ORBITEX GROUP OF FUNDS
N-30D, 2001-01-02
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<PAGE>

LETTER FROM THE MANAGEMENT OF THE ORBITEX GROUP OF FUNDS                     | 1
--------------------------------------------------------------------------------

WE ARE PLEASED TO PROVIDE YOU WITH THE SEMIANNUAL REPORT FOR THE ORBITEX GROUP
OF FUNDS COVERING THE SIX-MONTH PERIOD ENDED OCTOBER 31, 2000.

The equities markets have been marked by substantial volatility since May 1.
Some of this fluctuation has been due, no doubt, to election year uncertainties.
Investors also lost patience with most technology stocks when it became apparent
that a few highly visible companies had become overvalued.

Against this background, the overall performance of the Orbitex Group of Funds
was pleasing. As we said six months ago, we believe that advances in technology
are driving the global economy and propelling the market leaders of several
investment sectors. The remarkable promise of scientific advance has been most
apparent in the ORBITEX HEALTH & BIOTECHNOLOGY FUND. In addition, the continued
strength of Asian economies and increased usage of the Internet have helped
performance across sector lines. A rise in commodities prices, oil and gas
prices in particular, has benefited the ORBITEX ENERGY & BASIC MATERIALS FUND.

We at ORBITEX seek to add value for you, the fund shareholder, by identifying
companies not only with the potential for rapid earnings growth but also those
with a credible and competitive business strategy. In short, we look for
innovative market leaders with growing revenues and profitability. For the long
term, we are confident in the fundamental strength of the U.S. and global
economies.

This expanded report now contains the performance of the entire Orbitex Group of
Funds as of October 31, 2000. The ORBITEX FOCUS 30 FUND is included, as is the
new ORBITEX FINANCIAL SERVICES FUND. Two asset allocation funds, ORBITEX AMERIGO
FUND and ORBITEX CLERMONT FUND, which are managed by our affiliate, Clarke
Lanzen Skalla Investment Firm, Inc., are included in this report for the first
time as well.

We believe these new funds will enable ORBITEX to meet more of your investment
needs. We are grateful for your continued investment in the Orbitex Group of
Funds. All of us at ORBITEX are proud to serve you, now and in the future.

Sincerely,

/s/ Richard Stierwalt

RICHARD STIERWALT
PRESIDENT
ORBITEX GROUP OF FUNDS

<PAGE>

PERFORMANCE HIGHLIGHTS
--------------------------------------------------------------------------------

ANNUALIZED TOTAL RETURNS AS OF OCTOBER 31, 2000

<TABLE>
<CAPTION>
                                       1 YEAR   5 YEAR      SINCE       INCEPTION    CUMULATIVE
                                                          INCEPTION       DATE     YEAR-T0-DATE**
------------------------------------------------------------------------------------------------------
<S>                 <C>                <C>      <C>       <C>           <C>        <C>
  ORBITEX           Class A Shares      38.59%   N/A        52.77%      10/22/97        7.53%
  INFO-TECH         (incl. max. 5.75%
     &              sales charge)
COMMUNICATIONS      Class B Shares      41.14%   N/A        69.43%       9/16/98        8.55%
   FUND             Class C Shares       N/A     N/A        -3.34%*      1/14/00       10.55%+
------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------
  ORBITEX           Class A Shares     132.59%   N/A        95.44%       7/15/99       92.82%
   HEALTH           (incl. max. 5.75%
     &              sales charge)
BIOTECHNOLOGY       Class B Shares     141.26%   N/A       100.95%       7/15/99       98.50%
   FUND             Class C Shares       N/A     N/A        52.64%*      1/18/00       69.97%+
------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------
   ORBITEX          Class A Shares       1.27%   N/A         1.09%      10/23/97        3.46%
   ENERGY           (incl. max. 5.75%
     &              sales charge)
BASIC MATERIALS     Class B Shares       1.84%   N/A        13.22%       9/21/98        4.27%
    FUND
------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------
  ORBITEX           Class A Shares       N/A     N/A         7.92%*       8/1/00        4.05%+
 FINANCIAL          (incl. max. 5.75%
  SERVICES          sales charge)
   FUND             Class B Shares       N/A     N/A         9.40%*       8/1/00        5.40%+
                    Class C Shares       N/A     N/A        13.60%*       8/1/00        9.60%+
------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------
                    Class A Shares     -11.24%   N/A      -11.22%        7/12/99      -18.30%
  ORBITEX           (incl. max. 5.75%
  FOCUS 30          sales charge)
   FUND             Class B Shares     -10.00%   N/A      -10.33%        7/12/99      -17.91%
                    Class D Shares      -5.47%  16.54%     11.45%         3/4/91      -13.10%
------------------------------------------------------------------------------------------------------
</TABLE>


* Cumulative Returns   ** As of September 30, 2000   + Since Inception Date

The recent growth rate in the stock market has helped to produce short-term
returns that are not typical and may not continue in the future. Because of
ongoing market volatility, fund performance may be subject to substantial
short-term changes.
<PAGE>

                                                                             | 3
--------------------------------------------------------------------------------
ANNUALIZED TOTAL RETURNS AS OF OCTOBER 31, 2000

<TABLE>
<CAPTION>
                                       1 YEAR   5 YEAR      SINCE       INCEPTION    CUMULATIVE
                                                          INCEPTION       DATE     YEAR-T0-DATE**
------------------------------------------------------------------------------------------------------
<S>                 <C>                <C>      <C>       <C>           <C>        <C>
                    Class A Shares      28.21%   N/A        26.98%      10/22/97        5.14%
 ORBITEX            (incl. max. 5.75%
 GROWTH             sales charge)
  FUND              Class B Shares      30.76%   N/A        37.05%       9/16/98        6.32%
                    Class C Shares       N/A     N/A       -42.31%*      3/15/00      -29.68%+
------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------
 ORBITEX            Class C Shares       N/A     N/A        -7.73%*      7/13/00       -4.75%+
 AMERIGO
  FUND              Class N Shares      14.64%   N/A        15.43%       7/14/97       -0.97%
------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------
 ORBITEX
 CLERMONT           Class N Shares      10.06%   N/A         8.55%       7/14/97        4.23%
  FUND
------------------------------------------------------------------------------------------------------
</TABLE>

(1) * Cumulative Returns    ** As of September 30, 2000   + Since Inception Date

The recent growth rate in the stock market has helped to produce short-term
returns that are not typical and may not continue in the future. Because of
ongoing market volatility, fund performance may be subject to substantial
short-term changes.

--------------------------------------------------------------------------------

Results represent past performance and do not indicate future returns. The value
of an investment in the Funds and the return on investment both will fluctuate,
and redemption proceeds may be higher or lower than an investor's original cost.
Total return is calculated assuming reinvestment of all dividends. Total returns
would have been lower had the Adviser (Orbitex Management, Inc.), the
Distributor (Funds Distributor, Inc.), the Administrator, and Custodian (State
Street Bank and Trust Company) not waived or reimbursed a portion of their fees.
The performance of each class may vary based on differences in loads or fees
paid by the shareholders investing in each class.

Class A Shares are subject to the current maximum 5.75% initial sales charge.

Class B Shares are subject to no initial sales charge, but subject to a
contingent deferred sales charge ("CDSC") declining from 5% to 0% over six
years. These shares have higher fees and expenses than Class A Shares.

Class C Shares are subject to no initial sales charge, but are subject to a CDSC
of 1% on shares redeemed within 18 months of purchase. These shares have higher
fees and expenses than Class A Shares.

Class D Shares and Class N Shares are subject to neither an initial sales charge
nor a CDSC.

(1) Before the close of business on July 9, 1999, the Fund operated as a
    separate fund called the ASM Index 30 Fund ("ASM Fund"). On July 12, 1999,
    the Fund was reorganized as a new Fund of the Orbitex Group of Funds and
    existing shareholders of the ASM Fund received Class D Shares in exchange
    for their ASM Fund Shares. Upon the effectiveness of the organization, the
    investment policy of the Fund changed from the "passive" investment in an
    equal number of shares of each of the companies in the Dow Jones Industrial
    Average to the "active" investment in some or all of those companies based
    on the Adviser's assessment of the prospects for those companies.
    Additionally, the ASM Fund was subject to a different level of fees than are
    applied to the Fund.

    Past performance does not necessarily indicate how the Fund will perform in
    the future. Furthermore, because of the change in investment policy and
    different fee level, the performance shown above prior to July 12, 1999,
    which reflects the Fund's previous "passive" investment policy, should not
    be considered indicative of the performance of the Fund as an actively
    managed Fund.
<PAGE>

Performance Highlights
--------------------------------------------------------------------------------

GROWTH OF A $10,000 INVESTMENT

These charts illustrate a comparison of a hypothetical investment of $10,000 in
each fund in the Orbitex Group of Funds (assuming reinvestment of all dividends
and distributions and a one-time sales charge) versus the Fund's benchmark
index.

[LINE GRAPH]

[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]

ORBITEX INFO-TECH & COMMUNICATIONS FUND CLASS A (With Load)

LippereScience & Technology Funds Index
             S&P 500 Index
<TABLE>
<CAPTION>
                 INVESTMENT
                   GROWTH
                ------------
<S>             <C>
10/22/1997       $ 9,425.00
10/31/1997       $ 8,671.00
 4/30/1998      $ 12,327.90
10/31/1998      $ 12,239.93
 4/30/1999      $ 19,408.34
10/31/1999      $ 24,536.15
 4/30/2000      $ 40,086.05
10/31/2000      $ 36,078.80
</TABLE>

The Lipper Science & Technology Funds Index is an equal-weighted performance
index, adjusted for capital-gain distributions and income dividends, of the
largest qualifying funds having this investment objective, and is compiled by
Lipper, Inc. The S&P 500-Registered Trademark- Index is an unmanaged index.
Index returns assume reinvestment of dividends; unlike the Fund's returns,
however, they do not reflect any fees or expenses.


[LINE GRAPH]

[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]

ORBITEX HEALTH & BIOTECHNOLOGY FUND CLASS A (With Load)

 LippereHealth & Biotechnology Funds Index
              S&P 500 Index
<TABLE>
<CAPTION>
                 INVESTMENT
                   GROWTH
                ------------
<S>             <C>
 7/15/1999       $ 9,425.00
 7/31/1999       $ 9,038.64
 8/31/1999       $ 9,613.57
 9/30/1999       $ 9,198.86
10/31/1999       $ 9,651.27
11/30/1999      $ 11,187.56
12/31/1999      $ 12,950.05
 1/31/2000      $ 16,116.87
 2/29/2000      $ 26,757.78
 3/31/2000      $ 17,172.48
 4/30/2000      $ 16,314.80
 5/31/2000      $ 15,334.59
 6/30/2000      $ 22,262.02
 7/31/2000      $ 20,395.85
 8/31/2000      $ 26,305.37
 9/30/2000      $ 26,493.87
10/31/2000      $ 23,817.15
</TABLE>

The Lipper Health & Biotechnology Funds Index is an equal-weighted performance
index, adjusted for capital-gain distributions and income dividends, of the
largest qualifying funds having this investment objective, and is compiled by
Lipper, Inc.

Past performance is not indicative of future results. You cannot invest directly
in an index.

"S&P 500 Index" is a registered trademark of McGraw-Hill Co., Inc.



<PAGE>

                                                                             | 5
--------------------------------------------------------------------------------

[LINE GRAPH]

[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]

ORBITEX ENERGY & BASIC MATERIALS FUND CLASS A (With Load)

  LippereNatural Resources Funds Index
              S&P 500 Index
<TABLE>
<CAPTION>
                  INVESTMENT
                   GROWTH
               -------------
<S>             <C>
10/23/1997       $ 9,425.00
10/31/1997       $ 9,550.67
 4/30/1998      $ 10,437.23
10/31/1998       $ 7,988.83
 4/30/1999       $ 9,721.49
10/31/1999       $ 9,617.24
 4/30/2000      $ 12,132.31
10/31/2000      $ 10,327.45
</TABLE>

The Lipper Natural Resources Funds Index is an equal-weighted performance index,
adjusted for capital-gain distributions and income dividends, of the largest
qualifying funds having this investment objective, and is compiled by Lipper,
Inc.

[LINE GRAPH]

[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]

ORBITEX FINANCIAL SERVICES FUND CLASS A (With Load)

 LippereFinancial Services Funds Index
              S&P 500 Index
<TABLE>
<CAPTION>
                  INVESTMENT
                    GROWTH
                 ------------
<S>             <C>
   8/1/2000       $ 9,425.00
  8/31/2000       $ 9,934.02
  9/30/2000      $ 10,405.28
 10/31/2000      $ 10,791.71
</TABLE>

The Lipper Natural Resources Funds Index is an equal-weighted performance index,
adjusted for capital-gain distributions and income dividends, of the largest
qualifying funds having this investment objective, and is compiled by Lipper,
Inc.


Past performance is not indicative of future results. You cannot invest
directly in an index.

"S&P 500 Index" is a registered trademark of McGraw-Hill Co., Inc.

<PAGE>

Performance Highlights
--------------------------------------------------------------------------------

GROWTH OF A $10,000 INVESTMENT

These charts illustrate a comparison of a hypothetical investment of $10,000 in
each of the Orbitex Group of Funds (assuming reinvestment of all dividends and
distributions and a one-time sales charge) versus the Fund's benchmark index.

[LINE GRAPH]

[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]

ORBITEX FOCUS 30 FUND CLASS D

Compare with: Dow Jones Industrial Average (with dividend reinvestment)
                   Lipper Large Cap Value Funds Index
<TABLE>
<CAPTION>
                           INVESTMENT
                             GROWTH
                         -------------
<S>                      <C>
  3/4/1991                $ 10,000.00
 4/30/1991                 $ 7,790.00
10/31/1991                 $ 8,790.00
 4/30/1992                 $ 9,733.42
10/31/1992                 $ 9,385.15
 4/30/1993                 $ 9,986.82
10/31/1993                $ 10,763.25
 4/30/1994                $ 10,692.06
10/31/1994                $ 11,210.00
 4/30/1995                $ 12,272.29
10/31/1995                $ 13,261.30
 4/30/1996                $ 15,359.88
10/31/1996                $ 16,576.98
 4/30/1997                $ 19,331.01
10/31/1997                $ 20,754.37
 4/30/1998                $ 25,406.05
10/31/1998                $ 24,309.77
 4/30/1999                $ 30,370.41
10/31/1999                $ 30,164.46
 4/30/2000                $ 30,618.19
10/31/2000                $ 28,514.28
</TABLE>

The Lipper Large Cap Value Funds Index is an equal-weighted performance index,
adjusted for capital-gain distributions and income dividends, of the largest
qualifying funds having this investment objective, and is compiled by Lipper,
Inc.

"Dow Jones Industrial Average" is the property of Dow Jones & Company. The
Orbitex Focus 30 Fund is neither affiliated with, nor endorsed by, Dow Jones &
Company.3/91*


[LINE GRAPH]

[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]

ORBITEX GROWTH FUND CLASS A (With Load)

  LippereMulti-Cap Growth Funds Index
              S&P 500 Index
<TABLE>
<CAPTION>
                  INVESTMENT
                   GROWTH
                -------------
<S>             <C>
10/22/1997       $ 9,425.00
10/31/1997       $ 9,381.02
 4/30/1998      $ 11,266.02
10/31/1998      $ 10,468.03
 4/30/1999      $ 12,287.90
10/31/1999      $ 15,152.44
 4/30/2000      $ 21,294.08
10/31/2000      $ 20,611.36
</TABLE>


The Lipper Multi-Cap Growth Funds Index is an equal-weighted performance index,
adjusted for capital-gain distributions and income dividends, of the largest
qualifying funds having this investment objective, and is compiled by Lipper,
Inc.

*Annualized

Past performance is not indicative of future results. You cannot invest
directly in an index.

"S&P 500 Index" is a registered trademark of McGraw-Hill Co., Inc.

<PAGE>

                                                                             | 7
--------------------------------------------------------------------------------

[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]

ORBITEX AMERIGO FUND CLASS N

Compare with: S&P 500 Index (with dividend reinvestment)

<TABLE>
<CAPTION>
                           INVESTMENT
                             GROWTH
                          ------------
<S>                       <C>
 7/14/1997                $ 10,000.00
10/31/1997                $ 10,060.00
 4/30/1998                $ 11,410.90
10/31/1998                $ 10,327.01
 4/30/1999                $ 12,926.33
10/31/1999                $ 14,000.18
 4/30/2000                $ 16,607.89
10/31/2000                $ 16,049.55
</TABLE>

Morningstar Multi-Asset Global Funds Average* Inception date 7/14/97.Past
performance is not indicative of future results. You cannot invest directly in
an index."S&P 500 Index" is a registered trademark of McGraw-Hill Co., Inc.

[LINE GRAPH]

[EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC]

ORBITEX CLERMONT FUND CLASS N

Compare with: S&P 500 Index (with dividend reinvestment)

<TABLE>
<CAPTION>
                           INVESTMENT
                             GROWTH
                          -----------
<S>                       <C>
 7/14/1997                $ 10,000.00
10/31/1997                 $ 9,970.00
 4/30/1998                $ 10,983.53
10/31/1998                $ 10,139.47
 4/30/1999                $ 11,566.36
10/31/1999                $ 11,908.81
 4/30/2000                $ 12,853.04
10/31/2000                $ 13,106.51
</TABLE>

Inception date 7/14/97.

The Morningstar Multi-Asset Global Average is an index that consists of mutual
funds that seek total return by investing in varying combinations of equities,
fixed-income securities, and other asset classes. These may invest a significant
portion of their assets in securities of foreign issuers.
<PAGE>

Letter from Fund Management | ORBITEX INFO-TECH & COMMUNICATIONS FUND
--------------------------------------------------------------------------------

The ORBITEX INFO-TECH & COMMUNICATIONS FUND seeks superior long-term capital
growth through selective investments in companies engaged in the communication,
information and related technology industries. The Fund's total return (Class A
Shares) for the six months ended October 31, 2000, was -15.17 percent.*

TOP 10 PORTFOLIO HOLDINGS**
<TABLE>
<S>                                  <C>
------------------------------------------
Xilinx, Inc.                         3.55%
------------------------------------------
Sun Microsystems, Inc.               3.44%
------------------------------------------
Applied Micro Circuits Corp.         3.28%
------------------------------------------
Corning, Inc.                        3.05%
------------------------------------------
Cisco Systems, Inc.                  2.93%
------------------------------------------
Juniper Networks, Inc.               2.81%
------------------------------------------
Vitesse Semiconductor Corp.          2.54%
------------------------------------------
Motorola, Inc.                       2.49%
------------------------------------------
3Com Corp.                           2.47%
------------------------------------------
BMC Software, Inc.                   2.43%
------------------------------------------
</TABLE>

INVESTMENT ENVIRONMENT Beginning in October 1999, the market began one of its
strongest runs through March 2000. Much of this rise was due to the excitement
over technology and the building of the Internet and the new information-driven
economy. Although the Internet is real, stock prices reflected overly optimistic
scenarios for certain companies, and some companies were created that never
should have existed. Beginning in the Spring, the market began to remove these
excesses.

PORTFOLIO POSITIONING We have positioned the portfolio to take advantage of
several areas of likely growth that are related to the continued expansion of
our information-driven global economy. One is Internet infrastructure, an area
that includes companies that provide the equipment and components necessary for
the rebuilding of our aging telecommunications infrastructure. Our current
infrastructure cannot


All holdings as of 10/31/00. Portfolio holdings subject to change and should not
be considered a recommendation to buy individual securities.

  * Stated return includes the maximum sales charge of 5.75%.

 ** Based on total investment value of the Fund as of 10/31/00.
<PAGE>

                                                                             | 9
--------------------------------------------------------------------------------

handle the enormous amount of data traffic now being placed on these networks.
Another area of focus for the fund is in the area of business-to-business.
Companies are now building out their own technology infrastructure, resulting in
improved productivity and new business opportunities. We have invested in
several leading software companies that should benefit from this expansion.

INVESTMENT OUTLOOK As the markets work out any remaining excesses in valuation,
we have become increasingly more optimistic on the future of the market. The
creation of the pure Internet companies set in motion a force in our economy
that will never disappear: companies need to invest in technology and
communications like never before, if only to compete with companies that will be
making the investments. This has created a long-term positive for the entire
sector and continues to create great opportunities for companies involved with
technology and communications.

Sincerely,

GLEN H. FREY
PORTFOLIO MANAGER

[PIE CHART]

[PLOT POINTS]

PORTFOLIO COMPOSITION+
<TABLE>
<S>                           <C>
OTHER                          3.44%
BUSINESS SERVICES              5.34%
INTERNET                       5.55%
SOFTWARE                      22.77%
COMPUTER EQUIPMENT             7.91%
TELECOMMUNICATIONS EQUIPMENT   8.06%
COMPUTER NETWORKS             19.34%
ELECTRONICS                   10.98%
SEMICONDUCTOR                 16.61%
</TABLE>
+ Based on total net assets of the Fund as of 10/31/00.

Funds whose investments are concentrated in a specific industry or sector are
subject to a higher degree of risk than funds whose investments are diversified,
and may not be suitable for all investors.
<PAGE>

Letter from Fund Management | ORBITEX HEALTH & BIOTECHNOLOGY FUND
--------------------------------------------------------------------------------

The ORBITEX HEALTH & BIOTECHNOLOGY FUND seeks long-term capital growth through
selective investment in common stocks of companies of all sizes in the health
care, health products, pharmaceuticals, medical research and biotechnology
industries. For the six months ended October 31, 2000, the Fund's total return
(Class A shares) was 37.59 percent.*

TOP 10 PORTFOLIO HOLDINGS**
<TABLE>
<S>                                         <C>
-------------------------------------------------
ICOS Corp.                                  5.48%
-------------------------------------------------
Vertex Pharmaceuticals Inc.                 5.18%
-------------------------------------------------
Medtronic, Inc.                             5.01%
-------------------------------------------------
PE Corp. - PE Biosystems Group              4.95%
-------------------------------------------------
Myriad Genetics, Inc.                       4.73%
-------------------------------------------------
Millennium Pharmaceuticals, Inc.            4.69%
-------------------------------------------------
ArQule Inc.                                 4.68%
-------------------------------------------------
Titan Pharmaceuticals, Inc.                 4.41%
-------------------------------------------------
Sepracor Inc.                               4.32%
-------------------------------------------------
Alkermes, Inc.                              4.28%
-------------------------------------------------
</TABLE>

INVESTMENT ENVIRONMENT The period through October 2000 was challenging for the
equity markets. The slowdown of the economy and corporate profits, together with
high energy prices, dampened investor enthusiasm. Fortunately, the health care
sector has been immune to, or even benefited from, this difficult environment.
Health care has lived up to its image as a safe haven from economic cycles.

During the period covered by this report, the Fund benefited from the rally in
health care stocks, particularly biotechnology. The continued flow of positive
news and optimism stemming from the sequencing of the human genome has fueled
gains in the biotech sector. The Fund also benefited from several of its medical
device and health care services holdings that had rapid earnings growth and
advancing technologies.

The world of health care politics was quite active during the period with new
legislation, amendments to existing legislation, and bountiful rhetoric from the
presidential election campaigns. We continue to avoid the areas of health care
that could be negatively affected by potential future political actions: HMOs,
nursing homes, hospitals

All holdings as of 10/31/00. Portfolio holdings subject to change and should not
be considered a recommendation to buy individual securities.

  * Stated return includes the maximum sales charge of 5.75%.

 ** Based on total investment value of the Fund as of 10/31/00.
<PAGE>

                                                                            | 11
--------------------------------------------------------------------------------

and, to a lesser degree, pharmaceutical stocks. We believe that these areas are
likely to be under political pressure in response to rising health care costs.

PORTFOLIO POSITIONING We continue to believe that the fastest-growing, most
innovative area of health care is biotechnology, including genomics. Therefore,
we continue to concentrate the Fund in this area. Although this sector has
performed very well during the period, we believe that attractive valuations are
still available within the sector. While most of the largest, best-known names
have been bid up to rich valuations, many of the second- and third-tier names go
relatively unrecognized. We believe these smaller, under-followed companies have
the most upside potential and represent an attractive opportunity. The small,
young firms represent the newest and most powerful technologies in this emerging
industry.

INVESTMENT OUTLOOK While technology continues to alter the modern landscape, it
is having a particularly profound influence on health care. We look for its
effects to become more pronounced as new products - generated from the
improvement in the understanding of disease and productivity in drug discovery -
make their way to the marketplace. We are in the midst of an unprecedented era
of innovation within health care, one in which the Fund intends to participate
substantially.

