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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 9
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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 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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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 40
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<PAGE> PAGE 41
048 E011000 0
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050 001000 N
051 001000 N
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066 C001000 N
066 D001000 N
066 E001000 Y
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
<PAGE> PAGE 42
070 A021000 Y
070 B011000 Y
070 B021000 N
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070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 Y
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 Y
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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008 A001101 M & I INVESTMENT MANAGEMENT CORP.
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015 A001101 MARSHALL & ILSLEY TRUST COMPANY
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015 C021101 WI
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015 E031101 X
015 A001102 CHASE MANHATTAN BANK
015 B001102 S
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015 C021102 NY
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<PAGE> PAGE 45
028 E021100 21
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<PAGE> PAGE 46
048 K021100 0.000
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050 001100 N
051 001100 N
052 001100 N
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064 B001100 N
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
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070 D021100 N
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070 F021100 N
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070 G021100 N
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070 H021100 N
<PAGE> PAGE 47
070 I011100 N
070 I021100 N
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070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 N
070 M011100 N
070 M021100 N
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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 48
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015 A001201 MARSHALL & ILSLEY TRUST COMPANY
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<PAGE> PAGE 49
015 C011201 MILWAUKEE
015 C021201 WI
015 C031201 53202
015 E031201 X
015 A001202 CHASE MANHATTAN BANK
015 B001202 S
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015 C021202 NY
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039 001200 N
<PAGE> PAGE 50
040 001200 N
042 A001200 0
042 B001200 0
042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
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050 001200 N
051 001200 N
052 001200 N
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<PAGE> PAGE 51
062 H001200 0.0
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062 R001200 0.0
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064 A001200 N
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
070 O011200 Y
070 O021200 N
070 P011200 Y
<PAGE> PAGE 52
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
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072 R001200 12
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<PAGE> PAGE 53
074 F001200 0
074 G001200 0
074 H001200 0
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074 J001200 0
074 K001200 0
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074 O001200 0
074 P001200 0
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074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 0
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074 T001200 0
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074 V021200 0.00
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074 Y001200 0
075 A001200 0
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076 001200 0.00
008 A001301 M & I INVESTMENT MANAGEMENT CORP.
008 B001301 A
008 C001301 801-000000
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008 D031301 53202
008 A001302 TEMPLETON INVESTMENT COUNSEL, INC.
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008 D011302 FT. LAUDERDALE
008 D021302 FL
008 D031302 33394
008 D041302 3091
015 A001301 STATE STREET BANK & TRUST COMPANY
015 B001301 C
015 C011301 BOSTONKEE
015 C021301 MA
015 C031301 02171
015 E011301 X
015 A001302 BANKERS TRUST CO.
015 B001302 S
015 C011302 NEW YORK
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<PAGE> PAGE 54
015 C031302 10015
015 E011302 X
015 A001303 BANK OF NEW YORK
015 B001303 S
015 C011303 NEW YORK
015 C021303 NY
015 C031303 10006
015 E011303 X
015 A001304 CHASE MANHATTAN CORPORATION
015 B001304 S
015 C011304 NEW YORK
015 C021304 NY
015 C031304 10006
015 E011304 X
015 A001305 MORGAN GUARANTY BANK & TRUST CO.
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015 C011305 NEW YORK
015 C021305 NY
015 C031305 10015
015 E011305 X
015 A001306 NATIONSBANK OF NORTH CAROLINA
015 B001306 S
015 C011306 CHARLOTTE
015 C021306 NC
015 C031306 28255
015 E011306 X
015 A001307 PNC BANK, NA
015 B001307 S
015 C011307 PITTSBURGH
015 C021307 PA
015 C031307 15265
015 E011307 X
015 A001308 CITIBANK N.A.
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015 D011308 ARGENTINA
015 E041308 X
015 A001309 WESTPAC CUSTODIAN NOMINEE LTD.
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015 C011309 SIDNEY
015 D011309 AUSTRALIA
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015 E041309 X
015 A001310 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
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015 C011310 VIENNA
015 D011310 AUSTRIA
015 E041310 X
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<PAGE> PAGE 55
015 D011311 BELGIUM
015 E041311 X
015 A001312 CANADA TRUST COMPANY
015 B001312 S
015 C011312 TORONTO, ONTARIO
015 D011312 CANADA
015 D021312 M5J2T2
015 E041312 X
015 A001313 HONGKONG & SHANGHAI BANKING CORP. LTD.
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015 D011313 CHINA
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015 A001314 CESKOSLOVENSKA OBCHODNI BANKA A.S.
