Semi-Annual Report
June 30,2000
Monetta Family
Of Mutual Funds
No-Load
Monetta Fund
Monetta Trust
Small-Cap Equity Fund
Mid-Cap Equity Fund
Large-Cap Equity Fund
Balanced Fund
Intermediate Bond Fund
Government Money Market Fund
1-800-MONETTA
WWW.MONETTA.COM
<PAGE>
TABLE OF CONTENTS
Performance Highlights
Monetta Fund 5
Monetta Small-Cap Equity Fund 6
Monetta Mid-Cap Equity Fund 7
Monetta Large-Cap Equity Fund 8
Monetta Balanced Fund 9
Monetta Intermediate Bond Fund 10
Monetta Government Money Market Fund 11
Schedule of Investments
Monetta Fund 13
Monetta Small-Cap Equity Fund 17
Monetta Mid-Cap Equity Fund 18
Monetta Large-Cap Equity Fund 20
Monetta Balanced Fund 21
Monetta Intermediate Bond Fund 22
Monetta Government Money Market Fund 23
Financial Statements
Statements of Assets & Liabilities 24
Statements of Operations 25
Statements of Changes in Net Assets 26
Notes to Financial Statements 28
Footnote:
Past performance is no guarantee of future results. The principal value and
return on your investment will fluctuate and, on redemption, may be worth more
or less than your original cost. Historically, small company stocks have been
more volatile than large company stocks, U. S. Government Bonds, and Treasury
Bills. An investment in the Government Money Market Fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other Government
Agency. Although the Fund seeks to preserve the value of your investment at
$1.00 per share, it is possible to lose money by investing in the Fund.
Excluding the Government Money Market Fund, the Monetta Funds, at the
discretion of the Portfolio Manager, may invest in Initial Public Offerings
(IPO's)which may significantly impact their performance. Due to the
speculative nature of IPO's, there can be no assurance that IPO participation
will continue and that IPO's will have a positive effect on Funds' performance.
For six months ended June 30, 2000, none of the Funds participated in IPO's.
References to individual securities are the views of the Advisor at the date of
this report and are subject to change. References are not a recommendation to
buy or sell any security. Fund holdings are subject to change.
Since indices are unmanaged, it is not possible to invest in them.
Sources for performance data include Lipper Analytical Services, Inc., and
Frank Russell Company.
<PAGE>
July 24, 2000
Dear Fellow Shareholders:
We are pleased to enclose the Monetta Family of Funds Semi-Annual Report for
the period ending June 30, 2000. All of the Monetta Funds posted positive
returns, with especially strong performances from the Monetta Fund and Mid-Cap
Fund, which appreciated 14.97% and 14.84%, respectively, for the six-month
period.
Except for the S&P Mid-Cap 400 Index, which was up 8.43% since the beginning of
this year, the other major
stock market indices declined. The Dow Jones, S&P 500 and NASDAQ composite
declined 8.44%, 0.43% and 2.54%, respectively.
The six-month investment returns were affected by continued strong economic
growth, which increased investor concern about aggressive Federal Reserve (Fed)
tightening. Also, the significant technology sector revaluation in April
created excessive market volatility as the NASDAQ lost 35% from its March 10th
peak. Investor concerns subsided in June as economic data showed signs of
slowing, easing inflationary pressure and the probability of further interest
rate increases. Technology and healthcare stocks dominated the performance of
all indices as the "New Economy" growth stocks led the market.
Growth stocks are the core investments of our equity portfolios. The Funds
benefited from investor interest in this sector, particularly in the Small and
Mid-Cap issues. Monetta's primary investment philosophy is to invest in
companies that demonstrate strong and improving growth characteristics. We pay
special attention to money flow trends, stock chart patterns and companies
meeting or exceeding earnings expectations. The sell discipline is swift to
either lock in gains or cut losses quickly.
With increasing evidence that economic activity is slowing and inflationary
pressures easing, the odds of the Fed piloting a "soft landing" for the economy
are improving. Near term market risks include a possible decline in earnings
momentum, a multiple contraction and the November election that could always
provide a few surprises. We believe that the same themes that produced
favorable returns in the past will continue to do so in the future. Investor
enthusiasm for technology stocks is still high as they continue to report
exceptionally strong earnings. We continue to be overweighed in this sector of
the market.
We are pleased to announce that we have recently updated the Monetta website at
www.monetta.com. There is a new educational section called Storyland and new
speed buttons for quick access to the most frequently visited pages.
Also, in the very near future, Monetta shareholders will be able to view their
accounts using the Internet. This is our first step towards creating an
interactive shareholder information system.
We appreciate your continued confidence in the Monetta Funds and look forward
to a profitable future.
Sincerely,
Robert S. Bacarella Timothy R. Detloff
President and Founder Vice-President
<PAGE>
(THIS PAGE INTENTIONALLY LEFT BLANK)
<PAGE>
MONETA FUND Period ended 06/30/2000
Investment Objective: Market Capitalization: Total Net Assets:
Capital Appreciation/Income $2.0 billion $148.1 million
<TABLE>
<CAPTION>
PERFORMANCE: Average Annual Total Return
1 Year 5 Year 10 Year
<S> <C> <C> <C>
Monetta Fund 71.78% 17.32% 14.34%
Russell 2000* 14.32% 14.27% 13.56%
</TABLE>
*Source Frank Russell Company
Past performance is no guarantee of future results. The principal value and
return on your investment will fluctuate and, on redemption, may be worth more
or less than your original cost. 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. The graph to the right
compares the change in value of a $10,000 investment in the Monetta Fund and
the Russell 2000 Stock Index, with dividend and capital gains reinvested. The
Russell 2000 Stock Index is a broad measure representative of the general
market.
(Performance Graph Appears Here)
<TABLE>
<CAPTION>
Measurement Monetta Russell
Period Fund 2000
<S> <C> <C>
6/90 10,000 10,000
9/90 8,071 7,546
12/90 9,452 7,926
3/91 11,202 10,282
6/91 11,539 10,123
9/91 13,100 10,948
12/91 14,735 11,575
3/92 14,829 12,444
6/92 13,883 11,595
9/92 14,295 11,927
12/92 15,543 13,707
3/93 14,513 14,292
6/93 14,620 14,604
9/93 15,757 15,881
12/93 15,620 16,298
3/94 15,208 15,865
6/94 14,384 15,248
9/94 15,396 16,306
12/94 14,650 16,001
3/95 16,062 16,739
6/95 17,172 18,308
9/95 19,311 20,116
12/95 18,755 20,552
3/96 19,044 21,601
6/96 19,634 22,681
9/96 19,599 22,758
12/96 19,058 23,942
3/97 17,674 22,704
6/97 21,308 26,384
9/97 25,568 30,311
12/97 24,049 29,295
3/98 26,694 32,242
6/98 24,300 30,739
9/98 18,589 24,545
12/98 21,876 28,549
3/99 19,419 27,001
6/99 22,227 31,200
9/99 22,490 29,228
12/99 33,208 34,618
3/00 39,481 37,069
6/00 38,178 35,668
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Telecommunications 5.1%
Pharmaceuticals 5.4%
Computers 11.1%
Telecommunications Equipment 11.3%
Software 11.6%
Electronics 15.7%
Semiconductors 18.7%
All Other Industries 20.2%
(A) 0.9%
</TABLE>
<TABLE>
<CAPTION>
TOP 5 EQUITY HOLDINGS:
% of Net Assets
<S> <C>
Amphenol Corp. 1.6%
Actel Corp. 1.2%
Siliconix, Inc. 1.2%
Int'l Rectifier Corp. 1.2%
M-Systems Flash Disk Pioneers Ltd. 1.2%
Total Top 5 Holdings 6.4%
</TABLE>
(A) Short-term investments net of other assets and liabilities.
COMMENTARY
The Monetta Fund posted a return of 14.97% during the first half of 2000, well
ahead of the 3.04% return for the benchmark Russell 2000 Index. For the one-
year period ended June 30, 2000, the Fund's return was 71.78% versus the
Russell 2000 Index of 14.32%
In mid 1999, we increased the weightings in our technology, telecommunications
and health care stocks. Despite the volatility during the March to May 2000
time period, these groups continue to perform well as they all have excellent
fundamentals. The strong revenue and earnings growth that these companies are
demonstrating is expected to extend well into the year 2001. Because of this
visibility, the market is rewarding these stocks.
A number of our holdings have produced excellent returns this year. Among our
strongest performing stocks are Power-One, Inc., Keithley Instruments, Newport
Corp. and Anaren Microwave. On June 30, 2000 they represented 0.69%, 0.91%,
0.80% and 0.89%, respectively, of net assets.
We continue to maintain approximately 250 positions in the Fund. This is due
to stock liquidity issues and our desire to protect against severe individual
stock volatility. While the market has rewarded companies that demonstrate
strong fundamentals, it is equally harsh when a company does not meet
expectations.
We continually monitor industries and individual stocks for changes in
sentiment that can be profitably exploited. For example, generic drug stocks
came into favor earlier in 2000, and we took positions in a number of
securities which have done well. We will continue to stay heavily invested in
technology and health care, but will be quick to shift more assets into other
industry groups if situations dictate.
We are encouraged by the continued strong performance of small-cap stocks in
relation to large-cap stocks. Given the extremely long period before 1999 that
small-cap stocks under-performed relative to large-caps, we are hopeful that
the current trend of small-cap out performance will continue for some time to
come.
<PAGE>
Monetta Small-Cap Equity Fund Period ended 06/30/2000
Investment Objective: Market Capitalization: Total Net Assets:
Capital Appreciation $1.8 billion $5.2 million
<TABLE>
<CAPTION>
PERFORMANCE: Average Annual Total Return
Since
Inception
1 Year 3 Year 2/1/97
<S> <C> <C> <C>
Monetta Small-Cap
Equity Fund 46.56% 25.54% 28.31%
Russell 2000* 14.32% 10.57% 11.74%
</TABLE>
*Source Frank Russell Company.
Past performance is no guarantee of future results. The principal value and
return on your investment will fluctuate and, on redemption, may be worth more
or less than your original cost. The graph to the right compares the change in
value of a $10,000 investment in the Monetta Small-Cap Equity Fund and the
Russell 2000 Stock Index with dividend and capital gains reinvested. The
Russell 2000 index is a broad measure representative of the general market.
(Performance Graph Appears Here)
<TABLE>
<CAPTION>
Measurement Small- Russell
Period Cap 2000
<S> <C> <C>
12/96 10,000 10,000
3/97 9,490 9,297
6/97 11,820 10,804
9/97 15,089 12,412
12/97 14,716 11,996
3/98 15,956 13,203
6/98 15,317 12,588
9/98 12,237 10,051
12/98 14,278 11,690
3/99 13,223 11,057
6/99 15,930 12,776
9/99 16,057 11,969
12/99 23,260 14,177
3/00 26,191 15,181
6/00 23,347 14,607
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
All Other Industries 11.9%
Semiconductors 16.8%
Electronics 15.5%
Telecommunications Equipment 11.3%
Computers 10.7%
Software 10.2%
Healthcare 9.7%
Pharmaceuticals 7.0%
(A) 6.9%
</TABLE>
<TABLE>
<CAPTION>
TOP 5 EQUITY HOLDINGS:
% of Net Assets
<S> <C>
Aremissoft Corp. 6.0%
Micrel, Inc. 4.6%
Amphenol Corp. 4.5%
MRV Communications, Inc. 4.4%
Cybex Computer Products Corp. 4.2%
Total Top 5 Holdings 23.7%
</TABLE>
(A) Short-term investments net of other assets and liabilities.
COMMENTARY
The Monetta Small-Cap Equity Fund posted a return of 0.37% during the first
half of 2000, which lagged the Russell 2000 Index benchmark return of 3.04%.
For the one-year ended June 30, 2000, the Fund's return was 46.56% versus the
Russell 2000 Index of 14.32%.
The Monetta Small-Cap Equity Fund is a concentrated portfolio, generally
holding between 30 and 45 positions due to its small asset base. Because of
the more concentrated equity position size, individual stock performance and
volatility will have a much larger impact on fund performance. As the asset
base increases, we intend to increase the number of holdings.
The market was extremely volatile during the March through May 2000 time
period, with the Nasdaq index falling over 35% from its peak on March 10, 2000
to its trough in late May. Because of the concentrated nature of the Monetta
Small-Cap Equity Fund, it suffered disproportionately during this market
downturn. This is the primary reason why the Small-Cap Fund under-performed
its benchmark during the first half of 2000.
A number of individual securities posted very strong returns during the first
half of 2000. The two strongest performers were Anaren Microwave and Silicon
Storage Technology. On June 30, 2000 they represented 3.1% and 1.7%,
respectively, of net assets. Securities which performed poorly were eliminated
from the portfolio, consistent with our sell discipline.
We are encouraged by the strong move in small-cap stocks during the month of
June 2000. We are identifying companies in the technology, health care and
other related areas which are demonstrating excellent revenue and earnings
growth. These stocks are currently well off the price levels attained earlier
in 2000 and are the types of companies that we are currently adding to the
Fund.
We continue to feel that there has never been a better time to be invested in
small-cap stocks. There are many exciting high growth companies in this
investment class.