Sincerely,

TIMOTHY F. BEPLER, CFA
PORTFOLIO MANAGER

[PIE CHART]

[PLOT POINTS]

PORTFOLIO COMPOSITION+

<TABLE>
<S>                   <C>
HEALTH CARE SERVICES   3.86%
OTHER                  4.10%
MEDICAL INSTRUMENTS   14.61%
BIOTECHNOLOGY         57.28%
GENOMICS              20.15%
</TABLE>
+ Based on total net assets of the Fund as of 10/31/00.

Funds whose investments are concentrated in a specific industry or sector are
subject to a higher degree of risk than funds whose investments are diversified,
and may not be suitable for all investors.
<PAGE>

Letter from Fund Management | ORBITEX ENERGY & BASIC MATERIALS FUND
--------------------------------------------------------------------------------

The ORBITEX ENERGY & BASIC MATERIALS FUND seeks long-term capital growth through
selective investment in the securities of companies engaged in energy and basic
materials industries. For the six months ended October 31, 2000, the Fund's
total return (Class A Shares) was -19.72 percent.*

TOP 10 PORTFOLIO HOLDINGS**
<TABLE>
<S>                                         <C>
-------------------------------------------------
Meridian Resources Inc.                     5.04%
-------------------------------------------------
HS Resources, Inc.                          4.65%
-------------------------------------------------
Shaw Industries, Ltd. Class A               4.36%
-------------------------------------------------
Cabot Oil & Gas Corp.                       4.20%
-------------------------------------------------
Chesapeake Energy Corp.                     4.20%
-------------------------------------------------
Key Energy Services Inc.                    4.15%
-------------------------------------------------
Cross Timbers Oil Co.                       3.91%
-------------------------------------------------
Usinor SA                                   3.80%
-------------------------------------------------
Ocean Energy Inc.                           3.42%
-------------------------------------------------
Global Industries, Ltd.                     3.41%
-------------------------------------------------
</TABLE>

INVESTMENT ENVIRONMENT During the period covered by this report, many parts of
the stock market have seen a significant decline in value, with many stocks
declining by 50, 60, or even 80 percent! We believe that investors are beginning
to prefer stocks that are undervalued according to traditional valuation
parameters, such as low price-to-earnings, low price-to-cash flows and high
return on investment. We believe that the energy and basic materials sector,
which has seen its valuation decline recently to all-time historic lows, is
poised to rebound sharply in the near term.

PORTFOLIO POSITIONING The Orbitex Energy & Basic Materials Fund is invested in
two main areas: the natural gas sector and undervalued cyclical stocks. The
natural gas sector is our favorite single commodity area for many reasons. While
U.S. demand for natural gas is surging, supply is flat. The push behind this
growing demand comes from the massive increase in Internet usage, which has led
to power shortages all over the country. To meet the surging demand for power,
an estimated 1,000 new electrical power plants will be built in the

All holdings as of 10/31/00. Portfolio holdings subject to change and should not
be considered a recommendation to buy individual securities.

  * Stated return includes the maximum sales charge of 5.75%.

 ** Based on total investment value of the Fund as of 10/31/00.
<PAGE>

                                                                            | 13
--------------------------------------------------------------------------------

United States between 2000-2004. Among these 1,000 plants, more than 95 percent
will use natural gas. However, the supply of natural gas has not risen in four
years, and with the prospect of a "normal" (cold) winter, even higher demand
could send natural gas prices above its recent all-time peak. Despite these
attractive fundamental conditions, many natural gas stocks still trade less than
50 percent below their 1997 highs, when natural gas prices were approximately
half of what they are today. We believe that the natural gas stocks, and those
companies which service the natural gas industry, are undervalued. We expect
them to help the Fund perform well over the next several years.

The second area that we continue to favor includes deeply undervalued cyclical
stocks.

We believe that the global economy is slowing, and this slowing may be greater
than many are forecasting. However, with many heavily cyclical stocks trading at
levels well below that of the worst of the Asian crisis, we believe that the
best-run and most profitable of these companies are severely undervalued in the
current market.

INVESTMENT OUTLOOK We believe the sectors we have chosen for your Fund will show
strong performance over the foreseeable future. We will continue to monitor
markets and position the Fund for the best performance.

Sincerely,

KENNETH W. HOFFMAN, CFA
PORTFOLIO MANAGER

[PIE CHART]

[PLOT POINTS]

PORTFOLIO COMPOSITION+

<TABLE>
<S>              <C>
OIL PRODUCTION    8.95%
OTHER             1.91%
NATURAL GAS      46.26%
BASE METALS      17.13%
OIL SERVICE      25.75%
</TABLE>

+ Based on total net assets of the Fund as of 10/31/00.

Funds whose investments are concentrated in a specific industry or sector are
subject to a higher degree of risk than funds whose investments are diversified,
and may not be suitable for all investors.

<PAGE>

Letter from Fund Management | ORBITEX FINANCIAL SERVICES FUND
--------------------------------------------------------------------------------

The ORBITEX FINANCIAL SERVICES FUND seeks long-term growth through selective
investment in companies that provide financial services to consumers and
industry. For the three-month period from August 1 through October 31, 2000, the
Fund's total return (Class A shares) was 7.92 percent.*

TOP 10 PORTFOLIO HOLDINGS**
<TABLE>
<S>                                         <C>
-------------------------------------------------
Bank of New York Co., Inc.                  3.19%
-------------------------------------------------
CIGNA Corp.                                 3.07%
-------------------------------------------------
Intuit Inc.                                 2.95%
-------------------------------------------------
Citigroup Inc.                              2.92%
-------------------------------------------------
Fleet Boston Financial Corp.                2.71%
-------------------------------------------------
Concord EFS Inc.                            2.67%
-------------------------------------------------
Wells Fargo & Co.                           2.44%
-------------------------------------------------
Washington Mutual Inc.                      2.39%
-------------------------------------------------
American International Group                2.23%
-------------------------------------------------
Freddie Mac                                 2.12%
-------------------------------------------------
</TABLE>

INVESTMENT ENVIRONMENT Financial services stocks enjoyed a relatively boring
summer and a strong September rally. The market upswing followed indications
that inflation seems benign and the economy is showing signs of slowing toward
equilibrium without further near-term intervention by the Federal Reserve.

PORTFOLIO POSITIONING In looking at our segment performance, asset managers,
broker-dealers and credit card firms benefited from the continued merger and
acquisition announcements. Banks - money center and regionals - moved up with
the more favorable interest rate outlook, as well as their continued loan growth
and emphasis on fee-based businesses. Insurance companies provided the biggest
positive swing in investor sentiment.

All holdings as of 10/31/00. Portfolio holdings subject to change and should not
be considered a recommendation to buy individual securities.

 * Stated return includes the maximum sales charge of 5.75%.

** Based on total investment value of the Fund as of 10/31/00.
<PAGE>

                                                                            | 15
--------------------------------------------------------------------------------

Commercial and health insurers, as well as insurance brokers, began to see
sustainable price and profitability growth that is likely to improve long-term
earnings estimates. Financial technology firms are another area that, we feel,
will continue to benefit from the industry trend toward outsourcing and
convergence. eFinance was the only underperforming segment, and we are limiting
our focus here to companies that have a clear execution path to profitability, a
differentiated product offering and a robust customer list.

INVESTMENT OUTLOOK The industry is undergoing tremendous changes in financial
deregulation, technology spending and demographic shifts. We believe that
globalization and convergence trends will continue to make financial services an
exciting area. We continue to believe that the risk/reward tradeoff is more
favorable for many of our holdings that enjoy sustainable earnings growth,
competitive strengths, margin stability and expansion potential. We believe
there might be significant movements in valuation in the near term.

Sincerely,

LANNY THORNDIKE
PORTFOLIO MANAGER
CENTURY CAPITAL MANAGEMENT, INC.

[PIE CHART]

[PLOT POINTS]

PORTFOLIO COMPOSITION+

<TABLE>
<S>                                             <C>
INSURANCE - FINANCE GUARANTEE                    3.12%
REAL ESTATE INVESTMENT TRUSTS                    2.42%
FINANCE - CREDIT CARDS                           3.71%
OTHER                                            2.40%
MORTGAGE/GSE                                     3.81%
COMMERCIAL BANKS                                23.89%
INSURANCE BROKERS                                4.72%
DIVERSIFIED FINANCIAL SERVICES                   4.82%
FINANCE - INVESTMENT BANKING                     5.00%
FINANCIAL TECHNOLOGY PROCESSING SERVICES         9.57%
APPLICATIONS SOFTWARE                            5.32%
INVESTMENT MANAGEMENT/ADVISORY SERVICES          6.77%
INSURANCE - MULTI-LINE                           8.73%
INSURANCE LIFE/HEALTH                            7.73%
INSURANCE-SPECIALTY                              7.99%
</TABLE>

+ Based on total net assets of the Fund as of 10/31/00.

Funds whose investments are concentrated in a specific industry or sector are
subject to a higher degree of risk than funds whose investments are diversified,
and may not be suitable for all investors.
<PAGE>

Letter from Fund Management | ORBITEX FOCUS 30 FUND
--------------------------------------------------------------------------------

The ORBITEX FOCUS 30 FUND seeks to achieve long-term capital growth and current
income through focused investment in some or all of the 30 companies comprising
the Dow Jones Industrial Average.* For the six months ended October 31, 2000,
the total return of the Fund's Class D Shares was -6.87 percent.

TOP 10 PORTFOLIO HOLDINGS**
<TABLE>
-------------------------------------------------
<S>                                         <C>
J.P. Morgan & Co. Inc.                      7.41%
-------------------------------------------------
Hewlett-Packard Co.                         6.48%
-------------------------------------------------
International Business Machines Corp.       6.38%
-------------------------------------------------
Minnesota Mining & Manufacturing Co.        5.92%
-------------------------------------------------
Citigroup Inc.                              5.72%
-------------------------------------------------
Amgen Inc.                                  5.50%
-------------------------------------------------
Exxon Mobil Corp.                           5.36%
-------------------------------------------------
Merck & Co., Inc.                           4.48%
-------------------------------------------------
Microsoft Corp.                             4.10%
-------------------------------------------------
Cisco Systems, Inc.                         3.83%
-------------------------------------------------
</TABLE>

INVESTMENT ENVIRONMENT As the market begins to digest a slowing global economy,
investors have traded high-volatility stocks for low-volatility stocks. Blue
chip stocks of the Dow Jones Industrial Average have had mixed performance, as
investors struggle with the issues of lower valuations and deteriorating company
fundamentals. However, the possibility of a soft landing engineered by the
Federal Reserve should relieve many investor concerns. The investment
environment has been very challenging, as stock picking becomes critically
important. News of a technology slowdown has put pressure on large cap companies
like Intel and Hewlett-Packard, while consumer stocks like Coca-Cola and
McDonald's have also felt the wrath of the disheartened investor.

All holdings as of 10/31/00. Portfolio holdings subject to change and should not
be considered a recommendation to buy individual securities.

 * "Dow Jones Industrial Average" is the property of Dow Jones & Company. The
   Orbitex Focus 30 is neither affiliated with, nor endorsed by, Dow Jones &
   Company.

** Based on total investment value of the Fund as of 10/31/00.
<PAGE>

PORTFOLIO POSITIONING Despite a slowdown in technology, it still represents the
best growth prospects within the Dow companies. Therefore, overweighting this
sector over the long term still makes sense. Other areas of interest include
defensive investments, such as pharmaceuticals and consumer services. Lastly,
beaten-down retailers, such as Home Depot and Wal-Mart, have been oversold and
offer compelling value.

INVESTMENT OUTLOOK Going into 2001, we believe that the Federal Reserve will
adopt a policy of easing interest rates. Furthermore, oil prices should decline
to around $25 per barrel, which will keep inflation in check. We are confident
that a friendlier interest rate environment, as well as continued increases in
productivity, are the right ingredients for longer-term market growth.

Sincerely,

RICHARD A. BEGUN
PORTFOLIO MANAGER

[PIE CHART]

[PLOT POINTS]

PORTFOLIO COMPOSITION+

<TABLE>
<S>                       <C>
ENERGY                    5.46%
COMMUNICATION SERVICES    3.50%
CONSUMER STAPLES          8.61%
TECHNOLOGY               24.85%
CONSUMER CYCLICALS        8.78%
FINANCIAL                17.02%
BASIC MATERIALS           8.86%
CAPITAL GOODS             9.32%
HEALTH CARE              13.60%
</TABLE>

+ Based on total net assets of the Fund as of 10/31/00.

Funds whose investments are concentrated in a specific industry or sector are
subject to a higher degree of risk than funds whose investments are diversified,
and may not be suitable for all investors.
<PAGE>

Letter from Fund Management | ORBITEX GROWTH FUND
--------------------------------------------------------------------------------

The ORBITEX GROWTH FUND seeks to achieve capital growth through selective
investment in companies of all sizes that offer potential for growth. For the
six months ended October 31, 2000, the Fund's total return (Class A shares) was
-8.77 percent. *

<TABLE>
TOP 10 PORTFOLIO HOLDINGS**

<S>                                         <C>
-------------------------------------------------
Altera Corp.                                3.10%
-------------------------------------------------
Cisco Systems, Inc.                         3.08%
-------------------------------------------------
Calpine Corp.                               2.70%
-------------------------------------------------
Integrated Device Technology, Inc.          2.63%
-------------------------------------------------
Southern Energy                             2.62%
-------------------------------------------------
Netegrity, Inc.                             2.56%
-------------------------------------------------
Medtronic Inc.                              2.45%
-------------------------------------------------
Millennium Pharmaceuticals, Inc.            2.44%
-------------------------------------------------
Myriad Genetics, Inc.                       2.43%
-------------------------------------------------
Protein Design Labs, Inc.                   2.43%
-------------------------------------------------
</TABLE>

INVESTMENT ENVIRONMENT During the period, the volatile market had high hopes and
a series of false starts. Every time the market attempted to rally, it
encountered strong selling pressure. This was not surprising, as evidence of a
global economic slowdown mounted, which, in turn, should lead to slower
corporate earnings growth. It has become clear that the prices of technology and
other high-flying concept stocks have begun to incorporate this scenario.
Investors began to show broader interest in stocks beyond the technology and
biotech sectors.

All holdings as of 10/31/00. Portfolio holdings subject to change and should not
be considered a recommendation to buy individual securities.

 * Stated return includes the maximum sales charge of 5.75%.

** Based on total investment value of the Fund as of 10/31/00.
<PAGE>

                                                                            | 19
--------------------------------------------------------------------------------

PORTFOLIO POSITIONING During the period, we began to position the portfolio to
take advantage of the broadening market. We continue to overweight technology
and biotech. Because we believe the Federal Reserve will begin to reduce
interest rates in 2001, we have established a modest underweighting in financial
services stocks. Other attractive segments of the market include independent
power producers, growth-oriented utilities, and niche specialty retailers, which
should benefit from a cut in interest rates.

INVESTMENT OUTLOOK We remain extremely bullish on equities in general and are
excited about the prospects for 2001. We believe that the broadening of the
market will favor technology, health care, financials, retail, energy and
utilities. We expect that the slowing global economy will cause the Federal
Reserve to begin to lower interest rates sometime in the first quarter of 2001,
which will mark the beginning of a soft landing scenario.

Sincerely,

RICHARD A. BEGUN
PORTFOLIO MANAGER

[PIE CHART]

[PLOT POINTS]

PORTFOLIO COMPOSITION+

<TABLE>
<S>                    <C>
OTHER                   5.62%
COMPUTER EQUIPMENT      1.79%
COMMUNICATION SERVICES  3.80%
SOFTWARE                6.63%
BIOTECHNOLOGY          13.99%
OIL SERVICES            7.85%
COMPUTER NETWORKS       7.30%
DRUGS AND HEALTH CARE  12.29%
ELECTRONICS             7.62%
FINANCIAL SERVICES      9.88%
GENOMICS               11.68%
SEMICONDUCTOR          11.55%
</TABLE>

+ Based on total net assets of the Fund as of 10/31/00.
<PAGE>

Letter from Fund Management | ORBITEX AMERIGO & CLERMONT FUNDS
--------------------------------------------------------------------------------

The ORBITEX AMERIGO FUND seeks capital appreciation and long-term growth of
capital without regard to current income. For the six months ended October 31,
2000, the Amerigo Fund's total return (Class N Shares) was -3.36%.

The ORBITEX CLERMONT FUND seeks growth of capital and a reasonable level of
current income. For the six months ended October 31, 2000, the Clermont Fund's
total return (Class N Shares) was 1.97%.

The Orbitex Amerigo Fund is the more aggressive of the two Funds, while the
Orbitex Clermont Fund is more conservative. Both Funds invest in other mutual
funds and seek out the best fund managers in their respective asset classes.

INVESTMENT ENVIRONMENT During the past six months the market has been
characterized by tremendous volatility. This volatility has been notable in
technology stocks, as many high-flying stocks declined significantly from their
highs. The market's best areas were mid cap and value stocks, while growth and
international stocks were hit particularly hard. In the fixed income market,
government and high-quality corporate bonds did very well, while lower-quality
high yield bonds fared poorly.

PORTFOLIO POSITIONING We reduced the risk level of the Amerigo Fund somewhat as
we allowed new cash to accumulate. Only during the last half of October, when
the Nasdaq market was bumping against its lows for the year, did we start to put
this cash to work. We increased our position in value-type funds during the
period and reduced our weighting in growth funds.

During the period, we also lowered the risk level of the Clermont Fund by
reducing our high yield bond exposure and allowing new cash to accumulate. We
increased our weighting in value-oriented funds while decreasing our holdings of
growth funds.

INVESTMENT OUTLOOK We believe the Amerigo Fund and the Clermont Fund are well
positioned for growth in the coming months. The recent market volatility and
sharp corrections in the equity markets have demonstrated the importance of
maintaining a diversified portfolio. During these times, it is important to
follow a disciplined, long-term strategy without over-reacting to short-term
market fluctuations.

Sincerely,

RANDAL D. SKALLA
CHIEF INVESTMENT OFFICER
CLARKE LANZEN SKALLA INVESTMENT FIRM, INC.
<PAGE>

                                                                            | 21
--------------------------------------------------------------------------------

<TABLE>
ORBITEX AMERIGO FUND
TOP 10 PORTFOLIO HOLDINGS*

<S>                                        <C>
-------------------------------------------------
S&P Depositary Receipts                    13.12%
-------------------------------------------------
Rydex OTC Fund                              8.26%
-------------------------------------------------
Oakmark Select Fund Class I                 6.29%
-------------------------------------------------
Masters Select Equity Fund                  5.42%
-------------------------------------------------
SSgA Growth & Income Fund                   4.76%
-------------------------------------------------
Warburg Pincus Capital Appreciation Fund    4.48%
-------------------------------------------------
Turner Small Cap Equity Fund                3.98%
-------------------------------------------------
Janus Overseas Fund                         3.85%
-------------------------------------------------
Montgomery Global Long-Short Fund           3.53%
-------------------------------------------------
Federated International Small Company Fund  2.84%
-------------------------------------------------

<CAPTION>
ORBITEX CLERMONT FUND
TOP 10 PORTFOLIO HOLDINGS*

<S>                                        <C>
-------------------------------------------------
S&P Depositary Receipts                    15.10%
-------------------------------------------------
Invesco Blue Chip Growth Fund              14.06%
-------------------------------------------------
Tweedy Browne Global Value Fund             7.68%
-------------------------------------------------
Strong Corporate Bond Fund                  6.75%
-------------------------------------------------
Oakmark Select Fund                         5.51%
-------------------------------------------------
Montgomery Global Long-Short Fund           4.93%
-------------------------------------------------
Weitz Series Fund, Inc. - Value Fund        4.83%
-------------------------------------------------
Invesco Strategic Utilities Fund            4.77%
-------------------------------------------------
Third Avenue Value Fund                     4.43%
-------------------------------------------------
Fidelity Advisor Intermediate Bond Fund     3.59%
-------------------------------------------------
</TABLE>

[PIE CHART]

[PLOT POINTS]

PORTFOLIO COMPOSITION-AMERIGO FUND**

<TABLE>
<S>                   <C>
BOND                   2.79%
SMALL CAP VALUE        1.10%
OTHER                  1.46%
LARGE CAP VALUE        5.35%
MID CAP GROWTH         5.52%
LARGE CAP GROWTH      23.05%
SMALL CAP GROWTH       6.32%
INTERNATIONAL EQUITY  10.06%
LARGE CAP BLEND       20.17%
MID CAP VALUE         11.08%
MONEY MARKET          13.10%
</TABLE>

[PIE CHART]

[PLOT POINTS]

PORTFOLIO COMPOSITION-CLERMONT FUND**

<TABLE>
<S>                  <C>
SMALL CAP VALUE       4.44%
SMALL CAP GROWTH      1.83%
LARGE CAP VALUE       4.77%
LARGE CAP BLEND      18.27%
MID CAP VALUE        10.33%
BOND                 15.93%
INTERNATIONAL EQUITY 13.43%
MONEY MARKET         15.33%
LARGE CAP GROWTH     15.67%
</TABLE>

All holdings as of 10/31/00. Portfolio holdings subject to change and should not
be considered a recommendation to buy individual mutual funds.

