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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 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
<PAGE> PAGE 41
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
071 A001000 62917
071 B001000 90919
071 C001000 189240
071 D001000 33
072 A001000 6
072 B001000 667
072 C001000 2037
072 D001000 0
072 E001000 0
072 F001000 798
072 G001000 95
072 H001000 0
072 I001000 10
072 J001000 21
072 K001000 0
072 L001000 11
072 M001000 2
072 N001000 19
072 O001000 6
072 P001000 0
072 Q001000 29
072 R001000 5
072 S001000 2
072 T001000 21
072 U001000 0
072 V001000 0
072 W001000 8
072 X001000 1027
072 Y001000 0
072 Z001000 1677
072AA001000 18494
072BB001000 4634
072CC011000 1594
072CC021000 0
072DD011000 1871
072DD021000 0
<PAGE> PAGE 42
072EE001000 14826
073 A011000 0.1100
073 A021000 0.0000
073 B001000 0.8800
073 C001000 0.0000
074 A001000 0
074 B001000 18125
074 C001000 44455
074 D001000 0
074 E001000 0
074 F001000 185073
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 3981
074 K001000 0
074 L001000 434
074 M001000 46
074 N001000 252114
074 O001000 0
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 44606
074 S001000 0
074 T001000 207508
074 U011000 17169
074 U021000 0
074 V011000 12.09
074 V021000 0.00
074 W001000 0.0000
074 X001000 316
074 Y001000 0
075 A001000 0
075 B001000 214332
076 001000 0.00
008 A001101 M & I INVESTMENT MANAGEMENT CORP.
008 B001101 A
008 C001101 801-0000
008 D011101 MILWAUKEE
008 D021101 WI
008 D031101 53202
015 A001101 MARSHALL & ILSLEY TRUST COMPANY
015 B001101 C
015 C011101 MILWAUKEE
015 C021101 WI
015 C031101 53202
015 E011101 X
024 001100 N
<PAGE> PAGE 43
025 D001101 0
025 D001102 0
025 D001103 0
025 D001104 0
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 751
028 A021100 0
028 A031100 0
028 A041100 125
028 B011100 1505
028 B021100 20
028 B031100 0
028 B041100 382
028 C011100 2253
028 C021100 20
028 C031100 0
028 C041100 241
028 D011100 690
028 D021100 20
028 D031100 0
028 D041100 965
028 E011100 2116
028 E021100 21
028 E031100 0
028 E041100 1999
028 F011100 2204
028 F021100 21
028 F031100 0
028 F041100 163
028 G011100 9519
028 G021100 102
028 G031100 0
028 G041100 3875
028 H001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 N
042 A001100 0
042 B001100 0
042 C001100 0
042 D001100 0
042 E001100 0
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 0
044 001100 0
<PAGE> PAGE 44
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.600
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
048 E011100 0
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
055 A001100 Y
055 B001100 N
056 001100 Y
057 001100 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
062 L001100 2.5
062 M001100 0.0
062 N001100 0.0
<PAGE> PAGE 45
062 O001100 100.4
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 7.2
064 A001100 Y
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
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
071 A001100 19836
071 B001100 13860
<PAGE> PAGE 46
071 C001100 48496
071 D001100 29
072 A001100 6
072 B001100 1196
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 146
072 G001100 25
072 H001100 0
072 I001100 13
072 J001100 5
072 K001100 0
072 L001100 6
072 M001100 1
072 N001100 6
072 O001100 1
072 P001100 0
072 Q001100 24
072 R001100 6
072 S001100 2
072 T001100 5
072 U001100 0
072 V001100 0
072 W001100 4
072 X001100 244
072 Y001100 96
072 Z001100 1048
072AA001100 202
072BB001100 4
072CC011100 311
072CC021100 0
072DD011100 1048
072DD021100 0
072EE001100 0
073 A011100 0.2100
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 1326
074 D001100 52495