<PAGE>
Monetta Mid-Cap Equity Fund Period ended 06/30/2000
Investment Objective: Market Capitalization: Total Net Assets:
Capital Appreciation $10.9 billion $22.0 million
<TABLE>
<CAPTION>
PERFORMANCE:
Since Inception
1 Year 5 Year 3/1/93
<S> <C> <C> <C>
Monetta Mid-Cap
Equity Fund 57.58% 23.89% 23.94%
S&P 400 Mid-Cap* 15.71% 19.56% 16.25%
</TABLE>
*Source Lipper Analytical Services, Inc.
Past performance is no guarantee of future results. The principal value and
return on your investment will fluctuate and, on redemption, may be worth more
or less than your original cost. 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. The graph above to the right
compares the change in value of a $10,000 investment in the Monetta Mid-Cap
Equity Fund to the S&P 400. The S&P 400 index is a broad measure
representative of the general market.
(Performance Graph Appears Here)
<TABLE>
<CAPTION>
Measurement Mid-Cap S&P 400
Period Fund
<S> <C> <C>
3/1/93 10,000 10,000
3/93 11,670 10,220
6/93 11,880 10,455
9/93 13,120 10,978
12/93 13,540 11,274
3/94 13,475 10,793
6/94 13,109 10,399
9/94 13,887 11,103
12/94 13,835 10,817
3/95 14,835 11,692
6/95 16,536 12,723
9/95 17,603 13,965
12/95 17,233 14,165
3/96 18,717 15,037
6/96 19,106 15,470
9/96 19,855 15,920
12/96 21,402 16,885
3/97 21,314 16,634
6/97 24,277 19,085
9/97 27,761 22,145
12/97 27,639 22,329
3/98 30,239 24,787
6/98 29,362 24,257
9/98 22,920 20,800
12/98 27,408 26,472
3/99 27,145 24,783
6/99 30,639 28,290
9/99 28,862 25,840
12/99 41,719 30,192
3/00 50,597 33,926
6/00 47,911 32,736
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
All Other Industries 23.2%
Software 12.7%
Software-Internet 12.5%
Telecommunication Equipment 11.3%
Semiconductors 10.1%
Computers 9.7%
Electronics 9.2%
(A) 6.2%
Telecommunications 5.1%
</TABLE>
<TABLE>
<CAPTION>
TOP 5 EQUITY HOLDINGS:
% of Net Assets
<S> <C>
Redback Networks, Inc. 1.6%
VeriSign, Inc. 1.6%
Ciena, Inc. 1.5%
Entrust Technologies, Inc. 1.5%
Micromuse, Inc. 1.5%
Total Top 5 Holdings 7.7%
</TABLE>
(A) Short-term investments net of other assets and liabilities.
COMMENTARY
For the first half of 2000, the Mid-Cap Fund posted a strong return of 14.84%.
It significantly outperformed the 8.43% return of its benchmark, the S&P Mid-
Cap 400 Index. For the one-year period ended June 30, 2000, the Fund's return
was up 57.58%, which was more than triple the 15.71% return of its benchmark.
This Fund invests primarily in medium sized companies with strong growth
characteristics. The Fund's growth emphasis kept it away from weaker areas of
the market, such as retail type companies. The Fund is broadly invested in the
technology sector, which accounted for most of its above average relative
performance.
Within industry groups, we initiated positions in the banking and healthcare
industries. New stock purchases included Northern Trust, State Street Corp.,
Pacific Health Systems, Inc. and Wellpoint Health Network, Inc. With the
purchase of SDL Inc., RF Micro Devices Inc. and Digital Lightwave, investments
in the Telecommunication Equipment group increased from 6.1% to 11.3%.
Among the Fund's top individual stock performers, for 2000, were PMC-Sierra,
Inc., Scientific Atlanta, Inc. and Siebel Systems, Inc. At June 30, 2000,
these securities represented 1.21%, 1.36% and 1.49%, respectively, of the Fund.
The worst contributors to Fund performance included Commerce One, Inc., Legato
Systems, RCN Corporation and Efficient Networks. As part of our sell
discipline, all except the Commerce One issue were sold. The Commerce One
position is currently under review.
This is an actively managed portfolio that is constantly seeking out growth
companies with above average earnings and growth prospects. We continue to
emphasize the technology and healthcare sectors. To minimize the risk of one
security significantly affecting fund performance, we are gradually increasing
the number of individual fund holdings.
Due to the liquidity and speculative nature of this Mid-Cap area, short-term
volatility could be excessive. It is important to maintain a long-term
investment time horizon when investing in this sector of the market.
<PAGE>
Monetta Large-Cap Equity Fund Period ended 06/30/2000
Investment Objective: Market Capitalization: Total Net Assets:
Capital Appreciation $122.2 billion $9.3 million
<TABLE>
<CAPTION>
PERFORMANCE:
Since Inception
1 Year 3 Year 9/1/95
<S> <C> <C> <C>
Monetta Large-Cap
Equity Fund 32.24% 24.64% 25.72%
S&P 500* 7.24% 19.67% 23.81%
</TABLE>
*Source Lipper Analytical Services, Inc.
Past performance is no guarantee of future results. The principal value and
return on your investment will fluctuate and, on redemption, may be worth more
or less than your original cost. The graph above to the right compares the
change in value of a $10,000 investment in the Monetta Large-Cap Equity Fund to
the S&P 500. The S&P 500 Composite index is a broad measure representative of
the general market.
(Performance Graph Appears Here)
<TABLE>
<CAPTION>
Measurement Large-Cap
Period Fund S&P 500
<S> <C> <C>
9/95 10,000 10,482
12/95 10,574 11,105
3/96 11,344 11,701
6/96 11,923 12,225
9/96 12,864 12,603
12/96 13,555 13,653
3/97 13,842 14,020
6/97 15,621 16,465
9/97 17,333 17,699
12/97 17,167 18,207
3/98 18,413 20,745
6/98 18,008 21,433
9/98 14,165 19,307
12/98 18,716 23,441
3/99 21,543 24,608
6/99 22,880 26,343
9/99 22,366 24,699
12/99 28,820 28,372
3/00 31,838 29,022
6/00 30,259 28,250
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
All Other Industries 20.8%
Computers 17.9%
Telecommunications Equipment 15.5%
Semiconductors 11.8%
Software 7.5%
Telecommunications 7.4%
Diversified Financial Services 6.9%
Retail 5.9%
Health Care 5.6%
(A) 0.7%
</TABLE>
<TABLE>
<CAPTION>
TOP 5 EQUITY HOLDINGS:
%of Net Assets
<S> <C>
Nortel Networks Corp. 3.9%
EMC Corp. 3.3%
Juniper Networks, Inc. 3.1%
Kohl's Corp. 3.0%
Texas Instruments, Inc. 2.9%
Total Top 5 Holdings 16.2%
</TABLE>
(A) Short-term investments net of other assets and liabilities.
COMMENTARY
For the six months ended June 30, 2000, the Large-Cap Fund posted a solid
return of 4.99%. The Fund exceeded its benchmark index, the S&P 500, which
declined 0.43% since the beginning of the year. For the one-year period ended
June 30, 2000, the Fund posted a 32.24% return significantly exceeding the S&P
500 Index return of 7.24%.
Large capitalization growth stocks continued to be the market leaders over the
past six months. The Fund's emphasis on Large-Cap growth stocks enhanced its
return relative to the benchmark. Technology was one of the top performing
industry sectors for 2000. The largest technology sector weightings were the
telecommunication equipment and computer related sectors, representing 15.5%
and 17.9% respectively, of the portfolio.
Fund activity increased, especially during the second quarter, when technology
stocks declined significantly. We used this market pullback as a buying
opportunity to shift into leading technology companies in the fiber-optic area
such as Corning, Inc. and Nortel Networks Corp. We also added to the Internet
backbone sector by initiating positions in Juniper Networks, Oracle Corporation
and Brocade Communications Systems, Inc. We reduced the Fund's exposure to the
media, retail and oil/gas sectors, with the sale of Clear Channel
Communications, Dayton Hudson/Target and Halliburton.
Among the Fund's strongest individual stock performers since year-end were
Micron Technology, Corning, Inc., and Oracle Corp. On June 30, 2000 these
issues represented 2.83%, 2.89% and 2.70%, respectively, of net assets. One of
the Fund's weakest performers was Microsoft primarily due to the Justice
Department antitrust investigation. We continue to like the company's long-
term prospects and are monitoring this situation closely.
Due to the exceptional investment returns of the larger capitalization issues
over the past few years, we anticipate much more subdued price appreciation
this year. Stock selection, especially in those companies that are insulated
from economic slow down or higher interest rate levels, is a primary investment
consideration. We continue to seek out those companies whose earnings and
revenues are growing at an accelerated rate.
<PAGE>
Monetta Balanced Fund Period ended 06/30/2000
Investment Objective: Market Capitalization: Average Maturity:
Capital Appreciation/Income $101.8 billion 10.1 Years
Total Net Assets:
$10.3 million
<TABLE>
<CAPTION>
PERFORMANCE:
Since Inception
1 Year 3 Year 9/1/95
<S> <C> <C> <C>
Monetta Balanced Fund 21.41% 17.92% 19.86%
S&P 500* 7.24% 19.67% 23.81%
Lehman Bros. Gov't/Corp.
Bond Index* (4.32)% 6.03% 6.12%
</TABLE>
*Source Lipper Analytical Services, Inc.
Past performance is no guarantee of future results. The principal value and
return on your investment will fluctuate and, on redemption, may be worth more
or less than your original cost. The graph above to the right compares the
change in value of a $10,000 investment in the Monetta Balanced Fund to the S&P
500 Index and the Lehman Gov't/Corp. Bond with dividends and capital gains
reinvested.
(Performance Graph Appears Here)
<TABLE>
<CAPTION>
Measurement
Period Balanced S&P 500 Lehman Corp/Govt Bond
<S> <C> <C> <C>
9/95 10,000 10,482 10,000
12/95 10,616 11,105 10,573
3/96 11,131 11,701 10,326
6/96 11,913 12,225 10,374
9/96 12,547 12,603 10,557
12/96 13,369 13,653 10,880
3/97 13,358 14,020 10,786
6/97 14,642 16,465 11,179
9/97 16,431 17,699 11,570
12/97 16,205 18,207 11,941
3/98 17,321 20,745 12,123
6/98 16,923 21,433 12,351
9/98 15,004 19,307 12,962
12/98 17,602 23,441 12,979
3/99 18,952 24,608 12,823
6/99 19,782 26,343 12,682
9/99 19,353 24,699 12,751
12/99 22,814 28,372 12,698
3/00 24,609 29,022 13,040
6/00 24,018 28,250 13,229
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Common Stocks 63.2%
Corporate Bonds 25.1%
Mortgage Obligations 5.5%
Treasury Notes 4.1%
(A) 2.1%
</TABLE>
<TABLE>
<CAPTION>
TOP 5 EQUITY HOLDINGS:
% of Net Assets
<S> <C>
Scientific-Atlanta, Inc. 2.9%
Nortel Networks Corp. 2.7%
Sun Microsystems, Inc. 2.7%
Intel Corp. 2.6%
Oracle Corp. 2.5%
Total Top 5 Holdings 13.4%
</TABLE>
(A) Short-term investments net of other assets and liabilities.
COMMENTARY
For the six months ended June 30, 2000, the Balanced Fund continued to perform
well, with a return of 5.28%. This return compared favorably to that generated
by the S&P 500 Index and the Lehman Brothers Government/Corporate Bond Index
which returned (0.43%) and 4.18%, respectively.
The Fund's performance for the year ended June 30, 2000 was up a strong 21.41%,
significantly ahead of the S&P 500 and Lehman Brothers Government/Corporate
Bond Index returns of 7.24% and (4.32%), respectively.
Throughout the first half of the year, the Fund maintained a stock/bond asset
mix of approximately 70%/30%. In terms of investment performance, the stock
portfolio represented almost 98% of the total return. The stock holdings
continue to be weighted toward the larger capitalization issues versus the mid-
cap or small-cap stock holdings.
The Fund's performance benefited from its large capitalization technology
weightings and sector shifts. For example, the retail sector was reduced from
9.3% of the portfolio to 2.7% as the Dayton Hudson/Target position was sold.
Also trimmed was the technology software sector in favor of telecommunications
stocks that traded at attractive price levels during the April/May market
correction. New stock purchases included Corning, Inc., JDS Uniphase Corp. and
Sycamore Networks, Inc.
The best performing security holdings included; M-Systems Flash Disk Pioneers
Ltd., Scientific-Atlanta, Inc. and Intel Corp. Lagging stocks included Home
Depot, Inc., Wal-Mart Stores, Inc. and Lucent Technologies, Inc.
The fixed income portion of the portfolio appreciated approximately 4% during
the first half. The fixed income performance benefited from the Fund's over
weighting in the long-term Treasury market. The Treasury curve inverted as the
Treasury announced an aggressive buyback program due to anticipated surpluses.
We are gradually diversifying the portfolio into more holdings to minimize the
risk of a security having a significant impact on performance. Also, we
continue to emphasize investments in the large capitalization growth stocks to
minimize portfolio volatility that has been evident in the mid-cap and small-
cap areas.
