Midwest Group of Funds
MIDWEST STRATEGIC TRUST(R)
312 Walnut St., 21st Floor
Cincinnati, Ohio 45202-3874
Nationwide (Toll Free) 800-543-8721
Cincinnati 629-2000
Rate Line 579-0999
Shareholder Services
Nationwide (Toll Free) 800-543-0407
Cincinnati 629-2050
BOARD OF TRUSTEES
Dale P. Brown
Gary W. Heldman
H. Jerome Lerner
Robert H. Leshner
Richard A. Lipsey
Donald J. Rahilly
Fred A. Rappoport
Oscar P. Robertson
Robert B. Sumerel
OFFICERS
Robert H. Leshner, President
John F. Splain, Secretary
Mark J. Seger, Treasurer
INVESTMENT ADVISER/UNDERWRITER
MIDWEST GROUP FINANCIAL SERVICES, INC.
312 Walnut St., 21st Floor
Cincinnati, Ohio 45202-3874
TRANSFER AGENT
MGF SERVICE CORP.
P.O. Box 5354
Cincinnati, Ohio 45201-5354
This report is authorized for distribution only when it is
accompanied or preceded by a current prospectus of Midwest Strategic
Trust.
TOTAL RETURN
CAPITAL APPRECIATION
INCOME
Semi-Annual
Report
September 30, 1996
(Unaudited)
U.S. Government
SECURITIES FUND
u
Treasury Total
RETURN FUND
u
Utility
FUND
u
Equity
FUND
<PAGE>
LETTER FROM THE PRESIDENT
==============================================================================
Dear Fellow Shareholders:
We are pleased to present the unaudited semi-annual report for Midwest
Strategic Trust for the six months ended September 30, 1996.
As we move toward the close of another year, we are in a position to focus our
attention on the changes taking place as the world moves into the next
millennium. Technology will play an ever-increasing role in our lives, from
personal communications and home entertainment to biomedical advancements and
new product development. Growing global competition will force changes in the
way Americans conduct business and educate their children. The growing
presence of brands in developing countries will provide new opportunities for
trade and market share.
Equity funds will be on the front line of these changes, and should provide
the foundation for investment growth into the 21st century. The Midwest Equity
Fund searches for growth-oriented firms with competitive advantages in their
fields. The Fund typically invests in large-cap companies, and is currently
investing primarily in S&P 500 companies. With a comprehensive stock selection
strategy and a strong management team, the Midwest Equity Fund is positioned
to accompany you into the next century.
Public utilities will also play an important role during the next several
years. With the implementation of the Energy Act of 1992, and the more recent
passing of the telecommunications reform bill earlier this year, the utilities
market is now poised for increased competition and subsequent industry growth.
As technology advances, so will the need for utilities. The Midwest Utility
Fund is currently invested in all four sectors of utilities--electric, gas,
water and telecommunications--providing investors with a degree of
diversification within this particular industry. Utilities can provide a
steady stream of income as well as growth opportunities for investors of all
ages.
Investing in mortgage-backed securities or U.S. Treasury obligations will
continue to be an effective way for investors to generate interest income
while providing the potential for capital appreciation within their
portfolios. The U.S. Government Securities Fund and the Treasury Total Return
Fund are high-quality vehicles for investors seeking current income and total
return, respectively, consistent with the protection of capital.
While we cannot avoid the inevitable ups and downs of the market, we believe
that we are well-positioned to help our investors move into the next century
with confidence. The Midwest Group remains committed to providing
conservative, high-quality opportunities to help investors meet all of their
financial goals. By continuing to put our values to work for you, we hope to
ensure not only the success of our future, but most importantly, the success
of yours.
Sincerely,
/s/ Robert H. Leshner
Robert H. Leshner
President
November 18, 1996
photo: Robert H. Leshner
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996 (UNAUDITED)
===================================================================================================================
U.S. TREASURY
GOVERNMENT TOTAL
SECURITIES RETURN
FUND FUND
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost.................................................... $ 21,279,587 $ 12,439,398
=============== ===============
At amortized cost...................................................... $ 21,283,566 $ 12,456,871
=============== ===============
At value (Note 2)...................................................... $ 21,173,803 $ 12,111,614
Investments in repurchase agreements (Note 2)............................. 739,000 121,000
Cash ..................................................................... 966 626
Receivable for capital shares sold........................................ 885 610
Interest receivable....................................................... 187,143 75,199
Receivable for principal paydowns......................................... 20,178 --
Other assets.............................................................. 53 368
--------------- ---------------
TOTAL ASSETS........................................................... 22,122,028 12,309,417
--------------- --------------
LIABILITIES
Payable for capital shares redeemed....................................... 136,558 104,198
Dividends payable......................................................... 18,366 6,120
Payable to affiliates (Note 4)............................................ 14,038 8,494
Other accrued expenses and liabilities.................................... 6,406 4,154
--------------- ---------------
TOTAL LIABILITIES...................................................... 175,368 122,966
--------------- ---------------
NET ASSETS ............................................................... $ 21,946,660 $ 12,186,451
=============== ===============
Net assets consist of:
Capital shares............................................................ $ 26,504,618 $ 14,620,765
Accumulated net realized losses from security transactions................ (4,450,425) (2,089,057)
Accumulated undistributed net investment income........................... 2,230 --
Net unrealized depreciation on investments................................ (109,763) (345,257)
--------------- ---------------
Net assets................................................................ $ 21,946,660 $ 12,186,451
=============== ===============
Shares of beneficial interest outstanding (unlimited number
of shares authorized, no par value) (Note 5)........................... 2,364,332 1,489,257
=============== ===============
Net asset value and redemption price per share (Note 2)................... $ 9.28 $ 8.18
=============== ===============
Maximum offering price per share (Note 2)................................. $ 9.47 $ 8.52
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1996 (UNAUDITED)
===================================================================================================================
UTILITY EQUITY
FUND FUND
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ASSETS
Investments in securities:
At acquisition cost.................................................... $ 33,549,087 $ 10,829,536
=============== ===============
At amortized cost...................................................... $ 33,539,105 $ 10,829,536
=============== ===============
At value (Note 2)...................................................... $ 39,281,401 $ 12,907,988
Investments in repurchase agreements (Note 2)............................. 3,639,000 2,460,000
Cash ..................................................................... 862 245
Receivable for capital shares sold ....................................... 48,592 4,889
Dividends and interest receivable......................................... 184,357 8,255
Other assets.............................................................. 1,808 195
--------------- ---------------
TOTAL ASSETS........................................................... 43,156,020 15,381,572
--------------- ---------------
LIABILITIES
Payable for capital shares redeemed....................................... 96,255 1,125
Dividends payable......................................................... 51,961 872
Payable to affiliates (Note 4)............................................ 43,144 8,416
Other accrued expenses and liabilities ................................... 6,508 3,019
--------------- ---------------
TOTAL LIABILITIES...................................................... 197,868 13,432
--------------- ---------------
NET ASSETS ............................................................... $ 42,958,152 $ 15,368,140
--------------- ---------------
Net assets consist of:
Capital shares ........................................................... $ 37,147,851 $ 13,068,724
Accumulated net realized gains from security transactions................. 67,895 220,785
Accumulated undistributed net investment income........................... 110 179
Net unrealized appreciation on investments ............................... 5,742,296 2,078,452
--------------- ---------------
Net assets ............................................................... $ 42,958,152 $ 15,368,140
=============== ===============
PRICING OF CLASS A SHARES
Net assets attributable to Class A shares ................................ $ 39,375,551 $ 12,557,542
=============== ===============
Shares of beneficial interest outstanding (unlimited number
of shares authorized, no par value) (Note 5)........................... 3,235,989 945,334
=============== ===============
Net asset value and redemption price per share (Note 2)................... $ 12.17 $ 13.28
=============== ===============
Maximum offering price per share (Note 2)................................. $ 12.68 $ 13.83
=============== ===============
PRICING OF CLASS C SHARES
Net assets attributable to Class C shares ................................ $ 3,582,601 $ 2,810,598
=============== ===============
Shares of beneficial interest outstanding (unlimited number
of shares authorized, no par value) (Note 5)........................... 294,785 211,506
=============== ===============
Net asset value, offering price and redemption price per share (Note 2)... $ 12.15 $ 13.29
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
===================================================================================================================
U.S. TREASURY
GOVERNMENT TOTAL
SECURITIES RETURN
FUND FUND
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Interest............................................................... $ 814,085 $ 369,714
--------------- ---------------
EXPENSES
Investment advisory fees (Note 4)...................................... 87,570 50,934
Accounting services fees (Note 4)...................................... 19,500 16,500
Transfer agent fees (Note 4)........................................... 10,768 16,000
Postage and supplies................................................... 6,566 9,396
Professional fees...................................................... 6,921 4,821
Registration fees...................................................... 5,662 6,061
Custodian fees......................................................... 3,534 2,643
Trustees' fees and expenses............................................ 2,929 2,929
Insurance expense...................................................... 1,925 1,576
Distribution expenses (Note 4)......................................... 1,712 974
Reports to shareholders................................................ 856 1,085
Other expenses......................................................... 2,665 1,470
