<PAGE>
TRAK -R-
---------------------------------------------------------------------
- --
PERSONALIZED INVESTMENT ADVISORY SERVICE
THE TRUST
FOR
TRAK INVESTMENTS
(Effective May 9, 1994, the above name will change
to Consulting Group Capital Markets Funds)
Semi-Annual
Report
February 28, 1994
[LOGO]
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S>
<C>
Shareholder
Letter...................................................................
1
Statements of Assets and
Liabilities................................................. 4
Statements of
Operations.............................................................
6
Statements of Changes in Net
Assets.................................................. 8
Financial
Highlights.................................................................
12
Portfolio of Investments:
Government Money
Investments....................................................... 18
Intermediate Fixed Income
Investments.............................................. 22
Total Return Fixed Income
Investments.............................................. 29
Municipal Bond
Investments.........................................................
32
Mortgage Backed
Investments........................................................
38
Balanced
Investments...............................................................
40
Large Capitalization Value Equity
Investments...................................... 44
Large Capitalization Growth
Investments............................................ 48
Small Capitalization Value Equity
Investments...................................... 51
Small Capitalization Growth
Investments............................................ 57
International Equity
Investments................................................... 61
International Fixed Income
Investments............................................. 68
Notes to Financial
Statements........................................................ 71
</TABLE>
<PAGE>
THE TRUST FOR TRAK-R- INVESTMENTS
Dear Shareholder:
The performance of the U.S. capital markets was relatively flat during the
six
months ended February 28, 1994, the first half of The Trust for
TRAK
Investments' fiscal year. The most important event during this period was
a
change in the Federal Reserve's policy on interest rates. In an effort to
head
off the threat of rising inflation, the Fed began increasing interest rates
on
February 4. The financial markets fell in response to the Fed's
tightening,
erasing most of the gains that stocks and bonds had registered earlier in
the
period.
Expecting a rise in interest rates, the Consulting Group issued new
asset
allocation recommendations to TRAK shareholders in January.
These
recommendations, which contain our advice on how investors should
apportion
their assets among the 12 TRAK portfolios, are a key element of the
TRAK
Personalized Investment Advisory Service. Asset allocation recommendations
are
tailored to the particular investment objectives or risk tolerances of
each
client. Because historical studies have shown that portfolio asset allocation
is
the major determinant of overall portfolio investment performance, we
encourage
shareholders to implement our recommendations. You can revise your
TRAK
portfolio asset allocation to conform to our recommendations by contacting
your
Financial Consultant.
Based on our outlook for the economy and the capital markets, we
recommended
that conservative investors increase their holdings in the Intermediate
Fixed
Income Investment portfolio and decrease slightly their holdings in
the
International Fixed Income Investment portfolio. Moderate risk investors
were
encouraged to shift slightly some of their assets from the Large
Capitalization
Value Equity Investment portfolio to the Large Capitalization Growth
Investment
portfolio. We also recommended that they move some of their holdings from
the
International Fixed Income Investment portfolio to the Intermediate Fixed
Income
Investment portfolio. Our recommendations to aggressive investors were to
reduce
their holdings in U.S. stocks and increase their holdings in the
International
Equity Investments Investment portfolio.
Total TRAK assets and shareholder accounts continued to grow over the six-
month
period ended February 28, 1994. Assets increased an average of $6 million
per
day. As of the end of February, TRAK had about 55,800 client
accounts,
representing $2.7 billion in assets.
We also instituted several noteworthy changes to TRAK portfolios that
will
provide shareholders with additional investment diversification and
lower
overall portfolio operating expenses. In the March 3 proxy vote,
shareholders
approved the addition of co-managers for two TRAK portfolios.
Parametric
Portfolio Associates, Inc. was named to co-manage the Large Capitalization
Value
Equity Investments portfolio and was given the responsibility of investing
80%
of the portfolio's assets. The portfolio's other co-manager, Newbold's
Asset
Management, Inc., is responsible for investing the remaining 20%.
Boston
Structured Advisors was approved to co-manage the Large Capitalization
Growth
Investments portfolio. It will manage 80% of the portfolio's assets while
the
portfolio's other co-manager, Provident Investment Counsel, will invest
the
remaining 20%.
Another major development was the addition of a 13th portfolio -- the
Emerging
Markets Equity Investments portfolio. This portfolio will invest in firms
doing
business in fast-growing developing nations, such as Brazil, Chile and
Argentina
in Latin America; Indonesia, Thailand and the Philippines in Asia; and
Portugal,
Greece and Turkey in Europe. We believe this portfolio will offer
shareholders
greater diversification and higher portfolio return potential. Because
global
markets don't necessarily move in tandem with the U.S. market, the volatility
of
an individual's overall investment portfolio that contains stocks of
issuers
located in a broad range of countries may be lower than one composed of
stocks
of only U.S. issuers. However, the new fund is not without its risks.
Stock
prices in emerging markets typically experience wide price
fluctuations.
Therefore, the portfolio, which will be available to TRAK investors
in
mid-April, will be recommended to only aggressive investors. We
anticipate
recommending that no more than 10% of a shareholder's portfolio be allocated
to
emerging markets.
1
<PAGE>
As you may have noticed in the prospectus accompanying this Semi-Annual
Report,
the name of the TRAK portfolio fund group is being changed to the
Consulting
Group Capital Markets Funds. Consequently, beginning in early May, daily
changes
in the net asset value (NAV) of the individual TRAK funds will be shown in
a
different location of your newspaper's mutual fund pages. Each TRAK fund's
NAV
will be listed under the new group name or an abbreviation such as "CG Cap
Mkt
Fnds." We changed the name of the fund group as part of our effort to
further
integrate all of the Consulting Group's investment services under one
umbrella.
The name change, however, is limited to the fund group; the name of the
TRAK
program remains the "TRAK Personalized Investment Advisory Service."
We thank you for your continued support and trust in our service. If you
should
have any questions about your TRAK investments, please call your
Financial
Consultant.
Sincerely,
<TABLE>
<S> <C>
Leonard A. Reinhart H. John Ellis
Executive Vice President and President
Investment Officer
April 7, 1994
</TABLE>
2
<PAGE>
(This page has been intentionally left blank.)
3
<PAGE>
THE TRUST FOR TRAK
INVESTMENTS
STATEMENTS OF ASSETS AND
LIABILITIES
FEBRUARY 28, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
GOVERNMENT INTERMEDIATE TOTAL
RETURN MUNICIPAL MORTGAGE
MONEY FIXED INCOME FIXED
INCOME BOND BACKED
INVESTMENTS INVESTMENTS
INVESTMENTS INVESTMENTS INVESTMENTS
------------- ------------- -------
- ------ ------------ -------------
<S> <C> <C> <C>
<C> <C>
ASSETS
Investments, at value (Note 1)
See accompanying schedules:
Securities....................... $169,016,920 $203,413,565
$92,171,804 $64,907,750 $107,563,831
Repurchase agreements............ -- --
3,002,000 -- 7,117,000
------------- ------------- -------
- ------ ------------ -------------
Total investments.................. 169,016,920 203,413,565
95,173,804 64,907,750 114,680,831
Cash and/or foreign currency......... 212,369 215,975
628 30,187 876
Due from Affiliated Agents (Note
2)................................. 76,042 --
3,364 1,074 7,911
Dividends and/or interest
receivable......................... 122,084 2,367,712
981,660 844,448 809,786
Unamortized organization costs (Note
5)................................. 43,138 43,743
43,743 40,317 43,743
Receivable for Portfolio shares
sold............................... -- 3,888,613
1,501,575 1,055,320 1,969,940
Receivable for investment securities
sold............................... 3,983,415 6,256,178 --
- -- --
------------- ------------- -------
- ------ ------------ -------------
Total Assets..................... 173,453,968 216,185,786
97,704,774 66,879,096 117,513,087
------------- ------------- -------
- ------ ------------ -------------
LIABILITIES
Payable for Portfolio shares
redeemed........................... 4,073,219 318,805
215,107 66,284 174,101
Payable for investment securities
purchased.......................... -- 12,316,369
1,600,000 1,941,389 4,187,215
Net unrealized depreciation of
forward foreign exchange contracts
(Note 1)
See accompanying schedules......... -- -- --
- -- --
Transfer agent fees payable (Note
2)................................. 51,450 13,155
10,856 2,880 15,030
Custodian fees payable (Note 2)...... 18,321 7,191
12,014 8,107 15,920
Management fee payable (Note 2)...... -- 61,544
49,006 31,464 49,874
Accrued legal and audit fees......... 4,097 4,254
4,254 4,097 4,254
Accrued registration and filing
fees............................... 29,705 22,932
12,291 7,343 7,378
Accrued shareholder reports
expense............................ 7,688 7,688
7,698 7,688 7,708
Payable for dividends declared....... 184,274 -- --
24,524 --
Administration fee payable (Note
2)................................. -- 30,771
24,503 15,733 19,950
Accrued Trustees' fees and expenses
(Note 2)........................... 2,671 2,671
2,671 2,671 2,671
Accrued expenses and other
payables........................... 2,800 6,700
5,585 5,250 7,600
------------- ------------- -------
- ------ ------------ -------------
Total Liabilities................ 4,374,225 12,792,080
1,943,985 2,117,430 4,491,701
------------- ------------- -------
- ------ ------------ -------------
NET ASSETS........................... $169,079,743 $203,393,706
$95,760,789 $64,761,666 $113,021,386
------------- ------------- -------
- ------ ------------ -------------
------------- ------------- -------
- ------ ------------ -------------
Investments at cost.................. $169,016,920 $203,955,704
$94,998,625 $65,116,820 $115,127,125
Currency at cost..................... 212,369 215,975
628 30,187 876
NET ASSETS consist of:
Undistributed net investment income/
(distributions in excess of net
investment income earned to
date).............................. $ (537) $ 470,314 $
79,088 $ -- $ 130,488
Accumulated net realized gain/(loss)
on securities, forward foreign
exchange contracts and currency
transactions....................... (821) (866,019)
39,822 895,045 (943,871)
Net unrealized
appreciation/(depreciation) of
securities, forward foreign
exchange contracts, currency
transactions and net other
assets............................. -- (542,139)
175,179 (209,070) (446,294)
Par value............................ 169,081 24,551
11,454 7,567 14,059
Paid-in capital in excess of par
value.............................. 168,912,020 204,306,999
95,455,246 64,068,124 114,267,004
------------- ------------- -------
- ------ ------------ -------------
Total Net Assets................. $169,079,743 $203,393,706
$95,760,789 $64,761,666 $113,021,386
------------- ------------- -------
- ------ ------------ -------------
------------- ------------- -------
- ------ ------------ -------------
NET ASSET VALUE, offering and
redemption price per share of
beneficial interest................ $1.00 $8.28
$8.36 $8.56 $8.04
----- ----- ---
- -- ----- -----
----- ----- ---
- -- ----- -----
Number of shares outstanding......... 169,081,101 24,551,389
11,453,981 7,567,361 14,058,594
<FN>
- ---------------------------
* Represents accumulated net investment loss.
</TABLE>
4
<PAGE>
<TABLE>
<CAPTION>
LARGE LARGE SMALL
SMALL
CAPITALIZATION CAPITALIZATION CAPITALIZATION
CAPITALIZATION INTERNATIONAL INTERNATIONAL
BALANCED VALUE EQUITY GROWTH VALUE EQUITY
GROWTH EQUITY FIXED INCOME
INVESTMENTS INVESTMENTS INVESTMENTS INVESTMENTS
INVESTMENTS INVESTMENTS INVESTMENTS
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
<S> <C> <C> <C> <C>
<C> <C>
$12,999,210 $659,734,975 $363,780,130 $272,402,570
$137,917,363 $444,965,915 $104,351,245
-- 47,355,000 -- 7,000,000
5,000,000 17,122,000 10,160,000
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
12,999,210 707,089,975 363,780,130 279,402,570
142,917,363 462,087,915 114,511,245
9,976 147 922 531
32,053 7,924,676 797,196
7,676 -- -- --
- -- -- 7,973
81,613 2,786,622 80,308 529,731
10,460 591,750 2,829,796
75,485 43,743 43,743 43,743
40,987 43,743 43,743
143,968 12,342,853 6,826,851 6,035,573
5,491,601 8,836,068 2,147,457
-- 2,749,387 9,313,348 4,547,939
1,970,913 -- 14,676,798
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
13,317,928 725,012,727 380,045,302 290,560,087
150,463,377 479,484,152 135,014,208
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
23,240 1,301,068 436,118 336,175
176,025 452,656 233,809
-- 22,684,405 5,311,285 14,477,713
3,945,136 20,439,856 12,006,727
-- -- -- --
- -- 795,291 801,837
195 36,727 36,734 31,887
24,633 33,779 16,472
8,995 24,247 14,780 27,290
6,275 152,217 48,332
5,382 323,416 167,892 121,070
63,008 234,187 76,120
17,890 4,253 4,254 4,253
4,253 4,254 4,254
3,922 48,482 46,030 33,251
18,677 50,666 8,638
7,699 7,688 7,709 7,019
7,688 7,698 7,698
-- -- -- --
- -- -- --
435 107,805 55,965 40,476
21,002 66,911 52,336
2,671 2,671 2,671 2,671
2,671 2,671 2,671
3,700 2,800 2,800 2,800
2,800 6,800 4,400
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
74,129 24,543,562 6,086,238 15,084,605
4,272,168 22,246,986 13,263,294
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
$13,243,799 $700,469,165 $373,959,064 $275,475,482
$146,191,209 $457,237,166 $121,750,914
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
$12,550,382 $697,161,442 $332,905,124 $273,095,934
$112,762,699 $387,980,512 $115,379,668
9,976 147 922 531
32,053 7,921,672 814,174
$ 29,620 $ 4,459,832 $ (435,924)* $ 510,336 $
(425,082)* $ 98,065 $ 214,653
(24,940) 16,427,739 (8,648,133) (3,481,019)
2,862,096 4,632,517 (651,010)
448,828 9,928,533 30,875,006 6,306,636
30,154,664 73,127,242 (1,702,024)
1,540 76,185 37,507 29,633
11,002 44,194 14,538
12,788,751 669,576,876 352,130,608 272,109,896
113,588,529 379,335,148 123,874,757
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
$13,243,799 $700,469,165 $373,959,064 $275,475,482
$146,191,209 $457,237,166 $121,750,914
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
------------ --------------- ---------------- ---------------- ------
- ---------- ------------- -------------
$8.60 $9.19 $9.97 $9.30
$13.29 $10.35 $8.37
----- ----- ----- ----- -
- ----- ------ -----
----- ----- ----- ----- -
- ----- ------ -----
1,540,053 76,185,190 37,506,980 29,632,671
11,001,842 44,194,416 14,538,404
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
GOVERNMENT INTERMEDIATE
TOTAL RETURN MUNICIPAL MORTGAGE
MONEY FIXED INCOME
FIXED INCOME BOND BACKED
INVESTMENTS INVESTMENTS
INVESTMENTS INVESTMENTS INVESTMENTS
----------- ------------ ---
- --------- ------------ ------------
<S> <C> <C> <C>
<C> <C>
INVESTMENT INCOME:
Dividends (net of withholding tax of
$198,801 for International Equity
Investments)............................. $ -- $ 13,760 $
- -- $ -- $ --
Interest (net of withholding tax of $95,409
for International Fixed Income
Investments)............................. 1,878,689 5,434,102
2,255,990 1,492,862 3,772,315
----------- ------------ ---
- --------- ------------ ------------
Total investment income.................. 1,878,689 5,447,862
2,255,990 1,492,862 3,772,315
----------- ------------ ---
- --------- ------------ ------------
EXPENSES:
Management fee (Note 2).................... 87,503 337,314
154,918 114,556 266,598
Administration fee (Note 2)................ 116,671 168,656
77,459 57,278 106,639
Transfer agent fees (Note 2)............... 281,646 72,070
52,017 15,789 82,882
Custodian fees (Note 2).................... 18,423 20,980
17,482 13,239 26,224
Trustees' fees and expenses (Note 2)....... 3,034 2,991
2,992 3,034 3,012
Legal and audit fees....................... 15,090 14,912
14,911 15,090 14,911
Amortization of organization costs (Note
5)....................................... 8,122 8,122
8,122 8,122 8,122
Shareholder reports expense................ 7,850 7,850
7,850 7,850 7,850
Registration and filing fees............... 39,958 30,871
15,807 13,019 17,472
Other...................................... 417 12,019
6,225 7,326 13,226
Fees waived and/or expenses reimbursed
(Note 2)................................. (287,044) --
(48,082) (26,104) (120,481)
----------- ------------ ---
- --------- ------------ ------------
Total expenses........................... 291,670 675,785
309,701 229,199 426,455
----------- ------------ ---
- --------- ------------ ------------
NET INVESTMENT INCOME/(LOSS)............... 1,587,019 4,772,077
1,946,289 1,263,663 3,345,860
----------- ------------ ---
- --------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN/ (LOSS) ON
INVESTMENTS (NOTES 1 AND 3):
Net realized gain/(loss) on securities..... 79 (215,879)
619,490 1,260,448 (852,708)
Net realized loss on forward foreign
exchange contracts and currency
transactions............................. -- --
- -- -- --
Net unrealized appreciation/(depreciation)
of securities during the period.......... -- (4,296,346)
(3,313,770) (2,979,847) (1,409,150)
Net unrealized depreciation of foward
foreign exchange contracts, currency
transactions and net other assets during
the period............................... -- --
- -- -- --
----------- ------------ ---
- --------- ------------ ------------
Net realized and unrealized gain/(loss) on
investments.............................. 79 (4,512,225)
(2,694,280) (1,719,399) (2,261,858)
----------- ------------ ---
- --------- ------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS................ $1,587,098 $ 259,852 $
(747,991) $ (455,736) $ 1,084,002
----------- ------------ ---
- --------- ------------ ------------
----------- ------------ ---
- --------- ------------ ------------
</TABLE>
6
<PAGE>
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
CAPITALIZATION CAPITALIZATION CAPITALIZATION
CAPITALIZATION INTERNATIONAL INTERNATIONAL
BALANCED VALUE EQUITY GROWTH VALUE EQUITY GROWTH
EQUITY FIXED INCOME
INVESTMENTS INVESTMENTS INVESTMENTS INVESTMENTS
INVESTMENTS INVESTMENTS INVESTMENTS
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
<S> <C> <C> <C> <C>
<C> <C>
$ 86,337 $10,415,837 $ 938,041 $ 2,046,046 $
29,921 $ 1,294,959 $ --
90,600 494,192 144,135 134,935
166,634 357,539 3,948,046
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
176,937 10,910,029 1,082,176 2,180,981
196,555 1,652,498 3,948,046
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
31,975 1,973,460 891,490 638,096
312,938 1,162,417 303,326
10,658 657,820 297,163 212,698
104,313 337,684 121,330
913 196,330 200,177 173,188
126,086 182,644 90,406
8,002 52,629 31,245 44,395
17,883 240,689 70,172
3,017 2,990 2,991 3,044
2,991 2,991 2,999
17,911 14,911 14,912 14,912
14,911 14,912 15,059
8,800 8,122 8,122 8,122
8,122 8,122 8,122
7,850 7,850 7,870 8,520
7,850 7,850 7,850
10,162 77,968 62,358 26,786
26,142 50,697 8,260
2,540 2,681 1,772 1,309
401 13,222 4,454
(48,568) -- -- -- --
- -- (56,224)
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
53,260 2,994,761 1,518,100 1,131,070
621,637 2,021,228 575,754
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
123,677 7,915,268 (435,924) 1,049,911
(425,082) (368,730) 3,372,292
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
(6,994) 22,147,623 3,453,740 (3,175,107)
4,192,208 9,569,282 608,776
-- -- -- -- --
(881,859) (540,918)
262,964 (28,501,974) 2,968,567 1,956,450
16,537,447 35,385,891 (2,322,366)
-- -- -- -- --
(532,794) (632,678)
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
255,970 (6,354,351) 6,422,307 (1,218,657)
20,729,655 43,540,520 (2,887,186)
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
$379,647 $ 1,560,917 $5,986,383 $ (168,746)
$20,304,573 $43,171,790 $ 485,106
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE SIX MONTHS ENDED FEBRUARY 28, 1994
(UNAUDITED)
<TABLE>
<CAPTION>
GOVERNMENT INTERMEDIATE
TOTAL RETURN MUNICIPAL MORTGAGE
MONEY FIXED INCOME
FIXED INCOME BOND BACKED
INVESTMENTS INVESTMENTS
INVESTMENTS INVESTMENTS INVESTMENTS
------------- ------------- ---
- --------- ------------ -------------
<S> <C> <C> <C>
<C> <C>
Net investment income/(loss)............. $ 1,587,019 $ 4,772,077 $
1,946,289 $ 1,263,663 $ 3,345,860
Net realized gain/(loss) on securities,
forward foreign exchange contracts and
currency transactions during the
period................................. 79 (215,879)
619,490 1,260,448 (852,708)
Net unrealized appreciation/
(depreciation) of investments, forward
foreign exchange contracts, currency
transactions and net other assets
during the year........................ -- (4,296,346)
(3,313,770) (2,979,847) (1,409,150)
------------- ------------- ---
- --------- ------------ -------------
Net increase/(decrease) in net assets
resulting from operations.............. 1,587,098 259,852
(747,991) (455,736) 1,084,002
Distributions to shareholders from:
Net investment income.................. (1,587,556) (4,830,400)
(2,014,465) (1,263,663) (3,215,372)
Net realized capital gains............. -- (1,878,676)
(655,412) (527,838) (91,163)
Net increase in net assets from Portfolio
share transactions (Note 4)............ 85,046,272 69,262,974
34,444,874 19,198,310 20,822,503
------------- ------------- ---
- --------- ------------ -------------
Net increase in net assets............... 85,045,814 62,813,750
31,027,006 16,951,073 18,599,970
NET ASSETS:
Beginning of period...................... 84,033,929 140,579,956
64,733,783 47,810,593 94,421,416
------------- ------------- ---
- --------- ------------ -------------
End of period (including undistributed
net investment income/(distributions in
excess of net investment income earned
to date) of $(537); $470,314; $79,088;
$0; $130,488; $29,620; $4,459,832;
$(435,924); $510,336; $(425,082);
$98,065 and $214,653, respectively).... $169,079,743 $203,393,706
$95,760,789 $64,761,666 $113,021,386
------------- ------------- ---
- --------- ------------ -------------
------------- ------------- ---
- --------- ------------ -------------
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
CAPITALIZATION CAPITALIZATION CAPITALIZATION
CAPITALIZATION INTERNATIONAL INTERNATIONAL
BALANCED VALUE EQUITY GROWTH VALUE EQUITY GROWTH
EQUITY FIXED INCOME
INVESTMENTS INVESTMENTS INVESTMENTS INVESTMENTS
INVESTMENTS INVESTMENTS INVESTMENTS
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
<S> <C> <C> <C> <C>
<C> <C>
$ 123,677 $ 7,915,268 $ (435,924) $ 1,049,911 $
(425,082) $ (368,730) $ 3,372,292
(6,994) 22,147,623 3,453,740 (3,175,107)
4,192,208 8,687,423 67,858
262,964 (28,501,974) 2,968,567 1,956,450
16,537,447 34,853,097 (2,955,044)
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
379,647 1,560,917 5,986,383 (168,746)
20,304,573 43,171,790 485,106
(94,057) (11,543,062) -- (1,543,421) --
(984,596) (5,922,227)
-- (30,456) -- (11,774,669)
(1,674,110) (8,596,730) (1,866,374)
7,700,090 147,974,308 129,716,673 105,910,886
52,062,302 153,344,620 28,692,610
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
7,985,680 137,961,707 135,703,056 92,424,050
70,692,765 186,935,084 21,389,115
5,258,119 562,507,458 238,256,008 183,051,432
75,498,444 270,302,082 100,361,799
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
$13,243,799 $700,469,165 $373,959,064 $275,475,482
$146,191,209 $457,237,166 $121,750,914
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
</TABLE>
See Notes to Financial Statements.
