<PAGE> PAGE 1
000 A000000 02/28/97
000 C000000 0000889366
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MARSHALL FUNDS, INC.
001 B000000 811-7047
001 C000000 4122887403
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 11
007 C010100 1
007 C020100 MARSHALL GOVERNMENT INCOME FUND
007 C030100 N
007 C010200 2
007 C020200 MARSHALL INTERMEDIATE BOND FUND
007 C030200 N
007 C010300 3
007 C020300 MARSHALL MONEY MARKET FUND
007 C030300 N
007 C010400 4
007 C020400 MARSHALL SHORT-TERM INCOME FUND
007 C030400 N
007 C010500 5
007 C020500 MARSHALL STOCK FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C020800 MARSHALL EQUITY INCOME FUND
007 C030800 N
007 C010900 9
007 C020900 MARSHALL MID-CAP STOCK FUND
007 C030900 N
007 C011000 10
007 C021000 MARSHALL VALUE EQUITY FUND
007 C031000 N
007 C011100 11
007 C021100 MARSHALL INTERMEDIATE TAX-FREE FUND
<PAGE> PAGE 2
007 C031100 N
007 C011200 12
007 C011300 13
007 C021300 MARSHALL INTERNATIONAL STOCK FUND
007 C031300 N
007 C011400 14
007 C021400 MARSHALL SMALL-CAP STOCK FUND
007 C031400 N
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 FEDERATED SERVICES COMPANY
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SHAREHOLDER SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 BOSTON INSTITUTIONAL SERVICES
