File No. 2-95943; 811-4231
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 21
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 21
The Rightime Fund, Inc.
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Exact Name of Registrant as Specified in Chapter)
218 Glenside Avenue, Wyncote, PA 19095-1594
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(Address of Principal Executive Office)(Zip Code)
Registrant's Telephone Number, Including Area Code (215) 572-7288
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David J. Rights, President; The Rightime Fund, Inc.;
218 Glenside Avenue, Wyncote, PA 19095-1594
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(Name and Address of Agent for Service)
Please send copies of all communications to:
Steven M. Felsenstein, Esquire
Stradley, Ronon, Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103-7098
Approximate Date of Proposed Public Offering: Upon effectiveness
of this amendment.
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It is proposed that this filing will become effective
(check appropriate box)
immediately upon filing pursuant to paragraph (b).
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X on March 1, 1996 pursuant to paragraph (b).
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60 days after filing pursuant to paragraph (a)(1).
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on pursuant to paragraph (a)(1).
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75 days after filing pursuant to paragraph (a)(2).
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on pursuant to paragraph (a)(2) of Rule 485.
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Registrant has registered an indefinite number of shares of common
stock under the Securities Act of 1933 pursuant to Rule 24f-2 under the
Investment Company Act of 1940. On or about December 28, 1995,
Registrant filed a Rule 24f-2 Notice for Registrant's most recent fiscal
year.
TABLE OF CONTENTS
TO FORM N-1A
The Facing Page
1 - Cross Reference Sheet
2 - Part A - Prospectus
3 - Part B - Statement of Additional
Information
4 - Part C - Other Information
5 - Signature Page
Exhibits
CROSS REFERENCE SHEET
N-1A
Item No. Caption or Location in Prospectus
Part A
- - - ------
1 Cover
2 Highlights; Expense Table
3 Financial Highlights; Performance
4 Prospectus Cover; Investment Objectives and Policies of
each Fund; Investment Restrictions
5 Board of Directors; Investment Advisor; Administrator;
Distribution of Shares; Transfer and Dividend
Disbursing Agent; Custodian; General Operations
6 Capital Stock; Dividends, Distributions and Taxes
7 Determination of Net Asset Value and Public Offering
Price; How to Purchase Shares
8 Redemption of Shares
9 N/A
Part B
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10 Cover
11 Table of Contents
12 N/A
13 Cover; The Fund's Investments; Investment Restrictions
14 Distributor; Transfer and Dividend Disbursing Agent;
Officers and Directors of the Fund
15 General Information
16 Investment Advisor
17 Allocation of Portfolio Brokerage
18 N/A
19 Purchase of Shares; Exchange of Shares; Determination of
Net Asset Value; Public Offering Price
20 N/A
21 Distributor
22 Performance
23 Financial Statements
Part C
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Items 24 through 32 have been answered in order in Part C.
Rightime
Family of Funds
Prospectus
March 1, 1996
* Rightime Fund
* Blue Chip Fund
* Social Awareness Fund
* MidCap Fund
* Government Securities Fund
Printed on recycled paper
Rightime
Family of Funds
PROSPECTUS PROSPECTUS DATED March 1, 1996
THE RIGHTIME FAMILY
218 Glenside Ave., Wyncote, Pennsylvania 19095-1595
Telephone the Distributor at (215) 887-8111 or (800) 242-1421
The Rightime Fund, Inc., is an open-end diversified management
investment company. It was organized as a series Maryland Corporation on
November 15, 1984 and currently offers shares of multiple Series
(hereinafter a "Fund" or "Series"), each of which has a specific
investment objective. There is no assurance the objectives will be
achieved.
The Rightime Fund. The objective of the Fund is to achieve for its
investors a high total return consistent with reasonable risk. The Fund
uses a variety of investment techniques in an effort to balance
portfolio risks and to hedge market risks. The Fund seeks to achieve its
objective by concentrating in shares of registered investment companies
and by making other investments selected in accordance with the Fund's
investment policies and restrictions. (See "Investment Objectives and
Policies of Each Fund.")
The Rightime Blue Chip Fund. The objective of the Fund is to achieve for
its investors a high total return consistent with reasonable risk. The
Fund uses a variety of investment techniques in an effort to balance
portfolio risks and to hedge market risks. The Fund seeks to achieve its
objective by investing in securities of well known and established
companies ("Blue Chips") and by making other investments selected in
accordance with the Fund's investment policies and restrictions. (See
"Investment Objectives and Policies of Each Fund.")
The Rightime Social Awareness Fund. The objective of the Fund is to
achieve for its investors growth of capital and its secondary objective
is current income, consistent with reasonable risk. The Fund uses a
variety of investment techniques in an effort to balance portfolio risks
and to hedge market risks. The Fund seeks to achieve its objective by
investing in securities of companies with prospects for above-average
capital growth which, in the opinion of the Fund's advisor, show
evidence in the conduct of their business, relative to other companies
in the same industry, of contributing to the enhancement of the quality
of human life, and by making other investments selected in accordance
with the Fund's investment policies and restrictions and social
criteria. (See "Investment Objectives and Policies of Each Fund.")
The Rightime MidCap Fund. The objective of the Fund is to achieve for
its investors a high total return consistent with reasonable risk. The
Fund uses a variety of investment techniques in an effort to balance
portfolio risks and to hedge market risks. The Fund seeks to achieve its
objective by investing in securities of companies with medium-size
market capitalization ("MidCaps") and by making other investments
selected in accordance with the Fund's investment policies and
restrictions. (See "Investment Objectives and Policies of Each Fund.")
The Rightime Government Securities Fund. The objective of the Fund is to
achieve for its investors high current income consistent with safety and
liquidity of principal. The Fund seeks to achieve this objective by
investing in securities that are issued or guaranteed as to principal
and interest by the U.S. Government, its agencies, authorities or
instrumentalities or secured by such securities, and by investing in and
by earning premiums from transactions involving related options, futures
and options on futures. (See "Investment Objectives and Policies of Each
Fund.")
* * * * *
Shares of each Fund may be purchased or redeemed at any time. Purchases
will be effected at the public offering price, and redemptions will be
effected at net asset value next determined following receipt of the
investor's request (See "Determination of Net Asset Value," "How to
Purchase Shares," and "Redemption or Repurchase of Shares").
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The Prospectus sets forth concisely the information about the Fund that
a prospective investor ought to know before investing. Investors should
read and retain this Prospectus for future reference.
More information about the Fund has been filed with the Securities and
Exchange Commission, and is contained in the "Statement of Additional
Information," dated March 1, 1996, which is available at no charge upon
written request to the Fund. The Fund's Statement of Additional
Information is incorporated herein by reference.
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THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION NOR HAS THE COMMISSION PASSED UPON THE ACCURACY
OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
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<TABLE>
<CAPTION>
EXPENSE TABLE
Government Blue Social
Rightime Securities Chip Awareness MidCap
Fund Fund Fund Fund Fund
-------- -------- -------- ----------- ----------
<S> <C> <C> <C> <C> <C>
A. Shareholder
Transaction Expenses
Maximum Sales Load
Imposed on Purchases
(as a percentage
of offering price) None 4.75% 4.75% 4.75% 4.75%
B. Annual Fund
Operating Expenses
(as a percentage
of average net assets)
Advisory Fees 0.50% 0.40% 0.50% 0.50% 0.50%
12b-1 Fees (including
Distribution Fees and 0.25%,
Shareholder Servicing Fees) 0.75% 0.25% 0.50% 0.50% 0.50%
Other Expenses (including
Administration Fees
Paid to Affiliates) 1.22% 1.25% 1.17% 1.75% 1.19%
Total Fund Operating Expenses 2.47% 1.90% 2.17% 2.75% 2.19%
C.Example: You would pay the
following expenses on
a $1,000 investment assuming
(1) 5% annual return and
(2) redemption at
end of time period
1 Year $ 25 $ 66 $ 69 $ 74 $ 69
3 Years $ 77 $105 $112 $129 $113
5 Years $132 $146 $159 $186 $160
10 Years $281 $260 $287 $342 $289
</TABLE>
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The purpose of the table is to assist the investor in understanding the
various costs and expenses that an investor in The Funds will bear
directly or indirectly. This example should not be considered a
representation of past or future expenses and actual expenses may be
greater or less than those shown. The fees incurred by the Social
Awareness Fund and the MidCap Fund may be higher than those incurred by
similar type funds. Long-term shareholders may pay more than the
economic equivalent of the maximum front-end sales charges permitted by
the NASD.
FINANCIAL HIGHLIGHTS (For a Share Outstanding Throughout the Period)
The following information for each of the periods, as indicated below,
during the five year period ended October 31, 1995 have been examined by
Tait, Weller & Baker, independent certified public accountants, whose
report thereon appears in the Funds' Annual Report to shareholders for
the period ended October 31, 1995 and is incorporated by reference in
this prospectus.
<TABLE>
<CAPTION>
Net Net Realized Distributions
Year Net Asset Investment and Unrealized Total from Net
Ended Value Income Gain (Loss) from Investment
October 31 Beg. of Period (Loss)(a) on Investments Operations Income)
- - - ---------- ------------ ------------ ------------ --------- -----------
<S> <C> <C> <C> <C> <C>
The Rightime Fund
1995 $35.50 $(0.10) $ 7.21 $ 7.11 $(0.30)%
1994 37.42 0.29 (0.49) (0.20) --
1993 34.70 (0.32) 5.47 5.15 (0.05)9
1992 37.33 0.06 2.16 2.22 (0.17)5
1991 31.82 0.16 7.43 7.59 (0.61)1
1990 32.52 0.95 (1.30) (0.36) (0.35))
1989 31.86 0.05* 1.53 1.58 (0.04)5
1988 34.35 0.25 1.90 2.15 (0.39) 7
1987 32.05 0.51 3.73 4.24 -- 5
1986 25.87 (0.53)* 6.96 6.43 -- 4
The Rightime Government
Securities Fund
1995 $12.93 $0.68 $ 0.08 $ 0.76 $(0.63)%
1994 14.31 0.61 (1.34) (0.73) (0.65)
1993 13.16 0.66 1.21 1.87 (0.72)0
1992 12.86 0.71 0.19 0.90 (0.60)0
1991 12.63 0.82 0.17 0.99 (0.76)4
1990 14.97 0.85 (1.85) (1.00) (0.88)
1989 13.61 0.95 1.10 2.05 (0.89)8
1988 13.49 0.93 0.41 1.34 (1.02)2
1987(1) 15.00 0.96 (1.62) (0.66) (0.85)0
The Rightime
Blue Chip Fund
1995 $33.08 $0.35 $ 5.66 $6.01 $(0.46)%
1994 33.14 0.39 (0.04) 0.35 (0.23)6
1993 29.70 0.26 3.41 3.67 (0.23)1
1992 28.22 0.25 1.55 1.80 (0.32)1
1991 26.23 0.32 4.53 4.85 (0.55)7
1990 27.24 0.44 0.34 0.78 (0.47)8
1989 26.81 0.45 1.59 2.04 (1.61)2
1988 25.28 1.66 (0.02) 1.66 (0.13)0
1987(2) 25.00 0.28 -- 0.28 -- 2
The Rightime
Social Awareness Fund
1995 $26.84 $0.08 $ 5.91 $ 5.99 $(0.46)%
1994 29.07 0.33 (0.72) (0.39) --
1993 29.64 (0.02) 1.76 1.74 (0.04)2
1992 25.56 0.12 4.30 4.42 (0.23)3
1991 22.29 0.16 3.51 3.67 (0.40)9
1990(3) 25.00 0.32 (3.03) (2.71) --
The Rightime MidCap Fund
1995 $28.44 $ 0.26 $ 5.25 $ 5.51 $(0.45)%
1994 31.07 0.32 (0.78) (0.46) --
1993 27.08 (0.03) 4.80 4.77 (0.05)3
1992(4) 25.00 0.03 2.07 2.10 (0.02)0
Distributions Distributions
Year from from Net Asset
Ended Realized Paid-in Total Value Total
October 31 Capital Gains Capital(b) Distributions End of Period Return(c)
- - - ---------- ----------- ---------- ------------ ------------ --------
The Rightime Fund
1995 $(4.76) $ -- $(5.06) $37.55 23.38%
1994 (1.72) -- (1.72) 35.50 (0.48)
1993 (2.38) -- (2.43) 37.42 15.49
1992 (4.68) -- (4.85) 34.70 6.15
1991 (1.47) -- (2.08) 37.33 25.21
1990 -- -- (0.35) 31.82 (1.10)
1989 (0.78) (0.10) (0.92) 32.52 5.25
1988 (3.97) (0.28) (4.64) 31.86 6.37
1987 (1.94) -- (1.94) 34.35 14.05
1986 (0.20) (0.05) (0.25) 32.05 24.94
The Rightime Government
Securities Fund
1995 $ -- $ -- $(0.63) $13.06 6.00%
1994 -- -- (0.65) 12.93 (5.15)
1993 -- -- (0.72) 14.31 14.60
1992 -- -- (0.60) 13.16 7.20
1991 -- -- (0.76) 12.86 8.14
1990 (0.46) -- (1.34) 12.63 (7.13)
1989 -- -- (0.89) 14.97 15.38
1988 -- -- (1.02) 13.81 10.32
1987(1) -- -- (0.85) 13.49 2.30
The Rightime
Blue Chip Fund
1995 $(5.79) $ -- $(6.25) $32.84 22.31%
1994 (0.18) -- (0.41) 33.08 1.06
1993 -- -- (0.23) 33.14 12.41
1992 -- -- (0.32) 29.70 6.41
1991 (2.31) -- (2.86) 28.22 20.27
1990 (1.32) -- (1.79) 26.23 2.68
1989 -- -- (1.61) 27.24 8.42
1988 -- -- (0.13) 26.81 6.50
1987(2) -- -- 0.00 25.28 1.12
The Rightime
Social Awareness Fund
1995 $ -- $ -- $(0.46) $32.37 22.70%
1994 (1.84) -- (1.84) 26.84 (1.27)
1993 (2.27) -- (2.31) 29.07 5.82
1992 (0.11) -- (0.34) 29.64 17.43
1991 -- -- (0.40) 25.56 16.69
1990(3) -- -- 0.00 22.29 (10.84)
The Rightime MidCap Fund
1995 $(0.55) $ -- $(1.00) $32.95 20.07%
1994 (2.17) -- (2.17) 28.44 (1.38)
1993 (0.73) -- (0.78) 31.07 17.93
1992(4) -- -- (0.02) 27.08 8.40
(
a) The Advisor reimbursed the respective Funds for a portion of the
Funds' expenses during certain periods.
(b) Distributions from Paid-in Capital result from required
distributions for federal excise tax purposes in excess of book income.
The Rightime Fund's statement of changes in net assets and selected per
share data for the year ended October 31, 1988 have been restated to
reflect a reclass of the distribution from net investment income to a
distribution from paid-in capital for the reason explained above.
(c) Excludes sales charge.
* Based on average monthly shares
(1) Inception of Fund was January 2, 1987
(2) Inception of Fund was July 22, 1987
(3) Inception of Fund was March 1,1990
(4) Inception of Fund was November 11, 1991
</TABLE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
(For a Share Outstanding Throughout the Period)
Expenses to Average Net Investment Income
Net Assets (Loss) to Average Net Assets
---------------------------- ----------------------------
Net Assets at the Before After Before After Portfolio
RATIOS End of Period Reimbursement Reimbursement Reimbursement Reimbursement Turnover
- - - ---------- -------------- ------------- ------------- ------------- ------------- --------
<S> <C> <C> <C> <C> <C> <C>
The Rightime
Fund
1995 $158,966,039 2.47% 2.47% (0.27)% (0.27)% 9.45%
1994 149,207,566 2.51 2.51 0.78 0.78 11.50
1993 172,178,567 2.52 2.52 (0.83) (0.83) 1.86
1992 170,955,840 2.56 2.56 0.15 0.15 72.63
1991 162,972,329 2.67 2.67 0.45 0.45 136.19
1990 134,295,952 2.67 2.67 1.52 1.52 383.38
1989 166,638,724 2.58 2.58 0.14 0.14 168.23
1988 284,923,878 2.58 2.58 0.53 0.53 187.25
1987 211,223,753 2.55 2.55 1.20 1.20 166.24
1986 145,238,370 2.77 2.77 (1.63) (1.63) 231.00
The Rightime
Government
Securities Fund
1995 $ 18,632,859 1.90% 1.90% 5.29% 5.29% 77.98%
1994 25,746,377 1.90 1.90 4.62 4.62 216.70
1993 33,934,808 1.98 1.98 4.72 4.72 120.80
1992 30.312,805 2.03 2.03 5.53 5.53 126.25
1991 42,234,866 1.82 1.82 5.55 5.55 309.57
1990 49,625,703 1.85 1.85 6.32 6.32 420.13
1989 35,476,441 1.99 1.99 6.63 6.63 451.57
1988 14,152,947 2.07 1.60 6.11 6.58 476.12
1987(1) 8,409,503 1.89* 0.12* 6.71* 8.48* 111.45
The Rightime
Blue Chip Fund
1995 $249,619,271 2.17% 2.17% 1.13% 1.13% 17.52%
1994 221,681,939 2.22 2.22 1.16 1.16 0.98
1993 223,687,834 2.16 2.16 0.72 0.72 1.97
1992 211,481,090 2.25 2.25 0.87 0.87 --
1991 187,307,234 2.27 2.27 1.30 1.30 34.07
1990 128,771,363 2.35 2.35 4.36 4.36 257.91
1989 94,493,124 2.38 2.38 2.32 2.32 232.92
1988 70,136,312 2.66 2.56 9.61 9.71 1,314.65
1987(2) 16,451,589 2.76* 2.08* 3.84* 4.52* --
The Rightime
Social
Awareness Fund
1995 $ 7,378,063 2.75% 2.75% 0.32% 0.32% 36.49%
1994 7,221,772 2.56 2.56 1.04 1.04 54.85
1993 10,556,506 2.40 2.40 (0.19) (0.19) 238.52
1992 6,525,545 2.49 2.49 0.45 0.45 276.62
1991 5,770,249 2.88 2.88 0.63 0.63 247.22
1990(3) 5,491,349 2.85* 2.85* 2.36* 2.36* 734.44
The Rightime
MidCap Fund
1995 $ 75,086,295 2.19% 2.19% 0.84% 0.84% 24.67%
1994 65,252,084 2.28 2.28 1.14 1.14 0.75
1993 62,124,470 2.28 2.28 (0.19) (0.19) 38.79
1992(4) 31,311,779 2.34* 2.34* 0.17* 0.17* 35.10
* Annualized
(1) Inception of fund was January 2, 1987
(2) Inception of fund was July 22, 1987
(3) Inception of fund was March 1, 1990
(4) Inception of fund was November 11, 1991
</TABLE>
HIGHLIGHTS
INVESTMENT OBJECTIVE
The Rightime Fund
The Fund's objective is to achieve for its investors a high total return
consistent with reasonable risk. The Fund seeks to achieve its objective
by concentrating in shares of registered investment companies and by
making other investments selected in accordance with the Fund's
investment policies and restrictions.
The Rightime Blue Chip Fund
The Fund's objective is to achieve for its investors a high total return
consistent with reasonable risk. The Fund seeks to achieve its objective
by investing in securities of well-known and established companies
("Blue Chips") and by making other investments selected in accordance
with the Fund's investment policies and restrictions.
The Rightime Social Awareness Fund.
The Fund's objective is to achieve for its investors growth of capital
and its secondary objective is current income, consistent with
reasonable risk. The Fund seeks to achieve its objective by investing in
securities of companies with prospects for above-average capital growth
which, in the opinion of the Fund's advisor, show evidence in the
conduct of their business, relative to other companies in the same
industry, of contributing to the enhancement of the quality of human
life, and by making other investments selected in accordance with the
Fund's investment policies and restrictions and social criteria.
The Rightime MidCap Fund
The Fund's objective is to achieve for its investors a high total return
consistent with reasonable risk. The Fund seeks to achieve its objective
by investing in securities of companies with medium-size market
capitalization ("MidCaps") and by making other investments selected in
accordance with the Fund's investment policies and restrictions.
The Rightime Government Securities Fund
The Fund's objective is to achieve for its investors a high current
income consistent with safety and liquidity of principal. The Fund seeks
to achieve this objective by investing in securities that are issued or
guaranteed as to principal and interest by the U.S. Government, its
agencies, authorities or instrumentalities ("Government Securities"),
investing in securities secured by Government Securities (such as
repurchase agreements), and by engaging in transactions involving
related options, futures and options on futures. The shares of the Fund
are not issued by the U.S. Government, nor is the Fund's net asset value
guaranteed by the U.S. Government.
Investment Policies
The Rightime Fund, The Rightime Blue Chip Fund and The Rightime MidCap
Fund will vary their investment strategies, including their hedging
activities, in an effort to generate a high total return, and The
Rightime Social Awareness Fund will vary its investment strategies,
including hedging activities, in an effort to achieve growth of capital
and other returns, consisting of the sum of interest, dividend and other
income and net realized and unrealized appreciation in the value of the
respective Fund's portfolio of equity securities (investment company
securities for The Rightime Fund, Blue Chip securities for The Rightime
Blue Chip Fund and MidCap securities for The Rightime MidCap Fund), cash
equivalents (such as repurchase agreements or certificates of deposit),
cash, stocks, bonds and other debt obligations, stock options, stock
index options, stock index futures and options thereon. The Funds are
unable to predict what portion of their total return will consist of
income, short term capital gains or long term capital gains. Each Fund
will seek to take advantage of opportunities to achieve its objective by
establishing an "aggressive" portfolio strategy during periods when the
Funds' investment advisor (Rightime Econometrics, Inc.) anticipates a
generally rising trend in securities markets which will produce income
or gains contributing to the Fund's return. Each Fund will evaluate its
efforts to achieve its objective against the risks it must bear to
generate that return. Each Fund will seek to take advantage of
opportunities for dividend or interest income and stability of principal
by establishing a "conservative" portfolio strategy during periods of
time when the Fund's investment advisor anticipates a generally
declining trend in securities markets, emphasizing protection of gains
and income over gains. While each Fund will continue to seek its
objective, it will do so by using investment strategies which the
advisor believes offer protection from risk and offer more conservative
expectations. In addition, when the investment advisor anticipates
volatile or abnormal market conditions, each Fund may adopt a temporary
"defensive" posture which accords a priority to protecting the inherent
value of the Fund's capital. (See "Investment Objectives and Policies"
and "Investment Restrictions.")
The Rightime Government Securities Fund will invest its assets primarily
in U.S. Government Securities, including such securities purchased on a
delayed delivery basis, or repurchase agreements secured by such
securities. Government Securities include (1) U.S. Treasury obligations,
which differ only in their interest rates, maturities and times of
issuance: U.S. Treasury bills (maturity of one year or less), U.S.
Treasury notes (maturities of one to 10 years), and U.S. Treasury bonds
(generally maturities of greater than 10 years), and separated or
divided U.S. Treasury securities (stripped by the U.S. Treasury), whose
payments of principal and interest are all backed by the full faith and
credit of the United States; and (2) obligations issued or guaranteed
by U.S. Government agencies or instrumentalities, some of which are
backed by the full faith and credit of the U.S. Treasury, e.g., direct
pass-through certificates of the Government National Mortgage
Association (generally referred to as "GNMA"); some of which are
supported by the right of the issuer to borrow from the U. S.
Government, e.g., obligations of Federal Home Loan Banks; and some of
which are backed only by the credit of the issuer itself, e.g.,
obligations of the Student Loan Marketing Association. The Fund may
write covered call and put options and purchase call and put options on
Government Securities in an effort to increase current income and to
reduce fluctuations in net asset value. The Fund may protect against
anticipated declines in the value of securities held or increases in the
cost of securities to be acquired by hedging through purchase or sale of
futures contracts on Government Securities and related options. The Fund
may temporarily take a defensive position by investing a greater portion
of its assets in cash, short-term Government Securities and related
repurchase agreements or by otherwise reducing the general maturity of
its portfolio.
The Rightime Fund has paid returns of capital in recent years and may do
so in the future. Distributions made by a fund which constitute a return
of capital will reduce the fund's net assets and may impair its ability
to achieve its investment objective concerning preservation of capital
or capital appreciation.
How to Invest
Shares of each Fund are distributed by Lincoln Investment Planning, the
Distributor, and selected dealers. The minimum initial investment is
$2,000 and subsequent purchases must be at least $100. Each fund may
waive such minimums for tax qualified plans such as individual
retirement accounts. Accounts worth less than the minimum initial
investment may be subject to an annual maintenance fee. (See "How to
Purchase Shares").
There is no sales load assessed on The Rightime Fund (though the Fund
does bear a portion of the costs of distributing its shares through a
monthly fee at up to a maximum annualized rate of .75% of the Fund's net
assets). Purchases are made at the net asset value per share next
computed after receipt of an order by the Fund's Distributor. There is a
sales load assessed on The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund, The Rightime MidCap Fund and The Rightime Government
Securities Fund. Purchases are made at the offering price which reflects
a maximum sales charge of 4.75% (4.99% of amount invested). Lower sales
charges apply for larger purchases. The Rightime Blue Chip Fund, The
Rightime Social Awareness Fund and The Rightime MidCap Fund bear a
portion of the costs of distributing their respective shares through a
monthly fee at up to a maximum annualized rate of .50% of each Fund's
net assets. The Rightime Government Securities Fund bears a portion of
the costs of distributing its shares through a monthly fee at up to a
maximum annualized rate of .25% of the Fund's net assets.
Waiver of Initial Sales Load for TIAA/CREF Purchases
Through March 1, 1997, purchases made with proceeds from a Teacher's
Insurance Annuity Association (TIAA) or College Retirement Equity Fund
(CREF) account will not incur a sales load in any fund in The Rightime
Family. This includes any investment whose origin at any time was a
TIAA-CREF account. Shareholders shall provide evidence that their
investment had a TIAA/CREF origin within 60 days of purchase in order to
take advantage of this program. Ongoing retirement plan investments in
The Rightime Family after a TIAA-CREF transfer is received will not
incur any sales load then assessed by a series.
Through March 1, 1997 employees of organizations who have or had a
contract or agreement with The Teacher's Insurance Annuity Association
(TIAA) or The College Retirement Equity Fund (CREF) may transfer their
existing 403(b) or 403(b)(7) account and make continuing new retirement
contributions into any fund in The Rightime Family without incurring an
initial sales charge. Additional information may be received by
contacting the distributor.
Waiver of Initial Sales Load for Discontinued Managed or Timed Assets
The proceeds of a redemption of an account in an unaffiliated mutual
fund may be invested in The Rightime Family of Funds without an initial
sales charge through March 1, 1997 when the assets in the previous
account were managed by an outside investment advisor or market timer
for a minimum of one year.
Waiver of Initial Sales Loads for New Investments Maintaining Broker
Dealer Continuity
The proceeds of a redemption of an account in an unaffiliated mutual
fund or insurance company which had previously incurred a sales charge
or other acquisition charge may be invested in The Rightime Family of
Funds without an initial sales charge through March 1, 1997 provided the
assets maintain broker dealer continuity and that the broker dealer
confirms that the assets were not subject to a deferred sales charge
from the originating mutual fund investment or annuity as a result of
this activity.
How to Redeem
Shares may be redeemed by each Fund or repurchased by the Distributor at
any time at the net asset value next determined after receipt of the
request by the Distributor. There is no charge for redemptions by the
Fund or repurchases by the Distributor. A shareholder who submits a
written authorization form available through the Distributor may make
telephone redemptions of amounts in excess of $1,000.
Each Fund has the right to redeem shares in kind, and to redeem accounts
reduced to less than the minimum investment (presently $2,000) when the
account is not brought up to the minimum after sixty days prior notice
to the shareholder. (For information regarding redemption or repurchase
of shares, see "Redemption or Repurchase of Shares").
Dividends and Distributions
The net investment income of The Rightime Fund, The Rightime Blue Chip
Fund, The Rightime Social Awareness Fund and The Rightime MidCap Fund,
if any, is distributed by an annual dividend. If net capital gains are
realized, they will be distributed in an annual distribution.
The Rightime Government Securities Fund will declare and pay monthly
dividends to its shareholders of substantially all of its net investment
income, if any, earned during the year from its investments. The Fund
will distribute net realized capital gains, if any, once annually.
Dividends or distributions may be received in cash or by reinvestment in
additional shares. (See "Dividends, Distributions and Taxes.")
Investment Advisor
Rightime Econometrics, Inc. serves as investment advisor to each Fund
(managing the assets and allocating portfolio transactions). For these
services, Rightime Econometrics is paid a fee at annual rates equal to a
percentage of the relevant Funds' average net assets as follows: The
Rightime Fund, The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund and The Rightime MidCap Fund - .50% of each; The Rightime
Government Securities Fund - .40%. (The Funds also pay Rightime
Administrators, Inc. for Administrative Services at an annualized rate
of .95% for The Rightime Fund and .85% for each of The Rightime Blue
Chip Fund, The Rightime Social Awareness Fund and The Rightime MidCap
Fund and .25% for The Rightime Government Securities Fund.)
Special Considerations and Risk Factors
Prospective investors should consider a number of factors:
1. Each Fund may invest in repurchase agreements which involves risk of
loss if a seller defaults on its obligations under an agreement. (See
"Investment Objectives and Policies of each Fund" for a discussion of
the risks of repurchase agreements.)
2. Each Fund has the right to engage in futures transactions, including
index futures, for hedging purposes, to attempt to balance portfolio
volatility, and in connection therewith will maintain certain collateral
in special accounts established by our Futures Commission Merchants in
the care of our Custodian Bank. While the Fund does not engage in
futures for speculative purposes, there are risks which result from the
use of futures which are described in this prospectus and the Statement
of Additional Information. The Fund is not registered as a commodity
pool operator nor the advisor as a commodities trading advisor, in
reliance upon various exemptive rules. (See "Hedging.")
3. The Rightime Fund concentrates (invests more than 25% and up to 100%
of the value of its assets) in the shares of registered investment
companies, is affected by their performance, and contributes to the
expenses of operating those companies (including their advisory or
operating fees). (See "Investment Objectives and Policies of Each
Fund".) The Fund has the right to invest in investment companies which
impose a sales load or sales charges. While the Fund will seek to
minimize such charges, they can reduce the Fund's investment results.
4. The Rightime Government Securities Fund may invest in Government
National Mortgage Association mortgage-backed certificates ("GNMA's").
Mortgage-backed securities are affected by general changes in interest
rates. There is generally an inverse relationship between the market
value of securities sensitive to prevailing interest rates and actual
changes in interest rates, i.e., as interest rates decline, market value
increases and as interest rates rise, market value declines. The Fund
cannot "lock in" long term interest rates by purchasing such securities
because the average life of the underlying mortgage instrument is likely
to be substantially less than the original maturity. As a result of the
need to reinvest prepayment of principal generally and the possibility
of significant unscheduled prepayments resulting from declines in
interest rates, the Fund may have to invest such assets at current rates
which may be less favorable.
5. The Funds expect a portfolio turnover rate higher than that of other
funds with similar objectives. The Advisor applies a market timing
approach in making investments on behalf of the Funds. (See "Investment
Objectives and Policies of Each Fund.")
PERFORMANCE
Total return data may from time to time be included in advertisements
about the Funds.
"Total return" of a series of the Fund refers to the average annual
compounded rates of return over certain periods that would equate an
initial amount invested at the beginning of a stated period from which
the maximum sales load is deducted to the ending redeemable value of the
investment. The Fund will provide total return for one, five and ten
year periods, as well as from inception. Non-standardized total return
quotations may also be presented for other periods, or to reflect
voluntary expense limitations in effect for the Fund in question during
the relevant period, or to reflect investment at reduced sales charge
levels or net asset value. Any quotation of total return not reflecting
the maximum sales charge, or which reflects any voluntary expense
limitations, would be reduced if the maximum sales charge were used or
Fund expenses were not voluntarily limited.
Each Fund may also include its yield, accompanied by its total return,
in advertising and other written material. Yield will be computed by
dividing the net investment income per share earned during a recent
one-month period by the maximum offering price per share of the Fund
(reduced by any undeclared earned income expected to be paid shortly as
a dividend) on the last day of the period.
The Funds may also compare their investment performance to appropriate
market indexes such as the Standard & Poor's 500 Composite Stock Price
Index or the Standard & Poor's 400 MidCap Index and to appropriate
mutual fund indexes; and the Funds may advertise their ranking compared
to other similar mutual funds as reported by industry analysts such as
Lipper Analytical Services, Inc.
All data is based on the Fund's past investment results and does not
predict future performance. Investment performance, which will vary, is
based on many factors, including market conditions, the composition of
the Fund's portfolio and the Fund's operating expenses. Investment
performance also often reflects the risks associated with the Fund's
investment objective and policies. These factors should be considered
when comparing the Fund to other funds and other investment vehicles.
Additional information concerning performance of the Fund is contained
in the Fund's Annual Report to shareholders and the Statement of
Additional Information which may be obtained without charge.
INVESTMENT OBJECTIVES AND POLICIES OF EACH FUND
The investment objectives and policies of the Series of The Rightime
Fund, Inc. offered pursuant to this prospectus are described below. The
investment objective of a Fund may not be changed without the approval
of a majority of the Fund's outstanding voting securities. There can be
no assurance that a Fund will achieve its objective.
The Rightime Fund
The Fund's objective is to achieve for its investors a high total return
consistent with reasonable risk. It seeks to achieve this objective by
concentrating (investing more than 25% of the value of its assets) in
shares of other registered investment companies and by making other
investments selected in accordance with the Fund's investment
restrictions and policies. The Fund generally seeks to invest in
securities that the advisor has determined are consistent with
reasonable risk. The Fund will use a variety of investment techniques in
an effort to generate a high total return consisting of the sum of
interest, dividend and other income and net realized and unrealized
appreciation in the value of the Fund's portfolio of investment
companies ( including money market mutual funds), cash equivalents (such
as repurchase agreements or certificates of deposit), cash, stocks,
bonds and other debt obligations, stock options, stock index options,
stock index futures and options thereon. The Fund is unable to predict
what portion of its total return will consist of income, short term
capital gains or long term capital gains. The Fund's pursuit of high
total return is tempered by an attempt to limit the Fund to a reasonable
level of risk in either strategy.
During periods when the investment advisor anticipates a rising trend in
the securities markets, it will seek to achieve the Fund's objective by
establishing an "aggressive strategy" to concentrate in a portfolio of
shares which the advisor believes will benefit from such a trend. The
investment advisor will use a risk adjusted analysis (which considers
the relative volatility of its various investments) to evaluate the
investment companies performance under various market conditions and to
consider the potential reward and potential risk. The investment advisor
will not select such investment companies based solely upon their
previous performance. It is expected that such investment companies will
generally invest more than 50% of their assets in common and/or
preferred stocks. In order to make allowance for cash flow needs of the
Fund or when the Fund is otherwise pursuing appreciation in its
portfolio the Fund may also invest up to 75% of its asset value in other
investment vehicles such as common or preferred stocks of companies
which are not investment companies, investment companies which are money
market funds, cash equivalents, may make use of various hedging
techniques or may hold its assets as cash.
When the investment advisor anticipates a generally declining trend in
securities markets, it will establish a "conservative strategy" to seek
to achieve the Fund's objective by investing in the shares of money
market funds and other types of investment companies, and investing up
to 75% in cash equivalents and by retaining cash. In applying the
conservative strategy to securities selection, a greater emphasis is
placed on avoiding risk, consistent with the objective of the Fund. The
Fund may also seek to achieve a high total return during such a period
without disturbing or restructuring the portfolio established by the
Fund during an Aggressive Period by using cash, cash equivalents,
proceeds of maturing securities, new assets, etc. to purchase or sell
other investment vehicles such as stocks, stock options, stock index
options, stock index futures or options on such futures. Stock options,
stock index futures and options thereon are utilized to "hedge" risks
arising from the Fund's investments originally selected under its
"Aggressive Portfolio Strategy," including those risks arising while the
Fund is selecting suitable investments for its assets, and are not
entered into for speculative purposes. Their use may reduce or impose a
limit on the amount of gains the Fund can achieve from the investments
which are so "hedged." (See "Hedging" and "Options and Futures.")
The Fund, by investing in shares of investment companies, indirectly
pays a portion of the operating expenses, management expenses and
brokerage costs of such companies as well as the expense of operating
the Fund. Thus, the Fund's investors may indirectly pay higher total
operating expenses and other costs than they might pay by owning the
underlying investment companies directly. The Fund attempts to identify
investment companies that have demonstrated superior management in the
past, thus possibly offsetting these factors by producing better results
and/or lower costs and expenses than other investment companies. There
can be no assurance that this result will be achieved.
The Fund must also structure its investments in other investment company
shares to comply with certain provisions of federal and state securities
laws. The presently applicable provisions impose limits on the amount of
the investment of the Fund's assets, and those of its affiliates, in any
investment company (3% of total outstanding stock of any such company)
and these laws and regulations also may adversely affect the operations
of the Fund with respect to purchases or redemption of shares issued by
an investment company. (The underlying investment company may be allowed
to delay redemption of its shares held by an investment company, such as
the Fund, in excess of 1% of its total assets per month.) Consequently,
when the Fund is more heavily concentrated in small investment
companies, it may not be able to readily dispose of such investment
company shares and may be forced to redeem Fund shares in kind to
redeeming shareholders by delivering shares of investment companies that
are held in the Fund's portfolio. Although the Fund may be restricted in
its ability to redeem, Fund shareholders who receive shares upon
redemption are not so restricted. Applicable fundamental policies are
reflected in the Fund's investment restrictions.
The Fund expects that it will select the investment companies in which
it will invest based, in part, upon an analysis of the past and
projected performance and investment structure of the investment
companies. However, the Fund must consider other factors in the
selection of the investment companies. These other factors include, but
are not limited to, the investment company's size, shareholder services,
liquidity, investment objective and investment techniques, etc. The Fund
may be affected by the losses of such underlying investment companies,
and the level of risk arising from the investment practices of such
investment companies (such as repurchase agreements, quality standards,
or lending of securities) and has no control over the risks taken by
such investment companies. The Fund can also elect to redeem (subject to
the 1% limitation discussed above) its investment in an underlying
investment company (or sell it if the company is a closed-end one) if
that action is considered necessary or appropriate.
The Fund presently estimates that its annualized portfolio turnover rate
will generally not exceed 400%. See Financial Highlights for the actual
rate. Depending on market conditions, the deviation may be material. The
Fund's portfolio turnover rate is expected to be higher then that of
most other funds with similar objectives. The Fund may incur higher
brokerage costs and such portfolio turnover may result in greater
realization of gains and losses for tax purposes.
The Rightime Blue Chip Fund
The Fund's objective is to achieve for its investors a high total return
consistent with reasonable risk. It seeks to achieve this objective by
investing primarily in Blue Chip securities ("Blue Chips"). Blue Chips
include common stocks that are included in the Standard & Poor's Daily
Stock Price Index of 500 common stocks (the "S & P 500"), a widely
recognized index of stock market performance, and/or that are included
in the Dow Jones Industrial Average Index of 30 common stocks (the
"DJIA"), a widely recognized index of general stock market movement and
options, stock index options, stock index futures and options on stock
index futures, based on Blue Chip common stocks. At least 65% of the
Fund's assets will usually be invested in Blue Chips, and up to 100% may
be so invested. Such securities generally have the following
characteristics: (i) large capitalization (greater than $100 million),
(ii) history of earnings and dividends, and (iii) large number of
publicly held shares and high trading volume, resulting in a high degree
of liquidity. The Fund also seeks to achieve its objective by making
other investments selected in accordance with the Fund's investment
restrictions and policies. The Fund generally seeks to invest in
securities that the Advisor has determined are consistent with
reasonable risk. The Fund will use a variety of investment techniques in
an effort to generate a high total return consisting of the sum of
interest, dividend and other income and net realized and unrealized
appreciation in the value of the Fund's portfolio of Blue Chip
securities, cash equivalents (such as repurchase agreements or
certificates of deposit), cash, stocks, bonds and other debt
obligations, stock options, stock index options, stock index futures and
options thereon. The Fund is unable to predict what portion of its total
return will consist of income, short term capital gains or long term
capital gains. The Fund's pursuit of high total return is tempered by an
attempt to limit the Fund to a reasonable level of risk at all times.
During periods when the investment advisor anticipates a rising trend in
the securities markets, it will seek to achieve the Fund's objective by
establishing an "aggressive strategy" to invest in a portfolio of
securities which the advisor believes will benefit from such a trend. In
order to make allowance for cash flow needs of the Fund or when the Fund
is otherwise pursuing appreciation in its portfolio, the Fund may also
invest up to 35% of its asset value in investment vehicles which are not
Blue Chips.
When the investment advisor anticipates a generally declining trend in
securities markets, it will establish a "conservative strategy" to seek
to achieve the Fund's objective by investing up to 35% in securities
other than Blue Chips, such as cash, cash equivalents, bonds and other
debt obligations. In applying the conservative strategy to securities
selection, a greater emphasis is placed on avoiding risk, consistent
with the objective of the Fund. The Fund may also seek to achieve its
objective during such a period without disturbing or restructuring the
portfolio established by the Fund during an Aggressive Period by using
cash, cash equivalents, proceeds of maturing securities, new assets,
etc. to purchase or sell other investment vehicles such as bonds and
other debt obligations, stock options, stock index options, stock index
futures or options on such futures. Stock options, stock index futures
and options thereon are utilized to "hedge" risks arising from the
Fund's investments originally selected under its "Aggressive Portfolio
Strategy," including those risks arising while the Fund is selecting
suitable investments for its assets, and are not entered into for
speculative purposes. Their use may reduce or impose a limit on the
amount of gains the Fund can achieve from the investments which are so
"hedged." (See "Hedging" and "Options and Futures.")
The Fund presently estimates that its annualized portfolio turnover rate
will generally not exceed 400%. See Financial Highlights for the actual
rate. Depending on market conditions, the deviation may be material. The
Fund's portfolio turnover rate is expected to be higher than that of
most other funds with similar objectives. The Fund may incur higher
brokerage costs and such portfolio turnover may result in greater
realization of gains and losses for tax purposes.
The Rightime Social Awareness Fund
The Fund's objective is to achieve for its investors growth of capital
and its secondary objective is current income, consistent with
reasonable risk. It seeks to achieve its objective by investing in
securities of companies with prospects for above-average capital growth,
companies which the Advisor believes demonstrate the ability to exceed
the average of companies in the Standard & Poor's Daily Stock Price
Index of 500 Common Stocks, a widely recognized unmanaged index of
common stock prices. The Fund will attempt to invest in companies which,
in the opinion of the Fund's advisor, not only meet the Fund's
investment standards, but also show evidence in the conduct of their
business, relative to other companies in the same industry, of
contributing to the enhancement of the quality of human life. This may
include companies which conduct their business in a socially responsible
manner with a demonstrable commitment to certain social issues or
enterprises that make a significant contribution to society through
their products and services and through the way they do business. The
Fund generally seeks to invest in securities that the Advisor has
determined are investments consistent with reasonable risk and offer
prospects for above-average capital growth. The Fund will normally
invest at least 65% of its total assets in securities of companies which
satisfy the financial and social criteria described herein. The Fund
will invest primarily in common stocks, but may also invest in
securities convertible into common stocks, preferred stocks and other
securities (as described below) selected by the Fund's investment
advisor generally on the basis of industry analysis, including analysis
of underlying economic factors, financial characteristics and trends,
securities prices and trends, sales, earnings, products or services, new
technology and markets. The Fund generally invests in United States
equity securities that are listed on securities exchanges or traded in
the over-the-counter market. The Fund will invest in common stocks which
offer prospects for growth and which may or may not pay current
dividends. The Fund will invest in securities of well-known and
established companies as well as smaller, less well-known companies
which it believes have prospects for above-average capital growth. The
Fund's investments in smaller, less well-known companies may involve
greater risk than is inherent in securities of more established
companies. The Fund also seeks to achieve its objective by making other
investments selected in accordance with the Fund's investment
restrictions and policies. The Fund will use a variety of investment
techniques in an effort to generate growth of capital and other returns
consisting of the sum of interest, dividend and other income and net
realized and unrealized appreciation in the value of the Fund's
portfolio of stocks, cash equivalents (such as repurchase agreements or
certificates of deposit), cash, bonds and other debt obligations, stock
options, stock index options, stock index futures and options thereon.
The Fund is unable to predict what portion of its return will consist of
income, short-term capital gains or long-term capital gains. The Fund's
pursuit of growth of capital is tempered by an attempt to limit the Fund
to a reasonable level of risk at all times.
During periods when the investment advisor anticipates a rising trend in
the securities markets, it will seek to achieve the Fund's objective by
establishing an "aggressive strategy" to invest in a portfolio of
securities which the advisor believes will benefit from such a trend.
When the investment advisor anticipates a generally declining trend in
securities markets, it will establish a "conservative strategy" to seek
to achieve the Fund's objective by investing in securities such as cash,
cash equivalents, bonds and other debt obligations. In applying the
conservative strategy to securities selection, a greater emphasis is
placed on avoiding risk, consistent with the objective of the Fund. The
Fund may also seek to achieve its objective during such a period without
disturbing or restructuring the portfolio established by the Fund during
an Aggressive Period by using cash, cash equivalents, proceeds of
maturing securities, new assets, etc. to purchase or sell other
investment vehicles such as bonds and other debt obligations, stock
options, stock index options, stock index futures or options on such
futures. Stock options, stock index futures and options thereon are
utilized to "hedge" risks arising from the Fund's investments originally
selected under its "Aggressive Portfolio Strategy," including those
risks arising while the Fund is selecting suitable investments for its
assets, and are not entered into for speculative purposes. Their use may
reduce or impose a limit on the amount of gains the Fund can achieve
from the investments which are so "hedged." (See "Hedging" and "Options
and Futures.")
After determining that a prospective investment meets the financial
criteria described above, the Advisor will seek to select securities for
the Fund based upon an analysis of the relative social performance of
the issuer. The Advisor will numerically rate the social performance of
each issuer regarding specific social issues and rate the overall social
performance of each issuer between 1 and 10, with 1 indicating the
highest rating and 10 indicating the lowest. The Advisor considers
information provided by various sources, including the issuers of
securities, publicly disclosed corporate documents filed with federal
agencies, and information provided by Kinder, Lydenberg, Domini and Co.
("KLD" and its Domini Social Index [the "DSI"]). The DSI is a market
capitalization-weighted common stock index which monitors the performance
of 400 corporations that pass multiple, broad-based social screens. The
DSI 400 consists of approximately 250 companies included in the
Standard & Poor's 500 Index, approximately 100 of the largest companies
not included in the S&P 500 or companies providing industry representation,
and 50 companies with particularly strong social characteristics. The Advisor
may select companies listed in the DSI for investment, but is not limited to
the selection of such companies.
The DSI was created to fill two primary needs:
* To create a diversified benchmark against which social
investors can measure the investment performance of socially screened
portfolios. The DSI is constructed to represent the broad market
available to the social investor.
* To provide a resource for social investors wishing a broad
index of companies in a variety of industries that pass commonly applied
social screens.
The DSI uses a combination of exclusionary and qualitative social
screens:
Exclusionary screens:
* Eliminate companies that derive two percent or more of current
sales from weapons-related products, or the manufacture of alcohol,
tobacco or gambling products; and
* Eliminate electric companies that own interests in nuclear
power plants or companies that derive four percent or more of current
sales from the nuclear power industry.
Qualitative screens:
* Evaluate companies' records in areas such as diversity,
employee relations, and products. KLD makes an effort to include
companies with a positive record in these areas.
Investors should be aware that the Fund's social criteria may limit the
availability of investment opportunities more than is customary with
other investment companies. The Advisor may change the social criteria
used to rate social performance of an issuer without prior notice or
shareholder approval.
The Fund presently estimates that its annualized portfolio turnover rate
will generally not exceed 400%. See Financial Highlights for the actual
rate. Depending on market conditions, the deviation may be material. The
Fund's portfolio turnover rate is expected to be higher than that of
most other funds with similar objectives. The Fund may incur higher
brokerage costs and such portfolio turnover may result in greater
realization of gains and losses for tax purposes.
The Rightime MidCap Fund
The Fund's objective is to achieve for its investors a high total return
consistent with reasonable risk. It seeks to achieve this objective by
investing primarily in securities of companies with medium-size market
capitalization ("MidCaps"). The Fund generally considers a medium-size
market capitalization to be between $200 million and $5 billion. Market
capitalization means the total market value of a company's outstanding
common stock. MidCaps include common stocks that are included in the
Standard & Poor's MidCap Index, an index of stock market performance of
400 stocks, and options, stock index options, stock index futures and
options on stock index futures, based on MidCap common stocks. At least
65% of the Fund's assets will usually, except when maintaining a
temporary defensive position, be invested in MidCaps, and up to 100% may
be so invested. The securities of companies with medium-size market
capitalization are traded on the New York Stock Exchange and the
American Stock Exchange and in the over-the-counter market. Market
capitalization does not necessarily bear any correlation to other
financial attributes used to describe the size of a company, such as
levels of assets, revenues or income. Investments in securities of
companies with medium-size market capitalization are generally
considered to offer greater opportunity for appreciation and to involve
greater risk of depreciation than securities of companies with larger
market capitalization. Since the securities of most companies with
medium-size market capitalization are not as broadly traded as those of
companies with larger market capitalization, these securities are often
subject to wider and more abrupt fluctuations in market price. Moreover,
these securities might not be as widely researched in the market. There
have been prolonged periods when these securities have substantially
underperformed or outperformed the securities of the larger
capitalization companies included in the popular stock market indices
such as the Dow Jones Industrial Average and the Standard & Poor's 500
Stock Index.
The Fund also seeks to achieve its objective by making other investments
selected in accordance with the Fund's investment restrictions and
policies. The Fund generally seeks to invest in securities that the
Advisor has determined are consistent with reasonable risk. The Fund
will use a variety of investment techniques in an effort to generate a
high total return consisting of the sum of interest, dividend and other
income and net realized and unrealized appreciation in the value of the
Fund's portfolio of MidCap securities, cash equivalents (such as
repurchase agreements or certificates of deposit), cash, stocks, bonds
and other debt obligations, stock options, stock index options, stock
index futures and options thereon. The Fund is unable to predict what
portion of its total return will consist of income, short term capital
gains or long term capital gains. The Fund's pursuit of high total
return is tempered by an attempt to limit the Fund to a reasonable level
of risk at all times.
During periods when the investment advisor anticipates a rising trend in
the securities markets, it will seek to achieve the Fund's objective by
establishing an "aggressive strategy" to invest in a portfolio of
securities which the advisor believes will benefit from such a trend. In
order to make allowance for cash flow needs of the Fund or when the Fund
is otherwise pursuing appreciation in its portfolio, the Fund may also
invest up to 35% of its asset value in investment vehicles which are not
MidCaps.
When the investment advisor anticipates a general declining trend in
securities markets, it will establish a "conservative strategy" to seek
to achieve the Fund's objective by investing up to 35% in securities
other than MidCaps, such as cash, cash equivalents, bonds and other debt
obligations. In applying the conservative strategy to securities
selection, a greater emphasis is placed on avoiding risk, consistent
with the objective of the Fund. The Fund may also seek to achieve its
objective during such a period without disturbing or restructuring the
portfolio established by the Fund during an Aggressive Period by using
cash, cash equivalents, proceeds of maturing securities, new assets,
etc. to purchase or sell other investment vehicles such as bonds and
other debt obligations, stock options, stock index options, stock index
futures or options on such futures. Stock options, stock index futures
and options thereon are utilized to "hedge" risks arising from the
Fund's investments originally selected under its "Aggressive Portfolio
Strategy," including those risks arising while the Fund is selecting
suitable investments for its assets, and are not entered into for
speculative purposes. Their use may reduce or impose a limit on the
amount of gains the Fund can achieve from the investments which are so
"hedged." (See "Hedging" and "Options and Futures.")
The Fund presently estimates that its annualized portfolio turnover rate
will generally not exceed 400%. See the inside cover for the actual
rate. Depending on market conditions, the deviation may be material. The
Fund's portfolio turnover rate is expected to be higher than that of
most other funds with similar objectives because of the Fund's active
portfolio management style as described herein. The Fund may incur
higher brokerage costs and such portfolio turnover may result in greater
realization of gains and losses for tax purposes.
The Rightime Fund, The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund and The Rightime MidCap Fund
The investment advisor will select securities for the Fund based upon an
analysis of the expected contribution of the security to the Fund's
investment objective. Equity securities (such as common or preferred
stock) will be selected based upon the expected appreciation potential,
income, and/or liquidity of the security. In selecting preferred stock,
the investment advisor does not rely upon published ratings of issuers,
but may consider such ratings in making its recommendations. Debt
securities (such as bonds or other obligations, including money market
securities), will be selected after considering factors such as the
interest rate and the soundness of the issuer. The investment advisor
does not rely upon published ratings of such issuers, but may consider
such ratings in making its recommendations. Preferred stocks and debt
securities in which the Fund may invest will be rated at the time of
purchase Baa or higher by Moody's Investor Service, Inc., or BBB or
higher by Standard and Poor's Corporation, or in the opinion of the
investment advisor will be of comparable quality. Baa and BBB rated
securities are considered to have speculative characteristics. Adverse
economic conditions and changing circumstances are more likely to lead
to a weakened capacity to pay principal and interest. In the event the
rating on an issue held in a Fund's portfolio is changed by the ratings
service, such change will be considered by the Fund in its evaluation of
the overall investment merits of that security.
The Fund also seeks to protect the value of an investment in the Fund by
temporarily foregoing the Fund's objective for protection and stability
of its assets when volatile or abnormal market conditions are
anticipated by the Advisor (as indicated by rapidly accelerating
inflation or interest rates, sharply declining stock markets, increasing
deterioration in the banking situation and/or increasing threats to
national or world security). This will involve the selection of high
proportions, up to 100%, of temporary defensive investments such as U.S.
Government securities or other money market securities (see "Money
Market Securities"), the use of very short portfolio maturities of 60
days or less, other investments which protect the value of the Fund, and
similar techniques such as holding cash.
The Fund's advisor will attempt to minimize market risk by the use of
"market timing" concepts and procedures. Market timing involves the use
of analytical techniques which seek to anticipate major market trends
which, in the opinion of the investment advisor, affect securities
markets over periods of time, so an investor (such as the Fund) may
restructure its portfolio of investments to increase gains or income, or
avoid losses. The Fund may sell portfolio holdings within less than 6
months, which would result in short term gains. There can be no
assurance the advisor will achieve market timing consistently. If the
investment advisor incorrectly judges turns in the market, the Fund may
lose opportunities for gains or incur losses.
The Rightime Government Securities Fund
The Fund's objective is to achieve for its investors a high current
income consistent with safety and liquidity of principal. The Fund seeks
to achieve this objective by investing in securities that are issued or
guaranteed as to principal and interest by the U.S. Government, its
agencies, authorities or instrumentalities ("Government Securities"),
investing in securities secured by Government Securities (such as
repurchase agreements), and by engaging in transactions involving
related options, futures and options on futures. The shares of the Fund
are not issued by the U.S. Government, nor is the Fund's net asset value
guaranteed by the U.S. Government.
Under normal circumstances at least 65% of the Fund's assets will be
invested at all times in U.S. Government securities, including such
securities purchased on a delayed delivery basis, or repurchase
agreements secured by such securities. Government Securities include (1)
U.S. Treasury obligations, which differ only in their interest rates,
maturities and times of issuance: U.S. Treasury bills (maturity of one
year or less), U.S. Treasury notes (maturities of one to 10 years), and
U.S. Treasury bonds (generally maturities of greater than 10 years), and
separated or divided U.S. Treasury securities (stripped by the U.S.
Treasury) whose payments of principal and interest are all backed by the
full faith and credit of the United States; and (2) obligations issued
or guaranteed by U.S. Government agencies or instrumentalities, some of
which are backed by the full faith and credit of the U.S. Treasury,
e.g., direct pass-through certificates of the Government National
Mortgage Association (generally referred to as "GNMA"); some of which
are supported by the right of the issuer to borrow from the U.S.
Government, e.g., obligations of Federal Home Loan Banks; and some of
which are backed only by the credit of the issuer itself, e.g.,
obligations of the Student Loan Marketing Association. Generally, GNMA's
are inversely affected by changes in interest rates, i.e., as interest
rates decline, market value increases and as interest rates rise, market
value declines. Consequently, GNMAs are subject to the risk of market
price fluctuations. The Fund cannot "lock-in" long term interest rates
by purchasing such securities because the average life of the underlying
mortgage instrument is likely to be substantially less than the original
maturity. As a result of the need to reinvest prepayment of principal
generally and the possibility of significant unscheduled prepayments
resulting from decline in mortgage interest rates, the Fund may have to
invest such assets at current rates which may be less favorable.
The Fund may also purchase U.S. Treasury securities which have been
separated or divided by financial institutions and also receipts or
certificates representing interests in such stripped debt obligations
and coupons. Separated U.S. Treasury securities are sold under different
names including: Certificate of Accrual on Treasury Securities,
Treasury Receipts, Separated Trading of Registered Interest and
Principal of Securities and Treasury Investment Growth Receipts.
The Fund may write covered call and put options and purchase call and
put options on Government Securities in an effort to increase current
income and to reduce fluctuations in net asset value. Consistent with
the investment objective of recognizing safety and liquidity of
principal, the Fund may protect against anticipated declines in the
value of securities held or increases in the cost of securities to be
acquired by hedging through purchase or sale of futures contracts on
Government Securities and related options.
Depending on market conditions, the Fund may temporarily take a
defensive position by investing a greater portion of its assets in cash,
short-term Government Securities and related repurchase agreements or by
otherwise reducing the general maturity of its portfolio.
Government Securities do not generally involve the credit risks
associated with other types of interest bearing securities, although, as
a result, the yields available from Government Securities are generally
lower than the yields available from corporate interest-bearing
securities. To the extent the Fund purchases U.S. Obligations of medium
term (maturities of 1 to 10 years) or longer, the Fund's net asset value
will vary inversely with changes in market interest rates. Consequently,
investors in the Fund may be subject to more risk than other funds which
do not purchase investments of medium term or longer. However, on an
historical basis, securities issued or guaranteed by the U.S. Government
or its agencies and instrumentalities have involved minimal risk of loss
of principal or interest.
The Fund presently estimates that its annualized portfolio turnover rate
will generally not exceed 400%. See Financial Highlights for the actual
rate. Depending on market conditions, the deviation may be material. The
Fund's portfolio turnover rate is expected to be higher than that of
most other funds with similar objectives. The Fund may incur higher
brokerage costs and such portfolio turnover may result in greater
realization of gains and losses for tax purposes.
INVESTMENT POLICIES OF THE FUNDS
THE RIGHTIME FUND, THE RIGHTIME BLUE CHIP FUND, THE RIGHTIME SOCIAL
AWARENESS FUND AND THE RIGHTIME MIDCAP FUND
Hedging
Under certain conditions, each Fund may choose to restructure its
investments in anticipation of market movement. This could involve the
sale of investments owned by the Fund to secure gains or to avoid losses
before an expected decline in the market reduces the market value of
such securities.
In place of or to supplement such restructuring, each Fund may seek to
protect itself from anticipated market action by using "hedging"
techniques which the Fund expects will generate gains which would offset
losses on other securities owned by the Fund. These hedging techniques
could involve combinations of various techniques, such as the purchase
or sale of stocks or the use of stock options, stock index options,
stock index futures and options thereon to seek to achieve increases in
the values of such options and futures which offset decreases in the
values of other securities owned by the Fund. The Fund's advisor would
select the specific technique(s) based upon analysis of the Fund's
portfolio, market conditions, relative costs and risks, tax effects and
other factors. There can be variations between the relative movements of
investments and the hedge selected with respect to that investment. This
may increase or decrease the gains or losses each Fund achieves by its
hedging relative to its losses or gains on the hedged investments.
While the investment companies in which The Rightime Fund invests will
generally not perform in exactly the same proportions as the indexes on
which options or futures are available, the investment advisor believes
it can identify certain ratios reflecting relationships between the
previous performance by such companies and the indexes on which the Fund
will engage in options or futures transactions, and will attempt to
allow for such differences in selecting its "hedging" investments.
Because the Fund does not control the underlying investment company, an
unexpected and unprecedented restructuring of the portfolio of an
underlying investment company could have an unexpected, and possibly
adverse, effect on the hedging efforts of the Fund's advisor. If the
Fund invested directly in a portfolio of operating companies its hedging
efforts usually would not involve the risk of such an intervening level
of hedging or defensive investments. This risk is present when the Fund
invests in other investment companies, because each is separately
managed by advisors or officers who may also hedge simultaneously or
take action which may render the Advisor's action ineffective or
unsuccessful; the Fund benefits, in this respect, from the study of the
prior records of, and the restrictions and limitations applicable to
such companies, but is dependent upon the success or failure in these
efforts of the Fund's Advisor.
Options and Futures
The Rightime Fund, The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund and The Rightime MidCap Fund may use stock options, stock
index futures and options on such futures to "hedge" their portfolio
investments. The following descriptions illustrate some of the
techniques and risks involved in such hedging. Further information
appears in the Statement of Additional Information.
Options: Each Fund intends to purchase and/or write call and put
options that are traded on U.S. securities exchanges or
over-the-counter. Each Fund seeks to enhance its objective by receiving
premiums for writing covered call and put options. Although each Fund
receives premium income from these techniques, any appreciation realized
will be limited by the terms of the option. Each Fund may purchase call
options to protect against an increase in the price of securities that
it ultimately wants to buy. It may purchase put options to protect its
portfolio securities against a decline in market value.
Stock Index Futures: Each Fund intends to purchase and sell stock index
futures contracts. A Fund may sell stock index futures contracts in
anticipation of, or during a market decline to attempt to offset the
decrease in market value of its common stocks and/or investment company
holdings that might otherwise result; and it may purchase such contracts
in order to offset increases in the cost of common stocks and/or
investment company holdings that it intends to purchase.
Options on Stock Indexes and Stock Index Futures: Each Fund intends to
purchase and/or write call and put options on Stock Indexes which are
traded on U.S. exchanges. The Funds also intend to purchase and/or write
call and put options on stock index futures which are traded on U.S.
exchanges. Options on stock index futures are similar to options on
stocks or options on stock indexes.
The selection of the foregoing techniques or any combination of them to
be used at any particular time will depend upon an assessment of the
relative implementation costs and the liquidity of the particular
secondary market in which such options, stock index futures, and options
on stock indexes and stock index futures are traded.
Risks of Transactions in Stock Options, Stock Index Options and Options
on Stock Index Futures: An option position may be closed out only on an
exchange or with a dealer who provides a secondary market for an option
of the same series. Although the Funds will generally purchase or write
only those options for which the investment advisor believes there is an
active secondary market, there is no assurance that a liquid secondary
market on an exchange will exist for any particular option. In such
event, it might not be possible to effect closing transactions in
particular options, with the result that the Fund would have to exercise
its options in order to realize any profit or allow the option to
expire. The inability to close-out these options may result in a loss to
the Fund. If exercised, the Fund would incur brokerage commissions upon
the subsequent disposition of underlying securities acquired. It is the
position of the Staff of the Securities and Exchange Commission that
over-the-counter options are illiquid. An imperfect correlation exists
between the options and securities being hedged. The success of any
hedging position depends on the ability of the investment advisor to
predict stock and interest rate movement.
While the Funds have not adopted fundamental limitations on their
futures or options activities, they must comply with certain
requirements of the U.S. Securities and Exchange Commission and the
Commodities Futures Trading Commission. For example, these provisions
require that each Fund shall not purchase or sell any futures or puts or
calls on futures if immediately thereafter the sum of the amount of the
Fund's margin deposits (both initial and variation deposits) and
premiums paid for outstanding puts and/or calls on futures would exceed
5% of the value of its total assets. (While the amount represented by
such premiums or margin may be small, the value of the assets affected
by options or futures may be large.) This limitation (or the others
described below) could, however, change if regulatory provisions
applicable to the Funds were to be changed.
The conditions with which each Fund will comply under the terms of The
Rightime Fund, Inc. Exemptive Order include requirements that: (1) the
Fund maintain liquid assets in the segregated custody of its Custodian
Bank equal to the combined value of its additional obligations for
futures and certain other investments; (2) the sum of specified premiums
and margins will not exceed 5% of the Fund's market value when such
investments are made; (3) the Fund will establish and maintain funds in
FCM Accounts in its Custodian Bank as described in its Exemption
Application; and (4) the Fund will withdraw excess variation margin from
its FCM Accounts as described in its Application.
Money Market Securities
The Funds may invest in money market securities, which include:
marketable securities issued or guaranteed as to principal and interest
by the government of the United States or by its agencies or
instrumentalities; domestic bank certificates of deposit; bankers'
acceptances; prime commercial paper rated in the two highest categories
by Moody's and Standard & Poor's Corp.; and repurchase agreements
(secured by United States Treasury or agency obligations).
Under a repurchase agreement the Fund acquires a debt instrument for a
relatively short period (usually not more than one week) subject to the
obligations of the seller to repurchase and of the Fund to resell such
instrument at a fixed price. The use of repurchase agreements involves
certain risks. For example, if the seller of the agreement defaults on
its obligation to repurchase the underlying securities at a time when
the value of these securities has declined, the Fund may incur a loss
upon disposition of them. If the seller of the agreement becomes
insolvent and subject to liquidation or reorganization under the
Bankruptcy Code or other laws, a bankruptcy court may determine that the
underlying securities are collateral not within the control of the Fund
and therefore subject to sale by the trustee in bankruptcy. Finally, it
is possible that the Fund may not be able to substantiate its interest
in the underlying securities. While management of the Funds acknowledges
these risks, it is expected that they can be controlled through
stringent security selection and careful monitoring procedures.
The Funds will select money market securities for investment when such
securities offer a current market rate of return which the investment
advisor considers reasonable in relation to the risk of the investment,
and the issuer can satisfy suitable standards of creditworthiness set by
the advisor and described in the Statement of Additional Information.
THE RIGHTIME GOVERNMENT SECURITIES FUND
Futures Contracts and Options on Futures Contracts
The Fund may enter into contracts for the purchase or sale for future
delivery of fixed income securities ("Futures Contracts") and may
purchase and write options to buy or sell Futures Contracts ("Options on
Futures Contracts"). These investment techniques will only be used by
the Fund to hedge against anticipated future changes in interest rates
which otherwise might either adversely affect the value of the Fund's
portfolio securities or adversely affect the prices of Government
Securities which the Fund intends to purchase at a later date. Should
interest rates move in an unexpected manner, the Fund may not achieve
the anticipated benefits of Futures Contracts or Options on Futures
Contracts or may realize a loss.
Options
The Fund may write (sell) "covered" put and call options on optionable
Government Securities. Call options written by the Fund give the holder
the right to buy the underlying securities from the Fund during the term
of the option at a stated exercise price; put options give the holder
the right to sell the underlying security to the Fund during the term of
the option at a stated exercise price. Call options are "covered" when
the Fund owns the underlying securities and put options are "covered"
when the Fund has established a segregated account of cash and
Government Securities which can be liquidated promptly to satisfy any
obligation of the Fund to purchase the underlying securities. The Fund
may also write straddles (combinations of puts and calls on the same
underlying security) in exchange for a combined premium on the two
writing transactions. (See "Dividends, Distributions and Taxes" in the
Statement of Additional Information for a discussion of the tax
consequences of Straddle Writing.)
The Fund will receive a premium from writing a put or call option, which
increases the Fund's gross income in the event the option expires
unexercised or is closed out at a profit. The amount of the premium will
reflect, among other things, the relationship of the market price of the
underlying security to the exercise price of the option and the
remaining term of the option. By writing a call option, the Fund limits
its opportunity to profit from any increase in the market value of the
underlying security above the exercise price of the option. By writing a
put option, the Fund assumes the risk that it may be required to
purchase the underlying security for an exercise price higher than its
then current market value, resulting in a potential capital loss unless
the security subsequently appreciates in value.
The Fund may terminate an option that it has written prior to its
expiration by entering into a closing purchase transaction in which it
purchases an option having the same terms as the option written. It is
possible, however, that illiquidity in the options markets may make it
difficult from time to time for the Fund to close out its written option
positions. Also, the securities exchanges have established limitations
on the number of options which may be written by an investor or group of
investors acting in concert. It is possible in the future that the Fund
and other investment companies or series of this company might be
considered to be such a group. It is not contemplated that these
position limits will have any adverse impact on the Fund's portfolio
strategies.
The Fund may also purchase listed or over-the-counter put or call
options in anticipation of changes in interest rates which may adversely
affect the value of its portfolio or the prices of Government Securities
that the Fund wants to purchase at a later date. The premium paid for a
put or call option plus any transaction costs will reduce the benefit,
if any, realized by the Fund upon exercise of the option, and, unless
the price of the underlying security changes sufficiently, the option
may expire without value to the Fund. The Fund intends to treat options
in respect of specific securities that are not traded on a national
securities exchange as not readily marketable and therefore subject to
the limitations set forth under "Investment Restrictions" below.
When-Issued Securities
When securities are offered on a "when-issued" basis, the price is fixed
at the time the commitment to purchase is made, but delivery and payment
for the when-issued securities take place at a later date, normally
within one month. The Fund will establish a segregated account with the
Custodian in which it will maintain cash and marketable securities equal
in value to commitments for when-issued securities. Such segregated
securities either will mature, be replaced with cash or other comparable
securities or, if necessary, be sold on or before the settlement date.
The Fund intends to purchase when-issued securities with the purpose of
actually acquiring them, although they may be sold prior to the
settlement date if a sale appears desirable for investment reasons.
Securities purchased on a when-issued basis are subject to changes in
value based upon the public's perception of the creditworthiness of the
issuer and changes, real and anticipated, in the level of interest
rates. Securities purchased on a when-issued basis may expose the Fund
to additional risks because they may experience such fluctuations prior
to their actual delivery. Purchasing securities on a when-issued basis
can involve a risk that the yields available in the market when the
delivery takes place actually may be higher than those obtained in the
transaction itself.
Lending of Securities and Short Sales
The Fund may make loans of Government Securities in its portfolio to
broker-dealers under contracts calling for collateral which will consist
of either Government Securities (which may have different maturities) or
cash. The Fund will continue to collect interest on the securities
loaned and will also receive either interest (through investment of cash
collateral) or a fee (if the collateral is Government Securities). The
Fund may pay fees in connection with securities loans. There may be
risks of delay in receiving additional collateral, or risks of delay in
recovery of the securities or even loss of rights of the collateral,
should the borrower of the securities fail financially. However, loans
are made only to borrowers deemed by the Investment Advisor to be of
good standing, and when, in the judgement of the Investment Advisor, the
fee which can be earned from such securities loan justifies the
attendant risk. The Fund may also make short sales involving either
securities held in the Fund's portfolio or securities which the Fund has
the right to acquire without paying additional consideration, generally
referred to as "short sales against the box." Such short sales involve
the risk that if the Fund holds a right to acquire a security it sells
short, it may have to go into the market to acquire the security for
delivery if that security is not received pursuant to the right to
acquire. The continued obligation to hold a security for delivery under
the short sale can also cause the Fund's assets to be tied up in the
security for the intervening period, when the Fund might otherwise
determine not to use its assets in such fashion. It is the present
intention of management to make such sales only for the purpose of
deferring realization of gain or loss for Federal income tax purposes.
(See "Dividends, Distributions and Taxes" in the Statement of Additional
Information.)
The Fund intends to manage its portfolio by buying and selling
Government Securities, holding selected obligations to maturity,
purchasing securities secured by Government Securities, and by engaging
in transactions involving related Options, Futures Contracts and Options
on Futures Contracts. In managing its portfolio the Fund seeks high
current income consistent with liquidity and safety of principal, by
taking advantage of market developments and yield disparities.
The Statement of Additional Information includes a discussion concerning
uses, risks, and costs of separated or divided U.S. Treasury Securities,
repurchase agreements, "When Issued" and "Delayed Delivery"
transactions, futures contracts, options on futures contracts, options,
and lending of Portfolio Securities.
INVESTMENT RESTRICTIONS
The investment restrictions set forth below have been adopted by the
respective Funds to limit certain risks that may result from investment
in specific types of securities or from engaging in certain kinds of
transactions addressed by such restrictions. They may not be changed
without the affirmative vote of a majority of the outstanding voting
securities of the Fund. Certain of these policies are detailed below,
while other policies are set forth in the Statement of Additional
information. Changes in values of particular Fund assets or the assets
of the Fund as a whole will not cause a violation of the investment
restrictions so long as percentage restrictions are observed by the Fund
at the time it purchases any security.
The Rightime Fund, The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund and The Rightime MidCap Fund
Each Fund's investment restrictions specifically provide that the Fund
will not:
(a) as to 75% of the Fund's total assets, invest more than 5% of its
total assets in the securities of any one issuer. (This limitation does
not apply to cash and cash items, obligations issued or guaranteed by
the United States government, its agencies or instrumentalities, or
securities of other investment companies);
(b) purchase more than 10% of the voting securities or more than 10% of
any class of securities of any issuer. (For purposes of this
restriction, all outstanding fixed income securities of an issuer are
considered as one class);
(c) purchase or sell commodities or commodity futures contracts, other
than those related to stock indexes as previously outlined in the
section entitled "Investment Objectives and Policies of each Fund";
(d) make loans of money or securities, except (i) by the purchase of
fixed income obligations in which the Fund may invest consistent with
its investment objective and policies; or (ii) by investment in
repurchase agreements (see "Investment Objectives and Policies of each
Fund");
(e) invest in securities of any company if, to the knowledge of the
Fund, any officer or director of the Fund or the Advisor owns more than
..5% of the outstanding securities of such company and such officers and
directors (who own more than .5%) in the aggregate own more than 5% of
the outstanding securities of such company.
(f) borrow money, except the Fund may borrow from banks (i) for
temporary or emergency purposes in an amount not exceeding 5% of the
Fund's assets or (ii) to meet redemption requests that might otherwise
require the untimely disposition of portfolio securities, in an amount
up to 33-1/3% of the value of the Fund's total assets (including the
amount borrowed) valued at market less liabilities (not including the
amount borrowed) at the time the borrowing was made. While borrowings
exceed 5% of the value of the Fund's total assets, the Fund will not
make additional investments. Interest paid on borrowings will reduce net
income;
(g) pledge, hypothecate, mortgage or otherwise encumber its assets,
except in an amount up to 33 1/3% of the value of its net assets but
only to secure borrowings for temporary or emergency purposes, such as
to effect redemptions.
(h) purchase the securities of any issuer if, as a result, more than
10% of the value of the Fund's net assets would be invested in
securities that are subject to legal or contractual restrictions on
resale ("restricted securities"), in securities for which there are no
readily available market quotations, or in repurchase agreements
maturing in more than seven days, if all such securities would
constitute more than 10% of the Fund's net assets.
The Rightime Fund Only:
The Fund has also adopted these two additional investment restrictions.
The Fund will not:
(i) invest in any investment company if a purchase of its shares would
result in the Fund and its affiliates owning more than 3% of the total
outstanding stock of such investment company;
(j) invest in any investment company which itself does not qualify as a
diversified investment company under the Internal Revenue Code.
The Rightime Government Securities Fund
The Statement of Additional Information provides a listing of investment
restrictions which govern the Fund's investment policies and a
description of strategies which may be used by the Fund in managing its
portfolio. Among other restrictions set forth therein, the Fund will not
borrow money or pledge its assets except as a temporary measure for
extraordinary or emergency purposes and not in excess of 33-1/3% of the
value of the total assets of the Fund taken at lower of their market
value or cost. If borrowings exceed 5% of the Fund's assets, the Fund
will not purchase securities. The specific investment restrictions
listed in the Statement of Additional Information may not be changed
without shareholder approval.
Further Investment Policies: To comply with certain state securities
regulations, each series of the Fund has undertaken to limit its
investments in the following manner: (a) Investments in warrants,
valued at the lower of cost or market, will not exceed 5.0% of the value
of the Fund's net assets. Included within that amount, but not to exceed
2.0% of the value of the Fund's net assets, may be warrants not listed
on the New York or American Stock Exchange. Warrants acquired by a fund
in units or attached to securities are deemed to be without value; (b)
The Funds will not invest in oil, gas, or mineral leases; and (c) The
Funds will not buy or sell real property (including limited partnership
interests, but excluding readily marketable interests in real estate
investment trusts or readily marketable securities of companies which
invest in real estate). It is the policy of The Rightime Fund series not
to invest in investment companies which do not invest in a manner
consistent with the policies stated herein or otherwise imposed by
securities regulations.
CAPITAL STOCK
The authorized capital stock of The Rightime Fund, Inc., consists of
500,000,000 shares of Common Stock with a par value of $.01 each. At the
present time 50,000,000 shares have been allocated to The Rightime Fund,
and 20,000,000 shares of stock have been allocated to each of The
Rightime Blue Chip Fund, The Rightime Social Awareness Fund, The
Rightime MidCap Fund and The Rightime Government Securities Fund series.
Each share has equal dividend, voting, liquidation and redemption
rights. There are no conversion or preemptive rights. Shares, when
issued, will be fully paid and nonassessable. Fractional shares have
proportional voting rights. Shares of the Fund do not have cumulative
voting rights which means that the holders of more than 50% of the
shares voting for the election of directors can elect all of the
directors if they choose to do so and, in such event, the holders of the
remaining shares will not be able to elect any person to the Board of
Directors. The Fund's shareholders will vote together to elect directors
and on other matters affecting the entire corporation, but will vote
separately on matters affecting separate series. The Fund does not
intend to hold annual meetings of shareholders. The Fund will call a
meeting of Shareholders, if requested to do so by the holders of at
least 10% of the Fund's outstanding shares, for the purpose of voting
upon the question of removal of a director or directors and will assist
in communications with other shareholders as required by Section 16(c)
of the Investment Company Act.
Shareholder inquiries should be made directly to the Distributor at
either the phone number set forth on the front cover page of this
Prospectus or at the Distributor's address on the back cover page.
BOARD OF DIRECTORS
The Board of Directors of The Rightime Fund, Inc. are fiduciaries for
the Fund's shareholders and are governed by the law of the State of
Maryland in this regard. They establish policy for the operation of the
Funds, and appoint the Officers who conduct the daily business of the
Funds.
INVESTMENT ADVISOR
The investments of each Fund are managed by Rightime Econometrics Inc.,
1095 Rydal Road, Rydal, PA 19046-1711, under investment advisory
agreements (the "Advisory Agreement") which became effective on the
following dates: The Rightime Fund, March 26, 1985; The Rightime Blue
Chip Fund, July 1, 1987; The Rightime Social Awareness Fund, March 1,
1990; The Rightime MidCap Fund, November 10, 1991; and The Rightime
Government Securities Fund, December 24, 1986. Each Advisory Agreement
provides that Rightime Econometrics, Inc. shall supervise and manage
each Fund's investments and shall determine each Fund's portfolio
transactions, subject to periodic review and ratification by the Fund's
Directors. The Advisor is responsible for selecting brokers and dealers
(including, when appropriate, Lincoln Investment Planning, Inc. or other
affiliated broker-dealers) to execute transactions for each Fund. The
Board has also authorized the Advisor and the Fund's officers to
consider sales of Fund shares when allocating brokerage, subject to the
policy of obtaining best price and execution on such transactions.
Pursuant to each Advisory Agreement, Rightime Econometrics, Inc. (the
"Advisor") will manage the assets of each Fund in accordance with the
stated objective, policies and restrictions of the Fund (subject to the
supervision of the Fund's Board of Directors and the Fund's officers.)
The Advisor will also keep certain books and records in connection with
its services to each Fund. The Advisor has also authorized any of its
directors, officers and employees who have been elected as directors or
officers of The Rightime Fund, Inc. to serve in the capacities in which
they have been elected. Services furnished by the Advisor under the
agreement may be furnished through the medium of any such directors and
officers.
As compensation for its services as Advisor, the Advisor receives a fee,
computed daily and payable monthly, at the annualized rate of .50% of
the average daily net assets of each of The Rightime Fund, The Rightime
Blue Chip Fund, The Rightime Social Awareness Fund and The Rightime
MidCap Fund, and .40% of the average daily net assets of The Rightime
Government Securities Fund. For the fiscal year ended October 31, 1995,
the Advisor received $747,548 (.50% of average daily net assets) for The
Rightime Fund series; $1,163,294 (.50% of average daily net assets) for
The Rightime Blue Chip Fund series; $91,578 (.40% of the average daily
net assets) of The Rightime Government Securities Fund series; $35,179
(.50% of average daily net assets) for The Rightime Social Awareness
Fund; and $354,183 (.50% of average daily net assets) for The Rightime
MidCap Fund.
Portfolio Manager, David J. Rights, the president of the Fund, has been
the Portfolio Manager of each series of the Fund since the inception of
each series. Mr. Rights is the President and owner of all of the voting
common stock of Rightime Econometrics, Inc. Mr. Rights has provided
Lincoln Investment Planning with investment research and related
consulting services for over thirteen years directly or through a
predecessor entity of the same name merged into Rightime Econometrics,
Inc. Mr. Rights is the President and the principal professional
operating the investment advisor.
Each Advisory Agreement also identifies the right of the Advisor to the
use of the name "Rightime", and each Fund may be required to change its
name if the Advisor ceases to act as advisor to the Fund.
ADMINISTRATOR
Each Fund has selected Rightime Administrators, Inc. (the
"Administrator") to serve as the Administrator of the Fund. The
Administrator, which is affiliated with the Advisor, is located at 218
Glenside Avenue, Wyncote, PA 19095-1596. The Administrator serves under
an agreement (the "Administration Agreement") with each Fund, dated the
same date as the Fund's Advisory Agreement, which provides that the
Administrator will administer the Fund's affairs subject to the
supervision of the Fund's Board of Directors and, in connection
therewith, furnish each Fund with office facilities, and with any
ordinary clerical and bookkeeping services not furnished by the Fund's
Transfer Agent or Custodian. The Administrator has authorized any of its
directors, officers or employees who are elected as directors or
officers of The Rightime Fund, Inc. to serve in such capacity. The
Administration Agreements have been approved by the directors of The
Rightime Fund, Inc., including a majority of the directors who are not
"interested persons," as defined in the Investment Company Act of 1940,
as amended, with respect to the Fund. The Administrator has retained
Lincoln Investment Planning, the Distributor and the Transfer Agent for
each Fund, to provide certain accounting services and shareholder
services for each Fund.
As compensation for its services as an administrator, the Administrator
receives a fee, computed daily and payable monthly, at an annualized
rate of each Fund's average daily net assets of .95% for The Rightime
Fund and .85% for each of The Rightime Blue Chip Fund, The Rightime
Social Awareness Fund and The Rightime MidCap Fund and .75% for The
Rightime Government Securities Fund. The Administrator will pay the fees
of the Distributor for the accounting and shareholder services referred
to in the previous paragraph.