9
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
STATEMENTS OF CHANGES IN NET
ASSETS
FOR THE YEAR ENDED AUGUST 31,
1993
<TABLE>
<CAPTION>
GOVERNMENT INTERMEDIATE
TOTAL RETURN MUNICIPAL MORTGAGE
MONEY FIXED INCOME
FIXED INCOME BOND BACKED
INVESTMENTS INVESTMENTS
INVESTMENTS INVESTMENTS INVESTMENTS
------------ -------------
- ------------ ------------ ------------
<S> <C> <C>
<C> <C> <C>
Net investment income/(loss)................ $ 1,469,479 $ 5,680,753
$ 2,706,950 $ 1,606,490 $ 4,155,831
Net realized gain/(loss) on securities,
forward foreign exchange contracts and
currency transactions during the year..... (695) 1,830,364
209,264 168,467 (557,044)
Net unrealized appreciation/(depreciation)
of investments, forward foreign exchange
contracts, currency transactions and net
other assets during the year.............. -- 2,740,471
2,613,812 2,449,218 460,308
------------ -------------
- ------------ ------------ ------------
Net increase in net assets resulting from
operations................................ 1,468,784 10,251,588
5,530,026 4,224,175 4,059,095
Distributions to shareholders:
Distributions from net investment
income................................... (1,469,479) (5,567,036)
(2,693,206) (1,606,490) (3,309,301)
Distributions in excess of net investment
income................................... -- --
- -- -- --
Distributions from net realized capital
gains.................................... -- (305,084)
- -- (78,465) --
Distributions in excess of net realized
capital gains............................ -- --
- -- -- (289,486)
Distributions from capital................ -- --
- -- -- (414,775)
Net increase in net assets from Portfolio
share transactions (Note 4)............... 53,681,782 77,655,321
26,911,095 23,476,600 58,681,583
------------ -------------
- ------------ ------------ ------------
Net increase in net assets.................. 53,681,087 82,034,789
29,747,915 26,015,820 58,727,116
NET ASSETS:
Beginning of year........................... 30,352,842 58,545,167
34,985,868 21,794,773 35,694,300
------------ -------------
- ------------ ------------ ------------
End of year (including undistributed net
investment income of $0; $528,637;
$147,264; $0; $0; $0; $8,087,626; $0;
$1,003,846; $0; $1,451,391 and $2,764,588,
respectively)............................. $84,033,929 $140,579,956
$64,733,783 $47,810,593 $94,421,416
------------ -------------
- ------------ ------------ ------------
------------ -------------
- ------------ ------------ ------------
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
LARGE LARGE SMALL SMALL
CAPITALIZATION CAPITALIZATION CAPITALIZATION
CAPITALIZATION INTERNATIONAL INTERNATIONAL
BALANCED VALUE EQUITY GROWTH VALUE EQUITY GROWTH
EQUITY FIXED INCOME
INVESTMENTS INVESTMENTS INVESTMENTS INVESTMENTS
INVESTMENTS INVESTMENTS INVESTMENTS
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
<S> <C> <C> <C> <C>
<C> <C>
$ 46,787 $ 10,208,714 $ (56,416) $ 1,172,217 $
(334,217) $ 1,024,893 $ 3,890,437
(17,946) (4,582,351) (10,876,955) 11,408,012
1,843,580 5,107,426 3,738,445
185,864 36,275,547 24,516,508 5,796,499
13,131,423 38,439,260 (617,659)
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
214,705 41,901,910 13,583,137 18,376,728
14,640,786 44,571,579 7,011,223
(46,787) (4,196,724) (39,351) (376,032) --
(479,961) (4,103,376)
-- -- (56,416) -- --
- -- --
-- (2,065,142) -- (1,121,192) --
- -- (70,734)
-- -- -- -- --
- -- --
(1,045) -- (3,315) -- --
- -- --
5,091,246 329,171,970 139,371,180 72,713,773
38,712,301 110,431,472 58,343,073
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
5,258,119 364,812,014 152,855,235 89,593,277
53,353,087 154,523,090 61,180,186
0 197,695,444 85,400,773 93,458,155
22,145,357 115,778,992 39,181,613
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
$5,258,119 $562,507,458 $238,256,008 $183,051,432
$75,498,444 $270,302,082 $100,361,799
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
------------ -------------- -------------- -------------- -----------
- --- ------------- -------------
</TABLE>
See Notes to Financial Statements.
11
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
FINANCIAL HIGHLIGHTS
GOVERNMENT MONEY INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93
8/31/92*
----------- --------
- ----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 1.00 $ 1.00
$ 1.00
----------- --------
- ----------
Net investment income #............................ 0.01 0.03
0.03
Dividends from net investment income............... (0.01) (0.03)
(0.03)
----------- --------
- ----------
NET ASSET VALUE, end of period..................... $ 1.00 $ 1.00
$ 1.00
----------- --------
- ----------
----------- --------
- ----------
Total return++..................................... 1.35% 2.76%
2.72%
----------- --------
- ----------
----------- --------
- ----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $169,080 $84,034
$30,353
Ratio of operating expenses to average net
assets+........................................... 0.50%** 0.50%
0.49%**
Ratio of net investment income to average net
assets............................................ 2.72%** 2.71%
3.37%**
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratios before fees waived and/or
expenses
reimbursed by the Affiliated Agents for the six months ended February
28,
1994, the year ended August 31, 1993 and the period ended August 31,
1992
were 0.99%, 1.39% and 2.48%, respectively.
++ Total return represents aggregate total return for the period indicated.
# Net investment income before fees waived and/or expenses reimbursed by
the
Affiliated Agents for the six months ended February 28, 1994, the year
ended
August 31, 1993 and the period ended August 31, 1992 were $0.01, $0.02
and
$0.01, respectively.
</TABLE>
INTERMEDIATE FIXED INCOME INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93
8/31/92*
----------- ---------
- ----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 8.58 $ 8.25
$ 8.00
----------- ---------
- ----------
Income from investment operations:
Net investment income #............................ 0.22 0.51
0.34
Net realized and unrealized gain/(loss) on
investments....................................... (0.19) 0.33
0.25
----------- ---------
- ----------
Total from investment operations................... 0.03 0.84
0.59
Less Distributions:
Distributions from net investment income........... (0.24) (0.48)
(0.34)
Distributions from net realized capital gains...... (0.09) (0.03)
- --
----------- ---------
- ----------
Total Distributions................................ (0.33) (0.51)
(0.34)
----------- ---------
- ----------
NET ASSET VALUE, end of period..................... $ 8.28 $ 8.58
$ 8.25
----------- ---------
- ----------
----------- ---------
- ----------
Total return++..................................... 0.30% 10.59%
7.53%
----------- ---------
- ----------
----------- ---------
- ----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $203,394 $140,580
$58,545
Ratio of operating expenses to average net
assets+........................................... 0.80%** 0.80%
0.79%**
Ratio of net investment income to average net
assets............................................ 5.66%** 5.94%
6.00%**
Portfolio turnover rate............................ 33% 92%
169%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratios before fees waived by the
Affiliated
Agents for the year ended August 31, 1993 and the period ended August
31,
1992 were 0.88% and 1.30%, respectively.
++ Total return represents aggregate total return for the period indicated.
# Net investment income before fees waived by the Affiliated Agents for
the
year ended August 31, 1993 and the period ended August 31, 1992 were
$0.50
and $0.31, respectively.
</TABLE>
See Notes to Financial Statements.
12
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
FINANCIAL HIGHLIGHTS
TOTAL RETURN FIXED INCOME INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93
8/31/92*
---------- --------
- ----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 8.70 $ 8.26
$ 8.00
---------- --------
- ----------
Income from investment operations:
Net investment income #............................ 0.21 0.47
0.31
Net realized and unrealized gain/(loss) on
investments....................................... (0.26) 0.42
0.26
---------- --------
- ----------
Total from investment operations................... (0.05) 0.89
0.57
Less Distributions:
Distributions from net investment income........... (0.22) (0.45)
(0.31)
Distributions from net realized capital gains...... (0.07) --
- --
---------- --------
- ----------
Total Distributions................................ (0.29) (0.45)
(0.31)
---------- --------
- ----------
NET ASSET VALUE, end of period..................... $ 8.36 $ 8.70
$ 8.26
---------- --------
- ----------
---------- --------
- ----------
Total return++..................................... (0.63)% 11.08%
7.37%
---------- --------
- ----------
---------- --------
- ----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $95,761 $64,734
$34,986
Ratio of operating expenses to average net
assets+........................................... 0.80%** 0.80%
0.79%**
Ratio of net investment income to average net
assets............................................ 5.03%** 5.40%
5.69%**
Portfolio turnover rate............................ 29% 35%
4%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratios before fees waived and/or
expenses
reimbursed by the Affiliated Agents for the six months ended February
28,
1994, the year ended August 31, 1993 and the period ended August 31,
1992
were 0.92%, 1.09% and 1.91%, respectively.
++ Total return represents aggregate total return for the period indicated.
# Net investment income before fees waived and/or expenses reimbursed by
the
Affiliated Agents for the six months ended February 28, 1994, the year
ended
August 31, 1993 and the period ended August 31, 1992 were $0.20, $0.44
and
$0.25, respectively.
</TABLE>
MUNICIPAL BOND INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93
8/31/92*
---------- --------
- ----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 8.85 $ 8.25
$ 8.00
---------- --------
- ----------
Income from investment operations:
Net investment income #............................ 0.17 0.41
0.30
Net realized and unrealized gain/(loss) on
investments....................................... (0.21) 0.62
0.25
---------- --------
- ----------
Total from investment operations................... (0.04) 1.03
0.55
Less Distributions:
Distributions from net investment income........... (0.17) (0.41)
(0.30)
Distributions from net realized capital gains...... (0.08) (0.02)
- --
---------- --------
- ----------
Total Distributions................................ (0.25) (0.43)
(0.30)
---------- --------
- ----------
NET ASSET VALUE, end of period..................... $ 8.56 $ 8.85
$ 8.25
---------- --------
- ----------
---------- --------
- ----------
Total return++..................................... (0.21)% 12.94%
7.06%
---------- --------
- ----------
---------- --------
- ----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $64,762 $47,811
$21,795
Ratio of operating expenses to average net
assets+........................................... 0.80%** 0.80%
0.79%**
Ratio of net investment income to average net
assets............................................ 4.41%** 4.76%
4.71%**
Portfolio turnover rate............................ 25% 15%
76%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratios before fees waived and/or
expenses
reimbursed by the Affiliated Agents for the six months ended February
28,
1994, the year ended August 31, 1993 and the period ended August 31,
1992
were 0.89%, 1.02% and 1.66%, respectively.
++ Total return represents aggregate total return for the period indicated.
# Net investment income before fees waived and/or expenses reimbursed by
the
Affiliated Agents for the six months ended February 28, 1994, the year
ended
August 31, 1993 and the period ended August 31, 1992 were $0.17, $0.39
and
$0.24, respectively.
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
FINANCIAL HIGHLIGHTS
MORTGAGE BACKED INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93+++
8/31/92*
----------- --------
- ----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 8.21 $ 8.19
$ 8.00
----------- --------
- ----------
Income from investment operations:
Net investment income #............................ 0.25 0.53
0.40
Net realized and unrealized gain/(loss) on
investments....................................... (0.17) 0.00@
0.19
----------- --------
- ----------
Total from investment operations................... 0.08 0.53
0.59
Less Distributions:
Distributions from net investment income........... (0.25) (0.42)
(0.40)
Distributions in excess of net realized capital
gains............................................. -- (0.04)
- --
Distributions from capital......................... -- (0.05)
- --
----------- --------
- ----------
Total Distributions................................ (0.25) (0.51)
(0.40)
----------- --------
- ----------
NET ASSET VALUE, end of period..................... $ 8.04 $ 8.21
$ 8.19
----------- --------
- ----------
----------- --------
- ----------
Total return++..................................... 0.97% 6.68%
7.56%
----------- --------
- ----------
----------- --------
- ----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $113,021 $94,421
$35,694
Ratio of operating expenses to average net
assets+........................................... 0.80%** 0.80%
0.79%**
Ratio of net investment income to average net
assets............................................ 6.28%** 6.53%
6.55%**
Portfolio turnover rate............................ 35% 93%
35%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratios before fees waived and/or
expenses
reimbursed by the Affiliated Agents for the six months ended February
28,
1994, the year ended August 31, 1993 and the period ended August 31,
1992
were 1.03%, 1.13% and 1.66%, respectively.
++ Total return represents aggregate total return for the period indicated.
+++ Per share amounts have been calculated using the monthly average
share
method, which more appropriately presents the per share data for the
period
since the use of the undistributed method does not accord with results
of
operations.
# Net investment income before fees waived and/or expenses reimbursed by
the
Affiliated Agents for the six months ended February 28, 1994, the year
ended
August 31, 1993 and the period ended August 31, 1992 were $0.24, $0.51
and
$0.35, respectively.
@ Amount represents less than $0.01 per portfolio share.
</TABLE>
BALANCED INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED PERIOD
2/28/94 ENDED
(UNAUDITED) 8/31/93*
---------- ---------
<S> <C> <C>
NET ASSET VALUE, beginning of period............... $ 8.41 $ 8.00
---------- ---------
Income from investment operations:
Net investment income #............................ 0.09 0.09
Net realized and unrealized gain on investments.... 0.18 0.42
---------- ---------
Total from investment operations................... 0.27 0.51
Less Distributions:
Distributions from net investment income........... (0.08) (0.10)
Distributions from capital......................... -- (0.00)@
---------- ---------
Total Distributions................................ (0.08) (0.10)
---------- ---------
NET ASSET VALUE, end of period..................... $ 8.60 $ 8.41
---------- ---------
---------- ---------
Total return++..................................... 3.18% 6.35%
---------- ---------
---------- ---------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $13,244 $5,258
Ratio of operating expenses to average net
assets+........................................... 1.00%** 1.00%**
Ratio of net investment income to average net
assets............................................ 2.32%** 2.67%**
Portfolio turnover rate............................ 9% 10%
<FN>
- ------------------------
* The Portfolio commenced operations on February 16, 1993.
** Annualized.
+ Annualized operating expense ratio before fees waived and/or
expenses
reimbursed by the Affiliated Agents for the six months ended February
28,
1994 and the period ended August 31, 1993 were 1.91% and 5.55%,
respectively.
++ Total return represents aggregate total return for the period indicated.
# Net investment income/(loss) before fees waived and/or expenses reimbursed
by
the Affiliated Agents for the six months ended February 28, 1994 and
the
period ended August 31, 1993 were $0.06 and $(0.06).
@ Amount represents less than $0.01 per portfolio share.
</TABLE>
See Notes to Financial Statements.
14
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
FINANCIAL HIGHLIGHTS
LARGE CAPITALIZATION VALUE EQUITY INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93++
8/31/92*
----------- ---------
- -----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 9.35 $ 8.77
$ 8.00
----------- ---------
- -----------
Income from investment operations:
Net investment income.............................. 0.08 0.25
0.09
Net realized and unrealized gain/(loss) on
investments....................................... (0.09) 0.54
0.68
----------- ---------
- -----------
Total from investment operations................... (0.01) 0.79
0.77
Less Distributions:
Distributions from net investment income........... (0.15) (0.14)
- --
Distributions from net realized capital gains...... 0.00@ (0.07)
- --
----------- ---------
- -----------
Total Distributions................................ (0.15) (0.21)
0.00
----------- ---------
- -----------
NET ASSET VALUE, end of period..................... $ 9.19 $ 9.35
$ 8.77
----------- ---------
- -----------
----------- ---------
- -----------
Total return+...................................... (0.09)% 9.25%
9.63%
----------- ---------
- -----------
----------- ---------
- -----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $700,469 $562,507
$197,695
Ratio of operating expenses to average net
assets............................................ 0.91%** 0.95%
1.24%**
Ratio of net investment income to average net
assets............................................ 2.41%** 2.88%
3.24%**
Portfolio turnover rate............................ 41% 47%
12%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Total return represents aggregate total return for the period indicated.
++ Per share amounts have been calculated using the monthly average
share
method, which more appropriately presents the per share data for the
period
since the use of the undistributed method does not accord with results
of
operations.
@ Amount represents less than $0.01 per portfolio share.
</TABLE>
LARGE CAPITALIZATION GROWTH INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93
8/31/92*
----------- ----------
- ----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 9.76 $ 8.88
$ 8.00
----------- ----------
- ----------
Income from investment operations:
Net investment income/(loss) #..................... (0.01) 0.00@
0.01
Net realized and unrealized gain on investments.... 0.22 0.89
0.87
----------- ----------
- ----------
Total from investment operations................... 0.21 0.89
0.88
Less Distributions:
Distributions from net investment income........... -- (0.00)@
- --
Distributions in excess of net investment income... -- (0.01)
- --
Distributions from capital......................... -- (0.00)@
- --
----------- ----------
- ----------
Total Distributions................................ 0.00@ (0.01)
- --
----------- ----------
- ----------
NET ASSET VALUE, end of period..................... $ 9.97 $ 9.76
$ 8.88
----------- ----------
- ----------
----------- ----------
- ----------
Total return++..................................... 2.15% 10.00%
11.00%
----------- ----------
- ----------
----------- ----------
- ----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $373,959 $238,256
$85,401
Ratio of operating expenses to average net
assets+........................................... 1.02%** 1.12%
1.24%**
Ratio of net investment income/(loss) to average
net assets........................................ (0.29)%** (0.04)%
0.31%**
Portfolio turnover rate............................ 30% 47%
19%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratio before fees waived by the
Affiliated
Agents for the period ended August 31, 1992 was 1.42%.
++ Total return represents aggregate total return for the period indicated.
# Net investment income before fees waived by the Affiliated Agents for
the
period ended August 31, 1992 was $0.00.
@ Amount represents less than $0.01 per portfolio share.
</TABLE>
See Notes to Financial Statements.
15
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
FINANCIAL HIGHLIGHTS
SMALL CAPITALIZATION VALUE EQUITY INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93
8/31/92*
----------- --------
- ----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 9.94 $ 8.68
$ 8.00
----------- --------
- ----------
Income from investment operations:
Net investment income #............................ 0.03 0.06
0.03
Net realized and unrealized gain/(loss) on
investments....................................... (0.08) 1.31
0.65
----------- --------
- ----------
Total from investment operations................... (0.05) 1.37
0.68
Less Distributions:
Distributions from net investment income........... (0.07) (0.03)
- --
Distributions from net realized capital gains...... (0.52) (0.08)
- --
----------- --------
- ----------
Total Distributions................................ (0.59) (0.11)
0.00
----------- --------
- ----------
NET ASSET VALUE, end of period..................... $ 9.30 $ 9.94
$ 8.68
----------- --------
- ----------
----------- --------
- ----------
Total return++..................................... (0.41)% 15.74%
8.50%
----------- --------
- ----------
----------- --------
- ----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $275,475 $183,051
$93,458
Ratio of operating expenses to average net
assets+........................................... 1.06%** 1.11%
1.24%**
Ratio of net investment income to average net
assets............................................ 0.99%** 0.82%
0.99%**
Portfolio turnover rate............................ 37% 70%
20%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratio before fees waived by the
Affiliated
Agents for the period ended August 31, 1992 was 1.40%.
++ Total return represents aggregate total return for the period indicated.
# Net investment income before fees waived by the Affiliated Agents for
the
period ended August 31, 1992 was $0.02.
</TABLE>
SMALL CAPITALIZATION GROWTH INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93+++
8/31/92*
----------- ---------
- -----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 11.21 $ 7.99
$ 8.00
----------- ---------
- -----------
Income from investment operations:
Net investment loss #.............................. (0.04) (0.07)
(0.01)
Net realized and unrealized gain on investments.... 2.30 3.29
- --
----------- ---------
- -----------
Total from investment operations................... 2.26 3.22
(0.01)
Distributions from realized capital gains.......... (0.18) --
- --
----------- ---------
- -----------
NET ASSET VALUE, end of period..................... $ 13.29 $ 11.21
$ 7.99
----------- ---------
- -----------
----------- ---------
- -----------
Total return++..................................... 20.34% 40.30%
(0.13)%
----------- ---------
- -----------
----------- ---------
- -----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $146,191 $75,498
$22,145
Ratio of operating expenses to average net
assets+........................................... 1.19%** 1.25%
1.24%**
Ratio of net investment income/(loss) to average
net assets........................................ 0.82%** (0.72)%
(0.25)%**
Portfolio turnover rate............................ 43% 97%
35%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratios before fees waived and/or
expenses
reimbursed by the Affiliated Agents for the year ended August 31, 1993
and
the period ended August 31, 1992 were 1.49% and 2.61%, respectively.
++ Total return represents aggregate total return for the period indicated.
+++ Per share amounts have been calculated using the monthly average
share
method, which more appropriately presents the per share data for the
period
since the use of the undistributed method does not accord with results
of
operations.
# Net investment loss before fees waived and/or expenses reimbursed by
the
Affiliated Agents for the year ended August 31, 1993 and the period
ended
August 31, 1992 were $(0.09) and $(0.05), respectively.
</TABLE>
See Notes to Financial Statements.
16
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
FINANCIAL HIGHLIGHTS
INTERNATIONAL EQUITY INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THOUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93
8/31/92*
----------- ---------
- -----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 9.57 $ 7.76
$ 8.00
----------- ---------
- -----------
Income from investment operations:
Net investment income/(loss)#...................... (0.02) 0.05
0.03
Net realized and unrealized gain/(loss) on
investments....................................... 1.07 1.79
(0.27)
----------- ---------
- -----------
Total from investment operations................... 1.05 1.84
(0.24)
Less Distributions:
Distributions from net investment income........... (0.03) (0.03)
- --
Distributions from net realized capital gains...... (0.24) --
- --
----------- ---------
- -----------
Total Distributions................................ (0.27) (0.03)
- --
----------- ---------
- -----------
NET ASSET VALUE, end of period..................... $ 10.35 $ 9.57
$ 7.76
----------- ---------
- -----------
----------- ---------
- -----------
Total return++..................................... 11.26% 23.73%
(3.00)%
----------- ---------
- -----------
----------- ---------
- -----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $457,237 $270,302
$115,779
Ratio of operating expenses to average net
assets+........................................... 1.22%** 1.32%
1.50%**
Ratio of net investment income/(loss) to average
net assets........................................ (0.22)%** 0.61%
1.08%**
Portfolio turnover rate............................ 21% 46%
10%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratio before fees waived by the
Affiliated
Agents for the period ended August 31, 1992 was 1.52%.
++ Total return represents aggregate total return for the period indicated.
# Net investment income before fees waived by the Affiliated Agents for
the
period ended August 31, 1992 was $0.03.
</TABLE>
INTERNATIONAL FIXED INCOME INVESTMENTS
FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT
EACH PERIOD.
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR
PERIOD
2/28/94 ENDED
ENDED
(UNAUDITED) 8/31/93+++
8/31/92*
----------- ---------
- ----------
<S> <C> <C>
<C>
NET ASSET VALUE, beginning of period............... $ 8.86 $ 8.71
$ 8.00
----------- ---------
- ----------
Income from investment operations:
Net investment income #............................ 0.14 0.51
0.39
Net realized and unrealized gain/(loss) on
investments....................................... (0.14) 0.20
0.69
----------- ---------
- ----------
Total from investment operations................... 0.00 0.71
1.08
Less Distributions:
Distributions from net investment income........... (0.37) (0.55)
(0.37)
Distributions for net realized capital gains....... (0.12) (0.01)
- --
----------- ---------
- ----------
Total Distributions................................ (0.49) (0.56)
(0.37)
----------- ---------
- ----------
NET ASSET VALUE, end of period..................... $ 8.37 $ 8.86
$ 8.71
----------- ---------
- ----------
----------- ---------
- ----------
Total return++..................................... 0.62% 8.67%
13.93%
----------- ---------
- ----------
----------- ---------
- ----------
Ratios to average net assets/Supplemental Data:
NET ASSETS, end of period (in 000's)............... $121,751 $100,362
$39,182
Ratio of operating expenses to average net
assets+........................................... 0.95%** 0.95%
0.95%**
Ratio of net investment income to average net
assets............................................ 5.56%** 6.03%
6.34%**
Portfolio turnover rate............................ 160% 251%
106%
<FN>
- ------------------------
* The Portfolio commenced operations on November 18, 1991.
