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<PAGE> PAGE 3
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<PAGE> PAGE 6
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<PAGE> PAGE 8
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE WILLIAM L. NOTARO
TITLE SECRETARY
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<DIVIDEND-INCOME> 331,434
<INTEREST-INCOME> 10,871
<OTHER-INCOME> 0
<EXPENSES-NET> 127,360
<NET-INVESTMENT-INCOME> 214,945
<REALIZED-GAINS-CURRENT> 1,952,014
<APPREC-INCREASE-CURRENT> (1,845,422)
<NET-CHANGE-FROM-OPS> 321,537
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 244,043
<DISTRIBUTIONS-OF-GAINS> 2,703,217
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,170
<NUMBER-OF-SHARES-REDEEMED> 156,646
<SHARES-REINVESTED> 335,412
<NET-CHANGE-IN-ASSETS> (977,552)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 847,798
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 87,640
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127,360
<AVERAGE-NET-ASSETS> 14,217,189
<PER-SHARE-NAV-BEGIN> 12.02
<PER-SHARE-NII> 0.18
<PER-SHARE-GAIN-APPREC> (0.11)
<PER-SHARE-DIVIDEND> 0.20
<PER-SHARE-DISTRIBUTIONS> 2.21
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.68
<EXPENSE-RATIO> 1.81
<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-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 13,920,104
<INVESTMENTS-AT-VALUE> 14,686,226
<RECEIVABLES> 10,808
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 20,353
<TOTAL-ASSETS> 14,717,387
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 29,406
<TOTAL-LIABILITIES> 29,406
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,631,636
<SHARES-COMMON-STOCK> 1,442,298
<SHARES-COMMON-PRIOR> 1,392,313
<ACCUMULATED-NII-CURRENT> 49,750
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 240,473
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 766,122
<NET-ASSETS> 14,687,981
<DIVIDEND-INCOME> 544,875
<INTEREST-INCOME> 12,348
<OTHER-INCOME> 0
<EXPENSES-NET> 135,602
<NET-INVESTMENT-INCOME> 421,621
<REALIZED-GAINS-CURRENT> 1,691,771
<APPREC-INCREASE-CURRENT> (1,864,253)
<NET-CHANGE-FROM-OPS> 249,139
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 487,136
<DISTRIBUTIONS-OF-GAINS> 1,888,468
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 53,466
<NUMBER-OF-SHARES-REDEEMED> 248,335
<SHARES-REINVESTED> 244,854
<NET-CHANGE-IN-ASSETS> 1,855,376
<ACCUMULATED-NII-PRIOR> 115,265
<ACCUMULATED-GAINS-PRIOR> 437,171
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 93,177
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 135,602
<AVERAGE-NET-ASSETS> 15,024,416
<PER-SHARE-NAV-BEGIN> 11.88
<PER-SHARE-NII> 0.32
<PER-SHARE-GAIN-APPREC> (0.20)
<PER-SHARE-DIVIDEND> 0.37
<PER-SHARE-DISTRIBUTIONS> 1.45
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<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-30-1998
<PERIOD-END> MAR-31-1998
<INVESTMENTS-AT-COST> 23,606,660
<INVESTMENTS-AT-VALUE> 25,146,204
<RECEIVABLES> 29,272
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 25,175,476
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 6,810,000
<OTHER-ITEMS-LIABILITIES> 87,595
<TOTAL-LIABILITIES> 6,897,595
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,846,260
<SHARES-COMMON-STOCK> 1,553,310
<SHARES-COMMON-PRIOR> 1,197,927
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 892,077
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,539,544
<NET-ASSETS> 18,277,881
<DIVIDEND-INCOME> 481,854
<INTEREST-INCOME> 14,840
<OTHER-INCOME> 0
<EXPENSES-NET> 277,889
<NET-INVESTMENT-INCOME> 218,805
<REALIZED-GAINS-CURRENT> 3,266,148
<APPREC-INCREASE-CURRENT> (2,966,737)
<NET-CHANGE-FROM-OPS> 518,216
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 345,901
<DISTRIBUTIONS-OF-GAINS> 3,317,075
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 133,723
<NUMBER-OF-SHARES-REDEEMED> 119,028
<SHARES-REINVESTED> 340,688
<NET-CHANGE-IN-ASSETS> 492,632
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 943,004
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 102,665
<INTEREST-EXPENSE> 133,868
<GROSS-EXPENSE> 277,889
<AVERAGE-NET-ASSETS> 16,678,436
<PER-SHARE-NAV-BEGIN> 14.85
<PER-SHARE-NII> 0.21
<PER-SHARE-GAIN-APPREC> (0.22)
<PER-SHARE-DIVIDEND> 0.29
<PER-SHARE-DISTRIBUTIONS> 2.78
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.77
<EXPENSE-RATIO> 3.37
<AVG-DEBT-OUTSTANDING> 2,962,088
<AVG-DEBT-PER-SHARE> 2.20
</TABLE>
