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<PAGE> PAGE 2
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<PAGE> PAGE 13
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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 41
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050 001000 N
051 001000 N
052 001000 N
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066 D001000 N
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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
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<PAGE> PAGE 42
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 Y
070 G011000 Y
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070 H011000 Y
070 H021000 N
070 I011000 N
070 I021000 N
070 J011000 Y
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 Y
070 L021000 Y
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 Y
070 O011000 Y
070 O021000 N
070 P011000 Y
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 N
070 R021000 N
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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015 C021102 NY
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<PAGE> PAGE 45
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039 001100 N
040 001100 N
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042 F001100 0
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050 001100 N
051 001100 N
<PAGE> PAGE 46
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
062 A001100 Y
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064 A001100 Y
064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
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<PAGE> PAGE 47
070 K011100 Y
070 K021100 Y
070 L011100 Y
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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
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<PAGE> PAGE 48
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008 A001301 M & I INVESTMENT MANAGEMENT CORP.
008 B001301 A
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008 A001302 TEMPLETON INVESTMENT COUNSEL, INC.
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<PAGE> PAGE 49
008 D041302 3091
015 A001301 STATE STREET BANK AND TRUST COMPANY
015 B001301 C
015 C011301 BOSTON
015 C021301 MA
015 C031301 02171
015 E031301 X
015 A001302 CITIBANK N.A.
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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 A001306 GENERALE DE BANQUE
015 B001306 S
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015 D011306 BELGIUM
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015 A001307 CANADA TRUST COMPANY
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<PAGE> PAGE 50
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015 C011310 SHENZHEN
015 D011310 CHINA
015 E041310 X
015 A001311 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
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015 C011311 BOGOTA
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015 A001313 DEN DANSKE BANK
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015 A001315 BANQUE PARIBAS
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<PAGE> PAGE 51
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<PAGE> PAGE 52
015 A001330 CITIBANK, N.A. LIMA
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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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015 A001401 MARSHALL & ILSLEY TRUST COMPANY
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 405,547,643
<INVESTMENTS-AT-VALUE> 409,964,035
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<OVERDISTRIBUTION-NII> 0
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<EXPENSES-NET> 2,111,908
<NET-INVESTMENT-INCOME> 15,508,284
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<DISTRIBUTIONS-OF-INCOME> 15,508,284
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<NUMBER-OF-SHARES-SOLD> 10,236,771
<NUMBER-OF-SHARES-REDEEMED> 3,711,734
<SHARES-REINVESTED> 916,492
<NET-CHANGE-IN-ASSETS> 76,670,167
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Marshall Funds
Marshall Intermediate Bond Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 598,962,156
<INVESTMENTS-AT-VALUE> 608,451,677
<RECEIVABLES> 22,402,895
<ASSETS-OTHER> 59,034,370
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 689,888,924
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<SHARES-COMMON-STOCK> 61,409,724
<SHARES-COMMON-PRIOR> 42,202,436
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21,741,065)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,489,521
<NET-ASSETS> 589,669,027
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 34,860,237
<OTHER-INCOME> 0
<EXPENSES-NET> 3,680,447
<NET-INVESTMENT-INCOME> 31,179,790
