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Previous: DEFINED ASSET FUNDS MUNICIPAL INVT TR FD MON PYMT SER 484, 497, 1996-08-30 |
Next: DEFINED ASSET FUNDS MUNICIPAL INVT TR FD INSURED SERIES 179, 497, 1996-08-30 |
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
EQUITY GROWTH FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
Number
of Shares Value
-------------- -----------
Technology-19.1%
18,800 Analog Devices, Inc. * $ 479,400
20,600 cisco Systems, Inc. * 1,166,475
7,200 Computer Association International, Inc. 513,000
18,500 DSC Communications Corporation * 557,313
9,500 Hewlett Packard Company 946,437
12,700 Intel Corporation 932,656
17,100 Microsoft Corporation * 2,054,137
8,600 Motorola, Inc. 540,725
18,000 Newbridge Networks Corporation * 1,179,000
51,300 Novell, Inc. * 711,788
8,500 Novellus Systems, Inc. * 306,000
-----------
Total Technology 9,386,931
-----------
Utilities-6.5%
28,000 AT&T Corporation 1,736,000
23,500 NEXTEL Communications A * 447,969
18,800 WorldCom, Inc. * 1,041,050
-----------
Total Utilities 3,225,019
-----------
Total Common Stocks (Cost $37,698,115) 47,595,200
-----------
3
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
EQUITY GROWTH FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
---------- -----------
<C> <S> <C>
SHORT-TERM INVESTMENTS-3.4%
Repurchase Agreement-3.2%
$1,575,000 Lehman Government Securities, dated 06/28/96, 5.30%, due $ 1,575,000
07/01/96 in the amount of $1,575,000 (collateralized by $1,494,196
U.S. Treasury Note, 7.75%, due 01/31/00, with a market value of
$1,652,257 at 06/30/96), repurchase proceeds $1,575,696.
Number
of Shares Short-Term Investment Funds-0.2%
----------
2,000 Fidelity Institutional Cash Portfolio-U.S. Government Portfolio 2,000
101,775 Goldman Sachs-Institutional Liquid Assets-Government Portfolio 101,775
-----------
Total Short-Term Investment Funds 103,775
-----------
Total Short-Term Investments (Cost $1,678,775) 1,678,775
-----------
Total Investments (Cost $39,376,890)-100.1% 49,273,975
-----------
Liabilities in excess of other assets-(0.1%) (30,168)
-----------
NET ASSETS - 100% $49,243,807
===========
</TABLE>
- - ----------------
* Non-income producing security.
The accompanying notes are an integral part of this statement.
4
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
EQUITY GROWTH FUND EQUITY GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
ASSETS NET INVESTMENT INCOME
<S> <C> <C> <C>
Investments, at value (cost $39,376,890) $49,273,975 Income
Cash 322 Dividends $ 261,461
Investment income receivable 52,026 Interest 31,733
----------- ----------
Total assets 49,326,323 Total income 293,194
----------- ----------
Expenses
LIABILITIES Management fee (Note 2) 241,468
Accounting fees 4,713
Management fee payable 82,516 Audit fees 5,531
----------- Directors' fees 1,208
Total liabilities 82,516 Insurance 1,703
----------- Legal fees 2,166
Registration fees 827
NET ASSETS $49,243,807 Shareholder reports 713
=========== Miscellaneous 1,000
Net assets were comprised of: ----------
Total expenses 259,329
Units of beneficial interest $29,495,310 Expense subsidy (Note 3) (17,861)
Accumulated net investment income 1,654,469 ----------
Accumulated net realized gain 8,196,942 Net expenses 241,468
Net unrealized appreciation 9,897,086
----------- Net investment income 51,726
Net assets at June 30, 1996 $49,243,807 ---------
===========
Unit value, offering price and redemp- NET REALIZED AND UNREALIZED
tion price per unit ($49,243,807 / GAIN ON INVESTMENTS
1,926,776 units of beneficial
interest issued and outstanding; Net realized gain on investments 2,378,672
unlimited number of units authorized) $25.56 Unrealized appreciation in value
========== of investments during the year 2,246,533
----------
Net gain on investments 4,625,205
----------
Net Increase in Net Assets
Resulting from Operations $4,676,931
==========
</TABLE>
The accompanying notes are an integral part of this statement.
