<PAGE> PAGE 1
000 B000000 09/30/1999
000 C000000 0000830274
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 MERRIMAN INVESTMENT TRUST
001 B000000 811-5487
001 C000000 2062858877
002 A000000 1200 WESTLAKE AVENUE N, SUITE 700
002 B000000 SEATTLE
002 C000000 WA
002 D010000 98109
002 D020000 3530
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C020100 MERRIMAN FLEXIBLE BOND FUND
007 C030100 N
007 C010200 2
007 C020200 MERRIMAN GROWTH & INCOME FUND
007 C030200 N
007 C010300 3
007 C020300 MERRIMAN CAPITAL APPRECIATION FUND
007 C030300 N
007 C010400 4
007 C020400 MERRIMAN ASSET ALLOCATION FUND
007 C030400 N
007 C010500 5
007 C020500 MERRIMAN LEVERAGED GROWTH FUND
007 C030500 N
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MERRIMAN INVESTMENT MANAGEMENT COMPANY
008 B00AA01 A
008 C00AA01 801-31640
008 D01AA01 SEATTLE
008 D02AA01 WA
008 D03AA01 98109
008 D04AA01 3530
012 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
<PAGE> PAGE 2
012 B00AA01 85-00410
012 C01AA01 MILWAUKEE
012 C02AA01 WI
012 C03AA01 53201
012 C04AA01 0701
013 A00AA01 TAIT, WELLER & BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19102
013 B04AA01 1707
015 A00AA01 FIRSTAR MUTUAL FUND SERVICES, LLC
015 B00AA01 C
015 C01AA01 MILWAUKEE
015 C02AA01 WI
015 C03AA01 53201
015 C04AA01 0701
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 5
019 C00AA00 MERRIMANIT
022 A000001 FIRSTAR MUTUAL FUNDS SERVICES
022 B000001 39-0281225
022 C000001 22878
022 D000001 22365
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 22878
023 D000000 22365
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 NATIONAL UNION FIRE INSURANCE CO PITTSBURGH
080 C00AA00 400
<PAGE> PAGE 3
081 A00AA00 Y
081 B00AA00 5
082 A00AA00 Y
082 B00AA00 5
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 N
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 65
028 A020100 0
028 A030100 0
028 A040100 200
028 B010100 57
028 B020100 0
028 B030100 0
028 B040100 150
028 C010100 29
028 C020100 78
028 C030100 0
028 C040100 86
028 D010100 48
028 D020100 0
028 D030100 0
028 D040100 144
028 E010100 27
028 E020100 0
028 E030100 0
028 E040100 56
028 F010100 13
028 F020100 58
028 F030100 0
028 F040100 54
028 G010100 239
028 G020100 136
028 G030100 0
028 G040100 690
028 H000100 0
<PAGE> PAGE 4
062 A000100 Y
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 64.6
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 35.4
062 R000100 0.0
063 A000100 0
063 B000100 3.6
064 A000100 N
064 B000100 N
071 A000100 15309
071 B000100 17679
071 C000100 3519
071 D000100 435
072 A000100 12
072 B000100 40
072 C000100 446
072 D000100 0
072 E000100 0
072 F000100 81
072 G000100 0
072 H000100 0
072 I000100 7
072 J000100 3
072 K000100 0
072 L000100 1
072 M000100 0
072 N000100 5
072 O000100 0
072 P000100 0
072 Q000100 18
072 R000100 0
072 S000100 0
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 11
072 X000100 126
072 Y000100 6
<PAGE> PAGE 5
072 Z000100 365
072AA000100 0
072BB000100 74
072CC010100 0
072CC020100 88
072DD010100 364
072DD020100 0
072EE000100 0
073 A010100 0.4600
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 0
074 C000100 5174
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 2821
074 J000100 0
074 K000100 0
074 L000100 25
074 M000100 0
074 N000100 8020
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 44
074 S000100 0
074 T000100 7976
074 U010100 801
074 U020100 0
074 V010100 9.96
074 V020100 0.00
074 W000100 0.0000
074 X000100 261
074 Y000100 0
075 A000100 0
075 B000100 8079
076 000100 0.00
028 A010200 31
028 A020200 0
028 A030200 0
028 A040200 209
028 B010200 4
028 B020200 0
<PAGE> PAGE 6
028 B030200 0
028 B040200 65
028 C010200 14
028 C020200 0
028 C030200 0
028 C040200 86
028 D010200 33
028 D020200 0
028 D030200 0
028 D040200 23
