MONITREND
MUTUAL FUND
GROWTH & INCOME
GOLD
GOVERNMENT INCOME
GROWTH
GAMING & LEISURE
TECHNOLOGY
PIA ADJUSTABLE RATE GOVERNMENT SECURITIES
SERIES
SEMI-ANNUAL REPORT - MAY 31, 1996
(Unaudited)
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Schedule of Investments - May 31, 1996
(Unaudited)
GROWTH & INCOME FUND
<C> <S> <C>
Shares Value
COMMON STOCKS 95.57%
Aerospace & Defense 2.18%
500 Ball Corporation $ 13,812
450 General Signal Corp. 17,212
31,024
Airlines 2.20%
200 AMR Corporation Delaware* 18,875
150 Delta Airlines Inc. 12,431
31,306
Automobiles & Trucks 7.38%
265 Chrysler Corp. 17,656
240 Echlin Inc. 8,250
500 Ford Motor Co. 18,250
310 General Motors Corp. 17,089
300 Goodyear Tire & Rubber Co. 15,150
260 Paccar Inc. 12,740
170 TRW Inc. 16,022
105,157
Banking 7.04%
423 BancOne Corp. 15,651
220 Bankamerica Corp. 16,555
200 Citicorp 16,800
605 MBNA Corp. 18,528
300 Mellon Bank Corp. 17,137
450 Norwest Corp. 15,694
100,365
Building Maintenance 0.79%
580 Ogden Corporation 11,237
GROWTH & INCOME FUND (continued)
Shares Value
Business Machines 4.56%
175 Hewlett-Packard Co. $ 18,681
155 International Business
Machines Corp. 16,546
250 Texas Instrument Inc. 14,062
100 Xerox Corp. 15,738
65,027
Capital Goods 3.62%
400 Crane Co. 16,850
445 Deere & Co. 18,523
300 Tandy Corporation. 16,200
51,573
Chemicals 3.18%
180 Dow Chemical Co. 15,052
215 Eastman Chemical Co. 14,405
500 Nalco Chemical Co. 15,875
45,332
Computer Equip. & Software 2.92%
250 Compaq Computer Corp*. 12,156
750 Novell Inc.* 10,641
300 Sun Microsystems Inc.* 18,769
41,566
Consumer Durables 1.10%
275 Whirlpool Corp. 15,641
Consumer Products 4.18%
300 American Brands Inc. 13,125
520 American Greetings Corp. "A" 14,072
1,000 Fleming Companies Inc. 15,625
550 Reebok Intl. Ltd. 16,706
59,528
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - May 31, 1996
(Unaudited)
GROWTH & INCOME FUND
Shares Value
Cosmetics & Soap 1.16%
1,000 Safety-Kleen Corp. $ 16,625
Drugs 2.26%
150 Bristol-Meyer/Squibb Co. 12,806
300 Merck & Co. Inc. 19,388
32,194
Electronics 2.48%
375 AMP Inc. 15,797
260 Intel Corp. 19,614
35,411
Energy/Raw Materials 2.87%
400 Coastal Corp. 16,400
330 Trinova Corp. 10,890
440 USX Corp. (USX-US Steel) 13,640
40,930
Engineering/Construction 1.07%
500 Browning Ferris Inds Inc. 15,250
Finance 7.70%
300 American Express Co. 13,725
300 Beneficial Corp. 17,475
350 Corestates Financial Corp. 13,781
205 Federal Home Loan Mortgage
Corp. 16,938
500 Federal National Mortgage Assn. 15,438
270 Golden West Financial Corp. 14,816
270 Merrill Lynch & Co. Inc. 17,483
109,656
GROWTH & INCOME FUND (continued)
Shares Value
Food & Beverages 2.88%
660 Archer-Daniel Midland Co $ 12,870
165 Philip Morris Cos Inc. 16,397
650 Wendy's Intl. Inc. 11,700
40,967
Forest Products 0.96%
300 Weyerhaeuser Co. 13,613
Healthcare 1.79%
235 Columbia/HCA Healthcare Corp. 12,661
600 Tenet Healthcare Corp.* 12,900
25,561
Home Building & Supplies 2.98%
600 Fleetwood Enterprises Inc. 18,075
300 Owens-Corning* 12,075
440 Pulte Homes Corp. 12,320
42,470
Insurance 6.68%
167 American Int'l Group 15,740
320 Chubb Corp. 14,920
110 General RE Corp. 16,060
400 Safeco Corp. 13,475
300 Torchmark Corp. 12,787
225 Travelers Inc. 9,338
800 USF & G Corp. 12,800
95,120
Medical Equipment 1.71%
800 Biomet Inc.* 11,150
350 Mallinckrodt Group Inc. 13,169
24,319
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - May 31, 1996
(Unaudited)
GROWTH & INCOME FUND (continued)
Shares Value
Non-Ferrous Metals 2.86%
200 Aluminum Co. of America $ 12,325
430 Asarco Inc. 13,491
380 Timken Co. 14,963
40,779
Oil & Gas 3.33%
200 Amoco Corp. 14,500
550 Sun Oil Co. 16,844
300 Tenneco Inc. 16,125
47,469
Packaging/Paper Products 1.09%
1,000 Stone Container Corp. 15,500
Printing 0.89%
680 Moore Corp. 12,665
Railroads 0.83%
140 Burlington Northern Sante Fe Corp. 11,865
Retail 4.56%
440 Circuit City Stores Inc. 14,355
400 Hasbro Inc. 15,100
500 Liz Claiborne Inc. 18,562
