UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act File Number: 811-58433

Marshall Funds, Inc.

(Exact name of registrant as specified in charter)

111 East Kilbourn Avenue

Milwaukee, WI 53202

(Address of principal executive offices)(zip code)

John M. Blaser

M&I Investment Management Corp.

111 East Kilbourn Avenue

Milwaukee, WI 53202

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: November 30, 2008

Item 1. Schedule of Investments

Marshall Funds, Inc.

Schedule of Investments

November 30, 2008 (Unaudited)

[Insert schedule of investments here]

Large-Cap Value Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 96.4%
Consumer Discretionary - 3.3%
Apparel Retail - 0.9%
TJX Companies, Inc. (1)	73,000	$	1,665,860
Computer & Electronics Retail - 0.3%
Best Buy Co., Inc.	23,820		493,312
Footwear - 1.1%
NIKE, Inc., Class B	43,500		2,316,374
Movies & Entertainment - 0.6%
Time Warner, Inc.	123,150		1,114,508
Restaurants - 0.4%
McDonald’s Corp.	12,890		757,288
Total Consumer Discretionary			6,347,342
Consumer Staples - 14.8%
Drug Retail - 1.1%
CVS Caremark Corp. (1)	75,090		2,172,354
Food Distributors - 0.6%
SYSCO Corp.	52,880		1,240,036
Food Retail - 1.3%
Kroger Co. (1)	89,800		2,483,868
Household Products - 5.0%
Colgate-Palmolive Co. (1)	47,300		3,077,811
Procter & Gamble Co. (1)	98,300		6,325,604
			9,403,415
Hypermarkets & Super Centers - 3.0%
Wal-Mart Stores, Inc.	103,720		5,795,874
Soft Drinks - 1.1%
Coca-Cola Co.	43,030		2,016,816
Tobacco - 2.7%
Altria Group, Inc.	122,060		1,962,725
Philip Morris International, Inc. (1)	74,100		3,124,056
			5,086,781
Total Consumer Staples			28,199,144
Energy - 14.8%
Integrated Oil & Gas - 12.3%
Chevron Corp. (1)	109,450		8,647,644
ConocoPhillips (1)	106,370		5,586,552
Exxon Mobil Corp. (1)	78,050		6,255,708
Hess Corp.	22,360		1,208,334
Marathon Oil Corp. (1)	70,050		1,833,909
			23,532,147
Oil & Gas-Equipment and Services - 0.5%
Halliburton Co. (1)	55,500		976,800
Oil & Gas-Exploration and Production - 1.6%
Apache Corp. (1)	14,650		1,132,445
Cimarex Energy Co.	10,250		290,793
Devon Energy Corp.	22,500		1,627,650
			3,050,888
Oil & Gas-Refining and Marketing - 0.4%
Valero Energy Corp. (1)	38,080		698,768
Total Energy			28,258,603
Financials - 18.8%
Asset Management & Custody Banks - 1.9%
Ameriprise Financial, Inc.	55,500		1,024,530
Bank of New York Mellon Corp. (1)	85,490		2,582,653
			3,607,183

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Diversified Banks - 5.0%
U.S. Bancorp	166,800	$	4,500,264
Wells Fargo & Co. (1)	172,260		4,976,591
			9,476,855
Investment Banking & Brokerage - 1.7%
Goldman Sachs Group, Inc.	13,385		1,057,281
Morgan Stanley (1)	77,680		1,145,780
The Charles Schwab Corp. (1)	56,100		1,028,313
			3,231,374
Other Diversified Financial Services - 3.0%
Bank of America Corp.	56,730		921,863
JP Morgan Chase & Co. (1)	152,420		4,825,617
			5,747,480
Property & Casualty Insurance - 5.9%
Allstate Corp.	31,950		812,808
Chubb Corp. (1)	76,480		3,928,013
Travelers Co., Inc. (1)	116,400		5,080,859
W. R. Berkley Corp.	55,490		1,577,581
			11,399,261
Regional Banks - 0.9%
PNC Financial Services Group (1)	32,940		1,738,244
Specialized Finance - 0.4%
CME Group, Inc.	3,870		820,247
Total Financials			36,020,644
Healthcare - 13.9%
Biotechnology - 2.4%
Amgen, Inc. (1) (2)	42,590		2,365,449
Gilead Sciences, Inc. (1) (2)	49,600		2,221,584
			4,587,033
Healthcare Distributors - 1.2%
AmerisourceBergen Corp.	70,670		2,215,505
Healthcare Equipment - 1.0%
Becton, Dickinson and Co.	30,880		1,961,806
Healthcare Services - 0.4%
Express Scripts, Inc. (2)	13,240		761,432
Pharmaceuticals - 8.9%
Bristol-Myers Squibb Co. (1)	120,150		2,487,105
Eli Lilly & Co. (1)	61,300		2,093,395
Forest Laboratories, Inc. (2)	58,600		1,416,948
Johnson & Johnson	124,630		7,300,825
Pfizer, Inc. (1)	231,300		3,800,259
			17,098,532
Total Healthcare			26,624,308
Industrials - 8.2%
Aerospace & Defense - 5.0%
General Dynamics Corp.	30,500		1,575,935
Honeywell International, Inc.	25,850		720,181
L-3 Communications Holdings, Inc.	22,550		1,514,684
Lockheed Martin Corp.	28,110		2,167,562
Northrop Grumman Corp.	40,150		1,644,143
United Technologies Corp. (1)	37,100		1,800,463
			9,422,968
Electrical Components & Equipment - 1.2%
Emerson Electric Co. (1)	65,760		2,360,126
Environmental & Facilities Services - 1.2%
Waste Management, Inc.	81,500		2,379,800
Industrial Machinery - 0.8%
Parker Hannifin Corp.	38,100		1,565,148
Total Industrials			15,728,042
Information Technology - 7.1%
Computer Hardware - 2.9%
Hewlett-Packard Co.	71,440		2,520,403
International Business Machines Corp. (1)	34,030		2,776,849
			5,297,252
Computer Storage & Peripherals - 0.3%
Western Digital Corp. (2)	49,720		606,584

Description	Shares or Contracts	Value
Common Stocks (continued)
Information Technology (continued)
Data Processing & Outsourced Services - 1.0%
Affiliated Computer Services, Inc. (2)	26,500	$	1,071,925
Automatic Data Processing, Inc.	20,690		849,531
			1,921,456
Semiconductors - 0.4%
Xilinx, Inc. (1)	49,750		813,910
Systems Software - 2.5%
Microsoft Corp. (1)	72,960		1,475,251
Oracle Corp. (1) (2)	77,100		1,240,539
Symantec Corp. (1) (2)	176,200		2,119,686
			4,835,476
Total Information Technology			13,474,678
Materials - 1.8%
Diversified Chemicals - 0.5%
Dow Chemical Co. (1)	56,200		1,042,510
Industrial Gases - 0.7%
Air Products and Chemicals, Inc.	27,100		1,294,296
Paper Products - 0.6%
International Paper Co. (1)	96,130		1,196,819
Total Materials			3,533,625
Telecommunication Services - 7.6%
Integrated Telecommunication Services - 7.6%
AT&T, Inc. (1)	253,450		7,238,532
Verizon Communications, Inc. (1)	221,500		7,231,975
Total Telecommunication Services			14,470,507
Utilities - 6.1%
Electric Utilities - 1.0%
Pinnacle West Capital Corp.	60,460		1,837,984
Gas Utilities - 1.0%
ONEOK, Inc.	65,500		1,921,770
Multi-Utilities - 4.1%
CenterPoint Energy, Inc.	162,000		2,094,660
Dominion Resources, Inc.	122,300		4,503,086
Integrys Energy Group, Inc. (1)	30,700		1,356,326
			7,954,072
Total Utilities			11,713,826
Total Common Stocks (identified cost $204,443,243)			184,370,719
Exchange Traded Fund - 1.4%
iShares Lehman 7-10 Year Treasury Bond Fund	27,610		2,605,280
Total Exchange Traded Fund (identified cost $2,548,237)			2,605,280
Purchased Call Option - 0.0%
Citigroup, Inc., 1/17/2009 (2)	11,765		114
Financial Select Sector SPDR Fund, 1/17/2009 (2)	1,315		40,107
Total Purchased Call Option (identified cost $1,309,689)			40,221
Purchased Put Option - 2.1%
JP Morgan Chase & Co., 1/17/2009 (2)	1,010		1,656,400
U.S. Bancorp, 1/17/2009 (2)	1,250		1,087,500
Wells Fargo & Co., 1/17/2009 (2)	1,545		1,228,275
Total Purchased Put Option (identified cost $1,920,140)			3,972,175
Short-Term Investments - 48.2%
Collateral Pool Investment for Securities on Loan - 47.5%
(See Note 2 of the Schedule of Investments)			90,746,607

Description	Principal Amount		Value
Short-Term Investments (continued)
Repurchase Agreement - 0.7%
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008 to be repurchased at $1,255,353 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 7/7/2025, with a market value of $1,309,299 (at amortized cost)	$	1,255,332	$	1,255,332
Total Short-Term Investments (identified cost $92,001,939)				92,001,939
Total Investments - 148.1% (identified cost $302,223,248)				282,990,334
Other Assets and Liabilities - (48.1)%				(91,938,606	)
Total Net Assets - 100.0%			$	191,051,728

Large-Cap Growth Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Shares		Value
Common Stocks - 97.3%
Consumer Discretionary - 6.2%
Computer & Electronics Retail - 1.4%
Best Buy Co., Inc. (1)	$	40,400	$	836,684
GameStop Corp. (2)		50,600		1,105,610
				1,942,294
Footwear - 1.2%
NIKE, Inc., Class B		33,100		1,762,575
General Merchandise Stores - 0.9%
Target Corp. (1)		38,000		1,282,880
Internet Retail - 1.1%
Amazon.com, Inc. (1) (2)		36,500		1,558,550
Restaurants - 1.6%
Yum! Brands, Inc. (1)		84,100		2,265,654
Total Consumer Discretionary				8,811,953
Consumer Staples - 15.5%
Drug Retail - 1.8%
CVS Caremark Corp. (1)		86,900		2,514,017
Household Products - 1.1%
Colgate-Palmolive Co. (1)		23,800		1,548,666
Hypermarkets & Super Centers - 3.5%
Costco Wholesale Corp. (1)		29,500		1,518,365
Wal-Mart Stores, Inc.		61,900		3,458,972
				4,977,337
Soft Drinks - 5.4%
Coca-Cola Co.		56,000		2,624,720
PepsiCo, Inc.		88,600		5,023,620
				7,648,340
Tobacco - 3.7%
Altria Group, Inc. (1)		75,400		1,212,432
Philip Morris International, Inc. (1)		94,900		4,000,984
				5,213,416
Total Consumer Staples				21,901,776
Energy - 7.9%
Integrated Oil & Gas - 1.0%
Occidental Petroleum Corp.		25,000		1,353,500
Oil & Gas-Drilling - 1.5%
Noble Corp.		25,000		669,750
Transocean, Inc. (1) (2)		22,500		1,504,800
				2,174,550
Oil & Gas-Equipment and Services - 2.4%
Halliburton Co. (1)		65,000		1,144,000
Schlumberger, Ltd.		31,500		1,598,310
Weatherford International, Ltd. (2)		50,000		638,500
				3,380,810
Oil & Gas-Exploration and Production - 2.4%
Anadarko Petroleum Corp.		30,000		1,231,500
Ultra Petroleum Corp. (1) (2)		15,000		609,450
XTO Energy, Inc. (1)		40,000		1,529,600
				3,370,550
Oil & Gas-Storage and Transportation - 0.6%
The Williams Companies, Inc.		50,000		811,000
Total Energy				11,090,410
Financials - 7.8%
Asset Management & Custody Banks - 1.5%
Northern Trust Corp.		20,000		917,800
State Street Corp.		28,500		1,200,135
				2,117,935

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Investment Banking & Brokerage - 2.4%
Merrill Lynch & Co., Inc. (1)	70,000	$	925,400
The Charles Schwab Corp. (1)	140,000		2,566,200
			3,491,600
Life & Health Insurance - 2.1%
Aflac, Inc. (1)	63,000		2,916,900
Multi-Line Insurance - 0.6%
Assurant, Inc.	38,000		827,260
Other Diversified Financial Services - 0.7%
JP Morgan Chase & Co. (1)	30,000		949,800
Specialized Finance - 0.5%
CME Group, Inc.	3,000		635,850
Total Financials			10,939,345
Healthcare - 17.0%
Biotechnology - 7.0%
Biogen Idec, Inc. (2)	34,100		1,442,771
Celgene Corp. (2)	23,000		1,198,300
Genentech, Inc. (1) (2)	26,000		1,991,600
Genzyme Corp. (1) (2)	27,500		1,760,550
Gilead Sciences, Inc. (1) (2)	78,500		3,516,015
			9,909,236
Healthcare Equipment - 1.3%
Baxter International, Inc.	33,600		1,777,440
Healthcare Services - 2.5%
Medco Health Solutions, Inc. (1) (2)	83,200		3,494,400
Healthcare Technology - 0.8%
Cerner Corp. (1) (2)	31,300		1,126,174
Life Sciences Tools & Services - 1.3%
Thermo Fisher Scientific, Inc. (2)	52,800		1,883,904
Pharmaceuticals - 4.1%
Allergan, Inc. (1)	23,900		900,552
Bristol-Myers Squibb Co. (1)	75,900		1,571,130
Johnson & Johnson	27,000		1,581,660
Schering-Plough Corp.	100,900		1,696,129
			5,749,471
Total Healthcare			23,940,625
Industrials - 11.6%
Aerospace & Defense - 3.7%
Lockheed Martin Corp.	11,900		917,609
Raytheon Co. (1)	26,500		1,293,200
Rockwell Collins, Inc.	36,500		1,243,920
United Technologies Corp. (1)	37,100		1,800,463
			5,255,192
Construction & Farm Machinery and Heavy Trucks - 1.1%
Deere & Co.	46,050		1,603,001
Electrical Components & Equipment - 2.7%
Emerson Electric Co. (1)	68,050		2,442,315
First Solar, Inc. (1) (2)	4,550		568,022
Roper Industries, Inc. (1)	18,400		842,168
			3,852,505
Industrial Conglomerates - 2.4%
3M Co.	50,000		3,346,499
Industrial Machinery - 0.7%
ITT Corp.	23,100		966,966
Railroads - 1.0%
Burlington Northern Santa Fe Corp.	9,400		720,134
CSX Corp.	17,500		651,700
			1,371,834
Total Industrials			16,395,997
Information Technology - 27.4%
Communications Equipment - 4.9%
Cisco Systems, Inc. (1) (2)	297,200		4,915,688
QUALCOMM, Inc.	61,000		2,047,770
			6,963,458

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Computer Hardware - 9.0%
Apple, Inc. (1) (2)		42,600	$	3,947,742
Hewlett-Packard Co.		97,200		3,429,216
International Business Machines Corp. (1)		64,000		5,222,400
				12,599,358
Data Processing & Outsourced Services - 0.7%
Visa, Inc. (1)		20,000		1,051,200
Electronic Equipment & Instruments - 0.7%
FLIR Systems, Inc. (1) (2)		32,400		1,005,048
Internet Software & Services - 4.5%
Google, Inc., Class A (1) (2)		14,920		4,370,963
Yahoo!, Inc. (1) (2)		176,500		2,031,515
				6,402,478
Semiconductors - 2.1%
Intel Corp. (1)		216,200		2,983,560
Systems Software - 5.5%
Microsoft Corp. (1)		265,000		5,358,299
Oracle Corp. (1) (2)		141,250		2,272,713
				7,631,012
Total Information Technology				38,636,114
Materials - 3.9%
Fertilizers & Agricultural Chemicals - 2.0%
Monsanto Co. (1)		36,700		2,906,640
Industrial Gases - 1.2%
Praxair, Inc.		27,500		1,623,875
Steel - 0.7%
Nucor Corp.		29,100		1,038,288
Total Materials				5,568,803
Total Common Stocks (identified cost $171,265,392)				137,285,023
Short-Term Investments - 57.7%
Collateral Pool Investment for Securities on Loan - 52.8%
(See Note 2 of the Schedule of Investments)				74,502,151
Repurchase Agreement - 4.9%
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008, to be repurchased at $6,896,453 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a Maturity of 7/13/2009, with a market value of $7,034,727 (at amortized cost)	$	6,896,338		6,896,338
Total Short-Term Investments (identified cost $81,398,489)				81,398,489
Total Investments - 155.0% (identified cost $252,663,881)				218,683,512
Other Assets and Liabilities - (55.0)%				(77,615,743	)
Total Net Assets - 100.0%			$	141,067,769

Mid-Cap Value Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 94.7%
Consumer Discretionary - 16.0%
Advertising - 1.0%
Interpublic Group of Cos., Inc. (1) (2)	444,460	$	1,817,841
Apparel Retail - 1.1%
The Gap, Inc. (1)	160,200		2,085,804
Auto Parts & Equipment - 1.4%
BorgWarner, Inc. (1)	113,500		2,685,410
Broadcasting & Cable TV - 1.8%
Liberty Global, Inc. (1) (2)	87,800		1,272,222
Liberty Media Corp. (2)	180,900		2,147,283
			3,419,505
Computer & Electronics Retail - 1.4%
Best Buy Co., Inc. (1)	129,500		2,681,945
Department Stores - 1.7%
Kohl’s Corp. (1) (2)	98,300		3,210,478
Homebuilding - 1.5%
Toll Brothers, Inc. (1) (2)	139,400		2,778,242
Household Appliances - 1.2%
Whirlpool Corp. (1)	54,500		2,146,210
Internet Retail - 1.2%
Expedia, Inc. (1) (2)	257,500		2,163,000
Restaurants - 1.7%
Yum! Brands, Inc. (1)	119,000		3,205,860
Specialty Stores - 2.0%
Staples, Inc. (1)	207,200		3,596,992
Total Consumer Discretionary			29,791,287
Consumer Staples - 7.5%
Food Retail - 3.5%
Kroger Co. (1)	127,500		3,526,650
Safeway, Inc. (1)	146,100		3,184,980
			6,711,630
Packaged Foods & Meats - 1.1%
Tyson Foods, Inc., Class A	293,600		1,970,056
Soft Drinks - 0.5%
Dr. Pepper Snapple Group, Inc. (2)	55,400		894,156
Tobacco - 2.4%
Lorillard, Inc.	72,400		4,375,132
Total Consumer Staples			13,950,974
Energy - 4.9%
Oil & Gas-Drilling - 0.7%
Helmerich & Payne, Inc.	53,900		1,366,904
Oil & Gas-Equipment and Services - 0.9%
BJ Services Co. (1)	135,700		1,627,043
Oil & Gas-Exploration and Production - 3.3%
Cimarex Energy Co.	84,700		2,402,939
Noble Energy, Inc.	71,300		3,727,564
			6,130,503
Total Energy			9,124,450
Financials - 24.3%
Asset Management & Custody Banks - 6.1%
Affiliated Managers Group, Inc. (1) (2)	86,700		2,427,600
Ameriprise Financial, Inc.	158,900		2,933,294
Invesco Ltd. (1)	256,200		3,215,310
State Street Corp.	61,100		2,572,921
			11,149,125

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
Consumer Finance - 0.8%
Capital One Financial Corp. (1)	44,900	$	1,545,009
Life & Health Insurance - 1.6%
Principal Financial Group, Inc. (1)	98,300		1,357,523
StanCorp Financial Group, Inc. (1)	50,700		1,688,817
			3,046,340
Multi-Line Insurance - 1.2%
Assurant, Inc.	102,300		2,227,071
Property & Casualty Insurance - 4.6%
ACE Ltd.	85,300		4,456,925
Hanover Insurance Group, Inc.	100,000		4,032,000
			8,488,925
Regional Banks - 5.4%
Associated Banc-Corp. (1)	119,600		2,598,908
City National Corp. (1)	57,150		2,507,742
First Horizon National Corp. (1)	144,788		1,547,781
Keycorp (1)	215,800		2,024,204
Synovus Financial Corp. (1)	173,500		1,443,520
			10,122,155
Reinsurance - 4.6%
PartnerRe Ltd.	72,000		5,037,121
Reinsurance Group of America, Inc. (1)	87,100		3,536,260
			8,573,381
Total Financials			45,152,006
Healthcare - 8.3%
Healthcare Distributors - 2.0%
AmerisourceBergen Corp.	119,600		3,749,460
Healthcare Services - 2.6%
DaVita, Inc. (1) (2)	95,300		4,788,825
Healthcare Supplies - 1.2%
DENTSPLY International, Inc. (1)	82,700		2,156,816
Life Sciences Tools & Services - 1.8%
Thermo Fisher Scientific, Inc. (2)	94,900		3,386,032
Managed Healthcare - 0.7%
CIGNA Corp.	105,700		1,280,027
Total Healthcare			15,361,160
Industrials - 9.6%
Aerospace & Defense - 0.5%
Alliant Techsystems, Inc. (1) (2)	12,400		1,019,280
Airlines - 0.7%
Continental Airlines, Inc. (1) (2)	94,300		1,384,324
Diversified Support Services - 1.9%
Cintas Corp. (1)	143,800		3,454,076
Environmental & Facilities Services - 1.9%
Republic Services, Inc. (1)	150,800		3,619,200
Human Resource & Employment Services - 1.9%
Manpower, Inc.	109,900		3,459,652
Industrial Machinery - 1.3%
Eaton Corp. (1)	50,300		2,330,902
Trucking - 1.4%
Con-way, Inc. (1)	90,400		2,528,488
Total Industrials			17,795,922
Information Technology - 7.0%
Application Software - 0.9%
Synopsys, Inc. (2)	109,600		1,756,888
Office Electronics - 1.1%
Xerox Corp. (1)	301,900		2,110,281
Semiconductors - 1.5%
Altera Corp. (1)	156,000		2,294,760
Intersil Corp.	59,500		539,070
			2,833,830
Systems Software - 0.6%
Symantec Corp. (1) (2)	97,800		1,176,534

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Information Technology (continued)
Technology Distributors - 2.9%
Arrow Electronics, Inc. (2)		166,300	$	2,294,940
Ingram Micro, Inc. (1) (2)		263,600		2,838,972
				5,133,912
Total Information Technology				13,011,445
Materials - 7.2%
Diversified Chemicals - 1.8%
PPG Industries, Inc.		75,830		3,330,454
Paper Packaging - 1.8%
Sealed Air Corp.		223,100		3,531,673
Paper Products - 1.2%
MeadWestvaco Corp.		186,700		2,176,922
Specialty Chemicals - 1.2%
Cytec Industries, Inc.		102,200		2,251,466
Steel - 1.2%
Nucor Corp.		60,800		2,169,344
Total Materials				13,459,859
Telecommunication Services - 2.2%
Integrated Telecommunication Services - 2.2%
Embarq Corp.		126,100		4,115,904
Total Telecommunication Services				4,115,904
Utilities - 7.7%
Electric Utilities - 2.9%
Edison International (1)		69,300		2,314,620
Entergy Corp. (1)		37,000		3,148,700
				5,463,320
Gas Utilities - 1.7%
Equitable Resources, Inc. (1)		96,400		3,216,868
Multi-Utilities - 3.1%
CMS Energy Corp. (1)		330,200		3,354,832
Sempra Energy		47,800		2,230,826
				5,585,658
Total Utilities				14,265,846
Total Common Stocks (identified cost $245,297,425)				176,028,853
Short-Term Investments - 44.4%
Collateral Pool Investment for Securities on Loan - 39.5%
(See Note 2 of the Schedule of Investments)				73,377,063
Repurchase Agreement - 4.9%
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008, to be repurchased at $9,131,254 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 6/28/2010, with a market value of $9,313,933 (at amortized cost)	$	9,131,101		9,131,101
Total Short-Term Investments (identified cost $82,508,164)				82,508,164
Total Investments - 139.1% (identified cost $327,805,589)				258,537,017
Other Assets and Liabilities - (39.1)%				(72,605,492	)
Total Net Assets - 100.0%			$	185,931,525