020 C000001 101
020 A000002 AUTRANET, INC.
020 B000002 13-2961507
020 C000002 83
020 A000003 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000003 13-2625874
020 C000003 70
020 A000004 MORGAN STANLEY & CO., INC.
020 B000004 13-2655998
020 C000004 64
020 A000005 GOLDMAN, SACHS & CO.
020 B000005 13-5108880
<PAGE> PAGE 3
020 C000005 60
020 A000006 JEFFRIES & CO., INC.
020 B000006 95-2622900
020 C000006 51
020 A000007 SALOMON BROTHERS, INC.
020 B000007 13-3082694
020 C000007 37
020 A000008 BEAR, STEARNS & CO., INC.
020 B000008 13-3299429
020 C000008 37
020 A000009 WERTHEIM SCHRODER & CO., INC.
020 B000009 13-2697272
020 C000009 36
020 A000010 ROBERT W. BAIRD & CO., INC.
020 B000010 39-6037917
020 C000010 34
021 000000 1032
022 A000001 LEHMAN BROTHERS, INC.
022 B000001 13-2518466
022 C000001 18966306
022 D000001 239292
022 A000002 GOLDMAN, SACHS & CO.
022 B000002 13-5108880
022 C000002 455807
022 D000002 67543
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 471451
022 D000003 8642
022 A000004 SUMITOMO BANK SECURITIES, INC.
022 B000004 13-3606844
022 C000004 355004
022 D000004 0
022 A000005 BEAR, STEARNS & CO., INC.
022 B000005 13-3299429
022 C000005 225095
022 D000005 65074
022 A000006 PRUDENTIAL SECURITIES, INC.
022 B000006 22-2347336
022 C000006 80689
022 D000006 77263
022 A000007 CITICORP SECURITIES MARKETS, INC.
022 B000007 13-5266470
022 C000007 76121
022 D000007 58279
022 A000008 HELLER FINANCIAL CORP.
022 C000008 134396
022 D000008 0
022 A000009 J.P. MORGAN SECURITIES, INC.
022 B000009 13-3224016
022 C000009 69924
<PAGE> PAGE 4
022 D000009 50279
022 A000010 MORGAN STANLEY & CO., INC.
022 B000010 13-2655998
022 C000010 67142
022 D000010 27277
023 C000000 21413342
023 D000000 802964
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 Y
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
<PAGE> PAGE 5
061 00AA00 1000
077 A000000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A000101 M & I INVESTMENT MANAGEMENT CORP.
008 B000101 A
008 C000101 801-0000
008 D010101 MILWAUKEE
008 D020101 WI
008 D030101 53202
015 A000101 MARSHALL & ILSLEY TRUST COMPANY
015 B000101 C
015 C010101 MILWAUKEE
015 C020101 WI
015 C030101 53202
015 E030101 X
015 A000102 CHASE MANHATTAN BANK
015 B000102 S
015 C010102 NEW YORK
015 C020102 NY
015 C030102 10041
015 E010102 X
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 4756
028 A020100 434
028 A030100 0
028 A040100 1017
028 B010100 4116
028 B020100 445
028 B030100 0
028 B040100 2233
028 C010100 7358
<PAGE> PAGE 6
028 C020100 459
028 C030100 0
028 C040100 1473
028 D010100 4680
028 D020100 470
028 D030100 0
028 D040100 1466
028 E010100 11496
028 E020100 466
028 E030100 0
028 E040100 2494
028 F010100 22115
028 F020100 0
028 F030100 0
028 F040100 1029
028 G010100 54521
028 G020100 2274
028 G030100 0
028 G040100 9712
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.750
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
<PAGE> PAGE 7
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 11.6
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 9.4
062 M000100 0.0
062 N000100 65.5
062 O000100 0.0
062 P000100 0.0
062 Q000100 30.8
062 R000100 0.0
063 A000100 0
063 B000100 38.3
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 Y
070 C020100 N
070 D010100 N
070 D020100 N
<PAGE> PAGE 8
070 E010100 Y
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 Y
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 N
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 196445
071 B000100 118580
071 C000100 1694
071 D000100 70
072 A000100 6
072 B000100 5789
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 575
072 G000100 67
072 H000100 0
072 I000100 43
072 J000100 15
072 K000100 0
072 L000100 7
072 M000100 2
072 N000100 16
072 O000100 7
072 P000100 0
072 Q000100 26
072 R000100 7
072 S000100 2
<PAGE> PAGE 9
072 T000100 188
072 U000100 0
072 V000100 0
072 W000100 8
072 X000100 964
072 Y000100 307
072 Z000100 5132
072AA000100 4673
072BB000100 5242
072CC010100 0
072CC020100 2448
072DD010100 5132
072DD020100 0
072EE000100 0
073 A010100 0.3100
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 21721
074 C000100 17586
074 D000100 180450
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 36403
074 K000100 0
074 L000100 1693
074 M000100 6
074 N000100 257859
074 O000100 61393
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 9047
074 S000100 0
074 T000100 187419
074 U010100 19905
074 U020100 0
074 V010100 9.42
074 V020100 0.00
074 W000100 0.0000
074 X000100 1373
074 Y000100 0
075 A000100 0
075 B000100 156618
076 000100 0.00
<PAGE> PAGE 10
008 A000201 M & I INVESTMENT MANAGEMENT CORP.
008 B000201 A
008 C000201 801-0000
008 D010201 MILWAUKEE
008 D020201 WI
008 D030201 53202
015 A000201 MARSHALL & ILSLEY TRUST COMPANY
015 B000201 C
015 C010201 MILWAUKEE
015 C020201 WI
015 C030201 53202
015 E010201 X
024 000200 Y
025 A000201 LEHMAN BROTHERS, INC.
025 C000201 D
025 D000201 7956
025 A000202 BEAR STEARNS
025 C000202 D
025 D000202 15978
025 A000203 DLJ CAPITAL MARKETS
025 C000203 D
025 D000203 6738
025 A000204 GOLDMAN SACHS & CO., INC.
025 C000204 D
025 D000204 9618
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 12874
028 A020200 0
028 A030200 0
028 A040200 8203
028 B010200 8663
028 B020200 1239
028 B030200 0
028 B040200 7631
028 C010200 13441
028 C020200 1286
028 C030200 0
028 C040200 7210
028 D010200 12351
028 D020200 1246
028 D030200 0
028 D040200 7725
028 E010200 8847
028 E020200 1264
028 E030200 0
028 E040200 6856
028 F010200 3540
028 F020200 1285
<PAGE> PAGE 11
028 F030200 0
028 F040200 35436
028 G010200 59716
028 G020200 6320
028 G030200 0
028 G040200 73061
028 H000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 N
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
042 H000200 0
043 000200 0
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.600
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
<PAGE> PAGE 12
053 A000200 Y
053 B000200 Y
053 C000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 1.3
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 14.5
062 M000200 14.0
062 N000200 6.1
062 O000200 0.0
062 P000200 51.7
062 Q000200 32.6
062 R000200 0.0
063 A000200 0
063 B000200 7.6
064 A000200 N
064 B000200 N
066 A000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
<PAGE> PAGE 13
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 Y
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 325357
071 B000200 322227
071 C000200 423982
071 D000200 76
072 A000200 6
072 B000200 14308
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 1259
072 G000200 184
072 H000200 0
072 I000200 26
072 J000200 33
072 K000200 0
072 L000200 4
072 M000200 2
072 N000200 43
072 O000200 15
072 P000200 0
072 Q000200 48
072 R000200 7
072 S000200 2
072 T000200 511
072 U000200 0
072 V000200 0
072 W000200 34
072 X000200 2168
072 Y000200 659
072 Z000200 12799
072AA000200 465
072BB000200 0
072CC010200 5824
072CC020200 0
072DD010200 12799
072DD020200 0
<PAGE> PAGE 14
072EE000200 0
073 A010200 0.2900
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 5152
074 C000200 58354
074 D000200 418834
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 1500
074 J000200 0
074 K000200 0
074 L000200 4366
074 M000200 14
074 N000200 488220
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 85299
074 S000200 0
074 T000200 402921
074 U010200 42856
074 U020200 0
074 V010200 9.40
074 V020200 0.00
074 W000200 0.0000
074 X000200 265
074 Y000200 0
075 A000200 0
075 B000200 418925
076 000200 0.00
008 A000301 M & I INVESTMENT MANAGEMENT CORP.
008 B000301 A
008 C000301 801-0000
008 D010301 MILWAUKEE
008 D020301 WI
008 D030301 53202
015 A000301 MARSHALL & ILSLEY TRUST COMPANY