850 Price/Costco Inc. 16,947
64,964
GROWTH & INCOME FUND (continued)
Shares Value
Telecommunications 3.98%
300 Motorola Inc. $ 20,025
200 NYNEX Corp. 9,225
350 Sprint Corp. 14,831
385 US West Communications Inc. 12,561
56,642
Transportation 3.12%
360 CSX Corp. 17,820
175 Federal Express* 13,409
450 Ryder System Inc. 13,163
44,392
Utilities 1.22%
540 Panenergy Corp. 17,348
TOTAL COMMON STOCKS
(cost $1,093,409) 1,361,496
SHORT TERM INVESTMENTS 3.78%
53,938 Star Treasury Fund
(cost $53,938) 53,938
TOTAL INVESTMENTS
(cost $1,147,347) 99.35% 1,415,434
Other assets less liabilities 0.65% 9,242
TOTAL NET ASSETS 100.00% 1,424,675
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - May 31, 1996
(Unaudited)
GOLD FUND
Shares Value
COMMON STOCKS 95.59%
Gold & Precious Metal 93.66%
8,000 Amax Gold Inc.* $ 54,000
6,000 Barrick Gold Corp. 189,000
6,000 Battle Mountain Gold Co. 52,500
3,500 Coeur D'Alene Mines Corp. 77,438
12,500 Canyon Resources Corp.* 44,531
13,300 Dayton, Inc.* 96,027
20,000 El Callao Mining Corp.* 21,150
5,000 Fairmile Acquisitions Inc. 11,705
8,000 Homestake Mining Co. 165,000
4,000 Miramar Mining Corp.* 27,276
3,500 Newmont Mining Corp. 210,875
4,500 Placer Dome Inc. 133,313
5,000 Rio Narcea Gold Mines Inc.* 16,774
5,000 Santa Fe Pacific Gold Corp. 76,250
30,000 South American Gold & Copper Ltd.* 33,912
2,500 Stillwater Mining Co.* 72,500
8,000 USMX Inc. 23,750
99,500 Venoro Gold Corp., Class "A" * 41,362
1,347,363
Non-Ferrous Metal 1.93%
100,000 Banner Mining Corp.* 0
4,000 Colossal Resources Corp.* 27,713
27,713
TOTAL COMMON STOCKS
(cost $1,291,309) 1,375,076
SHORT TERM INVESTMENTS 4.09%
58,848 Star Treasury Fund
(cost $58,848) 58,848
GOLD FUND (continued)
Shares Value
TOTAL INVESTMENTS
(cost $1,350,157) 99.68% 1,433,924
Other assets less liabilities 0.32% 4,600
TOTAL NET ASSETS 100.00% 1,438,524
GOVERNMENT INCOME FUND
Principal
Value Value
LONG TERM INVESTMENTS 62.80%
Asset Backed 14.04%
75,000 Structured Asset Sec 6.87%
due 08/25/26 71,367
45,000 W.R. Berkley 9.875%,due 05/15/08 52,309
123,676
Government Agencies 16.65%
24,447 GNMA 9.50%, due 09/15/19 26,220
129,250 FNMA CMO 11.00%, due 04/25/07 120,433
146,653
U.S. Government Securities 32.11%
55,000 U.S. Treasury Bond 7.625%, due 02/15/25 58,455
230,000 U.S. Treasury Note 6.50%, due 05/15/05 224,321
282,776
TOTAL LONG TERM INVESTMENTS
(cost $565,810) 553,105
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - May 31, 1996
(Unaudited)
GOVERNMENT INCOME FUND (continued)
Prinicpal
Value Value
SHORT TERM INVESTMENTS 34.74%
250,000 U.S. Treasury Bill, due 08/08/96 $ 247,717
15,000 U.S. Treasury Bill, due 05/29/97 14,176
44,000 Star Treasury Fund 44,000
305,893
TOTAL SHORT TERM INVESTMENTS
(cost $305,803) 305,893
TOTAL INVESTMENTS
(cost $871,613) 97.54% 858,998
Other assets less liabilities 2.46% 21,685
TOTAL NET ASSETS 100.00% 880,683
GROWTH FUND
Shares Value
COMMON STOCKS 94.12%
Auto Parts 5.69%
800 Autozone Inc.* 28,100
Biotechnology 9.21%
600 Quintriles Trans Nat'l. Corp.* 45,450
Building Supplies 4.14%
400 Home Depot Inc. 20,450
Clothing & Apparel 5.98%
700 Urban Outfitters Inc.* 29,487
GROWTH FUND (continued)
Shares Value
Communication 13.79%
730 Ascend Communications Inc.* $ 48,773
470 Hummingbird Communication Ltd.* 19,241
68,014
Computer Hardware 16.57%
500 CDW Computer Centers Inc.* 40,937
400 Cabletron Systems Inc.* 29,100
300 Micro Warehouse Inc. 11,738
81,775
Computer Software 16.21%
800 Cisco Systems Inc.* 43,750
500 Informix Corp.* 11,406
750 Oracle Corp.* 24,797
79,953
Drugs and Hospital Supplies 2.94%
320 Watson Pharmaceutical Inc.* 14,480
Health Care 2.94%
640 Healthsource Inc.* 14,480
Miscellaneous 5.11%
840 P-Com Inc.* 25,200
Retail 11.54%
1,080 Bed Bath & Beyond Inc.* 30,443
800 Kohl's Corp.* 26,500
56,943
TOTAL COMMON STOCKS
(cost $192,723) 464,332
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - May 31, 1996
(Unaudited)
GROWTH FUND (continued)
