc. (1) (2)		59,400	2,057,022
			8,939,925
Electronic Equipment Manufacturers - 0.8%
Amphenol Corp., Class A		47,700	1,706,706
Home Entertainment Software - 0.8%
Activision, Inc. (1) (2)		87,100	1,723,709

Description	Shares		Value
Common Stocks (continued)
Information Technology (continued)
Internet Software & Services - 3.2%
Akamai Technologies, Inc. (1) (2)	$	24,200	$	1,069,882
Digital River, Inc. (2)		36,500		1,876,830
Equinix, Inc. (1) (2)		29,200		2,551,496
SINA Corp. (2)		45,700		1,823,887
				7,322,095
IT Consulting & Other Services - 1.6%
Cognizant Technology Solutions Corp. (2)		26,500		2,081,840
Gartner, Inc.		58,500		1,612,260
				3,694,100
Semiconductors - 1.4%
Microsemi Corp. (1) (2)		71,500		1,648,075
O.N. Semiconductor Corp. (1) (2)		150,800		1,619,592
				3,267,667
Systems Software - 0.8%
McAfee, Inc.		49,600		1,823,296
Total Information Technology				35,249,426
Materials - 3.5%
Fertilizers & Agricultural Chemicals - 0.9%
Monsanto Co.		35,000		2,156,000
Industrial Gases - 1.8%
Air Products and Chemicals, Inc. (1)		25,000		1,949,750
Praxair, Inc.		30,100		2,049,509
				3,999,259
Precious Metals & Minerals - 0.8%
Stillwater Mining Co. (1)		146,200		1,856,740
Total Materials				8,011,999
Telecommunication Services - 8.3%
Wireless Telecommunication Services - 8.3%
America Movil S.A. de C.V. ADR		47,500		2,876,125
American Tower Corp. (2)		71,800		3,100,324
Crown Castle International Corp. (1) (2)		52,800		1,944,096
Leap Wireless International, Inc. (2)		29,400		2,512,524
Millicom International Cellular, S.A. (1)		35,400		3,011,832
NII Holdings, Inc. (2)		39,100		3,185,477
Vimpel-Communications (1)		21,200		2,179,572
Total Telecommunication Services				18,809,950
Utilities - 1.6%
Gas Utilities - 1.6%
Equitable Resources, Inc.		33,000		1,716,660
Questar Corp.		17,300		1,868,573
Total Utilities				3,585,233

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Total Common Stocks (identified cost $180,258,792)			$	224,243,461
Short-Term Investments - 33.8%
Collateral Pool Investment for Securities on Loan - 32.5%
(See Note 2 of the Schedule of Investments)				73,961,765
Repurchase Agreement - 1.1%
Agreement with Morgan Stanley & Co., Inc., 5.250%, dated 5/31/2007, to be repurchased at $ 2,521,279 on 6/1/2007, collateralized by a U.S. Government Agency Obligation with a maturity of 6/27/2007, with a market value of $2,574,919 (at amortized cost)	$	2,520,911		2,520,911
U.S. Treasury Bill - 0.2%
4.877%, 06/28/07		350,000		348,737
Total Short-Term Investments (identified cost $76,831,413)				76,831,413
Total Investments - 132.5% (identified cost $257,090,205)				301,074,874
Other Assets and Liabilities - (32.5)%				(73,886,770	)
Total Net Assets - 100.0%			$	227,188,104

Marshall Small-Cap Growth Fund

SCHEDULE OF INVESTMENTS –

As of May 31, 2007

(Unaudited)

Description	Shares	Value
Common Stocks - 96.7%
Consumer Discretionary - 16.4%
Advertising - 1.1%
National CineMedia, Inc. (1) (2)	96,270	$	2,748,509
Apparel Retail - 2.1%
Iconix Brand Group, Inc. (1) (2)	124,100		2,761,225
Wet Seal, Inc. (2)	415,700		2,589,811
			5,351,036
Apparel, Accessories & Luxury Goods - 1.0%
Volcom, Inc. (2)	61,900		2,692,650
Broadcasting & Cable TV - 0.7%
Net Servicos de Comunicacao S.A. ADR (1) (2)	102,300		1,714,548
Computer & Electronics Retail - 1.2%
GameStop Corp. (2) (5)	84,900		3,139,602
Education Services - 1.0%
DeVry, Inc. (5)	75,400		2,533,440
Homebuilding - 1.4%
Gafisa S.A. ADR (1) (2)	106,800		3,618,384
Hotels, Resorts & Cruise Lines - 0.9%
Morgans Hotel Group (1) (2)	93,500		2,298,230
Internet Retail - 1.1%
PetMed Express, Inc. (1) (2)	224,700		2,900,877
Leisure Facilities - 1.7%
LIFE TIME FITNESS, Inc. (1) (2)	49,600		2,538,528
Vail Resorts, Inc. (1) (2)	32,000		1,918,400
			4,456,928
Leisure Products - 1.5%
Smith & Wesson Holding Corp. (1) (2)	283,500		3,949,155
Movies & Entertainment - 1.0%
CTC Media, Inc. (2)	101,600		2,597,912
Restaurants - 0.8%
Sonic Corp. (2)	88,900		2,167,382
Specialty Stores - 0.9%
Cabela’s, Inc. (1) (2)	102,000		2,350,080
Total Consumer Discretionary			42,518,733
Consumer Staples - 5.5%
Drug Retail - 1.8%
Longs Drug Stores Corp.	33,100		1,895,968
Rite Aid Corp. (1) (2)	443,000		2,799,760
			4,695,728
Food Distributors - 1.8%
Central European Distribution Corp. (1) (2)	137,200		4,734,772
Packaged Foods & Meats - 1.9%
Pilgrim’s Pride Corp. (1)	82,500		2,914,725
Sanderson Farms, Inc. (1)	45,900		1,973,241
			4,887,966
Total Consumer Staples			14,318,466
Energy - 7.9%
Oil & Gas-Exploration and Production - 7.1%
Arena Resources, Inc. (1) (2)	68,700		3,495,456
BPZ Energy, Inc. (1) (2)	605,616		3,960,729
Contango Oil & Gas Co. (1) (2)	106,200		3,608,676
GMX Resources, Inc. (1) (2)	97,700		3,780,013

Description	Shares	Value
Common Stocks (continued)
Energy (continued)
Parallel Petroleum Corp. (1) (2)	152,500	$	3,516,650
			18,361,524
Oil & Gas-Storage & Transportation - 0.8%
Golar LNG Ltd.	122,300		2,174,494
Total Energy			20,536,018
Financials - 7.1%
Asset Management & Custody Banks - 1.1%
Affiliated Managers Group, Inc. (1) (2)	22,300		2,903,460
Investment Banking & Brokerage - 1.1%
GFI Group, Inc. (1) (2)	38,700		2,883,150
Multi-Sector Holdings - 0.9%
PICO Holdings, Inc. (1) (2)	49,200		2,312,892
Property & Casualty Insurance - 2.6%
Amerisafe, Inc. (2)	140,500		2,597,845
Assured Guaranty Ltd. (5)	93,400		2,762,772
Tower Group, Inc.	48,700		1,541,842
			6,902,459
Thrifts & Mortgage Finance - 1.4%
NexCen Brands, Inc. (2)	276,600		3,534,948
Total Financials			18,536,909
Healthcare - 19.9%
Biotechnology - 3.3%
Alexion Pharmaceuticals, Inc. (1) (2)	47,600		2,311,932
Applera Corp. - Celera Genomics Group (2)	137,200		1,831,620
BioMarin Pharmaceutical, Inc. (1) (2)	123,100		2,196,104
Cepheid, Inc. (1) (2)	188,900		2,210,130
			8,549,786
Healthcare Distributors - 1.7%
MWI Veterinary Supply, Inc. (1) (2)	57,100		2,201,776
Owens & Minor, Inc.	59,800		2,122,900
			4,324,676
Healthcare Equipment - 4.6%
Kyphon, Inc. (1) (2)	39,900		1,894,851
NuVasive, Inc. (1) (2)	98,900		2,567,444
NxStage Medical, Inc. (1) (2)	107,900		1,298,037
Orthofix International N.V. (2)	45,400		2,146,966
Volcano Corp. (2)	87,600		1,774,776
Wright Medical Group, Inc. (2)	103,800		2,528,568
			12,210,642
Healthcare Facilities - 2.7%
Kindred Healthcare, Inc. (2)	62,900		2,012,800
MedCath Corp. (2)	77,900		2,570,700
Sun Healthcare Group, Inc. (2)	172,300		2,463,890
			7,047,390
Healthcare Services - 1.4%
Bio-References Laboratories, Inc. (2)	48,000		1,249,920
HMS Holdings Corp. (1) (2)	114,900		2,356,599
			3,606,519
Healthcare Supplies - 1.9%
Cynosure, Inc. (1) (2) (5)	67,600		2,160,496
Inverness Medical Innovations, Inc. (1) (2)	56,600		2,699,253
			4,859,749
Life Sciences Tools & Services - 2.0%
ICON PLC ADR (2) (5)	57,000		2,644,230
PAREXEL International Corp. (1) (2)	61,900		2,489,618
			5,133,848
Pharmaceuticals - 2.3%
K-V Pharmaceutical Co. (2)	80,600		2,176,200
Medicis Pharmaceutical Corp., Class A (1)	56,200		1,854,600
Obagi Medical Products, Inc. (1) (2)	103,300		1,858,367
			5,889,167
Total Healthcare			51,621,777
Industrials - 12.1%
Aerospace & Defense - 3.8%
AAR Corp. (2)	65,700		2,135,250
BE Aerospace, Inc. (1) (2) (5)	119,500		4,575,655
Moog, Inc., Class A (1) (2)	70,600		3,040,036
			9,750,941

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Building Products - 2.2%
Apogee Enterprises, Inc. (5)	149,300	$	3,675,766
Goodman Global, Inc. (1) (2)	93,700		2,053,904
			5,729,670
Diversified Commercial & Professional Services – 2.5%
Advisory Board Co. (1) (2)	59,700		3,108,579
Teletech Holdings, Inc. (1) (2)	96,500		3,394,870
			6,503,449
Human Resource & Employment Services - 1.0%
Taleo Corp. (2)	134,700		2,640,120
Industrial Machinery - 1.1%
Middleby Corp. (1) (2)	23,900		2,964,317
Trading Companies & Distributors - 1.5%
UAP Holding Corp. (1)	129,300		3,809,178
Total Industrials			31,397,675
Information Technology - 23.3%
Application Software - 4.4%
ANSYS, Inc. (1) (2)	39,300		2,207,088
Kenexa Corp. (2)	60,150		2,346,452
Lawson Software, Inc. (1) (2)	262,300		2,407,914
Magma Design Automation, Inc. (2)	147,900		2,191,878
SPSS, Inc. (2)	51,900		2,284,119
			11,437,451
Communications Equipment - 1.0%
Blue Coat Systems, Inc. (2)	61,300		2,696,587
Data Processing & Outsourced Services - 1.6%
Syntel, Inc.	55,400		1,917,948
VeriFone Holdings, Inc. (1) (2)	62,200		2,153,986
			4,071,934
Electronic Manufacturing Services - 1.9%
Acacia Research Corp. (2)	199,000		2,700,430
OSI Systems, Inc. (1) (2)	80,000		2,141,600
			4,842,030
Home Entertainment Software - 0.9%
THQ, Inc. (2)	67,100		2,288,110
Internet Software & Services - 6.1%
Digital River, Inc. (1) (2)	42,400		2,180,208
Equinix, Inc. (1) (2)	33,000		2,883,540
Greenfield Online, Inc. (1) (2)	123,800		1,956,040
Internap Network Services Corp. (1) (2)	94,300		1,396,583
Perficient, Inc. (1) (2)	109,200		2,293,200
SAVVIS, Inc. (1) (2)	49,500		2,484,405
Sina Corp. (1) (2)	69,600		2,777,736
			15,971,712
Semiconductor Equipment - 1.2%
FEI Co. (1) (2)	85,100		3,157,209
Semiconductors - 3.2%
ANADIGICS, Inc. (1) (2)	150,800		1,898,572
Microsemi Corp. (1) (2)	81,700		1,883,185
ON Semiconductor Corp. (1) (2)	168,100		1,805,394
Silicon Motion Technology Corp. ADR (2)	116,700		2,699,271
			8,286,422
Systems Software - 3.0%
Double-Take Software, Inc. (1) (2)	140,700		2,221,653
FalconStor Software, Inc. (1) (2)	264,900		2,874,165
VASCO Data Security International, Inc. (1) (2)	115,700		2,634,489
			7,730,307
Total Information Technology			60,481,762
Materials - 0.8%
Precious Metals & Minerals - 0.8%
North American Palladium Ltd. (1) (2)	184,200		2,033,568
Telecommunication Services - 3.7%
Alternative Carriers - 1.9%
Aruba Networks, Inc. (1) (2)	147,400		2,852,190
Gilat Satellite Networks Ltd. (1) (2)	201,100		1,976,813
			4,829,003

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Telecommunication Services (continued)
Integrated Telecommunication Services - 0.8%
Cbeyond Communications, Inc. (2) (5)		62,000	$	2,193,560
Wireless Telecommunication Services - 1.0%
SBA Communications Corp. (2)		83,000		2,666,790
Total Telecommunication Services				9,689,353
Total Common Stocks (identified cost $210,957,019)				251,134,261
Short-Term Investments - 45.9%
Collateral Pool Investment for Securities on Loan - 42.9%
(See Note 2 of the Schedule of Investments)				111,449,145
Repurchase Agreement - 2.7%
Agreement with Morgan Stanley & Co., Inc., 5.250%, dated 5/31/2007, to be repurchased at $6,995,095 on 6/1/2007, collateralized by a U.S. Government Agency Obligation with a maturity of 6/27/2007, with a market value of $7,147,115 (at amortized cost)
	$	6,994,075		6,994,075
U.S. Treasury Bill - 0.3%
5.054%, 6/14/2007 (3) (13)		800,000		798,615
Total Short-Term Investments (identified cost $119,241,835)				119,241,835
Total Investments - 142.6% (identified cost $330,198,854)				370,376,096
Other Assets and Liabilities - (42.6)%				(110,637,210	)
Total Net Assets - 100.0%			$	259,738,886

Marshall International Stock Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Shares		Value
Common Stocks - 97.4%
Australia - 3.2%
Caltex Australian Ltd.	$	84,107	$	1,782,907
Centro Properties Group		35,334		277,954
Commonwealth Bank of Australia		66,954		3,071,446
Leighton Holdings Ltd.		64,662		2,382,680
Qantas Airways Ltd.		252,847		1,193,409
QBE Insurance Group Ltd.		170,449		4,406,399
Santos Ltd.		291,655		3,236,166
Tattersall’s Ltd.		321,213		1,266,067
				17,617,028
Austria - 0.3%
Voestalpine AG		24,660		1,790,461
Belgium - 2.0%
Belgacom		5,996		272,776
Colruyt SA		822		191,810
Delhaize Group (1)		10,471		999,773
Dexia		31,737		1,019,338
Fortis (1)		68,686		2,855,792
KBC GROEP NV		39,656		5,471,979
				10,811,468
Canada - 0.5%
Canadian Imperial Bank of Commerce		8,800		844,705
LionOre Mining International Ltd. (2)		37,300		1,002,245
Teck Cominco Ltd. (2)		23,200		980,404
				2,827,354
Denmark - 0.1%
D/S Norden A/S		3,979		240,071
Topdanmark A/S (2)		600		110,878
				350,949
Finland - 0.8%
Nokia Oyj		161,850		4,431,767
Outotec OYJ (2)		2,272		112,807
				4,544,574
France - 11.1%
Accor SA (1)		41,200		3,831,228
Air France - KLM (1)		154,507		7,889,687
Alstom (1)		35,631		5,642,925
Axa (1)		74,000		3,235,052
BNP Paribas SA		91,537		11,107,256
Business Objects SA (2)		7,364		304,195
Cap Gemini SA		29,715		2,264,638
Carrefour SA		59,800		4,357,924
CNP Assurances		1,377		184,486
Credit Agricole SA (1)		50,138		2,069,771
Icade		1,464		127,412
LVMH Moet Hennessy Louis Vuitton SA		34,300		4,048,485
Sanofi-Aventis (1)		40,900		3,943,664
Societe Generale		27,689		5,394,431
Societe Television Francaise 1 (1)		103,700		3,689,267
Vallourec SA (1)		10,500		3,360,410
				61,450,831
Germany - 11.9%
Allianz AG		14,868		3,300,930
Bayer AG		64,000		4,606,302
Beiersdorf AG (1)		2,871		206,327
Commerzbank AG (1)		131,400		6,464,001
Deutsche Lufthansa AG		213,780		6,193,141
GEA Group AG (1)		157,000		5,063,695
Kloeckner & Co. AG		3,322		242,627
MAN AG (1)		81,853		11,877,207
Metro AG		48,828		3,949,258
Salzgitter AG (1)		25,545		4,896,302

