Rightime Family of Funds logo
Rightime Fund
Rightime Government Securities Fund
Rightime Blue Chip Fund
Rightime Social Awareness Fund
Rightime MidCap Fund
Semiannual Report
April 30, 1996
Rightime Family of Funds logo
Table of Contents
Portfolios
Rightime Fund 1
Rightime Government Securities Fund 3
Rightime Blue Chip Fund 4
Rightime Social Awareness Fund 13
Rightime MidCap Fund 16
Financial Statements
Statement of Assets & Liabilities 24
Statement of Operations 26
Statement of Changes in Net Assets 28
Financial Highlights 30
Notes to Financial Statements
Notes & Schedules 32
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Value
Shares (Note 1)
- ------------------ ------------------
April 30, 1996
(Unaudited)
The Rightime Fund
Portfolio of Investments
<S> <C> <C> <C>
EQUITY FUNDS: (9.75%)
18 Alliance Quasar Fund Class A 478
16,402 Janus Twenty Fund 465,652
16,969 Janus Venture Fund 1,026,624
27,349 Lindner Fund 715,179
32,586 Mutual Beacon Fund 1,279,336
80,776 Neuberger Guardian Fund 1,970,129
44,386 Nicholas II Fund 1,470,507
131,020 Pennsylvania Mutual Fund 1,046,848
157,476 Putnam OTC Emerging Growth Fund 2,784,184
108,893 Putnam Vista Basic Fund 1,136,843
188,179 Putnam Voyager Fund 3,193,391
47,407 SteinRoe Capital Opportunity Fund 1,388,092
------------------
Total Equity Funds
(cost $12,696,048) 16,477,263
------------------
MONEY MARKET FUNDS: (40.47%)
11,031,157 AIM Money Market Fund 11,031,157
1,351,162 Delaware Group Cash Reserve 1,351,162
12,454,725 Fidelity U.S. Government Reserves 12,454,725
11,308,087 IDS Cash Management Prime Fund 11,308,087
3,000,000 Janus Money Market Fund 3,000,000
7,824,852 MFS Money Market Fund 7,824,852
6,562,361 New England Money Market Fund 6,562,361
1,499,995 Nicholas Money Market Fund 1,499,995
2,843,864 Oppenheimer Money Market Fund 2,843,864
5,000,000 Putnam Daily Dividend Trust Fund 5,000,000
5,489,077 Seligman Cash Management Fund
Prime Portfolio 5,489,077
1,858 Value Line Cash Fund 1,858
------------------
Total Money Market
(cost $68,367,138) 68,367,138
------------------
Principal Value
Amount (Note 1)
- ------------------ ------------------
SHORT-TERM INVESTMENTS (49.85%)
Repurchase Agreement (10.36%)(b)
$17,500,000 Sanwa-BGK Securities Co.
5.30%; 5/1/96 (cost $17,500,000;
maturity value $17,502,576) $ 17,500,000
United States Treasury Bills (39.49%)(c)
60,000,000 4.93%; 5/30/96 (cost $59,762,200) 59,762,200
2,000,000 5.22%; 5/30/96 (cost $1,991,606) 1,991,606
5,000,000 5.02%; 7/5/96 (cost $4,954,816) 4,954,816
------------------
Total United States Treasury Bills
(cost $66,708,622) 66,708,622
------------------
Total Short-term Investments (cost $165,271,808)
(cost $84,208,622) 84,208,622
------------------
Total Investments (cost $165,271,808)
(100.07%)(a) 169,053,023
Liabilities Less Other Assets (-0.07%) (122,833)
------------------
Net Assets (100.00%) $168,930,190
==================
(a) Aggregate cost for federal income tax purposes is $165,271,808. At
April 30, 1996 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation 3,781,215
Gross unrealized depreciation 0
----------
Net unrealized appreciation $3,781,215
==========
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of
$17,851,829, 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 April 30, 1996, the market value of $1,991,606 of the
U.S. Treasury Bill was pledged to cover margin requirements for
futures contracts.
Futures contracts at April 30, 1996:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Depreciation
-------------
S&P 500 Stock Index
55/June/Sell $(433,000)
===========
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April 30, 1996
(Unaudited)
The Rightime
Government Securities Fund
Portfolio of Investments
Principal Value
Amount (Note 1)
------------ ------------
<S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (50.35%)
$2,000,000 U.S. Treasury Bond 9.25%;
2/15/16 (cost $2,373,750) $ 2,459,080
4,800,000 U.S. Treasury Bond 6.875%;
8/15/25 (cost $5,331,750) 4,739,568
-----------
Total U.S. Government Obligations
(cost $7,705,500) 7,198,648
-----------
SHORT-TERM INVESTMENTS (48.75%)
Repurchase Agreement (10.49%)(b)
1,500,000 Sanwa-BGK Securities Co.
5.30%; 5/1/96 (cost $1,500,000;
maturity value $1,500,221) 1,500,000
United States Treasury Bills (38.26%)(c)
5,000,000 4.93%; 5/30/96 (cost $4,980,183) 4,980,183
500,000 5.07%; 10/3/96 (cost $489,129) 489,129
-----------
Total United States Treasury Bills
(cost $5,469,312) 5,469,312
-----------
Total Short-term Investments
(cost $6,969,312) 6,969,312
-----------
Total Investments (cost $14,674,812)
(99.10%)(a) 14,167,960
Other Assets Less Liabilities (0.90%) 128,414
-----------
Net Assets (100.00%) $14,296,374
-----------
-----------
(a) Aggregate cost for federal income tax purposes is $14,674,812.
At April 30, 1996 unrealized appreciation (depreciation) of securities
for federal income tax purposes is as follows:
Gross unrealized appreciation $85,330
Gross unrealized depreciation (592,182)
--------
Net unrealized depreciation $(506,852)
=========
(b) The Repurchase Agreement is collateralized by obligations of
the United States government and its agencies with a market value of
$1,531,162 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 April 30, 1996, the market value of $489,129 of the U.S. Treasury
Bill was pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1996:
(Contracts-$1000 times premium/delivery
month/commitment)
Unrealized
Appreciation
-------------
U.S. Treasury Bonds:
70/June/Sell $409,063
=============
See accompanying notes to financial statements
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April 30, 1996
(Unaudited)
The Rightime Blue Chip Fund
Portfolio of Investments
- ----------------------------------------------------------------------------
Value
Shares (Note 1)
- ------------------ ------------------
<S> <C> <C> <C>
COMMON STOCK (46.01%)
INDUSTRIALS (34.93%)
Aerospace/Defense (0.97%)
8,920 Boeing Company $ 732,555
1,704 General Dynamics Corp. 107,565
5,218 Lockheed Martin Corp. 420,701
2,898 McDonnell Douglas Corp. 279,657
1,428 Northrop Grumman Corp. 88,358
6,443 Raytheon Company 326,177
5,815 Rockwell International Corp. 340,178
3,258 United Technologies Corp. 360,009
------------------
2,655,200
------------------
Aluminum (0.17%)
4,939 Alcan Aluminium Ltd. 157,431
3,928 Aluminum Co. of America 245,009
1,302 Reynolds Metals Co. 69,982
