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Previous: FIRST TRUST OF INSURED MUNICIPAL BONDS MULTI STATE SERIES 8, 485BPOS, 1998-06-30 |
Next: VAM INSTITUTIONAL FUNDS INC, N-30D, 1998-06-30 |
[RIGHTIME LOGO]
The 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, 1998
[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 13
Rightime MidCap Fund 15
Financial Statements
Statement of Assets & Liabilities 22
Statement of Operations 24
Statement of Changes in Net Assets 26
Financial Highlights 28
Notes to Financial Statements
Notes & Schedules 30
Officers and Directors 34
<TABLE>
<CAPTION>
April 30, 1998
(Unaudited)
[RIGHTIME LOGO]
Rightime The Rightime Fund
Family of Funds Portfolio of Investments
- -------------------------------------------------------------------------
Value
Shares (Note 1)
- ----------- --------
<S><C> <C> <C>
EQUITY FUNDS: (87.07%)
189,868 Acorn Fund $3,666,352
22 Alliance Quasar Fund 688
489,307 American Century Value Fund 3,767,664
76,828 Babson Value Fund 4,062,644
87,642 Baron Asset Fund 4,610,843
5,351 Clipper Fund 437,575
68,642 Dreyfus Appreciation Fund 2,590,553
33,977 Dreyfus New Leaders Fund 1,704,627
52,280 Fidelity Fund 1,770,716
27,725 Fidelity Value Fund 1,695,923
22,529 Janus Twenty Fund 874,133
67,771 Kemper Blue Chip "A" Fund 1,234,782
45,086 Kemper Dreman High
Return "A" Fund 1,579,811
14,975 Kemper Small Cap "A" Fund 349,516
59,305 Legg Mason Value Prime Fund 3,051,227
18,409 Mairs and Power Growth Fund 1,745,034
279,789 MAS Value Fund 5,467,083
93,853 MAS Mid-Cap Growth Fund 2,123,886
84,200 MFS MIT "A" Fund 1,672,215
175,114 MFS Research "A" Fund 4,346,329
60,423 Mutual Beacon Class Z Fund 944,414
83,940 Neuberger & Berman Genesis Fund 1,425,305
78,381 Nicholas II Fund 3,297,497
44,559 Nicholas Limited Edition Fund 1,208,451
182,140 Pennsylvania Mutual Fund 1,584,618
209,631 Pioneer Growth "A" Fund 4,136,029
169,155 Putnam Fund for
Growth & Income "A" Fund 3,645,291
314,421 Putnam Investors "A" Fund 4,137,780
169,241 Putnam OTC "A" Fund 3,168,188
125,870 Putnam Vista "A" Fund 1,700,504
286,688 Putnam Voyager "A" Fund 6,244,068
116,665 SAFECO Growth Fund 3,217,621
32,751 Stein Roe Capital
Opportunities Fund 1,068,981
61,552 T. Rowe Price Equity
Income Fund 1,721,007
53,017 T. Rowe Price MidCap Growth Fund 1,756,462
33,815 T. Rowe Price New America Fund 1,712,034
77,854 T. Rowe Price Small Cap Stock Fund 1,895,739
116,439 Vanguard US Growth Fund 3,951,937
126,737 Vanguard Windsor II Fund 4,143,017
------------
Total Equity Funds
(cost $78,020,924) 97,710,544
------------
MONEY MARKET FUNDS: (7.22%)
115,734 AIM Money Market Fund 115,734
147,251 Delaware Group Cash
Reserve Fund 147,251
1,021,832 Fidelity U.S. Government
Reserves Fund 1,021,832
3,994,946 IDS Cash Management
Prime Fund 3,994,946
1,349,787 Kemper Government
Money Market Fund 1,349,787
545,911 MAS Cash Reserve Fund 545,911
552,516 MFS Money Market Fund 552,516
44,617 New England Money Market Fund 44,617
15,649 Oppenheimer Money Market Fund 15,649
141,384 T. Rowe Price Prime Reserve Fund 141,384
100,946 Seligman Cash Management Fund 100,946
70,362 Stein Roe Cash Reserves Fund 70,362
2,051 Value Line Cash Fund 2,051
------------
Total Money Market Funds
(cost $8,102,986) 8,102,986
------------
PRINCIPAL
AMOUNT
---------
SHORT-TERM INVESTMENTS (5.55%)
Repurchase Agreement (3.79%)(b)
4,250,000 C.S. First Boston
5.50%; 5/1/98 (cost $4,250,000;
maturity value $4,250,649) $4,250,000
------------
United States Treasury Bill (1.76%)(c)
2,000,000 4.93%; 7/23/98 (cost $1,977,313) 1,977,313
------------
Total Short-term Investments
(cost $6,227,313) 6,227,313
------------
Total Investments
(cost $92,351,223)(98.84%)(a) 112,040,843
Other Assets Less Liabilities (0.16%) 180,825
------------
Net Assets (100%) $112,221,668
============
(a) Aggregate cost for federal income tax purposes is $92,351,223. At
April 30, 1998, unrealized appreciation (depreciation) of securities
for federal income tax purposes is as follows:
Gross unrealized appreciation $19,689,621
Gross unrealized depreciation 0
------------
Net unrealized appreciation $19,689,621
============
(b) The Repurchase Agreement is collateralized by obligations of the United
States government and its agencies with a market value of $4,358,158,
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, 1998, the market value of $1,977,313 of the U.S. Treasury Bill
was pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1998:
(Contracts-$250 times premium/delivery
month/commitment)
Unrealized
Appreciation
------------
S&P 500 Stock Index:
50/June/Buy $498,550
============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
April 30, 1998
(Unaudited)
[RIGHTIME LOGO] The Rightime
Rightime Government Securities Fund
Family of Funds Portfolio of Investments
- --------------------------------------------------------------------------
Principal Value
Amount (Note 1)
- ------------- ------------
<S><C> <C> <C>
U.S. GOVERNMENT OBLIGATIONS (80.99%)
$4,000,000 U.S. Treasury Bond 6.875%; 8/15/25
(cost $3,882,500) $4,449,200
1,000,000 U.S. Treasury Bond 9.25%; 2/15/16
(cost $1,306,250) 1,352,260
------------
Total U.S. Government Obligations
(cost $5,188,750) 5,801,460
------------
SHORT-TERM INVESTMENTS (18.02%)
Repurchase Agreement (11.11%)(b)
796,000 C.S. First Boston
5.50%; 5/1/98 (cost $796,000;
maturity value $796,122) 796,000
------------
United States Treasury Bill (6.91%)(c)
500,000 4.98%; 7/16/98 (cost $494,743) 494,743
------------
Total Short-term Investments
(cost $1,290,743) 1,290,743
------------
Total Investments
(cost $6,479,493)(99.01%)(a) 7,092,203
Other Assets Less Liabilities (0.99%) 70,909
------------
Net Assets (100%) $7,163,112
============
(a) Aggregate cost for federal income tax purposes is $6,479,493. At
April 30, 1998, unrealized appreciation (depreciation) of securities
for federal income tax purposes is as follows:
Gross unrealized appreciation $612,710
Gross unrealized depreciation 0
------------
Net unrealized appreciation $612,710
============
(b) The Repurchase Agreement is collateralized by obligations of the United
States government and its agencies with a market value of $816,257, 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, 1998 the market value of $494,743 of the U.S. Treasury Bill was
pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1998:
(Contracts-$1000 times premium/delivery
month/commitment)
Unrealized
Appreciation
------------
U.S. Treasury Bonds:
11/June/Buy $8,125
============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
April 30, 1998
(Unaudited)
[RIGHTIME LOGO]
Rightime The Rightime Blue Chip Fund
Family of Funds Portfolio of Investments
- -------------------------------------------------------------------------
Value
Shares (Note 1)
- ----------- --------
<S> <C> <C> <C>
COMMON STOCK (88.79%)
INDUSTRIALS (65.27%)
Aerospace/Defense (1.25%)
28,663 Boeing Co. $1,434,941
3,785 General Dynamics Corp. 159,916
4,806 Lockheed Martin Corp.* 535,268
1,705 Northrop Grumman Corp. 180,197
8,490 Raytheon Co. Class B 481,277
126 Rockwell International Corp. 7,048
5,776 United Technologies Corp. 568,575
------------
3,367,222
------------
Aluminum (0.29%)
7,416 Alcan Aluminium Ltd. 241,020
5,794 Aluminum Co. of America 449,034
1,800 Reynolds Metals Co. 118,800
------------
808,854
------------
Auto Parts After Market (0.29%)
1,970 Cooper Tire & Rubber Co. 47,034
1,563 Echlin, Inc. 73,948
5,196 Genuine Parts Co. 187,056
5,133 Goodyear Tire & Rubber Co. 359,310
2,993 ITT Industries, Inc. 109,058
478 Midas Inc. 9,231
------------
785,637
------------
Automobiles (1.23%)
18,511 Chrysler Corp. 743,911
29,973 Ford Motor Co. 1,373,138
17,630 General Motors Corp. 1,187,821
------------
3,304,870
------------
Beverages (Alcoholic) (0.46%)
1,562 Adolph Coors Co. Class B 55,842
15,700 Anheuser-Busch Co., Inc. 719,256
1,690 Brown-Forman Corp. Class B 95,696
8,849 Seagram Co. Ltd. 377,742
------------
1,248,536
------------
Beverages (Soft Drinks) (2.30%)
61,700 Coca-Cola Co. 4,681,487
37,789 PepsiCo, Inc. 1,499,751
------------
6,181,238
------------
Broadcast Media (0.77%)
30,158 CBS Corp. 1,074,379
2,336 Clear Channel Communications 220,168
10,428 Comcast Corp. Class A Special 373,453
12,602 Tele-Communications, Inc. Class A* 406,414
------------
2,074,414
------------
Building Materials (0.16%)
4,091 Masco Corp. 237,278
1,314 Owens Corning 54,613
4,283 Sherwin-Williams Co. 152,582
------------
444,473
------------
Chemicals (1.94%)
3,681 Air Products & Chemicals, Inc. 320,017
16,448 Applied Materials, Inc.* 594,184
1,891 BF Goodrich Co. 101,759
5,613 Dow Chemical Co. 542,707
28,193 E.I. du Pont de Nemours & Co. 2,052,803
2,578 Eastman Chemical 177,237
2,435 Hercules, Inc. 116,423
14,746 Monsanto Co. 779,695
3,893 Praxair, Inc. 195,867
1,563 Rohm & Haas Co. 168,511
3,077 Union Carbide Corp. 149,235
------------
5,198,438
------------
Chemicals (Diversified) (0.30%)
2,514 Avery Dennison Corp. 131,671
3,954 Engelhard Corp. 83,528
1,561 FMC Corp.* 121,075
1,781 Mallinckrodt Inc 57,437
4,439 PPG Industries, Inc. 313,782
2,110 Raychem Corp. 84,796
------------
792,289
------------
Chemicals (Specialty) (0.13%)
2,482 Grace (W.R.) & Co. 50,416
2,283 Great Lakes Chemical Corp. 114,721
3,373 Morton Int'l Inc. 107,936
1,643 Nalco Chemical Co. 65,309
------------
338,382
------------
Commercial Services (0.08%)
5,203 Ecolab, Inc. 164,870
