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, 2008

Item 1. Schedule of Investments

Marshall Funds, Inc.

Schedule of Investments

May 31, 2008 (Unaudited)

[Insert schedule of investments here]

Large-Cap Value Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 97.7%
Consumer Discretionary - 4.9%
Apparel Retail - 1.0%
TJX Companies, Inc. (1)	91,400	$	2,930,284
Computer & Electronics Retail - 1.0%
Best Buy Co., Inc. (1)	63,950		2,985,826
Footwear - 1.1%
NIKE, Inc., Class B	49,200		3,363,804
Movies & Entertainment - 1.2%
News Corp.	111,100		1,994,245
Time Warner, Inc.	123,150		1,955,622
			3,949,867
Specialty Stores - 0.6%
OfficeMax, Inc.	82,600		1,790,768
Total Consumer Discretionary			15,020,549
Consumer Staples - 11.2%
Drug Retail - 1.2%
CVS Caremark Corp.	85,000		3,637,150
Food Retail - 0.8%
Kroger Co.	89,800		2,482,072
Household Products - 3.3%
Colgate-Palmolive Co.	47,300		3,517,228
Procter & Gamble Co.	98,300		6,492,715
			10,009,943
Hypermarkets & Super Centers - 2.4%
Wal-Mart Stores, Inc. (1)	125,600		7,252,144
Soft Drinks - 0.9%
Coca-Cola Co.	49,400		2,828,644
Tobacco - 2.6%
Altria Group, Inc.	74,100		1,649,466
Philip Morris International, Inc. (2)	74,100		3,902,106
UST, Inc.	45,600		2,518,488
			8,070,060
Total Consumer Staples			34,280,013
Energy - 15.3%
Integrated Oil & Gas - 12.2%
Chevron Corp.	122,200		12,116,129
ConocoPhillips	121,170		11,280,927
Exxon Mobil Corp.	83,050		7,371,518
Hess Corp.	26,200		3,217,622
Marathon Oil Corp.	70,050		3,599,870
			37,586,066
Oil & Gas-Equipment and Services - 0.9%
Halliburton Co.	55,500		2,696,190
Oil & Gas-Exploration and Production - 1.4%
Apache Corp.	11,600		1,555,096
Devon Energy Corp.	22,500		2,608,650
			4,163,746
Oil & Gas-Refining and Marketing - 0.8%
Valero Energy Corp.	48,100		2,445,404
Total Energy			46,891,406
Financials - 19.0%
Asset Management & Custody Banks - 0.9%
Ameriprise Financial, Inc.	55,500		2,622,930
Diversified Banks - 3.8%
U.S. Bancorp	166,800		5,536,092
Wells Fargo & Co. (1)	220,200		6,070,913
			11,607,005

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Investment Banking & Brokerage - 3.8%
Goldman Sachs Group, Inc.	26,355	$	4,649,286
Lehman Brothers Holdings, Inc. (1)	87,495		3,220,691
Morgan Stanley	88,000		3,892,240
			11,762,217
Life & Health Insurance - 1.6%
MetLife, Inc. (1)	80,800		4,850,424
Other Diversified Financial Services - 2.9%
Bank of America Corp.	94,890		3,227,209
JP Morgan Chase & Co.	135,120		5,810,160
			9,037,369
Property & Casualty Insurance - 4.7%
Chubb Corp.	84,000		4,515,840
Travelers Co., Inc.	158,300		7,884,922
W. R. Berkley Corp.	68,350		1,851,602
			14,252,364
Real Estate Investment Trusts - 0.8%
ProLogis (1)	37,300		2,309,989
Regional Banks - 0.5%
PNC Financial Services Group (1)	23,500		1,509,875
Total Financials			57,952,173
Healthcare - 7.6%
Biotechnology - 0.9%
Gilead Sciences, Inc. (1) (2)	49,600		2,743,872
Healthcare Distributors - 0.7%
AmerisourceBergen Corp.	50,000		2,066,500
Managed Healthcare - 0.4%
WellPoint, Inc. (1) (2)	22,700		1,267,114
Pharmaceuticals - 5.6%
Bristol-Myers Squibb Co.	120,150		2,738,219
Eli Lilly & Co.	61,300		2,950,982
Johnson & Johnson	135,050		9,013,237
Pfizer, Inc.	133,800		2,590,368
			17,292,806
Total Healthcare			23,370,292
Industrials - 14.1%
Aerospace & Defense - 6.6%
Boeing Co.	37,265		3,084,424
General Dynamics Corp.	30,500		2,810,575
Honeywell International, Inc.	25,850		1,541,177
L-3 Communications Holdings, Inc.	25,400		2,727,706
Lockheed Martin Corp.	34,400		3,764,736
Northrop Grumman Corp.	53,200		4,014,472
United Technologies Corp.	37,100		2,635,584
			20,578,674
Commercial Printing - 0.6%
R. R. Donnelley & Sons Co.	52,800		1,733,424
Construction & Engineering - 1.5%
Fluor Corp.	11,100		2,070,705
Jacobs Engineering Group, Inc. (2)	25,800		2,445,324
			4,516,029
Electrical Components & Equipment - 1.7%
Emerson Electric Co.	89,260		5,193,146
Environmental & Facilities Services - 1.0%
Waste Management, Inc.	81,500		3,091,295
Industrial Machinery - 2.7%
Eaton Corp.	34,600		3,345,128
Parker Hannifin Corp.	57,650		4,881,226
			8,226,354
Total Industrials			43,338,922
Information Technology - 9.3%
Application Software - 0.9%
AutoDesk, Inc. (2)	69,550		2,862,678

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Computer Hardware - 3.1%
Hewlett Packard Co.		88,650	$	4,171,869
International Business Machines Corp.		41,660		5,392,053
				9,563,922
Computer Storage & Peripherals - 0.9%
Western Digital Corp. (1) (2)		71,750		2,692,778
Semiconductors - 1.7%
NVIDIA Corp. (2)		92,850		2,293,395
Texas Instruments, Inc. (1)		89,600		2,910,208
				5,203,603
Systems Software - 2.7%
Microsoft Corp.		92,500		2,619,600
Oracle Corp. (2)		77,100		1,760,964
Symantec Corp. (2)		176,200		3,828,826
				8,209,390
Total Information Technology				28,532,371
Materials - 4.6%
Diversified Chemicals - 0.7%
Dow Chemical Co.		56,200		2,270,480
Diversified Metals & Mining - 1.5%
Freeport-McMoRan Copper & Gold, Inc. (1)		40,301		4,663,229
Industrial Gases - 0.9%
Air Products and Chemicals, Inc.		27,100		2,762,032
Metal & Glass Containers - 1.0%
Ball Corp.		54,900		2,981,070
Steel - 0.5%
Reliance Steel & Aluminum Co.		22,500		1,529,325
Total Materials				14,206,136
Telecommunication Services - 6.2%
Integrated Telecommunication Services - 6.2%
AT&T, Inc.		262,100		10,457,790
Verizon Communications, Inc.		221,500		8,521,105
Total Telecommunication Services				18,978,895
Utilities - 5.5%
Electric Utilities - 3.7%
Entergy Corp.		40,800		4,927,416
FirstEnergy Corp.		60,700		4,777,697
Progress Energy, Inc. (1)		41,800		1,787,368
				11,492,481
Gas Utilities - 1.1%
ONEOK, Inc.		65,500		3,278,930
Multi-Utilities - 0.7%
CenterPoint Energy, Inc.		125,500		2,125,970
Total Utilities				16,897,381
Total Common Stocks (identified cost $245,619,721)				299,468,138
Purchased Call Option - 0.0%
Citigroup, Inc., 1/17/2009 (2)		1,176,471		47,059
Total Purchased Call Option (identified cost $1,003,294)				47,059
Short-Term Investments - 14.8%
Collateral Pool Investment for Securities on Loan - 11.6%
(See Note 2 of the Schedule of Investments)				35,571,316
Repurchase Agreement - 3.2%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 5/30/2008 to be repurchased at $9,754,699 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2020, with a market value of $9,948,484 (at amortized cost)	$	9,752,952		9,752,952
Total Short-Term Investments (identified cost $45,324,268)				45,324,268
Total Investments - 112.5% (identified cost $291,947,283)				344,839,465
Other Assets and Liabilities - (12.5)%				(38,237,627	)
Total Net Assets - 100.0%			$	306,601,838

Large-Cap Growth Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2007

(Unaudited)

Description	Shares	Value
Common Stocks - 96.0%
Consumer Discretionary - 8.0%
Advertising - 1.0%
Omnicom Group, Inc.	51,880	$	2,542,639
Auto Parts & Equipment - 0.7%
Johnson Controls, Inc.	49,400		1,682,564
Casinos & Gaming - 0.8%
Las Vegas Sands Corp. (1) (2)	28,300		1,965,152
Education Services - 0.6%
Apollo Group, Inc., Class A (1) (2)	32,400		1,548,396
General Merchandise Stores - 0.7%
Family Dollar Stores, Inc.	87,300		1,868,220
Home Improvement Retail - 0.9%
Lowe's Companies, Inc.	101,600		2,438,400
Restaurants - 1.8%
McDonald’s Corp.	42,500		2,521,100
Starbucks Corp. (1) (2)	121,600		2,211,904
			4,733,004
Specialty Stores - 1.5%
Dick's Sporting Goods, Inc. (1) (2)	82,500		1,909,875
Tractor Supply Co. (1) (2)	56,300		1,923,771
			3,833,646
Total Consumer Discretionary			20,612,021
Consumer Staples - 8.8%
Agricultural Products - 0.7%
Archer-Daniels-Midland Co. (1)	45,000		1,786,500
Drug Retail - 1.0%
Walgreen Co.	73,200		2,636,664
Household Products - 1.8%
Procter & Gamble Co.	70,300		4,643,315
Soft Drinks - 3.4%
Hansen Natural Corp. (1) (2)	89,000		2,780,360
PepsiCo, Inc.	88,600		6,051,380
			8,831,740
Tobacco - 1.9%
Altria Group, Inc.	76,500		1,702,890
UST, Inc.	56,400		3,114,972
			4,817,862
Total Consumer Staples			22,716,081
Energy - 10.3%
Integrated Oil & Gas - 1.0%
Exxon Mobil Corp.	28,000		2,485,280
Oil & Gas-Drilling - 3.0%
Helmerich & Payne, Inc. (1)	21,000		1,315,650
Noble Corp.	31,000		1,957,340
Transocean, Inc. (1)	30,000		4,505,700
			7,778,690
Oil & Gas-Equipment and Services - 4.6%
Cameron International Corp. (1) (2)	35,000		1,863,050
Halliburton Co.	79,500		3,862,110
Schlumberger, Ltd.	40,000		4,045,200
Weatherford International, Ltd. (2)	44,000		2,007,720
			11,778,080
Oil & Gas-Exploration and Production - 1.0%
XTO Energy, Inc.	40,000		2,544,800
Oil & Gas-Storage and Transportation - 0.7%
The Williams Companies, Inc.	49,000		1,863,960

Description	Shares	Value
Common Stocks (continued)
Energy (continued)
Total Energy		$	26,450,810
Financials - 7.5%
Asset Management & Custody Banks - 1.5%
Bank of New York Mellon Corp. (1)	20,000		890,600
State Street Corp.	42,500		3,060,850
			3,951,450
Investment Banking & Brokerage - 1.8%
Goldman Sachs Group, Inc. (1)	7,500		1,323,075
The Charles Schwab Corp.	150,000		3,327,000
			4,650,075
Life & Health Insurance - 1.2%
Aflac, Inc.	29,000		1,946,770
Prudential Financial, Inc.	16,000		1,195,200
			3,141,970
Multi-Line Insurance - 0.9%
Assurant, Inc.	35,000		2,381,050
Specialized Finance - 2.1%
CME Group, Inc. (1)	3,000		1,290,900
Nymex Holdings, Inc.	15,500		1,407,710
NYSE Euronext	40,000		2,556,800
			5,255,410
Total Financials			19,379,955
Healthcare - 16.0%
Biotechnology - 2.0%
Genzyme Corp. (2)	27,500		1,882,650
Gilead Sciences, Inc. (2)	60,400		3,341,328
			5,223,978
Healthcare Equipment - 1.3%
Baxter International, Inc.	33,600		2,052,960
C.R. Bard, Inc.	13,900		1,267,680
			3,320,640
Healthcare Services - 2.3%
Express Scripts, Inc. (2)	16,500		1,189,815
Medco Health Solutions, Inc. (2)	99,800		4,835,310
			6,025,125
Healthcare Technology - 0.8%
Cerner Corp. (1) (2)	45,500		2,064,335
Life Sciences Tools & Services - 1.7%
Thermo Fisher Scientific, Inc. (2)	73,000		4,308,460
Pharmaceuticals - 7.9%
Allergan, Inc.	61,000		3,514,820
Bristol-Myers Squibb Co.	75,900		1,729,761
Johnson & Johnson	70,200		4,685,148
Merck & Co., Inc.	137,000		5,337,520
Schering-Plough Corp.	261,400		5,332,560
			20,599,809
Total Healthcare			41,542,347
Industrials - 11.9%
Aerospace & Defense - 4.7%
General Dynamics Corp.	30,000		2,764,500
Lockheed Martin Corp.	37,000		4,049,280
Precision Castparts Corp.	10,000		1,208,000
Rockwell Collins, Inc.	17,800		1,092,386
United Technologies Corp.	45,000		3,196,800
			12,310,966
Construction & Farm Machinery and Heavy Trucks - 1.2%
Deere & Co.	36,600		2,977,044
Electrical Components & Equipment - 2.3%
Emerson Electric Co.	68,050		3,959,149
Roper Industries, Inc. (1)	30,400		1,977,216
			5,936,365
Industrial Conglomerates - 2.6%
3M Co.	50,000		3,878,000
General Electric Co.	90,300		2,774,016
			6,652,016
Industrial Machinery - 1.1%
ITT Corp.	41,800		2,758,800
Total Industrials			30,635,191

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology - 26.6%
Application Software - 2.0%
Adobe Systems, Inc. (2)		85,100	$	3,749,506
Intuit, Inc. (2)		47,533		1,376,556
				5,126,062
Communications Equipment - 3.6%
Cisco Systems, Inc. (2)		345,000		9,218,400
Computer Hardware - 5.4%
Apple, Inc. (2)		49,530		9,348,788
Dell, Inc. (1) (2)		91,900		2,119,214
Hewlett-Packard Co.		56,500		2,658,890
				14,126,892
Computer Storage & Peripherals - 1.3%
EMC Corp. (1) (2)		197,700		3,447,888
Consulting & Other Services - 1.0%
Cognizant Technology Solutions Corp. (1) (2)		69,600		2,455,488
Data Processing & Outsourced Services - 0.3%
Visa, Inc. (2)		10,000		863,600
Internet Software & Services - 4.6%
Akamai Technologies, Inc. (1) (2)		35,000		1,366,750
eBay, Inc. (2)		75,400		2,262,754
Google, Inc., Class A (2)		13,920		8,154,336
				11,783,840
Semiconductor Equipment - 0.5%
MEMC Electronic Materials, Inc. (2)		19,400		1,332,004
Semiconductors - 2.6%
Intel Corp.		286,480		6,640,606
Systems Software - 5.3%
Microsoft Corp.		348,600		9,872,351
Oracle Corp. (2)		171,250		3,911,350
				13,783,701
Total Information Technology				68,778,481
Materials - 3.5%
Diversified Metals & Mining - 0.7%
Freeport-McMoRan Copper & Gold, Inc. (1)		16,000		1,851,360
Fertilizers & Agricultural Chemicals - 1.8%
Monsanto Co.		36,700		4,675,580
Industrial Gases - 1.0%
Praxair, Inc.		27,500		2,614,150
Total Materials				9,141,090
Telecommunication Services - 0.8%
Integrated Telecommunication Services - 0.8%
Verizon Communications		50,300		1,935,041
Total Telecommunication Services				1,935,041
Utilities - 2.6%
Electric Utilities - 1.0%
FPL Group, Inc.		19,000		1,282,880
PPL Corp.		26,000		1,334,060
				2,616,940
Independent Power Producers & Energy Traders - 1.6%
Constellation Energy Group, Inc.		31,700		2,733,491
NRG Energy, Inc. (1) (2)		30,600		1,272,654
				4,006,145
Total Utilities				6,623,085
Total Common Stocks (identified cost $221,772,096)				247,814,102
Short-Term Investments - 15.3%
Collateral Pool Investment for Securities on Loan - 12.5%
(See Note 2 of the Schedule of Investments)				32,050,500
Repurchase Agreement - 2.8%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 05/30/2008, to be repurchased at $7,308,966 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2020, with a market value of $7,455,903 (at amortized cost)	$	7,307,657		7,307,657
Total Short-Term Investments (identified cost $39,358,157)				39,358,157
Total Investments - 111.3% (identified cost $261,130,253)				287,172,259
Other Assets and Liabilities - (11.3)%				(29,268,442	)
Total Net Assets - 100.0%			$	257,903,817

Mid-Cap Value Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 97.3%
Consumer Discretionary - 12.9%
Advertising - 1.2%
Interpublic Group of Cos., Inc. (1) (2)	444,460	$	4,431,266
Apparel Retail - 2.2%
The Gap, Inc. (1)	160,200		2,923,650
TJX Companies, Inc. (1)	158,900		5,094,334
			8,017,984
Auto Parts & Equipment - 0.9%
Autoliv, Inc.	60,200		3,291,134
Broadcasting & Cable TV - 3.0%
Liberty Global, Inc. (1) (2)	132,200		4,739,370
Liberty Media Corp. (2)	233,100		6,293,700
			11,033,070
Department Stores - 0.6%
Kohl’s Corp. (1) (2)	47,360		2,121,728
Education Services - 0.4%
Apollo Group, Inc., Class A (1) (2)	32,000		1,529,280
Homebuilding - 0.5%
Centex Corp.	43,700		822,871
Toll Brothers, Inc. (2)	38,900		819,623
			1,642,494
Household Appliances - 1.9%
Snap-On, Inc.	43,900		2,718,288
Whirlpool Corp.	54,500		4,015,560
			6,733,848
Internet Retail - 1.4%
Expedia, Inc. (1) (2)	206,100		4,997,925
Restaurants - 0.8%
Yum! Brands, Inc. (1)	69,200		2,747,240
Total Consumer Discretionary			46,545,969
Consumer Staples - 6.4%
Food Retail - 3.3%
Kroger Co.	176,700		4,883,988
Safeway, Inc.	222,460		7,089,800
			11,973,788
Packaged Foods & Meats - 1.4%
Pilgrim’s Pride Corp.	198,160		5,152,160
Tobacco - 1.7%
Loews Corp. - Carolina Group (1)	83,300		6,043,415
Total Consumer Staples			23,169,363
Energy - 8.7%
Integrated Oil & Gas - 2.0%
Hess Corp. (1)	27,700		3,401,837
Murphy Oil Corp.	40,500		3,752,325
			7,154,162
Oil & Gas-Drilling - 0.7%
Nabors Industries Ltd. (1) (2)	57,800		2,429,912
Oil & Gas-Equipment and Services - 0.6%
BJ Services Co.	73,300		2,213,660
Oil & Gas-Exploration and Production - 3.0%
Newfield Exploration Co. (1) (2)	71,500		4,521,660
Noble Energy, Inc.	63,500		6,188,075
			10,709,735
Oil & Gas-Storage and Transportation - 2.4%
El Paso Corp.	443,400		8,668,470

Description	Shares	Value
Common Stocks (continued)
Energy (continued)
Total Energy		$	31,175,939
Financials - 21.6%
Asset Management & Custody Banks - 5.0%
Affiliated Managers Group, Inc. (1) (2)	37,000		3,792,500
Ameriprise Financial, Inc.	83,900		3,965,114
Invesco Ltd.	122,400		3,406,392
Northern Trust Corp.	52,000		3,952,000
State Street Corp.	37,600		2,707,952
			17,823,958
Insurance Brokers - 1.8%
Aon Corp.	133,600		6,304,584
Life & Health Insurance - 5.4%
Principal Financial Group, Inc. (1)	86,100		4,639,068
Protective Life Corp.	168,700		7,082,026
StanCorp Financial Group, Inc. (1)	146,000		8,028,540
			19,749,634
Multi-Line Insurance - 1.2%
Assurant, Inc.	61,900		4,211,057
Property & Casualty Insurance - 3.7%
ACE Ltd.	101,600		6,103,112
Hanover Insurance Group, Inc.	155,200		7,154,720
			13,257,832
Real Estate Investment Trusts - 0.6%
Kimco Realty Corp. (1)	54,500		2,144,575
Regional Banks - 2.1%
City National Corp. (1)	75,500		3,654,200
M&T Bank Corp.	42,900		3,717,714
			7,371,914
Reinsurance - 1.8%
PartnerRe Ltd.	87,300		6,433,137
Total Financials			77,296,691
Healthcare - 5.7%
Healthcare Distributors - 1.5%
AmerisourceBergen Corp.	132,400		5,472,092
Healthcare Services - 1.5%
DaVita, Inc. (1) (2)	105,800		5,488,904
Healthcare Supplies - 0.8%
DENTSPLY International, Inc.	71,200		2,886,448
Life Sciences Tools & Services - 1.9%
Thermo Fisher Scientific, Inc. (1) (2)	111,700		6,592,534
Total Healthcare			20,439,978
Industrials - 10.5%
Aerospace & Defense - 1.5%
Alliant Techsystems, Inc. (1) (2)	48,300		5,243,448
Airlines - 0.2%
Continental Airlines, Inc. (1) (2)	60,600		873,246
Environmental & Facilities Services - 1.4%
Republic Services, Inc.	148,930		4,904,265
Human Resource & Employment Services - 1.5%
Manpower, Inc.	86,500		5,449,500
Industrial Conglomerates - 0.8%
Textron, Inc.	43,600		2,727,180
Industrial Machinery - 3.6%
Eaton Corp.	69,100		6,680,588
ITT Corp.	96,500		6,369,000
			13,049,588
Trucking - 1.5%
J.B. Hunt Transport Services, Inc. (1)	157,000		5,469,880
Total Industrials			37,717,107
Information Technology - 10.8%
Application Software - 1.3%
Synopsys, Inc. (2)	178,800		4,711,380
Computer Storage & Peripherals - 0.9%
Seagate Technology (1)	148,200		3,174,444

