RETIREMENT PLANNING FUNDS OF AMERICA, INC.
P.O. Box 1688, 124 East Marcy Street
Santa Fe, New Mexico 87501
Dear Shareholder:
The Growth Fund-Class A shares were up 37.65% and the Class B shares
were up 36.97% for the six months ended June 30, 1995. This performance
was achieved by investing in a diversified group of growth companies,
such as technology, paper, specialty insurance, consumer products and
energy. The Fund has focused on several semiconductor and semiconductor
equipment companies as opposed to computer and peripheral equipment
companies which have performed well in the first half. The Fund's
investment style has always been to buy small growth companies based on
visiting and talking to the management of those companies to better
understand their direction and focus. We believe in long-term investing,
but also knowing when to sell a security. Well managed small capitalized
companies should continue to perform well for the balance of the year.
The bond market experienced a rally during the first half of 1995, which
helped the performance of the Bond Fund. The yield on the 30 year bond
fell 1.3 points, driving the yield from 7.9% to 6.6%. The yield on the 2 year
bond fell even more, 1.9 points, causing the yield to fall from 7.7% to 5.8%.
We believe that investors in a government bond fund are looking for
income and a degree of safety. Safety in a government securities fund
means some protection from huge swings in the net asset value due to
interest rate fluctuations. We are gradually positioning the fund to have a
relatively even distribution of maturities over an intermediate range.
This structure is designed to provide some stability, a valuable
commodity when investing.
The Financial Value Fund has rebounded strongly from a difficult 1994.
Falling interest rates have helped financial service companies during the
first half of 1995. Inflation fears have subsided, making these stocks
more attractive. The Fund is required to invest at least 65% of its
portfolio in the financial service sector. The balance of the Fund can be
invested in a diversified portfolio to take advantage of value throughout
the entire market. Several technology issues have performed well in the
first half of 1995 which has also added to the Fund's rebound.
Falling interest rates and a stronger stock market have enabled
convertible securities to perform well this year, albeit not as well as
common stock. However, we believe that the reward/risk profile for
convertible continues to be very attractive, especially with the stock
market at or near an all time high. Looking ahead, for the Convertible
Securities Fund, we favor those companies in the financial sector, in part
because of the "Greying of America" trend, as well as selected technology
issues, an arena in which the U.S. has returned to dominance.
While the Real Estate Securities Fund has continually been among the top
performers of all real estate funds, over the last 12 months real estate,
as an investment in general, has been disappointing. This has been caused
by a number of factors, a plethora of new companies going public, volatile
interest rate swings, and a loss of investor commitment, to name a few.
our outlook for the real estate market remains optimistic over the long
term. Less volatility, strong company management and high insider
ownership bodes very well for real estate investors over the next decade.
We believe that self storage facilities, industrial properties, and certain
apartment communities remain attractive and we will continue to look for
new opportunities in the real estate market.
Sincerely,
Shelby M.C. Davis
President
August 22, 1995
<PAGE>
<TABLE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
GROWTH FUND
<CAPTION> VALUE
SHARES (NOTE 1)
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
COMMON STOCK - (99.55%)
BUSINESS SERVICES - (2.70%)
<C> <S> <C>
145,000 Thomas Group, Inc.<F1>......................................................... $ 1,540,625
COMPUTER PRODUCTS AND SERVICES - (31.78%) -----------
93,500 Adaptec, Inc.<F1>.............................................................. 3,447,812
51,100 ASM Lithograpy Holdings N.V.................................................... 1,836,406
107,800 Intel Corp..................................................................... 6,825,088
158,648 LaserMaster Technologies, Inc.<F1>............................................. 852,733
38,000 Micro Component Technology Inc.<F1>............................................ 123,500
20,000 NAI Technologies, Inc.<F1>..................................................... 63,750
63,700 Novellus Systems, Inc.<F1>..................................................... 4,315,675
4,800 Texas Instruments, Inc......................................................... 642,600
-----------
18,107,564
-----------
CONSUMER PRODUCTS - (8.43%)
138,400 Paragon Trade Brands Inc.<F1>.................................................. 1,989,500
17,500 Philip Morris Cos., Inc........................................................ 1,301,563
257,500 Score Board, Inc.<F1>.......................................................... 1,512,813
-----------
4,803,876
ENERGY - (8.38%) -----------
22,700 Anadarko Petroleum Corp........................................................ 978,937
119,200 Seitel, Inc.<F1>............................................................... 3,695,200
20,000 UTI Energy Corp.<F1>........................................................... 102,500
-----------
4,776,637
FINANCIAL SERVICES - (5.05%) -----------
35,180 Bankers Corp................................................................... 578,271
13,800 Federal National Mortgage Association.......................................... 1,302,375
59,600 Roosevelt Financial Group, Inc................................................. 990,850
-----------
2,871,496
HEALTH - (5.68%) -----------
1,000 Johnson & Johnson.............................................................. 67,625
34,300 Pfizer, Inc.................................................................... 3,168,463
-----------
3,236,088
INSURANCE - (9.26%) -----------
98,450 AFLAC Inc...................................................................... 4,307,187
14,900 Transatlantic Holdings Inc..................................................... 968,500
-----------
5,275,687
MANUFACTURING - (1.70%) -----------
36,000 Congoleum Corp.<F1>............................................................ 481,500
20,000 Zoltek Companies Inc.<F1>...................................................... 487,500
-----------
969,000
PHARMACEUTICALS - (1.15%) -----------
17,500 Teva Pharmaceutical Industries Ltd............................................. 656,250
-----------
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
GROWTH FUND - Continued
VALUE
SHARES (NOTE 1)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
COMMON STOCK - Continued
PULP AND PAPER - (11.92%)
322,500 Mercer International Inc.<F1>................................................. $ 6,792,656
RESTAURANT - (4.39%) -----------
45,000 DAKA International, Inc.<F1>.................................................. 1,046,250
56,000 IHOP Corp.<F1>................................................................ 1,456,000
-----------
2,502,250
RETAIL - (8.53%) -----------
54,000 Caldor Inc.<F1>............................................................... 965,250
72,000 Garden Ridge Corp.<F1>........................................................ 1,764,000
82,000 REX Stores Corp.<F1>.......................................................... 1,148,000
19,000 Tandy Corp.................................................................... 985,625
-----------
4,862,875
TRANSPORTATION - (0.58%) -----------
10,000 ValuJet Airlines, Inc.<F1>.................................................... 328,750
-----------
TOTAL INVESTMENTS - (99.55%) - (identified cost $33,594,333) - <F2>........... 56,723,754
OTHER ASSETS LESS LIABILITIES - (0.45%)....................................... 257,762
-----------
NET ASSETS - (100%)...................................................... $56,981,516
-----------
-----------
<FN>
<F1> Non-Income Producing Security.
<F2> Aggregate cost for Federal Income Tax purposes is $33,594,333. At June 30, 1995
unrealized appreciation (depreciation) of securities for Federal Income Tax purposes
is as follows:
Unrealized appreciation...................................................... $26,349,163
Unrealized depreciation...................................................... (3,219,742)
-----------
Net unrealized appreciation.................................................. $23,129,421
-----------
-----------
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
BOND FUND
<CAPTION>
VALUE
PRINCIPAL (NOTE 1)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - MORTGAGE POOLS - (10.65%)
<C> <S> <C>
$ 97,139 10.00%, 12/01/00............................................................... $ 101,571
60,156 9.00%, 07/01/01............................................................... 62,355
732,362 8.50%, 08/01/01............................................................... 754,794
208,924 9.50%, 06/01/02............................................................... 217,543
132,904 9.00%, 08/01/02............................................................... 138,468
84,615 8.50%, 12/01/02............................................................... 87,180
75,631 9.00%, 06/01/03............................................................... 78,396
139,623 9.25%, 01/01/04............................................................... 144,946
21,290 9.25%, 11/01/07............................................................... 22,115
185,828 9.25%, 09/01/08............................................................... 193,029
147,844 10.00%, 07/01/09............................................................... 158,609
50,147 11.75%, 07/01/13............................................................... 55,678
84,083 10.25%, 08/01/13............................................................... 90,770
344,631 10.25%, 11/01/13............................................................... 372,039
67,662 9.00%, 07/01/16............................................................... 70,009
341,233 9.00%, 08/01/16............................................................... 353,071
173,154 9.50%, 11/01/16............................................................... 180,999
301,926 9.00%, 01/01/17............................................................... 312,400
270,670 9.00%, 03/01/17............................................................... 281,075
104,884 9.00%, 08/01/17............................................................... 108,522
71,549 9.50%, 12/01/19............................................................... 74,724
170,869 9.50%, 02/01/20............................................................... 178,398
-----------
Total FHLMC - (identified cost $4,050,386).............................. 4,036,691
-----------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - MORTGAGE POOLS - (4.93%)
78,324 12.00%, 12/01/00............................................................... 83,905
197,848 9.75%, 02/01/04............................................................... 207,647
329,059 10.00%, 08/01/05............................................................... 346,026
235,544 10.25%, 10/01/09............................................................... 256,563
167,936 10.75%, 07/01/13............................................................... 184,915
562,461 9.25%, 10/01/16............................................................... 588,211
143,309 7.467%, 09/01/19............................................................... 145,086
54,146 7.728%, 03/01/24............................................................... 55,319
-----------
Total FNMA - (identified cost $1,857,349)............................... 1,867,672
-----------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - MORTGAGE POOLS - (40.85%)
54,541 7.00% with various maturities to 2023......................................... 55,308
2,180,190 8.50% with various maturities to 2022......................................... 2,265,445
3,155,995 9.00% with various maturities to 2022......................................... 3,325,782
228,728 9.25% with various maturities to 2016......................................... 236,948
667,217 6.00% with various maturities to 2024......................................... 671,102
3,900,277 9.50% with various maturities to 2019......................................... 3,950,655
767,617 10.00% with various maturities to 2020......................................... 826,026
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
BOND FUND - Continued
VALUE
PRINCIPAL (NOTE 1)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - MORTGAGE POOLS - Continued
$ 125,951 10.25% with various maturities to 2016......................................... $ 135,162
551,306 10.50% with various maturities to 2016......................................... 604,649
1,158,822 11.00% with various maturities to 2020......................................... 1,285,574
423,297 11.25% with various maturities to 2011......................................... 460,073
777,414 11.50% with various maturities to 2015......................................... 870,222
230,543 12.00% with various maturities to 2015......................................... 259,333
65,210 12.25% with various maturities to 2013......................................... 72,668
156,824 12.50% with various maturities to 2015......................................... 178,101
128,917 13.00% with various maturities to 2014......................................... 148,617
88,773 14.25% with various maturities to 2014......................................... 95,946
38,862 14.75% with various maturities to 2001......................................... 41,509
-----------
Total GNMA - (identified cost $14,950,707).............................. 15,483,120
-----------
MEDIUM TERM NOTES - (8.37%)
1,215,000 Federal Home Loan Mortgage Corporation, 6.615%,03/03/04........................ 1,195,232
1,000,000 Federal Home Loan Mortgage Corporation, 7.225%,05/17/05........................ 1,018,060
1,000,000 Federal Home Loan Mortgage Corporation, 6.63%,01/12/09......................... 959,710
-----------
Total Medium Term Notes - (identified cost $3,129,847).................. 3,173,002
-----------
REAL ESTATE MORTGAGE INVESTMENT CONDUITS - (32.05%)
469,410 Federal National Mortgage Association, 1988 CL 10B,8.95%,05/25/03.............. 491,139
125,413 Federal Home Loan Mortgage Corporation, 122 CL F,8.75%,10/15/05................ 128,315
485,000 Federal National Mortgage Association, 1993 CL 040K,7.00%,04/25/08............. 472,031
134,198 Federal Home Loan Mortgage Corporation, 1606 CL, 5.46%,05/15/08 <F2>........... 135,660
1,000,000 Federal Home Loan Mortgage Corporation, 1604 CL MA,5.087%, 11/15/08 <F2>....... 942,930
2,000,000 Federal National Mortgage Association, 1989 CL 5C,8.50%,12/25/17............... 2,069,920
473,906 Federal National Mortgage Association, 1988 CL 15B,6.644%, 06/25/18 <F2>....... 475,380
138,131 Federal National Mortgage Association, 1988 CL 16B,9.50%, 06/25/18............. 150,189
1,600,000 Federal National Mortgage Association, 1988 CL 19J,8.50%, 07/25/18............. 1,672,992
100,000 Federal National Mortgage Association, 1990 CL 47J,9.40%, 08/25/18............. 101,957
200,000 Federal National Mortgage Association, 1989 CL 59H,7.75%, 10/25/18............. 203,666
2,000,000 Federal National Mortgage Association, 1989 CL 96G,8.75%, 05/25/19............. 2,109,140
1,618,111 Federal Home Loan Mortgage Corporation, 1087 CL G,8.50%, 08/15/20.............. 1,658,774
61,824 Federal National Mortgage Association, 1991 CL 115ZZ,8.50%,10/25/20............ 62,536
150,000 Federal Home Loan Mortgage Corporation, 1109 CL H,6.95%,12/15/20............... 149,587
300,000 Federal National Mortgage Association, 1992 CL 174H,7.25%, 09/25/21............ 296,343
552,898 Federal Home Loan Mortgage Corporation, 1401 CL MA,5.095%, 10/15/22 <F2>....... 522,428
149,969 Federal Home Loan Mortgage Corporation, 1454 CL N P II,7.00%,12/15/22.......... 151,598
253,961 Federal National Mortgage Association, 1993 CL 127LA,7.00%, 07/25/23........... 256,460
98,210 Federal Home Loan Mortgage Corporation, G034 CL D,7.50%, 04/25/24.............. 98,835
-----------
Total REMIC - (identified cost $11,753,614)............................. 12,149,880
-----------
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
BOND FUND - Continued
VALUE
PRINCIPAL (NOTE 1)
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT _ (2.52%)
$ 954,000 Lehman Repurchase Agreement, 6.14%, 07/03/95, dated 06/30/95,
repurchase value of $954,491 (collateralized by $720,000 par value
U.S. Treasury Bonds, 9.875%, 11/15/15, market value $954,000)
- (identified cost $954,000)................................................. $ 954,000
-----------
TOTAL INVESTMENTS - (99.37%) - (identified cost $36,695,903) - <F1>.............. 37,664,365
OTHER ASSETS LESS LIABILITIES - (0.63%).......................................... 240,178
-----------
NET ASSETS - (100%)............................................................ $37,904,543
-----------
-----------
<FN>
<F1> Aggregate cost for Federal Income Tax purposes is $36,695,903. At June 30, 1995
unrealized appreciation (depreciation) of securities for Federal Income Tax purposes
is as follows:
Unrealized appreciation........................................................ $ 1,242,022
Unrealized depreciation........................................................ (273,560)
-----------
Net unrealized appreciation.................................................... $ 968,462
-----------
-----------
<F2> The interest rates on floating rate securities, shown as of June 30,
1995, may change
monthly or less frequently and are based on indices of market interest
rates.