Description	Shares		Value
Common Stocks (continued)
Germany (continued)
SAP AG (1)	$	99,000	$	4,738,260
Siemens AG		31,400		4,137,991
Stada Arzneimittel AG (1)		56,600		3,656,352
ThyssenKrupp AG		115,851		6,768,453
				66,100,846
Hong Kong - 2.3%
Cathay Pacific Airways Ltd.		49,000		130,839
Cheung Kong Ltd.		296,000		3,832,464
Hong Kong Exchanges & Clearing Ltd.		24,500		273,444
Hutchison Whampoa Ltd.		533,000		5,143,344
Orient Overseas International Ltd.		10,000		100,148
Sun Hung Kai Properties		283,500		3,289,725
				12,769,964
Indonesia - 0.2%
PT Gundang Garam Tbk		972,834		1,223,344
Italy - 5.2%
Banca Popolare di Milano Scarl (1)		41,285		618,783
Enel SpA (1)		108,225		1,232,983
Eni SpA (1)		96,439		3,414,078
Fiat SpA (1)		177,117		5,085,744
Fondiaria-Sai SpA (2)		11,605		596,966
Intesa Sanpaolo (1)		579,882		4,429,537
Marzotto SpA		3,222		17,250
Mediaset SpA (1)		345,600		3,705,761
Mediobanca SpA (1)		209,491		4,818,749
Saipem SpA (1)		100,900		3,141,625
UniCredito Italiano SpA		184,508		1,733,633
				28,795,109
Japan - 18.7%
AISIN SEIKI Co., Ltd.		8,000		270,173
Alpine Electronics, Inc.		3,800		57,047
Aozora Bank, Ltd.		118,000		434,380
BROTHER INDUSTRIES, Ltd.		43,000		573,804
Canon Inc.		112,050		6,592,261
Capcom, Co., Ltd.		5,600		105,604
Central Japan Railway Co.		462		4,745,275
Chugoku Bank, Ltd.		8,000		110,370
Credit Saison Co., Ltd.		131,320		3,765,873
Daiei, Inc. (1)(2)		62,500		670,707
Daimaru, Inc.		218,000		2,428,989
Diamond Lease Co., Ltd. (1)		4,300		205,990
Don Quijote Co., Ltd. (1)		95,200		1,873,492
East Japan Railway Co.		188		1,452,095
FamilyMart Co., Ltd.		3,400		86,606
Fanuc Ltd.		24,100		2,301,085
Fuji Heavy Industries Ltd.		163,000		783,525
FUJIFILM Holdings Corporation		2,200		91,109
Fujikura Ltd.		111,000		765,234
Furukawa Electric Co., Ltd.		319,000		1,764,067
Haseko Corp. (1)(2)		848,500		2,635,440
Hitachi Construction Machinery Co., Ltd.		17,400		581,906
HOYA CORPORATION		66,700		2,159,392
JFE Holdings, Inc. (1)		35,800		2,176,828
KDDI Corp.		608		5,195,727
Keyence Corp.		11,050		2,360,723
KOMATSU Ltd.		52,000		1,380,115
Komeri Co., Ltd.		89,100		2,379,417
KONICA MINOLTA HOLDINGS, Inc.		165,000		2,243,837
KUBOTA Corp.		173,000		1,448,537
LEOPALACE21 Corp.		34,700		1,169,022
Matsushita Electric Works, Ltd.		21,000		262,975
Mazda Motor Corp.		57,000		315,678
Mitsubishi Chemical Holdings Corp.		145,000		1,268,899
Mitsubishi Electric Corp.		55,000		502,999
Mizuho Financial Group, Inc.		595		4,209,491
NIKON Corp. (1)		92,000		2,328,348
Nippon Electric Glass Co., Ltd.		88,458		1,412,275
NIPPON MINING HOLDINGS Inc.		45,000		395,645
NIPPON OIL Corp.		38,000		322,859
Nippon Yakin Kogyo Co., Ltd.		103,500		1,240,809
Nissan Motor Co., Ltd. (1)		183,000		2,036,007
Nitori Co., Ltd.		43,350		2,026,800
Nomura Holdings, Inc.		80,400		1,644,996

Description	Shares		Value
Common Stocks (continued)
Japan (continued)
NTT Data Corp.	$	120	$	572,884
Pacific Management Corp.		74		149,581
Pacific Metals Co., Ltd.		22,000		413,065
Santen Pharmaceutical Co., Ltd.		3,400		85,768
Seiko Epson Corp.		8,400		242,958
Seven & I Holdings Co., Ltd.		87,040		2,517,509
SFCG Co., Ltd. (1)		7,880		1,495,711
SMC Corp.		18,300		2,303,665
Sojitz Corp.		241,300		1,048,872
SUMCO Corp.		51,200		2,465,341
Sumikin Bussan Corp.		26,000		109,170
Sumitomo Metal Industries, Ltd.		357,000		8,140,305
Sumitomo Mitsui Financial Group, Inc.		385		3,732,950
Suzuki Motor Corp. Ltd.		22,500		628,595
Tokyo Electric Power Company, Inc.		4,300		143,098
TOKYO TEKKO Co., Ltd.		4,000		24,684
TOYOTA BOSHOKU Corp.		37,677		944,247
Toyota Motor Corp.		41,800		2,507,313
Yahoo Japan Corp. (1)		5,040		1,726,935
Yamada Denki Co., Ltd.		30,100		2,834,396
Yamaha Motor Co., Ltd.		16,300		415,201
YAMATO KOGYO Co., Ltd.		4,100		146,886
				103,425,545
Luxembourg - 0.9%
Acergy SA		219,381		4,946,953
Malaysia - 0.3%
Resorts World Berhad		1,461,825		1,385,045
Mexico - 0.5%
America Movil SAB de C.V.		594,800		1,798,329
Grupo Mexico SAB de CV		61,900		367,037
Telefonos de Mexico SA de CV		171,700		345,814
				2,511,180
Netherlands - 5.4%
Aegon NV (1)		197,068		4,041,112
Heineken NV		61,391		3,576,782
Hunter Douglas NV		2,343		226,737
ING Groep NV		227,248		10,124,162
Koninklijke (Royal) Philips Electronics NV (1)		117,000		4,974,767
Koninklijke Ahold NV (2)		217,198		2,709,165
Randstad Holding NV		53,500		4,358,088
				30,010,813
New Zealand - 0.0%
Fletcher Building Ltd.		8,564		81,937
Norway - 2.5%
Aker ASA		1,660		108,857
Aker Kvaerner ASA (1)		184,600		4,529,948
Cermaq ASA (1)		5,051		86,680
Petroleum Geo-Services ASA (2)		199,400		5,008,845
Telenor ASA		208,600		4,055,338
				13,789,668
Russian Federation - 1.3%
Gazprom		54,232		1,979,468
GMK Norilsk Nickel, ADR		3,514		649,212
LUKOIL, ADR		41,294		3,105,309
Mobile TeleSystems		22,200		1,202,796
Surgutneftegaz		3,814		206,337
				7,143,122
Singapore - 0.6%
Chartered Semiconductor Manufacturing Ltd. (2)		975,000		809,631
Neptune Orient Lines Ltd.		59,000		174,369
SembCorp Industries Ltd.		38,000		136,655
Singapore Exchange Ltd.		88,000		428,665
Singapore Telecommunications Ltd.		886,602		2,028,970
				3,578,290
South Korea - 2.8%
CJ Home Shopping		11,036		773,162
Hana Financial Group, Inc.		42,160		2,135,719
Hanwha Chemical Corp.		3,570		75,032
Honam Petrochemical Corp.		696		75,391
Hyundai Motor Co.		20,240		1,433,249
Kookmin Bank, ADR		29,200		2,639,388
KT Corp.		37,850		1,807,238

Description	Shares		Value
Common Stocks (continued)
South Korea (continued)
POSCO	$	2,612	$	1,255,607
Samsung Electronics Co., Ltd.		8,123		4,683,989
SK Corp.		2,072		234,490
SK Telecom Co., Ltd.		701		152,621
Woori Finance Holdings Co., Ltd.		17,880		424,934
				15,690,820
Spain - 0.9%
Banco Bilbao Vizcaya Argentaria, SA		197,265		4,984,774
Sweden - 4.8%
Atlas Copco AB (1)		275,800		4,633,603
Boliden AB		24,750		513,285
Boliden AB - Red Shs (2)		24,750		42,744
Electrolux AB		149,000		3,746,857
JM AB		27,600		1,019,135
SAS AB (2)		4,300		95,702
Scania AB		20,400		501,200
Skandinaviska Enskilda Banken AB, Class A		66,600		2,189,713
Tele2 AB (1)		281,300		4,695,515
Volvo AB		430,020		9,011,315
				26,449,069
Switzerland - 5.2%
Geberit AG		4,350		760,042
Julius Baer Holding Ltd.		69,132		5,260,534
Nestle SA		11,272		4,389,895
Novartis AG-REG		68,084		3,827,224
Roche Holding AG		22,595		4,147,090
Swatch Group AG		4,180		1,197,894
Zurich Financial Services AG		29,850		9,133,155
				28,715,834
Taiwan - 0.8%
Advanced Semiconductor Engineering, Inc. (2)		204,000		234,635
Powerchip Semiconductor Corp.		1,871,000		1,112,797
Taishin Financial Holdings Co., Ltd.		2,561,000		1,259,629
Taiwan Semiconductor Manufacturing Co., Ltd.		863,103		1,781,668
				4,388,729
Thailand - 0.9%
Advanced Info Service Public Company Ltd.		520,621		1,352,848
Bangkok Bank PCL		544,500		1,823,646
PTT Exploration and Production Public Co., Ltd.		602,940		1,810,474
				4,986,968
Turkey - 0.8%
Dogan Sirketler Grubu Holding AS		604,441		1,321,281
Eregli Demir ve Celik Fabrikalari AS		186,250		1,187,477
Koc Holding AS		0		2
Tofas Turk Otomobil Fabrikasi		32,374		154,805
Tupras-Turkiye Petrol Rafinerileri AS		44,668		1,059,488
Turk Hava Yollari Anonim Ortakligi		12,121		77,280
Turkcell Iletisim Hizmetleri		0		3
Turkcell Iletisim Hizmetleri AS		23,800		396,270
Vestel Elektronik Sanayi ve Ticaret AS		23,444		62,636
				4,259,242
United Kingdom - 13.4%
Antofagasta PLC		377,265		4,164,650
Ashtead Group PLC		66,653		212,817
AstraZeneca PLC		150,281		7,992,768
Barclays PLC		247,500		3,538,340
Barratt Developments PLC		28,617		618,210
BHP Billiton PLC		26,323		641,103
British American Tobacco PLC		58,612		1,985,746
British Land Company PLC		50,924		1,459,077
British Sky Broadcasting Group PLC		374,400		4,892,906
BT Group PLC		1,483,305		9,677,719
Capita Group PLC		38,410		563,572
Diageo PLC		222,850		4,752,427
Drax Group PLC		14,385		228,012
easyJet Plc (2)		27,266		306,930
IMI PLC		22,232		265,670
Imperial Tobacco Group PLC		42,626		1,843,378
Kazakhmys PLC		26,964		693,021
Land Securities Group PLC		38,983		1,502,122
Man Group PLC		117,187		1,365,567
Michael Page International PLC		14,497		163,765
National Grid PLC		207,682		3,219,940

Description	Shares or Principal Amount		Value
Common Stocks (continued)
United Kingdom (continued)
Next PLC		29,806	$	1,303,727
Prudential PLC		240,900		3,608,551
Royal Dutch Shell PLC, Class A		374,269		13,934,547
WPP Group PLC		120,087		1,776,248
Xstrata PLC		60,000		3,447,750
				74,158,563
United States - 0.0%
Eurocastle Investment Ltd.		3,933		210,518
Total Common Stocks (identified cost $441,320,926)				538,998,998
Short-Term Investments - 16.1%
Collateral Pool Investment for Securities on Loan - 14.7%
(See Note 2 of the Schedule of Investments)				81,243,815
Repurchase Agreement - 1.4%
Agreement with IBT Corp., 4.500%, dated 5/31/2007, to be repurchased at $7,793,348 on 6/1/2007, collateralized by various U.S. Government Agency Obligations with various maturities to 11/25/2026, with a market value of $8,181,992 (at amortized cost)	$	7,792,374		7,792,374
Total Short-Term Investments (identified cost $89,036,189)				89,036,189
Total Investments - 113.5% (identified cost $530,357,115)				628,035,187
Other Assets and Liabilities - (13.5)%				(74,807,476	)
Total Net Assets - 100.0%			$	553,227,711

Marshall International Stock Fund

Industry Division

May 31, 2007

(Unaudited)

Industry	Market Value			% of Total Net Assets
Advertising	$	1,776,248		0.3	%
Airlines		15,886,987		2.9
Automobiles		14,660,535		2.7
Beverages		8,329,209		1.5
Chemicals		6,025,625		1.1
Commercial Banks		75,263,883		13.6
Commercial Services		5,298,243		1.0
Computers		3,991,573		0.7
Cosmetics		206,327		0.0
Distribution/Wholesale		1,400,669		0.3
Diversified Financial Services		16,709,230		3.0
Diversified Holding Companies		15,685,665		2.8
Diversified Manufacturing		9,066,957		1.6
Electronics		21,638,380		3.9
Engineering & Construction		12,427,021		2.2
Entertainment		1,266,067		0.2
Food & Staple Retailing		16,684,505		3.0
Home Furnishings		4,093,276		0.7
Insurance		38,741,691		7.0
Leisure Time		415,201		0.1
Lodging		5,216,273		0.9
Machinery		36,992,081		6.7
Media		12,287,934		2.2
Metals & Mining		43,902,737		7.9
Office & Business Equipment		6,835,218		1.2
Oil & Gas		44,579,192		8.1
Pharmaceuticals		23,652,866		4.3
REITS		3,171,717		0.6
Real Estate		8,696,577		1.6
Retail		18,092,698		3.3
Semiconductor Equipment & Products		11,088,061		2.0
Software		5,148,059		0.9
Telecommunications		37,986,616		6.9
Textiles		17,250		0.0
Tobacco		5,052,468		0.9
Transportation		6,711,959		1.2
Total Common Stocks		538,998,998		97.4
Investment for Collateral Pool for Securities on Loan		81,243,815		14.7
Repurchase Agreement		7,792,374		1.4
Total Investments		628,035,187		113.5
Other Assets & Liabilities		(74,807,476	)	(13.5	)
Total Net Assets	$	553,227,711		100.0	%