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Data Processing & Outsourced Services - 1.0%
Fiserv, Inc. (1) (2)		71,700	$	3,754,212
Electronic Manufacturing Services - 1.3%
Flextronics International Ltd. (2)		427,600		4,579,596
Office Electronics - 1.2%
Xerox Corp.		312,800		4,247,824
Semiconductors - 1.7%
Altera Corp. (1)		125,100		2,894,814
Intersil Corp.		112,500		3,135,375
				6,030,189
Systems Software - 0.7%
Symantec Corp. (2)		119,700		2,601,081
Technology Distributors - 2.7%
Arrow Electronics, Inc. (2)		166,100		5,092,626
Ingram Micro, Inc. (2)		263,600		4,779,068
				9,871,694
Total Information Technology				38,970,420
Materials - 6.7%
Diversified Chemicals - 1.3%
PPG Industries, Inc. (1)		75,830		4,779,565
Paper Packaging - 1.8%
Sealed Air Corp.		271,700		6,618,612
Paper Products - 1.3%
MeadWestvaco Corp.		180,940		4,655,586
Specialty Chemicals - 1.3%
Cytec Industries, Inc.		74,800		4,724,368
Steel - 1.0%
Nucor Corp.		46,400		3,470,720
Total Materials				24,248,851
Telecommunication Services - 1.8%
Integrated Telecommunication Services - 1.8%
Embarq Corp. (1)		116,700		5,522,244
Qwest Communications International, Inc. (1)		201,000		974,850
Total Telecommunication Services				6,497,094
Utilities - 12.2%
Electric Utilities - 4.9%
Edison International		139,400		7,420,262
Entergy Corp.		29,400		3,550,638
PPL Corp.		128,800		6,608,728
				17,579,628
Gas Utilities - 2.8%
Equitable Resources, Inc.		86,100		6,046,803
ONEOK, Inc.		78,400		3,924,704
				9,971,507
Independent Power Producers & Energy Traders - 0.5%
NRG Energy, Inc. (1) (2)		45,500		1,892,345
Multi-Utilities - 4.0%
CMS Energy Corp. (1)		441,500		6,882,985
Sempra Energy		128,600		7,434,366
				14,317,351
Total Utilities				43,760,831
Total Common Stocks (identified cost $301,171,430)				349,822,243
Short-Term Investments - 24.1%
Collateral Pool Investment for Securities on Loan - 22.1%
(See Note 2 of the Schedule of Investments)				79,588,412
Repurchase Agreement - 2.0%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 5/30/2008, to be repurchased at $7,050,016 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2020, with a market value of $7,191,083 (at amortized cost)	$	7,048,753		7,048,753
Total Short-Term Investments (identified cost $86,637,165)				86,637,165
Total Investments - 121.4% (identified cost $387,808,595)				436,459,408
Other Assets and Liabilities - (21.4)%				(76,919,484	)
Total Net Assets - 100.0%			$	359,539,924

Mid-Cap Growth Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 97.4%
Consumer Discretionary - 13.7%
Auto Parts & Equipment - 0.9%
Autoliv, Inc.	45,100	$	2,465,617
Broadcasting & Cable TV - 3.0%
Central European Media Enterprises, Ltd. (1) (2)	46,800		4,978,584
Discovery Holding Co., Class A (1) (2)	132,800		3,478,032
			8,456,616
Computer & Electronics Retail - 0.7%
GameStop Corp. (2)	39,200		1,944,320
Distributors - 0.9%
LKQ Corp. (1) (2)	107,000		2,371,120
Homebuilding - 2.8%
Desarrolladora Homex SAB de CV ADR (1) (2)	47,000		3,275,900
Gafisa S.A. (1)	101,500		4,535,020
			7,810,920
Housewares & Specialties - 1.8%
Tupperware Brands Corp.	129,800		4,971,340
Movies & Entertainment - 1.5%
CTC Media, Inc. (2)	148,400		4,107,712
Restaurants - 1.0%
Burger King Holdings, Inc.	95,700		2,732,235
Tires & Rubber - 1.1%
Goodyear Tire & Rubber Co. (2)	116,100		2,950,101
Total Consumer Discretionary			37,809,981
Consumer Staples - 7.2%
Distillers & Vintners - 2.9%
Central European Distribution Corp. (1) (2)	111,300		7,942,368
Drug Retail - 1.5%
CVS Caremark Corp.	94,100		4,026,539
Packaged Foods & Meats - 1.4%
Perdigao S.A. ADR (1)	32,500		2,135,250
Sadia S.A. ADR (1)	68,133		1,736,710
			3,871,960
Personal Products - 1.4%
Avon Products, Inc.	66,600		2,601,396
Chattem, Inc. (1) (2)	22,000		1,368,620
			3,970,016
Total Consumer Staples			19,810,883
Energy - 17.0%
Oil & Gas-Equipment and Services - 1.1%
IHS, Inc., Class A (2)	50,800		3,025,648
Oil & Gas-Exploration and Production - 15.9%
Atlas America, Inc.	103,100		7,075,753
Berry Petroleum Co. (1)	81,200		4,384,800
Chesapeake Energy Corp. (1)	118,500		6,490,245
Contango Oil & Gas Co. (2)	65,850		5,501,768
Encore Acquisition Co. (2)	41,500		2,771,785
Penn Virginia Corp.	35,100		2,212,002
Petrohawk Energy Corp. (1) (2)	95,500		2,805,790
Quicksilver Resources, Inc. (2)	101,400		3,694,002
St. Mary Land & Exploration Co.	76,900		3,918,824
Ultra Petroleum Corp. (1) (2)	59,200		5,148,624
			44,003,593
Total Energy			47,029,241

Description	Shares	Value
Common Stocks (continued)
Financials - 3.4%
Diversified Banks - 0.7%
Credicorp, Ltd. ADR	24,500	$	2,044,770
Multi-Line Insurance - 1.1%
Assurant, Inc.	46,100		3,136,183
Real Estate Investment Trusts - 1.6%
Annaly Capital Management, Inc.	239,300		4,261,933
Total Financials			9,442,886
Healthcare - 10.8%
Biotechnology - 2.1%
Alexion Pharmaceuticals, Inc. (1) (2)	31,900		2,276,065
BioMarin Pharmaceutical, Inc. (1) (2)	91,100		3,477,287
			5,753,352
Healthcare Equipment - 1.0%
Becton, Dickinson and Co.	32,800		2,769,960
Healthcare Supplies - 1.8%
DENTSPLY International, Inc.	54,100		2,193,214
Inverness Medical Innovations, Inc. (1) (2)	74,500		2,723,720
			4,916,934
Life Sciences Tools & Services - 4.2%
Charles River Laboratories International, Inc. (1) (2)	45,600		2,931,168
Covance, Inc. (2)	33,100		2,713,538
QIAGEN N.V. (1) (2)	103,600		2,062,676
Thermo Fisher Scientific, Inc. (2)	65,400		3,859,908
			11,567,290
Pharmaceuticals - 1.7%
Perrigo Co. (1)	68,600		2,511,446
Teva Pharmaceutical Industries, Ltd. ADR (1)	49,300		2,254,489
			4,765,935
Total Healthcare			29,773,471
Industrials - 17.0%
Aerospace & Defense - 1.7%
Goodrich Corp.	31,400		2,035,034
Precision Castparts Corp.	21,400		2,585,120
			4,620,154
Construction & Engineering - 1.9%
Jacobs Engineering Group, Inc. (2)	22,400		2,123,072
Quanta Services, Inc. (1) (2)	98,500		3,155,940
			5,279,012
Construction & Farm Machinery and Heavy Trucks - 2.0%
AGCO Corp. (2)	56,300		3,402,209
Navistar International Corp. (2)	29,600		2,248,120
			5,650,329
Diversified Commercial & Professional Services - 1.7%
Brink’s Co.	30,800		2,232,384
Dun & Bradstreet Corp.	27,000		2,473,740
			4,706,124
Electrical Components & Equipment - 3.1%
AMETEK, Inc.	50,900		2,611,170
EnerSys (2)	103,500		3,230,235
GrafTech International Ltd. (2)	103,900		2,742,960
			8,584,365
Environmental & Facilities Services - 0.9%
Stericycle, Inc. (2)	45,000		2,623,500
Human Resource & Employment Services - 1.0%
Watson Wyatt Worldwide, Inc.	45,600		2,670,792
Industrial Conglomerates - 2.4%
Textron, Inc.	42,000		2,627,100
Walter Industries, Inc.	42,700		3,981,348
			6,608,448
Industrial Machinery - 2.3%
Harsco Corp.	44,400		2,811,408
SPX Corp.	26,800		3,561,184
			6,372,592
Total Industrials			47,115,316
Information Technology - 14.8%
Application Software - 3.5%
ANSYS, Inc. (1) (2)	51,500		2,435,950
Parametric Technology Corp. (2)	124,000		2,328,720
Solera Holdings, Inc. (2)	85,000		2,317,950
Synopsys, Inc. (2)	107,100		2,822,085
			9,904,705

Description	Shares	Value
Common Stocks (continued)
Information Technology (continued)
Communications Equipment - 1.6%
Ciena Corp. (1) (2)	64,000	$	1,955,840
Harris Corp.	37,800		2,486,484
			4,442,324
Data Processing & Outsourced Services - 1.1%
Mastercard, Inc., Class A (1)	9,600		2,963,040
Electronic Equipment Manufacturers - 2.4%
Amphenol Corp., Class A	67,700		3,156,851
FLIR Systems, Inc. (1) (2)	85,600		3,374,352
			6,531,203
Home Entertainment Software - 1.0%
Activision, Inc. (1) (2)	83,500		2,818,125
Internet Software & Services - 1.7%
Equinix, Inc. (2)	50,300		4,803,147
Semiconductor Equipment - 1.0%
Teradyne, Inc. (2)	193,800		2,662,812
Semiconductors - 0.8%
Cypress Semiconductor Corp. (2)	74,800		2,085,424
Systems Software - 1.7%
McAfee, Inc. (2)	61,400		2,225,750
Sybase, Inc. (1) (2)	79,200		2,535,984
			4,761,734
Total Information Technology			40,972,514
Materials - 9.6%
Diversified Chemicals - 1.4%
FMC Corp. (1)	51,000		3,772,980
Fertilizers & Agricultural Chemicals - 2.2%
Agrium, Inc.	16,700		1,459,914
CF Industries Holdings, Inc.	9,800		1,341,620
Syngenta A.G. ADR (1)	56,400		3,456,756
			6,258,290
Industrial Gases - 1.0%
Praxair, Inc.	27,700		2,633,162
Metal & Glass Containers - 2.2%
Greif, Inc.	30,700		2,058,128
Owens-Illinois, Inc. (2)	72,000		4,119,840
			6,177,968
Specialty Chemicals - 1.3%
Nalco Holdings Co.	73,200		1,780,224
Sigma-Aldrich Corp.	32,500		1,909,700
			3,689,924
Steel - 1.5%
Cleveland-Cliffs, Inc.	16,400		1,749,880
Steel Dynamics, Inc.	65,400		2,360,940
			4,110,820
Total Materials			26,643,144
Telecommunication Services - 2.4%
Wireless Telecommunication Services - 2.4%
American Tower Corp. Class A (2)	80,400		3,675,888
Crown Castle International Corp. (2)	67,300		2,859,577
			6,535,465
Total Telecommunication Services			6,535,465
Utilities - 1.5%
Water Utilities - 1.5%
Cia de Saneamento Basico do Estado de Sao Paulo ADR (1)	75,300		4,243,155
Total Utilities			4,243,155
Total Common Stocks (identified cost $222,210,435)			269,376,056
Short-Term Investments - 29.1%
Collateral Pool Investment for Securities on Loan - 26.8%
(See Note 2 of the Schedule of Investments)			74,100,688

Description	Principal Amount		Value
Short-Term Investments (continued)
Repurchase Agreement - 2.3%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 5/30/2008, to be repurchased at $6,269,479 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2020, with a market value of $6,393,894 (at amortized cost)	$	6,268,356	$	6,268,356
Total Short-Term Investments (identified cost $80,369,044)				80,369,044
Total Investments - 126.5% (identified cost $302,579,479)				349,745,100
Other Assets and Liabilities - (26.5)%				(73,289,322	)
Total Net Assets - 100.0%			$	276,455,778

Small-Cap Growth Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 98.6%
Consumer Discretionary - 12.4%
Apparel Retail - 0.5%
Iconix Brand Group, Inc. (1) (2)	103,500	$	1,500,750
Apparel, Accessories & Luxury Goods - 1.7%
Fuqi International, Inc. (2)	454,600		5,127,888
Broadcasting & Cable TV - 1.1%
DG FastChannel, Inc. (1) (2)	166,700		3,273,988
Distributors - 0.8%
LKQ Corp. (1) (2)	117,600		2,606,016
Homebuilding - 1.6%
Gafisa S.A. ADR (1)	110,600		4,941,608
Housewares & Specialties - 1.8%
Tupperware Brands Corp.	143,900		5,511,370
Movies & Entertainment - 3.5%
CTC Media, Inc. (2)	165,000		4,567,200
Imax Corp. (1) (2)	482,100		3,485,583
World Wrestling Entertainment, Inc.	167,300		2,785,545
			10,838,328
Restaurants - 0.6%
Einstein Noah Restaurant Group, Inc. (2)	142,200		1,996,488
Specialty Stores - 0.8%
Blockbuster, Inc., Class A (1) (2)	714,200		2,321,150
Total Consumer Discretionary			38,117,586
Consumer Staples - 3.7%
Food Distributors - 2.8%
Central European Distribution Corp. (1) (2)	119,100		8,498,976
Packaged Foods & Meats - 0.4%
TreeHouse Foods, Inc. (2)	50,700		1,324,791
Personal Products - 0.5%
Chattem, Inc. (1) (2)	23,900		1,486,819
Total Consumer Staples			11,310,586
Energy - 15.3%
Oil & Gas-Exploration and Production - 15.3%
Atlas America, Inc.	113,600		7,796,368
Contango Oil & Gas Co. (1) (2)	128,100		10,702,755
Gasco Energy, Inc. (1) (2)	2,581,800		9,810,840
GMX Resources, Inc. (1) (2)	106,700		5,150,409
Petroleum Development Corp. (2)	36,500		2,522,150
Quest Resource Corp. (1) (2)	355,500		3,949,605
TXCO Resources, Inc. (1) (2)	385,500		4,267,485
Westside Energy Corp. (1) (2)	633,500		3,059,805
Total Energy			47,259,417
Financials - 1.5%
Asset Management & Custody Banks - 0.7%
Riskmetrics Group, Inc. (1) (2)	109,700		2,274,081
Real Estate Investment Trusts - 0.8%
American Capital Agency Corp. (2)	125,900		2,480,230
Total Financials			4,754,311
Healthcare - 18.8%
Biotechnology - 3.8%
Alexion Pharmaceuticals, Inc. (1) (2)	34,100		2,433,035
BioMarin Pharmaceutical, Inc. (1) (2)	95,800		3,656,686
Cepheid, Inc. (1) (2)	118,500		3,118,920
United Therapeutics Corp. (1) (2)	27,700		2,645,627
			11,854,268

Description	Shares	Value
Common Stocks (continued)
Healthcare (continued)
Healthcare Equipment - 5.3%
ABIOMED, Inc. (1) (2)	121,000	$	1,788,380
Natus Medical, Inc. (1) (2)	186,500		4,020,940
NuVasive, Inc. (1) (2)	78,000		3,301,740
Vnus Medical Technologies, Inc. (2)	152,600		2,678,130
Wright Medical Group, Inc. (2)	152,900		4,539,601
			16,328,791
Healthcare Facilities - 0.6%
Sun Healthcare Group, Inc. (1) (2)	131,200		1,884,032
Healthcare Services - 0.5%
HMS Holdings Corp. (1) (2)	69,500		1,405,985
Healthcare Supplies - 1.9%
Inverness Medical Innovations, Inc. (1) (2)	83,800		3,063,728
RTI Biologics, Inc. (1) (2)	270,500		2,691,475
			5,755,203
Healthcare Technology - 0.8%
MedAssets, Inc. (1) (2)	142,600		2,546,836
Life Sciences Tools & Services - 2.6%
eResearchTechnology, Inc. (2)	153,100		2,448,069
ICON PLC ADR (2)	42,600		3,003,300
PAREXEL International Corp. (2)	101,800		2,503,262
			7,954,631
Pharmaceuticals - 3.3%
Perrigo Co.	75,500		2,764,055
Questcor Pharmaceuticals, Inc. (1) (2)	851,300		4,333,117
VIVUS, Inc. (1) (2)	444,300		3,039,012
			10,136,184
Total Healthcare			57,865,930
Industrials - 21.7%
Aerospace & Defense - 1.0%
BE Aerospace, Inc. (2)	90,100		3,148,995
Building Products - 1.8%
Ameron International Corp.	49,200		5,641,764
Commercial Printing - 0.9%
Innerworkings, Inc. (1) (2)	213,200		2,735,356
Construction & Engineering - 2.5%
Aecom Technology Corp. (1) (2)	93,600		3,014,856
KHD Humboldt Wedag International, Ltd.	129,900		4,559,490
			7,574,346
Construction & Farm Machinery and Heavy Trucks - 2.9%
Titan International, Inc. (1)	156,500		6,186,445
Titan Machinery, Inc. (1) (2)	123,600		3,003,480
			9,189,925
Diversified Commercial & Professional Services - 1.3%
China Direct, Inc. (1) (2)	433,400		3,865,928
Electrical Components & Equipment - 3.4%
American Superconductor Corp. (1) (2)	108,600		3,831,408
EnerSys (1) (2)	115,800		3,614,118
Polypore International, Inc. (2)	129,200		3,062,040
Ultralife Batteries, Inc. (1) (2)	26,400		333,432
			10,840,998
Environmental & Facilities Services - 2.7%
Clean Harbors, Inc. (1) (2)	53,400		3,793,002
Metalico, Inc. (1) (2)	280,200		4,455,180
			8,248,182
Human Resource & Employment Services - 2.1%
On Assignment, Inc. (2)	417,100		3,478,614
Watson Wyatt Worldwide, Inc.	51,500		3,016,355
			6,494,969
Industrial Conglomerates - 1.1%
Walter Industries, Inc.	34,800		3,244,752
Industrial Machinery - 2.0%
Altra Holdings, Inc. (2)	141,300		2,461,446
Middleby Corp. (1) (2)	64,400		3,676,596
			6,138,042
Total Industrials			67,123,257

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology - 18.2%
Application Software - 3.7%
ANSYS, Inc. (1) (2)		58,500	$	2,767,050
Parametric Technology Corp. (2)		137,400		2,580,372
PROS Holdings, Inc. (2)		146,400		1,707,024
Solera Holdings, Inc. (2)		96,600		2,634,282
Tyler Technologies, Inc. (1) (2)		115,800		1,825,008
				11,513,736
Communications Equipment - 1.4%
Ciena Corp. (1) (2)		65,000		1,986,400
Harmonic, Inc. (2)		241,500		2,323,230
				4,309,630
Computer Storage & Peripherals - 0.5%
Netezza Corp. (2)		116,600		1,504,140
Data Processing & Outsourced Services - 1.4%
TNS, Inc. (1) (2)		175,000		4,380,250
Electronic Equipment Manufacturers - 0.5%
MTS Systems Corp.		41,300		1,562,792
Internet Software & Services - 6.6%
Ariba, Inc. (1) (2)		188,100		2,791,404
AsiaInfo Holdings, Inc. (2)		228,400		3,140,500
Equinix, Inc. (1) (2)		56,000		5,347,440
Internet Capital Group, Inc. (2)		342,000		3,440,520
Omniture, Inc. (1) (2)		90,500		2,230,825
Points International, Ltd. (1) (2)		704,600		1,028,716
VistaPrint Ltd. (1) (2)		70,600		2,211,192
				20,190,597
Semiconductor Equipment - 1.0%
Teradyne, Inc. (2)		219,700		3,018,678
Semiconductors - 2.2%
AuthenTec, Inc. (1) (2)		228,800		3,118,544
Cavium Networks, Inc. (1) (2)		142,200		3,705,732
				6,824,276
Systems Software - 0.9%
Commvault Systems, Inc. (2)		154,400		2,703,544
Total Information Technology				56,007,643
Materials - 3.9%
Diversified Metals & Mining - 1.3%
Taseko Mines, Ltd. (2)		761,800		3,717,584
Metal & Glass Containers - 0.7%
Greif, Inc.		34,300		2,299,472
Paper Products - 1.0%
Verso Paper Corp. (2)		311,100		3,067,446
Specialty Chemicals - 0.9%
Balchem Corp.		115,100		2,845,272
Total Materials				11,929,774
Telecommunication Services - 3.1%
Alternative Carriers - 1.3%
Premiere Global Services, Inc. (1) (2)		260,300		3,943,545
Wireless Telecommunication Services - 1.8%
SBA Communications Corp. (1) (2)		86,000		3,200,920
Syniverse Holdings, Inc. (2)		114,900		2,477,244
				5,678,164
Total Telecommunication Services				9,621,709
Total Common Stocks (identified cost $254,349,578)				303,990,213
Short-Term Investments - 43.7%
Collateral Pool Investment for Securities on Loan - 42.2%
(See Note 2 of the Schedule of Investments)				130,353,694
Repurchase Agreement - 1.5%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 5/30/2008, to be repurchased at $4,487,706 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2020, with a market value of $4,578,378 (at amortized cost)	$	4,486,902		4,486,902
Total Short-Term Investments (identified cost $134,840,596)				134,840,596
Total Investments - 142.3% (identified cost $389,190,174)				438,830,809
Other Assets and Liabilities - (42.3)%				(130,454,061	)
Total Net Assets - 100.0%			$	308,376,748