------------------
472,422
------------------
Automobiles (0.97%)
9,869 Chrysler Corp. 619,280
27,688 Ford Motor Co. 993,307
19,301 General Motors Corp. 1,047,079
------------------
2,659,666
------------------
Auto Parts After Market (0.18%)
2,186 Cooper Tire & Rubber Corp. 53,557
1,375 Echlin, Inc. 47,266
3,503 Genuine Parts Co. 155,008
4,362 Goodyear Tire & Rubber Co. 227,369
------------------
483,200
------------------
Beverages (Alcoholic) (0.35%)
6,410 Anheuser-Busch Companies, Inc. 430,271
2,520 Brown-Forman Corp. Class B 99,540
984 Coors (Adolph) Co. Class B 18,696
12,164 Seagram Co. Ltd. 412,055
------------------
960,562
------------------
Beverages (Soft Drinks) (1.41%)
31,701 Coca-Cola Co. 2,583,632
20,452 PepsiCo, Inc. 1,298,702
------------------
3,882,334
------------------
Broadcast Media (0.16%)
6,851 Comcast Corp. Class A Spl 119,892
16,841 Tele-Communications, Inc. Class A
TCI Group 322,084
------------------
441,976
------------------
Building Materials (0.09%)
3,446 Masco Corp. 93,904
1,342 Owens-Corning Fiberglass Corp.* 54,015
2,409 Sherwin-Williams Co. 112,621
------------------
260,540
------------------
Chemicals (1.14%)
3,995 Applied Materials, Inc.* 159,800
3,626 Air Products & Chemicals, Inc. 207,135
7,791 Dow Chemical Co. 692,425
12,640 Du Pont (E.I.) de Nemours and
Company 1,015,940
1,773 Goodrich (B.F.) Co. 70,477
2,517 Hercules, Inc. 152,278
2,971 Monsanto Company 450,107
3,526 Praxair, Inc. 136,192
1,370 Rohm & Haas Co. 90,934
3,595 Union Carbide Corp. 163,572
------------------
3,138,860
------------------
Chemicals (Diversified) (0.24%)
1,557 Avery Dennison Corp. 88,749
3,692 Englehard Corp. 92,761
1,182 FMC Corp.* 82,001
2,580 Mallinckrodt Corp. 101,588
5,845 PPG Industries, Inc. 295,903
------------------
661,002
------------------
Chemicals (Specialty) (0.19%)
2,385 Grace (W.R.) & Co. 184,838
1,785 Great Lakes Chemical Corp. 121,826
4,369 Morton International, Inc. 154,553
1,865 Nalco Chemical Co. 56,882
------------------
518,099
------------------
Commercial Services (0.05%)
1,418 Ecolab, Inc. 46,085
1,410 National Service Industries, Inc. 52,170
1,206 Ogden Corp. 24,422
857 Safety-Kleen Corp. 12,855
------------------
135,532
------------------
Communication (Equipment/
Manufacturers) (0.62%)
1,476 Andrew Corp.* 70,848
5,011 Bay Networks 157,847
1,768 Cabletron Systems* 133,263
14,009 Cisco Systems, Inc.* 726,717
2,964 DSC Communications Corp.* 93,366
7,226 Northern Telecom Ltd. 372,139
1,968 Scientific-Atlanta, Inc. 36,408
2,041 Tellabs, Inc.* 112,765
------------------
1,703,353
------------------
Computer Software & Services (1.51%)
5,840 Alltel Corp. 191,990
1,196 Autodesk, Inc. 48,737
7,505 Automatic Data Processing, Inc. 291,757
5,963 Computer Associates
International, Inc 437,535
1,336 Computer Sciences Corp.* 98,864
2,628 First Data Corp. 199,728
16,041 Microsoft Corp.* 1,818,648
9,425 Novell, Inc.* 136,662
16,821 Oracle Corp.* 567,709
641 Shared Medical Systems Corp. 43,909
3,862 Silicon Graphics Inc.* 114,412
3,670 Sun Microsystems Corp.* 199,097
------------------
4,149,048
------------------
Computer Systems (1.03%)
3,342 Amdahl Corp.* 42,610
3,097 Apple Computer, Inc. 75,489
1,216 Ceridian Corp.* 58,064
6,759 Compaq Computer Corp.* 315,138
186 Cray Research, Inc*. 5,487
732 Data General Corp.* 11,255
3,802 Digital Equipment Corp.* 227,169
1,123 Intergraph Corp.* 14,248
14,317 International Business
Machines Corp. 1,539,078
3,237 LSI Logic Corp. 116,532
5,277 Micron Technology Inc. 191,951
3,031 Tandem Computers, Inc.* 38,645
3,795 3 Com Corporation 175,044
4,995 Unisys Corp.* 29,970
------------------
2,840,680
------------------
Conglomerates (0.34%)
2,854 IIT Hartford Group, Inc. 139,489
2,497 ITT Industries, Inc. 68,668
2,958 ITT Corp. 180,068
1,251 Teledyne, Inc. 46,443
5,302 Tenneco, Inc. 290,947
2,409 Textron, Inc. 206,572
------------------
932,187
------------------
Containers (Metal & Glass) (0.08%)
590 Ball Corp. 18,364
2,532 Crown Cork & Seal Co., Inc.* 119,320
1,263 Willamette Industries, Inc. 77,675
------------------
215,359
------------------
Containers (Paper) (0.06%)
1,483 Bemis Company, Inc. 48,012
2,386 Stone Container Corp. 40,562
1,482 Temple-Inland, Inc. 71,877
------------------
160,451
------------------
Cosmetics (0.35%)
708 Alberto-Culver Co. Class B 26,816
1,769 Avon Products, Inc. 157,220
11,538 Gillette Co. 623,052
3,173 International Flavors &
Fragrances, Inc. 155,874
------------------
962,962
------------------
Electrical Equipment (1.75%)
6,956 AMP, Inc. 311,281
5,639 Emerson Electric Co. 471,561
42,764 General Electric Co. 3,314,210
2,805 General Instrument 91,864
1,483 Grainger (W.W.), Inc. 102,327
3,278 Honeywell, Inc. 172,505
1,050 Raychem Corp. 81,769
1,112 Thomas & Betts Corp. 43,785
11,186 Westinghouse Electric Corp. 211,136
------------------
4,800,438
------------------
Electronics (Instrumentation) (0.55%)
13,307 Hewlett-Packard Co. 1,408,879
1,135 Perkin-Elmer Corp. 62,283
844 Tektronix, Inc. 33,443
------------------
1,504,605
------------------
Electronics (Semiconductors) (1.00%)
2,440 Advanced Micro Devices, Inc.* 45,750
21,427 Intel Corp. 1,451,679
15,293 Motorola, Inc. 936,696
3,164 National Semiconductor Corp.* 49,833
4,785 Texas Instruments, Inc. 270,353
------------------
2,754,311
------------------
Engineering & Construction (0.07%)
2,248 Fluor Corp. 148,649
1,148 Foster Wheeler Corp. 53,095
------------------
201,744
------------------
Entertainment (0.36%)
15,548 Walt Disney Company 963,976
769 King World Productions, Inc.* 33,451
------------------
997,427
------------------
Foods (1.21%)
17,762 Archer Daniels Midland Co. 335,258
3,675 CPC International, Inc. 254,034
7,113 Campbell Soup Co. 444,563
6,036 ConAgra, Inc. 233,140
4,240 Darden Restaurants, Inc. 58,300
4,551 General Mills, Inc. 252,581
9,595 Heinz (H.J.) Co. 325,031
2,205 Hershey Foods Corp. 167,304
5,522 Kellogg Co. 394,133
4,256 Quaker Oats Co. 146,300
2,684 Ralston Purina Co. 156,678
12,373 Sara Lee Corp. 383,563
3,307 Wrigley, (Wm) Jr. Co. 174,031
------------------
3,324,916
------------------
Food Wholesalers (0.09%)
965 Fleming Companies, Inc. 13,269
2,034 Super Valu Stores 65,088
5,214 Sysco Corp. 167,500
------------------
245,857
------------------
Gold Mining (0.32%)
9,158 Barrick Gold Corp. 280,464
2,805 Echo Bay Mines Ltd. 36,816
4,706 Freeport McMoran Copper & Gold, In
Class B 154,710