015 B000301 C
015 C010301 MILWAUKEE
015 C020301 WI
015 C030301 53202
015 E010301 X
024 000300 Y
<PAGE> PAGE 15
025 A000301 BEAR STEARNS & CO., INC.
025 B000301 13-3604093
025 C000301 D
025 D000301 50000
025 A000302 GOLDMAN SACHS & CO., INC.
025 B000302 13-5108880
025 C000302 D
025 D000302 14000
025 A000303 JP MORGAN SECURITIES CORP.
025 B000303 13-3224016
025 C000303 D
025 D000303 52200
025 A000304 MERRILL LYNCH & CO.
025 B000304 13-5674085
025 C000304 D
025 D000304 40000
025 A000305 REPUBLIC NY SECURITIES CORP.
025 B000305 52-1263224
025 C000305 D
025 D000305 45000
025 A000306 DEAN WITTER DISCOVER
025 B000306 94-1671384
025 C000306 D
025 D000306 20029
025 D000307 0
025 D000308 0
028 A010300 264574
028 A020300 0
028 A030300 0
028 A040300 233615
028 B010300 358623
028 B020300 1193
028 B030300 0
028 B040300 384941
028 C010300 259149
028 C020300 1237
028 C030300 0
028 C040300 199137
028 D010300 376731
028 D020300 1337
028 D030300 0
028 D040300 384347
028 E010300 453276
028 E020300 1479
028 E030300 0
028 E040300 366816
028 F010300 348989
028 F020300 1448
028 F030300 0
028 F040300 285829
028 G010300 2061342
<PAGE> PAGE 16
028 G020300 6694
028 G030300 0
028 G040300 1854685
028 H000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 151
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 0.500
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
<PAGE> PAGE 17
053 C000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 8.7
062 E000300 0.0
062 F000300 4.6
062 G000300 0.0
062 H000300 0.0
062 I000300 22.6
062 J000300 0.0
062 K000300 0.0
062 L000300 68.5
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
063 A000300 64
063 B000300 0.0
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 N
070 F020300 N
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
<PAGE> PAGE 18
070 L020300 Y
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 0
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 33182
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 2989
072 G000300 524
072 H000300 0
072 I000300 86
072 J000300 72
072 K000300 0
072 L000300 8
072 M000300 1
072 N000300 54
072 O000300 43
072 P000300 0
072 Q000300 70
072 R000300 8
072 S000300 2
072 T000300 270
072 U000300 0
072 V000300 0
072 W000300 12
072 X000300 4139
072 Y000300 1554
072 Z000300 30597
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
072DD010300 28162
072DD020300 2435
072EE000300 0
073 A010300 0.0300
<PAGE> PAGE 19
073 A020300 0.0200
073 B000300 0.0000
073 C000300 0.0000
074 A000300 1
074 B000300 116290
074 C000300 1280048
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 6809
074 M000300 233
074 N000300 1403381
074 O000300 60251
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 5408
074 S000300 0
074 T000300 1337722
074 U010300 1225928
074 U020300 111794
074 V010300 1.00
074 V020300 1.00
074 W000300 0.9998
074 X000300 3614
074 Y000300 0
075 A000300 1212149
075 B000300 0
076 000300 0.00
008 A000401 M & I INVESTMENT MANAGEMENT CORP.
008 B000401 A
008 C000401 801-0000
008 D010401 MILWAUKEE
008 D020401 WI
008 D030401 53202
015 A000401 MARSHALL & ILSLEY TRUST COMPANY
015 B000401 C
015 C010401 MILWAUKEE
015 C020401 WI
015 C030401 53202
015 E030401 X
024 000400 Y
025 A000401 LEHMAN BROTHERS, INC.
025 C000401 D
<PAGE> PAGE 20
025 D000401 3150
025 A000402 DELETE
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 9023
028 A020400 0
028 A030400 0
028 A040400 4443
028 B010400 2868
028 B020400 243
028 B030400 0
028 B040400 6371
028 C010400 2301
028 C020400 236
028 C030400 0
028 C040400 2828
028 D010400 3093
028 D020400 229
028 D030400 0
028 D040400 1783
028 E010400 9210
028 E020400 231
028 E030400 0
028 E040400 4206
028 F010400 14981
028 F020400 226
028 F030400 0
028 F040400 2004
028 G010400 41476
028 G020400 1165
028 G030400 0
028 G040400 21635
028 H000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 N
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
<PAGE> PAGE 21
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.600
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 12.5
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 12.5
062 N000400 22.8
062 O000400 0.0
062 P000400 10.7
062 Q000400 48.1
<PAGE> PAGE 22
062 R000400 0.0
063 A000400 0
063 B000400 3.8
064 A000400 N
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 N
070 B020400 N
070 C010400 N
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 62794
071 B000400 42468
071 C000400 88476
071 D000400 48
072 A000400 6
<PAGE> PAGE 23
072 B000400 3739
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 315
072 G000400 46
072 H000400 0
072 I000400 17
072 J000400 11
072 K000400 0
072 L000400 1
072 M000400 2
072 N000400 8
072 O000400 3
072 P000400 0
072 Q000400 28
072 R000400 8
072 S000400 2
072 T000400 128
072 U000400 0
072 V000400 0
072 W000400 8
072 X000400 577
072 Y000400 318
072 Z000400 3480
072AA000400 41
072BB000400 158
072CC010400 378
072CC020400 0
072DD010400 3480
072DD020400 0
072EE000400 0
073 A010400 0.3100
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 15246
074 C000400 0
074 D000400 114965
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 1049
074 M000400 4
074 N000400 131264
074 O000400 8511
<PAGE> PAGE 24
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 640
074 S000400 0
074 T000400 122113
074 U010400 12694
074 U020400 0
074 V010400 9.62
074 V020400 0.00
074 W000400 0.0000
074 X000400 154
074 Y000400 0
075 A000400 0
075 B000400 106816
076 000400 0.00
008 A000501 M & I INVESTMENT MANAGEMENT CORP.
008 B000501 A
008 C000501 801-000000
008 D010501 MILWAUKEE
008 D020501 WI
008 D030501 53202
015 A000501 MARSHALL & ILSLEY TRUST COMPANY
015 B000501 C
015 C010501 MILWAUKEE
015 C020501 WI
015 C030501 53202
015 E030501 X
015 A000502 CHASE MANHATTAN BANK
015 B000502 S
015 C010502 NEW YORK
015 C020502 NY
015 C030502 10041
015 E010502 X
024 000500 N
025 D000501 0
025 D000502 0
025 D000503 0
025 D000504 0
025 D000505 0
025 D000506 0
025 D000507 0
025 D000508 0
028 A010500 2060
028 A020500 588
028 A030500 0
028 A040500 9136
028 B010500 1206
028 B020500 0
<PAGE> PAGE 25
028 B030500 0
028 B040500 12214
028 C010500 1105
028 C020500 26797
028 C030500 0
028 C040500 18965
028 D010500 1895
028 D020500 447
028 D030500 0
028 D040500 5080
028 E010500 2647
028 E020500 0
028 E030500 0
028 E040500 14494
028 F010500 3018
028 F020500 0
028 F030500 0
028 F040500 4446
028 G010500 11931
028 G020500 27832
028 G030500 0
028 G040500 64335
028 H000500 0
037 000500 N
038 000500 0
039 000500 N
040 000500 N
042 A000500 0
042 B000500 0
042 C000500 0
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 0
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.750
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
<PAGE> PAGE 26
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
049 000500 N
050 000500 N
051 000500 N
052 000500 N
053 A000500 N
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 N
066 E000500 Y
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 Y
<PAGE> PAGE 27
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 Y
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 Y
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 Y
070 O010500 Y
070 O020500 N
070 P010500 Y
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 58287
071 B000500 116845
071 C000500 242862
071 D000500 24
072 A000500 6
072 B000500 126
072 C000500 2488
072 D000500 0
072 E000500 0
072 F000500 913
072 G000500 107
072 H000500 0
072 I000500 65
072 J000500 24
072 K000500 0
072 L000500 3
072 M000500 2
072 N000500 19
<PAGE> PAGE 28
072 O000500 9
072 P000500 0
072 Q000500 36
072 R000500 8
072 S000500 3
072 T000500 297
072 U000500 0
072 V000500 0
072 W000500 8