028 E010200 18
028 E020200 0
028 E030200 0
028 E040200 30
028 F010200 51
028 F020200 0
028 F030200 0
028 F040200 16
028 G010200 151
028 G020200 0
028 G030200 0
028 G040200 429
028 H000200 0
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
071 A000200 18160
071 B000200 17797
071 C000200 6431
071 D000200 277
072 A000200 12
072 B000200 27
072 C000200 194
072 D000200 0
072 E000200 0
072 F000200 111
<PAGE> PAGE 7
072 G000200 0
072 H000200 0
072 I000200 8
072 J000200 4
072 K000200 0
072 L000200 1
072 M000200 0
072 N000200 4
072 O000200 0
072 P000200 0
072 Q000200 20
072 R000200 0
072 S000200 0
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 12
072 X000200 160
072 Y000200 0
072 Z000200 61
072AA000200 663
072BB000200 0
072CC010200 388
072CC020200 0
072DD010200 119
072DD020200 0
072EE000200 586
073 A010200 0.1500
073 A020200 0.0000
073 B000200 0.8600
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 5154
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 3607
074 J000200 0
074 K000200 0
074 L000200 18
074 M000200 0
074 N000200 8779
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
<PAGE> PAGE 8
074 R040200 17
074 S000200 0
074 T000200 8762
074 U010200 848
074 U020200 0
074 V010200 10.34
074 V020200 0.00
074 W000200 0.0000
074 X000200 345
074 Y000200 0
075 A000200 0
075 B000200 8863
076 000200 0.00
028 A010300 144
028 A020300 0
028 A030300 0
028 A040300 225
028 B010300 13
028 B020300 0
028 B030300 0
028 B040300 202
028 C010300 15
028 C020300 0
028 C030300 0
028 C040300 406
028 D010300 127
028 D020300 0
028 D030300 0
028 D040300 209
028 E010300 22
028 E020300 0
028 E030300 0
028 E040300 80
028 F010300 133
028 F020300 0
028 F030300 0
028 F040300 359
028 G010300 454
028 G020300 0
028 G030300 0
028 G040300 1481
028 H000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
<PAGE> PAGE 9
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
071 A000300 27317
071 B000300 31094
071 C000300 8793
071 D000300 311
072 A000300 12
072 B000300 23
072 C000300 404
072 D000300 0
072 E000300 0
072 F000300 163
072 G000300 0
072 H000300 0
072 I000300 12
072 J000300 6
072 K000300 0
072 L000300 1
072 M000300 0
072 N000300 8
072 O000300 0
072 P000300 0
072 Q000300 30
072 R000300 0
072 S000300 0
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 15
072 X000300 235
072 Y000300 0
072 Z000300 191
072AA000300 1167
072BB000300 0
072CC010300 470
072CC020300 0
072DD010300 82
072DD020300 0
072EE000300 469
073 A010300 0.0600
073 A020300 0.0000
073 B000300 0.3500
073 C000300 0.0000
074 A000300 0
<PAGE> PAGE 10
074 B000300 0
074 C000300 6821
074 D000300 0
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 5428
074 J000300 0
074 K000300 0
074 L000300 24
074 M000300 0
074 N000300 12273
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 30
074 S000300 0
074 T000300 12243
074 U010300 1225
074 U020300 0
074 V010300 9.99
074 V020300 0.00
074 W000300 0.0000
074 X000300 695
074 Y000300 0
075 A000300 0
075 B000300 12942
076 000300 0.00
028 A010400 42
028 A020400 0
028 A030400 0
028 A040400 320
028 B010400 123
028 B020400 0
028 B030400 0
028 B040400 193
028 C010400 13
028 C020400 0
028 C030400 0
028 C040400 429
028 D010400 14
028 D020400 0
028 D030400 0
028 D040400 73
028 E010400 43
028 E020400 0
028 E030400 0
<PAGE> PAGE 11
028 E040400 104
028 F010400 17
028 F020400 0
028 F030400 0
028 F040400 282
028 G010400 252
028 G020400 0
028 G030400 0
028 G040400 1401
028 H000400 0
062 A000400 N
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 0.0
062 N000400 0.0
062 O000400 0.0
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
071 A000400 25750
071 B000400 27490
071 C000400 7857
071 D000400 328
072 A000400 12
072 B000400 19
072 C000400 493
072 D000400 0
072 E000400 0
072 F000400 143
072 G000400 0
072 H000400 0
