<PAGE> PAGE 1
000 B000000 10/31/98
000 C000000 0000763727
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE RIGHTIME FUND, INC.
001 B000000 811-4231
001 C000000 2158878111
002 A000000 218 GLENSIDE AVE
002 B000000 WYNCOTE
002 C000000 PA
002 D010000 19095
002 D020000 1595
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 THE RIGHTIME FUND
007 C030100 N
007 C010200 2
007 C020200 THE RIGHTIME BLUE CHIP FUND
007 C030200 N
007 C010300 3
007 C020300 THE RIGHTIME SOCIAL AWARENESS FUND
007 C030300 N
007 C010400 4
007 C020400 THE RIGHTIME MIDCAP FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 RIGHTIME ECONOMETRICS, INC.
008 B00AA01 A
008 C00AA01 801-22127
008 D01AA01 RYDAL
008 D02AA01 PA
008 D03AA01 19046
010 A00AA01 RIGHTIME ADMINISTRATORS
010 C01AA01 WYNCOTE
010 C02AA01 PA
010 C03AA01 19095
<PAGE> PAGE 2
010 C04AA01 1595
011 A00AA01 LINCOLN INVESTMENT PLANNING, INC.
011 B00AA01 8-14354
011 C01AA01 WYNCOTE
011 C02AA01 PA
011 C03AA01 19095
011 C04AA01 1595
012 A00AA01 LINCOLN INVESTMENT PLANNING, INC.
012 B00AA01 84-1440
012 C01AA01 WYNCOTE
012 C02AA01 PA
012 C03AA01 19095
012 C04AA01 1595
013 A00AA01 TAIT, WELLER & BAKER
013 B01AA01 PHILADELPHIA
013 B02AA01 PA
013 B03AA01 19103
015 A00AA01 FIRST UNION NATIONAL BANK
015 B00AA01 C
015 C01AA01 PHILADELPHIA
015 C02AA01 PA
015 C03AA01 19106
015 E01AA01 X
018 00AA00 N
019 A00AA00 N
019 B00AA00 0
020 A000001 MORGAN STANLEY CO.
020 B000001 132655998
020 C000001 61
020 A000002 SPEER LEEDS & KELLOG
020 B000002 135515160
020 C000002 13
020 A000003 LEHMAN BROTHERS
020 B000003 132518466
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020 A000004 SALOMON SMITH BARNEY
020 B000004 132869611
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022 B000001 135659485
022 C000001 4776221
022 D000001 0
022 A000002 SANWA BGK SECURITIES
022 B000002 133154528
<PAGE> PAGE 3
022 C000002 1109429
022 D000002 0
022 A000003 LINCOLN INVESTMENT PLANNING
022 B000003 231702591
022 C000003 62159
022 D000003 90742
022 A000004 NATIONS BANK
022 B000004 561684171
022 C000004 23602
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022 B000005 132869611
022 C000005 1996
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<PAGE> PAGE 4
040 00AA00 Y
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045 00AA00 Y
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048 K02AA00 0.000
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052 00AA00 N
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054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
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054 I00AA00 N
054 J00AA00 N
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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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070 J020100 N
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070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 N
070 O020100 N
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070 P020100 N
070 Q010100 N
070 Q020100 N
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070 R020100 N
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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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SIGNATURE CURTIS F. HARTRANFT
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THE RIGHITME FAMILY OF FUNDS EXHIBIT 27 - FINANCIAL DATA SCHEDULE
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
ANNUAL REPORT TO SHAREHOLDERS DATE OCTOBER 31, 1998 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> RIGHTIME FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 106,475,481
<INVESTMENTS-AT-VALUE> 109,441,389
<RECEIVABLES> 724,962
<ASSETS-OTHER> 38,106
<OTHER-ITEMS-ASSETS> 495,143
<TOTAL-ASSETS> 110,699,600
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 100,877
<TOTAL-LIABILITIES> 100,877
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 92,311,095
<SHARES-COMMON-STOCK> 3,147,865
<SHARES-COMMON-PRIOR> 4,207,224
<ACCUMULATED-NII-CURRENT> 1,253,954
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 12,687,691
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,345,983
<NET-ASSETS> 110,598,723
<DIVIDEND-INCOME> 1,879,134
<INTEREST-INCOME> 2,221,887
<OTHER-INCOME> 0
<EXPENSES-NET> (2,846,570)
<NET-INVESTMENT-INCOME> 1,254,451
<REALIZED-GAINS-CURRENT> 29,027,947
<APPREC-INCREASE-CURRENT> (10,231,149)
<NET-CHANGE-FROM-OPS> 20,051,249
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1,587,062)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 280,002
<NUMBER-OF-SHARES-REDEEMED> (1,390,058)
<SHARES-REINVESTED> 50,697
<NET-CHANGE-IN-ASSETS> (15,403,084)
<ACCUMULATED-NII-PRIOR> 1,586,565
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (16,340,256)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 562,069
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 562,069
<AVERAGE-NET-ASSETS> 112,370,891
<PER-SHARE-NAV-BEGIN> 29.95
<PER-SHARE-NII> 0.43
<PER-SHARE-GAIN-APPREC> 5.16
<PER-SHARE-DIVIDEND> 0.41
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 35.13
<EXPENSE-RATIO> 2.53
<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, 1998 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINACIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> RIGHTIME BLUE CHIP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 187,761,094
<INVESTMENTS-AT-VALUE> 271,076,003
<RECEIVABLES> 646,019
<ASSETS-OTHER> 65,026
<OTHER-ITEMS-ASSETS> 22,454
