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[RIGHTIME LOGO]
RIGHTIME
FAMILY OF FUNDS
The Rightime Fund
The Rightime Blue Chip Fund
The Rightime Social Awareness Fund
The Rightime MidCap Fund
Annual Report
October 31, 1999
[RIGHTIME LOGO]
RIGHTIME
FAMILY OF FUNDS
Table of Contents
Letter to Shareholders 3
Portfolios
The Rightime Fund 5
The Rightime Blue Chip Fund 7
The Rightime Social Awareness Fund 16
The Rightime MidCap Fund 17
Financial Statements
Statement of Assets & Liabilities 24
Statement of Operations 25
Statement of Changes in Net Assets 26
Financial Highlights 28
Notes to Financial Statements
Notes & Schedules 30
Report of Independent Certified Public Accountants 37
Performance Comparisons
The Rightime Fund 38
The Rightime Blue Chip Fund 40
The Rightime Social Awareness Fund 42
The Rightime MidCap Fund 44
Officers and Directors 46
[RIGHTIME LOGO]
RIGHTIME
FAMILY OF FUNDS
1999
Annual Report
THE RIGHTIME FUND, INC.
Dear Shareholder:
All attention is being focused on the close of the millennium on New
Year's Eve 1999. What few are mentioning is that this is not really the
end of the millennium. The millennium will change December 31, 2000.
However, due to heavy marketing, the Y2K problem, and the dramatic change
in the calendar, the world has pretty much conceded that this is the end
of the millennium. Perception has become reality. The new millennium
generates much excitement about the wonderful future of our nation. We at
Rightime Econometrics also believe in our nation's bright future. But
because our stock market has rebounded so swiftly in recent years, we feel
current market risk has been obscured. In fact, risk has been so obscured
that many believe we have entered a "New Era" of investing. While these
have been exceptional times for investors, we don't believe we will see
double-digit returns extended indefinitely.
When the Funds' previous fiscal year closed on October 31, 1998, a serious
financial crisis had been averted through confidence-building moves of the
Federal Reserve. Three rate cuts of 25 basis points each had eased
liquidity constraints and halted the downward trend of equities. From its
nadir on October 8, 1998, the market soared. However, in some ways this
market has been fickle. Growth stocks have been favored over value stocks.
Large-capitalization stocks have been favored over smaller-capitalization
stocks. Technology stocks, and in particular Internet stocks, have been
the most favored. While earnings have been very good over the last year
(with the exception of the Internet stocks), the market ascension saw a
great increase in what investors were willing to pay for earnings.
Unlike the last two years, where external events shook the market and
established trends, the fiscal year ending October 31, 1999 was somewhat
less volatile. The boost from the rate hikes carried the market forward
through early January 1999, at which time it began to meander. The market
began a second upward trend towards the end of February. A mild resurgence
extended to mid-July. Then through mid-October the market experienced a
correction. The market bottomed out and another strong upward movement was
launched. Throughout the summer months and early autumn, the Federal
Reserve began to unwind its three rate cuts. Although rate hikes put
pressure on equities and tend to retard their appreciation, the correction
of the late summer/early autumn was mild. As a result, it did not attract
much attention and did little to unsettle investors. What's more,
throughout much of the year, the technology-rich NASDAQ surged. In fact,
although both the Dow Jones Industrial Average and S&P 500 experienced
corrections, the NASDAQ never did. Technology stocks have been market
leaders throughout the year.
Given that it was a market without strong protracted trends, how did our
Funds perform during the 12 months ending October 1999? Our investors
enjoyed the fruits of the market through the second week of February. We
locked in the lion's share of growth for this 12-month period. After that,
the market became less predictable. Trends in the market were short-lived,
and reversed quickly. What's more, the average stock did not fare well.
Many stocks have not returned to the price they had when 1998's market
began to fail. Interest rates have been trending upward. Valuations in the
market remain at historical extremes. These are all things that make us
invest with trepidation. However, as with the speeding motorist who rushes
past the speed trap, the presence of risk doesn't always mean you get
caught. Sometimes you get away with it. That is what happened with
investors throughout much of 1999. The market would be troubled and in
danger of failing but then would be elevated even higher. Then it would
plateau and again begin to falter, and so forth. Thus, our returns
throughout much of 1999 have not met our expectations.
We remain committed to investing utilizing the objectivity of our
econometric model (RTMM Registered Trademark). Our investment philosophy
remains the same. We believe the same principles that existed in 1979, when
we began managing money will exist in the year 2000 and into the new
millennium. With the speed trap, you keep driving even if you know it's
there - you just drive more prudently. To accelerate would be foolhardy.
Yet accelerate is the equivalent of what many investors have done. Although
they have gotten away with it this year and been rewarded, it has been our
experience that the risks of the market are most significant when they are
least perceived. We are very optimistic about the future but a great deal of
optimism has already been built into this market. We will continue to
exercise our investment discipline in an effort to protect our
shareholders from the risks of these lofty valuations, while striving to
help them grow their savings.
David J. Rights
President, Rightime Econometrics, Inc.
Investors are reminded that they cannot invest directly in the Dow Jones
Industrial Average or S&P 500 Indexes.
<TABLE>
<CAPTION>
[RIGHTIME LOGO] October 31, 1999
RIGHTIME
FAMILY OF FUNDS
The Rightime Fund
Portfolio of Investments
- -------------------------------------------------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- --------------
<S> <C> <C>
EQUITY FUNDS: (26.71%)
44,209 Aim Value Fund $ 2,074,271
58,840 Alliance Premier Growth Fund 2,075,868
106,345 Davis NY Venture Fund 2,955,335
45,042 Fidelity Fifty Fund 888,218
222,474 Fidelity Mid-Cap Stock Fund 4,220,328
164,065 Invesco Dynamics Fund 3,514,276
93,414 MAS Mid Cap Value Fund 2,056,983
93,525 MFS New Discovery Fund 1,457,122
122,624 Putnam Investors Fund 2,026,977
93,350 Safeco Growth Fund 1,884,728
116,303 T. Rowe Price Small Cap
Value Fund 2,130,667
68,990 Vanguard Growth & Income Fund 2,403,621
57,716 Vanguard US Growth Fund 2,392,346
-------------
Total Equity Funds
(cost $29,393,617) 30,080,740
-------------
MONEY MARKET FUNDS: (33.37%)
1,973,550 Aim Money Market Fund 1,973,550
2,675,557 American Century Premier Fund 2,675,557
157,321 Delaware Group Cash Reserve Fund 157,321
6,645,818 Fidelity US Government Reserves
Money Market Fund 6,645,818
3,040,764 IDS Cash Management Prime Fund 3,040,764
1,006,989 Invesco Cash Reserves 1,006,989
1,639,193 Kemper Government
Money Market Fund 1,639,193
4,317,104 Lord Abbett Cash Reserve Fund 4,317,104
2,536,756 MAS Cash Reserve Fund 2,536,756
3,338,191 MFS Money Market Fund 3,338,191
48,801 New England Money Market Fund 48,801
18,754 Oppenheimer Money Market Fund 18,754
3,067,410 Pioneer Cash Reserve Fund 3,067,410
4,862,000 Putnam Money Market Fund 4,862,000
2,142,735 T. Rowe Price Summit
Cash Reserves Fund 2,142,735
108,855 Seligman Cash Management Fund 108,855
-------------
Total Money Market Funds
(cost $37,579,798) 37,579,798
-------------
Principal Value
Amount (Note 1)
- ---------- --------------
SHORT-TERM INVESTMENTS (40.46%)
Repurchase Agreement (11.18%)(b)
$12,591,000 C.S. First Boston
5.10%; 11/1/99 (cost $12,591,000;
maturity value $12,596,351) $ 12,591,000
-------------
United States Treasury Bills (29.28%)(c)
30,000,000 4.68%; 11/04/99 29,989,125
3,000,000 4.74%; 11/12/99 2,995,701
-------------
Total United States Treasury Bills
(cost $32,984,826) 32,984,826
-------------
Total Short-term Investments
(cost $45,575,826) 45,575,826
-------------
Total Investments
(cost $112,549,241)(100.54%)(a) 113,236,364
Liabilities Less Other Assets (-0.54%) (605,994)
-------------
Net Assets (100.00%) $ 112,630,370
=============
(a) Aggregate cost for federal income tax purposes is $112,549,241. At October 31, 1999
unrealized appreciation (depreciation) of securities for federal income tax purposes is
as follows:
Gross unrealized appreciation $ 978,242
Gross unrealized depreciation (291,119)
-------------
Net unrealized appreciation $ 687,123
=============
(b) The Repurchase Agreement is collateralized by obligations of the United States government and its
agencies with a market value of $12,843,005 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 October 31, 1999, the market value of $2,995,701 of the U.S. Treasury Bills was pledged to cover
margin requirements for futures contracts.
