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<PAGE> PAGE 19
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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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 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 41
070 C010900 Y
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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008 A001001 MERIDIAN INVESTMENT MANAGEMENT CORPORATION
008 B001001 A
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008 D021001 CO
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<PAGE> PAGE 44
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<PAGE> PAGE 45
070 B011000 Y
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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008 D011101 ENGLEWOOD
008 D021101 CO
008 D031101 80112
015 A001101 FIRSTAR TRUST COMPANY
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<PAGE> PAGE 48
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<PAGE> PAGE 49
070 A011100 Y
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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008 A001201 MERIDIAN INVESMTENT MANAGEMENT CORPORATION
008 B001201 A
008 C001201 801-38868
008 D011201 ENGLEWOOD
008 D021201 CO
008 D031201 80112
015 A001201 FIRSTAR TRUST COMPANY
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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008 A001301 MERIDIAN INVESTMENT MANAGEMENT CORPORATION
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008 D011301 ENGLEWOOD
008 D021301 CO
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<PAGE> PAGE 56
045 001300 Y
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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SIGNATURE ERIK JONSON
TITLE ACCOUNTING OFFICER
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> NORTH EUROPE
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<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (1,411)
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<NET-CHANGE-IN-ASSETS> (1,950)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 05
<NAME> SOUTH EUROPE
<MULTIPLIER> 1,000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
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<ACCUMULATED-NII-CURRENT> (107)
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<ACCUMULATED-NET-GAINS> 1,354
<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 18
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<NET-INVESTMENT-INCOME> (165)
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<NUMBER-OF-SHARES-REDEEMED> (927)
<SHARES-REINVESTED> 101
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<ACCUMULATED-GAINS-PRIOR> (18)
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<AVERAGE-NET-ASSETS> 22,702
<PER-SHARE-NAV-BEGIN> 11.90
<PER-SHARE-NII> (0.08)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 06
<NAME> SHORT-TERM FIXED INCOME FUND
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 6,698
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<TOTAL-ASSETS> 6,815
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<TOTAL-LIABILITIES> 203
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,462
<SHARES-COMMON-STOCK> 680
<SHARES-COMMON-PRIOR> 8,117
<ACCUMULATED-NII-CURRENT> 0
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6
<NET-ASSETS> 6,612
<DIVIDEND-INCOME> 0
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<GROSS-EXPENSE> 142
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<PER-SHARE-NAV-BEGIN> 10.03
<PER-SHARE-NII> 0.23
<PER-SHARE-GAIN-APPREC> (0.31)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 07
<NAME> BASIC MATERIALS
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
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<TOTAL-ASSETS> 28,261
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (73)
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<ACCUMULATED-NET-GAINS> (6,793)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (100)
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<NUMBER-OF-SHARES-SOLD> 780
<NUMBER-OF-SHARES-REDEEMED> (2,139)
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<NET-CHANGE-IN-ASSETS> (22,142)
<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 218
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<PER-SHARE-NAV-BEGIN> 10.90
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (2.30)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 09
<NAME> CONSUMER CYCLICALS FUND
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> FEB-20-1997
<PERIOD-END> SEP-30-1997
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 39,009
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,989
<SHARES-COMMON-STOCK> 3,703
<SHARES-COMMON-PRIOR> 1,909
<ACCUMULATED-NII-CURRENT> (44)
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,281
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<EXPENSES-NET> 189
<NET-INVESTMENT-INCOME> (44)
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 189
<AVERAGE-NET-ASSETS> 26,268
<PER-SHARE-NAV-BEGIN> 10.96
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0
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<EXPENSE-RATIO> 1.45
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 11
<NAME> ENERGY
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> MAR-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 20,632
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<TOTAL-LIABILITIES> 42
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,563
<SHARES-COMMON-STOCK> 2,073
<SHARES-COMMON-PRIOR> 0
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,272)
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<NET-INVESTMENT-INCOME> 46
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<APPREC-INCREASE-CURRENT> (1,272)
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<PER-SHARE-NAV-BEGIN> 10.00
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 12
<NAME> FINANCIAL SERVICES FUND
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1998
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<PERIOD-END> MAR-31-1998
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<SENIOR-EQUITY> 0
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<SHARES-COMMON-PRIOR> 3,069
<ACCUMULATED-NII-CURRENT> 26
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,144
<NET-ASSETS> 28,854
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<NET-INVESTMENT-INCOME> 32
<REALIZED-GAINS-CURRENT> 639
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<NUMBER-OF-SHARES-REDEEMED> (1,234)
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<NET-CHANGE-IN-ASSETS> (3,383)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 13
<NAME> LEISURE
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
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<SHARES-COMMON-PRIOR> 5,869
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<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> (51)
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<PER-SHARE-NII> (0.01)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 14
<NAME> TELECOMMUNICATIONS & UTILITIES
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<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 6-MOS
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