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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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070 Q021000 N
070 R011000 N
070 R021000 N
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071 B001000 161926
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<PAGE> PAGE 41
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072AA001000 13638
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072EE001000 2161
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074 N001000 260990
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074 T001000 220436
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074 V011000 12.08
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008 A001101 M & I INVESTMENT MANAGEMENT CORP.
008 B001101 A
008 C001101 801-0000
008 D011101 MILWAUKEE
008 D021101 WI
<PAGE> PAGE 42
008 D031101 53202
015 A001101 MARSHALL & ILSLEY TRUST COMPANY
015 B001101 C
015 C011101 MILWAUKEE
015 C021101 WI
015 C031101 53202
015 E011101 X
015 A001102 CHEMICAL BANK
015 B001102 S
015 C011102 NEW YORK
015 C021102 NY
015 C031102 10041
015 E011102 X
024 001100 N
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028 G021100 188
028 G031100 0
028 G041100 3858
028 H001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 N
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.500
<PAGE> PAGE 43
048 A011100 0
048 A021100 0.000
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
048 D011100 0
048 D021100 0.000
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048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
062 A001100 Y
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
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062 M001100 0.0
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062 O001100 94.5
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 3.7
064 A001100 Y
064 B001100 N
<PAGE> PAGE 44
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
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<PAGE> PAGE 45
072 G001100 50
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072 R001100 10
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<PAGE> PAGE 46
074 R041100 103
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008 A001201 M & I INVESTMENT MANAGEMENT CORP.
008 B001201 A
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008 D011201 MILWAUKEE
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015 A001201 MARSHALL & ILSLEY TRUST COMPANY
015 B001201 C
015 C011201 MILWAUKEE
015 C021201 WI
015 C031201 53202
015 E011201 X
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<PAGE> PAGE 47
028 E041200 467
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037 001200 N
038 001200 0
039 001200 N
040 001200 N
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046 001200 N
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048 B021200 0.000
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048 C021200 0.000
048 D011200 0
048 D021200 0.000
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048 F021200 0.000
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048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
049 001200 N
050 001200 N
051 001200 N
052 001200 N
053 A001200 Y
053 B001200 Y
053 C001200 N
062 A001200 Y
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062 C001200 0.0
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<PAGE> PAGE 48
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 1.8
062 M001200 0.0
062 N001200 0.0
062 O001200 100.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 7.0
064 A001200 Y
064 B001200 N
066 A001200 N
067 001200 N
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 N
070 B011200 N
070 B021200 N
070 C011200 Y
070 C021200 N
070 D011200 Y
070 D021200 N
070 E011200 Y
070 E021200 N
070 F011200 Y
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 Y
070 J021200 N
070 K011200 Y
070 K021200 Y
070 L011200 Y
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
<PAGE> PAGE 49
070 O011200 Y
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 49010
071 B001200 38161
071 C001200 36344
071 D001200 105
072 A001200 12
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072 M001200 4
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072 R001200 10
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072 V001200 0
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072 X001200 436
072 Y001200 190
072 Z001200 1769
072AA001200 13
072BB001200 450
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<PAGE> PAGE 50
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074 M001200 18
074 N001200 48282
074 O001200 2034
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008 A001301 M & I INVESTMENT MANAGEMENT CORP.
008 B001301 A
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008 D011301 WILWAUKEE
008 D021301 WI
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008 A001302 TEMPLETON INVESTMENT COUNSEL, INC.
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008 D011302 FT. LAUDERDALE
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015 A001301 MARSHALL & ILSLEY TRUST COMPANY
015 B001301 C
015 C011301 MILWAUKEE
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015 E011301 X
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<PAGE> PAGE 51
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015 A001303 WESTPAC CUSTODIAN NOMINEE LTD
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015 A001304 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
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015 A001305 GENERALE DE BANQUE
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015 C011305 BRUSSELS
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015 A001306 CANADA TRUST COMPANY
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015 C011306 TORONTO
015 D011306 CANADA
015 D021306 M5J 2T2
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015 C011307 SHANGHAI
015 D011307 CHINA
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015 A001308 CZECHOSLOVENKSKA OBCHODNI BANKA
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015 C011308 PRAGUE
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015 A001309 DEN DANSKE BANK
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015 A001310 STATE STREET BANK & TRUST COMPANY
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015 C011310 LONDON
015 D011310 UNITED KINGDOM
015 D021310 E14 5AF
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
028 H001300 0
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<PAGE> PAGE 56
062 N001300 0.0
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<PAGE> PAGE 57
070 R021300 N
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<PAGE> PAGE 58
074 J001300 38
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074 M001300 35
074 N001300 94481
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SIGNATURE S. ELLIOTT COHAN
TITLE ASS GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Marshall Funds, Inc.