5
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
EQUITY INCOME FUND EQUITY INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
June 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
ASSETS NET INVESTMENT INCOME
<S> <C> <C> <C>
Investments, at value (cost $43,239,330) $58,467,176 Income
Cash 617 Dividends $663,830
Investment income receivable 67,207 Interest 100,451
----------- ---------
Total assets 58,535,000 Total income 764,281
----------- ---------
Expenses
LIABILITIES
Management fee (Note 2) 288,715
Accounting fees 4,713
Management fee payable 98,454 Audit fees 5,531
---------- Directors' fees 1,208
Total liabilities 98,454 Insurance 1,760
---------- Legal fees 2,166
Registration fees (1,278)
NET ASSETS $58,436,546 Shareholder reports 713
=========== Miscellaneous 1,000
---------
Net assets were comprised of:
Total expenses 304,528
Units of beneficial interest $35,190,295 Expense Subsidy (Note 3) (15,813)
Accumulated net investment income 4,197,082 ---------
Accumulated net realized gain 3,821,323 Net expenses 288,715
Net unrealized appreciation 15,227,846
----------- Net investment income 475,566
Net assets at June 30, 1996 $58,436,546 ---------
===========
Unit value, offering price and redemp- NET REALIZED AND UNREALIZED
tion price per unit ($58,436,546 / GAIN ON INVESTMENTS
2,269,427 units of beneficial
interest issued and outstanding; Net realized gain on investments 1,291,371
unlimited number of units authorized) $25.75 Unrealized appreciation in value
=========== of investments during the year 2,448,812
---------
Net gain on investments 3,740,183
----------
Net Increase in Net Assets
Resulting from Operations $4,215,749
==========
</TABLE>
The accompanying notes are an integral part of this statement.
12
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
BALANCED FUND BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
<S> <C> <S> <C>
ASSETS NET INVESTMENT INCOME
Investments, at value (cost $18,967,056) $21,004,627 Income
Cash 431 Dividends $ 72,452
Investment income receivable 163,872 Interest 311,693
----------- ----------
Total assets 21,168,930 Total income 384,145
----------- ----------
Expenses
LIABILITIES Management fee (Note 2) 104,477
Accounting fees 4,713
Management fee payable 34,679 Audit fees 5,531
----------- Directors' fees 1,208
Total liabilities 34,679 Insurance 1,450
----------- Legal fees 2,166
Registration fees 59
NET ASSETS $21,134,251 Shareholder reports 713
=========== Miscellaneous 1,000
Net assets were comprised of: ----------
Total expenses 121,317
Units of beneficial interest $ 4,660,433 Expense subsidy (Note 3) (16,840)
Accumulated net investment income 6,485,816 ----------
Accumulated net realized gain 7,950,431 Net expenses 104,477
Net unrealized appreciation 2,037,571
----------- Net investment income 279,668
Net assets at June 30, 1996 $21,134,251 ----------
===========
Unit value, offering price and redemp- NET REALIZED AND UNREALIZED
tion price per unit ($21,134,251 / GAIN/(LOSS) ON INVESTMENTS
957,259 units of beneficial
interest issued and outstanding; Net realized gain on investments 1,088,494
unlimited number of units authorized) $22.08 Unrealized depreciation in value
====== of investments during the year (569,174)
----------
Net gain on investments 519,320
----------
Net Increase in Net Assets
Resulting from Operations $ 798,988
==========
</TABLE>
The accompanying notes are an integral part of this statement.
20
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
BALANCED FUND
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, December 31,
1996 1995
---------------- -------------
<S> <C> <C>
Increase/(Decrease) in Net Assets
FROM OPERATIONS
Net investment income $ 279,668 $ 641,949
Net realized gain on investments 1,088,494 1,560,947
Unrealized appreciation/(depreciation) in value
of investments during the year (569,174) 2,414,091
----------- -----------
Net increase in net assets
resulting from operations 798,988 4,616,987
----------- -----------
FROM UNIT TRANSACTIONS
Net proceeds from units issued 1,779,505 3,492,374
Cost of units redeemed (2,915,689) (9,439,693)
----------- -----------
Net decrease in net assets resulting
from unit transactions (1,136,184) (5,947,319)
----------- -----------
Total decrease in net assets (337,196) (1,330,332)
Net assets, beginning of year 21,471,447 22,801,779
----------- -----------
Net assets, end of year $21,134,251 $21,471,447
=========== ===========
Net Change in Units Outstanding
Units issued 81,710 179,016
Units redeemed (135,013) (496,947)
----------- -----------
(53,303) (317,931)
=========== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
21
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
INCOME FUND INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30,1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C> <C>
ASSETS NET INVESTMENT INCOME
Investments, at value (cost $53,061,506) $52,776,803 Income
Cash 43 Interest $1,694,676
Investment income receivable 686,952 ----------
----------- Total income 1,694,676
Total assets 53,463,798 ----------
----------- Expenses
LIABILITIES Management fee (Note 2) 269,534
Accounting fees 4,713
Management fee payable 65,972 Audit fees 5,531
----------- Directors' fees 1,208
Total liabilities 65,972 Insurance 1,831
----------- Legal fees 2,166
Registration fees (766)
NET ASSETS $53,397,826 Shareholder reports 713
=========== Miscellaneous 1,000
Net assets were comprised of: ----------
Total expenses 285,930
Units of beneficial interest $32,471,361 Expense subsidy (Note 3) (16,396)
Accumulated net investment income 19,348,812 Voluntary fee waiver (Note 3) (67,397)
Accumulated net realized gain 1,862,356 -----------
Net unrealized depreciation (284,703) Net expenses 202,137
-----------
Net assets at June 30, 1996 $53,397,826 Net investment income 1,492,539
=========== -----------
Unit value, offering price and redemp-
tion price per unit ($53,397,826/ NET REALIZED AND UNREALIZED
2,993,556 units of beneficial GAIN/(LOSS) ON INVESTMENTS
interest issued and outstanding;
unlimited number of units authorized) $ 17.84 Net realized gain on investments 161,239
=========== Unrealized depreciation in value
of investments during the year (2,815,524)
-----------
Net loss on investments (2,654,285)
-----------
Net Decrease in Net Assets
Resulting from Operations $(1,161,746)
===========
The accompanying notes are an integral part of this statement.
