MONITREND
MUTUAL FUND
GROWTH & INCOME
GOLD
GOVERNMENT INCOME
GROWTH
GAMING & LEISURE
TECHNOLOGY
PIA ADJUSTABLE RATE GOVERNMENT SECURITIES
SERIES
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Schedule of Investments - November 31, 1995
<C> <S> <C>
GROWTH & INCOME FUND
Shares Value
COMMON STOCKS 95.76%
Aerospace & Defense 2.21%
500 Ball Corporation $ 14,312
500 General Signal Corp. 16,125
30,437
Airlines 2.24%
200 AMR Corporation Delaware* 15,325
200 Delta Airlines 15,525
30,850
Apparel 1.80%
740 Fruit of the Loom, Cl A* 14,338
200 V F Corp. 10,400
24,738
Automobiles & Trucks 5.93%
300 Chrysler Corp. 15,563
240 Echlin Inc. 8,760
500 Ford Motor Co. 14,125
350 General Motors Corp. 16,975
350 Goodyear Tire & Rubber Co. 14,831
260 Paccar Inc. 11,440
81,694
Banking 8.96%
430 Bancone Corp. 16,394
250 Bankamerica Corp. 15,906
300 Citicorp 21,225
450 MBNA Corp. 18,169
360 Mellon Bank Corp. 19,260
500 Norwest Corp. 16,500
350 Wachovia Corp. 15,750
123,204
GROWTH & INCOME FUND (continued)
Shares Value
Building Maintenance 0.89%
580 Ogden Corporation $ 12,325
Business Machines 4.44%
200 Hewlett-Packard Co. 16,575
170 International Business Machines 16,426
250 Texas Instrument Inc. 14,469
100 Xerox Corp. 13,713
61,183
Capital Goods 3.21%
400 Crane Co. 13,650
495 Deere & Co. 16,273
300 Tandy Corporation. 14,288
44,211
Chemicals 3.17%
300 Avery Dennison Corp. 14,287
215 Eastman Chemical Co. 14,109
500 Nalco Chemical Co. 15,312
43,708
Computer Equip. & Software 2.85%
300 Apple Computer Inc. 11,456
200 Micron Technology Inc. 10,950
200 Sun Microsystems* 16,850
39,256
Consumer Durables 1.11%
275 Whirlpool Corp. 15,263
Consumer Products 2.09%
520 American Greetings Corp. "A" 14,203
200 Avon Products 14,525
28,728
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - November 31, 1995 (continued)
GROWTH & INCOME FUND (continued)
Shares Value
Cosmetics & Soap 1.03%
1,000 Safety-Kleen 14,250
Drugs 3.48%
150 Bristol-Meyer/Squibb Co. 12,037
200 Johnson & Johnson Co. 17,325
300 Merck & Co. Inc. 18,562
47,924
Electronics 2.40%
260 Intel Corp. 15,811
550 Rite Aid 17,188
32,999
Energy/Raw Materials 5.65%
500 Coastal Corp. 16,625
600 Occidental Petroleum Corp. 13,275
115 Royal Dutch 14,763
500 USX Corp. (USX-US Steel) 16,313
400 Williams Cos Inc. 16,800
77,776
Engineering/Construction 1.09%
500 Browning Ferris Inds Inc. 15,063
Finance 7.94%
300 American Express Co. 12,750
300 Beneficial Corp. 15,225
350 Corestates Financial Corp. 13,562
260 Dun & Bradstreet Corp. 16,217
205 Federal Home Loan 15,785
175 Federal National Mortgage 19,162
300 Merrill Lynch & Co. Inc. 16,688
109,389
GROWTH & INCOME FUND (continued)
Shares Value
Food & Beverages 1.15%
180 Philip Morris Cos Inc. 15,795
Forest Products 3.63%
325 Boise Cascade Corp. 12,106
175 Georgia Pacific 13,606
280 International Paper Co. 10,675
300 Weyerhaeuser Co. 13,575
49,962
Healthcare 1.32%
400 US Healthcare 18,225
Home Building & Supplies 2.33%
600 Fleetwood Enterprises 14,400
400 Owens-Corning* 17,750
32,150
Insurance 7.52%
187 American Int'l Group 16,783
160 Chubb Corp. 15,560
110 General RE Corp. 16,459
200 Safeco Corp. 14,238
350 Torchmark Corp. 14,875
200 Travelers Inc. 11,900
800 USF & G Corp. 13,800
103,615
Non-Ferrous Metals 1.10%
430 Asarco Inc. 15,211
Oil & Gas 2.20%
875 McDermott Intl. Inc. 15,859
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - November 31, 1995 (continued)
GROWTH & INCOME FUND (continued)
Shares Value
300 Tenneco 14,400
30,259
Printing 0.88%
680 Moore Corp. 12,155
Retail 8.01%
540 American Stores 14,175
450 Dillard Dept Stores "A" 12,994
450 Hasbro Inc. 13,725
500 Liz Claiborne 14,687
400 Melville Corp. 12,450
280 Nike Inc. 16,240
850 Price/Costco Inc.* 14,184
300 Sears Roebuck & Co. 11,813
110,268
Telecommunications 1.16%
400 Sprint Corp. 16,000
Transportation 3.89%
200 CSX Corp. 17,525
175 Federal Express* 13,081
400 Pittston Services Group 12,200
450 Ryder System Inc. 10,744
53,550
Utilities 2.08%
500 Pacific Enterprises 13,375
540 Panhandle Eastern Corp. 15,323
28,698
TOTAL COMMON STOCKS
(cost $1,097,677) 1,318,886
GROWTH & INCOME FUND (continued)
Shares Value
SHORT TERM INVESTMENTS 0.92%
12,611 Star Treasury Fund
(cost $12,611) 12,611
TOTAL INVESTMENTS 96.68% 1,331,497
(cost $1,110,288)
Other assets less liabilities 3.32% 45,715
TOTAL NET ASSETS 100.00% 1,377,212
GOLD FUND
Shares Value
COMMON STOCKS 91.95%
Gold & Precious Metal 79.35%
30,000 Archangel Diamond Corp.* 23,196
1,500 Barrick Gold Corp. 39,562
12,500 Canyon Resources Corp.* 24,609
20,000 El Callao Mining Corp.* 9,132
76,000 Fairmile Acquisitions 67,389
1,500 Homestake Mining Co. 24,750
4,000 Miramar Mining Corp.* 20,619
500 Newmont Mining Corp. 21,563
1,500 Placer Dome Inc. 37,125
15,000 Rio Narcea Gold Mines Inc.* 22,092
30,000 South American Gold & Copper Ltd.* 22,092
99,500 Venoro Gold Corp., Class "A" * 21,980
334,109
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - November 31, 1995 (continued)
GOLD FUND (continued)
Shares Value
Non-Ferrous Metal 12.60%
100,000 Banner Mining Corp.* 9,573
7,500 Colossal Resources* 43,494
53,067
TOTAL COMMON STOCKS
(cost $503,872) 387,176
SHORT TERM INVESTMENTS 3.45%
14,532 Star Treasury Fund
(cost $14,532) 14,532
TOTAL INVESTMENTS 95.40% 401,708
(cost $518,404)
Other assets less liabilities 4.60% 19,349
TOTAL NET ASSETS 100.00% 421,057
GOVERNMENT INCOME FUND
Principal
Value Value
BONDS 91.81%
Asset Backed 7.78%
75,000 Structured Asset Sec 6.87%
due 08/25/26 73,665
Government Agencies 15.91%
129,250 FNMA CMO 11.00%, due 04/25/07 122,337
26,364 GNMA 9.50%, due 09/15/19 28,305
150,642
U.S. Government Securities 68.12%
55,000 U.S. Treasury Bond 7.625% due 02/15/25 65,433
280,000 U.S. Treasury Note 6.125% due 05/15/98 284,637
280,000 U.S. Treasury Note 6.50% due 05/15/05 294,787
