<PAGE>
Monetta Family of Funds
Dear Fellow Shareholders:
April 16, 1996
1996 has started out to be more powerful than most investors expected.
The Dow Industrials rose more than 9% while the broader market indices
were up about 5%. Low interest rates and the unprecedented flow of
money into mutual funds helped to drive the equity markets higher. A
fair portion of the cash flow was invested in stable growth and index
funds, which translated into good relative price performance for the
large-capitalization, blue chip stocks, at the expense of smaller growth
companies.
Recent economic indicators suggest that economic activity is improving
but not enough to trigger worrisome inflation. Since mid-February, the
uncertainty over the magnitude of economic change has resulted in a
choppy market trading range.
Market Outlook/Investment Strategy
Economic statistics recently suggest that the U.S. economy has stopped
decelerating. Since September 1995, concerns over a slowing economy
resulted in small-capitalization growth stocks underperforming the
larger-cap issues.
Although the economic data are not yet compelling, we believe that the
activity of the U.S. economy will improve as the year proceeds. The
economic expansion should be moderate with no troublesome inflation.
This should encourage the Federal Reserve to maintain monetary growth
and corporate profit opportunities.
We believe that a full-fledged recession is unlikely over the next few
years, as is a sharp economic rebound. Through the balance of this
year, we expect to witness a series of new market highs followed by
shallow pull-backs. There will be a clear preference to invest in those
companies with consistent and visible earnings streams.
Sectors we find particularly attractive include: Technology, where
recent stock declines have already factored in the negative effects of
slower order momentum; Financials, as they should benefit from merger
activity and financial asset growth; and Healthcare, as we enter a new
product cycle, a trend toward managed care with favorable long-term
demographics.
Our basic investment approach is to capture gains in a disciplined
manner and invest in those companies with highly predictable or
accelerating earnings trends.
We appreciate your support as a valued shareholder of Monetta's Family
of Funds.
Best personal regards,
Robert S. Bacarella
President and Founder
<PAGE>
Table of Contents
<TABLE>
<CAPTION>
Performance Highlights
<S> <C>
Monetta Fund 3
Monetta Mid-Cap Equity Fund 4
Monetta Large-Cap Equity Fund 5
Monetta Balanced Fund 6
Monetta Intermediate Bond Fund 7
Monetta Government Money Market Fund 8
Schedule of Investments
Monetta Fund 9
Monetta Mid-Cap Equity Fund 12
Monetta Large-Cap Equity Fund 14
Monetta Balanced Fund 16
Monetta Intermediate Bond Fund 18
Monetta Government Money Market Fund 19
</TABLE>
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.
<PAGE>
Monetta Fund Period ended 3/31/96
Investment Objective: Capital Appreciation/Income
Market Capitalization Range:$50 million - $1 billion
Total Net Assets: $329 million
PERFORMANCE: Average Annual Total Return
Since Incep.
<TABLE>
<CAPTION>
1 Year 5 Years (5/6/86)
<S> <C> <C> <C>
Monetta Fund 18.56% 11.20% 12.32%
Russell 2500 29.84 16.91 12.23
NASDAQ Composite* 34.78 17.96 11.23
S &P 500* 32.07 14.64 14.20
</TABLE>
*Source Lipper Analytical Services, Inc.
[Performance Graph Appears Here]
<TABLE>
<CAPTION>
Measurement Period Monetta Russell
(Fiscal Year Covered) Equity Fund 2500 NASDQ S & P
- --------------------- ----------- ------- ------- -------
<C> <C> <C> <C> <C>
6/86 1.00 10,533 10,130 10,590
9/86 (6.20) 9,505 8,783 9,849
12/86 3.60 9,631 8,765 10,400
3/87 15.10 11,753 10,834 12,615
6/87 .70 11,823 10,736 13,246
9/87 (3.20) 12,402 11,262 14,121
12/87 (9.50) 9,180 8,402 10,943
3/88 6.20 10,651 9,544 11,567
6/88 12.70 11,374 10,079 12,331
9/88 2.30 11,281 9,928 12,368
12/88 .50 11,266 9,789 12,751
3/89 3.10 12,137 10,464 13,656
6/89 8.00 13,058 11,228 14,858
9/89 4.70 14,012 12,227 16,448
12/89 (1.20) 14,568 11,787 16,793
3/90 5.40 14,163 11,316 16,289
6/90 11.73 14,721 12,040 17,299
9/90 (19.29) 11,485 8,994 14,929
12/90 17.20 12,401 9,785 16,258
3/91 18.50 15,559 12,672 18,632
6/91 3.00 15,529 12,558 18,576
9/91 13.50 16,864 13,964 19,560
12/91 12.50 18,192 15,598 21,204
3/92 .64 18,971 16,144 20,673
6/92 (6.40) 18,109 15,127 21,066
9/92 2.97 18,604 15,717 21,719
12/92 8.73 21,137 18,294 22,827
3/93 (6.63) 22,138 18,642 23,010
6/93 .74 22,602 19,071 23,102
9/93 7.78 24,200 20,673 23,702
12/93 (.87) 24,632 20,962 24,247
3/94 (2.64) 24,086 20,062 23,324
6/94 (5.42) 23,221 19,050 23,415
9/94 7.04 24,886 20,624 24,560
12/94 (4.85) 24,360 20,292 24,555
3/95 9.64 26,160 22,053 26,945
6/95 6.91 28,623 25,189 29,512
9/95 12.45 31,374 28,160 31,870
12/95 (2.88) 32,231 28,392 33,764
3/96 1.54 34,123 29,720 35,577
</TABLE>
The graph above to the right compares the change in value of a $10,000
investment in the Monetta Fund, the S&P 500 Composite Index, and the
NASDAQ Composite Index and the Russell 2500 Stock Index. The S&P 500
and the Russell 2500 indices are a broad measure representative of the
general market, while the NASDAQ measures performance of stocks in the
over-the-counter market. Please refer to the
footnote on the bottom of page 2.