</TABLE>
26
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
INCOME FUND
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
Six months ended Year ended
June 30, December 31,
1996 1995
---------------- ------------
Increase/(Decrease) in Net Assets
FROM OPERATIONS
<S> <C> <C>
Net investment income $ 1,492,539 $ 3,153,511
Net realized gain on investments 161,239 1,136,606
Unrealized appreciation/(depreciation) in value
of investments during the year (2,815,524) 4,897,758
----------- -----------
Net increase/(decrease) in net assets
resulting from operations (1,161,746) 9,187,875
----------- -----------
FROM UNIT TRANSACTIONS
Net proceeds from units issued 4,278,998 10,958,151
Cost of units redeemed (7,171,053) (14,929,216)
----------- -----------
Net decrease in net assets resulting
from unit transactions (2,892,055) (3,971,065)
----------- -----------
Total increase/(decrease) in net assets (4,053,801) 5,216,810
Net assets, beginning of year 57,451,627 52,234,817
----------- -----------
Net assets, end of year $53,397,826 $57,451,627
=========== ===========
Net Change in Units Outstanding
Units issued 239,834 179,016
Units redeemed (400,635) (496,947)
----------- -----------
(160,801) (317,931)
=========== ===========
The accompanying notes are an integral part of this statement.
</TABLE>
27
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
CORE EQUITY FUND CORE EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C> <C>
ASSETS NET INVESTMENT INCOME
Investments, at value (cost $21,208,737) $26,348,210 Income
Cash 63 Dividends $ 242,964
Investment income receivable 42,447 Interest 17,395
----------- -----------
Total assets 26,390,720 Total income 260,359
----------- -----------
LIABILITIES Expenses
Management fee (Note 2) 128,181
Management fee payable 43,711 Accounting fees 4,713
----------- Audit fees 5,531
Total liabilities 43,711 Directors' fees 1,208
----------- Insurance 1,526
Legal fees 2,166
NET ASSETS $26,347,009 Registration fees (56)
=========== Shareholder reports 713
Net assets were comprised of: Miscellaneous 977
-----------
Units of beneficial interest $19,124,249 Total expenses 144,959
Accumulated net investment income 798,877 Expense subsidy (Note 3) (16,778)
Accumulated net realized gain 1,284,410 -----------
Net unrealized appreciation 5,139,473
----------- Net expenses 128,181
Net assets at June 30, 1996 $26,347,009 Net investment income 132,178
=========== -----------
Unit value, offering price and redemp-
tion price per unit ($26,347,009 / NET REALIZED AND UNREALIZED
1,840,779 units of beneficial GAIN ON INVESTMENTS
interest issued and outstanding;
unlimited number of units authorized) $14.31 Net realized gain on securities 295,725
============ Unrealized appreciation in value
of investments during the year 2,013,152
----------
Net gain on investments 2,308,877
----------
Net Increase in Net Assets
Resulting from Operations $2,441,055
==========
</TABLE>
The accompanying notes are an integral part of this statement.
33
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
CORE EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, December 31,
Increase/(Decrease) in Net Assets 1996 1995
----------------- -----------
<S> <C> <C>
FROM OPERATIONS
Net investment income $ 132,178 $ 321,856
Net realized gain on investments 295,725 1,676,560
Unrealized appreciation in value
of investments during the year 2,013,152 3,034,911
----------- -----------
Net increase in net assets
resulting from operations 2,441,055 5,033,327
----------- -----------
FROM UNIT TRANSACTIONS
Net proceeds from units issued 3,503,195 4,888,390
Cost of units redeemed (3,964,375) (6,590,153)
----------- -----------
Net decrease in net assets resulting
from unit transactions (461,180) (1,701,763)
----------- -----------
Total increase in net assets 1,979,875 3,331,564
Net assets, beginning of year 24,367,134 21,035,570
----------- ----------
Net assets, end of year $26,347,009 $24,367,134
=========== ===========
Net Change in Units Outstanding
Units issued 255,408 412,444
Units redeemed (288,216) (569,249)
----------- -----------
(32,808) (156,805)
=========== ===========
</TABLE>
The accompanying notes are an integral part of this statement.
