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Previous: MARSHALL FUNDS INC, 24F-2NT, 1996-10-15 |
Next: FIRESTONE RETAIL CREDIT CORP, S-1/A, 1996-10-15 |
1933 Act File No. 33-48907
1940 Act File No. 811-7047
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 x
Pre-Effective Amendment No. ..............
Post-Effective Amendment No. 18 ............ x
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. ............................
Marshall Funds, Inc.
(Exact Name of Registrant as Specified in Charter)
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
John W. McGonigle, Esquire
Federated Investors Tower
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
It is proposed that this filing will become effective:
x immediately upon filing pursuant to paragraph (b)
on pursuant to paragraph (b)
-----------------
60 days after filing pursuant to paragraph (a)
on pursuant to paragraph (a) of Rule 485.
If appropriate, check the following box:
This post-effective amendment designates a new effective date for a
- --
previously filed post-effective amendment.
Registrant has filed with the Securities and Exchange Commission a
declaration pursuant to Rule 24f-2 under the Investment Company Act of
1940, and:
x filed the Notice required by that Rule on October 15, 1996; or
intends to file the Notice required by that Rule on or about
; or
-----------
during the most recent fiscal year did not sell any securities
pursuant to Rule 24f-2 under the Investment Company Act of 1940, and,
pursuant to Rule 24f-2(b)(2), need not file the Notice.
Copies to:
Matthew G. Maloney, Esquire
Dickstein Shapiro Morin & Oshinsky LLP
2101 L Street, N.W.
Washington, D.C. 20037
CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933
Proposed
Title of Proposed Maximum
Securities Amount Maximum Aggregate Amount of
Being Being Offering Price Offering Registration
Registered Registered Per Unit Price* Fee
Shares 13,360,607 $14.60 $195,064,862 $100.00
of common stock
par value
$.0001
*Registrant has elected to calculate its filing fee in the manner described
in Rule 24e-2 of the Investment Company Act of 1940. The total amount of
securities redeemed during the previous fiscal year was 3,996,857,463. The
total amount of redeemed securities used for reductions pursuant to
paragraph (a) of Rule 24e-2 or paragraph (c) of Rule 24f-2 during the
current year was 3,983,496,856. The amount of redeemed securities being
used for reduction of the registration fee in this Amendment is 13,360,607.
CONTENTS OF AMENDMENT
This Post-Effective Amendment No. 18 to the Registration Statement of
Marshall Funds, Inc. is comprised of the following papers and documents:
1.The facing sheet to register a definite
number of shares of common stock par
value $.0001, of Marshall Funds, Inc.;
2.The legal opinion of counsel for the Registrant, as
to the legality of shares being offered; and as to
the eligibility to become effective pursuant to
Paragraph (b) of Rule 485; and
3.Signature page.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, Marshall Funds, Inc. certifies that it meets all of the
requirements for effectiveness of this Amendment to its Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has
duly caused this Amendment to its Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of
Pittsburgh and Commonwealth of Pennsylvania on the 15th day of October,
1996.
Marshall Funds, Inc.
BY: /s/ C. Todd Gibson
C. Todd Gibson, Assistant Secretary
Attorney in Fact for John F. Donahue
October 15, 1996
Pursuant to the requirements of the Securities Act of 1933, this
Amendment to its Registration Statement has been signed below by the
following person in the capacity and on the date indicated:
NAME TITLE DATE
By: /s/ C. Todd Gibson
C. Todd Gibson Attorney In Fact October 15, 1996
Assistant Secretary For the Persons
Listed Below
NAME TITLE
Edward C. Gonzales* Chairman, Director and
Treasurer
(Principal Financial and
Accounting Officer) October 15, 1996
James F. Duea, II * President October 15, 1996
Ody J. Fish* Director October 15, 1996
John DeVincentis* Director
October 15, 1996
Paul E. Hassett* Director
October 15, 1996
* By Power of Attorney
FEDERATED ADMINISTRATIVE
SERVICES
FEDERATED INVESTORS TOWER
PITTSBURGH, PA 15222-3779
412-288-1900
October 15, 1996
Marshall Funds, Inc.
Federated Investors Tower
Pittsburgh, PA 15222-3779
Gentlemen:
You have requested my opinion in conjunction with the registration by
Marshall Funds, Inc. (the `Corporation'') of an additional 13,360,607 shares of
its common stock pursuant to Post-effective Amendment No. 18 to the
Corporation's registration statement filed with the Securities and Exchange
Commission under the Securities Act of 1933 (File No.33-48907). The subject
Post-effective Amendment will be filed pursuant to Paragraph (b) of Rule 485 and
become effective pursuant to said Rule immediately upon filing.
As counsel I have participated in the preparation and filing of the
Corporation's amended registration statement under the Securities Act of 1933
referred to above. Further, I have examined and am familiar with the
Corporation's Articles of Incorporation dated July 31, 1992 (`Articles of
Incorporation'), its Bylaws and other corporate documents and records deemed
relevant. I have also reviewed questions of law and consulted with counsel
thereon as deemed necessary or appropriate by me for the purpose of this
opinion.
