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<PAGE> PAGE 2
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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072CC010400 1100
072CC020400 0
072DD010400 122
072DD020400 0
072EE000400 0
073 A010400 0.4600
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 566
074 C000400 100
074 D000400 0
074 E000400 0
074 F000400 6693
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 32
074 M000400 2
074 N000400 7393
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 15
074 S000400 0
074 T000400 7378
074 U010400 228
074 U020400 0
074 V010400 32.37
074 V020400 0.00
074 W000400 0.0000
074 X000400 1360
074 Y000400 0
075 A000400 0
075 B000400 7036
076 000400 0.00
028 A010500 521
<PAGE> PAGE 22
028 A020500 0
028 A030500 0
028 A040500 1088
028 B010500 622
028 B020500 0
028 B030500 0
028 B040500 1206
028 C010500 517
028 C020500 0
028 C030500 0
028 C040500 1268
028 D010500 534
028 D020500 0
028 D030500 0
028 D040500 1150
028 E010500 533
028 E020500 0
028 E030500 0
028 E040500 1001
028 F010500 699
028 F020500 0
028 F030500 0
028 F040500 1237
028 G010500 3426
028 G020500 0
028 G030500 0
028 G040500 6950
028 H000500 2318
029 000500 Y
030 A000500 110
030 B000500 4.75
030 C000500 0.00
031 A000500 12
031 B000500 0
032 000500 2
033 000500 96
042 A000500 0
042 B000500 0
042 C000500 100
042 D000500 0
042 E000500 0
042 F000500 0
042 G000500 0
042 H000500 0
043 000500 187
044 000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.500
048 A010500 0
<PAGE> PAGE 23
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 E000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 Y
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
<PAGE> PAGE 24
070 D010500 Y
070 D020500 N
070 E010500 Y
070 E020500 N
070 F010500 Y
070 F020500 Y
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 58396
071 B000500 11879
071 C000500 48144
071 D000500 25
072 A000500 12
072 B000500 1186
072 C000500 961
072 D000500 0
072 E000500 0
072 F000500 354
072 G000500 602
072 H000500 0
072 I000500 110
072 J000500 18
072 K000500 1
072 L000500 7
072 M000500 5
072 N000500 8
072 O000500 7
072 P000500 0
072 Q000500 43
<PAGE> PAGE 25
072 R000500 10
072 S000500 4
072 T000500 354
072 U000500 7
072 V000500 0
072 W000500 20
072 X000500 1550
072 Y000500 0
072 Z000500 597
072AA000500 3673
072BB000500 1035
072CC010500 9831
072CC020500 0
072DD010500 1037
072DD020500 0
072EE000500 1243
073 A010500 0.4500
073 A020500 0.0000
073 B000500 0.5500
073 C000500 0.0000
074 A000500 3
074 B000500 6371
074 C000500 996
074 D000500 0
074 E000500 0
074 F000500 67158
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 868
074 M000500 25
074 N000500 75421
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 335
074 S000500 0
074 T000500 75086
074 U010500 2279
074 U020500 0
074 V010500 32.95
074 V020500 0.00
074 W000500 0.0000
074 X000500 6958
074 Y000500 0
075 A000500 0
<PAGE> PAGE 26
075 B000500 70864
076 000500 0.00
SIGNATURE THOMAS FORST
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE.
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> RIGHTIME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 129,534,577
<INVESTMENTS-AT-VALUE> 159,108,161
<RECEIVABLES> 132,171
<ASSETS-OTHER> 37,527
<OTHER-ITEMS-ASSETS> 797
<TOTAL-ASSETS> 159,278,656
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 312,617
<TOTAL-LIABILITIES> 312,617
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 125,419,424
<SHARES-COMMON-STOCK> 4,233,065
<SHARES-COMMON-PRIOR> 4,202,776
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,903,031
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 29,643,584
<NET-ASSETS> 158,966,039
<DIVIDEND-INCOME> 840,027
<INTEREST-INCOME> 2,450,799
<OTHER-INCOME> 0
<EXPENSES-NET> 3,697,272
<NET-INVESTMENT-INCOME> (406,446)
<REALIZED-GAINS-CURRENT> 4,789,275
<APPREC-INCREASE-CURRENT> 26,979,436
<NET-CHANGE-FROM-OPS> 31,362,265
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,232,709
<DISTRIBUTIONS-OF-GAINS> 19,759,638
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 409,374
<NUMBER-OF-SHARES-REDEEMED> 1,064,345
<SHARES-REINVESTED> 685,260
<NET-CHANGE-IN-ASSETS> 9,758,473
<ACCUMULATED-NII-PRIOR> 1,232,709
<ACCUMULATED-GAINS-PRIOR> 19,288,023
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 747,548
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3,697,272
<AVERAGE-NET-ASSETS> 149,536,332
<PER-SHARE-NAV-BEGIN> 35.5
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 7.21
<PER-SHARE-DIVIDEND> .3
<PER-SHARE-DISTRIBUTIONS> 4.76
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 37.55
<EXPENSE-RATIO> 2.47
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE.