DISTRIBUTION OF SHARES
Lincoln Investment Planning, Inc. (the "Distributor") is each Fund's
distributor under Distribution Agreements dated March 26, 1985 for The
Rightime Fund, July 1, 1987 for The Rightime Blue Chip Fund, March 1,
1990 for The Rightime Social Awareness Fund, November 10, 1991 for The
Rightime MidCap Fund and December 24, 1986 for The Rightime Government
Securities Fund. The Distributor promotes the distribution of the shares
of the Funds in accordance with the agreements and the terms of the
Distribution Plan of each Fund (the "Plan") adopted pursuant to Rule
12b-1 under the 1940 Act. The Distributor has retained RTE Securities, a
seperate broker-dealer firm, to provide consulting services and to
assist with wholesaling activities for the Fund. David J. Rights who is
the Chairman and President of the Fund is also the owner of RTE
Securities, as well as a Registered Representative and Consultant for
the Distributor. Edward S. Forst, Sr., a Director and the Secretary of
the Fund, is the Chairman of the Distributor, which is therefore an
affiliated person of the Fund. The Distributor's offices are at 218
Glenside Ave., Wyncote, PA 19095-1595.
The Plans provide for the use of Fund assets to pay expenses of
distributing Fund shares. The Distribution Agreements and the Plans were
each approved by the Board of Directors, including a majority of the
directors who are not "interested persons" of the Fund as defined in the
1940 Act (and each of whom has no direct or indirect financial interest
in the Plan or any agreement related thereto, referred to herein as the
"12b-1 Directors"). Each Fund's Plan and the agreements under each Plan
may be different from, and will operate independently of, any plan
adopted by any other series of The Rightime Fund, Inc. Each Plan may be
terminated at any time by the vote of the Board or the 12b-1 Directors,
or by the vote of a majority of the outstanding voting securities of the
Fund. While a Plan continues in effect, the selection of the 12b-1
Directors is committed to the discretion of such persons then in office.
The Plans provide that each Fund may incur distribution costs which may
not exceed: .75% per annum of The Rightime Fund's net assets, .50% per
annum for each of The Rightime Blue Chip Fund's, The Rightime Social
Awareness Fund's and The Rightime MidCap Fund's net assets, and .25% of
The Rightime Government Securities Fund's net assets, for payments to
the Distributor, sales representatives or other third parties who render
promotional and distribution services, for items such as advertising
expenses, selling expenses, commissions or travel reasonably intended to
result in sales of shares of the Fund and for the printing of
prospectuses sent to prospective investors. The Distribution Agreement
adopted under each Plan provides that the Fund will pay the Distributor
a monthly fee at the annual rate set forth above. Thus, the Funds will
not bear any distribution expenses in excess of their payments to the
Distributor. The Plans do not limit the amounts paid to the Distributor
by each Fund to amounts actually expended by the Distributor, and it is
therefore possible for payments to the Distributor to exceed its
expenses in a particular year.
At the present time, however, the budgeted expenses of the Distributor,
including commissions to its representatives and those of other dealers,
will substantially exceed the payments under each Distribution
Agreement. The Distributor will advance such amounts from its own
resources. While the Distributor has advised the Funds it hopes to
recover such "excess" payments through its normal fees in later years,
the Funds are not legally obligated to repay such excess amounts or to
continue the Plans or the Distribution Agreements for such purpose.
Although the Plans may be amended by the Board of Directors, any change
in a Plan which would materially increase the amounts authorized to be
paid under the Plan must be approved by shareholders.
The total amounts paid by the Funds under the foregoing arrangements may
not exceed the maximum Plan limit specified above, and the amounts and
purposes of expenditures under the Plan must be reported to the 12b-1
Directors quarterly. The amounts allowable under the Plan for each of
the Funds is also limited by provisions complying with certain rules of
the National Association of Securities Dealers. The staff of the SEC is
also currently reviewing Rule 12b-1, plans adopted under 12b-1, and the
implementation of such plans. If the SEC adopts any new rules or
regulations, the 12b-1 Directors may require or approve changes in the
implementation or operation of the Plans and may also require the total
expenditures by each Fund under its Plan be kept within limits lower
than the maximum amount permitted by the Plan as stated above. They may
also terminate the Distribution Agreement in accordance with its terms
on thirty days' notice.
CUSTODIAN
CoreStates Bank, NA, Philadelphia, Pennsylvania acts as the Custodian of
the securities and cash of each series of The Rightime Fund, Inc.
TRANSFER AND DIVIDEND DISBURSING AGENT
The Rightime Fund, Inc. has selected Lincoln Investment Planning to
serve as its transfer agent, dividend disbursing agent, and as
redemption agent for redemptions. In the opinion of the Board of
Directors, the fees charged by Lincoln Investment Planning for these
services are comparable to those charged by others for comparable
services. The transfer agent's expenses will be monitored for
reasonableness by the Board of Directors.
GENERAL OPERATIONS
Except as indicated above, each Fund is responsible for the payment of
its expenses, including: (a) the fees payable to the Administrator, the
Advisor and the Distributor; (b) the fees and expenses of directors who
are not affiliated with the Administrator, the Advisor or the
Distributor; (c) the fees and certain expenses of the Fund's Custodian
and Transfer Agent; (d) the charges and expenses of each Fund's legal
counsel and independent accountants; (e) brokers' commissions and any
issue or transfer taxes chargeable to each Fund in connection with its
securities transactions; (f) all taxes and corporate fees payable by
each Fund to governmental agencies; (g) the fees of any trade
association of which each Fund is a member; (h) the cost of stock
certificates, if any, representing shares of each Fund; (i)
reimbursements of the organization expenses of each Fund and the fees
and expenses involved in registering and maintaining registration of
each Fund and its shares with the Securities and Exchange Commission and
registering each Fund to distribute its shares in and qualifying its
shares for sale under state securities laws, and the preparation and
printing of each Fund's registration statements and prospectuses for
such purposes; (j) allocable communications expenses with respect to
investor services and all expenses of shareholders and directors
meetings and of preparing, printing and mailing prospectuses and reports
to shareholders; and (k) litigation and indemnification expenses and
other extraordinary expenses not incurred in the ordinary course of each
Fund's business. Expenses which are identifiable to a specific Fund are
charged to the appropriate Fund and general corporate expenses are
allocated proportionately to each Fund based on relative net assets.
DIVIDENDS, DISTRIBUTIONS AND TAXES
The Rightime Fund, The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund and The Rightime MidCap Fund will declare and pay annual
dividends to shareholders of substantially all of its net investment
income, if any, earned during the year from investments, and each Fund
will distribute net realized capital gains, if any, once each year.
The Rightime Government Securities Fund will declare and pay monthly
dividends to its shareholders of substantially all of its net investment
income, if any, earned during the year from its investments. The Fund
will distribute net realized capital gains, if any, once annually.
Expenses of the Funds, including the Administrative fee, the Advisory
fee and the Distributor's fee, are accrued each day. Reinvestments of
dividends and distributions in additional shares of the Fund will be
made on the payment date at the net asset value determined on the record
date of the dividend or distribution unless the shareholder has elected
in writing to receive dividends or distributions in cash. An election
may be changed by notifying the Transfer Agent in writing fifteen days
prior to a record date.
Each series of the Fund is qualified as a "regulated investment company"
under the Internal Revenue Code of 1986 (the "Code") and intends to
continue such qualification in the future. Such qualification removes
from the Corporation any liability for Federal income taxes upon the
portion of its income distributed to shareholders and makes Federal
income tax upon such distributed income generated by the Funds'
investments the sole responsibility of the shareholders. Continued
qualification requires the Corporation to distribute to its shareholders
each year substantially all of its income and capital gains. The Code
imposes a nondeductible, 4% excise tax on regulated investment companies
that do not distribute to investors in each calendar year, an amount
equal to (i) 98% of its calendar year ordinary income, (ii) 98% of its
capital gain net income (the excess of short and long-term capital gain
over short and long-term capital loss) for the one-year period ending
October 31, and (iii) 100% of any undistributed ordinary or capital gain
net income from the prior year. The Fund intends to declare and pay
dividends and capital gain distributions in a manner to avoid imposition
of the excise tax. The Corporation also proposes to comply with other
requirements, such as (1) appropriate diversification of its portfolio
of investments, (2) realization of 90% of annual gross income from
dividends, interest, gains from sales of securities, or other
"qualifying income," (3) realization of less than 30% of gross income
from gains on sale or other disposition of securities held less than
three months, unless such a policy would be disadvantageous to the
Corporation.
The Rightime Fund, Inc. is a series corporation. Each series of the
Corporation is treated as a separate corporation for Federal tax
purposes. Any net capital gains recognized by a Series will be
distributed to its investors without need to offset (for Federal tax
purposes) such gains against any net capital losses of another series.
The sale of shares of a Fund is a taxable event and may result in a
capital gain or loss. A capital gain or loss may be realized from an
ordinary redemption of shares as an exchange of shares between two Funds
in the Rightime Family of Funds. In calculating any gain or loss on a
share exchange, investors should recognize that they must hold their
Rightime Blue Chip Fund, Rightime Social Awareness Fund, Rightime MidCap
Fund and Rightime Government Securities Fund shares for more than 90
days in order to take into account the sales load incurred on such
shares (to the extent the otherwise applicable sales load on the shares
received in the exchange is reduced or waived). Any amount of sales load
not so taken into account is added to the tax bases of the shares
received in the exchange.
Any dividend or distribution to a shareholder shortly after the purchase
of the Fund's shares will have the effect of reducing the net asset
value per share of such shares by the amount of the dividend or
distribution. While such payment (whether made in cash or reinvested in
shares) is in effect a return of capital, it may be subject to income
taxes. Regardless of the length of time Fund shares have been owned by
shareholders who are subject to federal income taxes, distributions from
long-term capital gains are taxable as such. For individuals the net
capital gain tax rate is presently 28%, while the maximum ordinary
income tax rate is 39.6%. The net capital gain of corporations is taxed
at the same rates as ordinary corporate income.
The dividends paid by The Rightime Fund, The Rightime Blue Chip Fund,
The Rightime Social Awareness Fund and The Rightime MidCap Fund may
qualify, in part, for the 70% dividends received deduction for
corporations. The dividends paid by The Rightime Government Securities
Fund will not qualify for such deduction. Each Fund will provide an
information return to shareholders describing the Federal tax status of
the dividends paid by the Fund during the preceding calendar year within
60 days after the end of each year as required by present tax law.
Shareholders should consult their tax advisors concerning the state or
local taxation of such dividends, and the Federal, state and local
taxation of capital gains distributions. Corporate investors should
recognize that the investor must hold The Rightime Fund, The Rightime
Blue Chip Fund, The Rightime Social Awareness Fund and The Rightime
MidCap Fund shares for more than 45 days to qualify any dividends (or
portion thereof) for the dividends- received deduction. Dividends
declared in October, November or December of any year to investors of
record on any date in such month will be deemed to have been received by
the investors and paid by the series on the earlier of (1) the date of
payment, or (2) if paid after December 31, on December 31, provided such
dividends are paid before February 1 of the following year.
In accordance with the Internal Revenue Code, the Corporation may be
required to withhold a portion of dividends or redemptions or capital
gains paid to an investor and remit such amount to the Internal Revenue
Service, if the investor fails to furnish the Fund with a correct
taxpayer identification number, if the investor fails to supply the Fund
with a tax identification number altogether, if the investor fails to
make a required certification, or if the Internal Revenue Service
notifies the Fund to withhold a portion of such distributions from an
investor's account. Certain entities, such as certain types of trusts,
may be exempt from this withholding provided they file an appropriate
exemption certificate with the Fund.
DETERMINATION OF NET ASSET VALUE AND PUBLIC OFFERING PRICE
Orders for purchases are effected at the offering price next calculated
by each Fund after receipt of the order by the Fund's Distributor. The
public offering price consists of net asset value per share next
calculated plus any applicable sales load. The offering price and the
net asset value of a Fund share are determined as of the close of
regular trading on each day the New York Stock Exchange is open for
unrestricted trading from Monday through Friday. The net asset value is
determined by dividing the value of each Fund's securities, plus any
cash and other assets, less all liabilities, by the number of shares
outstanding. Expenses and fees of each Fund, including the
administrative, the advisory and the distributor fees, are accrued daily
and taken into account for the purpose of determining the net asset
value.
The Rightime Fund will value redeemable securities issued by open-end
investment companies using their respective net asset values for
purchase orders placed at the close of the New York Stock Exchange. All
Funds will value a portfolio security listed or traded on a securities
exchange at the last sale price on the security's principal exchange on
that day. Listed securities not traded on an exchange that day, and
other securities which are traded in the over-the-counter market will be
valued at the last reported bid price in the market on that day, if any.
Stock options, stock index options or options on stock index futures
traded on national security exchanges are valued at the close of option
trading on such exchanges. Stock index futures which are traded on
commodities exchanges are valued at the last transaction price as of the
close of regular trading of the particular exchange on each day that the
exchange is open for unrestricted trading from Monday through Friday.
(Rule 435 of the New York Futures Exchange for example uses various
criteria. These include the weighted average of prices trading during
the last minute of daily trading, a median of high and low bids during
that time, etc.) The value of assets held in The Rightime Government
Securities Fund may be determined on the basis of market values or
valuations furnished by a pricing service, as described in the Statement
of Additional Information. Securities for which market quotations are
not readily available and all other assets will be valued at their
respective fair market value as determined in good faith by, or under
procedures established by, the Board of Directors.
Money market securities with less than sixty days remaining to maturity
when acquired by a Fund will be valued on an amortized cost basis by the
Fund, excluding unrealized gains or losses thereon from the valuation.
This is accomplished by valuing the security at cost and then assuming a
constant amortization to maturity of any premium or discount. If the
Fund acquires a money market security with more than 60 days remaining
to its maturity, it will be valued at current market value until the
60th day prior to maturity, and will then be valued on an amortized cost
basis based upon the value on such date unless the Board determines
during such 60 day period that this amortized cost value does not
represent fair market value.
HOW TO PURCHASE SHARES
Each Fund offers its shares for sale to the public through its
Distributor at the offering price next computed after the receipt of the
purchase order by the Distributor. Shares of The Rightime Fund are sold
to the public at net asset value. Shares of The Rightime Blue Chip Fund,
The Rightime Social Awareness Fund, The Rightime MidCap Fund and The
Rightime Government Securities Fund are purchased at the offering price
which reflects a maximum sales load of 4.75%. Lower sales loads apply
for larger purchases. See the table below. (See "Determination of Net
Asset Value and Public Offering Price.") The minimum initial investment
for each Fund is $2,000 and each subsequent investment must be not less
than $100. Each Fund may waive these minimums for qualified tax
sheltered retirement plans.
The Fund will charge a $15 annual maintenance fee to accounts which have
no new purchases during a fiscal year (excluding reinvestment of
dividends and capital gains), and which have balances that remain below
$2,000 during the last six months of such fiscal year. Prior to
deducting the fee, the Fund will provide ninety days notice to the
shareholder, during which the shareholder may increase their account
balance to $2,000 to avoid any fee. The Fund will not charge a
maintenance fee if an account balance is worth less than $2,000 solely
as a result of a market decline or if the account is actively
participating in a systematic withdrawal plan.
Waiver of Sales Load for TIAA/CREF Purchases
Through March 1, 1997, purchases made with proceeds from a Teacher's
Insurance Annuity Association (TIAA) or College Retirement Equity Fund
(CREF) account will not incur a sales load in any fund in The Rightime
Family. This includes any investment whose origin at any time was a
TIAA-CREF account. Shareholders shall provide evidence that their
investment had a TIAA/CREF origin within 60 days of purchase in order to
take advantage of this program. Ongoing retirement plan investments in
The Rightime Family after a TIAA-CREF transfer is received will not
incur any sales load then assessed by a series.
Through March 1, 1997 employees of organizations who have or had a
contract or agreement with The Teacher's Insurance Annuity Association
(TIAA) or The College Retirement Equity Fund (CREF) may transfer their
existing 403(b) or 403(b)(7) account and make continuing new retirement
contributions into any fund in The Rightime Family without incurring an
initial sales charge. Additional information may be received by
contacting the distributor.
Waiver of Initial Sales Load for Discontinued Managed or Timed Assets
The proceeds of a redemption of an account in an unaffiliated mutual
fund may be invested in The Rightime Family of Funds without an initial
sales charge through March 1, 1997 when the assets in the previous
account were managed by an outside investment advisor or market timer
for a minimum of one year.
Waiver of Initial Sales Loads for New Investments Maintaining Broker
Dealer Continuity
The proceeds of a redemption of an account in an unaffiliated mutual
fund or insurance company which had previously incurred a sales charge
or other acquisition charge may be invested in the Rightime Family of
Funds without an initial sales charge through March 1, 1997 provided the
assets maintain broker dealer continuity and that the broker dealer
confirms that the assets were not subject to a deferred sales charge
from the originating mutual fund investment or annuity as a result of
this activity.
Sales Load as % of
Offering Amount Dealer's
Amount of Purchase Price Invested Concession
---------- ---------- ------------
Less than $50,000. 4.75% 4.99% 4.25%
$50,000 but under $100,000 3.75 3.90 3.35
$100,000 but under $500,000 2.75 2.83 2.45
$500,000 but under $1,000,000 1.75 1.80 1.55
$1,000,000 but under $2,000,000. .75 .76 .65
For purchases of $2 million or more there is no sales load.
Each Fund must be notified when a sale takes place which would qualify
for the reduced sales load on the basis of previous purchases and
current purchases. The reduced sales load will be granted upon
confirmation of the shareholder's holdings by the Fund. Such reduced
sales loads are not retroactive.
Purchases of $50,000 or more at offering price carry reduced sales loads
as shown in the preceding table, and may include a series of purchases
over a 13-month period under a Letter of Intent signed by a purchaser.
The reduced sales load shown above is also available on purchases under
all retirement plans. The sales load table is applicable to purchases
made at one time by an individual; or an individual, his or her spouse
and their children under the age of 21; or a trustee or other fiduciary
of a single trust estate or single fiduciary account (including an
employee benefit plan qualified under Section 401 of the Internal
Revenue Code).
Shares may be purchased initially by completing the application
accompanying this prospectus and mailing it, together with a check
payable to the Fund you selected, for each account you wish to open to:
The Rightime Family of Funds Lincoln Quick Mail
218 Glenside Ave. OR P.O. Box 13813
Wyncote, PA 19095-1595 Philadelphia, PA 19101-3813
(Overnight Mail) (Regular Mail)
Subsequent investments to existing accounts may be made at any time
using the address above. Mail orders should include, when possible, the
"Invest By Mail" stub from your previous confirmation statement. It is
important that your account number be referenced with all subsequent
purchases or correspondence. The Fund may be reached at (215) 887-8111
and at (800) 242-1421.
Each Fund reserves the right in its sole discretion (i) to suspend the
offering of its shares, (ii) to reject purchase orders when in the best
interest of the Fund, (iii) to reduce or waive the minimum for initial
and subsequent investments as set forth above.
Your purchase will be made in full and fractional shares of the Fund
calculated to three decimal places. Shares are normally held in an open
account for shareholders by each Fund, which will send to shareholders a
statement of shares owned at the time of each transaction. Share
certificates for full shares are, of course, available at any time at
written request at no additional cost to the shareholder.
Purchases of The Rightime Blue Chip Fund, The Rightime Social Awareness
Fund, The Rightime MidCap Fund and The Rightime Government Securities
Fund may be made at net asset value by Rightime Econometrics, Inc.,
Lincoln Investment Planning, Inc., The Rightime Fund, Inc. officers,
directors and employees of each, and any pension, profit-sharing or
qualified retirement plan thereof and registered representatives of
broker-dealers who have entered into Dealer's Agreements with the
Distributor. Such purchases may include retirement accounts and must be
for accounts in the name of the individual, a spouse or children under
age 21. The Fund must be notified that the trade qualifies for purchase
at net asset value.
Shares of each Fund may also be purchased without a sales load by the
automatic reinvestment of dividends.
Letter of Intent and Right to Accumulation
Shareholders of The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund, The Rightime MidCap Fund and The Rightime Government
Securities Fund may reduce their sales load by signing a Letter of
Intent, which permits purchases over a 13-month period to obtain a
reduced sales load. They may also combine shares in their Rightime Blue
Chip Fund, Rightime Social Awareness Fund, Rightime MidCap Fund and/or
Rightime Government Securities Fund accounts for Rights of Accumulation
to provide a reduced sales load on new purchases. Shareholders in
403(b)(7) accounts may not combine their accounts with other
shareholders for a reduced sales load.
HOW TO REDEEM SHARES
Shareholders may redeem their shares of the Funds without charge on any
day that the Funds calculate their net asset values (see "Valuation of
Shares"). Redemptions will be effected at the net asset value per share
next determined after the receipt of a redemption request meeting the
requirements described below. The Funds normally send redemption
proceeds on the next business day, but in any event redemption proceeds
are sent within seven days of receipt of a redemption request in proper
form or within such earlier period as required under applicable law. Any
redemption proceeds may be reinvested in the Fund at net asset value
without any sales charges within 30 days of the redemption date.
A written redemption request to the Fund must (i) identify the Fund and
the shareholder's account number, (ii) state the number of shares to be
redeemed, and (iii) be signed by each registered owner exactly as the
shares are registered. If the shares to be redeemed were issued in
certificate form, the certificates must be endorsed for transfer (or be
accompanied by an endorsed stock power) and must be submitted to the
Fund together with the redemption request. A redemption request for an
amount in excess of $5,000, or for any amount if the proceeds are to be
sent elsewhere than the address of record, must be accompanied by
signature guarantees. The guarantor of a signature must be an acceptable
financial institution such as a bank, savings and loan association,
trust company, credit union, broker or dealer, registered securities
association or clearing agency. The Fund may require additional
supporting documents for redemptions made by corporations, executors,
administrators, trustees and guardians. A redemption request will not be
deemed to be properly received until the Fund receives all required
documents in proper form. Questions with respect to the proper form for
redemption requests should be directed to the Fund at the numbers listed
on the cover of this Prospectus.
Delivery of the proceeds of a redemption of shares purchased and paid
for by check shortly before the receipt of the request may be delayed
until the Fund determines that its Custodian Bank has completed
collection of the purchase check. This may take up to 15 days. The Board
of Directors may suspend the right of redemption or postpone the date of
payment for more than seven days during any period when (a) trading on
the New York Stock Exchange is restricted as determined by the
Securities and Exchange Commission or such Exchange is closed for other
than weekends and holidays, (b) the Securities and Exchange Commission
has by order permitted such suspension, or (c) an emergency, as defined
by rules of the Commission, exists during which time the sale of
portfolio securities or valuation of securities held by the Fund are not
reasonably practicable.
You may redeem your shares by calling the Fund at (215) 887-8111 or
(800) 242-1421. Proceeds from the telephone redemption will be paid to
the registered share owner(s) (1) by mail at the address of record, or
(2) by wire to the bank account designated on record at the Fund.
Telephone redemption will not be available on tax qualified accounts,
for amounts less than $1,000, or for shares for which certificates are
outstanding.The Fund or its distributor may cancel the telephone
redemption privilege at any time without prior notice. The Fund and the
Fund's Transfer Agent will employ reasonable procedures to confirm that
instructions communicated by telephone are genuine. These procedures
include requiring the investor to provide certain personal
identification at the time an account is opened and prior to effecting
each transaction requested by telephone. In addition, investors may be
required to provide additional telecopied written instructions of such
transaction requests. The Fund or the Fund's Transfer Agent may be
liable for any losses due to unauthorized or fraudulent telephone
instructions if the Fund or the Transfer Agent does not employ these
procedures. Neither the Fund nor the Transfer Agent will be responsible
for any loss, liability, cost or expense for the following instructions
received by telephone that it reasonably believes to be genuine.
Each Fund also reserves the right to redeem an investor's account where
the account is worth less than the minimum initial investment required
when the account is established, presently $2,000. (Any redemption of
shares from an inactive account established with a minimum investment
may reduce the account below the minimum initial investment, and could
subject the account to such redemption). The Fund will advise the
shareholder of such intention in writing at least ninety (90) days prior
to effecting such redemption, during which time the shareholder may
purchase additional shares in any amount necessary to bring the account
back to $2,000. The Fund will not redeem an investor's account which is
worth less than $2,000 solely as a result of a market decline, or if the
account is actively participating in a systematic withdrawal plan. The
Fund will not redeem an investor's account which has been charged an
annual maintenance fee (see "How To Purchase Shares.")
If the Board of Directors determines that it would be detrimental to the
best interest of the remaining shareholders of a Fund to make payment in
cash, the Fund may pay the redemption price in whole or in part by
distribution in kind of securities from the portfolio of the Fund. Such
securities will be valued on the basis of the procedures used to
determine the net asset value at the time of the redemption. If shares
are redeemed in kind, the redeeming shareholder may incur brokerage
costs in converting the assets into cash.
SPECIAL PLANS
Each Fund also offers its shares for use in certain Tax-Sheltered Plans
(such as IRA, Keogh and 403(b)(7) plans) and Withdrawal Plans.
Information on these Plans is available from the Funds' Distributor or
by reviewing the Statement of Additional Information.
Exchange Privilege. Shareholders of a Fund which has a sales load are
permitted to exchange all or part of their shares into any Fund in the
Rightime Family of Funds at net asset value, in states where shares of
the Fund being acquired can be sold. Exchange instructions may be made
in writing or by telephone. Shareholders who establish new accounts
subsequent to the date of this prospectus by completing and returning a
signed Application will automatically receive telephone exchange
privileges for themselves and their Dealer Representatives listed on the
Fund's records, unless the shareholder refuses telephone exchange
privileges for their Dealer Representatives or entirely by checking the
appropriate box on the Application. Telephone exchanges will be
processed for authorized accounts as long as proper identification is
given by the shareholder at the time of the exchange. Existing
shareholders may establish telephone exchange privileges by providing
written instructions in proper form as determined by the Fund. Existing
shareholders who wish to make an exchange or establish telephone
exchange privileges should contact the Fund. No fees are charged for the
exchange privilege. Shareholders of a Fund which does not have a sales
load, who previously incurred a sales load in connection with the
purchase of shares which were subsequently exchanged into a different
series of the Fund (either load or no-load), may exchange an equal
dollar amount into another series of The Rightime Fund, Inc. at net
asset value. A shareholder requesting an exchange will be sent a current
prospectus. The amount exchanged must meet the required minimum initial
investment of the Fund being purchased.
Shareholders of a Fund may exchange their shares into and from a
designated money market portfolio organized and managed independently of
the Funds.
An exchange, for tax purposes, constitutes the sale of one fund or
series and the purchase of another. The sale may involve either a
capital gain or loss to the shareholder for federal income tax purposes.
See "Dividends, Distribution and Taxes."
The exchange privilege is subject to termination and its terms are
subject to change without notice to shareholders.
THE RIGHTIME FUND, INC.
ADMINISTRATOR
Rightime Administrators Inc.
218 Glenside Avenue
Wyncote, PA 19095-1595
INVESTMENT ADVISOR
Rightime Econometrics Inc.
1095 Rydal Road
Rydal, PA 19046-1711
DISTRIBUTOR
Lincoln Investment Planning, Inc.
218 Glenside Avenue
Wyncote, PA 19095-1595
Lincoln Quick Mail
P.O. Box 13813
Philadelphia, PA 19101-3813
CUSTODIAN
CoreStates Bank, NA
Broad & Chestnut Sts.
Philadelphia, PA 19101
TRANSFER AGENT
Lincoln Investment Planning, Inc.
218 Glenside Avenue
Wyncote, PA 19095-1595
Lincoln Quick Mail
P.O. Box 13813
Philadelphia, PA 19101-3813
LEGAL COUNSEL
Stradley, Ronon, Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103-7098
AUDITORS
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
THE RIGHTIME FAMILY OF FUNDS
218 Glenside Ave.
Wyncote, PA 19095-1595
Client Services Department:
215-887-8111, Press 2
800-242-1421
Contents
Expense Table 2
Financial Highlights 3
Highlights 5
Performance 8
Investment Objectives
and Policies of Each Fund 9
Investment Restrictions 20
Capital Stock 21
Board of Directors 22
Investment Advisor 22
Administrator 23
Distribution of Shares 23
Custodian 24
Transfer and Dividend Disbursing
Agent 24
General Operations 24
Dividends, Distributions and Taxes 25
Determination of Net Asset Value
and Public Offering Price 26
How to Purchase Shares 27
How to Redeem Shares 29
Special Plans 30
Printed on recycled paper
THE RIGHTIME FUND, INC.
STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 1, 1996
218 GLENSIDE AVENUE
WYNCOTE, PA 19095-1594
The Distributor may be telephoned at (215) 887-8111
A copy of the Fund's Prospectus is available without charge
upon written request to the Fund.
The Rightime Fund, Inc. is an open-end diversified investment
company which offers multiple series of shares. This Statement of
Additional Information relates to: The Rightime Fund, The Rightime Blue
Chip Fund, The Rightime Social Awareness Fund, The Rightime MidCap Fund
and The Rightime Government Securities Fund. The shares of each series
(the "Fund") may be purchased or redeemed at any time. Purchases will be
effected at the public offering price and redemptions will be effected at
net asset value next computed after the receipt of the investor's
request.
The Rightime Fund
The Rightime Blue Chip Fund
The Rightime MidCap Fund
The objective of each Fund is to achieve for its investors a
high total return consistent with reasonable risk. Each Fund will use a
variety of investment strategies in an effort to balance portfolio risks
and to hedge market risks. There is no assurance that the objective of a
Fund will be achieved.
The Rightime Social Awareness Fund
The objective of the Fund is to achieve for its investors
growth of capital and its secondary objective is current income,
consistent with reasonable risk. The Fund uses a variety of investment
strategies in an effort to balance portfolio risks and to hedge market
risks. There is no assurance that the objective of the Fund will be
achieved.
The Rightime Government Securities Fund
The objective of The Fund is to achieve for its investors high
current income consistent with safety and liquidity of principal. The
Fund seeks to achieve this objective by investing in securities that are
issued or guaranteed as to principal and interest by the U.S. Government,
its agencies, authorities or instrumentalities or secured by such
securities, and by investing in and by earning premiums from transactions
involving related options, futures and options on futures. There is no
assurance the objective will be achieved.
- - - -------------------------------------------------------------------------
THIS STATEMENT OF ADDITIONAL INFORMATION IS NOT A PROSPECTUS AND SHOULD
BE READ IN CONNECTION WITH THE FUND'S PROSPECTUS DATED MARCH 1, 1996.
RETAIN THIS STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE.
- - - ------------------------------------------------------------------------
TABLE OF CONTENTS
Page
Investment Objectives and Policies
The Rightime Fund 1
The Rightime Blue Chip Fund and 4
The Rightime MidCap Fund
The Rightime Social Awareness Fund 6
Options and Futures 8
Money Market Securities 11
The Rightime Government Securities Fund 12
Portfolio Turnover 21
Investment Restrictions 21
Investment Advisor 25
Distributor 25
Distribution Plan 26
Allocation of Portfolio Brokerage 28
Transfer Agent 29
Purchase of Shares 29
Dividends, Distribution and Taxes 32
Officers and Directors of the Fund 35
General Information 36
Performance 36
Financial Statements
INVESTMENT OBJECTIVES AND POLICIES
THE RIGHTIME FUND
The investment objective of the Fund is to achieve a high total
return consistent with reasonable risk. It seeks to achieve this
objective by concentrating in shares of investment companies and by
making other investments selected in accordance with the Fund's
investment restrictions and policies. The Fund will vary its investment
strategy as described in the Fund's prospectus to seek to achieve its
objective. This Statement of Additional Information contains further
information concerning the techniques and operations of the Fund, the
securities in which it will invest, and the policies it will follow.
High Total Return
The Fund seeks to achieve a high total return for its shareholders.
It seeks to achieve this goal by a combination of capital appreciation
on investments (which may be emphasized during periods when a generally
rising trend in securities markets is anticipated by the Fund's
investment advisor) and high income (which may be emphasized during
periods when the investment advisor anticipates that income producing
securities will provide performance superior to the appreciation the Fund
might otherwise achieve). The Fund also seeks to achieve a high total
return by avoiding the full impact of periods of market decline by either
shifting its investments or by hedging its investments. The Fund does
not seek the "maximum total return" sought by some funds, because the
Fund attempts to limit to a reasonable level the risk which it will bear
in the selection of its investments.
Aggressive Portfolio Strategy
During periods when the investment advisor anticipates a rising
trend in the securities markets, it will seek to achieve the Fund's
investment objective by concentrating in a portfolio of shares of
investment companies which the advisor believes will benefit from such a
trend. The investment advisor will use a risk adjusted analysis (which
considers the relative volatility of its various investments) to evaluate
the investment companies' performance under various market conditions and
to consider the potential reward and potential risk. The investment
advisor will not select such investment companies based solely upon their
previous performance. (See "Investments in Investment Companies and the
Investment Company Industry" in the prospectus). It is expected that
such investment companies will generally invest more than 50% of their
assets in common and/or preferred stocks. In order to make allowance for
cash flow needs of the Fund or when the Fund is otherwise pursuing
appreciation in its portfolio the Fund may also invest up to 75% of its
asset value in other investment vehicles such as common or preferred
stocks of companies which are not investment companies, investment
companies which are money market funds, cash equivalents, may make use of
various hedging techniques, or may hold its assets as cash. Though not
required by its policies to do so, the Fund may make such investments, if
necessary, to qualify as a "regulated investment company" under the
Internal Revenue Code (the "IRC"). (See "Dividends, Distributions and
Taxes" in the prospectus for a discussion of qualification under
subchapter M of the IRC.)
Conservative Portfolio Strategy
When the investment advisor anticipates a generally declining trend
in securities markets, it may seek to achieve the Fund's investment
objective by investing in the shares of money market funds and other
types of investment companies, and investing up to 75% in cash
equivalents and by retaining cash. The Fund may also seek to achieve a
high total return during such a period without disturbing or
restructuring the portfolio established by the Fund during an Aggressive
Period by using cash, cash equivalents, proceeds of maturing securities,
new assets, etc. to purchase or sell other investment vehicles such as
stocks, stock options, stock index options, stock index futures or
options on such futures. (The Fund may also use such techniques to
accommodate cash needs or to avoid impairing the Fund's status as a
regulated investment company under the IRC.)
To this end, the Fund may, as to 75% or less of its asset value buy
or sell stock, stock options, stock index options, stock index futures
and options thereon to seek to counter-balance portfolio volatility
and/or market risk consistent with the intention of the investment
objective to limit investments to those which involve a reasonable risk.
Stock options, stock index futures and options thereon are utilized to
"hedge" risks arising from the Fund's investments originally selected
under its "Aggressive Portfolio Strategy", including those risks arising
while the Fund is selecting suitable investments for its assets, and are
not entered into for speculative purposes. Unlike funds which seek
"maximum" total return without limitation on the degree of risk the fund
will bear, when such option and futures techniques are used to reduce the
risk of loss (or secure investment gains) for this Fund, their use will
generally reduce or impose a limit on the amount of gains the Fund can
achieve from the investments which are so "hedged." (See "Hedging" in the
prospectus and "Options and Futures" below.)
Other Factors
The Fund seeks to provide its shareholders with a high total return
consistent with reasonable risk. This involves two key concepts:
First, the Fund's advisor will attempt to minimize market risk by
monitoring and responding to factors (such as various monetary, or market
momentum indicators) which the Advisor expects will assist it in
determining an investment posture including whether to restructure the
portfolio for the Fund. This involves the use of "market timing"
concepts and procedures which have been developed and applied by the
Fund's investment advisor. Market timing involves the use of analytical
techniques which seek to anticipate major market trends which in the
opinion of the investment advisor affect securities markets over periods
of time, so an investor (such as the Fund) may restructure its portfolio
of investments to increase gains or income, or avoid losses. The Fund's
investment advisor will apply such analytical techniques to the Fund's
investments, including the investment companies in which the Fund
invests. It should be noted that some members of the investment
community believe that market timing cannot be achieved successfully on a
consistent basis and there can be no assurance the advisor will achieve
such a level of consistency. If the investment advisor incorrectly
judges turns in the market, the Fund may lose opportunities for gains or
incur losses.
Second, when appropriate to achieve the objective and strategies
described above, the Fund intends to use investment techniques under
which it would buy or sell portfolio securities such as stocks, stock
options, stock index options, stock index futures or options on such
futures to avoid untimely portfolio transactions, costly restructuring of
the portfolio, or adverse market effects while the Fund is investing its
assets. These techniques and securities are generally considered to be
speculative and to involve higher risks or costs to an investor. The
Fund will not, however, use stock index futures and options thereon for
speculative purposes. These techniques will be used by the Fund when
appropriate to "hedge" the usual investment risks attendant upon its
investments, and the Fund believes it will therefore avoid the risks of
such speculative use of these techniques.
The Fund also seeks to protect the value of an investment in the
Fund by temporarily foregoing high total return for protection and
stability of its assets when volatile or abnormal market conditions are
anticipated (as indicated by rapidly accelerating inflation or interest
rates, sharply declining stock markets, increasing deterioration in the
banking situation and/or increasing threats to national or world
security). This will involve the selection of high proportions, up to
100%, of temporary defensive investments such as U.S. Government
securities or other money market securities (see "Money Market
Securities"), the use of very short portfolio maturities of 60 days or
less, other investments which protect the value of the Fund, and similar
techniques such as holding cash.
Investment Company Securities
The other investment companies in which the Fund invests will be
diversified investment companies managed by a number of investment
advisors and portfolio managers. This will offer the Fund an opportunity
to benefit from a variety of diversified portfolios.
Each such company will be a registered investment company, and will
operate subject to a variety of regulatory constraints. While such
regulation does not guarantee the investment success of an investment
company, or assure that it will not suffer investment losses, the Advisor
believes that such investment companies provide a sound foundation upon
which to base an investment portfolio. By investing in a broad spectrum
of such companies the Fund hopes to benefit from the collective research
and analysis of many experienced investment personnel.
There are many types of investment companies. All maintain
portfolios which are generally liquid, but can be composed of different
kinds of securities and involve different objectives. Such companies may
seek only income, only appreciation, or various combinations of these.
They may invest in money market securities, short or long term bonds,
dividend producing stocks, tax-exempt municipal securities, or a variety
of other instruments. They may seek speculative or conservative
investments ranging from securities issued by new companies to securities
issued by "blue-chip" companies. An investment company which has a
policy of holding 80% of its assets in debt securities maturing in
thirteen months or less, or which holds itself out as a "money market
fund" will be treated as a money market fund by the Fund.
The Fund's investment advisor will be responsible for monitoring and
evaluating these kinds of factors to select investment company fund
securities for the Fund's portfolio in accordance with the policies and
techniques described in the prospectus.
THE RIGHTIME BLUE CHIP FUND AND THE RIGHTIME MIDCAP FUND
The investment objective of each Fund is to achieve a high total
return consistent with reasonable risk. The Rightime Blue Chip Fund
seeks to achieve this objective by investing in shares of Blue Chip
securities and by making other investments selected in accordance with
the Fund's investment restrictions and policies. The Rightime MidCap
Fund seeks to achieve this objective by investing in shares of MidCap
securities and by making other investments selected in accordance with
the Fund's investment restrictions and policies. Each Fund will vary its
investment strategy as described in the Fund's prospectus to seek to
achieve its objective. This Statement of Additional Information contains
further information concerning the techniques and operations of each
Fund, the securities in which it will invest, and the policies it will
follow.
High Total Return
Each Fund seeks to achieve a high total return for its shareholders.
Each Fund seeks to achieve this goal by a combination of capital
appreciation on investments (which may be emphasized during periods when
a generally rising trend in securities markets is anticipated by the
Fund's investment advisor) and high income (which may be emphasized
during periods when the investment advisor anticipates that income
producing securities will provide performance superior to the
appreciation the Fund might otherwise achieve). Each Fund also seeks to
achieve a high total return by avoiding the full impact of periods of
market decline by either shifting its investments or by hedging its
investments. The Funds do not seek the "maximum total return" sought by
some funds, because each Fund attempts to limit to a reasonable level the
risk which it will bear in the selection of its investments.
Aggressive Portfolio Strategy
During periods when the investment advisor anticipates a rising
trend in the securities markets, it will seek to achieve the Fund's
investment objective by investing in a portfolio of Blue Chip securities
for The Rightime Blue Chip Fund and MidCap securities for The Rightime
MidCap Fund, which the advisor believes will benefit from such a trend.
In order to make allowance for cash flow needs of a Fund or when a Fund
is otherwise pursuing appreciation in its portfolio, the respective Fund
may also invest up to 35% of its asset value in other investment vehicles
which are not Blue Chips or MidCaps. Though not required by its policies
to do so, the Fund may make such investments, if necessary, to qualify as
a "regulated investment company" under the Internal Revenue Code (the
"IRC"). (See "Dividends, Distributions and Taxes" in the prospectus for
a discussion of qualification under subchapter M of the IRC.)
Conservative Portfolio Strategy
When the investment advisor anticipates a generally declining trend
in securities markets, it may seek to achieve the respective Fund's
investment objective by investing up to 35% in securities other than Blue
Chips or MidCaps. Each Fund may also seek to achieve a high total return
during such a period without disturbing or restructuring the portfolio
established by the Fund during an Aggressive Period by using cash, cash
equivalents, proceeds of maturing securities, new assets, etc. to
purchase or sell other investment vehicles such as bonds and other debt
obligations, stock options, stock index options, stock index futures or
options on such futures. (Each Fund may also use such techniques to
accommodate cash needs or to avoid impairing the Fund's status as a
regulated investment company under the IRC.)
To this end, each Fund may, as to 35% or less of its asset value buy
or sell bonds and other debt obligations, stock options, stock index
options, stock index futures and options thereon to seek to
counter-balance portfolio volatility and/or market risk consistent with
the intention of the investment objective to limit investments to those
which involve a reasonable risk. Stock options, stock index futures and
options thereon are utilized to "hedge" risks arising from a Fund's
investments originally selected under its "Aggressive Portfolio
Strategy", including those risks arising while the Fund is selecting
suitable investments for its assets, and are not entered into for
speculative purposes. Unlike funds which seek "maximum" total return
without limitation on the degree of risk the fund will bear, when such
option and futures techniques are used to reduce the risk of loss (or
secure investment gains) for a Fund, their use will generally reduce or
impose a limit on the amount of gains the Fund can achieve from the
investments which are so "hedged." (See "Hedging" in the prospectus and
"Options and Futures" below.)
Other Factors
Each Fund seeks to provide its shareholders with a high total return
consistent with reasonable risk. This involves two key concepts:
First, the Funds' advisor will attempt to minimize market risk by
monitoring and responding to factors (such as various monetary, or market
momentum indicators) which the Advisor expects will assist it in
determining an investment posture including whether to restructure the
portfolio for each Fund. This involves the use of "market timing"
concepts and procedures which have been developed and applied by the
Fund's investment advisor. Market timing involves the use of analytical
techniques which seek to anticipate major market trends which in the
opinion of the investment advisor affect securities markets over periods
of time, so an investor (such as the Fund) may restructure its portfolio
of investments to increase gains or income, or avoid losses. The Funds'
investment advisor will apply such analytical techniques to each Fund's
investments, including the Blue Chip securities in which The Rightime
Blue Chip Fund invests and the MidCap securities in which The Rightime
MidCap Fund invests. It should be noted that some members of the
investment community believe that market timing cannot be achieved
successfully on a consistent basis and there can be no assurance the
advisor will achieve such a level of consistency. If the investment
advisor incorrectly judges turns in the market, a Fund may lose
opportunities for gains or incur losses.
Second, when appropriate to achieve the objective and strategies
described above, each Fund intends to use investment techniques under
which it would buy or sell portfolio securities such as stock options,
stock index options, stock index futures or options on such futures to
avoid untimely portfolio transactions, costly restructuring of the
portfolio, or adverse market effects while the Fund is investing its
assets. These techniques and securities are generally considered to be
speculative and to involve higher risks or costs to an investor. The
Funds will not, however, use stock index futures and options thereon for
speculative purposes. These techniques will be used by each Fund when
appropriate to "hedge" the usual investment risks attendant upon its
investments, and the Fund believes it will therefore avoid the risks of
such speculative use of these techniques.
Each Fund also seeks to protect the value of an investment in the
Fund by temporarily foregoing high total return for protection and
stability of its assets when volatile or abnormal market conditions are
anticipated (as indicated by rapidly accelerating inflation or interest
rates, sharply declining stock markets, increasing deterioration in the
banking situation and/or increasing threats to national or world
security). This will involve the selection of high proportions, up to
100%, of temporary defensive investments such as U.S. Government
securities or other money market securities (see "Money Market
Securities"), the use of very short portfolio maturities of 60 days or
less, other investments which protect the value of the Fund, and similar
techniques such as holding cash.
THE RIGHTIME SOCIAL AWARENESS FUND
The investment objective of the Fund is to achieve for its investors
growth of capital and its secondary objective is current income,
consistent with reasonable risk. The Fund seeks to achieve this
objective by investing in securities of well known and established
companies, as well as smaller, less well known companies, with prospects
for above average capital growth and by making other investments selected
in accordance with the Fund's investment restrictions and policies. As
described in the Prospectus, the Fund also imposes certain social
criteria prior to selecting investments for the Fund. The Fund will vary
its investment strategy as described in the Fund's prospectus to seek to
achieve its objective. This Statement of Additional Information contains
further information concerning the techniques and operations of the Fund,
the securities in which it will invest, and the policies it will follow.
Growth of Capital and Income
The Fund seeks to achieve primarily growth of capital and
secondarily current income for its shareholders. The Fund seeks to
achieve this goal by a combination of capital appreciation on investments
(which may be emphasized during periods when a generally rising trend in
securities markets is anticipated by the Fund's investment advisor) and
high income (which may be emphasized during periods when the investment
advisor anticipates that income producing securities will provide
performance superior to the appreciation the Fund might otherwise
achieve, consistent with maintaining the Fund's objective). The Fund
also seeks to achieve a return on its investments by avoiding the full
impact of periods of market decline by either shifting its investments or
by hedging its investments. The Fund attempts to limit to a reasonable
level the risk which it will bear in the selection of its investments.
Aggressive Portfolio Strategy
During periods when the investment advisor anticipates a rising
trend in the securities markets, it will seek to achieve the Fund's
investment objective by investing in a portfolio of securities, primarily
common stocks, which the advisor believes will benefit from such a trend.
In order to make allowance for cash flow needs of the Fund or when the
Fund is otherwise pursuing appreciation in its portfolio, the Fund may
also invest its assets in other investment vehicles. Though not required
by its policies to do so, the Fund may make such investments, if
necessary, to qualify as a "regulated investment company" under the
Internal Revenue Code (the "IRC"). (See "Dividends, Distributions and
Taxes" in the prospectus for a discussion of qualification under
subchapter M of the IRC.)
Conservative Portfolio Strategy
When the investment advisor anticipates a generally declining trend
in securities markets, it may seek to achieve the Fund's investment
objective by investing in securities other than common stocks, consistent
with maintaining the Fund's objective. The Fund may also seek to achieve
its objective during such a period without disturbing or restructuring
the portfolio established by the Fund during an Aggressive Period by
using cash, cash equivalents, proceeds of maturing securities, new
assets, etc. to purchase or sell other investment vehicles such as bonds
and other debt obligations, stock options, stock index options, stock
index futures or options on such futures. (The Fund may also use such
techniques to accommodate cash needs or to avoid impairing the Fund's
status as a regulated investment company under the IRC.)
To this end, the Fund may buy or sell bonds and other debt
obligations, stock options, stock index options, stock index futures and
options thereon to seek to counter-balance portfolio volatility and/or
market risk consistent with the intention of the investment objective to
limit investments to those which involve a reasonable risk. Stock
options, stock index futures and options thereon are utilized to "hedge"
risks arising from the Fund's investments originally selected under its
"Aggressive Portfolio Strategy", including those risks arising while the
Fund is selecting suitable investments for its assets, and are not
entered into for speculative purposes. When such option and futures
techniques are used to reduce the risk of loss (or secure investment
gains) for the Fund, their use will generally reduce or impose a limit on
the amount of gains the Fund can achieve from the investments which are
so "hedged." (See "Hedging" in the prospectus and "Options and Futures"
below.)
Other Factors
The Fund seeks to provide its shareholders with growth of capital
and with current income as a secondary objective, consistent with
reasonable risk. This involves two key concepts:
First, the Fund's advisor will attempt to minimize market risk by
monitoring and responding to factors (such as various monetary, or market
momentum indicators) which the Advisor expects will assist it in
determining an investment posture including whether to restructure the
portfolio for a Fund. This involves the use of "market timing" concepts
and procedures which have been developed and applied by the Fund's
investment advisor. Market timing involves the use of analytical
techniques which seek to anticipate major market trends which in the
opinion of the investment advisor affect securities markets over periods
of time, so an investor (such as the Fund) may restructure its portfolio
of investments to increase gains or income, or avoid losses. The Fund's
investment advisor will apply such analytical techniques to the Fund's
investments. It should be noted that some members of the investment
community believe that market timing cannot be achieved successfully on a
consistent basis and there can be no assurance the advisor will achieve
such a level of consistency. If the investment advisor incorrectly
judges turns in the market, the Fund may lose opportunities for gains or
incur losses.
Second, when appropriate to achieve the objective and strategies
described above, the Fund intends to use investment techniques under
which it would buy or sell portfolio securities such as stock options,
stock index options, stock index futures or options on such futures to
avoid untimely portfolio transactions, costly restructuring of the
portfolio, or adverse market effects while the Fund is investing its
assets. These techniques and securities are generally considered to be
speculative and to involve higher risks or costs to an investor. The
Fund will not, however, use stock index futures and options thereon for
speculative purposes. These techniques will be used by the Fund when
appropriate to "hedge" the usual investment risks attendant upon its
investments, and the Fund believes it will therefore avoid the risks of
such speculative use of these techniques.
The Fund also seeks to protect the value of an investment in the
Fund by temporarily foregoing growth of capital for protection and
stability of its assets when volatile or abnormal market conditions are
anticipated (as indicated by rapidly accelerating inflation or interest
rates, sharply declining stock markets, increasing deterioration in the
banking situation and/or increasing threats to national or world
security). This will involve the selection of high proportions, up to
100%, of temporary defensive investments such as U.S. Government
securities or other money market securities (see "Money Market
Securities"), the use of very short portfolio maturities of 60 days or
less, other investments which protect the value of the Fund, and similar
techniques such as holding cash.
Options and Futures
The following descriptions of stock options, stock index options,
stock index futures and options on such futures are summaries of the
vehicles The Rightime Fund, The Rightime Blue Chip Fund, The Rightime
Social Awareness Fund and The Rightime MidCap Fund may use to "hedge"
their respective investments, and illustrate techniques each Fund can
select to achieve such hedging.
Option Characteristics and Transactions: The Fund intends to
purchase and/or write put and call options that are traded on United
States securities exchanges and over-the-counter. A call option is a
short-term contract (having a duration of nine months or less) pursuant
to which the purchaser of the call option, in return for a premium paid,
has the right to buy the security underlying the option at a specified
exercise price at any time during the term of the option. The writer of
the call option, who receives the premium, has the obligation, upon
exercise of the option, to deliver the underlying security against
payment of the exercise price during the option period. A put option is
a similar contract which gives the purchaser of the put option, in
return for a premium, the right to sell the underlying security at a
specified price during the term of the option. The writer of the put,
who receives the premium, has the obligation to buy the underlying
security, upon exercise, at the exercise price during the option period.
A call option is "covered" if the Fund owns the underlying security
(or equivalent in the case of stock index options) covered by the call or
has an absolute and immediate right to acquire that security without
additional cash consideration (or for additional cash consideration held
in a segregated account by its custodian) upon conversion or exchange of
other securities held in its portfolio. A call option is also covered if
the Fund holds on share-for-share basis a call on the same security as
the call written where the exercise price of the call held is equal to or
less than the exercise price of the call written or greater than the
exercise price of the call written if the difference is maintained by the
Fund in cash, Treasury bills or other high grade short-term obligations
in a segregated account with its custodian. A put option is "covered" if
the Fund maintains cash, Treasury bills or other high grade short-term
obligations with a value equal to the exercise price in a segregated
account with its custodian, or else holds on a share-for-share basis a
put on the same security as the put written where the exercise price of
the put held is equal to or greater than the exercise price of the put
written. The premium paid by the purchaser of an option will reflect,
among other things, the relationship of the exercise price to the market
price and volatility of the underlying security, the remaining term of
the option, supply and demand and interest rates.
If the Fund as the writer of an option wishes to terminate its
obligation, the Fund may effect a "closing purchase transaction." This
is accomplished by buying an option of the same series as the option
previously written. The effect of the purchase is that the writer's
position will be canceled by the clearing corporation. However, a writer
may not effect a closing purchase transaction after it has been notified
of the exercise of an option. Likewise, an investor (such as the Fund)
who is the holder of an option may liquidate his position by effecting a
"closing sale transaction." This is accomplished by selling an option of
the same series as the option previously purchased. There is no
guarantee that either a closing purchase or a closing sale transaction
can be effected.
Effecting a closing transaction in the case of a written call option
will permit the Fund to write another call option on the underlying
security with either a different exercise price or expiration date, or
both, or in the case of a written put option will permit the Fund to
write another put option to the extent that the exercise price thereof is
secured by deposited cash or short-term securities. Also, effecting a
closing transaction will permit the cash or proceeds from the concurrent
sale of any securities subject to the option to be used for other Fund
investments.
The Fund will realize a profit from a closing purchase transaction
if the price of the transaction is less than the premium received from
writing the option or in the case of a closing sale transaction, the
price received on the transaction is more than the premium paid to
purchase the option; the Fund will realize a loss from a closing purchase
transaction if the price of the transaction is more than the premium
received from writing the option or in the case of a closing sale
transaction, the price received on the transaction is less than the
premium paid to purchase the option. Because increases in the market
price of a call option will generally reflect increases in the market
price of the underlying security, any loss resulting from the closing
purchase transaction of a call option is likely to be offset in whole or
in part by appreciation of the underlying security if it is owned by the
Fund.
Stock Index Futures Characteristics: The Fund intends to purchase
and sell stock index futures contracts as a hedge against changes in
market conditions in accordance with the portfolio strategies described
in the prospectus. A stock index assigns relative values to the common
stocks included in the index, and the index fluctuates with the changes
in the market values of the common stocks so included. A stock index
futures contract is a bilateral agreement pursuant to which two parties
agree to take, or make delivery of, an amount of cash equal to a
specified dollar amount times the difference between the stock index
value at the close of the last trading day of the contract and the price
at which the futures contract is originally struck. No physical delivery
of the underlying stocks in the index is made.
Characteristics of Options on Stock Index Futures: The Fund intends
to purchase and/or write put and call options on stock index futures
which are traded on a U.S. exchange or Board of Trade. Options on stock
index futures are similar to options on stocks except that an option on a
stock index future gives the purchaser the right, in return for the
premiums paid, to assume a position in a stock index futures contract (a
purchase if the option is a call and a sale if the option is a put),
rather than to purchase or sell stock, at a specified exercise price at
any time during the period of the option. Upon exercise of the option,
the delivery of the futures position by the writer of the option to the
holder of the option will be accompanied by delivery of the accumulated
balance in the writer's futures margin account which represents the
amount by which the market price of the stock index futures contract, at
exercise, exceeds, in the case of a call, or is less than, in the case of
a put, the exercise price of the option on the stock index future. If an
option is exercised on the last trading day prior to the expiration date
of the option, the settlement will be made entirely in cash equal to the
difference between the exercise price of the option and the closing level
of the index on which the future is based on the expiration date.
Risks of Transactions in Stock Options: An option position may be
closed out only on an exchange which provides a secondary market for an
option of the same series. Although the Fund will generally purchase or
write only those options for which there appears to be an active
secondary market, there is no assurance that a liquid secondary market on
an exchange will exist for any particular option, or at any particular
time, and for some options no secondary market on an exchange may exist.
In such event it might not be possible to effect closing transactions in
particular options, with the result that the Fund would have to exercise
its options in order to realize any profit and would incur brokerage
commissions upon the exercise of call options and upon the subsequent
disposition of underlying securities acquired through the exercise of
call options or upon the purchase of underlying securities for the
exercise of put options. If the Fund as a covered call option writer is
unable to effect a closing purchase transaction in a secondary market, it
will not be able to sell the underlying security until the option expires
or it delivers the underlying security upon exercise.
Reasons for the absence of a liquid secondary market on an exchange
could include the following: l) there may be insufficient trading
interest in certain options; 2) restrictions may be imposed by an
exchange on opening transactions or closing transactions or both; 3)
trading-halts, suspensions or other restrictions may be imposed with
respect to particular classes or series of options or underlying
securities; 4) unusual or unforeseen circumstances may interrupt normal
operations on an exchange; 5) the facilities of an exchange or a clearing
corporation may not at all times be adequate to handle current trading
volume; or 6) one or more exchanges could, for economic or other reasons,
decide or be compelled at some future date to discontinue the trading of
options (or a particular class or series of options), in which event the
secondary market on that exchange (or in the class or series of options)
would cease to exist, although outstanding options on that exchange that
had been issued by a clearing corporation as a result of trades on that
exchange would continue to be exercisable in accordance with their terms.
There is no assurance that higher than anticipated trading activity or
other unforeseen events might not, at times, render certain of the
facilities of any of the clearing corporations inadequate, and thereby
result in the institution by an exchange of special procedures which may
interfere with the timely execution of customers' orders. However, The
Options Clearing Corporation, based on forecasts provided by the U.S.
exchanges, believes that its facilities are adequate to handle the volume
of reasonably anticipated options transactions, and such exchanges have
advised such clearing corporation that they believe their facilities will
also be adequate to handle reasonably anticipated volume.
When the Fund enters into a futures transaction, it must
deliver to the Futures Commission Merchant (the "FCM") selected by the
Fund an amount referred to as "initial margin." This amount is
maintained by the FCM in an account at the Fund's Custodian Bank.
Thereafter "variation margin" may be paid by the Fund to, or drawn by the
Fund from, such account in accordance with the controls set for such
account. These controls, including the requirement that the Fund draw
out amounts in excess of $50,000 in any one such account, are intended to
protect the Fund from misappropriation of such "margin." The Fund will
carefully monitor such accounts to seek to minimize the risk attendant
upon such accounts.
The Fund will also request that the Custodian Bank segregate
other securities of the Fund equal in value to the Fund's potential
liability under such transactions in excess of any amount held by the
FCM, so that the Fund will always have the necessary assets to fulfill
its obligation. The segregated account procedures will comply with
Investment Company Act Release Number 10666 so the Fund will not be
deemed to be engaged in the issuance of senior securities.
Money Market Securities
Although The Rightime Fund intends to concentrate its investments in
investment company securities, The Rightime Blue Chip Fund intends to
invest its assets primarily in Blue Chip securities and The Rightime
MidCap Fund and The Rightime Social Awareness Fund intend to invest their
assets primarily in common stocks, each Fund may invest its assets
directly in money market securities whenever deemed appropriate by the
advisor to achieve the Fund's investment objective. It may invest
without limitation in such securities on a temporary basis for defensive
purposes.
Securities issued or guaranteed as to principal and interest by the
United States government ("Government Securities") include a variety of
Treasury securities, which differ in their interest rates, maturities and
date of issue. Treasury bills have a maturity of one year or less;
Treasury notes have maturities of one to ten years; Treasury bonds
generally have a maturity of greater than five years. Each Fund will
only acquire Government Securities which are supported by the "full faith
and credit" of the United States. Securities which are backed by the
full faith and credit of the United States include Treasury bills,
Treasury notes, Treasury bonds, and obligations of the Government
National Mortgage Association, the Farmers Home Administration, and the
Export-Import Bank. The Fund's direct investments in money market
securities will generally favor securities with shorter maturities
(maturities of less than 60 days) which are less affected by price
fluctuations than those with longer maturities.
Certificates of deposit are certificates issued against funds
deposited in a commercial bank or a savings and loan association for a
definite period of time and earning a specified return. Bankers'
acceptances are negotiable drafts or bills of exchange, normally drawn by
an importer or exporter to pay for specific merchandise, which are
"accepted" by a bank, meaning, in effect, that the bank unconditionally
agrees to pay the face value of the instrument on maturity. Investments
in bank certificates of deposit and bankers' acceptances are limited to
domestic banks and savings and loan associations that are members of the
Federal Deposit Insurance Corporation having total assets in excess of
five hundred million dollars ("Domestic Banks").
Investments in prime commercial paper may be made in notes, drafts,
or similar instruments payable on demand or having a maturity at the time
of issuance not exceeding nine months, exclusive of days of grace, or any
renewal thereof payable on demand or having a maturity likewise limited.
Under a repurchase agreement the Fund acquires a debt instrument for
a relatively short period (usually not more than one week) subject to the
obligation of the seller to repurchase and the Fund to resell such debt
instrument at a fixed price. The Fund will enter into repurchase
agreements only with banks which are members of the Federal Reserve
System, or securities dealers who are members of a national securities
exchange or are market makers in government securities and in either
case, only where the debt instrument collateralizing the repurchase
agreement is a U.S. Treasury or agency obligation supported by the full
faith and credit of the U.S. A repurchase agreement may also be viewed
as the loan of money by the Fund to the seller. The resale price
specified is normally in excess of the purchase price, reflecting an
agreed upon interest rate. The rate is effective for the period of time
the Fund is invested in the agreement and may not be related to the
coupon rate on the underlying security. The term of these repurchase
agreements will usually be short (from overnight to one week) and at no
time will the Fund invest in repurchase agreements of more than sixty
days. The securities which are collateral for the repurchase agreements,
however, may have maturity dates in excess of sixty days from the
effective date of the repurchase agreement. The Fund will always
receive, as collateral, securities whose market value, including accrued
interest, will be at least equal to 100% of the dollar amount to be paid
to the Fund under each agreement at its maturity, and the Fund will make
payment for such securities only upon physical delivery or evidence of
book entry transfer to the account of the Custodian. If the seller
defaults, the Fund might incur a loss if the value of the collateral
securing the repurchase agreement declines, and might incur disposition
costs in connection with liquidation of the collateral. In addition, if
bankruptcy proceedings are commenced with respect to the seller of the
security, collection of the collateral by the Fund may be delayed or
limited. The Fund may not enter into a repurchase agreement with more
than seven days to maturity if, as a result, more than 10% of the market
value of the Fund's net assets would be invested in such repurchase
agreements together with any other illiquid assets.
THE RIGHTIME GOVERNMENT SECURITIES FUND
The objective of the Fund is to achieve for its investors a high
current income, consistent with safety and liquidity of principal.
The Fund seeks to achieve its investment objective by investing in
securities that are issued or guaranteed as to principal and interest by
the U.S. Government, its agencies, authorities or instrumentalities
("Government Securities") or securities secured by such securities, and
by engaging in transactions involving related options, futures and
options on futures.
This Statement of Additional Information contains further
information concerning the techniques and operations of the Fund, the
securities in which it will invest, and the policies it will follow.
Government Securities include (1) U.S. Treasury obligations, which
differ only in their interest rates, maturities and times of issuance:
U.S. Treasury bills (maturity of one year or less), U.S. Treasury notes
(maturities of one to 10 years), and U.S. Treasury bonds (generally
maturities of greater than 10 years) all of which are backed by the full
faith and credit of the United States; and (2) obligations issued or
guaranteed by U.S. Government agencies or instrumentalities, some of
which are backed by the full faith and credit of the U.S. Treasury, e.g.,
direct pass-through certificates of the Government National Mortgage
Association, some of which are supported by the right of the issuer to
borrow from the U.S. Government, e.g., obligations of Federal Home Loan
Banks, and some of which are backed only by the credit of the issuer
itself, e.g., obligations of the Student Loan Marketing Association. For
a "Description of Obligations Issued or Guaranteed by U.S. Government
Agencies or Instrumentalities", see the Appendix.
The Fund may also purchase separated or divided U.S. Treasury
securities. Separated or Divided U.S. Treasury securities is the term
used by the Fund to describe U.S. Treasury bills, notes and bonds which
have been stripped of their unmatured interest coupons. These securities
are often referred to as zero coupon Treasury Securities or Treasury
Receipts. The term also describes the stripped coupons themselves and
receipts or certificates representing interest in the stripped
obligations and coupons. Like a Treasury bill, a zero-coupon security
pays no interest to its holder during its life. Its value to an investor
consists of the difference between its face value at the time of maturity
and the price for which it was acquired, which is generally an amount
substantially less than its face value (sometimes referred to as a "deep
discount" price).
Currently the only U.S. Treasury security issued without coupons is
the Treasury bill. However, in the last few years a number of banks and
brokerage firms have separated ("stripped") the principal portions
("corpus") from the coupon portions of the U.S. Treasury bonds and notes
and sold them separately in the form of receipts or certificates
representing undivided interests in these instruments (which instruments
are generally held by a bank in a custodial or trust account). The
timely payment of interest and principal on the stripped securities
remains guaranteed by the "full, faith and credit" of the U.S.
Government. The receipts and certificates are sold at a discount from
face value. Their prices may exhibit greater volatility than ordinary
debt securities because of the manner in which their principal and
interest is returned to the investor. The investor's yield is computed
by amortizing the difference between the discounted purchase price and
the face value at the purchase price and the face value at the maturity
date over the life of the security, rather than interim interest
payments. More recently, the U.S. Treasury Department has facilitated
the stripping of Treasury notes and bonds by permitting the separated
corpus and coupons to be transferred directly through the Federal Reserve
Banks' book-entry system. This program, which eliminates the need for
custodial or trust accounts to hold the Treasury securities, is called
"Separate Trading of Registered Interest and Principal of Securities".
Each such stripped instrument (or receipt) entitles the holder to a fixed
amount of money from the Treasury at a single, specified future date.
The U.S. Treasury redeems zero coupon securities consisting of the corpus
for the face value thereof at maturity and those consisting of stripped
coupons for the amount of interest, and at the date, stated thereon.
Separated or divided U.S. Treasury Securities represent a single
interest, or principal, payment on a U.S. Treasury bond which has been
separated from all the other interest coupons as well as the bond itself.
When the Fund purchases such an instrument, it purchases the right to
receive a single payment of a set sum at a known date in the future. The
interest rate on such an instrument is determined by the difference
between the price the Fund pays for the instrument when it purchases the
instrument at a discount and what the instrument entitles the Fund to
receive when the instrument matures. That difference is amortized and
accrued each day during the time the security is held. The amount of the
discount the Fund will receive will depend upon the length of time to
maturity of the separated U.S. Treasury security and prevailing market
interest rates when the separated U.S. Treasury security is purchased.
Separated U.S. Treasury securities can be considered a zero coupon
investment because no payment is made to the Fund until maturity. These
investments' market values are much more susceptible to changes in market
interest rates than income-producing securities. These securities are
purchased with original issue discount and such discount is includable as
gross income to a Fund shareholder over the life of the security. The
Fund does not intend to hold such securities to maturity for the purpose
of achieving potential capital gains, unless current yields on these
securities remain attractive.
The Fund may temporarily take a defensive position by investing a
greater portion of its assets in cash, short term Government Securities
and related repurchase agreements or by reducing the average weighted
maturity of its portfolio. The Fund may enter into repurchase agreements
(a purchase of and simultaneous commitment to resell a security at an
agreed upon price on an agreed upon date) from a seller, usually a bank
or brokerage firm, and only for Government Securities. The value of the
securities held by the custodian pursuant to the repurchase agreement
will at all times be greater than or equal to the resale price. The
resale price is in excess of the purchase price and reflects an agreed
upon market rate unrelated to the coupon rate on the purchased security.
Such transactions afford the Fund the opportunity to earn a return on
temporarily available cash at minimal market rise. While the underlying
security may be a bill, certificate of indebtedness, note or bond issued
by an agency, authority or instrumentality of the United States
Government, the obligation of the seller is not guaranteed by the United
States Government. If the vendor fails to pay the sum agreed to on the
agreed upon delivery date, the Fund would have the right to sell the
Government Securities, but might incur a loss in so doing and in certain
cases may not be permitted to sell the Government Securities. For
additional information concerning repurchase agreements, see "Investment
Restrictions" in this Statement of Additional Information.
Government Securities do not generally involve the credit risks
associated with other types of interest bearing securities, although, as
a result, the yields available from Government Securities are generally
lower than the yields available from corporate interest bearing
securities. To the extent the Fund purchases U.S. Obligations of medium
term or longer, the Fund's net asset value will vary inversely with
changes in market interest rates. Consequently, investors in the Fund
may be subject to more risk than other funds which do not purchase
investments of medium term or longer. However, on an historical basis,
securities issued or guaranteed by the U.S. Government or its agencies
and instrumentalities have involved minimal risk of loss of principal or
interest.
Changes in the value of the Fund's portfolio securities subsequent
to their acquisition are reflected in the net asset value of shares of
the Fund. Such changes do not affect the income received by the Fund
from such securities. However since available yields vary over time, no
specific level of income can ever be assured. The dividends paid by the
Fund will increase or decrease in relation to the income received by the
Fund from its investments, which will in any case be reduced by the
Fund's expenses before being distributed to the Fund's shareholders.
When Issued and Delayed Delivery Transactions: The Fund may
purchase and sell securities on a "when issued" and "delayed delivery"
basis, that is, obligate itself to purchase or sell securities with
delivery and payment to occur at a later date in order to secure what is
considered to be an advantageous price and yield to the Fund at the time
of entering into the obligation. When the Fund engages in "when issued"
and "delayed delivery" transactions, the Fund relies on the buyer or
seller, as the case may be, to consummate the sale. Failure to do so may
result in the Fund missing the opportunity of obtaining a price or yield
considered to be advantageous. No interest accrues to the Fund with
respect to securities purchased on a "when issued" or "delayed delivery"
basis until delivery and payment take place. Such securities are subject
to market fluctuation; the value at delivery may be less than the
purchase price. "When issued" and "delayed delivery" transactions may be
expected to occur a month or more before delivery is due. No payment or
delivery, however, is made by the Fund until it receives delivery or
payment from the other party to the transaction. The Fund will maintain
in a segregated account with its custodian, cash, Treasury bills, or
other U.S. Government securities having an aggregate value equal to the
amount of such purchase commitments until payment is made. To the extent
the Fund engages in "when issued" and "delayed delivery" transactions, it
will do so for the purpose of acquiring securities for the Fund's
portfolio consistent with the Fund's investment objective and policies
and not for the purpose of investment leverage.
Futures Contracts and Options on Futures Contracts: The Fund may
enter into contracts for the purchase or sale for future delivery of
fixed income securities ("Futures Contracts"). This investment technique
is designed to hedge (i.e., protect) against anticipated changes in
interest rates which otherwise might either adversely affect the value of
the Fund's portfolio securities or adversely affect the prices of
Government Securities which the Fund intends to purchase at a later date.
When a Futures Contract is sold, the Fund incurs a contractual
obligation to deliver the securities underlying the contract at a
specified price on a specified date during a specified future month. A
"purchase" of a Futures Contract means the acquisition of a contractual
right to obtain delivery to the Fund of the securities called for by the
contract at a specified price during a specific future month.
Futures Contracts have been designed by exchanges which have been
designated "contract markets" by the Commodity Futures Trading Commission
("CFTC"), and must be executed through a futures commission merchant, or
brokerage firm, which is a member of the relevant contract market.
Futures Contracts trade on these markets, and the exchanges, through
their clearing organizations, guarantee that the contracts between the
clearing members of the exchange will be performed. The Fund will only
enter into Futures contracts which are based on Government Securities,
including any index of government securities.
While Futures Contracts based on debt securities provide for the
delivery of securities, deliveries usually do not occur. Contracts are
generally terminated by entering into an off-setting transaction. The
Fund will incur brokerage fees when it purchases or sells Futures
Contracts. At the same time such a purchase or sale is made, the Fund
must provide cash or securities as a deposit ("initial deposit") known as
"margin." It is expected that the initial deposit would be approximately
4% of the contract's face value. Daily thereafter, the Futures Contract
is valued and the payment of "variation margin" may be required since
each day the Fund may provide or receive cash that reflects the decline
or increase in the value of the contract. At the time of delivery of
securities pursuant to such a contract, adjustments are made to recognize
differences in value arising from the delivery of securities with
different interest rate than the specific security that provides the
standard for the contract. In some (but not many) cases, securities
called for by a Futures Contract may not have been issued when the
contract was written.
The purpose of the purchase or sale of a Futures Contract, in the
case of a portfolio such as the Fund's portfolio, which holds or intends
to acquire Government Securities, is to protect the Fund against the
adverse effects of fluctuations in interest rates without actually buying
or selling such securities. For example, if the Fund owns Government
Securities, and if interest rates were expected to increase, the Fund
might enter into Futures Contracts for the sale of such securities. Such
a sale would have much the same economic effect as selling an equivalent
value of the Government Securities the Fund owns. If interest rates did
increase, the value of the securities in the portfolio would decline, but
the value of the Fund Futures Contracts would increase at approximately
the same rate thereby keeping the net asset value of the Fund from
declining, or declining as much as it otherwise would have.
Similarly, when it is expected that interest rates may decline,
Futures Contracts may be purchased to hedge in anticipation of subsequent
purchases of Government Securities at higher prices. The Fund could take
advantage of the anticipated rise in the value of such securities without
actually buying them until the necessary cash became available or the
market had stabilized. At that time, the Futures Contracts could be
liquidated and the Fund could buy the Government Securities on the cash
market. Due to changing market conditions, however, and interest rate
forecasts, a futures position may be terminated without a corresponding
purchase of securities. The Fund could accomplish similar results by
selling Government Securities with long maturities and investing in
Government Securities with short maturities when interest rates are
expected to increase. However, when the futures market is more liquid
than the cash market, the use of Futures Contracts as a hedging technique
allows the Fund to maintain a defensive position without having to sell
its portfolio securities. To the extent the Fund enters into Futures
Contracts for these purposes, it will maintain a segregated asset account
consisting of cash or high grade Government Securities in an amount equal
to the difference between the fluctuating market value of such Futures
Contracts and the aggregate value of the initial deposit and variation
margin payments made by the Fund with respect to such Futures Contracts.
The ordinary spreads between prices in the cash and futures markets,
due to differences in the natures of those markets, are subject to
distortions. First, all participants in the futures market are subject
to initial deposit and variation margin requirements. Rather than
meeting additional variation margin requirements, investors may close
Futures Contracts through offsetting transactions which could distort the
normal relationship between the cash and futures markets. Second, the
liquidity of the futures market depends on participants entering into
offsetting transactions rather than making or taking delivery. To the
extent participants decide to make or take delivery, liquidity in the
futures market could be reduced, thus producing distortion. Third, from
the point of view of speculators, the margin deposit requirements in the
futures market are less onerous than margin requirements in the
securities market. Therefore increased participation by speculators in
the futures market may cause temporary price distortions. Due to the
possibility of such distortion, a correct forecast of general interest
rate trends by the Advisor may still not result in a successful
transaction.
The liquidity of a market in a futures contract may also be
adversely affected by "daily price fluctuation limits" established by
commodity exchanges which limit the amount of fluctuation in a futures
contract price during a single trading day. Once the daily limit has
been reached in the contract, no trades may be entered into at a price
beyond the limit, thus preventing the liquidation of open futures
positions. Prices have in the past exceeded the daily limit on a number
of consecutive trading days. On any day or days when the price
fluctuation limits have been reached, the Fund may be unable to liquidate
existing futures positions or to implement a hedging strategy through the
purchase or sale of particular futures.
The Fund will not maintain open short positions in futures contracts
if, in the aggregate, the value of its open positions (marked to market)
exceeds the current market value of its securities portfolio plus or
minus the unrealized gain or loss on such open positions, adjusted for
historical volatility relationship between the portfolio and futures
contracts.
Investments in Futures Contracts entail the risk that if the
Advisor's investment judgment about the general direction of interest
rates is incorrect the Fund's overall performance may be poorer than if
it had not entered into any such contract. For example, if the Fund has
hedged against the possibility of an increase in interest rates which
would adversely affect the price of Government Securities held in its
portfolio and interest rates decrease instead, the Fund will lose part or
all of the benefit of the increased value of its Government Securities
which it has because it will have offsetting losses in its futures
position. In addition, in such situations, if the Fund had insufficient
cash, it may have to sell Government Securities from its portfolio to
meet daily variation margin requirements. Such sale of Government
Securities may be, but will not necessarily be, at increased prices which
reflect the rising market. The Fund may have to sell securities at a
time when it may be disadvantageous to do so.
The Fund intends to purchase and sell options on Futures Contracts
for hedging purposes. The purchase of a call option on a futures
contract is similar in some respects to the purchase of a call option on
an individual security. Depending on the pricing of the option compared
to either the price of the futures contract upon which it is based or the
price of the underlying security, it may or may not be less risky than
ownership of the futures contract or underlying security. As with the
purchase of futures contracts, when the Fund is not fully invested it may
purchase a call option on a futures contract to hedge against a market
advance due to declining interest rates.
The writing of a call option on a futures contract constitutes a
partial hedge against declining prices of the securities which are
deliverable upon exercise of the futures contract. If the futures price
at expiration of the option is below the exercise price, the Fund will
retain the full amount of the option premium which provides a partial
hedge against any decline that may have occurred in the portfolio
holdings. The writing of a put option on a futures contract constitutes
a partial hedge against increasing prices of the securities which are
deliverable upon exercise of the futures contract. If the futures price
at expiration of the option is higher than the exercise price, the Fund
will retain the full amount of the option premium which provides a
partial hedge against any increase in the price of Government Securities
which the Fund intends to purchase. If a put or call option the Fund has
written is exercised, the Fund will incur a loss which will be reduced by
the amount of the premium it receives. Depending on the degree of
correlation between changes in the value of its portfolio securities and
changes in the value of its futures positions, the Fund's losses from
existing options on futures may to some extent be reduced or increased by
changes in the value of portfolio securities.
The purchase of put options on a futures contract is similar in some
respects to the purchase of protective put options on portfolio
securities. The Fund will purchase a put option on a futures contract to
hedge the Fund's portfolio against the risk of rising interest rates.
The amount of risk the Fund assumes when it purchases an option on a
futures contract is the premium paid for the option plus related
transaction costs. In addition to the correlation risks discussed above,
the purchase of an option also entails the risk that changes in the value
of the underlying futures contract will not be fully reflected in the
value of the option purchased.
The Fund's ability to engage in the options and futures strategies
described above will depend on the availability of a liquid market in
such instruments. Markets in options and futures with respect to
Government Securities are relatively new and still developing. It is
impossible to predict the amount of trading interest that may exist in
various types of options or futures. Therefore no assurance can be given
that the Fund will be able to utilize these instruments effectively for
the purposes set forth above. Furthermore, the Fund's ability to engage
in options and futures transactions may be limited by tax considerations.
Options: The Fund intends to write covered put and call options and
purchase put and call options on Government Securities and options on
other optionable Government Securities.
Call options written by the Fund give the holder the right to buy
the underlying securities from the Fund at a stated exercise price; put
options written by the Fund give the holder the right to sell the
underlying security to the Fund at a stated exercise price. A call
option written by the Fund is "covered" if the Fund owns the underlying
security covered by the call or has an absolute and immediate right to
acquire that security without additional cash consideration (or for
additional cash consideration held in a segregated account by its
custodian) upon conversion or exchange of other securities held in its
portfolio. A call option is also covered if the Fund holds a call on the
same security and in the same principal amount as the call written where
the exercise price of the call held (a) is equal to or less than the
exercise price of the call written, or (b) is greater than the exercise
price of the call written if the difference is maintained by the Fund in
cash and Government Securities in a segregated account with its
custodian. A put option written by the Fund is "covered" if the Fund
maintains cash and Government Securities with a value equal to the
exercise price in a segregated account with its custodian, or else holds
a put on the same security and in the same principal amount as the put
written where the exercise price of the put held is equal to or greater
than the exercise price of the put written. The premium paid by the
purchaser of an option will reflect, among other things, the relationship
of the exercise price to the market price and volatility of the
underlying security, the remaining term of the option, supply and demand
and interest rates.
The writer of an option has no control over when the underlying
securities must be sold, in the case of a call option, or purchased, in
the case of a put option, since the writer may be assigned an exercise
notice at any time prior to the termination of the obligation. If an
option expires unexercised, the writer retains the amount of the premium.
This amount, of course, may, in the case of a covered call option, be
offset by a decline in the market value of the underlying security during
the option period. If a call option is exercised, the writer experiences
a profit or loss from the sale of the underlying security. If a put
option is exercised, the writer must fulfill the obligation to purchase
the underlying security at the exercise price, which will usually exceed
the then market value of the underlying security.
The writer of an option that wishes to terminate its obligation may
effect a "closing purchase transaction." This is accomplished by buying
an option of the same series as the option previously written. The
effect of the purchase is that the writer's position will be canceled by
the clearing corporation. However, a writer may not effect a closing
purchase transaction after being notified of the exercise of an option.
Likewise, an investor who is the holder of an option may liquidate its
position by effecting a "closing sale transaction." This is accomplished
by selling an option of the same series as the option previously
purchased. There is no guarantee that either a closing purchase or a
closing sale transaction can be effected.
Effecting a closing transaction in the case of a written call option
will permit the Fund to write another call option on the underlying
security with either a different exercise price or expiration date or
both, or in the case of a written put option will permit the Fund to
write another put option to the extent that the exercise price thereof is
secured by deposited cash or Government Securities. Also, effecting a
closing transaction will permit the cash or proceeds from the concurrent
sale of any securities subject to the option to be used for other Fund
investments. If the Fund desires to sell a particular security from its
portfolio on which it has written a call option, it will effect a closing
transaction prior to or concurrent with the sale of the security.
The Fund will realize a profit from a closing transaction if the
price of the transaction is less than the premium received from writing
the option or is more than the premium paid to purchase the option; the
Fund will realize a loss from a closing transaction if the price of the
transaction is more than the premium received from writing the option or
is less than the premium paid to purchase the option. Because increases
in the market price of a call option will generally reflect increases in
the market price of the underlying security, any loss resulting from the
repurchase of a call option is likely to be offset in whole or in part by
appreciation of the underlying security owned by the Fund.
An option position may be closed out only where there exists a
secondary market for an option of the same series. If a secondary market
does not exist, it might not be possible to effect closing transactions
in particular options with the result that the Fund would have to
exercise the options in order to realize any profit. If the Fund is
unable to effect a closing purchase transaction in a secondary market, it
will not be able to sell the underlying security until the option expires
or it delivers the underlying security upon exercise. Reasons for the
absence of a liquid secondary market include the following: (i) there
may be insufficient trading interest in certain options; (ii)
restrictions may be imposed by a national securities exchange
("Exchange") on opening transactions or closing transactions or both;
(iii) trading halts, suspensions or other restrictions may be imposed
with respect to particular classes or series of options or underlying
securities; (iv) unusual or unforeseen circumstances may interrupt normal
operations on an Exchange; (v) the facilities of an Exchange or the
Options Clearing Corporation may not at all times be adequate to handle
current trading volume, or (vi) one or more Exchanges could, for economic
or other reasons, decide or be compelled at some future date to
discontinue the trading of options (or a particular class or series of
options), in which event that secondary market on that Exchange (or in
that class or series of options) would cease to exist, although
outstanding options on that Exchange that had been issued by the Options
Clearing Corporation as a result of trades on that Exchange would
continue to be exercisable in accordance with their terms.