--------------- ---------------
TOTAL EXPENSES....................................................... 150,608 114,389
Fees waived by the Adviser (Note 4).................................... (10,500) (29,500)
--------------- ---------------
NET EXPENSES......................................................... 140,108 84,889
--------------- ---------------
NET INVESTMENT INCOME .................................................... 673,977 284,825
--------------- ---------------
REALIZED AND UNREALIZED LOSSES ON INVESTMENTS
Net realized losses from security transactions......................... (373,234) (17,856)
Net change in unrealized appreciation/depreciation on investments......... (9,879) (56,084)
--------------- ---------------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS ........................ (383,113) (73,940)
--------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................... $ 290,864 $ 210,885
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF OPERATIONS FOR
THE SIX MONTHS ENDED SEPTEMBER 30, 1996 (UNAUDITED)
===================================================================================================================
UTILITY EQUITY
FUND FUND
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INVESTMENT INCOME
Dividends ............................................................. $ 938,420 $ 75,494
Interest .............................................................. 164,236 57,231
--------------- ---------------
TOTAL INVESTMENT INCOME ............................................. 1,102,656 132,725
--------------- ---------------
EXPENSES
Investment advisory fees (Note 4) ..................................... 161,844 48,374
Accounting services fees (Note 4) ..................................... 21,000 21,000
Transfer agent fees, Class A (Note 4).................................. 19,171 6,000
Transfer agent fees, Class C (Note 4).................................. 6,000 6,000
Distribution expenses, Class A (Note 4) ............................... 25,019 645
Distribution expenses, Class C (Note 4) ............................... 6,675 2,306
Registration fees, Common ............................................. 2,388 1,113
Registration fees, Class A ............................................ 5,253 4,466
Registration fees, Class C ............................................ 4,563 3,747
Postage and supplies................................................... 11,681 4,277
Professional fees ..................................................... 6,921 3,321
Custodian fees ........................................................ 3,120 3,080
Trustees' fees and expenses ........................................... 2,929 2,929
Insurance expense ..................................................... 2,597 772
Reports to shareholders ............................................... 2,049 575
Other expenses ........................................................ 1,464 922
--------------- ---------------
TOTAL EXPENSES ...................................................... 282,674 109,527
Fees waived by the Adviser (Note 4).................................... -- (17,000)
Class A expenses reimbursed by the Adviser (Note 4).................... -- (2,144)
--------------- ---------------
NET EXPENSES ........................................................ 282,674 90,383
--------------- ---------------
NET INVESTMENT INCOME .................................................... 819,982 42,342
--------------- ---------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized gains from security transactions ......................... 98,422 486,656
Net change in unrealized appreciation/depreciation on investments...... (375,351) 344,280
--------------- ---------------
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS ................ (276,929) 830,936
--------------- ---------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 543,053 $ 873,278
=============== ===============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS ENDED SEPTEMBER 30, 1996 AND MARCH 31, 1996
===================================================================================================================
U.S. GOVERNMENT TREASURY TOTAL
SECURITIES FUND RETURN FUND
SIX MONTHS SIX MONTHS
ENDED ENDED
SEPT. 30, YEAR ENDED SEPT. 30, YEAR ENDED
1996 MARCH 31, 1996 MARCH 31,
(UNAUDITED) 1996 (UNAUDITED) 1996
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income........................ $ 673,977 $ 1,542,510 $ 284,825 $ 998,195
Net realized gains (losses) from security
transactions............................... (373,234) 1,132,774 (17,856) 19,746
Net change in unrealized appreciation/
depreciation on investments................ (9,879) (506,128) (56,084) (305,916)
------------ ------------- ------------- ------------
Net increase in net assets from operations...... 290,864 2,169,156 210,885 712,025
------------ ------------- ------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income................... (671,747) (1,542,510) (284,825) (998,195)
------------ ------------- ------------- ------------
Decrease in net assets from distributions to
shareholders................................. (671,747) (1,542,510) (284,825) (998,195)
------------ ------------- ------------- ------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5):
Proceeds from shares sold.................... 367,255 3,262,088 44,661 541,010
Net asset value of shares issued in
reinvestment of distributions to
shareholders............................... 542,125 1,232,943 238,861 863,694
Payments for shares redeemed................. (3,498,262) (6,379,727) (3,367,400) (11,748,023)
------------ ------------- ------------- ------------
Net decrease in net assets from capital
share transactions........................... (2,588,882) (1,884,696) (3,083,878) (10,343,319)
------------ ------------- ------------- ------------
TOTAL DECREASE IN NET ASSETS ................... (2,969,765) (1,258,050) (3,157,818) (10,629,489)
NET ASSETS:
Beginning of period.......................... 24,916,425 26,174,475 15,344,269 25,973,758
------------ ------------- ------------- ------------
End of period................................ $ 21,946,660 $ 24,916,425 $ 12,186,451 $ 15,344,269
============ ============= ============= ============
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME ........................... $ 2,230 $ -- $ -- $ --
============ ============= ============= ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS ENDED SEPTEMBER 30, 1996 AND MARCH 31, 1996
===================================================================================================================
UTILITY EQUITY
FUND FUND
SIX MONTHS SIX MONTHS
ENDED ENDED
SEPT. 30, YEAR ENDED SEPT. 30, YEAR ENDED
1996 MARCH 31, 1996 MARCH 31,
(UNAUDITED) 1996 (UNAUDITED) 1995
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
FROM OPERATIONS:
Net investment income........................ $ 819,982 $ 1,706,915 $ 42,342 $ 68,491
Net realized gains from security transactions 98,422 338,447 486,656 292,780
Net change in unrealized appreciation/
depreciation on investments................ (375,351) 6,353,364 344,280 1,472,570
------------ ------------- ------------- ------------
Net increase in net assets from operations...... 543,053 8,398,726 873,278 1,833,841
------------ ------------- ------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income, Class A.......... (765,789) (1,586,046) (41,758) (59,987)
From net investment income, Class C.......... (54,083) (120,869) (432) (8,477)
------------ ------------- ------------- ------------
Decrease in net assets from distributions
to shareholders.............................. (819,872) (1,706,915) (42,190) (68,464)
------------ ------------- ------------- ------------
FROM CAPITAL SHARE TRANSACTIONS (NOTE 5):
CLASS A
Proceeds from shares sold.................... 2,020,449 5,363,503 3,895,077 4,389,037
Net asset value of shares issued in
reinvestment of distributions to
shareholders 673,169 1,407,457 39,981 57,517
Payments for shares redeemed................. (3,489,786) (12,476,946) (545,561) (1,513,954)
------------ ------------- ------------- ------------
Net increase (decrease) in net assets from
Class A share transactions................... (796,168) (5,705,986) 3,389,497 2,932,600
------------ ------------- ------------- ------------
CLASS C
Proceeds from shares sold.................... 731,226 1,386,159 403,652 485,970
Net asset value of shares issued in
reinvestment of distributions to shareholders 47,815 111,439 395 8,355
Payments for shares redeemed................. (858,149) (1,984,950) (194,615) (549,348)
------------ ------------- ------------- ------------
Net increase (decrease) in net assets from
Class C share transactions................... (79,108) (487,352) 209,432 (55,023)
------------ ------------- ------------- ------------
Net increase (decrease) from capital share
transactions (875,276) (6,193,338) 3,598,929 2,877,577
------------ ------------- ------------- ------------
TOTAL INCREASE (DECREASE) IN NET ASSETS ....... (1,152,095) 498,473 4,430,017 4,642,954
NET ASSETS:
Beginning of period.......................... 44,110,247 43,611,774 10,938,123 6,295,169
------------ ------------- ------------- ------------
End of period................................ $ 42,958,152 $ 44,110,247 $ 15,368,140 $ 10,938,123
============ ============= ============= ============
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME ......................... $ 110 $ -- $ 179 $ 27
============ ============= ============= ============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
===================================================================================================================
SIX MONTHS
ENDED
SEPT. 30, YEAR ENDED MARCH 31,
1996
(UNAUDITED) 1996 1995 1994 1993 1992
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period........... $ 9.43 $ 9.22 $ 9.85 $ 10.47 $ 10.18 $ 10.04
--------- --------- --------- --------- ----------- -------
Income from investment operations:
Net investment income......................... 0.27 0.56 0.58 0.64 0.69 0.79
Net realized and unrealized
gains (losses) on investments............... (0.15) 0.21 (0.59) (0.59) 0.47 0.14
--------- --------- --------- --------- ----------- -------
Total from investment operations................. 0.12 0.77 (0.01) 0.05 1.16 0.93
--------- --------- --------- --------- ----------- -------
Less distributions:
Dividends from net investment income.......... (0.27) (0.56) (0.58) (0.64) (0.69) (0.79)
Distributions from net realized gains......... -- -- (0.04) (0.03) (0.18) --
--------- --------- --------- --------- ---------- --------
Total distributions.............................. (0.27) (0.56) (0.62) (0.67) (0.87) (0.79)
--------- --------- --------- --------- -------------------
Net asset value at end of period................. $ 9.28 $ 9.43 $ 9.22 $ 9.85 $ 10.47 $ 10.18
========= ========= ========= ========= ========== ========
Total return(A) ................................. 2.56%(C) 8.39% 0.06% 0.30% 11.71% 9.46%
========= ========= ========= ========= ========== ========
Net assets at end of period (000's) ............. $21,947 $ 24,916 $ 26,174 $40,479 $31,633 $ 40,253
========= ========= ========= ========= ========== ========
Ratio of expenses to average net assets(B) ...... 1.20%(C) 1.20% 1.20% 1.20% 1.20% 1.19%
Ratio of net investment income to average
net assets..................................... 5.76%(C) 5.82% 6.26% 6.14% 6.61% 7.73%
Portfolio turnover rate.......................... 123%(C) 160% 205% 246% 188% 55%
- -------------------------------------------------------------------------------------------------------------------
<FN>
(A) The total returns shown do not include the effect of applicable sales
loads.