1,113 National Service Industries, Inc. 60,241
------------
225,111
------------
Communication (Equipment/
Manufacturers) (2.54%)
2,262 Andrew Corp.* 51,743
5,223 Bay Networks 122,414
4,302 Cabletron Systems, Inc.* 57,001
29,445 Cisco Systems, Inc.* 2,156,846
3,562 DSC Communications Corp.* 64,116
8,357 General Instrument Corp. * 187,510
31,939 Lucent Technologies Inc. 2,431,356
22,485 Northern Telecom Ltd. 1,368,774
1,951 Scientific-Atlanta, Inc. 46,580
4,566 Tellabs, Inc.* 323,615
------------
6,809,955
------------
Computer Software & Services (3.49%)
9,699 3 Com Corp.* 332,191
5,616 ALLTEL Corp. 240,084
1,797 Adobe Systems, Inc. 89,962
1,789 Autodesk, Inc. 84,083
9,643 Automatic Data Processing, Inc. 645,478
15,659 Computer Associates
International, Inc. 917,030
4,043 Computer Sciences Corp.* 213,268
12,146 First Data Corp. 411,446
60,116 Microsoft Corp.* 5,417,955
8,683 Novell, Inc.* 86,830
24,429 Oracle Corp.* 632,100
6,441 Parametric Technology Corp.* 205,911
586 Shared Medical Systems Corp. 42,742
4,669 Silicon Graphics, Inc.* 60,989
------------
9,380,069
------------
Computer Systems (3.10%)
4,051 Apple Computer, Inc. 110,896
65,207 COMPAQ Computer Corp. 1,829,869
1,918 Ceridian Corp.* 108,487
1,618 Data General Corp.* 24,674
19,973 Dell Computer* 1,612,820
3,701 Digital Equipment Corp.* 205,868
15,418 EMC Corp.* 711,155
24,260 International Business
Machines Corp. 2,811,128
3,508 LSI Logic Corp. 95,155
5,257 Micron Technology Inc. 163,296
6,076 Seagate Technology* 162,153
9,363 Sun Microsystems, Inc.* 385,639
4,134 Unisys Corp.* 92,757
------------
8,313,897
------------
Conglomerates (0.48%)
4,305 Allegheny Teledyne Inc. 109,239
5,305 Fortune Brands 195,622
4,351 ITT Hartford Group Inc. 481,873
4,275 Tenneco Inc. 184,092
4,108 Textron, Inc. 321,451
------------
1,292,277
------------
Containers (Metal & Glass) (0.12%)
788 Ball Corp. 30,436
5,499 Crown Cork & Seal Co., Inc.* 286,292
------------
316,728
------------
Containers (Paper) (0.07%)
1,357 Bemis Co., Inc. 60,387
2,452 Stone Container Corp.* 40,151
1,389 Temple-Inland Inc. 89,677
------------
190,215
------------
Cosmetics (0.89%)
1,422 Alberto-Culver Co. Class B 41,771
4,037 Avon Products, Inc. 331,791
16,241 Gillette Co. 1,874,820
2,754 International Flavors &
Fragrances, Inc. 134,774
------------
2,383,156
------------
Electrical Equipment (3.68%)
8,711 AMP, Inc. 342,451
15 Commscope Inc. * 244
11,023 Emerson Electric Co. 701,338
97,011 General Electric Co. 8,258,061
3,148 Honeywell, Inc. 293,157
1,380 Thomas & Betts Corp. 80,558
1,767 W.W. Grainger, Inc. 192,493
------------
9,868,302
------------
Electronics (Instrumentation) (0.78%)
25,895 Hewlett-Packard Co. 1,950,217
1,122 Perkin-Elmer Corp. 76,717
1,248 Tektronix, Inc. 53,642
------------
2,080,576
------------
Electronics (Semiconductors) (1.84%)
3,810 Advanced Micro Devices, Inc.* 105,728
73 General Semiconductor Inc. * 999
40,803 Intel Corp. 3,297,392
14,916 Motorola, Inc. 829,702
4,068 National Semiconductor Corp.* 89,496
9,756 Texas Instruments, Inc. 624,994
------------
4,948,311
------------
Engineering & Construction (0.05%)
2,117 Fluor Corp. 100,028
1,058 Foster Wheeler Corp. 29,294
------------
129,322
------------
Entertainment (0.86%)
2,883 Harrah's Entertainment, Inc. 75,138
1,895 King World Productions, Inc.* 50,573
4,470 Mirage Resorts, Inc. 98,619
16,856 Walt Disney Co. 2,095,412
------------
2,319,742
------------
Foods (2.02%)
299 Agribrands International * 11,369
18,938 Archer-Daniels-Midland Co. 407,167
9,278 Bestfoods International 509,130
13,749 Campbell Soup Co. 705,496
22,550 ConAgra, Inc. 658,178
66 Corn Products International * 2,351
5,259 General Mills, Inc. 355,311
11,253 H.J. Heinz Co. 613,288
3,521 Hershey Foods Corp. 257,913
10,239 Kellogg Co. 422,359
3,436 Quaker Oats Co. 178,672
2,671 Ralston-Purina Group 283,126
12,016 Sara Lee Corp. 715,703
1,510 Vlasic Foods International * 34,822
2,910 Wrigley, (Wm.) Jr. 258,990
------------
5,413,875
------------
Food Wholesalers (0.10%)
1,531 SuperValu Inc. 66,886
8,463 Sysco Corp. 201,525
------------
268,411
------------
Gold Mining (0.23%)
9,652 Barrick Gold Corp. 216,567
6,570 Battle Mountain Gold Co. Class A 47,222
4,796 Freeport-McMoRan Copper &
Gold Inc. 90,225
3,694 Homestake Mining Co. 42,943
3,886 Newmont Mining Corp. 125,081
5,990 Placer Dome Group, Inc. 88,353
------------
610,391
------------
Hardware & Tools (0.11%)
2,375 Black & Decker Corp.* 122,609
1,508 Snap-On Inc. 63,807
2,217 The Stanley Works 113,483
------------
299,899
------------
Health Care (Diversified) (3.88%)
24,144 Abbott Laboratories, Inc. 1,765,530
16,251 American Home Products Corp. 1,513,374
29,609 Bristol-Myers Squibb Co. 3,134,853
33,514 Johnson & Johnson 2,392,062
4,696 United Healthcare Corp. 329,894
6,804 Warner-Lambert Co. 1,287,232
------------
10,422,945
------------
Health Care (Drugs) (4.64%)
45,943 Eli Lilly & Co. 3,195,910
29,894 Merck & Co., Inc. 3,602,227
32,255 Pfizer, Inc. 3,671,022
12,614 Pharmacia & Upjohn, Inc. 530,576
18,262 Schering-Plough Corp. 1,463,243
------------
12,462,978
------------
Health Care (Miscellaneous) (0.38%)
2,375 ALZA Corp.* 113,852
2,100 Beverly Enterprises * 33,075
2,776 Cardinal Health Inc. 267,190
100 Crescendo Pharm. 1,250
3,654 Guidant Corp. 244,361
9,788 HEALTHSOUTH Corp. * 295,475
1,540 Manor Care Inc. 53,996
39 Pharmerica Inc. * 541
------------
1,009,740
------------
Heavy Duty Trucks & Parts (0.24%)
910 Cummins Engine Co., Inc. 49,481
2,660 Dana Corp. 157,272
2,850 Eaton Corp. 263,269
1,877 Navistar International Corp.* 56,075
1,948 Paccar, Inc. 115,663
------------
641,760
------------
Homebuilding (0.04%)
1,589 Centex Corp. 55,218
980 Kaufman & Broad Home Corp. 28,481
524 Pulte Corp. 26,822
------------
110,521
------------
Hospital Management Companies (0.39%)
19,756 Columbia/HCA Healthcare Corp. 650,713
4,092 Humana, Inc.* 110,484
7,645 Tenet Healthcare Corp.* 286,210
------------
1,047,407
------------
Hotel/Motel (0.26%)
7,032 Hilton Hotels Corp. 224,584
2,828 Marriott International 93,324
3,583 Marriott International Class A 114,656
5,091 Starwood Hotels & Resorts 255,505
------------
688,069
------------
Household Furnishings & Appliances (0.13%)
980 Armstrong World Industries Inc. 84,035
2,376 Maytag Corp. 122,364
1,904 Whirlpool Corp. 137,088
------------
343,487
------------
Household Products (2.32%)
8,300 Colgate-Palmolive Co. 744,406
33,556 Procter & Gamble Co. 2,757,884
3,065 The Clorox Co. 257,077
33,131 Unilever NV ADR 2,472,401
------------
6,231,768
------------
Housewares (0.13%)
3,973 Newell Co. 191,946
3,774 Rubbermaid, Inc. 108,031
1,538 Tupperware Corp. 41,622
------------
341,599
------------
Machinery (Diversified) (0.58%)
638 Briggs & Stratton Corp. 28,870
9,243 Caterpillar, Inc. 526,273
4,569 Cooper Industries, Inc. 305,552
7,848 Deere & Co. 458,617
1,285 Harnischfeger Industries Inc. 36,301
4,093 Ingersoll-Rand Co. 188,557
------------
1,544,170
------------
Manufacturing (Diversified Industries) (0.96%)
1,199 Aeroquip Vickers Inc. 76,211
2,413 Case Corp. 153,376
1,130 Crane Co. 60,808
9,183 Dover Corp. 362,729
880 Fleetwood Enterprises, Inc. 40,645
6,175 Illinois Tool Works, Inc. 435,337
2,104 Johnson Controls, Inc. 124,925
1,131 Millipore Corp. 39,020
208 NACCO Industries, Inc. Class A 34,983
3,233 Pall Corp. 63,448
2,750 Parker Hannifin Corp. 122,719
1,558 Timkin Co. 62,223
18,420 Tyco Intl Ltd Com 1,003,890
------------
2,580,314
------------
Medical Products & Supplies (0.59%)
1,381 Bard (C.R.), Inc. 49,457
2,471 Bausch & Lomb, Inc. 122,160
8,269 Baxter International, Inc. 458,413
3,455 Becton, Dickinson & Co. 240,554
4,501 Biomet, Inc.* 135,030
5,480 Boston Scientific Corp.* 396,272
351 St. Jude Medical, Inc.* 12,439
2,513 Sigma Aldrich Corp. 100,206
1,889 United States Surgical Corp. 59,504
------------
1,574,035
------------
Metals Miscellaneous (0.10%)
2,165 ASARCO, Inc. 53,990
2,365 Cyprus Amax Minerals Co. 40,796
4,203 Inco Ltd. 73,815
1,488 Phelps Dodge Corp. 99,882
------------
268,483
------------
Miscellaneous (3.12%)
110 Allergan Specialty Therapeutics 1,146
2,018 Allergan, Inc. 83,873
16,314 AlliedSignal Inc. 714,757
2,868 American Greetings Corp. Class A 132,645
8,416 Amgen, Inc.* 501,804
2,751 Brunswick Corp. 89,407
23,488 Cendant Corporation 587,200
1,060 Cincinnati Milacron, Inc. 32,926
5,134 Cognizant Corp. 264,080
6,889 Corning, Inc. 275,560
2,411 Deluxe Corp. 80,768
1,111 EG & G, Inc. 33,469
527 Eastern Enterprises 22,332
9,911 Eastman Kodak Co. 715,450
4,115 Frontier Corp. 123,193
1,360 General Signal Corp. 59,840
5,277 HBO & Co. 315,631
2,561 H & R Block, Inc. 115,245
2,608 Harcourt General, Inc. 136,105
2,014 Harris Corp. 97,427
1,435 Hussmann International * 24,933
3,186 Interpublic Group of Cos., Inc. 203,506
872 John H. Harland Co. 15,533
924 Jostens Inc. 21,887
2,152 KLA Instruments Corp. * 86,753
1,176 Kerr-McGee Corp. 77,616
2,915 Loews Corp. 291,682
10,205 Minnesota Mining &
Manufacturing Co. 963,097
4,021 Omnicom Group Inc. 190,495
3,485 Owens-Illinois, Inc. * 137,875
4,771 Pioneer Hi Bred International 180,105
1,147 Polaroid Corp. 50,468
3,664 R.R. Donnelley & Sons Co. 161,445
1,282 Sealed Air Corp. Pref. 78,923
1,204 Sealed Air Corp.* 75,476
6,326 Service Corp. International 260,947
895 Sodexho Marriott Services * 22,823
539 Springs Industries Inc. Class A 29,679
3,052 TRW, Inc. 161,184