** Annualized.
+ Annualized operating expense ratios before fees waived and/or
expenses
reimbursed by the Affiliated Agents for the six months ended February
28,
1994, the year ended August 31, 1993 and the period ended August 31,
1992
were 1.04%, 1.22% and 1.87%, respectively.
++ Total return represents aggregate total return for the period indicated.
+++ Per share amounts have been calculated using the monthly average
share
method, which more appropriately presents the per share data for the
period
since the use of the undistributed method does not accord with results
of
operations.
# Net investment income before fees waived and/or expenses reimbursed by
the
Affiliated Agents for the six months ended February 28, 1994, the year
ended
August 31, 1993 and the period ended August 31, 1992 were $0.14, $0.49
and
$0.33, respectively.
</TABLE>
See Notes to Financial Statements.
17
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
GOVERNMENT MONEY INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE DISCOUNT MATURITY
VALUE
VALUE YIELD DATE
(NOTE 1)
---------- -------- -------------------------------------------------------
- ------------------------- ------------
<C> <C> <S>
<C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 69.2%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) -- 19.2%
$5,000,000 3.230 %
3/3/94........................................................................
.. $ 4,999,102
1,000,000 3.120
3/10/94.......................................................................
.. 999,220
1,000,000 3.110
3/14/94.......................................................................
.. 998,877
5,000,000 3.250
3/21/94.......................................................................
.. 4,990,972
2,700,000 3.140
3/28/94.......................................................................
.. 2,693,642
2,000,000 3.120
4/1/94........................................................................
.. 1,994,626
1,000,000 3.070
4/25/94.......................................................................
.. 995,310
1,800,000 3.220
5/3/94........................................................................
.. 1,789,857
300,000 3.160
6/3/94........................................................................
.. 297,524
1,000,000 3.180
6/6/94........................................................................
.. 991,431
5,000,000 3.460
7/6/94........................................................................
.. 4,938,970
2,800,000 3.370
7/15/94.......................................................................
.. 2,763,295
2,500,000 3.530
7/20/94.......................................................................
.. 2,465,435
1,500,000 3.250
11/10/94......................................................................
.. 1,557,212
- ------------
32,475,473
- ------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) -- 18.4%
2,500,000 3.180
3/15/94.......................................................................
.. 2,496,908
4,100,000 3.280
3/22/94.......................................................................
.. 4,092,155
14,500,000 3.010
3/31/94.......................................................................
.. 14,463,629
2,200,000 3.010
4/11/94.......................................................................
.. 2,192,408
6,000,000 3.030
4/11/94.......................................................................
.. 5,977,108
290,000 3.080
4/13/94.......................................................................
.. 288,933
130,000 3.100
4/13/94.......................................................................
.. 99,629
480,000 3.110
4/13/94.......................................................................
.. 428,404
180,000 3.350
4/13/94.......................................................................
.. 179,331
1,000,000 3.350
5/3/94........................................................................
.. 994,138
- ------------
31,212,643
- ------------
TENNESSEE VALLEY AUTHORITY (TVA) -- 15.5%
3,700,000 3.000
3/2/94........................................................................
.. 3,699,692
4,600,000 3.000
3/15/94.......................................................................
.. 4,594,633
7,400,000 3.320
3/22/94.......................................................................
.. 7,385,669
5,000,000 3.280
3/23/94.......................................................................
.. 4,989,978
600,000 3.310
3/29/94.......................................................................
.. 598,455
3,500,000 3.350
4/4/94........................................................................
.. 3,488,926
1,400,000 3.480
8/19/94.......................................................................
.. 1,399,790
- ------------
26,157,143
- ------------
FEDERAL HOME LOAN BANK (FHLB) -- 9.4%
3,000,000 3.050 %
3/4/94........................................................................
.. 2,999,238
1,640,000 3.060
3/7/94........................................................................
.. 1,639,164
</TABLE>
See Notes to Financial Statements.
18
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
GOVERNMENT MONEY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE DISCOUNT MATURITY
VALUE
VALUE YIELD DATE
(NOTE 1)
---------- -------- -------------------------------------------------------
- ------------------------- ------------
<C> <C> <S>
<C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (CONTINUED)
FEDERAL HOME LOAN BANK (FHLB) (CONTINUED)
$1,650,000 3.120 %
3/14/94.......................................................................
.. $ 1,648,141
5,000,000 3.250
3/18/94.......................................................................
.. 4,992,326
500,000 3.200
3/21/94.......................................................................
.. 499,111
160,000 3.400
6/24/94.......................................................................
.. 158,262
4,000,000 3.460
2/3/95........................................................................
.. 3,977,789
- ------------
15,914,031
- ------------
FEDERAL FARM CREDIT BANK (FFCB) -- 4.7%
3,055,000 3.110
3/2/94........................................................................
.. 3,054,736
2,000,000 3.190
3/16/94.......................................................................
.. 1,997,341
660,000 3.110
3/30/94.......................................................................
.. 658,347
300,000 3.200
4/1/94........................................................................
.. 299,174
260,000 3.160
4/27/94.......................................................................
.. 258,698
1,200,000 3.330
7/6/94........................................................................
.. 1,185,903
500,000 3.430
10/3/94.......................................................................
.. 500,047
- ------------
7,954,246
- ------------
FEDERAL AGRICULTURAL MORTGAGE ASSOCIATION (FAMA) -- 1.2%
2,000,000 3.220
4/19/94.......................................................................
.. 1,991,235
- ------------
STUDENT LOAN MARKETING ASSOCIATION (SLMA) -- 0.8%
1,300,000 3.620 +
6/30/94.......................................................................
.. 1,301,118
- ------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $117,005,889
)......................................................................
117,005,889
- ------------
U.S. TREASURY OBLIGATIONS -- 30.8%
U.S. TREASURY BILLS -- 25.8%
3,000,000 3.105
3/10/94.......................................................................
.. 2,997,671
1,600,000 3.050
4/7/94........................................................................
.. 1,594,985
600,000 3.060
4/7/94........................................................................
.. 598,113
375,000 3.140
4/21/94.......................................................................
.. 373,332
3,700,000 3.200
4/28/94.......................................................................
.. 3,680,926
1,500,000 2.960
5/5/94........................................................................
.. 1,491,983
1,900,000 3.080
5/5/94........................................................................
.. 1,889,432
550,000 3.090
5/5/94........................................................................
.. 546,929
1,500,000 3.220
5/5/94........................................................................
.. 1,491,278
1,200,000 3.245
6/2/94........................................................................
.. 1,189,941
2,600,000 3.250
6/2/94........................................................................
.. 2,578,171
750,000 3.120
6/23/94.......................................................................
.. 742,590
80,000 3.140
6/30/94.......................................................................
.. 79,158
245,000 3.150
6/30/94.......................................................................
.. 242,408
100,000 3.250
6/30/94.......................................................................
.. 98,910
</TABLE>
See Notes to Financial Statements.
19
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
GOVERNMENT MONEY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE DISCOUNT MATURITY
VALUE
VALUE YIELD DATE
(NOTE 1)
---------- -------- -------------------------------------------------------
- ------------------------- ------------
<C> <C> <S>
<C>
U.S. TREASURY OBLIGATIONS (CONTINUED)
U.S. TREASURY BILLS (CONTINUED)
$ 690,000 3.270 %
6/30/94.......................................................................
.. $ 682,418
1,100,000 3.135
7/28/94.......................................................................
.. 1,085,727
2,000,000 3.150
7/28/94.......................................................................
.. 1,973,925
500,000 3.240
7/28/94.......................................................................
.. 493,295
1,500,000 3.155
8/25/94.......................................................................
.. 1,478,732
500,000 3.165
8/25/94.......................................................................
.. 492,219
1,500,000 3.175
8/25/94.......................................................................
.. 1,475,584
2,000,000 3.220
8/25/94.......................................................................
.. 1,968,337
600,000 3.260
8/25/94.......................................................................
.. 590,383
2,400,000 3.420
8/25/94.......................................................................
.. 2,359,644
1,000,000 3.380
10/20/94......................................................................
.. 978,125
1,000,000 3.400
11/17/94......................................................................
.. 975,350
2,000,000 3.410
11/17/94......................................................................
.. 1,950,555
500,000 3.470
11/17/94......................................................................
.. 487,421
1,500,000 3.480
11/17/94......................................................................
.. 1,462,155
400,000 3.300
12/15/94......................................................................
.. 389,403
1,160,000 3.420
12/15/94......................................................................
.. 1,128,152
970,000 3.440
12/15/94......................................................................
.. 943,214
670,000 3.460
12/15/94......................................................................
.. 650,390
2,100,000 3.350
1/12/95.......................................................................
.. 2,038,050
480,000 3.630
1/12/95.......................................................................
.. 464,656
- ------------
43,663,562
- ------------
</TABLE>
<TABLE>
<C> <C> <S>
<C>
U.S. TREASURY NOTES -- 4.1%
1,220,000 5.000 +
6/30/94.......................................................................
.. 1,225,929
2,875,000 4.250 +
10/31/94......................................................................
.. 2,890,670
750,000 4.250 +
1/31/95.......................................................................
.. 753,571
2,000,000 3.875 +
2/28/95.......................................................................
.. 1,996,228
- ------------
6,866,398
- ------------
U.S. GOVERNMENT-BACKED TRUSTS -- 0.9%
1,000,000 3.560 + Class T - 1,
5/15/94............................................................
993,246
500,000 3.750 + Class P - 2,
11/15/94...........................................................
487,825
- ------------
1,481,071
- ------------
TOTAL U.S. TREASURY OBLIGATIONS (Cost
$52,011,031)........................................ 52,011,031
- ------------
TOTAL INVESTMENTS (Cost
$169,016,920*)..........................................................100.0%
169,016,920
OTHER ASSETS AND LIABILITIES
(NET).............................................................. 0.0%
62,823
- ------ ------------
NET
ASSETS........................................................................
..............100.0% $169,079,743
- ------ ------------
- ------ ------------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
+ Coupon rate
</TABLE>
See Notes to Financial Statements.
20
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
GOVERNMENT MONEY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments
- --
Government Money Investments' securities held at February 28, 1994 by
investment
classification. The pie is broken in pieces representing investments in
the
following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
U.S. Government and Agency Obligations................. 69.2%
Net Other Assets and Liabilities....................... 0.0%
U.S. Treasury Obligations.............................. 30.8%
</TABLE>
See Notes to Financial Statements.
21
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERMEDIATE FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
CORPORATE BONDS AND NOTES -- 51.4%
BANKING -- 20.7%
$1,500,000 Bank of Boston Corporation, Floating Rate Notes,
6.000% due
9/20/00............................................................ $
1,500,000
1,250,000 Barclays Bank PLC, Medium Term Note,
3.200% due
1/12/95............................................................
1,250,000
1,000,000 Barnett Banks, Florida, Inc., Subordinated Debenture Capital
Notes,
8.500% due
3/1/99.............................................................
1,098,750
1,600,000 Bayerische Landesbank,
4.750% due
10/12/95...........................................................
1,573,280
Chase Manhattan Corporation:
Senior Medium Term Notes:
750,000 7.160% due
5/15/95..............................................................
768,750
250,000 7.750% due
11/1/99..............................................................
268,750
Subordinated Notes:
1,500,000 8.000% due
6/15/99..............................................................
1,621,875
1,500,000 5.250% due
12/5/09..............................................................
1,492,500
Chemical Bank Corporation, Subordinated Capital Notes:
1,000,000 6.625% due
1/15/98..............................................................
1,028,750
250,000 10.125% due
11/1/00.............................................................
300,000
500,000 8.625% due
5/1/02...............................................................
560,000
3,000,000 Chrysler Financial Corporation, Notes,
5.375% due
10/15/98...........................................................
2,917,500
Citicorp, Subordinated Capital Notes:
1,000,000 8.750% due
11/1/96..............................................................
1,080,000
50,000 9.000% due
4/15/99..............................................................
56,000
1,500,000 9.750% due
8/1/99...............................................................
1,738,125
375,000 9.500% due
2/1/02...............................................................
437,345
Continental Bank Corporation, Subordinated Notes:
425,000 9.875% due
6/15/96..............................................................
468,563
1,500,000 7.875% due
2/1/03...............................................................
1,595,625
1,000,000 First Chicago Corporation, Subordinated Capital Notes,
9.875% due
7/1/99.............................................................
1,162,500
1,500,000 First Interstate Bancorp, Subordinated Capital Notes,
8.625% due
4/1/99.............................................................
1,648,125
1,050,000 First National Bank of Boston, Subordinated Capital Notes,
8.375% due
12/15/02...........................................................
1,151,063
First Union Corporation, Subordinated Notes:
1,500,000 8.125% due
12/15/96.............................................................
1,605,000
1,500,000 9.450% due
6/15/99..............................................................
1,710,000
General Motors Acceptance Corporation,
Notes:
500,000 8.700% due
4/11/96..............................................................
533,125
500,000 8.625% due
7/15/96..............................................................
535,000
100,000 7.375% due
1/15/97..............................................................
104,500
</TABLE>
See Notes to Financial Statements.
22
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERMEDIATE FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
CORPORATE BONDS AND NOTES (CONTINUED)
BANKING (CONTINUED)
General Motors Acceptance Corporation (Continued):
Notes, (Continued):
$ 450,000 7.750% due
4/15/97.............................................................. $
475,313
Medium Term Notes,
1,550,000 6.900% due
02/19/1998...........................................................
1,594,562
International Leasing Finance Corporation, Notes:
800,000 7.900% due
12/1/96..............................................................
849,000
600,000 5.500% due
4/1/97...............................................................
599,250
1,075,000 5.750% due
3/15/98..............................................................
1,070,970
725,000 Manufacturers Hanover Corporation, Subordinated Capital Notes,
8.500% due
2/15/99............................................................
796,594
250,000 Morgan Stanley Group Inc., Notes,
7.320% due
1/15/97............................................................
262,500
1,000,000 NationsBank Corporation, Notes,
6.625% due
1/15/98............................................................
1,032,500
1,500,000 Orion Capital Corporation, Senior Notes,
9.125% due
9/1/02.............................................................
1,638,750
2,000,000 Rabobank Nederland, Senior Notes,
3.100% due
1/24/95............................................................
1,936,600
825,000 Westinghouse Credit Corporation, Notes,
8.750% due
6/3/96.............................................................
868,313
Westpac Banking, Subordinated Debentures:
1,900,000 9.125% due
8/15/01..............................................................
2,177,875
625,000 7.875% due
10/15/02.............................................................
671,875
- ------------
42,179,228
- ------------
FINANCIAL SERVICES -- 7.8%
1,400,000 Dean Witter, Notes,
6.000% due
3/1/98.............................................................
1,408,750
1,500,000 Fleet Financial Group Inc., Notes,
5.625% due
7/1/95.............................................................
1,516,875
2,000,000 Goldman Sachs Group L.P., Notes,
6.375% due
6/15/00+...........................................................
1,992,500
500,000 Greyhound Financial Corporation, Senior Notes,
Zero Coupon due
6/15/94....................................................... 490,000
1,000,000 Hartford National Corporation, Senior Notes,
9.850% due
6/1/99.............................................................
1,111,250
1,150,000 Household Financial Corporation, Notes,
6.000% due
6/30/98............................................................
1,138,500
1,500,000 Integra Financial Corporation, Subordinated Notes,
6.500% due
4/15/00............................................................
1,485,000
1,325,000 Markel Corporation, Notes,
7.250% due
11/1/03............................................................
1,253,781
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERMEDIATE FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
CORPORATE BONDS AND NOTES (CONTINUED)
FINANCIAL SERVICES (CONTINUED)
Salomon Inc.:
Medium Term Notes:
$1,000,000 8.875% due
4/1/97............................................................... $
1,087,500
525,000 6.360% due
4/1/98...............................................................
530,250
700,000 6.125% due
5/15/98..............................................................
700,000
1,550,000 Notes,
5.790% due
11/26/97...........................................................
1,526,487
1,600,000 Wells Fargo & Company, Notes,
6.125% due
11/1/03............................................................
1,518,000
- ------------
15,758,893
- ------------
COMMUNICATIONS -- 7.0%
News America Holdings, Inc., Senior Notes:
1,100,000 9.125% due
10/15/99.............................................................
1,219,625
450,000 7.500% due
3/1/00...............................................................
462,938
2,500,000 8.625% due
2/1/03...............................................................
2,687,500
Telecommunications, Inc., Senior Notes:
400,000 7.375% due
2/15/00..............................................................
419,500
3,000,000 9.250% due
4/15/02..............................................................
3,457,500
Time Warner, Inc., Notes:
3,700,000 7.450% due
2/1/98...............................................................
3,806,375
1,500,000 7.950% due
2/1/00...............................................................
1,575,000
600,000 9.625% due
5/1/02...............................................................
696,750
- ------------
14,325,188
- ------------
OIL -- 2.4%
Occidental Petroleum Corporation, Notes:
400,000 5.850% due
11/9/98..............................................................
392,000
1,600,000 5.950% due
11/9/98..............................................................
1,574,000
1,000,000 Union Oil Company, California, Notes,
9.625% due
5/15/95............................................................
1,055,000
1,235,000 Union Planters Corporation, Notes,
6.250% due
11/1/03............................................................
1,218,020
600,000 USX-Marathon Group, Notes,
8.875% due
9/15/97............................................................
643,500
- ------------
4,882,520
- ------------
POWER AND LIGHTING -- 2.0%
2,000,000 FPL Group Capital Inc., Debenture,
6.500% due
7/1/97.............................................................
2,040,000
1,000,000 System Energy Resources, First Mortgage Bonds,
6.000% due
4/1/98.............................................................
996,250
1,000,000 Texas Utilities Electric Company, First Mortgage Bonds,
5.875% due
4/1/98.............................................................
1,007,500
- ------------
4,043,750
- ------------
</TABLE>
See Notes to Financial Statements.
24
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERMEDIATE FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
CORPORATE BONDS AND NOTES (CONTINUED)
PAPER -- 1.9%
Georgia-Pacific Corporation, Debentures,
Credit Sensitive Notes:
$1,950,000 9.850% due
6/15/97.............................................................. $
2,135,250
1,500,000 9.950% due
6/15/02..............................................................
1,728,750
- ------------
3,864,000
- ------------
TOBACCO AND FOOD -- 1.9%
RJR Nabisco, Inc.:
1,650,000 Notes,
8.000% due
1/15/00............................................................
1,619,063
2,000,000 Senior Notes,
10.500% due
4/15/98...........................................................
2,200,000
- ------------
3,819,063
- ------------
INDUSTRIAL -- 1.4%
1,250,000 Noranda Forest Inc., Notes,
7.500% due
7/15/03............................................................
1,239,063
1,525,000 Twin Pak Inc., Guaranteed Note,
6.375% due
6/15/00............................................................
1,528,813
- ------------
2,767,876
- ------------
RETAIL -- 1.0%
2,000,000 Sears Roebuck & Company, Medium Term Notes,
7.040% due
4/3/95.............................................................
2,050,000
- ------------
HEALTH CARE -- 0.8%
1,675,000 Columbia Healthcare Corporation,
6.125% due
12/15/00.........................................................
1,633,125
- ------------
IMAGING -- 0.8%
1,500,000 Eastman Kodak Company, Notes,
7.250% due
7/1/99.............................................................
1,569,375
- ------------
GAS -- 0.7%
1,400,000 Valero Energy Corporation, Medium Term Notes,
6.830% due
4/14/95............................................................
1,424,500
- ------------
OTHER -- 3.0%
1,750,000 Republic of Columbia,
7.250% due
2/23/04............................................................
1,708,438
2,000,000 Scherer R.P. International Corporation,
6.750% due
2/1/04.............................................................
1,992,500
2,675,000 Svenska Cellulosa Aktiebokoeg,
6.750% due
12/15/03+..........................................................
2,591,406
- ------------
6,292,344
- ------------
TOTAL CORPORATE BONDS AND NOTES (Cost
$104,421,536)............................. 104,609,862
- ------------
</TABLE>
See Notes to Financial Statements.
25
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERMEDIATE FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
MORTGAGE-BACKED SECURITIES -- 32.7%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 24 POOLS -- 16.2%
$1,500,000 Non-interest bearing until 11/22/96, 7.940% due
11/22/01........................ $ 1,237,005
975,000 5.500% due
7/25/03..............................................................
953,784
3,401,693 6.500% due
1/1/09...............................................................
3,405,946
1,000,000 6.500% due
3/1/09...............................................................
1,001,250
769,487 7.000% due
10/1/22..............................................................
770,448
162,938 7.500% due
10/1/22..............................................................
167,316
583,998 7.500% due
11/1/22..............................................................
599,691
727,162 7.000% due
1/1/23...............................................................
728,071
897,033 7.500% due
2/1/23...............................................................
921,136
1,121,132 7.000% due
4/1/23...............................................................
1,122,533
691,745 7.500% due
5/1/23...............................................................
710,332
983,047 7.000% due
7/1/23...............................................................
984,276
2,958,568 7.000% due
10/1/23..............................................................
2,962,266
6,917,611 7.000% due
12/1/23..............................................................
6,926,257
3,050,000 Commitment to purchase, 7.500% due
4/1/24....................................... 3,131,968
3,401,193 FNMA Dwarf, 6.500% due
5/1/08................................................... 3,405,444
2,450,000 FNMA Strips, Zero Coupon due
10/10/01........................................... 2,128,266
650,000 FNMA Strips, Zero Coupon due
12/20/01........................................... 555,718
1,400,000 FNMA Strips, Zero Coupon due
3/9/02............................................. 1,173,676
- ------------
32,885,383
- ------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 30 POOLS -- 14.9%
1,311,728 7.000% due
6/15/08..............................................................
1,349,030
203,626 7.000% due
9/15/08..............................................................
209,416
599,955 7.000% due
10/15/08.............................................................
617,012
1,118,316 7.000% due
11/15/08.............................................................
1,150,110
2,574,000 6.500% due
2/15/09..............................................................
2,591,691
469,500 7.000% due
2/15/09..............................................................
482,851
698,086 7.500% due
10/15/22.............................................................
717,284
940,512 7.000% due
12/15/22.............................................................
942,562
997,437 7.500% due
1/15/23..............................................................
1,024,867
528,138 7.500% due
4/15/23..............................................................
542,662
1,934,739 7.500% due
5/15/23..............................................................
1,987,944
1,972,514 7.500% due
7/15/23..............................................................
2,026,758
1,932,958 7.500% due
8/15/23..............................................................
1,986,115
2,010,736 7.000% due
9/15/23..............................................................
2,015,120
1,303,983 7.000% due
10/15/23.............................................................
1,306,826
1,637,551 7.500% due
12/15/23.............................................................
1,672,308
1,000,000 Commitment to purchase, 7.000% due
3/15/09...................................... 1,028,437
1,950,000 Commitment to purchase, 5.000% due
3/1/24....................................... 1,967,634
2,900,000 Commitment to purchase, 9.500% due
3/15/24...................................... 3,133,812
2,000,000 Commitment to purchase, 5.000% due
3/22/24...................................... 2,087,500
</TABLE>
See Notes to Financial Statements.
26
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERMEDIATE FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
MORTGAGE-BACKED SECURITIES (CONTINUED)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (CONTINUED)
GNMA II:
$1,000,925 5.500% due
10/20/23............................................................. $
1,027,820
412,306 5.500% due
12/20/23.............................................................
424,418
- ------------
30,292,177
- ------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) 4 POOLS -- 0.9%
300,000 5.500% due
8/15/03..............................................................
294,051
745,655 3.940% due
5/15/08..............................................................
745,655
694,745 3.860% due
12/15/08.............................................................
694,745
99,974 6.770% due
4/15/22..............................................................
89,476
- ------------
1,823,927
- ------------
COLLATERALIZED MORTGAGE OBLIGATION (CMO) -- 0.7%
U.S. Department of Veteran Affairs:
850,000 6.500% due
2/15/07..............................................................
861,985
500,000 7.750% due
9/15/10..............................................................
509,200
- ------------
1,371,185
- ------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost
$66,748,228)............................. 66,372,672
- ------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 14.3%
U.S. TREASURY NOTES -- 13.1%
1,250,000 6.500% due
11/30/96.............................................................
1,299,062
1,380,000 4.750% due
2/15/97..............................................................
1,369,471
1,000,000 6.375% due
6/30/97..............................................................
