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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 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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 14
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<PAGE> PAGE 16
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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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 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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039 001000 N
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<PAGE> PAGE 41
048 I011000 0
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050 001000 N
051 001000 N
052 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
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
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070 D011000 Y
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070 E011000 Y
<PAGE> PAGE 42
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
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070 P011000 Y
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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
008 B001101 A
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<PAGE> PAGE 45
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050 001100 N
051 001100 N
052 001100 N
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<PAGE> PAGE 46
062 A001100 Y
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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
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
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070 J021100 N
070 K011100 Y
070 K021100 Y
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<PAGE> PAGE 47
070 M011100 N
070 M021100 N
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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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008 A001301 M & I INVESTMENT MANAGEMENT CORP.
008 B001301 A
008 C001301 801-000000
008 D011301 MILWAUKEE
008 D021301 WI
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 AND TRUST COMPANY
015 B001301 C
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<PAGE> PAGE 49
015 C021301 MA
015 C031301 02171
015 E031301 X
015 A001302 CITIBANK N.A.
015 B001302 S
015 C011302 CARACAS
015 D011302 VENEZUELA
015 D021302 1010
015 E041302 X
015 A001303 CITIBANK N.A.
015 B001303 S
015 C011303 BUENOS AIRES
015 D011303 ARGENTINA
015 E041303 X
015 A001304 WESTPAC BANKING CORPORATION
015 B001304 S
015 C011304 SYDNEY
015 D011304 AUSTRALIA
015 D021304 2000
015 E041304 X
015 A001305 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
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015 C011305 VIENNA
015 D011305 AUSTRIA
015 E041305 X
015 A001306 GENERALE DE BANQUE
015 B001306 S
015 C011306 BRUSSELS
015 D011306 BELGIUM
015 E041306 X
015 A001307 CANADA TRUST COMPANY
015 B001307 S
015 C011307 TORONTO, ONTARIO
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015 D021307 M5J 2T2
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015 E041308 X
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015 D011310 CHINA
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<PAGE> PAGE 50
015 A001311 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 C011311 BOGOTA
015 D011311 COLOMBIA
015 E041311 X
015 A001312 CESKOSLOVENSKA OBCHODNI BANKA AS
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015 C011312 PRAQUE
015 D011312 CZECH REPUBLIC
015 E041312 X
015 A001313 DEN DANSKE BANK
015 B001313 S
015 C011313 COPENHAGEN
015 D011313 DENMARK
015 E041313 X
015 A001314 MERITA BANK LTD.
015 B001314 S
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015 E041314 X
015 A001315 BANQUE PARIBAS
015 B001315 S
015 C011315 PARIS
015 D011315 FRANCE
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<PAGE> PAGE 51
015 A001321 STANDARD CHARTERED BANK PLC
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015 D011321 INDONESIA
015 D021321 10220
015 E041321 X
015 A001322 BANK OF IRELAND
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015 D011324 JAPAN
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015 A001325 STANDARD CHARTERED BANK MALAYSIA BERHAD
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<PAGE> PAGE 52
015 E041330 X
015 A001331 STANDARD CHARTERED BANK PLC
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015 A001332 STATE STREET BANK AND TRUST COMPANY
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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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<PAGE> PAGE 57
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<PAGE> PAGE 58
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008 D021401 WI
008 D031401 53202
015 A001401 MARSHALL & ILSLEY TRUST COMPANY
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028 F041400 775