The Fund may write options in connection with buy-and-write
transactions; that is the Fund may purchase a security and then, either
simultaneously or in a separate transaction, write a call option against
the security. The exercise price of the call the Fund determines to
write will depend upon the expected price movement of the underlying
security. The exercise price of a call option may be below
("in-the-money"), equal to ("at-the-money") or above ("out-of-the-money")
the current value of the underlying security at the time the option is
written. Buy-and-write transactions using in-the-money call options may
be used when it is expected that the price of the underlying security
will remain flat or decline moderately during the option period.
Buy-and-write transactions using at-the-money call options may be used
when it is expected that the price of the underlying security will remain
fixed or advance moderately during the option period. Buy-and-write
transactions using out-of-the-money call options may be used when it is
expected that the premiums received from writing the call option plus the
appreciation in the market price of the underlying security up to the
exercise price will be greater than the appreciation in the price of the
underlying security alone. If the call options are exercised in such
transactions, the Fund's maximum gain will be the premium received by it
for writing the option, adjusted upwards or downwards by the difference
between the Fund's purchase price of the security and the exercise price.
If the options are not exercised and the price of the underlying
security declines, the amount of such decline will be offset in part, or
entirely, by the premium received.
The writing of covered put options is similar in terms of
risk/return characteristics to buy-and-write transactions. If the market
price of the underlying security rises or otherwise is above the exercise
price, the put option will expire worthless and the Fund's gain will be
limited to the premium received. If the market price of the underlying
security declines or otherwise is below the exercise price, the Fund may
elect to close the position or take delivery of the security at the
exercise price and the Fund's return will be the premium received from
the put option minus the amount by which the market price of the security
is below the exercise price. Out-of-the-money, at-the-money and
in-the-money put options may be used by the Fund in the same market
environments that call options are used in equivalent buy-and-write
transactions.
The Fund may purchase put options to hedge against a decline in the
value of its portfolio. By using put options in this way, the Fund will
reduce any profit it might otherwise have realized in the underlying
security by the amount of the premium paid for the put option and by
transaction costs.
The Fund may purchase call options to hedge against an increase in
the price of Government Securities that the Fund anticipates purchasing
in the future. The premium paid for the call option plus any transaction
costs will reduce the benefit, if any, realized by the Fund upon exercise
of the option, and, unless the price of the underlying security rises
sufficiently, the option may expire worthless to the Fund.
The Fund will not purchase put and call options if as a result more
than 5% of its total assets would be invested in such options.
Lending of Portfolio Securities: The Fund may seek to increase its
income by lending portfolio securities. Under present regulatory
policies, including those of the Board of Governors of the Federal
Reserve System and the Securities and Exchange Commission, such loans may
be made only to member firms of the New York Stock Exchange, and would be
required to be secured continuously by collateral in cash, cash
equivalents or high quality Government Securities maintained on a current
basis at an amount at least equal to the market value of the securities
loaned. The Fund would have the right to call a loan and obtain the
securities loaned at any time on twenty-four hours' notice. During the
existence of a loan, the Fund would continue to receive the equivalent of
the interest or dividends paid by the issuer on the securities loaned and
would also receive compensation based on investment of the collateral.
As with other extensions of credit, there are risks of delay in recovery
or even loss of rights in the collateral should the borrower of the
securities fail financially. However, the loans would be made only to
firms deemed by the Advisor to be of good standing, and when, in the
judgment of the Advisor the consideration which could be earned currently
from securities loans of this type justifies the attendant risk. The
Fund pays various fees in connection with such loans including shipping
fees and reasonable custodian and placement fees approved by the Advisor
in accordance with instructions of the Board of Directors of the Fund or
designated officers of the Fund. If the Advisor determines to make
securities loans, it is not intended that the value of the securities
loaned would exceed 30% of the value of the Fund's total assets.
Portfolio Management: The Fund intends to fully manage its
portfolio by buying and selling Government Securities or holding selected
Government Securities to maturity, by purchasing securities secured by
such securities, and by engaging in transactions involving related
Options, Futures and Options on Futures. In managing its portfolio the
Fund seeks a high current income consistent with liquidity and safety of
principal by taking advantage of market developments and yield
disparities, which may include use of the following strategies:
(1) shortening the average maturity of its portfolio in
anticipation of a rise in interest rates so as to reduce the potential
for depreciation of principal;
(2) lengthening the average maturity of its portfolio in
anticipation of a decline in interest rates so as to increase the
potential for appreciation of principal;
(3) selling one type of Government Security (e.g., Treasury
bonds) and buying another (e.g., GNMA direct pass-through certificates)
when disparities arise in the relative values of each; and
(4) changing from one U.S. Government obligation to an
essentially similar U.S. Government obligation when their respective
yields are distorted due to market factors.
The Fund will also use the techniques described above under
"'When-Issued' Securities," "Options," "Futures Contracts and Options on
Futures Contracts" to manage its portfolio.
These strategies may result in increases or decreases in the Fund's
current income available for distribution to the Fund's shareholders and
in the holding by the Fund of obligations which sell at moderate to
substantial premiums or discounts from face value. Moreover, if the
Fund's expectations of changes in interest rates or its evaluation of
the normal yield relationship between two obligations proves to be
incorrect, the Fund's income, net asset value per share and potential
capital gain may be decreased or its potential capital loss may be
increased.
Portfolio Turnover
It is not the policy of The Rightime Fund, The Rightime Blue Chip
Fund, The Rightime Social Awareness Fund, The Rightime MidCap Fund or The
Rightime Government Securities Fund to purchase or sell securities for
short-term trading purposes, but each Fund may sell securities to
recognize gains or avoid potential for loss. Each Fund will, however,
sell any portfolio security (without regard to the time it has been held)
when the investment advisor believes that market conditions,
credit-worthiness factors or general economic conditions warrant such a
step. Each Fund may seek to avoid untimely portfolio transactions by
utilizing hedging techniques which reduce the necessity to restructure
portions of each Fund's portfolio. Nevertheless, each Fund presently
estimates that its annualized portfolio turnover rate will generally not
exceed 400%. High portfolio turnover might involve additional
transaction costs (such as brokerage commissions or sales charges) which
are borne by the Fund,or adverse tax effects. (See "Dividends,
Distributions and Taxes" in the prospectus.)
INVESTMENT RESTRICTIONS
In addition to those set forth in The Rightime Fund, Inc.'s current
Prospectus, each Fund has adopted the Investment Restrictions set forth
below, which cannot be changed without the approval of a majority of the
outstanding voting securities of the Fund. As provided in the Investment
Company Act of 1940 a "vote of a majority of the outstanding voting
securities" of the Fund means the affirmative vote of the lesser of (i)
more than 50% of the outstanding shares of the Fund or (ii) 67% or more
of the shares present at a meeting if more than 50% of the outstanding
shares are represented at the meeting in person or by proxy. So long as
percentage restrictions are observed by a Fund at the time it purchases
any security, changes in values of particular Fund assets or the assets
of the Fund as a whole will not cause a violation of any of the following
restrictions. These investment restrictions provide that the Fund will
not:
The Rightime Fund, The Rightime Blue Chip Fund,
The Rightime Social Awareness Fund and
The Rightime MidCap Fund
(1) issue senior securities, except to the extent that an
investment technique described in the Fund's prospectus (such as the use
of stock index futures) may be deemed to involve a "senior security."
(2) engage in the underwriting of securities except insofar as
the Fund may be deemed an underwriter under the Securities Act of 1933 in
disposing of a portfolio security.
(3) purchase or sell real estate or interests therein, although
it may purchase securities of issuers which engage in real estate
operations and securities which are secured by real estate or interests
therein.
(4) invest for the purpose of exercising control or management
of another company.
(5) purchase oil, gas or other mineral leases, rights or royalty
contracts or exploration or development programs, except that the Fund
may invest in the securities of companies which invest in or sponsor such
programs.
(6) make purchases of securities on "margin" (though the Fund
will comply with applicable requirements of the Commodities Futures
Trading Commission with respect to futures).
(7) sell securities short.
Although it is not a fundamental policy, neither The Rightime Fund,
The Rightime Blue Chip Fund, The Rightime Social Awareness Fund or The
Rightime MidCap Fund intends to invest more than 5% of its assets, at the
time of investment, in the securities of any issuers which have records
of less than three years' continuous operation, including the operation
of any predecessor (other than obligations issued or guaranteed as to
interest and principal by the U.S. Government or its agencies or
instrumentalities). With exception of The Rightime Fund, no Fund intends
to invest its assets in shares of other investment companies. Although
it is not a fundamental policy, for purposes of Wisconsin regulations,
any such investment by the MidCap Fund or Social Awareness Fund in other
investment company shares will be limited to 10% of the Fund's assets.
The Rightime Fund
(8) concentrate its investments in any industry other than
registered investment companies.
The Rightime Blue Chip Fund, The Rightime Social Awareness Fund and The
Rightime MidCap Fund
(9) concentrate its investments in any industry.
The Rightime Government Securities Fund
(1) borrow money or pledge its assets except as a temporary
measure for extraordinary or emergency purposes and not in excess of 33
1/3% of the value of the total assets of the Fund taken at the lower of
their market value or cost (the Fund intends to borrow money only from
banks and only to accommodate requests for the redemption of shares of
the Fund while effecting an orderly liquidation of portfolio securities)
(for the purpose of this restriction, collateral arrangements with
respect to options, futures contracts, options on futures contracts and
collateral arrangements with respect to initial and variation margins are
not considered a pledge of assets); for additional related restrictions,
see paragraphs (i) and (ii) under the caption "State and Federal
Restrictions" on page 35;
(2) purchase any security or evidence of interest therein on
margin, except that the Fund may obtain such short-term credit as may be
necessary for the clearance of purchases and sales of securities and
except that the Fund may make deposits on margin in connection with
futures contracts and related options;
(3) write, purchase or sell any put or call option or any
combination, provided that this shall not prevent the writing, purchasing
and selling of puts, calls or combinations thereof with respect to
Government Securities and with respect to futures contracts or the
purchase, ownership, holding or sale of contracts for the future delivery
of fixed income securities; etc. as described in "Investment Objective
and Policies".
(4) underwrite securities issued by other persons except insofar
as the Fund may technically be deemed an underwriter under the Securities
Act of 1933 in selling a portfolio security;
(5) purchase or sell commodities or commodity contracts, except
that the Fund may purchase and sell financial futures contracts and
related options as described in "Investment Objective and Policies."
(6) make short sales of securities or maintain a short position,
unless at all times when a short position is open it owns an equal amount
of such securities or securities convertible into or exchangeable for,
without payment of any further consideration, securities of the same
issue as, and equal in amount to, the securities sold short, and unless
not more than 10% of the Fund's net assets (taken at market value) is
held as collateral for such sales at any one time (It is the present
intention of management to make such sales only for the purpose of
deferring realization of gain or loss for Federal income tax purposes;
such sales would not be made of securities subject to outstanding
options);
(7) make loans to other persons except through the lending of
its portfolio securities not in excess of 30% of its total assets (taken
at market value) and except through the use of repurchase agreements
maturing in less than seven days (for these purposes the purchase of all
or a portion of an issue of debt securities in accordance with the Fund's
investment objective and policies shall not be considered the making of a
loan);
(8) knowingly invest in securities which are restricted
securities (including repurchase agreements maturing in more than seven
days) under the Securities Act of 1933 if, as a result thereof, more than
10% of the Fund's net assets (taken at market value) would be so invested
(the Fund currently does not intend to invest in restricted securities if
such investments would equal 5% of the Fund's net assets);
(9) purchase securities of any issuer if such purchase at the
time thereof would cause more than 10% of the voting securities of such
issuer to be held by the Fund;
(10) purchase securities of any issuer if such purchase at the
time thereof would cause more than 5% of the Fund's assets (taken at
market value) to be invested in the securities of such issuer (other than
securities or obligations issued or guaranteed by the United States, any
state or political subdivision thereof, or any political subdivision of
any such state, or any agency or instrumentality of the United States or
of any state or of any political subdivision of any state or the United
States); or
(11) issue any senior security (as that term is defined in the
Investment Company Act of 1940 (the "1940 Act")), if such issuance is
specifically prohibited by the 1940 Act or the rules and regulations
promulgated thereunder (for the purpose of this restriction, collateral
arrangements with respect to options, futures contracts and collateral
arrangements with respect to initial and variation margin are not deemed
to be the issuance of a senior security).
State and Federal Restrictions: In order to comply with certain
state and federal statutes and policies, the Fund will not, as a matter
of operating policy, (i) borrow money for any purchase in excess of 10%
of its assets (taken at market value) (moreover, the Fund will not
purchase any securities for its portfolio at any time at which borrowings
exceed 5% of its assets (taken at market value)), (ii) pledge for any
purpose in excess of 10% of its assets (taken at market value) (for the
purpose of this restriction, collateral arrangements with respect to the
writing of options, futures contracts, options on futures contracts and
collateral arrangements with respect to initial and variation margins are
not considered a pledge of assets; the Fund currently does not intend to
pledge its assets if it would result in 5% or more of its assets
pledged), (iii) invest more than 5% of its total assets at the time of
investment in companies which, including predecessors, have a record of
less than three years' continuous operation, (iv) purchase or retain in
its portfolio any securities issued by an issuer any of whose officers,
directors, trustees or security holders is an officer or director of the
Fund, or is an officer or Director of the Advisor if, after the purchase
of the securities of such issuer by the Fund one or more of such persons
owns beneficially more than 1/2 of 1% of the shares or securities, or
both, of such issuer and such persons owning more than 1/2 of 1% of such
shares of securities together own beneficially more than 5% of such
shares or securities, or both, (v) invest for the purpose of exercising
control or management, or (vi) purchase securities issued by any
registered investment company except by purchase in the open market where
no commission or profit to a sponsor or dealer results from such purchase
other than the customary broker's commission, or except when such
purchase, though not made in the open market, is part of a plan of merger
or consolidation, provided, however, that the Fund shall not purchase the
securities of any registered investment company if such purchase at the
time thereof would cause more than 10% of the total assets of the Fund
(taken at market value) to be invested in the securities of such issuers
or would cause more than 3% of the outstanding voting securities of any
such issuer to be held by the Fund and, provided further, that the Fund
shall not purchase securities issued by any open-end investment company
(the Fund currently does not intend to invest in securities issued by a
registered investment company if such investment would equal or exceed 5%
of the Fund's assets). Although the Fund may from time to time issue
senior securities or pledge its assets to the extent permitted by
investment restrictions (1) and (11) above, the Fund has no current
intention of engaging in such investment techniques. These policies are
not fundamental and may be changed by the Fund without shareholder
approval in response to changes in the various state and federal
requirements.
INVESTMENT ADVISOR
The Rightime Fund, Inc. has entered into investment advisory
agreements with Rightime Econometrics for the series of the Fund, as of
the following dates: The Rightime Fund, March 26, 1985; The Rightime
Blue Chip Fund, July 1, 1987; The Rightime Social Awareness Fund, March
1, 1990; The Rightime MidCap Fund, November 10, 1991; The Rightime
Government Securities Fund, December 24, 1986. Each Agreement was
initially approved by the Board of Directors for a term of two years from
its effective date, subject to shareholder ratification. Each Agreement
will continue in effect from year to year thereafter only if such
continuance is approved annually by either the Fund's Board of Directors
or by a vote of a majority of the outstanding voting securities of the
Fund and in either case by the vote of a majority of the directors who
are not parties to the Agreement or interested persons (as such term is
defined in the Investment Company Act of 1940, as amended) of any party
to the Agreement, voting in person at a meeting called for the purpose of
voting on such approval. Each Agreement may be terminated at any time
without penalty by the Fund's Board of Directors or by a majority vote of
the outstanding shares of the Fund, or by the Investment Advisor, in each
instance on not less than 60 days' written notice and shall automatically
terminate in the event of its assignment. The following table shows the
fees paid by each series pursuant to its Advisory Agreement, during the
three most recent fiscal years:
1995 1994 1993
The Rightime Fund $ 747,548 $ 792,006 $ 867,139
The Rightime Blue Chip Fund 1,163,294 1,099,297 1,104,240
The Rightime Government
Securities Fund 91,578 117,018 128,812
The Rightime Social
Awareness Fund 35,179 42,361 46,119
The Rightime MidCap Fund 354,183 321,829 230,894
The sole officer, director and shareholder of Rightime Econometrics,
Inc. is David J. Rights. Mr. Rights is also the President and Treasurer
of the Fund and the President and Treasurer of Rightime Administrators,
Inc., the Fund's administrator. Mr. Rights is a registered
representative of and consultant to the Fund's distributor and transfer
agent, Lincoln Investment Planning, Inc. (the "Distributor"), however, it
is expected that Mr. Rights will terminate his registered status with the
Distributor and become the registered principal of RTE Securities, Inc.
RTE Securities, Inc. is a broker-dealer firm owned by Mr. Rights which
has been retained by the Distributor to provide consulting and
wholesaling services with respect to the distribution of the Fund's
shares. The Investment Advisor serves as advisor to another client, and
may act in the future as advisor to other clients or funds.
DISTRIBUTOR
Pursuant to the Distribution Agreement for each Fund, the expenses
of printing all sales literature, including prospectuses, are to be borne
by the Distributor. Each Distribution Agreement provides that it will
continue in effect from year to year only so long as such continuance is
specifically approved at least annually by either the Fund's Board of
Directors or by a vote of a majority of the outstanding voting securities
of the Fund and in either case by the vote of a majority of the directors
who are 12b-1 Directors as that term is defined in the prospectus, voting
in person at a meeting called for the purpose of voting on such approval.
Each agreement will terminate automatically in the event of its
assignment. Under each Distribution Agreement, the Distributor is the
exclusive agent for the Fund's shares, and has the right to select
selling dealers to offer the shares to investors.
Edward S. Forst, Sr., the Vice President and Secretary of The
Rightime Fund, Inc., is the Chairman of the Distributor; he is also Vice
President and Secretary of Rightime Administrators, Inc., each Fund's
Administrator. David J. Rights is a registered representative of and
acts as a consultant to the Distributor, and holds other positions with
Fund affiliates as described above under "Investment Advisor."
The services provided by the Distributor under each Distribution
Agreement relate to the sale of the Fund's shares. These services are
separate from those provided by the Distributor in its capacity as
sub-administrator to Rightime Administrators, Inc., such as receiving and
responding to shareholder inquiries, assisting each Fund with tax
returns, proxy statements, and other services not undertaken to
distribute shares.
Commissions for distribution of Fund shares and other compensation
received by Lincoln Investment Planning during the Fund's fiscal years
ended October 31, 1995, 1994, and 1993:
Distributor
Net Compensation
Total Underwriting on Redemption
Underwriting Commissions to and Brokerage Other
Commissions Distributor Repurchases Commissions Compensation
------------- ------------- ----------- ----------- -------------
1993 2,134,798* 2,134,798 -0- -0- -0-
1994 1,286,060* 1,286,060 -0- -0- -0-
1995 1,091,389* 1,091,389 -0- -0- -0-
* Does not include nominal amounts paid to Lincoln Investment
Planning by investment companies whose shares are purchased by The
Rightime Fund series of the Fund, to compensate Lincoln Investment
Planning for shareholder servicing and/or distribution activities on
behalf of such companies.
DISTRIBUTION PLAN
Pursuant to each Fund's 12b-1 Distribution Plan, each Fund may incur
distribution costs which may not exceed: .50% per annum of The Rightime
Fund's net assets and .25% per annum for each of The Rightime Blue Chip
Fund's, The Rightime Social Awareness Fund's and The Rightime MidCap
Fund's net assets for payments to the Distributor or others for items
such as advertising expenses, selling expenses, commissions or travel
reasonably intended to result in sales of shares of the Fund. The 12b-1
Distribution Plan for each Fund also provides that each Fund may incur a
shareholder servicing fee of .25% per annum of the Fund's net assets
which is paid to the Distributor or others for ongoing servicing and/or
maintenance of shareholder accounts.
During the most recent fiscal year, the distribution expenses
paid by the Series of the Fund were as follows: The Rightime Fund
$747,548; The Rightime Blue Chip Fund $581,647; The Rightime Government
Securities Fund $0; The Rightime Social Awareness Fund $17,590; and The
Rightime MidCap Fund $177,092. The shareholder servicing expenses paid
by the Series of the Fund were as follows: The Rightime Fund $373,774;
The Rightime Blue Chip Fund $581,647; The Rightime Government Securities
Fund $57,236; The Rightime Social Awareness Fund $17,590; and The
Rightime MidCap Fund $177,092.
The following table sets forth the distribution and shareholder
servicing expenses paid on behalf of each series by Lincoln Investment
Planning during the most recent fiscal year ended October 31. The excess
costs incurred over payments received from the Funds pursuant to each
Fund's 12b-1 Distribution Plan were paid by the Distributor from its own
resources and will not be reimbursed by the Fund.
1995
The Rightime Fund
- - - -----------------
Commissions to Salesmen $ 632,329
Administration Staff 94,378
Advertising & Printing 19,413
Miscellaneous Selling Expenses 110,752
Office Expenses 40,318
Professional Services 23,871
1995
The Rightime Blue Chip Fund
- - - ---------------------------
Commissions to Salesmen $ 986,191
Administration Staff 147,194
Advertising & Printing 30,277
Miscellaneous Selling Expenses 172,730
Office Expenses 62,880
Professional Services 37,230
1995
The Rightime Government Securities Fund
- - - ---------------------------------------
Commissions to Salesmen $ 79,852
Administration Staff 11,918
Advertising & Printing 2,452
Miscellaneous Selling Expenses 13,986
Office Expenses 5,091
Professional Services 3,015
1995
The Rightime Social Awareness Fund
- - - ----------------------------------
Commissions to Salesmen $ 28,982
Administration Staff 4,326
Advertising & Printing 890
Miscellaneous Selling Expenses 5,076
Office Expenses 1,848
Professional Services 1,094
1995
The Rightime MidCap Fund
- - - ------------------------
Commissions to Salesmen $ 299,343
Administration Staff 44,678
Advertising & Printing 9,190
Miscellaneous Selling Expense 52,430
Office Expense 19,086
Professional Services 11,301
ALLOCATION OF PORTFOLIO BROKERAGE
Rightime Econometrics, Inc., in effecting the purchases and sales of
portfolio securities for the account of each Fund, will seek execution of
trades either (i) at the most favorable and competitive rate of
commission charged by any broker, dealer or member of an exchange, or
(ii) at a higher rate of commission charges if reasonable in relation to
brokerage and research services provided to the Fund or the Investment
Advisor by such member, broker, or dealer. Such services may include,
but are not limited to, any one or more of the following: Information as
to the availability of securities for purchase or sale; statistical or
factual information or opinions pertaining to investments. The Fund's
Investment Advisor may use research and services provided to it by
brokers and dealers in servicing all its clients, however, not all such
services will be used by the Investment Advisor in connection with the
Fund. Portfolio orders may be placed with an affiliated broker-dealer,
Lincoln Investment Planning, Inc., and in such case, the affiliated
broker-dealer will receive brokerage commissions. However, portfolio
orders will be placed with the affiliated broker-dealer only where the
price being charged and the services being provided compare favorably
with those which would be charged to the Fund by non-affiliated
broker-dealers, and with those charged by the affiliated broker to other
unaffiliated customers, on transactions of a like size and nature.
Brokerage may also be allocated to dealers in consideration of Fund share
distribution but only when execution and price are comparable to that
offered by other brokers. The Fund follows the standards of SEC Rule
17e-1 under the Investment Company Act of 1940 which requires that the
commission paid to the Distributor must be reasonable and fair compared
to the commissions, fees or other remuneration received or to be received
by other brokers in connection with comparable transactions involving
similar securities during a comparable period of time.
For the Fund's last three fiscal years ended October 31, none of the
Fund's aggregate brokerage commissions were paid to Lincoln Investment
Planning, and for the same periods, none of the Fund's aggregate amount
of portfolio transactions (purchases and sales) were effected by Lincoln
Investment Planning.
The Investment Advisor is responsible for making the Fund's
portfolio decisions subject to instructions described in the prospectus.
The Board of Directors may however impose limitations on the allocation
of portfolio brokerage.
The Fund expects that purchases and sales of portfolio money market
securities will be principal transactions. Such securities are normally
purchased directly from the issuer or from an underwriter or market maker
for the securities. There will usually be no brokerage commissions paid
by the Fund for such purchases. Purchases from the underwriters will
include the underwriter commission or concession and purchases from
dealers serving as market makers will include the spread between the bid
and asked price.
TRANSFER AGENT
Lincoln Investment Planning serves as transfer agent, dividend
disbursing agent and redemption agent for redemptions pursuant to a
Transfer and Dividend Disbursing Agency Agreement approved by the
shareholders of The Rightime Fund, Inc. at a meeting held for such
purpose on October 23, 1986. The agreement is subject to annual renewal
by the Board of Directors of the Fund, including the directors who are
not interested persons of the Fund or of the Transfer Agent. Pursuant to
the agreement, as amended and approved by the Board of Directors, the
Transfer Agent receives a fee calculated at an annual rate of $15.00 per
shareholder account and will be reimbursed out-of-pocket expenses
incurred on the Fund's behalf.
The Transfer Agent acts as paying agent for all Fund expenses and
provides all the necessary facilities, equipment and personnel to perform
the usual or ordinary services of Transfer and Dividend Paying Agent,
including: receiving and processing orders and payments for purchases of
shares, opening stockholder accounts, preparing annual stockholder
meeting lists, mailing proxy material, receiving and tabulating proxies,
mailing stockholder reports and prospectuses, withholding certain taxes
on nonresident alien accounts, disbursing income dividends and capital
distributions, preparing and filing U.S. Treasury Department Form 1099
(or equivalent) for all stockholders, preparing and mailing confirmation
forms to stockholders for all purposes and redemption of the Fund's
shares and all other confirmable transactions in stockholders' accounts,
recording reinvestment of dividends and distributions of the Fund's
shares and causing redemption of shares for and disbursements of proceeds
to withdrawal plan stockholders. The Transfer Agent may contract with
other parties to provide services under the agreement. Pursuant to this
authority, the Transfer Agent has entered into an agreement under which
DST Systems Inc. and its subsidiaries provide computer services and the
printing and distribution of confirmations and tax forms.
PURCHASE OF SHARES
The shares of the Fund are continuously offered by the Distributor.
Orders for the purchase of shares of the Fund received by the
Distributor prior to the close of regular trading on any day the New York
Stock Exchange ("NYSE") is open for trading will be confirmed at the
offering price next determined (based upon the sales charges and
valuation procedures described in the prospectus) as of the close of
regular trading of the NYSE on that day. The New York Stock Exchange is
scheduled to be open Monday through Friday throughout the year except for
New Year's Day, Washington's Birthday, Good Friday, Memorial Day,
Independence Day, Labor Day, Thanksgiving and Christmas. Orders received
by the Distributor after the close of regular trading of the NYSE will be
confirmed at the next day's price. It is the responsibility of dealers
to transmit orders received by them promptly to the Distributor.
Purchases of The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund, The Rightime MidCap Fund and The Rightime Government
Securities Fund of $50,000 or more at offering price carry reduced sales
loads as shown in the table below and may include a series of purchases
over a 13-month period under a Letter of Intention signed by a purchaser.
The sales loads set forth below are applicable to purchases made at one
time by an individual; or an individual, his or her spouse and their
children under the age of 21; or a trustee or other fiduciary of a single
trust estate or single fiduciary account (including an employee benefit
plan qualified under Section 401 of the Internal Revenue Code). For
purchases of $2 million or more, there is no sales charge.
Amount of Purchase Price Invested Concession
- - - ------------------------------------------------------------------------
Less than $50,000 4.75% 4.99% 4.25%
$50,000 but under $100,0 3.75 3.90 3.35
$100,000 but under $500,000 2.75 2.83 2.45
$500,000 but under $1,000,000 1.75 1.80 1.55
$1,000,000 but under $2,000,000 .75 .76 .65
For purchases of $2 million or
more there is no sales load.
The Fund must be notified when a sale takes place which would qualify for
the reduced sales charge on the basis of previous purchases and current
purchases. The reduced sales charge will be granted upon confirmation of
the shareholder's holdings by the Fund. Such reduced sales charges are
not retroactive.
Officers, directors and employees, and any pension, profit-sharing
or qualified retirement plan of The Rightime Fund, Inc., Rightime
Econometrics, Inc. and Lincoln Investment Planning, Inc., and registered
representatives of broker/dealers who have entered into Dealer's
agreements with the Distributor, may purchase shares of the Fund at the
net asset value per share. Spouses and minor children of employees, at
the direction of the employees, and any employee benefit plan established
by any of the foregoing funds or corporations, may also purchase shares
at net asset value. Such purchasers may be required to sign a letter
stating that the purchase is for investment only and that the securities
may not be resold except to the issuer.
Letter of Intent. The above table is also applicable to the
aggregate amount of purchases made by any such purchaser previously
enumerated within a 13-month period pursuant to a written Letter of
Intent provided by the Distributor, and not legally binding on the signer
or the Fund, which includes provisions for a price adjustment, depending
upon the actual amount purchased within such period, and which provides
for the holding in escrow by the Distributor of 5% of the total amount
intended to be purchased until such purchase is completed within the
13-month period. If the intended investment is not completed, the
purchaser will be asked to pay an amount equal to the difference between
the sales load on the shares purchased at the reduced rate and the sales
load otherwise applicable to the total shares purchased. If such payment
is not made within 20 days following the expiration of the 13-month
period, the Distributor will surrender an appropriate number of the
escrowed shares for redemption in order to realize the difference. Such
purchasers may include the value (at offering price at the level
designated in their Letter of Intent) of all their shares of the Fund
previously purchased and still held as of the date of their Letter of
Intent toward the completion of such Letter.
Right of Accumulation. The reduced sales load is applicable to any
subsequent purchases of shares of the Fund, by any such purchaser where
the aggregate investment in the Funds by such purchaser is $50,000 or
more. Shareholders in 403(b)(7) accounts may not combine their accounts
with other shareholders for a reduced sales charge.
Tax-Sheltered Retirement Plans
Shares of the Funds are available to all types of tax-deferred
retirement plans including custodial accounts described in Section
403(b)(7) of the Internal Revenue Code. Qualified investors benefit from
the tax-free compounding of income dividends and capital gains
distributions. You can transfer an existing plan into the Fund or set up
a new plan in the manner described below.
Individual Retirement Accounts (IRA) -- Individuals, who are not
active participants (and, when a joint return is filed, who do not have a
spouse who is an active participant) in an employer maintained retirement
plan are eligible to contribute on a deductible basis to an IRA account.
The IRA deduction is also available for individual taxpayers and married
couples with adjusted gross incomes not in excess of certain specified
limits. All individuals may make nondeductible IRA contributions to a
separate account to the extent that they are not eligible for a
deductible contribution. Income earned by an IRA account is tax
deferred. A special IRA program is available for corporate employers
under which the employers may establish IRA accounts for their employees
in lieu of establishing corporate retirement plans. Known as SEP-IRA's
(Simplified Employee Pension-IRA), they free the corporate employer of
many of the recordkeeping requirements of establishing and maintaining a
corporate retirement plan trust.
If you have received a lump sum distribution from another qualified
retirement plan, you may rollover all or part of that distribution into a
Rightime Fund IRA. Your rollover contribution is not subject to the
limits on annual IRA contributions. By acting within applicable time
limits of the lump sum distribution you can continue to defer Federal
income taxes on your lump sum contribution and on any income that is
earned on that contribution.
KEOGH Plans for Self-Employed -- If you are a self-employed
individual, you may establish a Self-Employed Retirement (KEOGH) Plan and
contribute up to the maximum amounts permitted for your plan under
current tax laws. Under a Defined Benefit KEOGH Plan, you may establish
a program with a specific amount of retirement income as your objective.
The annual contributions needed to achieve this goal are calculated
actuarially and can sometimes exceed the tax-deductible contributions
allowed under a regular KEOGH Plan.
Tax-Sheltered Custodial Accounts -- If you are an employee of a
public school, state college or university, or an employee of a
non-profit organization exempt from tax under Section 501(c)(3) of the
Internal Revenue Code, you may be eligible to make contributions into a
custodial account (pursuant to section 403(b)(7) of the IRC) which
invests in Fund shares. Such contributions, to the extent that they do
not exceed certain limits, are excludable from the gross income of the
employee for federal income tax purposes.
Other Retirement, Savings, and Deferred Compensation Plans -- Our
Investment Advisor and Distributor make available, through their
affiliates, a full range of consulting and plan administrative services,
on a fee basis. Information is available to explain and assist you with
the establishment of various types of corporate retirement plans,
education and charitable organizations deferred compensation plans,
thrift and savings plans. Also available are automated recordkeeping and
actuarial services for tax-sheltered plan sponsors which fulfill all
appropriate accounting and recordkeeping requirements. These services
can also accommodate so called "split-funding" options where plan assets
may be invested in various investments in addition to the Fund.
How to establish Retirement Accounts -- All the foregoing retirement
plan options require special applications or plan documents. Please call
us to obtain information regarding the establishing of retirement plan
accounts. CoreStates Bank NA acts as the plan custodian for retirement
plan accounts with the Fund, and charges nominal fees in connection with
plan establishment and maintenance. These fees are detailed in the plan
documents. You may wish to consult with your attorney or other tax
advisor for specific advice prior to establishing a plan.
Systematic Withdrawal Plan
You can arrange to make systematic cash withdrawals from your
account monthly, quarterly or annually. Your account, initially, must be
at least $10,000 in order to establish this service, although the
withdrawals may continue even though your account subsequently drops
below $10,000. Each payment must be for an amount not less than $50.00.
If the periodic amount you elect to withdraw is more than the increase
in the value of any income or gains in your account, the withdrawals can
deplete the value of your account. If the withdrawals are to be sent to
someone who is not a registered owner of the shares, a signature
guarantee is required on your application for this service. The Fund
bears the cost of providing this plan at the present time. Please
contact the Fund to obtain information about establishing a systematic
withdrawal plan.
In-Kind Redemptions
To comply with certain state securities regulations, the Fund has
undertaken that any portfolio securities issued in an in-kind redemption
will be readily marketable securities.
DIVIDENDS, DISTRIBUTION AND TAXES
The Fund's investment in options and futures contracts are subject
to many complex and special tax rules. For example, over-the-counter
options on debt and equity securities will generally produce a long-term
or short-term capital gain or loss upon exercise, lapse, or closing out
of the option or sale of the underlying stock or security. By contrast,
the Fund's positions in put or call options (including options it has
written as well as options it has purchased) which are "listed" (traded
on or subject to the rules of a qualified board of Exchange) and which
include non-equity options, regulated futures contracts and options on
futures contracts will be required to be "marked to market" at the end of
the Fund's fiscal year -- that is, treated as closed out or sold at their
fair market value -- for Federal income tax purposes. This means that
the unrealized appreciation or depreciation in such positions will be
treated as having been realized on that date. Sixty percent of such gain
or loss and sixty percent of any gain or loss from the actual closing out
or exercise of such positions, will be treated as long-term capital gain
or loss and the remainder will be treated as short-term capital gain or
loss. In addition, on the stipulated expiration date sixty percent of
any gain realized on the expiration of a listed option which the Fund has
written and sixty percent of any loss realized on the expiration of such
an option it has purchased will also be treated as long-term capital gain
or loss, as the case may be, and the balance as short-term capital gain
or loss.
Section 1092 of the Code may affect the taxation of options on
securities, futures contracts and options on futures contracts. Section
1092 defines a "straddle" as offsetting positions with respect to
personal property. A position in personal property is generally defined
as any interest, including an option, in personal property. A position
in personal property, therefore, includes a debt security and an option
written on, or a futures contract to sell, a debt security. Section 1092
generally provides that in the case of a straddle, any loss from the
disposition of a position in the straddle can be deducted only to the
extent that the loss exceeds the unrealized gains on any offsetting
straddle position. For example, if the Fund enters into a straddle
consisting of a U.S. Treasury bond and a purchased put with respect to
such bond, any loss realized from a closing purchase transaction with
respect to the put can be recognized only to the extent that such loss
exceeds any unrealized gain on the underlying bond. Section 1092 also
provides that "wash sale" rules are applicable to transactions where a
position is sold at a loss and a new offsetting position is acquired
within a prescribed period as are "short sale" rules which could (i)
eliminate or stop the Fund's holding period in a security, and (ii)
convert losses arising from the disposition of an option or futures
position from short-term to long-term when a hypothetical sale of the
underlying security on the date of entry into the option or futures
position would have given rise to a long-term capital gain. Management
will manage the Fund so as to take into account Section 1092 and IRS
regulations thereunder. However, the Fund's ability to obtain a high
current income may, under certain circumstances, be adversely affected.
If such a put or call option or futures contract is part of a "mixed
straddle," as defined in the Code, however, the Fund may be able to make
an election under Section 1256(d) of the Code under which the mark to
market and 60/40 rules and the straddle rules of Section 1092 will be
inapplicable in whole or in part to positions within the straddle. If a
Section 1256(d) election is made and a call or put option the Fund has
written lapses, the Fund will recognize a short-term capital gain for
Federal income tax purposes. If a call option the Fund has written is
exercised and the Fund makes such an election, the Fund will realize a
capital gain or loss (long-term or short-term, depending on the Fund's
holding period in the underlying security) from the sale of the
underlying security and the proceeds from such sale will be increased by
the premium originally received. Also, in such case, if a put option
which the Fund has written is exercised, the amount of the premium
originally received will reduce the cost of the security which the Fund
purchases upon exercise of the option. If the Fund terminates its
obligation under an option it has written by entering a closing purchase
transaction and it makes such an election it will recognize a short-term
gain or loss measured by the difference between the price it has to pay
to close the option position and the premium it received for writing the
option. This election would also apply to options purchased and futures
contracts entered into by the Fund. A Section 1256(d) election could
result in an increase in distributions or ordinary income (relative to
long-term capital gains) to shareholders.
In the case of another election the Fund may make, the Fund may set
up one or more mixed straddle accounts comprising all or some positions
held by the Fund that are required to be "marked to market" as described
above (called "Section 1256 contracts"), and all positions offsetting
such positions. In such a case, the Fund will mark each such position to
market on a daily basis, compute the net Section 1256 contract gain or
loss and net non-Section 1256 contract gain or loss for the account, and
the "daily account net gain or loss" for each account. Any daily account
net gain or loss attributable to a net non-Section 1256 gain or loss will
be treated as short-term and any daily account net gain or loss
attributable to net Section 1256 contract gain or loss will be treated as
sixty percent long-term capital gain or loss, and forty percent
short-term capital gain or loss, with corresponding basis adjustments.
Such daily account net gains and losses will be netted on an annual basis
as will the annual account net gains and losses for all mixed straddle
accounts; however, no more than fifty percent of the total annual account
net gain for a taxable year shall be treated as long-term capital gain,
and no more than forty percent of the total annual account net loss for a
taxable year shall be treated as short-term capital loss.
Yet a third election the Fund may make would enable it to identify
separately those mixed straddles with respect to which it chooses to
offset gains and losses before applying "60/40 treatment" to the net
amount of any gains or losses attributable to Section 1256 contracts.
Section 1233 of the Code provides generally for the gain and loss
consequences of short sales. Such gains and losses are capital gains and
losses to the extent the property used to close the short sale
constitutes a capital asset of the Fund (which will always be the case
under the Fund's method of investment). Section 1233 establishes those
rules for determining holding period of securities involved in short
sales and whether the capital gain or loss on short sales is long term
and short term. Under Rule one, if at the time of a short sale, the Fund
has not held short term securities "substantially identical" to the
securities sold short [for a period longer than the short time holding
period], then any gain realized on the closing on the short sale is short
term regardless of the length of time the sale was open or the period for
which the securities used to close the sale were held. Rule two provides
that the holding period of any securities "substantially identical" to
the securities sold short, which were held short term at the time of the
short sale or required thereafter and before its closing, begins on the
earlier of (a) the date the short sale is closed and (b) the date such
other acquired securities are sold or otherwise disposed of. Rule one
applies only to the extent gain is realized; Rule two applies in gain or
loss situations. Rule three provides that when at the time of a short
sale the Fund holds securities long term which are "substantially
identical" to those sold short, any loss resulting from the closing of
the short sale is a long term loss regardless of the holding period of
the securities used to close the short sale. Rules one and three apply
only to the extent the securities used to close the transaction are not
in excess of the substantially identical securities in the order of
acquisition and only to the extent they do not exceed the quantity sold
short. The term "substantially identical" in the case of securities has
the same meaning as in Section 1091 of the Code dealing with "wash
sales".
A holder of a zero coupon Treasury security will receive no cash
payment of interest prior to maturity; it will, under recent tax
legislation, be required for federal income taxes purposes to include an
imputed amount of interest income on its investment income calculations
each year a particular zero coupon Treasury security is held. In
general, this income computation will be based upon the "effective
interest" method of calculation. This method results in the reporting of
income in increasing amounts each year and in reduced net investment
income on a present value basis when compared to the (former)
"straight-line" method. The straight-line computation of interest simply
allocates the total discount equally over all periods during which the
obligation will exist.
Since it is the Fund's policy to meet the requirements of Subchapter
M of the Internal Revenue Code of 1986, and accordingly distribute to its
shareholders at least 90% of the income, the Fund may be required to pay
out as a dividend each year an amount which is greater than the total
amount of cash interest the Fund actually received. Such distributions
will be made from the cash assets of the Fund or by liquidation of
portfolio securities, if necessary. If a distribution of cash
necessitates the liquidation of portfolio securities, the Investment
Advisor will select which securities to sell. The Fund may realize a
gain or loss from such sales. In the event the Fund realizes net capital
gain from such transactions, its shareholders may receive a larger
capital gain distribution, if any, than they would in the absence of such
transactions.
<TABLE>
<CAPTION>
OFFICERS AND DIRECTORS OF THE FUND
<S> <C> <C>
Position and Office Principal Occupation
Name and Address with the Fund during the past five
years
David J. Rights* Chairman of the Board, Consultant to and
1095 Rydal Road President, and registered representative of
Rydal, PA 19046 Treasurer Lincoln Investment
Planning, Inc., a registered
Investment advisor and
broker dealer. Since May
1981, President of Rightime
Econometrics, Inc., a
registered investment
advisor; President and
Treasurer of Rightime
Administrators. President
of RTE Securities, Inc. a
broker-dealer in
registration.
Edward S. Forst Sr.* Director, Vice- Chairman of the Board,
218 Glenside Avenue President and Lincoln Investment Planning
Wyncote, PA 19095-1595 Secretary Inc., a registered
investment advisor and broker
dealer; Vice President
and Secretary of Rightime
Administrators.
Francis X. Barrett Director Director and Member
3121 Kutztown Road of the Finance and Pension
Reading, PA 19605 Committee, Sacred Heart Hospital;
Formerly, Executive Director,
National Catholic Education
Association; and Pastor, Church of
Holy Guardian Angels,
Reading, PA
Dr. Winifred L. Tillery Director Superintendent of
744 Amsterdam Road Schools, Camden County, New
Mt. Laurel, NJ 08054. Jersey; Formerly, Director,
Division of Direct Services, NJ Dept
of Education; and Executive
Director for Special
Education for the
Philadelphia School
District
Dr. Carol A. Wacker Director Formerly, Assistant
1659 Landquist Dr. Superintendent for Senior
Encinitas, CA 92024 High Schools, the
Philadelphia School
District.
</TABLE>
The officers conduct and supervise the daily business operations of the
Fund, while the directors, in addition to functions set forth under
"Advisor" "Administrator" and "Distributor" review such actions and
decide on general policy. Compensation to officers and directors of the
Fund who are affiliated with the Administrator, the Investment Advisor or
the Distributor is paid by the Administrator, the Investment Advisor or
the Distributor, respectively, and not by the Fund. Directors receive a
$7000 annual retainer and $1250 per board of directors meeting attended
and are reimbursed for expenses incurred in connection with attendance at
such meetings. Directors who are members of the audit committee receive
$1250 per audit committee meeting if such meeting is held separately from
a board meeting. During the most recent fiscal year, there were four
meetings of the board of directors, and no separate meetings of the audit
committee. The Fund has adopted a Code of Ethics which governs when and
how securities investment personnel may engage in personal securities
transactions.
- - - ------------------------
*"Interested" director as defined in the Investment Company Act of 1940
(the "1940 Act").
GENERAL INFORMATION
Audits and Reports
The accounts of The Rightime Fund, Inc., are audited each year by
Messrs. Tait, Weller and Baker of Philadelphia, Pa., independent
certified public accountants. Shareholders receive semi-annual and
annual reports of the Fund including the annual audited financial
statements and a list of securities owned.
Custodian
The Fund has retained CoreStates Bank, NA, Philadelphia,
Pennsylvania to act as custodian of the securities and cash of each
series of the Fund.
PERFORMANCE
Current yield and total return may be quoted in advertisements,
shareholder reports or other communications to shareholders.
Occasionally, the Fund may include its distribution rate in sales
literature. Yield is the ratio of income per share derived from the
Fund's portfolio investments to a current maximum offering price
expressed in terms of percent. The yield is quoted on the basis of
earnings after expenses have been deducted. Total return is the total of
all income and capital gains paid to shareholders, assuming reinvestment
of all distributions, plus (or minus) the change in the value of the
original investment, expressed as a percentage of the purchase price.
The distribution rate is the amount of distributions per share made by
the Fund over a twelve-month period divided by the current maximum
offering price.
Securities and Exchange Commission rules require the use of
standardized performance quotations or, alternatively, that every
non-standardized performance quotation furnished by the Fund be
accompanied by certain standardized performance information computed as
required by the Commission. Current yield and total return quotations
used by the Fund are based on the standardized methods of computing
performance mandated by the Commission. An explanation of those and
other methods used by the Fund to compute or express performance follows:
The yield for The Rightime Government Securities Fund for the
30-day period ended on the date of the audited financial statements
contained herein was 4.37%.
As indicated below, current yield is determined by dividing the
net investment income per share earned during the period by the maximum
offering price per share on the last day of the period and analyzing the
result. Expenses accrued for the period include any fees charged to all
shareholders during the 30-day base period. According to the SEC
formula:
6
Yield = 2 [( a-b + 1) -1]
cd
where
a = dividends and interest earned during the period.
b = expenses accrued for the period (net of reimbursements).
c = the average daily number of shares outstanding during the
period that were entitled to receive dividends.
d = the maximum offering price per share on the last day of the
period.
The average annual total return for each Fund for the indicated
period ended on the date of the balance sheet contained herein is as
follows:
One Year Five Year Ten Year Since Fund's
Fund Name Period Period Period Inception
The Rightime Fund 23.38% 13.57% 11.51% 11.74%
The Rightime Blue
Chip Fund 16.50% 11.11% -- 8.94%
The Rightime Government
Securities Fund 1.00% 4.93% -- 4.76%
The Rightime Social
Awareness Fund 16.87% 10.84% -- 7.31%
The Rightime MidCap
Fund 14.36% -- -- 9.65%
As the following formula indicates, the average annual total
return is determined by multiplying a hypothetical initial purchase order
of $1,000 by the average annual compound rate of return (including
capital appreciation/depreciation and dividends and distributions paid
and reinvested) for the stated period less any fees charged to all
shareholder accounts and analyzing the result. The calculation assumes
the maximum sales load is deducted from the initial $1,000 purchase order
and that all dividends and distributions are reinvested at the net asset
value on the reinvestment dates during the period. The quotation assumes
the account was completely redeemed at the end of each one, five and ten
year period and the deduction of all applicable charges and fees.
According to the SEC formula:
n
P(1+T) = ERV
where:
P = a hypothetical initial payment of $1,000
T = average annual total return
n = number of years
ERV = ending redeemable value of a hypothetical $1,000 payment
made at the beginning of the 1, 5, or 10 year periods at the
end of the 1, 5, or 10 year periods (or fractional portion
thereof).
Sales literature pertaining to the Fund may quote a
distribution rate in addition to the yield or total return. The
distribution rate is the amount of distributions per share made by the
Fund over a twelve-month period divided by the current maximum offering
price. The distribution rate differs from the yield because it measures
what the Fund paid to shareholders rather than what the Fund earned from
investments. It also differs from the yield because it may include
dividends paid from premium income from option writing, if applicable,
and short-term capital gains in addition to dividends from investment
income. Under certain circumstances, such as when there has been a
change in the amount of dividend payout, or a fundamental change in
investment policies, it might be appropriate to annualize the
distributions paid over the period such policies were in effect, rather
than using the distributions paid during the past twelve months.
With respect to those categories of investors who are permitted
to purchase shares of the Fund at net asset value, sales literature
pertaining to the Fund may quote a "Current Return for Net Asset Value
Investments." This rate is computed by adding the income dividends paid
by the Fund during the last twelve months and dividing that sum by a
current net asset value. Figures for compound yield, total return and
other measures of performance for Net Asset Value Investments may also be
quoted. These will be derived as described elsewhere in this Statement
with the substitution of net asset value for public offering price.
Sales literature referring to the use of the Fund(s) as a
potential investment for Individual Retirement Accounts (IRAs), and other
tax-advantaged retirement plans may quote a total return based upon
compounding of dividends on which it is presumed no federal income tax
applies.
Regardless of the method used, past performance is not
necessarily indicative of future results, but is an indication of the
return to shareholders only for the limited historical period used.
Comparisons and Advertisements
To help investors better evaluate how an investment in the
Fund(s) might satisfy their investment objective, advertisements
regarding the Fund(s) may discuss yield or total return for the Fund(s)
as reported by various financial publications. Advertisements may also
compare yield or total return to yield or total return as reported by
other investments, indices, and averages. The following publications,
indices, and averages may be used:
a) Dow Jones Composite Average or its component averages - an
unmanaged index composed of 30 blue-chip industrial corporation stocks
(Dow Jones Industrial Average), 15 utilities company stocks (Dow Jones
Utilities Average), and 20 transportation company stocks. Comparisons of
performance assume reinvestment of dividends.
b) Standard & Poor's 500 Stock Index or its component indices
- - - - an unmanaged index composed of 400 industrial stocks, 40 financial
stocks, 40 utilities stocks, and 20 transportation stocks. Comparisons
of performance assume reinvestment of dividends.
c) Standard & Poor's MidCap 400 Index - an unmanaged index
composed of 400 domestic and Canadian stocks which measures the mid-range
sector of the U.S. stock market.
d) The New York Stock Exchange composite or component indices
- - - - unmanaged indices of all industrial, utilities, transportation, and
finance stocks listed on the New York Stock Exchange.
e) Lipper - Mutual Fund Performance Analysis, Lipper Fixed
Income Analysis, and Lipper Mutual Fund Indices - measures total return
and average current yield for the mutual fund industry. Ranks individual
mutual fund performance over specified time periods assuming reinvestment
of all distributions, exclusive of sales charges.
f) The Ryan composite or component indices - unmanaged indices
of U.S. government securities as published in Barron's and other
publications.
g) Donoghue money market fund indices - unmanaged indices of
money market funds as published in Barron's and other publications.
h) CDA Mutual Fund Report, published by CDA Investment
Technologies, Inc. - analyzes price, current yields, risk, total return,
and average rate of return (average annual compounded growth rate) over
specified time periods for the mutual fund industry.
i) Weisenberger - Mutual Funds Panorama, Weisenberger
Investment Companies, published by Warren, Gorham & Lamont, Inc. - Lists
distributions, price and fund privileges; measures performance over
varying time period, calculates yield and lists expense ratios.
j) Mutual Fund Values and Mutual Fund Source Book, published
by Morningstar, Inc. - Lists fund assets, portfolio composition, annual
total return, portfolio statistics, income and expense ratios, risk
statistics and ranks funds by objective. Provides statistics on the
mutual fund industry.
k) Financial publications such as Business Week, Changing
Times, Financial World, Forbes, Fortune, Money Magazine, Wall Street
Journal, Barron's et al. which rate fund performance over various time
periods.
l) Consumer Price Index (or Cost of Living Index), published by
the U.S. Bureau of Labor Statistics - a statistical measure of change,
over time, in the price of goods and services, in major expenditure
groups.
In assessing such comparisons of yield, return, or volatility,
an investor should keep in mind that the composition of the investments
in the reported indices and averages is not identical to the Fund's
portfolio, that the averages are generally unmanaged, and that the items
included in the calculations of such averages may not be identical to the
formula used by the Fund to calculate its figures. In addition there can
be no assurance that the Fund will continue this performance as compared
to such other averages.
ADMINISTRATOR
Rightime Administrators Inc.
218 Glenside Avenue
Wyncote, PA 19095-1594
INVESTMENT ADVISOR
Rightime Econometrics Inc.
1095 Rydal Road
Rydal, PA 19046
DISTRIBUTOR
Lincoln Investment Planning, Inc.
Lincoln Quick Mail
P.O. Box 13813
Philadelphia, PA 19101-3813
CUSTODIAN
CoreStates Bank, NA
Broad and Chestnuts Streets
Philadelphia, PA 19101
TRANSFER AGENT
Lincoln Investment Planning, Inc.
Lincoln Quick Mail
P.O. Box 13813
Philadelphia, PA 19101-3813
LEGAL COUNSEL
Stradley, Ronon, Stevens & Young, LLP
2600 One Commerce Square
Philadelphia, PA 19103-7098
AUDITORS
Tait, Weller & Baker
Two Penn Center Plaza
Philadelphia, PA 19102
[LOGO OMMITTED]
1995
Annual Report
The Rightime Fund, Inc.
Dear Shareholder:
1995's stock market was a charm. One that makes everyone want to invest in
stocks. A market where investors feel smart. Many broad-based, unmanaged stock
indexes are up over 30% year-to-date. And most everyone can cite at least one
stock that more than doubled. It seems anyone could make money in this market
if only they invested.
I recently spoke to a stockbroker I have known for fifteen years. He is a
successful, seasoned broker who has been in the business a long time. He is
familiar with the Rightime Funds and is well aware that the Rightime Market
Model (RTMM(registered trademark)), and only the Model, defines our
investment position. He knows we do not solicit, nor heed, broker's opinions,
but, naturally, he offers his opinions anyway.
His comment was, "This is a once in a lifetime market." Not necessarily an
unusual opinion for a man who sells stocks for a living. However, it struck me
because in early February as we were implementing our most recent buy signal
he said, "I don't like this signal . . . I really don't like this signal." Now
that the market is up over 30%, he can see that this is a "once in a lifetime
market." But recognizing the "once in a lifetime market" was important in
February, not now.
Let's look back to where we were in February. After a moderate downturn in
1994, stocks were once again rising in February 1995 when the Rightime Market
Model (RTMM(registered trademark)) indicated that stocks were undervalued and
triggered our move back into equities. The previous year, 1994, had been very
difficult. Especially so for bond investors who had one of the worst years in
the last fifty. Both short- and long-term interest rates had been rising
throughout most of 1994, pushing bond prices down and putting pressure on the
stock market. Inflation was a heightened concern. As a result, the Fed was
jacking up the Fed Funds rate and with fourth quarter GDP growth at a high
5.1%, more rate hikes were on the horizon. As mentioned, stocks had been
mostly down in 1994. However, given the rising interest rate environment of
the time, they were down less than expected due to strong earnings growth in
the third and fourth quarter.
Just when we all began to get comfortable with the anticipated difficulties we
were in for, the world changed. It didn't change in a hit-you-over-the-head,
"hey, everything is all right with the world" kind of way, however. Turning
points are only that obvious in hindsight. No, it was subtle. The previously
mentioned earnings growth continued throughout 1995. Slowly, long term
interest rates began to stabilize, and then even to fall. Inflation, 1994's
villain, was turning into a bogey man--frightening in theory, but nowhere in
sight. And finally, short term interest rates turned and began a slow, steady
descent.
To outsiders it must seem that the buy signal we received was pretty easy to
live with what with all these turning points and strong growth rates. Not
exactly. Remember, the dollar was declining, Mexico was in the middle of a
currency crisis, a rogue trader in Singapore bankrupted a 230-year-old bank
and, the aforementioned stockbroker "really didn't like this signal."
Today we can look back and say we had every confidence in the Rightime
Market Model (RTMM(registered trademark)), but we are human, and our
emotions occasionally do make us nervous. Quite frankly, we were very
nervous and most account executives we know were very fearful of getting
into the market at a new high.
This is where the Model adds value as it has demonstrated over and over again.
Value, not just in recognizing periods of overvaluation when risk is high or
periods of undervaluation when opportunity is high, but value in also
providing the discipline to buy or sell when emotion would keep you on the
sidelines. Discipline is truly the value added. No investment program can be
successful without it. Without that discipline the funds would not be where
they are today. Each of the equity funds has been fully invested since
February. We could not have anticipated how high the market would go, however,
we had the discipline to stay with our position, even though the market
climbed a "wall of worry" all the way. The graphs and tables in this annual
report provide performance details.
As we approach the end of 1995, today's environment is quite different from
1994's. As stated before, earnings growth remains strong, inflation is in
check, interest rates are low and declining. This has been an ideal world for
equity investing and remains so at present. Yet remember that change tends to
be subtle at the outset. The Rightime Market Model (RTMM(registered
trademark)) will remain poised to recognize those subtle, inevitable changes.
The Rightime Market Models (RTMM(registered trademark)) provide a
quantitative, economically based, disciplined decision-making process which
enables us to invest unemotionally and objectively. Over a market cycle, we
attempt to provide substantially less than market risk, while attempting to
take advantage of growth opportunities when stocks and/or bonds are relatively
undervalued and have less than average risk.
/s/David J. Rights
---------------
David J. Rights, President
October 31, 1995
Rightime The Rightime Fund
Family of Funds Portfolio of
Investments
- - - -----------------------------------------------------------------------------
Value
Shares (Note 1)
------- ------------
EQUITY FUNDS: (93.59%)
274,225 AIM Constellation Fund $ 6,496,400
317,386 AIM Weingarten Fund 6,452,452
205,880 AIM Value Fund Class A 5,824,350
14 Alliance Quasar Fund
Class A 340
116,414 Columbia Growth Fund 3,584,401
274,389 Columbia Special Fund 6,198,455
135,266 Fidelity Magellan Fund 12,172,639
79,718 Fortis Equity Capital Fund
Class A 1,653,363
322,577 Founders Blue Chip Fund 2,429,004
255,728 Founders Special Fund 2,235,059
356,187 IDS Growth Fund Class A 7,975,021
299,401 IDS Progressive Fund
Class A 2,218,563
82,827 Janus Fund 1,935,658
87,813 Janus Twenty Fund 2,645,800
106,957 Janus Venture Fund 6,366,081
101,398 Lindner Fund 2,323,039
176,344 MFS - Emerging Growth Fund
Class A 4,498,527
185,863 MFS - Growth Opportunity
Fund Class A 2,451,529
78,536 Mutual Beacon Fund 2,909,775
278,796 Neuberger & Berman
Guardian Fund 6,540,546
462,164 New England Growth Fund
Class A 4,843,481
66,453 Nicholas Fund 3,856,243
140,543 Nicholas II Fund 4,098,232
77,963 Oppenheimer Growth Fund
Class A 2,607,068
197,825 Pennsylvania Mutual Fund 1,665,686
356,845 Putnam OTC Emerging Growth
Fund Class A 5,556,083
374,689 Putnam Vista Fund Class A 3,597,013
408,530 Putnam Voyager Fund
Class A 6,250,505
512,598 Seligman Growth Fund
Class A 2,885,927
59,453 Seligman Communication &
Information Fund Class A 1,652,794
48,906 Seligman Capital Fund
Class A 797,171
90,063 SteinRoe Capital
Opportunity Fund 1,971,480
261,097 T-Rowe Price New
Horizons Fund 5,621,410
151,486 T-Rowe Price Growth
Stock Fund 3,528,106
262,233 20th Century Growth
Investors Fund 6,262,123
138,821 20th Century Select
Investors Fund 5,486,214
99,514 William Blair Growth Fund 1,190,183
------------
Total Equity Funds
(cost $119,207,137) 148,780,721
------------
MONEY MARKET FUNDS: (1.62%)
1,319,629 Delaware Group Cash
Reserve 1,319,629
1,257,514 New England Money
Market Fund 1,257,514
1,812 Value Line Cash Fund 1,812
------------
Total Money Market Funds
(cost $2,578,955) 2,578,955
------------
Principal Value
Amount (Note 1)
- - - --------- ------------
SHORT-TERM INVESTMENTS (4.88%)
Repurchase Agreement (3.62%)(b)
$5,757,000 CS First Boston Corp.
5.82%; 11/1/95
(cost $5,757,000;
maturity value $5,757,931) $ 5,757,000
United States Treasury Bill (1.26%)(c)
2,000,0005.29%; 11/30/95
(cost $1,991,485) 1,991,485
------------
Total Short-term Investments
(cost $7,748,485) 7,748,485
------------
Total Investments (cost $129,534,577)
(100.09%)(a) 159,108,161
Liabilities Less Other Assets (.09%) (142,122)
------------
Net Assets (100.00%) $158,966,039
============
(a) Aggregate cost for federal income tax purposes is $129,534,577. At
October 31, 1995 unrealized appreciation/depreciation of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $ 29,573,584
Gross unrealized depreciation 0
------------
Net unrealized appreciation $ 29,573,584
============
(b) The Repurchase Agreement is collateralized by obligations of the United
States government and its agencies with a market value of $5,877,673, which
exceeds the value of the repurchase agreement. It is the Fund's policy to
always receive, as collateral, securities whose value, including accrued
interest, will be at least equal to 102% of the dollar amount to be paid to
the Fund under each agreement at its maturity. The value of the securities
are monitored daily. If the value falls below 101% of the amount to be paid
at maturity, additional collateral is obtained. The Fund makes payment for
such securities only upon physical delivery or evidence of book entry
transferred to the account of its custodian.
(c) At October 31, 1995, the market value of $1,991,485 of the U.S.
Treasury Bill was pledged to cover margin requirements for futures contracts.
Futures contracts at October 31, 1995:
(Contracts-$500 times premium/delivery month/commitment)
Unrealized
Appreciation
--------------
S&P 500 Stock Index
35/Dec/Buy $ 70,000
=========
See accompanying notes to financial statements
October 31, 1995
The Rightime
Rightime Government Securities Fund
Family of Funds Portfolio of
Investments
- - - -----------------------------------------------------------------------------
Principal Value
Amount (Note 1)
--------- -------------
U.S. GOVERNMENT OBLIGATIONS (95.71%)
$ 7,000,000 U.S. Treasury Bond
9.25%; 2/15/16 $ 9,246,563
8,000,000 U.S. Treasury Bond
6.875%; 8/15/25 8,587,500
-----------
Total U.S. Government Obligations
(cost $16,803,985) 17,834,063
-----------
SHORT-TERM INVESTMENTS (4.42%)
Repurchase Agreement (1.76%)(b)
328,000 CS First Boston Corp
5.82%; 11/1/95
(cost $328,000;
maturity value
$328,053) 328,000
United States Treasury Bill (2.66%)(c)
500,000 5.31%; 1/4/96
(cost $495,293) 495,293
--------------
Total Short-term Investments
(cost $823,293) 823,293
--------------
Total Investments (cost $17,627,278)
(100.13%)(a) 18,657,356
Liabilities Less Other Assets (.13%) (24,497)
--------------
Net Assets (100.00%) $18,632,859
==============
(a) Aggregate cost for federal income tax purposes is $17,627,278. At October
31, 1995 unrealized appreciation (depreciation) of securities for federal
income tax purposes is as follows:
Gross unrealized appreciation $ 1,030,078
Gross unrealized depreciation 0
------------
Net unrealized appreciation $ 1,030,078
==============
(b) The Repurchase Agreement is collateralized by obligations of the United
States government and its agencies with a market value of $334,672 which
exceeds the value of the repurchase agreement. It is the Fund's policy to
always receive, as collateral, securities whose value, including accrued
interest, will be at least equal to 102% of the dollar amount to be paid to
the Fund under each agreement at its maturity. The value of the securities
are monitored daily. If the value falls below 101% of the amount to be paid
at maturity, additional collateral is obtained. The Fund makes payment for
such securities only upon physical delivery or evidence of book entry
transferred to the account of its custodian.
(c) At October 31, 1995, the market value of $495,293 of the U.S. Treasury
Bill was pledged to cover margin requirements for futures contracts.
Futures contracts at October 31, 1995:
(Contracts-$1000 times premium/delivery month/commitment)
Unrealized
Appreciation
------------
U.S. Treasury Bonds:
15/Dec/Buy $ 11,344
=========
See accompanying notes to financial statements
October 31, 1995
Rightime The Righti
Family of Funds Portfolio
- - - ---------------------------------------------------------------------
Value
Shares
---------
COMMON STOCK (98.17%)
INDUSTRIALS (74.63%)
Aerospace/Defense (1.91%)
19,500 Boeing Company $1,279,688
3,600 General Dynamics Corp. 199,350
11,368 Lockheed Martin Corp. 774,445
6,500 McDonnell Douglas Corp. 531,375
2,800 Northrop Grumman Corp. 160,300
14,100 Raytheon Company 615,113
12,500 Rockwell International Corp. 556,250
7,100 United Technologies Corp. 630,125
--------------
4,746,646
--------------
Aluminum (0.44%)
12,900 Alcan Aluminium Ltd. 407,962
10,200 Aluminum Co. of America 520,200
3,600 Reynolds Metals Co. 181,350
--------------
1,109,512
--------------
Automobiles (1.91%)
21,700 Chrysler Corp. 1,120,262
61,100 Ford Motor Co. 1,756,625
42,700 General Motors Corp. 1,868,125
--------------
4,745,012
--------------
Auto Parts After Market (0.34%)
4,800 Cooper Tire & Rubber Corp. 111,000
3,400 Echlin, Inc. 121,550
7,000 Genuine Parts Co. 277,375
8,700 Goodyear Tire & Rubber Co. 330,600
100 SPX Corp. 1,550
---------------
842,075
--------------
Beverages (Alcoholic) (0.77%)
14,600 Anheuser-Busch
Companies, Inc. 963,600
3,900 Brown-Forman Corp. Class B 148,687
2,200 Coors (Adolph) Co. Class B 39,325
21,300 Seagram Co. Ltd. 766,800
--------------
1,918,412
--------------
Beverages (Soft Drinks) (3.03%)
72,100 Coca-Cola Co. 5,182,187
45,000 PepsiCo, Inc. 2,373,750
--------------
7,555,937
--------------
Broadcast Media (0.90%)
3,700 CBS, Inc. 298,775
8,800 Capital Cities/ABC, Inc. 1,043,900
13,700 Comcast Corp. Class A Spl 244,887
37,100 Tele-Communications, Inc.
Class A * 630,700
700 Tele-Communications, Inc.
Class A Liberty Media
Group* 17,237
--------------
2,235,499
--------------
Building Materials (0.23%)
9,100 Masco Corp. 255,938
2,900 Owens-Corning
Fiberglass Corp.* 122,887
4,900 Sherwin-Williams Co. 184,363
--------------
563,188
--------------
Chemicals (2.30%)
9,200 Applied Materials, Inc.* 461,150
6,400 Air Products &
Chemicals, Inc. 330,400
15,400 Dow Chemical Co. 1,056,825
32,400 Du Pont (E.I.) de Nemours
and Company 2,020,950
1,500 Goodrich (B.F.) Co. 98,813
6,400 Hercules, Inc. 341,600
6,600 Monsanto Company 691,350
8,000 Praxair, Inc. 216,000
3,800 Rohm & Haas Co. 209,950
7,900 Union Carbide Corp. 299,213
--------------
5,726,251
--------------
Chemicals (Diversified) (0.46%)
3,100 Avery Dennison Corp. 138,725
8,250 Englehard Corp. 205,219
2,100 FMC Corp.* 150,413
100 First Mississippi Corp. 2,050
100 First Miss Gold, Inc.* 1,800
4,400 Mallinckrodt Corp. 152,900
11,600 PPG Industries, Inc. 493,000
--------------
1,144,107
--------------
Chemicals (Specialty) (0.37%)
5,500 Grace (W.R.) & Co. 306,625
3,700 Great Lakes Chemical Corp. 248,362
8,500 Morton International, Inc. 259,250
3,800 Nalco Chemical Co. 114,000
--------------
928,237
--------------
Coal (0.04%)
1,200 Eastern Enterprises 35,850
2,400 Pittston Company 66,000
--------------
101,850
--------------
Commercial Services (0.12%)
3,400 Ecolab, Inc. 98,600
2,700 National Service
Industries Inc. 80,325
2,800 Ogden Corp. 63,700
3,300 Safety-Kleen Corp. 50,738
--------------
293,363
--------------
Communication (Equipment/
Manufacturers) (1.02%)
2,200 Andrew Corp.* 92,950
3,800 Cabletron Systems* 298,775
15,400 Cisco Systems, Inc. * 1,193,500
6,500 DSC Communications Corp.* 240,500
14,500 Northern Telecom Ltd. 522,000
4,400 Scientific-Atlanta, Inc. 54,450
4,600 Tellabs, Inc.* 156,400
--------------
2,558,575
--------------
Computer Software & Services (3.18%)
10,600 Alltel Corp. 324,625
2,700 Autodesk, Inc. 91,800
8,200 Automatic Data
Processing, Inc. 586,300
13,650 Computer Associates
International, Inc. 750,750
3,100 Computer Sciences Corp.* 207,312
6,600 First Data Corp. 436,425
33,500 Microsoft Corp.* 3,350,000
21,100 Novell Inc.* 348,150
24,750 Oracle Systems Corp.* 1,079,719
1,300 Shared Medical
Systems Corp. 50,213
8,800 Silicon Graphics Inc.* 292,600
5,500 Sun Microsystems Corp.* 429,000
--------------
7,946,894
--------------
Computer Systems (2.38%)
6,800 Amdahl Corp.* 62,900
6,900 Apple Computer, Inc. 250,556
2,600 Ceridian Corp.* 113,100
15,000 Compaq Computer Corp.* 836,250
1,400 Cray Research, Inc.* 29,050
2,200 Data General Corp.* 25,300
8,400 Digital Equipment Corp.* 454,650
2,600 Intergraph Corp.* 31,525
32,600 International Business
Machines Corp. 3,170,350
11,800 Micron Technology Inc. 833,375
6,700 Tandem Computers, Inc.* 75,375
9,800 Unisys Corp.* 55,125
--------------
5,937,556
--------------
Conglomerates (0.67%)
6,600 ITT Corp. 808,500
3,200 Teledyne, Inc. 79,600
64 Teledyne, Inc. Cum. Pfd.
Series E 920
10,400 Tenneco, Inc. 456,300
4,900 Textron, Inc. 336,875
--------------
1,682,195
--------------
Containers (Metal & Glass) (0.16%)
1,700 Ball Corp. 46,962
5,100 Crown Cork & Seal Co., Inc.* 177,863
2,900 Willamette Industries, Inc. 168,200
--------------
393,025
--------------
Containers (Paper) (0.12%)
2,900 Bemis Company, Inc. 75,400
5,400 Stone Container Corp. 89,100
3,200 Temple-Inland, Inc. 145,600
--------------
310,100
--------------
Cosmetics (0.74%)
1,600 Alberto-Culver Co. Class B 50,200
3,900 Avon Products, Inc. 277,387
25,300 Gillette Co. 1,223,887
6,300 International Flavors &
Fragrances, Inc. 303,975
--------------
1,855,449
--------------
Electrical Equipment (3.41%)
12,348 AMP, Inc. 484,659
12,900 Emerson Electric Co. 919,125
96,900 General Electric Co. 6,128,925
2,900 Grainger (W.W.), Inc. 181,250
7,300 Honeywell, Inc. 306,600
2,500 Raychem Corp. 115,937
1,100 Thomas & Betts Corp. 71,087
22,200 Westinghouse Electric Corp. 313,575
--------------
8,521,158
--------------
Electronics (Defense) (0.14%)
3,000 E G & G, Inc. 55,875
9,800 Loral Corp. 290,325
--------------
346,200
--------------
Electronics (Instrumentation) (1.16%)
29,200 Hewlett-Packard Co. 2,704,650
2,400 Perkin-Elmer Corp. 84,300
1,900 Tektronix, Inc. 112,575
--------------
2,901,525
--------------
Electronics (Semiconductors) (2.62%)
5,900 Advanced Micro
Devices, Inc.* 140,863
47,100 Intel Corp. 3,291,112
33,700 Motorola, Inc. 2,211,563
7,100 National Semiconductor
Corp.* 173,062
10,700 Texas Instruments, Inc. 730,275
--------------
6,546,875
--------------
Engineering & Construction (0.14%)
4,700 Fluor Corp. 265,550
2,100 Foster Wheeler Corp. 78,750
1,900 Morrison Knudsen Corp. 12,350
--------------
356,650
--------------
Entertainment (0.72%)
29,900 Walt Disney Company 1,722,988
2,100 King World Productions,
Inc.* 73,237
--------------
1,796,225
--------------
Foods (2.62%)
30,995 Archer Daniels Midland Co. 499,794
8,300 CPC International, Inc. 550,912
14,300 Campbell Soup Co. 748,962
14,100 ConAgra, Inc. 544,613
9,100 Darden Restaurants, Inc. 103,513
9,100 General Mills, Inc. 522,113
14,000 Heinz (H.J.) Co. 651,000
4,500 Hershey Foods Corp. 268,875
12,600 Kellogg Co. 910,350
7,600 Quaker Oats Co. 259,350
100 RJR Nabisco Holdings Corp. 3,075
6,000 Ralston Purina Co. 356,250
27,400 Sara Lee Corp. 804,875
6,700 Wrigley, (Wm) Jr. Co. 311,550
--------------
6,535,232
--------------
Food Wholesalers (0.19%)
2,200 Fleming Companies, Inc. 49,775
3,900 Super Valu Stores 119,925
10,400 Sysco Corp. 315,900
--------------
485,600
--------------
Gold Mining (0.58%)
20,200 Barrick Gold Corp. 467,125
6,400 Echo Bay Mines Ltd. 57,600
10,700 Freeport McMoran Copper &
Gold, Inc. Class B 243,425
7,900 Homestake Mining Co. 121,462
4,900 Newmont Mining Corp. 184,975
13,600 Placer Dome Group, Inc. 297,500
7,500 Santa Fe Pacific Gold Corp. 74,062
--------------
1,446,149
--------------
Hardware & Tools (0.15%)
4,900 Black & Decker Corp. 165,987
2,300 Snap-On Tools Corp. 97,462
2,500 Stanley Works 119,375
--------------
382,824
--------------
Health Care (Diversified) (4.05%)
45,500 Abbott Laboratories 1,808,625
17,700 American Home
Products Corp. 1,568,662
29,000 Bristol-Myers Squibb Co. 2,211,250
36,900 Johnson & Johnson 3,007,350
9,900 United Healthcare Corp. 525,937
8,900 U.S. Healthcare, Inc. 342,650
7,700 Warner-Lambert Co. 655,463
--------------
10,119,937
--------------
Health Care (Drugs) (3.73%)
15,800 Lilly (Eli) & Co. 1,526,675
70,800 Merck & Co., Inc. 4,071,000
36,100 Pfizer, Inc. 2,071,238
21,300 Schering-Plough Corp. 1,142,213
9,800 Upjohn Co. 497,350
--------------
9,308,476
--------------
Health Care (Miscellaneous) (0.11%)
4,700 ALZA Corp.* 103,400
5,500 Beverly Enterprises, Inc.* 64,625
3,600 Manor Care, Inc. 117,900
--------------
285,925
--------------
Heavy Duty Trucks & Parts (0.24%)
2,300 Cummins Engine Co., Inc. 80,787
5,800 Dana Corp. 148,625
4,500 Eaton Corp. 230,625
4,300 Navistar International Corp.* 44,075
2,200 PACCAR, Inc. 91,850
--------------
595,962
--------------
Hospital Management Companies (0.58%)
24,900 Columbia Healthcare Corp. 1,223,213
2,500 Community Psychiatric
Centers 27,188
11,300 Tenet Healthcare Corp.* 201,988
--------------
1,452,389
--------------
Homebuilding (0.05%)
1,600 Centex Corp. 52,400
1,900 Kaufman & Broad
Home Corp. 22,087
1,500 Pulte Corp. 47,438
--------------
121,925
--------------
Hotel/Motel (0.24%)
5,900 Harrah's Entertainment, Inc.* 146,025
2,700 Hilton Hotels Corp. 180,900
7,200 Marriott International Corp. 265,500
300 Promus Companies, Inc.* 6,600
--------------
599,025
--------------
Household Furnishings &
Appliances (0.20%)
2,100 Armstrong World Industries,
Inc. 124,688
800 Bassett Furniture Inds., Inc. 16,100
6,100 Maytag Corp. 115,900
4,300 Whirlpool Corp. 227,900
2,700 Zenith Electronics Corp.* 22,613
--------------
507,201
--------------
Household Products (2.08%)
3,100 Clorox Company 222,425
8,300 Colgate-Palmolive Co. 574,775
39,300 Procter & Gamble Co. 3,183,300
9,200 Unilever N.V. 1,205,200
--------------
5,185,700
--------------
Housewares (0.25%)
9,100 Newell Co. 219,538
3,600 Premark International,
Inc. 166,500
9,100 Rubbermaid, Inc. 237,737
--------------
623,775
--------------
Insurance Brokers (0.16%)
2,500 Alexander & Alexander
Services, Inc. 55,938
4,100 Marsh & McLennan
Cos., Inc. 335,687
--------------
391,625
--------------
Leisure Time (0.07%)
2,700 Bally Entertainment Corp.* 29,700
5,500 Brunswick Corp. 107,250
2,000 Handleman Co. 15,500
1,100 Outboard Marine Corp. 22,825
--------------
175,275
--------------
Machine Tools (0.03%)
2,000 Cincinnati Milacron, Inc. 51,500
2,000 Giddings & Lewis Co. 32,250
--------------
83,750
--------------
Machinery (Diversified) (0.70%)
1,700 Briggs & Stratton Corp. 68,638
11,400 Caterpillar, Inc. 639,825
6,200 Cooper Industries Inc. 209,250
4,900 Deere & Co. 437,937
2,700 Harnischfeger Industries, Inc. 85,050
6,000 Ingersoll-Rand Co. 212,250
2,300 Varity Corp.* 83,375
--------------
1,736,325
--------------
Manufactured Housing (0.02%)
2,600 Fleetwood Enterprises, Inc. 53,300
100 Skyline Corp. 1,750
--------------
55,050
--------------
Manufacturing
(Diversified Industries) (0.66%)
1,700 Crane Company 60,138
6,400 Dover Corp. 252,800
6,700 Illinois Tool Works, Inc. 389,437
2,300 Johnson Controls, Inc. 133,975
2,600 Millipore Corp. 91,975
600 Nacco Industries, Inc. 34,350
6,600 Pall Corp. 160,875
4,250 Parker Hannifin Corp. 143,438
1,800 Timken Co. 72,450
1,600 Trinova Corp. 45,000
4,300 Tyco International Ltd. 261,225
--------------
1,645,663
--------------
Medical Products & Supplies (1.02%)
3,100 Bard (C.R.), Inc. 87,575
3,300 Bausch & Lomb, Inc. 114,263
15,900 Baxter International, Inc. 614,137
3,800 Becton, Dickinson & Co. 247,000
6,600 Biomet, Inc.* 109,725
7,900 Boston Scientific Corp.* 332,787
13,200 Medtronic, Inc. 762,300
2,600 St. Jude Medical, Inc.* 138,450
2,800 Sigma Aldrich Corp. 133,000
--------------
2,539,237
--------------
Metals Miscellaneous (0.28%)
2,400 ASARCO, Inc. 77,400
5,400 Cyprus Minerals Co. 141,075
6,800 Inco Ltd. 233,750
3,900 Phelps Dodge Corp. 247,162
--------------
699,387
--------------
Miscellaneous (4.06%)
3,200 Alco Standard Corp. 283,200
3,700 Allergan, Inc. 108,687
16,200 Allied-Signal, Inc. 688,500
4,300 American Greetings Corp. 135,450
15,200 Amgen Corp.* 729,600
6,000 Block (H.R.), Inc. 247,500
13,100 Corning, Inc. 342,237
9,100 CUC International, Inc.* 315,088
4,700 Deluxe Corp. 126,312
5,400 Dial Corp. 131,625
8,700 Donnelley (R.R.) & Sons Co. 317,550
4,700 Eastman Chemical Co. 279,650
19,500 Eastman Kodak Co. 1,221,187
2,700 General Signal Corp. 86,063
4,200 Harcourt General Corp. 166,425
1,800 Harland (John H.) Co. 37,350
2,200 Harris Corp. 127,875
4,500 Interpublic Group 174,375
2,200 Jostens, Inc. 49,775
2,900 Kerr-McGee Corp. 159,863
3,100 Loews Corp. 454,538
2,000 Louisiana Land &
Exploration Co. 70,750
24,000 Minnesota Mining &
Manufacturing Co. 1,365,000
4,800 Pioneer Hi-Bred International
Corp. 238,200
2,600 Polaroid Corp. 111,150
11,000 Price/Costco, Inc.* 187,000
5,900 Service Corp. International 236,737
1,200 Springs Industries, Inc. 51,450
3,700 TRW, Inc. 243,275
3,300 US Surgical Corp. 80,850
20,600 Viacom, Inc. Class B* 1,030,000
6,000 Whitman Corp. 127,500
5,700 The Williams Cos., Inc. 220,163
--------------
10,144,925
--------------
Office Equipment & Supplies (0.51%)
5,700 Moore Corp. Ltd. 109,013
8,600 Pitney Bowes, Inc. 375,175
6,100 Xerox Corp. 791,475
--------------
1,275,663
--------------
Oil & Gas Drilling (0.03%)
1,400 Helmerich & Payne, Inc. 36,225
4,800 Rowan Companies, Inc.* 31,800
--------------
68,025
--------------
Oil (Exploration & Production) (0.20%)
7,200 Burlington Resources, Inc. 259,200
5,900 Oryx Energy Co.* 67,850
5,100 Santa Fe Energy
Resources, Inc.* 45,263
3,100 Western Atlas, Inc.* 136,012
--------------
508,325
--------------
Oil (Domestic Integrated) (1.24%)
5,400 Amerada Hess Corp. 243,675
3,600 Ashland Oil, Inc. 113,850
9,200 Atlantic Richfield Co. 982,100
18,200 Occidental Petroleum Corp. 391,300
2,600 Pennzoil Co. 98,150
14,900 Phillips Petroleum Co. 480,525
4,392 Sun Co. Inc. 125,721
17,000 USX-Marathon Group 301,750
14,100 Unocal Corp. 370,125
--------------
3,107,196
--------------
Oil (International Integrated) (6.42%)
28,400 Amoco Corp. 1,814,050
37,200 Chevron Corp. 1,739,100
71,000 Exxon Corp. 5,422,625
22,600 Mobil Corp. 2,276,950
30,700 Royal Dutch Petroleum Co. 3,772,263
14,800 Texaco, Inc. 1,008,250
--------------
16,033,238
--------------
Oil Well Equipment & Services (0.63%)
8,100 Baker Hughes, Inc. 158,963
10,500 Dresser Industries, Inc. 217,875
6,600 Halliburton Co. 273,900
3,100 McDermott International, Inc. 49,212
13,900 Schlumberger Ltd. 865,275
--------------
1,565,225
--------------
Paper & Forest Products (1.61%)
2,700 Boise Cascade Corp. 97,875
5,600 Champion International Corp. 299,600
2,600 Federal Paper Board Co. 109,200
5,200 Georgia-Pacific Corp. 429,000
14,500 International Paper Co. 536,500
4,700 James River Corp. 150,988
9,200 Kimberly-Clark Corp. 668,150
6,100 Louisiana Pacific Corp. 145,637
3,100 Mead Corp. 178,638
1,600 Potlatch Corp. 67,400
8,600 Scott Paper Co. 457,950
4,000 Union Camp Corp. 203,500
5,800 Westvaco Corp. 160,950
11,600 Weyerhaeuser Co. 511,850
--------------
4,017,238
--------------
Pollution Control (0.51%)
12,200 Browning-Ferris
Industries, Inc. 355,325
14,500 Laidlaw, Inc. Class B 130,500
27,700 WMX Technologies, Inc. 779,062
700 Zurn Industries, Inc. 17,500
--------------
1,282,387
--------------
Publishing (0.67%)
9,700 Dun & Bradstreet Corp. 579,575
2,800 McGraw-Hill, Inc. 229,250
1,500 Meredith Corp. 53,625
22,000 Time Warner, Inc. 803,000
--------------
1,665,450
--------------
Publishing (Newspapers) (0.55%)
5,600 Dow Jones & Co., Inc. 197,400
8,000 Gannett Co., Inc. 435,000
2,900 Knight-Ridder, Inc. 160,950
5,600 New York Times Co. Class A 155,400
6,500 Times Mirror Co. Series A 188,500
3,700 Tribune Co. 233,562
--------------
1,370,812
--------------
Restaurants (0.73%)
1,300 Luby's Cafeterias, Inc. 26,975
39,700 McDonald's Corp. 1,627,700
3,100 Ryan's Family Steak
Houses, Inc.* 24,025
2,400 Shoney's, Inc.* 26,700
5,900 Wendy's International, Inc. 117,263
--------------
1,822,663
--------------
Retail Stores (Department) (0.62%)
6,400 Dillard Dept. Stores, Inc.
