<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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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 12
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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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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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
066 A000500 Y
066 B000500 N
066 C000500 N
066 D000500 Y
066 E000500 N
066 F000500 N
066 G000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
071 A000500 2420
071 B000500 1127
071 C000500 988
071 D000500 114
072 A000500 12
072 B000500 18
072 C000500 11
072 D000500 0
072 E000500 0
072 F000500 4
<PAGE> PAGE 21
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 6
072 K000500 0
072 L000500 0
072 M000500 4
072 N000500 3
072 O000500 0
072 P000500 0
072 Q000500 49
072 R000500 12
072 S000500 14
072 T000500 0
072 U000500 5
072 V000500 0
072 W000500 4
072 X000500 101
072 Y000500 81
072 Z000500 9
072AA000500 0
072BB000500 9
072CC010500 398
072CC020500 0
072DD010500 9
072DD020500 0
072EE000500 142
073 A010500 0.0400
073 A020500 0.0000
073 B000500 0.6700
073 C000500 0.0000
074 A000500 905
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 2239
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
074 M000500 130
074 N000500 3269
074 O000500 230
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
<PAGE> PAGE 22
074 R040500 23
074 S000500 0
074 T000500 3016
074 U010500 226
074 U020500 0
074 V010500 13.32
074 V020500 0.00
074 W000500 0.0000
074 X000500 3
074 Y000500 0
075 A000500 0
075 B000500 1401
076 000500 0.00
SIGNATURE H. MICHAEL SCHWARTZ
TITLE PRESIDENT
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> VALUE PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 4,548,152
<INVESTMENTS-AT-VALUE> 5,095,033
<RECEIVABLES> 64,510
<ASSETS-OTHER> 1,722,459
<OTHER-ITEMS-ASSETS> 174,472
<TOTAL-ASSETS> 7,056,474
<PAYABLE-FOR-SECURITIES> 429,049
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42,773
<TOTAL-LIABILITIES> 471,822
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 487,816
<SHARES-COMMON-PRIOR> 210,566
<ACCUMULATED-NII-CURRENT> 41,294
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 546,881
<NET-ASSETS> 6,584,652
<DIVIDEND-INCOME> 21,839
<INTEREST-INCOME> 46,168
<OTHER-INCOME> 0
<EXPENSES-NET> 26,713
<NET-INVESTMENT-INCOME> 41,294
<REALIZED-GAINS-CURRENT> 384,615
<APPREC-INCREASE-CURRENT> 494,905
<NET-CHANGE-FROM-OPS> 920,814
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 41,271
<DISTRIBUTIONS-OF-GAINS> 369,412
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 432,359
<NUMBER-OF-SHARES-REDEEMED> 57,726
<SHARES-REINVESTED> 30,421
<NET-CHANGE-IN-ASSETS> 5,684,321
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 49,534
<GROSS-ADVISORY-FEES> 4,734
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 150,629
<AVERAGE-NET-ASSETS> 3,171,977
<PER-SHARE-NAV-BEGIN> 10.88
<PER-SHARE-NII> .17
<PER-SHARE-GAIN-APPREC> 3.35
<PER-SHARE-DIVIDEND> .09
<PER-SHARE-DISTRIBUTIONS> .81
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.50
<EXPENSE-RATIO> .84
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> GROWTH PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,928,673
<INVESTMENTS-AT-VALUE> 4,205,105
<RECEIVABLES> 143,650
<ASSETS-OTHER> 146,282
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,495,037
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31,506
<TOTAL-LIABILITIES> 31,506
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 373,580
<SHARES-COMMON-PRIOR> 133,074
<ACCUMULATED-NII-CURRENT> (3,384)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (374,694)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 267,942
<NET-ASSETS> 4,463,531
<DIVIDEND-INCOME> 2,085
<INTEREST-INCOME> 13,171
<OTHER-INCOME> 0
<EXPENSES-NET> 18,640
<NET-INVESTMENT-INCOME> (3,384)
<REALIZED-GAINS-CURRENT> (374,694)
<APPREC-INCREASE-CURRENT> 267,942
<NET-CHANGE-FROM-OPS> (110,136)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 391,597
<NUMBER-OF-SHARES-REDEEMED> 31,707
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4,315,127
<ACCUMULATED-NII-PRIOR> 1,792
<ACCUMULATED-GAINS-PRIOR> 1,898
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,192
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 127,114
<AVERAGE-NET-ASSETS> 2,077,862
<PER-SHARE-NAV-BEGIN> 10.84
<PER-SHARE-NII> (.02)
<PER-SHARE-GAIN-APPREC> 1.13
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.95
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> INTERNATIONAL GROWTH
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 3,320,007
<INVESTMENTS-AT-VALUE> 3,044,374
<RECEIVABLES> 0
<ASSETS-OTHER> 213,955
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,258,329
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51,327
<TOTAL-LIABILITIES> 51,327
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 329,943
<SHARES-COMMON-PRIOR> 9,431
<ACCUMULATED-NII-CURRENT> 15,386
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (274,392)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (278,863)
<NET-ASSETS> 3,207,043
<DIVIDEND-INCOME> 20,929
<INTEREST-INCOME> 22,778
<OTHER-INCOME> 0
<EXPENSES-NET> 28,320
<NET-INVESTMENT-INCOME> 15,386
