<PAGE> PAGE 1
000 B000000 10/31/99
000 C000000 0001029068
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 ORBITEX GROUP OF FUNDS
001 B000000 811-8037
001 C000000 2128917900
002 A000000 410 PARK AVE. - 18TH FLOOR
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10022
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 5
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C020600 ORBITEX FOCUS 30 FUND
007 C030600 N
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
020 A000001 SALOMON SMITH BARNEY
020 B000001 19-1912900
020 C000001 8
020 A000002 STANDARD & POORS
020 C000002 7
020 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH
020 B000003 13-5674085
020 C000003 3
020 A000004 BRIDGE TRADING CO.
020 B000004 43-1450530
020 C000004 2
020 A000005 RBC DOMINION SECURITIES
020 C000005 1
020 A000006 WERTHEIM SCHRODER
020 C000006 1
020 A000007 BEAR STEARNS & CO.
020 B000007 13-3299429
<PAGE> PAGE 2
020 C000007 1
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 25
022 A000001 FIRSTAR BANK
022 C000001 26410
022 D000001 2939
022 A000002 STATE STREET BANK & TRUST CO.
022 B000002 13-1912900
022 C000002 18814
022 D000002 0
022 A000003 CREDIT SUISSE FIRST BOSTON
022 B000003 13-5659485
022 C000003 529
022 D000003 0
022 A000004 GERALD KLOUER
022 C000004 112
022 D000004 0
022 A000005 PAINEWEBBER
022 B000005 13-2638166
022 C000005 88
022 D000005 0
022 A000006 SALOMON SMITH BARNEY
022 B000006 13-1912900
022 C000006 0
022 D000006 8
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022 D000007 0
022 C000008 0
022 D000008 0
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023 D000000 2947
026 A000000 Y
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026 G020000 N
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027 000000 Y
077 A000000 Y
077 B000000 Y
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077 E000000 Y
<PAGE> PAGE 3
077 M000000 Y
077 Q010000 Y
077 Q020000 N
077 Q030000 N
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
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086 F020000 0
008 A000601 ORBITEX MANAGEMENT, INC.
008 B000601 A
008 C000601 801-52312
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10022
010 A000601 AMERICAN DATA SERVICES, INC.
010 C010601 HAUPPAUGE
010 C020601 NY
010 C030601 11788
011 A000601 FUNDS DISTRIBUTOR, INC.
011 B000601 8-00000000
011 C010601 NEW YORK
011 C020601 NY
011 C030601 10166
012 A000601 AMERICAN DATA SERVICES, INC.
012 B000601 84-1964
012 C010601 HAUPPAUGE
012 C020601 NY
012 C030601 11788
013 A000601 PRICEWATERHOUSECOOPERS LLP
013 B010601 BOSTON
013 B020601 MA
013 B030601 02110
015 A000601 STATE STREET BANK & TRUST CO.
015 B000601 C
015 C010601 BOSTON
015 C020601 MA
015 C030601 02110
015 E010601 X
018 000600 Y
019 A000600 N
019 B000600 0
019 C000600 ORBITEXGOF
<PAGE> PAGE 4
024 000600 N
028 A010600 2303
028 A020600 0
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028 A040600 5291
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028 F040600 491
028 G010600 4527
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029 000600 Y
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030 C000600 0.00
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031 B000600 0
032 000600 0
033 000600 0
034 000600 Y
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039 000600 Y
040 000600 Y
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<PAGE> PAGE 5
042 E000600 0
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048 I010600 0
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048 K010600 0
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049 000600 N
050 000600 N
051 000600 N
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<PAGE> PAGE 6
054 M000600 Y
054 N000600 N
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062 A000600 N
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063 A000600 0
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066 A000600 Y
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067 000600 N
068 A000600 N
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069 000600 N
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<PAGE> PAGE 7
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 N
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070 M020600 N
070 N010600 N
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
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071 A000600 14125
071 B000600 31858
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071 D000600 61
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<PAGE> PAGE 8
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<PAGE> PAGE 9
080 A000600 GULF INSURANCE CO.
080 C000600 2000
081 A000600 Y
081 B000600 4
082 A000600 N
082 B000600 0
083 A000600 N
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084 A000600 N
084 B000600 0
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085 B000600 N
SIGNATURE ROBERT GAFFNEY
TITLE SENIOR ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0001029068
<NAME> ORBITEX GROUP OF FUNDS
<SERIES>
<NUMBER> 6
<NAME> FOCUS 30 FUND
<MULTIPLIER> 1000
<S> <C> <C> <C>