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
GOVERNMENT MONEY MARKET FUND
<CAPTION> VALUE
PRINCIPAL (NOTE 1)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
FEDERAL FARM CREDIT BANK - (2.74%)
<C> <S> <C>
$ 5,250,000 6.01%, 07/05/95 Discount Note............................................. $ 5,248,247
1,395,000 5.86%, 07/13/95 Discount Note............................................. 1,392,729
2,620,000 6.10%, 07/17/95 Discount Note............................................. 2,613,785
------------
Total Federal Farm Credit Bank - (identified cost $9,254,761)............. 9,254,761
------------
FEDERAL HOME LOAN BANK - (4.95%)
4,770,000 5.84%, 07/03/95 Discount Note............................................. 4,770,000
3,495,000 5.96%, 07/07/95 Discount Note............................................. 3,492,685
2,200,000 5.90%, 07/21/95 Discount Note............................................. 2,193,510
2,670,000 5.99%, 07/24/95 Discount Note............................................. 2,660,670
3,660,000 5.785%, 09/29/95 Discount Note............................................ 3,608,243
------------
Total Federal Home Loan Bank - (identified cost $16,725,108).............. 16,725,108
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - (47.93%)
2,785,000 5.91%, 07/07/95 Discount Note............................................. 2,783,171
2,800,000 6.01%, 07/10/95 Discount Note............................................. 2,796,728
1,715,000 6.03%, 07/10/95 Discount Note............................................. 1,712,989
2,680,000 5.84%, 07/12/95 Discount Note............................................. 2,676,087
5,480,000 5.87%, 07/12/95 Discount Note............................................. 5,471,958
10,905,000 5.88%, 07/20/95 Discount Note............................................. 10,874,720
4,510,000 5.88%, 07/27/95 Discount Note............................................. 4,492,321
1,100,000 5.88%, 07/31/95 Discount Note............................................. 1,094,969
1,900,000 5.92%, 08/02/95 Discount Note............................................. 1,890,627
10,165,000 5.92%, 08/03/95 Discount Note............................................. 10,113,181
10,000,000 5.85%, 08/04/95 Discount Note............................................. 9,948,000
17,555,000 5.73%, 08/07/95 Discount Note............................................. 17,457,204
2,425,000 5.88%, 08/07/95 Discount Note............................................. 2,411,137
1,540,000 5.89%, 08/08/95 Discount Note............................................. 1,530,929
3,595,000 5.89%, 08/09/95 Discount Note............................................. 3,573,237
4,075,000 5.89%, 08/10/95 Discount Note............................................. 4,049,665
7,500,000 5.89%, 08/11/95 Discount Note............................................. 7,452,144
6,555,000 5.88%, 08/14/95 Discount Note............................................. 6,510,033
5,000,000 5.89%, 08/15/95 Discount Note............................................. 4,964,824
6,000,000 5.87%, 08/16/95 Discount Note............................................. 5,956,953
1,100,000 5.88%, 08/17/95 Discount Note............................................. 1,091,915
5,255,000 5.87%, 08/18/95 Discount Note............................................. 5,215,584
3,552,000 5.86%, 08/21/95 Discount Note............................................. 3,523,669
5,400,000 5.80%, 08/30/95 Discount Note............................................. 5,349,540
11,265,000 5.76%, 09/08/95 Discount Note............................................. 11,144,239
10,000,000 5.81%, 09/12/95 Discount Note............................................. 9,885,414
3,910,000 5.73%, 09/13/95 Discount Note............................................. 3,865,191
4,735,000 5.80%, 09/13/95 Discount Note............................................. 4,680,074
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
GOVERNMENT MONEY MARKET FUND - Continued
VALUE
PRINCIPAL (NOTE 1)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - Continued
$ 3,220,000 5.78%, 09/18/95 Discount Note............................................ $ 3,180,192
6,280,000 5.72%, 09/25/95 Discount Note............................................ 6,196,183
------------
Total Federal Home Loan Mortgage Corporation - (identified cost
$161,892,878).......................................................... 161,892,878
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - (44.46%)
5,000,000 6.06%, 07/06/95 Discount Note............................................ 4,997,475
3,520,000 5.86%, 07/11/95 Discount Note............................................ 3,515,416
4,865,000 5.875%, 07/13/95 Discount Note........................................... 4,857,061
12,145,000 5.88%, 07/13/95 Discount Note............................................ 12,125,163
7,085,000 5.90%, 07/18/95 Discount Note............................................ 7,067,583
6,225,000 5.78%, 07/19/95 Discount Note............................................ 6,209,009
6,670,000 5.85%, 07/19/95 Discount Note............................................ 6,652,658
10,000,000 5.88%, 07/25/95 Discount Note............................................ 9,964,067
1,600,000 5.75%, 07/27/95 Discount Note............................................ 1,593,867
5,475,000 5.87%, 08/02/95 Discount Note............................................ 5,448,218
3,855,000 5.75%, 08/08/95 Discount Note............................................ 3,832,834
3,580,000 5.85%, 08/09/95 Discount Note............................................ 3,558,475
4,840,000 5.82%, 08/11/95 Discount Note............................................ 4,809,484
6,825,000 5.87%, 08/11/95 Discount Note............................................ 6,781,599
3,735,000 5.89%, 08/15/95 Discount Note............................................ 3,708,723
4,990,000 5.83%, 08/25/95 Discount Note............................................ 4,947,171
6,520,000 5.80%, 08/25/95 Discount Note............................................ 6,461,175
5,095,000 5.76%, 09/05/95 Discount Note............................................ 5,042,827
4,915,000 5.73%, 09/07/95 Discount Note............................................ 4,863,368
1,290,000 5.92%, 09/11/95 Discount Note............................................ 1,275,151
5,040,000 5.74%, 09/14/95 Discount Note............................................ 4,981,337
3,805,000 5.88%, 09/14/95 Discount Note............................................ 3,759,632
1,655,000 5.79%, 09/15/95 Discount Note............................................ 1,635,303
8,490,000 5.78%, 09/20/95 Discount Note............................................ 8,382,314
3,020,000 5.78%, 09/22/95 Discount Note............................................ 2,980,725
16,025,000 5.73%, 09/28/95 Discount Note............................................ 15,811,372
5,000,000 5.70%, 10/10/95 Discount Note............................................ 4,921,625
------------
Total Federal National Mortgage Association -
(identified cost $ 150,183,632)........................................ 150,183,632
------------
TOTAL INVESTMENTS - (100.08%) - (identified cost $338,056,379 - <F1>..... 338,056,379
LIABILITIES LESS OTHER ASSETS - (0.08%)................................. (274,725)
------------
NET ASSETS - (100%)...................................................... $337,781,654
------------
------------
<FN>
<F1> Aggregate cost for Federal income tax purposes is $338,056,379.