644,857
TOTAL BONDS
(cost $847,414) 869,164
SHORT TERM INVESTMENTS 5.33%
15,000 U.S. Treasury Bills 6.24%, due 02/08/96 14,847
35,621 Star Treasury Fund 35,621
TOTAL SHORT TERM INVESTMENTS
(cost $50,442) 50,468
TOTAL INVESTMENTS 97.14% 919,632
(cost $897,855)
Other assets less liabilities 2.86% 27,083
TOTAL NET ASSETS 100.00% 946,715
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - November 31, 1995 (continued)
GROWTH FUND
Shares Value
COMMON STOCKS 96.59%
Auto Parts 5.53%
1,000 Autozone Inc.* $ 29,125
Biotechnology 7.60%
1,000 Quintriles Trans Nat'l.* 40,000
Building Supplies 4.64%
550 Home Depot Inc. 24,406
Clothing & Apparel 4.30%
1,000 Urban Outfitters Inc.* 22,625
Communication 15.27%
800 Ascend Communications* 56,900
470 Hummingbird Communication* 23,500
80,400
Computer Hardware 19.60%
500 CDW Computer Centers Inc.* 26,000
500 Cabletron Systems Inc.* 41,500
500 Micro Warehouse 23,438
200 Motorola 12,250
103,188
Computer Software 15.79%
500 Cisco Systems* 42,094
500 Inforsix Corp.* 13,844
600 Oracle Corp.* 27,187
83,125
Data Processing 2.87%
1,000 Pyxis Corp.* 15,125
Drugs and Hospital Supplies 2.85%
320 Watson Pharmaceutical* 15,000
GROWTH FUND (continued)
Shares Value
Health Care 4.75%
400 Healthsource Inc.* 25,000
Miscellaneous 2.73%
840 P-Com* 14,385
Retail 10.66%
800 Bed Bath & Beyond Inc.* 26,400
550 Kohl's Corp.* 29,700
56,100
TOTAL COMMON STOCKS
(cost $280,399) 508,479
PREFERRED STOCKS 0.19%
305 Comptronix Corp. Pfd. Cv
(cost $0) 1,010
LONG OPTIONS .02%
25 Leaps Opt Put Dec/42.50
(cost $5,417) 78
TOTAL INVESTMENTS 96.80% 509,567
(cost $285,816)
Other assets less liabilities 3.20% 16,859
TOTAL NET ASSETS 100.00% 526,426
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - November 31, 1995 (continued)
GAMING & LEISURE FUND
Shares Value
COMMON STOCKS 76.62%
Casino/Hotel 36.39%
1,000 Casino America* 5,750
900 Circus Circus Enterprises Inc.* 24,975
1,400 Harrah's Entertainment* 34,825
1,000 Harvey's Casino Resorts 15,000
1,000 Mirage Resorts* 33,875
600 Showboat, Inc. 16,200
1,000 Station Casinos* 15,000
145,625
Casinos 4.66%
1,500 Rio Hotel & Casino* 18,656
Financial 1.57%
625 Game Financial Inc.* 6,289
Hotel/Motel 7.74%
400 Primadonna Resorts* 6,900
2,500 Prime Hospitality* 24,063
30,963
Lottery Systems 2.85%
400 GTECH Holdings* 11,400
Miscellaneous 2.30%
1,100 Acres Gaming* 5,637
500 Gaming Corp. of America* 3,563
9,200
Software 7.70%
900 Electronic Arts* 30,825
GAMING & LEISURE FUND (continued)
Shares Value
Supplies 2.12%
1,000 Paulson Gaming* 8,500
Technology 1.91%
450 Casino Data Systems* 7,650
Video Game Manufacturers 9.38%
3,000 Alliance Gaming Corp.* 10,687
700 Anchor Gaming* 14,175
1,000 Mikohn Gaming* 3,500
500 WMS Industries* 9,188
37,550
TOTAL COMMON STOCKS
(cost $336,426) 306,658
Short Term INVESTMENTS 5.00%
20,000 Star Treasury Fund
(cost $20,000) 20,000
TOTAL INVESTMENTS 81.62% 326,658
(cost $356,426)
Other assets less liabilities 18.38% 73,548
TOTAL NET ASSETS 100.00% 400,206
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - November 31, 1995 (continued)
TECHNOLOGY FUND
Shares Value
COMMON STOCKS 58.33%
Computers 17.00%
1,000 Adaptive Solutions* $ 5,750
1,000 Auspex Systems Inc.* 14,937
73 Radius Inc.* 153
400 Sequent Computer* 6,325
500 Sonic Solutions* 3,719
200 Sun Microsystems* 16,850
47,734
Electronic Components 3.36%
750 Qlogic Inc*. 6,000
1,000 Weitek Corp.* 3,438
9,438
Electronic Equipment 2.96%
1,000 Genus Corp.* 8,313
Medical Devices 8.46%
1,000 Abaxis Inc.* 6,312
1,200 Biocircuits* 2,325
400 Cygnus Inc.* 6,275
700 EP Technologies* 8,837
23,749
Pharmaceuticals 25.80%
700 Anergen Inc.* 2,843
700 Arris Pharmaceuticals* 7,437
100 Athena Neurosciences* 912
99 Chyron Corp.* 9,962
1,000 Cocensys* 6,938
800 Cortex Pharmaceuticals Inc. Com New* 2,250
1,000 Corvas* 3,000
1,500 Isis Pharmaceuticals* 17,344
TECHNOLOGY FUND (continued)
Shares Value
1,500 Ligand Pharmaceutical* 12,469
1,000 Vical Inc.* 9,313
72,468
Software 0.75%
700 Ross Systems Inc.* 2,100
TOTAL COMMON STOCKS
(cost $139,834) 163,802
short term investments 3.89%
10,936 Star Treasury Fund
(cost $10,936) 10,936
TOTAL INVESTMENTS 62.22%
(cost $150,770) 174,738
COMMON STOCKS SOLD SHORT (2.95%)
(200) Qualcomm Inc. (8,300)
Other assets less liabilities 40.73% 114,395
TOTAL NET ASSETS 100.00% 280,833
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - November 31, 1995 (continued)
PIA ADJUSTABLE RATE GOVERNMENT
SECURITIES FUND
Principal
Value Value
LONG TERM INVESTMENTS 98.15%
Adjustable Rate Securities 19.81%
50,029 Bear Stearns 1987-2b, due 02/20/15 49,654
53,456 CMSC V2, due 01/25/13 53,122
154,015 FHLMC 1151 F, due 10/15/96 150,550
422,522 FHLMC 609231, due 02/01/24 + 391,889
5,215 FHLMCCMO 1003 C 8.50%,
due 12/15/16 5,214
27,189 FHLMC CMO 1492fd, due 03/15/23 24,198
674,627
Collateralized Mortgage Obligations 2.08%
8,758 FNMA CMO 90-91 E, 7.30%,
due 01/25/16 8,698
61,684 FNMA CMO G-31 H 8.25%
due 10/25/96 61,992
70,690
Miscellaneous 6.06%
63,148 FDIC 1994-C1 A1, due 09/25/25 63,149
73,553 FNMA 91-121 F, due 09/25/98 70,427
76,084 FNMA 91-79, due 07/25/98 72,850
206,426
U.S. Treasury Notes 70.20%
1,000,000 U.S. Treasury Note 4.375%,
due 08/15/96 993,125
330,000 U.S. Treasury Note 8.00%,
due 01/15/97 339,384
PIA ADJUSTABLE RATE GOVERNMENT
SECURITIES FUND (continued)
Principal
Value Value
500,000 U.S. Treasury Note 8.50%,
due 04/15/97 520,468
515,000 U.S. Treasury Note 8.50%,
due 05/15/97 537,209
2,390,186
TOTAL LONG TERM INVESTMENTS
(cost $3,334,263) 3,341,929
SHORT TERM INVESTMENTS 0.20%
6,821 Star Treasury Fund
(cost $6,821) 6,821
TOTAL INVESTMENTS 98.35% 3,348,750
(cost $3,341,084)
Other assets less liabilities 1.65% 56,201
TOTAL NET ASSETS 100.00% 3,404,951
<FN>
+Fair value as determined by Adviser and approved by Board of Directors.