3,595 Homestake Mining Co. 72,349
2,101 Newmont Mining Corp. 121,595
6,128 Placer Dome Group, Inc. 170,052
3,383 Santa Fe Pacific Gold Corp. 50,322
------------------
886,308
------------------
Hardware & Tools (0.09%)
2,497 Black & Decker Corp. 100,504
1,343 Snap-On Tools Corp. 64,464
1,161 Stanley Works 72,853
------------------
237,821
------------------
Health Care (Diversified) (1.88%)
19,998 Abbott Laboratories 812,419
8,427 American Home Products Corp. 889,048
12,718 Bristol-Myers Squibb Co. 1,046,056
16,613 Johnson & Johnson 1,536,702
4,533 United Healthcare Corp. 265,181
4,113 U.S. Healthcare, Inc. 214,390
3,465 Warner-Lambert Co. 387,214
------------------
5,151,010
------------------
Health Care (Drugs) (1.66%)
13,803 Lilly (Eli) & Co. 814,377
31,161 Merck & Co., Inc. 1,885,240
5,585 Pharmacia & Upjohn, Inc. 213,626
15,772 Pfizer, Inc. 1,086,297
9,775 Schering-Plough Corp. 560,841
------------------
4,560,381
------------------
Health Care (Miscellaneous) (0.04%)
1,968 ALZA Corp.* 56,088
1,575 Beverly Enterprises, Inc.* 19,097
1,154 Manor Care, Inc. 46,304
------------------
121,489
------------------
Heavy Duty Trucks & Parts (0.12%)
892 Cummins Engine Co., Inc. 41,701
2,267 Dana Corp. 75,378
2,262 Eaton Corp. 136,851
1,974 Navistar International Corp.* 23,688
831 PACCAR, Inc. 41,135
------------------
318,753
------------------
Hospital Management Companies (0.27%)
11,244 Columbia Healthcare Corp. 597,338
1,288 Community Psychiatric Centers 11,914
6,384 Tenet Healthcare Corp.* 130,872
------------------
740,124
------------------
Homebuilding (0.02%)
595 Centex Corp. 16,065
765 Kaufman & Broad Home Corp. 10,806
711 Pulte Corp. 18,841
------------------
45,712
------------------
Hotel/Motel (0.12%)
2,678 Harrah's Entertainment, Inc.* 92,391
846 Hilton Hotels Corp. 89,253
3,237 Marriott International Corp. 157,804
------------------
339,448
------------------
Household Furnishi
769 Armstrong World Industries, Inc. 43,833
2,653 Maytag Corp. 57,040
1,909 Whirlpool Corp. 114,779
------------------
215,652
------------------
Household Products (0.92%)
1,655 Clorox Company 136,744
3,826 Colgate-Palmolive Co. 293,167
17,908 Procter & Gamble Co. 1,513,226
4,173 Unilever N.V. 569,615
------------------
2,512,752
------------------
Housewares (0.14%)
5,210 Newell Co. 148,485
2,044 Premark International, Inc. 105,010
4,684 Rubbermaid, Inc. 132,323
------------------
385,818
------------------
Insurance Brokers (0.08%)
954 Alexander & Alexander Services, Inc. 18,007
2,204 Marsh & McLennan Cos., Inc. 207,176
------------------
225,183
------------------
Leisure Time (0.03%)
1,196 Bally Entertainment Corp.* 24,967
2,386 Brunswick Corp. 52,492
415 Outboard Marine Corp. 8,196
------------------
85,655
------------------
Machine Tools (0.01%)
648 Cincinnati Milacron, Inc. 17,091
707 Giddings & Lewis Co. 13,124
------------------
30,215
------------------
Machinery (Diversified) (0.35%)
724 Briggs & Stratton Corp. 32,851
5,852 Caterpillar, Inc. 374,528
2,380 Cooper Industries, Inc. 101,150
6,650 Deere & Co. 258,519
1,196 Harnischfeger Industries, Inc. 48,438
2,952 Ingersoll-Rand Co. 114,390
825 Varity Corp.* 35,166
------------------
965,042
------------------
Manufacturing (Diversified Industries) ( 0.34%)
1,419 Case Corp. 71,660
657 Crane Company 27,265
2,517 Dover Corp. 129,626
882 Fleetwood Enterprises, Inc. 23,153
2,460 Illinois Tool Works, Inc. 165,435
1,168 Johnson Controls, Inc. 83,512
1,129 Millipore Corp. 47,277
241 Nacco Industries, Inc. 15,213
3,356 Pall Corp. 93,968
1,569 Parker Hannifin Corp. 66,290
785 Timken Co. 31,106
595 Trinova Corp. 20,974
4,180 Tyco International Ltd. 161,452
------------------
936,931
------------------
Medical Products & Supplies (0.46%)
1,575 Bard (C.R.), Inc. 57,487
1,860 Bausch & Lomb, Inc. 74,168
7,218 Baxter International, Inc. 319,396
1,935 Becton, Dickinson & Co. 156,009
3,728 Biomet, Inc.* 54,988
3,293 Boston Scientific Corp.* 142,011
6,016 Medtronic, Inc. 319,600
1,843 St. Jude Medical, Inc.* 67,270
1,403 Sigma Aldrich Corp. 75,762
------------------
1,266,691
------------------
Metals Miscellaneous (0.10%)
954 ASARCO, Inc. 31,601
2,082 Cyprus Amax Minerals Co. 56,474
2,621 Inco Ltd. 88,131
1,487 Phelps Dodge Corp. 109,295
------------------
285,501
------------------
Miscellaneous (1.97%)
3,501 Alco Standard Corp. 202,620
2,036 Allergan, Inc. 72,024
7,162 Allied-Signal, Inc. 416,291
1,667 American Greetings Corp. 46,051
6,858 Amgen Corp.* 394,335
3,468 Block (H.R.), Inc. 121,814
6,623 Corning, Inc. 230,149
4,944 CUC International, Inc. * 162,534
2,335 Deluxe Corp. 81,725
3,108 Dial Corp. 87,413
4,362 Donnelley (R.R.) & Sons Co. 157,032
1,415 E G & G, Inc. 31,130
333 Eastern Enterprises 11,946
2,193 Eastman Chemical Co. 147,479
8,920 Eastman Kodak Co. 682,380
1,077 General Signal Corp. 40,926
1,901 Harcourt General Corp. 83,644
785 Harland (John H.) Co. 20,606
695 Harris Corp. 42,916
2,056 Interpublic Group 96,118
808 Jostens, Inc. 18,180
1,087 Kerr-McGee Corp. 69,432
3,452 Loews Corp. 263,215
742 Louisiana Land & Exploration Co. 40,161
9,344 Minnesota Mining &
Manufacturing Co. 614,368
2,115 Pioneer Hi-Bred International Corp. 117,911
949 Polaroid Corp. 42,705
5,084 Price / Costco Inc.* 96,596
2,611 Service Corp. International 138,709
544 Springs Industries, Inc. 25,024
1,785 TRW, Inc. 167,567
1,396 U S Surgical Corp. 51,652
10,273 Viacom, Inc. Class B* 421,193
3,868 Whitman Corp. 97,667
2,444 The Williams Cos., Inc. 124,950
------------------
5,418,463
------------------
Office Equipment & Supplies (0.28%)
2,205 Moore Corp. Ltd. 40,241
4,784 Pitney Bowes, Inc. 233,220
3,460 Xerox Corp. 506,890
------------------
780,351
------------------
Oil & Gas Drilling (0.02%)
511 Helmerich & Payne, Inc. 18,843
2,656 Rowan Companies, Inc.* 39,176
------------------
58,019
------------------
Oil (Exploration & Production) (0.09%)
2,684 Burlington Resources, Inc. 99,979
2,959 Oryx Energy Co.* 47,344
1,947 Santa Fe Energy Resources, Inc.* 23,364
1,196 Western Atlas, Inc.* 71,760
------------------
242,447
------------------
Oil (Domestic Integrated) (0.67%)
3,075 Amerada Hess Corp. 174,122
1,316 Ashland Inc. 54,120
4,590 Atlantic Richfield Co. 540,473
9,106 Occidental Petroleum Corp. 234,479
909 Pennzoil Co. 40,223
7,475 Phillips Petroleum Co. 310,213
2,255 Sun Co., Inc. 69,905
8,569 USX-Marathon Group 188,518
6,999 Unocal Corp. 224,843
------------------
