|
|
|
|
|
|
|
|
|
|
Previous: RIGHTIME FUND INC, NSAR-A, 1999-06-30 |
Next: DREYFUS INSURED MUNICIPAL BOND FUND INC, 24F-2NT, 1999-06-30 |
[RIGHTIME LOGO]
Rightime
Family of Funds
The Rightime Fund
The Rightime Blue Chip Fund
The Rightime Social Awareness Fund
The Rightime MidCap Fund
Semiannual Report
April 30, 1999
[RIGHTIME LOGO]
Rightime
Family of Funds
Table of Contents
Portfolios
Rightime Fund 1
Rightime Blue Chip Fund 3
Rightime Social Awareness Fund 13
Rightime MidCap Fund 15
Financial Statements
Statement of Assets & Liabilities 22
Statement of Operations 23
Statement of Changes in Net Assets 24
Financial Highlights 25
Notes to Financial Statements
Notes & Schedules 27
Officers and Directors 30
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 1999
Rightime (Unaudited)
Family of Funds
The Rightime Fund
Portfolio of Investments
- -----------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------------ ------------
<S> <C> <C> <C>
EQUITY FUNDS: (62.77%)
58,794 Aim Premier Growth Advisor Fund $ 1,933,151
44,209 Aim Value Fund 1,937,224
72,701 Aim Weingarten Fund 1,922,210
106,345 Davis NY Venture Value Fund 2,950,018
75,797 Federated American Leaders Fund 2,024,543
31,284 Fidelity Advisors Equity
Growth Fund 1,954,638
124,688 Fidelity Advisors Small Cap Fund 1,998,753
88,417 Fidelity Fifty Fund 1,916,888
103,573 Fidelity Mid-Cap Stock Fund 1,989,643
42,230 Fremont US Micro Cap Fund 1,008,868
62,422 IDS New Dimension Fund 1,933,833
275,862 Invesco Blue Chip Fund 1,906,207
216,724 Invesco Dynamics Fund 3,933,549
87,434 Janus Enterprise Fund 3,958,159
37,821 Legg Mason Focus Fund 983,737
61,596 Legg Mason Special Investment Fund 2,481,093
38,590 Legg Mason Value Trust Fund 2,920,118
135,135 Lord Abbett Development
Growth Fund 2,227,027
99,406 MAS Mid Cap Growth Fund 2,467,262
93,414 MAS Mid Cap Value Fund 2,032,695
41,356 MAS Small Cap Growth Fund 1,004,549
115,875 MFS MIG "A" Fund 1,943,221
93,525 MFS New Discovery "A" Fund 1,282,230
22,816 Nicholas Fund 2,076,025
51,760 Oakmark Fund 1,998,447
106,746 Oakmark Select Fund 2,498,932
122,624 Putnam Investors "A" Fund 1,922,747
70,978 Robertson Stephens
Emerging Growth Fund 2,245,031
194,513 Safeco Growth Fund 4,069,221
116,303 T. Rowe Price Small Cap Stock Fund 2,138,808
103,942 T. Rowe Price Value Fund 2,111,059
63,856 Value Line Special Situations Fund 1,211,990
68,703 Vanguard Growth & Income Fund 2,295,369
57,716 Vanguard US Growth Fund 2,228,432
--------------
Total Equity Funds
(cost $74,739,578) 73,505,677
--------------
MONEY MARKET FUNDS: (19.52%)
3,661,382 American Century Premier Fund $ 3,661,383
154,060 Delaware Group Cash Reserve Fund 154,060
5,414,682 Fidelity US Government Fund 5,414,682
1,094,978 IDS Cash Management Prime Fund 1,094,978
2,093,317 Kemper Government
Money Market Fund 2,093,317
644,730 MAS Cash Reserve Fund 644,730
1,267,863 MFS Money Market Fund 1,267,863
47,773 New England Money Market Fund 47,773
18,353 Oppenheimer Money Market Fund 18,353
3,565,561 Pioneer Cash Reserve Fund 3,565,561
4,792,431 Putnam Money Market Fund 4,792,431
106,581 Seligman Cash Management Fund 106,581
--------------
Total Money Market Funds
(cost $22,861,712) 22,861,712
--------------
Principal Value
Amount (Note 1)
- ------------ --------------
SHORT-TERM INVESTMENTS (11.40%)
Repurchase Agreement (7.73%)(b)
$9,049,000 C.S. First Boston
4.80%; 05/3/99 (cost $9,049,000;
maturity value $9,052,620) $ 9,049,000
--------------
United States Treasury Bills (3.67%)(c)
4,300,000 4.39%; 05/06/99 4,297,387
--------------
Total Short-term Investments
(cost $13,346,387) 13,346,387
--------------
Total Investments (cost $110,947,677)
(93.69%)(a) 109,713,776
Other Assets Less Liabilities (6.31%) 7,391,385
--------------
Net Assets (100.00%) $ 117,105,161
==============
(a) Aggregate cost for federal income tax purposes is $110,947,677. At
April 30, 1999 unrealized appreciation (depreciation) of securities
for federal income tax purposes is as follows:
Gross unrealized appreciation $ 58,496
Gross unrealized depreciation (1,292,396)
--------------
Net unrealized depreciation $ (1,233,901)
==============
(b) The Repurchase Agreement is collateralized by obligations of the United States
government and its agencies with a market value of $9,231,003 which exceeds the
value of the repurchase agreement. It is the Fund's policy to always receive, as
collateral, securities whose value, including accrued interest, will be at least
equal to 102% of the dollar amount to be paid to the Fund under each agreement
at its maturity. The value of the securities are monitored daily. If the value
falls below 101% of the amount to be paid at maturity, additional collateral is
obtained. The Fund makes payment for such securities only upon physical delivery
or evidence of book entry transferred to the account of its custodian.