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> RIGHTIME GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 17,627,278
<INVESTMENTS-AT-VALUE> 18,657,356
<RECEIVABLES> 267,366
<ASSETS-OTHER> 6,959
<OTHER-ITEMS-ASSETS> 103
<TOTAL-ASSETS> 18,931,784
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 298,925
<TOTAL-LIABILITIES> 298,925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23,740,449
<SHARES-COMMON-STOCK> 1,426,333
<SHARES-COMMON-PRIOR> 1,991,963
<ACCUMULATED-NII-CURRENT> 127,351
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,276,363)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,041,422
<NET-ASSETS> 18,632,859
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,645,873
<OTHER-INCOME> 0
<EXPENSES-NET> 434,996
<NET-INVESTMENT-INCOME> 1,210,877
<REALIZED-GAINS-CURRENT> (1,360,326)
<APPREC-INCREASE-CURRENT> 1,467,437
<NET-CHANGE-FROM-OPS> 1,317,988
<EQUALIZATION> (50,176)
<DISTRIBUTIONS-OF-INCOME> 1,105,663
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 153,514
<NUMBER-OF-SHARES-REDEEMED> 798,905
<SHARES-REINVESTED> 79,761
<NET-CHANGE-IN-ASSETS> (7,113,518)
<ACCUMULATED-NII-PRIOR> 72,313
<ACCUMULATED-GAINS-PRIOR> (4,916,037)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 91,578
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 434,996
<AVERAGE-NET-ASSETS> 22,874,500
<PER-SHARE-NAV-BEGIN> 12.93
<PER-SHARE-NII> .68
<PER-SHARE-GAIN-APPREC> .08
<PER-SHARE-DIVIDEND> .63
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.06
<EXPENSE-RATIO> 1.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE.
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> RIGHTIME BLUE CHIP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 205,678,913
<INVESTMENTS-AT-VALUE> 250,096,255
<RECEIVABLES> 602,992
<ASSETS-OTHER> 59,767
<OTHER-ITEMS-ASSETS> 299,758
<TOTAL-ASSETS> 251,058,772
<PAYABLE-FOR-SECURITIES> 345,220
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,094,281
<TOTAL-LIABILITIES> 1,439,501
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196,065,834
<SHARES-COMMON-STOCK> 7,600,332
<SHARES-COMMON-PRIOR> 6,700,794
<ACCUMULATED-NII-CURRENT> 2,064,369
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,031,726
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 44,457,342
<NET-ASSETS> 249,619,271
<DIVIDEND-INCOME> 4,588,021
<INTEREST-INCOME> 3,092,258
<OTHER-INCOME> 0
<EXPENSES-NET> 5,039,084
<NET-INVESTMENT-INCOME> 2,641,195
<REALIZED-GAINS-CURRENT> 6,780,876
<APPREC-INCREASE-CURRENT> 37,656,424
<NET-CHANGE-FROM-OPS> 47,078,495
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,055,769
<DISTRIBUTIONS-OF-GAINS> 38,462,845
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 940,978
<NUMBER-OF-SHARES-REDEEMED> 1,573,784
<SHARES-REINVESTED> 1,532,344
<NET-CHANGE-IN-ASSETS> 27,937,332
<ACCUMULATED-NII-PRIOR> 2,409,491
<ACCUMULATED-GAINS-PRIOR> 38,783,147
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,163,294
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,039,084
<AVERAGE-NET-ASSETS> 232,736,687
<PER-SHARE-NAV-BEGIN> 33.08
<PER-SHARE-NII> .35
<PER-SHARE-GAIN-APPREC> 5.66
<PER-SHARE-DIVIDEND> .46
<PER-SHARE-DISTRIBUTIONS> 5.79
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.84
<EXPENSE-RATIO> 2.17
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE.