072 X000500 1494
072 Y000500 0
072 Z000500 1120
072AA000500 57257
072BB000500 41262
072CC010500 30271
072CC020500 0
072DD010500 1374
072DD020500 0
072EE000500 35001
073 A010500 0.0700
073 A020500 0.0000
073 B000500 1.9400
073 C000500 0.0000
074 A000500 0
074 B000500 4780
074 C000500 430
074 D000500 0
074 E000500 0
074 F000500 232582
074 G000500 0
074 H000500 0
074 I000500 18867
074 J000500 0
074 K000500 0
074 L000500 395
074 M000500 13
074 N000500 257067
074 O000500 0
074 P000500 18867
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 178
074 S000500 0
074 T000500 238022
074 U010500 18880
074 U020500 0
074 V010500 12.61
074 V020500 0.00
074 W000500 0.0000
<PAGE> PAGE 29
074 X000500 2383
074 Y000500 0
075 A000500 0
075 B000500 245295
076 000500 0.00
008 A000801 M & I INVESTMENT MANAGEMENT CORP.
008 B000801 A
008 C000801 801-000000
008 D010801 MILWAUKEE
008 D020801 WI
008 D030801 53202
015 A000801 MARSHALL & ILSLEY TRUST COMPANY
015 B000801 C
015 C010801 MILWAUKEE
015 C020801 WI
015 C030801 53202
015 E030801 X
015 A000802 CHASE MANHATTAN BANK
015 B000802 S
015 C010802 NEW YORK
015 C020802 NY
015 C030802 10041
015 E010802 X
024 000800 N
025 D000801 0
025 D000802 0
025 D000803 0
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 11026
028 A020800 499
028 A030800 0
028 A040800 1459
028 B010800 14354
028 B020800 0
028 B030800 0
028 B040800 2379
028 C010800 7929
028 C020800 5754
028 C030800 0
028 C040800 2134
028 D010800 19205
028 D020800 534
028 D030800 0
028 D040800 2684
028 E010800 21622
028 E020800 0
028 E030800 0
<PAGE> PAGE 30
028 E040800 3520
028 F010800 9378
028 F020800 0
028 F030800 0
028 F040800 4913
028 G010800 83514
028 G020800 6787
028 G030800 0
028 G040800 17089
028 H000800 0
037 000800 N
038 000800 0
039 000800 N
040 000800 N
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 0
042 E000800 0
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 0
044 000800 0
045 000800 Y
046 000800 N
047 000800 Y
048 000800 0.750
048 A010800 0
048 A020800 0.000
048 B010800 0
048 B020800 0.000
048 C010800 0
048 C020800 0.000
048 D010800 0
048 D020800 0.000
048 E010800 0
048 E020800 0.000
048 F010800 0
048 F020800 0.000
048 G010800 0
048 G020800 0.000
048 H010800 0
048 H020800 0.000
048 I010800 0
048 I020800 0.000
048 J010800 0
048 J020800 0.000
048 K010800 0
048 K020800 0.000
049 000800 N
<PAGE> PAGE 31
050 000800 N
051 000800 N
052 000800 N
053 A000800 N
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 Y
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
070 D010800 Y
070 D020800 N
070 E010800 Y
070 E020800 N
070 F010800 Y
070 F020800 N
070 G010800 Y
070 G020800 N
070 H010800 Y
070 H020800 N
<PAGE> PAGE 32
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 Y
070 O020800 N
070 P010800 Y
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 N
070 R020800 N
071 A000800 106521
071 B000800 54566
071 C000800 191074
071 D000800 29
072 A000800 6
072 B000800 828
072 C000800 3217
072 D000800 0
072 E000800 0
072 F000800 825
072 G000800 96
072 H000800 0
072 I000800 43
072 J000800 22
072 K000800 0
072 L000800 2
072 M000800 2
072 N000800 32
072 O000800 9
072 P000800 0
072 Q000800 35
072 R000800 6
072 S000800 2
072 T000800 269
072 U000800 0
072 V000800 0
072 W000800 6
072 X000800 1349
072 Y000800 0
072 Z000800 2696
072AA000800 12545
<PAGE> PAGE 33
072BB000800 1235
072CC010800 23931
072CC020800 0
072DD010800 2496
072DD020800 0
072EE000800 13128
073 A010800 0.1600
073 A020800 0.0000
073 B000800 0.8600
073 C000800 0.0000
074 A000800 1
074 B000800 36987
074 C000800 0
074 D000800 560
074 E000800 1551
074 F000800 234883
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 833
074 M000800 9
074 N000800 274824
074 O000800 5677
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 219
074 S000800 0
074 T000800 268928
074 U010800 18701
074 U020800 0
074 V010800 14.38
074 V020800 0.00
074 W000800 0.0000
074 X000800 624
074 Y000800 0
075 A000800 0
075 B000800 220623
076 000800 0.00
008 A000901 M & I INVESTMENT MANAGEMENT CORP.
008 B000901 A
008 C000901 801-000000
008 D010901 MILWAUKEE
008 D020901 WI
008 D030901 53202
015 A000901 MARSHALL & ILSLEY TRUST COMPANY
015 B000901 C
<PAGE> PAGE 34
015 C010901 MILWAUKEE
015 C020901 WI
015 C030901 53202
015 E030901 X
015 A000902 CHASE MANHATTAN BANK
015 B000902 S
015 C010902 NEW YORK
015 C020902 NY
015 C030902 10041
015 E010902 X
024 000900 Y
025 A000901 LEHMAN BROTHERS
025 C000901 E
025 D000901 1000
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 5774
028 A020900 0
028 A030900 0
028 A040900 2683
028 B010900 4910
028 B020900 0
028 B030900 0
028 B040900 2701
028 C010900 7716
028 C020900 7218
028 C030900 0
028 C040900 3216
028 D010900 15706
028 D020900 -1
028 D030900 0
028 D040900 9047
028 E010900 16971
028 E020900 0
028 E030900 0
028 E040900 4165
028 F010900 6072
028 F020900 0
028 F030900 0
028 F040900 4850
028 G010900 57149
028 G020900 7217
028 G030900 0
028 G040900 26662
028 H000900 0
037 000900 N
<PAGE> PAGE 35
038 000900 0
039 000900 N
040 000900 N
042 A000900 0
042 B000900 0
042 C000900 0
042 D000900 0
042 E000900 0
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 0
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
048 000900 0.750
048 A010900 0
048 A020900 0.000
048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
050 000900 N
051 000900 N
052 000900 N
053 A000900 N
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
<PAGE> PAGE 36
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
066 B000900 N
066 C000900 Y
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 Y
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 Y
070 M010900 N
070 M020900 N
070 N010900 Y
<PAGE> PAGE 37
070 N020900 Y
070 O010900 Y
070 O020900 N
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 155893
071 B000900 138423
071 C000900 157702
071 D000900 88
072 A000900 6
072 B000900 274
072 C000900 227
072 D000900 0
072 E000900 0
072 F000900 606
072 G000900 71
072 H000900 0
072 I000900 37
072 J000900 16
072 K000900 0
072 L000900 5
072 M000900 1
072 N000900 12
072 O000900 7
072 P000900 0
072 Q000900 27
072 R000900 6
072 S000900 3
072 T000900 197
072 U000900 0
072 V000900 0
072 W000900 14
072 X000900 1002
072 Y000900 0
072 Z000900 -501
072AA000900 22575
072BB000900 10425
072CC010900 0
072CC020900 9948
072DD010900 0
072DD020900 0
072EE000900 13454
073 A010900 0.0000
073 A020900 0.0000
073 B000900 1.2200
073 C000900 0.0000
074 A000900 0
<PAGE> PAGE 38
074 B000900 7057
074 C000900 19400
074 D000900 0
074 E000900 0
074 F000900 171771
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 6124
074 K000900 0
074 L000900 43
074 M000900 9
074 N000900 204404
074 O000900 716
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 34500
074 S000900 0
074 T000900 169188
074 U010900 13359
074 U020900 0
074 V010900 12.66
074 V020900 0.00
074 W000900 0.0000
074 X000900 746
074 Y000900 0
075 A000900 0
075 B000900 160901
076 000900 0.00
008 A001001 M & I INVESTMENT MANAGEMENT CORP.
008 B001001 A
008 C001001 801-0000
008 D011001 MILWAUKEE
008 D021001 WI
008 D031001 53202
015 A001001 MARSHALL & ILSLEY TRUST COMPANY
015 B001001 C
015 C011001 MILWAUKEE
015 C021001 WI
015 C031001 53202
015 E031001 X
024 001000 N
025 D001001 0
025 D001002 0
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
<PAGE> PAGE 39
025 D001007 0
025 D001008 0
028 A011000 2895
028 A021000 377
028 A031000 0
028 A041000 5655
028 B011000 2888
028 B021000 0
028 B031000 0
028 B041000 9391
028 C011000 1831
028 C021000 16693
028 C031000 0
028 C041000 9957
028 D011000 3755
028 D021000 310
028 D031000 0
028 D041000 11065
028 E011000 4402
028 E021000 0
028 E031000 0
028 E041000 10975
028 F011000 1469
028 F021000 0
028 F031000 0