PORTFOLIO COMPOSITION:
<TABLE>
<CAPTION>
[Pie Chart Appears Here]
Top 5 Holdings** % of Net Assets
<S> <C>
APAC Teleservices 4.3%
Glenayre Technologies Inc. 3.5
Cascade Communications 3.3
Genzyme Corp. 3.1
Watson Pharmaceuticals 3.0
Total Top 5 Holdings 17.2%
</TABLE>
**excluding short-term investments
COMMENTARY:
During the first quarter, Monetta Fund was up 1.5%, closing at a net
asset value of $15.83.
The best performing sectors were Healthcare and Retail while our
Technology sector suffered due to concerns over declining PC sales and
postponement of orders due to extended inventory positions.
At quarter end, approximately 97% of the Fund was invested in common
stocks. Consumer related securities, which were approximately 32% of the
portfolio, represented the largest industry weighting. The second
largest industry weighting was the Technology sector, at 30%.
The Fund's best performing securities last quarter were: APAC
Teleservices, Money Stores, Inc., Cascade Communications, Altera
Corporation, and St. John Knits. Negatively impacting fund performance
were MAXIS, Inc., Ultratech Stepper, Sync Research, and S3, Inc. as
concerns surfaced over future order trends.
We believe that the technology sector drubbing is over as the order
momentum has bottomed and stocks appear at or near their lows. The
Fund's investments in this area have been consolidated, emphasizing those
companies with the best opportunity to exceed analyst earnings estimates.
These include: Altera Corporation, Cascade Communication, Madge
Networks, and Shiva Corporation.
In the healthcare area, we are particularly excited about medical
management companies with our investments in American Oncology,
Occusystems and Sheridan Healthcare, Inc.
We also anticipate good results from our "category dominant" retail
investments, which include Starbucks Corp., Sunglass Hut and The Sports
Authority.
We are very comfortable with the Fund's security holdings and as the year
progresses, look forward to strong relative performance.
<PAGE>
Monetta Mid-Cap Equity Fund Period Ended 3/31/96
Investment Objective: Capital Appreciation
Market Capitalization Range: $1 billion - $5 billion
Total Net Assets:$15.5 million
PERFORMANCE: Average Annual Total Return
Since Incep.
1 Year 3 Years (3/1/93)
Monetta Mid-Cap
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Equity Fund 26.16% 17.08 22.61
S & P 400* 28.61 13.93 14.79
S &P 500* 32.07 15.69 16.01
</TABLE>
*Source Lipper Analytical Services, Inc.
[Performance Graph Appears Here]
<TABLE>
<CAPTION>
Measurement Period Midcap S & P S & P
(Fiscal Year Covered) Equity Fund 400 Index 500 Index
- --------------------- ----------- --------- ---------
<C> <C> <C> <C>
3/1/93 10,000 10,000 10,000
3/93 11,670 10,220 10,080
6/93 11,880 10,455 10,120
9/93 13,120 10,978 10,383
12/93 13,540 11,274 10,622
3/94 13,475 10,793 10,218
6/94 13,109 10,399 10,258
9/94 13,887 11,103 10,759
12/94 13,835 10,817 10,757
3/95 14,835 11,692 11,804
6/95 16,536 12,723 12,929
9/95 17,603 13,965 13,955
12/95 17,233 14,165 14,785
3/96 18,717 15,037 15,578
</TABLE>
The graph above to the right compares the change in value of a $10,000
investment in the Monetta Trust Mid-Cap Equity Fund to the S & P 500 and
400. The S & P 500 and 400 indices are a broad measure representative of
the general market. Please refer to the footnote on the bottom of page
2.
PORTFOLIO COMPOSITION:
[Pie Chart Appears Here]
Top 5 Holdings** % of Net Assets
<TABLE>
<CAPTION>
<S> <C>
Coleman Inc. 2.8%
First Tennessee Nat'l 2.6
Starbucks Corp. 2.4
Danaher Corp. 2.4
General Nutrition Co. 2.3
Total Top 5 Holdings 12.5%
</TABLE>
**excluding short-term investments
COMMENTARY:
The Mid-Cap Fund was up 8.6% for the quarter ended March 31, 1996, which
compares very favorably to most major market indices. The Fund's net
asset value closed at $12.99.