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 695
<PAGE> PAGE 47
074 M001100 15
074 N001100 54531
074 O001100 0
074 P001100 175
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 2050
074 S001100 0
074 T001100 52306
074 U011100 5221
074 U021100 0
074 V011100 10.02
074 V021100 0.00
074 W001100 0.0000
074 X001100 20
074 Y001100 0
075 A001100 0
075 B001100 49245
076 001100 0.00
008 A001201 M & I INVESTMENT MANAGEMENT CORP.
008 B001201 A
008 C001201 801-0000
008 D011201 MILWAUKEE
008 D021201 WI
008 D031201 53202
015 A001201 MARSHALL & ILSLEY TRUST COMPANY
015 B001201 C
015 C011201 MILWAUKEE
015 C021201 WI
015 C031201 53202
015 E011201 X
024 001200 N
025 D001201 0
025 D001202 0
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 735
028 A021200 31
028 A031200 0
028 A041200 165
028 B011200 74
028 B021200 33
028 B031200 0
028 B041200 509
028 C011200 458
<PAGE> PAGE 48
028 C021200 31
028 C031200 0
028 C041200 1422
028 D011200 280
028 D021200 32
028 D031200 0
028 D041200 284
028 E011200 547
028 E021200 33
028 E031200 0
028 E041200 500
028 F011200 3993
028 F021200 0
028 F031200 0
028 F041200 459
028 G011200 6087
028 G021200 160
028 G031200 0
028 G041200 3339
028 H001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 N
042 A001200 0
042 B001200 0
042 C001200 0
042 D001200 0
042 E001200 0
042 F001200 0
042 G001200 0
042 H001200 0
043 001200 0
044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
048 001200 0.500
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
<PAGE> PAGE 49
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
055 A001200 N
055 B001200 N
056 001200 Y
057 001200 N
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 0.0
062 E001200 99.5
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 8.7
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 4.3
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
<PAGE> PAGE 50
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
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 10068
071 B001200 6060
071 C001200 20962
071 D001200 29
072 A001200 6
072 B001200 489
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 54
072 G001200 25
072 H001200 0
072 I001200 10
072 J001200 2
072 K001200 0
072 L001200 3
072 M001200 2
072 N001200 5
072 O001200 0
<PAGE> PAGE 51
072 P001200 0
072 Q001200 18
072 R001200 4
072 S001200 1
072 T001200 2
072 U001200 0
072 V001200 0
072 W001200 3
072 X001200 129
072 Y001200 74
072 Z001200 434
072AA001200 16
072BB001200 1
072CC011200 23
072CC021200 0
072DD011200 434
072DD021200 0
072EE001200 0
073 A011200 0.2000
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 0
074 B001200 0
074 C001200 26363
074 D001200 0
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 1006
074 K001200 0
074 L001200 294
074 M001200 12
074 N001200 27675
074 O001200 0
074 P001200 63
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 3243
074 S001200 0
074 T001200 24369
074 U011200 2418
074 U021200 0
074 V011200 10.08
074 V021200 0.00
074 W001200 0.0000
074 X001200 19
<PAGE> PAGE 52
074 Y001200 0
075 A001200 0
075 B001200 21692
076 001200 0.00
008 A001301 M & I INVESTMENT MANAGEMENT CORP.
008 B001301 A
008 C001301 801-0000
008 D011301 MILWAUKEE
008 D021301 WI
008 D031301 53202
008 A001302 TEMPLETON INVESTMENT COUNSEL, INC.
008 B001302 S
008 C001302 801-0000
008 D011302 FT. LAUDERDALE
008 D021302 FL
008 D031302 33394
008 D041302 3091
015 A001301 MARSHALL & ILSLEY TRUST COMPANY
015 B001301 C
015 C011301 MILWAUKEE
015 C021301 WI
015 C031301 53202
015 E011301 X
015 A001302 BANKERS TRUST CO.
015 B001302 S
015 C011302 NEW YORK
015 C021302 NY
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 CHEMICAL BANK & TRUST CO.
