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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE WILLIAM L. NOTARO
TITLE SECRETARY
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 50,845
<NUMBER-OF-SHARES-REDEEMED> 280,194
<SHARES-REINVESTED> 152,931
<NET-CHANGE-IN-ASSETS> (2,132,784)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1,370,727
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 98,498
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 145,218
<AVERAGE-NET-ASSETS> 15,734,422
<PER-SHARE-NAV-BEGIN> 10.93
<PER-SHARE-NII> 0.13
<PER-SHARE-GAIN-APPREC> 0.08
<PER-SHARE-DIVIDEND> 0.13
<PER-SHARE-DISTRIBUTIONS> 0.97
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> 1.84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> MERRIMAN ASSET ALLOCATION FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 15,435,540
<INVESTMENTS-AT-VALUE> 16,514,323
<RECEIVABLES> 35,783
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,550,106
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,890
<TOTAL-LIABILITIES> 37,890
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,237,277
<SHARES-COMMON-STOCK> 1,561,545
<SHARES-COMMON-PRIOR> 1,526,903
<ACCUMULATED-NII-CURRENT> 54,736
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 141,420
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,078,783
<NET-ASSETS> 16,512,216
<DIVIDEND-INCOME> 468,652
<INTEREST-INCOME> 10,380
<OTHER-INCOME> 0
<EXPENSES-NET> 157,621
<NET-INVESTMENT-INCOME> 321,411
<REALIZED-GAINS-CURRENT> 143,237
<APPREC-INCREASE-CURRENT> (130,503)
<NET-CHANGE-FROM-OPS> 334,145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 490,612
<DISTRIBUTIONS-OF-GAINS> 1,375,201
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 80,416
<NUMBER-OF-SHARES-REDEEMED> 217,172
<SHARES-REINVESTED> 171,398
<NET-CHANGE-IN-ASSETS> (1,221,106)
<ACCUMULATED-NII-PRIOR> 223,937
<ACCUMULATED-GAINS-PRIOR> 1,373,384
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 108,352
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 157,621
<AVERAGE-NET-ASSETS> 17,348,943
<PER-SHARE-NAV-BEGIN> 11.61
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.33
<PER-SHARE-DISTRIBUTIONS> 0.93
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.57
<EXPENSE-RATIO> 1.82
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> MERRIMAN LEVERAGED GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-END> MAR-31-1997
<INVESTMENTS-AT-COST> 14,146,987
<INVESTMENTS-AT-VALUE> 15,196,536
<RECEIVABLES> 10,702
<ASSETS-OTHER> 37
<OTHER-ITEMS-ASSETS> 284
<TOTAL-ASSETS> 15,207,559
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 64,305
<TOTAL-LIABILITIES> 64,305
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,760,156
<SHARES-COMMON-STOCK> 1,288,249
<SHARES-COMMON-PRIOR> 1,275,683
<ACCUMULATED-NII-CURRENT> 81,695
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 251,854
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,049,549
<NET-ASSETS> 15,143,254
<DIVIDEND-INCOME> 381,377
<INTEREST-INCOME> 4,327
<OTHER-INCOME> 0
<EXPENSES-NET> 304,009
<NET-INVESTMENT-INCOME> 81,695
<REALIZED-GAINS-CURRENT> 259,667
<APPREC-INCREASE-CURRENT> (301,246)
<NET-CHANGE-FROM-OPS> 40,116
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 710,778
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 88,572
<NUMBER-OF-SHARES-REDEEMED> 133,166
<SHARES-REINVESTED> 57,160
<NET-CHANGE-IN-ASSETS> (550,873)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 702,966
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 96,577
<INTEREST-EXPENSE> 164,865
<GROSS-EXPENSE> 304,009
<AVERAGE-NET-ASSETS> 15,436,441
<PER-SHARE-NAV-BEGIN> 12.30
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> (0.03)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.58
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.75
<EXPENSE-RATIO> 3.94
<AVG-DEBT-OUTSTANDING> 3,828,984
<AVG-DEBT-PER-SHARE> 3.03
</TABLE>
