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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 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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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 41
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<PAGE> PAGE 42
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008 A001001 M&I INVESTMENT MANAGEMENT CORP.
008 B001001 A
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008 D011001 MILWAUKEE
008 D021001 WI
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015 A001001 MARSHALL AND ILSLEY TRUST COMPANY
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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008 A001101 M&I INVESTMENT MANAGEMENT CORP.
008 B001101 A
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008 D011101 MILWAUKEE
008 D021101 WI
008 D031101 53202
015 A001101 MARSHALL AND ILSLEY TRUST COMPANY
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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008 A001201 M&I INVESTMENT MANAGEMENT CORP.
008 B001201 A
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008 D011201 MILWAUKEE
008 D021201 WI
008 D031201 53202
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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
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<PAGE> PAGE 56
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008 A001301 M&I INVESTMENT MANAGEMENT CORP.
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015 A001301 MARSHALL AND ILSLEY TRUST COMPANY
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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075 B001300 57156
076 001300 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Marshall Equity Income Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 73,912,494
<INVESTMENTS-AT-VALUE> 76,264,106
<RECEIVABLES> 1,272,545
<ASSETS-OTHER> 21,278
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 77,557,929
<PAYABLE-FOR-SECURITIES> 1,450,744
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,258
<TOTAL-LIABILITIES> 1,534,002
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 74,077,611
<SHARES-COMMON-STOCK> 7,519,178
<SHARES-COMMON-PRIOR> 4,959,920
<ACCUMULATED-NII-CURRENT> 408,725
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (814,021)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,351,612
<NET-ASSETS> 76,023,927
<DIVIDEND-INCOME> 1,138,957
<INTEREST-INCOME> 244,915
<OTHER-INCOME> 0
<EXPENSES-NET> 290,053
<NET-INVESTMENT-INCOME> 1,093,819
<REALIZED-GAINS-CURRENT> (421,207)
<APPREC-INCREASE-CURRENT> 1,965,026
<NET-CHANGE-FROM-OPS> 2,637,638
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 916,394
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,756,848
<NUMBER-OF-SHARES-REDEEMED> 1,246,010
<SHARES-REINVESTED> 48,420
<NET-CHANGE-IN-ASSETS> 26,628,370
<ACCUMULATED-NII-PRIOR> 231,300
<ACCUMULATED-GAINS-PRIOR> (392,814)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 215,768
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 325,654
<AVERAGE-NET-ASSETS> 58,883,288
<PER-SHARE-NAV-BEGIN> 9.960
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> 0.120
<PER-SHARE-DIVIDEND> 0.160
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.110
<EXPENSE-RATIO> 101
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Marshall Government Income Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 89,003,478
<INVESTMENTS-AT-VALUE> 88,928,761
<RECEIVABLES> 7,382,138
<ASSETS-OTHER> 28,175
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 96,339,074
<PAYABLE-FOR-SECURITIES> 14,632,558
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 508,860
<TOTAL-LIABILITIES> 15,141,418
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85,870,211
<SHARES-COMMON-STOCK> 8,798,335
<SHARES-COMMON-PRIOR> 7,001,696
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,597,838)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (74,717)
<NET-ASSETS> 81,197,656
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,862,843
<OTHER-INCOME> 0
<EXPENSES-NET> 320,317
<NET-INVESTMENT-INCOME> 2,542,526
<REALIZED-GAINS-CURRENT> (1,434,696)
<APPREC-INCREASE-CURRENT> 1,706,309