Marshall Government Income Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 1.3%
Federal Home Loan Mortgage Corporation - 0.2%
5.580%, 8/25/2031, (Series T-32-A1) (4) (5)	$	1,061,962	$	1,067,190
Other Financial - 1.1%
Countrywide Asset-Backed Certificates 2007-QH2, Class A1, 5.560%, 4/25/2037 (4) (7)		5,000,000		5,000,000
Green Tree Home Improvement Loan Trust 1998-B, Class HEB1, 7.810%, 11/15/2029 (5)		1,968,686		1,972,399
Structured Asset Securities Corp. Trust 2004-16XS, Class A2, 4.910%, 8/25/2034 (4) (5)		481,764		480,026
				7,452,425
Total Asset-Backed Securities (identified cost $8,516,480)				8,519,615
Collateralized Mortgage Obligations - 21.6%
Federal Home Loan Mortgage Corporation - 4.7%
5.000%, 10/15/2029, (Series 2745-AY) (5)		5,000,000		4,865,560
5.000%, 10/15/2031, REMIC (Series 2543-LN) (5)		3,993,942		3,924,827
5.000%, 5/15/2033, REMIC (Series 2791-BL) (5)		2,392,726		2,317,465
5.000%, 10/15/2034, REMIC (Series 2876-DQ)		517,752		515,076
5.000%, 4/15/2035, REMIC (Series 2963-ED)		1,504,158		1,405,929
5.500%, 10/15/2035, (Series 3058-WC) (5)		3,037,507		3,037,975
5.670%, 6/15/2025, (Series 2993-TF) (4) (5)		9,690,068		9,696,463
6.000%, 6/29/2037, (Series CG-983) (6)		5,000,000		4,989,062
6.500%, 10/15/2016, REMIC (Series 1702-PK) (5)		1,001,659		1,001,842
				31,754,199
Federal National Mortgage Association - 1.5%
4.000%, 10/25/2032, REMIC (Series 2003-28-GA)		462,047		434,718
5.000%, 10/25/2016, REMIC (Series 2003-16-PD) (5)		5,000,000		4,915,335
5.500%, 11/25/2035, (Series 2005-100-DA)		1,870,807		1,857,169
5.570%, 1/25/2031, REMIC (Series 2001-25-FA) (4) (5)		2,502,390		2,507,419
				9,714,641
Other Financial - 15.4%
Banc of America Funding Corp., Class 1A3, (Series 2007-C), 5.763%, 5/20/2036 (4) (5)		7,891,511		7,882,317
Chase Mortgage Financial Corp., Class 11A1, (Series 2007-A1), 5.686%, 3/25/2037 (4) (5)		13,311,729		13,285,692
Countrywide Home Loans, (Series 2003-J1-1A8), 5.750%, 3/25/2033 (5)		1,437,402		1,431,518
Credit Suisse Mortgage Capital Certificate, Class A1, (Series 2006-TF2A), 5.420%, 10/15/2021 (4) (5) (7)		4,967,299		4,972,922
Greenwich Capital Commercial Funding Corp., Class A1, (Series 2006-FL4A), 5.410%, 11/5/2021 (4) (5) (7)		3,890,693		3,895,054
GSR Mortgage Loan Trust, Class 2A8, (Series 2005-5F), 5.500%, 6/25/2035 (5)		6,000,000		5,834,484
JP Morgan Alternative Loan Trust, Class 12A1, (Series 2007-A2), 5.520%, 6/25/2037 (4) (5)		12,000,000		12,000,000
JP Morgan Mortgage Trust, Class 2A1, (Series 2007-A2), 5.723%, 4/25/2037 (4) (5)		11,415,046		11,371,361
JP Morgan Mortgage Trust, Class 4A1, (Series 2007-A2), 6.060%, 4/25/2037 (4) (5)		5,890,990		5,863,897
JP Morgan Mortgage Trust, Class 4A1M, (Series 2007-A2), 5.810%, 4/25/2037 (4) (5)		8,805,058		8,744,233
Master Asset Securitization Trust, REMIC (Series 2004-3-4A5), 5.000%, 3/25/2034 (5)		15,215,000		14,840,636
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033 (5)		1,982,764		1,893,008
Structured Asset Securities Corporation, (Series 2003-21-2A2), 5.250%, 8/25/2033 (5)		3,908,784		3,794,601
Thornburg Mortgage Securities Trust, Class A2B, (Series 2007-1), 5.420%, 3/25/2037 (4) (5)		7,865,282		7,858,605
				103,668,328
Total Collateralized Mortgage Obligations (identified cost $146,579,138)				145,137,168
Corporate Bonds & Notes - 7.3%
Banks - 0.7%
Suntrust Bank, 5.355%, 4/21/2008 (4) (5)		5,000,000		5,004,610
Broker/Dealers - 2.4%
Bear Stearns Co., Inc., 5.546%, 2/1/2012 (4) (5)		6,000,000		5,996,100
Goldman Sachs Group, Inc., (Series MTN), 5.440%, 11/16/2009 (4) (5)		5,000,000		5,006,520
Goldman Sachs Group, Inc., (Series MTNB), 5.440%, 12/22/2008 (4) (5)		5,000,000		5,007,925

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
			$	16,010,545
Financial Services - 2.2%
Countrywide Home Loans, (Series MTN), 5.520%, 2/27/2008 (4) (5)	$	5,000,000		5,001,745
John Deere Capital Corp., (Series MTN), 5.406%, 4/15/2008 (4) (5)		5,000,000		5,003,520
SLM Corp., Note, (Series MTNA), 5.495%, 7/27/2009 (4) (5)		5,000,000		4,923,380
				14,928,645
Insurance - 0.5%
HSB Capital I, Company Guarantee, (Series B), 6.266%, 7/15/2027 (4)		3,000,000		3,015,321
Multimedia - 0.8%
Time Warner, Inc., 5.590%, 11/13/2009 (4) (5)		5,000,000		5,012,425
Real Estate - 0.7%
iStar Financial, Inc., 5.738%, 3/3/2008 (4) (5)		5,000,000		5,009,540
Total Corporate Bonds & Notes (identified cost $48,984,026)				48,981,086
Government Agencies - 4.5%
Federal Home Loan Bank - 1.5%
5.300%, 5/26/2009 (5)		10,000,000		9,994,190
Federal Home Loan Mortgage Corporation - 1.5%
5.125%, 2/27/2008 (5)		10,000,000		9,987,000
Federal National Mortgage Association - 1.5%
5.000%, 2/27/2008 (5)		10,000,000		9,986,287
Total Government Agencies (identified cost $29,969,987)				29,967,477
Mortgage-Backed Securities - 65.6%
Federal Home Loan Mortgage Corporation - 3.0%
5.000%, 8/1/2014 (5)		3,136,922		3,073,330
5.000%, 5/1/2021		3,849,566		3,755,756
5.000%, 10/1/2033		3,381,592		3,228,183
5.500%, 11/1/2018 (5)		4,018,152		4,000,765
5.500%, 10/1/2021		4,526,301		4,493,720
6.500%, 9/1/2016		254,148		260,164
7.000%, 11/1/2009		94,859		95,236
7.500%, 9/1/2013		91,447		95,875
7.500%, 4/1/2024		277,514		290,771
7.500%, 4/1/2027		144,508		151,465
8.000%, 8/1/2030		180,826		191,007
8.500%, 9/1/2024		147,620		158,443
9.000%, 6/1/2019		235,570		251,621
9.500%, 2/1/2025		178,507		193,145
				20,239,481
Federal National Mortgage Association - 60.2%
5.000%, 5/1/2018		2,624,451		2,565,737
5.000%, 5/1/2020		5,147,325		5,018,745
5.000%, 7/1/2035		4,858,956		4,624,987
5.000%, 2/1/2036 (1)		6,344,816		6,039,300
5.000%, 12/1/2036		33,194,649		31,596,260
5.210%, 6/21/2007 (1) (4) (5)		10,000,000		10,000,030
5.500%, 8/1/2021		18,209,702		18,073,494
5.500%, 1/1/2023		2,852,897		2,809,553
5.500%, 10/1/2024		3,303,940		3,251,645
5.500%, 2/1/2033		1,813,089		1,775,668
5.500%, 6/1/2035		5,828,964		5,692,194
5.500%, 8/1/2036		3,790,860		3,701,911
5.500%, 11/1/2036		26,792,764		26,176,852
5.500%, 12/1/2036		19,428,342		18,981,723
5.500%, 6/12/2037 (6)		155,000,000		151,342,930
6.000%, 9/1/2013 (5)		1,052,560		1,065,256
6.000%, 10/1/2016		649,918		657,572
6.000%, 9/1/2021		5,952,419		6,014,967
6.000%, 6/12/2037 (6)		95,000,000		94,896,070
6.500%, 9/1/2016		400,579		410,310
6.500%, 9/1/2016 (5)		801,164		820,625
6.500%, 8/1/2030		4,317,176		4,434,046
6.500%, 12/1/2031		264,057		270,874
7.000%, 12/1/2010 (5)		175,195		175,650

Description	Principal Amount		Value
Mortgage-Backed Securities (continued)
Federal National Mortgage Association (continued)
7.000%, 3/1/2029	$	370,626	$	386,352
7.000%, 7/1/2029 (5)		970,946		1,012,144
7.000%, 2/1/2030 (5)		840,791		876,466
7.500%, 12/1/2009 (5)		383,516		387,865
7.500%, 10/1/2030		164,475		172,091
8.000%, 10/1/2028 (5)		1,331,897		1,410,143
8.000%, 4/1/2030		286,957		302,958
				404,944,418
Government National Mortgage Association - 2.4%
5.000%, 4/15/2034		2,189,234		2,104,342
5.500%, 9/15/2033 (1)		5,413,675		5,329,899
6.000%, 12/20/2033 (1)		6,010,903		6,051,874
6.500%, 9/15/2032		924,508		950,438
7.000%, 6/15/2029		565,148		591,226
7.000%, 8/15/2031		240,368		251,350
8.500%, 6/15/2010		191,237		195,743
9.000%, 11/15/2009 (5)		256,564		259,895
9.000%, 1/15/2010		91,906		93,471
9.500%, 10/15/2024		96,870		105,448
				15,933,686
Total Mortgage-Backed Securities (identified cost $446,472,753)				441,117,585
U.S. Treasury Bonds & Notes - 18.4%
3.625%, 6/30/2007 (5)		20,000,000		19,981,260
4.000%, 8/31/2007 (5)		10,000,000		9,981,260
4.375%, 1/31/2008 (5)		25,000,000		24,917,975
4.375%, 11/15/2008 (1)		20,000,000		19,828,140
4.500%, 5/15/2010		25,000,000		24,753,925
4.500%, 5/15/2017 (1)		25,000,000		24,242,200
Total U.S. Treasury Bonds & Notes (identified cost $123,968,266)				123,704,760
Short-Term Investments - 28.7%
Collateral Pool Investment for Securities on Loan - 10.0% (See Note 2 to the Schedule of Investments)				67,435,337
Repurchase Agreement - 18.7% Agreement with Morgan Stanley & Co., Inc., 5.250%, dated 5/31/2007 to be repurchased at $125,424,263 on 6/1/2007, collateralized by U.S. Government Agency Obligations with various maturities to 4/4/2036, with a market value of $127,935,718 (at amortized cost)		125,405,974		125,405,974
Total Short-Term Investments (identified cost $192,841,311)				192,841,311
Total Investments - 147.4% (identified cost $997,331,961)				990,269,002
Other Assets and Liabilities - (47.4)%				(318,488,570	)
Total Net Assets - 100.0%			$	671,780,432

Marshall Short-Intermediate Bond Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 0.4%
Other Financial - 0.4%
Green Tree Home Improvement Loan Trust 1998-B, Class HEB1, 7.810%, 11/15/2029	$	2,296,800	$	2,301,132
Structured Asset Securities Corp. Trust 2004-16XS, Class A2, 4.910%, 8/25/2034 (4)		481,763		480,026
Total Asset-Backed Securities (identified cost $2,783,798)				2,781,158
Collateralized Mortgage Obligations - 10.5%
Federal Home Loan Mortgage Corporation - 1.9%
5.000%, 10/15/2029, (Series 2745-AY)		605,000		588,733
5.500%, 7/15/2032, (Series 2686-MH)		10,000,000		9,824,940
5.500%, 10/15/2035, (Series 3058-WC)		3,543,758		3,544,304
				13,957,977
Federal National Mortgage Association - 0.2%
5.500%, 11/25/2035, (Series 2005-100-DA)		1,870,807		1,857,169
Other Financial - 8.4%
Banc of America Funding Corp., Class 1A3, (Series 2007-C), 5.763%, 5/20/2036 (4)		8,877,950		8,867,607
Chase Mortgage Financial Corp., Class 11A1, (Series 2007-A1), 5.686%, 3/25/2037 (4) (5)		15,213,323		15,183,566
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3, 4.500%, 6/25/2033		1,664,384		1,646,465
GSR Mortgage Loan Trust, Class 2A8, (Series 2005-5F), 5.500%, 6/25/2035 (5)		4,000,000		3,889,656
JP Morgan Alternative Loan Trust, Class 12A1, (Series 2007-A2), 5.520%, 6/25/2037 (4)		8,000,000		8,000,000
JP Morgan Mortgage Trust, Class 2A1, (Series 2007-A2), 5.732%, 4/25/2037 (4) (5)		7,610,031		7,580,907
JP Morgan Mortgage Trust, Class 4A1, (Series 2007-A2), 6.063%, 4/25/2037 (4)		6,872,822		6,841,214
JP Morgan Mortgage Trust, Class 4A1M, (Series 2007-A2), 5.813%, 4/25/2037 (4)		8,805,058		8,744,233
Prudential Home Mortgage Securities, Class 2B, (Series 1993-H), 6.980%, 9/28/2008 (4) (7)		15,204		15,117
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033		1,982,764		1,893,008
				62,661,773
Total Collateralized Mortgage Obligations (identified cost $79,239,936)				78,476,919
Corporate Bonds & Notes - 32.1%
Automotive & Related - 1.6%
DaimlerChrysler North America Holding Corp., Company Guarantee, 4.050%, 6/4/2008		7,000,000		6,904,443
Ford Motor Credit Co., Sr. Note, 4.950%, 1/15/2008		5,000,000		4,959,065
				11,863,508
Banks - 6.2%
Citicorp, Sub. Note, (Series MTNF), 6.375%, 11/15/2008		7,000,000		7,097,874
HBOS Treasury Services PLC, 5.625%, 7/20/2009 (7)		15,000,000		15,081,675
NationsBank Corp., Sub. Note, 7.800%, 9/15/2016		2,000,000		2,299,350
Suntrust Bank, 5.355%, 4/21/2008 (4) (5)		5,000,000		5,004,610
U.S. Bank NA, Sr. Note, (Series BKNT), 4.400%, 8/15/2008 (5)		10,000,000		9,863,010
UBS Preferred Funding Trust, 8.622%, 10/1/2049 (4)		7,000,000		7,638,050
				46,984,569
Beverages & Foods - 1.1%
General Mills, Inc., Note, 3.875%, 11/30/2007 (5)		5,000,000		4,963,695
Safeway, Inc., 5.698%, 3/27/2009 (4) (5)		3,000,000		3,006,768
				7,970,463
Broker/Dealers - 4.2%
Bear Stearns Co., Inc., 3.250%, 3/25/2009 (1)		10,000,000		9,641,160
Bear Stearns Co., Inc., 5.350%, 2/1/2012		5,000,000		4,959,875
Morgan Stanley, 3.875%, 1/15/2009, 3.875% (1)		10,000,000		9,774,420
Morgan Stanley, Sr. Note, (Series MTNF), 5.484%, 1/18/2008 (4) (5)		7,000,000		7,006,272
				31,381,727
Construction Equipment - 1.1%
CRH America, Inc., 6.000%, 9/30/2016		4,000,000		4,018,004
CRH America, Inc., Note, 6.950%, 3/15/2012		4,000,000		4,198,432
				8,216,436