Shares Value
PREFERRED STOCKS 0.20%
314 Comptronix Corp. Cv Pfd.
(cost $0) $ 981
SHORT TERM INVESTMENTS 4.98%
24,571 Star Treasury Fund
(cost $24,517) 24,571
TOTAL INVESTMENTS
(cost $217,294) 99.30% 489,884
Other assets less liabilities 0.70% 3,457
TOTAL NET ASSETS 100.00% 493,341
GAMING AND LEISURE FUND
Shares Value
COMMON STOCKS 39.33%
Casino/Hotel 19.58%
1,000 Casino America Inc.* $ 9,250
1,400 Harrah's Entertainment Inc.* 47,075
500 Harvey's Casino Resorts 10,750
500 Station Casinos Inc.* 7,844
74,919
Casinos 3.29%
700 Rio Hotel & Casino Inc.* 12,600
Software 7.45%
900 Electronic Arts* 28,519
GAMING AND LEISURE FUND (continued)
Shares Value
Supplies 2.19%
1,000 Paul-son Gaming Inc.* $ 8,375
Technology 2.62%
675 Casino Data Systems* 10,040
Video Games Manufacturers 4.20%
3,000 Alliance Gaming Corp.* 11,625
500 Mikohn Gaming Corp.* 4,469
16,094
TOTAL COMMON STOCKS
(cost $161,922) 150,547
Short Term INVESTMENTS 5.23%
20,000 Star Treasury Fund
(cost $20,000) 20,000
TOTAL INVESTMENTS
(cost $181,922) 44.56% 170,547
Other assets less liabilities 55.44% 212,196
TOTAL NET ASSETS 100.00% 382,743
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - May 31, 1996
(Unaudited)
TECHNOLOGY FUND
Shares Value
COMMON STOCKS 78.12%
Biotechnology 3.96%
1,000 Cor Therapeutics Inc.*. $ 10,063
800 Sugen, Inc.* 10,950
21,013
Communications 2.81%
600 Octel Communications Corp.*. 14,925
Computers 10.83%
1,000 Adaptive Solutions Inc.* 5,000
300 Adobe Systems Inc. 11,119
200 Intel Corp. 15,088
73 Radius Inc.* 249
700 Sequent Computer Systems Inc.* 9,231
500 Sonic Solutions* 4,250
200 Sun Microsystems Inc.* 12,512
57,449
Electronic Components 0.26%
1,000 Weitek Corp.* 1,375
Electronic Equipment 4.10%
2,000 Genus Corp.* 21,750
Medical Devices 10.24%
1,000 Abaxis Inc.* 6,625
300 Biocircuits Corp.* 2,025
4,000 InSite Vision Inc.* 27,250
900 Sequana Therapeutics Inc.* 18,394
54,294
Pharmaceuticals 24.15%
700 Anergen Inc.* 3,762
TECHNOLOGY FUND (continued)
Shares Value
700 Arris Pharmaceuticals Corp.* $ 9,844
100 Athena Neurosciences Inc.* 1,837
1,000 Amylin Pharmaceuticals Inc. 12,187
99 Chiron Corp.* 10,383
1,000 Cocensys Inc.* 8,437
800 Cortex Pharmaceuticals Inc. * 4,500
1,000 Corvas International Inc.* 5,875
1,500 Isis Pharmaceuticals* 27,000
1,500 Ligand Pharmaceutical Inc.* 24,937
1,000 Vical Inc.* 19,313
128,075
Semi-Conductors 20.85%
500 Cirrus Logic Inc.*. 10,656
1,000 Integrated Device Tech Inc.* 12,938
6,000 Mattson Technologies Inc.* 87,000
110,594
Software 0.92%
700 Ross Systems Inc.* 4,900
TOTAL COMMON STOCKS
(cost $285,543) 414,375
SHORT TERM INVESTMENTS 4.68%
24,823 Star Treasury Fund
(cost $24,823) 24,823
TOTAL INVESTMENTS
(cost $310,366) 82.80% 439,198
COMMON STOCKS SOLD SHORT (2.04%)
(200) Qualcomm Inc. (10,888)
Other assets less liabilities 19.24% 102,008
TOTAL NET ASSETS 100.00% 530,318
*Non income producing security
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Schedule of Investments - May 31, 1996
(Unaudited)
P.I.A. ADJUSTABLE RATE GOVERNMENT
SECURITIES FUND
Principal
Value Value
LONG TERM INVESTMENTS 94.43%
Adjustable Rate Securities 38.79%
34,942 Bear Stearns 1987-2b, due 02/20/15 $ 34,681
145,109 FHLMC 1151 F, due 10/15/96 143,658
481,624 FHLMC 609231, due 02/01/24 + 480,420
659,983 FHLMC 755204, due 08/01/15 669,057
7,171 FHLMC CMO 1003 C,
due 12/15/16 7,170
241,849 FHLMC CMO 1151 G, due 10/15/96 244,268
27,189 FHLMC CMO 1492fd, due 03/15/23 24,742
1,603,996
Collateralized Mortgage Obligations 3.99%
100,000 FNMA 92-143G, 6.75%, due 10/25/18 99,750
38,819 FNMA CMO 90-91 E, 7.30%,
due 01/25/16 38,831
26,424 FNMA CMO G-31 H 8.25%
due 10/25/96 26,424
165,005
Miscellaneous 7.72%
1,160 FDIC 1994-C1 A1, due 09/25/25 1,160
63,963 FNMA 91-121 F, due 09/25/98 62,523
64,811 FNMA 91-79, due 07/25/98 63,515
200,000 Prudential Home Ser 1993-59,
due 12/25/20 192,000
319,198
P.I.A. ADJUSTABLE RATE GOVERNMENT
SECURITIES FUND (continued)
Principal
Value Value
U.S. Treasury Notes 43.93%
1,550,000 U.S. Treasury Note 8.50%,
due 04/15/97 $ 1,585,844
225,000 U.S. Treasury Note 8.50%,
due 05/15/97 230,554
1,816,398
TOTAL LONG TERM INVESTMENTS
(cost $3,903,008) 3,904,597
SHORT TERM INVESTMENTS 4.23%
175,000 Star Treasury Fund
(cost $175,000) 175,000
TOTAL INVESTMENTS 98.66% 4,079,597
(cost $4,078,008)
Other assets less liabilities 1.34% 55,529
TOTAL NET ASSETS 100.00% 4,135,126
<FN>
+ Fair value as determined by Adviser and approved by Board of Directors
* Non income producing security
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Assets and Liabilities - May 31, 1996
(Unaudited)
<S> <C> <C> <C>
GROWTH & GOVERNMENT
INCOME GOLD INCOME
Assets