 * Based on total investment value of the Fund as of 10/31/00.
** Based on total net assets of the Fund as of 10/31/00.
<PAGE>

[LOGO]

===================================================ORBITEX-Registered Trademark-
Distributed by Orbitex Funds Distributor, Inc.     GROUP F UNDS


                                              [GRAPHIC]
                                              SEMIANNUAL REPORT OCTOBER 31, 2000
                                              ----------------------------------


                           ORBITEX-Registered Trademark-
                                         GROUP OF FUNDS

                                         ORBITEX INFO-TECH & COMMUNICATIONS FUND

                                         ORBITEX HEALTH & BIOTECHNOLOGY FUND

                                         ORBITEX ENERGY &
                                         BASIC MATERIALS FUND

                                         ORBITEX FINANCIAL
                                         SERVICES FUND

                                         ORBITEX FOCUS 30 FUND

                                         ORBITEX GROWTH FUND

                                         ORBITEX AMERIGO FUND

                                         ORBITEX CLERMONT FUND

ORB-SAR-OGF-1000
<PAGE>
ORBITEX INFO-TECH & COMMUNICATIONS FUND                                       22
--------------------------------------------------------------------------------
Schedule of Investments
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                            Shares    Market Value
<S>                                       <C>         <C>

------------------------------------------------------------------
COMMON STOCKS--97.96%
BUSINESS SERVICES--5.34%
Ariba, Inc. (a)                               59,000  $  7,456,125
Commerce One, Inc. (a)                        51,000     3,273,562
Exodus Communications, Inc. (a)              201,750     6,771,234
                                                      ------------
                                                        17,500,921
                                                      ------------
COMMUNICATION SERVICES--0.10%
Arch Wireless, Inc. (a)                      112,025       336,075
                                                      ------------
COMPUTER EQUIPMENT--7.91%
Dell Computer Corp. (a)                      130,000     3,835,000
EMC Corp. (a)                                 85,000     7,570,313
Hewlett-Packard Co.                           71,350     3,313,316
Sun Microsystems, Inc. (a)                   101,250    11,226,094
                                                      ------------
                                                        25,944,723
                                                      ------------
COMPUTER NETWORKS--19.34%
3Com Corp. (a)                               454,325     8,064,269
CIENA Corp. (a)                               54,700     5,750,337
Cisco Systems, Inc. (a)                      177,075     9,539,916
Corvis Corp. (a)                              22,500     1,476,563
Flextronics International Ltd. (a)           170,600     6,482,800
JDS Uniphase Corp. (a)                        35,000     2,850,313
Juniper Networks, Inc. (a)                    47,000     9,165,000
QUALCOMM Inc. (a)                             98,000     6,380,719
Scientific-Atlanta, Inc. (a)                 140,500     7,151,719
Sycamore Networks, Inc. (a)                   43,000     2,719,750
Tellabs, Inc. (a)                             77,000     3,845,187
                                                      ------------
                                                        63,426,573
                                                      ------------
COMPUTER SERVICES--1.30%
Palm, Inc. (a)                                79,528     4,259,719
                                                      ------------
ELECTRONICS--10.98%
Applied Micro Circuits Corp. (a)             140,000    10,701,250
Bookham Technology PLC, ADR (a)               45,800     1,542,887
Broadcom Corp. (a)                            18,000     4,002,750
Motorola, Inc.                               325,000     8,104,687
Sanmina Corp. (a)                             29,300     3,349,356
Vitesse Semiconductor Corp. (a)              118,550     8,291,091
                                                      ------------
                                                        35,992,021
                                                      ------------
INTERNET--5.55%
America Online, Inc. (a)                      69,000     3,479,670
Inktomi Corp. (a)                             83,350     5,287,516
Kana Communications, Inc. (a)                 31,800       747,300
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX INFO-TECH & COMMUNICATIONS FUND                                       23
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                            Shares    Market Value
<S>                                       <C>         <C>

------------------------------------------------------------------
INTERNET (Continued)
Software.com, Inc. (a)                        13,000  $  1,937,000
Yahoo! Inc. (a)                              115,000     6,741,875
                                                      ------------
                                                        18,193,361
                                                      ------------
SEMICONDUCTOR--16.61%
Analog Devices, Inc. (a)                     104,920     6,819,800
Applied Materials, Inc. (a)                  129,350     6,871,719
Intel Corp.                                  161,000     7,245,000
Jabil Circuit, Inc. (a)                       59,000     3,366,688
Micron Technology, Inc. (a)                  194,000     6,741,500
Novellus Systems, Inc. (a)                    32,000     1,310,000
PMC-Sierra, Inc. (a)                          41,000     6,949,500
Texas Instruments Inc.                        73,000     3,581,562
Xilinx, Inc. (a)                             159,850    11,579,134
                                                      ------------
                                                        54,464,903
                                                      ------------
SOFTWARE--22.77%
Adobe Systems, Inc.                           37,250     2,833,328
BEA Systems, Inc. (a)                         91,350     6,554,362
BMC Software, Inc. (a)                       390,800     7,938,125
BroadVision, Inc. (a)                        248,700     7,398,825
Check Point Software Technologies
  Ltd. (a)                                    25,000     3,959,375
Evolve Software, Inc. (a)                    424,400     6,657,775
i2 Technologies, Inc. (a)                     33,725     5,733,250
Mercury Interactive Corp. (a)                 25,000     2,775,000
Microsoft Corp. (a)                          108,000     7,438,500
Oracle Corp. (a)                             207,300     6,840,900
Siebel Systems, Inc. (a)                      65,000     6,820,937
TIBCO Software, Inc. (a)                      49,000     3,087,000
Vignette Corp. (a)                           222,500     6,633,281
                                                      ------------
                                                        74,670,658
                                                      ------------
TELECOMMUNICATIONS EQUIPMENT--8.06%
ADC Telecommunications, Inc. (a)             139,500     2,981,812
Corning, Inc.                                130,000     9,945,000
Lucent Technologies, Inc.                    299,000     6,970,438
Nortel Networks Corp.                        143,555     6,531,753
                                                      ------------
                                                        26,429,003
------------------------------------------------------------------
TOTAL COMMON STOCKS--(cost $331,205,360)               321,217,957
------------------------------------------------------------------
PREFERRED STOCKS--0.23%
NETWORKING PRODUCTS--0.23%
U.S. Wireless Data, Inc.
  Series C (a)(b)(c)                          75,000       750,000
U.S. Wireless Data, Inc. Warrants,
  expiration date 03/17/2007 (a)(b)          125,000             0
------------------------------------------------------------------
TOTAL PREFERRED STOCKS--(COST $750,000)                    750,000
------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX INFO-TECH & COMMUNICATIONS FUND                                       24
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                          Principal Amount   Market Value
<S>                                       <C>               <C>

--------------------------------------------------------------------------
SHORT TERM INVESTMENT (cost $4,061,000)--1.24 %
TIME DEPOSIT--1.24%
State Street Bank & Trust Co., 6.00%,
  due 11/1/2000                              $4,061,000      $  4,061,000
--------------------------------------------------------------------------
TOTAL INVESTMENTS (cost $336,016,360)--99.43%                 326,028,957
--------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES--0.57%                             1,882,084
--------------------------------------------------------------------------
NET ASSETS--100.00%                                          $327,911,041
--------------------------------------------------------------------------
</TABLE>

(a)  Denotes non-income producing security
(b)  Fair valued under the direction of the Board of Trustees
(c)  Private Placement Security purchased 4/10/00 as a unit at a cost of
     $750,000

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX HEALTH & BIOTECHNOLOGY FUND                                           25
--------------------------------------------------------------------------------
Schedule of Investments
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                            Shares     Market Value
<S>                                       <C>          <C>

-------------------------------------------------------------------
COMMON STOCKS--95.01%
BIOTECHNOLOGY--56.39%
3 Dimensional Pharmaceuticals, Inc. (a)       362,825  $  8,662,447
Alkermes, Inc. (a)                            384,175    14,238,486
Applied Molecular Evolution (a)               182,825     3,976,444
ArQule Inc. (a)                               672,800    15,558,500
Celgene Corp. (a)                             208,300    13,409,312
Enzon, Inc. (a)                               184,100    13,117,125
Gemini Genomics PLC (a)                       295,250     3,358,469
ICOS Corp. (a)                                354,775    18,226,566
The Immune Response Corp. (a)                 644,750     3,908,797
Medarex, Inc. (a)                             193,800    11,846,025
Orchid Biosciences (a)                        370,450     7,571,072
Protein Design Labs, Inc. (a)                  98,900    13,359,227
Sepracor Inc. (a)                             211,125    14,382,891
Titan Pharmaceuticals, Inc. (a)               348,450    14,662,776
Vertex Pharmaceuticals Inc. (a)               185,100    17,234,545
Variagenics, Inc. (a)                         387,870     6,399,855
Vion Pharmaceuticals Inc. (a)                 132,500     1,391,250
XOMA Ltd. (a)                                 685,725     8,357,273
                                                       ------------
                                                        189,661,060
                                                       ------------
GENOMICS--20.15%
Affymetrix, Inc. (a)                          229,000    12,680,875
CYTOGEN Corp. (a)                             745,907     4,518,965
Genome Therapeutics Corp. (a)                 594,750     8,884,078
Millennium Pharmaceuticals, Inc. (a)          215,100    15,608,194
Myriad Genetics, Inc. (a)                     131,240    15,748,800
Rosetta Inpharmatics, Inc. (a)                465,500    10,328,281
                                                       ------------
                                                         67,769,193
                                                       ------------
HEALTH CARE SERVICES--3.86%
Express Scripts, Inc. (a)                     193,250    12,983,984
                                                       ------------
MEDICAL INSTRUMENTS--14.61%
Boston Scientific Corp. (a)                   468,775     7,471,102
Ciphergen Biosystems, Inc. (a)                 78,400     2,430,400
Coherent, Inc. (a)                            174,625     6,079,133
Medtronic, Inc.                               307,000    16,673,937
PE Corp.--PE Biosystems Group                 140,800    16,473,600
                                                       ------------
                                                         49,128,172
-------------------------------------------------------------------
TOTAL COMMON STOCKS--(cost $277,713,676)                319,542,409
-------------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX HEALTH & BIOTECHNOLOGY FUND                                           26
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                            Shares      Market Value
<S>                                       <C>          <C>

---------------------------------------------------------------------
PREFERRED STOCKS (cost $3,010,012)--0.89%
BIOTECHNOLOGY--0.89%
Mitokor(b)(c)                                 401,335   $  3,010,012
                                                        ------------

<CAPTION>
                                           Principal
                                            Amount
                                           ---------
SHORT TERM INVESTMENT (cost $10,131,000)--3.01%
<S>                                       <C>          <C>
TIME DEPOSIT--3.01%
State Street Bank & Trust Co., 6.00%,
  due 11/1/2000                           $10,131,000     10,131,000
---------------------------------------------------------------------
TOTAL INVESTMENTS (cost $290,854,688)--98.91%            332,683,421
---------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES--1.09%                        3,661,457
---------------------------------------------------------------------
NET ASSETS--100.00%                                     $336,344,878
---------------------------------------------------------------------
</TABLE>

(a)  Denotes non-income producing security
(b)  Fair valued under the direction of the Board of Trustees
(c)  Private Placement Security purchased 8/22/00 at $7.50 per share

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX ENERGY & BASIC MATERIALS FUND                                         27
--------------------------------------------------------------------------------
Schedule of Investments
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                          Shares   Market Value
<S>                                       <C>      <C>

---------------------------------------------------------------
COMMON STOCKS--98.09%
BASE METALS--17.13%
Alcan Aluminum Ltd.                         5,000   $  157,812
Bethlehem Steel Corp. (a)                  45,000      129,375
Ipsco, Inc.                                12,500      129,688
Ispat International NV                     10,000       38,750
Novamerican Steel, Inc. (a)                10,511       67,008
Nucor Corp.                                 4,500      156,094
Phelps Dodge Corp.                          3,000      140,250
Usinor SA                                  26,850      292,786
USX-U.S. Steel Group                       10,000      159,375
                                                    ----------
                                                     1,271,138
                                                    ----------
NATURAL GAS--46.26%
Alberta Energy Company Ltd.                 4,200      154,612
Barrett Resources Corp. (a)                 4,250      154,594
Burlington Resources Inc.                   6,500      234,000
Cabot Oil & Gas Corp.                      16,500      323,812
Chesapeake Energy Corp. (a)                57,500      323,437
Comstock Resources, Inc. (a)                8,000       83,000
Cross Timbers Oil Co.                      16,000      301,000
Devon Energy Corp.                          3,500      176,400
EOG Resources, Inc.                         5,750      226,406
HS Resources, Inc. (a)                     11,500      357,938
Meridian Resources Inc. (a)                56,000      388,500
Noble Affiliates, Inc.                      6,800      249,475
Ocean Energy Inc. (a)                      19,000      263,625
Pogo Producing Co.                          7,850      196,250
                                                    ----------
                                                     3,433,049
                                                    ----------
OIL PRODUCTION--8.95%
Conoco, Inc. Class A                       10,000      258,125
Kerr-McGee Corp.                            3,000      195,938
Petro-Canada                               10,000      210,000
                                                    ----------
                                                       664,063
                                                    ----------
OIL SERVICE--25.75%
Anderson Exploration                        8,500      155,810
Global Industries, Ltd. (a)                25,000      262,500
Key Energy Services Inc. (a)               35,500      319,500
Lufkin Industries, Inc.                    12,000      216,000
Maverick Tube Corp. (a)                     7,000      108,938
Rowan Companies Inc. (a)                    7,500      188,906
Shaw Industries, Ltd. Class A              35,100      335,489
Superior Energy Services (a)               20,000      180,000
TETRA Technologies, Inc. (a)               10,000      144,375
                                                    ----------
                                                     1,911,518
---------------------------------------------------------------
TOTAL COMMON STOCKS--(cost $7,896,842)               7,279,768
---------------------------------------------------------------
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX ENERGY & BASIC MATERIALS FUND                                         28
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                            Principal
                                              Amount      Market Value
<S>                                       <C>             <C>

----------------------------------------------------------------------
SHORT TERM INVESTMENT (cost $423,000)--5.70%
TIME DEPOSIT--5.70%
State Street Bank & Trust Co., 6.00%,
  due 11/1/2000                              $423,000      $  423,000
----------------------------------------------------------------------
TOTAL INVESTMENTS (cost $8,319,842)--103.79%                7,702,768
----------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES--(3.79)%                        (281,284)
----------------------------------------------------------------------
NET ASSETS--100.00%                                        $7,421,484
----------------------------------------------------------------------
</TABLE>

(a)  Denotes non-income producing security

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX FINANCIAL SERVICES FUND                                               29
--------------------------------------------------------------------------------
Schedule of Investments
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                           Shares   Market Value
<S>                                       <C>       <C>

----------------------------------------------------------------
COMMON STOCKS--97.60%
APPLICATIONS SOFTWARE--5.32%
Checkfree Corp.                              3,225   $  160,444
Commerce One Inc.                              400       25,675
Intuit Inc.                                  3,900      239,606
                                                     ----------
                                                        425,725
                                                     ----------
COMMERCIAL BANKS--23.89%
Bank of America Corp.                          625       30,039
Bank of New York Co., Inc. (The)             4,500      259,031
Banknorth Group Inc.                         7,800      141,375
Chase Manhattan Corp. (The)                  2,450      111,475
Comerica Inc.                                2,525      152,289
Firstar Corp.                                6,675      131,414
FleetBoston Financial Corp.                  5,800      220,400
Golden West Financial Corp.                  1,000       56,063
HSBC Holdings, ADR                             900       64,890
Mellon Financial Corp.                         900       43,425
Morgan (J.P.) & Co.                            675      111,713
State Street Corp.                             325       40,541
Washington Mutual Inc.                       4,425      194,700
Wells Fargo & Co.                            4,275      197,986
Wilmington Trust Corp.                       3,000      157,875
                                                     ----------
                                                      1,913,216
                                                     ----------
DIVERSIFIED FINANCIAL SERVICES--4.82%
American Express Co.                         2,475      148,500
Citigroup Inc.                               4,516      237,690
                                                     ----------
                                                        386,190
                                                     ----------
FINANCE-CREDIT CARDS--3.71%
Household International Inc.                 3,300      166,031
Metris Companies Inc.                        4,050      131,119
                                                     ----------
                                                        297,150
                                                     ----------
FINANCE-INVESTMENT BANKING--5.00%
Edwards (A.G.) Inc.                          1,950       98,962
Lehman Brothers Holdings Inc.                2,200      141,900
Merrill Lynch & Co.                            900       63,000
Morgan Stanley Dean Witter & Co.             1,200       96,375
                                                     ----------
                                                        400,237
                                                     ----------
FINANCIAL TECHNOLOGY PROCESSING SERVICES--9.57%
Automatic Data Processing                    1,200       78,375
The BISYS Group Inc.                         1,000       47,125
Ceridian Corp.                               3,050       76,250
Concord EFS Inc.                             5,250      216,891
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX FINANCIAL SERVICES FUND                                               30
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                           Shares   Market Value
<S>                                       <C>       <C>

----------------------------------------------------------------
FINANCIAL TECHNOLOGY PROCESSING
SERVICES (Continued)
Fiserv, Inc. (a)                               500   $   26,219
NCO Group Inc.                               1,000       21,875
ProBusiness Services Inc.                    1,825       59,655
S1 Corp. (a)                                 1,825       22,014
SEI Investments Co.                            800       72,600
Sungard Data Systems                         2,850      145,706
                                                     ----------
                                                        766,710
                                                     ----------
INSURANCE-BROKERS--4.72%
AON Corp.                                    3,450      142,959
Gallagher (Arthur J. & Co.)                  1,400       88,375
Marsh & McClennen Cos.                       1,125      147,094
                                                     ----------
                                                        378,428
                                                     ----------
INSURANCE-FINANCE GUARANTEE--3.12%
AMBAC Financial Group Inc.                   1,400      111,737
MBIA Inc.                                    1,900      138,106
                                                     ----------
                                                        249,843
                                                     ----------
INSURANCE-LIFE/HEALTH--7.73%
AFLAC Inc.                                   2,300      168,044
American General Corp.                         775       62,387
AXA Financial Inc.                           1,075       58,117
CIGNA Corp.                                  2,050      249,997
John Hancock Financial Services              1,000       31,625
Unum Provident Corp.                         1,725       48,731
                                                     ----------
                                                        618,901
                                                     ----------
INSURANCE-MULTI-LINE--8.73%
Allstate Corp.                               2,025       81,506
American International Group, Inc.           1,850      181,300
Hartford Financial Services Group            1,500      111,656
ING Groep, ADR                               2,425      167,780
MetLife Inc.                                 1,550       42,819
Partner Re Ltd.                              2,100      114,450
                                                     ----------
                                                        699,511
                                                     ----------
INSURANCE-SPECIALTY--7.99%
ACE Ltd.                                     2,000       78,500
Annuity and Life Re Holdings                 2,500       68,906
Chubb Corp.                                    800       67,550
Everest Re Group Ltd.                        2,550      148,856
Renaissancere Holdings Ltd.                  1,950      141,497
XL Capital Ltd. Class A                      1,750      134,531
                                                     ----------
                                                        639,840
                                                     ----------
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX FINANCIAL SERVICES FUND                                               31
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                           Shares   Market Value
<S>                                       <C>       <C>

----------------------------------------------------------------
INVESTMENT MANAGEMENT/ADVISORY SERVICES--6.77%
Affiliated Managers Group                    1,725   $  103,716
Alliance Capital Management Holdings           900       43,200
Allied Capital Corp.                         5,525      113,953
Eaton Vance Corp.                              400       19,925
Neuberger Berman Inc.                          500       32,875
Safeguard Scientifics, Inc. (a)              3,050       46,894
Schwab (Charles) Corp.                       3,325      116,791
Stilwell Financial Inc.                      1,450       64,978
                                                     ----------
                                                        542,332
                                                     ----------
MORTGAGE/GOVERNMENT SPONSORED ENTITIES--3.81%
Fannie Mae                                   1,725      132,825
Freddie Mac                                  2,875      172,500
                                                     ----------
                                                        305,325
                                                     ----------
REAL ESTATE INVESTMENT TRUSTS--2.42%
Boston Properties Inc.                         600       24,300
Cabot Industrial Trust                       2,000       37,750
Equity Office Properties Trust               1,450       43,681
Equity Residential Properties Trust          1,325       62,358
Highwoods Properties Inc.                    1,200       25,950
                                                     ----------
                                                        194,039
----------------------------------------------------------------
TOTAL COMMON STOCKS--(cost $7,185,074)                7,817,447
----------------------------------------------------------------

<CAPTION>
                                          Principal
                                           Amount
                                          ---------
SHORT TERM INVESTMENT (cost $313,000)--3.91%
<S>                                       <C>        <C>
TIME DEPOSIT--3.91%
State Street Bank & Trust Co., 6.00%,
  due 11/1/2000                           $313,000       313,000
-----------------------------------------------------------------
TOTAL INVESTMENTS (cost $7,498,074)--101.51%           8,130,447
-----------------------------------------------------------------
OTHER ASSETS AND LIABILITIES--(1.51)%                   (120,624)
-----------------------------------------------------------------
NET ASSETS--100.00%                                   $8,009,823
-----------------------------------------------------------------
</TABLE>

(a)  Denotes non-income producing security
ADR--American Depositary Receipt

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX FOCUS 30 FUND                                                         32
--------------------------------------------------------------------------------
Schedule of Investments
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                           Shares   Market Value
<S>                                       <C>       <C>

----------------------------------------------------------------
COMMON STOCKS--101.46%
BASIC MATERIALS--8.99%
Alcoa Inc.                                  13,300  $   381,544
DuPont (E.I.) deNemours and Co.              7,250      328,969
International Paper Co.                     12,450      455,981
                                                    -----------
                                                      1,166,494
                                                    -----------
CAPITAL GOODS--9.46%
General Electric Co.                         7,925      434,389
Minnesota Mining & Manufacturing Co.         8,200      792,325
                                                    -----------
                                                      1,226,714
                                                    -----------
COMMUNICATION SERVICES--3.55%
AT&T Corp.                                   8,150      188,990
SBC Communications Inc.                      4,700      271,131
                                                    -----------
                                                        460,121
                                                    -----------
CONSUMER CYCLICALS--8.91%
General Motors Corp.                         6,200      385,175
The Home Depot, Inc.                         8,062      346,666
Wal-Mart Stores Inc.                         9,350      424,256
                                                    -----------
                                                      1,156,097
                                                    -----------
CONSUMER STAPLES--8.73%
Disney (Walt) Co.                            9,000      322,313
McDonald's Corp.                            10,850      336,350
Procter & Gamble Co.                         6,625      473,273
                                                    -----------
                                                      1,131,936
                                                    -----------
ENERGY--5.54%
Exxon Mobil Corp.                            8,050      717,959
                                                    -----------
FINANCIAL--17.27%
American Express Co.                         8,000      480,000
Citigroup Inc.                              14,566      766,571
J.P. Morgan & Co. Inc.                       6,000      993,000
                                                    -----------
                                                      2,239,571
                                                    -----------
HEALTH CARE--13.80%
Amgen Inc. (a)                              12,725      737,255
Johnson & Johnson                            4,900      451,413
Merck & Co., Inc.                            6,675      600,333
                                                    -----------
                                                      1,789,001
                                                    -----------
TECHNOLOGY--25.21%
Cisco Systems, Inc. (a)                      9,525      513,159
Hewlett-Packard Co.                         18,700      868,381
Intel Corp.                                 10,750      483,750
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX FOCUS 30 FUND                                                         33
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                           Shares   Market Value
<S>                                       <C>       <C>

----------------------------------------------------------------
TECHNOLOGY (Continued)
International Business Machines Corp.        8,675  $   854,488
Microsoft Corp. (a)                          7,975      549,278
                                                    -----------
                                                      3,269,056
----------------------------------------------------------------
TOTAL COMMON STOCKS--(cost $10,703,601)              13,156,949
----------------------------------------------------------------

<CAPTION>
                                          Principal
                                           Amount
                                          ---------
SHORT TERM INVESTMENT (cost $236,000)--1.82%
<S>                                       <C>        <C>
TIME DEPOSIT--1.82%
State Street Bank & Trust Co., 6.00%,
  due 11/1/2000                           $236,000       236,000
-----------------------------------------------------------------
TOTAL INVESTMENTS (cost $10,939,601)--103.28%         13,392,949
-----------------------------------------------------------------
OTHER ASSETS AND LIABILITIES--(3.28)%                   (425,265)
-----------------------------------------------------------------
NET ASSETS--100.00%                                  $12,967,684
-----------------------------------------------------------------
</TABLE>

(a)  Denotes non-income producing security

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX GROWTH FUND                                                           34
--------------------------------------------------------------------------------
Schedule of Investments
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                           Shares   Market Value
<S>                                       <C>       <C>

----------------------------------------------------------------
COMMON STOCKS--95.94%
BIOTECHNOLOGY--13.99%
3 Dimensional
  Pharmaceuticals, Inc. (a)                 26,700  $   637,462
ArQule, Inc. (a)                            28,090      649,581
Corvas International, Inc. (a)              25,725      546,656
Imclone Systems                             14,050      768,359
IVAX Corp. (a)                              14,625      636,187
Protein Design Labs, Inc. (a)                6,100      823,977
Titan Pharmaceuticals, Inc. (a)             17,925      754,284
                                                    -----------
                                                      4,816,506
                                                    -----------
COMMUNICATION SERVICES--3.80%
Allegiance Telecom, Inc. (a)                 9,700      304,944
Focal Communications                        11,700      169,650
M Power Communications                      20,000      130,000
Metro Media Fiber                            8,300      157,700
Phone.com Inc.                               5,900      546,119
                                                    -----------
                                                      1,308,413
                                                    -----------
COMPUTER EQUIPMENT--1.79%
Apple Computer, Inc. (a)                    15,825      309,577
RADCOM, Ltd. (a)                            52,000      305,500
                                                    -----------
                                                        615,077
                                                    -----------
COMPUTER NETWORKS--7.30%
Brocade Communications Systems               3,000      682,125
CIENA Corp. (a)                              4,900      515,112
Cisco Systems, Inc. (a)                     19,425    1,046,522
Comucom Systems                            137,525      270,752
                                                    -----------
                                                      2,514,511
                                                    -----------
DRUGS AND HEALTH CARE--12.29%
Celgene Corp. (a)                            8,900      572,937
Medtronic, Inc. (a)                         16,200      830,981
Millennium Pharmaceuticals, Inc. (a)        11,400      827,213
Pfizer Inc. (a)                             15,750      680,203
Sepracor, Inc. (a)                          10,000      688,063
Vion Pharmaceuticals, Inc. (a)              60,271      632,846
                                                    -----------
                                                      4,232,243
                                                    -----------
ELECTRONICS--7.62%
Applied Micro Circuits Corp. (a)             7,900      603,856
Calpine Corp. (a)                           11,600      915,675
LightPath Technologies, Inc.
  Class A (a)                               11,220      305,745
McData Corp.                                   200       16,672
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX GROWTH FUND                                                           35
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                           Shares   Market Value
<S>                                       <C>       <C>