3,753 Thermo Electron Corp. 149,416
8,825 Viacom International Class B* 511,850
2,871 Whitman Corp. 56,164
7,683 Williams Cos., Inc. 242,975
------------
8,377,690
------------
Office Equipment & Supplies (0.62%)
3,292 Ikon Office Solutions Inc. 79,625
2,202 Moore Corp. Ltd. 34,544
13,278 Pitney Bowes, Inc. 637,344
8,126 Xerox Corp. 922,301
------------
1,673,814
------------
Oil & Gas Drilling (0.05%)
2,024 Helmerich & Payne, Inc. 61,732
2,159 Rowan Cos., Inc.* 63,556
------------
125,288
------------
Oil (Domestic Integrated) (0.85%)
2,463 Amerada Hess Corp. 141,622
2,010 Ashland Inc. 106,279
10,241 Atlantic Richfield Co. 798,798
8,413 Occidental Petroleum Corp. 247,658
1,199 Pennzoil Co. 76,811
6,533 Phillips Petroleum Co. 323,792
1,760 Sun Co., Inc. 71,170
7,238 USX-Marathon Group 259,211
6,162 Unocal Corp. 252,257
------------
2,277,598
------------
Oil (Exploration & Production) (0.23%)
1,523 Anadarko Petroleum Corp. 111,560
2,218 Apache Corp. 78,462
4,708 Burlington Resources, Inc. 221,276
3,114 EEX Corp. 30,167
2,650 Oryx Energy Co.* 69,231
1,365 Western Atlas Inc.* 107,835
------------
618,531
------------
Oil (International Integrated) (4.81%)
30,692 Amoco Corp. 1,358,121
20,199 Chevron Corp. 1,670,205
61,469 Exxon Corp. 4,483,395
19,548 Mobil Corp. 1,544,292
53,522 Royal Dutch Petroleum Co. ADR 3,027,338
13,628 Texaco Inc. 838,122
------------
12,921,473
------------
Oil Well Equipment & Services (0.80%)
4,234 Baker Hughes, Inc. 171,477
4,964 Dresser Industries, Inc. 262,472
11,654 Halliburton Co. 640,970
1,432 McDermott International, Inc. 59,249
12,290 Schlumberger Ltd. 1,018,534
------------
2,152,702
------------
Paper & Forest Products (0.97%)
2,060 Boise Cascade Corp. 77,379
3,769 Champion International Corp. 202,819
5,176 Fort James Corp 256,859
3,506 Georgia-Pacific Corp. 270,619
7,555 International Paper Co. 394,277
13,834 Kimberly-Clark Corp. 702,075
2,775 Louisiana-Pacific Corp. 60,703
2,630 Mead Corp. 91,064
764 Potlatch Corp. 36,195
1,200 Timber Co. 30,750
1,759 Union Camp Corp. 106,200
2,569 Westvaco Corp. 77,873
4,983 Weyerhaeuser Co. 287,145
------------
2,593,958
------------
Pollution Control (0.27%)
5,868 Browning-Ferris Industries, Inc. 200,245
4,567 Laidlaw Environmental Services 17,982
8,158 Laidlaw Inc. 113,702
11,368 Waste Management Inc. 380,828
------------
712,757
------------
Publishing (0.56%)
4,210 Dun & Bradstreet Corp. 149,455
2,473 McGraw-Hill Cos. 191,503
1,296 Meredith Corp. 55,728
13,951 Time Warner, Inc. 1,095,155
------------
1,491,841
------------
Publishing (Newspapers) (0.63%)
2,392 Dow Jones & Co., Inc. 116,460
14,071 Gannett Co., Inc. 955,949
2,091 Knight-Ridder, Inc. 121,931
2,387 New York Times Co. Class A 169,328
2,236 Times Mirror Co. Class A 136,815
3,027 Tribune Co. 199,782
------------
1,700,265
------------
Restaurants (0.49%)
3,834 Darden Restaurants Inc.* 61,344
17,159 McDonald's Corp. 1,061,713
3,819 Tricon Global Restaurants 121,253
3,276 Wendy's International, Inc. 78,829
------------
1,323,139
------------
Retail Stores (Department) (0.73%)
6,280 Dayton-Hudson Corp. 548,322
2,780 Dillard's Inc. 101,818
6,485 Federated Department Stores * 318,981
6,254 J.C. Penney Co., Inc. 444,425
5,795 May Department Stores Co. 357,479
935 Mercantile Stores Co., Inc. 68,313
1,881 Nordstrom, Inc. 123,088
------------
1,962,426
------------
Retail Stores (Drugs) (0.24%)
926 Longs Drug Stores, Inc. 26,796
6,102 Rite Aid Corp. 196,027
12,246 Walgreen Co. 422,487
------------
645,310
------------
Retail Stores (Food Chains) (0.39%)
6,987 Albertson's, Inc. 349,350
8,332 American Stores Co. 199,968
1,508 Giant Food, Inc. Class A 56,173
1,272 Great Atlantic & Pacific Tea Co., Inc. 39,591
6,309 Kroger Co.* 264,189
3,729 Winn Dixie Stores, Inc. 140,304
------------
1,049,575
------------
Retail Stores (General Merchandise) (1.39%)
2,682 Consolidated Stores, Inc.* 107,280
12,159 Kmart Corp. * 212,023
9,727 Sears, Roebuck & Co. 576,933
56,229 Wal-Mart Stores, Inc. 2,843,079
------------
3,739,315
------------
Retail Stores (Specialty - Apparel) (0.39%)
4,261 Charming Shoppes, Inc. * 19,840
11,863 Gap (The), Inc. 610,203
6,801 Limited, Inc. 228,259
4,111 TJX Cos., Inc. 181,912
------------
1,040,214
------------
Retail Stores (Specialty) (1.19%)
3,751 AutoZone, Inc.* 113,233
2,906 Circuit City Stores, Inc. 118,056
6,956 Costco Companies * 388,667
5,083 CVS Corporation 374,871
21,084 Home Depot, Inc. 1,467,974
4,368 Lowes Cos., Inc. 305,487
1,615 Pep Boys (Manny, Moe & Jack) 35,126
2,573 Tandy Corp. 128,007
7,167 Toys R Us, Inc.* 197,540
3,352 Woolworth Corp.* 77,096
------------
3,206,057
------------
Shoes (0.14%)
7,261 Nike, Inc. Class B 346,713
1,408 Reebok International Ltd. 41,360
------------
388,073
------------
Steel (0.15%)
2,726 Armco, Inc.* 18,741
5,444 Bethlehem Steel Corp.* 84,722
1,262 Inland Steel Industries, Inc.* 36,992
2,188 Nucor Corp. 131,143
2,190 USX-U.S. Steel Group 85,684
2,399 Worthington Industries, Inc. 43,107
------------
400,389
------------
Telecommunications (Long Distance) (1.88%)
40,472 AT&T Corp. 2,430,849
17,414 MCI Communications Corp. 876,142
11,434 Sprint Corp. 781,085
22,255 WorldCom, Inc. * 952,097
------------
5,040,173
------------
Textile (Apparel Manufacturers) (0.13%)
1,855 Fruit of the Loom, Inc.* 69,331
1,688 Liz Claiborne, Inc. 83,029
878 Russell Corp. 23,706
3,093 V.F. Corp. 160,836
------------
336,902
------------
Tobacco (0.89%)
60,439 Philip Morris Cos., Inc. 2,255,130
4,567 UST Inc. 125,878
------------
2,381,008
------------
Toys (0.15%)
3,086 Hasbro, Inc. 113,603
7,277 Mattel, Inc. 278,800
------------
392,403
------------
Total Industrial 175,212,767
------------
TRANSPORTATION (1.27%)
Airlines (0.42%)
3,337 AMR Corp.* 508,475
2,538 Delta Air Lines, Inc. 295,042
5,415 Southwest Airlines Co. 148,574
2,230 USAir Group, Inc.* 158,609
------------
1,110,700
------------
Railroads (0.69%)
4,683 Burlington Northern Santa Fe Corp. 463,617
5,452 CSX Corp. 286,230
18,537 Norfolk Southern Corp. 619,831
6,180 Union Pacific Corp. 338,355
6,355 Union Pacific Resources Group, Inc. 151,726
------------
1,859,759
------------
Transportation (Miscellaneous) (0.16%)
5,275 FDX Corp. * 358,700
1,864 Ryder System, Inc. 64,890
------------
423,590
------------
Total Transportation 3,394,049
------------
UTILITIES (6.59%)
Electric Companies (2.21%)
3,419 Ameren Corp. 135,478
4,697 American Electric Power Co., Inc. 224,282
5,702 Baltimore Gas & Electric Co. 179,613
3,793 Carolina Power & Light Co. 163,336
7,061 Central & South West Corp. 184,027
4,624 CINergy Corp. 161,262
6,476 Consolidated Edison Inc. 293,039
5,205 DTE Energy Co. 203,971
8,626 Dominion Resources, Inc. 341,266
9,616 Duke Power Co. 556,526
9,488 Edison International 282,861
6,632 Entergy Corp. 164,971
5,419 FPL Group, Inc. 336,317
8,162 FirstEnergy Corp. 246,900
4,597 GPU Inc. 182,156
10,884 Houston Industries, Inc. 316,316
3,646 Niagara Mohawk Power Corp. 44,664
1,813 Northern States Power Co. 102,208
5,527 PECO Energy Corp. 131,612
4,186 PP&L Resources Inc. 96,540
7,384 PacifiCorp 171,678
10,952 PG & E Corporation 354,571
5,825 Public Service Enterprise Group Inc. 195,502
17,250 Southern Co. 457,125
5,708 Texas Utilities Co. 228,320
5,440 Unicom Corp. 189,040
------------
5,943,581
------------
Natural Gas (0.44%)
2,681 Coastal Corp. 191,524
1,411 Columbia Gas Systems, Inc.* 114,644
2,350 Consolidated Natural Gas Co. 135,125
9,017 Enron Corp. 443,524
1,215 NICOR, Inc. 49,739
807 ONEOK Inc. 32,683
2,123 Pacific Enterprises 82,664
845 Peoples Energy Corp. 30,631
2,038 Sonat, Inc. 90,436
------------
1,170,970
------------
Telephone (3.94%)
14,309 AirTouch Communications* 760,166
30,639 Ameritech Corp. 1,304,072
23,317 Bell Atlantic Corp. 2,181,597
27,386 BellSouth Corp. 1,757,839
25,371 GTE Corp. 1,482,618
45,630 SBC Communications Inc. 1,890,793
15,148 U S WEST Media Group 571,837
12,076 U S WEST, Inc. 637,009
------------
10,585,931
------------
Total Utilities 17,700,482
------------
FINANCIAL (15.66%)
Financial Miscellaneous (3.60%)
14,614 American Express Co. 1,490,628
7,592 American General Corp. 505,817
7,762 Associates First Capital 580,181
6,615 Charles Schwab Corp. 231,525
1,338 Cincinnati Financial Corp. 170,428
2,679 Countrywide Credit Industries, Inc. 129,597
3,756 Equifax, Inc. 145,310
21,355 Federal Home Loan Mortgage Corp. 989,003
31,395 Federal National Mortgage Assn. 1,879,776
3,364 Green Tree Financial Corp. 137,083
2,800 Lehman Brothers Holdings, Inc. 198,975
2,211 MBIA, Inc. 164,996
12,473 MBNA Corp. 422,523
4,238 Marsh & McLennan Co., Inc. 386,188
8,268 Merrill Lynch & Co., Inc. 725,517
14,795 Morgan Stanley Dean Witter & Co. 1,166,956
4,383 Synovus Financial Corp. 154,227
1,609 Transamerica Corp. 185,839
------------
9,664,569
------------
Life Insurance (0.57%)
17 Aegon NV 2,259
5,630 Aon Corp. 363,135
4,743 Conseco Co., Inc. 235,371
2,665 Jefferson-Pilot Corp. 156,402
2,509 Lincoln National Corp. 222,831
2,386 Providian Financial Corp. 143,607
4,823 SunAmerica Inc. 240,849
3,502 Torchmark Corp. 156,058
------------
1,520,512
------------
Major Regional Banks (4.77%)
16,076 Banc One Corp. 945,470
3,888 Bank of New York Co., Inc. 260,253
3,379 BB&T Corp. 227,238
7,286 Comerica, Inc. 400,730
4,025 Fifth Third Bancorp 287,788
8,515 First Chicago NBD Corp. 790,831
29,386 First Union Corp. 1,774,195
7,339 Fleet Financial Group, Inc. 633,906
4,735 Huntington Bancshares Inc. 168,388