Investments in securities, at value (See Note 5) $ 1,415,434 $ 1,433,924 $ 858,998
Cash 0 4,000 7,573
Receivable for securities sold 0 0 0
Receivable for fund shares sold 0 0 831
Income receivable 2,676 924 3,704
Due from investment advisers 31,289 11,478 18,030
Prepaid expenses and other 0 0 0
Total Assets 1,449,399 1,450,326 889,136
Liabilities
Securities sold short, at value 0 0 0
Accrued expenses and other 24,478 11,802 7,541
Redemptions payable 246 0 0
Dividend payable 0 0 912
Total Liabilities 24,724 11,802 8,453
Net Assets
Capital stock, no par value; unlimited shares authorized;
shares outstanding* 1,396,033 3,485,362 1,199,685
Undistributed net investment income 1,373 0 401
Accumulated net realized gain (loss) on investments (240,818) (2,130,605) (306,788)
Net unrealized appreciation (depreciation) on
investments 268,087 83,767 (12,615)
Net Assets $ 1,424,675 $ 1,438,524 $ 880,683
Calculation of Maximum Offering Price
Net asset value and redemption price per share $ 23.72 $ 10.31 $ 13.17
Maximum sales charge (4.50% of offering price;
1.25% for PIA Adjustable Rate Series) 1.12 .49 .62
Offering price to public $ 24.84 $ 10.80 $ 13.79
*Shares outstanding 60,050 139,581 66,886
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Assets and Liabilities - May 31, 1996
(Unaudited)
<S> <C> <C> <C> <C>
PIA
GAMING & ADJUSTABLE RATE
GROWTH LEISURE TECHNOLOGY GOVERNMENT SECURITIES
Assets
Investments in securities, at value (See Note 5) $ 489,884 $ 170,547 $ 439,198 $ 4,079,597
Cash 0 205,143 80,338 22,107
Receivable for securities sold 0 0 6,822 0
Receivable for fund shares sold 0 0 0 0
Income receivable 89 100 90 36,923
Due from investment advisers 13,317 16,549 6,178 29,818
Prepaid expenses and other 0 5,083 13,026 5
Total Assets 503,290 397,422 545,652 4,168,450
Liabilities
Securities sold short, at value 0 0 10,888 0
Accrued expenses and other 9,949 13,697 4,446 33,024
Redemptions payable 0 982 0 300
Dividend payable 0 0 0 0
Total Liabilities 9,949 14,679 15,334 33,324
Net Assets
Capital stock, no par value; unlimited shares authorized;
shares outstanding* 222,341 463,570 378,108 4,117,394
Undistributed net investment income 0 0 0 0
Accumulated net realized gain (loss) on investments (1,590) (69,452) 27,442 16,143
Net unrealized appreciation (depreciation) on
investments 272,590 (11,375) 124,768 1,589
Net Assets $ 493,341 $ 382,743 $ 530,318 $ 4,135,126
Calculation of Maximum Offering Price
Net asset value and redemption price per share $ 19.58 $ 7.83 $ 21.87 $ 10.08
Maximum sales charge (4.50% of offering price;
1.25% for PIA Adjustable Rate Series) .92 .37 1.03 .13
Offering price to public $ 20.50 $ 8.20 $ 22.90 $ 10.21
*Shares outstanding 25,192 48,901 24,254 410,098
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Operations For the Six Months Ended May 31, 1996
(Unaudited)
<S> <C> <C> <C>
GROWTH & GOVERNMENT
INCOME GOLD INCOME
Investment Income
Interest $ 506 $ 949 $ 30,867
Dividends 15,767 2,170 0
Other income 0 65 0
Total investment income 16,273 3,184 30,867
Expenses
Distributor fees (Note 4) 4,362 4,507 283
Adviser & sub-adviser fees (Note 3) 4,378 5,345 1,844
Transfer agent fees 4,821 4,084 3,818
Administrative fees (Note 3) 8,710 7,069 7,776
Custodian fees 1,169 424 840
Audit fees 5,031 4,822 2,587
Legal fees 4,850 661 1,332
Registration fees 2,133 1,699 2,060
Trustees' fees 1,213 1,178 902
Insurance expense 870 762 391
Printing expense 3,157 2,318 1,291
Amortization of deferred organization expenses 0 0 0
Postage expense 1,096 299 660
Other expenses 1,491 1,361 1,179
Total expenses 43,281 34,529 24,963
Less: Expense reimbursement from adviser
and sub-adviser (28,761) (22,272) (20,071)
Net expenses 14,520 12,257 4,892
Net Investment Income (Loss) 1,753 (9,073) 25,975
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments 97,425 184,472 (12,734)
Net change in unrealized appreciation on investments 46,878 200,463 (34,392)
Net gain (loss) on investments 144,303 384,935 (47,126)
Net increase (decrease) in net assets resulting
from operations $ 146,056 $ 375,862 $ (21,151)
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
Statement of Operations For the Six Months Ended May 31, 1996
(Unaudited)
<S> <C> <C> <C> <C>
PIA
GAMING & ADJUSTABLE RATE
GROWTH LEISURE TECHNOLOGY GOVERNMENT
SECURITIES
Investment Income
Interest $ 129 $ 460 $ 391 $ 124,034
Dividends 67 80 31 0
Other income 0 0 78 0
Total investment income 196 540 500 124,034
Expenses
Distributor fees (Note 4) 1,347 1,110 1,535 752
Adviser & sub-adviser fees (Note 3) 2,310 2,449 2,061 7,330
Transfer agent fees 4,005 4,202 3,778 3,620
Administrative fees (Note 3) 7,328 7,616 6,713 6,683
Custodian fees 446 783 243 2,601