Marshall Government Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
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<OTHER-ITEMS-LIABILITIES> 310,113
<TOTAL-LIABILITIES> 27,554,173
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 105,524,078
<SHARES-COMMON-STOCK> 10,908,777
<SHARES-COMMON-PRIOR> 7,001,696
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,324,612)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 508,110
<NET-ASSETS> 103,707,576
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,265,818
<OTHER-INCOME> 0
<EXPENSES-NET> 726,536
<NET-INVESTMENT-INCOME> 5,539,282
<REALIZED-GAINS-CURRENT> 838,530
<APPREC-INCREASE-CURRENT> 2,289,136
<NET-CHANGE-FROM-OPS> 8,666,948
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,651,424
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,182,308
<NUMBER-OF-SHARES-REDEEMED> 3,668,777
<SHARES-REINVESTED> 393,550
<NET-CHANGE-IN-ASSETS> 38,884,530
<ACCUMULATED-NII-PRIOR> 112,142
<ACCUMULATED-GAINS-PRIOR> (3,163,142)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 635,592
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 743,147
<AVERAGE-NET-ASSETS> 84,454,649
<PER-SHARE-NAV-BEGIN> 9.260
<PER-SHARE-NII> 0.600
<PER-SHARE-GAIN-APPREC> 0.260
<PER-SHARE-DIVIDEND> 0.620
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.510
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Marshall Funds, Inc.
Marshall Intermediate Bond Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 387,552,714
<INVESTMENTS-AT-VALUE> 454,353,099
<RECEIVABLES> 9,962,080
<ASSETS-OTHER> 97,741,723
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 501,845,937
<PAYABLE-FOR-SECURITIES> 58,883,570
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 98,891,685
<TOTAL-LIABILITIES> 157,775,255
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 362,599,900
<SHARES-COMMON-STOCK> 36,198,112
<SHARES-COMMON-PRIOR> 38,203,257
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (25,118,638)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6,589,420
<NET-ASSETS> 344,070,682
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 24,564,665
<OTHER-INCOME> 0
<EXPENSES-NET> 2,412,738
<NET-INVESTMENT-INCOME> 22,151,927
<REALIZED-GAINS-CURRENT> (10,004,792)
<APPREC-INCREASE-CURRENT> 15,428,567
<NET-CHANGE-FROM-OPS> 27,575,702
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22,676,934
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 15,646,570
<NUMBER-OF-SHARES-REDEEMED> 19,146,997
<SHARES-REINVESTED> 1,495,282
<NET-CHANGE-IN-ASSETS> (13,668,991)
<ACCUMULATED-NII-PRIOR> 525,375
<ACCUMULATED-GAINS-PRIOR> (15,114,213)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,046,206
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,685,565
<AVERAGE-NET-ASSETS> 340,901,049
<PER-SHARE-NAV-BEGIN> 9.360
<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> 0.160
<PER-SHARE-DIVIDEND> 0.620
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.510
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> Marshall Funds, Inc.
Marshall Money Market Fund
Class A shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 1,161,725,782
<INVESTMENTS-AT-VALUE> 1,161,725,782
<RECEIVABLES> 2,681,987
<ASSETS-OTHER> 317,404
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,164,725,173
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,771,704
<TOTAL-LIABILITIES> 5,771,704
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,158,953,469
<SHARES-COMMON-STOCK> 1,128,622,836
<SHARES-COMMON-PRIOR> 967,987,704
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,128,622,836
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 63,587,190
<OTHER-INCOME> 0
<EXPENSES-NET> 4,494,400
<NET-INVESTMENT-INCOME> 59,092,790
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 59,092,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 57,991,992
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,007,907,156
<NUMBER-OF-SHARES-REDEEMED> 2,853,976,863
<SHARES-REINVESTED> 6,704,839
<NET-CHANGE-IN-ASSETS> 179,036,816
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,435,257
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,320,734
<AVERAGE-NET-ASSETS> 1,183,304,761
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Marshall Funds, Inc.