10,895 KeyCorp 432,395
4,966 National City Corp. 343,896
23,478 NationsBank, Inc. 1,778,458
32,272 Norwest Corp. 1,280,795
7,606 PNC Bank Corp. 459,688
10,108 State Street Boston 597,004
5,262 SunTrust Banks, Inc. 428,524
6,097 U.S. Bancorp 774,319
5,086 Wachovia Corp. 431,992
2,177 Wells Fargo & Co. 802,225
------------
12,818,095
------------
Money Center Banks (1.61%)
2,407 Bankers Trust New York Corp. 310,804
10,489 Chase Manhattan Corp. 1,453,382
11,916 Citicorp 1,793,358
4,470 J.P. Morgan & Co., Inc. 586,687
1,380 Republic New York Corp. 184,575
------------
4,328,806
------------
Multi-Line Insurance (2.90%)
4,002 Aetna Inc. 323,412
12,638 Allstate Corp. 1,216,408
29,847 American International Group, Inc. 3,926,746
1,861 CIGNA Corp. 385,111
28,609 Travelers Group Inc. 1,750,513
3,451 UNUM Corp. 185,491
------------
7,787,681
------------
Other Major Banks (0.97%)
20,403 BankAmerica Corp. 1,734,255
3,895 BankBoston Corporation 420,417
6,335 Mellon Bank Corp. 456,120
------------
2,610,792
------------
Personal Loans (0.23%)
2,002 Beneficial Corp. 261,011
2,706 Household International, Inc. 355,670
------------
616,681
------------
Property-Casualty Insurance (0.70%)
5,621 Chubb Corp. 443,708
2,625 General Re Corp. 586,851
2,809 MGIC Investment Corp. 176,967
1,787 Progressive Corp. of Ohio 242,027
3,535 SAFECO Corp. 176,529
2,882 St. Paul Cos., Inc. 244,280
------------
1,870,362
------------
Savings & Loans Companies (0.31%)
2,890 Ahmanson (H.F) & Co. 220,362
1,455 Golden West Financial Corp. 153,230
6,415 Washington Mutual Inc. 449,451
------------
823,043
------------
Total Financial 42,040,541
------------
Total Common Stock (cost $153,115,398) $238,347,839
------------
Principal
Amount
---------
SHORT-TERM INVESTMENTS (1.67%)
Repurchase Agreement (0.93%)(b)
$2,509,000 CS First Boston
5.50%; 5/1/98 (cost $2,509,000;
maturity value $2,509,383) 2,509,000
------------
United States Treasury Bill (0.74%)(c)
2,000,000 4.99%; 7/16/98 1,978,973
------------
Total Short-term Investments
(cost $4,487,373) 4,487,973
------------
Total Investments (cost $157,603,371)(a)
(90.46%)(a) 242,835,812
Other Assets Less Liabilities (9.54%) 25,610,007
------------
Net Assets (100.00%) $268,445,819
============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $157,603,371. At
April 30, 1998, unrealized appreciation (depreciation) of securities
for federal income tax purposes is as follows:
Gross unrealized appreciation $86,481,862
Gross unrealized depreciation (1,249,421)
------------
Net unrealized appreciation $85,232,441
============
(b) The Repurchase Agreement is collateralized by obligations of the United
States government and its agencies with a market value of $2,572,851,
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, 1998, the market value of $1,978,973 of the U.S. Treasury Bill
was pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1998:
(Contracts-$250 times premium/delivery
month/commitment)
Unrealized
Appreciation
------------
S&P 500 Stock Index:
106/June/Buy $880,738
============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
April 30, 1998
(Unaudited)
[RIGHTIME LOGO] The Rightime
Rightime Social Awareness Fund
Family of Funds Portfolio of Investments
- -------------------------------------------------------------------------
Value
Shares (Note 1)
- ----------- ------------
<S> <C> <C> <C>
COMMON STOCK (95.77%)
Chemicals & Materials (1.57%)
2,100 Praxair Inc. $105,656
2,700 Sigma - Aldrich Corp. 107,662
------------
213,318
------------
Computer Software & Services (2.80%)
1,600 Automatic Data Processing Corp. 107,100
4,650 Computer Associates Int'l. 272,316
------------
379,416
------------
Computer Manufacturers (5.35%)
7,500 Hewlett - Packard Co. 564,844
3,900 Sun Microsystems Corp. * 160,631
------------
725,475
------------
Electrical (Components) (2.62%)
3,733 Baldor Electric 98,000
5,800 Solectron Corp. 257,012
------------
355,012
------------
Electronics (Semi-Conductors) (1.19%)
2,000 Intel Corp. 161,625
------------
Financial (Miscellaneous) (17.58%)
4,300 American Express Co. 438,600
2,100 Edwards (AG) Inc. 94,500
5,500 Federal Home Loan Mortgage 254,719
2,100 Household International 276,019
6,850 MBNA Corporation 232,044
5,000 Merrill Lynch & Co. Inc. 438,750
12,250 Student Loan Marketing 522,922
2,800 Torchmark Corp. 124,775
------------
2,382,329
------------
Food Wholesaler (1.05%)
6,000 Sysco Corp. 142,875
------------
Heavy Duty Trucks & Parts (1.14%)
2,600 Dana Corp. 153,725
------------
Insurance (1.01%)
1,500 Marsh & McLennan 136,688
------------
Banks (7.23%)
5,300 Bank America 450,500
1,300 Bankers Trust N.Y. Corp. 167,863
2,100 Fifth Third Bancorp 115,500
6,200 Norwest Corp. 246,062
------------
979,925
------------
Medical Equipment & Supplies (6.58%)
2,100 Becton, Dickinson & Co. 146,213
3,900 Biomet Inc. 117,000
4,000 Johnson & Johnson 285,500
4,200 Medtronic Inc. 221,025
2,700 Stryker Corp. 121,500
------------
891,238
------------
Miscellaneous (13.77%)
2,900 Brady (W.H) 88,450
2,200 Colgate - Palmolive Co. 197,312
4,100 Cooper Industries Inc. 274,187
2,600 Deere & Co. 151,938
6,000 Energen Corp. 133,875
900 Fastenal Co. 50,344
1,500 GATX Corp. 124,312
2,100 Graco Inc. 72,319
2,000 Harman International Ind. 86,000
4,000 Pitney Bowes Inc. 192,000
9,700 Ryan's Family Steakhouse 97,000
3,500 Service Corp. 144,375
2,300 Snap On Inc. 97,319
2,200 Tellabs 155,925
------------
1,865,356
------------
Pharmaceuticals (9.21%)
8,100 Merck & Co. Inc. 976,050
3,400 Schering - Plough Corp. 272,425
------------
1,248,475
------------
Property - Casualty Insurance (3.69%)
2,000 Chubb Corp. 157,875
1,000 General Re Corp. 223,563
1,400 St. Paul Companies Inc. 118,650
------------
500,088
------------
Retail Stores (General Merchandise) (5.18%)
3,300 Sears Roebuck & Co. 195,731
10,000 Wal Mart Stores Inc. 505,625
------------
701,356
------------
Retail Stores (Specialty) (5.91%)
2,000 Claire's Stores 43,625
4,800 GAP (The), Inc. 246,900
5,900 Home Depot, Inc. 410,788
4,800 Lillian Vernon Corporation 82,800
600 Toys "R" Us * 16,537
------------
800,650
------------
Shoes (1.21%)
2,200 Nike Inc. Class B 105,050
2,000 Reebok International Ltd. 58,750
------------
163,800
------------
Steel (0.80%)
1,800 Nucor Corp. 107,887
------------
Transportation Airlines (2.52%)
1,000 Delta Air Lines Inc. 116,250
3,750 Southwest Airlines 102,891
1,400 UAL Corp. 122,062
------------
341,203
------------
Utilities (Telephone) (5.36%)
7,400 Ameritech 314,962
6,400 Bellsouth Corp. 410,800
------------
725,762
------------
Total Common Stock (cost $10,809,008) 12,976,203
------------
Principal
Amount
- ------------
SHORT-TERM INVESTMENTS (4.16%)
Repurchase Agreement (3.42%)(b)
$464,000 C.S. First Boston
5.50%; 5/1/98; (cost $464,000;
maturity value $464,071) 464,000
------------
United States Treasury Bill (0.74%)(c)
100,000 5.06%; 5/21/98 (cost $99,720) 99,720
------------
Total Short-term Investments
(cost $563,720) $563,720
------------
Total Investments
(cost $11,372,728)(99.93%)(a) 13,539,923
Other Assets Less Liabilities (.07%) 9,537
------------
Net Assets (100%) $13,549,460
============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $11,372,728.
At April 30, 1998, unrealized appreciation (depreciation) of
securities for federal income tax purposes is as follows:
Gross unrealized appreciation $2,268,257
Gross unrealized depreciation (101,062)
------------
Net unrealized appreciation $2,167,195
============
(b) The Repurchase Agreement is collateralized by obligations of
the United States government and its agencies with a market value
of $475,808, 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, 1998, the market value of $99,720 of the U.S. Treasury
Bill was pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1998:
(Contracts-$250 times premium/delivery
month/commitment)
Unrealized
Depreciation
------------
S&P 500 Stock Index:
2/June/Buy $(35,525)
============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
April 30, 1998
(Unaudited)
[RIGHTIME LOGO]
Rightime The Rightime MidCap Fund
Family of Funds Portfolio of Investments
- ------------------------------------------------------------------------
Value
Shares (Note 1)
- ----------- --------
<S> <C> <C> <C>
COMMON STOCK (92.44%)
INDUSTRIALS (64.80%)
Aerospace/Defense (1.06%)
1,500 OEA, Inc. $28,594
1,800 Precision Castparts Corp. 111,825
700 Sequa Corp. Class A* 51,800
4,400 Sundstrand Corp. 303,875
2,600 Thiokol Corp. 140,075
2,500 Universal Corp. 93,594
------------
729,763
------------
Auto Parts & Equipment (0.68%)
1,900 Arvin Industries, Inc. 77,781
1,700 Borg-Warner Automotive, Inc. 105,719
2,500 Federal-Mogul Corp. 161,719
4,700 Meritor Automotive Inc. 121,319
------------
466,538
------------
Biotechnology (1.14%)
5,400 Biogen, Inc.* 239,625
4,600 Centocor, Inc.* 194,063
9,300 Chiron Corp.* 180,187
5,500 Genzyme Corp.* 170,156
------------
784,031
------------
Broadcast Media (0.38%)
2,472 Chris-Craft Industries, Inc.* 141,831
1,900 TCA Cable Television, Inc. 117,325
------------
259,156
------------
Building Materials (0.27%)
1,700 Calmat Co. 44,519
1,300 Granite Construction Co. 38,431
1,500 Southdown, Inc.* 106,125
------------
189,075
------------
Cellular Communications (1.00%)
16,400 Nextel Communications* 470,475
6,300 360 Communications Co. 192,544
1,500 Vanguard Cellular Systems, Inc.