072 I000400 13
072 J000400 6
072 K000400 0
072 L000400 1
072 M000400 0
072 N000400 8
072 O000400 0
072 P000400 0
072 Q000400 24
072 R000400 0
072 S000400 0
<PAGE> PAGE 12
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 16
072 X000400 211
072 Y000400 0
072 Z000400 301
072AA000400 465
072BB000400 0
072CC010400 531
072CC020400 0
072DD010400 93
072DD020400 0
072EE000400 381
073 A010400 0.0800
073 A020400 0.0000
073 B000400 0.3300
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 5115
074 D000400 0
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 5691
074 J000400 2
074 K000400 0
074 L000400 3
074 M000400 0
074 N000400 10811
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 170
074 S000400 0
074 T000400 10641
074 U010400 1022
074 U020400 0
074 V010400 10.41
074 V020400 0.00
074 W000400 0.0000
074 X000400 631
074 Y000400 0
075 A000400 0
075 B000400 11436
076 000400 0.00
<PAGE> PAGE 13
028 A010500 499
028 A020500 0
028 A030500 0
028 A040500 527
028 B010500 239
028 B020500 0
028 B030500 0
028 B040500 61
028 C010500 147
028 C020500 0
028 C030500 0
028 C040500 154
028 D010500 103
028 D020500 0
028 D030500 0
028 D040500 79
028 E010500 96
028 E020500 0
028 E030500 0
028 E040500 105
028 F010500 157
028 F020500 0
028 F030500 0
028 F040500 89
028 G010500 1241
028 G020500 0
028 G030500 0
028 G040500 1015
028 H000500 0
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
071 A000500 52185
071 B000500 55489
071 C000500 16967
071 D000500 308
<PAGE> PAGE 14
072 A000500 12
072 B000500 23
072 C000500 365
072 D000500 0
072 E000500 0
072 F000500 226
072 G000500 0
072 H000500 0
072 I000500 14
072 J000500 7
072 K000500 0
072 L000500 3
072 M000500 0
072 N000500 9
072 O000500 0
072 P000500 151
072 Q000500 39
072 R000500 0
072 S000500 0
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 21
072 X000500 470
072 Y000500 0
072 Z000500 -82
072AA000500 2427
072BB000500 0
072CC010500 1367
072CC020500 0
072DD010500 0
072DD020500 0
072EE000500 937
073 A010500 0.0000
073 A020500 0.0000
073 B000500 0.6600
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 7145
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 11610
074 J000500 11
074 K000500 0
074 L000500 19
074 M000500 0
074 N000500 18785
<PAGE> PAGE 15
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 31
074 S000500 0
074 T000500 18754
074 U010500 1491
074 U020500 0
074 V010500 12.57
074 V020500 0.00
074 W000500 0.0000
074 X000500 842
074 Y000500 0
075 A000500 0
075 B000500 19465
076 000500 0.00
SIGNATURE WILLIAM L. NOTARO
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> MERRIMAN FLEXIBLE BOND FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 7,977,294
<INVESTMENTS-AT-VALUE> 7,994,805
<RECEIVABLES> 25,427
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> (40)
<TOTAL-ASSETS> 8,020,192
<PAYABLE-FOR-SECURITIES> 17,267
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 26,836
<TOTAL-LIABILITIES> 44,103
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8,041,280
<SHARES-COMMON-STOCK> 801,029
<SHARES-COMMON-PRIOR> 834,038
<ACCUMULATED-NII-CURRENT> 754
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (83,456)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 17,511
<NET-ASSETS> 7,976,089
<DIVIDEND-INCOME> 446,178
<INTEREST-INCOME> 40,050
<OTHER-INCOME> 0
<EXPENSES-NET> 121,087
<NET-INVESTMENT-INCOME> 365,141
<REALIZED-GAINS-CURRENT> (73,820)
<APPREC-INCREASE-CURRENT> (87,584)
<NET-CHANGE-FROM-OPS> 203,737
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 364,405
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 211,281
<NUMBER-OF-SHARES-REDEEMED> 179,288
<SHARES-REINVESTED> 30,471
<NET-CHANGE-IN-ASSETS> 476,154
<ACCUMULATED-NII-PRIOR> 18
<ACCUMULATED-GAINS-PRIOR> (9,636)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 80,844
