<PAGE> PAGE 1
000 A000000 02/28/98
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 LARGE-CAP GROWTH & INCOME 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 GROWTH FUND
007 C030900 N
007 C011000 10
007 C021000 MARSHALL MID-CAP VALUE 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 GROWTH 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 ADMINISTRATIVE SERVICES
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 AUTRANET, INC.
020 B000001 13-2961507
020 C000001 239
020 A000002 BERNSTEIN (SANFORD C.) & CO., INC.
020 B000002 13-2625874
020 C000002 65
020 A000003 JEFFERIES & CO., INC.
020 B000003 95-2622900
020 C000003 55
020 A000004 DLJ CAPITAL MARKETS
020 C000004 44
020 A000005 ROCHDALE SECURITIES CORP.
020 B000005 13-3360814
<PAGE> PAGE 3
020 C000005 41
020 A000006 LEHMAN BROTHERS, INC.
020 B000006 13-2518466
020 C000006 31
020 A000007 PAINEWEBBER, INC.
020 B000007 13-2638166
020 C000007 30
020 A000008 SMITH BARNEY, INC.
020 B000008 13-1912900
020 C000008 29
020 A000009 BOSTON INSTITUTIONAL SERVICES
020 C000009 29
020 A000010 MORGAN STANLEY & CO., INC.
020 B000010 13-2655998
020 C000010 26
021 000000 928
022 A000001 LEHMAN BROTHERS, INC.
022 B000001 13-2518466
022 C000001 32818571
022 D000001 114861
022 A000002 CS FIRST BOSTON CORP.
022 B000002 13-5659485
022 C000002 593470
022 D000002 10086
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 304329
022 D000003 155006
022 A000004 GOLDMAN SACHS & CO.
022 B000004 13-5108880
022 C000004 288203
022 D000004 36953
022 A000005 BEAR, STEARNS SECURITIES CORP.
022 C000005 204493
022 D000005 98546
022 A000006 FIRST BOSTON CORP.
022 C000006 182800
022 D000006 35722
022 A000007 DEUTSCHE MORGAN GRENFELL
022 C000007 58937
022 D000007 84311
022 A000008 MORGAN STANLEY & CO., INC.
022 B000008 13-2655998
022 C000008 114796
022 D000008 10544
022 A000009 J.P. MORGAN SECURITIES, INC.
022 B000009 13-3224016
022 C000009 120032
022 D000009 0
022 A000010 PAINEWEBBER, INC.
022 B000010 13-2638166
<PAGE> PAGE 4
022 C000010 48097
022 D000010 56484
023 C000000 35479274
023 D000000 964970
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
061 00AA00 1000
077 A000000 N
078 000000 N
<PAGE> PAGE 5
080 C00AA00 0
081 B00AA00 0
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
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 Y
025 A000101 LEHMAN BROTHERS, INC.
025 C000101 D
025 D000101 7500
025 A000102 DLJ
025 C000102 D
025 D000102 4993
025 A000103 HSB GROUP, INC.
025 C000103 D
025 D000103 3945
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 4992
028 A020100 0
028 A030100 0
028 A040100 1544
028 B010100 8323
028 B020100 584
028 B030100 0
028 B040100 2854
028 C010100 4333
<PAGE> PAGE 6
028 C020100 634
028 C030100 0
028 C040100 1163
028 D010100 3207
028 D020100 683
028 D030100 0
028 D040100 3774
028 E010100 9460
028 E020100 664
028 E030100 0
028 E040100 3592
028 F010100 30629
028 F020100 644
028 F030100 0
028 F040100 2134
028 G010100 60944
028 G020100 3209
028 G030100 0
028 G040100 15062
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 21.4
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 0.0
062 M000100 0.0
062 N000100 59.3
062 O000100 0.0
062 P000100 3.5
062 Q000100 49.9
062 R000100 0.0
063 A000100 0
063 B000100 8.4
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 Y
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 398182
071 B000100 360493
071 C000100 271464
071 D000100 133
072 A000100 6
072 B000100 8128
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 817
072 G000100 100
072 H000100 0
072 I000100 35
072 J000100 22
072 K000100 0
072 L000100 5
072 M000100 2
072 N000100 11
072 O000100 9
072 P000100 0
072 Q000100 30
072 R000100 7
072 S000100 2
<PAGE> PAGE 9
072 T000100 272
072 U000100 0
072 V000100 0
072 W000100 4
072 X000100 1317
072 Y000100 381
072 Z000100 7193
072AA000100 2524
072BB000100 1145
072CC010100 1065
072CC020100 0
072DD010100 7193
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 54650
074 C000100 0
074 D000100 287640
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 55423
074 K000100 0
074 L000100 1646
074 M000100 0
074 N000100 399359
074 O000100 103114
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 41068
074 S000100 0
074 T000100 255177
074 U010100 26550
074 U020100 0
074 V010100 9.61
074 V020100 0.00
074 W000100 0.0000
074 X000100 1277
074 Y000100 0
075 A000100 0
075 B000100 220945
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 E030201 X
024 000200 Y
025 A000201 LEHMAN BROTHERS, INC.
025 C000201 D
025 D000201 14518
025 A000202 BEAR STEARNS & CO., INC.
025 C000202 D
025 D000202 20353
025 A000203 DLJ CAPITAL MARKETS, INC.
025 C000203 D
025 D000203 12358
025 A000204 DELETE
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 4512
028 A020200 0
028 A030200 0
028 A040200 2897
028 B010200 6489
028 B020200 1116
028 B030200 0
028 B040200 9200
028 C010200 9057
028 C020200 1133
028 C030200 0
028 C040200 5225
028 D010200 151298
028 D020200 1108
028 D030200 0
028 D040200 4609
028 E010200 14280
028 E020200 1132
028 E030200 0
028 E040200 21366
028 F010200 13406
028 F020200 1092
028 F030200 0
<PAGE> PAGE 11
028 F040200 6475
028 G010200 199042
028 G020200 5580
028 G030200 0
028 G040200 49772
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
053 A000200 Y
<PAGE> PAGE 12
053 B000200 Y
053 C000200 N
062 A000200 Y
062 B000200 0.0
062 C000200 0.0
062 D000200 10.3
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 12.8
062 M000200 10.8
062 N000200 0.0
062 O000200 0.0
062 P000200 41.3
062 Q000200 38.8
062 R000200 0.0
063 A000200 0
063 B000200 4.9
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 Y
070 K010200 Y
070 K020200 N
<PAGE> PAGE 13
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
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 394233
071 B000200 284348
071 C000200 441113
071 D000200 64
072 A000200 6
072 B000200 15590
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 1368
072 G000200 195
072 H000200 0
072 I000200 22
072 J000200 35
072 K000200 0
072 L000200 6
072 M000200 1
072 N000200 17
072 O000200 21
072 P000200 0
072 Q000200 51
072 R000200 7
072 S000200 2
072 T000200 570
072 U000200 0
072 V000200 0
072 W000200 13
072 X000200 2309
072 Y000200 684
072 Z000200 13965
072AA000200 3420
072BB000200 1298
072CC010200 2533
072CC020200 0
072DD010200 13965
072DD020200 0
072EE000200 0
<PAGE> PAGE 14
073 A010200 0.2900