Class A* 28,500
------------
691,519
------------
Chemicals & Materials (3.26%)
1,800 A. Schulman Inc. 40,275
5,000 Airgas, Inc.* 77,500
3,200 Albemarle Corp. 79,600
2,100 Betz Laboratories, Inc. 112,612
3,500 Cabot Corp. 125,781
2,800 Calgon Carbon Corp. 33,950
5,400 Crompton & Knowles Corp. 161,663
3,400 Cytec Industries, Inc.* 186,150
1,700 Dexter Corp. 70,231
5,100 Ethyl Corp. 38,887
2,800 Ferro Corp. 80,675
2,500 Georgia Gulf Corp. 64,219
1,260 Goodrich (B.F.) Co. 67,804
1,000 H.B. Fuller Co. 62,750
4,300 IMC Global Inc. 154,800
500 Lawter International Inc. 5,250
3,800 Lubrizol Corp. 140,125
5,900 Lyondell Petrochemical Co. 193,963
3,700 M.A. Hanna Co. 84,869
3,700 Olin Corp. 173,206
7,100 RPM Inc. (Ohio) 122,475
4,200 Witco Chemical Corp. 166,425
------------
2,243,210
------------
Commercial Services (Advertising) (0.71%)
1,700 Information Resources, Inc.* 31,769
9,600 Omnicom Group Inc. 454,800
------------
486,569
------------
Commercial Services (Specialized) (0.70%)
2,100 Banta Corp. 67,200
3,600 Comsat Corp. 145,350
2,400 Fiserv, Inc.* 156,900
1,800 Jacobs Engineering Group Inc.* 60,075
2,500 Rollins, Inc. 49,844
------------
479,369
------------
Computer Hardware (2.08%)
2,000 Exabyte Corp.* 22,875
5,400 Lexmark Intl 312,525
4,800 Mentor Graphics Corp.* 50,400
7,400 Quantum Corp.* 173,900
2,400 Sequent Computer Systems, Inc.* 47,100
8,000 Solectron Corp.* 354,500
4,700 Storage Technology Corp.* 396,856
1,700 Stratus Computer, Inc.* 74,056
------------
1,432,212
------------
Computer Software & Services (5.71%)
12,600 America Online, Inc.* 1,008,000
6,200 BMC Software, Inc.* 580,088
14,400 Cadence Design Systems, Inc.* 522,900
5,400 Comdisco, Inc. 238,950
9,200 Compuware Corp.* 449,650
3,900 Electronic Arts* 180,375
11,200 Informix Corp.* 110,775
2,500 Micro Warehouse Inc.* 39,062
1,300 Policy Management Systems Corp.* 104,813
6,600 Sterling Commerce 280,912
2,300 Structural Dynamics Research Corp.* 64,975
6,400 SunGard Data Systems* 228,000
4,000 Symantec Corp.* 116,000
------------
3,924,500
------------
Consumer Products (0.50%)
1,400 Church and Dwight, Inc. 43,138
7,000 Dial Corp. 170,625
3,000 First Brands Corp. 80,437
1,400 Stanhome, Inc. 46,900
------------
341,100
------------
Electrical Components & Other Equipment (5.53%)
6,500 Altera Corp.* 263,250
10,300 Analog Devices, Inc.* 401,056
7,400 Arrow Electronics, Inc.* 202,113
5,300 Atmel Corp.* 106,994
3,000 Avnet, Inc. 185,062
3,200 Best Buy, Inc.* 224,800
4,900 Cirrus Logic* 51,144
6,500 Cypress Semiconductor Corp.* 65,000
4,900 Hubbell Inc. Class B 241,631
3,100 Imation Corp. 58,512
5,600 Linear Technology Corp. 450,800
1,800 Magnatek* 35,438
7,800 Maxim Integrated Products, Inc.* 314,925
11,425 Molex, Inc. 327,041
5,400 Sensormatic Electronics Corp. 84,375
4,350 Symbol Technologies, Inc.* 167,475
3,900 Teradyne, Inc.* 142,350
3,400 UCAR International, Inc.* 110,500
2,200 Varian Associates, Inc. 107,662
4,700 Vishay Intertechnology, Inc.* 86,069
3,800 Xilinx, Inc.* 173,850
------------
3,800,047
------------
Electrical Equipment (0.37%)
5,900 Integrated Device Technology, Inc. * 71,169
4,400 SCI Systems, Inc. 181,225
------------
252,394
------------
Foods & Beverages (3.85%)
3,200 Bob Evans Farms, Inc. 65,200
24,200 Coca-Cola Enterprises, Inc. 913,550
2,900 Dean Foods Corp. 135,937
4,400 Dole Food Co. 197,725
1,800 Dreyer's Grand Ice Cream, Inc. 45,450
6,500 Flowers Industries, Inc. 138,938
3,100 Hannaford Brothers Co. 137,756
3,700 Hormel Foods Corp. 125,800
6,700 IBP, Inc. 138,187
1,300 International Multifoods Corp. 37,781
5,400 Interstate Bakeries 171,113
2,200 J.M. Smucker Co. Class A 54,037
2,200 Lance, Inc. 47,300
3,000 McCormick & Co., Inc. 102,750
12,600 Tyson Foods, Inc. 243,337
1,800 Universal Foods Corp. 91,013
------------
2,645,874
------------
Health Care Products (Distribution) (0.51%)
3,700 Bergen Brunswig Corp. Class A 167,887
6,800 Sybron Corp.* 180,200
------------
348,087
------------
Health Care Services (1.99%)
3,800 Apria Healthcare* 36,338
2,300 First Health Group Inc. 135,700
6,000 Foundation Health Systems Class A 173,625
11,900 Health Management Associates
Class A* 374,850
3,300 Healthcare & Retirement Corp.* 134,475
9,000 Laboratory Corp. of America* 22,500
4,500 NovaCare, Inc.* 62,719
5,700 Oxford Health Plan* 97,612
2,700 Pacificare Health System "B" 193,388
5,000 Vencor, Inc.* 135,625
------------
1,366,832
------------
Iron & Steel (0.19%)
800 Cleveland-Cliffs Iron Co. 44,800
1,300 Lukens, Inc. 45,094
1,800 Oregon Steel Mills, Inc. 42,750
------------
132,644
------------
Leisure Time (Products) (1.00%)
5,400 Callaway Golf Co. 147,150
9,700 Harley-Davidson, Inc. 349,200
6,800 International Game Technology 189,125
------------
685,475
------------
Leisure Time (Services) (0.46%)
7,300 Circus Circus Enterprises Inc.* 131,856
7,100 Viad Corp. 183,269
------------
315,125
------------
Manufacturing (Diversified Industries) (1.97%)
4,500 AGCO Corp. 120,375
2,100 Ametek Inc. 63,919
4,600 Burlington Industries* 80,500
1,400 Carlisle Co., Inc. 71,050
4,400 Danaher Corp. 316,250
3,000 GenCorp, Inc. 91,312
3,600 Harsco Corp. 165,600
6,700 NCR Corporation 245,806
2,700 Pentair, Inc. 116,775
1,600 Tecumseh Products Co. Class A 80,600
------------
1,352,187
------------
Manufacturing (Specialized Industries) (2.86%)
1,800 Albany International Corp. 51,300
5,600 American Power Conversion Corp.* 180,250
273 Culligan Water Technologies* 15,851
4,100 Dentsply International 134,788
2,800 Donaldson Co., Inc. 71,050
3,400 Federal Signal Corp. 72,887
2,200 Flowserve Corp. 65,725
2,300 Kaydon Corp. 100,769
1,800 Kennametal, Inc. 95,963
700 Lawson Products, Inc. 17,675
6,800 Leggett & Platt, Inc. 353,175
2,200 Modine Manufacturing Co. 81,812
500 NCH Corp. 31,688
700 Nordson Corp. 32,987
1,700 R. P. Scherer Corp.* 124,100
2,400 Stewart & Stevenson Services, Inc. 53,400
2,700 Teleflex Inc. 114,750
3,200 Trinity Industries, Inc. 163,200
2,000 Watts Industries Class A 51,250
3,200 York International Corp. 157,800
------------
1,970,420
------------
Medical Products & Supplies (1.11%)
2,200 Acuson Corp.* 41,250
4,200 Allegiance Corp. 191,625
1,000 Atl Ultrasound Inc 48,375
2,100 Beckman Instruments 116,944
1,000 Datascope Corp.* 28,125
600 Diagnostic Products Corp. 16,987
333 Sonosight Inc. 2,729
7,100 Stryker Corp. 319,500
------------
765,535
------------
Metals (Specialty) (0.45%)
4,000 Alumax, Inc.* 197,500
1,200 Brush Wellman, Inc. 32,700
1,400 Carpenter Technology Corp. 81,288
------------
311,488
------------
Miscellaneous (7.03%)
4,200 A.C. Nielson 117,600
9,600 ADC Telecommunications, Inc.* 287,400
4,100 AK Steel Holding Corp. 86,100
5,000 American Water Works Co., Inc. 149,687
3,700 Cintas Corp. 176,212
7,700 Clayton Homes Inc. 154,481
5,000 Diebold, Inc. 205,000
3,200 Gtech Holdings Corp.* 114,800
3,900 Hillenbrand Industries, Inc. 243,263
2,900 Kelly Services, Inc. Class A 107,300
5,700 LCI International, Inc.* 226,575
3,300 Lancaster Colony Corp. 127,463
3,400 Litton Industries, Inc.* 204,000
6,100 Manpower Inc. 268,781
4,700 Mark IV Industries, Inc. 98,994
700 Maxxam Inc.* 42,919
5,400 McKesson Corp. 381,713
5,300 Medaphis Corp.* 48,694
1,500 Minerals Technologies, Inc. 81,656
2,500 Newport News Shipbuilding 67,969
3,700 Ogden Corp. 113,775
6,000 Olsten Corp. 82,125
8,000 Paychex, Inc. 434,500
3,515 Promus Hotel Corp. * 158,834
6,500 Robert Half International, Inc.* 351,813
3,400 Ruddick Corp. 60,988
3,100 Sealed Air Corp.* 194,331
4,100 Sotheby's Holdings Class A 94,556
6,000 Stewart Enterprises, Inc. Class A 154,500
------------
4,836,029
------------
Office Equipment & Supplies (1.75%)
3,800 Herman Miller, Inc. 114,712
4,400 Hon Industries, Inc. 140,800
11,500 Office Depot, Inc.* 380,938
9,100 Officemax Inc.* 171,194
6,000 Reynolds & Reynolds Class A 138,000
1,000 The Standard Register Co. 39,937
6,100 Viking Office Products* 147,544
2,000 Wallace Computer Services, Inc. 72,125
------------
1,205,250
------------
Oil & Gas (2.89%)
8,800 El Paso Natural Gas 325,050
1,700 Indiana Energy, Inc. 53,550
2,700 Keyspan Energy Corp 92,138
3,300 Murphy Oil Corp. 169,744
4,200 Noble Affiliates, Inc. 181,125
2,000 Pioneer Natural Resources 47,875
2,500 Quaker State Corp. 45,156
6,900 Ranger Oil Ltd.* 47,869
4,700 Seagull Energy Corp.* 80,194
8,500 Tosco Corp. 302,812
5,300 Ultramar Diamond Shamrock 171,256
3,600 Valero Energy 116,550
4,700 Varco International, Inc.* 144,525
6,660 Williams Cos., Inc. 210,623
------------
1,988,467
------------
Oil & Gas Drilling (3.30%)
5,800 BJ Services Co.* 217,500
10,400 ENSCO International, Inc.* 293,800
12,500 Global Marine, Inc.* 294,531
7,000 Nabors Industries, Inc.* 176,313
9,800 Noble Drilling Corp.* 316,662
5,500 Parker Drilling Co.* 56,375
2,900 Smith International, Inc.* 170,375
3,500 Tidewater, Inc. 138,688
7,400 Transocean Offshore 413,475
3,800 Weatherford Enterra Inc.* 190,237
------------
2,267,956
------------
Paper/Forest Products/Containers (1.99%)
2,800 Bowater, Inc. 156,625
1,700 Chesapeake Corp. of Virginia 61,838
3,300 Consolidated Papers 218,419
1,200 Gibson Greetings, Inc.* 31,387
3,800 Longview Fiber Co. 64,363
3,100 P.H. Glatfelter Co. 55,994
2,200 Rayonier Inc. 110,275
6,600 Sonoco Products 265,237
4,900 Unisource Worldwide Inc. 62,169
2,500 Vulcan Materials Co. 287,656
2,700 Wausau-Mosinee Paper Corp. 57,206
------------
1,371,169
------------
Pharmaceuticals (1.33%)
3,400 Carter-Wallace, Inc. 61,413
1,900 Covance Inc. 40,731
6,000 Forest Laboratories, Inc.* 217,125
7,800 IVAX Corp. 76,050
9,000 Mylan Laboratories, Inc. 244,125
6,400 Watson Pharmaceuticals, Inc.* 275,200
------------
914,644
------------
Pollution Control (0.73%)
5,300 U.S. Filter Corp.* 172,912
6,700 USA Waste Service* 328,719
------------
501,631
------------
Publishing (Books) (0.17%)
2,200 Houghton Mifflin Co. 71,638
1,200 Scholastic Corp.* 44,700
------------
116,338
------------
Publishing (Newspapers) (1.20%)
2,900 A. H. Belo Corp. Class A 153,519
3,400 Lee Enterprises, Inc. 106,462
2,000 Media General, Inc. Class A 95,000
900 Washington Post Co. Class B 471,825
------------
826,806
------------
Restaurants (0.68%)
5,900 Brinker International, Inc.* 141,600
1,900 Buffets Inc.* 28,144
2,400 Cracker Barrel Old Country
Stores, Inc. 88,200
2,700 Lone Star Steakhouse & Saloon* 57,375
3,500 Outback Steakhouse* 133,437
700 Sbarro, Inc. 20,650
------------
469,406
------------
Retail Stores (General Merchandise) (0.89%)
7,886 Consolidated Stores, Inc. * 315,440
2,800 Fastenal Co. 156,625
3,200 Fred Meyer Inc. 143,600
------------
615,665
------------
Retail Stores (Specialty) (4.85%)
2,200 AnnTaylor Stores Corp.* 35,062
5,000 Bed Bath & Beyond, Inc.* 246,250