Class A 173,600
14,200 May Department Stores Co. 557,350
2,100 Mercantile Stores Co., Inc. 94,237
4,700 Nordstrom, Inc. 174,194
13,000 J.C. Penney Co. 547,625
--------------
1,547,006
--------------
Retail Stores (Drugs) (0.23%)
1,200 Longs Drug Stores Corp. 48,000
4,800 Rite Aid Corp. 129,600
14,100 Walgreen Co. 401,850
--------------
579,450
--------------
Retail Stores (Food Chains) (0.57%)
14,500 Albertson's, Inc. 482,125
8,500 American Stores Co. 253,938
127 Bruno's, Inc. 1,381
3,400 Giant Food, Inc. Class A 109,225
2,200 Great Atlantic & Pacific
Tea Co., Inc. 44,550
7,000 Kroger Co.* 233,625
4,400 Winn-Dixie Stores, Inc. 286,000
--------------
1,410,844
--------------
Retail Stores
(General Merchandise) (1.64%)
4,100 Dayton-Hudson Corp. 281,875
26,200 K Mart Corp. 212,875
22,100 Sears, Roebuck & Co. 751,400
131,200 Wal-Mart Stores, Inc. 2,837,200
--------------
4,083,350
--------------
Retail Stores (Specialty) (0.94%)
5,600 Circuit City Stores, Inc. 186,900
27,100 Home Depot, Inc. 1,009,475
9,200 Lowes Companies, Inc. 248,400
6,000 Melville Corp. 192,000
3,500 Pep Boys -Manny,
Moe & Jack 76,562
200 Price Enterprises, Inc. 2,900
3,700 Tandy Corp. 182,688
15,900 Toys "R" Us, Inc.* 347,813
7,500 Woolworth Corp. 109,687
--------------
2,356,425
--------------
Retail Stores (Specialty-Apparel) (0.31%)
5,900 Charming Shoppes, Inc. 16,963
8,200 Gap (The), Inc. 322,875
20,400 Limited, Inc. 374,850
4,100 TJX Companies, Inc. 55,350
--------------
770,038
--------------
Shoes (0.26%)
1,000 Brown Group, Inc. 13,750
8,000 NIKE, Inc. Class B 454,000
4,500 Reebok Int'l. Ltd. 153,000
2,800 Stride Rite Corp. 31,500
--------------
652,250
--------------
Steel (0.26%)
6,100 Armco, Inc.* 37,362
6,300 Bethlehem Steel Corp.* 82,688
2,700 Inland Steel Industries, Inc. 63,113
5,000 Nucor Corp. 240,625
4,700 USX-U.S. Steel Group 140,412
5,200 Worthington Industries, Inc. 86,450
--------------
650,650
--------------
Telecommunications
(Long Distance) (3.02%)
90,600 A T & T Co. 5,798,400
38,800 MCI Communications Corp. 967,575
20,000 Sprint Corp. 770,000
--------------
7,535,975
--------------
Textile (Apparel Manufacturers) (0.17%)
4,000 Fruit of the Loom, Inc.
Class A * 69,500
200 Hartmarx Corp.* 1,000
4,300 Liz Claiborne, Inc. 122,012
100 Oshkosh B'Gosh, Inc. Class A 1,325
2,200 Russell Corp. 54,450
3,600 V.F. Corp. 172,350
--------------
420,637
--------------
Tobacco (1.95%)
10,900 American Brands, Inc. 467,338
48,100 Philip Morris Cos., Inc. 4,064,450
11,200 UST, Inc. 336,000
--------------
4,867,788
--------------
Toys (0.21%)
5,000 Hasbro, Inc. 152,500
12,725 Mattel, Inc. 365,844
--------------
518,344
--------------
Total Industrial 186,292,852
--------------
TRANSPORTATION (1.63%)
Airlines (0.28%)
4,400 AMR Corp.* 290,400
2,900 Delta Air Lines, Inc. 190,313
8,200 Southwest Airlines Co. 164,000
3,600 USAir Group, Inc.* 49,050
--------------
693,763
--------------
Railroads (1.13%)
8,006 Burlington Northern, Inc. 671,503
6,000 CSX Corp. 502,500
4,500 Conrail, Inc. 309,375
7,500 Norfolk Southern Corp. 579,375
11,800 Union Pacific Corp. 771,425
--------------
2,834,178
--------------
Truckers (0.07%)
2,500 Consolidated Freightways,
Inc. 58,125
2,200 Roadway Services, Inc. 98,450
1,600 Yellow Corp. 21,000
--------------
177,575
--------------
Transportation (Miscellaneous) (0.15%)
3,200 Federal Express Corp.* 262,800
4,500 Ryder System, Inc. 108,562
--------------
371,362
--------------
Total Transportation 4,076,878
--------------
UTILITIES (9.84%)
Electric Companies (3.66%)
10,600 American Electric Power
Co., Inc. 404,125
8,400 Baltimore Gas & Electric Co. 224,700
8,800 Carolina Power & Light Co. 288,200
10,900 Central & South West Corp. 291,575
8,825 Cinergy Corp. 250,409
13,400 Consolidated Edison Co. of
N.Y., Inc. 407,025
8,400 Detroit Edison Co. 283,500
9,900 Dominion Resources, Inc. 393,525
11,700 Duke Power Co. 523,575
13,000 Entergy Corp. 370,500
10,600 FPL Group, Inc. 443,875
6,200 General Public Utilities Corp. 193,750
7,500 Houston Industries, Inc. 347,813
8,300 Niagara Mohawk Power Corp. 89,225
3,800 Northern States Power Co. 179,550
8,700 Ohio Edison Co. 199,012
12,700 PECO Energy Co. 371,475
24,300 Pacific Gas & Electric Co. 713,813
16,300 PacifiCorp 307,662
14,000 Public Service Enterprise
Group, Inc. 411,250
25,500 SCE Corp. 433,500
38,000 Southern Co. 907,250
12,900 Texas Utilities Co. 474,075
12,200 Unicom Corp. 399,550
5,800 Union Electric Corp. 226,200
--------------
9,135,134
--------------
Natural Gas (0.70%)
6,000 Coastal Corp. 194,250
2,800 Columbia Gas Systems, Inc.* 107,800
5,400 Consolidated Natural Gas Co. 205,200
14,400 Enron Corp. 495,000
3,900 ENSEARCH Corp. 56,550
2,800 NICOR, Inc. 75,250
7,100 Noram Energy Corp. 55,025
1,500 ONEOK, Inc. 36,563
4,800 Pacific Enterprises 118,800
8,500 Panhandle Eastern Corp. 214,625
2,000 Peoples Energy Corp. 57,500
4,900 Sonat, Inc. 140,875
--------------
1,757,438
--------------
Telephone (5.48%)
28,300 Airtouch Communications
Corp.* 806,550
31,600 Ameritech Corp. 1,706,400
25,000 Bell Atlantic Corp. 1,590,625
28,400 BellSouth Corp. 2,172,600
55,400 GTE Corp. 2,285,250
24,400 NYNEX Corp. 1,146,800
24,400 Pacific Telesis Group 741,150
34,800 SBC Communications, Inc. 1,944,450
26,900 U.S. West, Inc. 1,281,113
--------------
13,674,938
--------------
Total Utilities 24,567,510
--------------
FINANCIAL (12.07%)
Financial Miscellaneous (2.43%)
27,900 American Express Co. 1,133,437
11,700 American General Corp. 384,638
9,600 Dean Witter Discover & Co. 477,600
10,400 Federal Home Loan Mortgage 720,200
15,600 Federal National Mortgage
Association 1,636,050
8,500 MBNA Corp. 313,438
10,100 Merrill Lynch & Co., Inc. 560,550
4,000 Morgan Stanley Group, Inc. 348,000
6,100 Salomon, Inc. 220,362
3,900 Transamerica Corp. 264,225
--------------
6,058,500
--------------
Life Insurance (0.35%)
2,700 Jefferson-Pilot Corp. 178,200
5,900 Lincoln National Corp. 263,288
5,500 Providian Corp. 215,875
4,000 Torchmark Corp. 166,000
2,000 USLIFE Corp. 57,000
--------------
880,363
--------------
Major Regional Banks (3.55%)
22,700 Banc One Corp. 766,125
10,100 Bank of New York, Inc. 424,200
5,600 Barnett Banks, Inc. 309,400
7,100 Boatmen's Bancshares, Inc. 269,800
8,000 CoreStates Financial Corp. 291,000
7,100 First Bank System, Inc. 353,225
4,600 First Fidelity Bancorp 300,725
4,400 First Interstate Bancorp 567,600
9,800 First Union Corp. 486,325
8,000 Fleet Financial Group 310,000
13,100 Keycorp 442,125
8,800 NBD Bancorp, Inc. 334,400
8,400 National City Corp. 259,350
15,500 NationsBank Corp. 1,019,125
18,500 Norwest Corp. 545,750
13,100 PNC Financial Corp. 343,875
7,300 Shawmut National Corp. 247,287
6,600 Suntrust Banks, Inc. 425,700
5,600 U.S. Bancorp, Inc. 165,900
9,800 Wachovia Corp. 432,425
2,700 Wells Fargo & Co. 567,337
--------------
8,861,674
--------------
Money Center Banks (1.80%)
4,500 Bankers Trust N.Y. Corp. 286,875
10,000 Chase Manhattan Corp. 570,000
14,400 Chemical Banking Corp. 819,000
22,700 Citicorp 1,472,663
5,100 First Chicago Corp. 346,162
10,700 Morgan (J.P.) & Co., Inc. 825,237
2,900 Republic New York Corp. 170,012
--------------
4,489,949
--------------
Multi-Line Insurance (2.09%)
25,111 Allstate Corp. 922,829
6,400 Aetna Life & Casualty Co. 450,400
27,150 American International
Group, Inc. 2,290,781
4,100 CIGNA Corp. 406,413
93 Transport Holding, Inc.
Class A* 3,650
18,200 Travelers, Inc. 919,100
4,100 Unum Corp. 215,763
--------------
5,208,936
--------------
Other Major Banks (0.77%)
6,300 Bank of Boston Corp. 280,350
21,400 BankAmerica Corp. 1,230,500
8,400 Mellon Bank Corp. 421,050
--------------
1,931,900
--------------
Personal Loans (0.19%)
3,000 Beneficial Corp. 147,000
5,600 Household International, Inc. 315,000
--------------
462,000
--------------
Property-Casualty Insurance (0.68%)
5,000 The Chubb Corp. 449,375
4,700 General Re Corp. 680,913
3,600 SAFECO Corp. 231,075
4,800 St. Paul Companies, Inc. 243,600
6,200 USF&G Corp. 103,850
--------------
1,708,813
--------------
Savings & Loans Companies (0.21%)
6,700 Ahmanson (H.F.) & Co. 167,500
3,400 Golden West Financial Corp. 170,425
7,700 Great Western Financial
Corp. 174,212
--------------
512,137
--------------
Total Financial 30,114,272
--------------
Total Common Stock
(cost $200,634,170) 245,051,512
--------------
Principal
Amount
----------
SHORT-TERM INVESTMENTS (2.02%)
Repurchase Agreement (1.62%)(b)
$4,049,000 CS First Boston Corp.
5.82% 11/1/95
(cost $4,049,000;
maturity value $4,049,655) 4,049,000
United States Treasury Bill (0.40%)(c)
100,000 5.29%; 11/30/95
(cost $995,743) 995,743
--------------
Total Short-term Investment
(cost $5,044,743) 5,044,743
--------------
Total Investments (cost $205,678,913)
(100.19%)(a) 250,096,255
Liabilities Less Other Asse (476,984)
--------------
Net Assets (100.00%) $249,619,271
==============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $205,678,913. At
October 31, 1995 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $47,306,508
Gross unrealized depreciation (2,889,166)
------------
Net unrealized appreciation $44,417,342
============
(b) The Repurchase Agreement is collateralized by obligations of the United
States government and its agencies with a market value of $4,134,591, which
exceeds the value of the repurchase agreement. It is the Fund's policy to
always receive, as collateral, securities whose value, including accrued
interest, will be at least equal to 102% of the dollar amount to be paid to
the Fund under each agreement at its maturity. The value of the securities are
monitored daily. If the value falls below 101% of the amount to be paid at
maturity, additional collateral is obtained. The Fund makes payment for such
securities only upon physical delivery or evidence of book entry transferred
to the account of its custodian.
(c) At October 31, 1995, the market value of $995,743 of the U.S. Treasury
Bill was pledged to cover margin requirements for futures contracts.
Futures contracts at October 31, 1995:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Appreciation
--------------
S&P 500 Stock Index:
20/Dec/Buy $ 40,000
========
See accompanying notes to financial statements
October 31, 1995
The Rightime
Rightime Social Awareness Fund
Family of Funds Portfolio of Investments
- - - ---------------------------------------------------------------------
Value
Shares (Note 1)
------ --------
COMMON STOCK (90.71%)
Beverages (SoftDrinks) (15.77%)
16,200 Coca Cola Co. $1,164,375
------------
Chemicals & Materials (1.75%)
500 Arco Chemical Co. 24,500
800 Cabot Corp. 38,000
2,200 Morton International, Inc. 67,100
------------
129,600
------------
Computer Software & Services (5.62%)
1,800 Automatic Data
Processing Corp. 128,700
3,700 Cisco Systems* 286,750
------------
415,450
------------
Electronics (Semi-Conductors) (10.03%)
1,600 Advanced Micro
Devices, Inc. * 38,200
900 Avnet, Inc. 45,337
9,400 Intel Corp. 656,825
------------
740,362
------------
Financial (Miscellaneous) (3.29%)
2,800 American General Corp. 92,050
1,600 Block (H&R), Inc. 66,000
1,500 Household International,
Inc. 84,375
------------
242,425
------------
Foods (.30%)
700 Hannaford Brothers Co. 18,288
800 TCBY Enterprises, Inc. 3,500
------------
21,788
------------
Heavy Duty Trucks & Parts (.87%)
1,900 Dana Corp. 48,687
1,600 Spartan Motors, Inc. 15,400
------------
64,087
------------
HealthCare (5.10%)
1,900 Alza Corp.* 41,800
4,100 Johnson & Johnson 334,150
------------
375,950
------------
Insurance (.44%)
525 Cincinnati Financial Corp. 32,288
------------
Banks (8.83%)
1,800 Bank of Boston 80,100
4,400 Bank America 253,000
1,400 Barnett Bank Inc. 77,350
1,000 Fifth Third Bancorp 67,250
900 First Fidelity Bancorp 58,837
2,600 Wachovia Corp. 114,725
------------
651,262
------------
Manufacturing (.94%)
1,200 Skyline Corp. 21,000
1,050 Thermo Electron Corp. * 48,300
------------
69,300
------------
Miscellaneous (13.44%)
800 Alco Standard Corp. 70,800
1,300 Bemis Co. 33,800
300 GATX Corp. 14,250
1,500 Grainger (W.W.) Inc. 93,750
800 Jostens, Inc. 18,100
1,000 Kelly Services, Inc. Class A 25,125
1,500 Oneida Ltd. 24,750
7,100 Procter & Gamble Co. 575,100
800 Smith (A.O.) Corp. 16,600
900 The Stanley Works 42,975
900 Stryker Corp. 40,613
900 Telephone & Data
Systems , Inc. 36,000
------------
991,863
------------
Oil & Metals (3.35%)
1,900 Atlantic Richfield Co.. 202,825
1,700 Cypress Amax Minerals Co. 44,412
------------
247,237
------------
Pharmaceuticals(.45%)
800 Forest Laboratories, Inc. * 33,100
------------
Publishing (3.58%)
1,800 Gannett Co. , Inc. 97,875
300 Lee Enterprises, Inc. 11,963
1,900 New York Times Co. Class A 52,725
800 McGraw-Hill, Inc. 65,500
1,000 Meredith Corp. 35,750
------------
263,813
------------
Property - Casualty Insurance (.98%)
700 St. Paul Companies, Inc. 35,525
2,200 USF & G Corp. 36,850
------------
72,375
------------
RailRoads (1.12%)
1,200 Conrail, Inc. 82,500
------------
Retail Stores (11.20%)
1,900 Hechinger Co. Class A 8,312
6,200 Home Depot, Inc. 230,950
2,000 Kroger Co. * 66,750
2,900 Penney, (J.C.) Co. Inc. 122,163
5,100 Sears, Roebuck & Co. 173,400
3,200 Toys R Us, Inc * 70,000
3,400 Walgreen Co. 96,900
1,600 Whole Foods Market, Inc.* 19,600
2,600 Woolworth Corp. 38,025
------------
826,100
------------
Shoes (2.31%)
3,000 Nike, Inc. Class B 170,250
------------
Steel (1.28%)
1,300 Nucor Corp. 62,562
1,900 Worthington Industries, Inc.. 31,588
------------
94,150
------------
Textiles (.06%)
100 Springs Industries, Inc. 4,288
------------
Total Common Stock
(cost $5,592,720) 6,692,563
------------
Principal
Amount
- - - ----------
SHORT-TERM INVESTMENTS (9.03%)
Repurchase Agreement (7.67%)(b)
$566,000 CS First Boston Corp.
5.82%; 11/1/95
(cost $566,000;
maturity value $566,092) $566,000
United States Treasury Bill (1.36%)(c)
100,000 5.42%; 11/2/95
(cost $99,985) 99,985
------------
Total Short-term Investments
(cost $665,985) 665,985
------------
Total Investments (cost $6,258,705)
(99.74%)(a) 7,358,548
Other Assets Less Liabilities (.26%) 19,515
------------
Net Assets (100.00%) $7,378,063
============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $6,258,705. At October
31, 1995 unrealized appreciation (depreciation) of securities for federal
income tax purposes is as follows:
Gross unrealized appreciation $1,266,739
Gross unrealized depreciation (166,896)
------------
Net unrealized appreciation $1,099,843
============
(b) The Repurchase Agreement is collateralized by obligations of the United
States government and its agencies with a market value of $578,703, which
exceeds the value of the repurchase agreement. It is the Fund's policy to
always receive, as collateral, securities whose value, including accrued
interest, will be at least equal to 102% of the dollar amount to be paid to
the Fund under each agreement at its maturity. The value of the securities are
monitored daily. If the value falls below 101% of the amount to be paid at
maturity, additional collateral is obtained. The Fund makes payment for such
securities only upon physical delivery or evidence of book entry transferred
to the account of its custodian.
(c) At October 31, 1995, the market value of $99,985 of the U.S. Treasury Bill
was pledged to cover margin requirements for futures contracts.
Futures contracts at October 31, 1995:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Appreciation
--------------
S&P 500 Stock Index:
2/Dec/Buy $375
====
October 31, 1995
The Rightime
Rightime MidCap Fund
Family of Funds Portfolio of Investments
- - - ---------------------------------------------------------------------
Value
Shares (Note 1)
- - - ---------- ---------
COMMON STOCK (89.44%)
INDUSTRIALS (59.95%)
Aerospace/Defense (0.82%)
2,306 OEA Inc. $62,839
2,297 Precision Castparts Corp. 82,118
2,171 Rohr Industries, Inc.* 32,294
1,212 Sequa Corp. Class A* 31,209
27 Southwest Airlines Co. 540
3,924 Sundstrand Corp. 240,345
2,306 Thiokol Corp. 79,845
4,124 Universal Corp. 86,604
------------
615,794
------------
Auto Parts & Equipment (0.16%)
2,641 Arvin Industries, Inc. 46,878
4,200 Federal-Mogul Corp. 75,075
------------
121,953
------------
Biotechnology (1.15%)
3,836 Biogen, Inc. * 234,955
5,848 Centocor, Inc. * 65,790
4,280 Chiron Corp. * 389,480
240 Genetics Institute, Inc.* 8,940
2,777 Genzyme Corp. 161,760
64 Genzyme Corp. -
Tissue Repair* 1,144
24 XOMA Corp. * 68
------------
862,137
------------
Broadcast Media(0.54%)
3,352 Chris-Craft Industries, Inc.* 133,661
4,342 Multimedia, Inc. * 192,134
2,794 TCA Cable TV, Inc. 82,772
------------
408,567
------------
Building Materials (0.16%)
2,877 Calmat Co. 48,549
1,347 Granite Construction, Inc. 38,221
2,053 Southdown, Inc.* 33,361
------------
120,131
------------
Cellular Communications (0.39%)
13,884 Nextel Communications * 192,641
4,468 Vanguard Cellular
Systems, Inc. * 99,972
------------
292,613
------------
Chemicals & Materials (3.68%)
7,800 Albemarle Corp. 145,275
3,483 Betz Laboratories, Inc. 140,191
4,342 Cabot Corp. 206,245
4,830 Calgon Carbon Corp. 54,941
5,942 Crompton & Knowles Corp. 75,018
2,794 Dexter Corp. 66,707
15,608 Ethyl Corp. 173,639
3,492 Ferro Corp. 80,752
1,573 Fuller (H.B.) Co. 49,550
5,030 Georgia Gulf Corp. 166,619
4,315 Hanna (M.A.) Co. 110,572
3,259 IMC Fertilizer Group, Inc. 228,130
5,401 Lawter International 57,386
4,042 Loctite Corp. 190,985
7,596 Lubrizol Corp. 218,385
9,425 Lyondell Petrochemical Co. 201,459
2,388 Olin Corp. 152,832
6,563 RPM, Inc. 127,158
4,361 Schulman (A.), Inc. 81,769
6,431 Sterling Chemicals, Inc.* 51,448
6,389 Witco Corp. 180,489
------------
2,759,550
------------
Commercial Services
(Advertising) (0.42%)
2,994 Information Resource, Inc.* 32,560
4,383 Omnicom Group 279,964
------------
312,524
------------
Commercial Services
(Specialized) (1.03%)
2,306 Banta Corp. 99,735
1,582 CPI Corp. 28,871
5,377 Comsat Corp. 106,868
4,477 Fiserv, Inc. * 115,283
3,706 Flightsafety
International, Inc. 176,962
2,877 Jacobs Engineering
Group, Inc.* 62,934
2,053 PHH Corp. 89,819
4,333 Rollins, Inc. 90,993
------------
771,465
------------
Commercial Services
(Uniform Rentals) (0.34%)
1,076 Angelica Corp. 24,210
5,454 Cintas Corporation 229,068
------------
253,278
------------
Communications Equipment (2.63%)
6,794 ADC Telecommunications,
Inc. * 271,760
14,396 Bay Networks, Inc.* 953,735
8,345 Cabletron Systems* 656,126
2,771 Octel Communications
Corp. * 94,560
------------
1,976,181
------------
Computer Hardware (2.40%)
3,483 AST Research, Inc. * 30,912
6,089 Conner Peripherals, Inc. * 109,602
2,994 Convex Computer Corp. * 13,473
8,902 Dell Computer Corp. * 415,056
2,424 Exabyte Corp. * 31,361
1,871 Measurex Corp. 57,533
5,718 Mentor Graphics Corp.* 120,078
5,365 Quantum Corp. * 93,217
8,578 Seagate Technology * 383,866
3,500 Sequent Computer Systems * 60,813
5,000 Solectron Corp.* 201,250
7,973 Storage Technology Corp.* 196,335
2,777 Stratus Computer, Inc. * 86,434
------------
1,799,930
------------
Computer Software & Services (3.65%)
7,001 Adobe Systems, Inc. 399,057
5,860 BMC Software, Inc. * 208,762
3,330 Borland International, Inc.* 45,371
6,875 Cadence Design Systems, Inc.* 221,703
4,539 Comdisco, Inc. 138,440
6,500 Compuware Corp.* 147,875
25,800 EMC Corp.* 399,900
15,200 Informix Corp.* 442,700
4,042 Intelligent Electronics, Inc. 30,820
6,595 Parametric
Technology Corp. * 441,041
2,259 Policy Management
Systems Corp. * 106,455
35 Sterling Software, Inc.* 1,614
3,283 Structural Dynamics
Research Corp. * 59,915
3,947 Symantec Corp. * 95,961
------------
2,739,614
------------
Consumer Products (0.64%)
2,306 Church & Dwight, Inc. 46,985
2,541 First Brands Corp. 116,251
1,041 National Presto
Industries, Inc. 42,160
2,388 Stanhome, Inc. 72,834
4,495 Tambrands, Inc. 201,151
------------
479,381
------------
Consumer Services (1.39%)
24,619 CUC International, Inc. * 852,433
5,031 The Olsten Corp. 193,693
------------
1,046,126
------------
Electrical Components &
Other Equipment (6.20%)
4,612 Altera Corp. * 279,026
8,883 Analog Devices, Inc.* 320,898
5,334 Arrow Electronics, Inc. 270,701
10,600 Atmel Corp.* 331,250
4,812 Avnet, Inc. 242,405
6,100 Best Buy Co.* 126,575
6,588 Cirrus Logic, Inc. * 277,519
4,424 Cypress
Semiconductor Corp. * 155,946
3,830 Hubbell, Inc. Class B 230,758
15,836 LSI Logic Corp. * 746,272
8,648 Linear Technology Corp. 378,350
2,794 MagnaTek, Inc. * 27,591
11,612 Molex, Inc. 383,196
8,542 Teradyne, Inc. * 285,089
3,942 Varian Associates, Inc. 202,520
8,577 Xilinx, Inc. * 394,542
------------
4,652,638
------------
Foods & Beverages (3.00%)
4,959 Bob Evans Farms, Inc. 89,262
16,933 Coca-Cola Enterprises, Inc. 450,841
4,677 Dean Foods Corp. 130,371
7,119 Dole Food, Inc. 267,852
1,682 Dreyer's Grand
Ice Cream, Inc. 58,029
4,459 Flowers Industries, Inc. 96,426
5,000 Hannaford Brothers Co. 130,625
2,188 International
Multifoods Corp. 44,854
3,536 Lance, Inc. 59,670
9,643 McCormick & Co., Inc. 238,664
2,388 Michael Foods, Inc. 28,954
3,030 Savannah Foods &
Industries, Inc. 37,875
3,300 Smucker (J.M.) Co. Class A 64,762
18,904 Tyson Foods, Inc. 451,333
3,030 Universal Foods Corp. 103,777
------------
2,253,295
------------
Gold & Other Precious Metals (0.54%)
9,625 Battle Mountain Gold Co. 73,391
291 Freeport McMoran
Copper & Gold, Inc.
Class A 6,657
12,605 Freeport McMoran
Copper & Gold, Inc.
Class B 286,764
1,076 Maxxam, Inc.* 39,812
------------
406,624
------------
Health Care Products
(Distribution) (0.45%)
4,560 Bergen Brunswig
Corp. Class A 94,620
4,773 Cardinal Distribution, Inc. 245,213
------------
339,833
------------
Health Care Services (2.30%)
4,222 Coram Healthcare Corp.* 16,888
4,453 FHP International Corp. * 107,985
7,500 Foundation Health Corp.* 317,812
13,566 HEALTHSOUTH
Rehabilitation Corp. * 354,412
4,006 Healthcare
COMPARE Corp. * 148,222
4,600 Health Care &
Retirement Corp.* 135,125
2,387 Horizon/CMS
Healthcare Corp.* 48,337
6,300 NovaCare, Inc. * 39,375
47 PacifiCare Health
Systems, Inc. Class A * 3,314
4,000 Pacificare Health
Systems, Inc. Class B * 291,000
4,459 Surgical Care Affiliates, Inc. 132,098
5,881 Value Health, Inc.* 134,528
------------
1,729,096
------------
Homebuilding (0.31%)
8,913 Clayton Homes, Inc. 233,966
------------
Iron & Steel (0.37%)
8,343 Allegheny Ludlum Corp. 140,788
1,347 Cleveland-Cliffs, Inc. 50,344
1,691 Lukens, Inc. 51,998
2,288 Oregon Steel Mills, Inc. 32,604
------------
275,734
------------
Leisure Time (Products) (0.81%)
7,966 Callaway Golf Co. 130,443
9,118 Harley-Davidson, Inc. 243,906
17,103 International
Game Technology 198,822
5,472 Topps, Inc.* 33,516
------------
606,687
------------
Leisure Time (Services) (0.89%)
10,249 Circus Circus Enterprises * 272,880
12,002 Mirage Resorts, Inc.* 393,066
------------
665,946
------------
Manufacturing (Automated
Transaction Systems) (0.35%)
3,509 Diebold, Inc. 185,977
2,877 Verifone, Inc. * 77,679
------------
263,656
------------
Manufacturing (Divsified
Industries) (1.18%)
4,101 Ametek, Inc. 72,280
8,500 Burlington Industries, Inc.* 94,563
4,342 CBI Industries, Inc. 135,145
1,700 Carlisle Companies 69,913
6,866 Danaher Corp. 212,846
3,836 Gencorp, Inc. 40,278
2,912 Harsco Corp. 153,608
2,162 Pentair, Inc. 109,181
------------
887,814
------------
Manufacturing (Specialized
Industries) (3.48%)
3,312 Albany International
Corp. Class A 68,724
12,167 American Power
Conversion Corp. * 124,712
2,900 Dentalsply International, Inc. 100,050
3,046 Donaldson, Inc. 74,246
2,370 Duriron Co., Inc. 63,398
5,330 Federal Signal Corp. 119,259
2,424 Goulds Pumps, Inc. 57,570
1,953 Kaydon Corp. 56,393
2,958 Kennametal, Inc. 92,068
4,124 Keystone
International, Inc. 91,759
1,465 Lawson Products, Inc. 35,160
9,954 Leggett & Platt, Inc. 238,896
3,400 Modine Manufacturing Co. 93,500
959 NCH Corp. 52,146
2,288 Nordson Corp. 132,132
3,300 Scherer (R.P.) Corp.* 146,850
3,853 Stewart & Stevenson
Services, Inc. 87,656
2,053 Teleflex, Inc. 86,996
10,581 Thermo Electron Corp. * 486,726
4,707 Trinity Industries, Inc. 139,445
3,400 Watts Industries, Inc.
Class A 70,125
4,459 York International Corp. 195,081
------------
2,612,892
------------
Medical Products & Supplies (1.16%)
3,300 Acuson Corp.* 38,363
1,529 Advanced Technology
Laboratories, Inc.* 27,522
3,283 Beckman Instruments 108,749
1,835 Datascope Corp. * 43,581
1,465 Diagnostic Products Corp. 54,205
1,835 Nellcor, Inc. * 105,513
9,600 Revco D.S., Inc.* 228,000
7 Sigma Aldrich Corp. 333
5,789 Stryker Corp. 261,229
------------
867,495
------------
Metals (Specialty) (0.35%)
5,400 Alumax, Inc.* 159,300
1,835 Brush Wellman, Inc. 30,736
1,918 Carpenter Technology Corp. 72,644
------------
262,680
------------
Miscellaneous (4.25%)
7,001 American Financial Group, Inc. 196,028
3,130 Arnold Industries, Inc. 50,862
5,900 Hospitality Franchise
Systems, Inc.* 361,375
5,572 IBP, Inc. 333,623
4,368 Kelly Services, Inc. Class A 109,746
3,420 Lancaster Colony Corp. 113,715
5,400 Litton Industries, Inc. 213,975
7,813 Mark IV Industries, Inc. 152,354
5,800 McKesson Corp. 276,950
5,107 Paychex, Inc. 221,516
3,112 Phillips-Van Heusen Corp. 31,509
3,382 Rayonier, Inc. 126,825
5,754 Ruddick Corp. 73,363
4,576 Sealed Air Corp.* 120,692
9,765 Sensormatic
Electronics Corp. 208,727
6,513 Sotheby's Holdings, Inc.
Class A 90,368
2,894 Symbol Technologies, Inc.* 100,928
2,500 Tecumseh Products Co.
Class A 117,500
5,200 Vulcan Materials Co. 289,250
------------
3,189,306
------------
Office Equipment & Supplies (1.40%)
1,953 Cross (A.T.) Co. Class A 27,830
1,853 Ennis Business Forms, Inc. 26,405
3,653 Hon Industries, Inc. 101,371
2,794 Miller (Herman), Inc. 82,772
19,655 Office Depot, Inc. * 562,624
4,948 Reynolds & Reynolds Co. 176,272
3,283 Standard Register Co. 73,868
------------
1,051,142
------------
Oil & Gas (2.93%)
6,966 Anadarko Petroleum Corp. 302,150
7,042 Apache Corp. 179,571
2,894 Atlanta Gas Light Co. 111,781
5,483 Brooklyn Union Gas Co. 137,760
3,283 Diamond Shamrock, Inc. 84,537
4,546 El Paso Natural Gas Co. 122,742
2,994 Freeport McMoran, Inc. 111,895
2,650 Indiana Energy, Inc. 55,981
3,418 Mapco, Inc. 176,027
5,401 Murphy Oil Corp. 204,563
6,007 Noble Affiliates, Inc. 148,673
4,000 Parker & Parsley
Petroleum Co. 74,000
3,647 Quaker State Corp. 47,867
11,797 Ranger Oil Ltd. 67,833
4,324 Seagull Energy Corp.* 74,048
4,300 Tosco Corp. 148,350
5,065 Valero Energy Corp. 119,661
3,871 Varco International, Inc.* 35,323
------------
2,202,762
------------
Oil & Gas Drilling (0.81%)
1,618 BJ Services Co.* 38,023
21,745 Global Marine, Inc.* 141,343
9,854 Nabors Industries, Inc.* 84,991
6,513 Parker Drilling Co.* 34,193
4,542 Smith International, Inc.* 72,672
6,378 Tidewater, Inc. 168,220
2,733 Weatherford Enterra, Inc.* 65,934
------------
605,376
------------
Paper/Forest Products/
Containers (2.08%)
4,542 Bowater, Inc. 200,983
2,877 Chesapeake Corp. of Virginia 88,108
5,283 Consolidated Papers 302,452
1,835 Gibson Greetings, Inc. 25,461
4,983 Glatfelter P.H. Company 92,185
6,142 Longview Fiber Co. 89,059
12,095 Sonoco Products 299,351
3,386 Wausau Paper Mills Co. 82,957
6,513 Willamette Industries, Inc. 377,754
------------
1,558,310
------------
Pharmaceuticals(1.18%)
5,418 Carter-Wallace, Inc. 56,889
5,265 Forest Laboratories, Inc.* 217,839
15,366 IVAX Corp. 349,577
13,935 Mylan Laboratories, Inc. 264,765
------------
889,070
------------
Pollution Control (0.06%)
3,712 Air & Water Technologies
Corp. Class A* 18,560
8,700 Rollins Environmental
Services, Inc.* 29,363
------------
47,923
------------
Publishing (Books) (0.12%)
1,682 Houghton Mifflin Co. 68,962
2,324 Western Publishing
Group, Inc.* 19,028
------------
87,990
------------
Publishing (Newspapers) (0.99%)
4,576 Belo (A.H.) Corp. Class A 158,444
2,800 Lee Enterprises, Inc. 111,650
3,030 Media General, Inc. Class A 84,082
1,347 Washington Post 390,630
------------
744,806
------------
Restaurants (0.62%)
8,465 Brinker International* 102,638
3,500 Buffets, Inc. * 43,750
7,006 Cracker Barrel Old
Country Store 119,102
2,812 International Dairy
Queen, Inc. Class A * 59,755
4,042 Morrison Restaurants, Inc. 63,156
2,912 NPC International, Inc.
Class A 18,928
2,397 Sbarro, Inc. 50,037
3,400 Sizzler International, Inc. 11,900
------------
469,266
------------
Retail Stores (Specialty) (3.15%)
2,400 Ann Taylor Stores Corp.* 26,400
6,016 CML Group, Inc. 34,592
2,306 Claire's Stores, Inc. 45,255
511 Dave & Busters, Inc.* 7,665
8,801 Dollar General Corp. 215,624
3,247 Duty Free International, Inc. 46,270
2,559 Edison Brothers Stores, Inc. 9,276
6,748 Family Dollar Stores, Inc. 102,907
5,572 Fingerhut Companies 75,919
2,424 Hancock Fabrics, Inc. 21,210
5,769 Heilig-Meyers Co. 106,005
11,090 Home Shopping Network, Inc.* 90,106
4,500 Kohl's Corp.* 204,188
4,142 Lands End, Inc.* 62,130
3,100 MacFrugual's Bargains, Inc.* 36,812
5,000 Nine West Group, Inc.* 222,500
9,000 Perrigo Co.* 110,250
11,814 Service Merchandise, Inc.* 63,500
18,326 Shaw Industries, Inc. 233,656
10,950 Staples, Inc.* 291,544
3,400 Superior Industries
International, Inc. 95,625
1,718 Tiffany & Co. 74,948
5,083 Vons Companies, Inc. * 128,981
3,871 Waban, Inc. * 60,484
------------
2,365,847
------------
Telecommunications
(Long Distance)(0.96%)
22,184 WorldCom, Inc.* 723,753
------------
Textile Speciality (0.58%)
8,990 Fruit of the Loom,
Inc. Class A * 156,201
8,376 Unifi, Inc. 188,460
3,853 Wellman, Inc. 90,545
------------
435,206
------------
Waste Management (0.03%)
3,483 Applied Bioscience
International, Inc.* 22,204
37 Laidlaw, Inc. Class B 333
------------
22,537
------------
Total Industrial 45,010,894
------------
TRANSPORTATION(1.41%)
Airfreight (0.07%)
2,306 Airborne Freight Corp. 60,531
------------
Airlines (0.16%)
1,565 Alaska Air Group, Inc. 23,279
3,906 Atlantic Southeast Airlines 96,673
------------
119,952
------------
Railroads (0.57%)
4,974 Illinois Central Corp. 190,255
5,048 Kansas City Southern
Industries Co. 235,363
------------
425,618
------------
Shipping (0.37%)
5,454 Alexander & Baldwin, Inc. 125,442
3,330 American
President Cos., Ltd. 80,753
4,253 Overseas Shipholding Group 72,301
------------
278,496
------------
Transportation(Miscellaneous) (0.24%)
2,288 GATX Corp. 108,680
4,400 Hunt (J.B.) Transport
Services, Inc. 68,200
------------
176,880
------------
Total Transportation 1,061,477
------------
UTILITIES (12.26%)
Electric Utilities(10.06%)
9,810 AES Corp. 193,748
15,597 Allegheny Power System, Inc. 411,371
6,360 Atlantic Energy, Inc. 123,225
1,673 Black Hills Corp. 42,034
10,225 CMS Energy Corp. 282,466
6,200 California Energy Co. 112,375
2,659 Central Louisiana Electric Co. 71,461
3,936 Central Maine Power Co. 54,612
7,048 Delmarva Power & Light Co. 155,056
12,467 Florida Progress Corp. 412,969
3,230 Hawaiian Electric
Industries, Inc. 125,970
4,342 Idaho Power Co. 120,491
9,037 Illinova Corp. 256,425
4,359 Ipalco Enterprises, Inc. 160,738
7,354 Kansas City Power &
Light Co. 182,931
3,853 L G & E Energy Corp. 159,899
4,998 MidAmerican Energy Co. 79,968
3,600 Minnesota Power & Light Co. 103,050
6,342 Montana Power Co. 144,280
7,643 NIPSCO Industries, Inc. 278,969
5,195 Nevada Power Co. 113,641
7,525 New England
Electric Systems 293,475
8,513 New York State Electric &
Gas Corp. 214,953
16,421 Northeast Utilities, Inc. 406,420
4,830 Oklahoma Gas & Electric Co. 193,200
11,467 Pinnacle West Capital Corp. 315,342
5,972 Portland General Corp. 161,991
15,632 Potomac Electric Power Co. 390,800
7,319 Public Service Co. Colorado 249,761
5,048 Public Service Co.
New Mexico 84,554
7,554 Puget Sound Power & Light 171,854
11,002 Scana Corp. 279,176
4,930 Southwestern Public
Service Co. 162,074
15,304 Teco Energy, Inc. 361,557
5,330 Utilicorp United, Inc. 153,904
3,500 WPL Holdings, Inc. 106,750
14,294 Wisconsin Energy Corp. 421,673
------------
7,553,163
------------
Gas Utilities (0.73%)
8,500 MCN Corp. 184,875
4,442 National Fuel & Gas Co. 132,150
4,795 Questar Corp. 144,449
4,712 Washington Gas Light Corp. 90,117
------------
551,591
------------
Telephone Companies (Local) (1.47%)
6,198 Century Telephone
Enterprises, Inc. 179,742
12,142 Frontier Corp. 327,834
3,970 Lincoln
Telecommunications Co. 68,482
7,590 Southern New England
Telecom 274,189
6,318 Telephone & Data
Systems, Inc. 252,720
------------
1,102,967
------------
Total Utilities 9,207,721
------------
FINANCIAL (15.82%)
Banks (8.18%)
4,974 Bancorp Hawaii, Inc. 166,629
4,577 Central Fidelity Banks, Inc. 141,887
5,301 City National Corp. 70,238
15,471 Comerica, Inc. 520,212
4,342 Crestar Financial Corp. 247,494
3,800 Dauphin Deposit Corp. 110,200
7,419 Fifth Third Bancorp 498,928
8,248 First American Bank Corp. 351,571
17,632 First Bank System, Inc. 877,192
5,668 First Security Corp. 185,627
3,883 First Tennessee
National Corp. 207,740
3,953 First Virginia Banks, Inc. 161,579
11,407 Marshall & Ilsley Corp. 276,620
4,815 Merchantile
Bancorporation, Inc 211,860
5,427 Mercantile Bankshares Corp. 149,243
6,848 Meridian Bancorp, Inc. 292,752
6,386 Northern Trust Corp. 304,931
4,859 Regions Financial Corp. 193,753
9,555 Southtrust Corp. 240,069
10,819 State Street Boston Corp. 420,589
6,442 UJB Financial Corp. 205,339
4,253 West One Bancorp 180,753
4,359 Wilmington Trust Corp. 128,590
------------
6,143,796
------------
Brokerage (1.31%)
8,031 Edwards (A.G.), Inc. 204,790
14,400 PaineWebber Group, Inc. 316,800
20,198 Schwab (Charles) Corp. 462,029
------------
983,619
------------
Financial Miscellaneous (0.95%)
126 Everen Capital Corp.
Exch. Per. Series A 2,725
19,400 Green Tree Financial Corp. 516,525
3,953 Kemper Corp. 191,720
------------
710,970
------------
Insurance (3.34%)
13,089 AFLAC, Inc. 533,377
13,514 Aon Corp. 555,763
10,237 Equifax, Inc. 399,243
2,406 Hartford Steam Boiler
Inspection & Insurance
Corp. 112,180
4,500 Healthsource, Inc.* 238,500
8,366 Progressive Corp. 347,189
5,318 Provident Life &
Accident Insurance Co.
Class B 142,256
2,677 Transatlantic Holdings, Inc. 180,363
------------
2,508,871
------------
Investment Banking (1.39%)
15,517 Bear Stearns Co. 308,400
8,419 Morgan Stanley Group, Inc. 732,453
------------
1,040,853
------------
Investment Management (0.65%)
9,661 Franklin Resources, Inc. 490,296
------------
Total Financial 11,878,405
------------
Total Common Stock
(cost $56,911,772) 67,158,497
------------
Principal Value
Amount (Note 1)
- - - ---------- ---------
SHORT-TERM INVESTMENTS (9.81%)
Repurchase Agreement (8.48%)(b)
$6,371,000 CS First Boston Corp.
5.82%; 11/1/95
(cost $6,371,000;
maturity value $6,372,030) $6,371,000
United States Treasury Bill (1.33%)(c)
1,000,000 5.29%; 11/30/95
(cost $995,743) 995,743
------------
Total Short-term Investments
(cost $7,366,743) 7,366,743
------------
Total Investments (cost $64,278,515)
(99.25%)(a) 74,525,240
Other Assets Less Liabilities (0.75%) 561,055
------------
Net Assets (100.00%) $75,086,295
===========
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $64,278,515. At October
31, 1995 unrealized appreciation (depreciation) of securities for federal
income tax purposes is as follows:
Gross unrealized appreciation $12,339,921
Gross unrealized depreciation (2,093,196)
------------
Net unrealized appreciation $10,246,725
============
(b) The Repurchase Agreement is collateralized by obligations of the United
States government and its agencies with a market value of $6,505,182, which
exceeds the value of the repurchase agreement. It is the Fund's policy to
always receive, as collateral, securities whose value, including accrued
interest, will be at least equal to 102% of the dollar amount to be paid to
the Fund under each agreement at its maturity. The value of the securities are
monitored daily. If the value falls below 101% of the amount to be paid at
maturity, additional collateral is obtained. The Fund makes payment for such
securities only upon physical delivery or evidence of book entry transferred
to the account of its custodian.
(c) At October 31, 1995, the market value of $995,743 of the U.S. Treasury
Bill was pledged to cover margin requirements for futures contracts.
Futures contracts at October 31, 1995:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Depreciation
--------------
S&P MidCap 400 Stock Index:
72/Dec/Buy $(270,000)
==========
See accompanying notes to financial statements
<TABLE>
<CAPTION>
Rightime Statements of
Family of Funds Assets and Liabilities
- - - -----------------------------------------------------------------------------------------------
The Rightime
Government The Rightime
The Rightime Securities Blue Chip
Fund Fund Fund
------------ ----------- ------------
<S> <C> <C> <C>
ASSETS
Investments in securities, at market value
(Identified cost $129,534,577, $17,627,278
and $205,678,913, respectively) (Note 1) $159,108,161 $18,657,356 $250,096,255
Cash 797 103 299,758
Receivables:
Dividends and interest 12,443 253,871 372,796
Fund shares sold 119,728 9,276 230,196
Variation margin -- 4,219 --
Prepaid expenses and other assets 37,527 6,959 59,767
------------ ----------- ------------
Total assets 159,278,656 18,931,784 251,058,772
------------ ----------- ------------
LIABILITIES
Payables:
Fund shares repurchased 216,335 297,127 911,764
Investment securities purchased -- -- 345,220
Variation margin 33,250 -- 15,500
Accrued expenses 54,460 -- 154,428
Other liabilities 8,572 1,798 12,589
------------ ----------- ------------
Total liabilities 312,617 298,925 1,439,501
------------ ----------- ------------
NET ASSETS (applicable to 4,233,065; 1,426,333
and 7,600,332 outstanding shares,
respectively) (Note 4) $158,966,039 $18,632,859 $249,619,271
============ =========== ============
Net asset value and redemption price per share $37.55 $13.06 $32.84
====== ====== ======
Maximum offering price per share $37.55 $13.71(1) $34.48(1)
====== ======== =========
NET ASSETS
At October 31, 1995 net assets consisted of:
Paid-in capital $125,419,424 $23,740,449 $196,065,834
Undistributed net investment income -- 127,351 2,064,369
Undistributed net realized gains (losses)
on investments 3,903,031 (6,276,363) 7,031,726
Net unrealized appreciation of investments 29,573,584 1,030,078 44,417,342
Net unrealized appreciation of futures contracts 70,000 11,344 40,000
------------- ----------- ------------
$158,966,039 $18,632,859 $249,619,271
============ =========== ============
(1) Net asset value, plus 4.99% of net asset value or 4.75% of offering price.
See accompanying notes to financial statements
<CAPTION>
Statement of Assets and Liabilities (cont.)
October 31, 1995
- - - -----------------------------------------------------------------------------------------------
The Rightime
Social The Rightime
Awareness MidCap
Fund Fund
------------ -----------
<S> <C> <C>
ASSETS
Investments in securities, at market value
(Identified cost $6,258,705 and
$64,278,515 respectively) (Note 1) $7,358,548 $74,525,240
Cash 360 2,658
Receivables:
Dividends and interest 5,886 72,502
Fund shares sold 26,620 56,433
Investment securities sold -- 738,950
Prepaid expenses and other assets 1,775 18,067
Deferred organization costs -- 7,354
---------- -----------
Total assets 7,393,189 75,421,204
---------- -----------
LIABILITIES
Payables:
Fund shares repurchased 3,510 288,287
Variation margin 1,550 25,200
Accrued expenses 9,669 19,152
Other liabilities 397 2,270
---------- -----------
Total liabilities 15,126 334,909
---------- -----------
NET ASSETS (applicable to 227,939 and 2,278,756
outstanding shares, respectively) (Note 4) $7,378,063 $75,086,295
========== ===========
Net asset value and redemption price per share $32.37 $32.95
====== ======
Maximum offering price per share $33.98(1) $34.59(1)
========= =========
NET ASSETS
At October 31, 1995 net assets consisted of:
Paid-in capital $6,150,224 $62,175,341
Undistributed net investment income -- 295,852
Undistributed net realized gains
on investments 127,621 2,638,377
Net unrealized appreciation of investments 1,099,843 10,246,725
Net unrealized appreciation (depreciation)
of futures contracts 375 (270,000)
---------- -----------
$7,378,063 $75,086,295
========== ===========
(1) Net asset value, plus 4.99% of net asset value or 4.75% of offering price.
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Rightime
Family of Funds Statements of Operations
- - - --------------------------------------------------------------------------------
The Rightime
Government The Rightime
The Rightime Securities Blue Chip
Fund Fund Fund
------------ ------------ ------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income
Dividends $ 840,027 $ -- $ 4,588,021
Interest 2,450,799 1,645,873 3,092,258
----------- ----------- -----------
Total income 3,290,826 1,645,873 7,680,279
----------- ----------- -----------
EXPENSES
Administrative services
(Note 2) 1,420,341 171,709 1,977,601
Investment advisory fees
(Note 2) 747,548 91,578 1,163,294
Distribution costs -- 12b-1
(Notes 2 and 3) 747,548 -- 581,647
Distribution costs --
service charge (Notes 2 and 3) 373,774 57,236 581,647
Transfer agent fees (Note 2) 198,946 56,637 365,625
Accounting services (Note 2) 55,708 24,034 68,509
Legal and audit fees 31,808 7,593 58,208
Custody fees 18,437 4,850 49,450
Franchise taxes 17,572 2,064 33,392
Reports to shareholders 18,688 2,551 36,270
Registration fees 9,965 8,712 11,932
Insurance 22,970 3,176 45,658
Directors fees 11,682 1,575 23,016
Miscellaneous 22,285 3,281 42,835
---------- ---------- -----------
Total expenses 3,697,272 434,996 5,039,084
----------- ----------- -----------
Net investment income (loss) (406,446) 1,210,877 2,641,195
----------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized gain from
security transactions 615,857 1,255,938 4,771,678
Capital gain distributions
from regulated investment
companies 1,472,323 -- --
Net realized gain (loss)
on futures contracts 2,701,095 (2,616,264) 2,009,198
Increase in unrealized
appreciation of investments 26,783,886 2,240,062 37,365,574
Increase (decrease) in unrealized
appreciation of
futures contracts 195,550 (772,625) 290,850
----------- ----------- -----------
Net gain on investments 31,768,711 107,111 44,437,300
----------- ----------- -----------
Net increase in net assets
resulting from operations $31,362,265 $ 1,317,988 $47,078,495
=========== =========== ===========
See accompanying notes to financial statements
<CAPTION>
Statements of Operations (cont.)
For The Year Ended October 31, 1995
- - - --------------------------------------------------------------------------------
The Rightime The Rightime
Social Awareness MidCap
Fund Fund
---------------- ------------
<S> <C> <C>
INVESTMENT INCOME
Income
Dividends $ 78,597 $ 960,843
Interest 137,372 1,186,465
---------- -----------
Total income 215,969 2,147,308
---------- -----------
EXPENSES
Administrative services (Note 2) 59,804 602,112
Investment advisory fees (Note 2) 35,179 354,183
Distribution costs -- 12b-1 (Notes 2 and 3) 17,590 177,092
Distribution costs -- service charge
(Notes 2 and 3) 17,590 177,092
Transfer agent fees (Note 2) 13,799 110,119
Accounting services (Note 2) 13,270 42,976
Legal and audit fees 8,774 14,048
Custody fees 6,495 18,432
Franchise taxes 1,276 7,084
Reports to shareholders 1,247 8,072
Registration fees 12,412 7,757
Insurance 1,508 9,934
Directors fees 762 5,177
Organization costs 2,155 6,778
Miscellaneous 1,610 9,806
---------- -----------
Total expenses 193,471 1,550,662
---------- -----------
Net investment income 22,498 596,646
---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain from security transactions 219,958 1,342,029
Net realized gain on futures contracts 88,781 1,296,140
Increase in unrealized appreciation
of investments 1,099,843 10,106,255
Increase (decrease) in unrealized
appreciation of futures contracts 375 (275,150)
---------- -----------
Net gain on investments 1,408,957 12,469,274
---------- -----------
Net increase in net assets resulting
from operations $1,431,455 $13,065,920
========== ===========
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Rightime Statements of
Family of Funds Changes in Net Assets
- - - --------------------------------------------------------------------------------------------------------
The Rightime The Rightime
Fund Government Securities Fund
- - - ----------------------------------------------------------------- --------------------------------------
For Year Ended For Year Ended For Year Ended For Year Ended
October 31, October 31, October 31, October 31,
1995 1994 1995 1994
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ (406,446) $ 1,232,709 $ 1,210,877 $ 1,351,901
Net realized gain (loss) from
security transactions 615,857 15,109,666 1,255,938 (3,289,225)
Capital gain distributions
from regulated
investment companies 1,472,323 4,994,358 -- --
Net realized gain (loss)
on futures contracts 2,701,095 (431,548) (2,616,264) 1,125,596
Net increase (decrease)
in unrealized appreciation
of investments 26,783,886 (21,382,441) 2,240,062 (1,702,953)
Net increase (decrease)
in unrealized appreciation
of futures contracts 195,550 (467,600) (772,625) 761,594
------------ ------------ ----------- -----------
Net increase (decrease)
in net assets resulting
from operations 31,362,265 (944,856) 1,317,988 (1,753,087)
Undistributed investment income
included in price of shares
sold and repurchased -- -- (50,176) (27,216)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions
from net realized
gains on investments (19,759,638) (7,739,951) -- --
Distributions from net
investment income (1,232,709) -- (1,105,663) (1,419,928)
CAPITAL SHARE TRANSACTIONS
Increase (decrease)
in net assets
resulting from capital share
transactions (Note 4) (611,445) (14,286,214) (7,275,667) (4,988,200)
------------ ------------ ----------- -----------
Total increase (decrease) 9,758,473 (22,971,021) (7,113,518) (8,188,431)
NET ASSETS
Beginning of year 149,207,566 172,178,587 25,746,377 33,934,808
------------ ------------ ----------- -----------
End of year * $158,966,039 $149,207,566 $18,632,859 $25,746,377
------------ ------------ ----------- -----------
*Including undistributed net
investment income of: -- $ 1,232,709 $ 127,351 $ 72,313
============ ============ =========== ===========
<CAPTION>
Statements of Changes in Net Assets (cont.)
- - - --------------------------------------------------------------------
The Rightime
Blue Chip Fund
- - - --------------------------------------------------------------------
For Year Ended For Year Ended
October 31, October 31,
1995 1994
-----------------------------------
<S> <C> <C>
OPERATIONS
Net investment income (loss) $ 2,641,195 $ 2,556,741
Net realized gain (loss) from
security transactions 4,771,678 38,586,635
Capital gain distributions
from regulated
investment companies -- --
Net realized gain (loss)
on futures contracts 2,009,198 986,254
Net increase (decrease)
in unrealized appreciation
of investments 37,365,574 (39,442,738)
Net increase (decrease)
in unrealized appreciation
of futures contracts 290,850 (356,725)
------------ ------------
Net increase (decrease)
in net assets resulting
from operations 47,078,495 2,330,167
Undistributed investment income
included in price of shares
sold and repurchased -- --
DISTRIBUTIONS TO SHAREHOLDERS
Distributions
from net realized
gains on investments (38,462,845) (1,201,643)
Distributions from net
investment income (3,055,769) (1,502,206)
CAPITAL SHARE TRANSACTIONS
Increase (decrease)
in net assets
resulting from capital share
transactions (Note 4) 22,377,451 (1,632,213)
------------ ------------
Total increase (decrease) 27,937,332 (2,005,895)
NET ASSETS
Beginning of year 221,681,939 223,687,834
------------ ------------
End of year * $249,619,271 $221,681,939
------------ ------------
*Including undistributed net
investment income of: $ 2,064,369 $ 2,409,491
============ ============
See accompanying notes to financial statements
<CAPTION>
Statements of Changes in Net Assets (cont.)
- - - ---------------------------------------------------------------------------------------------------------------
The Rightime The Rightime
Social Awareness Fund MidCap Fund
- - - ---------------------------------------------------------------------------------------------------------------
For Year Ended For Year Ended For Year Ended For Year Ended
October 31, 1995 October 31, 1994 October 31, 1995 October 31, 1994
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $ 22,498 $ 88,443 $ 596,646 $ 736,566
Net realized gain (loss)
from security transactions 219,958 (155,052) 1,342,029 2,116,190
Net realized gain (loss) on
futures contracts 88,781 802 1,296,140 (760,593)
Net increase (decrease) in
unrealized appreciation
of investments 1,099,843 (89,202) 10,106,255 (2,872,585)
Net increase (decrease) in
unrealized appreciation
of futures contracts 375 (6,175) (275,150) (38,650)
----------- ----------- ----------- -----------
Net increase (decrease) in
net assets resulting from
operations 1,431,455 (161,184) 13,065,920 (819,072)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized
gains on investments -- (638,728) (1,242,938) (4,451,405)
Distributions from net investment
income (121,786) -- (1,037,360) --
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net
assets resulting from capital
share transactions (Note 4) (1,153,378) (2,534,822) (951,411) 8,398,091
----------- ----------- ----------- -----------
Total increase (decrease) 156,291 (3,334,734) 9,834,211 3,127,614
NET ASSETS
Beginning of year 7,221,772 10,556,506 65,252,084 62,124,470
----------- ----------- ----------- -----------
End of year* $7,378,063 $ 7,221,772 $75,086,295 $65,252,084
=========== =========== =========== ===========
*Including undistributed
net investment income of: -- $ 88,443 $ 295,852 $ 736,566
=========== =========== =========== ===========
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Rightime Financial
Family of Funds Highlights
(For a Share Outstanding Throughout the Period)
- - - ----------------------------------------------------------------------------------------------------
Net
Realized Distri- Distri-
Net and butions butions
Asset Net Unrealized from from
Value Investment Gain Total Net Realized Total
Beginning Income (Loss) on From Investment Capital Distri-
of Period (Loss) Investments Operations Income Gains butions
- - - ----------------------------------------------------------------------------------------------------
The Rightime
Fund
<S> <C> <C> <C> <C> <C> <C> <C>
1995 $35.50 $(0.10) $7.21 $7.11 $(0.30) $(4.76) $(5.06)
1994 37.42 0.29 (0.49) (0.20) -- (1.72) (1.72)
1993 34.70 (0.32) 5.47 5.15 (0.05) (2.38) (2.43)
1992 37.33 0.06 2.16 2.22 (0.17) (4.68) (4.85)
1991 31.82 0.16 7.43 7.59 (0.61) (1.47) (2.08)
- - - ----------------------------------------------------------------------------------------------------
The Rightime
Government
Securities
Fund
1995 $12.93 $0.68 $0.08 $0.76 $(0.63) $ -- $(0.63)
1994 14.31 0.61 (1.34) (0.73) (0.65) -- (0.65)
1993 13.16 0.66 1.21 1.87 (0.72) -- (0.72)
1992 12.86 0.71 0.19 0.90 (0.60) -- (0.60)
1991 12.63 0.82 0.17 0.99 (0.76) -- (0.76)
- - - ----------------------------------------------------------------------------------------------------
The Rightime
Blue Chip
Fund
1995 $33.08 $0.35 $5.66 $6.01 $(0.46) $(5.79) $(6.25)
1994 33.14 0.39 (0.04) 0.35 (0.23) (0.18) (0.41)
1993 29.70 0.26 3.41 3.67 (0.23) -- (0.23)
1992 28.22 0.25 1.55 1.80 (0.32) -- (0.32)
1991 26.23 0.32 4.53 4.85 (0.55) (2.31) (2.86)
- - - ----------------------------------------------------------------------------------------------------
The Rightime
Social
Awareness
Fund
1995 $26.84 $0.08 $5.91 $5.99 $(0.46) $ -- $(0.46)
1994 29.07 0.33 (0.72) (0.39) -- (1.84) (1.84)
1993 29.64 (0.02) 1.76 1.74 (0.04) (2.27) (2.31)
1992 25.56 0.12 4.30 4.42 (0.23) (0.11) (0.34)
1991 22.29 0.16 3.51 3.67 (0.40) -- (0.40)
- - - ----------------------------------------------------------------------------------------------------
The Rightime
MidCap Fund
1995 $28.44 $0.26 $5.25 $5.51 $(0.45) $(0.55) $(1.00)
1994 31.07 0.32 (0.78) (0.46) -- (2.17) (2.17)
1993 27.08 (0.03) 4.80 4.77 (0.05) (0.73) (0.78)
1992 (1) 25.00 0.03 2.07 2.10 (0.02) -- (0.02)
- - - ----------------------------------------------------------------------------------------------------
(caption)
Financial Highlights (cont.)
- - - ----------------------------------------------
Net
Asset
Value
End Total
of Period Return(2)
- - - ----------------------------------------------
<S> <C> <C>
The Rightime
Fund
1995 $37.55 23.38%
1994 35.50 (0.48)
1993 37.42 15.52
1992 34.70 6.15
1991 37.33 25.21
- - - ---------------------------------------------
The Rightime
Government
Securities
Fund
1995 $13.06 6.00%
1994 12.93 (5.15)
1993 14.31 14.60
1992 13.16 7.20
1991 12.86 8.14
- - - --------------------------------------------
The Rightime
Blue Chip
Fund
1995 $32.84 22.31%
1994 33.08 1.06
1993 33.14 12.41
1992 29.70 6.41
1991 28.22 20.27
- - - --------------------------------------------
The Rightime
Social
Awareness
Fund
1995 $32.37 22.70%
1994 26.84 (1.27)
1993 29.07 5.82
1992 29.64 17.43
1991 25.56 16.69
- - - --------------------------------------------
The Rightime
MidCap Fund
1995 $32.95 20.07%
1994 28.44 (1.38)
1993 31.07 17.93
1992 (1)27.08 8.40
- - - --------------------------------------------
(1) Inception of fund was November 11, 1991
(2) Excludes sales charge
See accompanying notes to financial statements
<CAPTION>
Financial Highlights (cont.)
October 31, 1995
- - - -------------------------------------------------------------------------------------------------
RATIOS
- - - -------------------------------------------------------------------------------------------------
Net Investment
Net Assets Expenses to Income (Loss)
At The Average To Average Portfolio
End Of Period Net Assets Net Assets Turnover
- - - -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Rightime Fund
1995 $158,966,039 2.47% (0.27%) 9.45%
1994 149,207,566 2.51 0.78 11.50
1993 172,178,587 2.52 (0.83) 1.86
1992 170,955,840 2.56 0.15 72.63
1991 162,972,329 2.67 0.45 136.19
- - - -------------------------------------------------------------------------------------------------
The Rightime Government Securities Fund
1995 $18,632,859 1.90% 5.29% 77.98%
1994 25,746,377 1.90 4.62 216.70
1993 33,934,808 1.98 4.72 120.80
1992 30,312,806 2.03 5.53 126.25
1991 42,234,866 1.82 5.55 309.57
- - - -------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1995 $249,619,271 2.17% 1.13% 17.52%
1994 221,681,939 2.22 1.16 0.98
1993 223,687,834 2.16 0.72 1.97
1992 211,481,090 2.25 0.87 --
1991 187,307,234 2.27 1.30 34.07
- - - -------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1995 $7,378,063 2.75% 0.32% 36.49%
1994 7,221,772 2.56 1.04 54.85
1993 10,556,506 2.40 (0.19) 238.52
1992 6,525,545 2.49 0.45 276.62
1991 5,770,249 2.88 0.63 247.22
- - - -------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1995 $75,086,295 2.19% 0.84% 24.67%
1994 65,252,084 2.28 1.14 0.75
1993 62,124,470 2.28 (0.19) 38.79
1992(1) 31,311,779 2.34* 0.17* 35.10
- - - -------------------------------------------------------------------------------------------------
*Annualized
(1) Inception of fund was November 11, 1991
See accompanying notes to financial statements
</TABLE>
October 31, 1995
Family of Funds Notes to Financial Statements
- - - ------------------------------------------------------------------------
NOTE 1 -- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Rightime Fund, The Rightime Government Securities Fund, The Rightime
Blue Chip Fund, The Rightime Social Awareness Fund, and The Rightime
MidCap Fund (the "Funds") are each a series of shares of common stock of
The Rightime Fund Inc., which is registered under the Investment Company
Act of 1940, as amended, as a diversified open-end management company.
The company was incorporated in the state of Maryland on November 15,
1984. The following is a summary of significant accounting policies
followed by the Funds.
SECURITY VALUATION
The Funds' investments in securities are carried at market value.
Securities listed on an exchange or quoted on a national market system
are valued at the last sales price. Other securities are valued at the
most recent bid price. Investments in regulated investment companies are
valued at the net asset value per share as quoted by the National
Association of Securities Dealers on the last business day of the fiscal
period. Investments in money market funds are valued at cost which
approximates market value. Short-term investments are valued at
amortized cost which approximates market value.
FUTURES CONTRACTS
Initial margin deposits required upon entering into futures contracts
are satisfied by the segregation of specific securities or cash, and/or
by securing a standby letter of credit from a major commercial bank, as
collateral, for the account of the broker (the Fund's agent in acquiring
the futures position). During the period the futures contract is open,
changes in the value of the contract are recognized as unrealized gains
or losses by "marking to market" on a daily basis to reflect the market
value of the contract at the end of each day's trading. Variation margin
payments are made or received depending upon whether unrealized gains or
losses are incurred.When the contract is closed, the Fund records a
realized gain or loss equal to the difference between the proceeds from
(or cost of) the closing transaction and the Fund's basis in the
contract.
The Rightime Government Securities Fund may purchase or sell future
contracts which are based on government securities, including any index
of government securities in order to protect itself against the adverse
effects of fluctuations in interest rates. Risks of entering into these
future contracts include the possibility that there may be an illiquid
market and that if the advisor's investment judgement about the general
direction of interest rates is incorrect the fund's overall performance
may be poorer than if it had not entered into any such contracts.The
other four Rightime Funds may purchase or sell stock index future
contracts as a hedge against changes in market conditions. Risks include
the possibility of an illiquid market and that a change in the value of
the contract may not correlate with changes in the securities being
hedged.
FEDERAL INCOME TAXES
No provision has been made for federal income taxes since it is the
policy of the Fund to comply with the provisions of the Internal Revenue
Code applicable to regulated investment companies and to make sufficient
distributions of taxable income to relieve it from all federal income
taxes.
At October 31, 1995, The Rightime Government Securities Fund had
approximately $6,265,000 in capital loss carryovers available to offset
future capital gains if any, which expire from 1998 to 2003.
SECURITY TRANSACTIONS, INVESTMENT INCOME AND OTHER
Security transactions are recorded on the trade date. Interest income is
recorded on the accrual basis. Dividend income and distributions to
shareholders are recorded on the ex-dividend date.
Income distributions and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments for net operating losses and futures transactions.
DEFERRED ORGANIZATION EXPENSE
All of the Funds' expenses in connection with its organization and the
public offering of its shares of common stock have been paid by the
Funds. Such expenses have been deferred and are being amortized as
charges against net investment income over a period of five years.
Pension plans affiliated with the Funds' Investment Advisor and the
Funds' Distributor, have purchased shares to provide each Fund's initial
capital. Any such shares redeemed before amortization of the Fund's
organizational expenses has been completed would be subject to a charge
for a proportional share of such unamortized expenses. To avoid imposing
such charges on those shares, the Advisor and Distributor have agreed to
bear, in lieu of a reduction of the redemption proceeds, any charges
assessed against the shares owned by the respective plan. To avoid
creating a borrowing by such persons from the Fund, any such payments
which may be required will be paid or offset contemporaneously with the
redemption of the shares. Investors purchasing shares of a Fund bear
such expenses only as they are amortized against the Fund's investment
income.
EQUALIZATION
The Rightime Government Securities Fund follows the accounting practice
of "equalization" whereby part of the proceeds from the capital share
transactions, equivalent to a proportionate share of the distributable
investment income on the date of the transaction, is transferred to or
from the undistributed net investment income account. Undistributed net
investment income is therefore unaffected by capital share transactions.
NOTE 2 -- INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH
AFFILIATES
The Investment Advisor, Rightime Econometrics, Inc., is paid a monthly
fee based on an annual rate (summarized below) of the Funds' average
daily net assets. In the event the expenses of the Fund for any fiscal
year (including the advisory and administrative fees, but excluding
interest, taxes, brokerage commissions, distribution fees, litigation
and indemnification expenses and other extraordinary expenses not
incurred in the ordinary course of the Funds' business) exceed the
limits set by applicable regulation of state securities commissions, if
any, the compensation due to the Advisor will be reduced by the amount
of such excess.
The Funds' Administrator, Rightime Administrators, Inc., is paid a
monthly fee based on an annual rate (summarized below) of the Funds'
average daily net assets for providing office facilities and certain
administrative services.
The Funds' Distributor, Lincoln Investment Planning, Inc., is paid a
monthly fee based on an annual rate (summarized below) of the Funds'
average daily net assets for costs incurred in connection with the sale
of the Funds' capital stock (see Note 3).
A summary of annual fee rates applied to average daily net assets are as
follows:
Advisory Administration Distribution
Fee Fee Costs
---------- -------------- ------------
The Rightime Fund .50% .95% .75%
The Rightime
Government
Securities Fund .40% .75% .25%
The Rightime
Blue Chip Fund .50% .85% .50%
The Rightime Social
Awareness Fund .50% .85% .50%
The Rightime
MidCap Fund .50% .85% .50%
During the year ended October 31, 1995, the Distributor received
commissions as an underwriter and a retail dealer of Fund shares as
follows:
The Rightime Government
Securities Fund $ 51,787
The Rightime Blue Chip Fund $776,869
The Rightime Social Awareness Fund $ 25,058
The Rightime MidCap Fund $237,675
Lincoln Investment Planning, Inc., also provides the Funds with transfer
agent and accounting services. Aggregate transfer agent and accounting
services fees received by Lincoln Investment Planning, Inc. were
$626,303 and $204,497, respectively. During the year ended October 31,
1995, Lincoln Investment Planning, Inc. waived fees of $11,042 and
$12,639, respectively, for transfer agent and accounting services
provided to the Rightime Social Awareness Fund.
Certain officers and directors of the company are also officers and/or
directors of the Advisor, Administrator, Transfer Agent and/or
Distributor.
NOTE 3 - DISTRIBUTION COSTS
The Fund's Board of Directors, including a majority of the Directors who
are not "interested persons" of the Funds as defined in the Investment
Company Act of 1940, have adopted a distribution plan pursuant to Rule
12b-1 of the Act. The Plan regulates the manner in which a regulated
investment company may assume costs of distributing and promoting the
sales of its shares.
The Plan provides that the Funds may incur certain costs which may not
exceed the rates detailed above per annum of the Funds' average daily
net assets for payments to the Distributor for items such as advertising
expenses, selling expenses, commissions or travel reasonably intended to
result in sales of shares of the Funds and for commissions for Fund
shares sold by representatives of the Distributor or other
broker-dealers. The distribution costs include a service charge based on
an annual rate of .25% of the Funds' average daily net assets.
<TABLE>
<CAPTION>
NOTE 4 - CAPITAL SHARES
The Rightime Fund, Inc. has 500,000,000 shares of $.01 par value stock
authorized which may be allocated to any series. Currently 50,000,000
shares have been allocated to the Rightime Fund and 20,000,000 shares to
each of the other four Funds. Transactions in capital stock were as
follows
- - - -----------------------------------------------------------------------------------------------
The Rightime Fund
- - - -----------------------------------------------------------------------------------------------
1995 1994
- - - -----------------------------------------------------------------------------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold 409,374 $13,557,231 270,145 $ 9,637,289
Shares issued in reinvestment
of distributions 685,260 20,831,897 219,163 7,686,035
------------ ------------ ------------ ------------
1,094,634 34,389,128 489,308 17,323,324
Shares redeemed (1,064,345) (35,000,573) (887,241) (31,609,538)
------------ ------------ ------------ ------------
Net increase (decrease) 30,289 $ (611,445) (397,933) $(14,286,214)
============ ============ ============ ============
<CAPTION>
Note 4 - Capital Shares (cont.)
- - - -----------------------------------------------------------------------------------------------
The Rightime Government Securities Fund
- - - -----------------------------------------------------------------------------------------------
1995 1994
- - - -----------------------------------------------------------------------------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold 153,514 $ 1,974,518 207,047 $ 2,747,001
Shares issued in reinvestment
of distributions 79,761 1,029,755 99,442 1,320,622
------------ ------------ ------------ ------------
233,275 3,004,273 306,489 4,067,623
Shares redeemed (798,905) (10,279,940) (686,316) (9,055,823)
------------ ------------ ------------ ------------
Net increase (decrease) (565,630) $ (7,275,667) (379,827) $(4,988,200)
============ ============ ============ ============
<CAPTION>
Note 4 - Capital Shares (cont.)
The Rightime Blue Chip Fund
- - - -----------------------------------------------------------------------------------------------
1995 1994
- - - -----------------------------------------------------------------------------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold 940,978 $ 27,663,228 726,120 $ 23,828,972
Shares issued in reinvestment
of distributions 1,532,344 41,281,332 82,596 2,687,658
Shares issued in exchange for
Rightime Growth Fund
shares -- -- 599,844 19,680,895
------------ ------------ ------------ ------------
2,473,322 68,944,560 1,408,560 46,197,525
Shares redeemed (1,573,784) (46,567,109) (1,458,546) (47,829,738)
------------ ------------ ------------ ------------
Net increase (decrease) 899,538 $ 22,377,451 (49,986) $ (1,632,213)
============ ============ ============ ============
<CAPTION>
Note 4 - Capital Shares (cont.)
The Rightime Social Awareness Fund
- - - -----------------------------------------------------------------------------------------------
1995 1994
- - - -----------------------------------------------------------------------------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold 28,167 $ 796,038 43,935 $1,183,287
Shares issued in reinvestment
of distributions 4,339 114,769 23,806 631,801
Shares issued in exchange for
Rightime Growth Fund
shares -- -- -- --
------------ ------------ ------------ ------------
32,506 910,807 67,741 1,815,088
Shares redeemed (73,654) (2,064,185) (161,814) (4,349,910)
------------ ------------ ------------ ------------
Net increase (decrease) (41,148) $(1,153,378) (94,073) $(2,534,822)
============ ============ ============ ============
<CAPTION>
Note 4 - Capital Shares (cont.)
The Rightime MidCap Fund
- - - -----------------------------------------------------------------------------------------------
1995 1994
- - - -----------------------------------------------------------------------------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold 364,901 $ 10,596,768 558,605 $ 15,963,806
Shares issued in reinvestment
of distributions 82,517 2,270,886 158,351 4,441,752
------------ ------------ ------------ ------------
447,418 12,867,654 716,956 20,405,558
Shares redeemed (463,073) (13,819,065) (422,037) (12,007,467)
------------ ------------ ------------ ------------
Net increase (decrease) (15,655) $ (951,411) 294,919 $ 8,398,091
============ ============ ============ ============
</TABLE>
NOTE 5 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments
during the year ended October 31, 1995 were as follows:
Purchases Sales
------------ -----------
The Rightime Fund $ 97,055,168 $ 9,646,867
The Rightime Government
Securities Fund $ 13,560,219 $18,078,859
The Rightime Blue
Chip Fund $170,214,611 $30,425,003
The Rightime Social
Awareness Fund $ 7,808,511 $ 2,435,749
The Rightime MidCap Fund $ 58,395,820 $11,879,030
NOTE 6 -- ACQUISITION OF THE RIGHTIME GROWTH FUND BY THE RIGHTIME BLUE
CHIP FUND
On May 20, 1994, The Rightime Blue Chip Fund acquired all of the assets
and liabilities of The Rightime Growth Fund. This acquisition was
accomplished by the tax-free exchange of 599,844 shares (valued at
$19,680,895) of The Rightime Blue Chip Fund for 814,607 shares of The
Rightime Growth Fund.
The net assets of the acquired fund as of May 20, 1994 consisted of
paid-in capital of $19,680,895. The net assets of The Rightime Blue Chip
Fund immediately after the acquisition amounted to $242,544,629.
Report of Independent
Rightime Certified Public
Family of Funds Accountants
- - - --------------------------------------------------------------------------
To the Shareholders
and Board of Directors
of The Rightime Fund, Inc.
We have audited the accompanying statements of assets and liabilities of
The Rightime Fund, The Rightime Government Securities Fund, The Rightime
Blue Chip Fund, The Rightime Social Awareness Fund and The Rightime
MidCap Fund, each a series of shares of common stock of The Rightime
Fund, Inc., including the portfolios of investments, as of October 31,
1995 and the related statements of operations for the year then ended,
the statements of changes in net assets for each of the two years in the
period then ended and the financial highlights for the periods indicated
thereon. These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial
highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of October 31, 1995 by
correspondence with the custodian and brokers. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements and financial highlights
referred to above present fairly, in all material respects, the
financial position of The Rightime Fund, The Rightime Government
Securities Fund, The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund and The Rightime MidCap Fund as of October 31, 1995, the
results of their operations for the year then ended, the changes in
their net assets for each of the two years in the period then ended and
the financial highlights for the periods referred to above, in
conformity with generally accepted accounting principles.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
November 21, 1995
October 31, 1995
Rightime The Rightime Fund
Family of Funds Performance Comparison
- - - ---------------------------------------------------------------------------
Our fiscal year ending October 31, 1995 was an excellent year for equity
investments. As the uncertainty and gloom of 1994 dissipated, stocks
rallied. Prices were driven higher by strong earnings growth and
declining interest rates. Technology stocks led the rally while
large-capitalization stocks outperformed the small caps.
Rightime Fund, under the guidance of the Rightime Market Model
(RTMM(registered trademark)), participated in most of this rally. The
model provided the discipline to buy equities in early February of 1995,
even though a few large- capitalization stock indexes (e.g. Dow Jones
Industrial Average and S&P 500 Stock Index) were at new highs. In spite
of these peaks, we can now see that this was an excellent buying
opportunity. At the time, short-term interest rates had begun to decline
from their peak. Long-term interest rates continued a decline that began
in November 1994. Combined with a strong earnings environment (that has
ultimately just grown stronger) these dual forces fueled the stock
market's engine. Rightime Fund's portfolio holdings have been well
diversified by investing in both large- and small-cap funds as well as
growth and value funds. The Fund has also benefited from investments in
some specific sectors such as technology. The Fund remains fully
invested in equities in accordance with the Rightime Market Model
(RTMM(registered trademark)),
- - - ------------------------------------------------
Average Annual Total Return
- - - ------------------------------------------------
Since Inception
1 Year 5 Years 10 Years Sept. 17, 1985
- - - ------------------------------------------------
23.38% 13.51% 11.51% 11.74%
- - - ------------------------------------------------
Performance Comparison
The "Performance Comparison" chart assesses the Rightime Fund's
performance against the Lipper Growth Fund Index, a broad based index.
The "Risk Adjusted Performance Comparison" more closely reflects the
fund's performance as compared to a consistent risk level.
The Rightime Fund utilizes a modeled approach to investing which
attempts to minimize risk by moving assets to money market equivalent
investments during periods in which the market appears to be overvalued.