<NET-CHANGE-FROM-OPS> 2,814,139
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,654,668
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,850,243
<NUMBER-OF-SHARES-REDEEMED> 2,260,960
<SHARES-REINVESTED> 207,356
<NET-CHANGE-IN-ASSETS> 16,374,610
<ACCUMULATED-NII-PRIOR> 112,142
<ACCUMULATED-GAINS-PRIOR> (3,163,142)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 279,572
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 413,507
<AVERAGE-NET-ASSETS> 74,886,192
<PER-SHARE-NAV-BEGIN> 9.260
<PER-SHARE-NII> 0.320
<PER-SHARE-GAIN-APPREC> (0.030)
<PER-SHARE-DIVIDEND> 0.320
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.230
<EXPENSE-RATIO> 86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Marshall Intermediate Bond Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 423,671,969
<INVESTMENTS-AT-VALUE> 421,517,875
<RECEIVABLES> 4,186,059
<ASSETS-OTHER> 61,232
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 425,765,166
<PAYABLE-FOR-SECURITIES> 5,599,141
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85,225,905
<TOTAL-LIABILITIES> 90,825,046
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 362,868,765
<SHARES-COMMON-STOCK> 36,203,343
<SHARES-COMMON-PRIOR> 38,203,257
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (25,774,551)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,154,094)
<NET-ASSETS> 334,940,120
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,071,364
<OTHER-INCOME> 0
<EXPENSES-NET> 1,167,170
<NET-INVESTMENT-INCOME> 10,904,194
<REALIZED-GAINS-CURRENT> (10,660,706)
<APPREC-INCREASE-CURRENT> 6,685,053
<NET-CHANGE-FROM-OPS> 6,928,541
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,429,201
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,165,787
<NUMBER-OF-SHARES-REDEEMED> 10,818,888
<SHARES-REINVESTED> 653,187
<NET-CHANGE-IN-ASSETS> (22,799,553)
<ACCUMULATED-NII-PRIOR> 525,375
<ACCUMULATED-GAINS-PRIOR> (15,114,213)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 987,941
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,298,895
<AVERAGE-NET-ASSETS> 333,944,970
<PER-SHARE-NAV-BEGIN> 9.360
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> (0.100)
<PER-SHARE-DIVIDEND> 0.320
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.250
<EXPENSE-RATIO> 77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Marshall Intermediate Tax-Free Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 38,178,409
<INVESTMENTS-AT-VALUE> 38,116,564
<RECEIVABLES> 969,578
<ASSETS-OTHER> 20,336
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 39,106,478
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 214,010
<TOTAL-LIABILITIES> 214,010
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,608,350
<SHARES-COMMON-STOCK> 4,018,177
<SHARES-COMMON-PRIOR> 3,626,914
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (654,037)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (61,845)
<NET-ASSETS> 38,892,468
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 911,789
<OTHER-INCOME> 0
<EXPENSES-NET> 114,082
<NET-INVESTMENT-INCOME> 797,707
<REALIZED-GAINS-CURRENT> (444,141)
<APPREC-INCREASE-CURRENT> 348,350
<NET-CHANGE-FROM-OPS> 701,916
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 797,707
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,210,855
<NUMBER-OF-SHARES-REDEEMED> 824,308
<SHARES-REINVESTED> 4,716
<NET-CHANGE-IN-ASSETS> 3,680,530
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (209,896)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 112,247
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 194,526
<AVERAGE-NET-ASSETS> 37,365,853
<PER-SHARE-NAV-BEGIN> 9.710
<PER-SHARE-NII> 0.200
<PER-SHARE-GAIN-APPREC> (0.030)
<PER-SHARE-DIVIDEND> 0.200
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.680
<EXPENSE-RATIO> 61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> Marshall International Stock Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 82,023,987
<INVESTMENTS-AT-VALUE> 78,577,517
<RECEIVABLES> 260,278
<ASSETS-OTHER> 23,569
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,861,364
<PAYABLE-FOR-SECURITIES> 895,508
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,393,190
<TOTAL-LIABILITIES> 2,288,698
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80,738,891