International Stock Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 97.5%
Australia - 4.6%
ASX, Ltd.	30,986	$	1,018,212
Bendigo Bank, Ltd.	6,515		87,926
BHP Billiton, Ltd.	93,602		3,891,718
BlueScope Steel, Ltd.	132,687		1,439,432
Caltex Australian, Ltd.	97,412		1,391,941
CSL, Ltd.	66,700		2,537,324
Incitec Pivot, Ltd.	11,229		1,867,486
Leighton Holdings, Ltd. (1)	71,933		3,664,565
Qantas Airways, Ltd.	546,276		1,811,793
Santos, Ltd. (1)	121,747		2,452,991
Sims Group, Ltd.	18,425		662,159
			20,825,547
Austria - 0.3%
OMV AG	3,946		324,875
Voestalpine AG	14,837		1,236,538
			1,561,413
Belgium - 1.1%
Delhaize Group (1)	24,642		1,853,200
Dexia SA (1)	118,742		2,801,041
KBC GROEP NV	2,447		301,927
			4,956,168
Brazil - 0.5%
Companhia Vale do Rio Doce, ADR	34,900		1,388,322
Itausa - Investimentos Itau SA	1,130		8,163
Net Servicos de Comunicacao SA (2)	68,613		989,647
			2,386,132
Canada - 0.6%
Fording Canadian Coal Trust	9,000		720,000
Gildan Activewear, Inc. (2)	41,400		1,222,917
Magna International, Inc.	1,500		105,722
Petro-Canada	11,500		663,542
			2,712,181
China - 0.1%
Focus Media Holding, Ltd., ADR (2)	13,900		560,031
Cyprus - 0.8%
Bank of Cyprus Public Co., Ltd.	266,400		3,713,487
Denmark - 0.2%
D/S Norden A/S	6,129		765,726
Finland - 1.8%
Fortum Oyj	84,300		4,073,509
Nokia Oyj	148,600		4,283,846
			8,357,355
France - 8.9%
Air France-KLM (1)	44,863		1,199,786
Alstom (1)	28,187		7,105,325
BNP Paribas SA (1)	73,468		7,582,516
Bouygues SA (1)	53,200		4,344,381
Credit Agricole SA (1)	50,138		1,326,817
France Telecom SA (1)	121,899		3,699,012
Groupe DANONE	41,272		3,613,034
LVMH Moet Hennessy Louis Vuitton SA	25,802		3,019,038
PPR	18,675		2,440,504
PSA Peugeot Citroen (1)	28,581		1,778,595
Thomson	17,266		109,864
UbiSoft Entertainment SA (2)	6,897		668,479
Vallourec SA	11,845		3,669,723
			40,557,074
Germany - 14.0%
Bayer AG (1)	52,693		4,672,695

Description	Shares	Value
Common Stocks (continued)
Germany (continued)
Commerzbank AG (1)	150,700	$	5,319,703
Daimler AG (1)	37,721		2,870,842
Deutsche Boerse AG (1)	24,361		3,495,481
Deutsche Lufthansa AG (1)	213,780		5,544,244
E.ON AG	2,439		518,932
Fresenius Medical Care AG	56,900		5,005,927
GEA Group AG	142,500		5,549,008
MAN AG (1)	58,379		9,105,924
Metro AG (1)	36,111		2,658,422
MTU Aero Engines Holding AG	1,848		79,868
Norddeutsche Affinerie AG	1,666		80,089
RWE AG	37,909		4,900,391
Salzgitter AG (1)	25,545		5,019,367
SAP AG (1)	57,033		3,151,656
ThyssenKrupp AG	73,291		4,951,994
TUI AG (1)	18,312		484,596
			63,409,139
Greece - 0.0%
Alapis Holding Industrial & Commercial SA	55,944		182,773
Hong Kong - 2.9%
CNOOC, Ltd.	515,000		897,500
Esprit Holdings, Ltd.	12,500		146,081
Hutchison Whampoa, Ltd.	634,000		6,852,715
Kingboard Chemical Holdings, Ltd.	14,500		67,075
Li & Fung, Ltd.	872,000		3,296,301
Pacific Basin Shipping, Ltd.	98,000		169,782
Sun Hung Kai Properties	110,500		1,775,612
			13,205,066
India - 0.8%
Satyam Computer Services, Ltd.	76,500		2,226,150
State Bank of India, GDR	22,000		1,575,200
			3,801,350
Israel - 0.1%
Bank Leumi Le-Israel	50,964		277,727
Italy - 4.5%
Enel SpA (1)	108,225		1,216,480
Eni SpA	31,019		1,263,389
Fiat SpA (1)	300,696		6,699,006
Fondiaria - Sai SpA	3,647		138,157
IFI - Istituto Finanziario Industriale SpA (2)	2,243		63,056
Lottomatica SpA (1)	141,100		4,028,123
Mediolanum SpA (1)	498,400		2,865,050
Pirelli & C. SpA	179,859		149,282
Saipem SpA	89,700		4,119,538
			20,542,081
Japan - 20.8%
AISIN SEIKI Co., Ltd.	58,800		2,058,167
Alpine Electronics, Inc.	3,800		48,735
ARDEPRO Co., Ltd.	265		29,361
Asahi Glass Co., Ltd.	126,000		1,658,964
Bank of Kyoto, Ltd.	12,000		144,792
BROTHER INDUSTRIES, Ltd.	12,103		174,622
Canon, Inc.	39,450		2,129,297
Chiba Bank, Ltd.	39,000		292,260
Chugoku Bank, Ltd.	5,000		78,306
Credit Saison Co., Ltd.	154,020		3,645,228
DAIHATSU MOTOR Co., Ltd.	55,000		617,720
DAIICHI SANKYO Co., Ltd.	68,162		1,923,562
FamilyMart Co., Ltd.	3,400		124,493
FUJITSU, Ltd.	45,000		364,542
Hachijuni Bank, Ltd.	13,000		90,021
Haseko Corp.	624,500		1,007,067
Hitachi Construction Machinery Co., Ltd.	481,000		3,458,528
HOYA Corp.	84,200		2,340,220
INPEX Holdings, Inc.	212		2,674,635
ITOCHU Corp.	49,000		567,065
Iyo Bank, Ltd.	7,000		87,317
JAPAN TOBACCO, Inc.	505		2,452,666

Description	Shares	Value
Common Stocks (continued)
Japan (continued)
JOINT Corp.	15,100	$	116,022
K.K. DaVinci Advisors (2)	50		37,042
Kawasaki Kisen Kaisha, Ltd.	99,000		1,094,052
KOITO MANUFACTURING Co., Ltd.	10,000		142,573
KOMATSU, Ltd.	70,300		2,227,300
KONICA MINOLTA HOLDINGS, Inc.	166,000		3,097,344
LEOPALACE21 Corp.	34,700		554,634
Makita Corp.	11,400		480,137
Marubeni Corp.	486,000		4,333,523
Matsushita Electric Industrial Co., Ltd.	19,000		432,555
Mitsubishi Materials Corp.	84,000		402,390
Mitsubishi UFJ Lease & Finance Co., Ltd.	1,520		70,939
MITSUI & Co., Ltd.	145,000		3,555,540
Mitsui O.S.K. Lines, Ltd.	132,000		1,992,146
Mitsui Trust Holdings, Inc.	421,000		2,995,162
MITSUMI ELECTRIC Co., Ltd.	16,400		476,039
Mizuho Financial Group, Inc.	718		3,773,212
Mizuho Trust & Banking Co., Ltd.	436,000		818,896
NEC Corp.	78,000		414,343
NIKON Corp.	72,000		2,294,821
Nintendo Co., Ltd.	18,900		10,398,406
Nippon Metal Industry Co., Ltd.	17,000		58,376
NIPPON OIL Corp.	283,000		2,045,589
NIPPON TELEGRAPH & TELEPHONE Corp.	294		1,427,888
Nippon Yakin Kogyo Co., Ltd.	103,500		745,176
NISHIMATSUYA CHAIN Co., Ltd. (1)	69,665		822,076
Nisshin Steel Co., Ltd.	158,000		611,497
Nitori Co., Ltd.	44,600		2,335,344
Oki Electric Industry Co., Ltd.	26,000		45,627
Pacific Metals Co., Ltd.	35,000		303,785
PIONEER Corp.	29,100		252,023
ROUND ONE Corp.	41		50,171
SANYO ELECTRIC Co., Ltd. (2)	82,000		209,239
Sapporo Hokuyo Holdings, Inc.	11		85,667
Sasebo Heavy Industries Co., Ltd.	26,000		92,241
Seiko Epson Corp.	24,400		595,997
SHINWA KAIUN KAISHA, Ltd.	9,000		59,334
SKY Perfect JSAT Corp.	271		127,762
Sojitz Corp.	274,200		1,045,612
Sumikin Bussan Corp.	26,000		110,491
Sumitomo Metal Industries, Ltd.	465,000		2,218,697
Sumitomo Metal Mining Co., Ltd.	105,000		1,761,952
Sumitomo Mitsui Financial Group, Inc.	615		5,291,264
Sun Frontier Fudousan Co., Ltd.	56		55,777
SUZUKI MOTOR Corp.	7,300		202,201
TAKEFUJI Corp.	7,520		142,596
Tohoku Electric Power Co., Inc.	2,900		62,170
TOKAI RIKA Co., Ltd.	8,400		199,602
TOKYO TEKKO Co., Ltd.	4,000		15,139
TOYODA GOSEI Co., Ltd.	6,500		209,638
TOYOTA BOSHOKU Corp.	77		2,082
Toyota Motor Corp.	94,600		4,818,839
Urban Corp.	59,300		326,257
Yamaha Motor Co., Ltd.	97,400		1,981,816
YAMATO KOGYO Co., Ltd.	4,100		205,350
			94,191,919
Luxembourg - 1.2%
Acergy SA	208,381		5,410,001
Malaysia - 0.2%
Resorts World Berhad	710,525		714,911
Mexico - 0.8%
Cemex SAB de CV (2)	32,315		92,094
Grupo Financiero Banorte SAB de CV	28,900		140,304
Grupo Mexico SAB de CV	114,773		859,710
Grupo Televisa SA	36,900		966,780
Mexichem SA de CV	15,300		131,966
Telefonos de Mexico SA de CV	639,100		1,321,588
			3,512,442

Description	Shares	Value
Common Stocks (continued)
Netherlands - 4.0%
Aegon NV	1	$	15
Draka Holding NV	1,232		47,591
Heineken NV	64,538		3,792,295
ING Groep NV (1)	231,191		8,826,431
Koninklijke Ahold NV	40,535		606,344
Koninklijke (Royal) Philips Electronics NV (1)	120,021		4,608,314
Oce NV	10,658		150,225
SNS Reaal	4,100		94,339
			18,125,554
New Zealand - 0.0%
Fletcher Building, Ltd.	4,263		26,722
Norway - 0.5%
Cermaq ASA	5,051		64,825
Norsk Hydro ASA	43,200		685,634
Petroleum Geo-Services ASA	46,400		1,366,016
			2,116,475
Russian Federation - 2.5%
Gazprom	42,900		2,591,160
GMK Norilsk Nickel, ADR	35,140		1,033,467
LUKOIL, ADR	70,108		7,764,461
			11,389,088
Singapore - 0.3%
Golden Agri-Resources, Ltd.	112,000		88,840
Jardine Cycle & Carriage, Ltd.	33,000		397,003
Neptune Orient Lines, Ltd.	222,000		661,981
			1,147,824
South Africa - 0.2%
Massmart Holdings, Ltd.	111,500		1,025,579
South Korea - 2.2%
Honam Petrochemical Corp.	1,946		166,630
Kookmin Bank, ADR	38,700		2,416,815
KT Corp.	22,360		1,001,810
LG Electronics, Inc.	6,856		951,806
Samsung Electronics Co., Ltd.	6,830		4,913,383
Samsung SDI Co., Ltd	6,797		525,917
			9,976,361
Spain - 1.4%
Banco Santander SA (1)	103,759		2,161,454
Criteria Caixacorp SA	11,621		79,911
Telefonica SA	142,600		4,093,130
			6,334,495
Sweden - 2.5%
Alfa Laval AB	2,550		178,698
Electrolux AB (1)	149,000		2,147,904
Elekta AB, Class B (1)	204,000		3,663,195
JM AB	27,600		481,810
Kinnevik Investment AB, Class B	9,800		213,541
NCC AB, Class B	1,200		22,748
Scania AB, Class B	16,300		321,219
Scania AB, Class B Red. (2)	16,300		20,292
Skandinaviska Enskilda Banken AB, Class A	46,600		1,056,179
Volvo AB, Class B (1)	194,200		3,074,577
			11,180,163
Switzerland - 5.1%
Galenica AG	1,202		427,865
Julius Baer Holding, Ltd.	60,584		4,958,326
Meyer Burger Technology AG (2)	262		82,955
Nestle SA (1)	10,210		5,020,509
Nobel Biocare Holding AG	6,924		273,040
Roche Holding AG	19,996		3,447,619
Zurich Financial Services AG	29,850		8,756,668
			22,966,982
Taiwan - 0.3%
Chi Mei Optoelectronics Corp.	374,000		509,911
Compal Electronics, Inc.	111,000		123,406
Hon Hai Precision Industry Co., Ltd. (Foxconn)	151,000		854,286
			1,487,603

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Turkey - 0.6%
Akbank TAS		377,300	$	1,671,661
Dogan Sirketler Grubu Holding AS (2)		604,440		709,181
Eregli Demir ve Celik Fabrikalari AS		39,475		252,630
Koc Holding AS (2)		1		1
Tupras-Turkiye Petrol Rafinerileri AS		10,375		259,630
Turkcell Iletisim Hizmetleri		1		6
				2,893,109
United Kingdom - 13.7%
3i Group PLC		67,744		1,188,289
Antofagasta PLC		377,265		5,152,801
AstraZeneca PLC		156,479		6,834,823
BG Group PLC		111,467		2,795,391
BHP Billiton PLC		26,323		998,022
British Land Co. PLC		50,924		808,012
BT Group PLC		1,132,543		4,980,469
Capita Group PLC		37,170		498,107
Drax Group PLC		14,385		192,913
GAME GROUP PLC		14,268		79,915
IG Group Holdings PLC		14,395		108,999
IMI PLC		22,232		225,922
Imperial Tobacco Group PLC		87,301		3,501,925
Kazakhmys PLC		23,633		791,167
Keller Group PLC		2,605		34,264
Land Securities Group PLC		38,983		1,090,367
Lonmin PLC		47,142		3,227,337
National Grid PLC		185,815		2,745,884
Next PLC		12,774		292,767
Petrofac, Ltd.		13,317		165,005
Prudential PLC		352,445		4,642,753
Royal Dutch Shell PLC, Class A		259,428		11,076,939
Shire, Ltd.		79,038		1,348,037
Smith & Nephew PLC		395,400		4,241,288
Stagecoach Group PLC		40,935		188,125
Thomas Cook Group PLC		33,894		166,173
WPP Group PLC		53,587		649,110
Xstrata PLC		49,104		3,880,105
				61,904,909
Total Common Stocks (identified cost $394,969,825)				442,217,387
Rights - 0.1%
United Kingdom - 0.1%
Imperial Tobacco Group PLC (2)		29,450		291,688
Total Rights (identified cost $390,876)				291,688
Short-Term Investments - 19.9%
Collateral Pool Investment for Securities on Loan - 19.8%
(See Note 2 of the Schedule of Investments)				89,803,580
Repurchase Agreement - 0.1%
Agreement with State Street Bank & Trust, 2.030%, dated 5/30/2008, to be repurchased at $340,916 on 6/2/2008, collateralized by U.S. Government Agency Obligation with a maturity of 2/13/2009, with a market value of $348,019 (at amortized cost)	$	340,859		340,859
Total Short-Term Investments (identified cost $90,144,439)				90,144,439
Total Investments - 117.5% (identified cost $485,505,140)				532,653,514
Other Assets and Liabilities - (17.5)%				(79,347,903	)
Total Net Assets - 100.0%			$	453,305,611

International Stock Fund

Industry Division

May 31, 2008

(Unaudited)

Industry	Market Value			% of Total Net Assets
Advertising	$	560,031		0.1	%
Aerospace/Defense		79,868		0.0
Agriculture		6,335,118		1.4
Airlines		8,555,823		1.9
Apparel		1,368,997		0.3
Automobiles		20,195,777		4.5
Banks		47,426,814		10.5
Beverages		3,792,295		0.8
Biotechnology		2,537,324		0.6
Building Materials		1,777,781		0.4
Chemicals		6,905,853		1.5
Coal		720,000		0.2
Commercial Services		535,150		0.1
Computers		487,948		0.1
Cosmetics		1,575,200		0.3
Distribution/Wholesale		13,305,535		2.9
Diversified Financial Services		8,915,210		2.0
Electronics		28,281,096		6.2
Engineering & Construction		8,547,767		1.9
Entertainment		4,028,123		0.9
Food & Staple Retailing		13,816,334		3.0
Health Care		13,183,450		2.9
Holding Companies		16,201,163		3.6
Home Builders		1,007,067		0.2
Home Furnishings		2,991,082		0.7
Insurance		25,229,075		5.6
Iron and Steel		16,754,197		3.7
Leisure Time		3,397,666		0.7
Machinery		22,076,218		4.9
Media		2,733,300		0.6
Metals & Mining		28,788,382		6.4
Miscellaneous Manufacturing		5,796,784		1.3
Office & Business Equipment		2,875,520		0.6
Oil & Gas		47,262,602		10.4
Pharmaceuticals		14,164,679		3.1
Real Estate		2,857,662		0.6
REITS		1,898,378		0.4
Retail		7,120,678		1.6
Semiconductor Equipment & Products		4,913,383		1.1
Shipbuilding		92,241		0.0
Software		6,046,286		1.3
Telecommunications		20,853,378		4.6
Toys		10,398,406		2.3
Transportation		4,931,145		1.1
Venture Capital		1,188,289		0.3
Total Common Stocks & Rights		442,509,075		97.6
Collateral Pool Investment for Securities on Loan		89,803,580		19.8
Repurchase Agreement		340,859		0.1
Total Investments		532,653,514		117.5
Other Assets & Liabilities		(79,347,903	)	(17.5	)
Total Net Assets	$	453,305,611		100.0	%

Aggregate Bond Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Principal Amount		Value
Asset - Backed Securities - 1.7%
Other Financial - 1.7%
Capital Auto Receivables Asset Trust, Class A3A, (Series 2008-2), 4.680%, 10/15/2012	$	2,000,000	$	1,994,790
Chase Issuance Trust, Class A, (Series 2007-A15), 4.960%, 9/17/2012		3,000,000		3,046,206
Total Asset - Backed Securities (identified cost $4,999,492)				5,040,996
Collateralized Mortgage Obligations - 23.4%
Federal National Mortgage Association - 1.0%
5.500%, 8/25/2034, (Series 2005-123-PE) (1)		3,000,000		2,989,701
Other Financial - 22.4%
Bear Stearns Commercial Mortgage Securities, Class AM, (Series 2007-PW17), 5.915%, 6/11/2050 (4)		3,000,000		2,794,449
Bear Stearns Commercial Mortgage Securities, Class AM, (Series 2007-PW18), 6.084%, 6/11/2050 (4)		2,000,000		1,882,238
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.892%, 7/25/2037 (4)		5,154,567		4,907,210
Citigroup Commercial Mortgage Trust, Class A4, (Series 2008-C7), 6.095%, 12/10/2049 (4)		3,000,000		3,032,226
Countrywide Alternative Loan Trust, Class 2A14, (Series 2006-41CB), 6.000%, 1/25/2037		1,463,203		1,383,425
Countrywide Alternative Loan Trust, Class A19, (Series 2007-15CB), 5.750%, 7/25/2037		2,874,008		2,423,869
Credit Suisse Mortgage Capital Certificates, Class AM, (Series 2007-C5), 5.869%, 9/15/2040 (4)		3,000,000		2,784,045
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG9), 5.475%, 3/10/2039		2,000,000		1,816,112
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG11). 5.867%, 12/10/2049 (4)		3,000,000		2,775,876
JP Morgan Alternative Loan Trust, Class 12A1, (Series 2007-A2), 2.593%, 6/25/2037 (4)		5,267,356		3,855,372
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-FL1A), 2.889%, 7/15/2019 (4) (6) (7)		2,649,825		2,563,542
JP Morgan Chase Commercial Mortgage Securities Corp., ClassA2, (Series 2008-C2) 5.855%, 2/12/2051		3,000,000		2,998,965
JP Morgan Mortgage Trust, Class 2A1, (Series 2006-A3), 5.627%, 5/25/2036 (4)		1,978,101		1,944,703
JP Morgan Mortgage Trust, Class 2A1, (Series 2007-A2), 5.703%, 4/25/2037 (4)		1,498,628		1,475,957
JP Morgan Mortgage Trust, Class 3A3, (Series 2007-A4), 5.884%, 6/25/2037 (4)		4,579,759		4,373,033
Lehman Brothers Commercial Mortgage Trust, Class A1, (Series 2007-LLFA), 2.814%, 6/15/2022 (4) (6) (7)		4,472,955		4,259,457
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, (Series 2007-9), 5.700%, 9/12/2049		2,000,000		1,951,828
Merrill Lynch Mortgage Trust, Class A2, (Series 2006-C1), 5.613%, 5/12/2039 (4)		2,425,000		2,460,318
Merrill Lynch Mortgage Trust, Class A3, (Series 2006-C1), 5.658%, 5/12/2039 (4)		2,000,000		2,009,618
Merrill Lynch Mortgage Trust, Class A3A, (Series 2005-CIP1), 4.949%, 7/12/2038 (4)		2,000,000		1,973,216
Morgan Stanley Capital, Class A2A, (Series 2005-HQ6), 4.882%, 8/13/2042		3,000,000		3,003,912
PHH Alternative Mortgage Trust, Class 1A1, (Series 2007-2), 2.503%, 5/25/2037 (4)		2,101,995		1,907,879
Wachovia Bank Commercial Mortgage Trust, Class AM, (Series 2007-C34), 5.818%, 5/15/2046 (4)		2,944,000		2,710,488
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 5.605%, 5/25/2036 (4)		3,255,797		3,212,560
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 5.241%, 4/25/2036 (4)		1,884,312		1,847,867
				66,348,165
Total Collateralized Mortgage Obligations (identified cost $72,424,432)				69,337,866
Corporate Bonds & Notes - 30.5%
Banks - 4.7%
Bank of America Corp., 8.000%, 12/29/2049 (4)		2,000,000		1,985,114