<PAGE>
Monetta Intermediate Bond Fund Period ended 06/30/2000
Investment Objective: 30-Day SEC Yield: Average Maturity:
Income 7.66% 4.9 Years
Total Net Assets:
$21.8 million
<TABLE>
<CAPTION>
PERFORMANCE:
Since Inception
1 Year 5 Year 3/1/93
<S> <C> <C> <C>
Monetta Intermediate
Bond Fund 3.43% 6.05% 6.54%
Lehman Gov't./Corp
Interm. Bond Index* 4.23% 5.82% 5.67%
</TABLE>
*Source Lipper Analytical Services, Inc.
Past performance is no guarantee of future results. The principal value and
return on your investment will fluctuate and, on redemption, may be worth more
or less than your original cost. The graph above compares the change in value
of a $10,000 investment in the Monetta Intermediate Bond Fund to the Lehman
Government/Corporate Intermediate Bond Index. The Lehman Government/Corporate
Intermediate Bond Index measures that specific segment of the bond market.
(Performance Graph Appears Here)
<TABLE>
<CAPTION>
Measurement Bond Fund Lehman Int.
Period Corp/Bond
<S> <C> <C>
3/1/93 10,000 10,007
3/93 10,000 10,028
6/93 10,399 10,255
9/93 10,732 10,486
12/93 10,817 10,504
3/94 10,585 10,291
6/94 10,494 10,229
9/94 10,613 10,313
12/94 10,705 10,302
3/95 11,270 10,754
6/95 11,866 11,292
9/95 12,046 11,479
12/95 12,282 11,883
3/96 12,245 11,784
6/96 12,428 11,859
9/96 12,702 12,068
12/96 13,074 12,364
3/97 13,041 12,350
6/97 13,485 12,715
9/97 13,908 13,058
12/97 14,238 13,338
3/98 14,443 13,546
6/98 14,748 13,800
9/98 15,382 14,420
12/98 15,431 14,463
3/99 15,548 14,436
6/99 15,371 14,378
9/99 15,632 14,510
12/99 15,678 14,517
3/00 15,902 14,735
6/00 15,897 14,984
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
Corporate Bonds 90.2%
U.S. Gov't Agencies 6.1%
(A) 3.7%
</TABLE>
<TABLE>
<CAPTION>
MATURITY PROFILE:
% of Net Assets
<S> <C>
1 Year or Less 11.1%
1-3 Years 27.5%
3-6 Years 33.0%
6-10 Years 21.4%
Over 10 Years 7.0%
Total 100.0%
</TABLE>
(A) Short-term investments net of other assets and liabilities.
COMMENTARY
The Monetta Intermediate Bond Fund gained 1.4% for the six-month period ended
June 30, 2000 and gained 3.43% over the twelve month period ended June 30,
2000. This compares with the Lehman Government/Corporate Intermediate Bond
Index return of 3.22% and 4.23%, respectively. During the first six months of
the year, there were no major changes to the investment strategy. The Fund
continues to minimize maturity/interest rate risk versus the Lehman
Intermediate Government/Corporate Benchmark while over-weighting the higher
yielding sector of the corporate bond market.
The Fund under-performed its benchmark and peer group during the first six
months of the year due primarily to a position in Conseco Finance, a wholly
owned subsidiary of Conseco, Inc. In April 2000, Conseco was forced to restate
earnings for calendar year 1999, after assuring investors and rating agencies
in early January that everything was fine. Conseco has replaced its management
and taken numerous steps to rectify its problems. We are optimistic that over
time, the actions being taken by the company will be fruitful and result in a
substantial recovery in
security valuation.
The first half of 2000 produced many challenges and few rewards for the fixed
income investor. The year began with Y2K euphoria as the country realized the
world, as we know it, was not going to end. By March however, reality set in
as the Fed had raised the Federal funds rate to 6% - its highest level since
early 1995. The Fed was concerned with a significant GDP growth rate
transitioning to a higher inflation risk. However, an extraordinary event was
unfolding - the "inverted yield curve"- where 30 year Treasury rates fell 64
basis points to 5.89%, while short rates were rising. This inversion was
caused by a supply imbalance driven by three straight years of government
surpluses coupled with the government intention to buy back outstanding
Treasury issues longer than 15 years.
We are encouraged by favorable prospects for a more rewarding fixed income
environment in the second half of 2000. Recent economic data is showing some
signs that the interest rate increases over the past year are starting to work
exhibiting the Fed's resolve to effect a "soft landing" for the economy. Yield
spreads for non-treasury sectors remain at historically high levels and present
a unique opportunity for the Fund to outperform.
<PAGE>
Monetta Government Money Market Fund Period ended 06/30/2000
Investment Objective: 7-Day Yield:
Income and Capital Preservation 6.0%**
Average Days to Maturity: Total Net Assets:
30 Days $4.1 million
<TABLE>
<CAPTION>
PERFORMANCE:
Since Inception
1 Year 5 Year (3/1/93)
<S> <C> <C> <C>
Monetta Government
Money Market Fund 5.31%** 5.20%** 4.82%**
Lipper US Gov't Money
Market Funds Avg.* 5.05% 4.92% 4.51%
</TABLE>
*Source Lipper Analytical Services, Inc.
Past performance is no guarantee of future results. **Total returns are net of
advisory and distribution fees waived and voluntary absorption of all or part
of the Fund's operating expenses by the Advisor. Had fees not been waived, the
7-day SEC yield would have been 6.00%, versus 5.65% on June 30, 2000. An
investment in the Monetta Government Money Market Fund is neither insured or
guaranteed by the U.S. Government. There can be no assurance that the Fund will
be able to maintain a stable $1.00 per share net asset value.
(Performance Graph Appears Here)
<TABLE>
<CAPTION>
Measurement Gov't Money Lip. Money Mkt Avg.
Period Market Fund
<S> <C> <C>
3/1/93 10,000 10,000
3/93 10,013 10,023
6/93 10,072 10,088
9/93 10,147 10,154
12/93 10,224 10,222
3/94 10,301 10,290
6/94 10,396 10,374
9/94 10,507 10,475
12/94 10,637 10,597
3/95 10,788 10,738
6/95 10,950 10,885
9/95 11,110 11,030
12/95 11,262 11,174
3/96 11,401 11,309
6/96 11,539 11,440
9/96 11,683 11,579
12/96 11,832 11,711
3/97 11,977 11,846
6/97 12,126 11,988
9/97 12,281 12,135
12/97 12,441 12,284
3/98 12,599 12,433
6/98 12,760 12,585
9/98 12,927 12,738
12/98 13,091 12,894
3/99 13,244 13,045
6/99 13,397 13,180
9/99 13,554 13,327
12/99 13,726 13,485
3/00 13,908 13,655
6/00 14,109 13,843
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO COMPOSITION
<S> <C>
(A) Fed. Home Loan Morg. Corp 61.9%
Fed. Nat'l Mortg. Assoc. 20.3%
Fed. Home Loan Bank Disc. 17.8%
</TABLE>
<TABLE>
<CAPTION>
ALLOCATION:
<S> <C>
Government Obligations 99.6%
Other Assets Less Liabilities 0.4%
Total 100.0%
</TABLE>
(A) Net of other assets and liabilities.
COMMENTARY
The Monetta Government Money Market Fund posted a return of 2.78% for the six
months ended June 30, 2000, increasing the one-year return to 5.31%. The
return compares favorably to the Lipper U.S. Government Money Market Funds
category, which was up 2.66% and 5.05%, respectively, for the same period.
The Fund's investment strategy has not changed. We continue to overweight the
agency discount note sector versus government bills because of the yield
premium that this sector provides. As of June 30, 2000, the average maturity
of the Fund was 30 days in anticipation that the Federal Reserve will continue
to raise short-term interest rates.
The first six months of 2000 did not disappoint those investors expecting a
diligent Fed on a mission to slow economic growth. The largest of six rate
increases since June 1999 <n~> 50 basis points <n~> took place on May 16, 2000.
At this time the economic data indicate some "economic slowing" is occurring
but the high level of consumer confidence and a stronger stock market could
encourage the Fed to continue to hike rates during the last half of 2000. We
are encouraged by the fact that Fed Chairman Alan Greenspan is a gradualist,
and in an uncertain environment, will feel his way forward carefully.
We will continue to maintain a defensive posture until we see signs that
interest rates are peaking. At such time we will explore maturity extension
and/or yield spread opportunities in available sector choices.
The Monetta Government Money Market Fund is the most conservative of the
Monetta Family of Mutual Funds. Its primary objectives are the preservation of
capital and liquidity. The investment emphasis is on stability and the highest
quality investments.
<PAGE>
(THIS PAGE INTENTIONALLY LEFT BLANK)
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA FUND
<TABLE>
<CAPTION>
COMMON STOCKS - 99.1% VALUE
NUMBER OF SHARES (In Thousands)
Banks/Savings & Loans - 0.9%
<S> <C> <C>
*10,000 Commerce Bancorp, Inc. $ 460
25,000 Dime Bancorp, Inc. 394
17,200 Riggs National Corp. 217
*6,000 Silicon Valley Bancshares Corp. 256
1,327
Biotechnology - 1.2%
*1,500 Affymetrix, Inc. 248
*5,000 Avigne, Inc. 219
*8,700 Cell Genesys, Inc. 243
*5,000 Genome Therapeutics Corp. 152
*1,800 Incyte Genomics, Inc. 148
*3,000 Invitrogen Corp. 226
*2,500 PE Corp. - Celera
Genomics Group 234
*1,700 Protein Design Labs, Inc. 280
1,750
Chemicals - 1.0%
*21,000 Cabot Microelectronics Corp. 961
15,000 Lyondell Chemical Co. 251
*7,000 Symyx Technologies, Inc. 298
1,510
Commercial Services - 2.7%
*15,000 Actrade Int'l Ltd. 307
*15,000 First Health Group Corp. 492
*6,000 Forrester Research, Inc. 437
*16,200 Horizon Offshore, Inc. 251
*10,000 MedQuist, Inc. 340
*13,000 Plexus Corp. 1,469
*7,000 StarTek, Inc. 353
*7,000 Wireless Facilities, Inc. 357
4,006
Computers - 11.1%
*13,000 Black Box Corp. 1,029
*30,900 Carreker Corp. 278
*5,100 Certicom Corp. 349
*3,300 Cobalt Networks, Inc. 191
*39,000 Cybex Computer Products Corp. 1,677
*6,000 Cylink Corp. 101
*13,000 Dataram Corp. 374
*8,400 Emulex Corp. 552
*14,000 Entrust Technologies, Inc. 1,159
*7,000 Extended Systems, Inc. 672
*4,000 Extreme Networks, Inc. 422
3,700 Henry (Jack) & Associates, Inc. 185
*15,000 Integrated Circuit Systems, Inc. 257
*6,000 ISS Group, Inc. 592
*22,300 iXL Enterprises, Inc. 323
*5,600 Manhattan Associates, Inc. 140
*15,000 Media 100, Inc. 386
*6,000 Mercury Computer Systems, Inc. 194
*8,000 MMC Networks, Inc. 428
*22,000 M-Systems Flash Disk
Pioneers Ltd. 1,713
*4,700 Netegrity, Inc. 354
*16,700 NHancement Technologies, Inc. 222
*9,700 Pilot Network Services, Inc. 144
*4,000 Procom Technology, Inc. 207
*18,000 Radiant Systems, Inc. 432
*10,000 RadiSys Corp. 568
*3,000 Rainbow Technologies, Inc. 146
*3,000 RSA Security, Inc. 208
*16,500 SanDisk Corp. 1,010
*17,600 Silicon Storage Technology, Inc. 1,554
*8,500 SmartDisk Corp. 234
*8,000 Tanning Technology Corp. 154
*5,000 Xircom, Inc. 237
16,492
Electrical Components & Equipment - 2.3%