34
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
SMALL CAPITALIZATION FUND SMALL CAPITALIZATION FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C> <C>
ASSETS NET INVESTMENT INCOME
Investments, at value (cost $12,946,481) $16,857,463 Income
Investment income receivable 7,534 Dividends $ 41,454
----------- Interest 44,312
Total assets 16,864,997 ----------
----------- Total income 85,766
LIABILITIES ----------
Expenses
Cash overdraft 2,687 Management fee (Note 2) 85,138
Management fee payable 27,905 Accounting fees 4,713
----------- Audit fees 5,531
Total liabilities 30,592 Directors' fees 1,208
----------- Insurance 1,315
NET ASSETS $16,834,405 Legal fees 2,166
=========== Registration fees 403
Net assets were comprised of: Shareholder reports 713
Miscellaneous 600
Units of beneficial interest $11,565,262 ----------
Accumulated net investment income 124,595 Total expenses 101,787
Accumulated net realized gain 1,233,566 Expense subsidy (Note 3) (16,649)
Net unrealized appreciation 3,910,982 Voluntary fee waiver (Note 3) (11,122)
----------- ----------
Net assets at June 30, 1996 $16,834,405 Net expenses 74,016
===========
Unit value, offering price and redemp- Net investment income 11,750
tion price per unit ($16,834,405/ ----------
1,059,052 units of beneficial
interest issued and outstanding; NET REALIZED AND UNREALIZED
unlimited number of units authorized) $ 15.90 GAIN ON INVESTMENTS
===========
Net realized gain on investments 1,612,266
Unrealized appreciation in value
of investments during the year 855,179
----------
Net gain on investments 2,467,445
----------
Net Increase in Net Assets
Resulting from Operations $2,479,195
==========
The accompanying notes are an integral part of this statement.
</TABLE>
40
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
SMALL CAPITALIZATION FUND
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
Six months ended Year ended
June 30, December 31,
Increase in Net Assets 1996 1995
---------------- ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income $ 11,750 $ 47,355
Net realized gain on investments 1,612,266 370,797
Unrealized appreciation in value
of investments during the year 855,179 2,480,282
----------- -----------
Net increase in net assets
resulting from operations 2,479,195 2,898,434
----------- -----------
FROM UNIT TRANSACTIONS
Net proceeds from units issued 3,067,492 2,518,482
Cost of units redeemed (1,560,322) (1,835,378)
----------- -----------
Net increase in net assets resulting
from unit transactions 1,507,170 683,104
----------- -----------
Total increase in net assets 3,986,365 3,581,538
Net assets, beginning of year 12,848,040 9,266,502
----------- -----------
Net assets, end of year $16,834,405 $12,848,040
=========== ===========
Net Change in Units Outstanding
Units issued 206,822 215,639
Units redeemed (105,738) (163,732)
----------- -----------
101,084 51,907
=========== ===========
The accompanying notes are an integral part of this statement.
</TABLE>
41
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
SHORT-INTERMEDIATE TERM U.S. GOVERNMENT SECURITIES FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
------------ -----------
<S> <C> <C>
INTERMEDIATE-TERM U.S. GOVERNMENT OBLIGATIONS-80.7%
U.S. Government Agency Obligation-9.9%
$2,819,769 Federal Home Loan Mortgage Corporation, 5.60%, due 09/15/00 $ 2,742,056
-----------
U.S. Government Obligations-70.8%
4,666,000 U.S. Treasury Note, 5.50%, due 11/15/98 4,593,094
4,500,000 U.S. Treasury Note, 5.63%, due 01/31/98 4,470,466
765,000 U.S. Treasury Note, 5.75%, due 08/15/03 727,945
4,666,000 U.S. Treasury Note, 6.13%, due 03/31/98 4,668,916
765,000 U.S. Treasury Note, 6.38%, due 08/15/02 757,828
500,000 U.S. Treasury Note, 6.50%, due 05/31/01 500,000
500,000 U.S. Treasury Note, 6.88%, due 05/15/06 505,468
2,500,000 U.S. Treasury Note, 7.75%, due 11/30/99 2,603,125
765,000 U.S. Treasury Note, 7.88%, due 08/15/01 810,182
-----------
Total U.S. Government Obligations 19,637,024
-----------
Total Intermediate-Term U.S. Government 22,379,080
-----------
Obligations (Cost $22,360,198)
SHORT-TERM INVESTMENTS-18.4%
Repurchase Agreement-1.0%
280,000 Lehman Government Securities, dated 06/28/96, 5.30%, due 280,000
07/01/96 in the amount of $280,000 (collateralized by -----------
$293,734 U.S. Treasury Note, 7.75%, due 01/31/00 with
a market value of $300,737 at 06/30/96), repurchase
proceeds $280,124.