*Non income producing security
</FN>
See notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Assets and Liabilities - November 30, 1995
<S> <C> <C> <C>
GROWTH & GOVERNMENT
INCOME GOLD INCOME
Assets
Investments in securities, at value (See Note 5) $ 1,331,497 $ 1,401,708 $ 919,632
Cash 0 4,000 0
Receivable for securities sold 12,315 0 0
Income receivable 3,271 255 4,694
Due from investment advisers 44,761 34,328 33,650
Prepaid expenses and other 179 47 33
Total Assets 1,392,023 440,338 958,009
Liabilities
Securities sold short, at value 0 0 0
Accrued expenses and other 14,811 19,281 11,294
Redemptions payable 0 0 0
Total Liabilities 14,811 19,281 11,294
Net Assets
Capital stock, no par value; unlimited shares authorized;
shares outstanding* 1,493,340 2,852,830 1,218,545
Undistributed net investment income 906 0 447
Accumulated net realized gain (loss) on investments (338,243) (2,315,077) (294,054)
Net unrealized appreciation (depreciation) on investments 221,209 (116,696) 21,777
Net Assets $ 1,377,212 $ 1,421,057 $ 1,946,715
Calculation of Maximum Offering Price
Net asset value and redemption price per share $ 21.42 $ 5.91 $ 13.88
Maximum sales charge
(4.50% of offering price; 1.25% for PIA
Adjustable Rate Series) 1.01 .28 .65
Offering price to public $ 22.43 $ 6.19 $ 14.53
* Shares outstanding 64,305 71,267 68,226
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Assets and Liabilities - November 30, 1995
<S> <C> <C> <C> <C>
PIA
ADJUSTABLE RATE
GROWTH GAMING & LEISURE TECHNOLOGY GOVERNMENT SECURITIES
Assets
Investments in securities, at value (See Note 5) $ 509,567 $ 326,658 $ 174,738 $ 3,348,750
Cash 988 47,033 69,049 3,017
Receivable for securities sold 0 0 6,822 0
Income receivable 0 135 44 37,429
Due from investment advisers 34,409 45,849 42,576 26,964
Prepaid expenses and other 17 6,117 12,111 98
Total Assets 544,981 425,792 305,340 3,416,258
Liabilities
Securities sold short, at value 0 0 8,300 0
Accrued expenses and other 18,555 15,085 16,207 11,007
Redemptions payable 0 10,501 0 300
Total Liabilities 18,555 25,586 24,507 11,307
Net Assets
Capital stock, no par value; unlimited shares
authorized; shares outstanding* 364,687 543,561 222,507 3,371,104
Undistributed net investment income 0 0 0 0
Accumulated net realized gain (loss) on investments (62,012) (113,587) 35,836 26,181
Net unrealized appreciation (depreciation)
on investments 223,751 (29,768) 22,490 7,666
Net Assets $ 526,426 $ 400,206 $ 280,833 $ 3,404,951
Calculation of Maximum Offering Price
Net asset value and redemption price per share $ 15.36 $ 6.74 $ 17.81 $ 10.12
Maximum sales charge
(4.50% of offering price; 1.25% for PIA
Adjustable Rate Series) .72 .32 .84 .13
Offering price to public $ 16.08 $ 7.06 $ 18.65 $ 10.25
* Shares outstanding 34,279 59,335 15,766 336,395
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Operations - For the Year Ended November 30, 1995
<S> <C> <C> <C>
GROWTH & GOVERNMENT
INCOME GOLD INCOME
Investment Income
Interest $ 4,131 $ 2,929 $ 66,523
Dividends 31,846 1,213 0
Other income 851 187 0
Total investment income 36,828 4,329 66,523
Expenses
Distributor fees (Note 4) 14,362 4,880 931
Adviser & sub-adviser fees (Note 3) 9,067 4,929 3,724
Transfer agent fees 11,447 7,956 8,309
Administrative fees (Note 3) 18,274 13,939 16,671
Custodian fees 1,753 1,496 1,741
Audit fees 10,433 9,959 7,205
Legal fees 7,936 4,259 1,566
Registration fees 3,637 2,976 3,554
Trustees' fees 1,049 130 1,349
Insurance expense 770 922 542
Printing expense 4,611 6,237 3,592
Amortization of deferred organization expenses 0 0 0
Postage expense 1,985 732 1,531
Other expenses 2,578 3,003 2,616
Total expenses 87,902 61,418 53,331
Less: Expense reimbursement from adviser
and sub-adviser (52,504) (49,391) (43,091)
Net expenses 35,398 12,027 10,240
Net Investment Income (Loss) 1,430 (7,698) 56,283
Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments 394,222 (87,795) (12,593)
Net Change in Unrealized Appreciation on Investments (24,831) 115,564 90,339
Net Gain (Loss) on Investments 369,391 27,769 77,746
Net Increase (Decrease) in Net Assets Resulting from
Operations $ 370,821 $ 20,071 $ 134,029
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Operations - For the Year Ended November 30, 1995
<S> <C> <C> <C> <C>
PIA
ADJUSTABLE RATE
GROWTH GAMING & LEISURE TECHNOLOGY GOVERNMENT SECURITIES
Investment Income
Interest $ 820 $ 3,795 $ 1,063 $ 138,995
Dividends 351 820 30 0
Other income 0 0 142 0
Total investment income 1,171 4,615 1,235 138,995
Expenses
Distributor fees (Note 4) 5,173 6,414 2,603 2,437
Adviser & sub-adviser fees (Note 3) 5,226 8,098 2,629 7,978
Transfer agent fees 8,540 8,575 7,896 3,288
Administrative fees (Note 3) 14,704 14,954 14,026 9,775
Custodian fees 1,698 1,793 1,720 1,765
Audit fees 8,822 7,473 5,443 7,000
Legal fees 2,456 1,696 3,268 4,543
Registration fees 4,188 2,635 2,361 2,148
Trustees' fees 1,054 1,084 1,332 2,698
Insurance expense 363 498 120 388
Printing expense 3,306 5,042 2,893 1,373
Amortization of deferred organization expenses 369 2,029 2,029 0
Postage expense 930 942 459 1,052
Other expenses 2,926 3,180 2,366 818
Total expenses 59,755 64,413 49,145 45,263
Less: Expense reimbursement from adviser
and sub-adviser (47,020) (45,690) (42,730) (34,856)
Net expenses 12,735 18,723 6,415 10,407
Net Investment Income (Loss) (11,564) (14,108) (5,180) 128,588
Realized and Unrealized Gain (Loss) on Investments
Net Realized Gain (Loss) on Investments 6,015 (61,506) 32,371 26,187
Net Change in Unrealized Appreciation on
Investments 169,154 169,021 32,568 9,128
Net Gain (Loss) on Investments 175,164 107,515 64,939 35,315
Net Increase (Decrease) in Net Assets Resulting
from Operations $ 163,605 $ 93,407 $ 59,759 $ 163,903
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Changes in Net Assets
<S> <C> <C> <C> <C> <C> <C>
GOVERNMENT
GROWTH & INCOME GOLD INCOME
For the For the For the For the For the For the
year ended year ended year ended year ended year ended year ended
Nov. 30, Nov. 30, Nov. 30, Nov. 30, Nov. 30, Nov. 30,
1995 1994 1995 1994 1995 1994
Operations
Net investment income (loss) $ 1,430 $ 8,698 $ (7,698) $ (27,235) $ 56,283 $ 70,228