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 57650
074 C000200 0
074 D000200 506887
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 71115
074 J000200 0
074 K000200 0
074 L000200 5634
074 M000200 0
074 N000200 641287
074 O000200 9093
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 74450
074 S000200 0
074 T000200 557744
074 U010200 58557
074 U020200 0
074 V010200 9.52
074 V020200 0.00
074 W000200 0.0000
074 X000200 491
074 Y000200 0
075 A000200 0
075 B000200 405546
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 E030301 X
024 000300 Y
025 A000301 BEAR STEARNS & CO., INC.
<PAGE> PAGE 15
025 B000301 13-3604093
025 C000301 D
025 D000301 50000
025 A000302 DONALDSON LUFKIN & JENRETTE SECURITIES CORP.
025 B000302 13-1898818
025 C000302 D
025 D000302 5000
025 A000303 GOLDMAN SACHS GROUP
025 B000303 13-1898818
025 C000303 D
025 D000303 70150
025 A000304 MERRILL LYNCH & CO.
025 C000304 D
025 D000304 59500
025 A000305 JP MORGAN SECURITIES CORP.
025 B000305 13-3224016
025 C000305 D
025 D000305 75000
025 A000306 MORGAN STANLEY, DEAN WITTER, & DISCOVER CO.
025 B000306 13-2655998
025 C000306 D
025 D000306 60000
025 A000307 SALOMON BROTHERS
025 B000307 22-1660266
025 C000307 D
025 D000307 40000
025 A000308 REPUBLIC NY SECURITIES CORP.
025 B000308 52-1263224
025 C000308 D
025 D000308 10000
028 A010300 393810
028 A020300 0
028 A030300 0
028 A040300 397658
028 B010300 444618
028 B020300 1522
028 B030300 0
028 B040300 421159
028 C010300 355740
028 C020300 1607
028 C030300 0
028 C040300 389485
028 D010300 568530
028 D020300 1637
028 D030300 0
028 D040300 473069
028 E010300 614992
028 E020300 1710
028 E030300 0
028 E040300 352013
028 F010300 376599
<PAGE> PAGE 16
028 F020300 1551
028 F030300 0
028 F040300 361598
028 G010300 2754289
028 G020300 8028
028 G030300 0
028 G040300 2394982
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 139
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
<PAGE> PAGE 17
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 13.1
062 E000300 0.0
062 F000300 11.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 76.9
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 50
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
<PAGE> PAGE 18
070 J020300 Y
070 K010300 Y
070 K020300 N
070 L010300 Y
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 43322
072 C000300 0
072 D000300 0
072 E000300 0
072 F000300 3721
072 G000300 670
072 H000300 0
072 I000300 92
072 J000300 87
072 K000300 0
072 L000300 11
072 M000300 1
072 N000300 41
072 O000300 56
072 P000300 0
072 Q000300 85
072 R000300 8
072 S000300 6
072 T000300 288
072 U000300 0
072 V000300 0
072 W000300 7
072 X000300 5080
072 Y000300 1908
072 Z000300 40149
072AA000300 0
072BB000300 0
072CC010300 0
072CC020300 0
<PAGE> PAGE 19
072DD010300 37751
072DD020300 2398
072EE000300 0
073 A010300 0.0300
073 A020300 0.0300
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 228812
074 C000300 1537831
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 14125
074 M000300 200
074 N000300 1780968
074 O000300 25001
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 8488
074 S000300 0
074 T000300 1747479
074 U010300 1649288
074 U020300 98191
074 V010300 1.00
074 V020300 1.00
074 W000300 1.0004
074 X000300 4361
074 Y000300 0
075 A000300 1274121
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
<PAGE> PAGE 20
015 E030401 X
024 000400 Y
025 A000401 LEHMAN BROTHERS, INC.
025 C000401 D
025 D000401 6045
025 D000402 0
025 D000403 0
025 D000404 0
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 7275
028 A020400 0
028 A030400 0
028 A040400 2304
028 B010400 5902
028 B020400 391
028 B030400 0
028 B040400 10648
028 C010400 3951
028 C020400 377
028 C030400 0
028 C040400 1750
028 D010400 5125
028 D020400 379
028 D030400 0
028 D040400 6834
028 E010400 2947
028 E020400 377
028 E030400 0
028 E040400 8931
028 F010400 23677
028 F020400 381
028 F030400 0
028 F040400 27335
028 G010400 48878
028 G020400 1906
028 G030400 0
028 G040400 57801
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
<PAGE> PAGE 21
042 G000400 0
042 H000400 0
043 000400 0
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 6.5
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 0.0
062 N000400 5.3
<PAGE> PAGE 22
062 O000400 0.0
062 P000400 24.1
062 Q000400 64.0
062 R000400 0.0
063 A000400 0
063 B000400 2.7
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 Y
070 K010400 Y
070 K020400 N
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 59537
071 B000400 56570
<PAGE> PAGE 23
071 C000400 130144
071 D000400 43
072 A000400 6
072 B000400 5171
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 445
072 G000400 60
072 H000400 0
072 I000400 20
072 J000400 15
072 K000400 0
072 L000400 5
072 M000400 1
072 N000400 10
072 O000400 8
072 P000400 0
072 Q000400 12
072 R000400 6
072 S000400 3
072 T000400 185
072 U000400 0
072 V000400 0
072 W000400 2
072 X000400 774
072 Y000400 408
072 Z000400 4805
072AA000400 359
072BB000400 824
072CC010400 0
072CC020400 94515
072DD010400 4805
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 9184
074 C000400 0
074 D000400 131973
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 948
<PAGE> PAGE 24
074 M000400 0
074 N000400 142105
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 901
074 S000400 0
074 T000400 141204
074 U010400 14700
074 U020400 0
074 V010400 9.61
074 V020400 0.00
074 W000400 0.0000
074 X000400 177
074 Y000400 0
075 A000400 0
075 B000400 148572
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
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 4130
028 A020500 282
028 A030500 0
028 A040500 2260
028 B010500 4834
028 B020500 0
028 B030500 0
028 B040500 4782
028 C010500 5672
<PAGE> PAGE 25
028 C020500 0
028 C030500 0
028 C040500 4679
028 D010500 4122
028 D020500 23140
028 D030500 0
028 D040500 4808
028 E010500 6411
028 E020500 0
028 E030500 0
028 E040500 8313
028 F010500 3840
028 F020500 0
028 F030500 0
028 F040500 3408
028 G010500 29009
028 G020500 23422
028 G030500 0
028 G040500 28250
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
048 F010500 0
048 F020500 0.000
048 G010500 0
<PAGE> PAGE 26
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
070 B020500 N
070 C010500 Y
070 C020500 N
<PAGE> PAGE 27
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 N
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 Y
