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039 000400 N
040 000400 Y
041 000400 Y
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042 D000400 22
042 E000400 0
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043 000400 4
044 000400 0
045 000400 Y
046 000400 N
047 000400 Y
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048 B010400 0
048 B020400 0.000
048 C010400 0
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048 D010400 0
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048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
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049 000400 N
<PAGE> PAGE 22
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 N
053 C000400 N
062 A000400 Y
062 B000400 9.4
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.0
062 M000400 2.8
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062 O000400 0.0
062 P000400 69.6
062 Q000400 35.2
062 R000400 0.0
063 A000400 0
063 B000400 7.0
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 Y
070 I020400 N
070 J010400 Y
070 J020400 Y
<PAGE> PAGE 23
070 K010400 Y
070 K020400 N
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 Y
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 8567
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071 D000400 173
072 A000400 7
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072 W000400 31
072 X000400 175
072 Y000400 173
072 Z000400 122
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<PAGE> PAGE 24
072DD020400 0
072EE000400 0
073 A010400 0.0000
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008 A000501 ORBITEX MANAGEMENT, INC.
008 B000501 A
008 C000501 801-000000
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10022
013 A000501 PRICE WATERHOUSE LLP
013 B010501 BOSTON
013 B020501 MA
013 B030501 02110
014 A000501 NONE
014 B000501 8-00000000
<PAGE> PAGE 25
024 000500 N
025 D000501 0
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<PAGE> PAGE 26
039 000500 N
040 000500 Y
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049 000500 N
050 000500 N
051 000500 N
052 000500 N
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<PAGE> PAGE 27
062 F000500 0.0
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<PAGE> PAGE 28
070 M020500 N
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<PAGE> PAGE 29
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SIGNATURE MARGARET BENKART
TITLE ASST VICE PRESIDENT
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<CIK> 0001029068
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<SERIES>
<NUMBER> 1
<NAME> STRATEGIC NATURAL RESOURCES FUND
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<PERIOD-START> MAY-1-1997
<PERIOD-END> APR-30-1998
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<OTHER-ITEMS-LIABILITIES> 63112
<TOTAL-LIABILITIES> 373315
<SENIOR-EQUITY> 0
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<SHARES-COMMON-STOCK> 344464
<SHARES-COMMON-PRIOR> 1333
<ACCUMULATED-NII-CURRENT> 119210
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (297412)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 391583
<NET-ASSETS> 5697834
<DIVIDEND-INCOME> 157369
<INTEREST-INCOME> 19752
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<NUMBER-OF-SHARES-REDEEMED> 367260
<SHARES-REINVESTED> 713
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<ACCUMULATED-NII-PRIOR> 0
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<PER-SHARE-NII> 0.38
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029068
<NAME> ORBITEX GROUP OF FUNDS
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<NUMBER> 2
<NAME> INFO-TECH AND COMMUNICATIONS FUND
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<PERIOD-END> APR-30-1998
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0001029068
<NAME> ORBITEX GROUP OF FUNDS
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<NUMBER> 3
<NAME> ASIAN SELECT ADVISORS FUND
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (1212)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1691)
<NET-ASSETS> 134921
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<INTEREST-INCOME> 80
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<NET-INVESTMENT-INCOME> (1197)
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<GROSS-EXPENSE> 163554
<AVERAGE-NET-ASSETS> 127363
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<PER-SHARE-NII> 0.00
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<PER-SHARE-NAV-END> 14.56
<EXPENSE-RATIO> 2.50
<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029068
<NAME> ORBITEX GROUP OF FUNDS
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<NUMBER> 4
<NAME> ASIAN HIGH YIELD FUND
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<ACCUMULATED-NII-CURRENT> 26364
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (177150)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (14270)
<NET-ASSETS> 3766557
<DIVIDEND-INCOME> 1283
<INTEREST-INCOME> 122532
<OTHER-INCOME> 0
<EXPENSES-NET> 1924
<NET-INVESTMENT-INCOME> 121891
<REALIZED-GAINS-CURRENT> (177110)
<APPREC-INCREASE-CURRENT> (14270)
<NET-CHANGE-FROM-OPS> (69489)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (95628)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 528380
<NUMBER-OF-SHARES-REDEEMED> 187417
<SHARES-REINVESTED> 2010
<NET-CHANGE-IN-ASSETS> 3746557
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 17612
<INTEREST-EXPENSE> 1924
<GROSS-EXPENSE> 175735
<AVERAGE-NET-ASSETS> 3664585
<PER-SHARE-NAV-BEGIN> 12.00
<PER-SHARE-NII> 0.45
<PER-SHARE-GAIN-APPREC> (1.15)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (0.37)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.93
<EXPENSE-RATIO> 0.14
<AVG-DEBT-OUTSTANDING> 750000
<AVG-DEBT-PER-SHARE> 0.20
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029068
<NAME> ORBITEX GROUP OF FUNDS
<SERIES>
<NUMBER> 5
<NAME> GROWTH FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> APR-30-1998
<PERIOD-START> MAY-1-1997
<PERIOD-END> APR-30-1998
<INVESTMENTS-AT-COST> 846862
<INVESTMENTS-AT-VALUE> 905448
<RECEIVABLES> 49245
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 104185
<TOTAL-ASSETS> 1058878
<PAYABLE-FOR-SECURITIES> 114432
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 53806
<TOTAL-LIABILITIES> 168238
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 776356
<SHARES-COMMON-STOCK> 49674
<SHARES-COMMON-PRIOR> 1333
<ACCUMULATED-NII-CURRENT> 13074
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 42624
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 58586
<NET-ASSETS> 890640
<DIVIDEND-INCOME> 18832
<INTEREST-INCOME> 502
<OTHER-INCOME> 0
<EXPENSES-NET> 5162
<NET-INVESTMENT-INCOME> 14172
<REALIZED-GAINS-CURRENT> 41526
<APPREC-INCREASE-CURRENT> 58586
<NET-CHANGE-FROM-OPS> 114284
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 48341
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 870640
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2423
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 161099
<AVERAGE-NET-ASSETS> 614160
<PER-SHARE-NAV-BEGIN> 15.00
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 2.67
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 17.93
<EXPENSE-RATIO> 1.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</TABLE>
June 12, 1998
To the Trustees and Shareholders of ORBITEX Group of Funds:
In planning and performing our audit of the financial
statements of ORBITEX Group of Funds (the Trust), for the
year ended April 30, 1998, we considered its internal
control, including control activities for safeguarding
securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form NSAR,
not to provide assurance on internal control.
The management of the Trust is responsible for establishing
and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs
of control activities. Generally, control activities that
are relevant to an audit pertain to the entitys objective of
preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the
safeguarding of assets against unauthorized acquisition, use
or disposition.
Because of inherent limitations in internal control, errors
or irregularities may occur and not be detected. Also,
projection of any evaluation of internal control to future
periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be
material weaknesses under standards established by the
American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or
operation of any specific internal control components does
not reduce to a relatively low level the risk that errors or
irregularities in amounts that would be material in relation
to the financial statements being audited may occur and not
be detected within a timely period by employees in the
normal course of performing their assigned functions.
However, we noted no matters involving internal control,
including control activities for safeguarding securities,
that we consider to be material weaknesses as defined above
as of April 30, 1998.
This report is intended solely for the information and use
of management and the Trustees of the ORBITEX Group of Funds
and the Securities and Exchange Commission.