<REALIZED-GAINS-CURRENT> 1,740,828
<APPREC-INCREASE-CURRENT> 7,755,997
<NET-CHANGE-FROM-OPS> 40,676,615
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<DISTRIBUTIONS-OF-INCOME> 31,179,790
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 26,987,634
<NUMBER-OF-SHARES-REDEEMED> 9,172,629
<SHARES-REINVESTED> 1,392,283
<NET-CHANGE-IN-ASSETS> 191,434,740
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (23,481,893)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,105,550
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,204,270
<AVERAGE-NET-ASSETS> 517,895,259
<PER-SHARE-NAV-BEGIN> 9.440
<PER-SHARE-NII> 0.580
<PER-SHARE-GAIN-APPREC> 0.160
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<PER-SHARE-NAV-END> 9.600
<EXPENSE-RATIO> 0.71
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<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 031
<NAME> Marshall Funds
Marshall Money Market Fund
Class A Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 1,687,346,299
<INVESTMENTS-AT-VALUE> 1,687,346,299
<RECEIVABLES> 14,933,072
<ASSETS-OTHER> 200,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,702,479,371
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,537,626
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,693,941,745
<SHARES-COMMON-STOCK> 1,588,816,988
<SHARES-COMMON-PRIOR> 1,290,658,706
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,588,816,988
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 89,421,706
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<EXPENSES-NET> 6,582,276
<NET-INVESTMENT-INCOME> 82,839,430
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<DISTRIBUTIONS-OF-INCOME> 78,163,550
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,913,792,441
<NUMBER-OF-SHARES-REDEEMED> 4,629,111,222
<SHARES-REINVESTED> 13,477,063
<NET-CHANGE-IN-ASSETS> 313,798,157
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,729,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,428,661
<AVERAGE-NET-ASSETS> 1,557,624,497
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 032
<NAME> Marshall Funds
Marshall Money Market Fund
Class B Shares
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 1,687,346,299
<INVESTMENTS-AT-VALUE> 1,687,346,299
<RECEIVABLES> 14,933,072
<ASSETS-OTHER> 200,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,702,479,371
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 8,537,626
<TOTAL-LIABILITIES> 8,537,626
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,693,941,745
<SHARES-COMMON-STOCK> 105,124,757
<SHARES-COMMON-PRIOR> 89,484,882
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 105,124,757
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 89,421,706
<OTHER-INCOME> 0
<EXPENSES-NET> 6,582,276
<NET-INVESTMENT-INCOME> 82,839,430
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 82,839,430
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,675,880
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 565,397,457
<NUMBER-OF-SHARES-REDEEMED> 554,366,232
<SHARES-REINVESTED> 4,608,650
<NET-CHANGE-IN-ASSETS> 313,798,157
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,729,527
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 10,428,661
<AVERAGE-NET-ASSETS> 1,557,624,497
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Marshall Funds
Marshall Short-Term Income Fund
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 145,513,403
<INVESTMENTS-AT-VALUE> 146,535,868
<RECEIVABLES> 1,132,938
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 147,668,806
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 917,200
<TOTAL-LIABILITIES> 14,482,657
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 137,022,819
<SHARES-COMMON-STOCK> 13,855,829
<SHARES-COMMON-PRIOR> 15,426,624
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,859,135)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,022,465
<NET-ASSETS> 133,186,149
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,721,611
<OTHER-INCOME> 0
<EXPENSES-NET> 700,063
<NET-INVESTMENT-INCOME> 9,021,548
<REALIZED-GAINS-CURRENT> (1,166,498)
<APPREC-INCREASE-CURRENT> 619,229
<NET-CHANGE-FROM-OPS> 8,474,279
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 7,082,890
<NUMBER-OF-SHARES-REDEEMED> 9,105,232
<SHARES-REINVESTED> 451,547
<NET-CHANGE-IN-ASSETS> (15,594,542)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,692,637)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 846,144
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<GROSS-EXPENSE> 1,475,694
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<PER-SHARE-NII> 0.610
<PER-SHARE-GAIN-APPREC> (0.030)
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<PER-SHARE-NAV-END> 9.610
<EXPENSE-RATIO> 0.50
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<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 207,531,419