1,037,580
325,000 5.500% due
7/31/97..............................................................
328,500
1,000,000 5.500% due
9/30/97..............................................................
1,008,660
250,000 5.750% due
10/31/97.............................................................
253,932
3,440,000 6.000% due
11/30/97.............................................................
3,520,496
100,000 6.000% due
12/31/97.............................................................
102,321
7,375,000 5.625% due
1/31/98..............................................................
7,445,357
5,325,000 5.125% due
2/28/98..............................................................
5,278,619
1,000,000 5.125% due
4/30/98..............................................................
988,680
400,000 5.250% due
7/31/98..............................................................
396,256
3,175,000 4.750% due
8/31/98..............................................................
3,079,940
600,000 6.000% due
10/15/99.............................................................
607,638
- ------------
26,716,512
- ------------
U.S. GOVERNMENT AGENCIES -- 1.2%
Government Trust Certificate,
Resolution Trust Corporation:
128,147 8.465% due
3/25/20..............................................................
138,559
417,880 6.770% due
3/25/22..............................................................
421,536
503,681 7.500% due
8/25/23..............................................................
508,403
186,030 8.800% due
8/25/23..............................................................
206,028
875,000 7.250% due
10/25/23.............................................................
891,406
87,891 9.000% due
9/25/28..............................................................
98,878
</TABLE>
See Notes to Financial Statements.
27
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERMEDIATE FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (CONTINUED)
U.S. GOVERNMENT AGENCIES (CONTINUED)
Government Trust Certificate,
Resolution Trust Corporation (Continued):
$ 77,524 7.750% due
7/25/30.............................................................. $
86,823
77,303 8.625% due
7/25/30..............................................................
86,386
- ------------
2,438,019
- ------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost
$29,526,940)..........................................................
29,154,531
- ------------
COMMERCIAL PAPER -- 1.1% (Cost $2,269,000)
2,269,000 Ford Motor Credit Corporation,
3.400% due
3/1/94.............................................................
2,269,000
- ------------
PREFERRED STOCK -- 0.5% (Cost $990,000)
20,000 NationsBank
Corporation.........................................................
1,007,500
- ------------
TOTAL INVESTMENTS (Cost
$203,955,704*)................................................100.0%
203,413,565
OTHER ASSETS AND LIABILITIES
(NET).................................................... (0.0) (19,859)
- ------ ------------
NET
ASSET.........................................................................
....100.0% $203,393,706
- ------ ------------
- ------ ------------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
+ Security exempt from registration under Rule 144A of the Securities Act of
1933. These may be resold in transactions exempt from registration to
qualified institutional buyers.
</TABLE>
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments
- --
Intermediate Fixed Income Investments' securities held at February 28, 1994
by
investment classification. The pie is broken in pieces representing
investments
in the following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Corporate Bonds and Notes.............................. 51.4%
Preferred Stock, Commercial Paper and Net Other Assets
and Liabilities....................................... 1.6%
U.S. Government and Agency Obligations................. 14.3%
Mortgage-Backed Securities............................. 32.7%
</TABLE>
See Notes to Financial Statements.
28
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
TOTAL RETURN FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- -----------
<C> <S>
<C>
U.S. TREASURY OBLIGATIONS -- 41.0%
U.S. TREASURY NOTES -- 21.5%
$1,500,000 4.250% due
12/31/95............................................................. $
1,490,520
1,500,000 4.625% due
2/29/96..............................................................
1,498,995
750,000 7.000% due
9/30/96..............................................................
788,805
1,000,000 6.250% due
1/31/97..............................................................
1,033,190
3,000,000 5.125% due
3/31/98..............................................................
2,971,020
1,000,000 4.750% due
9/30/98..............................................................
969,930
1,000,000 7.125% due
10/15/98.............................................................
1,064,590
2,000,000 4.750% due
10/31/98.............................................................
1,935,640
1,000,000 5.125% due
11/30/98.............................................................
981,960
1,000,000 7.000% due
4/15/99..............................................................
1,059,670
4,400,000 5.500% due
4/15/00..............................................................
4,339,104
2,250,000 7.500% due
11/15/01.............................................................
2,451,128
- -----------
20,584,552
- -----------
U.S. TREASURY BONDS -- 16.6%
3,500,000 9.375% due
2/15/06..............................................................
4,380,775
2,250,000 10.375% due
11/15/12............................................................
3,017,812
8,150,000 7.125% due
2/15/23..............................................................
8,514,794
- -----------
15,913,381
- -----------
OTHER -- 2.9%
3,000,000 Treasury Links
6.000% due
8/15/09............................................................
2,786,250
- -----------
TOTAL U.S. TREASURY OBLIGATIONS (Cost
$38,936,184).............................. 39,284,183
- -----------
MORTGAGE-BACKED SECURITIES -- 23.1%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 19 POOLS -- 13.2%
3,971,800 6.000% due 12/1/08 -
11/1/13.................................................... 3,898,240
7,751,233 7.000% due 2/1/07 -
11/1/07..................................................... 7,913,466
807,311 8.000% due 11/1/06 -
8/1/07..................................................... 843,640
- -----------
12,655,346
- -----------
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) 20 POOLS -- 7.7%
4,904,745 Gold 6.000% due 4/1/07 -
12/1/07................................................ 4,802,040
1,917,757 Gold 7.000% due 4/1/07 -
12/1/07................................................ 1,960,906
584,015 Gold 8.000% due 7/1/02 -
12/1/06................................................ 605,960
- -----------
7,368,906
- -----------
COLLATERALIZED MORTGAGE OBLIGATION (CMO) -- 2.2%
2,153,351 Bear Stearns Mortgage, Variable rate, 5.438% due
1/25/23........................ 2,121,051
- -----------
TOTAL MORTGAGE-BACKED SECURITIES (Cost
$22,072,209)............................. 22,145,303
- -----------
</TABLE>
See Notes to Financial Statements.
29
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
TOTAL RETURN FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- -----------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 10.7%
<C> <S>
<C>
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) -- 6.1%
$1,800,000 Variable rate, 3.909% due
2/10/97............................................... $ 1,800,000
1,500,000 5.740% due
12/23/98.............................................................
1,493,055
1,600,000 6.615% due
3/3/04...............................................................
1,600,000
1,000,000 6.630% due
1/12/09..............................................................
976,830
- -----------
5,869,885
- -----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) -- 3.1%
2,000,000 4.550% due
4/8/96...............................................................
2,000,160
1,000,000 6.400% due
1/13/04..............................................................
980,600
- -----------
2,980,760
- -----------
FEDERAL FARM CREDIT BANK (FFCB) -- 1.5%
1,400,000 4.440% due
4/28/98..............................................................
1,391,796
- -----------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost
$10,308,844)............................................................
10,242,441
- -----------
CORPORATE BONDS AND NOTES -- 21.4%
BANKING AND FINANCE -- 12.0%
1,500,000 Aon Corporation, Note,
6.300% due
1/15/04............................................................
1,462,500
2,000,000 Associates Corporation N.A., Sr. Notes,
6.000% due
6/15/00............................................................
1,982,500
1,500,000 Massachusetts Mutual Life Insurance Company, Note,
7.625% due
11/15/23...........................................................
1,502,064
1,500,000 NBD Bank N.A., Subordinated Notes,
6.250% due
8/15/03............................................................
1,468,125
1,850,000 Republic NY Corporation, Subordinated Note,
5.875% due
10/15/08...........................................................
1,681,188
2,000,000 Toronto Dominion Bank, Subordinated Note,
6.500% due
8/15/08............................................................
1,907,500
1,500,000 Westdeutsche LB Bank, Debenture,
6.750% due
6/15/05............................................................
1,496,250
- -----------
11,500,127
- -----------
UTILITIES -- 6.8%
1,000,000 Bell Canada, Debenture,
7.750% due
4/1/06.............................................................
1,090,000
2,100,000 Duke Power Company, First Refunding Mortgage,
7.000% due
9/1/05.............................................................
2,173,500
1,750,000 Pacific Bell, Note,
7.000% due
7/15/04............................................................
1,798,125
1,500,000 Southern New England Telephone, Medium Term Note,
6.125% due
12/15/03...........................................................
1,456,875
- -----------
6,518,500
- -----------
</TABLE>
See Notes to Financial Statements.
30
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
TOTAL RETURN FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- -----------
CORPORATE BONDS AND NOTES (CONTINUED)
<C> <S>
<C>
OTHER -- 2.6%
$2,500,000 Ontario (Province of) Canada, Note,
6.125% due
6/28/00............................................................ $
2,481,250
- -----------
TOTAL CORPORATE BONDS AND NOTES (Cost
$20,679,388).............................. 20,499,877
- -----------
REPURCHASE AGREEMENT -- 3.2% (Cost $3,002,000)
3,002,000 Agreement with Union Bank of Switzerland, 3.300% dated 2/28/94 to
be repurchased
at $3,002,275 on 3/1/94, collateralized by $2,858,000 U.S
Treasury Notes,
7.875% due
7/15/96............................................................
3,002,000
- -----------
TOTAL INVESTMENTS (Cost
$94,998,625*)................................................. 99.4%
95,173,804
OTHER ASSETS AND LIABILITIES
(NET)..................................................... 0.6 586,985
- ------ ----------
NET
ASSETS........................................................................
....100.0% $95,760,789
- ------ ----------
- ------ ----------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
</TABLE>
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments --
Total
Return Fixed Income Investments' securities held at February 28, 1994
by
investment classification. The pie is broken in pieces representing
investments
in the following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Corporate Bonds and Notes.............................. 21.4%
U.S. Government and Agency Obligations................. 10.7%
Mortgage-Backed Securities............................. 23.1%
Repurchase Agreement and Net Other Assets and
Liabilities........................................... 3.8%
U.S. Treasury Obligations.............................. 41.0%
</TABLE>
See Notes to Financial Statements.
31
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
MUNICIPAL BOND INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- -----------
<C> <S>
<C>
MUNICIPAL BONDS AND NOTES -- 92.6%
ALABAMA -- 1.5%
$1,000,000 Birmingham, Alabama, Resource Recovery Improvement Revenue,
Public Improvement
Revenue, Series B,
5.625% due
4/1/18............................................................. $
995,000
- -----------
ARIZONA -- 5.5%
Salt River Project, Arizona, Agriculture Improvement and Power
District,
1,200,000 Series B,
5.250% due
1/1/13.............................................................
1,146,000
Series C:
1,500,000 5.000% due
1/1/16...............................................................
1,374,375
1,000,000 6.000% due
1/1/16...............................................................
1,025,000
- -----------
3,545,375
- -----------
COLORADO -- 3.7%
Colorado Springs, Colorado, Utilities Revenue Bonds, Series A:
500,000 6.500% due
11/15/15.............................................................
557,500
2,000,000 5.125% due
11/15/18.............................................................
1,862,500
- -----------
2,420,000
- -----------
CONNECTICUT -- 2.1%
325,000 Connecticut State, Clean Water Fund, Sewer Improvement Revenue,
6.000% due
10/1/12............................................................
350,187
1,000,000 Connecticut State, Special Tax Obligation, Series A,
5.400% due
9/1/10.............................................................
995,000
- -----------
1,345,187
- -----------
FLORIDA -- 10.3%
1,000,000 Jacksonville, Florida, Electric Authority Revenue, Series 8,
5.500% due
10/1/13............................................................
977,500
Orlando, Florida, Utilities Commission, Water and Electricity
Revenue:
2,000,000 5.000% due
10/1/14..............................................................
1,845,000
1,500,000 5.125% due
10/1/19..............................................................
1,376,250
1,000,000 Orlando, Florida, Utilities Revenue, Series A,
6.000% due
10/1/20............................................................
1,020,000
450,000 Palm Beach County, Florida, Airport Revenue Bonds,
6.375% due
10/1/14............................................................
478,125
1,000,000 St. Petersburg, Florida, Public Utilities Revenue, Water and
Sewer Revenue,
5.600% due
10/1/15............................................................
990,000
- -----------
6,686,875
- -----------
GEORGIA -- 1.9%
1,250,000 De Kalb County, Georgia, Revenue Refunding,
5.250% due
1/1/20.............................................................
1,196,875
- -----------
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
MUNICIPAL BOND INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- -----------
<C> <S>
<C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
ILLINOIS -- 7.7%
$1,200,000 Bryant, Illinois, Pollution Control Revenue,
5.900% due
8/1/23............................................................. $
1,213,500
1,000,000 Du Page County, Illinois, Jail Revenue Refunding,
5.500% due
1/1/13.............................................................
998,750
1,000,000 Illinois State, Public Improvement Revenue,
5.700% due
4/1/18.............................................................
1,001,250
1,000,000 Illinois State Sales Tax Revenue,
Series Q,
6.000% due
6/15/09............................................................
1,047,500
700,000 Illinois State Toll Highway Authority, Series A,
6.300% due
1/1/12.............................................................
753,375
- -----------
5,014,375
- -----------
INDIANA -- 1.7%
1,200,000 Indiana State Office Commission, Health, Hospital and Nursing
Home Revenue,
Series C,
5.250% due
7/1/15++...........................................................
1,123,500
- -----------
IOWA -- 2.4%
1,650,000 Cedar Rapids, Iowa, Revenue Bonds, Series A,
5.125%, due
6/1/13............................................................
1,544,813
- -----------
KANSAS -- 1.3%
800,000 Kansas State Water Development, Pollution Control Revenue, Series
I,
6.000% due
11/1/14............................................................
838,000
- -----------
MAINE -- 1.6%
Maine Municipal Bond Bank, Revenue Bonds, Series B:
500,000 6.750% due
11/1/12..............................................................
546,875
500,000 5.850% due
11/1/20..............................................................
504,375
- -----------
1,051,250
- -----------
MARYLAND -- 2.2%
1,500,000 Harford County, Maryland, Public Improvement Revenue,
4.900% due
12/1/11............................................................
1,408,125
- -----------
MICHIGAN -- 7.5%
Michigan Municipal Bond Authority, Sewer Revenue,
1,000,000 5.000% due
11/1/09..............................................................
947,500
750,000 Series A,
6.550% due
10/1/13............................................................
808,125
1,500,000 Michigan State Building Authority, Revenue Bonds, Series I,
5.300% due
10/1/16............................................................
1,425,000
1,700,000 Michigan State Public Power Agency, Revenue Bonds, Series A,
5.250% due
1/1/18.............................................................
1,587,375
- -----------
4,768,000
- -----------
</TABLE>
See Notes to Financial Statements.
33
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
MUNICIPAL BOND INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- -----------
<C> <S>
<C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
NEBRASKA -- 6.6%
Nebraska Public Power District Revenue:
$1,000,000 6.125% due
1/1/15............................................................... $
1,038,750
2,000,000 5.000% due
1/1/17...............................................................
1,825,000
1,500,000 Omaha, Nebraska, Power District Revenue, Series D,
5.300% due
2/1/16.............................................................
1,426,875
- -----------
4,290,625
- -----------
NEVADA -- 1.5%
1,000,000 Washoe County, Nevada, Reno Bowling, Recreational Revenue, Series
A,
5.700% due
7/1/17.............................................................
993,750
- -----------
NEW YORK -- 0.3%
200,000 New York State Environmental Facilities Corporation, Series D,
6.550% due
3/15/09............................................................
221,750
- -----------
OKLAHOMA -- 3.8%
700,000 Oklahoma City, Oklahoma, Water Utilities Trust, Water and Sewer
Revenue, Series
A,
6.400% due
7/1/17.............................................................
745,500
1,000,000 Oklahoma State Municipal Power Authority, Revenue Bonds,
5.150% due
1/1/14.............................................................
965,000
700,000 Tulsa, Oklahoma, Sewer and Water Improvement Revenue,
6.250% due
6/1/14.............................................................
740,250
- -----------
2,450,750
- -----------
TENNESSEE -- 2.2%
1,500,000 Shelby County, Tennessee, Revenue Bonds, Series A,
5.125% due
3/1/17.............................................................
1,406,250
- -----------
TEXAS -- 11.1%
250,000 Dallas, Texas, Waterworks and Sewer Systems Revenue,
5.400% due
4/1/10.............................................................
247,500
1,500,000 Harris County, Texas, Municipal Utilities District Revenue,
5.250% due
3/1/10.............................................................
1,466,250
500,000 Harris County, Texas, Revenue Reference Toll Tax, Series B,
6.500% due
8/15/15............................................................
545,625
2,000,000 Houston, Texas, Public Improvement Revenue Refunding,
5.000% due
3/1/12.............................................................
1,877,500
1,000,000 San Antonio, Texas, Certificates of Obligation,
5.750% due
8/1/13.............................................................
1,008,750
500,000 San Antonio, Texas, Water Revenue, Series B,
6.500% due
5/15/10............................................................
536,250
1,600,000 Texas State, Water Development Board Revenue,
5.250% due
7/15/15............................................................
1,532,000
- -----------
7,213,875
- -----------
</TABLE>
See Notes to Financial Statements.
34
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
MUNICIPAL BOND INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- -----------
<C> <S>
<C>
MUNICIPAL BONDS AND NOTES (CONTINUED)
UTAH -- 2.9%
Intermountain Power Agency, Utah, Revenue Refunding, Series A:
$ 500,000 5.500% due
7/1/13............................................................... $
482,500
1,000,000 5.500% due
7/1/20...............................................................
952,500
400,000 Utah State Revenue Revolving Fund, Recapitalization,
6.200% due
4/1/03.............................................................
430,500
- -----------
1,865,500
- -----------
VIRGINIA -- 7.3%
400,000 Richmond, Virginia, General Obligation Bond, Series A,
6.250% due
1/15/21............................................................
422,000
2,000,000 Roanoke, Virginia, Public Improvement Revenue,
5.250% due
8/1/19.............................................................
1,902,500
500,000 Virginia State Public Building Authority, Series C,
5.750% due
8/1/12.............................................................
508,750
1,475,000 Virginia State Transportation Board Revenue,
5.250% due
5/15/19............................................................
1,384,656
500,000 Virginia State Water Resource Authority, Series A,
6.450% due
4/1/13.............................................................
533,750
- -----------
4,751,656
- -----------
WASHINGTON -- 4.4%
500,000 Seattle, Washington, Municipal Light and Power Revenue,
5.750% due
8/1/17.............................................................
500,625
300,000 Seattle, Washington, Reference Revenue, Limited Tax,
6.500% due
3/1/17.............................................................
322,125
1,000,000 Snohomish County, Washington, Public Utilities Revenue,
6.000% due
1/1/13.............................................................
1,026,250
1,000,000 Tacoma, Washington, Water Revenue Refunding,
5.500% due
12/1/13............................................................
990,000
- -----------
2,839,000
- -----------
WISCONSIN -- 3.1%
1,000,000 Wisconsin State, Clean Water Revenue, Series 1,
5.300% due
6/1/12.............................................................
962,500
975,000 Wisconsin State, Transportation Revenue, Series B,
5.750% due
7/1/12.............................................................
1,034,719
- -----------
1,997,219
- -----------
TOTAL MUNICIPAL BONDS AND NOTES (Cost
$60,176,820).............................. 59,967,750
- -----------
</TABLE>
See Notes to Financial Statements.
35
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
MUNICIPAL BOND INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- -----------
<C> <S>
<C>
SHORT-TERM MUNICIPAL BONDS AND NOTES -- 7.6%
ALASKA -- 2.5%
$1,640,000 Anchorage, Alaska, Higher Education Unit, (Alaska Pacific
University),
2.400% due
6/1/12+............................................................ $
1,640,000
- -----------
ARIZONA -- 0.3%
200,000 Maricopa County, Arizona, Industrial Development Agency,
Hospital Revenue, Series B,
2.300% due
12/1/08+...........................................................
200,000
- -----------
CALIFORNIA -- 0.9%
200,000 California State, Pollution Control Revenue,
2.200%, due
10/1/06+..........................................................
200,000
400,000 Irvine Ranch, California, Water District Revenue,
2.250% due
8/1/16+............................................................
400,000
- -----------
600,000
- -----------
ILLINOIS -- 0.6%
400,000 Illinois Health Facility Authority Hospital Revenue,
2.300% due
12/1/16+...........................................................
400,000
- -----------
LOUISIANA -- 0.9%
East Baton Rouge Parish, Louisiana, Pollution Control Revenue:
100,000 2.200% due
6/1/98+..............................................................
100,000
500,000 2.200% due
6/1/11+..............................................................
500,000
- -----------
600,000
- -----------
MISSISSIPPI -- 0.2%
100,000 Jackson County, Mississippi, Pollution Control Revenue,
2.200% due
12/1/16+...........................................................
100,000
- -----------
MISSOURI -- 0.5%
300,000 Perry County, Missouri, Pollution Control Revenue,
2.250% due
3/1/02+............................................................
300,000
- -----------
MONTANA -- 0.3%
200,000 Butte, Montana, (Bow Company), Pollution Control Revenue,
2.500% due
9/1/01+............................................................
200,000
- -----------
TEXAS -- 0.3%
200,000 Lubbock, Texas, Health Revenue,
2.300% due
7/1/13+............................................................
200,000
- -----------
WYOMING -- 1.1%
Green River, Wyoming, Pollution Control Revenue:
200,000 2.200% due
6/1/99+..............................................................
200,000
500,000 2.200% due
6/1/07+..............................................................
500,000
- -----------
700,000
- -----------
TOTAL SHORT-TERM MUNICIPAL BONDS AND NOTES
(Cost
$4,940,000).............................................................
4,940,000
- -----------
</TABLE>
See Notes to Financial Statements.
36
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
MUNICIPAL BOND INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
- -----------
<C> <S>
<C>
TOTAL INVESTMENTS (Cost
$65,116,820*).................................................100.2%
$64,907,750
OTHER ASSETS AND LIABILITIES
(NET).................................................... (0.2) (146,084)
- ------ ----------
NET
ASSETS........................................................................
....100.0% $64,761,666
- ------ ----------
- ------ ----------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
+ Variable rate daily demand notes are payable upon not more than one
business
day's notice.
++ When-issued security (Note 1).
</TABLE>
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments
- --
Municipal Bond Investments' securities held at February 28, 1994 by
investment
classification. The pie is broken in pieces representing investments in
the
following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Colorado............................................... 3.7%
Oklahoma............................................... 3.8%
Washington............................................. 4.4%
Arizona................................................ 5.8%
Nebraska............................................... 6.6%
Virginia............................................... 7.3%
Michigan............................................... 7.5%
Illinois............................................... 8.3%
Florida................................................ 10.3%
Texas.................................................. 11.4%
Other States and Net Other Assets
and Liabilities....................................... 30.9%
</TABLE>
See Notes to Financial Statements.
37
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
MORTGAGE BACKED INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
-----------
- ------------
<C> <S>
<C>
MORTGAGE-BACKED SECURITIES -- 95.2%
FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) 61 POOLS -- 44.5%
$ 4,030,868 5.500% due
11/1/08.............................................................. $
3,845,690
5,625,080 6.000% due 9/1/08 -
12/1/23..................................................... 5,376,692
14,623,722 6.500% due 2/15/09 -
2/1/24..................................................... 14,318,629
4,895,871 7.000% due
1/1/24...............................................................
4,901,991
3,962,758 7.500% due 12/1/06 -
9/1/23..................................................... 4,078,593
3,618,691 8.000% due 9/1/02 -
8/1/17...................................................... 3,782,497
3,280,183 8.500% due 6/1/06 -
6/1/17...................................................... 3,467,367
6,551,368 9.000% due 9/1/97 -
4/1/09...................................................... 6,979,722
1,666,256 9.500% due 4/1/01 -
11/1/21..................................................... 1,795,584
268,369 10.000% due
1/1/21..............................................................
295,877
674,062 10.750% due
10/1/12.............................................................
756,419
635,450 12.500% due
6/1/15..............................................................
737,714
- ------------
50,336,775
- ------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) 67 POOLS -- 37.2%
204,829 7.500% due
7/1/16...............................................................
