<PAGE>
FORM N-SAR
SEMI-ANNUAL REPORT
FOR REGISTERED INVESTMENT COMPANIES
Report as of the end of semiannual period: / / (a)
or fiscal year: 12/31/98 (b)
Is this a transition report? (Y or N): N
Is this form being completed by the registrant? (Y or N): Y
Is this an amendment to a previous filing? (Y or N): N
Is this a change to a previous filing? (Y or N): N
1.A) Registrant Name: PHILADELPHIA FUND INVESTING PROGRAMS
B) File Number: 811-00787
C) Telephone Number: (561) 395-2155
2.A) Street: 1200 NORTH FEDERAL HIGHWAY, SUITE 424
B) City: BOCA RATON C) State: FL D) Zip Code: 33432 Zip Ext.:
E) Foreign Country: Foreign Postal Code:
3. Is this the first filing on this form by the Registrant?(Y or N) ----- N
4. Is this the last filing on this form by the Registrant?(Y or N) ------ N
5. Is Registrant a small business investment company (SBIC)?(Y or N) ---- N
[If answer is "Y" (Yes), complete only items 89 through 110.]
6. Is Registrant a unit investment trust (UIT)?(Y or N) ----------------- Y
[If answer is "Y" (Yes), complete only items 111 through 132.]
7.A) Is Registrant a series or multiple portfolio company?(Y or N) -----
[If answer is "N" (No), go to item 8.]
B) How many separate series or portfolios did Registrant have
at the end of the period? -----------------------------------------
PAGE NUMBER: 01
<PAGE>
For period ending 12/31/98
File number 811-00787
UNIT INVESTMENT TRUSTS
111. A. Depositor Name: Baxter Financial Corporation
B. File Number (If any): 801-33382
C: City: Boca Raton State: FL Zip Code: 33432 Zip Ext.:
Foreign Country: Foreign Postal Code:
111. A. Depositor Name:
B. File Number (If any):
C: City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
112. A. Sponsor Name: Baxter Financial Corporation
B. File Number (If any): 801-33382
C: City: Boca Raton State: FL Zip Code: 33432 Zip Ext.:
Foreign Country: Foreign Postal Code:
112. A. Sponsor Name:
B. File Number (If any):
C: City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
PAGE NUMBER: 47
<PAGE>
For period ending 12/31/98
File number 811-00787
113. A. Trustee Name: Star Bank, N.A.
B) City: Cincinnati State: OH Zip Code: 45202 Zip Ext.:
Foreign Country: Foreign Postal Code:
113. A. Trustee Name:
B) City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
114. A. Principal Underwriter Name: Baxter Financial Corporation
B: File Number: 8-01-33382
C: City: Boca Raton State: FL Zip Code: 33432 Zip Ext.:
Foreign Country: Foreign Postal Code:
114. A. Principal Underwriter Name:
B: File Number: 8-
C: City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
115. A. Independent Public Accountant Name: Briggs, Bunting & Dougherty, LLP
B: City: Philadelphia State: PA Zip Code: 19103 Zip Ext.: 4901
Foreign Country: Foreign Postal Code:
115. A. Independent Public Accountant Name:
B: City: State: Zip Code: Zip Ext.:
Foreign Country: Foreign Postal Code:
PAGE NUMBER: 48
<PAGE>
For period ending 12/31/98
File number 811-00787
116. Family of investment companies information:
A. Is Registrant part of a family of investment companies?(Y/N).......Y
B. Identify the family in 10 letters B A X T E R F N C L
(NOTE: In filing this form, use this identification consistently for
all investment companies in family. This designation is for
purposes of this form only.)
117. A. Is Registrant a separate account of an insurance company?(Y/N).....N
If answer is "Y" (Yes), are any of the following types of contracts funded by
the Registrant?:
B. Variable annuity contracts?(Y/N)...................................
C. Scheduled premium variable life contracts?(Y/N)....................
D. Flexible premium variable life contracts?(Y/N).....................
E. Other types of insurance products registered under the Securities
Act of 1933?(Y/N)..................................................