The Fund's top performing sectors for the quarter were Retail, Financial,
and Industrials. Outstanding financial stocks included Green Tree
Financial, Fifth Third Bancorp, Southern National Corp., and PHH Corp.
Financial companies representing 21% of the portfolio, continue to do
well over the long-term as mergers and acquisitions continue at a rapid
pace. Industry consolidation results in lower processing costs, improved
productivity, and higher earnings.
Retail stocks had an excellent quarter. After underperforming for most
of 1995, these stocks came roaring back in 1996. Kohl's, Autozone,
Starbucks, and Safeway posted very strong first quarter performances.
The Fund is well positioned to take advantage of a moderately growing
economy. Recent economic indicators suggest the Fed will probably not
lower interest rates in the near-term.
This economic outlook should benefit such industry groups as Industrials,
Technology and selected Consumer-related sectors. The Fund is fully
invested to take advantage of an economic upturn with approximately 91%
of the Fund invested in common stocks.
<PAGE>
Monetta Large-Cap Equity Fund Period Ended 3/31/96
Investment Objective: Capital Appreciation
Market Capitalization Range: $5 billion +
Total Net Assets: $1.3 million
PERFORMANCE:
<TABLE>
<CAPTION>
Quarter Ending Total Return
3/31/96 Since Incep. (9/1/95)
<S> <C> <C>
Monetta Large-Cap Equity Fund 7.28% 13.44%
S & P 500* 5.37 16.42
</TABLE>
*Source Lipper Analytical Services, Inc.
The S & P 500 is a broad measure representative of the general
market.Please refer to footnote on the bottom of page 2.
PORTFOLIO COMPOSITION:
[Pie Chart Appears Here]
<TABLE>
<CAPTION>
Top 5 Holdings** % of Net Assets
<S> <C>
Worldcom Inc. 4.3%
General Motors Corp.-Class E 4.0
Norwest Corp. 4.0
Columbia Healthcare 3.6
Alco Standard 3.3
Total Top 5 Holdings 19.2%
</TABLE>
COMMENTARY:
The Monetta Large-Cap Equity Fund gained approximately 7.3% in the first
quarter, closing at a net asset value of $11.34.
Fund holdings in the Telecommunications and Medical sectors continue to
perform well. Issues such as Worldcom, Medtronic, Cisco Systems, and
Schlumberger led the advances.
During the quarter the technology industry was characterized by
heightened turbulence. As a result, some of the quarter's biggest
gainers and losers were in this sector. We are trimming our holdings in
the Technology sector and also reducing industrial exposure while adding
to the steadily growing Financial and Medical groups.
The Fund continues to invest in solid, well-run companies that are
exhibiting strong growth in earnings. The Fund is well-diversified by
industry groups and is approximately 90% invested in common stocks.
The economy is exhibiting a pattern of steady but moderate growth. At
the same time, interest rates remain at relatively low levels and
inflation is in check. As it is an election year, it is likely that the
actions of federal policy-makers will be biased toward sustaining job
creation and economic growth. In turn, this should allow corporate
profits to continue to grow. The holdings of the Monetta Large-Cap
Equity Fund should benefit from this favorable domestic environment,
international diversification, and positive company-specific trends which
should produce healthy revenue and earnings gains.
<PAGE>
Monetta Balanced Fund Period Ended 3/31/96
Investment Objective: Capital Appreciation/Income
Market Capitalization Range: $50 million +
Average Maturity: 12.4 years
Total Net Assets: $480 thousand
PERFORMANCE:
<TABLE>
<CAPTION>
Quarter Ending Total Return
3/31/96 Since Incep. (9/1/95)
<S> <C> <C>
Monetta Balanced Fund 4.89% 11.32%
S &P 500* 5.37 16.42
Lehman Gov't/Corp Bond Index* (2.34) 3.25
Lehman Gov't/Corp Intermediate
Bond Index* (0.83) 3.40
</TABLE>
*Source Lipper Analytical Services, Inc.
Please refer to footnote on the bottom of page 2. The S & P 500 is broad
measure representative of the general market, while the Lehman
Government/Corporate Bond Index and the Lehman Government/Corporate
Intermediate Bond Index measure that specific segment of their respective
bond market.
PORTFOLIO COMPOSITION:
[Pie Chart Appears Here]
<TABLE>
<CAPTION>
Top 5 Holdings % of Net Assets
U.S. Treasury Notes:
<S> <C>
Due 08/15/03 10.0%
Due 08/15/23 9.6
Due 10/31/00 8.3
Due 02/15/06 7.9
Worldcom Inc. 2.9
Total Top 5 Holdings 38.7%
</TABLE>
COMMENTARY:
Monetta Balanced Fund was up approximately 4.9% during the first quarter,
closing at a net asset value of $11.09. Throughout the quarter the Fund
maintained an approximate portfolio mix of 62% common stocks and 38%
fixed income investments.
The common stock component of the Fund was up approximately 12.2% while
the fixed income component declined 6.3 %. The best performing
securities last quarter were; Ascend Communications, Green Tree Financial
Corp., Worldcom, Inc., and NCS Healthcare, Inc. Generally, the
technology stocks were the weakest performers.