Mid-Cap Growth Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 97.2%
Consumer Discretionary - 11.7%
Apparel Retail - 1.1%
Ross Stores, Inc. (1)	63,400	$	1,680,100
Automotive Retail - 0.5%
AutoZone, Inc. (2)	7,500		819,150
Computer & Electronics Retail - 0.9%
GameStop Corp. (1) (2)	65,500		1,431,175
Department Stores - 0.6%
Kohl’s Corp. (1) (2)	30,700		1,002,662
Distributors - 1.0%
Genuine Parts Co.	18,100		708,615
LKQ Corp. (1) (2)	77,400		806,508
			1,515,123
Education Services - 1.4%
Apollo Group, Inc., Class A (2)	10,700		822,188
DeVry, Inc.	23,000		1,322,040
			2,144,228
General Merchandise Stores - 2.8%
Dollar Tree, Inc. (1) (2)	59,100		2,503,476
Family Dollar Stores, Inc.	68,000		1,889,040
			4,392,516
Movies & Entertainment - 1.1%
Regal Entertainment Group, Inc.	180,200		1,652,434
Restaurants - 0.6%
Panera Bread Co., Class A (1) (2)	20,000		888,800
Specialized Consumer Services - 1.1%
Hillenbrand, Inc.	109,400		1,741,648
Specialty Stores - 0.6%
Sally Beauty Holdings, Inc. (1) (2)	212,700		925,245
Total Consumer Discretionary			18,193,081
Consumer Staples - 9.5%
Drug Retail - 1.4%
CVS Caremark Corp. (1)	73,800		2,135,034
Food Retail - 2.1%
Kroger Co. (1)	117,300		3,244,518
Household Products - 1.1%
Clorox Co.	30,100		1,780,716
Hypermarkets & Super Centers - 1.1%
BJ’s Wholesale Club, Inc. (2)	49,400		1,767,532
Packaged Foods & Meats - 1.6%
General Mills, Inc. (1)	38,700		2,444,679
Personal Products - 1.4%
Chattem, Inc. (1) (2)	30,500		2,213,385
Tobacco - 0.8%
Lorillard, Inc.	19,700		1,190,471
Total Consumer Staples			14,776,335
Energy - 12.4%
Oil & Gas-Equipment and Services - 0.9%
IHS, Inc., Class A (1) (2)	36,300		1,317,327
Oil & Gas-Exploration and Production - 11.5%
Atlas America, Inc.	265,450		3,979,096
Chesapeake Energy Corp. (1)	191,500		3,289,970
Contango Oil & Gas Co. (1) (2)	127,050		6,675,207
Continental Resources, Inc. (2)	50,300		983,365

Description	Shares	Value
Common Stocks (continued)
Energy (continued)
Oil and Gas - Exploration and Production (continued)
Petrohawk Energy Corp. (1) (2)	173,600	$	3,032,792
			17,960,430
Total Energy			19,277,757
Financials - 6.7%
Insurance Brokers - 1.7%
Aon Corp.	28,700		1,300,110
Marsh & McLennan Companies, Inc.	51,200		1,305,600
			2,605,710
Mortgage REIT’s - 3.4%
Annaly Capital Management, Inc. (1)	260,600		3,744,822
Capstead Mortgage Corp.	75,600		793,044
MFA Mortgage Investments, Inc.	129,200		799,748
			5,337,614
Office REIT’s - 0.8%
Digital Realty Trust, Inc.	45,100		1,233,936
Specialized Finance - 0.8%
IntercontinentalExchange, Inc. (1) (2)	16,700		1,229,120
Total Financials			10,406,380
Healthcare - 21.1%
Biotechnology - 2.5%
Alexion Pharmaceuticals, Inc. (1) (2)	53,200		1,790,712
Celgene Corp. (2)	24,400		1,271,240
United Therapeutics Corp. (2)	13,400		734,722
			3,796,674
Healthcare Equipment - 4.0%
Baxter International, Inc.	29,900		1,581,710
Becton, Dickinson and Co.	22,300		1,416,719
NuVasive, Inc. (1) (2)	51,600		1,777,620
ResMed, Inc. (1) (2)	20,500		744,970
St. Jude Medical, Inc. (1) (2)	24,400		683,932
			6,204,951
Healthcare Facilities - 1.0%
Psychiatric Solutions, Inc. (1) (2)	63,500		1,606,550
Healthcare Services - 3.0%
Amedisys, Inc. (1) (2)	43,700		1,699,493
Express Scripts, Inc. (2)	27,000		1,552,770
Omnicare, Inc.	61,000		1,470,710
			4,722,973
Healthcare Supplies - 3.1%
DENTSPLY International, Inc. (1)	52,000		1,356,160
Haemonetics Corp. (1) (2)	30,900		1,767,171
Inverness Medical Innovations, Inc. (1) (2)	91,800		1,612,926
			4,736,257
Life Sciences Tools & Services - 3.1%
Charles River Laboratories International, Inc. (2)	28,100		640,680
Covance, Inc. (1) (2)	19,800		773,784
QIAGEN N.V. (1) (2)	114,200		1,842,046
Thermo Fisher Scientific, Inc. (2)	43,400		1,548,512
			4,805,022
Pharmaceuticals - 4.4%
Mylan, Inc. (1) (2)	205,000		1,929,050
Perrigo Co.	75,800		2,608,278
Teva Pharmaceutical Industries, Ltd. ADR (1)	47,900		2,066,885
			6,604,213
Total Healthcare			32,476,640
Industrials - 13.4%
Construction & Engineering - 1.9%
Jacobs Engineering Group, Inc. (2)	23,800		1,065,526
Quanta Services, Inc. (2)	59,000		959,340
Shaw Group, Inc. (2)	47,500		874,000
			2,898,866
Diversified Support Services - 0.8%
Copart, Inc. (1) (2)	47,300		1,261,491
Electrical Components & Equipment - 0.7%
AMETEK, Inc.	32,800		1,145,704
Environmental & Facilities Services - 2.1%
Stericycle, Inc. (2)	41,700		2,389,410
Tetra Tech, Inc. (2)	39,700		795,588
			3,184,998

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Human Resource & Employment Services - 1.2%
Watson Wyatt Worldwide, Inc. (1)	46,900	$	1,891,008
Industrial Machinery - 2.0%
Donaldson Company, Inc.	35,400		1,211,388
Harsco Corp.	39,000		980,850
SPX Corp.	23,600		880,752
			3,072,990
Railroads - 0.9%
CSX Corp.	20,800		774,592
Kansas City Southern (1) (2)	30,700		672,944
			1,447,536
Research and Consulting Services - 1.3%
Dun & Bradstreet Corp.	25,200		2,016,000
Security & Alarm Services - 2.0%
Corrections Corp of America (1) (2)	172,100		3,113,289
Trucking - 0.5%
J.B. Hunt Transport Services, Inc.	29,600		793,576
Total Industrials			20,825,458
Information Technology - 15.9%
Application Software - 4.0%
ANSYS, Inc. (2)	35,100		1,012,986
Nuance Communications, Inc. (1) (2)	204,200		1,874,556
Parametric Technology Corp. (1) (2)	73,400		848,504
Solera Holdings, Inc. (2)	119,200		2,332,744
			6,068,790
Communications Equipment - 1.0%
Harris Corp.	44,200		1,541,696
Computer Storage & Peripherals - 0.5%
QLogic Corp. (2)	72,200		766,764
Consulting & Other Services - 1.1%
ManTech International Corp. (2)	31,500		1,714,230
Data Processing & Outsourced Services - 2.5%
Fiserv, Inc. (2)	40,600		1,386,084
Global Payments, Inc.	33,100		1,197,227
Hewitt Associates, Inc. (2)	45,400		1,297,532
			3,880,843
Electronic Components - 0.5%
Amphenol Corp., Class A	32,800		761,616
Electronic Equipment & Instruments - 1.4%
FLIR Systems, Inc. (1) (2)	70,900		2,199,318
Home Entertainment Software - 0.9%
Activision Blizzard, Inc. (2)	114,300		1,337,310
Internet Software & Services - 1.9%
Equinix, Inc. (1) (2)	39,600		1,798,236
IAC/InterActive Corp. (1) (2)	73,800		1,091,502
			2,889,738
Systems Software - 2.1%
McAfee, Inc. (1) (2)	42,300		1,282,959
Sybase, Inc. (1) (2)	48,700		1,199,968
Symantec Corp. (1) (2)	63,500		763,905
			3,246,832
Total Information Technology			24,407,137
Materials - 4.4%
Industrial Gases - 0.6%
Praxair, Inc.	15,000		885,750
Metal & Glass Containers - 1.3%
Pactiv Corp. (2)	83,400		2,084,166
Specialty Chemicals - 2.5%
Ecolab, Inc. (1)	45,200		1,735,228
Sensient Technologies Corp.	88,100		2,117,924
			3,853,152
Total Materials			6,823,068
Telecommunication Services - 2.1%
Wireless Telecommunication Services - 2.1%
American Tower Corp., Class A (1) (2)	78,000		2,124,720

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Telecommunication Services (continued)
Wireless Telecommunication Services (continued)
Crown Castle International Corp. (2)		85,500	$	1,202,985
Total Telecommunication Services				3,327,705
Total Common Stocks (identified cost $182,608,586)				150,513,561
Exchange Traded Funds - 0.8%
iShares Russell Midcap Growth Index Fund (1)		41,700		1,264,761
Total Exchange Traded Funds (identified cost $1,216,735)				1,264,761
Short-Term Investments - 40.7%
Collateral Pool Investment for Securities on Loan - 38.9%
(See Note 2 of the Schedule of Investments)				60,312,831
Repurchase Agreement - 1.8%
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008 to be repurchased at $2,782,712 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 7/13/2009, with a market value of $2,838,684 (at amortized cost)	$	2,782,665		2,782,665
Total Short-Term Investments (identified cost $63,095,496)				63,095,496
Total Investments - 138.7% (identified cost $246,920,817)				214,873,818
Other Assets and Liabilities - (38.7)%				(59,969,673	)
Total Net Assets - 100.0%			$	154,904,145

Small-Cap Growth Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 97.9%
Consumer Discretionary - 11.6%
Apparel, Accessories & Luxury Goods - 0.8%
True Religion Apparel, Inc. (1) (2)	116,300	$	1,464,217
Automotive Retail - 1.1%
Monro Muffler Brake, Inc. (1)	98,500		2,010,385
Distributors - 0.5%
LKQ Corp. (1) (2)	92,100		959,682
General Merchandise Stores - 2.9%
Dollar Tree, Inc. (1) (2)	70,000		2,965,200
Family Dollar Stores, Inc.	81,800		2,272,404
			5,237,604
Internet Retail - 0.9%
PetMed Express, Inc. (1) (2)	93,800		1,681,834
Movies & Entertainment - 1.3%
Imax Corp. (2)	801,700		2,324,930
Restaurants - 0.6%
Panera Bread Co., Class A (1) (2)	24,300		1,079,892
Specialized Consumer Services - 1.9%
Hillenbrand, Inc. (1)	130,400		2,075,968
Stewart Enterprises, Inc. (1)	458,800		1,463,572
			3,539,540
Specialty Stores - 1.6%
Blockbuster, Inc., Class A (1) (2)	1,420,500		1,690,395
Ulta Salon, Cosmetics & Fragrance, Inc. (1) (2)	162,700		1,168,186
			2,858,581
Total Consumer Discretionary			21,156,665
Consumer Staples - 7.5%
Distillers & Vintners - 0.7%
Central European Distribution Corp. (2)	55,000		1,300,200
Hypermarkets & Super Centers - 1.2%
BJ’s Wholesale Club, Inc. (2)	58,900		2,107,442
Packaged Foods & Meats - 4.2%
Green Mountain Coffee Roasters, Inc. (1) (2)	64,300		2,336,662
Hain Celestial Group, Inc. (1) (2)	90,500		1,424,470
Overhill Farms, Inc. (2)	344,100		1,118,325
TreeHouse Foods, Inc. (1) (2)	120,400		2,864,316
			7,743,773
Personal Products - 1.4%
Chattem, Inc. (1) (2)	36,100		2,619,777
Total Consumer Staples			13,771,192
Energy - 9.9%
Oil & Gas-Exploration and Production - 9.9%
Atlas America, Inc.	310,600		4,655,894
Contango Oil & Gas Co. (1) (2)	153,900		8,085,906
Denbury Resources, Inc. (2)	98,700		940,611
Gasco Energy, Inc. (1) (2)	1,468,100		910,075
Petrohawk Energy Corp. (1) (2)	203,600		3,556,892
Total Energy			18,149,378
Financials - 5.3%
Asset Management & Custody Banks - 1.0%
Riskmetrics Group, Inc. (1) (2)	123,600		1,846,584
Mortgage REIT’s - 4.3%
American Capital Agency Corp. (1)	255,000		5,084,700
Anworth Mortgage Asset Corp.	139,800		884,934
Capstead Mortgage Corp.	86,800		910,532
MFA Mortgage Investments, Inc.	152,600		944,594

Description	Shares	Value
Common Stocks (continued)
Financials (continued)
		$	7,824,760
Total Financials			9,671,344
Healthcare - 27.9%
Biotechnology - 2.4%
Alexion Pharmaceuticals, Inc. (1) (2)	63,100		2,123,946
Myriad Genetics, Inc. (2)	18,000		1,067,040
United Therapeutics Corp. (1) (2)	20,800		1,140,464
			4,331,450
Healthcare Equipment - 7.9%
ABIOMED, Inc. (1) (2)	151,100		2,121,444
Masimo Corp. (1) (2)	50,600		1,380,874
Natus Medical, Inc. (1) (2)	96,500		1,226,515
NuVasive, Inc. (1) (2)	62,800		2,163,460
ResMed, Inc. (1) (2)	24,400		886,696
Synovis Life Technologies, Inc. (2)	100,300		1,435,293
Thoratec Corp. (2)	84,300		2,110,029
Vnus Medical Technologies, Inc. (2)	63,500		952,500
Wright Medical Group, Inc. (1) (2)	122,900		2,084,384
			14,361,195
Healthcare Facilities - 3.6%
Hanger Orthopedic Group, Inc. (2)	170,700		2,739,735
Psychiatric Solutions, Inc. (1) (2)	74,300		1,879,790
Sun Healthcare Group, Inc. (1) (2)	204,300		2,047,086
			6,666,611
Healthcare Services - 3.9%
Alliance Imaging, Inc. (1) (2)	235,200		1,839,264
Amedisys, Inc. (1) (2)	51,900		2,018,391
CardioNet, Inc. (2)	103,200		2,051,616
Genoptix, Inc. (1) (2)	40,800		1,294,584
			7,203,855
Healthcare Supplies - 3.4%
Haemonetics Corp. (1) (2)	37,200		2,127,468
Inverness Medical Innovations, Inc. (1) (2)	106,200		1,865,934
Merit Medical Systems, Inc. (1) (2)	128,000		1,857,280
RTI Biologics, Inc. (1) (2)	158,800		431,936
			6,282,618
Healthcare Technology - 0.9%
MedAssets, Inc. (1) (2)	124,200		1,577,340
Life Sciences Tools & Services - 2.5%
eResearchTechnology, Inc. (2)	153,600		866,304
ICON PLC ADR (2)	66,800		1,415,492
Luminex Corp. (1) (2)	84,400		1,857,644
PAREXEL International Corp. (1) (2)	42,700		355,264
			4,494,704
Pharmaceuticals - 3.3%
Mylan, Inc. (1) (2)	236,500		2,225,465
Perrigo Co.	89,800		3,090,018
Questcor Pharmaceuticals, Inc. (1) (2)	90,400		772,920
			6,088,403
Total Healthcare			51,006,176
Industrials - 14.7%
Aerospace & Defense - 1.2%
DynCorp International, Inc. (1) (2)	151,800		2,254,230
Construction & Engineering - 0.5%
Aecom Technology Corp. (2)	37,400		990,726
Environmental & Facilities Services - 1.8%
Clean Harbors, Inc. (1) (2)	34,600		2,184,298
Tetra Tech, Inc. (1) (2)	48,100		963,924
			3,148,222
Human Resource & Employment Services - 1.2%
Watson Wyatt Worldwide, Inc. (1)	56,400		2,274,048
Industrial Machinery - 1.4%
Donaldson Company, Inc.	42,000		1,437,240
Middleby Corp. (1) (2)	35,600		1,152,372
			2,589,612
Marine Ports & Services - 0.4%
Aegean Marine Petroleum Network, Inc. (1)	61,400		745,396

Description	Shares	Value
Common Stocks (continued)
Industrials (continued)
Office Services & Supplies - 1.0%
Sykes Enterprises, Inc. (2)	100,900	$	1,871,695
Railroads - 0.4%
Kansas City Southern (1) (2)	36,400		797,888
Research and Consulting Services - 2.0%
CBIZ, Inc. (1) (2)	235,600		1,891,868
Navigant Consulting, Inc. (2)	80,500		1,522,255
			3,414,123
Security & Alarm Services - 4.1%
Cornell Companies, Inc. (1) (2)	115,600		2,728,160
Corrections Corporation of America (1) (2)	183,400		3,317,706
Geo Group, Inc. (1) (2)	67,500		1,302,750
			7,348,616
Trading Companies & Distributors - 0.7%
Beacon Roofing Supply, Inc. (2)	113,100		1,336,842
Total Industrials			26,771,398
Information Technology - 17.1%
Application Software - 5.1%
ANSYS, Inc. (1) (2)	41,700		1,203,462
Ebix, Inc. (1) (2)	87,700		2,273,623
Nuance Communications, Inc. (1) (2)	239,100		2,194,938
Parametric Technology Corp. (2)	87,000		1,005,720
Solera Holdings, Inc. (2)	136,600		2,673,262
			9,351,005
Communications Equipment - 1.6%
DG FastChannel, Inc. (1) (2)	178,000		2,981,500
Computer Storage & Peripherals - 0.8%
Netezza Corp. (1) (2)	85,600		618,032
QLogic Corp. (2)	85,900		912,258
			1,530,290
Consulting & Other Services - 1.1%
ManTech International Corp. (2)	37,700		2,051,634
Data Processing & Outsourced Services - 1.9%
CyberSource Corp. (1) (2)	117,600		1,091,328
Global Payments, Inc.	40,400		1,461,268
TNS, Inc. (2)	105,000		897,750
			3,450,346
Electronic Equipment & Instruments - 0.7%
Cogent, Inc. (2)	89,900		1,208,256
Internet Software & Services - 4.0%
Ariba, Inc. (2)	162,800		1,310,540
AsiaInfo Holdings, Inc. (1) (2)	161,900		1,785,757
Equinix, Inc. (1) (2)	47,700		2,166,057
IAC/InterActiveCorp. (1) (2)	87,700		1,297,083
Omniture, Inc. (1) (2)	72,300		718,662
			7,278,099
Systems Software - 1.9%
Commvault Systems, Inc. (1) (2)	105,200		1,078,300
TeleCommunications Systems, Inc. (1) (2)	292,800		2,313,120
			3,391,420
Total Information Technology			31,242,550
Materials - 3.1%
Metal & Glass Containers - 1.3%
Pactiv Corp. (1) (2)	94,400		2,359,056
Specialty Chemicals - 1.8%
Balchem Corp.	31,000		806,930
Sensient Technologies Corp. (1)	107,000		2,572,280
			3,379,210
Total Materials			5,738,266
Telecommunication Services - 0.8%
Wireless Telecommunication Services - 0.8%
SBA Communications Corp. (1) (2)	87,200		1,376,888
Total Common Stocks
(identified cost $214,654,096)			178,883,857

Description	Principal Amount		Value
Short-Term Investments - 54.4%
Collateral Pool Investment for Securities on Loan - 52.6%
(See Note 2 of the Schedule of Investments)			$	96,117,303
Repurchase Agreement - 1.8%
Agreement with Morgan Stanley & Co, Inc., 0.200%, dated 11/28/2008, to be repurchased at $3,367,222 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 5/29/2013, with a market value of $3,435,187	$	3,367,166		3,367,166
Total Short-Term Investments (identified cost $99,484,469)				99,484,469
Total Investments - 152.3% (identified cost $314,138,565)				278,368,326
Other Assets and Liabilities - (52.3)%				(95,638,474	)
Total Net Assets - 100.0%			$	182,729,852

International Stock Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Shares	Value
Common Stocks - 93.4%
Australia - 1.6%
Amcor, Ltd.	21,276	$	82,980
BlueScope Steel, Ltd.	69,433		182,817
Boart Longyear Group	148,929		26,303
Caltex Australian, Ltd.	3,233		15,726
CSL, Ltd.	32,200		740,453
Downer EDI, Ltd.	15,041		41,440
Mineral Resources, Ltd.	22,282		28,801
QBE Insurance Group, Ltd.	21,525		337,851
Telstra Corp., Ltd.	73,196		195,162
Washington H. Soul Pattinson & Co., Ltd.	7,582		42,517
Westfield Group, REIT	40,295		398,013
Westpac Banking Corp.	21,148		250,667
			2,342,730
Austria - 0.2%
Erste Group Bank AG	9,858		225,079
Belgium - 1.3%
Anheuser-Busch InBev NV	8,624		141,883
Bekaert NV	410		26,387
Cofinimmo, REIT	213		27,161
Compagnie Nationale a Portefeuille (CNP) / Nationale Portefeuille Maatschappij (NPM)	947		48,949
Delhaize Group (1)	24,642		1,497,570
Dexia SA (1)	31,813		139,183
Tessenderlo Chemie NV	1,417		41,608
			1,922,741
Bermuda - 0.2%
Aquarius Platinum, Ltd.	11,368		24,488
Lancashire Holdings, Ltd.	28,602		170,266
Macquarie International Infrastructure Fund, Ltd.	283,000		53,482
			248,236
Brazil - 0.5%
Companhia Vale do Rio Doce, ADR	41,300		493,122
Petroleo Brasileiro SA, ADR	13,800		288,972
			782,094
Canada - 1.2%
Alimentation Couche-Tard, Inc., Class B	2,400		24,423
Bank of Nova Scotia	6,000		173,516
Brookfield Asset Management, Inc., Class A	6,200		89,714
CGI Group, Inc., Class A (2)	16,935		133,842
Gildan Activewear, Inc. (2)	21,900		372,026
Laurentian Bank of Canada	3,800		110,815
Magna International, Inc.	1,500		43,379
Manulife Financial Corp.	9,900		187,317
National Bank of Canada	5,200		173,516
Onex Corp.	1,000		14,197
Royal Bank of Canada	5,400		183,597
Thompson Creek Metals Co., Inc. (2)	7,400		24,842
Toronto-Dominion Bank	4,600		165,588
			1,696,772
China - 0.3%
Dongfeng Motor Group Co., Ltd.	156,000		35,599
Industrial and Commercial Bank of China, Ltd.	742,000		364,912
			400,511
Cyprus - 0.6%
Bank of Cyprus Public Co., Ltd.	210,300		840,893
Denmark - 0.1%
D/S Norden A/S	6,129		164,051

Description	Shares	Value
Common Stocks (continued)
Finland - 1.0%
Fortum Oyj	5,200	$	104,437
KCI Konecranes Oyj	1,435		21,296
Nokia Oyj (1)	94,630		1,338,439
TietoEnator Oyj	2,012		20,962
			1,485,134
France - 5.6%
Alstom (1)	32,824		1,750,471
BNP Paribas SA (1)	12,185		675,300
Bouygues SA (1)	18,300		754,034
CNP Assurances	1,616		104,101
Compagnie de Saint-Gobain	20,278		816,362
France Telecom SA (1)	41,128		1,061,390
Groupe Eurotunnel SA (2)	2,005		11,878
Nexans SA	1,494		88,126
PPR	6,955		332,226
PSA Peugeot Citroen (1)	28,581		518,378
Sanofi-Aventis	32,774		1,817,956
Thomson	17,266		18,417
UbiSoft Entertainment SA (2)	7,902		182,056
			8,130,695
Germany - 14.5%
Aareal Bank AG	3,094		22,435
Adidas AG (1)	36,227		1,133,180
Allianz SE (1)	7,117		592,695
Demag Cranes AG	1,783		37,697
Deutsche Boerse AG (1)	15,600		1,121,521
Deutsche Lufthansa AG (1)	209,676		2,769,027
E.ON AG (1)	26,117		920,649
Fresenius Medical Care AG	33,100		1,832,427
Fresenius SE	3,200		158,261
GEA Group AG (1)	83,010		1,287,339
Henkel AG & Co., KGaA (1)	42,700		1,212,327
K+S AG	26,300		1,192,223
Kloeckner & Co. SE	8,371		103,651
MAN AG	28,261		1,289,152
MTU Aero Engines Holding AG	1,848		37,442
Muenchener Rueckversicherungs-Gesellschaft AG (MunichRe)	13,697		1,870,618
Norddeutsche Affinerie AG	1,666		57,692
Rheinmetall AG	1,098		25,691
RWE AG	24,309		2,050,763
Salzgitter AG	9,640		671,814
SAP AG	29,982		1,030,010
Stada Arzneimittel AG (1)	51,200		1,396,215
ThyssenKrupp AG	5,512		112,686
			20,925,515
Greece - 0.2%
National Bank of Greece SA	15,017		286,801
Hong Kong - 3.9%
China Mobile, Ltd., ADR	16,700		765,361
CNOOC, Ltd.	768,900		629,602
Esprit Holdings, Ltd.	199,300		932,546
Hutchison Whampoa, Ltd.	335,300		1,671,514
Li & Fung, Ltd.	754,300		1,372,901
Pacific Basin Shipping, Ltd.	204,000		85,768
Swire Pacific, Ltd.	28,000		188,417
Vedan International (Holdings), Ltd.	288,000		14,228
			5,660,337
India - 2.2%
Bank of India	33,659		169,526
Gail India, Ltd.	85,349		338,563
Hindustan Unilever, Ltd.	36,862		175,736
Housing Development Finance Corp., Ltd.	31,359		930,941
Punjab National Bank, Ltd.	5,125		45,465
Satyam Computer Services, Ltd.	47,000		598,310
State Bank of India	7,581		165,259
State Bank of India, GDR	13,700		595,401
Tata Steel, Ltd.	27,654		83,235
			3,102,436