<SHARES-COMMON-STOCK> 8,283,579
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 58,710
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (778,831)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (3,446,104)
<NET-ASSETS> 76,572,666
<DIVIDEND-INCOME> 481,382
<INTEREST-INCOME> 369,513
<OTHER-INCOME> 0
<EXPENSES-NET> 437,402
<NET-INVESTMENT-INCOME> 413,493
<REALIZED-GAINS-CURRENT> (770,159)
<APPREC-INCREASE-CURRENT> (3,446,104)
<NET-CHANGE-FROM-OPS> (3,802,770)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 354,783
<DISTRIBUTIONS-OF-GAINS> 8,672
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,302,879
<NUMBER-OF-SHARES-REDEEMED> 2,042,673
<SHARES-REINVESTED> 23,373
<NET-CHANGE-IN-ASSETS> 76,572,666
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 298,714
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 457,969
<AVERAGE-NET-ASSETS> 57,155,502
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> (0.766)
<PER-SHARE-DIVIDEND> 0.045
<PER-SHARE-DISTRIBUTIONS> 0.001
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.240
<EXPENSE-RATIO> 146
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> Marshall Mid-Cap Stock Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 77,503,518
<INVESTMENTS-AT-VALUE> 80,981,567
<RECEIVABLES> 2,257,023
<ASSETS-OTHER> 22,842
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 83,261,432
<PAYABLE-FOR-SECURITIES> 3,814,714
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 254,054
<TOTAL-LIABILITIES> 4,068,768
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,609,823
<SHARES-COMMON-STOCK> 7,894,458
<SHARES-COMMON-PRIOR> 5,536,038
<ACCUMULATED-NII-CURRENT> 6,696
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (906,853)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,482,998
<NET-ASSETS> 79,192,664
<DIVIDEND-INCOME> 226,264
<INTEREST-INCOME> 119,758
<OTHER-INCOME> 0
<EXPENSES-NET> 317,851
<NET-INVESTMENT-INCOME> 28,171
<REALIZED-GAINS-CURRENT> 591,582
<APPREC-INCREASE-CURRENT> 2,610,353
<NET-CHANGE-FROM-OPS> 3,230,106
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 64,764
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,146,976
<NUMBER-OF-SHARES-REDEEMED> 1,792,306
<SHARES-REINVESTED> 3,751
<NET-CHANGE-IN-ASSETS> 25,550,739
<ACCUMULATED-NII-PRIOR> 43,289
<ACCUMULATED-GAINS-PRIOR> (1,498,435)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 236,737
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 352,609
<AVERAGE-NET-ASSETS> 64,341,206
<PER-SHARE-NAV-BEGIN> 9.690
<PER-SHARE-NII> 0.000
<PER-SHARE-GAIN-APPREC> 0.350
<PER-SHARE-DIVIDEND> 0.010
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.030
<EXPENSE-RATIO> 101
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 7
<NAME> Marshall Money Market Fund
Trust Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 1,067,577,429
<INVESTMENTS-AT-VALUE> 1,067,577,429
<RECEIVABLES> 1,941,221
<ASSETS-OTHER> 345,839
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,069,864,489
<PAYABLE-FOR-SECURITIES> 281,881
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,161,410
<TOTAL-LIABILITIES> 5,443,291
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,064,421,198
<SHARES-COMMON-STOCK> 1,046,993,707
<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> 1,064,421,198
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 29,608,428
<OTHER-INCOME> 0
<EXPENSES-NET> 2,205,910
<NET-INVESTMENT-INCOME> 27,402,518
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,402,518
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 27,002,803
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,593,957,146
<NUMBER-OF-SHARES-REDEEMED> 1,517,645,628
<SHARES-REINVESTED> 2,694,485
<NET-CHANGE-IN-ASSETS> 84,504,545
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,671,449
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,595,064
<AVERAGE-NET-ASSETS> 1,073,762,814
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 8
<NAME> Marshall Money Market Fund
Investment Shares
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 1,067,577,429
<INVESTMENTS-AT-VALUE> 1,067,577,429
<RECEIVABLES> 1,941,221
<ASSETS-OTHER> 345,839
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,069,864,489
<PAYABLE-FOR-SECURITIES> 281,881
