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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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040 001000 Y
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042 D001000 0
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042 F001000 0
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<PAGE> PAGE 41
048 E011000 0
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048 J011000 0
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050 001000 N
051 001000 N
052 001000 N
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066 C001000 N
066 D001000 N
066 E001000 Y
066 F001000 N
066 G001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
<PAGE> PAGE 42
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
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 80089
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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015 C031101 53202
015 E031101 X
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015 B001102 S
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015 C021102 NY
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<PAGE> PAGE 45
028 E021100 28
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037 001100 N
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039 001100 N
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<PAGE> PAGE 46
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
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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
<PAGE> PAGE 47
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
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<PAGE> PAGE 48
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008 A001301 M & I INVESTMENT MANAGEMENT CORP.
008 B001301 A
008 C001301 801-000000
008 D011301 MILWAUKEE
008 D021301 WI
008 D031301 53202
008 A001302 TEMPLETON INVESTMENT COUNSEL, INC.
<PAGE> PAGE 49
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
015 B001304 S
015 C011304 SYDNEY
015 D011304 AUSTRALIA
015 D021304 2000
015 E041304 X
015 A001305 GIROCREDIT BANK AKTIENGELLSCHAFT DER SPARKASS
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015 C011305 VIENNA
015 D011305 AUSTRIA
015 E041305 X
015 A001306 GENERALE DE BANQUE
015 B001306 S
015 C011306 BRUSSELS
015 D011306 BELGIUM
015 E041306 X
015 A001307 CANADA TRUST COMPANY
015 B001307 S
015 C011307 TORONTO, ONTARIO
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
<PAGE> PAGE 50
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
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
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015 C011316 FRANKFURT
015 D011316 GERMANY
015 E041316 X
015 A001317 NATIONAL BANK OF GREECE
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015 A001319 CITIBANK BUDAPEST RD.
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<PAGE> PAGE 51
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
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015 C011321 JAKARTA
015 D011321 INDONESIA
015 D021321 10220
015 E041321 X
015 A001322 BANK OF IRELAND
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015 D011322 IRELAND
015 E041322 X
015 A001323 MORGAN GUARANTY TRUST CO. OF NY
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015 C011323 MILAN
015 D011323 ITALY
015 E041323 X
015 A001324 SUMITOMO TRUST & BANKING CO., LTD.
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015 C011324 TOKYO
015 D011324 JAPAN
015 E041324 X
015 A001325 STANDARD CHARTERED BANK MALAYSIA BERHAD
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015 D011325 MALAYSIA
015 E041325 X
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015 B001326 S
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015 D021326 D.F. 06695
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015 B001327 S
015 C011327 1000 AG AMSTERDAM
015 D011327 NETHERLANDS
015 E041327 X
015 A001328 AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD
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015 C011328 WELLINGTON
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<PAGE> PAGE 52
015 A001329 CHRISTIANIA BANK OG KREDITKASSE
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015 C011329 0368 OSLO 3
015 D011329 NORWAY
015 E041329 X
015 A001330 CITIBANK, N.A. LIMA
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015 C011330 LIMA 27
015 D011330 PERU
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015 A001331 STANDARD CHARTERED BANK PLC
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015 C011331 MANILA
015 D011331 THE PHILLIPPINES
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015 A001332 STATE STREET BANK AND TRUST COMPANY
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015 C011332 BOSTON
015 C021332 MA
015 C031332 02171
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015 A001333 CITIBANK, (POLAND) S.A.
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<PAGE> PAGE 53
015 C011338 28022 MADRID
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015 A001339 SKANDINAVISKA ENSKILDA BANKEN
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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066 F001300 N
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<PAGE> PAGE 56
068 A001300 N
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070 Q021300 N
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070 R021300 N
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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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SIGNATURE STEVE KEANE
TITLE ASST. GEN. COUNSEL
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> Marshall Large -Cap Growth & Income Fund Class Y Shares
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<NAME> Marshall Mid-Cap Growth Fund Class A Shares
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<NAME> Marshall Mid-Cap Growth Fund Class Y Shares
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<CIK> 0000889366
<NAME> Marshall Funds, Inc.
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<NAME> Marshall Mid Cap Value Fund Class A Shares
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<NAME> Marshall Funds, Inc.
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<NAME> Marshall Money Market Fund Class A Shares
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<CIK> 0000889366
<NAME> Marshall Funds, Inc.
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<NAME> Marshall Money Market Fund Class Y shares
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<CIK> 0000889366
<NAME> Marshall Funds, Inc.
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<NAME> Marshall Small Cap Growth Fund Class A Shares
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<NAME> Marshall Funds, Inc.
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<NAME> Marshall Small Cap Growth Fund Class Y shares
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<TABLE> <S> <C>
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<CIK> 0000889366
<NAME> Marshall Funds, Inc.
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<NAME> Marshall Short Term Income Fund
<S> <C>
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