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Banks (continued)
Bank of America Corp., (Series MTN), 4.900%, 5/1/2013 (1)	$	5,000,000	$	4,938,895
Royal Bank of Scotland Group PLC, (Series 144A), 6.990%, 10/29/2049 (4) (6) (7)		2,000,000		1,853,808
Wells Fargo Capital XIII, (Series GMTN), 7.700%, 12/29/2049 (4)		5,000,000		5,016,455
				13,794,272
Basic Materials - 2.3%
ArcelorMittal, (Series 144A), 5.375%, 6/1/2013 (6) (7)		3,000,000		2,955,840
ArcelorMittal, (Series 144A), 6.125%, 6/1/2018 (6)		4,000,000		3,904,728
				6,860,568
Broker/Dealers - 8.4%
Citigroup, Inc., 5.300%, 10/17/2012		2,000,000		1,979,870
Citigroup, Inc., 8.400%, 4/29/2049 (4)		3,000,000		2,977,620
Goldman Sachs Group, Inc., 5.450%, 11/1/2012		3,000,000		3,020,286
Goldman Sachs Group, Inc., 6.750%, 10/1/2037		4,000,000		3,764,672
JP Morgan Chase & Co., 6.400%, 5/15/2038		2,000,000		1,929,110
Lehman Brothers Holdings, 6.875%, 7/17/2037		3,000,000		2,597,886
Lehman Brothers Holdings, (Series MTN), 5.625%, 1/24/2013		3,000,000		2,857,482
Lehman Brothers Holdings, (Series MTN), 6.000%, 7/19/2012		3,000,000		2,912,055
Morgan Stanley, Inc., 3.875%, 1/15/2009 (1)		3,000,000		2,997,417
				25,036,398
Construction Equipment - 0.9%
CRH America, Inc., 6.000%, 9/30/2016 (1)		3,000,000		2,799,381
Electric Utilities - 2.0%
Appalachian Power Co., 7.000%, 4/1/2038		3,000,000		2,947,290
E. ON International Finance BV, 5.800%, 4/30/2018 (6) (7)		3,000,000		2,957,238
				5,904,528
Financial Services - 2.9%
Countrywide Financial Corp., (Series MTN), 5.800%, 6/7/2012		2,000,000		1,851,864
General Electric Capital Corp., 5.625%, 5/1/2018		2,000,000		1,979,376
General Electric Capital Corp., 5.875%, 1/14/2038		3,000,000		2,734,632
Genworth Global Funding Trusts, 5.200%, 10/8/2010		2,000,000		2,000,756
				8,566,628
Insurance - 3.9%
Genworth Life Institutional Funding Trust, (Series MTN), 5.875%, 5/3/2013 (6) (7)		3,000,000		2,980,635
Principal Life Income Funding Trusts, (Series MTN), 5.300%, 4/24/2013		3,000,000		2,994,321
Progressive Corp., 6.700%, 6/15/2037 (4)		4,000,000		3,537,948
Prudential Financial, Inc., 6.000%, 12/1/2017		2,000,000		1,976,488
				11,489,392
Media - 0.7%
Comcast Corp., 6.950%, 8/15/2037 (1)		2,000,000		2,031,954
Medical-Drugs - 1.0%
GlaxoSmithKline Capital, Inc., 6.375%, 5/15/2038		3,000,000		2,972,118
Real Estate Investment Trusts - 1.7%
iStar Financial, Inc., 8.625%, 6/1/2013		5,000,000		4,948,670
Technology and Communications - 0.7%
Oracle Corp., 5.750%, 4/15/2018 (1)		2,000,000		1,991,624
Telecommunication Services - 1.3%
AT&T, Inc., 6.300%, 1/15/2038 (1)		2,000,000		1,926,722
Verizon Communications, Inc., 6.900%, 4/15/2038		2,000,000		2,085,124
				4,011,846
Total Corporate Bonds & Notes (identified cost $92,012,199)				90,407,379
Government Agencies - 5.5%
Federal Home Loan Mortgage Corporation - 4.5%
3.375%, 4/15/2009		5,000,000		5,030,610
4.625%, 12/19/2008		3,000,000		3,034,149
4.875%, 2/17/2009		5,000,000		5,079,465
				13,144,224
Federal National Mortgage Association - 1.0%
4.875%, 4/15/2009		3,000,000		3,056,763

Description	Principal Amount		Value
Government Agencies (continued)
Total Government Agencies (identified cost $15,890,920)			$	16,200,987
Mortgage-Backed Securities - 24.9%
Federal Home Loan Mortgage Corporation - 1.2%
5.000%, 11/1/2035 (1)	$	3,606,318		3,492,268
Federal National Mortgage Association - 23.7%
5.000%, 7/1/2022 (1)		5,439,113		5,416,475
5.000%, 1/1/2037 (1)		9,459,785		9,151,756
5.500%, 5/1/2037 (1)		15,678,780		15,586,275
5.500%, 7/14/2038 (5)		30,000,000		29,714,070
6.500%, 9/1/2037 (1)		1,800,136		1,857,966
6.500%, 9/1/2037 (1)		4,502,429		4,647,070
6.500%, 11/1/2037 (1)		1,771,756		1,817,965
6.500%, 1/1/2038		1,900,501		1,961,745
				70,153,322
Total Mortgage - Backed Securities (identified cost $72,355,779)				73,645,590
U.S. Treasury Bonds & Notes - 19.5%
3.125%, 4/30/2013 (1)		20,000,000		19,756,260
3.500%, 2/15/2018 (1)		10,000,000		9,558,600
3.875%, 5/15/2018 (1)		10,000,000		9,863,290
4.375%, 2/15/2038 (1)		5,000,000		4,739,845
4.750%, 5/15/2014 (1)		5,000,000		5,329,690
4.875%, 4/30/2011 (1)		8,000,000		8,444,376
Total U.S. Treasury Bonds & Notes (identified cost $57,319,752)				57,692,061
Short-Term Investments - 42.9%
Collateral Pool Investment for Securities on Loan - 39.5%
(See Note 2 of the Schedule of Investments)				117,091,112
Repurchase Agreement - 3.4%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 5/30/2008, to be repurchased at $9,948,661 on 6/2/2008, collateralized by a U.S. Government Agency Obligations with various maturities to 10/15/2029, with a market value of $10,196,900 (at amortized cost)		9,946,879		9,946,879
Total Short-Term Investments
(identified cost $127,037,991)				127,037,991
Total Investments - 148.4%
(identified cost $442,040,565)				439,362,870
Other Assets and Liabilities - (48.4)%				(143,293,258	)
Total Net Assets - 100.0%			$	296,069,612

Government Income Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 1.5%
Federal Home Loan Mortgage Corporation - 0.1%
2.653%, 8/25/2031, (Series T-32-A1) (4)	$	829,692	$	806,761
Other Financial - 1.4%
Chase Issuance Trust, Class A, (Series 2007-A15), 4.960%, 9/17/2012		5,000,000		5,077,009
Countrywide Asset-Backed Certificates, Class A1, (Series 2007-QH2), 2.633%, 4/25/2037 (4) (6) (7)		3,736,316		3,559,850
Green Tree Home Improvement Loan Trust, Class HEB1, (Series 1998-B), 7.810%, 11/15/2029		866,111		867,619
Structured Asset Securities Corp. Trust, Class A2, (Series 2004-16XS), 4.910%, 8/25/2034 (4)		53,259		53,259
				9,557,737
Total Asset-Backed Securities (identified cost $10,486,680)				10,364,498
Collateralized Mortgage Obligations - 30.2%
Federal Home Loan Mortgage Corporation - 3.8%
2.864%, 6/15/2025, (Series 2993-TF) (4)		8,089,450		7,970,714
5.000%, 10/15/2029, (Series 2745-AY)		5,000,000		5,006,485
5.000%, 10/15/2031, REMIC (Series 2543-LN)		3,265,798		3,292,166
5.000%, 5/15/2033, REMIC (Series 2791-BL)		2,007,562		1,990,342
5.000%, 10/15/2034, REMIC (Series 2876-DQ)		351,202		347,135
5.000%, 4/15/2035, REMIC (Series 2963-ED)		1,311,122		1,221,412
5.500%, 10/15/2035, (Series 3058-WC)		2,068,245		2,087,668
6.000%, 6/15/2037, (Series 3333-W)		4,456,404		4,404,634
				26,320,556
Federal National Mortgage Association - 2.0%
2.643%, 1/25/2031, REMIC (Series 2001-25-FA) (4)		1,974,098		1,966,829
4.000%, 10/25/2032, REMIC (Series 2003-28-GA)		393,938		379,638
5.000%, 10/25/2016, REMIC (Series 2003-16-PD)		5,000,000		5,065,905
5.500%, 8/25/2034, (Series 2005-123-PE) (1)		5,407,000		5,388,438
5.500%, 11/25/2035, (Series 2005-100-DA)		1,311,772		1,315,989
				14,116,799
Other Financial - 24.4%
Banc of America Funding Corp., Class 1A3, (Series 2007-C), 5.759%, 5/20/2036 (4)		6,956,759		6,617,200
Bear Stearns Commercial Mortgage Securities, Class AM, (Series 2007-PW17), 5.915%, 6/11/2050 (4)		6,000,000		5,588,898
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.892%, 7/25/2037 (4)		8,590,945		8,178,683
Citigroup Commercial Mortgage Trust, Class A4, (Series 2008-C7), 6.095%, 12/10/2049 (4)		3,000,000		3,032,226
Countrywide Alternative Loan Trust, Class 2A14, (Series 2006-41CB), 6.000%, 1/25/2037		1,463,203		1,383,425
Countrywide Alternative Loan Trust, Class A19, (Series 2007-15CB), 5.750%, 7/25/2037		6,706,018		5,655,694
Countrywide Home Loans, Class 1A8, (Series 2003-J1), 5.750%, 3/25/2033		896,285		894,510
Credit Suisse Mortgage Capital Certificates, Class A1, (Series 2006-TF2A), 2.614%, 10/15/2021 (4) (6) (7)		1,882,281		1,800,470
Credit Suisse Mortgage Capital Certificates, Class AM, (Series 2007-C5), 5.869%, 9/15/2040 (4)		6,000,000		5,568,090
Greenwich Capital Commercial Funding Corp., Class A1, (Series 2006-FL4A), 2.814%, 11/5/2021 (4) (6) (7)		1,534,222		1,439,280
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG9), 5.475%, 3/10/2039		5,000,000		4,540,280
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG11), 5.867%, 12/10/2049 (4)		9,000,000		8,327,628
GSR Mortgage Loan Trust, Class 2A8, (Series 2005-5F), 5.500%, 6/25/2035		6,000,000		5,459,946
JP Morgan Alternative Loan Trust, Class 12A1, (Series 2007-A2), 2.593%, 6/25/2037 (4)		14,046,282		10,280,993

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Other Financial (continued)
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-FL1A), 2.889%, 7/15/2019 (4) (6) (7)	$	2,649,825	$	2,563,542
JP Morgan Mortgage Trust, Class 2A1, (Series 2007-A2), 5.703%, 4/25/2037 (4)		8,991,771		8,855,743
JP Morgan Mortgage Trust, Class 3A3, (Series 2007-A4), 5.884%, 6/25/2037 (4)		11,323,112		10,811,998
JP Morgan Mortgage Trust, Class 4A1, (Series 2007-A2), 6.052%, 4/25/2037 (4)		5,126,723		5,000,221
JP Morgan Mortgage Trust, Class 4A1M, (Series 2007-A2), 5.802%, 4/25/2037 (4)		7,690,084		7,455,190
Lehman Brothers Commercial Mortgage Trust, Class A1, (Series 2007-LLFA), 2.814%, 6/15/2022 (4) (6) (7)		7,156,729		6,815,131
Master Asset Securitization Trust, Class 4A5, (Series 2004-3), 5.000%, 3/25/2034		15,215,000		14,503,059
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, (Series 2007-9), 5.700%, 9/12/2049		5,000,000		4,879,570
Merrill Lynch Mortgage Trust, Class A2, (Series 2006-C1), 5.613%, 5/12/2039 (4)		3,000,000		3,043,692
Merrill Lynch Mortgage Trust, Class A3A, (Series 2005-CIP1), 4.949%, 7/12/2038 (4)		4,000,000		3,946,432
Morgan Stanley Capital, Class A2A, (Series 2005-HQ6), 4.882%, 8/13/2042		4,000,000		4,005,216
Morgan Stanley Capital, Class A4, (Series 2007-IQ16), 5.809%, 12/12/2049		5,000,000		4,914,115
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033		1,948,663		1,452,432
Structured Asset Securities Corporation, Class 2A, (Series 2003-21), 5.250%, 8/25/2033		3,908,775		3,730,082
Thornburg Mortgage Securities Trust, Class A2B, (Series 2007-1), 2.493%, 3/25/2037 (4)		6,672,889		6,249,480
Wachovia Bank Commercial Mortgage Trust, Class AM, (Series 2007-C34), 5.818%, 5/15/2046 (4)		6,000,000		5,524,092
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 5.605%, 5/25/2036 (4)		4,792,534		4,728,889
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 5.241%, 4/25/2036 (4)		3,140,520		3,079,779
				170,325,986
Total Collateralized Mortgage Obligations (identified cost $222,432,381)				210,763,341
Corporate Bonds & Notes - 1.2%
Broker/Dealers - 0.6%
Bear Stearns Co., Inc., 3.063%, 2/1/2012 (4)		4,000,000		3,845,924
Financial Services - 0.3%
SLM Corp., (Series MTNA), 3.060%, 7/27/2009 (4)		2,500,000		2,348,415
Insurance - 0.3%
HSB Capital I, Company Guarantee, (Series B), 3.623%, 7/15/2027 (4)		3,000,000		2,182,518
Total Corporate Bonds & Notes (identified cost $9,468,950)				8,376,857
Government Agencies - 2.9%
Federal Home Loan Mortgage Corporation - 1.4%
3.375%, 4/15/2009		10,000,000		10,061,220
Federal National Mortgage Association - 1.5%
4.875%, 4/15/2009		10,000,000		10,189,210
Total Government Agencies (identified cost $19,808,375)				20,250,430
Mortgage-Backed Securities - 64.0%
Federal Home Loan Mortgage Corporation - 3.8%
5.000%, 8/1/2014		2,503,001		2,504,738
5.000%, 5/1/2021		3,257,788		3,247,976
5.000%, 10/1/2033		3,028,829		2,938,721
5.000%, 11/1/2035 (1)		9,917,373		9,603,737
5.500%, 11/1/2018		3,296,380		3,349,547
5.500%, 10/1/2021		3,633,674		3,674,919
6.500%, 9/1/2016		186,418		193,583
7.000%, 11/1/2009		16,277		16,695
7.500%, 9/1/2013		72,053		78,107
7.500%, 4/1/2024		230,031		249,041
7.500%, 4/1/2027		126,036		136,461
8.000%, 8/1/2030		149,604		161,892
8.500%, 9/1/2024		120,957		133,749
9.000%, 6/1/2019		187,317		204,476
9.500%, 2/1/2025		116,529		128,788
				26,622,430

Description	Principal Amount		Value
Mortgage-Backed Securities (continued)
Federal National Mortgage Association - 58.3%
5.000%, 5/1/2018	$	2,172,387	$	2,174,670
5.000%, 5/1/2020		4,138,505		4,120,866
5.000%, 7/1/2035		4,245,908		4,106,324
5.000%, 2/1/2036		5,799,738		5,609,072
5.000%, 12/1/2036 (1)		31,128,214		30,104,874
5.500%, 8/1/2021 (1)		14,658,158		14,833,880
5.500%, 1/1/2023		2,421,607		2,430,199
5.500%, 10/1/2024		2,805,183		2,811,115
5.500%, 2/1/2033		1,597,487		1,592,894
5.500%, 6/1/2035		4,922,197		4,892,664
5.500%, 8/1/2036		3,239,477		3,220,040
5.500%, 11/1/2036 (1)		24,375,940		24,237,314
5.500%, 12/1/2036 (1)		17,230,231		17,132,243
5.500%, 1/1/2037 (1)		1,717,401		1,707,634
5.500%, 5/1/2037 (1)		27,668,434		27,505,191
5.500%, 7/1/2037 (1)		72,026,311		71,594,152
5.500%, 8/1/2037 (1)		9,666,212		9,608,214
5.500%, 8/1/2037 (1)		18,120,227		18,011,505
5.500%, 7/14/2038 (5)		120,000,000		118,856,279
6.000%, 9/1/2013		750,814		773,998
6.000%, 10/1/2016		510,635		525,764
6.000%, 9/1/2021 (1)		4,616,406		4,743,085
6.000%, 1/1/2036 (1)		1,828,493		1,858,377
6.500%, 9/1/2016		340,673		354,375
6.500%, 9/1/2016		667,965		694,831
6.500%, 8/1/2030		3,646,164		3,797,480
6.500%, 12/1/2031		219,096		227,984
6.500%, 9/1/2037 (1)		18,009,717		18,588,279
6.500%, 11/1/2037 (1)		3,543,513		3,635,931
6.500%, 1/1/2038		3,801,002		3,923,489
7.000%, 12/1/2010		34,674		34,774
7.000%, 3/1/2029		309,707		328,621
7.000%, 7/1/2029		813,952		863,661
7.000%, 2/1/2030		716,669		760,437
7.500%, 12/1/2009		125,549		127,051
7.500%, 10/1/2030		128,082		137,939
8.000%, 10/1/2028		1,249,788		1,358,456
8.000%, 4/1/2030		227,183		245,561
				407,529,223
Government National Mortgage Association - 1.9%
5.000%, 4/15/2034		1,911,853		1,869,075
5.500%, 9/15/2033 (1)		4,687,448		4,703,413
6.000%, 12/20/2033 (1)		5,077,961		5,181,389
6.500%, 9/15/2032		806,413		836,830
7.000%, 6/15/2029		203,410		217,917
7.000%, 8/15/2031		191,663		205,088
8.500%, 6/15/2010		92,329		93,599
9.000%, 11/15/2009		62,594		62,830
9.000%, 1/15/2010		41,760		41,970
9.500%, 10/15/2024		80,114		88,800
				13,300,911
Total Mortgage - Backed Securities (identified cost $441,924,789)				447,452,564
U.S. Treasury Bonds & Notes - 11.2%
3.125%, 4/30/2013 (1)		40,000,000		39,512,520
3.500%, 2/15/2018 (1)		20,000,000		19,117,200
3.875%, 5/15/2018 (1)		20,000,000		19,726,580
Total U.S. Treasury Bonds & Notes (identified cost $79,274,944)				78,356,300
Short-Term Investments - 56.1%
Collateral Pool Investment for Securities on Loan - 50.3%
(See Note 2 of the Schedule of Investments)				351,285,433

Description	Principal Amount		Value
Short-Term Investments (continued)
Federal Home Loan Mortgage Corporation - 3.6%
1.900%, 6/2/2008 (11)	$	25,000,000	$	24,998,681
Repurchase Agreement - 2.2%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 5/30/2008, to be repurchased at $15,255,753 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2020, with a market value of $15,558,840 (at amortized cost)		15,253,020		15,253,020
Total Short-Term Investments (identified cost $391,537,134)				391,537,134
Total Investments - 167.1% (identified cost $1,174,933,253)				1,167,101,124
Other Assets and Liabilities - (67.1)%				(468,588,528	)
Total Net Assets - 100.0%			$	698,512,596

Intermediate Tax-Free Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description/Credit Ratings (8)	Principal Amount		Value
Municipals - 93.9%
Alaska - 2.3%
Alaska Housing Finance Corporation, (Series 1997 A-1), Mortgage Revenue Bonds, 5.350%, (MBIA Insurance Corp.), 12/1/2013 AAA/Aaa; Call Date 12/1/2009	$	955,000	$	961,886
Alaska Housing Finance Corporation, (Series 1997 A-1), Mortgage Revenue Bonds, 5.500%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.531%), 12/1/2017 AAA/Aaa; Call Date 12/1/2009		1,000,000		1,007,670
				1,969,556
Arizona - 5.1%
City of Phoenix, AZ, Civic Improvement Corporation, Civic Plaza Expansion Project, State of Arizona Distribution Revenue Bonds, (Series 2005 B), 0.000%, (Original Issue Yield: 4.72%), 7/1/2041 AAA/A1		1,500,000		1,199,805
City of Scottsdale, AZ, Industrial Development Authority, Scottsdale Healthcare, Hospital Revenue Refunding Bonds, (Series 2008 A), 5.250%, (Original Issue Yield: 5.52%), 9/1/2030 BBB+/A3; Call Date 9/1/2013		200,000		195,618
Maricopa County, AZ, Industrial Development Authority, Catholic Healthcare West Project, (Series 1998 A), Health Facility Revenue Bonds, 5.000%, (Original Issue Yield: 5.25%), 7/1/2016 A/A2; Call Date 7/1/2008		100,000		101,038
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		700,000		757,554
Maricopa County, AZ, Sun Health Corporation Hospital Revenue Bonds, (Series 2005), 5.000%, (Original Issue Yield: 4.46%), 4/1/2016 BBB/Baa1; Call Date 4/1/2015		550,000		556,303
Phoenix, AZ, Civic Improvement Corp., Jr. Lien Water System Revenue Refunding Construction Bonds, 5.250%, (FGIC)/(Original Issue Yield: 4.69%), 7/1/2016 AA/Aa3		500,000		552,190
Pima County, AZ, Industrial Development Authority, Valley Academy Project, Education Revenue Bonds, (Series 2008), 6.375%, (Original Issue Yield: 6.373%), 7/1/2028 NR/Baa3; Call Date 7/1/2018		335,000		338,574
Tempe, AZ, (Series 2007), Excise Tax Revenue Refunding Obligations, 4.500%, (Original Issue Yield: 4.31%), 7/1/2021 AAA/Aa2; Call date 7/1/2017		100,000		101,939
Vistancia Community Facilities District, Peoria, AZ, GO UT Bonds, 5.500%, (Original Issue Yield: 5.40%), 7/15/2020 NR/Baa1; Call Date 7/15/2015		500,000		500,550
				4,303,571
California - 11.8%
ABC Unified School District, CA, Los Angeles County, (Series 2003 A), GO UT Refunding Bonds, 5.000%, (MBIA Insurance Corp.), 2/1/2021 AAA/Aaa		900,000		887,498
California Pollution Control Financing Authority, Pacific Gas and Electric Company, (Series 2004 A), Pollution Control Refunding Revenue Bonds, 4.750%, (FGIC)/(Original Issue Yield: 4.75%), 12/1/23 AA/A3; Call Date 6/1/2017 (9)		220,000		196,713
California Pollution Control Financing Authority, USA Waste Services, Inc. Project, Solid Waste Disposal Refunding Revenue Bonds, (Series 1998 A), 4.500%, (Original Issue Yield: 4.50%), 6/1/2018 BBB/NR; Call Date 6/1/2010 (9)		500,000		500,000
California Pollution Control Financing Authority, USA Waste Services, Inc. Project, Solid Waste Disposal Refunding Revenue Bonds, (Series 1998 B), 4.000%, (Original Issue Yield: 4.00%), 6/1/2018 BBB/NR; Call Date 6/1/2010		500,000		500,000
California Statewide Communities Development Authority, Revenue Bonds, John Muir Health, (Series 2006 A), 5.000%, (Original Issue Yield: 4.61%), 8/15/2021 A+/A1; Call Date 8/15/2016		130,000		133,063
City of Los Angeles, CA, Harbor Department Refunding Revenue Bonds, (Series 2001 B), 5.500%, (Ambac Ins.)/(Original Issue Yield: 5.27%), 8/1/2019 AAA/Aaa; Call Date: 8/1/2011 (9)		220,000		228,298
Fresno Unified School District, CA, Fresno County, (Series 1999 C), GO UT Refunding Bonds, 5.800%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.37%), 2/1/2014 AAA/Aaa		125,000		135,955
Fresno Unified School District, CA, Fresno County, (Series 2002 A C), GO UT Refunding                Bonds, 6.000%, (MBIA Insurance Corp.), 8/1/2026 AAA/Aaa		1,500,000		1,614,914
Fresno Unified School District, CA, Fresno County, (Series 2002 A), GO UT Refunding Bonds, 5.300%, (MBIA Insurance Corp.), 8/1/2014 AAA/Aaa		100,000		106,259
Fresno Unified School District, CA, Fresno County, (Series 2004 B), GO UT Refunding Bonds, 4.600%, (MBIA Insurance Corp.), 2/1/2016 AAA/Aaa		400,000		403,836