(B) Absent fee waivers by the Adviser, the ratios of expenses to average net
assets would have been 1.29%(C) and 1.24% for the periods ended September
30, 1996 and March 31, 1996, respectively (Note 4).
(C) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TREASURY TOTAL RETURN FUND
FINANCIAL HIGHLIGHTS
===================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
===================================================================================================================
SIX MONTHS
ENDED
SEPT. 30, YEAR ENDED MARCH 31,
1996
(UNAUDITED) 1996 1995 1994 1993 1992
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period........... $ 8.22 $ 8.36 $ 8.95 $ 9.70 $ 9.10 $ 9.00
--------- --------- --------- --------- ---------- --------
Income from investment operations:
Net investment income......................... 0.17 0.38 0.43 0.37 0.55 0.60
Net realized and unrealized
gains (losses) on investments............... (0.04) (0.14) (0.59) (0.39) 0.87 0.17
--------- --------- --------- --------- ----------- -------
Total from investment operations................. 0.13 0.24 (0.16) (0.02) 1.42 0.77
--------- --------- --------- --------- ----------- -------
Less distributions:
Dividends from net investment income(A) ...... (0.17) (0.38) (0.43) (0.37) (0.55) (0.60)
Distributions from net realized gains(A) ..... -- -- (0.36) (0.27) (0.07)
--------- --------- --------- --------- ----------- -------
Total distributions.............................. (0.17) (0.38) (0.43) (0.73) (0.82) (0.67)
--------- --------- --------- --------- ----------- -------
Net asset value at end of period................. $ 8.18 $ 8.22 $ 8.36 $ 8.95 $ 9.70 $ 9.10
========= ========= ========= ========= =========== =======
Total return(B) ................................. 3.22%(D) 2.95% (1.75%) (0.54%) 16.21% 8.98%
========= ========= ========= ========= =========== =======
Net assets at end of period (000's).............. $12,186 $ 15,344 $ 25,974 $32,190 $43,427 $ 49,071
========= ========= ========= ========= ========== ========
Ratio of expenses to average net assets(C) ...... 1.25%(D) 1.25% 1.25% 1.25% 1.25% 1.25%
Ratio of net investment income to average
net assets..................................... 4.19%(D) 4.66% 5.06% 3.84% 5.82% 6.58%
Portfolio turnover rate.......................... 0% 0% 63% 526% 161% 130%
- -------------------------------------------------------------------------------------------------------------------
<FN>
(A) For the year ended March 31, 1992, the per share data was calculated using
average shares outstanding throughout the year, whereas for the years ended
March 31, 1993 and thereafter, the per share data was calculated based upon
actual distributions. Actual distributions per share based upon the actual
number of shares outstanding on the ex-dividend date of distribution
amounted to $0.61 from net investment income and $0.08 from net realized
gains for the year ended March 31, 1992.
(B) The total returns shown do not include the effect of applicable sales
loads.
(C Absent fee waivers by the Adviser, the ratios of expenses to average net
assets would have been 1.68%(D), 1.42% and 1.37% for the periods ended
September 30, 1996, March 31, 1996 and March 31, 1995, respectively (Note
4).
(D) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UTILITY FUND - CLASS A
FINANCIAL HIGHLIGHTS
===================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
===================================================================================================================
SIX MONTHS
ENDED
SEPT. 30, YEAR ENDED MARCH 31,
1996
(UNAUDITED) 1996 1995 1994 1993 1992
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning of period........... $ 12.24 $ 10.47 $ 10.52 $ 11.34 $ 10.58 $ 10.01
--------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income......................... 0.24 0.47 0.43 0.37 0.48 0.51
Net realized and unrealized
gains (losses) on investments............... (0.07) 1.77 (0.05) (0.59) 1.62 0.75
--------- --------- --------- --------- ----------- -------
Total from investment operations................. 0.17 2.24 0.38 (0.22) 2.10 1.26
--------- --------- --------- --------- ----------- -------
Less distributions:
Dividends from net investment income(A) ...... (0.24) (0.47) (0.43) (0.37) (0.48) (0.51)
Distributions from net realized gains(A) ..... -- -- -- (0.23) (0.86) (0.18)
--------- --------- --------- --------- ----------- -------
Total distributions.............................. (0.24) (0.47) (0.43) (0.60) (1.34) (0.69)
--------- --------- --------- --------- ----------- -------
Net asset value at end of period................. $ 12.17 $ 12.24 $ 10.47 $ 10.52 $ 11.34 $ 10.58
========= ========= ========= ========= =========== =======
Total return(B) ................................. 2.68%(C) 21.65% 3.68% (2.11%) 20.64% 11.84%
========= ========= ========= ========= ========== ========
Net assets at end of period (000's).............. $39,376 $ 40,424 $ 40,012 $40,373 $42,051 $ 29,398
========= ========= ========= ========= ========== ========
Ratio of expenses to average net assets.......... 1.25%(C) 1.25% 1.25% 1.25% 1.40% 1.63%
Ratio of net investment income to average
net assets 3.85%(C) 3.97% 4.06% 3.32% 4.41% 4.83%
Portfolio turnover rate.......................... 3%(C) 11% 17% 91% 137% 33%
Average commission rate per share................ $0.1200 $ -- $ -- $ -- $ -- $ --
- -------------------------------------------------------------------------------------------------------------------
<FN>
(A) For the year ended March 31, 1992, the per share data was calculated using
average shares outstanding throughout the year, whereas for the years ended
March 31, 1993 and thereafter, the per share data was calculated based upon
actual distributions. Actual distributions per share based upon the actual
number of shares outstanding on the ex-dividend date of distribution
amounted to $0.48 from net investment income and $0.13 from net realized
gains for the year ended March 31, 1992.
(B) The total returns shown do not include the effect of applicable sales loads.
