United States
Securities and Exchange Commission
Washington, D.C. 20549

Form N-CSR

Certified Shareholder Report of Registered Management
Investment Companies

Investment Company Act File Number 811-04466

Monetta Fund, Inc.
(exact name of registrant as specified in charter)

1776-A S. Naperville Road
Suite 100
Wheaton, IL 60187-8133
(address of principal executive offices)

Arthur Don Esq.
Seyfarth Shaw LLP
55 E. Monroe Street, Suite 4200
Chicago, IL 60603
(name and address of agent for service)

Registrant's telephone number, including area code: (630) 462-9800

Date of fiscal year end: December 31

Date of reporting period: December 31, 2005

Form N-CSR is to be used by management Investment companies to file reports
with the Commission not later that 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940(17CFR270.30e-1).
The Commission may use the information provided on Form N-CSR in its
regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays current valid Office of Management and Budget ("OMB")
control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary , Securities and Exchange Commission, 450 Fifth Street,
NW, Washington, DC 20549-0609. The OMB has reviewed the collection of
information under the clearance requirements of 44 U.S.C. 3507.

Item 1. Annual Report to Shareholders

The following is a copy of the report transmitted to shareholders pursuant to
Rule 30e-1 under the Investment Company Act of 1940(17CFR270.30e-1).

Monetta Family
of Mutual Funds
No-Load

Monetta Fund

Monetta Trust
Select Technology Fund
Mid-Cap Equity Fund
Balanced Fund
Intermediate Bond Fund
Government Money
Market Fund

Annual Report
December 31, 2005

1-800-MONETTA
www.monetta.com

<page>

TABLE OF CONTENTS

Performance Highlights
Monetta Fund 4
Monetta Select Technology Fund 5
Monetta Mid-Cap Equity Fund 6
Monetta Balanced Fund 7
Monetta Intermediate Bond Fund 8
Monetta Government Money Market Fund 9

Disclosure Of Fund Expenses 10

Schedules of Investments
Monetta Fund 11
Monetta Select Technology Fund 14
Monetta Mid-Cap Equity Fund 15
Monetta Balanced Fund 18
Monetta Intermediate Bond Fund 22
Monetta Government Money Market Fund 25

Financial Statements
Statements of Assets & Liabilities 26
Statements of Operations 27
Statements of Changes in Net Assets 28
Notes to Financial Statements 30

Report Of Independent Registered Public Accounting Firm 40
Other Information 41
Directors/Trustees 43

Performance data quoted represents past performance; past performance
does not guarantee future results. The investment return and principal
value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Current
performance of the fund may be lower or higher than the performance quoted.
Performance data current to the most recent month end may be obtained by
calling 1-800-Monetta,or visiting www.Monetta.com

Principal Risks: 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 will significantly impact its 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 the fund's performance. For the twelve months ended December 31, 2005,
the Funds did not participate in IPO's. Historically, small company stocks
and mid-cap company stocks have been more volatile than large company stocks,
including the increased risk of price fluctuations. Growth stocks typically
are more volatile than value stocks; however, value stocks have a lower
expected growth rate in earnings and sales. Investments in debt securities
typically decrease in value when interest rates rise. This risk is usually
greater for longer-term debt securities.

While the Fund is no-load, management and other expenses still apply.
Please refer to the prospectus for further details.

References to individual securities are the views of the Adviser at the
date of this report and are subject to change. References are not a
recommendation to buy or sell any security. Fund holdings and compositions
are subject to change.

Participation in a dollar cost averaging plan does not assure a profit
and does not protect against a loss in declining markets.

Since indices are unmanaged, it is not possible to invest in them.
Sources for performance data include Lipper, Bloomberg L.P. and
Frank Russell Company.

This report must be preceded or accompanied by a Prospectus.
Please refer to the prospectus for important information about the
investment company including investment objectives, risks, charges and
expenses. Read it carefully before you invest or send money.

Opinions expressed are those of the fund managers and are not intended
to be a forecast of future events, a guarantee of future results,
nor investment advice. Distributor: Quasar Distributors, LLC 02/06.

Dear Fellow Shareholders: January 23, 2006

The year 2005 turned out to be a much better year for the U.S. economy
than many had initially expected, especially with major negative events
ranging from the rise in oil prices, the Iraq War and deadly hurricanes.
The confluence of good and bad news resulted in the major market indices
staying within a fairly tight trading band, with the S&P 500 Index,
including dividends, up 4.91% while the smaller capitalization NASDAQ
Index posted a moderate gain of 1.37%.

Energy, utilities and healthcare sectors posted the strongest gains,
while telecommunication services and consumer discretionary sectors
were the worst performers. Masking an overall lackluster stock market
were the gains in the energy sectors, which advanced approximately
30% during 2005.

Putting downward pressure on the financial markets were spiking energy
costs, rising short-term interest rates, concerns about a "housing bubble"
and the effects of Hurricane Katrina. On the positive side, U.S.
corporate profits generally have continued to surpass estimates
resulting in improved corporate balance sheets and dividend payouts.

The bond market, as measured by the Lehman Brothers Gov't/Credit
Intermediate Bond Index, was up a moderate 1.58% in 2005. In spite
of the Federal Reserve's aggressive monetary policy, inflationary
pressures remain subdued providing a floor or flating yield curve
under the bond market.

The market outlook for 2006 includes a widespread belief that the
market will rally following confirmation of a final Federal Reserve
rate hike. We believe that stock prices already reflect the end of the
Federal Reserve's tightening cycle and that the key drivers of 2006
performance will be a reacceleration in corporate earnings. Typically,
it takes about six months after the last rate hike before market
multiples begin to expand which suggests the latter half of 2006 providing
greater capital appreciation potential. The first half of the year is
expected to be mildly inflationary, as the Federal Reserve takes it foot
off the interest rate peddle. A key economic factor in 2006 will be the
extent that consumer spending slows under the weight of higher energy costs,
increased debt levels and moderate wage increases.

Current market momentum suggests favoring the energy, healthcare and
technology sectors while underweighting the consumer discretionary,
financial and housing sectors.

Please visit our website to enroll in the Monetta/Sage College
Tuition Rewards(tm) Program*. Since inception, the program has accumulated
the equivalent of $285,615 in tuition credits for shareholders.
Shareholders receive $500 in tuition credits upon enrolling in the
program and earn tuition credits annually, at a rate of 5%, based
on each shareholder's account balance.

I'd like to thank you for your continued support and the confidence
you've placed in Monetta. We look forward to a happy and prosperous 2006.

Sincerely,

Robert S. Bacarella
President, Founder and Portfolio Manager

*The Tuition Rewards(tm) will be remitted solely as a reduction from
the college's full tuition bill and not awarded in cash.

By enrolling in the SAGE Scholars Program you become a sponsor.
A sponsor must identify a designated student at least two years
before beginning college and can support multiple students from
the same family. Tuition Rewards(tm) credits are applied evenly
over a four-year undergraduate education and accumulate annually,
equal to 2.5% of the Monetta account value on June 30 and December
31 of each year. Each student can earn up to $24,710 in
Tuition Rewards(tm) or first year tuition, whichever is less at participating
colleges. College may blend Tuition Rewards(tm) into the total financial
reward package they offer to students.

Monetta Fund Period ended 12/31/05

Investment Objective: Market Capitalization: Total Net Assets:
Capital Appreciation $49 billion $59.3 million

PERFORMANCE: Average Annual Total Return
1 Year 5 Year 10 Year
Monetta Fund 15.40% 0.38% 4.25%
S&P 500 Index* 4.91% 0.54% 9.07%
Russell 3000 Growth Index* 5.17% -3.15% 6.48%

*Source Lipper and Frank Russell Company

[Performance Graph Appears Here]

Data For Performance Graph

Russell
Monetta 3000
Date Fund S & P Growth

Dec/95 10,000 10,000 10,000
Mar/96 10,154 10,537 10,541
Jun/96 10,469 11,009 11,205
Sep/96 10,450 11,349 11,557
Dec/96 10,162 12,295 12,188
Mar/97 9,424 12,625 12,123
Jun/97 11,361 14,825 14,401
Sep/97 13,632 15,935 15,614
Dec/97 12,823 16,392 15,691
Mar/98 14,233 18,677 18,019
Jun/98 12,956 19,298 18,663
Sep/98 9,912 17,383 16,748
Dec/98 11,664 21,105 21,186
Mar/99 10,354 22,156 22,405
Jun/99 11,851 23,718 23,436
Sep/99 11,991 22,238 22,555
Dec/99 17,706 25,545 28,352
Mar/00 21,051 26,130 30,419
Jun/00 20,356 25,435 29,496
Sep/00 19,117 25,188 27,938
Dec/00 14,877 23,218 21,996
Mar/01 12,173 20,467 17,486
Jun/01 13,259 21,664 19,083
Sep/01 10,279 18,486 15,263
Dec/01 11,743 20,460 17,679
Mar/02 11,478 20,499 17,230
Jun/02 10,784 17,754 14,047
Sep/02 9,887 14,688 11,871
Dec/02 9,951 15,926 12,723
Mar/03 9,319 15,425 12,564
Jun/03 11,087 17,799 14,438
Sep/03 11,352 18,270 15,069
Dec/03 12,943 20,493 16,664
Mar/04 12,842 20,840 16,854
Jun/04 12,197 21,198 17,155
Sep/04 12,172 20,802 16,248
Dec/04 13,135 22,755 17,817
Mar/05 12,984 22,266 17,047
Jun/05 13,957 22,571 17,482
Sep/05 14,830 23,384 18,218
Dec/05 15,159 23,870 18,739

Performance data quoted represents past performance; past performance
does not guarantee future results. The investment return and principal
value of an investment will fluctuate so that an investor's shares,
when redeemed, may be worth more or less than their original cost.
Current performance of the fund may be lower or higher than the
performance quoted. Performance data current to the most recent
month end may be obtained by calling 1-800-Monetta or visiting
www.Monetta.com.

The hypothetical graph to the right compares the change in value of a $10,000
investment in the Monetta Fund, the S&P 500 Index and the Russell 3000 Growth
Index, with dividend and capital gains reinvested.

The Russell 3000 Growth Index is an index that measures the performance of
the 3,000 large U.S. companies within the Russell 1000 and Russell 2000
indices.

The S&P 500 Index is the Standard & Poor's Index of 500 stocks, a widely
recognized, unmanaged index of common stock prices.

Since the Russell 3000 Growth Index is no longer an appropriate index,
it will not be reflected on the graph after 12/31/2005. Please refer
to footnote at bottom of Page 2.

Portfolio Composition

Healthcare-Services 9.6%
Telecommunications 6.5%
Semiconductors 5.4%
Oil & Gas 5.0%
Retail 4.6%
Pharmaceuticals 4.2%
Internet 4.1%
All Other Industries 58.0%
(A) 2.6%

(A) Short-term investments net of other assets and liabilities.

Top 5 Equity Holdings: % of Net Assets

UnitedHealth Group, Inc. 3.31%
General Electric Co. 2.16%
Burlington Northern Santa Fe Corp. 2.03%
McKesson Corp. 1.74%
Procter & Gamble Co. 1.66%

Total Top 5 Equity Holdings 10.90%

Commentary

The Monetta Fund posted a 15.40% return in 2005, which compares
favorably to the S&P 500 Index and Russell 3000 Growth Index
returns of 4.91% and 5.17%, respectively. For the three years
ended December 31, 2005, the Fund's 15.06% annualized return
also exceeded both the S&P 500 Index and Russell 3000 Growth
Index returns of 14.38% and 13.78%, respectively. Overall,
fund performance benefited from its energy and healthcare
weighting and a non-recurring class action settlement totaling
approximately $2.3 million.

During 2005 fund holdings were significantly reduced as we
concentrated the portfolio toward the mid-cap companies,
especially in the energy and healthcare sectors. As a
result, the Fund's average market capitalization declined
from approximately $55 billion to $49 billion at year end.
Although a significant number of holdings were eliminated
from the portfolio, fund turnover declined to 170.2%, the
lowest turnover ratio in several years. During 2005, net
realized gains on securities sold totaled $4.4 million,
however there were no capital gain distributions to
shareholders. The net realized gains were offset against
tax loss carry forwards, which at year end totaled
approximately $16.1 million, a significant future
tax benefit to shareholders.

Major sector changes during the year included a reduction
in the retail sector from 9.1% to 4.6% and the Home Building
sector from 4.5% to 0%, respectively. Sector weightings were
increased in Healthcare-Services from 4.0% to 9.6% and new
positions were established in the Iron/Steel sector totaling
2.7% at year end.

The best performing securities last year included Sunoco,
Inc., United Health Group, Inc. and Toll Brothers, Inc.,
representing 1.32%, 3.31% and 0.00%, respectively, of year
end net assets. Within sectors, Google, Inc. and Apple
Computer, Inc. were the Fund's top technology holdings,
representing 1.40% and 1.21% of year end net assets,
respectively. In the Transportation sector, Burlington
Northern Santa Fe Company was the top performer representing
2.03% of the year end net assets.

We were very aggressive in selling securities that did not
meet expectations or those that guided future estimates
lower, resulting in the sale of Cree, Inc., VeriSign, Inc.,
IBM and Alcoa, Inc.

Current market indicators signal that overall market
conditions are positive. The energy and healthcare sectors
continue to be favorable with the technology sector showing
increased investor interest. Performance in 2006 will largely
depend on increased corporate profitability and the consumer's
resilience to higher energy costs.

Monetta Select Technology Fund Period ended 12/31/05

Investment Objective: Market Capitalization: Total Net Assets:
Capital Appreciation $49 billion $1.5 million

PERFORMANCE: Average Annual Total Return
Since Inception
1 Year 5 Year 2/1/97
Select Technology Fund 3.02% -9.36% 1.66%
S&P 500* Index 4.91% 0.54% 6.98%
Merrill Lynch 100 Technology Index* 5.87% -5.46% 7.81%

*Source Lipper and Bloomberg L.P.

[Performance Graph Appears Here]

Data For Performance Graph

Merrill
Select S&P Lynch
DATE Tech 500 100 Tech

12/96 10,000 10,000 10,000
3/97 9,490 9,631 8,579
6/97 11,820 11,311 9,972
9/97 15,089 12,158 12,158
12/97 14,716 12,507 10,770
3/98 15,956 14,250 12,453
6/98 15,321 14,723 13,049
9/98 12,240 13,263 11,609
12/98 14,303 16,102 17,218
3/99 13,246 16,904 19,164
6/99 15,958 18,096 23,253
9/99 16,085 16,967 24,625
12/99 23,301 19,490 40,115
3/00 26,237 19,936 48,980
6/00 23,388 19,406 43,847
9/00 24,370 19,217 42,216
12/00 18,936 17,715 25,646
3/01 15,739 15,615 17,965
6/01 17,006 16,529 20,752
9/01 12,699 14,104 12,266
12/01 14,705 15,611 17,324
3/02 12,770 15,640 16,809
6/02 8,729 13,546 11,669
9/02 6,357 11,207 8,004
12/02 7,628 12,151 10,143
3/03 7,713 11,769 10,132
6/03 9,380 13,579 13,186
9/03 10,524 13,939 14,805
12/03 11,597 15,635 17,153
3/04 11,032 15,899 17,415
6/04 10,835 16,173 17,475
9/04 9,606 15,870 15,533
12/04 11,245 17,360 18,418
3/05 10,171 16,987 16,911
6/05 10,496 17,220 17,043
9/05 11,272 17,840 18,713
12/05 11,583 18,211 19,499

Performance data quoted represents past performance; past performance does not
guarantee future results. The investment return and principal value of an
investment will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than their original cost. Current performance of the
fund may be lower or higher than the performance quoted. Performance data
current to the most recent month end may be obtained by calling 1-800-Monetta
or visiting www.Monetta.com.