----------------------------------------------------------------
ELECTRONICS (Continued)
SDL, Inc. (a)                                1,200  $   311,100
Zygo Corp. (a)                               9,475      469,013
                                                    -----------
                                                      2,622,061
                                                    -----------
FINANCIAL SERVICES--9.88%
American International Group, Inc.               1           98
Bank of New York Co., Inc. (The)            13,800      794,363
Chase Manhattan Corp. (The)                 13,650      621,075
Citigroup Inc.                              12,900      678,862
FleetBoston Financial Corp.                 17,700      672,600
Providian Financial Corp.                    6,100      634,400
                                                    -----------
                                                      3,401,398
                                                    -----------
GENOMICS--11.68%
Applied Molecular Evolution (a)             28,250      614,438
Ciphergen Biosystems Inc.                    9,225      285,975
Gemini Genomics PLC, ADR (a)                64,842      737,578
Human Genome Sciences                        3,475      307,157
Myriad Genetics, Inc. (a)                    6,875      825,000
Rosetta Inpharmatic, Inc. (a)               24,525      544,148
Variagenics, Inc. (a)                       42,925      708,262
                                                    -----------
                                                      4,022,558
                                                    -----------
OIL SERVICES--7.85%
BJ Services Co.                             13,960      732,028
Forest Oil Corp. (a)                        22,400      309,400
Maverick Tube Corp. (a)                     14,650      227,991
Southern Energy                             32,675      890,394
Weatherford International, Inc. (a)         14,900      543,850
                                                    -----------
                                                      2,703,663
                                                    -----------
RETAIL APPAREL--0.97%
AnnTaylor Stores Corp. (a)                  11,100      333,000
                                                    -----------
RETAIL FOOD--0.00% (B)
Safeway, Inc. (a)                                2          109
                                                    -----------
SECURITY SERVICES--0.59%
Kroll O'Gara Co. (a)                        34,775      204,303
                                                    -----------
SEMICONDUCTOR--11.55%
Altera Corp. (a)                            25,675    1,051,070
Bookham Technology PLC, ADR (a)              9,950      335,191
Integrated Device Technology, Inc. (a)      15,850      892,553
Integrated Silicon Solutions                32,500      434,687
Micron Technology, Inc. (a)                  9,800      340,550
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX GROWTH FUND                                                           36
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                           Shares   Market Value
<S>                                       <C>       <C>

----------------------------------------------------------------
SEMICONDUCTOR (Continued)
Texas Instruments Inc.                      12,700  $   623,094
Tioga Technologies, Ltd. (a)                72,950      300,919
                                                    -----------
                                                      3,978,064
                                                    -----------
SOFTWARE--6.63%
Axsys Technologies                          15,650      712,075
BEA Systems, Inc. (a)                        4,250      304,937
Netegrity, Inc. (a)                         11,153      869,895
Veritas Software Co.                         2,800      394,844
                                                    -----------
                                                      2,281,751
----------------------------------------------------------------
TOTAL COMMON STOCKS--(cost $33,514,411)              33,033,657
----------------------------------------------------------------

<CAPTION>
                                          Principal
                                           Amount
                                          ---------
SHORT TERM INVESTMENT (cost $891,000)--2.59%
<S>                                       <C>        <C>
TIME DEPOSIT--2.59%
State Street Bank & Trust Co., 6.00%,
  due 11/1/2000                           $891,000       891,000
-----------------------------------------------------------------
TOTAL INVESTMENTS (cost $34,405,411)--98.53%          33,924,657
-----------------------------------------------------------------
OTHER ASSETS AND LIABILITIES--1.47%                      508,081
-----------------------------------------------------------------
NET ASSETS--100.00%                                  $34,432,738
-----------------------------------------------------------------
</TABLE>

(a)  Denotes non-income producing security
(b)  Amount shown represents less than 0.01%
ADR--American Depositary Receipt

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX AMERIGO FUND                                                          37
--------------------------------------------------------------------------------
Schedule of Investments
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                           Shares    Market Value
<S>                                       <C>        <C>

-----------------------------------------------------------------
REGISTERED INVESTMENT COMPANIES--98.54%
BOND FUNDS (COST $1,185,314)--2.79%
Rydex U.S. Government Bond Fund             127,172  $ 1,199,233
                                                     -----------
EQUITY FUNDS--82.65%
INTERNATIONAL EQUITY--10.06%
Federated International Small Company
  Fund (a)                                   43,211    1,202,565
Janus Overseas Fund (a)                      48,813    1,632,331
Montgomery Global Long-Short Fund (a)        53,584    1,494,470
                                                     -----------
                                                       4,329,366
                                                     -----------
LARGE CAP BLEND--20.17%
Gateway Fund                                 19,260      491,718
S&P Depositary Receipts*                     38,900    5,560,877
SSgA Growth & Income Fund                    83,948    2,018,967
Strong Growth & Income Fund                  21,363      605,441
                                                     -----------
                                                       8,677,003
                                                     -----------
LARGE CAP GROWTH--23.05%
Janus Global Technology Fund                 20,634      566,200
Janus Growth and Income Fund                 16,352      668,345
Janus Mercury Fund                           16,797      681,822
Nasdaq-100 Share Index                       10,000      817,188
Nations Marsico Focused Equities
  Fund--Advisor Class (a)                    41,219      814,912
Rydex OTC Fund (a)                          145,456    3,501,129
Warbug Pincus Capital Appreciation
  Fund (a)                                   62,067    1,897,415
White Oak Growth Stock Fund                  12,583      969,534
                                                     -----------
                                                       9,916,545
                                                     -----------
LARGE CAP VALUE--5.35%
Masters Select Equity Fund                  152,801    2,299,666
                                                     -----------
MID CAP GROWTH--5.52%
Artisan Mid Cap Fund                         35,511    1,063,574
Undiscovered Managers Behavorial Growth
  Fund (a)                                   21,621      524,541
Warbug Pincus Health Sciences Fund (a)       32,713      787,093
                                                     -----------
                                                       2,375,208
                                                     -----------
MID CAP VALUE--11.08%
Fidelity Advisor Natural Resources Fund      20,036      523,752
Franklin Mutual Series Fund Inc.--Mutual
  Qualified Fund                             34,106      600,267
Oakmark Select Fund Class I                 121,190    2,667,392
Weitz Partners, Inc.--Partners Value
  Fund                                       47,955      974,466
                                                     -----------
                                                       4,765,877
                                                     -----------
SMALL CAP GROWTH--6.32%
Fidelity Advisors Small Cap Fund (a)         24,203      489,881
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX AMERIGO FUND                                                          38
--------------------------------------------------------------------------------
Schedule of Investments (continued)
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
                                           Shares    Market Value
<S>                                       <C>        <C>

-----------------------------------------------------------------
SMALL CAP GROWTH (Continued)
Hennessy Cornerstone Growth Fund             28,976  $   542,157
Turner Small Cap Equity Fund                 41,507    1,686,051
                                                     -----------
                                                       2,718,089
                                                     -----------
SMALL CAP VALUE--1.10%
Weitz Series Hickory Fund                    17,632      472,543
                                                     -----------
-----------------------------------------------------------------
TOTAL EQUITY FUNDS--(cost $29,159,143)                35,554,297
-----------------------------------------------------------------
MONEY MARKET FUNDS--13.10%
Ameritrade Money Market Variable Fund        24,717       24,717
Flex Institutional Fund                   5,613,142    5,613,142
-----------------------------------------------------------------
TOTAL MONEY MARKET FUNDS--(cost $5,637,859)            5,637,859
-----------------------------------------------------------------
TOTAL INVESTMENTS (cost $35,982,316)                  42,391,389
-----------------------------------------------------------------
OTHER ASSETS AND LIABILITIES--1.46%                      628,696
-----------------------------------------------------------------
NET ASSETS--100.00%                                  $43,020,085
-----------------------------------------------------------------
</TABLE>

(a)  Denotes non-income producing security
*    Standard & Poors Depositary Receipts are securities that represent
     ownership in a long-term unit investment trust that holds a portfolio of
     common stocks designed to track the performance of the S&P 500 index.

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX CLERMONT FUND                                                         39
--------------------------------------------------------------------------------
Schedule of Investments
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                            Shares    Market Value
<S>                                       <C>         <C>

------------------------------------------------------------------
REGISTERED INVESTMENT COMPANIES--100.10%
BOND FUNDS--15.95%
Fidelity Advisor Intermediate Bond Fund       45,362  $   414,158
Invesco High Yield Fund                       36,701      205,162
Rydex U.S. Government Bond Fund               35,356      333,410
Strong Corporate Bond Fund                    74,821      779,638
Strong Short-Term High-Yield Bond Fund        10,868      107,385
------------------------------------------------------------------
TOTAL BOND FUNDS (cost $1,875,754)                      1,839,753
------------------------------------------------------------------
EQUITY FUNDS--68.80%
INTERNATIONAL EQUITY--13.44%
Artisan International Fund                     3,655       94,207
Montgomery Global Long-Short Fund (a)         20,393      568,780
Tweedy Browne Global Value Fund               39,456      887,387
                                                      -----------
                                                        1,550,374
                                                      -----------
LARGE CAP BLEND--18.29%
Gateway Fund                                  14,349      366,331
S&P Depositary Receipts*                      12,200    1,744,028
                                                      -----------
                                                        2,110,359
                                                      -----------
LARGE CAP GROWTH--15.69%
Invesco Blue Chip Growth Fund                190,758    1,623,355
Rydex OTC Fund (a)                             7,755      186,666
                                                      -----------
                                                        1,810,021
                                                      -----------
LARGE CAP VALUE--4.77%
Invesco Strategic Utilities Fund              29,031      550,904
                                                      -----------
MID CAP VALUE--10.34%
Oakmark Select Fund Class I                   28,886      635,784
Weitz Series Fund, Inc.-Value Fund            16,619      557,252
                                                      -----------
                                                        1,193,036
                                                      -----------
SMALL CAP GROWTH--1.83%
Baron Growth Fund                              6,586      210,897
                                                      -----------
SMALL CAP VALUE--4.44%
Third Avenue Value Fund                       13,304      511,952
------------------------------------------------------------------
TOTAL EQUITY FUNDS--(cost $6,511,098)                   7,937,543
------------------------------------------------------------------
MONEY MARKET FUNDS--15.35%
Ameritrade Money Market Variable Fund         42,359       42,359
Flex Institutional Fund                    1,727,889    1,727,889
------------------------------------------------------------------
TOTAL MONEY MARKET FUNDS (cost $1,770,248)              1,770,248
------------------------------------------------------------------
TOTAL INVESTMENTS (cost $10,157,100)--100.10%          11,547,544
------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES--(0.10)%                     (11,391)
------------------------------------------------------------------
NET ASSETS--100.00%                                   $11,536,153
------------------------------------------------------------------
</TABLE>

(a)  Denotes non-income producing security
*    Standard & Poors Depositary Receipts are securities that represent
     ownership in a long-term unit investment trust that holds a portfolio of
     common stocks designed to track the performance of the S&P 500 index.

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX GROUP OF FUNDS                                                        40

--------------------------------------------------------------------------------
Statements of Assets and Liabilities
October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                            Info-Tech &
                           Communications
                                Fund
                           --------------
<S>                        <C>
ASSETS
Investments in
  securities, at value
  (Note 2)...............   $321,967,957
Short term investments
  (Note 2)...............      4,061,000
-----------------------------------------
Total investments........    326,028,957
-----------------------------------------
Cash.....................            988
Receivable for securities
  sold...................             --
Interest and dividends
  receivable.............          8,208
Receivable for fund
  shares sold............      3,333,586
Receivable due from
  adviser (Note 3).......             --
Deferred organizational
  expenses (Note 2)......          6,968
Prepaid expenses and
  other assets...........        138,033
-----------------------------------------
TOTAL ASSETS.............    329,516,740
-----------------------------------------
LIABILITIES
Payable for securities
  purchased..............             --
Payable to adviser
  (Note 3)...............        328,983
Payable for fund shares
  redeemed...............        833,328
Payable for distribution
  fees...................        219,384
Payable for trustee fees
  (Note 3)...............            781
Accrued reserve
  liability..............             --
Accrued expenses and
  other liabilities......        223,223
-----------------------------------------
TOTAL LIABILITIES........      1,605,699
-----------------------------------------
COMMITMENTS AND
  CONTINGENCIES (NOTE 10)
-----------------------------------------
NET ASSETS...............   $327,911,041
-----------------------------------------
NET ASSETS
Paid-in capital..........   $264,746,699
Undistributed net
  investment income
  (loss).................     (3,586,806)
Accumulated net realized
  gain (loss) on
  investments............     76,738,551
Net unrealized
  appreciation
  (depreciation) on
  investments............     (9,987,403)
-----------------------------------------
NET ASSETS...............   $327,911,041
-----------------------------------------
CLASS A SHARES:
Net assets...............   $139,707,899
Net asset value per share
  (based on shares of
  beneficial interest
  outstanding, no par
  value per share).......   $      53.12
Maximum sales charge
  (Note 1)...............           5.75%
-----------------------------------------
Offering price per
  share..................   $      56.36
-----------------------------------------
Total shares outstanding
  at end of period.......      2,630,077
-----------------------------------------
CLASS B SHARES:
Net assets...............   $163,141,926
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......   $      52.38
-----------------------------------------
Total shares outstanding
  at end of period.......      3,114,632
-----------------------------------------
CLASS C SHARES:
Net assets...............   $ 25,061,216
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......   $      52.48
-----------------------------------------
Total shares outstanding
  at end of period.......        477,522
-----------------------------------------
CLASS D SHARES:
Net assets...............   $         --
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......   $         --
-----------------------------------------
Total shares outstanding
  at end of period.......             --
-----------------------------------------
CLASS N SHARES:
Net assets...............   $         --
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......   $         --
-----------------------------------------
Total shares outstanding
  at end of period.......             --
-----------------------------------------
INVESTMENTS, AT COST.....   $336,016,360
-----------------------------------------
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
                                                                              41
<TABLE>
<CAPTION>
                             Health &      Energy & Basic      Financial
                           Biotechnology      Materials        Services        Focus 30         Growth         Amerigo
                               Fund             Fund             Fund            Fund            Fund            Fund
                           -------------  -----------------  -------------  --------------  --------------  --------------
<S>                        <C>            <C>                <C>            <C>             <C>             <C>
ASSETS
Investments in
  securities, at value
  (Note 2)...............  $322,552,421      $7,279,768       $7,817,447     $13,156,949     $33,033,657     $36,753,530
Short term investments
  (Note 2)...............    10,131,000         423,000          313,000         236,000         891,000       5,637,859
--------------------------------------------------------------------------------------------------------------------------
Total investments........   332,683,421       7,702,768        8,130,447      13,392,949      33,924,657      42,391,389
--------------------------------------------------------------------------------------------------------------------------
Cash.....................           975             485              793             297             190         500,000
Receivable for securities
  sold...................     4,299,653         166,032               --              --       6,169,553              --
Interest and dividends
  receivable.............         1,689             791            5,995           5,984             148          41,724
Receivable for fund
  shares sold............     2,264,462          43,326          263,529         117,671         458,859         269,483
Receivable due from
  adviser (Note 3).......            --           7,226           22,477          50,791              --              --
Deferred organizational
  expenses (Note 2)......            --           7,054               --              --           7,023          17,586
Prepaid expenses and
  other assets...........        80,198           1,646           11,579           6,690          21,797          29,814
--------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS.............   339,330,398       7,929,328        8,434,820      13,574,382      40,582,227      43,249,996
--------------------------------------------------------------------------------------------------------------------------
LIABILITIES
Payable for securities
  purchased..............     2,398,435         307,395          159,703              --       5,987,879              --
Payable to adviser
  (Note 3)...............       294,572              --               --              --          22,589          77,153
Payable for fund shares
  redeemed...............            --         157,440          215,596         216,015          48,624         110,409
Payable for distribution
  fees...................       217,684           4,693            3,770             885          23,043           1,591
Payable for trustee fees
  (Note 3)...............           781             781              781             781             781             781
Accrued reserve
  liability..............            --              --               --         315,000              --              --
Accrued expenses and
  other liabilities......        74,048          37,535           45,147          74,017          66,573          39,977
--------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES........     2,985,520         507,844          424,997         606,698       6,149,489         229,911
--------------------------------------------------------------------------------------------------------------------------
COMMITMENTS AND
  CONTINGENCIES (NOTE 10)
--------------------------------------------------------------------------------------------------------------------------
NET ASSETS...............  $336,344,878      $7,421,484       $8,009,823     $12,967,684     $34,432,738     $43,020,085
--------------------------------------------------------------------------------------------------------------------------
NET ASSETS
Paid-in capital..........  $303,559,647      $7,716,657       $7,337,383     $ 9,236,070     $43,725,249     $34,934,072
Undistributed net
  investment income
  (loss).................    (3,553,182)        (29,939)          (2,623)       (375,191)       (380,081)         15,387
Accumulated net realized
  gain (loss) on
  investments............    (5,490,320)        351,840           42,690       1,653,457      (8,431,676)      1,661,553
Net unrealized
  appreciation
  (depreciation) on
  investments............    41,828,733        (617,074)         632,373       2,453,348        (480,754)      6,409,073
--------------------------------------------------------------------------------------------------------------------------
NET ASSETS...............  $336,344,878      $7,421,484       $8,009,823     $12,967,684     $34,432,738     $43,020,085
--------------------------------------------------------------------------------------------------------------------------
CLASS A SHARES:
Net assets...............  $126,156,913      $4,058,319       $5,148,697     $ 1,057,976     $20,637,382     $        --
Net asset value per share
  (based on shares of
  beneficial interest
  outstanding, no par
  value per share).......  $      25.27      $    15.86       $    11.45     $     17.81     $     30.19     $        --
Maximum sales charge
  (Note 1)...............          5.75%           5.75%            5.75%           5.75%           5.75%             --
--------------------------------------------------------------------------------------------------------------------------
Offering price per
  share..................  $      26.81      $    16.83       $    12.15     $     18.90     $     32.03     $        --
--------------------------------------------------------------------------------------------------------------------------
Total shares outstanding
  at end of period.......     4,992,251         255,882          449,591          59,417         683,519              --
--------------------------------------------------------------------------------------------------------------------------
CLASS B SHARES:
Net assets...............  $136,773,762      $3,363,165       $2,678,221     $   660,401     $12,377,595     $        --
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......  $      25.09      $    15.78       $    11.44     $     17.72     $     30.01     $        --
--------------------------------------------------------------------------------------------------------------------------
Total shares outstanding
  at end of period.......     5,451,121         213,070          234,191          37,279         412,439              --
--------------------------------------------------------------------------------------------------------------------------
CLASS C SHARES:
Net assets...............  $ 73,414,203      $       --       $  182,905     $        --     $ 1,417,761     $   914,754
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......  $      25.09      $       --       $    11.46     $        --     $     30.10     $     15.76
--------------------------------------------------------------------------------------------------------------------------
Total shares outstanding
  at end of period.......     2,926,524              --           15,954              --          47,101          58,025
--------------------------------------------------------------------------------------------------------------------------
CLASS D SHARES:
Net assets...............  $         --      $       --       $       --     $11,249,307     $        --     $        --
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......  $         --      $       --       $       --     $     17.89     $        --     $        --
--------------------------------------------------------------------------------------------------------------------------
Total shares outstanding
  at end of period.......            --              --               --         628,775              --              --
--------------------------------------------------------------------------------------------------------------------------
CLASS N SHARES:
Net assets...............  $         --      $       --       $       --     $        --     $        --     $42,105,331
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......  $         --      $       --       $       --     $        --     $        --     $     15.81
--------------------------------------------------------------------------------------------------------------------------
Total shares outstanding
  at end of period.......            --              --               --              --              --       2,663,700
--------------------------------------------------------------------------------------------------------------------------
INVESTMENTS, AT COST.....  $290,854,688      $8,319,842       $7,498,074     $10,939,601     $34,405,411     $35,982,316
--------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                              Clermont
                                Fund
                           --------------
<S>                        <C>
ASSETS
Investments in
  securities, at value
  (Note 2)...............   $ 9,777,296
Short term investments
  (Note 2)...............     1,770,248
-------------------------
Total investments........    11,547,544
-------------------------
Cash.....................            --
Receivable for securities
  sold...................            --
Interest and dividends
  receivable.............        10,720
Receivable for fund
  shares sold............        72,442
Receivable due from
  adviser (Note 3).......        18,543
Deferred organizational
  expenses (Note 2)......        17,586
Prepaid expenses and
  other assets...........        34,350
-------------------------
TOTAL ASSETS.............    11,701,185
-------------------------
LIABILITIES
Payable for securities
  purchased..............            --
Payable to adviser
  (Note 3)...............            --
Payable for fund shares
  redeemed...............       142,594
Payable for distribution
  fees...................            --
Payable for trustee fees
  (Note 3)...............           781
Accrued reserve
  liability..............            --
Accrued expenses and
  other liabilities......        21,657
-------------------------
TOTAL LIABILITIES........       165,032
-------------------------
COMMITMENTS AND
  CONTINGENCIES (NOTE 10)
-------------------------
NET ASSETS...............   $11,536,153
-------------------------
NET ASSETS
Paid-in capital..........   $ 9,801,640
Undistributed net
  investment income
  (loss).................       143,730
Accumulated net realized
  gain (loss) on
  investments............       200,339
Net unrealized
  appreciation
  (depreciation) on
  investments............     1,390,444
-------------------------
NET ASSETS...............   $11,536,153
-------------------------
CLASS A SHARES:
Net assets...............   $        --
Net asset value per share
  (based on shares of
  beneficial interest
  outstanding, no par
  value per share).......   $        --
Maximum sales charge
  (Note 1)...............            --
-------------------------
Offering price per
  share..................   $        --
-------------------------
Total shares outstanding
  at end of period.......            --
-------------------------
CLASS B SHARES:
Net assets...............   $        --
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......   $        --
-------------------------
Total shares outstanding
  at end of period.......            --
-------------------------
CLASS C SHARES:
Net assets...............   $        --
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......   $        --
-------------------------
Total shares outstanding
  at end of period.......            --
-------------------------
CLASS D SHARES:
Net assets...............   $        --
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......   $        --
-------------------------
Total shares outstanding
  at end of period.......            --
-------------------------
CLASS N SHARES:
Net assets...............   $11,536,153
Net asset value and
  offering price per
  share (based on shares
  of beneficial interest
  outstanding, no par
  value per share).......   $     12.41
-------------------------
Total shares outstanding
  at end of period.......       929,882
-------------------------
INVESTMENTS, AT COST.....   $10,157,100
-------------------------
</TABLE>

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
                                                                              42

ORBITEX GROUP OF FUNDS

--------------------------------------------------------------------------------
Statements of Operations
Period Ended October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                            Info-Tech &
                           Communications
                                Fund
                           --------------
<S>                        <C>
INVESTMENT INCOME
Interest income..........   $    578,431
Dividend income..........        102,626
Securities lending income
  (Note 8)...............         34,019
Foreign taxes withheld...         (2,543)
-----------------------------------------
TOTAL INVESTMENT
  INCOME.................        712,533
-----------------------------------------
EXPENSES
Investment adviser fee
  (Note 3)...............      2,298,184
Distribution fees
  (Note 3):
  Class A Shares.........        320,863
  Class B Shares.........        907,017
  Class C Shares.........        129,373
Transfer agent fee
  (Note 3)...............        251,080
Administration fee
  (Note 3)...............        145,584
Custodian fee............        115,637
Printing expense.........         82,290
Professional fees........         75,164
Registration fees........         46,478
Insurance................         11,163
Trustees' fee
  (Note 3)...............          6,545
Amortization of
  organizational expenses
  (Note 2)...............          2,055
Reserve expense (Notes 2
  and 3).................             --
Miscellaneous expense....         11,654
-----------------------------------------
Total expenses before
  waivers and
  reimbursements.........      4,403,087
Expenses waived and
  reimbursed (Note 3)....       (103,748)
-----------------------------------------
NET EXPENSES.............      4,299,339
-----------------------------------------
NET INVESTMENT INCOME
  (LOSS).................     (3,586,806)
-----------------------------------------
NET REALIZED AND
  UNREALIZED GAIN (LOSS)
  ON INVESTMENTS
Net realized gain (loss)
  on:
  Investments............     32,501,139
  Distributions of
    realized gains by
    other investment
    companies............             --
-----------------------------------------
Total net realized gain
  (loss).................     32,501,139
-----------------------------------------
Net change in unrealized
  appreciation
  (depreciation) on
  investments............    (66,894,832)
-----------------------------------------
NET REALIZED AND
  UNREALIZED GAIN
  (LOSS).................    (34,393,693)
-----------------------------------------
NET INCREASE (DECREASE)
  IN NET ASSETS RESULTING
  FROM OPERATIONS........   $(37,980,499)
-----------------------------------------
</TABLE>

  *  For the period August 1, 2000 (commencement of operations) through October
     31, 2000.

