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Previous: DREYFUS GNMA FUND INC, 24F-2NT, 1997-06-25 |
Next: DREW INDUSTRIES INCORPORATED, 8-K, 1997-06-25 |
[RIGHTIME LOGO]
Rightime
Family of Funds
The Rightime Fund
The Rightime Government
Securities Fund
The Rightime Blue Chip Fund
The Rightime Social Awareness Fund
The Rightime MidCap Fund
Semiannual Report
April 30, 1997
[RIGHTIME LOGO]
Rightime
Family of Funds
Table of Contents
Portfolios
Rightime Fund 1
Rightime Government Securities Fund 3
Rightime Blue Chip Fund 4
Rightime Social Awareness Fund 14
Rightime MidCap Fund 15
Financial Statements
Statement of Assets & Liabilities 16
Statement of Operations 18
Statement of Changes in Net Assets 20
Financial Highlights 22
Notes to Financial Statements
Notes & Schedules 24
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 1997
Rightime (Unaudited)
Family of Funds
The Rightime Fund
Portfolio of Investments
- -----------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- --------------
<S> <C> <C> <C>
EQUITY FUNDS: (55.98%)
171,613 Acorn Fund $2,531,289
21 Alliance Quasar Fund 483
410,757 American Century Value Fund 2,747,965
73,610 Babson Value Fund 2,878,145
70,443 Baron Asset Fund 2,480,312
60,584 Brandywine Fund 2,028,341
15,245 Clipper Fund 1,136,184
123,503 Columbia Special 2,332,981
67,960 Dreyfus Appreciation 1,910,364
51,095 Dreyfus New Leaders 1,960,525
47,111 Federated Growth Strategy "A" 1,185,787
47,806 Fidelity Fund 1,245,827
24,009 Fidelity Value 1,272,478
50,726 IDS Growth "A" 1,377,208
198,410 IDS New Dimension Fund "A" 4,261,853
19,597 Janus Twenty 574,768
8,643 Janus Venture 403,376
59,024 Kemper Blue Chip "A" 917,819
42,144 Kemper Dreman High Return "A" 1,184,672
14,484 Kemper Dreman Small Cap "A" 260,993
78,892 Lexington Corporate Leaders 1,358,523
16,768 Lindner Growth Fund 401,755
7,305 Mairs and Power Growth 519,319
343,266 MAS Value 5,876,719
76,718 MFS MIT "A" 1,182,984
167,027 MFS Research "A" 3,140,117
53,428 Mutual Beacon Class Z 727,156
82,922 Neuberger & Berman Genesis 992,574
46,157 Neuberger & Berman Guardian 1,230,547
114,999 New England Value Fund 1,121,245
25,366 Nicholas II 825,920
40,491 Nicholas Limited Edition 826,026
45,562 Parkstone Small Cap "A" 970,933
160,324 Pennsylvania Mutual Fund 1,138,303
147,783 Putnam Fund for Growth &
Income "A" 2,804,930
285,319 Putnam Investors "A" 2,830,369
169,241 Putnam OTC "A" 2,061,353
116,018 Putnam Vista "A" 1,192,667
357,095 Putnam Voyager "A" 5,695,660
45,663 Seligman Capital Fund "A" 736,092
101,149 Seligman Frontier "A" 1,318,984
108,449 Stein Roe Capital Opportunities 2,545,292
56,004 T. Rowe Price Equity Income 1,301,530
52,452 T. Rowe Price MidCap Growth 1,204,294
32,159 T. Rowe Price New America 1,178,958
74,254 T. Rowe Price OTC 1,279,399
111,781 Vanguard US Growth 2,848,189
114,985 Vanguard Windsor II 2,898,783
161,373 William Blair Growth 2,070,416
31,695 WPG Tudor Fund 627,563
--------------
Total Equity Funds
(cost $85,913,629) 85,597,971
--------------
MONEY MARKET FUNDS: (20.68%)
302,489 AIM Money Market Fund 302,489
140,557 Delaware Group Cash Reserve 140,557
2,800,000 Fidelity U.S. Government Reserves 2,800,000
6,250,000 IDS Cash Management Prime Fund 6,250,000
2,250,000 Kemper Government Money Market 2,250,000
5,000,000 MAS Cash Reserve 5,000,000
4,000,000 MFS Money Market Fund 4,000,000
1,000,000 New England Money Market Fund 1,000,000
2,285,159 Oppenheimer Money Market Fund 2,285,159
5,000,000 T. Rowe Price Prime Reserve 5,000,000
2,600,000 Steinroe Cash Reserves 2,600,000
1,950 Value Line Cash Fund 1,950
--------------
Total Money Market Funds
(cost $31,630,155) 31,630,155
--------------
PRINCIPAL
AMOUNT
- ----------
SHORT-TERM INVESTMENTS (23.55%)
Repurchase Agreements (20.96%)(b)
$13,146,000 Sanwa-BGK Securities Co.
5.38%; 5/1/97 (cost $13,146,000;
maturity value $13,147,965) $13,146,000
13,146,000 Smith Barney Inc.
5.42%; 5/1/97 (cost $13,146,000;
maturity value $13,147,979) 13,146,000
5,759,000 CS First Boston Inc.
5.33%; 5/2/97 (cost $5,759,000;
maturity value $5,764,969) 5,759,000
--------------
Total Repurchase Agreements
(cost $32,051,000) 32,051,000
--------------
United States Treasury Bill (2.59%)(c)
4,000,000 5.11%; 7/24/97 (cost $3,952,447) 3,952,447
--------------
Total Short-term Investments
(cost $36,003,447) 36,003,447
--------------
Total Investments (cost $153,547,231)
(100.21%)(a) 153,231,573
Liabilities Less Other Assets (-0.21%) (322,612)
--------------
Net Assets (100.00%) $152,908,961
==============
(a) Aggregate cost for federal income tax purposes is $153,547,231.
At April 30, 1997 unrealized appreciation (depreciation) of
securities for federal income tax purposes is as follows:
Gross unrealized appreciation 2,899,722
Gross unrealized depreciation (3,215,380)
--------------
Net unrealized depreciation $(315,658)
==============
(b) The Repurchase Agreements are collateralized by obligations of
the United States government and its agencies with a market value of
$32,788,299 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, 1997, the market value of $3,952,447 of the U.S.
Treasury Bill was pledged to cover margin requirements for futures
contracts.
Futures contracts at April 30, 1997:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Depreciation
--------------
S&P 500 Stock Index
211/June/Sell $(6,325,450)
==============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
April 30, 1997
[RIGHTIME LOGO] (Unaudited)
Rightime
Family of Funds The Rightime
Government Securities Fund
Portfolio of Investments
- -----------------------------------------------------------------------------------
Principal Value
Amount (Note 1)
- ---------- --------------
<S> <C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (94.87%)
$5,000,000 U.S. Treasury Bond 6.875%;
8/15/25 (cost $4,853,125) $4,907,550
2,000,000 U.S. Treasury Bond 9.25%;
2/15/16 (cost $2,612,500) 2,457,500
--------------
Total U.S. Government Obligations
(cost $7,465,625) 7,365,050
--------------
SHORT-TERM INVESTMENTS (4.64%)
Repurchase Agreements (2.09%)(b)
81,000 Sanwa-BGK Securities Co.
5.38%; 5/1/97 (cost $81,000;
maturity value $81,012) 81,000
81,000 Smith Barney Inc.