Description	Principal Amount		Value
Corporate Bonds & Notes - (continued)
Corporate - Other - 0.7%
Core Investment Grade Trust, Pass-Thru Certificate, 4.642%, 11/30/2007 (5)	$	5,303,705	$	5,282,331
Domestic & International Oil - 0.3%
Occidental Petroleum Corp., Note, 4.000%, 11/30/2007		2,500,000		2,484,270
Electrical Equipment - 0.7%
General Electric Co., Note, 5.000%, 2/1/2013		5,000,000		4,894,050
Financial Services - 6.0%
American General Finance Corp., Note, (Series G), 5.375%, 10/1/2012 (1)		2,500,000		2,476,650
General Electric Capital Corp., Note, 5.388%, 3/4/2008 (4) (5)		4,000,000		4,004,052
General Electric Capital Corp., Note, 5.400%, 2/15/2017		8,000,000		7,863,648
General Electric Capital Corp., Note, 6.000%, 6/15/2012		5,000,000		5,115,645
John Deere Capital Corp., Note, (Series MTND), 4.400%, 7/15/2009		6,000,000		5,883,528
National Rural Utilities Cooperative Finance Corp., Collateral Trust, 3.875%, 2/15/2008		4,000,000		3,954,448
Residential Capital Corp., 6.500%, 4/17/2013 (1)		4,000,000		3,958,212
Residential Capital Corp., Unsecured, 6.725%, 6/29/2007 (4) (5)		7,000,000		7,002,422
SLM Corp., Note, (Series MTNA), 5.495%, 7/27/2009 (4) (5)		5,000,000		4,923,380
				45,181,985
Home Builders - 1.1%
Centex Corp., Note, (Series MTN), 5.606%, 8/1/2007 (4) (5)		8,000,000		8,002,520
Insurance - 2.8%
AIG SunAmerica Global Financial, Bond, (Series 144A), 5.850%, 8/1/2008 (5) (7)		7,000,000		7,035,490
GE Global Insurance Holding, Note, 7.500%, 6/15/2010		4,825,000		5,091,244
HSB Capital I, Company Guarantee, (Series B), 6.266%, 7/15/2027 (4)		4,000,000		4,020,428
Prudential Funding Corp., Note, (Series MTN), 6.600%, 5/15/2008 (7)		5,000,000		5,046,985
				21,194,147
Leasing - 0.3%
International Lease Finance Corp., Note, 4.500%, 5/1/2008		2,000,000		1,980,826
Media - 0.8%
Comcast Corp., Company Guarantee, 4.950%, 6/15/2016		6,000,000		5,614,500
Multimedia - 1.3%
Time Warner Cable, Inc., 5.400%, 07/02/2012 (1) (7)		5,000,000		4,946,570
Time Warner, Inc., 5.590%, 11/13/2009 (4) (5)		5,000,000		5,012,425
				9,958,995
Real Estate - 2.1%
ERP Operating LP, 5.750%, 06/15/2017		10,000,000		9,921,100
iStar Financial, Inc., 5.850%, 3/15/2017 (1)		6,000,000		5,879,208
				15,800,308
Short-Term Business Credit - 0.7%
CIT Group, Inc., Sr. Note, 3.650%, 11/23/2007 (5)		5,000,000		4,958,875
Telecommunications - 1.1%
Verizon Communications Inc., 5.500%, 04/01/2017 (1)		5,000,000		4,889,520
Verizon Communications Inc., 6.250%, 04/01/2037 (1)		3,000,000		2,955,798
				7,845,318
Total Corporate Bonds & Notes (identified cost $241,221,792)				239,614,828
Government Agencies - 8.7%
Federal Home Loan Bank - 2.0%
5.300%, 5/26/2009 (1)		10,000,000		9,994,190
5.430%, 11/17/2008 (1)		5,000,000		5,014,025
				15,008,215
Federal Home Loan Mortgage Corporation - 3.4%
5.000%, 7/15/2014 (1)		10,000,000		9,902,850
5.125%, 2/27/2008 (1)		15,000,000		14,980,500
				24,883,350
Federal National Mortgage Association - 3.3%
5.000%, 2/27/2008 (1)		15,000,000		14,978,799
5.125%, 1/2/2014 (1)		10,000,000		9,859,150
				24,837,949
Total Government Agencies (identified cost $64,807,709)				64,729,514
Mortgage-Backed Securities - 25.9%
Federal Home Loan Mortgage Corporation - 1.4%
5.500%, 10/1/2021		2,694,597		2,675,282

Description	Principal Amount		Value
Mortgage-Backed Securities (continued)
5.500%, 10/1/2021	$	4,526,301	$	4,493,720
6.000%, 10/1/2021		2,725,354		2,753,080
7.500%, 2/1/2031		400,735		419,053
7.500%, 6/1/2031		118,638		123,972
				10,465,107
Federal National Mortgage Association - 24.4%
5.000%, 8/1/2020		20,835,309		20,325,406
5.000%, 7/1/2035		2,394,632		2,279,326
5.500%, 11/1/2018		9,178,915		9,130,514
5.500%, 7/1/2020		3,790,302		3,763,676
5.500%, 8/1/2021		19,666,479		19,519,373
5.500%, 12/1/2036		29,142,513		28,472,585
5.500%, 6/12/2037 (6)		20,000,000		19,528,120
6.000%, 9/1/2021		7,977,438		8,061,265
6.000%, 6/12/2037 (6)		70,000,000		69,923,419
6.500%, 10/1/2031		744,968		764,201
7.000%, 12/1/2015		578,438		595,932
				182,363,817
Government National Mortgage Association - 0.1%
7.000%, 3/15/2032		390,175		408,102
Total Mortgage-Backed Securities (identified cost $195,534,391)				193,237,026
U.S. Treasury Bonds & Notes - 10.7%
4.000%, 2/15/2015		25,000,000		23,578,150
4.500%, 2/15/2009 (1)		32,000,000		31,765,024
4.500% 03/31/2009		25,000,000		24,814,475
Total U.S. Treasury Bonds & Notes (identified cost $80,301,632)				80,157,649
Short-Term Investments - 45.1%
Collateral Pool Investment for Securities on Loan - 20.5%
(See Note 2 of the Schedule of Investments)				153,069,632
Repurchase Agreement - 24.6%
Agreement with Morgan Stanley & Co., Inc., 5.250%, dated 5/31/2007, to be repurchased at $182,909,215 on 6/1/2007, collateralized by U.S. Government Agency Obligations with various maturities to 8/08/2007, with a market value of $186,554,393 (at amortized cost)		182,882,544		182,882,544
Total Short-Term Investments (identified cost $335,952,176)				335,952,176
Total Investments - 133.4% (identified cost $999,841,434)				994,949,270
Other Assets and Liabilities - (33.4)%				(249,238,657	)
Total Net Assets - 100.0%			$	745,710,613

Marshall Intermediate Tax-Free Fund

SCHEDULE OF INVESTMENTS –

As of May 31, 2007

(Unaudited)

Description/Credit Ratings (9)	Principal Amount		Value
Municipals - 98.8%
Arizona - 2.5%
Maricopa County, AZ, School District No. 28 Kyrene Elementary, (Series 2001 A), GO UT, 5.000%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.59%), 7/1/2013 NR/Aaa	$	1,385,000	$	1,468,931
Phoenix, AZ, Civic Improvement Corp., Jr. Lien Water System Revenue Refunding Construction Bonds, 5.250%, (FGIC)/(Original Issue Yield: 4.69%), 7/1/2016 AAA/Aaa		500,000		548,345
				2,017,276
Arkansas - 0.3%
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		270,000		272,768
California - 2.6%
State of California, GO UT Refunding Bonds, 5.000%, (Original Issue Yield: 3.72%), 9/1/2012 A+/A1		2,000,000		2,104,180
Colorado - 5.7%
Eagle, Garfield & Routt Counties, CO, School District No. RE 50J, GO UT Refunding Bonds, 4.750%, (FSA State Aid Withholding)/(Original Issue Yield: 3.88%), 12/1/2018 AAA/Aaa		1,000,000		1,060,020
El Paso County, CO, School District No. 49 Falcon, GO UT, (Series 2002), 5.750%, (FGIC State Aid Withholding)/(Original Issue Yield: 4.75%), 12/1/2013 AAA/Aaa; Call Date 12/1/2011		1,875,000		2,022,975
University of Northern Colorado, Auxiliary Facilities System Revenue Refunding & Improvement Bonds (Series 2005), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.88%), 6/1/2017 AAA/Aaa; Call Date 6/1/2015		1,445,000		1,543,997
				4,626,992
Florida - 4.5%
Lee County, FL, Transportation Facilities, Sanibel Bridges & Causeway Project, (Series 2005 B), Revenue Bonds, 5.000%, (CIFG)/(Original Issue Yield: 3.95%), 10/1/2018 AAA/Aaa; Call Date 10/1/2015		1,525,000		1,615,341
State of Florida Board of Education, Lottery Revenue Bonds, (Series 2002 A), 5.000%, (FGIC)/(Original Issue Yield: 5.06%), 7/1/2019 AAA/Aaa; Call Date 7/1/2012		2,000,000		2,092,540
				3,707,881
Georgia - 2.9%
Coweta County, GA, Water & Sewer Authority Revenue Refunding Bonds, 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.79%), 6/1/2017 NR/Aaa		1,200,000		1,296,984
Georgia Municipal Electric Authority, Project One Subordinated Revenue Bonds, (Series 1998 A), 5.250%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.70%), 1/1/2014 AAA/Aaa		1,000,000		1,076,970
				2,373,954
Illinois - 3.6%
Kendall, Kane & Will Counties, IL, Community Unit School District No. 308, GO UT, (Series 2004), 5.250%, (FSA Insurance Corp.)/(Original Issue Yield: 4.38%), 10/1/2016 NR/Aaa; Call Date 10/1/2014		1,125,000		1,217,149
Streamwood Park District, IL, GO Ltd., (Series 2006 B), 4.875%, (Original Issue Yield: 3.87%), 12/1/2008		620,000		627,316

Description/Credit Ratings (9)	Principal Amount		Value
Municipals (continued)
University of Illinois, Auxiliary Facilities System Revenue Refunding Bonds, (Series 2001 A), 5.250%, (AMBAC INS)/(Original Issue Yield: 4.53%), 4/1/2013 AAA/Aaa	$	1,060,000	$	1,132,695
				2,977,160
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		3,000,000
Kentucky - 2.6%
Kentucky State Property & Building Commission Revenue Refunding Bonds, 5.000%, (MBIA)/(Original Issue Yield: 3.95%), 8/1/2018 AAA/Aaa		2,000,000		2,161,620
Louisiana - 2.6%
Louisiana State University Agricultural and Mechanical College Auxiliary Board Revenue Refunding Bonds, (Series 2005 A), 5.000%, (AMBAC INS)/(Original Issue Yield: 3.76%), 7/1/2015 AAA/Aaa		1,000,000		1,069,090
State of Louisiana, GO UT Match Bonds, (Series 2006 B), 5.000%, (CIFG INS)/(Original Issue Yield: 4.38%), 7/15/2017 AAA/Aaa; Call Date 7/15/2016		1,000,000		1,070,170
				2,139,260
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: 4.50%), 5/1/2009 AAA/Aaa		2,000,000		2,045,500
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		2,009,000
				4,054,500
Minnesota - 2.6%
Minneapolis/St. Paul, MN, Metropolitan Airports, Commission Airport Revenue Bonds, (Series 2001 B), (AMT), 5.500%, (FGIC)/(Original Issue Yield: 4.75%), 1/1/2011 AAA/Aaa (10)		2,000,000		2,100,920
Mississippi - 1.3%
Rankin County, MS, School District, GO UT Refunding Bonds, 5.000%, (FSA INS)/(Original Issue Yield: 3.98%), 10/1/2014 AAA/Aaa		1,000,000		1,067,460
Missouri - 1.3%
City of Riverside, MO, Riverside Horizons Infrastructure Project, Industrial Development Revenue Bonds, (Series 2007A), 5.000%, (ACA INS)/(Original Issues Yield: 4.575%), 05/01/2027 A/NR; Call Date 05/01/2017		1,000,000		1,025,890
Nevada - 2.5%
Clark County, NV, School District, GO Ltd., Building & Refunding Bonds, (Series 2001 D), 5.250%, (FGIC)/(Original Issue Yield: 4.48%), 6/15/2014 AAA/Aaa; Call Date 6/15/2011		1,880,000		2,027,486
New Jersey - 1.5%
New Jersey State Transportation Trust Fund Authority Transportation Systems Bonds, (Series 2003 C), 5.000%, (Original Issue Yield: 3.86%), 6/15/2012 AA-/Aaa		1,200,000		1,261,404
New Mexico - 1.3%
New Mexico State Highway Commission, Senior Subordinate Lien Tax Revenue Bonds, (Series 1999), 6.000%, (Original Issue Yield: 5.37%), 6/15/2010 (Prerefunded 6/15/2009), AA+/Aa2; Call Date 6/15/2009		1,000,000		1,043,130

Description/Credit Ratings (9)	Principal Amount		Value
Municipals (continued)
New York - 8.6%
Metropolitan Transit Authority, NY, Transportation Revenue Bonds, (Series 2005 A), 5.500%, (AMBAC INS)/(Original Issue Yield: 3.61%), 11/15/2016 AAA/Aaa	$	1,500,000	$	1,683,015
New York, NY, GO UT, (Series C), 5.500%, (FGIC-TCRS)/(Original Issue Yield: 4.80%), 8/1/2015 AAA/Aaa; Call Date 2/1/2013		2,000,000		2,158,800
Oswego County, NY, GO UT, 6.700%, (Original Issue Yield: 6.80%), 6/15/2010 (Econ Defeased to Maturity), NR/A3		1,100,000		1,191,388
Oswego County, NY, GO UT, 6.700%, (Original Issue Yield: 6.80%), 6/15/2011 (Econ Defeased to Maturity), NR/A3		1,100,000		1,218,514
White Plains, NY, GO UT, Public Improvement Revenue Refunding Bonds, (Series B), 3.500%, (Original Issue Yield: 2.66%), 1/15/2008 Aa1/NR		820,000		818,696
				7,070,413
North Dakota - 5.8%
Fargo, ND, Health System Revenue Bonds, (Meritcare), (Series 2000 A), 5.750%, (FSA Insurance Corp.)/(Original Issue Yield: 5.30%), 6/1/2012 AAA/Aaa; Call Date 6/1/2010		2,940,000		3,113,960
North Dakota State Water Commission, Water Development and Management Program Revenue Bonds, (Series 2000 A), 6.000%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.39%), 8/1/2011 (Prerefunded 8/1/2010) AAA/Aaa; Call Date 8/1/2010		1,545,000		1,645,085
				4,759,045
Ohio - 7.3%
Butler County, OH, Sewer System Refunding Revenue Bonds, (Series 2005), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.87%), 12/1/2017 NR/Aaa		2,450,000		2,653,815
Columbus, OH, GO UT, (Series 2002-1), 5.000%, (Original Issue Yield: 4.05%), 11/15/2015 AAA/Aaa; Call Date 11/15/2012		2,115,000		2,231,262
Olentangy, OH, Local School District, (Series 2004 B), GO UT, Refunding Bonds, 5.500%, (FGIC)/(Original Issue Yield: 4.48%), 12/1/2016 AAA/Aaa; Call Date 6/1/2014		1,000,000		1,096,410
				5,981,487
Pennsylvania - 2.7%
Pennsylvania State Industrial Development Authority Economic Development Revenue Bonds, 5.500%, (AMBAC INS)/(Original Issue Yield: 4.52%), 7/1/2014 AAA/Aaa; Call Date 7/1/2012		2,000,000		2,168,120
Tennessee - 1.6%
Putnam County, TN, GO UT School Refunding Bonds, (Series 2001), 5.250%, (FGIC)/(Original Issue Yield: 4.53%), 4/1/2013 NR/Aaa		1,200,000		1,286,172
Texas - 9.0%
San Antonio, TX, Electricity and Gas System Revenue Refunding Bonds, (Series 2005), 5.000%, (Original Issue Yield: 4.15%), 2/1/2019 AA/Aa1; Call Date 2/1/2015		2,000,000		2,107,740
Tarrant County, TX, HFDC, Texas Health Resource System Revenue Bonds, (Series 1997 A), 5.750%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.05%), 2/15/2009 AAA/Aaa; Call Date 2/15/2008		2,000,000		2,066,860
University of Texas Revenue Financing System Bonds, (Series 2006 E), 5.000%, (Original Issue Yield: 3.89%), 8/15/2019 AAA/Aaa; Call Date 2/15/2017		3,000,000		3,196,709
				7,371,309
Utah - 1.4%
South Valley Sewer District, Utah, Sewer Revenue Bonds, (Series 2005), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.72%), 1/1/2014 NR/Aaa		1,100,000		1,167,562