1,836,896
------------------
Oil (International Integrated) (2.91%)
10,501 Amoco Corp. 766,573
16,323 Chevron Corp. 946,734
31,225 Exxon Corp. 2,654,125
9,858 Mobil Corp. 1,133,670
13,501 Royal Dutch Petroleum Co. 1,934,018
6,459 Texaco, Inc. 552,245
------------------
7,987,365
------------------
Oil Well Equipment & Services (0.36%)
4,046 Baker Hughes, Inc. 128,460
5,207 Dresser Industries, Inc. 165,973
3,268 Halliburton Co. 187,502
1,324 McDermott International, Inc. 27,804
5,389 Schlumberger Ltd. 475,579
------------------
985,318
------------------
Paper & Forest Products (0.65%)
1,196 Boise Cascade Corp. 55,614
1,794 Champion International Corp. 86,561
2,320 Georgia-Pacific Corp. 180,380
6,883 International Paper Co. 274,460
2,034 James River Corp. 54,409
7,988 Kimberly-Clark Corp. 580,128
1,996 Louisiana Pacific Corp. 50,149
1,190 Mead Corp. 66,194
662 Potlatch Corp. 28,218
1,549 Union Camp Corp. 84,227
2,267 Westvaco Corp. 70,277
5,211 Weyerhaeuser Co. 257,944
------------------
1,788,561
------------------
Pollution Control (0.26%)
4,837 Browning-Ferris Industries, Inc. 155,993
6,064 Laidlaw, Inc. Class B 63,672
13,857 WMX Technologies, Inc. 481,531
------------------
701,196
------------------
Publishing (0.33%)
4,737 Dun & Bradstreet Corp. 288,365
2,806 McGraw-Hill, Inc. 123,815
711 Meredith Corp. 32,262
11,059 Time Warner, Inc. 452,037
------------------
896,479
------------------
Publishing (Newspapers) (0.29%)
2,717 Dow Jones & Co., Inc. 101,548
3,966 Gannett Co., Inc. 271,175
1,483 Knight-Ridder, Inc. 107,332
2,211 New York Times Co. Class A 71,857
2,838 Times Mirror Co. Class A 120,970
1,872 Tribune Co. 130,572
------------------
803,454
------------------
Restaurants (0.35%)
606 Luby's Cafeterias, Inc. 14,544
18,048 McDonald's Corp. 864,048
1,409 Ryan's Family Steak Houses, Inc.* 13,562
1,209 Shoney's, Inc.* 13,450
2,520 Wendys International, Inc. 48,195
------------------
953,799
------------------
Retail Stores (Department) (0.33%)
2,805 Dillard Dept. Stores, Inc. Class A 112,551
6,486 May Department Stores Co. 330,786
756 Mercantile Stores Co., Inc. 47,155
2,193 Nordstrom, Inc. 111,569
6,001 J.C. Penney Co. 297,049
------------------
899,110
------------------
Retail Stores (Drugs) (0.11%)
644 Longs Drug Stores Corp. 29,141
2,186 Rite Aid Corp. 64,760
6,413 Walgreen Co. 205,216
------------------
299,117
------------------
Retail Stores (Food Chains) (0.29%)
7,321 Albertson's, Inc. 281,859
4,281 American Stores Co. 142,878
1,711 Giant Food, Inc. Class A 54,538
898 Great Atlantic & Pacific Tea Co., Inc. 31,318
3,185 Kroger Co.* 130,983
4,435 Winn-Dixie Stores, Inc. 146,355
------------------
787,931
------------------
Retail Stores (General Merchandise) (0.82%)
1,907 Dayton-Hudson Corp. 182,119
13,417 K Mart Corp. 135,847
10,003 Sears, Roebuck & Co. 498,900
59,622 Wal-Mart Stores, Inc. 1,423,475
------------------
2,240,341
------------------
Retail Stores (Specialty) (0.48%)
2,539 Circuit City Stores, Inc. 80,613
12,256 Home Depot, Inc. 580,628
4,709 Lowes Companies, Inc. 152,454
2,672 Melville Corp. 103,874
1,628 Pep Boys-Manny, Moe & Jack 54,334
1,615 Tandy Corp. 83,778
7,185 Toys R Us, Inc.* 200,282
3,462 Woolworth Corp. 66,211
------------------
1,322,174
------------------
Retail Stores (Speciality-Apparel) (0.15%)
2,758 Charming Shoppes, Inc. 17,755
8,443 Gap (The), Inc. 254,345
4,528 Limited, Inc. 93,956
1,828 TJX Companies, Inc. 53,926
------------------
419,982
------------------
Shoes (0.15%)
421 Brown Group, Inc. 6,736
3,899 NIKE, Inc. Class B 341,163
2,047 Reebok Int'l. Ltd. 59,363
1,031 Stride Rite Corp. 9,923
------------------
417,185
------------------
Steel (0.11%)
3,142 Armco, Inc.* 17,674
2,374 Bethlehem Steel Corp.* 32,346
876 Inland Steel Industries, Inc. 21,571
2,489 Nucor Corp. 140,006
1,785 USX-U.S. Steel Group 58,905
2,026 Worthington Industries, Inc. 41,280
------------------
311,782
------------------
Telecommunications
39,731 A T & T Co. 2,433,524
16,926 MCI Communications Corp. 498,259
9,092 Sprint Corp. 383,000
5,664 WorldCom, Inc. 266,208
------------------
3,580,991
------------------
Textile (Apparel Manufacturers) (0.08%)
1,755 Fruit of the Loom, Inc. Class A* 46,288
1,469 Liz Claiborne, Inc. 53,435
898 Russell Corp. 23,348
1,503 V.F. Corp. 85,671
------------------
208,742
------------------
Tobacco (0.86%)
5,536 American Brands, Inc. 230,436
21,209 Philip Morris Cos., Inc. 1,911,461
6,492 UST, Inc. 207,744
------------------
2,349,641
------------------
Toys (0.10%)
2,489 Hasbro, Inc. 91,471
7,014 Mattel, Inc. 182,364
------------------
273,835
------------------
Total Industrial 95,936,396
------------------
TRANSPORTATION (0.79%)
Airlines (0.15%)
2,047 AMR Corp.* 182,695
1,342 Delta Air Lines, Inc. 107,863
3,656 Southwest Airlines Co. 108,766
1,384 USAir Group, Inc.* 24,566
------------------
423,890
------------------
Railroads (0.54%)
3,611 Burlington Northern Santa Fe Corp. 315,962
5,992 CSX Corp. 307,090
1,968 Conrail, Inc. 137,268
3,738 Norfolk Southern Corp. 313,992
5,919 Union Pacific Corp. 403,232
------------------
1,477,544
------------------
Truckers (0.03%)
898 Caliber System 36,032
1,050 Consolidated Freightways, Inc. 27,431
662 Yellow Corp. 8,109
------------------
71,572
------------------
Transportation (Miscellaneous) (0.07%)
1,482 Federal Express Corp.* 119,671
2,174 Ryder System, Inc. 63,318
------------------
182,989
------------------
Total Transportation 2,155,995
------------------
UTILITIES (4.08%)
Electric Companies (1.43%)
5,237 American Electric Power Co., Inc. 212,753
4,205 Baltimore Gas & Electric Co. 110,907
3,804 Carolina Power & Light Co. 136,944
4,683 Central & South West Corp. 127,612
4,357 Cinergy Corp. 126,353
4,122 Consolidated Edison Co. of N.Y., Inc. 121,084
3,745 DTE Energy Co. 116,095
4,278 Dominion Resources, Inc. 164,703
5,099 Duke Power Co. 239,653
11,147 Edison International 178,352
6,404 Entergy Corp. 169,706
5,237 FPL Group, Inc. 225,846
3,026 General Public Utilities Corp. 96,075
7,371 Houston Industries, Inc. 157,555
4,284 Niagara Mohawk Power Corp. 32,130
1,859 Northern States Power Co. 86,908
3,810 Ohio Edison Co. 79,534
5,580 PECO Energy Co. 138,802
10,679 Pacific Gas & Electric Co. 242,947
7,139 PacifiCorp 142,780
6,119 Public Service Enterprise Group, Inc. 159,859
16,586 Southern Co. 364,892
5,721 Texas Utilities Co. 230,270
5,375 Unicom Corp. 147,813