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 126,637
<AVERAGE-NET-ASSETS> 8,079,230
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> 0.46
<PER-SHARE-GAIN-APPREC> (0.19)
<PER-SHARE-DIVIDEND> 0.46
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.96
<EXPENSE-RATIO> 1.57
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> MERRIMAN GROWTH & INCOME FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 8,491,813
<INVESTMENTS-AT-VALUE> 8,760,980
<RECEIVABLES> 18,045
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 15
<TOTAL-ASSETS> 8,779,040
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,384
<TOTAL-LIABILITIES> 17,384
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,846,351
<SHARES-COMMON-STOCK> 847,656
<SHARES-COMMON-PRIOR> 874,348
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 646,138
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 269,167
<NET-ASSETS> 8,761,656
<DIVIDEND-INCOME> 193,790
<INTEREST-INCOME> 27,031
<OTHER-INCOME> 0
<EXPENSES-NET> 159,825
<NET-INVESTMENT-INCOME> 60,996
<REALIZED-GAINS-CURRENT> 663,047
<APPREC-INCREASE-CURRENT> 387,813
<NET-CHANGE-FROM-OPS> 1,111,856
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 118,817
<DISTRIBUTIONS-OF-GAINS> 585,865
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 57,835
<NUMBER-OF-SHARES-REDEEMED> 140,428
<SHARES-REINVESTED> 67,030
<NET-CHANGE-IN-ASSETS> 243,431
<ACCUMULATED-NII-PRIOR> 41,168
<ACCUMULATED-GAINS-PRIOR> 586,148
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 111,256
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 159,825
<AVERAGE-NET-ASSETS> 8,862,558
<PER-SHARE-NAV-BEGIN> 9.87
<PER-SHARE-NII> 0.08
<PER-SHARE-GAIN-APPREC> 1.40
<PER-SHARE-DIVIDEND> 0.15
<PER-SHARE-DISTRIBUTIONS> 0.86
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.34
<EXPENSE-RATIO> 1.79
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> MERRIMAN CAPITAL APPRECIATION FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 11,982,904
<INVESTMENTS-AT-VALUE> 12,249,141
<RECEIVABLES> 24,075
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> (15)
<TOTAL-ASSETS> 12,273,201
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,133
<TOTAL-LIABILITIES> 30,133
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,699,099
<SHARES-COMMON-STOCK> 1,224,968
<SHARES-COMMON-PRIOR> 1,328,243
<ACCUMULATED-NII-CURRENT> 109,574
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,168,158
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 266,237
<NET-ASSETS> 12,243,068
<DIVIDEND-INCOME> 403,519
<INTEREST-INCOME> 23,224
<OTHER-INCOME> 0
<EXPENSES-NET> 235,418
<NET-INVESTMENT-INCOME> 191,325
<REALIZED-GAINS-CURRENT> 1,167,436
<APPREC-INCREASE-CURRENT> 469,582
<NET-CHANGE-FROM-OPS> 1,828,343
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 81,751
<DISTRIBUTIONS-OF-GAINS> 469,197
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 93,407
<NUMBER-OF-SHARES-REDEEMED> 319,717
<SHARES-REINVESTED> 55,577
<NET-CHANGE-IN-ASSETS> (400,628)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 469,919
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 162,528
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 235,418
<AVERAGE-NET-ASSETS> 12,942,260
<PER-SHARE-NAV-BEGIN> 9.06
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 1.19
<PER-SHARE-DIVIDEND> 0.06
<PER-SHARE-DISTRIBUTIONS> 0.35
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.99
<EXPENSE-RATIO> 1.81
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> MERRIMAN ASSET ALLOCATION FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 10,228,873
<INVESTMENTS-AT-VALUE> 10,805,998
<RECEIVABLES> 16,862
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> (12,094)
<TOTAL-ASSETS> 10,810,766