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
FINANCIAL VALUE FUND
<CAPTION>
VALUE
SHARES (NOTE 1)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
COMMON STOCK - (98.15%)
AGRICULTURE - (2.15%)
<C> <S> <C>
77,650 Archer Daniels Midland Co................................................... $ 1,446,231
AUTOMOBILES - ( 2.79%) -----------
40,000 General Motors Corp......................................................... 1,875,000
BANKS AND SAVINGS & LOAN ASSOCIATIONS - (23.98%) -----------
169,246 Bank of East Asia........................................................... 509,632
20,000 Bank of New York Co., Inc................................................... 807,500
15,000 BankAmerica Corp............................................................ 789,375
23,400 Barnett Banks Inc........................................................... 1,199,250
40,000 First Bank System, Inc...................................................... 1,640,000
10,000 First Interstate Bancorp.................................................... 802,500
24,000 Golden West Financial Corp.................................................. 1,131,000
107,955 Lloyds Bank PLC............................................................. 1,070,621
29,000 Norwest Corp................................................................ 833,750
33,000 PNC Bank Corp............................................................... 870,375
28,000 Republic New York Corp...................................................... 1,568,000
50,000 State Street Boston Corp.................................................... 1,843,750
30,000 TCF Financial Corp.......................................................... 1,425,000
9,000 Wells Fargo & Co............................................................ 1,622,250
-----------
16,113,003
COMPUTER PRODUCTS - (10.78%) -----------
41,000 Cirrus Logic, Inc.<F1>...................................................... 2,570,187
60,000 Electronic Arts Inc.<F1>.................................................... 1,631,250
48,000 Intel Corp.................................................................. 3,039,000
-----------
7,240,437
FINANCIAL SERVICES - (57.20%) -----------
2,163 Alleghany Corp.............................................................. 344,458
44,000 American Express Co......................................................... 1,545,500
10,250 American International Group, Inc........................................... 1,168,500
12,000 Aon Corporation............................................................. 447,000
30,000 Argonaut Group Inc.......................................................... 948,750
47,000 Berkley (W.R.) Corp......................................................... 1,680,250
30,000 Capital One Financial Corp.................................................. 585,000
10,000 Chubb Corp.................................................................. 801,250
20,000 Eaton Vance Corp............................................................ 652,500
90,000 Equitable Companies Inc..................................................... 1,878,750
43,700 Jeffries Group, Inc......................................................... 1,611,438
40,000 Leucadia National Corp...................................................... 2,020,000
30,000 Mercury General Corp........................................................ 1,036,875
18,000 Morgan (J.P.) & Co., Inc................................................... 1,262,250
31,500 Morgan Stanley Group Inc.................................................... 2,551,500
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
FINANCIAL VALUE FUND - Continued
VALUE
SHARES/PRINCIPAL
(NOTE 1)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
COMMON STOCK - Continued
FINANCIAL SERVICES - Continued
38,000 NAC RE Corp................................................................. $ 1,182,750
45,000 National Re Corp............................................................ 1,507,500
36,000 Orion Capital Corp.......................................................... 1,404,000
25,000 Progressive Corp. (Ohio).................................................... 959,375
13,333 Robert Plan Corp., Series A<F1>............................................. 1,799,955
32,000 Salomon Inc................................................................. 1,284,000
52,500 Schwab (Charles) Corp....................................................... 2,277,188
21,000 State Auto Financial Corp................................................... 401,625
42,000 SunAmerica, Inc............................................................. 2,142,000
33,000 Transatlantic Holdings, Inc................................................. 2,145,000
54,000 Travelers Group Inc......................................................... 2,362,500
69,000 20th Century Industries..................................................... 862,500
15,000 United Asset Management Corporation......................................... 534,375
30,000 Vesta Insurance Group, Inc.................................................. 1,031,250
-----------
38,428,039
TRANSPORTATION - (1.25%) -----------
35,000 Pittston Services Group..................................................... 840,000
-----------
Total Common Stock - (identified cost $ 50,693,492)........................ 65,942,710
-----------
REPURCHASE AGREEMENT - (1.76%)
$1,185,000 Lehman Repurchase Agreement, 6.17%, 07/03/95, dated 06/30/95,
repurchase value of $1,185,609 (collateralized by $ 945,000 par value
U.S. Treasury Bonds, 10.375%, 11/15/06, market value $1,185,000)
- (identified cost $1,185,000)........................................... 1,185,000
-----------
TOTAL INVESTMENTS - (99.91%) - (identified cost $51,878,492) - <F2>...... 67,127,710
OTHER ASSETS LESS LIABILITIES - (0.09%).................................. 57,368
-----------
NET ASSETS - (100%)................................................. $67,185,078
-----------
-----------
<FN>
<F1> Non-Income Producing Security.
<F2> Aggregate cost for Federal Income Tax purposes is $51,878,492. At June 30, 1995
unrealized appreciation (depreciation) of securities for Federal Income Tax purposes is as follows:
Unrealized appreciation...................................................... $ 16,372,146
Unrealized depreciation...................................................... (1,122,928)
------------
Net unrealized appreciation................................................ $ 15,249,218
------------
------------
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
CONVERTIBLE SECURITIES FUND
<CAPTION>
VALUE
SHARES/PRINCIPAL
(NOTE 1)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCK - (33.83%)
BANKS AND SAVINGS & LOAN ASSOCIATIONS - (15.78%)
<C> <S> <C>
11,000 Banc One Corp., $3.50, Ser. C Conv.Pfd...................................... $ 635,250
6,000 Barnett Banks Inc., $4.50, Ser. A Conv.Pfd.................................. 582,000
19,000 Citicorp, $5.375, Ser. 13 Conv.Pfd.......................................... 3,021,000
38,800 First Bank System, Inc., $3.5625, Ser. '91-A Conv. Pfd...................... 2,716,000
10,500 Norwest Corp., Dep. Shs., $3.50, Ser. B Conv. Pfd........................... 834,750
12,000 Republic New York Corp., $3.375, Conv. Pfd.................................. 693,000
-----------
8,482,000
COMPUTER PRODUCTS - (1.86%) -----------
10,400 Salomon Inc. - Hewlett-Packard Company, ELK, 5.25%, 01/01/97 Pfd............ 998,400
CONSUMER PRODUCTS - (0.98%) -----------
9,500 Sonoco Products Co., $2.25, Ser. A Conv. Pfd................................ 527,250
ENERGY - (0.98%) -----------
10,000 Unocal Corp., $3.50, Conv. Pfd.<F1>......................................... 530,000
FINANCIAL SERVICES - (1.05%) -----------
9,000 Travelers Group Inc., 5.50%, Ser. B Conv. Pfd............................... 564,750
INSURANCE - (1.72%) -----------
5,200 Aon Corporation, 6.25% Ser. B Conv. Exch. Pfd............................... 279,500
14,000 SunAmerica Inc., Depository Shares, $2.78,Ser. D Conv. Pfd.................. 644,000
-----------
923,500
PUBLISHING - (1.86%) -----------
50,000 News Corp. Ltd., Sponsored ADR Pfd.......................................... 1,000,000
REAL ESTATE - (4.02%) -----------
20,000 Merry Land & Investment Co., Inc., Ser. A Conv. Pfd......................... 540,000
33,300 Oasis Residential, Inc., $2.25, Ser. A Cum. Conv. Pfd....................... 840,825
15,300 Rouse Co., 6.50%, Ser. A Conv. Pfd.......................................... 780,300
-----------
2,161,125
TELECOMMUNICATIONS - (0.97%) -----------
15,000 MFS Communications Company, Inc., Depository Shares, 8.00% Conv. Pfd........ 519,375
TRANSPORTATION - (4.61%) -----------
9,000 Burlington Northern Inc., 6.25%, Ser. A Cum. Conv. Pfd...................... 607,500
32,000 Delta Air Lines, Inc., Depository Shares,$3.50, Ser. C Conv. Pfd............ 1,872,000
-----------
2,479,500
-----------
Total Convertible Preferred Stock - (identified cost $16,410,858)........... 18,185,900
-----------
CONVERTIBLE BONDS - (30.43%)
COMMUNICATIONS - (1.84%)
$ 600,000 General Instrument Corp., Conv. Jr. Sub., 5.00%, 06/15/00................... 990,000
-----------
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
CONVERTIBLE SECURITIES FUND - Continued
VALUE
PRINCIPAL (NOTE 1)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
CONVERTIBLE BONDS - Continued
ELECTRONICS - (2.65%)
$ 900,000 Texas Instruments, Inc., Conv. Sub. Deb., 2.75%, 09/29/02................... $ 1,426,500
ENERGY - (3.68%) -----------
1,000,000 Amoco Canada Petroleum Co. Ltd., Conv. Sub Deb., 7.375%, 09/01/13........... 1,265,000
750,000 Noble Affiliates, Inc., Conv. Sub. Note, 4.25%,11/01/03..................... 710,625
-----------
1,975,625
FINANCIAL SERVICES - (6.25%) -----------
500,000 Alex Brown, Inc., Conv. Sub. Deb., 5.75%, 06/12/01.......................... 792,500
550,000 Legg Mason, Inc., Conv. Sub. Deb., 5.25%, 05/01/03.......................... 609,813
400,000 Legg Mason, Inc., Conv. Sub. Deb., 7.00%, 06/15/11.......................... 502,500
1,400,000 Leucadia National Corp., Conv. Sub. Deb., 5.25%, 02/01/03................... 1,456,000
-----------
3,360,813
INSURANCE - (2.91%) -----------
1,503,000 Equitable Companies Inc., Conv. Sub. Deb., 6.125%,12/15/24.................. 1,563,120
MACHINERY - (1.60%) -----------
700,000 Raymond Corp., Conv. Sub. Deb., 6.50%,12/15/03.............................. 857,500
MANUFACTURING - (2.56%) -----------
300,000 Orbital Sciences Corp., Conv. Sub. Deb., 6.75%, 03/01/03.................... 415,125
700,000 Riverwood International Corp., Conv. Sub. Note, 6.75%, 09/15/03............. 963,375
-----------
1,378,500
METALS & MINING - (2.67%) -----------
1,300,000 Allegheny Ludlum Corp., Conv., 5.875%,03/15/02.............................. 1,433,250
PRINTING/PUBLISHING - (1.38%) -----------
760,000 News America Holding Inc., Conv. Sub. Note, Zero Coupon, 03/31/02<F1>....... 744,800
REAL ESTATE - (3.83%) -----------
500,000 Camden Property Trust, Conv. Sub. Deb., 7.33%, 04/01/04..................... 486,250
700,000 Centerpoint Properties Corp., Conv. Sub. Deb., 8.22%, 01/15/04.............. 791,091
500,000 Liberty Property Trust, Conv. Sub. Deb., 8.00%, 07/01/01.................... 488,125
350,000 Mid-Atlantic Realty Trust, Conv. Sub. Deb., 7.625%, 09/15/03................ 295,750
-----------
2,061,216
TRANSPORTATION - (1.06%) -----------
500,000 AMR Corp., Conv. Sub. Qrtly Income Cap. Secs., 6.125%,11/01/24.............. 520,000
500,000 Florida West Airlines, Inc., 8.00%, 03/25/99................................ 50,042
-----------
570,042
-----------
Total Convertible Bonds - (identified cost $14,597,019)..................... 16,361,366
-----------
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
CONVERTIBLE SECURITIES FUND - Continued
VALUE
SHARES (NOTE 1)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
COMMON STOCK - (34.61%)
BANKS AND SAVINGS & LOAN ASSOCIATIONS - (3.78%)
11,000 Banc One Corp............................................................... $ 354,750
16,900 Bank of New York............................................................ 682,337
13,800 First Bank System,Inc....................................................... 565,800
15,000 Norwest Corp................................................................ 431,250
-----------
2,034,137
FINANCIAL SERVICES - (1.82%) -----------
22,322 Travelers Group Inc......................................................... 976,588
INSURANCE - (4.11%) -----------
13,900 Leucadia National Corp...................................................... 701,950
10,000 NAC Re Corp................................................................. 311,250
12,500 SunAmerica Inc.............................................................. 637,500
13,000 Trenwick Group, Inc......................................................... 555,750
-----------
2,206,450
REAL ESTATE - (24.90%) -----------
33,200 Avalon Properties, Inc...................................................... 659,850
10,000 Centerpoint Properties Corp................................................. 206,250
10,000 Chelsea GCA Realty, Inc..................................................... 270,000
27,000 Debartolo Realty Corp....................................................... 394,875
75,000 Host Marriott Corp.<F1>..................................................... 796,875
15,000 JDN Realty Corp............................................................. 305,625
41,300 Kimco Realty Corp........................................................... 1,569,400
10,000 Liberty Property Trust...................................................... 196,250
20,000 Merry Land & Investment Co.,Inc............................................. 407,500
35,000 Mid-America Apartment Communities Inc....................................... 875,000
30,000 Oasis Residential, Inc...................................................... 652,500
7,600 Reckson Associates Realty Corp.............................................. 184,300
46,300 Security Capital Pacific Trust<F1>.......................................... 804,462
30,000 Sovran Self Storage Inc.<F1>................................................ 690,000
57,400 Storage Equities, Inc....................................................... 939,925
40,900 Storage Trust Realty........................................................ 828,225
11,500 Tanger Factory Outlet Centers, Inc.......................................... 291,813
7,400 Trinet Corporate Realty Trust, Inc.......................................... 207,200
72,900 Vornado Realty Trust........................................................ 2,542,388
14,940 Weingarten Realty Investors................................................. 563,985
-----------
13,386,423
-----------
Total Common Stock - (identified cost $16,691,705).......................... 18,603,598
-----------
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
CONVERTIBLE SECURITIES FUND - Continued
VALUE
PRINCIPAL (NOTE 1)
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
REPURCHASE AGREEMENT - (0.65%)
$ 350,000 State Street Bank and Trust Company Repurchase Agreement, 5.80%, 07/03/95,
dated 06/29/95, repurchase value of $350,226 (collateralized by $355,000 par
value U.S. Treasury Notes, 4.625%, 02/29/96, market value $357,847)
- (identified cost $350,000).............................................. $ 350,000
-----------
TOTAL INVESTMENTS - (99.52%) - (identified cost $48,049,582) - <F2>........... 53,500,864
OTHER ASSETS LESS LIABILITIES - (0.48%)....................................... 257,232
-----------
NET ASSETS - (100%)........................................................... $53,758,096
-----------
-----------
<FN>
<F1> Non-Income Producing Security.