<INVESTMENTS-AT-VALUE> 271,991,748
<RECEIVABLES> 4,693,900
<ASSETS-OTHER> 82,751,578
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 359,437,226
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<TOTAL-LIABILITIES> 84,615,822
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<PAID-IN-CAPITAL-COMMON> 197,692,483
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<SHARES-COMMON-PRIOR> 19,312,289
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<ACCUMULATED-NET-GAINS> 14,155,075
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 62,729,150
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<NET-INVESTMENT-INCOME> 1,227,848
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<NUMBER-OF-SHARES-SOLD> 4,089,991
<NUMBER-OF-SHARES-REDEEMED> 4,377,201
<SHARES-REINVESTED> 1,725,616
<NET-CHANGE-IN-ASSETS> 5,214,107
<ACCUMULATED-NII-PRIOR> 145,154
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<GROSS-ADVISORY-FEES> 2,284,566
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<GROSS-EXPENSE> 3,691,602
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<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 410,912,561
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<PAID-IN-CAPITAL-COMMON> 389,898,889
<SHARES-COMMON-STOCK> 32,384,473
<SHARES-COMMON-PRIOR> 21,208,899
<ACCUMULATED-NII-CURRENT> 647,535
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<ACCUM-APPREC-OR-DEPREC> 35,195,706
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<GROSS-EXPENSE> 5,630,071
<AVERAGE-NET-ASSETS> 473,055,783
<PER-SHARE-NAV-BEGIN> 15.640
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> (0.190)
<PER-SHARE-DIVIDEND> 0.320
<PER-SHARE-DISTRIBUTIONS> 1.270
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.170
<EXPENSE-RATIO> 1.17
<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 185,636,225
<INVESTMENTS-AT-VALUE> 179,292,398
<RECEIVABLES> 12,188,542
<ASSETS-OTHER> 59,677,046
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 251,157,986
<PAYABLE-FOR-SECURITIES> 1,595,474
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62,174,097
<TOTAL-LIABILITIES> 63,769,571
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 181,485,509
<SHARES-COMMON-STOCK> 15,682,137
<SHARES-COMMON-PRIOR> 13,289,267
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,547,834
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (6,644,928)
<NET-ASSETS> 187,388,415
<DIVIDEND-INCOME> 427,538
<INTEREST-INCOME> 536,936
<OTHER-INCOME> 0
<EXPENSES-NET> 2,739,738
<NET-INVESTMENT-INCOME> (1,775,264)
<REALIZED-GAINS-CURRENT> 17,356,176
<APPREC-INCREASE-CURRENT> (36,178,485)
<NET-CHANGE-FROM-OPS> (20,597,573)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 23,952,792
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,547,612
<NUMBER-OF-SHARES-REDEEMED> 5,865,009
<SHARES-REINVESTED> 1,710,267
<NET-CHANGE-IN-ASSETS> (9,595,039)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 20,919,714
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,676,595
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,739,738
<AVERAGE-NET-ASSETS> 220,584,945
<PER-SHARE-NAV-BEGIN> 14.820
<PER-SHARE-NII> (0.130)
<PER-SHARE-GAIN-APPREC> (0.930)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 1.810
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.950
<EXPENSE-RATIO> 1.23
<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 122,491,512
<INVESTMENTS-AT-VALUE> 126,952,187
<RECEIVABLES> 12,728,150
<ASSETS-OTHER> 31,519,180
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 171,199,517
<PAYABLE-FOR-SECURITIES> 4,062,257
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,517,450
<TOTAL-LIABILITIES> 36,579,707
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 118,368,222
<SHARES-COMMON-STOCK> 13,133,135
<SHARES-COMMON-PRIOR> 11,043,194
<ACCUMULATED-NII-CURRENT> 371,804
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,419,109
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,460,675
<NET-ASSETS> 134,619,810
<DIVIDEND-INCOME> 3,068,199
<INTEREST-INCOME> 600,059
<OTHER-INCOME> 0
<EXPENSES-NET> 2,072,396
<NET-INVESTMENT-INCOME> 1,595,862
<REALIZED-GAINS-CURRENT> 11,719,164
<APPREC-INCREASE-CURRENT> (16,549,975)
<NET-CHANGE-FROM-OPS> (3,234,949)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,713,554
<DISTRIBUTIONS-OF-GAINS> 21,031,640
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,453,000
<NUMBER-OF-SHARES-REDEEMED> 5,229,996
<SHARES-REINVESTED> 1,866,937
<NET-CHANGE-IN-ASSETS> (10,523,626)
<ACCUMULATED-NII-PRIOR> 489,724
<ACCUMULATED-GAINS-PRIOR> 20,731,357
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,245,164
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,072,396
<AVERAGE-NET-ASSETS> 163,675,794
<PER-SHARE-NAV-BEGIN> 13.140
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> (0.920)
<PER-SHARE-DIVIDEND> 0.120