2,821 Union Electric Corp. 108,961
------------------
3,918,534
------------------
Natural Gas (0.34%)
3,391 Coastal Corp. 134,368
1,500 Columbia Gas Systems, Inc.* 72,938
1,273 Consolidated Natural Gas Co. 59,513
6,401 Enron Corp. 257,640
1,361 ENSERCH Corp. 29,262
1,028 NICOR, Inc. 28,655
4,588 Noram Energy Corp. 50,468
511 ONEOK, Inc. 13,158
2,110 Pacific Enterprises 54,333
3,739 Panhandle Eastern Corp. 121,985
962 Peoples Energy Corp. 30,303
2,104 Sonat, Inc. 91,787
------------------
944,410
------------------
Telephone (2.31%)
12,449 Airtouch Communications Corp.* 389,031
13,879 Ameritech Corp. 810,187
11,025 Bell Atlantic Corp. 716,625
26,705 BellSouth Corp. 1,068,200
24,276 GTE Corp. 1,052,972
10,673 NYNEX Corp. 524,311
10,749 Pacific Telesis Group 368,153
15,233 SBC Communications, Inc. 761,650
11,763 U.S. West Communication Group 385,238
13,468 U.S. West Media Group 262,626
------------------
6,338,993
------------------
Total Utilities 11,201,937
------------------
FINANCIAL (6.21%)
Financial Miscellaneous (1.26%)
12,746 American Express Co. 618,181
6,660 American General Corp. 233,932
4,294 Dean Witter Discover & Co. 234,023
4,719 Federal Home Loan Mortgage 393,447
28,259 Federal National Mortgage
Association 865,432
3,377 Green Tree Financial Corp. 113,974
5,812 MBNA Corp. 164,915
5,772 Merrill Lynch & Co., Inc. 348,484
4,424 Morgan Stanley Group 222,306
2,745 Salomon, Inc. 111,516
2,520 Transamerica Corp. 191,520
------------------
3,497,730
------------------
Life Insurance (0.15%)
1,770 Jefferson-Pilot Corp. 93,367
2,508 Lincoln National Corp. 121,011
3,108 Providian Corp. 143,356
1,292 Torchmark Corp. 55,556
345 USLIFE Corp. 9,703
------------------
422,993
------------------
Major Regional Banks (1.92%)
12,237 Banc One Corp. 425,236
5,498 Bank of New York, Inc. 266,653
2,805 Barnett Banks, Inc. 177,767
3,788 Boatmen's Bancshares, Inc. 146,785
4,624 CoreStates Financial Corp. 180,336
3,108 Fifth Third Bancorp 171,717
4,388 First Bank System, Inc. 264,377
4,496 First Union Corp. 276,504
7,312 Fleet Financial Group 314,416
6,448 Keycorp 249,054
4,288 National City Corp. 158,120
7,766 NationsBank Corp. 619,339
10,264 Norwest Corp. 370,787
6,356 PNC Financial Corp. 192,269
3,268 Suntrust Banks, Inc. 230,394
2,600 U.S. Bancorp, Inc. 84,175
5,519 Wachovia Corp. 242,836
3,674 Wells Fargo & Co. 891,404
------------------
5,262,169
------------------
Money Center Banks (1.04%)
2,580 Bankers Trust N.Y. Corp. 178,987
12,379 Chase Manhattan 852,604
12,068 Citicorp 950,355
8,966 First Chicago NBD Corp. 369,848
5,375 Morgan (J.P.) & Co., Inc. 452,172
1,067 Republic New York Corp. 63,353
------------------
2,867,319
------------------
Multi-Line Insurance (0.92%)
2,885 Aetna Life & Casualty Co. 205,556
10,950 Allstate Corp. 425,681
11,939 American International Group, Inc. 1,090,926
1,764 CIGNA Corp. 199,994
8,280 Travelers, Inc. 509,220
1,764 Unum Corp. 104,958
------------------
2,536,335
------------------
Other Major Banks (0.44%)
2,891 Bank of Boston Corp. 139,852
10,831 BankAmerica Corp. 820,448
4,376 Mellon Bank Corp. 235,210
------------------
1,195,510
------------------
Personal Loans (0.11%)
1,784 Beneficial Corp. 98,566
2,763 Household International, Inc. 190,992
------------------
289,558
------------------
Property-Casualty Insurance (0.28%)
2,174 The Chubb Corp. 205,715
2,040 General Re Corp. 291,465
3,206 SAFECO Corp. 105,798
2,110 St. Paul Companies, Inc. 112,094
3,135 USF&G Corp. 49,768
------------------
764,840
------------------
Savings & Loans Companies (0.09%)
3,110 Ahmanson (H.F.) & Co. 73,863
1,549 Golden West Financial Corp. 81,516
3,529 Great Western Financial Corp. 81,167
------------------
236,546
------------------
Total Financial 17,073,000
------------------
Total Common Stock (cost $93,948,148) 126,367,328
------------------
SHORT-TERM INVESTMENTS, (53.98%)
Repurchase Agreement, (10.34%)(b)
$28,400,000 Sanwa-BGK Securities Co.,
5.30%; 5/1/96 (cost $28,400,000
maturity value $28,404,181) $ 28,400,000
United States Treasury Bills (43.64%)(c)
111,000,000 4.93%; 5/30/96 (cost $110,560,070) 110,560,070
8,000,000 5.02%; 7/05/96 (cost $7,927,706) 7,927,706
1,000,000 5.22%; 5/30/96 (cost $995,803) 995,803
350,000 4.99%; 6/13/96 (cost $347,922) 347,922
------------------
Total United States Treasury Bills
(cost $119,831,501) 119,831,501
------------------
Total Short-term Investments
(cost $148,231,501) 148,231,501
------------------
Total Investments (cost $242,179,649)
(99.99%)(a) 274,598,829
Other Assets Less Liabilities (0.01%) 9,444
------------------
Net Assets (100%) $274,608,273
==================
*Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $242,179,649.
At April 30, 1996 unrealized appreciation (depreciation) of secu-
rities for federal income tax purposes is as follows:
Gross unrealized appreciation..........$33,108,213
Gross unrealized depreciation ............(689,033)
Net unrealized appreciation $32,419,180
(b) The Repurchase Agreement is collateralized by obligations of
the United Sates government and its agencies with a market
value of $28,974,756 which exceeds the value of the repurchase
agreement. It is the Fund's policy to always receive, as collater-
al, 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 April 30, 1996, the market value of $9,271,431 of the U.S.
Treasury Bills were pledged to cover margin requirements for
futures contracts.
Futures contracts at April 30, 1996:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Depreciation
------------
S&P Stock Index:
385/Jun/Sell $(2,156,000)
===========
</TABLE>
April 30, 1996
(Unaudited)
The Rightime
Social Awareness Fund
Portfolio of Investments
Principal Value
Amount (Note 1)
- -------------- ---------------
SHORT-TERM INVESTMENTS (99.94%)
Repurchase Agreement (11.14%)(b)
$ 900,000 Sanwa-BGK Securities Co.
5.30%; 5/1/96 (cost $900,000;
maturity value $900,133) $ 900,000
United States Treasury Bills (88.80%)
7,000,000 4.93%;5/30/96 (cost $6,972,257) 6,972,257
200,000 5.25%;5/02/96 (cost $199,971) 199,971
-----------
Total United States Treasury Bills
(cost $7,172,228) 7,172,228
-----------
Total Short-term Investments
(cost $8,072,228) 8,072,228
-----------
Total Investments (cost $8,072,228)
(99.94%)(a) 8,072,228
Other Assets Less Liabilities (0.06%) 4,912
-----------
Net Assets (100.00%) $8,077,140
===========
(a) Aggregate cost for federal income tax purposes is $8,072,228.