*6,000 American SuperConductor Corp. 290
*26,600 C&D Technologies, Inc. 1,503
*10,000 Cable Design Technologies Corp. 335
*5,000 Littelfuse, Inc. 245
*9,000 Power-One, Inc. 1,025
3,398
Electronics - 15.7%
*5,000 ACT Manufacturing, Inc. 232
*5,000 American Technical
Ceramics Corp. 139
*36,500 Amphenol Corp. 2,416
*10,000 Arrow Electronics, Inc. 310
*15,000 California Micro Devices Corp. 456
*6,000 Credence Systems Corp. 331
*9,450 CyberOptics Corp. 437
*3,000 DSP Group, Inc. 168
*6,000 Electro Scientific Industries, Inc. 264
*9,000 Excel Technology, Inc. 453
18,300 FEI Co. 558
*22,000 Integrated Device
Technology, Inc. 1,317
15,500 Keithley Instruments, Inc. 1,350
*18,000 Merix Corp. 846
*20,000 Micrel, Inc. 869
7,000 Millipore Corp. 528
*15,000 Molecular Devices Corp. 1,038
*24,100 Nanometrics, Inc. 993
11,000 Newport Corp. 1,181
*8,000 Orbotech Ltd. 743
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA FUND
COMMON STOCKS VALUE
NUMBER OF SHARES (In Thousands)
*22,000 Pericom Semiconductor Corp. 1,496
12,500 Perkinelmer, Inc. 827
*15,000 Photon Dynamics, Inc. 1,120
*17,800 Power Integrations, Inc. 420
*15,000 Photon Dynamics, Inc. 1,120
*17,800 Power Integrations, Inc. 420
*5,600 Sanmina Corp. 479
*11,300 SBS Technologies, Inc. 417
*10,000 Sipex Corp. 277
17,300 Technitrol, Inc. 1,676
10,000 Tektronix, Inc. 740
*3,800 Varian, Inc. 175
*8,700 Veeco Instruments, Inc. 637
*4,000 Zygo Corp. 363
23,256
Health Care - 3.1%
*27,200 BioSource Int'l, Inc. 605
*5,000 Cytyc Corp. 267
*30,000 ICU Medical, Inc. 810
*17,400 Lincare Holdings, Inc. 428
*17,000 Oxford Health Plans, Inc. 405
*11,000 RehabCare Group, Inc. 300
*8,700 Techne Corp. 1,131
*12,000 Trigon Healthcare, Inc. 619
4,565
Machinery-Diversified - 2.4%
*12,000 Advanced Energy Industries, Inc. 707
*18,000 Applied Science & Technology, Inc. 466
*6,800 Asyst Technologies, Inc. 233
*9,800 Brooks Automation, Inc. 627
*10,000 FSI Int'l, Inc. 217
*16,800 GaSonics Int'l Corp. 662
*7,000 Kulicke & Soffa Industries, Inc. 416
*2,500 PRI Automation, Inc. 163
3,491
Oil & Gas Producers/Services - 2.2%
*20,000 Global Industries Ltd. 377
*17,000 Hanover Compressor Co. 646
8,100 Helmerich & Payne, Inc. 303
*25,000 National-Oilwell, Inc. 822
5,000 Noble Affiliates, Inc. 186
*12,000 Swift Energy Co. 341
8,000 Valero Energy Corp. 254
18,000 Vintage Petroleum, Inc. 406
3,335
Pharmaceuticals - 5.4%
*30,000 Advance Paradigm, Inc. 615
*7,000 ALPharma, Inc. - CL A 436
*20,000 Amerisource Health Corp. CL - A 620
*18,000 Barr Laboratories, Inc. 807
*5,000 Biovail Corp. 277
*4,000 Cephalon, Inc. 239
*34,900 CIMA Labs, Inc. 707
*10,000 Connectics Corp. 147
*10,500 Express Scripts, Inc. - CL A 652
*10,400 Medicis Pharmaceutical
Corp. - CL A 593
*6,000 Medimmune, Inc. 444
*10,000 Pathogenesis Corp. 260
*14,800 Pharmacopeia, Inc. 686
*29,000 Watson Pharmaceuticals, Inc. 1,559
8,042
Semiconductors - 18.7%
*40,000 Actel Corp. 1,825
*45,500 Alliance Semiconductor Corp. 1,118
*5,000 Alpha Industries, Inc. 220
*23,000 ASM Int'l N.V. 609
*10,100 ATMI, Inc. 470
*10,000 Burr-Brown Corp. 867
*10,000 C-Cube Microsystems, Inc. 196
*4,000 Cree, Inc. 534
*9,000 Cypress Semiconductor Corp. 380
14,000 Dallas Semiconductor Corp. 571
*11,000 Diodes, Inc. 472
*15,000 Elantec Semiconductor, Inc. 1,044
*11,100 Exar Corp. 968
*7,000 ICOS Vision Systems Corp. N.V. 256
*23,200 Integrated Silicon Solution, Inc. 882
*32,000 Int'l Rectifier Corp. 1,792
*4,000 IXYS Corp. 213
*15,000 Lam Research Corp. 563
*16,000 Lattice Semiconductor Corp. 1,106
*18,300 LTX Corp. 639
*15,000 Mattson Technology, Inc. 487
*5,000 Microsemi Corp. 170
*7,500 MIPS Technologies, Inc. 319
*7,100 MKS Instruments, Inc. 278
*10,000 Novellus Systems, Inc. 566
*8,000 Oak Technology, Inc. 172
*10,000 Parlex Corp. 421
*8,000 PLX Technology, Inc. 332
*22,000 Rudolph Technologies, Inc. 852
*9,000 Semtech Corp. 688
*8,000 Silicon Image, Inc. 399
*15,000 Silicon Valley Group, Inc. 388
*26,900 Siliconix, Inc. 1,816
*15,000 Supertex, Inc. 754
*26,400 TelCom Semiconductor, Inc. 1,066
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA FUND
COMMON STOCKS VALUE
NUMBER OF SHARES (In Thousands)
*14,700 Three-Five Systems, Inc. 867
*18,000 Tower Semiconductor Ltd. 587
*11,100 Transwitch Corp. 857
*6,000 TriQuint SemiConductor, Inc. 574
*9,500 Varian Semiconductor
Equipment Assoc., Inc. 597
*3,000 Virata Corp. 179
*9,000 Zoran Corp. 593
27,687
Software - 11.6%
*3,400 Active Software, Inc. 264
*10,000 Advent Software, Inc. 645
*10,600 AppNet, Inc. 382
*52,000 Aremissoft Corp. 1,618
*8,000 Aspen Technology, Inc. 308
*3,000 Barra, Inc. 149
*5,300 BSQUARE Corp. 119
*22,000 Cognos, Inc. 910
*8,000 Digex, Inc. 544
*13,000 DSET Corp. 395
*2,600 E.piphany, Inc. 279
*23,200 Exchange Applications, Inc. 618
*7,000 Formula Systems (1985) Ltd.
SP ADR 371
*7,800 Globix Corp. 229
*10,000 Hyperion Solutions Corp. 324
*6,000 Interliant, Inc. 140
*5,000 IONA Technologies PLC 315
*6,000 Mercury Interactive Corp. 581
*2,000 Micromuse, Inc. 331
*22,000 National Information
Consortium, Inc. 250
*5,300 NetIQ Corp. 316
*5,000 Netopia, Inc. 201
*22,500 New Era of Networks, Inc. 956
*23,400 NVIDIA Corp. 1,487
*25,000 Open Market, Inc. 345
*10,000 PC-Tel, Inc. 380
*7,100 Proxicom, Inc. 340
8,000 PSINet, Inc. 201
*8,900 Rational Software Corp. 827
*7,000 Red Hat, Inc. 189
*9,000 Remedy Corp. 502
*15,400 Serena Software, Inc. 699
*21,000 Sybase, Inc. 483
*3,000 Tumbleweed Communications Corp. 153
*10,000 U.S. Interactive, Inc. 129
*5,000 Verity, Inc. 190
*4,500 Vitria Technology, Inc. 275
*2,000 WatchGuard Technologies, Inc. 110
*6,000 WebTrends Corp. 232
*10,000 Wind River Systems, Inc. 379
17,166
Telecommunication Equipment - 11.3%
*6,700 ADTRAN, Inc. 401
*10,000 Airnet Communications Corp. 261
*10,000 Anaren Microwave, Inc. 1,312
*17,500 Andrew Corp. 587
*6,200 AudioCodes Ltd. 744
*4,000 Aware, Inc. 205
*4,000 Carrier Access Corp. 212
*20,000 Digital Microwave Corp. 763
*11,000 Ditech Communications Corp. 1,040
*4,000 Efficient Networks, Inc. 294
*32,000 Int'l FiberCom, Inc. 816
*8,000 MRV Communications, Inc. 538
*8,000 Natural MicroSystems Corp. 900
*3,000 Netro Corp. 172
*9,500 Nice Systems Ltd. - SP ADR 733
*5,500 Optical Cable Corp. 166
5,000 Osicom Technologies, Inc. 423
*11,600 Plantronics, Inc. 1,340
*4,800 Powerwave Technologies, Inc. 211
*6,000 Proxim, Inc. 594
*18,000 SBA Communications Corp. 935
6,000 Scientific-Atlanta, Inc. 447
*5,000 Spectrasite Holdings, Inc. 142
*12,000 Symmetricom, Inc. 303
*25,900 Tekelec 1,248
*8,000 Terayon Communication
Systems, Inc. 514
*8,600 Tollgrade Communications, Inc. 1,139
*10,200 XETA Technologies, Inc. 318
16,758
Telecommunications - 5.1%
*13,000 Adaptive Broadband Corp. 478
*7,000 AirGate PCS, Inc. 368
*7,000 Aspect Communications Corp. 275
*8,000 Celeritek, Inc. 327
*9,200 Copper Mountain Networks, Inc. 811
*30,250 CTC Communications Group, Inc. 1,089
*25,200 ECtel Ltd. 580
*7,200 Illuminet Holdings, Inc. 366
*3,000 Inet Technologies, Inc. 163
*18,800 LCC Int'l, Inc. 513
*13,500 Lightbridge, Inc. 322
*5,000 Mastec, Inc. 191
*9,000 MGC Communications, Inc. 539
*10,100 Pac-West Telecomm, Inc. 202
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA FUND
COMMON STOCKS VALUE
NUMBER OF SHARES (In Thousands)
*9,300 Powertel, Inc. 660
*12,000 ViaSat, Inc. 651
7,535
Miscellaneous - 4.4%
*15,500 AmeriCredit Corp. 263
*10,000 AnnTaylor Stores Corp. 331
*6,900 Applied Films Corp. 253
*18,900 Atlas Air, Inc. 678
*15,000 Atmos Energy Corp. 262
*10,000 C.H. Robinson Worldwide, Inc. 495
*5,000 CoorsTek, Inc. 230
10,500 Expeditors Int'l of Washington, Inc. 499
*16,700 GSI Lumonics, Inc. 587
*3,000 Insight Enterprises, Inc. 178
*4,000 Macrovision Corp. 256
*10,000 Mediacom Communications Corp. 154
*11,100 Polycom, Inc. 1,044
*10,000 Suiza Foods Corp. 489
*7,800 UnitedGlobalCom, Inc. - CL A 365
*11,400 United Stationers, Inc. 369
6,453
Total Common Stocks 146,771
(Cost $111,459) (a)
VARIABLE DEMAND NOTES - 2.6%
Principal Amount
3,841,400 Firstar Bank - 6.34% 3,841
Total Investments - 101.7% 150,612
(Cost $115,300) (a)
Other Assets Less Liabilities - (1.7%) (2,465)
Net Assets - 100% $ 148,147
</TABLE>
(a) Cost is identical for book and tax purposes; the aggregate gross unrealized
appreciation is $37,339, and aggregate gross unrealized depreciation is $2,027,
resulting in net unrealized appreciation of $35,312 (in thousands).
See accompanying notes to financial statements
*Non-income producing security.
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA SMALL-CAP EQUITY FUND
<TABLE>
<CAPTION>
COMMON STOCKS - 93.1% VALUE
NUMBER OF SHARES (In Thousands)
Computers - 10.7%
<S> <C> <C>
*5,000 Cybex Computer Products Corp. $ 215
*2,000 Emulex Corp. 131
*2,300 Procom Technology, Inc. 119
*1,000 Silicon Storage Technology, Inc. 88
553
Electronics - 15.5%
*3,500 Amphenol Corp. 232
*2,000 Credence Systems Corp. 110
3,200 FEI Co. 98
*1,000 Merix Corp. 47
*5,400 Micrel, Inc. 234
*1,000 Photon Dynamics, Inc. 75
796
Health Care - 9.7%
*7,000 BioSource Int'l, Inc. 156
*1,500 Techne Corp. 195
*2,900 Trigon Healthcare, Inc. 149
500
Pharmaceuticals - 7.0%
1,000 Cephalon, Inc. 60
*3,000 Express Scripts, Inc. - CL A 186
*2,000 Medicis Pharmaceutical
Corp. - CL A 114
360
Semiconductors - 16.8%
*2,000 Alliance Semiconductor Corp. 49
*5,500 ASM Int'l N.V. 146
*2,000 Exar Corp. 174
*3,000 Integrated Silicon Solution, Inc. 114
*1,500 MIPS Technologies, Inc. 64
*3,000 Novellus Systems, Inc. 170
*1,000 Siliconix, Inc. 67
*2,000 TelCom Semiconductor, Inc. 81
865
Software - 10.2%
*10,000 Aremissoft Corp. 311
*3,000 Cognos, Inc. 124
*2,500 Exchange Applications, Inc. 67
*2,200 National Information Consortium, Inc. 25
527
Telecommunication Equipment - 11.3%
*1,200 Anaren Microwave, Inc. 157
*3,400 MRV Communications, Inc. 229
*2,000 Proxim, Inc. 198
584
Miscellaneous - 11.9%
*3,000 Atlas Air, Inc. 108
*3,050 CTC Communications Group, Inc. 110
*4,000 FSI Int'l, Inc. 87
*6,000 Genome Therapeutics Corp. 183
*9,500 Zomax, Inc. 125
613
Total Common Stocks 4,798
(Cost $3,694) (a)
VARIABLE DEMAND NOTES - 7.3%
Principal Amount
241,500 Firstar Bank - 6.43% 241
136,700 Sara Lee - 6.27% 137
378
Total Investments - 100.4% 5,176
(Cost $4,072) (a)
Other Assets Less Liabilities - (0.4%) (23)
Net Assets - 100% 5,153
</TABLE>
(a) The aggregate gross unrealized appreciation is $1,184, and aggregate gross
unrealized depreciation is $80, resulting in net unrealized appreciation of
$1,104
(in thousands).