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> RIGHTIME SOCIAL AWARENESS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 6,258,705
<INVESTMENTS-AT-VALUE> 7,358,548
<RECEIVABLES> 32,506
<ASSETS-OTHER> 1,775
<OTHER-ITEMS-ASSETS> 360
<TOTAL-ASSETS> 7,393,189
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 15,126
<TOTAL-LIABILITIES> 15,126
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 6,150,224
<SHARES-COMMON-STOCK> 227,939
<SHARES-COMMON-PRIOR> 269,087
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 127,621
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1,100,218
<NET-ASSETS> 7,378,063
<DIVIDEND-INCOME> 78,597
<INTEREST-INCOME> 137,372
<OTHER-INCOME> 0
<EXPENSES-NET> 193,471
<NET-INVESTMENT-INCOME> 22,498
<REALIZED-GAINS-CURRENT> 308,739
<APPREC-INCREASE-CURRENT> 1,100,218
<NET-CHANGE-FROM-OPS> 1,431,455
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 121,786
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 28,167
<NUMBER-OF-SHARES-REDEEMED> 73,654
<SHARES-REINVESTED> 4,339
<NET-CHANGE-IN-ASSETS> 156,291
<ACCUMULATED-NII-PRIOR> 88,443
<ACCUMULATED-GAINS-PRIOR> (177,031)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35,179
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 193,471
<AVERAGE-NET-ASSETS> 7,036,149
<PER-SHARE-NAV-BEGIN> 26.84
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> 5.91
<PER-SHARE-DIVIDEND> .46
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.37
<EXPENSE-RATIO> 2.75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE.
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1995 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> RIGHTIME MIDCAP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> 64,278,515
<INVESTMENTS-AT-VALUE> 74,525,240
<RECEIVABLES> 867,885
<ASSETS-OTHER> 25,421
<OTHER-ITEMS-ASSETS> 2,658
<TOTAL-ASSETS> 75,421,204
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 334,909
<TOTAL-LIABILITIES> 334,909
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 62,175,341
<SHARES-COMMON-STOCK> 2,278,756
<SHARES-COMMON-PRIOR> 2,294,411
<ACCUMULATED-NII-CURRENT> 295,852
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,638,377
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 9,976,725
<NET-ASSETS> 75,086,295
<DIVIDEND-INCOME> 960,843
<INTEREST-INCOME> 1,186,465
<OTHER-INCOME> 0
<EXPENSES-NET> 1,550,662
<NET-INVESTMENT-INCOME> 596,646
<REALIZED-GAINS-CURRENT> 2,638,169
<APPREC-INCREASE-CURRENT> 9,831,105
<NET-CHANGE-FROM-OPS> 13,065,920
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,037,360
<DISTRIBUTIONS-OF-GAINS> 1,242,938
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 364,901
<NUMBER-OF-SHARES-REDEEMED> 463,073
<SHARES-REINVESTED> 82,517
<NET-CHANGE-IN-ASSETS> 9,834,211
<ACCUMULATED-NII-PRIOR> 736,566
<ACCUMULATED-GAINS-PRIOR> 1,243,146
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 354,183
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,550,662
<AVERAGE-NET-ASSETS> 70,864,137
<PER-SHARE-NAV-BEGIN> 28.44
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> 5.25
<PER-SHARE-DIVIDEND> .45
<PER-SHARE-DISTRIBUTIONS> .55
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.95
<EXPENSE-RATIO> 2.19
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TAIT, WELLER & BAKER
CERTIFIED PUBLIC ACCOUNTANTS
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
BOARD OF DIRECTORS
LINCOLN INVESTMENT PLANNING, INC.
WYNCOTE, PENNSYLVANIA
We have examined management's assertion that Lincoln Investment
Planning, Inc. maintained an effective internal audit control structure,
including the appropriate segregation of responsibilities and duties
over the transfer agent and registrar functions, as of April 30, 1995
and that no material inadequacies, as defined by Rule 17ad-13(a)(3) of
the Securities Exchange Act of 1934, existed at such date.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly,
include a study and evaluation of the internal control structure over
the transfer agent and registrar functions, using the objectives set
forth in Rule 17ad-13(a)(3) of the Securities Exchange Act of 1934.
Those objectives are to provide reasonable, but not absolute, assurance
that securities and funds are safeguarded against loss from unauthorized
use or disposition and that transfer agent activities are performed
promptly and accurately. We believe that our examination provides a
reasonable basis for our opinion.
Because of inherent limitations in any internal control structure,
errors, or irregularities may occur and not be detected. Also,
projections of any evaluation of the internal control structure over the
transfer agent and registrar functions to future periods are subject to
the risk that the internal control structure may become inadequate
because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
In our opinion, management's assertion that, as of April 30, 1995
Lincoln Investment Planning, Inc. maintained an effective internal
control structure, including the appropriate segregation of
responsibilities and duties, over the transfer agent and registrar
functions, and that no material inadequacies existed, as defined by Rule
17ad-13(a)(3) of the Securities Exchange Act of 1934, is fairly stated,
in all material respects, based on the criteria established by Rule
17ad-13(a)(3) of the Securities Exchange Act of 1934.
This report is intended solely for the information and use of the Board
of Directors and management of Lincoln Investment Planning, Inc. and the
Securities and Exchange Commission and should not be used for any other
purposes.
Tait, Weller & Baker
Philadelphia, Pennsylvania
May 31, 1995