Marshall Money Market Fund
Class B shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 1,161,725,782
<INVESTMENTS-AT-VALUE> 1,161,725,782
<RECEIVABLES> 2,681,987
<ASSETS-OTHER> 317,404
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,164,725,173
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,771,704
<TOTAL-LIABILITIES> 5,771,704
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,158,953,469
<SHARES-COMMON-STOCK> 30,330,633
<SHARES-COMMON-PRIOR> 11,928,949
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 30,330,633
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 63,587,190
<OTHER-INCOME> 0
<EXPENSES-NET> 4,494,400
<NET-INVESTMENT-INCOME> 59,092,790
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 59,092,790
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,100,798
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 137,397,292
<NUMBER-OF-SHARES-REDEEMED> 119,990,263
<SHARES-REINVESTED> 994,655
<NET-CHANGE-IN-ASSETS> 179,036,816
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,435,257
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,320,734
<AVERAGE-NET-ASSETS> 20,663,936
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Marshall Funds, Inc.
Marshall Short-Term Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 86,249,493
<INVESTMENTS-AT-VALUE> 86,393,259
<RECEIVABLES> 664,828
<ASSETS-OTHER> 14,009
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 87,072,096
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,798,930
<TOTAL-LIABILITIES> 2,798,930
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86,908,327
<SHARES-COMMON-STOCK> 8,654,058
<SHARES-COMMON-PRIOR> 10,339,999
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,778,927)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 143,766
<NET-ASSETS> 84,273,166
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,628,495
<OTHER-INCOME> 0
<EXPENSES-NET> 454,606
<NET-INVESTMENT-INCOME> 5,173,889
<REALIZED-GAINS-CURRENT> (774,594)
<APPREC-INCREASE-CURRENT> 910,517
<NET-CHANGE-FROM-OPS> 5,309,812
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,299,534
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,280,358
<NUMBER-OF-SHARES-REDEEMED> 8,263,080
<SHARES-REINVESTED> 296,781
<NET-CHANGE-IN-ASSETS> (16,178,979)
<ACCUMULATED-NII-PRIOR> 125,645
<ACCUMULATED-GAINS-PRIOR> (2,004,333)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 537,366
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 810,243
<AVERAGE-NET-ASSETS> 89,667,044
<PER-SHARE-NAV-BEGIN> 9.710
<PER-SHARE-NII> 0.560
<PER-SHARE-GAIN-APPREC> 0.050
<PER-SHARE-DIVIDEND> 0.580
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.740
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Marshall Funds, Inc.
Marshall Stock Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 221,969,083
<INVESTMENTS-AT-VALUE> 254,057,908
<RECEIVABLES> 5,131,618
<ASSETS-OTHER> 46,725
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 259,236,251
<PAYABLE-FOR-SECURITIES> 1,021,850
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,194,962
<TOTAL-LIABILITIES> 2,216,812
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 214,012,086
<SHARES-COMMON-STOCK> 22,080,353
<SHARES-COMMON-PRIOR> 24,897,891
<ACCUMULATED-NII-CURRENT> 339,963
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,578,565
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,088,825
<NET-ASSETS> 257,019,439
<DIVIDEND-INCOME> 3,622,056
<INTEREST-INCOME> 862,379
<OTHER-INCOME> 0
<EXPENSES-NET> 2,364,959
<NET-INVESTMENT-INCOME> 2,119,476
<REALIZED-GAINS-CURRENT> 14,035,870
<APPREC-INCREASE-CURRENT> 22,181,832
<NET-CHANGE-FROM-OPS> 38,337,178
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,156,613
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,136,287
<NUMBER-OF-SHARES-REDEEMED> 11,113,456
<SHARES-REINVESTED> 159,631
<NET-CHANGE-IN-ASSETS> 6,864,503
<ACCUMULATED-NII-PRIOR> 377,100
<ACCUMULATED-GAINS-PRIOR> (3,457,305)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,813,889
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,382,440
<AVERAGE-NET-ASSETS> 242,975,861
<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.090
<PER-SHARE-GAIN-APPREC> 1.590
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.640
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> Marshall Funds, Inc.
Marshall Equity Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 96,042,640
<INVESTMENTS-AT-VALUE> 107,095,202
<RECEIVABLES> 512,552
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 18,051
<TOTAL-ASSETS> 107,625,805
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 127,127
<TOTAL-LIABILITIES> 127,127
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,581,183
<SHARES-COMMON-STOCK> 9,585,200
<SHARES-COMMON-PRIOR> 4,959,920
<ACCUMULATED-NII-CURRENT> 459,871
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 405,062
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,052,562
<NET-ASSETS> 107,498,678
<DIVIDEND-INCOME> 2,727,183
<INTEREST-INCOME> 746,643
<OTHER-INCOME> 0
<EXPENSES-NET> 784,433
<NET-INVESTMENT-INCOME> 2,689,393
<REALIZED-GAINS-CURRENT> 797,876
<APPREC-INCREASE-CURRENT> 10,665,976
<NET-CHANGE-FROM-OPS> 14,153,245
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,460,822
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,087,265
<NUMBER-OF-SHARES-REDEEMED> 2,580,728
<SHARES-REINVESTED> 118,744
<NET-CHANGE-IN-ASSETS> 58,103,121
<ACCUMULATED-NII-PRIOR> 231,300
<ACCUMULATED-GAINS-PRIOR> (392,814)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 584,150
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 854,190
<AVERAGE-NET-ASSETS> 77,806,724
<PER-SHARE-NAV-BEGIN> 9.960
<PER-SHARE-NII> 0.330
<PER-SHARE-GAIN-APPREC> 1.260
<PER-SHARE-DIVIDEND> 0.330
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.220
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> Marshall Funds, Inc.