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,161,410
<TOTAL-LIABILITIES> 5,443,291
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,064,421,198
<SHARES-COMMON-STOCK> 17,427,491
<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> 1,064,421,198
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 29,608,428
<OTHER-INCOME> 0
<EXPENSES-NET> 2,205,910
<NET-INVESTMENT-INCOME> 27,402,518
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 27,402,518
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 399,715
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 56,941,300
<NUMBER-OF-SHARES-REDEEMED> 51,809,675
<SHARES-REINVESTED> 366,917
<NET-CHANGE-IN-ASSETS> 84,504,545
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,671,449
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,595,064
<AVERAGE-NET-ASSETS> 1,073,762,814
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
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<PER-SHARE-DIVIDEND> 0.020
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 9
<NAME> MARSHALL SHORT-TERM INCOME FUND
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 88,273,128
<INVESTMENTS-AT-VALUE> 87,611,147
<RECEIVABLES> 616,283
<ASSETS-OTHER> 16,795
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88,244,225
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 430,288
<TOTAL-LIABILITIES> 430,288
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 91,142,065
<SHARES-COMMON-STOCK> 9,095,189
<SHARES-COMMON-PRIOR> 10,339,999
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,666,147)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (661,981)
<NET-ASSETS> 87,813,937
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,892,956
<OTHER-INCOME> 0
<EXPENSES-NET> 244,450
<NET-INVESTMENT-INCOME> 2,648,506
<REALIZED-GAINS-CURRENT> (661,814)
<APPREC-INCREASE-CURRENT> 104,770
<NET-CHANGE-FROM-OPS> 2,091,462
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,774,151
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,184,854
<NUMBER-OF-SHARES-REDEEMED> 4,566,099
<SHARES-REINVESTED> 136,435
<NET-CHANGE-IN-ASSETS> 12,638,208
<ACCUMULATED-NII-PRIOR> 125,645
<ACCUMULATED-GAINS-PRIOR> (2,004,333)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 286,925
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 408,505
<AVERAGE-NET-ASSETS> 95,454,799
<PER-SHARE-NAV-BEGIN> 9.710
<PER-SHARE-NII> 0.270
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.280
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.650
<EXPENSE-RATIO> 51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Marshall Short Term Tax-Free Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 21,157,130
<INVESTMENTS-AT-VALUE> 21,139,074
<RECEIVABLES> 377,838
<ASSETS-OTHER> 14,356
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21,531,268
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 77,339
<TOTAL-LIABILITIES> 77,339
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 21,585,417
<SHARES-COMMON-STOCK> 2,164,802
<SHARES-COMMON-PRIOR> 2,510,903
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (113,432)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (18,056)
<NET-ASSETS> 21,453,929
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 540,410
<OTHER-INCOME> 0
<EXPENSES-NET> 64,559
<NET-INVESTMENT-INCOME> 475,851
<REALIZED-GAINS-CURRENT> (102,460)
<APPREC-INCREASE-CURRENT> 63,497
<NET-CHANGE-FROM-OPS> 436,888
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 475,851
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 492,469
<NUMBER-OF-SHARES-REDEEMED> 862,462
<SHARES-REINVESTED> 23,892
<NET-CHANGE-IN-ASSETS> (3,449,094)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,972)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 62,801
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 121,080
<AVERAGE-NET-ASSETS> 24,889,971
<PER-SHARE-NAV-BEGIN> 9.920
<PER-SHARE-NII> 0.190
<PER-SHARE-GAIN-APPREC> (0.010)
<PER-SHARE-DIVIDEND> 0.190
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.910
<EXPENSE-RATIO> 51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Marshall Stock Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 219,260,602
<INVESTMENTS-AT-VALUE> 234,948,112
<RECEIVABLES> 2,517,963