028 F041000 11557
028 G011000 17240
028 G021000 17380
028 G031000 0
028 G041000 58600
028 H001000 0
037 001000 N
038 001000 0
039 001000 N
040 001000 N
042 A001000 0
042 B001000 0
042 C001000 0
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 0
042 H001000 0
043 001000 0
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.750
048 A011000 0
048 A021000 0.000
<PAGE> PAGE 40
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 N
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 0.0
066 A001000 Y
066 B001000 N
066 C001000 N
066 D001000 N
066 E001000 Y
066 F001000 N
<PAGE> PAGE 41
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
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
071 A001000 53568
071 B001000 84218
071 C001000 162327
071 D001000 33
072 A001000 6
072 B001000 577
072 C001000 1708
072 D001000 0
072 E001000 0
072 F001000 685
<PAGE> PAGE 42
072 G001000 80
072 H001000 0
072 I001000 35
072 J001000 18
072 K001000 0
072 L001000 5
072 M001000 1
072 N001000 20
072 O001000 9
072 P001000 0
072 Q001000 26
072 R001000 6
072 S001000 2
072 T001000 222
072 U001000 0
072 V001000 0
072 W001000 16
072 X001000 1125
072 Y001000 0
072 Z001000 1160
072AA001000 17329
072BB001000 1370
072CC011000 5065
072CC021000 0
072DD011000 1400
072DD021000 0
072EE001000 28282
073 A011000 0.0900
073 A021000 0.0000
073 B001000 1.8900
073 C001000 0.0000
074 A001000 0
074 B001000 13552
074 C001000 20935
074 D001000 0
074 E001000 0
074 F001000 150209
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 4979
074 K001000 0
074 L001000 411
074 M001000 28
074 N001000 190114
074 O001000 5469
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
<PAGE> PAGE 43
074 R041000 21058
074 S001000 0
074 T001000 163587
074 U011000 14324
074 U021000 0
074 V011000 11.42
074 V021000 0.00
074 W001000 0.0000
074 X001000 386
074 Y001000 0
075 A001000 0
075 B001000 181912
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 E031101 X
015 A001102 CHASE MANHATTAN BANK
015 B001102 S
015 C011102 NEW YORK
015 C021102 NY
015 C031102 10041
015 E011102 X
024 001100 N
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 4902
028 A021100 22
028 A031100 0
028 A041100 435
028 B011100 1703
028 B021100 25
028 B031100 0
028 B041100 1643
028 C011100 1322
028 C021100 26
028 C031100 0
<PAGE> PAGE 44
028 C041100 976
028 D011100 3242
028 D021100 27
028 D031100 0
028 D041100 646
028 E011100 1836
028 E021100 26
028 E031100 0
028 E041100 402
028 F011100 1803
028 F021100 0
028 F031100 0
028 F041100 633
028 G011100 14808
028 G021100 126
028 G031100 0
028 G041100 4735
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
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
<PAGE> PAGE 45
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
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 3.4
062 M001100 0.0
062 N001100 0.0
062 O001100 96.9
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 8.5
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
<PAGE> PAGE 46
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 8348
071 B001100 19850
071 C001100 81612
071 D001100 12
072 A001100 6
072 B001100 1803
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 216
072 G001100 32
072 H001100 0
072 I001100 17
072 J001100 7
072 K001100 0
072 L001100 3
072 M001100 1
072 N001100 8
072 O001100 4
072 P001100 0
072 Q001100 26
072 R001100 7
072 S001100 2
072 T001100 88
072 U001100 0
<PAGE> PAGE 47
072 V001100 0
072 W001100 4
072 X001100 415
072 Y001100 195
072 Z001100 1583
072AA001100 202
072BB001100 174
072CC011100 1438
072CC021100 0
072DD011100 1583
072DD021100 0
072EE001100 0
073 A011100 0.2200
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 2637
074 D001100 75158
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 1080
074 M001100 10
074 N001100 78885
074 O001100 1003
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 291
074 S001100 0
074 T001100 77591
074 U011100 7731
074 U021100 0
074 V011100 10.04
074 V021100 0.00
074 W001100 0.0000
074 X001100 25
074 Y001100 0
075 A001100 0
075 B001100 72704
076 001100 0.00
008 A001301 M & I INVESTMENT MANAGEMENT CORP.
008 B001301 A
<PAGE> PAGE 48
008 C001301 801-000000
008 D011301 MILWAUKEE
008 D021301 WI
008 D031301 53202
008 A001302 TEMPLETON INVESTMENT COUNSEL, INC.
008 B001302 S
008 C001302 801-000000
008 D011302 FT. LAUDERDALE
008 D021302 FL
008 D031302 33394
008 D041302 3091
015 A001301 STATE STREET BANK AND TRUST COMPANY
015 B001301 C
015 C011301 BOSTON
015 C021301 MA
015 C031301 02171
015 E011301 X
015 A001302 NATIONSBANK OF NORTH CAROLINA
015 B001302 S
015 C011302 CHARLOTTE
015 C021302 NC
015 C031302 28255
015 E011302 X
015 A001303 MORGAN GUARANTY BANK & TRUST CO.
015 B001303 S
015 C011303 NEW YORK
015 C021303 NY
015 C031303 10015
015 E011303 X
015 A001304 THE CHASE MANHATTAN CORPORATION
015 B001304 S
015 C011304 NEW YORK
015 C021304 NY
015 C031304 10006
015 E011304 X
015 A001305 BANK OF NEW YORK
015 B001305 S
015 C011305 NEW YORK
015 C021305 NY
015 C031305 10006
015 E011305 X
015 A001306 BANKERS TRUST CO.
015 B001306 S
015 C011306 NEW YORK
015 C021306 NY
015 C031306 10015
015 E011306 X
015 A001307 PNC BANK, NA
015 B001307 S
015 C011307 PITTSBURGH
015 C021307 PA
<PAGE> PAGE 49
015 C031307 15265
015 E011307 X
015 A001308 CITIBANK N.A.
015 B001308 S
015 C011308 CARACAS
015 D011308 VENEZUELA
015 D021308 1010
015 E041308 X
015 A001309 STATE STREET BANK & TRUST COMPANY
015 B001309 S
015 C011309 LONDON, ENGLAND
015 D011309 UNITED KINGDOM
015 D021309 E14 5AF
015 E041309 X
015 A001310 OTTOMAN BANK
015 B001310 S
015 C011310 ISTANBUL
015 D011310 TURKEY
015 E041310 X
015 A001311 STANDARD CHARTERED BANK
015 B001311 S
015 C011311 BANGKOK
015 D011311 THAILAND
015 D021311 10500
015 E041311 X
015 A001312 CENTRAL TRUST OF CHINA
015 B001312 S
015 C011312 TAIPEI
015 D011312 TAIWAN
015 D021312 10006
015 E041312 X
015 A001313 UNION BANK OF SWITZERLAND
015 B001313 S
015 C011313 8021 ZURICH
015 D011313 SWITZERLAND
015 E041313 X
015 A001314 SKANDINAVISKA ENSKILDA BANKEN
015 B001314 S
015 C011314 S-10640 STOCKHOLM
015 D011314 SWEDEN
015 E041314 X
015 A001315 BANCO SANTANDER
015 B001315 S
015 C011315 28022 MADRID
015 D011315 SPAIN
015 E041315 X
015 A001316 BANK OF SEOUL
015 B001316 S
015 C011316 SEOUL
015 D011316 KOREA
015 E041316 X
<PAGE> PAGE 50
015 A001317 CESKOSLOVENSKA OBCHODNA BANKA A.S.
015 B001317 S
015 C011317 BRATISLAVA
015 D011317 SLOVAK REPUBLIC
015 E041317 X
015 A001318 DEVELOPMENT BANK OF SINGAPORE
015 B001318 S
015 C011318 SINGAPORE
015 D011318 SINGAPORE
015 D021318 0104
015 E041318 X
015 A001319 STANDARD BANK OF SOUTH AFRICA LIMITED
015 B001319 S
015 C011319 JOHANNESBURG
015 D011319 SOUTH AFRICA
015 E041319 X
015 A001320 BANCO COMMERCIAL PORTUGUES
015 B001320 S
015 C011320 LISBON
015 D011320 PORTUGAL
015 D021320 1000
015 E041320 X
015 A001321 CITIBANK, (POLAND) S.A.
015 B001321 S
015 C011321 WARSAW
015 D011321 POLAND
015 D021321 00-082
015 E041321 X
015 A001322 STANDARD CHARTERED BANK
015 B001322 S
015 C011322 MAKATI, METRO MANILA
015 D011322 THE PHILLIPPINES
015 E041322 X
015 A001323 CITIBANK, N.A. LIMA
015 B001323 S
015 C011323 LIMA 27
015 D011323 PERU
015 E041323 X
015 A001324 CHRISTIANIA BANK OF KREDITKASSE
015 B001324 S
015 C011324 0368 OSLO 3
015 D011324 NORWAY
015 E041324 X
015 A001325 ANZ NOMINEES LTD.
015 B001325 S
015 C011325 WELLINGTON
015 D011325 NEW ZEALAND
015 E041325 X
015 A001326 MEES PIERSON N.V.
015 B001326 S
015 C011326 1000 AG AMSTERDAM
<PAGE> PAGE 51
015 D011326 NETHERLANDS
015 E041326 X
015 A001327 CITIBANK N.A.
015 B001327 S
015 C011327 MEXICO CITY
015 D011327 MEXICO
015 D021327 D.F. 06695
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 SUMITOMO TRUST & BANK CO., LTD.