2,800 BJ's Wholesale Club 112,175
3,500 Claire's Stores, Inc. 76,344
10,500 Dollar General Corp. 397,688
6,300 Family Dollar Stores, Inc. 214,200
3,400 Fingerhut Co. 100,725
3,800 Heilig-Meyers Co. 53,437
3,900 Jones Apparel Group, Inc. * 233,269
10,600 Kohls Corp.* 437,913
2,400 Lands' End, Inc.* 88,500
2,700 Nine West Group, Inc.* 75,094
1,800 Payless Shoesource Inc. 128,700
5,600 Perrigo Co.* 72,450
7,000 Service Merchandise Co., Inc.* 14,875
18,000 Staples, Inc.* 444,375
5,700 Starbucks Corp.* 274,312
2,000 Superior Industries
International, Inc. 64,250
2,500 Tiffany & Co. 113,750
3,600 Warnaco Group 152,100
------------
3,335,469
------------
Textile Specialty (0.21%)
2,300 Unifi, Inc. 88,119
2,400 Wellman, Inc. 54,300
------------
142,419
------------
Total Industrial 44,564,399
------------
TRANSPORTATION (1.61%)
Airfreight (0.34%)
3,000 Airborne Freight Corp. 118,875
2,900 Pittston Services Group 113,462
------------
232,337
------------
Airlines (0.14%)Xx
1,000 Alaska Air Group, Inc.* 56,125
1,100 ASA Holdings Inc 41,800
------------
97,925
------------
Railroads (0.63%)
79 Illinois Central Corp. 3,140
1,900 GATX Corp. 157,462
6,000 Kansas City Southern Industries, Inc. 271,125
------------
431,727
------------
Shipping (0.15%)
2,400 Alexander & Baldwin, Inc. 68,700
1,800 Overseas Shipholding Group Inc. 38,250
------------
106,950
------------
Truckers (0.35%)
1,900 Arnold Industries, Inc. 30,400
3,400 CNF Transportation Inc. 131,325
2,400 J.B. Hunt Transport Services, Inc. 76,800
------------
238,525
------------
Total Transportation 1,107,464
------------
UTILITIES (10.24%)
Electric Utilities (8.04%)
10,600 AES Corp.* 584,988
9,000 Allegheny Energy Inc. 275,625
1,500 Black Hills Corp. 31,406
7,000 CMS Energy Corp. 305,812
4,500 Calenergy 146,813
2,300 Central Maine Power Co. 41,831
1,700 Cleco Corp 54,612
7,425 Conectiv Inc. 155,461
487 Conectiv Inc. Pref. "A" 15,980
3,300 Florida Progress Corp. 134,063
2,300 Hawaiian Electric Industries Inc. 93,150
2,400 Idaho Power Co. 85,500
5,300 Illinova Corp. 161,981
1,400 Interstate Energy Corp. 44,187
3,000 Ipalco Enterprises, Inc. 130,688
4,500 Kansas City Power & Light Co. 133,875
4,900 LG&E Energy Corp. 129,850
7,400 Midamerican Energy Hldgs. 156,325
2,300 Minnesota Power & Light Co. 93,725
4,000 Montana Power Co. 148,750
1,600 NIPSCO Industries, Inc. 42,900
3,300 Nevada Power Co. 81,056
7,720 New Century Energies 366,700
4,700 New England Electric System 204,450
2,700 New York State Electric & Gas Corp. 112,725
9,400 Northeast Utilities 132,775
3,000 OGE Energy Corp 164,812
2,382 PG & E Corporation 77,117
5,200 Pinnacle West Capital Corp. 230,100
7,700 Potomac Electric Power Co. 188,650
3,000 Public Service Co. of New Mexico 69,188
6,200 Puget Sound Power & Light Co. 163,137
7,800 SCANA Corp. 233,025
9,500 TECO Energy, Inc. 252,938
4,000 Utilicorp United, Inc. 150,500
4,500 Wisconsin Energy Corp. 137,250
------------
5,531,945
------------
Gas Utilities (0.93%)
3,600 AGL Resources Inc. 74,925
5,600 MCN Corp. 211,400
2,900 National Fuel & Gas Co. 133,400
3,000 Questar Corp. 130,125
3,200 Washington Gas Light Corp. 87,000
------------
636,850
------------
Telephone Companies (Local) (1.27%)
2,700 Aliant Communication 76,612
6,600 Century Telephone Enterprises, Inc. 280,913
4,900 Southern New England
Telecommunications Corp. 343,000
3,600 Telephone & Data Systems, Inc. 171,000
------------
871,525
------------
Total Utilities 7,040,320
------------
FINANCIAL (15.79%)
Banks (9.09%)
2,880 Charter One Financial 194,940
3,400 City National Corp. 126,437
8,100 Crestar Financial Corp. 484,481
12,300 First Security Corp. 301,350
8,400 First Tennessee National Corp. 289,275
3,950 First Virginia Banks, Inc. 220,706
10,600 Firstar Corp. 395,513
9,500 Hibernia Corp. Class A 194,156
4,800 Marshall & Ilsley Corp. 280,800
7,950 Mercantile Bancorp, Inc. 440,231
5,200 Mercantile Bankshares Corp. 199,550
7,080 National City Corp. 490,290
8,200 Northern Trust Corp. 598,600
6,100 Pacific Century Financial Corp 150,594
9,700 Regions Financial Corp. 423,162
10,800 SouthTrust Corp. 461,025
9,450 Summit Bancorp 473,681
4,700 Union Planters Corp. 289,050
1,827 Wachovia Corp. 155,181
1,300 Wilmington Trust Corp. 84,013
------------
6,253,035
------------
Brokerage (1.86%)
8,900 Bear Sterns Co., Inc. 507,856
7,100 A.G. Edwards & Sons, Inc. 319,500
10,100 PaineWebber Group, Inc. 452,606
------------
1,279,962
------------
Financial Miscellaneous (1.24%)
4,900 Capital One Financial Corp. 470,706
3,000 Finova Group, Inc. 175,688
2,500 The PMI Group Inc. 203,125
------------
849,519
------------
Insurance (2.16%)
8,600 AFLAC, Inc. 559,000
2,600 AMBAC, Inc. 147,387
4,600 American Financial Group, Inc. 200,388
1,500 HSB Group Inc. 99,000
7,300 Provident Cos., Inc.* 285,156
2,500 Transatlantic Holdings 192,031
------------
1,482,962
------------
Investment Management (1.44%)
12,600 Franklin Resources Corp. 674,100
4,200 T. Rowe Price 317,100
------------
991,200
------------
Total Financial 10,856,678
------------
Total Common Stock
(cost $52,004,887) 63,568,861
------------
SHORT-TERM INVESTMENTS (7.37%)
Repurchase Agreement (4.48%)(b)
$3,083,000 CS First Boston Corp. 5.50%
5/1/98 (cost $3,083,000;
maturity value $3,083,471) 3,083,000
------------
United States Treasury Bill (2.89%)(c)
2,000,000 5.00%; 6/19/98 (cost $1,986,640) 1,986,640
------------
Total Short-term Investments
(cost $5,069,640) 5,069,640
------------
Total Investments (cost $57,074,527)(a)
(99.81%)(a) 68,638,501
Other Assets Less Liabilities (0.19%) 129,831
------------
Net Assets (100.00%) $68,768,332
============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $57,074,527. At
April 30, 1998, unrealized appreciation (depreciation) of securities
for federal income tax purposes is as follows:
Gross unrealized appreciation $13,602,585
Gross unrealized depreciation (2,038,611)
------------
Net unrealized appreciation $11,563,974
============
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of
$3,161,549, 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, 1998, the market value of $1,986,640 of the U.S. Treasury
Bill was pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1998:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Appreciation
------------
S&P 400 Stock Index:
25/June/Buy $283,750
============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO]
Rightime Statement of
Family of Funds Assets and Liabilities
- --------------------------------------------------------------------------------------------------------------
The Rightime
Government The Rightime
The Rightime Securities Blue Chip
Fund Fund Fund
------------ ------------ ------------
<S> <C> <C> <C>
ASSETS
Investments in securities, at market value
(Identified cost $92,351,223, $6,479,493 and
$157,603,371, respectively) (Note 1) $112,040,843 $7,092,203 $242,835,812
Cash 37,555 794 --
Receivables:
Dividends and interest 40,984 76,261 284,045
Fund shares sold 13,616 964 91,215
Investment securities sold -- -- 24,992,691
Variation margin 229,967 16,734 681,449
Prepaid expenses and other assets 38,106 3,127 61,900
------------- ------------- -------------
Total assets 112,401,071 7,190,083 268,947,112
------------- ------------- -------------
LIABILITIES
Payables:
Fund shares repurchased 185,901 18,484 392,119
Accrued expenses (12,279) 7,308 (31,578)
Other liabilities 5,781 1,179 140,752
------------- ------------- -------------
Total liabilities 179,403 26,971 501,293
------------- ------------- -------------
NET ASSETS (applicable to 3,264,293; 591,789;
and 6,867,469, outstanding shares, respectively) (Note 4) $112,221,668 $7,163,112 $268,445,819
============= ============= =============
Net asset value and redemption price per share $34.38 $12.10 $39.09
======== ======== ========
Maximum offering price per share $34.38 12.70(1) $41.04(1)
======== ======== ========
NET ASSETS
At April 30, 1998 net assets consisted of:
Paid-in capital $96,273,499 $13,185,455 $167,922,765
Undistributed net investment income (loss) 792,318 2,991 (402,000)
Undistributed net realized gain (loss) on investments (5,032,319) (6,646,169) 14,811,876
Net unrealized appreciation of investments 19,689,620 612,710 85,232,441
Net unrealized appreciation of futures contracts 498,550 8,125 880,737
------------- ------------- -------------
$112,221,668 $7,163,112 $268,445,819
============= ============= =============
(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, 1998 (Unaudited)
The Rightime
Social The Rightime
Awareness MidCap
Fund Fund
------------ ------------
<S> <C> <C>
ASSETS
Investments in securities, at market value
(Identified cost $11,372,728 and $57,074,527, respectively)
(Note 4) $13,539,923 $68,638,501
Cash 2,008 --
Receivables:
Dividends and interest 10,597 61,155
Fund shares sold 1,046 5,947
Variation margin 9,200 66,649
Prepaid expenses and other assets 3,502 18,003
------------ ------------
Total assets 13,566,276 68,790,255
------------ ------------
LIABILITIES
Payables:
Fund shares repurchased 9,612 28,181
Accrued expenses 6,936 (8,045)
Other liabilities 268 1,787
------------ ------------
Total liabilities 16,816 21,923
------------ ------------
NET ASSETS (applicable to 391,043 and 2,072,031
outstanding shares, respectively) (Note 4) $13,549,460 $68,768,332
============ ============
Net asset value and redemption price per share $34.65(1) $33.19(1)
======== ========
Maximum offering price per share $36.38(1) $34.85(1)
======== ========
NET ASSETS
At April 30, 1998 net assets consisted of:
Paid-in capital $11,014,315 $55,492,521
Undistributed net investment loss (50,775) (177,566)
Undistributed net realized gains on investments 383,200 1,605,653
Net unrealized appreciation of investments 2,167,195 11,563,974
Net unrealized appreciation of futures contracts 35,525 283,750
------------ ------------
$13,549,460 $68,768,332
============ ============
(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 $440,634 $-- $1,914,082
Interest 1,799,114 236,373 361,919
------------- ------------- -------------
Total income 2,239,748 236,373 2,276,001
------------- ------------- -------------
EXPENSES
Administrative services (Note 2) 556,972 29,204 1,104,836
Distribution costs -- service charge (Notes 2 and 3) 146,572 9,735 324,952
Investment advisory fees (Note 2) 293,143 15,576 649,904
Distribution costs -- 12b-1 (Notes 2 and 3) 293,143 -- 324,952
Transfer agent fees (Note 2) 87,849 14,730 144,276
Accounting services (Note 2) 21,569 -- 30,117
Legal and audit fees 16,013 6,585 25,888
Insurance 4,013 420 12,212
Reports to shareholders 7,314 3,285 16,852
Custody fees 8,214 2,400 21,981