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<PAGE> PAGE 59
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040 001400 Y
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042 C001400 0
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
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048 B021400 0.000
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048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
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049 001400 N
050 001400 N
051 001400 N
052 001400 N
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<PAGE> PAGE 60
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062 O001400 0.0
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066 C001400 Y
066 D001400 N
066 E001400 N
066 F001400 N
066 G001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 Y
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070 C011400 Y
070 C021400 N
070 D011400 Y
070 D021400 Y
070 E011400 Y
070 E021400 N
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070 F021400 N
070 G011400 Y
070 G021400 Y
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
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070 M011400 N
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<PAGE> PAGE 61
070 N021400 Y
070 O011400 Y
070 O021400 N
070 P011400 Y
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070 Q021400 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
Marshall Government Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 275,931,775
<INVESTMENTS-AT-VALUE> 277,131,463
<RECEIVABLES> 52,254,776
<ASSETS-OTHER> 1,695
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 329,387,934
<PAYABLE-FOR-SECURITIES> 89,928,109
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35,817,378
<TOTAL-LIABILITIES> 125,745,487
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 205,911,882
<SHARES-COMMON-STOCK> 21,448,639
<SHARES-COMMON-PRIOR> 14,933,942
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,469,123)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,199,688
<NET-ASSETS> 203,642,447
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 13,006,605
<OTHER-INCOME> 0
<EXPENSES-NET> 1,487,820
<NET-INVESTMENT-INCOME> 11,518,785
<REALIZED-GAINS-CURRENT> (523,651)
<APPREC-INCREASE-CURRENT> 4,021,921
<NET-CHANGE-FROM-OPS> 15,017,055
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 11,518,785
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8,834,407
<NUMBER-OF-SHARES-REDEEMED> 2,966,414
<SHARES-REINVESTED> 646,704
<NET-CHANGE-IN-ASSETS> 65,184,592
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,945,472)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,304,960
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,156,478
<AVERAGE-NET-ASSETS> 173,919,855
<PER-SHARE-NAV-BEGIN> 9.270
<PER-SHARE-NII> 0.620
<PER-SHARE-GAIN-APPREC> 0.220
<PER-SHARE-DIVIDEND> 0.620
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.490
<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-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 420,627,108
<INVESTMENTS-AT-VALUE> 422,360,632
<RECEIVABLES> 4,794,832
<ASSETS-OTHER> 2,377
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 427,157,841
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 28,923,554
<TOTAL-LIABILITIES> 28,923,554
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 419,982,656
<SHARES-COMMON-STOCK> 42,202,436
<SHARES-COMMON-PRIOR> 43,581,545
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (23,481,893)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,733,524
<NET-ASSETS> 398,234,287
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 28,028,199
<OTHER-INCOME> 0
<EXPENSES-NET> 2,913,628
<NET-INVESTMENT-INCOME> 25,114,571
<REALIZED-GAINS-CURRENT> (851,277)
<APPREC-INCREASE-CURRENT> 8,464,908
<NET-CHANGE-FROM-OPS> 32,728,202
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 25,114,571
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,675,888
<NUMBER-OF-SHARES-REDEEMED> 13,568,319
<SHARES-REINVESTED> 1,513,322
<NET-CHANGE-IN-ASSETS> (5,422,439)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (22,630,616)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,440,381
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,182,602
<AVERAGE-NET-ASSETS> 405,545,999
<PER-SHARE-NAV-BEGIN> 9.260
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> 0.180
<PER-SHARE-DIVIDEND> 0.580
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.440
<EXPENSE-RATIO> 0.72
<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
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 1,425,502,307
<INVESTMENTS-AT-VALUE> 1,425,502,307
<RECEIVABLES> 556,636
<ASSETS-OTHER> 9,196,226
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,435,255,169
<PAYABLE-FOR-SECURITIES> 49,973,375
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,138,206
<TOTAL-LIABILITIES> 55,111,581