(c) At April 30, 1999, the market value of $4,297,387 of the U.S. Treasury Bills were
pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1999:
(Contracts/delivery month/commitment)
Unrealized
Depreciation
--------------
S&P 500 Stock Index
($250 times premium)
55/June/Buy $ ($376,125)
S&P 400 MidCap Stock Index
($500 times premium)
30/June/Buy (21,625)
--------------
$ (397,750)
==============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 1999
Rightime (Unaudited)
Family of Funds
The Rightime Blue Chip Fund
Portfolio of Investments
Value
Shares (Note 1)
- ------------ ------------
<S> <C> <C> <C>
COMMON STOCK (93.98%)
INDUSTRIALS (70.15%)
Aerospace/Defense (1.14%)
28,663 Boeing Co. $ 1,164,434
63 Conexant Systems Inc.* 2,567
3,785 General Dynamics Corp. 265,896
9,612 Lockheed Martin Corp. 413,917
1,705 Northrop Grumman Corp. 109,013
8,490 Raytheon Co. Class B 596,423
126 Rockwell International Corp. 6,505
5,776 United Technologies Corp. 836,798
--------------
3,395,553
--------------
Aluminum (0.36%)
7,416 Alcan Aluminum Ltd. 235,458
11,588 Alcoa Inc. 721,353
1,800 Reynolds Metals Co. 112,275
--------------
1,069,086
--------------
Auto Parts After Market (0.16%)
1,970 Cooper Tire & Rubber Co. 43,217
5,196 Genuine Parts Co. 155,880
5,133 Goodyear Tire & Rubber Co. 293,543
--------------
492,640
--------------
Automobiles (1.54%)
11,541 Daimler Chrysler 1,133,182
29,973 Ford Motor Co. 1,916,399
17,630 General Motors Corp. 1,567,968
--------------
4,617,549
--------------
Beverages (Alcoholic) (0.62%)
1,562 Adolph Coors Co. Class B 83,567
15,700 Anheuser-Busch Co., Inc. 1,148,063
1,690 Brown-Forman Corp. Class B 124,532
8,849 Seagram Co. Ltd. 507,711
--------------
1,863,873
--------------
Beverages (Soft Drinks) (1.87%)
61,700 Coca-Cola Co. 4,195,600
37,789 PepsiCo, Inc. 1,395,831
--------------
5,591,431
--------------
Broadcast Media (0.34%)
4,672 Clear Channel Communications* 324,704
10,428 Comcast Corp. Class A Special 684,989
--------------
1,009,693
--------------
Building Materials (0.14%)
8,182 Masco Corp. 240,346
1,314 Owens Corning 46,811
4,283 Sherwin-Williams Co. 133,309
--------------
420,466
--------------
Chemicals (1.50%)
7,362 Air Products & Chemicals, Inc. 346,014
5,613 Dow Chemical Co. 736,356
28,193 E.I. du Pont de Nemours & Co. 1,991,131
1,891 Goodrich (B.F.) Co. 75,167
2,435 Hercules, Inc. 92,074
14,746 Monsanto Co. 667,257
3,893 Praxair, Inc. 201,463
4,689 Rohm & Haas Co. 210,126
3,077 Union Carbide Corp. 159,619
--------------
4,479,207
--------------
Chemicals (Diversified) (0.23%)
2,514 Avery Dennison Corp. 171,581
3,954 Engelhard Corp. 75,867
1,561 FMC Corp.* 101,465
1,781 Mallinckrodt, Inc. 62,446
4,439 PPG Industries, Inc. 288,258
--------------
699,617
--------------
Chemicals (Specialty) (0.14%)
2,482 Grace (W.R.) & Co. 39,557
2,283 Great Lakes Chemical Corp. 109,156
3,373 Morton Int'l, Inc. 136,185
1,643 Nalco Chemical Co. 60,072
570 Octel Corp.* 7,980
1,204 Sealed Air Corp.* 73,218
--------------
426,168
--------------
Commercial Services (0.19%)
5,203 Ecolab, Inc. 218,201
1,113 National Service Industries, Inc. 43,338
4,021 Omnicom Group Inc. 291,523
1,141 Safety-Kleen Corp. 18,113
--------------
571,175
--------------
Communication (Equipment/
Manufacturers) (2.21%)
2,903 Alcatel Alsthom ADR 70,579
2,262 Andrew Corp.* 31,527
4,302 Cabletron Systems, Inc.* 40,600
40,167 Cisco Systems, Inc.* 4,581,549
19,119 Northern Telecom Ltd. 1,303,663
1,951 Scientific-Atlanta, Inc. 61,944
4,566 Tellabs, Inc.* 500,262
--------------
6,590,124
--------------
Computer Hardware (0.96%)
65,892 Dell Computer* 2,713,927
6,076 Seagate Technology* 169,369
--------------
2,883,296
--------------
Computer Software & Services (6.33%)
5,616 ALLTEL Corp. 378,729
1,797 Adobe Systems, Inc. 113,885
15,000 America Online, Inc.* 2,141,250
1,789 Autodesk, Inc. 53,223
19,286 Automatic Data Processing, Inc. 858,227
15,659 Computer Associates
International, Inc. 668,444
4,043 Computer Sciences Corp.* 240,811
15,418 EMC Corp.* 1,679,598
12,146 First Data Corp. 515,446
120,232 Microsoft Corp.* 9,776,365
8,683 Novell, Inc.* 193,197
36,643 Oracle Corp.* 991,651
6,465 Parametric Technology Corp.* 84,449
586 Shared Medical Systems Corp. 31,827
4,669 Silicon Graphics, Inc.* 59,530
18,726 Sun Microsystems, Inc.* 1,120,049
--------------
18,906,681
--------------
Computer Systems (2.52%)
9,699 3 Com Corp.* 253,386
4,051 Apple Computer, Inc.* 186,346
68,704 COMPAQ Computer Corp. 1,532,958
3,836 Ceridian Corp.* 140,494
1,618 Data General Corp.* 18,910
24,260 International Business
Machines Corp. 5,074,889
5,257 Micron Technology Inc.* 195,166
4,134 Unisys Corp.* 129,963
--------------
7,532,112
--------------
Conglomerates (0.41%)
4,305 Allegheny Teledyne, Inc. 96,324
8,702 ITT Hartford Group, Inc. 512,874
2,993 ITT Industries, Inc. 107,748
4,275 Tenneco, Inc. 115,425
4,108 Textron, Inc. 378,450
--------------
1,210,821
--------------
Containers (Metal & Glass) (0.07%)
788 Ball Corp. 43,291
5,499 Crown Cork & Seal Co., Inc. 178,718
--------------
222,009
--------------
Containers (Paper) (0.07%)
1,357 Bemis Co., Inc. 47,495
2,427 Smurfit-Stone Container Corp.* 56,731
1,389 Temple-Inland Inc. 95,841
--------------
200,067
--------------
Cosmetics (0.76%)
1,422 Alberto-Culver Co. Class B 35,372
8,074 Avon Products, Inc. 438,519
32,482 Gillette Co. 1,695,154
2,754 International Flavors &
Fragrances, Inc. 108,783
--------------
2,277,828
--------------
Electrical Equipment (4.01%)
30,158 CBS Corp.* 1,374,074
15 Commscope Inc* 366
11,023 Emerson Electric Co. 710,984
85,311 General Electric Co. 9,000,310
8,357 General Instrument Corp.* 305,031
73 General Semiconductor, Inc.* 547
3,148 Honeywell, Inc. 298,273
2,110 Raychem Corp. 55,783
1,380 Thomas & Betts Corp. 57,960
3,534 W.W. Grainger, Inc. 177,363
--------------
11,980,691
--------------
Electronics (Instrumentation) (0.73%)
25,895 Hewlett-Packard Co. 2,042,468
1,122 Perkin-Elmer Corp. 121,316
1,248 Tektronix, Inc. 30,252
--------------
2,194,036
--------------
Electronics (Semiconductors) (2.81%)
3,810 Advanced Micro Devices, Inc.* 62,627
16,448 Applied Materials, Inc.* 882,024
81,606 Intel Corp. 4,993,267
2,152 KLA Instruments Corp.* 106,793
3,508 LSI Logic Corp.* 119,272
14,916 Motorola, Inc. 1,195,145
4,068 National Semiconductor Corp.* 50,850
9,756 Texas Instruments, Inc. 996,331