See accompanying notes to financial statements
*Non-income producing security.
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA MID-CAP EQUITY FUND
<TABLE>
<CAPTION>
COMMON STOCKS - 93.8% VALUE
NUMBER OF SHARES (In Thousands)
Banks - 2.2%
<S> <C> <C>
2,500 Comerica, Inc. $ 112
3,000 Firstar Corp. 63
2,000 Northern Trust Corp. 130
3,000 SouthTrust Corp. 68
1,000 State Street Corp. 106
479
Biotechnology - 3.0%
*1,000 Human Genome Sciences, Inc. 134
*1,000 IDEC Pharmaceuticals Corp. 117
*2,000 Immunex Corp. 99
*1,500 PE Corp. - Celera Genomics Group 140
*1,000 QIAGEN N.V. 174
664
Computers - 9.7%
*2,000 Apple Computer, Inc. 105
*1,500 Check Point Software 31
Technologies Ltd
*4,000 Entrust Technologies, Inc. 331
*2,000 Extreme Networks, Inc. 211
*2,000 Foundry Networks, Inc. 221
*3,000 M-Systems Flash Disk Pioneers Ltd. 233
*3,000 Network Appliance, Inc. 242
*2,000 Redback Networks, Inc. 356
*1,000 Sapient Corp. 107
2,124
Electronics - 9.2%
*4,000 Celestica, Inc. 198
3,020 Flextronics Int'l Ltd. 207
*3,000 Jabil Circuit, Inc. 149
3,000 Linear Technology Corp. 192
*3,000 Maxim Integrated Products, Inc. 204
*3,000 Microchip Technology, Inc. 175
3,000 Millipore Corp. 226
1,000 PE Corp. - PE Biosystems Group 66
3,000 Perkinelmer, Inc. 198
3,000 Tektronix, Inc. 222
*4,500 Vishay Intertechnology, Inc. 171
2,008
Health Care - 2.0%
3,000 Bechman Coulter, Inc. 175
2,000 Pacificare Health Systems, Inc. 120
*2,000 Wellpoint Health Networks, Inc. 145
440
Media - 1.7%
*5,000 Hispanic Broadcasting Corp. 166
2,000 Univision Communications,
Inc. - CL A 207
373
Oil&Gas Producers/Services - 3.5%
3,000 Baker Hughes, Inc. $ 96
*1,500 BJ Services Co. 94
*2,000 Grant Prideco, Inc. 50
*3,000 Global Marine, Inc. 85
*2,000 Noble Drilling Corp. 82
*4,000 Rowan Companies, Inc. 122
*3,000 Transocean Sedco Forex, Inc. 160
*2,000 Weatherford Int'l, Inc. 79
768
Pharmaceuticals - 3.0%
*1,000 Abgenix, Inc. 120
*3,000 Andrx Corp. 192
*3,000 IVAX Corp. 124
*3,000 King Pharmaceuticals, Inc. 132
*1,000 Medarex, Inc. 84
652
Semiconductors - 10.1%
*3,000 Advanced Micro Devices, Inc. 232
*2,000 Altera Corp. 204
*3,000 Atmel Corp. 111
*2,000 Burr-Brown Corp. 173
*2,000 Conexant Systems, Inc. 97
2,000 Dallas Semiconductor Corp. 81
1,000 Emcore Corp. 120
*3,000 National Semiconductor Corp. 170
*3,000 Novellus Systems, Inc. 170
*1,500 PMC-Sierra, Inc. 267
*2,000 Qlogic Corp. 132
*3,000 Rambus, Inc. 309
*2,000 Transwitch Corp. 154
2,220
Software - 12.7%
2,000 Adobe Systems, Inc. 260
3,000 Autodesk, Inc. 104
*4,000 BEA Systems, Inc. 198
*4,000 Cognos, Inc. 166
*4,000 Critical Path, Inc. 233
*2,000 Electronic Arts, Inc. 146
*1,000 i2 Technologies, Inc. 104
*2,000 Lycos, Inc. 108
*2,000 Micromuse, Inc. 331
*3,000 Microstrategy, Inc. 90
*4,000 Network Associates, Inc. 81
*2,500 Peregrine Systems, Inc. 87
*3,000 Rational Software Corp. 279
*4,000 Red Hat, Inc. 108
*2,000 Siebel Systems, Inc. 327
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA MID-CAP EQUITY FUND
COMMON STOCKS VALUE
NUMBER OF SHARES (In Thousands)
*3,000 Symantec Corp. 162
2,784
Software - Internet -12.5%
*2,000 Agile Software Corp. 141
*2,000 Alteon Websystems, Inc. 200
*3,000 Broadvision, Inc. 153
*3,000 Commerce One, Inc. 136
*2,000 Digex, Inc. 136
*4,000 Exodus Communications, Inc. 184
*1,500 Inktomi Corp. 177
*3,000 Internap Network Services Corp. 125
*1,500 Interwoven, Inc. 16
*2,000 Macromedia, Inc. 193
*3,000 Portal Software, Inc. 192
*2,000 TIBCO Software, Inc. 215
*3,000 Verio, Inc. 166
*2,000 VeriSign, Inc. 353
*4,000 Vignette Corp. 208
2,744
Telecommunication Equipment - 11.3%
*3,000 ADC Telecommunications, Inc. 252
*2,000 Ciena Corp. 333
*2,000 Comverse Technology, Inc. 186
*3,000 Digital Lightwave, Inc. 302
*2,000 Ditech Communications Corp. 189
*1,000 E-TEK Dynamics, Inc. 264
*4,000 Metromedia Fiber Network,
Inc. - CL A 159
*500 Next Level Communications, Inc. 43
*2,000 RF Micro Devices, Inc. 175
4,000 Scientific-Atlanta, Inc. 298
*1,000 SDL, Inc. 285
2,486
Telecommunications - 5.1%
*2,000 Allegiance Telecom, Inc. 128
*3,000 Amdocs Ltd. 230
*2,000 Copper Mountain Networks, Inc. 176
3,000 Crown Castle Int'l Corp. 110
*4,000 Echostar Communications
Corp. - CL A 132
*2,000 NTL, Inc. 120
*2,000 VoiceStream Wireless Corp. 233
1,129
Miscellaneous - 7.8%
*2,000 Best Buy Co., Inc. 127
*2,500 Convergys Corp. 130
*3,750 Dollar Tree Stores, Inc. 148
3,000 Dynegy, Inc.-CL A 205
*3,000 FedEx Corp. 114
*3,000 Gemstar Int'l Group Ltd. 184
3,000 Harley-Davidson, Inc. 116
4,000 Montana Power Co. 141
4,500 Paychex, Inc. 189
*1,500 Power-One, Inc. 171
*4,000 Telefonica del Peru
S.A.A. - SP ADR 45
2,000 TMP Worldwide, Inc. 148
1,718
Total Common Stocks 20,589
(Cost $15,036) (a)
VARIABLE DEMAND NOTES - 4.4%
Principal Amount
975,200 Firstar Bank - 6.34% 975
COMMERCIAL PAPER - 3.6%
Principal Amount
800,000 Banner Health Systems-6.62% 796
Due 07/27/00
Total Short-Term Investments 1,771
Total Investments - 101.8% 22,360
(Cost $16,807) (a)
Other Assets Less Liabilities - (1.8%) (399)
Net Assets - 100% $ 21,959
</TABLE>
(a) Cost is identical for book and tax purposes; the aggregate gross unrealized
appreciation is $6,025, and aggregate gross unrealized depreciation is $472,
resulting in net unrealized appreciation of $5,553 (in thousands).
See accompanying notes to financial statements
*Non-income producing security.
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA LARGE-CAP EQUITY FUND
<TABLE>
<CAPTION>
COMMON STOCKS - 99.3% VALUE
NUMBER OF SHARES (In Thousands)
Biotechnology - 3.1%
<S> <C> <C>
*2,000 Amgen, Inc. $ 141
*3,000 Immunex Corp. 148
289
Computers - 17.9%
*1,000 Brocade Communications 183
Systems, Inc.
*3,000 Cisco Systems, Inc. 191
*3,000 Dell Computer Corp. 148
*4,000 EMC Corp. 308
*2,000 Juniper Networks, Inc. 291
*3,000 Oracle Corp. 252
*2,000 Sun Microsystems, Inc. 182
*1,000 VERITAS Software Corp. 113
1,668
Diversified Financial Services - 6.9%
3,600 American Express Co. 188
3,750 Citigroup, Inc. 226
2,000 Merrill Lynch & Co., Inc. 230
644
Health Care - 5.6%
2,000 Johnson & Johnson Co. 204
3,000 Medtronic, Inc. 149
2,000 UnitedHealth Group, Inc. 172
525
Media - 4.9%
3,000 Comcast Corp. - Special CL A 122
*3,000 The Walt Disney Co. 116
3,255 Viacom, Inc. - CL B 222
460
Oil & Gas Producers/Services - 3.3%
1,500 Exxon Mobil Corp. 118
2,500 Schlumberger Ltd. 186
304
Retail - 5.9%
2,000 Home Depot, Inc. 100
*5,000 Kohl's Corp. 278
3,000 Wal Mart Stores, Inc. 173
551
Semiconductors - 11.8%
*2,000 Applied Materials, Inc. 181
2,000 Intel Corp. 267
*3,000 Micron Technology, Inc. 264
*2,000 National Semiconductor Corp. 114
4,000 Texas Instruments, Inc. 275
1,101
Software - 7.5%
*1,000 Ariba, Inc. 98
*3,000 Broadvision, Inc. 153
*4,000 Exodus Communications, Inc. 184
1,400 Microsoft Corp. 112
*3,000 Vignette Corp. 156
703
Telecommunication Equipment - 15.5%
*1,500 ADC Telecommunications, Inc. 126
1,000 Corning, Inc. 270
*8,000 Ericsson (LM) Telephone - SP ADR 160
2,000 JDS Uniphase Corp. 240
3,000 Motorola, Inc. 87
*4,000 Nokia Corp. - SP ADR 200
5,355 Nortel Networks Corp. 365
1,448
Telecommunications - 7.4%
*1,000 China Telecom (Hong Kong) Ltd. 178
*3,000 Clearnet Communications, Inc. - CL A 83
*2,000 Cox Communications, Inc. - CL A 91
*3,500 Nextel Communications, Inc. - CL A 214
2,000 Sprint Corp. (PCS Group) 119
685
Telephone - 3.3%
4,500 Nextlink Communications, Inc. - CL A 171
3,000 Worldcom, Inc. 137
308
Miscellaneous - 6.2%
*2,000 Agilent Technologies, Inc. 148
1,000 American Int'l Group, Inc. 117
3,600 General Electric Co. 191
3,000 Williams Companies, Inc. 125
581
Total Common Stocks 9,267
(Cost $6,674) (a)
VARIABLE DEMAND NOTES - 3.6%
338,200 Firstar Bank - 6.34% 338
Total Investments - 102.9% 9,605
(Cost $7,012) (a)
Other Assets Less Liabilities - (2.9%) (271)
Net Assets - 100% $ 9,334
</TABLE>
(a) Cost is identical for book and tax purposes; the aggregate gross unrealized
appreciation is $2,936, and aggregate gross unrealized depreciation is $343,
resulting in net unrealized appreciation of $2,593 (in thousands).
See accompanying notes to financial statements
*Non-income producing security.
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA BALANCED FUND
<TABLE>
<CAPTION>
COMMON STOCKS - 63.2% VALUE
NUMBER OF SHARES (In Thousands)
Computers - 8.8%
<S> <C> <C>
*1,000 Cisco Systems, Inc. $ 64
*1,500 EMC Corp. 115
*2,500 M-Systems Flash Disk Pioneers Ltd. 195
*3,000 Oracle Corp. 252
*3,000 Sun Microsystems, Inc. 273
899
Diversified Financial Services - 4.9%
3,000 American Express Co. 156
2,000 Citigroup, Inc. 121
2,000 Merrill Lynch & Co., Inc. 230
507
Health Care - 3.7%
2,000 Johnson & Johnson Co. 204
2,000 UnitedHealth Group, Inc. 171
375
Oil & Gas Producers/Services - 3.6%
*2,998 Transocean Sedco Forex, Inc. 160
*1,000 BJ Services Co. 63
*2,000 Schlumberger Ltd. 149
372
Pharmaceuticals - 6.0%
2,000 Cardinal Health, Inc. 148
*3,000 Medimmune, Inc. 222
2,000 Merck & Co., Inc. 153
2,000 Pfizer, Inc. 96
619
Retail - 2.7%
*1,000 Best Buy Co., Inc. 63
2,000 Home Depot, Inc. 100
2,000 Wal Mart Stores, Inc. 115
278
Semiconductors - 5.9%
*2,000 Applied Materials, Inc. 181
2,000 Intel Corp. 267
*1,000 National Semiconductor Corp. 57
1,500 Texas Instruments, Inc. 103
608
Software - 4.9%
*3,000 Aremissoft Corp. 94
2,000 Automatic Data Processing, Inc. 107
*3,000 NVIDIA Corp. 191
*4,000 Red Hat, Inc. 108
500
Telecommunication Equipment - 13.5%
*500 Ciena Corp. 83
*1,000 Comverse Technology, Inc. 93
500 Corning, Inc. 135
*500 E-TEK Dynamics, Inc. 132
1,000 JDS Uniphase Corp. 120
*1,000 Nokia Corp. - SP ADR 50
4,000 Nortel Networks Corp. 273
*1,000 RF Micro Devices, Inc. 88
4,000 Scientific-Atlanta, Inc. 298
*1,000 Sycamore Networks, Inc. 110
1,382
Telecommunications - 4.3%
*1,000 Copper Mountain Networks, Inc. 88
*3,000 Qwest Communications Int'l, Inc. 149
2,000 Sprint Corp. (PCS Group) 119
*2,000 Vodafone Group PLC - SP ADR 83
439
Miscellaneous - 4.9%
1,000 American Int'l Group, Inc. 118
*1,000 Amgen, Inc. 70
*3,000 Kemet Corp. 75
3,000 Paychex, Inc. 126
3,000 Wells Fargo & Co. 116
505
Total Common Stocks
(Cost $4,692) (a) 6,484
CORORATE BONDS - 25.1%
PRINCIPAL AMOUNT
300,000 Chase Manhattan Corp.