Futures contracts at October 31, 1999:
(Contracts/delivery month/commitment)
Unrealized
Appreciation
(Depreciation)
-------------
S&P 500 Stock Index
($250 times premium)
50/Dec/Sell $ (138,000)
S&P 400 MidCap Stock Index
($500 times premium)
50/Dec/Sell 113,000
Russell 2000 Stock Index
($500 times premium)
15/Dec/Sell 66,500
-------------
$ 41,500
=============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] October 31, 1999
RIGHTIME
FAMILY OF FUNDS
The Rightime Blue Chip Fund
Portfolio of Investments
- -------------------------------------------------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------- --------------
<S> <C> <C>
COMMON STOCK (90.01%)
INDUSTRIALS (68.97%)
Aerospace/Defense (1.01%)
22,350 Boeing Co. $ 1,029,497
8,549 General Dynamics Corp. 473,935
10,906 Lockheed Martin Corp. 218,176
1,581 Northrop Grumman Corp. 86,757
7,712 Raytheon Co. Class B 224,612
4,369 Rockwell International Corp. 211,623
11,064 United Technologies Corp. 669,372
-------------
2,913,972
-------------
Aluminum (0.27%)
5,185 Alcan Aluminum Ltd. 170,781
8,480 Alcoa, Inc. 515,160
1,480 Reynolds Metals Co. 89,448
-------------
775,389
-------------
Auto Parts After Market (0.12%)
1,740 Cooper Tire & Rubber Co. 29,254
4,109 Genuine Parts Co. 107,091
3,579 Goodyear Tire & Rubber Co. 147,857
2,017 ITT Industries, Inc. 68,956
-------------
353,158
-------------
Automobiles (0.89%)
27,781 Ford Motor Co. 1,524,482
14,877 General Motors Corp. 1,045,109
-------------
2,569,591
-------------
Beverages (Alcoholic) (0.49%)
846 Adolph Coors Co. Class B 46,953
10,915 Anheuser-Busch Co., Inc. 783,833
1,572 Brown-Forman Corp. Class B 106,110
9,821 Seagram Co. Ltd. 484,912
-------------
1,421,808
-------------
Beverages (Soft Drinks) (1.56%)
56,619 Coca-Cola Co. 3,340,521
33,890 PepsiCo, Inc. 1,175,559
-------------
4,516,080
-------------
Broadcast Media (0.98%)
16,334 CBS Corp.* 797,303
7,620 Clear Channel Communications* 612,458
16,989 Comcast Corp. Class A Special 715,662
15,841 Viacom Class B 708,885
-------------
2,834,308
-------------
Building Materials (0.12%)
7,731 Masco Corp. 235,796
1,258 Owens Corning 25,789
3,903 Sherwin-Williams Co. 87,330
-------------
348,915
-------------
Chemicals (1.29%)
5,261 Air Products & Chemicals, Inc. 144,678
5,041 Dow Chemical Co. 596,098
26,998 E.I. du Pont de Nemours & Co. 1,739,688
1,794 Eastman Chemical 69,181
1,677 Goodrich (B.F.) Co. 39,724
2,308 Hercules, Inc. 55,536
14,489 Monsanto Co. 557,827
3,618 Praxair, Inc. 169,141
4,873 Rohm & Haas Co. 186,392
3,050 Union Carbide Corp. 186,050
-------------
3,744,315
-------------
Chemicals (Diversified) (0.19%)
2,610 Avery Dennison Corp. 163,125
2,873 Engelhard Corp. 50,637
729 FMC Corp.* 29,661
1,629 Mallinckrodt, Inc. 55,284
3,986 PPG Industries, Inc. 241,651
-------------
540,358
-------------
Chemicals (Specialty) (0.09%)
1,587 Grace (W.R.) & Co. 23,706
1,340 Great Lakes Chemical Corp. 47,570
1,568 Nalco Chemical Co. 82,810
1,916 Sealed Air Corp.* 106,098
-------------
260,184
-------------
Commercial Services (0.17%)
2,975 Ecolab, Inc. 100,592
937 National Service Industries, Inc. 30,218
4,104 Omnicom Group, Inc. 361,152
-------------
491,962
-------------
Communication (Equipment/
Manufacturers) (4.82%)
10,458 ADC Telecommunications, Inc.* 498,716
1,888 Andrew Corp.* 24,308
73,296 Cisco Systems, Inc.* 5,423,904
3,961 General Instrument Corp.* 213,151
60,995 Lucent Technologies 3,918,929
6,791 NEXTEL Communications* 585,299
30,454 Northern Telecom Ltd. 1,886,245
3,227 QUALCOMM, Inc.* 718,814
1,713 Scientific-Atlanta, Inc. 98,069
8,984 Tellabs, Inc.* 568,238
-------------
13,935,673
-------------
Computer Hardware (1.28%)
58,192 Dell Computer* 2,334,954
10,134 Lexmark International Group 'A' 791,085
5,110 Seagate Technology* 150,426
5,775 Solectron Corp.* 434,569
-------------
3,711,034
-------------
Computer Software & Services (8.47%)
8,303 3 Com Corporation 240,787
2,800 Adobe Systems, Inc. 195,825
8,305 ALLTEL Corp. 691,391
24,931 America Online, Inc.* 3,233,239
1,352 Autodesk, Inc. 25,350
14,198 Automatic Data Processing, Inc. 684,166
5,411 BMC Software, Inc.* 347,319
12,306 Computer Associates
International, Inc. 695,289
3,644 Computer Sciences Corp.* 250,297
8,432 Compuware Corp.* 234,515
11,294 Electronic Data Systems 660,699
23,591 EMC Corp.* 1,722,129
9,911 First Data Corp. 452,809
7,269 IMS Health, Inc. 210,801
117,108 Microsoft Corp.* 10,839,809
1,650 Network Appliance 122,100
7,720 Novell, Inc.* 154,883
33,029 Oracle Corp.* 1,570,942
6,212 Parametric Technology Corp.* 118,416
5,523 Peoplesoft, Inc. 82,845
611 Shared Medical Systems Corp. 23,065
4,331 Silicon Graphics, Inc.* 33,565
17,757 Sun Microsystems, Inc.* 1,878,913
-------------
24,469,154
-------------
Computer Systems (2.28%)
2,355 Adaptec, Inc. 105,975
3,649 Apple Computer, Inc.* 292,376
3,951 Cabletron Systems, Inc.* 65,438
3,313 Ceridian Corp.* 72,679
39,007 COMPAQ Computer Corp. 741,133
1,625 Comverse Technology, Inc.* 184,437
7,184 Gateway 2000 474,593
41,641 International Business
Machines Corp. 4,096,433
5,745 Micron Technology, Inc.* 409,690
6,175 Unisys Corp. 149,744
-------------
6,592,498
-------------
Conglomerates (0.43%)
4,422 Allegheny Teledyne, Inc. 67,159
12,682 AlliedSignal Inc. 722,081
3,902 Tenneco, Inc. 62,432
3,460 Textron, Inc. 267,069
2,762 TRW, Inc. 118,421
-------------
1,237,162
-------------
Containers (Metal & Glass) (0.03%)
703 Ball Corp. 28,340
2,807 Crown Cork & Seal Co., Inc. 67,193
-------------
95,533
-------------
Containers (Paper) (0.04%)
1,200 Bemis Co., Inc. 41,925
1,278 Temple-Inland, Inc. 74,284
-------------
116,209
-------------
Cosmetics (0.43%)
1,292 Alberto-Culver Co. Class B 30,443
6,008 Avon Products, Inc. 193,758
25,449 Gillette Co. 920,936
2,433 International Flavors &
Fragrances, Inc. 93,062
-------------
1,238,199
-------------
Electrical Equipment (3.89%)
9,987 Emerson Electric Co. 599,844
75,074 General Electric Co. 10,177,219
2,894 Honeywell, Inc. 305,136
1,305 Thomas & Betts Corp. 58,562
2,142 W.W. Grainger, Inc. 90,767
-------------
11,231,528
-------------
Electronics (Instrumentation) (0.62%)
23,290 Hewlett-Packard Co. 1,724,916
1,037 Perkinelmer Inc. 42,323
1,077 Tektronix, Inc. 36,332
-------------
1,803,571
-------------
Electronics (Semiconductors) (3.58%)
3,364 Advanced Micro Devices, Inc.* 66,649
4,025 Analog Devices, Inc.* 213,828
8,558 Applied Materials, Inc.* 768,615
76,131 Intel Corp. 5,895,394
2,023 KLA Instruments Corp.* 160,196
3,283 LSI Logic Corp.* 174,615
13,835 Motorola, Inc. 1,348,048
3,854 National Semiconductor Corp.* 115,379
17,988 Texas Instruments, Inc. 1,614,423
-------------
10,357,147
-------------
Engineering & Construction (0.03%)
1,739 Fluor Corp. 69,343
934 Foster Wheeler Corp. 10,508
-------------
79,851
-------------
Entertainment (0.67%)
14,070 Carnival Corp. 626,115
1,624 King World Productions, Inc.* 62,930
47,251 Walt Disney Co. 1,246,245
-------------
1,935,290
-------------
Food Wholesalers (0.12%)
2,736 SuperValu, Inc. 57,456
7,595 Sysco Corp. 291,933
-------------
349,389
-------------
Foods (1.42%)
14,168 Archer-Daniels-Midland Co. 174,443
6,412 Bestfoods International 376,705
10,008 Campbell Soup Co. 450,360
9,739 Coca-Cola Enterprises, Inc. 248,953
11,202 ConAgra, Inc. 291,952
3,507 General Mills, Inc. 305,767
8,249 H.J. Heinz Co. 393,890
3,207 Hershey Foods Corp. 161,954
9,295 Kellogg Co. 370,057
7,453 Nabisco Group Holding Corp. 95,492
3,094 Quaker Oats Co. 216,580
7,473 Ralston-Purina Group 234,932
20,730 Sara Lee Corp. 561,006
2,666 Wrigley, (Wm.) Jr. Co. 213,113
-------------
4,095,204
-------------
Gold Mining (0.16%)
8,948 Barrick Gold Corp. 163,860
3,751 Freeport-McMoRan
Copper & Gold, Inc. Class B 62,595
5,970 Homestake Mining Co. 49,999
3,841 Newmont Mining Corp. 84,262
7,468 Placer Dome Group, Inc. 90,549
-------------
451,265
-------------
Hardware & Tools (0.07%)
1,996 Black & Decker Corp.* 85,828
1,505 Snap-On, Inc. 45,714
2,037 Stanley Works 56,527
-------------
188,069
-------------
Health Care (Diversified) (4.10%)
34,885 Abbott Laboratories, Inc. 1,408,482
30,050 American Home Products Corp. 1,570,113
45,565 Bristol-Myers Squibb Co. 3,499,962
34,402 Johnson & Johnson 3,603,609
3,973 United Healthcare Corp. 205,354
19,518 Warner-Lambert Co. 1,557,780
-------------
11,845,300
Health Care (Drugs) (4.19%)
1,528 Allergan, Inc. 164,069
25,260 Eli Lilly & Co. 1,739,783
54,163 Merck & Co., Inc. 4,309,344
89,091 Pfizer, Inc. 3,519,094
11,627 Pharmacia & Upjohn, Inc. 627,131
33,777 Schering-Plough Corp. 1,671,962
2,195 Watson Pharmaceutical, Inc. 69,691
-------------
12,101,074
-------------
Health Care (Miscellaneous) (0.24%)
2,313 ALZA Corp.* 99,025
6,251 Cardinal Health, Inc. 269,574
2,548 HCR Manor Care 40,131
9,516 HEALTHSOUTH Corp.* 54,717
6,355 McKesson HBO Inc. 127,497
1,548 Wellpoint Health Networks 89,784
-------------
680,728
-------------
Heavy Duty Trucks & Parts (0.15%)
969 Cummins Engine Co., Inc. 49,116
3,808 Dana Corp. 112,574
1,648 Eaton Corp. 124,012
1,518 Navistar International Corp.* 63,282
1,795 Paccar, Inc. 84,589
-------------
433,573
-------------
Homebuilding (0.03%)
1,364 Centex Corp. 36,572
1,099 Kaufman & Broad Home Corp. 22,049
993 Pulte Corp. 19,984
-------------
78,605
-------------
Hospital Management Companies (0.17%)
13,034 Columbia/HCA Healthcare Corp. 314,445
3,845 Humana, Inc.* 26,434
7,126 Tenet Healthcare Corp.* 138,512
-------------
479,391
-------------
Hotel/Motel (0.14%)
2,928 Harrah's Entertainment, Inc.* 84,729
5,926 Hilton Hotels Corp. 54,815
5,725 Marriott International Class A 192,861
4,561 Mirage Resorts, Inc.* 66,420
-------------
398,825
-------------
Household Furnishings & Appliances (0.08%)
919 Armstrong World Industries Inc. 34,348
2,029 Maytag Corp. 81,287
1,728 Whirlpool Corp. 120,420
-------------
236,055
-------------
Household Products (1.81%)
5,416 Clorox Co. 221,718
13,410 Colgate-Palmolive Co. 811,305
3,833 Fortune Brands 135,832
30,483 Procter & Gamble Co. 3,196,905
13,115 Unilever N.V. ADR 874,607
-------------
5,240,367
-------------
Housewares (0.09%)
6,465 Newell Rubbermaid 223,851
1,322 Tupperware Corp. 26,192
-------------
250,043
-------------
Machinery (Diversified) (0.34%)
534 Briggs & Stratton Corp. 31,206
8,165 Caterpillar, Inc. 451,116
2,166 Cooper Industries, Inc. 93,273
5,316 Deere & Co. 192,705
3,807 Ingersoll-Rand Co. 198,916
849 Milacron, Inc. 13,955
-------------
981,171
-------------
Manufacturing (Diversified Industries) (0.98%)
1,705 Case Corp. 90,365
1,560 Crane Co. 31,882
3,107 Danaher Corp. 150,107
4,897 Dover Corp. 208,429
800 Fleetwood Enterprises, Inc. 17,450
5,747 Illinois Tool Works, Inc. 420,968
1,955 Johnson Controls, Inc. 118,766
1,012 Millipore Corp. 32,258
187 NACCO Industries, Inc. Class A 8,672
2,860 Pall Corp. 62,741
2,490 Parker Hannifin Corp. 114,073
1,419 Timken Co. 25,453
39,100 Tyco Intl. Ltd. 1,561,556
-------------
2,842,720
-------------
Manufacturing (Specialized Industries) (0.08%)
4,525 Leggett & Platt, Inc. 100,398
3,576 Owens-Illinois, Inc.* 85,600
3,623 Thermo Electron 48,911
-------------
234,909
-------------