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 40869
071 B000500 37571
071 C000500 274888
071 D000500 14
072 A000500 6
072 B000500 351
072 C000500 2075
072 D000500 0
072 E000500 0
072 F000500 1061
072 G000500 140
072 H000500 0
072 I000500 58
072 J000500 29
072 K000500 0
072 L000500 5
072 M000500 1
072 N000500 12
072 O000500 11
072 P000500 0
072 Q000500 39
<PAGE> PAGE 28
072 R000500 7
072 S000500 3
072 T000500 354
072 U000500 0
072 V000500 0
072 W000500 11
072 X000500 1731
072 Y000500 0
072 Z000500 695
072AA000500 9420
072BB000500 1788
072CC010500 29026
072CC020500 0
072DD010500 874
072DD020500 0
072EE000500 23055
073 A010500 0.0400
073 A020500 0.0000
073 B000500 1.1800
073 C000500 0.0000
074 A000500 6
074 B000500 5655
074 C000500 70274
074 D000500 0
074 E000500 0
074 F000500 303488
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 1417
074 K000500 0
074 L000500 343
074 M000500 0
074 N000500 381182
074 O000500 3419
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 70551
074 S000500 0
074 T000500 307212
074 U010500 21058
074 U020500 0
074 V010500 14.59
074 V020500 0.00
074 W000500 0.0000
074 X000500 2488
074 Y000500 0
075 A000500 0
<PAGE> PAGE 29
075 B000500 285072
076 000500 0.00
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 0
074 S000600 0
074 T000600 0
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 0
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 0
074 S000700 0
074 T000700 0
074 U010700 0
074 U020700 0
074 V010700 0.00
074 V020700 0.00
074 W000700 0.0000
074 X000700 0
074 Y000700 0
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
024 000800 N
025 D000801 0
025 D000802 0
025 D000803 0
025 D000804 0
<PAGE> PAGE 30
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 6848
028 A020800 847
028 A030800 0
028 A040800 5815
028 B010800 6109
028 B020800 0
028 B030800 0
028 B040800 6610
028 C010800 3495
028 C020800 0
028 C030800 0
028 C040800 3683
028 D010800 140691
028 D020800 27438
028 D030800 0
028 D040800 10495
028 E010800 15249
028 E020800 0
028 E030800 0
028 E040800 21176
028 F010800 7440
028 F020800 0
028 F030800 0
028 F040800 5236
028 G010800 179831
028 G020800 28285
028 G030800 0
028 G040800 53015
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
<PAGE> PAGE 31
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
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
<PAGE> PAGE 32
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
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 230940
071 B000800 153634
071 C000800 350916
071 D000800 44
072 A000800 6
072 B000800 1335
072 C000800 5404
072 D000800 0
<PAGE> PAGE 33
072 E000800 0
072 F000800 1535
072 G000800 215
072 H000800 0
072 I000800 43
072 J000800 36
072 K000800 0
072 L000800 5
072 M000800 1
072 N000800 27
072 O000800 15
072 P000800 0
072 Q000800 44
072 R000800 5
072 S000800 2
072 T000800 512
072 U000800 0
072 V000800 0
072 W000800 5
072 X000800 2445
072 Y000800 0
072 Z000800 4294
072AA000800 38784
072BB000800 544
072CC010800 46670
072CC020800 0
072DD010800 4303
072DD020800 0
072EE000800 27003
073 A010800 0.1600
073 A020800 0.0000
073 B000800 1.2700
073 C000800 0.0000
074 A000800 7
074 B000800 81599
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 463179
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 3809
074 K000800 0
074 L000800 1167
074 M000800 6
074 N000800 549768
074 O000800 4541
074 P000800 0
074 Q000800 0
074 R010800 0
<PAGE> PAGE 34
074 R020800 0
074 R030800 0
074 R040800 498
074 S000800 0
074 T000800 544729
074 U010800 33455
074 U020800 0
074 V010800 16.28
074 V020800 0.00
074 W000800 0.0000
074 X000800 1263
074 Y000800 0
075 A000800 0
075 B000800 422069
076 000800 0.00
008 A000901 M & I INVESTMENT MANAGEMENT CORP.
008 B000901 A
008 C000901 801-0000
008 D010901 MILWAUKEE
008 D020901 WI
008 D030901 53202
015 A000901 MARSHALL & ILSLEY TRUST COMPANY
015 B000901 C
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 N
025 A000901 DELETE
025 D000901 0
025 D000902 0
025 D000903 0
025 D000904 0
025 D000905 0
025 D000906 0
025 D000907 0
025 D000908 0
028 A010900 5074
028 A020900 0
028 A030900 0
028 A040900 3991
028 B010900 7225
028 B020900 0
028 B030900 0
028 B040900 9862
<PAGE> PAGE 35
028 C010900 3763
028 C020900 0
028 C030900 0
028 C040900 3566
028 D010900 8371
028 D020900 23567
028 D030900 0
028 D040900 4427
028 E010900 12701
028 E020900 0
028 E030900 0
028 E040900 20739
028 F010900 5757
028 F020900 0
028 F030900 0
028 F040900 7467
028 G010900 42891
028 G020900 23567
028 G030900 0
028 G040900 50052
028 H000900 0
037 000900 N
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
<PAGE> PAGE 36
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
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
<PAGE> PAGE 37
070 C020900 N
070 D010900 Y
070 D020900 Y
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 Y
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
070 N020900 Y
070 O010900 Y
070 O020900 Y
070 P010900 Y
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 N
070 R020900 N
071 A000900 192714
071 B000900 200682
071 C000900 201457
071 D000900 96
072 A000900 6
072 B000900 234
072 C000900 284
072 D000900 0
072 E000900 0
072 F000900 768
072 G000900 82
072 H000900 0
072 I000900 44
072 J000900 22
072 K000900 0
072 L000900 5
072 M000900 1
072 N000900 15
072 O000900 8
072 P000900 0
<PAGE> PAGE 38
072 Q000900 31
072 R000900 6
072 S000900 3
072 T000900 256
072 U000900 0
072 V000900 0
072 W000900 15
072 X000900 1257
072 Y000900 0
072 Z000900 -738
072AA000900 27082
072BB000900 13963
072CC010900 16457
072CC020900 0
072DD010900 0
072DD020900 0
072EE000900 23953
073 A010900 0.0000
073 A020900 0.0000
073 B000900 1.8100
073 C000900 0.0000
074 A000900 4
074 B000900 4691
074 C000900 64195
074 D000900 0
074 E000900 0
074 F000900 214398
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 4651
074 K000900 0
074 L000900 100
074 M000900 8
074 N000900 288047
074 O000900 5536
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 64236
074 S000900 0
074 T000900 218275
074 U010900 14534
074 U020900 0
074 V010900 15.02
074 V020900 0.00
074 W000900 0.0000
074 X000900 890
074 Y000900 0
<PAGE> PAGE 39
075 A000900 0
075 B000900 207405
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
025 D001007 0
025 D001008 0
028 A011000 2637
028 A021000 155
028 A031000 0
028 A041000 1989
028 B011000 2557
028 B021000 0
028 B031000 0
028 B041000 3995