Number
of Shares Short-Term Investment Funds-0.5%
--------------
49,000 Fidelity Institutional Cash Portfolio-U.S. Government Portfolio 49,000
77,660 Goldman Sachs-Institutional Liquid Assets-Government Portfolio 77,660
-----------
126,660
-----------
</TABLE>
43
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
SHORT-INTERMEDIATE TERM U.S. GOVERNMENT SECURITIES FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
------------ -----------
<S> <C> <C>
U.S. Government Obligations-16.9%
$30,000 U.S. Treasury Bill, 5.16%, due 01/09/97 $ 29,143
4,666,000 U.S. Treasury Note, 5.63%, due 06/30/97 4,657,251
-----------
Total U.S. Government Obligations 4,686,394
-----------
Total Short-Term Investments (Cost $5,093,054) 5,093,054
-----------
Total Investments (Cost $27,453,252)-99.1% 27,472,133
-----------
Other assets in excess of liabilities-0.9% 257,833
-----------
NET ASSETS - 100% $27,729,967
===========
</TABLE>
The accompanying notes are an integral part of this statement.
44
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
SHORT-INTERMEDIATE TERM U.S. GOVERNMENT SHORT-INTERMEDIATE TERM U.S. GOVERNMENT
SECURITIES FUND SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
ASSETS NET INVESTMENT INCOME
<S> <C> <C> <C>
Investments, at value (cost $27,453,252) $27,472,134 Income
Cash 914 Interest $844,194
Investment income receivable 292,824 ---------
----------- Total income 844,194
Total assets 27,765,872 ---------
=========== Expenses
LIABILITIES Management fee (Note 2) 107,809
Accounting fees 4,713
Management fee payable 35,905 Audit fees 5,531
----------- Directors' fees 1,208
Total liabilities 35,905 Insurance 1,506
----------- Legal fees 2,166
Registration fees 1,277
NET ASSETS $27,729,967 Shareholder reports 713
=========== Miscellaneous 1,000
---------
Net assets were comprised of: Total expenses 125,923
Expense subsidy (Note 3) (18,114)
---------
Units of beneficial interest $25,188,627
Accumulated net investment income 3,237,624 Net expenses 107,809
Accumulated net realized loss (715,166)
Net unrealized appreciation 18,882 Net investment income 736,385
----------- ---------
Net assets at June 30, 1996 $27,729,967 NET REALIZED AND UNREALIZED
=========== LOSS ON INVESTMENTS
Unit value, offering price and redemp-
tion price per unit ($27,729,967/ Net realized loss on investments (233,191)
2,450,874 units of beneficial Unrealized depreciation in value
interest issued and outstanding; of investments during the year (611,008)
unlimited number of units authorized) $11.31 ---------
============
Net loss on investments (844,199)
---------
Net Decrease in Net Assets
Resulting from Operations ($107,814)
=========
</TABLE>
The accompanying notes are integral part of this statement.
45
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
U.S. GOVERNMENT SECURITIES FUND U.S. GOVERNMENT SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C> <C>
ASSETS NET INVESTMENT INCOME
Investments, at value (cost $2,655,315) $2,722,365 Income
Cash 718 Interest $ 90,846
Investment income receivable 59,638 ---------
---------- Total income 90,846
Total assets 2,782,721 ---------
----------
Expenses
Management fee (Note 2) 11,409
LIABILITIES Accounting fees 4,713
Audit fees 5,531
Management fee payable 3,212 Directors' fees 1,208
---------- Insurance 1,096
Total liabilities 3,212 Legal fees 2,166
---------- Registration fees 801
Shareholder reports 713
NET ASSETS $2,779,509 Miscellaneous 600
========== ---------
Net assets were comprised of: Total expenses 28,237
Expense subsidy (Note 3) (16,828)
Units of beneficial interest $2,441,425 Voluntary fee waiver (Note 3) (1,344)
Accumulated net investment income 487,850 ---------
Accumulated net realized loss (216,816) Net expenses 10,065
Net unrealized appreciation 67,050
----------
Net investment income 80,781
Net assets at June 30, 1996 $2,779,509 ---------
==========
Unit value, offering price and redemp- NET REALIZED AND UNREALIZED
tion price per unit ($2,779,509/ GAIN/(LOSS) ON INVESTMENTS
229,664 units of beneficial
interest issued and outstanding; Net realized gain on investments 28,982
unlimited number of units authorized) $ 12.10 Unrealized depreciation in value
========== of investments during the year (311,466)
---------
Net loss on investments (282,484)
---------
Net Decrease in Net Assets
Resulting from Operations $(201,703)
=========
The accompanying notes are an integral part of this statement.