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
                                                                              43

<TABLE>
<CAPTION>
                             Health &      Energy & Basic    Financial
                           Biotechnology      Materials      Services    Focus 30      Growth       Amerigo    Clermont
                               Fund             Fund           Fund*       Fund         Fund         Fund        Fund
                           -------------  -----------------  ---------  -----------  -----------  -----------  --------
<S>                        <C>            <C>                <C>        <C>          <C>          <C>          <C>
INVESTMENT INCOME
Interest income..........   $   312,861      $    10,766     $  6,250   $     6,869  $     9,456  $   242,616  $ 49,754
Dividend income..........        86,525           49,001       16,608        83,793        3,823       61,806    94,399
Securities lending income
  (Note 8)...............        86,798              178           --            --       13,890           --        --
Foreign taxes withheld...            --           (2,383)          --            --           --           --        --
-----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT
  INCOME.................       486,184           57,562       22,858        90,662       27,169      304,422   144,153
-----------------------------------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee
  (Note 3)...............     1,739,874           47,819       14,409        55,362      136,555      200,380    55,590
Distribution fees
  (Note 3):
  Class A Shares.........       203,570            8,215        2,993         2,293       43,461           --        --
  Class B Shares.........       568,227           17,720        3,790         4,035       67,142           --        --
  Class C Shares.........       296,907               --          254            --        6,278        1,572        --
Transfer agent fee
  (Note 3)...............       165,292           29,126       20,430        36,432       48,834       26,473    13,100
Administration fee
  (Note 3)...............       115,487           11,339       10,057        20,240       24,825       15,768    18,621
Custodian fee............        90,681           14,935       12,100        29,542       33,250       24,426    15,068
Printing expense.........       126,423            2,636        1,656        24,104        7,955        4,767     1,299
Professional fees........        41,468            8,616        3,995        13,064       13,597       58,496    20,479
Registration fees........       102,428           14,440       16,619        55,200       34,634        8,218     9,339
Insurance................           624              767          173         2,576          136        6,532     1,668
Trustees' fee
  (Note 3)...............         1,316              687          989         1,840        1,393        3,220     5,840
Amortization of
  organizational expenses
  (Note 2)...............            --            2,030           --            --        2,037        5,253     5,253
Reserve expense (Notes 2
  and 3).................            --               --           --       192,029           --           --        --
Miscellaneous expense....         4,372              431          109           294           68        5,810    10,281
-----------------------------------------------------------------------------------------------------------------------
Total expenses before
  waivers and
  reimbursements.........     3,456,669          158,761       87,574       437,011      420,165      360,915   156,538
Expenses waived and
  reimbursed (Note 3)....      (145,710)         (71,298)     (62,093)     (171,325)     (12,916)    (128,913)  (92,613)
-----------------------------------------------------------------------------------------------------------------------
NET EXPENSES.............     3,310,959           87,463       25,481       265,686      407,249      232,002    63,925
-----------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME
  (LOSS).................    (2,824,775)         (29,901)      (2,623)     (175,024)    (380,080)      72,420    80,228
-----------------------------------------------------------------------------------------------------------------------
NET REALIZED AND
  UNREALIZED GAIN (LOSS)
  ON INVESTMENTS
Net realized gain (loss)
  on:
  Investments............    16,517,378         (180,382)      42,689     1,183,995   (7,421,011)     147,374   (84,639)
  Distributions of
    realized gains by
    other investment
    companies............            --               --           --            --           --      255,382    48,744
-----------------------------------------------------------------------------------------------------------------------
Total net realized gain
  (loss).................    16,517,378         (180,382)      42,689     1,183,995   (7,421,011)     402,756   (35,895)
-----------------------------------------------------------------------------------------------------------------------
Net change in unrealized
  appreciation
  (depreciation) on
  investments............    72,594,775       (1,088,331)     632,374    (2,020,371)   6,220,622   (1,896,839)  166,930
-----------------------------------------------------------------------------------------------------------------------
NET REALIZED AND
  UNREALIZED GAIN
  (LOSS).................    89,112,153       (1,268,713)     675,063      (836,376)  (1,200,389)  (1,494,083)  131,035
-----------------------------------------------------------------------------------------------------------------------
NET INCREASE (DECREASE)
  IN NET ASSETS RESULTING
  FROM OPERATIONS........   $86,287,378      $(1,298,614)    $672,440   $(1,011,400) $(1,580,469) $(1,421,663) $211,263
-----------------------------------------------------------------------------------------------------------------------
</TABLE>

  *  For the period August 1, 2000 (commencement of operations) through October
     31, 2000.

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
                                                                              44

ORBITEX GROUP OF FUNDS

--------------------------------------------------------------------------------
Statements of Changes in Net Assets
Period Ended October 31, 2000 (Unaudited)
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                            Info-Tech &
                           Communications
                                Fund
                           --------------
<S>                        <C>
INCREASE (DECREASE) IN
  NET ASSETS:
FROM OPERATIONS:
Net investment income
  (loss).................   $ (3,586,806)
Net realized gain (loss)
  on investments and
  distributions of
  realized gains by other
  investment companies...     32,501,139
Net change in unrealized
  appreciation
  (depreciation) on
  investments............    (66,894,832)
-----------------------------------------
Net increase (decrease)
  in net assets resulting
  from operations........    (37,980,499)
-----------------------------------------
DISTRIBUTIONS TO
  SHAREHOLDERS:
From net realized gains:
  Class A................             --
  Class B................             --
  Class C................             --
  Class D................             --
  Class N................             --
In excess of net realized
  gains:
  Class A................             --
  Class B................             --
  Class C................             --
  Class D................             --
  Class N................             --
-----------------------------------------
Total dividends and
  distributions to
  shareholders...........             --
-----------------------------------------
Fund Share Transactions
  (Note 6)...............    (26,365,561)
-----------------------------------------
Total Increase (Decrease)
  in Net Assets..........    (64,346,060)
-----------------------------------------
NET ASSETS:
Beginning of period......    392,257,101
-----------------------------------------
End of period............   $327,911,041
-----------------------------------------
Undistributed net
  investment income
  (loss) at end of
  period.................   $ (3,586,806)
-----------------------------------------
</TABLE>

  *  For the period August 1, 2000 (commencement of operations) through
     October 31, 2000.
 **  Information prior to June 5, 2000 reflects the operations of the CLS
     Advisor One Funds - Amerigo & Clermont.

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
                                                                              45
<TABLE>
<CAPTION>
                             Health &      Energy & Basic     Financial
                           Biotechnology      Materials        Services      Focus 30        Growth         Amerigo
                               Fund             Fund            Fund*          Fund           Fund          Fund**
                           -------------  -----------------  ------------  -------------  -------------  -------------
<S>                        <C>            <C>                <C>           <C>            <C>            <C>
INCREASE (DECREASE) IN
  NET ASSETS:
FROM OPERATIONS:
Net investment income
  (loss).................  $ (2,824,775)     $   (29,901)     $   (2,623)   $  (175,024)   $  (380,080)   $    72,420
Net realized gain (loss)
  on investments and
  distributions of
  realized gains by other
  investment companies...    16,517,378         (180,382)         42,689      1,183,995     (7,421,011)       402,756
Net change in unrealized
  appreciation
  (depreciation) on
  investments............    72,594,775       (1,088,331)        632,374     (2,020,371)     6,220,622     (1,896,839)
----------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
  in net assets resulting
  from operations........    86,287,378       (1,298,614)        672,440     (1,011,400)    (1,580,469)    (1,421,663)
----------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
  SHAREHOLDERS:
From net realized gains:
  Class A................            --               --              --             --             --             --
  Class B................            --               --              --             --             --             --
  Class C................            --               --              --             --             --             --
  Class D................            --               --              --             --             --             --
  Class N................            --               --              --             --             --             --
In excess of net realized
  gains:
  Class A................            --               --              --             --             --             --
  Class B................            --               --              --             --             --             --
  Class C................            --               --              --             --             --             --
  Class D................            --               --              --             --             --             --
  Class N................            --               --              --             --             --             --
----------------------------------------------------------------------------------------------------------------------
Total dividends and
  distributions to
  shareholders...........            --               --              --             --             --             --
----------------------------------------------------------------------------------------------------------------------
Fund Share Transactions
  (Note 6)...............    70,322,066        2,685,646       7,337,383     (2,134,454)     2,657,568      8,600,995
----------------------------------------------------------------------------------------------------------------------
Total Increase (Decrease)
  in Net Assets..........   156,609,444        1,387,032       8,009,823     (3,145,854)     1,077,099      7,179,332
----------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period......   179,735,434        6,034,452              --     16,113,538     33,355,639     35,840,753
----------------------------------------------------------------------------------------------------------------------
End of period............  $336,344,878      $ 7,421,484      $8,009,823    $12,967,684    $34,432,738    $43,020,085
----------------------------------------------------------------------------------------------------------------------
Undistributed net
  investment income
  (loss) at end of
  period.................  $ (3,553,182)     $   (29,939)     $   (2,623)   $  (375,191)   $  (380,081)   $    15,387
----------------------------------------------------------------------------------------------------------------------

<CAPTION>

                             Clermont
                              Fund**
                           -------------
<S>                        <C>
INCREASE (DECREASE) IN
  NET ASSETS:
FROM OPERATIONS:
Net investment income
  (loss).................   $    80,228
Net realized gain (loss)
  on investments and
  distributions of
  realized gains by other
  investment companies...       (35,895)
Net change in unrealized
  appreciation
  (depreciation) on
  investments............       166,930
-------------------------
Net increase (decrease)
  in net assets resulting
  from operations........       211,263
-------------------------
DISTRIBUTIONS TO
  SHAREHOLDERS:
From net realized gains:
  Class A................            --
  Class B................            --
  Class C................            --
  Class D................            --
  Class N................            --
In excess of net realized
  gains:
  Class A................            --
  Class B................            --
  Class C................            --
  Class D................            --
  Class N................            --
-------------------------
Total dividends and
  distributions to
  shareholders...........            --
-------------------------
Fund Share Transactions
  (Note 6)...............     1,026,860
-------------------------
Total Increase (Decrease)
  in Net Assets..........     1,238,123
-------------------------
NET ASSETS:
Beginning of period......    10,298,030
-------------------------
End of period............   $11,536,153
-------------------------
Undistributed net
  investment income
  (loss) at end of
  period.................   $   143,730
-------------------------
</TABLE>

  *  For the period August 1, 2000 (commencement of operations) through
     October 31, 2000.
 **  Information prior to June 5, 2000 reflects the operations of the CLS
     Advisor One Funds - Amerigo & Clermont.

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
                                                                              46

ORBITEX GROUP OF FUNDS

--------------------------------------------------------------------------------
Statements of Changes in Net Assets
Year Ended April 30, 2000
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                            Info-Tech &
                           Communications
                                Fund
                           --------------
<S>                        <C>
INCREASE (DECREASE) IN
  NET ASSETS:
FROM OPERATIONS:
Net investment income
  (loss).................   $ (3,482,305)
Net realized gain (loss)
  on investments.........     56,211,808
Net change in unrealized
  appreciation
  (depreciation) on
  investments............     48,485,153
-----------------------------------------
Net increase (decrease)
  in net assets resulting
  from operations........    101,214,656
-----------------------------------------
DISTRIBUTIONS TO
  SHAREHOLDERS:
From net investment
  income
  Class A................             --
  Class B................             --
  Class C................             --
  Class D................             --
  Class N................             --
From net realized gains
  Class A................     (6,961,619)
  Class B................     (6,343,511)
  Class C................             --
  Class D................             --
  Class N................             --
In excess of net realized
  gains
  Class A................             --
  Class B................             --
  Class C................             --
  Class D................             --
  Class N................             --
-----------------------------------------
Total dividends and
  distributions to
  shareholders...........    (13,305,130)
-----------------------------------------
Fund Share Transactions
  (Note 6)...............    251,108,437
-----------------------------------------
Total Increase (Decrease)
  in Net Assets..........    339,017,963
-----------------------------------------
NET ASSETS:
Beginning of period......     53,239,138
-----------------------------------------
End of period............   $392,257,101
-----------------------------------------
Undistributed net
  investment income
  (loss) at end of
  period.................   $         --
-----------------------------------------
</TABLE>

  *  For the period July 15, 1999 (commencement of operations) through April 30,
     2000.
 **  For the six months ended April 30, 2000.
***  For the year ended October 31, 1999. Information prior to July 12, 1999
     reflects the operations of the ASM Index 30 Fund, Inc.
**** Information prior to June 5, 2000 reflects the operations of the CLS
     AdvisorOne Funds -- Amerigo & Clermont.

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
                                                                              47
<TABLE>
<CAPTION>
                             Health &      Energy & Basic
                           Biotechnology      Materials         Focus 30        Focus 30          Growth         Amerigo
                               Fund*            Fund             Fund**          Fund***           Fund          Fund****
                           -------------  -----------------  --------------  ---------------  --------------  --------------
<S>                        <C>            <C>                <C>             <C>              <C>             <C>
INCREASE (DECREASE) IN
  NET ASSETS:
FROM OPERATIONS:
Net investment income
  (loss).................  $   (728,407)     $  (39,733)      $  (200,166)    $   (322,045)    $  (230,709)    $   (56,978)
Net realized gain (loss)
  on investments.........   (22,007,698)      1,173,986           933,012        3,402,567        (766,121)      1,418,989
Net change in unrealized
  appreciation
  (depreciation) on
  investments............   (30,766,042)         11,795          (577,835)       2,685,880      (6,842,236)      4,865,831
----------------------------------------------------------------------------------------------------------------------------
Net increase (decrease)
  in net assets resulting
  from operations........   (53,502,147)      1,146,048           155,011        5,766,402      (7,839,066)      6,227,842
----------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
  SHAREHOLDERS:
From net investment
  income
  Class A................            --              --                --               --              --              --
  Class B................            --              --                --               --              --              --
  Class C................            --              --                --               --              --              --
  Class D................            --              --                --               --              --              --
  Class N................            --              --                --               --              --              --
From net realized gains
  Class A................            --              --           (36,322)              --        (156,791)             --
  Class B................            --              --            (6,378)              --         (10,977)             --
  Class C................            --              --                --               --              --              --
  Class D................            --              --        (2,501,434)      (1,720,263)             --              --
  Class N................            --              --                --               --              --        (307,899)
In excess of net realized
  gains
  Class A................            --              --                --               --        (141,124)             --
  Class B................            --              --                --               --          (9,881)             --
  Class C................            --              --                --               --              --              --
  Class D................            --              --                --               --              --              --
  Class N................            --              --                --               --              --              --
----------------------------------------------------------------------------------------------------------------------------
Total dividends and
  distributions to
  shareholders...........            --              --        (2,544,134)      (1,720,263)       (318,773)       (307,899)
----------------------------------------------------------------------------------------------------------------------------
Fund Share Transactions
  (Note 6)...............   233,237,581         194,396             4,054      (15,082,593)     40,037,615      10,386,856
----------------------------------------------------------------------------------------------------------------------------
Total Increase (Decrease)
  in Net Assets..........   179,735,434       1,340,444        (2,385,069)     (11,036,454)     31,879,776      16,306,799
----------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period......            --       4,694,008        18,498,607       29,535,061       1,475,863      19,533,954
----------------------------------------------------------------------------------------------------------------------------
End of period............  $179,735,434      $6,034,452       $16,113,538     $ 18,498,607     $33,355,639     $35,840,753
----------------------------------------------------------------------------------------------------------------------------
Undistributed net
  investment income
  (loss) at end of
  period.................  $         --      $      (38)      $  (256,886)    $         --     $        --     $  (435,876)
----------------------------------------------------------------------------------------------------------------------------

<CAPTION>

                              Clermont
                              Fund****
                           --------------
<S>                        <C>
INCREASE (DECREASE) IN
  NET ASSETS:
FROM OPERATIONS:
Net investment income
  (loss).................   $   131,247
Net realized gain (loss)
  on investments.........       303,210
Net change in unrealized
  appreciation
  (depreciation) on
  investments............       471,087
-------------------------
Net increase (decrease)
  in net assets resulting
  from operations........       905,544
-------------------------
DISTRIBUTIONS TO
  SHAREHOLDERS:
From net investment
  income
  Class A................            --
  Class B................            --
  Class C................            --
  Class D................            --
  Class N................      (130,062)
From net realized gains
  Class A................            --
  Class B................            --
  Class C................            --
  Class D................            --
  Class N................       (90,277)
In excess of net realized
  gains
  Class A................            --
  Class B................            --
  Class C................            --
  Class D................            --
  Class N................            --
-------------------------
Total dividends and
  distributions to
  shareholders...........      (220,339)
-------------------------
Fund Share Transactions
  (Note 6)...............     1,792,742
-------------------------
Total Increase (Decrease)
  in Net Assets..........     2,477,947
-------------------------
NET ASSETS:
Beginning of period......     7,820,083
-------------------------
End of period............   $10,298,030
-------------------------
Undistributed net
  investment income
  (loss) at end of
  period.................   $   (84,956)
-------------------------
</TABLE>

  *  For the period July 15, 1999 (commencement of operations) through April 30,
     2000.
 **  For the six months ended April 30, 2000.
***  For the year ended October 31, 1999. Information prior to July 12, 1999
     reflects the operations of the ASM Index 30 Fund, Inc.
**** Information prior to June 5, 2000 reflects the operations of the CLS
     AdvisorOne Funds -- Amerigo & Clermont.

--------------------------------------------------------------------------------
See Notes to Financial Statements.
<PAGE>
ORBITEX INFO-TECH & COMMUNICATIONS FUND                                       48

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                                 Class A Shares
                                ---------------------------------------------------------------------------------
                                  Period Ended
                                October 31, 2000       Year Ended           Year Ended          Period Ended
                                  (Unaudited)      April 30, 2000 (b)     April 30, 1999     April 30, 1998 (a)
                                ----------------  ---------------------  -----------------  ---------------------
<S>                             <C>               <C>                    <C>                <C>
Net asset value, beginning of
  period......................     $  58.99             $  30.62             $ 19.62               $15.00
                                   --------             --------             -------               ------
Income (loss) from investment
  operations:
  Net investment income
    (loss)....................        (0.49)               (0.77)              (0.08)                  --
  Net realized and unrealized
    gain (loss) on
    investments...............        (5.38)               32.60               11.26                 4.62
                                   --------             --------             -------               ------
  Total income (loss) from
    investment operations.....        (5.87)               31.83               11.18                 4.62
                                   --------             --------             -------               ------
Less distributions from net
  investment income...........           --                   --                  --                   --
Less distributions from net
  realized gains..............           --                (3.46)              (0.18)                  --
                                   --------             --------             -------               ------
  Total distributions from net
    investment income and net
    realized gains............           --                (3.46)              (0.18)                  --
                                   --------             --------             -------               ------
Net asset value, end of
  period......................     $  53.12             $  58.99             $ 30.62               $19.62
                                   ========             ========             =======               ======

Total Return(c)...............        (9.95)%             106.44%              57.43%               30.80%
                                   ========             ========             =======               ======

Ratios and Supplemental Data:
  Net assets, end of period
    (in 000's)................     $139,708             $182,182             $34,335               $2,440
  Ratio of expenses to average
    net assets(d).............         2.00%                2.00%               2.07%                2.88%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d).........         2.06%                2.29%               4.04%               39.06%
  Ratio of net investment
    income (loss) to average
    net assets(d).............        (1.61)%              (1.55)%             (0.70)%              (1.27)%
  Portfolio turnover rate.....          378%                 222%                360%                  76%
</TABLE>

---------------

(a)  The commencement of investment operations was October 22, 1997.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser, Administrator, Custodian and Distributor not
     absorbed a portion of the expenses, total returns would have been lower.
     Total returns for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.

--------------------------------------------------------------------------------
<PAGE>
                                                                              49

ORBITEX INFO-TECH & COMMUNICATIONS FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                           Class B Shares
                                     -----------------------------------------------------------
                                        Period Ended
                                      October 31, 2000        Year Ended         Period Ended
                                         (Unaudited)      April 30, 2000 (b)  April 30, 1999 (a)
                                     -------------------  ------------------  ------------------
<S>                                  <C>                  <C>                 <C>
Net asset value, beginning of
  period...........................       $  58.35            $  30.48             $ 18.23
                                          --------            --------             -------
Income (loss) from investment
  operations:
  Net investment income (loss).....          (0.64)              (1.10)              (0.08)
  Net realized and unrealized gain
    (loss) on investments..........          (5.33)              32.43               12.51
                                          --------            --------             -------
  Total income (loss) from
    investment operations..........          (5.97)              31.33               12.43
                                          --------            --------             -------
Less distributions from net
  investment income................             --                  --                  --
Less distributions from net
  realized gains...................             --               (3.46)              (0.18)
                                          --------            --------             -------
  Total distributions from net
    investment income and net
    realized gains.................             --               (3.46)              (0.18)
                                          --------            --------             -------
Net asset value, end of period.....       $  52.38            $  58.35             $ 30.48
                                          ========            ========             =======

Total Return(c)....................         (10.23)%            105.25%              68.67%
                                          ========            ========             =======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's).........................       $163,142            $185,508             $18,904
  Ratio of expenses to average net
    assets(d)......................           2.60%               2.60%               2.41%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d)..............           2.66%               2.80%               4.41%
  Ratio of net investment income
    (loss) to average net
    assets(d)......................          (2.21)%             (2.15)%             (1.40)%
  Portfolio turnover rate..........            378%                222%                360%
</TABLE>

---------------

(a)  The commencement of investment operations was September 16, 1998.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser, Administrator, Custodian and Distributor not
     absorbed a portion of the expenses, total returns would have been lower.
     Total returns for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.

--------------------------------------------------------------------------------
<PAGE>
                                                                              50

ORBITEX INFO-TECH & COMMUNICATIONS FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                        Class C Shares
                                          ------------------------------------------
                                             Period Ended
                                           October 31, 2000        Period Ended
                                              (Unaudited)      April 30, 2000 (a)(b)
                                          -------------------  ---------------------
<S>                                       <C>                  <C>
Net asset value, beginning of period....       $ 58.38               $ 53.75
                                               -------               -------
Income (loss) from investment
  operations:
  Net investment income (loss)..........         (0.60)                (0.42)
  Net realized and unrealized gain
    (loss) on investments...............         (5.30)                 5.05
                                               -------               -------
  Total income (loss) from investment
    operations..........................         (5.90)                 4.63
                                               -------               -------
Less distributions from net investment
  income................................            --                    --
Less distributions from net realized
  gains.................................            --                    --
                                               -------               -------
  Total distributions from net
    investment income and net realized
    gains...............................            --                    --
                                               -------               -------
Net asset value, end of period..........       $ 52.48               $ 58.38
                                               =======               =======

Total Return(c).........................        (10.11)%                8.61%
                                               =======               =======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's)..............................       $25,061               $24,568
  Ratio of expenses to average net
    assets(d)...........................          2.60%                 2.60%
  Ratio of total expenses to average net
    assets before waivers and
    reimbursements(d)...................          2.66%                 2.93%
  Ratio of net investment income (loss)
    to average net assets(d)............         (2.21)%               (2.20)%
  Portfolio turnover rate...............           378%                  222%
</TABLE>

---------------

(a)  The commencement of investment operations was January 14, 2000.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser and Administrator not absorbed a portion of
     the expenses, total returns would have been lower. Total returns for
     periods less than one year are not annualized.
(d)  Annualized for periods less than one year.

--------------------------------------------------------------------------------
<PAGE>
ORBITEX HEALTH & BIOTECHNOLOGY FUND                                           51

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                          Class A Shares
                                          ----------------------------------------------
                                               Period Ended
                                           October 31, 2000 (b)        Period Ended
                                                (Unaudited)        April 30, 2000 (a)(b)
                                          -----------------------  ---------------------
<S>                                       <C>                      <C>
Net asset value, beginning of period....         $  17.33                $ 10.00
                                                 --------                -------
Income (loss) from investment
  operations:
  Net investment income (loss)..........            (0.19)                 (0.21)
  Net realized and unrealized gain
    (loss) on investments...............             8.13                   7.54(e)
                                                 --------                -------
  Total income (loss) from investment
    operations..........................             7.94                   7.33
                                                 --------                -------
Less distributions from net investment
  income................................               --                     --
Less distributions from net realized
  gains.................................               --                     --
                                                 --------                -------
  Total distributions from net
    investment income and net realized
    gains...............................               --                     --
                                                 --------                -------
Net asset value, end of period..........         $  25.27                $ 17.33
                                                 ========                =======

Total Return(c).........................            45.82%                 73.30%
                                                 ========                =======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's)..............................         $126,157                $66,418
  Ratio of expenses to average net
    assets(d)...........................             2.00%                  2.00%
  Ratio of total expenses to average net
    assets before waivers and
    reimbursements(d)...................             2.12%                  3.02%
  Ratio of net investment income (loss)
    to average net assets(d)............            (1.64)%                (1.33)%
  Portfolio turnover rate...............               67%                   144%
</TABLE>

---------------

(a)  The commencement of investment operations was July 15, 1999.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser and Administrator not absorbed a portion of
     the expenses, total returns would have been lower. Total returns for
     periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Per share amounts are not in accord with the aggregate net loss on
     investments for the period due to the timing of sales and redemptions for
     Fund shares in relation to fluctuating market values of the Fund's
     investment.