209,372
3,620,078 8.000% due 8/1/08 -
12/1/18..................................................... 3,752,428
8,632,436 8.500% due 12/1/06 -
7/1/17..................................................... 9,053,267
3,260,842 9.000% due 12/1/04 -
7/1/11..................................................... 3,449,761
2,197,806 9.500% due 10/1/08 -
8/1/16..................................................... 2,361,257
840,293 10.000% due 4/1/09 -
10/1/09.................................................... 918,020
513,510 10.250% due 11/1/03 -
6/1/16.................................................... 565,020
1,316,318 11.000% due 4/1/00 -
10/1/00.................................................... 1,424,494
222,465 11.500% due
10/1/15.............................................................
251,802
2,847,304 Gold 5.500% due 10/1/97 -
7/1/98................................................ 2,841,951
2,940,033 Gold 6.500% due 1/1/97 -
7/1/23................................................. 2,918,060
906,365 Gold 7.000% due
11/1/22......................................................... 909,193
4,979,652 Gold 7.500% due 12/1/12 -
8/1/23................................................ 5,118,854
4,043,138 Gold 8.000% due 2/1/07 -
9/1/17................................................. 4,215,539
2,504,190 Gold 8.500% due 9/1/08 -
2/1/18................................................. 2,641,920
347,941 Gold 9.500% due
4/1/10.......................................................... 376,211
1,000,000 Multiclass Mortgage, 7.000% due
11/15/19........................................ 1,000,156
- ------------
42,007,305
- ------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) 25 POOLS -- 13.5%
GNMA I - 6.6%
1,932,395 7.000% due 4/23/23 -
8/15/23.................................................... 1,936,607
788,712 8.000% due
9/15/22..............................................................
827,895
564,973 8.500% due
5/15/17..............................................................
599,397
1,536,192 9.000% due 10/15/16 -
10/15/21.................................................. 1,642,758
1,851,719 9.500% due 12/15/16 -
6/15/20................................................... 2,001,005
414,938 11.000% due 7/15/10 -
9/15/10................................................... 472,639
- ------------
7,480,301
- ------------
</TABLE>
See Notes to Financial Statements.
38
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
MORTGAGE BACKED INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
-----------
- ------------
<C> <S>
<C>
MORTGAGE-BACKED SECURITIES (CONTINUED)
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (GNMA) (CONTINUED)
GNMA II - 6.9%
$ 1,840,234 7.500% due
11/20/16............................................................. $
1,830,444
3,258,375 8.500% due 6/20/16 -
1/20/17.................................................... 3,428,397
2,349,907 9.000% due 10/15/16 -
11/20/21.................................................. 2,480,609
- ------------
7,739,450
- ------------
TOTAL MORTGAGE-BACKED SECURITIES (Cost
$108,010,125)............................ 107,563,831
- ------------
REPURCHASE AGREEMENT -- 6.3% (Cost $7,117,000)
7,117,000 Agreement with Union Bank of Switzerland, 3.300% dated 2/28/94,
to be
repurchased at $7,117,652 on 3/1/94, collateralized by
$4,850,000 U.S. Treasury
Note, 7.875% due
7/15/96....................................................... 7,117,000
- ------------
TOTAL INVESTMENTS (Cost
$115,127,125*).................................................101.5%
114,680,831
OTHER ASSETS AND LIABILITIES
(NET)..................................................... (1.5)
(1,659,445)
- ------ ------------
NET
ASSETS........................................................................
.....100.0% $113,021,386
- ------ ------------
- ------ ------------
<FN>
- ---------------------
* Aggregate cost for Federal tax purposes.
</TABLE>
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments --
Mortgage
Backed Investments' securities held at February 28, 1994 by
investment
classification. The pie is broken in pieces representing investments in
the
following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
GNMA................................................... 13.5%
FHLMC.................................................. 37.2%
FNMA................................................... 44.5%
Repurchase Agreement and Net
Other Assets and Liabilities.......................... 4.8%
</TABLE>
See Notes to Financial Statements.
39
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
BALANCED INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
-------
- ----------
<C> <S>
<C>
COMMON STOCKS -- 66.2%
CAPITAL GOODS -- 9.3%
2,000 AMP
Inc.........................................................................
$ 127,000
3,100 Emerson Electric
Company........................................................ 199,563
2,400 General Electric
Company........................................................ 252,900
2,900 Hewlett Packard
Company......................................................... 262,812
3,600 International Business Machines
Corporation..................................... 190,350
1,900 Minnesota Mining & Manufacturing
Company........................................ 200,212
- ----------
1,232,837
- ----------
BANKING AND FINANCIAL SERVICES -- 9.0%
4,000 American General
Corporation.................................................... 107,500
3,000 Barnett Banks,
Inc.............................................................. 125,250
5,000 Chase Manhattan
Corporation..................................................... 163,125
5,800 Comerica,
Inc...................................................................
157,325
7,000 Compass Bancshares,
Inc......................................................... 164,500
5,400 CoreStates Financial
Corporation................................................ 139,725
3,500 First America Bank
Corporation.................................................. 128,187
9,700 Pinnacle West Capital
Corporation+.............................................. 207,337
- ----------
1,192,949
- ----------
CONSUMER PRODUCTS -- 6.7%
7,000 Avery Dennison
Corporation...................................................... 218,750
3,900 Philip Morris Companies
Inc..................................................... 218,400
5,100 Pitney Bowes
Inc................................................................
223,762
1,500 Procter & Gamble
Company........................................................ 86,062
5,500 UST
Inc.........................................................................
146,438
- ----------
893,412
- ----------
OIL AND GAS -- 6.5%
4,300 Repsol S.A., Sponsored
ADR...................................................... 140,825
1,700 Royal Dutch Petroleum
Company................................................... 181,687
5,500 Societe National Elf Aquitaine, Sponsored
ADR................................... 196,625
2,400 Texaco
Inc......................................................................
155,700
6,800 Total S.A., Sponsored
ADR....................................................... 190,400
- ----------
865,237
- ----------
DIVERSIFIED -- 5.4%
8,000 Hanson Plc
ADR..................................................................
167,000
3,800 Nestle S.A., Sponsored
ADR...................................................... 169,100
4,200 Tenneco,
Inc....................................................................
234,150
1,250 Unilever
N.V....................................................................
141,094
- ----------
711,344
- ----------
HEALTH CARE -- 4.8%
4,000 Abbott
Laboratories.............................................................
110,500
</TABLE>
See Notes to Financial Statements.
40
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
BALANCED INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
-------
- ----------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
HEALTH CARE (CONTINUED)
2,000 Akzo N.V., Sponsored
ADR........................................................ $ 111,250
1,900 Schering-Plough
Corporation..................................................... 113,525
5,300 SmithKline Beecham Plc,
ADR..................................................... 146,413
2,500 Warner Lambert
Company.......................................................... 159,063
- ----------
640,751
- ----------
CONSUMER SERVICES -- 4.8%
9,600 Browning Ferris Industries,
Inc................................................. 273,600
3,900 CPC International
Inc........................................................... 191,100
6,500 Ryder Systems,
Inc.............................................................. 174,688
- ----------
639,388
- ----------
INSURANCE -- 3.7%
3,400 Aon
Corporation.................................................................
169,575
5,000 Capital Holdings
Corporation.................................................... 172,500
2,000 Chubb
Corporation...............................................................
147,250
- ----------
489,325
- ----------
RETAIL -- 3.3%
5,300 May Department Stores
Company................................................... 231,875
3,875 V. F.
Corporation...............................................................
197,625
- ----------
429,500
- ----------
AEROSPACE -- 2.9%
4,000 Martin Marietta
Corporation..................................................... 184,000
3,300 Raytheon
Company................................................................
204,600
- ----------
388,600
- ----------
CONSUMER DURABLES -- 2.9%
4,200 General Motors
Corporation...................................................... 244,650
3,000 Goodyear Tire & Rubber
Company.................................................. 135,750
- ----------
380,400
- ----------
COMMUNICATIONS -- 2.4%
4,600 Telefonos de Mexico, Sponsored
ADR.............................................. 308,775
- ----------
PUBLISHING -- 1.9%
2,000 Donnelley (R.R.) & Sons
Company................................................. 62,000
3,500 Gannett
Company.................................................................
189,000
- ----------
251,000
- ----------
ELECTRONICS -- 1.5%
5,100 Loral
Corporation...............................................................
196,987
- ----------
TRANSPORTATION -- 1.1%
4,000 Illinois Central Corporation, Series
A.......................................... 143,000
- ----------
TOTAL COMMON STOCKS (Cost
$8,191,233)........................................... 8,763,505
- ----------
</TABLE>
See Notes to Financial Statements.
41
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
BALANCED INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
--------
- -----------
<C> <S>
<C>
U.S. TREASURY NOTES -- 17.5%
U.S. Treasury Notes:
$300,000 5.125% due
2/28/98.............................................................. $
297,387
150,000 5.125% due
3/31/98..............................................................
148,551
200,000 5.125% due
4/30/98..............................................................
197,736
300,000 5.375% due
5/31/98..............................................................
299,127
200,000 5.250% due
7/31/98..............................................................
198,128
50,000 4.750% due
8/31/98..............................................................
48,503
100,000 4.750% due
9/30/98..............................................................
96,993
150,000 5.125% due
12/31/98.............................................................
147,194
100,000 6.375% due
1/15/99..............................................................
103,342
300,000 7.000% due
4/15/99..............................................................
317,901
250,000 6.375% due
7/15/99..............................................................
257,925
150,000 6.000% due
10/15/99.............................................................
151,910
50,000 6.375% due
1/15/00..............................................................
51,459
- -----------
TOTAL U.S. TREASURY NOTES (Cost
$2,368,992)..................................... 2,316,156
- -----------
CORPORATE BONDS AND NOTES -- 9.4%
100,000 Associates Corporation North America, Note, 5.250% due
9/1/98................... 97,625
100,000 Dean Witter Discover & Company, Note, 6.000% due
3/1/98......................... 100,625
100,000 Florida Power and Light Company, First Mortgage, 5.375% due
4/1/00.............. 96,500
150,000 Ford Motor Credit Corporation, Note, 5.625% due
12/15/98........................ 147,375
100,000 NationsBank Corporation, Sr. Note, 5.375% due
4/15/00........................... 95,750
100,000 Norwest Corporation, Bond, 5.750% due
3/15/98................................... 99,500
200,000 Ontario Province, CDA, 5.700% due
10/1/97....................................... 200,750
100,000 Philip Morris Companies, Inc., Note, 7.375% due
2/15/99......................... 105,625
200,000 Salomon Brothers, Series C, Medium Term Note, 6.750% due
2/15/00................ 201,250
100,000 Wal-Mart Stores, Inc., Sr. Note, 5.500% due
3/1/98.............................. 99,375
- -----------
TOTAL CORPORATE BONDS AND NOTES (Cost
$1,306,430)............................... 1,244,375
- -----------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS -- 2.6%
Federal Home Loan Bank, Consolidated Bond:
100,000 5.250% due
5/26/98..............................................................
98,575
100,000 5.010% due
7/29/98..............................................................
97,450
Federal Home Loan Mortgage Association, Debenture:
50,000 5.300% due
3/11/98..............................................................
49,464
100,000 5.900% due
4/21/00..............................................................
99,685
- -----------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost
$353,727)................................................................
345,174
- -----------
COMMERCIAL PAPER -- 2.5% (Cost $330,000)
330,000 General Electric Capital Corporation, 3.375% due
3/1/94......................... 330,000
- -----------
TOTAL INVESTMENTS (Cost
$12,550,382*)............................................... 98.2%
12,999,210
OTHER ASSETS AND LIABILITIES
(NET)................................................... 1.8 244,589
- ------ -----------
NET
ASSETS........................................................................
..100.0% $13,243,799
- ------ -----------
- ------ -----------
<FN>
- ---------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
</TABLE>
See Notes to Financial Statements.
42
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
BALANCED INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments --
Balanced
Investments' securities held at February 28, 1994 by investment
classification.
The pie is broken in pieces representing investments in the
following
percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Corporate Bonds and Notes.............................. 9.4%
U.S. Treasury Notes.................................... 17.5%
Diversified............................................ 5.4%
U.S. Government and Agency
Obligations........................................... 2.6%
Health Care............................................ 4.8%
Consumer Products...................................... 6.7%
Consumer Services...................................... 4.8%
Commercial Paper and Net Other
Assets and Liabilities................................ 4.3%
Other Common Stocks.................................... 19.7%
Oil and Gas............................................ 6.5%
Banking and Financial Services......................... 9.0%
Capital Goods.......................................... 9.3%
</TABLE>
See Notes to Financial Statements.
43
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
LARGE CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
-----------
- ------------
<C> <S>
<C>
COMMON STOCKS -- 84.2%
BANKING AND FINANCIAL SERVICES -- 12.7%
789,700 American Express
Company........................................................ $ 23,098,725
355,300 BankAmerica
Corporation.........................................................
15,322,313
110,600 Bank of New York,
Inc........................................................... 6,013,875
367,800 Chase Manhattan
Corporation..................................................... 11,999,475
141,700 Household International,
Inc.................................................... 4,906,362
250,500 National City
Corporation.......................................................
6,356,437
259,100 NationsBank
Corporation.........................................................
12,663,513
167,300 Transamerica
Corporation........................................................
8,490,475
- ------------
88,851,175
- ------------
ENERGY -- 12.6%
297,700 Amoco
Corporation...............................................................
15,554,825
176,600 Atlantic Richfield
Company...................................................... 17,792,450
83,000 Chevron
Corporation.............................................................
7,200,250
396,300 Exxon
Corporation...............................................................
25,709,963
39,200 MAPCO,
Inc......................................................................
2,396,100
180,300 Royal Dutch Petroleum
Company................................................... 19,269,563
- ------------
87,923,151
- ------------
RETAIL -- 7.0%
148,800 Circuit City Stores
Inc......................................................... 2,827,200
120,600 Giant Food, Inc., Class
A....................................................... 3,135,600
795,300 K Mart
Corporation..............................................................
15,110,700
157,200 Limited
Inc.....................................................................
3,065,400
84,800 Loews
Corporation...............................................................
8,056,000
142,300 May Department Stores
Company................................................... 6,225,625
235,700 Sears Roebuck &
Company......................................................... 10,753,813
- ------------
49,174,338
- ------------
CHEMICALS -- 6.0%
133,700 American Cyanamid
Company....................................................... 5,932,937
144,800 Dow Chemical
Company............................................................
9,212,900
331,800 duPont E.I. de Nemours &
Company................................................ 17,709,825
93,350 Eastman Chemical
Company........................................................ 3,897,362
201,100 Praxair
Inc.....................................................................
3,770,625
57,200 Rhone Poulenc, S.A.,
ADR........................................................ 1,379,950
- ------------
41,903,599
- ------------
UTILITIES -- 5.9%
184,600 British Gas,
ADS................................................................
8,999,250
174,300 Entergy
Corporation.............................................................
5,795,475
103,000 General Public Utilites
Corporation............................................. 2,948,375
331,800
PacifiCorp....................................................................
.. 5,972,400
</TABLE>
See Notes to Financial Statements.
44
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
LARGE CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
-----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
UTILITIES (CONTINUED)
101,300 Pennsylvania Power & Light
Company.............................................. $ 2,418,537
144,000 Southern
Company................................................................
5,922,000
614,600 TransCanada Pipeline
Ltd........................................................ 9,065,350
- ------------
41,121,387
- ------------
DIVERSIFIED -- 5.8%
1,269,200 Hanson Plc,
ADR.................................................................
26,494,550
83,500 ITT
Corporation.................................................................
8,057,750
88,300 Norfolk Southern
Corporation.................................................... 6,092,700
- ------------
40,645,000
- ------------
CAPITAL GOODS -- 5.7%
153,300 Boeing
Company..................................................................
7,166,775
73,400 E-Systems
Inc...................................................................
3,339,700
263,400 Honeywell
Inc...................................................................
8,823,900
100 Raytheon
Company................................................................
6,200
305,500 United Technologies
Corporation................................................. 20,774,000
- ------------
40,110,575
- ------------
HEALTH CARE -- 5.2%
61,400 American Home Products
Corporation.............................................. 3,676,325
646,100 Baxter International
Inc........................................................ 14,698,775
137,600 Johnson & Johnson
Company....................................................... 5,521,200
194,000 Warner Lambert
Company..........................................................
12,343,250
- ------------
36,239,550
- ------------
CONSUMER PRODUCTS -- 4.9%
242,100 ConAgra
Inc.....................................................................
6,627,487
178,700 H.J. Heinz
Company..............................................................
5,830,088
144,400 Tambrands
Inc...................................................................
6,173,100
117,300 Unilever N.V.,
ADR..............................................................
13,240,237
52,000 VF
Corporation..................................................................
2,652,000
- ------------
34,522,912
- ------------
BASIC INDUSTRIES -- 4.4%
86,500 Aluminum Company of
America..................................................... 6,509,125
185,600 Phelps Dodge
Corporation........................................................
10,416,800
145,600 Vulcan Materials
Company........................................................ 7,116,200
282,000 WMX Technologies
Inc............................................................ 6,944,250
- ------------
30,986,375
- ------------
PAPER AND PAPER PRODUCTS -- 3.6%
157,300 International Paper
Company..................................................... 11,423,913
140,500 Mead
Corporation................................................................
6,182,000
</TABLE>
See Notes to Financial Statements.
45
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
LARGE CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
-----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
PAPER AND PAPER PRODUCTS (CONTINUED)
229,100 Westvaco
Corporation............................................................ $
7,903,950
- ------------
25,509,863
- ------------
TELECOMMUNICATIONS -- 3.5%
195,000 BCE
Inc.........................................................................
7,044,375
464,100 NYNEX
Corporation...............................................................
17,287,725
- ------------
24,332,100
- ------------
INSURANCE -- 3.0%
103,200 ACE
Limited.....................................................................
2,850,900
66,500 AMBAC,
Inc......................................................................
2,776,375
109,200 Capital
Holding.................................................................
3,767,400
78,800 Chubb
Corporation...............................................................
5,801,650
251,400 Old Republic
International......................................................
5,970,750
- ------------
21,167,075
- ------------
IMAGING -- 2.1%
336,600 Eastman Kodak
Company...........................................................
14,473,800
- ------------
CONSUMER DURABLES -- 1.8%
282,300 Goodyear Tire & Rubber
Company.................................................. 12,774,075
- ------------
TOTAL COMMON STOCKS (Cost
$579,806,442)......................................... 589,734,975
- ------------
<CAPTION>
FACE
VALUE
-----------
<C> <S>
<C>
COMMERCIAL PAPER -- 10.0%
$35,000,000 Ford Motor Credit Corporation, 3.400% due
3/1/94................................ 35,000,000
35,000,000 General Electric Capital Corporation, 3.375% due
3/1/94......................... 35,000,000
- ------------
TOTAL COMMERCIAL PAPER (Cost
$70,000,000)....................................... 70,000,000
- ------------
REPURCHASE AGREEMENT -- 6.7% (Cost $47,355,000)
47,355,000 Agreement with Morgan Stanley and Company, 3.400% dated 2/28/94
to be
repurchased at $47,359,472 on 3/1/94, collateralized by:
$1,580,149 U.S.
Treasury Notes, 8.000% due 7/15/94,
$ 22,622,136 U.S. Treasury Notes, 6.000% due 11/15/94,
$ 23,157,187 U.S. Treasury Notes, 4.250% due
1/31/95........................... 47,355,000
- ------------
TOTAL INVESTMENTS (Cost
$697,161,442*).................................................100.9%
707,089,975
OTHER ASSETS AND LIABILITIES
(NET)..................................................... (0.9)
(6,620,810)
- ------ ------------
NET
ASSETS........................................................................
.....100.0% $700,469,165
- ------ ------------
- ------ ------------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
</TABLE>
See Notes to Financial Statements.
46
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
LARGE CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments --
Large
Capitalization Value Equity Investments' securities held at February 28, 1994
by
investment classification. The pie is broken in pieces representing
investments
in the following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Consumer Products...................................... 4.9%
Health Care............................................ 5.2%
Capital Goods.......................................... 5.7%
Diversified............................................ 5.8%
Utilities.............................................. 5.9%
Chemicals.............................................. 6.0%
Retail................................................. 7.0%
Commercial Paper, Repurchase
Agreement and Net Other Assets
and Liabilities....................................... 15.8%
Other Common Stocks.................................... 18.4%
Energy................................................. 12.6%
Banking and Financial Services......................... 12.7%
</TABLE>
See Notes to Financial Statements.
47
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
LARGE CAPITALIZATION GROWTH INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS -- 95.4%
TECHNOLOGY -- 16.1%
53,000 Cabletron Systems,
Inc.+........................................................ $ 6,625,000
115,700 Intel
Corporation...............................................................
7,954,375
139,950 Microsoft
Corporation+..........................................................
11,545,875
196,000 Motorola,
Inc...................................................................
20,016,500
114,500 Newbridge Networks
Corporation+................................................. 6,540,813
225,600 Oracle Systems
Corporation+.....................................................
7,444,800
- ------------
60,127,363
- ------------
FINANCIAL SERVICES -- 14.0%
64,000 Federal Home Loan Mortgage
Corporation.......................................... 3,568,000
143,000 Federal National Mortgage
Association........................................... 11,886,875
190,000 First Data
Corporation..........................................................
8,336,250
66,200 First Financial Management
Corporation.......................................... 3,897,525
80,000 First USA,
Inc..................................................................
2,490,000
70,000 Franklin Resources,
Inc......................................................... 3,106,250
112,200 MBIA,
Inc.......................................................................
6,788,100
254,250 MBNA
Corporation................................................................
5,275,688
157,800 Mercury Financial
Company....................................................... 2,406,450
145,000 MGIC Investment
Corporation..................................................... 4,495,000
- ------------
52,250,138
- ------------
CONSUMER SERVICES -- 13.8%
428,000 Enron
Corporation...............................................................
13,642,500
367,500 Home Depot,
Inc.................................................................
15,297,187
199,000 Office Depot,
Inc.+.............................................................
7,363,000
542,000 Wal-Mart Stores,
Inc............................................................ 15,379,250
- ------------
51,681,937
- ------------
LEISURE -- 10.3%
89,700 Carnival Cruise Lines, Inc., Class
A............................................ 4,339,237
202,505 Circus Circus Enterprises,
Inc.+................................................ 7,543,125
302,000 International Game
Technology................................................... 8,569,250
162,400 Mirage Resorts,
Inc............................................................. 4,100,600
283,000 Promus Company,
Inc.+........................................................... 13,937,750
- ------------
38,489,962
- ------------
HEALTH CARE -- 8.3%
25,200 Columbia/ HCA Healthcare
Corporation............................................ 1,083,600
92,900 Humana,
Inc.....................................................................
1,811,550
155,700 United Healthcare
Corporation................................................... 12,864,712
242,900 U.S. Healthcare,
Inc............................................................ 15,424,150
- ------------
31,184,012
- ------------
</TABLE>
See Notes to Financial Statements.
48
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
LARGE CAPITALIZATION GROWTH INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
BROADCASTING -- 6.1%
5,500 Capital Cities ABC
Inc.......................................................... $ 3,658,188
152,000 Ericsson (LM) Tel B,
ADR........................................................ 6,688,000
52,800 General Instrument Corporation,
New+............................................ 2,501,400
98,000 Grupo Televisa SA de CV,
ADR+................................................... 6,308,750
61,100 Hong Kong Telecom Ltd., Sponsored
ADR........................................... 3,475,063
- ------------
22,631,401
- ------------
BASIC INDUSTRIES -- 5.2%
50,000 Alco Standard
Corporation.......................................................
2,793,750
128,000 Applied Materials
Inc.+......................................................... 6,080,000
69,500 Browning Ferris Industries,
Inc................................................. 1,980,750
111,900 Great Lakes Chemical
Corporation................................................ 8,756,175
- ------------
19,610,675
- ------------
TELECOMMUNICATIONS -- 5.1%
390,000 MCI Communications
Corporation.................................................. 10,676,250
140,000 PacTel
Corporation+.............................................................
3,307,500
78,200 Telefonos de Mexico S.A,
ADR.................................................... 5,249,175
- ------------
19,232,925
- ------------
CONSUMER PRODUCTS -- 3.2%
34,000 Coca-Cola
Company...............................................................
1,449,250
132,600 CUC International,
Inc.......................................................... 3,978,000
66,000 Gillette
Company................................................................
4,075,500
73,700 Hasbro,
Inc.....................................................................