Medical Products & Supplies (0.82%)
1,309 Bausch & Lomb, Inc. 70,686
6,690 Baxter International, Inc. 434,014
5,729 Becton, Dickinson & Co. 145,373
2,580 Biomet, Inc.* 77,723
9,079 Boston Scientific Corp.* 182,715
1,180 C.R. Bard, Inc. 63,646
6,932 Guidant Corp. 342,268
26,808 Medtronic, Inc. 928,227
2,312 Sigma Aldrich Corp. 65,892
1,934 St. Jude Medical, Inc.* 52,943
-------------
2,363,487
-------------
Metals Miscellaneous (0.08%)
4,404 Inco Ltd. 89,181
2,459 Phelps Dodge Corp. 138,610
-------------
227,791
-------------
Miscellaneous (1.74%)
1,546 American Greetings Corp. Class A 40,003
11,748 Amgen, Inc.* 936,903
2,110 Brunswick Corp. 47,739
17,667 Cendant Corporation* 291,505
5,599 Corning, Inc. 440,221
1,793 Deluxe Corp. 50,652
7,382 Eastman Kodak Co. 508,897
1,631 Harcourt General, Inc. 62,794
1,830 Harris Corp. 41,061
6,450 Interpublic Group of Cos., Inc. 262,031
789 Jostens Inc. 16,668
1,982 Kerr-McGee Corp. 106,532
2,507 Loews Corp. 177,684
9,238 Minnesota Mining &
Manufacturing Co. 878,187
5,644 Paychex, Inc. 222,233
2,340 Pe Corp.-pe Biosystems Group 151,807
1,014 Polaroid Corp. 22,625
6,241 Service Corp. International 59,680
409 Springs Industries Inc. Class A 16,283
7,797 Vulcan Materials Co. 322,114
9,921 Williams Cos. Inc. 372,037
-------------
5,027,656
-------------
Office Equipment & Supplies (0.29%)
3,412 Ikon Office Solutions, Inc. 23,457
8,585 Office Depot, Inc.* 106,776
6,164 Pitney Bowes, Inc. 280,847
15,174 Xerox Corp. 424,872
-------------
835,952
-------------
Oil & Gas Drilling (0.09%)
5,246 El Paso Energy Corp. 215,086
1,134 Helmerich & Payne, Inc. 27,003
1,906 Rowan Cos., Inc.* 29,662
-------------
271,751
-------------
Oil (Domestic Integrated) (0.61%)
2,073 Amerada Hess Corp. 118,938
1,678 Ashland, Inc. 55,374
7,388 Atlantic Richfield Co. 688,469
7,985 Occidental Petroleum Corp. 182,158
5,794 Phillips Petroleum Co. 269,421
2,075 Sunoco 50,059
5,556 Unocal Corp. 191,682
7,081 USX - Marathon Group 206,234
-------------
1,762,335
-------------
Oil (Exploration & Production) (0.25%)
2,776 Anadarko Petroleum Corp. 85,536
2,565 Apache Corp. 100,035
4,069 Burlington Resources, Inc. 141,906
12,007 Tosco Corp. 303,927
5,785 Union Pacific Resources Group 83,883
-------------
715,287
-------------
Oil (International Integrated) (3.84%)
15,037 Chevron Corp. 1,373,066
5,679 Conoco, Inc. Class B 154,043
55,706 Exxon Corp. 4,125,726
17,955 Mobil Corp. 1,732,657
49,201 Royal Dutch Petroleum Co. ADR 2,948,985
12,310 Texaco, Inc. 755,526
-------------
11,090,003
-------------
Oil Well Equipment & Services (0.48%)
7,513 Baker Hughes, Inc. 209,894
10,110 Halliburton Co. 381,021
1,357 McDermott International, Inc. 24,596
12,552 Schlumberger Ltd. 760,181
-------------
1,375,692
-------------
Paper & Forest Products (0.80%)
1,297 Boise Cascade Corp. 46,206
2,196 Champion International Corp. 126,956
5,065 Fort James Corp. 133,273
3,938 Georgia-Pacific Corp. 156,289
9,419 International Paper Co. 495,675
12,216 Kimberly-Clark Corp. 771,135
2,464 Louisiana-Pacific Corp. 31,262
2,329 Mead Corp. 83,844
664 Potlatch Corp. 28,012
2,299 Westvaco Corp. 68,252
4,603 Weyerhaeuser Co. 274,742
2,555 Williamette Industries 106,192
-------------
2,321,838
-------------
Pollution Control (0.16%)
14,164 Allied Waste Industries, Inc.* 148,722
7,575 Laidlaw, Inc. 46,397
13,975 Waste Management, Inc. 256,791
-------------
451,910
-------------
Publishing (0.80%)
3,764 Dun & Bradstreet Corp. 110,568
4,538 McGraw-Hill Cos. 270,578
1,190 Meredith Corp. 42,468
27,370 Time Warner, Inc. 1,907,347
-------------
2,330,961
-------------
Publishing (Newspapers) (0.49%)
2,078 Dow Jones & Co., Inc. 127,797
6,410 Gannett Co., Inc. 494,371
1,808 Knight-Ridder, Inc. 114,808
4,050 New York Times Co. Class A 163,012
3,001 R.R. Donnelley & Sons Co. 72,774
1,650 Times Mirror, Inc. Class A 119,006
5,438 Tribune Co. 326,280
-------------
1,418,048
-------------
Restaurants (0.54%)
3,071 Darden Restaurants, Inc.* 58,541
31,158 McDonald's Corp. 1,285,268
3,522 Tricon Global Restaurants 141,540
2,831 Wendy's International, Inc. 67,590
-------------
1,552,939
-------------
Retail Stores (Department) (0.26%)
2,454 Dillard's, Inc. 46,319
4,786 Federated Department Stores* 204,302
6,047 J.C. Penney Co., Inc. 153,443
7,667 May Department Stores Co. 265,949
3,261 Nordstrom, Inc. 81,321
-------------
751,334
-------------
Retail Stores (Drugs) (0.22%)
901 Longs Drug Stores, Inc. 24,552
5,940 Rite Aid Corp. 51,975
22,981 Walgreen Co. 578,834
-------------
655,361
-------------
Retail Stores (Food Chains) (0.44%)
9,644 Albertson's, Inc. 350,198
878 Great Atlantic & Pacific Tea Co., Inc. 25,078
18,955 Kroger Co.* 394,501
11,394 Safeway, Inc. 402,351
3,410 Winn-Dixie Stores, Inc. 92,283
-------------
1,264,411
-------------
Retail Stores (General Merchandise) (2.37%)
2,512 Consolidated Stores, Inc.* 46,001
10,157 Dayton-Hudson Corp. 656,396
11,360 Kmart Corp.* 114,310
8,741 Sears, Roebuck & Co. 246,387
102,109 Wal Mart Stores, Inc. 5,788,304
-------------
6,851,398
-------------
Retail Stores (Specialty-Apparel) (0.39%)
19,719 Gap, Inc. 732,068
4,891 Limited, Inc. 201,142
7,382 TJX Cos., Inc. 200,237
-------------
1,133,447
-------------
Retail Stores (Specialty) (2.19%)
3,433 AutoZone, Inc.* 91,189
3,050 Bed Bath & Beyond, Inc.* 101,603
15,639 Best Buy, Inc.* 868,942
4,611 Circuit City Stores, Inc. 196,832
5,040 Costco Companies* 404,775
8,968 CVS Corporation 389,547
12,964 Delphi Automotive Systems 213,096
5,076 Dollar General Corp. 133,880
33,998 Home Depot, Inc. 2,566,849
3,733 Kohls Corp.* 279,275
8,520 Lowes Cos., Inc. 468,600
1,207 Pep Boys (Manny, Moe & Jack) 15,087
10,666 Staples, Inc.* 236,652
4,441 Tandy Corp. 279,505
5,703 Toys 'R' Us 80,555
-------------
6,326,387
-------------
Shoes (0.13%)
6,454 Nike, Inc. Class B 364,248
1,285 Reebok International Ltd.* 12,609
-------------
376,857
-------------
Steel (0.07%)
2,994 Bethlehem Steel Corp.* 20,771
2,002 Nucor Corp. 103,854
2,028 USX-U.S. Steel Corp. 51,841
2,108 Worthington Industries, Inc. 35,046
-------------
211,512
-------------
Telecommunications (Long Distance) (3.34%)
73,013 AT&T Corp. 3,413,358
8,146 Global Crossing Ltd. 282,055
42,693 MCI Worldcom, Inc. 3,663,593
19,850 Sprint Corp. 1,475,103
10,092 Sprint Corp. (PCS Group) 837,005
-------------
9,671,114
-------------
Textile (Apparel Manufacturers) (0.05%)
1,446 Liz Claiborne, Inc. 57,840
784 Russell Corp. 11,907
2,750 V.F. Corp. 82,672
-------------
152,419
-------------
Tobacco (0.52%)
55,360 Philip Morris Cos., Inc. 1,394,380
4,040 UST, Inc. 111,857
-------------
1,506,237
-------------
Toys (0.08%)
4,484 Hasbro, Inc. 92,483
9,559 Mattel, Inc. 127,852
-------------
220,335
-------------
Total Industrial 199,326,039
-------------
TRANSPORTATION (0.75%)
Airlines (0.22%)
3,523 AMR Corp.* 223,710
3,220 Delta Air Lines, Inc. 175,289
11,549 Southwest Airlines Co. 194,168
1,694 US Airways Group, Inc. 47,432
-------------
640,599
-------------
Railroads (0.42%)
10,781 Burlington Northern Santa Fe Corp. 343,644
4,988 CSX Corp. 204,508
2,532 Kansas City Southern Industries, Inc. 120,112
8,717 Norfolk Southern Corp. 213,022
5,684 Union Pacific 316,883
-------------
1,198,169
-------------
Transportation (Miscellaneous) (0.11%)
6,825 FDX Corp. 293,902
1,624 Ryder System, Inc. 34,713
-------------
328,615
-------------
Total Transportation 2,167,383
-------------
UTILITIES (6.32%)
Electric Companies (1.58%)
3,149 Ameren Corp. 119,072
4,422 American Electric Power Co., Inc. 152,559
3,465 Carolina Power & Light Co. 119,543
4,878 Central & South West Corp. 108,231
3,646 CINergy Corp. 102,999
5,214 Consolidated Edison, Inc. 199,110
3,432 Constellation Energy Group 105,319
4,404 Dominion Resources, Inc. 211,943
3,328 DTE Energy Co. 110,448
8,357 Duke Power Co. 472,171
7,966 Edison International 235,993
5,662 Entergy Corp. 169,506
5,384 Firstenergy Corp. 140,321
4,134 FPL Group, Inc. 207,992
2,884 GPU Inc. 97,876
4,300 Niagara Mohawk Power Corp. 68,262
3,524 Northern States Power Co. 75,766
6,822 PacifiCorp 140,704
4,402 PECO Energy Corp. 168,101
8,801 PG & E Corporation 201,873
3,619 PP&L Resources, Inc. 97,939
5,038 Public Service Enterprise Group, Inc. 199,316
6,799 Reliant Energy, Inc. 185,273
15,994 Southern Co. 424,841
6,439 Texas Utilities Co. 249,511
4,984 Unicom Corp. 190,950
-------------
4,555,619
-------------
Electric Utilities (0.21%)
4,378 AES Corp.* 247,083
2,692 CMS Energy Corp. 99,268
2,246 Florida Progress Corp. 102,895
2,637 New Century Energies 85,867
1,970 Pinnacle West Capital Corp. 72,644
-------------
607,757
-------------
Natural Gas (0.47%)
4,892 Coastal Corp. 206,076
1,897 Columbia Gas Systems, Inc. 123,305
2,196 Consolidated Natural Gas Co. 140,544
519 Eastern Enterprises 26,534
16,227 Enron Corp. 648,066
1,087 NICOR, Inc. 42,121
726 Oneok, Inc. 21,190
814 Peoples Energy Corp. 30,932
5,510 Sempra Energy 112,611
-------------
1,351,379
-------------
Telephone (4.06%)
35,617 Bell Atlantic Corp. 2,312,879
43,459 BellSouth Corp. 1,955,655
3,197 Century Tel, Inc. 129,279
22,296 GTE Corp. 1,672,200
13,894 Mediaone Group, Inc.* 987,342
78,245 SBC Communications, Inc. 3,985,618
11,555 U.S. West, Inc. 705,577
-------------
11,748,550
-------------
Total Utilities 18,263,305
-------------
FINANCIAL (13.97%)
Banks (1.10%)
17,468 Bank of New York, Inc. 731,473
3,585 Comerica, Inc. 213,083
6,165 Fifth Third Bancorp 455,054
22,754 Firstar Corporation 668,399
2,561 Northern Trust Corp. 247,297
5,141 Regions Financial Corp. 154,551
3,839 Southtrust Corp. 153,560
3,696 State Street Boston 281,358
3,930 Summit Bancorp 136,076
3,272 Union Planters, Inc. 145,604
-------------
3,186,455
-------------
Brokerage (0.30%)
18,733 Charles Schwab Corp. 729,416
3,351 PaineWebber Group, Inc. 136,553
-------------
865,969
-------------
Financial Miscellaneous (3.43%)
10,338 American Express Co. 1,592,052
5,756 American General Corp. 427,023
16,706 Associates First Capital 609,769
2,671 Bear Stearns Co., Inc. 113,851
4,532 Capital One Financial Corp. 240,196
2,587 Countrywide Credit Industries, Inc. 87,796
15,951 Federal Home Loan Mortgage Corp. 862,351
23,519 Federal National Mortgage Assn. 1,663,969
2,230 H&R Block, Inc. 94,914
11,000 Household International, Inc. 490,875
2,726 Lehman Brothers Holdings, Inc. 200,872
6,040 Marsh & McLennan Cos., Inc. 477,538
2,290 MBIA, Inc. 130,673
18,397 MBNA Corp. 508,217
8,440 Merrill Lynch & Co., Inc. 662,540
13,092 Morgan Stanley Dean Witter & Co. 1,444,211
3,737 Student Loan Marketing 182,879
6,220 Synovus Financial Corp. 133,341
-------------
9,923,067
-------------
Insurance (0.31%)
6,131 AFLAC, Inc. 313,447
5,878 Aon Corp. 208,669
3,788 Cincinnati Financial Corp. 135,658
3,314 Equifax, Inc. 89,478
1,673 Progressive Corp. of Ohio 154,857
-------------
902,109
-------------
Investment Management (0.19%)
5,784 Franklin Resources Corp. 202,440
9,423 T. Rowe Price 334,516
-------------
536,956
-------------
Life Insurance (0.36%)
7,423 Conseco Co., Inc. 180,472
2,431 Jefferson-Pilot Corp. 182,477
4,597 Lincoln National Corp. 212,037
3,264 Providian Financial Corp. 355,776