<PERIOD-TYPE> 12-MOS 12-MOS 12-MOS
<FISCAL-YEAR-END> OCT-31-1999 OCT-31-1999 OCT-31-1999
<PERIOD-END> OCT-31-1999 OCT-31-1999 OCT-31-1999
<INVESTMENTS-AT-COST> 13070 13070 13070
<INVESTMENTS-AT-VALUE> 18122 18122 18122
<RECEIVABLES> 983 983 983
<ASSETS-OTHER> 46 46 46
<OTHER-ITEMS-ASSETS> 0 0 0
<TOTAL-ASSETS> 19151 19151 19151
<PAYABLE-FOR-SECURITIES> 422 422 422
<SENIOR-LONG-TERM-DEBT> 0 0 0
<OTHER-ITEMS-LIABILITIES> 230 230 230
<TOTAL-LIABILITIES> 652 652 652
<SENIOR-EQUITY> 0 0 0
<PAID-IN-CAPITAL-COMMON> 11366 11366 11366
<SHARES-COMMON-STOCK> 3 1 839
<SHARES-COMMON-PRIOR> 0 0 1553
<ACCUMULATED-NII-CURRENT> (533) (533) (533)
<OVERDISTRIBUTION-NII> 0 0 0
<ACCUMULATED-NET-GAINS> 2614 2614 2614
<OVERDISTRIBUTION-GAINS> 0 0 0
<ACCUM-APPREC-OR-DEPREC> 5052 5052 5052
<NET-ASSETS> 18499 18499 18499
<DIVIDEND-INCOME> 379 379 379
<INTEREST-INCOME> 10 10 10
<OTHER-INCOME> 0 0 0
<EXPENSES-NET> 711 711 711
<NET-INVESTMENT-INCOME> (322) (322) (322)
<REALIZED-GAINS-CURRENT> 3403 3403 3403
<APPREC-INCREASE-CURRENT> 2686 2686 2686
<NET-CHANGE-FROM-OPS> 5766 5766 5766
<EQUALIZATION> 0 0 0
<DISTRIBUTIONS-OF-INCOME> 0 0 211
<DISTRIBUTIONS-OF-GAINS> 0 0 1509
<DISTRIBUTIONS-OTHER> 0 0 0
<NUMBER-OF-SHARES-SOLD> 3 1 552
<NUMBER-OF-SHARES-REDEEMED> 0 0 1355
<SHARES-REINVESTED> 0 0 89
<NET-CHANGE-IN-ASSETS> 60 10 (11106)
<ACCUMULATED-NII-PRIOR> 0 0 0
<ACCUMULATED-GAINS-PRIOR> 0 0 720
<OVERDISTRIB-NII-PRIOR> 0 0 0
<OVERDIST-NET-GAINS-PRIOR> 0 0 0
<GROSS-ADVISORY-FEES> 54 54 54
<INTEREST-EXPENSE> 0 0 0
<GROSS-EXPENSE> 1007 1007 1007
<AVERAGE-NET-ASSETS> 28 4 22828
<PER-SHARE-NAV-BEGIN> 22.76 22.76 19.02
<PER-SHARE-NII> (.08) (.10) (.27)
<PER-SHARE-GAIN-APPREC> (.72) (.72) 4.62
<PER-SHARE-DIVIDEND> 0 0 .17
<PER-SHARE-DISTRIBUTIONS> 0 0 1.23
<RETURNS-OF-CAPITAL> 0 0 0
<PER-SHARE-NAV-END> 21.96 21.94 21.97
<EXPENSE-RATIO> 3.58 4.58 3.11
[AVG-DEBT-OUTSTANDING] 0 0 0
[AVG-DEBT-PER-SHARE] 0 0 0
</TABLE>
A special meeting of the shareholders of ASM was held on July 2, 1999
for the principal purpose of voting to merge the assets and liabilities
of the Fund into the Focus 30 Fund in a tax-free reorganization.
The resulting votes are presented below:
# of shares voted % of shares voted
Affirmative 573,998 51.960%
Withheld 68,237 6.180
Against 38,225 3.450
Total 680,460 61.590%
December 27, 1999
To the Shareholders and Trustees of
Orbitex Focus 30 Fund
In planning and performing our audit of the financial statements of the
Orbitex Focus 30 Fund (the "Fund") for the year ended October 31, 1999,
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 N-SAR, not to provide assurance on
internal control.
The management of the Fund 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 controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with generally
accepted accounting principles. Those controls include the safeguarding
of assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or fraud 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 one or more of the internal control components does
not reduce to a relatively low level the risk that misstatements caused
by error or fraud 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 and its operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined above as of
October 31, 1999.
This report is intended solely for the information and use of management
and the Trustees of the Fund and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than
these specified parties.
On February 8, 1999 and on June 2, 1999, suits were filed in the
Thirteenth Judicial Circuit Court, Hillsborough County, Florida,
against Steven H. Adler, a former director and officer of ASM, Vector,
the ASM Index 30 Fund, and, in the case of the latter suit, Mutual Funds
Service Co., the former administrator, fund accountant, and transfer
agent, alleging that Mr. Adler wrongfully diverted monies intended for
or previously invested in the ASM Index 30 Fund. The relief sought
is the recovery of the investment amounts and interest thereon, additional
general, consequential and incidental damages, legal costs and
disbursements, and declaratory and injunctive relief to preclude the Fund
dissipation of its assets. The Fund succeeded to the obligations of ASM
with respect to these suits, including obligations of ASM to indemnify its
officers and directors for which no officers and directors' insurance
policy was in effect. At the present time, the liability of the Fund, if
any, is not readily determinable.
As of the close of business on July 9, 1999, the Fund, a newly created
portfolio, acquired all the net assets of ASM pursuant to a plan of
reorganization approved by the shareholders of ASM on July 2, 1999. The
acquisition was accomplished by a tax-free exchange, the details of which
are outlined in the following schedule:
At Close of Business July 9, 1999
ASM Focus 30 Merged Assets
Net Assets $19,898,870 -0- $19,898,870
Shares Outstanding 874,960 -0- 874,960
Net Asset Value Per Share$ 22.74 -0- $22.74
The financial statements of the Fund reflect the historical financial
results of ASM prior to the reorganization.