--------------------------------------------------------------------------------
<PAGE>
                                                                              52

ORBITEX HEALTH & BIOTECHNOLOGY FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                          Class B Shares
                                          ----------------------------------------------
                                               Period Ended
                                           October 31, 2000 (b)        Period Ended
                                                (Unaudited)        April 30, 2000 (a)(b)
                                          -----------------------  ---------------------
<S>                                       <C>                      <C>
Net asset value, beginning of period....         $  17.28                $ 10.00
                                                 --------                -------
Income (loss) from investment
  operations:
  Net investment income (loss)..........            (0.26)                 (0.31)
  Net realized and unrealized gain
    (loss) on investments...............             8.07                   7.59(e)
                                                 --------                -------
  Total income (loss) from investment
    operations..........................             7.81                   7.28
                                                 --------                -------
Less distributions from net investment
  income................................               --                     --
Less distributions from net realized
  gains.................................               --                     --
                                                 --------                -------
  Total distributions from net
    investment income and net realized
    gains...............................               --                     --
                                                 --------                -------
Net asset value, end of period..........         $  25.09                $ 17.28
                                                 ========                =======

Total Return(c).........................            45.20%                 72.80%
                                                 ========                =======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's)..............................         $136,774                $74,925
  Ratio of expenses to average net
    assets(d)...........................             2.60%                  2.60%
  Ratio of total expenses to average net
    assets before waivers and
    reimbursements(d)...................             2.69%                  3.37%
  Ratio of net investment income (loss)
    to average net assets(d)............            (2.26)%                (1.94)%
  Portfolio turnover rate...............               67%                   144%
</TABLE>

---------------

(a)  The commencement of investment operations was July 15, 1999.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser and Administrator not absorbed a portion of
     the expenses, total returns would have been lower. Total returns for
     periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Per share amounts are not in accord with the aggregate net loss on
     investments for the period due to the timing of sales and redumptions for
     Fund shares in relation to fluctuating market values of the Fund's
     investment.

--------------------------------------------------------------------------------
<PAGE>
                                                                              53

ORBITEX HEALTH & BIOTECHNOLOGY FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                          Class C Shares
                                          ----------------------------------------------
                                               Period Ended
                                           October 31, 2000 (b)        Period Ended
                                                (Unaudited)        April 30, 2000 (a)(b)
                                          -----------------------  ---------------------
<S>                                       <C>                      <C>
Net asset value, beginning of period....         $ 17.28                 $ 16.33
                                                 -------                 -------
Income (loss) from investment
  operations:
  Net investment income (loss)..........           (0.26)                  (0.12)
  Net realized and unrealized gain
    (loss) on investments...............            8.07                    1.07(e)
                                                 -------                 -------
  Total income (loss) from investment
    operations..........................            7.81                    0.95
                                                 -------                 -------
Less distributions from net investment
  income................................              --                      --
Less distributions from net realized
  gains.................................              --                      --
                                                 -------                 -------
  Total distributions from net
    investment income and net realized
    gains...............................              --                      --
                                                 -------                 -------
Net asset value, end of period..........         $ 25.09                 $ 17.28
                                                 =======                 =======

Total Return(c).........................           45.20%                   5.82%
                                                 =======                 =======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's)..............................         $73,414                 $38,393
  Ratio of expenses to average net
    assets(d)...........................            2.60%                   2.60%
  Ratio of total expenses to average net
    assets before waivers and
    reimbursements(d)...................            2.69%                   3.00%
  Ratio of net investment income (loss)
    to average net assets(d)............           (2.26)%                 (1.94)%
  Portfolio turnover rate...............              67%                    144%
</TABLE>

---------------

(a)  The commencement of investment operations was January 18, 2000.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser and Administrator not absorbed a portion of
     the expenses, total returns would have been lower. Total returns for
     periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Per share amounts are not in accord with the aggregate net loss on
     investments for the period due to the timing of sales and redemptions for
     Fund shares in relation to fluctuating market values of the Fund's
     investment.

--------------------------------------------------------------------------------
<PAGE>
ORBITEX ENERGY & BASIC MATERIALS FUND                                         54

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                                   Class A Shares
                                -------------------------------------------------------------------------------------
                                  Period Ended
                                October 31, 2000       Year Ended             Year Ended            Period Ended
                                  (Unaudited)      April 30, 2000 (b)     April 30, 1999 (b)     April 30, 1998 (a)
                                ----------------  ---------------------  ---------------------  ---------------------
<S>                             <C>               <C>                    <C>                    <C>
Net asset value, beginning of
  period......................      $18.62               $14.92                 $16.54                 $15.00
                                    ------               ------                 ------                 ------
Income (loss) from investment
  operations:
  Net investment income
    (loss)....................       (0.04)               (0.07)                  0.00(f)                0.38(e)
  Net realized and unrealized
    gain (loss) on
    investments & foreign
    currency transactions.....       (2.72)                3.77                  (1.25)                  1.22
                                    ------               ------                 ------                 ------
  Total income (loss) from
    investment operations.....       (2.76)                3.70                  (1.25)                  1.60
                                    ------               ------                 ------                 ------
Less distributions from net
  investment income...........          --                   --                  (0.37)                 (0.03)
Less distributions from net
  realized gains..............          --                   --                   0.00(f)               (0.03)
                                    ------               ------                 ------                 ------
  Total distributions from net
    investment income and net
    realized gains............          --                   --                  (0.37)                 (0.06)
                                    ------               ------                 ------                 ------
Net asset value, end of
  period......................      $15.86               $18.62                 $14.92                 $16.54
                                    ======               ======                 ======                 ======

Total Return(c)...............      (14.82)%              24.80%                 (6.86)%                10.74%
                                    ======               ======                 ======                 ======

Ratios and Supplemental Data:
  Net assets, end of period
    (in 000's)................      $4,058               $3,658                 $4,286                 $5,698
  Ratio of expenses to average
    net assets(d).............        2.00%                2.00%                  2.19%                  2.45%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d).........        3.84%                4.80%                  8.76%                  9.27%
  Ratio of net investment
    income (loss) to average
    net assets(d).............       (0.52)%              (0.48)%                 0.00%                  6.12%(e)
  Portfolio turnover rate.....         225%                 735%                   921%                   519%
</TABLE>

---------------

(a)  The commencement of investment operations was October 22, 1997.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser, Administrator, Custodian and Distributor not
     absorbed a portion of the expenses, total returns would have been lower.
     Total returns for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Net investment income per share and the net investment income ratio would
     have been lower without a certain investment strategy followed by the
     Adviser during the current fiscal year.
(f)  Amount represents less than $0.01 per share.

--------------------------------------------------------------------------------
<PAGE>
                                                                              55

ORBITEX ENERGY & BASIC MATERIALS FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                             Class B Shares
                                     --------------------------------------------------------------
                                        Period Ended
                                      October 31, 2000        Year Ended          Period Ended
                                         (Unaudited)      April 30, 2000 (b)  April 30, 1999 (a)(b)
                                     -------------------  ------------------  ---------------------
<S>                                  <C>                  <C>                 <C>
Net asset value, beginning of
  period...........................        $18.58              $14.98                $12.22
                                           ------              ------                ------
Income (loss) from investment
  operations:
  Net investment income (loss).....         (0.09)              (0.18)                (0.05)
  Net realized and unrealized gain
    (loss) on investments & foreign
    currency transactions..........         (2.71)               3.78                  3.21(e)
                                           ------              ------                ------
  Total income (loss) from
    investment operations..........         (2.80)               3.60                  3.16
                                           ------              ------                ------
Less distributions from net
  investment income................            --                  --                 (0.40)
Less distributions from net
  realized gains...................            --                  --                  0.00(f)
                                           ------              ------                ------
  Total distributions from net
    investment income and net
    realized gains.................            --                  --                 (0.40)
                                           ------              ------                ------
Net asset value, end of period.....        $15.78              $18.58                $14.98
                                           ======              ======                ======

Total Return(c)....................        (15.07)%             24.03%                26.92%
                                           ======              ======                ======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's).........................        $3,363              $2,377                $  408
  Ratio of expenses to average net
    assets(d)......................          2.60%               2.60%                 2.40%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d)..............          4.36%               4.67%                 8.49%
  Ratio of net investment income
    (loss) to average net
    assets(d)......................         (1.09)%             (1.12)%               (0.66)%
  Portfolio turnover rate..........           225%                735%                  921%
</TABLE>

---------------

(a)  The commencement of investment operations was September 21, 1998.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser, Administrator, Custodian and Distributor not
     absorbed a portion of the expenses, total returns would have been lower.
     Total returns for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Net investment income per share and the net investment income ratio would
     have been lower without a certain investment strategy followed by the
     Adviser during the current fiscal year.
(f)  Amount represents less than $0.01 per share.

--------------------------------------------------------------------------------
<PAGE>
ORBITEX FINANCIAL SERVICES FUND                                               56

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                         Class A Shares           Class B Shares           Class C Shares
                                     -----------------------  -----------------------  -----------------------
                                          Period Ended             Period Ended             Period Ended
                                     October 31, 2000 (a)(b)  October 31, 2000 (a)(b)  October 31, 2000 (a)(b)
                                     -----------------------  -----------------------  -----------------------
<S>                                  <C>                      <C>                      <C>
Net asset value, beginning of
  period...........................          $10.00                   $10.00                   $10.00
                                             ------                   ------                   ------
Income (loss) from investment
  operations:
  Net investment income (loss).....          0.00(e)                   (0.02)                   (0.02)
  Net realized and unrealized gain
    (loss) on investments..........            1.45                     1.46                     1.48
                                             ------                   ------                   ------
  Total income (loss) from
    investment operations..........            1.45                     1.44                     1.46
                                             ------                   ------                   ------
  Less distributions from net
    investment income..............              --                       --                       --
  Less distributions from net
    realized gains.................              --                       --                       --
                                             ------                   ------                   ------
  Total distributions from net
    investment income and net
    realized gains.................              --                       --                       --
                                             ------                   ------                   ------
Net asset value, end of period.....          $11.45                   $11.44                   $11.46
                                             ======                   ======                   ======

Total Return(c)....................           14.50%                   14.40%                   14.60%
                                             ======                   ======                   ======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's).........................          $5,149                   $2,678                   $  183
  Ratio of expenses to average net
    assets(d)......................            2.00%                    2.60%                    2.60%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d)..............            6.40%                    7.72%                    7.36%
  Ratio of net investment income
    (loss) to average net
    assets(d)......................           (0.01)%                  (0.64)%                  (0.59)%
  Portfolio turnover rate..........               4%                       4%                       4%
</TABLE>

---------------

(a)  The commencement of investment operations was August 1, 2000.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser and Administrator not absorbed a portion of
     the expenses, total returns would have been lower. Total returns for
     periods less than a portion of the expenses, total returns would have been
     lower. Total returns for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Amount represents less than $0.01 per share.

--------------------------------------------------------------------------------
<PAGE>
ORBITEX FOCUS 30 FUND                                                         57

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                                Class A Shares
                                     --------------------------------------------------------------------
                                         Period Ended
                                     October 31, 2000 (b)      Period Ended            Period Ended
                                         (Unaudited)        April 30, 2000 (b)     October 31, 1999 (a)
                                     --------------------  ---------------------  -----------------------
<S>                                  <C>                   <C>                    <C>
Net asset value, beginning of
  period...........................        $19.17                 $21.96                  $22.76
                                           ------                 ------                  ------
Income (loss) from investment
  operations:
  Net investment income (loss).....         (0.26)                 (0.71)                  (0.08)
  Net realized and unrealized gain
    (loss) on investments..........         (1.10)                  1.17                   (0.72)
                                           ------                 ------                  ------
  Total income (loss) from
    investment operations..........         (1.36)                  0.46                   (0.80)
                                           ------                 ------                  ------
Less distributions from net
  investment income................            --                     --                      --
Less distributions from net
  realized gains...................            --                  (3.25)                     --
                                           ------                 ------                  ------
  Total distributions from net
    investment income and net
    realized gains.................            --                  (3.25)                     --
                                           ------                 ------                  ------
Net asset value, end of period.....        $17.81                 $19.17                  $21.96
                                           ======                 ======                  ======

Total Return(c)....................         (7.09)%                 1.36%                  (3.51)%
                                           ======                 ======                  ======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's).........................        $1,058                 $1,126                  $   60
  Ratio of expenses to average net
    assets(d)(e)...................          3.99%                  8.35%                   3.58%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d)..............          6.31%                 10.75%                   6.22%
  Ratio of net investment income
    (loss) to average net
    assets(d)......................         (2.78)%                (7.19)%                 (2.60)%
  Portfolio turnover rate..........            18%                    30%                     61%
</TABLE>

---------------

(a)  The commencement of investment operations was July 12, 1999.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser, Administrator and Custodian not absorbed a
     portion of the expenses, total returns would have been lower. Total returns
     for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Ratio includes amounts relating to the general reserve expense recognized
     in the period (see Note 3). If such expenses had not been incurred, the
     ratios of expenses to average net assets would be 1.31%, 1.13% and 1.00%,
     respectively.

--------------------------------------------------------------------------------
<PAGE>
                                                                              58

ORBITEX FOCUS 30 FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                              Class B Shares
                                     -----------------------------------------------------------------
                                          Period Ended
                                      October 31, 2000 (b)       Period Ended         Period Ended
                                           (Unaudited)        April 30, 2000 (b)  October 31, 1999 (a)
                                     -----------------------  ------------------  --------------------
<S>                                  <C>                      <C>                 <C>
Net asset value, beginning of
  period...........................          $19.12                $21.94               $22.76
                                             ------                ------               ------
Income (loss) from investment
  operations:
  Net investment income (loss).....           (0.17)                (1.22)               (0.10)
  Net realized and unrealized gain
    (loss) on investments..........           (1.23)                 1.65                (0.72)
                                             ------                ------               ------
  Total income (loss) from
    investment operations..........           (1.40)                 0.43                (0.82)
                                             ------                ------               ------
Less distributions from net
  investment income................              --                    --                   --
Less distributions from net
  realized gains...................              --                 (3.25)                  --
                                             ------                ------               ------
  Total distributions from net
    investment income and net
    realized gains.................              --                 (3.25)                  --
                                             ------                ------               ------
Net asset value, end of period.....          $17.72                $19.12               $21.94
                                             ======                ======               ======

Total Return(c)....................           (7.32)%                1.22%               (3.60)%
                                             ======                ======               ======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's).........................          $  660                $  914               $   10
  Ratio of expenses to average net
    assets(d)(e)...................            4.65%                13.22%                4.58%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d)..............            6.96%                15.62%                7.28%
  Ratio of net investment income
    (loss) to average net
    assets(d)......................           (1.77)%              (12.23)%              (3.53)%
  Portfolio turnover rate..........              18%                   30%                  61%
</TABLE>

---------------

(a)  The commencement of investment operations was July 12, 1999.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser, Administrator and Custodian not absorbed a
     portion of the expenses, total returns would have been lower. Total returns
     for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Ratio includes amounts relating to the general reserve expense recognized
     in the period (see Note 3). If such expenses had not been incurred, the
     ratios of expenses to average net assets would be 1.91%, 1.74% and 1.60%,
     respectively.

--------------------------------------------------------------------------------
<PAGE>
                                                                              59

ORBITEX FOCUS 30 FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                                   Class D Shares (a)
                           --------------------------------------------------------------------------------------------------
                                Period Ended                                           Year Ended October 31,
                            October 31, 2000 (b)       Period Ended     -----------------------------------------------------
                                 (Unaudited)        April 30, 2000 (b)      1999          1998          1997         1996
                           -----------------------  ------------------  ------------  ------------  ------------  -----------
<S>                        <C>                      <C>                 <C>           <C>           <C>           <C>
Net asset value,
  beginning of period....         $ 19.21                $ 21.97          $ 19.02       $ 17.21       $ 14.13       $11.37
                                  -------                -------          -------       -------       -------       ------
Income (loss) from
  investment operations:
  Net investment income
    (loss)...............           (0.10)                 (0.21)           (0.27)         0.32          0.18         0.08
  Net realized and
    unrealized gain
    (loss) on
    investments..........           (1.22)                  0.70             4.62          2.54          3.34         2.76
                                  -------                -------          -------       -------       -------       ------
  Total income (loss)
    from investment
    operations...........           (1.32)                  0.49             4.35          2.86          3.52         2.84
                                  -------                -------          -------       -------       -------       ------
Less distributions from
  net investment
  income.................              --                     --               --         (0.27)        (0.18)       (0.07)
Less distributions in
  excess of net
  income.................              --                     --               --            --         (0.11)       (0.01)
Less distributions from
  net realized gains.....              --                  (3.25)           (1.40)        (0.78)        (0.15)          --
                                  -------                -------          -------       -------       -------       ------
  Total distributions
    from net investment
    income and net
    realized gains.......              --                  (3.25)           (1.40)        (1.05)        (0.44)       (0.08)
                                  -------                -------          -------       -------       -------       ------
Net asset value, end of
  period.................         $ 17.89                $ 19.21          $ 21.97       $ 19.02       $ 17.21       $14.13
                                  =======                =======          =======       =======       =======       ======

Total Return(c)..........           (6.87)%                 1.50%           24.08%        17.13%        25.18%       25.01%
                                  =======                =======          =======       =======       =======       ======

Ratios and Supplemental
  Data:
  Net assets, end of
    period (in 000's)....         $11,249                $14,074          $18,429       $29,535       $21,127       $9,315
  Ratio of expenses to
    average net assets...            3.49%(d)(e)            3.38%(d)(e)      3.11%(e)      0.18%         0.42%        1.86%
  Ratio of total expenses
    to average net assets
    before waivers and
    reimbursements.......            5.80%(d)               5.65%(d)         4.41%         0.91%         1.05%        2.59%
  Ratio of net investment
    income (loss) to
    average net assets...           (1.08)%(d)             (2.06)%(d)       (1.41)%        1.60%         1.51%        0.53%
  Portfolio turnover
    rate.................              18%                    30%              61%          196%          265%         391%
</TABLE>

---------------

(a)  The information prior to July 12, 1999 reflects the operations of the ASM
     Index 30 Fund, Inc., which was reorganized into Class D shares of the
     Orbitex Focus 30 Fund.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions. Had the Adviser,
     Administrator and Custodian not absorbed a portion of the expenses, total
     returns would have been lower. Total returns for periods less than one year
     are not annualized.
(d)  Annualized for periods less than one year.
(e)  Ratio includes amounts relating to the general operating expense and
     general reserve expense recognized as a result of the termination of the
     investment advisory agreement with the former Adviser (see Note 3). If such
     expenses had not been incurred, the ratio of expense to average net assets
     would be 0.91%, 0.70% and 1.03%, respectively.

--------------------------------------------------------------------------------
<PAGE>
ORBITEX GROWTH FUND                                                           60

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                                   Class A Shares
                                -------------------------------------------------------------------------------------
                                  Period Ended
                                October 31, 2000       Year Ended             Year Ended            Period Ended
                                  (Unaudited)      April 30, 2000 (b)     April 30, 1999 (b)     April 30, 1998 (a)
                                ----------------  ---------------------  ---------------------  ---------------------
<S>                             <C>               <C>                    <C>                    <C>
Net asset value, beginning of
  period......................      $ 31.19             $ 18.66                 $17.93                 $15.00
                                    -------             -------                 ------                 ------
Income (loss) from investment
  operations:
  Net investment income
    (loss)....................        (0.29)              (0.57)                 (0.15)                  0.26(e)
  Net realized and unrealized
    gain (loss) on
    investments...............        (0.71)              14.12(f)                1.70                   2.67
                                    -------             -------                 ------                 ------
  Total income (loss) from
    investment operations.....        (1.00)              13.55                   1.55                   2.93
                                    -------             -------                 ------                 ------
Less distributions from net
  investment income...........           --                  --                  (0.19)                    --
Less distributions from net
  realized gains..............           --               (0.54)                 (0.63)                    --
Less distributions in excess
  of net realized gains.......           --               (0.48)                    --                     --
                                    -------             -------                 ------                 ------
  Total distributions from net
    investment income and net
    realized gains............           --               (1.02)                 (0.82)                    --
                                    -------             -------                 ------                 ------
Net asset value, end of
  period......................      $ 30.19             $ 31.19                 $18.66                 $17.93
                                    =======             =======                 ======                 ======

Total Return(c)...............        (3.21)%             73.29%                  9.07%                 19.53%
                                    =======             =======                 ======                 ======

Ratios and Supplemental Data:
  Net assets, end of period
    (in 000's)................      $20,637             $20,065                 $1,422                 $  891
  Ratio of expenses to average
    net assets(d).............         2.00%               2.00%                  1.93%                  2.11%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d).........         2.06%               3.21%                 23.92%                 50.13%
  Ratio of net investment
    income (loss) to average
    net assets(d).............        (1.85)%             (1.68)%                (0.85)%                 4.41%(e)
  Portfolio turnover rate.....          205%                254%                   957%                   448%
</TABLE>

---------------

(a)  The commencement of investment operations was October 22, 1997.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser, Administrator, Custodian and Distributor not
     absorbed a portion of the expenses, total returns would have been lower.
     Total returns for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Net investment income per share and the net investment income ratio would
     have been lower without a certain investment strategy followed by the
     Adviser during the current fiscal year.
(f)  Per share amounts are not in accord with the aggregate net loss on
     investments for the period due to the timing of sales and redemptions for
     Fund shares in relation to fluctuating market values of the Fund's
     investments.

--------------------------------------------------------------------------------
<PAGE>
                                                                              61

ORBITEX GROWTH FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                             Class B Shares
                                     --------------------------------------------------------------
                                        Period Ended
                                      October 31, 2000        Year Ended          Period Ended
                                         (Unaudited)      April 30, 2000 (b)  April 30, 1999 (a)(b)
                                     -------------------  ------------------  ---------------------
<S>                                  <C>                  <C>                 <C>
Net asset value, beginning of
  period...........................       $ 31.10              $ 18.61               $16.46
                                          -------              -------               ------
Income (loss) from investment
  operations:
  Net investment income (loss).....         (0.40)               (0.95)               (0.12)
  Net realized and unrealized gain
    (loss) on investments..........         (0.69)               14.46(e)              3.11
                                          -------              -------               ------
  Total income (loss) from
    investment operations..........         (1.09)               13.51                 2.99
                                          -------              -------               ------
Less distributions from net
  investment income................            --                   --                (0.21)
Less distributions from net
  realized gains...................            --                (0.54)               (0.63)
Less distributions in excess of net
  realized gains...................            --                (0.48)                  --
                                          -------              -------               ------
  Total distributions from net
    investment income and net
    realized gains.................            --                (1.02)               (0.84)
                                          -------              -------               ------
Net asset value, end of period.....       $ 30.01              $ 31.10               $18.61
                                          =======              =======               ======

Total Return(c)....................         (3.50)%              73.28%               18.61%
                                          =======              =======               ======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's).........................       $12,378              $12,461               $   54
  Ratio of expenses to average net
    assets(d)......................          2.60%                2.60%                2.03%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d)..............          2.65%                3.20%               18.75%
  Ratio of net investment income
    (loss) to average net
    assets(d)......................         (2.45)%              (2.34)%              (1.05)%
  Portfolio turnover rate..........           205%                 254%                 957%
</TABLE>

---------------

(a)  The commencement of investment operations was September 16, 1998.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser, Administrator, Custodian and Distributor not
     absorbed a portion of the expenses, total returns would have been lower.
     Total returns for periods less than one year are not annualized.
(d)  Annualized for periods less than one year.
(e)  Per share amounts are not in accord with the aggregate net loss on
     investments for the period due to the timing of sales and redemptions for
     Fund shares in relation to fluctuating market values of the Fund's
     investments.

--------------------------------------------------------------------------------
<PAGE>
                                                                              62

ORBITEX GROWTH FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                        Class C Shares
                                          ------------------------------------------
                                             Period Ended
                                           October 31, 2000        Period Ended
                                              (Unaudited)      April 30, 2000 (a)(b)
                                          -------------------  ---------------------
<S>                                       <C>                  <C>
Net asset value, beginning of period....        $31.19                $51.65
                                                ------                ------
Income (loss) from investment
  operations:
  Net investment income (loss)..........         (0.33)                (0.11)
  Net realized and unrealized gain
    (loss) on investments...............         (0.76)               (20.35)
                                                ------                ------
  Total income (loss) from investment
    operations..........................         (1.09)               (20.46)
                                                ------                ------
Less distributions from net investment
  income................................            --                    --
Less distributions from net realized
  gains.................................            --                    --
Less distributions in excess of net
  realized gains........................            --                    --
                                                ------                ------
  Total distributions from net
    investment income and net realized
    gains...............................            --                    --
                                                ------                ------
Net asset value, end of period..........        $30.10                $31.19
                                                ======                ======

Total Return(c).........................         (3.49)%              (39.61)%
                                                ======                ======

Ratios and Supplemental Data:
  Net assets, end of period (in
    000's)..............................        $1,418                $  829
  Ratio of expenses to average net
    assets(d)...........................          2.60%                 2.60%
  Ratio of total expenses to average net
    assets before waivers and
    reimbursements(d)...................          2.65%                 4.23%
  Ratio of net investment income (loss)
    to average net assets(d)............         (2.46)%               (2.41)%
  Portfolio turnover rate...............           205%                  254%
</TABLE>

---------------

(a)  The commencement of investment operations was March 14, 2000.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser and Administrator not absorbed a portion of
     the expenses, total returns would have been lower. Total returns for
     periods less than one year are not annualized.
(d)  Annualized for periods less than one year.