<PER-SHARE-DISTRIBUTIONS> 1.950
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.250
<EXPENSE-RATIO> 1.25
<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 98,462,634
<INVESTMENTS-AT-VALUE> 101,983,304
<RECEIVABLES> 3,338,631
<ASSETS-OTHER> 10,322
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 105,332,257
<PAYABLE-FOR-SECURITIES> 2,929,902
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 810,243
<TOTAL-LIABILITIES> 3,740,145
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 97,576,723
<SHARES-COMMON-STOCK> 9,830,378
<SHARES-COMMON-PRIOR> 8,774,802
<ACCUMULATED-NII-CURRENT> 3,509
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 491,210
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3,520,670
<NET-ASSETS> 101,592,112
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,590,861
<OTHER-INCOME> 0
<EXPENSES-NET> 576,758
<NET-INVESTMENT-INCOME> 4,014,103
<REALIZED-GAINS-CURRENT> 825,890
<APPREC-INCREASE-CURRENT> 1,904,633
<NET-CHANGE-FROM-OPS> 6,744,626
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,010,594
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,704,411
<NUMBER-OF-SHARES-REDEEMED> 1,685,066
<SHARES-REINVESTED> 36,231
<NET-CHANGE-IN-ASSETS> 13,484,154
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (334,680)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 570,658
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,062,437
<AVERAGE-NET-ASSETS> 95,028,137
<PER-SHARE-NAV-BEGIN> 10.040
<PER-SHARE-NII> 0.430
<PER-SHARE-GAIN-APPREC> 0.290
<PER-SHARE-DIVIDEND> 0.430
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.330
<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 213,978,954
<INVESTMENTS-AT-VALUE> 222,918,531
<RECEIVABLES> 6,365,416
<ASSETS-OTHER> 48,137,755
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 277,421,702
<PAYABLE-FOR-SECURITIES> 4,148,886
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48,024,306
<TOTAL-LIABILITIES> 52,173,192
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 212,074,457
<SHARES-COMMON-STOCK> 19,519,077
<SHARES-COMMON-PRIOR> 17,181,836
<ACCUMULATED-NII-CURRENT> 4,584,972
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (365,671)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8,954,752
<NET-ASSETS> 225,248,510
<DIVIDEND-INCOME> 6,890,632
<INTEREST-INCOME> 1,881,204
<OTHER-INCOME> 0
<EXPENSES-NET> 3,742,872
<NET-INVESTMENT-INCOME> 5,028,964
<REALIZED-GAINS-CURRENT> 76,190
<APPREC-INCREASE-CURRENT> (29,288,960)
<NET-CHANGE-FROM-OPS> (24,183,806)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,675,610
<DISTRIBUTIONS-OF-GAINS> 4,959,734
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,989,024
<NUMBER-OF-SHARES-REDEEMED> 10,197,589
<SHARES-REINVESTED> 545,806
<NET-CHANGE-IN-ASSETS> (1,600,982)
<ACCUMULATED-NII-PRIOR> 3,464,817
<ACCUMULATED-GAINS-PRIOR> 4,284,674
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,504,141
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,742,872
<AVERAGE-NET-ASSETS> 246,744,969
<PER-SHARE-NAV-BEGIN> 13.200
<PER-SHARE-NII> 0.260
<PER-SHARE-GAIN-APPREC> (1.420)
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.290
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 11.540
<EXPENSE-RATIO> 1.49
<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-31-1998
<PERIOD-END> Aug-31-1998
<INVESTMENTS-AT-COST> 96,721,700
<INVESTMENTS-AT-VALUE> 81,344,976
<RECEIVABLES> 644,299
<ASSETS-OTHER> 48,359
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 82,037,634
<PAYABLE-FOR-SECURITIES> 245,600
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,934,029
<TOTAL-LIABILITIES> 2,179,629
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 95,334,302
<SHARES-COMMON-STOCK> 8,133,014
<SHARES-COMMON-PRIOR> 4,628,566
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 277,416
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (15,753,713)
<NET-ASSETS> 79,858,005
<DIVIDEND-INCOME> 30,948
<INTEREST-INCOME> 322,759
<OTHER-INCOME> 0
<EXPENSES-NET> 1,368,893
<NET-INVESTMENT-INCOME> (1,015,186)
<REALIZED-GAINS-CURRENT> 3,543,887
<APPREC-INCREASE-CURRENT> (23,578,293)
<NET-CHANGE-FROM-OPS> (21,049,592)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,485,675
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,767,967
<NUMBER-OF-SHARES-REDEEMED> 2,462,788
<SHARES-REINVESTED> 199,269
<NET-CHANGE-IN-ASSETS> 23,433,412
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 234,390
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 857,023
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,368,893
<AVERAGE-NET-ASSETS> 84,495,350
<PER-SHARE-NAV-BEGIN> 12.190
<PER-SHARE-NII> (0.220)
<PER-SHARE-GAIN-APPREC> (1.660)
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.490
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.820
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