Registration fees 7,614 4,980 9,037
Directors fees 3,414 360 10,746
Miscellaneous -- 11 --
------------- ------------- -------------
Total expenses 1,445,830 87,286 2,675,751
------------- ------------- -------------
Net investment income (loss) 793,918 149,087 (399,750)
------------- ------------- -------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain from security transactions 3,645,774 45,000 30,041,714
Capital gain distribution from regulated investment companies 5,638,301 -- --
Net realized gain on futures contracts 2,023,862 80,202 2,430,996
Increase in unrealized appreciation of investments 4,616,238 105,210 16,943,563
Increase in unrealized appreciation (depreciation) of futures
contracts 994,800 (50,906) 1,316,337
------------- ------------- -------------
Net gain on investments 16,918,975 179,506 50,732,610
------------- ------------- -------------
Net increase in net assets resulting from operations $17,712,893 $328,593 $50,332,860
============= ============= =============
See accompanying notes to financial statements
<CAPTION>
For The Six Months Ended April 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------------------------
The Rightime The Rightime
Social Awarenes MidCap
Fund Fund
------------ ------------
<S> <C> <C>
INVESTMENT INCOME
Income
Dividends $77,641 $381,072
Interest 19,800 202,853
------------ ------------
Total income 97,441 583,925
------------ ------------
EXPENSES
Administrative services (Note 2) 53,495 288,595
Distribution costs -- service charge (Notes 2 and 3) 15,734 84,881
Investment advisory fees (Note 2) 31,468 169,762
Distribution costs -- 12b-1 (Notes 2 and 3) 15,734 84,881
Transfer agent fees (Note 2) 6,238 50,081
Accounting services (Note 2) 6,308 19,064
Legal and audit fees 3,570 9,301
Insurance 600 3,784
Reports to shareholders 840 5,032
Custody fees 2,700 9,741
Registration fees 4,980 5,571
Directors fees 540 3,257
Organization costs -- 1,716
Miscellaneous 5,692 --
------------ ------------
Total expenses 147,899 735,666
------------ ------------
Net investment loss (50,458) (151,741)
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS
Net realized gain from security transactions 319,545 601,631
Net realized gain on futures contracts 53,392 896,834
Increase in unrealized appreciation of investments 2,196,504 9,313,551
Increase in unrealized appreciation of futures contracts 45,450 379,000
------------ ------------
Net gain on investments 2,614,891 11,191,016
------------ ------------
Net increase in net assets resulting from operations $2,564,433 $11,039,275
============ ============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO]
Rightime Statement of
Family of Funds Changes in Net Assets
- ------------------------------------------------------------------------------------------------------------
The Rightime Government
The Rightime Fund Securities Fund
--------------------------------- ----------------
For Six Months For Six Months
Ended April 30, 1998 For Year Ended Ended April 30, 1998
(Unaudited) October 31, 1997 (Unaudited)
------------ ------------ ------------
<S> <C> <C> <C>
OPERATIONS
Net investment income (loss) $793,918 $1,797,380 $149,087
Net realized gain (loss) from security
transactions 3,645,774 (3,854,154) 45,000
Capital gain distributions from
regulated investment companies 5,638,301 7,369,199 --
Net realized gain (loss) on
futures contracts 2,023,862 (20,966,302) 80,202
Net increase (decrease) in unrealized
appreciation of investments 4,616,238 11,322,305 105,210
Net increase (decrease) in unrealized
appreciation of futures contracts 994,800 614,750 (50,906)
------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations 17,712,893 (3,716,822) 328,593
Undistributed investment income
included in price of shares sold
and repurchased -- -- (1,356)
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized
gains on investments -- (4,673,075) --
Distributions from net investment
income (1,588,165) (2,141,411) (168,841)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting
from capital share transactions
(Note 4) (29,904,867) (29,957,165) (1,127,571)
------------ ------------ ------------
Total increase (decrease) (13,780,139) (40,488,473) (969,175)
NET ASSETS
Beginning of year 126,001,807 166,490,280 8,132,287
------------ ------------ ------------
End of year * $112,221,668 $126,001,807 $7,163,112
============ ============ ============
* Including undistributed net
investment income (loss) of: $792,319 $1,586,565 $2,991
============ ============ ============
<CAPTION>
[RIGHTIME LOGO]
Rightime Statement of
Family of Funds Changes in Net Assets
- ------------------------------------------------------------------------------------------------------------
The Rightime Government
Securities Fund The Rightime Blue Chip Fund
------------ --------------------------------
For Six Months
For Year Ended Ended April 30, 1998 For Year Ended
October 31, 1997 (Unaudited) October 31, 1997
------------ ------------ ------------
<S> <C> <C> <C>
OPERATIONS
Net investment income (loss) $365,748 $(399,750) $129,471
Net realized gain (loss) from security
transactions (72,031) 30,041,714 42,321,971
Capital gain distributions from
regulated investment companies -- -- --
Net realized gain (loss) on
futures contracts (1,185,795) 2,430,996 (67,116,929)
Net increase (decrease) in unrealized
appreciation of investments 247,075 16,943,563 26,089,829
Net increase (decrease) in unrealized
appreciation of futures contracts 392,125 1,316,337 6,698,525
------------ ------------ ------------
Net increase (decrease) in net assets
resulting from operations (252,878) 50,332,860 8,122,867
Undistributed investment income
included in price of shares sold
and repurchased (2,805) -- --
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized
gains on investments -- -- (640,796)
Distributions from net investment
income (340,930) (132,464) (3,389,952)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting
from capital share transactions
(Note 4) (1,983,711) (36,141,531) (27,344,248)
------------ ------------ ------------
Total increase (decrease) (2,580,324) 14,058,865 (23,252,129)
NET ASSETS
Beginning of year 10,712,611 254,386,954 277,639,083
End of year * $8,132,287 $268,445,819 $254,386,954
============ ============ ============
* Including undistributed net
investment income (loss) of: $24,101 $(402,000) $130,214
============ ============ ============
See accompanying notes to financial statements
<CAPTION>
(UNAUDITED)
- --------------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
---------------------------------
For Six Months
Ended April 30, 1998 For Year Ended
(Unaudited) October 31, 1997
------------ ------------
<S> <C> <C>
OPERATIONS
Net investment income (loss) $(50,458) $58,398
Net realized gain from security transactions 319,545 371,641
Net realized gain on futures contracts 53,392 32,260
Net increase (decrease) in unrealized appreciation of investments 2,196,504 (29,309)
Net increase (decrease) in unrealized appreciation of futures contracts
and written options 45,450 (9,925)
------------ ------------
Net increase in net assets resulting from operations 2,564,433 423,065
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains on investments (394,194) (296,922)
Distributions from net investment income (57,366) (124,793)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting from
capital share transactions (Note 4) (31,201) 2,722,190
------------ ------------
Total increase (decrease) 2,081,672 2,773,540
NET ASSETS
Beginning of year 11,467,788 8,694,248
------------ ------------
End of year * $13,549,460 $11,467,788
============ ============
* Including undistributed net investment income (loss) of: $(50,775) $57,049
============ ============
<CAPTION>
(UNAUDITED)
- --------------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
--------------------------------
For Six Months
Ended April 30, 1998 For Year Ended
(Unaudited) October 31, 1997
------------ ------------
<S> <C> <C>
OPERATIONS
Net investment income (loss) $(151,741) $645,123
Net realized gain from security transactions 601,631 1,365,900
Net realized gain on futures contracts 896,834 225,405
Net increase (decrease) in unrealized appreciation of investments 9,313,551 2,250,423
Net increase (decrease) in unrealized appreciation of futures contracts
and written options 379,000 (95,250)
------------ ------------
Net increase in net assets resulting from operations 11,039,275 4,391,601
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains on investments (1,494,459) (2,647,618)
Distributions from net investment income (537,779) (1,467,850)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting from
capital share transactions (Note 4) (9,533,901) (11,284,897)
------------ ------------
Total increase (decrease) (526,864) (11,008,764)
NET ASSETS
Beginning of year 69,295,196 80,303,960
------------ ------------
End of year * $68,768,332 $69,295,196
============ ============
* Including undistributed net investment income (loss) of: $177,566 $511,954
============ ============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Financial
[RIGHTIME LOGO] Highlights
Rightime (For a share outstanding
Family of Funds throughout the period)
- -----------------------------------------------------------------------------------------
Net
Realized
Net and Distributions
Asset Net Unrealized from
Value Investment Gain Total Net
Beginning Income (Loss) on From Investment
of Period (Loss) Investments Operations Income
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Rightime Fund
1998 (a) $29.95 $0.24 $4.60 $4.84 $(0.41)
1997 32.09 0.43 (1.24) (0.81) (0.42)
1996 37.55 1.14 2.11 3.25 (0.77)
1995 35.50 (0.10) 7.21 7.11 (0.30)
1994 37.42 0.29 (0.49) (0.20) --
1993 34.70 (0.32) 5.47 5.15 (0.05)
- -----------------------------------------------------------------------------------------
The Rightime Government Securities Fund
1998 (a) $11.88 $0.25 $0.23 $0.48 $(0.26)
1997 12.65 0.53 (0.81) (0.28) (0.49)
1996 13.06 0.52 (0.32) 0.20 (0.61)
1995 12.93 0.68 0.08 0.76 (0.63)
1994 14.31 0.61 (1.34) (0.73) (0.65)
1993 13.16 0.66 1.21 1.87 (0.72)
- -----------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1998 (a) $32.27 $(0.06) $6.90 $6.84 $(0.02)
1997 31.88 0.03 0.83 0.86 (0.40)
1996 32.84 0.40 3.52 3.92 (0.28)
1995 33.08 0.35 5.66 6.01 (0.46)
1994 33.14 0.39 (0.04) 0.35 (0.23)
1993 29.70 0.26 3.41 3.67 (0.23)
- -----------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1998 (a) $29.31 $(0.13) $6.64 $6.51 $(0.15)
1997 29.09 0.17 1.52 1.69 (0.43)
1996 32.37 0.41 3.88 4.29 --
1995 26.84 0.08 5.91 5.99 (0.46)
1994 29.07 0.33 (0.72) (0.39) --