Description/Credit Ratings (9)	Shares or Principal Amount		Value
Municipals (continued)
Virginia - 5.7%
State of Virginia Public School Authority, School Educational Technology Notes, (Series VII), 5.000%, (Original Issue Yield: 3.65%), 4/15/2012 AA+/Aa1	$	3,000,000	$	3,152,850
Suffolk, VA, Redevelopment & Housing Authority, Multi Family Housing Revenue Refunding Bonds (Windsor at Potomac Vista Limited Partnership Project), 4.850%, (Fannie Mae-Standby Liq Fac)/(Original Issue Yield: 4.85%)/(Mandatory Tender 7/1/2011), 7/1/2031 NR/Aaa		1,500,000		1,545,900
				4,698,750
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		1,032,800
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: 6.95%), 9/1/2030, (Prerefunded 9/1/2010), NR/A2; Call Date 9/1/2010		1,000,000		1,096,280
West Virginia State Hospital Finance Authority, Hospital Revenue Bonds, United Hospital Center, Inc. Project, (Series A), (AMBAC INS), 5.000%, (Original Issue Yield: 4.38%), 6/1/2018 AAA/Aaa; Call Date 6/1/2016		1,345,000		1,422,795
				2,519,075
Wisconsin - 5.8%
Oconomowoc, Wisconsin Area School District Refunding Bonds, (Series 2006 A), GO UT, 4.500%, (Original Issue Yield: 4.17%), 4/1/2019 NR/Aaa; Call Date 4/1/2016		500,000		508,355
Oconomowoc, Wisconsin Area School District Refunding Bonds, (Series 2006 A), GO UT, 4.500%, (Original Issue Yield: 4.21%), 4/1/2020 NR/Aaa; Call Date 4/1/2016		595,000		603,193
Oconomowoc, Wisconsin Area School District Refunding Bonds, (Series 2006 A), GO UT, 4.500%, (Original Issue Yield: 4.25%), 4/1/2021 NR/Aaa; Call Date 4/1/2016		630,000		636,829
Village of Grafton, WI, Bond Anticipation Notes, (Series 2006 B), 4.000%, (Original Issue Yield: 3.75%), 12/1/2010 NR/A1; Call Date 12/1/2009		1,180,000		1,180,826
Wisconsin State, GO UT, (Series C), 6.000%, (Original Issue Yield: 5.75%), 5/1/2014, (Prerefunded 5/1/2010), AA-/Aa3; Call Date 5/1/2010		1,750,000		1,852,428
				4,781,631
Total Municipals (identified cost $80,471,098)				80,798,245
Mutual Funds - 3.8%
Marshall Tax-Free Money Market Fund, Class I		3,091,644		3,091,644
Total Mutual Funds (identified cost $3,091,644)				3,091,644
Total Investments - 102.6% (identified cost $83,562,742)				83,889,889
Other Assets and Liabilities - (2.6)%				(2,088,375	)
Total Net Assets - 100.0%			$	81,801,514

Marshall Short-Term Income Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 13.5%
Other Financial - 13.5%
Capital Auto Receivables Asset Trust 2004-1, Class A4, 2.640%, 11/17/2008 (5)	$	644,566	$	641,800
Capital One Auto Finance Trust 2007-A, Class A3A, 5.250%, 8/15/2011		2,000,000		1,996,808
Caterpillar Financial Asset Trust 2005-A, Class A3, 3.900%, 2/25/2009 (5)		443,343		441,709
Countrywide Asset-Backed Certificates 2007-QH2, Class A1, 5.540%, 4/25/2037 (4) (7) (8)		1,593,000		1,593,000
DaimlerChrysler Auto Trust 2004-B, Class A3, 3.180%, 9/8/2008		46,240		46,238
DaimlerChrysler Auto Trust 2006-C, Class A4, 4.980%, 11/8/2011		2,000,000		1,987,244
GE Capital Credit Card Master Note Trust 2006-1, Class A, 5.080%, 9/15/2012 (5)		1,850,000		1,844,221
Green Tree Home Improvement Loan Trust 1998-B, Class HEB1, 7.810%, 11/15/2029		984,343		986,199
Honda Auto Receivables Owner Trust 2005-2, Class A3, 3.930%, 1/15/2009 (5)		697,957		695,194
Pegasus Aviation Lease Securitization 1999-1A, Class A1, 6.300%, 3/25/2029 (7)		750,654		364,536
Residential Asset Mortgage Products, Inc. 2006-NC3, Class A1, 5.390%, 3/25/2036 (4)		1,399,418		1,400,141
USAA Auto Owner Trust 2006-4, Class A4, 4.980%, 10/15/2012		1,650,000		1,636,533
WFS Financial Owner Trust 2004-1, Class A4, 2.810%, 8/22/2011 (5)		671,003		663,918
World Omni Auto Receivables Trust 2007-A, Class A3, 5.230%, 2/15/2011		1,750,000		1,748,490
Total Asset-Backed Securities (identified cost $16,470,946)				16,046,031
Collateralized Mortgage Obligations - 29.1%
Federal Home Loan Mortgage Corporation - 4.7%
3.150%, Class A3, 5/15/2010 (5)		941,519		930,774
5.250%, Class DW, 1/15/2034		654,541		648,540
5.900%, Class BV, 11/15/2035 (5)		1,577,000		1,585,847
6.000%, Class NA, 3/15/2027		2,426,340		2,442,997
				5,608,158
Federal National Mortgage Association - 0.5%
5.000%, Series 2003-63, Class CU, 7/25/2033		552,005		549,444
Government National Mortgage Association - 2.5%
2.866%, Series 2003-48, Class AB, 2/16/2020		532,813		519,231
3.206%, Series 2003-72, Class A, 4/16/2018 (5)		830,704		814,032
3.313%, Series 2002-83, Class A, 4/16/2017		847,390		834,565
3.590%, Series 2004-78, Class A, 11/16/2017 (5)		802,685		783,202
				2,951,030
Other Financial - 21.4%
Banc of America Funding Corp. 2007-C, Class 1A3, 5.763%, 5/20/2036		1,824,912		1,822,786
Countrywide Alternative Loan Trust 2004-J9, Class 1A2, 4.586%, 10/25/2034 (5)		1,503,547		1,490,385
Countrywide Home Loans 2006-HYB1, Class 2A2A, 5.561%, 3/20/2036 (5)		1,493,513		1,489,486
CS First Boston Mortgage Securities Corp. 2003-11, Class 1A3, 4.500%, 6/25/2033		371,514		367,515
GMAC Mortgage Corporation Loan Trust 2006-AR2, Class 2A2, 5.739%, 5/19/2036		1,289,107		1,288,986
GSR Mortgage Loan Trust 2004-12, Class 3A3, 4.425%, 12/25/2034 (5)		809,818		802,869
GSR Mortgage Loan Trust 2005-AR5, Class 2A2, 5.173%, 10/25/2035		1,365,963		1,353,792
Impac Secured Assets Common Owner Trust 2004-2, Class A3, 4.995%, 8/25/2034		13,562		13,516
JP Morgan Alternative Loan Trust 2006-A5, Class 2A4, 5.850%, 10/25/2036		2,000,000		1,988,438
JP Morgan Chase Commercial Mortgage Securities, Class A1, 3.053%, 1/15/2038		898,132		867,856
JP Morgan Mortgage Trust 2007-A2, Class 3A1, 5.873%, 4/25/2037		1,479,208		1,474,957
LB-UBS Commercial Mortgage Trust 2004-C1, Class A1, 2.964%, 1/15/2029		977,822		951,759
Master Adjustable Rate Mortgages Trust 2004-13, Class 3A4, 3.787%, 11/21/2034		1,900,000		1,867,088
Morgan Stanley Capital, Inc. 2003-IQ6, Class A1, 2.800%, 12/15/2041		425,373		420,255
Residential Funding Mortgage Securities 2006-SA3, Class 2A2, 6.003%, 9/25/2036 (5)		1,671,368		1,671,973
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.065%, 2/15/2041		965,889		940,441
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.291%, 12/15/2035		1,041,839		1,019,225
Washington Mutual 2002-R10, Class A6, 4.820%, 10/25/2032		166,299		165,828
Washington Mutual 2004-AR7, Class A4, 3.942%, 7/25/2034 (5)		3,000,000		2,923,251
Washington Mutual 2005-AR5, Class A2, 4.675%, 5/25/2035 (5)		2,500,000		2,485,903

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
			$	25,406,309
Total Collateralized Mortgage Obligations (identified cost $34,836,141)				34,514,941
Corporate Bonds & Notes - 11.5%
Automotive & Related - 1.9%
Ford Motor Credit Co., Sr. Note, 4.950%, 1/15/2008	$	2,300,000		2,281,170
Banks - 1.3%
Union Planters Bank, Note, 5.125%, 6/15/2007		1,500,000		1,499,889
Corporate - Other - 1.3%
Core Investment Grade Trust, Pass-Thru Certificate, 4.642%, 11/30/2007		1,502,715		1,496,659
Electrical Equipment - 0.8%
CalEnergy Co., Inc., Sr. Note, 7.630%, 10/15/2007		1,000,000		1,006,579
Energy - 1.3%
Marathon Oil Corp., Note, 5.375%, 6/1/2007		1,500,000		1,500,000
Financials - 1.6%
Residential Capital LLC, Note, 6.460%, 5/22/2009 (4)		1,500,000		1,500,353
SLM Corp., Note, 4.000%, 1/15/2009		450,000		435,384
				1,935,737
Insurance - 2.1%
HSB Capital I, Company Guarantee, (Series B), 6.266%, 7/15/2027 (4)		2,430,000		2,442,410
Real Estate - 1.2%
Duke Realty Corp., Note, 3.350%, 1/15/2008		1,500,000		1,478,969
Total Corporate Bonds & Notes (identified cost $13,656,085)				13,641,413
Government Agencies - 19.7%
Federal Home Loan Bank—1.5%
3.875%, 2/15/2008 (5)		1,800,000		1,782,414
Federal Home Loan Mortgage Corporation - 9.5%
4.300%, 5/5/2008 (1) (5)		3,000,000		2,973,261
5.250%, 2/24/2011 (1)		4,500,000		4,482,378
5.250%, 10/6/2011 (1)		3,750,000		3,727,260
				11,182,899
Federal National Mortgage Association - 8.7%
4.000%, 12/14/2007 (5)		3,500,000		3,475,017
4.125%, 6/16/2008 (1) (5)		4,000,000		3,953,520
4.200%, 6/8/2009 (1)		3,000,000		2,946,297
				10,374,834
Total Government Agencies (identified cost $23,503,425)				23,340,147
Mortgage-Backed Securities - 0.7%
Federal Home Loan Mortgage Corporation—0.0%
9.000%, 7/1/2014		20,622		21,197
11.000%, 8/1/2019		33,307		35,337
				56,534
Federal National Mortgage Association - 0.6%
7.000%, 12/1/2015		156,219		160,943
7.500%, 9/1/2015		198,337		204,551
8.000%, 8/1/2007		15		15
8.000%, 5/1/2008		4,910		4,950
9.000%, 7/1/2009		15,624		16,001
9.500%, 12/1/2024		74,715		81,544
9.500%, 1/1/2025		71,581		78,123
9.500%, 1/1/2025		53,317		58,310
10.000%, 7/1/2020		39,738		43,757
11.000%, 12/1/2015		105,423		112,812

Description	Shares or Principal Amount		Value
Mortgage-Backed Securities (continued)
Federal National Mortgage Association (continued)
			$	761,006
Government National Mortgage Association - 0.1%
9.000%, 12/15/2019	$	63,119		67,817
Total Mortgage-Backed Securities (identified cost $874,442)				885,357
Mutual Funds - 9.3%
Eaton Vance Institutional Senior Loan Fund (11)		591,340		5,473,348
Fidelity Advisor Floating Rate High Income Fund		553,421		5,512,073
Total Mutual Funds (identified cost $11,000,466)				10,985,421
Short-Term Investments - 31.0%
Collateral Pool Investment for Securities on Loan - 15.2%
(See Note 2 of the Schedule of Investments)				18,066,472
Federal Home Loan Mortgage Corporation - 0.2%
5.067%, 11/13/2007 (3) (13)	$	200,000		195,356
Repurchase Agreement - 15.6%
Agreement with Morgan Stanley & Co., Inc., 5.250%, dated 5/31/2007, to be repurchased at $18,606,408 on 6/1/2007, collateralized by a U.S. Government Agency Obligation with a maturity of 6/27/2007, with a market value of $ 18,980,686		18,603,695		18,603,695
Total Short-Term Investments (identified cost $36,865,523)				36,865,523
Total Investments - 114.8% (identified cost $137,207,028)				136,278,833
Other Assets and Liabilities - (14.8)%				(17,526,096	)
Total Net Assets - 100.0%			$	118,752,737

Marshall Government Money Market Fund

SCHEDULE OF INVESTMENTS-

As of May 31, 2007

(Unaudited)

Description	Principal Amount		Value
Government Agencies - 9.8%
Federal Home Loan Bank - 0.8%
2.510%, 1/23/2008	$	450,000	$	442,310
3.750%, 8/15/2007		350,000		348,946
4.750%, 8/17/2007		250,000		249,776
4.850%, 2/6/2008		1,395,000		1,391,331
				2,432,363
Federal Home Loan Mortgage Corporation - 8.5%
3.500%, 9/15/2007		290,000		288,585
3.650%, 1/23/2008		450,000		445,510
3.800%, 6/28/2007		250,000		249,689
3.875%, 6/15/2008		4,700,000		4,633,740
5.220%, 6/19/2007 (4)		20,000,000		20,000,000
5.500%, 1/18/2008		1,000,000		1,001,479
				26,619,003
Federal National Mortgage Association - 0.5%
2.500%, 7/16/2007		580,000		577,987
3.550%, 1/17/2008		500,000		494,988
3.800%, 1/18/2008		354,000		350,861
4.750%, 8/3/2007		236,000		235,771
				1,659,607
Total Government Agencies				30,710,973
Repurchase Agreements - 91.8%
Agreement with Barclay’s Capital, Inc., Tri-Party Agency, 5.300%, dated 5/31/2007, to be repurchased at $70,010,306 on 6/1/2007, collateralized by a U.S. Government Agency Mortgage Pool with a maturity of 1/25/2022, with a market value of $71,400,809		70,000,000		70,000,000
Agreement with Cantor Fitzgerald, Inc., 5.360%, dated 5/31/2007, to be repurchased at $50,007,444 on 6/1/2007, collateralized by U.S. Government Agency SBA Pools with various maturities to 3/15/2032, with a market value of $51,000,001		50,000,000		50,000,000
Agreement with Deutsche Bank Alex Brown, Inc., 5.310%, dated 5/31/2007, to be repurchased at $70,010,325 on 6/1/2007, collateralized by a U.S. Government Agency Mortgage Pool with various maturities to 9/1/2036, with a market value of $71,400,000		70,000,000		70,000,000
Agreement with Morgan Stanley & Co., Inc., 5.270%, dated 5/31/2007, to be repurchased at $32,004,884 on 6/1/2007, collateralized by a U.S. Government Agency Mortgage Pool with various maturities to 2/1/2037, with a market value of $33,642,742		32,000,000		32,000,000
Agreement with State Street Bank & Trust Co., Inc., 5.100%, dated 5/31/2007, to be repurchased at $10,573,667 on 6/1/2007, collateralized by a U.S. Government Agency Obligation with a maturity of 11/15/2007, with a market value of $11,912,532		10,572,169		10,572,169
Agreement with Wachovia Capital, LLC, 5.280%, dated 5/31/2007, to be repurchased at $55,008,067 on 6/1/2007, collateralized by a U.S. Government Agency Mortgage Pool with various maturities to 7/15/2036, with a market value of $56,100,930		55,000,000		55,000,000
Total Repurchase Agreements				287,572,169
Total Investments - 101.6% (at amortized cost)				318,283,142
Other Assets and Liabilities - (1.6)%				(4,980,083	)
Total Net Assets - 100.0%			$	313,303,059