3,060 Torchmark Corp. 95,434
-------------
1,026,196
-------------
Major Regional Banks (3.60%)
27,097 Banc One Corp. 1,017,831
40,036 Bank Of America 2,577,318
7,213 BB&T Corp. 262,373
22,208 First Union Corp. 948,004
21,154 Fleet Financial Group, Inc. 922,833
5,300 Huntington Bancshares, Inc. 157,012
10,275 KeyCorp 287,058
14,429 National City Corp. 425,656
6,976 PNC Bank Corp. 415,944
7,378 SunTrust Banks, Inc. 539,977
16,679 U.S. Bancorp Del Com 618,165
4,656 Wachovia Corp. 401,580
37,924 Wells Fargo Company 1,815,611
-------------
10,389,362
-------------
Money Center Banks (0.82%)
19,395 Chase Manhattan Corp. 1,694,638
4,069 J.P. Morgan & Co., Inc. 532,530
2,413 Republic New York Corp. 152,471
-------------
2,379,639
-------------
Multi-Line Insurance (3.23%)
3,234 Aetna, Inc. 162,509
18,516 Allstate Corp. 532,335
35,530 American International Group, Inc. 3,657,369
4,668 CIGNA Corp. 348,933
77,534 Citigroup, Inc. 4,196,528
5,207 ITT Hartford Group, Inc. 269,788
5,462 Unum Corp 179,905
-------------
9,347,367
-------------
Other Major Banks (0.20%)
4,944 Amsouth Bancorp 127,308
11,956 Mellon Bank Corp. 441,625
-------------
568,933
-------------
Property-Casualty Insurance (0.21%)
3,697 Chubb Corp. 202,873
2,503 MGIC Investment Corp. 149,554
3,128 SAFECO Corp. 86,020
5,192 St. Paul Cos., Inc. 166,144
-------------
604,591
-------------
Savings & Loans Companies (0.22%)
1,287 Golden West Financial Corp. 143,822
13,649 Washington Mutual 490,511
-------------
634,333
-------------
Total Financial 40,364,977
-------------
Total Common Stock (cost $150,448,483) 260,121,704
-------------
Principal
Amount
- ---------
SHORT-TERM INVESTMENTS (11.45%)
Repurchase Agreement, (5.23%)(b)
$15,123,000 First Boston
5.10%; 11/1/99 (cost $15,123,000;
maturity value $15,129,427) 15,123,000
United States Treasury Bill (6.22%)(c)
18,000,000 4.74%; 11/12/99
(cost $17,974,205) 17,974,205
-------------
Value
Shares (Note 1)
- ------- --------------
Total Short-term Investments
(cost $33,097,205) 33,097,205
-------------
Total Investments (cost $183,545,688)(a)
(101.46%)(a) 293,218,909
Liabilities Less Other Assets (-1.46%) (4,219,511)
-------------
Net Assets (100.00%) $ 288,999,398
=============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $183,545,688. At October 31, 1999 unrealized
appreciation (depreciation) of securities for federal income tax purposes is as follows:
Gross unrealized appreciation $ 117,457,263
Gross unrealized depreciation (7,784,042)
-------------
Net unrealized appreciation $ 109,673,221
=============
(b) The Repurchase Agreement is collateralized by obligations of the United States government and
its agencies with a market value of $15,425,682 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 October 31, 1999, the market value of $17,974,205 of the U.S. Treasury Bills was pledged to
cover margin requirements for futures contracts.
Futures contracts at October 31, 1999:
(Contracts-$250 times premium/delivery
month/commitment)
Unrealized
Depreciation
-------------
S&P 500 Stock Index:
760/Dec/Sell $ (2,118,088)
=============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] October 31, 1999
RIGHTIME
FAMILY OF FUNDS
The Rightime
Social Awareness Fund
Portfolio of Investments
Principal Value
Amount (Note 1)
- ------------- -------------
<S> <C> <C>
SHORT-TERM INVESTMENTS (100.31%)
Repurchase Agreement (12.44%)(b)
$ 1,981,000 C.S. First Boston
5.10%; 11/1/99 (cost $1,981,000;
maturity value $1,981,842) $ 1,981,000
-------------
United States Treasury Bills (87.87%)(c)
14,000,000 4.53%; 11/04/99 (cost $13,994,686) 13,994,686
-------------
Total Investments (cost $15,975,686)
(100.31%)(a) 15,975,686
Liabilities Less Other Assets (-0.31%) (49,307)
-------------
Net Assets (100.00%) $ 15,926,379
=============
(a) Aggregate cost for federal income tax purposes is $15,975,686.
(b) The Repurchase Agreement is collateralized by obligations of the United States government and
its agencies with a market value of $2,020,649 which exceeds the value of the repurchase
agreement. It is the Fund's policy to always receive, as collateral, securities whose value,
including accrued interest, will be at least equal to 102% of the dollar amount to be paid to
the Fund under each agreement at its maturity. The value of the securities are monitored daily.
If the value falls below 101% of the amount to be paid at maturity, additional collateral is
obtained. The Fund makes payment for such securities only upon physical delivery or evidence of
book entry transferred to the account of its custodian.
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] October 31, 1999
RIGHTIME
FAMILY OF FUNDS
The Rightime MidCap Fund
Portfolio of Investments
Value
Shares (Note 1)
- ------------- -------------
<S> <C> <C>
COMMON STOCK (83.88%)
INDUSTRIALS (61.46%)
Aerospace/Defense (0.32%)
2,862 Cordant Technologies, Inc. $ 89,259
1,918 Precision Castparts Corp. 56,581
814 Sequa Corp. Class A* 40,090
2,606 Universal Corp. 61,241
-------------
247,171
-------------
Auto Parts After Market (0.32%)
1,719 Bandag, Inc. 42,975
2,398 SPX Corp. 203,231
-------------
246,206
-------------
Auto Parts & Equipment (0.71%)
2,024 Arvin Industries, Inc. 57,684
2,081 Borg-Warner Automotive, Inc. 82,199
5,517 Federal-Mogul Corp. 138,615
5,228 Lear Company* 176,445
5,416 Meritor Automotive, Inc. 91,733
-------------
546,676
-------------
Biotechnology (2.14%)
11,542 Biogen, Inc.* 855,551
14,008 Chiron Corp.* 400,104
6,325 Genzyme Corp.* 241,931
2,425 Gilead Sciences, Inc. 153,230
-------------
1,650,816
-------------
Broadcast Media (1.64%)
2,627 Chris-Craft Industries, Inc.* 183,233
3,601 Hispanic Broadcasting Corp. 291,630
3,750 Sylvan Learning Systems 48,516
6,530 Univision Communications, Inc. 555,458
4,140 Westwood One, Inc. 190,957
-------------
1,269,794
-------------
Building Materials (0.67%)
2,166 Granite Construction Co. 44,809
3,652 Martin Marietta Materials, Inc. 142,200
3,019 Southdown, Inc.* 145,855
3,780 USG Corp. 187,346
-------------
520,210
-------------
Chemicals & Materials (2.00%)
2,523 A. Schulman, Inc. 39,264
3,685 Albemarle Corp. 65,409
5,229 Cabot Corp. 97,390
9,825 CK Witco Corporation 92,109
3,393 Cytec Industries, Inc.* 87,582
1,825 Dexter Corp. 63,989
6,544 Ethyl Corp. 26,994
2,779 Ferro Corp. 56,622
2,418 Georgia Gulf Corp. 52,138
1,096 H.B. Fuller Co. 60,006
8,965 IMC Global, Inc. 114,304
4,322 Lubrizol Corp. 110,751
6,032 Lyondell Petrochemical Co. 73,138
3,888 M.A. Hanna Co. 41,553
439 NCH Corp. 20,990
3,669 Olin Corp. 50,678
8,682 RPM, Inc. (Ohio) 103,641
9,511 Solutia, Inc. 163,470
4,305 Waters Corporation 228,703
-------------
1,548,731
-------------
Commercial Services (Specialized) (2.34%)
2,675 Adtran, Inc. 99,309
2,269 Banta Corp. 51,336
8,279 Cintas Corp. 498,810
1,858 Comsat Corp. 34,721
11,957 Convergys Corp.* 233,909
9,651 Fiserv, Inc.* 308,832
5,680 Harte-Hanks, Inc. 112,535
2,013 Jacobs Engineering Group Inc.* 71,461
8,767 Modis Professional Services* 98,081
2,880 Navigant Consulting 82,260
1,925 NCO Group, Inc. 81,572
3,851 Ogden Corp. 34,900
6,373 Olsten Corp. 64,128
2,394 Rollins, Inc. 37,556
-------------
1,809,410
-------------
Computer Software & Services (8.67%)
6,510 Acxiom Corp 107,415
3,840 Affiliated Computer Services 145,920
17,393 Cadence Design Systems, Inc.* 264,156
4,592 Cambridge Technology Partners* 50,799
6,688 Citrix Systems* 428,868
11,926 Comdisco, Inc. 240,756
15,037 Concord EFS, Inc.* 406,939
4,575 DST Systems, Inc. 291,370
4,797 Electronic Arts* 387,658
7,982 Gartner Group, Inc. Class B 74,831
14,102 Informix Corp.* 107,528
14,070 Intuit, Inc.* 409,789
5,520 Keane, Inc.* 129,720
5,900 Lagato Systems* 317,125
2,738 Micro Warehouse, Inc.* 33,198
10,196 Network Associates* 186,714
2,828 Policy Management Systems Corp.* 54,262
6,704 Rational Soft* 286,596
6,958 Siebel Systems* 764,075
7,527 Sterling Commerce* 176,414
6,521 Sterling Software, Inc.* 143,054
2,852 Structural Dynamics Research Corp.* 28,164
8,832 SunGard Data Systems* 215,832
3,260 Sykes Enterprises, Inc. 100,652
4,364 Symantec Corp.* 208,381
5,505 Synopsys, Inc.* 343,030
2,360 Transaction Systems Architects 72,570
6,700 Veritas Software Corp. 722,762
-------------
6,698,578
-------------
Computer Hardware (1.88%)
6,450 Jabil Circuit, Inc. 337,013
5,152 Mentor Graphics Corp.* 41,538
3,976 Microchip Technology, Inc.* 264,901
13,200 Quantum Corp. - Dlt & Storage 203,775
4,475 Sanmina Corp. 403,030
7,858 Storage Technology Corp.* 123,763
4,005 Tech Data Corp.* 75,344
-------------
1,449,364
-------------
Consumer Products (0.46%)
3,650 Blyth Industries, Inc. 91,478
3,024 Church and Dwight, Inc. 78,813
8,093 Dial Corp. 189,174
-------------
359,465
-------------
Electrical Equipment (0.47%)
6,489 Integrated Device Technology, Inc.* 133,430
4,728 SCI Systems, Inc.* 233,445
-------------
366,875
-------------
Electrical Components & Other Equipment (6.16%)
15,258 Altera Corp.* 741,920
7,497 Arrow Electronics, Inc.* 163,528
7,807 Atmel Corp.* 301,545
2,755 Avnet, Inc. 149,631
4,753 Cirrus Logic* 47,233
5,156 Hubbell, Inc. Class B 142,757
11,811 Linear Technology Corp. 826,032
2,477 Magnatek* 17,029
10,454 Maxim Integrated Products, Inc.* 825,213
12,174 Molex, Inc. 444,351
5,906 Sensormatic Electronics Corp. 89,328
6,910 Symbol Technologies, Inc.* 274,692
13,196 Teradyne, Inc. 508,046
3,527 UCAR International, Inc. 68,997
6,632 Vishay Intertechnology, Inc. 162,082
-------------
4,762,384
-------------
Electronic (Semiconductors) (2.69%)
6,742 Cypress Semiconductor Corp.* 172,342
2,970 Novellus Systems, Inc. 230,175
2,720 Qlogic Corp. 283,220
10,920 Vitesse Semiconductor Corp. 500,955
11,335 Xilinx, Inc. 891,214
-------------
2,077,906
-------------
Food & Beverages (2.74%)
3,213 Bob Evans Farms, Inc. 44,179
3,160 Dean Foods Corp. 146,150
4,645 Dole Food Co. 83,320
2,141 Dreyer's Grand Ice Cream, Inc. 36,531
7,826 Flowers Industries, Inc. 132,064
3,315 Hannaford Brothers Co. 232,257
5,763 Hormel Foods Corp. 248,529
7,279 IBP, Inc. 174,241
1,469 International Multifoods Corp. 31,033
5,644 Interstate Bakeries 114,291
2,283 J.M. Smucker Co. Class A 45,375
2,351 Lance, Inc. 28,359
5,685 McCormick & Co., Inc. 178,367
2,746 Suiza Foods* 99,028
18,089 Tyson Foods 275,857
7,566 U.S. Foodserv 145,173
3,995 Universal Foods 76,404
3,567 Vlasic Foods Intl. 27,421
-------------
2,118,579
-------------
Health Care Services (1.35%)
4,060 Apria Healthcare* 64,199
8,028 Beverly Enterprises* 31,610
4,769 First Health Group, Inc. 110,879
9,581 Foundation Health Systems-Class A 63,474
19,749 Health Management
Associates Class A* 175,296
4,564 Lincare Holdings, Inc.* 128,363
7,019 Omnicare, Inc. 64,926
6,303 Oxford Health Plan* 74,454
3,577 Pacificare Health System 141,068
5,667 Quorum Health Group, Inc.* 45,336
6,347 Total Renal 46,412
3,317 Trigon Health 94,120
-------------
1,040,137
-------------
Health Care Products (Distribution)(0.33%)
8,566 Bergen Brunswig Corp. Class A 61,033
8,096 Sybron Corp.* 192,786
-------------
253,819
-------------
Hotel/Motel (0.66%)
21,200 Park Place Entertainment* 278,250
6,708 Promus Hotel Corp.* 229,749