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,380,143,588
<SHARES-COMMON-STOCK> 1,290,658,706
<SHARES-COMMON-PRIOR> 1,039,659,411
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,290,658,706
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 71,720,527
<OTHER-INCOME> 0
<EXPENSES-NET> 5,482,791
<NET-INVESTMENT-INCOME> 66,237,736
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 66,237,736
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 61,191,127
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,774,164,146
<NUMBER-OF-SHARES-REDEEMED> 3,535,320,070
<SHARES-REINVESTED> 12,155,219
<NET-CHANGE-IN-ASSETS> 255,773,073
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,354,005
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,786,873
<AVERAGE-NET-ASSETS> 1,274,121,416
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Marshall Funds
Marshall Money Market Fund
Class B
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 1,425,502,307
<INVESTMENTS-AT-VALUE> 1,425,502,307
<RECEIVABLES> 556,636
<ASSETS-OTHER> 9,196,226
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,435,255,169
<PAYABLE-FOR-SECURITIES> 49,973,375
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,138,206
<TOTAL-LIABILITIES> 55,111,581
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,380,143,588
<SHARES-COMMON-STOCK> 89,484,882
<SHARES-COMMON-PRIOR> 84,711,104
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 89,484,882
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 71,720,527
<OTHER-INCOME> 0
<EXPENSES-NET> 5,482,791
<NET-INVESTMENT-INCOME> 66,237,736
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 66,237,736
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 613,879,666
<NUMBER-OF-SHARES-REDEEMED> 614,103,576
<SHARES-REINVESTED> 4,997,688
<NET-CHANGE-IN-ASSETS> 255,773,073
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,354,005
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 8,786,873
<AVERAGE-NET-ASSETS> 1,274,121,416
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Marshall Funds
Marshall Short-Term Income Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 147,670,700
<INVESTMENTS-AT-VALUE> 148,073,936
<RECEIVABLES> 1,244,403
<ASSETS-OTHER> 1,281
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 149,319,620
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 538,929
<TOTAL-LIABILITIES> 538,929
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 152,070,092
<SHARES-COMMON-STOCK> 15,426,624
<SHARES-COMMON-PRIOR> 10,516,782
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,692,637)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 403,236
<NET-ASSETS> 148,780,691
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,530,492
<OTHER-INCOME> 0
<EXPENSES-NET> 600,310
<NET-INVESTMENT-INCOME> 7,930,182
<REALIZED-GAINS-CURRENT> 183,802
<APPREC-INCREASE-CURRENT> 1,053,138
<NET-CHANGE-FROM-OPS> 8,548,652
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,930,182
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9,291,644
<NUMBER-OF-SHARES-REDEEMED> 4,738,729
<SHARES-REINVESTED> 356,927
<NET-CHANGE-IN-ASSETS> 47,934,607
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,257,969)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 736,245
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,327,909
<AVERAGE-NET-ASSETS> 122,076,916
<PER-SHARE-NAV-BEGIN> 9.590
<PER-SHARE-NII> 0.630
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> 0.620
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.640
<EXPENSE-RATIO> 0.49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Marshall Funds
Marshall Large-Cap Growth & Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 215,001,918
<INVESTMENTS-AT-VALUE> 286,752,481
<RECEIVABLES> 771,422
<ASSETS-OTHER> 2,095
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 287,525,998
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,918,701
<TOTAL-LIABILITIES> 17,918,701
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 178,102,257
<SHARES-COMMON-STOCK> 19,312,289
<SHARES-COMMON-PRIOR> 20,696,816
<ACCUMULATED-NII-CURRENT> 145,154
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,598,049
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 71,761,837
<NET-ASSETS> 269,607,297
<DIVIDEND-INCOME> 4,721,449
<INTEREST-INCOME> 306,326
<OTHER-INCOME> 0
<EXPENSES-NET> 3,071,831
<NET-INVESTMENT-INCOME> 1,955,944
<REALIZED-GAINS-CURRENT> 19,651,838
<APPREC-INCREASE-CURRENT> 52,299,522
<NET-CHANGE-FROM-OPS> 73,907,304
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,297,758
<DISTRIBUTIONS-OF-GAINS> 35,001,329
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,346,734
<NUMBER-OF-SHARES-REDEEMED> 3,074,398
<SHARES-REINVESTED> 598,334
<NET-CHANGE-IN-ASSETS> 18,024,223
<ACCUMULATED-NII-PRIOR> 486,968
<ACCUMULATED-GAINS-PRIOR> 34,947,540
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,877,032