9.750% Due 11/01/01 310
150,000 Vodafone Airtouch PLC
6.700% Due 12/19/01 150
300,000 National Rural Utilities
6.250% Due 04/15/03 291
150,000 US Central Credit Union
6.000% Due 05/21/03 146
100,000 NRG Energy, Inc.
8.000% Due 11/01/03 99
125,000 Associates Corp., NA
5.800% Due 04/20/04 117
100,000 Boston Scientific Corp.
6.625% Due 03/15/05 94
125,000 Enron Corp.
6.625% Due 11/15/05 120
125,000 Lockheed Martin Corp.
7.250% Due 05/15/06 121
125,000 Worldcom, Inc.
8.000% Due 05/15/06 127
125,000 EOG Resources, Inc.
6.700% Due 11/15/06 119
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA BALANCED FUND
CORPORATE BONDS VALUE
PRINCIPAL AMOUNT (In Thousands)
100,000 LCI Int'l, Inc.
7.250% Due 06/15/07 96
125,000 Ameritech Capital Funding
6.150% Due 01/15/08 114
75,000 CSX Corp.
6.250% Due 10/15/08 66
300,000 CIL Corp.
8.700% Due 10/15/09 303
175,000 Ford Motor Credit Co.
7.375% Due 10/28/09 170
150,000 East Coast Power, LLC
7.066% Due 03/31/12 138
2,581
TREASURY NOTES - 4.1%
350,000 US Treasury Note
8.125% Due 08/15/19 422
U.S. GOVERNMENT AGENCIES - 2.9%
300,000 Fannie Mae
7.125% Due 01/15/30 302
MORTGAGE OBLIGATIONS - 2.6%
265,388 Green Tree Home Imprv. Mortgage
6.780% Due 06/15/28 262
VARIABLE DEMAND NOTES - 2.3%
234,400 Firstar Bank - 6.34% 234
Total Investments - 100.2% 10,285
(Cost $8,493) (a)
Other Assets Less Liabilities - (0.2%) (23)
Net Assets - 100% $ 10,262
</TABLE>
(a) Cost is identical for book and tax purposes; the aggregate gross unrealized
appreciation is $1,874, and aggregate gross unrealized depreciation is $82,
resulting in net unrealized appreciation of $1,792 (in thousands).
See accompanying notes to financial statements
*Non-income producing security.
Schedule of Investments (Unaudited) June 30, 2000
MONETTA INTERMEDIATE BOND FUND
<TABLE>
<CAPTION>
CORPORATE BONDS - 90.2% VALUE
PRINCIPAL AMOUNT (In Thousands)
<S> <C> <C>
940,000 Pacific Gas & Electric - 8.750%
Due 01/01/01 $ 948
700,000 Chase Manhattan Corp.- 9.750%
Due 11/01/01 722
500,000 Vodafone Airtouch PLC - 6.700%
Due 12/19/01 500
500,000 Province of Ontario - 7.750%
Due 06/04/02 505
500,000 US Bank NA Minnesota - 6.280%
Due 07/19/02 500
500,000 Wells Fargo Co. - 6.500%
Due 09/03/02 493
1,000,000 Tyco Int'l Group SA - 6.875%
Due 09/05/02 990
500,000 General Motors Acc. Corp.- 6.625%
Due 10/01/02 493
100,000 Del Webb Corp. - 9.750%
Due 03/01/03 94
850,000 National Rural Utilities - 6.250%
Due 04/15/03 824
500,000 Lehman Brothers Holdings - 7.000%
Due 05/15/03 488
500,000 US Central Credit Union - 6.000%
Due 05/21/03 487
750,000 NRG Energy, Inc. - 8.000%
Due 11/01/03 746
1,000,000 Conseco, Inc. - 8.750%
Due 02/09/04 700
500,000 Conoco, Inc. - 5.900%
Due 04/15/04 477
500,000 Associates Corp., NA - 5.800%
Due 04/20/04 469
500,000 Countrywide Home Loan Corp. - 6.850%
Due 06/15/04 488
500,000 Diageo Capital PLC 6.625%
Due 06/24/04 487
250,000 HUD Housing and Urban Dev. - 6.360%
Due 08/01/04 244
603,000 Boston Scientific Corp. - 6.625%
Due 03/15/05 569
500,000 DaimlerChrysler NA Holding Co. - 7.750%
Due 06/15/05 505
800,000 Fannie Mae 5.750%
Due 06/15/05 759
500,000 Enron Corp. 6.625%
Due 11/15/05 479
500,000 Lockheed Martin Corp. - 7.250%
Due 05/15/06 486
<PAGE>
Schedule of Investments (Unaudited) June 30, 2000
MONETTA INTERMEDIATE BOND FUND
CORPORATE BONDS VALUE
PRINCIPAL AMOUNT (In Thousands)
500,000 Worldcom, Inc. 8.000%
Due 05/15/06 506
500,000 Prudential Insurance Co. - 6.375%
Due 07/23/06 463
500,000 EOG Resources, Inc. - 6.700%
Due 11/15/06 474
500,000 LCI Int'l, Inc. 7.250%
Due 06/15/07 481
500,000 Ameritech Capital Funding 6.150%
Due 01/15/08 455
500,000 CSX Corp. 6.250%
Due 10/15/08 443
1,000,000 CIL Corp.8.700%
Due 10/15/09 1009
850,000 Ford Motor Credit Co. 7.375%
Due 10/28/09 825
650,000 East Coast Power, LLC 7.066%
Due 03/31/12 599
950248 FEDEX Corp. 7.500%
Due 01/15/18 941
19,649
FEDERAL NAT'L MORTGAGE ASSOC. DISCOUNT - 3.7%
800,000 Due 07/07/00 - 6.450% 799
FEDERAL HOME LOAN BANK DISCOUNT - 2.4%
500,000 Due 05/15/07 - 7.625% 516
VARIABLE DEMAND NOTES - 2.6%
569,300 Firstar Bank - 6.34% 569
Total Investments - 98.9% 21,533
(Cost $21,883) (a)
Other Assets Less Liabilities - 1.1% 248
Net Assets - 100% $ 21,781
</TABLE>
(a) Cost is identical for book and tax purposes; the aggregate gross unrealized
appreciation is $77, and aggregate gross unrealized depreciation is $427,
resulting in net unrealized depreciation of $350(in thousands).
See accompanying notes to financial statements
Schedule of Investments (Unaudited) June 30, 2000
MONETTA GOVERNMENT MONEY MARKET FUND
<TABLE>
<CAPTION>
GOVERNMENT OBLIGATIONS-99.6% VALUE
PRINCIPAL AMOUNT (In Thousands)
<S> <C> <C>
FEDERAL HOME LOAN BANK DISCOUNT - 17.8%
735,000 Due 08/02/00 $ 731
FEDERAL NATIONAL MORTGAGE ASSOC. - 20.3%
280,000 Due 08/16/00-6.42% 278
565,000 Due 08/22/00-6.43% 560
838
FEDERAL HOME LOAN MORTGAGE CORP.- 61.5%
650,000 Due 07/07/00-6.35% 649
752,000 Due 07/14/00-6.41% 723
260,000 Due 07/27/00-6.30% 259
905,000 Due 08/08/00-6.43% 899
2,530
Total Investments - 99.6% 4,099
Other Assets Less Liabilities - 0.4% 18
Net Assets - 100% $ 4,117
</TABLE>
(a) Cost is identical for book and tax purposes.
See accompanying notes to financial statements
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES June 30, 2000
(In Thousands) (Unaudited)
<TABLE>
<CAPTION>
Small- Mid- Large-
Cap Cap Cap Inter. Government
Monetta Equity Equity Equity Balanced Bond Money Market
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments at
market value
(cost: $115,
300; $4,072;
$16,807;
$7,012;
$8,493;
$21,883;
$4,099)
(Note 1) $150,612 $5,176 $22,360 $9,605 $10,28 $21,533 $4,099
Cash 0 1 4 3 (a) 0 26
Receivables:
Interest and
dividends 18 1 7 3 56 293 0
Securities
Sold 5,301 0 105 467 62 492 0
Fund
shares sold 0 0 (a) 0 2 1 0
Total Assets 155,931 5,178 22,476 10,078 10,405 22,319 4,125
Liabilities:
Payables:
Custodial bank 158 0 0 0 0 27 0
Investment
advisory fees
(Note 2) 116 3 13 5 3 4 0
Distribution and
service charges
payable 0 5 38 14 14 7 0
Investments
purchased 7,348 0 452 697 115 494 0
Fund shares
redeemed 0 0 1 13 (a) 0 0
Accrued
expenses 162 17 13 15 11 6 8
Total Liab. 7,784 25 517 744 143 538 8
Net Assets 148,147 5,153 21,959 9,334 10,262 21,781 4,117
Analysis of
net assets:
Paid in capital
(b) 73,226 3,048 10,148 5,622 7,372 22,563 4,117
Accumulated
undistributed
net investment
income (loss) (336) (35) (46) (41) 5 6 0
Accumulated
undistributed
net realized
gain (loss) 39,945 1,036 6,304 1,160 1,093 (438) 0
Net unrealized
appreciation
(depreciation) on
investments 35,312 1,104 5,553 2,593 1,792 (350) 0
Net Assets $148,147 $5,153 $21,959 $9,334 $10,262 $21,781 $4,117
Net asset value,
offering price,
and redemption
price per
share (5,675
shares of capital
stock and 235;
940; 443; 604;
2,169; 4,117
shares of
beneficial interest
issued and
outstanding
respectively) $26.11 $21.91 $23.37 $21.06 $16.98 $10.04 $1.00
</TABLE>
See accompanying notes to financial statements.
(a) Rounds to less than $1,000.
(b) Amount for Monetta Fund represents $57 of $0.01 par value and $73,169 of
additional paid in capital, 100 million shares are authorized. Each fund of
Monetta Trust has an unlimited number of no par value share of beneficial
interest authorized.
<PAGE>
STATEMENTS OF OPERATIONS Six Months Ended June 30, 2000
(In Thousands) (Unaudited)
<TABLE>
<CAPTION>
Small- Mid- Large-
Cap Cap Cap Inter. Government
Monetta Equity Equity Equity Balanced Bond Money Market
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
Investment
income and
expenses:
Investment income:
Interest $ 573 $ 14 $ 64 $ 15 $ 131 $769 $120
Dividend 21 1 14 14 9 0 0
Other income 26 0 (a) 0 (a) 0 0
Total investment
income 620 15 78 29 140 769 120
Expenses:
Investment
advisory fee
(Note 2) 719 20 79 34 20 37 4
Distribution
expense 0 6 26 12 12 26 2
Custodial fees
and bank
cash
management fee 30 3 5 2 3 4 1
Transfer and
shareholder
servicing agent
fee 207 21 14 22 12 5 9
Total expenses 956 50 124 70 47 72 16
Expenses waived
and
reimbursed 0 0 0 0 0 (16) (6)
Expenses net
of waived and
reimbursed
expenses 956 50 124 70 47 56 10
Net investment
income (loss) (336) (35) (46) (41) 93 713 110
Realized and
unrealized gain
(loss) on
investments:
Realized gain
(loss) on
investments:
Proceeds from
sales 195,159 10,756 17,540 5,822 9,735 28,007 18,436
Cost of securities
sold 160,923 9,818 14,219 4,769 8,872 28,391 18,436
Net realized gain
(loss) on
investments 34,236 938 3,321 1,053 863 (384) 0
Net unrealized
appreciation
(depreciation)
on investments:
Beginning of
period 49,484 2,010 5,983 3,144 2,257 (328) 0
End of period 35,312 1,104 5,553 2,593 1,792 (350) 0
Net change in
net unrealized
appreciation
(depreciation)
on investments
during the
period (14,172) (906) (430) (551) (465) (22) 0
Net realized
and unrealized
gain (loss)
on investments 20,064 32 2,891 502 398 (406) 0
Net increase
(Decrease) in
net assets from
operations $ 19,728 ($3) $2,845 $ 461 $491 $307 $110
</TABLE>
See accompanying notes to financial statements.
(a) Rounds to less than $1,000.