--------------------------------------------------------------------------------
<PAGE>
ORBITEX AMERIGO FUND                                                          63

--------------------------------------------------------------------------------
Financial Highlights (Unaudited)
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                        Class C Shares
                                                    -----------------------
                                                         Period Ended
                                                    October 31, 2000 (a)(b)
                                                    -----------------------
<S>                                                 <C>
Net asset value, beginning of period..............          $16.91
                                                            ------
Income (loss) from investment operations:
  Net investment income (loss)....................            0.02
  Net realized and unrealized gain (loss) on
    investments...................................           (1.17)
                                                            ------
  Total income (loss) from investment
    operations....................................           (1.15)
                                                            ------
Less distributions from net investment income.....              --
Less distributions from net realized gains........              --
Less distributions in excess of net realized
  gains...........................................              --
                                                            ------
  Total distributions from net investment income
    and net realized gains........................              --
                                                            ------
Net asset value, end of period....................          $15.76
                                                            ======

Total Return(c)...................................           (6.80)%
                                                            ======

Ratios and Supplemental Data:
  Net assets, end of period (in 000's)............          $  915
  Ratio of expenses to average net assets(d)......            2.15%
  Ratio of total expenses to average net assets
    before waivers and reimbursements(d)..........            2.58%
  Ratio of net investment income (loss) to average
    net assets(d).................................            0.31%
  Portfolio turnover rate.........................              21%
</TABLE>

---------------

(a)  The commencement of investment operations was July 13, 2000.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions, and assume no
     sales charge. Had the Adviser and Administrator not absorbed a portion of
     the expenses, total returns would have been lower. Total returns for
     periods less than one year are not annualized.
(d)  Annualized for periods less than one year.

--------------------------------------------------------------------------------
<PAGE>
                                                                              64

ORBITEX AMERIGO FUND

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                                Class N Shares
                                -------------------------------------------------------------------------------
                                     Period Ended
                                 October 31, 2000 (b)        Year Ended        Year Ended       Period Ended
                                      (Unaudited)        April 30, 2000 (b)  April 30, 1999  April 30, 1998 (a)
                                -----------------------  ------------------  --------------  ------------------
<S>                             <C>                      <C>                 <C>             <C>
Net asset value, beginning of
  period......................         $ 16.36                $ 12.88           $ 11.37           $10.00
                                       -------                -------           -------           ------
Income (loss) from investment
  operations:
  Net investment income
    (loss)....................            0.03                  (0.03)            (0.05)            0.02
  Net realized and unrealized
    gain (loss) on
    investments...............           (0.58)                  3.68              1.56             1.39
                                       -------                -------           -------           ------
  Total income (loss) from
    investment operations.....           (0.55)                  3.65              1.51             1.41
                                       -------                -------           -------           ------
Less distributions from net
  investment income...........              --                     --                --            (0.02)
Less distributions from net
  realized gains..............              --                  (0.17)               --               --
Less distributions in excess
  of net investment income....              --                     --                --            (0.02)
                                       -------                -------           -------           ------
  Total distributions from net
    investment income and net
    realized gains............              --                  (0.17)               --            (0.04)
                                       -------                -------           -------           ------
Net asset value, end of
  period......................         $ 15.81                $ 16.36           $ 12.88           $11.37
                                       =======                =======           =======           ======

Total Return(c)...............           (3.36)%                28.48%            13.28%           14.11%
                                       =======                =======           =======           ======

Ratios and Supplemental Data:
  Net assets, end of period
    (in 000's)................         $42,105                $35,841           $19,534           $7,558
  Ratio of expenses to average
    net assets(d).............            1.15%                  1.15%             1.15%            1.15%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d).........            1.79%                  1.83%             2.29%            4.45%
  Ratio of net investment
    income (loss) to average
    net assets(d).............            0.36%                 (0.22)%           (0.51)%           0.15%
  Portfolio turnover rate.....              21%                    10%               38%              14%
</TABLE>

---------------

(a)  The commencement of investment operations was July 14, 1997.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions. Had the Adviser
     and Administrator not absorbed a portion of the expenses, total returns
     would have been lower. Total returns for periods less than one year are not
     annualized.
(d)  Annualized for periods less than one year.

--------------------------------------------------------------------------------
<PAGE>
ORBITEX CLERMONT FUND                                                         65

--------------------------------------------------------------------------------
Financial Highlights
--------------------------------------------------------------------------------

Selected data based on a share outstanding throughout each period indicated

<TABLE>
<CAPTION>
                                                              Class N Shares
                                ---------------------------------------------------------------------------
                                     Period Ended
                                 October 31, 2000 (b)      Year Ended      Year Ended       Period Ended
                                      (Unaudited)        April 30, 2000  April 30, 1999  April 30, 1998 (a)
                                -----------------------  --------------  --------------  ------------------
<S>                             <C>                      <C>             <C>             <C>
Net asset value, beginning of
  period......................         $ 12.17              $ 11.23         $10.81            $10.00
                                       -------              -------         ------            ------
Income (loss) from investment
  operations:
  Net investment income
    (loss)....................            0.09                 0.18           0.14              0.17
  Net realized and unrealized
    gain (loss) on
    investments...............            0.15                 1.06           0.42              0.80
                                       -------              -------         ------            ------
  Total income (loss) from
    investment operations.....            0.24                 1.24           0.56              0.97
                                       -------              -------         ------            ------
Less distributions from net
  investment income...........              --                (0.18)         (0.14)            (0.16)
Less distributions from net
  realized gains..............              --                (0.12)            --                --
                                       -------              -------         ------            ------
  Total distributions from net
    investment income and net
    realized gains............              --                (0.30)         (0.14)            (0.16)
                                       -------              -------         ------            ------
Net asset value, end of
  period......................         $ 12.41              $ 12.17         $11.23            $10.81
                                       =======              =======         ======            ======

Total Return(c)...............            1.97%               11.12%          5.31%             9.84%
                                       =======              =======         ======            ======

Ratios and Supplemental Data:
  Net assets, end of period
    (in 000's)................         $11,536              $10,298         $7,820            $4,441
  Ratio of expenses to average
    ner assets(d).............            1.15%                1.15%          1.15%             1.15%
  Ratio of total expenses to
    average net assets before
    waivers and
    reimbursements(d).........            2.82%                3.08%          3.31%             5.95%
  Ratio of net investment
    income (loss) to average
    net assets(d).............            1.44%                1.51%          1.46%             2.53%
  Portfolio turnover rate.....               9%                  18%            65%               22%
</TABLE>

---------------

(a)  The commencement of investment operations was July 14, 1997.
(b)  Per share numbers have been calculated using the average shares method,
     which more appropriately presents the per share data for the period.
(c)  Total returns are historical and assume changes in share price,
     reinvestment of dividends and capital gains distributions. Had the Adviser,
     Administrator and Custodian not absorbed a portion of the expenses, total
     returns would have been lower. Total returns for periods less than one year
     are not annualized.
(d)  Annualized for periods less than one year.

--------------------------------------------------------------------------------
<PAGE>
ORBITEX GROUP OF FUNDS                                                        66
--------------------------------------------------------------------------------
Notes to Financial Statements
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

1. ORGANIZATION

Orbitex Group of Funds (the "Trust" or the "Funds") was incorporated in Delaware
in December 1996 and is registered under the Investment Company Act of 1940 (the
"1940 Act"), as amended, as an open-end management investment company. The Trust
is comprised of twelve funds (collectively the "Funds" and each individually a
"Fund"), only nine of which are currently open for investments. Eight of those
are included in this report, as follows: Info-Tech & Communications Fund,
Health & Biotechnology Fund, Energy & Basic Materials Fund, Financial Services
Fund, Focus 30 Fund, Growth Fund, Amerigo Fund and Clermont Fund. The Cash
Reserves Fund has a fiscal year end of December 31 and therefore will be
reported separately. The Info-Tech & Communications Fund, Health & Biotechnology
Fund, Energy & Basic Materials Fund and Financial Services Fund operate as
non-diversified investment companies, and the Focus 30 Fund, Growth Fund,
Amerigo Fund and Clermont Fund operate as diversified investment companies.

<TABLE>
<CAPTION>
FUND                                                PRIMARY OBJECTIVE
----                                                -----------------
<S>                                                 <C>
                                                    Long-term growth of capital through selective
                                                    investment in the securities of communications,
                                                    information and related technology companies
Info-Tech & Communications Fund...................
                                                    Long-term growth of capital through selective
                                                    investment in the securities of companies engaged
                                                    in the healthcare, health products,
                                                    pharmaceuticals, medical research and
                                                    biotechnology research development and
                                                    implementation and other areas related to the
                                                    health industry
Health & Biotechnology Fund.......................
<CAPTION>
FUND                                                PRIMARY OBJECTIVE
----                                                -----------------
<S>                                                 <C>
                                                    Long-term growth of capital through selective
                                                    investment in the securities of companies engaged
                                                    in natural resources industries and industries
                                                    supportive to natural resource industries
Energy & Basic Materials Fund ....................
                                                    Long-term growth of capital through selective
                                                    investment in companies that provide financial
                                                    services to consumers and industry
Financial Services Fund...........................
                                                    Long-term growth of capital and current income
                                                    through focused investment in the securities of
                                                    some or all of the 30 companies listed on the New
                                                    York Stock Exchange that make up the Dow Jones
                                                    Industrial Average. The Fund is not an index fund.
Focus 30 Fund.....................................
                                                    Long-term growth of capital through selective
                                                    investment in securities of companies of all sizes
                                                    that offer potential for growth
Growth Fund.......................................
                                                    Capital appreciation and long-term growth of
                                                    capital without regard to current income
Amerigo Fund......................................
                                                    Growth of capital and a reasonable level of
                                                    current income
Clermont Fund.....................................
</TABLE>

Prior to the close of business on July 9, 1999, the Focus 30 Fund operated as a
separate fund called the ASM Index 30 Fund ("ASM"). On July 9, 1999, ASM was
reorganized as a new portfolio of the Trust and existing shareholders of ASM
received Class D shares of the Focus 30 Fund in exchange for their shares of
ASM. Prior to the close of business on June 2, 2000, the Amerigo Fund and the
Clermont Fund operated as separate funds called the CLS AdvisorOne Funds --
Amerigo and Clermont ("CLS Funds"). On June 5, 2000, the CLS Funds were
reorganized as new portfolios of the Trust and existing shareholders of the CLS
Funds received Class N shares of the Amerigo and
<PAGE>
ORBITEX GROUP OF FUNDS                                                        67
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------
Clermont Funds, respectively, in exchange for their shares of CLS Funds.

The Funds offer the following classes of shares:

<TABLE>
<CAPTION>
CLASS    FUNDS OFFERING CLASS
-----    --------------------
<C>      <S>
         All Funds except Amerigo Fund and Clermont Fund
  Class
  A....
  Class
  B....  All Funds except Amerigo Fund and Clermont Fund
         All Funds except Focus 30 Fund, Energy & Basic
         Materials Fund and Clermont Fund
  Class
  C....
Class D..  Focus 30 Fund only
Class N..  Amerigo Fund and Clermont Fund only
</TABLE>

Class A Shares are offered at net asset value plus a maximum sales load of
5.75%. Class B Shares are offered subject to a contingent deferred sales charge
and will automatically convert to Class A Shares after eight years. Class C
Shares are offered subject to a contingent deferred sales charge. Class D Shares
are only available to shareholders who previously were shareholders of ASM at
the time of the reorganization as of the close of business on July 9, 1999,
employees of Orbitex Financial Services Group, Inc. ("OFSG") and its affiliates
and certain institutional investors. Class D and Class N Shares are offered at
net asset value.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the
Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures in the financial statements. Actual
results could differ from those estimates.

SECURITY VALUATION AND TRANSACTIONS

Equity securities are valued at the last sale price on the exchange or in the
over-the-counter market in which such securities are primarily traded, as of the
close of business on the day the securities are being valued, or lacking any
sales, the last available bid price. Long-term debt obligations are valued at
the mean between quoted bid and asked prices for such securities or, if such
prices are not available, at prices of securities with comparable maturity,
quality and type; however, when the Adviser or Sub-Adviser deems it appropriate,
prices obtained from an independent pricing service will be used. Short-term
debt investments with maturities less than 60 days are valued at amortized cost
or original cost plus accrued interest, each of which approximates fair value.

Foreign securities are valued on the basis of market quotations from the primary
market in which they are traded, and are translated from the local currency into
U.S. dollars using current exchange rates.

Securities for which current market quotations are not readily available or for
which quotations are not deemed by the Advisers -- Orbitex Management, Inc.
("OMI") or Clarke Lanzen Skalla Investment Firm, Inc. ("CLS"), (collectively the
"Advisers") -- to be representative of market values are valued at fair value as
determined in good faith by or under the direction of the Trust's Board of
Trustees ("Trustees").

Investment security transactions are accounted for as of the trade date. Cost is
determined and gains and losses are based upon the specific identification
method for both financial statement and federal income tax purposes.

FOREIGN CURRENCY TRANSLATIONS

The accounting records of the Funds are maintained in U.S. dollars. Investment
securities and other assets and liabilities denominated in a foreign currency,
and income receipts and expense payments are translated into U.S. dollars at the
prevailing exchange rate on the respective dates of the transactions. Purchases
and sales of securities are translated into U.S. dollars at the contractual
currency rates established at the approximate time of the trade.
<PAGE>
ORBITEX GROUP OF FUNDS                                                        68
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

Net realized gains and losses on foreign currency transactions represent net
gains and losses from currency realized between the trade and settlement dates
on securities transactions and the difference between income accrued versus
income received. The effects of changes in foreign currency exchange rates on
investments in securities are included with the net realized and unrealized gain
or loss on investment securities.

INCOME TAXES

It is each Fund's policy to comply with all sections of the Internal Revenue
Code applicable to regulated investment companies and to distribute all of its
taxable income and gains to its shareholders and therefore, no provision for
federal income tax has been made. Each Fund is treated as a separate taxpayer
for federal income tax purposes.

INVESTMENT INCOME

Corporate actions (including cash dividends) are recorded net of non-reclaimable
tax withholdings on the ex-dividend date, except for certain foreign securities
for which corporate actions are recorded as soon after ex-dividend date as such
information is available. Interest income is recorded on the accrual basis.
Market discount, original issue discount and premiums are amortized on a yield
to maturity basis. The value of additional securities received as interest or
dividend payments is recorded as income and as the cost basis of such
securities.

EXPENSES

Expenses of the Trust that are directly identifiable to a specific Fund, are
charged to that Fund. Expenses, which are not readily identifiable to a specific
Fund, are allocated in such a manner as deemed equitable, taking into
consideration the nature and type of expense and the relative sizes of the
Funds. Each Fund's income, expenses (other than the class specific distribution
fees) and realized and unrealized gains and losses are allocated proportionally
each day between the classes based upon the relative net assets of each class.

RESERVE EXPENSE

On December 23, 1998, at a meeting of the independent members of the ASM Board,
the Directors voted to notify Vector Index Advisors, Inc. ("Vector"), the prior
adviser, of the termination of its advisory agreement which became effective on
February 28, 1999. During this interim period, the Directors solicited proposals
from other funds and advisers and considered alternative arrangements for the
Fund. Such alternatives included the approval of a new advisory relationship
with another adviser, the reorganization of the Fund with another fund or, in
the absence of such options, the termination of the Fund and distribution of its
assets to the shareholders. The Directors established an expense reserve to
cover the cost of these extraordinary items (see Note 3). Prior to the Fund's
reorganization as of the close of business on July 9, 1999, certain legal
proceedings were initiated against the Fund (see Note 10) which caused the
Directors to re-evaluate and increase the reserve expense for the ongoing legal
fees associated with defending the claims. Included in the reserve expense
account for the period ended October 31, 2000 are legal expenses related to the
Fund's defense in these suits.

DISTRIBUTIONS TO SHAREHOLDERS

Income will normally be declared and distributed annually for each of the Funds,
except for the Focus 30 Fund, which will normally declare and distribute income
quarterly. All Funds declare and pay net realized capital gain distributions
annually. The character of income and gains to be distributed is determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to the
<PAGE>
ORBITEX GROUP OF FUNDS                                                        69
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------
timing of the recording of certain expenses and realized losses.

DEFERRED ORGANIZATIONAL COSTS

Organizational expenses have been deferred and are being amortized over a period
of five years commencing with operations. The Adviser has agreed with respect to
each of the Funds, except for Health & Biotechnology Fund and Financial Services
Fund, that, if any of the initial shares of a Fund are redeemed during such
amortization period by the holder thereof, the redemption proceeds will be
reduced for any unamortized organization expenses in the same ratio as the
number of shares redeemed bears to the number of initial shares held at the time
of redemption.

REPURCHASE AGREEMENTS

Each Fund may enter into repurchase agreements. In a repurchase agreement, a
Fund buys a security and the seller simultaneously agrees to repurchase the
security on a specified future date at an agreed-upon price. The repurchase
price reflects an agreed-upon interest rate during the time the Fund's money is
invested in the security. Because the security constitutes collateral for the
repurchase obligation, a repurchase agreement can be considered a collateralized
loan. The Fund's risk is the ability of the seller to pay the agreed-upon price
on the maturity date. If the seller is unable to make a timely repurchase, the
Fund could experience delays in the receipt of expected proceeds, suffer a loss
in principal or current interest, or incur costs in liquidating the collateral.
The Trustees have established criteria to evaluate the creditworthiness of
parties with which the Funds may enter into repurchase agreements.

OPTIONS

Each Fund may enter into options contracts. An option contract is a contract in
which the writer of the option grants the buyer of the option the right to
purchase from (call option), or sell to (put option), the writer a designated
instrument at a specified price within a specified period of time. Certain
options, including options on indices, will require cash settlement by the Fund
if the option is exercised.

If the Fund writes an option and the option expires unexercised, the Fund will
realize income, in the form of a capital gain, to the extent of the amount
received for the option (the "premium"). If the Fund elects to close out the
option it would recognize a gain or loss based on the difference between the
cost of closing the option and the initial premium received. If the Fund
purchased an option and allows the option to expire, it would realize a loss to
the extent of the premium paid. If the Fund elects to close out the option, it
would recognize a gain or loss equal to the difference between the cost of
acquiring the option and the amount realized upon the sale of the option. The
gain or loss recognized by the Fund upon the exercise of a written call or
purchased put option is adjusted for the amount of the option premium. If a
written put or purchased call option is exercised, the Fund's cost basis of the
acquired security or currency would be the exercise price adjusted for the
amount of the option premium.

The liability representing the Fund's obligation under an exchange traded
written option or investment in a purchased option is valued at the last sale
price or, in the absence of a sale, the closing bid price or at the most recent
asked price (bid for purchased options) if no bid and asked price are available.
Over-the-counter written or purchased options are valued using dealer supplied
quotations.

When the Fund writes a covered call option, the Fund foregoes, in exchange for
the premium, the opportunity to profit during the option period from an increase
in the market value of the underlying security or currency above the exercise
price. When the Fund writes a put option it accepts the risk of a
<PAGE>
ORBITEX GROUP OF FUNDS                                                        70
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------
decline in the market value of the underlying security or currency below the
exercise price. Over-the-counter options have the risk of the potential
inability of counterparties to meet the terms of their contracts. The Fund's
maximum exposure to purchased options is limited to the premium initially paid.
In addition, certain risks may arise upon entering into option contracts
including the risk that an illiquid secondary market will limit the Fund's
ability to close out an option contract prior to the expiration date and, that a
change in the value of the option contract may not correlate exactly with
changes in the value of the securities or currencies hedged.

OTHER

There are certain additional risks involved when investing in foreign securities
that are not inherent in domestic securities. These risks may involve foreign
currency exchange rate fluctuations, adverse political and economic developments
and the imposition of unfavorable foreign governmental laws and restrictions.

The Info-Tech & Communications Fund, Health & Biotechnology Fund, Energy & Basic
Materials Fund and Financial Services Fund may focus their investments in
certain industries, subjecting them to greater risk than funds that are more
diversified.

3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER PARTIES

ADVISORY FEES

Each Fund, except for the Amerigo Fund and the Clermont Fund, has entered into
an Investment Advisory Agreement with OMI. As compensation for the services
rendered, facilities furnished, and expenses borne by OMI, the Funds will pay
OMI a fee accrued daily and paid monthly, at the annualized rate of 0.75% for
the Focus 30 Fund and the Growth Fund, 1.25% for the Info-Tech & Communications
Fund, Health & Biotechnology Fund, Energy & Basic Materials Fund and Financial
Services Fund.

The Amerigo Fund and the Clermont Fund have entered into an Investment Advisory
Agreement with CLS. As compensation for the services rendered, facilities
furnished, and expenses borne by CLS, the Funds will pay CLS a fee accrued daily
and paid monthly, at the annualized rate of 1.00%.

Except for the Focus 30 Fund, the Amerigo Fund and the Clermont Fund, OMI has
agreed to waive or limit its fees and to pay certain operating expenses to the
extent necessary to limit total fund operating expenses, net of waivers and
custodial credits, to an annualized rate of 2.00%, 2.60% and 2.60% of the
average daily net assets of each Fund's Class A, Class B and Class C shares,
respectively. These limits will remain in effect until August 31, 2001. Prior to
July 7, 1999, the limits for Class B shares of the Info-Tech & Communications
Fund, Energy & Basic Materials Fund and Growth Fund were 2.40%, 2.40% and 2.00%,
respectively.

Effective January 1, 2000, OMI had agreed to waive or limit its fees and to pay
certain operating expenses to the extent necessary to limit total fund operating
expenses of the Focus 30 Fund, net of waivers and custodial credits and
excluding extraordinary or non-recurring expenses, to an annualized rate of
1.15%, 1.75% and 0.75% of the average daily net assets of the Fund's Class A,
Class B and Class D shares, respectively. Effective July 1, 2000, OMI changed
the expense limit to 1.40%, 2.00% and 1.00% of the average daily net assets of
the Fund's Class A, Class B and Class D shares, respectively. These limits will
remain in effect until August 31, 2001. For the period July 12, 1999 to
January 1, 2000, the expense limits for Class A, Class B and Class D shares were
1.00%, 1.60% and 0.60%, respectively. Under the prior investment advisory
agreement in effect through February 28, 1999, Vector agreed to limit expenses
of
<PAGE>
ORBITEX GROUP OF FUNDS                                                        71
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------
the Focus 30 Fund to 0.18% of the Fund's average daily net assets.

CLS has agreed to waive or limit its fees and to pay certain operating expenses
to the extent necessary to limit total fund operating expenses, net of waivers
and custodial credits, to an annualized rate of 2.15% and 1.15% of the average
daily net assets of the Amerigo Fund and the Clermont Fund's Class C and
Class N shares, respectively. These limits will remain in effect until
August 31, 2001.

The waivers for the Advisers' fees for the period ended October 31, 2000
amounted to $103,748, $145,710, $47,819, $14,409, $55,362, $10,912, $128,913 and
$55,590 for Info-Tech & Communications Fund, Health & Biotechnology Fund,
Energy & Basic Materials Fund, Financial Services Fund, Focus 30 Fund, Growth
Fund, Amerigo Fund and Clermont Fund, respectively. The reimbursements for the
period ended October 31, 2000 amounted to $0, $0, $18,479, $39,684, $115,963,
$0, $0 and $37,023 for the Info-Tech & Communications Fund, Health &
Biotechnology Fund, Energy & Basic Materials Fund, Financial Services Fund,
Focus 30 Fund, Growth Fund, Amerigo Fund and Clermont Fund, respectively.

For the period July 12, 1999 through October 31, 1999, OMI waived fees and
reimbursed expenses of approximately $129,000 for the Focus 30 Fund. For the
period November 1, 1998 through February 28, 1999, Vector waived fees and
expenses of approximately $155,000 which were determined to be uncollectible
from Vector and were written off, net of management fees due Vector, through the
reserve expense.