Net realized gain (loss) on
investments 394,222 (18,249) (87,795) (1,039,696) (12,593) 7,950
Net change in unrealized appreciation
on investments (24,831) (33,333) 115,564 (324,919) 90,339 (123,585)
Net increase (decrease) in net assets
resulting from operations 370,821 (42,884) 20,071 (1,391,850) 134,029 (45,407)
Net equalization (debits) credits 0 0 0 0 (369) (1,354)
Dividends Paid to Shareholders
Dividends from net investment income (8,456) (5,608) 0 0 (55,964) (69,686)
Dividends from capital gain 0 0 0 0 0 0
Dividends from net investment income (8,456) (5,608) 0 0 (55,964) (69,686)
Fund Share Transactions
Net proceeds from shares sold 4,071 25,393 20,240 258,902 154,436 45,523
Dividends reinvested 7,890 5,333 0 0 50,369 58,154
Payment for shares redeemed (570,935) (946,195) (893,434) (740,354) (217,388) (385,997)
Net increase (decrease) in net assets
from fund share transactions (558,974) (915,469) (873,194) (481,452) (12,583) (282,320)
Net increase (decrease) in net assets (196,609) (963,961) (853,123) (1,873,302) 65,113 (398,767)
NET ASSETS, Beginning of Period 1,573,821 2,537,782 1,274,180 3,147,482 881,602 1,280,369
NET ASSETS, End of Period $1,377,212 $1,573,821 $421,057 $1,274,180 $ 946,715 $ 881,602
Changes in Shares Outstanding
Shares sold 228 1,480 3,947 29,014 11,849 3,384
Shares issued on reinvestment
of dividends 472 310 0 0 3,790 4,347
Shares redeemed (30,797) (54,962) (149,906) (75,421) (16,488) (29,056)
Net increase (decrease) in
shares outstanding (30,097) (53,172) (145,959) (46,407) (849) (21,325)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Changes in Net Assets
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PIA
ADJUSTABLE RATE
GROWTH GAMING & LEISURE TECHNOLOGY GOVERNMENT SECURITIES
For the For the For the For the For the For the For the For the
year ended year ended year ended year ended year ended year ended year ended period ended
Nov. 30, Nov. 30, Nov. 30, Nov. 30, Nov. 30, Nov. 30, Nov. 30, Nov. 30,
1995 1994 1995 1994 1995 1994 1995 1994*
$ (11,564) $ (19,157) $ (14,108) $ (11,137) $ (5,180) $ (3,666) $ 128,588 $ 16,586
6,015 23,450 (61,506) (52,081) 32,371 10,078 26,187 854
169,154 (131,691) 169,021 (199,456) 32,568 (9,676) 9,128 (1,463)
163,605 (127,398) 93,407 (262,674) 59,759 (3,264) 163,903 15,977
0 0 0 0 0 0 0 0
0 0 0 0 (6,614) 0 (128,588) (16,586)
0 0 0 0 0 0 (860) 0
0 0 0 0 (6,614) 0 (129,448) (16,586)
20,782 65,572 25,438 593,657 57,649 260,266 3,149,716 2,170,106
0 0 0 0 6,320 0 98,158 8,187
(268,364) (588,578) (542,841) (140,757) (119,766) (11,398) (1,919,246) (135,816)
(247,582) (523,006) (517,403) 452,900 (55,797) 248,868 1,328,628 2,042,477
(83,977) (650,404) (423,996) 190,226 (2,652) 245,604 1,363,083 2,041,868
610,403 1,260,807 824,202 633,976 283,485 37,881 2,041,868 0
$ 526,426 $ 610,403 $ 400,206 $ 824,202 $ 280,833 $ 283,485 $ 3,404,951 $ 2,041,868
1,749 5,360 3,912 76,140 3,426 18,041 313,157 217,316
0 0 0 0 452 0 9,771 819
(22,376) (44,866) (79,221) (20,836) (7,868) (841) (191,073) (13,595)
(20,627) (39,506) (75,309) 55,304 (3,990) 17,200 (131,855) 204,540
<FN>
* Commencement of operations April 22, 1994.
</FN>
</TABLE>
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - November 30, 1995
Note 1. Organization
Monitrend Mutual Fund (the "Fund") is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end management investment
company. The Trust was organized as a Massachusetts business trust on
January 6, 1984 and consists of seven series of shares: the Growth & Income
Series (formerly the Summation Series), the Gold Series, the Government Income
Series, the Growth Series, the Gaming and Leisure Series, the Technology Series
and the PIA Adjustable Rate Government Securities Series (collectively the
"Series"), each of which has separate assets and liabilities and differing
investment objectives.
Note 2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the
Funds in the preparation of its financial statements.
Security Valuation - Portfolio securities that are listed on the national
securities exchanges are valued at the last sale price as of 4:20 p.m., Eastern
time, or, in the absence of recorded sales, at the average of readily available
closing bid and asked prices on such exchanges. Unlisted securities are valued
at the average of the quoted bid and asked prices in the over-the-counter
market. Securities and other assets for which market quotations are not readily
available are valued at fair market value as determined in good faith by the
Adviser under procedures established by and under the general supervision and
responsibility of the Fund's Board of Trustees. Short-term investments which
mature in less than 60 days are valued at amortized cost (unless the Board of
Trustees determines that this method does not represent fair market value).
Short-term investments which mature after 60 days are valued at market. Stock
Index Futures, which are traded on commodities exchanges, are valued at their
last sales price as of the close of such commodities exchanges (which is
currently 4:15 p.m., Eastern time).
Options - When the Growth & Income or Gold Series ("Growth & Income/Gold")
writes a call, an amount equal to the premium received by Growth & Income/Gold
is included in Growth & Income/Gold's Statement of Assets and Liabilities and
as an equivalent liability. The amount of the liability is subsequently marked
to market to reflect the current market value of the option written. If an
option which Growth & Income/Gold has written either expires on its stipulated
expiration date, or Growth & Income/Gold enters into a closing purchase
transaction, Growth & Income/Gold realizes a gain (or loss if the cost of a
closing purchase transaction exceeds the premium received when the option was
sold) without regard to any unrealized gain or loss on the underlying security,
and the liability related to such option is extinguished. If a call option
which Growth & Income/Gold has written is exercised, Growth & Income/Gold
realizes a capital gain or loss from the sale of the underlying security and
the proceeds from such sale are increased by the premium originally received.
