Marshall Intermediate Tax-Free Inv  MITFX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni National Interm Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   5.07 Yrs
   Avg Credit Quality
   AA
As of 2009-10-31
Day Change
$ 0.01
  
NAV (2009-11-20)
$ 10.46
  
YTD Return % (2009-11-20)
12.38%
  
Total Assets ($ mil)
169
View Data Definitions
  Performance    
Growth of $10,000 Fund: Marshall Intermediate Tax-Free Inv
(from 1999-01-01 to 2009-10-31) Category: Muni National Interm
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 1994-02-01 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 12.38 12.60 5.72 4.41 5.02 4.59
+/- Category 2.45 1.52 2.30 1.27 0.44 ---
+/- BarCap Municipal TR USD 0.24 0.93 1.47 0.05 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 12.82 14.09 6.05 4.50 5.04 4.69
Month-End (as of 2009-10-31) 11.58 13.95 5.52 4.17 5.02 4.59
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 13.60 5.41 4.02 4.94 ---
On Distribution & Sale of Shares --- 10.68 5.22 4.05 4.85 ---
Morningstar Rating --- --- ---
# of compared funds covered (3 yrs : out of 234 funds), (5 yrs : out of 209 funds), (10 yrs : out of 130 funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is none, the maximum deferred sales fee is none, and the maximum redemption sales fee is 2.00%.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 19.68
Advance Refunded 1.74
State Appropriated Tobacco ---
Non-state Appropriated Tobacco ---
Education 6.41
Health 6.43
Housing 10.31
Industrial 5.04
Transportation 2.18
Utilities 3.47
Water/Sewer 5.71
Misc. Revenue 39.01
Bond Quality % of Bonds
AAA 29.7
AA 25.9
A 31.7
BBB 6.8
BB 0.0
B 0.0
Below B 0.0
Not Rated 5.9
 
Asset Allocation
% of Net Assets
Cash 6.9
Stocks 0.0
Bonds 92.7
Other 0.5
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-10-31 Data through 2009-10-31
 
Holding Status
Total Number of Stock Holdings Turnover % 92
Total Number of Bond Holdings 269 30 Day SEC Yield % 3.61
% of Assets in Top 10 Holdings 12.60 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
Marshall Tax-Free Money Market Instl 2009-10-31 9,674 9,674 5.92
Fargo N D Health Sys Rev Rev Bds 5.75% 2012-06-01 2,940 3,007 1.84
Michigan St Grant Ant 5.25% 2021-09-15 2,000 2,139 1.31
Florida St Brd Ed Lottery Rev Lottery 5% 2019-07-01 2,000 2,110 1.29
Pennsylvania St Indl Dev Auth 5.5% 2014-07-01 1,925 2,083 1.27
San Antonio Tex Elec & Gas Rev Ref Re 5% 2019-02-01 1,900 2,056 1.26
Washington St Higher Ed Facs A Refund 5% 2029-04-01 2,000 2,021 1.24
Yellowstone Cnty Mont Health C Sub 5.25% 2034-09-01 1,900 1,930 1.18
Sca Tax Exempt Tr FRN 2030-01-01 1,805 1,805 1.10
Clark Cnty Nev Sch Dist 5% 2019-06-15 1,600 1,730 1.06
Data through 2009-10-31
  Other Information
Fund Inception: 1994-02-01
Portfolio Manager  (Start Date)
John D. Boritzke  (1994-02-01)
John has been the lead manager for the M&I Intermediate Tax-Free Strategy since its inception. In addition, he has managed the M&I Municipal Bond Fund since 1985, the Arizona Municipal Bond Fund since 1989 and the Minnesota Bond Fund since 2002. He also co-manages the M&I Managed Asset Allocation Portfolios and the M&I Target Retirement Portfolios. As Director of Fixed Income, John provides general guidance and leadership to the fixed income investment teams and chairs the M&I Fixed Income Policy Group.
Duane A. McAllister  (2007-10-30)
Duane has been the co-manager for the M&I Intermediate Tax-Free Strategy, the M&I Municipal Bond Fund, the Arizona Municipal Bond Fund and the Minnesota Bond Fund since 2007. Prior to joining M&I Investment Management, Duane served in investment management positions with Belle Haven Investments, Wells/Strong Capital Management, AAL Capital Management Co., and Northern Trust. Duane holds a BS degree from Northern Illinois University and is a CFA charter holder.
Sales Charge %
(taken from prospectus dated 2009-10-30)
Front: None
Deferred: None
Expense Ratio % 0.55
based on net assets
(taken from annual report dated 2009-08-31)
Correspondence Information

111 East Kilbourn Avenue
Milwaukee,  WI  53202
USA
Telephone:
800-236-3863
414-287-8511
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

© Copyright 2009 Morningstar, Inc. All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.