5.42%; 5/1/97 (cost $81,000;
maturity value $81,012) 81,000
--------------
Total Repurchase Agreements
(cost $162,000) 162,000
--------------
United States Treasury Bill (2.55%)(c)
200,000 5.15%; 7/10/97 (cost $197,997) 197,997
--------------
Total Short-term Investments
(cost $359,997) 359,997
--------------
Total Investments (cost $7,825,622)
(99.51%)(a) 7,725,047
--------------
Other Assets Less Liabilities (0.49%) 37,786
--------------
Net Assets (100.00%) $7,762,833
==============
(a) Aggregate cost for federal income tax purposes is $7,825,622. At
April 30, 1997 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $ 54,425
Gross unrealized depreciation (155,000)
--------------
Net unrealized depreciation $(100,575)
==============
(b) The Repurchase Agreements are collateralized by obligations of the
United States government and its agencies with a market value of $165,862
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, 1997, the market value of $197,997 of the U.S. Treasury
Bill was pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1997:
(Contracts-$1000 times premium/delivery
month/commitment)
Unrealized
Depreciation
--------------
U.S. Treasury Bonds:
84/June/Sell $(217,875)
==============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 1997
Rightime (Unaudited)
Family of Funds
The Rightime Blue Chip Fund
Portfolio of Investments
- -----------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- --------------
<S> <C> <C> <C>
COMMON STOCK (96.01%)
INDUSTRIALS (73.07%)
Aerospace/Defense (1.91%)
16,282 Boeing Company $ 1,605,812
2,904 General Dynamics Corp. 206,910
9,218 Lockheed Martin Corp. 825,011
9,996 McDonnell Douglas Corp. 593,512
2,528 Northrop Grumman Corp. 211,088
11,043 Raytheon Company 481,751
10,015 Rockwell International Corp. 665,998
11,016 United Technologies Corp. 833,085
--------------
5,423,167
--------------
Aluminum (0.35%)
9,339 Alcan Aluminium Ltd. 316,359
7,228 Aluminum Co. of America 505,057
2,502 Reynolds Metals Co. 169,823
--------------
991,239
--------------
Auto Parts After Market (0.30%)
3,986 Cooper Tire & Rubber Corp. 87,692
2,575 Echlin, Inc. 84,009
8,705 Genuine Parts Co. 281,808
7,362 Goodyear Tire & Rubber Co. 387,425
--------------
840,934
--------------
Automobiles (1.68%)
34,238 Chrysler Corp. 1,027,140
50,888 Ford Motor Co. 1,768,358
34,101 General Motors Corp. 1,973,595
--------------
4,769,093
--------------
Beverages (Alcoholic) (0.69%)
22,620 Anheuser-Busch Companies, Inc. 969,832
3,820 Brown-Forman Corp. Class B 192,910
1,884 Coors (Adolph) Co. Class B 43,096
19,564 Seagram Co. Ltd. 748,323
--------------
1,954,161
--------------
Beverages (Soft Drinks) (3.39%)
112,402 Coca-Cola Co. 7,151,577
71,604 PepsiCo, Inc. 2,497,189
--------------
9,648,766
--------------
Broadcast Media (0.21%)
10,851 Comcast Corp. Class A Spl 170,903
3,254 TCI Satellite Entertainment* 24,405
29,541 Tele-Communications, Inc. Class A* 408,035
--------------
603,343
--------------
Building Materials (0.21%)
6,746 Masco Corp. 254,662
2,342 Owens-Corning Fiberglass Corp. 94,851
8,418 Sherwin-Williams Co. 254,645
--------------
604,158
--------------
Chemicals (2.35%)
5,726 Air Products & Chemicals, Inc. 410,840
7,495 Applied Materials, Inc.* 411,288
12,791 Dow Chemical Co. 1,085,636
23,740 Du Pont (E.I.) de Nemours and
Company 2,519,408
2,973 Goodrich (B.F.) Co. 118,548
4,617 Hercules, Inc. 181,794
26,455 Monsanto Company 1,130,951
6,526 Praxair, Inc. 336,905
2,570 Rohm & Haas Co. 213,952
6,095 Union Carbide Corp. 303,988
--------------
6,713,310
--------------
Chemicals (Diversified) (0.39%)
5,014 Avery Dennison Corp. 184,264
6,592 Englehard Corp. 138,432
1,882 FMC Corp. * 126,329
3,980 Mallinckrodt Inc. 144,772
9,345 PPG Industries, Inc. 508,134
--------------
1,101,931
--------------
Chemicals (Specialty) (0.27%)
4,185 Grace (W.R.) & Co. 217,620
2,985 Great Lakes Chemical Corp. 126,489
7,269 Morton International, Inc. 304,389
3,065 Nalco Chemical Co. 110,340
--------------
758,838
--------------
Commercial Services (0.09%)
2,618 Ecolab, Inc. 106,684
2,310 National Service Industries Inc. 97,309
1,206 Ogden Corp. 25,326
1,957 Safety-Kleen Corp. 29,110
--------------
258,429
--------------
Communication (Equipment/Manufacturers) (1.70%)
4,064 Andrew Corp.* 100,584
8,811 Bay Networks, Inc. 156,395
6,236 Cabletron Systems * 215,142
26,609 Cisco Systems, Inc. * 1,377,016
5,264 DSC Communications Corp.* 107,254
25,276 Lucent Technologies Inc. 1,494,444
4,908 NCR Corporation 142,332
12,326 Northern Telecom Ltd. 895,176
3,368 Scientific-Atlanta, Inc. 53,888
7,682 Tellabs, Inc.* 306,320
--------------
4,848,551
--------------
Computer Hardware (0.23%)
4,400 EMC Corp.* 160,050
3,600 Dell Computer Corp. * 301,275
4,100 Seagate Technology * 188,088
--------------
649,413
--------------
Computer Software & Services (3.88%)
9,840 Alltel Corp. 309,960
2,096 Autodesk, Inc. 74,408
13,105 Automatic Data Processing, Inc. 593,001
16,244 Computer Associates
International, Inc. 844,688
2,736 Computer Sciences Corp. * 171,000
14,056 First Data Corp. 484,932
55,282 Microsoft Corp.* 6,716,763
16,425 Novell Inc.* 124,214
29,521 Oracle Systems Corp.* 1,173,460
1,173 Shared Medical Systems Corp. 49,413
7,448 Silicon Graphics Inc. * 110,789
14,240 Sun Microsystems Corp. * 410,290
--------------
11,062,918
--------------
Computer Systems (2.24%)
5,642 Amdahl Corp.* 48,310
5,397 Apple Computer, Inc.* 91,749
2,516 Ceridian Corp.* 83,971
12,059 Compaq Computer Corp.* 1,029,537
1,632 Data General Corp.* 30,600
6,802 Digital Equipment Corp.* 203,210
2,023 Intergraph Corp.* 12,897
24,817 International Business
Machines Corp. 3,989,333
5,737 LSI Logic Corp.* 219,440
9,477 Micron Technology Inc. 334,064
5,331 Tandem Computers, Inc.* 68,637
7,095 3Com Corporation * 205,755
8,295 Unisys Corp.* 49,770
--------------
6,367,273
--------------
Conglomerates (0.64%)
5,708 Allegheny Teledyne Inc. 151,976
5,154 ITT Hartford Group Inc. 383,973
5,758 ITT Corp. 341,162
4,797 ITT Industries Inc. 121,124
1,880 Newport News Shipbuilding* 28,200
8,602 Tenneco, Inc. 343,005
4,109 Textron, Inc. 457,640
--------------
1,827,080
--------------
Containers (Metal & Glass) (0.11%)
1,390 Ball Corp. 37,356
4,832 Crown Cork & Seal Co., Inc. 264,552
--------------
301,908
--------------
Containers (Paper) (0.10%)
2,483 Bemis Company, Inc. 94,664
4,486 Stone Container Corp. 45,421
2,682 Temple-Inland, Inc. 148,851
--------------
288,936
--------------
Cosmetics (0.83%)
2,916 Alberto-Culver Co. Class B 84,928
6,038 Avon Products, Inc. 372,092
19,738 Gillette Co. 1,677,730
5,273 International Flavors &
Fragrances, Inc. 222,125
--------------
2,356,875
--------------
Electrical Equipment (3.87%)
11,156 AMP, Inc. 400,222
20,078 Emerson Electric Co. 1,018,958
75,264 General Electric Co. 8,344,896
5,705 General Instrument Corporation 133,354