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015 A001315 DEN DANSKE BANK
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015 C011315 DK-1092 COPENHAGEN
015 D011315 DENMARK
015 E041315 X
015 A001316 MERITA BANK, LTD.
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015 A001317 BANQUE PARIBAS
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015 A001320 STANDARD CHARTERED BANK
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<PAGE> PAGE 56
015 D011321 HUNGARY
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015 A001322 STANDARD CHARTERED EQUITOR GROUP
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015 D011322 INDONESIA
015 E041322 X
015 A001323 BANK OF IRELAND
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015 C011323 DUBLIN 1
015 D011323 IRELAND
015 E041323 X
015 A001324 MORGAN GUARANTY TRUST CO. OF NY
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015 C011324 20121 MILANO
015 D011324 ITALY
015 E041324 X
015 A001325 SUMITOMO TRUST & BANK CO., LTD.
015 B001325 S
015 C011325 TOKYO
015 D011325 JAPAN
015 E041325 X
015 A001326 STANDARD CHARTERED BANK MALAYSIA
015 B001326 S
015 C011326 50450 KUALA LUMPUR
015 D011326 MALAYSIA
015 E041326 X
015 A001327 CITIBANK N.A.
015 B001327 S
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015 A001328 MEES PIERSON N.V.
015 B001328 S
015 C011328 1000 AG AMSTERDAM
015 D011328 NETHERLANDS
015 E041328 X
015 A001329 ANZ NOMINEES LTD.
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015 D011329 NEW ZEALAND
015 E041329 X
015 A001330 CHRISTIANIA BANK OF KREDITKASSE
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015 C011330 0368 OSLO 3
015 D011330 NORWAY
015 E041330 X
015 A001331 STANDARD CHARTERED BANK
015 B001331 S
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<PAGE> PAGE 57
015 E041331 X
015 A001332 CITIBANK, (POLAND) S.A.
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015 C011332 WARSAW
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015 E041332 X
015 A001333 BANCO COMMERCIAL PORTUGUES
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015 A001334 STANDARD BANK OF SOUTH AFRICA LTD.
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<PAGE> PAGE 58
015 D011341 UNITED KINGDOM
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039 001300 N
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<PAGE> PAGE 59
042 F001300 0
042 G001300 0
042 H001300 0
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052 001300 N
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<PAGE> PAGE 60
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066 D001300 Y
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066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 Y
069 001300 N
070 A011300 Y
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070 B011300 Y
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 Y
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 Y
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070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 Y
070 N011300 Y
070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
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<PAGE> PAGE 61
070 R021300 N
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<PAGE> PAGE 62
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. 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-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 150,113,548
<INVESTMENTS-AT-VALUE> 150,113,548
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<SHARES-COMMON-PRIOR> 10,908,777
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<OVERDISTRIBUTION-GAINS> 0
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<REALIZED-GAINS-CURRENT> (620,860)
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<NUMBER-OF-SHARES-SOLD> 5,753,556
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<SHARES-REINVESTED> 494,460
<NET-CHANGE-IN-ASSETS> 138,457,855
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<GROSS-EXPENSE> 1,320,914
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<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> (0.240)
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<PER-SHARE-NAV-END> 9.270
<EXPENSE-RATIO> 0.86
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Marshall Funds
Marshall Intermediate Bond Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 572,909,406
<INVESTMENTS-AT-VALUE> 566,178,022
<RECEIVABLES> 24,631,895
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 590,836,128
<PAYABLE-FOR-SECURITIES> 11,985,711
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<SHARES-COMMON-STOCK> 43,581,545
<SHARES-COMMON-PRIOR> 36,198,112
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,630,616)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,731,384)
<NET-ASSETS> 403,656,726
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 25,734,801
<OTHER-INCOME> 0
<EXPENSES-NET> 2,708,238
<NET-INVESTMENT-INCOME> 23,026,563
<REALIZED-GAINS-CURRENT> 2,488,022
<APPREC-INCREASE-CURRENT> (13,320,804)
<NET-CHANGE-FROM-OPS> 12,193,781
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<DISTRIBUTIONS-OF-INCOME> 23,026,563
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<NUMBER-OF-SHARES-SOLD> 15,992,321
<NUMBER-OF-SHARES-REDEEMED> 10,085,356
<SHARES-REINVESTED> 1,476,468
<NET-CHANGE-IN-ASSETS> 59,586,045
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (25,118,638)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,253,912
