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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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072DD010400 125
072DD020400 0
072EE000400 297
073 A010400 0.4300
073 A020400 0.0000
073 B000400 1.0400
073 C000400 0.0000
074 A000400 3
074 B000400 476
074 C000400 20
074 D000400 0
074 E000400 0
074 F000400 10967
074 G000400 0
074 H000400 0
074 I000400 0
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074 M000400 2
074 N000400 11490
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074 V020400 0.00
074 W000400 0.0000
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<PAGE> PAGE 22
028 B010500 479
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029 000500 Y
030 A000500 83
030 B000500 4.75
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031 A000500 8
031 B000500 0
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042 A000500 0
042 B000500 0
042 C000500 100
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042 E000500 0
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045 000500 Y
046 000500 N
047 000500 Y
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048 B020500 0.000
<PAGE> PAGE 23
048 C010500 0
048 C020500 0.000
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048 E010500 0
048 E020500 0.000
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048 G010500 0
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048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 N
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
066 A000500 Y
066 E000500 Y
067 000500 N
068 A000500 N
068 B000500 N
069 000500 Y
070 A010500 Y
070 A020500 Y
070 B010500 Y
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 Y
070 D020500 N
070 E010500 Y
<PAGE> PAGE 24
070 E020500 N
070 F010500 Y
070 F020500 Y
070 G010500 Y
070 G020500 N
070 H010500 Y
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 Y
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 Y
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 Y
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 137652
071 B000500 75882
071 C000500 70867
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<PAGE> PAGE 25
072 U000500 0
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<PAGE> PAGE 26
SIGNATURE CURT HARTRANFT
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNS EXHIBIT 27 - FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> RIGHTIME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 111,300,159
<INVESTMENTS-AT-VALUE> 126,373,541
<RECEIVABLES> 438,730
<ASSETS-OTHER> 38,106
<OTHER-ITEMS-ASSETS> 73,491
<TOTAL-ASSETS> 126,923,868
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 922,061
<TOTAL-LIABILITIES> 922,061
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 126,178,366
<SHARES-COMMON-STOCK> 4,207,224
<SHARES-COMMON-PRIOR> 5,188,887
<ACCUMULATED-NII-CURRENT> 1,586,565
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (16,340,256)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,577,132
<NET-ASSETS> 126,001,807
<DIVIDEND-INCOME> 3,896,533
<INTEREST-INCOME> 1,715,621
<OTHER-INCOME> 0
<EXPENSES-NET> (3,814,774)
<NET-INVESTMENT-INCOME> 1,797,380
<REALIZED-GAINS-CURRENT> (17,451,257)
<APPREC-INCREASE-CURRENT> 11,937,055
<NET-CHANGE-FROM-OPS> (3,716,822)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2,141,411)
<DISTRIBUTIONS-OF-GAINS> (4,673,075)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 213,105
<NUMBER-OF-SHARES-REDEEMED> (1,695,912)
<SHARES-REINVESTED> 501,144
<NET-CHANGE-IN-ASSETS> (40,488,473)
<ACCUMULATED-NII-PRIOR> 1,930,596
<ACCUMULATED-GAINS-PRIOR> 5,784,076
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 778,525
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 778,525
<AVERAGE-NET-ASSETS> 155,596,183
<PER-SHARE-NAV-BEGIN> 32.09
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> (1.29)
<PER-SHARE-DIVIDEND> 0.42
<PER-SHARE-DISTRIBUTIONS> 0.91
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.90
<EXPENSE-RATIO> 2.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE.