Due to Vector's inability to meet its financial commitments, the Focus 30 Fund
incurred operating expenses of $81,875 for the year ended October 31, 1999 for
salaries, rent and other administrative expenses, normally payable by Vector, to
continue the management of the Fund prior to the commencement of the Advisory
Agreement with OMI.

ADMINISTRATION, FUND ACCOUNTING AND TRANSFER AGENT FEES

Prior to July 12, 1999, State Street Bank and Trust Company ("State Street")
served as the administrator of Info-Tech & Communications Fund, Energy & Basic
Materials Fund and Growth Fund. Prior to July 12, 1999 Mutual Fund Service
Company ("MFSC") served as the administrator of the Focus 30 Fund. Effective
July 12, 1999, American Data Services, Inc. ("ADS"), an affiliate of the
Adviser, serves as the administrator of the Trust, except for the Amerigo Fund
and the Clermont Fund whose administrator was MFSC until June 5, 2000. The
Administration agreement provides that ADS may retain Sub-Administrators for the
purpose of providing such services to one or more Funds of the Trust. For
providing administration services to the Fund, ADS will receive from each fund a
monthly fee at an annual rate of 0.10% of the first $100 million of the Fund's
average daily net assets, and at reduced rates thereafter, subject to certain
minimum requirements.

ADS also acts as the fund accounting agent and transfer agent of the Health &
Biotechnology Fund, Focus 30 Fund, Amerigo Fund and Clermont Fund. ADS also acts
as the fund accounting agent of the Financial Services Fund. For providing fund
accounting services, the Funds pay ADS a fixed monthly fee for average net
assets less than $25 million plus out-of-pocket expenses. For providing transfer
agent services, the Funds pay ADS a minimum monthly or per account fee plus
certain transaction fees.

ADS has contractually agreed to waive certain of its service fees up to $44,000
annually and at reduced amounts for Fund assets less than $50 million for a
period up to three years, and voluntarily waive fees exceeding these amounts.
Fees waived by ADS for the period ended October 31, 2000 amounted to $0, $0,
$5,000, $5,000, $13,667, $2,004, $5,681 and $18,500 for the Info-Tech &
Communications Fund, Health & Biotechnology Fund, Energy & Basic Materials Fund,
Financial Services Fund, Focus 30
<PAGE>
ORBITEX GROUP OF FUNDS                                                        72
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------
Fund, Growth Fund, Amerigo Fund and Clermont Fund, respectively.

DISTRIBUTOR

The Trust has adopted Distribution Plans and Agreements pursuant to Rule 12b-1
under the 1940 Act. The Plans and Agreements provide for the payment of a
distribution fee to the distributor at an annualized rate of 0.40%, 0.75% and
0.75% of the average daily net assets attributable to the shares of Class A,
Class B and Class C, respectively. The Plans and Agreements for Class B and
Class C also provide for the payment of a shareholder service fee at an
annualized rate of 0.25% of the average daily net assets attributable to the
shares of Class B and Class C. Class D shares and Class N shares do not pay any
12b-1 distribution or shareholder service fee.

TRUSTEES FEES

The Funds pay no compensation to their Trustees who are employees of the
Adviser. Trustees who are not Adviser employees receive a fee of $2,500 for each
regular and special meeting of the Board that the Trustee attends. The Trust
also reimburses each such Trustee for travel and other expenses incurred in
attending meetings of the Board.

4. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION

The identified cost of investments in securities owned by each Fund for federal
income tax purposes, and their respective gross unrealized appreciation and
depreciation at October 31, 2000, were as follows:

<TABLE>
<CAPTION>
                                                 GROSS         GROSS      NET UNREALIZED
                                 IDENTIFIED    UNREALIZED    UNREALIZED    APPRECIATION
                                    COST      APPRECIATION  DEPRECIATION  (DEPRECIATION)
                                ------------  ------------  ------------  --------------
<S>                             <C>           <C>           <C>           <C>
Info-Tech & Communications
  Fund........................  $336,016,360  $12,637,008   $(22,624,411)  $(9,987,403)
Health & Biotechnology Fund...   290,854,688   74,129,676    (32,300,943)   41,828,733
Energy & Basic Materials
  Fund........................     8,319,842       96,226       (713,300)     (617,074)
Financial Services Fund.......     7,498,074      802,555       (170,182)      632,373
Focus 30 Fund.................    10,939,601    3,105,919       (652,571)    2,453,348
Growth Fund...................    34,405,411    2,833,071     (3,313,825)     (480,754)
Amerigo Fund..................    35,982,316    6,855,345       (446,272)    6,409,073
Clermont Fund.................    10,157,100    1,452,665        (62,221)    1,390,444
</TABLE>

<PAGE>
ORBITEX GROUP OF FUNDS                                                        73
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

5. INVESTMENT TRANSACTIONS

The cost of purchases and the proceeds from sales of investments, other than
U.S. Government obligations and short-term securities, for the period ended
October 31, 2000, were as follows:

<TABLE>
<CAPTION>
                                            PURCHASES         SALES
                                          --------------  --------------
<S>                                       <C>             <C>
Info-Tech & Communications Fund.........  $1,339,775,163  $1,364,670,168
Health & Biotechnology Fund.............     246,614,474     180,355,346
Energy & Basic Materials Fund...........      18,544,872      15,850,174
Financial Services Fund.................       7,351,663         209,279
Focus 30 Fund...........................       2,602,954       3,815,755
Growth Fund.............................      74,737,544      73,163,637
Amerigo Fund............................      12,629,105       6,866,702
Clermont Fund...........................       1,923,974         884,184
</TABLE>

For the period ended October 31, 2000, there were no options written.

6. SHAREHOLDERS' TRANSACTIONS

Following is a summary of shareholder transactions for each Fund:

<TABLE>
<CAPTION>
                                   SIX MONTHS ENDED           YEAR ENDED
                                   OCTOBER 31, 2000         APRIL 30, 2000
                                ----------------------  -----------------------
                                 SHARES     DOLLARS      SHARES      DOLLARS
                                --------  ------------  ---------  ------------
<S>                             <C>       <C>           <C>        <C>
INFO-TECH AND COMMUNICATIONS
  CLASS A SHARES:
  Shares sold.................   446,370  $ 25,573,109  2,591,163  $131,741,450
  Shares issued to
    shareholders in
    reinvestment..............        --            --    131,222     6,349,724
  Shares redeemed.............  (904,718)  (51,788,150)  (755,197)  (38,166,403)
                                --------  ------------  ---------  ------------
    Net increase (decrease)...  (458,348) $(26,215,041) 1,967,188  $ 99,924,771
                                ========  ============  =========  ============
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED           YEAR ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  -----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  ------------
<S>                             <C>       <C>          <C>        <C>
  CLASS B SHARES:
  Shares sold.................   292,291  $16,627,903  2,725,886  $133,837,609
  Shares issued to
    shareholders in
    reinvestment..............        --           --    127,675     6,124,484
  Shares redeemed.............  (357,152) (20,169,903)  (294,308)  (16,074,247)
                                --------  -----------  ---------  ------------
    Net increase (decrease)...   (64,861) $(3,542,000) 2,559,253  $123,887,846
                                ========  ===========  =========  ============
</TABLE>

<PAGE>
ORBITEX GROUP OF FUNDS                                                        74
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

<TABLE>
<CAPTION>
                                    SIX MONTHS ENDED           PERIOD ENDED
                                    OCTOBER 31, 2000          APRIL 30, 2000*
                                ------------------------  -----------------------
                                  SHARES      DOLLARS      SHARES      DOLLARS
                                ----------  ------------  ---------  ------------
<S>                             <C>         <C>           <C>        <C>
  CLASS C SHARES:
  Shares sold.................     113,032  $  6,556,995    455,536  $ 29,346,420
  Shares issued to
    shareholders in
    reinvestment..............          --            --         --            --
  Shares redeemed.............     (56,310)   (3,165,515)   (34,736)   (2,050,600)
                                ----------  ------------  ---------  ------------
    Net increase..............      56,722  $  3,391,480    420,800  $ 27,295,820
                                ==========  ============  =========  ============
</TABLE>

<TABLE>
<CAPTION>
                                    SIX MONTHS ENDED           PERIOD ENDED
                                    OCTOBER 31, 2000         APRIL 30, 2000**
                                ------------------------  -----------------------
                                  SHARES      DOLLARS      SHARES      DOLLARS
                                ----------  ------------  ---------  ------------
<S>                             <C>         <C>           <C>        <C>
HEALTH & BIOTECHNOLOGY
  CLASS A SHARES:
  Shares sold.................   2,216,584  $ 52,860,982  4,559,919  $ 99,288,073
  Shares issued to
    shareholders in
    reinvestment..............          --            --         --            --
  Shares redeemed.............  (1,057,799)  (25,347,067)  (726,453)  (14,117,731)
                                ----------  ------------  ---------  ------------
    Net increase..............   1,158,785  $ 27,513,915  3,833,466  $ 85,170,342
                                ==========  ============  =========  ============
</TABLE>

<TABLE>
<CAPTION>
                                   SIX MONTHS ENDED           PERIOD ENDED
                                   OCTOBER 31, 2000         APRIL 30, 2000**
                                -----------------------  -----------------------
                                  SHARES      DOLLARS     SHARES      DOLLARS
                                ----------  -----------  ---------  ------------
<S>                             <C>         <C>          <C>        <C>
  CLASS B SHARES:
  Shares sold.................   1,774,162  $41,534,132  4,788,993  $103,248,275
  Shares issued to
    shareholders in
    reinvestment..............          --           --         --            --
  Shares redeemed.............    (658,354) (15,743,941)  (453,680)   (9,660,664)
                                ----------  -----------  ---------  ------------
    Net increase..............   1,115,808  $25,790,191  4,335,313  $ 93,587,611
                                ==========  ===========  =========  ============
</TABLE>

<TABLE>
<CAPTION>
                                   SIX MONTHS ENDED           PERIOD ENDED
                                   OCTOBER 31, 2000          APRIL 30, 2000*
                                -----------------------  -----------------------
                                  SHARES      DOLLARS     SHARES      DOLLARS
                                ----------  -----------  ---------  ------------
<S>                             <C>         <C>          <C>        <C>
  CLASS C SHARES:
  Shares sold.................   1,050,409  $25,207,914  2,624,684  $ 63,358,809
  Shares issued to
    shareholders in
    reinvestment..............          --           --         --            --
  Shares redeemed.............    (345,865)  (8,189,954)  (402,704)   (8,879,181)
                                ----------  -----------  ---------  ------------
    Net increase..............     704,544  $17,017,960  2,221,980  $ 54,479,628
                                ==========  ===========  =========  ============
</TABLE>

<PAGE>
ORBITEX GROUP OF FUNDS                                                        75
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED          PERIOD ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
ENERGY & BASIC MATERIALS
  CLASS A SHARES:
  Shares sold.................   178,531  $ 3,273,155    269,505  $ 4,240,566
  Shares issued to
    shareholders in
    reinvestment..............        --           --         --           --
  Shares redeemed.............  (119,108)  (2,206,543)  (360,245)  (5,660,095)
                                --------  -----------  ---------  -----------
    Net increase (decrease)...    59,423  $ 1,066,612    (90,740) $(1,419,529)
                                ========  ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED           YEAR ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
  CLASS B SHARES:
  Shares sold.................   171,288  $ 3,183,420    137,839  $ 2,204,511
  Shares issued to
    shareholders in
    reinvestment..............        --           --         --           --
  Shares redeemed.............   (86,135)  (1,564,386)   (37,132)    (590,586)
                                --------  -----------  ---------  -----------
    Net increase..............    85,153  $ 1,619,034    100,707  $ 1,613,925
                                ========  ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                    PERIOD ENDED
                                 OCTOBER 31, 2000***
                                ---------------------
                                 SHARES     DOLLARS
                                --------  -----------
<S>                             <C>       <C>          <C>        <C>
FINANCIAL SERVICES
  CLASS A SHARES:
  Shares sold.................   496,588  $ 5,212,919
  Shares issued to
    shareholders in
    reinvestment..............        --           --
  Shares redeemed.............   (46,997)    (508,734)
                                --------  -----------
    Net increase..............   449,591  $ 4,704,185
                                ========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                    PERIOD ENDED
                                 OCTOBER 31, 2000***
                                ---------------------
                                 SHARES     DOLLARS
                                --------  -----------
<S>                             <C>       <C>          <C>        <C>
  CLASS B SHARES:
  Shares sold.................   258,095  $ 2,717,300
  Shares issued to
    shareholders in
    reinvestment..............        --           --
  Shares redeemed.............   (23,904)    (252,455)
                                --------  -----------
    Net increase..............   234,191  $ 2,464,845
                                ========  ===========
</TABLE>

<PAGE>
ORBITEX GROUP OF FUNDS                                                        76
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

<TABLE>
<CAPTION>
                                    PERIOD ENDED
                                 OCTOBER 31, 2000***
                                ---------------------
                                 SHARES     DOLLARS
                                --------  -----------
<S>                             <C>       <C>          <C>        <C>
  CLASS C SHARES:
  Shares sold.................    15,954  $   168,353
  Shares issued to
    shareholders in
    reinvestment..............        --           --
  Shares redeemed.............        --           --
                                --------  -----------
    Net increase..............    15,954  $   168,353
                                ========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED       SIX MONTHES ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
FOCUS 30
  CLASS A SHARES:
  Shares sold.................    24,766  $   465,345     70,818  $ 1,433,748
  Shares issued to
    shareholders in
    reinvestment..............        --           --      1,800       36,322
  Shares redeemed.............   (24,055)    (451,584)   (16,648)    (317,958)
                                --------  -----------  ---------  -----------
    Net increase..............       711  $    13,761     55,970  $ 1,152,112
                                ========  ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED        SIX MONTHS ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
CLASS B SHARES:
  Shares sold.................    17,540  $   333,525     63,832  $ 1,275,138
  Shares issued to
    shareholders in
    reinvestment..............        --           --        316        6,378
  Shares redeemed.............   (28,062)    (519,979)   (16,797)    (330,822)
                                --------  -----------  ---------  -----------
    Net increase (decrease)...   (10,522) $  (186,454)    47,351  $   950,694
                                ========  ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED        SIX MONTHS ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
  CLASS D SHARES:
  Shares sold.................    10,367  $   194,487     23,672  $   480,654
  Shares issued to
    shareholders in
    reinvestment..............        --           --    117,112    2,366,841
  Shares redeemed.............  (114,274)  (2,156,248)  (246,765)  (4,946,247)
                                --------  -----------  ---------  -----------
    Net decrease..............  (103,907) $(1,961,761)  (105,981) $(2,098,752)
                                ========  ===========  =========  ===========
</TABLE>

<PAGE>
ORBITEX GROUP OF FUNDS                                                        77
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED           YEAR ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
GROWTH
  CLASS A SHARES:
  Shares sold.................   168,724  $ 5,718,222    439,339  $19,748,021
  Shares acquired through fund
    acquisition (Note 12).....        --           --    251,174    5,338,412
  Shares issued to
    shareholders in
    reinvestment..............        --           --     10,363      287,294
  Shares redeemed.............  (128,473)  (4,164,364)  (133,781)  (4,210,367)
                                --------  -----------  ---------  -----------
    Net increase..............    40,251  $ 1,553,858    567,095  $21,163,360
                                ========  ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED           YEAR ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
  CLASS B SHARES:
  Shares sold.................    84,301  $ 2,758,293    420,712  $18,613,958
  Shares issued to
    shareholders in
    reinvestment..............        --           --        748       20,672
  Shares redeemed.............   (72,579)  (2,344,508)   (23,656)    (906,041)
                                --------  -----------  ---------  -----------
    Net increase..............    11,722  $   413,785    397,804  $17,728,589
                                ========  ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED          PERIOD ENDED
                                  OCTOBER 31, 2000        APRIL 31, 2000*
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
  CLASS C SHARES:
  Shares sold.................    27,405  $   917,384     26,996  $ 1,156,885
  Shares issued to
    shareholders in
    reinvestment..............        --           --         --           --
  Shares redeemed.............    (6,887)    (227,459)      (413)     (11,219)
                                --------  -----------  ---------  -----------
    Net increase..............    20,518  $   689,925     26,583  $ 1,145,666
                                ========  ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED
                                  OCTOBER 31, 2000
                                ---------------------
                                 SHARES     DOLLARS
                                --------  -----------
<S>                             <C>       <C>          <C>        <C>
AMERIGO
  CLASS C SHARES:
  Shares sold.................    58,123  $   940,174
  Shares issued to
    shareholders in
    reinvestment..............        --           --
  Shares redeemed.............       (98)      (1,728)
                                --------  -----------
    Net increase..............    58,025  $   938,446
                                ========  ===========
</TABLE>

<PAGE>
ORBITEX GROUP OF FUNDS                                                        78
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED           YEAR ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
  CLASS N SHARES:
  Shares sold.................   598,401  $ 9,698,001  1,020,039  $15,631,548
  Shares issued to
    shareholders in
    reinvestment..............        --           --     20,037      303,361
  Shares redeemed.............  (125,221)  (2,035,452)  (365,670)  (5,548,053)
                                --------  -----------  ---------  -----------
    Net increase..............   473,180  $ 7,662,549    674,406  $10,386,856
                                ========  ===========  =========  ===========
</TABLE>

<TABLE>
<CAPTION>
                                  SIX MONTHS ENDED           YEAR ENDED
                                  OCTOBER 31, 2000         APRIL 30, 2000
                                ---------------------  ----------------------
                                 SHARES     DOLLARS     SHARES      DOLLARS
                                --------  -----------  ---------  -----------
<S>                             <C>       <C>          <C>        <C>
CLERMONT
  CLASS N SHARES:
  Shares sold.................   143,615  $ 1,777,591    377,897  $ 4,437,088
  Shares issued to
    shareholders in
    reinvestment..............        --           --     18,713      219,933
  Shares redeemed.............   (60,245)    (750,731)  (246,300)  (2,864,279)
                                --------  -----------  ---------  -----------
    Net increase..............    83,370  $ 1,026,860    150,310  $ 1,792,742
                                ========  ===========  =========  ===========
</TABLE>

*The commencement of investment operations was January 14, 2000 for Info-Tech &
Communications Fund Class C Shares, January 18, 2000 for Health & Biotechnology
Fund Class C Shares and March 14, 2000 for Growth Fund Class C Shares.

**The commencement of investment operations was July 15, 1999 for Health &
Biotechnology Fund Class A and Class B Shares.

***The commencement of operations was August 1, 2000 for Financial Services Fund
Class A, Class B and Class C Shares.

7. BENEFICIAL INTEREST

At October 31, 2000, there were no shareholders owning more than 5% of any
Fund's net assets.

There were no affiliated shareholders as of October 31, 2000.

8. SECURITIES LENDING

Under an agreement with Metropolitan West Securities Inc. ("Met West"), the
Funds can lend their portfolio securities to brokers, dealers and other
financial institutions approved by the Board of Trustees. Loans are
collateralized by cash, in an amount at least equal to the market value of the
securities loaned. A portion of the income generated by the investment of the
collateral, net of any rebates paid by Met West to borrowers, is remitted to
Met West as lending agent, and the remainder is paid to the Fund. Generally, in
the event of a counterparty default, the Fund has the right to use the
collateral to offset losses incurred. There would be a potential loss to the
Fund in the event the Fund is delayed or prevented from exercising its right to
dispose of the collateral.
<PAGE>
ORBITEX GROUP OF FUNDS                                                        79
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

At October 31, 2000, the following Funds had securities on loan:

<TABLE>
<CAPTION>
                                           MARKET VALUE OF   MARKET VALUE
FUND                                      LOANED SECURITIES  OF COLLATERAL
----                                      -----------------  -------------
<S>                                       <C>                <C>
Info-Tech & Communications Fund.........     $37,955,700      $39,374,438
Health & Biotechnology Fund.............      57,978,025       63,930,200
Growth Fund.............................       2,753,100        2,755,269
</TABLE>

9. CAPITAL LOSS CARRYFORWARD

At April 30, 2000, the Health & Biotechnology Fund had available for federal
income tax purposes unused capital losses of $91,688, expiring in 2008, and the
Growth Fund had unused capital losses of $377,179, of which $130,051 expires in
2002 and $247,128 expires in 2006.

Under current tax law, capital losses realized after October 31, may be deferred
and treated as occurring on the first day of the following fiscal year. For the
fiscal year ended April 30, 2000, the following Funds have elected to defer
losses occurring between November 1, 1999 and April 30, 2000 under these rules,
as follows:

<TABLE>
<CAPTION>
                                           CAPITAL    CURRENCY
                                            LOSSES     LOSSES
NAME OF FUND                               DEFERRED   DEFERRED
------------                              ----------  --------
<S>                                       <C>         <C>
Health & Biotechnology Fund.............  $5,076,832      --
Energy & Basic Materials Fund...........          --    $ 38
Growth Fund.............................  $  679,068      --
</TABLE>

Such deferred losses will be treated as arising on the first day of the fiscal
year ending April 30, 2001.

10. COMMITMENTS AND CONTINGENCIES -- LEGAL PROCEEDINGS
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 of approximately $2.7 million
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.

11. REORGANIZATION

As of the close of business on June 2, 2000, the Amerigo Fund, a newly created
portfolio, acquired all the net assets of CLS AdvisorOne Fund -- Amerigo
pursuant to a plan of reorganization approved by the shareholders of CLS on
December 22, 1999. The acquisition was accomplished by a tax-free exchange, the
details of which are outlined in the following schedule:

<TABLE>
<CAPTION>
                                                        AT CLOSE OF BUSINESS JUNE 2, 2000
                                     -----------------------------------------------------------------------
                                     CLS ADVISORONE FUND-AMERIGO     AMERIGO CLASS N SHARES    MERGED ASSETS
                                     ----------------------------  --------------------------  -------------
<S>                                  <C>                           <C>                         <C>
Net Assets.........................          $38,349,528                            0           $38,349,528
Shares Outstanding.................            2,330,584                            0             2,330,584
Net Asset Value Per Share..........          $     16.45                            0           $     16.45
</TABLE>

The financial statements of the Fund reflect the historical financial results of
CLS prior to the reorganization.
<PAGE>
ORBITEX GROUP OF FUNDS                                                        80
--------------------------------------------------------------------------------
Notes to Financial Statements (continued)
October 31, 2000 (Unaudited)
------------------------------------------
------------------------------------------

As of the close of business on June 2, 2000, the Clermont Fund, a newly created
portfolio, acquired all the net assets of CLS AdvisorOne Fund -- Clermont
pursuant to a plan of reorganization approved by the shareholders of CLS on
December 22, 1999. The acquisition was accomplished by a tax-free exchange, the
details of which are outlined in the following schedule:

<TABLE>
<CAPTION>
                                                         AT CLOSE OF BUSINESS JUNE 2, 2000
                                     -------------------------------------------------------------------------
                                     CLS ADVISORONE FUND-CLERMONT     CLERMONT CLASS N SHARES    MERGED ASSETS
                                     -----------------------------  ---------------------------  -------------
<S>                                  <C>                            <C>                          <C>
Net Assets.........................           $10,804,138                            0            $10,804,138
Shares Outstanding.................               875,405                            0                875,405
Net Asset Value Per Share..........           $     12.34                            0            $     12.34
</TABLE>

The financial statements of the Fund reflect the historical financial results of
CLS prior to the reorganization.

12. FUND ACQUISITION

As of the close of business on September 17, 1999, the Growth Fund acquired all
the net assets of the American Diversified Global Value Fund ("ADGVF") pursuant
to a plan of reorganization approved by the shareholders of ADGVF on
September 10, 1999. The acquisition was completed by a tax-free exchange, the
details of which are outlined in the following schedule:

<TABLE>
<CAPTION>
                                            AT CLOSE OF BUSINESS SEPTEMBER 17, 1999
                                     ------------------------------------------------------
                                       ADGVF     GROWTH FUND--CLASS A SHARES  MERGED ASSETS
                                     ----------  ---------------------------  -------------
<S>                                  <C>         <C>                          <C>
Net Assets.........................  $5,338,412          $1,210,513            $6,548,925
Unrealized Appreciation............  $   96,531                  --                    --
Shares Outstanding.................     362,910              56,973               308,147
Net Asset Value Per Share..........  $    14.71          $    21.25            $    21.25
</TABLE>

13. FUND NAME CHANGE

As of June 5, 2000, the Energy & Basic Materials Fund has changed its name from
the Strategic Natural Resources Fund, as it was formerly known.
<PAGE>
For more complete information about the funds, including fees and expenses,
please call 1-888-672-4839 for a prospectus. Please read the prospectus
carefully before investing or sending money.
<PAGE>
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