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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 21
048 A020900 1.000
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048 C010900 100000
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048 G010900 0
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048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 200000
048 K020900 0.750
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050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
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055 A000900 Y
055 B000900 Y
056 000900 Y
057 000900 N
066 A000900 Y
066 B000900 Y
066 C000900 N
066 D000900 N
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
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070 A020900 N
070 B010900 Y
070 B020900 N
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070 C020900 N
070 D010900 Y
070 D020900 N
<PAGE> PAGE 22
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
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070 M020900 N
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070 O010900 Y
070 O020900 Y
070 P010900 Y
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070 Q020900 N
070 R010900 N
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<PAGE> PAGE 23
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<PAGE> PAGE 24
SIGNATURE TINA D. HOSKING
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
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<NAME> UTILITY FUND CLASS A
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> COUNTRYWIDE STRATEGIC TRUST
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[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> COUNTRYWIDE STRATEGIC TRUST
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<PERIOD-START> APR-01-1998
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<NAME> COUNTRYWIDE STRATEGIC TRUST
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<NET-CHANGE-IN-ASSETS> (716,037)
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<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 689,289
<AVERAGE-NET-ASSETS> (3,087,038)
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<PER-SHARE-NII> (.19)
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 8
<NAME> GROWTH/VALUE FUND
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<FISCAL-YEAR-END> MAR-31-1999
<PERIOD-START> APR-01-1998
<PERIOD-END> MAR-31-1999
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (235,765)
<REALIZED-GAINS-CURRENT> 3,987,680
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<NUMBER-OF-SHARES-SOLD> 263,603
<NUMBER-OF-SHARES-REDEEMED> 761,516
<SHARES-REINVESTED> 150,161
<NET-CHANGE-IN-ASSETS> (3,985,526)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 403,146
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<OVERDIST-NET-GAINS-PRIOR> 0
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<GROSS-EXPENSE> 422,738
<AVERAGE-NET-ASSETS> 25,446,126
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<PER-SHARE-NII> (.17)
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[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000711080
<NAME> COUNTRYWIDE STRATEGIC TRUST
<SERIES>
<NUMBER> 9
<NAME> AGGRESSIVE GROWTH FUND
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<PERIOD-END> MAR-31-1999
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<SHARES-COMMON-PRIOR> 980,105
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> (190,566)
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<NET-CHANGE-FROM-OPS> (608,130)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 1,620,482
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 216,290
<NUMBER-OF-SHARES-REDEEMED> 535,148
<SHARES-REINVESTED> 63,418
<NET-CHANGE-IN-ASSETS> (4,093,254)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (114,898)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 125,575
<INTEREST-EXPENSE> 6,473
<GROSS-EXPENSE> 251,341
<AVERAGE-NET-ASSETS> 12,546,293
<PER-SHARE-NAV-BEGIN> 15.81
<PER-SHARE-NII> (.27)
<PER-SHARE-GAIN-APPREC> 2.67
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<EXPENSE-RATIO> 1.95
[AVG-DEBT-OUTSTANDING] 80
[AVG-DEBT-PER-SHARE] .10
</TABLE>
ARTHUR ANDERSEN LLP
Report of Independent Public Accountants
To the Shareholders and Board of Trustees
of Countrywide Strategic Trust:
In planning and performing our audit of the financial statements of
Countrywide Strategic Trust for the year ended March 31, 1999, we considered its
internal control, including control activities for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, and not to provide assurance on the internal control.
The management of Countrywide Strategic Trust is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses under
standards established by the American Institute of Certified Public Accountants.
A material weakness is a condition in which the design or operation of one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the normal course of
performing their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
March 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees, and the Securities and Exchange Commission.
/s/ Arthur Andersen LLP
Cincinnati, Ohio,
April 30, 1999
<PAGE>