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> RIGHTIME GOVERNMENT SECURITIES FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 7,544,813
<INVESTMENTS-AT-VALUE> 8,052,313
<RECEIVABLES> 97,376
<ASSETS-OTHER> 3,127
<OTHER-ITEMS-ASSETS> 931
<TOTAL-ASSETS> 8,153,747
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 21,460
<TOTAL-LIABILITIES> 21,460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,313,026
<SHARES-COMMON-STOCK> 684,505
<SHARES-COMMON-PRIOR> 847,040
<ACCUMULATED-NII-CURRENT> 24,101
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (6,771,371)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 566,531
<NET-ASSETS> 8,132,287
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 555,322
<OTHER-INCOME> 0
<EXPENSES-NET> (189,574)
<NET-INVESTMENT-INCOME> 365,748
<REALIZED-GAINS-CURRENT> (1,257,826)
<APPREC-INCREASE-CURRENT> 639,200
<NET-CHANGE-FROM-OPS> (252,878)
<EQUALIZATION> (2,805)
<DISTRIBUTIONS-OF-INCOME> (340,930)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 162,567
<NUMBER-OF-SHARES-REDEEMED> (352,560)
<SHARES-REINVESTED> 27,458
<NET-CHANGE-IN-ASSETS> (2,580,324)
<ACCUMULATED-NII-PRIOR> 2,088
<ACCUMULATED-GAINS-PRIOR> (5,513,545)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 33,110
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,110
<AVERAGE-NET-ASSETS> 8,270,388
<PER-SHARE-NAV-BEGIN> 12.65
<PER-SHARE-NII> 0.53
<PER-SHARE-GAIN-APPREC> (0.81)
<PER-SHARE-DIVIDEND> 0.49
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.88
<EXPENSE-RATIO> 2.29
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE.
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> RIGHTIME BLUE CHIP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 186,443,544
<INVESTMENTS-AT-VALUE> 254,732,422
<RECEIVABLES> 658,558
<ASSETS-OTHER> 61,899
<OTHER-ITEMS-ASSETS> 81,575
<TOTAL-ASSETS> 255,534,454
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,147,500
<TOTAL-LIABILITIES> 1,147,500
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 204,064,296
<SHARES-COMMON-STOCK> 7,883,113
<SHARES-COMMON-PRIOR> 8,707,798
<ACCUMULATED-NII-CURRENT> 130,214
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (17,660,834)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 67,853,278
<NET-ASSETS> 254,386,954
<DIVIDEND-INCOME> 5,084,864
<INTEREST-INCOME> 1,025,958
<OTHER-INCOME> 0
<EXPENSES-NET> (5,981,351)
<NET-INVESTMENT-INCOME> 129,471
<REALIZED-GAINS-CURRENT> (24,794,958)
<APPREC-INCREASE-CURRENT> 32,788,354
<NET-CHANGE-FROM-OPS> 8,122,867
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3,389,952)
<DISTRIBUTIONS-OF-GAINS> (640,796)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 988,116
<NUMBER-OF-SHARES-REDEEMED> (1,932,293)
<SHARES-REINVESTED> 119,492
<NET-CHANGE-IN-ASSETS> (23,252,129)
<ACCUMULATED-NII-PRIOR> 3,408,045
<ACCUMULATED-GAINS-PRIOR> 7,757,570
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,432,253
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,432,253
<AVERAGE-NET-ASSETS> 286,387,608
<PER-SHARE-NAV-BEGIN> 31.88
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0.83
<PER-SHARE-DIVIDEND> 0.40
<PER-SHARE-DISTRIBUTIONS> 0.07
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 32.27
<EXPENSE-RATIO> 2.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> RIGHTIME SOCIAL AWARENESS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 11,492,152
<INVESTMENTS-AT-VALUE> 11,462,843
<RECEIVABLES> 22,093
<ASSETS-OTHER> 1,812
<OTHER-ITEMS-ASSETS> 3,429
<TOTAL-ASSETS> 11,490,177
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,389
<TOTAL-LIABILITIES> 22,389
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11,045,516
<SHARES-COMMON-STOCK> 391,194
<SHARES-COMMON-PRIOR> 298,882
<ACCUMULATED-NII-CURRENT> 57,049
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 404,457
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (39,234)
<NET-ASSETS> 11,467,788
<DIVIDEND-INCOME> 101,931
<INTEREST-INCOME> 206,006
<OTHER-INCOME> 0
<EXPENSES-NET> (249,539)
<NET-INVESTMENT-INCOME> 58,398
<REALIZED-GAINS-CURRENT> 403,901
<APPREC-INCREASE-CURRENT> (39,234)
<NET-CHANGE-FROM-OPS> 423,065
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (124,793)
<DISTRIBUTIONS-OF-GAINS> (296,922)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 162,214
<NUMBER-OF-SHARES-REDEEMED> (83,817)
<SHARES-REINVESTED> 13,915
<NET-CHANGE-IN-ASSETS> 2,773,540
<ACCUMULATED-NII-PRIOR> 123,444
<ACCUMULATED-GAINS-PRIOR> 297,478
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 53,093
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 53,093
<AVERAGE-NET-ASSETS> 10,626,282
<PER-SHARE-NAV-BEGIN> 29.09
<PER-SHARE-NII> 0.17
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> 0.43
<PER-SHARE-DISTRIBUTIONS> 1.04
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.31
<EXPENSE-RATIO> 2.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHTIME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE.