Description	Shares	Value
Common Stocks (continued)
Italy - 2.9%
Assicurazioni Generali SpA	18,810	$	455,240
Banco Popolare Societa Cooperativa	76,500		702,993
Fondiaria-Sai SpA	2,981		54,359
IFI-Istituto Finanziario Industriale SpA (2)	2,243		13,421
Intesa Sanpaolo (1)	198,800		600,928
Lottomatica SpA (1)	82,220		1,950,597
UniCredit SpA	196,675		452,041
			4,229,579
Japan - 23.0%
77 Bank, Ltd.	8,000		37,836
AISIN SEIKI Co., Ltd.	33,200		438,147
Alpine Electronics, Inc.	3,800		26,707
ARRK Corp.	9,000		12,655
Asahi Glass Co., Ltd.	100,500		565,172
Bank of Kyoto, Ltd.	25,000		252,403
Canon, Inc.	20,550		611,597
Chubu Electric Power Co., Inc.	19,100		525,200
Chugoku Bank, Ltd.	5,000		69,117
Credit Saison Co., Ltd.	96,320		1,286,567
CSK HOLDINGS Corp.	23,000		152,263
DAI NIPPON PRINTING Co., Ltd.	19,000		201,115
DAIHATSU MOTOR Co., Ltd.	55,000		397,279
Daishi Bank, Ltd.	55,000		235,766
DAITO TRUST CONSTRUCTION Co., Ltd.	13,100		557,647
FamilyMart Co., Ltd.	10,400		423,796
Ferrotec Corp.	3,400		32,767
Fuji Heavy Industries, Ltd.	168,000		506,365
FUJI OIL Co., Ltd.	2,500		31,589
FUJI SOFT, Inc.	4,100		79,938
FUJITSU, Ltd.	24,000		104,244
FUTABA INDUSTRIAL Co., Ltd.	3,600		19,154
Gunma Bank, Ltd.	7,000		41,131
HANWA Co., Ltd.	33,000		93,901
HINO MOTORS, Ltd.	58,000		120,922
Hitachi Construction Machinery Co., Ltd.	663,000		3,073,821
Hitachi Software Engineering Co., Ltd.	31,700		463,796
HONDA MOTOR Co., Ltd.	37,400		822,234
Hosiden Corp.	8,200		100,694
Hyakugo Bank, Ltd.	41,000		246,745
INPEX Holdings, Inc.	134		858,367
INUI STEAMSHIP Co., Ltd.	13,700		90,650
ITOCHU Corp.	126,000		638,940
ITOHAM FOODS, Inc.	10,000		37,230
Iyo Bank, Ltd.	7,000		77,066
J-OIL Mills, Inc.	8,000		27,562
JAPAN TOBACCO, Inc.	366		1,343,638
K.K. DaVinci Advisors (2)	182		14,079
KAGOSHIMA BANK, Ltd.	10,000		71,722
KAKEN PHARMACEUTICAL Co., Ltd.	3,000		29,732
Kanto Auto Works, Ltd.	1,500		17,782
KOITO MANUFACTURING Co., Ltd.	14,000		91,806
KONICA MINOLTA HOLDINGS, Inc.	106,600		786,067
KYOKUYO Co., Ltd.	8,000		17,779
LEOPALACE21 Corp.	34,700		326,252
Marubeni Corp.	281,000		985,527
Matsushita Electric Industrial Co., Ltd.	19,000		228,080
Meiji Seika Kaisha, Ltd. (1)	90,000		402,034
Mie Bank, Ltd.	26,000		105,913
MIMASU SEMICONDUCTOR INDUSTRY Co., Ltd.	5,500		55,530
Mitsubishi Materials Corp.	17,000		34,262
Mitsubishi Steel Manufacturing Co., Ltd. (1)	20,000		49,956
MITSUI & Co., Ltd.	197,000		1,750,296
MITSUI MINING Co., Ltd.	18,000		30,177
Mitsui Trust Holdings, Inc.	205,200		769,421
Mizuho Financial Group, Inc.	358		943,112
NEC Corp.	78,000		219,404
Net One Systems Co., Ltd.	26		44,736

Description	Shares	Value
Common Stocks (continued)
Japan (continued)
NICHIREI Corp.	11,000	$	45,904
NIKON Corp.	38,500		436,434
Nintendo Co., Ltd.	4,100		1,269,382
Nippon Flour Mills Co., Ltd.	4,000		18,102
NIPPON MEAT PACKERS, Inc.	25,000		313,536
NIPPON OIL Corp.	219,000		822,620
Nippon Paper Group, Inc.	53		176,133
Nippon Soda Co., Ltd.	25,000		75,047
NIPPON TELEGRAPH & TELEPHONE Corp.	295		1,283,794
NIS GROUP Co., Ltd. (2)	45,200		19,515
Nisshin Seifun Group, Inc.	7,500		84,128
Nisshin Steel Co., Ltd.	101,000		147,355
Nitori Co., Ltd.	4,300		306,330
NSD Co., Ltd.	2,600		23,297
Oenon Holdings, Inc.	18,000		43,308
Ogaki Kyoritsu Bank, Ltd.	46,000		192,818
ORIX JREIT, Inc., REIT	7		32,590
PILOT Corp.	53		97,613
PIONEER Corp.	11,847		26,494
Prima Meat Packers, Ltd.	47,000		76,458
Q.P. Corp.	5,400		60,105
ROUND ONE Corp.	76		36,011
San-in Godo Bank, Ltd.	26,000		189,992
Sanken Electric Co., Ltd.	19,000		65,405
Sanyo Special Steel Co., Ltd.	13,000		34,008
Seiko Epson Corp.	30,300		435,568
SEINO HOLDINGS Co., Ltd.	12,000		60,777
Shinsei Bank, Ltd.	196,000		314,103
SKY Perfect JSAT Corp.	271		103,152
Sumikin Bussan Corp.	26,000		56,680
Sumitomo Electric Industries, Ltd.	35,300		266,702
Sumitomo Mitsui Financial Group, Inc.	136		499,013
TOAGOSEI Co., Ltd.	9,000		22,442
Tohoku Electric Power Co., Inc.	2,900		70,329
TOKYO TEKKO Co., Ltd.	4,000		8,437
TOYO SEIKAN KAISHA, Ltd.	16,700		237,301
Toyo Tire & Rubber Co., Ltd.	15,000		32,362
TOYODA GOSEI Co., Ltd.	1,300		16,387
Toyota Motor Corp.	67,900		2,137,328
UNIPRES Corp.	12,000		113,476
West Japan Railway Co.	65		288,711
YAMADA DENKI Co., Ltd.	10,000		519,158
Yamaguchi Financial Group, Inc.	11,000		103,693
YAMATO KOGYO Co., Ltd.	8,600		192,354
YAMAZAKI BAKING Co., Ltd.	10,000		132,898
Yokohama Rubber Co., Ltd.	11,000		54,595
			33,119,533
Luxembourg - 0.4%
Acergy SA	103,681		594,813
Mexico - 0.0%
Grupo Financiero Banorte SAB de CV	1,700		2,711
Netherlands - 1.3%
Aegon NV	53,880		256,329
Draka Holding NV	1,232		11,505
Heineken NV (1)	41,200		1,136,748
Koninklijke Ahold NV	36,070		402,494
Oce NV	10,658		47,171
SNS Reaal	4,100		25,303
			1,879,550
New Zealand - 0.4%
Telecom Corp. of New Zealand, Ltd.	435,000		588,131
Norway - 0.5%
Norske Skogindustrier ASA (1)	81,037		197,410
Yara International ASA (1)	35,200		586,261
			783,671
Poland - 0.2%
KGHM Polska Miedz SA	11,274		110,809
Telekomunikacja Polska SA	15,079		98,844
			209,653

Description	Shares	Value
Common Stocks (continued)
Portugal - 0.6%
Jeronimo Martins, SGPS, SA	173,600	$	911,017
Russian Federation - 0.7%
Gazprom	35,800		628,618
LUKOIL, ADR	12,300		401,035
			1,029,653
Singapore - 0.2%
Jardine Cycle & Carriage, Ltd.	33,000		227,189
South Africa - 0.2%
ArcelorMittal South Africa, Ltd.	8,685		74,169
MTN Group, Ltd.	12,940		134,130
Sappi, Ltd.	3,748		13,386
			221,685
South Korea - 2.8%
Dongkuk Steel Mill Co., Ltd.	4,270		67,557
Honam Petrochemical Corp.	1,946		58,521
Hyundai Marine & Fire Insurance Co., Ltd.	10,580		94,743
Industrial Bank of Korea	18,880		89,834
Korea Gas Corp.	1,004		38,598
Korea Kumho Petrochemical Co., Ltd.	3,140		41,380
KT Corp.	22,360		507,397
KT Freetel Co., Ltd.	8,990		174,463
LG Chem, Ltd.	4,599		217,642
LG Display Co., Ltd.	45,790		644,819
LG Electronics, Inc.	6,856		368,620
LG Telecom, Ltd.	620		4,561
POSCO	1,120		258,861
Samsung Electronics Co., Ltd.	3,640		1,203,989
SK Telecom Co., Ltd.	1,991		293,124
			4,064,109
Spain - 2.4%
Banco Santander SA (1)	87,174		716,732
Industria de Diseno Textil SA (Inditex) (1)	24,597		826,105
Mapfre SA	77,869		245,834
Telefonica SA (1)	84,300		1,711,379
			3,500,050
Sweden - 1.5%
Electrolux AB (1)	92,600		789,104
Elekta AB, Class B (1)	77,400		824,076
Industrivarden AB, Class A	2,551		15,887
JM AB	27,600		106,557
NCC AB, Class B	1,200		5,802
Nordea Bank AB (1)	51,600		372,578
			2,114,004
Switzerland - 5.6%
Julius Baer Holding, Ltd. (1)	57,885		1,912,537
Nestle SA (1)	30,507		1,103,653
Nobel Biocare Holding AG (1)	80,255		1,225,931
Novartis AG (1) (2)	68,433		3,199,315
Valiant Holding AG	693		113,930
Zurich Financial Services AG	2,799		548,380
			8,103,746
Taiwan - 1.9%
Chunghwa Telecom Co., Ltd.	436,810		685,952
Compal Electronics, Inc.	111,555		58,031
Hon Hai Precision Industry Co., Ltd. (Foxconn)	195,945		380,602
Pou Chen Corp.	54,000		24,898
Quanta Computer, Inc.	528,000		574,717
Taiwan Business Bank (2)	13,000		2,595
Taiwan Cooperative Bank	133,000		60,948
Taiwan Mobile Co., Ltd.	90,000		133,968
Taiwan Semiconductor Manufacturing Co., Ltd., ADR	105,000		750,749
Tatung Co., Ltd. (2)	228,000		38,601
			2,711,061
Turkey - 0.5%
Akbank TAS	166,340		462,367
Eregli Demir ve Celik Fabrikalari AS	39,475		94,775

Description	Shares or Principal Amount		Value
Common Stocks (continued)
Turkey (continued)
Koc Holding AS		37,375	$	60,992
Tupras-Turkiye Petrol Rafinerileri AS		10,375		100,455
				718,589
United Kingdom - 14.9%
3i Group PLC		34,735		221,665
AstraZeneca PLC		96,830		3,661,192
BP PLC		193,900		1,572,814
British American Tobacco PLC		47,060		1,235,560
BT Group PLC		743,532		1,541,476
Drax Group PLC		75,955		717,910
GAME GROUP PLC		50,370		121,760
HSBC Holdings PLC		15,781		172,066
IG Group Holdings PLC		23,605		81,941
Imperial Tobacco Group PLC		80,300		2,009,139
National Grid PLC		217,122		2,261,983
Next PLC		36,574		628,167
Reckitt Benckiser Group PLC		11,900		505,974
Royal Dutch Shell PLC, Class A		115,103		3,054,567
Smith & Nephew PLC		159,100		1,188,485
Stagecoach Group PLC		101,032		273,552
Vodafone Group PLC		966,300		1,891,337
WPP PLC		53,587		299,646
				21,439,234
Total Common Stocks (identified cost $200,755,560)				134,662,003
Depository Notes - 0.1%
Diversified Financial Services - 0.1%
JP Morgan International Derivatives, Ltd., (Series BSKt), 0.000%, 5/4/2012		492,500		143,712
Total Depository Notes (identified cost $194,853)				143,712
Rights - 0.1%
Belgium - 0.1%
Anheuser-Busch InBev NV (2)		8,624		104,052
South Africa - 0.0%
Sappi, Ltd. (2)		1,850		2,712
Total Rights (identified cost $111,246)				106,764
Short-Term Investments - 22.6%
Collateral Pool Investment for Securities on Loan - 18.1% (See Note 2 of the Schedule of Investments)				26,161,018
Repurchase Agreement - 4.5%
Agreement with Fixed Income Clearing Corp., 0.100%, dated 11/28/2008, to be repurchased at $6,428,841 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 7/11/2022, with a market value of $6,566,000 (at amortized cost)	$	6,428,787		6,428,787
Total Short-Term Investments (identified cost $32,589,805)				32,589,805
Total Investments - 116.2% (identified cost $233,651,464)				167,502,284
Other Assets and Liabilities - (16.2)%				(23,293,625	)
Total Net Assets - 100.0%			$	144,208,659

International Stock Fund

Industry Division -

November 30, 2008

(Unaudited)

Industry	Value			% of Total Net Assets
Aerospace/ Defense	$	37,442		0.0	%
Agriculture		4,588,338		3.2	%
Airlines		2,769,028		1.9	%
Apparel		2,462,651		1.7	%
Automobiles		5,631,894		3.9	%
Banks		14,422,658		10.0	%
Beverages		1,321,938		0.9	%
Biotechnology		740,454		0.5	%
Building Materials		1,381,534		1.0	%
Chemicals		2,193,744		1.5	%
Commercial Services		215,194		0.1	%
Computers		1,121,559		0.8	%
Distribution/Wholesale		5,125,435		3.6	%
Diversified Financial Services		3,457,393		2.4	%
Electronics		10,885,941		7.5	%
Engineering & Construction		934,135		0.6	%
Entertainment		1,950,597		1.4	%
Food & Staple Retailing		5,176,287		3.6	%
Forest Products & Paper		386,929		0.3	%
Health Care		5,229,181		3.6	%
Holding Companies		4,046,946		2.8	%
Home Furnishings		1,088,803		0.8	%
Household Products		1,991,650		1.4	%
Insurance		4,917,733		3.4	%
Investment Companies		53,482		0.0	%
Iron and Steel		2,081,674		1.4	%
Leisure Time		36,011		0.0	%
Machinery		3,124,306		2.2	%
Media		402,798		0.3	%
Metals & Mining		804,194		0.6	%
Miscellaneous Manufacturing		1,276,535		0.9	%
Office & Business Equipment		1,094,336		0.8	%
Oil & Gas		9,344,749		6.5	%
Packaging & Containers		320,281		0.2	%
Pharmaceuticals		10,104,410		7.0	%
Real Estate		973,613		0.7	%
REITS		457,765		0.3	%
Retail		3,181,965		2.2	%
Semiconductor Equipment & Products		2,075,672		1.4	%
Software		2,377,407		1.6	%
Telecommunications		12,408,908		8.6	%
Toys		1,269,382		0.9	%
Transportation		975,386		0.7	%
Venture Capital		221,665		0.2	%
Total Common Stocks		134,662,003		93.4	%
Depository Notes		143,712		0.1	%
Rights		106,764		0.1	%
Collateral Pool Investment for Securities on Loan		26,161,018		18.1	%
Repurchase Agreement		6,428,787		4.5	%
Total Investments		167,502,284		116.2	%
Other Assets & Liabilities		(23,293,625	)	(16.2	)%
Total Net Assets	$	144,208,659		100.0	%

Short-Term Income Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 16.0%
Automobiles - 11.4%
Capital One Auto Finance Trust, Class A3A, (Series 2007-A), 5.250%, 8/15/2011	$	1,466,335	$	1,406,705
DaimlerChrysler Auto Trust, Class A3A, (Series 2007-A), 5.000%, 2/8/2012		1,600,000		1,505,542
DaimlerChrysler Auto Trust, Class A4, (Series 2006-C), 4.980%, 11/8/2011		2,000,000		1,895,287
Fifth Third Auto Trust, Class A4A, (Series 2008-1), 4.810%, 1/15/2013		1,500,000		1,413,434
Triad Auto Receivables Owner Trust, Class A2A, (Series 2007-B), 5.300%, 10/12/2011		776,372		756,703
USAA Auto Owner Trust, Class A4, (Series 2006-4), 4.980%, 10/15/2012		1,650,000		1,571,434
World Omni Auto Receivables Trust, Class A3, (Series 2007-A), 5.230%, 2/15/2011		1,335,844		1,328,867
				9,877,972
Credit Cards - 3.7%
Chase Issuance Trust, Class A, (Series 2007-A15), 4.960%, 9/17/2012		1,500,000		1,425,278
GE Capital Credit Card Master Note Trust, Class A, (Series 2006-1), 5.080%, 9/15/2012		1,850,000		1,786,152
				3,211,430
Home Equity - 0.2%
Green Tree Home Improvement Loan Trust, Class HEB1, (Series 1998-B), 7.810%, 11/15/2029		210,804		211,283
Other Financial - 0.7%
Countrywide Asset-Backed Certificates, Class A1, (Series 2007-QH2), 1.635%, 4/25/2037 (4) (6) (7)		1,075,157		601,582
Total Asset - Backed Securities (identified cost $14,962,976)				13,902,267
Collateralized Mortgage Obligations - 27.7%
Federal Home Loan Mortgage Corporation - 5.2%
5.250%, 1/15/2034, (Series 3014)		447,186		449,930
5.500%, 7/15/2027, (Series 2572)		1,100,000		1,105,427
5.900%, 11/15/2035, (Series 3061)		1,218,332		1,235,336
6.000%, 3/15/2027, (Series 3207)		1,687,650		1,716,248
				4,506,941
Federal National Mortgage Association - 0.5%
5.000%, 7/25/2033, (Series 2003-63)		414,079		411,677
Government National Mortgage Association - 4.0%
2.866%, 2/16/2020, (Series 2003-48)		377,890		377,437
3.206%, 4/16/2018, (Series 2003-72)		584,111		586,018
3.313%, 4/16/2017, (Series 2002-83)		105,853		106,400
3.590%, 11/16/2017, (Series 2004-78)		433,889		431,127
4.408%, 1/16/2025, (Series 2004-103)		1,000,000		997,372
4.419%, 5/16/2034, (Series 2007-46)		1,000,000		994,622
				3,492,976
Private Sponsor - 18.0%
Banc of America Funding Corp., Class 1A12, (Series 2006-6), 5.750%, 8/25/2036		1,535,761		1,433,372
Banc of America Funding Corp., Class 1A3, (Series 2007-C), 5.758%, 5/20/2036 (4)		1,513,567		1,150,812
Countrywide Alternative Loan Trust, Class 1A2, (Series 2004-J9), 4.586%, 10/25/2034		717,813		667,022
Countrywide Alternative Loan Trust, Class 2A14, (Series 2006-41CB), 6.000%, 1/25/2037		650,723		585,050
Countrywide Home Loans, Class 2A2A, (Series 2006-HYB1), 5.530%, 3/20/2036 (4)		808,504		672,088
CS First Boston Mortgage Securities Corp., Class 1A3, (Series 2003-11), 4.500%, 6/25/2033		145,090		143,777
GMAC Mortgage Corporation Loan Trust, Class 2A2, (Series 2006-AR2), 5.733%, 5/19/2036 (4)		1,055,201		497,102
GSR Mortgage Loan Trust, Class 2A2, (Series 2005-AR5), 5.171%, 10/25/2035 (4)		1,024,302		663,621
JP Morgan Alternative Loan Trust, Class 2A4, (Series 2006-A5), 5.850%, 10/25/2036 (4)		2,000,000		1,115,944
JP Morgan Mortgage Trust, Class 2A2, (Series 2005-S3), 5.500%, 1/25/2021		906,662		742,361
JP Morgan Mortgage Trust, Class 3A1, (Series 2007-A2), 5.849%, 4/25/2037 (4)		1,082,720		862,805
Master Adjustable Rate Mortgages Trust, Class 3A4, (Series 2004-13), 3.787%, 11/21/2034 (4)		744,058		718,704
PHH Alternative Mortgage Trust, Class 1A1, (Series 2007-2), 1.505%, 5/25/2037 (4)		816,562		694,262
Residential Funding Mortgage Securities, Class 2A2, (Series 2006-SA3), 5.945%, 9/25/2036 (4)		1,125,908		842,012

Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)
Private Sponsor (continued)
Washington Mutual, Class A2, (Series 2005-AR5), 4.678%, 5/25/2035 (4)	$	409,344	$	403,684
Washington Mutual, Class A4, (Series 2004-AR7), 3.939%, 7/25/2034 (4)		3,000,000		2,924,124
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 5.606%, 5/25/2036 (4)		1,146,166		829,105
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 5.240%, 4/25/2036 (4)		858,405		620,231
				15,566,076
Total Collateralized Mortgage Obligations (identified cost $27,574,048)				23,977,670
Commercial Mortgage Securities - 12.4%
Private Sponsor - 12.4%
Banc of America Commercial Mortgage, Inc., Class A1, (Series 2007-5), 5.175%, 2/10/2051		1,347,333		1,144,584
Commercial Mortgage Loan Trust, Class A1, (Series 2008-LS1), 5.935%, 5/10/2012		1,137,597		1,026,075
Commercial Mortgage Pass-Through Certificate, Class A2A, (Series 2006-C8), 5.219%, 12/10/2046		1,250,000		1,034,416
Commercial Mortgage Pass-Through Certificate, Class A3, (Series 2004-LB3A), 5.090%, 7/10/2037		1,250,000		1,133,558
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2004-C1), 3.053%, 1/15/2038		373,227		359,393
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2006-CB16), 5.338%, 5/12/2045		992,103		899,875
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-LD12), 5.738%, 2/15/2051		1,356,562		1,214,938
LB-UBS Commercial Mortgage Trust, Class A1, (Series 2006-C6), 5.230%, 9/15/2039		1,128,406		1,010,625
LB-UBS Commercial Mortgage Trust, Class A1, (Series 2007-C6), 5.569%, 7/15/2040		1,164,847		985,374
Lehman Brothers Commercial Mortgage Trust, Class A1, (Series 2007-LLFA), 1.723%, 6/15/2022 (4) (6) (7)		1,567,144		1,010,861
Morgan Stanley Capital, Inc., Class A1, (Series 2007-IQ16), 5.320%, 12/12/2049		1,147,044		950,872
Total Commercial Mortgage Securities (identified cost $12,674,484)				10,770,571
Corporate Bonds & Notes - 12.8%
Banks - 5.0%
Bank of America Corp., 4.500%, 8/1/2010		1,500,000		1,490,047
JP Morgan Chase & Co., 4.600%, 1/17/2011		1,500,000		1,462,478
Morgan Stanley, 5.050%, 1/21/2011		1,500,000		1,417,611
				4,370,136
Diversified Financial Services - 2.6%
Lehman Brothers Holdings, 5.000%, 1/14/2011 (12)		1,100,000		115,500
Merrill Lynch & Co., 6.050%, 8/15/2012		1,350,000		1,282,643
Residential Capital LLC, Note, 8.500%, 5/15/2010 (1)(6)(7)		1,350,000		398,250
SLM Corp., Note, 4.000%, 1/15/2009		450,000		440,357
				2,236,750
Insurance - 2.0%
HSB Capital I, Company Guarantee, (Series B), 5.663%, 7/15/2027 (4)		2,430,000		1,758,380
Media - 1.1%
Time Warner Cable, Inc., 5.400%, 7/2/2012		1,000,000		916,657
Real Estate - 1.0%
Duke Realty, 7.750%, 11/15/2009		935,000		870,881
Real Estate Investment Trusts - 1.1%
Vornado Realty, 4.500%, 8/15/2009		1,000,000		952,630
Total Corporate Bonds & Notes (identified cost $14,100,984)				11,105,434
Municipals - 1.2%
Wisconsin - 1.2%
Wisconsin Health and Educational Facilities Authority, Froedtert & Community Health, Inc.
Obligated Group, Revenue Bonds, (Series 2005 C). 6.500%, (Ambac Ins.), 4/1/2035 AA/Baa1 (4)		1,000,000		1,000,000
Total Municipals (identified cost $1,000,000)				1,000,000