The premium paid by Growth & Income/Gold for the purchase of a call or a put
option is included in the asset section of Growth & Income/Gold's Statement
of Assets and Liabilities as an investment and is subsequently adjusted to the
current market value of the option. If an option which Growth & Income/Gold has
purchased expires on its stipulated expiration date, Growth & Income/Gold will
realize a loss in the amount of the cost of the option. If Growth & Income/Gold
enters into a closing sale transaction, Growth & Income/Gold will realize a
gain or loss depending on whether the sales proceeds from the closing sale
transaction are greater or less than the cost of the option. If Growth &
Income/Gold exercises a put option, it will realize a gain or loss from the
sale of the underlying security and the proceeds from such sale will be
decreased by the premium originally paid. If Growth & Income/Gold exercises a
call option, the cost of the security which Growth & Income/Gold purchases upon
exercise will be increased by the premium originally paid.
Stock Index Futures - The Growth & Income Series ("Growth & Income") may from
time to time enter into Stock Index Futures contracts as a hedge to provide
protection against adverse movements in the prices of securities in the
portfolio. A stock index assigns relative values to the common stocks included
in the index, and the index fluctuates with changes in the market value of the
common stocks so included. Upon entering into a stock index futures contract,
Growth & Income is required to pledge to the clearing broker an amount of cash
and/or securities equal to approximately 5% of the contract amount. This amount
is known as the "initial margin". Pursuant to the stock index futures contract,
Growth & Income agrees to take or make delivery of an amount of cash equal to a
specified dollar amount times the difference between the stock index value at
the close of the day and the price at which the futures contract was originally
struck. Such payments, known as the "variation margin", are recorded by Growth
& Income as unrealized gains or losses. When the futures contract expires or is
closed by Growth & Income, Growth & Income realizes a gain or loss.
Financial Instruments with Off Balance Sheet Risk - Futures contracts involve
elements of market risk and credit risk in excess of the amounts reflected in
the Statement of Assets and Liabilities. The contract amounts of these futures
contracts reflect the extent of Growth & Income's exposure to off balance sheet
risk.
The predominant market risk is that movements in the prices of Growth & Income's
portfolio securities being hedged may not correlate perfectly with the movement
in the prices of the future contracts. The lack of correlation could render
Growth & Income's hedging strategy unsuccessful and could result in a loss to
Growth & Income.
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - November 30, 1995 (continued)
Growth & Income purchases futures contracts only on exchanges. The exchange acts
as the counterparty to Growth & Income's futures transactions; therefore Growth
& Income's credit risk is limited to the failure of the exchange.
Treasury Bond Futures - The Government Income Series ("Government") may from
time to time enter into Treasury Bond futures contracts as a hedge to provide
protection against adverse movements in the prices of securities in the
portfolio. A Treasury Bond future assigns relative values to a $100,000 par
value of a 30 year U.S. Treasury Bond with an 8% coupon, and the value
fluctuates with changes in the market value of the government security so
included. Upon entering into a Treasury Bond futures contract, Government is
required to pledge to the clearing broker an amount of cash and/or securities
equal to approximately 5% of the contract amount. This amount is known as the
"initial margin". Pursuant to the Treasury Bond futures contract, Government
agrees to take or make delivery of an amount of cash equal to a specified
dollar amount times the difference between the treasury bond futures value at
the close of the day and the price at which the futures contract was originally
struck. Such payments, known as the "variation margin", are recorded by
Government as unrealized gains or losses. When the futures contract expires or
is closed by Government, Government realizes a gain or loss.
Federal Income Taxes - It is the Fund's policy to meet the requirements of the
Internal Revenue Code applicable to regulated investment companies and to
distribute all of its taxable net income to its shareholders. Therefore the
Series paid no Federal income taxes and no Federal income tax provision was
required. At November 30, 1995, Growth & Income had a capital loss carryforward
of $4,040,148 expiring as follows: $2,868,003 in 1996, $330 in 1997, $414,384
in 1998, $739,182 in 1999 and $18,249 in 2002. Gold had a capital loss carryover
of $2,290,511 expiring as follows: $130,743 in 1996, $6,364 in 1997, $270,240 in
1998, $71,973 in 1999, $335,282 in 2000, $348,418 in 2001, $1,039,696 in 2002
and $87,795 in 2003. Government had a capital loss carryforward of $339,833
expiring as follows: $13,704 in 1996, $313,536 in 1998 and $12,593 in 2003.
The Growth Series ("Growth") had a capital loss carryforward of $62,013 expiring
in 2001. The Gaming and Leisure Series ("Gaming") had a capital loss
carryforward of $113,587 expiring as follows: $52,081 in 2002 and $61,506 in
2003.
Other - Securities transactions are recorded no later than the first business
day after the trade date. Discounts and premiums on securities purchased are
amortized over the life of the respective security. Realized gains and losses
on sales of securities are calculated on the identified cost basis. Dividend
income is recorded on the ex-dividend date. Interest income is recorded on an
accrual basis.
Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the reporting period. Actual results could differ from
those estimates.
Note 3. Investment Advisory and Administration Agreements
The Growth & Income Series has an investment advisory agreement with MidCap
Associates, Inc. ("MidCap") and a sub-advisory agreement with Monitrend
Investment Management, Inc. ("MIMI"). Growth & Income pays both MidCap and MIMI
a fee computed daily and payable monthly, at the following annual rate based
upon daily net assets:
<TABLE>
<S> <C> <C> <C>
Advisory Sub-Advisory Total
Assets Fee Rate Fee Rate Fee Rate
0 to $20 million 0.250% 0.3875% 0.625%
$20 million to $150 million 0.3875% 0.250% 0.625%
$150 million to $250 million 0.300% 0.200% 0.500%
Over $250 million 0.225% 0.150% 0.375%
</TABLE>
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - November 30, 1995 (continued)
On August 18, 1994 the Gold Series terminated it's advisory agreement with
Kensington Capital Management, Inc. and entered into a new investment advisory
agreement with MIMI. The Gold Series also has a sub-advisory agreement with
MIMI. Under the agreements, the Gold Series pays MIMI fees computed daily and
payable monthly, at the following annual rates based upon daily net assets:
<TABLE>
<S> <C> <C> <C>
Advisory Sub-Advisory Total
Assets Fee Rate Fee Rate Fee Rate
0 to $10 million 0.900% 0.100% 1.000%
$10 million to $50 million 0.850% 0.150% 1.000%
$50 million to $75 million 0.750% 0.125% 0.875%
$75 million to $100 million 0.640% 0.110% 0.750%
$100 million to $150 million 0.535% 0.090% 0.625%
$150 million to $250 million 0.425% 0.075% 0.500%
Over $250 million 0.320% 0.055% 0.375%
</TABLE>
The Growth Series has an investment advisory agreement with MIMI. Growth pays
MIMI a fee computed daily and payable monthly, at the following annual rate
based upon daily net assets:
<TABLE>
<S> <C>
Assets Fee Rate
0 to $50 million 1.000%
$50 million to $75 million 0.875%
$75 million to $100 million 0.750%
$100 million to $150 million 0.625%
$150 million to $250 million 0.500%
Over $250 million 0.375%
</TABLE>
Under a sub-advisery agreement between MIM and sub-adviser (Robert L. Bender,
Inc.), MIMI is responsible for compensating the sub-adviser.
The Government Income Series has investment advisory agreements with MIMI and
Pacific Income Advisers, Inc. ("Pacific") at the following rates, based on
daily net assets:
<TABLE>
<S> <C> <C> <C>
MIMI's Pacific's Total
Assets Rate Rate Rate
0 to $50 million 0.20% 0.20% 0.40%
Over $50 million 0.10% 0.30% 0.40%
</TABLE>
In the event that the average daily net assets of Government for any month is
less than $10 million, the total fee for that month will be paid to MIMI and
Pacific will receive no fee.
The Gaming and Leisure Series has an investment advisory agreement with MIMI.