The hypothetical graph above compares the change in value of a $10,000
investment in the Monetta Select Technology Fund, the S&P 500 Index and
the Merrill Lynch 100 Technology Index, with dividends and capital gains
reinvested.

The S&P 500 Index is the Standard & Poor's Index of 500 stocks, a widely
recognized, unmanaged index of common stock prices.

The Merrill Lynch 100 Technology Index is an equal-dollar weighted index
of 100 stocks designed to measure the performance of a cross section of
large, actively traded technology stocks and ADR's. Please refer to footnote
at bottom of Page 2.

Portfolio Composition

Semiconductors 28.8%
Telecommunications 18.7%
Internet 14.6%
Computers 13.2%
Software 9.5%
Semiconductor Components-Integrated Circuits 6.4%
All Other Industries 7.0%
(A) 1.8%

(A) Short-term investments net of other assets and liabilities.

Top 5 Equity Holdings: % of Net Assets

Google, Inc. - CL A 8.04%
Advanced Micro Devices, Inc. 5.93%
Motorola, Inc. 5.11%
National Semiconductor Corp. 5.03%
Intel Corp. 4.84%

Total Top 5 Equity Holdings 28.95%

Commentary

The Monetta Select Technology Fund posted a return of 3.02% in 2005.
This performance was in line with the major technology based indices, i.e.
Merrill Lynch 100 Technology and Goldman Sachs Technology indices, which
increased 5.87% and 2.02%, respectively, in 2005.

Because of the Fund's small asset base, which resulted in a high expense
ratio, we shifted the Fund to a more concentrated, large capitalization
portfolio that could benefit from a more favorable technology environment.

As reflected in the Fund's average market capitalization of $49.4 billion,
the Fund is weighted toward the larger capitalization companies. During the
year the Fund reduced the number of holdings from 84 to 26 issues while
maintaining diversification among technology sectors. The largest sector
weighting was in the semiconductor area followed by telecommunications,
which included such holdings as Motorola, Inc. and Qualcomm, Inc. representing
5.11% and 3.34%, respectively, of year end net assets.

The top performing issues last year included Google Inc., Apple Computer, Inc.,
Marvell Technology Group, Inc. and SanDisk Corp , representing 8.04%, 3.71%,
3.62% and 0.00% of year end net assets, respectively. The worst performing
issues were Avaya, Inc., and VeriSign, Inc. which declined due to earnings
results below expectations and lower guidance. Both securities were sold.

We believe the Fund is well positioned to take advantage of increased
investor interest in the large capitalization technology sector. It appears
that overall sector profitability is improving as corporations increase
capital spending in this area. In addition, the consumer demand for wireless
products should benefit companies such as Broadcom Corp, Marvell Technology
Group, Inc., and Qualcomm, Inc. representing 3.04%, 3.62% and 3.34% of year
end net assets, respectively.

Our investment strategy is to maintain a large capitalization, concentrated
investment portfolio. We intend to realize profits on extended positions
and reinvesting proceeds in companies demonstrating above average growth
characteristics. This is intended to be a high risk, high return fund
with above average volatility.

Monetta Mid-Cap Equity Fund Period ended 12/31/05

Investment Objective: Market Capitalization: Total Net Assets:
Capital Appreciation $8 billion $6.9 million

PERFORMANCE: Average Annual Total Return
1 Year 5 Year 10 Year
Mid-Cap Equity Fund 12.08% -7.39% 3.79%
S&P 400 Mid-Cap Index* 12.56% 8.60% 14.36%

*Source Lipper

[Performance Graph Appears Here]

Data For Performance Graph

DATE MIDCAP S & P 400

12/95 10,000 10,000
3/96 10,861 10,616
6/96 11,087 10,922
9/96 11,522 11,240
12/96 12,419 11,921
3/97 12,368 11,743
6/97 14,087 13,469
9/97 16,109 15,635
12/97 16,038 15,765
3/98 17,547 17,501
6/98 17,033 17,126
9/98 13,296 14,648
12/98 15,899 18,777
3/99 15,747 17,579
6/99 17,773 20,067
9/99 16,870 18,381
12/99 24,386 21,541
3/00 29,575 24,274
6/00 28,005 23,473
9/00 29,372 26,325
12/00 21,292 25,312
3/01 12,558 22,586
6/01 15,174 25,558
9/01 11,186 21,323
12/01 12,123 25,157
3/02 11,796 26,847
6/02 10,306 24,348
9/02 8,488 20,321
12/02 8,815 21,506
3/03 8,960 20,551
6/03 11,178 24,174
9/03 11,741 25,766
12/03 12,905 29,165
3/04 12,597 30,641
6/04 12,178 30,938
9/04 11,506 30,288
12/04 12,942 33,971
3/05 12,870 33,835
6/05 13,270 35,277
9/05 14,215 36,998
12/05 14,506 38,234

The hypothetical graph above compares the change in value of a $10,000
investment in the Monetta Mid-Cap Equity Fund to the S&P 400 Mid-Cap Index,
with dividends and capital gains reinvested.

The S&P 400 Mid-Cap Index is an unmanaged group of 400 domestic stocks
chosen for their market size, liquidity and industry group representation.
Please refer to footnote at bottom of Page 2.

Portfolio Composition

Healthcare-Services 8.7%
Telecommunications 5.8%
Oil & Gas 5.5%
Commercial Services 4.6%
Internet 4.6%
Pharmaceuticals 4.3%
Electronics 3.9%
Retail 3.9%
All Other Industries 56.5%
(A) 2.2%

(A) Short-term investments net of other assets and liabilities.

Top 5 Equity Holdings: % of Net Assets

E*Trade Financial Corp. 2.11%
Burlington Northern Santa Fe Corp. 2.05%
Celgene Corp. 1.87%
Starbucks Corp. 1.74%
Intuitive Surgical, Inc. 1.70%

Total Top 5 Equity Holdings 9.47%

Commentary

The Monetta Mid-Cap Equity Fund was up 12.08% in 2005, in line with the
12.56% return of its benchmark S&P 400 Mid-Cap Index. For the three years
ended December 31, 2005, the Fund's annualized investment return was 18.06%
compared to a 21.15% return of the S&P 400 Mid-Cap Index.

During the year, the Fund's average market capitalization stayed within a
narrow range of $7 to $8 billion. During 2005, portfolio holdings were
reduced from 111 issues to 87 issues while the Fund's portfolio turnover
ratio declined from 311.0% to 175.0%.

Net realized gains on securities sold totaled $763,000, which was
applied against tax loss carry forwards, which at year end totaled
approximately $5.3 million.

Sector weighting did not change materially during the year. Healthcare
Services was the largest sector weighting at year end, totaling 8.7%
of net assets.

New positions were established in the Engineering/Construction and
Coal sectors that represented 2.9% and 1.1% of the year end net assets,
respectively.

Compared to its benchmark index, the Fund is overweighted in the
Healthcare and Technology sectors while underweighted in Financial
Services and Industrial sectors.

The best performing securities in 2005 were Valero Energy Corporation,
Celgene Corporation and the Chicago Mercantile Exchange representing
1.49%, 1.87% and 0.00% of the year end net assets, respectively. Worst
performers included the Chicago Bridge and Iron Company and Verisign,
Inc. due to accounting issues and earnings dilution concerns. As a
result, both securities were sold.

The Fund continues to be invested in what we believe to be premier
mid-cap growth companies with above average growth prospects. The
Fund is diversified by sector and individual security holdings.
At year end, the top ten holdings represent 17.2% of year end
net assets.

Assuming the Federal Reserve stops tightening in 2006, and corporate
profitability improves, we believe that the mid-cap growth stock
sector will attract increased investor interest as multiples expand
on higher growth prospects.

Monetta Balanced Fund Period ended 12/31/05

Investment Objective: Market Capitalization: Average Maturity:
Capital Appreciation/Income $80 billion 6.0 Years

Total Net Assets:
$3.7 million

PERFORMANCE: Average Annual Total Return
1 Year 5 Year 10 Year
Balanced Fund 2.83% -1.68% 6.47%
S&P 500 Index* 4.91% 0.54% 9.07%
Lehman Bros. Gov't/Credit Bond Index* 2.37% 6.11% 6.17%

*Source Lipper

[Performance Graph Appears Here]

Data For Performance Graph

Lehman
DATE Balanced S&P 500 Corp/Govt Bond

12/95 10,000 10,000 10,000
3/96 10,485 10,537 9,766
6/96 11,222 11,009 9,812
9/96 11,819 11,349 9,985
12/96 12,593 12,295 10,290
3/97 12,583 12,625 10,202
6/97 13,792 14,827 10,573
9/97 15,478 15,938 10,943
12/97 15,264 16,395 11,294
3/98 16,316 18,681 11,466
6/98 15,941 19,301 11,682
9/98 14,133 17,386 12,260
12/98 16,581 21,109 12,276
3/99 17,853 22,160 12,128
6/99 18,635 23,722 11,995
9/99 18,230 22,242 12,060
12/99 21,490 25,549 12,010
3/00 23,181 26,134 12,333
6/00 22,625 25,439 12,512
9/00 23,392 25,192 12,871
12/00 20,383 23,222 13,434
3/01 16,484 20,470 13,864
6/01 17,381 21,668 13,905
9/01 15,733 18,489 14,567
12/01 16,847 20,464 14,576
3/02 16,335 20,503 14,507
6/02 14,933 17,758 15,051
9/02 13,776 14,691 15,909
12/02 14,440 15,929 16,185
3/03 14,390 15,428 16,451
6/03 15,928 17,801 17,031
9/03 16,235 18,272 16,944
12/03 17,248 20,496 16,939
3/04 17,543 20,842 17,460
6/04 17,205 21,201 16,907
9/04 17,134 20,804 17,509
12/04 18,203 22,758 17,649
3/05 17,901 22,269 17,531
6/05 18,155 22,574 18,134
9/05 18,546 23,386 17,960
12/05 18,720 23,873 18,067

Performance data quoted represents past performance; past performance does
not guarantee future results. The investment return and principal value of
an investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than their original cost. Current performance of
the fund may be lower or higher than the performance quoted. Performance
data current to the most recent month end may be obtained by calling
1-800-Monetta or visiting www.Monetta.com.

The hypothetical graph above compares the change in value of a $10,000
investment in the Monetta Balanced Fund to the S&P 500 Index, with dividends
and capital gains reinvested, and the Lehman Bros. Gov't/Credit Bond Index.

The S&P 500 Index is the Standard & Poor's Index of 500 stocks,
a widely recognized, unmanaged index of common stock prices.

The Lehman Brothers Gov't/Credit Bond Index is a market value weighted
performance benchmark which includes virtually every major U.S. government
and investment-grade rated corporate bond with 1-30 years remaining until
maturity. Please refer to footnote at bottom of Page 2.

Portfolio Composition

Common Stocks 59.9%
Corporate Bonds 25.7%
U.S. Gov't Agencies 5.0%
Treasury Notes 7.0%
(A) 2.4%

(A) Short-term investments net of other assets and liabilities.

Top 5 Equity Holdings: % of Net Assets

Phelps Dodge Corp. 2.31%
Gilead Sciences, Inc. 2.11%
Microsoft Corp. 2.10%
Altria Group, Inc. 2.00%
The Walt Disney Co. 1.93%

Total Top 5 Equity Holdings 10.45%

Commentary

The Monetta Balanced Fund appreciated 2.83% in 2005 compared to the returns
of the S&P 500 Index and the Lehman Gov't /Credit Bond Index of 4.91% and
2.37%, respectively.

At December 31, 2005, the Fund's portfolio mix was approximately 60% equity,
40% fixed income, an asset category mix that was maintained throughout the
year. The number of equity portfolio holdings were reduced from 55 issues to
40 issues at year end. Portfolio turnover declined to 76.5% in 2005 from 148.6%
in 2004. The Fund's equity holdings consist primarily of large capitalization
growth companies as reflected by the $80 billion average market capitalization.

At year end, the largest sector weighting was telecommunications, representing
4.8% of year end net assets. During 2005, the only major sector shift was in
the media sector, which declined from 7.1% to 3.1% at year end, as Comcast
Corp. and Liberty Media were sold due to deteriorating industry fundamentals.

Best performing stocks included E-Trade Financial Corp.,Valero Energy Corp.
and Phelps Dodge Corp., which represented 1.68%, 1.38% and 2.31%, respectively,
of year end net assets.

The fixed income portion of the Fund continues to be positioned defensively.
Holdings are primarily investment grade corporates or treasury issues with an
average duration of 4.55 years.

The general consensus is that the Federal Reserve will move away from its
restrictive stance in 2006. As the Federal Reserve moves to the sideline,
investor focus should shift to inflation expectations. If inflation remains
moderate, this should be positive for stocks and mid-range maturity bonds,
which could provide a reasonable level of risk/return opportunity.

Overall, we believe the Fund is positioned to benefit from an improving
economic environment, moderate inflation and increased investor interest
in large capitalization issues.

Monetta Intermediate Bond Fund Period ended 12/31/05

Investment Objective: 30-Day SEC Yield: Average Maturity:
Income 3.55% 3.5 Years

Total Net Assets:
$8.2 million

PERFORMANCE: Average Annual Total Return
1 Year 5 Year 10 Year
Monetta Intermediate Bond Fund 1.05% 4.14% 5.39%
Lehman Bros. Intermediate
Gov't/Credit Bond Index* 1.58% 5.50% 5.80%

*Source Lipper

[Performance Graph Appears Here]

Data For Performance Graph

Lehman
DATE Monetta Int.Corp/Bond

12/95 10,000 10,000
3/96 9,970 9,917
6/96 10,120 9,979
9/96 10,342 10,156
12/96 10,645 10,405
3/97 10,619 10,393
6/97 10,980 10,700
9/97 11,324 10,989
12/97 11,593 11,224
3/98 11,760 11,399
6/98 12,008 11,614
9/98 12,524 12,135
12/98 12,564 12,171
3/99 12,660 12,148
6/99 12,515 12,100
9/99 12,728 12,211
12/99 12,765 12,217
3/00 12,948 12,400
6/00 12,944 12,610
9/00 13,333 12,973
12/00 13,803 13,453
3/01 14,291 13,909
6/01 14,421 14,002
9/01 15,007 14,646
12/01 14,416 14,658
3/02 14,257 14,626
6/02 14,807 15,147
9/02 15,376 15,833
12/02 15,747 16,100
3/03 16,027 16,343
6/03 16,407 16,788
9/03 16,323 16,785
12/03 16,341 16,795
3/04 16,689 17,210
6/04 16,315 16,776
9/04 16,681 17,231
12/04 16,729 17,306
3/05 16,642 17,156
6/05 16,986 17,581
9/05 16,879 17,490
12/05 16,903 17,579

Performance data quoted represents past performance; past performance does
not guarantee future results. The investment return and principal value of
an investment will fluctuate so that an investor's shares, when redeemed,
may be worth more or less than their original cost. Current performance of
the fund may be lower or higher than the performance quoted. Performance
data current to the most recent month end may be obtained by calling
1-800-Monetta or visiting www.Monetta.com.

Prior to July 1, 2001, total returns are net of a portion or all of the
advisory fees waived by the Adviser. Effective July 1, 2001, the Adviser
elected not to waive any portion of the management fee. The hypothetical
graph above compares the change in value of a $10,000 investment in the
Monetta Intermediate Bond Fund to the Lehman Bros. Intermediate Government/
Credit Bond Index.