--------------
8,406,309
--------------
Engineering & Construction (0.03%)
2,117 Fluor Corp. 70,655
1,058 Foster Wheeler Corp. 14,283
--------------
84,938
--------------
Entertainment (0.56%)
1,895 King World Productions, Inc.* 66,799
50,568 Walt Disney Co. 1,605,534
--------------
1,672,333
--------------
Food Wholesalers (0.11%)
3,062 SuperValu Inc. 63,919
8,463 Sysco Corp. 251,245
--------------
315,164
--------------
Foods (1.58%)
298 Agribrands International * 10,430
19,884 Archer-Daniels-Midland Co. 298,260
9,278 Bestfoods Intl. 465,640
13,749 Campbell Soup Co. 563,709
22,550 ConAgra, Inc. 560,931
66 Corn Products Intl. 1,906
3,834 Darden Restaurants Inc. 85,546
5,259 General Mills, Inc. 384,564
11,253 H.J. Heinz Co. 525,374
3,521 Hershey Foods Corp. 185,293
10,239 Kellogg Co. 378,843
3,436 Quaker Oats Co. 221,837
8,013 Ralston-Purina Group 244,397
24,032 Sara Lee Corp. 534,712
1,509 Vlasic Foods Intl.* 12,355
2,910 Wrigley, (Wm.) Jr. 258,081
--------------
4,731,878
--------------
Gold Mining (0.17%)
9,652 Barrick Gold Corp. 194,246
6,570 Battle Mountain Gold Co.* 18,478
4,796 Freeport-McMoRan Copper &
Gold Inc. Class B 73,439
3,694 Homestake Mining Co. 35,324
3,886 Newmont Mining Corp. 93,507
5,990 Placer Dome Group, Inc. 84,609
--------------
499,603
--------------
Hardware & Tools (0.08%)
2,375 Black & Decker Corp.* 134,781
1,508 Snap-On Inc. 49,104
2,217 Stanley Works 67,480
--------------
251,365
--------------
Health Care (Diversified) (4.34%)
48,288 Abbott Laboratories, Inc. 2,338,950
32,502 American Home Products Corp. 1,982,622
51,718 Bristol-Myers Squibb Co. 3,287,325
33,514 Johnson & Johnson 3,267,615
3,904 Mckesson HBO Inc. 136,640
4,696 United Healthcare Corp. 263,563
20,412 Warner-Lambert Co. 1,386,740
7,459 Watson Pharmaceuticals, Inc.* 302,089
--------------
12,965,544
--------------
Health Care (Drugs) (4.19%)
28,943 Eli Lilly & Co. 2,130,928
59,788 Merck & Co., Inc. 4,200,107
32,255 Pfizer, Inc. 3,711,341
12,614 Pharmacia & Upjohn, Inc. 706,384
36,524 Schering-Plough Corp. 1,764,566
--------------
12,513,326
--------------
Health Care (Miscellaneous) (0.28%)
2,375 ALZA Corp.* 79,711
11 Bergen Brunswig Corp. Class A 204
2,100 Beverly Enterprises * 13,650
4,164 Cardinal Health, Inc. 249,059
100 Crescendo Pharm. * 1,475
1,540 HCR Manor Care 42,735
9,788 HEALTHSOUTH Corp.* 131,526
10,268 IMS Health, Inc. 308,040
--------------
826,400
--------------
Heavy Duty Trucks & Parts (0.24%)
910 Cummins Engine Co., Inc. 48,685
4,112 Dana Corp. 193,778
2,850 Eaton Corp. 261,309
1,877 Navistar International Corp.* 98,191
1,948 Paccar, Inc. 109,088
--------------
711,051
--------------
Homebuilding (0.04%)
1,589 Centex Corp. 58,098
980 Kaufman & Broad Home Corp. 23,826
1,048 Pulte Corp. 23,711
--------------
105,635
--------------
Hospital Management Companies (0.24%)
19,756 Columbia/HCA Healthcare Corp. 487,726
4,092 Humana, Inc.* 55,754
7,645 Tenet Healthcare Corp.* 180,613
--------------
724,093
--------------
Hotel/Motel (0.28%)
2,883 Harrah's Entertainment, Inc. * 63,426
7,032 Hilton Hotels Corp. 109,875
6,411 Marriott Intl. Class A 268,461
4,470 Mirage Resorts, Inc.* 100,296
7,032 Park Place Entertainment * 76,033
895 Sodexho Marriott Services 20,305
5,091 Starwood Hotels & Resorts 186,776
--------------
825,172
--------------
Household Furnishings & Appliances (0.11%)
980 Armstrong World Industries Inc. 53,655
2,376 Maytag Corp. 162,459
1,904 Whirlpool Corp. 126,378
--------------
342,492
--------------
Household Products (1.81%)
3,065 Clorox Co. 353,624
8,300 Colgate-Palmolive Co. 850,231
33,556 Procter & Gamble Co. 3,147,972
16,131 Unilever NV ADR 1,047,507
--------------
5,399,334
--------------
Housewares (0.12%)
6,948 Newell Rubbermaid 329,596
1,538 Tupperware Corp. 36,431
--------------
366,027
--------------
Machinery (Diversified) (0.50%)
638 Briggs & Stratton Corp. 42,068
9,243 Caterpillar, Inc. 595,018
4,569 Cooper Industries, Inc. 221,025
7,848 Deere & Co. 337,464
1,285 Harnischfeger Industries Inc. 12,529
4,093 Ingersoll-Rand Co. 283,184
--------------
1,491,288
--------------
Manufacturing (Diversified Industries) (1.16%)
2,413 Case Corp. 83,550
1,695 Crane Co. 49,049
9,183 Dover Corp. 339,197
880 Fleetwood Enterprises, Inc. 21,725
6,175 Illinois Tool Works, Inc. 475,475
2,104 Johnson Controls, Inc. 153,461
1,131 Millipore Corp. 34,708
208 NACCO Industries, Inc. Class A 16,809
3,233 Pall Corp. 59,608
2,750 Parker Hannifin Corp. 129,078
1,558 Timkin Co. 34,763
25,584 Tyco Intl Ltd. 2,078,700
--------------
3,476,123
--------------
Medical Products & Supplies (0.72%)
2,471 Bausch & Lomb, Inc. 185,325
8,269 Baxter International, Inc. 520,947
6,910 Becton, Dickinson & Co. 256,966
4,501 Biomet, Inc.* 184,541
10,960 Boston Scientific Corp.* 466,485
1,381 C.R. Bard, Inc. 67,669
7,308 Guidant Corp. 392,348
2,513 Sigma Aldrich Corp. 81,672
351 St. Jude Medical, Inc.* 9,784
--------------
2,165,737
--------------
Metals Miscellaneous (0.08%)
2,165 ASARCO, Inc. 39,782
2,365 Cyprus Amax Minerals Co. 36,362
4,203 Inco Ltd. 80,645
1,488 Phelps Dodge Corp. 94,116
--------------
250,905
--------------
Miscellaneous (2.96%)
110 Allergan Specialty Therapy * 1,100
2,018 Allergan, Inc. 181,368
16,314 AlliedSignal Inc. 958,448
2,868 American Greetings Corp. Class A 75,106
16,832 Amgen, Inc.* 1,034,116
4 Berkshire Hathaway* 305,600
2,751 Brunswick Corp. 66,024
23,488 Cendant Corporation * 422,784
6,889 Corning, Inc. 394,395
6,956 Costco Companies * 563,001
2,411 Deluxe Corp. 83,481
1,111 EG & G, Inc. 34,719
2,578 Eastman Chemical 143,562
9,911 Eastman Kodak Co. 739,608
2,561 H & R Block, Inc. 123,248
2,608 Harcourt General, Inc. 124,369
2,014 Harris Corp. 69,609
1,435 Hussmann Intl. 22,781
3,292 Ikon Office Solutions, Inc. 39,710
3,186 Interpublic Group of Cos., Inc. 247,114
872 John H. Harland Co. 14,442
924 Jostens Inc. 19,808
2,153 Kerr-McGee Corp. 91,233
2,915 Loews Corp. 213,341
478 Midas, Inc. 16,730
1,060 Milacron, Inc. 24,380
10,205 Minnesota Mining &
Manufacturing Co. 908,245
3,485 Owens-Illinois, Inc.* 101,065
4,771 Pioneer Hi Bred International 178,316
1,147 Polaroid Corp. 23,657
3,664 R.R. Donnelley & Sons Co. 129,614
464 SPX Corp. 30,305
6,326 Service Corp. International 131,265
539 Springs Industries Inc. Class A 20,145
3,052 TRW, Inc. 127,993
3,753 Thermo Electron Corp.* 60,283
17,650 Viacom Inc. Class B* 721,444