Gaming pays MIMI a fee computed daily and payable monthly at the annual rate
of 1.25% of daily net assets. A sub-advisory agreement with Lucky Management
Corp. was terminated on 12/31/94.
The Technology Series has an investment advisory agreement with MIMI. Technology
pays MIMI a fee computed daily and payable monthly at the an-nual rate of 1%
of daily net assets. Under a sub-advisory agreement between MIMI and sub-adviser
(Negative Beta Associates, Inc.), MIMI is responsible for compensating the
sub-adviser.
The PIA Adjustable Rate Government Securities Series ("Adjustable Rate Series")
has an investment advisory agreement with Pacific. The Adjustable Rate Series
pays Pacific a fee, computed daily and payable monthly, at the annual rate of
0.35% of the Adjustable Rate Fund's daily net assets.
Under the investment advisory agreements, if the aggregate expenses of each
series (including the fees to the adviser and the administrator but excluding
taxes, interest, brokerage fees and commissions, extraordinary expenses and a
portion of distribution fees) exceed the lowest limitations imposed by state
securities administrators, the adviser will reduce its fees by the amount of
such excess. Notwithstanding such limitation, during the year ended November 30,
1995 the advisers agreed to reimburse the series for expenses (except
distribution fees) in excess of 1.45% of average net assets (for the Growth &
Income,
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - November 30, 1995 (continued)
Gold, Growth and Technology Series), 1.00% of average net assets for
the Government Series, 1.90% of average net assets of the Gaming Series and
0.40% of average net assets of the Adjustable Rate Series. As a result, the
advisers accrued reimbursement to the Growth & Income Series ($43,437), Gold
Series ($44,462), Growth Series ($41,794), Technology Series ($40,101),
Government Series ($39,367), Gaming Series ($37,592) and Adjustable Rate Series
($26,878) in addition to foregoing their advisory fees.
The Series has a fund accounting and administrative agreement with American
Data Services, Inc. ("ADS"). ADS receives a fee, computed daily and payable
monthly, at an annual rate of .1% of average daily net assets, subject to a
monthly minimum.
Note 4. Distribution Agreement and Plan
Pallas Financial Corporation serves as the Distributor of each Series's shares.
The Distributor has advised each Series that during the year ended November 30,
1995, it retained no portion of the sales charges on sales of shares of the
Series. The President and sole shareholder of the Distributor is also the
Chairman and majority shareholder of the Adviser, as well as a trustee of
the Series.
The Series has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1
under the Investment Company Act of 1940. The Plan authorizes the Series to
reimburse the Distributor for marketing expenses incurred in distributing shares
of the Series, including the cost of printing sales material and making payments
to dealers in the Series's shares, in any fiscal year, subject to a limit of
.99% of each Series average net assets in that fiscal year except for the
Government Income Series for which the limit is .10% and the PIA Series which
the limit is .05%. The Distributor will bear such expenses beyond this
limitation. For the period ended November 30, 1995, the following amounts were
paid or accrued for such expenses: Growth & Income ($14,362), Gold ($4,880),
Growth ($5,173), Gaming ($6,414), Technology ($2,603), Government ($931) and
Adjustable Rate ($1,290).
Note 5. Purchases and Sales of Securities
The cost of purchases and sales of investment securities (other than short-term
investments) for the year ended November 30, 1995, were as follows:
<TABLE>
<S> <C> <C>
Purchases Sales
Growth & Income Series $ 2,061,389 $ 2,325,810
Gold Series 70,903 883,635
Government Series 738,611 750,479
Growth Series 118,387 352,755
Gaming Series 0 363,560
Technology Series 59,610 123,925
Adjustable Rate Series 5,202,113 2,897,214
</TABLE>
The cost of securities for Federal income tax purposes was the same as for
accounting purposes except for the Growth and Income Fund which had a cost of
$1,115,279 for Federal income tax purposes.
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - November 30, 1995 (continued)
Unrealized appreciation and depreciation on investments at November 30, 1995,
based on cost, are as follows:
<TABLE>
<S> <C> <C> <C>
Unrealized Unrealized
Appreciation Depreciation Net
Growth & Income Series $ 238,296 $ (17,086) $ 221,210
Gold Series 61,763 (178,459) (116,696)
Government Series 22,194 (417) 21,777
Growth Series 241,217 (17,466) 223,751
Gaming Series 39,777 (69,545) (29,768)
Technology Series 45,592 (23,102) 22,490
Adjustable Rate Series 13,881 (6,215) 7,666
</TABLE>
Note 6. Subsequent Event
On April 25, 1996, MIMI received funding from the principals of Pacific enabling
MIMI to reimburse the Funds for expenses beyond the limits discussed in Note 3.
As a result of these expense reimbursements and sizable operating losses of
its own, MIMI continues to have an operating shortfall which requires additional
financing and/or other cost cutting measures. The ability of the Funds to
benefit from future expense limitations is dependent on the financing of MIMI's
operations.
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GROWTH & INCOME SERIES
Financial Highlights
(For a share outstanding throughout the period)
<S> <C> <C> <C> <C> <C>
For the Year Ended November 30,
1995 1994 1993 1992 1991
Net asset value, beginning
of period $ 16.67 $ 17.20 $ 18.53 $ 19.20 $ 18.46
Income from investment operations
Net investment income 0.02 0.09 0.07 0.16 0.14
Net realized and unrealized gain (loss)
on investments 4.82 (0.58) (1.22) (0.67) 0.82
Total from investment operations 4.84 (0.49) (1.15) (0.51) 0.96
Less distributions
Dividends from net investment income (0.09) (0.04) (0.18) (0.16) (0.22)
Total distributions (0.09) (0.04) (0.18) (0.16) (0.22)
Net asset value, end of period $ 21.42 $ 16.67 $ 17.20 $ 18.53 $ 19.20
Total return** 29.19% (2.86%) (6.26%) (2.68%) 5.26%
Ratios/supplemental data
Net assets, end of period
(in 000's) 1,377 1,573 2,538 6,149 12,667
Ratio of expenses to average
net assets# 2.44% 2.44% 2.44% 2.44% 2.50%
Ratio of net investment income
(loss) to average net assets 0.10% 0.46% 0.21% 0.57% 0.90%
Portfolio turnover rate 151.86% 0.00% 1.59% 4.52% 13.30%
<FN>
** Excluding sales charge.
& On a per share basis, includes taxes of $.01 and 0.01% expenses of average
net assets.
# Net of expense reimbursement. If the expense reimbursement had not been in
effect, the ratios of expenses to average net assets would have been 6.08%,
5.46%, 4.39%, 3.46% and 3.85%, respectively.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GOLD SERIES
Financial Highlights
(For a share outstanding throughout the period)
<S> <C> <C> <C> <C> <C>
For the Year Ended November 30,
1995* 1994 1993 1992 1991
Net asset value, beginning
of period $ 5.87 $ 11.94 $ 9.84 $ 14.49 $ 15.65
Income from investment operations
Net investment income (0.09) (0.15) (0.09) 0.01 0.00
Net realized and unrealized gain (loss)
on investments 0.13 (5.92) 2.20 (4.66) (0.76)
Total from investment operations 0.04 (6.07) 2.11 (4.65) (0.76)
Less distributions
Dividends from net investment
income 0.00 0.00 (0.01) 0.00 (0.40)
Total distributions 0.00 0.00 (0.01) 0.00 (0.40)
Net asset value, end of period $ 5.91 $ 5.87 $ 11.94 $ 9.84 $ 14.49
Total return** 0.68% (50.84%) 21.47% (32.09%) (5.00%)
Ratios/supplemental data
Net assets, end of period
(in 000's) 421 1,274 3,147 2,493 1,938
Ratio of expenses to average
net assets# 2.44% 2.45% 2.43% 2.45% 2.50%
Ratio of net investment income
(loss) to average net assets (1.57)% (1.26%) (0.84%) 0.06% (0.03%)
Portfolio turnover rate 15.57% 229% 969% 626% 131%
<FN>
* Based on average shares outstanding.