The Lehman Brothers Intermediate Government/Credit Bond Index is a market
value weighted performance benchmark which includes virtually every major
U.S. government and investment-grade rated corporate bond with 1-10 years
remaining until maturity. Please refer to footnote at bottom of Page 2.

Portfolio Composition

Corporate Bonds 76.5%
U.S. Gov't Agencies 11.4%
Treasury Notes 11.0%
(A) 1.1%

(A) Short-term investments net of other assets and liabilities.

Maturity Profile: % of Net Assets

1 Year or Less 22.68%
1-3 Years 30.73%
3-6 Years 25.26%
6-10 Years 21.33%
Over 10 Years 0.00%

Total 100.00%

Commentary

The Monetta Intermediate Bond Fund had a gross return of 2.60%
(1.05% net of expenses) for the twelve months ended December 31, 2005 versus
its benchmark Lehman Brothers Intermediate Government/Credit Index return
of 1.58%.

The global bond market for the whole of 2005 was conflicted and contradictory
but it also presented us with several surprises. Major reservations regarding
economic strength, inflation, interest rates, and corporate credit have not
been completely put to rest despite a year that will be recalled as the high
point of the first business cycle uplift of the 21st century.

Long bond yields are now essentially flat with short-term yields as the federal
funds rate has increased 325 basis points to 4.25%. During the last week of
2005, the U.S. Treasury 10-year bond (4.39%) sank below the 2-year Treasury
(4.40%) inverting for the first time since 2000. An inverted curve usually
precedes economic decelerations, but even Federal Reserve Chairman Greenspan
believes times have changed and has commented that the yield curve in recent
years has lost it's capability to indicate when a recession or recovery was
about to occur. In 2005, we witnessed 3.5% - 4.0% economic growth and rising
commodity prices but, in contrast to historic experience, core inflation budged
only slightly and the 30-year Treasury yield dropped from 4.87% to 4.54%.
Foreign demand for U.S. dollar denominated fixed income securities last year
has been the primary reason that bond yields have remained low. Foreign
investors purchased 99% of the U.S. Treasury's net new issuance and 80% of
overall issuance in 2005 compared to foreign demand of almost zero in 2001.
It is also surprising that the higher yielding corporate, or credit portion,
of the bond market underperformed its government counterpart in 2005 despite
historical evidence that would have suggested otherwise. The primary reason
for this corporate underperformance is largely due to the transition of the
U.S auto sector to speculative-grade (high yield) status and the investor
anxiety over growing negative event risk in corporate America.

The Fund continues to maintain an average portfolio rated "A" credit quality,
as defined by the three main nationally recognized rating agencies - Moody's,
S & P and Fitch, with an average maturity of 3.5 years (slightly shorter than
usual as the flatter curve has provided little to no incremental yield
advantage for taking longer maturity risk). Heading into 2006, we will continue
to overweight the corporate credit sector, particularly the utility sector
because of the conservative industry characteristics, to generate incremental
yield. We see three primary areas to watch for signs of volatility in the
upcoming year - stability of housing markets, continued strength of U.S. dollar
and benign core inflation maintenance.

Monetta Government Money Market Fund Period ended 12/31/05

Investment Objective: 7-Day Yield: Average Days to Maturity:
Income and Capital Preservation 3.44%** 27 Days

Total Net Assets:
$3.2 million

PERFORMANCE: Average Annual Total Return
1 Year 5 Year 10 Year
Monetta Government
Money Market Fund 2.54%** 1.77%** 3.50%**
Lipper US Gov't Money
Market Funds Avg.* 2.43% 1.62% 3.34%

*Source Lipper

[Performance Graph Appears Here]

Data For Performance Graph

Lipper
US Gov't
Money Market
DATE Monetta Index

12/95 10,000 10,000
3/96 10,124 10,121
6/96 10,247 10,241
9/96 10,375 10,365
12/96 10,506 10,491
3/97 10,636 10,615
6/97 10,767 10,745
9/97 10,905 10,879
12/97 11,047 11,017
3/98 11,187 11,152
6/98 11,331 11,290
9/98 11,479 11,430
12/98 11,625 11,562
3/99 11,761 11,685
6/99 11,896 11,811
9/99 12,035 11,944
12/99 12,188 12,091
3/00 12,350 12,247
6/00 12,528 12,418
9/00 12,721 12,605
12/00 12,924 12,796
3/01 13,095 12,961
6/01 13,227 13,092
9/01 13,332 13,197
12/01 13,397 13,262
3/02 13,440 13,308
6/02 13,486 13,353
9/02 13,530 13,393
12/02 13,564 13,427
3/03 13,584 13,451
6/03 13,606 13,471
9/03 13,624 13,484
12/03 13,640 13,496
3/04 13,657 13,508
6/04 13,673 13,520
9/04 13,707 13,543
12/04 13,758 13,581
3/05 13,818 13,636
6/05 13,894 13,709
9/05 13,990 13,801
12/05 14,106 13,913

Performance data quoted represents past performance; past performance does
not guarantee future results. Current performance of the fund may be lower
or higher than the performance quoted. Performance data current to the most
recent month end may be obtained by calling 1-800-Monetta or visiting
www.Monetta.com.

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. The hypothetical graph above compares the change in value
of a $10,000 investment in the Monetta Government Money Market Fund to
the Lipper U.S. Government Money Market Funds Average.

The Lipper U.S. Government Money Market Funds Average is a performance
benchmark which includes funds invested principally in financial instruments
issued or guaranteed by the U.S. government, its agencies or its
instrumentalities, with dollar-weighted average maturities of less
than 90 days.

**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 yield would have
been 2.62%, versus 3.44%, on December 31, 2005. The 7-day yield will
vary, and the yield quotation more closely reflects the current earnings
of the Fund than the total return quotation. Please refer to footnote
at bottom of Page 2.

Portfolio Composition

FEDERAL FARM CREDIT BANK 9.2%
FEDERAL HOME LOAN BANK 23.3%
FEDERAL NATIONAL MORTGAGE ASSOC. 46.9%
FEDERAL HOME LOAN MORTGAGE CORP. 20.8%
(A) -0.2%

(A) Net of other assets and liabilities.

Allocation:

Government Obligations 100.2%
Other Assets Less Liabilities (0.2)%

Total 100.0%

Commentary

The Monetta Government Money Market Fund gained 2.54% for the twelve
months ended December 31, 2005. This compared favorably to the Lipper
U.S. Government Money Market Funds category, which gained 2.43%.

Once again the U.S. economy revealed its resilient nature during 2005.
Economic growth accelerated from 3.5% in the first half of the year to
an estimated 4%+ in the last half of the year. On the heels of this strong
growth, the Federal Reserve finished the year by raising rates twice in
the fourth quarter - for the 12th and 13th consecutive time - bringing
the federal funds rate to 4.25%. This has resulted in a yield curve that
is on the verge of being inverted for the first time in almost five years.
Since June of 2004, 2-year Treasury rates have risen 168 basis points while
10-year Treasury rates have fallen by 22 basis points. The Federal Reserve's
long tightening cycle looks set to come to at least a pause in the first
quarter of 2006. It appears that the current level of rates is more neutral
than accommodative, but not restrictive. Interestingly, following the three
major tightening cycles in the past twenty years, the Federal Reserve
actually lowered rates within four to eight months as a result of economic
slowing. Another important fact is that most recessions in the last forty
years have been triggered by a combination of aggressive anti-inflation
tightening and a major economic or energy shock. So far, energy prices have
been absorbed quite smoothly. In addition, the business sector is in solid
shape, which is essential to an economy that desperately needs to wean itself
off strong consumer spending as the sole driver of our economic engine.
Although we believe that the Federal Reserve is coming to the end of its
policy of normalizing rates, a shift to actively tight monetary policy appears
unlikely near term, but is quite possible later in 2006 as economic expansion,
both in the U.S. and abroad, becomes more balanced.

The Fund will continue to overweight the agency discount note sector versus
Treasury bills because of the incremental yield benefit that this sector
continues to provide. Our current strategy is to maintain the relatively
short average life of the Fund until such time as the Federal Reserve's
fiscal policy becomes more definitive.

Disclosure Of Fund Expenses December 31, 2005

As a shareholder of a mutual fund, you incur two types of costs: (1)
transaction costs, including sales charges (loads) on purchase payments
and redemption fees; if any; and (2) ongoing costs, including management
fees; distribution and/or service fees (12b-1); and other Fund expenses.
This Example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with
the ongoing costs of investing in other mutual funds. The Example is
based on an investment of $1,000 invested at the beginning of the period
and held for the most recent semi-annual period, July 1, 2005 -
December 31, 2005.

ACTUAL EXPENSES
The table below provides information about actual account values and actual
expenses. The example below includes, but is not limited to, management fees,
distribution and shareholder servicing fees, fund accounting, custody and
transfer agent fees. However, the Example below does not include portfolio
trading commissions and related expenses. You may use the information in
this table, together with the amount you invested, to estimate the expenses
that you paid over the period. Simply divide your account value by $1,000
(for example, an $8,600 account value divided by $1,000 = 8.6), then multiply
the result by the number in the table under the heading entitled "Actual
Expenses Paid During Period" to estimate the expenses you paid on your
account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The table below also provides information about hypothetical account values
and hypothetical expenses based on the Fund's actual expense ratio and an
assumed rate of return of 5% per year before expenses, which is not the Fund's
actual return. The hypothetical account values and expenses may not be used
to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing
in the Fund and other funds. To do so, compare this 5% hypothetical example
with the 5% hypothetical examples that appear in the shareholder reports of
the other funds.

Please note that the expenses shown in the table are meant to highlight
your ongoing costs only and do not reflect any transactional costs, such
as sales charges (loads) on purchase payments and redemption fees, if any.
Therefore, the hypothetical information is useful in comparing ongoing
costs only, and will not help you determine the relative total costs of
owning different funds. In addition, if these transactional costs were
included, your costs would have been higher.

BEGINNING ENDING EXPENSES PAID
ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD* ANNUALIZED
7/1/05 12/31/05 7/1/05-12/31/05 EXPENSE RATIO
ACTUAL
Monetta Fund $ 1,000 $ 1,070.15 $ 9.05 1.78%
Select Technology Fund 1,000 989.71 25.31 5.08%
Mid-Cap Equity Fund 1,000 1049.69 11.93 2.34%
Balanced Fund 1,000 1,000.94 13.21 2.64%
Intermediate Bond Fund 1,000 997.64 7.60 1.52%
Gov't Money Market Fund 1,000 1,005.09 7.63 2.04%**

HYPOTHETICAL (5% ANNUAL RETURN BEFORE EXPENSES)
Monetta Fund $ 1,000 $ 1,016.24 $ 8.92 1.78%
Select Technology Fund 1,000 999.56 25.42 5.08%
Mid-Cap Equity Fund 1,000 1,013.37 11.76 2.34%
Balanced Fund 1,000 1,011.85 13.27 2.64%
Intermediate Bond Fund 1,000 1,017.50 7.67 1.52%
Gov't Money Market Fund 1,000 1,017.50 7.67 2.04%**

* Expenses are equal to the Fund's annualized expense ratio, multiplied
by the average account value over the period, multiplied by 183 (days in
most recent fiscal half-year)/365 days (to reflect the one-half year period).

** The Adviser voluntarily waived the management fee and the Board of Trustees
waived all of the Distribution and Service (12b-1) Fees resulting in an actual
expense ratio of 2.04% versus 0.63%.

Schedule of Investments December 31, 2005
Monetta Fund
COMMON STOCKS - 97.4% VALUE
NUMBER OF SHARES

Aerospace/Defense - 2.8%
7,000 Boeing Co. $491,680
5,200 General Dynamics Corp. 593,060
8,800 Lockheed Martin Corp. 559,944
1,644,684
Agriculture - 1.0%
23,000 Archer-Daniels-Midland Co. 567,180

Auto Parts & Equipment - 0.6%
*20,000 The Goodyear Tire & Rubber Co. 347,600

Banks - 2.5%
18,500 U.S. Bancorp 552,965
15,000 Wells Fargo & Co. 942,450
1,495,415

Beverages - 0.4%
4,000 PepsiCo, Inc. 236,320

Biotechnology - 2.4%
*6,000 Amgen, Inc. 473,160
*5,000 Biogen Idec, Inc. 226,650
*4,000 Genentech, Inc. 370,000
*5,000 Genzyme Corp. 353,900
1,423,710

Building Materials - 1.4%
9,000 Cemex S.A. - SP ADR (b) 533,970
4,000 Vulcan Materials Co. 271,000
804,970
Coal - 2.3%
7,000 Arch Coal, Inc. 556,500
9,500 Peabody Energy Corp. 782,990
1,339,490

Commercial Services - 1.7%
20,000 McKesson Corp. 1,031,800

Computers - 2.1%
*10,000 Apple Computer, Inc. 718,900
10,000 Hewlett-Packard Co. 286,300
*10,000 Network Appliance, Inc. 270,000
1,275,200
Cosmetics/Personal Care - 1.7%
17,000 Proctor & Gamble Co. 983,960

VALUE
NUMBER OF SHARES

Diversified Financial Services - 3.8%
9,000 Calamos Asset Management,
Inc. - CL A $283,050
5,000 Merrill Lynch & Co., Inc. 338,650
1,000 The Chicago Mercantile Exchange 367,490
6,500 The Goldman Sachs Group, Inc. 830,115
30,000 The Charles Schwab Corp. 440,100
2,259,405
Electric - 3.8%
9,000 American Electric Power Co., Inc. 333,810
15,000 Duke Energy Corp. 411,750
6,100 Edison Int'l 266,021
14,000 PPL Corp. 411,600
16,000 TXU Corp. 803,040
2,226,221

Electrical Component & Equipment - 1.1%
8,000 AMETEK, Inc. 340,320
4,500 Emerson Electric Co. 336,150
676,470

Electronics - 0.5%
*8,000 Jabil Circuit, Inc. 296,720

Engineering & Construction - 0.6%
13,000 Chicago Bridge & Iron Co. 327,730

Entertainment - 1.1%
8,000 Int'l Game Technology 246,240
*12,000 Penn National Gaming, Inc. 395,400
641,640
Food - 1.8%
35,000 Safeway, Inc. 828,100
*13,000 The Kroger Co. 245,440
1,073,540

Healthcare-Products - 1.0%
10,000 Johnson & Johnson 601,000

Healthcare-Services - 9.6%
5,000 Aetna, Inc. 471,550
*9,000 Coventry Health Care, Inc. 512,640
10,000 HCA, Inc. 505,000
10,000 Health Management
Associates, Inc. - CL A 219,600

Schedule of Investments December 31, 2005
Monetta Fund (Cont'd)
COMMON STOCKS VALUE
NUMBER OF SHARES

*10,000 Humana, Inc. $543,300
*12,000 Laboratory Corp. of
America Holdings 646,200
8,000 Quest Diagnostics, Inc. 411,840
31,600 UnitedHealth Group, Inc. 1,963,624
*5,000 WellPoint, Inc. 398,950
5,672,704

Insurance - 3.4%
10,000 American Int'l Group, Inc. 682,300
24,000 Marsh & McLennan
Companies, Inc. 762,240
6,100 The Chubb Corp. 595,665
2,040,205
Internet - 4.1%
*15,000 Audible, Inc. 192,600
*15,000 eBay, Inc. 648,750
*2,000 Google, Inc. - CL A 829,720
*20,000 Yahoo! Inc. 783,600
2,454,670
Iron/Steel - 2.7%
11,000 Allegheny Technologies, Inc. 396,880
12,000 Nucor Corp. 800,640
9,000 United States Steel Corp. 432,630
1,630,150