015 B001329 S
015 C011329 TOKYO
015 D011329 JAPAN
015 E041329 X
015 A001330 BANQUE PARIBAS
015 B001330 S
015 C011330 ITALY
015 D011330 ITALY
015 E041330 X
015 A001331 BANK OF IRELAND
015 B001331 S
015 C011331 DUBLIN 1
015 D011331 IRELAND
015 E041331 X
015 A001332 STANDARD CHARTERED BANK
015 B001332 S
015 C011332 JAKARTA
015 D011332 INDONESIA
015 D021332 10220
015 E041332 X
015 A001333 DEUTSCHE/HONG KONG SHANGHAI
015 B001333 S
015 C011333 BOMBAY
015 D011333 INDIA
015 D021333 400-001
015 E041333 X
015 A001334 CITIBANK BUDAPEST RT.
015 B001334 S
015 C011334 BUDAPEST
015 D011334 HUNGARY
015 E041334 X
015 A001335 STANDARD CHARTERED BANK
015 B001335 S
015 C011335 HONG KONG
015 D011335 HONG KONG
015 E041335 X
015 A001336 DRESDNER BANK AG
<PAGE> PAGE 52
015 B001336 S
015 C011336 FRANKFURT
015 D011336 GERMANY
015 E041336 X
015 A001337 NATIONAL BANK OF GREECE
015 B001337 S
015 C011337 105 59 ATHENS
015 D011337 GREECE
015 E041337 X
015 A001338 BERLINER HANDES-UND FRANKFURTER BANK
015 B001338 S
015 C011338 D-6000 FRANKFURT AM
015 D011338 GERMANY
015 E041338 X
015 A001339 BANQUE PARIBAS
015 B001339 S
015 C011339 75078 PARIS
015 D011339 FRANCE
015 E041339 X
015 A001340 KANSALLIS-OSAKE PANKKI
015 B001340 S
015 C011340 FINLAND
015 D011340 FINLAND
015 E041340 X
015 A001341 DEN DANSKE BANK
015 B001341 S
015 C011341 DK-1092 COPENHAGEN
015 D011341 DENMARK
015 E041341 X
015 A001342 CESKOSLOVENSKA OBCHODNI BANKA, A.S.
015 B001342 S
015 C011342 PRAGUE
015 D011342 CZECH REPUBLIC
015 E041342 X
015 A001343 HONGKONG & SHANGHAI BANKING CORP. LTD.
015 B001343 S
015 C011343 SHENZHEN
015 D011343 CHINA
015 E041343 X
015 A001344 HONGKONG SHANGHAI BANKING CORP. LTD.
015 B001344 S
015 C011344 SHANGHAI
015 D011344 CHINA
015 E041344 X
015 A001345 CITIBANK N.A.
015 B001345 S
015 C011345 SANTIAGO
015 D011345 CHILE
015 E041345 X
015 A001346 CANADA TRUST COMPANY
015 B001346 S
<PAGE> PAGE 53
015 C011346 TORONTO, ONTARIO
015 D011346 CANADA
015 D021346 M5J 2T2
015 E041346 X
015 A001347 CITIBANK N.A.
015 B001347 S
015 C011347 SAO PAULO
015 D011347 BRAZIL
015 E041347 X
015 A001348 GENERALE DE BANQUE
015 B001348 S
015 C011348 BRUSSELS
015 D011348 BELGIUM
015 E041348 X
015 A001349 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
015 B001349 S
015 C011349 VIENNA
015 D011349 AUSTRIA
015 E041349 X
015 A001350 WESTPAC CUSTODIAN NOMINEE LTD.
015 B001350 S
015 C011350 SIDNEY
015 D011350 AUSTRALIA
015 D021350 2000
015 E041350 X
015 A001351 CITIBANK N.A.
015 B001351 S
015 C011351 BUENOS AIRES
015 D011351 ARGENTINA
015 E041351 X
015 A001352 CITITRUST, S.A.
015 B001352 S
015 C011352 SANTAFE DE BOGOTA
015 D011352 COLOMBIA
015 E041352 X
024 001300 N
025 D001301 0
025 D001302 0
025 D001303 0
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 7577
028 A021300 0
028 A031300 0
028 A041300 2169
028 B011300 5226
028 B021300 0
028 B031300 0
<PAGE> PAGE 54
028 B041300 2063
028 C011300 4214
028 C021300 0
028 C031300 0
028 C041300 1414
028 D011300 5241
028 D021300 2312
028 D031300 0
028 D041300 2682
028 E011300 8807
028 E021300 -8
028 E031300 0
028 E041300 1876
028 F011300 5448
028 F021300 0
028 F031300 0
028 F041300 2423
028 G011300 36513
028 G021300 2304
028 G031300 0
028 G041300 12627
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
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
<PAGE> PAGE 55
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
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
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
<PAGE> PAGE 56
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
070 J011300 Y
070 J021300 Y
070 K011300 Y
070 K021300 N
070 L011300 Y
070 L021300 Y
070 M011300 Y
070 M021300 N
070 N011300 Y
070 N021300 Y
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 73007
071 B001300 50850
071 C001300 150641
071 D001300 34
072 A001300 6
072 B001300 730
072 C001300 1136
072 D001300 0
072 E001300 0
072 F001300 815
072 G001300 71
072 H001300 0
072 I001300 36
072 J001300 120
072 K001300 0
072 L001300 4
072 M001300 2
072 N001300 9
<PAGE> PAGE 57
072 O001300 6
072 P001300 0
072 Q001300 32
072 R001300 8
072 S001300 3
072 T001300 199
072 U001300 0
072 V001300 0
072 W001300 5
072 X001300 1310
072 Y001300 0
072 Z001300 556
072AA001300 3557
072BB001300 1493
072CC011300 17054
072CC021300 0
072DD011300 3691
072DD021300 0
072EE001300 1303
073 A011300 0.2600
073 A021300 0.0000
073 B001300 0.0900
073 C001300 0.0000
074 A001300 29
074 B001300 0
074 C001300 63490
074 D001300 1620
074 E001300 7126
074 F001300 147334
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 1805
074 K001300 0
074 L001300 226
074 M001300 192
074 N001300 221822
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 37171
074 S001300 0
074 T001300 184651
074 U011300 15239
074 U021300 0
074 V011300 12.12
074 V021300 0.00
074 W001300 0.0000
<PAGE> PAGE 58
074 X001300 306
074 Y001300 0
075 A001300 0
075 B001300 164109
076 001300 0.00
008 A001401 M & I INVESTMENT MANAGEMENT CORP.
008 B001401 A
008 C001401 801-000000
008 D011401 MILWAUKEE
008 D021401 WI
008 D031401 53202
015 A001401 MARSHALL & ILSLEY TRUST COMPANY
015 B001401 C
015 C011401 MILWAUKEE
015 C021401 WI
015 C031401 53202
015 E031401 X
024 001400 Y
025 A001401 RAYMOND JONES
025 C001401 E
025 D001401 300
025 D001402 0
025 D001403 0
025 D001404 0
025 D001405 0
025 D001406 0
025 D001407 0
025 D001408 0
028 A011400 0
028 A021400 0
028 A031400 0
028 A041400 0
028 B011400 0
028 B021400 0
028 B031400 0
028 B041400 0
028 C011400 30771
028 C021400 0
028 C031400 0
028 C041400 1702
028 D011400 3855
028 D021400 0
028 D031400 0
028 D041400 567
028 E011400 3758
028 E021400 0
028 E031400 0
028 E041400 1033
028 F011400 3164
028 F021400 0
028 F031400 0
<PAGE> PAGE 59
028 F041400 751
028 G011400 41548
028 G021400 0
028 G031400 0
028 G041400 4053
028 H001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
041 001400 N
042 A001400 0
042 B001400 0
042 C001400 0
042 D001400 0
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 0
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 1.000
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 N
<PAGE> PAGE 60
053 A001400 N
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 0.0
066 A001400 Y
066 B001400 N
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
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 Y
070 D021400 Y
070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 Y
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
<PAGE> PAGE 61
070 J021400 N
070 K011400 Y
070 K021400 Y
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 Y
070 O011400 Y
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 51129
071 B001400 19296
071 C001400 26789
071 D001400 72
072 A001400 6
072 B001400 120
072 C001400 17
072 D001400 0
072 E001400 0
072 F001400 141
072 G001400 17
072 H001400 0
072 I001400 10
072 J001400 3
072 K001400 0
072 L001400 1
072 M001400 2
072 N001400 8
072 O001400 2
072 P001400 0
072 Q001400 18
072 R001400 0
072 S001400 1
072 T001400 35
072 U001400 0
072 V001400 0
072 W001400 2
072 X001400 240
072 Y001400 0
072 Z001400 -103
072AA001400 1965
072BB001400 2445
072CC011400 0
072CC021400 598
<PAGE> PAGE 62
072DD011400 0
072DD021400 0
072EE001400 0
073 A011400 0.0000
073 A021400 0.0000
073 B001400 0.0000
073 C001400 0.0000
074 A001400 1
074 B001400 4948
074 C001400 0
074 D001400 0
074 E001400 0
074 F001400 30755
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 675
074 K001400 0
074 L001400 22
074 M001400 0
074 N001400 36401
074 O001400 48
074 P001400 0
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 39
074 S001400 0
074 T001400 36314
074 U011400 3607
074 U021400 0
074 V011400 10.07
074 V021400 0.00
074 W001400 0.0000
074 X001400 425
074 Y001400 0
075 A001400 0
075 B001400 28340
076 001400 0.00
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-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 220,130,931
<INVESTMENTS-AT-VALUE> 219,756,641
<RECEIVABLES> 38,095,890
<ASSETS-OTHER> 6,305
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,858,836
<PAYABLE-FOR-SECURITIES> 61,392,620
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,047,239
<TOTAL-LIABILITIES> 70,439,859
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 191,308,100
<SHARES-COMMON-STOCK> 19,904,626
<SHARES-COMMON-PRIOR> 14,933,942
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,514,833)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (374,290)
<NET-ASSETS> 187,418,977
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,788,991
<OTHER-INCOME> 0
<EXPENSES-NET> 657,284
<NET-INVESTMENT-INCOME> 5,131,707
<REALIZED-GAINS-CURRENT> (569,361)
<APPREC-INCREASE-CURRENT> 2,447,943