Description	Shares or Principal Amount		Value
Mutual Funds - 7.3%
Eaton Vance Institutional Senior Loan Fund		591,340	$	3,808,211
Fidelity Floating Rate High Income Fund		334,030		2,525,264
Total Mutual Funds (identified cost $8,570,477)				6,333,475
U.S. Government & U.S. Government Agency Obligations - 11.2%
Federal Home Loan Mortgage Corporation - 7.7%
5.250%, 2/24/2011	$	4,500,000		4,535,577
5.500%, 8/20/2012 (1)		2,000,000		2,172,956
				6,708,533
Federal National Mortgage Association - 3.5%
4.200%, 6/8/2009 (1)		3,000,000		3,044,493
Total U.S. Government & U.S. Government Agency Obligations (identified cost $9,502,299)				9,753,026
U.S. Government Agency - Mortgage Securities - 7.6%
Federal Home Loan Mortgage Corporation - 0.0%
9.000%, 7/1/2014		2,508		2,518
11.000%, 8/1/2019		9,831		10,246
				12,764
Federal National Mortgage Association - 6.4%
6.000%, 12/11/2038 (5)		5,000,000		5,111,720
7.000%, 12/1/2015		102,597		107,053
7.500%, 9/1/2015		146,923		153,696
9.000%, 7/1/2009		279		282
9.500%, 12/1/2024		54,505		60,236
9.500%, 1/1/2025		37,458		41,396
9.500%, 1/1/2025		29,574		32,716
10.000%, 7/1/2020		37,166		44,209
11.000%, 12/1/2015		39,441		41,555
				5,592,863
Government National Mortgage Association - 1.2%
7.500%, 8/15/2037 (1)		926,376		964,758
9.000%, 12/15/2019		48,249		52,414
				1,017,172
Total U.S. Government Agency - Mortgage Securities (identified cost $6,488,540)				6,622,799
Short-Term Investments - 17.0%
Collateral Pool Investment for Securities on Loan - 8.0% (See Note 2 of the Schedule of Investments)				6,907,450
Federal Home Loan Bank - 0.5%
2.873%, 3/27/2009 (3) (11)		400,000		396,297
Repurchase Agreement - 8.5%
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008 to be repurchased at $7,484,125 on 12/1/2008, collaterized by a U.S. Government Agency Obligation with a maturity of 7/13/2009, with a market value of $7,633,715 (at amortized cost)		7,484,001		7,484,001
Total Short-Term Investments (identified cost $14,787,748)				14,787,748
Total Investments - 113.2% (identified cost $109,661,556)				98,252,990
Other Assets and Liabilities - (13.2)%				(11,447,156	)
Total Net Assets - 100.0%			$	86,805,834

Short-Intermediate Bond Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 2.0%
Credit Cards - 1.8%
Chase Issuance Trust, Class A, (Series 2007-A15), 4.960%, 9/17/2012	$	4,000,000	$	3,800,740
Home Equity - 0.2%
Green Tree Home Improvement Loan Trust, Class HEB1, (Series 1998-B), 7.810%, 11/15/2029		491,876		492,994
Total Asset - Backed Securities (identified cost $4,492,594)				4,293,734
Collateralized Mortgage Obligations - 23.3%
Federal Home Loan Mortgage Corporation - 1.3%
5.000%, 10/15/2029, (Series 2745-AY)		605,000		595,601
5.500%, 10/15/2035, (Series 3058-WC)		2,113,913		2,121,359
				2,716,960
Federal National Mortgage Association - 0.6%
5.500%, 11/25/2035, (Series 2005-100-DA)		1,207,279		1,237,861
Private Sponsor - 21.4%
Banc of America Funding Corp., Class 1A3, (Series 2007-C), 5.758%, 5/20/2036 (4)		7,363,299		5,598,545
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.886%, 7/25/2037 (4)		3,230,897		2,462,099
Countrywide Alternative Loan Trust, Class 2A14, (Series 2006-41CB), 6.000%, 1/25/2037		2,602,892		2,340,198
CS First Boston Mortgage Securities Corp., Class 1A3, (Series 2003-11), 4.500%, 6/25/2033		650,003		644,119
GSR Mortgage Loan Trust, Class 2A8, (Series 2005-5F), 5.500%, 6/25/2035		4,000,000		2,991,840
JP Morgan Alternative Loan Trust, Class 12A1, (Series 2007-A2), 1.595%, 6/25/2037 (4)		6,502,501		2,392,101
JP Morgan Mortgage Trust, Class 2A1, (Series 2006-A3), 5.622%, 5/25/2036 (4)		3,858,600		2,734,042
JP Morgan Mortgage Trust, Class 2A1, (Series 2007-A2), 5.695%, 4/25/2037 (4)		5,276,271		3,918,174
JP Morgan Mortgage Trust, Class 3A3, (Series 2007-A4), 5.882%, 6/25/2037 (4)		6,849,873		5,221,822
JP Morgan Mortgage Trust, Class 4A1, (Series 2007-A2), 6.040%, 4/25/2037 (4)		5,470,694		3,769,467
JP Morgan Mortgage Trust, Class 4A1M, (Series 2007-A2), 5.790%, 4/25/2037 (4)		7,033,749		4,827,607
PHH Alternative Mortgage Trust, Class 1A1, (Series 2007-2), 1.505%, 5/25/2037 (4)		3,378,878		2,872,807
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033		1,931,095		1,373,879
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 5.606%, 5/25/2036 (4)		2,865,414		2,072,763
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 5.240%, 4/25/2036 (4)		2,861,350		2,067,437
				45,286,900
Total Collateralized Mortgage Obligations (identified cost $67,025,624)				49,241,721
Commercial Mortgage Securities - 16.7%
Private Sponsor - 16.7%
Bear Stearns Commercial Mortgage Securities, Class AM, (Series 2007-PW17), 5.915%, 6/11/2050 (4)		4,000,000		1,778,600
Citigroup Commercial Mortgage Trust, Class A2B, (Series 2008-C7), 6.299%, 12/10/2049 (4)		4,000,000		3,154,536
Citigroup Commercial Mortgage Trust, Class A4, (Series 2007-C6), 5.889%, 12/10/2049 (4)		3,000,000		1,957,470
Citigroup/Deutsche Bank Commercial Mortgage Trust, Class A4, (Series 2007-CD5), 5.886%, 11/15/2044 (4)		3,100,000		2,020,403
Credit Suisse Mortgage Capital Certificates, Class AM, (Series 2007-C5), 5.869%, 9/15/2040 (4)		6,000,000		2,657,154
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG11), 5.867%, 12/10/2049 (4)		7,000,000		3,092,110
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-FL1A), 1.798%, 7/15/2019 (4)(6)(7)		3,533,100		2,286,538
Lehman Brothers Commercial Mortgage Trust, Class A1, (Series 2007-LLFA), 1.723%,     6/15/2022 (4)(6)(7)		5,485,005		3,538,015
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, (Series 2007-9), 5.700%, 9/12/2049		6,000,000		3,862,050
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class AM, (Series 2006-3), 5.456%, 7/12/2046 (4)		2,000,000		929,324
Morgan Stanley Capital, Class A2A, (Series 2005-HQ6), 4.882%, 8/13/2042		6,675,000		6,024,047
Wachovia Bank Commercial Mortgage Trust, Class AM, (Series 2006-C27), 5.795%, 7/15/2045 (4)		4,000,000		1,932,748
Wachovia Bank Commercial Mortgage Trust, Class AM, (Series 2007-C34), 5.818%, 5/15/2046 (4)		5,000,000		2,187,990
Total Commercial Mortgage Securities (identified cost $56,250,558)				35,420,985

Description	Principal Amount		Value
Corporate Bonds & Notes - 45.5%
Banks - 10.2%
Bank of America Corp., 5.650%, 5/1/2018	$	3,000,000	$	2,785,683
Bank of America Corp., 8.125%, 12/29/2049 (4)		4,000,000		2,815,880
NationsBank Corp., Sub. Note, 7.800%, 9/15/2016		2,000,000		1,976,372
Northern Rock PLC, Sub. Note, (Series 144A), 6.594%, 6/29/2049 (4)(6)(7)		5,000,000		1,931,250
Royal Bank of Scotland Group PLC, (Series 144A), 6.990%, 10/29/2049 (4)(6)(7)		3,000,000		1,656,342
UBS Preferred Funding Trust I, 8.622%, 10/29/2049 (4)		7,000,000		5,291,713
Wachovia Corp., 5.750%, 2/1/2018 (1)		2,000,000		1,805,602
Wells Fargo Capital XIII, (Series GMTN), 7.700%, 12/29/2049 (4)		4,000,000		3,247,716
				21,510,558
Building Materials - 2.8%
CRH America, Inc., 6.000%, 9/30/2016		4,000,000		2,693,856
CRH America, Inc., Note, 6.950%, 3/15/2012		4,000,000		3,326,880
				6,020,736
Diversified Financial Services - 12.6%
American General Finance Corp., Note, (Series G), 5.375%, 10/1/2012		2,500,000		1,031,797
American Honda Finance Corp., (Series 144A), 6.700%, 10/1/2013 (6)		3,000,000		2,989,362
Bear Stearns Co., Inc., 5.350%, 2/1/2012		5,000,000		4,846,235
BP Capital Markets PLC, 5.250%, 11/7/2013		3,000,000		3,012,654
Citigroup, Inc., 5.300%, 10/17/2012		4,000,000		3,654,076
Citigroup, Inc., 8.400%, 4/29/2049 (4)		2,000,000		1,183,400
Countrywide Financial Corp., (Series MTN), 5.800%, 6/7/2012		5,000,000		4,750,095
Lehman Brothers Holdings, (Series MTN), 6.000%, 7/19/2012 (12)		4,000,000		420,000
National Rural Utilities Cooperative Finance Corp., 10.375%, 11/1/2018 (1)		2,000,000		2,131,734
Residential Capital LLC, 9.625%, 5/15/2015 (6)(7)		3,200,000		344,000
SLM Corp., (Series MTNA), 3.675%, 7/27/2009 (4)		2,500,000		2,309,950
				26,673,303
Insurance - 6.6%
GE Global Insurance Holding, Note, 7.500%, 6/15/2010		4,825,000		4,781,787
Genworth Life Institutional Funding Trust, (Series MTN), 5.875%, 5/3/2013 (6)(7)		4,000,000		2,670,292
HSB Capital I, Company Guarantee, (Series B), 5.663%, 7/15/2027 (4)		4,000,000		2,894,452
Progressive Corp., 6.700%, 6/15/2037 (4)		7,000,000		3,723,643
				14,070,174
Iron & Steel - 0.7%
ArcelorMittal, 5.375%, 6/1/2013		2,000,000		1,440,302
Media - 6.7%
Comcast Corp., 4.950%, 6/15/2016		6,000,000		4,937,838
Thomson Reuters Corp., 6.500%, 7/15/2018 (1)		2,000,000		1,832,590
Time Warner Cable, Inc., 5.400%, 7/2/2012		5,000,000		4,583,285
Time Warner Cable, Inc., 6.200%, 7/1/2013 (1)		3,000,000		2,755,590
				14,109,303
Oil & Gas - 0.9%
XTO Energy, Inc., 5.750%, 12/15/2013		2,000,000		1,881,948
Real Estate Investment Trusts - 1.0%
iStar Financial, Inc., 5.850%, 3/15/2017 (1)		6,000,000		2,222,688
Telecommunications - 4.0%
AT&T, Inc., 5.500%, 2/1/2018		2,000,000		1,727,492
Deutsche Telekom International Finance, 5.875%, 8/20/2013		2,000,000		1,808,076
Rogers Communications, 6.800%, 8/15/2018		2,000,000		1,795,210
Verizon Wireless, (Series 144A), 8.500%, 11/15/2018 (1)(6)		3,000,000		3,031,995
				8,362,773
Total Corporate Bonds & Notes (identified cost $129,143,534)				96,291,785
U.S. Government Agency - Mortgage Securities - 37.6%
Federal Home Loan Mortgage Corporation - 2.1%
5.500%, 10/1/2021		1,844,752		1,874,936
6.000%, 10/1/2021		2,103,607		2,145,961
7.500%, 2/1/2031		318,082		337,391
7.500%, 6/1/2031		101,568		107,596
				4,465,884

Description	Principal Amount		Value
U.S. Government Agency - Mortgage Securities (continued)
Federal National Mortgage Association - 35.3%
5.500%, 11/1/2018	$	7,132,654	$	7,296,162
5.500%, 12/11/2038 (5)		30,000,000		30,501,570
6.000%, 12/11/2038 (5)		35,000,000		35,782,040
6.500%, 10/1/2031		677,505		702,284
7.000%, 12/1/2015		379,892		396,390
				74,678,446
Government National Mortgage Association - 0.2%
7.000%, 3/15/2032		288,831		297,798
Total U.S. Government Agency - Mortgage Securities (identified cost $77,407,302)				79,442,128
Short-Term Investments - 9.3%
Collateral Pool Investment for Securities on Loan - 4.9% (See Note 2 of the Schedule of Investments)				10,378,989
Repurchase Agreement - 4.4%
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008, to be repurchased at $9,370,996 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 5/29/2013, with a market value of $9,559,142 (at amortized cost)		9,370,840		9,370,840
Total Short-Term Investments (identified cost $19,749,829)				19,749,829
Total Investments - 134.4% (identified cost $354,069,441)				284,440,182
Other Assets and Liabilities - (34.4)%				(72,845,443	)
Total Net Assets - 100.0%			$	211,594,739

Intermediate Tax-Free Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description/Credit Rating (8)	Principal Amount		Value
Municipals - 93.8%
Alabama - 0.1%
Jefferson County, AL, Limited Obligation School Warrants, (Series 2000), 5.500%, (FSA Insurance Corp.), 2/15/2020 AAA/Aa3; Call Date 2/15/2010	$	100,000	$	83,443
Jefferson County, AL, Limited Obligation School Warrants, (Series 2004 A), 5.250%, 1/1/2016 BBB/B3; Call Date 1/1/2014		50,000		27,535
				110,978
Alaska - 1.3%
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		365,000		353,941
Alaska Industrial Development and Export Authority, Greater Fairbanks Community Hospital Foundation Project, Revenue Bonds, (Series 2004 B), 1.480% (BMA + 45Bps), (FSA Insurance Corp.), 4/1/2034 AAA/Aa3; Optional Put 4/1/2009		1,000,000		860,120
				1,214,061
Arizona - 3.9%
Gila County, AZ, Payson Unified School District No. 10, GO UT School Improvement Bonds, (Series 2008 B), 3.000%, 7/1/2019 NR/A2; Call Date 7/1/2018		500,000		468,830
Gila County, AZ, Payson Unified School District No. 10, GO UT School Improvement Bonds, (Series 2008 B), 3.000%, 7/1/2020 NR/A2; Call Date 7/1/2018		600,000		557,112
Maricopa County, AZ, Industrial Development Authority, Catholic Healthcare West Project, (Series 1998 A), Health Facility Revenue Bonds, 5.000%, 7/1/2016 A/A2; Call Date 7/1/2009		90,000		85,165
Maricopa County, AZ, School District No. 28 Kyrene Elementary, (Series 2001 A), GO UT, 5.000%, (MBIA Insurance Corp.), 7/1/2013 NR/Aa2		125,000		135,060
Maricopa County, AZ, School District No. 8 Osborn Elementary, School Improvement GO UT Bonds, (Series 2008 B), 6.000%, 7/1/2024 A/NR; Call Date 7/1/2016		300,000		302,592
Maricopa County, AZ, Sun Health Corporation Hospital Revenue Bonds, (Series 2005), 5.000%, 4/1/2016 NR/NR; Call Date 4/1/2015		300,000		329,256
Phoenix, AZ, Civic Improvement Corporation, Civic Plaza Expansion Project, State of Arizona Distribution Revenue Bonds, (Series 2005 B), 0.000%, (FGIC), 7/1/2041 AA/A1		1,160,000		783,290
Phoenix, AZ, Civic Improvement Corporation, Jr. Lien Water System Revenue Refunding Construction Bonds, 5.250%, (FGIC), 7/1/2016 AAA/Aa3		210,000		230,315
Pima County, AZ, Industrial Development Authority, Valley Academy Project, Education Revenue Bonds, (Series 2008), 6.375%, 7/1/2028 NR/Baa3; Call Date 7/1/2018		335,000		270,613
Vistancia Community Facilities District, AZ, Peoria, (Series 2005), GO UT Bonds, 5.500%, 7/15/2020 NR/Baa1; Call Date 7/15/2015		500,000		429,220
				3,591,453
Arkansas - 0.1%
City of North Little Rock, AR, Health Facilities Board, Baptist Health, Healthcare Revenue Bonds, 5.000%, (Series 2005), (CIFG), 12/1/2015, A+/NR		50,000		53,056
California - 9.4%
ABC Unified School District, CA, Los Angeles County, (Series 2003 A), GO UT Refunding Bonds, 5.000%, (MBIA Insurance Corp.), 2/1/2021 AA/Baa1		500,000		451,780
California Pollution Control Financing Authority, USA Waste Services, Inc. Project, Solid Waste Disposal Refunding Revenue Bonds, (Series 1998 A), (AMT), 4.500%, 6/1/2018 BBB/NR; Mandatory Tender 6/1/2010 (9)		500,000		498,145
California Pollution Control Financing Authority, USA Waste Services, Inc. Project, Solid Waste Disposal Refunding Revenue Bonds, (Series 1998 B), (AMT), 4.000%, 6/1/2018 BBB/NR; Mandatory Tender 6/1/2010 (9)		500,000		498,135
California Statewide Communities Development Authority, Revenue Bonds, John Muir Health, (Series 2006 A), 5.000%, 8/15/2021 A+/A1; Call Date 8/15/2016		80,000		72,974
City of Palm Springs, CA, Palm Springs Regional Airport Financing Authority, Passenger Facility Charge Revenue Bonds, (Series 1988), (AMT), 5.125%, (FSA Insurance Corp.), 1/1/2018, AAA/Aa3; Call Date 1/1/2009 (9)		25,000		24,687
East Side Union High School District, CA, Santa Clara County, GO UT Election Bonds, (Series 2002 G), 0.000%, (FSA Insurance Corp.), 8/1/2029 AAA/Aa3		570,000		154,339
Fresno Unified School District, CA, Fresno County, (Series 1999 C), GO UT Refunding Bonds, 5.800%, (MBIA Insurance Corp.), 2/1/2014 AA/Baa1		125,000		133,946
Fresno Unified School District, CA, Fresno County, (Series 2002 A), GO UT Refunding Bonds, 5.300%, (MBIA Insurance Corp.), 2/1/2014 AA/Baa1		290,000		304,097

Description/Credit Rating (8)	Principal Amount		Value
Municipals (continued)
California (continued)
Fresno Unified School District, CA, Fresno County, (Series 2002 A), GO UT Refunding Bonds, 6.000%, (MBIA Insurance Corp.), 8/1/2026 AA/Baa1	$	1,400,000	$	1,417,961
Fresno Unified School District, CA, Fresno County, (Series 2004 B), GO UT Refunding Bonds, 4.600%, (MBIA Insurance Corp.), 2/1/2016 AA/Baa1		25,000		24,893
Grant Joint Union High School District, CA, School Facilities Financing Authority, General Obligation Revenue Bonds, (Series 2008 A), 0.000%, (FSA Insurance Corp.), 8/1/2025 NR/Aa3		1,510,000		534,616
Oxnard School District, CA, Ventura County, (Series 2001 A), GO UT Refunding Bonds, 5.750%, (MBIA Insurance Corp.), 8/1/2022 AA/Baa1; Call Date 2/1/2022		415,000		413,643
Pleasant Valley School District, CA, Ventura County, GO UT Refunding Bonds, (Series 2002 A), 5.850%, (MBIA Insurance Corp.), 2/1/2020 AA/Baa1		50,000		50,857
Pomona Unified School District, CA, Los Angeles County, GO UT Bonds, (Series 2000 A), 6.300%, (MBIA Insurance Corp.), 2/1/2016 AA/Baa1		50,000		54,307
Pomona Unified School District, CA, Los Angeles County, GO UT Bonds, (Series 2000 A), 6.550%, (MBIA Insurance Corp.), 8/1/2029 AA/Baa1		200,000		205,442
Richmond Joint Powers Financing Authority, CA, Refunding and Civic Center Project, Lease Revenue Bonds, (Series 2007), 4.125%, (Ambac Ins.), 8/1/2037 AA/Baa1		650,000		650,493
San Francisco City and County, CA, Laguna Honda Hospital, GO UT Bonds, (Series 2008 R-3), 4.625%, 6/15/2030 AA/Aa2; Call Date 6/15/2015		350,000		286,857
Sierra View Local Health Care District Revenue Bonds, 4.700%, 7/1/2016 NR/NR		250,000		234,215
Sierra View Local Health Care District Revenue Bonds, 5.250%, 7/1/2022 NR/NR; Call Date 7/1/2017		1,000,000		887,759
Sierra View Local Health Care District Revenue Bonds, 5.250%, 7/1/2023 NR/NR; Call Date 7/1/2017		250,000		220,135
Sweetwater Union High School District, CA, San Diego County, (Series 2005), Refinancing Certificates of Participation, 4.000%, (MBIA Insurance Corp.), 9/1/2016 AA/Baa1; Call Date 9/1/2015		50,000		47,529
Vallejo City Unified School District, CA, Solano County, (Series 2002 A), GO UT Refunding Bonds, 5.900%, (MBIA Insurance Corp.), 8/1/2018 AA/Baa1		350,000		329,553
Vallejo City Unified School District, CA, Solano County, GO UT Bonds, (Series 2002 A), 5.000%, (MBIA Insurance Corp.), 2/1/2013 AA/Baa1		100,000		99,216
Vallejo City Unified School District, CA, Solano County, GO UT Bonds, (Series 2002 A), 5.400%, (MBIA Insurance Corp.), 2/1/2015 AA/Baa1		275,000		267,135
Vallejo City Unified School District, CA, Solano County, GO UT Bonds, (Series 2002 A), 5.900%, (MBIA Insurance Corp.), 2/1/2017 AA/Baa1		60,000		57,656
Vallejo City Unified School District, CA, Solano County, GO UT Bonds, (Series 2002 A), 5.900%, (MBIA Insurance Corp.), 2/1/2018 AA/Baa1		50,000		47,168
Vallejo City Unified School District, CA, Solano County, GO UT Bonds, (Series 2002 A), 5.900%, (MBIA Insurance Corp.), 8/1/2025 AA/Baa1		725,000		631,939
Wiseburn School District, CA, Los Angeles County, 2007 Election GO UT Bonds, (Series 2008 A), 4.000%, (Assured Guaranty Corp.), 8/1/2017 AAA/Aa2		85,000		84,750
				8,684,227
Colorado - 4.8%
Broomfield, CO, Interlocken Consolidated Metropolitan District, General Obligation Refunding and Improvement Bonds, (Series 1999 B), 5.750%, (Asset Guaranty Insurance Company), 12/15/2019 BBB+/NR; Call Date 12/15/2009		500,000		459,194
Colorado Educational and Cultural Facilities Authority, Cherry Creek Academy Project, Charter School Refunding Revenue Bonds, (Series 2001), 6.000%, 4/1/2021 NR/Baa2; Call Date 4/1/2011		225,000		195,676
Colorado Health Facilities Authority, Longmont United Hospital Project, (Series 2003), Revenue Refunding Bonds, 4.500%, (ACA Insurance Corp.), 12/1/2016 BBB-/Baa2		100,000		81,417
El Paso County, CO, Lease and Sublease Agreement With El Paso County Facilities Corp., Detention Facility Project, Certificates of Participation, (Series 2002 B), 5.375%, (Ambac Ins.), 12/1/2019 AA-/Baa1; Call Date 12/1/2012		75,000		75,575
El Paso County, CO, School District No. 49 Falcon, GO UT, (Series 2002), 5.750%, (FGIC State Aid Withholding), 12/1/2013 AA-/Aa3; (Prerefunded 12/1/2011)		1,875,000		2,068,593
El Paso County, CO, Woodmen Road Metropolitan District, GO UT Bonds, (Series 2008 B), 5.250%, (FSA Insurance Corp.), 12/1/2027 AAA/Aa3; Call Date 12/1/2018 (5)		450,000		426,686
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, (Series 2008), 5.750%, (Merrill Lynch & Co., Inc.), 11/15/2018 A/A2		500,000		436,140
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, (Series 2008), 6.125%, (Merrill Lynch & Co., Inc.), 11/15/2023 A/A2		500,000		420,305
State of Colorado, Higher Education Capital Construction Lease Purchase Financing Program, Certificates of Participation, (Series 2008), 5.500%, 11/1/2027, AA-/Aa3; Call Date 11/1/2018		250,000		243,118
				4,406,704
Connecticut - 2.2%
State of Connecticut Health and Educational Facilities Authority, Waterbury Hospital Issue Revenue Bonds, (Series C), 6.125%, (Radian Ins.), 7/1/2014 BBB+/NR; Call Date 7/1/2009		100,000		101,588