2,483 Grainger (W.W.), Inc. 187,156
5,578 Honeywell, Inc. 393,946
1,950 Raychem Corp. 125,775
2,012 Thomas & Betts Corp. 91,295
18,686 Westinghouse Electric Corp. 317,662
--------------
11,013,264
--------------
Electronics (Defense) (0.04%)
2,315 E G & G, Inc. 43,696
4,460 Loral Space &
Communications Ltd. * 65,228
--------------
108,924
--------------
Electronics (Instrumentation) (0.94%)
46,514 Hewlett-Packard Co. 2,441,985
2,035 Perkin-Elmer Corp. 147,792
1,644 Tektronix, Inc. 88,982
--------------
2,678,759
--------------
Electronics (Semiconductors) (2.96%)
5,340 Advanced Micro Devices, Inc.* 226,950
37,427 Intel Corp. 5,731,009
26,793 Motorola, Inc. 1,533,899
6,064 National Semiconductor Corp.* 151,600
8,685 Texas Instruments, Inc. 775,136
--------------
8,418,594
--------------
Engineering & Construction (0.11%)
4,048 Fluor Corp. 222,640
2,048 Foster Wheeler Corp. 79,104
--------------
301,744
--------------
Entertainment (1.02%)
28,948 Walt Disney Company 2,373,736
1,469 King World Productions, Inc.* 53,618
17,473 Viacom, Inc. Class B* 467,403
--------------
2,894,757
--------------
Foods (2.29%)
29,350 Archer Daniels Midland Co. 539,306
11,000 Campbell Soup Co. 562,375
11,036 ConAgra, Inc. 635,950
6,675 CPC International, Inc. 551,522
7,340 Darden Restaurants Inc. 56,885
7,651 General Mills, Inc. 474,362
16,795 Heinz (H.J.) Co. 696,993
7,410 Hershey Foods Corp. 401,992
9,822 Kellogg Co. 685,084
7,156 Quaker Oats Co. 286,240
4,784 Ralston Purina Group 394,082
21,873 Sara Lee Corp. 918,666
5,607 Wrigley, (Wm) Jr. Co. 326,608
--------------
6,530,065
--------------
Food Wholesalers (0.15%)
1,765 Fleming Companies, Inc. 28,681
3,234 Super Valu Stores 99,041
8,714 Sysco Corp. 309,347
--------------
437,069
--------------
Gold Mining (0.42%)
16,358 Barrick Gold Corp. 366,010
9,600 Battle Mountain Gold Co. 55,200
5,705 Echo Bay Mines Ltd. 31,021
8,606 Freeport McMoran Copper &
Gold Class B 250,650
6,595 Homestake Mining Co. 87,384
4,201 Newmont Mining Corp. 145,460
10,728 Placer Dome Group, Inc. 175,671
5,883 Santa Fe Pacific Gold Corp. 86,774
--------------
1,198,170
--------------
Hardware & Tools (0.09%)
4,297 Black & Decker Corp. 143,950
3,214 Snap-On Tools Corp. 123,739
--------------
267,689
--------------
Health Care (Diversified) (4.32%)
35,498 Abbott Laboratories 2,165,378
29,254 American Home Products Corp. 1,938,077
45,136 Bristol-Myers Squibb Co. 2,956,408
59,426 Johnson & Johnson 3,639,842
8,033 United Healthcare Corp. 390,605
12,230 Warner-Lambert Co. 1,198,540
--------------
12,288,850
--------------
Health Care (Drugs) (4.10%)
24,403 Lilly (Eli) & Co. 2,144,414
55,161 Merck & Co., Inc. 4,992,070
28,272 Pfizer, Inc. 2,714,112
15,785 Pharmacia & Upjohn Inc. 467,631
16,975 Schering-Plough Corp. 1,358,000
--------------
11,676,227
--------------
Health Care (Miscellaneous) (0.28%)
3,768 ALZA Corp.* 110,214
3,675 Beverly Enterprises, Inc. * 53,287
2,502 Fresenious Medical Care-ADR 73,496
12,600 HEALTHSOUTH Rehabilitation
Corp. * 248,850
2,354 Manor Care, Inc. 55,025
10,184 Tenet Healthcare Corp. * 264,784
--------------
805,656
--------------
Heavy Duty Trucks & Parts (0.24%)
1,792 Cummins Engine Co., Inc. 100,576
4,267 Dana Corp. 136,011
3,662 Eaton Corp. 274,192
3,374 Navistar International Corp. * 37,958
1,731 PACCAR, Inc. 120,954
--------------
669,691
--------------
Homebuilding (0.04%)
1,395 Centex Corp. 50,220
1,665 Kaufman & Broad Home Corp. 23,102
1,243 Pulte Corp. 35,425
--------------
108,747
--------------
Hospital Management Companies (0.39%)
30,166 Columbia HCA Healthcare Corp. 1,055,810
3,300 Humana Inc.* 71,775
1,488 Transitional Hospitals Corp.* 14,880
--------------
1,142,465
--------------
Hotel/Motel (0.23%)
1,154 Choice Hotels Hldgs Inc.* 16,156
4,778 Harrah's Entertainment, Inc. * 76,448
9,480 Hilton Hotels Corp. 255,960
5,537 Marriott International Corp. 305,919
--------------
654,483
--------------
Household Furnishings & Appliances (0.13%)
1,469 Armstrong World Industries, Inc. 96,587
4,753 Maytag Corp. 108,725
3,309 Whirlpool Corp. 154,696
--------------
360,008
--------------
Household Products (2.28%)
2,655 Clorox Company 338,181
6,826 Colgate-Palmolive Co. 757,686
31,308 Procter & Gamble Co. 3,936,981
7,473 Unilever N.V. 1,466,576
--------------
6,499,424
--------------
Housewares (0.22%)
8,310 Newell Co. 290,850
2,044 Premark International, Inc. 50,078
7,684 Rubbermaid, Inc. 184,416
3,244 Tupperware Corp. 107,863
--------------
633,207
--------------
Leisure Time (0.04%)
4,286 Brunswick Corp. 121,080
415 Outboard Marine Corp. 5,395
--------------
126,475
--------------
Machine Tools (0.02%)
1,548 Cincinnati Milacron, Inc. 31,347
1,507 Giddings & Lewis Co. 30,517
--------------
61,864
--------------
Machinery (Diversified) (0.72%)
1,524 Briggs & Stratton Corp. 74,866
9,752 Caterpillar, Inc. 867,928
4,480 Cooper Industries Inc. 206,080
11,850 Deere & Co. 545,100
2,096 Harnischfeger Industries, Inc. 87,246
5,052 Ingersoll-Rand Co. 248,180
1,138 LucasVarity PLC-ADS 34,140
--------------
2,063,540
--------------
Manufacturing (Diversified Industries) (0.73%)
1,395 Aeroquip Vickers Inc. 56,323
2,819 Case Corporation 156,102
2,135 Crane Company 79,796
4,817 Dover Corp. 255,301
700 Fleetwood Enterprises, Inc. 18,462
4,660 Illinois Tool Works, Inc. 425,807
4,136 Johnson Controls, Inc. 158,719
2,029 Millipore Corp. 76,595
489 Nacco Industries, Inc. 22,616
5,556 Pall Corp. 128,482
2,969 Parker Hannifin Corp. 147,708
1,585 Timken Co. 92,128
7,180 Tyco International Ltd. 437,980
--------------
2,056,019
--------------
Medical Products & Supplies (0.92%)
1,443 Allegiance Corp. 31,926
2,675 Bard (C.R.), Inc. 84,931
3,060 Bausch & Lomb, Inc. 123,548
12,518 Baxter International, Inc. 599,299
6,170 Becton, Dickinson & Co. 283,820
6,028 Biomet, Inc.* 91,550
6,693 Boston Scientific Corp.* 322,937
10,616 Medtronic, Inc. 735,158
4,806 Sigma Aldrich Corp. 144,180
3,543 St. Jude Medical, Inc.* 115,147
2,596 US Surgical Corp. 88,913
--------------
2,621,409
--------------
Metals Miscellaneous (0.19%)
1,854 ASARCO, Inc. 52,839
3,982 Cyprus Amax Minerals Co. 89,097
5,921 Inco Ltd. 189,472
2,687 Phelps Dodge Corp. 206,227
--------------
537,635
--------------
Miscellaneous (3.65%)
3,236 Allergan, Inc. 86,563
12,662 Allied-Signal, Inc. 914,829
3,067 American Greetings Corp. 98,144
12,058 Amgen Corp.* 709,915
5,568 Block (H.R.), Inc. 179,568
11,023 Corning, Inc. 531,860
8,984 Costco Companies 259,413
3,005 Covance Inc. 44,324
14,516 CUC International, Inc.* 306,651
4,035 Deluxe Corp. 123,572
3,108 Dial Corp. 48,174
7,362 Donnelley (R.R.) & Sons Co. 252,149
644 Eastern Enterprises 21,815
3,593 Eastman Chemical Co. 183,243
15,420 Eastman Kodak Co. 1,287,570
2,077 General Signal Corp. 81,522
3,301 Harcourt General Corp. 152,671
1,585 Harland (John H.) Co. 32,691
1,595 Harris Corp. 136,372
2,200 HFS Inc.* 130,350