Lodging - 0.6%
*7,000 Wynn Resorts, Ltd. 383,950

Machinery-Construction & Mining - 3.2%
10,000 Caterpillar, Inc. 577,700
15,000 Joy Global, Inc. 600,000
*12,000 Terex Corp. 712,800
1,890,500

Machinery-Diversified - 0.5%
*7,000 Zebra Technologies Corp. 299,950

Media - 2.6%
40,000 The Walt Disney Co. 958,800
35,000 Time Warner, Inc. 610,400
1,569,200

Metal Fabricate/Hardware - 1.5%
10,000 Commercial Metals Co. 375,400
10,000 Precision Castparts Corp. 518,100
893,500

VALUE
NUMBER OF SHARES

Miscellaneous Manufacturing - 2.9%
36,500 General Electric Co. $1,279,325
5,000 Illinois Tool Works, Inc. 439,950
1,719,275
Oil & Gas - 5.0%
10,000 Chesapeake Energy Corp. 317,300
6,000 ENSCO Int'l, Inc. 266,100
10,000 Marathon Oil Corp. 609,700
*5,000 Nabors Industries Ltd. 378,750
10,000 Sunoco, Inc. 783,800
6,000 Todco - CL A 228,360
8,000 Valero Energy Corp. 412,800
2,996,810
Oil & Gas Services - 2.8%
*9,000 Cal Dive Int'l, Inc. 323,010
*8,000 Grant Prideco, Inc. 352,960
10,000 Halliburton Co. 619,600
*10,000 Weatherford Enterra, Inc. 362,000
1,657,570

Pharmaceuticals - 4.2%
9,000 Cardinal Health, Inc. 618,750
*7,000 Caremark RX, Inc. 362,530
*7,000 Express Scripts, Inc. 586,600
*5,000 Gilead Sciences, Inc. 263,150
*14,000 King Pharmaceuticals, Inc. 236,880
*89 OSI Pharmaceuticals,
Inc. - RT (c) 4
10,000 Teva Pharmaceutical
Industries Ltd. - SP ADR (b) 430,100
2,498,014

Retail - 4.6%
5,000 Abercrombie & Fitch Co. - CL A 325,900
6,000 Home Depot, Inc. 242,880
5,000 Lowe's Companies, Inc. 333,300
12,000 McDonald's Corp. 404,640
*5,000 Panera Bread Co. - CL A 328,400
*20,000 Starbucks, Corp. 600,200
10,000 Wal-Mart Stores, Inc. 468,000
2,703,320
Semiconductors - 5.4%
*10,000 Advanced Micro Devices, Inc. 306,000
*10,000 Broadcom Corp. - CL A 471,500
*10,000 Freescale Semiconductor,
Inc. - CL B 251,700
21,000 Intel Corp. 524,160

Schedule of Investments December 31, 2005
Monetta Fund (Cont'd)
COMMON STOCKS VALUE
NUMBER OF SHARES

5,000 KLA-Tencor Corp. $246,650
*30,000 Micron Technology, Inc. 399,300
20,000 National Semiconductor Corp. 519,600
15,000 Texas Instruments, Inc. 481,050
3,199,960

Software - 2.6%
10,000 Global Payments, Inc. 466,100
20,000 Microsoft Corp. 523,000
*20,000 Red Hat, Inc. 544,800
1,533,900

Telecommunications - 6.5%
10,000 America Movil S.A.
de C.V. - ADR Series L (b) 292,600
12,000 Corning, Inc. 235,920
*10,000 Crown Castle Int'l Corp. 269,100
10,000 Harris Corp. 430,100
*15,000 Juniper Networks, Inc. 334,500
40,000 Motorola, Inc. 903,600
20,000 Qualcomm, Inc. 861,600
22,000 Sprint Nextel Corp. 513,920
3,841,340

Transportation - 2.6%
17,000 Burlington Northern
Santa Fe Corp. 1,203,940
6,700 CSX Corp. 340,159
1,544,099

Total Common Stocks $57,782,172
(Cost $50,764,391) (a)

VALUE
NUMBER OF SHARES
VARIABLE DEMAND NOTES - 2.9%
PRINCIPAL AMOUNT
695,100 American Family Financial
Services Co. - 4.03% $695,100
1,013,500 Wisconsin Corp. Central
Credit Union - 4.05% 1,013,500
1,708,600

Total Investments - 100.3% 59,490,772
(Cost $52,472,991) (a)

Other Net Assets
Less Liabilities - (0.3%) (165,819)

Net Assets - 100% $59,324,953

(a) Cost for tax purposes is $52,475,430; the aggregate gross
unrealized appreciation for tax purposes is $7,641,931 and
aggregate gross unrealized depreciation for tax purposes is
$626,589, resulting in net unrealized appreciation for tax
purposes of $7,015,342. The difference between book basis
and tax basis net unrealized appreciation is attributable
primarily to the tax deferral of losses on wash sales.

(b) American Depository Receipt (ADR).

(c) Right (RT) - security giving the holder the entitlement
to purchase new shares issued by the corporation, at a
specified price within a specified period of time.

See accompanying notes to financial statements.

* Non-income producing security.

Schedule of Investments December 31, 2005
Monetta Select Technology Fund
COMMON STOCKS - 98.2% VALUE
NUMBER OF SHARES

Computers - 13.2%
*800 Apple Computer, Inc. $57,512
2,000 Electronic Data Systems Corp. 48,080
*3,000 EMC Corp. 40,860
2,000 Hewlett-Packard Co. 57,260
203,712

Electronic Components-Semiconductor - 28.8%
*3,000 Advanced Micro Devices, Inc. 91,800
*1,000 Broadcom Corp. - CL A 47,150
3,000 Intel Corp. 74,880
*4,000 Micron Technology, Inc. 53,240
3,000 National Semiconductor Corp. 77,940
*1,000 NVIDIA Corp. 36,560
2,000 Texas Instruments, Inc. 64,140
445,710
Internet - 14.6%
*1,000 eBay, Inc. 43,250
*300 Google, Inc. - CL A 124,458
*1,500 Yahoo! Inc. 58,770
226,478
Media - 3.5%
*2,000 XM Satellite Radio
Holdings, Inc. - CL A 54,560

Semiconductor Components-
Integrated Circuits - 6.4%
*3,000 Cypress Semiconductor Corp. 42,750
*1,000 Marvell Technology Group Ltd. 56,090
98,840
Semiconductor Equipment - 3.5%
3,000 Applied Materials, Inc. 53,820

Software - 9.5%
*2,000 BMC Software, Inc. 40,980
2,000 Microsoft Corp. 52,300
*2,000 Red Hat, Inc. 54,480
147,760

Telecommunications - 18.7%
*2,000 Comverse Technology, Inc. 53,180
3,000 Corning, Inc. 58,980
3,500 Motorola, Inc. 79,065
1,200 Qualcomm, Inc. 51,696
2,000 Sprint Nextel Corp. 46,720
289,641

VALUE
NUMBER OF SHARES

Total Common Stocks $1,520,521
(Cost $1,208,746) (a)

VARIABLE DEMAND NOTES - 2.4%
PRINCIPAL AMOUNT
37,300 Wisconsin Corp. Central
Credit Union - 4.05% 37,300

Total Investments - 100.6% 1,557,821
(Cost $1,246,046) (a)

Other Net Assets Less
Liabilities - (0.6%) (9,292)

Net Assets - 100% $1,548,529

(a) Cost for book and tax purposes is $1,246,046; the aggregate gross
unrealized appreciation for tax purposes is $341,128 and aggregate
gross unrealized depreciation for tax purposes is $29,353, resulting
in net unrealized appreciation for tax purposes of $311,775.

See accompanying notes to financial statements.

* Non-Income producing security.

Schedule of Investments December 31, 2005
Monetta Mid-Cap Equity Fund
COMMON STOCKS - 97.8 % VALUE
NUMBER OF SHARES

Aerospace/Defense - 0.9%
*2,500 AAR Corp. $59,875

Airlines - 1.6%
*5,000 AMR Corp. 111,150

Banks - 1.0%
2,000 Commerce Bancorp, Inc. 68,820

Biotechnology - 3.8%
*2,000 Celgene Corp. 129,600
*2,000 MedImmune, Inc. 70,040
*1,000 Millipore Corp. 66,040
265,680

Building Materials - 2.2%
1,500 Florida Rock Industries, Inc. 73,590
1,000 Martin Marietta Materials, Inc. 76,720
150,310
Chemicals - 2.6%
2,000 Lubrizol Corp. 86,860
2,000 The Sherwin-Williams Co. 90,840
177,700

Coal - 1.1%
1,000 Arch Coal, Inc. 79,500

Commercial Services - 4.6%
*2,000 Iron Mountain, Inc. 84,440
2,000 McKesson Corp. 103,180
1,000 Pharmaceutical Product
Development, Inc. 61,950
*5,000 Quanta Services, Inc. 65,850
315,420

Computers - 1.4%
*2,000 Cognizant Technology
Solutions Corp. - CL A 100,700

Distribution/Wholesale - 0.9%
*1,500 WESCO Int'l, Inc. 64,095

Diversified Financial Services - 3.5%
*7,000 E*TRADE Financial Corp. 146,020
2,500 Raymond James Financial, Inc. 94,175
240,195

VALUE
NUMBER OF SHARES

Electric - 3.0%
1,000 Ameren Corp. $51,240
5,000 CenterPoint Energy, Inc. 64,250
1,000 DTE Energy Co. 43,190
1,000 FirstEnergy Corp. 48,990
207,670

Electrical Component & Equipment - 1.0%
*3,000 Encore Wire Corp. 68,280

Electronics - 3.9%
1,000 Garmin Ltd. 66,350
*2,000 Jabil Circuit, Inc. 74,180
3,000 PerkinElmer, Inc. 70,680
*2,000 Thermo Electron Corp. 60,260
271,470

Engineering & Construction - 2.9%
1,000 Fluor Corp. 77,260
*1,000 Jacobs Engineering Group, Inc. 67,870
*2,000 The Shaw Group, Inc. 58,180
203,310

Food - 0.9%
*2,000 Smithfield Foods, Inc. 61,200

Healthcare-Products - 2.7%
*3,000 Cytyc Corp. 84,690
*2,000 St. Jude Medical, Inc. 100,400
185,090

Healthcare-Services - 8.7%
*1,000 Community Health Systems, Inc. 38,340
*2,000 Covance, Inc. 97,100
*1,000 Coventry Health Care, Inc. 56,960
*1,000 Davita, Inc. 50,640
*1,200 Health Net, Inc. 61,860
*1,000 Intuitive Surgical, Inc. 117,270
2,000 Manor Care, Inc. 79,540
2,000 Quest Diagnostics, Inc. 102,960
604,670

Holding Companies-Diversified - 1.1%
1,500 Walter Industries, Inc. 74,580

Schedule of Investments December 31, 2005
Monetta Mid-Cap Equity Fund (Cont'd)
COMMON STOCKS VALUE
NUMBER OF SHARES

Home Builders - 0.9%
2,000 Winnebago Industries, Inc. $66,560

Home Furnishings - 0.8%
2,500 Furniture Brands Int'l, Inc. 55,825

Insurance - 3.0%
3,000 Marsh & McLennan
Companies, Inc. 95,280
2,000 SAFECO Corp. 113,000
208,280
Internet - 4.6%
*2,000 CheckFree Corp. 91,800
*1,000 F5 Networks, Inc. 57,190
*2,000 j2 Global Communications, Inc. 85,480
*2,000 Monster Worldwide, Inc. 81,640
316,110

Iron/Steel - 1.3%
1,000 Cleveland-Cliffs, Inc. 88,570

Leisure Time - 2.1%
2,000 Brunswick Corp. 81,320
1,300 Polaris Industries, Inc. 65,260
146,580

Lodging - 3.6%
1,500 Boyd Gaming Corp. 71,490
1,500 Harrah's Entertainment, Inc. 106,935
1,000 Station Casinos, Inc. 67,800
246,225

Machinery-Construction & Mining - 1.0%
1,500 JLG Industries, Inc. 68,490

Media - 1.8%
*10,000 Sirius Satellite Radio, Inc. 67,000
*2,000 XM Satellite Radio
Holdings, Inc. - CL A 54,560
121,560

Metal Fabricate/Hardware - 1.1%
2,000 Commercial Metals Co. 75,080

Miscellaneous Manufacturing - 0.8%
1,000 Actuant Corp. - CL A 55,800

VALUE
NUMBER OF SHARES

Oil & Gas - 5.5%
1,000 Diamond Offshore
Drilling, Inc. $69,560
1,000 Holly Corp. 58,870
1,500 Noble Energy, Inc. 60,450
2,000 Valero Energy Corp. 103,200
2,000 XTO Energy, Inc. 87,880
379,960

Packaging & Containers - 0.9
1,500 Ball Corp. 59,580

Pharmaceuticals - 4.3%
*3,000 Alkermes, Inc. 57,360
*1,000 Barr Pharmaceuticals, Inc. 62,290
1,000 Omnicare, Inc. 57,220
1,500 Shire Pharmaceuticals
Group - PLC - SP ADR (b) 58,185
*2,000 Watson Pharmaceuticals, Inc. 65,020
300,075

Pipelines - 2.2%
2,000 Equitable Resources, Inc. 73,380
2,500 National Fuel Gas Co. 77,975
151,355

Retail - 3.9%
*2,000 Chico's FAS, Inc. 87,860
*2,000 Office Depot, Inc. 62,800
*4,000 Starbucks, Corp. 120,040
270,700

Semiconductors - 0.9%
*2,000 Sirf Technology Holdings, Inc. 59,600

Software - 2.2%
*2,000 Blackboard, Inc. 57,960
*3,000 Salesforce.com, Inc. 96,150
154,110

Telecommunications - 5.8%
2,000 Harris Corp. 86,020
*2,000 NII Holdings, Inc. 87,360
2,000 Qualcomm, Inc. 86,160

Schedule of Investments December 31, 2005
Monetta Mid-Cap Equity Fund (Cont'd)
COMMON STOCKS VALUE
NUMBER OF SHARES

*10,000 Qwest Communications Int'l, Inc. $56,500
*2,000 Vimpel-Communications OAO - SP ADR (b) 88,460
404,500

Transportation - 3.3%
2,000 Burlington Northern Santa Fe Corp. 141,640
2,000 Landstar System, Inc. 83,480
225,120

Total Common Stocks 6,763,795
(Cost $5,610,456) (a)

VARIABLE DEMAND NOTES - 2.6%
PRINCIPAL AMOUNT
20,600 American Family Financial
Services Co. - 4.03% 20,600
155,900 Wisconsin Corp. Central
Credit Union - 4.05% 155,900
176,500

Total Investments - 100.4% 6,940,295
(Cost $5,786,956) (a)

Other Net Assets
Less Liabilities - (0.4%) (27,221)

Net Assets - 100% $6,913,074

(a) Cost for tax purposes is $5,793,307; the aggregate gross
unrealized appreciation for tax purposes is $1,200,955 and
aggregate gross unrealized depreciation for tax purposes is
$53,967, resulting in net unrealized appreciation for tax
purposes of $1,146,988. The difference between book basis
and tax basis net unrealized appreciation is attributable
primarily to the tax deferral of losses on wash sales.

(b) American Depository Receipt (ADR).

See accompanying notes to financial statements.