(C) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UTILITY FUND - CLASS C
FINANCIAL HIGHLIGHTS
===================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
===================================================================================================================
SIX MONTHS FROM DATE OF
ENDED PUBLIC OFFERING
SEPT. 30, YEAR YEAR (AUG. 2, 1993)
1996 ENDED ENDED THROUGH
(UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 MARCH 31, 1994
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period.......... $ 12.23 $ 10.46 $ 10.51 $ 11.55
------------ ------------- ------------- ------------
Income from investment operations:
Net investment income........................ 0.19 0.37 0.35 0.23
Net realized and unrealized gains (losses)
on investments (0.08) 1.78 (0.04) (0.81)
------------ ------------- ------------- ------------
Total from investment operations................ 0.11 2.15 0.31 (0.58)
------------ ------------- ------------- ------------
Less distributions:
Dividends from net investment income......... (0.19) (0.38) (0.36) (0.23)
Distributions from net realized gains........ -- -- -- (0.23)
------------ ------------- ------------- ------------
Total distributions............................. (0.19) (0.38) (0.36) (0.46)
------------ ------------- ------------- ------------
Net asset value at end of period................ $ 12.15 $ 12.23 $ 10.46 $ 10.51
============ ============= ============= ============
Total return(A) ................................ 1.78%(B) 20.78% 3.00% (7.89%)(B)
============ ============= ============= ============
Net assets at end of period (000's)............. $ 3,583 $ 3,686 $ 3,599 $ 1,742
============ ============= ============= ============
Ratio of expenses to average net assets ........ 2.00%(B) 2.00% 2.00% 2.00%(B)
Ratio of net investment income to average
net assets 3.10%(B) 3.19% 3.41% 2.19%(B)
Portfolio turnover rate......................... 3%(B) 11% 17% 91%(B)
Average commission rate per share............... $ 0.1200 $ -- $ -- $ --
- -------------------------------------------------------------------------------------------------------------------
<FN>
(A) The total returns shown do not include the effect of applicable sales loads.
(B) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITY FUND - CLASS A
FINANCIAL HIGHLIGHTS
===================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
===================================================================================================================
SIX MONTHS FROM DATE OF
ENDED PUBLIC OFFERING
SEPT. 30, YEAR YEAR (AUG. 2, 1993)
1996 ENDED ENDED THROUGH
(UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 MARCH 31, 1994
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period.......... $ 12.45 $ 9.84 $ 9.26 $ 10.02
------------ ------------- ------------- ------------
Income from investment operations:
Net investment income........................ 0.05 0.13 0.15 0.08
Net realized and unrealized gains (losses)
on investments 0.83 2.60 0.59 (0.34)
------------ ------------- ------------- ------------
Total from investment operations................ 0.88 2.73 0.74 (0.26)
------------ ------------- ------------- ------------
Less distributions:
Dividends from net investment income......... (0.05) (0.12) (0.16) (0.08)
Distributions from net realized gains........ -- -- -- (0.42)
------------ ------------- ------------- ------------
Total distributions............................. (0.05) (0.12) (0.16) (0.50)
------------ ------------- ------------- ------------
Net asset value at end of period................ $ 13.28 $ 12.45 $ 9.84 $ 9.26
============ ============= ============= ============
Total return(A) ............................... 14.07%(C) 27.90% 8.07% (3.98%)(C)
============ ============= ============= ============
Net assets at end of period (000's)............. $ 12,558 $ 8,502 $ 4,300 $ 3,346
============ ============= ============= ============
Ratio of expenses to average net assets(B) .... 1.25%(C) 1.25% 1.25% 1.24%(C)
Ratio of net investment income to average
net assets 0.80%(C) 1.06% 1.57% 0.82%(C)
Portfolio turnover rate......................... 17%(C) 38% 159% 109%(C)
Average commission rate per share............... $ 0.1200 $ -- $ -- $ --
- -------------------------------------------------------------------------------------------------------------------
<FN>
(A) The total returns shown do not include the effect of applicable sales
loads.
(B) Absent fee waivers and/or expense reimbursements by the Adviser, the
ratios of expenses to average net assets would have been 1.55%(C), 2.02%,
1.94% and 2.04%(C) for the periods ended September 30, 1996 and March 31,
1996, 1995 and 1994, respectively (Note 4).
(C) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITY FUND - CLASS C
FINANCIAL HIGHLIGHTS
===================================================================================================================
PER SHARE DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD
===================================================================================================================
SIX MONTHS FROM DATE OF
ENDED PUBLIC OFFERING
SEPT. 30, YEAR YEAR (JUNE 7, 1993)
1996 ENDED ENDED THROUGH
(UNAUDITED) MARCH 31, 1996 MARCH 31, 1995 MARCH 31, 1994
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value at beginning of period.......... $ 12.46 $ 9.86 $ 9.26 $ 10.00
------------ ------------- ------------- ------------
Income from investment operations:
Net investment income........................ -- 0.05 0.10 0.03
Net realized and unrealized gains (losses)
on investments 0.83 2.60 0.57 (0.32)
------------ ------------- ------------- ------------
Total from investment operations................ 0.83 2.65 0.67 (0.29)
------------ ------------- ------------- ------------
Less distributions:
Dividends from net investment income......... -- (0.05) (0.07) (0.03)
Distributions from net realized gains........ -- -- -- (0.42)
------------ ------------- ------------- ------------
Total distributions............................. -- (0.05) (0.07) (0.45)
------------ ------------- ------------- ------------
Net asset value at end of period................ $ 13.29 $ 12.46 $ 9.86 $ 9.26
============ ============= ============= ============
Total return(A) ................................ 13.32%(C) 26.90% 7.32% (3.58%)(C)
============ ============= ============= ============
Net assets at end of period (000's)............. $ 2,811 $ 2,436 $ 1,995 $ 5,857
============ ============= ============= ============
Ratio of expenses to average net assets(B) .... 2.00%(C) 2.00% 2.00% 1.94%(C)
Ratio of net investment income to average
net assets 0.06%(C) 0.38% 0.68% 0.58%(C)
Portfolio turnover rate......................... 17%(C) 38% 159% 109%(C)
Average commission rate per share............... $ 0.1200 $ -- $ -- $ --
- -------------------------------------------------------------------------------------------------------------------
<FN>
(A) The total returns shown do not include the effect of applicable sales
loads.
(B) Absent fee waivers and/or expense reimbursements by the Adviser, the
ratios of expenses to average net assets would have been 2.24%(C), 2.70%,
2.50% and 2.33%(C) for the periods ended September 30, 1996 and March 31,
1996, 1995 and 1994, respectively (Note 4).
(C) Annualized.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
NOTES TO FINANCIAL STATEMENTS
SEPTEMBER 30, 1996 (UNAUDITED)
==============================================================================
1. ORGANIZATION
The U.S. Government Securities Fund, the Treasury Total Return Fund, the
Utility Fund and the Equity Fund (collectively, the Funds) are each a
diversified series of shares of Midwest Strategic Trust (the Trust). The Trust
is registered under the Investment Company Act of 1940, as amended, as an
open-end management investment company. The Trust was established as a
Massachusetts business trust under a Declaration of Trust dated November 18,
1982. The Declaration of Trust, as amended, permits the Trustees to issue an
unlimited number of shares of each Fund.
The U.S. Government Securities Fund seeks high current income, consistent with
the protection of capital, by investing primarily in obligations issued or
guaranteed as to principal and interest by the United States Government, its
agencies or instrumentalities (U.S. Government obligations). It is anticipated
that the Fund will invest primarily in mortgage-backed securities issued or
guaranteed by the Government National Mortgage Association, the Federal Home
Loan Mortgage Corporation or the Federal National Mortgage Association.
The Treasury Total Return Fund seeks the highest level of total return over
the long term, consistent with the protection of capital, by investing
primarily in direct obligations of the United States Treasury. High current
income is a secondary objective. The maturities of the U.S. Treasury
obligations in which the Fund invests will be allocated based upon interest
rate trends projected by the Adviser.
The Utility Fund seeks a high level of current income by investing primarily
in securities of public utilities. Capital appreciation is a secondary
objective.
The Equity Fund seeks long-term capital appreciation by investing primarily in
common stocks which are believed by the Adviser to offer growth potential.
The Utility Fund and the Equity Fund each offer two classes of shares: Class A
shares (sold subject to a maximum 4% front-end sales load and a distribution
fee of up to .25% of average daily net assets) and Class C shares (sold
subject to a maximum contingent deferred sales load of 1% if redeemed within a
one-year period from purchase and a distribution fee of up to 1% of average
daily net assets). Each Class A and Class C share of a Fund represents an
identical interest in the investment portfolio of such Fund and has the same
rights, except that (i) Class C shares bear the expenses of higher
distribution fees, which is expected to cause Class C shares to have a higher
expense ratio and to pay lower dividends than Class A shares; (ii) certain
other class specific expenses will be borne solely by the class to which such
expenses are attributable; and (iii) each class has exclusive voting rights
with respect to matters relating to its own distribution arrangements.
<PAGE>
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Funds' significant accounting policies:
Security valuation -- The Funds' portfolio securities are valued as of the
close of business of the regular session of the New York Stock Exchange
(currently 4:00 p.m., Eastern time). U.S. Government obligations and
mortgage-backed securities are generally valued at their most recent bid price
as obtained from one or more of the major market makers for such securities or
are valued based on estimates of market values obtained from yield data
relating to instruments or securities with similar characteristics. Portfolio
securities traded on stock exchanges and securities traded in the
over-the-counter market are valued at the last sales price as of the close of
business on the day the securities are being valued. Securities not traded on
a particular day, or for which the last sale price is not readily available,
are valued at the closing bid price quoted by brokers that make markets in the
securities. Securities for which market quotations are not readily available
are valued at their fair value as determined in good faith in accordance with
consistently applied procedures established by and under the general
supervision of the Board of Trustees.