Marshall Mid-Cap Stock Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 91,723,078
<INVESTMENTS-AT-VALUE> 109,008,885
<RECEIVABLES> 83,417
<ASSETS-OTHER> 19,879
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 109,112,181
<PAYABLE-FOR-SECURITIES> 728,701
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 127,415
<TOTAL-LIABILITIES> 856,116
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86,443,186
<SHARES-COMMON-STOCK> 8,804,452
<SHARES-COMMON-PRIOR> 5,536,038
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,281,074
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,531,805
<NET-ASSETS> 108,256,065
<DIVIDEND-INCOME> 428,215
<INTEREST-INCOME> 255,028
<OTHER-INCOME> 0
<EXPENSES-NET> 785,964
<NET-INVESTMENT-INCOME> (102,721)
<REALIZED-GAINS-CURRENT> 5,757,618
<APPREC-INCREASE-CURRENT> 16,659,161
<NET-CHANGE-FROM-OPS> 22,460,145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 43,289
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 21,475
<NUMBER-OF-SHARES-SOLD> 6,886,800
<NUMBER-OF-SHARES-REDEEMED> 3,622,137
<SHARES-REINVESTED> 3,751
<NET-CHANGE-IN-ASSETS> 54,614,140
<ACCUMULATED-NII-PRIOR> 43,289
<ACCUMULATED-GAINS-PRIOR> (1,498,435)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 585,271
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 850,125
<AVERAGE-NET-ASSETS> 78,266,006
<PER-SHARE-NAV-BEGIN> 9.690
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 2.610
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.300
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Marshall Funds, Inc.
Marshall Value Equity Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Aug-31-1995
<INVESTMENTS-AT-COST> 243,386,651
<INVESTMENTS-AT-VALUE> 259,717,319
<RECEIVABLES> 1,216,732
<ASSETS-OTHER> 56,487
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 260,990,538
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 39,132,098
<TOTAL-LIABILITIES> 40,554,510
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 190,221,355
<SHARES-COMMON-STOCK> 18,243,540
<SHARES-COMMON-PRIOR> 19,979,667
<ACCUMULATED-NII-CURRENT> 739,809
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,144,196
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 16,330,668
<NET-ASSETS> 220,436,028
<DIVIDEND-INCOME> 4,861,527
<INTEREST-INCOME> 1,370,124
<OTHER-INCOME> 0
<EXPENSES-NET> 2,033,679
<NET-INVESTMENT-INCOME> 4,197,972
<REALIZED-GAINS-CURRENT> 13,637,946
<APPREC-INCREASE-CURRENT> 8,615,958
<NET-CHANGE-FROM-OPS> 26,451,876
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,775,982
<DISTRIBUTIONS-OF-GAINS> 2,160,660
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,271,401
<NUMBER-OF-SHARES-REDEEMED> 8,276,005
<SHARES-REINVESTED> 268,477
<NET-CHANGE-IN-ASSETS> 1,680,653
<ACCUMULATED-NII-PRIOR> 317,819
<ACCUMULATED-GAINS-PRIOR> 1,666,910
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,592,905
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,033,679
<AVERAGE-NET-ASSETS> 213,381,705
<PER-SHARE-NAV-BEGIN> 10.950
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 1.220
<PER-SHARE-DIVIDEND> 0.200
<PER-SHARE-DISTRIBUTIONS> 0.110
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.080
<EXPENSE-RATIO> 0.96
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> Marshall Funds, Inc.
Marshall Short-Term Tax-Free Fund
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<PERIOD-END> Aug-31-1995
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Marshall Funds, Inc.
Marshall Intermediate Tax-Free Fund
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Marshall Funds, Inc.
Marshall International Stock Fund
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<PERIOD-END> Aug-31-1995
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</TABLE>