Audit fees 4,673 3,570 2,563 3,267
Legal fees 824 718 929 5,255
Registration fees 2,425 1,552 1,407 2,766
Trustees' fees 469 609 191 1,725
Insurance expense 291 361 98 289
Printing expense 646 2,517 521 3,201
Amortization of deferred organization expenses 0 1,019 1,019 0
Postage expense 395 457 164 783
Other expenses 995 504 561 1,781
Total expenses 26,154 27,467 21,783 40,053
Less: Expense reimbursement from adviser
and sub-adviser (21,458) (22,634) (17,260) (30,924)
Net expenses 4,696 4,833 4,523 9,129
Net Investment Income (Loss) (4,500) (4,293) (4,023) 114,905
Realized and Unrealized Gain (Loss) on Investments
Net realized gain (loss) on investments 60,422 44,135 20,045 19,485
Net change in unrealized appreciation on investments 48,839 18,393 102,278 (6,077)
Net gain (loss) on investments 109,261 62,528 122,323 13,408
Net increase (decrease) in net assets resulting
from operations $ 104,761 $ 58,235 $ 118,300 $ 128,313
</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
period ended year ended period ended year ended period ended year ended
May 31, Nov. 30, May 31, Nov. 30, May 31, Nov. 30,
1996 1995 1996 1995 1996 1995
(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited)
Operations
Net investment income (loss) $ 1,753 $ 1,430 $ (9,073) $ (7,698) $ 25,975 $ 56,283
Net realized gain (loss) on
investments 97,425 394,222 184,472 (87,795) (12,734) (12,593)
Net change in unrealized appreciation
on investments 46,878 (24,831) 200,463 115,564 (34,392) 90,339
Net increase (decrease) in net assets
resulting from operations 146,056 370,821 375,862 20,071 (21,151) 134,029
Net equalization (debits) credits 0 0 0 0 (175) (369)
Dividends Paid to Shareholders
Dividends from net investment income (1,286) (8,456) 0 0 (26,021) (55,964)
Dividends from capital gain 0 0 0 0 0 0
Dividends from net investment income (1,286) (8,456) 0 0 (26,021) (55,964)
Fund Share Transactions
Net proceeds from shares sold 2,912 4,071 1,879,259 20,240 2,800 154,436
Dividends reinvested 1,196 7,890 0 0 20,954 50,369
Payment for shares redeemed (101,415) (570,935) (1,237,654) (893,434) (42,439) (217,388)
Net increase (decrease) in net assets
from fund share transactions (97,307) (558,974) 641,605 (873,194) (18,685) (12,583)
Net increase (decrease) in net assets 47,463 (196,609) 1,017,467 (853,123) (66,032) 65,113
NET ASSETS, Beginning of Period 1,377,212 1,537,821 421,057 1,274,180 946,715 881,602
NET ASSETS, End of Period $ 1,424,675 $ 1,377,212 $ 1,438,524 $ 421,057 $ 880,683 $ 946,715
Changes in Shares Outstanding
Shares sold 128 228 197,894 3,947 205 11,849
Shares issued on reinvestment
of dividends 55 472 0 0 1,537 3,790
Shares redeemed (4,438) (30,797) (129,580) (149,906) (3,082) (16,488)
Net increase (decrease) in
shares outstanding (4,255) (30,097) 68,314 (145,959) (1,340) (849)
</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> <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
period ended year ended period ended year ended period ended year ended period ended period ended
May 31, Nov. 30, May 31, Nov. 30, May 31, Nov. 30, May 31, Nov. 30,
1996 1995 1996 1995 1996 1995 1996 1995
(Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited) (Unaudited) (Audited)
$ (4,500) $ (11,564) $ (4,293) $ (14,108) $ (4,023) $ (5,180) $ 114,905 $ 128,588
60,422 6,015 44,135 (61,506) 20,045 32,371 19,485 26,187
48,839 169,154 18,393 169,021 102,278 32,568 (6,077) 9,128
104,761 163,605 58,235 93,407 118,300 59,759 128,313 163,903
0 0 0 0 0 0 0 0
0 0 0 0 0 (6,614) (114,905) (128,588)
0 0 0 0 (28,439) 0 (29,523) (860)
0 0 0 0 (28,439) (6,614) (144,428) (129,448)
8,090 20,782 1,170 25,438 199,045 57,649 894,000 3,149,716
0 0 0 0 28,187 6,320 129,419 98,158
(145,936) (268,364) (76,868) (542,841) (67,608) (119,766) (277,129) (1,919,246)
(137,846) (247,582) (75,698) (517,403) 159,624 (55,797) 746,290 1,328,628
(33,085) (83,977) (17,463) (423,996) 249,485 (2,652) 730,175 1,363,083
526,426 610,403 400,206 824,202 280,833 283,485 3,404,951 2,041,868
$ 493,341 $ 526,426 $ 382,743 $ 400,206 $ 530,318 $ 280,833 $ 4,135,126 $ 3,404,951
469 1,749 168 3,912 10,511 3,426 88,336 313,157
0 0 0 0 1,551 452 12,803 9,771
(9,556) (22,376) (10,602) (79,221) (3,574) (7,868) (27,436) (191,073)
(9,087) (20,627) (10,434) (75,309) 8,488 (3,990) 73,703 131,855
</TABLE>
See notes to financial statements
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - May 31, 1996
(Unaudited)
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.
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - May 31, 1996 (continued)
(Unaudited)
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.