015 B001304 S
015 C011304 NEW YORK
015 C021304 NY
015 C031304 10006
015 E011304 X
015 A001305 MORGAN GUARANTY BANK & TRUST CO.
015 B001305 S
015 C011305 NEW YORK
015 C021305 NY
015 C031305 10015
015 E011305 X
015 A001306 NATIONSBANC CAPITAL MARKETS, INC.
015 B001306 S
015 C011306 RICHMOND
015 C021306 VA
<PAGE> PAGE 53
015 C031306 23261
015 E011306 X
015 A001307 NATIONSBANK OF NORTH CAROLINA
015 B001307 S
015 C011307 CHARLOTTE
015 C021307 NC
015 C031307 28255
015 E011307 X
015 A001308 PNC BANK, NA
015 B001308 S
015 C011308 PITTSBURGH
015 C021308 PA
015 C031308 15265
015 E011308 X
015 A001309 CITIBANK N.A.
015 B001309 S
015 C011309 BUENOS AIRES
015 D011309 ARGENTINA
015 E041309 X
015 A001310 WESTPAC CUSTODIAN NOMINEE LTD
015 B001310 S
015 C011310 SIDNEY
015 D011310 AUSTRALIA
015 D021310 2000
015 E041310 X
015 A001311 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
015 B001311 S
015 C011311 VIENNA
015 D011311 AUSTRIA
015 E041311 X
015 A001312 GENERALE DE BANQUE
015 B001312 S
015 C011312 BRUSSELS
015 D011312 BELGIUM
015 E041312 X
015 A001313 CANADA TRUST COMPANY
015 B001313 S
015 C011313 TORONTO, ONTARIO
015 D011313 CANANDA
015 D021313 M5J 2T2
015 E041313 X
015 A001314 HONGKONG & SHANGHAI BANKING CORP. LTD
015 B001314 S
015 C011314 SHANGHAI
015 D011314 CHINA
015 E041314 X
015 A001315 HONGKONG & SHANGHAI BANKING CORP. LTD
015 B001315 S
015 C011315 SHENZHEN
015 D011315 CHINA
015 E041315 X
<PAGE> PAGE 54
015 A001316 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B001316 S
015 C011316 PRAGUE
015 D011316 CZECH REPUBLIC
015 E041316 X
015 A001317 DEN DANSKE BANK
015 B001317 S
015 C011317 DK-1092 COPENHAGEN
015 D011317 DENMARK
015 E041317 X
015 A001318 KANSALLIS-OSAKE-PANKKI
015 B001318 S
015 C011318 00500 HELSINKI
015 D011318 FINLAND
015 E041318 X
015 A001319 BANQUE PARIBAS
015 B001319 S
015 C011319 75078 PARIS
015 D011319 FRANCE
015 E041319 X
015 A001320 BERLINER HANDES-UND FRANKFURTER BANK
015 B001320 S
015 C011320 D-6000 FRANKFURT AM
015 D011320 GERMANY
015 E041320 X
015 A001321 NATIONAL BANK OF GREECE
015 B001321 S
015 C011321 105 59 ATHENS
015 D011321 GREECE
015 E041321 X
015 A001322 STANDARD CHARTERED BANK
015 B001322 S
015 C011322 HONGKONG
015 D011322 HONGKONG
015 E041322 X
015 A001323 CITIBANK BUDAPEST RT.
015 B001323 S
015 C011323 BUDAPEST
015 D011323 HUNGARY
015 E041323 X
015 A001324 STANDARD CHARTERED EQUITOR GROUP
015 B001324 S
015 C011324 JAKARTA
015 D011324 INDONESIA
015 D021324 10220
015 E041324 X
015 A001325 BANK OF IRELAND
015 B001325 S
015 C011325 DUBLIN 1
015 D011325 IRELAND
015 E041325 X
<PAGE> PAGE 55
015 A001326 MORGAN GUARANTY TRUST CO. OF NY
015 B001326 S
015 C011326 20121 MILANO
015 D011326 ITALY
015 E041326 X
015 A001327 SUMITOMO TRUST & BANK CO., LTD.
015 B001327 S
015 C011327 TOKYO
015 D011327 JAPAN
015 E041327 X
015 A001328 STANDARD CHARTERED BANK MALAYSIA
015 B001328 S
015 C011328 50450 KUALA LUMPUR
015 D011328 MALAYSIA
015 E041328 X
015 A001329 CITIBANK N.A.
015 B001329 S
015 C011329 MEXICO CITY
015 D011329 MEXICO
015 D021329 D.F. 06695
015 E041329 X
015 A001330 MEES PIERSON N.V.
015 B001330 S
015 C011330 1000 AG AMSTERDAM
015 D011330 NETHERLANDS
015 E041330 X
015 A001331 ANZ NOMINEES LTD.
015 B001331 S
015 C011331 WELLINGTON
015 D011331 NEW ZEALAND
015 E041331 X
015 A001332 CHRISTIANIA BANK OF KREDITKASSE
015 B001332 S
015 C011332 0368 OSLO 3
015 D011332 NORWAY