6,001 Ikon Office Solutions Inc. 161,277
934 Imation Corp. 22,066
3,756 Interpublic Group 212,683
1,708 Jostens, Inc. 40,779
2,087 Kerr-McGee Corp. 126,003
5,752 Loews Corp. 528,465
3,504 Marsh & McLennan Cos., Inc. 422,232
17,644 Minnesota Mining &
Manufacturing Co. 1,535,028
4,122 The Olsten Corp. 160,243
3,815 Pioneer Hi-Bred International Corp. 269,434
1,849 Polaroid Corp. 89,677
1,502 Quest Diagnostics 26,473
9,822 Service Corp. International 336,403
855 Springs Industries, Inc. 39,971
6,866 The Williams Cos., Inc. 301,246
5,970 TRW, Inc. 311,186
3,300 Unisource Worlwide Inc. 48,675
3,108 Viad Corp. 47,397
5,968 Whitman Corp. 138,010
--------------
10,398,644
--------------
Office Equipment & Supplies (0.57%)
4,305 Moore Corp. Ltd. 86,638
7,784 Pitney Bowes, Inc. 498,176
16,680 Xerox Corp. 1,025,820
--------------
1,610,634
--------------
Oil & Gas Drilling (0.05%)
1,049 Helmerich & Payne, Inc. 50,090
4,456 Rowan Companies, Inc.* 80,208
--------------
130,298
--------------
Oil (Domestic Integrated) (1.16%)
4,975 Amerada Hess Corp. 241,909
2,516 Ashland Inc. 112,277
7,890 Atlantic Richfield Co. 1,074,026
15,406 Occidental Petroleum Corp. 340,858
1,809 Pennzoil Co. 89,093
12,675 Phillips Petroleum Co. 499,078
3,655 Sun Co. Inc. 100,056
14,169 USX-Marathon Group 391,419
11,999 Unocal Corp. 457,462
--------------
3,306,178
--------------
Oil (Exploration & Production) (0.31%)
4,984 Burlington Resources, Inc. 211,197
1,442 Louisiana Land & Oil
Exploration Co. 72,100
5,059 Oryx Energy Co.* 101,180
3,747 Santa Fe Energy Resources, Inc.* 52,926
10,013 Union Pacific Resources
Group 271,603
2,396 Western Atlas, Inc. 148,552
--------------
857,558
--------------
Oil (International Integrated) (6.26%)
20,301 Amoco Corp. 1,697,671
29,123 Chevron Corp. 1,994,926
111,250 Exxon Corp. 6,299,531
17,558 Mobil Corp. 2,282,540
24,001 Royal Dutch Petroleum Co. 4,326,180
11,659 Texaco, Inc. 1,230,024
--------------
17,830,872
--------------
Oil Well Equipment & Services (0.73%)
6,946 Baker Hughes, Inc. 239,637
8,707 Dresser Industries, Inc. 260,122
5,568 Halliburton Co. 393,240
2,524 McDermott International, Inc. 46,694
10,389 Schlumberger Ltd. 1,150,582
--------------
2,090,275
--------------
Paper & Forest Products (1.31%)
2,196 Boise Cascade Corp. 73,017
3,694 Champion International Corp. 171,771
4,120 Georgia-Pacific Corp. 321,360
12,983 International Paper Co. 548,532
3,834 James River Corp. 114,541
27,076 Kimberly-Clark Corp. 1,387,645
4,096 Louisiana Pacific Corp. 76,288
2,190 Mead Corp. 122,914
1,462 Potlatch Corp. 59,942
2,849 Union Camp Corp. 138,533
4,267 Westvaco Corp. 119,476
9,111 Weyerhaeuser Co. 416,828
2,463 Willamette Industries, Inc. 157,016
--------------
3,707,863
--------------
Pollution Control (0.41%)
9,037 Browning-Ferris Industries, Inc. 256,425
12,364 Laidlaw, Inc. Class B 168,459
25,657 WMX Technologies, Inc. 753,674
--------------
1,178,558
--------------
Publishing (0.63%)
1,578 A.C. Nielson 23,670
8,037 Cognizant Corp. 262,207
7,437 Dun & Bradstreet Corp. 183,136
4,906 McGraw-Hill, Inc. 249,593
3,022 Meredith Corp. 71,017
22,359 Time Warner, Inc. 1,006,155
--------------
1,795,778
--------------
Publishing (Newspapers) (0.60%)
4,617 Dow Jones & Co., Inc. 186,988
6,866 Gannett Co., Inc. 599,059
4,866 Knight-Ridder, Inc. 189,166
4,111 New York Times Co. Class A 177,801
5,038 Times Mirror Co. Class A 278,349
6,144 Tribune Co. 269,568
--------------
1,700,931
--------------
Restaurants (0.65%)
1,241 Luby's Cafeterias, Inc. 22,648
31,748 McDonald's Corp. 1,702,487
2,609 Ryan's Family Steak Houses, Inc.* 23,155
2,309 Shoney's, Inc.* 10,679
4,820 Wendy's International, Inc. 99,412
--------------
1,858,381
--------------
Retail Stores (Department) (0.54%)
5,005 Dillard Dept. Stores, Inc. Class A 154,529
4,200 Federated Department Stores 142,800
10,301 J.C. Penney Co. 491,873
11,486 May Department Stores Co. 531,227
1,456 Mercantile Stores Co., Inc. 71,708
3,893 Nordstrom, Inc. 152,800
--------------
1,544,937
--------------
Retail Stores (Drugs) (0.26%)
1,910 Longs Drug Stores Corp. 48,227
3,786 Rite Aid Corp. 174,156
11,413 Walgreen Co. 524,998
--------------
747,381
--------------
Retail Stores (Food Chains) (0.51%)
12,421 Albertson's, Inc. 409,893
7,281 American Stores Co. 331,285
2,911 Giant Food, Inc. Class A 93,880
1,798 Great Atlantic & Pacific Tea Co., Inc. 44,725
10,970 Kroger Co. 301,675
7,435 Winn-Dixie Stores, Inc. 258,366
--------------
1,439,824
--------------
Retail Stores (General Merchandise) (1.60%)
9,921 Dayton-Hudson Corp. 446,445
22,917 K Mart Corp.* 312,244
17,603 Sears, Roebuck & Co. 844,944
104,722 Wal-Mart Stores, Inc. 2,958,396
--------------
4,562,029
--------------
Retail Stores (Specialty - Apparel) (0.30%)
4,858 Charming Shoppes, Inc. 28,693
14,043 Gap (The), Inc. 447,621
9,828 Limited, Inc. 178,133
1,037 Payless Shoesource Inc. 44,073
3,228 TJX Companies, Inc. 152,523
--------------
851,043
--------------
Retail Stores (Specialty) (0.95%)
4,439 Circuit City Stores, Inc. 175,895
4,772 CVS Corporation 236,810
769 Footstar Inc. 15,957
21,756 Home Depot, Inc. 1,261,848
8,009 Lowes Companies, Inc. 304,342
2,828 Pep Boys -Manny, Moe & Jack 92,264
2,815 Tandy Corp. 147,436
12,485 Toys 'R' Us, Inc.* 355,822
5,962 Woolworth Corp. 128,183
--------------
2,718,557
--------------
Shoes (0.29%)
13,398 NIKE, Inc. Class B 753,638
1,200 Reebok Int'l Ltd. 45,900
2,031 Stride Rite Corp. 27,926
--------------
827,464
--------------
Steel (0.17%)
5,242 Armco, Inc.* 18,347
4,474 Bethlehem Steel Corp.* 36,911
1,876 Inland Steel Industries, Inc. 42,679
4,289 Nucor Corp. 213,378
3,585 USX-U.S. Steel Group 104,861
3,826 Worthington Industries, Inc. 72,216
--------------
488,392
--------------
Telecommunications (Long Distance) (1.66%)
71,231 AT&T Co. 2,386,239
30,326 MCI Communications Corp. 1,156,179
17,492 Sprint Corp. 767,461
16,828 Worldcom Inc. 403,872
--------------
4,713,751
--------------
Textile (Apparel Manufacturers) (0.17%)
3,155 Fruit of the Loom, Inc. Class A * 113,580
2,869 Liz Claiborne, Inc. 129,822
1,798 Russell Corp. 49,895
2,703 V.F. Corp. 194,954
--------------
488,251
--------------
Tobacco (1.80%)
8,836 American Brands, Inc. 474,935
111,427 Philip Morris Cos., Inc. 4,387,438
10,392 UST, Inc. 271,491
--------------
5,133,864
--------------
Toys (0.18%)
6,433 Hasbro, Inc. 160,825
12,214 Mattel, Inc. 340,465
--------------
501,290
--------------
Total Industrial 208,007,811
--------------
TRANSPORTATION (1.27%)
Airlines (0.31%)
3,847 AMR Corp.* 358,252
2,742 Delta Air Lines, Inc. 252,607
6,556 Southwest Airlines Co. 180,290
2,584 USAir Group, Inc.* 83,657
--------------
874,806
--------------
Railroads (0.78%)
6,611 Burlington Northern Santa Fe 520,616
10,192 CSX Corp. 475,202
6,038 Norfolk Southern Corp. 542,665
10,919 Union Pacific Corp. 696,086
--------------
2,234,569
--------------