2,871 Whitman Corp. 47,013
7,683 Williams Cos., Inc. 363,022
--------------
8,852,444
--------------
Office Equipment & Supplies (0.64%)
2,202 Moore Corp. Ltd. 22,020
13,278 Pitney Bowes, Inc. 928,630
16,252 Xerox Corp. 954,805
--------------
1,905,455
--------------
Oil & Gas Drilling (0.03%)
2,024 Helmerich & Payne, Inc. 52,118
2,159 Rowan Cos., Inc.* 34,544
--------------
86,662
--------------
Oil (Domestic Integrated) (0.72%)
2,463 Amerada Hess Corp. 140,391
2,010 Ashland Inc. 84,922
10,241 Atlantic Richfield Co. 859,604
8,413 Occidental Petroleum Corp. 169,837
1,199 PennzEnergy Company 15,512
1,199 Pennzoil-Quaker State Co. 15,512
6,533 Phillips Petroleum Co. 330,733
1,760 Sunoco 62,920
7,238 USX-Marathon Group 226,188
6,162 Unocal Corp. 256,108
--------------
2,161,727
--------------
Oil (Exploration & Production) (0.14%)
3,046 Anadarko Petroleum Corp. 115,558
2,218 Apache Corp. 68,065
4,708 Burlington Resources, Inc. 216,862
--------------
400,485
--------------
Oil (International Integrated) (5.18%)
20,307 BP Amoco Plc. ADR 2,298,499
20,199 Chevron Corp. 2,014,850
61,469 Exxon Corp. 5,105,769
19,548 Mobil Corp. 2,047,653
53,522 Royal Dutch Petroleum Co. ADR 3,141,072
13,628 Texaco Inc. 855,157
--------------
15,463,000
--------------
Oil Well Equipment & Services (0.59%)
7,919 Baker Hughes, Inc. 236,580
16,618 Halliburton Co. 708,342
1,432 McDermott International, Inc. 41,528
12,290 Schlumberger Ltd. 785,024
--------------
1,771,474
--------------
Paper & Forest Products (0.95%)
2,060 Boise Cascade Corp. 82,915
3,769 Champion International Corp. 206,117
5,176 Fort James Corp. 196,688
3,506 Georgia-Pacific Corp. 324,305
7,555 International Paper Co. 402,776
13,834 Kimberly-Clark Corp. 848,197
2,775 Louisiana-Pacific Corp. 57,755
2,630 Mead Corp. 109,967
764 Potlatch Corp. 31,658
1,200 Timber Co. 30,900
1,759 Union Camp Corp. 139,621
2,569 Westvaco Corp. 76,749
4,983 Weyerhaeuser Co. 334,484
--------------
2,842,132
--------------
Pollution Control (0.25%)
5,868 Browning-Ferris Industries, Inc. 233,987
8,158 Laidlaw, Inc. 51,497
8,241 Waste Management, Inc. 465,616
--------------
751,100
--------------
Publishing (0.83%)
4,210 Dun & Bradstreet Corp. 154,718
4,946 McGraw-Hill Cos. 273,266
1,296 Meredith Corp. 47,547
1,712 Nielsen Media Research 46,866
842 R.H. Donnelley Corp. 13,893
27,902 Time Warner, Inc. 1,953,140
--------------
2,489,430
--------------
Publishing (Newspapers) (0.60%)
2,392 Dow Jones & Co., Inc. 130,364
14,071 Gannett Co., Inc. 996,403
2,091 Knight-Ridder, Inc. 112,522
4,774 New York Times Co. Class A 164,703
2,236 Times Mirror Co. Class A 130,806
3,027 Tribune Co. 252,565
--------------
1,787,363
--------------
Restaurants (0.60%)
34,318 McDonald's Corp. 1,454,225
3,819 Tricon Global Restaurants * 245,848
3,276 Wendy's International, Inc. 88,657
--------------
1,788,730
--------------
Retail Stores (Department Stores) (0.38%)
2,780 Dillard's, Inc. 76,971
6,485 Federated Department Stores* 302,768
6,254 J.C. Penney Co., Inc. 285,339
8,692 May Department Stores Co. 346,050
3,762 Nordstrom, Inc. 132,375
--------------
1,143,503
--------------
Retail Stores (Drugs Stores) (0.28%)
926 Longs Drug Stores, Inc. 31,831
6,102 Rite Aid Corp. 142,253
24,492 Walgreen Co. 658,223
--------------
832,307
--------------
Retail Stores (Food Chains) (0.38%)
6,987 Albertson's, Inc. 359,830
8,332 American Stores Co. 262,979
1,272 Great Atlantic & Pacific Tea Co., Inc. 39,114
6,309 Kroger Co.* 342,658
3,729 Winn Dixie Stores, Inc. 133,545
--------------
1,138,126
--------------
Retail Stores (General Merchandise) (2.26%)
2,682 Consolidated Stores, Inc.* 92,194
12,560 Dayton-Hudson Corp. 845,445
12,159 Kmart Corp. * 180,865
9,727 Sears, Roebuck & Co. 447,442
112,458 Wal-Mart Stores, Inc. 5,173,068
--------------
6,739,014
--------------
Retail Stores (Specialty - Apparel) (0.68%)
5,848 Abercrombie & Fitch Co.-Class A* 556,291
4,261 Charming Shoppes, Inc.* 16,511
17,794 Gap, Inc. 1,184,413
8,222 TJX Cos., Inc. 273,895
--------------
2,031,110
--------------
Retail Stores (Specialty) (1.39%)
3,751 AutoZone, Inc.* 112,530
10,166 CVS Corporation 484,156
2,906 Circuit City Stores, Inc. 178,719
42,168 Home Depot, Inc. 2,527,445
8,736 Lowes Cos., Inc. 460,824
43 Pep Boys (Manny, Moe & Jack) 615
2,573 Tandy Corp. 186,382
7,167 Toys R Us, Inc.* 155,882
3,352 Venator Group, Inc.* 32,473
--------------
4,139,026
--------------
Shoes (0.16%)
7,261 Nike, Inc. Class B 451,543
1,408 Reebok International Ltd.* 26,488
--------------
478,031
--------------
Steel (0.11%)
2,726 Armco, Inc.* 13,971
5,444 Bethlehem Steel Corp.* 49,676
2,188 Nucor Corp. 128,408
1,262 Ryerson Tull Inc. 28,632
2,190 USX-U.S. Steel Group 66,248
2,399 Worthington Industries, Inc. 33,136
--------------
320,071
--------------
Telecommunications (Long Distance) (4.24%)
75,370 AT&T Corp. 3,806,185
63,878 Lucent Technologies, Inc. 3,840,665
11,434 Sprint Corp. 1,172,700
5,717 Sprint Corp. (PCS Group) 242,258
43,916 MCI WorldCom, Inc.* 3,609,346
--------------
12,671,154
--------------
Textile (Apparel Manufacturers) (0.09%)
1,855 Fruit of the Loom, Inc.* 19,825
1,688 Liz Claiborne, Inc. 55,809
878 Russell Corp. 19,426
3,093 VF Corp. 159,290
--------------
254,350
--------------
Tobacco (0.82%)
5,305 Fortune Brands 209,547
60,439 Philip Morris Cos., Inc. 2,119,142
4,567 UST Inc. 127,305
--------------
2,455,994
--------------
Toys (0.12%)
4,629 Hasbro, Inc. 157,965
7,277 Mattel, Inc. 188,292
--------------
346,257
--------------
Total Industrial 209,607,785
--------------
TRANSPORTATION (1.40%)
Airlines (0.39%)
6,674 AMR Corp.* 465,929
5,076 Delta Air Lines, Inc. 322,009
8,122 Southwest Airlines Co. 264,473
2,230 USAir Group, Inc.* 121,396
--------------
1,173,807
--------------
Railroads (0.79%)
14,049 Burlington Northern Santa Fe Corp. 514,545
5,452 CSX Corp. 268,511
8,591 Kansas City Southern Industries, Inc. 511,701
18,537 Norfolk Southern Corp. 605,928
6,180 Union Pacific Corp. 370,800
6,355 Union Pacific Resources Group, Inc. 88,970
--------------
2,360,455
--------------
Transportation (Miscellaneous) (0.22%)
5,275 FDX Corp. 593,767
1,864 Ryder System, Inc. 49,163
--------------
642,930
--------------
Total Transportation 4,177,192
--------------
UTILITIES (7.59%)
Electric Companies (1.99%)
3,419 Ameren Corp. 132,273
4,697 American Electric Power Co., Inc. 194,632