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATED OCTOBER 31, 1997 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 5
<NAME> RIGHTIME MIDCAP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 66,742,921
<INVESTMENTS-AT-VALUE> 68,993,344
<RECEIVABLES> 446,149
<ASSETS-OTHER> 18,003
<OTHER-ITEMS-ASSETS> 14,465
<TOTAL-ASSETS> 69,471,961
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 176,755
<TOTAL-LIABILITIES> 176,755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65,026,422
<SHARES-COMMON-STOCK> 2,379,488
<SHARES-COMMON-PRIOR> 2,766,945
<ACCUMULATED-NII-CURRENT> 511,594
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,601,647
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,155,173
<NET-ASSETS> 69,295,196
<DIVIDEND-INCOME> 760,378
<INTEREST-INCOME> 1,582,723
<OTHER-INCOME> 0
<EXPENSES-NET> (1,697,978)
<NET-INVESTMENT-INCOME> 645,123
<REALIZED-GAINS-CURRENT> 1,591,305
<APPREC-INCREASE-CURRENT> 2,155,173
<NET-CHANGE-FROM-OPS> 4,391,601
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,467,850)
<DISTRIBUTIONS-OF-GAINS> 2,647,618
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 248,536
<NUMBER-OF-SHARES-REDEEMED> (777,511)
<SHARES-REINVESTED> 141,518
<NET-CHANGE-IN-ASSETS> (11,008,764)
<ACCUMULATED-NII-PRIOR> 1,334,681
<ACCUMULATED-GAINS-PRIOR> 2,657,960
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 394,749
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 394,749
<AVERAGE-NET-ASSETS> 78,918,344
<PER-SHARE-NAV-BEGIN> 29.02
<PER-SHARE-NII> 0.27
<PER-SHARE-GAIN-APPREC> 1.33
<PER-SHARE-DIVIDEND> 0.54
<PER-SHARE-DISTRIBUTIONS> .096
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 29.12
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
TAIT, WELLER & BAKER
CERTIFIED PUBLIC ACCOUNTANTS
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
BOARD OF DIRECTORS
LINCOLN INVESTMENT PLANNING, INC.
WYNCOTE, PENNSYLVANIA
In planning and performing our audit of the financial statements
of The Rightime Fund, Inc. (comprising, respectively, The
Rightime Fund, The Rightime Blue Chip Fund, The Rightime
Government Securities Fund, The Rightime MidCap Fund and The
Rightime Social Awareness Fund) for the year ended October
31, 1997, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide
assurance on the internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to access the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are safeguarded against loss from unauthorized use or
disposition, and that transactions are executed in accordance
with management's authorization and recorded properly to
permit preparation of financial statements in conformity with
generally accepted accounting principls.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also,
projections of any evaluation of the structure to future periods
is subject to the risk that it may become inadequate because
of changes in conditions or that the effectiveness of the design
and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure
that might be material weaknesses under standards
established by the American Institute of Certified
Public Accountants. A material weakness is a in
which the design or operation of the specific internal
control structure elements does not reduce to a
relatively low level the risk that errors or
irregularities in amounts that would be material in
relation to the financial statements being audited may
occur or not be detected within a timely period by
employees in the normal course of performing their
assigned functions. However, we noted no matters
involving the internal control structure, including
procedures for safeguarding securities, that we
consider to be a material weakness, as
defined above, as of October 31, 1997.
This report is intended solely for the information
and use of the management and the Securities
and Exchange Commission, and should not be used
for any other purpose.
Tait, Weller & Baker
Philadelphia, Pennsylvania
November 26, 1997