<F2> Aggregate cost for Federal Income Tax purposes is $48,049,582. At
June 30, 1995 unrealized appreciation (depreciation) of securities for Federal Income
Tax purposes is as follows:
Unrealized appreciation...................................................... $ 6,263,772
Unrealized depreciation...................................................... (812,490)
-----------
Net unrealized appreciation.................................................. $ 5,451,282
-----------
-----------
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
REAL ESTATE SECURITIES FUND
<CAPTION> VALUE
SHARES (NOTE1)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
COMMON STOCK - (85.02%)
BANKS AND SAVINGS & LOAN ASSOCIATIONS - (1.02%)
<C> <S> <C>
9,000 Bancorp Hawaii, Inc.......................................................... $ 270,000
HOTELS & LODGING - (2.01%) -----------
50,000 Host Marriot Corp.<F1>....................................................... 531,250
INSURANCE - (4.39%) -----------
14,500 Chubb Corp................................................................... 1,161,812
-----------
REAL ESTATE INVESTMENT TRUSTS (REITS) - (77.60%)
APARTMENTS (REITS) - (22.72%)
41,800 Avalon Properties, Inc....................................................... 830,775
41,000 Bay Apartment Communities Inc................................................ 799,500
20,000 Equity Residential Properties Trust<F1>...................................... 557,500
48,900 Irvine Apartment Communities Inc............................................. 843,525
21,000 Merry Land & Investment Co.,Inc.............................................. 427,875
37,000 Mid-America Apartment Communities Inc........................................ 925,000
22,000 Oasis Residential, Inc....................................................... 478,500
7,000 Post Properties Inc.......................................................... 211,750
28,900 Security Capital Pacific Trust<F1>........................................... 502,138
25,000 Summit Properties Inc........................................................ 431,250
-----------
6,007,813
INDUSTRIAL (REITS) - (12.91%) -----------
42,200 Centerpoint Properties Corp.................................................. 870,375
18,600 Crescent Real Estate Equities,Inc............................................ 592,875
7,500 Duke Realty Investments, Inc................................................. 211,875
15,000 Liberty Property Trust....................................................... 294,375
32,400 Reckson Associates Realty Corp.<F1>.......................................... 785,700
40,452 Security Capital Industrial Trust............................................ 657,345
-----------
3,412,545
OFFICE (REITS) - (2.41%) -----------
25,000 Beacon Properties Corp....................................................... 496,875
5,000 Trinet Corporate Realty Trust, Inc........................................... 140,000
-----------
636,875
RETAIL (REITS) - (31.16%) -----------
36,800 Chelsea GCA Realty Inc....................................................... 993,600
47,000 Debartolo Realty Corp........................................................ 687,375
19,500 Federal Realty Investment Trust.............................................. 421,687
19,000 Horizon Outlet Centers, Inc.................................................. 441,750
25,000 JDN Realty Corp.............................................................. 509,375
6,400 JP Realty Inc................................................................ 131,200
26,300 Kimco Realty Corp............................................................ 999,400
35,000 Macerich Co. (The)........................................................... 686,875
15,500 McArthur/Glen Realty Corp.................................................... 226,687
16,000 Saul Centers Inc............................................................. 256,000
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
SCHEDULE OF INVESTMENTS AT JUNE 30, 1995 (Unaudited)
REAL ESTATE SECURITIES FUND - Continued
VALUE
SHARES/PRINCIPAL (NOTE 1)
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS (REITS) - Continued
RETAIL (REITS) - Continued
13,500 Tanger Factory Outlet Centers,Inc............................................ $ 342,563
9,000 Tucker Properties Corp....................................................... 109,125
40,000 United Dominion Realty Trust Inc............................................. 590,000
33,350 Vornado Realty Trust......................................................... 1,163,081
18,000 Weingarten Realty Investors.................................................. 679,500
-----------
8,238,218
STORAGE (REITS) - (8.40%) -----------
21,500 Shurgard Storage Centers Inc................................................. 494,500
15,000 Sovran Self Storage Inc...................................................... 345,000
46,300 Storage Equities, Inc........................................................ 758,163
30,800 Storage Trust Realty......................................................... 623,700
-----------
2,221,363
-----------
Total Real Estate Investment Trusts (REITS).................................. 20,516,814
-----------
Total Common Stock - (identified cost $ 22,351,540).......................... 22,479,876
-----------
CONVERTIBLE PREFERRED STOCK - (3.64%)
3,600 Merry Land & Investment Co., Inc., $1.75, Ser. A Conv. Pfd................... 97,200
16,700 Oasis Residential, Inc., $2.25, Ser. A Cum. Conv. Pfd........................ 421,675
20,000 Security Capital Pacific Trust, $1.75, Ser. A Conv. Pfd..................... 445,000
-----------
Total Preferred Stock - (identified cost $ 918,366).......................... 963,875
CONVERTIBLE CORPORATE BONDS - (5.03%) -----------
$ 500,000 Camden Property Trust, Conv. Sub. Deb., 7.33%, 04/01/01...................... 486,250
576,000 Equitable Cos Inc., Conv. Sub. Deb., 6.125%, 12/15/24....................... 599,040
250,000 Liberty Property Trust, Conv. Sub. Deb., 8.00%, 07/01/01..................... 244,063
-----------
Total Convertible Corporate Bonds - (identified cost $1,407,360)............. 1,329,353
REPURCHASE AGREEMENT - (5.63%) -----------
1,489,000 Lehman Brothers Repurchase Agreement, 6.17%, 07/03/95, dated 06/30/95,
repurchase value of $1,489,766 (collateralized by $1,100,000 par value
U.S. Treasury Bonds, 11.625%, 11/15/04, market value $1,489,000)
- (identified cost $1,489,000)............................................... 1,489,000
-----------
TOTAL INVESTMENTS - (99.32%) - (identified cost $26,166,266) - <F2>.......... 26,262,104
OTHER ASSETS LESS LIABILITIES - (0.68%)...................................... 179,642
-----------
NET ASSETS - (100%).......................................................... $26,441,746
-----------
-----------
<FN>
<F1> Non-Income Producing Security.
<F2> Aggregate cost for Federal Income Tax purposes is $26,166,266. At June 30, 1995
unrealized appreciation (depreciation) of securities for Federal Income
Tax purposes is as follows:
Unrealized appreciation......................................................... $ 856,154
Unrealized depreciation......................................................... (760,316)
---------
Net unrealized appreciation..................................................... $95,838
---------
---------
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
STATEMENT OF ASSETS AND LIABILITIES
At June 30, 1995 (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
GOVERNMENT
MONEY FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND MARKET VALUE SECURITIES SECURITIES
FUND FUND FUND<F1> FUND FUND FUND
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
*
ASSETS:
Investments in securities, at value
(see schedules of investments)............ $ 56,723,754 $ 37,664,365 $ 338,056,379 $ 67,127,710 $ 53,500,864 $ 26,262,104
Cash........................................ 71,792 25,018 30,767 13,561 88,856 238
Receivables:
Dividends and interest.................... 19,490 318,016 5,035 76,538 424,182 241,624
Investment securities sold................ 117,876 _ _ 5,555 _ _
Capital stock sold........................ 117,321 555 942,331 30,639 _ _
Prepaid expenses............................ 20,509 26,195 86,311 4,564 6,909 _
Deferred organization expense _ _ _ 5,833 _ _
------------ ------------ ------------- ------------ ------------ ------------
Total assets........................... 57,170,742 38,034,149 339,120,823 67,264,400 54,020,811 26,503,966
------------ ------------ ------------- ------------ ------------ ------------
LIABILITIES:
Payables:
Investment securities purchased........... _ _ _ _ 186,155 _
Capital stock reacquired.................. 25,376 4,006 258,354 _ _ 4,294
Accrued expenses............................ 82,598 79,600 204,592 65,322 72,365 53,326
Commissions payable to distributor (Note 3). 81,252 46,000 _ 14,000 4,195 4,600
Distributions payable....................... _ _ 876,223 _ _ _
------------ ------------ ------------- ------------ ------------ ------------
Total liabilities...................... 189,226 129,606 1,339,169 79,322 262,715 62,220
------------ ------------ ------------- ------------ ------------ ------------
NET ASSETS (Note 5)......................... $ 56,981,516 $ 37,904,543 $ 337,781,654 $ 67,185,078 $ 53,758,096 $ 26,441,746
------------ ------------ ------------- ------------ ------------ ------------
------------ ------------ ------------- ------------ ------------ ------------
Class A Shares
Net assets................................ $ 20,277,213 $ 21,306,254 $ 336,041,733 $ 66,942,798 $ 53,681,220 $ 26,329,320
Shares outstanding........................ 1,148,111 3,561,146 336,041,733 5,033,135 3,024,320 1,751,694
Net asset value and redemption price per
share (net assets/shares outstanding)..... $ 17.66 $ 5.98 $ 1.00 $ 13.30 $ 17.75 $ 15.03
--------- -------- -------- --------- --------- ---------
--------- -------- -------- --------- --------- ---------
Maximum offering price per share
(100/95.25 of net asset value)............ $ 18.54 $ 6.28 $ 1.00 $ 13.96 $ 18.64 $ 15.78
--------- -------- -------- --------- --------- ---------
--------- -------- -------- --------- --------- ---------
Class B Shares
Net assets................................ $ 36,704,303 $ 16,598,289 $ 1,736,916 $ 242,280 $ 76,876 $ 112,426
Shares outstanding........................ 2,090,106 2,780,373 1,736,916 18,304 4,339 7,497
Net asset value, offering and redemption
price per share (net assets/shares
outstanding).............................. $ 17.56 $ 5.97 $ 1.00 $ 13.24 $ 17.72 $ 15.00
--------- -------- -------- --------- --------- ---------
--------- -------- -------- --------- --------- ---------
Net assets consist of:
Undistributed net investment
income (deficit)........................ $ _ $ (211,857) $ _ $ 140,466 $ 408,400 $ 356,758
Paid-in capital........................... 29,393,381 41,986,271 337,781,654 51,034,144 47,788,902 25,901,680
Accumulated net realized gain (loss)...... 4,458,714 (4,838,333) _ 761,250 109,512 87,470
Unrealized appreciation
on investments.......................... 23,129,421 968,462 _ 15,249,218 5,451,282 95,838
------------ ------------ ------------- ------------ ------------ ------------
$ 56,981,516 $ 37,904,543 $ 337,781,654 $ 67,185,078 $ 53,758,096 $ 26,441,746
------------ ------------ ------------- ------------ ------------ ------------
------------ ------------ ------------- ------------ ------------ ------------
<FN>
<F1> Class C shares: Net assets equal $3,005 and there are 3,005 shares
outstanding. The net asset value, offering and redemption price is $1.00 per share.
</FN>
</TABLE>
See Notes to Financial Statements.
