[GRAPHIC GOES HERE]
Marshall Money Market Fund
Supplement to Class Y Shares Prospectus dated October 31, 1999 We are providing
this Supplement to advise you of the following changes (effective April 1, 2000)
to the Marshall Money Market Fund only:
. M&I Investment Management Corp., the Funds investment adviser (Adviser), has
reduced its contractual Management Fee from 0.50% to 0.15%. In addition, please
note that the Adviser will voluntarily waive an additional 0.05% (such voluntary
waiver may be terminated at any time); and
. the Shareholder Services Fee will be increased from 0.02% to 0.25%.
Following is revised information that should replace the current information in
the "Fees and Expenses of the Funds" table on page 10 of your current
Prospectus, solely with respect to MARSHALL MONEY MARKET FUND (Money Market
Fund).
This table describes the fees and expenses that you may pay if you buy and hold
Class Y Shares of the Money Market Fund.
<TABLE>
<CAPTION>
<S>
<C>
Shareholder Fees (fees paid directly from your investment) None Annual Fund
Operating Expenses (expenses deducted and expressed as a percentage of the Funds
net assets) Management Fee
0.15%(2)
Distribution (12b-1) Fee
None
Shareholder Servicing Fee
0.25%
Other Expenses
0.15%
- ----
Total Annual Fund Operating Expenses(1)
0.55%
(1) Although not contractually obligated to do so, the Adviser expects to waive
certain amounts. The net expenses the Money Market Fund expects to pay for
the fiscal period ending August 31, 2000 are shown below.
Total Annual Fund Operating Expenses (after waivers)
0.50%
====
</TABLE>
The Total Annual Fund Operating Expenses and Total Annual Fund Operating
Expenses (after waivers) for the fiscal year ended August 31, 1999 were 0.66%
and 0.41%, respectively.
(2) The Adviser expects to voluntarily waive a portion of the management fee.
The Adviser may terminate this voluntary waiver at any time. The management fee
the Money Market Fund expects to actually pay (after the voluntary waiver) will
be 0.10% for the fiscal year ending August 31, 2000. The management fee paid by
the Money Market Fund (after the voluntary waiver) was 0.25% for the fiscal year
ended August 31, 1999.
The purpose of this table is to assist an investor in understanding the various
costs and expenses that a shareholder of the Money Market Fund will bear either
directly or indirectly. Marshall & Ilsley Trust Company and its affiliates
receive advisory, custodial, shareholder services and administrative fees for
the service they provide to shareholders. For more complete descriptions of the
various costs and expenses, see Marshall Funds, Inc. Information. Wire-
transferred redemptions may be subject to an additional fee.
Example
This Example is intended to help you compare the cost of investing in the Money
Market Fund's Class Y Shares with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Money Market Fund's Class Y
Shares for the time periods indicated and then redeem all of your Shares at the
end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Money Market Fund's Class Y Shares operating
expenses remain the same. Although your actual costs may be higher or lower,
based on these assumptions your costs would be:
<TABLE>
<CAPTION>
Class Y Shares
- -----------------------------------------------------------------------------
<S> <C>
1 Year $ 56
3 Years $176
5 Years $307
10 Years $689
- -----------------------------------------------------------------------------
</TABLE>
February 29, 2000
Marshall Funds Investor Services
P.O. Box 1348
Milwaukee, WI 53201-1348
414-287-8555 or 800-236-FUND (3863)
Internet address: http://www.marshallfunds.com
TDD: Speech and Hearing Impaired Services
1-800-209-3520
25219 (2/00) 512744
[MARSHALL FUNDS LOGO]
Marshall Money Market Fund
Supplement to Class A Shares Prospectus dated October 31, 1999 We are providing
this Supplement to advise you of the following changes (effective April 1, 2000)
to the MARSHALL MONEY MARKET FUND only:
. M&I Investment Management Corp., the Fund's investment adviser (Adviser), has
reduced its contractual Management Fee from 0.50% to 0.15%. In addition,
please note that the Adviser will voluntarily waive an additional 0.05% (such
voluntary waiver may be terminated at any time); and
. the Shareholder Services Fee will be increased from 0.02% to 0.25%.
Following is revised information that should replace the current information in
the "Fees and Expenses of the Funds" table on page 9 of your current Prospectus,
solely with respect to MARSHALL MONEY MARKET FUND (Money Market Fund).
- ------
This table describes the fees and expenses that you may pay if you buy and hold
Class A Shares of the Money Market Fund.
Shareholder Fees (fees paid directly from your investment) None Annual Fund
Operating Expenses (expenses deducted and expressed as a percentage of
the Fund's net assets)
Management Fee 0.15%(2)
Distribution (12b-1) Fee 0.30%
Shareholder Servicing Fee 0.25%
Other Expenses 0.15%
-----
Total Annual Fund Operating Expenses(1) 0.85%
(1) Although not contractually obligated to do so, the Adviser expects to waive
certain amounts. The net expenses the Money Market Fund expects to pay for the
fiscal period ending August 31, 2000 are shown below.
Total Annual Fund Operating Expenses (after waivers) 0.80%
=====
The Total Annual Fund Operating Expenses and Total Annual Fund Operating
Expenses (after waivers) for the fiscal year ended August 31, 1999 were 0.96%
and 0.71%, respectively.
(2) The Adviser expects to voluntarily waive a portion of the management fee.
The Adviser may terminate this voluntary waiver at any time. The management fee
the Money Market Fund expects to actually pay (after the voluntary waiver) will
be 0.10% for the period ending August 31, 2000. The management fee paid by the
Money Market Fund (after the voluntary waiver) was 0.25% for the fiscal year
ended August 31, 1999.
The purpose of this table is to assist an investor in understanding the various
costs and expenses that a shareholder of the Money Market Fund will bear either
directly or indirectly. Marshall & Ilsley Trust Company and its affiliates
receive fees for advisory and custodial services, and may receive fees for
administrative and shareholder services they provide to shareholders. For more
complete descriptions of the various costs and expenses, see "Marshall Funds,
Inc. Information". Wire-transferred redemptions may be subject to an additional
fee.
Example
This Example is intended to help you compare the cost of investing in the Money
Market Fund's Class A Shares with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Money Market Fund's Class A
Shares for the time periods indicated and then redeem all of your Shares at the
end of those periods. The Example also assumes that your investment has a 5%
return each year and that the Money Market Fund's Class A Shares operating
expenses remain the same. Although your actual costs may be higher or lower,
based on these assumptions your costs would be:
Class A Shares
1 Year $ 87
3 Years $ 271
5 Years $ 471
10 Years $ 1,049
February 29, 2000
Marshall Funds Investor Services
P.O. Box 1348
Milwaukee, WI 53201-1348
1-800-580-FUND (3863)
Internet address: http://www.marshallfunds.com
TDD: Speech and Hearing Impaired Services
1-800-209-3520
25202 (2/00) 512750