Transportation (Miscellaneous) (0.13%)
4,664 Federal Express Corp.* 251,273
3,874 Ryder System, Inc. 120,578
--------------
371,851
--------------
Truckers (0.05%)
1,798 Caliber System Inc. 53,491
1,075 Consolidated Freightways Corp. 11,825
2,150 CNF Transportation Inc. 63,963
662 Yellow Corp. 12,744
--------------
142,023
--------------
Total Transportation 3,623,249
--------------
UTILITIES (7.19%)
Electric Companies (2.35%)
9,037 American Electric Power Co., Inc. 365,998
7,205 Baltimore Gas & Electric Co. 183,728
6,804 Carolina Power & Light Co. 231,336
8,983 Central & South West Corp. 180,783
7,457 Cinergy Corp. 247,945
8,722 Consolidated Edison Co. of N.Y., Inc. 242,035
7,778 Dominion Resources, Inc. 267,369
6,745 DTE Energy Company 180,429
9,099 Duke Power Co. 399,219
19,847 Edison International 416,787
10,804 Entergy Corp. 252,544
8,737 FPL Group, Inc. 389,889
5,326 GPU Inc. 171,764
12,371 Houston Industries, Inc. 247,420
7,284 Niagara Mohawk Power Corp. 61,914
3,159 Northern States Power Co. 143,734
6,810 Ohio Edison Co. 136,200
13,039 PacifiCorp 259,150
9,980 PECO Energy Co. 197,105
18,879 PG & E Corporation 453,096
3,300 PP & L Resources 64,763
11,119 Public Service Enterprise Group, Inc. 268,246
29,886 Southern Co. 608,927
10,121 Texas Utilities Co. 341,584
9,575 Unicom Corp. 208,256
4,921 Union Electric Corp. 175,311
--------------
6,695,532
--------------
Natural Gas (0.68%)
5,491 Coastal Corp. 260,823
2,700 Columbia Gas Systems, Inc. 167,062
3,173 Consolidated Natural Gas Co. 159,840
874 El Paso Natural Gas Co. 50,801
11,601 Enron Corp. 436,488
2,661 ENSERCH Corp. 52,222
2,028 NICOR, Inc. 68,698
1,311 ONEOK, Inc. 39,002
3,910 Pacific Enterprises 119,744
6,739 Panenergy Corp. 298,201
1,662 Peoples Energy Corp. 56,092
3,904 Sonat, Inc. 223,016
--------------
1,931,989
--------------
Telephone (4.16%)
22,249 Airtouch Communications Corp.* 567,350
24,479 Ameritech Corp. 1,496,279
19,625 Bell Atlantic Corp. 1,329,594
46,405 BellSouth Corp. 2,065,022
43,276 GTE Corp. 1,985,286
19,273 NYNEX Corp. 997,378
41,062 SBC Communications Inc 2,278,936
22,168 U S West Media Group 382,398
21,263 U.S. West, Inc. 746,863
--------------
11,849,106
--------------
Total Utilities 20,476,627
--------------
FINANCIAL (14.48%)
Financial Miscellaneous (2.88%)
22,146 American Express Co. 1,458,868
10,660 American General Corp. 465,043
15,188 Dean Witter Discover & Co. 580,941
32,876 Federal Home Loan Mortgage 1,047,922
49,659 Federal National Mortgage
Association 2,042,226
6,277 Green Tree Financial Corp. 185,956
15,318 MBNA Corp. 505,494
9,172 Merrill Lynch & Co., Inc. 873,633
7,424 Morgan Stanley Group, Inc. 468,640
4,845 Salomon, Inc. 242,250
3,720 Transamerica Corp. 315,270
--------------
8,186,243
--------------
Life Insurance (0.38%)
2,100 Aon Corp. 139,650
3,170 Jefferson-Pilot Corp. 183,068
4,608 Lincoln National Corp. 258,048
5,008 Providian Corp. 289,212
2,692 Torchmark Corp. 167,241
1,045 USLIFE Corp. 50,682
--------------
1,087,901
--------------
Major Regional Banks (4.23%)
20,937 Banc One Corp. 887,205
18,396 Bank Of New York 726,642
9,510 Barnett Banks, Inc. 464,801
2,300 Comerica, Inc. 134,550
9,024 CoreStates Financial Corp. 456,840
5,208 Fifth Third Bancorp 388,647
7,288 First Bank System, Inc. 559,354
9,796 First Union Corp. 822,864
12,409 Fleet Financial Group 756,949
10,848 Keycorp 565,452
8,688 National City Corp. 423,540
25,832 NationsBank Corp. 1,559,607
17,564 Norwest Corp. 876,005
12,956 PNC Bank Corp. 532,815
10,936 Suntrust Banks, Inc. 555,002
5,600 U.S. Bancorp, Inc. 319,900
8,919 Wachovia Corp. 521,762
5,574 Wells Fargo & Co. 1,486,865
--------------
12,038,800
--------------
Money Center Banks (2.35%)
4,180 Bankers Trust N.Y. Corp. 340,147
20,979 Chase Manhattan Corp. 1,943,180
21,668 Citicorp 2,440,358
15,366 First Chicago NBD Corporation 864,338
8,875 Morgan (J.P.) & Co., Inc. 904,141
2,267 Republic New York Corp. 207,714
--------------
6,699,878
--------------
Multi-Line Insurance (2.45%)
6,808 Aetna Inc. 620,379
19,550 Allstate Corp. 1,280,525
21,339 American International Group, Inc. 2,742,062
3,164 CIGNA Corp. 475,786
29,260 Travelers, Inc. 1,620,273
3,164 Unum Corp. 243,628
--------------
6,982,653
--------------
Other Major Banks (1.10%)
5,891 Bank of Boston Corp. 428,570
18,131 BankAmerica Corp. 2,119,061
6,876 Mellon Bank Corp. 571,568
--------------
3,119,199
--------------
Personal Loans (0.21%)
2,984 Beneficial Corp. 190,976
4,663 Household International, Inc. 410,344
--------------
601,320
--------------
Property-Casualty Insurance (0.65%)
3,740 General Re Corp. 625,515
2,500 MGIC Investment Corp. 203,125
5,506 SAFECO Corp. 220,240
3,910 St. Paul Companies, Inc. 261,970
7,648 The Chubb Corp. 441,672
5,435 USF&G Corp. 108,700
--------------
1,861,222
--------------
Savings & Loans Companies (0.23%)
5,210 Ahmanson (H.F.) & Co. 198,631
2,649 Golden West Financial Corp. 172,185
6,429 Great Western Financial Corp. 270,018
--------------
640,834
--------------
Total Financial 41,218,050
--------------
Total Common Stock
(cost $207,048,159) 273,325,737
--------------
PRINCIPAL
AMOUNT
- ----------
SHORT-TERM INVESTMENTS, (4.53%)
Repurchase Agreement, (0.49%)(b)
$1,402,000 First Boston
5.33%; 5/2/97 (cost $1,402,000;
maturity value $1,403,453) $ 1,402,000
--------------
United States Treasury Bills (4.04%)(c)
6,700,000 5.11%; 7/24/97 6,620,348
5,000,000 5.42%; 10/16/97 4,874,187
--------------
Total United States Treasury Bills
(cost $11,494,535) 11,494,535
--------------
Total Short-term Investments
(cost $12,896,535) 12,896,535
--------------
Total Investments (cost $219,944,694) (a)
(100.54%)(a) 286,222,272
Liabilities Less Other Assets (-0.54%) (1,548,076)
--------------
Net Assets (100%) $284,674,196
==============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $219,944,694. At
April 30, 1997 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $68,906,097
Gross unrealized depreciation (2,628,519)
--------------
Net unrealized appreciation $66,277,578
==============
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of $1,428,911
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, 1997, the market value of $11,495,573 of the U.S. Treasury
Bills were pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1997:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Depreciation
--------------
S&P 500 Stock Index:
682/June/Sell $(20,943,900)
==============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 1997
Rightime (Unaudited)
Family of Funds
The Rightime
Social Awareness Fund
Portfolio of Investments
- -------------------------------------------------------------------------------------
Principal Value
Amount (Note 1)
- ------------ --------------
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS (98.31%)
Repurchase Agreements (38.29%)(b)
$500,000 Sanwa-BGK Securities Co.