Description/Credit Ratings (8)	Principal Amount		Value
Municipals (continued)
California (continued)
Oxnard School District, CA, Ventura County, (Series 2001 A), GO UT Refunding Bonds, 5.750%, (MBIA Insurance Corp.), 8/1/2022 AAA/Aaa; Call Date 2/1/2022	$	615,000	$	654,053
Pleasant Valley School District, CA, Ventura County, GO UT Refunding Bonds, (Series 2002 A), 5.850%, (MBIA Insurance Corp.), 2/1/2020 AA/Aaa		50,000		53,262
Pomona Unified School District, CA, Los Angeles County, GO UT Bonds, (Series 2000 A), 6.300%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.50%), 2/1/2016 AA/Aaa		50,000		55,944
Pomona Unified School District, CA, Los Angeles County, GO UT Bonds, (Series 2000 A), 6.550%, (MBIA Insurance Corp.)/(Original Issue Yield: 5.77%), 8/1/2029 AA/Aaa		200,000		224,948
Richmond Joint Powers Financing Authority, CA, Refunding and Civic Center Project, Lease Revenue Bonds, (Series 2007), 4.125%, (Ambac Ins.)/(Original Issue Yield: 4.125%), 8/1/2037 AAA/Aaa; Put Date 11/25/2009 (7)		650,000		650,000
San Francisco City and County, CA, Airport Commission, San Francisco International Airport, Second Series Revenue Bonds, (Series 24A), 5.500%, (FSA Insurance Corp.)/(Original Issue Yield: 5.80%), 5/1/2024 AA/Aaa; Call Date 5/1/2010 (9)		235,000		239,197
San Francisco City and County, CA, Airport Commission, San Francisco International Airport, Second Series Revenue Bonds, (Series 28A), 5.500%, (MBIA)/(Original Issue Yield: 4.68%), 5/1/2016 AA/Aaa; Call Date 5/1/2012 (9)		95,000		98,953
Sierra View Local Health Care District Revenue Bonds, 4.700%, (Original Issue Yield: 4.74%), 7/1/2016 NR/NR		250,000		254,703
Sierra View Local Health Care District Revenue Bonds, 5.250%, (Original Issue Yield: 5.28%), 7/1/2022 NR/NR; Call Date 7/1/2017		1,000,000		1,007,129
Sierra View Local Health Care District Revenue Bonds, 5.250%, (Original Issue Yield: 5.32%), 7/1/2023 NR/NR; Call Date 7/1/2017		250,000		250,885
Sweetwater Union High School District, CA, San Diego County, (Series 2005), Refinancing Certificates of Participation, 4.000%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.21%), 9/1/2016 AAA/Aaa; Call date 9/1/2015 (7)		250,000		247,220
Vallejo City Unified School District, CA, Solano County, (Series 2002 A), GO UT Refunding Bonds, 5.900%, (MBIA Insurance Corp.), 8/1/2018 AAA/Aaa		350,000		364,070
Vallejo City, CA, Unified School District, Solano County, GO UT Bonds, (Series 2002 A), 5.000%., (MBIA Insurance Corp.), 2/1/2013 AA/Aaa		100,000		102,539
Vallejo City, CA, Unified School District, Solano County, GO UT Bonds, (Series 2002 A), 5.400%., (MBIA Insurance Corp.), 2/1/2015 AA/Aaa		250,000		259,890
Vallejo City, CA, Unified School District, Solano County, GO UT Bonds, (Series 2002 A), 5.900%., (MBIA Insurance Corp.), 2/1/2017 AA/Aaa		60,000		63,022
Vallejo City, CA, Unified School District, Solano County, GO UT Bonds, (Series 2002 A), 5.900%., (MBIA Insurance Corp.), 2/1/2018 AA/Aaa		50,000		51,935
Vallejo City, CA, Unified School District, Solano County, GO UT Bonds, (Series 2002 A), 5.900%., (MBIA Insurance Corp.), 2/1/2025 AA/Aaa		800,000		810,424
				10,094,710
Colorado - 4.0%
Broomfield, CO, Interlocken Consolidated Metropolitan District, (Series 1999 B) General Obligation Refunding and Improvement Bonds, 5.750%, (Asset Guaranty Insurance Company)/(Original Issue Yield: 6.05%), 12/15/2019 AA/NR; Call Date 12/15/2009		500,000		514,855
Colorado Health Facilities Authority, Longmont United Hospital Project, (Series 2003), Revenue Refunding Bonds, 3.375%, (ACA Insurance Corp.)/(Original Issue Yield: 3.50%), 12/1/2009 NR/Baa2		60,000		59,342
Colorado Health Facilities Authority, Longmont United Hospital Project, (Series 2003), Revenue Refunding Bonds, 4.100%, (ACA Insurance Corp.)/(Original Issue Yield: 4.20%), 12/1/2012 NR/Baa2		50,000		49,335
Colorado Health Facilities Authority, Longmont United Hospital Project, (Series 2003), Revenue Refunding Bonds, 4.500%, (ACA Insurance Corp.)/(Original Issue Yield: 4.66%), 12/1/2016 NR/Baa2		100,000		96,306
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 AA-/Aa3; (Prerefunded 12/1/2011) (7)		1,875,000		2,063,025
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		545,000		588,295
				3,371,158
Connecticut - 0.1%
State of Connecticut Health and Educational Facilities Authority, Waterbury Hospital Issue Revenue Bonds, (Series C), 6.125%, (Radian Ins.)/(Original Issue Yield: 5.65%), 7/1/2014 AA/NR; Call Date 7/1/2009		100,000		103,201
District of Columbia - 0.2%
District of Columbia Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Revenue Bonds, (Series 2001), 6.250%, (Original Issue Yield: 6.375%), 5/15/2024 BBB/Baa3; Call Date 5/15/2011		130,000		130,218

Description/Credit Ratings (8)	Principal Amount		Value
Municipals (continued)
Florida - 5.9%
City of Gulf Breeze, FL, Local Government Loan Program, Floating Rate Demand Revenue Bonds, (Series 1985E), 5.000%, (FGIC/Original Issue Yield: 4.27%), 12/1/2020 NR/Baa3; Call Date 12/1/2011	$	450,000	$	455,549
City of Orlando, FL, Greater Orlando Aviation Authority, Airport Facilities Refunding Revenue Bonds, (Series 2007 A), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 4.54%), 10/1/2019, AAA/Aaa; Call Date 10/1/2017 (9)		500,000		503,300
Hillsborough County, FL, Industrial Development Authority, Tampa Electric Company Project, Pollution Control Revenue Refunding Bonds, (Series 2006), 5.000%, (Ambac Ins.)/(Original Issue Yield: 4.999%), 12/1/2034 AAA/Aaa; Put Date: 3/15/2012		650,000		651,502
Hillsborough County, FL, Industrial Development Authority, Tampa Electric Company Project, Pollution Control Revenue Refunding Bonds, (Series 2007 A), 5.650 %, (Original Issue Yield: 5.649%), 5/18/2018 BBB-/Baa2		500,000		500,735
Indian River County, FL, Water and Sewer Revenue Bonds, (Series 1993 A), 5.500%, (FGIC)/(Original Issue Yield: 5.587%), 9/1/2011 NR/Baa3; Call Date 9/1/2008		200,000		205,230
Orange County, FL, Health Facilities Authority, Orlando Regional Healthcare System, Hospital Revenue Bonds, (Series 2008 C), 5.250%, (Original Issue Yield: 5.42%), 10/1/2035 A/A2; Call Date 10/1/2018		300,000		295,392
Putnam County, FL, Development Authority, Seminole Electric Cooperative, Inc. Project, Pollution Control Revenue Refunding Bonds, (Series 2007 B), 5.350%, (Ambac Ins.)/(Original Issue Yield: 5.35%), 3/15/2042 AAA/NR; Put date 5/1/2018		295,000		294,088
State of Florida Board of Education, Lottery Revenue Bonds, (Series 2002 A), 5.000%, (FGIC)/(Original Issue Yield: 5.06%), 7/1/2019 AAA/A2; Call Date 7/1/2012		2,000,000		2,071,459
				4,977,255
Georgia - 3.1%
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		1,080,550
Main Street Natural Gas, Inc., GA, Gas Project Revenue Bonds, (Series 2008 A), 5.500%, (Original Issue Yield: 6.000%), 7/15/2017 A+/A1		1,000,000		995,690
South Georgia Governmental Services Authority, Telecommunications/Cable Systems Projects, Revenue Bonds, (Series 2004), 5.000%, (FGIC)/(Original Issue Yield: 4.05%), 1/1/2020 NR/Baa3		500,000		516,855
				2,593,095
Illinois - 10.2%
City of Chicago, IL, Chicago O'Hare International Airport, General Airport Third Lien Revenue Bonds, (Series 2003 C-2), 5.250%, (XLCA)/(Original Issue Yield: 5.57%), 1/1/2034 A-/A1 (9)		55,000		53,195
Illinois Finance Authority, Children's Memorial Hospital, Revenue Bonds, (Series 2008 B), 5.375%, (Original Issue Yield: 5.25%), 8/15/2039 A-/NR; Call Date 8/15/2018		1,160,000		1,134,131
Illinois Finance Authority, Community Rehabilitation Providers Facilities Acquisition Program, Refunding and New Money Revenue Bonds, (Series 2007A), 5.000%, (Original Issue Yield: 5.00%), 7/1/2016 BBB/NR; Call Date 7/1/2014		730,000		732,862
Illinois Finance Authority, Edward Hospital Obligated Group, Revenue Bonds, (Series 2008 A), 5.500%, (Ambac Ins.)/(Original Issue Yield: 5.73%), 2/1/2040 AAA/Aaa; Call Date 8/15/2018		500,000		515,065
Illinois Finance Authority, Edward Hospital Obligated Group, Revenue Bonds, (Series 2008 A), 6.250%, (Ambac Ins.)/(Original Issue Yield: 5.63%), 2/1/2033 AAA/Aaa; Call Date 2/1/2029		500,000		544,180
Illinois Finance Authority, Roosevelt University Project, (Series 2007), Revenue Bonds, 5.125%, (Original Issue Yield: 5.04%), 4/1/2020 NR/Baa1; Call Date 4/1/2017		350,000		349,514
Illinois Health Facilities Authority, Thorek Hospital and Medical Center, (Series 1998), Revenue Refunding Bonds, 5.250%, (Original Issue Yield: 5.40%), 8/15/2018 A-/NR; Call Date 8/15/2008		350,000		350,763
Illinois Health Facilities Authority, Thorek Hospital and Medical Center, (Series 1998), Revenue Refunding Bonds, 5.375%, (Original Issue Yield: 5.50%), 8/15/2028 A-/NR; Call Date 8/15/2008		1,000,000		977,630
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		1,025,000		1,117,435
Peoria County, IL, Metropolitan Airport Authority of Peoria, Alternative Revenue Source, GO UT, Airport Bonds, (Series 2008), 4.000%, 12/1/2018 NR/Aa3		615,000		594,527
State of Illinois Revenue Bonds, (Series A), 5.250%, (Original Issue Yield: 4.52%), 2/1/2019 A+/Aaa; Call Date 2/1/2017		1,000,000		1,063,550
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		1,151,943
				8,584,795

Description/Credit Ratings (8)	Principal Amount		Value
Municipals (continued)
Indiana - 0.3%
Indiana Development Finance Authority, Waste Management, Inc. Project, Solid Waste Disposal Revenue Bonds, (Series 2001), 4.700%, (Original Issue Yield: 4.70%), 10/1/20031 BBB/NR; Put Date 10/1/2015 (9)	$	250,000	$	237,623
Kansas - 4.7%
Olathe, KS, Olathe Medical Center, (Series 2008 A), Health Facilities Revenue Bonds, 4.125%, (Original Issue Yield: 3.85%)/(Mandatory Tender 3/1/2013), 9/1/2037 A+/NR; Call Date 3/1/2012		975,000		980,831
Sedgwick County, Kansas and Shawnee County, Kansas Mortgage-Backed Securities Program, Single Family Mortgage Revenue Bonds, (Series 2002 B-5), (AMT) 5.450%, (GNMA/FNMA Coll)/(Original Issue Yield: 5.45%), 6/1/2027 NR/Aaa; Call Date 6/1/2013 (9)		1,230,000		1,235,006
Sedgwick County, Kansas and Shawnee County, Kansas Mortgage-Backed Securities Program, Single Family Mortgage Revenue Bonds, (Series 2005 A-1), (AMT) 5.650%, (GNMA/FNMA Coll)/(Original Issue Yield: 5.025%), 12/1/2036 NR/Aaa; Call Date 12/1/2014 (9)		1,315,000		1,354,713
Sedgwick County, Kansas and Shawnee County, Kansas Mortgage-Backed Securities Program, Single Family Mortgage Revenue Bonds, (Series 2006 B-3), (AMT) 5.250%, (GNMA/FNMA Coll)/(Original Issue Yield: 4.44%), 12/1/2038 NR/Aaa; Call Date 12/1/2016 (9)		430,000		424,530
				3,995,080
Kentucky - 0.4%
Kentucky State Property & Building Commission Revenue Refunding Bonds, 5.000%, (MBIA)/(Original Issue Yield: 3.95%), 8/1/2018 AAA/Aaa (7)		275,000		299,676
Louisiana - 3.3%
Jefferson Parish, LA, Finance Authority, Single Family Mortgage Revenue Bonds, (Series 2007 C), 5.700%, (Original Issue Yield: 4.714%), 6/1/2039 NR/Aaa; Call Date 6/1/2017		500,000		511,025
New Orleans Aviation Board, LA, Passenger Facility Charge Projects, (Series 2007 B-2), Revenue Refunding Bonds, 5.250%, (FSA Insurance Corp.)/(Original Issue Yield: 4.81%), 1/1/2019 AAA/NR; Call Date 1/1/2018 (9)		520,000		543,462
St. Bernard Parish, LA, Home Mortgage Authority, Mortgage-Backed Securities Program, (Series 2007 A-1), Single Family Mortgage Revenue Bonds, 5.800%, (Original Issue Yield: 5.207%), 3/1/2039 NR/Aaa; Call Date 9/1/2017		1,000,000		1,044,390
State of Louisiana, GO UT Match Bonds, (Series 2006 B), 5.000%, (CIFG Ins.)/(Original Issue Yield: 4.38%), 7/15/2017 A+/A1; Call Date 7/15/2016		650,000		696,495
				2,795,372
Maryland - 1.2%
Maryland Department of Housing and Community Development , Community Development Administration, Housing Revenue Bonds, (Series 1996 A), 5.500%, (Original Issue Yield: 5.499%). 1/1/2010 NR/Aa2; Call Date 1/1/2009		990,000		994,326
Michigan - 2.4%
Michigan State Hospital Finance Authority, Marquette General Hospital Obligated Group, Hospital Revenue Bonds, (Series 2005A), 5.000%, (Original Issue Yield: 3.92%), 5/15/2011 NR/Baa1		310,000		314,994
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		1,750,000		1,750,000
				2,064,994
Mississippi - 1.3%
Rankin County, MS, School District, GO UT Refunding Bonds, 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 3.98%), 10/1/2014 AAA/Aaa		1,000,000		1,095,090
Missouri - 1.7%
Cass County, MO, Hospital Revenue Bonds, (Series 2007), 5.000%, (Original Issue Yield: 4.80%), 5/1/2015 NR/NR		500,000		496,520
Missouri Housing Development Commission, Homeownership Loan Program, (Series 1997 B-2), Single Family Mortgage Revenue Bonds, 6.850%, (GNMA/FNMA Coll)/(Original Issue Yield: 5.849%), 3/1/2028 AAA/NR; (Continuously Callable) (9)		435,000		443,613
Riverside, MO, Industrial Development Authority, Riverside Horizons Infrastructure Project, (Series 2007 A), Industrial Development Revenue Bonds, 4.500%, (ACA Capital Holdings Inc.)/(Original Issue Yield: 4.10%), 5/1/2011 A/NR		500,000		497,560
				1,437,693
Nebraska - 0.4%
O’Neill, NE, Averna St. Anthony Hospital Project, (Series 2000), Health Care Facilities Development Revenue Bonds, 6.250%, (Original Issue Yield: 6.249%), 9/1/2012 NR/NR		300,000		305,316
Nevada - 1.5%
Nevada Housing Division, (Series 2000 B-2), Single Family Mortgage Revenue Bonds, 5.550%, (Original Issue Yield: 5.549%), 4/1/2031, AAA/Aaa; Call Date 10/1/2009 (9)		400,000		403,344
Nevada Housing Division, (Series 2000 C-2), Single Family Mortgage Revenue Bonds, 5.400%, (Original Issue Yield: 5.40%), 4/1/2031, AAA/Aaa; Call Date 4/1/2010 (9)		365,000		365,215

Description/Credit Ratings (8)	Principal Amount		Value
Municipals (continued)
Nevada (continued)
Reno-Sparks Indian Colony, (Series 2006), Governmental Revenue Bonds, 4.250%, (Original Issue Yield: 4.44%), 6/1/2014 NR/NR	$	515,000	$	509,098
				1,277,657
New Hampshire - 1.2%
New Hampshire Health and Education Facilities Authority Revenue Anticipation Notes, (Series 2008 D), 5.000%, (Original Issue Yield: 4.17%), 5/1/2013 NR/A3		1,000,000		1,027,870
New York - 3.4%
Metropolitan Transit Authority, NY, Transportation Revenue Bonds, (Series 2006 B), 5.000%, (FSA Insurance Corp.)/(Original Issue Discount: 3.87%), 11/15/2016 A/A2		1,250,000		1,357,488
New York St Dorm Authority Health Quest Systems Revenue Bonds, (Series 2007 B), 5.000%, (GTY)(Original Issue Yield: 4.50%), 7/1/2016 AAA/Aaa		250,000		273,780
Oswego County, NY, GO UT, 6.700%, (Original Issue Yield: 6.80%), 6/15/2011 (Econ Defeased to Maturity), NR/A2		1,100,000		1,228,216
				2,859,484
North Dakota - 3.7%
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		3,126,425
Ohio - 3.3%
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		2,259,835
County of Montgomery, OH, Catholic Health Initiatives, Revenue Bonds, (Series 2008 C), 4.10%, (Original Yield Issue: 4.100%), 10/1/2041 AA/Aa2; Put Date 11/10/2011		500,000		499,990
				2,759,825
Oregon - 1.0%
Jackson County, OR, Airport Revenue Bonds, (Series 2007 B), 5.125%, (XLCA)/(Original Issue Yield: 4.77%), 12/1/2023 A-/A3; Call Date 12/1/2012 (9)		850,000		846,847
Pennsylvania - 2.6%
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		2,174,340
Puerto Rico - 0.3%
Puerto Rico Housing Finance Authority, (Series 2003 A), Home Mortgage Revenue Bonds, 3.125%, (GNMA/FNMA/FHLMC Coll)/(Original Issue Yield: 3.125%), 12/1/2033 AAA/Aaa; Call Date 6/1/2013 (9)		265,000		262,514
South Dakota - 1.2%
South Dakota Health and Educational Facilities Authority, (Series 2007), Vocational Education Program Revenue Refunding Bonds, 5.000%, (Ambac Ins.)/(Original Issue Yield: 4.20%), 8/1/2022 AAA/Aaa; Call Date 8/1/2017		980,000		1,031,421
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/A1		350,000		380,198
Shelby County, TN, Health Educational and Housing Facility Board, Methodist Le Bonheur Healthcare Revenue Bonds, (Series 2008 C), 4.000%, (Original Issue Yield: 4.13%), 6/1/2015 A/A2		500,000		493,400
The Health, Educational and Housing Facilities Board of the County of Sumner, Tennessee, Sumner Regional Health Systems, Inc., Hospital Revenue, Refunding and Improvement Bonds, (Series 2007 A), 5.250%, (Original Issue Yield: 4.70%), 11/1/2013 NR/NR		310,000		317,896
The Tennessee Energy Acquisition Corporation, (Series 2006 A), Gas Project Revenue Bonds, 5.000%, (Original Issue Yield: 4.25%), 9/1/2012 AA-/Aa3		200,000		203,268
				1,394,762
Texas - 8.9%
Cities of Dallas and Fort Worth, TX, Dallas/Fort Worth International Airport, Joint Revenue Improvement and Refunding Bonds, (Series 2001 A), 5.875%, (FGIC)/(Original Issue Yield: 5.48%), 11/1/2017 A+/A1; Call Date 11/1/2011 (9)		1,000,000		1,026,430
Cities of Dallas and Fort Worth, TX, Dallas/Fort Worth International Airport, Joint Revenue Improvement and Refunding Bonds, (Series 2003 C-2), 6.125%, (XLCA)/(Original Issue Yield: 6.122%), 11/1/2018 A+/A1; Call Date 11/1/2009 (9)		1,000,000		1,015,200
City of Houston, TX, Combined Utility System, First Lien Revenue Refunding Bonds, (Series 2004 C-2A), 5.000%, (Original Issue Yield: 3.90%), 5/15/2034 AAA/Aaa; Put Date 5/15/2011		900,000		928,305
Conroe, TX, Montgomery County, (Series 2007), Certificates of Obligation, 5.500%, (MBIA Insurance Corp.)/(Original Issue Yield: 4.55%), 3/1/2022 AAA/Aaa; Call Date 3/1/2017		200,000		219,612
Lufkin, TX, Health Facilities Development Corporation, Memorial Health System of East Texas, (Series 2007), Health System Revenue Bonds, 4.750%, (Original Issue Yield: 5.00%), 2/15/2017 BBB+/Baa2		325,000		318,406