Description/Credit Rating (8)	Principal Amount		Value
Municipals (continued)
Connecticut (continued)
State of Connecticut, Transportation Infrastructure Purposes, Second Lien Special Tax Obligation Refunding Bonds, (Series 1 2008), 4.250%, 2/1/2015, AA/A1	$	1,900,000	$	1,966,557
				2,068,145
Florida - 10.3%
Citizens Property Insurance Corporation, FL, High-Risk Account, Senior Secured Notes, (Series 2008 A-1), 5.000%, 6/1/2011 A+/A2		650,000		667,303
City of Fort Pierce, FL, Capital Improvement Revenue Refunding Bonds, (Series 2008 A), 5.875%, (Assured Guaranty Corp.), 9/1/2028 AAA/Aa2; Call Date 9/1/2018		500,000		513,950
City of Gulf Breeze, FL, Local Government Loan Program, Floating Rate Demand Revenue Bonds, (Series 1985 E), 5.000%, (LOC-Dexia Credit Local), 12/1/2020 NR/Aa3e, Prerefunded 12/1/2009 @100		450,000		450,000
City of Gulf Breeze, FL, Local Government Loan Program, Floating Rate Demand Revenue Bonds, (Series 1985 F), 5.000%, (LOC-Dexia Credit Local), 12/1/2020 NR/Aa3e, Prerefunded 12/1/2009 @100 (5)		500,000		500,000
City of Orlando, FL, Greater Orlando Aviation Authority, Airport Facilities Refunding Revenue Bonds, (Series 2007 A), (AMT), 5.000%, (FSA Insurance Corp.), 10/1/2019 AAA/Aa3; Call Date 10/1/2017 (9)		500,000		416,625
City of Port St. Lucie, FL, Master Lease Project, Municipal Complex Project, Refunding Certifications of Participation, (Series 2008), 6.250%, (Assured Guaranty Corp.), 9/1/2027 AAA/Aa2; Call Date 9/1/2018		500,000		504,295
Florida Municipal Power Agency, Stanton Project, Refunding Revenue Bonds, (Series 2008), 5.500%, 10/1/2019 NR/A1e		250,000		250,180
Hillsborough County, FL, Industrial Development Authority, Tampa Electric Company Project, Pollution Control Revenue Refunding Bonds, (Series 2006), 5.000%, (Ambac Ins.), 12/1/2034 A/Baa1		650,000		658,782
Hillsborough County, FL, Industrial Development Authority, Tampa Electric Company Project, Pollution Control Revenue Refunding Bonds, (Series 2007 A), 5.650%, 5/15/2018 BBB-/Baa2		500,000		465,975
Hurricane Catastrophe Fund Finance Corporation, FL, Revenue Bonds, (Series 2008 A), 5.000%, 7/1/2013 AA-/Aa3		500,000		506,505
Hurricane Catastrophe Fund Finance Corporation, FL, Revenue Bonds, (Series 2008 A), 5.000%, 7/1/2014 AA-/Aa3		800,000		807,328
Miami-Dade County, FL, Water and Sewer System Revenue Refunding Bonds, (Series 2008 C), 6.000%, (BHAC), 10/1/2023 AAA/Aaa; Call Date 10/1/2018 (5)		1,000,000		1,053,000
Orange County, FL, Health Facilities Authority, Orlando Regional Healthcare System, Hospital Revenue Bonds, (Series 2008 C), 5.250%, 10/1/2035 A/A2; Call Date 10/1/2018		300,000		224,034
Putnam County, FL, Development Authority, Pollution Control Revenue Refunding Bonds, Seminole Electric Cooperative, Inc. Project, (Series 2007 B), 5.350%, (Ambac Ins.), 3/15/2042 A/Baa1; Mandatory Put 5/1/2018		445,000		425,749
State of Florida Board of Education, Lottery Revenue Bonds, (Series 2002 A), 5.000%, (FGIC), 7/1/2019 AAA/A2; Call Date 7/1/2012		2,000,000		2,017,819
				9,461,545
Georgia - 1.8%
Georgia Municipal Electric Authority, Project One Subordinated Revenue Bonds, (Series 1998 A), 5.250%, (MBIA Insurance Corp.), 1/1/2014 AA/A2		1,000,000		1,061,140
Main Street Natural Gas, Inc., GA, Gas Project Revenue Bonds, (Series 2008 A), 6.000%, 7/15/2022 D/Caa3		750,000		127,500
South Georgia Governmental Services Authority, Telecommunications/Cable Systems Projects, Revenue Bonds, (Series 2004), 5.000%, (FGIC), 1/1/2020 AA/NR		500,000		494,955
				1,683,595
Hawaii - 0.1%
Airports System Revenue Bonds, HI, (Series 2001), (AMT), 5.750%, (FGIC), 7/1/2016 AA/A2; Call Date 7/1/2011 (9)		100,000		99,450
Idaho - 1.3%
Boise-Kuna Irrigation District, ID, Ada and Canyon Counties, Arrowrock Hydroelectric Project, Revenue Bonds, (Series 2008), 7.375%, 6/1/2034 NR/A3; Call Date 6/1/2018		700,000		741,874
Health Facilities Authority, ID, St. Luke’s Regional Medical Center Project, Variable Rate Demand Revenue Bonds, (Series 2000), 3.700%, (FSA Insurance Corp.), 7/1/2030 AAA/Aa3		500,000		500,000
				1,241,874
Illinois - 5.4%
Illinois Development Finance Authority, Waste Management, Inc. Project, Adjustable Rate Solid Waste Disposal Revenue Bonds, (Series 1997), (AMT), 5.049%, 1/1/2010 BBB/NR (9)		230,000		227,201
Illinois Finance Authority, Community Rehabilitation Providers Facilities Acquisition Program, Refunding and New Money Revenue Bonds, (Series 2007 A), 5.000%, 7/1/2016 BBB-/NR; Call Date 7/1/2014		730,000		620,996
Illinois Finance Authority, Edward Hospital Obligated Group, Revenue Bonds, (Series 2008 A), 5.500%, (Ambac Ins.), 2/1/2040 A+/A2; Call Date 2/1/2018		75,000		60,386

Description/Credit Rating (8)	Principal Amount		Value
Municipals (continued)
Illinois (continued)
Illinois Finance Authority, Edward Hospital Obligated Group, Revenue Bonds, (Series 2008 A), 6.250%, (Ambac Ins.), 2/1/2033 A+/A2; Call Date 2/1/2018	$	125,000	$	118,014
Illinois Finance Authority, Silver Cross Hospital and Medical Centers, Fixed Rate Revenue Bonds, (Series 2005 C), 5.250%, (Assured Guaranty Corp.), 8/15/2019 AAA/NR		250,000		245,768
Illinois Health Facilities Authority, Thorek Hospital and Medical Center, (Series 1998), Revenue Refunding Bonds, 5.250%, 8/15/2018 A-/NR; Call Date 8/15/2009		350,000		312,249
Kendall, Kane & Will Counties, IL, Community Unit School District No. 308, GO UT, (Series 2004), 5.250%, (FSA Insurance Corp.), 10/1/2016 NR/Aa3; Call Date 10/1/2014		925,000		988,492
State of Illinois Revenue Bonds, (Series A), 5.250%, 2/1/2019 AA/A1; Call Date 2/1/2017		1,000,000		1,012,500
University of Illinois, Auxiliary Facilities System Revenue Refunding Bonds, (Series 2001 A), 5.250%, (Ambac Ins.), 4/1/2013 AA-/Aa3		1,060,000		1,149,802
Will, Grundy, Livingston, Cook, Kendall, LaSalle, Kankakee Counties and State of Illinois, IL, Community College District No. 525, Joliet Junior College, Alternative Revenue Source GO UT Bonds, (Series 2008), 5.750%, 6/1/2028 AA/NR; Call Date 6/1/2018		250,000		249,418
				4,984,826
Indiana - 0.2%
Indiana Development Finance Authority, Waste Management, Inc. Project, Solid Waste Disposal Revenue Bonds, (Series 2001), (AMT), 4.700%, 10/1/2031 BBB/NR; Put Date 10/1/2015 (9)		250,000		206,865
Kansas - 2.7%
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), 6/1/2027 NR/Aaa; Call Date 6/1/2013 (9)		1,125,000		1,085,220
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), 12/1/2036 NR/Aaa; Call Date 12/1/2014 (9)		1,190,000		1,155,110
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), 12/1/2038 NR/Aaa; Call Date 12/1/2016 (9)		255,000		217,303
				2,457,633
Kentucky - 1.4%
Economic Development Finance Authority, KY, Louisville Arena Authority, Inc., Louisville Arena Project Capital Appreciation Bonds, (Series 2008 A-2), 0.000% (Assured Guaranty Corp.), 12/1/2014 AAA/Aa2		800,000		600,600
Economic Development Finance Authority, KY, Louisville Arena Authority, Inc., Louisville Arena Project Fixed Rate Bonds, (Series 2008 A-1), 5.750%, (Assured Guaranty Corp.), 12/1/2028 AAA/Aa2; Call Date 6/1/2018		500,000		481,055
Kentucky State Property & Building Commission Revenue Refunding Bonds, 5.000%, (MBIA), 8/1/2018 AA/Aa3		205,000		207,653
				1,289,308
Louisiana - 2.5%
Jefferson Parish, LA, Finance Authority, Single Family Mortgage Backed Revenue Bonds, (Series 2007 B), 4.400%, (GNMA/FNMA/FHLMC), 12/1/2031 NR/Aaa; Call Date 6/1/2017		130,000		121,321
Louisiana Housing Finance Agency, Home Ownership Program, Single Family Mortgage Revenue Bonds, (Series 2008 A), 6.550%, (GNMA/FNMA/FHLMC), 6/1/2040 NR/Aaa; Call Date 6/1/2018		1,500,000		1,459,275
State of Louisiana, GO UT Match Bonds, (Series 2006 B), 5.000%, (CIFG Ins.), 7/15/2017 A+/A1; Call Date 7/15/2016		650,000		678,828
				2,259,424
Maryland - 1.3%
Maryland Department of Housing and Community Development , Community Development Administration, Housing Revenue Bonds, (Series 1996 A), 5.500%, 1/1/2010 NR/Aa2; Call Date 1/1/2009		1,225,000		1,226,507
Michigan - 0.3%
Michigan State Hospital Finance Authority, Marquette General Hospital Obligated Group, Hospital Revenue Bonds, (Series 2005 A), 5.000%, 5/15/2011 NR/Baa3		260,000		248,578
Minnesota - 1.1%
City of Minneapolis, MN, Health Care System Revenue Bonds, (Series 2008 B), Fairview Health Services, 6.500%, (Assured Guaranty Corp.), 11/15/2038 AAA/Aa2; Call Date 11/15/2018		1,000,000		979,300
Mississippi - 2.0%
Home Corporation, MS, Single Family Mortgage Revenue Bonds, (Series 2008 B-2), 6.750%, (GNMA/FNMA/FHLMC), 6/1/2039 NR/Aaa; Call Date 6/1/2018		750,000		764,828
Rankin County, MS, School District, GO UT Refunding Bonds, 5.000%, (FSA Insurance Corp.), 10/1/2014 AAA/Aa3		1,000,000		1,088,860
				1,853,688
Missouri - 3.1%
Carroll County, MO, Public Water Supply District No. 1., Waterworks Revenue Bonds, (Series 2008), 4.625%, 3/1/2012 SP-1+/NR; Continuously Callable		250,000		250,160

Description/Credit Rating (8)	Principal Amount		Value
Municipals (continued)
Missouri (continued)
Cass County, MO, Hospital Revenue Bonds, (Series 2007), 5.000%, 5/1/2015 NR/NR	$	500,000	$	423,845
Missouri Development Finance Board, Infrastructure Facility Revenue Bonds, City of Independence, MO, Eastland Center Project, (Series 2008 F), 6.000%, 4/1/2027 A+/NR; Call Date 4/1/2013		500,000		495,565
Missouri Development Finance Board, Infrastructure Facility Revenue Bonds, City of Independence, MO, Events Center Project, (Series 2008 H), 6.750%, 4/1/2029 A+/NR; Call Date 10/1/2013		200,000		195,442
Missouri Housing Development Commission, Homeownership Loan Program, (Series 1997 B-2), Single Family Mortgage Revenue Bonds, (AMT), 6.850%, (GNMA/FNMA Coll), 3/1/2028 AAA/NR; (Continuously Callable) (9)		360,000		359,089
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Funds Programs, (Series 2008 A), 5.750%, 1/1/2029 NR/Aaa; Call Date 1/1/2019		750,000		781,403
Riverside, MO, Industrial Development Authority, Riverside Horizons Infrastructure Project, (Series 2007 A), Industrial Development Revenue Bonds, 4.500%, (ACA Capital Holdings, Inc.), 5/1/2011 A/NR		400,000		389,136
				2,894,640
Nebraska - 0.3%
O’Neill, NE, Averna St. Anthony Hospital Project, (Series 2000), Health Care Facilities Development Revenue Bonds, 6.250%, 9/1/2012 NR/NR		245,000		244,057
Nevada - 1.9%
City of Reno, NV, Washoe Medical Center Project, Hospital Revenue Bonds, (Series 2005 B), 6.000%, (FSA Insurance Corp.), 6/1/2033, AAA/Aa3; Call Date 6/1/2018		650,000		551,480
Nevada Housing Division, (Series 2000 B-2), Single Family Mortgage Revenue Bonds, (AMT), 5.550%, 4/1/2031 AAA/Aaa; Call Date 10/1/2009 (9)		400,000		388,572
Nevada Housing Division, (Series 2000 C-2), Single Family Mortgage Revenue Bonds, (AMT), 5.400%, 4/1/2031 AAA/Aaa; Call Date 4/1/2010 (9)		355,000		350,580
Reno-Sparks Indian Colony, (Series 2006), Governmental Revenue Bonds, 4.250%, 6/1/2014 NR/NR		515,000		468,887
				1,759,519
New Hampshire - 0.1%
New Hampshire Health and Education Facilities Authority, Revenue Anticipation Notes, (Series 2008 D), 5.000%, 5/1/2013 NR/A3		105,000		104,462
New York - 3.0%
Metropolitan Transit Authority, NY, Transportation Revenue Bonds, (Series 2006 B), 5.000%, (FSA Insurance Corp.), 11/15/2016 A/A2		1,250,000		1,284,625
New York St Dorm Authority Health Quest Systems Revenue Bonds, (Series 2007 B), 5.000%, (GTY), 7/1/2016 AAA/Aa2		200,000		214,714
Oswego County, NY, GO UT, 6.700%, 6/15/2011 (Econ Defeased to Maturity), NR/A2		1,100,000		1,230,845
				2,730,184
North Carolina - 0.6%
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, (Series 1993 B), 6.000%, 1/1/2022 BBB+/Baa1		50,000		50,313
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, (Series 2005 A), 5.000%, 1/1/2016 A/Baa1		500,000		489,485
				539,798
North Dakota - 3.3%
Fargo, ND, Health System Revenue Bonds, (Meritcare), (Series 2000 A), 5.750%, (FSA Insurance Corp.), 6/1/2012 AAA/Aa3; Call Date 6/1/2010		2,940,000		3,045,517
Ohio - 1.7%
Board of Education of Mahoning County, Career and Technical Center, OH, Certificates of Participation, 6.250%, 12/1/2036 AA-/NR; Call Date 12/1/2011		1,250,000		1,216,212
Franklin County , OH, Domincan Sisters, St. Mary of the Springs Project, Economic Development Revenue Bonds, (Series 1994), 2.800%, (LOC-Fifth Third Bank), 12/1/2016 NR/NR		115,000		115,000
Richland County, OH, Correctional Facilities GO LT Bonds, (Series 2008), 6.000%, (Assured Guaranty Corp.), 12/1/2028 NR/Aa2; Call Date 12/1/2018		250,000		245,137
				1,576,349
Oklahoma - 1.3%
Oklahoma Housing Finance Agency, Homeownership Loan Program, Single Family Mortgage Revenue Bonds, (Series 2008 B), 6.500%, (GNMA/FNMA/FHLMC), 9/1/2038 NR/Aaa; Call Date 9/1/2018		1,175,000		1,208,535
Pennsylvania - 3.0%
Allegheny County, PA, Hospital Development Authority, University of Pittsburgh Medical Center Revenue Bonds, (Series 2008 B), 5.000%, 6/15/2008 AA-/Aa3; Call Date 6/15/2014		750,000		709,178
Industrial Development Authority, PA, Economic Development Revenue Bonds, (Series 2002), 5.500%, (Ambac Ins.), 7/1/2014 AA/A3; Call Date 7/1/2012		1,925,000		2,087,277
				2,796,455

Description/Credit Rating (8)	Principal Amount		Value
Municipals (continued)
Puerto Rico - 0.2%
Puerto Rico Housing Finance Authority, (Series 2003 A), Home Mortgage Revenue Bonds, (AMT), 3.125%, (GNMA/FNMA/FHLMC Coll), 12/1/2033 AAA/Aaa; Call Date 6/1/2013 (9)	$	165,000	$	157,859
South Carolina - 1.0%
South Carolina Public Service Authority, Santee Cooper, Revenue Obligation Bonds, (Series 2008 A), 5.500%, 1/1/2038 AA-/Aa2; Call Date 1/1/2019		1,000,000		967,570
South Dakota - 1.0%
South Dakota Health and Educational Facilities Authority, (Series 2007), Vocational Education Program Revenue Refunding Bonds, 5.000%, (Ambac Ins.), 8/1/2022 A/Baa1; Call Date 8/1/2017		980,000		963,752
Tennessee - 0.9%
Putnam County, TN, GO UT School Refunding Bonds, (Series 2001), 5.250%, (FGIC), 4/1/2013 NR/A1		150,000		163,151
Shelby County, TN, Health Educational and Housing Facility Board, Methodist Le Bonheur Healthcare Revenue Bonds, (Series 2008 C), 4.000%, 6/1/2015 A/A2		250,000		222,758
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%, 11/1/2013 NR/NR		310,000		290,199
The Tennessee Energy Acquisition Corporation, (Series 2006 A), Gas Project Revenue Bonds, 5.000%, 9/1/2012 AA-/Aa3		200,000		181,360
				857,468
Texas - 10.7%
Cities of Dallas and Fort Worth, TX, Dallas/Fort Worth International Airport, Joint Revenue Bonds, (Series 2000 A), (AMT), 6.000%, (FGIC), 11/1/2032 AA/A1; Call Date 11/1/2009 (9)		50,000		42,762
Cities of Dallas and Fort Worth, TX, Dallas/Fort Worth International Airport, Joint Revenue Improvement and Refunding Bonds, (Series 2001 A), (AMT), 5.875%, (FGIC), 11/1/2017 AA/A1; Call Date 11/1/2011 (9)		1,000,000		973,979
Cities of Dallas and Fort Worth, TX, Dallas/Fort Worth International Airport, Joint Revenue Improvement and Refunding Bonds, (Series 2003 C-2), (AMT), 6.125%, (XLCA), 11/1/2018 A+/A1; Call Date 11/1/2009 (9)		1,000,000		970,120
Conroe, TX, Montgomery County, (Series 2007), Certificates of Obligation, 5.500%, (MBIA Insurance Corp.), 3/1/2022 AA/A1; Call Date 3/1/2017		100,000		102,251
Kaufman County, TX, Forney Independent School District, Unlimited Tax School Building GO UT Bonds, (Series 2008 A), 6.000%, (Permanent School Fund Gty), 8/15/2037 AAA/NR; Call Date 8/15/2018		390,000		400,635
Lufkin, TX, Health Facilities Development Corporation, Memorial Health System of East Texas, (Series 2007), Health System Revenue Bonds, 4.750%, 2/15/2017 BBB+/Baa2		325,000		261,989
North Texas Tollway Authority System, First Tier Insured Capital Appreciation, System Revenue Refunding Bonds, (Series 2008 D), 0.000% (Assured Guaranty Corp.), 1/1/2028 AAA/Aa2		150,000		42,429
North Texas Tollway Authority System, First Tier Revenue Refunding Bonds, (Series 2008 G), 5.000%, 1/1/2038 A-/A2; Call/Put Date 1/1/2010		450,000		454,590
North Texas Tollway Authority System, First Tier Revenue Refunding Bonds, (Series 2008 I), 0.000%, (Assured Guaranty Corp.), 1/1/2042 AAA/Aa2; Call Date 1/1/2025		500,000		298,465
North Texas Tollway Authority System, First Tier Revenue Refunding Bonds, (Series 2008 K-1), 5.750%, (Assured Guaranty Corp.), 1/1/2038 AAA/Aa2; Call Date 1/1/2019		1,500,000		1,462,709
North Texas Tollway Authority System, Second Tier Revenue Refunding Bonds, (Series 2008 F), 5.750%, 1/1/2038 BBB+/A3; Call Date 1/1/2018		150,000		126,935
North Texas Tollway Authority System, Second Tier Revenue Refunding Bonds, (Series 2008 F), 6.125%, 1/1/2031 BBB+/A3; Call Date 1/1/2016		300,000		275,697
Port of Beaumont, Navigation District of Jefferson County, TX, Revenue Bonds, (Series 2008), 6.500%, 9/1/2029 NR/A2; Call Date 9/1/2018		250,000		242,773
Port of Houston Authority, TX, Harris County, Unlimited Tax Port Improvement Bonds, (Series 2001 B), (AMT), 5.100%, (FGIC), 10/1/2026 AAA/Aa1; Call Date 10/1/2011 (9)		350,000		318,245
Potter County, TX, Industrial Development Corporation, Pollution Control Revenue Refunding Bonds, (Series 1996), Southwestern Public Service Company Project, 5.750%, (Ambac Ins.), 9/1/2016 A/Baa1; Continuously Callable		235,000		235,254
Sabine River Authority, TX, Southwestern Electric Power Company Project, Pollution Control Revenue Refunding Bonds, (Series 2006), 4.950%, (MBIA), 3/1/2018 AA/Baa1		50,000		46,246
Sam Rayburn, TX, Municipal Power Agency, (Series 2002), Power Supply System Revenue Refunding Bonds, 5.750%, (Asset Guaranty Ins.), 10/1/2021 BBB+/A3; Call Date 10/1/2012		615,000		589,797
San Antonio, TX, Electricity and Gas System Revenue Refunding Bonds, (Series 2005), 5.000%, 2/1/2019 AA/Aa1; Call Date 2/1/2015		1,900,000		1,954,624
San Antonio, TX, Housing Trust Finance Corporation, Mortgage-Backed Securities Program, Single Family Mortgage Revenue Bonds, (Series 2006), (AMT), 5.375%, (GNMA/FNMA/FHLMC), 10/1/2039 NR/Aaa; Call Date 10/1/2016 (9)		148,865		129,578