<REALIZED-GAINS-CURRENT> 4,533
<APPREC-INCREASE-CURRENT> (278,925)
<NET-CHANGE-FROM-OPS> (259,006)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 15,480
<DISTRIBUTIONS-OF-GAINS> 8,333
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 347,778
<NUMBER-OF-SHARES-REDEEMED> 29,718
<SHARES-REINVESTED> 2,452
<NET-CHANGE-IN-ASSETS> 3,109,615
<ACCUMULATED-NII-PRIOR> 1,792
<ACCUMULATED-GAINS-PRIOR> 1,898
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9,242
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 112,857
<AVERAGE-NET-ASSETS> 1,587,484
<PER-SHARE-NAV-BEGIN> 10.33
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> (.63)
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> (.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.72
<EXPENSE-RATIO> 1.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> GLOBAL STRATEGIC INCOME
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 2,219,985
<INVESTMENTS-AT-VALUE> 2,241,944
<RECEIVABLES> 0
<ASSETS-OTHER> 2,569,051
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 4,810,995
<PAYABLE-FOR-SECURITIES> 282,738
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2,417,200
<TOTAL-LIABILITIES> 2,699,938
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 273,302
<SHARES-COMMON-PRIOR> 110,919
<ACCUMULATED-NII-CURRENT> 69,124
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (27,404)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,981
<NET-ASSETS> 2,699,938
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 99,446
<OTHER-INCOME> 0
<EXPENSES-NET> 30,322
<NET-INVESTMENT-INCOME> 69,124
<REALIZED-GAINS-CURRENT> (27,885)
<APPREC-INCREASE-CURRENT> 8,819
<NET-CHANGE-FROM-OPS> 50,058
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 29,924
<DISTRIBUTIONS-OF-GAINS> 12,484
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 181,202
<NUMBER-OF-SHARES-REDEEMED> 23,111
<SHARES-REINVESTED> 4,292
<NET-CHANGE-IN-ASSETS> 1,585,590
<ACCUMULATED-NII-PRIOR> 49,636
<ACCUMULATED-GAINS-PRIOR> (36,223)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 7,538
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 125,676
<AVERAGE-NET-ASSETS> 1,881,585
<PER-SHARE-NAV-BEGIN> 9.98
<PER-SHARE-NII> .36
<PER-SHARE-GAIN-APPREC> (.30)
<PER-SHARE-DIVIDEND> .11
<PER-SHARE-DISTRIBUTIONS> .05
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.88
<EXPENSE-RATIO> 3.67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> GLOBAL TELECOMM/PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 1,836,313
<INVESTMENTS-AT-VALUE> 2,234,365
<RECEIVABLES> 0
<ASSETS-OTHER> 1,035,309
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3,269,674
<PAYABLE-FOR-SECURITIES> 230,802
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,431
<TOTAL-LIABILITIES> 253,233
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 226,425
<SHARES-COMMON-PRIOR> 59,414
<ACCUMULATED-NII-CURRENT> 9,035
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9,487)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 398,052
<NET-ASSETS> 3,016,441
<DIVIDEND-INCOME> 11,128
<INTEREST-INCOME> 18,494
<OTHER-INCOME> 0
<EXPENSES-NET> 20,587
<NET-INVESTMENT-INCOME> 9,035
<REALIZED-GAINS-CURRENT> 142,691
<APPREC-INCREASE-CURRENT> 395,113
<NET-CHANGE-FROM-OPS> 537,804
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9,124
<DISTRIBUTIONS-OF-GAINS> 142,692
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 174,816
<NUMBER-OF-SHARES-REDEEMED> 19,211
<SHARES-REINVESTED> 11,406
<NET-CHANGE-IN-ASSETS> 2,422,126
<ACCUMULATED-NII-PRIOR> (42,738)
<ACCUMULATED-GAINS-PRIOR> 5826
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 4,050
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 101,700
<AVERAGE-NET-ASSETS> 1,401,781
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 3.95
<PER-SHARE-DIVIDEND> .04
<PER-SHARE-DISTRIBUTIONS> .67
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.32
<EXPENSE-RATIO> 1.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees of
the Palladian Trust:
In planning and performing our audit of the financial statements and
financial highlights of the Value Portfolio, Growth Portfolio, International
Growth Portfolio, Global Strategic Income Portfolio and Global
Interactive/Telecomm Portfolio (the five portfolios comprising the Palladian
Trust, collectively the "Trust") for the year ended December 31, 1997, we
considered its internal control, including control over safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and financial highlights
and to comply with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the 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 and
financial highlights 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 controls, errors or fraud
may occur and may 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 any
specific internal control component does not reduce to a relatively low level
the risk that errors or fraud in amounts that would be material in relation
to the financial statements and financial highlights 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, including controls over safeguarding securities,
that we consider to be material weaknesses as defined above as of December
31, 1997.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
March 16, 1998