This approach, over full market cycles, tends to invest in low risk, or
money market-like securities approximately half of the time. In order to
provide an equivalent risk level this comparison assumes that assets are
invested half in the Lipper Growth Fund Index and half in a money market
fund index. This balanced index approaches the risk level of each fund
that has been in existence for at least one full market cycle and
therefore provides a more meaningful performance comparison.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return
will vary with market conditions, and the principal value of shares,
when redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig sp_500_ndx.w calendar defensive
lpprgrth.w.f0 rtmmyld.w rightime.temp.f0 rightime.temp.f0
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 8537 9.906 1.000 -9.190 9.928 9.956 8509.130 9.956 10.000
mx 9543 40.354 1.000 -2.590 44.444 31.502 9510.270 31.502 17.646
cl 9543 39.507 1.000 -5.200 43.878 30.479 9510.270 30.479 17.646
xb 529 22.034 1.000 -5.611 24.016 19.015 9032.416 19.015 13.917
sd 7.492 0.000 1.864 8.368 4.834 294.274 4.834 2.303
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime.temp.f0 -> 3.044 0.551 0.502 11.601 -0.162 10.806
lpprgrth.w.f0 -> 0.342 0.906 0.905 14.489 -0.052 13.230
defensive -> 5.741 0.001 0.002 5.753 1.387 0.258
- - - --------------------------------------------------------------------------------
8537 10.000 1.000 -7.050 10.000 10.000 8509.130 10.000 10.000
8538 9.974 1.000 -7.120 9.961 10.000 8509.200 10.000 10.014
8539 9.906 1.000 -7.180 9.928 10.008 8509.270 10.008 10.027
8540 9.950 1.000 -7.110 10.042 9.956 8510.040 9.956 10.041
8541 10.038 1.000 -7.090 10.109 10.024 8510.110 10.024 10.055
8542 10.207 1.000 -7.140 10.269 10.216 8510.180 10.216 10.068
8543 10.191 1.000 -7.160 10.303 10.232 8510.250 10.232 10.082
8544 10.400 1.000 -7.170 10.532 10.436 8511.010 10.436 10.096
8545 10.584 1.000 -7.200 10.661 10.636 8511.080 10.636 10.110
8546 10.810 1.000 -7.190 10.911 10.848 8511.150 10.848 10.124
8547 10.989 1.000 -7.260 11.108 11.016 8511.220 11.016 10.138
8548 11.055 1.000 -7.210 11.152 11.076 8511.290 11.076 10.152
8549 11.108 1.000 -7.220 11.206 11.100 8512.060 11.100 10.166
8550 11.495 1.000 -7.250 11.598 11.540 8512.130 11.540 10.180
8551 11.453 1.000 -7.250 11.662 11.504 8512.200 11.504 10.194
8552 11.440 1.000 -7.210 11.597 11.472 8512.270 11.472 10.208
8601 11.500 1.000 -7.220 11.676 11.543 8601.030 11.543 10.222
8602 11.316 1.000 -7.210 11.412 11.354 8601.100 11.354 10.237
8603 11.446 1.000 -7.090 11.558 11.563 8601.170 11.563 10.251
8604 11.468 1.000 -7.160 11.456 11.498 8601.240 11.498 10.265
8605 11.734 1.000 -7.150 11.761 11.764 8601.310 11.764 10.279
8606 11.952 1.000 -7.150 11.925 12.010 8602.070 12.010 10.293
8607 12.212 1.000 -7.090 12.222 12.304 8602.140 12.304 10.307
8608 12.486 1.000 -7.120 12.501 12.546 8602.210 12.546 10.321
8609 12.633 1.000 -7.090 12.638 12.699 8602.280 12.699 10.335
8610 12.676 1.000 -7.110 12.572 12.731 8603.070 12.731 10.349
8611 13.105 1.000 -7.060 13.193 13.202 8603.140 13.202 10.363
8612 13.060 1.000 -6.930 13.022 13.138 8603.210 13.138 10.377
8613 13.269 1.000 -6.850 13.345 13.315 8603.280 13.315 10.391
8614 12.896 1.000 -6.880 12.780 12.965 8604.040 12.965 10.405
8615 13.246 1.000 -6.760 13.196 13.332 8604.110 13.332 10.418
8616 13.587 1.000 -6.680 13.564 13.723 8604.180 13.723 10.432
8617 13.543 1.000 -6.500 13.567 13.650 8604.250 13.650 10.445
8618 13.207 1.000 -6.380 13.156 13.287 8605.020 13.287 10.458
8619 13.393 1.000 -6.300 13.337 13.481 8605.090 13.481 10.471
8620 13.204 1.000 -6.250 13.060 13.267 8605.160 13.267 10.484
8621 13.579 1.000 -6.190 13.551 13.654 8605.230 13.654 10.496
8622 13.819 1.000 -6.190 13.897 13.941 8605.300 13.941 10.509
8623 13.749 1.000 -6.150 13.812 13.904 8606.060 13.904 10.521
8624 13.729 1.000 -6.170 13.824 13.912 8606.130 13.912 10.534
8625 13.812 1.000 -6.190 13.937 13.824 8606.200 13.824 10.546
8626 13.921 1.000 -6.170 14.060 14.074 8606.270 14.074 10.559
8627 14.099 1.000 -6.190 14.192 14.312 8607.040 14.312 10.571
8628 13.581 1.000 -6.150 13.662 13.570 8607.110 13.570 10.584
8629 13.292 1.000 -6.090 13.340 13.231 8607.180 13.231 10.596
8630 13.400 1.000 -5.990 13.567 13.303 8607.250 13.303 10.609
8631 13.116 1.000 -5.890 13.276 12.965 8608.010 12.965 10.621
8632 13.085 1.000 -5.860 13.396 12.856 8608.080 12.856 10.633
8633 13.651 1.000 -5.820 13.986 13.477 8608.150 13.477 10.645
8634 13.734 1.000 -5.760 14.167 13.505 8608.220 13.505 10.657
8635 13.817 1.000 -5.670 14.331 13.549 8608.290 13.549 10.668
8636 13.738 1.000 -5.530 14.201 13.307 8609.050 13.307 10.680
8637 12.737 1.000 -5.380 13.087 12.267 8609.120 12.267 10.691
8638 12.834 1.000 -5.340 13.183 12.351 8609.190 12.351 10.702
8639 12.894 1.000 -5.300 13.193 12.392 8609.260 12.392 10.713
8640 12.989 1.000 -5.300 13.286 12.501 8610.030 12.501 10.724
8641 13.086 1.000 -5.260 13.396 12.610 8610.100 12.610 10.735
8642 13.204 1.000 -5.210 13.596 12.739 8610.170 12.739 10.746
8643 13.211 1.000 -5.190 13.572 12.743 8610.240 12.743 10.757
8644 13.452 1.000 -5.200 13.907 12.928 8610.310 12.928 10.767
8645 13.542 1.000 -5.200 14.018 12.997 8611.070 12.997 10.778
8646 13.462 1.000 -5.170 13.955 12.904 8611.140 12.904 10.789
8647 13.429 1.000 -5.210 14.047 12.920 8611.210 12.920 10.800
8648 13.627 1.000 -5.250 14.242 13.086 8611.280 13.086 10.810
8649 13.723 1.000 -5.220 14.363 13.186 8612.050 13.186 10.821
8650 13.492 1.000 -5.260 14.153 13.006 8612.120 13.006 10.832
8651 13.566 1.000 -5.250 14.298 13.058 8612.190 13.058 10.843
8652 13.485 1.000 -5.390 14.147 12.964 8612.260 12.964 10.854
8701 13.514 1.000 -5.480 14.129 12.968 8701.020 12.968 10.865
8702 14.169 1.000 -5.470 14.842 13.599 8701.090 13.599 10.877
8703 14.488 1.000 -5.460 15.285 13.908 8701.160 13.908 10.888
8704 14.703 1.000 -5.420 15.513 14.075 8701.230 14.075 10.899
8705 14.791 1.000 -5.340 15.751 14.243 8701.300 14.243 10.911
8706 15.243 1.000 -5.310 16.103 14.560 8702.060 14.560 10.922
8707 15.334 1.000 -5.280 16.093 14.569 8702.130 14.569 10.933
8708 15.612 1.000 -5.340 16.435 14.878 8702.200 14.878 10.944
8709 15.670 1.000 -5.360 16.370 14.839 8702.270 14.839 10.955
8710 15.942 1.000 -5.340 16.752 15.114 8703.060 15.114 10.967
8711 15.910 1.000 -5.350 16.717 15.045 8703.130 15.045 10.978
8712 16.221 1.000 -5.390 17.203 15.312 8703.200 15.312 10.989
8713 16.116 1.000 -5.390 17.095 15.234 8703.270 15.234 11.000
8714 16.211 1.000 -5.440 17.352 14.741 8704.030 14.741 11.012
8715 15.909 1.000 -5.440 16.905 14.891 8704.100 14.891 11.023
8716 15.559 1.000 -5.450 16.592 14.831 8704.170 14.831 11.035
8717 15.488 1.000 -5.520 16.291 14.972 8704.240 14.972 11.046
8718 15.604 1.000 -5.510 16.678 14.917 8705.010 14.917 11.058
8719 15.816 1.000 -5.620 16.997 14.925 8705.080 14.925 11.070
8720 15.549 1.000 -5.750 16.663 14.964 8705.150 14.964 11.082
8721 15.279 1.000 -5.780 16.367 14.904 8705.220 14.904 11.094
8722 15.693 1.000 -5.880 16.838 14.895 8705.290 14.895 11.106
8723 15.846 1.000 -5.930 17.043 14.865 8706.050 14.865 11.119
8724 16.212 1.000 -5.970 17.527 14.818 8706.120 14.818 11.131
8725 16.412 1.000 -6.010 17.848 14.792 8706.190 14.792 11.144
8726 16.405 1.000 -6.040 17.869 14.758 8706.260 14.758 11.157
8727 16.341 1.000 -6.040 17.790 14.796 8707.030 14.796 11.170
8728 16.471 1.000 -6.060 17.960 14.796 8707.100 14.796 11.183
8729 16.799 1.000 -6.050 18.332 14.844 8707.170 14.844 11.196
8730 16.588 1.000 -6.010 18.032 14.844 8707.240 14.844 11.209
8731 16.978 1.000 -5.950 18.590 14.869 8707.310 14.869 11.222
8732 17.211 1.000 -5.990 18.853 14.878 8708.070 14.878 11.234
8733 17.647 1.000 -6.000 19.504 14.917 8708.140 14.917 11.247
8734 17.735 1.000 -6.000 19.626 14.925 8708.210 14.925 11.260
8735 17.451 1.000 -5.990 19.118 14.930 8708.280 14.930 11.273
8736 16.997 1.000 -6.030 18.524 14.968 8709.040 14.968 11.286
8737 17.173 1.000 -6.040 18.843 14.994 8709.110 14.994 11.299
8738 16.946 1.000 -6.040 18.436 14.981 8709.180 14.981 11.312
8739 17.042 1.000 -6.250 18.757 14.968 8709.250 14.968 11.325
8740 17.405 1.000 -6.340 19.229 15.024 8710.020 15.024 11.339
8741 16.683 1.000 -6.450 18.242 15.050 8710.090 15.050 11.353
8742 15.425 1.000 -6.560 16.588 15.071 8710.160 15.071 11.367
8743 13.160 1.000 -6.700 14.574 14.887 8710.230 14.887 11.381
8744 13.316 1.000 -6.530 14.793 14.741 8710.300 14.741 11.396
8745 13.273 1.000 -6.470 14.721 14.685 8711.060 14.685 11.410
8746 13.076 1.000 -6.490 14.450 14.719 8711.130 14.719 11.424
8747 12.811 1.000 -6.470 14.245 14.410 8711.200 14.410 11.438
8748 12.903 1.000 -6.430 14.156 14.543 8711.270 14.543 11.453
8749 12.060 1.000 -6.420 13.199 13.904 8712.040 13.904 11.467
8750 12.602 1.000 -6.460 13.880 14.457 8712.110 14.457 11.481
8751 13.427 1.000 -6.510 14.706 15.251 8712.180 15.251 11.495
8752 13.651 1.000 -6.610 14.884 15.552 8712.250 15.552 11.509
8753 13.481 1.000 -6.690 14.601 15.247 8801.010 15.247 11.524
8801 13.441 1.000 -6.800 14.394 15.005 8801.080 15.005 11.539
8802 13.686 1.000 -6.570 14.916 15.276 8801.150 15.276 11.554
8803 13.524 1.000 -6.480 14.598 14.937 8801.220 14.937 11.568
8804 13.913 1.000 -6.390 15.234 15.360 8801.290 15.360 11.583
8805 13.818 1.000 -6.330 14.882 15.089 8802.050 15.089 11.597
8806 14.144 1.000 -6.230 15.288 15.503 8802.120 15.503 11.611
8807 14.325 1.000 -6.140 15.534 15.734 8802.190 15.734 11.625
8808 14.488 1.000 -6.160 15.595 15.862 8802.260 15.862 11.639
8809 14.797 1.000 -6.100 15.893 16.207 8803.040 16.207 11.652
8810 14.786 1.000 -6.050 15.763 16.118 8803.110 16.118 11.666
8811 15.031 1.000 -6.060 16.141 16.379 8803.180 16.379 11.680
8812 14.555 1.000 -6.040 15.400 15.759 8803.250 15.759 11.693
8813 14.426 1.000 -6.040 15.433 15.729 8804.010 15.729 11.707
8814 14.987 1.000 -6.050 16.073 16.044 8804.080 16.044 11.720
8815 14.594 1.000 -6.100 15.509 16.118 8804.150 16.118 11.734
8816 14.555 1.000 -6.090 15.542 16.034 8804.220 16.034 11.748
8817 14.661 1.000 -6.140 15.625 16.034 8804.290 16.034 11.761
8818 14.550 1.000 -6.130 15.406 16.103 8805.060 16.103 11.775
8819 14.400 1.000 -6.140 15.376 16.079 8805.130 16.079 11.789
8820 14.201 1.000 -6.270 15.163 16.118 8805.200 16.118 11.803
8821 14.266 1.000 -6.290 15.198 16.103 8805.270 16.103 11.817
8822 14.821 1.000 -6.370 15.992 16.054 8806.030 16.054 11.831
8823 15.151 1.000 -6.420 16.292 16.044 8806.100 16.044 11.846
8824 15.139 1.000 -6.500 16.269 15.990 8806.170 15.990 11.860
8825 15.341 1.000 -6.560 16.467 16.177 8806.240 16.177 11.875
8826 15.356 1.000 -6.500 16.358 16.133 8807.010 16.133 11.890
8827 15.283 1.000 -6.680 16.264 16.034 8807.080 16.034 11.905
8828 15.340 1.000 -6.700 16.397 16.079 8807.150 16.079 11.920
8829 14.956 1.000 -6.810 16.084 15.601 8807.220 15.601 11.935
8830 15.092 1.000 -6.910 16.419 15.370 8807.290 15.370 11.951
8831 15.236 1.000 -6.950 16.378 15.409 8808.050 15.409 11.967
8832 14.814 1.000 -6.980 15.869 15.488 8808.120 15.488 11.983
8833 14.765 1.000 -7.140 15.741 15.434 8808.190 15.434 11.999
8834 14.671 1.000 -7.220 15.719 15.498 8808.260 15.498 12.015
8835 14.869 1.000 -7.270 16.021 15.404 8809.020 15.404 12.032
8836 15.063 1.000 -7.370 16.175 15.453 8809.090 15.453 12.049
8837 15.231 1.000 -7.390 16.418 15.449 8809.160 15.449 12.066
8838 15.233 1.000 -7.420 16.375 15.429 8809.230 15.429 12.083
8839 15.348 1.000 -7.430 16.517 15.581 8809.300 15.581 12.100
8840 15.582 1.000 -7.480 16.903 15.808 8810.070 15.808 12.117
8841 15.476 1.000 -7.470 16.758 15.709 8810.140 15.709 12.135
8842 15.766 1.000 -7.490 17.266 15.965 8810.210 15.965 12.152
8843 15.525 1.000 -7.540 16.966 15.690 8810.280 15.690 12.170
8844 15.426 1.000 -7.550 16.842 15.572 8811.040 15.572 12.187
8845 15.065 1.000 -7.560 16.342 15.202 8811.110 15.202 12.205
8846 14.940 1.000 -7.600 16.266 15.074 8811.180 15.074 12.222
8847 14.942 1.000 -7.680 16.324 14.996 8811.250 14.996 12.240
8848 15.217 1.000 -7.750 16.615 14.991 8812.020 14.991 12.258
8849 15.404 1.000 -7.850 16.946 14.976 8812.090 14.976 12.277
8850 15.362 1.000 -7.950 16.912 14.991 8812.160 14.991 12.295
8851 15.478 1.000 -8.090 17.021 15.010 8812.230 15.010 12.314
8852 15.603 1.000 -8.180 17.023 15.046 8812.300 15.046 12.333
8901 15.772 1.000 -8.390 17.216 15.056 8901.060 15.056 12.352
8902 15.934 1.000 -8.280 17.424 15.193 8901.130 15.193 12.372
8903 16.114 1.000 -8.350 17.605 15.376 8901.200 15.376 12.392
8904 16.449 1.000 -8.380 18.058 15.696 8901.270 15.696 12.412
8905 16.697 1.000 -8.400 18.264 15.960 8902.030 15.960 12.432
8906 16.480 1.000 -8.370 17.971 15.716 8902.100 15.716 12.452
8907 16.742 1.000 -8.440 18.275 15.955 8902.170 15.955 12.472
8908 16.362 1.000 -8.520 17.693 15.579 8902.240 15.579 12.492
8909 16.611 1.000 -8.650 17.955 15.574 8903.030 15.574 12.512
8910 16.746 1.000 -8.750 18.071 15.554 8903.100 15.554 12.533
8911 16.684 1.000 -8.850 18.072 15.569 8903.170 15.569 12.554
8912 16.515 1.000 -8.950 17.854 15.503 8903.240 15.503 12.575
8913 16.850 1.000 -9.040 18.230 15.584 8903.310 15.584 12.597
8914 17.035 1.000 -9.080 18.385 15.589 8904.070 15.589 12.619
8915 17.319 1.000 -9.140 18.659 15.711 8904.140 15.711 12.641
8916 17.650 1.000 -9.190 19.183 15.696 8904.210 15.696 12.663
8917 17.733 1.000 -9.190 19.199 15.752 8904.280 15.752 12.685
8918 17.783 1.000 -9.150 19.087 15.828 8905.050 15.828 12.707
8919 18.054 1.000 -9.150 19.487 15.797 8905.120 15.797 12.730
8920 18.418 1.000 -9.160 19.960 15.818 8905.190 15.818 12.752
8921 18.482 1.000 -9.140 19.995 15.884 8905.260 15.884 12.774
8922 18.783 1.000 -9.110 20.253 16.132 8906.020 16.132 12.797
8923 18.818 1.000 -9.080 20.340 16.153 8906.090 16.153 12.819
8924 18.520 1.000 -8.940 20.021 15.858 8906.160 15.858 12.842
8925 18.811 1.000 -8.890 20.449 16.112 8906.230 16.112 12.864
8926 18.327 1.000 -8.890 19.838 15.599 8906.300 15.599 12.886
8927 18.709 1.000 -8.850 20.284 15.960 8907.070 15.960 12.907
8928 18.996 1.000 -8.750 20.730 16.208 8907.140 16.208 12.929
8929 19.153 1.000 -8.660 20.998 16.335 8907.210 16.335 12.951
8930 19.512 1.000 -8.600 21.402 16.640 8907.280 16.640 12.973
8931 19.639 1.000 -8.470 21.526 16.736 8908.040 16.736 12.994
8932 19.763 1.000 -8.330 21.591 16.868 8908.110 16.868 13.015
8933 19.784 1.000 -8.330 21.686 16.863 8908.180 16.863 13.036
8934 20.029 1.000 -8.340 21.981 17.107 8908.250 17.107 13.057
8935 20.201 1.000 -8.290 22.196 17.274 8909.010 17.274 13.078
8936 20.078 1.000 -8.240 21.897 17.137 8909.080 17.137 13.098
8937 19.838 1.000 -8.270 21.679 16.889 8909.150 16.889 13.119
8938 19.981 1.000 -8.260 21.818 17.016 8909.220 17.016 13.140
8939 20.231 1.000 -8.260 21.963 17.234 8909.290 17.234 13.161
8940 20.809 1.000 -8.280 22.583 17.716 8910.060 17.716 13.182
8941 19.594 1.000 -8.260 21.015 16.584 8910.130 16.584 13.202
8942 20.131 1.000 -8.210 21.880 17.000 8910.200 17.000 13.223
8943 19.366 1.000 -8.140 21.131 16.279 8910.270 16.279 13.244
8944 19.527 1.000 -8.120 21.306 16.406 8911.030 16.406 13.265
8945 19.632 1.000 -8.070 21.414 16.513 8911.100 16.513 13.286
8946 19.754 1.000 -8.010 21.586 16.620 8911.170 16.620 13.306
8947 19.872 1.000 -7.990 21.749 16.701 8911.240 16.701 13.327
8948 20.087 1.000 -7.930 22.184 16.858 8912.010 16.858 13.347
8949 19.939 1.000 -7.940 22.075 16.802 8912.080 16.802 13.367
8950 19.772 1.000 -7.900 22.181 16.609 8912.150 16.609 13.388
8951 19.715 1.000 -7.910 22.023 16.630 8912.220 16.630 13.408
8952 20.063 1.000 -7.870 22.416 16.824 8912.290 16.824 13.428
9001 20.143 1.000 -8.060 22.353 16.844 9001.050 16.844 13.449
9002 19.496 1.000 -7.800 21.588 16.224 9001.120 16.224 13.469
9003 19.409 1.000 -7.740 21.552 16.085 9001.190 16.085 13.489
9004 18.660 1.000 -7.700 20.717 16.100 9001.260 16.100 13.509
9005 18.889 1.000 -7.700 21.056 16.106 9002.020 16.106 13.529
9006 19.127 1.000 -7.660 21.241 16.239 9002.090 16.239 13.549
9007 19.059 1.000 -7.650 21.198 16.177 9002.160 16.177 13.569
9008 18.617 1.000 -7.650 20.665 15.757 9002.230 15.757 13.589
9009 19.187 1.000 -7.650 21.405 16.306 9003.020 16.306 13.609
9010 19.417 1.000 -7.630 21.571 16.496 9003.090 16.496 13.629
9011 19.583 1.000 -7.650 21.839 16.680 9003.160 16.680 13.649
9012 19.362 1.000 -7.670 21.553 16.485 9003.230 16.485 13.669
9013 19.491 1.000 -7.690 21.740 16.567 9003.300 16.567 13.689
9014 19.442 1.000 -7.670 21.765 16.588 9004.060 16.588 13.709
9015 19.710 1.000 -7.690 22.053 16.834 9004.130 16.834 13.730
9016 19.256 1.000 -7.690 21.479 16.968 9004.200 16.968 13.750
9017 18.935 1.000 -7.690 21.109 16.957 9004.270 16.957 13.770
9018 19.451 1.000 -7.670 21.720 16.978 9005.040 16.978 13.790
9019 20.178 1.000 -7.660 22.610 16.983 9005.110 16.983 13.811
9020 20.393 1.000 -7.700 22.795 17.034 9005.180 17.034 13.831
9021 20.539 1.000 -7.680 22.807 17.137 9005.250 17.137 13.851
9022 20.990 1.000 -7.680 23.375 17.527 9006.010 17.527 13.872
9023 20.812 1.000 -7.670 23.105 17.275 9006.080 17.275 13.892
9024 21.054 1.000 -7.650 23.391 17.588 9006.150 17.588 13.913
9025 20.741 1.000 -7.670 22.925 17.291 9006.220 17.291 13.933
9026 20.911 1.000 -7.670 23.108 17.316 9006.290 17.316 13.954
9027 21.050 1.000 -7.680 23.148 17.373 9007.060 17.373 13.974
9028 21.565 1.000 -7.650 23.738 17.891 9007.130 17.891 13.995
9029 21.108 1.000 -7.660 23.384 17.455 9007.200 17.455 14.015
9030 20.569 1.000 -7.590 22.871 17.014 9007.270 17.014 14.036
9031 19.831 1.000 -7.560 22.330 16.778 9008.030 16.778 14.056
9032 19.445 1.000 -7.500 21.741 16.865 9008.100 16.865 14.077
9033 18.965 1.000 -7.500 21.257 16.855 9008.170 16.855 14.097
9034 18.059 1.000 -7.510 20.214 16.932 9008.240 16.932 14.117
9035 18.671 1.000 -7.480 20.946 16.957 9008.310 16.957 14.137
9036 18.682 1.000 -7.470 21.016 16.932 9009.070 16.932 14.158
9037 18.377 1.000 -7.470 20.604 16.988 9009.140 16.988 14.178
9038 17.865 1.000 -7.460 20.260 16.973 9009.210 16.973 14.198
9039 17.546 1.000 -7.470 19.932 16.983 9009.280 16.983 14.219
9040 17.824 1.000 -7.480 20.303 16.968 9010.050 16.968 14.239
9041 17.109 1.000 -7.480 19.571 16.208 9010.120 16.208 14.259
9042 17.624 1.000 -7.440 20.399 16.270 9010.190 16.270 14.280
9043 17.390 1.000 -7.450 19.907 16.408 9010.260 16.408 14.300
9044 17.581 1.000 -7.420 20.389 16.265 9011.020 16.265 14.321
9045 17.752 1.000 -7.380 20.529 16.285 9011.090 16.285 14.341
9046 18.087 1.000 -7.340 20.766 16.337 9011.160 16.337 14.361
9047 17.982 1.000 -7.350 20.649 16.167 9011.230 16.167 14.382
9048 18.419 1.000 -7.270 21.131 16.619 9011.300 16.619 14.402
9049 18.845 1.000 -7.270 21.510 16.911 9012.070 16.911 14.422
9050 18.818 1.000 -7.220 21.464 16.860 9012.140 16.860 14.442
9051 19.068 1.000 -7.170 21.804 17.050 9012.210 17.050 14.462
9052 18.962 1.000 -7.160 21.621 16.936 9012.280 16.936 14.482
9101 18.605 1.000 -7.380 21.127 16.520 9101.040 16.520 14.502
9102 18.348 1.000 -7.090 20.761 16.301 9101.110 16.301 14.522
9103 19.211 1.000 -6.910 21.895 17.226 9101.180 17.226 14.542
9104 19.652 1.000 -6.790 22.162 17.527 9101.250 17.527 14.561
9105 20.246 1.000 -6.760 22.637 18.020 9102.010 18.020 14.580
9106 21.135 1.000 -6.650 23.727 18.841 9102.080 18.841 14.599
9107 21.619 1.000 -6.450 24.382 19.290 9102.150 19.290 14.618
9108 21.573 1.000 -6.350 24.171 19.318 9102.220 19.318 14.636
9109 21.871 1.000 -6.290 24.504 19.553 9103.010 19.553 14.654
9110 22.323 1.000 -6.190 24.814 20.073 9103.080 20.073 14.671
9111 22.034 1.000 -6.150 24.739 19.767 9103.150 19.767 14.689
9112 21.744 1.000 -6.060 24.348 19.531 9103.220 19.531 14.706
9113 22.240 1.000 -6.040 24.875 20.095 9103.290 20.095 14.723
9114 22.518 1.000 -6.020 24.901 20.358 9104.050 20.358 14.740
9115 22.798 1.000 -5.940 25.252 20.604 9104.120 20.604 14.757
9116 22.920 1.000 -5.820 25.521 20.566 9104.190 20.566 14.774
9117 22.608 1.000 -5.790 25.193 20.221 9104.260 20.221 14.791
9118 22.698 1.000 -5.740 25.328 20.259 9105.030 20.259 14.807
9119 22.600 1.000 -5.650 25.008 20.112 9105.100 20.112 14.823
9120 22.245 1.000 -5.580 24.802 19.695 9105.170 19.695 14.839
9121 22.657 1.000 -5.580 25.158 20.188 9105.240 20.188 14.855
9122 23.264 1.000 -5.530 25.997 20.703 9105.310 20.703 14.871
9123 22.781 1.000 -5.510 25.320 20.155 9106.070 20.155 14.887
9124 22.711 1.000 -5.480 25.527 20.046 9106.140 20.046 14.903
9125 22.418 1.000 -5.480 25.241 20.035 9106.210 20.035 14.918
9126 21.978 1.000 -5.480 24.817 20.008 9106.280 20.008 14.934
9127 22.159 1.000 -5.500 25.029 19.969 9107.050 19.969 14.950
9128 22.741 1.000 -5.460 25.457 20.101 9107.120 20.101 14.965
9129 22.987 1.000 -5.470 25.739 20.101 9107.190 20.101 14.981
9130 22.719 1.000 -5.460 25.535 20.106 9107.260 20.106 14.997
9131 23.222 1.000 -5.450 25.970 20.177 9108.020 20.177 15.013
9132 23.283 1.000 -5.440 25.982 20.221 9108.090 20.221 15.028
9133 23.257 1.000 -5.400 25.895 20.254 9108.160 20.254 15.044
9134 23.643 1.000 -5.350 26.488 20.254 9108.230 20.254 15.060
9135 23.806 1.000 -5.310 26.589 20.281 9108.300 20.281 15.075
9136 23.430 1.000 -5.260 26.180 20.035 9109.060 20.035 15.090
9137 23.250 1.000 -5.260 25.825 19.816 9109.130 19.816 15.106
9138 23.647 1.000 -5.210 26.133 20.117 9109.200 20.117 15.121
9139 23.587 1.000 -5.180 26.013 19.997 9109.270 19.997 15.136
9140 23.339 1.000 -5.160 25.715 19.778 9110.040 19.778 15.151
9141 23.220 1.000 -5.080 25.745 19.734 9110.110 19.734 15.166
9142 23.957 1.000 -5.020 26.506 20.413 9110.180 20.413 15.181
9143 23.408 1.000 -5.020 25.962 19.887 9110.250 19.887 15.195
9144 23.963 1.000 -4.970 26.459 20.374 9111.010 20.374 15.210
9145 24.127 1.000 -4.930 26.580 20.489 9111.080 20.489 15.224
9146 23.566 1.000 -4.810 25.902 20.002 9111.150 20.002 15.239
9147 23.235 1.000 -4.780 25.479 19.717 9111.220 19.717 15.253
9148 23.057 1.000 -4.700 25.432 19.657 9111.290 19.657 15.267
9149 23.393 1.000 -4.660 25.711 20.057 9112.060 20.057 15.281
9150 23.708 1.000 -4.630 26.091 20.325 9112.130 20.325 15.294
9151 23.713 1.000 -4.590 26.281 20.347 9112.200 20.347 15.308
9152 25.087 1.000 -4.530 27.616 21.497 9112.270 21.497 15.321
9201 25.830 1.000 -4.510 28.506 22.228 9201.030 22.228 15.335
9202 25.983 1.000 -4.400 28.233 22.303 9201.100 22.303 15.348
9203 26.084 1.000 -4.190 28.504 22.322 9201.170 22.322 15.361
9204 25.953 1.000 -4.050 28.290 22.147 9201.240 22.147 15.373
9205 25.656 1.000 -3.990 27.849 21.816 9201.310 21.816 15.385
9206 25.993 1.000 -3.920 28.021 22.066 9202.070 22.066 15.397
9207 25.951 1.000 -3.850 28.131 22.010 9202.140 22.010 15.409
9208 25.874 1.000 -3.780 28.077 21.860 9202.210 21.860 15.420
9209 26.046 1.000 -3.780 28.177 21.953 9202.280 21.953 15.431
9210 25.488 1.000 -3.750 27.628 21.841 9203.060 21.841 15.442
9211 25.562 1.000 -3.720 27.746 21.860 9203.130 21.860 15.453
9212 25.885 1.000 -3.720 28.128 21.860 9203.200 21.860 15.464
9213 25.358 1.000 -3.730 27.610 21.835 9203.270 21.835 15.475
9214 25.017 1.000 -3.730 27.493 21.816 9204.030 21.816 15.486
9215 25.166 1.000 -3.740 27.698 21.797 9204.100 21.797 15.498
9216 25.600 1.000 -3.660 28.521 21.729 9204.170 21.729 15.509
9217 25.054 1.000 -3.620 28.056 21.616 9204.240 21.616 15.520
9218 25.281 1.000 -3.590 28.314 21.629 9205.010 21.629 15.530
9219 25.579 1.000 -3.550 28.572 21.629 9205.080 21.629 15.541
9220 25.274 1.000 -3.510 28.180 21.248 9205.150 21.248 15.552
9221 25.469 1.000 -3.510 28.467 21.435 9205.220 21.435 15.562
9222 25.605 1.000 -3.470 28.576 21.566 9205.290 21.566 15.573
9223 25.484 1.000 -3.490 28.464 21.472 9206.050 21.472 15.583
9224 25.084 1.000 -3.450 28.225 21.098 9206.120 21.098 15.593
9225 24.549 1.000 -3.440 27.823 20.623 9206.190 20.623 15.604
9226 24.521 1.000 -3.420 27.825 20.554 9206.260 20.554 15.614
9227 25.201 1.000 -3.440 28.416 21.091 9207.030 21.091 15.624
9228 25.525 1.000 -3.350 28.629 21.198 9207.100 21.198 15.635
9229 25.310 1.000 -3.240 28.715 21.204 9207.170 21.204 15.645
9230 25.083 1.000 -3.190 28.455 21.023 9207.240 21.023 15.654
9231 25.813 1.000 -3.140 29.343 21.666 9207.310 21.666 15.664
9232 25.551 1.000 -3.110 28.992 21.385 9208.070 21.385 15.673
9233 25.547 1.000 -3.080 29.080 21.391 9208.140 21.391 15.683
9234 25.253 1.000 -3.050 28.747 21.129 9208.210 21.129 15.692
9235 25.283 1.000 -3.030 28.763 21.148 9208.280 21.148 15.701
9236 25.530 1.000 -3.010 28.935 21.348 9209.040 21.348 15.710
9237 25.711 1.000 -2.960 29.126 21.510 9209.110 21.510 15.719
9238 25.939 1.000 -2.900 29.375 21.697 9209.180 21.697 15.728
9239 25.394 1.000 -2.880 28.797 21.166 9209.250 21.166 15.737
9240 25.217 1.000 -2.870 28.542 20.985 9210.020 20.985 15.746
9241 24.919 1.000 -2.830 28.014 20.698 9210.090 20.698 15.754
9242 25.416 1.000 -2.770 28.660 21.166 9210.160 21.166 15.763
9243 25.720 1.000 -2.790 28.840 21.466 9210.230 21.466 15.771
9244 25.987 1.000 -2.740 29.174 21.672 9210.300 21.672 15.780
9245 26.234 1.000 -2.750 29.112 21.791 9211.060 21.791 15.788
9246 26.714 1.000 -2.740 29.466 22.159 9211.130 22.159 15.796
9247 26.898 1.000 -2.740 29.775 22.353 9211.200 22.353 15.805
9248 27.181 1.000 -2.740 30.035 22.547 9211.270 22.547 15.813
9249 27.345 1.000 -2.770 30.183 22.697 9212.040 22.697 15.821
9250 27.326 1.000 -2.790 30.315 22.672 9212.110 22.672 15.830
9251 27.652 1.000 -2.800 30.857 22.959 9212.180 22.959 15.838
9252 27.612 1.000 -2.830 30.767 22.903 9212.250 22.903 15.847
9253 27.716 1.000 -2.860 30.498 22.936 9301.010 22.936 15.855
9301 27.457 1.000 -2.920 30.048 22.622 9301.080 22.622 15.864
9302 28.100 1.000 -2.830 30.632 23.144 9301.150 23.144 15.873
9303 28.189 1.000 -2.770 30.575 23.164 9301.220 23.164 15.881
9304 28.106 1.000 -2.770 30.778 23.090 9301.290 23.090 15.890
9305 28.692 1.000 -2.740 31.507 23.505 9302.050 23.505 15.898
9306 28.299 1.000 -2.730 31.218 23.130 9302.120 23.130 15.907
9307 27.491 1.000 -2.710 30.506 22.348 9302.190 22.348 15.915
9308 27.920 1.000 -2.690 31.166 22.669 9302.260 22.669 15.923
9309 28.325 1.000 -2.710 31.374 22.963 9303.050 22.963 15.931
9310 28.660 1.000 -2.670 31.652 23.271 9303.120 23.271 15.940
9311 28.555 1.000 -2.660 31.693 23.090 9303.190 23.090 15.948
9312 28.472 1.000 -2.650 31.541 23.057 9303.260 23.057 15.956
9313 28.018 1.000 -2.660 31.107 22.695 9304.020 22.695 15.964
9314 28.132 1.000 -2.670 31.156 22.675 9304.090 22.675 15.972
9315 28.461 1.000 -2.640 31.675 22.869 9304.160 22.869 15.980
9316 28.033 1.000 -2.630 30.852 22.414 9304.230 22.414 15.989
9317 28.189 1.000 -2.610 31.093 22.555 9304.300 22.555 15.997
9318 28.590 1.000 -2.620 31.261 22.943 9305.070 22.943 16.005
9319 28.467 1.000 -2.590 31.084 22.829 9305.140 22.829 16.013
9320 29.006 1.000 -2.600 31.546 23.284 9305.210 23.284 16.021
9321 29.316 1.000 -2.590 31.872 23.485 9305.280 23.485 16.029
9322 29.443 1.000 -2.620 31.880 23.478 9306.040 23.478 16.037
9323 29.088 1.000 -2.620 31.700 23.210 9306.110 23.210 16.045
9324 28.940 1.000 -2.620 31.464 23.043 9306.180 23.043 16.053
9325 29.181 1.000 -2.620 31.760 23.264 9306.250 23.264 16.061
9326 29.324 1.000 -2.630 31.653 23.411 9307.020 23.411 16.069
9327 29.375 1.000 -2.630 31.833 23.438 9307.090 23.438 16.077
9328 29.300 1.000 -2.640 31.681 23.331 9307.160 23.331 16.085
9329 29.325 1.000 -2.630 31.795 23.351 9307.230 23.351 16.093
9330 29.553 1.000 -2.650 31.886 23.465 9307.300 23.465 16.101
9331 29.864 1.000 -2.650 31.942 23.766 9308.060 23.766 16.109
9332 30.000 1.000 -2.640 32.064 23.792 9308.130 23.792 16.118
9333 30.480 1.000 -2.640 32.510 24.080 9308.200 24.080 16.126
9334 30.662 1.000 -2.640 32.840 24.254 9308.270 24.254 16.134
9335 30.826 1.000 -2.640 32.914 24.434 9309.030 24.434 16.142
9336 30.717 1.000 -2.640 32.959 24.374 9309.100 24.374 16.150
9337 30.535 1.000 -2.640 32.770 24.200 9309.170 24.200 16.158
9338 30.880 1.000 -2.650 32.702 24.575 9309.240 24.575 16.167
9339 31.179 1.000 -2.650 32.981 24.816 9310.010 24.816 16.175
9340 31.184 1.000 -2.680 32.928 24.782 9310.080 24.782 16.183
9341 31.813 1.000 -2.640 33.603 25.277 9310.150 25.277 16.191
9342 31.355 1.000 -2.650 33.174 24.863 9310.220 24.863 16.200
9343 31.520 1.000 -2.640 33.517 25.036 9310.290 25.036 16.208
9344 30.970 1.000 -2.660 32.943 24.515 9311.050 24.515 16.216
9345 31.438 1.000 -2.650 33.377 24.990 9311.120 24.990 16.224
9346 30.830 1.000 -2.670 33.194 24.374 9311.190 24.374 16.233
9347 30.866 1.000 -2.670 33.244 24.441 9311.260 24.441 16.241
9348 31.230 1.000 -2.690 33.392 24.802 9312.030 24.802 16.249
9349 31.196 1.000 -2.690 33.340 24.689 9312.100 24.689 16.258
9350 31.209 1.000 -2.690 33.534 24.622 9312.170 24.622 16.266
9351 31.305 1.000 -2.710 33.623 24.602 9312.240 24.602 16.274
9352 31.648 1.000 -2.720 33.573 24.769 9312.310 24.769 16.283
9401 31.832 1.000 -2.750 33.839 24.727 9401.070 24.727 16.291
9402 32.161 1.000 -2.710 34.217 24.790 9401.140 24.790 16.300
9403 32.164 1.000 -2.690 34.221 24.797 9401.210 24.797 16.308
9404 32.398 1.000 -2.680 34.525 24.762 9401.280 24.762 16.317
9405 31.957 1.000 -2.680 33.901 24.846 9402.040 24.846 16.325
9406 32.076 1.000 -2.710 33.945 24.846 9402.110 24.846 16.334
9407 32.104 1.000 -2.750 33.783 24.909 9402.180 24.909 16.342
9408 31.909 1.000 -2.770 33.683 24.888 9402.250 24.888 16.351
9409 32.004 1.000 -2.790 33.605 24.951 9403.040 24.951 16.359
9410 32.160 1.000 -2.810 33.745 24.951 9403.110 24.951 16.368
9411 32.614 1.000 -2.830 34.097 25.007 9403.180 25.007 16.377
9412 31.854 1.000 -2.860 33.356 24.972 9403.250 24.972 16.386
9413 30.546 1.000 -2.930 32.301 24.902 9404.010 24.902 16.395
9414 31.005 1.000 -2.970 32.416 24.965 9404.080 24.965 16.404
9415 30.578 1.000 -3.000 32.369 24.888 9404.150 24.888 16.413
9416 30.404 1.000 -3.040 32.493 24.783 9404.220 24.783 16.423
9417 30.886 1.000 -3.130 32.750 24.853 9404.290 24.853 16.432
9418 30.690 1.000 -3.150 32.544 24.881 9405.060 24.881 16.442
9419 30.211 1.000 -3.240 32.296 24.776 9405.130 24.776 16.452
9420 30.874 1.000 -3.310 33.099 24.748 9405.200 24.748 16.462
9421 31.039 1.000 -3.470 33.293 24.748 9405.270 24.748 16.473
9422 31.233 1.000 -3.510 33.516 24.741 9406.030 24.741 16.484
9423 30.979 1.000 -3.570 33.429 24.713 9406.100 24.713 16.495
9424 30.969 1.000 -3.590 33.432 24.727 9406.170 24.727 16.506
9425 29.760 1.000 -3.630 32.310 24.734 9406.240 24.734 16.518
9426 30.100 1.000 -3.640 32.577 24.727 9407.010 24.727 16.529
9427 30.324 1.000 -3.700 32.840 24.727 9407.080 24.727 16.541
9428 30.712 1.000 -3.750 33.195 24.748 9407.150 24.748 16.552
9429 30.513 1.000 -3.780 33.137 24.720 9407.220 24.720 16.564
9430 30.824 1.000 -3.800 33.532 24.706 9407.290 24.706 16.576
9431 30.747 1.000 -3.830 33.465 24.720 9408.050 24.720 16.588
9432 31.137 1.000 -3.850 33.839 24.727 9408.120 24.727 16.601
9433 31.360 1.000 -3.880 33.985 24.790 9408.190 24.790 16.613
9434 32.053 1.000 -4.030 34.745 24.783 9408.260 24.783 16.625
9435 31.894 1.000 -4.080 34.558 24.804 9409.020 24.804 16.638
9436 31.826 1.000 -4.120 34.370 24.846 9409.090 24.846 16.651
9437 32.087 1.000 -4.140 34.610 24.867 9409.160 24.867 16.664
9438 31.302 1.000 -4.170 33.782 24.874 9409.230 24.874 16.677
9439 31.441 1.000 -4.200 34.023 24.888 9409.300 24.888 16.691
9440 30.916 1.000 -4.260 33.483 24.874 9410.070 24.874 16.704
9441 31.708 1.000 -4.290 34.532 24.839 9410.140 24.839 16.718
9442 31.573 1.000 -4.310 34.241 24.888 9410.210 24.888 16.732
9443 32.094 1.000 -4.350 34.914 24.860 9410.280 24.860 16.745
9444 31.474 1.000 -4.400 34.086 24.937 9411.040 24.937 16.759
9445 31.441 1.000 -4.410 34.111 24.916 9411.110 24.916 16.774
9446 31.408 1.000 -4.500 34.065 24.916 9411.180 24.916 16.788
9447 30.625 1.000 -4.770 33.406 24.888 9411.250 24.888 16.802
9448 30.672 1.000 -4.840 33.499 24.895 9412.020 24.895 16.818
9449 29.936 1.000 -4.910 33.050 24.866 9412.090 24.866 16.833
9450 30.669 1.000 -4.970 33.944 24.874 9412.160 24.874 16.849
9451 30.933 1.000 -5.040 34.040 24.907 9412.230 24.907 16.865
9452 31.090 1.000 -5.120 34.017 24.980 9412.300 24.980 16.881
9501 31.009 1.000 -5.180 34.140 24.948 9501.060 24.948 16.898
9502 31.406 1.000 -5.180 34.550 24.956 9501.130 24.956 16.915
9503 31.259 1.000 -5.160 34.479 24.972 9501.200 24.972 16.932
9504 31.288 1.000 -5.170 34.913 24.923 9501.270 24.923 16.948
9505 31.876 1.000 -5.230 35.544 24.923 9502.030 24.923 16.965
9506 32.232 1.000 -5.370 35.771 25.070 9502.100 25.070 16.982
9507 32.131 1.000 -5.430 35.827 25.021 9502.170 25.021 17.000
9508 32.362 1.000 -5.480 36.301 25.201 9502.240 25.201 17.017
9509 32.468 1.000 -5.490 36.119 25.267 9503.030 25.267 17.035
9510 32.537 1.000 -5.490 36.446 25.324 9503.100 25.324 17.053
9511 32.909 1.000 -5.500 36.907 25.619 9503.170 25.619 17.071
9512 33.343 1.000 -5.520 37.331 25.954 9503.240 25.954 17.089
9513 33.337 1.000 -5.530 37.330 25.970 9503.310 25.970 17.107
9514 33.475 1.000 -5.580 37.776 25.970 9504.070 25.970 17.125
9515 34.049 1.000 -5.530 38.006 26.306 9504.140 26.306 17.144
9516 33.680 1.000 -5.540 37.972 25.987 9504.210 25.987 17.162
9517 34.281 1.000 -5.510 38.457 26.437 9504.280 26.437 17.180
9518 34.502 1.000 -5.530 38.882 26.486 9505.050 26.486 17.198
9519 35.079 1.000 -5.510 39.308 26.960 9505.120 26.960 17.216
9520 34.908 1.000 -5.520 38.853 26.862 9505.190 26.862 17.235
9521 35.213 1.000 -5.510 39.208 27.075 9505.260 27.075 17.253
9522 35.619 1.000 -5.510 39.892 27.353 9506.020 27.353 17.271
9523 35.690 1.000 -5.500 39.570 27.443 9506.090 27.443 17.289
9524 36.383 1.000 -5.490 40.482 28.106 9506.160 28.106 17.308
9525 37.313 1.000 -5.490 41.244 28.826 9506.230 28.826 17.326
9526 36.903 1.000 -5.460 40.893 28.515 9506.300 28.515 17.344
9527 38.051 1.000 -5.470 41.786 29.440 9507.070 29.440 17.362
9528 38.539 1.000 -5.420 42.071 29.873 9507.140 29.873 17.380
9529 37.633 1.000 -5.340 41.621 29.219 9507.210 29.219 17.399
9530 38.744 1.000 -5.320 42.341 30.258 9507.280 30.258 17.416
9531 38.319 1.000 -5.310 42.062 29.832 9508.040 29.832 17.434
9532 38.414 1.000 -5.290 41.795 29.939 9508.110 29.939 17.452
9533 39.233 1.000 -5.270 42.124 30.601 9508.180 30.601 17.470
9534 38.972 1.000 -5.270 42.212 30.430 9508.250 30.430 17.487
9535 39.182 1.000 -5.250 42.515 30.511 9509.010 30.511 17.505
9536 40.244 1.000 -5.250 43.202 31.502 9509.080 31.502 17.523
9537 40.354 1.000 -5.240 44.028 31.444 9509.150 31.444 17.540
9538 40.256 1.000 -5.250 43.927 31.428 9509.220 31.428 17.558
9539 40.257 1.000 -5.210 44.150 31.338 9509.290 31.338 17.575
9540 39.754 1.000 -5.290 44.026 30.675 9510.060 30.675 17.593
9541 40.053 1.000 -5.200 44.199 30.871 9510.130 30.871 17.611
9542 40.047 1.000 -5.210 44.444 30.912 9510.200 30.912 17.628
9543 39.507 1.000 -5.200 43.878 30.479 9510.270 30.479 17.646
Comparison of change
Rightime Fund in value of $10,000
Lipper Growth Fund Index investment in the
Money Market Fund Index Rightime Fund, Lipper
Growth Fund Index.
and Money Market
Fund Index
</TABLE>
Risk-adjusted Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig sp_500_ndx.w calendar defensive
lppr_mmf_5050.ref rtmmyld.w rightime.temp.f0 rightime.temp.f0
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 8537 9.966 1.000 -9.190 9.928 9.956 8509.130 9.956 10.000
mx 9543 27.218 1.000 -2.590 44.444 31.502 9510.270 31.502 17.646
cl 9543 27.014 1.000 -5.200 43.878 30.479 9510.270 30.479 17.646
xb 529 17.710 1.000 -5.611 24.016 19.015 9032.416 19.015 13.917
sd 4.540 0.000 1.864 8.368 4.834 294.274 4.834 2.303
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime.temp.f0 -> 3.044 0.551 0.502 11.601 -0.162 10.806
lppr_mmf_5050.ref -> 3.007 0.453 0.905 10.282 0.013 6.621
defensive -> 5.741 0.001 0.002 5.753 1.387 0.258
- - - --------------------------------------------------------------------------------
8537 10.000 1.000 -7.050 10.000 10.000 8509.130 10.000 10.000
8538 9.994 1.000 -7.120 9.961 10.000 8509.200 10.000 10.014
8539 9.966 1.000 -7.180 9.928 10.008 8509.270 10.008 10.027
8540 9.996 1.000 -7.110 10.042 9.956 8510.040 9.956 10.041
8541 10.046 1.000 -7.090 10.109 10.024 8510.110 10.024 10.055
8542 10.138 1.000 -7.140 10.269 10.216 8510.180 10.216 10.068
8543 10.137 1.000 -7.160 10.303 10.232 8510.250 10.232 10.082
8544 10.248 1.000 -7.170 10.532 10.436 8511.010 10.436 10.096
8545 10.346 1.000 -7.200 10.661 10.636 8511.080 10.636 10.110
8546 10.463 1.000 -7.190 10.911 10.848 8511.150 10.848 10.124
8547 10.557 1.000 -7.260 11.108 11.016 8511.220 11.016 10.138
8548 10.596 1.000 -7.210 11.152 11.076 8511.290 11.076 10.152
8549 10.629 1.000 -7.220 11.206 11.100 8512.060 11.100 10.166
8550 10.821 1.000 -7.250 11.598 11.540 8512.130 11.540 10.180
8551 10.809 1.000 -7.250 11.662 11.504 8512.200 11.504 10.194
8552 10.810 1.000 -7.210 11.597 11.472 8512.270 11.472 10.208
8601 10.846 1.000 -7.220 11.676 11.543 8601.030 11.543 10.222
8602 10.767 1.000 -7.210 11.412 11.354 8601.100 11.354 10.237
8603 10.836 1.000 -7.090 11.558 11.563 8601.170 11.563 10.251
8604 10.854 1.000 -7.160 11.456 11.498 8601.240 11.498 10.265
8605 10.987 1.000 -7.150 11.761 11.764 8601.310 11.764 10.279
8606 11.097 1.000 -7.150 11.925 12.010 8602.070 12.010 10.293
8607 11.225 1.000 -7.090 12.222 12.304 8602.140 12.304 10.307
8608 11.359 1.000 -7.120 12.501 12.546 8602.210 12.546 10.321
8609 11.433 1.000 -7.090 12.638 12.699 8602.280 12.699 10.335
8610 11.461 1.000 -7.110 12.572 12.731 8603.070 12.731 10.349
8611 11.663 1.000 -7.060 13.193 13.202 8603.140 13.202 10.363
8612 11.650 1.000 -6.930 13.022 13.138 8603.210 13.138 10.377
8613 11.751 1.000 -6.850 13.345 13.315 8603.280 13.315 10.391
8614 11.594 1.000 -6.880 12.780 12.965 8604.040 12.965 10.405
8615 11.759 1.000 -6.760 13.196 13.332 8604.110 13.332 10.418
8616 11.918 1.000 -6.680 13.564 13.723 8604.180 13.723 10.432
8617 11.906 1.000 -6.500 13.567 13.650 8604.250 13.650 10.445
8618 11.766 1.000 -6.380 13.156 13.287 8605.020 13.287 10.458
8619 11.856 1.000 -6.300 13.337 13.481 8605.090 13.481 10.471
8620 11.779 1.000 -6.250 13.060 13.267 8605.160 13.267 10.484
8621 11.954 1.000 -6.190 13.551 13.654 8605.230 13.654 10.496
8622 12.066 1.000 -6.190 13.897 13.941 8605.300 13.941 10.509
8623 12.043 1.000 -6.150 13.812 13.904 8606.060 13.904 10.521
8624 12.042 1.000 -6.170 13.824 13.912 8606.130 13.912 10.534
8625 12.085 1.000 -6.190 13.937 13.824 8606.200 13.824 10.546
8626 12.140 1.000 -6.170 14.060 14.074 8606.270 14.074 10.559
8627 12.225 1.000 -6.190 14.192 14.312 8607.040 14.312 10.571
8628 12.007 1.000 -6.150 13.662 13.570 8607.110 13.570 10.584
8629 11.886 1.000 -6.090 13.340 13.231 8607.180 13.231 10.596
8630 11.942 1.000 -5.990 13.567 13.303 8607.250 13.303 10.609
8631 11.822 1.000 -5.890 13.276 12.965 8608.010 12.965 10.621
8632 11.815 1.000 -5.860 13.396 12.856 8608.080 12.856 10.633
8633 12.077 1.000 -5.820 13.986 13.477 8608.150 13.477 10.645
8634 12.120 1.000 -5.760 14.167 13.505 8608.220 13.505 10.657
8635 12.164 1.000 -5.670 14.331 13.549 8608.290 13.549 10.668
8636 12.136 1.000 -5.530 14.201 13.307 8609.050 13.307 10.680
8637 11.700 1.000 -5.380 13.087 12.267 8609.120 12.267 10.691
8638 11.751 1.000 -5.340 13.183 12.351 8609.190 12.351 10.702
8639 11.784 1.000 -5.300 13.193 12.392 8609.260 12.392 10.713
8640 11.833 1.000 -5.300 13.286 12.501 8610.030 12.501 10.724
8641 11.884 1.000 -5.260 13.396 12.610 8610.100 12.610 10.735
8642 11.943 1.000 -5.210 13.596 12.739 8610.170 12.739 10.746
8643 11.953 1.000 -5.190 13.572 12.743 8610.240 12.743 10.757
8644 12.067 1.000 -5.200 13.907 12.928 8610.310 12.928 10.767
8645 12.114 1.000 -5.200 14.018 12.997 8611.070 12.997 10.778
8646 12.084 1.000 -5.170 13.955 12.904 8611.140 12.904 10.789
8647 12.075 1.000 -5.210 14.047 12.920 8611.210 12.920 10.800
8648 12.170 1.000 -5.250 14.242 13.086 8611.280 13.086 10.810
8649 12.219 1.000 -5.220 14.363 13.186 8612.050 13.186 10.821
8650 12.122 1.000 -5.260 14.153 13.006 8612.120 13.006 10.832
8651 12.162 1.000 -5.250 14.298 13.058 8612.190 13.058 10.843
8652 12.132 1.000 -5.390 14.147 12.964 8612.260 12.964 10.854
8701 12.151 1.000 -5.480 14.129 12.968 8701.020 12.968 10.865
8702 12.452 1.000 -5.470 14.842 13.599 8701.090 13.599 10.877
8703 12.599 1.000 -5.460 15.285 13.908 8701.160 13.908 10.888
8704 12.698 1.000 -5.420 15.513 14.075 8701.230 14.075 10.899
8705 12.743 1.000 -5.340 15.751 14.243 8701.300 14.243 10.911
8706 12.944 1.000 -5.310 16.103 14.560 8702.060 14.560 10.922
8707 12.990 1.000 -5.280 16.093 14.569 8702.130 14.569 10.933
8708 13.114 1.000 -5.340 16.435 14.878 8702.200 14.878 10.944
8709 13.145 1.000 -5.360 16.370 14.839 8702.270 14.839 10.955
8710 13.266 1.000 -5.340 16.752 15.114 8703.060 15.114 10.967
8711 13.259 1.000 -5.350 16.717 15.045 8703.130 15.045 10.978
8712 13.396 1.000 -5.390 17.203 15.312 8703.200 15.312 10.989
8713 13.359 1.000 -5.390 17.095 15.234 8703.270 15.234 11.000
8714 13.405 1.000 -5.440 17.352 14.741 8704.030 14.741 11.012
8715 13.288 1.000 -5.440 16.905 14.891 8704.100 14.891 11.023
8716 13.148 1.000 -5.450 16.592 14.831 8704.170 14.831 11.035
8717 13.125 1.000 -5.520 16.291 14.972 8704.240 14.972 11.046
8718 13.181 1.000 -5.510 16.678 14.917 8705.010 14.917 11.058
8719 13.278 1.000 -5.620 16.997 14.925 8705.080 14.925 11.070
8720 13.173 1.000 -5.750 16.663 14.964 8705.150 14.964 11.082
8721 13.066 1.000 -5.780 16.367 14.904 8705.220 14.904 11.094
8722 13.250 1.000 -5.880 16.838 14.895 8705.290 14.895 11.106
8723 13.322 1.000 -5.930 17.043 14.865 8706.050 14.865 11.119
8724 13.484 1.000 -5.970 17.527 14.818 8706.120 14.818 11.131
8725 13.575 1.000 -6.010 17.848 14.792 8706.190 14.792 11.144
8726 13.579 1.000 -6.040 17.869 14.758 8706.260 14.758 11.157
8727 13.561 1.000 -6.040 17.790 14.796 8707.030 14.796 11.170
8728 13.623 1.000 -6.060 17.960 14.796 8707.100 14.796 11.183
8729 13.766 1.000 -6.050 18.332 14.844 8707.170 14.844 11.196
8730 13.688 1.000 -6.010 18.032 14.844 8707.240 14.844 11.209
8731 13.857 1.000 -5.950 18.590 14.869 8707.310 14.869 11.222
8732 13.960 1.000 -5.990 18.853 14.878 8708.070 14.878 11.234
8733 14.144 1.000 -6.000 19.504 14.917 8708.140 14.917 11.247
8734 14.188 1.000 -6.000 19.626 14.925 8708.210 14.925 11.260
8735 14.082 1.000 -5.990 19.118 14.930 8708.280 14.930 11.273
8736 13.907 1.000 -6.030 18.524 14.968 8709.040 14.968 11.286
8737 13.987 1.000 -6.040 18.843 14.994 8709.110 14.994 11.299
8738 13.903 1.000 -6.040 18.436 14.981 8709.180 14.981 11.312
8739 13.951 1.000 -6.250 18.757 14.968 8709.250 14.968 11.325
8740 14.107 1.000 -6.340 19.229 15.024 8710.020 15.024 11.339
8741 13.823 1.000 -6.450 18.242 15.050 8710.090 15.050 11.353
8742 13.311 1.000 -6.560 16.588 15.071 8710.160 15.071 11.367
8743 12.342 1.000 -6.700 14.574 14.887 8710.230 14.887 11.381
8744 12.423 1.000 -6.530 14.793 14.741 8710.300 14.741 11.396
8745 12.411 1.000 -6.470 14.721 14.685 8711.060 14.685 11.410
8746 12.326 1.000 -6.490 14.450 14.719 8711.130 14.719 11.424
8747 12.209 1.000 -6.470 14.245 14.410 8711.200 14.410 11.438
8748 12.260 1.000 -6.430 14.156 14.543 8711.270 14.543 11.453
8749 11.867 1.000 -6.420 13.199 13.904 8712.040 13.904 11.467
8750 12.142 1.000 -6.460 13.880 14.457 8712.110 14.457 11.481
8751 12.547 1.000 -6.510 14.706 15.251 8712.180 15.251 11.495
8752 12.659 1.000 -6.610 14.884 15.552 8712.250 15.552 11.509
8753 12.588 1.000 -6.690 14.601 15.247 8801.010 15.247 11.524
8801 12.577 1.000 -6.800 14.394 15.005 8801.080 15.005 11.539
8802 12.700 1.000 -6.570 14.916 15.276 8801.150 15.276 11.554
8803 12.633 1.000 -6.480 14.598 14.937 8801.220 14.937 11.568
8804 12.823 1.000 -6.390 15.234 15.360 8801.290 15.360 11.583
8805 12.787 1.000 -6.330 14.882 15.089 8802.050 15.089 11.597
8806 12.945 1.000 -6.230 15.288 15.503 8802.120 15.503 11.611
8807 13.036 1.000 -6.140 15.534 15.734 8802.190 15.734 11.625
8808 13.118 1.000 -6.160 15.595 15.862 8802.260 15.862 11.639
8809 13.265 1.000 -6.100 15.893 16.207 8803.040 16.207 11.652
8810 13.268 1.000 -6.050 15.763 16.118 8803.110 16.118 11.666
8811 13.386 1.000 -6.060 16.141 16.379 8803.180 16.379 11.680
8812 13.181 1.000 -6.040 15.400 15.759 8803.250 15.759 11.693
8813 13.131 1.000 -6.040 15.433 15.729 8804.010 15.729 11.707
8814 13.394 1.000 -6.050 16.073 16.044 8804.080 16.044 11.720
8815 13.226 1.000 -6.100 15.509 16.118 8804.150 16.118 11.734
8816 13.216 1.000 -6.090 15.542 16.034 8804.220 16.034 11.748
8817 13.272 1.000 -6.140 15.625 16.034 8804.290 16.034 11.761
8818 13.229 1.000 -6.130 15.406 16.103 8805.060 16.103 11.775
8819 13.169 1.000 -6.140 15.376 16.079 8805.130 16.079 11.789
8820 13.086 1.000 -6.270 15.163 16.118 8805.200 16.118 11.803
8821 13.124 1.000 -6.290 15.198 16.103 8805.270 16.103 11.817
8822 13.387 1.000 -6.370 15.992 16.054 8806.030 16.054 11.831
8823 13.544 1.000 -6.420 16.292 16.044 8806.100 16.044 11.846
8824 13.547 1.000 -6.500 16.269 15.990 8806.170 15.990 11.860
8825 13.646 1.000 -6.560 16.467 16.177 8806.240 16.177 11.875
8826 13.661 1.000 -6.500 16.358 16.133 8807.010 16.133 11.890
8827 13.637 1.000 -6.680 16.264 16.034 8807.080 16.034 11.905
8828 13.671 1.000 -6.700 16.397 16.079 8807.150 16.079 11.920
8829 13.509 1.000 -6.810 16.084 15.601 8807.220 15.601 11.935
8830 13.579 1.000 -6.910 16.419 15.370 8807.290 15.370 11.951
8831 13.653 1.000 -6.950 16.378 15.409 8808.050 15.409 11.967
8832 13.473 1.000 -6.980 15.869 15.488 8808.120 15.488 11.983
8833 13.460 1.000 -7.140 15.741 15.434 8808.190 15.434 11.999
8834 13.426 1.000 -7.220 15.719 15.498 8808.260 15.498 12.015
8835 13.526 1.000 -7.270 16.021 15.404 8809.020 15.404 12.032
8836 13.624 1.000 -7.370 16.175 15.453 8809.090 15.453 12.049
8837 13.709 1.000 -7.390 16.418 15.449 8809.160 15.449 12.066
8838 13.720 1.000 -7.420 16.375 15.429 8809.230 15.429 12.083
8839 13.781 1.000 -7.430 16.517 15.581 8809.300 15.581 12.100
8840 13.896 1.000 -7.480 16.903 15.808 8810.070 15.808 12.117
8841 13.859 1.000 -7.470 16.758 15.709 8810.140 15.709 12.135
8842 13.999 1.000 -7.490 17.266 15.965 8810.210 15.965 12.152
8843 13.902 1.000 -7.540 16.966 15.690 8810.280 15.690 12.170
8844 13.868 1.000 -7.550 16.842 15.572 8811.040 15.572 12.187
8845 13.715 1.000 -7.560 16.342 15.202 8811.110 15.202 12.205
8846 13.668 1.000 -7.600 16.266 15.074 8811.180 15.074 12.222
8847 13.679 1.000 -7.680 16.324 14.996 8811.250 14.996 12.240
8848 13.815 1.000 -7.750 16.615 14.991 8812.020 14.991 12.258
8849 13.910 1.000 -7.850 16.946 14.976 8812.090 14.976 12.277
8850 13.902 1.000 -7.950 16.912 14.991 8812.160 14.991 12.295
8851 13.965 1.000 -8.090 17.021 15.010 8812.230 15.010 12.314
8852 14.032 1.000 -8.180 17.023 15.046 8812.300 15.046 12.333
8901 14.119 1.000 -8.390 17.216 15.056 8901.060 15.056 12.352
8902 14.203 1.000 -8.280 17.424 15.193 8901.130 15.193 12.372
8903 14.295 1.000 -8.350 17.605 15.376 8901.200 15.376 12.392
8904 14.454 1.000 -8.380 18.058 15.696 8901.270 15.696 12.412
8905 14.575 1.000 -8.400 18.264 15.960 8902.030 15.960 12.432
8906 14.492 1.000 -8.370 17.971 15.716 8902.100 15.716 12.452
8907 14.619 1.000 -8.440 18.275 15.955 8902.170 15.955 12.472
8908 14.465 1.000 -8.520 17.693 15.579 8902.240 15.579 12.492
8909 14.587 1.000 -8.650 17.955 15.574 8903.030 15.574 12.512
8910 14.658 1.000 -8.750 18.071 15.554 8903.100 15.554 12.533
8911 14.643 1.000 -8.850 18.072 15.569 8903.170 15.569 12.554
8912 14.582 1.000 -8.950 17.854 15.503 8903.240 15.503 12.575
8913 14.742 1.000 -9.040 18.230 15.584 8903.310 15.584 12.597
8914 14.836 1.000 -9.080 18.385 15.589 8904.070 15.589 12.619
8915 14.972 1.000 -9.140 18.659 15.711 8904.140 15.711 12.641
8916 15.128 1.000 -9.190 19.183 15.696 8904.210 15.696 12.663
8917 15.177 1.000 -9.190 19.199 15.752 8904.280 15.752 12.685
8918 15.212 1.000 -9.150 19.087 15.828 8905.050 15.828 12.707
8919 15.342 1.000 -9.150 19.487 15.797 8905.120 15.797 12.730
8920 15.510 1.000 -9.160 19.960 15.818 8905.190 15.818 12.752
8921 15.550 1.000 -9.140 19.995 15.884 8905.260 15.884 12.774
8922 15.690 1.000 -9.110 20.253 16.132 8906.020 16.132 12.797
8923 15.719 1.000 -9.080 20.340 16.153 8906.090 16.153 12.819
8924 15.608 1.000 -8.940 20.021 15.858 8906.160 15.858 12.842
8925 15.744 1.000 -8.890 20.449 16.112 8906.230 16.112 12.864
8926 15.555 1.000 -8.890 19.838 15.599 8906.300 15.599 12.886
8927 15.730 1.000 -8.850 20.284 15.960 8907.070 15.960 12.907
8928 15.864 1.000 -8.750 20.730 16.208 8907.140 16.208 12.929
8929 15.943 1.000 -8.660 20.998 16.335 8907.210 16.335 12.951
8930 16.106 1.000 -8.600 21.402 16.640 8907.280 16.640 12.973
8931 16.171 1.000 -8.470 21.526 16.736 8908.040 16.736 12.994
8932 16.235 1.000 -8.330 21.591 16.868 8908.110 16.868 13.015
8933 16.257 1.000 -8.330 21.686 16.863 8908.180 16.863 13.036
8934 16.371 1.000 -8.340 21.981 17.107 8908.250 17.107 13.057
8935 16.454 1.000 -8.290 22.196 17.274 8909.010 17.274 13.078
8936 16.417 1.000 -8.240 21.897 17.137 8909.080 17.137 13.098
8937 16.332 1.000 -8.270 21.679 16.889 8909.150 16.889 13.119
8938 16.404 1.000 -8.260 21.818 17.016 8909.220 17.016 13.140
8939 16.520 1.000 -8.260 21.963 17.234 8909.290 17.234 13.161
8940 16.769 1.000 -8.280 22.583 17.716 8910.060 17.716 13.182
8941 16.292 1.000 -8.260 21.015 16.584 8910.130 16.584 13.202
8942 16.528 1.000 -8.210 21.880 17.000 8910.200 17.000 13.223
8943 16.228 1.000 -8.140 21.131 16.279 8910.270 16.279 13.244
8944 16.308 1.000 -8.120 21.306 16.406 8911.030 16.406 13.265
8945 16.364 1.000 -8.070 21.414 16.513 8911.100 16.513 13.286
8946 16.427 1.000 -8.010 21.586 16.620 8911.170 16.620 13.306
8947 16.489 1.000 -7.990 21.749 16.701 8911.240 16.701 13.327
8948 16.591 1.000 -7.930 22.184 16.858 8912.010 16.858 13.347
8949 16.543 1.000 -7.940 22.075 16.802 8912.080 16.802 13.367
8950 16.486 1.000 -7.900 22.181 16.609 8912.150 16.609 13.388
8951 16.474 1.000 -7.910 22.023 16.630 8912.220 16.630 13.408
8952 16.632 1.000 -7.870 22.416 16.824 8912.290 16.824 13.428
9001 16.678 1.000 -8.060 22.353 16.844 9001.050 16.844 13.449
9002 16.423 1.000 -7.800 21.588 16.224 9001.120 16.224 13.469
9003 16.399 1.000 -7.740 21.552 16.085 9001.190 16.085 13.489
9004 16.095 1.000 -7.700 20.717 16.100 9001.260 16.100 13.509
9005 16.205 1.000 -7.700 21.056 16.106 9002.020 16.106 13.529
9006 16.319 1.000 -7.660 21.241 16.239 9002.090 16.239 13.549
9007 16.302 1.000 -7.650 21.198 16.177 9002.160 16.177 13.569
9008 16.125 1.000 -7.650 20.665 15.757 9002.230 15.757 13.589
9009 16.384 1.000 -7.650 21.405 16.306 9003.020 16.306 13.609
9010 16.494 1.000 -7.630 21.571 16.496 9003.090 16.496 13.629
9011 16.577 1.000 -7.650 21.839 16.680 9003.160 16.680 13.649
9012 16.495 1.000 -7.670 21.553 16.485 9003.230 16.485 13.669
9013 16.563 1.000 -7.690 21.740 16.567 9003.300 16.567 13.689
9014 16.554 1.000 -7.670 21.765 16.588 9004.060 16.588 13.709
9015 16.680 1.000 -7.690 22.053 16.834 9004.130 16.834 13.730
9016 16.500 1.000 -7.690 21.479 16.968 9004.200 16.968 13.750
9017 16.375 1.000 -7.690 21.109 16.957 9004.270 16.957 13.770
9018 16.610 1.000 -7.670 21.720 16.978 9005.040 16.978 13.790
9019 16.933 1.000 -7.660 22.610 16.983 9005.110 16.983 13.811
9020 17.035 1.000 -7.700 22.795 17.034 9005.180 17.034 13.831
9021 17.109 1.000 -7.680 22.807 17.137 9005.250 17.137 13.851
9022 17.309 1.000 -7.680 23.375 17.527 9006.010 17.527 13.872
9023 17.249 1.000 -7.670 23.105 17.275 9006.080 17.275 13.892
9024 17.362 1.000 -7.650 23.391 17.588 9006.150 17.588 13.913
9025 17.245 1.000 -7.670 22.925 17.291 9006.220 17.291 13.933
9026 17.329 1.000 -7.670 23.108 17.316 9006.290 17.316 13.954
9027 17.399 1.000 -7.680 23.148 17.373 9007.060 17.373 13.974
9028 17.625 1.000 -7.650 23.738 17.891 9007.130 17.891 13.995
9029 17.451 1.000 -7.660 23.384 17.455 9007.200 17.455 14.015
9030 17.241 1.000 -7.590 22.871 17.014 9007.270 17.014 14.036
9031 16.944 1.000 -7.560 22.330 16.778 9008.030 16.778 14.056
9032 16.792 1.000 -7.500 21.741 16.865 9008.100 16.865 14.077
9033 16.596 1.000 -7.500 21.257 16.855 9008.170 16.855 14.097
9034 16.212 1.000 -7.510 20.214 16.932 9008.240 16.932 14.117
9035 16.498 1.000 -7.480 20.946 16.957 9008.310 16.957 14.137
9036 16.515 1.000 -7.470 21.016 16.932 9009.070 16.932 14.158
9037 16.392 1.000 -7.470 20.604 16.988 9009.140 16.988 14.178
9038 16.175 1.000 -7.460 20.260 16.973 9009.210 16.973 14.198
9039 16.043 1.000 -7.470 19.932 16.983 9009.280 16.983 14.219
9040 16.181 1.000 -7.480 20.303 16.968 9010.050 16.968 14.239
9041 15.868 1.000 -7.480 19.571 16.208 9010.120 16.208 14.259
9042 16.118 1.000 -7.440 20.399 16.270 9010.190 16.270 14.280
9043 16.023 1.000 -7.450 19.907 16.408 9010.260 16.408 14.300
9044 16.122 1.000 -7.420 20.389 16.265 9011.020 16.265 14.321
9045 16.212 1.000 -7.380 20.529 16.285 9011.090 16.285 14.341
9046 16.377 1.000 -7.340 20.766 16.337 9011.160 16.337 14.361
9047 16.341 1.000 -7.350 20.649 16.167 9011.230 16.167 14.382
9048 16.551 1.000 -7.270 21.131 16.619 9011.300 16.619 14.402
9049 16.754 1.000 -7.270 21.510 16.911 9012.070 16.911 14.422
9050 16.753 1.000 -7.220 21.464 16.860 9012.140 16.860 14.442
9051 16.876 1.000 -7.170 21.804 17.050 9012.210 17.050 14.462
9052 16.841 1.000 -7.160 21.621 16.936 9012.280 16.936 14.482
9101 16.694 1.000 -7.380 21.127 16.520 9101.040 16.520 14.502
9102 16.590 1.000 -7.090 20.761 16.301 9101.110 16.301 14.522
9103 16.992 1.000 -6.910 21.895 17.226 9101.180 17.226 14.542
9104 17.198 1.000 -6.790 22.162 17.527 9101.250 17.527 14.561
9105 17.469 1.000 -6.760 22.637 18.020 9102.010 18.020 14.580
9106 17.864 1.000 -6.650 23.727 18.841 9102.080 18.841 14.599
9107 18.080 1.000 -6.450 24.382 19.290 9102.150 19.290 14.618
9108 18.072 1.000 -6.350 24.171 19.318 9102.220 19.318 14.636
9109 18.208 1.000 -6.290 24.504 19.553 9103.010 19.553 14.654
9110 18.407 1.000 -6.190 24.814 20.073 9103.080 20.073 14.671
9111 18.299 1.000 -6.150 24.739 19.767 9103.150 19.767 14.689
9112 18.189 1.000 -6.060 24.348 19.531 9103.220 19.531 14.706
9113 18.407 1.000 -6.040 24.875 20.095 9103.290 20.095 14.723
9114 18.533 1.000 -6.020 24.901 20.358 9104.050 20.358 14.740
9115 18.659 1.000 -5.940 25.252 20.604 9104.120 20.604 14.757
9116 18.719 1.000 -5.820 25.521 20.566 9104.190 20.566 14.774
9117 18.602 1.000 -5.790 25.193 20.221 9104.260 20.221 14.791
9118 18.650 1.000 -5.740 25.328 20.259 9105.030 20.259 14.807
9119 18.620 1.000 -5.650 25.008 20.112 9105.100 20.112 14.823
9120 18.484 1.000 -5.580 24.802 19.695 9105.170 19.695 14.839
9121 18.665 1.000 -5.580 25.158 20.188 9105.240 20.188 14.855
9122 18.925 1.000 -5.530 25.997 20.703 9105.310 20.703 14.871
9123 18.738 1.000 -5.510 25.320 20.155 9106.070 20.155 14.887
9124 18.719 1.000 -5.480 25.527 20.046 9106.140 20.046 14.903
9125 18.608 1.000 -5.480 25.241 20.035 9106.210 20.035 14.918
9126 18.436 1.000 -5.480 24.817 20.008 9106.280 20.008 14.934
9127 18.521 1.000 -5.500 25.029 19.969 9107.050 19.969 14.950
9128 18.774 1.000 -5.460 25.457 20.101 9107.120 20.101 14.965
9129 18.885 1.000 -5.470 25.739 20.101 9107.190 20.101 14.981
9130 18.785 1.000 -5.460 25.535 20.106 9107.260 20.106 14.997
9131 19.003 1.000 -5.450 25.970 20.177 9108.020 20.177 15.013
9132 19.038 1.000 -5.440 25.982 20.221 9108.090 20.221 15.028
9133 19.037 1.000 -5.400 25.895 20.254 9108.160 20.254 15.044
9134 19.205 1.000 -5.350 26.488 20.254 9108.230 20.254 15.060
9135 19.281 1.000 -5.310 26.589 20.281 9108.300 20.281 15.075
9136 19.139 1.000 -5.260 26.180 20.035 9109.060 20.035 15.090
9137 19.075 1.000 -5.260 25.825 19.816 9109.130 19.816 15.106
9138 19.247 1.000 -5.210 26.133 20.117 9109.200 20.117 15.121
9139 19.233 1.000 -5.180 26.013 19.997 9109.270 19.997 15.136
9140 19.141 1.000 -5.160 25.715 19.778 9110.040 19.778 15.151
9141 19.102 1.000 -5.080 25.745 19.734 9110.110 19.734 15.166
9142 19.414 1.000 -5.020 26.506 20.413 9110.180 20.413 15.181
9143 19.201 1.000 -5.020 25.962 19.887 9110.250 19.887 15.195
9144 19.438 1.000 -4.970 26.459 20.374 9111.010 20.374 15.210
9145 19.514 1.000 -4.930 26.580 20.489 9111.080 20.489 15.224
9146 19.296 1.000 -4.810 25.902 20.002 9111.150 20.002 15.239
9147 19.169 1.000 -4.780 25.479 19.717 9111.220 19.717 15.253
9148 19.105 1.000 -4.700 25.432 19.657 9111.290 19.657 15.267
9149 19.253 1.000 -4.660 25.711 20.057 9112.060 20.057 15.281
9150 19.391 1.000 -4.630 26.091 20.325 9112.130 20.325 15.294
9151 19.402 1.000 -4.590 26.281 20.347 9112.200 20.347 15.308
9152 19.972 1.000 -4.530 27.616 21.497 9112.270 21.497 15.321
9201 20.276 1.000 -4.510 28.506 22.228 9201.030 22.228 15.335
9202 20.345 1.000 -4.400 28.233 22.303 9201.100 22.303 15.348
9203 20.393 1.000 -4.190 28.504 22.322 9201.170 22.322 15.361
9204 20.351 1.000 -4.050 28.290 22.147 9201.240 22.147 15.373
9205 20.242 1.000 -3.990 27.849 21.816 9201.310 21.816 15.385
9206 20.383 1.000 -3.920 28.021 22.066 9202.070 22.066 15.397
9207 20.374 1.000 -3.850 28.131 22.010 9202.140 22.010 15.409
9208 20.351 1.000 -3.780 28.077 21.860 9202.210 21.860 15.420
9209 20.426 1.000 -3.780 28.177 21.953 9202.280 21.953 15.431
9210 20.215 1.000 -3.750 27.628 21.841 9203.060 21.841 15.442
9211 20.252 1.000 -3.720 27.746 21.860 9203.130 21.860 15.453
9212 20.387 1.000 -3.720 28.128 21.860 9203.200 21.860 15.464
9213 20.186 1.000 -3.730 27.610 21.835 9203.270 21.835 15.475
9214 20.058 1.000 -3.730 27.493 21.816 9204.030 21.816 15.486
9215 20.125 1.000 -3.740 27.698 21.797 9204.100 21.797 15.498
9216 20.305 1.000 -3.660 28.521 21.729 9204.170 21.729 15.509
9217 20.096 1.000 -3.620 28.056 21.616 9204.240 21.616 15.520
9218 20.194 1.000 -3.590 28.314 21.629 9205.010 21.629 15.530
9219 20.320 1.000 -3.550 28.572 21.629 9205.080 21.629 15.541
9220 20.206 1.000 -3.510 28.180 21.248 9205.150 21.248 15.552
9221 20.291 1.000 -3.510 28.467 21.435 9205.220 21.435 15.562
9222 20.352 1.000 -3.470 28.576 21.566 9205.290 21.566 15.573
9223 20.310 1.000 -3.490 28.464 21.472 9206.050 21.472 15.583
9224 20.158 1.000 -3.450 28.225 21.098 9206.120 21.098 15.593
9225 19.949 1.000 -3.440 27.823 20.623 9206.190 20.623 15.604
9226 19.945 1.000 -3.420 27.825 20.554 9206.260 20.554 15.614
9227 20.227 1.000 -3.440 28.416 21.091 9207.030 21.091 15.624
9228 20.364 1.000 -3.350 28.629 21.198 9207.100 21.198 15.635
9229 20.285 1.000 -3.240 28.715 21.204 9207.170 21.204 15.645
9230 20.200 1.000 -3.190 28.455 21.023 9207.240 21.023 15.654
9231 20.500 1.000 -3.140 29.343 21.666 9207.310 21.666 15.664
9232 20.403 1.000 -3.110 28.992 21.385 9208.070 21.385 15.673
9233 20.407 1.000 -3.080 29.080 21.391 9208.140 21.391 15.683
9234 20.296 1.000 -3.050 28.747 21.129 9208.210 21.129 15.692
9235 20.314 1.000 -3.030 28.763 21.148 9208.280 21.148 15.701
9236 20.419 1.000 -3.010 28.935 21.348 9209.040 21.348 15.710
9237 20.497 1.000 -2.960 29.126 21.510 9209.110 21.510 15.719
9238 20.594 1.000 -2.900 29.375 21.697 9209.180 21.697 15.728
9239 20.383 1.000 -2.880 28.797 21.166 9209.250 21.166 15.737
9240 20.318 1.000 -2.870 28.542 20.985 9210.020 20.985 15.746
9241 20.203 1.000 -2.830 28.014 20.698 9210.090 20.698 15.754
9242 20.410 1.000 -2.770 28.660 21.166 9210.160 21.166 15.763
9243 20.538 1.000 -2.790 28.840 21.466 9210.230 21.466 15.771
9244 20.650 1.000 -2.740 29.174 21.672 9210.300 21.672 15.780
9245 20.754 1.000 -2.750 29.112 21.791 9211.060 21.791 15.788
9246 20.949 1.000 -2.740 29.466 22.159 9211.130 22.159 15.796
9247 21.026 1.000 -2.740 29.775 22.353 9211.200 22.353 15.805
9248 21.143 1.000 -2.740 30.035 22.547 9211.270 22.547 15.813
9249 21.212 1.000 -2.770 30.183 22.697 9212.040 22.697 15.821
9250 21.210 1.000 -2.790 30.315 22.672 9212.110 22.672 15.830
9251 21.342 1.000 -2.800 30.857 22.959 9212.180 22.959 15.838
9252 21.333 1.000 -2.830 30.767 22.903 9212.250 22.903 15.847
9253 21.379 1.000 -2.860 30.498 22.936 9301.010 22.936 15.855
9301 21.285 1.000 -2.920 30.048 22.622 9301.080 22.622 15.864
9302 21.540 1.000 -2.830 30.632 23.144 9301.150 23.144 15.873
9303 21.580 1.000 -2.770 30.575 23.164 9301.220 23.164 15.881
9304 21.554 1.000 -2.770 30.778 23.090 9301.290 23.090 15.890
9305 21.784 1.000 -2.740 31.507 23.505 9302.050 23.505 15.898
9306 21.641 1.000 -2.730 31.218 23.130 9302.120 23.130 15.907
9307 21.337 1.000 -2.710 30.506 22.348 9302.190 22.348 15.915
9308 21.509 1.000 -2.690 31.166 22.669 9302.260 22.669 15.923
9309 21.671 1.000 -2.710 31.374 22.963 9303.050 22.963 15.931
9310 21.805 1.000 -2.670 31.652 23.271 9303.120 23.271 15.940
9311 21.771 1.000 -2.660 31.693 23.090 9303.190 23.090 15.948
9312 21.744 1.000 -2.650 31.541 23.057 9303.260 23.057 15.956
9313 21.577 1.000 -2.660 31.107 22.695 9304.020 22.695 15.964
9314 21.626 1.000 -2.670 31.156 22.675 9304.090 22.675 15.972
9315 21.758 1.000 -2.640 31.675 22.869 9304.160 22.869 15.980
9316 21.600 1.000 -2.630 30.852 22.414 9304.230 22.414 15.989
9317 21.665 1.000 -2.610 31.093 22.555 9304.300 22.555 15.997
9318 21.825 1.000 -2.620 31.261 22.943 9305.070 22.943 16.005
9319 21.784 1.000 -2.590 31.084 22.829 9305.140 22.829 16.013
9320 21.995 1.000 -2.600 31.546 23.284 9305.210 23.284 16.021
9321 22.118 1.000 -2.590 31.872 23.485 9305.280 23.485 16.029
9322 22.171 1.000 -2.620 31.880 23.478 9306.040 23.478 16.037
9323 22.043 1.000 -2.620 31.700 23.210 9306.110 23.210 16.045
9324 21.993 1.000 -2.620 31.464 23.043 9306.180 23.043 16.053
9325 22.090 1.000 -2.620 31.760 23.264 9306.250 23.264 16.061
9326 22.150 1.000 -2.630 31.653 23.411 9307.020 23.411 16.069
9327 22.174 1.000 -2.630 31.833 23.438 9307.090 23.438 16.077
9328 22.152 1.000 -2.640 31.681 23.331 9307.160 23.331 16.085
9329 22.167 1.000 -2.630 31.795 23.351 9307.230 23.351 16.093
9330 22.259 1.000 -2.650 31.886 23.465 9307.300 23.465 16.101
9331 22.381 1.000 -2.650 31.942 23.766 9308.060 23.766 16.109
9332 22.438 1.000 -2.640 32.064 23.792 9308.130 23.792 16.118
9333 22.623 1.000 -2.640 32.510 24.080 9308.200 24.080 16.126
9334 22.696 1.000 -2.640 32.840 24.254 9308.270 24.254 16.134
9335 22.763 1.000 -2.640 32.914 24.434 9309.030 24.434 16.142
9336 22.728 1.000 -2.640 32.959 24.374 9309.100 24.374 16.150
9337 22.667 1.000 -2.640 32.770 24.200 9309.170 24.200 16.158
9338 22.800 1.000 -2.650 32.702 24.575 9309.240 24.575 16.167
9339 22.917 1.000 -2.650 32.981 24.816 9310.010 24.816 16.175
9340 22.924 1.000 -2.680 32.928 24.782 9310.080 24.782 16.183
9341 23.162 1.000 -2.640 33.603 25.277 9310.150 25.277 16.191
9342 23.001 1.000 -2.650 33.174 24.863 9310.220 24.863 16.200
9343 23.067 1.000 -2.640 33.517 25.036 9310.290 25.036 16.208
9344 22.872 1.000 -2.660 32.943 24.515 9311.050 24.515 16.216
9345 23.050 1.000 -2.650 33.377 24.990 9311.120 24.990 16.224
9346 22.833 1.000 -2.670 33.194 24.374 9311.190 24.374 16.233
9347 22.853 1.000 -2.670 33.244 24.441 9311.260 24.441 16.241
9348 22.993 1.000 -2.690 33.392 24.802 9312.030 24.802 16.249
9349 22.986 1.000 -2.690 33.340 24.689 9312.100 24.689 16.258
9350 22.997 1.000 -2.690 33.534 24.622 9312.170 24.622 16.266
9351 23.038 1.000 -2.710 33.623 24.602 9312.240 24.602 16.274
9352 23.171 1.000 -2.720 33.573 24.769 9312.310 24.769 16.283
9401 23.244 1.000 -2.750 33.839 24.727 9401.070 24.727 16.291
9402 23.370 1.000 -2.710 34.217 24.790 9401.140 24.790 16.300
9403 23.377 1.000 -2.690 34.221 24.797 9401.210 24.797 16.308
9404 23.468 1.000 -2.680 34.525 24.762 9401.280 24.762 16.317
9405 23.315 1.000 -2.680 33.901 24.846 9402.040 24.846 16.325
9406 23.364 1.000 -2.710 33.945 24.846 9402.110 24.846 16.334
9407 23.380 1.000 -2.750 33.783 24.909 9402.180 24.909 16.342
9408 23.316 1.000 -2.770 33.683 24.888 9402.250 24.888 16.351
9409 23.357 1.000 -2.790 33.605 24.951 9403.040 24.951 16.359
9410 23.420 1.000 -2.810 33.745 24.951 9403.110 24.951 16.368
9411 23.591 1.000 -2.830 34.097 25.007 9403.180 25.007 16.377
9412 23.323 1.000 -2.860 33.356 24.972 9403.250 24.972 16.386
9413 22.850 1.000 -2.930 32.301 24.902 9404.010 24.902 16.395
9414 23.029 1.000 -2.970 32.416 24.965 9404.080 24.965 16.404
9415 22.876 1.000 -3.000 32.369 24.888 9404.150 24.888 16.413
9416 22.818 1.000 -3.040 32.493 24.783 9404.220 24.783 16.423
9417 23.005 1.000 -3.130 32.750 24.853 9404.290 24.853 16.432
9418 22.939 1.000 -3.150 32.544 24.881 9405.060 24.881 16.442
9419 22.767 1.000 -3.240 32.296 24.776 9405.130 24.776 16.452
9420 23.024 1.000 -3.310 33.099 24.748 9405.200 24.748 16.462
9421 23.093 1.000 -3.470 33.293 24.748 9405.270 24.748 16.473
9422 23.173 1.000 -3.510 33.516 24.741 9406.030 24.741 16.484
9423 23.086 1.000 -3.570 33.429 24.713 9406.100 24.713 16.495
9424 23.091 1.000 -3.590 33.432 24.727 9406.170 24.727 16.506
9425 22.648 1.000 -3.630 32.310 24.734 9406.240 24.734 16.518
9426 22.785 1.000 -3.640 32.577 24.727 9407.010 24.727 16.529
9427 22.878 1.000 -3.700 32.840 24.727 9407.080 24.727 16.541
9428 23.032 1.000 -3.750 33.195 24.748 9407.150 24.748 16.552
9429 22.966 1.000 -3.780 33.137 24.720 9407.220 24.720 16.564
9430 23.092 1.000 -3.800 33.532 24.706 9407.290 24.706 16.576
9431 23.071 1.000 -3.830 33.465 24.720 9408.050 24.720 16.588
9432 23.226 1.000 -3.850 33.839 24.727 9408.120 24.727 16.601
9433 23.318 1.000 -3.880 33.985 24.790 9408.190 24.790 16.613
9434 23.584 1.000 -4.030 34.745 24.783 9408.260 24.783 16.625
9435 23.535 1.000 -4.080 34.558 24.804 9409.020 24.804 16.638
9436 23.519 1.000 -4.120 34.370 24.846 9409.090 24.846 16.651
9437 23.624 1.000 -4.140 34.610 24.867 9409.160 24.867 16.664
9438 23.345 1.000 -4.170 33.782 24.874 9409.230 24.874 16.677
9439 23.406 1.000 -4.200 34.023 24.888 9409.300 24.888 16.691
9440 23.220 1.000 -4.260 33.483 24.874 9410.070 24.874 16.704
9441 23.527 1.000 -4.290 34.532 24.839 9410.140 24.839 16.718
9442 23.486 1.000 -4.310 34.241 24.888 9410.210 24.888 16.732
9443 23.690 1.000 -4.350 34.914 24.860 9410.280 24.860 16.745
9444 23.471 1.000 -4.400 34.086 24.937 9411.040 24.937 16.759
9445 23.469 1.000 -4.410 34.111 24.916 9411.110 24.916 16.774
9446 23.466 1.000 -4.500 34.065 24.916 9411.180 24.916 16.788
9447 23.184 1.000 -4.770 33.406 24.888 9411.250 24.888 16.802
9448 23.212 1.000 -4.840 33.499 24.895 9412.020 24.895 16.818
9449 22.944 1.000 -4.910 33.050 24.866 9412.090 24.866 16.833
9450 23.236 1.000 -4.970 33.944 24.874 9412.160 24.874 16.849
9451 23.347 1.000 -5.040 34.040 24.907 9412.230 24.907 16.865
9452 23.418 1.000 -5.120 34.017 24.980 9412.300 24.980 16.881
9501 23.399 1.000 -5.180 34.140 24.948 9501.060 24.948 16.898
9502 23.560 1.000 -5.180 34.550 24.956 9501.130 24.956 16.915
9503 23.517 1.000 -5.160 34.479 24.972 9501.200 24.972 16.932
9504 23.539 1.000 -5.170 34.913 24.923 9501.270 24.923 16.948
9505 23.772 1.000 -5.230 35.544 24.923 9502.030 24.923 16.965
9506 23.917 1.000 -5.370 35.771 25.070 9502.100 25.070 16.982
9507 23.892 1.000 -5.430 35.827 25.021 9502.170 25.021 17.000
9508 23.990 1.000 -5.480 36.301 25.201 9502.240 25.201 17.017
9509 24.042 1.000 -5.490 36.119 25.267 9503.030 25.267 17.035
9510 24.080 1.000 -5.490 36.446 25.324 9503.100 25.324 17.053
9511 24.230 1.000 -5.500 36.907 25.619 9503.170 25.619 17.071
9512 24.403 1.000 -5.520 37.331 25.954 9503.240 25.954 17.089
9513 24.414 1.000 -5.530 37.330 25.970 9503.310 25.970 17.107
9514 24.477 1.000 -5.580 37.776 25.970 9504.070 25.970 17.125
9515 24.700 1.000 -5.530 38.006 26.306 9504.140 26.306 17.144
9516 24.579 1.000 -5.540 37.972 25.987 9504.210 25.987 17.162
9517 24.812 1.000 -5.510 38.457 26.437 9504.280 26.437 17.180
9518 24.905 1.000 -5.530 38.882 26.486 9505.050 26.486 17.198
9519 25.126 1.000 -5.510 39.308 26.960 9505.120 26.960 17.216
9520 25.078 1.000 -5.520 38.853 26.862 9505.190 26.862 17.235
9521 25.201 1.000 -5.510 39.208 27.075 9505.260 27.075 17.253
9522 25.360 1.000 -5.510 39.892 27.353 9506.020 27.353 17.271
9523 25.398 1.000 -5.500 39.570 27.443 9506.090 27.443 17.289
9524 25.658 1.000 -5.490 40.482 28.106 9506.160 28.106 17.308
9525 26.000 1.000 -5.490 41.244 28.826 9506.230 28.826 17.326
9526 25.871 1.000 -5.460 40.893 28.515 9506.300 28.515 17.344
9527 26.286 1.000 -5.470 41.786 29.440 9507.070 29.440 17.362
9528 26.469 1.000 -5.420 42.071 29.873 9507.140 29.873 17.380
9529 26.171 1.000 -5.340 41.621 29.219 9507.210 29.219 17.399
9530 26.571 1.000 -5.320 42.341 30.258 9507.280 30.258 17.416
9531 26.439 1.000 -5.310 42.062 29.832 9508.040 29.832 17.434
9532 26.485 1.000 -5.290 41.795 29.939 9508.110 29.939 17.452
9533 26.781 1.000 -5.270 42.124 30.601 9508.180 30.601 17.470
9534 26.706 1.000 -5.270 42.212 30.430 9508.250 30.430 17.487
9535 26.791 1.000 -5.250 42.515 30.511 9509.010 30.511 17.505
9536 27.168 1.000 -5.250 43.202 31.502 9509.080 31.502 17.523
9537 27.218 1.000 -5.240 44.028 31.444 9509.150 31.444 17.540
9538 27.199 1.000 -5.250 43.927 31.428 9509.220 31.428 17.558
9539 27.213 1.000 -5.210 44.150 31.338 9509.290 31.338 17.575
9540 27.056 1.000 -5.290 44.026 30.675 9510.060 30.675 17.593
9541 27.172 1.000 -5.200 44.199 30.871 9510.130 30.871 17.611
9542 27.184 1.000 -5.210 44.444 30.912 9510.200 30.912 17.628
9543 27.014 1.000 -5.200 43.878 30.479 9510.270 30.479 17.646
Risk-adjusted
Rightime Fund comparison of change
Balanced Reference Index in value of $10,000
(50% Lipper/50% Money Market) investment in the
Money Market Fund Index Rightime Fund,
Balanced Reference
Index (50%
Lipper/50% Money
Market),and Money
Market Fund Index.