Overall, interest rates rose during the quarter which negatively impacted
the Fund's Treasury note holdings. The average maturity of the Treasury
note holdings was extended to approximately 12 years versus a five year
average at year end.
The Fund has a well diversified investment portfolio consisting of 36
common stock issues and four Treasury Notes in the fixed income holdings.
Industry diversification is balanced between Technology, Financial and
Industrial,with Industrial being somewhat underweighted.
<PAGE>
Monetta Intermediate Bond Fund Ended 3/31/96
Investment Objective: Income
30-Day SEC Yield: 6.11%
Average Maturity: 5.1 Years
Total Net Assets: $3.7 million
PERFORMANCE: Average Annual Total Return
<TABLE>
<CAPTION>
Since Incep.
1 Year 3 Years (3/5/93)
<S> <C> <C> <C>
Monetta Intermediate
Bond Fund 8.76% 7.02% 6.84%
Lehman Gov/Corp
Intermediate
Bond Index* 9.56 5.48 5.47
</TABLE>
*Source Lipper Analytical Services, Inc.
[Performance Graph Appears Here]
<TABLE>
<CAPTION>
Measurement Period Intermediate
(Fiscal Year Covered) Bond Fund Lehman
- --------------------- ------------ --------
<C> <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
</TABLE>
The graph above to the right compares the change in value of a $10,000
investment in the Monetta Trust 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.Please refer to footnote on the bottom of page
2.
PORTFOLIO COMPOSITION:
[Pie Chart Appears Here]
<TABLE>
<CAPTION>
Maturity Profile
<S> <C>
1 Year or Less 26.5%
1-3 Years 8.2
4-6 Years 16.3
7-10 Years 48.4
Over 10 Years 0.6
100.0%
</TABLE>
COMMENTARY:
The Intermediate Bond Fund declined 0.30% during the quarter, closing at
a net asset value of $10.07. Dividends paid out totalled $0.14 last
quarter. At March 31, the 30-day SEC yield was 6.11%.
Generally, interest rates rose last quarter as indicated by the Lehman
Brothers Intermediate and Long-Term bond indices which were down 0.80%
and 2.30% respectively.
Investors reacted negatively to stronger than expected economic
improvement. The Fund's treasury note component was the weakest
performance sector, down 2.30%. Corporate bond holdings were up
approximately 2.90%, primarily due to the Fund's investment in the
Harrah's Jazz bonds as its value increased as the political situation in
New Orleans improved.
At quarter end, the portfolio consisted of approximately 48% Treasury
Notes, 28% corporate bonds and 18% demand notes. The fund's holdings
generally consist of high grade issues and are positioned defensively
with an average maturity of approximately 5 years.
Near term, we expect interest rates to remain in a relatively narrow
range. The Federal Reserve has adopted a wait and see attitude which
should be viewed as an accommodating monetary policy. We do not
anticipate any major changes in the fund's portfolio mix or asset
quality.
<PAGE>
Monetta Government Money Market Fund Period Ended 3/31/96
Investment Objective: Income and Capital Preservation
7-Day Yield: 4.71%
Average Days to Maturity: 79 Days
Total Net Assets: $5.1 million
PERFORMANCE:
<TABLE>
<CAPTION>
Average Annual Total Return
1 Year 3 Years Since Incep.(3/1/93)
<S> <C> <C> <C>
Monetta Government Money
Market Fund 5.68%** 4.43%** 4.37%**
Lipper U.S. Gov't Money
Market Funds Avg.* 5.15 4.00 3.95
</TABLE>
*Source Lipper Analytical Services, Inc.
**Total returns are net of advisory fees waived and voluntary absorbtion
of the Funds' operating expenses by the Advisor.
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. Please refer to footnote on the bottom of page 2.
PORTFOLIO COMPOSITION:
[Pie Chart Appears Here]
<TABLE>
<CAPTION>
Allocation % of Assets
<S> <C>
U. S. Treasuries 46.6%
Government Agencies 53.0
Total Investments 99.6
Other Assets & Liabilities 0.4
Total 100.0%
</TABLE>
COMMENTARY:
The Monetta Government Money Market Fund's return of 5.68% ranked Fourth
out of 110 Government money market funds ranked by Lipper Analytical
Services for 12 months ended 3/31/96. The average return for funds in
this Lipper category was 5.15%.
Performance for the quarter was 1.24% as compared to the average of the
group of 1.17%. The fund ended the quarter with a 7-day yield of 4.71%.
During the quarter, we maintained an average maturity above 70 days,
seeking to extend maturities and locking in higher yields with new cash
inflows.
Throughout the quarter, Treasury Bill yields fell from a January high of
5.0% to a mid February low of 4.5%. Yields then did an about face ending
the quarter at 5.2%. During this volatile period we extended maturities,
ending the quarter with an average maturity of 79 days.
We continue to look for modest economic growth during 1996, with modest
inflationary pressure. Short term interest rates should remain within a
narrow range with any upward increase in rates viewed as a buying
opportunity.
This is a very defensive fund, invested in Government securities with
preservation of capital as its primary objective.