<PAGE>
Statements of Changes in Net Assets
Six Months Ended June 30, 2000 & Year Ended December 31, 1999
(In Thousands) (Unaudited)
<TABLE>
<CAPTION>
Small-Cap Mid-Cap
Monetta Equity Equity
Fund Fund Fund
2000 1999 2000 1999 2000 1999
<S> <C> <C> <C> <C> <C> <C>
From investment
activities:
Operations:
Net investment income
(loss) $ (336) $ 522 $ (35) $ (63) $ (46) $ (109)
Net realized gain
(loss) on
investments 34,236 18,022 938 753 3,321 3,718
Net change in
net unrealized
appreciation
(depreciation)
on investments
during the period (14,172) 26,995 (906) 1,255 (430) 3,531
Net increase
(decrease)in net assets
from operations 19,728 45,539 (3) 1,945 2,845 7,140
Distribution from net
investment income 0 0 0 0 0 0
Distribution from
short-term capital
gains, net (b) 0 0 0 0 0 (350)
Distribution from
net realized
gains 0 0 0 0 0 0
Increase (decrease)
in net assets
from investment
activities 19,728 45,539 (3) 1,945 2,845 6,790
From capital
transactions
(Note 3):
Proceeds from shares
sold 9,551 5,790 661 870 702 1,234
Net asset value
of shares issued
through dividend
reinvestment 0 0 0 0 0 344
Cost of shares
Redeemed (16,794) (40,356) (837) (1,463) (1,046) (7,830)
Increase (decrease)
in net assets from
capital
transactions (7,243) (34,566) (176) (593) (344) (6,252)
Total increase
(decrease)in net
assets 12,485 10,973 (179) 1,352 2,501 538
Net assets at
beginning
of period $135,662 124,689 5,332 3,980 19,458 18,920
Net assets at end
of period $148,147 $135,662 $5,153 $5,332 $21,959 $19,458
Accumulated
undistributed
net investment
income $ 0 $ 520 $ 0 $ 0 $ 0 $ 0
</TABLE>
See accompanying notes to financial statements.
(a) Rounds to less than $1,000.
(b) Distributions of short-term capital gains are included as ordinary income
for tax purposes.
<PAGE>
<TABLE>
<CAPTION>
Large-Cap Intermediate Government
Equity Balanced Bond Money Market
Fund Fund Fund Fund
2000 1999 2000 1999 2000 1999 2000 1999
From investment
activities:
Operations:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net investment income
(loss) $ (41) $ (56) $ 93 $ 145 $ 713 $743 $ 110 $ 193
Net realized gain
(loss) on
investments 1,053 602 863 2,152 (384) (54) 0 0
Net change in
net unrealized
appreciation
(depreciation)
on investments
during the period (551) 2,307 (465) 190 (22) (424) 0 0
Net increase
(decrease)in net assets
from operations 461 2,623 401 1,341 (403) (492) 0 0
Distribution from net
investment income 0 0 (90) (144) (710) (740) (110) (193)
Distribution from
short-term capital
gains, net (b) 0 (34) 0 (765) 0 (7) 0 0
Distribution from
net realized
gains 0 (196) 0 (237) 0 (10) 0 0
Increase (decrease)
in net assets
from investment
activities 461 2,623 401 1,341 (403) (492) 0 0
From capital
transactions
(Note 3):
Proceeds from shares
sold 669 3,566 1,217 1,372 6,341 18,935 2,153 6,542
Net asset value
of shares issued
through dividend
reinvestment 0 220 87 1,110 516 542 107 186
Cost of shares
Redeemed (1,094) (1,296) (892) (8,863) (4,546) (5,788) (1,843) (7,123)
Increase (decrease)
in net assets from
capital
transactions (425) 2,490 412 (6,381) 2,311 13,689 417 (395)
Total increase
(decrease)in net
assets 36 5,113 813 (5,040) 1,908 13,197 417 (395)
Net assets at
beginning
of period $9,298 4,185 9,449 14,489 19,873 6,676 3,700 4,095
Net assets at end
of period $9,334 $9,298 $10,262 $9,449 $21,781 $19,873 $4,117 $3,700
Accumulated
undistributed
net investment
income $ 0 $ 0 $ 0 $ 2 $ 0 $ 4 $ 0 $ 0
</TABLE>
<PAGE>
Notes To Financial Statements June 30, 2000
1. SIGNIFICANT ACCOUNTING POLICIES:
Monetta Fund, Inc. (Monetta Fund) is an open-end diversified management
investment company registered under the Investment Company Act of 1940, as
amended. The primary objective of Monetta Fund is capital appreciation by
investing primarily in equity securities believed to have growth potential with
income as a secondary objective. The Fund generally invests in companies with a
market capitalization range of $50 million to $1 billion.
Monetta Trust (the Trust) is an open-end diversified management investment
company registered under the Investment Company Act of 1940, as amended. The
following funds are series of the Trust:
Small-Cap Equity Fund. The primary objective of this Fund is capital
appreciation. The Fund typically invests in
companies with a market capitalization of less than $1 billion.
Mid-Cap Equity Fund. The primary objective of this Fund is long-term capital
growth by investing in common stocks believed to have above average growth
potential. The Fund typically invests in companies within a market
capitalization range of $1 billion to $5 billion.
Large-Cap Equity Fund. The primary objective of this Fund is to seek long-term
capital growth by investing in common stocks believed to have above average
growth potential. The Fund typically invests in companies with market
capitalization of greater than $5 billion.
Balanced Fund. The objective of this Fund is to seek a favorable total rate of
return through capital appreciation and current income consistent with
preservation of capital, derived from investing in a portfolio of equity and
fixed income
securities.
Intermediate Bond Fund. The objective of this Fund is to seek high current
income consistent with the preservation of
capital by investing primarily in marketable debt securities.
Government Money Market Fund. The primary objective of this Fund is to seek
maximum current income consistent with safety of capital and maintenance of
liquidity. The Fund invests in U.S. Government securities maturing in
thirteen months or less from the date of purchase and repurchase agreements for
U.S. Government securities. U.S. Government securities include securities
issued or guaranteed by the U.S. Government or by its agencies or
instrumentalities.
The Monetta Family of Mutual Funds is comprised of Monetta Fund, Inc. and each
of the Trust Series and is
collectively referred to as the Funds. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements in accordance with generally accepted accounting
principles:
(a) Securities Valuation
Investments are stated at market value based on the last reported sale price on
national securities exchanges, or the NASDAQ Market, on the last business day
of the period. Listed securities and securities traded on the over-the-counter
markets that did not trade on the last business day are valued at the mean
between the
quoted bid and asked prices. Short-term securities, including all securities
held by the Government Money Market Fund, are stated at amortized cost, which
is substantially equivalent to market value.
(b) Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires the Funds<i'> management to make estimates and
assumptions that affect reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities at the date of the financial
statements and the results of
operations during the reporting period. Actual results could differ from those
estimates.
(c) Federal Income Taxes
It is each Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
substantially all of its taxable income to its shareholders. Accordingly, no
provision for federal income taxes is required.
<PAGE>
Notes To Financial Statements June 30, 2000
The Funds intend to utilize provisions of the federal income tax laws which
allow them to carry a realized
capital loss forward for eight years following the year of the loss and offset
such losses against any future
realized capital gains. At December 31, 1999, Monetta Intermediate Bond Fund
had accumulated capital loss carry forwards for tax purposes of $28,202, which
will expire on December 31, 2007.
Net realized gains or losses differ for financial reporting and tax purposes as
a result of losses from wash sales, post October 31 losses which are not
recognized for tax purposes until the first day of the following fiscal year,
and losses and gains from real estate investment trusts.
(d) General
Security transactions are accounted for on a trade date basis. Daily realized
gains and losses from security transactions are reported on the first-in,
first-out cost basis. Interest income is recorded daily on the accrual basis
and dividend income on the ex-dividend date. Bond Discount/Premium is amortized
on a straight line basis over the life of each applicable security. Income
received from class action settlements is recorded as other income when
received.
(e) Distributions of Incomes and Gains
Distributions to shareholders are recorded by the Funds (except for the
Government Money Market Fund) on the ex-dividend date. The Government Money
Market Fund declares dividends daily and automatically reinvests such dividends
daily. Due to inherent differences in the characterization of short-term
capital gains under
generally accepted accounting principles and for federal income tax purposes,
the amount of distributable net investment income for book and federal income
tax purposes may differ. These differences are permanent in nature and may
result in distributions in excess of book basis net investment income for
certain periods.
Distributions from net realized gains for book purposes may include short-term
capital gains, which are
included as ordinary income for tax purposes.
For federal income tax purposes, a net operating loss recognized in the current
year cannot be used to offset future year's net investment income. The Monetta
Large-Cap Equity Fund and Monetta Mid-Cap Equity Fund had net operating losses
for tax purposes of $56,522 and $109,495, respectively, which were offset by
short-term capital gains and were reclassified from accumulated undistributed
net investment loss to accumulated undistributed net realized gain. The Monetta
Small-Cap Equity Fund had net operating losses for tax purposes of $63,347
which were reclassified from accumulated undistributed net investment loss to
capital.
For the year ended December 31, 1999, the Monetta Balanced Fund, Monetta
Intermediate Bond Fund, and Monetta Large-Cap Equity Fund paid long-term
capital gains of $237,045, $10,251, and $195,944, respectively. For corporate
shareholders of the Monetta Large-Cap Equity Fund, 31% of the income
distributions for the year ended December 31, 1999, qualify for the dividend
received deduction.
2. RELATED PARTIES:
Robert S. Bacarella is an officer and director of the Funds and also an
officer, director and majority shareholder of the investment advisor, Monetta
Financial Services, Inc. (Advisor). For the six-months ended June 30, 2000,
renumerations required to be paid to all interested directors or trustees has
been absorbed by the Advisor. Fees paid to outside Directors or Trustees have
been absorbed by the respective funds.
Each Fund pays an investment advisory fee to the Advisor based on that Fund's
individual net assets, payable
monthly at the annual rate of 1.0% for Monetta Fund; 0.75% for the Small-Cap,
Mid-Cap, and Large-Cap Equity Funds; 0.40% for the Balanced Fund; 0.35% for
Intermediate Bond Fund; and 0.25% for the Government Money Market Fund. From
these fees the Advisor pays all the Funds' ordinary operating expenses other
than the advisory fee, distribution charges (Trust only) and charges of the
Funds' custodian and transfer agent. Investment advisory fees waived for the
six-months ended June 30, 2000, for the Intermediate Bond Fund were $15,721 of
total fees of $36,725. Investment advisory fees waived, and 12B-1 fees waived
through June 30, 2000, for the Government Money Market Fund were $4,232, and
$1,997, respectively.
<PAGE>
Notes To Financial Statements June 30, 2000
Monetta Financial Services, Inc., as of June 30, 2000 owned 18,092 shares or
7.7% of the Small-Cap Fund, 46,045 shares or 7.6% of the Balanced Fund, 82,298
shares or 2.0% of the Government Money Market Fund and 7,629 shares or 1.7% of
the Large-Cap Fund. Monetta Financial Services, Inc. owns less than 1% of the
Intermediate Bond Fund, the Monetta Fund, and the Mid-Cap Equity Fund.
3. CAPITAL STOCK AND SHARE UNITS:
There are 100,000,000 shares of $0.01 par value capital stock authorized for
the Monetta Fund. There is an unlimited number of no par value shares of
beneficial interest authorized for each series of the Trust.
Government
<TABLE>
<CAPTION> Large-
Small Mid-Cap Cap Inter. Money
Monetta Cap Equity Equity BalancedBond Market
(In Thousands) Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
1999 beginning
shares 8,333 297 1,394 311 1,001 627 4,095
Shares sold 397 56 82 224 87 1,815 6,542
Shares issued upon
dividend
reinvestment 0 0 23 13 77 52 186
Shares redeemed (2,756) (109) (543) (85) (584) (554) (7,123)
Net increase
(decrease)
in shares
outstanding (2,359) (53) (438) 152 (420) 1,313 (395)
2000 Beginning
Shares 5,974 244 956 463 581 1,940 3,700
Shares sold 374 28 31 33 71 625 2,153
Shares issued upon
dividend
reinvestment 0 0 0 0 5 51 107
Shares redeemed (673) (37) (47) (53) (53) (447) (1,843)
Net increase
(decrease) in shares
outstanding (299) (9) (16) (20) 23 229 417
Ending Shares 5,675 235 940 443 604 2,169 4,117
</TABLE>
4. PURCHASES AND SALES OF INVESTMENT SECURITIES:
The cost of purchases and proceeds from sales of securities for the six-month
ended June 30, 2000, excluding short-term securities were: Monetta Fund,
$192,055,995 and $195,159,382; Small-Cap Fund, $10,624,528 and $10,755,885;
Mid-Cap Fund, $17,581,676 and $17,539,689; Large-Cap Fund, $5,901,474 and
$5,821,981; Balanced Fund, $10,149,743 and $9,734,855; and Intermediate Bond
Fund, $30,011,842 and $28,006,746. The cost of purchases and proceeds from the
sales of government securities included in the preceding numbers were as
follows: Balanced Fund, $300,984 and none; and Intermediate Bond Fund,
$1,309,718 and $1,798,889.