</TABLE>
October 31, 1995
Rightime The Rightime Government Securities Fund
Family of Funds Performance Comparison
- - - -------------------------------------------------------------------------
Our fiscal year ending October 31, 1995 has been the antithesis of 1994
for fixed income investors. Last year was marked by significant price
declines in Treasury Bonds as a result of the unwinding of the
speculative positions built up in the early 1990s. This interest rate
rise was reversed this year as rates have fallen, especially in longer
maturity Treasury Bonds. The decline was the result of a slowing economy
and easing inflationary fears.
The Rightime Government Securities Fund's returns have trailed the
performance of long- term bonds this year. The Fund maintained a
conservative position through the spring and early summer by investing
in Government Securities with shorter maturities at a time when
long-term Treasury Bonds rallied. During this period, the dollar was in
a near free fall and industrial commodity prices were trending up. Oil
also looked as if it was beginning to trade higher. Each of these
factors often proceed an inflationary environment and, as such, the Fund
maintained a conservative position as determined by the Rightime Market
Models (RTMM(registered trademark)). However, long-term Treasury Bond
prices moved significantly higher in the face of these inflationary
concerns. As it turned out, anticipation of a slowing economy dominated
the bond market driving it higher. By late summer the dollar recovered,
commodities stabilized, oil prices declined and inflation remained in
check. As a result, the Fund extended its portfolio maturities later in
the year as determined by the RTMM(registered trademark) and has taken
advantage of further rises in long-term Treasury Bond prices. While the
Fund's returns have trailed, risk has been significantly lower than
holding long-term Treasury securities. The Fund adheres to the
allocation determined by the Rightime Market Model (RTMM(registered
trademark)).
- - - --------------------------------------------------
Average Annual Total Return
- - - --------------------------------------------------
Since Inception
1 Year 5 Years Jan. 2. 1987
- - - --------------------------------------------------
1.00% 4.93% 4.76%
- - - --------------------------------------------------
Performance Comparison
The "Performance Comparison" chart assesses the Rightime Government
Securities Fund's performance against the Shearson Lehman Hutton U.S.
Treasury Intermediate Index, a broad based fixed income index.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return
will vary with market conditions, and the principal value of shares,
when redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends reflecting the 4.75% sales charge.
(At inception, the Government Securities Fund was no load.)
Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig slh_ust_int.w calendar defensive
slh_ust_int.w.f0 rtmmyld.w rightime_gsf.temp rightime_gsf.temp
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 8652 9.767 1.000 -9.190 2245.480 8.973 8612.260 8.973 10.000
mx 9543 19.607 1.000 -2.590 4507.710 14.639 9510.270 14.639 16.258
cl 9543 19.607 1.000 -5.200 4507.710 14.238 9510.270 14.238 16.258
xb 462 14.268 1.000 -5.499 3280.196 11.677 9097.504 11.677 13.287
sd 3.051 0.000 1.948 701.359 1.643 255.524 1.643 1.855
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime_gsf.temp -> -2.729 0.905 0.252 4.066 -1.014 5.906
slh_ust_int.w.f0 -> 0.000 1.000 1.000 7.890 0.000 3.274
defensive -> 5.575 0.007 0.008 5.635 0.791 0.270
- - - --------------------------------------------------------------------------------
8652 10.000 1.000 -5.390 2299.050 10.000 8612.260 10.000 10.000
8701 9.997 1.000 -5.480 2298.420 9.525 8701.020 9.525 10.010
8702 10.055 1.000 -5.470 2311.580 9.531 8701.090 9.531 10.021
8703 10.064 1.000 -5.460 2313.860 9.481 8701.160 9.481 10.031
8704 10.069 1.000 -5.420 2315.010 9.525 8701.230 9.525 10.042
8705 10.052 1.000 -5.340 2311.020 9.404 8701.300 9.404 10.052
8706 10.063 1.000 -5.310 2313.520 9.455 8702.060 9.455 10.063
8707 10.048 1.000 -5.280 2310.070 9.385 8702.130 9.385 10.073
8708 10.079 1.000 -5.340 2317.170 9.423 8702.200 9.423 10.083
8709 10.112 1.000 -5.360 2324.860 9.500 8702.270 9.500 10.093
8710 10.108 1.000 -5.340 2323.820 9.493 8703.060 9.493 10.104
8711 10.130 1.000 -5.350 2329.010 9.538 8703.130 9.538 10.114
8712 10.132 1.000 -5.390 2329.400 9.526 8703.200 9.526 10.124
8713 10.111 1.000 -5.390 2324.640 9.455 8703.270 9.455 10.135
8714 10.076 1.000 -5.440 2316.420 9.333 8704.030 9.333 10.145
8715 9.961 1.000 -5.440 2290.010 9.346 8704.100 9.346 10.156
8716 9.968 1.000 -5.450 2291.760 9.372 8704.170 9.372 10.167
8717 9.840 1.000 -5.520 2262.200 9.411 8704.240 9.411 10.177
8718 9.877 1.000 -5.510 2270.820 9.356 8705.010 9.356 10.188
8719 9.871 1.000 -5.620 2269.410 9.343 8705.080 9.343 10.199
8720 9.779 1.000 -5.750 2248.160 9.382 8705.150 9.382 10.210
8721 9.794 1.000 -5.780 2251.610 9.291 8705.220 9.291 10.221
8722 9.895 1.000 -5.880 2274.840 9.330 8705.290 9.330 10.232
8723 9.913 1.000 -5.930 2279.000 9.343 8706.050 9.343 10.244
8724 9.984 1.000 -5.970 2295.340 9.375 8706.120 9.375 10.256
8725 10.010 1.000 -6.010 2301.300 9.388 8706.190 9.388 10.267
8726 10.003 1.000 -6.040 2299.630 9.258 8706.260 9.258 10.279
8727 10.040 1.000 -6.040 2308.180 9.323 8707.030 9.323 10.291
8728 10.066 1.000 -6.060 2314.120 9.330 8707.100 9.330 10.303
8729 10.075 1.000 -6.050 2316.270 9.323 8707.170 9.323 10.315
8730 10.023 1.000 -6.010 2304.250 9.125 8707.240 9.125 10.327
8731 10.025 1.000 -5.950 2304.880 9.106 8707.310 9.106 10.339
8732 10.028 1.000 -5.990 2305.410 9.099 8708.070 9.099 10.351
8733 10.078 1.000 -6.000 2316.910 9.212 8708.140 9.212 10.362
8734 10.040 1.000 -6.000 2308.170 9.099 8708.210 9.099 10.374
8735 9.987 1.000 -5.990 2296.040 8.986 8708.280 8.986 10.386
8736 9.920 1.000 -6.030 2280.550 9.016 8709.040 9.016 10.398
8737 9.914 1.000 -6.040 2279.240 9.016 8709.110 9.016 10.410
8738 9.921 1.000 -6.040 2280.860 9.043 8709.180 9.043 10.422
8739 9.894 1.000 -6.250 2274.620 9.016 8709.250 9.016 10.434
8740 9.884 1.000 -6.340 2272.450 8.973 8710.020 8.973 10.447
8741 9.807 1.000 -6.450 2254.720 9.013 8710.090 9.013 10.460
8742 9.767 1.000 -6.560 2245.480 9.033 8710.160 9.033 10.473
8743 10.103 1.000 -6.700 2322.810 9.101 8710.230 9.101 10.486
8744 10.176 1.000 -6.530 2339.440 9.094 8710.300 9.094 10.499
8745 10.216 1.000 -6.470 2348.720 9.225 8711.060 9.225 10.512
8746 10.208 1.000 -6.490 2346.900 9.212 8711.130 9.212 10.525
8747 10.260 1.000 -6.470 2358.910 9.266 8711.200 9.266 10.539
8748 10.193 1.000 -6.430 2343.500 9.035 8711.270 9.035 10.552
8749 10.247 1.000 -6.420 2355.760 9.127 8712.040 9.127 10.565
8750 10.180 1.000 -6.460 2340.380 8.997 8712.110 8.997 10.578
8751 10.295 1.000 -6.510 2366.880 9.250 8712.180 9.250 10.591
8752 10.309 1.000 -6.610 2370.160 9.284 8712.250 9.284 10.604
8753 10.329 1.000 -6.690 2374.620 9.223 8801.010 9.223 10.617
8801 10.337 1.000 -6.800 2376.510 9.106 8801.080 9.106 10.631
8802 10.443 1.000 -6.570 2400.790 9.437 8801.150 9.437 10.645
8803 10.500 1.000 -6.480 2413.970 9.540 8801.220 9.540 10.658
8804 10.589 1.000 -6.390 2434.570 9.719 8801.290 9.719 10.672
8805 10.648 1.000 -6.330 2447.980 9.830 8802.050 9.830 10.685
8806 10.629 1.000 -6.230 2443.760 9.698 8802.120 9.698 10.698
8807 10.649 1.000 -6.140 2448.270 9.663 8802.190 9.663 10.710
8808 10.688 1.000 -6.160 2457.290 9.705 8802.260 9.705 10.723
8809 10.676 1.000 -6.100 2454.380 9.622 8803.040 9.622 10.736
8810 10.685 1.000 -6.050 2456.570 9.629 8803.110 9.629 10.748
8811 10.669 1.000 -6.060 2452.860 9.636 8803.180 9.636 10.761
8812 10.666 1.000 -6.040 2452.070 9.524 8803.250 9.524 10.773
8813 10.655 1.000 -6.040 2449.660 9.524 8804.010 9.524 10.786
8814 10.675 1.000 -6.050 2454.350 9.538 8804.080 9.538 10.798
8815 10.632 1.000 -6.100 2444.440 9.545 8804.150 9.545 10.811
8816 10.642 1.000 -6.090 2446.590 9.545 8804.220 9.545 10.823
8817 10.625 1.000 -6.140 2442.660 9.566 8804.290 9.566 10.836
8818 10.603 1.000 -6.130 2437.610 9.559 8805.060 9.559 10.849
8819 10.615 1.000 -6.140 2440.420 9.573 8805.130 9.573 10.861
8820 10.564 1.000 -6.270 2428.780 9.580 8805.200 9.580 10.874
8821 10.560 1.000 -6.290 2427.770 9.594 8805.270 9.594 10.887
8822 10.658 1.000 -6.370 2450.410 9.605 8806.030 9.605 10.900
8823 10.683 1.000 -6.420 2455.990 9.640 8806.100 9.640 10.914
8824 10.670 1.000 -6.500 2453.060 9.577 8806.170 9.577 10.927
8825 10.733 1.000 -6.560 2467.540 9.825 8806.240 9.825 10.941
8826 10.767 1.000 -6.500 2475.490 9.878 8807.010 9.878 10.955
8827 10.697 1.000 -6.680 2459.250 9.621 8807.080 9.621 10.968
8828 10.706 1.000 -6.700 2461.330 9.650 8807.150 9.650 10.982
8829 10.711 1.000 -6.810 2462.590 9.657 8807.220 9.657 10.996
8830 10.719 1.000 -6.910 2464.400 9.671 8807.290 9.671 11.011
8831 10.726 1.000 -6.950 2466.030 9.678 8808.050 9.678 11.025
8832 10.668 1.000 -6.980 2452.680 9.693 8808.120 9.693 11.040
8833 10.684 1.000 -7.140 2456.270 9.707 8808.190 9.707 11.055
8834 10.683 1.000 -7.220 2456.020 9.714 8808.260 9.714 11.070
8835 10.819 1.000 -7.270 2487.260 9.729 8809.020 9.729 11.085
8836 10.859 1.000 -7.370 2496.550 9.808 8809.090 9.808 11.101
8837 10.871 1.000 -7.390 2499.240 9.787 8809.160 9.787 11.116
8838 10.874 1.000 -7.420 2500.020 9.765 8809.230 9.765 11.132
8839 10.916 1.000 -7.430 2509.600 9.851 8809.300 9.851 11.148
8840 10.992 1.000 -7.480 2527.080 10.032 8810.070 10.032 11.164
8841 10.973 1.000 -7.470 2522.750 9.916 8810.140 9.916 11.180
8842 10.992 1.000 -7.490 2527.010 9.974 8810.210 9.974 11.196
8843 11.050 1.000 -7.540 2540.340 10.061 8810.280 10.061 11.212
8844 11.008 1.000 -7.550 2530.680 10.083 8811.040 10.083 11.228
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9032 12.867 1.000 -7.500 2958.140 10.797 9008.100 10.797 12.969
9033 12.843 1.000 -7.500 2952.660 10.771 9008.170 10.771 12.988
9034 12.771 1.000 -7.510 2936.210 10.780 9008.240 10.780 13.006
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9101 13.575 1.000 -7.380 3121.040 11.260 9101.040 11.260 13.361
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9112 13.779 1.000 -6.060 3167.760 10.708 9103.220 10.708 13.549
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9119 13.969 1.000 -5.650 3211.640 10.905 9105.100 10.905 13.657
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9143 14.795 1.000 -5.020 3401.370 11.616 9110.250 11.616 14.000
9144 14.918 1.000 -4.970 3429.660 11.634 9111.010 11.634 14.013
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9147 15.030 1.000 -4.780 3455.560 11.634 9111.220 11.634 14.053
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9150 15.244 1.000 -4.630 3504.700 11.652 9112.130 11.652 14.091
9151 15.364 1.000 -4.590 3532.240 11.652 9112.200 11.652 14.104
9152 15.410 1.000 -4.530 3542.890 11.652 9112.270 11.652 14.116
9201 15.423 1.000 -4.510 3545.890 11.671 9201.030 11.671 14.128
9202 15.413 1.000 -4.400 3543.510 11.680 9201.100 11.680 14.140
9203 15.319 1.000 -4.190 3522.020 11.671 9201.170 11.671 14.152
9204 15.286 1.000 -4.050 3514.380 11.689 9201.240 11.689 14.164
9205 15.313 1.000 -3.990 3520.560 11.689 9201.310 11.689 14.175
9206 15.383 1.000 -3.920 3536.520 11.698 9202.070 11.698 14.186
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9209 15.359 1.000 -3.780 3531.200 11.689 9202.280 11.689 14.217
9210 15.244 1.000 -3.750 3504.600 11.716 9203.060 11.716 14.227
9211 15.142 1.000 -3.720 3481.220 11.716 9203.130 11.716 14.238
9212 15.180 1.000 -3.720 3489.850 11.726 9203.200 11.726 14.248
9213 15.274 1.000 -3.730 3511.540 11.707 9203.270 11.707 14.258
9214 15.394 1.000 -3.730 3539.210 11.726 9204.030 11.726 14.268
9215 15.477 1.000 -3.740 3558.170 11.744 9204.100 11.744 14.278
9216 15.437 1.000 -3.660 3549.110 11.735 9204.170 11.735 14.289
9217 15.446 1.000 -3.620 3551.080 11.744 9204.240 11.744 14.299
9218 15.469 1.000 -3.590 3556.370 11.735 9205.010 11.735 14.309
9219 15.541 1.000 -3.550 3573.010 11.744 9205.080 11.744 14.318
9220 15.625 1.000 -3.510 3592.280 11.800 9205.150 11.800 14.328
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9223 15.694 1.000 -3.490 3608.210 11.781 9206.050 11.781 14.357
9224 15.747 1.000 -3.450 3620.230 11.772 9206.120 11.772 14.367
9225 15.788 1.000 -3.440 3629.730 11.837 9206.190 11.837 14.376
9226 15.861 1.000 -3.420 3646.540 11.902 9206.260 11.902 14.386
9227 16.024 1.000 -3.440 3683.910 12.126 9207.030 12.126 14.395
9228 16.093 1.000 -3.350 3699.970 12.126 9207.100 12.126 14.404
9229 16.154 1.000 -3.240 3713.810 12.089 9207.170 12.089 14.414
9230 16.235 1.000 -3.190 3732.410 12.276 9207.240 12.276 14.423
9231 16.195 1.000 -3.140 3723.370 12.435 9207.310 12.435 14.432
9232 16.328 1.000 -3.110 3753.890 12.538 9208.070 12.538 14.440
9233 16.366 1.000 -3.080 3762.740 12.576 9208.140 12.576 14.449
9234 16.380 1.000 -3.050 3765.800 12.547 9208.210 12.547 14.457
9235 16.353 1.000 -3.030 3759.620 12.463 9208.280 12.463 14.466
9236 16.534 1.000 -3.010 3801.250 12.698 9209.040 12.698 14.474
9237 16.543 1.000 -2.960 3803.310 12.717 9209.110 12.717 14.483
9238 16.549 1.000 -2.900 3804.590 12.670 9209.180 12.670 14.491
9239 16.587 1.000 -2.880 3813.370 12.660 9209.250 12.660 14.499
9240 16.670 1.000 -2.870 3832.420 12.698 9210.020 12.698 14.507
9241 16.527 1.000 -2.830 3799.620 12.424 9210.090 12.424 14.515
9242 16.526 1.000 -2.770 3799.390 12.462 9210.160 12.462 14.523
9243 16.376 1.000 -2.790 3764.950 12.443 9210.230 12.443 14.530
9244 16.396 1.000 -2.740 3769.600 12.453 9210.300 12.453 14.538
9245 16.336 1.000 -2.750 3755.800 12.462 9211.060 12.462 14.546
9246 16.352 1.000 -2.740 3759.320 12.462 9211.130 12.462 14.554
9247 16.362 1.000 -2.740 3761.810 12.462 9211.200 12.462 14.561
9248 16.315 1.000 -2.740 3750.940 12.424 9211.270 12.424 14.569
9249 16.395 1.000 -2.770 3769.180 12.538 9212.040 12.538 14.576
9250 16.418 1.000 -2.790 3774.690 12.662 9212.110 12.662 14.584
9251 16.469 1.000 -2.800 3786.320 12.690 9212.180 12.690 14.592
9252 16.518 1.000 -2.830 3797.610 12.796 9212.250 12.796 14.600
9253 16.541 1.000 -2.860 3802.780 12.748 9301.010 12.748 14.608
9301 16.584 1.000 -2.920 3812.640 12.671 9301.080 12.671 14.616
9302 16.695 1.000 -2.830 3838.370 12.844 9301.150 12.844 14.624
9303 16.744 1.000 -2.770 3849.620 12.931 9301.220 12.931 14.632
9304 16.856 1.000 -2.770 3875.340 13.086 9301.290 13.086 14.640
9305 16.924 1.000 -2.740 3890.850 13.192 9302.050 13.192 14.647
9306 16.893 1.000 -2.730 3883.680 13.182 9302.120 13.182 14.655
9307 17.032 1.000 -2.710 3915.780 13.356 9302.190 13.356 14.663
9308 17.111 1.000 -2.690 3933.890 13.531 9302.260 13.531 14.670
9309 17.173 1.000 -2.710 3948.090 13.783 9303.050 13.783 14.678
9310 17.054 1.000 -2.670 3920.890 13.589 9303.120 13.589 14.686
9311 17.155 1.000 -2.660 3944.100 13.686 9303.190 13.686 14.693
9312 17.118 1.000 -2.650 3935.600 13.637 9303.260 13.637 14.701
9313 17.135 1.000 -2.660 3939.420 13.579 9304.020 13.579 14.708
9314 17.253 1.000 -2.670 3966.440 13.559 9304.090 13.559 14.716
9315 17.305 1.000 -2.640 3978.560 13.618 9304.160 13.618 14.723
9316 17.339 1.000 -2.630 3986.330 13.608 9304.230 13.608 14.731
9317 17.315 1.000 -2.610 3980.750 13.618 9304.300 13.618 14.738
9318 17.372 1.000 -2.620 3993.950 13.618 9305.070 13.618 14.745
9319 17.312 1.000 -2.590 3980.180 13.608 9305.140 13.608 14.753
9320 17.248 1.000 -2.600 3965.500 13.579 9305.210 13.579 14.760
9321 17.248 1.000 -2.590 3965.500 13.618 9305.280 13.618 14.768
9322 17.264 1.000 -2.620 3969.080 13.608 9306.040 13.608 14.775
9323 17.366 1.000 -2.620 3992.630 13.559 9306.110 13.559 14.782
9324 17.386 1.000 -2.620 3997.040 13.579 9306.180 13.579 14.790
9325 17.468 1.000 -2.620 4015.910 13.569 9306.250 13.569 14.797
9326 17.552 1.000 -2.630 4035.360 13.618 9307.020 13.618 14.805
9327 17.559 1.000 -2.630 4036.960 13.667 9307.090 13.667 14.812
9328 17.589 1.000 -2.640 4043.830 13.687 9307.160 13.687 14.820
9329 17.461 1.000 -2.630 4014.380 13.727 9307.230 13.727 14.827
9330 17.541 1.000 -2.650 4032.860 13.727 9307.300 13.727 14.835
9331 17.559 1.000 -2.650 4036.880 13.815 9308.060 13.815 14.842
9332 17.633 1.000 -2.640 4053.860 13.825 9308.130 13.825 14.850
9333 17.698 1.000 -2.640 4068.870 13.875 9308.200 13.875 14.857
9334 17.778 1.000 -2.640 4087.190 14.172 9308.270 14.172 14.865
9335 17.906 1.000 -2.640 4116.680 14.410 9309.030 14.410 14.872
9336 17.902 1.000 -2.640 4115.810 14.410 9309.100 14.410 14.880
9337 17.856 1.000 -2.640 4105.100 14.261 9309.170 14.261 14.887
9338 17.879 1.000 -2.650 4110.420 14.221 9309.240 14.221 14.895
9339 17.913 1.000 -2.650 4118.210 14.311 9310.010 14.311 14.902
9340 17.977 1.000 -2.680 4133.050 14.470 9310.080 14.470 14.910
9341 18.019 1.000 -2.640 4142.560 14.639 9310.150 14.639 14.918
9342 17.932 1.000 -2.650 4122.700 14.301 9310.220 14.301 14.925
9343 17.912 1.000 -2.640 4118.150 14.271 9310.290 14.271 14.933
9344 17.786 1.000 -2.660 4088.980 13.892 9311.050 13.892 14.940
9345 17.848 1.000 -2.650 4103.280 14.051 9311.120 14.051 14.948
9346 17.789 1.000 -2.670 4089.730 13.842 9311.190 13.842 14.955
9347 17.858 1.000 -2.670 4105.680 13.842 9311.260 13.842 14.963
9348 17.851 1.000 -2.690 4104.030 13.842 9312.030 13.842 14.971
9349 17.867 1.000 -2.690 4107.700 13.892 9312.100 13.892 14.979
9350 17.892 1.000 -2.690 4113.450 13.847 9312.170 13.847 14.986
9351 17.942 1.000 -2.710 4124.960 13.807 9312.240 13.807 14.994
9352 17.906 1.000 -2.720 4116.710 13.706 9312.310 13.706 15.002
9401 18.019 1.000 -2.750 4142.630 13.807 9401.070 13.807 15.010
9402 17.997 1.000 -2.710 4137.630 13.807 9401.140 13.807 15.018
9403 18.049 1.000 -2.690 4149.640 13.897 9401.210 13.897 15.025
9404 18.087 1.000 -2.680 4158.350 14.029 9401.280 14.029 15.033
9405 17.939 1.000 -2.680 4124.340 13.776 9402.040 13.776 15.041
9406 17.934 1.000 -2.710 4123.080 13.715 9402.110 13.715 15.049
9407 17.857 1.000 -2.750 4105.370 13.472 9402.180 13.472 15.056
9408 17.809 1.000 -2.770 4094.280 13.350 9402.250 13.350 15.064
9409 17.719 1.000 -2.790 4073.780 13.401 9403.040 13.401 15.072
9410 17.700 1.000 -2.810 4069.270 13.401 9403.110 13.401 15.080
9411 17.668 1.000 -2.830 4061.910 13.411 9403.180 13.411 15.088
9412 17.634 1.000 -2.860 4054.140 13.411 9403.250 13.411 15.097
9413 17.593 1.000 -2.930 4044.810 13.432 9404.010 13.432 15.105
9414 17.501 1.000 -2.970 4023.460 13.411 9404.080 13.411 15.113
9415 17.502 1.000 -3.000 4023.860 13.442 9404.150 13.442 15.122
9416 17.500 1.000 -3.040 4023.350 13.574 9404.220 13.574 15.131
9417 17.474 1.000 -3.130 4017.270 13.472 9404.290 13.472 15.140
9418 17.315 1.000 -3.150 3980.770 13.165 9405.060 13.165 15.149
9419 17.372 1.000 -3.240 3993.830 13.257 9405.130 13.257 15.158
9420 17.548 1.000 -3.310 4034.280 13.503 9405.200 13.503 15.167
9421 17.497 1.000 -3.470 4022.560 13.400 9405.270 13.400 15.177
9422 17.584 1.000 -3.510 4042.700 13.400 9406.030 13.400 15.187
9423 17.614 1.000 -3.570 4049.550 13.410 9406.100 13.410 15.197
9424 17.593 1.000 -3.590 4044.640 13.410 9406.170 13.410 15.208
9425 17.541 1.000 -3.630 4032.870 13.421 9406.240 13.421 15.218
9426 17.505 1.000 -3.640 4024.390 13.421 9407.010 13.421 15.229
9427 17.482 1.000 -3.700 4019.120 13.431 9407.080 13.431 15.239
9428 17.604 1.000 -3.750 4047.300 13.441 9407.150 13.441 15.250
9429 17.590 1.000 -3.780 4044.020 13.441 9407.220 13.441 15.261
9430 17.720 1.000 -3.800 4073.960 13.452 9407.290 13.452 15.272
9431 17.626 1.000 -3.830 4052.340 13.462 9408.050 13.462 15.283
9432 17.640 1.000 -3.850 4055.560 13.452 9408.120 13.452 15.294
9433 17.679 1.000 -3.880 4064.460 13.452 9408.190 13.452 15.306
9434 17.728 1.000 -4.030 4075.830 13.452 9408.260 13.452 15.317
9435 17.774 1.000 -4.080 4086.430 13.483 9409.020 13.483 15.329
9436 17.679 1.000 -4.120 4064.380 13.493 9409.090 13.493 15.341
9437 17.666 1.000 -4.140 4061.490 13.493 9409.160 13.493 15.353
9438 17.639 1.000 -4.170 4055.380 13.504 9409.230 13.504 15.365
9439 17.620 1.000 -4.200 4050.920 13.514 9409.300 13.514 15.378
9440 17.613 1.000 -4.260 4049.270 13.514 9410.070 13.514 15.390
9441 17.678 1.000 -4.290 4064.260 13.524 9410.140 13.524 15.403
9442 17.606 1.000 -4.310 4047.610 13.535 9410.210 13.535 15.415
9443 17.628 1.000 -4.350 4052.860 13.545 9410.280 13.545 15.428
9444 17.528 1.000 -4.400 4029.800 13.566 9411.040 13.566 15.441
9445 17.547 1.000 -4.410 4034.230 13.619 9411.110 13.619 15.454
9446 17.523 1.000 -4.500 4028.560 13.587 9411.180 13.587 15.467
9447 17.617 1.000 -4.770 4050.350 13.577 9411.250 13.577 15.480
9448 17.570 1.000 -4.840 4039.390 13.566 9412.020 13.566 15.494
9449 17.557 1.000 -4.910 4036.530 13.556 9412.090 13.556 15.509
9450 17.510 1.000 -4.970 4025.620 13.656 9412.160 13.656 15.523
9451 17.499 1.000 -5.040 4023.190 13.708 9412.230 13.708 15.538
9452 17.540 1.000 -5.120 4032.430 13.645 9412.300 13.645 15.553
9501 17.552 1.000 -5.180 4035.250 13.687 9501.060 13.687 15.569
9502 17.707 1.000 -5.180 4070.840 13.656 9501.130 13.656 15.584
9503 17.654 1.000 -5.160 4058.640 13.656 9501.200 13.656 15.599
9504 17.806 1.000 -5.170 4093.640 13.666 9501.270 13.666 15.615
9505 17.895 1.000 -5.230 4114.080 13.677 9502.030 13.677 15.630
9506 17.862 1.000 -5.370 4106.660 13.539 9502.100 13.539 15.646
9507 18.000 1.000 -5.430 4138.360 13.592 9502.170 13.592 15.662
9508 18.114 1.000 -5.480 4164.460 13.773 9502.240 13.773 15.678
9509 18.123 1.000 -5.490 4166.500 13.826 9503.030 13.826 15.695
9510 18.164 1.000 -5.490 4176.060 13.858 9503.100 13.858 15.711
9511 18.283 1.000 -5.500 4203.280 13.869 9503.170 13.869 15.728
9512 18.328 1.000 -5.520 4213.770 13.858 9503.240 13.858 15.745
9513 18.275 1.000 -5.530 4201.540 13.869 9503.310 13.869 15.761
9514 18.374 1.000 -5.580 4224.270 13.880 9504.070 13.880 15.778
9515 18.459 1.000 -5.530 4243.730 13.912 9504.140 13.912 15.795
9516 18.516 1.000 -5.540 4256.900 13.912 9504.210 13.912 15.812
9517 18.488 1.000 -5.510 4250.520 13.923 9504.280 13.923 15.828
9518 18.728 1.000 -5.530 4305.590 13.933 9505.050 13.933 15.845
9519 18.744 1.000 -5.510 4309.440 13.966 9505.120 13.966 15.862
9520 18.774 1.000 -5.520 4316.320 13.955 9505.190 13.955 15.879
9521 18.927 1.000 -5.510 4351.360 13.966 9505.260 13.966 15.896
9522 19.157 1.000 -5.510 4404.230 14.009 9506.020 14.009 15.912
9523 18.947 1.000 -5.500 4355.950 13.976 9506.090 13.976 15.929
9524 19.108 1.000 -5.490 4392.950 13.987 9506.160 13.987 15.946
9525 19.205 1.000 -5.490 4415.370 13.998 9506.230 13.998 15.963
9526 19.138 1.000 -5.460 4399.860 13.998 9506.300 13.998 15.980
9527 19.287 1.000 -5.470 4434.240 14.030 9507.070 14.030 15.996
9528 19.227 1.000 -5.420 4420.460 14.030 9507.140 14.030 16.013
9529 19.058 1.000 -5.340 4381.430 14.009 9507.210 14.009 16.030
9530 19.099 1.000 -5.320 4391.060 14.031 9507.280 14.031 16.046
9531 19.131 1.000 -5.310 4398.410 14.052 9508.040 14.052 16.062
9532 19.073 1.000 -5.290 4384.990 14.052 9508.110 14.052 16.079
9533 19.086 1.000 -5.270 4388.050 14.052 9508.180 14.052 16.095
9534 19.245 1.000 -5.270 4424.540 14.063 9508.250 14.063 16.111
9535 19.330 1.000 -5.250 4443.980 14.107 9509.010 14.107 16.128
9536 19.334 1.000 -5.250 4444.870 14.129 9509.080 14.129 16.144
9537 19.428 1.000 -5.240 4466.480 14.129 9509.150 14.129 16.160
9538 19.370 1.000 -5.250 4453.290 14.129 9509.220 14.129 16.176
9539 19.416 1.000 -5.210 4463.800 14.129 9509.290 14.129 16.193
9540 19.500 1.000 -5.290 4483.210 14.151 9510.060 14.151 16.209
9541 19.579 1.000 -5.200 4501.230 14.392 9510.130 14.392 16.225
9542 19.553 1.000 -5.210 4495.410 14.304 9510.200 14.304 16.242
9543 19.607 1.000 -5.200 4507.710 14.238 9510.270 14.238 16.258
Comparison of change
Rightime Government Securities Fund in value of $10,000
Shearson Lehman Hutton investment in the
U.S. Treasury Intermediate Index Rightime Government
Money Market Fund Index Securities Fund,
Shearson Lehman
Hutton U.S. Treasury
Intermediate Index
and Money Market
Fund Index.
</TABLE>
October 31, 1995
Rightime The Rightime Blue Chip Fund
Family of Funds Performance Comparison
- - - -------------------------------------------------------------------------
Our fiscal year ending October 31, 1995 was an excellent year for equity
investments, especially those invested in blue chip stocks. Stocks
rallied as the uncertainty and gloom of 1994 dissipated. Prices were
driven higher by strong earnings growth and declining interest rates.
Large-capitalization stocks outperformed mid-cap and small-cap stocks
overall and the volatile technology sector was the rally's performance
leader.
Guided by the Rightime Market Model (RTMM(registered trademark)),
Rightime Blue Chip Fund established a fully invested position in early
February 1995. The model provided the discipline to invest in equities
even though blue chip stock indexes were at new highs.
Fiscal 1994 was a turbulent year marked by a struggle between good
earnings and rising interest rates. As 1995 began, the strong earnings
continued, and the negative of rising rates turned positive as rates
began to decline. RTMM(registered trademark) recognized this change and
the effect on equity valuations, keeping the Fund's assets fully
invested in stocks. In hindsight, we can see that this was an excellent
buying opportunity as blue chip stocks have posted significant returns.
The Fund remains fully invested, and continues to adhere to the
allocations determined by the Rightime Market Model (RTMM(registered
trademark)). The Fund utilizes a large-capitalization broadly
diversified portfolio of stocks as its equity holding.
- - - --------------------------------------------------
Average Annual Total Return
- - - --------------------------------------------------
Since Inception
1 Year 5 Years July 22, 1987
- - - --------------------------------------------------
16.50% 11.11% 8.94%
- - - --------------------------------------------------
Performance Comparison
The "Performance Comparison" chart assesses the Rightime Blue Chip
Fund's performance against the S&P 500 Index, an unmanaged index of
common stock prices. The "Risk Adjusted Performance Comparison" more
closely reflects the fund's performance as compared to a consistent risk
level.
The Rightime Blue Chip Fund utilizes a modeled approach to investing
which attempts to minimize risk by moving assets to money market
equivalent investments during periods in which the market appears to be
overvalued. This approach, over full market cycles, tends to invest in
low risk, or money market-like securities approximately half of the
time. In order to provide an equivalent risk level this comparison
assumes that assets are invested half in the S&P 500 Index and half in a
money market fund index. This balanced index approaches the risk level
of each fund that has been in existence for at least one full market
cycle and therefore provides a more meaningful performance comparison.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return
will vary with market conditions, and the principal value of shares,
when redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends and reflecting the 4.75% sales
charge.
Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig sp_500_ndx.w calendar defensive
sp_500_ndx.w.f0 rtmmyld.w rightime_bcf.temp rightime_bcf.temp
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 8728 7.349 1.000 -9.190 7.349 8.934 8707.100 8.934 10.000
mx 9543 24.746 1.000 -2.590 24.746 20.583 9510.270 20.583 15.780
cl 9543 24.431 1.000 -5.200 24.431 20.310 9510.270 20.310 15.780
xb 434 14.617 1.000 -5.496 14.617 13.565 9123.119 13.565 13.093
sd 4.186 0.000 2.009 4.186 2.914 242.142 2.914 1.677
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime_bcf.temp -> 3.323 0.489 0.475 8.881 -0.069 9.743
sp_500_ndx.w.f0 -> 0.000 1.000 1.000 11.324 0.000 13.714
defensive -> 5.624 0.001 0.001 5.631 1.102 0.278
- - - --------------------------------------------------------------------------------
8728 10.000 1.000 -6.060 10.000 10.000 8707.100 10.000 10.000
8729 10.207 1.000 -6.050 10.207 9.525 8707.170 9.525 10.012
8730 10.040 1.000 -6.010 10.040 9.525 8707.240 9.525 10.023
8731 10.351 1.000 -5.950 10.351 9.529 8707.310 9.529 10.035
8732 10.497 1.000 -5.990 10.497 9.536 8708.070 9.536 10.046
8733 10.860 1.000 -6.000 10.860 9.544 8708.140 9.544 10.058
8734 10.928 1.000 -6.000 10.928 9.548 8708.210 9.548 10.069
8735 10.645 1.000 -5.990 10.645 9.555 8708.280 9.555 10.081
8736 10.314 1.000 -6.030 10.314 9.563 8709.040 9.563 10.093
8737 10.492 1.000 -6.040 10.492 9.571 8709.110 9.571 10.104
8738 10.265 1.000 -6.040 10.265 9.582 8709.180 9.582 10.116
8739 10.444 1.000 -6.250 10.444 9.590 8709.250 9.590 10.128
8740 10.707 1.000 -6.340 10.707 9.597 8710.020 9.597 10.140
8741 10.157 1.000 -6.450 10.157 9.605 8710.090 9.605 10.152
8742 9.236 1.000 -6.560 9.236 9.616 8710.160 9.616 10.165
8743 8.115 1.000 -6.700 8.115 9.624 8710.230 9.624 10.177
8744 8.237 1.000 -6.530 8.237 9.632 8710.300 9.632 10.191
8745 8.197 1.000 -6.470 8.197 9.521 8711.060 9.521 10.203
8746 8.046 1.000 -6.490 8.046 9.464 8711.130 9.464 10.216
8747 7.932 1.000 -6.470 7.932 9.266 8711.200 9.266 10.229
8748 7.882 1.000 -6.430 7.882 9.293 8711.270 9.293 10.241
8749 7.349 1.000 -6.420 7.349 8.934 8712.040 8.934 10.254
8750 7.728 1.000 -6.460 7.728 9.194 8712.110 9.194 10.267
8751 8.188 1.000 -6.510 8.188 9.670 8712.180 9.670 10.279
8752 8.287 1.000 -6.610 8.287 9.788 8712.250 9.788 10.292
8753 8.130 1.000 -6.690 8.130 9.558 8801.010 9.558 10.305
8801 8.015 1.000 -6.800 8.015 9.386 8801.080 9.386 10.318
8802 8.305 1.000 -6.570 8.305 9.715 8801.150 9.715 10.332
8803 8.128 1.000 -6.480 8.128 9.516 8801.220 9.516 10.345
8804 8.482 1.000 -6.390 8.482 9.910 8801.290 9.910 10.358
8805 8.286 1.000 -6.330 8.286 9.692 8802.050 9.692 10.370
8806 8.512 1.000 -6.230 8.512 9.933 8802.120 9.933 10.383
8807 8.649 1.000 -6.140 8.649 10.041 8802.190 10.041 10.395
8808 8.683 1.000 -6.160 8.683 10.117 8802.260 10.117 10.408
8809 8.849 1.000 -6.100 8.849 10.305 8803.040 10.305 10.420
8810 8.777 1.000 -6.050 8.777 10.217 8803.110 10.217 10.432
8811 8.987 1.000 -6.060 8.987 10.412 8803.180 10.412 10.444
8812 8.575 1.000 -6.040 8.575 9.872 8803.250 9.872 10.456
8813 8.593 1.000 -6.040 8.593 9.922 8804.010 9.922 10.469
8814 8.950 1.000 -6.050 8.950 10.156 8804.080 10.156 10.481
8815 8.635 1.000 -6.100 8.635 10.167 8804.150 10.167 10.493
8816 8.654 1.000 -6.090 8.654 10.178 8804.220 10.178 10.505
8817 8.700 1.000 -6.140 8.700 10.186 8804.290 10.186 10.517
8818 8.578 1.000 -6.130 8.578 10.198 8805.060 10.198 10.530
8819 8.561 1.000 -6.140 8.561 10.205 8805.130 10.205 10.542
8820 8.443 1.000 -6.270 8.443 10.213 8805.200 10.213 10.555
8821 8.462 1.000 -6.290 8.462 10.224 8805.270 10.224 10.567
8822 8.904 1.000 -6.370 8.904 10.236 8806.030 10.236 10.580
8823 9.071 1.000 -6.420 9.071 10.244 8806.100 10.244 10.593
8824 9.058 1.000 -6.500 9.058 10.205 8806.170 10.205 10.606
8825 9.169 1.000 -6.560 9.169 10.324 8806.240 10.324 10.619
8826 9.108 1.000 -6.500 9.108 10.255 8807.010 10.255 10.633
8827 9.056 1.000 -6.680 9.056 10.190 8807.080 10.190 10.646
8828 9.130 1.000 -6.700 9.130 10.263 8807.150 10.263 10.659
8829 8.956 1.000 -6.810 8.956 9.930 8807.220 9.930 10.673
8830 9.142 1.000 -6.910 9.142 9.926 8807.290 9.926 10.687
8831 9.119 1.000 -6.950 9.119 9.930 8808.050 9.930 10.701
8832 8.836 1.000 -6.980 8.836 9.945 8808.120 9.945 10.715
8833 8.765 1.000 -7.140 8.765 9.956 8808.190 9.956 10.730
8834 8.752 1.000 -7.220 8.752 9.964 8808.260 9.964 10.745
8835 8.920 1.000 -7.270 8.920 9.976 8809.020 9.976 10.759
8836 9.006 1.000 -7.370 9.006 9.983 8809.090 9.983 10.774
8837 9.141 1.000 -7.390 9.141 9.987 8809.160 9.987 10.790
8838 9.118 1.000 -7.420 9.118 9.983 8809.230 9.983 10.805
8839 9.197 1.000 -7.430 9.197 10.018 8809.300 10.018 10.820
8840 9.412 1.000 -7.480 9.412 10.221 8810.070 10.221 10.836
8841 9.331 1.000 -7.470 9.331 10.129 8810.140 10.129 10.851
8842 9.614 1.000 -7.490 9.614 10.408 8810.210 10.408 10.867
8843 9.446 1.000 -7.540 9.446 10.224 8810.280 10.224 10.882
8844 9.378 1.000 -7.550 9.378 10.159 8811.040 10.159 10.898
8845 9.099 1.000 -7.560 9.099 9.872 8811.110 9.872 10.914
8846 9.057 1.000 -7.600 9.057 9.822 8811.180 9.822 10.930
8847 9.089 1.000 -7.680 9.089 9.769 8811.250 9.769 10.946
8848 9.251 1.000 -7.750 9.251 9.776 8812.020 9.776 10.962
8849 9.435 1.000 -7.850 9.435 9.765 8812.090 9.765 10.978
8850 9.417 1.000 -7.950 9.417 9.788 8812.160 9.788 10.995
8851 9.477 1.000 -8.090 9.477 9.803 8812.230 9.803 11.011
8852 9.478 1.000 -8.180 9.478 9.807 8812.300 9.807 11.028
8901 9.586 1.000 -8.390 9.586 9.807 8901.060 9.807 11.046
8902 9.702 1.000 -8.280 9.702 9.909 8901.130 9.909 11.064
8903 9.802 1.000 -8.350 9.802 10.003 8901.200 10.003 11.081
8904 10.055 1.000 -8.380 10.055 10.257 8901.270 10.257 11.099
8905 10.169 1.000 -8.400 10.169 10.375 8902.030 10.375 11.117
8906 10.006 1.000 -8.370 10.006 10.224 8902.100 10.224 11.135
8907 10.175 1.000 -8.440 10.175 10.396 8902.170 10.396 11.152
8908 9.852 1.000 -8.520 9.852 10.052 8902.240 10.052 11.171
8909 9.997 1.000 -8.650 9.997 10.048 8903.030 10.048 11.189
8910 10.062 1.000 -8.750 10.062 10.057 8903.100 10.057 11.207
8911 10.062 1.000 -8.850 10.062 10.085 8903.170 10.085 11.226
8912 9.941 1.000 -8.950 9.941 10.085 8903.240 10.085 11.245
8913 10.151 1.000 -9.040 10.151 10.102 8903.310 10.102 11.264
8914 10.237 1.000 -9.080 10.237 10.106 8904.070 10.106 11.284
8915 10.389 1.000 -9.140 10.389 10.122 8904.140 10.122 11.304
8916 10.681 1.000 -9.190 10.681 10.146 8904.210 10.146 11.323
8917 10.690 1.000 -9.190 10.690 10.183 8904.280 10.183 11.343
8918 10.627 1.000 -9.150 10.627 10.130 8905.050 10.130 11.363
8919 10.850 1.000 -9.150 10.850 10.343 8905.120 10.343 11.383
8920 11.114 1.000 -9.160 11.114 10.404 8905.190 10.404 11.403
8921 11.133 1.000 -9.140 11.133 10.404 8905.260 10.404 11.423
8922 11.277 1.000 -9.110 11.277 10.522 8906.020 10.522 11.443
8923 11.325 1.000 -9.080 11.325 10.563 8906.090 10.563 11.463
8924 11.148 1.000 -8.940 11.148 10.392 8906.160 10.392 11.483
8925 11.386 1.000 -8.890 11.386 10.616 8906.230 10.616 11.503
8926 11.046 1.000 -8.890 11.046 10.294 8906.300 10.294 11.523
8927 11.294 1.000 -8.850 11.294 10.522 8907.070 10.522 11.542
8928 11.543 1.000 -8.750 11.543 10.743 8907.140 10.743 11.562
8929 11.691 1.000 -8.660 11.691 10.866 8907.210 10.866 11.581
8930 11.917 1.000 -8.600 11.917 11.070 8907.280 11.070 11.601
8931 11.986 1.000 -8.470 11.986 11.135 8908.040 11.135 11.620
8932 12.022 1.000 -8.330 12.022 11.168 8908.110 11.168 11.639
8933 12.075 1.000 -8.330 12.075 11.209 8908.180 11.209 11.657
8934 12.239 1.000 -8.340 12.239 11.348 8908.250 11.348 11.676
8935 12.359 1.000 -8.290 12.359 11.454 8909.010 11.454 11.694
8936 12.192 1.000 -8.240 12.192 11.295 8909.080 11.295 11.713
8937 12.071 1.000 -8.270 12.071 11.172 8909.150 11.172 11.732
8938 12.148 1.000 -8.260 12.148 11.176 8909.220 11.176 11.750
8939 12.229 1.000 -8.260 12.229 11.315 8909.290 11.315 11.769
8940 12.574 1.000 -8.280 12.574 11.634 8910.060 11.634 11.787
8941 11.701 1.000 -8.260 11.701 10.808 8910.130 10.808 11.806
8942 12.183 1.000 -8.210 12.183 11.135 8910.200 11.135 11.825
8943 11.766 1.000 -8.140 11.766 11.135 8910.270 11.135 11.843
8944 11.863 1.000 -8.120 11.863 11.160 8911.030 11.160 11.862
8945 11.923 1.000 -8.070 11.923 11.160 8911.100 11.160 11.880
8946 12.019 1.000 -8.010 12.019 11.250 8911.170 11.250 11.899
8947 12.110 1.000 -7.990 12.110 11.327 8911.240 11.327 11.917
8948 12.352 1.000 -7.930 12.352 11.548 8912.010 11.548 11.935
8949 12.291 1.000 -7.940 12.291 11.577 8912.080 11.577 11.953
8950 12.350 1.000 -7.900 12.350 11.605 8912.150 11.605 11.972
8951 12.262 1.000 -7.910 12.262 11.618 8912.220 11.618 11.990
8952 12.481 1.000 -7.870 12.481 11.725 8912.290 11.725 12.008
9001 12.446 1.000 -8.060 12.446 11.669 9001.050 11.669 12.026
9002 12.020 1.000 -7.800 12.020 11.259 9001.120 11.259 12.045
9003 12.000 1.000 -7.740 12.000 11.168 9001.190 11.168 12.063
9004 11.535 1.000 -7.700 11.535 11.229 9001.260 11.229 12.081
9005 11.724 1.000 -7.700 11.724 11.216 9002.020 11.216 12.098
9006 11.827 1.000 -7.660 11.827 11.342 9002.090 11.342 12.116
9007 11.803 1.000 -7.650 11.803 11.316 9002.160 11.316 12.134
9008 11.506 1.000 -7.650 11.506 11.028 9002.230 11.028 12.152
9009 11.918 1.000 -7.650 11.918 11.416 9003.020 11.416 12.170
9010 12.011 1.000 -7.630 12.011 11.503 9003.090 11.503 12.188
9011 12.160 1.000 -7.650 12.160 11.634 9003.160 11.634 12.205
9012 12.001 1.000 -7.670 12.001 11.477 9003.230 11.477 12.223
9013 12.105 1.000 -7.690 12.105 11.573 9003.300 11.573 12.241
9014 12.119 1.000 -7.670 12.119 11.582 9004.060 11.582 12.259
9015 12.279 1.000 -7.690 12.279 11.721 9004.130 11.721 12.277
9016 11.959 1.000 -7.690 11.959 11.808 9004.200 11.808 12.296
9017 11.754 1.000 -7.690 11.754 11.817 9004.270 11.817 12.314
9018 12.094 1.000 -7.670 12.094 11.821 9005.040 11.821 12.332
9019 12.589 1.000 -7.660 12.589 11.839 9005.110 11.839 12.350
9020 12.692 1.000 -7.700 12.692 11.808 9005.180 11.808 12.368
9021 12.699 1.000 -7.680 12.699 11.821 9005.250 11.821 12.386
9022 13.015 1.000 -7.680 13.015 12.109 9006.010 12.109 12.405
9023 12.865 1.000 -7.670 12.865 11.965 9006.080 11.965 12.423
9024 13.024 1.000 -7.650 13.024 12.113 9006.150 12.113 12.441
9025 12.764 1.000 -7.670 12.765 11.861 9006.220 11.861 12.459
9026 12.866 1.000 -7.670 12.866 11.826 9006.290 11.826 12.478
9027 12.889 1.000 -7.680 12.889 11.826 9007.060 11.826 12.496
9028 13.217 1.000 -7.650 13.217 12.109 9007.130 12.109 12.515
9029 13.020 1.000 -7.660 13.020 11.926 9007.200 11.926 12.533
9030 12.734 1.000 -7.590 12.734 11.708 9007.270 11.708 12.551
9031 12.434 1.000 -7.560 12.434 11.730 9008.030 11.730 12.570
9032 12.105 1.000 -7.500 12.105 11.730 9008.100 11.730 12.588
9033 11.836 1.000 -7.500 11.836 11.752 9008.170 11.752 12.606
9034 11.255 1.000 -7.510 11.255 11.773 9008.240 11.773 12.624
9035 11.663 1.000 -7.480 11.663 11.813 9008.310 11.813 12.642
9036 11.702 1.000 -7.470 11.702 11.773 9009.070 11.773 12.660
9037 11.472 1.000 -7.470 11.472 11.821 9009.140 11.821 12.678
9038 11.281 1.000 -7.460 11.281 11.808 9009.210 11.808 12.697
9039 11.098 1.000 -7.470 11.098 11.839 9009.280 11.839 12.715
9040 11.305 1.000 -7.480 11.305 11.826 9010.050 11.826 12.733
9041 10.897 1.000 -7.480 10.897 11.338 9010.120 11.338 12.751
9042 11.358 1.000 -7.440 11.358 11.429 9010.190 11.429 12.770
9043 11.084 1.000 -7.450 11.084 11.425 9010.260 11.425 12.788
9044 11.353 1.000 -7.420 11.353 11.429 9011.020 11.429 12.806
9045 11.430 1.000 -7.380 11.430 11.438 9011.090 11.438 12.824
9046 11.562 1.000 -7.340 11.562 11.473 9011.160 11.473 12.842
9047 11.497 1.000 -7.350 11.497 11.329 9011.230 11.329 12.861
9048 11.766 1.000 -7.270 11.766 11.595 9011.300 11.595 12.879
9049 11.977 1.000 -7.270 11.977 11.791 9012.070 11.791 12.897
9050 11.951 1.000 -7.220 11.951 11.756 9012.140 11.756 12.915
9051 12.140 1.000 -7.170 12.140 11.939 9012.210 11.939 12.932
9052 12.038 1.000 -7.160 12.038 11.831 9012.280 11.831 12.950
9101 11.764 1.000 -7.380 11.764 11.553 9101.040 11.553 12.968
9102 11.560 1.000 -7.090 11.560 11.349 9101.110 11.349 12.986
9103 12.191 1.000 -6.910 12.191 11.958 9101.180 11.958 13.004
9104 12.340 1.000 -6.790 12.340 12.099 9101.250 12.099 13.021
9105 12.604 1.000 -6.760 12.604 12.352 9102.010 12.352 13.038
9106 13.211 1.000 -6.650 13.211 12.951 9102.080 12.951 13.055
9107 13.576 1.000 -6.450 13.576 13.302 9102.150 13.302 13.072
9108 13.458 1.000 -6.350 13.458 13.185 9102.220 13.185 13.088
9109 13.644 1.000 -6.290 13.644 13.360 9103.010 13.360 13.104
9110 13.817 1.000 -6.190 13.817 13.526 9103.080 13.526 13.120
9111 13.774 1.000 -6.150 13.774 13.477 9103.150 13.477 13.135
9112 13.557 1.000 -6.060 13.557 13.258 9103.220 13.258 13.151
9113 13.851 1.000 -6.040 13.851 13.526 9103.290 13.526 13.166
9114 13.865 1.000 -6.020 13.865 13.536 9104.050 13.536 13.181
9115 14.060 1.000 -5.940 14.060 13.721 9104.120 13.721 13.197
9116 14.210 1.000 -5.820 14.210 13.857 9104.190 13.857 13.212
9117 14.028 1.000 -5.790 14.028 13.667 9104.260 13.667 13.226
9118 14.103 1.000 -5.740 14.103 13.735 9105.030 13.735 13.241
9119 13.924 1.000 -5.650 13.924 13.570 9105.100 13.570 13.256
9120 13.810 1.000 -5.580 13.810 13.458 9105.170 13.458 13.270
9121 14.008 1.000 -5.580 14.008 13.648 9105.240 13.648 13.284
9122 14.475 1.000 -5.530 14.475 14.091 9105.310 14.091 13.298
9123 14.098 1.000 -5.510 14.098 13.726 9106.070 13.726 13.312
9124 14.214 1.000 -5.480 14.214 13.711 9106.140 13.711 13.327
9125 14.054 1.000 -5.480 14.054 13.745 9106.210 13.745 13.341
9126 13.818 1.000 -5.480 13.818 13.769 9106.280 13.769 13.355
9127 13.936 1.000 -5.500 13.936 13.740 9107.050 13.740 13.369
9128 14.175 1.000 -5.460 14.175 13.726 9107.120 13.726 13.383
9129 14.332 1.000 -5.470 14.332 13.735 9107.190 13.735 13.397
9130 14.218 1.000 -5.460 14.218 13.769 9107.260 13.769 13.411
9131 14.460 1.000 -5.450 14.460 13.784 9108.020 13.784 13.425
9132 14.467 1.000 -5.440 14.467 13.799 9108.090 13.799 13.439
9133 14.418 1.000 -5.400 14.418 13.813 9108.160 13.813 13.453
9134 14.749 1.000 -5.350 14.749 13.808 9108.230 13.808 13.467
9135 14.805 1.000 -5.310 14.805 13.833 9108.300 13.833 13.481
9136 14.577 1.000 -5.260 14.577 13.614 9109.060 13.614 13.494
9137 14.379 1.000 -5.260 14.379 13.424 9109.130 13.424 13.508
9138 14.551 1.000 -5.210 14.551 13.584 9109.200 13.584 13.522
9139 14.484 1.000 -5.180 14.484 13.511 9109.270 13.511 13.535
9140 14.318 1.000 -5.160 14.318 13.355 9110.040 13.355 13.549
9141 14.335 1.000 -5.080 14.335 13.360 9110.110 13.360 13.562
9142 14.759 1.000 -5.020 14.759 13.750 9110.180 13.750 13.575
9143 14.455 1.000 -5.020 14.455 13.458 9110.250 13.458 13.588
9144 14.732 1.000 -4.970 14.732 13.706 9111.010 13.706 13.601
9145 14.800 1.000 -4.930 14.800 13.784 9111.080 13.784 13.614
9146 14.422 1.000 -4.810 14.422 13.419 9111.150 13.419 13.627
9147 14.187 1.000 -4.780 14.187 13.195 9111.220 13.195 13.640
9148 14.161 1.000 -4.700 14.161 13.161 9111.290 13.161 13.652
9149 14.316 1.000 -4.660 14.316 13.297 9112.060 13.297 13.664
9150 14.528 1.000 -4.630 14.528 13.482 9112.130 13.482 13.677
9151 14.634 1.000 -4.590 14.634 13.579 9112.200 13.579 13.689
9152 15.377 1.000 -4.530 15.377 14.256 9112.270 14.256 13.701
9201 15.872 1.000 -4.510 15.872 14.700 9201.030 14.700 13.713
9202 15.720 1.000 -4.400 15.720 14.552 9201.100 14.552 13.725
9203 15.871 1.000 -4.190 15.871 14.690 9201.170 14.690 13.736
9204 15.752 1.000 -4.050 15.752 14.567 9201.240 14.567 13.747
9205 15.506 1.000 -3.990 15.506 14.330 9201.310 14.330 13.758
9206 15.602 1.000 -3.920 15.602 14.429 9202.070 14.429 13.768
9207 15.663 1.000 -3.850 15.663 14.493 9202.140 14.493 13.779
9208 15.633 1.000 -3.780 15.633 14.453 9202.210 14.453 13.789
9209 15.689 1.000 -3.780 15.689 14.493 9202.280 14.493 13.799
9210 15.383 1.000 -3.750 15.383 14.503 9203.060 14.503 13.809
9211 15.449 1.000 -3.720 15.449 14.513 9203.130 14.513 13.819
9212 15.661 1.000 -3.720 15.661 14.547 9203.200 14.547 13.829
9213 15.373 1.000 -3.730 15.373 14.513 9203.270 14.513 13.839
9214 15.308 1.000 -3.730 15.308 14.532 9204.030 14.532 13.849
9215 15.422 1.000 -3.740 15.422 14.527 9204.100 14.527 13.858
9216 15.880 1.000 -3.660 15.880 14.552 9204.170 14.552 13.868
9217 15.621 1.000 -3.620 15.621 14.537 9204.240 14.537 13.878
9218 15.765 1.000 -3.590 15.765 14.547 9205.010 14.547 13.888
9219 15.909 1.000 -3.550 15.909 14.552 9205.080 14.552 13.897
9220 15.691 1.000 -3.510 15.691 14.311 9205.150 14.311 13.907
9221 15.851 1.000 -3.510 15.851 14.444 9205.220 14.444 13.916
9222 15.911 1.000 -3.470 15.911 14.493 9205.290 14.493 13.926
9223 15.849 1.000 -3.490 15.849 14.429 9206.050 14.429 13.935
9224 15.716 1.000 -3.450 15.716 14.311 9206.120 14.311 13.944
9225 15.492 1.000 -3.440 15.492 14.094 9206.190 14.094 13.953
9226 15.493 1.000 -3.420 15.493 14.084 9206.260 14.084 13.963
9227 15.822 1.000 -3.440 15.822 14.365 9207.030 14.365 13.972
9228 15.941 1.000 -3.350 15.941 14.463 9207.100 14.463 13.981
9229 15.989 1.000 -3.240 15.989 14.493 9207.170 14.493 13.990
9230 15.844 1.000 -3.190 15.844 14.355 9207.240 14.355 13.999
9231 16.338 1.000 -3.140 16.338 14.798 9207.310 14.798 14.007
9232 16.143 1.000 -3.110 16.143 14.631 9208.070 14.631 14.016
9233 16.192 1.000 -3.080 16.192 14.680 9208.140 14.680 14.024
9234 16.006 1.000 -3.050 16.006 14.498 9208.210 14.498 14.032
9235 16.015 1.000 -3.030 16.015 14.498 9208.280 14.498 14.040
9236 16.111 1.000 -3.010 16.111 14.582 9209.040 14.582 14.049
9237 16.217 1.000 -2.960 16.217 14.665 9209.110 14.665 14.057
9238 16.356 1.000 -2.900 16.356 14.778 9209.180 14.778 14.065
9239 16.034 1.000 -2.880 16.034 14.483 9209.250 14.483 14.073
9240 15.892 1.000 -2.870 15.892 14.345 9210.020 14.345 14.080
9241 15.598 1.000 -2.830 15.598 14.089 9210.090 14.089 14.088
9242 15.958 1.000 -2.770 15.958 14.385 9210.160 14.385 14.096
9243 16.058 1.000 -2.790 16.058 14.468 9210.230 14.468 14.103
9244 16.244 1.000 -2.740 16.244 14.626 9210.300 14.626 14.111
9245 16.210 1.000 -2.750 16.210 14.606 9211.060 14.606 14.118
9246 16.406 1.000 -2.740 16.406 14.769 9211.130 14.769 14.126
9247 16.579 1.000 -2.740 16.579 14.921 9211.200 14.921 14.133
9248 16.724 1.000 -2.740 16.724 15.039 9211.270 15.039 14.140
9249 16.806 1.000 -2.770 16.806 15.108 9212.040 15.108 14.148
9250 16.879 1.000 -2.790 16.879 15.177 9212.110 15.177 14.155
9251 17.181 1.000 -2.800 17.181 15.419 9212.180 15.419 14.163
9252 17.131 1.000 -2.830 17.131 15.364 9212.250 15.364 14.171
9253 16.981 1.000 -2.860 16.981 15.226 9301.010 15.226 14.178
9301 16.731 1.000 -2.920 16.731 15.012 9301.080 15.012 14.186
9302 17.056 1.000 -2.830 17.056 15.295 9301.150 15.295 14.194
9303 17.024 1.000 -2.770 17.024 15.255 9301.220 15.255 14.202
9304 17.137 1.000 -2.770 17.137 15.345 9301.290 15.345 14.209
9305 17.543 1.000 -2.740 17.543 15.707 9302.050 15.707 14.217
9306 17.382 1.000 -2.730 17.382 15.568 9302.120 15.568 14.224
9307 16.986 1.000 -2.710 16.986 15.126 9302.190 15.126 14.232
9308 17.353 1.000 -2.690 17.353 15.523 9302.260 15.523 14.239
9309 17.469 1.000 -2.710 17.469 15.632 9303.050 15.632 14.246
9310 17.624 1.000 -2.670 17.624 15.766 9303.120 15.766 14.254
9311 17.647 1.000 -2.660 17.647 15.771 9303.190 15.771 14.261
9312 17.562 1.000 -2.650 17.562 15.692 9303.260 15.692 14.268
9313 17.320 1.000 -2.660 17.320 15.474 9304.020 15.474 14.276
9314 17.348 1.000 -2.670 17.348 15.484 9304.090 15.484 14.283
9315 17.637 1.000 -2.640 17.637 15.727 9304.160 15.727 14.290
9316 17.179 1.000 -2.630 17.179 15.305 9304.230 15.305 14.297
9317 17.313 1.000 -2.610 17.313 15.414 9304.300 15.414 14.305
9318 17.406 1.000 -2.620 17.406 15.508 9305.070 15.508 14.312
9319 17.308 1.000 -2.590 17.308 15.414 9305.140 15.414 14.319
9320 17.565 1.000 -2.600 17.565 15.637 9305.210 15.637 14.326
9321 17.746 1.000 -2.590 17.746 15.796 9305.280 15.796 14.333
9322 17.751 1.000 -2.620 17.751 15.796 9306.040 15.796 14.340
9323 17.651 1.000 -2.620 17.651 15.712 9306.110 15.712 14.348
9324 17.519 1.000 -2.620 17.519 15.583 9306.180 15.583 14.355
9325 17.684 1.000 -2.620 17.684 15.712 9306.250 15.712 14.362
9326 17.624 1.000 -2.630 17.624 15.657 9307.020 15.657 14.369
9327 17.725 1.000 -2.630 17.725 15.732 9307.090 15.732 14.377
9328 17.640 1.000 -2.640 17.640 15.642 9307.160 15.642 14.384
9329 17.703 1.000 -2.630 17.703 15.687 9307.230 15.687 14.391
9330 17.754 1.000 -2.650 17.754 15.722 9307.300 15.722 14.398
9331 17.785 1.000 -2.650 17.785 15.747 9308.060 15.747 14.406
9332 17.853 1.000 -2.640 17.853 15.806 9308.130 15.806 14.413
9333 18.102 1.000 -2.640 18.102 16.019 9308.200 16.019 14.420
9334 18.285 1.000 -2.640 18.285 16.173 9308.270 16.173 14.428
9335 18.327 1.000 -2.640 18.327 16.208 9309.030 16.208 14.435
9336 18.352 1.000 -2.640 18.352 16.223 9309.100 16.223 14.442
9337 18.246 1.000 -2.640 18.246 16.124 9309.170 16.124 14.449
9338 18.208 1.000 -2.650 18.208 16.079 9309.240 16.079 14.457
9339 18.364 1.000 -2.650 18.364 16.208 9310.010 16.208 14.464
9340 18.334 1.000 -2.680 18.334 16.178 9310.080 16.178 14.471
9341 18.710 1.000 -2.640 18.710 16.501 9310.150 16.501 14.479
9342 18.471 1.000 -2.650 18.471 16.282 9310.220 16.282 14.486
9343 18.662 1.000 -2.640 18.662 16.441 9310.290 16.441 14.494
9344 18.342 1.000 -2.660 18.342 16.168 9311.050 16.168 14.501
9345 18.584 1.000 -2.650 18.584 16.372 9311.120 16.372 14.508
9346 18.482 1.000 -2.670 18.482 16.282 9311.190 16.282 14.516
9347 18.510 1.000 -2.670 18.510 16.302 9311.260 16.302 14.523
9348 18.593 1.000 -2.690 18.593 16.347 9312.030 16.347 14.531
9349 18.564 1.000 -2.690 18.564 16.322 9312.100 16.322 14.538
9350 18.672 1.000 -2.690 18.672 16.352 9312.170 16.352 14.546
9351 18.721 1.000 -2.710 18.721 16.322 9312.240 16.322 14.553
9352 18.693 1.000 -2.720 18.693 16.374 9312.310 16.374 14.561
9401 18.841 1.000 -2.750 18.841 16.384 9401.070 16.384 14.568
9402 19.052 1.000 -2.710 19.052 16.414 9401.140 16.414 14.576
9403 19.054 1.000 -2.690 19.054 16.414 9401.210 16.414 14.584
9404 19.223 1.000 -2.680 19.223 16.399 9401.280 16.399 14.591
9405 18.876 1.000 -2.680 18.876 16.434 9402.040 16.434 14.599
9406 18.901 1.000 -2.710 18.901 16.399 9402.110 16.399 14.606
9407 18.810 1.000 -2.750 18.810 16.414 9402.180 16.414 14.614
9408 18.755 1.000 -2.770 18.755 16.419 9402.250 16.419 14.621
9409 18.711 1.000 -2.790 18.711 16.434 9403.040 16.434 14.629
9410 18.789 1.000 -2.810 18.789 16.429 9403.110 16.429 14.637
9411 18.985 1.000 -2.830 18.985 16.470 9403.180 16.470 14.645
9412 18.573 1.000 -2.860 18.573 16.455 9403.250 16.455 14.653
9413 17.985 1.000 -2.930 17.985 16.470 9404.010 16.470 14.661
9414 18.049 1.000 -2.970 18.049 16.460 9404.080 16.460 14.669
9415 18.023 1.000 -3.000 18.023 16.505 9404.150 16.505 14.677
9416 18.092 1.000 -3.040 18.092 16.460 9404.220 16.460 14.686
9417 18.235 1.000 -3.130 18.235 16.485 9404.290 16.485 14.694
9418 18.121 1.000 -3.150 18.121 16.540 9405.060 16.540 14.703
9419 17.982 1.000 -3.240 17.982 16.515 9405.130 16.515 14.712
9420 18.430 1.000 -3.310 18.430 16.510 9405.200 16.510 14.721
9421 18.538 1.000 -3.470 18.538 16.525 9405.270 16.525 14.731
9422 18.662 1.000 -3.510 18.662 16.515 9406.030 16.515 14.740
9423 18.613 1.000 -3.570 18.613 16.525 9406.100 16.525 14.750
9424 18.615 1.000 -3.590 18.615 16.485 9406.170 16.485 14.760
9425 17.990 1.000 -3.630 17.990 16.555 9406.240 16.555 14.771
9426 18.139 1.000 -3.640 18.139 16.540 9407.010 16.540 14.781
9427 18.285 1.000 -3.700 18.285 16.545 9407.080 16.545 14.791
9428 18.483 1.000 -3.750 18.483 16.545 9407.150 16.545 14.802
9429 18.451 1.000 -3.780 18.451 16.550 9407.220 16.550 14.812
9430 18.671 1.000 -3.800 18.671 16.550 9407.290 16.550 14.823
9431 18.633 1.000 -3.830 18.633 16.565 9408.050 16.565 14.834
9432 18.841 1.000 -3.850 18.841 16.565 9408.120 16.565 14.845
9433 18.923 1.000 -3.880 18.923 16.580 9408.190 16.580 14.856
9434 19.346 1.000 -4.030 19.346 16.570 9408.260 16.570 14.867
9435 19.242 1.000 -4.080 19.242 16.590 9409.020 16.590 14.878
9436 19.137 1.000 -4.120 19.137 16.601 9409.090 16.601 14.890
9437 19.271 1.000 -4.140 19.271 16.606 9409.160 16.606 14.902
9438 18.810 1.000 -4.170 18.810 16.611 9409.230 16.611 14.914
9439 18.944 1.000 -4.200 18.944 16.626 9409.300 16.626 14.925
9440 18.644 1.000 -4.260 18.644 16.631 9410.070 16.631 14.937
9441 19.228 1.000 -4.290 19.228 16.626 9410.140 16.626 14.950
9442 19.066 1.000 -4.310 19.066 16.646 9410.210 16.646 14.962
9443 19.440 1.000 -4.350 19.440 16.631 9410.280 16.631 14.974
9444 18.979 1.000 -4.400 18.979 16.666 9411.040 16.666 14.987
9445 18.993 1.000 -4.410 18.993 16.661 9411.110 16.661 14.999
9446 18.967 1.000 -4.500 18.967 16.666 9411.180 16.666 15.012
9447 18.600 1.000 -4.770 18.600 16.681 9411.250 16.681 15.025
9448 18.653 1.000 -4.840 18.653 16.696 9412.020 16.696 15.039
9449 18.402 1.000 -4.910 18.402 16.707 9412.090 16.707 15.053
9450 18.900 1.000 -4.970 18.900 16.725 9412.160 16.725 15.067
9451 18.953 1.000 -5.040 18.953 16.719 9412.230 16.719 15.081
9452 18.941 1.000 -5.120 18.941 16.744 9412.300 16.744 15.096
9501 19.009 1.000 -5.180 19.009 16.750 9501.060 16.750 15.111
9502 19.237 1.000 -5.180 19.237 16.756 9501.130 16.756 15.126
9503 19.198 1.000 -5.160 19.198 16.769 9501.200 16.769 15.141
9504 19.440 1.000 -5.170 19.440 16.775 9501.270 16.775 15.156
9505 19.791 1.000 -5.230 19.791 16.787 9502.030 16.787 15.171
9506 19.917 1.000 -5.370 19.917 16.831 9502.100 16.831 15.186
9507 19.948 1.000 -5.430 19.948 16.831 9502.170 16.831 15.202
9508 20.213 1.000 -5.480 20.213 17.073 9502.240 17.073 15.217
9509 20.111 1.000 -5.490 20.111 16.986 9503.030 16.986 15.233
9510 20.293 1.000 -5.490 20.293 17.135 9503.100 17.135 15.250
9511 20.550 1.000 -5.500 20.550 17.339 9503.170 17.339 15.266
9512 20.786 1.000 -5.520 20.786 17.519 9503.240 17.519 15.282
9513 20.785 1.000 -5.530 20.785 17.519 9503.310 17.519 15.298
9514 21.034 1.000 -5.580 21.034 17.724 9504.070 17.724 15.314
9515 21.162 1.000 -5.530 21.162 17.811 9504.140 17.811 15.330
9516 21.143 1.000 -5.540 21.143 17.786 9504.210 17.786 15.347
9517 21.413 1.000 -5.510 21.413 18.003 9504.280 18.003 15.363
9518 21.649 1.000 -5.530 21.649 18.201 9505.050 18.201 15.379
9519 21.887 1.000 -5.510 21.887 18.400 9505.120 18.400 15.396
9520 21.634 1.000 -5.520 21.634 18.176 9505.190 18.176 15.412
9521 21.831 1.000 -5.510 21.831 18.338 9505.260 18.338 15.428
9522 22.212 1.000 -5.510 22.212 18.642 9506.020 18.642 15.444
9523 22.033 1.000 -5.500 22.033 18.480 9506.090 18.480 15.461
9524 22.541 1.000 -5.490 22.541 18.902 9506.160 18.902 15.477
9525 22.965 1.000 -5.490 22.965 19.243 9506.230 19.243 15.493
9526 22.769 1.000 -5.460 22.769 19.069 9506.300 19.069 15.510
9527 23.266 1.000 -5.470 23.266 19.485 9507.070 19.485 15.526
9528 23.425 1.000 -5.420 23.425 19.597 9507.140 19.597 15.542
9529 23.174 1.000 -5.340 23.174 19.380 9507.210 19.380 15.558
9530 23.576 1.000 -5.320 23.576 19.696 9507.280 19.696 15.574
9531 23.420 1.000 -5.310 23.420 19.566 9508.040 19.566 15.590
9532 23.271 1.000 -5.290 23.271 19.435 9508.110 19.435 15.606
9533 23.455 1.000 -5.270 23.455 19.572 9508.180 19.572 15.622
9534 23.504 1.000 -5.270 23.504 19.603 9508.250 19.603 15.638
9535 23.672 1.000 -5.250 23.672 19.733 9509.010 19.733 15.654
9536 24.055 1.000 -5.250 24.055 20.043 9509.080 20.043 15.669
9537 24.515 1.000 -5.240 24.515 20.428 9509.150 20.428 15.685
9538 24.458 1.000 -5.250 24.458 20.378 9509.220 20.378 15.701
9539 24.583 1.000 -5.210 24.583 20.471 9509.290 20.471 15.717
9540 24.514 1.000 -5.290 24.514 20.421 9510.060 20.421 15.732
9541 24.610 1.000 -5.200 24.610 20.477 9510.130 20.477 15.748
9542 24.746 1.000 -5.210 24.746 20.583 9510.200 20.583 15.764
9543 24.431 1.000 -5.200 24.431 20.310 9510.270 20.310 15.780
Comparison of change
Rightime Blue Chip Fund in value of $10,000
S&P 500 Index investment in the
Money Market Fund Index Rightime Blue Chip
Fund, S&P 500 Index
and Money Market
Fund Index.