* Non-income producing security.

Schedule of Investments December 31, 2005
Monetta Balanced Fund
COMMON STOCKS - 59.9% VALUE
NUMBER OF SHARES

Agriculture - 3.6%
1,000 Altria Group, Inc. $74,720
2,500 Archer-Daniels-Midland Co. 61,650
136,370
Banks - 1.4%
1,000 Wachovia Corp. 52,860

Computers - 2.5%
1,500 Electronic Data Systems Corp. 36,060
2,000 Hewlett-Packard Co. 57,260
93,320

Cosmetics/Personal Care - 1.6%
1,000 Proctor & Gamble Co. 57,880

Diversified Financial Services - 4.4%
1,000 Citigroup, Inc. 48,530
*3,000 E*TRADE Financial Corp. 62,580
1,320 J.P. Morgan Chase & Co. 52,391
163,501
Electric - 3.0%
1,500 Duke Energy Corp. 41,175
1,400 TXU Corp. 70,266
111,441
Forest Products & Paper - 1.8%
2,000 Int'l Paper Co. 67,220

Healthcare-Products - 1.6%
1,000 Johnson & Johnson 60,100

Healthcare-Services - 2.6%
1,000 HCA, Inc. 50,500
*600 WellPoint, Inc. 47,874
98,374
Insurance - 4.7%
1,000 American Int'l Group, Inc. 68,230
1,000 SAFECO Corp. 56,500
500 The Chubb Corp. 48,825
173,555
Lodging - 1.9%
1,000 Harrah's Entertainment, Inc. 71,290

Media - 3.1%
3,000 The Walt Disney Co. $71,910
2,500 Time Warner, Inc. 43,600
115,510

VALUE
NUMBER OF SHARES

Mining - 2.3%
600 Phelps Dodge Corp. $86,322

Miscellaneous Manufacturing - 1.4%
1,500 General Electric Co. 52,575

Oil & Gas - 2.6%
1,000 Valero Energy Corp. 51,600
1,066 XTO Energy, Inc. 46,840
98,440

Oil & Gas Services - 2.6%

1,000 Baker Hughes, Inc. 60,780
1,000 Smith Int'l, Inc. 37,110
97,890

Pharmaceuticals - 4.0%
1,000 Cardinal Health, Inc. 68,750
*1,500 Gilead Sciences, Inc. 78,945
147,695

Retail - 3.5%
1,000 Home Depot, Inc. 40,480
1,000 McDonald's Corp. 33,720
1,200 Wal-Mart Stores, Inc. 56,160
130,360
Semiconductors - 3.3%
1,500 Intel Corp. 37,440
*4,000 Micron Technology, Inc. 53,240
1,000 Texas Instruments, Inc. 32,070
122,750
Software - 2.1%
3,000 Microsoft Corp. 78,450

Telecommunications - 4.8%
3,000 Motorola, Inc. 67,770
1,200 Qualcomm, Inc. 51,696
2,535 Sprint Nextel Corp. 59,217
178,683

Transportation - 1.1%
500 Union Pacific Corp. 40,255

Total Common Stocks 2,234,841
(Cost $1,904,933) (a)

Schedule of Investments December 31, 2005
Monetta Balanced Fund (Cont'd)
CORPORATE BONDS - 25.7% MATURITY DATE VALUE
PRINCIPAL AMOUNT

Auto - 0.5%
20,000 Daimlerchrysler NA Holding Co. 4.875% 06/15/10 $19,528

Banks - 2.8%
25,000 Bank One Corp. 6.875% 08/01/06 25,270
25,000 Royal Bank of Scotland Group PLC 9.118% 03/31/49 28,640
25,000 Washington Mutual, Inc. 5.625% 01/15/07 25,138
25,000 Wells Fargo & Co. 5.125% 02/15/07 25,052
104,100
Mortgage/Asset Backed - 0.8%
30,000 Bear Stearns Commercial Mortgage
Securities, Inc. 6.440% 06/16/30 30,877

Cable TV - 0.3%
10,000 Cox Communications, Inc. 3.875% 10/01/08 9,637

Chemicals - 0.4%
15,000 Chevron Phillips Chemical Co. 5.375% 06/15/07 15,049

Computers - 0.5%
20,000 Hewlett-Packard Co. 3.625% 03/15/08 19,472

Electric - 5.8%
20,000 Alabama Power Co. 2.800% 12/01/06 19,647
15,000 CILCorp, Inc. 8.700% 10/15/09 16,665
20,000 Constellation Energy Group 6.125% 09/01/09 20,636
11,000 DPL, Inc. 6.875% 09/01/11 11,591
15,000 Duke Energy Corp. 7.375% 03/01/10 16,229
15,000 Firstenergy Corp. 5.500% 11/15/06 15,054
15,000 FPL Group Capital, Inc. 6.125% 05/15/07 15,206
15,000 MidAmerican Energy Holdings 3.500% 05/15/08 14,473
25,000 Pepco Holdings, Inc. 6.450% 08/15/12 26,305
25,000 Progress Energy, Inc. 6.750% 03/01/06 25,079
15,000 TXU Energy Co. 7.000% 03/15/13 15,985
20,000 Wisconsin Electric Power 3.500% 12/01/07 19,475
216,345
Energy - 1.7%
25,000 Conoco Funding Co. 6.350% 10/15/11 26,787
20,000 Consolidated Natural Gas 5.375% 11/01/06 20,057
15,000 Valero Energy Corp. 7.375% 03/15/06 15,052
61,896

Schedule of Investments December 31, 2005
Monetta Balanced Fund (Cont'd)
CORPORATE BONDS MATURITY DATE VALUE
PRINCIPAL AMOUNT

Finance - 6.2%
20,000 American General Finance 2.750% 06/15/08 $18,935
20,000 Amvescap, Inc. 5.900% 01/15/07 20,069
15,000 Boeing Capital Corp. 5.650% 05/15/06 15,067
25,000 Countrywide Home Loan 5.500% 08/01/06 25,102
15,000 General Electric Capital Corp. 8.625% 06/15/08 16,225
25,000 General Motors Acceptance Corp. 6.125% 09/15/06 24,284
25,000 Household Finance Corp. 7.875% 03/01/07 25,806
25,000 National Rural Utilities 6.000% 05/15/06 25,115
20,000 Pemex Finance Ltd. 9.030% 02/15/11 21,843
15,000 SLM Corp. 3.500% 09/30/06 14,825
25,000 Washington Mutual Finance
(Citigroup, Inc.) 6.250% 05/15/06 25,136
232,407
Food/Beverages - 1.1%
20,000 Campbell Soup Co. 6.900% 10/15/06 20,249
20,000 Diageo Capital plc 3.375% 03/20/08 19,363
39,612

Forestry - 0.1%
3,000 Weyerhaeuser Co. 6.125% 03/15/07 3,044

Insurance - 1.1%
15,000 GE Global Insurance Holdings 7.500% 06/15/10 16,389
25,000 Reinsurance Group of America 6.750% 12/15/11 26,649
43,038
Medical - 0.4%
15,000 Quest Diagnostic, Inc. 6.750% 07/12/06 15,132

Multimedia - 0.4%
16,000 Time Warner Cos, Inc. 8.180% 08/15/07 16,736

Regional Authority - 1.5%
25,000 Province of British Columbia 4.300% 05/30/13 24,616
25,000 Quebec Province 7.125% 02/09/24 30,812
55,428

Telephone - 2.1%
10,000 Deutsche Telekom Int'l Finance 8.000% 06/15/10 11,338
15,000 France Telecom 7.750% 03/01/11 16,754
25,000 New Cingular Wireless Services 7.350% 03/01/06 25,105
25,000 Verizon Pennsylvania 5.650% 11/15/11 24,928
78,125
Total Corporate Bonds 960,426
(Cost $965,417) (a)

Schedule of Investments December 31, 2005
Monetta Balanced Fund (Cont'd)
U.S. GOVERNMENT AGENCIES - 5.0% MATURITY DATE VALUE
PRINCIPAL AMOUNT

25,000 Federal National Mortgage Assoc. 3.750% 09/15/08 $24,367
100,000 Private Export Funding 5.685% 05/15/12 104,667
60,000 Tennessee Valley Authority 4.700% 07/15/33 57,445

Total U.S. Government Agencies 186,479
(Cost $189,769) (a)

TREASURY NOTES - 7.0%
PRINCIPAL AMOUNT

125,000 U.S. Treasury Note 6.500% 11/15/26 156,211
105,000 U.S. Treasury Note 4.250% 08/15/13 104,061

Total Treasury Notes 260,272
(Cost $246,420) (a)

VARIABLE DEMAND NOTES - 2.5%
PRINCIPAL AMOUNT

93,830 Wisconsin Corp. Central
Credit Union - 4.05% 93,830

Total Investments - 100.1% 3,735,848
(Cost $3,400,369) (a)

Other Net Assets Less Liabilities - (0.1%) (2,501)

Net Assets - 100% $3,733,347

(a) Cost for book and tax purposes is $3,400,369; the aggregate
gross unrealized appreciation for tax purposes is $368,320 and
aggregate gross unrealized depreciation for tax purposes is $32,841,
resulting in net unrealized appreciation for tax purposes of $335,479.

See accompanying notes to financial statements.

* Non-Income producing security.

Schedule of Investments December 31, 2005
Monetta Intermediate Bond Fund
CORPORATE BONDS - 76.4% MATURITY DATE VALUE
PRINCIPAL AMOUNT

Auto - 0.9%
75,000 Daimlerchrysler NA Holding Co. 4.875% 06/15/10 $73,229

Banks - 7.8%
150,000 Bank One Corp. 6.875% 08/01/06 151,618
175,000 Royal Bank of Scotland
Group PLC 9.118% 03/31/49 200,480
125,000 Washington Mutual, Inc. 5.625% 01/15/07 125,689
165,000 Wells Fargo & Co. 5.125% 02/15/07 165,343
643,130

Mortgage/Asset Backed - 2.2%
180,000 Bear Stearns Commercial
Mortgage Securities, Inc. 6.440% 06/16/30 185,261

Cable TV - 2.6%
90,000 Cox Communications, Inc. 3.875% 10/01/08 86,733
125,000 TCI Communications, Inc. 6.875% 02/15/06 125,232
211,965
Chemicals - 1.3%
110,000 Chevron Phillips Chemical Co. 5.375% 06/15/07 110,361

Computers - 1.2%
100,000 Hewlett-Packard Co. 3.625% 03/15/08 97,361

Electric - 16.0%
100,000 Alabama Power Co. 2.800% 12/01/06 98,237
135,000 CILCorp, Inc. 8.700% 10/15/09 149,989
100,000 Constellation Energy Group 6.125% 09/01/09 103,179
80,000 DPL, Inc. 6.875% 09/01/11 84,300
135,000 Duke Energy Corp. 7.375% 03/01/10 146,059
135,000 Firstenergy Corp. 5.500% 11/15/06 135,485
110,000 FPL Group Capital, Inc. 6.125% 05/15/07 111,514
50,000 MidAmerican Energy Holdings 3.500% 05/15/08 48,242
125,000 Pepco Holdings, Inc. 6.450% 08/15/12 131,527
100,000 PSEG Power LLC 6.875% 04/15/06 100,518
100,000 TXU Energy Co. 7.000% 03/15/13 106,566
105,000 Wisconsin Electric Power 3.500% 12/01/07 102,241
1,317,857
Energy - 4.4%
150,000 Conoco Funding Co. 6.350% 10/15/11 160,722
100,000 Consolidated Natural Gas 5.375% 11/01/06 100,283
100,000 Valero Energy Corp. 7.375% 03/15/06 100,348
361,353

Schedule of Investments December 31, 2005
Monetta Intermediate Bond Fund (Cont'd)
CORPORATE BONDS MATURITY DATE VALUE
PRINCIPAL AMOUNT

Finance - 16.1%
100,000 American General Finance 2.750% 06/15/08 $94,674
50,000 Amvescap, Inc. 5.900% 01/15/07 50,172
129,000 Boeing Capital Corp. 5.650% 05/15/06 129,575
125,000 Countrywide Home Loan 5.500% 08/01/06 125,510
160,000 General Electric Capital Corp.8.625% 06/15/08 173,062
100,000 General Motors Acceptance Corp.6.125% 09/15/06 97,136
125,000 Household Finance Corp. 7.875% 03/01/07 129,031
115,000 National Rural Utilities 6.000% 05/15/06 115,531
155,000 Pemex Finance Ltd. 9.030% 02/15/11 169,286
115,000 SLM Corp. 3.500% 09/30/06 113,656
125,000 Washington Mutual Finance
(Citigroup, Inc.) 6.250% 05/15/06 125,682
1,323,315

Food/Beverages - 2.4%
100,000 Campbell Soup Co. 6.900% 10/15/06 101,246
100,000 Diageo Capital plc 3.375% 03/20/08 96,813
198,059

Insurance - 4.5%
172,000 GE Global Insurance Holdings 7.500% 06/15/10 187,925
175,000 Reinsurance Group of America 6.750% 12/15/11 186,546
374,471

Medical - 1.2%
100,000 Quest Diagnostic, Inc. 6.750% 07/12/06 100,881

Regional Authority - 1.2%
100,000 Province of British Columbia 4.300% 05/30/13 98,465

Special Purpose - 5.0%
404,400 TRAINS-BBB-5-2002 6.554% (b) 08/15/08 407,045

Telephone - 9.6%
95,000 AT&T Corp. 7.750% 03/01/07 97,716
125,000 Deutsche Telekom Int'l Finance 8.000% 06/15/10 141,721
135,000 France Telecom 7.750% 03/01/11 150,787
125,000 New Cingular Wireless Services 7.350% 03/01/06 125,526
125,000 Sprint Capital Corp. 6.000% 01/15/07 126,222
150,000 Verizon Pennsylvania 5.650% 11/15/11 149,567
791,539
Total Corporate Bonds 6,294,292
(Cost $6,321,250) (a)

Schedule of Investments December 31, 2005
Monetta Intermediate Bond Fund (Cont'd)
U.S. GOVERNMENT AGENCIES - 11.4% MATURITY DATE VALUE
PRINCIPAL AMOUNT

160,000 Federal National Mortgage Assoc. 3.750% 09/15/08 $155,952
160,000 Federal Home Loan Mortgage Corp. 3.375% 08/23/07 156,554
600,000 Private Export Funding 5.685% 05/15/12 628,000

Total U.S. Government Agencies 940,506
(Cost $956,339) (a)

TREASURY NOTES - 11.0%
740,000 U.S. Treasury Note 4.750% 05/15/14 758,008
150,000 U.S. Treasury Note 3.375% 10/15/09 144,850

Total Treasury Notes 902,858
(Cost $922,816) (a)

Total Investments - 98.8% 8,137,656
(Cost $8,200,405) (a)

Other Net Assets Less Liabilities - 1.2% 99,549

Net Assets - 100% $8,237,205

(a) Cost for tax purposes is $8,230,674; the aggregate gross
unrealized appreciation for tax purposes is $51,375 and aggregate
gross unrealized depreciation for tax purposes is $144,393,
resulting in net unrealized depreciation for tax purposes of $93,018.
The difference between book basis and tax basis net unrealized
depreciation is attributable primarily to the tax deferral of
losses on wash sales.

(b) Represents a restricted security purchased under Rule 144A
which is exempt from registration under the Securities Act of 1933,
as amended. This security has been deemed liquid by the investment
manager based on procedures approved by the Board of Trustees.