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 May 31, 1996, 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 $200 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 - May 31, 1996 (continued)
(Unaudited)
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 December 31, 1994.
The Technology Series has an investment advisory agreement with MIMI. Technology
pays MIMI a fee computed daily and payable monthly at the annual 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
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - May 31, 1996 (continued)
(Unaudited)
six months ended May 31, 1996 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, 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 ($24,383), Gold Series ($16,927), Growth Series
($19,148), Technology Series ($15,199), Government Series ($18,227), Gaming
Series ($20,185) and Adjustable Rate Series ($23,594) in addition to foregoing
their advisory fees.
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.
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 On April 25, 1996, Syndicated Capital,
Inc. became Distributor of each Series's shares when an agreement in principle
was entered into with an investment group led by Joseph Lloyd McAdams, Jr.,
Heather U. Baines, Pacific Income Advisers, Inc. and Capital Advisors, Inc. The
Chairman, Chief Executive Officer and President of the Distributor is also the
Chairman of the Adviser, as well as a trustee of the Series. The Distributor has
advised each Series that during the six months ended May 31, 1996, it retained
no portion of the sales charges on sales of shares 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 six months ended May 31, 1996 the following amounts were
paid or accrued for such expenses: Growth & Income ($4,362), Gold ($4,507),
Growth ($1,347), Gaming ($1,110), Technology ($1,535), Government ($283)
and Adjustable Rate ($752).
Note 5. Purchases and Sales of Securities
The cost of purchases and sales of investment securities (other than short-term
investments) for the six months ended May 31, 1996, were as follows:
<TABLE>
<S> <C> <C>
Purchases Sales
Growth & Income Series........... $ 417,201 $ 518,894
Gold Series...................... 912,508 309,543
Government Series................ 329,053 609,954
Growth Series.................... 0 152,674
Gaming Series.................... 0 218,614
Technology Series................ 173,008 52,793
Adjustable Rate Series........... 4,045,638 3,428,317
</TABLE>
The cost of securities for Federal income tax purposes was the same as for
accounting purposes.
<PAGE>
MONITREND MUTUAL FUND
Notes to Financial Statements - May 31, 1996 (continued)
(Unaudited)
Unrealized appreciation and depreciation on investments at May 31, 1996, based
on cost, are as follows:
<TABLE>
<S> <C> <C> <C>
Unrealized Unrealized
Appreciation Depreciation Net
Growth & Income Series............ $ 277,394 $ (9,307) $ 268,087
Gold Series....................... 184,573 (100,806) 83,767
Government Series................. 18,770 (31,385) (12,615)
Growth Series..................... 275,724 (3,134) 272,590
Gaming Series..................... 14,556 (25,931) (11,375)
Technology Series................. 147,586 (22,818) 124,768
Adjustable Rate Series............ 31,110 (29,521) 1,589
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GROWTH & INCOME SERIES
Financial Highlights
(For a share outstanding throughout each period)
<S> <C> <C> <C> <C> <C> <C>
For the six months For the Year Ended November 30,
ended May 31,
1996 1995 1994 1993 1992 1991
(Unaudited)
Net asset value, beginning
of period................................. $ 21.42 $ 16.67 $ 17.20 $ 18.53 $ 19.20 $ 18.46
Income from investment operations
Net investment income..................... 0.03 0.02 0.09 0.07 0.16 0.14
Net realized and unrealized gain (loss)
on investments............................ 2.29 4.82 (0.58) (1.22) (0.67) 0.82
Total from investment operations.......... 2.32 4.84 (0.49) (1.15) (0.51) 0.96
Less distributions
Dividends from net investment income...... (0.02) (0.09) (0.04) (0.18) (0.16) (0.22)
Total distributions....................... (0.02) (0.09) (0.04) (0.18) (0.16) (0.22)
Net asset value, end of period............ $ 23.72 $ 21.42 $ 16.67 $ 17.20 $ 18.53 $ 19.20
Total return**............................ 10.84% 29.19% (2.86%) (6.26%) (2.68%) 5.26%
Ratios/supplemental data
Net assets, end of period
(in 000's)................................ 1,425% 1,377% 1,573% 2,538% 6,149% 12,667%
Ratio of expenses to average
net assets#............................... 2.07%@ 2.25% 2.44% 2.44% 2.44% 2.50%
Ratio of net investment income
(loss) to average net assets.............. 0.25%@ 0.10% 0.46% 0.21% 0.57% 0.90%