015 E041332 X
015 A001333 STANDARD CHARTERED BANK
015 B001333 S
015 C011333 MAKATI, METRO MANILL
015 D011333 THE PHILLIPPINES
015 E041333 X
015 A001334 CITIBANK, (POLAND) S.A.
015 B001334 S
015 C011334 WARSAW
015 D011334 POLAND
015 D021334 00-082
015 E041334 X
015 A001335 BANCO COMMERCIAL PORTUGUES
015 B001335 S
015 C011335 LISBON
015 D011335 PORTUGAL
<PAGE> PAGE 56
015 D021335 1000
015 E041335 X
015 A001336 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001336 S
015 C011336 JOHANNESBURG
015 D011336 SOUTH AFRICA
015 E041336 X
015 A001337 DEVELOPMENT BANK OF SINGAPORE
015 B001337 S
015 C011337 SINGAPORE
015 D011337 SINGAPORE
015 D021337 0104
015 E041337 X
015 A001338 BANCO SANTANDER
015 B001338 S
015 C011338 28022 MADRID
015 D011338 SPAIN
015 E041338 X
015 A001339 SKANDINAVISKA ENSKILDA BANKEN
015 B001339 S
015 C011339 S-10640 STOCKHOLM
015 D011339 SWEDEN
015 E041339 X
015 A001340 UNION BANK OF SWITZERLAND
015 B001340 S
015 C011340 8021 ZURICH
015 D011340 SWITZERLAND
015 E041340 X
015 A001341 STANDARD CHARTERED BANK
015 B001341 S
015 C011341 BANGKOK
015 D011341 THAILAND
015 D021341 10500
015 E041341 X
015 A001342 CITIBANK, N.A.
015 B001342 S
015 C011342 ISTANBUL
015 D011342 TURKEY
015 E041342 X
015 A001343 STATE STREET BANK & TRUST COMPANY
015 B001343 S
015 C011343 LONDON, ENGLAND
015 D011343 UNITED KINGDOM
015 D021343 E14 5AF
015 E041343 X
024 001300 Y
025 A001301 PIV INVESTMENT FINANCE, CONV.
025 C001301 D
025 D001301 1558
025 D001302 0
025 D001303 0
<PAGE> PAGE 57
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 2812
028 A021300 0
028 A031300 0
028 A041300 311
028 B011300 3102
028 B021300 0
028 B031300 0
028 B041300 2918
028 C011300 7185
028 C021300 0
028 C031300 0
028 C041300 1796
028 D011300 2957
028 D021300 1224
028 D031300 0
028 D041300 1869
028 E011300 6739
028 E021300 0
028 E031300 0
028 E041300 1403
028 F011300 5909
028 F021300 0
028 F031300 0
028 F041300 1092
028 G011300 28704
028 G021300 1224
028 G031300 0
028 G041300 9389
028 H001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 Y
041 001300 N
042 A001300 0
042 B001300 0
042 C001300 0
042 D001300 0
042 E001300 0
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 0
044 001300 0
045 001300 Y
046 001300 N
<PAGE> PAGE 58
047 001300 Y
048 001300 1.000
048 A011300 0
048 A021300 0.000
048 B011300 0
048 B021300 0.000
048 C011300 0
048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
049 001300 N
050 001300 N
051 001300 N
052 001300 N
053 A001300 N
055 A001300 N
055 B001300 N
056 001300 Y
057 001300 N
062 A001300 N
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
062 P001300 0.0
062 Q001300 0.0
062 R001300 0.0
<PAGE> PAGE 59
063 A001300 0
063 B001300 0.0
066 A001300 Y
066 B001300 N
066 C001300 N
066 D001300 Y
066 E001300 N
066 F001300 N
066 G001300 N
067 001300 N
068 A001300 N
068 B001300 Y
069 001300 N
070 A011300 Y
070 A021300 N
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
070 F021300 N
070 G011300 Y
070 G021300 N
070 H011300 Y
070 H021300 N
070 I011300 N
070 I021300 N
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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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> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 172,819,352
<INVESTMENTS-AT-VALUE> 172,655,117
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Marshall Funds, Inc.