The TRAIN security was created to reflect the risk characteristics
of five to ten year maturity ranges of the Lehman Credit Index, using
highly liquid, index-eligible securities. The coupon represents a
weighted average rate of the underlying securities held within the
portfolio and is subject to revaluation upon additions and/or
redemptions of those securities.

See accompanying notes to financial statements.

Schedule of Investments December 31, 2005
Monetta Government Money Market Fund
FEDERAL FARM CREDIT BANK - 9.2% VALUE
PRINCIPAL AMOUNT

300,000 4.270%, Due 03/22/06 $ 297,150

FEDERAL HOME LOAN BANK - 23.3%
PRINCIPAL AMOUNT

550,000 4.140%, Due 01/12/06 549,304
200,000 4.050%, Due 02/09/06 199,123
748,427

FEDERAL NATIONAL
MORTGAGE ASSOC. - 46.9%
PRINCIPAL AMOUNT

600,000 4.030%, Due 01/04/06 599,799
910,000 4.110%, Due 01/23/06 907,714
1,507,513

FEDERAL HOME
LOAN MORTGAGE CORP. - 20.8%
PRINCIPAL AMOUNT

200,000 4.280%, Due 03/03/06 198,550
470,000 4.190%, Due 01/30/06 468,413
666,963

Total Investments - 100.2% 3,220,053
(Cost $3,220,053) (a)

Other Net Assets
Less Liabilities - (0.2%) (5,654)

Net Assets - 100% $3,214,399

(a) Cost is identical for book and tax purposes.

See accompanying notes to financial statements.

Statements Of Assets And Liabilities December 31, 2005
(In Thousands, Except Per Share)

Select Mid-Cap Intermediate Government
Monetta Technology Equity Balanced Bond Money Market
Fund Fund Fund Fund Fund Fund
<c> <c> <c> <c> <c> <c>
Assets:
Investments at market value,
except for the Government
Money Market Fund which is
at amortized cost
(cost: $52,473; $1,246;
$5,787; $3,400; $8,200;
$3,220) $59,491 $1,558 $6,940 $3,736 $8,138 $3,220
Cash 0 (a) 49 0 17 0
Receivables:
Interest and dividends 74 1 4 23 103 0
Investments sold 0 0 0 0 7 0
Other assets 3 6 6 1 5 (a)
Total Assets 59,568 1,565 6,999 3,760 8,270 3,220

Liabilities:
Payables:
Custodian bank 90 0 0 3 0 3
Investment advisory fees
(Note 2) 49 1 5 1 3 0
Distribution and service
charges payable 0 1 6 3 7 0
Investments purchased 0 0 58 0 0 0
Fund shares redeemed 17 0 0 3 6 0
Accrued expenses 87 14 17 17 17 3

Total Liabilities 243 16 86 27 33 6
Net Assets 59,325 1,549 6,913 3,733 8,237 3,214
Analysis of net assets:
Paid in capital (b) 68,426 2,938 11,029 5,022 8,301 3,214
Accumulated undistributed
net investment income (loss) 0 0 0 0 (a) 0
Accumulated undistributed
net realized gain (loss) (16,119) (1,701) (5,269) (1,624) (1) 0
Net unrealized appreciation
on investments 7,018 312 1,153 335 (63) 0
Net Assets $59,325 $1,549 $6,913 $3,733 $8,237 $3,214

Shares of capital stock 4,947
Shares of beneficial interest
issued outstanding 189 867 338 826 3,214
Net asset value, offering price
and redemption price per
share $11.99 $8.20 $7.98 $11.05 $9.97 $1.00

See accompanying notes to financial statements.

(a) Rounds to less than $1,000.

(b) Monetta Fund - $49 of $.01 par value and $68,377 of additional
paid in capital, 100 million shares authorized. Each fund of Monetta
Trust has an unlimited number of no par value shares of beneficial
interest authorized.

Statements Of Operations For The Year Ended
(In Thousands) December 31, 2005

Select Mid-Cap Intermediate Government
Investment income and Monetta Technology Equity Balanced Bond Money Market
expenses: Fund Fund Fund Fund Fund Fund

Investment income:
Interest $ 82 $ 1 $ 8 $ 73 $ 417 $ 86
Dividend 641 6 63 35 0 0
Total investment Income 723 7 71 108 417 86

Expenses:
Investment advisory fee
(Note 2) 541 11 52 15 31 7
Distribution expense
(Note 6) 0 4 17 9 22 3
Accounting Expense 30 1 7 4 4 1
Admin/Compliance Expense 30 1 7 4 4 1
Custodial fees and bank cash
management fee 26 1 6 3 2 1
State registration 19 15 15 15 16 20
Transfer and shareholder
servicing agent fee 180 19 22 21 25 14
Audit 59 18 17 18 12 5
Legal 72 2 9 5 13 3
Printing 44 4 7 5 6 1
Other 12 1 2 1 1 (a)

Total expenses 1,013 77 161 100 136 56

Expenses waived/reimbursed 0 0 0 0 0 (39)
Fees paid indirectly
(Note 7) (14) (1) (2) (1) 0 0
Expenses net of waived,
reimbursed expenses and
fees paid indirectly 999 76 159 99 136 17
Net investment
income (loss) (276) (69) (88) 9 281 69

Realized and unrealized gain
(loss) on investments:
Realized gain (loss)
on investments:
Proceeds from sales 95,636 1,694 12,890 3,154 2,995 23,655
Cost of securities sold 91,266 1,669 12,127 3,038 3,000 23,655
Net realized gain (loss)
on investments 4,370 25 763 116 (5) 0
Gains from class action
lawsuits 2,282 52 49 10 35 0
Total net realized gain
on investments 6,652 77 812 126 30 0

Net unrealized appreciation
(depreciation) on investments:
Beginning of year 5,228 282 1,109 363 148 0
End of year 7,018 312 1,153 335 (63) 0
Net change in net unrealized
appreciation (depreciation)
on investments during the year 1,790 30 44 (28) (211) 0

Net realized and unrealized gain
(loss) on investments 8,442 107 856 98 (181) 0

Net increase (decrease)
in net assets from operations $8,166 $38 $768 $107 $100 $69

See accompanying notes to financial statements.

(a) Rounds to less than $1,000.

Statements of Changes In Net Assets For The Year Ended
(In Thousands) December 31, 2005

Select Mid-Cap
Monetta Technology Equity
Fund Fund Fund
2005 2004 2005 2004 2005 2004
From investment activities:

Operations:
Net investment income (loss) $ (276) $ 70 $ (69) $ (47) $ (88) $ (72)
Net realized gain
on investments 6,652 917 77 84 812 16
Net change in net unrealized
appreciation (depreciation) on
investments during
the period 1,790 (371) 30 (109) 44 8

Net increase (decrease) in net
assets from operations 8,166 616 38 (72) 768 (48)
Distribution from net
investment income 0 (70) 0 0 0 0
Distribution from net
realized gains 0 0 0 0 0 0
Increase (decrease) in net assets
from investment activities 8,166 546 38 (72) 768 (48)

From capital transactions
(Note 3):

Proceeds from shares sold 1,320 1,047 268 129 393 420
Net asset value of shares
issued through dividend
reinvestment 0 69 0 0 0 0
Cost of shares redeemed (8,347) (7,537) (419) (411) (1,494) (1,480)

Increase (decrease) in net assets
from capital transactions (7,027) (6,421) (151) (282) (1,101) (1,060)

Total increase (decrease)
in net assets 1,139 (5,875) (113) (354) (333) (1,108)

Net assets at beginning of year 58,186 64,061 1,662 2,016 7,246 8,354

Net assets at end of year $59,325 $58,186 $1,549 $1,662 $6,913 $7,246

Accumulated undistributed
net investment income $0 $ 0 $0 $ 0 $0 $0

See accompanying notes to financial statements.

(a) Rounds to less than $1,000.

Intermediate Government
Balanced Bond Money Market
Fund Fund Fund
2005 2004 2005 2004 2005 2004

From investment activities:

Operations:
Net investment income (loss) $ 9 $ 27 $ 281 $ 383 $ 69 $ 29
Net realized gain
on investments 126 357 30 445 0 0

Net change in net unrealized
appreciation (depreciation) on
investments during
the period (28) (170) (211) (477) 0 0

Net increase (decrease) in net
assets from operations 107 214 100 351 69 29

Distribution from net
investment income (9) (27) (281) (383) (69) (29)
Distribution from net
realized gains 0 0 (7) (216) 0 0

Increase (decrease) in net assets
from investment activities 98 187 (188) (248) 0 0

From capital transactions
Note (3):

Proceeds from shares sold 388 180 1,389 2,127 1,674 1,163
Net asset value of shares
issued through dividend
reinvestment 8 26 249 518 68 28
Cost of shares redeemed (712) (958) (2,871) (11,790) (1,676) (1,673)

Increase (decrease) in net assets
from capital transactions (316) (752) (1,233) (9,145) 66 (482)

Total increase (decrease)
in net assets (218) (565) (1,421) (9,393) 66 (482)

Net assets at beginning of year 3,951 4,516 9,658 19,051 3,148 3,630

Net assets at end of year $3,733 $3,951 $8,237 $9,658 $3,214 $3,148

Accumulated undistributed
net investment income (a) (a) (a) (a) $0 $0

Notes To Financial Statements December 31, 2005

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
(the 1940 Act), as amended. The objective of the Monetta Fund is capital
appreciation by investing primarily in equity securities believed to
have growth potential. The Fund presently invests primarily in growth
companies of all market capitalization ranges.

Monetta Trust (the Trust) is an open-end diversified management
investment company registered under the Investment Company Act of 1940
(the 1940 Act), as amended. The following funds are series of the Trust:

Select Technology Fund. The primary objective of this Fund is capital
appreciation. The Fund invests at least 80% of its assets in common stocks
of technology-related companies. There is no limit on the market capitalization
of the companies the Fund may invest in.

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 $10 billion.

Blue Chip Fund. Liquidated on July 29, 2005 as approved by the Board of
Trustees on May 9, 2005.

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 the 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 accounting principles generally accepted in the United States of America.

(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 closing bid and asked quotes provided
by the exchange where the security is principally traded, or at the NASDAQ
official closing prices if applicable. Debt securities are generally valued
on the basis of market quotations provided by pricing services approved by
the Boards. Long-term debt securities for which market quotations are not
readily available are valued based on valuations provided by pricing services
which may employ electronic data processing techniques, including a matrix
system, to determine valuations. Short-term debt securities for which market
quotations are not readily available are valued by use of a matrix prepared
by the Adviser based on quotations for comparable securities. The difference
between the cost and fair value of such investments are reflected as unrealized
appreciation or depreciation. Debt securities, having maturities of 60 days or
less, are stated at amortized cost, which is substantially equivalent to
market value.

Securities held by the Government Money Market Fund are valued utilizing the
amortized cost method, permitted in accordance with Rule 2(a)-7 under the 1940
Act, which amortizes discount/premium on a constant basis to the maturity of
the security.

Securities for which market quotations are not readily available or are deemed
unreliable are valued at their fair value in accordance with procedures
established by the Boards of Directors and Trustees.

Notes To Financial Statements December 31, 2005

(b) Use of Estimates

The preparation of financial statements, in conformity with
accounting principles generally accepted in the United States of America,
requires the Funds' 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.

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 using the interest method and included in interest
income, where applicable.

(d) 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. The Funds' will utilize
capital loss carry forwards as allowable, to minimize certain distributions
of capital gains.

The Funds intend to utilize provisions of the federal income tax laws
which allow them to carry a realized loss forward for eight years following
the year of the loss and offset such losses against any future realized
capital gains. At December 31, 2005, the losses amounted to:

Amount of
Fund Loss Carryforward Will expire between

Monetta Fund $16,116,370 December 31, 2009 and December 31, 2010
Monetta Select Technology Fund $1,700,893 December 31, 2009 and December 31, 2010
Monetta Mid-Cap Equity Fund $5,263,012 December 31, 2009 and December 31, 2012
Monetta Balanced Fund $1,614,456 December 31, 2009 and December 31, 2010

Net realized gains or losses differ for financial reporting and tax purposes
as a result of losses from wash sales, REIT distributions and post October 31
losses which are not recognized for tax purposes until the first day of the
following fiscal year.

(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 accounting principles generally accepted in
the United States of America, and for federal income tax purposes, the amount
of distributable net investment income for book and federal income tax
purposes may differ.

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.
For the year ended December 31, 2005 the Monetta Fund, Monetta Select
Technology Fund and Monetta Mid-Cap Equity Fund had net operating losses of
$276,618, $69,385 and $89,157, respectively, for tax purposes which were
primarily reclassified from accumulated undistributed net investment income
to accumulated paid-in capital (APIC). In addition, for the year ended
December 31, 2005, the Monetta Fund and Monetta Mid-Cap Equity Fund had
reclassifications between undistributed net investment income and accumulated
undistributed net realized gains (losses) related to REIT distributions of
$938 and $965, respectively.

Notes To Financial Statements December 31, 2005

As of December 31, 2005, the components of distributable earnings
on a tax basis were as follows:

Select Mid-Cap Intermediate Government
Monetta Technology Equity Balanced Bond Money
Fund Fund Fund Fund Fund Market Fund

Undistributed
Ordinary Income __ __ __ __ $26 __
Undistributed
Long-Term Capital
Gain __ __ __ __ $32,025 __

The tax character of distributions paid during the calendar year ended
December 31, 2005, were as follows:

Select Mid-Cap Intermediate Government
Monetta Technology Equity Balanced Bond Money
Fund Fund Fund Fund Fund Market Fund

Ordinary Income __ __ __ $8,674 $281,176 $69,400
Long-Term
Capital Gain __ __ __ __ $6,567 __

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 adviser, Monetta
Financial Services, Inc. (Adviser). For the year ended December 31, 2005,
remunerations required to be paid to all interested directors or trustees
have been directly paid by the Adviser. Fees paid to outside Directors or
Trustees have been directly paid by the respective Funds.

Each Fund pays an investment advisory fee to the Adviser based on that Fund's
individual net assets, payable monthly, at the following annual rate:

First $300 million in Next $200 million in Net assets over
net assets net assets $500 million

Monetta Fund 0.95% 0.90% 0.85%
Monetta Select Technology Fund 0.75% 0.70% 0.65%
Monetta Mid-Cap Equity Fund 0.75% 0.70% 0.65%

Monetta Balanced Fund 0.40% of total net assets
Monetta Intermediate Bond Fund 0.35% of total net assets
Monetta Government Money Market Fund 0.25% of total net assets

From these fees the Adviser pays for all necessary office facilities,
equipment and personnel for managing the assets of each fund. In addition,
the Adviser pays for all expenses in determining the daily price computations,
placement of securities orders and related bookkeeping. Investment advisory
fees waived, and 12B-1 fees waived through December 31, 2005, for the
Government Money Market Fund, were $29,234 and $6,849, respectively.

Accounting and Admin/Compliance Expenses reported on the Statement of
Operations were paid to Fund Services Group, LLC, an affiliate of the Adviser
and Sub-Adviser, as approved by the respective Funds' Boards effective
October 1, 2004.

Monetta Financial Services, Inc., as of December 31, 2005, owned 2,879
shares or 1.52% of the Select Technology Fund and 11,229 shares or 3.32%
of the Balanced Fund.

3. SUB-ADVISER:

Effective December 3, 2001, the Adviser entered into a Sub-Advisory agreement
with Ambassador Capital Management LLC to manage the Intermediate Bond Fund,
the Government Money Market Fund and the fixed-income portion of the Balanced
Fund. The sub-advisory fees paid to Ambassador Capital Management LLC by the
Adviser, for Net Assets in excess of $30 million are, Intermediate Bond Fund,
0.10%; Balanced Fund, 0.10% (applies only to the fixed-income portion of the
portfolio); and the Government Money Market Fund, 20% of the fee charged by
the Adviser.