** Excluding sales charge.
# Net of expense reimbursement. If the expense reimbursement had not been in
effect, the ratios of expenses to average net assets would have been 12.52%,
5.58%, 4.55%, 4.71% and 4.48%, respectively.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GOVERNMENT INCOME SERIES
Financial Highlights
(For a share outstanding throughout the period)
<S> <C> <C> <C> <C> <C>
For the Year Ended November 30,
1995 1994 1993 1992 1991
Net asset value, beginning
of period $ 12.76 $ 14.16 $ 13.13 $ 13.90 $ 13.53
Income from investment operations
Net investment income 0.81 0.87 0.72 0.56 0.77
Net realized and unrealized gain (loss)
on investments 1.12 (1.39) 1.08 (0.68) 0.32
Total from investment operations 1.93 (0.52) 1.80 (0.12) 1.09
Less distributions
Dividends from net investment income (0.81) (0.88) (0.77) (0.65) (0.72)
Total distributions (0.81) (0.88) (0.77) (0.65) (0.72)
Net asset value, end of period $ 13.88 $ 12.76 $ 14.16 $ 13.13 $ 13.90
Total return** 15.56% (3.75%) 13.96% (0.93%) 8.28%
Ratios/supplemental data
Net assets, end of period
(in 000's) 947 882 1,280 1,893 3,049
Ratio of expenses to average
net assets# 1.10% 1.10% 1.10% 2.17% 2.50%
Ratio of net investment income
(loss) to average net assets 6.04% 6.47% 5.14% 4.32% 5.60%
Portfolio turnover rate 91.03% 66.36% 118% 159% 0%
<FN>
** Excluding sales charge.
# Net of expense reimbursement. If the expense reimbursement had not been in
effect, the ratios of expenses to average net assets would have been 5.73%,
5.52%, 3.66%, 3.86% and 3.53%, respectively.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GROWTH SERIES
Financial Highlights
(For a share outstanding throughout the period)
<S> <C> <C> <C> <C>
Year Ended Year Ended Year Ended April 1
Nov. 30, Nov. 30, Nov. 30, thru Nov. 30,
1995* 1994 1993 1992
Net asset value, beginning of period $ 11.12 $ 13.35 $ 13.59 $ 12.00
Income from investment operations
Net investment (loss) (0.24) (0.52) (0.20) (0.04)
Net realized and unrealized gain (loss)
on investments 4.48 (1.71) (0.04) 1.63
Total from investment operations 4.24 (2.23) (0.24) 1.59
Less distributions
Dividends from net investment income 0.00 0.00 0.00 0.00
Total distributions 0.00 0.00 0.00 0.00
Net asset value, end of period $ 15.36 $ 11.12 $ 13.35 $ 13.59
Total return** 38.13% (16.70%) (1.77%) 13.25%
Ratios/supplemental data
Net assets, end of period (in 000's) 526 610 1,261 557
Ratio of expenses to average net assets# 2.44% 2.44% 2.44% 2.44%&
Ratio of net investment income (loss)
to average net assets 2.21% (2.22%) (2.02%) (1.31%)&
Portfolio turnover rate 23.75% 26.57% 26% 3%
<FN>
& Annualized.
* Based on average shares outstanding.
** Excluding sales charge.
# Net of expense reimbursement. If the expense reimbursement had not been in
effect, the ratio of expenses to average net assets would have been 11.44%,
8.52%, 6.44% and 12.12%, respectively.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GAMING & LEISURE SERIES
Financial Highlights
(For a share outstanding throughout the period)
<S> <C> <C> <C>
Year ended Year ended Oct. 21 thru
Nov. 30, Nov. 30, Nov. 30,
1995* 1994 1993
Net asset value, beginning of period $ 6.12 $ 7.99 $ 8.00
Income from investment operations
Net investment (loss) (0.15) (0.08) (0.01)
Net realized and unrealized gain
on investments 0.77 (1.79) 0.00
Total from investment operations 0.62 (1.87) (0.01)
Less distributions
Dividends from net investment income 0.00 0.00 0.00
Total distributions 0.00 0.00 0.00
Net asset value, end of period $ 6.74 $ 6.12 $ 7.99
Total return** 10.13% (23.40%) (0.13%)
Ratios/supplemental data
Net assets, end of period (in 000 400 824 634
Ratio of expenses to average net assets 2.89% 2.89% 2.70%&
Ratio of net investment income (loss)
to average net assets# (2.18%) (1.18%) (2.03%)&
Portfolio turnover rate 36.89% 26.58% 0%
<FN>
& Annualized.
* Based on average shares outstanding.
** Excluding sales charge.
# Net of expense reimbursement. If the expense reimbursement had not been in
effect, the ratio of expenses to average net assets would have been 9.96%,
6.40% and 5.19%, respectively.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, TECHNOLOGY SERIES
Financial Highlights
(For a share outstanding throughout the period)
<S> <C> <C> <C>
Year ended Year ended Nov. 9 thru
Nov. 30, Nov. 30, Nov. 30,
1995* 1994 1993
Net asset value, beginning of period $ 14.35 $ 14.82 $ 15.00
Income from investment operations
Net investment (loss) (0.32) (0.18) (0.01)
Net realized and unrealized (loss)
on investments 4.19 (0.29) (0.17)
Total from investment operations 3.87 (0.47) (0.18)
Less distributions
Dividends from net investment income 0.00 0.00 0.00
Dividends from Capital Gains (0.41) 0.00 0.00
Total distributions (0.41) 0.00 0.00
Net asset value, end of period $ 17.81 $ 14.35 $ 14.82
Total return** 26.95% (3.17%) (1.20%)
Ratios/supplemental data
Net assets, end of period (in 000's) 281 283 38
Ratio of expenses to average net assets# 2.44% 2.44% 1.70%&
Ratio of net investment income (loss)
to average net assets (1.97%) (1.79%) (1.63%)&
Portfolio turnover rate 40.77% 29.26% 0%
<FN>
& Annualized.
* Based on average shares outstanding.
** Excluding sales charge.
# Net of expense reimbursement. If the expense reimbursement had not been in
effect, the ratio of expenses to average net assets would have been 18.74%,
11.19% and 30.48%, respectively.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, PIA ADJUSTABLE RATE GOVERNMENT SERIES
Financial Highlights
(For a share outstanding throughout the period)
<S> <C> <C> <C>
Year ended April 22, 1994 thru
Nov. 30, Nov. 30,
1995* 1994
Net asset value, beginning of period $ 9.98 $ 10.00
Income from investment operations
Net investment (loss) 0.57 0.27
Net realized and unrealized gain
on investments 0.14 (0.02)
Total from investment operations 0.71 0.25
Less distributions
Dividends from net investment income (0.57) (0.27)
Total distributions (0.57) (0.27)
Net asset value, end of period $ 10.12 $ 9.98
Total return** 7.50% 2.50%
Ratios/supplemental data
Net assets, end of period (in 000's) 3,405 2,041
Ratio of expenses to average
net assets# 0.46% 0.44%&
Ratio of net investment income (loss)
to average net assets 5.71% 4.68%&
Portfolio turnover rate 163.55% 209.94%
<FN>
& Annualized.