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
STATEMENT OF OPERATIONS (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
Six months ended June 30, 1995
--------------------------------------------------------------------------
<CAPTION>
GOVERNMENT
MONEY FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND MARKET VALUE SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Income:
Dividends......................... $ 187,050 $ _ $ _ $ 483,160 $ 848,667 $ 695,719
Interest.......................... 22,874 1,610,151 7,783,697 49,433 469,694 182,666
----------- ---------- ----------- ----------- ---------- ----------
Total income.................. 209,924 1,610,151 7,783,697 532,593 1,318,361 878,385
----------- ---------- ----------- ----------- ---------- ----------
Expenses:
Management fees (Note 2).......... 193,162 143,905 639,535 231,943 186,899 93,425
Custodian fees.................... 36,058 43,754 93,488 36,656 36,296 35,965
Transfer agent fees............... 83,930 53,930 113,628 23,517 10,786 9,028
Audit fees........................ 6,154 6,102 6,135 5,760 6,650 5,435
Legalfees......................... 7,200 6,527 45,273 6,231 7,110 2,349
Accounting fees (Note 2).......... 7,500 8,502 5,499 6,000 6,000 5,001
Reports to shareholders........... 10,750 8,266 10,703 10,422 5,337 4,768
Directors fees and expenses....... 13,686 7,724 18,617 9,856 9,159 5,975
Registration and filing fees...... 18,207 29,018 80,054 18,057 19,812 22,720
Organization expense.............. _ _ _ 3,500 _ _
Miscellaneous..................... 27,615 16,333 38,115 12,848 14,201 3,841
Distribution plan payments (Note 3)
Class A......................... 10,102 15,659 _ 26,760 7,980 5,825
Class B......................... 175,345 86,596 _ 577 79 357
----------- ---------- ----------- ----------- ---------- ----------
Total expenses................ 589,709 426,316 1,051,047 392,127 310,309 194,689
----------- ---------- ----------- ----------- ---------- ----------
Net investment income (loss) (379,785) 1,183,835 6,732,650 140,466 1,008,052 683,696
----------- ---------- ----------- ----------- ---------- ----------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) from
investment transactions.. 4,458,715 (194,303) _ 761,250 528,850 87,470
Net increase in unrealized
appreciation/depreciation of
investments during the period..... 12,322,593 1,621,981 _ 12,579,946 5,587,168 56,465
----------- ---------- ----------- ----------- ---------- ----------
Net realized and unrealized
gain on investments........... 16,781,308 1,427,678 _ 13,341,196 6,116,018 143,935
----------- ---------- ----------- ----------- ---------- ----------
Net increase in net
assets resulting from
operations.................... $16,401,523 $2,611,513 $ 6,732,650 $13,481,662 $7,124,070 $ 827,631
----------- ---------- ----------- ----------- ---------- ----------
----------- ---------- ----------- ----------- ---------- ----------
</TABLE>
See Notes to Financial Statements
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
STATEMENT OF CHANGES IN NET ASSETS (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<TABLE>
Six months ended June 30, 1995
-----------------------------------------------------------------------------------------
<CAPTION>
GOVERNMENT
MONEY FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND MARKET VALUE SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)........ $ (379,785) $ 1,183,835 $ 6,732,650 $ 140,466 $ 1,008,052 $ 683,696
Net realized gain (loss) from.......
investment transactions........... 4,458,715 (194,303) _ 761,250 528,850 87,470
Net increase in unrealized
appreciation/depreciation
of investments.................... 12,322,593 1,621,981 _ 12,579,946 5,587,168 56,465
Net increase in net assets ------------ ------------ ------------- ------------ ------------ ------------
resulting from operations......... 16,401,523 2,611,513 6,732,650 13,481,662 7,124,070 827,631
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income
Class A........................... _ (774,904) (6,688,845) _ (599,599) (326,219)
Class B........................... _ (620,788) (43,742) _ (54) (719)
Class C........................... _ _ (63) _ _ _
CAPITAL SHARE
TRANSACTIONS (NOTE 5)............... (7,961,529) (2,587,744) 97,054,934 (3,994,941) (610,132) 456,601
------------ ------------ ------------- ------------ ------------ ------------
Total increase (decrease)
in net assets................... 8,439,994 (1,371,923) 97,054,934 9,486,721 5,914,285 957,294
NET ASSETS:
Beginning of period................. 48,541,522 39,276,466 240,726,720 57,698,357 47,843,811 25,484,452
------------ ------------ ------------- ------------ ------------ ------------
End of period (including
accumulated net investment
income (deficit) for
the Bond, Financial Value,
Convertible Securities and Real
Estate Securities Funds
of $(211,857), $140,466, $408,400
and $357,877, respectively)........ $ 56,981,516 $ 37,904,543 $ 337,781,654 $ 67,185,078 $ 53,758,096 $ 26,441,746
------------ ------------ ------------- ------------ ------------ ------------
------------ ------------ ------------- ------------ ------------ ------------
</TABLE>
See Notes to Financial Statements.
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
STATEMENT OF CHANGES IN NET ASSETS
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
<TABLE>
Year ended December 31, 1994
--------------------------------------------------------------------------------------------
<CAPTION>
GOVERNMENT
MONEY FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND MARKET VALUE SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income (loss)........ $ (474,307) $ 2,366,206 $ 6,907,959 $ 361,957 $ 1,892,358 $ 643,384
Net realized gain (loss) from
investment transactions........... 2,436,228 (298,560) _ 2,041,245 (419,338) 204,966
Net increase (decrease) in
unrealized appreciation/
depreciation of investments....... (6,916,085) (2,505,638) _ (5,018,406) (4,739,252) 39,372
Net increase (decrease) in net ------------ ------------- ------------- ------------ ------------ -------------
assets resulting from operations.. (4,954,164) (437,992) 6,907,959 (2,615,204) (3,266,232) 887,722
DISTRIBUTIONS TO
SHAREHOLDERS FROM:
Net investment income
Class A........................... _ _ (6,904,574) (368,855) (1,892,358) (643,338)
Class B........................... _ (2,663,223) (3,385) (102) _ (46)
Realized gains from investment
transactions
Class A........................... (539,300) _ _ (2,040,605) (132,489) (204,692)
Class B........................... (1,716,240) _ _ (1,021) _ (274)
Paid-in capital
Class A........................... _ _ _ (94,932) _ _
Class B........................... _ (766,698) _ (46) _ _
CAPITAL SHARE
TRANSACTIONS (NOTE 5)............... 3,989,165 (6,935,142) 201,195,681 12,041,370 8,405,127 25,445,080
------------ ------------- ------------- ------------ ------------ -------------
Total increase (decrease)
in net assets................. (3,220,539) (10,803,055) 201,195,681 6,920,605 3,114,048 25,484,452
NET ASSETS:
Beginning of period................. 51,762,061 50,079,521 39,531,039 50,777,752 44,729,763 _
------------ ------------- ------------- ------------ ------------ -------------
End of period....................... $ 48,541,522 $ 39,276,466 $ 240,726,720 $ 57,698,357 $ 47,843,811 $ 25,484,452
------------ ------------- ------------- ------------ ------------ -------------
------------ ------------- ------------- ------------ ------------ -------------
</TABLE>
See Notes to Financial Statements.
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
NOTES TO FINANCIAL STATEMENTS
At June 30, 1995 (Unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company is registered under the Investment Company Act of 1940, as
amended, as a diversified, open-end management investment company. The
Company operates as a series fund, issuing shares of common stock in six
series: the Growth Fund, Bond Fund, Government Money Market Fund,
Financial Value Fund, Convertible Securities Fund and Real Estate
Securities Fund. The Company accounts separately for the assets,
liabilities and operations of each series. On January 3, 1994, the Real
Estate Securities Fund became a new series of the Company. On December
1, 1994 each series commenced the offering of shares in two classes,
Class A and Class B. The Class A shares are sold with a front-end sales
charge, except for shares of Government Money Market Fund which are sold
at net asset value and the Class B shares are sold at net asset value and
may be subject to a contingent deferred sales charge upon redemption.
The Government Money Market Fund offers Class C shares which are sold at
net asset value. All classes have identical rights with respect to voting
(exclusive of each Class's distribution arrangement), liquidation and
distributions. The following is a summary of significant accounting
policies followed by the Company in the preparation of its financial
statements.
A. VALUATION OF SECURITIES. Securities listed on national
securities exchanges are valued at the last reported sales price on the day
of valuation. Securities of the Growth and Bond Funds traded in the over
the counter market and listed securities for which no sale was reported
on that date are stated at the last quoted bid price. Securities of the
Financial Value, Convertible Securities and Real Estate Securities Funds
traded in the over the counter market and listed securities for which no
sale was reported on that date are stated at the average of closing bid and
asked prices. Securities for which market quotations are not readily
available are valued at fair value as determined by the Board of Directors.
The Government Money Market Fund uses the amortized cost method of
valuing investment securities which represents fair value as determined
by the Board of Directors.
B. CURRENCY TRANSLATION. The market values of all assets and
liabilities denominated in foreign currencies are recorded in the financial
statements after translation to the U.S. dollar based upon the mean
between the bid and offered quotations of the currencies against U.S.
dollars on the date of valuation. The cost basis of such assets and
liabilities is determined based upon historical exchange rates. Income and
expenses are translated at average exchange rates in effect as accrued or
incurred.
C. FORWARD CURRENCY CONTRACTS. The Company may enter into
forward purchases or sales of foreign currencies to hedge certain foreign
currency denominated assets and liabilities against declines in market
value relative to the U.S. dollar. Forward currency contracts are
marked-to-market daily and the change in market value is recorded by the
Company as an unrealized gain or loss. When the forward currency
contract is closed, the Company records a realized gain or loss equal to
the difference between the value of the forward currency contract at the
time it was opened and value at the time it was closed. Investments in
forward currency contracts may expose the Company to risks resulting
from unanticipated movements in foreign currency exchange rates or
failure of the counterparty to the agreement to perform in accordance
with the terms of the contract.
D. FEDERAL INCOME TAXES. It is the Company's policy to comply with
the requirements of the Internal Revenue Code applicable to regulated
investment companies and to distribute substantially all of its income to
shareholders. Therefore, no provision for federal income tax is required.
At June 30, 1995, the Bond Fund had approximately $4,644,200 of capital
loss carryovers available to offset future capital gains, if any, of which
$2,774,300, $1,110,900, $84,300, $376,100 and $298,600 expire in 1997,
1998, 1999, 2001 and 2002, respectively. At June 30, 1995, the
Convertible Securities Fund had approximately $419,300 of capital loss
carryovers available to offset future capital gains, if any, which expires
in 2002.
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
At June 30, 1995 (Unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Continued)
E. ORGANIZATION COSTS. Expenses incurred in connection with
Financial Value Fund's organization and initial public offering are being
amortized over a sixty-month period.
F. OTHER. Securities transactions are accounted for on the trade date
(date the order to buy or sell is executed) with gain or loss on the sale of
securities being determined based upon identified cost. Interest income is
recorded on the accrual basis. Dividends and distributions to shareholders
are recorded on the ex-dividend date.