Description/Credit Rating (8)	Shares or Principal Amount		Value
Municipals (continued)
Texas (continued)
Tarrant County, TX, Cultural Education, CHRISTUS Health, Facilities Finance Corporation, Revenue Refunding Bonds, (Series 2008 A), 6.500%, (Assured Guaranty Corp.), 7/1/2037 AAA/Aa2; Call Date 1/1/2019	$	900,000	$	870,498
				9,799,576
Utah - 1.4%
Board of Education of Grand County School District, UT, School Building and Refunding GO UT Bonds, (Series 2008), 5.250%, (School Bond Gty), 7/1/2026 NR/Aaa; Call Date 7/1/2018		500,000		497,705
Housing Corporation, UT, Single Family Mortgage Bonds, (Series 2008 A-1), (AMT), 5.400%, 7/1/2039 AAA/Aaa; Call Date 1/1/2017 (9)		600,000		457,392
Salt Lake Valley Fire Service Area, UT, Local Building Authority, Lease Revenue Bonds, (Series 2008), 5.250%, 4/1/2021 NR/Aa3; Call Date 4/1/2018		300,000		295,434
				1,250,531
Virginia - 2.1%
Industrial Development Authority, Town of Louisa, VA, Virginia Electric and Power Company Project, Pollution Control Refunding Revenue Bonds, (Series 2008 A), 5.375%, 11/1/2035 A-e/Baa1e; Mandatory Put 12/2/2008		400,000		399,392
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)/(Mand Tender 7/1/2011), 7/1/2031 NR/Aaa		1,500,000		1,520,970
				1,920,362
Washington - 1.0%
County of King, WA, Housing Authority, Birch Creek Apartments Project, Revenue Bonds, (Series 2008), 5.200%, 5/1/2028, AAA/NR; Call Date 11/1/2018		460,000		418,333
Health Care Facilities Authority, WA, Highline Medical Center, Mortgage Revenue Bonds, (Series 2008), 6.250%, (FHA-Insured Mortgage), 8/1/2028 AA/NR; Call Date 8/1/2018		500,000		486,725
				905,058
West Virginia - 0.9%
West Virginia State Hospital Finance Authority, Hospital Revenue Bonds, United Hospital Center, Inc. Project, (Series A), 5.000%, (Ambac Ins.), 6/1/2018 AA/A2; Call Date 6/1/2016		800,000		788,712
Wisconsin - 4.1%
Health and Educational Facilities Authority, WI, Aurora Health Care, Inc., Revenue Bonds, (Series 1997), 5.250%, (MBIA Insurance Corp.), 8/15/2017 AA/A3; Call Date 8/15/2009		260,000		256,784
Kimberly Area School District, Outagamie and Calumet Counties, WI, GO UT bonds, 5.375%, (MBIA-RE FGIC), 3/1/2010 NR/A1		480,000		498,710
School District of West Allis-West Milwaukee, Milwaukee and Waukesha Counties, WI, GO UT Bonds, 3.750%, (FSA Insurance Corp.), 4/1/2012 NR/Aa3		60,000		61,913
State of Wisconsin, GO UT, Bonds, (Series 2006 C), (AMT), 4.500%, (MBIA Insurance Corp.), 5/1/2015 AA/Aa3 (9)		75,000		77,400
Wisconsin Health and Educational Facilities Authority, Froedtert & Community Health, Inc. Obligated Group, Revenue Bonds, (Series 2005 C), 6.500%, (Ambac Ins.), 4/1/2035 AA/Baa1		2,000,000		2,000,000
Wisconsin Health and Educational Facilities Authority, Ministry Health Care, Inc., Revenue Bonds, (Series 2004), 5.000%, (FSA Insurance Corp.), 8/1/2018 AAA/Aa3; Call Date 4/24/2018		70,000		72,654
Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System Revenue Bonds, (Series 2006 A), 5.000%, 8/15/2014 BBB+/Baa1		275,000		237,333
Wisconsin Housing and Economic Development Authority, Home Ownership Revenue Bonds, (Series 2001 B), (AMT), 4.850%, 9/1/2031 AA/Aa2; Call Date 6/1/2011 (9)		560,000		560,000
				3,764,794
Total Municipals (identified cost $89,263,837)				86,396,415
Mutual Funds - 6.9% Marshall Tax-Free Money Market Fund Class I		6,400,894		6,400,894
Total Mutual Funds (identified cost $6,400,894)				6,400,894
Total Investments - 100.7% (identified cost $95,664,731)				92,797,309
Other Assets and Liabilities - (0.7)%				(620,152	)
Total Net Assets - 100.0%			$	92,177,157

Government Income Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 0.6%
Federal Home Loan Mortgage Corporation - 0.1%
1.655%, 8/25/2031, (Series T-32-A1) (4)	$	751,880	$	676,704
Home Equity - 0.1%
Green Tree Home Improvement Loan Trust, Class HEB1, (Series 1998-B), 7.810%, 11/15/2029		421,608		422,566
Other Financial - 0.4%
Countrywide Asset-Backed Certificates, Class A1, (Series 2007-QH2), 1.635%, 4/25/2037 (4) (6) (7)		3,374,631		1,888,204
Total Asset - Backed Securities (identified cost $4,548,986)				2,987,474
Collateralized Mortgage Obligations - 23.0%
Federal Home Loan Mortgage Corporation - 4.6%
1.770%, 6/15/2025, (Series 2993-TF) (4)		7,518,432		7,202,124
5.000%, 10/15/2029, (Series 2745-AY)		5,000,000		4,922,325
5.000%, 10/15/2031, REMIC (Series 2543-LN)		3,078,423		3,061,945
5.000%, 5/15/2033, REMIC (Series 2791-BL)		1,868,417		1,828,897
5.000%, 10/15/2034, REMIC (Series 2876-DQ)		294,356		291,396
5.000%, 4/15/2035, REMIC (Series 2963-ED)		1,268,201		1,169,719
5.500%, 10/15/2035, (Series 3058-WC)		1,811,925		1,818,307
6.000%, 6/15/2037, (Series 3333-W)		4,074,103		4,152,187
				24,446,900
Federal National Mortgage Association - 3.8%
1.645%, 1/25/2031, REMIC (Series 2001-25-FA) (4)		1,766,917		1,755,324
4.000%, 10/25/2032, REMIC (Series 2003-28-GA)		372,292		352,745
5.000%, 10/25/2016, REMIC (Series 2003-16-PD)		5,000,000		5,055,590
5.500%, 3/25/2025, (Series 2006-12-PA)		6,108,103		6,166,410
5.500%, 8/25/2034, (Series 2005-123-PE)		5,407,000		5,392,942
5.500%, 11/25/2035, (Series 2005-100-DA)		1,207,279		1,237,861
				19,960,872
Private Sponsor - 14.6%
Banc of America Funding Corp., Class 1A3, (Series 2007-C), 5.758%, 5/20/2036 (4)		6,545,155		4,976,484
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.886%, 7/25/2037 (4)		8,077,242		6,155,246
Countrywide Alternative Loan Trust, Class 2A14, (Series 2006-41CB), 6.000%, 1/25/2037		1,301,446		1,170,099
Countrywide Alternative Loan Trust, Class A19, (Series 2007-15CB), 5.750%, 7/25/2037		6,559,026		4,249,127
Countrywide Home Loans, Class 1A8, (Series 2003-J1), 5.750%, 3/25/2033		747,457		730,580
GSR Mortgage Loan Trust, Class 2A8, (Series 2005-5F), 5.500%, 6/25/2035		6,000,000		4,487,760
JP Morgan Alternative Loan Trust, Class 12A1, (Series 2007-A2), 1.595%, 6/25/2037 (4)		13,005,003		4,784,202
JP Morgan Mortgage Trust, Class 2A1, (Series 2007-A2), 5.698%, 4/25/2037 (4)		7,914,406		5,877,262
JP Morgan Mortgage Trust, Class 3A3, (Series 2007-A4), 5.882%, 6/25/2037 (4)		10,584,875		8,069,105
JP Morgan Mortgage Trust, Class 4A1, (Series 2007-A2), 6.040%, 4/25/2037 (4)		4,689,166		3,230,972
JP Morgan Mortgage Trust, Class 4A1M, (Series 2007-A2), 5.790%, 4/25/2037 (4)		7,033,749		4,827,607
Master Asset Securitization Trust, Class 4A5, (Series 2004-3), 5.000%, 3/25/2034		15,215,000		13,986,664
Residential Accredit Loans, Inc., Class A5, (Series 2003-QR24), 4.000%, 7/25/2033		1,931,095		1,373,879
Structured Asset Securities Corporation, Class 2A, (Series 2003-21), 5.250%, 8/25/2033		3,908,770		3,329,717
Thornburg Mortgage Securities Trust, Class A2B, (Series 2007-1), 1.495%, 3/25/2037 (4)		6,156,949		5,080,640
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 5.606%, 5/25/2036 (4)		4,217,890		3,051,108
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 5.240%, 4/25/2036 (4)		2,861,350		2,067,437
				77,447,889
Total Collateralized Mortgage Obligations (identified cost $150,859,787)				121,855,661

Description	Principal Amount		Value
Commercial Mortgage Securities - 9.1%
Private Sponsor - 9.1%
Bear Stearns Commercial Mortgage Securities, Class AM, (Series 2007-PW17), 5.915%, 6/11/2050 (4)	$	6,000,000	$	2,667,900
Citigroup Commercial Mortgage Trust, Class A4, (Series 2007-C6), 5.700%, 12/10/2049 (4)		7,000,000		4,567,431
Citigroup Commercial Mortgage Trust, Class A4, (Series 2008-C7), 6.095%, 12/10/2049 (4)		3,000,000		2,008,020
Citigroup/Deutsche Bank Commercial Mortgage Trust, Class A4, (Series 2007-CD5), 5.886%, 11/15/2044 (4)		5,000,000		3,258,715
Credit Suisse Mortgage Capital Certificates, Class A1, (Series 2006-TF2A), 1.523%, 10/15/2021 (4) (6) (7)		1,257,248		1,028,106
Credit Suisse Mortgage Capital Certificates, Class AM, (Series 2007-C5), 5.869%, 9/15/2040 (4)		6,000,000		2,657,154
Greenwich Capital Commercial Funding Corp., Class A1, (Series 2006-FL4A), 2.448%, 11/5/2021 (4) (6) (7)		978,410		597,265
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG9), 5.475%, 3/10/2039		5,000,000		2,203,910
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG11), 5.867%, 12/10/2049 (4)		9,000,000		3,975,570
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-FL1A), 1.798%, 7/15/2019 (4) (6) (7)		2,649,825		1,714,903
Lehman Brothers Commercial Mortgage Trust, Class A1, (Series 2007-LLFA), 1.723%, 6/15/2022 (4) (6) (7)		6,268,577		4,043,445
Merrill Lynch /Countrywide Commercial Mortgage Trust, Class A4, (Series 2007-9), 5.700%, 9/12/2049		5,000,000		3,218,375
Merrill Lynch Mortgage Trust, Class A2, (Series 2006-C1), 5.612%, 5/12/2039 (4)		3,000,000		2,587,056
Merrill Lynch Mortgage Trust, Class A3A, (Series 2005-CIP1), 4.949%, 7/12/2038 (4)		4,000,000		3,204,212
Morgan Stanley Capital, Class A2A, (Series 2005-HQ6), 4.882%, 8/13/2042		4,000,000		3,609,916
Morgan Stanley Capital, Class A4, (Series 2007-IQ16), 5.809%, 12/12/2049		5,000,000		3,232,835
Wachovia Bank Commercial Mortgage Trust, Class AM, (Series 2007-C34), 5.818%, 5/15/2046 (4)		6,000,000		2,625,588
Wachovia Bank Commercial Trust, Class AM, (Series 2006-C27), 5.795%, 7/15/2045 (4)		2,000,000		966,374
Total Commercial Mortgage Securities (identified cost $78,533,205)				48,166,775
Corporate Bonds & Notes - 1.5%
Diversified Financial Services - 1.1%
Bear Stearns Co., Inc., 3.383%, 2/1/2012 (4)		4,000,000		3,589,524
SLM Corp., (Series MTNA), 3.675%, 7/27/2009 (4)		2,500,000		2,309,950
				5,899,474
Insurance - 0.4%
HSB Capital I, Company Guarantee, (Series B), 5.663%, 7/15/2027 (4)		3,000,000		2,170,839
Total Corporate Bonds & Notes (identified cost $9,468,950)				8,070,313
U.S. Government & U.S. Government Agency Obligations - 1.9%
Federal National Mortgage Association - 1.9%
4.875%, 4/15/2009		10,000,000		10,142,900
Total U.S. Government & U.S. Government Agency Obligations (identified cost $9,984,578)				10,142,900
U.S. Government Agency - Mortgage Securities - 100.8%
Federal Home Loan Mortgage Corporation - 4.8%
5.000%, 8/1/2014		2,199,479		2,231,954
5.000%, 5/1/2021		3,003,961		3,038,495
5.000%, 10/1/2033		2,882,270		2,904,853
5.000%, 11/1/2035		9,483,362		9,545,809
5.500%, 11/1/2018		2,978,371		3,042,924
5.500%, 10/1/2021		3,295,094		3,349,008
6.500%, 9/1/2016		165,083		169,332
7.000%, 11/1/2009		8,680		8,800
7.500%, 9/1/2013		61,520		65,173
7.500%, 4/1/2024		215,898		228,258
7.500%, 4/1/2027		117,298		123,836

Description	Principal Amount		Value
U.S. Government Agency - Mortgage Securities (continued)
Federal Home Loan Mortgage Corporation (continued)
8.000%, 8/1/2030	$	135,992	$	144,024
8.500%, 9/1/2024		114,362		123,409
9.000%, 6/1/2019		162,427		176,525
9.500%, 2/1/2025		102,786		113,096
				25,265,496
Federal National Mortgage Association - 93.7%
5.000%, 5/1/2018		1,997,433		2,036,625
5.000%, 5/1/2020		3,820,310		3,872,584
5.000%, 7/1/2035		4,069,128		4,101,010
5.000%, 2/1/2036		5,573,961		5,617,633
5.000%, 12/1/2036		29,487,327		29,709,130
5.500%, 8/1/2021 (1)		13,248,307		13,502,330
5.500%, 1/1/2023		2,248,349		2,297,257
5.500%, 10/1/2024		2,628,617		2,681,579
5.500%, 2/1/2033		1,517,697		1,547,797
5.500%, 6/1/2035		4,694,313		4,778,614
5.500%, 8/1/2036		3,059,057		3,113,034
5.500%, 11/1/2036		23,456,470		23,870,360
5.500%, 12/1/2036		16,303,900		16,591,582
5.500%, 1/1/2037		1,638,528		1,667,440
5.500%, 5/1/2037		26,567,136		27,030,281
5.500%, 7/1/2037		69,976,073		71,195,966
5.500%, 8/1/2037		17,544,419		17,850,271
5.500%, 8/1/2037 (1)		9,420,418		9,584,644
5.500%, 12/11/2038 (5)		120,000,000		122,006,280
6.000%, 9/1/2013		623,828		640,301
6.000%, 10/1/2016		450,750		462,370
6.000%, 9/1/2021 (1)		4,005,021		4,096,388
6.000%, 1/1/2036		1,700,823		1,740,402
6.000%, 4/1/2037		1,141,905		1,168,235
6.000%, 12/11/2038 (5)		90,000,000		92,010,960
6.500%, 9/1/2016		593,958		611,975
6.500%, 9/1/2016		289,783		298,574
6.500%, 8/1/2030		3,330,713		3,454,612
6.500%, 12/1/2031		200,362		207,690
6.500%, 9/1/2037		16,864,542		17,356,548
6.500%, 11/1/2037		3,310,603		3,364,334
6.500%, 1/1/2038		3,547,850		3,651,354
7.000%, 12/1/2010		13,049		13,096
7.000%, 3/1/2029		288,115		302,016
7.000%, 7/1/2029		748,687		784,809
7.000%, 2/1/2030		664,479		696,539
7.500%, 12/1/2009		63,274		63,676
7.500%, 10/1/2030		104,677		110,198
8.000%, 10/1/2028		1,219,424		1,291,445
8.000%, 4/1/2030		217,201		230,338
				495,610,277
Government National Mortgage Association - 2.3%
5.000%, 4/15/2034		1,845,010		1,863,948
5.500%, 9/15/2033 (1)		4,274,924		4,365,561
6.000%, 12/20/2033		4,735,815		4,843,734
6.500%, 9/15/2032		795,883		820,467
7.000%, 6/15/2029		155,735		160,945
7.000%, 8/15/2031		177,063		182,639
8.500%, 6/15/2010		53,474		53,877
9.000%, 11/15/2009		11,584		11,655
9.000%, 1/15/2010		20,665		20,830
9.500%, 10/15/2024		70,575		77,644
				12,401,300
Total U.S. Government Agency - Mortgage Securities (identified cost $515,706,581)				533,277,073

Description	Principal Amount		Value
Short-Term Investments - 8.4%
Collateral Pool Investment for Securities on Loan - 5.9%
(See Note 2 of the Schedule of Investments)			$	31,566,379
Repurchase Agreement - 2.5%
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008, to be repurchased at $12,975,117 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 7/13/2009, with a market value of $13,235,037 (at amortized cost)	$	12,974,901		12,974,901
Total Short-Term Investments (identified cost $44,541,280)				44,541,280
Total Investments - 145.3% (identified cost $813,643,367)				769,041,476
Other Assets and Liabilities - (45.3)%				(239,817,358	)
Total Net Assets - 100.0%			$	529,224,118

Aggregate Bond Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Principal Amount		Value
Asset-Backed Securities - 2.0%
Automobiles - 0.8%
Capital Auto Receivables Asset Trust, Class A3A, (Series 2008-2), 4.680%, 10/15/2012	$	2,000,000	$	1,839,128
Credit Cards - 1.2%
Chase Issuance Trust, Class A, (Series 2007-A15), 4.960%, 9/17/2012		3,000,000		2,850,555
Total Asset-Backed Securities (identified cost $4,999,492)				4,689,683
Collateralized Mortgage Obligations - 10.3%
Federal National Mortgage Association - 2.4%
5.500%, 3/25/2025, (Series 2006-12-PA)		2,522,758		2,546,841
5.500%, 8/25/2034, (Series 2005-123-PE)		3,000,000		2,992,200
				5,539,041
Private Sponsor - 7.9%
Chase Mortgage Finance Corp., Class 7A1, (Series 2007-A2), 5.886%, 7/25/2037 (4)		4,846,345		3,693,148
Countrywide Alternative Loan Trust, Class 2A14, (Series 2006-41CB), 6.000%, 1/25/2037		1,301,446		1,170,099
Countrywide Alternative Loan Trust, Class A19, (Series 2007-15CB), 5.750%, 7/25/2037		2,811,011		1,821,055
JP Morgan Alternative Loan Trust, Class 12A1, (Series 2007-A2), 1.595%, 6/25/2037 (4)		4,876,876		1,794,076
JP Morgan Mortgage Trust, Class 2A1, (Series 2006-A3), 5.622%, 5/25/2036 (4)		1,653,686		1,171,732
JP Morgan Mortgage Trust, Class 2A1, (Series 2007-A2), 5.695%, 4/25/2037 (4)		1,319,068		979,544
JP Morgan Mortgage Trust, Class 3A3, (Series 2007-A4), 5.882%, 6/25/2037 (4)		4,281,170		3,263,639
PHH Alternative Mortgage Trust, Class 1A1, (Series 2007-2), 1.505%, 5/25/2037 (4)		1,689,439		1,436,403
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR7), 5.606%, 5/25/2036 (4)		2,865,414		2,072,763
Wells Fargo Mortgage Backed Securities Trust, Class 2A4, (Series 2006-AR8), 5.240%, 4/25/2036 (4)		1,716,810		1,240,462
				18,642,921
Total Collateralized Mortgage Obligations (identified cost $32,307,454)				24,181,962
Commercial Mortgage Securities - 14.3%
Private Sponsor - 14.3%
Bear Stearns Commercial Mortgage Securities, Class AM, (Series 2007-PW17), 5.915%, 6/11/2050 (4)		3,000,000		1,333,950
Bear Stearns Commercial Mortgage Securities, Class AM, (Series 2007-PW18), 6.084%, 6/11/2050 (4)		2,000,000		893,138
Citigroup Commercial Mortgage Trust, Class A4, (Series 2007-C6), 5.889%, 12/10/2049 (4)		5,000,000		3,262,450
Citigroup Commercial Mortgage Trust, Class A4, (Series 2008-C7), 6.299%, 12/10/2049 (4)		3,000,000		2,008,020
Citigroup/Deutsche Bank Commercial Mortgage Trust, Class A4, (Series 2007-CD5), 5.886%, 11/15/2044 (4)		5,000,000		3,258,715
Credit Suisse Mortgage Capital Certificates, Class AM, (Series 2007-C5), 5.869%, 9/15/2040 (4)		3,000,000		1,328,577
Greenwich Capital Commercial Funding Corp., Class AM, (Series 2007-GG11), 5.867%, 12/10/2049 (4)		3,000,000		1,325,190
JP Morgan Chase Commercial Mortgage Securities Corp., Class A1, (Series 2007-FL1A), 1.798%, 7/15/2019 (4)(6)(7)		2,649,825		1,714,903
JP Morgan Chase Commercial Mortgage Securities Corp., Class A2, (Series 2008-C2), 5.855%, 2/12/2051		3,000,000		2,303,481
Lehman Brothers Commercial Mortgage Trust, Class A1, (Series 2007-LLFA), 1.723%, 6/15/2022 (4)(6)(7)		3,917,860		2,527,153
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class A4, (Series 2007-9), 5.700%, 9/12/2049		2,000,000		1,287,350
Merrill Lynch/Countrywide Commercial Mortgage Trust, Class AM, (Series 2006-3), 5.456%, 7/12/2046 (4)		2,100,000		975,790

Description	Principal Amount		Value
Commercial Mortgage Securities (continued)
Private Sponsor (continued)
Merrill Lynch Mortgage Trust, Class A2, (Series 2006-C1), 5.796%, 5/12/2039 (4)	$	2,425,000	$	2,091,204
Merrill Lynch Mortgage Trust, Class A3, (Series 2006-C1), 5.841%, 5/12/2039 (4)		2,000,000		1,572,988
Merrill Lynch Mortgage Trust, Class A3A, (Series 2005-CIP1), 4.949%, 7/12/2038 (4)		2,000,000		1,602,106
Morgan Stanley Capital, Class A2A, (Series 2005-HQ6), 4.882%, 8/13/2042		3,000,000		2,707,437
Wachovia Bank Commercial Mortgage Trust, Class AM, (Series 2006-C27), 5.795%, 7/15/2045 (4)		4,000,000		1,932,748
Wachovia Bank Commercial Mortgage Trust, Class AM, (Series 2007-C34), 5.818%, 5/15/2046 (4)		2,944,000		1,288,289
Total Commercial Mortgage Securities (identified cost $49,478,921)				33,413,489
Corporate Bonds & Notes - 37.1%
Banks - 7.4%
Bank of America Corp., 8.000%, 12/29/2049 (4)		3,000,000		2,086,398
Bank of America Corp., (Series MTN), 4.900%, 5/1/2013		5,000,000		4,784,730
Bank of New York Mellon, 5.125%, 8/27/2013		2,000,000		1,986,410
Royal Bank of Scotland Group PLC, (Series 144A), 6.990%, 10/29/2049 (4)(6)(7)		3,000,000		1,656,342
Wachovia Corp., 5.750%, 2/1/2018		3,000,000		2,708,403
Wells Fargo Capital XIII, (Series GMTN), 7.700%, 12/29/2049 (4)		5,000,000		4,059,645
				17,281,928
Beverages - 2.2%
Bottling Group LLC, 6.950%, 3/15/2014 (1)		5,000,000		5,242,365
Building Materials - 0.9%
CRH America, Inc., 6.000%, 9/30/2016		3,000,000		2,020,392
Diversified Financial Services - 10.2%
American Honda Finance Corp., (Series 144A), 6.700%, 10/1/2013 (6)		4,000,000		3,985,816
BP Capital Markets PLC, 5.250%, 11/7/2013		3,000,000		3,012,654
Caterpillar Financial Services Corp., (Series MTN), 7.050%, 10/1/2018		3,000,000		2,990,190
Citigroup, Inc., 5.300%, 10/17/2012		2,000,000		1,827,038
Citigroup, Inc., 8.400%, 4/29/2049 (1)(4)		3,000,000		1,775,100
Countrywide Financial Corp., (Series MTN), 5.800%, 6/7/2012		2,000,000		1,900,038
General Electric Capital Corp., 5.625%, 5/1/2018		2,000,000		1,847,374
General Electric Capital Corp., 5.875%, 1/14/2038		3,000,000		2,463,636
Genworth Global Funding Trusts, 5.200%, 10/8/2010		2,000,000		1,501,962
JP Morgan Chase & Co., 6.400%, 5/15/2038		2,000,000		1,967,376
Lehman Brothers Holdings, (Series MTN), 5.625%, 1/24/2013 (12)		3,000,000		315,000
Lehman Brothers Holdings, (Series MTN), 6.000%, 7/19/2012 (12)		3,000,000		315,000
				23,901,184
Electric Utilities - 1.9%
Appalachian Power Co., 7.000%, 4/1/2038		3,000,000		2,550,531
Southern California Edison Co., 5.750%, 3/15/2014		2,000,000		2,029,142
				4,579,673
Industrial - 0.4%
Ingersoll-Rand Global Holding Co., 6.000%, 8/15/2013 (1)		1,000,000		946,080
Insurance - 2.4%
Genworth Life Institutional Funding Trust, (Series MTN), 5.875%, 5/3/2013 (6)(7)		3,000,000		2,002,719
Progressive Corp., 6.700%, 6/15/2037 (4)		4,000,000		2,127,796
Prudential Financial, Inc., 6.000%, 12/1/2017		2,000,000		1,589,552
				5,720,067
Iron & Steel - 0.9%
ArcelorMittal, 5.375%, 6/1/2013		3,000,000		2,160,453
Media - 5.0%
Comcast Corp., 6.950%, 8/15/2037		2,000,000		1,681,730
Thomson Reuters Corp., 6.500%, 7/15/2018 (1)		3,000,000		2,748,885
Time Warner Cable, Inc., 6.750%, 7/1/2018		2,000,000		1,757,028
Time Warner Cable, Inc., 7.300%, 7/1/2038		3,000,000		2,508,369
Time Warner Cable, Inc., 8.250%, 2/14/2014		1,000,000		988,357
Time Warner Cable, Inc., 8.750%, 2/14/2019		2,000,000		1,968,056
				11,652,425