<TOTAL-ASSETS> 271,809,502
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 403,719
<TOTAL-LIABILITIES> 403,719
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 157,571,781
<SHARES-COMMON-STOCK> 6,622,561
<SHARES-COMMON-PRIOR> 7,883,113
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 29,390,943
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 84,453,059
<NET-ASSETS> 271,415,783
<DIVIDEND-INCOME> 3,694,283
<INTEREST-INCOME> 1,328,675
<OTHER-INCOME> 0
<EXPENSES-NET> (5,687,178)
<NET-INVESTMENT-INCOME> (664,220)
<REALIZED-GAINS-CURRENT> 47,051,777
<APPREC-INCREASE-CURRENT> 16,599,781
<NET-CHANGE-FROM-OPS> 62,987,338
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (132,463)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 675,121
<NUMBER-OF-SHARES-REDEEMED> (1,939,495)
<SHARES-REINVESTED> 3,822
<NET-CHANGE-IN-ASSETS> 17,028,829
<ACCUMULATED-NII-PRIOR> 130,214
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> (17,660,834)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,322,530
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,322,530
<AVERAGE-NET-ASSETS> 264,551,477
<PER-SHARE-NAV-BEGIN> 32.27
<PER-SHARE-NII> (0.10)
<PER-SHARE-GAIN-APPREC> 8.83
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 40.98
<EXPENSE-RATIO> 2.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.00
</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, 1998 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> RIGHTIME SOCIAL AWARENESS FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 13,544,374
<INVESTMENTS-AT-VALUE> 13,896,544
<RECEIVABLES> 10,032
<ASSETS-OTHER> 1,812
<OTHER-ITEMS-ASSETS> 570
<TOTAL-ASSETS> 13,908,958
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19,619
<TOTAL-LIABILITIES> 19,619
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 10,849,967
<SHARES-COMMON-STOCK> 386,297
<SHARES-COMMON-PRIOR> 391,194
<ACCUMULATED-NII-CURRENT> 105,343
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2,581,859
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 352,170
<NET-ASSETS> 13,889,339
<DIVIDEND-INCOME> 87,927
<INTEREST-INCOME> 325,165
<OTHER-INCOME> 0
<EXPENSES-NET> (307,432)
<NET-INVESTMENT-INCOME> 105,660
<REALIZED-GAINS-CURRENT> 2,571,596
<APPREC-INCREASE-CURRENT> 391,404
<NET-CHANGE-FROM-OPS> 3,068,660
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (57,366)
<DISTRIBUTIONS-OF-GAINS> (394,194)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 54,325
<NUMBER-OF-SHARES-REDEEMED> (72,851)
<SHARES-REINVESTED> 13,629
<NET-CHANGE-IN-ASSETS> 2,421,551
<ACCUMULATED-NII-PRIOR> 57,049
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 404,457
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 65,411
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 65,411
<AVERAGE-NET-ASSETS> 13,088,828
<PER-SHARE-NAV-BEGIN> 29.31
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> 7.55
<PER-SHARE-DIVIDEND> .15
<PER-SHARE-DISTRIBUTIONS> 1.02
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.96
<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, 1998 AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL INFORMATION.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> RIGHTIME MIDCAP FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-END> OCT-31-1998
<INVESTMENTS-AT-COST> 62,550,610
<INVESTMENTS-AT-VALUE> 67,228,133
<RECEIVABLES> 367,138
<ASSETS-OTHER> 18,003
<OTHER-ITEMS-ASSETS> 4,751
<TOTAL-ASSETS> 67,618,025
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 125,451
<TOTAL-LIABILITIES> 125,451
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,344,861
<SHARES-COMMON-STOCK> 1,917,678
<SHARES-COMMON-PRIOR> 2,379,488
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 11,918447
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5,229,266
<NET-ASSETS> 67,492,574
<DIVIDEND-INCOME> 752,961
<INTEREST-INCOME> 441,637
<OTHER-INCOME> 0
<EXPENSES-NET> (1,506,076)
<NET-INVESTMENT-INCOME> (311,478)
<REALIZED-GAINS-CURRENT> 12,148,563
<APPREC-INCREASE-CURRENT> 3,074,093
<NET-CHANGE-FROM-OPS> 14,911,178
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (537,779)
<DISTRIBUTIONS-OF-GAINS> (1,494,460)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 140,278
<NUMBER-OF-SHARES-REDEEMED> (670,773)
<SHARES-REINVESTED> 68,685
<NET-CHANGE-IN-ASSETS> (526,864)
<ACCUMULATED-NII-PRIOR> 511,954
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 1,601,647
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 336,885
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 336885
<AVERAGE-NET-ASSETS> 67,372,433
<PER-SHARE-NAV-BEGIN> 29.12
<PER-SHARE-NII> (.16)
<PER-SHARE-GAIN-APPREC> 7.13
<PER-SHARE-DIVIDEND> .24
<PER-SHARE-DISTRIBUTIONS> .66
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 35.19
<EXPENSE-RATIO> 2.25
<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
MidCap Fund and The Rightime Social Awareness Fund) for
the year ended October 31, 1998, 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 judgements 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 principles.
Because of the 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 weakness under standards established
by the American Institute of Certified Public Accountants.
A material weakness is a condition 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, 1998.
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
Tait, Weller & Baker
Philadelphia, Pennsylvania
December 19, 1998