Repurchase agreements -- Repurchase agreements, which are collateralized by
U.S. Government obligations, are valued at cost which, together with accrued
interest, approximates market. Collateral for repurchase agreements is held in
safekeeping in the customer-only account of the Funds' custodian, at the
Federal Reserve Bank of Cleveland. At the time each Fund enters into a
repurchase agreement, the seller agrees that the value of the underlying
securities, including accrued interest, will at all times be equal to or
exceed the face amount of the repurchase agreement. Each Fund enters into
repurchase agreements only with institutions deemed to be creditworthy by the
Adviser, including banks having assets in excess of $10 billion and primary
U.S. Government securities dealers.
Share valuation -- The net asset value per share of the U.S. Government
Securities Fund and the Treasury Total Return Fund is calculated daily by
dividing the total value of each Fund's assets, less liabilities, by the
number of shares outstanding. The maximum offering price per share of the U.S.
Government Securities Fund is equal to net asset value per share plus a sales
load equal to 2.04% of net asset value (or 2% of the offering price). The
maximum offering price per share of the Treasury Total Return Fund is equal to
net asset value per share plus a sales load equal to 4.17% of net asset value
(or 4% of the offering price). The redemption price per share of each Fund is
equal to the net asset value per share.
<PAGE>
The net asset value per share of Class A shares and Class C shares of the
Utility Fund and the Equity Fund is calculated daily for each class by
dividing the total value of the Fund's assets attributable to that class, less
liabilities attibutable to that class, by the number of shares of that class
outstanding. The maximum offering price of Class A shares of each Fund is
equal to net asset value per share plus a sales load equal to 4.17% of net
asset value (or 4% of the offering price). The offering price of Class C
shares of each Fund is equal to net asset value per share.
The redemption price per share of Class A shares and Class C shares of the
Utility Fund and the Equity Fund is equal to the net asset value per share.
However, Class C shares of each Fund are subject to a contingent deferred
sales load of 1% of the original purchase price if redeemed within a one-year
period from the date of purchase.
Investment income -- Interest income is accrued as earned. Dividend income is
recorded on the ex-dividend date. Discounts and premiums on securities
purchased are amortized in accordance with income tax regulations which
approximate generally accepted accounting principles.
Distributions to shareholders -- Dividends arising from net investment income
are declared daily and paid on the last business day of each month to
shareholders of the U.S. Government Securities Fund and the Treasury Total
Return Fund. Dividends arising from net investment income, if any, are
declared and paid quarterly to shareholders of the Utility Fund and the Equity
Fund. With respect to each Fund, net realized short-term capital gains, if
any, may be distributed throughout the year and net realized long-term capital
gains, if any, are distributed at least once each year. Income distributions
and capital gain distributions are determined in accordance with income tax
regulations.
Allocations between classes -- Investment income earned, realized capital
gains and losses, and unrealized appreciation and depreciation for the Utility
Fund and the Equity Fund is allocated daily to each class of shares based upon
its proportionate share of total net assets of the Fund. Class specific
expenses are charged directly to the class incurring the expense. Common
expenses which are not attributable to a specific class are allocated daily to
each class of shares based upon its proportionate share of total net assets of
the Fund.
Security transactions -- Security transactions are accounted for on the trade
date. Securities sold are valued on a specific identification basis.
Securities traded on a to-be-announced basis -- The U.S. Government Securities
Fund frequently trades portfolio securities on a "to-be-announced" (TBA)
basis. In a TBA transaction, the Fund has committed to purchase securities for
which all specific information is not yet known at the time of the trade,
particularly the face amount in mortgage-backed securities transactions.
Securities purchased on a TBA basis are not settled until they are delivered
to the Fund, normally 15 to 45 days later. These transactions are subject to
market fluctuations and their current value is determined in the same manner
as for other portfolio securities. When effecting such transactions, assets of
a dollar amount sufficient to make payment for the portfolio securities to be
purchased are placed in a segregated account on the trade date.
Estimates -- The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
Federal income tax -- It is each Fund's policy to comply with the special
provisions of the Internal Revenue Code applicable to regulated investment
companies. As provided therein, in any fiscal year in which a Fund so
qualifies and distributes at least 90% of its taxable net income, the Fund
(but not the shareholders) will be relieved of federal income tax on the
income distributed. Accordingly, no provision for income taxes is made.
In order to avoid imposition of the excise tax applicable to regulated
investment companies, it is also each Fund's intention to declare as dividends
in each calendar year at least 98% of its net investment income (earned during
the calendar year) and 98% of its net realized capital gains (earned during
the twelve months ending October 31) plus undistributed amounts from prior
years.
The following information is based upon the federal income tax cost of
portfolio investments (excluding repurchase agreements) as of September 30,
1996:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
U.S. GOVT. TREASURY TOTAL
SECURITIES RETURN UTILITY EQUITY
FUND FUND FUND FUND
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Gross unrealized appreciation................... $ 57,543 $ 1,444 $ 6,129,809 $ 2,450,696
Gross unrealized depreciation.......... (167,306) (346,701) (387,513) (372,244)
------------ ------------- ------------- ------------
Net unrealized appreciation (depreciation)...... $ (109,763) $ (345,257) $ 5,742,296 $ 2,078,452
============ ============= ============= ============
Federal income tax cost......................... $ 21,283,566 $ 12,456,871 $ 33,539,105 $ 10,829,536
============ ============= ============= ============
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
As of March 31, 1996, the U.S. Government Securities Fund, the Treasury Total
Return Fund, the Utility Fund and the Equity Fund had capital loss
carryforwards for federal income tax purposes of $4,077,191, $2,071,201,
$30,527 and $265,871, respectively, none of which expire prior to March 31,
2002. These capital loss carryforwards may be utilized in future years to
offset net realized capital gains prior to distributing such gains to
shareholders.
3. INVESTMENT TRANSACTIONS
Investment transactions (excluding short-term investments) were as follows for
the six months ended September 30, 1996:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
U.S. GOVT. TREASURY TOTAL
SECURITIES RETURN UTILITY EQUITY
FUND FUND FUND FUND
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases of investment securities............. $ 13,622,084 $ -- $ 590,550 $ 3,833,592
============ ============= ============= ============
Proceeds from sales and maturities of
investment securities........................ $ 16,525,667 $ 1,000,625 $ 545,322 $ 913,097
============ ============= ============= ============
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
4. TRANSACTIONS WITH AFFILIATES
The President of the Trust is the controlling shareholder of Leshner
Financial, Inc., whose subsidiaries include Midwest Group Financial Services,
Inc. (the Adviser), the Trust's principal underwriter and investment adviser,
and MGF Service Corp. (MGF), the shareholder servicing and transfer agent and
accounting and pricing agent for the Trust.
MANAGEMENT AGREEMENTS
Each Fund's investments are managed by the Adviser under the terms of separate
Management Agreements. Under the terms of the Management Agreements, each Fund
pays the Adviser a fee, which is computed and accrued daily and paid monthly,
at an annual rate of 0.75% of its average daily net assets up to $200,000,000,
0.7% of such net assets from $200,000,000 to $500,000,000 and 0.5% of such net
assets in excess of $500,000,000.
In order to reduce the operating expenses of the U.S. Government Securities
Fund and the Treasury Total Return Fund for the six months ended September 30,
1996, the Adviser voluntarily waived advisory fees of $10,500 and $29,500,
respectively. In order to reduce the operating expenses of the Equity Fund,
the Adviser voluntarily waived advisory fees of $17,000 and reimbursed the
Fund for $2,144 of Class A expenses for the same period.
TRANSFER AGENT AND SHAREHOLDER SERVICE AGREEMENT
Under the terms of the Transfer, Dividend Disbursing, Shareholder Service and
Plan Agency Agreement between the Trust and MGF, MGF maintains the records for
each shareholder's account, answers shareholders' inquiries concerning their
accounts, processes purchases and redemptions of each Fund's shares, acts as
dividend and distribution disbursing agent and performs other shareholder
service functions. For these services, MGF receives a monthly fee at an annual
rate of $21.00 per shareholder account from each of the U.S. Government
Securities Fund and the Treasury Total Return Fund and $17.00 per shareholder
account from each of the Utility Fund and Equity Fund, subject to a $1,000
minimum monthly fee for each Fund, or for each class of shares of a Fund, as
applicable. In addition, each Fund pays out-of-pocket expenses including, but
not limited to, postage and supplies.