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,046,325
<AVERAGE-NET-ASSETS> 374,901,143
<PER-SHARE-NAV-BEGIN> 9.510
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> (0.250)
<PER-SHARE-DIVIDEND> 0.580
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<PER-SHARE-NAV-END> 9.260
<EXPENSE-RATIO> 0.72
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> Marshall Funds
Marshall Money Market Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 1,118,654,538
<INVESTMENTS-AT-VALUE> 1,118,654,538
<RECEIVABLES> 9,274,090
<ASSETS-OTHER> 261,720
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,128,190,348
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,819,833
<TOTAL-LIABILITIES> 3,819,833
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,124,370,515
<SHARES-COMMON-STOCK> 1,039,659,411
<SHARES-COMMON-PRIOR> 1,128,622,836
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,039,659,411
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 63,816,643
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<EXPENSES-NET> 4,807,164
<NET-INVESTMENT-INCOME> 59,009,479
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<DISTRIBUTIONS-OF-INCOME> 55,633,616
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<NUMBER-OF-SHARES-SOLD> 3,347,680,311
<NUMBER-OF-SHARES-REDEEMED> 3,446,715,442
<SHARES-REINVESTED> 10,071,706
<NET-CHANGE-IN-ASSETS> (34,582,954)
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,636,051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,737,911
<AVERAGE-NET-ASSETS> 1,121,214,395
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
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<PER-SHARE-DIVIDEND> 0.050
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<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
Marshall Money Market Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 1,118,654,538
<INVESTMENTS-AT-VALUE> 1,118,654,538
<RECEIVABLES> 9,274,090
<ASSETS-OTHER> 261,720
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,128,190,348
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3,819,833
<TOTAL-LIABILITIES> 3,819,833
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<PAID-IN-CAPITAL-COMMON> 1,124,370,515
<SHARES-COMMON-STOCK> 84,711,104
<SHARES-COMMON-PRIOR> 30,330,633
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<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 84,711,104
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 63,816,643
<OTHER-INCOME> 0
<EXPENSES-NET> 4,807,164
<NET-INVESTMENT-INCOME> 59,009,479
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<DISTRIBUTIONS-OF-INCOME> 3,375,863
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<SHARES-REINVESTED> 3,430,075
<NET-CHANGE-IN-ASSETS> (34,582,954)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5,636,051
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,737,911
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<PER-SHARE-NAV-BEGIN> 1.000
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<PER-SHARE-DIVIDEND> 0.050
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<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
Marshall Short-Term Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 104,400,934
<INVESTMENTS-AT-VALUE> 103,753,526
<RECEIVABLES> 696,266
<ASSETS-OTHER> 7,134
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104,456,926
<PAYABLE-FOR-SECURITIES> 3,169,840
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<OTHER-ITEMS-LIABILITIES> 441,002
<TOTAL-LIABILITIES> 3,610,842
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 104,753,955
<SHARES-COMMON-STOCK> 10,516,782
<SHARES-COMMON-PRIOR> 8,654,058
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,260,463)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (647,408)
<NET-ASSETS> 100,846,084
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6,005,772
<OTHER-INCOME> 0
<EXPENSES-NET> 460,445
<NET-INVESTMENT-INCOME> 5,545,327
<REALIZED-GAINS-CURRENT> (481,536)
<APPREC-INCREASE-CURRENT> (791,174)
<NET-CHANGE-FROM-OPS> 4,272,617
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<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,157,123
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<SHARES-REINVESTED> 311,379
<NET-CHANGE-IN-ASSETS> 16,572,918
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,778,927)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 540,501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 817,486
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<PER-SHARE-NAV-BEGIN> 9.740
<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> (0.150)
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<PER-SHARE-NAV-END> 9.590
<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-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 230,675,060
<INVESTMENTS-AT-VALUE> 250,137,375
<RECEIVABLES> 2,941,757
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<NET-INVESTMENT-INCOME> 3,401,365
<REALIZED-GAINS-CURRENT> 38,737,034
<APPREC-INCREASE-CURRENT> (12,626,510)
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<NET-CHANGE-IN-ASSETS> (5,436,365)
<ACCUMULATED-NII-PRIOR> 339,963
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<GROSS-ADVISORY-FEES> 2,003,427
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<GROSS-EXPENSE> 2,593,179
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<PER-SHARE-NII> 0.160
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Marshall Funds, Inc.