5. DISTRIBUTION PLAN:
The Trust and its shareholders have adopted a service and distribution plan
(the Plan) pursuant to Rule 12b-1 under the Investment Company Act of 1940. The
Plan permits the participating Funds to pay certain expenses
associated with the distribution of their shares. Annual fees under the Plan of
up to 0.25% for the Small-Cap,
Mid-Cap, Large-Cap, Balanced, and Intermediate Bond Funds and up to 0.10% for
the Government Money Market Fund are accrued daily. The distributor is Funds
Distributor, Inc.
<PAGE>
Notes To Financial Statements June 30, 2000
6. FINANCIAL HIGHLIGHTS:
Financial highlights for Monetta Fund for a share of capital stock
outstanding throughout the period is presented below:
MONETTA FUND
<TABLE>
<CAPTION>
Six Months 1999 1998 1997 1996 1995
Ended 6/30/00
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value at
beginning of period $22.711 $14.964 $17.274 $15.842 $15.591 $14.515
Net investment income
(loss) (0.058) 0.075 (0.104) (0.041) (0.079) 0.029
Net realized and
unrealized gain
(loss) on investments 3.454 7.672 (1.554) 4.223 0.330 4.075
Total from investment
operations: 3.396 7.747 (1.658) 4.182 0.251 4.104
Less:
Distributions from
net investment
income 0.000 0.000 0.000 0.000 0.000 (0.028)
Distributions from
short-term capital
gains, net (a) 0.000 0.000 (0.283) (1.910) 0.000 (3.000)
Distributions from
net realized gains 0.000 0.000 (0.369) (0.840) 0.000 0.000
Total distributions 0.000 0.000 (0.652) (2.750) 0.000 (3.028)
Net asset value at
end of period $26.107 $22.711 $14.964 $17.274 $15.842 $15.591
Total return 14.97% 51.80% (9.03%) 26.18% 1.60% 28.02%
Ratio to average
net assets:
Expenses 1.33% 1.45% 1.36% 1.48% 1.38% 1.36%
Net investment income (0.23%) 0.50% (0.64%) (0.24%) (0.51%) 0.18%
Portfolio turnover 152.9% 210.9% 107.5% 97.8% 204.8% 272.0%
Net assets ($ millions) $148.1 $135.7 $124.7 $163.4 $211.5 $362.7
</TABLE>
(a) Distributions of short-term capital gains are included as ordinary income
for tax purposes.
The per share ratios are calculated using the weighted average number of shares
outstanding during the period, except distributions which are based on shares
outstanding at record date.
<PAGE>
Notes To Financial Statements June 30, 2000
Financial highlights for each Fund of the Trust for a share outstanding
throughout the period are as follows:
SMALL-CAP EQUITY FUND
<TABLE>
<CAPTION>
Six Month 2/1/97
Ended 6/30/00 Through
(Unaudited) 1999 1998 12/31/97
<S> <C> <C> <C> <C>
Net asset value at beginning
of period $21.831 $13.396 $13.900 $10.000
Net investment
income (loss) (0.149) (0.264) (0.272) (0.148)
Net realized and unrealized
Gain (loss ) on
investments 0.231 8.699 (0.136) 4.878
Total from investment
operations 0.082 8.435 (0.408) 4.730
Less:
Distributions from net
investment income 0.000 0.000 0.000 0.000
Distributions from short-term
capital gains, net (a) 0.000 0.000 (0.096) (0.830)
Distributions from net
realized gains 0.000 0.000 0.000 0.000
Total distributions 0.000 0.000 (0.096) (0.830)
Net asset value at
end of period $21.913 $21.831 $13.396 $13.900
Total return* 0.37% 62.91% (2.81%) 47.17%
Ratios to average net assets:
Expenses* 1.91% 2.36% 2.39% 1.75%
Net investment income* (0.67%) (1.82%) (2.04%) (1.13%)
Portfolio turnover 222.9% 265.0% 200.4% 138.8%
Net assets ($ thousands) $5,153 $5,332 $3,980 $2,518
</TABLE>
MID-CAP EQUITY FUND
<TABLE>
<CAPTION>
Six Month 1999 1998 1997 1996 1995
Ended 6/30/00
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period $20.355 $13.571 $14.975 $14.814 $11.962 $12.199
Net investment
income (loss) (0.049) (0.099) 0.022 (0.045) 0.044 0.059
Net realized and unrealized
gain (loss) on
investments 3.060 7.225 (0.266) 4.296 2.852 2.874
Total from investment
operations 3.011 7.126 (0.244) 4.251 2.896 2.933
Less:
Distributions from net
Investment
Income 0.000 0.000 (0.022) 0.000 (0.044) (0.050)
Distributions from short-term
capital gains, net (a) 0.000 (0.342) (0.477) (1.452) 0.000 (2.990)
Distributions from net
realized gains 0.000 0.000 (0.661) (2.638) 0.000 (0.130)
Total distributions 0.000 (0.342) (1.160) (4.090) (0.044) (3.170)
Net asset value at end
of period $23.366 $20.355 $13.571 $14.975 $14.814 $11.962
Total return 14.84% 53.39% (0.85%) 29.14% 24.20% 24.54%
Ratios to average net assets:
Expenses 1.18% 1.25% 1.21% 1.26% 1.23% 1.25%
Net investment
income (0.22%) (0.67%) 0.15% (0.28%) 0.32% 0.44%
Portfolio turnover 91.6% 170.4% 237.6% 137.8% 93.3% 254.4%
Net assets
($ thousands) $21,959 $19,458 $18,920 $21,908 $17,338 $14,216
</TABLE>
*Ratios and total return for the year of inception are calculated from the date
of inception to the end of the period.
(a) Distributions of short-term capital gains are included as ordinary income
for tax purposes.
The per share ratios are calculated using the weighted average number of shares
outstanding during the period, except distributions that are based on shares
outstanding at record date.
<PAGE>
Notes To Financial Statements June 30, 2000
LARGE-CAP EQUITY FUND
<TABLE>
<CAPTION>
Six Month 9/1/95
Ended 6/30/00 Through
(Unaudited) 1999 1998 1997 1996 12/31/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period $20.062 $13.437 $13.359 $12.266 $10.571 $10.000
Net investment
income (loss) (0.091) (0.147) (0.068) (0.007) 0.023 0.005
Net realized and unrealized
gain (loss) on
investments 1.092 7.297 1.074 3.250 2.928 0.570
Total from investment
Operations 1.001 7.150 1.006 3.243 2.951 0.575
Less:
Distributions from net
investment income 0.000 0.000 0.000 0.000 (0.023) (0.004)
Distributions from short-term
capital gains,
net (a) 0.000 (0.078) (0.714) (1.113) (1.188) 0.000
Distributions from net
realized gains 0.000 (0.447) (0.214) (1.037) (0.045) 0.000
Total distributions 0.000 (0.525) (0.928) (2.150) (1.256) (0.004)
Net asset value at end
of period $21.063 $20.062 $13.437 $13.359 $12.266 $10.571
Total return* 4.99% 53.98% 8.99% 26.64% 28.20% 5.74%
Ratios to average net assets:
Expenses* 1.52% 1.66% 1.86% 1.51% 1.51% 0.69%
Net investment income* (0.45%) (0.91%) (0.52%) (0.05%) 0.31% 0.05%
Portfolio turnover 65.8% 81.4% 207.5% 123.2% 152.7% 38.2%
Net assets($ thousands) $9,334 $9,298 $4,185 $4,265 $2,288 $1,072
</TABLE>
BALANCED FUND
<TABLE>
<CAPTION>
Six Month 9/1/95
Ended 6/30/00 Through
(Unaudited) 1999 1998 1997 1996 12/31/95
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period $16.268 $14.476 $14.078 $12.643 $10.605 $10.000
Net investment
income (loss) 0.156 0.239 0.290 0.264 0.132 0.009
Net realized and unrealized
gain (loss) on
investments 0.706 3.741 0.838 2.398 2.598 0.602
Total from investment
Operations 0.862 3.980 1.128 2.662 2.730 0.611
Less:
Distributions from net investment
Income (0.150) (0.265) (0.286) (0.224) (0.132) (0.004)
Distributions from short-term
capital gains,
net (a) 0.000 (1.468) (0.389) (0.927) (0.560) (0.002)
Distributions from net
realized gains 0.000 (0.455) (0.055) (0.076) 0.000 0.000
Total distributions (0.150) (2.188) (0.730) (1.227) (0.692) (0.006)
Net asset value at end
of period $16.980 $16.268 $14.476 $14.078 $12.643 $10.605
Total return* 5.28% 29.60% 8.59% 21.21% 25.94% 6.16%
Ratios to average net assets:
Expenses* 0.95% 0.95% 0.84% 1.02% 1.40% 0.91%
Net investment income* 0.94% 1.55% 2.06% 1.88% 1.54% 0.08%
Portfolio turnover 103.5% 71.3% 127.7% 115.9% 117.8% 54.8%
Net assets
($ thousands) $10,262 $9,449 $14,489 $12,054 $2,336 $410
</TABLE>
*Ratios and total return for the year of inception are calculated from the date
of inception to the end of the period.
(a) Distributions of short-term capital gains are included as ordinary income
for tax purposes.
The per share ratios are calculated using the weighted average number of shares
outstanding during the period, except distributions that are based on shares
outstanding at record date.
<PAGE>
Notes To Financial Statements June 30, 2000
INTERMEDIATE BOND FUND
<TABLE>
<CAPTION>
Six Month 1999 1998 1997 1996 1995
Ended 6/30/00
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period $10.244 $10.652 $10.445 $10.208 $10.244 $9.624
Net investment
Income 0.342 0.602 0.592 0.599 0.612 0.655
Net realized and unrealized gain
(loss)on investments (0.204) (0.435) 0.269 0.278 0.019 0.740
Total from investment
Operations 0.138 0.167 0.861 0.877 0.631 1.395
Less:
Distributions from net
investment income (0.340) (0.565) (0.577) (0.592) (0.612) (0.655)
Distributions from short-term
Capital gains,
net (a) 0.000 (0.004) (0.038) (0.047) (0.055) (0.120)
Distributions from net realized
Gains 0.000 (0.006) (0.039) (0.001) 0.000 0.000
Total distributions (0.340) (0.575) (0.654) (0.640) (0.667) (0.775)
Net asset value at end
of period $10.042 $10.244 $10.652 $10.445 $10.208 $10.244
Total return 1.40% 1.60% 8.38% 8.91% 6.46% 14.84%
Ratios to average net assets:
Expenses-Net 0.54% 0.54% 0.55% 0.65% 0.55% 0.27%
Expenses-Gross(b) 0.61% 0.74% 0.75% 0.87% 0.85% 0.75%
Net investment
income-Net 3.38% 5.78% 5.59% 5.82% 5.75% 5.94%
Net investment income
-Gross (b) 3.30% 5.58% 5.39% 5.60% 5.45% 5.46%
Portfolio turnover 77.5% 115.2% 52.0% 96.7% 28.9% 75.1%
Net assets
($ thousands) $21,781 $19,873 $6,676 $3,933 $2,769 $3,589
</TABLE>
GOVERNMENT MONEY MARKET FUND
<TABLE>
<CAPTION>
Six Month 1999 1998 1997 1996 1995
Ended 6/30/00
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net asset value at beginning
of period $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
Net investment
Income 0.028 0.047 0.051 0.050 0.049 0.059
Net realized and unrealized gain
(loss)on investments 0.000 0.000 0.000 0.000 0.000 0.000
Total from investment
Operations 0.028 0.047 0.051 0.050 0.049 0.059
Less:
Distributions from net
investment income (0.028) (0.047) (0.051) (0.050) (0.049) (0.059)
Distributions from short-term
capital gains,
net (a) 0.000 0.000 0.000 0.000 0.000 0.000
Distributions from net realized
Gains 0.000 0.000 0.000 0.000 0.000 0.000
Total distributions (0.028) (0.047) (0.051) (0.050) (0.049) (0.059)
Net asset value at end
of period $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
Total return 2.78% 4.85% 5.24% 5.15% 5.06% 5.87%
Ratios to average net assets:
Expenses - Net 0.48% 0.35% 0.32% 0.39% 0.31% 0.07%
Expenses-Gross(b) 0.63% 0.70% 0.68% 0.76% 0.67% 0.59%
Net investment
income-Net 2.76% 4.71% 5.11% 5.02% 4.95% 5.96%
Net investment
income-Gross (b) 2.60% 4.36% 4.76% 4.65% 4.59% 5.17%
Portfolio turnover N/A N/A N/A N/A N/A N/A
Net assets
($ thousands) $4,117 $3,700 $4,095 $4,464 $6,232 $4,393
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(a) Distributions of short-term capital gains are included as ordinary income
for tax purposes.
(b) Ratios of expenses and net income adjusted to reflect investment advisory
fees and charges of the Trust's custodian and transfer agent assumed by the
investment advisor.
The per-share ratios are calculated using the weighted average number of shares
outstanding during the period, except distributions which are based on shares
outstanding at record date.
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MONETTA FAMILY OF MUTUAL FUNDS
1776-A SOUTH NAPERVILLE ROAD
SUITE 100
WHEATON, IL 60187-8133