ACCOUNTING SERVICES AGREEMENT
Under the terms of the Accounting Services Agreement between the Trust and
MGF, MGF calculates the daily net asset value per share and maintains the
financial books and records of each Fund. For these services, MGF receives a
monthly fee, based on current asset levels, of $3,250 from the U.S. Government
Securities Fund, $2,750 from the Treasury Total Return Fund, and $3,500 from
each of the Utility Fund and the Equity Fund. In addition, each Fund pays
certain out-of-pocket expenses incurred by MGF in obtaining valuations of such
Fund's portfollio securities.
UNDERWRITING AGREEMENT
The Adviser is the Funds' principal underwriter and, as such, acts as the
exclusive agent for distribution of the Funds' shares. Under the terms of the
Underwriting Agreement between the Trust and the Adviser, the Adviser earned
$340, $315, $4,517, and $1,215 from underwriting and broker commissions on the
sale of shares of the U.S. Government Securities Fund, the Treasury Total
Return Fund, the Utility Fund and the Equity Fund, respectively, for the six
months ended September 30, 1996. In addition, the Adviser collected $696 and
$29 of contingent deferred sales loads on the redemption of Class C shares of
the Utility Fund and the Equity Fund, respectively.
PLANS OF DISTRIBUTION
The Trust has a Plan of Distribution (Class A Plan) under which shares of each
Fund having one class of shares and Class A shares of each Fund having two
classes of shares may directly incur or reimburse the Adviser for expenses
related to the distribution and promotion of shares. The annual limitation for
payment of such expenses under the Class A Plan is 0.25% of average daily net
assets attributable to such shares.
<PAGE>
The Trust also has a Plan of Distribution (Class C Plan) under which Class C
shares of each Fund having two classes of shares may directly incur or
reimburse the Adviser for expenses related to the distribution and promotion
of shares. The annual limitation for payment of such expenses under the Class
C Plan is 1% of average daily net assets attributable to Class C shares.
5. CAPITAL SHARE TRANSACTIONS
Proceeds and payments on capital shares as shown in the Statements of Changes
in Net Assets are the result of the following capital share transactions for
the periods ended September 30, 1996 and March 31, 1996:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT TREASURY TOTAL
SECURITIES FUND RETURN FUND
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
SEPT. 30, ENDED, SEPT. 30, ENDED
1996 MARCH 31, 1996 MARCH 31,
(UNAUDITED) 1996 (UNAUDITED) 1996
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold..................................... 39,638 343,417 5,477 64,654
Shares issued in reinvestment of distributions
to shareholders.............................. 58,607 129,033 29,319 103,352
Shares redeemed................................. (376,133) (667,998) (412,350) (1,406,629)
------------ ------------- ------------- ------------
Net decrease in shares outstanding.............. (277,888) (195,548) (377,554) (1,238,623)
Shares outstanding, beginning of period......... 2,642,220 2,837,768 1,866,811 3,105,434
------------ ------------- ------------- ------------
Shares outstanding, end of period............... 2,364,332 2,642,220 1,489,257 1,866,811
============ ============= ============= ============
- -------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
UTILITY EQUITY
FUND FUND
SIX MONTHS SIX MONTHS
YEAR YEAR ENDED YEAR
SEPT. 30, ENDED SEPT. 30, ENDED
1996 MARCH 31, 1996 MARCH 31,
(UNAUDITED) 1996 (UNAUDITED) 1996
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CLASS A
Shares sold..................................... 164,208 454,436 302,649 376,432
Shares issued in reinvestment of distributions
to shareholders.............................. 54,186 120,422 3,044 5,108
Shares redeemed................................. (285,268) (1,093,005) (43,294) (135,368)
------------ ------------- ------------- ------------
Net increase (decrease) in shares outstanding... (66,874) (518,147) 262,399 246,172
Shares outstanding, beginning of period......... 3,302,863 3,821,010 682,935 436,763
------------ ------------- ------------- ------------
Shares outstanding, end of period............... 3,235,989 3,302,863 945,334 682,935
============ ============= ============= ============
CLASS C
Shares sold..................................... 59,622 120,511 31,255 42,510
Shares issued in reinvestment of distributions
to shareholders.............................. 3,857 9,544 30 775
Shares redeemed................................. (70,173) (172,643) (15,352) (50,111)
------------ ------------- ------------- ------------
Net increase (decrease) in shares outstanding... (6,694) (42,588) 15,933 (6,826)
Shares outstanding, beginning of period......... 301,479 344,067 195,573 202,399
------------ ------------- ------------- ------------
Shares outstanding, end of period............... 294,785 301,479 211,506 195,573
============ ============= ============= ============
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1996 (UNAUDITED)
===================================================================================================================
PAR MARKET
VALUE U.S. GOVERNMENT AGENCY ISSUES-- 96.5% VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 2,000,000 Federal Home Loan Bank, 7.25%, 3/24/00....................................... $ 2,004,770
400,000 Federal Home Loan Mortgage Corp., 6.56%, 3/12/03............................. 389,200
1,000,000 Federal Home Loan Mortgage Corp., 7.65%, 5/10/05............................. 1,008,546
2,000,000 Federal Home Loan Mortgage Corp., 7.05%, 6/08/05............................. 1,972,962
1,675,339 Federal Home Loan Mortgage Corp., Pool #E00228, 6.50%, 7/01/08............... 1,637,678
2,020,000 Federal Home Loan Mortgage Corp., Pool #G30054, 7.50%, 9/01/16............... 2,014,667
1,994,893 Federal National Mortgage Assoc. Pool #250689, 7.50%, 9/01/03................ 2,015,460
1,064,942 Federal National Mortgage Assoc. Pool #50811, 7.50%, 12/01/12................ 1,064,665
1,667,108 Federal National Mortgage Assoc. Pool #190666, 7.00%, 3/01/14................ 1,635,965
2,693,609 Federal National Mortgage Assoc. Pool #220114, 7.00%, 6/01/23................ 2,613,178
2,905,310 Federal National Mortgage Assoc. Pool #317691, 7.00%, 8/01/25................ 2,804,001
1,985,548 Government National Mortgage Assoc. Pool #319358, 8.00%, 4/15/22............. 2,012,711
- -------------- -------------
$ 21,406,749 TOTAL U.S. GOVERNMENT AGENCY ISSUES
==============
(Amortized Cost $21,283,566)............................................. $ 21,173,803
-------------
<CAPTION>
===================================================================================================================
FACE MARKET
AMOUNT REPURCHASE AGREEMENTS(1)-- 3.4% VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 739,000 Nesbitt Burns Securities, Inc., 4.50%, dated 9/30/96, due 10/01/96,
- --------------
repurchase proceeds $739,092............................................. $ 739,000
-------------
$ 739,000 TOTAL REPURCHASE AGREEMENTS ................................................. $ 739,000
============== -------------
TOTAL U.S. GOVERNMENT AGENCY ISSUES
AND REPURCHASE AGREEMENTS-- 99.9% ....................................... $ 21,912,803
-------------
OTHER ASSETS AND LIABILITIES, NET-- 0.1% .................................... 33,857
-------------
NET ASSETS-- 100.0% ......................................................... $ 21,946,660
=============
<FN>
(1) Repurchase agreements are fully collateralized by U.S.