Marshall Equity Income Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 154,806,094
<INVESTMENTS-AT-VALUE> 174,280,593
<RECEIVABLES> 1,008,062
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<PAID-IN-CAPITAL-COMMON> 141,966,845
<SHARES-COMMON-STOCK> 13,338,229
<SHARES-COMMON-PRIOR> 9,585,200
<ACCUMULATED-NII-CURRENT> 567,336
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<DIVIDEND-INCOME> 4,565,441
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<SHARES-REINVESTED> 238,663
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<GROSS-EXPENSE> 1,442,343
<AVERAGE-NET-ASSETS> 145,812,864
<PER-SHARE-NAV-BEGIN> 11.220
<PER-SHARE-NII> 0.340
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<PER-SHARE-DISTRIBUTIONS> 0.210
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<PER-SHARE-NAV-END> 13.000
<EXPENSE-RATIO> 0.98
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> Marshall Funds
Marshall Mid-Cap Stock Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 168,833,577
<INVESTMENTS-AT-VALUE> 168,833,577
<RECEIVABLES> 951,753
<ASSETS-OTHER> 6,226,157
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 176,011,487
<PAYABLE-FOR-SECURITIES> 1,262,463
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<SHARES-COMMON-PRIOR> 8,804,452
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<DIVIDEND-INCOME> 263,071
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<EXPENSES-NET> 1,237,749
<NET-INVESTMENT-INCOME> (577,882)
<REALIZED-GAINS-CURRENT> 16,484,304
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 1,237,749
<AVERAGE-NET-ASSETS> 123,005,632
<PER-SHARE-NAV-BEGIN> 12.300
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> 2.230
<PER-SHARE-DIVIDEND> 0.000
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<PER-SHARE-NAV-END> 13.560
<EXPENSE-RATIO> 1.01
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Marshall Funds, Inc.
Marshall Value Equity Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 247,737,826
<INVESTMENTS-AT-VALUE> 247,737,826
<RECEIVABLES> 2,826,043
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<OTHER-ITEMS-ASSETS> 0
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<TOTAL-LIABILITIES> 55,535,755
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<PAID-IN-CAPITAL-COMMON> 166,006,103
<SHARES-COMMON-STOCK> 16,286,159
<SHARES-COMMON-PRIOR> 18,243,540
<ACCUMULATED-NII-CURRENT> 678,885
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 25,537,217
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,843,435
<NET-ASSETS> 195,065,640
<DIVIDEND-INCOME> 4,073,755
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<NUMBER-OF-SHARES-SOLD> 3,603,620
<NUMBER-OF-SHARES-REDEEMED> 6,491,712
<SHARES-REINVESTED> 930,711
<NET-CHANGE-IN-ASSETS> 25,370,388
<ACCUMULATED-NII-PRIOR> 739,809
<ACCUMULATED-GAINS-PRIOR> 13,144,196
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,034,410
<AVERAGE-NET-ASSETS> 207,349,098
<PER-SHARE-NAV-BEGIN> 12.080
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 0.780
<PER-SHARE-DIVIDEND> 0.210
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.980
<EXPENSE-RATIO> 0.98
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Marshall Funds, Inc.