028 C011000 1490
028 C021000 0
028 C031000 0
028 C041000 4013
028 D011000 36927
028 D021000 20824
028 D031000 0
028 D041000 5759
028 E011000 2342
028 E021000 0
028 E031000 0
028 E041000 12044
028 F011000 1842
028 F021000 0
028 F031000 0
028 F041000 4805
028 G011000 47795
028 G021000 20979
028 G031000 0
<PAGE> PAGE 40
028 G041000 32605
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
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
<PAGE> PAGE 41
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
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 Y
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
<PAGE> PAGE 42
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 66600
071 B001000 44976
071 C001000 150041
071 D001000 30
072 A001000 6
072 B001000 289
072 C001000 1297
072 D001000 0
072 E001000 0
072 F001000 588
072 G001000 42
072 H001000 0
072 I001000 37
072 J001000 19
072 K001000 0
072 L001000 5
072 M001000 1
072 N001000 28
072 O001000 9
072 P001000 0
072 Q001000 28
072 R001000 7
072 S001000 3
072 T001000 196
072 U001000 0
072 V001000 0
072 W001000 10
072 X001000 972
072 Y001000 0
072 Z001000 614
072AA001000 13787
072BB001000 4176
072CC011000 12183
072CC021000 0
072DD011000 790
072DD021000 0
072EE001000 21032
073 A011000 0.0600
073 A021000 0.0000
<PAGE> PAGE 43
073 B001000 1.9500
073 C001000 0.0000
074 A001000 4
074 B001000 9226
074 C001000 20808
074 D001000 0
074 E001000 0
074 F001000 172501
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 285
074 M001000 13
074 N001000 202836
074 O001000 0
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 20937
074 S001000 0
074 T001000 181899
074 U011000 14843
074 U021000 0
074 V011000 12.25
074 V021000 0.00
074 W001000 0.0000
074 X001000 486
074 Y001000 0
075 A001000 0
075 B001000 160233
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
<PAGE> PAGE 44
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 3163
028 A021100 0
028 A031100 0
028 A041100 927
028 B011100 2902
028 B021100 31
028 B031100 0
028 B041100 2411
028 C011100 1653
028 C021100 36
028 C031100 0
028 C041100 453
028 D011100 2249
028 D021100 36
028 D031100 0
028 D041100 373
028 E011100 2404
028 E021100 39
028 E031100 0
028 E041100 2960
028 F011100 1659
028 F021100 36
028 F031100 0
028 F041100 1181
028 G011100 14029
028 G021100 178
028 G031100 0
028 G041100 8305
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
<PAGE> PAGE 45
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
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 1.9
062 M001100 0.0
062 N001100 0.0
062 O001100 101.4
<PAGE> PAGE 46
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 6.8
064 A001100 Y
064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 Y
070 C021100 N
070 D011100 Y
070 D021100 N
070 E011100 Y
070 E021100 N
070 F011100 Y
070 F021100 N
070 G011100 Y
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 Y
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 N
070 P011100 Y
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 34385
071 B001100 23891
071 C001100 91644
<PAGE> PAGE 47
071 D001100 26
072 A001100 6
072 B001100 2244
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 278
072 G001100 41
072 H001100 0
072 I001100 17
072 J001100 9
072 K001100 0
072 L001100 4
072 M001100 2
072 N001100 10
072 O001100 3
072 P001100 0
072 Q001100 26
072 R001100 6
072 S001100 3
072 T001100 116
072 U001100 0
072 V001100 0
072 W001100 6
072 X001100 521
072 Y001100 240
072 Z001100 1963
072AA001100 552
072BB001100 2
072CC011100 1345
072CC021100 0
072DD011100 1963
072DD021100 0
072EE001100 0
073 A011100 0.2100
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 97259
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 1794
074 J001100 1001
074 K001100 0
074 L001100 1297
074 M001100 9
<PAGE> PAGE 48
074 N001100 101360
074 O001100 5082
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 372
074 S001100 0
074 T001100 95906
074 U011100 9357
074 U021100 0
074 V011100 10.25
074 V021100 0.00
074 W001100 0.0000
074 X001100 39
074 Y001100 0
075 A001100 0
075 B001100 93008
076 001100 0.00
008 A001301 M & I INVESTMENT MANAGEMENT CORP.
008 B001301 A
008 C001301 801-000000
008 D011301 MILWAUKEE
008 D021301 WI
008 D031301 53202
008 A001302 TEMPLETON INVESTMENT COUNSEL, INC.
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 E031301 X
015 A001302 CITIBANK N.A.
015 B001302 S
015 C011302 CARACAS
015 D011302 VENEZUELA
015 D021302 1010
015 E041302 X
015 A001303 CITIBANK N.A.
015 B001303 S
015 C011303 BUENOS AIRES
015 D011303 ARGENTINA
015 E041303 X
015 A001304 WESTPAC BANKING CORPORATION
<PAGE> PAGE 49
015 B001304 S
015 C011304 SYDNEY
015 D011304 AUSTRALIA
015 D021304 2000
015 E041304 X
015 A001305 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
015 B001305 S
015 C011305 VIENNA
015 D011305 AUSTRIA
015 E041305 X
015 A001306 GENERALE DE BANQUE
015 B001306 S
015 C011306 BRUSSELS
015 D011306 BELGIUM
015 E041306 X
015 A001307 CANADA TRUST COMPANY
015 B001307 S
015 C011307 TORONTO, ONTARIO
015 D011307 CANADA
015 D021307 M5J 2T2
015 E041307 X
015 A001308 CITIBANK, SANTIAGO BRANCH
015 B001308 S
015 C011308 SANTIAGO
015 D011308 CHILE
015 E041308 X
015 A001309 HONGKONG & SHANGHAI BANKING CORP. LTD
015 B001309 S
015 C011309 SHANGHAI
015 D011309 CHINA
015 E041309 X
015 A001310 HONGKONG & SHANGHAI BANKING CORP. LTD
015 B001310 S
015 C011310 SHENZHEN
015 D011310 CHINA
015 E041310 X
015 A001311 CITITRUST COLOMBIA S.A. SOCIEDAD FIDUCIARIA
015 B001311 S
015 C011311 BOGOTA
015 D011311 COLOMBIA
015 E041311 X
015 A001312 CESKOSLOVENSKA OBCHODNI BANKA AS
015 B001312 S
015 C011312 PRAQUE
015 D011312 CZECH REPUBLIC
015 E041312 X
015 A001313 DEN DANSKE BANK
015 B001313 S
015 C011313 COPENHAGEN
015 D011313 DENMARK
015 E041313 X
<PAGE> PAGE 50
015 A001314 MERITA BANK LTD.
015 B001314 S
015 C011314 HELSINKI
015 D011314 FINLAND
015 E041314 X
015 A001315 BANQUE PARIBAS
015 B001315 S
015 C011315 PARIS
015 D011315 FRANCE
015 E041315 X
015 A001316 DRESDNER BANK AG, FRANKFURT MORGAN GUARANTY
015 B001316 S
015 C011316 FRANKFURT
015 D011316 GERMANY
015 E041316 X
015 A001317 NATIONAL BANK OF GREECE
015 B001317 S
015 C011317 ATHIENS
015 D011317 GREECE
015 E041317 X
015 A001318 STANDARD CHARTERED BANK PLC
015 B001318 S
015 C011318 HONG KONG
015 D011318 HONG KONG
015 E041318 X
015 A001319 CITIBANK BUDAPEST RD.
015 B001319 S
015 C011319 BUDAPEST
015 D011319 HUNGARY