Government obligations.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TREASURY TOTAL RETURN FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1996 (UNAUDITED)
===================================================================================================================
PAR MARKET
VALUE U.S. TREASURY OBLIGATIONS -- 99.4% VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 4,000,000 U.S. Treasury Bills, 11/29/96................................................ $ 3,967,552
8,500,000 U.S. Treasury Notes, 5.25%, 1/31/01.......................................... 8,144,062
- -------------- -------------
$ 12,500,000 TOTAL U.S. TREASURY OBLIGATIONS
==============
(Amortized Cost $12,456,871)............................................. $ 12,111,614
-------------
<CAPTION>
===================================================================================================================
FACE MARKET
AMOUNT REPURCHASE AGREEMENTS(1)-- 1.0% VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$ 121,000 Nesbitt Burns Securities, Inc., 4.50%, dated 9/30/96, due 10/01/96,
- --------------
repurchase proceeds $121,015............................................. $ 121,000
-------------
$ 121,000 TOTAL REPURCHASE AGREEMENTS ................................................. $ 121,000
============== -------------
TOTAL U.S. TREASURY OBLIGATIONS AND REPURCHASE AGREEMENTS -- 100.4% ......... $ 12,232,614
-------------
OTHER ASSETS AND LIABILITIES, NET-- (0.4)% .................................. (46,163)
-------------
NET ASSETS-- 100.0% ......................................................... $ 12,186,451
=============
<FN>
(1) Repurchase agreements are fully collateralized by U.S. Treasury obligations.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
UTILITY FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1996 (UNAUDITED)
===================================================================================================================
MARKET
COMMON STOCK -- 86.4% SHARES VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITIES -- 50.3%
Baltimore Gas & Electric Co................................................... 50,050 $ 1,307,556
CMS Energy Corp............................................................... 60,000 1,807,500
Central Louisiana Electric.................................................... 30,000 783,750
CINergy Corp.................................................................. 50,000 1,543,750
DPL, Inc...................................................................... 50,000 1,168,750
Dominion Resources, Inc....................................................... 45,000 1,698,750
Duke Power Co................................................................. 50,000 2,331,250
FPL Group, Inc................................................................ 50,000 2,162,500
Florida Progress Corp......................................................... 65,000 2,210,000
Kansas City Power & Light Co.................................................. 70,000 1,872,500
Montana Power Co.............................................................. 35,000 748,125
Northern States Power Co...................................................... 46,000 2,144,750
Scana Corp.................................................................... 70,000 1,837,500
-------------
$ 21,616,681
-------------
TELECOMMUNICATIONS -- 20.2%
Ameritech Corp................................................................ 35,000 $ 1,841,875
AT&T Corp..................................................................... 30,000 1,567,500
Bell Atlantic Corp............................................................ 25,000 1,496,875
BellSouth Corp................................................................ 50,000 1,850,000
GTE Corp...................................................................... 50,000 1,925,000
-------------
$ 8,681,250
-------------
GAS COMPANIES -- 12.4%
Indiana Energy, Inc........................................................... 15,000 $ 365,625
MCN Corp...................................................................... 100,000 2,687,500
Nicor, Inc.................................................................... 20,000 675,000
Oneok, Inc.................................................................... 25,000 687,500
Wicor, Inc.................................................................... 25,000 909,375
-------------
$ 5,325,000
-------------
WATER COMPANIES -- 3.5%
American Water Works, Inc..................................................... 70,000 $ 1,513,750
-------------
TOTAL COMMON STOCK (Cost $31,447,298)......................................... $ 37,136,681
-------------
<CAPTION>
===================================================================================================================
PAR MARKET
CORPORATE BONDS -- 5.0% VALUE VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Dayton Power & Light Co., 8.40%, 12/01/22..................................... $ 1,000,000 $ 1,044,076
New York Telephone Co., 9.375%, 7/15/31....................................... 1,000,000 1,100,644
-------------- -------------
TOTAL CORPORATE BONDS (Amortized Cost $2,091,807)............................. $ 2,000,000 $ 2,144,720
============== -------------
TOTAL INVESTMENTS AT VALUE-- 91.4% (Amortized Cost $33,539,105)............... $ 39,281,401
-------------
<PAGE>
<CAPTION>
UTILITY FUND (CONTINUED)
===================================================================================================================
FACE MARKET
REPURCHASE AGREEMENTS(1) -- 8.5% VALUE VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Dean Witter Reynolds, Inc., 5.25%, dated 9/30/96, due 10/01/96,
repurchase proceeds $3,639,531........................................... $ 3,639,000 $ 3,639,000
-------------- -------------
TOTAL REPURCHASE AGREEMENTS .................................................. $ 3,639,000 $ 3,639,000
============== -------------
TOTAL INVESTMENTS AND REPURCHASE AGREEMENTS AT VALUE-- 99.9% ................. $ 42,920,401
OTHER ASSETS AND LIABILITIES, NET-- 0.1% ..................................... 37,751
-------------
NET ASSETS-- 100.0% .......................................................... $ 42,958,152
=============
<FN>
(1) Repurchase agreements are fully collateralized by U.S. Government obligations.
</FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EQUITY FUND
PORTFOLIO OF INVESTMENTS
SEPTEMBER 30, 1996 (UNAUDITED)
===================================================================================================================
MARKET
COMMON STOCK -- 84.0% SHARES VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER, NON-CYCLICAL -- 24.4%
Albertson's, Inc.............................................................. 7,400 $ 311,725
Bristol-Myers Squibb Co....................................................... 3,000 289,125
Columbia/HCA Healthcare Corp.................................................. 8,000 455,000
Mylan Laboratories............................................................ 16,000 274,000
Olsten Corp................................................................... 17,000 422,875
PepsiCo, Inc.................................................................. 14,700 415,275
Procter & Gamble Co........................................................... 4,000 390,000
Schering-Plough Corp.......................................................... 6,000 369,000
Unilever NV................................................................... 2,000 315,250
United Healthcare Corp........................................................ 12,000 499,500
-------------
$ 3,741,750
-------------
TECHNOLOGY -- 17.3%
AT&T Corp..................................................................... 6,000 $ 313,500
Compaq Computer Corp.(1) ..................................................... 7,000 448,875
DSC Communications Corp.(1) .................................................. 14,000 350,000
Electronic Data Systems Corp.................................................. 4,000 245,500
Hewlett-Packard Co............................................................ 6,000 292,500
Intel Corp.................................................................... 5,000 477,188
Loral Space & Communications(1) .............................................. 11,000 173,250
Motorola, Inc................................................................. 7,000 361,375
-------------
$ 2,662,188
-------------
CONSUMER, CYCLICAL -- 11.4%
The Walt Disney Co............................................................ 7,500 $ 475,313
Ford Motor Co................................................................. 8,000 250,000
Gap, Inc...................................................................... 12,000 346,500
Lowe's Companies, Inc......................................................... 9,000 367,875
McDonald's Corp............................................................... 6,500 307,937
-------------
$ 1,747,625
-------------
INDUSTRIAL -- 10.9%
Deere & Co.................................................................... 7,500 $ 315,000
Diebold, Inc.................................................................. 7,000 408,625
Emerson Electric Co........................................................... 2,400 216,300
Millipore Corp................................................................ 9,500 375,250
Nucor Corp.................................................................... 7,000 355,250
-------------
$ 1,670,425
-------------
<PAGE>
<CAPTION>
EQUITY FUND (CONTINUED)
===================================================================================================================
MARKET
COMMON STOCK -- 84.0% SHARES VALUE
- -------------------------------------------------------------------------------------------------------------------
FINANCIAL SERVICES -- 9.9%
AFLAC, Inc.................................................................... 12,000 $ 426,000
American General Corp......................................................... 8,600 324,650
American International Group.................................................. 3,000 302,250
Bank of New York Co., Inc..................................................... 16,000 470,000
-------------
$ 1,522,900
-------------
BASIC MATERIALS -- 5.5%
IMC Global, Inc............................................................... 10,000 $ 391,250
Morton International, Inc..................................................... 11,500 457,125
-------------
$ 848,375
-------------
ENERGY -- 2.5%
Enron Corp.................................................................... 9,500 $ 387,125
-------------
CONGLOMERATES -- 2.1%
General Electric Co........................................................... 3,600 $ 327,600
-------------
TOTAL COMMON STOCK (Cost $10,829,536)......................................... $ 12,907,988
-------------
<CAPTION>
===================================================================================================================
FACE MARKET
REPURCHASE AGREEMENTS(2) -- 16.0% VALUE VALUE
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Dean Witter Reynolds, Inc., 5.25%, dated 9/30/96, due 10/01/96,
repurchase proceeds $2,460,359........................................... $ 2,460,000 $ 2,460,000
-------------- -------------
TOTAL REPURCHASE AGREEMENTS .................................................. $ 2,460,000 $ 2,460,000
============== -------------
TOTAL COMMON STOCK AND REPURCHASE AGREEMENTS AT VALUE-- 100.0% ............... $ 15,367,988
OTHER ASSETS AND LIABILITIES, NET-- 0.0% ..................................... 152
-------------
NET ASSETS-- 100.0% .......................................................... $ 15,368,140
=============
<FN>
(1) Non-income producing security.
(2) Repurchase agreements are fully collateralized by U.S. Government
obligations.
</FN>
See accompanying notes to financial statements.