</TABLE>
49
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
RISK MANAGER-INCOME FUND RISK MANAGER-INCOME FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C> <C>
ASSETS NET INVESTMENT INCOME
Investments, at value (cost $4,669,938) $4,789,497 Income
Cash 789 Dividends $ 11,616
Investment income receivable 62,886 Interest 113,520
---------- ---------
Total assets 4,853,172 Total income 125,136
---------- ---------
LIABILITIES Expenses
Management fee (Note 2) 28,267
Management fee payable 8,991 Accounting fees 4,713
---------- Audit fees 5,531
Total liabilities 8,991 Directors' fees 1,208
---------- Insurance 1,230
Legal fees 5,441
NET ASSETS $4,844,180 Registration fees 702
========== Shareholder reports 713
NET ASSETS WERE COMPRISED OF: Miscellaneous 600
---------
Units of beneficial interest $3,169,720 Total expenses 48,405
Accumulated net investment income 687,493 Expense subsidy (Note 3) (20,138)
Accumulated net realized gain 867,408 ---------
Net unrealized appreciation 119,559 Net expenses 28,267
----------
Net assets at June 30, 1996 $4,844,180 Net investment income 96,869
========== ---------
Unit value, offering price and redemp-
tion price per unit ($4,844,180 / NET REALIZED AND UNREALIZED
413,995 units of beneficial GAIN/(LOSS) ON INVESTMENTS
interest issued and outstanding;
unlimited number of units authorized) $11.70 Net realized gain on investments 92,358
========== Unrealized depreciation in value
of investments during the year (103,644)
---------
Net loss on investments (11,286)
---------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 85,583
=========
</TABLE>
The accompanying notes are an integral part of this statement.
63
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
RISK MANAGER-INCOME FUND
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, December 31,
Increase/(Decrease) in Net Assets 1996 1995
----------------- ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income $ 96,869 $ 479,083
Net realized gain on investments 92,358 808,803
Unrealized appreciation/(depreciation) in
value of investments during the period (103,644) 307,656
----------- -----------
Net increase in net assets
resulting from operations 85,583 1,595,542
----------- -----------
FROM UNIT TRANSACTIONS
Net proceeds from units issued 330,950 13,404,622
Cost of units redeemed (941,336) (19,276,354)
----------- -----------
Net decrease in net assets resulting
from unit transactions (610,386) (5,871,732)
----------- -----------
Total decrease in net assets (524,803) (4,276,190)
Net assets, beginning of period 5,368,983 9,645,173
----------- -----------
Net assets, end of period $ 4,844,180 $ 5,368,983
=========== ===========
NET CHANGE IN UNITS OUTSTANDING
Units issued 28,675 1,270,206
Units redeemed (81,265) (1,770,961)
----------- -----------
(52,590) (500,755)
=========== ===========
</TABLE>
* Commencement of Operations October 3, 1994.
The accompanying notes are an integral part of this statement.
64
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
RISK MANAGER-BALANCED FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
Number
of Shares Value
- - --------- --------
LONG-TERM INVESTMENTS-73.2%
Common Stocks-41.3%
Auto & Transportation-2.1%
500 AMR Corporation* $ 45,500
500 Chrysler Corporation 31,000
800 Ford Motor Company 25,900
450 General Motors Corporation 23,569
--------
Total Auto & Transportation 125,969
--------
Consumer Discretionary-4.7%
300 Dayton Hudson Corporation 30,937
300 Disney (Walt) Company 18,863
400 Eastman Kodak Company 31,100
1,000 Federated Department Stores, Inc. * 34,125
450 Home Depot, Inc. 24,300
1,187 Mattel, Inc. 33,978
400 McDonalds Corporation 18,700
500 Tambrands, Inc. 20,437
700 Time Warner, Inc. 27,475
1,500 Wal Mart Stores, Inc. 38,062
--------
Total Consumer Discretionary 277,977
--------
Consumer Staples-4.1%
500 Coca Cola Company 48,875
400 Gillette Company 24,950
400 Pepsico, Inc. 28,300
350 Philip Morris Companies, Inc. 36,400
400 Procter & Gamble Company 36,250
1,450 Sysco Corporation 49,662
100 Unilever, N.V. 14,513
--------
Total Consumer Staples 238,950
--------
66
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
RISK MANAGER-BALANCED FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Number
of Shares Value
- - --------- ----------
<C> <S> <C>
Utilities-5.0%
850 AT&T Corporation $ 52,700
1,200 GTE Corporation 53,700
800 MCI Communications Corporation 20,500
1,250 NIPSCO Industries, Inc. 50,312
800 SBC Communications, Inc. 39,400
1,300 WorldCom, Inc. * 71,988
-----------
Total Utilities 288,600
-----------
Total Common Stocks (Cost $2,158,450) 2,432,175
-----------
Principal
Amount U. S. Government and Agency Obligations-31.9%
- - ---------
U. S. Government Agency Obligation-2.5%
$150,000 Federal Home Loan Bank Corporation, 6.05%, due 06/28/00 147,155
-----------
U.S. Government Obligations-29.4%
500,000 U.S. Treasury Note, 6.38%, due 03/31/01 497,656
800,000 U.S. Treasury Note, 6.38%, due 08/15/02 792,500
270,000 U.S. Treasury Note, 7.25%, due 08/15/04 279,534
150,000 U.S. Treasury Note, 8.50%, due 11/15/00 161,578
-----------
Total U.S. Government Obligations 1,731,268
-----------
Total U.S. Government and Agency Obligations (Cost $1,776,109) 1,878,423
-----------
Total Long-Term Investments (Cost $3,934,559) 4,310,598
-----------
</TABLE>
69
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
RISK MANAGER-BALANCED FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- - --------- ---------
<C> <S> <C>
SHORT-TERM INVESTMENTS-26.2%
Repurchase Agreement-3.6%
$212,000 Lehman Government Securities, dated 06/28/96, 5.30%, due $ 212,000
07/01/96 in the amount of $212,000 (collateralized by $201,123 ----------
U.S. Treasury Note, 7.75%, due 01/31/00, with a market value
of $222,399 at 06/30/96), repurchase proceeds $212,094.