<PAGE>
Schedule of Investments
March 31, 1996 (unaudited)
MONETTA FUND
<TABLE>
<CAPTION>
Shares or Quoted Market Value
Principal Amount (In Thousands)
COMMON STOCKS - 96.9%
<S> <C>
Consumer Related - 32.3% $106,009
Broadcasting/Cable TV - 4.8%
175,000 Chancellor Corp. $3,850
120,000 Evergreen Media Corp. 4,320
*220,000 Lin Television Corp. 7,755
15,925
Recreation & Entertainment - 1.5%
125,00 MGM Grand, Inc. $4,797
Restaurants & Lodging - 6.5%
122,300 CKE Restaurants, Inc. 2,048
*320,000 Daka International, Inc. 8,080
*157,500 IHOP Corp. 3,957
190,000 Outback Steakhouse, Inc. 7,161
21,246
Retail Trades - 16.6%
*100,000 CDW Computer Centers $5,050
*300,000 General Nutrition
Companies 7,500
150,000 Micro Warehouse, Inc. 6,225
*300,000 Officemax 7,275
100,000 St. John Knits, Inc. 6,737
*300,000 Starbucks Corp. 6,994
*200,000 Sunglass Hut Int'l. 6,625
300,000 The Sports Authority,Inc. 8,213
54,619
Miscellaneous Services - 2.9%
260,000 ATC Environmental $3,250
1,250,000 Aura Systems, Inc. 6,172
9,422
Financial Related - 2.5% $8,263
Financial Services - 2.5%
* 100,000 American Travelers Corp. $2,963
200,000 Concord Data 5,300
8,263
Industrial Related - 5.9% $19,374
Energy Resources & Services - 5.9%
32,800 Belco Oil & Gas Corp. $746
200,000 Ensco Int'l. 5,575
174,300 Input/Output, Inc. 5,403
150,000 Sonat Offshore Drilling 7,650
19,374
Medical Related - 25.7% $84,330
Pharmaceuticals - 10.0%
150,000 Dura Pharmaceuticals $7,444
*185,000 Genzyme Corp. 10,175
119,400 Parexel Int'l. Corp. 5,164
250,000 Watson Pharmaceuticals 10,000
32,783
<PAGE>
Physician Services - 10.9%
150,000 American Medical $5,325
*175,000 American Oncology Res. 7,438
150,000 Compdent Corp. 5,400
225,000 Occusystems, Inc. 5,119
100,000 Phycor, Inc. 4,400
90,000 Serologicals, Inc. 2,475
*290,000 Sheridan Healthcare, Inc. 2,809
100,000 Veterinary Centers of
America 2,700
35,666
Medical Suppply - 0.8%
*225,000 Inamed Corp. $2,756
Medical Technology - 4.0%
300,000 Hologic $6,825
150,000 Idexx Laboratories 6,300
13,125
Technology Related - 30.5 $100,341
Semiconductors - 10.0%
150,000 Altera Corp. $8,381
250,000 Microchip Tech 6,875
300,000 Oak Technology, Inc. 6,450
476,000 S3, Inc. 5,682
300,000 Ultratech Stepper 5,288
32,676
Computers & Office Equipment - 3.8%
80,000 Fore Systems, Inc. $5,720
150,000 Informix Corp. 3,956
102,500 Zebra Technologies Cl-A 2,716
12,392
Computer-Software - .05%
70,000 Intelliquest Information
Group $1,925
Telecommunications Services & Equip - 16.2%
200,000 APAC TeleServices $14,250
120,000 Cascade Communications 10,770
300,000 Glenayre Technologies,
Inc. 11,475
250,000 Interdigital Comm Corp. 2,203
200,000 MADGE Networks 8,025
73,000 Shiva Corp. 6,625
53,348
Total Common Stocks
(Cost $306,837)(a) $318,317
<PAGE>
Variable Demand Notes - 0.5%
1,833,200 Sara Lee - 5.30% $1,833
Total Demand Notes 1,833
Commercial Paper - 1.2%
4,000,000 John Hancock Cap. 4.0,
5.6%, due 04/01/96 4,000
Total Commercial Paper 4,000
Total Short-term Investments 5,833
Total Investments - 98.6% 324,150
Other Assets Less Liabilities - 1.4% 4,520
Net Assets - 100% $328,670
</TABLE>
Net Asset Value, offering price, and redemption price per
share($328,670,334/20,766,633 shares outstanding) $15.83
(a) Cost is identical for book and tax purposes; the aggregate gross
unrealized appreciation is $27,981 and aggregate gross unrealized
depreciation is $16,501 resulting in net unrealized appreciation of
$11,480(in thousands).