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of
$921,044 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.
See accompanying notes to financial statements
April 30, 1996
(Unaudited)
The Rightime Midcap Fund
Portfolio of Investments
Principal Value
Amount (Note 1)
- ------------- -------------
SHORT-TERM INVESTMENTS (99.81%)
Repurchase Agreement (11.49%)(b)
$ 9,200,000 Sanwa-BGK Securities Co.
5.30%; 5/1/96 (cost $9,200,000;
maturity value $9,201,354) $ 9,200,000
United States Treasury Bills (88.32%)
70,000,000 4.93%;5/30/96 (cost $69,722,567) 69,722,567
1,000,000 5.22%;5/30/96 (cost $995,803) 995,803
-------------
Total United States Treasury Bills
(cost $70,718,370) 70,718,370
-------------
Total Short-term Investments
(cost $79,918,370) 79,918,370
-------------
Total Investments (cost $79,918,370)
(99.81%)(a) 79,918,370
Other Assets Less Liabilities (0.19%) 155,950
-------------
Net Assets (100.00%) $80,074,320
=============
(a) Aggregate cost for federal income tax purposes is $79,918,370.
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of
$9,386,436 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.
See accompanying notes to financial statements
<TABLE>
<CAPTION>
Statement of Assets and Liabilities
The Rightime
Government The Rightime
The Rightime Securities Blue Chip
Fund Fund Fund
--------------- --------------- ---------------
<S>
ASSETS <C> <C> <C>
Investments in securities, at market value
(Identified cost $165,271,808, $14,674,812
and $242,179,649, respectively) (Note 1) $169,053,023 $14,167,960 $274,598,829
Cash 6,472 9,593 79,407
Receivables:
Dividends and interest 165,062 107,748 291,658
Fund shares sold 148,050 10,391 473,926
Variation margin -- 48,125 --
Prepaid expenses and other assets 37,527 5,811 59,768
--------------- --------------- ---------------
Total assets 169,410,134 14,349,628 275,503,588
--------------- --------------- ---------------
LIABILITIES
Payables:
Fund shares repurchased 386,423 66,124 540,572
Variation margin 33,000 -- 231,000
Accrued expenses 51,414 (14,728) 110,281
Other liabilities 9,107 1,858 13,462
--------------- --------------- ---------------
Total liabilities 479,944 53,254 895,315
--------------- --------------- ---------------
NET ASSETS (applicable to 4,330,397;
1,126,796; and 7,845,199 outstanding
shares, respectively) (Note 4) $168,930,190 $14,296,374 $274,608,273
=============== ==================================
Net asset value and redemption price per share $39.01 $12.69 $35.00
====== ====== ======
Maximum offering price per share $39.01 $13.32 (1) $36.75 (1)
====== ====== ======
NET ASSETS
At April 30, 1996 net assets consisted of:
Paid-in capital $128,912,346 $19,842,653 $204,304,655
Undistributed net investment income 157,958 4,613 899,154
Undistributed net realized
gains (losses) on investments 36,511,671 (5,453,103) 39,141,284
Net unrealized appreciation
(depreciation) of investments 3,781,215 (506,852) 32,419,180
Net unrealized appreciation
(depreciation) of futures contracts (433,000) 409,063 (2,156,000)
--------------- --------------- ------------
$168,930,190 $14,296,374 $274,608,273
=============== ==================================
(1) Net asset value, plus 4.99% of net asset value or 4.75% of offering price.
See accompanying notes to financial statements
April 30, 1996 (Unaudited)
The Rightime
Social The Rightime
Awareness MidCap
Fund Fund
--------------- ---------------
ASSETS
Investments in securities,
at market value '(Identified cost $8,072,228
and $79,918,370, respectively) (Note 1) $8,072,228 $79,918,370
Cash 61,548 81,460
Receivables:
Dividends and interest 3,930 21,793
Fund shares sold 4,414 219,010
Investment securities sold 1,539 17,476
Prepaid expenses and other assets 1,790 18,090
Deferred organization costs -- 3,974
--------------- ---------------
Total assets 8,145,449 80,280,173
--------------- ---------------
LIABILITIES
Payables:
Fund shares repurchased 67,912 187,245
Accrued expenses -25 16,083
Other liabilities 422 2,525
--------------- ---------------
Total liabilities 68,309 205,853
--------------- ---------------
NET ASSETS (applicable to 226,431; and 2,330,524
outstanding shares, respectively) (Note 4) $8,077,140 $80,074,320
=============== ===============
Net asset value and redemption price per share $35.67 $34.36
====== ======
Maximum offering price per share $37.45 (1) $36.07 (1)
====== ======
NET ASSETS
At April 30, 1996 net assets consisted of:
Paid-in capital $6,102,171 $63,879,871
Undistributed net investment income 4,945 108,026
Undistributed net realized gains on investments 1,970,024 16,086,423
--------------- ---------------
$8,077,140 $80,074,320
=============== ===============
(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>
Statement of Operations
The Rightime
Government The Rightime
The Rightime Securities Blue Chip
Fund Fund Fund
---------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income
Dividends $4,678,776 $ -- $2,655,411
Interest 533,054 522,646 1,011,723
---------------------------------------------
Total income 5,211,830 522,646 3,667,134
---------------------------------------------
EXPENSES
Administrative services (Note 2) 776,784 62,594 1,133,082
Distribution costs -- service charge (Notes 2 and 3) 408,834 29,657 333,259
Investment advisory fees (Note 2) 408,834 33,384 666,519
Distribution costs -- 12b-1 (Notes 2 and 3) 204,417 -- 333,259
Transfer agent fees (Note 2) 99,182 14,887 173,731
Accounting services (Note 2) 29,356 8,924 42,345
Legal and audit fees 17,017 3,951 12,803
Insurance 12,161 1,594 9,709
Reports to shareholders 10,027 1,383 8,156
Custody fees 9,088 2,682 6,210
Registration fees 6,753 4,596 5,166
Directors fees 6,230 796 4,876
Miscellaneous 3,236 221 22,629
---------------------------------------------
Total expenses 1,991,919 164,670 2,751,744
---------------------------------------------
Net investment income 3,219,911 357,976 915,390
---------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain from security transactions 28,371,370 740,614 37,644,729
Capital gain distribution from regulated investment companies 7,664,930 -- --
Net realized gain on futures contracts 515,112 82,646 1,493,844
Decrease in unrealized appreciation of investments (25,792,369) (1,536,930) (11,998,162)
Increase (decrease) in unrealized appreciation of futures contracts (503,000) 397,719 (2,196,000)
---------------------------------------------
Net gain (loss) on investments 10,256,043 (315,951) 24,944,411
---------------------------------------------
Net increase in net assets resulting
from operations $13,475,954 $42,025 $25,859,801
=============================================
See accompanying notes to financial statements
For Six Months Ended April 30, 1996 (Unaudited)
The Rightime The Rightime
Social Awarenes MidCap
Fund Fund
------------------------------
INVESTMENT INCOME
Income
Dividends $61,393 $569,517
Interest 36,598 419,451
------------------------------
Total income 97,991 988,968
------------------------------
EXPENSES
Administrative services (Note 2) 33,227 331,936
Distribution costs -- service charge (Notes 2 and 3) 9,773 97,628
Investment advisory fees (Note 2) 19,545 195,256
Distribution costs -- 12b-1 (Notes 2 and 3) 9,773 97,628
Transfer agent fees (Note 2) 5,690 60,594
Accounting services (Note 2) 6,393 22,851
Legal and audit fees 1,541 8,649
Insurance 148 5,987
Reports to shareholders 290 4,999
Custody fees 1,050 10,622
Registration fees 2,226 5,343
Directors fees 147 3,032
Organization costs -- 3,279
Miscellaneous 3,243 446
------------------------------
Total expenses 93,046 848,250
------------------------------
Net investment income 4,945 140,718
------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain from security transactions 1,911,889 15,611,635
Net realized gain on futures contracts 57,305 181,498
Decrease in unrealized appreciation of investments (1,099,843) (10,246,725)
Increase (decrease) in unrealized appreciation of futures contracts (375) 270,000
------------------------------
Net gain on investments 868,976 5,816,408
------------------------------