<NET-CHANGE-FROM-OPS> 7,010,289
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5,131,707
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,758,745
<NUMBER-OF-SHARES-REDEEMED> 1,028,218
<SHARES-REINVESTED> 240,157
<NET-CHANGE-IN-ASSETS> 48,961,122
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,945,472)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 575,485
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 964,472
<AVERAGE-NET-ASSETS> 156,617,642
<PER-SHARE-NAV-BEGIN> 9.270
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> 0.150
<PER-SHARE-DIVIDEND> 0.310
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.420
<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> 6-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 484,747,470
<INVESTMENTS-AT-VALUE> 483,839,952
<RECEIVABLES> 4,366,515
<ASSETS-OTHER> 13,776
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 488,220,243
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 85,299,049
<TOTAL-LIABILITIES> 85,299,049
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 425,994,138
<SHARES-COMMON-STOCK> 42,856,406
<SHARES-COMMON-PRIOR> 43,581,545
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,165,426)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (907,518)
<NET-ASSETS> 402,921,194
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 14,308,098
<OTHER-INCOME> 0
<EXPENSES-NET> 1,508,937
<NET-INVESTMENT-INCOME> 12,799,161
<REALIZED-GAINS-CURRENT> 465,190
<APPREC-INCREASE-CURRENT> 5,823,866
<NET-CHANGE-FROM-OPS> 19,088,217
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12,799,161
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,340,858
<NUMBER-OF-SHARES-REDEEMED> 7,735,629
<SHARES-REINVESTED> 669,632
<NET-CHANGE-IN-ASSETS> (735,532)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (22,630,616)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,258,690
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,167,539
<AVERAGE-NET-ASSETS> 418,925,198
<PER-SHARE-NAV-BEGIN> 9.260
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.140
<PER-SHARE-DIVIDEND> 0.290
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.400
<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> 6-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 1,396,338,509
<INVESTMENTS-AT-VALUE> 1,396,338,509
<RECEIVABLES> 6,808,731
<ASSETS-OTHER> 233,975
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,403,381,215
<PAYABLE-FOR-SECURITIES> 60,250,682
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,408,591
<TOTAL-LIABILITIES> 65,659,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,337,721,942
<SHARES-COMMON-STOCK> 1,225,927,508
<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> 1,225,927,508
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 33,182,196
<OTHER-INCOME> 0
<EXPENSES-NET> 2,585,167
<NET-INVESTMENT-INCOME> 30,597,029
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 30,597,029
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 28,161,997
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,759,493,723
<NUMBER-OF-SHARES-REDEEMED> 1,577,904,060
<SHARES-REINVESTED> 4,678,434
<NET-CHANGE-IN-ASSETS> 213,351,427
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,988,991
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,139,442
<AVERAGE-NET-ASSETS> 1,212,149,103
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.030
<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> 6-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 1,396,338,509
<INVESTMENTS-AT-VALUE> 1,396,338,509
<RECEIVABLES> 6,808,731
<ASSETS-OTHER> 233,975
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,403,381,215
<PAYABLE-FOR-SECURITIES> 60,250,682
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,408,591
<TOTAL-LIABILITIES> 65,659,273
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,337,721,942
<SHARES-COMMON-STOCK> 111,794,434
<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> 111,794,434
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 33,182,196
<OTHER-INCOME> 0
<EXPENSES-NET> 2,585,167
<NET-INVESTMENT-INCOME> 30,597,029
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 30,597,029
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,435,032
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 301,848,311
<NUMBER-OF-SHARES-REDEEMED> 276,780,894
<SHARES-REINVESTED> 2,015,913
<NET-CHANGE-IN-ASSETS> 213,351,427
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,988,991
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4,139,442
<AVERAGE-NET-ASSETS> 1,212,149,103
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.020
<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> 6-MOS
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 130,482,874
<INVESTMENTS-AT-VALUE> 130,211,043
<RECEIVABLES> 1,049,626
<ASSETS-OTHER> 3,729
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 131,264,398
<PAYABLE-FOR-SECURITIES> 601,951
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,549,111
<TOTAL-LIABILITIES> 9,151,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,760,348
<SHARES-COMMON-STOCK> 12,694,060
<SHARES-COMMON-PRIOR> 10,516,782
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3,375,181)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (271,831)
<NET-ASSETS> 122,113,336
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,738,828
<OTHER-INCOME> 0
<EXPENSES-NET> 259,104
<NET-INVESTMENT-INCOME> 3,479,724
<REALIZED-GAINS-CURRENT> (117,212)
<APPREC-INCREASE-CURRENT> 378,071
<NET-CHANGE-FROM-OPS> 3,740,583
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,479,724
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,299,579
<NUMBER-OF-SHARES-REDEEMED> 2,242,944
<SHARES-REINVESTED> 120,643
<NET-CHANGE-IN-ASSETS> 21,267,252
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,257,969)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 315,029
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 577,328
<AVERAGE-NET-ASSETS> 106,816,379
<PER-SHARE-NAV-BEGIN> 9.590
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> 0.030
<PER-SHARE-DIVIDEND> 0.310
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.620
<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> 6-MOS
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 207,009,425
<INVESTMENTS-AT-VALUE> 238,058,321
<RECEIVABLES> 394,822
<ASSETS-OTHER> 18,613,420
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 257,066,563
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,044,733
<TOTAL-LIABILITIES> 19,044,733
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 172,114,357
<SHARES-COMMON-STOCK> 18,880,252
<SHARES-COMMON-PRIOR> 20,696,816
<ACCUMULATED-NII-CURRENT> 233,120
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 15,941,270
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 49,733,083
<NET-ASSETS> 238,021,830
<DIVIDEND-INCOME> 2,487,450
<INTEREST-INCOME> 126,015
<OTHER-INCOME> 0
<EXPENSES-NET> 1,493,708
<NET-INVESTMENT-INCOME> 1,119,757
<REALIZED-GAINS-CURRENT> 15,995,058
<APPREC-INCREASE-CURRENT> 30,270,768
<NET-CHANGE-FROM-OPS> 7,385,583
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,373,605
<DISTRIBUTIONS-OF-GAINS> 35,001,328
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 953,907
<NUMBER-OF-SHARES-REDEEMED> 5,074,123
<SHARES-REINVESTED> 2,303,652
<NET-CHANGE-IN-ASSETS> (13,561,244)
<ACCUMULATED-NII-PRIOR> 486,968
<ACCUMULATED-GAINS-PRIOR> 34,947,540
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 913,343
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,493,708
<AVERAGE-NET-ASSETS> 245,295,014
<PER-SHARE-NAV-BEGIN> 12.160
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 2.400
<PER-SHARE-DIVIDEND> 0.070
<PER-SHARE-DISTRIBUTIONS> 1.940
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.610
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 230,575,687
<INVESTMENTS-AT-VALUE> 273,981,374
<RECEIVABLES> 832,920
<ASSETS-OTHER> 9,727
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 274,824,021
<PAYABLE-FOR-SECURITIES> 5,676,868
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219,310
<TOTAL-LIABILITIES> 5,896,178
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 215,178,342
<SHARES-COMMON-STOCK> 18,700,807
<SHARES-COMMON-PRIOR> 13,338,229
<ACCUMULATED-NII-CURRENT> 767,789
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,576,025
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 43,405,687
<NET-ASSETS> 268,927,843
<DIVIDEND-INCOME> 3,217,177
<INTEREST-INCOME> 827,745
<OTHER-INCOME> 0
<EXPENSES-NET> 1,348,772
<NET-INVESTMENT-INCOME> 2,696,150