Marshall Prime Money Market Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Principal Amount		Value
Collateralized Loan Agreements - 6.0%
Brokerage - 6.0%
Deutsche Bank Alex Brown, Inc., 5.363%, 6/01/07	$	100,000,000	$	100,000,000
Morgan Stanley & Co. Inc., 5.373%, 6/01/07		100,000,000		100,000,000
Wachovia Securities, Inc., 5.380%, 6/01/07		100,000,000		100,000,000
Total Collateralized Loan Agreements				300,000,000
Commercial Paper - 25.9%
Asset-Backed Securities - 16.9%
Beta Finance, Inc., 5.345%, 1/25/2008 (4) (7) (8)		25,000,000		25,004,038
Beta Finance, Inc., 5.351%, 7/16/2007 (4) (7) (8)		50,000,000		50,000,503
Beta Finance, Inc., 5.355%, 11/19/2007 (4) (7) (8)		23,000,000		23,002,750
Concord Minutemen Capital Co., 5.265%, 6/6/2007 (7) (8) (13)		100,000,000		99,926,875
CRC Funding LLC, 5.250%, 6/28/2007 (7) (8) (13)		50,000,000		49,803,125
CRC Funding LLC, 5.250%, 6/29/2007 (7) (8) (13)		41,524,000		41,354,444
Crown Point Capital Co., 5.270%, 6/21/2007 (7) (8) (13)		50,000,000		49,853,611
Dorada Finance, Inc., 5.110%, 6/5/2007 (7) (8) (13)		16,000,000		15,990,915
Fairway Finance, 5.260%, 6/22/2007 (7) (8) (13)		89,835,000		89,559,356
Jupiter Security Corp., 5.260%, 6/11/2007 (7) (8) (13)		30,000,000		29,956,167
Jupiter Security Corp., 5.270%, 6/14/2007 (7) (8) (13)		70,000,000		69,866,786
Lexington Parker Cap. Co. LLC, 5.265%, 6/20/2007 (7) (8) (13)		100,490,000		100,210,764
Liquid Funding Ltd., (Series MTN), 5.320%, 6/22/2007 (4) (7) (8)		50,000,000		50,000,000
Liquid Funding Ltd., (Series MTN), 5.330%, 10/23/2007 (4) (7) (8)		50,000,000		49,997,017
World Omni Vehicle Leasing, Inc., 5.290%, 6/18/2007 (7) (8) (13)		100,000,000		99,750,194
				844,276,545
Banks - 3.0%
Rabobank U.S. Financial Corp., 5.300%, 6/1/2007 (13)		50,000,000		50,000,000
Societe Generale, Inc., 5.300%, 6/1/2007 (13)		100,000,000		100,000,000
				150,000,000
Diversified - 2.0%
Liberty Light U.S. Capital, (Series MTN), 5.346%, 1/7/2008 (4) (7) (8)		50,000,000		49,994,051
Sigma Financial, Inc., 5.345%, 1/25/2008 (4) (7) (8)		50,000,000		50,006,382
				100,000,433
Foreign Banks - 2.0%
Britannia Building Society, 5.265%, 6/11/2007 (13)		100,000,000		99,853,750
Mortgage Banking - 2.0%
Countrywide Financial Corp., 5.295%, 6/14/2007 (13)		79,750,000		79,597,512
Countrywide Financial Corp., 5.300%, 6/4/2007 (13)		20,250,000		20,241,056
				99,838,568
Total Commercial Paper				1,293,969,296
Corporate Bonds & Notes - 6.6%
Foreign Banks - 0.9%
HBOS Treasury Services, PLC, 3.625%, 7/23/2007 (7) (8)		20,000,000		19,949,320
HBOS Treasury Services, PLC, (Series YCD), 5.350%, 1/24/2008		25,000,000		24,994,554
				44,943,874
Leasing - 0.8%
International Lease Finance Corp., 5.625%, 6/1/2007		40,000,000		40,000,000
Office Machines - 1.8%
3M Co., 5.656%, 12/12/2007 (7) (8)		90,000,000		90,182,685
Retail - 0.7%
Wal-Mart Stores, 5.877%, 6/1/2007		35,000,000		35,000,000
Telecommunications - 2.0%
Bellsouth Corp., 4.240%, 4/26/2008 (7) (8)		100,000,000		99,003,196

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Utilities - 0.4%
National Rural Utilities, (Series MTNC), 3.240%, 7/23/2007	$	22,285,000	$	22,219,653
Total Corporate Bonds & Notes				331,349,408
Notes-Variable - 55.5%
Banks - 10.2%
Bayerische Landesbank, (Series MTN), 5.376%, 6/25/2007 (4)		62,500,000		62,502,708
Comerica Bank, (Series CD), 5.326%, 10/15/2007 (4)		93,000,000		92,997,244
Credit Suisse New York, (Series YCD1), 5.335%, 7/19/2007 (4)		85,000,000		85,000,000
First Tennessee Bank, 5.330%, 6/16/2008 (4) (7) (8)		45,000,000		45,000,000
HSBC Finance Corp., (Series MTN), 5.390%, 10/4/2007 (4)		22,000,000		22,005,643
National City Bank, (Series BKNT), 5.350%, 2/13/2008 (4)		25,000,000		25,005,948
Suntrust Bank, (Series BKNT), 5.429%, 4/2/2008 (4)		50,000,000		50,048,826
Washington Mutual, Inc., (Series CD), 5.350%, 6/26/2007 (4)		50,000,000		50,000,000
Washington Mutual, Inc., (Series CD1), 5.336%, 8/24/2007 (4)		50,000,000		50,000,000
Westpac Bank NY, (Series MTN), 5.400%, 7/11/2008 (4)		25,000,000		25,000,000
				507,560,369
Broker/Dealers - 10.6%
Bank of America Securities, LLC, 5.330%, 8/31/2007 (4) (7) (8)		100,000,000		100,000,000
Bear Stearns Master Note, 5.370%, 8/27/2007 (4) (7) (8)		100,000,000		100,000,000
Goldman Sachs Group, Inc., 5.474%, 7/2/2007 (4)		25,000,000		25,003,206
Goldman Sachs Group, Inc. (Series MTN), 5.475%, 10/5/2007 (4)		52,700,000		52,727,491
Lehman Brothers, Inc., (Series MTN), 5.350%, 6/27/2008 (4)		100,000,000		100,000,000
Merrill Lynch & Co., Inc., (Series MTN1), 5.318%, 7/27/2007 (4)		40,000,000		40,000,000
Merrill Lynch & Co., Inc., (Series MTN1), 5.400%, 6/3/2008 (4)		7,000,000		7,000,097
Merrill Lynch & Co., Inc., (Series MTNB), 5.390%, 2/14/2008 (4)		25,000,000		25,011,220
Merrill Lynch & Co., Inc., (Series MTNC), 5.485%, 10/19/2007 (4)		17,000,000		17,009,897
Wachovia Securities Financial Holdings LLC, 5.400%, 2/4/2008 (4) (7) (8)		65,000,000		65,000,000
				531,751,911
Construction Equipment - 2.0%
Caterpillar Financial Services Corp., (Series MTN), 5.357%, 4/17/2008 (4)		20,000,000		20,004,991
Caterpillar Financial Services Corp., (Series MTNF), 5.365%, 7/27/2007 (4)		79,900,000		79,903,557
				99,908,548
Financial Services - 2.0%
GE Capital Corp., (Series MTN), 5.445%, 9/17/2007 (4)		40,000,000		40,000,000
GE Capital Corp., (Series MTNA), 5.406%, 1/15/2008 (4)		55,000,000		55,030,063
GE Capital Corp., (Series MTNA), 5.410%, 6/22/2007 (4)		4,500,000		4,500,252
				99,530,315
Foreign Banks - 15.4%
Australia & New Zealand Banking Group, 5.318%, 4/4/2008 (4) (7) (8)		100,000,000		100,000,000
BNP Paribas, 5.350%, 5/19/2008 (4) (7) (8)		100,000,000		100,000,000
Credit Agricole, 5.320%, 4/15/2008 (4) (7) (8)		25,000,000		25,000,000
Credit Agricole, 5.325%, 5/23/2008 (4) (7) (8)		75,000,000		75,000,000
Dekabank, 5.400%, 5/19/2008 (4)		100,000,000		100,000,000
Depfa-Bank PLC, (Series EXL), 5.395%, 1/15/2008 (4) (7) (8)		50,000,000		50,000,000
HBOS Treasury Services, PLC, (Series MTN), 5.430%, 11/20/2007 (4) (7) (8)		30,000,000		30,000,000
HSBC Finance Corp., (Series MTN), 5.400%, 6/1/2007 (4)		27,800,000		27,800,000
Natexis Banques Populaires U.S. Finance Co., 5.347%, 6/9/2008 (4) (7) (8)		100,000,000		100,000,000
Northern Rock PLC, (Series MTN), 5.430%, 7/9/2008 (4) (7) (8)		68,000,000		68,016,481
Westlb AG NY, 5.380%, 7/9/2008 (4) (7) (8)		100,000,000		100,000,000
				775,816,481
Insurance - 10.8%
Allstate Life Global Fund, (Series EXL), 5.410%, 6/13/2008 (4) (7) (8)		50,000,000		50,062,577
Genworth Life Insurance Co., 5.408%, 4/21/2008 (4) (7) (12)		75,000,000		75,000,000
Jackson National Life Insurance Co., 5.340%, 6/24/2008 (4) (7) (8)		100,000,000		99,990,025
Jackson National Life Insurance Co., 5.435%, 1/24/2008 (4) (7) (8)		38,250,000		38,276,595
Metropolitan Life Insurance Co., 5.396%, 2/1/2008 (4) (7) (12)		50,000,000		50,000,000
Metropolitan Life Insurance Co., 5.400%, 6/1/2007 (4) (7) (12)		65,000,000		65,000,000
Monumental Global Funding, 5.330%, 3/20/2008 (4) (7) (8)		83,000,000		83,000,000
Pacific Life Global Funding, (Series MTN), 5.337%, 5/9/2008 (4) (7) (8)		75,000,000		75,000,000
Principal Life Insurance Co., (Series MTN), 5.360%, 12/7/2007 (4)		2,550,000		2,550,529
				538,879,726
Personal Credit - 3.7%
American Express Credit, (Series MTNB), 5.420%, 3/5/2008 (4)		30,000,000		30,000,000
American Honda Finance Corp., (Series MTN), 5.316%, 9/26/2007 (4) (7) (8)		45,000,000		45,000,000
American Honda Finance Corp., (Series MTN), 5.316%, 12/6/2007 (4) (7) (8)		55,000,000		55,000,000
SLM Corp., (Series MTNA), 5.435%, 1/25/2008 (4)		53,220,000		53,254,005
				183,254,005

Description	Principal Amount		Value
Notes-Variable (continued)
Short-Term Business Loans - 0.8%
CIT Group, Inc., (Series MTN), 5.430%, 8/24/2007 (4)	$	37,500,000	$	37,507,707
Total Notes-Variable				2,724,160,236
Repurchase Agreements - 4.5%
Agreement with Morgan Stanley & Co., Inc., 5.250%, dated 5/31/2007 to be repurchased at $100,014,583 on 6/1/2007, collateralized by a U.S. Government Agency Obligation with a maturity date of 4/28/2016, with a market value of $102,564,000		100,000,000		100,000,000
Agreement with State Street Bank & Trust Co., Inc., 5.100%, dated 5/31/2007 to be repurchased at $125,570,434 on 6/1/2007, collateralized by U.S. Government Agency Obligations with various maturities to 11/15/2007, with a market value of $128,066,327		125,552,648		125,552,648
Total Repurchase Agreements				225,552,648
Trust Demand Notes - 3.3%
Broker/Dealers - 3.3%
Greenwich Capital Holdings, 5.400%, 6/1/2007 (4) (7) (8)		100,000,000		100,000,000
JP Morgan Securities Inc., 5.330%, 6/1/2007 (4) (7) (8)		63,000,000		63,000,000
Total Trust Demand Notes				163,000,000
Total Investments - 101.8% (at amortized cost)				5,088,080,414
Other Assets and Liabilities - (1.8)%				(89,439,405	)
Total Net Assets - 100.0%			$	4,998,641,009

Marshall Tax-Free Money Market Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Principal Amount		Value
Municipals - 97.7%
Alabama - 2.3%
Birmingham-Medical Center, East Alabama Special Care Facilities Financing Authority, Revenue Bonds, 3.720%, 7/1/2015 (4)	$	5,000,000	$	5,000,000
Florence-Scs, Alabama Educational Building Authority, Revenue Bonds, 3.950%, 4/1/2017, Call Date 6/1/2007 (4)		790,000		790,000
Gardendale, Alabama Multifamily Housing, Revenue Bonds, 3.900%, 10/1/2032, Call Date 6/1/2007 (4)		1,062,000		1,062,000
Gardendale, Alabama Multifamily Housing, Revenue Bonds, 3.900%, 10/1/2032, Call Date 6/1/2007 (4)		3,283,000		3,283,000
Gardendale, Alabama Multifamily Housing, Revenue Bonds, 3.900%, 10/1/2032, Call Date 6/1/2007 (4)		1,400,000		1,400,000
Gardendale, Alabama Multifamily Housing, Revenue Bonds, 3.900%, 10/1/2032, Call Date 6/1/2007 (4)		1,284,000		1,284,000
				12,819,000
Alaska - 0.0%
Alaska Industrial Development & Export Authority, Revenue Bonds, 4.290%, 7/1/2007, Call Date 6/6/2007 (4)		30,000		30,000
Arizona - 2.7%
Arizona Health Facilities Authority, Hospital System Revenue Bonds, 3.840%, 2/1/2042, Call Date 2/1/2013 (4)		8,000,000		8,000,000
Phoenix, Arizona Civic Improvement Corp., Revenue Bonds (Series Z-11), 3.820%, 5/8/2034 (4)		6,893,000		6,893,000
				14,893,000
Colorado - 4.2%
Aspen Valley Hospital District, Colorado, Revenue Bonds, 3.780%, 10/15/2033, Call Date 6/1/2007 (4)		5,250,000		5,250,000
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, 3.760%, 9/1/2034, Call Date 6/1/2007 (4)		5,635,000		5,635,000
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, 3.880%, 7/1/2029, Call Date 6/1/2007 (4)		1,155,000		1,155,000
Denver, Colorado City & County Economic Development, Revenue Bonds, 4.080%, 7/1/2029, Call Date 6/6/2007 (4)		1,950,000		1,950,000
Denver, Colorado City & County, Certificate Participation, 3.760%, 12/1/2029, Call Date 6/6/2007 (4)		2,520,000		2,520,000
Park Creek Metropolitan District, Revenue Bonds, 3.680%, 12/1/2037, Call Date 6/1/2008 (4)		6,500,000		6,500,000
				23,010,000
Delaware - 2.3%
Delaware State Economic Development Authority, Revenue Bonds, 3.780%, 7/1/2036, Call Date 6/1/2007 (4)		8,400,000		8,400,000
Delaware State Economic Development Authority, Revenue Bonds, 3.880%, 12/1/2032, Call Date 6/7/2007 (4)		4,200,000		4,200,000
				12,600,000
District of Columbia - 1.3%
District of Columbia, Revenue Bonds, 3.880%, 10/1/2023, Call Date 6/7/2007 (4)		3,595,000		3,595,000
District of Columbia, Revenue Bonds, 3.880%, 3/1/2026, Call Date 6/7/2007 (4)		3,375,000		3,375,000
				6,970,000