Notes To Financial Statements December 31, 2005

4. CAPITAL STOCK AND SHARE UNITS:

There are 100,000,000 shares of $.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
Select Mid-Cap Intermediate Money
Monetta Technology Equity Balanced Bond Market
Fund Fund Fund Fund Fund Fund

2004 Beginning
Shares 6,248,536 245,568 1,176,683 439,499 1,814,310 3,630,165
Shares sold 105,754 17,231 65,562 17,449 203,403 1,162,137
Shares issued upon
dividend reinvestment 6,611 0 0 2,495 50,151 28,316
Shares redeemed (761,382) (54,096) (224,417) (92,510) (1,120,121) (1,672,817)
Net decrease in
shares outstanding (649,017) (36,865) (158,855) (72,566) (866,567) (482,364)
2005 Beginning Shares 5,599,519 208,703 1,017,828 366,933 947,743 3,147,801
Shares sold 121,265 34,841 53,284 36,215 138,147 1,673,785
Shares issued upon
dividend reinvestment 0 0 0 802 24,745 68,416
Shares redeemed (773,984) (54,763) (204,379) (66,167) (284,337) (1,675,603)
Net increase (decrease)
in shares outstanding (652,719) (19,922) (151,095) (29,150) (121,445) 66,598
Ending Shares 4,946,800 188,781 866,733 337,783 826,298 3,214,399

5. PURCHASES AND SALES OF INVESTMENT SECURITIES:

The cost of purchases and proceeds from sales of securities for the year
ended December 31, 2005, excluding short-term securities were:

Proceeds from
Cost of Purchases Sales of Securities
Monetta Fund $ 92,640,301 $ 95,635,716
Monetta Select Technology Fund 1,514,567 1,693,698
Monetta Mid-Cap Equity Fund 11,683,947 12,889,651
Monetta Balanced Fund 2,809,649 3,153,444
Monetta Intermediate Bond Fund 2,305,392 2,994,573

The cost of purchases and proceeds from the sales of government securities
included in the preceding numbers were as follows: Balanced Fund, $129,634
and $266,553; and Intermediate Bond Fund, $1,346,547 and $2,129,818.

6. 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 Select Technology, Mid-Cap, Balanced, and
Intermediate Bond Funds and up to 0.10% for the Government Money Market Fund
are accrued daily. The distributor is Quasar Distributors, LLC.

7. Fees Paid Indirectly:

Various Fund expenses paid for indirectly through directed brokerage
agreements (soft dollars), such as legal, audit, tax and printing, for the
year ended December 31, 2005, are as follows: Monetta Fund, $14,045; Select
Technology Fund, $559; Mid-Cap Fund, $1,711; Balanced Fund, $1,044.
Expenses not specific to a fund are allocated across all the funds as a
percent of net assets or number of shareholder accounts, whichever is
appropriate. Some of these expenses are reported on the Other Expenses
line of the Statement of Operations.

Notes To Financial Statements December 31, 2005

Financial highlights for the Monetta Fund for a share outstanding
throughout the period are as follows:

Monetta Fund

2005 2004 2003 2002 2001

Net asset value
at beginning of year $10.391 $10.252 $7.885 $9.296 $11.779

Net investment income
(loss) (0.053) 0.012 (0.052) (0.056) (0.013)
Net realized and unrealized
gain (loss)
on investments 1.654 0.139 2.419 (1.355) (2.470)

Total from investment
operations 1.601 0.151 2.367 (1.411) (2.483)

Less:
Distributions from net
investment income 0.000 (0.012) 0.000 0.000 0.000
Distributions from short-term
capital gains, net 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

Total distributions 0.000 (0.012) 0.000 0.000 0.000

Net asset value at
end of year $11.992 $10.391 $10.252 $7.885 $9.296

Total return 15.40% 1.49% 30.08% (15.27%) (21.05%)
Ratios to average net assets:
Expenses - Net 1.75% 1.43% 1.60% 1.65% 1.49%
Expenses - Gross (a) 1.78% 1.60% 1.81% 1.80% 1.55%
Net investment
income (loss) (0.48%) 0.12% (0.59%) (0.66%) (0.12%)
Portfolio turnover 170.2% 385.8% 427.7% 609.1% 469.5%
Net assets ($ in thousands) $59,325 $58,186 $64,061 $56,401 $74,086

(a) Gross Expense Ratio reflects fees paid indirectly.

The per share amounts are calculated using the weighted average number
of shares outstanding during the period, except for distributions,
which are based on shares outstanding at record date.

Notes To Financial Statements December 31, 2005

Financial highlights for each fund of the Trust for a share outstanding
throughout the period are as follows:

Select Technology Fund

2005 2004 2003 2002 2001

Net asset value
at beginning of year $7.964 $8.208 $5.398 $10.414 $13.450
Net investment loss (0.349) (0.206) (0.264) (0.158) (0.125)
Net realized and unrealized
gain (loss) on investments 0.588 (0.038) 3.074 (4.858) (2.875)

Total from investment operations 0.239 (0.244) 2.810 (5.016) (3.000)

Less:
Distributions from net
investment income 0.000 0.000 0.000 0.000 0.000
Distributions from short-term
capital gains, net 0.000 0.000 0.000 0.000 (0.030)
Distributions from net
realized gains 0.000 0.000 0.000 0.000 (0.006)

Total distributions 0.000 0.000 0.000 0.000 (0.036)

Net asset value at end of year $8.203 $7.964 $8.208 $5.398 $10.414

Total return 3.02% (3.05%) 52.04% (48.13%) (22.34%)
Ratios to average net assets:
Expenses - Net (a) 5.05% 3.23% 4.13% 2.50% 2.50%
Expenses - Gross (b) 5.08% 4.07% 5.49% 5.27% 2.91%
Net investment loss (4.59%) (2.72%) (3.83%) (2.24%) (1.10%)
Portfolio turnover 101.0% 13.2% 112.8% 104.8% 472.1%
Net assets ($ in thousands) $1,549 $1,662 $2,016 $1,463 $3,068

(a) The net expense ratio is after reimbursed and indirect expenses paid.
The expense ratio after reimbursed expenses but before indirect expenses
paid would be 4.36% and 3.21% for the years ended December 31, 2003 and
December 31, 2002, respectively. There were no reimbursed expenses for
the year ended December 31, 2005 and 2004, respectively.

(b) Gross Expense Ratio reflects fees paid indirectly.

The per share amounts are calculated using the weighted average number
of shares outstanding during the period, except for distributions,
which are based on shares outstanding at record date.

Notes To Financial Statements December 31, 2005

Mid-Cap Equity Fund

2005 2004 2003 2002 2001

Net asset value
at beginning of year $7.119 $7.100 $4.849 $6.670 $11.802
Net investment loss (0.095) (0.064) (0.075) (0.074) (0.056)
Net realized and unrealized
gain (loss) on investments 0.952 0.083 2.326 (1.747) (5.025)

Total from investment operations 0.857 0.019 2.251 (1.821) (5.081)

Less:
Distributions from net
investment income 0.000 0.000 0.000 0.000 0.000
Distributions from short-term
capital gains, net 0.000 0.000 0.000 0.000 (0.039)
Distributions from net
realized gains 0.000 0.000 0.000 0.000 (0.012)

Total distributions 0.000 0.000 0.000 0.000 (0.051)

Net asset value at end of year $7.976 $7.119 $7.100 $4.849 $6.670

Total return 12.08% 0.28% 46.39% (27.29%) (43.05%)
Ratios to average net assets:
Expenses - Net 2.31% 1.70% 1.78% 1.89% 1.45%
Expenses - Gross (a) 2.34% 1.98% 2.11% 2.12% 1.58%
Net investment loss (1.29%) (0.97%) (1.25%) (1.31%) (0.71%)
Portfolio turnover 175.0% 311.1% 315.1% 235.8% 328.3%
Net assets ($ in thousands) $6,913 $7,246 $8,354 $5,540 $8,455

(a) Gross Expense Ratio reflects fees paid indirectly.

The per share amounts are calculated using the weighted average number
of shares outstanding during the period, except for distributions,
which are based on shares outstanding at record date.

Notes To Financial Statements December 31, 2005

Balanced Fund

2005 2004 2003 2002 2001

Net asset value
at beginning of year $10.767 $10.274 $8.660 $10.282 $12.813
Net investment income 0.025 0.067 0.065 0.129 0.279
Net realized and unrealized
gain (loss) on investments 0.285 0.493 1.617 (1.596) (2.504)

Total from investment operations 0.310 0.560 1.682 (1.467) (2.225)

Less:
Distributions from net
investment income (0.024) (0.067) (0.068) (0.155) (0.284)
Distributions from short-term
capital gains, net 0.000 0.000 0.000 0.000 (0.007)
Distributions from net
realized gains 0.000 0.000 0.000 0.000 (0.015)

Total distributions (0.024) (0.067) (0.068) (0.155) (0.306)

Net asset value at end of year $11.053 $10.767 $10.274 $8.660 $10.282

Total return 2.83% 5.55% 19.45% (14.28%) (17.34%)
Ratios to average net assets:
Expenses - Net 2.61% 1.66% 1.66% 1.57% 1.10%
Expenses - Gross (a) 2.64% 2.07% 2.05% 1.80% 1.23%
Net investment income 0.23% 0.63% 0.69% 1.39% 2.58%
Portfolio turnover 76.5% 148.6% 120.6% 131.1% 211.5%
Net assets ($ in thousands) $3,733 $3,951 $4,516 $4,318 $6,530

(a) Gross Expense Ratio reflects fees paid indirectly.

The per share amounts are calculated using the weighted average number of
shares outstanding during the period, except for distributions, which are
based on shares outstanding at record date.

Notes To Financial Statements December 31, 2005

Intermediate Bond Fund

(CAPTION>
2005 2004 2003 2002 2001

Net asset value
at beginning of year $10.190 $10.500 $10.461 $9.993 $10.352
Net investment income 0.319 0.324 0.349 0.425 0.587
Net realized and unrealized
gain (loss) on investments (0.215) (0.079) 0.041 0.473 (0.121)

Total from investment operations 0.104 0.245 0.390 0.898 0.466

Less:
Distributions from net
investment income (0.317) (0.325) (0.351) (0.430) (0.589)
Distributions from short-term
capital gains, net 0.000 0.000 0.000 0.000 (0.163)
Distributions from net
realized gains (0.008) (0.230) 0.000 0.000 (0.073)

Total distributions (0.325) (0.555) (0.351) (0.430) (0.825)

Net asset value at end of year $9.969 $10.190 $10.500 $10.461 $9.993

Total return 1.05% 2.38% 3.78% 9.24% 4.44%
Ratios to average net assets:
Expenses - Net 1.52% 1.19% 0.81% 0.76% 0.65%
Expenses - Gross (a) 1.52% 1.19% 0.91% 0.84% 0.73%
Net investment income 3.15% 2.98% 3.31% 4.21% 5.57%
Portfolio turnover 18.3% 61.7% 75.7% 163.9% 263.0%
Net assets ($ thousands) $8,237 $9,658 $19,051 $26,409 $32,857

(a) Gross Expense Ratio reflects fees paid indirectly and any portion of the
management fee waived by the Adviser. Effective July 1, 2001, the Adviser
elected not to waive any portion of the management fee.

The per share amounts are calculated using the weighted average number of
shares outstanding during the period, except for distributions, which
are based on shares outstanding at record date.

Notes To Financial Statements December 31, 2005

Government Money Market Fund

2005 2004 2003 2002 2001

Net asset value
at beginning of year $1.000 $1.000 $1.000 $1.000 $1.000
Net investment income 0.025 0.008 0.006 0.012 0.036
Net realized and unrealized gain
(loss) on investments 0.000 0.000 0.000 0.000 0.000

Total from investment operations 0.025 0.008 0.006 0.012 0.036

Less:
Distributions from net
investment income (0.025) (0.008) (0.006) (0.012) (0.036)
Distributions from short-term
capital gains, net 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

Total distributions (0.025) (0.008) (0.006) (0.012) (0.036)

Net asset value at end of year $1.000 $1.000 $1.000 $1.000 $1.000

Total return 2.54% 0.86% 0.56% 1.25% 3.67%
Ratios to average net assets:
Expenses - Net (a) 0.63% 0.49% 0.56% 0.46% 0.38%
Expenses - Gross (b) 2.04% 1.43% 1.58% 1.24% 1.09%
Net investment income 2.53% 0.85% 0.56% 1.24% 3.61%
Portfolio turnover N/A N/A N/A N/A N/A
Net assets ($ in thousands) $3,214 $3,148 $3,630 $4,075 $4,167

(a) The net expense ratio is after reimbursed and indirect expenses paid.
For the Government Money Market Fund, the expense ratio after reimbursed
expenses but before indirect expenses paid would be 1.32%, 0.64% and 0.88%
for the years ended December 31, 2003, December 31, 2002 and December 31, 2001,
respectively. There were no indirect expenses paid for the years ended
December 31, 2005 and 2004, respectively.

(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, as well as fees paid indirectly.

The per share amounts are calculated using the weighted average number of
shares outstanding during the period, except for distributions, which are
based on shares outstanding at record date.

Report of Independent Registered Public Accounting Firm

The Board of Directors and Trustees and the Shareholders
Monetta Fund, Inc. and Monetta Trust:

We have audited the accompanying statements of assets and liabilities of
Monetta Fund, Inc. and Monetta Trust - comprised of the Select Technology Fund,
Mid-Cap Equity Fund, Balanced Fund, Intermediate Bond Fund, and Government
Money Market Fund, collectively referred to as the "Funds", including the
schedules of portfolio investments, as of December 31, 2005, and the related
statements of operations for the year then ended, the statements of changes
in net assets for each of the years in the two-year period then ended, and
the financial highlights for each of the years in the five-year period then
ended. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures
included confirmation of securities owned as of December 31, 2005, by
correspondence with the custodian and brokers. An audit also includes assessing
the accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Monetta Fund, Inc. and Monetta Trust as of December 31, 2005, the results of
their operations for the year then ended, the changes in their net assets for
each of the years in the two-year period then ended, and the financial
highlights for each of the years in the five-year period then ended, in
conformity with U.S. generally accepted accounting principles.

/S/ KPMG LLC

Chicago, Illinois
February 13, 2006

Other Information December 31, 2005

BOARD APPROVAL OF ADVISORY AGREEMENTS - PROCESS OF ANNUAL REVIEW

The Board of Directors of the Monetta Fund and the Board of Trustees of
the Monetta Trust oversees the management of each Fund in the Monetta Family
and, as required by law, determines annually whether to approve the
continuance of the Funds' advisory agreements with Monetta Financial Services,
Inc. (the "Adviser") and certain Funds' sub-advisory agreement with Ambassador
Capital Management, LLC (the "Subadviser"). All advisory and subadvisory
agreements were entered into on December 3, 2001, and require annual approval
by the Board and their Independent Directors. As a part of this process the
Independent Directors of the Monetta Family, with the assistance of counsel
for the Independent Directors, prepared questions which it submitted to the
Adviser in anticipation of the annual contract review.