*Non-income producing security
<PAGE>
Schedule of Investments
March 31, 1996 (unaudited)
MONETTA MID-CAP EQUITY FUND
<TABLE>
<CAPTION>
Shares or QuotedMarket
Principal Amount Value(In Thousands)
COMMON STOCKS - 90.7%
<S> <C>
Consumer Related - 20.1% $ 3,123
Broadcasting/Cable TV - 1.7%
*6,000 Infinity Broadcasting $260
Recreation & Entertainment - 2.8%
*10,000 Coleman, Inc. $441
Retail Manufacturers/Distribution - 8.7%
6,000 Alco Standard Corp. $313
*6,000 Autozone, Inc. 203
6,000 Avery Dennison Corp. 324
8,000 Black & Decker Corp. 303
8,000 Newell Company 214
1,357
Retail Trades - 6.9%
*14,000 General Nutrition 350
12,000 Safeway, Inc. 342
*16,000 Starbucks Corp. 373
1,065
Financial Related - 21.1% $3,269
Financial Services - 21.1%
4,300 AON Corp. $223
8,000 Aflac, Inc. 250
*15,100 Bostonfed Bancorp, Inc. 185
5,000 Compass Bancorp. 161
3,500 Crestar Financial Corp. 201
*15,000 Dime Bancorp, Inc. 186
4,050 Fifth Third Bancorp 235
12,000 First Tennessee Nat'l. 396
10,000 Green Tree Financial Corp. 344
10,000 Greenpoint Financial Corp. 275
12,000 Mercury Finance Co. 169
5,000 PHH Corp. 278
10,000 Roosevelt Fin'l Group 185
6,000 Union Planters Corp. 181
3,269
Industrial Related - 31.6% $4,921
Energy Resources & Services - 4.5%
*1,600 Belco Oil & Gas Corp. $36
*8,000 Ensco Int'l 223
4,000 Kerr McGee Corp. 254
5,000 Tidewater, Inc. 190
703
Food Processing - 7.3%
15,000 Flowers Industries, Inc. $203
9,600 IMC Global, Inc. 350
*10,000 Smithfield Foods 290
12,000 Whitman Co. 291
1,134
Industrial/Electronics Prod - 18.1%
18,000 AMETEK, Inc $317
10,000 Applied Power, Inc-Cl A 326
*4,300 Berg Electronics Corp. 101
3,000 Consolidated Papers, Inc. 169
10,000 Danaher Corp. 370
*6,000 Input/Output, Inc. 186
*10,000 Lydall, Inc. 250
2,625 Molex, Inc. 92
6,000 Sigma Aldrich Corp. 343
<PAGE>
14,400 Tri Mas Corp. 317
7,000 York Int'l Corp. 343
2,814
Transportation - 1.7%
18,000 Knight Transportation $270
Medical Related - 8.8% $1,357
Pharmaceuticals - 4.5%
*4,000 Elan Corp. PLC $257
*4,000 Forest Laboratories 195
*6,000 Watson Pharmaceuticals 240
692
Physician Services - 4.3%
*8,000 HEALTHSOUTH Corp. $272
*5,000 NCS Healthcare, Inc. 123
*1,200 Oxford Health Plans 105
*6,000 Value Health, Inc. 165
665
Technology Related - 9.1% $1,411
Semiconductors - 0.7%
3,000 Watkins-Johnson
Company $107
Computers & Office Equip - 2.2%
*8,000 Danka Business Sys. $338
Computer Software - 1.3%
*4,000 Ceridian Corp. $172
*900 Intelliquest Information Grp. 25
197
Telecommunications Svcs & Equip - 4.9%
*1,500 Cascade Communication $135
*3,000 Tellabs, Inc. 145
*2,000 U.S. Robotics 259
*5,000 Worldcom, Inc. 230
769
Total Common Stocks
(Cost $12,927)(a) $14,081
Variable Demand Notes - 11.1%
429,700 Eli Lilly 430
204,900 General Mills 205
568,400 Sara Lee 568
516,700 Warner Lambert 517
Total Demand Notes 1,720
Total Investments - 101.8% $15,801
Other Assets Less Liabilities - (1.8%) $(280)
Net Assets - 100% $15,521
</TABLE>
Net Asset Value, offering price, and redemption price per
share($15,521,245/1,195,044 shares outstanding) $ 12.99
(a) Cost is identical for book and tax purposes; the aggregate gross
unrealized appreciation is $1,294,644 and aggregate gross unrealized
depreciation is $139,844, resulting in net unrealized appreciation of
$1,154,800.