Marshall Intermediate Bond Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 522,004,150
<INVESTMENTS-AT-VALUE> 522,485,390
<RECEIVABLES> 4,181,327
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<SHARES-COMMON-PRIOR> 36,198,112
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<ACCUMULATED-NET-GAINS> (16,847,599)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 374,914,545
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12,432,049
<OTHER-INCOME> 0
<EXPENSES-NET> 1,279,044
<NET-INVESTMENT-INCOME> 11,153,005
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<NUMBER-OF-SHARES-SOLD> 7,262,805
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<SHARES-REINVESTED> 599,913
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 1,067,954
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<GROSS-EXPENSE> 1,439,237
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<PER-SHARE-NAV-BEGIN> 9.510
<PER-SHARE-NII> 0.300
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> Marshall Funds, Inc.
Marshall Money Market Fund
Class A Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 1,173,916,894
<INVESTMENTS-AT-VALUE> 1,173,916,894
<RECEIVABLES> 8,605,683
<ASSETS-OTHER> 289,865
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,182,812,442
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,016,854
<TOTAL-LIABILITIES> 30,016,854
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<SHARES-COMMON-STOCK> 1,062,126,209
<SHARES-COMMON-PRIOR> 1,128,622,836
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<NET-ASSETS> 1,062,126,209
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 32,424,337
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<EXPENSES-NET> 2,360,682
<NET-INVESTMENT-INCOME> 30,063,655
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<NUMBER-OF-SHARES-SOLD> 1,528,253,052
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<SHARES-REINVESTED> 4,698,498
<NET-CHANGE-IN-ASSETS> (6,157,881)
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 3,808,609
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<EXPENSE-RATIO> 0.41
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Marshall Funds, Inc.
Marshall Money Market Fund
Class B Shares
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 1,173,916,894
<INVESTMENTS-AT-VALUE> 1,173,916,894
<RECEIVABLES> 8,605,683
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<NET-ASSETS> 90,669,379
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<NET-CHANGE-IN-ASSETS> (6,157,881)
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Marshall Funds, Inc.
Marshall Short-Term Income Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 84,927,197
<INVESTMENTS-AT-VALUE> 84,818,707
<RECEIVABLES> 560,833
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<TOTAL-ASSETS> 85,389,748
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<TOTAL-LIABILITIES> 422,053
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<PAID-IN-CAPITAL-COMMON> 87,689,247
<SHARES-COMMON-STOCK> 8,721,190
<SHARES-COMMON-PRIOR> 8,654,058
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (2,613,062)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (108,490)
<NET-ASSETS> 84,967,695
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,977,755
<OTHER-INCOME> 0
<EXPENSES-NET> 214,518
<NET-INVESTMENT-INCOME> 2,763,237
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<APPREC-INCREASE-CURRENT> (252,256)
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<SHARES-REINVESTED> 134,020
<NET-CHANGE-IN-ASSETS> 694,529
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,778,927)
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<GROSS-ADVISORY-FEES> 252,166
<INTEREST-EXPENSE> 0
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<PER-SHARE-NAV-BEGIN> 9.740
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Marshall Funds, Inc.
Marshall Stock Fund
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 253,696,716
<INVESTMENTS-AT-VALUE> 276,116,125
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<TOTAL-ASSETS> 276,775,824
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<TOTAL-LIABILITIES> 5,847,183
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<SHARES-COMMON-PRIOR> 22,080,353
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<SHARES-REINVESTED> 1,024,972
<NET-CHANGE-IN-ASSETS> 13,909,202
<ACCUMULATED-NII-PRIOR> 339,963
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<GROSS-ADVISORY-FEES> 1,004,304
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<GROSS-EXPENSE> 1,295,951
<AVERAGE-NET-ASSETS> 268,542,813
<PER-SHARE-NAV-BEGIN> 11.640
<PER-SHARE-NII> 0.070
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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> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 134,053,548
<INVESTMENTS-AT-VALUE> 155,173,123
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<TOTAL-LIABILITIES> 932,487
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<SHARES-COMMON-PRIOR> 9,585,200
<ACCUMULATED-NII-CURRENT> 605,327
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<OVERDISTRIBUTION-GAINS> 0
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<SHARES-REINVESTED> 158,500
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<ACCUMULATED-NII-PRIOR> 459,871
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 643,191
<AVERAGE-NET-ASSETS> 128,582,776
<PER-SHARE-NAV-BEGIN> 11.220
<PER-SHARE-NII> 0.180
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<PER-SHARE-DIVIDEND> 0.170
<PER-SHARE-DISTRIBUTIONS> 0.210
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<PER-SHARE-NAV-END> 12.660
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> Marshall Funds, Inc.