At the November 7, 2005, Board meeting, the Independent Directors reviewed
the responses of the Adviser and evaluated all information which they
deemed reasonably necessary in the circumstances. The materials reviewed
included:

(i) information on the investment performance of each Fund in
the Monetta Family in the past year and over longer periods
against a peer group of funds,
(ii) sales and redemption data for each of the Funds,
(iii) information concerning the expense ratios of each of the
Funds, compared against a peer group of funds,
(iv) the management fees and fee structure for each Fund, and
(v) the Adviser's operations and financial condition.

The Boards conducted an in-depth review of the comparative fund data
provided to them, as well as the profitability of the Adviser with respect
to the Funds. The Boards reviewed the agreements and considered a number
of factors including, without limitation, materials regarding the Adviser
which were previously provided to the Boards (including material provided
at earlier Board meetings during 2005), the management and advisory needs
of the Funds, the nature, extent and quality of services provided by the
Adviser, profitability of the Adviser, economies of scale, the management
fee structures, comparative performance of the Funds, comparative expense
ratios of the Funds, assets under management with the Adviser, total
management fees received by the Adviser, the Funds' brokerage policies,
the Adviser's compliance policies and procedures, and ownership and
control of the Adviser.

Upon completion of this review, the Independent Directors voting
separately, and the full Boards unanimously voted to continue the
advisory and subadvisory Agreements. All advisory agreements are
subject to termination without penalty with respect to any Fund at
any time upon 60 days' written notice by the vote of the applicable
Board, by a majority vote of the shareholders, or by the Adviser.

REASONS THE INDEPENDENT DIRECTORS APPROVED CONTINUATION OF THE
ADVISORY AGREEMENTS

The Independent Directors' determinations were based upon a
comprehensive consideration of all information provided to the
Independent Directors and were not the result of any single factor.
The following facts and conclusions were important, but not exclusive,
in the Independent Directors' recommendation to renew the advisory
agreements for each of the Funds in the Monetta Family described below.
The Independent Directors noted the importance of reviewing quantitative
measures, but also recognize that qualitative factors could be equally
or more important in assessing whether Fund shareholders have been, or
are likely to be, well served by the renewal of the management contract.
They noted both the value and shortcomings of purely quantitative measures,
including the data provided by independent service providers, and concluded
that while such measures and data can inform, they should not supersede the
judgment of the Independent Directors who take many factors, including those
listed below, into consideration in representing the shareholders of the Funds.

The Independent Directors and the Boards generally considered the following
factors: (i) the management and advisory needs of the Funds; (ii) the nature
and quality of the services provided by the Adviser and Subadviser in relation
to the fee paid; (iii) the profitability to the Adviser (including an analysis
of the Adviser's cost of providing services); (iv) whether the Adviser is
enjoying economies of scale and is sharing the benefits of such economies
with fund shareholders; (v) whether comparative expense ratios and fee rates
are higher or lower than those of other funds; and (vi) the fall-out benefits
to the Adviser from managing a fund (i.e. indirect revenues to the Adviser
attributable in some way to the existence of a fund, including administration
revenues to an affiliate of the Adviser).

The Boards reviewed the profitability of the Adviser, its affiliates and the
Subadviser, and their ability to continue to provide quality investment
management services to the Funds in view of the total net assets of the
Monetta Family. The Boards reviewed past initiatives implemented to cut
or control expenses of Funds in the Monetta Trust, including the redemption
of smaller shareholder accounts balances and the liquidation in 2005 of the
Trust's Blue Chip Fund. The Independent Directors expressed their concern
about the high expense ratios of certain of the smaller Trust Funds, par-

ticularly the Select Technology Fund, and encouraged the Adviser to
continue to pursue appropriate expense reduction strategies or strategic
alternatives for the smaller Funds. The Boards also discussed the reversion
of the Trust to a no-load complex, and the results of Trust marketing efforts.
The Board reviewed the net asset values of each Fund, noting that the
aggregate Monetta Fund Family's asset level was relatively stable during 2005.
The Boards discussed the total revenues and fall-out benefits to the Adviser
and its affiliates from the advisory agreements, and the limited profitability
of the Adviser, whose only clients are the Monetta Fund and the Monetta Trust.
The Boards also acknowledged that the fee schedules for the equity funds
(the Monetta Fund, Mid-Cap Equity Fund and Select Technology Fund) each
contained break-points which were designed to share economies of scale with
shareholders as these funds grow; the fee schedules for the Intermediate Bond
Fund, Balanced Fund and Government Money Market Fund were lower than the
equity funds and, as is more common for these types of funds, did not contain
break-points.

In their approval of the continuation of the advisory agreement with the
Adviser, the Independent Directors determined that the advisory fee for each
Monetta Family Fund was reasonable in light of the nature, quality and extent
of the services being provided to each Fund, and the costs incurred by the
Advisee in providing such service, and recommended continuation of the
advisory agreements. The Independent Directors observed that the advisory
agreements provided for early termination of the agreement with respect
to any of the Funds by Board action.

The Board of the Trust also reviewed the performance of the Subadviser
under subadvisory agreements for the Intermediate Bond Fund, Government
Money Market Fund and the fixed income portion of the Balanced Fund,
noted that the Subadviser's compensation was paid by the Adviser (not
the respective Fund) and that under the terms of the subadvisory agreement
the Subadviser did not receive any subadvisory fees during the previous year
because of the low asset levels of the subadvised Funds. The Trust's
Board reviewed certain gross and net performance information relating to
the subadvised Funds, and the impact of the total expenses upon the
performance of these Funds. After review of the performance of the
Intermediate Bond Fund, Government Money Market Fund and the fixed income
portion of the Balanced Fund, the Board of the Trust determined that the
subadvisory agreement with the Adviser should be continued.

The Boards' specific determinations with respect to each of the Funds
in the Monetta Family are listed below:

(i) Monetta Fund: The Monetta Fund's performance and expenses
are satisfactory. The Board in particular noted the high
relative investment performance in the past year of this Fund,
the largest in the Monetta Family;
(ii) Select Technology Fund: This Fund has higher total expenses
(primarily due to its low asset levels) than the Board
believes acceptable, and acceptable relative performance.
In view of the Fund's small asset size and high expenses,
the Board will review further action at meetings during 2006;
(iii) Mid-Cap Equity Fund: The Mid-Cap Fund's expenses and
performance are acceptable;
(iv) Balanced Fund: This Fund has a higher-than-average expense
ratio (primarily due to its low asset levels) than the Board
believes acceptable, and lower than average performance,
also related to its asset level and bond component. The
Board will review further action at meetings during 2006;
(iv) Intermediate Bond Fund: The Intermediate Bond Fund's
performance and expense ratio are acceptable, although
the Board is concerned about the rising expense ratio as
the Fund's assets have declined; and
(v) Government Money Market Fund: The Money Market Fund's
expenses and performance are acceptable.

HOW TO OBTAIN A COPY OF THE FUNDS' PROXY VOTING POLICIES

A description of the policies and procedures that the Funds' use to
determine how to vote proxies relating to portfolio securities is
available without charge, upon request, by calling 1-800-MONETTA
or on the U.S. Securities and Exchange Commission's website
at http://www.sec.gov.

HOW TO OBTAIN A COPY OF THE FUNDS' PROXY VOTING RECORDS FOR
THE 12-MONTH PERIOD ENDED JUNE 30, 2005

Information regarding how the Funds voted proxies relating to
portfolio securities during the most recent 12-month period ended
June 30 is available without charge, upon request, by calling
1-800-MONETTA. Furthermore, you can obtain the Funds' proxy voting
records on the SEC's website at http://www.sec.gov.

QUARTERLY FILINGS FROM FORM N-Q

The Funds file their complete schedules of portfolio holdings
with the U.S. Securities and Exchange Commission for the first
and third quarters of each fiscal year on Form N-Q. The Funds'
Form N-Q is available on the U.S. Securities and Exchange
Commission's website at http://www.sec.gov. The Funds' Form
N-Q may be reviewed and copied at the U.S. Securities and
Exchange Commission's Public Reference Room in Washington,
DC and information on the operation of the Public Reference
Room may be obtained by calling 1-800-SEC-0330. Information
included in the Funds' Form N-Q is also available upon
request by calling 1-800-MONETTA.

Directors/Trustees December 31, 2005

Name (Year Of Birth) Principal Occupation During Past 5 Years Other
Position(s) Held with Fund Directorships and
Affiliations

Independent ("disinterested") Directors

John L. Guy (1952) Executive Director, Wachovia Corp. (formerly
Trustee since 1993 First Union Nat'l Bank), Business Banking,
Director since 1998 General Bank Group, since Nov. 1999;
President, Heller Small Business Lending
Corporation (formerly Heller First Capital Corp.),
May 1995 to Nov. 1999.

Marlene Z. Hodges (1948) CFO, Abraham Lincoln Center since
Director and Trustee since 2001 March 2003; Director of Finance Sears
Roebuck & Company from 1970, retired
November 2001.

Mark F. Ogan (1942) Sr. Vice President & Chief Operating Officer, Director JMI-USA, Inc
Director since 1988 Rand McNally & Company, since July 2003; and Director Montini
Trustee since 1993 President, DuPage Capital Management, Ltd., Catholic High School.
since April 1995.

Inside ("interested") Directors

Robert S. Bacarella (1949) Chairman, Chief Executive Officer and Wheaton Police Pension
Director and President President since April 1997; Chairman and Board, 1994 to 2001.
since 1985 Chief Executive Officer of Adviser, 1996 to
Trustee and President 1997; President of the Adviser 1984 to 1996;
since 1993 Director of the Adviser since 1984.

John W. Bakos (1947) Division Placement Manager, Sears Roebuck
Director since 1985 & Co., since 1969.
Trustee since 1996

All of the above Directors/Trustees were elected by shareholders at the
December 3, 2001 Special Meeting of Monetta Fund, Inc. and Monetta Trust
to hold office until a successor is elected and qualified. Each Director
oversees the Monetta Fund and each Trustee oversees the five funds of
the Monetta Trust.

The address for each Director and Trustee is the Adviser's office.

Monetta Family of Mutual Funds
1776-A South Naperville Road
Suite 100
Wheaton, IL 60187-8133

PRESORTED STANDARD
U.S. Postage
PAID
Monetta

ITEM 2. CODE OF ETHICS

(a) The registrant has adopted a code of ethics applicable to the Monetta Fund's
principal executive officer and principal financial officer, regardless of
whether these individuals are employed by the Registrant or a third party.

(b) No information needs to be disclosed pursuant to this paragraph.

(c) The registrant has made no amendments to its Code of Ethics during the
period covered by the Annual Report to Shareholders presented in Item 1.

(d) The registrant has not granted a waiver or an implicit waiver from a
provision of its Code of Ethics during the period covered by the Annual
Report to Shareholders presented in Item 1.

(e) Not applicable.

(f) (1) Filed with the Commission, pursuant to Item 12(a)(1), a copy of its
code of ethics that applies to the registrant's principal executive
officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions,
as an exhibit to its annual report on this Form N-CSR.
(2) Not applicable.
(3) The registrant undertakes to provide a copy of such code of ethics to
any person upon request, without charge, by calling 1-800-666-3882.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Monetta Fund's Board has designated John L. Guy and Mark F. Ogan, each an
independent director, as its audit committee financial experts. Mr. Guy is
Executive Director with Wachovia Corp., Business Banking Group. Previously, he
served as President of Heller Small Business Lending Corp. Mr. Ogan is Sr. Vice
President and Chief Operating Officer of Rand McNally & Co. Previously, Mr.
Ogan served as President of Dupage Capital Management, Ltd.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table presents aggregate fees billed to the Monetta Fund for
the fiscal years ended December 31, 2005, and 2004 by the Monetta Fund's
principal accountant for professional services rendered for the audit of
the registrant's annual financial statements and fees billed for other
services that are normally provided by the principal accountant in
connection with statutory and regulatory filings or engagements during
those fiscal periods.

FISCAL YEARS ENDED DECEMBER 31, 2005 2004
- ---------------------------------------------------------------------
(a)Audit Fees $22,600 $21,600

(b)Audit-Related Fees(1) 0 0

(c)Tax Fees(2) 7,500 10,800

(d)All Other Fees(3) 0 0
--------------------------------

Total $30,100 $32,400
================================

(1) Audit-related fees consist of the aggregate fees billed for assurance and
related services by the principal accountant that are reasonably related to the
performance of the audit of the registrant's financial statements and are not
reported under the category of audit fees.

(2) Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax advice,
and tax planning, including fees for tax return preparation and other related
tax compliance/planning matters.

(3) All other fees consist of the aggregate fees billed for products and
services provided by the principal accountant other than the services reported
in items (a) through (c) of Item 4.

(e)(1) The Monetta Fund's audit committee pre-approves any services to be
provided by the principal accountant to the registrant. In addition, the audit
committee would consider and approve any non-audit services to be provided.

(e)(2) There were no services, as described in paragraphs (b)-(d) above,
approved by the registrant's audit committee pursuant to the "de minimis
exception" set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X, for the
period covered by the Annual Report to Shareholders presented in Item 1.

(f) Not applicable.

(g) Aggregate non-audit fees (i.e., fees for audit-related, tax, and other
services) billed by the Monetta Fund's principal accountant for services
rendered to the Monetta Fund for each of the Monetta Fund's last two fiscal
years ended December 31, 2005 and 2004 were $7,500 and $10,800, respectively.

In addition to audit and non-audit fees billed to the Monetta Fund by the
principal accountant as reported above, the Monetta Trust, as part of the
Monetta Family of Funds, was billed for services as follows - (i) audit fees
of $27,800 and $32,400 for fiscal 2005 and 2004, respectively; (ii) tax
services of $18,000 and $16,200 for fiscal 2005 and 2004, respectively.

No services were provided to the investment adviser by the Fund's principal
accountant.

(h) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable to open-end investment management companies.

ITEM 6. SCHEDULE OF INVESTMENTS

Not applicable - the Schedule of Investments is included with the
registrant's Annual Report to Shareholders presented in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES

Not applicable to open-end investment management companies.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable to open-end investment management companies.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Not applicable to open-end management investment companies.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There were no material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors during the period
covered by the Annual Report to Shareholders presented in Item 1.

Item 11. CONTROLS AND PROCEDURES

(a) Based on their evaluation of registrant's disclosure controls and
Procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940 (17CFR270.30a-3(c)), as of a date within 90 days prior to the filing
of this report, the registrant's principal executive officer and principal
financial officer have determined that the registrant's disclosure controls
and procedures are appropriately designed to ensure that information required
to be disclosed by the registrant in the reports that it files under the
Securities Exchange Act of 1934 (a) is accumulated and communicated to
registrant's management, including the registrant's principal executive
officer and principal financial officer, to allow timely decisions regarding
required disclosure, and (b) is recorded, processed, summarized and reported,
within the time periods specified in the rules and forms adopted by the U.S.
Securities and Exchange Commission.

(b) There has been no change in the registrant's internal control over
Financial reporting (as defined in Rule 30a-3(d) under the Investment Company
Act of 1940 (17CFR270.30a-3(d)) during the registrant's second fiscal
half-year that has materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial reporting.

Item 12. EXHIBITS

(a)(1) EX-99.CODE ETH - Code of Ethics
(a)(2) EX-99.CERT - Section 302 Certification

CERTIFICATIONS

EX-99.906 CERT - Section 906 Certification

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and
Investment Company of 1940, the registrant has duly caused this report to
be signed in its behalf by the undersigned, thereunto duly authorized.

REGISTRANT MOnetta Fund
BY /s/ Robert S. Bacarella, Principal Executive Officer
DATE March 9, 2006

REGISTRANT Monetta Fund
BY /s/Lynn H. Waterloo, Principal Financial Officer
DATE March 9, 2006