5,702 Baltimore Gas & Electric Co. 160,369
4,624 CINergy Corp. 137,853
3,793 Carolina Power & Light Co. 152,905
7,061 Central & South West Corp. 175,201
6,476 Consolidated Edison, Inc. 294,253
5,205 DTE Energy Co. 212,429
8,626 Dominion Resources, Inc. 354,744
9,616 Duke Power Co. 538,496
9,488 Edison International 232,456
6,632 Entergy Corp. 207,250
5,419 FPL Group, Inc. 305,496
8,162 FirstEnergy Corp. 242,309
4,597 GPU Inc. 175,261
3,646 Niagara Mohawk Power Corp. 48,765
3,626 Northern States Power Co. 87,477
5,527 PECO Energy Corp. 262,187
10,952 PG & E Corporation 340,197
4,186 PP&L Resources Inc. 116,946
7,384 PacifiCorp 123,220
5,825 Public Service Enterprise Group Inc. 233,000
10,884 Reliant Energy Inc. 308,153
17,250 Southern Co. 466,828
5,708 Texas Utilities Co. 226,893
5,440 Unicom Corp. 211,140
--------------
5,940,733
--------------
Natural Gas (0.47%)
5,362 Coastal Corp. 205,097
2,116 Columbia Gas Systems, Inc. 101,700
2,350 Consolidated Natural Gas Co. 139,825
1,038 EEX Corp.* 6,747
527 Eastern Enterprises 18,939
9,017 Enron Corp. 678,529
1,215 NICOR, Inc. 44,196
807 Oneok, Inc. 22,546
845 Peoples Energy Corp. 31,582
3,192 Sempra Energy 66,234
2,038 Sonat, Inc. 72,858
--------------
1,388,253
--------------
Telephone (4.92%)
14,309 AirTouch Communications* 1,336,103
30,639 Ameritech Corp. 2,096,857
46,634 Bell Atlantic Corp. 2,687,284
54,772 BellSouth Corp. 2,451,047
25,371 GTE Corp. 1,698,271
15,148 Mediaone Group, Inc.* 1,235,509
45,630 SBC Communications Inc. 2,555,280
12,489 U S WEST, Inc. 653,331
--------------
14,713,682
--------------
Telephone Companies (Local) (0.21%)
9,900 Century Telephone Enterprises, Inc. * 398,475
4,115 Frontier Corp. 227,097
--------------
625,572
--------------
Total Utilities 22,668,240
--------------
FINANCIAL (14.84%)
Banks (0.64%)
20,216 Bank of New York, Inc. 808,640
3,888 Comerica, Inc. 252,963
7,286 Fifth Third Bancorp 522,315
4,025 State Street Boston 352,188
--------------
1,936,106
--------------
Financial Miscellaneous (4.24%)
14,614 American Express Co. 1,909,867
7,592 American General Corp. 561,808
15,522 Associates First Capital 687,819
9,922 Charles Schwab Corp. 1,088,939
4,014 Cincinnati Financial Corp. 162,065
2,679 Countrywide Credit Industries, Inc. 121,392
21,355 Federal Home Loan Mortgage Corp. 1,340,026
31,395 Federal National Mortgage Assn. 2,227,083
14,257 Household International, Inc. 717,305
2,800 Lehman Brothers Holdings, Inc. 155,575
2,211 MBIA, Inc. 148,690
18,709 MBNA Corp. 527,360
6,357 Marsh & McLennan Cos., Inc. 486,708
8,268 Merrill Lynch & Co., Inc. 693,995
14,795 Morgan Stanley Dean Witter & Co. 1,467,479
6,574 Synovus Financial Corp. 145,450
3,218 Transamerica Corp. 229,283
--------------
12,670,844
--------------
Insurance (0.26%)
5,630 Aon Corp. 385,655
3,756 Equifax, Inc. 134,981
1,787 Progressive Corp. of Ohio 256,434
--------------
777,070
--------------
Life Insurance (0.43%)
34 Aegon Nv 3,234
7,826 Conseco Co., Inc. 247,008
2,665 Jefferson-Pilot Corp. 179,554
2,509 Lincoln National Corp. 241,020
3,579 Providian Financial Corp. 461,915
3,502 Torchmark Corp. 119,725
199 Waddell & Reed Financial Class A 4,490
857 Waddell & Reed Financial Class B 19,122
--------------
1,276,068
--------------
Major Regional Banks (4.11%)
6,758 BB&T Corp. 269,898
29,870 Banc One Corp. 1,762,330
46,566 Bankamerica Corp. 3,352,752
29,386 First Union Corp. 1,627,250
14,678 Fleet Financial Group, Inc. 632,071
5,208 Huntington Bancshares Inc. 184,559
10,895 KeyCorp 337,064
4,966 National City Corp. 356,310
7,606 PNC Bank Corp. 440,197
5,262 SunTrust Banks, Inc. 376,233
18,291 U.S Bancorp Del Com 677,910
5,086 Wachovia Corp. 446,932
42,042 Wells Fargo Company 1,815,689
--------------
12,279,195
--------------
Money Center Banks (0.91%)
2,407 Bankers Trust New York Corp. 216,780
20,978 Chase Manhattan Corp. 1,735,930
4,470 J.P. Morgan & Co., Inc. 602,332
2,760 Republic New York Corp. 162,150
--------------
2,717,192
--------------
Multi-Line Insurance (3.45%)
4,002 Aetna, Inc. 350,925
25,276 Allstate Corp. 919,415
33,893 American International Group, Inc. 3,980,309
5,583 CIGNA Corp. 486,768
58,399 Citigroup, Inc. 4,394,525
3,451 UNUM Corp. 188,511
--------------
10,320,453
--------------
Other Major Banks (0.29%)
7,790 BankBoston Corp. 381,710
6,335 Mellon Bank Corp. 470,770
--------------
852,480
--------------
Property-Casualty Insurance (0.26%)
5,621 Chubb Corp. 333,044
2,809 MGIC Investment Corp. 136,412
3,535 SAFECO Corp. 140,516
5,764 St. Paul Cos., Inc. 165,355
--------------
775,327
--------------
Savings & Loans Companies (0.25%)
1,455 Golden West Financial Corp. 145,682
14,477 Washington Mutual Inc. 595,367
--------------
741,049
--------------
Total Financial 44,345,784
--------------
Total Common Stock
(cost $153,694,432) 280,799,001
--------------
Principal Value
Amount (Note 1)
- ------------ --------------
SHORT-TERM INVESTMENTS, (6.45%)
Repurchase Agreement, (1.53%)(b)
$ 4,583,000 First Boston 4.80%; 5/3/99
(cost $4,583,000; maturity
value $4,584,833) $ 4,583,000
United States Treasury Bills (4.92%)(c)
14,691,065 4.39%; 5/6/99 14,691,065
--------------
Total Short-term Investments
(cost $19,274,065) 19,274,065
--------------
Total Investments (cost $172,968,497)
(100.43%)(a) 300,073,066
--------------
Other Assets Less Liabilities (-0.43%) (1,272,017)
Net Assets (100.00%) $ 298,801,049
==============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $172,968,497. At
April 30, 1999 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $ 131,057,610
Gross unrealized depreciation (3,953,041)
--------------
Net unrealized appreciation $ 127,104,569
==============
(b) The Repurchase Agreement is collateralized by obligations of the United States
government and its agencies with a market value of $4,675,178 which exceeds
the value of the repurchase agreement. It is the Fund's policy to always
receive, as collateral, securities whose value, including accrued interest,
will be at least equal to 102% of the dollar amount to be paid to the Fund
under each agreement at its maturity. The value of the securities are
monitored daily. If the value falls below 101% of the amount to be paid at
maturity, additional collateral is obtained. The Fund makes payment for such
securities only upon physical delivery or evidence of book entry transferred
to the account of its custodian.