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Oil & Gas - 1.2%
XTO Energy, Inc., 6.500%, 12/15/2018	$	3,000,000	$	2,774,148
Real Estate Investment Trusts - 0.8%
iStar Financial, Inc., 8.625%, 6/1/2013 (1)		5,000,000		1,851,265
Telecommunications - 3.8%
AT&T, Inc., 6.300%, 1/15/2038		2,000,000		1,622,244
Deutsche Telekom International Finance, 5.875%, 8/20/2013		3,000,000		2,712,114
Rogers Communications, 6.800%, 8/15/2018		2,000,000		1,795,210
Verizon Communications, Inc., 6.900%, 4/15/2038		2,000,000		1,674,826
Verizon Communications, Inc., 8.750%, 11/1/2018 (1)		1,000,000		1,001,894
				8,806,288
Total Corporate Bonds & Notes (identified cost $108,282,145)				86,936,268
U.S. Government & U.S. Government Agency Obligations - 5.6%
Federal Home Loan Mortgage Corporation - 4.3%
3.375%, 4/15/2009		5,000,000		5,042,925
4.875%, 2/17/2009		5,000,000		5,040,075
				10,083,000
Federal National Mortgage Association - 1.3%
4.875%, 4/15/2009		3,000,000		3,042,870
Total U.S. Government & U.S. Government Agency Obligations (identified cost $12,958,018)				13,125,870
U.S. Government Agency - Mortgage Securities - 58.3%
Federal Home Loan Mortgage Corporation - 1.5%
5.000%, 11/1/2035		3,448,495		3,471,203
Federal National Mortgage Association - 56.8%
5.000%, 7/1/2022		5,180,411		5,243,721
5.000%, 1/1/2037 (1)		9,160,711		9,229,618
5.500%, 5/1/2037		15,054,711		15,317,160
5.500%, 7/1/2038 (1)		1,972,199		2,006,383
5.500%, 12/11/2038 (5)		55,000,000		55,919,545
6.000%, 12/11/2038 (5)		35,000,000		35,782,040
6.500%, 9/1/2037		4,216,135		4,339,137
6.500%, 9/1/2037		1,690,975		1,740,307
6.500%, 11/1/2037		1,655,302		1,682,167
6.500%, 1/1/2038		1,773,925		1,825,677
				133,085,755
Total U.S. Government Agency - Mortgage Securities (identified cost $131,686,198)				136,556,958
Short-Term Investments - 19.1%
Collateral Pool Investment for Securities on Loan – 9.7%
(See Note 2 of the Schedule of Investments)				22,605,021
Repurchase Agreement - 9.4%
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008, to be repurchased at $22,042,644 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 6/28/2010, with a market value of $22,484,104 (at amortized cost)		22,042,277		22,042,277
Total Short-Term Investments (identified cost $44,647,298)				44,647,298
Total Investments - 146.7% (identified cost $384,359,526)				343,551,528
Other Assets and Liabilities - (46.7)%				(109,330,971	)
Total Net Assets - 100.0%			$	234,220,557

Government Money Market Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Principal Amount		Value
Commercial Paper - 7.2%
FDIC - Insured CP - 7.2%
Citigroup, Inc. 2.120%, 2/26/2009 (11)	$	45,000,000	$	44,769,450
Merrill Lynch & Co., Inc. 2.290%, 1/22/2009 (11)		40,000,000		39,867,689
Total Commercial Paper				84,637,139
U.S. Government & U.S. Government Agency Obligations - 33.1%
Federal Home Loan Bank - 25.2%
0.700%, 2/19/2009 (4)		25,000,000		24,950,314
2.170%, 2/11/2009 (4)		50,000,000		50,000,000
2.204%, 2/19/2010 (4)		25,000,000		24,920,429
2.689%, 5/5/2009 (4)		25,000,000		25,000,000
2.800%, 5/6/2009		5,000,000		5,000,000
3.050%, 6/18/2009		5,000,000		5,000,000
3.306%, 3/26/2009 (4)		25,000,000		24,999,608
3.654%, 10/23/2009 (4)		55,000,000		55,013,478
4.129%, 1/8/2010 (4)		20,000,000		19,995,559
4.154%, 4/7/2009 (4)		50,000,000		50,000,000
4.590%, 1/11/2010 (4)		10,000,000		9,997,678
				294,877,066
Federal Home Loan Mortgage Corporation - 7.6%
1.800%, 5/18/2009 (11)		4,848,000		4,807,277
1.800%, 5/28/2009 (11)		25,000,000		24,777,500
2.450%, 4/9/2009		10,000,000		10,000,000
2.614%, 12/7/2009 (4)		50,000,000		49,977,331
				89,562,108
Federal National Mortgage Association - 0.3%
2.748%, 12/15/2008 (11)		2,091,000		2,088,833
3.600%, 3/3/2009		500,000		501,688
3.625%, 3/16/2009		1,000,000		1,004,013
				3,594,534
Total U.S. Government & U.S. Government Agency Obligations				388,033,708
Repurchase Agreements - 59.6%
Agreement with Barclay’s Capital, Inc., Tri-Party Agency, 0.250%, dated 11/28/2008 to be repurchased at $150,003,125 on 12/01/2008, collateralized by U.S. Government Agency Obligations with various maturities to 1/22/2013, with a market value of $153,000,623		150,000,000		150,000,000
Agreement with Cantor Fitzgerald, Inc., 1.000%, dated 11/28/2008 to be repurchased at $265,022,083 on 12/01/2008, collateralized by a U.S. Government Agency SBA Pool with various maturities to 1/01/2049, with a market value of $270,300,000		265,000,000		265,000,000
Agreement with Deutsche Bank Alex Brown, Inc., 0.300% dated 11/28/2008 to be repurchased at $175,004,375 on 12/01/2008, collateralized by a U.S. Government Agency Mortgage Pool with various maturities to 5/01/2038, with a market value of $178,500,000		175,000,000		175,000,000
Agreement with Fixed Income Clearing Corp., 0.100%, dated 11/28/2008, to be repurchased at $25,234,402 on 12/01/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 12/17/2008 and a market value of $25,740,000		25,234,192		25,234,192
Agreement with Morgan Stanley & Co., Inc., 0.250%, dated 11/28/2008, to be repurchased at $85,001,771 on 12/01/2008, collateralized by a U.S. Government Agency Mortgage Pool with various maturities to 9/01/2036, with a market value of $87,049,253		85,000,000		85,000,000
Total Repurchase Agreements				700,234,192
Total Investments - 99.9% (at amortized cost)				1,172,905,039
Other Assets and Liabilities - 0.1%				762,000
Total Net Assets - 100.0%			$	1,173,667,039

Tax-Free Money Market Fund

SCHEDULE OF INVESTMENTS -

November 30, 2008

(Unaudited)

Description	Principal Amount		Value
Commercial Paper - 0.3%
State of California General Obligation Commercial Paper Notes, 4.000%, 12/16/2008 (4)	$	2,500,000	$	2,500,000
Total Commercial Paper (identified cost $2,500,000)				2,500,000
Municipals - 94.7%
Alabama - 0.5%
Daphne-Villa Mercy Special Care Facilities Financing Authority, Revenue Bonds, 5.000%, 12/1/2030, Call Date 12/3/2008 (4)		4,800,000		4,800,000
Arizona - 0.9%
Arizona Health Facilities Authority, Hospital System Revenue Bonds, 1.110%, 2/1/2042, Call Date 2/1/2013 (4)		8,000,000		8,000,000
California - 1.8%
California State Putters, GO UT (Series 245), 3.500%, 2/1/2015 (4)		6,660,000		6,660,000
California State, Revenue Notes (Series A), 5.500%, 5/20/2009		10,000,000		10,079,713
				16,739,713
Colorado - 2.3%
Aspen Valley, Colorado Hospital District, Revenue Bonds, 1.130%, 10/15/2033 (4)		10,710,000		10,710,000
Colorado Educational & Cultural Facilities Authority, Revenue Bonds, 1.530%, 7/1/2034, Call Date 12/1/2008 (4)		6,980,000		6,980,000
Denver, Colorado City & County Economic Development, Revenue Bonds, 1.120%, 7/1/2029, Call Date 12/3/2008 (4)		1,800,000		1,800,000
Pueblo County, Colorado, Revenue Bonds, 2.000%, 12/1/2028, Call Date 11/20/2009 (4)		1,500,000		1,500,000
				20,990,000
Connecticut - 1.3%
Connecticut State Health & Educational Facilities Authority, Revenue Bonds (Series 2885), 1.620%, 1/1/2016 (4)		3,575,000		3,575,000
Connecticut State, GO UT, 1.550%, 11/15/2009 (4)		7,850,000		7,850,000
				11,425,000
Delaware - 0.5%
Wilmington, Delaware, Revenue Bonds, 2.900%, 10/1/2037, Call Date 12/1/2008 (4)		5,000,000		5,000,000
Florida - 8.7%
Broward County, Florida School Board, Certificate Participation (Series 2991Z), 2.620%, 1/1/2016 (4)		4,995,000		4,995,000
Citizens Property Insurance Corp., Revenue Notes (Series A-2), 4.500%, 6/1/2009		15,000,000		15,072,313
Citizens Property Insurance Corp., Revenue Notes, 4.500%, 6/1/2009		7,000,000		7,068,137
Florida Higher Educational Facilities Financial Authority, Revenue Bonds 1.000%, 3/1/2038, Call Date 12/3/2008 (4)		7,000,000		7,000,000
Florida Housing Finance Corp. Multifamily Mortgage, Revenue Bonds, 1.050%, 12/15/2041, Call Date 12/15/2008 (4)		2,000,000		2,000,000
Florida State Department Environmental Protection Preservation, Revenue Bonds (Series B), 3.500%, 7/1/2009		3,660,000		3,687,471
Gulf Breeze, Florida, Revenue Bonds, 5.000%, 12/1/2020 (4)		16,500,000		16,500,000
Miami, Florida Health Facilities Authority, Revenue Bonds, 1.000%, 8/1/2026, Call Date 12/1/2008 (4)		9,270,000		9,270,000
Orange County, Florida Health Facilities Authority, Revenue Bonds (Series G), 2.500%, 10/1/2026, Call Date 12/1/2008 (4)		6,900,000		6,900,000
Puttable Floating Option Tax-Exempt Receipts, Certificate Participation, 2.160%, 7/1/2023, Call Date 7/1/2016 (4)		6,675,000		6,675,000
				79,167,921
Georgia - 4.1%
Cobb County, Georgia Housing Authority, Revenue Bonds, 1.100%, 6/1/2025, Call Date 12/15/2008 (4)		4,300,000		4,300,000
Fulton County, Georgia Development Authority, Revenue Bonds, 1.000%, 6/1/2037, Call Date 12/1/2008 (4)		8,000,000		8,000,000
Gwinnett County, Georgia Hospital Authority, Revenue Bonds (Series C), 1.200%, 7/1/2032, Call Date 12/1/2008 (4)		9,400,000		9,400,000
Marietta, Georgia Housing Authority, Revenue Bonds, 1.150%, 7/1/2024, Call Date 12/1/2008 (4)		12,035,000		12,035,000

Description	Principal Amount		Value
Municipals (continued)
Georgia (continued)
Rome-Floyd County, Georgia Development Authority, Revenue Bonds, 1.130%, 11/1/2011 (4)	$	3,500,000	$	3,500,000
				37,235,000
Idaho - 3.3%
Idaho State Building Authority, Revenue Bonds (Series A), 1.000%, 9/1/2025, Call Date 12/1/2008 (4)		10,000,000		10,000,000
Term Tender Custodial Receipts, Revenue Bonds, 3.250%, 1/23/2009 (4)		20,000,000		20,000,000
				30,000,000
Illinois - 5.4%
Illinois Finance Authority, Revenue Bonds (Series 2359), 1.030%, 7/15/2021 (4)		14,600,000		14,600,000
Illinois Finance Authority, Revenue Bonds (Series 2967), 1.180%, 2/15/2016 (4)		5,595,000		5,595,000
Illinois Finance Authority, Revenue Bonds, 1.200%, 5/1/2038, Call Date 12/1/2008 (4)		5,900,000		5,900,000
Lakemoor, Illinois Multifamily, Revenue Bonds (Series B), 1.530%, 12/1/2020 (4)		7,925,000		7,925,000
Phoenix Realty SPL Account-U LP Illinois, Multifamily, Refunding Revenue Bonds, 1.240%, 4/1/2020, Call Date 12/1/2008 (4)		4,075,000		4,075,000
Quad Cities Regional Economic Development Authority, Revenue Bonds, 1.050%, 12/1/2031, Call Date 12/1/2008 (4)		5,140,000		5,140,000
Upper Illinois River Valley Development Authority, Revenue Bonds, 1.010%, 8/1/2033, Call Date 12/1/2008 (4)		6,335,000		6,335,000
				49,570,000
Indiana - 0.8%
Dekko Foundation Educational Facilities Tax Exempt Income Trust, Certificates of Ownership (Series 1), 0.900%, 4/1/2021, Call Date 12/1/2008 (4)		300,000		300,000
Indiana State Finance Authority, Revenue Bonds, 1.010%, 6/1/2038, Call Date 12/1/2008 (4)		3,000,000		3,000,000
Noblesville Building Corporation, Revenue Bonds (Series 1068B), 1.780%, 7/15/2013 (4)		4,215,000		4,215,000
				7,515,000
Iowa - 0.5%
Iowa Finance Authority, Revenue Bonds, 1.050%, 12/1/2027, Call Date 12/1/2008 (4)		700,000		700,000
Iowa Higher Education Loan Authority, Revenue Notes (Series B), 3.000%, 5/20/2009		3,620,000		3,632,358
				4,332,358
Kentucky - 1.2%
Hancock County, Kentucky Industrial Building Revenue Bonds, 1.130%, 7/1/2012 (4)		1,685,000		1,685,000
Hancock County, Kentucky Pollution Control Revenue Bonds, 1.130%, 7/1/2012 (4)		1,000,000		1,000,000
Kentucky Economic Development Finance Authority, Revenue Bonds, 4.000%, 1/1/2038, Call Date 12/18/2008 (4)		8,500,000		8,500,000
				11,185,000
Louisiana - 1.4%
BB&T Municipal Trust, Revenue Bonds (Series 4002), 1.100%, 1/1/2024, Call Date 12/1/2008 (4)		6,135,000		6,135,000
Lafayette Parish, Louisiana Industrial Development Board, Inc., Revenue Bonds, 1.400%, 12/15/2014, Call Date 12/1/2008 (4)		1,205,000		1,205,000
Plaquemines, Louisiana Port Harbor & Terminal District Port Facilities, Revenue Bonds, 2.200%, 3/15/2025, Call Date 3/15/2009 (4)		5,000,000		5,000,000
				12,340,000
Maryland - 1.3%
Baltimore County, Maryland Economic Development, Revenue Bonds, 1.000%, 10/1/2027, Call Date 12/1/2008 (4)		4,120,000		4,120,000
Maryland Community Development, Revenue Bonds, 1.550%, 3/1/2041, Call Date 12/1/2008 (4)		2,000,000		2,000,000
Maryland Health & Higher Educational Facilities Authority, Revenue Bonds, 2.800%, 7/1/2034, Call Date 12/1/2008 (4)		5,785,000		5,785,000
				11,905,000
Massachusetts - 0.3%
Massachusetts Health & Educational Facilities Authority, Revenue Bonds (Series K), 4.000%, 12/1/2008		2,510,000		2,510,000
Michigan - 2.7%
Oakland County, Michigan Economic Development Corp., Revenue Bonds, 3.250%, 11/1/2037, Call Date 12/1/2008 (4)		19,390,000		19,390,000
Wayne State University, Revenue Bonds (Series 2669Z), 1.100%, 5/15/2016 (4)		4,995,000		4,995,000
				24,385,000
Minnesota - 2.0%
Eagan, Minnesota Multifamily, Revenue Bonds, 1.710%, 12/1/2029 (4)		8,990,000		8,990,000
Minnesota Rural Water Finance Authority, Revenue Notes, 2.750%, 6/1/2009		7,500,000		7,525,704
St. Paul, Minnesota Port Authority Industrial Development, Revenue Bonds (Series 1), 4.000%, 6/1/2019, Call Date 12/1/2008 (4)		1,690,000		1,690,000
				18,205,704
Mississippi - 0.5%
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 3.160%, 1/1/2030 (4)		5,000,000		5,000,000

Description	Principal Amount		Value
Municipals (continued)
Missouri - 1.1%
Austin Trust, Revenue Bonds (Series 2007-309), 1.030%, 11/1/2009 (4)	$	9,995,000	$	9,995,000
Montana - 0.4%
Montana State Board of Investment Economic Development, Revenue Bonds, 1.080%, 9/1/2010 (4)		3,925,000		3,925,000
Nebraska - 0.1%
Nebraska, Investment Finance Authority, Multifamily Mortgage, Revenue Bonds, 6.880%, 9/1/2031, Call Date 12/1/2008 (4)		600,000		600,000
Nevada - 0.6%
Las Vegas Valley, Nevada Water District, GO UT (Series 1303), 1.110%, 6/1/2011 (4)		5,300,000		5,300,000
New Hampshire - 1.5%
New Hampshire Business Finance Authority Resource Recovery, Revenue Bonds (Series A), 2.900%, 1/1/2018, Call Date 12/1/2008 (4)		13,515,000		13,515,000
New Jersey - 1.6%
New Jersey Economic Development Authority, Revenue Bonds, 4.250%, 4/1/2027, Call Date 12/3/2008 (4)		14,780,000		14,780,000
New York - 4.6%
BB&T Municipal Trust, Revenue Bonds (Series 4000), 1.090%, 7/1/2018 (4)		1,325,000		1,325,000
JP Morgan Chase Putters/Drivers Trust, Revenue Bonds (Series 3126), 1.200%, 5/15/2014 (4)		8,370,000		8,370,000
JP Morgan Chase Putters/Drivers Trust, Revenue Bonds (Series 3205), 1.240%, 4/1/2026, Call Date 7/1/2017 (4) (6)		5,245,000		5,245,000
Metropolitan Transportation Authority, Revenue Bonds (Series 1662), 3.500%, 11/15/2014 (4)		7,000,000		7,000,000
New York State Housing Finance Agency, Revenue Bonds, 5.000%, 5/1/2042, Call Date 12/1/2008 (4)		16,000,000		16,000,000
Suffolk County, New York Industrial Development Agency, Revenue Bonds, 1.050%, 4/1/2018, Call Date 12/3/2008 (4)		3,785,000		3,785,000
				41,725,000
North Carolina - 0.4%
Cabarrus County, North Carolina Industrial Facilities and Pollution Control Financing Authority, Revenue Bonds, 1.200%, 8/1/2023, Call Date 12/1/2008 (4)		3,320,000		3,320,000
Ohio - 6.3%
American Municipal Power-Ohio Inc., Revenue Notes, 3.500%, 4/1/2009		20,000,000		20,058,107
Lawrence County, Ohio Industrial Development, Revenue Bonds, 1.130%, 11/1/2011 (4)		3,250,000		3,250,000
Montgomery County, Ohio Industrial Development, Refunding Revenue Bonds, 1.130%, 10/1/2009 (4)		4,700,000		4,700,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 2.160%, 1/1/2019 (4)		7,140,000		7,140,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 3.110%, 6/1/2037 (4)		11,065,000		11,065,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 3.840%, 10/1/2030 (4)		11,000,000		11,000,000
				57,213,107
Oklahoma - 0.5%
Oklahoma State Industrial Authority, Revenue Bonds, 1.400%, 8/1/2018, Call Date 12/1/2008 (4)		1,440,000		1,440,000
Tulsa, Oklahoma Industrial Authority, Revenue Bonds, 1.230%, 11/1/2026, Call Date 12/1/2008 (4)		2,955,000		2,955,000
				4,395,000
Pennsylvania - 4.5%
Allegheny County, Pennsylvania Hospital Development Authority, Revenue Bonds, 1.050%, 7/15/2028, Call Date 12/15/2008 (4)		3,005,000		3,005,000
Allegheny County, Pennsylvania Industrial Development Authority Health & Housing Facilities, Revenue Bonds, 1.130%, 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
Philadelphia, Pennsylvania Authority for Industrial Development, Revenue Bonds, 1.200%, 12/1/2035, Call Date 12/1/2008 (4)		200,000		200,000
Puttable Floating Option Tax-Exempt Receipts, Revenue Bonds, 4.210%, 11/15/2037, Call Date 11/15/2010 (4)		19,640,000		19,640,000
Reading, Pennsylvania School District, GO UT (Series 2952), 2.620%, 1/15/2014 (4)		9,075,000		9,075,000
				40,920,000
Puerto Rico - 2.6%
Austin Trust, Revenue Bonds (Series 2008-355), 1.090%, 7/1/2011 (4)		10,000,000		10,000,000
Puerto Rico Housing Finance Authority, Revenue Bonds (Series 2984), 1.120%, 6/1/2012 (4)		9,050,000		9,050,000
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
				23,550,000

Description	Principal Amount		Value
Municipals (continued)
South Carolina - 1.0%
Piedmont, South Carolina Municipal Power Agency, Revenue Bonds (Series 2896), 1.200%, 7/1/2021 (4)	$	7,325,000	$	7,325,000
South Carolina Transportation Infrastructure, Revenue Bonds (Series 1283), 1.110%, 4/1/2012 (4)		2,095,000		2,095,000
				9,420,000
South Dakota - 1.4%
South Dakota Health & Educational Facilities Authority, Revenue Bonds, 1.100%, 10/1/2034, Call Date 12/1/2008 (4)		5,625,000		5,625,000
South Dakota Housing Development Authority, Revenue Bonds (Series A), 1.110%, 5/1/2048, Call Date 12/1/2008 (4)		7,320,000		7,320,000
				12,945,000
Tennessee - 2.9%
Clarksville, Tennessee Public Building Authority, Revenue Bonds, 1.000%, 7/1/2024, Call Date 12/1/2008 (4)		23,010,000		23,010,000
Rutherford County, Tennessee Industrial Development Board, Revenue Bonds, 1.130%, 7/1/2010 (4)		1,000,000		1,000,000
Williamson County, Tennessee Industrial Development Board, Revenue Bonds, 1.000%, 9/1/2025, Call Date 12/1/2008 (4)		2,450,000		2,450,000
				26,460,000
Texas - 10.4%
Atascosa County, Texas Industrial Development Corp., Revenue Bonds, 1.300%, 6/30/2020, Call Date 12/1/2008 (4)		11,000,000		11,000,000
Bexar County, Texas Housing Finance Corp., Revenue Bonds, 1.000%, 12/15/2034, Call Date 12/15/2008 (4)		4,930,000		4,930,000
Comal, Texas Independent School District, GO UT, 1.200%, 8/1/2016 (4)		2,260,000		2,260,000
Crawford, Texas Education Facilities Corp., Revenue Bonds (Series A), 1.010%, 5/1/2038, Call Date 12/4/2008 (4)		1,600,000		1,600,000
Harris County, Texas Health Facilities Development Corp., Revenue Bonds (Series 1018), 1.000%, 1/1/2023 (4) (6)		9,370,000		9,370,000
JP Morgan Chase Putters/Drivers Trust, GO UT (Series 3157), 1.060%, 2/15/2012 (4) (6)		7,960,000		7,960,000
JP Morgan Chase Putters/Drivers Trust, GO UT (Series 3184Z), 1.060%, 2/15/2015 (4) (6)		4,995,000		4,995,000
JP Morgan Chase Putters/Drivers Trust, GO UT (Series 3222), 1.060%, 2/15/2028, Call Date 2/15/2017 (4) (6)		16,685,000		16,685,000
JP Morgan Chase Putters/Drivers Trust, GO UT (Series 3238), 1.030%, 10/1/2029, Call Date 4/1/2015 (4) (6)		2,165,000		2,165,000
Texas Small Business Industrial Development Corp., Revenue Bonds, 0.900%, 7/1/2026, Call Date 12/3/2008 (4)		19,915,000		19,915,000
Texas State Putters, GO UT (Series 2615), 1.120%, 10/1/2015 (4)		6,900,000		6,900,000
Trinity River Industrial Development Authority, Revenue Bonds, 0.950%, 1/1/2013, Call Date 12/3/2008 (4)		7,700,000		7,700,000
				95,480,000
Vermont - 0.2%
Vermont Educational & Health Buildings Financing Agency, Revenue Bonds, 1.150%, 4/1/2015, Call Date 12/1/2008 (4)		1,475,000		1,475,000
Virginia - 1.6%
Alexandria, Virginia Industrial Development Authority, Revenue Bonds, 1.180%, 7/1/2023, Call Date 1/2/2009 (4)		7,180,000		7,180,000
Harrisonburg, Virginia Industrial Development Authority, Revenue Bonds, 3.750%, 12/1/2021, Call Date 12/1/2008 (4)		6,070,000		6,070,000
Suffolk, Virginia Redevelopment & Housing Authority Multi-Family Housing, Revenue Bonds, 0.910%, 9/1/2019, Call Date 12/1/2008 (4)		1,405,000		1,405,000
				14,655,000
Washington - 2.4%
Central Washington University System, Revenue Bonds (Series 3014), 1.200%, 11/1/2012 (4)		6,935,000		6,935,000
Spokane, Washington Public Facilities District, Revenue Bonds (Series 3012), 1.110%, 6/1/2012 (4)		6,230,000		6,230,000
Washington Economic Development Finance Authority, Revenue Bonds, 0.810%, 8/1/2033, Call Date 12/1/2008 (4)		7,500,000		7,500,000
Washington State Housing Finance Commission Nonprofit, Revenue Bonds, 1.230%, 12/1/2023, Call Date 12/1/2008 (4)		1,565,000		1,565,000
				22,230,000
Wisconsin - 11.1%
Appleton, Wisconsin Area School District, Revenue Notes, 4.150%, 9/30/2009		5,000,000		5,006,356
Arrowhead, Wisconsin Union High School District, Revenue Notes, 2.375%, 9/29/2009		3,550,000		3,556,451
Ashland, Wisconsin School District, Revenue Bonds, 2.250%, 8/28/2009		4,300,000		4,305,000
Denmark, Wisconsin School District, Revenue Notes, 2.500%, 8/28/2009		3,500,000		3,502,782
La Crosse, Wisconsin Development, Revenue Bonds, 0.810%, 6/1/2028, Call Date 12/1/2008 (4)		9,500,000		9,500,000