<ASSETS-OTHER> 58,283
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 237,524,358
<PAYABLE-FOR-SECURITIES> 2,636,640
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 608,428
<TOTAL-LIABILITIES> 3,245,068
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 222,845,739
<SHARES-COMMON-STOCK> 22,792,362
<SHARES-COMMON-PRIOR> 24,897,891
<ACCUMULATED-NII-CURRENT> 189,599
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,443,558)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,687,510
<NET-ASSETS> 234,279,290
<DIVIDEND-INCOME> 1,602,506
<INTEREST-INCOME> 396,265
<OTHER-INCOME> 0
<EXPENSES-NET> 1,113,360
<NET-INVESTMENT-INCOME> 885,411
<REALIZED-GAINS-CURRENT> (986,253)
<APPREC-INCREASE-CURRENT> 5,780,517
<NET-CHANGE-FROM-OPS> 5,679,675
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,072,912
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,853,655
<NUMBER-OF-SHARES-REDEEMED> 6,044,354
<SHARES-REINVESTED> 85,170
<NET-CHANGE-IN-ASSETS> (15,875,646)
<ACCUMULATED-NII-PRIOR> 377,100
<ACCUMULATED-GAINS-PRIOR> (3,457,305)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 853,222
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,120,608
<AVERAGE-NET-ASSETS> 231,024,840
<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.240
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.280
<EXPENSE-RATIO> 98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> MARSHALL VALUE EQUITY FUND
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 249,570,908
<INVESTMENTS-AT-VALUE> 245,520,053
<RECEIVABLES> 821,495
<ASSETS-OTHER> 65,609
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 246,407,157
<PAYABLE-FOR-SECURITIES> 2,594,315
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,312,876
<TOTAL-LIABILITIES> 40,907,191
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 202,822,321
<SHARES-COMMON-STOCK> 19,335,290
<SHARES-COMMON-PRIOR> 19,979,667
<ACCUMULATED-NII-CURRENT> 582,644
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6,145,856
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4,050,855)
<NET-ASSETS> 205,499,966
<DIVIDEND-INCOME> 2,506,207
<INTEREST-INCOME> 481,389
<OTHER-INCOME> 0
<EXPENSES-NET> 994,346
<NET-INVESTMENT-INCOME> 1,993,250
<REALIZED-GAINS-CURRENT> 6,639,606
<APPREC-INCREASE-CURRENT> (11,765,565)
<NET-CHANGE-FROM-OPS> (3,132,709)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,728,425
<DISTRIBUTIONS-OF-GAINS> 2,160,660
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,129,335
<NUMBER-OF-SHARES-REDEEMED> 4,970,776
<SHARES-REINVESTED> 197,064
<NET-CHANGE-IN-ASSETS> (13,255,409)
<ACCUMULATED-NII-PRIOR> 317,819
<ACCUMULATED-GAINS-PRIOR> 1,666,910
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 777,627
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 994,346
<AVERAGE-NET-ASSETS> 210,917,060
<PER-SHARE-NAV-BEGIN> 10.950
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> (0.220)
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 0.110
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.630
<EXPENSE-RATIO> 96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Marshall Balanced Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1995
<PERIOD-END> Feb-28-1995
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 2,224,338
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (644,071)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 31,000
<INTEREST-INCOME> 125,231
<OTHER-INCOME> 0
<EXPENSES-NET> 38,724
<NET-INVESTMENT-INCOME> 117,507
<REALIZED-GAINS-CURRENT> (1,049,034)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> (931,527)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 214,100
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 77,292
<NUMBER-OF-SHARES-REDEEMED> 2,316,862
<SHARES-REINVESTED> 15,248
<NET-CHANGE-IN-ASSETS> (20,691,116)
<ACCUMULATED-NII-PRIOR> 96,593
<ACCUMULATED-GAINS-PRIOR> (664,593)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,285
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 100,056
<AVERAGE-NET-ASSETS> 13,228,432
<PER-SHARE-NAV-BEGIN> 9.740
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.259
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 0.000
<EXPENSE-RATIO> 87
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