(c) At April 30, 1999, the market value of $14,691,065 of the U.S. Treasury Bills
were pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1999:
(Contracts-$250 times premium/delivery
month/commitment)
Unrealized
Depreciation
--------------
S&P 500 Stock Index:
50/June/Buy $ (363,229)
==============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 1999
Rightime (Unaudited)
Family of Funds
The Rightime
Social Awareness Fund
Portfolio of Investments
- -----------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------------ ------------
<S> <C> <C> <C>
COMMON STOCK (95.22%)
Banks & Money Centers (12.44%)
7,400 Banc One Corp. $ 436,600
6,300 BankAmerica Corp. 453,600
1,900 Bankers Trust N. Y. 171,119
5,200 Citicorp 391,300
5,500 Dime Bancorp, Inc. 126,844
6,200 FirstFed Financial 107,338
8,500 Wells Fargo Corp. 367,094
--------------
2,053,895
--------------
Commercial Services (1.84%)
3,100 Omnicom Group 224,750
2,300 Tennant Co. 78,775
--------------
303,525
--------------
Communication (6.88%)
6,600 Cisco Systems * 752,813
3,500 Tellabs, Inc. * 383,469
--------------
1,136,282
--------------
Computer Hardware, Software & Services (4.31%)
12,000 Novell, Inc. * 267,000
3,000 Solectron Corp. * 145,500
5,000 Sun Microsystems * 299,063
--------------
711,563
--------------
Electrical (1.66%)
4,300 Dionex Corp. 176,300
4,900 Thomas Industries 97,388
--------------
273,688
--------------
Financial (Miscellaneous) (15.76%)
4,200 American Express Co. 548,887
7,100 Federal Home Loan Mortgage 445,525
8,700 Fannie Mae 617,156
3,600 Rouse Co. 87,525
7,300 Schwab (Charles) Corp. 801,175
2,700 Value Line, Inc. 100,237
--------------
2,600,505
--------------
Foods & Beverages (5.44%)
5,200 Bob Evans Farms 95,225
10,000 Odwalla, Inc. * 58,125
13,800 Pepsico, Inc. 509,738
3,500 Starbucks Corp. * 129,281
15,400 TCBY Enterprises 104,912
--------------
897,281
--------------
Food Wholesaler (1.91%)
5,300 Super Valu, Inc. 110,638
6,900 Sysco Corp. 204,844
--------------
315,482
--------------
HealthCare (Miscellaneous) (1.36%)
6,000 Bergen Brunswig Class A 114,000
8,100 Humana, Inc. * 110,362
--------------
224,362
--------------
Homebuilding (1.33%)
3,000 Centex Corp. 109,687
4,500 Kaufman & Broad 109,406
--------------
219,093
--------------
Household Products (1.90%)
3,400 Newell Rubbermaid 161,287
2,300 Whirlpool Corp. 152,663
--------------
313,950
--------------
Insurance (3.30%)
2,300 Jefferson-Pilot Corp. 154,963
3,700 Marsh & McLennan 283,281
2,900 Relistar Financial 106,575
--------------
544,819
--------------
Manufacturing (6.10%)
4,000 American Power Corp. 132,000
3,300 Fastenal Co. 157,575
3,000 Fleetwood Enterprises 74,063
5,600 Hunt Manufacturing 59,500
7,700 Interface, Inc. Class A 54,381
5,900 Leggett & Platt 136,069
3,400 Modine Manufacturing 106,250
4,400 TJ International 122,100
3,200 V.F. Corp 164,800
--------------
1,006,738
--------------
Miscellaneous (10.06%)
4,600 Cabot Corp. 124,200
5,800 Clarcor, Inc. 108,750
3,500 Dana Corp. 164,937
4,400 Deere & Co. 189,200
3,100 GATX Corp. 106,563
14,200 Handleman Co. * 199,687
2,700 Harman International 124,031
3,600 Penny, (J.C.) Co. Inc. 164,250
3,800 Pitney Bowes, Inc. 265,763
6,600 Ruby Tuesday, Inc. 120,450
4,500 Service Corp. Int'l 93,375
--------------
1,661,206
--------------
Paper & Forest Products (1.43%)
4,200 Consolidated Paper 127,050
4,200 Sonoco Products 108,412
--------------
235,462
--------------
Pharmaceuticals (2.36%)
4,000 Merck & Co., Inc. 281,000
4,800 Mylan Labs 108,900
--------------
389,900
--------------
Retail Stores (Specialty) (10.43%)
6,200 Brown Group, Inc. 101,137
6,300 Claire's Stores 208,687
12,000 Home Depot, Inc. 719,250
6,200 Limited, Inc. 271,250
5,100 Lowe's Companies 269,025
2,200 Timberland * 152,350
--------------
1,721,699
--------------
Transportation (2.15%)
4,300 Ryder System, Inc. 113,412
7,400 Southwest Airlines 240,963
--------------
354,375
--------------
Utilities (4.56%)
9,600 Ameritech 657,000
3,100 Cleco Corp. 95,713
--------------
752,713
--------------
Total Common Stock
(cost $16,063,803) 15,716,538
--------------
Principal Value
Amount (Note 1)
- ------------ --------------
SHORT-TERM INVESTMENTS (24.45%)
Repurchase Agreement (24.45%)(b)
$ 4,035,000 C.S. First Boston
4.80%;5/3/99; (cost $4,035,000;
maturity value $4,036,614) $ 4,035,000
--------------
Total Short-term Investments
(cost $4,035,000) 4,035,000
--------------
Total Investments (cost $20,098,803)
(119.67%)(a) 19,751,538
Liabilities Less Other Assets (-19.67%) (3,246,633)
--------------
Net Assets (100%) $ 16,504,905
==============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $20,098,803. At
April 30, 1999 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $ 101,126
Gross unrealized depreciation (448,391)
--------------
Net unrealized depreciation $(347,265)
==============
(b) The Repurchase Agreement is collateralized by obligations of the United States
government and its agencies with a market value of $4,116,156 which exceeds the
value of the repurchase agreement. It is the Fund's policy to always receive, as
collateral, securities whose value, including accrued interest, will be at least
equal to 102% of the dollar amount to be paid to the Fund under each agreement
at its maturity. The value of the securities are monitored daily. If the value
falls below 101% of the amount to be paid at maturity, additional collateral is
obtained. The Fund makes payment for such securities only upon physical delivery
or evidence of book entry transferred to the account of its custodian.