NOTE 2 - INVESTMENT ADVISORY FEES
Advisory fees are paid monthly to the investment adviser. The fee
for the Government Money Market Fund is .50 of 1% of the first $250
million of average daily net assets, .45 of 1% of the next $250 million of
average daily net assets and .40 of 1% of average daily net assets in
excess of $500 million. The rate for the Growth Fund, Bond Fund, Financial
Value Fund, Convertible Securities Fund and Real Estate Securities Fund is
.75 of 1% of the average daily net assets for the first $250 million, .65 of
1% of the average net assets on the next $250 million, and .55 of 1% of the
average daily net assets in excess of $500 million. The Adviser will
reimburse each Fund for any expenses (including the fee under the
agreement but excluding interest, taxes, brokerage fees, payments made
to the Distributor under any Rule 12b-1 Distribution Plan and, where
permitted, extraordinary expenses) in excess of the most restrictive
applicable expense limitation prescribed by any statute or regulatory
authority of any jurisdiction in which each Funds' shares are qualified for
offer and sale. The Adviser believes that the most restrictive expense
limitations presently applicable are 2 1/2% for the first $30 million of
average net assets, 2% for the next $70 million of average net assets and
1 1/2% for any additional average net assets. Selected/Venture Advisers,
L.P. is paid for registering Fund shares for sale in various states. The fee
for the six months ended June 30, 1995 for the Growth, Bond, Government
Money Market, Financial Value, Convertible Securities and Real Estate
Securities Funds, amounted to $3,750 for each fund.
Selected/Venture Advisers, L.P. is paid for certain transfer agent
services. The fee for the six months ended June 30, 1995 for the Growth,
Bond, Government Money Market, Financial Value, Convertible Securities
and Real Estate Securities Funds, amounted to $4,391, $3,354, $4,479,
$1,577, $508 and $1,269, respectively. Selected/Venture Advisers, L.P. is
also paid for certain accounting services. The fee for the six months ended
June 30, 1995 for the Growth, Bond, Government Money Market,
Financial Value, Convertible Securities and Real Estate Securities Funds
amounted to $7,500 $8,502, $5,499, $6,000, $6,000 and $5,001,
respectively. Three directors and the officers of the Company are also
directors and officers of the general partner of Selected/Venture
Advisers, L.P.
Tanaka Capital Management, Inc. (the "Sub-Adviser"), acts as the
sub-adviser of the Growth Fund. The Sub-Adviser manages the day to day
investment operations for the Growth Fund. The Sub-Adviser also
provides investment advisory services to employee benefit plans,
institutions, trusts and individuals. Graham Y. Tanaka is the owner of the
Sub-Adviser. The Company pays no fees directly to the Sub-Adviser. The
Sub-Adviser receives from the Adviser a reallowed portion of its advisory
fee equal to .30% of the first $100 million of the Growth Fund's annual
average net assets and .25% of such Fund assets over $100 million with a
minimum annual fee of $100,000. However, the Sub-Adviser's fees on
Fund assets over $100 million may not exceed one-third of the fees paid
to the Adviser from the Growth Fund.
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
At June 30, 1995 (Unaudited)
NOTE 3 - DISTRIBUTION AND UNDERWRITING FEES
CLASS A SHARES OF GROWTH, BOND, FINANCIAL VALUE, CONVERTIBLE
SECURITIES AND REAL ESTATE SECURITIES FUNDS
Class A shares of the Funds are sold at net asset value plus a sales
charge and are redeemed at net asset value (without a contingent deferred
sales charge).
During the six months ended June 30, 1995, the Company's
Underwriter, Selected/Venture Advisers, L.P., received $4,705, $1,937,
$26,406, $2,096 and $9,458 from commissions earned on sales of Class A
shares of Growth, Bond, Financial Value, Convertible Securities and Real
Estate Securities Funds' capital stock, respectively, of which $936, $312,
$4,158, $326 and $1,441 were retained by the Underwriter and the
remaining $3,769, $1,625, $22,248, $1,770 and $8,017 were reallowed to
investment dealers. Selected/Venture Advisers, L.P. paid the costs of
prospectuses in excess of those required to be filed as part of the
Company's registration statement, sales literature and other expenses
assumed or incurred by it in connection with such sales.
The Underwriter is reimbursed for amounts paid to dealers as a
maintenance fee with respect to Class A shares sold by dealers and
remaining outstanding during the period. The maintenance fee is paid at
the annual rate of 1/4 of 1% of the average net assets maintained by the
responsible dealers. The Underwriter is not reimbursed for accounts in
which the Underwriter pays no service fees to other firms. The
maintenance fee for Class A shares of Growth Fund, Bond Fund, Financial
Value Fund, Convertible Securities Fund and Real Estate Securities Fund
for the six months ended June 30, 1995 was $10,102, $15,659, $26,760,
$7,980 and $5,825, respectively.
CLASS B SHARES OF GROWTH, BOND, FINANCIAL VALUE, CONVERTIBLE
SECURITIES AND REAL ESTATE SECURITIES FUNDS
Class B shares of the Funds are sold at net asset value and are
redeemed at net asset value less a contingent deferred sales charge if
redeemed within six years of purchase.
Until May 1, 1993, Selected/Venture Advisers, L.P., the Distributor
was paid a 5% commission on the proceeds from the sale of Class B shares
of the Funds, of which 4% was reallowed to the qualified dealers
responsible for the sale of shares. Additionally, the Distributor was
reimbursed for amounts paid to dealers as a maintenance fee with respect
to Class B shares sold of the Funds by dealers and remaining outstanding
during the period. The maintenance fee was paid at the annual rate of 1/4
of 1% of the average net assets maintained by the responsible dealers.
Under the plan, no more than .3125% per quarter of the Fund's average net
assets, (approximately 1.25% per annum) may be paid to the Distributor.
Effective May 1, 1993, the Funds began compliance with a new rule
implemented by the National Association of Securities Dealers, Inc.,
("NASD"). The new rule changes the annual limit to 1% of the Fund's annual
average net assets attributable to Class B shares, of which 0.75% may be
used to pay distribution expenses and 0.25% may be used to pay
shareholder service fees. The new NASD rule also limits the aggregate
amount the Funds may pay for distribution to 6.25% of gross Funds sales
since inception of the Rule 12b-1 plans plus interest at 1% over the prime
rate on unpaid amounts. Effective May 1, 1993, the Funds pay the
Distributor a 4% commission on the proceeds from the sale of Funds' Class
B shares and the Distributor reallows 4% to the qualified dealer
responsible for the sale of the shares. The Distributor intends to seek full
payment (plus interest at prime plus 1%) of distribution charges that
exceed the new 1% annual limit in some future period or periods when the
plan limits have not been reached.
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
At June 30, 1995 (Unaudited)
NOTE 3 - DISTRIBUTION AND UNDERWRITING FEES - (continued)
CLASS B SHARES OF GROWTH, BOND, FINANCIAL VALUE, CONVERTIBLE
SECURITIES AND REAL ESTATE SECURITIES FUNDS - Continued
During the six months ended June 30, 1995, Class B shares of the
Growth, Bond, Financial Value, Convertible Securities and Real Estate
Securities Funds made distribution plan payments which included
commissions of $134,824, $66,076, $434, $59 and $268, respectively and
maintenance fees of $40,521, $20,520, $143, $20 and $89, respectively.
Commissions earned by the Distributor during the six months ended
June 30, 1995 on the sale of Class B shares of the Growth, Bond, Financial
Value, Convertible Securities and Real Estate Securities Funds amounted
to $75,453, $30,458, $3,866, $2,287 and $1,190, of which $52,891,
$34,974, $3,200, $2,242 and $1,186 was reallowed to qualified selling
dealers.
The Distributor intends to seek payment from Class B shares of the
Growth, Bond, Financial Value, Convertible Securities and Real Estate
Securities Funds in the amounts of $425,391, $469,666, $4,815, $2,248
and $2,364, respectively, representing the cumulative commissions earned
by the Distributor on the sale of the Funds' Class B shares reduced by
cumulative commissions paid by the Funds and cumulative contingent
deferred sales charges paid by redeeming shareholders. The Funds have no
contractual obligation to pay any such distribution charges and the
amounts, if any, timing and condition of such payments are solely within
the discretion of the Directors who are not interested persons of the
Funds or the Distributor.
A contingent deferred sales charge is imposed upon redemption of
certain Class B shares of the Funds within six years of the original
purchase. The charge is a declining percentage starting at 4% of the lesser
of net asset value of the shares redeemed or the total cost of such shares.
During the six months ended June 30, 1995 the Distributor received
contingent deferred sales charges from Class B shares of the Growth and
Bond Funds of $141,184 and $22,029, respectively. (Prior to December 1,
1994, the charge was a declining percentage starting at 4% of the lesser
of net asset value of the shares redeemed or the total cost of such shares.
The charge was imposed upon redemption of certain Class B shares of the
Funds within four calendar years of the original purchase.)
GOVERNMENT MONEY MARKET FUND
All classes of shares of the Government Money Market Fund are sold
to investors at net asset value. Until February 1, 1992, the Government
Money Market Fund paid the Adviser an annual distribution fee equal to .40
of 1% of the Fund's average net assets. Effective February 1, 1992, the
shareholders of the Government Money Market Fund adopted a Distribution
expense plan in accordance with Rule 12b-1, which does not provide for
any amounts to be paid directly to the Distributor as either compensation
or reimbursement for distributing shares of the Fund, but does authorize
the use of the advisory fee to the extent such fee may be considered to be
indirectly financing any activity or expense which is primarily intended to
result in the sale of Fund shares. The Adviser has entered into related
service agreements with various firms which provide cash management
and other services to the Fund's shareholders. The Adviser, at its sole
discretion, currently pays such firms a fee of .25 of 1% based on the
average net assets of those accounts serviced. The Adviser reallowed
$5,655 to qualified dealers responsible for the maintenance of shares of
the Fund.
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
At June 30, 1995 (Unaudited)
NOTE 4 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of investment securities (excluding short-term
securities) during the six months ended June 30, 1995 for the Growth ,
Bond, Financial Value, Convertible Securities and Real Estate Securities
Funds were as follows:
<TABLE>
<CAPTION>
FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND VALUE SECURITIES SECURITIES
FUND FUND FUND FUND FUND
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Cost of purchases......... $ 8,473,905 $ 7,487,079 $ 9,651,073 $ 16,486,443 $ 9,625,357
Proceeds of sales......... $ 15,762,288 $ 9,090,244 $ 12,410,135 $ 15,514,465 $ 3,172,296
</TABLE>
NOTE 5 - CAPITAL STOCK
At June 30, 1995, there were 5 billion shares of capital stock ($0.01
par value per share) authorized of which 500 million shares each are
designated to the Growth, Bond, Government Money Market, Financial
Value, Convertible Securities and Real Estate Securities Funds.