-------------
507,999
-------------
Iron & Steel (0.06%)
874 Cleveland-Cliffs Iron Co. 26,111
2,021 Oregon Steel Mills, Inc. 17,052
-------------
43,163
-------------
Leisure Time (Products) (1.22%)
5,889 Callaway Golf Co. 79,133
11,981 Harley-Davidson, Inc. 710,623
8,432 International Game Technology 157,046
-------------
946,802
-------------
Leisure Time (Services) (0.63%)
7,420 Mandalay Resort Group 138,197
5,345 Premier Parks, Inc. 154,671
7,795 Viad Corp. 191,465
-------------
484,333
-------------
Manufacturing (Diversified Industries) (1.42%)
5,513 American Standard Cos., Inc.* 210,528
2,513 Ametek, Inc. 49,632
4,518 Burlington Industries* 16,660
2,366 Carlisle Co., Inc. 78,670
3,926 Everest Reinsurance Holdings 101,094
4,066 Furniture Brands Intl. 78,779
3,485 Harsco Corp. 102,590
3,011 Pentair, Inc. 113,289
4,838 Premark International, Inc. 264,881
1,646 Tecumseh Products Co. Class A 78,905
-------------
1,095,028
-------------
Manufacturing (Specialized Industries) (2.14%)
4,668 AGCO Corp. 50,181
2,328 Albany International Corp. 35,356
15,011 American Power Conversion Corp.* 336,792
4,116 Dentsply International 95,440
5,449 Diebold, Inc. 143,036
3,719 Donaldson Co., Inc. 86,467
3,553 Federal Signal Corp. 66,841
3,012 Flowserve Corp. 50,828
3,187 Imation Corp. 97,801
2,522 Kaydon Corp. 62,577
2,344 Kennametal, Inc. 67,390
2,314 Modine Manufacturing Co. 57,561
1,313 Nordson Corp. 58,182
5,344 Steris Corp.* 71,142
2,194 Stewart & Stevenson Services, Inc. 29,070
2,933 Teleflex, Inc. 99,905
3,384 Trinity Industries 100,886
4,676 Warnaco Group - Cl 66,633
3,141 York International Corp. 74,010
-------------
1,650,098
-------------
Medical Products & Supplies (1.72%)
2,152 Acuson Corp.* 22,327
5,569 Airgas Inc.* 52,906
2,227 Beckman Coulter, Inc.* 102,442
5,234 Hillenbrand Industries, Inc. 173,376
2,225 Minimed, Inc. 168,683
5,548 PSS World Medical* 42,997
7,561 Stryker Corp. 466,892
4,760 VISX Incorporated 297,797
-------------
1,327,420
-------------
Metals (Specialty) (0.09%)
1,719 Carpenter Technology Corp. 41,901
549 Maxxam, Inc.* 24,911
-------------
66,812
-------------
Miscellaneous (3.00%)
4,478 A.C. Nielson 98,516
6,326 American Water Works Co., Inc. 184,640
6,131 Apollo Group, Inc. Class A* 161,322
11,323 Clayton Homes, Inc. 114,645
5,330 Devry, Inc. 112,263
3,156 Gtech Holdings Corp.* 63,515
2,885 Kelly Services, Inc. Class A 84,567
3,278 Lancaster Colony Corp. 114,525
3,562 Litton Industries, Inc.* 167,191
6,209 Manpower, Inc. 218,091
4,191 Mark IV Industries, Inc. 80,677
1,726 Minerals Technologies, Inc. 74,434
4,100 Mohawk Industries, Inc.* 94,044
8,450 R.J. Reynolds Tobacco Holdings 183,259
7,174 Robert Half International, Inc.* 194,146
3,658 Ruddick Corp. 62,415
4,461 Sotheby's Holdings Class A 127,975
8,619 Stewart Enterprises, Inc. Class A 40,940
10,885 Whitman Corp. 141,505
-------------
2,318,670
-------------
Office Equipment & Supplies (0.67%)
6,663 Herman Miller, Inc. 144,504
4,841 Hon Industries, Inc. 95,005
9,799 Officemax, Inc.* 49,607
6,068 Reynolds & Reynolds Class A 110,362
2,153 The Standard Register Co. 47,097
3,271 Wallace Computer Services 72,371
-------------
518,946
-------------
Oil & Gas Drilling (2.73%)
5,544 BJ Services Co.* 190,229
5,390 Devon Energy Corporation 209,536
10,750 ENSCO International, Inc.* 208,281
13,592 Global Marine, Inc.* 206,428
9,052 Nabors Industries, Inc.* 205,367
10,279 Noble Drilling Corp.* 228,065
12,990 Ocean Energy* 119,346
3,774 Smith International, Inc.* 130,439
4,356 Tidewater, Inc. 130,680
7,884 Transocean Offshore 214,346
7,985 Weatherford, Inc. 270,492
-------------
2,113,209
-------------
Oil & Gas (1.37%)
1,980 Hanover Compressor Co. 73,260
5,379 Kinder Morgan, Inc. 108,252
3,526 Murphy Oil Corp. 197,676
4,467 Noble Affiliates, Inc. 113,071
6,084 Pennzoil-Quaker State Co. 71,867
7,858 Pioneer Natural Resources 73,669
13,350 Santa Fe Snyder Corp. 115,144
6,869 Ultramar Diamond Shamrock 168,291
4,396 Valero Energy 80,776
5,068 Varco International 53,531
-------------
1,055,537
-------------
Paper/Forest Products/Containers (1.41%)
4,233 Bowater, Inc. 222,233
1,682 Chesapeake Corp. of Virginia 50,460
7,092 Consolidated Papers 222,068
4,052 Longview Fiber Co. 46,091
3,297 P.H. Glatfelter Co. 48,219
2,184 Rayonier Inc. 89,544
7,967 Sonoco Products 191,208
6,847 Timber Co. 163,472
4,265 Wausau-Mosinee Paper Corp. 53,846
-------------
1,087,141
-------------
Pharmaceuticals (2.38%)
3,527 Carter-Wallace, Inc. 63,706
4,580 Covance, Inc. 44,369
6,483 Forest Laboratories, Inc.* 297,408
5,999 ICN Pharmaceuticals, Inc. 137,977
9,176 IVAX Corp. 161,154
4,230 MedImmune, Inc.* 473,760
2,565 Millennium Pharmaceuticals 179,871
10,114 Mylan Laboratories, Inc. 181,420
6,103 Quintiles Transnational Corp.* 113,287
2,232 Sepracor, Inc.* 185,674
-------------
1,838,626
-------------
Publishing (Newspapers) (1.39%)
9,454 A. H. Belo Corp. Class A 192,625
3,475 Lee Enterprises, Inc. 102,512
2,099 Media General, Inc. Class A 114,658
7,550 Reader's Digest Assn. 243,488
790 Washington Post 420,329
-------------
1,073,612
-------------
Publishing (Books) (0.21%)
2,361 Houghton Mifflin Co. 100,047
1,287 Scholastic Corp.* 59,846
-------------
159,893
-------------
Restaurants (1.09%)
5,170 Brinker International, Inc.* 120,526
3,528 Buffets, Inc.* 32,854
4,795 CBRL Group 64,133
3,065 Lone Star Steakhouse & Saloon* 24,520
5,773 Outback Steakhouse* 132,779
2,316 Papa John's Pizza* 86,560
14,121 Starbucks Corp.* 383,915
-------------
845,287
-------------
Retail Stores (Specialty) (1.61%)
5,381 Barnes & Noble, Inc.* 111,992
6,044 Borders Group, Inc.* 78,572
3,991 Claire's Stores, Inc. 70,341
7,172 CompUSA, Inc.* 40,791
4,687 Heilig-Meyers Co. 20,506
2,371 Lands' End, Inc.* 182,419
2,636 Payless Shoesource, Inc. 120,762
5,744 Perrigo Co.* 43,439
11,238 Saks Holding* 193,153
2,146 Superior Industries
International, Inc. 57,271
5,426 Tiffany & Co. 322,847
-------------
1,242,093
-------------
Retail Stores (Specialty-Apparel) (0.48%)
8,060 Abercrombie & Fitch Co. -Cl. A* 219,635
7,226 Ross Stores, Inc. 149,036
-------------
368,671
-------------
Retail Stores (General Merchandise) (1.29%)
5,801 BJ's Wholesale Club 178,743
4,638 Dollar Tree Stores 202,043
13,511 Family Dollar Stores, Inc. 278,664
2,975 Fastenal Co. 107,844
4,350 Williams-Sonoma, Inc. 233,813
-------------
1,001,107
-------------
Steel (0.16%)
4,628 AK Steel Holding Corp. 80,122
1,952 Ryerson Tull, Inc. 40,016
-------------
120,138
-------------
Textile Specialty (0.84%)
9,557 Jones Apparel Group, Inc.* 302,240
11,033 Shaw Industries, Inc. 170,322
4,722 Unifi, Inc. 56,664
2,454 Wellman, Inc. 36,963
4,435 Westpoint Stevens 83,988
-------------
650,177
-------------
Total Industrial 47,480,883
-------------
TRANSPORTATION (1.36%)
Airfreight (0.19%)
3,786 Airborne Freight Corp. 81,399
3,212 Pittston Services Group 61,630
-------------
143,029
-------------
Airlines (0.33%)
2,056 Alaska Air Group, Inc.* 81,726
7,677 Comair Holdings, Inc. 177,171
-------------
258,897
-------------
Railroads (0.24%)
3,862 GATX Corp. 128,170
4,009 Wisconsin Central
Transportation Corp. 55,625
-------------
183,795
-------------
Shipping (0.27%)
3,506 Alexander & Baldwin, Inc. 84,144
2,767 Newport News Shipbuilding 84,048
2,885 Overseas Shipholding Group, Inc. 37,144
-------------
205,336
-------------
Truckers (0.33%)
1,970 Arnold Industries, Inc. 19,762
3,748 CNF Transportation, Inc. 123,918
2,792 J.B. Hunt Transportation Services, Inc. 35,947
4,360 Swift Transportation, Co. 76,027
-------------
255,654
-------------
Total Transportation 1,046,711
-------------
UTILITIES (9.04%)
Electric Utilities (6.79%)
9,600 Allegheny Energy, Inc. 305,400
6,049 Alliant Energy Corp. 164,457
1,691 Black Hills Corp. 38,048
3,850 Calpine Corporation 221,856
1,763 Cleco Corp. 58,399
2,544 CMP Group, Inc. 67,734
8,420 Conectiv, Inc. 164,190
12,626 DPL, Inc. 255,676
5,730 DQE, Inc 228,842
9,904 Energy East Corp. 248,838
2,515 Hawaiian Electric Industries, Inc. 84,881
2,949 Idacorp, Inc. 89,023
5,623 Illinova Corp. 178,882
6,968 Ipalco Enterprises, Inc. 142,409
4,853 Kansas City Power & Light Co. 118,898
10,168 LG&E Energy Corp. 223,696
4,669 Midamerican Energy Hldgs. 156,995
5,677 Minnesota Power & Light Co. 105,025
8,630 Montana Power Co. 245,416
4,692 New England Electric System 244,277
10,057 NiSource, Inc. 206,168
10,235 Northeast Utilities 213,016
6,333 OGE Energy Corp. 143,680
9,293 Potomac Electric Power Co. 254,977
3,275 Public Service Co. of New Mexico* 58,541
6,630 Puget Sound Power & Light Co. 146,689
8,121 SCANA Corp. 202,010
4,020 Sierra Pacific Resources 90,450
10,343 TECO Energy, Inc. 228,192
7,073 Utilicorp United 152,954
9,039 Wisconsin Energy Corp. 202,248
-------------
5,241,867
-------------
Gas Utilities (1.25%)
4,510 AGL Resources, Inc. 78,643
2,344 Indiana Energy, Inc. 47,319
11,502 Keyspan Energy Corp. 323,494
6,212 MCN Corp. 151,806
3,027 National Fuel & Gas Co. 147,945
6,468 Questar Corp. 116,424
3,626 Washington Gas & Light 98,582
-------------
964,213
-------------
Telephone Companies (Local) (1.00%)
10,696 Cincinnati Bell, Inc. 222,611
4,796 Telephone & Data Systems, Inc. 552,739
-------------
775,350
-------------
Total Utilities 6,981,430
-------------
FINANCIAL (12.02%)
Banks (7.75%)
4,963 Associated Banc-Corp. 190,920
4,287 Astoria Financial Corp. 154,332
3,180 CCB Financial Corp. 146,280
16,306 Charter One Financial 400,527
3,598 City National Corp. 139,422
8,275 Compass Bancshares, Inc. 220,839
8,956 Dime Bancorp, Inc.* 160,089
14,795 First Security Corp. 379,122
10,054 First Tennessee National Corp. 341,836
3,927 First Virginia Banks, Inc. 188,005
6,450 Firstmerit Corporation 170,522
7,419 Green Point Financial Corp. 211,441
12,260 Hibernia Corp. Class A 173,939
4,033 Keystone Financial, Inc. 101,077
8,316 Marshall & Ilsley Corp. 558,212
5,598 Mercantile Bankshares Corp. 201,528
8,100 National Commerce Bancorp 202,500
7,689 NCR Corporation 254,698
11,189 North Fork Bancorporation, Inc. 231,472
8,665 Old Kent Financial Corp. 353,099
6,298 Pacific Century Financial Corp. 143,673
3,363 Provident Financial Group 144,399
12,498 Sovereign Bancorp, Inc. 110,139
6,813 TCF Financial Corp. 200,983
3,050 Westamerica Bancorporation 105,034
2,623 Wilmington Trust Corp. 142,298
6,131 Zion 361,346
-------------
5,987,732
-------------
Brokerage (0.92%)
7,434 A.G. Edwards & Sons, Inc. 223,485
18,034 E Trade Group* 429,435
2,300 Investment Technology Group 60,663
-------------
713,583
-------------
Financial Miscellaneous (1.02%)
4,846 Finova Group, Inc. 213,527
4,365 Legg Mason, Inc. 158,777
5,648 Nova Corp.* 146,848
3,568 The PMI Group, Inc. 185,090
2,850 Webster Financial Corp. 81,581
-------------
785,823
-------------
Insurance (2.33%)
4,430 Allmerica Financial Corporation 253,341
5,465 AMBAC, Inc. 326,534
4,788 American Financial Group, Inc. 141,844
3,335 Horace Mann Educators Corp. 94,005
2,303 HSB Group, Inc. 88,090
4,285 Ohio Casualty Corp. 71,506
10,691 Old Republic International Corp. 146,333
5,052 Protective Life Corp. 182,819
7,146 Reliastar Financial Corp. 306,831
5,100 Unitrin, Inc. 190,931