2,597,925
- ------------
12,100,675
- ------------
RETAIL -- 2.9%
189,500 AutoZone,
Inc.+.................................................................
10,706,750
- ------------
COMPUTER SERVICES -- 2.5%
69,000 Automatic Data Processing
Inc................................................... 3,527,625
81,000 Cisco Systems,
Inc..............................................................
5,973,750
- ------------
9,501,375
- ------------
TRANSPORTATION -- 2.1%
40,000 Pittston Services
Group......................................................... 1,105,000
192,000 Southwest Airlines
Company...................................................... 6,552,000
- ------------
7,657,000
- ------------
ELECTRONICS -- 1.3%
137,000 Sensormatic Electric
Corporation................................................ 4,966,250
- ------------
</TABLE>
See Notes to Financial Statements.
49
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
LARGE CAPITALIZATION GROWTH INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
ENTERTAINMENT -- 1.1%
50,000 Blockbuster Entertainment
Corporation........................................... $ 1,318,750
68,300 Time Warner,
Inc................................................................
2,603,937
- ------------
3,922,687
- ------------
RESTAURANTS -- 0.9%
75,000 Brinker International,
Inc.+.................................................... 3,393,750
- ------------
PHARMACEUTICALS -- 0.8%
106,000 Perrigo
Company+................................................................
3,074,000
- ------------
AUTOMOBILES -- 0.3%
20,000 Harley Davidson,
Inc............................................................ 980,000
- ------------
OTHER -- 1.4%
30,000 Empresas La Moderna,
ADR........................................................ 843,750
120,896 Grupo Tribasa,
ADR..............................................................
4,382,480
- ------------
5,226,230
- ------------
TOTAL COMMON STOCKS (Cost
$325,862,124)......................................... 356,737,130
- ------------
<CAPTION>
FACE
VALUE
----------
<C> <S>
<C>
COMMERCIAL PAPER -- 1.9% (Cost $7,043,000)
$7,043,000 Ford Motor Credit Corporation, 3.400% due
3/1/94................................ 7,043,000
- ------------
TOTAL INVESTMENTS (Cost
$332,905,124*)................................................ 97.3%
363,780,130
OTHER ASSETS AND LIABILITIES
(NET).................................................... 2.7% 10,178,934
- ------ ------------
NET
ASSETS........................................................................
....100.0% $373,959,064
- ------ ------------
- ------ ------------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
</TABLE>
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments --
Large
Capitalization Growth Investments' securities held at February 28, 1994
by
investment classification. The pie is broken in pieces representing
investments
in the following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Consumer Products...................................... 3.2%
Telecommunications..................................... 5.1%
Basic Industries....................................... 5.2%
Broadcasting........................................... 6.1%
Health Care............................................ 8.3%
Leisure................................................ 10.3%
Consumer Services...................................... 13.8%
Commercial Paper and Net Other
Assets and Liabilities................................ 4.6%
Other Common Stocks.................................... 13.3%
Financial Services..................................... 14.0%
Technology............................................. 16.1%
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS -- 96.3%
BANKING AND FINANCIAL SERVICES -- 20.3%
62,000 Alex Brown
Inc.................................................................. $
1,736,000
74,000 American Bankers Insurance Group,
Inc........................................... 1,748,250
42,000 Boston
Bancorp..................................................................
1,554,000
47,000 Capstead Mortgage
Corporation................................................... 1,786,000
29,900 Compass Bancshares
Inc.......................................................... 702,650
63,100 Cullen Frost Bankers,
Inc.+..................................................... 2,240,050
48,700 Dauphin Deposit
Corporation..................................................... 1,156,625
25,600 Deposit Guaranty
Corporation.................................................... 684,800
85,000 Downey Savings and Loan
Association............................................. 1,519,375
46,000 Eaton Vance
Corporation.........................................................
1,529,500
9,000 FirsTier Financial
Inc.......................................................... 405,000
103,700 First American Corporation
Tennessee............................................ 3,266,550
47,000 First American Financial
Corporation............................................ 1,703,750
64,000 First Bancorp, Ohio
Inc......................................................... 1,552,000
47,300 First Commercial
Corporation.................................................... 1,206,150
71,000 Fremont General
Corporation..................................................... 1,730,625
43,500 Hawkeye
Bancorp.................................................................
810,188
628,800 Hibernia Corporation, Class
A+.................................................. 4,716,000
53,000 Inter-Regional Financial Group,
Inc............................................. 1,643,000
59,000 Jeffries Group
Inc..............................................................
1,858,500
67,400 Legg Mason,
Inc.................................................................
1,583,900
58,700 Mercantile Bankshares
Corporation............................................... 1,100,625
110,000 Metropolitan Financial
Corporation.............................................. 1,746,250
201,400 Mid Ocean
Limited...............................................................
5,236,400
50,000 Morgan Keegan
Inc...............................................................
637,500
52,000 Orion Capital
Corporation.......................................................
1,690,000
100,000 SafeCard Services
Inc........................................................... 1,650,000
62,000 The Money Store
Inc............................................................. 1,813,500
60,000 Union Planters
Corporation......................................................
1,440,000
118,200 West One
Bancorp................................................................
3,147,075
60,900 Zions
Bancorp...................................................................
2,344,650
- ------------
55,938,913
- ------------
BASIC INDUSTRIES -- 11.9%
40,000 Agco
Corporation................................................................
1,660,000
30,900 Amcast Industrial
Corporation................................................... 768,637
56,000 American President Companies,
Ltd............................................... 1,834,000
119,800 BWIP Holdings, Inc., Class
A.................................................... 2,425,950
43,000 Cleveland-Cliffs,
Inc........................................................... 1,832,875
87,400 Enterra
Corporation.............................................................
1,693,375
168,800 Harnischfeger Industries,
Inc................................................... 4,262,200
</TABLE>
See Notes to Financial Statements.
51
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
BASIC INDUSTRIES (CONTINUED)
210,000 Oregon Steel Mills
Inc.......................................................... $ 5,355,000
95,000 Quixote
Corporation.............................................................
1,971,250
325,000 Scotts Company, Class
A+........................................................ 6,215,625
70,800 Standard Register
Company....................................................... 1,575,300
14,980 Tecumseh Products Company, Class
A.............................................. 767,725
54,900 United Stationers
Inc........................................................... 727,425
56,000 Vigoro
Corporation..............................................................
1,820,000
- ------------
32,909,362
- ------------
OIL AND GAS -- 8.7%
61,000 Diamond Shamrock
Inc............................................................ 1,769,000
79,300 Energen
Corporation.............................................................
1,704,950
534,900 Oceaneering International,
Inc.+................................................ 7,288,012
230,000 Production Operators
Corporation................................................ 6,325,000
77,000 Swift Energy
Company+...........................................................
914,375
180,000 Tosco
Corporation...............................................................
6,030,000
- ------------
24,031,337
- ------------
RETAIL -- 8.4%
89,000 Blair
Corporation...............................................................
3,838,125
144,000 Delta Woodside Industries,
Inc.................................................. 1,584,000
27,000 Garan,
Inc......................................................................
786,375
70,000 Guilford Mills
Inc..............................................................
1,540,000
47,000 Haggar
Corporation..............................................................
1,762,500
73,000 Medicine Shoppe International
Inc............................................... 1,697,250
64,000 Oxford Industries,
Inc.......................................................... 1,920,000
581,400 Shopko Stores,
Inc..............................................................
6,904,125
33,000 Strawbridge/Clothier, Series
A.................................................. 742,500
71,200 Venture Stores,
Inc............................................................. 1,602,000
44,000 Wolohan Lumber
Company..........................................................
726,000
- ------------
23,102,875
- ------------
HEALTH CARE -- 7.0%
384,900 Bergen Brunswig Corporation, Class
A............................................ 7,601,775
125,000 Bindley Western Industries,
Inc................................................. 1,687,500
107,000 Fay's
Inc.......................................................................
762,375
133,000 Foundation Health
Corporation................................................... 5,103,875
76,000 Herbalife International
Inc..................................................... 1,653,000
95,300 SPI Pharmaceuticals
Inc......................................................... 1,739,233
92,000 Summit Health
Ltd...............................................................
845,250
- ------------
19,393,008
- ------------
</TABLE>
See Notes to Financial Statements.
52
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
ELECTRONICS -- 6.2%
60,800 Aydin
Corporation+.............................................................. $
798,000
33,000 Cubic
Corporation...............................................................
697,125
236,100 Exide Electronics Group,
Inc.+.................................................. 4,072,725
27,000 Joslyn
Corporation..............................................................
661,500
60,000 Logicon
Inc.....................................................................
1,537,500
42,000 Pioneer Standard Electric,
Inc.................................................. 1,081,500
6,500 Varian Associates,
Inc.......................................................... 455,000
167,600 Vishay Intertechnology,
Inc..................................................... 5,907,900
87,000 Wyle
Laboratories...............................................................
1,783,500
- ------------
16,994,750
- ------------
CONSUMER GOODS AND SERVICES -- 5.3%
11,400 Douglas & Lomason
Company....................................................... 208,050
51,200 Ennis Business Forms,
Inc....................................................... 793,600
14,000 General Housewares
Corporation.................................................. 199,500
77,000 Gibson Greetings,
Inc........................................................... 1,780,625
35,000 Marsh Supermarkets, Inc., Class
B............................................... 367,500
43,000 McGrath
RentCorp................................................................
698,750
64,000 Monk Austin
Inc.................................................................
1,032,000
44,000 Nash Finch
Company..............................................................
759,000
83,000 Ruddick
Corporation.............................................................
1,722,250
113,000 Russ Berrie & Company,
Inc...................................................... 1,652,625
56,000 Stewart Information Services
Corporation........................................ 1,792,000
125,000 Super Food Services
Inc......................................................... 1,531,250
50,000 W D-40
Company..................................................................
2,175,000
- ------------
14,712,150
- ------------
CAPITAL GOODS -- 4.0%
195,200 Fisher Scientific International,
Inc............................................ 6,929,600
54,000 Kysor Industrial
Corporation.................................................... 945,000
16,700 Sea Containers Ltd., Class
A.................................................... 269,288
63,000 Sturm Ruger & Company,
Inc...................................................... 1,685,250
28,700 Tennant
Company.................................................................
1,234,100
- ------------
11,063,238
- ------------
TRANSPORTATION -- 3.7%
107,000 Offshore Logistics
Inc.+........................................................ 1,538,125
55,000 Oshkosh Truck Corporation, Class
B.............................................. 591,250
163,000 PHH
Corporation.................................................................
6,357,000
47,600 Standard Products
Company....................................................... 1,749,300
- ------------
10,235,675
- ------------
</TABLE>
See Notes to Financial Statements.
53
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
UTILITIES -- 3.1%
56,000 Central Hudson Gas & Electric
Corporation....................................... $ 1,589,000
38,000 Commonwealth Energy Systems
International....................................... 1,700,500
62,000 Eastern Utilities
Association................................................... 1,581,000
43,000 Orange/Rockland Utilities
Inc................................................... 1,553,375
31,000 Southern California Water
Company............................................... 538,625
44,000 United Illuminating
Company..................................................... 1,589,500
- ------------
8,552,000
- ------------
TECHNOLOGY -- 3.1%
925,200 Applied Magnetics
Corporation+.................................................. 5,898,100
108,500 Dynatech
Corporation+...........................................................
2,088,625
46,000 Kaman Corporation, Class
A...................................................... 460,000
- ------------
8,446,725
- ------------
CONSUMER NON-DURABLES -- 2.6%
308,000 Dibrell Brothers
Inc............................................................ 6,545,000
36,000 International Multifoods
Corporation............................................ 625,500
- ------------
7,170,500
- ------------
RESTAURANTS -- 1.7%
552,400 Sizzler International,
Inc...................................................... 4,695,400
- ------------
MANUFACTURING -- 1.6%
127,200 Fleetwood Enterprises,
Inc...................................................... 2,846,100
21,000 MTS Systems
Corporation.........................................................
672,000
46,500 Scotsman Industries
Inc......................................................... 685,875
- ------------
4,203,975
- ------------
LEISURE -- 1.3%
28,000 Club Med,
Inc...................................................................
696,500
106,600 Coachmen Industries,
Inc........................................................ 1,718,925
72,800 Handleman
Company...............................................................
837,200
25,000 Showboat,
Inc...................................................................
443,750
- ------------
3,696,375
- ------------
COMPUTERS -- 1.2%
73,000 Comdisco,
Inc...................................................................
1,533,000
84,100 MacNeal-Schwendler
Corporation.................................................. 1,166,887
37,000 Seitel
Inc.+....................................................................
661,375
- ------------
3,361,262
- ------------
</TABLE>
See Notes to Financial Statements.
54
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
CONSTRUCTION -- 1.2%
75,000 Continental Homes Holding
Corporation........................................... $ 1,603,125
80,000 Ryland Group,
Inc...............................................................
1,700,000
- ------------
3,303,125
- ------------
AEROSPACE -- 1.2%
107,000 GenCorp
Inc.....................................................................
1,551,500
58,500 Thiokol
Corporation.............................................................
1,623,375
- ------------
3,174,875
- ------------
REAL ESTATE -- 1.0%
63,000 American Health Properties,
Inc................................................. 1,614,375
112,500 First Union Real Estate Equity & Mortgage
Investments........................... 1,125,000
- ------------
2,739,375
- ------------
PUBLISHING -- 0.7%
74,000 Bowne & Company,
Inc............................................................ 1,840,750
- ------------
CHEMICALS -- 0.6%
29,000 NCH
Corporation.................................................................
1,769,000
- ------------
FOOD -- 0.4%
144,000 Ralston-Continental Baking
Group................................................ 1,044,000
- ------------
DATA PROCESSING -- 0.3%
44,100 ADAC
Labs.......................................................................
551,300
6,600 Computer Data Systems,
Inc...................................................... 138,600
- ------------
689,900
- ------------
OTHER -- 0.8%
87,000 Stewart Enterprises Inc., Class
A............................................... 2,175,000
- ------------
TOTAL COMMON STOCKS (Cost
$258,936,934)......................................... 265,243,570
- ------------
<CAPTION>
FACE
VALUE
----------
<C> <S>
<C>
COMMERCIAL PAPER -- 2.6% (Cost $7,159,000)
$7,159,000 Ford Motor Credit Corporation
3.400% due
3/1/94.............................................................
7,159,000
- ------------
</TABLE>
See Notes to Financial Statements.
55
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION VALUE EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
REPURCHASE AGREEMENT -- 2.5% (Cost $7,000,000)
$7,000,000 Agreement with Salomon Brothers, 3.250% dated 2/28/94, to be
repurchased at
$7,000,632 on 3/1/94, collateralized by $7,220,000
U.S. Treasury Notes, 3.375% due
8/15/96....................................... $ 7,000,000
- ------------
TOTAL INVESTMENTS (Cost
$273,095,934*)....................................101.4% 279,402,570
OTHER ASSETS AND LIABILITIES
(NET)........................................ (1.4) (3,927,088)
- ------ ------------
NET
ASSETS................................................................100.0%
$275,475,482
- ------ ------------
- ------ ------------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
</TABLE>
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments --
Small
Capitalization Value Equity Investments' securities held at February 28, 1994
by
investment classification. The pie is broken in pieces representing
investments
in the following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Utilities.............................................. 3.1%
Transportation......................................... 3.7%
Capital Goods.......................................... 4.0%
Consumer Goods and Services............................ 5.3%
Electronics............................................ 6.2%
Health Care............................................ 7.0%
Retail................................................. 8.4%
Oil and Gas............................................ 8.7%
Commercial Paper, Repurchase
Agreement and Net Other Assets
and Liabilities....................................... 3.7%
Other Common Stocks.................................... 17.7%
Basic Industries....................................... 11.9%
Banking and Financial Services......................... 20.3%
</TABLE>
See Notes to Financial Statements.
56
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION GROWTH INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS -- 89.1%
HEALTH CARE -- 21.5%
33,700 Coastal Healthcare
Group+....................................................... $ 1,221,625
18,000 Corvel
Corporation+.............................................................
549,000
33,800 Coventry
Corporation+...........................................................
1,702,675
93,400 Health Management Association, Inc., Class
A+................................... 3,117,225
47,550 Healthsource
Inc.+..............................................................
2,888,662
92,000 Horizon Healthcare
Corporation+................................................. 2,369,000
45,000 Integrated Health Services
Inc.+................................................ 1,501,875
19,600 Intergroup Healthcare
Corporation+.............................................. 1,004,500
58,750 Lam Research
Corporation+.......................................................
2,115,000
68,350 Mid-Atlantic Medical Services
Inc.+............................................. 2,434,969
31,200 Omnicare,
Inc...................................................................
1,014,000
76,200 Physician Corporation of
America+............................................... 2,057,400
46,500 Quantum Health Resources
Inc.+.................................................. 1,755,375
35,800 Renal Treatment Centers
Inc.+................................................... 850,250
34,700 Resound
Corporation+............................................................
650,625
71,446 Value Health
Inc.+..............................................................
2,982,870
93,300 Vencor
Inc.+....................................................................
3,172,200
- ------------
31,387,251
- ------------
TECHNOLOGY -- 19.2%
30,200 ANTEC
Corporation+..............................................................
649,300
62,000 Atmel
Corporation+..............................................................
2,941,987
15,400 Centigram
Communications+.......................................................
619,850
49,200 Cornerstone Imaging
Inc.+....................................................... 1,236,150
29,900 FTP
Software+...................................................................
754,975
20,400 Gentex
Corporation+.............................................................
520,200
189,228 IDB Communications
Group........................................................ 3,406,100
52,500 KLA Instruments
Corporation+.................................................... 2,060,625
46,300 Linear Technology
Corporation................................................... 2,037,200
43,700 Microchip Technology
Inc.+...................................................... 1,944,650
40,000 Novellus System
Inc.+........................................................... 1,690,000
24,300 Roberts Pharmaceutical
Corporation+............................................. 765,450
30,950 Tellabs,
Inc.+..................................................................
1,648,088
66,400 U.S. Robotics
Inc.+.............................................................
2,888,400
80,100 Viewlogic Systems
Inc.+......................................................... 2,242,800
30,300 Zebra Technologies Corporation, Class
A+........................................ 1,393,800
38,850 Zilog
Inc.+.....................................................................
1,223,775
- ------------
28,023,350
- ------------
COMPUTERS -- 15.8%
46,400 Acxiom
Corporation+.............................................................
1,044,000
34,600 Brock Control
Systems+..........................................................
700,650
</TABLE>
See Notes to Financial Statements.
57
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION GROWTH INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
COMPUTERS (CONTINUED)
25,400 Catalina
Marketing+............................................................. $
1,317,625
67,950 Cheyenne Software,
Inc.+........................................................ 2,734,988
45,000 Chipcom
Corporation+............................................................
2,340,000
30,200 Gupta
Corporation+..............................................................
951,300
67,100 IMRS
Inc.+......................................................................
1,694,275
43,000 Landmark Graphics
Corporation+.................................................. 1,247,000
10,200 Media Vision
Inc.+..............................................................
316,200
41,300 Micro Warehouse
Inc.+........................................................... 1,858,500
48,900 Network
General+................................................................
1,014,675
28,200 Parallan Computer
Inc.+......................................................... 282,000
13,800 Powersoft
Corporation+..........................................................
800,400
23,600 Synopys
Inc.+...................................................................
1,059,050
48,600 Systems & Computer
Technology................................................... 953,775
43,300 Tricord Systems
Inc.+........................................................... 887,650
41,600 Wall Data
Inc.+.................................................................
2,090,400
40,200 Wonderware
Corporation+.........................................................
733,650
45,300 Xircom
Inc.+....................................................................
1,143,825
- ------------
23,169,963
- ------------
CONSUMER SERVICES -- 11.0%
62,200 ALC Communications
Corporation+................................................. 2,060,375
37,800 Aspect Telecommunications
Corporation+.......................................... 1,370,250
59,000 Autotote
Corporation+...........................................................
1,475,000
96,700 Cognex
Corporation+.............................................................
2,151,575
67,200 Damark International
Inc.+...................................................... 1,982,400
25,400 Franklin Quest
Company+.........................................................
946,150
44,700 Hollywood
Entertainment+........................................................
905,175
65,625 Tetra Technologies
+............................................................ 1,197,656
60,400 Viking Office Products Inc.
+................................................... 2,823,700
51,800 Westcott
Communications+........................................................
1,165,500
- ------------
16,077,781
- ------------
RETAIL -- 5.9%
27,200 Bed Bath & Beyond
Inc.+......................................................... 741,200
54,037 Bombay
Company+.................................................................
1,486,018
32,800 Mens' Wearhouse
Inc.+........................................................... 1,057,800
52,200 Nature's Bounty
Inc.+........................................................... 1,148,400
48,100 Sunglass Hut International
Inc.+................................................ 1,695,525
75,900 Sun Television & Appliances
Inc.+............................................... 1,081,575
71,400 Whole Foods Market
Inc.+........................................................ 1,374,450
- ------------
8,584,968
- ------------
</TABLE>
See Notes to Financial Statements.
58
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION GROWTH INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
LEISURE -- 4.4%
65,150 Acclaim Entertainment,
Inc.+.................................................... $ 1,669,469
37,800 Bell Sports
Corporation+........................................................
1,332,450
36,900 Callaway Golf
Company...........................................................
2,638,350
19,500 Sports & Recreational
Inc.+..................................................... 736,125
- ------------
6,376,394
- ------------
RESTAURANTS -- 3.5%
43,950 Applebee's International
Inc.................................................... 950,419
52,200 Apple South
Inc.................................................................
1,389,825
20,000 Bertuccis
Inc.+.................................................................
320,000
35,250 Outback Steakhouse
Inc.+........................................................ 978,187
49,100 ShoLodge
Inc.+..................................................................
1,423,900
- ------------
5,062,331
- ------------
FINANCIAL SERVICES -- 2.1%
39,000 Credit Acceptance Corporation,
Michigan+........................................ 867,750
43,500 Fair Issac & Company,
Inc....................................................... 1,163,625
44,400 SEI
Corporation.................................................................
1,098,900
- ------------
3,130,275
- ------------
MEDICAL PRODUCTS -- 1.7%
47,500 Haemonetics Corporation,
Massachusetts+......................................... 1,056,875
51,400 STERIS
Corporation+.............................................................
1,426,350
- ------------
2,483,225
- ------------
BASIC INDUSTRIES -- 1.3%
72,100 Schuler Homes,
Inc.+............................................................
1,874,600
- ------------
ENERGY SERVICES -- 1.3%
51,900 Input/Output
Inc.+..............................................................
1,842,450
- ------------
DATA PROCESSING SERVICES -- 0.5%
16,000 SPS Transaction Services,
Inc.+................................................. 856,000
- ------------
OTHER -- 0.9%
54,900 Cyrk
Inc.+......................................................................
1,358,775
- ------------
TOTAL COMMON STOCKS (Cost
$100,072,699)......................................... 130,227,363
- ------------
<CAPTION>
FACE
VALUE
----------
<C> <S>
<C>
COMMERCIAL PAPER -- 5.3% (Cost $7,690,000)
$7,690,000 Ford Motor Credit Corporation,
3.400% due
3/1/94.............................................................
7,690,000
- ------------
</TABLE>
See Notes to Financial Statements.
59
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
SMALL CAPITALIZATION GROWTH INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
----------
- ------------
<C> <S>
<C>
REPURCHASE AGREEMENT -- 3.4% (COST $5,000,000)
$5,000,000 Agreement with Salomon Brothers, 3.250% dated 2/28/94, to be
repurchased at
$5,000,451 on 3/1/94, collateralized by $5,155,000 U.S.
Treasury Note, 4.375%
due
8/15/96................................................................... $
5,000,000
- ------------
TOTAL INVESTMENTS (Cost
$112,762,699*)................................................ 97.8%
142,917,363
OTHER ASSETS AND LIABILITIES
(NET)..................................................... 2.2 3,273,846
- ------ ------------
NET
ASSETS........................................................................
....100.0% $146,191,209
- ------ ------------
- ------ ------------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
</TABLE>
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments --
Small
Capitalization Growth Investments' securities held at February 28, 1994
by
investment classification. The pie is broken in pieces representing
investments
in the following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Consumer Services...................................... 11.0%
Technology............................................. 19.2%
Computers.............................................. 15.8%
Commercial Paper, Repurchase
Agreement and Net Other Assets
and Liabilities....................................... 10.9%
Other Common Stocks.................................... 21.6%
Health Care............................................ 21.5%
</TABLE>
See Notes to Financial Statements.