015 E041319 X
015 A001320 HONGKONG AND SHANGHAI BANKING CORP. LTD
015 B001320 S
015 C011320 BOMBAY
015 D011320 INDIA
015 D021320 400-001
015 E041320 X
015 A001321 STANDARD CHARTERED BANK PLC
015 B001321 S
015 C011321 JAKARTA
015 D011321 INDONESIA
015 D021321 10220
015 E041321 X
015 A001322 BANK OF IRELAND
015 B001322 S
015 C011322 DUBLIN
015 D011322 IRELAND
015 E041322 X
015 A001323 MORGAN GUARANTY TRUST CO. OF NY
015 B001323 S
015 C011323 MILAN
015 D011323 ITALY
<PAGE> PAGE 51
015 E041323 X
015 A001324 SUMITOMO TRUST & BANKING CO., LTD.
015 B001324 S
015 C011324 TOKYO
015 D011324 JAPAN
015 E041324 X
015 A001325 STANDARD CHARTERED BANK MALAYSIA BERHAD
015 B001325 S
015 C011325 50450 KUALA LUMPUR
015 D011325 MALAYSIA
015 E041325 X
015 A001326 CITIBANK MEXICO S.A.
015 B001326 S
015 C011326 MEXICO CITY
015 D011326 MEXICO
015 D021326 D.F. 06695
015 E041326 X
015 A001327 MEES PIERSON N.V.
015 B001327 S
015 C011327 1000 AG AMSTERDAM
015 D011327 NETHERLANDS
015 E041327 X
015 A001328 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
015 B001328 S
015 C011328 WELLINGTON
015 D011328 NEW ZEALAND
015 E041328 X
015 A001329 CHRISTIANIA BANK OG KREDITKASSE
015 B001329 S
015 C011329 0368 OSLO 3
015 D011329 NORWAY
015 E041329 X
015 A001330 CITIBANK, N.A. LIMA
015 B001330 S
015 C011330 LIMA 27
015 D011330 PERU
015 E041330 X
015 A001331 STANDARD CHARTERED BANK PLC
015 B001331 S
015 C011331 MANILA
015 D011331 THE PHILLIPPINES
015 E041331 X
015 A001332 STATE STREET BANK AND TRUST COMPANY
015 B001332 S
015 C011332 BOSTON
015 C021332 MA
015 C031332 02171
015 E041332 X
015 A001333 CITIBANK, (POLAND) S.A.
015 B001333 S
015 C011333 WARSAW
<PAGE> PAGE 52
015 D011333 POLAND
015 D021333 00-082
015 E041333 X
015 A001334 BANCO COMMERCIAL PORTUGUES
015 B001334 S
015 C011334 LISBON
015 D011334 PORTUGAL
015 D021334 1000
015 E041334 X
015 A001335 DEVELOPMENT BANK OF SINGAPORE LTD
015 B001335 S
015 C011335 SINGAPORE
015 D011335 SINGAPORE
015 D021335 0104
015 E041335 X
015 A001336 CESKOSLOVENSKA OBCHODNA BANKA AS
015 B001336 S
015 C011336 BRATISLAVA
015 D011336 SLOVAK REPUBLIC
015 E041336 X
015 A001337 STANDARD CORPORATE AND MERCHANT BANK
015 B001337 S
015 C011337 JOHANNESBURG
015 D011337 SOUTH AFRICA
015 E041337 X
015 A001338 BANCO SANTANDER
015 B001338 S
015 C011338 28022 MADRID
015 D011338 SPAIN
015 E041338 X
015 A001339 SKANDINAVISKA ENSKILDA BANKEN
015 B001339 S
015 C011339 2-10640 STOCKHOLM
015 D011339 SWEDEN
015 E041339 X
015 A001340 UNION BANK OF SWITZERLAND
015 B001340 S
015 C011340 8021 ZURICH
015 D011340 SWITZERLAND
015 E041340 X
015 A001341 CENTRAL TRUST OF CHINA
015 B001341 S
015 C011341 TAIPEI
015 D011341 TAIWAN
015 D021341 10006
015 E041341 X
015 A001342 STANDARD CHARTERED BANK
015 B001342 S
015 C011342 BANGKOK
015 D011342 THAILAND
015 D021342 10500
<PAGE> PAGE 53
015 E041342 X
015 A001343 CITIBANK, N.A.
015 B001343 S
015 C011343 ISTANBUL
015 D011343 TURKEY
015 E041343 X
015 A001344 STATE STREET BANK & TRUST COMPANY
015 B001344 S
015 C011344 LONDON, ENGLAND
015 D011344 UNITED KINGDOM
015 D021344 E14 5AF
015 E041344 X
015 A001345 SEOULBANK
015 B001345 S
015 C011345 SEOUL
015 D011345 KOREA
015 E041345 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 7695
028 A021300 0
028 A031300 0
028 A041300 4859
028 B011300 9031
028 B021300 0
028 B031300 0
028 B041300 8986
028 C011300 7200
028 C021300 0
028 C031300 0
028 C041300 7804
028 D011300 9490
028 D021300 6828
028 D031300 0
028 D041300 9315
028 E011300 14643
028 E021300 0
028 E031300 0
028 E041300 10946
028 F011300 12704
028 F021300 0
028 F031300 0
028 F041300 8908
028 G011300 60764
<PAGE> PAGE 54
028 G021300 6828
028 G031300 0
028 G041300 50818
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
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
<PAGE> PAGE 55
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
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
<PAGE> PAGE 56
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 61676
071 B001300 34153
071 C001300 227568
071 D001300 15
072 A001300 6
072 B001300 724
072 C001300 2232
072 D001300 0
072 E001300 0
072 F001300 1151
072 G001300 91
072 H001300 0
072 I001300 40
072 J001300 67
072 K001300 0
072 L001300 8
072 M001300 2
072 N001300 15
072 O001300 9
072 P001300 0
072 Q001300 35
072 R001300 9
072 S001300 3
072 T001300 288
072 U001300 0
072 V001300 0
072 W001300 18
072 X001300 1735
072 Y001300 0
072 Z001300 1221
072AA001300 3478
072BB001300 502
072CC011300 3981
072CC021300 0
072DD011300 3676
072DD021300 0
<PAGE> PAGE 57
072EE001300 4960
073 A011300 0.2100
073 A021300 0.0000
073 B001300 0.2900
073 C001300 0.0000
074 A001300 72
074 B001300 0
074 C001300 82783
074 D001300 90
074 E001300 9435
074 F001300 201986
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 687
074 M001300 19
074 N001300 295072
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 51906
074 S001300 0
074 T001300 243166
074 U011300 18502
074 U021300 0
074 V011300 13.14
074 V021300 0.00
074 W001300 0.0000
074 X001300 542
074 Y001300 0
075 A001300 0
075 B001300 231778
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 N
<PAGE> PAGE 58
025 A001401 DELETE
025 D001401 0
025 D001402 0
025 D001403 0
025 D001404 0
025 D001405 0
025 D001406 0
025 D001407 0
025 D001408 0
028 A011400 3332
028 A021400 0
028 A031400 0
028 A041400 852
028 B011400 5976
028 B021400 0
028 B031400 0
028 B041400 4267
028 C011400 3524
028 C021400 0
028 C031400 0
028 C041400 2268
028 D011400 5776
028 D021400 2465
028 D031400 0
028 D041400 2684
028 E011400 11832
028 E021400 0
028 E031400 0
028 E041400 3470
028 F011400 4543
028 F021400 0
028 F031400 0
028 F041400 1177
028 G011400 34982
028 G021400 2465
028 G031400 0
028 G041400 14718
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
<PAGE> PAGE 59
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
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
<PAGE> PAGE 60
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 Y
070 G011400 Y
070 G021400 N
070 H011400 Y
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 N
070 L021400 Y
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 61288
071 B001400 42785
<PAGE> PAGE 61
071 C001400 65175
071 D001400 66
072 A001400 6
072 B001400 120
072 C001400 12
072 D001400 0
072 E001400 0
072 F001400 336
072 G001400 34
072 H001400 0
072 I001400 27
072 J001400 9
072 K001400 0
072 L001400 4
072 M001400 1
072 N001400 8