Transactions in capital stock were as follows:
<TABLE>
CLASS A Six Months ended
June 30, 1995 (Unaudited)
-------------------------------------------------------------------------------------------
<CAPTION>
GOVERNMENT
MONEY FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND MARKET VALUE SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Shares sold........................... 226,421 345,317 191,922,572 226,321 63,368 219,232
Shares issued in reinvestment
of distributions.................... _ 88,783 7,624,900 _ 33,818 21,014
----------- ----------- ------------- ----------- ------------ ------------
226,421 434,100 199,547,472 226,321 97,186 240,246
Shares redeemed....................... (48,914) (330,389) (103,485,461) (591,888) (145,279) (217,277)
----------- ----------- ------------- ----------- ------------ ------------
Net increase (decrease)............. 177,507 103,711 96,062,011 (365,567) (48,093) 22,969
----------- ----------- ------------- ----------- ------------ ------------
----------- ----------- ------------- ----------- ------------ ------------
Proceeds from shares sold............. $ 3,404,331 $ 2,020,124 $ 191,922,572 $ 2,702,661 $ 1,126,707 $ 3,287,494
Proceeds from shares issued in
reinvestment of distributions....... _ 519,669 7,624,900 _ 553,601 306,602
----------- ----------- ------------- ----------- ------------ ------------
3,404,331 2,539,793 199,547,472 2,702,661 1,680,308 3,594,096
Cost of shares redeemed............... (766,957) (1,936,976) (103,485,461) (6,888,937) (2,365,440) (3,214,405)
----------- ----------- ------------- ----------- ------------ ------------
Net increase (decrease)............. $ 2,637,374 $ 602,817 $ 96,062,011 $(4,186,276) $ (685,132) $ 379,691
----------- ----------- ------------- ----------- ------------ ------------
----------- ----------- ------------- ----------- ------------ ------------
</TABLE>
<TABLE>
CLASS A Year ended
December 31, 1994
-----------------------------------------------------------------------------------------
<CAPTION>
GOVERNMENT
MONEY FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND MARKET VALUE SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Shares sold....................... 949,328 3,457,435 360,874,673 1,412,634 822,604 2,029,547
Shares issued in reinvestment
of distributions................ 21,276 _ 4,968,555 219,609 116,986 51,253
------------ ------------ ------------- ------------ ------------ -------------
970,604 3,457,435 365,843,228 1,632,243 939,590 2,080,800
Shares redeemed................... _ _ (165,394,545) (572,599) (431,169) (352,075)
------------ ------------ ------------- ------------ ------------ -------------
Net increase.................... 970,604 3,457,435 200,448,683 1,059,644 508,421 1,728,725
------------ ------------ ------------- ------------ ------------ -------------
------------ ------------ ------------- ------------ ------------ -------------
Proceeds from shares sold......... $ 13,068,488 $ 19,987,360 $ 360,874,673 $ 16,138,462 $ 13,646,967 $ 29,948,300
Proceeds from shares issued in
reinvestment of distributions... 274,247 _ 4,968,555 2,364,506 1,880,819 765,948
------------ ------------ ------------- ------------ ------------ -------------
13,342,735 19,987,360 365,843,228 18,502,968 15,527,786 30,714,248
Cost of shares redeemed........... _ _ (165,394,545) (6,491,364) (7,122,659) (5,303,113)
------------ ------------ ------------- ------------ ------------ -------------
Net increase.................... $ 13,342,735 $ 19,987,360 $ 200,448,683 $ 12,011,604 $ 8,405,127 $ 25,411,135
------------ ------------ ------------- ------------ ------------ -------------
------------ ------------ ------------- ------------ ------------ -------------
</TABLE>
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
NOTES TO FINANCIAL STATEMENTS - (Continued)
At June 30, 1995 (Unaudited)
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Note 5 - Capital Stock - Continued
<TABLE>
CLASS B Six Months ended
June 30, 1995 (Unaudited)
----------------------------------------------------------------------------------------
<CAPTION>
GOVERNMENT
MONEY FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND MARKET VALUE SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Shares sold........................... 131,408 139,821 2,495,756 15,660 4,338 5,305
Shares issued in reinvestment
of distributions................. _ 68,788 28,717 _ 3 26
------------- ------------- ------------ ---------- ---------- --------
131,408 208,609 2,524,473 15,660 4,341 5,331
Shares redeemed....................... (855,167) (752,595) (1,534,555) (14) (2) (139)
------------- ------------- ------------ ---------- ---------- --------
Net increase (decrease).......... (723,759) (543,986) 989,918 15,646 4,339 5,192
------------- ------------- ------------ ---------- ---------- --------
------------- ------------- ------------ ---------- ---------- --------
Proceeds from shares sold............. $ 1,709,671 $ 822,760 $ 2,495,756 $ 191,509 $ 74,987 $ 78,535
Proceeds from shares issued in
reinvestment of distributions... _ 401,756 28,717 _ 53 386
------------- ------------- ------------ ---------- ---------- --------
1,709,671 1,224,516 2,524,473 191,509 75,040 78,921
Cost of shares redeemed............... (12,308,574) (4,415,077) (1,534,555) (174) (40) (2,011)
------------- ------------- ------------ ---------- ---------- --------
Net increase (decrease).......... $ (10,598,903) $ (3,190,561) $ 989,918 $ 191,335 $ 75,000 $ 76,910
------------- ------------- ------------ ---------- ---------- --------
------------- ------------- ------------ ---------- ---------- --------
</TABLE>
<TABLE>
CLASS B Year ended
December 31, 1994
----------------------------------------------------------------------------------------
<CAPTION>
GOVERNMENT
MONEY FINANCIAL CONVERTIBLE REAL ESTATE
GROWTH BOND MARKET VALUE SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Shares sold........................... 1,836,358 721,331 894,895 2,553 _ 2,286
Shares issued in reinvestment
of distributions................. 137,055 361,144 _ 105 _ 19
------------- ------------- ------------- ---------- ---------- --------
1,973,413 1,082,475 894,895 2,658 _ 2,305
Shares redeemed....................... (2,688,602) (5,666,587) (147,897) _ _ _
------------- ------------- ------------- ---------- ---------- --------
Net increase (decrease).......... (715,189) (4,584,112) 746,998 2,658 _ 2,305
------------- ------------- ------------- ---------- ---------- --------
------------- ------------- ------------- ---------- ---------- --------
Proceeds from shares sold............. $ 27,299,270 $ 4,368,235 $ 894,895 $ 28,625 $ _ $ 33,664
Proceeds from shares issued in
reinvestment of distributions.... 1,791,948 2,178,875 _ 1,141 _ 281
------------- ------------- ------------- ---------- ---------- --------
29,091,218 6,547,110 894,895 29,766 _ 33,945
Cost of shares redeemed............... (38,444,788) (33,469,612) (147,897) _ _ _
------------- ------------- ------------- ---------- ---------- --------
Net increase (decrease).......... $ (9,353,570) $ (26,922,502) $ 746,998 $ 29,766 $ _ $ 33,945
------------- ------------- ------------- ---------- ---------- --------
------------- ------------- ------------- ---------- ---------- --------
</TABLE>
<TABLE>
CLASS C - Government Money Market Fund
<S> <C>
Shares sold............................................................... 3,540
Shares issued in reinvestment
of distributions..................................................... 46
------------
3,586
Shares redeemed........................................................... (581)
------------
Net increase......................................................... 3,005
------------
------------
Proceeds from shares sold.................................................. $ 3,540
Proceeds from shares issued in
reinvestment of distributions......................................... 46
------------
3,586
Cost of shares redeemed.................................................... (581)
------------
Net increase.......................................................... $ 3,005
------------
------------
</TABLE>
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
FINANCIAL HIGHLIGHTS
GROWTH FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The following financial information represents selected data for each share of
capital stock outstanding throughout each period:
<TABLE>
Class A -------------------------------------Class B------------------------------
<CAPTION>
Six Six
Months Months
Ended One Month Ended
June 30, ended June 30,
1995 December 31, 1995 Year ended December 31,
-----------------------------------------------------------
(Unaudited) 1994 (Unaudited) 1994 1993<F1> 1992<F1> 1991<F1> 1990<F1>
----------- ---- ----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period............... $ 12.83 $ 13.70 $ 12.82 $ 14.67 $ 13.25 $ 13.73 $ 9.83 $ 10.94
-------- -------- -------- -------- -------- -------- -------- --------
Income From Investment
----------------------
Operations
----------
Net Investment
Income (Loss).......... (0.08) (0.01) (0.14) (0.12) (0.07) (0.07) (0.06) _
Net Gains or Losses
on Securities
(both realized and
unrealized)............ 4.91 (0.29) 4.88 (1.11) 1.54 (0.32) 4.07 (0.52)
-------- -------- -------- -------- -------- -------- -------- --------
Total From Investment
Operations........... 4.83 (0.30) 4.74 (1.23) 1.47 (0.39) 4.01 (0.52)
-------- -------- -------- -------- -------- -------- -------- --------
Less Distributions
------------------
Dividends (from net
investment income).... _ _ _ _ (0.05) _ _ _
Distributions (from
capital gains) _ (0.57) _ (0.62) _ _ _ (0.45)
Distributions (from
paid-in capital)...... _ _ _ _ _ (0.09) (0.11) (0.14)
-------- -------- -------- -------- -------- -------- -------- --------
Total Distributions.... _ (0.57) _ (0.62) (0.05) (0.09) (0.11) (0.59)
Net Asset Value, -------- -------- -------- -------- -------- -------- -------- --------
End of Period............. $ 17.66 $ 12.83 $ 17.56 $ 12.82 $ 14.67 $ 13.25 $ 13.73 $ 9.83
-------- -------- -------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- -------- -------- --------
Total Return 37.65% (8.45)% 36.97% (8.45)% 11.16% (2.86)% 40.93% (4.72)%
------------
Ratios/Supplemental Data
------------------------
Net Assets, End of Period
(000 omitted)............. $20,277 $ 12,455 $ 36,704 $ 36,087 $ 51,762 $ 46,958 $ 43,419 $ 24,107
Ratio of Expenses to
Average Net Assets...... 1.69%<F2> 1.42%<F2> 2.34%<F2> 2.15% 2.39% 2.55% 2.49% 2.62%
Ratio of Net Income to
Average Net Assets..... (0.88)%<F2> (0.08)%<F2> (1.53)%<F2> (0.81)% (0.55)% (0.54)% (0.45)% (0.04)%
Portfolio Turnover Rate... 16.62% 37.31% 16.62% 37.31% 38.93% 39.01% 12.16% 40.50%
<FN>
<F1> Per share data has been restated to give effect to a 2 for 1 stock
split to shareholders of record as of the close of January 7, 1994.
<F2> Annualized
</FN>
</TABLE>
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
FINANCIAL HIGHLIGHTS
BOND FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The following financial information represents selected data for
each share of capital stock outstanding throughout each period:
<TABLE>
Class A -------------------------------------Class B------------------------------
<CAPTION>
Six Six
Months Months
Ended One Month Ended
June 30, ended June 30,
1995 December 31, 1995 Year ended December 31,
-----------------------------------------------------------
(Unaudited) 1994 (Unaudited) 1994 1993<F1> 1992<F1> 1991<F1> 1990<F1>
----------- ---- ----------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period............... $ 5.79 $ 5.78 $ 5.79 $ 6.33 $ 6.61 $ 6.88 $ 6.64 $ 6.86
-------- -------- -------- -------- -------- -------- -------- --------
Income From Investment
----------------------
Operations
----------
Net Investment
Income................. 0.20 0.02 0.16 0.31 0.36 0.37 0.43 0.41
Net Gains or Losses
on Securities
(both realized and
unrealized)............ 0.22 (0.01) 0.22 (0.37) (0.12) (0.10) 0.35 (0.02)
-------- -------- -------- -------- -------- -------- -------- --------
Total From Investment
Operations........... 0.42 0.01 0.38 (0.06) 0.24 0.27 0.78 0.39
-------- -------- -------- -------- -------- -------- -------- --------
Less Distributions
------------------
Dividends (from net
investment income).... (0.23) _ (0.20) (0.37) (0.42) (0.27) (0.43) (0.41)
Distributions (from
paid-in capital)...... _ _ _ (0.11) (0.10) (0.27) (0.11) (0.20)
-------- -------- -------- -------- -------- -------- -------- --------
Total Distributions... (0.23) _ (0.20) (0.48) (0.52) (0.54) (0.54) (0.61)
Net Asset Value, -------- -------- -------- -------- -------- -------- -------- --------
End of Period............. $ 5.98 $ 5.79 $ 5.97 $ 5.79 $ 6.33 $ 6.61 $ 6.88 $ 6.64
-------- -------- -------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- -------- -------- --------
Total Return................ 7.14% (0.97)% 6.73% (0.97)% 3.69% 4.14% 12.36% 6.11%
------------
Ratios/Supplemental Data
------------------------
Net Assets, End of Period
(000 omitted)............. $ 21,306 $ 20,035 $ 16,598 $ 19,241 $ 50,080 $ 54,422 $ 62,766 $ 55,489
Ratio of Expenses to
Average Net Assets...... 1.84%<F2> 1.64%<F2> 2.44%<F2> 2.38% 2.37% 2.51% 2.51% 2.50%
Ratio of Net Income to
Average Net Assets..... 6.55%<F2> 6.22%<F2> 5.95%<F2> 5.48% 5.52% 5.83% 6.36% 6.58%
Portfolio Turnover Rate... 13.18% 62.17% 13.18% 62.17% 42.82% 81.28% 28.14% 72.02%
<FN>
<F1> Per share calculations other than distributions were based on
average shares outstanding during the period.