Portfolio turnover rate................... 31.05% 151.86% 0.00% 1.59% 4.52% 13.30%
Average commission rate paid.............. .1415
<FN>
@ Annualized
** 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
6.18%, 6.08%, 5.46%, 4.39%, 3.46% and 3.85%, respectively.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GOLD SERIES
Financial Highlights
(For a share outstanding throughout each period)
<S> <C> <C> <C> <C> <C> <C>
For the six months For the Year Ended November 30,
ended May 31, 1996* 1995* 1994 1993 1992 1991
(Unaudited)
Net asset value, beginning
of period................................ $ 5.91 $ 5.87 $ 11.94 $ 9.84 $ 14.49 $ 15.65
Income from investment operations
Net investment income.................... (0.08) (0.09) (0.15) (0.09) 0.01 0.00
Net realized and unrealized gain (loss)
on investments........................... 4.48 0.13 (5.92) 2.20 (4.66) (0.76)
Total from investment operations......... 4.40 0.04 (6.07) 2.11 (4.65) (0.76)
Less distributions
Dividends from net investment
income................................... 0.00 0.00 0.00 (0.01) 0.00 (0.40)
Total distributions...................... 0.00 0.00 0.00 (0.01) 0.00 (0.40)
Net asset value, end of period........... $ 10.31 $ 5.91 $ 5.87 $ 11.94 $ 9.84 $ 14.49
Total return**........................... 74.45% 0.68% (50.84%) 21.47% (32.09%) (5.00%)
Ratios/supplemental data
Net assets, end of period
(in 000's)............................... 1,439%@ 421% 1,274% 3,147% 2,493% 1,938%
Ratio of expenses to average
net assets#.............................. 2.28%@ 2.44% 2.45% 2.43% 2.45% 2.50%
Ratio of net investment income
(loss) to average net assets............. (1.69)%@ (1.57)% (1.26%) (0.84%) 0.06% (0.03%)
Portfolio turnover rate.................. 40.00%@ 15.57% 229% 969% 626% 131%
Average commission rate paid............. .0587
<FN>
@ Annualized
* 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 6.43%, 12.52%, 5.58%, 4.55%, 4.71% and 4.48%, respectively.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GOVERNMENT INCOME SERIES
Financial Highlights
(For a share outstanding throughout each period)
<S> <C> <C> <C> <C> <C> <C>
For the six months For the Year Ended November 30,
ended May 31, 1996* 1995* 1994 1993 1992 1991
(Unaudited)
Net asset value, beginning
of period.............................. $ 13.88 $ 12.76 $ 14.16 $ 13.13 $ 13.90 $ 13.53
Income from investment operations
Net investment income.................... 0.39 0.81 0.87 0.72 0.56 0.77
Net realized and unrealized gain (loss)
on investments......................... (0.71) 1.12 (1.39) 1.08 (0.68) 0.32
Total from investment operations......... (0.32) 1.93 (0.52) 1.80 (0.12) 1.09
Less distributions
Dividends from net investment income..... (0.39) (0.81) (0.88) (0.77) (0.65) (0.72)
Total distributions...................... (0.39) (0.81) (0.88) (0.77) (0.65) (0.72)
Net asset value, end of period........... $ 13.17 $ 13.88 $ 12.76 $ 14.16 $ 13.13 $ 13.90
Total return**........................... (2.37%) 15.56% (3.75%) 13.96% (0.93%) 8.28%
Ratios/supplemental data
Net assets, end of period
(in 000's)............................. 881% 947% 882% 1,280% 1,893% 3,049%
Ratio of expenses to average
net assets#............................ 1.06%@ 1.10% 1.10% 1.10% 2.17% 2.50%
Ratio of net investment income
(loss) to average net assets........... 5.64%@ 6.04% 6.47% 5.14% 4.32% 5.60%
Portfolio turnover rate.................. 40.33% 91.03% 66.36% 118% 159% 0%
Average commission rate paid............. .00
<FN>
@ Annualized
** 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 5.42%,
5.73%, 5.52%, 3.66%, 3.86% and 3.53%, respectively.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GROWTH SERIES
Financial Highlights
(For a share outstanding throughout each period)
<S> <C> <C> <C> <C> <C>
For the six months For the Year Ended November 30,
ended May 31, 1996* 1995* 1994 1993 1992
(Unaudited)
Net asset value, beginning of period.... $ 15.36 $ 11.12 $ 13.35 $ 13.59 $ 12.00
Income from investment operations
Net investment (loss)................... (0.16) (0.24) (0.52) (0.20) (0.04)
Net realized and unrealized gain (loss)
on investments........................ 4.38 4.48 (1.71) (0.04) 1.63
Total from investment operations........ 4.22 4.24 (2.23) (0.24) 1.59
Less distributions
Dividends from net investment income.... 0.00 0.00 0.00 0.00 0.00
Total distributions..................... 0.00 0.00 0.00 0.00 0.00
Net asset value, end of period.......... $ 19.58 $ 15.36 $ 11.12 $ 13.35 $ 13.59
Total return**.......................... 27.47% 38.13% (16.70%) (1.77%) 13.25%
Ratios/supplemental data