Description	Principal Amount		Value
Municipals (continued)
Florida - 3.6%
Broward County, Florida Health Facilities Authority, Revenue Bonds, 4.000%, 9/1/2032, Call Date 6/1/2007 (4)	$	2,685,000	$	2,685,000
Dade County, Florida Industrial Development Authority, Revenue Bonds, 3.960%, 4/1/2020, Call Date 6/1/2007 (4)		1,300,000		1,300,000
Florida Development Finance Corp., Revenue Bonds, 3.880%, 7/1/2026, Call Date 6/1/2007 (4)		2,000,000		2,000,000
Hillsborough County, Florida Capital Improvement Program, Commercial Paper, 3.850%, 6/28/2007		5,000,000		5,000,000
Orange County, Florida Health Facilities Authority, Revenue Bonds, 3.860%, 11/15/2014, Call Date 6/7/2007 (4)		1,400,000		1,400,000
Palm Beach County, Florida School District Sales Tax Revenue, Commercial Paper, 3.770%, 7/19/2007		2,000,000		2,000,000
Pinellas County, Florida Industrial Development Authority, Revenue Bonds, 3.810%, 7/1/2024, Call Date 6/6/2007 (4)		2,250,000		2,250,000
Putnam County, Florida Development Authority Pollution Control, Revenue Bonds, 3.890%, 9/1/2024, Call Date 6/1/2007 (4)		2,880,000		2,880,000
				19,515,000
Georgia - 1.1%
Bibb County, Georgia Development Authority, Revenue Bonds, 3.780%, 6/1/2026, Call Date 6/6/2007 (4)		630,000		630,000
Clayton County, Georgia Housing Authority, Multifamily Housing, Revenue Bonds, 3.830%, 1/1/2021, Call Date 6/6/2007 (4)		875,000		875,000
Clayton County, Georgia Housing Authority, Multifamily Housing, Revenue Bonds, 3.830%, 1/1/2021, Call Date 6/6/2007 (4)		100,000		100,000
De Kalb County, Georgia Development Authority, Revenue Bonds, 3.810%, 10/1/2022, Call Date 6/7/2007 (4)		955,000		955,000
Rome-Floyd County, Georgia Development Authority, Revenue Bonds, 3.860%, 11/1/2011 (4)		3,500,000		3,500,000
				6,060,000
Illinois - 5.4%
Illinois Development Finance Authority Pollution Control, Revenue Bonds, 3.900%, 11/1/2012, Call Date 6/1/2007 (4)		1,200,000		1,200,000
Illinois Health Facilities Authority, Revenue Bonds (Series B), 3.800%, 11/15/2029, Call Date 6/7/2007 (4)		3,000,000		3,000,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series B), 3.990%, 12/1/2020 (4)		5,510,000		5,510,000
Lehman Municipal Trust Receipts, GO UT (Series P35W), 3.840%, 12/1/2020 (4)		6,305,000		6,305,000
Lehman Municipal Trust Receipts, Revenue Bonds (Series 6), 3.840%, 4/1/2028 (4)		4,250,000		4,250,000
Metropolitan Pier & Exposition Authority, Revenue Bonds (Series Z-5), 3.820%, 4/3/2034 (4)		4,800,000		4,800,000
Phoenix Realty SPL Account-U LP Illinois, Multifamily, Refunding Revenue Bonds, 3.970%, 4/1/2020, Call Date 6/7/2007 (4)		4,075,000		4,075,000
Will County, Illinois Revenue Bonds, 3.860%, 12/1/2025, Call Date 6/6/2007 (4)		400,000		400,000
				29,540,000
Indiana - 0.8%
Dekko Foundation Educational Facilities Tax Exempt Income Trust, Certificates of Ownership (Series 1), 4.080%, 4/1/2021, Call Date 6/1/2007 (4)		200,000		200,000
Hammond, Indiana Pollution Control, Revenue Bonds, 3.900%, 2/1/2022, Call Date 6/1/2007 (4)		1,000,000		1,000,000
Indiana State Educational Facilities Authority, Revenue Bonds, 3.860%, 12/1/2029, Call Date 6/7/2007 (4)		400,000		400,000
Indianapolis, Indiana LOC Public Improvement Bd Bk, Revenue Bonds (Series Z-7), 3.820%, 9/9/2019 (4)		2,325,000		2,325,000
Terre Haute, Indiana Economic Development, Revenue Bonds, 3.860%, 12/1/2015, Call Date 6/6/2007 (4)		600,000		600,000
				4,525,000
Iowa - 0.9%
Iowa State School Cash Anticipation Program, Revenue Notes (Series B), 4.250%, 1/25/2008		5,000,000		5,021,086
Kentucky - 1.7%
Hancock County, Kentucky Industrial Building Revenue Bonds, 3.860%, 7/1/2012 (4)		1,685,000		1,685,000

Description	Principal Amount		Value
Municipals (continued)
Kentucky (continued)
Hancock County, Kentucky Pollution Control Revenue Bonds, 3.860%, 7/1/2011 (4)	$	1,000,000	$	1,000,000
Jefferson County, Kentucky Industrial Building Revenue Bonds, 3.830%, 1/1/2009 (4)		1,400,000		1,400,000
Jefferson County, Kentucky Industrial Building Revenue Bonds, 3.830%, 3/1/2010 (4)		3,000,000		3,000,000
Jefferson County, Kentucky Industrial Revenue Bonds, 3.840%, 8/1/2021, Call Date 6/7/2007 (4)		2,400,000		2,400,000
				9,485,000
Louisiana - 4.4%
Deutsche Bank Spears/Lifers Trust, Revenue Bonds, 3.830%, 5/1/2039, Call Date 5/1/2016 (4)		10,225,000		10,225,000
Jefferson Parish, Louisiana Hospital Service District No. 2, Revenue Bonds, 3.860%, 7/1/2009, Call Date 6/7/2007 (4)		2,050,000		2,050,000
Lafayette Parish, Louisiana Industrial Development Board, Inc., Revenue Bonds, 4.080%, 12/15/2014, Call Date 6/1/2007 (4)		1,035,000		1,035,000
Louisiana Housing Finance Agency, Revenue Bonds, 3.820%, 12/1/2025 (4)		2,085,000		2,085,000
Louisiana Public Facilities Authority, Revenue Bonds, 3.820%, 7/1/2034, Call Date 7/1/2016 (4)		8,470,000		8,470,000
				23,865,000
Maryland - 0.7%
Maryland State Community Development Administration, Revenue Notes, 3.670%, 9/12/2007		2,500,000		2,500,000
Washington Suburban Sanitary District, GO UT, 3.700%, 6/1/2023 (4)		1,300,000		1,300,000
				3,800,000
Massachusetts - 0.2%
Massachusetts State Industrial Financial Agency, Revenue Bonds, 4.100%, 12/1/2019, Call Date 6/6/2007 (4)		1,000,000		1,000,000
Michigan - 1.4%
Municipal Securities Trust Certificates, Revenue Bonds (Series 283), 144A, 3.820%, 10/21/2014 (4) (7)		7,710,000		7,710,000
Minnesota - 0.4%
Burnsville, Minnesota Housing, Revenue Bonds (Series A), 3.990%, 1/1/2045, Call Date 6/7/2007 (4)		2,000,000		2,000,000
Mississippi - 1.0%
Newton, Mississippi Industrial Development, Revenue Bonds, 3.880%, 6/1/2009, Call Date 6/7/2007 (4)		5,350,000		5,350,000
Missouri - 0.4%
Missouri State Environmental Improvement & Energy Resources Authority, Water Pollution, Revenue Bonds (Series 1813), 3.860%, 1/1/2015 (4)		1,940,000		1,940,000
Montana - 0.7%
Montana State Board of Investment Economic Development, Revenue Bonds, 3.880%, 9/1/2010 (4)		3,925,000		3,925,000
Nebraska - 1.2%
Nebraska Investment Finance Authority, Multifamily Mortgage, Revenue Bonds, 3.830%, 9/1/2007, Call Date 6/1/2007 (4)		600,000		600,000
Nebraska Public Power District, Revenue Bonds, 3.840%, 1/1/2041 (4)		6,000,000		6,000,000
				6,600,000
Nevada - 0.9%
Clark County, Nevada Highway Revenue, Commercial Paper, 3.900%, 6/12/2007		5,000,000		5,000,000
New Hampshire - 1.5%
New Hampshire State Business Finance Authority, Revenue Bonds, 3.780%, 6/1/2007 (4)		8,315,000		8,315,000
New York - 7.9%
JP Morgan Chase & Co., Putters (Series 1684P), Revenue Bonds, 3.960%, 8/15/2014 (4)		2,875,000		2,875,000
Lehman Municipal Trust Receipts, Revenue Bonds (Series 6), 3.840%, 11/15/2035, Call Date 11/15/2015 (4)		13,900,000		13,900,000
Municipal Securities Trust Certificates, Revenue Bonds (Series 5020), 144A, 3.860%, 7/1/2018 (4) (7)		2,700,000		2,700,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 3.960%, 10/1/2035, Call Date 6/7/2007 (4)		13,825,000		13,825,000

Description	Principal Amount		Value
Municipals (continued)
New York (continued)
Suffolk County, New York Industrial Development Agency, Revenue Bonds, 4.100%, 4/1/2018, Call Date 6/6/2007 (4)	$	3,785,000	$	3,785,000
TSASC INC NY, Revenue Bonds, 3.850%, 6/1/2034, Call Date 6/1/2016 (4)		6,000,000		6,000,000
				43,085,000
North Carolina - 0.6%
Alamance County, North Carolina Industrial Facilities & Pollution Control Financing Authority, Revenue Bonds, 3.930%, 12/01/2014 (4)		585,000		585,000
North Carolina Medical Care Community Health Care Facilities, Revenue Bonds, 3.880%, 7/1/2017, Call Date 6/7/2007 (4)		935,000		935,000
Rutherford County, North Carolina Industrial Facilities & Pollution Control Authority, Revenue Bonds, 3.930%, 12/1/2008 (4)		220,000		220,000
Sampson County, North Carolina Certificates of Participation (Series 1608), 3.830%, 12/1/2014 (4)		1,610,000		1,610,000
				3,350,000
Ohio - 5.9%
Fairfield, Ohio Waste Water System Improvement, Revenue Notes, 3.850%, 8/30/2007		3,000,000		3,001,421
Hamilton County, Ohio Hospital Facilities, Revenue Bonds, 3.850%, 7/15/2029, Call Date 7/2/2007 (4)		10,000,000		10,000,000
Lawrence County, Ohio Industrial Development, Revenue Bonds, 3.860%, 11/1/2011 (4)		3,100,000		3,100,000
Montgomery County, Ohio Industrial Development, Refunding Revenue Bonds, 3.860%, 10/1/2009 (4)		4,700,000		4,700,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 3.960%, 2/15/2036, Call Date 6/7/2007 (4)		11,165,000		11,165,000
				31,966,421
Oklahoma - 2.8%
Oklahoma State Industrial Authority, Revenue Bonds, 4.080%, 8/1/2018, Call Date 6/1/2007 (4)		1,690,000		1,690,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 3.960%, 11/1/2026, Call Date 6/7/2007 (4)		3,500,000		3,500,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 3.980%, 11/1/2030 (4)		9,000,000		9,000,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 4.080%, 10/1/2032, Call Date 6/7/2007 (4)		1,305,000		1,305,000
				15,495,000
Oregon - 0.2%
Multnomah County, Oregon Higher Education, Revenue Bonds, 3.950%, 12/1/2029, Call Date 6/1/2007 (4)		1,000,000		1,000,000
Pennsylvania - 9.6%
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds (Series A), 3.900%, 7/1/2027, Call Date 6/1/2007 (4)		3,100,000		3,100,000
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds, 3.860%, 7/1/2010 (4)		3,100,000		3,100,000
Bucks County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.880%, 9/1/2019, Call Date 6/7/2007 (4)		2,030,000		2,030,000
Chester County, Pennsylvania Health & Education Facilities Authority, Revenue Bonds, 3.770%, 7/1/2034, Call Date 6/7/2007 (4)		13,110,000		13,110,000
Chester County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.830%, 4/1/2017, Call Date 6/6/2007 (4)		1,120,000		1,120,000
Delaware County, Pennsylvania Industrial Development Authority Pollution Control Revenue, Commercial Paper, 3.730%, 10/5/2007		6,000,000		6,000,000
Lehman Municipal Trust Receipts, Revenue Bonds (Series 7), 3.840%, 11/1/2029, Call Date 1/1/2017 (4)		4,000,000		4,000,000
Montgomery County, Pennsylvania Higher Education & Health Authority, Revenue Bonds, 3.760%, 05/01/2034, Call Date 6/7/2007 (4)		4,405,000		4,405,000
Montgomery County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.770%, 1/1/2023, Call Date 6/7/2007 (4)		2,400,000		2,400,000
Montgomery County, Pennsylvania Industrial Development Authority, Revenue Bonds, 3.900%, 11/15/2029, Call Date 6/1/2007 (4)		1,500,000		1,500,000
Philadelphia, Pennsylvania Authority for Industrial Development, Revenue Bonds, 3.780%, 12/1/2035, Call Date 6/1/2007 (4)		8,000,000		8,000,000