Description/Credit Ratings (8)	Principal Amount		Value
Municipals (continued)
Texas (continued)
Lufkin, TX, Health Facilities Development Corporation, Memorial Health System of East Texas, (Series 2007), Health System Revenue Bonds, 5.250%, (Original Issue Yield: 5.40%), 2/15/2027 BBB+/Baa2; Call Date 2/15/2017	$	175,000	$	165,422
North Texas Tollway Authority, First Tier Insured Capital Appreciation, System Revenue Refunding Bonds, (Series 2008 D), 0.000% (Assured Guaranty Corp.)/(Original Issue Yield: 5.90%), 1/1/2028 AAA/Aaa		560,000		203,834
Port of Houston Authority, Harris County, TX, Unlimited Tax Port Improvement Bonds, (Series 2001 B), 5.100%, (FGIC)/(Original Issue Yield: 5.318%), 10/1/2026 AAA/Aa1; Call Date 10/1/2011 (9)		350,000		351,778
Sabine River Authority, TX, Southwestern Electric Power Company Project, Pollution Control Revenue Refunding Bonds, (Series 2006), 4.950%, (MBIA)/(Original Issue Yield: 4.949%), 3/1/2018 AAA/Aaa		500,000		517,555
Sam Rayburn, TX, Municipal Power Agency, (Series 2002), Power Supply System Revenue Refunding Bonds, 5.750%, (Asset Guaranty Ins.)/(Original Issue Yield: 5.45%), 10/1/2021 AA/Aa3; Call Date 10/1/2012		615,000		637,773
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		2,124,201
				7,508,516
Utah - 0.4%
Utah State Charter School Finance Authority, Summit Academy, (Series 2007 A), Charter School Revenue Bonds, 5.125%, (Original Issue Yield: 5.125%), 6/15/2017 BBB-/NR		375,000		373,253
Virginia - 1.8%
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%)/(Mand Tender 7/1/2011), 7/1/2031 NR/Aaa		1,500,000		1,529,460
Washington - 1.2%
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 (9)		1,000,000		1,010,870
West Virginia - 1.1%
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		900,000		957,240
Wisconsin - 2.3%
City of Kaukauna, Outagamie County, WI Bond Anticipation Notes, 4.000% (Original Issue Yield: 3.45%), 8/1/2008 NR/MIG-1; (Continuously Callable)		300,000		300,921
Wisconsin Health and Educational Facilities Authority Wheaton Franciscan Healthcare System Revenue Bonds, (Series 2006 A), 5.000%, (Original Issue Yield: 4.17%), 8/15/2014 A-/Baa1		500,000		505,270
Wisconsin Health and Educational Facilities Authority, Ministry Health Care, Inc., Revenue Bonds, (Series 2004), 5.000%, (FSA Insurance Corp.)/(Original Issue Yield: 4.235%), 8/1/2018 AAA/NR; Call Date 4/24/2018		320,000		344,557
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, (Series 2001 B), (AMT) 4.850%, (Original Issue Yield: 4.85%), 9/1/2031 AA/Aa2; Call Date 6/1/2011 (9)		780,000		779,173
				1,929,921
Total Municipals (identified cost $78,292,223)				79,423,134
Mutual Funds - 6.9%
Marshall Tax-Free Money Market Fund Class I		5,795,468		5,795,468
Total Mutual Funds (identified cost $5,795,468)				5,795,468
Total Investments - 100.8% (identified cost $84,087,691)				85,218,602
Other Assets and Liabilities - (0.8)%				(642,913	)
Total Net Assets - 100.0%			$	84,575,689

Short-Intermediate Bond Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Principal Amount		Value
Asset - Backed Securities - 1.3%
Other Financial-1.3%
Chase Issuance Trust, Class A, (Series 2007-A15), 4.960%, 9/17/2012	$	4,000,000	$	4,061,608
Green Tree Home Improvement Loan Trust, Class HEB1, (Series 1998-B), 7.810%, 11/15/2029		1,010,463		1,012,222
Structured Asset Securities Corp. Trust, Class A2, (Series 2004-16XS), 4.910%, 8/25/2034 (4)		53,259		53,259
Total Asset-Backed Securities (identified cost $5,065,623)				5,127,089
Collateralized Mortgage Obligations - 31.2%
Federal Home Loan Mortgage Corporation - 0.8%
5.000%, 10/15/2029, (Series 2745-AY)		605,000		605,785
5.500%, 10/15/2035, (Series 3058-WC)		2,412,953		2,435,613
				3,041,398
Federal National Mortgage Association - 0.3%
5.500%, 11/25/2035, (Series 2005-100-DA)		1,311,772		1,315,989
Other Financial - 30.1%
Banc of America Funding Corp., Class 1A3, (Series 2007-C), 5.759%, 5/20/2036 (4)		7,826,354		7,444,349
Bear Stearns Commercial Mortgage Securities, Class AM, (Series 2007-PW17), 5.915%, 6/11/2050 (4)		4,000,000		3,725,932
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.892%, 7/25/2037 (4)		3,436,378		3,271,473
Citigroup Commercial Mortgage Trust, Class A2B, (Series 2008-C7), 6.095%, 12/10/2049 (4)		4,000,000		4,040,856
Countrywide Alternative Loan Trust, Class 2A14, (Series 2006-41CB), 6.000%, 1/25/2037		2,926,407		2,766,850
Credit Suisse Mortgage Capital Certificates, Class AM, (Series 2007-C5), 5.869%, 9/15/2040 (4)		6,000,000		5,568,090
CS First Boston Mortgage Securities Corp., Class 1A3, (Series 2003-11), 4.500%, 6/25/2033		952,447		948,686
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG9), 5.475%, 3/10/2039		6,225,000		5,652,649
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG11), 5.867%, 12/10/2049 (4)		7,000,000		6,477,044
GSR Mortgage Loan Trust, Class 2A8, (Series 2005-5F), 5.500%, 6/25/2035		4,000,000		3,639,964
JP Morgan Alternative Loan Trust, Class 12A1, (Series 2007-A2), 2.593%, 6/25/2037 (4)		7,023,141		5,140,497
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-FL1A), 2.889%, 7/15/2019 (4) (6) (7)		3,533,100		3,418,056
JP Morgan Mortgage Trust, Class 2A1, (Series 2006-A3), 5.627%, 5/25/2036 (4)		4,615,569		4,537,639
JP Morgan Mortgage Trust, Class 2A1, (Series 2007-A2), 5.703%, 4/25/2037 (4)		5,994,514		5,903,829
JP Morgan Mortgage Trust, Class 3A3, (Series 2007-A4), 5.884%, 6/25/2037 (4)		7,327,614		6,996,852
JP Morgan Mortgage Trust, Class 4A1, (Series 2007-A2), 6.052%, 4/25/2037 (4)		5,981,176		5,833,591
JP Morgan Mortgage Trust, Class 4A1M, (Series 2007-A2), 5.802%, 4/25/2037 (4)		7,690,084		7,455,189
Lehman Brothers Commercial Mortgage Trust, Class A1, (Series 2007-LLFA), 2.814%, 6/15/2022 (4) (6) (7)		6,262,138		5,963,240
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, (Series 2007-9), 5.700%, 9/12/2049		6,000,000		5,855,484
Morgan Stanley Capital, Class A2A, (Series 2005-HQ6), 4.882%, 8/13/2042		6,675,000		6,683,704
PHH Alternative Mortgage Trust, Class 1A1, (Series 2007-2), 2.503%, 5/25/2037 (4)		4,203,989		3,815,759
Prudential Home Mortgage Securities, Class 2B, (Series 1993-H), 6.980%, 9/28/2008 (4) (6)		99		99
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033		1,948,663		1,452,432
Wachovia Bank Commercial Mortgage Trust, Class AM, (Series 2007-C34), 5.818%, 5/15/2046 (4)		5,000,000		4,603,410
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 5.605%, 5/25/2036 (4)		3,255,797		3,212,560

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Other Financial (continued)
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 5.241%, 4/25/2036 (4)	$	3,140,520	$	3,079,779
				117,488,013
Total Collateralized Mortgage Obligations (identified cost $127,975,902)				121,845,400
Corporate Bonds & Notes - 33.9%
Banks - 7.5%
Bank of America Corp., 5.650%, 5/1/2018		3,000,000		2,912,733
Bank of America Corp., 8.125%, 12/29/2049 (4)		3,000,000		3,002,520
HBOS Treasury Services PLC, 5.625%, 7/20/2009 (6)		8,000,000		8,113,704
NationsBank Corp., Sub. Note, 7.800%, 9/15/2016		2,000,000		2,179,592
Northern Rock PLC, Sub. Note, (Series 144A), 6.594%, 6/29/2049 (4) (6) (7)		5,000,000		3,137,500
Royal Bank of Scotland Group PLC, (Series 144A), 6.990%, 10/29/2049 (4) (6) (7)		3,000,000		2,780,712
UBS Preferred Funding Trust I, 8.622%, 10/29/2049 (4)		7,000,000		7,150,850
				29,277,611
Basic Materials - 1.0%
ArcelorMittal, (Series 144A), 5.375%, 6/1/2013 (6) (7)		4,000,000		3,941,120
Broker/Dealers - 6.3%
Bear Stearns Co., Inc., 3.250%, 3/25/2009 (1)		5,000,000		4,933,755
Bear Stearns Co., Inc., 5.350%, 2/1/2012		5,000,000		4,948,240
Citigroup, Inc., 5.300%, 10/17/2012		4,000,000		3,959,740
Goldman Sachs Group, Inc., 5.450%, 11/1/2012		3,000,000		3,020,286
Lehman Brothers Holdings, 6.500%, 7/19/2017		4,000,000		3,721,052
Lehman Brothers Holdings, (Series MTN), 6.000%, 7/19/2012		4,000,000		3,882,740
				24,465,813
Construction Equipment - 2.0%
CRH America, Inc., 6.000%, 9/30/2016 (1)		4,000,000		3,732,508
CRH America, Inc., Note, 6.950%, 3/15/2012		4,000,000		4,051,144
				7,783,652
Electric Utilities - 1.0%
E. ON International Finance BV, 5.800%, 4/30/2018 (6) (7)		4,000,000		3,942,984
Financial Services - 4.7%
American General Finance Corp., Note, (Series G), 5.375%, 10/1/2012		2,500,000		2,420,678
Countrywide Financial Corp., (Series MTN), 5.800%, 6/7/2012		5,000,000		4,629,660
General Electric Capital Corp., 5.625%, 5/1/2018 (1)		5,000,000		4,948,440
General Electric Capital Corp., 5.875%, 1/14/2038		2,000,000		1,823,088
Residential Capital Corp., 6.500%, 4/17/2013		4,000,000		2,020,000
SLM Corp., (Series MTNA), 3.060%, 7/27/2009 (4)		2,500,000		2,348,415
				18,190,281
Insurance - 4.6%
GE Global Insurance Holding, Note, 7.500%, 6/15/2010		4,825,000		5,071,751
Genworth Life Institutional Funding Trust, (Series MTN), 5.875%, 5/3/2013 (6) (7)		4,000,000		3,974,180
HSB Capital I, Company Guarantee, (Series B), 3.623%, 7/15/2027 (4)		4,000,000		2,910,024
Progressive Corp., 6.700%, 6/15/2037 (4)		7,000,000		6,191,409
				18,147,364
Media - 1.4%
Comcast Corp., 4.950%, 6/15/2016		6,000,000		5,635,050
Multimedia - 1.3%
Time Warner Cable, Inc., 5.400%, 7/2/2012 (1)		5,000,000		4,940,855
Real Estate - 1.3%
iStar Financials, Inc., 5.850%, 3/15/2017		6,000,000		5,085,804
Technology and Communications - 1.3%
Oracle Corp., 5.750%, 4/15/2018 (1)		5,000,000		4,979,060
Telecommunication Services - 1.5%
AT&T, Inc., 5.500%, 2/1/2018 (1)		2,000,000		1,959,982
Verizon Communications, Inc., 6.100%, 4/15/2018 (1)		4,000,000		4,085,224
				6,045,206
Total Corporate Bonds & Notes (identified cost $141,750,029)				132,434,800

Description	Principal Amount		Value
Mortgage-Backed Securities - 17.2%
Federal Home Loan Mortgage Corporation - 2.2%
5.500%, 10/1/2021	$	2,072,519	$	2,095,422
5.500%, 10/1/2021		3,633,673		3,674,920
6.000%, 10/1/2021		2,165,275		2,224,664
7.500%, 2/1/2031		338,143		365,086
7.500%, 6/1/2031		102,438		110,495
				8,470,587
Federal National Mortgage Association - 14.9%
5.500%, 11/1/2018		7,778,182		7,910,317
5.500%, 7/1/2020		3,041,420		3,084,535
5.500%, 7/14/2038 (5)		40,000,000		39,618,759
6.000%, 9/1/2021 (1)		6,186,912		6,356,687
6.500%, 10/1/2031		689,870		717,854
7.000%, 12/1/2015		439,588		460,683
				58,148,835
Government National Mortgage Association - 0.1%
7.000%, 3/15/2032		347,643		371,958
Total Mortgage-Backed Securities (identified cost $66,483,126)				66,991,380
U.S. Treasury Bonds & Notes - 19.0%
3.125%, 4/30/2013 (1)		50,000,000		49,390,650
3.875%, 5/15/2018 (1)		25,000,000		24,658,225
Total U.S. Treasury Bonds & Notes (identified cost $74,471,566)				74,048,875
Short-Term Investments - 32.0%
Collateral Pool Investment for Securities on Loan - 31.4%
(See Note 2 of the Schedule of Investments)				122,494,685
Repurchase Agreement - 0.6%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 5/30/2008, to be repurchased at $2,312,510 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2020, with a market value of $2,358,806 (at amortized cost)		2,312,096		2,312,096
Total Short-Term Investments (identified cost $124,806,781)				124,806,781
Total Investments - 134.6% (identified cost $540,553,027)				525,254,325
Other Assets and Liabilities - (34.6)%				(134,862,028	)
Total Net Assets - 100.0%			$	390,392,297

Short-Term Income Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 14.6%
Other Financial - 14.6%
Capital One Auto Finance Trust, Class A3A, (Series 2007-A), 5.250%, 8/15/2011	$	2,000,000	$	1,974,630
Chase Issuance Trust, Class A, (Series 2007-A15), 4.960%, 9/17/2012		1,500,000		1,523,103
Countrywide Asset-Backed Certificates, Class A1, (Series 2007-QH2), 2.633%, 4/25/2037 (4) (6) (7)		1,190,390		1,134,168
DaimlerChrysler Auto Trust, Class A3A, (Series 2007-A), 5.000%, 2/8/2012		1,600,000		1,608,270
DaimlerChrysler Auto Trust, Class A4, (Series 2006-C), 4.980%, 11/8/2011		2,000,000		2,015,077
Fifth Third Auto Trust, Class A4A, (Series 2008-1), 4.810%, 1/15/2013		1,500,000		1,484,948
GE Capital Credit Card Master Note Trust, Class A, (Series 2006-1), 5.080%, 9/15/2012		1,850,000		1,873,354
Green Tree Home Improvement Loan Trust, Class HEB1, (Series 1998-B), 7.810%, 11/15/2029		433,056		433,809
Pegasus Aviation Lease Securitization, Class A1, (Series 1999-1A), 6.300%, 3/25/2029 (6)		750,654		285,248
USAA Auto Owner Trust, Class A4, (Series 2006-4), 4.980%, 10/15/2012		1,650,000		1,661,996
World Omni Auto Receivables Trust, Class A3, (Series 2007-A), 5.230%, 2/15/2011		1,750,000		1,766,193
Total Asset-Backed Securities (identified cost $16,215,910)				15,760,796
Collateralized Mortgage Obligations - 43.7%
Federal Home Loan Mortgage Corporation - 4.8%
5.250%, 1/15/2034, (Series 3014)		509,269		516,830
5.500%, 7/15/2027, (Series 2572)		1,100,000		1,116,684
5.900%, 11/15/2035, (Series 3061)		1,425,687		1,452,892
6.000%, 3/15/2027, (Series 3207)		1,988,208		2,037,155
				5,123,561
Federal National Mortgage Association - 0.4%
5.000%, 7/25/2033, (Series 2003-63)		461,206		467,944
Government National Mortgage Association - 3.7%
2.866%, 2/16/2020, (Series 2003-48)		485,170		484,530
3.206%, 4/16/2018, (Series 2003-72)		704,046		705,516
3.313%, 4/16/2017, (Series 2002-83)		355,354		356,997
3.590%, 11/16/2017, (Series 2004-78)		468,470		465,987
4.408%, 1/16/2025, (Series 2004-103)		1,000,000		994,610
4.419%, 5/16/2034, (Series 2007-46)		1,000,000		990,882
				3,998,522
Other Financial - 34.8%
Banc of America Commercial Mortgage, Inc., Class A1, (Series 2007-5), 5.175%, 2/10/2051		1,432,297		1,428,616
Banc of America Funding Corp., Class 1A12, (Series 2006-6), 5.750%, 8/25/2036		1,753,632		1,744,948
Banc of America Funding Corp., Class 1A3, (Sereis 2007-C), 5.759%, 5/20/2036 (4)		1,608,751		1,530,227
Commercial Mortgage Loan Trust, Class A1, (Series 2008-LS1), 5.935%, 5/10/2012		1,222,453		1,241,424
Commercial Mortgage Pass-Through Certificate, Class A2A, (Series 2006-C8), 5.219%, 12/10/2046		1,250,000		1,248,080
Commercial Mortgage Pass-Through Certificate, Class A3, (Series 2004-LB3A), 5.090%, 7/10/2037 (4)		1,250,000		1,255,869
Countrywide Alternative Loan Trust, Class 1A2, (Series 2004-J9), 4.586%, 10/25/2034		874,224		832,905
Countrywide Alternative Loan Trust, Class 2A14, (Series 2006-41CB), 6.000%, 1/25/2037		731,602		691,713
Countrywide Home Loans, Class 2A2A, (Series 2006-HYB1), 5.533%, 3/20/2036 (4)		960,380		903,651
CS First Boston Mortgage Securities Corp., Class 1A3, (Series 2003-11), 4.500%, 6/25/2033		212,600		211,760
GMAC Mortgage Corporation Loan Trust, Class 2A2, (Series 2006-AR2), 5.730%, 5/19/2036 (4)		1,098,172		1,018,577
GSR Mortgage Loan Trust, Class 2A2, (Series 2005-AR5), 5.169%, 10/25/2035 (4)		1,123,090		1,102,742
GSR Mortgage Loan Trust, Class 3A3, (Series 2004-12), 4.401%, 12/25/2034 (4)		60,279		59,981
JP Morgan Alternative Loan Trust, Class 2A4, (Series 2006-A5), 5.850%, 10/25/2036 (4)		2,000,000		1,903,092

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Other Financial (continued)
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2004-C1), 3.053%, 1/15/2038	$	668,397	$	660,901
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2006-CB16), 5.338%, 5/12/2045		1,100,028		1,106,404
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-LD12), 5.738%, 2/15/2051		1,516,193		1,531,229
JP Morgan Mortgage Trust, Class 2A2, (Series 2005-S3), 5.500%, 1/25/2021		981,565		958,495
JP Morgan Mortgage Trust, Class 3A1, (Series 2007-A2), 5.853%, 4/25/2037 (4)		1,215,258		1,188,283
LB-UBS Commercial Mortgage Trust, Class A1, (Series 2004-C1), 2.964%, 1/15/2029		766,396		763,569
LB-UBS Commercial Mortgage Trust, Class A1, (Series 2006-C6), 5.230%, 9/15/2039		1,195,432		1,204,923
LB-UBS Commercial Mortgage Trust, Class A1, (Series 2007-C6), 5.569%, 7/15/2040		1,198,956		1,206,454
Lehman Brothers Commercial Mortgage Trust, Class A1, (Series 2007-LLFA), 2.814%, 6/15/2022 (4) (6) (7)		1,789,182		1,703,783
Master Adjustable Rate Mortgages Trust, Class 3A4, (Series 2004-13), 3.787%, 11/21/2034 (4)		1,499,042		1,483,083
Morgan Stanley Capital, Inc., Class A1, (Series 2007-IQ16), 5.320%, 12/12/2049		1,198,866		1,195,400
PHH Alternative Mortgage Trust, Class 1A1, (Series 2007-2), 2.503%, 5/25/2037 (4)		1,015,964		922,142
Residential Funding Mortgage Securities, Class 2A2, (Series 2006-SA3), 5.958%, 9/25/2036 (4)		1,337,927		1,316,304
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.291%, 12/15/2035		521,062		519,232
Wachovia Bank Commercial Mortgage Trust, Class A1, 3.065%, 2/15/2041		381,065		379,253
Washington Mutual, Class A2, (Series 2005-AR5), 4.678%, 5/25/2035 (4)		1,045,138		1,043,008
Washington Mutual, Class A4, (Series 2004-AR7), 3.940%, 7/25/2034 (4)		3,000,000		2,979,806
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 5.605%, 5/25/2036 (4)		1,302,319		1,285,024
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 5.241%, 4/25/2036 (4)		942,156		923,934
				37,544,812
Total Collateralized Mortgage Obligations (identified cost $47,348,677)				47,134,839
Corporate Bonds & Notes - 11.4%
Banks - 1.4%
Bank of America Corp., 4.500%, 8/1/2010 (1)		1,500,000		1,512,533
Financials - 6.6%
JPMorgan Chase & Co., 4.600%, 1/17/2011 (1)		1,500,000		1,511,564
Lehman Brothers Holdings, 5.000%, 1/14/2011		1,100,000		1,076,086
Merrill Lynch & Co., 6.050%, 8/15/2012		1,350,000		1,336,723
Morgan Stanley, 5.050%, 1/21/2011		1,500,000		1,466,658
Residential Capital LLC, Note, 5.758%, 5/22/2009 (4)		1,500,000		1,230,000
SLM Corp., Note, 4.000%, 1/15/2009		450,000		443,112
				7,064,143
Insurance - 1.6%
HSB Capital I, Company Guarantee, (Series B), 3.623%, 7/15/2027 (4)		2,430,000		1,767,840
Real Estate - 0.9%
Duke Realty, 7.750%, 11/15/2009		935,000		959,490
Real Estate Investment Trusts - 0.9%
Vornado Realty, 4.500%, 8/15/2009		1,000,000		970,185
Total Corporate Bonds & Notes (identified cost $13,136,932)				12,274,191
Government Agencies - 16.2%
Federal Home Loan Mortgage Corporation - 9.7%
5.250%, 2/24/2011 (1)		4,500,000		4,576,181
5.250%, 10/6/2011		3,750,000		3,775,365
5.500%, 8/20/2012 (1)		2,000,000		2,122,398
				10,473,944
Federal National Mortgage Association - 6.5%
4.125%, 6/16/2008		4,000,000		4,002,664
4.200%, 6/8/2009 (1)		3,000,000		3,044,520
				7,047,184
Total Government Agencies (identified cost $17,255,547)				17,521,128

