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SIGNATURE JAMES E. CINO
TITLE ADMINISTRATOR
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<NAME> GROWTH
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<TABLE> <S> <C>
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<SERIES>
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<NAME> PIA ADJ RATE GOVT
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20352952
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<SHARES-COMMON-PRIOR> 336395
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 95463
<NET-ASSETS> 20464172
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<INTEREST-INCOME> 324249
<OTHER-INCOME> 0
<EXPENSES-NET> 23975
<NET-INVESTMENT-INCOME> 300274
<REALIZED-GAINS-CURRENT> 19098
<APPREC-INCREASE-CURRENT> 87797
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 29522
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<NUMBER-OF-SHARES-SOLD> 1751176
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</TABLE>
<TABLE> <S> <C>
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<SERIES>
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<NAME> TECHNOLOGY
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<INVESTMENTS-AT-COST> 692447
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<PAYABLE-FOR-SECURITIES> 8375
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6713
<TOTAL-LIABILITIES> 15088
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 747771
<SHARES-COMMON-STOCK> 43226
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<OVERDISTRIBUTION-GAINS> 0
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<DIVIDEND-INCOME> 106
<INTEREST-INCOME> 1054
<OTHER-INCOME> 432
<EXPENSES-NET> 13520
<NET-INVESTMENT-INCOME> (11928)
<REALIZED-GAINS-CURRENT> 20751
<APPREC-INCREASE-CURRENT> 87955
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 30965
<NUMBER-OF-SHARES-REDEEMED> 5056
<SHARES-REINVESTED> 1551
<NET-CHANGE-IN-ASSETS> 605531
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 35836
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<PER-SHARE-NII> (.40)
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</TABLE>
Board of Trustees
Monitrend Mutual Fund
In planning and performing our audit of the financial statements
of Monitrend Mutual Fund which consists of seven series, the
Growth Fund, the Growth & Income Fund, the Technology Fund, the
Gaming and Leisure Fund, the Gold Fund, the Government Income
Fund, and the PIA Adjustable Rate Government Securities Fund,
for the year ended November 30, 1996, we considered its internal
control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for
the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of Monitrend Mutual Fund is responsible for
establishing and maintaining an internal control structure. In
fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits, and
related costs of internal control structure policies and
procedures. Two of the objectives of an internal control
structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of
November 30, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
McGladrey & Pullen, LLP
Certified Public Accountants
New York, New York
December 26, 1996