Number
of Shares Short-Term Investment Funds-4.0%
- - ----------
208,000 Fidelity-Institutional Cash Portfolio-Government Portfolio 208,000
29,236 Goldman Sachs-Institutional Liquid Assets-Government Portfolio 29,236
-----------
Total Short-Term Investment Funds 237,236
-----------
Principal
Amount U.S. Government Obligations-18.6%
- - ----------
$ 100,000 U.S. Treasury Bill, 5.11%, due 09/19/96 98,864
1,000,000 U.S. Treasury Note, 4.38%, due 11/15/96 995,937
Total U.S. Government Obligations 1,094,801
-----------
Total Short-Term Investments (Cost $1,544,037) 1,544,037
-----------
Total Investments (Cost $5,478,596)-99.4% 5,854,635
-----------
Other assets in excess of liabilities-0.6% 35,565
-----------
NET ASSETS - 100% $ 5,890,200
-----------
</TABLE>
* Non-income producing security.
The accompanying notes are an integral part of this statement.
70
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
RISK MANAGER-BALANCED FUND RISK MANAGER-BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
<S> <C> <C> <C>
ASSETS NET INVESTMENT INCOME
Investments, at value (cost $5,478,596) $5,854,635 Income
Cash 465 Dividends $ 24,408
Investment income receivable 45,874 Interest 98,496
---------- --------
Total assets 5,900,974 Total income 122,904
---------- --------
LIABILITIES Expenses
Management fee (Note 2) 33,121
Accounting fees 4,713
Management fee payable 10,774 Audit fees 5,531
---------- Directors' fees 1,208
Total liabilities 10,774 Insurance 1,195
---------- Legal fees 5,441
Registration fees 680
NET ASSETS $5,890,200 Shareholder reports 713
========== Miscellaneous 600
--------
Net assets were comprised of:
Total expenses 53,202
Units of beneficial interest $4,367,256 Expense subsidy (Note 3) (20,081)
Accumulated net investment income 438,583 ---------
Accumulated net realized gain 708,322 Net expenses 33,121
Net unrealized appreciation 376,039
----------
Net investment income 89,783
Net assets at June 30, 1996 $5,890,200 --------
==========
Unit value, offering price and redemp- NET REALIZED AND UNREALIZED
tion price per unit ($5,890,200/ GAIN ON INVESTMENTS
485,211 units of beneficial
interest issued and outstanding; Net realized gain on investments 74,605
unlimited number of units authorized) $ 12.14 Unrealized appreciation in value
========== of investments during the year 62,808
--------
Net gain on investments 137,413
--------
Net Increase in Net Assets
Resulting from Operations $227,196
========
The accompanying notes are an integral part of this statement.
</TABLE>
71
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
RISK MANAGER-BALANCED FUND
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, December 31,
1996 1995*
----------------- ------------
<S> <C> <C>
Increase/(Decrease) in Net Assets
FROM OPERATIONS
Net investment income $ 89,783 $ 299,128
Net realized gain on investments 74,605 672,362
Unrealized appreciation in value
of investments during the period 62,808 356,487
----------- ------------
Net increase in net assets
resulting from operations 227,196 1,327,977
----------- ------------
FROM UNIT TRANSACTIONS
Net proceeds from units issued 1,394,471 14,814,714
Cost of units redeemed (1,648,227) (15,323,567)
----------- ------------
Net decrease in net assets resulting
from unit transactions (253,756) (508,853)
----------- ------------
Total increase/(decrease) in net assets (26,560) 819,124
Net assets, beginning of period 5,916,760 5,097,636
----------- ------------
Net assets, end of period $ 5,890,200 $ 5,916,760
=========== ============
Net Change in Units Outstanding
Units issued 116,728 1,379,553
Units redeemed (137,975) (1,386,206)
----------- ------------
(21,247) (6,653)
=========== ============
</TABLE>
* Commencement of Operations October 3, 1994.