-------------
1,802,234
-------------
Total Financial 9,289,372
-------------
Total Common Stock
(cost $62,653,039) 64,798,396
-------------
Principal
Amount
- ------
SHORT-TERM INVESTMENTS (17.14%)
Repurchase Agreement, (9.38%)(b)
$ 7,247,000 First Boston
5.10%; 11/1/99 (cost $7,247,000;
maturity value $7,250,080) 7,247,000
-------------
United States Treasury Bill (7.76%)(c)
6,000,000 4.74%; 11/12/99 (cost $5,991,402) 5,991,402
-------------
Total Short-term Investments
(cost $13,238,402) 13,238,402
-------------
Total Investments (cost $75,891,441)
(101.02%)(a) 78,036,798
Liabilities Less Other Assets (-1.02%) (785,804)
-------------
Net Assets (100.00%) $ 77,250,994
=============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $75,891,441. At October 31, 1999 unrealized
appreciation (depreciation) of securities for federal income tax purposes is as follows:
Gross unrealized appreciation $ 11,147,056
Gross unrealized depreciation (9,001,699)
-------------
Net unrealized appreciation $ 2,145,357
=============
(b) The Repurchase Agreement is collateralized by obligations of the United States government and
its agencies with a market value of $7,392,046 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 October 31, 1999, the market value of $5,991,402 of the U.S. Treasury Bills was pledged to
cover margin requirements for futures contracts.
Futures contracts at October 31, 1999:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Appreciation
-------------
S&P 400 MidCap Stock Index:
330/Dec/Sell $ 1,130,250
=============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO]
RIGHTIME Statement of
FAMILY OF FUNDS Assets and Liabilities
October 31, 1999
- -----------------------------------------------------------------------------------------------------------------------------
The Rightime
The Rightime Social The Rightime
The Rightime Blue Chip Awareness MidCap
Fund Fund Fund Fund
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
ASSETS
Investments in securities, at market value
(Identified cost $112,549,241; $183,545,688;
$15,975,686 and $75,891,441, respectively)
(Note 1) $113,236,364 $293,218,909 $15,975,686 $ 78,036,798
Cash 482 140 708 6,439
Receivables:
Dividends and interest 161,893 233,091 842 52,018
Fund shares sold 20,086 150,202 1,488 67,947
Investment securities sold -- 10,480 -- 1,388,350
Prepaid expenses and other assets 38,106 65,026 3,163 18,003
------------ ------------ ---------- ------------
Total assets 113,456,931 293,677,848 15,981,887 79,569,555
------------ ------------ ---------- ------------
LIABILITIES
Payables:
Variation margin 529,625 4,047,000 -- 1,493,250
Fund shares repurchased 252,246 106,309 55,394 29,125
Securities purchased -- 419,108 -- 772,088
Accrued expenses 42,236 101,906 -- 23,417
Other liabilities 2,454 4,127 114 681
------------ ------------ ---------- ------------
Total liabilities 826,561 4,678,450 55,508 2,318,561
------------ ------------ ---------- ------------
NET ASSETS
(applicable to 3,315,758; 7,165,764; 490,114 and
2,259,664 outstanding shares, respectively)
(Note 4) $112,630,370 $288,999,398 $ 15,926,379 $ 77,250,994
============ ============ ============ ============
Net asset value and redemption price per share $33.97 $40.33 $32.50 $34.19
====== ====== ====== ======
Maximum offering price per share $33.97 $42.34 (1) $34.12 (1) $35.90 (1)
====== ====== ====== ======
NET ASSETS
At October 31, 1999 net assets consisted of:
Paid-in capital $ 98,000,829 $179,001,530 $14,434,727 $ 61,553,594
Undistributed net investment income 1,057,813 -- 116,802 --
Undistributed net realized gain on investments 12,843,105 2,442,735 1,374,850 12,421,793
Net unrealized appreciation of investments 687,123 109,673,221 -- 2,145,357
Net unrealized appreciation (depreciation) of
futures contracts 41,500 (2,118,088) -- 1,130,250
------------ ------------ ----------- ------------
$112,630,370 $288,999,398 $15,926,379 $ 77,250,994
============ ============ ============ ============
(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 Operations
FAMILY OF FUNDS For the Year Ended October 31, 1999
- -----------------------------------------------------------------------------------------------------------------------------
The Rightime
The Rightime Social The Rightime
The Rightime Blue Chip Awareness MidCap
Fund Fund Fund Fund
------------ ------------ ---------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income
Dividends $ 875,530 $ 3,573,239 $ 106,327 $ 777,827
Interest 3,116,196 1,560,325 366,295 494,529
------------ ------------ ------------ ------------
Total income 3,991,726 5,133,564 472,622 1,272,356
------------ ------------ ------------ ------------
EXPENSES
Administrative services (Note 2) 1,114,366 2,527,452 137,084 645,792
Investment advisory fees (Note 2) 586,508 1,486,737 80,638 379,878
Distribution costs -- 12b-1 (Notes 2 and 3) 586,508 743,368 40,319 189,939
Distribution costs -- service charge
(Notes 2 and 3) 293,254 743,368 40,319 189,939
Transfer agent fees (Note 2) 163,679 342,128 15,308 105,225
Accounting services (Note 2) 50,538 73,975 15,660 44,708
Legal and audit fees 41,072 75,587 7,721 26,989
Custody fees 21,271 36,504 5,462 14,342
Reports to shareholders 19,516 46,402 2,114 12,837
Registration fees 12,665 13,011 8,758 12,640
Directors fees 11,820 27,608 1,272 7,643
Insurance 11,001 26,175 1,220 7,522
Miscellaneous 29,907 74,280 -- 3,392
------------ ------------ ------------ ------------
Total expenses 2,942,105 6,216,595 355,875 1,640,846
------------ ------------ ------------ ------------
Net investment income (loss) 1,049,621 (1,083,031) 116,747 (368,490)
------------ ------------ ------------ ------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net realized gain from security transactions 5,111,253 28,247,104 1,370,087 17,284,948
Capital gain distribution from
regulated investment companies 5,135,574 -- -- --
Net realized gain (loss) on futures contracts 3,965,709 (24,684,417) -- (3,950,914)
Increase (decrease) in unrealized appreciation of
investments (2,278,785) 26,358,312 (352,170) (2,532,166)
Increase (decrease) in unrealized appreciation of
futures contracts (1,338,575) (3,256,238) -- 578,507
------------ ------------ ------------ ------------
Net gain on investments 10,595,176 26,664,761 1,017,917 11,380,375
------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations $ 11,644,797 $ 25,581,730 $ 1,134,664 $ 11,011,885
============ ============ ============ ============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO]
RIGHTIME Statement of
FAMILY OF FUNDS Changes in Net Assets
- -------------------------------------------------------------------------------------------------------------------------------
The Rightime Fund The Rightime Blue Chip Fund
---------------------------------- ----------------------------------
For Year Ended For Year Ended For Year Ended For Year Ended
October 31, 1999 October 31, 1998 October 31, 1999 October 31, 1998
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 1,049,621 $ 1,254,451 $ (1,083,031) $ (664,220)
Net realized gain from security transactions 5,111,253 17,891,366 28,247,104 30,148,296
Capital gain distributions
from regulated investment companies 5,135,574 5,710,686 -- --
Net realized gain (loss) on futures contracts 3,965,709 5,425,895 (24,684,417) 16,903,481
Net increase (decrease) in unrealized appreciation
of investments (2,278,785) (12,107,474) 26,358,312 15,026,031
Net increase (decrease) in unrealized appreciation
of futures contracts (1,338,575) 1,876,325 (3,256,238) 1,573,750
------------ ------------ ------------ ------------
Net increase in net assets resulting from operations 11,644,797 20,051,249 25,581,730 62,987,338
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains
on investments (14,057,122) -- (30,507,902) --
Distributions from net investment income (1,245,762) (1,587,062) -- (132,463)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting from
capital share transactions (Note 4) 5,689,734 (33,867,271) 22,509,787 (45,826,046)
------------ ------------ ------------ ------------
Total increase (decrease) 2,031,647 (15,403,084) 17,583,615 17,028,829
NET ASSETS
Beginning of year 110,598,723 126,001,807 271,415,783 254,386,954
------------ ------------ ------------ ------------
End of year * $112,630,370 $110,598,723 $288,999,398 $271,415,783
============ ============ ============ ============
* Including undistributed
net investment income of: $ 1,057,813 $ 1,253,954 $ -- $ --
============ ============ ============ ============
<CAPTION>
The Rightime Social Awareness Fund The Rightime MidCap Fund
- -------------------------------------------------------------------------------------------------------------------------------
For Year Ended For Year Ended For Year Ended For Year Ended
October 31, 1999 October 31, 1998 October 31, 1999 October 31, 1998
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 116,747 $ 105,660 $ (368,490) $ (311,478)
Net realized gain from security transactions 1,370,087 2,481,462 17,284,948 664,389
Net realized gain (loss) on futures contracts -- 90,134 (3,950,914) 11,484,174
Net increase (decrease) in unrealized appreciation
of investments (352,170) 381,479 (2,532,166) 2,427,100
Net increase in unrealized appreciation
of futures contracts -- 9,925 578,507 646,993
------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations 1,134,664 3,068,660 11,011,885 14,911,178
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains
on investments (2,577,096) (394,194) (12,476,086) (1,494,460)
Distributions from net investment income (105,288) (57,366) -- (537,779)
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting from
capital share transactions (Note 4) 3,584,760 (195,549) 11,222,621 (14,681,561)
------------ ------------ ------------ ------------
Total increase (decrease) 2,037,040 2,421,551 9,758,420 (1,802,622)
NET ASSETS
Beginning of year 13,889,339 11,467,788 67,492,574 69,295,196
------------ ------------ ------------ ------------
End of year * $ 15,926,379 $ 13,889,339 $ 77,250,994 $ 67,492,574
============ ============ ============ ============
* Including undistributed
net investment income of: $ 116,802 $ 105,343 $ -- $ --
============ ============ ============ ============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] Financial
RIGHTIME Highlights
FAMILY OF FUNDS (For a Share Outstanding Throughout The Year)
- --------------------------------------------------------------------------------------------------------
Net
Realized
Net and
Asset Net Unrealized
Value Investment Gain Total
Beginning Income (Loss) on From
of Year (Loss) Investments Operations
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Rightime Fund
1999 $35.13 $0.33 $3.49 $3.82
1998 29.95 0.43 5.16 5.59
1997 32.09 0.43 (1.24) (0.81)
1996 37.55 1.14 2.11 3.25
1995 35.50 (0.10) 7.21 7.11
- --------------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1999 $40.98 $(0.15) $4.13 $3.98
1998 32.27 (0.10) 8.83 8.73
1997 31.88 0.03 0.83 0.86
1996 32.84 0.40 3.52 3.92
1995 33.08 0.35 5.66 6.01