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,071,831
<AVERAGE-NET-ASSETS> 250,212,140
<PER-SHARE-NAV-BEGIN> 12.160
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.120
<PER-SHARE-DISTRIBUTIONS> 1.940
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.960
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 08
<NAME> Marshall Funds
Marshall Equity Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 271,855,946
<INVESTMENTS-AT-VALUE> 330,812,546
<RECEIVABLES> 1,730,866
<ASSETS-OTHER> 6,225
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 332,549,637
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 820,135
<TOTAL-LIABILITIES> 820,135
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 252,222,946
<SHARES-COMMON-STOCK> 21,208,899
<SHARES-COMMON-PRIOR> 13,338,229
<ACCUMULATED-NII-CURRENT> 708,147
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19,841,809
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58,956,600
<NET-ASSETS> 331,729,502
<DIVIDEND-INCOME> 7,324,268
<INTEREST-INCOME> 1,936,551
<OTHER-INCOME> 0
<EXPENSES-NET> 3,200,550
<NET-INVESTMENT-INCOME> 6,060,269
<REALIZED-GAINS-CURRENT> 21,575,654
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 67,118,024
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<DISTRIBUTIONS-OF-INCOME> 5,919,458
<DISTRIBUTIONS-OF-GAINS> 13,127,663
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10,346,734
<NUMBER-OF-SHARES-REDEEMED> 3,074,398
<SHARES-REINVESTED> 598,334
<NET-CHANGE-IN-ASSETS> 158,327,004
<ACCUMULATED-NII-PRIOR> 567,336
<ACCUMULATED-GAINS-PRIOR> 11,393,818
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,964,826
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,200,550
<AVERAGE-NET-ASSETS> 259,560,821
<PER-SHARE-NAV-BEGIN> 13.000
<PER-SHARE-NII> 0.330
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.340
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.640
<EXPENSE-RATIO> 1.22
<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 Growth Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 197,501,055
<INVESTMENTS-AT-VALUE> 227,077,550
<RECEIVABLES> 3,218,523
<ASSETS-OTHER> 170,836
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 230,466,909
<PAYABLE-FOR-SECURITIES> 3,742,420
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,741,035
<TOTAL-LIABILITIES> 33,483,455
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 146,530,183
<SHARES-COMMON-STOCK> 13,289,267
<SHARES-COMMON-PRIOR> 10,564,924
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,919,714
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,533,557
<NET-ASSETS> 196,983,454
<DIVIDEND-INCOME> 646,202
<INTEREST-INCOME> 589,065
<OTHER-INCOME> 0
<EXPENSES-NET> 2,126,860
<NET-INVESTMENT-INCOME> (891,593)
<REALIZED-GAINS-CURRENT> 23,110,175
<APPREC-INCREASE-CURRENT> 8,132,461
<NET-CHANGE-FROM-OPS> 30,351,043
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 13,454,023
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,045,656
<NUMBER-OF-SHARES-REDEEMED> 3,856,291
<SHARES-REINVESTED> 534,978
<NET-CHANGE-IN-ASSETS> 53,747,567
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12,155,155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,288,819
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,126,860
<AVERAGE-NET-ASSETS> 170,474,371
<PER-SHARE-NAV-BEGIN> 13.560
<PER-SHARE-NII> (0.080)
<PER-SHARE-GAIN-APPREC> 2.560
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 1.220
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.820
<EXPENSE-RATIO> 1.24
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 10
<NAME> Marshall Funds
Marshall Mid-Cap Value Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 144,657,558
<INVESTMENTS-AT-VALUE> 165,668,208
<RECEIVABLES> 2,782,751
<ASSETS-OTHER> 19,443
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 168,470,402
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23,326,966
<TOTAL-LIABILITIES> 23,326,966
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 102,911,705
<SHARES-COMMON-STOCK> 11,043,194
<SHARES-COMMON-PRIOR> 16,286,159
<ACCUMULATED-NII-CURRENT> 489,724
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 20,731,357
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21,010,650
<NET-ASSETS> 145,143,436
<DIVIDEND-INCOME> 3,214,291
<INTEREST-INCOME> 827,952
<OTHER-INCOME> 0
<EXPENSES-NET> 2,047,208
<NET-INVESTMENT-INCOME> 1,995,035
<REALIZED-GAINS-CURRENT> 23,476,206
<APPREC-INCREASE-CURRENT> 18,167,215
<NET-CHANGE-FROM-OPS> 43,638,456
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,184,196
<DISTRIBUTIONS-OF-GAINS> 28,282,066
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,321,462
<NUMBER-OF-SHARES-REDEEMED> 9,178,441
<SHARES-REINVESTED> 1,614,014
<NET-CHANGE-IN-ASSETS> 49,922,204
<ACCUMULATED-NII-PRIOR> 678,885
<ACCUMULATED-GAINS-PRIOR> 25,537,217
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,245,668
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,047,208