5.38%; 5/1/97 (cost $500,000;
maturity value $500,075) $500,000
2,000,000 Smith Barney Inc.
5.42%; 5/1/97 (cost $2,000,000;
maturity value $2,000,301) 2,000,000
1,494,000 CS First Boston Inc.
5.33%; 5/2/97 (cost $1,494,000;
maturity value $1,495,548) 1,494,000
--------------
Total Repurchase Agreements
(cost $3,994,000) 3,994,000
--------------
United States Treasury Bills (60.02%)
500,000 5.11%; 7/24/97 494,056
4,300,000 4.99%; 6/12/97 4,275,368
1,500,000 4.99%; 6/12/97 1,491,408
--------------
Total United States Treasury Bills
(cost $6,260,832) 6,260,832
--------------
Total Short-term Investments
(cost $10,254,832) 10,254,832
--------------
Other Equity Securities
(cost $67,704) (.82%) 85,475
Total Investments (cost $10,322,536)
(99.13%)(a) 10,340,307
Other Assets Less Liabilities (0.87%) 90,186
--------------
Net Assets (100.00%) $10,430,493
==============
(a) Aggregate cost for federal income tax purposes is $10,322,536.
At April 30, 1997 unrealized appreciation (depreciation) of
securities for federal income tax purposes is as follows:
Gross unrealized appreciation $17,771
Gross unrealized depreciation 0
--------------
Net unrealized appreciation $17,771
==============
(b) The Repurchase Agreements are collateralized by obligations of the
United States government and its agencies with a market value of $4,076,690
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>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 1997
Rightime (Unaudited)
Family of Funds
The Rightime Midcap Fund
Portfolio of Investments
- -------------------------------------------------------------------------------------
Principal Value
Amount (Note 1)
- -------------- --------------
<S> <C> <C> <C>
SHORT-TERM INVESTMENTS (99.33%)
Repurchase Agreements (38.49%)(b)
$15,000,000 Smith Barney Inc.
5.42%; 5/1/97 (cost $15,000,000;
maturity value $15,002,258) $15,000,000
11,359,000 CS First Boston Inc.
5.33%; 5/2/97 (cost $11,359,000;
maturity value $11,370,772) 11,359,000
3,500,000 Sanwa-BGK Securities Co.
5.38%; 5/1/97 (cost $3,500,000;
maturity value $3,500,523) 3,500,000
--------------
Total Repurchase Agreements
(cost $29,859,000) 29,859,000
--------------
United States Treasury Bills (60.84%)
43,500,000 4.99%;6/12/97 43,250,817
4,000,000 5.11%;7/24/97 3,952,447
--------------
Total United States Treasury Bills
(cost $47,203,264) 47,203,264
--------------
Total Investments (cost $77,062,264)
(99.33%)(a) 77,062,264
Other Assets Less Liabilities (0.67%) 522,547
--------------
Net Assets (100.00%) $77,584,811
==============
(a) Aggregate cost for federal income tax purposes is $77,062,264.
(b) The Repurchase Agreements are collateralized by obligations of the
United States government and its agencies with a market value of
$30,475,239 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>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] Statements of
Rightime Assets and
Family of Funds 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 $153,547,231, $7,825,622 and
$219,944,694, respectively) (Note 1) $153,231,573 $7,725,047 $286,222,272
Cash 95,930 1,052 --
Receivables:
Dividends and interest 77,491 109,572 402,825
Fund shares sold 89,513 1,865 121,872
Prepaid expenses and other assets -- 3,127 61,900
Deferred organization costs 38,106 -- --
--------------- --------------- ---------------
Total assets 153,532,613 7,840,663 286,808,869
--------------- --------------- ---------------
LIABILITIES
Payables:
Fund shares repurchased 85,025 59,176 70,039
Variation margin 474,750 28,875 1,534,500
Accrued expenses 54,770 (12,079) 103,783
Other liabilities 9,107 1,858 426,351
--------------- --------------- ---------------
Total liabilities 623,652 77,830 2,134,673
--------------- --------------- ---------------
NET ASSETS (applicable to 5,146,394; 672,934; and
8,668,046 outstanding shares, respectively) (Note 4) $152,908,961 $7,762,833 $284,674,196
=============== =============== ===============
Net asset value and redemption price per share $29.71 $11.54 $32.84
======= ======= =======
Maximum offering price per share $29.71 $12.12 (1) $34.48 (1)
======= ======= =======
NET ASSETS
At April 30, 1997 net assets consisted of:
Paid-in capital $154,690,255 $14,173,646 $230,029,321
Undistributed net investment income 1,753,800 21,166 101,220
Undistributed net realized gains (losses) on investments 3,106,014 (6,113,529) 9,209,977
Net unrealized appreciation (depreciation) of investments (315,658) (100,575) 66,277,578
Net unrealized depreciation of futures contracts (6,325,450) (217,875) (20,943,900)
--------------- --------------- ---------------
$152,908,961 $7,762,833 $284,674,196
=============== =============== ===============
(1) Net asset value, plus 4.99% of net asset value or 4.75% of offering price.
See accompanying notes to financial statements
<CAPTION>
April 30, 1997 (Unaudited)
- ---------------------------------------------------------------------------------------------
The Rightime
Social The Rightime
Awareness MidCap
Fund Fund
--------------- ---------------
<S> <C> <C>
ASSETS
Investments in securities, at market value
(Identified cost $10,322,536 and $77,062,264,
respectively) (Note 1) $10,340,307 $77,062,264
Cash 60,539 513,528
Receivables:
Dividends and interest 8,874 49,423
Fund shares sold 28,500 27,326
Deferred organization costs 1,812 18,003
--------------- ---------------
Total assets 10,440,032 77,670,544
--------------- ---------------
LIABILITIES
Payables:
Fund shares repurchased 8,314 62,272
Accrued expenses 803 20,936
Other liabilities 422 2,525
--------------- ---------------
Total liabilities 9,539 85,733
--------------- ---------------
NET ASSETS (applicable to 356,579 and 2,778,510
outstanding shares, respectively) (Note 4) $10,430,493 $77,584,811
=============== ===============
Net asset value and redemption price per share $29.25 $27.92
======== ========
Maximum offering price per share 30.71 (1) 29.31 (1)
======== ========
NET ASSETS
At April 30, 1997 net assets consisted of:
Paid-in capital $10,025,483 $76,580,283
Undistributed net investment income 8,175 61,989
Undistributed net realized gains on investments 379,064 942,539
Net unrealized appreciation of investments 17,771 --
--------------- ---------------
$10,430,493 $77,584,811
=============== ===============
(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 LOGO]
Rightime Statement of
Family of Funds Operations
- --------------------------------------------------------------------------------------------------------------
The Rightime
Government The Rightime
The Rightime Securities Blue Chip
Fund Fund Fund
--------------- --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME
Income
Dividends $3,590,029 $-- $2,798,694
Interest 429,317 310,630 403,102
--------------- --------------- ---------------
Total income 4,019,346 310,630 3,201,796
--------------- --------------- ---------------
EXPENSES
Administrative services (Note 2) 792,675 34,118 1,248,546
Investment advisory fees (Note 2) 417,198 18,196 734,439
Distribution costs -- 12b-1 (Notes 2 and 3) 417,198 -- 367,220
Distribution costs -- service charge (Notes 2 and 3) 208,599 11,373 367,219
Transfer agent fees (Note 2) 91,446 17,018 172,483
Accounting services (Note 2) 30,250 9,485 39,978
Legal and audit fees 20,100 3,282 30,450
Insurance 12,000 1,735 18,900
Reports to shareholders 12,600 750 20,490
Custody fees 9,600 1,641 19,380
Registration fees 6,000 3,891 6,690
Directors fees 7,200 468 11,700
Miscellaneous 19,402 -- 47,149
--------------- --------------- ---------------
Total expenses 2,044,268 101,957 3,084,644
--------------- --------------- ---------------
Net investment income 1,975,078 208,673 117,152
--------------- --------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain (loss) from security transactions (3,854,140) (43,906) 8,623,286
Capital gain distribution from regulated investment companies 6,811,712 -- --
Net realized loss on futures contracts (973,022) (556,078) (6,564,104)
Increase (decrease) in unrealized appreciation of investments (4,066,735) (361,000) 24,078,529
Increase (decrease) in unrealized appreciation of
futures contracts (5,214,450) 115,219 (13,809,775)
--------------- --------------- ---------------
Net gain (loss) on investments (7,296,635) (845,765) 12,327,936
--------------- --------------- ---------------
Net increase (decrease) in net assets resulting
from operations $(5,321,557) $(637,092) $12,445,088
=============== =============== ===============
See accompanying notes to financial statements
<CAPTION>
For Six Months Ended April 30, 1997 (Unaudited)
- ---------------------------------------------------------------------------------------------
The Rightime The Rightime
Social Awareness MidCap
Fund Fund
--------------- ---------------
<S> <C> <C>
INVESTMENT INCOME
Income
Dividends $67,902 $500,617
Interest 55,357 581,137
--------------- ---------------
Total income 123,259 1,081,754
--------------- ---------------
EXPENSES
Administrative services (Note 2) 41,139 350,292
Investment advisory fees (Note 2) 24,199 206,055
Distribution costs -- 12b-1 (Notes 2 and 3) 12,099 103,027
Distribution costs -- service charge (Notes 2 and 3) 12,099 103,027
Transfer agent fees (Note 2) 5,177 56,703
Accounting services (Note 2) 6,476 25,543
Legal and audit fees 3,450 10,140
Insurance 600 5,880
Reports to shareholders 620 5,940
Custody fees 2,070 5,700
Registration fees 4,866 5,580
Directors fees 348 3,300
Organization costs -- 557
Miscellaneous 592 4,847
--------------- ---------------
Total expenses 113,735 886,591
--------------- ---------------
Net investment income 9,524 195,163
--------------- ---------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain from security transactions 347,025 1,019,892
Net realized gain (loss) on futures contracts 31,483 (87,688)
Increase in unrealized appreciation of investments 17,771 --