118. State the number of series existing at the end of the period that
had securities registered under the Securities Act of 1933............1
119. State the number of new series for which registration statements
under the Securities Act of 1933 became effective during the period...0
120. State the total value of the portfolio securities on the date of
deposit for the new series included in item 119 ($000's omitted)......0
121. State the number of series for which a current prospectus was in
existence at the end of the period....................................0
122. State the number of existing series for which additional units were
registered under the Securities Act of 1933 during the current period.0
PAGE NUMBER: 49
<PAGE>
For period ending 12/31/98
File number 811-00787
123. State the total value of the additional units considered in
answering item 122 ($000's omitted)...................................0
124. State the total value of units of prior series that were placed in
the portfolios of subsequent series during the current period (the
value of these units is to be measured on the date they were placed
in the subsequent series) ($000's omitted)............................0
125. State the total dollar amount of sales loads collected (before
reallowances to brokers or dealers) by Registrant's principal
underwriter and any underwriter which is an affiliated person of the
principal underwriter during the current period solely from the sale
of units of all series of Registrant ($000's omitted).................0
126. Of the amount shown in item 125, state the total dollar amount of
sales loads collected from secondary market operations in
Registrant's units (include the sales loads, if any, collected on
units of a prior series placed in the portfolio of a subsequent
series.) ($000's omitted).............................................0
127. List opposite the appropriate description below the number of series
whose portfolios are invested primarily (based upon a percentage of
NAV) in each type of security shown, the aggregate total assets at
market value as of a date at or near the end of the current period of
each such group of series and the total income distributions made by
each such group of series during the current period (excluding
distributions of realized gains, if any):
<TABLE>
<CAPTION>
Total
Number Assets Total Income
of Series $000's Distributions
Investing omitted) ($000's omitted)
--------- --------- ----------------
<S> <C> <C> <C>
A. U.S. Treasury direct issue..........
B. U.S. Government agency..............
C. State and municipal tax-free........
D. Public utility debt.................
E. Brokers or dealer debt or debt
of brokers' or dealers' parent......
F. All other corporate intermed. &
long-term debt......................
G. All other corporate short-term
debt................................
H. Equity securities of brokers or
dealers or parents of brokers or
dealers.............................
I. Investment company equity
securities.......................... 1 $79,431 $1,059
J. All other equity securities.........
K. Other securities....................
L. Total assets of all series of
registrant.......................... $79,431
</TABLE> PAGE NUMBER: 50
<PAGE>
For period ending 12/31/98
File number 811-00787
128. Is the timely payment of principal and interest on any of the
portfolio securities held by any of Registrant's series at the end
of the current period insured or guaranteed by an entity other than
the issuer?(Y/N).....................................................N
[If answer is "N" (No), go to item 131.]
129. Is the issuer of any instrument covered in item 128 delinquent or in
default as to payment of principal or interest at the end of the
current period?(Y/N).................................................
[If answer is "N" (No), go to item 131.]
130. In computations of NAV or offering price per unit, is any part of
the value attributed to instruments identified in item 129 derived
from insurance or guarantees?(Y/N)...................................
131. Total expenses incurred by all series of Registrant during the
current reporting period ($000's)....................................$22
132. List the "811" (Investment Company Act of 1940) registration number
for all Series of Registrant that are being included in this filing:
811-00787
PAGE NUMBER: 51
<PAGE>
Signature Page
--------------
This report is signed on behalf of the registrant (or
depositor or trustee) in the City of Boca Raton, Florida
on the 8th day of February, 1999.
BAXTER FINANCIAL CORPORATION
-------------------------------
(Name of registrant, depositor,
or trustee)
Witness /s/Keith A. Edelman By:/s/Donald H. Baxter
-------------------- ----------------------
Keith A. Edelman Donald H. Baxter
Director of Operations President
(Name and title) (Name and title of person
signing on behalf of
registrant, depositor or
trustee)