<AVERAGE-NET-ASSETS> 165,915,383
<PER-SHARE-NAV-BEGIN> 11.980
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> 3.050
<PER-SHARE-DIVIDEND> 0.150
<PER-SHARE-DISTRIBUTIONS> 1.890
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.140
<EXPENSE-RATIO> 1.23
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> Marshall Funds
Marshall Intermediate Tax-Free Fund
<PERIOD-TYPE> 12-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 85,571,691
<INVESTMENTS-AT-VALUE> 87,187,728
<RECEIVABLES> 1,253,984
<ASSETS-OTHER> 7,058
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88,448,770
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 340,812
<TOTAL-LIABILITIES> 340,812
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86,826,601
<SHARES-COMMON-STOCK> 8,774,802
<SHARES-COMMON-PRIOR> 6,704,131
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (334,680)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,616,037
<NET-ASSETS> 88,107,958
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,831,927
<OTHER-INCOME> 0
<EXPENSES-NET> 471,000
<NET-INVESTMENT-INCOME> 3,360,927
<REALIZED-GAINS-CURRENT> 167,317
<APPREC-INCREASE-CURRENT> 1,370,043
<NET-CHANGE-FROM-OPS> 4,898,287
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,360,927
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,962,645
<NUMBER-OF-SHARES-REDEEMED> 923,630
<SHARES-REINVESTED> 31,656
<NET-CHANGE-IN-ASSETS> 22,180,707
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (501,997)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 463,700
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 885,031
<AVERAGE-NET-ASSETS> 77,275,596
<PER-SHARE-NAV-BEGIN> 9.830
<PER-SHARE-NII> 0.430
<PER-SHARE-GAIN-APPREC> 0.210
<PER-SHARE-DIVIDEND> 0.430
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.040
<EXPENSE-RATIO> 0.61
<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-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 224,150,848
<INVESTMENTS-AT-VALUE> 262,431,428
<RECEIVABLES> 2,619,341
<ASSETS-OTHER> 495,996
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 265,546,765
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 1,033,006
<OTHER-ITEMS-LIABILITIES> 37,664,267
<TOTAL-LIABILITIES> 38,697,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 180,856,289
<SHARES-COMMON-STOCK> 17,181,836
<SHARES-COMMON-PRIOR> 12,979,131
<ACCUMULATED-NII-CURRENT> 3,464,817
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,284,674
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 38,243,712
<NET-ASSETS> 226,849,492
<DIVIDEND-INCOME> 4,613,569
<INTEREST-INCOME> 1,684,713
<OTHER-INCOME> 0
<EXPENSES-NET> 2,950,634
<NET-INVESTMENT-INCOME> 3,347,648
<REALIZED-GAINS-CURRENT> 5,124,692
<APPREC-INCREASE-CURRENT> 27,902,734
<NET-CHANGE-FROM-OPS> 36,375,074
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,691,414
<DISTRIBUTIONS-OF-GAINS> 1,303,354
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7,818,946
<NUMBER-OF-SHARES-REDEEMED> 3,814,168
<SHARES-REINVESTED> 197,927
<NET-CHANGE-IN-ASSETS> 83,066,461
<ACCUMULATED-NII-PRIOR> 2,995,403
<ACCUMULATED-GAINS-PRIOR> 1,276,516
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,857,261
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,950,634
<AVERAGE-NET-ASSETS> 185,192,272
<PER-SHARE-NAV-BEGIN> 11.080
<PER-SHARE-NII> 0.180
<PER-SHARE-GAIN-APPREC> 2.290
<PER-SHARE-DIVIDEND> 0.260
<PER-SHARE-DISTRIBUTIONS> 0.090
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.200
<EXPENSE-RATIO> 1.59
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> Marshall Funds
Marshall Small-Cap Growth Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Aug-31-1997
<INVESTMENTS-AT-COST> 48,301,373
<INVESTMENTS-AT-VALUE> 56,025,654
<RECEIVABLES> 506,072
<ASSETS-OTHER> 649
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 56,532,375
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 107,782
<TOTAL-LIABILITIES> 107,782
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48,365,623
<SHARES-COMMON-STOCK> 4,628,566
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 234,390
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,824,580
<NET-ASSETS> 56,424,593
<DIVIDEND-INCOME> 86,947
<INTEREST-INCOME> 229,080
<OTHER-INCOME> 0
<EXPENSES-NET> 663,828
<NET-INVESTMENT-INCOME> (347,801)
<REALIZED-GAINS-CURRENT> 582,191
<APPREC-INCREASE-CURRENT> 7,824,580
<NET-CHANGE-FROM-OPS> 8,058,970
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,546,179
<NUMBER-OF-SHARES-REDEEMED> 917,613
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 56,424,593
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 368,209
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 663,828
<AVERAGE-NET-ASSETS> 36,881,275
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.080)
<PER-SHARE-GAIN-APPREC> 2.270
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.190
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