</TABLE>
Risk-adjusted Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig sp_500_ndx.w calendar defensive
sp_mmf_5050.ref.f rtmmyld.w rightime_bcf.temp rightime_bcf.temp
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 8728 8.726 1.000 -9.190 7.349 8.934 8707.100 8.934 10.000
mx 9543 20.148 1.000 -2.590 24.746 20.583 9510.270 20.583 15.780
cl 9543 20.030 1.000 -5.200 24.431 20.310 9510.270 20.310 15.780
xb 434 13.992 1.000 -5.496 14.617 13.565 9123.119 13.565 13.093
sd 2.939 0.000 2.009 4.186 2.914 242.142 2.914 1.677
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime_bcf.temp -> 3.323 0.489 0.475 8.881 -0.069 9.743
sp_mmf_5050.ref.f -> 2.774 0.500 1.000 8.700 0.063 6.862
defensive -> 5.624 0.001 0.001 5.631 1.102 0.278
- - - --------------------------------------------------------------------------------
8728 10.000 1.000 -6.060 10.000 10.000 8707.100 10.000 10.000
8729 10.109 1.000 -6.050 10.207 9.525 8707.170 9.525 10.012
8730 10.033 1.000 -6.010 10.040 9.525 8707.240 9.525 10.023
8731 10.193 1.000 -5.950 10.351 9.529 8707.310 9.529 10.035
8732 10.271 1.000 -5.990 10.497 9.536 8708.070 9.536 10.046
8733 10.455 1.000 -6.000 10.860 9.544 8708.140 9.544 10.058
8734 10.493 1.000 -6.000 10.928 9.548 8708.210 9.548 10.069
8735 10.364 1.000 -5.990 10.645 9.555 8708.280 9.555 10.081
8736 10.209 1.000 -6.030 10.314 9.563 8709.040 9.563 10.093
8737 10.302 1.000 -6.040 10.492 9.571 8709.110 9.571 10.104
8738 10.197 1.000 -6.040 10.265 9.582 8709.180 9.582 10.116
8739 10.292 1.000 -6.250 10.444 9.590 8709.250 9.590 10.128
8740 10.428 1.000 -6.340 10.707 9.597 8710.020 9.597 10.140
8741 10.166 1.000 -6.450 10.157 9.605 8710.090 9.605 10.152
8742 9.712 1.000 -6.560 9.236 9.616 8710.160 9.616 10.165
8743 9.128 1.000 -6.700 8.115 9.624 8710.230 9.624 10.177
8744 9.203 1.000 -6.530 8.237 9.632 8710.300 9.632 10.191
8745 9.186 1.000 -6.470 8.197 9.521 8711.060 9.521 10.203
8746 9.107 1.000 -6.490 8.046 9.464 8711.130 9.464 10.216
8747 9.048 1.000 -6.470 7.932 9.266 8711.200 9.266 10.229
8748 9.026 1.000 -6.430 7.882 9.293 8711.270 9.293 10.241
8749 8.726 1.000 -6.420 7.349 8.934 8712.040 8.934 10.254
8750 8.956 1.000 -6.460 7.728 9.194 8712.110 9.194 10.267
8751 9.228 1.000 -6.510 8.188 9.670 8712.180 9.670 10.279
8752 9.290 1.000 -6.610 8.287 9.788 8712.250 9.788 10.292
8753 9.208 1.000 -6.690 8.130 9.558 8801.010 9.558 10.305
8801 9.148 1.000 -6.800 8.015 9.386 8801.080 9.386 10.318
8802 9.320 1.000 -6.570 8.305 9.715 8801.150 9.715 10.332
8803 9.227 1.000 -6.480 8.128 9.516 8801.220 9.516 10.345
8804 9.433 1.000 -6.390 8.482 9.910 8801.290 9.910 10.358
8805 9.330 1.000 -6.330 8.286 9.692 8802.050 9.692 10.370
8806 9.463 1.000 -6.230 8.512 9.933 8802.120 9.933 10.383
8807 9.545 1.000 -6.140 8.649 10.041 8802.190 10.041 10.395
8808 9.569 1.000 -6.160 8.683 10.117 8802.260 10.117 10.408
8809 9.666 1.000 -6.100 8.849 10.305 8803.040 10.305 10.420
8810 9.632 1.000 -6.050 8.777 10.217 8803.110 10.217 10.432
8811 9.754 1.000 -6.060 8.987 10.412 8803.180 10.412 10.444
8812 9.536 1.000 -6.040 8.575 9.872 8803.250 9.872 10.456
8813 9.551 1.000 -6.040 8.593 9.922 8804.010 9.922 10.469
8814 9.755 1.000 -6.050 8.950 10.156 8804.080 10.156 10.481
8815 9.589 1.000 -6.100 8.635 10.167 8804.150 10.167 10.493
8816 9.605 1.000 -6.090 8.654 10.178 8804.220 10.178 10.505
8817 9.636 1.000 -6.140 8.700 10.186 8804.290 10.186 10.517
8818 9.575 1.000 -6.130 8.578 10.198 8805.060 10.198 10.530
8819 9.571 1.000 -6.140 8.561 10.205 8805.130 10.205 10.542
8820 9.510 1.000 -6.270 8.443 10.213 8805.200 10.213 10.555
8821 9.527 1.000 -6.290 8.462 10.224 8805.270 10.224 10.567
8822 9.781 1.000 -6.370 8.904 10.236 8806.030 10.236 10.580
8823 9.879 1.000 -6.420 9.071 10.244 8806.100 10.244 10.593
8824 9.878 1.000 -6.500 9.058 10.205 8806.170 10.205 10.606
8825 9.944 1.000 -6.560 9.169 10.324 8806.240 10.324 10.619
8826 9.918 1.000 -6.500 9.108 10.255 8807.010 10.255 10.633
8827 9.895 1.000 -6.680 9.056 10.190 8807.080 10.190 10.646
8828 9.942 1.000 -6.700 9.130 10.263 8807.150 10.263 10.659
8829 9.854 1.000 -6.810 8.956 9.930 8807.220 9.930 10.673
8830 9.963 1.000 -6.910 9.142 9.926 8807.290 9.926 10.687
8831 9.957 1.000 -6.950 9.119 9.930 8808.050 9.930 10.701
8832 9.809 1.000 -6.980 8.836 9.945 8808.120 9.945 10.715
8833 9.776 1.000 -7.140 8.765 9.956 8808.190 9.956 10.730
8834 9.776 1.000 -7.220 8.752 9.964 8808.260 9.964 10.745
8835 9.876 1.000 -7.270 8.920 9.976 8809.020 9.976 10.759
8836 9.931 1.000 -7.370 9.006 9.983 8809.090 9.983 10.774
8837 10.012 1.000 -7.390 9.141 9.987 8809.160 9.987 10.790
8838 10.006 1.000 -7.420 9.118 9.983 8809.230 9.983 10.805
8839 10.057 1.000 -7.430 9.197 10.018 8809.300 10.018 10.820
8840 10.182 1.000 -7.480 9.412 10.221 8810.070 10.221 10.836
8841 10.145 1.000 -7.470 9.331 10.129 8810.140 10.129 10.851
8842 10.306 1.000 -7.490 9.614 10.408 8810.210 10.408 10.867
8843 10.224 1.000 -7.540 9.446 10.224 8810.280 10.224 10.882
8844 10.194 1.000 -7.550 9.378 10.159 8811.040 10.159 10.898
8845 10.050 1.000 -7.560 9.099 9.872 8811.110 9.872 10.914
8846 10.034 1.000 -7.600 9.057 9.822 8811.180 9.822 10.930
8847 10.059 1.000 -7.680 9.089 9.769 8811.250 9.769 10.946
8848 10.156 1.000 -7.750 9.251 9.776 8812.020 9.776 10.962
8849 10.265 1.000 -7.850 9.435 9.765 8812.090 9.765 10.978
8850 10.263 1.000 -7.950 9.417 9.788 8812.160 9.788 10.995
8851 10.303 1.000 -8.090 9.477 9.803 8812.230 9.803 11.011
8852 10.312 1.000 -8.180 9.478 9.807 8812.300 9.807 11.028
8901 10.379 1.000 -8.390 9.586 9.807 8901.060 9.807 11.046
8902 10.450 1.000 -8.280 9.702 9.909 8901.130 9.909 11.064
8903 10.512 1.000 -8.350 9.802 10.003 8901.200 10.003 11.081
8904 10.656 1.000 -8.380 10.055 10.257 8901.270 10.257 11.099
8905 10.725 1.000 -8.400 10.169 10.375 8902.030 10.375 11.117
8906 10.648 1.000 -8.370 10.006 10.224 8902.100 10.224 11.135
8907 10.746 1.000 -8.440 10.175 10.396 8902.170 10.396 11.152
8908 10.584 1.000 -8.520 9.852 10.052 8902.240 10.052 11.171
8909 10.671 1.000 -8.650 9.997 10.048 8903.030 10.048 11.189
8910 10.715 1.000 -8.750 10.062 10.057 8903.100 10.057 11.207
8911 10.724 1.000 -8.850 10.062 10.085 8903.170 10.085 11.226
8912 10.668 1.000 -8.950 9.941 10.085 8903.240 10.085 11.245
8913 10.790 1.000 -9.040 10.151 10.102 8903.310 10.102 11.264
8914 10.845 1.000 -9.080 10.237 10.106 8904.070 10.106 11.284
8915 10.935 1.000 -9.140 10.389 10.122 8904.140 10.122 11.304
8916 11.098 1.000 -9.190 10.681 10.146 8904.210 10.146 11.323
8917 11.113 1.000 -9.190 10.690 10.183 8904.280 10.183 11.343
8918 11.090 1.000 -9.150 10.627 10.130 8905.050 10.130 11.363
8919 11.216 1.000 -9.150 10.850 10.343 8905.120 10.343 11.383
8920 11.362 1.000 -9.160 11.114 10.404 8905.190 10.404 11.403
8921 11.382 1.000 -9.140 11.133 10.404 8905.260 10.404 11.423
8922 11.465 1.000 -9.110 11.277 10.522 8906.020 10.522 11.443
8923 11.500 1.000 -9.080 11.325 10.563 8906.090 10.563 11.463
8924 11.420 1.000 -8.940 11.148 10.392 8906.160 10.392 11.483
8925 11.552 1.000 -8.890 11.386 10.616 8906.230 10.616 11.503
8926 11.389 1.000 -8.890 11.046 10.294 8906.300 10.294 11.523
8927 11.527 1.000 -8.850 11.294 10.522 8907.070 10.522 11.542
8928 11.663 1.000 -8.750 11.543 10.743 8907.140 10.743 11.562
8929 11.748 1.000 -8.660 11.691 10.866 8907.210 10.866 11.581
8930 11.871 1.000 -8.600 11.917 11.070 8907.280 11.070 11.601
8931 11.915 1.000 -8.470 11.986 11.135 8908.040 11.135 11.620
8932 11.943 1.000 -8.330 12.022 11.168 8908.110 11.168 11.639
8933 11.979 1.000 -8.330 12.075 11.209 8908.180 11.209 11.657
8934 12.070 1.000 -8.340 12.239 11.348 8908.250 11.348 11.676
8935 12.138 1.000 -8.290 12.359 11.454 8909.010 11.454 11.694
8936 12.066 1.000 -8.240 12.192 11.295 8909.080 11.295 11.713
8937 12.016 1.000 -8.270 12.071 11.172 8909.150 11.172 11.732
8938 12.064 1.000 -8.260 12.148 11.176 8909.220 11.176 11.750
8939 12.114 1.000 -8.260 12.229 11.315 8909.290 11.315 11.769
8940 12.294 1.000 -8.280 12.574 11.634 8910.060 11.634 11.787
8941 11.877 1.000 -8.260 11.701 10.808 8910.130 10.808 11.806
8942 12.131 1.000 -8.210 12.183 11.135 8910.200 11.135 11.825
8943 11.933 1.000 -8.140 11.766 11.135 8910.270 11.135 11.843
8944 11.992 1.000 -8.120 11.863 11.160 8911.030 11.160 11.862
8945 12.031 1.000 -8.070 11.923 11.160 8911.100 11.160 11.880
8946 12.089 1.000 -8.010 12.019 11.250 8911.170 11.250 11.899
8947 12.144 1.000 -7.990 12.110 11.327 8911.240 11.327 11.917
8948 12.274 1.000 -7.930 12.352 11.548 8912.010 11.548 11.935
8949 12.254 1.000 -7.940 12.291 11.577 8912.080 11.577 11.953
8950 12.292 1.000 -7.900 12.350 11.605 8912.150 11.605 11.972
8951 12.258 1.000 -7.910 12.262 11.618 8912.220 11.618 11.990
8952 12.376 1.000 -7.870 12.481 11.725 8912.290 11.725 12.008
9001 12.369 1.000 -8.060 12.446 11.669 9001.050 11.669 12.026
9002 12.166 1.000 -7.800 12.020 11.259 9001.120 11.259 12.045
9003 12.165 1.000 -7.740 12.000 11.168 9001.190 11.168 12.063
9004 11.939 1.000 -7.700 11.535 11.229 9001.260 11.229 12.081
9005 12.045 1.000 -7.700 11.724 11.216 9002.020 11.216 12.098
9006 12.107 1.000 -7.660 11.827 11.342 9002.090 11.342 12.116
9007 12.104 1.000 -7.650 11.803 11.316 9002.160 11.316 12.134
9008 11.961 1.000 -7.650 11.506 11.028 9002.230 11.028 12.152
9009 12.183 1.000 -7.650 11.918 11.416 9003.020 11.416 12.170
9010 12.240 1.000 -7.630 12.011 11.503 9003.090 11.503 12.188
9011 12.324 1.000 -7.650 12.160 11.634 9003.160 11.634 12.205
9012 12.253 1.000 -7.670 12.001 11.477 9003.230 11.477 12.223
9013 12.315 1.000 -7.690 12.105 11.573 9003.300 11.573 12.241
9014 12.331 1.000 -7.670 12.119 11.582 9004.060 11.582 12.259
9015 12.422 1.000 -7.690 12.279 11.721 9004.130 11.721 12.277
9016 12.269 1.000 -7.690 11.959 11.808 9004.200 11.808 12.296
9017 12.173 1.000 -7.690 11.754 11.817 9004.270 11.817 12.314
9018 12.358 1.000 -7.670 12.094 11.821 9005.040 11.821 12.332
9019 12.620 1.000 -7.660 12.589 11.839 9005.110 11.839 12.350
9020 12.681 1.000 -7.700 12.692 11.808 9005.180 11.808 12.368
9021 12.694 1.000 -7.680 12.699 11.821 9005.250 11.821 12.386
9022 12.861 1.000 -7.680 13.015 12.109 9006.010 12.109 12.405
9023 12.796 1.000 -7.670 12.865 11.965 9006.080 11.965 12.423
9024 12.885 1.000 -7.650 13.024 12.113 9006.150 12.113 12.441
9025 12.766 1.000 -7.670 12.765 11.861 9006.220 11.861 12.459
9026 12.826 1.000 -7.670 12.866 11.826 9006.290 11.826 12.478
9027 12.847 1.000 -7.680 12.889 11.826 9007.060 11.826 12.496
9028 13.020 1.000 -7.650 13.217 12.109 9007.130 12.109 12.515
9029 12.933 1.000 -7.660 13.020 11.926 9007.200 11.926 12.533
9030 12.800 1.000 -7.590 12.734 11.708 9007.270 11.708 12.551
9031 12.658 1.000 -7.560 12.434 11.730 9008.030 11.730 12.570
9032 12.500 1.000 -7.500 12.105 11.730 9008.100 11.730 12.588
9033 12.370 1.000 -7.500 11.836 11.752 9008.170 11.752 12.606
9034 12.076 1.000 -7.510 11.255 11.773 9008.240 11.773 12.624
9035 12.303 1.000 -7.480 11.663 11.813 9008.310 11.813 12.642
9036 12.332 1.000 -7.470 11.702 11.773 9009.070 11.773 12.660
9037 12.220 1.000 -7.470 11.472 11.821 9009.140 11.821 12.678
9038 12.127 1.000 -7.460 11.281 11.808 9009.210 11.808 12.697
9039 12.038 1.000 -7.470 11.098 11.839 9009.280 11.839 12.715
9040 12.158 1.000 -7.480 11.305 11.826 9010.050 11.826 12.733
9041 11.948 1.000 -7.480 10.897 11.338 9010.120 11.338 12.751
9042 12.209 1.000 -7.440 11.358 11.429 9010.190 11.429 12.770
9043 12.071 1.000 -7.450 11.084 11.425 9010.260 11.425 12.788
9044 12.225 1.000 -7.420 11.353 11.429 9011.020 11.429 12.806
9045 12.276 1.000 -7.380 11.430 11.438 9011.090 11.438 12.824
9046 12.355 1.000 -7.340 11.562 11.473 9011.160 11.473 12.842
9047 12.329 1.000 -7.350 11.497 11.329 9011.230 11.329 12.861
9048 12.482 1.000 -7.270 11.766 11.595 9011.300 11.595 12.879
9049 12.603 1.000 -7.270 11.977 11.791 9012.070 11.791 12.897
9050 12.598 1.000 -7.220 11.951 11.756 9012.140 11.756 12.915
9051 12.706 1.000 -7.170 12.140 11.939 9012.210 11.939 12.932
9052 12.662 1.000 -7.160 12.038 11.831 9012.280 11.831 12.950
9101 12.526 1.000 -7.380 11.764 11.553 9101.040 11.553 12.968
9102 12.426 1.000 -7.090 11.560 11.349 9101.110 11.349 12.986
9103 12.774 1.000 -6.910 12.191 11.958 9101.180 11.958 13.004
9104 12.861 1.000 -6.790 12.340 12.099 9101.250 12.099 13.021
9105 13.007 1.000 -6.760 12.604 12.352 9102.010 12.352 13.038
9106 13.328 1.000 -6.650 13.211 12.951 9102.080 12.951 13.055
9107 13.521 1.000 -6.450 13.576 13.302 9102.150 13.302 13.072
9108 13.471 1.000 -6.350 13.458 13.185 9102.220 13.185 13.088
9109 13.571 1.000 -6.290 13.644 13.360 9103.010 13.360 13.104
9110 13.666 1.000 -6.190 13.817 13.526 9103.080 13.526 13.120
9111 13.653 1.000 -6.150 13.774 13.477 9103.150 13.477 13.135
9112 13.553 1.000 -6.060 13.557 13.258 9103.220 13.258 13.151
9113 13.708 1.000 -6.040 13.851 13.526 9103.290 13.526 13.166
9114 13.723 1.000 -6.020 13.865 13.536 9104.050 13.536 13.181
9115 13.827 1.000 -5.940 14.060 13.721 9104.120 13.721 13.197
9116 13.909 1.000 -5.820 14.210 13.857 9104.190 13.857 13.212
9117 13.827 1.000 -5.790 14.028 13.667 9104.260 13.667 13.226
9118 13.872 1.000 -5.740 14.103 13.735 9105.030 13.735 13.241
9119 13.792 1.000 -5.650 13.924 13.570 9105.100 13.570 13.256
9120 13.743 1.000 -5.580 13.810 13.458 9105.170 13.458 13.270
9121 13.849 1.000 -5.580 14.008 13.648 9105.240 13.648 13.284
9122 14.087 1.000 -5.530 14.475 14.091 9105.310 14.091 13.298
9123 13.911 1.000 -5.510 14.098 13.726 9106.070 13.726 13.312
9124 13.975 1.000 -5.480 14.214 13.711 9106.140 13.711 13.327
9125 13.904 1.000 -5.480 14.054 13.745 9106.210 13.745 13.341
9126 13.795 1.000 -5.480 13.818 13.769 9106.280 13.769 13.355
9127 13.861 1.000 -5.500 13.936 13.740 9107.050 13.740 13.369
9128 13.987 1.000 -5.460 14.175 13.726 9107.120 13.726 13.383
9129 14.072 1.000 -5.470 14.332 13.735 9107.190 13.735 13.397
9130 14.023 1.000 -5.460 14.218 13.769 9107.260 13.769 13.411
9131 14.150 1.000 -5.450 14.460 13.784 9108.020 13.784 13.425
9132 14.161 1.000 -5.440 14.467 13.799 9108.090 13.799 13.439
9133 14.145 1.000 -5.400 14.418 13.813 9108.160 13.813 13.453
9134 14.314 1.000 -5.350 14.749 13.808 9108.230 13.808 13.467
9135 14.348 1.000 -5.310 14.805 13.833 9108.300 13.833 13.481
9136 14.245 1.000 -5.260 14.577 13.614 9109.060 13.614 13.494
9137 14.156 1.000 -5.260 14.379 13.424 9109.130 13.424 13.508
9138 14.247 1.000 -5.210 14.551 13.584 9109.200 13.584 13.522
9139 14.222 1.000 -5.180 14.484 13.511 9109.270 13.511 13.535
9140 14.147 1.000 -5.160 14.318 13.355 9110.040 13.355 13.549
9141 14.163 1.000 -5.080 14.335 13.360 9110.110 13.360 13.562
9142 14.379 1.000 -5.020 14.759 13.750 9110.180 13.750 13.575
9143 14.238 1.000 -5.020 14.455 13.458 9110.250 13.458 13.588
9144 14.381 1.000 -4.970 14.732 13.706 9111.010 13.706 13.601
9145 14.421 1.000 -4.930 14.800 13.784 9111.080 13.784 13.614
9146 14.244 1.000 -4.810 14.422 13.419 9111.150 13.419 13.627
9147 14.134 1.000 -4.780 14.187 13.195 9111.220 13.195 13.640
9148 14.128 1.000 -4.700 14.161 13.161 9111.290 13.161 13.652
9149 14.212 1.000 -4.660 14.316 13.297 9112.060 13.297 13.664
9150 14.323 1.000 -4.630 14.528 13.482 9112.130 13.482 13.677
9151 14.382 1.000 -4.590 14.634 13.579 9112.200 13.579 13.689
9152 14.753 1.000 -4.530 15.377 14.256 9112.270 14.256 13.701
9201 14.997 1.000 -4.510 15.872 14.700 9201.030 14.700 13.713
9202 14.932 1.000 -4.400 15.720 14.552 9201.100 14.552 13.725
9203 15.010 1.000 -4.190 15.871 14.690 9201.170 14.690 13.736
9204 14.959 1.000 -4.050 15.752 14.567 9201.240 14.567 13.747
9205 14.849 1.000 -3.990 15.506 14.330 9201.310 14.330 13.758
9206 14.900 1.000 -3.920 15.602 14.429 9202.070 14.429 13.768
9207 14.935 1.000 -3.850 15.663 14.493 9202.140 14.493 13.779
9208 14.926 1.000 -3.780 15.633 14.453 9202.210 14.453 13.789
9209 14.958 1.000 -3.780 15.689 14.493 9202.280 14.493 13.799
9210 14.818 1.000 -3.750 15.383 14.503 9203.060 14.503 13.809
9211 14.855 1.000 -3.720 15.449 14.513 9203.130 14.513 13.819
9212 14.963 1.000 -3.720 15.661 14.547 9203.200 14.547 13.829
9213 14.830 1.000 -3.730 15.373 14.513 9203.270 14.513 13.839
9214 14.804 1.000 -3.730 15.308 14.532 9204.030 14.532 13.849
9215 14.864 1.000 -3.740 15.422 14.527 9204.100 14.527 13.858
9216 15.091 1.000 -3.660 15.880 14.552 9204.170 14.552 13.868
9217 14.973 1.000 -3.620 15.621 14.537 9204.240 14.537 13.878
9218 15.047 1.000 -3.590 15.765 14.547 9205.010 14.547 13.888
9219 15.121 1.000 -3.550 15.909 14.552 9205.080 14.552 13.897
9220 15.022 1.000 -3.510 15.691 14.311 9205.150 14.311 13.907
9221 15.104 1.000 -3.510 15.851 14.444 9205.220 14.444 13.916
9222 15.138 1.000 -3.470 15.911 14.493 9205.290 14.493 13.926
9223 15.113 1.000 -3.490 15.849 14.429 9206.050 14.429 13.935
9224 15.055 1.000 -3.450 15.716 14.311 9206.120 14.311 13.944
9225 14.952 1.000 -3.440 15.492 14.094 9206.190 14.094 13.953
9226 14.958 1.000 -3.420 15.493 14.084 9206.260 14.084 13.963
9227 15.122 1.000 -3.440 15.822 14.365 9207.030 14.365 13.972
9228 15.183 1.000 -3.350 15.941 14.463 9207.100 14.463 13.981
9229 15.211 1.000 -3.240 15.989 14.493 9207.170 14.493 13.990
9230 15.147 1.000 -3.190 15.844 14.355 9207.240 14.355 13.999
9231 15.388 1.000 -3.140 16.338 14.798 9207.310 14.798 14.007
9232 15.300 1.000 -3.110 16.143 14.631 9208.070 14.631 14.016
9233 15.328 1.000 -3.080 16.192 14.680 9208.140 14.680 14.024
9234 15.245 1.000 -3.050 16.006 14.498 9208.210 14.498 14.032
9235 15.254 1.000 -3.030 16.015 14.498 9208.280 14.498 14.040
9236 15.304 1.000 -3.010 16.111 14.582 9209.040 14.582 14.049
9237 15.359 1.000 -2.960 16.217 14.665 9209.110 14.665 14.057
9238 15.429 1.000 -2.900 16.356 14.778 9209.180 14.778 14.065
9239 15.281 1.000 -2.880 16.034 14.483 9209.250 14.483 14.073
9240 15.218 1.000 -2.870 15.892 14.345 9210.020 14.345 14.080
9241 15.081 1.000 -2.830 15.598 14.089 9210.090 14.089 14.088
9242 15.259 1.000 -2.770 15.958 14.385 9210.160 14.385 14.096
9243 15.311 1.000 -2.790 16.058 14.468 9210.230 14.468 14.103
9244 15.404 1.000 -2.740 16.244 14.626 9210.300 14.626 14.111
9245 15.392 1.000 -2.750 16.210 14.606 9211.060 14.606 14.118
9246 15.489 1.000 -2.740 16.406 14.769 9211.130 14.769 14.126
9247 15.575 1.000 -2.740 16.579 14.921 9211.200 14.921 14.133
9248 15.647 1.000 -2.740 16.724 15.039 9211.270 15.039 14.140
9249 15.689 1.000 -2.770 16.806 15.108 9212.040 15.108 14.148
9250 15.728 1.000 -2.790 16.879 15.177 9212.110 15.177 14.155
9251 15.873 1.000 -2.800 17.181 15.419 9212.180 15.419 14.163
9252 15.854 1.000 -2.830 17.131 15.364 9212.250 15.364 14.171
9253 15.789 1.000 -2.860 16.981 15.226 9301.010 15.226 14.178
9301 15.677 1.000 -2.920 16.731 15.012 9301.080 15.012 14.186
9302 15.833 1.000 -2.830 17.056 15.295 9301.150 15.295 14.194
9303 15.823 1.000 -2.770 17.024 15.255 9301.220 15.255 14.202
9304 15.880 1.000 -2.770 17.137 15.345 9301.290 15.345 14.209
9305 16.072 1.000 -2.740 17.543 15.707 9302.050 15.707 14.217
9306 16.002 1.000 -2.730 17.382 15.568 9302.120 15.568 14.224
9307 15.824 1.000 -2.710 16.986 15.126 9302.190 15.126 14.232
9308 15.999 1.000 -2.690 17.353 15.523 9302.260 15.523 14.239
9309 16.057 1.000 -2.710 17.469 15.632 9303.050 15.632 14.246
9310 16.132 1.000 -2.670 17.624 15.766 9303.120 15.766 14.254
9311 16.147 1.000 -2.660 17.647 15.771 9303.190 15.771 14.261
9312 16.112 1.000 -2.650 17.562 15.692 9303.260 15.692 14.268
9313 16.005 1.000 -2.660 17.320 15.474 9304.020 15.474 14.276
9314 16.022 1.000 -2.670 17.348 15.484 9304.090 15.484 14.283
9315 16.160 1.000 -2.640 17.637 15.727 9304.160 15.727 14.290
9316 15.954 1.000 -2.630 17.179 15.305 9304.230 15.305 14.297
9317 16.020 1.000 -2.610 17.313 15.414 9304.300 15.414 14.305
9318 16.067 1.000 -2.620 17.406 15.508 9305.070 15.508 14.312
9319 16.026 1.000 -2.590 17.308 15.414 9305.140 15.414 14.319
9320 16.149 1.000 -2.600 17.565 15.637 9305.210 15.637 14.326
9321 16.236 1.000 -2.590 17.746 15.796 9305.280 15.796 14.333
9322 16.243 1.000 -2.620 17.751 15.796 9306.040 15.796 14.340
9323 16.201 1.000 -2.620 17.651 15.712 9306.110 15.712 14.348
9324 16.145 1.000 -2.620 17.519 15.583 9306.180 15.583 14.355
9325 16.225 1.000 -2.620 17.684 15.712 9306.250 15.712 14.362
9326 16.201 1.000 -2.630 17.624 15.657 9307.020 15.657 14.369
9327 16.251 1.000 -2.630 17.725 15.732 9307.090 15.732 14.377
9328 16.217 1.000 -2.640 17.640 15.642 9307.160 15.642 14.384
9329 16.250 1.000 -2.630 17.703 15.687 9307.230 15.687 14.391
9330 16.277 1.000 -2.650 17.754 15.722 9307.300 15.722 14.398
9331 16.296 1.000 -2.650 17.785 15.747 9308.060 15.747 14.406
9332 16.331 1.000 -2.640 17.853 15.806 9308.130 15.806 14.413
9333 16.449 1.000 -2.640 18.102 16.019 9308.200 16.019 14.420
9334 16.536 1.000 -2.640 18.285 16.173 9308.270 16.173 14.428
9335 16.559 1.000 -2.640 18.327 16.208 9309.030 16.208 14.435
9336 16.575 1.000 -2.640 18.352 16.223 9309.100 16.223 14.442
9337 16.531 1.000 -2.640 18.246 16.124 9309.170 16.124 14.449
9338 16.518 1.000 -2.650 18.208 16.079 9309.240 16.079 14.457
9339 16.593 1.000 -2.650 18.364 16.208 9310.010 16.208 14.464
9340 16.584 1.000 -2.680 18.334 16.178 9310.080 16.178 14.471
9341 16.758 1.000 -2.640 18.710 16.501 9310.150 16.501 14.479
9342 16.655 1.000 -2.650 18.471 16.282 9310.220 16.282 14.486
9343 16.746 1.000 -2.640 18.662 16.441 9310.290 16.441 14.494
9344 16.607 1.000 -2.660 18.342 16.168 9311.050 16.168 14.501
9345 16.720 1.000 -2.650 18.584 16.372 9311.120 16.372 14.508
9346 16.679 1.000 -2.670 18.482 16.282 9311.190 16.282 14.516
9347 16.696 1.000 -2.670 18.510 16.302 9311.260 16.302 14.523
9348 16.737 1.000 -2.690 18.593 16.347 9312.030 16.347 14.531
9349 16.728 1.000 -2.690 18.564 16.322 9312.100 16.322 14.538
9350 16.781 1.000 -2.690 18.672 16.352 9312.170 16.352 14.546
9351 16.808 1.000 -2.710 18.721 16.322 9312.240 16.322 14.553
9352 16.800 1.000 -2.720 18.693 16.374 9312.310 16.374 14.561
9401 16.871 1.000 -2.750 18.841 16.384 9401.070 16.384 14.568
9402 16.969 1.000 -2.710 19.052 16.414 9401.140 16.414 14.576
9403 16.975 1.000 -2.690 19.054 16.414 9401.210 16.414 14.584
9404 17.054 1.000 -2.680 19.223 16.399 9401.280 16.399 14.591
9405 16.905 1.000 -2.680 18.876 16.434 9402.040 16.434 14.599
9406 16.920 1.000 -2.710 18.901 16.399 9402.110 16.399 14.606
9407 16.884 1.000 -2.750 18.810 16.414 9402.180 16.414 14.614
9408 16.864 1.000 -2.770 18.755 16.419 9402.250 16.419 14.621
9409 16.849 1.000 -2.790 18.711 16.434 9403.040 16.434 14.629
9410 16.888 1.000 -2.810 18.789 16.429 9403.110 16.429 14.637
9411 16.981 1.000 -2.830 18.985 16.470 9403.180 16.470 14.645
9412 16.801 1.000 -2.860 18.573 16.455 9403.250 16.455 14.653
9413 16.540 1.000 -2.930 17.985 16.470 9404.010 16.470 14.661
9414 16.574 1.000 -2.970 18.049 16.460 9404.080 16.460 14.669
9415 16.566 1.000 -3.000 18.023 16.505 9404.150 16.505 14.677
9416 16.603 1.000 -3.040 18.092 16.460 9404.220 16.460 14.686
9417 16.674 1.000 -3.130 18.235 16.485 9404.290 16.485 14.694
9418 16.626 1.000 -3.150 18.121 16.540 9405.060 16.540 14.703
9419 16.568 1.000 -3.240 17.982 16.515 9405.130 16.515 14.712
9420 16.779 1.000 -3.310 18.430 16.510 9405.200 16.510 14.721
9421 16.834 1.000 -3.470 18.538 16.525 9405.270 16.525 14.731
9422 16.895 1.000 -3.510 18.662 16.515 9406.030 16.515 14.740
9423 16.879 1.000 -3.570 18.613 16.525 9406.100 16.525 14.750
9424 16.886 1.000 -3.590 18.615 16.485 9406.170 16.485 14.760
9425 16.608 1.000 -3.630 17.990 16.555 9406.240 16.555 14.771
9426 16.683 1.000 -3.640 18.139 16.540 9407.010 16.540 14.781
9427 16.756 1.000 -3.700 18.285 16.545 9407.080 16.545 14.791
9428 16.852 1.000 -3.750 18.483 16.545 9407.150 16.545 14.802
9429 16.844 1.000 -3.780 18.451 16.550 9407.220 16.550 14.812
9430 16.950 1.000 -3.800 18.671 16.550 9407.290 16.550 14.823
9431 16.939 1.000 -3.830 18.633 16.565 9408.050 16.565 14.834
9432 17.040 1.000 -3.850 18.841 16.565 9408.120 16.565 14.845
9433 17.083 1.000 -3.880 18.923 16.580 9408.190 16.580 14.856
9434 17.281 1.000 -4.030 19.346 16.570 9408.260 16.570 14.867
9435 17.241 1.000 -4.080 19.242 16.590 9409.020 16.590 14.878
9436 17.201 1.000 -4.120 19.137 16.601 9409.090 16.601 14.890
9437 17.267 1.000 -4.140 19.271 16.606 9409.160 16.606 14.902
9438 17.068 1.000 -4.170 18.810 16.611 9409.230 16.611 14.914
9439 17.135 1.000 -4.200 18.944 16.626 9409.300 16.626 14.925
9440 17.006 1.000 -4.260 18.644 16.631 9410.070 16.631 14.937
9441 17.280 1.000 -4.290 19.228 16.626 9410.140 16.626 14.950
9442 17.214 1.000 -4.310 19.066 16.646 9410.210 16.646 14.962
9443 17.390 1.000 -4.350 19.440 16.631 9410.280 16.631 14.974
9444 17.191 1.000 -4.400 18.979 16.666 9411.040 16.666 14.987
9445 17.205 1.000 -4.410 18.993 16.661 9411.110 16.661 14.999
9446 17.201 1.000 -4.500 18.967 16.666 9411.180 16.666 15.012
9447 17.042 1.000 -4.770 18.600 16.681 9411.250 16.681 15.025
9448 17.073 1.000 -4.840 18.653 16.696 9412.020 16.696 15.039
9449 16.967 1.000 -4.910 18.402 16.707 9412.090 16.707 15.053
9450 17.204 1.000 -4.970 18.900 16.725 9412.160 16.725 15.067
9451 17.237 1.000 -5.040 18.953 16.719 9412.230 16.719 15.081
9452 17.239 1.000 -5.120 18.941 16.744 9412.300 16.744 15.096
9501 17.279 1.000 -5.180 19.009 16.750 9501.060 16.750 15.111
9502 17.391 1.000 -5.180 19.237 16.756 9501.130 16.756 15.126
9503 17.382 1.000 -5.160 19.198 16.769 9501.200 16.769 15.141
9504 17.500 1.000 -5.170 19.440 16.775 9501.270 16.775 15.156
9505 17.667 1.000 -5.230 19.791 16.787 9502.030 16.787 15.171
9506 17.732 1.000 -5.370 19.917 16.831 9502.100 16.831 15.186
9507 17.755 1.000 -5.430 19.948 16.831 9502.170 16.831 15.202
9508 17.882 1.000 -5.480 20.213 17.073 9502.240 17.073 15.217
9509 17.846 1.000 -5.490 20.111 16.986 9503.030 16.986 15.233
9510 17.936 1.000 -5.490 20.293 17.135 9503.100 17.135 15.250
9511 18.059 1.000 -5.500 20.550 17.339 9503.170 17.339 15.266
9512 18.173 1.000 -5.520 20.786 17.519 9503.240 17.519 15.282
9513 18.182 1.000 -5.530 20.785 17.519 9503.310 17.519 15.298
9514 18.300 1.000 -5.580 21.034 17.724 9504.070 17.724 15.314
9515 18.366 1.000 -5.530 21.162 17.811 9504.140 17.811 15.330
9516 18.367 1.000 -5.540 21.143 17.786 9504.210 17.786 15.347
9517 18.494 1.000 -5.510 21.413 18.003 9504.280 18.003 15.363
9518 18.606 1.000 -5.530 21.649 18.201 9505.050 18.201 15.379
9519 18.718 1.000 -5.510 21.887 18.400 9505.120 18.400 15.396
9520 18.620 1.000 -5.520 21.634 18.176 9505.190 18.176 15.412
9521 18.715 1.000 -5.510 21.831 18.338 9505.260 18.338 15.428
9522 18.888 1.000 -5.510 22.212 18.642 9506.020 18.642 15.444
9523 18.822 1.000 -5.500 22.033 18.480 9506.090 18.480 15.461
9524 19.048 1.000 -5.490 22.541 18.902 9506.160 18.902 15.477
9525 19.238 1.000 -5.490 22.965 19.243 9506.230 19.243 15.493
9526 19.166 1.000 -5.460 22.769 19.069 9506.300 19.069 15.510
9527 19.385 1.000 -5.470 23.266 19.485 9507.070 19.485 15.526
9528 19.461 1.000 -5.420 23.425 19.597 9507.140 19.597 15.542
9529 19.367 1.000 -5.340 23.174 19.380 9507.210 19.380 15.558
9530 19.545 1.000 -5.320 23.576 19.696 9507.280 19.696 15.574
9531 19.490 1.000 -5.310 23.420 19.566 9508.040 19.566 15.590
9532 19.438 1.000 -5.290 23.271 19.435 9508.110 19.435 15.606
9533 19.525 1.000 -5.270 23.455 19.572 9508.180 19.572 15.622
9534 19.555 1.000 -5.270 23.504 19.603 9508.250 19.603 15.638
9535 19.635 1.000 -5.250 23.672 19.733 9509.010 19.733 15.654
9536 19.804 1.000 -5.250 24.055 20.043 9509.080 20.043 15.669
9537 20.003 1.000 -5.240 24.515 20.428 9509.150 20.428 15.685
9538 19.990 1.000 -5.250 24.458 20.378 9509.220 20.378 15.701
9539 20.051 1.000 -5.210 24.583 20.471 9509.290 20.471 15.717
9540 20.033 1.000 -5.290 24.514 20.421 9510.060 20.421 15.732
9541 20.082 1.000 -5.200 24.610 20.477 9510.130 20.477 15.748
9542 20.148 1.000 -5.210 24.746 20.583 9510.200 20.583 15.764
9543 20.030 1.000 -5.200 24.431 20.310 9510.270 20.310 15.780
Risk-adjusted
Rightime Blue Chip Fund comparison of change
Balanced Reference Index in value of $10,000
(50% S&P 500/50% Money Market) investment in the
Money Market Fund Index Rightime Blue Chip
Fund, Balanced
Reference Index (50%
S&P/50% Money
Market), and Money
Market Fund Index.
</TABLE>
October 31, 1995
The Rightime
Rightime Social Awareness Fund
Family of Funds Performance Comparison
- - - -------------------------------------------------------------------------
Our fiscal year ending October 31, 1995 was an excellent year for equity
investments. As the uncertainty and gloom of 1994 dissipated, stock
rallied. Prices were driven higher by strong earnings growth and
declining interest rates. The volatile technology sector has been the
rally's performance leader, while large- capitalization stocks have
outperformed other sectors.
The Rightime Social Awareness Fund, under the guidance of the Rightime
Market Model (RTMM(registered trademark)), has participated in most of
this year's rally. The model provided the discipline to establish a
fully invested position in early February 1995 and has performed very
well relative to blue chip and small-cap stocks. The Fund selects stocks
based on a combination of factors. The Fund initially evaluates
companies which meet the social criteria of the Domini Social Index.
These criteria are no alcohol, tobacco, or gambling stocks, no defense
or nuclear exposure, and companies which are environmentally responsible
with good employee relations. Stocks are then selected with higher value
placed on securities which demonstrate earnings growth, momentum, and
consistency while also appearing to be a fairly priced value.
The Fund remains fully invested in equities and continues to follow the
allocations determined by the Rightime Market Model (RTMM(registered
trademark)).
- - - --------------------------------------------------
Average Annual Total Return
- - - --------------------------------------------------
Since Inception
1 Year 5 Years March 1, 1990
- - - --------------------------------------------------
16.87% 10.84% 7.31%
- - - --------------------------------------------------
Performance Comparison
The "Performance Comparison" chart assesses the Rightime Social
Awareness Fund's performance against the Lipper Growth Fund Index, a
broad based index. The "Risk Adjusted Performance Comparison" more
closely reflects the fund's performance as compared to a consistent risk
level.
The Social Awareness Fund utilizes a modeled approach to investing which
attempts to minimize risk by moving assets to money market equivalent
investments during periods in which the market appears to be overvalued.
This approach, over full market cycles, tends to invest in low risk, or
money market-like securities approximately half of the time. In order to
provide an equivalent risk level this comparison assumes that assets are
invested half in the Lipper Growth Fund Index and half in a money market
fund index. This balanced index approaches the risk level of each fund
that has been in existence for at least one full market cycle and
therefore provides a more meaningful performance comparison.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return
will vary with market conditions, and the principal value of shares,
when redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends and reflecting the 4.75% sales
charge.
Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig sp_500_ndx.w calendar defensive
lpprgrth.w.f0 rtmmyld.w rightime_saf.temp rightime_saf.temp
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 9008 9.190 1.000 -7.700 9.471 8.359 9002.230 8.359 10.000
mx 9543 21.676 1.000 -2.590 21.506 15.160 9510.270 15.160 12.985
cl 9543 21.221 1.000 -5.200 21.233 14.888 9510.270 14.888 12.985
xb 297 14.674 1.000 -4.606 14.538 11.311 9255.144 11.311 11.583
sd 2.992 0.000 1.699 2.824 1.472 165.340 1.472 0.763
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime_saf.temp -> -0.371 0.565 0.416 7.241 -0.605 9.580
lpprgrth.w.f0 -> 0.494 0.967 0.873 14.131 -0.029 11.317
defensive -> 4.680 0.001 0.003 4.696 -2.958 0.235
- - - --------------------------------------------------------------------------------
9008 10.000 1.000 -7.650 10.000 10.000 9002.230 10.000 10.000
9009 10.306 1.000 -7.650 10.358 9.525 9003.020 9.525 10.015
9010 10.430 1.000 -7.630 10.438 9.590 9003.090 9.590 10.029
9011 10.519 1.000 -7.650 10.568 9.632 9003.160 9.632 10.044
9012 10.400 1.000 -7.670 10.429 9.498 9003.230 9.498 10.059
9013 10.470 1.000 -7.690 10.520 9.495 9003.300 9.495 10.074
9014 10.443 1.000 -7.670 10.532 9.567 9004.060 9.567 10.088
9015 10.587 1.000 -7.690 10.672 9.590 9004.130 9.590 10.103
9016 10.343 1.000 -7.690 10.394 9.571 9004.200 9.571 10.118
9017 10.171 1.000 -7.690 10.215 9.578 9004.270 9.578 10.133
9018 10.448 1.000 -7.670 10.511 9.582 9005.040 9.582 10.148
9019 10.839 1.000 -7.660 10.941 9.578 9005.110 9.578 10.163
9020 10.954 1.000 -7.700 11.031 9.624 9005.180 9.624 10.178
9021 11.033 1.000 -7.680 11.037 9.666 9005.250 9.666 10.193
9022 11.274 1.000 -7.680 11.311 9.864 9006.010 9.864 10.208
9023 11.179 1.000 -7.670 11.180 9.601 9006.080 9.601 10.223
9024 11.309 1.000 -7.650 11.319 9.708 9006.150 9.708 10.238
9025 11.141 1.000 -7.670 11.093 9.529 9006.220 9.529 10.253
9026 11.233 1.000 -7.670 11.182 9.495 9006.290 9.495 10.268
9027 11.307 1.000 -7.680 11.202 9.517 9007.060 9.517 10.283
9028 11.584 1.000 -7.650 11.487 9.784 9007.130 9.784 10.298
9029 11.338 1.000 -7.660 11.316 9.441 9007.200 9.441 10.313
9030 11.048 1.000 -7.590 11.067 9.228 9007.270 9.228 10.329
9031 10.652 1.000 -7.560 10.806 9.014 9008.030 9.014 10.344
9032 10.445 1.000 -7.500 10.520 8.961 9008.100 8.961 10.359
9033 10.187 1.000 -7.500 10.287 8.957 9008.170 8.957 10.374
9034 9.701 1.000 -7.510 9.782 8.961 9008.240 8.961 10.388
9035 10.029 1.000 -7.480 10.136 8.969 9008.310 8.969 10.403
9036 10.035 1.000 -7.470 10.170 8.976 9009.070 8.976 10.418
9037 9.871 1.000 -7.470 9.970 8.988 9009.140 8.988 10.433
9038 9.596 1.000 -7.460 9.804 8.995 9009.210 8.995 10.448
9039 9.425 1.000 -7.470 9.645 9.003 9009.280 9.003 10.463
9040 9.574 1.000 -7.480 9.825 9.014 9010.050 9.014 10.478
9041 9.190 1.000 -7.480 9.471 8.512 9010.120 8.512 10.493
9042 9.467 1.000 -7.440 9.871 8.492 9010.190 8.492 10.508
9043 9.341 1.000 -7.450 9.633 8.489 9010.260 8.489 10.523
9044 9.444 1.000 -7.420 9.867 8.492 9011.020 8.492 10.538
9045 9.535 1.000 -7.380 9.934 8.500 9011.090 8.500 10.553
9046 9.715 1.000 -7.340 10.049 8.508 9011.160 8.508 10.568
9047 9.659 1.000 -7.350 9.992 8.382 9011.230 8.382 10.583
9048 9.894 1.000 -7.270 10.226 8.622 9011.300 8.622 10.598
9049 10.123 1.000 -7.270 10.409 8.752 9012.070 8.752 10.613
9050 10.108 1.000 -7.220 10.387 8.729 9012.140 8.729 10.628
9051 10.242 1.000 -7.170 10.551 8.843 9012.210 8.843 10.642
9052 10.185 1.000 -7.160 10.462 8.805 9012.280 8.805 10.657
9101 9.994 1.000 -7.380 10.223 8.537 9101.040 8.537 10.672
9102 9.856 1.000 -7.090 10.047 8.359 9101.110 8.359 10.687
9103 10.319 1.000 -6.910 10.595 8.778 9101.180 8.778 10.701
9104 10.556 1.000 -6.790 10.725 8.848 9101.250 8.848 10.715
9105 10.875 1.000 -6.760 10.954 9.061 9102.010 9.061 10.729
9106 11.352 1.000 -6.650 11.481 9.569 9102.080 9.569 10.743
9107 11.613 1.000 -6.450 11.799 9.859 9102.150 9.859 10.757
9108 11.588 1.000 -6.350 11.696 9.801 9102.220 9.801 10.770
9109 11.748 1.000 -6.290 11.857 9.821 9103.010 9.821 10.783
9110 11.991 1.000 -6.190 12.008 10.174 9103.080 10.174 10.796
9111 11.835 1.000 -6.150 11.971 10.057 9103.150 10.057 10.809
9112 11.680 1.000 -6.060 11.782 9.987 9103.220 9.987 10.822
9113 11.946 1.000 -6.040 12.037 10.352 9103.290 10.352 10.835
9114 12.095 1.000 -6.020 12.050 10.414 9104.050 10.414 10.847
9115 12.246 1.000 -5.940 12.220 10.565 9104.120 10.565 10.860
9116 12.311 1.000 -5.820 12.350 10.616 9104.190 10.616 10.872
9117 12.144 1.000 -5.790 12.191 10.391 9104.260 10.391 10.884
9118 12.192 1.000 -5.740 12.256 10.379 9105.030 10.379 10.896
9119 12.139 1.000 -5.650 12.101 10.282 9105.100 10.282 10.908
9120 11.949 1.000 -5.580 12.002 10.135 9105.170 10.135 10.920
9121 12.170 1.000 -5.580 12.174 10.340 9105.240 10.340 10.932
9122 12.496 1.000 -5.530 12.580 10.550 9105.310 10.550 10.943
9123 12.237 1.000 -5.510 12.252 10.212 9106.070 10.212 10.955
9124 12.199 1.000 -5.480 12.353 10.100 9106.140 10.100 10.967
9125 12.042 1.000 -5.480 12.214 10.104 9106.210 10.104 10.978
9126 11.805 1.000 -5.480 12.009 10.111 9106.280 10.111 10.990
9127 11.903 1.000 -5.500 12.111 10.119 9107.050 10.119 11.001
9128 12.215 1.000 -5.460 12.319 10.123 9107.120 10.123 11.013
9129 12.347 1.000 -5.470 12.455 10.131 9107.190 10.131 11.024
9130 12.203 1.000 -5.460 12.357 10.139 9107.260 10.139 11.036
9131 12.474 1.000 -5.450 12.567 10.143 9108.020 10.143 11.047
9132 12.506 1.000 -5.440 12.573 10.150 9108.090 10.150 11.059
9133 12.492 1.000 -5.400 12.531 10.158 9108.160 10.158 11.071
9134 12.700 1.000 -5.350 12.818 10.166 9108.230 10.166 11.082
9135 12.787 1.000 -5.310 12.867 10.170 9108.300 10.170 11.093
9136 12.585 1.000 -5.260 12.668 9.960 9109.060 9.960 11.105
9137 12.489 1.000 -5.260 12.497 9.852 9109.130 9.852 11.116
9138 12.702 1.000 -5.210 12.646 9.972 9109.200 9.972 11.127
9139 12.670 1.000 -5.180 12.588 9.859 9109.270 9.859 11.138
9140 12.537 1.000 -5.160 12.443 9.743 9110.040 9.743 11.149
9141 12.473 1.000 -5.080 12.458 9.638 9110.110 9.638 11.160
9142 12.869 1.000 -5.020 12.827 9.871 9110.180 9.871 11.171
9143 12.574 1.000 -5.020 12.563 9.662 9110.250 9.662 11.182
9144 12.872 1.000 -4.970 12.803 9.856 9111.010 9.856 11.193
9145 12.960 1.000 -4.930 12.862 9.980 9111.080 9.980 11.203
9146 12.658 1.000 -4.810 12.534 9.724 9111.150 9.724 11.214
9147 12.481 1.000 -4.780 12.329 9.662 9111.220 9.662 11.224
9148 12.385 1.000 -4.700 12.307 9.681 9111.290 9.681 11.235
9149 12.566 1.000 -4.660 12.442 9.859 9112.060 9.859 11.245
9150 12.734 1.000 -4.630 12.626 9.980 9112.130 9.980 11.255
9151 12.738 1.000 -4.590 12.718 10.084 9112.200 10.084 11.265
9152 13.475 1.000 -4.530 13.364 10.534 9112.270 10.534 11.275
9201 13.874 1.000 -4.510 13.794 10.970 9201.030 10.970 11.284
9202 13.957 1.000 -4.400 13.662 10.872 9201.100 10.872 11.294
9203 14.011 1.000 -4.190 13.793 10.907 9201.170 10.907 11.304
9204 13.941 1.000 -4.050 13.689 10.852 9201.240 10.852 11.313
9205 13.781 1.000 -3.990 13.476 10.695 9201.310 10.695 11.322
9206 13.962 1.000 -3.920 13.560 10.797 9202.070 10.797 11.330
9207 13.939 1.000 -3.850 13.613 10.813 9202.140 10.813 11.339
9208 13.898 1.000 -3.780 13.587 10.679 9202.210 10.679 11.347
9209 13.990 1.000 -3.780 13.635 10.813 9202.280 10.813 11.355
9210 13.691 1.000 -3.750 13.369 10.813 9203.060 10.813 11.364
9211 13.731 1.000 -3.720 13.426 10.805 9203.130 10.805 11.372
9212 13.904 1.000 -3.720 13.611 10.809 9203.200 10.809 11.380
9213 13.621 1.000 -3.730 13.360 10.805 9203.270 10.805 11.388
9214 13.438 1.000 -3.730 13.304 10.797 9204.030 10.797 11.396
9215 13.518 1.000 -3.740 13.403 10.778 9204.100 10.778 11.404
9216 13.751 1.000 -3.660 13.801 10.766 9204.170 10.766 11.413
9217 13.458 1.000 -3.620 13.576 10.746 9204.240 10.746 11.421
9218 13.580 1.000 -3.590 13.701 10.766 9205.010 10.766 11.428
9219 13.740 1.000 -3.550 13.826 10.774 9205.080 10.774 11.436
9220 13.576 1.000 -3.510 13.636 10.495 9205.150 10.495 11.444
9221 13.681 1.000 -3.510 13.775 10.581 9205.220 10.581 11.452
9222 13.754 1.000 -3.470 13.828 10.605 9205.290 10.605 11.460
9223 13.689 1.000 -3.490 13.774 10.538 9206.050 10.538 11.467
9224 13.474 1.000 -3.450 13.658 10.483 9206.120 10.483 11.475
9225 13.187 1.000 -3.440 13.464 10.444 9206.190 10.444 11.482
9226 13.171 1.000 -3.420 13.465 10.467 9206.260 10.467 11.490
9227 13.536 1.000 -3.440 13.750 10.624 9207.030 10.624 11.498
9228 13.711 1.000 -3.350 13.854 10.770 9207.100 10.770 11.505
9229 13.595 1.000 -3.240 13.895 10.793 9207.170 10.793 11.512
9230 13.473 1.000 -3.190 13.769 10.695 9207.240 10.695 11.520
9231 13.865 1.000 -3.140 14.199 10.966 9207.310 10.966 11.527
9232 13.725 1.000 -3.110 14.029 10.919 9208.070 10.919 11.534
9233 13.723 1.000 -3.080 14.072 11.021 9208.140 11.021 11.541
9234 13.565 1.000 -3.050 13.911 11.017 9208.210 11.017 11.547
9235 13.581 1.000 -3.030 13.919 10.997 9208.280 10.997 11.554
9236 13.713 1.000 -3.010 14.002 11.005 9209.040 11.005 11.561
9237 13.811 1.000 -2.960 14.094 11.041 9209.110 11.041 11.567
9238 13.933 1.000 -2.900 14.215 11.092 9209.180 11.092 11.574
9239 13.640 1.000 -2.880 13.935 11.052 9209.250 11.052 11.580
9240 13.545 1.000 -2.870 13.812 11.088 9210.020 11.088 11.587
9241 13.385 1.000 -2.830 13.556 11.084 9210.090 11.084 11.593
9242 13.652 1.000 -2.770 13.869 11.363 9210.160 11.363 11.600
9243 13.815 1.000 -2.790 13.956 11.429 9210.230 11.429 11.606
9244 13.959 1.000 -2.740 14.117 11.637 9210.300 11.637 11.612
9245 14.092 1.000 -2.750 14.088 11.657 9211.060 11.657 11.618
9246 14.349 1.000 -2.740 14.259 11.865 9211.130 11.865 11.624
9247 14.448 1.000 -2.740 14.408 11.975 9211.200 11.975 11.630
9248 14.600 1.000 -2.740 14.534 12.057 9211.270 12.057 11.636
9249 14.688 1.000 -2.770 14.606 12.163 9212.040 12.163 11.642
9250 14.678 1.000 -2.790 14.669 12.128 9212.110 12.128 11.649
9251 14.853 1.000 -2.800 14.932 12.372 9212.180 12.372 11.655
9252 14.832 1.000 -2.830 14.888 12.391 9212.250 12.391 11.661
9253 14.888 1.000 -2.860 14.758 12.302 9301.010 12.302 11.667
9301 14.749 1.000 -2.920 14.540 12.209 9301.080 12.209 11.674
9302 15.094 1.000 -2.830 14.823 12.395 9301.150 12.395 11.680
9303 15.141 1.000 -2.770 14.795 12.285 9301.220 12.285 11.687
9304 15.097 1.000 -2.770 14.894 12.408 9301.290 12.408 11.693
9305 15.412 1.000 -2.740 15.246 12.667 9302.050 12.667 11.699
9306 15.201 1.000 -2.730 15.106 12.501 9302.120 12.501 11.705
9307 14.767 1.000 -2.710 14.762 12.133 9302.190 12.133 11.711
9308 14.997 1.000 -2.690 15.081 12.400 9302.260 12.400 11.718
9309 15.215 1.000 -2.710 15.182 12.523 9303.050 12.523 11.724
9310 15.395 1.000 -2.670 15.317 12.616 9303.120 12.616 11.730
9311 15.338 1.000 -2.660 15.337 12.539 9303.190 12.539 11.736
9312 15.294 1.000 -2.650 15.263 12.421 9303.260 12.421 11.742
9313 15.050 1.000 -2.660 15.053 12.345 9304.020 12.345 11.748
9314 15.111 1.000 -2.670 15.077 12.162 9304.090 12.162 11.754
9315 15.288 1.000 -2.640 15.328 12.251 9304.160 12.251 11.760
9316 15.058 1.000 -2.630 14.930 11.989 9304.230 11.989 11.766
9317 15.141 1.000 -2.610 15.046 12.103 9304.300 12.103 11.772
9318 15.357 1.000 -2.620 15.127 12.209 9305.070 12.209 11.777
9319 15.291 1.000 -2.590 15.042 12.146 9305.140 12.146 11.783
9320 15.581 1.000 -2.600 15.265 12.438 9305.210 12.438 11.789
9321 15.747 1.000 -2.590 15.423 12.480 9305.280 12.480 11.795
9322 15.815 1.000 -2.620 15.427 12.311 9306.040 12.311 11.801
9323 15.625 1.000 -2.620 15.340 12.328 9306.110 12.328 11.807
9324 15.545 1.000 -2.620 15.226 12.082 9306.180 12.082 11.813
9325 15.674 1.000 -2.620 15.369 12.247 9306.250 12.247 11.819
9326 15.751 1.000 -2.630 15.317 12.188 9307.020 12.188 11.825
9327 15.779 1.000 -2.630 15.404 12.264 9307.090 12.264 11.831
9328 15.738 1.000 -2.640 15.331 12.158 9307.160 12.158 11.837
9329 15.752 1.000 -2.630 15.386 12.154 9307.230 12.154 11.843
9330 15.874 1.000 -2.650 15.430 12.234 9307.300 12.234 11.849
9331 16.041 1.000 -2.650 15.457 12.285 9308.060 12.285 11.855
9332 16.114 1.000 -2.640 15.516 12.294 9308.130 12.294 11.861
9333 16.372 1.000 -2.640 15.732 12.400 9308.200 12.400 11.867
9334 16.470 1.000 -2.640 15.891 12.357 9308.270 12.357 11.873
9335 16.558 1.000 -2.640 15.927 12.362 9309.030 12.362 11.879
9336 16.500 1.000 -2.640 15.949 12.451 9309.100 12.451 11.885
9337 16.402 1.000 -2.640 15.858 12.243 9309.170 12.243 11.891
9338 16.587 1.000 -2.650 15.825 12.298 9309.240 12.298 11.897
9339 16.748 1.000 -2.650 15.960 12.374 9310.010 12.374 11.903
9340 16.750 1.000 -2.680 15.934 12.383 9310.080 12.383 11.909
9341 17.089 1.000 -2.640 16.260 12.544 9310.150 12.544 11.915
9342 16.842 1.000 -2.650 16.053 12.311 9310.220 12.311 11.921
9343 16.931 1.000 -2.640 16.219 12.315 9310.290 12.315 11.927
9344 16.635 1.000 -2.660 15.941 12.065 9311.050 12.065 11.933
9345 16.887 1.000 -2.650 16.151 12.205 9311.120 12.205 11.939
9346 16.560 1.000 -2.670 16.063 12.044 9311.190 12.044 11.945
9347 16.580 1.000 -2.670 16.087 12.065 9311.260 12.065 11.951
9348 16.775 1.000 -2.690 16.159 12.018 9312.030 12.018 11.957
9349 16.757 1.000 -2.690 16.134 12.018 9312.100 12.018 11.964
9350 16.764 1.000 -2.690 16.227 12.018 9312.170 12.018 11.970
9351 16.815 1.000 -2.710 16.270 12.023 9312.240 12.023 11.976
9352 17.000 1.000 -2.720 16.246 12.023 9312.310 12.023 11.982
9401 17.098 1.000 -2.750 16.375 12.027 9401.070 12.027 11.988
9402 17.275 1.000 -2.710 16.558 12.027 9401.140 12.027 11.995
9403 17.277 1.000 -2.690 16.559 12.027 9401.210 12.027 12.001
9404 17.402 1.000 -2.680 16.707 12.032 9401.280 12.032 12.007
9405 17.166 1.000 -2.680 16.405 12.032 9402.040 12.032 12.013
9406 17.229 1.000 -2.710 16.426 12.032 9402.110 12.032 12.020
9407 17.244 1.000 -2.750 16.348 12.036 9402.180 12.036 12.026
9408 17.140 1.000 -2.770 16.300 12.036 9402.250 12.036 12.032
9409 17.191 1.000 -2.790 16.262 12.041 9403.040 12.041 12.038
9410 17.275 1.000 -2.810 16.329 12.041 9403.110 12.041 12.045
9411 17.518 1.000 -2.830 16.500 12.045 9403.180 12.045 12.051
9412 17.110 1.000 -2.860 16.141 12.045 9403.250 12.045 12.058
9413 16.408 1.000 -2.930 15.631 12.045 9404.010 12.045 12.065
9414 16.654 1.000 -2.970 15.686 12.050 9404.080 12.050 12.071
9415 16.425 1.000 -3.000 15.663 12.054 9404.150 12.054 12.078
9416 16.332 1.000 -3.040 15.723 12.054 9404.220 12.054 12.085
9417 16.590 1.000 -3.130 15.848 12.059 9404.290 12.059 12.092
9418 16.485 1.000 -3.150 15.748 12.059 9405.060 12.059 12.099
9419 16.228 1.000 -3.240 15.628 12.063 9405.130 12.063 12.107
9420 16.584 1.000 -3.310 16.017 12.068 9405.200 12.068 12.114
9421 16.672 1.000 -3.470 16.111 12.072 9405.270 12.072 12.122
9422 16.777 1.000 -3.510 16.219 12.077 9406.030 12.077 12.130
9423 16.640 1.000 -3.570 16.176 12.082 9406.100 12.082 12.138
9424 16.635 1.000 -3.590 16.178 12.086 9406.170 12.086 12.147
9425 15.985 1.000 -3.630 15.635 12.091 9406.240 12.091 12.155
9426 16.168 1.000 -3.640 15.764 12.095 9407.010 12.095 12.163
9427 16.289 1.000 -3.700 15.892 12.100 9407.080 12.100 12.172
9428 16.497 1.000 -3.750 16.063 12.100 9407.150 12.100 12.181
9429 16.390 1.000 -3.780 16.035 12.104 9407.220 12.104 12.189
9430 16.557 1.000 -3.800 16.226 12.109 9407.290 12.109 12.198
9431 16.516 1.000 -3.830 16.194 12.113 9408.050 12.113 12.207
9432 16.725 1.000 -3.850 16.375 12.113 9408.120 12.113 12.216
9433 16.845 1.000 -3.880 16.445 12.118 9408.190 12.118 12.225
9434 17.217 1.000 -4.030 16.813 12.122 9408.260 12.122 12.234
9435 17.132 1.000 -4.080 16.723 12.127 9409.020 12.127 12.244
9436 17.095 1.000 -4.120 16.632 12.131 9409.090 12.131 12.253
9437 17.236 1.000 -4.140 16.748 12.136 9409.160 12.136 12.263
9438 16.814 1.000 -4.170 16.347 12.140 9409.230 12.140 12.273
9439 16.889 1.000 -4.200 16.464 12.145 9409.300 12.145 12.282
9440 16.606 1.000 -4.260 16.203 12.149 9410.070 12.149 12.292
9441 17.032 1.000 -4.290 16.710 12.154 9410.140 12.154 12.302
9442 16.959 1.000 -4.310 16.569 12.154 9410.210 12.154 12.312
9443 17.239 1.000 -4.350 16.895 12.159 9410.280 12.159 12.323
9444 16.906 1.000 -4.400 16.495 12.159 9411.040 12.159 12.333
9445 16.889 1.000 -4.410 16.506 12.163 9411.110 12.163 12.343
9446 16.871 1.000 -4.500 16.484 12.168 9411.180 12.168 12.354
9447 16.450 1.000 -4.770 16.165 12.177 9411.250 12.177 12.364
9448 16.476 1.000 -4.840 16.211 12.181 9412.020 12.181 12.376
9449 16.080 1.000 -4.910 15.993 12.191 9412.090 12.191 12.387
9450 16.474 1.000 -4.970 16.426 12.196 9412.160 12.196 12.399
9451 16.616 1.000 -5.040 16.472 12.200 9412.230 12.200 12.411
9452 16.700 1.000 -5.120 16.461 12.210 9412.300 12.210 12.423
9501 16.657 1.000 -5.180 16.520 12.214 9501.060 12.214 12.435
9502 16.870 1.000 -5.180 16.719 12.219 9501.130 12.219 12.447
9503 16.791 1.000 -5.160 16.685 12.228 9501.200 12.228 12.460
9504 16.807 1.000 -5.170 16.895 12.233 9501.270 12.233 12.472
9505 17.122 1.000 -5.230 17.200 12.237 9502.030 12.237 12.484
9506 17.313 1.000 -5.370 17.310 12.265 9502.100 12.265 12.497
9507 17.259 1.000 -5.430 17.337 12.265 9502.170 12.265 12.510
9508 17.383 1.000 -5.480 17.566 12.362 9502.240 12.362 12.523
9509 17.440 1.000 -5.490 17.478 12.394 9503.030 12.394 12.536
9510 17.477 1.000 -5.490 17.636 12.440 9503.100 12.440 12.549
9511 17.677 1.000 -5.500 17.859 12.592 9503.170 12.592 12.562
9512 17.910 1.000 -5.520 18.065 12.698 9503.240 12.698 12.575
9513 17.907 1.000 -5.530 18.064 12.657 9503.310 12.657 12.589
9514 17.981 1.000 -5.580 18.280 12.786 9504.070 12.786 12.602
9515 18.289 1.000 -5.530 18.391 12.860 9504.140 12.860 12.616
9516 18.091 1.000 -5.540 18.375 12.717 9504.210 12.717 12.629
9517 18.414 1.000 -5.510 18.609 12.818 9504.280 12.818 12.642
9518 18.533 1.000 -5.530 18.815 12.906 9505.050 12.906 12.656
9519 18.842 1.000 -5.510 19.022 13.122 9505.120 13.122 12.669
9520 18.751 1.000 -5.520 18.801 12.910 9505.190 12.910 12.683
9521 18.915 1.000 -5.510 18.973 13.002 9505.260 13.002 12.696
9522 19.133 1.000 -5.510 19.304 13.214 9506.020 13.214 12.709
9523 19.171 1.000 -5.500 19.148 13.150 9506.090 13.150 12.723
9524 19.543 1.000 -5.490 19.590 13.431 9506.160 13.431 12.736
9525 20.043 1.000 -5.490 19.958 13.823 9506.230 13.823 12.750
9526 19.822 1.000 -5.460 19.788 13.648 9506.300 13.648 12.763
9527 20.439 1.000 -5.470 20.220 13.947 9507.070 13.947 12.777
9528 20.701 1.000 -5.420 20.358 14.159 9507.140 14.159 12.790
9529 20.214 1.000 -5.340 20.140 13.777 9507.210 13.777 12.803
9530 20.811 1.000 -5.320 20.489 14.159 9507.280 14.159 12.816
9531 20.583 1.000 -5.310 20.354 13.966 9508.040 13.966 12.829
9532 20.634 1.000 -5.290 20.225 13.993 9508.110 13.993 12.842
9533 21.074 1.000 -5.270 20.384 13.993 9508.180 13.993 12.855
9534 20.934 1.000 -5.270 20.427 14.012 9508.250 14.012 12.868
9535 21.047 1.000 -5.250 20.573 14.063 9509.010 14.063 12.881
9536 21.617 1.000 -5.250 20.906 14.358 9509.080 14.358 12.894
9537 21.676 1.000 -5.240 21.305 14.570 9509.150 14.570 12.907
9538 21.623 1.000 -5.250 21.256 14.662 9509.220 14.662 12.920
9539 21.624 1.000 -5.210 21.364 14.694 9509.290 14.694 12.933
9540 21.354 1.000 -5.290 21.304 14.782 9510.060 14.782 12.946
9541 21.514 1.000 -5.200 21.388 14.938 9510.130 14.938 12.959
9542 21.511 1.000 -5.210 21.506 15.160 9510.200 15.160 12.972
9543 21.221 1.000 -5.200 21.233 14.888 9510.270 14.888 12.985
Comparison of change
Rightime Social Awareness Fund in value of $10,000
Lipper Growth Fund Index investment in the
Money Market Fund Index Rightime Social
Awareness Fund,
Lipper Growth Fund
Index and Money
Market Fund Index.