Net increase in net assets resulting
from operations $873,921 $5,957,126
==============================
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of Changes in Net Assets
The The Rightime The Rightime
Rightime Fund Government Securities Fund Blue Chip Fund
------------------------------------------------------------------------------------------------
For Six Months For Six Months For Six Months
Ended For Ended For Ended For
April 30, 1996 Year Ended April 30, 1996 Year Ended April 30, 1996 Year Ended
(Unaudited) October 31, 1995 (Unaudited) October 31, 1995 (Unaudited) October 31, 1995
------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $3,219,911 $ (406,446) $357,976 $1,210,877 $915,390 $2,641,195
Net realized gain from security
transactions 28,371,370 615,857 740,614 1,255,938 37,644,729 4,771,678
Capital gain distributions from
regulated investment companies 7,664,930 1,472,323 -- -- -- --
Net realized gain (loss) on
futures contracts 515,112 2,701,095 82,646 (2,616,264) 1,493,844 2,009,198
Net increase (decrease) in
unrealized appreciation
of investments (25,792,369) 26,783,886 (1,536,930) 2,240,062 (11,998,162) 37,365,574
Net increase (decrease) in
unrealized appreciation of
futures contracts (503,000) 195,550 397,719 (772,625) (2,196,000) 290,850
------------------------------------------------------------------------------------------------
Net increase in net assets
resulting from operations 13,475,954 31,362,265 42,025 1,317,988 25,859,801 47,078,495
Undistributed investment income
included in price of shares
and repurchased -- -- (12,560) (50,176) -- --
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized
gains sold on investments (3,942,772) (19,759,638) -- -- (7,029,015) (38,462,845)
Distributions from net
investment income (3,061,953) (1,232,709) (468,154) (1,105,663) (2,080,605) (3,055,769)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net
assets resulting from
capital share transactions
(Note 4) 3,492,922 (611,445) (3,897,796) (7,275,667) 8,238,821 22,377,451
------------------------------------------------------------------------------------------------
Total increase (decrease) 9,964,151 9,758,473 (4,336,485) (7,113,518) 24,989,002 27,937,332
NET ASSETS
Beginning of year 158,966,039 149,207,566 18,632,859 25,746,377 249,619,271 221,681,939
------------------------------------------------------------------------------------------------
End of year * $168,930,190 $158,966,039 $14,296,374 $18,632,859 $274,608,273 $249,619,271
================================================================================================
*Including undistributed net
investment income of: $157,958 -- $4,613 $127,351 $899,154 $2,064,369
================================================================================================
See accompanying notes to
financial statements
</TABLE>
<TABLE>
<CAPTION>
Statement of
Changes in Net Assets (Cont'd)
The Rightime Social Awareness Fund The Rightime MidCap Fund
------------------------------------------------------------------------
For Six Months For Six Months
Ended Ended
April 30, 1996 For Year Ended April 30, 1996 For Year Ended
(Unaudited) October 31, 1995 (Unaudited) October 31, 1995
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $4,945 $22,498 $140,718 $596,646
Net realized gain from security transactions 1,911,889 219,958 15,611,635 1,342,029
Net realized gain on futures contracts 57,305 88,781 181,498 1,296,140
Net increase (decrease) in unrealized
appreciation of investments (1,099,843) 1,099,843 (10,246,725) 10,106,255
Net increase (decrease) in unrealized
appreciation of futures contracts and
written options (375) 375 270,000 (275,150)
------------------------------------------------------------------------
Net increase in net assets
resulting from operations 873,921 1,431,455 5,957,126 13,065,920
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized
gains on investments (126,791) -- (2,345,087) (1,242,938)
Distributions from net investment income -- (121,786) (328,544) (1,037,360)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting from
capital share transactions (Note 4) (48,053) (1,153,378) 1,704,530 (951,411)
------------------------------------------------------------------------
Total increase 699,077 156,291 4,988,025 9,834,211
NET ASSETS
Beginning of year 7,378,063 7,221,772 75,086,295 65,252,084
------------------------------------------------------------------------
End of year * $8,077,140 $7,378,063 $80,074,320 $75,086,295
========================================================================
* Including undistributed net investment income of: $4,945 -- $108,026 $295,852
========================================================================
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Financial
Highlights
(For a Share Outstanding Throughout the Period)
Net
Realized
Net and Distributions Distributions Net
Asset Net Unrealized from from Asset
Value Investment Gain Total Net Realized Value
Beginning Income (Loss) on From Investment Capital Total End Total
of Period (Loss) Investments Operations Income Gains Distributions of Period Return (2)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
The Rightime Fund
1996 (a) $37.55 $0.74 $2.39 $3.13 $(0.73) $(0.94) $(1.67) $39.01 8.57%
1995 35.50 (0.10) 7.21 7.11 (0.30) (4.76) (5.06) 37.55 23.38
1994 37.42 0.29 (0.49) (0.20) .-- (1.72) (1.72) 35.50 (0.48)
1993 34.70 (0.32) 5.47 5.15 (0.05) (2.38) (2.43) 37.42 15.52
1992 37.33 0.06 2.16 2.22 (0.17) (4.68) (4.85) 34.70 6.15
1991 31.82 0.16 7.43 7.59 (0.61) (1.47) (2.08) 37.33 25.21
- ---------------------------------------------------------------------------------------------------------------------------------
The Rightime Government Securities Fund
1996 (a) $13.06 $0.32 $(0.32) $ .-- $(0.37) $ .-- $(0.37) $12.69 (0.11)%
1995 12.93 0.68 0.08 0.76 (0.63) .-- (0.63) 13.06 6.00
1994 14.31 0.61 (1.34) (0.73) (0.65) .-- (0.65) 12.93 5.15
1993 13.16 0.66 1.21 1.87 (0.72) .-- (0.72) 14.31 14.60
1992 12.86 0.71 0.19 0.90 (0.60) .-- (0.60) 13.16 7.20
1991 12.63 0.82 0.17 0.99 (0.76) .-- (0.76) 12.86 8.14
1990 14.97 0.85 (1.85) (1.00) (0.88) (0.46) (1.34) 12.63 (7.13)
- ---------------------------------------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1996 (a) 32.84 0.12 3.25 3.37 $(0.28) $(0.93) $(1.20) 35.00 10.40%
1995 33.08 0.35 5.66 6.01 (0.46) (5.79) (6.25) 32.84 22.31
1994 33.14 0.39 (0.04) 0.35 (0.23) (0.18) (0.41) 33.08 1.06
1993 29.70 0.26 3.41 3.67 (0.23) .-- (0.23) 33.14 12.41
1992 28.22 0.25 1.55 1.80 (0.32) .-- (0.32) 29.70 6.41
1991 26.23 0.32 4.53 4.85 (0.55) (2.31) (2.86) 28.22 20.27
- ---------------------------------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1996 (a) 32.37 0.02 3.84 3.86 $ .-- $(0.56) $(0.56) 35.67 12.04%
1995 26.84 0.08 5.91 5.99 (0.46) .-- (0.46) 32.37 22.70
1994 29.07 0.33 (0.72) (0.39) .-- (1.84) (1.84) 26.84 (1.27)
1993 29.64 (0.02) 1.76 1.74 (0.04) (2.27) (2.31) 29.07 5.82
1992 25.56 0.12 4.30 4.42 (0.23) (0.11) (0.34) 29.64 17.43
1991 22.29 0.16 3.51 3.67 (0.40) .-- (0.40) 25.56 16.69
- ---------------------------------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1996 (a) 32.95 0.06 2.53 2.59 $(0.15) $(1.03) $(1.18) 34.36 8.00%
1995 28.44 0.26 5.25 5.51 (0.45) (0.55) (1.00) 32.95 20.07
1994 31.07 0.32 (0.78) (0.46) .-- (2.17) (2.17) 28.44 1.38
1993 27.08 (0.03) 4.80 4.77 (0.05) (0.73) (0.78) 31.07 17.93
1992 (1) 25.00 0.03 2.07 2.10 (0.02) .-- (0.02) 27.08 8.40
- ---------------------------------------------------------------------------------------------------------------------------------
* Based on average monthly shares
(a) For six months ended April 30, 1996 (Unaudited)
(1) Inception of fund was November 11, 1991
(2) Excludes sales charge
See accompanying notes to financial statements
April 30, 1996
</TABLE>
<TABLE>
<CAPTION>
Financial Highlights (Cont'd)
April 30, 1996 (Unaudited)
RATIOS
-------------------------------------------------------------------------------------
Net Assets Expenses Net Investment Average
At The to Average Income To Portfolio Commission