Marshall Mid-Cap Stock Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 105,515,396
<INVESTMENTS-AT-VALUE> 126,266,123
<RECEIVABLES> 2,739,608
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<TOTAL-ASSETS> 129,022,545
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<TOTAL-LIABILITIES> 10,289,484
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<PAID-IN-CAPITAL-COMMON> 94,053,619
<SHARES-COMMON-STOCK> 9,448,261
<SHARES-COMMON-PRIOR> 8,804,452
<ACCUMULATED-NII-CURRENT> (272,353)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,130,170
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 20,821,625
<NET-ASSETS> 118,733,061
<DIVIDEND-INCOME> 118,511
<INTEREST-INCOME> 159,526
<OTHER-INCOME> 0
<EXPENSES-NET> 550,390
<NET-INVESTMENT-INCOME> (272,353)
<REALIZED-GAINS-CURRENT> 7,881,437
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<NUMBER-OF-SHARES-SOLD> 1,988,486
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<SHARES-REINVESTED> 406,184
<NET-CHANGE-IN-ASSETS> 10,476,996
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<PER-SHARE-NII> (0.030)
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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> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 229,728,047
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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> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 52,565,724
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,255,708
<NET-ASSETS> 52,306,268
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> Marshall Funds, Inc.
Marshall Short-Term Tax -Free Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 26,100,355
<INVESTMENTS-AT-VALUE> 26,362,959
<RECEIVABLES> 1,299,680
<ASSETS-OTHER> 12,309
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<TOTAL-ASSETS> 27,674,948
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<OTHER-ITEMS-LIABILITIES> 3,305,502
<TOTAL-LIABILITIES> 3,305,502
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<PAID-IN-CAPITAL-COMMON> 24,163,316
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<SHARES-COMMON-PRIOR> 2,130,667
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (56,474)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 24,369,446
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<NET-CHANGE-IN-ASSETS> 2,947,618
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 128,678
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<PER-SHARE-NAV-BEGIN> 10.050
<PER-SHARE-NII> 0.200
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<PER-SHARE-NAV-END> 10.080
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</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> Marshall Funds, Inc.
Marshall International Stock Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1996
<PERIOD-END> Feb-29-1996
<INVESTMENTS-AT-COST> 111,903,594
<INVESTMENTS-AT-VALUE> 120,451,891
<RECEIVABLES> 540,176
<ASSETS-OTHER> 62,505
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,054,572
<PAYABLE-FOR-SECURITIES> 1,172,820
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 1,446,597
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<PAID-IN-CAPITAL-COMMON> 110,741,201
<SHARES-COMMON-STOCK> 11,251,265
<SHARES-COMMON-PRIOR> 9,257,933
<ACCUMULATED-NII-CURRENT> 51,240
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 273,832
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,541,702
<NET-ASSETS> 119,607,975
<DIVIDEND-INCOME> 740,456
<INTEREST-INCOME> 471,711
<OTHER-INCOME> 0
<EXPENSES-NET> 709,661
<NET-INVESTMENT-INCOME> 502,506
<REALIZED-GAINS-CURRENT> 1,153,960
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<NET-CHANGE-FROM-OPS> 7,531,038
<EQUALIZATION> 0
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<NET-CHANGE-IN-ASSETS> 25,560,421
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<ACCUMULATED-GAINS-PRIOR> (598,495)
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<PER-SHARE-NII> 0.040
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<PER-SHARE-NAV-END> 10.630
<EXPENSE-RATIO> 1.38
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