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> MIDWEST STRATEGIC TRUST
<SERIES>
<NUMBER> 3
<NAME> U.S. GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 22,022,566
<INVESTMENTS-AT-VALUE> 21,912,803
<RECEIVABLES> 208,206
<ASSETS-OTHER> 966
<OTHER-ITEMS-ASSETS> 53
<TOTAL-ASSETS> 22,122,028
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 175,368
<TOTAL-LIABILITIES> 175,368
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 26,504,618
<SHARES-COMMON-STOCK> 2,364,332
<SHARES-COMMON-PRIOR> 2,642,220
<ACCUMULATED-NII-CURRENT> 2,230
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (4,450,425)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (109,763)
<NET-ASSETS> 21,946,660
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 814,085
<OTHER-INCOME> 0
<EXPENSES-NET> 140,108
<NET-INVESTMENT-INCOME> 673,977
<REALIZED-GAINS-CURRENT> (373,234)
<APPREC-INCREASE-CURRENT> (9,879)
<NET-CHANGE-FROM-OPS> 290,864
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 671,747
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 39,638
<NUMBER-OF-SHARES-REDEEMED> 376,133
<SHARES-REINVESTED> 58,607
<NET-CHANGE-IN-ASSETS> (2,969,765)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,077,191)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,570
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 150,608
<AVERAGE-NET-ASSETS> 23,335,793
<PER-SHARE-NAV-BEGIN> 9.43
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> (.15)
<PER-SHARE-DIVIDEND> .27
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.28
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> MIDWEST STRATEGIC TRUST
<SERIES>
<NUMBER> 4
<NAME> TREASURY TOTAL RETURN FUND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 12,577,871
<INVESTMENTS-AT-VALUE> 12,232,614
<RECEIVABLES> 75,809
<ASSETS-OTHER> 626
<OTHER-ITEMS-ASSETS> 368
<TOTAL-ASSETS> 12,309,417
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 122,966
<TOTAL-LIABILITIES> 122,966
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,620,765
<SHARES-COMMON-STOCK> 1,489,257
<SHARES-COMMON-PRIOR> 1,866,811
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2,089,057)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (345,257)
<NET-ASSETS> 12,186,451
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 369,714
<OTHER-INCOME> 0
<EXPENSES-NET> 84,889
<NET-INVESTMENT-INCOME> 284,825
<REALIZED-GAINS-CURRENT> (17,856)
<APPREC-INCREASE-CURRENT> (56,084)
<NET-CHANGE-FROM-OPS> 210,885
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 284,825
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5,477
<NUMBER-OF-SHARES-REDEEMED> 412,350
<SHARES-REINVESTED> 29,319
<NET-CHANGE-IN-ASSETS> (3,157,818)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (2,071,201)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 50,934
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 114,389
<AVERAGE-NET-ASSETS> 13,565,130
<PER-SHARE-NAV-BEGIN> 8.22
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> (.04)
<PER-SHARE-DIVIDEND> .17
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.18
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> MIDWEST STRATEGIC TRUST
<SERIES>
<NUMBER> 51
<NAME> UTILITY FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 37,178,105
<INVESTMENTS-AT-VALUE> 42,920,401
<RECEIVABLES> 232,949
<ASSETS-OTHER> 862
<OTHER-ITEMS-ASSETS> 1,808
<TOTAL-ASSETS> 43,156,020
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 197,868
<TOTAL-LIABILITIES> 197,868
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,147,851
<SHARES-COMMON-STOCK> 3,235,989
<SHARES-COMMON-PRIOR> 3,302,863
<ACCUMULATED-NII-CURRENT> 110
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,895
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,742,296
<NET-ASSETS> 39,375,551
<DIVIDEND-INCOME> 938,420
<INTEREST-INCOME> 164,236
<OTHER-INCOME> 0
<EXPENSES-NET> 282,674
<NET-INVESTMENT-INCOME> 819,982
<REALIZED-GAINS-CURRENT> 98,422
<APPREC-INCREASE-CURRENT> (375,351)
<NET-CHANGE-FROM-OPS> 543,053
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 765,789
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 164,208
<NUMBER-OF-SHARES-REDEEMED> 285,268
<SHARES-REINVESTED> 54,186
<NET-CHANGE-IN-ASSETS> (1,048,937)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (30,527)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 161,844
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 282,674
<AVERAGE-NET-ASSETS> 39,701,607
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.07)
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.17
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> MIDWEST STRATEGIC TRUST
<SERIES>
<NUMBER> 53
<NAME> UTILITY FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 37,178,105
<INVESTMENTS-AT-VALUE> 42,920,401
<RECEIVABLES> 232,949
<ASSETS-OTHER> 862
<OTHER-ITEMS-ASSETS> 1,808
<TOTAL-ASSETS> 43,156,020
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 197,868
<TOTAL-LIABILITIES> 197,868
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 37,147,851
<SHARES-COMMON-STOCK> 294,785
<SHARES-COMMON-PRIOR> 301,479
<ACCUMULATED-NII-CURRENT> 110
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 67,895
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,742,296
<NET-ASSETS> 3,582,601
<DIVIDEND-INCOME> 938,420
<INTEREST-INCOME> 164,236
<OTHER-INCOME> 0
<EXPENSES-NET> 282,674
<NET-INVESTMENT-INCOME> 819,982
<REALIZED-GAINS-CURRENT> 98,422
<APPREC-INCREASE-CURRENT> (375,351)
<NET-CHANGE-FROM-OPS> 543,053
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 54,083
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 59,622
<NUMBER-OF-SHARES-REDEEMED> 70,173
<SHARES-REINVESTED> 3,857
<NET-CHANGE-IN-ASSETS> (103,158)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (30,527)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 161,844
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 282,674
<AVERAGE-NET-ASSETS> 3,450,558
<PER-SHARE-NAV-BEGIN> 12.23
<PER-SHARE-NII> .19
<PER-SHARE-GAIN-APPREC> (.08)
<PER-SHARE-DIVIDEND> .19
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.15
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> MIDWEST STRATEGIC TRUST
<SERIES>
<NUMBER> 71
<NAME> EQUITY FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 13,289,536
<INVESTMENTS-AT-VALUE> 15,367,988
<RECEIVABLES> 13,144
<ASSETS-OTHER> 245
<OTHER-ITEMS-ASSETS> 195
<TOTAL-ASSETS> 15,381,572
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,432
<TOTAL-LIABILITIES> 13,432
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,068,724
<SHARES-COMMON-STOCK> 945,334
<SHARES-COMMON-PRIOR> 682,935
<ACCUMULATED-NII-CURRENT> 179
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 220,785
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,078,452
<NET-ASSETS> 12,557,542
<DIVIDEND-INCOME> 75,494
<INTEREST-INCOME> 57,231
<OTHER-INCOME> 0
<EXPENSES-NET> 90,383
<NET-INVESTMENT-INCOME> 42,342
<REALIZED-GAINS-CURRENT> 486,656
<APPREC-INCREASE-CURRENT> 344,280
<NET-CHANGE-FROM-OPS> 873,278
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 41,758
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 302,649
<NUMBER-OF-SHARES-REDEEMED> 43,294
<SHARES-REINVESTED> 3,044
<NET-CHANGE-IN-ASSETS> 4,055,680
<ACCUMULATED-NII-PRIOR> 27
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (265,871)
<GROSS-ADVISORY-FEES> 48,374
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109,527
<AVERAGE-NET-ASSETS> 10,319,346
<PER-SHARE-NAV-BEGIN> 12.45
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> .83
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.28
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> MIDWEST STRATEGIC TRUST
<SERIES>
<NUMBER> 73
<NAME> EQUITY FUND CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1997
<PERIOD-START> APR-01-1996
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> 13,289,536
<INVESTMENTS-AT-VALUE> 15,367,988
<RECEIVABLES> 13,144
<ASSETS-OTHER> 245
<OTHER-ITEMS-ASSETS> 195
<TOTAL-ASSETS> 15,381,572
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 13,432
<TOTAL-LIABILITIES> 13,432
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,068,724
<SHARES-COMMON-STOCK> 211,506
<SHARES-COMMON-PRIOR> 195,573
<ACCUMULATED-NII-CURRENT> 179
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 220,785
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,078,452
<NET-ASSETS> 2,810,598
<DIVIDEND-INCOME> 75,494
<INTEREST-INCOME> 57,231
<OTHER-INCOME> 0
<EXPENSES-NET> 90,383
<NET-INVESTMENT-INCOME> 42,342
<REALIZED-GAINS-CURRENT> 486,656
<APPREC-INCREASE-CURRENT> 344,280
<NET-CHANGE-FROM-OPS> 873,278
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 432
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31,255
<NUMBER-OF-SHARES-REDEEMED> 15,352
<SHARES-REINVESTED> 30
<NET-CHANGE-IN-ASSETS> 374,337
<ACCUMULATED-NII-PRIOR> 27
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (265,871)
<GROSS-ADVISORY-FEES> 48,374
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 109,527
<AVERAGE-NET-ASSETS> 2,604,649
<PER-SHARE-NAV-BEGIN> 12.46
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> .83
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.29
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