** Excluding sales charge.
# Net of expense reimbursement. If the expense reimbursement had not been in
effect, the ratio of expenses to average net assets would have been 2.01%
and 3.46%, respectively.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
INDEPENDENT AUDITOR'S REPORT
The Board of Trustees and Shareholders of
Monitrend Mutual Fund
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments of the Government Income Fund, the PIA
Adjustable Rate Government Securities Series, the Growth Fund, the Growth &
Income Fund, the Gold Fund, the Technology Fund, and the Gaming & Leisure Fund,
series of Monitrend Mutual Fund as of November 30, 1995 and the related
statements of operations and changes in net assets for the periods indicated in
the accompanying financial statements. We have also audited the financial
highlights of these series for periods subsequent to November 30, 1991. These
financial statements and financial highlights are the responsibility of the
Trust's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
November 30, 1995, by correspondence with the custodian and with brokers as to
securities purchased but not received, or other auditing procedures where
confirmations from brokers were not received. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
Government Income Fund, the PIA Adjustable Rate Government Securities Series,
the Growth Fund, the Growth & Income Fund, the Gold Fund, the Technology Fund
and the Gaming & Leisure Fund, series of Monitrend Mutual Fund as of
November 30, 1995 and the results of their operations, the changes in their net
assets, and their financial highlights for the period indicated, in conformity
with generally accepted accounting principles.
/s/ McGladrey & Pullen, LLP
McGladrey & Pullen, LLP
New York, New York
December 28, 1995, except for
Note 6, as to which
the date is April 25, 1996
<PAGE>
MONITREND MUTUAL FUND
Performance Results - Year Ended November 30, 1995
(All performance measurements reflect the maximum sales load charged,
for each period shown.)
PIA ADJUSTABLE RATE SERIES
Average Annual Total Returns
1 Year 6.16%
* Inception 5.34%
Value on 11/30/95
PIA Adj. Rate $10,872
Lehman Index $11,718
$10,000 Investment made 4/22/94 (Inception Date)
(GRAPH SHOWN HERE DEPICTING THE PERFORMANCE OF THE SERIES
VERSES THE LEHMAN ADJUSTABLE RATE INDEX)
Past performance is not predictive of future performance
The Lehman Adj. Fund Index is an unmanaged index consisting of all US Treasury
& Agency bonds weighted according to market capitalization.
The PIA Adjustable Rate Fund was successful in taking advantage of a more
friendly interest rate environment which dominated the market in 1995. Mortgage
Backed Securities performed well and the Fund was able to identify opportunities
as they arose.
GOVERNMENT INCOME SERIES
Average Annual Total Returns
1 Year 10.39%
* Inception 6.84%
Value on 11/30/95
Govt. Income $12,261
Lehman Index $12,709
$10,000 Investment made 10/31/92 (Inception Date)
(GRAPH SHOWN HERE DEPICTING THE PERFORMANCE OF THE SERIES
VERSES THE LEHMAN ADJUSTABLE RATE INDEX)
Past performance is not predictive of future performance
The Lehman Adj. Fund Index is an unmanaged index consisting of all US Treasury
& Agency bonds weighted according to market capitalization.
The Federal Reserve adjusted its market stance in 1995 to a more accommodative
position and the rally that followed created substantial gains. The Government
Income Fund matched the return of the Lehman Government Bond Index.
<PAGE>
MONITREND MUTUAL FUND
Performance Results - Year Ended November 30, 1995
(All performance measurements reflect the maximum sales load charged,
for each period shown.)
GOLD SERIES
Average Annual Total Returns
1 Year (3.86)%
5 Years (17.84)%
* Inception (13.25)%
Value on 11/30/95
Gold $ 3,290
S&P 500 $28,853
$10,000 Investment made 2/3/88 (Inception Date)
(GRAPH SHOWN HERE DEPICTING THE PERFORMANCE OF THE SERIES
VERSES THE S&P 500 INDEX)
Past performance is not predictive of future performance
The S&P 500 Index is a broad unmanaged index generally considered representative
of the US equity market.
The gold market was under pressure for most of 1995 until year end. The Fund
adjusted its portfolio to be in a position to reflect the improving fundamentals
in place at year end and we expect a better market in the future.
GROWTH SERIES
Average Annual Total Returns
1 Year 32.01%
* Inception 5.63%
Value on 11/30/95
Growth $12,224
S&P 500 $16,145
$10,000 Investment made 4/1/92 (Inception Date)
(GRAPH SHOWN HERE DEPICTING THE PERFORMANCE OF THE SERIES
VERSES THE S&P 500 INDEX)
Past performance is not predictive of future performance
The S&P 500 Index is a broad unmanaged index generally considered representative
of the US equity market.
The Growth Fund invested in companies that met our requirements for long term
growth and outperformed the market as measured by the S & P 500. The Fund
portfolio will continue to seek investment opportunities with long term
potential.
<PAGE>
MONITREND MUTUAL FUND
Performance Results - Year Ended November 30, 1995
(All performance measurements reflect the maximum sales load charged,
for each period shown.)
GAMING & LEISURE SERIES
Average Annual Total Returns
1 Year 5.19%
* Inception (9.91)%
Value on 11/30/95
Gaming $ 8,025
S&P 500 $13,710
$10,000 Investment made 10/20/93 (Inception Date)
(GRAPH SHOWN HERE DEPICTING THE PERFORMANCE OF THE SERIES
VERSES THE S&P 500 INDEX)
Past performance is not predictive of future performance
The S&P 500 Index is a broad unmanaged index generally considered representative
of the US equity market.
In the previous year, the Gaming and Leisure Fund had adjusted its portfolio to
control the risk associated with the market downturn in this sector. In 1995,
the market rallied and the Fund has increased its exposure and will continue to
look for opportunities when the risk/reward ratio is favorable.
TECHNOLOGY SERIES
Average Annual Total Returns
1 Year 22.06%
* Inception 7.47%
Value on 11/30/95
Technology $11,641
S&P 500 $13,710
$10,000 Investment made 10/20/93 (Inception Date)
(GRAPH SHOWN HERE DEPICTING THE PERFORMANCE OF THE SERIES
VERSES THE S&P 500 INDEX)
Past performance is not predictive of future performance
The S&P 500 Index is a broad unmanaged index generally considered representative
of the US equity market.
Technology stocks advanced sharply in 1995 only to be followed by a partial
retracement of that advance. The Fund maintained a substantial participation in
the market initially, but adjusted its market exposure as risk increased. The
Fund continues to invest for long term growth.
<PAGE>
MONITREND MUTUAL FUND
Performance Results - Year Ended November 30, 1995
(All performance measurements reflect the maximum sales load charged,
for each period shown.)
GROWTH & INCOME SERIES
Average Annual Total Returns
1 Year 23.44%
5 Years 3.06%
* Inception 2.43%
Value on 11/30/95
Growth & Income $12,062
S&P 500 $28,353
$10,000 Investment made 2/5/88 (Inception Date)
(GRAPH SHOWN HERE DEPICTING THE PERFORMANCE OF THE SERIES
VERSES THE S&P 500 INDEX)
Past performance is not predictive of future performance
The S&P 500 Index is a broad unmanaged index generally considered representative
of the US equity market.
The stock market advanced sharply in 1995 and the Fund participated in most of
the advance. The Fund portfolio reflected the sharp advance through its
diversified portfolio of stocks and continues to own the securities that it
determines have the most potential within the S&P 500.
<PAGE>
Monitrend Mutual Funds
Distributed by:
Pallas Financial Corporation
2000 Richard Jones Rd., Suite 123, Nashville, TN 37215