The accompanying notes are an integral part of this statement.
72
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
RISK MANAGER-GROWTH FUND RISK MANAGER-GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30,1996
(Unaudited) (Unaudited)
<S> <C> <C> <C>
ASSETS NET INVESTMENT INCOME
Investments, at value (cost $3,316,455) $3,552,596
Cash 131 Income
Investment income receivable 19,647 Dividends $ 14,764
---------- Interest 41,621
--------
Total assets 3,572,374
---------- Total income 56,385
--------
LIABILITIES Expenses
Management fee (Note 2) 15,864
Management fee payable 6,036 Accounting fees 4,713
---------- Audit fees 5,531
Total liabilities 6,036 Directors' fees 1,208
---------- Insurance 1,167
Legal fees 5,441
NET ASSETS $3,566,337 Registration fees 820
========== Shareholder reports 713
Net assets were comprised of: Miscellaneous 600
--------
Units of beneficial interest $2,457,098 Total expenses 36,057
Accumulated net investment income 235,875 Expense subsidy (Note 3) (20,193)
Accumulated net realized gain 637,223 --------
Net unrealized appreciation 236,141 Net expenses 15,864
---------- Net investment income 40,521
Net assets at June 30, 1996 $3,566,337 -------
==========
Unit value, offering price and redemp- NET REALIZED AND UNREALIZED
tion price per unit ($3,566,337 / GAIN ON INVESTMENTS
280,144 units of beneficial
interest issued and outstanding; Net realized gain on investments 1,734
unlimited number of units authorized) $12.73 Unrealized appreciation in value
========== of investments during the year 104,980
--------
Net gain on investments 106,713
--------
Net Increase in Net Assets
Resulting from Operations $147,234
========
The accompanying notes are integral part of this statement.
</TABLE>
79
<PAGE>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST
RISK MANAGER-GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
(Unaudited)
<TABLE>
<CAPTION>
Six months ended Year ended
June 30, December 31,
Increase/(Decrease) in Net Assets 1996 1995
---------------- ------------
<S> <C> <C>
FROM OPERATIONS
Net investment income $ 40,521 $ 156,984
Net realized gain on investments 1,734 693,488
Unrealized appreciation in value
of investments during the period 104,980 162,228
---------- -----------
Net increase in net assets
resulting from operations 147,234 1,012,700
---------- -----------
FROM UNIT TRANSACTIONS
Net proceeds from units issued 1,134,374 2,678,624
Cost of units redeemed (105,948) (6,252,526)
---------- -----------
Net increase/(decrease) in net assets resulting
from unit transactions 1,028,426 (3,573,902)
---------- -----------
Total increase/(decrease) in net assets 1,175,660 (2,561,202)
Net assets, beginning of period 2,390,677 4,951,879
---------- -----------
Net assets, end of period $3,566,337 $ 2,390,677
========== ===========
Net Change in Units Outstanding
Units issued 91,625 246,984
Units redeemed (9,207) (549,521)
---------- -----------
82,418 (302,537)
========== ===========
</TABLE>
* Commencement of Operations October 3, 1994.
The accompanying notes are integral part of this statement.
80
<PAGE>
<TABLE>
<CAPTION>
TEXAS COMMERCE BANK NATIONAL ASSOCIATION TEXAS COMMERCE BANK NATIONAL ASSOCIATION
AVESTA TRUST AVESTA TRUST
MONEY MARKET FUND MONEY MARKET FUND
STATEMENT OF ASSETS AND LIABILITIES STATEMENT OF OPERATIONS
JUNE 30, 1996 SIX MONTHS ENDED JUNE 30, 1996
(Unaudited) (Unaudited)
ASSETS NET INVESTMENT INCOME
<S> <C> <C> <C>
Investments at amortized cost, Income
which approximates value $77,413,024 Interest $2,153,190
Cash 132 ----------
Investment income receivable 336,297 Total income 2,153,190
----------- ----------
Total assets 77,749,453 Expenses
----------- Management fee (Note 2) 256,754
Accounting fees 6,210
LIABILITIES Audit fees 5,531
Directors' fees 1,208
Management fee payable 67,836 Insurance 1,888
---------- Legal fees 2,166
Total liabilities 67,836 Registration fees (1,372)
---------- Shareholder reports 713
NET ASSETS $77,681,617 Miscellaneous 1,000
=========== ----------
Unit value, offering price and redemp- Total expenses 274,098
tion price per unit ($77,681,617 / Expense subsidy (Note 3) (17,344)
77,681,617 units of beneficial Voluntary fee waiver (Note 3) (59,252)
interest issued and outstanding; ----------
unlimited number of units authorized) $1.00 Net expenses 197,502
==========
Net investment income $1,955,688
==========
</TABLE>
The accompanying notes are an integral part of this statement.
84
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