Description	Shares or Principal Amount		Value
Mortgage-Backed Securities - 1.8%
Federal Home Loan Mortgage Corporation - 0.0%
9.000%, 7/1/2014	$	9,393	$	9,560
11.000%, 8/1/2019		18,121		18,952
				28,512
Federal National Mortgage Association - 0.5%
7.000%, 12/1/2015		118,720		124,417
7.500%, 9/1/2015		155,728		162,414
9.000%, 7/1/2009		2,096		2,128
9.500%, 12/1/2024		56,569		62,950
9.500%, 1/1/2025		30,509		34,005
9.500%, 1/1/2025		38,645		43,004
10.000%, 7/1/2020		38,071		43,284
11.000%, 12/1/2015		61,358		64,822
				537,024
Government National Mortgage Association - 1.3%
7.500%, 8/15/2037 (1)		1,277,094		1,352,687
9.000%, 12/15/2019		52,508		57,463
				1,410,150
Total Mortgage-Backed Securities (identified cost $1,929,919)				1,975,686
Mutual Funds - 7.6%
Eaton Vance Institutional Senior Loan Fund		591,340		5,075,713
Fidelity Advisor Floating Rate High Income Fund		105,994		999,520
Fidelity Floating Rate High Income Fund		220,730		2,081,480
Total Mutual Funds (identified cost $8,566,336)				8,156,713
Short-Term Investments - 17.1%
Collateral Pool Investment for Securities on Loan - 13.2%
(See Note 2 of the Schedule of Investments)				14,215,364
Federal Home Loan Bank - 0.3%
2.020%, 10/29/2008 (3) (11)	$	300,000		297,811
Repurchase Agreement - 3.6%
Agreement with Morgan Stanley & Co., Inc., 2.150%, dated 5/30/2008, to be repurchased at $3,902,514 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 10/15/2020, with a market value of $3,980,486 (at amortized cost)		3,901,814		3,901,814
Total Short-Term Investments (identified cost $18,414,989)				18,414,989
Total Investments - 112.4% (identified cost $122,868,310)				121,238,342
Other Assets and Liabilities - (12.4)%				(13,402,435	)
Total Net Assets - 100.0%			$	107,835,907

Prime Money Market Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Principal Amount		Value
Collateralized Loan Agreements - 8.1%
Brokerage - 8.1%
Deutsche Bank Alex Brown, Inc., 2.445%, 6/2/2008	$	150,000,000	$	150,000,000
Morgan Stanley & Co., Inc., 2.435%, 6/2/2008		150,000,000		150,000,000
Wachovia Securities, Inc., 2.450%, 6/2/2008		150,000,000		150,000,000
Total Collateralized Loan Agreements				450,000,000
Commercial Paper - 32.7%
Asset-Backed Securities - 22.7%
Atlantis One Funding, 2.640%, 8/15/2008 (6) (7) (11)		50,000,000		49,725,000
Ciesco LLC, 2.690%, 8/18/2008 (11)		100,000,000		99,417,167
Citibank Omni Master Trust, 3.410%, 6/3/2008 (6) (7) (11)		150,000,000		149,971,583
Concord Minutemen Capital Co., 2.850%, 8/7/2008 (6) (7) (11)		65,000,000		64,655,229
Concord Minutemen Capital Co., 3.000%, 8/4/2008 (6) (7) (11)		85,000,000		84,546,667
CRC Funding LLC, 2.700%, 9/2/2008 (6) (7) (11)		50,000,000		49,651,250
Crown Point Capital Co., 2.900%, 7/10/2008 (6) (7) (11)		50,000,000		49,842,917
Crown Point Capital Co., 3.100%, 7/24/2008 (6) (7) (11)		100,000,000		99,543,611
DaimlerChrysler Revolving Auto Conduit LLC, 2.630%, 6/20/2008 (11)		35,000,000		34,951,418
DaimlerChrysler Revolving Auto Conduit LLC, 2.650%, 6/19/2008 (11)		15,000,000		14,980,125
DaimlerChrysler Revolving Auto Conduit LLC, 2.670%, 6/23/2008 (11)		50,000,000		49,918,417
DaimlerChrysler Revolving Auto Conduit LLC, 2.900%, 6/4/2008 (11)		23,300,000		23,294,369
DaimlerChrysler Revolving Auto Conduit LLC, 2.900%, 6/12/2008 (11)		26,169,000		26,145,811
GovCo LLC, 2.630%, 8/29/2008 (6) (7) (11)		75,000,000		74,512,354
Lexington Parker Cap. Co. LLC, 2.950%, 7/11/2008 (6) (7) (11)		50,000,000		49,836,111
Lexington Parker Cap. Co. LLC, 3.100%, 7/23/2008 (6) (7) (11)		100,000,000		99,552,222
New Center Asset Trust, Inc., 2.800%, 6/20/2008 (11)		100,000,000		99,852,222
New Center Asset Trust, Inc., 2.850%, 6/11/2008 (11)		50,000,000		49,960,417
Thunder Bay Funding LLC, 2.450%, 6/2/2008 (6) (7) (11)		38,758,000		38,755,362
Variable Funding Capital Corp., 2.850%, 7/14/2008 (6) (7) (11)		50,000,000		49,829,792
				1,258,942,044
Banks - 2.7%
Societe Generale, Inc., 2.900%, 7/7/2008 (11)		150,000,000		149,565,000
Foreign Banks - 1.8%
Natexis Banques Populaires U.S. Finance Co., 2.875%, 7/8/2008 (11)		50,000,000		49,852,257
UBS Finance (Delaware) LLC, 2.900%, 6/6/2008 (11)		50,000,000		49,979,861
				99,832,118
Insurance - 3.3%
Prudential Financial, Inc., 2.650%, 6/18/2008 (6) (7) (11)		50,000,000		49,937,431
Prudential Financial, Inc., 2.800%, 7/2/2008 (6) (7) (11)		25,000,000		24,939,722
Prudential Financial, Inc., 2.820%, 7/9/2008 (6) (7) (11)		50,000,000		49,851,694
Torchmark Corp., 2.750%, 6/10/2008 (6) (7) (11)		20,000,000		19,986,250
Torchmark Corp., 2.750%, 6/18/2008 (6) (7) (11)		39,000,000		38,949,354
				183,664,451
Leasing - 2.2%
International Lease Finance Corp., 2.780%, 8/20/2008 (11)		50,000,000		49,691,111
International Lease Finance Corp., 3.030%, 7/25/2008 (11)		70,000,000		69,681,850
				119,372,961
Total Commercial Paper				1,811,376,574
Corporate Bonds & Notes - 11.3%
Banks - 5.5%
Bank of America NA, 3.208%, 4/3/2009 (4)		85,000,000		85,000,000
Bank One Corp., 2.625%, 6/30/2008		36,667,000		36,592,853
Bank One Corp., 6.000%, 8/1/2008		46,298,000		46,348,346
Royal Bank of Canada NY, 5.290%, 2/2/2009		11,920,000		12,021,977
Suntrust Bank, 4.000%, 10/15/2008		7,350,000		7,326,414
U.S. Bank National Association, Sr. Note, (Series BKNT), 4.400%, 8/15/2008		29,000,000		28,949,365
UBS AG Stamford, 4.535%, 12/10/2008		50,000,000		50,002,549
UBS AG Stamford, 5.210%, 9/10/2008		40,000,000		40,000,000
				306,241,504

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Broker/Dealers - 0.9%
Merrill Lynch & Co., Inc., (Series MTN), 4.831%, 10/27/2008	$	3,190,000	$	3,183,364
Morgan Stanley, Inc., 3.875%, 1/15/2009		48,942,000		48,853,631
				52,036,995
Construction Equipment - 0.2%
Caterpillar Financial Services Corp., 2.700%, 7/15/2008		10,000,000		9,971,191
Foreign Banks - 0.9%
HBOS Treasury Services, PLC, (Series YCD), 5.450%, 6/19/2008		25,000,000		25,000,973
Household Finance Corp., 6.400%, 6/17/2008		22,245,000		22,253,284
				47,254,257
Insurance - 0.6%
John Hancock Global Funding II, 3.500%, 1/30/2009 (6) (7)		6,000,000		5,980,970
Monumental Global Funding II, 2.800%, 7/15/2008 (6) (7)		19,160,000		19,104,744
Pacific Life Global Funding, 3.750%, 1/15/2009 (6) (7)		5,520,000		5,495,690
				30,581,404
Leasing - 0.5%
International Lease Finance Corp., (Series MTNO), 4.810%, 8/15/2008		11,940,000		11,931,470
International Lease Finance Corp., (Series MTNQ), 4.625%, 6/2/2008		16,120,000		16,119,749
				28,051,219
Telecommunications - 2.7%
Bellsouth Corp., 4.973%, 4/26/2009 (6) (7)		134,000,000		135,544,535
Bellsouth Telecommunications Corp., 6.125%, 9/23/2008		16,000,000		16,059,694
				151,604,229
Total Corporate Bonds & Notes				625,740,799
Notes-Variable - 41.4%
Banks - 1.3%
First Tennessee Bank, 2.518%, 9/16/2008 (4) (6) (7)		45,000,000		45,000,000
Westpac Bank NY, (Series MTN), 2.999%, 1/9/2009 (4)		25,000,000		25,000,000
				70,000,000
Broker/Dealers - 8.1%
Bank of America Securities, LLC, 2.480%, 8/29/2008 (4) (6) (7)		65,000,000		65,000,000
Deutsche Bank NY, 2.809%, 1/21/2009 (4)		50,000,000		50,000,000
Goldman Sachs Group, Inc., 2.920%, 8/22/2008 (4) (6) (7)		100,000,000		100,000,000
Lehman Brothers, Inc., 2.645%, 8/27/2008 (4)		100,000,000		100,000,000
Merrill Lynch & Co., Inc., (Series MTN), 2.638%, 8/22/2008 (4)		60,000,000		60,000,000
Merrill Lynch & Co., Inc., (Series MTN), 2.804%, 10/3/2008 (4)		7,000,000		7,000,000
Wachovia Securities Financial Holdings LLC, 2.160%, 6/2/2008 (4) (6) (7)		65,000,000		65,000,000
				447,000,000
Construction Equipment - 2.2%
Caterpillar Financial Services Corp., (Series MTN), 2.758%, 11/26/2008 (4)		70,000,000		70,000,000
Caterpillar Financial Services Corp., (Series MTN), 2.800%, 6/16/2008 (4)		50,000,000		50,000,582
				120,000,582
Financial Services - 1.0%
GE Capital Corp., (Series MTNA), 3.007%, 7/28/2008 (4)		55,000,000		55,011,686
Foreign Banks - 14.7%
Australia & New Zealand Banking Group, 3.004%, 7/3/2008 (4) (6) (7)		100,000,000		100,000,000
BNP Paribas, 2.719%, 8/19/2008 (4) (6) (7)		100,000,000		100,000,000
Credit Agricole, 2.569%, 7/22/2008 (4) (6) (7)		25,000,000		25,000,000
Credit Agricole, 2.910%, 8/22/2008 (4) (6) (7)		75,000,000		75,000,000
Dekabank, 2.868%, 11/19/2008 (4)		100,000,000		100,000,000
Depfa-Bank PLC, (Series EXL), 2.860%, 7/15/2008 (4) (6) (7)		50,000,000		50,000,000
Natexis Banques Populaires U.S. Finance Co., 2.734%, 9/8/2008 (4) (6) (7)		100,000,000		100,000,000
National Australia Bank, 3.218%, 4/6/2009 (4) (6) (7)		100,000,000		100,000,000
Northern Rock PLC, (Series MTN), 3.080%, 7/8/2008 (4) (6) (7)		68,000,000		68,000,000
Westlb AG NY, 2.660%, 10/9/2008 (4) (6) (7)		100,000,000		100,000,000
				818,000,000
Insurance - 11.5%
Allstate Life Global Fund, (Series EXL), 2.605%, 9/15/2008 (4) (6) (7)		50,000,000		50,000,000
Genworth Life Insurance Co., 3.058%, 7/20/2008 (4) (6) (10)		150,000,000		150,000,000
Hartford Life Global Funding, 3.070%, 1/15/2009 (4)		40,000,000		40,000,000
Jackson National Life Insurance Co., 2.579%, 5/22/2009 (4) (6) (7)		100,000,000		99,975,762
MassMutual Global Funding II 2.829%, 3/19/2009 (4) (6) (7)		75,000,000		75,000,000
Metropolitan Life Global Funding I, 2.960%, 2/9/2009 (4) (6) (7)		35,000,000		35,000,000
Metropolitan Life Insurance Co., 3.073%, 2/2/2009 (4) (6) (10)		50,000,000		50,000,000
Metropolitan Life Insurance Co., 3.116%, 6/2/2008 (4) (6) (10)		65,000,000		65,000,000

Description	Principal Amount		Value
Notes-Variable (continued)
Insurance (continued)
Pacific Life Global Funding, 2.690%, 8/8/2008 (4) (6) (7)	$	75,000,000	$	75,000,000
				639,975,762
Personal Credit - 2.6%
American Honda Finance Corp., (Series MTN), 2.698%, 7/7/2008 (4) (6) (7)		50,000,000		50,000,000
American Honda Finance Corp., (Series MTN), 2.818%, 4/2/2009 (4) (6) (7)		50,000,000		50,000,000
American Honda Finance Corp., (Series MTN), 3.450%, 1/28/2009 (6) (7)		44,500,000		44,802,073
				144,802,073
Total Notes -Variable				2,294,790,103
Repurchase Agreement - 0.7%
Agreement with State Street Bank & Trust Co., Inc., 2.030%, dated 5/30/2008 to be repurchased at $39,225,674 on 6/2/2008, collateralized by a U.S. Government Agency Obligation with a maturity date of 6/15/2008, with a market value of $40,006,313		39,219,039		39,219,039
Total Repurchase Agreements				39,219,039
Trust Demand Notes - 5.6%
Broker/Dealers - 2.9%
Greenwich Capital Holdings, 2.825%, 5/31/2008 (4) (6) (7)		100,000,000		100,000,000
JP Morgan Securities, Inc., 2.838%, 5/31/2008 (4) (6) (7)		63,000,000		63,000,000
				163,000,000
Insurance - 2.7%
ING USA Annuity & Life Insurance Co., 3.070%, 7/24/2008 (4) (6) (10)		150,000,000		150,000,000
Total Trust Demand Notes				313,000,000
Total Investments - 99.8% (at amortized cost)				5,534,126,515
Other Assets and Liabilities - 0.2%				8,562,427
Total Net Assets - 100.0%			$	5,542,688,942

Government Money Market Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Principal Amount		Value
Government Agencies - 37.7%
Federal Home Loan Bank - 34.6%
2.436%, 3/26/2009 (4)	$	25,000,000	$	24,998,976
2.548%, 4/7/2009 (4)		50,000,000		50,000,000
2.556%, 1/11/2010 (4)		10,000,000		9,996,672
2.568%, 1/8/2010 (4)		20,000,000		19,993,632
2.596%, 2/11/2009 (4)		50,000,000		50,000,000
2.625%, 7/15/2008		2,555,000		2,546,934
2.680%, 5/5/2009 (4)		25,000,000		25,000,000
2.800%, 5/6/2009		5,000,000		5,000,000
3.000%, 3/4/2009		10,000,000		10,000,000
3.225%, 1/16/2009		500,000		498,477
4.100%, 6/13/2008		3,870,000		3,868,053
4.875%, 6/4/2008		500,000		499,954
				202,402,698
Federal Home Loan Mortgage Corporation - 2.8%
2.450%, 4/9/2009		10,000,000		10,000,000
3.000%, 7/9/2008		1,455,000		1,451,504
3.875%, 6/15/2008		4,700,000		4,696,794
				16,148,298
Federal National Mortgage Association - 0.3%
3.600%, 3/3/2009		500,000		505,036
3.625%, 3/16/2009		1,000,000		1,010,930
				1,515,966
Total Government Agencies				220,066,962
Repurchase Agreements - 62.2%
Agreement with Barclay’s Capital, Inc., Tri-Party Agency, 2.300%, dated 5/30/2008 to be repurchased at $100,019,167 on 6/2/2008, collateralized by U.S. Government Agency Obligations with maturities to 11/15/2019, with a market value of $102,000,096		100,000,000		100,000,000
Agreement with Cantor Fitzgerald, Inc., 2.475%, dated 5/30/2008, to be repurchased at $140,028,875 on 6/2/2008, collateralized by a U.S. Government Agency SBA Pool with various maturities to 1/1/2049, with a market value of 142,800,001		140,000,000		140,000,000
Agreement with Deutsche Bank Alex Brown, Inc., 2.350%, dated 5/30/2008, to be repurchased at $110,021,542 on 6/2/2008, collateralized by a U.S. Government Agency Mortgage Pool with various maturities to 12/1/2037, with a market value of $112,200,001		110,000,000		110,000,000
Agreement with Morgan Stanley & Co., Inc., 2.200%, dated 5/30/2008, to be repurchased at $3,000,550 on 6/2/2008, collateralized by a U.S. Government Agency Mortgage Pool with a maturity of 7/1/2037, with a market value of $3,074,377		3,000,000		3,000,000
Agreement with State Street Bank & Trust Co., Inc., 2.030%, dated 5/30/2008, to be repurchased at $10,087,347 on 6/2/2008, collateralized by U.S. Government Agency Obligations with various maturities to 10/9/2009, with a market value of $10,288,138		10,085,641		10,085,641
Total Repurchase Agreements				363,085,641
Total Investments - 99.9% (at amortized cost)				583,152,603
Other Assets and Liabilities - 0.1%				368,310
Total Net Assets - 100.0%			$	583,520,913

Tax-Free Money Market Fund

SCHEDULE OF INVESTMENTS -

As of May 31, 2008

(Unaudited)

Description	Principal Amount		Value
Municipals - 93.1%
Alabama - 2.0%
Birmingham, Alabama Tax Increment Financing District I Revenue, Tax Allocation Warrants, 2.630%, 2/1/2020, Call Date 6/2/2008 (4)	$	980,000	$	980,000
Jefferson County, Alabama Public Park & Recreation Board, Revenue Bonds, 1.870%, 9/1/2025, Call Date 6/2/2008 (4)		3,600,000		3,600,000
Morgan Keegan Municipal Products Inc., Revenue Bonds (Series E), 1.870%, 2/1/2017 (4)		12,130,000		12,130,000
				16,710,000
Alaska - 0.9%
Alaska Housing Finance Corp., Revenue Bonds (Series 2469), 1.720%, 9/1/2032, Call Date 12/1/2012 (4)		7,500,000		7,500,000
Arizona - 0.9%
Arizona Health Facilities Authority, Hospital System Revenue Bonds, 1.780%, 2/1/2042, Call Date 2/1/2013 (4)		8,000,000		8,000,000
California - 2.4%
Escondido, California, GO UT (Series 2587), 1.700%, 9/1/2036, Call Date 6/5/2008 (4)		2,700,000		2,700,000
Golden State Tobacco Securitization Corp. Floaters, Revenue Bonds (Series 2448), 1.720%, 6/1/2045, Call Date 6/1/2015 (4)		11,225,000		11,225,000
Lehman Municipal Trust Receipts, Revenue Bonds (Series P41W), 2.930%, 8/15/2033, Call Date 8/15/2013 (4)		6,210,000		6,210,000
				20,135,000
Colorado - 0.8%
Colorado Educational & Cultural Facilities Authority, Revenue Bonds (Series A4), 1.400%, 2/1/2034, Call Date 6/11/2008 (4)		5,105,000		5,105,000
Denver, Colorado City & County Economic Development, Revenue Bonds, 1.900%, 7/1/2029, Call Date 6/4/2008 (4)		1,930,000		1,930,000
				7,035,000
District of Columbia - 1.3%
District of Columbia Floaters, GO UT (Series 1920), 1.720%, 6/1/2030, Call Date 6/1/2017 (4)		10,665,000		10,665,000
Florida - 7.6%
Florida State Department Environmental Protection Preservation, Revenue Bonds (Series D144), 1.680%, 7/1/2024 (4)		7,000,000		7,000,000
FSU Financial Assistance Inc., Revenue Bonds, 1.630%, 10/1/2031, Call Date 10/1/2012 (4)		8,580,000		8,580,000
Gulfstream Park Community Development District Floaters, Revenue Bonds (Series 2G), 1.630%, 5/1/2039, Call Date 5/1/2015 (4)		12,055,000		12,055,000
Lehman Municipal Trust Receipts, Revenue Bonds (Series F119W), 1.980%, 9/1/2020 (4)		10,000,000		10,000,000
Miami-Dade County, Florida Aviation, Revenue Bonds (Series D), 4.000%, 10/1/2008		3,845,000		3,853,824
Miami-Dade County, Florida School Board, Certificates of Participation (Series A), 5.000%, 8/1/2027 (4)		6,000,000		6,013,346
Putnam County, Florida Development Authority Pollution Control, Revenue Bonds, 1.300%, 9/1/2024, Call Date 6/2/2008 (4)		1,500,000		1,500,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 2.380%, 12/1/2037, Call Date 6/1/2017 (4)		11,930,000		11,930,000
Sunshine State Governmental Financing Commission, Revenue Bonds, 4.000%, 7/1/2016, Call Date 6/16/2008 (4)		3,100,000		3,100,000
				64,032,170
Georgia - 1.7%
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 2.400%, 11/15/2028, Call Date 11/15/2017 (4)		10,605,000		10,605,000
Rome-Floyd County, Georgia Development Authority, Revenue Bonds, 1.820%, 11/1/2011 (4)		3,500,000		3,500,000
				14,105,000
Idaho - 0.9%
Eclipse Funding Trust, Revenue Bonds, 3.780%, 4/1/2036, Call Date 4/1/2017 (4)		7,770,000		7,770,000
Illinois - 9.9%
Chicago, Illinois Housing Authority Capital Program, Revenue Bonds (Series 2933Z), 1.670%, 7/1/2014 (4)		9,630,000		9,630,000
Deutsche Bank Spears/Lifers Trust, GO UT (Series DB-475), 1.650%, 1/1/2026 (4)		5,035,000		5,035,000