On the basis of the foregoing, it is my opinion that:
1. The Corporation is duly organized and validly existing under the laws
of the State of Maryland.
2. The Corporation is authorized to issue 50,000,000,000 shares of common
stock of a par value of $.0001 per share.
3. The Shares which are currently being registered by the Registration
Statement referred to above may be legally and validly issued from time to time
in accordance with the Articles of Incorporation upon receipt of consideration
sufficient to comply with the Articles of Incorporation and subject to
compliance with the Securities Act of 1933, as amended, the Investment Company
Act of 1940, as amended, and applicable state laws regulating the sale of
securities. Such Shares, when so issued, will be fully paid and non-assessable.
I hereby consent to the filing of this opinion as part of the Corporation's
registration statement referred to above and as a part of any application or
registration statement filed under the securities laws of the States of the
United States.
The foregoing opinion is limited to the Federal laws of the United States
and the laws of the State of Maryland, and I am expressing no opinion as to the
effect of the laws of any other jurisdiction.
Very truly yours,
/s/ C. Todd Gibson
C. Todd Gibson
Fund Attorney
<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
<ASSETS-OTHER> 12,754
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 175,301,409
<PAYABLE-FOR-SECURITIES> 1,539,890
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 359,021
<TOTAL-LIABILITIES> 1,898,911
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 141,966,845
<SHARES-COMMON-STOCK> 13,338,229
<SHARES-COMMON-PRIOR> 9,585,200
<ACCUMULATED-NII-CURRENT> 567,336
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,393,818
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,474,499
<NET-ASSETS> 173,402,498
<DIVIDEND-INCOME> 4,565,441
<INTEREST-INCOME> 1,032,576
<OTHER-INCOME> 0
<EXPENSES-NET> 1,442,343
<NET-INVESTMENT-INCOME> 4,155,674
<REALIZED-GAINS-CURRENT> 13,207,077
<APPREC-INCREASE-CURRENT> 8,421,937
<NET-CHANGE-FROM-OPS> 25,784,688
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,048,209
<DISTRIBUTIONS-OF-GAINS> 2,218,321
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,255,226
<NUMBER-OF-SHARES-REDEEMED> 2,740,860
<SHARES-REINVESTED> 238,663
<NET-CHANGE-IN-ASSETS> 65,903,820
<ACCUMULATED-NII-PRIOR> 459,871
<ACCUMULATED-GAINS-PRIOR> 405,062
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,101,454
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,442,343
<AVERAGE-NET-ASSETS> 145,812,864
<PER-SHARE-NAV-BEGIN> 11.220
<PER-SHARE-NII> 0.340
<PER-SHARE-GAIN-APPREC> 2.000
<PER-SHARE-DIVIDEND> 0.350
<PER-SHARE-DISTRIBUTIONS> 0.210
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.000
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<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> 152,935,781
<INVESTMENTS-AT-VALUE> 150,113,548
<RECEIVABLES> 10,397,339
<ASSETS-OTHER> 11,981
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 160,522,868
<PAYABLE-FOR-SECURITIES> 13,433,376
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,631,637
<TOTAL-LIABILITIES> 22,065,013
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 144,225,560
<SHARES-COMMON-STOCK> 14,933,942
<SHARES-COMMON-PRIOR> 10,908,777
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,945,472)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,822,233)
<NET-ASSETS> 138,457,855
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,223,208
<OTHER-INCOME> 0
<EXPENSES-NET> 1,077,498
<NET-INVESTMENT-INCOME> 8,145,710
<REALIZED-GAINS-CURRENT> (620,860)
<APPREC-INCREASE-CURRENT> (3,330,343)
<NET-CHANGE-FROM-OPS> 4,194,507
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,145,710
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,753,556
<NUMBER-OF-SHARES-REDEEMED> 2,222,851
<SHARES-REINVESTED> 494,460
<NET-CHANGE-IN-ASSETS> 138,457,855
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 85,682
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 938,027
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,320,914
<AVERAGE-NET-ASSETS> 124,129,924
<PER-SHARE-NAV-BEGIN> 9.510
<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> (0.240)
<PER-SHARE-DIVIDEND> 0.620
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.270
<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
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
<ASSETS-OTHER> 26,211
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 590,836,128
<PAYABLE-FOR-SECURITIES> 11,985,711
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 175,193,691
<TOTAL-LIABILITIES> 187,179,402
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 433,018,726
<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
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 23,026,563
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<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
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.260
<EXPENSE-RATIO> 0.72
<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> 133,301,606
<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
<OVERDIST-NET-GAINS-PRIOR> 0
<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>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<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> 68,388,072
<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
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 430,155
<TOTAL-LIABILITIES> 3,529,990
<SENIOR-EQUITY> 0
<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)
<PER-SHARE-DIVIDEND> 0.430
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<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> 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> 153,426,979