072 O001400 3
072 P001400 0
072 Q001400 23
072 R001400 6
072 S001400 1
072 T001400 84
072 U001400 0
072 V001400 0
072 W001400 8
072 X001400 544
072 Y001400 0
072 Z001400 -412
072AA001400 6592
072BB001400 4246
072CC011400 7921
072CC021400 0
072DD011400 0
072DD021400 0
072EE001400 2486
073 A011400 0.0000
073 A021400 0.0000
073 B001400 0.4900
073 C001400 0.0000
074 A001400 2
074 B001400 6858
074 C001400 124
074 D001400 0
074 E001400 0
074 F001400 82351
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 0
074 K001400 0
074 L001400 3
<PAGE> PAGE 62
074 M001400 26
074 N001400 89365
074 O001400 2704
074 P001400 0
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 138
074 S001400 0
074 T001400 86523
074 U011400 6433
074 U021400 0
074 V011400 13.45
074 V021400 0.00
074 W001400 0.0000
074 X001400 635
074 Y001400 0
075 A001400 0
075 B001400 68825
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-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 340,025,990
<INVESTMENTS-AT-VALUE> 287,639,864
<RECEIVABLES> 57,069,208
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 399,359,490
<PAYABLE-FOR-SECURITIES> 103,113,832
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 41,068,930
<TOTAL-LIABILITIES> 144,182,762
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 255,003,346
<SHARES-COMMON-STOCK> 26,549,581
<SHARES-COMMON-PRIOR> 21,448,639
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,090,910)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,264,292
<NET-ASSETS> 255,176,728
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 8,128,047
<OTHER-INCOME> 0
<EXPENSES-NET> 935,164
<NET-INVESTMENT-INCOME> 7,192,883
<REALIZED-GAINS-CURRENT> 1,378,213
<APPREC-INCREASE-CURRENT> 1,064,604
<NET-CHANGE-FROM-OPS> 9,635,700
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7,192,883
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6,336,425
<NUMBER-OF-SHARES-REDEEMED> 1,569,949
<SHARES-REINVESTED> 334,466
<NET-CHANGE-IN-ASSETS> 51,534,281
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,469,123)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 817,478
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,316,653
<AVERAGE-NET-ASSETS> 220,945,410
<PER-SHARE-NAV-BEGIN> 9.490
<PER-SHARE-NII> 0.310
<PER-SHARE-GAIN-APPREC> 0.120
<PER-SHARE-DIVIDEND> 0.310
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.610
<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-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 631,386,667
<INVESTMENTS-AT-VALUE> 518,003,177
<RECEIVABLES> 5,633,900
<ASSETS-OTHER> 59,999,429
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 641,286,785
<PAYABLE-FOR-SECURITIES> 9,092,813
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 74,449,959
<TOTAL-LIABILITIES> 83,542,772
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 574,837,696
<SHARES-COMMON-STOCK> 58,556,670
<SHARES-COMMON-PRIOR> 42,202,436
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (21,359,901)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,266,218
<NET-ASSETS> 557,744,013
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 15,589,800
<OTHER-INCOME> 0
<EXPENSES-NET> 1,624,628
<NET-INVESTMENT-INCOME> 13,965,172
<REALIZED-GAINS-CURRENT> 2,121,992
<APPREC-INCREASE-CURRENT> 2,532,694
<NET-CHANGE-FROM-OPS> 18,619,858
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 13,965,172
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 20,993,051
<NUMBER-OF-SHARES-REDEEMED> 5,225,002
<SHARES-REINVESTED> 586,185
<NET-CHANGE-IN-ASSETS> 159,509,726
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (23,481,893)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,368,414
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,308,835
<AVERAGE-NET-ASSETS> 467,364,890
<PER-SHARE-NAV-BEGIN> 9.440
<PER-SHARE-NII> 0.290
<PER-SHARE-GAIN-APPREC> 0.080
<PER-SHARE-DIVIDEND> 0.290
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.520
<EXPENSE-RATIO> 0.71
<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-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 1,766,642,699
<INVESTMENTS-AT-VALUE> 1,537,830,616
<RECEIVABLES> 14,125,476
<ASSETS-OTHER> 200,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,780,968,175
<PAYABLE-FOR-SECURITIES> 25,000,893
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,488,911
<TOTAL-LIABILITIES> 8,488,018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,747,479,264
<SHARES-COMMON-STOCK> 1,649,287,875
<SHARES-COMMON-PRIOR> 1,290,658,706
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 1,649,287,872
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 43,321,731
<OTHER-INCOME> 0
<EXPENSES-NET> 3,172,550
<NET-INVESTMENT-INCOME> 40,149,181
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 40,149,181
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37,751,025
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,480,732,629
<NUMBER-OF-SHARES-REDEEMED> 2,128,151,395
<SHARES-REINVESTED> 6,047,935
<NET-CHANGE-IN-ASSETS> 367,335,676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,720,741
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,080,083
<AVERAGE-NET-ASSETS> 1,500,630,334
<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-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 1,766,642,699
<INVESTMENTS-AT-VALUE> 1,537,830,616
<RECEIVABLES> 14,125,476
<ASSETS-OTHER> 200,000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,780,968,175
<PAYABLE-FOR-SECURITIES> 25,000,893
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,488,911
<TOTAL-LIABILITIES> 8,488,018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,747,479,264
<SHARES-COMMON-STOCK> 98,191,389
<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> 98,191,389
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 43,321,731
<OTHER-INCOME> 0
<EXPENSES-NET> 3,172,550
<NET-INVESTMENT-INCOME> 40,149,181
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 40,149,181
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,398,156
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 273,556,777
<NUMBER-OF-SHARES-REDEEMED> 266,830,279
<SHARES-REINVESTED> 1,980,009
<NET-CHANGE-IN-ASSETS> 367,335,676
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,720,741
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,080,083
<AVERAGE-NET-ASSETS> 1,500,630,334
<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> 0.71