60
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS -- 96.8%
JAPAN -- 41.6%
293,800 Credit
Saison................................................................... $
8,067,089
505,000 Daiei
Inc.......................................................................
8,484,543
725 Daito Trust Construction
Company................................................ 17,123
640,000 Daiwa
Securities................................................................
11,059,908
129 DDI
Corporation.................................................................
10,787,154
771 East Japan Railway
Company...................................................... 3,752,851
341,000 Hokuetsu
Bank...................................................................
1,879,167
79,000 Ito-Yokado
Company..............................................................
4,505,184
361,000 Keiyo Bank
Ltd..................................................................
2,564,708
136,000 Komori
Corporation..............................................................
3,290,322
107,000 Kyocera
Corporation.............................................................
7,118,952
113,300 Matsuzakaya
Company.............................................................
1,881,807
162,000 Mitsubishi
Bank.................................................................
4,479,263
459,000 NEC
Corporation.................................................................
4,627,016
886,000 Nichido Fire &
Marine...........................................................
6,770,891
661,000 Nikon
Corporation...............................................................
6,326,968
1,971,000 Nippon
Steel....................................................................
6,660,829
875 Nippon Telephone & Telegraph
Corporation........................................ 8,198,925
1,370,000 Nissan Motor
Company............................................................
11,219,374
634,000 Oji Paper
Company...............................................................
6,044,182
507,000 Okumura
Corporation.............................................................
4,916,187
162,000 Pioneer Electric
Corporation.................................................... 4,230,415
773,000 Sasebo Heavy Industries
Company................................................. 2,916,561
1,074,000 Sharp
Corporation...............................................................
18,044,355
168,000 Sony
Corporation................................................................
10,322,581
201,000 Sumitomo
Bank...................................................................
4,187,500
833,000 Sumitomo Realty and Development
Corporation..................................... 5,574,126
185,000 Tokyo Ohka
Kogyo................................................................
6,571,620
1,298,000 Toshiba
Corporation.............................................................
9,632,815
833,000 Yasuda Fire and Marine
Insurance................................................ 6,229,906
- ------------
190,362,322
- ------------
UNITED KINGDOM -- 11.3%
9,903,760 ASDA Group
Plc..................................................................
8,397,437
1,361,100 BPB
Industries..................................................................
6,944,739
1,510,900 British
Telecommunications......................................................
7,113,465
15,200 Cable and
Wireless..............................................................
107,175
245,500 Huntingdon International Holdings Company,
ADR.................................. 1,622,437
492,800 London International
Group...................................................... 1,077,606
2,655,500
Pilkington....................................................................
.. 7,623,868
2,934,000 Sears
Holdings..................................................................
5,368,303
</TABLE>
See Notes to Financial Statements.
61
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
UNITED KINGDOM (CONTINUED)
858,200
Storehouse....................................................................
.. $ 3,025,580
1,190,100 Vodafone
Group..................................................................
10,657,411
- ------------
51,938,021
- ------------
FRANCE -- 6.6%
17,073 Canal
Plus......................................................................
2,937,290
62,490 Compagnie Bancaire
SA........................................................... 6,962,223
268,659
Michelin......................................................................
.. 11,996,088
57,179 Peugeot
SA......................................................................
8,414,995
- ------------
30,310,596
- ------------
ITALY -- 6.4%
4,772,966 Fiat
S.p.A......................................................................
13,481,784
1,263,700 Olivetti C
S.p.A................................................................
1,752,050
4,087,100 Pirelli
S.p.A...................................................................
5,221,866
54,655
Rinascente....................................................................
.. 324,356
3,407,267
SIP...........................................................................
.. 8,402,701
- ------------
29,182,757
- ------------
GERMANY -- 5.6%
7,224 Kaufhof
AG......................................................................
2,019,098
46,880 Mannesmann
AG...................................................................
11,451,267
4,529 Mannesmann
New+.................................................................
1,090,332
6,935 Schering
AG.....................................................................
4,283,855
25,877 Volkswagen
AG...................................................................
6,685,582
- ------------
25,530,134
- ------------
SWEDEN -- 4.3%
267,920 Astra AB (Free), Series
A+...................................................... 6,112,677
177,580 Astra AB (Free), Series
B+...................................................... 3,962,498
328,030 SKF Group AB (Free), Series
B................................................... 6,127,098
431,840 Skandinaviska Enskilda Banken, Series
A+........................................ 3,410,502
- ------------
19,612,775
- ------------
AUSTRALIA -- 3.2%
1,383,561 Australia & New Zealand Bank
Group.............................................. 5,314,513
25 Pioneer International
Ltd....................................................... 55
336,023 The News
Corporation............................................................
2,413,826
1,395,800 Western Mining Corporation
Holdings............................................. 7,102,280
- ------------
14,830,674
- ------------
CANADA -- 3.2%
100 Canadian Pacific Ltd.,
ADR...................................................... 1,725
</TABLE>
See Notes to Financial Statements.
62
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
CANADA (CONTINUED)
472,800 Echo Bay Mines Ltd.,
ADR........................................................ $ 6,028,200
188,800 Macmillan Bloedel Ltd.,
ADR..................................................... 3,280,400
221,400 Placer Dome Inc.,
ADR........................................................... 5,341,275
- ------------
14,651,600
- ------------
MALAYSIA -- 2.8%
324,000 Genting
Berhad..................................................................
3,683,168
773,500 Magnum Corporation
Berhad....................................................... 1,999,697
986,000 Renong
Berhad+..................................................................
1,612,600
184,000 Resorts World
Berhad............................................................
1,032,343
814,000 Technology Resources Ltd.
+..................................................... 4,298,350
25,000 Telekom
Malaysia................................................................
172,351
- ------------
12,798,509
- ------------
NEW ZEALAND -- 2.7%
2,265,021 Carter Holt
Harvey..............................................................
4,939,053
1,298,893 Fisher &
Paykel.................................................................
3,445,137
1,665,200 Fletcher
Challenge..............................................................
3,209,545
353,900 Fletcher Challenge (Forest
Division)+........................................... 574,198
- ------------
12,167,933
- ------------
HONG KONG -- 2.5%
679,000 Cheung Kong
Holdings............................................................
3,910,632
384,500 Hong Kong Electric
Holdings..................................................... 1,224,190
4,500 Hong Kong Telecom Ltd.,
ADR..................................................... 255,938
847,000 Hutchison
Whampoa...............................................................
3,781,984
27,600 Jardine
Matheson................................................................
241,118
35,500 Swire Pacific, Series
A......................................................... 252,702
434,000 Wharf
Holdings..................................................................
1,769,365
- ------------
11,435,929
- ------------
SPAIN -- 2.1%
103,680 Banco de
Santander..............................................................
5,186,799
577,550 Iberdrola
SA....................................................................
4,427,502
- ------------
9,614,301
- ------------
NETHERLANDS -- 1.9%
262,450 Philips Electronics
N.V......................................................... 6,494,656
31,960 Wolters
Kluwer..................................................................
1,991,439
- ------------
8,486,095
- ------------
SWITZERLAND -- 1.8%
708 Roche Holdings AG
Genusheine.................................................... 3,476,675
</TABLE>
See Notes to Financial Statements.
63
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
VALUE
SHARES
(NOTE 1)
----------
- ------------
<C> <S>
<C>
COMMON STOCKS (CONTINUED)
SWITZERLAND (CONTINUED)
613 Sandoz
AG....................................................................... $
1,636,243
2,920 Zurich
Versicherungs+...........................................................
2,986,573
- ------------
8,099,491
- ------------
SINGAPORE -- 0.8%
162,000 Fraser &
Neave..................................................................
1,895,636
5,800 Genting International
Plc....................................................... 7,814
269,000 Keppel
Corporation..............................................................
1,820,556
- ------------
3,724,006
- ------------
TOTAL COMMON STOCKS (Cost
$368,938,604)......................................... 442,745,143
- ------------
WARRANTS -- 0.3%
1,766 ADT, Warrants,
Expire
6/30/94+...............................................................
1,987
420 Ciba Geigy AG, Warrants,
Expire
6/6/95+................................................................
2,725
1,290,266 Fiat S.p.A., Warrants,
Expire
12/31/94+..............................................................
1,417,605
2,225 Michelin, Warrants,
Expire
12/31/95+..............................................................
3,152
- ------------
TOTAL WARRANTS (Cost
$1,238,651)................................................ 1,425,469
- ------------
<CAPTION>
FACE
VALUE
----------
<C> <S>
<C>
CONVERTIBLE BOND -- 0.2% (Cost $681,257)
$4,055,520 Michelin, Notes,
2.500% due
1/1/01.............................................................
795,303
- ------------
REPURCHASE AGREEMENT -- 3.8% (Cost $17,122,000)
17,122,000 Agreement with Union Bank of Switzerland, 3.300% dated 2/28/94 to
be repurchased
at $17,123,570 on 3/1/94, collateralized by $16,555,000 U.S.
Treasury Note,
7.250% due
8/31/96............................................................
17,122,000
- ------------
TOTAL INVESTMENTS (Cost
$387,980,512*)................................................101.1%
462,087,915
OTHER ASSETS AND LIABILITIES
(NET).................................................... (1.1) (4,850,749)
- ------ ------------
NET
ASSETS........................................................................
....100.0% $457,237,166
- ------ ------------
- ------ ------------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
</TABLE>
See Notes to Financial Statements.
64
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
At February 28,1994, sector diversification of the Portfolio was as follows:
<TABLE>
<CAPTION>
% OF NET
SECTOR DIVERSIFICATION
ASSETS VALUE
-----------------------------------------------------------------------------
- --- -------- ------------
<S>
<C> <C>
COMMON STOCKS:
Holding Companies and other Financial
Services................................ 16.5% $ 75,232,599
Communications................................................................
10.6 48,640,224
Basic
Industries..............................................................
8.4 38,340,686
Machinery.....................................................................
8.0 36,666,829
Durable
Goods................................................................. 7.8
35,655,197
Technology....................................................................
7.4 33,886,186
Retail........................................................................
6.5 29,685,087
Banking and
Finance........................................................... 5.0
22,834,952
Mining and
Metals............................................................. 3.9
18,030,305
Transportation................................................................
3.5 16,042,699
Drugs and
Chemicals........................................................... 3.2
14,359,031
Insurance.....................................................................
2.9 13,000,797
Construction..................................................................
2.6 12,035,138
Paper and Forest
Products..................................................... 2.2
9,898,780
Automobiles...................................................................
1.8 8,414,995
Food..........................................................................
1.4 6,504,882
Utilities.....................................................................
1.2 5,651,692
Real Estate and
Development................................................... 1.2
5,591,249
Leisure, Sporting and
Recreation.............................................. 0.8
3,683,168
Consumer
Services............................................................. 0.5
2,413,826
Non-Durable
Goods............................................................. 0.4
1,895,636
Health and Personal
Care...................................................... 0.4
1,636,243
Diversified...................................................................
0.2 1,032,343
Other.........................................................................
0.4 1,612,599
- -------- ------------
Total Common
Stocks............................................................. 96.8
442,745,143
Warrants......................................................................
.. 0.3 1,425,469
Convertible
Bond................................................................ 0.2
795,303
Repurchase
Agreement............................................................ 3.8
17,122,000
- -------- ------------
Total
Investments...............................................................
101.1 462,087,915
Other Assets and Liabilities
(Net).............................................. (1.1) (4,850,749)
- -------- ------------
Net
Assets......................................................................
100.0% $457,237,166
- -------- ------------
- -------- ------------
</TABLE>
See Notes to Financial Statements.
65
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL EQUITY INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments
- --
International Equity Investments' securities held at February 28, 1994
by
investment classification. The pie is broken in pieces representing
investments
in the following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Malaysia............................................... 2.8%
Australia.............................................. 3.2%
New Zealand............................................ 2.7%
Canada................................................. 3.2%
Sweden................................................. 4.3%
Germany................................................ 5.6%
Italy.................................................. 6.4%
France................................................. 6.6%
United Kingdom......................................... 11.3%
Warrants, Commercial Paper, Repurchase
Agreement and Net Other Assets and
Liabilities........................................... 3.2%
Other Countries........................................ 9.1%
Japan.................................................. 41.6%
</TABLE>
See Notes to Financial Statements.
66
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL EQUITY INVESTMENTS
SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS
FEBRUARY 28, 1994 (UNAUDITED)
FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY
<TABLE>
<CAPTION>
CONTRACTS TO RECEIVE NET UNREALIZED
------------------------------------ APPRECIATION/
CONTRACT LOCAL VALUE IN IN EXCHANGE (DEPRECIATION)
VALUE DATE CURRENCY U.S. $ FOR U.S. $ OF CONTRACT
---------- -------- ----------- --------------------------
<C> <S> <C> <C> <C> <C>
3/1/94 GBP 4,162,760 6,192,316 6,187,462 $ 4,854
3/1/94 JPY 284,782,330 2,734,085 2,704,486 29,599
3/2/94 JPY 25,865,120 248,322 247,040 1,282
3/3/94 JPY 331,516,727 3,182,810 3,185,384 (2,574)
3/7/94 GBP 1,122,692 1,669,809 1,659,789 10,020
3/7/94 MYR 1,281,090 469,804 468,029 1,775
3/8/94 MYR 737,866 270,597 271,075 (478)
3/9/94 MYR 1,075,857 394,556 395,027 (471)
3/31/94 ITL 1,637,161,916 968,779 973,632 (4,853)
---------------
$ 39,154
---------------
---------------
</TABLE>
FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL
<TABLE>
<CAPTION>
CONTRACTS TO DELIVER
------------------------------------
CONTRACT LOCAL VALUE IN IN EXCHANGE
VALUE DATE CURRENCY U.S. $ FOR U.S. $
---------- -------- ----------- -----------
<C> <S> <C> <C> <C> <C>
3/1/94 JPY 83,999 806 801 $
(5)
3/22/94 CHF 12,916,000 9,056,075 8,750,263
(305,812)
3/22/94 DEM 23,855,000 13,981,764 13,592,501
(389,263)
3/22/94 FRF 80,097,000 13,809,040 13,334,610
(474,430)
3/22/94 JPY 2,266,400,000 21,775,292 22,110,357 335,065
--------------
- -
$(834,445)
--------------
- -
--------------
- -
Net Unrealized Depreciation of Forward Foreign Exchange
Contracts.................................................
$(795,291)
--------------
- -
--------------
- -
</TABLE>
<TABLE>
<S> <C>
KEY TO CURRENCY ABBREVIATIONS
CHF Swiss Franc
DEM German Deutschemark
FRF French Franc
GBP Great Britain Pound
Sterling
ITL Italian Lira
JPY Japanese Yen
MYR Malaysian Ringgit
</TABLE>
See Notes to Financial Statements.
67
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
------------------
- ------------
<C> <S>
<C>
FIXED INCOME INVESTMENTS -- 85.7%
JAPAN -- 15.8%
JPY 545,000,000 Asian Development Bank, 5.000% due
2/5/03........................ $ 5,546,275
404,000,000 Government of Japan, 4.800% due
12/20/02......................... 4,062,108
220,000,000 Inter-American Development Bank, 6.750% due
2/20/01.............. 2,422,619
150,000,000 Japan Development Bank, 6.500% due
9/20/01....................... 1,640,985
568,000,000 World Bank, 4.500% due
3/20/03................................... 5,611,291
- ------------
19,283,278
- ------------
UNITED KINGDOM -- 14.5%
GBP 2,300,000 Abbey National Treasury, 7.750% due
6/23/98...................... 3,517,849
10,050,000 Government of United Kingdom, Series A, 7.000% due
11/6/01....... 7,657,144
2,000,000 KFW International Finance, 7.875% due
7/6/98..................... 3,092,618
2,020,000 Republic of Finland, 10.375% due
10/2/98......................... 3,373,848
- ------------
17,641,459
- ------------
FRANCE -- 13.4%
FRF 28,900,000 B-TAN, 5.750% due
11/12/98....................................... 4,985,316
15,000,000 Caisse Autonome Refinancement, 7.750% due
12/6/99................ 2,806,063
19,000,000 Caisse National D'Autoroute, 6.750% due
7/8/99................... 3,395,172
Government of France (OAT):
5,780,000 Zero coupon due
4/25/99.......................................... 746,006
5,780,000 Zero coupon due
4/25/00.......................................... 699,181
5,000,000 KFW International Finance, 7.750% due
2/17/98.................... 915,922
15,000,000 Kingdom of Norway, 7.000% due
5/11/98............................ 2,688,431
- ------------
16,236,091
- ------------
NETHERLANDS -- 12.3%
Dutch Government Bonds:
NLG 3,675,000 Zero coupon due
1/15/00.......................................... 1,362,984
4,275,000 Zero coupon due
1/15/01.......................................... 1,485,537
Government of Netherlands:
16,500,000 6.250% due
7/15/98............................................... 8,872,397
5,925,000 6.750% due
2/15/99............................................... 3,243,654
- ------------
14,964,572
- ------------
DENMARK -- 8.9%
Kingdom of Denmark:
DKR 45,580,000 9.000% due
11/15/00.............................................. 7,784,385
18,200,000 8.000% due
5/15/03............................................... 2,995,037
- ------------
10,779,422
- ------------
ITALY -- 5.7%
ITL 11,945,000,000 BTP, 8.500% due
1/1/99........................................... 6,967,443
- ------------
</TABLE>
See Notes to Financial Statements.
68
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL FIXED INCOME INVESTMENTS
PORTFOLIO OF INVESTMENTS (CONTINUED)
FEBRUARY 28, 1994 (UNAUDITED)
<TABLE>
<CAPTION>
FACE
VALUE
VALUE
(NOTE 1)
------------------
- ------------
<C> <S>
<C>
FIXED INCOME INVESTMENTS (CONTINUED)
SPAIN -- 5.5%
Government of Spain:
ESP 658,000,000 8.300 % due
12/15/98............................................. $ 4,739,684
287,000,000 8.200% due
2/28/09............................................... 1,969,800
- ------------
6,709,484
- ------------
AUSTRALIA -- 5.2%
AUD 8,700,000 Government of Australia, 7.500% due
7/15/05...................... 6,380,478
- ------------
SWEDEN -- 4.4%
SEK 20,000,000 Government of Sweden, 10.250% due
5/5/03......................... 2,980,532
17,400,000 Kingdom of Sweden, 10.750% due
1/23/97........................... 2,408,486
- ------------
5,389,018
- ------------
TOTAL FIXED INCOME INVESTMENTS (Cost $105,219,668)
104,351,245
- ------------
REPURCHASE AGREEMENT -- 8.4% (Cost $10,160,000)
$ 10,160,000 Agreement with Union Bank of Switzerland, 3.300% dated
2/28/94,
to be repurchased at $10,160,931 on 3/1/94,
collateralized by
$9,630,000 U.S. Treasury Note, 7.875% due
7/15/96.............. 10,160,000
- ------------
TOTAL INVESTMENTS (Cost
$115,379,668*)........................................ 94.1% 114,511,245
OTHER ASSETS AND LIABILITIES
(NET)............................................. 5.9 7,239,669
- ------ ------------
NET
ASSETS....................................................................100.
0% $121,750,914
- ------ ------------
- ------ ------------
<FN>
- -------------------
* Aggregate cost for Federal tax purposes.
</TABLE>
Investment Breakdown
Pie chart depicting the allocation of The Trust for TRAK Investments
- --
International Fixed Income Investments' securities held at February 28, 1994
by
investment classification. The pie is broken in pieces representing
investments
in the following percentages:
<TABLE>
<CAPTION>
INVESTMENTS PERCENTAGE
<S> <C>
Sweden................................................. 4.4%
Australia.............................................. 5.2%
Spain.................................................. 5.5%
Italy.................................................. 5.7%
Denmark................................................ 8.9%
Netherlands............................................ 12.3%
France................................................. 13.4%
Repurchase Agreement and Net Other
Assets and Liabilities................................ 14.3%
United Kingdom......................................... 14.5%
Japan.................................................. 15.8%
</TABLE>
See Notes to Financial Statements.
69
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
INTERNATIONAL FIXED INCOME INVESTMENTS
SCHEDULE OF FORWARD FOREIGN EXCHANGE CONTRACTS
FEBRUARY 28, 1994 (UNAUDITED)
FORWARD FOREIGN EXCHANGE CONTRACTS TO BUY
<TABLE>
<CAPTION>
CONTRACTS TO RECEIVE NET UNREALIZED
---------------------------------- APPRECIATION/
CONTRACT LOCAL VALUE IN IN EXCHANGE (DEPRECIATION)
VALUE DATE CURRENCY U.S. $ FOR U.S. $ OF CONTRACT
---------- -------- ----------- ----------- ---------------
<C> <S> <C> <C> <C> <C>
3/1/94 JPY 524,775,000 5,038,162 5,000,000 $ 38,162
---------------
---------------
</TABLE>
FORWARD FOREIGN EXCHANGE CONTRACTS TO SELL
<TABLE>
<CAPTION>
CONTRACTS TO DELIVER
----------------------------------
CONTRACT LOCAL VALUE IN IN EXCHANGE
VALUE DATE CURRENCY U.S. $ FOR U.S. $
---------- -------- ----------- -----------
<C> <S> <C> <C> <C> <C>
3/1/94 JPY 544,680,000 5,229,263 5,000,000 $(229,263)
3/8/94 FRF 77,895,840 13,450,586 13,200,000 (250,586)
3/14/94 NLG 25,896,997 13,537,962 13,100,000 (437,962)
3/16/94 JPY 522,045,000 5,014,678 5,000,000 (14,678)
3/22/94 JPY 522,065,000 5,015,936 5,000,000 (15,936)
4/5/94 JPY 524,250,000 5,039,474 5,000,000 (39,474)
-------------
$(987,899)
-------------
-------------
</TABLE>
CROSS CURRENCY FORWARD FOREIGN EXCHANGE CONTRACTS
<TABLE>
<CAPTION>
CONTRACTS TO DELIVER IN EXCHANGE FOR
------------------------------------ ---------------------------
- ----------
CONTRACT LOCAL VALUE IN LOCAL
VALUE IN
VALUE DATE CURRENCY U.S. $ CURRENCY
U.S. $
---------- -------- ---------- -------- -
- ----------
<C> <S> <C> <C> <C> <C>
<C> <C>
3/4/94 GBP 4,400,000 6,544,941 ITL 11,150,744,000
6,628,636 $ 83,695
3/4/94 ITL 10,901,948,000 6,480,736 GBP 4,400,000
6,544,941 64,205
- -------------
$ 147,900
- -------------
- -------------
Net Unrealized Depreciation of Forward Foreign Exchange
Contracts.................... $(801,837)
- -------------
- -------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
KEY TO CURRENCY ABBREVIATIONS
AUD Australian Dollar ITL Italian Lira
DKR Danish Kroner JPY Japanese Yen
ESP Spanish Peseta NLG Netherland Guilder
FRF French Franc SEK Swedish Krona
GBP Great Britain Pound Sterling
</TABLE>
See Notes to Financial Statements.
70
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES
The Trust for TRAK Investments (the "Trust") is an open-end
management
investment company registered with the Securities and Exchange Commission
under
the Investment Company Act of 1940, as amended (the "1940 Act"), consisting
of
twelve portfolios: Government Money Investments, Intermediate Fixed
Income
Investments, Total Return Fixed Income Investments, Municipal Bond
Investments,
Mortgage Backed Investments, Balanced Investments, Large Capitalization
Value
Equity Investments, Large Capitalization Growth Investments,
Small
Capitalization Value Equity Investments, Small Capitalization
Growth
Investments, International Equity Investments and International Fixed
Income
Investments (the "Portfolios"). Shareholders participating in the
TRAK
investment advisory service may purchase, redeem and exchange shares of
the
Portfolios without the imposition of any sales or redemption charge, but will
be
subject to the payment of a quarterly fee ranging up to an annual rate of
1.50%
of assets held in their TRAK account. The following is a summary of
significant
accounting policies consistently followed by the Portfolios in the
preparation
of their financial statements.