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 1999
Rightime (Unaudited)
Family of Funds
The Rightime MidCap Fund
Portfolio of Investments
- -----------------------------------------------------------------------------------
Value
Shares (Note 1)
- ------------ ------------
<S> <C> <C> <C>
COMMON STOCK (91.16%)
INDUSTRIALS (66.61%)
Aerospace/Defense (1.22%)
2,862 Cordant Technologies, Inc. $ 132,010
5,686 Gulfstream Aerospace 277,192
1,615 OEA, Inc. 15,847
1,918 Precision Castparts Corp. 81,994
814 Sequa Corp. Class A* 46,144
4,293 Sundstrand Corp. 308,023
2,606 Universal Corp. 66,290
--------------
927,500
--------------
Auto Parts & Equipment (1.11%)
2,024 Arvin Industries, Inc. 74,129
2,081 Borg-Warner Automotive, Inc. 118,097
5,517 Federal-Mogul Corp. 242,058
5,228 Lear Company * 239,835
5,416 Meritor Automotive Inc. 114,751
2,146 Superior Industries
International, Inc. 53,650
--------------
842,520
--------------
Auto Parts After Market (0.28%)
1,719 Bandag, Inc. 54,793
2,398 SPX Corp. 156,619
--------------
211,412
--------------
Biotechnology (2.05%)
5,771 Biogen, Inc.* 548,606
5,534 Centocor, Inc.* 245,571
14,008 Chiron Corp.* 281,911
6,325 Genzyme Corp.* 238,769
6,103 Quintiles Transnational Corp.* 247,553
--------------
1,562,410
--------------
Broadcast Media (0.91%)
2,627 Chris-Craft Industries, Inc.* 123,469
3,891 TCA Cable Television, Inc. 193,820
6,530 Univision Communications Inc. * 377,924
--------------
695,213
--------------
Building Materials (0.92%)
2,166 Granite Construction Co. 61,866
3,652 Martin Marietta Materials, Inc. 225,739
3,019 Southdown, Inc.* 193,405
3,780 USG Corp. 220,657
--------------
701,667
--------------
Chemicals & Materials (2.42%)
2,523 A. Schulman Inc. 44,152
3,685 Albemarle Corp. 81,070
5,229 Cabot Corp. 141,183
3,054 Calgon Carbon Corp. 17,751
5,650 Crompton & Knowles Corp. 114,412
3,393 Cytec Industries, Inc.* 96,488
1,825 Dexter Corp. 74,939
6,544 Ethyl Corp. 33,538
2,779 Ferro Corp. 76,944
2,418 Georgia Gulf Corp. 38,537
1,096 H.B. Fuller Co. 74,665
8,965 IMC Global Inc. 224,125
2,570 Lawter International Inc. 30,840
4,322 Lubrizol Corp. 119,665
6,032 Lyondell Petrochemical Co. 117,624
3,888 M.A. Hanna Co. 62,937
3,669 Olin Corp. 53,659
8,682 RPM Inc. (Ohio) 122,091
9,511 Solutia Inc. 231,831
4,518 Witco Chemical Corp. 86,124
--------------
1,842,575
--------------
Commercial Services (Specialized) (2.29%)
2,269 Banta Corp. 48,358
8,279 Cintas Corp. 569,181
4,119 Comsat Corp. 133,868
11,957 Convergys Corp. * 222,699
6,434 Fiserv, Inc.* 376,791
2,215 Information Resources, Inc.* 17,166
2,013 Jacobs Engineering Group Inc.* 79,388
3,851 Ogden Corp. 99,404
2,394 Rollins, Inc. 40,399
5,270 Snyder Communications * 154,806
--------------
1,742,060
--------------
Communications (Equipment) (2.22%)
10,577 ADC Telecommunications, Inc.* 505,713
5,601 Qualcomm, Inc.* 1,120,200
2,884 Vanguard Cellular Systems, Inc.
Class A* 65,791
--------------
1,691,704
--------------
Computer Hardware (2.06%)
5,124 Lexmark Intl 632,814
5,152 Mentor Graphics Corp.* 62,468
3,976 Microchip Technology, Inc.* 139,160
13,200 Quantum Corp.* 235,950
3,432 Sequent Computer Systems, Inc.* 37,537
7,858 Storage Technology Corp.* 151,758
4,607 Symbol Technologies, Inc.* 219,984
4,005 Tech Data Corp.* 93,617
--------------
1,573,288
--------------
Computer Software & Services (6.01%)
17,393 Cadence Design Systems, Inc.* 235,893
4,592 Cambridge Technology Partners* 66,297
6,688 Citrix Systems * 284,240
11,926 Comdisco, Inc. 313,803
5,253 Comverse Technology, Inc.* 336,849
10,025 Concord EFS, Inc.* 334,584
4,797 Electronic Arts* 243,748
8,722 Fore Systems, Inc.* 294,368
14,102 Informix Corp.* 102,239
4,690 Intuit, Inc.* 403,926
5,520 Keane, Inc.* 136,965
2,950 Lagato Systems* 119,291
2,738 Micro Warehouse Inc.* 46,375
10,196 Network Associates* 135,097
6,810 Platinum Tech* 173,655
2,828 Policy Management Systems Corp.* 88,905
6,704 Rational Soft* 198,606
6,958 Siebel Systems* 267,448
7,527 Sterling Commerce* 235,689
6,521 Sterling Software, Inc.* 134,903
2,852 Structural Dynamics Research Corp.* 55,436
8,832 SunGard Data Systems* 282,072
4,364 Symantec Corp.* 86,735
--------------
4,577,124
--------------
Consumer Products (0.48%)
1,512 Church and Dwight, Inc. 64,732
8,093 Dial Corp. 275,162
1,251 Enesco Group, Inc. 26,271
--------------
366,165
--------------
Electrical Components & Other Equipment (7.63%)
7,629 Altera Corp.* 551,195
12,570 Analog Devices, Inc.* 441,521
7,497 Arrow Electronics, Inc.* 136,352
7,807 Atmel Corp.* 142,478
2,755 Avnet, Inc. 116,915
15,820 Best Buy, Inc.* 755,405
4,753 Cirrus Logic* 33,568
6,742 Cypress Semiconductor Corp.* 69,106
5,156 Hubbell Inc. Class B 246,521
3,187 Imation Corp. 56,370
11,811 Linear Technology Corp. 671,751
2,477 Magnatek* 26,783
10,454 Maxim Integrated Products, Inc.* 585,424
12,174 Molex, Inc. 392,611
5,906 Sensormatic Electronics Corp. 70,872
5,505 Synopsys, Inc.* 259,423
6,598 Teradyne, Inc.* 311,343
3,527 UCAR International, Inc.* 80,901
5,306 Vishay Intertechnology, Inc.* 92,523
5,460 Vitesse Semiconductor Corp.* 252,866
11,335 Xilinx, Inc.* 517,159
--------------
5,811,087
--------------