*Non-income producing security
<PAGE>
Schedule of Investments
March 31, 1996 (unaudited)
MONETTA LARGE-CAP EQUITY FUND
<TABLE>
<CAPTION>
Shares or Quoted Market Value
Principal Amount (In Thousands)
COMMON STOCKS - 89.0%
<S> <C>
Consumer Related - 8.5% $109
Retail Manufacturers/Distribution - 3.2%
800 Alco Standard $42
Retail Trades - 5.3%
600 Gap Stores $33
1,200 Safeway, Inc. 34
67
Financial Related - 22.9% $293
Financial Services - 22.9%
600 AON Corp. $31
400 American Int'l. Group 38
500 Chemical Banking Corp. 35
600 Fifth Third Bancorp 35
800 Fleet Financial Group 32
600 Household Int'l. 40
1,400 Norwest Corp. 51
400 Student Loan Mktg. 31
293
Industrial Related - 7.9% $101
Energy Resources & Services - 3.1%
500 Schlumberger Ltd. $40
Industrial/Electronics Products - 4.8%
*500 Berg Electronics Corp. $12
600 Illinois Tool Works 39
100 United Technologies 11
62
Medical Related - 22.3% $286
Pharmaceuticals - 16.0%
*400 Amgen $23
*600 Eli Lilly & Co. 39
400 Johnson & Johnson Co. 37
500 Merck & Co. 31
600 Pfizer, Inc. 40
600 Schering Plough 35
205
Physician Services - 6.3%
800 Columbia Healthcare $46
*1,000 HEALTHSOUTH Corp. 34
80
Technology Related - 27.4% $352
Semiconductors - 2.2%
*800 Applied Materials, Inc. $28
Computer Software - 13.1%
*800 Cisco Systems, Inc. $37
500 Computer Assoicates Int'l.,
Inc. 36
900 General Motors Corp. Cl-E 51
*100 Intelliquest Information Grp. 3
*400 Microsoft 41
168
<PAGE>
Telecommunications Svcs & Equip - 12.1%
*600 3COM 24
800 Northern Telecom Ltd. 38
*300 U.S. Robotics 39
*1,200 Worldcom, Inc. 55
156
Total Common Stocks
(Cost $1,089)(a) $1,142
Variable Demand Notes - 16.0%
55,000 American Family $55
55,000 Eli Lilly 55
55,000 General Mills 55
35,700 Pitney Bowes 36
4,400 Southwestern Bell 4
Total Demand Notes 205
Total Investments - 105.0% $1,347
Other Assets Less
Liabilities - (5.0)% $(64)
Net Assets - 100% $1,283
</TABLE>
Net Asset Value, offering price, and redemption price per share
($1,283,103/113,192 shares outstanding) $11.34
(a) Cost is identical for book and tax purposes; the aggregate gross
unrealized appreciation is $76 and aggregate gross unrealized
depreciation is $23 resulting in net unrealized depreciation of $53(in
thousands).
*Non-income producing security
<PAGE>
Schedule of Investments
March 31, 1996 (unaudited)
MONETTA BALANCED FUND
<TABLE>
<CAPTION>
Shares or Quoted Market Value
Principal Amount (In Thousands)
COMMON STOCKS - 62.3%
<S> <C>
Consumer Related - 13.6% $65
Retail Manufactures/Distribution - 6.0%
200 Alco Standard Corp. $10
200 Avery Dennison Corp. 11
200 Black & Decker Corp. 8
29
Retail Trades - 7.6%
100 Gap Stores $6
*400 General Nutrition Co. 10
400 Safeway, Inc. 11
*400 Starbucks Corp. 9
36
Financial - 14.2% $68
Financial Services - 14.2%
100 American Int'l Group $9
*600 Dime Bancorp, Inc. 7
400 First Tennessee Nat'l 13
200 Green Tree Financial Corp. 7
400 Greenpoint Financial Corp 11
500 Mercury Finance Co. 7
400 Roosevelt Fin'l Group, Inc. 8
200 Union Planters Corp. 6
68
Industrial - 5.8% $28
Energy Resources & Services - 3.5%
*100 Belco Oil & Gas Corp. $ 2
100 Kerr McGee Corp. 7
100 Schlumberger Ltd. 8
17
Industrial/Electronics Products - 2.3%
*200 Berg Electronics Corp. $5
100 Illinois Tool Works 6
11
Medical - 18.1% $87
Pharmaceuticals - 10.8%
*200 Amgen, Inc. $12
200 Eli Lily & Co. 13
100 Merck & Co. 6
200 Pfizer, Inc. 13
*100 Pharmaceutical Prod Lvl. 4
100 Watson Pharmaceuticals 4
52
Physician Services - 7.2%
200 Columbia Healthcare $12
*300 HEALTHSOUTH Corp. 10
*300 NCS Healthcare, Inc. 7
*200 Value Health, Inc. 6
35
<PAGE>
Technology - 10.6% $51
Computers & Office Equipment - .8%
100 Danka Business Systems $ 4
Computer Software - 4.7%
200 Cisco Systems $9
100 Intelligquest Information
Group 3
100 Microsoft 10
22
Telecommunications Svcs & Equip - 5.1%
200 Ascend Communications,
Inc. $11
300 Worldcom, Inc. 14
25
Total Common Stocks
(Cost $270,083)(a) $299
U.S. Treasuary Notes - 35.8%
40,000 5.75% Due 10/31/00 $40
50,000 5.75% Due 08/15/03 48
40,000 5.63% Due 02/15/06 38
50,000 6.25% Due 08/15/23 46
Total U.S. Treasury Notes 172
Variable Demand Notes - 1.5%
7,300 Warner Lambert $7
Total Investments - 99.6% $478
Other Assets Less Liabilities - .4% $2
Net Assets - 100% $480
</TABLE>
Net Asset Value, offering price, and redemption price per share
($479,979/43,277 shares outstanding) $11.09
(a) Cost is identical for book and tax purposes; the aggregate gross
unrealized appreciation is $31 and aggregate gross unrealized
depreciation is $2, resulting in net unrealized appreciation of $29 (in
thousands).