Description	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Du Page County, Illinois High School District No. 88 Putters, GO UT (Series 2577), 1.670%, 1/1/2015 (4)	$	9,385,000	$	9,385,000
Illinois Finance Authority, Revenue Bonds, 3.875%, 10/1/2037 (4)		5,800,000		5,816,606
Illinois Health Facilities Authority, Revenue Bonds (Series 2016), 1.720%, 7/1/2029, Call Date 7/1/2012 (4)		4,100,000		4,100,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series B), 1.850%, 12/1/2020 (4)		7,925,000		7,925,000
Lehman Municipal Trust Receipts, GO UT (Series P34W), 3.030%, 12/1/2024 (4)		3,705,000		3,705,000
Lehman Municipal Trust Receipts, Revenue Bonds (Series F97W), 2.180%, 1/1/2022 (4)		4,750,000		4,750,000
Phoenix Realty SPL Account-U LP Illinois, Multifamily, Refunding Revenue Bonds, 1.830%, 4/1/2020, Call Date 6/2/2008 (4)		4,075,000		4,075,000
Term Tender Custodial Receipts, Revenue Bonds, 2.850%, 9/19/2008		30,000,000		30,013,683
				84,435,289
Indiana - 2.0%
Dekko Foundation Educational Facilities Tax Exempt Income Trust, Certificates of Ownership (Series 1), 1.850%, 4/1/2021, Call Date 6/3/2008 (4)		2,200,000		2,200,000
Indianapolis, Indiana Thermal Energy System, Revenue Bonds (Series 2699), 2.120%, 10/1/2010 (4)		9,615,000		9,615,000
Lehman Municipal Trust Receipts, Revenue Bonds (Series F68W), 2.180%, 2/1/2024 (4)		4,710,000		4,710,000
				16,525,000
Iowa - 1.6%
Iowa Finance Authority Health Facilities, Revenue Bonds, 1.630%, 2/15/2035, Call Date 6/2/2008 (4)		10,000,000		10,000,000
Iowa Higher Education Loan Authority, Revenue Notes (Series B), 3.000%, 5/20/2009		3,620,000		3,645,662
				13,645,662
Kentucky - 0.8%
Hancock County, Kentucky Industrial Building Revenue Bonds, 1.720%, 7/1/2012 (4)		1,685,000		1,685,000
Hancock County, Kentucky Pollution Control Revenue Bonds, 1.720%, 7/1/2012 (4)		1,000,000		1,000,000
Lehman Brothers Pooled Municipal Trust Receipts, Revenue Bonds, 2.180%, 11/15/2018 (4)		4,340,000		4,340,000
				7,025,000
Louisiana - 2.1%
BB&T Municipal Trust, Revenue Bonds (Series 4000), 1.700%, 7/1/2018 (4)		2,020,000		2,020,000
Lafayette Parish, Louisiana Industrial Development Board, Inc., Revenue Bonds, 2.350%, 12/15/2014, Call Date 6/13/2008 (4)		1,035,000		1,035,000
Louisiana Public Facilities Authority, Revenue Bonds, 1.720%, 5/1/2040 (4)		2,500,000		2,500,000
Plaquemines, Louisiana Port Harbor & Terminal District Port Facilities, Revenue Bonds, 2.200%, 3/15/2025, Call Date 9/15/2008 (4)		5,000,000		5,000,000
St. John Baptist Parish, Louisiana Revenue Bonds (Series 2116), 1.720%, 6/1/2037, Call Date 6/1/2017 (4)		7,490,000		7,490,000
				18,045,000
Maryland - 1.2%
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2402), 1.720%, 7/1/2019 (4)		9,795,000		9,795,000
Massachusetts - 2.6%
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Series 2405), 1.720%, 7/1/2020 (4)		12,200,000		12,200,000
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Series K), 4.000%, 12/1/2008		2,510,000		2,530,967
Massachusetts State College Building Authority, Revenue Bonds (Series 2880), 1.670%, 5/1/2016 (4)		5,975,000		5,975,000
Massachusetts State Industrial Financial Agency, Revenue Bonds, 1.800%, 12/1/2019, Call Date 6/4/2008 (4)		1,000,000		1,000,000
				21,705,967
Michigan - 1.3%
Michigan State Hospital Finance Authority, Revenue Bonds (Series A), 1.500%, 3/1/2030, Call Date 6/2/2008 (4)		3,475,000		3,475,000
Wayne Charter County, Michigan, GO UT (Series C15), 2.450%, 2/1/2034, Call Date 2/1/2018 (4)		7,925,000		7,925,000
				11,400,000
Minnesota - 0.9%
Minnesota Rural Water Finance Authority, Revenue Notes, 2.750%, 6/1/2009		7,500,000		7,551,551
Mississippi - 0.7%
Morgan Keegan Municipal Products, Inc., Revenue Bonds (Series H-1), 1.870%, 10/1/2036 (4)		6,200,000		6,200,000
Missouri - 1.9%
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 2.540%, 12/1/2028 (4)		15,995,000		15,995,000
Montana - 0.5%
Montana State Board of Investment Economic Development, Revenue Bonds, 1.670%, 9/1/2010 (4)		3,925,000		3,925,000

Description	Principal Amount		Value
Municipals (continued)
Nebraska - 0.1%
Nebraska, Investment Finance Authority, Multifamily Mortgage, Revenue Bonds, 2.170%, 9/1/2031, Call Date 6/16/2008 (4)	$	600,000	$	600,000
Nevada - 1.7%
Henderson, Nevada Healthcare Facility, Revenue Bonds (Series 2633), 1.720%, 7/1/2031, Call Date 7/1/2017 (4)		14,000,000		14,000,000
New York - 3.5%
New York State Dormitory Authority, Revenue Bonds (Series A), 2.650%, 7/1/2028, Call Date 6/2/2008 (4)		17,640,000		17,640,000
Sales Tax Asset Receivables Corp., Revenue Bonds (Series 2739), 1.670%, 4/15/2013 (4)		5,010,000		5,010,000
Suffolk County, New York Industrial Development Agency, Revenue Bonds, 1.800%, 4/1/2018, Call Date 6/4/2008 (4)		3,785,000		3,785,000
Tobacco Settlement Financing Corp., Revenue Bonds (Series 2685), 2.370%, 12/1/2011 (4)		3,390,000		3,390,000
				29,825,000
Ohio - 6.6%
American Municipal Power-Ohio Inc., Revenue Notes, 3.500%, 4/1/2009		20,000,000		20,145,987
Barberton, Ohio City School District, GO UT, 2.600%, 11/4/2008		6,000,000		6,015,083
Lawrence County, Ohio Industrial Development, Revenue Bonds, 1.720%, 11/1/2011 (4)		3,250,000		3,250,000
Montgomery County, Ohio Industrial Development, Refunding Revenue Bonds, 1.720%, 10/1/2009 (4)		4,700,000		4,700,000
North Canton, Ohio Health Care Facilities, Revenue Bonds, 1.910%, 4/1/2017, Call Date 6/2/2008 (4)		3,240,000		3,240,000
North Canton, Ohio Health Care Facilities, Revenue Bonds, 1.910%, 4/1/2032, Call Date 6/2/2008 (4)		10,165,000		10,165,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 2.700%, 6/1/2037 (4)		8,000,000		8,000,000
				55,516,070
Oklahoma - 3.9%
Oklahoma State Industrial Authority, Revenue Bonds, 2.350%, 8/1/2018, Call Date 6/2/2008 (4)		1,495,000		1,495,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 1.630%, 10/1/2022 (4)		4,390,000		4,390,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 1.800%, 11/1/2030 (4)		21,200,000		21,200,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 1.800%, 10/1/2032, Call Date 6/2/2008 (4)		2,635,000		2,635,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 1.830%, 11/1/2026, Call Date 6/2/2008 (4)		3,100,000		3,100,000
				32,820,000
Pennsylvania - 2.5%
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds, 1.720%, 7/1/2010 (4)		3,100,000		3,100,000
Pennsylvania State Higher Educational Facilities Authority, Revenue Bonds, 2.150%, 5/1/2037, Call Date 5/1/2009 (4)		5,900,000		5,900,000
Upper Dublin, Pennsylvania School District, GO UT (Series AA), 2.500%, 11/15/2008		2,955,000		2,958,428
Washington County, Pennsylvania Hospital Authority, Revenue Bonds, 3.800%, 7/1/2023 (4)		9,080,000		9,080,000
				21,038,428
Puerto Rico - 0.5%
Puerto Rico Industrial Medical & Environmental Pollution Control Facilities, Financing Authority, Revenue Bonds, 2.250%, 3/1/2023, Call Date 3/1/2009 (4)		4,500,000		4,500,000
South Carolina - 4.9%
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 2.410%, 8/1/2039, Call Date 4/1/2011 (4)		22,230,000		22,230,000
Scago, South Carolina Educational Facilities Corp. for Union School District Installment, Revenue Bonds (Series 1783), 1.870%, 12/1/2031, Call Date 12/1/2016 (4)		10,200,000		10,200,000
South Carolina Transportation Infrastructure Bank, Revenue Bonds (Series 2586), 1.700%, 10/1/2022, Call Date 10/1/2015 (4)		8,905,000		8,905,000
				41,335,000
Tennessee - 1.8%
Metropolitan Government, Nashville & Davidson County, Tennessee Industrial Development Board, Revenue Bonds, 1.700%, 12/1/2014 (4)		4,500,000		4,500,000
Morgan Keegan Municipal Products Inc., Revenue Bonds (Series B-1), 1.720%, 6/1/2037 (4)		10,000,000		10,000,000
Rutherford County, Tennessee Industrial Development Board, Revenue Bonds, 1.720%, 7/1/2010 (4)		1,000,000		1,000,000
				15,500,000
Texas - 6.9%
Comal, Texas Independent School District, GO UT, 1.710%, 8/1/2016 (4)		2,260,000		2,260,000
Corpus Christi, Texas Utility System, Revenue Bonds, 1.630%, 7/15/2010 (4)		6,110,000		6,110,000
Deutsche Bank Spears/Lifers Trust, GO UT (Series DB-512), 1.630%, 2/15/2038, Call Date 2/15/2017 (4)		3,250,000		3,250,000

Description	Principal Amount		Value
Municipals (continued)
Texas (continued)
Deutsche Bank Spears/Lifers Trust, GO UT (Series DB-514), 1.630%, 2/15/2038, Call Date 6/2/2008 (4)	$	3,275,000	$	3,275,000
Houston, Texas Independent School District, GO UT, 3.750%, 6/15/2031, Call Date 6/15/2008 (4)		2,500,000		2,501,752
North Texas Tollway Authority, Dallas North Tollway System, Revenue Bonds (Series B), 5.000%, 1/1/2038 (4)		11,280,000		11,294,822
North Texas Tollway Authority, Revenue Bonds (Series C), 5.000%, 1/1/2018 (4)		4,585,000		4,596,635
North Texas Tollway Authority, Revenue Notes, 4.125%, 11/19/2008, Call Date 6/16/2008		10,495,000		10,495,000
Texas State Putters, GO UT (Series 2615), 1.670%, 10/1/2015 (4)		11,200,000		11,200,000
Trinity River Industrial Development Authority, Revenue Bonds, 1.800%, 1/1/2013, Call Date 6/4/2008 (4)		3,700,000		3,700,000
				58,683,209
Vermont - 3.8%
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds (Series A), 1.300%, 10/1/2036, Call Date 6/6/2008 (4)		8,810,000		8,810,000
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, 1.300%, 4/1/2015, Call Date 6/16/2008 (4)		1,475,000		1,475,000
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, 1.300%, 4/1/2032, Call Date 6/16/2008 (4)		16,455,000		16,455,000
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, 1.300%, 10/1/2034, Call Date 6/16/2008 (4)		5,300,000		5,300,000
				32,040,000
Virginia - 0.6%
Lewistown Commerce Center Community Development Authority, Virginia Special Tax Revenue Bonds (Series 2115), 1.680%, 3/1/2027, Call Date 3/1/2018 (4)		4,000,000		4,000,000
Suffolk, Virginia Redevelopment & Housing Authority Multi-Family Housing, Revenue Bonds, 1.730%, 9/1/2019, Call Date 6/2/2008 (4)		1,405,000		1,405,000
				5,405,000
Washington - 3.6%
Central Puget Sound, Washington Regional Transportation Authority Sales & Use Tax, Revenue Bonds (Series C18), 2.300%, 11/1/2032 (4)		14,890,000		14,890,000
University Of Washington, Revenue Bonds (Series 2740), 1.670%, 6/1/2031, Call Date 6/1/2017 (4)		9,835,000		9,835,000
Washington State Health Care Facilities Authority, Revenue Bonds, 1.650%, 11/15/2026, Call Date 6/2/2008 (4)		6,000,000		6,000,000
				30,725,000
Wisconsin - 8.7%
Arrowhead, Wisconsin Union High School District, Tax & Revenue Promissory Notes, 3.600%, 9/29/2008		3,400,000		3,400,357
Lehman Municipal Trust Receipts, Revenue Bonds (Series F7), 1.980%, 8/1/2028, Call Date 8/1/2017 (4)		5,710,000		5,710,000
Middleton, Wisconsin Revenue Notes, 4.000%, 7/1/2008, Call Date 6/9/2008		4,610,000		4,610,000
Rhinelander School District, GO UT, Tax & Revenue Promissory Notes, 3.460%, 9/10/2008		4,500,000		4,500,242
Sheboygan, Wisconsin Area School District, Tax & Revenue Notes, 3.650%, 6/27/2008		3,000,000		3,000,082
Sparta, Wisconsin Area School District, Tax & Revenue Promissory Notes, 3.620%, 10/7/2008		4,300,000		4,300,288
St. Francis, Wisconsin School District, GO UT, Tax & Revenue Promissory Notes, 3.540%, 10/29/2008		3,100,000		3,100,356
Sun Prairie, Wisconsin Area School District, Tax & Revenue Promissory Notes, 3.650%, 10/20/2008		10,300,000		10,302,661
Term Tender Custodial Receipts, Revenue Bonds, 2.350%, 4/1/2009 (4)		17,000,000		17,000,000
Waunakee, Wisconsin Community School District, Tax & Revenue Promissory Notes, 3.520%, 10/20/2008		5,000,000		5,000,372
West Salem, Wisconsin School District, Tax & Revenue Promissory Notes, 3.570%, 10/30/2008		3,050,000		3,050,241
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds (Series B), 1.550%, 5/1/2033, Call Date 6/2/2008 (4)		10,000,000		10,000,000
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 2.350%, 5/1/2026, Call Date 6/3/2008 (4)		200,000		200,000
				74,174,599
Total Municipals				788,362,945
Mutual Funds - 4.2%
Federated Tax-Free Obligations Fund		21,406,606		21,406,606
Fidelity Tax Exempt Money Market		14,000,000		14,000,000
Total Mutual Funds (identified cost $35,406,606)				35,406,606
Total Investments - 97.3% (at amortized cost)				823,769,551
Other Assets and Liabilities - 2.7%				23,210,578
Total Net Assets - 100.0%			$	846,980,129

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, 2008.

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

(2) Non-income producing.

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

(4) Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of May 31, 2008.

(5) Purchased on a when-issued or delayed delivery basis.

(6) Denotes a restricted security which is subject to restrictions on resale under federal securities law. At May 31, 2008, these securities amounted to:

	Amount		% of Total Net Assets
Aggregate Bond Fund	$	21,475,248	7.25	%
Government Income Fund		16,178,273	2.32
Short-Intermediate Bond Fund		35,271,595	9.03
Short-Term Income Fund		3,123,199	2.90
Prime Money Market Fund		3,260,990,323	58.83

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

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

(9) Securities that are subject to alternative minimum tax represent 14.22% of Intermediate Tax-Free Fund’s portfolio as calculated based upon total portfolio market value.

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

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

The following acronyms are used throughout this report:

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

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, 2008 are as follows:

	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	$	292,613,811		$	61,370,392	$	(9,144,738	)	$	52,225,654
Large-Cap Growth Fund		261,911,609			36,083,011		(10,822,360	)		25,260,651
Mid-Cap Value Fund		388,344,740			64,078,118		(15,733,378	)		48,344,740
Mid-Cap Growth Fund		303,024,420			49,342,619		(2,621,939	)		46,720,680
Small-Cap Growth Fund		390,066,473			58,144,207		(9,379,871	)		48,764,336
International Stock Fund		490,036,511			73,567,654		(27,371,944	)		46,195,710
Aggregate Bond Fund		442,121,207			3,397,048		(6,155,385	)		(2,758,337	)
Government Income Fund		1,181,044,117			7,758,288		(15,291,180	)		(7,532,892	)
Intermediate Tax-Free Fund		84,087,691			1,354,727		(223,816	)		1,130,911
Short-Intermediate Bond Fund		555,612,021			1,563,331		(17,027,551	)		(15,464,220	)
Short-Term Income Fund		122,853,091			1,285,992		(2,900,741	)		(1,614,749	)
Prime Money Market Fund		5,534,126,515	*		—		—			—
Government Money Market Fund		583,152,603	*		—		—			—
Tax-Free Money Market Fund		823,769,551	*		—		—			—

*—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, 2008 (1):

Alliance & Leicester PLC, 2.694%, 6/9/2008	$	19,700,000
Allstate Life Global Fd II, 2.605%, 6/16/2008		20,001,100
American General Finance, 2.574%, 6/16/2008		19,996,000
Aust. & N.Z. Banking Group, 2.424%, 6/23/2008		19,961,400
Banco Santander Totta LN, 2.515%, 6/16/2008		14,991,450
Bank of Scotland PLC, 2.898%, 6/2/2008		19,969,000
Barclays Capital Repo, 2.250%, 6/2/2008		4,000,000
Bayerische Landesbank NY, 2.453%, 6/24/2008		19,977,000
Bear Stearns Co., 2.824%, 6/5/2008		14,552,340
Bear Stearns Co., 2.463%, 6/30/2008		5,980,560
BMW US Capital LLC, 2.554%, 6/16/2008		21,982,400
Citigroup Funding, Inc., 2.160%, 6/2/2008		25,067,508
Credit Suisse First Boston, 2.585%, 6/2/2008		19,997,000
DNB NOR Bank ASA, 2.403%, 6/25/2008		19,961,800
Dreyfus Money Market Fund, 2.884%, 6/2/2008		165,572,185
Goldman Sachs Money Market Fund, 2.568%, 6/2/2008		1,966,455
Greenwich Capital Holdings, 2.825%, 6/2/2008		20,000,000
HSBC Finance Corp, 2.453%, 6/24/2008		14,991,750
HSH Nordbank NY, 2.464%, 6/23/2008		19,963,000
IBM Corp., 2.704%, 6/9/2008		19,980,600
ING USA Annuity and Life, 2.988%, 6/26/2008		20,000,000
Irish Life & Permanent, 2.460%, 6/23/2008		19,978,600
Metlife Insurance FA, 2.709%, 6/2/2008		20,000,000
National City Bank, 2.595%, 6/2/2008		29,757,300
National Rural Utilities Coop., 2.838%, 6/2/2008		19,882,600
Northern Rock PLC, 2.794%, 6/3/2008		19,857,400
Provident Money Market Fund, 2.722%, 6/2/2008		24,023,122
Reserve Primary Class Institutional Fund, 2.902%, 6/2/2008		349,507,584
Unilever Capital Corp., 2.580%, 6/12/2008		14,945,220
Wachovia Securities LLP, 2.525%, 6/2/2008		15,000,000
Westlb AG NY FRN, 2.660%, 6/10/2008		14,998,950
Westpac Bank NY, 2.999%, 6/11/2008		9,992,460
Total	$	1,046,554,784

Fund	Value of Securities Loaned		Payable on Collateral Due to Brokers
Large-Cap Value Fund	$	34,436,058	$	35,571,316
Large-Cap Growth Fund		31,027,609		32,050,500
Mid-Cap Value Fund		77,048,347		79,588,412
Mid-Cap Growth Fund		71,735,761		74,100,688
Small-Cap Growth Fund		126,193,456		130,353,694
International Stock Fund		86,937,498		89,803,580
Aggregate Bond Fund		113,354,146		117,091,112
Government Income Fund		340,074,154		351,285,433
Short-Intermediate Bond Fund		118,585,263		122,494,685
Short-Term Income Fund		13,761,680		14,215,364
Total	$	1,013,153,972	$	1,046,554,784

(1) The collateral pool is managed 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 period ended May 31, 2008, the Large-Cap Value Fund had $360,971 in realized gains on all options.

At May 31, 2008, 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)
Freeport-McMoRan Copper & Gold, Inc.	Call	June 2008	$	145	200	$	2,100	$	22,300
Morgan Stanley	Call	July 2008		60	100		750		6,050
Parker Hannifin Corp.	Call	June 2008		90	50		2,625		1,275
Microsoft Corp.	Put	July 2008		22.5	100		700		4,100
Total					450			$	33,725

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, 2008, the following Funds had outstanding futures contracts as set forth below:

Fund	Expiration Date	Contracts	Description	Position	Unrealized Appreciation
Short-Term Income Fund	September 2008	175	U.S. 5 Year Note	Long	$	29,448

Item 2. Controls and Procedures

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

b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter ended May 31, 2008 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, 2008

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, 2008
	/s/ Timothy M. Bonin
By:	Timothy M. Bonin
	Treasurer
	(Principal Financial Officer)
	July 24, 2008