- --------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1999 $35.96 $0.24 $3.19 $3.43
1998 29.31 0.27 7.55 7.82
1997 29.09 0.17 1.52 1.69
1996 32.37 0.41 3.88 4.29
1995 26.84 0.08 5.91 5.99
- --------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1999 $35.19 $(0.16) $5.71 $5.55
1998 29.12 (0.16) 7.13 6.97
1997 29.02 0.27 1.33 1.60
1996 32.95 0.49 2.56 3.05
1995 28.44 0.26 5.25 5.51
- --------------------------------------------------------------------------------------------------------
(1) Excludes sales charge
<CAPTION>
Distributions Distributions Net
from from Asset
Net Realized Value
Investment Capital Total End Total
Income Gains Distributions of Year Return (1)
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Rightime Fund
1999 $(0.41) $(4.57) $(4.98) $33.97 10.61%
1998 (0.41) -- (0.41) 35.13 18.86
1997 (0.42) (0.91) (1.33) 29.95 (2.77)
1996 (0.77) (7.94) (8.71) 32.09 8.96
1995 (0.30) (4.76) (5.06) 37.55 23.38
- ------------------------------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1999 $ -- $(4.63) $(4.63) $40.33 9.45%
1998 (0.02) -- (0.02) 40.98 27.06
1997 (0.40) (0.07) (0.47) 32.27 2.63
1996 (0.28) (4.60) (4.88) 31.88 12.26
1995 (0.46) (5.79) (6.25) 32.84 22.31
- ------------------------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1999 $(0.27) $(6.62) $(6.89) $32.50 8.39%
1998 (0.15) (1.02) (1.17) 35.96 27.37
1997 (0.43) (1.04) (1.47) 29.31 5.77
1996 -- (7.57) (7.57) 29.09 13.62
1995 (0.46) -- (0.46) 32.37 22.70
- ------------------------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1999 $ -- $(6.55) $(6.55) $34.19 16.40%
1998 (0.24) (0.66) (0.90) 35.19 24.53
1997 (0.54) (0.96) (1.50) 29.12 5.55
1996 (0.14) (6.84) (6.98) 29.02 9.65
1995 (0.45) (0.55) (1.00) 32.95 20.07
- ------------------------------------------------------------------------------------------------------------------------
(1) Excludes sales charge
See accompanying notes to financial statements
<CAPTION>
October 31, 1999
- -------------------------------------------------------------------------------------------------------
RATIOS
-------------------------------------------------------------
Net
Investment
Net Assets Expenses Income (Loss)
At The to Average To Average Portfolio
End of Year Net Assets Net Assets Turnover
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Rightime Fund
1999 $112,630,370 2.51% 0.89% 106.40%
1998 110,598,723 2.53 1.12 117.73
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
- -------------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1999 $288,999,398 2.09% (0.36)% 10.16%
1998 271,415,783 2.15 (0.25) 7.97
1997 254,386,954 2.09 0.05 39.27
1996 277,639,083 2.08 1.25 1.30
1995 249,619,271 2.17 1.13 17.52
- -------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1999 $15,926,379 2.21% 0.72% 169.26%
1998 13,889,339 2.35 0.81 142.15
1997 11,467,788 2.35 0.55 107.98
1996 8,694,248 2.42 1.51 46.57
1995 7,378,063 2.75 0.32 36.49
- -------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1999 $77,250,994 2.16% (0.48)% 50.75%
1998 67,492,574 2.25 (0.46) 0.00
1997 69,295,196 2.15 0.82 107.08
1996 80,303,960 2.19 1.72 3.59
1995 75,086,295 2.19 0.84 24.67
See accompanying notes to financial statements
</TABLE>
October 31, 1999
[RIGHTIME LOGO] Notes to Financial Statements
Rightime
Family of Funds
NOTE 1 - SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
The Rightime 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
prospect 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 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 Funds may purchase or sell stock index future contracts as a hedge
against changes in market conditions. Risk 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.
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.
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
Blue Chip Fund .50% .85% .50%
The Rightime
Social Awareness Fund .50% .85% .50%
The Rightime
MidCap Fund .50% .85% .50%
During the year ended period October 31, 1999, the Distributor received
commissions as an underwriter and a retail dealer of Fund shares as
follows:
The Rightime Blue Chip Fund $617,526
The Rightime Social Awareness Fund $ 48,855
The Rightime MidCap Fund $181,089
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 $630,592 and $189,229, respectively. During the year ended October
31, 1999, Lincoln Investment Planning, Inc. waived fees of $4,728 and
$6,435, respectively, for transfer agent and accounting services provided
to the Rightime Social Awareness Fund.
Certain officers and directors of the company are also officers and/or
directors of the Advisor, Administrator, Transfer Agent and/or Distributor.
NOTE 3 - DISTRIBUTION COSTS
The Fund's Board of Directors, including a majority of the Directors who
are not "interested persons" of the Funds as defined in the Investment
Company Act of 1940, have adopted a distribution plan pursuant to Rule
12b-1 of the Act. The Plan regulates the manner in which a regulated
investment company may assume costs of distributing and promoting the
sales of its shares.
The Plan provides that the Funds may incur certain costs which may not
exceed the rates detailed above per annum of the Funds' average daily net
assets for payments to the Distributor for items such as advertising
expenses, selling expenses, commissions or travel reasonably intended to
result in sales of shares of the Funds and for commissions for Fund shares
sold by representatives of the Distributor or other broker-dealers. The
distribution costs include a service charge based on an annual rate of
.25% of the Funds' average daily net assets.
<TABLE>
<CAPTION>
NOTE 4 - CAPITAL SHARES
The Rightime Fund, Inc. has 500,000,000 shares of $.01 par value stock
authorized which may be allocated to any series. Currently 50,000,000
shares have been allocated to the Rightime Fund and 20,000,000 shares to
each of the other three Funds. Transactions in capital stock were as
follows:
The Rightime Fund The Rightime Blue Chip Fund
------------------------------------------------------- ---------------------------------------------------
1999 1998 1999 1998
---------------------- --------------------------- ------------------------ -----------------------
Shares Value Shares Value Shares Value Shares Value
-------- ------------ ---------- ------------- --------- ------------- -------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold 308,522 $ 10,706,455 280,002 $ 9,304,396 686,258 $ 28,351,854 675,121 $ 25,441,729
Shares issued in
reinvestment of
distributions 434,224 15,015,469 50,697 1,542,726 731,907 30,227,759 3,822 130,930
-------- ------------ ---------- ------------ --------- ------------- ----------- ------------
742,746 25,721,924 330,699 10,847,122 1,418,165 58,579,613 678,943 25,572,659
Shares redeemed (574,853) (20,032,190) (1,390,058) (44,714,393) (874,962) (36,069,826) (1,939,495) (71,398,705)
-------- ------------ ---------- ------------ --------- ------------- ----------- ------------
Net increase
(decrease) 167,893 $ 5,689,734 (1,059,359) $(33,867,271) 543,203 $ 22,509,787 (1,260,552) $(45,826,046)
======== ============ ========== ============ ========= ============= =========== ============
The Rightime Social Awareness Fund The Rightime MidCap Fund
------------------------------------------------------- ---------------------------------------------------
1999 1998 1999 1998
---------------------- --------------------------- ------------------------ -----------------------
Shares Value Shares Value Shares Value Shares Value
-------- ------------ ---------- ------------- --------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Shares sold 87,966 $ 3,047,159 54,325 $ 1,789,588 234,456 $ 8,025,990 140,278 $ 4,394,868
Shares issued in
reinvestment of
distributions 73,151 2,527,371 13,629 415,697 376,672 12,456,529 68,685 2,020,018
-------- ------------ ---------- ------------ --------- ------------- ----------- ------------
161,117 5,574,530 67,954 2,205,285 611,128 20,482,519 208,963 6,414,886
Shares redeemed (57,300) (1,989,770) (72,851) (2,400,834) (269,142) (9,259,898) (670,773) (21,096,447)
-------- ------------ ---------- ------------ --------- ------------- ----------- ------------
Net increase
(decrease) 103,817 $ 3,584,760 (4,897) $ (195,549) 341,986 $ 11,222,621 (461,810) $(14,681,561)
======== ============ ========== ============ ========= ============= =========== ============
</TABLE>
NOTE 5 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments during
the ended October 31, 1999 were as follows:
Purchases Sales
----------- ------------
The Rightime Fund $96,319,319 $136,218,001
The Rightime Blue Chip Fund $26,618,284 $ 57,257,578
The Rightime Social
Awareness Fund $16,063,803 $ 30,859,263
The Rightime MidCap Fund $33,229,454 $ 39,512,772
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
[THIS PAGE INTENTIONALLY LEFT BLANK]
[RIGHTIME LOGO]
RIGHTIME
FAMILY OF FUNDS Report of Independent
Certified Public Accountants
To the Shareholders
and Board of Directors
of The Rightime Fund, Inc.
We have audited the accompanying statement of assets and liabilities of
The Rightime Fund, The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund and The Rightime MidCap Fund, each a series of shares of
common stock of The Rightime Fund, Inc., including the portfolios of
investments, as of October 31, 1999 and the related statement of
operations for the year then ended, the statement of changes in net assets
for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended. These
financial statements and financial highlights are the responsibility of
the Funds' management. Our responsibility is to express an opinion on
these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included
confirmation of securities owned as of October 31, 1999 by correspondence
with the custodian and brokers. An audit also includes assessing the
accounting principles used and significant estimates made by management,
as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of The Rightime Fund, The Rightime Blue Chip Fund, The Rightime Social
Awareness Fund and The Rightime MidCap Fund as of October 31, 1999, the
results of their operations for the year then ended, the changes in their
net assets for each of the two years in the period then ended and the
financial highlights for each of the five years in the period then ended,
in conformity with generally accepted accounting principles.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
November 23, 1999
[RIGHTIME LOGO] October 31, 1999
RIGHTIME
FAMILY OF FUNDS The Rightime Fund
Performance Comparison
The fiscal year ending October 31, 1999 was another year of strong returns
for equity participants. Volatility was lower than in the previous two
years; however, 10% drops did occur in both the S&P 500 and the Dow Jones
Industrial Averages. Technology stocks and Internet stocks were the
darlings of the market. Their capital appreciation was made all the more
impressive because much of it occurred while interest rates and oil prices
were rising and the unemployment rate was trending even lower.