*Non-income producing security
<PAGE>
Schedule of Investments
March 31, 1996 (unaudited)
MONETTA INTERMEDIATE
BOND FUND
<TABLE>
<CAPTION>
Shares or Quoted Market Value
Principal Amount (In Thousands)
<S> <C>
Treasury Notes - 47.7%
300,000 6.25%, due 1/31/97 $302
200,000 5.5%, due 4/15/00 197
100,000 7.5%, due 11/15/01 106
200,000 6.375%, due 8/15/02 201
200,000 5.75%, due 8/15/03 193
200,000 5.875%, due 2/15/04 194
200,000 6.5%, due 5/15/05 201
200,000 6.5%, due 8/15/05 201
200,000 5.625%, due 2/15/06 190
1,785
Government Agency - 1.2%
40,000 Sheboygan, WI TIF#6,
8.25%, due 3/15/03 $43
Corporate Bonds - 27.2%
100,000 Delta Airlines, 7.73%,
due 5/14/97 $101
50,000 American Airlines, 8.70%,
due 1/15/98 52
50,000 Salomon, Inc., 9.375%,
due 4/15/98 52
100,000 Kroger Co., 9.0%,
due 8/15/99 101
100,000 Chase Manhattan Corp.,8.80%,
due 2/1/00 102
50,000 ADT Operations, 8.25%,
due 8/1/00 52
50,000 American Standard, 9.875%,
due 6/1/01 53
100,000 Harrah's Jazz, 14.25%,
due 11/15/01(b) 51
50,000 Dayton-Hudson, 9.75%,
due 7/1/02 56
100,000 IBM Corp., 7.25%,
due 11/1/02 103
100,000 RJR Nabisco, Inc., 8.625%,
due 12/1/02 99
100,000 Webb, Del E., 9.75%,
due 3/1/03 103
100,000 Salomon, Inc., 6.75%,
due 1/15/06 93
1,018
Federal Home Bank Loan - 2.6%
100,000 6.44%, due 11/28/05 $97
Mortgage Obligations - 0.6%
21,123 GNMA, 8.50%, due 7/15/21 $22
Closed-End Bond Fund - 1.0%
4,500 Putnam Master Income Trust $36
Demand Notes - 18.3%
150,400 Eli Lilly - 4.96% $150
147,400 General Mills - 5.10% 148
97,100 Pitney Bowes - 5.11% 97
159,700 Sara Lee - 5.09% 160
131,200 Southwest Bell - 5.09% 131
686
Total Investments - 98.6%
(Cost: $3,769)(a) $3,687
Other Assets Less Liabilities - 1.4% $51
Net Assets - 100% $3,738
</TABLE>
Net Asset Value, offering price, and redemption price per
share($3,737,805/371,040 shares outstanding) $10.07
(a) Cost is identical for book and tax purposes; the aggregate gross
unrealized appreciation is $14 and aggregate gross unrealized
depreciation is $96, resulting in net unrealized depreciation of $82 (in
thousands).
(b)Harrah's Jazz filed a voluntary bankruptcy petition under Chapter 11
on November 22, 1995. Therefore the Fund ceased accruing interest on
that date. Harrah's Jazz filed a reorganization plan on April 3, 1996.
<PAGE>
Schedule of Investments
March 31, 1996 (unaudited)
MONETTA GOVERNMENT
MONEY MARKET FUND
<TABLE>
<CAPTION>
Shares or Quoted Market Value
Principal Amount (In Thousands)
<S> <C>
GOVERNMENT OBLIGATIONS - 46.6%
U. S. Treasury Bills - 46.6%
1,260,000 Due 4/4/96 $1,259
500,000 Due 6/20/96 495
645,000 Due 11/14/96 625
2,379
GOVERNMENT AGENCY - 53.0%
Federal Home Loan Mortgage Corp Discount Notes-15.2%
90,000 Due 4/04/96 $90
140,000 Due 5/07/96 139
50,000 Due 5/23/96 50
500,000 Due 6/11/96 495
774
Federal Home Loan Bank - 26.4%
230,000 Due 4/04/96 $230
135,000 Due 5/01/96 134
500,000 Due 7/18/96 493
160,000 Due 7/24/96 158
240,000 Due 7/26/96 236
100,000 Due 8/02/96 98
1,349
Federal National Mortgage Association - 11.4%
120,000 Due 5/24/96 $119
295,000 Due 6/27/96 291
175,000 Due 8/16/96 172
582
Total Investments - 99.6% $5,084
Other Assets Less Liabilities - 0.4% $18
Net Assets - 100% $5,102
</TABLE>
Net Asset Value, offering price, and redemption price per
share($5,102,463/5,102,463 shares outstanding) $ 1.00
(a) Cost is identical for book and tax purposes.
MONETTA FAMILY OF FUNDS
Monetta Fund, Inc.
Monetta Mid-Cap Equity Fund
Monetta Large-Cap Equity Fund
Monetta Balanced Fund
Monetta Intermediate Bond Fund
Monetta Government Money Market Fund
Monetta Funds
1776-A South Naperville Road
Suite 207
Wheaton, Illinois 60187
1-800-MONETTA
Quarterly Report
March 31, 1996