--------------- ---------------
Net gain on investments 396,279 932,204
--------------- ---------------
Net increase in net assets resulting from operations $405,803 $1,127,367
=============== ===============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO]
Rightime Statement of
Family of Funds Changes in Net Assets
- --------------------------------------------------------------------------------------------------------------------------
The Rightime
The Rightime Fund Government Securities Fund
---------------------------------- -----------------------------------
For Six Months For Six Months
Ended April 30, 1997 For Year Ended Ended April 30, 1997 For Year Ended
(Unaudited) October 31, 1996 (Unaudited) October 31, 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $1,975,078 $5,175,810 $208,673 $588,199
Net realized gain (loss) from
security transactions (3,854,140) 28,372,193 (43,906) 169,582
Capital gain distributions from
regulated investment companies 6,811,712 7,461,168 -- --
Net realized gain (loss) on
futures contracts (973,022) 61,593 (556,078) 593,236
Net increase (decrease) in unrealized
appreciation of investments (4,066,735) (25,822,507) (361,000) (769,653)
Net increase (decrease) in unrealized
appreciation of futures contracts (5,214,450) (1,181,000) 115,219 (344,438)
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets
resulting from operations (5,321,557) 14,067,257 (637,092) 236,926
Undistributed investment income
included in price of shares sold
and repurchased -- -- (2,432) (18,607)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains
on investments (4,662,612) (34,013,909) -- --
Distributions from net investment
income (2,151,874) (3,245,214) (187,163) (694,855)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting
from capital share transactions
(Note 4) (1,445,276) 30,716,107 (2,123,091) (7,443,712)
-------------- -------------- -------------- --------------
Total increase (decrease) (13,581,319) 7,524,241 (2,949,778) (7,920,248)
NET ASSETS
Beginning of year 166,490,280 158,966,039 10,712,611 18,632,859
-------------- -------------- -------------- --------------
End of year * $152,908,961 $166,490,280 $7,762,833 $10,712,611
============== ============== ============== ==============
* Including undistributed net
investment income of: $1,753,800 $1,930,596 $21,166 $2,088
============== ============== ============== ==============
See accompanying notes to financial statements
<CAPTION>
The Rightime Blue Chip Fund
------------------------------------
For Six Months
Ended April 30, 1997 For Year Ended
(Unaudited) October 31, 1996
-------------- --------------
<S> <C> <C>
OPERATIONS
Net investment income $117,152 $3,390,694
Net realized gain (loss) from
security transactions 8,623,286 37,947,305
Capital gain distributions from
regulated investment companies -- --
Net realized gain (loss) on
futures contracts (6,564,104) (1,450,289)
Net increase (decrease) in unrealized
appreciation of investments 24,078,529 (2,218,293)
Net increase (decrease) in unrealized
appreciation of futures contracts (13,809,775) (7,174,125)
-------------- --------------
Net increase (decrease) in net assets
resulting from operations 12,445,088 30,495,292
Undistributed investment income
included in price of shares sold
and repurchased -- --
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains
on investments (606,775) (35,771,172)
Distributions from net investment
income (3,423,977) (2,047,018)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting
from capital share transactions
(Note 4) (1,379,223) 35,342,710
-------------- --------------
Total increase (decrease) 7,035,113 28,019,812
NET ASSETS
Beginning of year 277,639,083 249,619,271
-------------- --------------
End of year * $284,674,196 $277,639,083
============== ==============
* Including undistributed net
investment income of: $101,220 $3,408,045
============== ==============
See accompanying notes to financial statements
<CAPTION>
(Unaudited)
- ----------------------------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund The Rightime MidCap Fund
----------------------------------- -----------------------------------
For Six Months For Six Months
Ended April 30, 1997 For Year Ended Ended April 30, 1997 For Year Ended
(Unaudited) October 31, 1996 (Unaudited) October 31, 1996
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income $9,524 $123,444 $195,163 $1,367,373
Net realized gain from security transactions 347,025 1,911,874 1,019,892 15,611,628
Net realized gain (loss) on futures contracts 31,483 57,305 (87,688) 181,498
Net increase (decrease) in unrealized
appreciation of investments 17,771 (1,099,843) -- (10,246,725)
Net increase (decrease) in unrealized
appreciation of futures contracts and
written options -- (375) -- 270,000
-------------- -------------- -------------- --------------
Net increase in net assets resulting
from operations 405,803 992,405 1,127,367 7,183,774
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains
on investments (296,922) (1,799,322) (2,647,625) (15,773,543)
Distributions from net investment income (124,793) -- (1,467,855) (328,544)
CAPITAL SHARE TRANSACTIONS
Increase in net assets resulting from
capital share transactions (Note 4) 1,752,157 2,123,102 268,964 14,135,978
-------------- -------------- -------------- --------------
Total increase (decrease) 1,736,245 1,316,185 (2,719,149) 5,217,665
NET ASSETS
Beginning of year 8,694,248 7,378,063 80,303,960 75,086,295
-------------- -------------- -------------- --------------
End of year * $10,430,493 $8,694,248 $77,584,811 $80,303,960
============== ============== ============== ==============
* Including undistributed net investment
income of: $8,175 $123,444 $61,989 $1,334,681
============== ============== ============== ==============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] Finanical
Rightime Highlights
Family of Funds
(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 of Total
of Period (Loss) Investments Operations Income Gains Distributions Period Return(2)
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
The Rightime Fund
1997 (a) $32.09 $0.38 $(1.43) $(1.05) $(0.42) $(0.91) $(1.33) $29.71 (3.55)%
1996 37.55 1.14 2.11 3.25 (0.77) (7.94) (8.71) 32.09 8.96
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 15.49
1992 37.33 0.06 2.16 2.22 (0.17) (4.68) (4.85) 34.70 6.15
- ---------------------------------------------------------------------------------------------------------------
The Rightime Government Securities Fund
1997 (a) $12.65 $0.31 $(1.21) $(0.90) $(0.21) $ -- $(0.21) $11.54 (6.87)%
1996 13.06 0.52 (0.32) 0.20 (0.61) -- (0.61) 12.65 1.48
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
- ---------------------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1997 (a) $31.88 $0.01 $1.42 $1.43 $(0.40) $(0.07) $(0.47) $32.84 4.44%
1996 32.84 0.40 3.52 3.92 (0.28) (4.60) (4.88) 31.88 12.26
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
- ---------------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1997 (a) $29.09 $0.04 $1.60 $1.64 $(0.44) $(1.04) $(1.48) $29.25 5.55%
1996 32.37 0.41 3.88 4.29 -- (7.57) (7.57) 29.09 13.62
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
- ---------------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1997(a) $29.02 $0.07 $0.33 $0.40 $(0.54) $(0.96) $(1.50) $27.92 1.20%
1996 32.95 0.49 2.56 3.05 (0.14) (6.84) (6.98) 29.02 9.65
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
- ---------------------------------------------------------------------------------------------------------------
(a) For six months ended April 30, 1997 (Unaudited)
(1) Inception of fund was November 11, 1991
(2) Excludes sales charge
See accompanying notes to financial statements
<CAPTION>
April 30, 1997 (Unaudited)
- -------------------------------------------------------------------------------------------------
RATIOS
---------------------------------------------------------------------------------
Net Investment
Income (loss) Average
Net Assets At The Expenses to Average To Average Portfolio Commission
End Of Period Net Assets Net Assets Turnover Rate Paid
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Rightime Fund
1997 (a) $152,908,961 2.45%* 2.37%* 55.82% --
1996 166,490,280 2.45 3.11 15.40 --
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 --
- -------------------------------------------------------------------------------------------------
The Rightime Government Securities Fund
1997 (a) $7,762,833 2.25%* 4.59%* 17.63% --
1996 10,712,611 2.15 4.08 109.47 --
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 --
- -------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1997 (a) $284,674,196 2.10%* 0.08%* 9.83% $0.03
1996 277,639,083 2.08 1.25 1.30 0.03
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 -- --
- -------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1997 (a) $10,430,493 2.35%* 0.20%* 117.36% $0.03
1996 8,694,248 2.42 1.51 46.57 0.05
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 --
- -------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1997 (a) $77,584,811 2.15%* 0.47%* 96.05% $0.04
1996 80,303,960 2.19 1.72 3.59 0.02
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
(a) For six months ended April 30, 1997 (Unaudited)
(1) Inception of fund was November 11, 1991
See accompanying notes to financial statements
</TABLE>
April 30, 1997
(Unaudited)
[RIGHTIME LOGO] Notes to Financial Statements
Rightime
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 investment objective of the Rightime Fund, the Rightime Blue Chip
Fund and the Rightime Midcap Fund is to achieve high total return
consistent with reasonable risk. The Rightime Fund seeks to achieve this
objective by concentrating in shares of registered investment companies.