1993 29.64 (0.02) 1.76 1.74 (0.04)
- -----------------------------------------------------------------------------------------
The Rightime MidCap Fund
1998 (a) $29.12 $(0.07) $5.04 $4.97 $(0.24)
1997 29.02 0.27 1.33 1.60 (0.54)
1996 32.95 0.49 2.56 3.05 (0.14)
1995 28.44 0.26 5.25 5.51 (0.45)
1994 31.07 0.32 (0.78) (0.46) 0.00
1993 27.08 (0.03) 4.80 4.77 (0.05)
- -----------------------------------------------------------------------------------------
<CAPTION>
[RIGHTIME LOGO] Financial
Rightime Highlights
Family of Funds (For a share outstanding throughout the period)
- ---------------------------------------------------------------------------
Distributions Net
from Asset
Realized Value
Capital Total End Total
Gains Distributions of Period Return (1)
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Rightime Fund
1998 (a) $-- $(0.41) $34.38 16.33%
1997 (0.91) (1.33) 29.95 (2.77)
1996 (7.94) (8.71) 32.09 8.96
1995 (4.76) (5.06) 37.55 23.38
1994 (1.72) (1.72) 35.50 (0.48)
1993 (2.38) (2.43) 37.42 15.49
- ---------------------------------------------------------------------------
The Rightime Government Securities Fund
1998 (a) $ -- $(0.26) $12.10 4.05%
1997 -- (0.49) 11.88 (2.10)
1996 -- (0.61) 12.65 1.48
1995 -- (0.63) 13.06 6.00
1994 -- (0.65) 12.93 (5.15)
1993 -- (0.72) 14.31 14.60
- ---------------------------------------------------------------------------
The Rightime Blue Chip Fund
1998 (a) $ -- $(0.02) $39.09 21.20%
1997 (0.07) (0.47) 32.27 2.63
1996 (4.60) (4.88) 31.88 12.26
1995 (5.79) (6.25) 32.84 22.31
1994 (0.18) (0.41) 33.08 1.06
1993 0.00 (0.23) 33.14 12.41
- ---------------------------------------------------------------------------
The Rightime Social Awareness Fund
1998 (a) $(1.02) $(1.17) $34.65 22.74%
1997 (1.04) (1.47) 29.31 5.77
1996 (7.57) (7.57) 29.09 13.62
1995 -- (0.46) 32.37 22.70
1994 (1.84) (1.84) 26.84 (1.27)
1993 (2.27) (2.31) 29.07 5.82
- ---------------------------------------------------------------------------
The Rightime MidCap Fund
1998 (a) $(0.66) $(0.90) $33.19 17.46%
1997 (0.96) (1.50) 29.12 5.55
1996 (6.84) (6.98) 29.02 9.65
1995 (0.55) (1.00) 32.95 20.07
1994 (2.17) (2.17) 28.44 (1.38)
1993 (0.73) (0.78) 31.07 17.93
- ---------------------------------------------------------------------------
(a) For six months ended April 30, 1998 (unaudited)
(1) Excludes sales charge
See accompanying notes to financial statements
<CAPTION>
April 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------------------
RATIOS
--------------------------------------------------------------------------
Net Investment
Net Assets Expenses Income (Loss) Average
At The 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
1998 (a) $112,221,668 2.47%* 1.36%* 22.88% --
1997 126,001,807 2.45 1.16 62.01 --
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 --
- -----------------------------------------------------------------------------------------
The Rightime Government Securities Fund
1998 (a) $7,163,112 2.24%* 3.83%* --% --
1997 8,132,287 2.29 4.42 52.14 --
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 --
- -----------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1998 (a) $268,445,819 2.06%* (0.31%)* 7.75% $0.0301
1997 254,386,954 2.09 0.05 39.27 0.0294
1996 277,639,083 2.08 1.25 1.30 0.0304
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 --
- -----------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1998 (a) $13,549,460 2.35%* (0.80%)* 26.85% $0.0200
1997 11,467,788 2.35 0.55 107.98 0.0282
1996 8,694,248 2.42 1.51 46.57 0.0500
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 --
- -----------------------------------------------------------------------------------------
The Rightime MidCap Fund
1998 (a) $68,768,332 2.17%* (0.45%)* --% $--
1997 69,295,196 2.15 0.82 107.08 0.0360
1996 80,303,960 2.19 1.72 3.59 0.0211
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 --
- -----------------------------------------------------------------------------------------
* Annualized
(a) For six months ended April 30, 1998 (unaudited)
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 quality 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, 1998, the funds listed below have capital loss carryovers
available to offset future capital gains, if any. The detail for each
fund is as follows:
Capital Loss
Carryover Expiration
-------- --------
The Rightime Government Securities Fund $6,712,341 1998-2005
The Rightime Blue Chip Fund $18,096,434 2005
The Rightime Fund $16,836,508 2005
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 April 30, 1998, the Distributor received
commissions as an underwriter and a retail dealer of Fund shares as
follows:
The Rightime Government Securities Fund $6,796
The Rightime Blue Chip Fund $243,282
The Rightime Social Awareness Fund $20,141
The Rightime MidCap Fund $54,414
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 $269,405 and $90,656, respectively. During the six
month period ended April 30, 1998, Lincoln Investment Planning, Inc.
waived fees of $4,768 and $6,307, respectively for transfer agent and
accounting services provided to the Rightime Social Awareness Fund.
During the six month period ended April 30, 1998, Lincoln Investment
Planning, Inc. waived fees of $15,844 and $12,503, 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.
NOTE 4 - CAPITAL SHARES
The Rightime Fund, Inc. has 500,000,000 shares of $.01 par value stock
authorized which may be allocated to any series. Currently 50,000,000
shares have been allocated to the Rightime Fund and 20,000,000 shares to
each of the other four Funds. Transactions in capital stock were as
follows:
<TABLE>
<CAPTION>
The Rightime Fund
------------------------------------------------------------
1998 1997
---------------------------- ----------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold 75,597 $2,399,915 501,144 $15,711,129
Shares issued in reinvestment
of distributions 50,696 1,542,679 213,105 6,783,154
------------ ------------ ------------ ------------
126,293 3,942,594 714,249 22,494,283
Shares redeemed (1,069,224) (33,847,461) (1,695,912) (52,451,448)
------------ ------------ ------------ ------------
Net decrease (942,931) $(29,904,867) (981,663) $(29,957,165)
============ ============ ============ ============
The Rightime Government Securities Fund
-------------------------------------------------------------
1998 1997
----------------------------- ----------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
Shares sold 18,569 $224,583 162,567 $1,889,088
Shares issued in reinvestment
of distributions 11,078 134,776 27,458 324,160
------------ ------------ ------------ ------------
29,647 359,359 190,025 2,213,248
Shares redeemed (122,363) (1,486,930) (352,560) (4,196,959)
------------ ------------ ------------ ------------
Net decrease (92,716) $(1,127,571) (162,535) $(1,983,711)
============ ============ ============ ============
The Rightime Blue Chip Fund
------------------------------------------------------------
1998 1997
---------------------------- ----------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
Shares sold 285,889 $10,118,120 988,116 $33,214,473
Shares issued in reinvestment
of distributions 3,822 130,929 119,492 4,003,675
------------ ------------ ------------ ------------
289,711 10,249,049 1,107,608 37,218,148
Shares redeemed (1,305,355) (46,390,580) (1,932,293) (64,562,396)
------------ ------------ ------------ ------------
Net increase (decrease) (1,015,644) $(36,141,531) (824,685) $(27,344,248)
============ ============ ============ ============
The Rightime Social Awareness Fund
------------------------------------------------------------
1998 1997
---------------------------- ----------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
Shares sold 38,757 $1,247,407 162,214 $4,900,176
Shares issued in reinvestment
of distributions 13,629 415,697 13,915 411,036
------------ ------------ ------------ ------------
52,386 1,663,104 176,129 5,311,212
Shares redeemed (52,537) (1,694,305) (83,817) (2,539,022)
------------ ------------ ------------ ------------
Net increase (decrease) (151) $(31,201) 92,312 $2,772,190
============ ============ ============ ============
The Rightime MidCap Fund
------------------------------------------------------------
1998 1997
---------------------------- ----------------------------
Shares Value Shares Value
------------ ------------ ------------ ------------
Shares sold 89,848 $2,704,474 248,536 $7,262,137
Shares issued in reinvestment
of distributions 68,685 2,020,018 141,518 4,094,113
------------ ------------ ------------ ------------
158,533 4,724,492 390,054 11,356,250
Shares redeemed (465,990) (14,258,393) (777,511) (22,641,147)
------------ ------------ ------------ ------------
Net decrease (307,457) $(9,533,901) (387,457) $(11,284,897)
============ ============ ============ ============
</TABLE>
NOTE 5 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments
during the year ended April 30, 1998 were as follows:
Purchases Sales
---------- --------------
The Rightime Fund $23,189,921 $31,978,024
The Rightime Government
Securities Fund $-- $1,051,250
The Rightime Blue Chip Fund $18,911,154 $61,315,055
The Rightime Social
Awareness Fund $3,215,899 $3,722,823
The Rightime MidCap Fund $-- $11,732,485
<TABLE>
<CAPTION>
Officers and Directors
of The Rightime Fund, Inc.
Name Principal Occupation
and Address Position and Office during the past five years
- ------------------- ---------------------- ----------------------------------------
<S> <C> <C>
David J. Rights* Chairman of the Board, President of Rightime Econometrics, Inc., a
1095 Rydal Road President, and 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 County, New Jersey.
Dr. Carol A. Wacker Director Former Assistant Superintendent for Senior
Encinitas, CA 92024 High Schools, the Philadelphia School
District.
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* "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 19095-1594
Client Services Department
800-866-9393
Administrator
Rightime Administrators Inc.
218 Glenside Ave.
Wyncote, PA 19095-1594
Investment Advisor
Rightime Econometrics Inc.
1095 Rydal Road
Rydal, PA 19046
Distributor
Lincoln Investment Planning, Inc.
218 Glenside Ave.
Wyncote, PA 19095-1595
Custodian
CoreStates Bank N.A.
Broad & Chestnut Streets
Philadelphia, PA 19101
Transfer Agent
Lincoln Investment Planning, Inc.
218 Glenside Ave.
Wyncote, PA 19095-1595
Legal Counsel
Stradley, Ronon, Stevens & Young
2600 One Commerce Square
Philadelphia, PA 19103
Printed on recycled paper
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