Description	Principal Amount		Value
Municipals (continued)
Pennsylvania (continued)
Philadelphia, Pennsylvania Authority for Industrial Development, Revenue Bonds, 3.880%, 11/1/2021 (4)	$	3,375,000	$	3,375,000
				52,140,000
Puerto Rico - 0.5%
Puerto Rico Industrial Medical & Environmental Pollution Control Facilities, Financing Authority, Revenue Bonds, 3.950%, 3/1/2023, Call Date 3/1/2008 (4)		3,000,000		3,000,000
South Carolina - 4.9%
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 3.840%, 8/1/2039, Call Date 4/1/2011 (4)		21,900,000		21,900,000
Scago Educational Facilities Corp. for Union School District Installment, Revenue Bonds (Series 1783), 3.820%, 12/1/2031, Call Date 12/1/2016 (4)		4,800,000		4,800,000
				26,700,000
Tennessee - 2.5%
Blount County, Tennessee Public Building Authority, Revenue Bonds, 3.920%, 6/1/2022, Call Date 6/1/2007 (4)		50,000		50,000
Clarksville, Tennessee Public Building Authority, Revenue Bonds, 3.900%, 7/1/2031, Call Date 6/1/2007 (4)		1,300,000		1,300,000
Dayton, Tennessee Industrial Development Board, Revenue Bonds, 3.830%, 6/1/2011, Call Date 6/7/2007 (4)		4,350,000		4,350,000
Memphis, Tennessee Health, Educational & Housing Facility Board, Revenue Bonds, 3.980%, 8/1/2032, Call Date 6/7/2007 (4)		2,100,000		2,100,000
Metropolitan Government, Nashville & Davidson County, Tennessee Industrial Development Board, Revenue Bonds, 3.880%, 12/1/2014 (4)		4,550,000		4,550,000
Rutherford County, Tennessee Industrial Development Board, Revenue Bonds, 3.860%, 7/1/2010 (4)		1,000,000		1,000,000
Sevier County, Tennessee Public Building Authority, Revenue Bonds, 3.920%, 6/1/2025, Call Date 6/1/2007 (4)		75,000		75,000
				13,425,000
Texas - 13.7%
Austin, Texas Convention Enterprises Inc., Putters (Series 1614), Revenue Bonds, 3.830%, 7/1/2014 (4)		6,365,000		6,365,000
Collin County, Texas Housing Financial Corp. Multifamily, Revenue Bonds, 3.850%, 9/1/2018 (4)		14,195,000		14,195,000
Comal, Texas Independent School District, GO UT, 3.860%, 8/1/2016 (4)		2,260,000		2,260,000
JP Morgan Chase & Co., Putters (Series 1632P), Revenue Bonds, 3.960%, 4/1/2013 (4)		19,955,000		19,955,000
Klein, Texas Independent School District, GO UT (Series 39TP), 3.820%, 8/01/2031, Call Date 8/1/2015 (4)		12,745,000		12,745,000
Puttable Floating Option Tax-Exempt Receipts, GO UT, 3.830%, 8/15/2030, Call Date 8/15/2017 (4)		10,255,000		10,255,000
Texas State Authority Central Texas, Revenue Bonds, 3.830%, 8/15/2029 (4)		5,000,000		5,000,000
Texas State Student Housing Authority, Revenue Bonds, 3.850%, 10/1/2033 (4)		4,200,000		4,200,000
				74,975,000
Vermont - 0.6%
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds (Series A), 3.900%, 10/1/2036, Call Date 6/1/2007 (4)		1,250,000		1,250,000
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds (Series A), 3.910%, 4/1/2032, Call Date 6/1/2007 (4)		1,900,000		1,900,000
				3,150,000
Virginia - 0.3%
Suffolk, Virginia Redevelopment & Housing Authority Multi-Family Housing, Revenue Bonds, 3.860%, 9/1/2019, Call Date 6/7/2007 (4)		1,505,000		1,505,000
Washington - 1.5%
Washington State Health Care Facilities Authority, Revenue Bonds, 3.850%, 11/15/2026, Call Date 6/7/2007 (4)		5,000,000		5,000,000
Washington State Putters, GO UT, (Series 333), 3.840%, 12/1/2014 (4)		3,210,000		3,210,000
				8,210,000

Description	Principal Amount		Value
Municipals (continued)
Wisconsin - 5.2%
Delavan Darien, Wisconsin School District, Revenue Notes, 3.800%, 8/29/2007	$	1,500,000	$	1,500,209
Denmark, Wisconsin School District, Revenue Notes, 3.700%, 8/30/2007		3,750,000		3,750,258
Marinette, Wisconsin School District, Tax & Revenue Antic Promissory Notes, 3.650%, 6/29/2007		5,000,000		5,000,072
Middleton-Cross Plains, Wisconsin Area School District, Revenue Notes, 3.700%, 9/20/2007		5,700,000		5,701,158
Seymour, Wisconsin Community School District, Tax & Revenue Notes, 3.700%, 10/2/2007		1,375,000		1,375,312
Sun Prairie, Wisconsin Area School District, Tax & Revenue Promissory Notes, 3.700%, 10/15/2007		5,050,000		5,051,088
Verona, Wisconsin Area School District, Revenue Notes, 3.700%, 08/24/2007		2,925,000		2,925,517
Wisconsin Dells, Wisconsin School District, Tax & Revenue Promissory Notes, 3.700%, 10/26/2007		3,000,000		3,000,230
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 4.080%, 5/1/2026, Call Date 6/1/2007 (4)		200,000		200,000
				28,503,844
Wyoming - 2.4%
Sweetwater County, Wyoming, Hospital Revenue Bonds (Series A), 3.780%, 9/1/2026, Call Date 6/6/2007 (4)		960,000		960,000
Sweetwater County, Wyoming, Hospital Revenue Bonds (Series B), 3.780%, 9/1/2037, Call Date 6/6/2007 (4)		12,160,000		12,160,000
				13,120,000
Total Municipals				533,598,351
Mutual Funds - 0.0%
Federated Tax-Free Obligations Fund		198,116		198,116
Total Mutual Funds (identified cost $198,116)				198,116
Total Investments - 97.7% (at amortized cost)				533,796,467
Other Assets and Liabilities - 2.3%				12,333,684
Total Net Assets - 100.0%			$	546,130,151

Notes to Schedules of Investments (Unaudited)

Note: The categories of investments are shown as a percentage of total net assets for each Fund as of May 31, 2007.

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

(2) Non-income producing.

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

(4) Floating rate securities 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 May 31, 2007.

(5) Designated as cover for dollar roll and futures transactions.

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

(7) Denotes a restricted security which is subject to restrictions on resale under federal securities law. At May 31, 2007, these securities amounted to:

Fund	Amount		% of Total Net Assets
Government Income Fund	$	13,867,976	2.06	%
Short-Intermediate Bond Fund	$	32,125,837	4.31	%
Short-Term Income Fund	$	1,957,536	1.65	%
Prime Money Market Fund	$	2,910,757,857	58.23	%
Tax-Free Money Market Fund	$	10,410,000	1.91	%

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

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

(10) Securities that are subject to alternative minimum tax represent 7.50% 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 Depositary 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 May 31, 2007 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	$	315,055,010	$	82,299,277	$	(498,081	)	$	81,801,196
Large-Cap Growth Fund		257,765,108		45,805,919		(1,645,611	)		44,160,308
Mid-Cap Value Fund		612,921,708		154,500,457		(4,857,634	)		149,642,823
Mid-Cap Growth Fund		257,157,013		44,900,391		(982,530	)		43,917,861
Small-Cap Growth Fund		331,134,424		41,476,282		(2,234,610	)		39,241,672
International Stock Fund		530,664,268		104,600,568		(7,229,649	)		97,370,919
Government Income Fund		997,363,896		752,583		(7,847,477	)		(7,094,894	)
Short-Intermediate Bond Fund		999,597,844		1,012,444		(5,661,018	)		(4,648,574	)
Intermediate Tax-Free Fund		83,561,849		782,684		(454,644	)		328,040
Short-Term Income Fund		137,546,577		102,446		(1,370,190	)		(1,267,744	)
Government Money Market Fund*		318,283,142		—		—			—
Prime Money Market Fund*		5,088,080,414		—		—			—
Tax-Free Money Market Fund*		533,796,467		—		—			—

* 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.

Cash collateral was jointly pooled and invested in the following securities as of May 31, 2007 (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		Short-Intermediate Bond Fund		Short-Term Income Fund		Total
Alliance & Leicester PLC,	$	854,004	$	1,253,271	$	2,641,085	$	2,233,325	$	3,365,281	$	2,453,211	$	2,036,255	$	4,622,039	$	545,529	$	20,004,000
5.330%, 6/8/2007
Allstate Life Global Fd II,		854,687		1,254,273		2,643,198		2,235,111		3,367,973		2,455,173		2,037,883		4,625,736		545,966		20,020,000
5.410%, 6/16/2007
American Express Credit,		854,599		1,254,148		2,642,934		2,234,888		3,367,636		2,454,930		2,037,680		4,625,274		545,911		20,018,000
5.420%, 6/5/2007
American General Finance,		854,282		1,253,680		2,641,949		2,234,055		3,366,381		2,454,015		2,036,920		4,623,550		545,708		20,010,540
5.370%, 6/18/2007
Aust. & N.Z. Banking Group,		854,090		1,253,396		2,641,349		2,233,548		3,365,618		2,453,456		2,036,458		4,622,501		545,584		20,006,000
5.320%, 6/23/2007
Banco Santander Totta SA,		640,311		939,671		1,980,220		1,674,491		2,523,204		1,839,356		1,526,733		3,465,490		409,024		14,998,500
5.320%, 6/16/2007
Bayerische Landesbank NY,		854,346		1,253,772		2,642,141		2,234,218		3,366,627		2,454,192		2,037,069		4,623,888		545,747		20,012,000
5.370%, 6/24/2007
Bear Stearns Co.,		640,824		940,423		1,981,804		1,675,831		2,525,223		1,840,828		1,527,954		3,468,262		409,351		15,010,500
5.400%, 6/5/2007
Bear Stearns Co.,		256,312		376,143		792,666		670,285		1,010,018		736,280		611,139		1,387,208		163,729		6,003,780
5.380%, 6/28/2007
BMW US Capital LLC,		939,593		1,378,873		2,905,775		2,457,148		3,702,549		2,699,072		2,240,328		5,085,260		600,202		22,008,800
5.340%, 6/15/2007
Canadian Imperial Bank,		640,375		939,765		1,980,418		1,674,659		2,523,456		1,839,540		1,526,886		3,465,836		409,065		15,000,000
5.410%, 6/15/2007
Comerica Bank,		853,834		1,253,020		2,640,557		2,232,878		3,364,608		2,452,720		2,035,848		4,621,115		545,420		20,000,000
5.320%, 6/14/2007
Credit Suisse First Boston,		855,115		1,254,900		2,644,518		2,236,227		3,369,655		2,456,399		2,038,901		4,628,047		546,238		20,030,000
5.523%, 6/1/2007
DNB NOR Bank ASA,		853,915		1,253,138		2,640,805		2,233,088		3,364,924		2,452,951		2,036,039		4,621,549		545,471		20,001,880
5.320%, 6/25/2007
GE Capital Corp.,		640,396		939,794		1,980,479		1,674,710		2,523,534		1,839,597		1,526,933		3,465,944		409,078		15,000,465
5.445%, 6/17/2007
GE Capital Corp. Master Note,		853,834		1,253,020		2,640,557		2,232,878		3,364,608		2,452,720		2,035,848		4,621,115		545,420		20,000,000
5.360%, 6/1/2007
Goldman Sachs Group,		854,316		1,253,728		2,642,049		2,234,140		3,366,509		2,454,106		2,036,998		4,623,726		545,728		20,011,300
5.445%, 6/16/2007
Greenwich Capital Holdings,		853,834		1,253,020		2,640,557		2,232,878		3,364,608		2,452,720		2,035,848		4,621,115		545,420		20,000,000
5.463%, 6/1/2007
HBOS Treasury Services PLC,		854,550		1,254,073		2,642,775		2,234,754		3,367,434		2,454,781		2,037,558		4,624,997		545,878		20,016,800
5.390%, 6/1/2007
HSBC Finance Corp.,		640,632		940,141		1,981,210		1,675,328		2,524,465		1,840,276		1,527,496		3,467,223		409,229		15,006,000
5.370%, 6/24/2007
HSH Nordbank NY,		854,471		1,253,955		2,642,527		2,234,544		3,367,118		2,454,550		2,037,366		4,624,562		545,827		20,014,920
5.350%, 6/23/2007
IBM Corp.,		853,859		1,253,058		2,640,636		2,232,945		3,364,709		2,452,794		2,035,909		4,621,254		545,436		20,000,600
5.330%, 6/8/2007
ING USA Annuity and Life,		853,834		1,253,020		2,640,557		2,232,878		3,364,608		2,452,720		2,035,848		4,621,115		545,420		20,000,000
5.360%, 6/26/2007
Irish Life & Permanent,		853,919		1,253,145		2,640,821		2,233,101		3,364,945		2,452,966		2,036,051		4,621,577		545,475		20,002,000
5.340%, 6/22/2007
Liquid Funding LTD,		853,790		1,252,958		2,640,425		2,232,766		3,364,440		2,452,598		2,035,746		4,620,884		545,393		19,999,000
5.300%, 6/29/2007
Merrill Lynch & Co.,		854,601		1,254,148		2,642,934		2,234,888		3,367,636		2,454,928		2,037,680		4,625,274		545,911		20,018,000
5.570%, 6/11/2007
Metlife Insurance FA,		853,834		1,253,020		2,640,557		2,232,878		3,364,608		2,452,720		2,035,848		4,621,115		545,420		20,000,000
5.380%, 6/1/2007
Morgan Stanley CP,		853,834		1,253,020		2,640,557		2,232,878		3,364,608		2,452,720		2,035,848		4,621,115		545,420		20,000,000
5.383%, 6/16/2007
National Rural Utilities Coop.,		853,910		1,253,133		2,640,795		2,233,079		3,364,911		2,452,941		2,036,031		4,621,531		545,469		20,001,800
5.310%, 6/1/2007
Northern Rock PLC,		854,262		1,253,647		2,641,877		2,233,994		3,366,290		2,453,947		2,036,865		4,623,425		545,693		20,010,000
5.380%, 6/3/2007
Provident Money Market Fund,		399,350		586,057		1,235,030		1,044,352		1,573,680		1,147,176		952,198		2,161,368		255,101		9,354,312
5.223%, 6/1/2007
Prudential Funding,		853,834		1,253,020		2,640,557		2,232,878		3,364,608		2,452,720		2,035,848		4,621,115		545,420		20,000,000
5.345%, 6/15/2007
SLM Corp.,		849,565		1,246,755		2,627,354		2,221,714		3,347,785		2,440,457		2,025,668		4,598,009		542,693		19,900,000
5.330%, 6/20/2007
Wachovia Securities LLP,		640,375		939,765		1,980,418		1,674,659		2,523,456		1,839,540		1,526,886		3,465,836		409,065		15,000,000
5.400%, 6/1/2007
Wells Fargo & Co.,		427,131		626,823		1,320,939		1,116,997		1,683,145		1,226,973		1,018,433		2,311,713		272,846		10,005,000
5.380%, 6/2/2007
Westlb AG NY FRN,		640,675		940,205		1,981,345		1,675,442		2,524,637		1,840,401		1,527,600		3,467,458		409,257		15,007,020
5.380%, 6/10/2007
Westpac Bank NY,		427,259		627,011		1,321,335		1,117,332		1,683,650		1,227,341		1,018,738		2,312,406		272,928		10,008,000
5.400%, 6/11/2007
Payable on Collateral Due to Brokers	$	28,282,352	$	41,504,989	$	87,465,710	$	73,961,765	$	111,449,145	$	81,243,815	$	67,435,337	$	153,069,632	$	18,066,472	$	662,479,217
Market Value of Securities Loaned	$	27,399,952	$	40,210,044	$	84,736,800	$	71,654,173	$	107,971,960	$	78,709,022	$	65,331,366	$	148,293,892	$	17,502,804	$	641,810,013

(1) The collateral pool is manged by the Fund Manager of the Short-Term Income, Prime Money Market and Government Money Market Funds, at no cost to the 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 May 31, 2007, the Large-Cap Value Fund had $170,514 in realized gains on written options.

At May 31, 2007, 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)
J C Penney Co., Inc.	Call	August 2007	$	95	100	$	18,899	$	16,399
Marathon Oil Corp.	Call	July 2007		120	200		15,600		(134,400	)
Valero Energy Corp.	Call	June 2007		75	180		11,340		(17,460	)
Total					480			$	(135,461	)

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 May 31, 2007, the following Funds had outstanding futures contracts as set forth below:

Fund	Expiration Date	Contracts	Description	Position	Unrealized Appreciation (Depreciation)
Mid-Cap Value Fund	June 2007	31	S&P Mid-Cap 400	Long	$	(802,515	)
Small-Cap Growth Fund	September 2007	45	Russell 2000	Long	$	(12,168	)
Short-Term Income Fund	September 2007	200	U.S. 5 Year Note	Long	$	30,408

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
	July 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)
	July 24, 2007

	/s/ Timothy M. Bonin
By:	Timothy M. Bonin
	Treasurer
	(Principal Financial Officer)
	July 24, 2007