The Rightime Fund was well positioned to enjoy the surge that resulted
when investors realized that last autumn's trouble had been averted. After
the initial surge the Fund locked in substantial gains. However,
throughout much of the following months, trends were short-lived. In light
of this and the aforementioned adverse conditions, the Fund spent
considerable time with limited exposure to equities. At the end of the
fiscal year, the return was lower than hoped, but our emphasis on capital
preservation would seem to be of prime importance while valuations remain
at such historic highs.
Performance Comparison
The "Performance Comparison" chart assesses the Rightime Fund's
performance against the S&P MidCap 400 Index, a broad based index. The
"Risk Adjusted Performance Comparison" more closely reflects the fund's
performance as compared to a consistent risk level.
The Rightime Fund utilizes a modeled approach to investing which attempts
to minimize risk by moving assets to money market equivalent investments
during periods in which the market appears to be overvalued. This
approach, over full market cycles, tends to invest in equity securities
approximately half of the time. In order to provide an equivalent risk
level this comparison charts the Rightime Fund's performance against the
Lipper Balanced Fund Index, the primary objective of which is to conserve
principle by maintaining at all times a balanced portfolio of both stocks
and bonds. The Lipper Balanced Fund Index approaches the risk level of
each fund that has been in existence for at least one full market cycle
and therefore provides a more meaningful performance comparison.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return will
vary with market conditions, and the principal value of shares, when
redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
- ---------------------------------------------------------------------------
Average Annual Total Return
- ---------------------------------------------------------------------------
Since Inception
1 Year 5 Years 10 Years Sept. 17, 1985
- ------------ ------------ ------------ ---------------
10.61% 11.44% 10.01% 10.86%
- ---------------------------------------------------------------------------
Performance Comparison
Rightime Fund
S&P MidCap 400 Index
Money Market Fund Index
Comparison of change in value of $10,000 investment in the Rightime Fund,
S&P MidCap 400 Index and Money Market Fund Index.
Risk-adjusted Performance Comparison
Rightime Fund
Lipper Balanced Fund Index
Money Market Fund Index
Risk-adjusted comparison of change in value of $10,000 investment in the
Rightime Fund, Lipper Balanced Fund Index and Money Market Fund Index.
[RIGHTIME LOGO] October 31, 1999
RIGHTIME
FAMILY OF FUNDS The Rightime Blue Chip Fund
Performance Comparison
The fiscal year ending October 31, 1999 was another year of strong returns
for equity participants. Volatility was lower than in the previous two
years; however, 10% drops did occur in both the S&P 500 and the Dow Jones
Industrial Averages. Technology stocks and Internet stocks were the
darlings of the market. Their capital appreciation was made all the more
impressive because much of it occurred while interest rates and oil prices
were rising and the unemployment rate was trending even lower.
The Rightime Blue Chip Fund was well positioned to enjoy the surge that
resulted when investors realized that last autumn's trouble had been
averted. After the initial surge the Fund locked in substantial gains.
However, throughout much of the following months, trends were short-lived.
In light of this and the aforementioned adverse conditions, the Fund spent
considerable time with limited exposure to equities. At the end of the
fiscal year, the return was lower than hoped, but our emphasis on capital
preservation would seem to be of prime importance while valuations remain
at such historic highs.
Performance Comparison
The "Performance Comparison" chart assesses the Rightime Blue Chip Fund's
performance against the S&P 500 Index, an unmanaged index of common stock
prices. The "Risk Adjusted Performance Comparison" more closely reflects
the fund's performance as compared to a consistent risk level.
The Rightime Blue Chip Fund utilizes a modeled approach to investing which
attempts to minimize risk by moving assets to money market equivalent
investments during periods in which the market appears to be overvalued.
This approach, over full market cycles, tends to invest in equity
securities approximately half of the time. In order to provide an
equivalent risk level this comparison charts the Rightime Blue Chip Fund's
performance against the Lipper Balanced Fund Index, the primary objective
of which is to conserve principle by maintaining at all times a balanced
portfolio of both stocks and bonds. The Lipper Balanced Fund Index
approaches the risk level of each fund that has been in existence for at
least one full market cycle and therefore provides a more meaningful
performance comparison.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return will
vary with market conditions, and the principal value of shares, when
redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends and reflecting the 4.75% sales charge.
- ---------------------------------------------------------------------------
Average Annual Total Return
- ---------------------------------------------------------------------------
Since Inception
1 Year 5 Years 10 Years July 22, 1987
- ------------ ------------ ------------ ---------------
4.26% 13.29% 10.79% 10.09%
- ---------------------------------------------------------------------------
Performance Comparison
Rightime Blue Chip Fund
S&P 500 Index
Money Market Fund Index
Comparison of change in value of $10,000 investment in the Rightime Blue
Chip Fund, S&P 500 Index and Money Market Fund Index.
Risk-adjusted Performance Comparison
Rightime Blue Chip Fund
Lipper Balanced Fund Index
Money Market Fund Index
Risk-adjusted comparison of change in value of $10,000 investment in the
Rightime Blue Chip Fund, Lipper Balanced Fund Index and Money Market Fund
Index.
[RIGHTIME LOGO] October 31, 1999
RIGHTIME
FAMILY OF FUNDS The Rightime
Social Awareness Fund
Performance Comparison
The fiscal year ending October 31, 1999 was another year of strong returns
for equity participants. Volatility was lower than in the previous two
years; however, 10% drops did occur in both the S&P 500 and the Dow Jones
Industrial Averages. Technology stocks and Internet stocks were the
darlings of the market. Their capital appreciation was made all the more
impressive because much of it occurred while interest rates and oil prices
were rising and the unemployment rate was trending even lower.
The Rightime Social Awareness Fund was well positioned to enjoy the surge
that resulted when investors realized that last autumn's trouble had been
averted. After the initial surge the Fund locked in substantial gains.
However, throughout much of the following months, trends were short-lived.
In light of this and the aforementioned adverse conditions, the Fund spent
considerable time with limited exposure to equities. At the end of the
fiscal year, the return was lower than hoped, but our emphasis on capital
preservation would seem to be of prime importance while valuations remain
at such historic highs.
Performance Comparison
The "Performance Comparison" chart assesses the Rightime Social Awareness
Fund's performance against the S&P 500 Index, a broad based index. The
"Risk Adjusted Performance Comparison" more closely reflects the fund's
performance as compared to a consistent risk level.
The Social Awareness Fund utilizes a modeled approach to investing which
attempts to minimize risk by moving assets to money market equivalent
investments during periods in which the market appears to be overvalued.
This approach, over full market cycles, tends to invest in equity
securities approximately half of the time. In order to provide an
equivalent risk level this comparison charts the Social Awareness Fund's
performance against the Lipper Balanced Fund Index, the primary objective
of which is to conserve principle by maintaining at all times a balanced
portfolio of both stocks and bonds. The Lipper Balanced Fund Index
approaches the risk level of each fund that has been in existence for at
least one full market cycle and therefore provides a more meaningful
performance comparison.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return will
vary with market conditions, and the principal value of shares, when
redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends and reflecting the 4.75% sales charge.
- -------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------
Since Inception
1 Year 5 Years March 1, 1990
- ------------ ------------ ---------------
3.22% 14.15% 9.82%
- -------------------------------------------------------
Performance Comparison
Rightime Social Awareness Fund
S&P 500 Index
Money Market Fund Index
Comparison of change in value of $10,000 investment in the Rightime Social
Awareness Fund, S&P 500 Index and Money Market Fund Index.
Risk-adjusted Performance Comparison
Rightime Social Awareness Fund
Lipper Balanced Fund Index
Money Market Fund Index
Risk-adjusted comparison of change in value of $10,000 investment in the
Rightime Social Awareness Fund, Lipper Balanced Fund Index and Money Market
Fund Index.
[RIGHTIME LOGO] October 31, 1999
RIGHTIME
FAMILY OF FUNDS The Rightime MidCap Fund
Performance Comparison
The fiscal year ending October 31, 1999 was another year of strong returns
for equity participants. Volatility was lower than in the previous two
years; however, 10% drops did occur in both the S&P 500 and the Dow Jones
Industrial Averages. Technology stocks and Internet stocks were the
darlings of the market. Their capital appreciation was made all the more
impressive because much of it occurred while interest rates and oil prices
were rising and the unemployment rate was trending even lower.
The Rightime MidCap Fund was well positioned to enjoy the surge that
resulted when investors realized that last autumn's trouble had been
averted. After the initial surge the Fund locked in substantial gains.
However, throughout much of the following months, trends were short-lived.
In light of this and the aforementioned adverse conditions, the Fund spent
considerable time with limited exposure to equities. At the end of the
fiscal year, the return was lower than hoped, but our emphasis on capital
preservation would seem to be of prime importance while valuations remain
at such historic highs.
Performance Comparison
The "Performance Comparison" chart assesses the Rightime MidCap Fund's
performance against the S&P MidCap 400 Index, a broad based index. The
"Risk Adjusted Performance Comparison" more closely reflects the fund's
performance as compared to a consistent risk level.
The MidCap Fund utilizes a modeled approach to investing which attempts to
minimize risk by moving assets to money market equivalent investments
during periods in which the market appears to be overvalued. This
approach, over full market cycles, tends to invest in equity securities
approximately half of the time. In order to provide an equivalent risk
level this comparison charts the MidCap Fund's performance against the
Lipper Balanced Index, the primary objective of which is to conserve
principle by maintaining at all times a balanced portfolio of both stocks
and bonds. The Lipper Balanced Fund Index approaches the risk level of
each fund that has been in existence for at least one full market cycle
and therefore provides a more meaningful performance comparison.
The performance shown represents past performance and is not a guarantee
of future results. A mutual fund's share price and investment return will
vary with market conditions, and the principal value of shares, when
redeemed, may be more or less than the original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends and reflecting the 4.75% sales charge.
- -------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------
Since Inception
1 Year 5 Years Nov. 11, 1991
- ------------ ------------ ---------------
10.83% 13.92% 11.72%
- -------------------------------------------------------
Performance Comparison
Rightime MidCap Fund
S&P MidCap 400 Index
Money Market Fund Index
Comparison of change in value of $10,000 investment in the Rightime MidCap
Fund, S&P MidCap 400 Index and Money Market Fund Index.
Risk-adjusted Performance Comparison
Rightime MidCap Fund
Lipper Balanced Fund Index
Money Market Fund Index
Risk-adjusted comparison of change in value of $10,000 investment in the
Rightime MidCap Fund, Lipper Balanced Fund Index and Money Market Fund Index.
<TABLE>
<CAPTION>
[RIGHTIME LOGO]
RIGHTIME Officers and Directors
FAMILY OF FUNDS 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 Vice Chairman of the Board and Member of the
Belleair, FL 33456 Finance, Investment and Executive Committee,
Sacred Heart Hospital, Formerly, Executive
Director, National Catholic Education
Association, Pastor Emeritus, Church of Holy
Guardian Angels, Reading, PA.
Dr. Winifred L. Tillery Director Education Consultant, Former Superintendent of
Mt. Laurel, NJ 08054 Schools, Camden County, New Jersey.
Dr. Carol A. Wacker Director Former Assistant Superintendent for Senior
Encinitas, CA 92024 High Schools, the Philadelphia School
District.
- ----------------------------------
* "Interested" director as defined
in the Investment Company Act
of 1940 (the "1940 ACT").
</TABLE>
The Rightime Family of Funds
218 Glenside Ave.
Wyncote, PA 19095-1594
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
First Union National Bank
123 S. Broad Street
Philadelphia, PA 19109
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
Auditors
Tait, Weller & Baker
Eight Penn Center, Suite 800
Philadelphia, PA 19103
Printed on recycled paper
[RIGHTIME LOGO]
RIGHTIME
FAMILY OF FUNDS
218 Glenside Ave.
Wyncote, PA 19095-1594
BULK RATE
U.S. POSTAGE
PAID
LANCASTER, PA
PERMIT NO. 1793
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