Net assets, end of period (in 000's).... 493@ 526@ 610@ 1,261@ 557@
Ratio of expenses to
average net assets#................... 2.03%@ 2.44% 2.44% 2.44% 2.44%@
Ratio of net investment income (loss)
to average net assets ................ (1.95%)@ (2.21%) (2.22%) (2.02%) (1.31%)@
Portfolio turnover rate................. 0% 23.75% 26.57% 26% 3%
Average commission rate paid............ .2115
<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
11.33%, 11.44%, 8.52%, 6.44% and 12.12%, respectively.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, GAMING AND LEISURE SERIES
Financial Highlights
(For a share outstanding throughout each period)
<S> <C> <C> <C> <C>
For the six months For the Year Ended November 30,
ended May 31, 1996* 1995* 1994 1993
(Unaudited)
Net asset value, beginning of period..... $ 6.74 $ 6.12 $ 7.99 $ 8.00
Income from investment operations
Net investment (loss).................... (0.08) (0.15) (0.08) (0.01)
Net realized and unrealized gain
on investments........................... 1.17 0.77 (1.79) 0.00
Total from investment operations......... 1.09 0.62 (1.87) (0.01)
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........... $ 7.83 $ 6.74 $ 6.12 $ 7.99
Total return**........................... 16.17% 10.13% (23.40%) (0.13%)
Ratios/supplemental data
Net assets, end of period (in 000's)..... 383@ 400@ 824@ 634@
Ratio of expenses to average net assets.. 2.47%@ 2.89% 2.89% 2.70%@
Ratio of net investment income (loss)
to average net assets#................ (2.19%)@ (2.18%) (1.18%) (2.03%)@
Portfolio turnover rate.................. 0% 36.89% 26.58% 0%
Average commission rate paid............. .0985
<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
14.02%, 9.96%, 6.40% and 5.19%, respectively.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND, TECHNOLOGY SERIES
Financial Highlights
(For a share outstanding throughout each period)
<S> <C> <C> <C> <C>
For the six months For the Year Ended November 30,
ended May 31, 1996* 1995* 1994 1993
(Unaudited)
Net asset value, beginning of period.... $ 17.81 $ 14.35 $ 14.82 $ 15.00
Income from investment operations
Net investment (loss)................... (0.19) (0.32) (0.18) (0.01)
Net realized and unrealized (loss)
on investments.......................... 6.01 4.19 (0.29) (0.17)
Total from investment operations........ 5.82 3.87 (0.47) (0.18)
Less distributions
Dividends from net investment income.... 0.00 0.00 0.00 0.00
Dividends from Capital Gains............ (1.76) (0.41) 0.00 0.00
Total distributions..................... (1.76) (0.41) 0.00 0.00
Net asset value, end of period.......... 21.87 $ 17.81 $ 14.35 $ 14.82
Total return**.......................... 34.70% 26.95% (3.17%) (1.20%)
Ratios/supplemental data
Net assets, end of period (in 000's).... 530@ 281@ 283@ 38@
Ratio of expenses to
average net assets#................... 2.19%@ 2.44% 2.44% 1.70%@
Ratio of net investment income
(loss) to average net assets.......... (1.95%)@ (1.97%) (1.79%) (1.63%)@
Portfolio turnover rate................. 16.77% 40.77% 29.26% 0%
Average commission rate paid............ .0844
<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 10.53%,
18.74%, 11.19% and 30.48%, respectively.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONITREND MUTUAL FUND
PIA ADJUSTABLE RATE GOVERNMENT SERIES
Financial Highlights
(For a share outstanding throughout each period)
<S> <C> <C> <C>
For the six months For the Year Ended November 30,
ended May 31, 1996* 1995* 1994
(Unaudited)
Net asset value, beginning of period.... $ 10.12 $ 9.98 $ 10.00
Income from investment operations
Net investment (loss)................... 0.28 0.57 0.27
Net realized and unrealized gain
on investments.......................... 0.03 0.14 (0.02)
Total from investment operations........ 0.31 0.71 0.25
Less distributions
Dividends from net investment income.... (0.28) (0.57) (0.27)
Dividends from capital gains............ (0.07) 0 0
Total distributions..................... (0.35) 0 0
Net asset value, end of period.......... $ 10.08 $ 10.12 $ 9.98
Total return**.......................... 3.10% 7.50% 2.50%
Ratios/supplemental data
Net assets, end of period (in 000's).... 4,135@ 3,405@ 2,041@
Ratio of expenses to average net assets# 0.44%@ 0.46% 0.44%@
Ratio of net investment income
(loss) to average net assets.......... 5.48%@ 5.71% 4.68%@
Portfolio turnover rate................. 130.45% 163.55% 209.94%
Average commission rate paid............ .00
<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
1.91%, 2.01% and 3.46%, respectively.
</FN>
</TABLE>
<PAGE>
Monitrend Mutual Funds
Distributed by:
Syndicated Capital, Inc.
1299 Ocean Avenue, Suite 210, Santa Monica, CA 90401