<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
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,513,137
<TOTAL-LIABILITIES> 32,775,600
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 109,679,636
<SHARES-COMMON-STOCK> 10,564,924
<SHARES-COMMON-PRIOR> 8,804,452
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,155,155
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,401,096
<NET-ASSETS> 143,235,887
<DIVIDEND-INCOME> 263,071
<INTEREST-INCOME> 396,796
<OTHER-INCOME> 0
<EXPENSES-NET> 1,237,749
<NET-INVESTMENT-INCOME> (577,882)
<REALIZED-GAINS-CURRENT> 16,484,304
<APPREC-INCREASE-CURRENT> 3,869,291
<NET-CHANGE-FROM-OPS> 19,775,713
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 8,032,341
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,934,068
<NUMBER-OF-SHARES-REDEEMED> 3,579,779
<SHARES-REINVESTED> 406,183
<NET-CHANGE-IN-ASSETS> 34,979,822
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4,281,074
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 917,068
<INTEREST-EXPENSE> 0
<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
<PER-SHARE-DISTRIBUTIONS> 0.920
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.560
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</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
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,039,659,411
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<OTHER-INCOME> 0
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</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
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<SHARES-COMMON-PRIOR> 30,330,633
<ACCUMULATED-NII-CURRENT> 0
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<NET-ASSETS> 84,711,104
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 4,807,164
<NET-INVESTMENT-INCOME> 59,009,479
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<EQUALIZATION> 0
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<SHARES-REINVESTED> 3,430,075
<NET-CHANGE-IN-ASSETS> (34,582,954)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,737,911
<AVERAGE-NET-ASSETS> 1,121,214,395
<PER-SHARE-NAV-BEGIN> 1.000
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<PER-SHARE-NAV-END> 1.000
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</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
<ASSETS-OTHER> 25,091
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 253,104,223
<PAYABLE-FOR-SECURITIES> 647,189
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 873,960
<TOTAL-LIABILITIES> 1,521,149
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,686,251
<SHARES-COMMON-STOCK> 20,696,816
<SHARES-COMMON-PRIOR> 22,080,353
<ACCUMULATED-NII-CURRENT> 486,968
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 34,947,540
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19,462,315
<NET-ASSETS> 251,583,074
<DIVIDEND-INCOME> 5,399,747
<INTEREST-INCOME> 594,797
<OTHER-INCOME> 0
<EXPENSES-NET> 2,593,179
<NET-INVESTMENT-INCOME> 3,401,365
<REALIZED-GAINS-CURRENT> 38,737,034
<APPREC-INCREASE-CURRENT> (12,626,510)
<NET-CHANGE-FROM-OPS> 29,511,889
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<DISTRIBUTIONS-OF-GAINS> 14,368,059
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,298,980
<NUMBER-OF-SHARES-REDEEMED> 6,826,659
<SHARES-REINVESTED> 1,144,142
<NET-CHANGE-IN-ASSETS> (5,436,365)
<ACCUMULATED-NII-PRIOR> 339,963
<ACCUMULATED-GAINS-PRIOR> 10,578,565
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,003,427
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,593,179
<AVERAGE-NET-ASSETS> 265,774,940
<PER-SHARE-NAV-BEGIN> 11.640
<PER-SHARE-NII> 0.160
<PER-SHARE-GAIN-APPREC> 1.170
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 0.660
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.160
<EXPENSE-RATIO> 0.97
<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
<SENIOR-LONG-TERM-DEBT> 0
<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
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,545,327
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,157,123
<NUMBER-OF-SHARES-REDEEMED> 5,605,778
<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
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 540,501
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 817,486
<AVERAGE-NET-ASSETS> 89,117,199
<PER-SHARE-NAV-BEGIN> 9.740
<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> (0.150)
<PER-SHARE-DIVIDEND> 0.620
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.590
<EXPENSE-RATIO> 0.51
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <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> 244,894,391
<INVESTMENTS-AT-VALUE> 247,737,826
<RECEIVABLES> 2,826,043
<ASSETS-OTHER> 37,526
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 250,601,395
<PAYABLE-FOR-SECURITIES> 1,596,635
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53,939,120
<TOTAL-LIABILITIES> 55,535,755
<SENIOR-EQUITY> 0
<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
<INTEREST-INCOME> 1,446,601
<OTHER-INCOME> 0
<EXPENSES-NET> 2,034,410
<NET-INVESTMENT-INCOME> 3,485,946
<REALIZED-GAINS-CURRENT> 27,219,156
<APPREC-INCREASE-CURRENT> (13,487,233)
<NET-CHANGE-FROM-OPS> 17,217,869
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,546,870
<DISTRIBUTIONS-OF-GAINS> 14,826,135
<DISTRIBUTIONS-OTHER> 0
<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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<GROSS-ADVISORY-FEES> 1,556,051
<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
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<PER-SHARE-DIVIDEND> 0.210
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<PER-SHARE-NAV-END> 11.980
<EXPENSE-RATIO> 0.98
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
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