<F2> Annualized
</FN>
</TABLE>
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
FINANCIAL HIGHLIGHTS
GOVERNMENT MONEY MARKET FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The following financial information for each respective fund represents selected
data for each share of capital stock outstanding throughout each period.
<TABLE>
----------------------CLASS A---------------------- -----------CLASS B----------- CLASS C
<CAPTION>
December 8, 1994 March 30, 1995
Six Months Six Months (Commencement (Commencement
Ended Ended of operations) of operations)
June 30, Year ended June 30, through through
1995 December 31, 1995 December 31, June 30,1995
(Unaudited) 1994 1993 1992 1991 1990 (Unaudited) 1994 (Unaudited)
----------- ---- ---- ---- ---- ---- ----------- ---- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.......... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
------ ------ ------ ------ ------ ------ ------ ------ ------
Income From Investment
----------------------
Operations
----------
Net Investment Income........ .026 .034 .020 .027 .047 .064 .026 .003 .019
Less Distributions
------------------
Dividends (from net
investment income)......... (.026) (.034) (.020) (.027) (.047) (.064) (.026) (.003) (.019)
------ ------ ------ ------ ------ ------ ------ ------ ------
Net Asset Value, End of
Period....................... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
------ ------ ------ ------ ------ ------ ------ ------ ------
------ ------ ------ ------ ------ ------ ------ ------ ------
Total Return................... 5.36% 3.48% 2.01% 2.70% 4.78% 6.58% 5.36% 3.48% 5.36%
------------
Ratios/Supplemental Data
-------------------------
Net Assets, End of Period
(000 omitted).............. $336,042 $239,980 $39,531 $42,410 $50,556 $65,462 $1,737 $747 $3
Ratio of Expenses to
Average Net Assets........ 0.81%<F2> 0.64% 1.15% 1.14% 1.25% 1.50%<F1> 0.81%<F2> 0.64%<F2> 0.81%<F2>
Ratio of Net Income to
Average Net Assets......... 5.22%<F2> 3.43% 1.98% 2.68% 4.72% 6.28%<F1> 5.22%<F2> 3.43%<F2> 5.22%<F2>
<FN>
<F1> Reflects the reimbursement of certain expenses by the Fund's
investment manager.
<F2> Annualized
</FN>
</TABLE>
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
FINANCIAL HIGHLIGHTS
FINANCIAL VALUE FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The following financial information for each respective fund represents
selected data
for each share of capital stock outstanding throughout each period.
<TABLE>
-----------------------CLASS A------------------------------ -------------CLASS B------------
<CAPTION>
May 1, 1991 December 27, 1994
(Commencement (Commencement
Six Months of operations) Six Months of operations)
Ended Year Ended through Ended through
June 30,1995 December 31, December 31, June 30, 1995 December 31,
(Unaudited) 1994 1993<FN3> 1992<FN3> 1991<FN3> (Unaudited) 1994
----------- ------------------------------- -------------- ------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period........... $ 10.68 $ 11.70 $ 11.20 $ 8.76 $ 7.15 $ 10.68 $ 11.22
-------- -------- -------- -------- -------- -------- --------
Income From Investment
----------------------
Operations
----------
Net Investment Income......... 0.03 0.08 0.07 0.05 0.01 (0.01) 0.03
Net Gains or Losses on
Securities (both realized
and unrealized)............. 2.59 (0.61) 1.59 2.79 1.65 2.57 (0.13)
-------- -------- -------- -------- -------- -------- --------
Total From Investment
Operations.............. 2.62 (0.53) 1.66 2.84 1.66 2.56 (0.10)
-------- -------- -------- -------- -------- -------- --------
Less Distributions
------------------
Dividends (from net
investment income).......... _ (0.08) (0.08) (0.05) (0.02) _ (0.03)
Distributions (from
capital gains).............. _ (0.39) (1.08) (0.35) (0.03) _ (0.39)
Distributions (from
paid-in capital)............ _ (0.02) _ _ _ _ (0.02)
-------- -------- -------- -------- -------- -------- --------
Total Distributions....... _ (0.49) (1.16) (0.40) (0.05) _ (0.44)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period.. $ 13.30 $ 10.68 $ 11.70 $ 11.20 $ 8.76 $ 13.24 $ 10.68
-------- -------- -------- -------- -------- -------- --------
-------- -------- -------- -------- -------- -------- --------
Total Return<F1>................ 24.53% (4.55)% 14.87% 32.67% 34.74%<F4><F2> 23.97% (4.55)%
-----------------
Ratios/Supplemental Data
------------------------
Net Assets, End of Period
(000 omitted)............... $66,943 $57,670 $50,778 $31,660 $9,221 $242 $28
Ratio of Expenses to
Average Net Assets.......... 1.21%<F4> 1.24% 1.32% 1.68% 2.49%<F4><F2> 22.12%<F4> 2.04%<F4>
Ratio of Net Income
to Average Net Assets...... 0.43%<F4> 0.67% 0.57% 0.43% 0.51%<F4><F2> (0.48)%<F4> (0.13)%<F4>
Portfolio Turnover Rate....... 16.12% 43.95% 70.33% 49.64% 39.75% 16.12% 43.95%
<FN>
<F1> Sales charges are not reflected in calculation.
<F2> Reflects the reimbursement of certain expenses by the Fund's
investment manager.
<F3> Per share data has been restated to give effect to a 2 for 1 stock
split to shareholders of record as of the close of January 7, 1994.
<F4> Annualized
</FN>
</TABLE>
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
FINANCIAL HIGHLIGHTS
CONVERTIBLE SECURITIES FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The following financial information represents selected data for each
share of capital stock outstanding throughout the period.
<TABLE>
----------------------CLASS A------------------------- CLASS B
<CAPTION>
February 3,1995
May 1, 1992 (Commencement
Six Months Year (Commencement of operations)
Ended Ended of operations) through
June 30,1995 December 31, through June 30,1995
(Unaudited) 1994 1993 December 31,1992 (Unaudited)
------------ ------ ------ ---------------- ---------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period................. $15.57 $17.45 $15.73 $14.29 $15.95
------ ------ ------ ------ ------
Income From Investment Operations
---------------------------------
Net Investment Income.............................. 0.34 0.67 0.67 0.40 0.21
Net Gains or Losses on Securities (both realized
and unrealized).................................. 2.04 (1.83) 2.02 1.44 1.73
------ ------ ------ ------ ------
Total From Investment Operations............... 2.38 (1.16) 2.69 1.84 1.94
------ ------ ------ ------ ------
Less Distributions
------------------
Dividends (from net investment income)............. (0.20) (0.67) (0.67) (0.40) (0.17)
Distributions (from capital gains)................. _ (0.05) (0.30) _ _
------ ------ ------ ------ ------
Total Distributions............................ (0.20) (0.72) (0.97) (0.40) (0.17)
------ ------ ------ ------ ------
Net Asset Value, End of Period....................... $17.75 $15.57 $17.45 $15.73 $17.72
------ ------ ------ ------ ------
------ ------ ------ ------ ------
Total Return<F1>..................................... 15.39% (6.72)% 17.26% 19.95%<F2> 15.39%
------------
Ratios/Supplemental Data
------------------------
Net Assets, End of Period (000 omitted)........... $53,681 $47,844 $44,730 $24,323 $77
Ratio of Expenses to Average Net Assets............ 1.24%<F2> 1.20% 1.21% 1.35%<F2> 2.03%<F2>
Ratio of Net Income to Average Net Assets.......... 4.05%<F2> 4.06% 3.89% 4.94%<F2> 3.26%<F2>
Portfolio Turnover Rate............................ 30.66% 45.15% 62.17% 11.51% 30.66%
<FN>
<F1> Sales charges are not reflected in calculation.
<F2> Annualized
</FN>
</TABLE>
<PAGE>
RETIREMENT PLANNING FUNDS OF AMERICA, INC.
FINANCIAL HIGHLIGHTS
REAL ESTATE SECURITIES FUND
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
The following financial information represents selected data for each
share of capital stock outstanding throughout the period.
<TABLE>
-----------Class A----------- -----------Class B----------
<CAPTION>
January 3,1994 December 27,1994
(Commencement (Commencement
Six Months of operations) Six Months of operations)
Ended through Ended through
June 30,1995 December 31, June 30,1995 December 31,
(Unaudited) 1994 (Unaudited) 1994
----------- ---- ----------- ----
<S> <C> <C> <C> <C>
Net Asset Value, Beginning of Period............................. $14.72 $14.29 $14.72 $14.73
------ ------ ------ ------
Income From Investment Operations
---------------------------------
Net Investment Income.......................................... 0.40 0.62 0.30 0.02
Net Gains on Securities (both realized and unrealized)......... 0.11 0.55 0.15 0.11
------ ------ ------ ------
Total From Investment Operations............................. 0.51 1.17 0.45 0.13
------ ------ ------ ------
Less Distributions
------------------
Dividends (from net investment income)......................... (0.20) (0.62) (0.17) (0.02)
Distributions (from capital gains)............................. _ (0.12) _ (0.12)
------ ------ ------ ------
Total Distributions.......................................... (0.20) (0.74) (0.17) (0.14)
------ ------ ------ ------
Net Asset Value, End of Period................................... $15.03 $14.72 $15.00 $14.72
------ ------ ------ ------
------ ------ ------ ------
Total Return<F1> ................................................ 3.51% 8.25% 3.09% 8.25%
------------
Ratios/Supplemental Data
------------------------
Net Assets, End of Period (000 omitted)........................ $26,329 $25,450 $112 $34
Ratio of Expenses to Average Net Assets........................ 1.56%<F2> 1.86% 2.51%<F2> 2.64%<F2>
Ratio of Net Income to Average Net Assets...................... 5.49%<F2> 3.98% 4.54%<F2> 3.20%<F2>
Portfolio Turnover Rate........................................ 15.55% 35.80% 15.55% 35.80%
<FN>
<F1> Sales charges are not reflected in calculation.
<F2> Annualized
</FN>
</TABLE>
<PAGE>
RETIREMENT PLANNING
FUNDS OF AMERICA, INC.
124 East Marcy Street Santa Fe, New Mexico 87501
-------------------------------------------------
-------------------------------------------------
Directors Officers
Wesley E. Bass, Jr. Jeremy H. Biggs
Jeremy H. Biggs Chairman
Marc P. Blum Carl R. Luff
Shelby M.C. Davis Vice President, Treasurer
Eugene M. Feinblatt & Assistant Secretary
Jerry D. Geist Raymond O. Padilla
D. James Guzy Vice President, Secretary
G. Bernard Hamilton & Assistant Treasurer
LeRoy E. Hoffberger Carolyn H. Spolidoro
Laurence W. Levine Vice President
Martin H. Proyect Louis R. Proyect
Christian R. Sonne Vice President
Edwin R. Werner B. Clark Stamper
Vice President
Andrew A. Davis
Vice President
Eileen R. Street
Assistant Treasury
& Assistant Secretary
Investment Adviser & Distributor
Selected/Venture Advisers, L.P.
124 East Marcy Street
Santa Fe, New Mexico 87501
Transfer Agent & Custodian
State Street Bank and Trust Company
c/o The Venture Funds
P.O. Box 8406
Boston, MA 02266-8406
Counsel
D'Ancona & Pflaum
30 North LaSalle Street
Chicago, Illinois 60602
-------------------------------------------------
-------------------------------------------------
For more information about Retirement Planning
Funds of America, Inc.including management fee,
charges and expenses, see the current prospectus
which must precede or accompany this report.
-------------------------------------------------
-------------------------------------------------
9508-15 RPF70