End Of Period Net Assets Average Net Assets Turnover Rate
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Rightime Fund
1996 (a) $168,930,190 2.43%** 3.92%** 9.12% N/A
1995 158,966,039 2.47 -0.27 9.45 .--
1994 149,207,566 2.51 0.78 11.5 .--
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
1996 (a) $14,296,374 1.97%** 4.29%** 45.03% N/A
1995 18,632,859 1.9 5.29 77.98 .--
1994 25,746,377 1.9 4.62 216.7 .--
1993 33,934,808 1.98 4.72 120.8 .--
1992 30,312,806 2.03 5.53 126.25 .--
1991 42,234,866 1.82 5.55 309.57 .--
1990 49,625,703 1.85 6.32 420.13 .--
- -----------------------------------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1996 (a) $274,608,273 2.06%** 0.68%** 0.99% $0.0304(2)
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 1.3 34.07 .--
- -----------------------------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1996 (a) $8,077,140 2.37%** 0.13%** 54.33% $0.0500(2)
1995 7,378,063 2.75 0.32 36.49 .--
1994 7,221,772 2.56 1.04 54.85 .--
1993 10,556,506 2.4 -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
1996 (a) $80,074,320 2.17%** 0.36%** 4.19% $0.0211(2)
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** 35.1 .--
- -----------------------------------------------------------------------------------------------------------------------------
** Annualized
(a) For six months ended April 30, 1995 (Unaudited)
(1) Inception of fund was November 11, 1991
(2) Average commission rate paid is presented for fiscal period beginning November 1, 1995 in conformance with
requirements issued by the SEC. Not annualized.
See accompanying notes to financial statements
</TABLE>
April 30, 1996
(Unaudited)
Rightime Notes to Financial Statements
Family of Funds
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 April 30, 1996, 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, wash sales 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 Fee
------ ---------- --------
The Rightime Fund .50% .95% .75%
The Rightime
Government
Securities Fund .40% .75% .25%
The Rightime
Blue Chip .50% .85% .50%
The Rightime Social
Awareness Fund .50% .85% .50%
The Rightime
MidCap Fund .50% .85% .50%
During the six month period ended April 30, 1996, the Distributor
received commissions as an underwriter and a retail dealer of Fund
shares as follows:
The Rightime Government
Securities Fund $ 18,849
The Rightime Blue Chip $ 463,117
The Rightime Social Awareness Fund $ 15,081
The Rightime MidCap Fund $ 117,849
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
$318,109 and $109,869, respectively. During the year ended April 30,
1996, Lincoln Investment Planning, Inc. waived fees of $5,125 and
$6,392, respectively, for transfer agent and accounting and
recordkeeping 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.
Notes to Financial Statements - Continued April 30, 1996
(Unaudited)
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.
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:
<TABLE>
<CAPTION>
The Rightime Fund
------------------------------------------------------------
1996 1995
------------------------------------------------------------
Shares Value Shares Value
------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares sold 228,608 $8,740,226 409,374 $13,557,231
Shares issued in reinvestment
of distributions 187,567 6,953,122 685,260 20,831,897
------------------------------------------------------------
416,175 15,693,348 1,094,634 34,389,128
Shares redeemed (318,843) (12,200,426) (1,064,345) (35,000,573)
------------------------------------------------------------
Net increase (decrease) 97,332 $3,492,922 30,289 $ (611,445)
============================================================
The Rightime Government Securities Fund
------------------------------------------------------------
1996 1995
------------------------------------------------------------
Shares Value Shares Value
------------------------------------------------------------
Shares sold 38,723 $506,949 153,514 $1,974,518
Shares issued in reinvestment
of distributions 33,180 437,319 79,761 1,029,755
------------------------------------------------------------
71,903 944,268 233,275 3,004,273
Shares redeemed (371,440) (4,842,064) (798,905) (10,279,940)
------------------------------------------------------------
Net increase (decrease) (299,537) $(3,897,796) (565,630) $ (7,275,667)
============================================================
The Rightime Blue Chip Fund
------------------------------------------------------------
1996 1995 1996 1995
------------------------------------------------------------
Shares Value Shares Value
------------------------------------------------------------
Shares sold 431,858 $15,005,674 940,978 $27,663,228
Shares issued in reinvestment
of distributions 268,845 9,038,160 1,532,344 41,281,332
------------------------------------------------------------
700,703 24,043,834 2,473,322 68,944,560
Shares redeemed (455,836) (15,805,013) (1,573,784) (46,567,109)
------------------------------------------------------------
Net increase (decrease) 244,867 $8,238,821 899,538 $22,377,451
============================================================
The Social Awareness Fund
------------------------------------------------------------
Shares Value Shares Value
------------------------------------------------------------
Shares sold 16,752 $586,250 28,167 $796,038
Shares issued in reinvestment
of distributions 3,714 124,495 4,339 114,769
------------------------------------------------------------
20,466 710,745 32,506 910,807
Shares redeemed (21,974) (758,798) (73,654) (2,064,185)
------------------------------------------------------------
Net increase (decrease) (1,508) $ (48,053) (41,148) $(1,153,378)
============================================================
The Rightime MidCap Fund
------------------------------------------------------------
1996 1995
------------------------------------------------------------
Shares Value Shares Value
------------------------------------------------------------
Shares sold 125,978 $4,300,717 364,901 $10,596,768
Shares issued in reinvestment
of distributions 80,661 2,665,040 82,517 2,270,886
------------------------------------------------------------
206,639 6,965,757 447,418 12,867,654
Shares redeemed (154,871) (5,261,227) (463,073) (13,819,065)
------------------------------------------------------------
Net increase (decrease) 51,768 $1,704,530 (15,655) $ (951,411)
============================================================
</TABLE>
Notes to Financial Statements -- Continued April 30, 1996
(Unaudited)
NOTE 5 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments
during the six month period ended April 30, 1996
were as
follows:
Purchases Sales
---------- ---------
The Rightime Fund $12,352,403 $147,224,742
The Rightime Government
Securities Fund $ 5,331,750 $ 15,170,848
The Rightime Blue Chip Fund $ 2,204,914 $146,535,685
The Rightime Social
Awareness Fund $ 3,351,920 $ 10,856,514
The Rightime MidCap Fund $ 2,528,379 $ 75,051,763
This page intentionally left blank.
Officers
Rightime and Directors
Family of Funds of the Fund
<TABLE>
<CAPTION>
<S> <C> <C>
Name Position and Office Principal Occupation
and Address with the Fund during the past five years
- ------------- ---------------------- ---------------------------
David J. Rights* Chairman of the Board, Consultant to and registered
1095 Rydal Road President, and representative of Lincoln Investment
Rydal, PA 19046 Treasurer Planning, Inc., a registered 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 Planning
218 Glenside Avenue Inc., a registered investment advisor
Wyncote, PA 19095 and broker dealer.
Francis X. Barrett Director Director and Member of the Finance and
Reading, PA 19805 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 for Senior
Encinitas, CA 92024 High Schools, the Philadelphia School
District.
</TABLE>
- ------------
* "Interested" director as defined
in the Investment Company Act
of 1940 (the "1940 ACT").
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
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