</TABLE>
Risk-adjusted Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig sp_500_ndx.w calendar defensive
lppr_mmf_5050.ref rtmmyld.w rightime_saf.temp rightime_saf.temp
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 9008 9.841 1.000 -7.700 9.471 8.359 9002.230 8.359 10.000
mx 9543 16.879 1.000 -2.590 21.506 15.160 9510.270 15.160 12.985
cl 9543 16.753 1.000 -5.200 21.233 14.888 9510.270 14.888 12.985
xb 297 13.080 1.000 -4.606 14.538 11.311 9255.144 11.311 11.583
sd 1.787 0.000 1.699 2.824 1.472 165.340 1.472 0.763
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime_saf.temp -> -0.371 0.565 0.416 7.241 -0.605 9.580
lppr_mmf_5050.ref -> 2.566 0.484 0.873 9.488 -0.061 5.665
defensive -> 4.680 0.001 0.003 4.696 -2.958 0.235
- - - --------------------------------------------------------------------------------
9008 10.000 1.000 -7.650 10.000 10.000 9002.230 10.000 10.000
9009 10.160 1.000 -7.650 10.358 9.525 9003.020 9.525 10.015
9010 10.229 1.000 -7.630 10.438 9.590 9003.090 9.590 10.029
9011 10.280 1.000 -7.650 10.568 9.632 9003.160 9.632 10.044
9012 10.230 1.000 -7.670 10.429 9.498 9003.230 9.498 10.059
9013 10.271 1.000 -7.690 10.520 9.495 9003.300 9.495 10.074
9014 10.266 1.000 -7.670 10.532 9.567 9004.060 9.567 10.088
9015 10.344 1.000 -7.690 10.672 9.590 9004.130 9.590 10.103
9016 10.233 1.000 -7.690 10.394 9.571 9004.200 9.571 10.118
9017 10.155 1.000 -7.690 10.215 9.578 9004.270 9.578 10.133
9018 10.301 1.000 -7.670 10.511 9.582 9005.040 9.582 10.148
9019 10.501 1.000 -7.660 10.941 9.578 9005.110 9.578 10.163
9020 10.564 1.000 -7.700 11.031 9.624 9005.180 9.624 10.178
9021 10.610 1.000 -7.680 11.037 9.666 9005.250 9.666 10.193
9022 10.734 1.000 -7.680 11.311 9.864 9006.010 9.864 10.208
9023 10.697 1.000 -7.670 11.180 9.601 9006.080 9.601 10.223
9024 10.767 1.000 -7.650 11.319 9.708 9006.150 9.708 10.238
9025 10.695 1.000 -7.670 11.093 9.529 9006.220 9.529 10.253
9026 10.747 1.000 -7.670 11.182 9.495 9006.290 9.495 10.268
9027 10.790 1.000 -7.680 11.202 9.517 9007.060 9.517 10.283
9028 10.930 1.000 -7.650 11.487 9.784 9007.130 9.784 10.298
9029 10.822 1.000 -7.660 11.316 9.441 9007.200 9.441 10.313
9030 10.692 1.000 -7.590 11.067 9.228 9007.270 9.228 10.329
9031 10.508 1.000 -7.560 10.806 9.014 9008.030 9.014 10.344
9032 10.413 1.000 -7.500 10.520 8.961 9008.100 8.961 10.359
9033 10.292 1.000 -7.500 10.287 8.957 9008.170 8.957 10.374
9034 10.054 1.000 -7.510 9.782 8.961 9008.240 8.961 10.388
9035 10.231 1.000 -7.480 10.136 8.969 9008.310 8.969 10.403
9036 10.242 1.000 -7.470 10.170 8.976 9009.070 8.976 10.418
9037 10.165 1.000 -7.470 9.970 8.988 9009.140 8.988 10.433
9038 10.031 1.000 -7.460 9.804 8.995 9009.210 8.995 10.448
9039 9.949 1.000 -7.470 9.645 9.003 9009.280 9.003 10.463
9040 10.035 1.000 -7.480 9.825 9.014 9010.050 9.014 10.478
9041 9.841 1.000 -7.480 9.471 8.512 9010.120 8.512 10.493
9042 9.996 1.000 -7.440 9.871 8.492 9010.190 8.492 10.508
9043 9.937 1.000 -7.450 9.633 8.489 9010.260 8.489 10.523
9044 9.998 1.000 -7.420 9.867 8.492 9011.020 8.492 10.538
9045 10.054 1.000 -7.380 9.934 8.500 9011.090 8.500 10.553
9046 10.156 1.000 -7.340 10.049 8.508 9011.160 8.508 10.568
9047 10.134 1.000 -7.350 9.992 8.382 9011.230 8.382 10.583
9048 10.264 1.000 -7.270 10.226 8.622 9011.300 8.622 10.598
9049 10.390 1.000 -7.270 10.409 8.752 9012.070 8.752 10.613
9050 10.389 1.000 -7.220 10.387 8.729 9012.140 8.729 10.628
9051 10.466 1.000 -7.170 10.551 8.843 9012.210 8.843 10.642
9052 10.444 1.000 -7.160 10.462 8.805 9012.280 8.805 10.657
9101 10.353 1.000 -7.380 10.223 8.537 9101.040 8.537 10.672
9102 10.289 1.000 -7.090 10.047 8.359 9101.110 8.359 10.687
9103 10.538 1.000 -6.910 10.595 8.778 9101.180 8.778 10.701
9104 10.665 1.000 -6.790 10.725 8.848 9101.250 8.848 10.715
9105 10.833 1.000 -6.760 10.954 9.061 9102.010 9.061 10.729
9106 11.078 1.000 -6.650 11.481 9.569 9102.080 9.569 10.743
9107 11.212 1.000 -6.450 11.799 9.859 9102.150 9.859 10.757
9108 11.207 1.000 -6.350 11.696 9.801 9102.220 9.801 10.770
9109 11.292 1.000 -6.290 11.857 9.821 9103.010 9.821 10.783
9110 11.415 1.000 -6.190 12.008 10.174 9103.080 10.174 10.796
9111 11.348 1.000 -6.150 11.971 10.057 9103.150 10.057 10.809
9112 11.280 1.000 -6.060 11.782 9.987 9103.220 9.987 10.822
9113 11.415 1.000 -6.040 12.037 10.352 9103.290 10.352 10.835
9114 11.493 1.000 -6.020 12.050 10.414 9104.050 10.414 10.847
9115 11.571 1.000 -5.940 12.220 10.565 9104.120 10.565 10.860
9116 11.609 1.000 -5.820 12.350 10.616 9104.190 10.616 10.872
9117 11.536 1.000 -5.790 12.191 10.391 9104.260 10.391 10.884
9118 11.566 1.000 -5.740 12.256 10.379 9105.030 10.379 10.896
9119 11.547 1.000 -5.650 12.101 10.282 9105.100 10.282 10.908
9120 11.463 1.000 -5.580 12.002 10.135 9105.170 10.135 10.920
9121 11.575 1.000 -5.580 12.174 10.340 9105.240 10.340 10.932
9122 11.736 1.000 -5.530 12.580 10.550 9105.310 10.550 10.943
9123 11.621 1.000 -5.510 12.252 10.212 9106.070 10.212 10.955
9124 11.609 1.000 -5.480 12.353 10.100 9106.140 10.100 10.967
9125 11.540 1.000 -5.480 12.214 10.104 9106.210 10.104 10.978
9126 11.433 1.000 -5.480 12.009 10.111 9106.280 10.111 10.990
9127 11.486 1.000 -5.500 12.111 10.119 9107.050 10.119 11.001
9128 11.643 1.000 -5.460 12.319 10.123 9107.120 10.123 11.013
9129 11.712 1.000 -5.470 12.455 10.131 9107.190 10.131 11.024
9130 11.650 1.000 -5.460 12.357 10.139 9107.260 10.139 11.036
9131 11.785 1.000 -5.450 12.567 10.143 9108.020 10.143 11.047
9132 11.806 1.000 -5.440 12.573 10.150 9108.090 10.150 11.059
9133 11.806 1.000 -5.400 12.531 10.158 9108.160 10.158 11.071
9134 11.910 1.000 -5.350 12.818 10.166 9108.230 10.166 11.082
9135 11.957 1.000 -5.310 12.867 10.170 9108.300 10.170 11.093
9136 11.869 1.000 -5.260 12.668 9.960 9109.060 9.960 11.105
9137 11.829 1.000 -5.260 12.497 9.852 9109.130 9.852 11.116
9138 11.936 1.000 -5.210 12.646 9.972 9109.200 9.972 11.127
9139 11.927 1.000 -5.180 12.588 9.859 9109.270 9.859 11.138
9140 11.870 1.000 -5.160 12.443 9.743 9110.040 9.743 11.149
9141 11.846 1.000 -5.080 12.458 9.638 9110.110 9.638 11.160
9142 12.040 1.000 -5.020 12.827 9.871 9110.180 9.871 11.171
9143 11.908 1.000 -5.020 12.563 9.662 9110.250 9.662 11.182
9144 12.054 1.000 -4.970 12.803 9.856 9111.010 9.856 11.193
9145 12.101 1.000 -4.930 12.862 9.980 9111.080 9.980 11.203
9146 11.966 1.000 -4.810 12.534 9.724 9111.150 9.724 11.214
9147 11.888 1.000 -4.780 12.329 9.662 9111.220 9.662 11.224
9148 11.848 1.000 -4.700 12.307 9.681 9111.290 9.681 11.235
9149 11.940 1.000 -4.660 12.442 9.859 9112.060 9.859 11.245
9150 12.025 1.000 -4.630 12.626 9.980 9112.130 9.980 11.255
9151 12.032 1.000 -4.590 12.718 10.084 9112.200 10.084 11.265
9152 12.386 1.000 -4.530 13.364 10.534 9112.270 10.534 11.275
9201 12.574 1.000 -4.510 13.794 10.970 9201.030 10.970 11.284
9202 12.617 1.000 -4.400 13.662 10.872 9201.100 10.872 11.294
9203 12.647 1.000 -4.190 13.793 10.907 9201.170 10.907 11.304
9204 12.620 1.000 -4.050 13.689 10.852 9201.240 10.852 11.313
9205 12.553 1.000 -3.990 13.476 10.695 9201.310 10.695 11.322
9206 12.640 1.000 -3.920 13.560 10.797 9202.070 10.797 11.330
9207 12.635 1.000 -3.850 13.613 10.813 9202.140 10.813 11.339
9208 12.621 1.000 -3.780 13.587 10.679 9202.210 10.679 11.347
9209 12.667 1.000 -3.780 13.635 10.813 9202.280 10.813 11.355
9210 12.536 1.000 -3.750 13.369 10.813 9203.060 10.813 11.364
9211 12.559 1.000 -3.720 13.426 10.805 9203.130 10.805 11.372
9212 12.643 1.000 -3.720 13.611 10.809 9203.200 10.809 11.380
9213 12.519 1.000 -3.730 13.360 10.805 9203.270 10.805 11.388
9214 12.439 1.000 -3.730 13.304 10.797 9204.030 10.797 11.396
9215 12.480 1.000 -3.740 13.403 10.778 9204.100 10.778 11.404
9216 12.592 1.000 -3.660 13.801 10.766 9204.170 10.766 11.413
9217 12.462 1.000 -3.620 13.576 10.746 9204.240 10.746 11.421
9218 12.523 1.000 -3.590 13.701 10.766 9205.010 10.766 11.428
9219 12.601 1.000 -3.550 13.826 10.774 9205.080 10.774 11.436
9220 12.530 1.000 -3.510 13.636 10.495 9205.150 10.495 11.444
9221 12.583 1.000 -3.510 13.775 10.581 9205.220 10.581 11.452
9222 12.621 1.000 -3.470 13.828 10.605 9205.290 10.605 11.460
9223 12.595 1.000 -3.490 13.774 10.538 9206.050 10.538 11.467
9224 12.501 1.000 -3.450 13.658 10.483 9206.120 10.483 11.475
9225 12.372 1.000 -3.440 13.464 10.444 9206.190 10.444 11.482
9226 12.369 1.000 -3.420 13.465 10.467 9206.260 10.467 11.490
9227 12.544 1.000 -3.440 13.750 10.624 9207.030 10.624 11.498
9228 12.629 1.000 -3.350 13.854 10.770 9207.100 10.770 11.505
9229 12.580 1.000 -3.240 13.895 10.793 9207.170 10.793 11.512
9230 12.527 1.000 -3.190 13.769 10.695 9207.240 10.695 11.520
9231 12.713 1.000 -3.140 14.199 10.966 9207.310 10.966 11.527
9232 12.653 1.000 -3.110 14.029 10.919 9208.070 10.919 11.534
9233 12.655 1.000 -3.080 14.072 11.021 9208.140 11.021 11.541
9234 12.586 1.000 -3.050 13.911 11.017 9208.210 11.017 11.547
9235 12.597 1.000 -3.030 13.919 10.997 9208.280 10.997 11.554
9236 12.663 1.000 -3.010 14.002 11.005 9209.040 11.005 11.561
9237 12.711 1.000 -2.960 14.094 11.041 9209.110 11.041 11.567
9238 12.771 1.000 -2.900 14.215 11.092 9209.180 11.092 11.574
9239 12.641 1.000 -2.880 13.935 11.052 9209.250 11.052 11.580
9240 12.600 1.000 -2.870 13.812 11.088 9210.020 11.088 11.587
9241 12.529 1.000 -2.830 13.556 11.084 9210.090 11.084 11.593
9242 12.657 1.000 -2.770 13.869 11.363 9210.160 11.363 11.600
9243 12.736 1.000 -2.790 13.956 11.429 9210.230 11.429 11.606
9244 12.806 1.000 -2.740 14.117 11.637 9210.300 11.637 11.612
9245 12.870 1.000 -2.750 14.088 11.657 9211.060 11.657 11.618
9246 12.991 1.000 -2.740 14.259 11.865 9211.130 11.865 11.624
9247 13.039 1.000 -2.740 14.408 11.975 9211.200 11.975 11.630
9248 13.112 1.000 -2.740 14.534 12.057 9211.270 12.057 11.636
9249 13.154 1.000 -2.770 14.606 12.163 9212.040 12.163 11.642
9250 13.153 1.000 -2.790 14.669 12.128 9212.110 12.128 11.649
9251 13.235 1.000 -2.800 14.932 12.372 9212.180 12.372 11.655
9252 13.229 1.000 -2.830 14.888 12.391 9212.250 12.391 11.661
9253 13.258 1.000 -2.860 14.758 12.302 9301.010 12.302 11.667
9301 13.200 1.000 -2.920 14.540 12.209 9301.080 12.209 11.674
9302 13.358 1.000 -2.830 14.823 12.395 9301.150 12.395 11.680
9303 13.383 1.000 -2.770 14.795 12.285 9301.220 12.285 11.687
9304 13.367 1.000 -2.770 14.894 12.408 9301.290 12.408 11.693
9305 13.509 1.000 -2.740 15.246 12.667 9302.050 12.667 11.699
9306 13.420 1.000 -2.730 15.106 12.501 9302.120 12.501 11.705
9307 13.232 1.000 -2.710 14.762 12.133 9302.190 12.133 11.711
9308 13.339 1.000 -2.690 15.081 12.400 9302.260 12.400 11.718
9309 13.439 1.000 -2.710 15.182 12.523 9303.050 12.523 11.724
9310 13.522 1.000 -2.670 15.317 12.616 9303.120 12.616 11.730
9311 13.501 1.000 -2.660 15.337 12.539 9303.190 12.539 11.736
9312 13.485 1.000 -2.650 15.263 12.421 9303.260 12.421 11.742
9313 13.381 1.000 -2.660 15.053 12.345 9304.020 12.345 11.748
9314 13.411 1.000 -2.670 15.077 12.162 9304.090 12.162 11.754
9315 13.493 1.000 -2.640 15.328 12.251 9304.160 12.251 11.760
9316 13.395 1.000 -2.630 14.930 11.989 9304.230 11.989 11.766
9317 13.436 1.000 -2.610 15.046 12.103 9304.300 12.103 11.772
9318 13.535 1.000 -2.620 15.127 12.209 9305.070 12.209 11.777
9319 13.509 1.000 -2.590 15.042 12.146 9305.140 12.146 11.783
9320 13.640 1.000 -2.600 15.265 12.438 9305.210 12.438 11.789
9321 13.717 1.000 -2.590 15.423 12.480 9305.280 12.480 11.795
9322 13.750 1.000 -2.620 15.427 12.311 9306.040 12.311 11.801
9323 13.670 1.000 -2.620 15.340 12.328 9306.110 12.328 11.807
9324 13.639 1.000 -2.620 15.226 12.082 9306.180 12.082 11.813
9325 13.699 1.000 -2.620 15.369 12.247 9306.250 12.247 11.819
9326 13.736 1.000 -2.630 15.317 12.188 9307.020 12.188 11.825
9327 13.751 1.000 -2.630 15.404 12.264 9307.090 12.264 11.831
9328 13.737 1.000 -2.640 15.331 12.158 9307.160 12.158 11.837
9329 13.747 1.000 -2.630 15.386 12.154 9307.230 12.154 11.843
9330 13.804 1.000 -2.650 15.430 12.234 9307.300 12.234 11.849
9331 13.880 1.000 -2.650 15.457 12.285 9308.060 12.285 11.855
9332 13.915 1.000 -2.640 15.516 12.294 9308.130 12.294 11.861
9333 14.030 1.000 -2.640 15.732 12.400 9308.200 12.400 11.867
9334 14.075 1.000 -2.640 15.891 12.357 9308.270 12.357 11.873
9335 14.116 1.000 -2.640 15.927 12.362 9309.030 12.362 11.879
9336 14.095 1.000 -2.640 15.949 12.451 9309.100 12.451 11.885
9337 14.057 1.000 -2.640 15.858 12.243 9309.170 12.243 11.891
9338 14.140 1.000 -2.650 15.825 12.298 9309.240 12.298 11.897
9339 14.212 1.000 -2.650 15.960 12.374 9310.010 12.374 11.903
9340 14.216 1.000 -2.680 15.934 12.383 9310.080 12.383 11.909
9341 14.364 1.000 -2.640 16.260 12.544 9310.150 12.544 11.915
9342 14.264 1.000 -2.650 16.053 12.311 9310.220 12.311 11.921
9343 14.305 1.000 -2.640 16.219 12.315 9310.290 12.315 11.927
9344 14.184 1.000 -2.660 15.941 12.065 9311.050 12.065 11.933
9345 14.295 1.000 -2.650 16.151 12.205 9311.120 12.205 11.939
9346 14.160 1.000 -2.670 16.063 12.044 9311.190 12.044 11.945
9347 14.172 1.000 -2.670 16.087 12.065 9311.260 12.065 11.951
9348 14.259 1.000 -2.690 16.159 12.018 9312.030 12.018 11.957
9349 14.255 1.000 -2.690 16.134 12.018 9312.100 12.018 11.964
9350 14.262 1.000 -2.690 16.227 12.018 9312.170 12.018 11.970
9351 14.287 1.000 -2.710 16.270 12.023 9312.240 12.023 11.976
9352 14.369 1.000 -2.720 16.246 12.023 9312.310 12.023 11.982
9401 14.415 1.000 -2.750 16.375 12.027 9401.070 12.027 11.988
9402 14.493 1.000 -2.710 16.558 12.027 9401.140 12.027 11.995
9403 14.497 1.000 -2.690 16.559 12.027 9401.210 12.027 12.001
9404 14.554 1.000 -2.680 16.707 12.032 9401.280 12.032 12.007
9405 14.459 1.000 -2.680 16.405 12.032 9402.040 12.032 12.013
9406 14.489 1.000 -2.710 16.426 12.032 9402.110 12.032 12.020
9407 14.499 1.000 -2.750 16.348 12.036 9402.180 12.036 12.026
9408 14.459 1.000 -2.770 16.300 12.036 9402.250 12.036 12.032
9409 14.484 1.000 -2.790 16.262 12.041 9403.040 12.041 12.038
9410 14.524 1.000 -2.810 16.329 12.041 9403.110 12.041 12.045
9411 14.630 1.000 -2.830 16.500 12.045 9403.180 12.045 12.051
9412 14.464 1.000 -2.860 16.141 12.045 9403.250 12.045 12.058
9413 14.171 1.000 -2.930 15.631 12.045 9404.010 12.045 12.065
9414 14.281 1.000 -2.970 15.686 12.050 9404.080 12.050 12.071
9415 14.187 1.000 -3.000 15.663 12.054 9404.150 12.054 12.078
9416 14.151 1.000 -3.040 15.723 12.054 9404.220 12.054 12.085
9417 14.267 1.000 -3.130 15.848 12.059 9404.290 12.059 12.092
9418 14.226 1.000 -3.150 15.748 12.059 9405.060 12.059 12.099
9419 14.119 1.000 -3.240 15.628 12.063 9405.130 12.063 12.107
9420 14.279 1.000 -3.310 16.017 12.068 9405.200 12.068 12.114
9421 14.321 1.000 -3.470 16.111 12.072 9405.270 12.072 12.122
9422 14.371 1.000 -3.510 16.219 12.077 9406.030 12.077 12.130
9423 14.317 1.000 -3.570 16.176 12.082 9406.100 12.082 12.138
9424 14.320 1.000 -3.590 16.178 12.086 9406.170 12.086 12.147
9425 14.045 1.000 -3.630 15.635 12.091 9406.240 12.091 12.155
9426 14.130 1.000 -3.640 15.764 12.095 9407.010 12.095 12.163
9427 14.188 1.000 -3.700 15.892 12.100 9407.080 12.100 12.172
9428 14.283 1.000 -3.750 16.063 12.100 9407.150 12.100 12.181
9429 14.242 1.000 -3.780 16.035 12.104 9407.220 12.104 12.189
9430 14.320 1.000 -3.800 16.226 12.109 9407.290 12.109 12.198
9431 14.307 1.000 -3.830 16.194 12.113 9408.050 12.113 12.207
9432 14.404 1.000 -3.850 16.375 12.113 9408.120 12.113 12.216
9433 14.460 1.000 -3.880 16.445 12.118 9408.190 12.118 12.225
9434 14.626 1.000 -4.030 16.813 12.122 9408.260 12.122 12.234
9435 14.595 1.000 -4.080 16.723 12.127 9409.020 12.127 12.244
9436 14.585 1.000 -4.120 16.632 12.131 9409.090 12.131 12.253
9437 14.651 1.000 -4.140 16.748 12.136 9409.160 12.136 12.263
9438 14.477 1.000 -4.170 16.347 12.140 9409.230 12.140 12.273
9439 14.515 1.000 -4.200 16.464 12.145 9409.300 12.145 12.282
9440 14.400 1.000 -4.260 16.203 12.149 9410.070 12.149 12.292
9441 14.590 1.000 -4.290 16.710 12.154 9410.140 12.154 12.302
9442 14.565 1.000 -4.310 16.569 12.154 9410.210 12.154 12.312
9443 14.691 1.000 -4.350 16.895 12.159 9410.280 12.159 12.323
9444 14.556 1.000 -4.400 16.495 12.159 9411.040 12.159 12.333
9445 14.554 1.000 -4.410 16.506 12.163 9411.110 12.163 12.343
9446 14.552 1.000 -4.500 16.484 12.168 9411.180 12.168 12.354
9447 14.377 1.000 -4.770 16.165 12.177 9411.250 12.177 12.364
9448 14.395 1.000 -4.840 16.211 12.181 9412.020 12.181 12.376
9449 14.229 1.000 -4.910 15.993 12.191 9412.090 12.191 12.387
9450 14.410 1.000 -4.970 16.426 12.196 9412.160 12.196 12.399
9451 14.479 1.000 -5.040 16.472 12.200 9412.230 12.200 12.411
9452 14.522 1.000 -5.120 16.461 12.210 9412.300 12.210 12.423
9501 14.511 1.000 -5.180 16.520 12.214 9501.060 12.214 12.435
9502 14.611 1.000 -5.180 16.719 12.219 9501.130 12.219 12.447
9503 14.584 1.000 -5.160 16.685 12.228 9501.200 12.228 12.460
9504 14.598 1.000 -5.170 16.895 12.233 9501.270 12.233 12.472
9505 14.742 1.000 -5.230 17.200 12.237 9502.030 12.237 12.484
9506 14.832 1.000 -5.370 17.310 12.265 9502.100 12.265 12.497
9507 14.816 1.000 -5.430 17.337 12.265 9502.170 12.265 12.510
9508 14.877 1.000 -5.480 17.566 12.362 9502.240 12.362 12.523
9509 14.909 1.000 -5.490 17.478 12.394 9503.030 12.394 12.536
9510 14.933 1.000 -5.490 17.636 12.440 9503.100 12.440 12.549
9511 15.026 1.000 -5.500 17.859 12.592 9503.170 12.592 12.562
9512 15.133 1.000 -5.520 18.065 12.698 9503.240 12.698 12.575
9513 15.140 1.000 -5.530 18.064 12.657 9503.310 12.657 12.589
9514 15.180 1.000 -5.580 18.280 12.786 9504.070 12.786 12.602
9515 15.318 1.000 -5.530 18.391 12.860 9504.140 12.860 12.616
9516 15.243 1.000 -5.540 18.375 12.717 9504.210 12.717 12.629
9517 15.387 1.000 -5.510 18.609 12.818 9504.280 12.818 12.642
9518 15.445 1.000 -5.530 18.815 12.906 9505.050 12.906 12.656
9519 15.582 1.000 -5.510 19.022 13.122 9505.120 13.122 12.669
9520 15.552 1.000 -5.520 18.801 12.910 9505.190 12.910 12.683
9521 15.628 1.000 -5.510 18.973 13.002 9505.260 13.002 12.696
9522 15.727 1.000 -5.510 19.304 13.214 9506.020 13.214 12.709
9523 15.751 1.000 -5.500 19.148 13.150 9506.090 13.150 12.723
9524 15.912 1.000 -5.490 19.590 13.431 9506.160 13.431 12.736
9525 16.124 1.000 -5.490 19.958 13.823 9506.230 13.823 12.750
9526 16.044 1.000 -5.460 19.788 13.648 9506.300 13.648 12.763
9527 16.302 1.000 -5.470 20.220 13.947 9507.070 13.947 12.777
9528 16.415 1.000 -5.420 20.358 14.159 9507.140 14.159 12.790
9529 16.230 1.000 -5.340 20.140 13.777 9507.210 13.777 12.803
9530 16.478 1.000 -5.320 20.489 14.159 9507.280 14.159 12.816
9531 16.396 1.000 -5.310 20.354 13.966 9508.040 13.966 12.829
9532 16.425 1.000 -5.290 20.225 13.993 9508.110 13.993 12.842
9533 16.608 1.000 -5.270 20.384 13.993 9508.180 13.993 12.855
9534 16.561 1.000 -5.270 20.427 14.012 9508.250 14.012 12.868
9535 16.614 1.000 -5.250 20.573 14.063 9509.010 14.063 12.881
9536 16.848 1.000 -5.250 20.906 14.358 9509.080 14.358 12.894
9537 16.879 1.000 -5.240 21.305 14.570 9509.150 14.570 12.907
9538 16.867 1.000 -5.250 21.256 14.662 9509.220 14.662 12.920
9539 16.876 1.000 -5.210 21.364 14.694 9509.290 14.694 12.933
9540 16.779 1.000 -5.290 21.304 14.782 9510.060 14.782 12.946
9541 16.851 1.000 -5.200 21.388 14.938 9510.130 14.938 12.959
9542 16.858 1.000 -5.210 21.506 15.160 9510.200 15.160 12.972
9543 16.753 1.000 -5.200 21.233 14.888 9510.270 14.888 12.985
Risk-adjusted
Rightime Social Awareness Fund comparison of change
Balanced Reference Index investment in the
(50% Lipper/50% Money Market) in value of $10,000
Money Market Fund Index Rightime Social
Awareness Fund,
Balanced Reference
Index (50%
Lipper/50% Money
Market), and Money
Market Fund Index.
</TABLE>
October 31, 1995
Rightime The Rightime MidCap Fund
Family of Funds Performance Comparison
- - - -------------------------------------------------------------------------
Our fiscal year ending October 31, 1995 was an excellent year for equity
investments. As the uncertainty and gloom of 1994 dissipated, stocks
rallied. Prices were driven higher by strong earnings growth and
declining interest rates. Technology stocks led the rally while
large-capitalization stocks outperformed the small caps. Many market
researchers feel that, in the long run, small-cap stocks should
outperform mid-cap stocks, which should outperform large-cap stocks.
However, during this period, mid-cap stocks underperformed both of the
other groups.
Rightime MidCap Fund, under the guidance of the Rightime Market Model
(RTMM(registered trademark)), participated in most of this rally.
However, due to its mid-cap objective, it underperformed our other
equity funds. The model provided the discipline to buy equities in early
February of 1995, even though large- capitalization stock indexes were
at new highs. In spite of these peaks, we can now see that this was an
excellent buying opportunity. Small and mid-cap stocks had not yet
broken out to new highs. At the time short-term interest rates had begun
to decline from their peak. Long-term rates continued a decline that
began in November 1994. Combined with a strong earnings environment
(that has ultimately just grown stronger) these dual forces fueled the
stock market's engine. Rightime MidCap Fund is a broad-based, well
diversified portfolio of mid- capitalization stocks. The Fund remains
fully invested in equities. It is committed to the allocations
determined by the Rightime Market Model (RTMM(registered trademark)).
- - - ------------------------------------------------------
Average Annual Total Return
- - - ------------------------------------------------------
Since Inception
1 Year 5 Years Nov. 11, 1991
- - - ------------------------------------------------------
14.36% N/A 9.65%
- - - ------------------------------------------------------
Performance Comparison
The "Performance Comparison" chart assesses the Rightime MidCap Fund's
performance against the Lipper Growth Fund Index, a broad based index.
The "Risk Adjusted Performance Comparison" more closely reflects the
fund's performance as compared to a consistent risk level.
The MidCap Fund utilizes a modeled approach to investing which attempts
to minimize risk by moving assets to money market equivalent investments
during periods in which the market appears to be overvalued. This
approach, over full market cycles, tends to invest in low risk, or money
market-like securities approximately half of the time. In order to
provide an equivalent risk level this comparison assumes that assets are
invested half in the Lipper Growth Fund Index and half in a money market
fund index. This balanced index approaches the risk level of each fund
that has been in existence for at least one full market cycle and
therefore provides a more meaningful performance comparison.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return
will vary with market conditions, and the principal value of shares,
when redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends and reflecting the 4.75% sales
charge.
Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig sp_500_ndx.w calendar defensive
lpprgrth.w.f0 rtmmyld.w rightime_mcf.temp rightime_mcf.temp
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 9146 9.784 1.000 -5.580 9.819 9.332 9111.150 9.332 10.000
mx 9543 17.124 1.000 -2.590 17.159 15.365 9510.270 15.365 11.580
cl 9543 16.764 1.000 -5.200 16.940 14.863 9510.270 14.863 11.580
xb 207 12.792 1.000 -3.721 12.728 12.012 9341.432 12.012 10.695
sd 1.713 0.000 1.057 1.667 1.294 116.007 1.294 0.420
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime_mcf.temp -> 1.749 0.635 0.376 10.521 -0.435 9.265
lpprgrth.w.f0 -> -0.072 0.992 0.821 13.931 -0.118 9.794
defensive -> 3.740 0.002 0.019 3.772 -10.802 0.146
- - - --------------------------------------------------------------------------------
9146 10.000 1.000 -4.810 10.000 10.000 9111.150 10.000 10.000
9147 9.860 1.000 -4.780 9.837 9.395 9111.220 9.395 10.009
9148 9.784 1.000 -4.700 9.819 9.332 9111.290 9.332 10.018
9149 9.927 1.000 -4.660 9.926 9.521 9112.060 9.521 10.027
9150 10.060 1.000 -4.630 10.073 9.553 9112.130 9.553 10.036
9151 10.063 1.000 -4.590 10.147 9.501 9112.200 9.501 10.045
9152 10.645 1.000 -4.530 10.662 10.108 9112.270 10.108 10.054
9201 10.961 1.000 -4.510 11.006 10.408 9201.030 10.408 10.063
9202 11.026 1.000 -4.400 10.900 10.565 9201.100 10.565 10.072
9203 11.068 1.000 -4.190 11.005 10.668 9201.170 10.668 10.080
9204 11.013 1.000 -4.050 10.922 10.542 9201.240 10.542 10.088
9205 10.887 1.000 -3.990 10.752 10.455 9201.310 10.455 10.096
9206 11.030 1.000 -3.920 10.818 10.680 9202.070 10.680 10.104
9207 11.012 1.000 -3.850 10.861 10.695 9202.140 10.695 10.111
9208 10.979 1.000 -3.780 10.840 10.620 9202.210 10.620 10.119
9209 11.052 1.000 -3.780 10.878 10.589 9202.280 10.589 10.126
9210 10.816 1.000 -3.750 10.667 10.589 9203.060 10.589 10.133
9211 10.847 1.000 -3.720 10.712 10.565 9203.130 10.565 10.141
9212 10.984 1.000 -3.720 10.859 10.518 9203.200 10.518 10.148
9213 10.761 1.000 -3.730 10.659 10.502 9203.270 10.502 10.155
9214 10.616 1.000 -3.730 10.614 10.526 9204.030 10.526 10.163
9215 10.679 1.000 -3.740 10.693 10.546 9204.100 10.546 10.170
9216 10.863 1.000 -3.660 11.011 10.546 9204.170 10.546 10.177
9217 10.631 1.000 -3.620 10.832 10.589 9204.240 10.589 10.184
9218 10.728 1.000 -3.590 10.931 10.561 9205.010 10.561 10.191
9219 10.854 1.000 -3.550 11.031 10.561 9205.080 10.561 10.198
9220 10.725 1.000 -3.510 10.880 10.360 9205.150 10.360 10.205
9221 10.808 1.000 -3.510 10.991 10.412 9205.220 10.412 10.212
9222 10.865 1.000 -3.470 11.032 10.475 9205.290 10.475 10.219
9223 10.814 1.000 -3.490 10.989 10.483 9206.050 10.483 10.226
9224 10.644 1.000 -3.450 10.897 10.250 9206.120 10.250 10.233
9225 10.417 1.000 -3.440 10.742 9.974 9206.190 9.974 10.239
9226 10.405 1.000 -3.420 10.743 9.895 9206.260 9.895 10.246
9227 10.694 1.000 -3.440 10.971 10.254 9207.030 10.254 10.253
9228 10.831 1.000 -3.350 11.053 10.348 9207.100 10.348 10.260
9229 10.740 1.000 -3.240 11.086 10.376 9207.170 10.376 10.266
9230 10.644 1.000 -3.190 10.986 10.297 9207.240 10.297 10.273
9231 10.953 1.000 -3.140 11.329 10.617 9207.310 10.617 10.279
9232 10.842 1.000 -3.110 11.193 10.479 9208.070 10.479 10.285
9233 10.841 1.000 -3.080 11.227 10.459 9208.140 10.459 10.291
9234 10.716 1.000 -3.050 11.098 10.364 9208.210 10.364 10.297
9235 10.729 1.000 -3.030 11.105 10.329 9208.280 10.329 10.303
9236 10.834 1.000 -3.010 11.171 10.447 9209.040 10.447 10.309
9237 10.910 1.000 -2.960 11.245 10.550 9209.110 10.550 10.315
9238 11.007 1.000 -2.900 11.341 10.565 9209.180 10.565 10.321
9239 10.776 1.000 -2.880 11.118 10.396 9209.250 10.396 10.327
9240 10.701 1.000 -2.870 11.019 10.262 9210.020 10.262 10.333
9241 10.574 1.000 -2.830 10.816 10.183 9210.090 10.183 10.338
9242 10.785 1.000 -2.770 11.065 10.368 9210.160 10.368 10.344
9243 10.914 1.000 -2.790 11.134 10.538 9210.230 10.538 10.349
9244 11.027 1.000 -2.740 11.263 10.680 9210.300 10.680 10.355
9245 11.132 1.000 -2.750 11.240 10.822 9211.060 10.822 10.360
9246 11.336 1.000 -2.740 11.376 11.038 9211.130 11.038 10.366
9247 11.414 1.000 -2.740 11.495 11.074 9211.200 11.074 10.371
9248 11.534 1.000 -2.740 11.596 11.172 9211.270 11.172 10.377
9249 11.604 1.000 -2.770 11.653 11.326 9212.040 11.326 10.382
9250 11.596 1.000 -2.790 11.704 11.295 9212.110 11.295 10.388
9251 11.734 1.000 -2.800 11.913 11.389 9212.180 11.389 10.393
9252 11.717 1.000 -2.830 11.878 11.362 9212.250 11.362 10.399
9253 11.761 1.000 -2.860 11.775 11.580 9301.010 11.580 10.404
9301 11.651 1.000 -2.920 11.601 11.354 9301.080 11.354 10.410
9302 11.924 1.000 -2.830 11.826 11.666 9301.150 11.666 10.416
9303 11.962 1.000 -2.770 11.804 11.755 9301.220 11.755 10.422
9304 11.927 1.000 -2.770 11.883 11.702 9301.290 11.702 10.427
9305 12.175 1.000 -2.740 12.164 11.905 9302.050 11.905 10.433
9306 12.009 1.000 -2.730 12.052 11.730 9302.120 11.730 10.438
9307 11.665 1.000 -2.710 11.778 11.317 9302.190 11.317 10.444
9308 11.848 1.000 -2.690 12.033 11.508 9302.260 11.508 10.449
9309 12.020 1.000 -2.710 12.113 11.686 9303.050 11.686 10.454
9310 12.162 1.000 -2.670 12.220 11.755 9303.120 11.755 10.460
9311 12.117 1.000 -2.660 12.236 11.694 9303.190 11.694 10.465
9312 12.082 1.000 -2.650 12.177 11.690 9303.260 11.690 10.471
9313 11.889 1.000 -2.660 12.010 11.552 9304.020 11.552 10.476
9314 11.938 1.000 -2.670 12.029 11.459 9304.090 11.459 10.481
9315 12.077 1.000 -2.640 12.229 11.568 9304.160 11.568 10.487
9316 11.896 1.000 -2.630 11.911 11.402 9304.230 11.402 10.492
9317 11.962 1.000 -2.610 12.004 11.508 9304.300 11.508 10.497
9318 12.132 1.000 -2.620 12.069 11.710 9305.070 11.710 10.502
9319 12.080 1.000 -2.590 12.001 11.633 9305.140 11.633 10.508
9320 12.309 1.000 -2.600 12.179 11.852 9305.210 11.852 10.513
9321 12.440 1.000 -2.590 12.305 12.006 9305.280 12.006 10.518
9322 12.494 1.000 -2.620 12.308 11.880 9306.040 11.880 10.523
9323 12.343 1.000 -2.620 12.239 11.730 9306.110 11.730 10.529
9324 12.280 1.000 -2.620 12.148 11.718 9306.180 11.718 10.534
9325 12.383 1.000 -2.620 12.262 11.856 9306.250 11.856 10.539
9326 12.444 1.000 -2.630 12.220 12.059 9307.020 12.059 10.545
9327 12.465 1.000 -2.630 12.290 12.002 9307.090 12.002 10.550
9328 12.433 1.000 -2.640 12.231 11.905 9307.160 11.905 10.555
9329 12.444 1.000 -2.630 12.275 11.815 9307.230 11.815 10.561
9330 12.541 1.000 -2.650 12.310 11.998 9307.300 11.998 10.566
9331 12.673 1.000 -2.650 12.332 12.103 9308.060 12.103 10.571
9332 12.730 1.000 -2.640 12.379 12.132 9308.130 12.132 10.577
9333 12.934 1.000 -2.640 12.551 12.342 9308.200 12.342 10.582
9334 13.011 1.000 -2.640 12.679 12.379 9308.270 12.379 10.587
9335 13.081 1.000 -2.640 12.707 12.500 9309.030 12.500 10.593
9336 13.035 1.000 -2.640 12.725 12.395 9309.100 12.395 10.598
9337 12.957 1.000 -2.640 12.652 12.290 9309.170 12.290 10.603
9338 13.104 1.000 -2.650 12.626 12.456 9309.240 12.456 10.609
9339 13.230 1.000 -2.650 12.733 12.581 9310.010 12.581 10.614
9340 13.233 1.000 -2.680 12.713 12.464 9310.080 12.464 10.620
9341 13.500 1.000 -2.640 12.973 12.731 9310.150 12.731 10.625
9342 13.305 1.000 -2.650 12.808 12.444 9310.220 12.444 10.630
9343 13.375 1.000 -2.640 12.940 12.589 9310.290 12.589 10.636
9344 13.142 1.000 -2.660 12.718 12.269 9311.050 12.269 10.641
9345 13.341 1.000 -2.650 12.886 12.585 9311.120 12.585 10.647
9346 13.083 1.000 -2.670 12.815 12.294 9311.190 12.294 10.652
9347 13.098 1.000 -2.670 12.835 12.330 9311.260 12.330 10.658
9348 13.252 1.000 -2.690 12.892 12.273 9312.030 12.273 10.663
9349 13.238 1.000 -2.690 12.872 12.269 9312.100 12.269 10.669
9350 13.243 1.000 -2.690 12.947 12.310 9312.170 12.310 10.674
9351 13.284 1.000 -2.710 12.981 12.249 9312.240 12.249 10.680
9352 13.430 1.000 -2.720 12.962 12.253 9312.310 12.253 10.685
9401 13.508 1.000 -2.750 13.064 12.253 9401.070 12.253 10.691
9402 13.647 1.000 -2.710 13.210 12.262 9401.140 12.262 10.696
9403 13.648 1.000 -2.690 13.212 12.266 9401.210 12.266 10.702
9404 13.748 1.000 -2.680 13.329 12.262 9401.280 12.262 10.707
9405 13.561 1.000 -2.680 13.088 12.292 9402.040 12.292 10.713
9406 13.611 1.000 -2.710 13.106 12.271 9402.110 12.271 10.718
9407 13.623 1.000 -2.750 13.043 12.275 9402.180 12.275 10.724
9408 13.540 1.000 -2.770 13.004 12.271 9402.250 12.271 10.730
9409 13.581 1.000 -2.790 12.974 12.279 9403.040 12.279 10.735
9410 13.647 1.000 -2.810 13.028 12.275 9403.110 12.275 10.741
9411 13.839 1.000 -2.830 13.164 12.284 9403.180 12.284 10.747
9412 13.517 1.000 -2.860 12.878 12.279 9403.250 12.279 10.753
9413 12.962 1.000 -2.930 12.471 12.288 9404.010 12.288 10.759
9414 13.157 1.000 -2.970 12.515 12.292 9404.080 12.292 10.765
9415 12.975 1.000 -3.000 12.497 12.301 9404.150 12.301 10.771
9416 12.902 1.000 -3.040 12.545 12.301 9404.220 12.301 10.777
9417 13.106 1.000 -3.130 12.644 12.301 9404.290 12.301 10.783
9418 13.023 1.000 -3.150 12.565 12.314 9405.060 12.314 10.790
9419 12.820 1.000 -3.240 12.469 12.310 9405.130 12.310 10.796
9420 13.101 1.000 -3.310 12.779 12.305 9405.200 12.305 10.803
9421 13.171 1.000 -3.470 12.854 12.310 9405.270 12.310 10.810
9422 13.253 1.000 -3.510 12.940 12.310 9406.030 12.310 10.817
9423 13.146 1.000 -3.570 12.906 12.319 9406.100 12.319 10.824
9424 13.142 1.000 -3.590 12.907 12.327 9406.170 12.327 10.832
9425 12.628 1.000 -3.630 12.474 12.340 9406.240 12.340 10.839
9426 12.773 1.000 -3.640 12.577 12.340 9407.010 12.340 10.847
9427 12.868 1.000 -3.700 12.679 12.345 9407.080 12.345 10.854
9428 13.032 1.000 -3.750 12.816 12.349 9407.150 12.349 10.862
9429 12.948 1.000 -3.780 12.794 12.345 9407.220 12.345 10.870
9430 13.080 1.000 -3.800 12.946 12.345 9407.290 12.345 10.878
9431 13.047 1.000 -3.830 12.920 12.358 9408.050 12.358 10.886
9432 13.213 1.000 -3.850 13.064 12.362 9408.120 12.362 10.894
9433 13.307 1.000 -3.880 13.121 12.371 9408.190 12.371 10.902
9434 13.602 1.000 -4.030 13.414 12.362 9408.260 12.362 10.910
9435 13.534 1.000 -4.080 13.342 12.380 9409.020 12.380 10.918
9436 13.505 1.000 -4.120 13.269 12.384 9409.090 12.384 10.927
9437 13.616 1.000 -4.140 13.362 12.388 9409.160 12.388 10.935
9438 13.283 1.000 -4.170 13.042 12.388 9409.230 12.388 10.944
9439 13.342 1.000 -4.200 13.135 12.397 9409.300 12.397 10.953
9440 13.119 1.000 -4.260 12.927 12.397 9410.070 12.397 10.962
9441 13.455 1.000 -4.290 13.332 12.397 9410.140 12.397 10.971
9442 13.398 1.000 -4.310 13.220 12.406 9410.210 12.406 10.980
9443 13.619 1.000 -4.350 13.480 12.410 9410.280 12.410 10.989
9444 13.356 1.000 -4.400 13.160 12.428 9411.040 12.428 10.998
9445 13.342 1.000 -4.410 13.169 12.428 9411.110 12.428 11.007
9446 13.328 1.000 -4.500 13.152 12.432 9411.180 12.432 11.016
9447 12.996 1.000 -4.770 12.897 12.441 9411.250 12.441 11.026
9448 13.016 1.000 -4.840 12.933 12.445 9412.020 12.445 11.036
9449 12.703 1.000 -4.910 12.760 12.452 9412.090 12.452 11.046
9450 13.014 1.000 -4.970 13.105 12.465 9412.160 12.465 11.057
9451 13.126 1.000 -5.040 13.142 12.470 9412.230 12.470 11.067
9452 13.193 1.000 -5.120 13.133 12.488 9412.300 12.488 11.078
9501 13.159 1.000 -5.180 13.181 12.488 9501.060 12.488 11.089
9502 13.327 1.000 -5.180 13.339 12.492 9501.130 12.492 11.100
9503 13.265 1.000 -5.160 13.312 12.510 9501.200 12.510 11.111
9504 13.277 1.000 -5.170 13.479 12.515 9501.270 12.515 11.122
9505 13.527 1.000 -5.230 13.723 12.520 9502.030 12.520 11.133
9506 13.677 1.000 -5.370 13.810 12.601 9502.100 12.601 11.144
9507 13.635 1.000 -5.430 13.832 12.538 9502.170 12.538 11.155
9508 13.732 1.000 -5.480 14.015 12.642 9502.240 12.642 11.167
9509 13.778 1.000 -5.490 13.945 12.673 9503.030 12.673 11.179
9510 13.807 1.000 -5.490 14.071 12.682 9503.100 12.682 11.191
9511 13.965 1.000 -5.500 14.249 12.750 9503.170 12.750 11.202
9512 14.149 1.000 -5.520 14.413 12.886 9503.240 12.886 11.214
9513 14.146 1.000 -5.530 14.412 12.900 9503.310 12.900 11.226
9514 14.205 1.000 -5.580 14.584 12.949 9504.070 12.949 11.238
9515 14.449 1.000 -5.530 14.673 13.139 9504.140 13.139 11.250
9516 14.292 1.000 -5.540 14.660 12.986 9504.210 12.986 11.262
9517 14.547 1.000 -5.510 14.847 13.171 9504.280 13.171 11.274
9518 14.641 1.000 -5.530 15.011 13.130 9505.050 13.130 11.286
9519 14.885 1.000 -5.510 15.176 13.384 9505.120 13.384 11.298
9520 14.813 1.000 -5.520 15.000 13.334 9505.190 13.334 11.310
9521 14.943 1.000 -5.510 15.137 13.447 9505.260 13.447 11.322
9522 15.115 1.000 -5.510 15.401 13.578 9506.020 13.578 11.334
9523 15.145 1.000 -5.500 15.277 13.601 9506.090 13.601 11.346
9524 15.439 1.000 -5.490 15.629 13.877 9506.160 13.877 11.358
9525 15.834 1.000 -5.490 15.923 14.148 9506.230 14.148 11.370
9526 15.660 1.000 -5.460 15.788 13.995 9506.300 13.995 11.381
9527 16.147 1.000 -5.470 16.133 14.393 9507.070 14.393 11.393
9528 16.354 1.000 -5.420 16.243 14.547 9507.140 14.547 11.405
9529 15.969 1.000 -5.340 16.069 14.221 9507.210 14.221 11.417
9530 16.441 1.000 -5.320 16.347 14.660 9507.280 14.660 11.429
9531 16.261 1.000 -5.310 16.239 14.510 9508.040 14.510 11.441
9532 16.301 1.000 -5.290 16.136 14.583 9508.110 14.583 11.452
9533 16.648 1.000 -5.270 16.263 14.940 9508.180 14.940 11.464
9534 16.538 1.000 -5.270 16.297 14.868 9508.250 14.868 11.475
9535 16.627 1.000 -5.250 16.414 14.967 9509.010 14.967 11.487
9536 17.077 1.000 -5.250 16.679 15.352 9509.080 15.352 11.499
9537 17.124 1.000 -5.240 16.998 15.365 9509.150 15.365 11.510
9538 17.082 1.000 -5.250 16.959 15.352 9509.220 15.352 11.522
9539 17.083 1.000 -5.210 17.045 15.329 9509.290 15.329 11.533
9540 16.869 1.000 -5.290 16.997 15.031 9510.060 15.031 11.545
9541 16.996 1.000 -5.200 17.064 15.171 9510.130 15.171 11.557
9542 16.994 1.000 -5.210 17.159 15.184 9510.200 15.184 11.568
9543 16.764 1.000 -5.200 16.940 14.863 9510.270 14.863 11.580
Comparison of change
Rightime MidCap Fund in value of $10,000
Lipper Growth Fund Index investment in the
Money Market Fund Index Rightime MidCap
Fund, Lipper Growth
Fund Index and Money
Market Fund Index.
</TABLE>
Risk-adjusted Performance Comparison
THE FOLLOWING PLOT POINTS WHERE USED TO GENERATE THE GRAPHIC PERFORMANCE
CHART AT THIS POINT IN THE PRINTED SHAREHOLDER REPORT.
<TABLE>
<CAPTION>
- - - --------------------------------------------------------------------------------
date timing sig sp_500_ndx.w calendar defensive
lppr_mmf_5050.ref rtmmyld.w rightime_mcf.temp rightime_mcf.temp
- - - --------------------------------------------------------------------------------
weighting factors: 0.000 0.000 1.000 0.000 0.000 0.000
- - - --------------1--------2--------3--------4--------5--------6--------7--------8--
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
mn 9146 9.901 1.000 -5.580 9.819 9.332 9111.150 9.332 10.000
mx 9543 14.106 1.000 -2.590 17.159 15.365 9510.270 15.365 11.580
cl 9543 14.000 1.000 -5.200 16.940 14.863 9510.270 14.863 11.580
xb 207 11.713 1.000 -3.721 12.728 12.012 9341.432 12.012 10.695
sd 1.014 0.000 1.057 1.667 1.294 116.007 1.294 0.420
- - - ------------------------------alpha-----beta------r2---gain/yr-----cml---std dev
rightime_mcf.temp -> 1.749 0.635 0.376 10.521 -0.435 9.265
lppr_mmf_5050.ref -> 1.816 0.497 0.822 8.864 -0.262 4.905
defensive -> 3.740 0.002 0.019 3.772 -10.802 0.146
- - - --------------------------------------------------------------------------------
9146 10.000 1.000 -4.810 10.000 10.000 9111.150 10.000 10.000
9147 9.934 1.000 -4.780 9.837 9.395 9111.220 9.395 10.009
9148 9.901 1.000 -4.700 9.819 9.332 9111.290 9.332 10.018
9149 9.978 1.000 -4.660 9.926 9.521 9112.060 9.521 10.027
9150 10.049 1.000 -4.630 10.073 9.553 9112.130 9.553 10.036
9151 10.055 1.000 -4.590 10.147 9.501 9112.200 9.501 10.045
9152 10.350 1.000 -4.530 10.662 10.108 9112.270 10.108 10.054
9201 10.508 1.000 -4.510 11.006 10.408 9201.030 10.408 10.063
9202 10.544 1.000 -4.400 10.900 10.565 9201.100 10.565 10.072
9203 10.569 1.000 -4.190 11.005 10.668 9201.170 10.668 10.080
9204 10.546 1.000 -4.050 10.922 10.542 9201.240 10.542 10.088
9205 10.490 1.000 -3.990 10.752 10.455 9201.310 10.455 10.096
9206 10.563 1.000 -3.920 10.818 10.680 9202.070 10.680 10.104
9207 10.559 1.000 -3.850 10.861 10.695 9202.140 10.695 10.111
9208 10.547 1.000 -3.780 10.840 10.620 9202.210 10.620 10.119
9209 10.586 1.000 -3.780 10.878 10.589 9202.280 10.589 10.126
9210 10.476 1.000 -3.750 10.667 10.589 9203.060 10.589 10.133
9211 10.495 1.000 -3.720 10.712 10.565 9203.130 10.565 10.141
9212 10.565 1.000 -3.720 10.859 10.518 9203.200 10.518 10.148
9213 10.461 1.000 -3.730 10.659 10.502 9203.270 10.502 10.155
9214 10.395 1.000 -3.730 10.614 10.526 9204.030 10.526 10.163
9215 10.429 1.000 -3.740 10.693 10.546 9204.100 10.546 10.170
9216 10.523 1.000 -3.660 11.011 10.546 9204.170 10.546 10.177
9217 10.415 1.000 -3.620 10.832 10.589 9204.240 10.589 10.184
9218 10.465 1.000 -3.590 10.931 10.561 9205.010 10.561 10.191
9219 10.531 1.000 -3.550 11.031 10.561 9205.080 10.561 10.198
9220 10.471 1.000 -3.510 10.880 10.360 9205.150 10.360 10.205
9221 10.515 1.000 -3.510 10.991 10.412 9205.220 10.412 10.212
9222 10.547 1.000 -3.470 11.032 10.475 9205.290 10.475 10.219
9223 10.526 1.000 -3.490 10.989 10.483 9206.050 10.483 10.226
9224 10.447 1.000 -3.450 10.897 10.250 9206.120 10.250 10.233
9225 10.339 1.000 -3.440 10.742 9.974 9206.190 9.974 10.239
9226 10.336 1.000 -3.420 10.743 9.895 9206.260 9.895 10.246
9227 10.483 1.000 -3.440 10.971 10.254 9207.030 10.254 10.253
9228 10.554 1.000 -3.350 11.053 10.348 9207.100 10.348 10.260
9229 10.512 1.000 -3.240 11.086 10.376 9207.170 10.376 10.266
9230 10.469 1.000 -3.190 10.986 10.297 9207.240 10.297 10.273
9231 10.624 1.000 -3.140 11.329 10.617 9207.310 10.617 10.279
9232 10.573 1.000 -3.110 11.193 10.479 9208.070 10.479 10.285
9233 10.576 1.000 -3.080 11.227 10.459 9208.140 10.459 10.291
9234 10.518 1.000 -3.050 11.098 10.364 9208.210 10.364 10.297
9235 10.527 1.000 -3.030 11.105 10.329 9208.280 10.329 10.303
9236 10.582 1.000 -3.010 11.171 10.447 9209.040 10.447 10.309
9237 10.622 1.000 -2.960 11.245 10.550 9209.110 10.550 10.315
9238 10.673 1.000 -2.900 11.341 10.565 9209.180 10.565 10.321
9239 10.563 1.000 -2.880 11.118 10.396 9209.250 10.396 10.327
9240 10.530 1.000 -2.870 11.019 10.262 9210.020 10.262 10.333
9241 10.470 1.000 -2.830 10.816 10.183 9210.090 10.183 10.338
9242 10.577 1.000 -2.770 11.065 10.368 9210.160 10.368 10.344
9243 10.643 1.000 -2.790 11.134 10.538 9210.230 10.538 10.349
9244 10.702 1.000 -2.740 11.263 10.680 9210.300 10.680 10.355
9245 10.755 1.000 -2.750 11.240 10.822 9211.060 10.822 10.360
9246 10.856 1.000 -2.740 11.376 11.038 9211.130 11.038 10.366
9247 10.897 1.000 -2.740 11.495 11.074 9211.200 11.074 10.371
9248 10.957 1.000 -2.740 11.596 11.172 9211.270 11.172 10.377
9249 10.993 1.000 -2.770 11.653 11.326 9212.040 11.326 10.382
9250 10.992 1.000 -2.790 11.704 11.295 9212.110 11.295 10.388
9251 11.060 1.000 -2.800 11.913 11.389 9212.180 11.389 10.393
9252 11.055 1.000 -2.830 11.878 11.362 9212.250 11.362 10.399
9253 11.079 1.000 -2.860 11.775 11.580 9301.010 11.580 10.404
9301 11.031 1.000 -2.920 11.601 11.354 9301.080 11.354 10.410
9302 11.163 1.000 -2.830 11.826 11.666 9301.150 11.666 10.416
9303 11.183 1.000 -2.770 11.804 11.755 9301.220 11.755 10.422
9304 11.170 1.000 -2.770 11.883 11.702 9301.290 11.702 10.427
9305 11.289 1.000 -2.740 12.164 11.905 9302.050 11.905 10.433
9306 11.215 1.000 -2.730 12.052 11.730 9302.120 11.730 10.438
9307 11.058 1.000 -2.710 11.778 11.317 9302.190 11.317 10.444
9308 11.147 1.000 -2.690 12.033 11.508 9302.260 11.508 10.449
9309 11.231 1.000 -2.710 12.113 11.686 9303.050 11.686 10.454
9310 11.300 1.000 -2.670 12.220 11.755 9303.120 11.755 10.460
9311 11.282 1.000 -2.660 12.236 11.694 9303.190 11.694 10.465
9312 11.269 1.000 -2.650 12.177 11.690 9303.260 11.690 10.471
9313 11.182 1.000 -2.660 12.010 11.552 9304.020 11.552 10.476
9314 11.207 1.000 -2.670 12.029 11.459 9304.090 11.459 10.481
9315 11.276 1.000 -2.640 12.229 11.568 9304.160 11.568 10.487
9316 11.194 1.000 -2.630 11.911 11.402 9304.230 11.402 10.492
9317 11.228 1.000 -2.610 12.004 11.508 9304.300 11.508 10.497
9318 11.311 1.000 -2.620 12.069 11.710 9305.070 11.710 10.502
9319 11.289 1.000 -2.590 12.001 11.633 9305.140 11.633 10.508
9320 11.399 1.000 -2.600 12.179 11.852 9305.210 11.852 10.513
9321 11.463 1.000 -2.590 12.305 12.006 9305.280 12.006 10.518
9322 11.490 1.000 -2.620 12.308 11.880 9306.040 11.880 10.523
9323 11.424 1.000 -2.620 12.239 11.730 9306.110 11.730 10.529
9324 11.398 1.000 -2.620 12.148 11.718 9306.180 11.718 10.534
9325 11.448 1.000 -2.620 12.262 11.856 9306.250 11.856 10.539
9326 11.479 1.000 -2.630 12.220 12.059 9307.020 12.059 10.545
9327 11.492 1.000 -2.630 12.290 12.002 9307.090 12.002 10.550
9328 11.480 1.000 -2.640 12.231 11.905 9307.160 11.905 10.555
9329 11.488 1.000 -2.630 12.275 11.815 9307.230 11.815 10.561
9330 11.535 1.000 -2.650 12.310 11.998 9307.300 11.998 10.566
9331 11.599 1.000 -2.650 12.332 12.103 9308.060 12.103 10.571
9332 11.628 1.000 -2.640 12.379 12.132 9308.130 12.132 10.577
9333 11.724 1.000 -2.640 12.551 12.342 9308.200 12.342 10.582
9334 11.762 1.000 -2.640 12.679 12.379 9308.270 12.379 10.587
9335 11.797 1.000 -2.640 12.707 12.500 9309.030 12.500 10.593
9336 11.779 1.000 -2.640 12.725 12.395 9309.100 12.395 10.598
9337 11.747 1.000 -2.640 12.652 12.290 9309.170 12.290 10.603
9338 11.816 1.000 -2.650 12.626 12.456 9309.240 12.456 10.609
9339 11.876 1.000 -2.650 12.733 12.581 9310.010 12.581 10.614
9340 11.880 1.000 -2.680 12.713 12.464 9310.080 12.464 10.620
9341 12.003 1.000 -2.640 12.973 12.731 9310.150 12.731 10.625
9342 11.920 1.000 -2.650 12.808 12.444 9310.220 12.444 10.630
9343 11.954 1.000 -2.640 12.940 12.589 9310.290 12.589 10.636
9344 11.853 1.000 -2.660 12.718 12.269 9311.050 12.269 10.641
9345 11.946 1.000 -2.650 12.886 12.585 9311.120 12.585 10.647
9346 11.833 1.000 -2.670 12.815 12.294 9311.190 12.294 10.652
9347 11.843 1.000 -2.670 12.835 12.330 9311.260 12.330 10.658
9348 11.916 1.000 -2.690 12.892 12.273 9312.030 12.273 10.663
9349 11.912 1.000 -2.690 12.872 12.269 9312.100 12.269 10.669
9350 11.918 1.000 -2.690 12.947 12.310 9312.170 12.310 10.674
9351 11.939 1.000 -2.710 12.981 12.249 9312.240 12.249 10.680
9352 12.008 1.000 -2.720 12.962 12.253 9312.310 12.253 10.685
9401 12.046 1.000 -2.750 13.064 12.253 9401.070 12.253 10.691
9402 12.111 1.000 -2.710 13.210 12.262 9401.140 12.262 10.696
9403 12.115 1.000 -2.690 13.212 12.266 9401.210 12.266 10.702
9404 12.162 1.000 -2.680 13.329 12.262 9401.280 12.262 10.707
9405 12.083 1.000 -2.680 13.088 12.292 9402.040 12.292 10.713
9406 12.108 1.000 -2.710 13.106 12.271 9402.110 12.271 10.718
9407 12.117 1.000 -2.750 13.043 12.275 9402.180 12.275 10.724
9408 12.083 1.000 -2.770 13.004 12.271 9402.250 12.271 10.730
9409 12.104 1.000 -2.790 12.974 12.279 9403.040 12.279 10.735
9410 12.137 1.000 -2.810 13.028 12.275 9403.110 12.275 10.741
9411 12.226 1.000 -2.830 13.164 12.284 9403.180 12.284 10.747
9412 12.087 1.000 -2.860 12.878 12.279 9403.250 12.279 10.753
9413 11.842 1.000 -2.930 12.471 12.288 9404.010 12.288 10.759
9414 11.934 1.000 -2.970 12.515 12.292 9404.080 12.292 10.765
9415 11.856 1.000 -3.000 12.497 12.301 9404.150 12.301 10.771
9416 11.825 1.000 -3.040 12.545 12.301 9404.220 12.301 10.777
9417 11.922 1.000 -3.130 12.644 12.301 9404.290 12.301 10.783
9418 11.888 1.000 -3.150 12.565 12.314 9405.060 12.314 10.790
9419 11.799 1.000 -3.240 12.469 12.310 9405.130 12.310 10.796
9420 11.932 1.000 -3.310 12.779 12.305 9405.200 12.305 10.803
9421 11.968 1.000 -3.470 12.854 12.310 9405.270 12.310 10.810
9422 12.009 1.000 -3.510 12.940 12.310 9406.030 12.310 10.817
9423 11.964 1.000 -3.570 12.906 12.319 9406.100 12.319 10.824
9424 11.967 1.000 -3.590 12.907 12.327 9406.170 12.327 10.832
9425 11.737 1.000 -3.630 12.474 12.340 9406.240 12.340 10.839
9426 11.808 1.000 -3.640 12.577 12.340 9407.010 12.340 10.847
9427 11.856 1.000 -3.700 12.679 12.345 9407.080 12.345 10.854
9428 11.936 1.000 -3.750 12.816 12.349 9407.150 12.349 10.862
9429 11.902 1.000 -3.780 12.794 12.345 9407.220 12.345 10.870
9430 11.967 1.000 -3.800 12.946 12.345 9407.290 12.345 10.878
9431 11.956 1.000 -3.830 12.920 12.358 9408.050 12.358 10.886
9432 12.037 1.000 -3.850 13.064 12.362 9408.120 12.362 10.894
9433 12.084 1.000 -3.880 13.121 12.371 9408.190 12.371 10.902
9434 12.222 1.000 -4.030 13.414 12.362 9408.260 12.362 10.910
9435 12.197 1.000 -4.080 13.342 12.380 9409.020 12.380 10.918
9436 12.188 1.000 -4.120 13.269 12.384 9409.090 12.384 10.927
9437 12.243 1.000 -4.140 13.362 12.388 9409.160 12.388 10.935
9438 12.098 1.000 -4.170 13.042 12.388 9409.230 12.388 10.944
9439 12.130 1.000 -4.200 13.135 12.397 9409.300 12.397 10.953
9440 12.034 1.000 -4.260 12.927 12.397 9410.070 12.397 10.962
9441 12.193 1.000 -4.290 13.332 12.397 9410.140 12.397 10.971
9442 12.172 1.000 -4.310 13.220 12.406 9410.210 12.406 10.980
9443 12.277 1.000 -4.350 13.480 12.410 9410.280 12.410 10.989
9444 12.164 1.000 -4.400 13.160 12.428 9411.040 12.428 10.998
9445 12.162 1.000 -4.410 13.169 12.428 9411.110 12.428 11.007
9446 12.161 1.000 -4.500 13.152 12.432 9411.180 12.432 11.016
9447 12.015 1.000 -4.770 12.897 12.441 9411.250 12.441 11.026
9448 12.030 1.000 -4.840 12.933 12.445 9412.020 12.445 11.036
9449 11.891 1.000 -4.910 12.760 12.452 9412.090 12.452 11.046
9450 12.042 1.000 -4.970 13.105 12.465 9412.160 12.465 11.057
9451 12.100 1.000 -5.040 13.142 12.470 9412.230 12.470 11.067
9452 12.136 1.000 -5.120 13.133 12.488 9412.300 12.488 11.078
9501 12.126 1.000 -5.180 13.181 12.488 9501.060 12.488 11.089
9502 12.210 1.000 -5.180 13.339 12.492 9501.130 12.492 11.100
9503 12.187 1.000 -5.160 13.312 12.510 9501.200 12.510 11.111
9504 12.199 1.000 -5.170 13.479 12.515 9501.270 12.515 11.122
9505 12.320 1.000 -5.230 13.723 12.520 9502.030 12.520 11.133
9506 12.395 1.000 -5.370 13.810 12.601 9502.100 12.601 11.144
9507 12.382 1.000 -5.430 13.832 12.538 9502.170 12.538 11.155
9508 12.432 1.000 -5.480 14.015 12.642 9502.240 12.642 11.167
9509 12.459 1.000 -5.490 13.945 12.673 9503.030 12.673 11.179
9510 12.479 1.000 -5.490 14.071 12.682 9503.100 12.682 11.191
9511 12.557 1.000 -5.500 14.249 12.750 9503.170 12.750 11.202
9512 12.647 1.000 -5.520 14.413 12.886 9503.240 12.886 11.214
9513 12.652 1.000 -5.530 14.412 12.900 9503.310 12.900 11.226
9514 12.685 1.000 -5.580 14.584 12.949 9504.070 12.949 11.238
9515 12.801 1.000 -5.530 14.673 13.139 9504.140 13.139 11.250
9516 12.738 1.000 -5.540 14.660 12.986 9504.210 12.986 11.262
9517 12.858 1.000 -5.510 14.847 13.171 9504.280 13.171 11.274
9518 12.907 1.000 -5.530 15.011 13.130 9505.050 13.130 11.286
9519 13.021 1.000 -5.510 15.176 13.384 9505.120 13.384 11.298
9520 12.997 1.000 -5.520 15.000 13.334 9505.190 13.334 11.310
9521 13.060 1.000 -5.510 15.137 13.447 9505.260 13.447 11.322
9522 13.142 1.000 -5.510 15.401 13.578 9506.020 13.578 11.334
9523 13.163 1.000 -5.500 15.277 13.601 9506.090 13.601 11.346
9524 13.297 1.000 -5.490 15.629 13.877 9506.160 13.877 11.358
9525 13.474 1.000 -5.490 15.923 14.148 9506.230 14.148 11.370
9526 13.407 1.000 -5.460 15.788 13.995 9506.300 13.995 11.381
9527 13.623 1.000 -5.470 16.133 14.393 9507.070 14.393 11.393
9528 13.717 1.000 -5.420 16.243 14.547 9507.140 14.547 11.405
9529 13.563 1.000 -5.340 16.069 14.221 9507.210 14.221 11.417
9530 13.770 1.000 -5.320 16.347 14.660 9507.280 14.660 11.429
9531 13.702 1.000 -5.310 16.239 14.510 9508.040 14.510 11.441
9532 13.726 1.000 -5.290 16.136 14.583 9508.110 14.583 11.452
9533 13.879 1.000 -5.270 16.263 14.940 9508.180 14.940 11.464
9534 13.840 1.000 -5.270 16.297 14.868 9508.250 14.868 11.475
9535 13.884 1.000 -5.250 16.414 14.967 9509.010 14.967 11.487
9536 14.079 1.000 -5.250 16.679 15.352 9509.080 15.352 11.499
9537 14.106 1.000 -5.240 16.998 15.365 9509.150 15.365 11.510
9538 14.096 1.000 -5.250 16.959 15.352 9509.220 15.352 11.522
9539 14.103 1.000 -5.210 17.045 15.329 9509.290 15.329 11.533
9540 14.022 1.000 -5.290 16.997 15.031 9510.060 15.031 11.545
9541 14.082 1.000 -5.200 17.064 15.171 9510.130 15.171 11.557
9542 14.088 1.000 -5.210 17.159 15.184 9510.200 15.184 11.568
9543 14.000 1.000 -5.200 16.940 14.863 9510.270 14.863 11.580
Risk-adjusted
Rightime MidCap Fund comparison of change
Balanced Reference Index in value of $10,000
(50% Lipper/50% Money Market) investment in the
Money Market Fund Index Rightime MidCap
Fund, Balanced
Reference Index (50%
Lipper/50% Money
Market), and Money
Market Fund Index
</TABLE>
<TABLE>
<CAPTION>
Oficers
Rightime and Directors
Family of Funds of the Fund
- - - -----------------------------------------------------------------------------------------------
Name Position and Office Principal Occupation
and Address with the Fund during the past five years
- - - ---------------------------- ---------------------- ---------------------------------
<S> <C> <C>
David J. Rights* Chairman of the Board, Consultant to Lincoln Investment
1095 Rydal Road President, and Planning, Inc., a registered
Rydal, Pa. 19406 Treasurer investment advisor and broker
dealer. Since May 1981,
President of Rightime
Econometrics, Inc., a
registered investment
advisor.
Edward S. Forst Sr.* Director, Vice-President Chairman of the Board,
The Forst Pavilion and Secretary Lincoln Investment lanning
218 Glenside Avenue Inc., a registered investment
Wyncote, Pa 19805 advisor and broker dealer.
Francis X. Barrett Director Director and Member of the
Reading, Pa 19805 Finance and Pension Committee,
Sacred Heart Hospital,
Formerly, Executive Director,
National Catholic Education
Association, Pastor, Church
of Holy Guardian Angels,
Reading, PA.
Dr. Winifred L. Tillery Director Superintendent of Schools,
Mt. Laurel, NJ 08054 Camden City, New Jersey.
Dr. Carol A. Wacker Director Former Assistant Superintendent
Encinitas, CA 92024 for Senior High Schools, the
Philadelphia School District.
- - - --------------
* "Interested" director as defined
in the Investment Company Act
of 1940.
</TABLE>
The Rightime Family of Funds
The Forst Pavilion
218 Glenside Ave.
Wyncote, PA 19095-1594
Client Services Department
215-887-8111, Press 2
800-242-1421
Administrator
Rightime Administrators Inc.
The Forst Pavilion
218 Glenside Ave.
Wyncote, PA 19095-1594
Investment Advisor
Rightime Econometrics Inc.
1095 Rydal Road
Rydal, PA 19046
Distributor
Lincoln Investment Planning, Inc.
The Forst Pavilion
218 Glenside Ave.
Wyncote, PA 19095-1595
Custodian
CoreStates Bank N.A.
Broad & Chestnut Streets
Philadelphia, PA 19101
Transfer Agent
Lincoln Investment Planning, Inc.
The Forst Pavilion
218 Glenside Ave.
Wyncote, PA 19095-1595
Legal Counsel
Stradley, Ronon, Stevens & Young
2600 One Commerce Square
Philadelphia, PA 19103
Auditors
Tait, Weller & Baker
Two Penn Center, Suite 700
Philadelphia, PA 19102
Table of Contents
Portfolios
The Rightime Fund 3
The Rightime Government Securities Fund 5
The Rightime Blue Chip Fund 6
The Rightime Social Awareness Fund 15
The Rightime MidCap Fund 18
Financial Statements
Statements of Assets & Liabilities 26
Statements of Operations 28
Statements of Changes in Net Assets 30
Financial Highlights 32
Notes to Financial Statements
Notes & Schedules 34
Report of Independent Certified Public Accountants 39
Portfolio Comparisons
Rightime Fund 40
Rightime Government Securities Fund 42
Rightime Blue Chip Fund 44
Rightime Social Awareness Fund 46
Rightime MidCap Fund 48
Annual Report
October 31, 1995
The Rightime Fund
The Rightime Government Securities Fund
The Rightime Blue Chip Fund
The Rightime Social Awareness Fund
The Rightime MidCap Fund
PART C
ITEM 24. Financial Statements and Exhibits
---------------------------------
(a) Financial Statements for the Rightime Fund, Inc.:
(1) Statement of Net Assets - October 31, 1995
(2) Statement of Operations for the year ended October 31,
1995
(3) Statement of Changes in Net Assets for the year ended
October 31, 1995
(4) Financial Highlights September 17, 1985 to October 31,
1995
(5) Report of Independent Accountants dated
November 21, 1995
(6) Notes to Financial Statements
Financial Statements for the Rightime Fund, Inc. are in Part B of this
Post-effective Amendment.
(b) Exhibits:
(1) Articles of Incorporation of Registrant
(Exhibit to Form N-1A filed 2/19/85);*
Articles Supplementary establishing The Rightime
Government Securities Fund (Exhibit to Post-effective
Amendment No. 4 to Form N-1A);*
Articles Supplementary establishing The Rightime Blue
Chip Fund (Exhibit to Post-effective Amendment No. 7
to Form N-1A);*
Articles Supplementary establishing The Rightime Growth
Fund (Exhibit to Post-effective Amendment No. 11 to
Form N-1A);*
Articles Supplementary establishing The Rightime Social
Awareness Fund (Exhibit to Post-effective Amendment
No. 13 to Form N-1A);*
Articles Supplementary establishing The Rightime MidCap
Fund (Exhibit to Post-effective Amendment No. 16 to
Form N-1A):*
(2) Bylaws of Registrant
(Exhibit to Form N-1A filed 2-19-85);*
(3) Not applicable;
(4) (a) Specimen of Capital Stock
Certificate of The Rightime Series of Registrant
(Exhibit to Post-effective Amendment No. 2 to
Form N-1A);*
(b) Specimen of Capital Stock Certificate of
The Rightime Government Securities Series
(Exhibit to Post-effective Amendment No. 4 to
Form N-1A);
(c) Specimen of Capital Stock Certificate of
The Rightime Blue Chip Fund Series (Exhibit to
Post-effective Amendment No. 7 to Form N-1A);*
(d) Specimen of Capital Stock Certificate of
The Rightime Growth Fund Series (Exhibit to
Post-effective Amendment No. 11 to Form N-1A);*
(e) Specimen of Capital Stock Certificate of
The Rightime Social Awareness Fund (Exhibit to
Post-effective Amendment No. 13 to Form N-1A);*
(f) Specimen of Capital Stock Certificate of
The Rightime MidCap Fund (Exhibit to Post-
effective Amendment No. 16 to Form N-1A);*
(5) (a) Investment Advisory Agreement
between Registrant and Rightime Econometrics,
Inc. for The Rightime Series (Exhibit to Form
N-1A filed 2/19/85);*
(b) Investment Advisory Agreement between
Registrant and Rightime Econometrics, Inc. for
The Rightime Government Securities Series
(Exhibit to Post-effective Amendment No. 4 to
Form N-1A);*
(c) Investment Advisory Agreement between
Registrant and Rightime Econometrics, Inc. for
The Rightime Blue Chip Fund Series (Exhibit to
Post-effective Amendment No. 7 to Form N-1A);*
(d) Investment Advisory Agreement between
Registrant and Rightime Econometrics, Inc. for
The Rightime Growth Fund Series (Exhibit to
Post-effective Amendment No. 11 to Form N-1A);*
(e) Investment Advisory Agreement Between
Registrant and Rightime Econometrics for The
Rightime Social Awareness Fund (Exhibit to
Post-effective Amendment No. 13 to Form N-1A);
(f) Investment Advisory Agreement between
Registrant and Rightime Econometrics, Inc. for
The Rightime MidCap Fund (Exhibit to Post-
effective Amendment No. 16 to Form N-1A);*
(6) (a) Distribution Agreement between
Registrant and Lincoln Investment Planning, Inc.
for The Rightime Series (Exhibit to
Pre-effective Amendment No. 1 to Form N-1A);*
(b) Distribution Agreement between Registrant
and Lincoln Investment Planning, Inc. for The
Rightime Government Securities Series (Exhibit
to Post-effective Amendment No. 4 to Form
N-1A);*
(c) Distribution Agreement between Registrant
and Lincoln Investment Planning, Inc. for The
Rightime Blue Chip Fund Series (Exhibit to
Post-effective Amendment No. 7 to Form N-1A);*
(d) Amended Distribution Agreement between
Registrant and Lincoln Investment Planning, Inc.
for the Rightime Government Securities Series
(Exhibit to Post-effective Amendment No. 9 to
Form N-1A);*
(e) Distribution Agreement between Registrant
and Lincoln Investment Planning, Inc. for The
Rightime Growth Fund (Exhibit to Post-effective
Amendment No. 11 to Form N-1A);*
(f) Distribution Agreement between Registrant
Lincoln investment Planning, Inc. for The
Rightime Social Awareness Fund. (Exhibit to
Post-effective Amendment No. 13 to Form N-1A);*
(g) Distribution Agreement between Registrant
and Lincoln Investment Planning, Inc. for The
Rightime MidCap Fund (Exhibit to Post-effective
Amendment No. 16 to Form N-1A);*
(7) Not applicable;
(8) (a) Agreement between Registrant and
First Pennsylvania Bank, N.A. for custodial
services for The Rightime Series (Exhibit to
Form N-1A filed 2/19/85);*
(b) Agreement between Registrant and Investors
Fiduciary Trust Company for custodial services
for The Rightime Government Securities Series
(Exhibit to Post-effective Amendment No. 4 to
Form N-1A);*
(c) Agreement between Registrant and First
Pennsylvania Bank, N.A. for custodial services
for The Rightime Blue Chip Fund Series (Exhibit
to Post-effective Amendment No. 7 to Form
N-1A);*
(i) Agreement between Registrant and First
Pennsylvania Bank, N.A. for Transfer Agent
and Dividend Disbursing Agent services for
The Rightime Series (Exhibit to Form N-1A
filed 2/19/85);*
(ii) Amendment of the Transfer Agent/Dividend
Disbursing Agent Agreement (Exhibit to
Post-effective Amendment No. 2 to Form
N-1A);*
(d) Transfer and Dividend Disbursing Agency
Agreement between Registrant and Lincoln
Investment Planning (Exhibit to Post-effective
Amendment No. 4 to Form N-1A);*
(e) Agreement between Registrant and
Philadelphia National Bank for custodial
services (Exhibit to Post-effective Amendment
No. 11 to Form N-1A);*
(f) Amendment to Custodian Agreement (Exhibit
to Post-effective Amendment No. 13 to Form
N-1A);*
(g) Amendment to Custodian Agreement (Exhibit
to Post-effective Amendment No. 16 to Form N-1A);*
(9) (a) Administration Agreement between
Registrant and Rightime Administrators, Inc. for
The Rightime Series (Exhibit to Pre-effective
Amendment No. 1 to Form N-1A);*
(b) Administration Agreement between Registrant
and Rightime Administrators, Inc. for The
Rightime Government Securities Series (Exhibit
to Post-effective Amendment No. 4 to Form
N-1A);*
(c) Administration Agreement between Registrant
and Rightime Administrators, Inc. for The
Rightime Blue Chip Fund series (Exhibit to
Post-effective Amendment No. 7 to Form N-1A);*
(d) Services Agreement between Rightime
Administrators, Inc. and Lincoln Investment
Planning, Inc. (Exhibit to Form N-1A filed
2/19/85);*
(e) (i) Accounting Services Agreement
between Rightime Administrators, Inc. and
First Pennsylvania Bank, N.A. (Exhibit to
Post-effective Amendment No. 2 to Form
N-1A);*
(ii) Amendment of the Accounting Services
Agreement (Exhibit to Post-effective
Amendment No. 2 to Form N-1A);*
(f) Administration Agreement between Registrant
and Rightime Administrators, Inc. for The
Rightime Growth Fund (Exhibit to Post-effective
Amendment No. 11 to Form N-1A);*
(g) Administration Agreement between Registrant
and Rightime Administrators, Inc. for The
Rightime Social Awareness Fund (Exhibit to
Post-effective Amendment No. 13 to Form N-1A);*
(h) Administration Agreement between Registrant
and Rightime Administrators, Inc. for The
Rightime MidCap Fund, Inc. (Exhibit to Post-
effective Amendment No. 16 to Form N-1A);*
(10) Opinion of Messrs. Stradley, Ronon, Stevens &
Young, Legal counsel for the Registrant filed with
Rule 24f-2 Notice on or about December 20, 1994;*
(11) Consent of the Auditors;
(12) Not applicable;
(13) Undertaking of the initial shareholders
(Exhibit to Pre-effective Amendment No.
1 to Form N-1A);*
(14) Not Applicable
(15) (a) Plan approved by Board of Directors
pursuant to Rule 12b-1 for The Rightime Series
(Exhibit to Form N-1A filed 2/19/85);*
(b) Plan approved by Board of Directors
pursuant to Rule 12b-1 for The Rightime
Government Securities Series (Exhibit to
Post-effective Amendment No. 4 to Form N-1A);*
(c) Plan approved by Board of Directors
pursuant to Rule 12b-1 for The Rightime Blue
Chip Fund Series (Exhibit to Post-effective
Amendment No. 7 to Form N-1A);*
(d) Plan approved by Board of Directors
pursuant to Rule 12b-1 for The Rightime Growth
Fund Series (Exhibit to Post-Effective Amendment
No.11 to Form N-1A).
(e) Plan approved by Board of Directors
pursuant to Rule 12b-1 for The Rightime Social
Awareness Fund Series (Exhibit to Post-effective
Amendment No. 13 to Form N-1A);*
(f) Amendment No. 1 to 12b-1 Plan for The
Rightime Series (Exhibit to Post-effective
Amendment No. 15 to Form N-1A);*
(g) Amendment No. 1 to 12b-1 Plan for The
Rightime Government Securities Series (Exhibit
to Post-effective Amendment No. 15 to Form N-1A);*
(h) Amendment No. 1 to 12b-1 Plan for The
Rightime Blue Chip Fund Series (Exhibit to Post-
effective Amendment No. 15 to Form N-1A);*
(i) Amendment No. 1 to 12b-1 Plan for The
Rightime Growth Fund Series (Exhibit to Post-
effective Amendment No. 15 to Form N-1A);*
(j) Amendment No. 1 to 12b-1 Plan for The
Rightime Social Awareness Fund Series (Exhibit
to Post-effective Amendment No. 15 to Form N-1A);*
(k) Plan approved by Board of Directors
pursuant to Rule 12b-1 for The Rightime MidCap
Fund Series (Exhibit to Post-effective Amendment
No. 16 to Form N-1A);*
(16) Computation of Performance Quotations;
* Previously filed with this registration statement and incorporated
herein by reference.
ITEM 25. Persons Controlled By or Under Common Control of the
----------------------------------------------------
Registrant
----------
NONE
ITEM 26. Number of Holders of Securities
-------------------------------
The number of record holders of each class of securities of
the Registrant as of February 15, 1996, is as follows:
(1) (2)
Title of class Number of Record Holders
-------------- ------------------------
Common stock $.01 par value:
The Rightime Fund 8,356
------
The Rightime Blue Chip Fund 16,600
------
The Rightime Social Awareness Fund 895
------
The Rightime MidCap Fund 5,596
------
The Rightime Government Securities Fund 1,943
------
ITEM 27. Indemnification
---------------
The Articles and Bylaws of the Registrant, and other
instruments by which the Registrant is administered, do not contain any
provisions or references to indemnification. The Board of Directors has
been advised of the provisions of Sections 17(h) and (i) of the Act, ICA
Release Number 11330 and relevant portions of ICA Release number 7221.
Reference is hereby made to the Maryland Corporations and
Associations Annotated Code, Section 2-418 (1983), which contains
various provisions authorizing Maryland Corporations to indemnify
various persons.
Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers or
persons controlling the Registrant pursuant to the foregoing provisions,
the Registrant has been informed that, in the opinion of the Securities
and Exchange Commission, such indemnification is against public policy
as expressed in the Act and is therefore unenforceable.
ITEM 28. Business and Other Connections of Investment Advisor
-----------------------------------------------------
The principal business of Rightime Econometrics, Inc. is to
provide investment counsel and advice to individual and institutional
investors.
ITEM 29. Principal Underwriters
----------------------
(a) Lincoln Investment Planning, Inc., the only principal
underwriter of the Registrant, does not act as
principal underwriter, depositor or investment advisor
to any other investment company.
(b) Herewith is the information required by the following
table with respect to each director, officer or
partner of the only underwriter named in answer to
Item 21 of Part B:
Position and Position and
Name and Principal Officers with Offices with
Business Address Underwriter Registrant
- - - ----------------- ---------------- --------------
Edward S. Forst, Sr. Chairman Vice President
Lincoln Investment and Secretary
Planning, Inc.
218 Glenside Ave.
Wyncote, PA 19095-1595
Edward S. Forst, Jr. President N/A
Lincoln Investment
Planning, Inc.
218 Glenside Avenue
Wyncote, PA 19095-1595
Karen O'Neill Secretary N/A
Lincoln Investment
Planning, Inc.
218 Glenside Avenue
Wyncote, PA 19095-1595
Thomas Forst Vice President Assistant
Lincoln Investment Secretary
Planning, Inc.
218 Glenside Avenue
Wyncote, PA 19095-1595
Harry S. Forst Treasurer N/A
Lincoln Investment
Planning, Inc.
218 Glenside Avenue
Wyncote, PA 29095-1595
(c) Not applicable.
ITEM 30. Location of Accounts and Records
--------------------------------
Each account, book or other document required to be maintained
by Section 31(a) of the 1940 Act and the Rules (17 CFR 270.31a-1 to
31a-3) promulgated thereunder is in the physical possession of:
Advisor
-------
Rightime Econometrics, Inc.
1095 Rydal Road
Rydal, PA 19046-1711
Underwriter and Transfer Agent
------------------------------
Lincoln Investment Planning, Inc.
218 Glenside Ave.
Wyncote, PA 19095-1595
Custodian
---------
CoreStates Bank, NA
Broad & Chestnut Sts.
Philadelphia, PA 19101
ITEM 31. Management Services
-------------------
All management services are covered in the management
agreement between the Registrant and Rightime Econometrics, Inc., as
discussed in Parts A and B.
ITEM 32. Undertakings
------------
Not applicable.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and
the Investment Company Act of 1940, the Registrant certifies that it
meets all of the requirements for effectiveness of this Registration
Statement pursuant to Rule 485(b) under the Securities Act of 1933 and
has duly caused this amended Registration Statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in the City of
Wyncote, Pennsylvania, on the 2nd day of February, 1996.
THE RIGHTIME FUND, INC.
/s/ By: David J. Rights
---------------
David J. Rights
President
Pursuant to the requirements of the Securities Act of 1933,
this Post-Effective Amendment No. 21 to its Registration Statement has
been signed below by the following persons in the capacities and on the
dates indicated.
SIGNATURES TITLE DATE
Director, Presi-
dent (Principal
Executive Offi-
cer), and Trea-
surer (Principal
Financial and
/s/David J. Rights Accounting Officer) February 2, 1996
---------------
David J. Rights
/s/Edward S. Forst, Sr. Director February 8, 1996
-------------------
Edward S. Forst, Sr.
/s/Francis X. Barrett Director February 3, 1996
-----------------
Francis X. Barrett
/s/Winifred L. Tillery Director February 4, 1996
-------------------
Winifred L. Tillery
/s/Carol A. Wacker Director February 3, 1996
---------------
Carol A. Wacker
EXHIBITS
--------
Item No. Page
- - - -------- ------
24(b)(11) Consent of the Auditors
24(b)(16) Schedule for Computation of
Performance Quotations
24(b) (17) Financial Data Schedules
EXHIBIT 11
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
We consent to the use of our report dated November 21, 1995 on the
financial statements and financial highlights for the periods
indicated thereon of The Rightime Fund, The Rightime Government Securities
Fund, The Rightime Blue Chip Fund, The Rightime Social Awareness Fund, and
The Rightime MidCap Fund, each a series of shares of The Rightime Fund, Inc.
Such financial statements and financial highlights appear in the 1995 Annual
Report to Shareholders which is included in the Statement of Additional
Information filed in Post-Effective Amendment Number 21 to the Registration
Statement on Form N-1A of The Rightime Fund, Inc. We also consent to the
references to our Firm in such Registration Statement and Prospectus.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
February 27, 1996
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
DAVE
</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>
DAVE
</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> 18,657,3546
<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>
DAVE
</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>
DAVE
</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>
DAVE
</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>
EXHIBIT 16
Schedule for Computation of Performance Quotations
The Rightime Government Securities Fund
Yield Calculation of 4.37%
a = 103,597.64
b = 30,246.48
c = 1,489,808.062
d = 13.64
Average Annual Total Return for each Series:
One Year Five Year Ten Year Inception
---------- ---------- ---------- -----------
The Rightime Fund
P 1000 1000 1000 1000
T 23.38% 13.51% 11.51% 11.74%
n 1 5 10 10.13
ERV $1233.82 $1,884.93 $2,973.92 $3,077.49
The Rightime Government Securities Fund
P 1000 1000 N/A 1000
T 1.00% 4.93% N/A 4.76%
n 1 5 N/A 8.83
ERV $1010.02 $1,272.24 N/A $1,507.70
The Rightime Blue Chip Fund
P 1000 1000 N/A 1000
T 16.50% 11.11% N/A 8.94%
n 1 5 N/A 8.28
ERV $1164.97 $1,693.56 N/A $2,031.98
The Rightime Social Awareness Fund
P 1000 1000 N/A 1000
T 16.87% 10.84% N/A 7.31%
n 1 5 N/A 5.67
ERV $1168.65 1,673.37 N/A $1,491.67
The Rightime MidCap Fund
P 1000 N/A N/A 1000
T 14.36% N/A N/A 9.65%
n 1 N/A N/A 3.97%
ERV $1143.60 N/A N/A $1,441.63