Marshall Intermediate Tax-Free Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 68,634,066
<INVESTMENTS-AT-VALUE> 68,634,066
<RECEIVABLES> 810,821
<ASSETS-OTHER> 12,354
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 69,457,241
<PAYABLE-FOR-SECURITIES> 3,099,835
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<TOTAL-LIABILITIES> 3,529,990
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<PAID-IN-CAPITAL-COMMON> 66,183,254
<SHARES-COMMON-STOCK> 6,704,131
<SHARES-COMMON-PRIOR> 4,646,887
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (501,997)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 245,994
<NET-ASSETS> 65,927,251
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,592,938
<OTHER-INCOME> 0
<EXPENSES-NET> 317,149
<NET-INVESTMENT-INCOME> 2,275,789
<REALIZED-GAINS-CURRENT> 148,532
<APPREC-INCREASE-CURRENT> (698,763)
<NET-CHANGE-FROM-OPS> 1,725,558
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,275,789
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,848,116
<NUMBER-OF-SHARES-REDEEMED> 816,031
<SHARES-REINVESTED> 25,159
<NET-CHANGE-IN-ASSETS> 19,876,442
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (650,529)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 314,337
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 513,162
<AVERAGE-NET-ASSETS> 52,756,726
<PER-SHARE-NAV-BEGIN> 9.910
<PER-SHARE-NII> 0.430
<PER-SHARE-GAIN-APPREC> (0.080)
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<PER-SHARE-NAV-END> 9.830
<EXPENSE-RATIO> 0.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Marshall Funds, Inc.
Marshall Short-Term Tax-Free Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-30-1996
<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> 2,130,667
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 944,198
<OTHER-INCOME> 0
<EXPENSES-NET> 107,231
<NET-INVESTMENT-INCOME> 836,967
<REALIZED-GAINS-CURRENT> 112,394
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 949,361
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 836,966
<DISTRIBUTIONS-OF-GAINS> 40,465
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,037,733
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<SHARES-REINVESTED> 24,758
<NET-CHANGE-IN-ASSETS> 71,930
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (10,972)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 105,180
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 257,493
<AVERAGE-NET-ASSETS> 20,118,485
<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.390
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> 0.390
<PER-SHARE-DISTRIBUTIONS> 0.340
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.660
<EXPENSE-RATIO> 0.53
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Marshall Funds
Marshall International Stock Fund
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Aug-31-1996
<INVESTMENTS-AT-COST> 143,637,173
<INVESTMENTS-AT-VALUE> 143,637,173
<RECEIVABLES> 845,742
<ASSETS-OTHER> 160,658
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 144,643,573
<PAYABLE-FOR-SECURITIES> 356,523
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 504,019
<TOTAL-LIABILITIES> 860,542
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 129,170,134
<SHARES-COMMON-STOCK> 12,979,131
<SHARES-COMMON-PRIOR> 9,257,933
<ACCUMULATED-NII-CURRENT> 2,995,403
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,276,516
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 10,340,978
<NET-ASSETS> 143,783,031
<DIVIDEND-INCOME> 3,629,460
<INTEREST-INCOME> 993,464
<OTHER-INCOME> 0
<EXPENSES-NET> 1,586,334
<NET-INVESTMENT-INCOME> 3,036,590
<REALIZED-GAINS-CURRENT> 1,946,210
<APPREC-INCREASE-CURRENT> 7,673,848
<NET-CHANGE-FROM-OPS> 12,656,648
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,228,753
<DISTRIBUTIONS-OF-GAINS> 281,633
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,874,333
<NUMBER-OF-SHARES-REDEEMED> 2,273,523
<SHARES-REINVESTED> 120,388
<NET-CHANGE-IN-ASSETS> 49,735,477
<ACCUMULATED-NII-PRIOR> 1,777,487
<ACCUMULATED-GAINS-PRIOR> (598,495)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 1,179,310
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,586,334
<AVERAGE-NET-ASSETS> 117,743,940
<PER-SHARE-NAV-BEGIN> 10.160
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 0.960
<PER-SHARE-DIVIDEND> 0.220
<PER-SHARE-DISTRIBUTIONS> 0.030
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.080
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