<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-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 140,874,672
<INVESTMENTS-AT-VALUE> 131,972,594
<RECEIVABLES> 948,156
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 142,104,549
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 900,529
<TOTAL-LIABILITIES> 900,529
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 145,052,617
<SHARES-COMMON-STOCK> 14,699,662
<SHARES-COMMON-PRIOR> 15,426,624
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,157,318)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 308,721
<NET-ASSETS> 141,204,020
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5,170,768
<OTHER-INCOME> 0
<EXPENSES-NET> 365,656
<NET-INVESTMENT-INCOME> 4,805,112
<REALIZED-GAINS-CURRENT> (464,681)
<APPREC-INCREASE-CURRENT> (94,515)
<NET-CHANGE-FROM-OPS> 4,245,916
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,805,112
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,068,705
<NUMBER-OF-SHARES-REDEEMED> 5,993,305
<SHARES-REINVESTED> 197,638
<NET-CHANGE-IN-ASSETS> (7,576,671)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (3,692,637)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 444,933
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 773,512
<AVERAGE-NET-ASSETS> 148,571,974
<PER-SHARE-NAV-BEGIN> 9.640
<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> 9.610
<EXPENSE-RATIO> 0.57
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> Marshall Funds
Marshall Large-Cap Growth & Income Fund
<PERIOD-TYPE> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 278,629,337
<INVESTMENTS-AT-VALUE> 303,762,008
<RECEIVABLES> 1,759,992
<ASSETS-OTHER> 70,005,585
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 381,182,302
<PAYABLE-FOR-SECURITIES> 3,419,020
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 70,551,352
<TOTAL-LIABILITIES> 73,970,372
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 202,283,182
<SHARES-COMMON-STOCK> 21,057,723
<SHARES-COMMON-PRIOR> 19,312,289
<ACCUMULATED-NII-CURRENT> (33,478)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4,174,838
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 100,787,388
<NET-ASSETS> 307,211,930
<DIVIDEND-INCOME> 2,075,252
<INTEREST-INCOME> 351,104
<OTHER-INCOME> 0
<EXPENSES-NET> 1,731,150
<NET-INVESTMENT-INCOME> 695,206
<REALIZED-GAINS-CURRENT> 7,632,044
<APPREC-INCREASE-CURRENT> 29,025,551
<NET-CHANGE-FROM-OPS> 37,352,801
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 873,838
<DISTRIBUTIONS-OF-GAINS> 23,055,255
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,057,825
<NUMBER-OF-SHARES-REDEEMED> 2,026,342
<SHARES-REINVESTED> 1,713,951
<NET-CHANGE-IN-ASSETS> 37,604,633
<ACCUMULATED-NII-PRIOR> 145,154
<ACCUMULATED-GAINS-PRIOR> 19,598,049
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,060,747
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,731,150
<AVERAGE-NET-ASSETS> 285,072,027
<PER-SHARE-NAV-BEGIN> 13.960
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> 1.820
<PER-SHARE-DIVIDEND> 0.040
<PER-SHARE-DISTRIBUTIONS> 1.180
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 14.590
<EXPENSE-RATIO> 1.22
<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-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 439,151,849
<INVESTMENTS-AT-VALUE> 463,179,486
<RECEIVABLES> 4,976,278
<ASSETS-OTHER> 13,315
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 549,768,461
<PAYABLE-FOR-SECURITIES> 4,541,397
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 498,294
<TOTAL-LIABILITIES> 5,039,691
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 407,324,297
<SHARES-COMMON-STOCK> 33,455,028
<SHARES-COMMON-PRIOR> 21,208,899
<ACCUMULATED-NII-CURRENT> 698,512
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 31,078,942
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 105,627,019
<NET-ASSETS> 544,728,770
<DIVIDEND-INCOME> 5,403,862
<INTEREST-INCOME> 1,334,636
<OTHER-INCOME> 0
<EXPENSES-NET> 2,444,754
<NET-INVESTMENT-INCOME> 4,293,744
<REALIZED-GAINS-CURRENT> 38,239,770
<APPREC-INCREASE-CURRENT> 46,670,419
<NET-CHANGE-FROM-OPS> 89,203,933
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,303,379
<DISTRIBUTIONS-OF-GAINS> 27,002,637
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,773,228
<NUMBER-OF-SHARES-REDEEMED> 3,363,005
<SHARES-REINVESTED> 1,835,906
<NET-CHANGE-IN-ASSETS> 212,999,268
<ACCUMULATED-NII-PRIOR> 708,147
<ACCUMULATED-GAINS-PRIOR> 19,841,809
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,534,688
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,444,754
<AVERAGE-NET-ASSETS> 422,068,837
<PER-SHARE-NAV-BEGIN> 15.640
<PER-SHARE-NII> 0.150
<PER-SHARE-GAIN-APPREC> 1.920
<PER-SHARE-DIVIDEND> 0.160
<PER-SHARE-DISTRIBUTIONS> 1.270
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 16.280
<EXPENSE-RATIO> 1.19
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 237,513,967
<INVESTMENTS-AT-VALUE> 233,592,014
<RECEIVABLES> 4,750,993
<ASSETS-OTHER> 45,012,536
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 288,046,508
<PAYABLE-FOR-SECURITIES> 5,535,770
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64,235,382
<TOTAL-LIABILITIES> 69,771,152
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 162,936,525
<SHARES-COMMON-STOCK> 14,534,195
<SHARES-COMMON-PRIOR> 13,289,267
<ACCUMULATED-NII-CURRENT> (737,947)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 10,086,091
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 45,990,687
<NET-ASSETS> 218,275,356
<DIVIDEND-INCOME> 284,360
<INTEREST-INCOME> 234,286
<OTHER-INCOME> 0
<EXPENSES-NET> 1,256,593
<NET-INVESTMENT-INCOME> (737,947)
<REALIZED-GAINS-CURRENT> 13,119,169
<APPREC-INCREASE-CURRENT> 16,457,130
<NET-CHANGE-FROM-OPS> 28,838,352
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (23,952,792)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,959,562
<NUMBER-OF-SHARES-REDEEMED> 3,424,900
<SHARES-REINVESTED> 1,710,266
<NET-CHANGE-IN-ASSETS> 21,291,902
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 20,919,714
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 768,085
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,256,593
<AVERAGE-NET-ASSETS> 207,404,824
<PER-SHARE-NAV-BEGIN> 14.820
<PER-SHARE-NII> (0.050)
<PER-SHARE-GAIN-APPREC> 2.060
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 1.810