<PAYABLE-FOR-SECURITIES> 137,854
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 32,024
<TOTAL-LIABILITIES> 169,878
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,390,702
<SHARES-COMMON-STOCK> 1,022,045
<SHARES-COMMON-PRIOR> 1,136,627
<ACCUMULATED-NII-CURRENT> 208,142
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 464,919
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 577,125
<NET-ASSETS> 10,640,888
<DIVIDEND-INCOME> 492,691
<INTEREST-INCOME> 19,489
<OTHER-INCOME> 0
<EXPENSES-NET> 210,909
<NET-INVESTMENT-INCOME> 301,271
<REALIZED-GAINS-CURRENT> 465,265
<APPREC-INCREASE-CURRENT> 530,941
<NET-CHANGE-FROM-OPS> 1,297,477
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 93,129
<DISTRIBUTIONS-OF-GAINS> 381,247
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 62,981
<NUMBER-OF-SHARES-REDEEMED> 341,204
<SHARES-REINVESTED> 45,752
<NET-CHANGE-IN-ASSETS> (1,527,411)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 380,901
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 143,246
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 210,909
<AVERAGE-NET-ASSETS> 11,436,090
<PER-SHARE-NAV-BEGIN> 9.70
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.84
<PER-SHARE-DIVIDEND> 0.08
<PER-SHARE-DISTRIBUTIONS> 0.33
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.41
<EXPENSE-RATIO> 1.84
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> MERRIMAN LEVERAGED GROWTH FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> SEP-30-1999
<INVESTMENTS-AT-COST> 17,633,928
<INVESTMENTS-AT-VALUE> 18,754,915
<RECEIVABLES> 30,158
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 161
<TOTAL-ASSETS> 18,784,912
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 30,928
<TOTAL-LIABILITIES> 30,928
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 15,289,866
<SHARES-COMMON-STOCK> 1,491,393
<SHARES-COMMON-PRIOR> 1,476,284
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,343,131
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,120,987
<NET-ASSETS> 18,753,984
<DIVIDEND-INCOME> 365,163
<INTEREST-INCOME> 22,787
<OTHER-INCOME> 0
<EXPENSES-NET> 470,413
<NET-INVESTMENT-INCOME> (82,463)
<REALIZED-GAINS-CURRENT> 2,427,323
<APPREC-INCREASE-CURRENT> 1,366,712
<NET-CHANGE-FROM-OPS> 3,711,572
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 937,419
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 414,476
<NUMBER-OF-SHARES-REDEEMED> 449,613
<SHARES-REINVESTED> 73,400
<NET-CHANGE-IN-ASSETS> 3,266,167
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 935,690
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 226,149
<INTEREST-EXPENSE> 150,667
<GROSS-EXPENSE> 470,413
<AVERAGE-NET-ASSETS> 19,464,977
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> (0.06)
<PER-SHARE-GAIN-APPREC> 2.63
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.66
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.57
<EXPENSE-RATIO> 2.60
</TABLE>
TAIT, WELLER & BAKER
Certified Public Accountants
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
Merriman Investment Trust
Seattle, Washington
In planning and performing our audit of the financial statements of Merriman
Flexible Bond Fund, Merriman Growth & Income Fund, Merriman Capital Appreciation
Fund, Merriman Asset Allocation Fund and Merriman Leveraged Growth Fund, each a
series of shares of beneficial interest of Merriman Investment Trust, for the
year ended September 30, 1999, we considered their internal control structure,
including procedures 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, not to provide
assurance on the internal control structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
September 30, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purposes.
Philadelphia, Pennsylvania
October 21, 1999