The Rightime Blue Chip Fund seeks to achieve this objective by investing
in securities of well known and established companies ("Blue Chips").
The Rightime Midcap Fund seeks to achieve this objective by investing in
securities of companies with medium-size market capitalization
("MidCaps").
The investment objective of the Rightime Social Awareness Fund is to
achieve growth of capital and its second objective is current income,
consistent with reasonable risk. The Rightime Social Awareness 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 qualitiy of human life.
The investment objective of the Rightime Government Securities Fund is
to achieve 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.
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, 1997, The Rightime Government Securities Fund had
approximately $5,846,639 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.
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.
USE OF ESTIMATES IN FINANCIAL STATEMENTS
In preparing financial statements in conformity with generally accepted
accounting principles, management makes estimates and assumptions that
effect the reported amounts of assets and liabilities at the date of the
financial statements, as well as the reported amounts of income and
expenses during the period. Actual results may differ from the
estimates.
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 six month period ended April 30, 1997, the Distributor
received commissions as an underwriter and a retail dealer of Fund
shares as follows:
The Rightime Government
Securities Fund $10,700
The Rightime Blue Chip $475,825
The Rightime Social Awareness Fund $42,579
The Rightime MidCap Fund $100,768
Lincoln Investment Planning, Inc., also provides the Funds with transfer
agent and accounting and recordkeeping services. Aggregate transfer
agent and accounting services fees received by Lincoln Investment
Planning, Inc. were $298,011 and $113,450, respectively. During the six
month period ended April 30, 1997, Lincoln Investment Planning, Inc.
waived fees of $4,439 and $6,476, respectively, for transfer agent and
accounting services provided to the Rightime Social Awareness Fund.
During the six month period ended April 30, 1997, Lincoln Investment
Planning, Inc. waived fees of $3,287 and $2,083, respectively, for
transfer agent and accounting services provided to the Rightime
Government Securities 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
------------------------------------------------------
1997 1996
-------------------------- --------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold 243,424 $7,830,626 468,508 $16,805,846
Shares issued in reinvestment
of distributions 213,102 6,783,054 1,129,061 37,071,501
------------ ------------ ------------ ------------
456,526 14,613,680 1,597,569 53,877,347
Shares redeemed (499,019) (16,058,956) (641,747) (23,161,240)
------------ ------------ ------------ ------------
Net increase (decrease) (42,493) $(1,445,276) 955,822 $30,716,107
============ ============ ============ ============
The Rightime Government Securities Fund
------------------------------------------------------
1997 1996
-------------------------- --------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
Shares sold 27,817 $339,007 70,161 $905,052
Shares issued in reinvestment
of distributions 14,901 180,537 50,386 655,134
------------ ------------ ------------ ------------
42,718 519,544 120,547 1,560,186
Shares redeemed (216,824) (2,642,635) (699,840) (9,003,898)
------------ ------------ ------------ ------------
Net increase (decrease) (174,106) $(2,123,091) (579,293) $(7,443,712)
============ ============ ============ ============
The Rightime Blue Chip Fund
------------------------------------------------------
1997 1996
-------------------------- --------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
Shares sold 488,062 $16,676,592 891,634 $30,005,701
Shares issued in reinvestment
of distributions 119,427 4,002,023 1,175,013 37,609,632
------------ ------------ ------------ ------------
607,489 20,678,615 2,066,647 67,615,333
Shares redeemed (647,241) (22,057,838) (959,181) (32,272,623)
------------ ------------ ------------ ------------
Net increase (decrease) (39,752) $(1,379,223) 1,107,466 $35,342,710
============ ============ ============ ============
The Rightime Social Awareness Fund
------------------------------------------------------
1997 1996
-------------------------- --------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
Shares sold 71,822 $2,203,057 $43,737 $1,472,939
Shares issued in reinvestment
of distributions 13,914 411,036 60,687 1,764,746
------------ ------------ ------------ ------------
85,736 2,614,093 104,424 3,237,685
Shares redeemed (28,039) (861,936) (33,480) (1,114,583)
------------ ------------ ------------ ------------
Net increase (decrease) 57,697 $1,752,157 $70,944 $2,123,102
============ ============ ============ ============
The Rightime MidCap Fund
------------------------------------------------------
1997 1996
-------------------------- --------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
Shares sold 125,698 $3,719,725 261,155 $8,362,050
Shares issued in reinvestment
of distributions 141,513 4,093,979 547,119 16,052,380
------------ ------------ ------------ ------------
267,211 7,813,704 808,274 24,414,430
Shares redeemed (255,646) (7,544,740) (320,085) (10,278,452)
------------ ------------ ------------ ------------
Net increase (decrease) 11,565 $268,964 488,189 $14,135,978
============ ============ ============ ============
</TABLE>
NOTE 5 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments
during the year ended April 30, 1997 were as follows:
Purchases Sales
---------- --------------
The Rightime Fund $148,258,695 $ 71,234,171
The Rightime Government
Securities Fund $ 3,918,750 $ 1,262,344
The Rightime Blue Chip Fund $130,816,177 $ 25,938,604
The Rightime Social
Awareness Fund $ 10,182,690 $ 10,462,011
The Rightime MidCap Fund $ 69,500,324 $ 70,520,183
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<TABLE>
<CAPTION>
[RIGHTIME LOGO] Officers
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, President of Rightime Econometrics, Inc.,
1095 Rydal Road President, and a registered investment advisor. Consultant
Rydal, PA 19046 Treasurer to and registered representative of Lincoln
Investment Planning, Inc., a registered
investment advisor and broker dealer.
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.
- ------------
* "Interested" director as defined
in the Investment Company Act
of 1940 (the "1940 ACT").
</TABLE>
The Rightime Family of Funds
218 Glenside Ave.
Wyncote, PA 19095
Client Services Department
800-866-9393
Administrator
Rightime Administrators Inc.
218 Glenside Ave.
Wyncote, PA 19095
Investment Advisor
Rightime Econometrics Inc.
1095 Rydal Road
Rydal, PA 19046
Distributor
Lincoln Investment Planning, Inc.
218 Glenside Ave.
Wyncote, PA 19095
Custodian
CoreStates Bank N.A.
Broad & Chestnut Streets
Philadelphia, PA 19101
Transfer Agent
Lincoln Investment Planning, Inc.
218 Glenside Ave.
Wyncote, PA 19095
Legal Counsel
Stradley, Ronon, Stevens & Young
2600 One Commerce Square
Philadelphia, PA 19103
Printed on recycled paper
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