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.020
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 169,341,486
<INVESTMENTS-AT-VALUE> 175,309,013
<RECEIVABLES> 285,070
<ASSETS-OTHER> 18,016,463
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 202,836,264
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,937,439
<TOTAL-LIABILITIES> 20,937,439
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 139,080,440
<SHARES-COMMON-STOCK> 14,842,967
<SHARES-COMMON-PRIOR> 11,043,194
<ACCUMULATED-NII-CURRENT> 314,343
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 9,310,797
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 33,193,245
<NET-ASSETS> 181,898,825
<DIVIDEND-INCOME> 1,297,339
<INTEREST-INCOME> 288,512
<OTHER-INCOME> 0
<EXPENSES-NET> 971,559
<NET-INVESTMENT-INCOME> 614,292
<REALIZED-GAINS-CURRENT> 9,611,080
<APPREC-INCREASE-CURRENT> 12,182,595
<NET-CHANGE-FROM-OPS> 22,407,967
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 789,673
<DISTRIBUTIONS-OF-GAINS> 21,031,640
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,676,923
<NUMBER-OF-SHARES-REDEEMED> 2,715,338
<SHARES-REINVESTED> 1,838,188
<NET-CHANGE-IN-ASSETS> 36,755,389
<ACCUMULATED-NII-PRIOR> 489,724
<ACCUMULATED-GAINS-PRIOR> 20,731,357
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 587,588
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 971,559
<AVERAGE-NET-ASSETS> 160,233,046
<PER-SHARE-NAV-BEGIN> 13.140
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 1.080
<PER-SHARE-DIVIDEND> 0.060
<PER-SHARE-DISTRIBUTIONS> 1.950
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 12.250
<EXPENSE-RATIO> 1.24
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 96,091,642
<INVESTMENTS-AT-VALUE> 99,052,940
<RECEIVABLES> 2,297,780
<ASSETS-OTHER> 9,313
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 101,360,033
<PAYABLE-FOR-SECURITIES> 5,081,561
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 372,377
<TOTAL-LIABILITIES> 5,453,938
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,729,219
<SHARES-COMMON-STOCK> 9,356,904
<SHARES-COMMON-PRIOR> 8,774,802
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 215,578
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,961,298
<NET-ASSETS> 95,906,095
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,244,394
<OTHER-INCOME> 0
<EXPENSES-NET> 281,038
<NET-INVESTMENT-INCOME> 1,963,356
<REALIZED-GAINS-CURRENT> 550,258
<APPREC-INCREASE-CURRENT> 1,345,261
<NET-CHANGE-FROM-OPS> 3,858,875
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,963,356
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,379,684
<NUMBER-OF-SHARES-REDEEMED> 815,060
<SHARES-REINVESTED> 17,478
<NET-CHANGE-IN-ASSETS> 7,798,137
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (334,680)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 278,012
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 521,246
<AVERAGE-NET-ASSETS> 93,007,949
<PER-SHARE-NAV-BEGIN> 10.040
<PER-SHARE-NII> 0.210
<PER-SHARE-GAIN-APPREC> 0.210
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.250
<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-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 252,062,350
<INVESTMENTS-AT-VALUE> 254,293,596
<RECEIVABLES> 687,307
<ASSETS-OTHER> 40,091,304
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 295,072,207
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,906,399
<TOTAL-LIABILITIES> 51,906,399
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 197,630,208
<SHARES-COMMON-STOCK> 18,502,405
<SHARES-COMMON-PRIOR> 17,181,836
<ACCUMULATED-NII-CURRENT> 1,010,352
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,300,666
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 42,224,582
<NET-ASSETS> 243,165,808
<DIVIDEND-INCOME> 2,231,833
<INTEREST-INCOME> 724,164
<OTHER-INCOME> 0
<EXPENSES-NET> 1,734,852
<NET-INVESTMENT-INCOME> 1,221,145
<REALIZED-GAINS-CURRENT> 2,975,726
<APPREC-INCREASE-CURRENT> 3,980,870
<NET-CHANGE-FROM-OPS> 8,177,741
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,675,610
<DISTRIBUTIONS-OF-GAINS> 4,959,734
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,675,695
<NUMBER-OF-SHARES-REDEEMED> 3,900,932
<SHARES-REINVESTED> 545,806
<NET-CHANGE-IN-ASSETS> 16,316,316
<ACCUMULATED-NII-PRIOR> 3,464,817
<ACCUMULATED-GAINS-PRIOR> 4,284,674
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,151,040
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,734,852
<AVERAGE-NET-ASSETS> 231,777,988
<PER-SHARE-NAV-BEGIN> 13.200
<PER-SHARE-NII> 0.060
<PER-SHARE-GAIN-APPREC> 0.380
<PER-SHARE-DIVIDEND> 0.210
<PER-SHARE-DISTRIBUTIONS> 0.290
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.140
<EXPENSE-RATIO> 1.51
<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> 6-mos
<FISCAL-YEAR-END> Aug-31-1998
<PERIOD-END> Feb-28-1998
<INVESTMENTS-AT-COST> 73,843,432
<INVESTMENTS-AT-VALUE> 82,475,183
<RECEIVABLES> 3,041
<ASSETS-OTHER> 28,649
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 89,365,049
<PAYABLE-FOR-SECURITIES> 2,703,950
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 138,081
<TOTAL-LIABILITIES> 2,842,031
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 71,095,141
<SHARES-COMMON-STOCK> 6,432,842
<SHARES-COMMON-PRIOR> 4,628,566
<ACCUMULATED-NII-CURRENT> (412,320)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 94,984
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 15,745,213
<NET-ASSETS> 86,523,018
<DIVIDEND-INCOME> 11,560
<INTEREST-INCOME> 119,782
<OTHER-INCOME> 0
<EXPENSES-NET> 543,662
<NET-INVESTMENT-INCOME> (412,320)
<REALIZED-GAINS-CURRENT> 2,346,269
<APPREC-INCREASE-CURRENT> 7,920,633
<NET-CHANGE-FROM-OPS> 9,854,582
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 2,485,675
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,757,434
<NUMBER-OF-SHARES-REDEEMED> 1,152,428
<SHARES-REINVESTED> 199,270
<NET-CHANGE-IN-ASSETS> 30,098,425
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 234,390
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 335,879
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 543,662
<AVERAGE-NET-ASSETS> 68,824,809
<PER-SHARE-NAV-BEGIN> 12.190
<PER-SHARE-NII> (0.060)
<PER-SHARE-GAIN-APPREC> 1.810
<PER-SHARE-DIVIDEND> 0.000
<PER-SHARE-DISTRIBUTIONS> 0.490
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.450
<EXPENSE-RATIO> 1.62
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