Description	Shares or Principal Amount		Value
Municipals (continued)
Wisconsin (continued)
Menomonee Falls, Wisconsin School District, Revenue Notes, 2.720%, 8/24/2009	$	10,250,000	$	10,260,160
Mequon & Thiensville, Wisconsin School District, GO UT Notes, 2.500%, 9/4/2009		9,500,000		9,535,289
Neenah, Wisconsin Joint School District, GO UT Notes, 3.750%, 2/27/2009		8,200,000		8,204,988
Pulaski, Wisconsin Community School District, Revenue Notes, 2.750%, 9/15/2009		4,100,000		4,107,861
Sheboygan Falls, Wisconsin School District, GO UT Notes, 2.250%, 9/23/2009 (3)		2,000,000		2,002,530
Shorewood, Wisconsin School District, Revenue Notes, 3.500%, 10/15/2009		6,400,000		6,411,850
Two Rivers, Wisconsin Public School District, Revenue Notes, 2.500%, 9/30/2009		4,200,000		4,209,866
Wisconsin Dells, Wisconsin School District, Promissory Notes, 4.250%, 10/28/2009		2,750,000		2,755,994
Wisconsin Housing and Economic Development Authority, Revenue Bonds (Series D), 0.900%, 5/1/2037, Call Date 12/1/2008 (4)		4,635,000		4,635,000
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds (Series B), 0.760%, 5/1/2033, Call Date 12/1/2008 (4)		10,000,000		10,000,000
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds (Series E), 1.380%, 2/1/2022 (4)		1,785,000		1,785,000
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 1.230%, 4/1/2036, Call Date 12/1/2008 (4)		1,000,000		1,000,000
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 1.330%, 8/1/2026, Call Date 12/1/2008 (4)		11,000,000		11,000,000
Wisconsin State Health & Educational Facilities Authority, Revenue Bonds, 1.400%, 5/1/2026, Call Date 12/1/2008 (4)		200,000		200,000
				101,979,127
Total Municipals				864,187,930
Mutual Funds - 5.1%
Federated Tax-Free Obligations Fund		38,353,730		38,353,730
Fidelity Tax Exempt Money Market		8,500,000		8,500,000
Total Mutual Funds (identified cost $46,853,730)				46,853,730
Total Investments - 100.1% (at amortized cost)				913,541,660
Other Assets and Liabilities - (0.1)%				(1,041,423	)
Total Net Assets - 100.0%			$	912,500,237

Prime Money Market Fund

SCHEDULE OF INVESTMENTS -

As of November 30, 2008

(Unaudited)

Description	Principal Amount		Value
Commercial Paper - 50.2%
Asset-Backed Securities - 29.7%
Atlantis One Funding, 1.500%, 2/9/2009 (6) (7) (11)	$	150,000,000	$	149,562,500
Cafco LLC, 1.600%, 2/17/2009 (6) (7) (11)		100,000,000		99,653,333
Chariot Funding LLC, 1.000%, 12/15/2008 (6) (7) (11)		10,150,000		10,146,053
Chariot Funding LLC, 1.000%, 12/18/2008 (6) (7) (11)		24,000,000		23,988,667
Chariot Funding LLC, 1.020%, 12/8/2008 (6) (7) (11)		20,851,000		20,846,865
Chariot Funding LLC, 1.400%, 1/26/2009 (6) (7) (11)		25,000,000		24,945,555
Ciesco LLC, 0.750%, 12/2/2008 (6) (7) (11)		35,000,000		34,999,271
Ciesco LLC, 1.600%, 2/12/2009 (6) (7) (11)		100,000,000		99,675,555
Citibank Omni Master Trust, 2.050%, 12/9/2008 (6) (7) (11)		144,000,000		143,934,400
Fairway Finance Corp., 0.900%, 12/1/2008 (6) (7) (11)		30,000,000		30,000,000
Fairway Finance Corp., 1.250%, 12/2/2008 (6) (7) (11)		65,000,000		64,997,743
Falcon Asset Securitization Co., LLC, 1.400%, 1/20/2009 (6) (7) (11)		100,000,000		99,805,555
Gemini Securitization Corp., 1.950%, 2/23/2009 (6) (7) (11)		50,000,000		49,772,500
Gemini Securitization Corp., 2.050%, 2/18/2009 (6) (7) (11)		100,000,000		99,550,139
GovCo LLC, 1.600%, 2/18/2009 (6) (7) (11)		100,000,000		99,648,889
Jupiter Securitization Co., 1.400%, 1/12/2009 (6) (7) (11)		50,000,000		49,918,333
Jupiter Securitization Co., 1.400%, 1/22/2009 (6) (7) (11)		100,000,000		99,797,778
Park Avenue Receivables Co., 1.400%, 1/23/2009 (6) (7) (11)		100,255,000		100,048,363
Thunder Bay Funding LLC, 0.750%, 12/1/2008 (6) (7) (11)		25,000,000		25,000,000
Thunder Bay Funding LLC, 1.100%, 12/15/2008 (6) (7) (11)		50,000,000		49,978,611
Thunder Bay Funding LLC, 1.100%, 12/19/2008 (6) (7) (11)		8,000,000		7,995,600
Thunder Bay Funding LLC, 1.500%, 2/13/2009 (6) (7) (11)		62,895,000		62,701,074
				1,446,966,784
Banks - 2.6%
Wells Fargo & Co., 0.262%, 12/1/2008 (11)		100,000,000		100,000,000
Westpac Banking Corp., NY, 1.250%, 1/28/2009 (6) (7) (11)		25,000,000		24,949,653
				124,949,653
FDIC - Insured CP - 3.1%
Merrill Lynch & Co., Inc. 2.290%, 1/22/2009 (11)		150,000,000		149,503,833
Foreign Banks - 11.3%
Australia & New Zealand Banking Group, 3.214%, 10/2/2009 (6) (7)		150,000,000		150,000,000
BNP Paribas, 1.990%, 1/26/2009 (11)		150,000,000		149,535,667
Societe Generale North America, Inc., 1.430%, 12/22/2008 (11)		150,000,000		149,874,875
UBS Finance (Delaware) LLC, 2.250%, 1/20/2009 (11)		50,000,000		49,843,750
UBS Finance (Delaware) LLC, 2.830%, 12/10/2008 (11)		50,000,000		49,964,625
				549,218,917
Insurance - 3.6%
Pacific Life Insurance Co., 0.750%, 12/1/2008 (6) (7) (11)		25,000,000		25,000,000
Prudential Financial, Inc., 2.550%, 12/8/2008 (6) (7) (11)		100,000,000		99,950,417
Prudential Financial, Inc., 4.000%, 1/20/2009 (6) (7) (11)		25,000,000		24,861,111
Prudential Financial, Inc., 4.000%, 1/23/2009 (6) (7) (11)		25,000,000		24,852,778
				174,664,306
Total Commercial Paper				2,445,303,493
Corporate Bonds & Notes - 6.2%
Banks - 1.3%
Royal Bank of Canada NY, 5.290%, 2/2/2009		11,920,000		11,947,465
UBS AG Stamford, 4.535%, 12/10/2008		50,000,000		50,000,119
				61,947,584
Broker/Dealers - 1.0%
Morgan Stanley, 3.875%, 1/15/2009		48,942,000		48,924,507
Insurance - 0.2%
John Hancock Global Funding II, 3.500%, 1/30/2009 (6) (7)		6,000,000		5,995,224
Pacific Life Global Funding, 3.750%, 1/15/2009 (6) (7)		5,520,000		5,515,158
				11,510,382

Description	Principal Amount		Value
Corporate Bonds & Notes (continued)
Personal Credit - 0.9%
American Honda Finance Corp., (Series MTN), 3.450%, 1/28/2009 (6) (7)	$	44,500,000	$	44,571,143
Telecommunications - 2.8%
Bellsouth Corp., 4.973%, 4/26/2009 (6) (7)		134,000,000		134,685,418
Total Corporate Bonds & Notes				301,639,034
Municipals - 0.5%
Wisconsin - 0.5%
Wisconsin Housing & Economic Development Authority, Revenue Bonds (Series E), 3.490%, 3/1/2036 (4)		23,670,000		23,670,000
Total Municipals				23,670,000
Notes-Variable - 25.6%
Banks - 8.7%
Bank of America, 3.665%, 7/30/2009 (4)		65,000,000		65,000,000
Bank of America, 4.350%, 10/2/2009 (4)		85,000,000		85,000,000
Bank of Montreal/Chicago, 2.561%, 8/28/2009 (4)		150,000,000		150,000,000
Westpac Banking Corp. NY, (Series DPNT), 2.535%, 8/11/2009 (4)		100,000,000		100,000,000
Westpac Banking Corp. NY, (Series MTN), 2.878%, 1/9/2009 (4)		25,000,000		25,000,000
				425,000,000
Broker/Dealers - 1.5%
Deutsche Bank NY, 3.414%, 7/21/2009 (4)		50,000,000		50,000,000
Goldman Sachs Group, Inc., 3.294%, 6/19/2009 (4)		12,429,000		12,368,650
Goldman Sachs Group, Inc., 3.300%, 6/23/2009 (4)		10,429,000		10,377,781
				72,746,431
Foreign Banks - 2.6%
National Australia Bank, 2.314%, 8/19/2009 (4) (6) (7)		8,000,000		7,967,628
National Australia Bank, 2.858%, 9/11/2009 (4) (6) (7)		19,761,000		19,721,439
National Australia Bank, 3.025%, 10/6/2009 (4) (6) (7)		100,000,000		100,000,000
				127,689,067
Insurance - 10.6%
Genworth Life Insurance Co., 4.743%, 12/17/2008 (4) (6) (10)		150,000,000		150,000,000
Hartford Life Global Funding, 3.089%, 10/15/2009 (4)		40,000,000		40,000,000
Jackson National Life Insurance Co., 3.468%, 5/22/2009 (4) (6) (7)		100,000,000		99,987,703
MassMutual Global Funding II, 3.313%, 3/19/2009 (4) (6) (7)		75,000,000		75,000,000
Metropolitan Life Global Funding I, 4.570%, 8/7/2009 (4) (6) (7)		35,000,000		35,000,000
Metropolitan Life Insurance Co., 3.060%, 6/1/2009 (4) (6) (10)		65,000,000		65,000,000
Metropolitan Life Insurance Co., 3.393%, 2/2/2009 (4) (6) (10)		50,000,000		50,000,000
				514,987,703
Personal Credit - 2.2%
American Honda Finance Corp., (Series MTN), 4.183%, 4/2/2009 (4) (6) (7)		50,000,000		50,000,000
American Honda Finance Corp., (Series MTN), 4.419%, 7/8/2009 (4) (6) (7)		55,000,000		55,000,000
				105,000,000
Total Notes-Variable				1,245,423,201
Repurchase Agreements - 14.1%
Agreement with Deutsche Bank Alex Brown, Inc., 0.250%, dated 11/28/2008 to be repurchased at $150,003,125 on 12/1/2008, collateralized by U.S. Government Agency Obligations with various maturities to 5/1/2023, with a market value of $154,418,951		150,000,000		150,000,000
Agreement with Deutsche Bank Alex Brown, Inc., 0.850%, dated 11/28/2008 to be repurchased at $150,010,625 on 12/1/2008, collateralized by U.S. Government Agency Obligations with various maturities to 5/1/2023, with a market value of $154,418,951		150,000,000		150,000,000
Agreement with Fixed Income Clearing Corporation, 0.100%, dated 11/28/2008 to be repurchased at $99,401,846 on 12/1/2008, collateralized by a U.S. Government Agency Obligation with a maturity of 12/17/2008, with a market value of $101,390,000		99,401,018		99,401,018
Agreement with Morgan Stanley & Co., Inc., 0.200%, dated 11/28/2008 to be repurchased at $135,002,250 on 12/1/2008, collateralized by U.S. Government Agency Obligations with various maturities to 11/19/2019, with a market value of $137,700,427		135,000,000		135,000,000

Description	Principal Amount		Value
Repurchase Agreements (continued)
Agreement with Morgan Stanley & Co., Inc., 0.850%, dated 11/28/2008 to be repurchased at $150,010,625 on 12/1/2008, collateralized by U.S. Government Agency Obligations with various maturities to 5/15/2030, with a market value of $157,824,894	$	150,000,000	$	150,000,000
Total Repurchase Agreements				684,401,018
Trust Demand Notes - 2.8%
Broker/Dealers - 1.3%
JP Morgan Securities, Inc., 1.000%, 12/1/2008 (4) (6) (7)		63,000,000		63,000,000
Insurance - 1.5%
ING USA Annuity & Life Insurance Co., 3.911%, 12/24/2008 (4) (6) (10)		75,000,000		75,000,000
Total Trust Demand Notes				138,000,000
Total Investments - 99.4% (at amortized cost)				4,838,436,746
Other Assets and Liabilities - 0.6%				28,687,937
Total Net Assets - 100.0%			$	4,867,124,683

Notes to Schedules of Investments (Unaudited)

The categories of investments are shown as a percentage of total net assets for each Fund as of November 30, 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 November 30, 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 November 30, 2008, these securities amounted to:

Fund	Amount		% of Total Net Assets
Short-Term Income Fund	$	2,010,693	2.32	%
Short-Intermediate Bond Fund		18,447,794	8.72
Government Income Fund		9,271,923	2.38
Aggregate Bond Fund		11,886,933	5.08
Tax-Free Money Market Fund		46,420,000	5.09
Prime Money Market Fund		2,833,024,456	58.21

(7) Denotes a restricted security which has been deemed liquid by criteria approved by the Board of Directors of Marshall Funds, Inc.

(8) Please refer to the Statement of Additional Information for an explanation of the credit ratings. Credit ratings contained in the Schedule of Investments are not audited by the Funds’ independent accounting firm.

(9) Securities that are subject to alternative minimum tax represent 9.93% 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.

(12) Issue is in default of bankruptcy.

The following acronyms are used throughout this report:

ADR	-	American Depository Receipt
AMBAC	-	American Municipal Bond Assurance Corporation
AMT	-	Alternative Minimum Tax
BHAC	-	Berkshire Hathaway Assurance Corporation
BMA	-	Bond Market Association
CFC	-	Cooperative Finance Corporation
CIFG	-	CDC IXIS Financial Guaranty
COL	-	Collateralized
FGIC	-	Financial Guaranty Insurance Corporation
FRN	-	Floating Rate Note
FSA	-	Financial Security Assurance Corporation
GDR	-	Global Depository Receipt
GO	-	Government Obligation
HFDC	-	Health Facility Development Corporation
IDC	-	Industrial Development Corporation
INS	-	Insured
LIQ	-	Liquidity Agreement
LOC	-	Letter of Credit
LP	-	Limited Partnership
LT	-	Limited Tax
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 November 30, 2008 are as follows:

Fund	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation for Federal Tax Purposes		Gross Unrealized (Depreciation) for Federal Tax Purposes			Net Unrealized Appreciation (Depreciation) for Federal Tax Purposes
Large-Cap Value Fund	$	302,890,184	$	17,008,619	$	(36,608,469	)	$	(19,599,850	)
Large-Cap Growth Fund		253,098,158		5,200,254		(39,614,900	)		(34,414,646	)
Mid-Cap Value Fund		330,050,215		14,213,508		(85,726,706	)		(71,513,198	)
Mid-Cap Growth Fund		250,821,033		5,894,555		(41,841,770	)		(35,947,215	)
Small-Cap Growth Fund		316,608,935		12,488,676		(50,729,285	)		(38,240,609	)
International Stock Fund		238,339,774		1,450,600		(72,288,090	)		(70,837,490	)
Short-Term Income Fund		109,624,506		518,701		(11,890,217	)		(11,371,516	)
Short-Intermediate Bond Fund		481,178,428		2,506,340		(72,235,414	)		(69,729,074	)
Intermediate Tax-Free Fund		95,664,731		795,475		(3,662,897	)		(2,867,422	)
Government Income Fund		813,581,182		18,313,834		(62,853,540	)		(44,539,706	)
Aggregate Bond Fund		384,359,526		5,790,894		(46,598,892	)		(40,807,998	)
Government Money Market Fund*		1,172,905,039		—		—			—
Tax-Free Money Market Fund*		913,541,660		—		—			—
Prime Money Market Fund*		4,838,436,746		—		—			—

* 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, the valuation of which is discussed in “Investment Valuations” in Note 1 of the Notes to the Financial Statements. When a Fund lends its portfolio securities, it is subject to the risk that it may not be able to get them back from the borrower on a timely basis, in which case the Fund may lose certain investment opportunities. A Fund is also subject to the risks associated with the investments of cash collateral received from the borrower. 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 received as part of the securities lending program was jointly pooled and invested in the following securities as of November 30, 2008 (1):

Description	Value
Bank of Scotland PLC, 2.920%, 12/1/2008	$	20,000,000
Bayerische Landesbank NY, 1.459%, 12/23/2009		19,993,200
Citigroup Funding, Inc. 0.680%, 2/23/2009		25,102,184
Goldman Sachs Money Market Fund		1,662,399
HSH Nordbank NY, 1.469%, 12/22/2008		19,996,400
Metlife Insurance FA, 3.100%, 2/26/2009		20,000,000
Provident Money Market Fund		375,923,529
Westpac Bank NY, 2.878%, 1/9/2009		9,997,100
Total	$	492,674,812

Fund	Value of Securities Loaned		Payable on Collateral Due to Brokers
Large-Cap Value Fund	$	87,337,762	$	90,746,607
Large-Cap Growth Fund		71,703,520		74,502,151
Mid-Cap Value Fund		70,620,696		73,377,063
Mid-Cap Growth Fund		58,047,215		60,312,831
Small-Cap Growth Fund		92,506,713		96,117,303
International Stock Fund		25,178,296		26,161,018
Short-Term Income Fund		21,755,876		22,605,021
Short-Intermediate Bond Fund		30,380,605		31,566,379
Government Income Fund		9,989,109		10,378,989
Aggregate Bond Fund		6,647,976		6,907,450
Total	$	474,167,768	$	492,674,812

(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. 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 November 30, 2008.

3. FASB 157 Discussion and Disclosure

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157, “Fair Valuation Measurements.” The Statement defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. The Statement establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting entity (observable inputs), and (2) the reporting entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The Statement is effective for financial statements issued for fiscal years beginning after November 15, 2007, and is to be applied prospectively as of the beginning of the fiscal year in which this Statement is initially applied. The Funds adopted FASB 157 as of September 1, 2008.

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:

Level 1 - quoted prices for active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value.

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Quoted prices for identical or similar assets in markets that are not active. Inputs that are derived principally from or corroborated by observable market data. An adjustment to any observable input that is significant to the fair value may render the measurement a Level 3 measurement.

Level 3 - significant unobservable inputs, including the Fund’s own assumptions in determining the fair value of investments.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, Money Market holdings are valued using amortized cost under 2a-7 of the Investment Company Act of 1940. Generally, amortized cost approximates the current fair value of the holding, but since the value is not obtained from a quoted price in an active market, such holdings are reflected as Level 2. The following is a summary of the inputs used to value the Fund’s net assets as of November 30, 2008:

	Investments in Securities
Fund	Level 1		Level 2		Level 3		Total
Large-Cap Value Fund	$	190,988,395	$	1,255,332	$	—	$	192,243,727
Large-Cap Growth Fund		137,285,023		6,896,338		—		144,181,361
Mid-Cap Value Fund		176,028,853		9,131,101		—		185,159,954
Mid-Cap Growth Fund		151,778,322		2,782,665		—		154,560,987
Small-Cap Growth Fund		178,883,857		3,367,166		—		182,251,023
International Stock Fund*		7,901,041		133,440,225		—		141,341,266
Short-Term Income Fund		6,333,475		85,012,065		—		91,345,540
Short-Intermediate Bond Fund		—		274,061,193		—		274,061,193
Intermediate Tax-Free Fund		2,397,850		90,399,459		—		92,797,309
Government Income Fund		—		737,475,097		—		737,475,097
Aggregate Bond Fund		—		320,946,507		—		320,946,507
Government Money Market Fund		—		1,172,905,039		—		1,172,905,039
Tax-Free Money Market Fund		—		913,541,660		—		913,541,660
Prime Money Market Fund		—		4,838,436,746		—		4,838,436,746

	Unrealized Appreciation/Depreciation On Other Financial Instruments**
Fund	Level 1			Level 2		Level 3		Total
Large-Cap Value Fund	$	(796,565	)	$	—	$	—	$	(796,565	)
Large-Cap Growth Fund		(6,651	)		—		—		(6,651	)
Short-Term Income Fund		85,419			—		—		85,419
Intermediate Tax-Free Fund		(2,849	)		—		—		(2,849	)

* Securities held in the International Stock Fund may be listed on foreign exchanges that do not value their listed securities at the same time the Fund calculates its NAV. Most foreign markets close well before the Fund values its securities, generally 3:00 p.m. (Central Time). The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim, which may affect a security’s value.

The Board of Directors have retained an independent fair value pricing service to assist in valuing foreign securities. The service utilizes statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value. As of November 30, 2008, 94.1% of the total long-term investments of the Fund were fair valued, which are reflected in this table as Level 2.

** Other financial instruments are derivatives instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the investment.

4. 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 November 30, 2008, the Large-Cap Value Fund had $45,323 in realized losses on all option contracts.

At November 30, 2008, the Large-Cap Value Fund had the following outstanding written option contracts:

Contracts	Type	Expiration Date	Exercise Price		Number of Contracts	Market Value		Unrealized Appreciation (Depreciation)
Financial Select Sector SPDR Fund	Call	January 2009	$	20	1315	$	3,288	$	108,487
JP Morgan Chase & Co.	Call	January 2009		60	1010		3,030		221,189
Kroger Co.	Call	December 2008		30	224		10,640		10,566
U.S. Bancorp	Call	January 2009		42.50	1250		—		155,624
Wells Fargo & Co.	Call	January 2009		40	429		7,508		73,397
Wells Fargo & Co.	Call	January 2009		42.50	772		—		94,183
Financial Select Sector SPDR Fund	Put	January 2009		13	1315		223,550		(49,971	)
Freeport-McMoRan Copper & Gold, Inc.	Put	January 2009		60	67		240,530		(207,231	)
Freeport-McMoRan Copper & Gold, Inc.	Put	January 2009		55	67		210,548		(181,939	)
JP Morgan Chase & Co.	Put	January 2009		40	1010		954,450		(659,532	)
U.S. Bancorp	Put	January 2009		30	1250		575,000		(341,251	)
Wells Fargo & Co.	Put	January 2009		25	1545		324,450		(20,087	)
Total					10,254			$	(796,565	)

For the period ended November 30, 2008, the Large-Cap Growth Fund had no realized gains or losses on option contracts.

At November 30, 2008, the Large-Cap Growth Fund had the following outstanding written option contracts:

Contract	Type	Expiration Date	Exercise Price		Number of Contracts	Market Value		Unrealized Appreciation (Depreciation)
Microsoft Corp.	Call	January 2010	$	30	1,000	$	121,000	$	(6,651	)

5. Futures Contracts

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

At November 30, 2008, the following Funds had outstanding futures contracts as set forth below:

Fund	Expiration Date	Contracts	Description	Position	Unrealized Appreciation (Depreciation)
Short-Term Income Fund	March 2009	155	U.S. 5 Year Note	Long	$	85,419
Intermediate Tax-Free Fund	March 2009	10	U.S. 10 Year Note	Short		(2,849	)

Item 2. Controls and Procedures

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

b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter ended November 30, 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 January 27, 2009

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

	/s/ John M. Blaser
By:	John M. Blaser
	President (Principal Executive Officer) January 27, 2009

	/s/ Timothy M. Bonin
By:	Timothy M. Bonin
	Treasurer (Principal Financial Officer) January 27, 2009