<REALIZED-GAINS-CURRENT> 11,309,870
<APPREC-INCREASE-CURRENT> 23,931,188
<NET-CHANGE-FROM-OPS> 37,937,208
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,495,697
<DISTRIBUTIONS-OF-GAINS> 13,127,663
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,089,728
<NUMBER-OF-SHARES-REDEEMED> 1,225,046
<SHARES-REINVESTED> 497,896
<NET-CHANGE-IN-ASSETS> 95,525,345
<ACCUMULATED-NII-PRIOR> 567,336
<ACCUMULATED-GAINS-PRIOR> 11,393,818
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 825,005
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,348,772
<AVERAGE-NET-ASSETS> 220,623,457
<PER-SHARE-NAV-BEGIN> 13.000
<PER-SHARE-NII> 0.160
<PER-SHARE-GAIN-APPREC> 2.240
<PER-SHARE-DIVIDEND> 0.160
<PER-SHARE-DISTRIBUTIONS> 0.860
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.380
<EXPENSE-RATIO> 1.23
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 187,063,942
<INVESTMENTS-AT-VALUE> 198,227,825
<RECEIVABLES> 6,166,886
<ASSETS-OTHER> 9,700
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 204,404,411
<PAYABLE-FOR-SECURITIES> 716,198
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 34,500,499
<TOTAL-LIABILITIES> 35,216,697
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 147,383,695
<SHARES-COMMON-STOCK> 13,359,439
<SHARES-COMMON-PRIOR> 10,564,924
<ACCUMULATED-NII-CURRENT> (500,528)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,920,968
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 11,383,579
<NET-ASSETS> 169,187,714
<DIVIDEND-INCOME> 227,330
<INTEREST-INCOME> 273,707
<OTHER-INCOME> 0
<EXPENSES-NET> 1,001,565
<NET-INVESTMENT-INCOME> (500,528)
<REALIZED-GAINS-CURRENT> 12,219,836
<APPREC-INCREASE-CURRENT> (10,017,517)
<NET-CHANGE-FROM-OPS> 1,701,791
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 13,454,023
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,227,014
<NUMBER-OF-SHARES-REDEEMED> 1,967,477
<SHARES-REINVESTED> 534,978
<NET-CHANGE-IN-ASSETS> 25,951,827
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 12,155,155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 605,839
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,001,565
<AVERAGE-NET-ASSETS> 160,901,039
<PER-SHARE-NAV-BEGIN> 13.560
<PER-SHARE-NII> (0.040)
<PER-SHARE-GAIN-APPREC> 0.360
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 1.220
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.660
<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 Value Equity Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 176,787,762
<INVESTMENTS-AT-VALUE> 184,696,416
<RECEIVABLES> 5,389,805
<ASSETS-OTHER> 28,291
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 190,114,512
<PAYABLE-FOR-SECURITIES> 5,468,622
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,058,371
<TOTAL-LIABILITIES> 26,526,993
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 142,025,243
<SHARES-COMMON-STOCK> 14,323,887
<SHARES-COMMON-PRIOR> 16,286,159
<ACCUMULATED-NII-CURRENT> 439,484
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 13,214,138
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 7,908,654
<NET-ASSETS> 163,587,519
<DIVIDEND-INCOME> 1,708,226
<INTEREST-INCOME> 577,295
<OTHER-INCOME> 0
<EXPENSES-NET> 1,125,262
<NET-INVESTMENT-INCOME> 1,160,259
<REALIZED-GAINS-CURRENT> 15,958,987
<APPREC-INCREASE-CURRENT> 5,065,219
<NET-CHANGE-FROM-OPS> 22,184,465
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,399,660
<DISTRIBUTIONS-OF-GAINS> 28,282,066
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,481,027
<NUMBER-OF-SHARES-REDEEMED> 5,023,581
<SHARES-REINVESTED> 1,580,282
<NET-CHANGE-IN-ASSETS> (31,478,121)
<ACCUMULATED-NII-PRIOR> 678,885
<ACCUMULATED-GAINS-PRIOR> 25,537,217
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 684,575
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,125,262
<AVERAGE-NET-ASSETS> 181,912,096
<PER-SHARE-NAV-BEGIN> 11.980
<PER-SHARE-NII> 0.080
<PER-SHARE-GAIN-APPREC> 1.340
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 1.890
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.420
<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, Inc.
Marshall Intermediate Tax-Free Fund
<PERIOD-TYPE> 6-Mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 76,111,176
<INVESTMENTS-AT-VALUE> 77,794,874
<RECEIVABLES> 1,080,459
<ASSETS-OTHER> 9,729
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 78,885,062
<PAYABLE-FOR-SECURITIES> 1,003,157
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 291,012
<TOTAL-LIABILITIES> 1,294,169
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 76,381,578
<SHARES-COMMON-STOCK> 7,731,366
<SHARES-COMMON-PRIOR> 6,704,131
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (474,383)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,683,698
<NET-ASSETS> 77,590,893
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,802,903
<OTHER-INCOME> 0
<EXPENSES-NET> 219,619
<NET-INVESTMENT-INCOME> 1,583,284
<REALIZED-GAINS-CURRENT> 27,614
<APPREC-INCREASE-CURRENT> 1,437,704
<NET-CHANGE-FROM-OPS> 3,048,602
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,583,284
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,490,400
<NUMBER-OF-SHARES-REDEEMED> 475,796
<SHARES-REINVESTED> 12,631
<NET-CHANGE-IN-ASSETS> 11,663,642
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (501,997)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 215,999
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 414,847
<AVERAGE-NET-ASSETS> 72,704,484
<PER-SHARE-NAV-BEGIN> 9.830
<PER-SHARE-NII> 0.220
<PER-SHARE-GAIN-APPREC> 0.210
<PER-SHARE-DIVIDEND> 0.220
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 192,048,517
<INVESTMENTS-AT-VALUE> 219,569,878
<RECEIVABLES> 2,030,945
<ASSETS-OTHER> 220,966
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 221,821,789
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,170,887
<TOTAL-LIABILITIES> 37,170,887
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 155,359,258
<SHARES-COMMON-STOCK> 15,239,392
<SHARES-COMMON-PRIOR> 13,979,131
<ACCUMULATED-NII-CURRENT> (140,350)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,956,613
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 27,475,381
<NET-ASSETS> 184,650,902
<DIVIDEND-INCOME> 1,135,958
<INTEREST-INCOME> 729,752
<OTHER-INCOME> 0
<EXPENSES-NET> 1,310,048
<NET-INVESTMENT-INCOME> 555,662
<REALIZED-GAINS-CURRENT> 1,983,451
<APPREC-INCREASE-CURRENT> 17,134,403
<NET-CHANGE-FROM-OPS> 19,673,516
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,691,415
<DISTRIBUTIONS-OF-GAINS> 1,303,354
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,146,830
<NUMBER-OF-SHARES-REDEEMED> 1,084,496
<SHARES-REINVESTED> 197,927
<NET-CHANGE-IN-ASSETS> 40,867,871
<ACCUMULATED-NII-PRIOR> 2,995,403
<ACCUMULATED-GAINS-PRIOR> 1,276,516
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 815,042
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,310,048
<AVERAGE-NET-ASSETS> 164,108,942
<PER-SHARE-NAV-BEGIN> 11.080
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 1.370
<PER-SHARE-DIVIDEND> 0.260
<PER-SHARE-DISTRIBUTIONS> 0.090
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.120
<EXPENSE-RATIO> 1.61
<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 Stock Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1997
<PERIOD-END> Feb-28-1997
<INVESTMENTS-AT-COST> 36,300,465
<INVESTMENTS-AT-VALUE> 35,702,942
<RECEIVABLES> 697,257
<ASSETS-OTHER> 758
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 36,400,957
<PAYABLE-FOR-SECURITIES> 48,150
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 38,583
<TOTAL-LIABILITIES> 86,733
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,495,068
<SHARES-COMMON-STOCK> 3,607,262
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (103,142)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (480,179)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (597,523)
<NET-ASSETS> 36,314,224
<DIVIDEND-INCOME> 16,697
<INTEREST-INCOME> 120,186
<OTHER-INCOME> 0
<EXPENSES-NET> 240,025
<NET-INVESTMENT-INCOME> (103,142)
<REALIZED-GAINS-CURRENT> (480,179)
<APPREC-INCREASE-CURRENT> (597,523)
<NET-CHANGE-FROM-OPS> (1,180,844)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,986,910
<NUMBER-OF-SHARES-REDEEMED> 379,648
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 36,314,224
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 141,173
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 240,025
<AVERAGE-NET-ASSETS> 28,339,709
<PER-SHARE-NAV-BEGIN> 10.000
<PER-SHARE-NII> (0.030)
<PER-SHARE-GAIN-APPREC> 0.100
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.070
<EXPENSE-RATIO> 1.70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