PORTFOLIO VALUATION:
Generally, a Portfolio's investments are valued at market value or, in
the
absence of a market value, at fair value as determined by or under the
direction
of the Trust's Board of Trustees. A security that is primarily traded on a
U.S.
or foreign exchange is valued at the last sale price on that exchange or,
if
there were no sales during the day, at the current quoted bid
price.
Over-the-counter securities and securities listed or traded on certain
foreign
exchanges whose operations are similar to the U.S. over-the-counter market
are
valued on the basis of the bid price at the close of business on each
day.
Investments in U.S. Government securities (other than short-term securities)
are
valued at the average of the quoted bid and asked prices in the over-the-
counter
market. Short-term investments are valued at amortized cost. Amortized
cost
valuation involves valuing an instrument at its cost initially and
thereafter
assuming a constant amortization to maturity of any discount or
premium,
regardless of the effect of fluctuating interest rates on the market value
of
the instrument.
REPURCHASE AGREEMENTS:
Each Portfolio may engage in repurchase agreement transactions. Under
the
terms of a typical repurchase agreement, the Portfolio takes possession of
an
underlying debt obligation subject to an obligation of the seller to
repurchase,
and the Portfolio to resell, the obligation at an agreed-upon price and
time,
thereby determining the yield during the Portfolio's holding period.
This
arrangement results in a fixed rate of return that is not subject to
market
fluctuations during the Portfolio's holding period. The value of the
collateral
is at least equal, at all times, to the total amount of the
repurchase
obligations, including interest. In the event of counterparty default,
the
Portfolio has the right to use the collateral to offset losses incurred.
There
is potential loss to the Portfolio in the event the Portfolio is delayed
or
prevented from exercising its rights to dispose of the collateral
securities,
including the risk of a possible decline in the value of the
underlying
securities during the period while the Portfolio seeks to assert its rights.
The
Portfolio's investment advisers, acting under the supervision of the Board
of
Trustees, reviews the value of the collateral and the creditworthiness of
those
banks and dealers with which the Portfolio enters into repurchase agreements
to
evaluate potential risks.
FORWARD FOREIGN CURRENCY TRANSACTIONS:
International Equity Investments and International Fixed Income
Investments
may engage in forward foreign currency contracts. Forward foreign
currency
contracts are valued at the forward rate and are marked-to-market daily.
The
change in market value is recorded by the Portfolio as an unrealized gain
or
loss. When the contract is closed, the Portfolio records a realized gain or
loss
equal to the difference between the value of the contract at the time it
was
opened and the value at the time it was closed.
71
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
The use of forward foreign currency contracts does not eliminate
fluctuations
in the underlying prices of the Portfolio's investment securities, but it
does
establish a rate of exchange that can be achieved in the future.
Although
forward foreign currency contracts limit the risk of loss due to a decline
in
the value of the hedged currency, they also limit any potential gain that
might
result should the value of the currency increase. In addition, the
Portfolio
could be exposed to risks if the counterparties to the contracts are unable
to
meet the terms of their contracts.
FOREIGN CURRENCY:
The books and records of the Trust are maintained in United States
(U.S.)
dollars. Foreign currencies, investments and other assets and liabilities
are
translated into U.S. dollars at the exchange rates prevailing at the end of
the
period, and purchases and sales of investment securities, income and
expenses
are translated on the respective dates of such transactions. Unrealized
gains
and losses which result from changes in foreign currency exchange rates
have
been included in the unrealized appreciation/(depreciation) of investments.
Net
realized foreign currency gains and losses resulting from changes in
exchange
rates include foreign currency gains and losses between trade date
and
settlement date on investment securities transactions, foreign
currency
transactions and the difference between the amounts of interest and
dividends
recorded on the books of the Portfolio and the amount actually received.
The
portion of foreign currency gains and losses related to fluctuation in
exchange
rates between the initial purchase trade date and subsequent sale trade date
is
included in realized gains and losses on investment securities sold.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME:
Securities transactions are recorded as of the trade date.
Securities
purchased or sold on a when-issued or delayed-delivery basis may be settled
a
month or more after the trade date. Realized gains and losses from
securities
sold are recorded on the identified cost basis. Dividend income
and
distributions to shareholders are recorded on the ex-dividend date except
that
certain dividends from foreign securities are recorded as soon as the
Portfolio
is informed of the ex-dividend date. Interest income is recorded on the
accrual
basis.
Securities purchased or sold on a when-issued or delayed-delivery basis may
be
settled a month or more after the trade date. Interest income is not
accrued
until settlement date. The Portfolio instructs the custodian to segregate
assets
in a separate account with a current value at least equal to the amount of
its
when-issued purchase commitments.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Dividends from net investment income of Government Money Investments
and
Municipal Bond Investments are declared daily and paid monthly. Dividends
from
net investment income of Intermediate Fixed Income Investments, Total
Return
Fixed Income Investments, Mortgage Backed Investments, Balanced Investments
and
International Fixed Income Investments are declared and paid monthly.
Dividends
from net investment income of Large Capitalization Value Equity
Investments,
Large Capitalization Growth Investments, Small Capitalization Value
Equity
Investments, Small Capitalization Growth Investments and International
Equity
Investments are declared and paid annually. Distributions from net
realized
capital gains are declared and paid on an annual basis. In addition,
the
Portfolios intend to make any additional distributions to avoid the
application
of a 4% nondeductible excise tax on certain undistributed amounts of
net
investment income and capital gains. Income distributions and capital
gain
distributions of a Portfolio are determined in accordance with income
tax
regulations which may differ from generally accepted accounting
principles.
These differences are primarily due to differing treatments of income and
gains
on various securities held by a Portfolio, timing differences and/or
differing
characterization of distributions made by the Portfolios. Any permanent book
and
tax basis differences at fiscal year end have been reclassified to reflect
the
tax characterization.
72
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
FEDERAL TAXES:
It is each Portfolio's policy to qualify as a regulated investment company,
if
such qualification is in the best interest of its shareholders, by
complying
with the requirements of the Internal Revenue Code applicable to
regulated
investment companies and by distributing all of its taxable income to
its
shareholders. Therefore, no Federal income tax provision is required.
2. MANAGEMENT FEE, ADMINISTRATION FEE AND OTHER RELATED PARTY TRANSACTIONS
The Trust had entered into an investment management agreement (the
"Management
Agreement") with the Consulting Group (the "Manager") of Smith Barney
Shearson
Inc. ("Smith Barney Shearson"). Smith Barney Shearson is an indirect
wholly
owned subsidiary of The Travelers Inc. Under the Management Agreement,
each
Portfolio pays a monthly fee (the "Manager's Fee") at the following annual
rates
applied to the value of their average daily net assets:
<TABLE>
<CAPTION>
PORTFOLIO
---------------------------------------------------------------
<S> <C>
Government Money Investments................................... .15%
Intermediate Fixed Income Investments.......................... .40%
Total Return Fixed Income Investments.......................... .40%
Municipal Bond Investments..................................... .40%
Mortgage Backed Investments.................................... .50%
Balanced Investments........................................... .60%
Large Capitalization Value Equity Investments.................. .60%
Large Capitalization Growth Investments........................ .60%
Small Capitalization Value Equity Investments.................. .60%
Small Capitalization Growth Investments........................ .60%
International Equity Investments............................... .70%
International Fixed Income Investments......................... .50%
</TABLE>
The Manager has in turn entered into an investment advisory agreement
(the
"Advisory Agreement") with each adviser selected for the
Portfolios
(collectively, the "Advisers"). The Trust's current Advisers are as
follows:
Standish, Ayer & Wood, Inc., Intermediate Fixed Income Investments
and
Government Money Investments; Wolf, Webb, Burk & Campbell, Inc., Total
Return
Fixed Income Investments; Smith Affiliated Capital Corp., Municipal
Bond
Investments; Atlantic Portfolio Analytics & Management, Inc., Mortgage
Backed
Investments; Palley-Needelman Asset Management, Inc., Balanced
Investments;
Newbold's Asset Management, Inc., Large Capitalization Value Equity
Investments;
Provident Investment Counsel, Large Capitalization Growth Investments;
Thorsell,
Parker Partners Inc. and NFJ Investments Group Inc., Small Capitalization
Value
Equity Investments; Pilgrim Baxter Greig & Associates, Ltd.,
Small
Capitalization Growth Investments; Oechsle International Advisors,
L.P.,
International Equity Investments; and Julius Baer Investment Management
Inc.,
International Fixed Income Investments. The Manager pays the Advisers a
monthly
portfolio management fee. The Portfolios pay no direct investment advisory
fee
to any of the Advisers.
The Trust has also entered into an administration agreement
(the
"Administration Agreement") with The Boston Company Advisors, Inc.
("Boston
Advisors"), an indirect wholly owned subsidiary of Mellon Bank
Corporation
("Mellon"). Under the Administration Agreement, each Portfolio pays a
monthly
fee at the annual rate of 0.20% of the value of its average daily net assets.
Boston Safe Deposit and Trust Company ("Boston Safe"), an indirect
wholly
owned subsidiary of Mellon, serves as the Trust's custodian. The
Shareholder
Services Group Inc., a subsidiary of First Data Corporation, serves as
the
Trust's transfer agent.
73
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
From time to time, the Manager, Boston Advisors and Boston Safe
(collectively
known as the "Agents") may voluntarily waive a portion or all of
their
respective fees otherwise payable to them and/or reimburse expenses.
For the six months ended February 28, 1994, the Agents waived fees pursuant
to
the above agreements as follows:
<TABLE>
<CAPTION>
Total Fee
Boston Boston
Waivers Manager
Advisors Safe
----------- ------- ----
- ---- -------
<S> <C> <C> <C>
<C>
Government Money Investments..................... $222,495 $87,503
$116,671 $18,321
Total Return Fixed Income Investments............ 48,082 29,812
14,906 3,364
Municipal Bond Investments....................... 26,104 16,687
8,343 1,074
Mortgage Backed Investments...................... 120,481 80,408
32,163 7,910
Balanced Investments............................. 48,568 30,669
10,223 7,676
International Fixed Income Investments........... 56,224 34,465
13,786 7,973
</TABLE>
In addition, the Agents have agreed to reimburse other expenses of
certain
Portfolios as follows:
<TABLE>
<CAPTION>
TOTAL EXPENSE
BOSTON BOSTON
REIMBURSEMENTS MANAGER
ADVISORS SAFE
-------------- ------- --
- ------ ------
<S> <C> <C>
<C> <C>
Government Money Investments................... $64,549 $25,334
$33,779 $5,436
</TABLE>
For the six months ended February 28, 1994, the Trust incurred total
brokerage
commissions of $2,720,278 of which $161,365 was paid to Smith Barney Shearson.
No officer, director or employee of Smith Barney Shearson or Boston
Advisors
or of any parent or subsidiary of those corporations receives any
compensation
from the Portfolios for serving as a Trustee or officer of the Trust. The
Trust
pays each Trustee who is not an officer, director or employee of Smith
Barney
Shearson or Boston Advisors or any of their affiliates $10,000 per annum
plus
$500 per meeting attended and reimburses each such Trustee for travel
and
out-of-pocket expenses. Prior to December 9, 1993, the annual fee paid to
such
Trustees was $7,500.
3. PURCHASES AND SALES OF SECURITIES
Cost of purchases and proceeds from sales of securities, excluding
U.S.
Government securities and short-term investments, for the six months
ended
February 28, 1994 were as follows:
<TABLE>
<CAPTION>
Purchases
Sales
------------ -
- -----------
<S> <C>
<C>
Intermediate Fixed Income Investments....................... $ 40,156,463 $
- --
Total Return Fixed Income Investments....................... 12,422,991
20,784,388
Municipal Bond Investments.................................. 31,614,492
13,476,031
Balanced Investments........................................ 4,029,051
928,317
Large Capitalization Value Equity Investments............... 304,448,713
250,598,130
Large Capitalization Growth Investments..................... 205,363,848
87,616,744
Small Capitalization Value Equity Investments............... 164,700,798
78,269,108
Small Capitalization Growth Investments..................... 84,042,784
41,650,859
International Equity Investments............................ 220,066,385
68,361,588
International Fixed Income Investments...................... 185,494,607
165,617,569
</TABLE>
74
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
Cost of purchases and proceeds from sales of U.S. Government
securities,
excluding short-term investments, for the six months ended February 28,
1994
were as follows:
<TABLE>
<CAPTION>
Purchases
Sales
----------- --
- ---------
<S> <C>
<C>
Intermediate Fixed Income Investments....................... $80,239,943
$54,370,921
Total Return Fixed Income Investments....................... 46,963,549
- --
Mortgage Backed Investments................................. 56,597,114
36,174,775
Balanced Investments........................................ 4,374,129
- --
</TABLE>
At February 28, 1994, aggregate gross unrealized appreciation for
all
securities in which there was an excess of value over tax cost and
aggregate
gross unrealized depreciation for all securities in which there was an excess
of
tax cost over value were as follows:
<TABLE>
<CAPTION>
TAX BASIS
TAX BASIS
UNREALIZED
UNREALIZED
APPRECIATION
DEPRECIATION
------------ -
- -----------
<S> <C>
<C>
Intermediate Fixed Income Investments....................... $ 1,766,595
$ 2,308,734
Total Return Fixed Income Investments....................... 1,373,931
1,198,752
Municipal Bond Investments.................................. 1,169,442
1,378,512
Mortgage Backed Investments................................. 435,960
882,254
Balanced Investments........................................ 706,477
257,649
Large Capitalization Value Equity Investments............... 29,730,637
19,802,104
Large Capitalization Growth Investments..................... 36,010,121
5,135,115
Small Capitalization Value Equity Investments............... 18,626,102
12,319,466
Small Capitalization Growth Investments..................... 31,311,321
1,156,657
International Equity Investments............................ 78,124,106
4,016,703
International Fixed Income Investments...................... 734,842
1,603,265
</TABLE>
4. SHARES OF BENEFICIAL INTEREST
The Trust may issue an unlimited number of shares of beneficial interest
of
separate series with a $.001 par value per share. Since Government
Money
Investments has sold shares, issued shares as reinvestment of dividends
and
redeemed shares only at a constant net asset value of $1.00 per share,
the
number of shares represented by such sales, reinvestments and redemptions is
the
same as the dollar amounts shown for such transactions. Changes in shares
of
beneficial interest for each Portfolio were as follows:
<TABLE>
<CAPTION>
SIX MONTHS ENDED
FEBRUARY 28,
YEAR ENDED
1994
AUGUST 31, 1993
----------------
- ---------------
AMOUNT
AMOUNT
AND SHARES
AND SHARES
----------------
- ---------------
<S> <C>
<C>
GOVERNMENT MONEY INVESTMENTS:
Sold.................................................... $168,875,105
$120,758,267
Issued as reinvestment of dividends..................... 1,456,845
1,376,787
Redeemed................................................ (85,285,678)
(68,453,272)
----------------
- ---------------
Net increase............................................ $ 85,046,272
$ 53,681,782
----------------
- ---------------
----------------
- ---------------
</TABLE>
75
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED
FEBRUARY 28, 1994
AUGUST 31, 1993
-----------------------
- -- -------------------------
AMOUNT
AMOUNT
AND
SHARES AND SHARES
----------
- -- ------------
<S> <C> <C>
<C> <C>
INTERMEDIATE FIXED INCOME INVESTMENTS:
Sold................................................ 12,454,859
$105,637,381 11,732,048 $ 98,052,019
Issued as reinvestment of dividends................. 775,423
6,530,580 679,697 5,668,719
Redeemed............................................ (5,072,734)
(42,904,987) (3,118,184) (26,065,417)
----------- ----------
- -- ----------- ------------
Net increase........................................ 8,157,548 $
69,262,974 9,293,561 $ 77,655,321
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
TOTAL RETURN FIXED INCOME INVESTMENTS:
Sold................................................ 5,587,334 $
47,945,066 6,171,923 $ 51,853,902
Issued as reinvestment of dividends................. 301,196
2,571,656 305,509 2,568,134
Redeemed............................................ (1,876,470)
(16,071,848) (3,271,047) (27,510,941)
----------- ----------
- -- ----------- ------------
Net increase........................................ 4,012,060 $
34,444,874 3,206,385 $ 26,911,095
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
MUNICIPAL BOND INVESTMENTS:
Sold................................................ 3,326,401 $
29,477,590 4,091,353 $ 34,760,685
Issued as reinvestment of dividends................. 189,642
1,672,595 182,881 1,554,085
Redeemed............................................ (1,353,166)
(11,951,875) (1,512,753) (12,838,170)
----------- ----------
- -- ----------- ------------
Net increase........................................ 2,162,877 $
19,198,310 2,761,481 $ 23,476,600
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
MORTGAGE BACKED INVESTMENTS:
Sold................................................ 5,837,581 $
47,569,229 8,633,686 $ 70,892,674
Issued as reinvestment of dividends................. 396,165
3,216,811 476,113 3,899,994
Redeemed............................................ (3,680,331)
(29,963,537) (1,962,067) (16,111,085)
----------- ----------
- -- ----------- ------------
Net increase........................................ 2,553,415 $
20,822,503 7,147,732 $ 58,681,583
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
<CAPTION>
PERIOD ENDED
AUGUST 31, 1993*
- -------------------------
SHARES AMOUNT
- ----------- ------------
<S> <C> <C>
<C> <C>
BALANCED INVESTMENTS:
Sold................................................ 1,123,961 $
9,477,624 663,212 $ 5,402,095
Issued as reinvestment of dividends................. 11,077
93,678 5,801 47,789
Redeemed............................................ (220,371)
(1,871,212) (43,627) (358,638)
----------- ----------
- -- ----------- ------------
Net increase........................................ 914,667 $
7,700,090 625,386 $ 5,091,246
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
<CAPTION>
YEAR ENDED
AUGUST 31, 1993
- -------------------------
SHARES AMOUNT
- ----------- ------------
<S> <C> <C>
<C> <C>
LARGE CAPITALIZATION VALUE EQUITY INVESTMENTS:
Sold................................................ 31,808,088
$295,492,029 44,406,711 $389,283,546
Issued as reinvestment of dividends................. 1,243,086
11,448,832 722,291 6,204,476
Redeemed............................................ (17,038,534)
(158,966,553) (7,503,742) (66,316,052)
----------- ----------
- -- ----------- ------------
Net increase........................................ 16,012,640
$147,974,308 37,625,260 $329,171,970
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
LARGE CAPITALIZATION GROWTH INVESTMENTS:
Sold................................................ 18,088,081
$179,026,849 19,222,339 $181,299,634
Issued as reinvestment of dividends................. -- --
10,079 98,374
Redeemed............................................ (4,981,032)
(49,310,176) (4,450,973) (42,026,828)
----------- ----------
- -- ----------- ------------
Net increase........................................ 13,107,049
$129,716,673 14,781,445 $139,371,180
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
SMALL CAPITALIZATION VALUE EQUITY INVESTMENTS:
Sold................................................ 12,756,091
$120,940,131 13,092,656 $127,115,155
Issued as reinvestment of dividends................. 1,439,020
13,253,371 148,246 1,492,837
Redeemed............................................ (2,973,128)
(28,282,616) (5,601,453) (55,894,219)
----------- ----------
- -- ----------- ------------
Net increase........................................ 11,221,983
$105,910,886 7,639,449 $ 72,713,773
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
</TABLE>
76
<PAGE>
THE TRUST FOR TRAK INVESTMENTS
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)(CONTINUED)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
YEAR ENDED
FEBRUARY 28, 1994
AUGUST 31, 1993
-----------------------
- -- -------------------------
SHARES AMOUNT
SHARES AMOUNT
----------- ----------
- -- ----------- ------------
<S> <C> <C>
<C> <C>
SMALL CAPITALIZATION GROWTH INVESTMENTS:
Sold................................................ 6,713,166 $
82,172,661 6,017,650 $ 59,433,010
Issued as reinvestment of dividends................. 136,380
1,667,927 -- --
Redeemed............................................ (2,580,191)
(31,778,286) (2,055,438) (20,720,709)
----------- ----------
- -- ----------- ------------
Net increase........................................ 4,269,355 $
52,062,302 3,962,212 $ 38,712,301
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
INTERNATIONAL EQUITY INVESTMENTS:
Sold................................................ 20,287,625
$195,487,361 20,558,453 $167,726,683
Issued as reinvestment of dividends................. 1,020,865
9,534,883 63,349 477,653
Redeemed............................................ (5,356,247)
(51,677,624) (7,295,259) (57,772,864)
----------- ----------
- -- ----------- ------------
Net increase........................................ 15,952,243
$153,344,620 13,326,543 $110,431,472
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
INTERNATIONAL FIXED INCOME INVESTMENTS:
Sold................................................ 6,637,557 $
58,137,982 8,424,901 $ 71,915,585
Issued as reinvestment of dividends................. 893,565
7,610,263 477,398 4,052,425
Redeemed............................................ (4,323,711)
(37,055,635) (2,069,674) (17,624,937)
----------- ----------
- -- ----------- ------------
Net increase........................................ 3,207,411 $
28,692,610 6,832,625 $ 58,343,073
----------- ----------
- -- ----------- ------------
----------- ----------
- -- ----------- ------------
<FN>
- -------------------
* Balanced Investments commenced operations on February 16, 1993.
</TABLE>
5. ORGANIZATION COSTS
Each Portfolio bears all cost in connection with its initial
organization
including the fees for registering and qualifying its shares for
distribution
under Federal and state securities regulations. All such costs are
being
amortized on the straight-line basis over periods of five years from the
dates
on which each Portfolio commenced operations. The Manager has agreed that in
the
event any of the initial shares in any of the Portfolios are redeemed
during
such period, the appropriate Portfolio will be reimbursed for any
unamortized
organization costs in the same proportion as the number of shares redeemed
bears
to the number of initial shares held at the time of redemption.
6. FOREIGN SECURITIES
International Equity Investments and International Fixed Income
Investments
invest in foreign securities. Investing in securities of foreign companies
and
foreign governments involves special risks and considerations not
typically
associated with investing in U.S. companies and the U.S. Government. These
risks
include revaluation of currencies and future adverse political and
economic
developments. Moreover, securities of many foreign companies and
foreign
governments and their markets may be less liquid and their prices more
volatile
than those of securities of U.S. companies and the U.S. Government.
7. CAPITAL LOSS CARRYFORWARD
At August 31, 1993, the following Portfolios had available for federal
income
tax purposes unused capital losses as follows:
<TABLE>
<CAPTION>
PORTFOLIO
EXPIRING IN 2001
---------------------------------------------------------------------- -----
- -----------
<S> <C>
Government Money Investments.......................................... $
197
Large Capitalization Growth Investments...............................
2,428,919
</TABLE>
8. SUBSEQUENT EVENTS
As of March 21, 1994, Parametric Portfolio Associates, Inc. and
Boston
Structured Advisors became Co-Advisors of Large Capitalization Value
Equity
Investments and Large Capitalization Growth Investments, respectively.
As of March 21, 1994, the Manager has agreed to waive a portion of the
fees
otherwise payable to it by Large Capitalization Value Equity Investments
and
Large Capitalization Growth Investments. The Manager will retain as its
annual
fee an amount equal to no more than .30% of the value of each such
Portfolios'
average daily net assets.
The Trust will begin offering a new fund, Emerging Markets Equity
Investments,
in mid-April 1994.
As of May 9, 1994, the Trust will change its name from "The Trust for
TRAK
Investments" to "Consulting Group Capital Markets Funds."
77
<PAGE>
THIS REPORT IS SUBMITTED FOR THE GENERAL INFORMATION OF THE SHAREHOLDERS
OF THE TRUST FOR TRAK INVESTMENTS. IT IS NOT AUTHORIZED FOR DISTRIBUTION
TO PROSPECTIVE INVESTORS UNLESS ACCOMPANIED OR PRECEDED BY AN EFFECTIVE
PROSPECTUS FOR THE TRUST WHICH CONTAINS INFORMATION CONCERNING THE TRUST'S
INVESTMENT POLICIES, CHARGES AND EXPENSES AS WELL AS OTHER PERTINENT
INFORMATION.
TK2120 THE TRUST FOR TRAK INVESTMENTS - 222 DELAWARE AVENUE - WILMINGTON,
DELAWARE - 19801
D4