Electrical Equipment (0.30%)
6,489 Integrated Device Technology, Inc.* 47,856
4,728 SCI Systems, Inc.* 179,960
--------------
227,816
--------------
Food & Beverages (3.07%)
3,213 Bob Evans Farms, Inc. 58,838
3,160 Dean Foods Corp. 112,772
4,645 Dole Food Co. 147,479
2,141 Dreyer's Grand Ice Cream, Inc. 29,171
7,826 Flowers Industries, Inc. 166,303
3,315 Hannaford Brothers Co. 144,617
5,763 Hormel Foods Corp. 211,790
7,279 IBP, Inc. 147,400
1,469 International Multifoods Corp. 32,502
5,644 Interstate Bakeries 125,579
2,283 J.M. Smucker Co. Class A 49,084
2,351 Lance, Inc. 32,620
3,065 Lone Star Steakhouse & Saloon* 33,332
5,685 McCormick & Co., Inc. 172,327
2,746 Suiza Foods * 103,147
18,089 Tyson Foods, Inc. 374,216
3,783 U.S. Foodservice * 159,122
3,995 Universal Foods Corp. 83,895
3,567 Vlasic Foods Intl. 29,205
7,910 Whitman Corp. 129,526
--------------
2,342,925
--------------
Health Care Products (Distribution) (0.51%)
8,566 Bergen Brunswig Corp. Class A 162,754
8,096 Sybron Corp.* 224,158
--------------
386,912
--------------
Health Care Services (2.18%)
4,060 Apria Healthcare* 63,438
8,028 Beverly Enterprises 52,182
3,692 Concentra Managed Care* 50,073
4,769 First Health Group Inc. 77,794
9,581 Foundation Health Systems Class A 132,338
19,749 Health Management Associates
Class A* 308,578
4,564 Lincare Holdings Inc.* 135,208
7,019 Omnicare, Inc. 168,895
6,303 Oxford Health Plan* 125,666
3,577 Pacificare Health System 285,378
5,667 Quorum Health Group, Inc.* 70,129
6,347 Total Renal Care Holdings, Inc.* 88,065
3,317 Trigon Health * 105,315
--------------
1,663,059
--------------
Iron & Steel (0.09%)
874 Cleveland-Cliffs Iron Co. 34,796
2,021 Oregon Steel Mills, Inc. 33,094
--------------
67,890
--------------
Leisure Time (Products) (1.25%)
5,889 Callaway Golf Co. 88,703
11,981 Harley-Davidson, Inc. 714,367
8,432 International Game Technology 149,668
--------------
952,738
--------------
Leisure Time (Services) (0.54%)
7,420 Circus Circus Enterprises Inc.* 156,284
7,795 Viad Corp. 257,722
--------------
414,006
--------------
Manufacturing (Diversified Industries) (1.98%)
5,513 American Standard Cos., Inc.* 252,220
2,513 Ametek Inc. 57,328
4,518 Burlington Industries* 36,709
2,366 Carlisle Co., Inc. 115,934
3,926 Everest Reinsurance Holdings 119,007
3,254 GenCorp, Inc. 75,249
3,485 Harsco Corp. 114,352
7,689 NCR Corporation 315,249
3,011 Pentair, Inc. 141,517
4,838 Premark International, Inc. 178,099
1,646 Tecumseh Products Co. Class A 100,612
--------------
1,506,276
--------------
Manufacturing (Specialized Industries) (2.82%)
4,668 AGCO Corp. 46,097
2,328 Albany International Corp. 56,454
7,505 American Power Conversion Corp.* 247,665
4,116 Dentsply International 107,788
5,449 Diebold, Inc. 131,117
3,719 Donaldson Co., Inc. 83,213
3,553 Federal Signal Corp. 87,937
3,012 Flowserve Corp. 56,098
4,066 Furniture Brands Intl. 101,904
2,522 Kaydon Corp. 85,118
2,344 Kennametal, Inc. 62,262
15,433 Leggett & Platt, Inc. 355,924
2,314 Modine Manufacturing Co. 72,313
439 NCH Corp. 23,925
1,313 Nordson Corp. 79,108
2,194 Stewart & Stevenson Services, Inc. 22,488
2,933 Teleflex Inc. 127,769
3,384 Trinity Industries, Inc. 117,806
4,676 Warnaco Group 124,791
2,089 Watts Industries Class A 32,118
3,141 York International Corp. 129,566
--------------
2,151,461
--------------
Medical Products & Supplies (1.39%)
2,152 Acuson Corp.* 32,818
5,569 Airgas, Inc.* 65,436
2,227 Beckman Coulter, Inc.* 107,314
5,234 Hillenbrand Industries, Inc. 245,671
5,548 PSS World Medical * 54,093
5,344 Steris Corp.* 94,856
7,561 Stryker Corp. 462,639
--------------
1,062,827
--------------
Metals (Specialty) (0.17%)
1,719 Carpenter Technology Corp. 53,826
549 Maxxam Inc.* 31,465
1,952 Ryerson Tull Inc. 44,286
--------------
129,577
--------------
Miscellaneous (3.95%)
4,478 A.C. Nielson 124,824
4,628 AK Steel Holding Corp. 120,328
14,330 Allied Waste Industries, Inc.* 253,462
6,326 American Water Works Co., Inc. 179,896
6,131 Apollo Group, Inc. Class A* 151,742
11,323 Clayton Homes Inc. 125,968
3,156 Gtech Holdings Corp.* 82,253
2,885 Kelly Services, Inc. Class A 73,027
3,278 Lancaster Colony Corp. 96,701
3,562 Litton Industries, Inc.* 223,070
6,209 Manpower Inc. 140,479
4,191 Mark IV Industries, Inc. 74,914
1,726 Minerals Technologies, Inc. 93,204
8,767 Modis Professional Services * 101,368
4,100 Mohawk Industries, Inc.* 132,225
2,767 Newport News Shipbuilding 72,461
6,373 Olsten Corp. 43,018
3,212 Pittston Services Group 84,716
6,708 Promus Hotel Corp.* 241,488
7,174 Robert Half International, Inc.* 171,279
3,658 Ruddick Corp. 64,701
4,461 Sotheby's Holdings Class A 190,150
8,619 Stewart Enterprises, Inc. Class A 171,303
--------------
3,012,577
--------------
Office Equipment & Supplies (1.55%)
6,663 Herman Miller, Inc. 132,844
4,841 Hon Industries, Inc. 130,707
28,902 Office Depot, Inc.* 635,844
6,068 Reynolds & Reynolds Class A 138,426
2,153 Standard Register Co. 65,666
3,271 Wallace Computer Services, Inc. 75,437
--------------
1,178,924
--------------
Oil & Gas (2.56%)
4,510 AGL Resources Inc. 82,026
9,422 El Paso Energy Corp. 346,258
2,344 Indiana Energy, Inc. 50,103
11,502 Keyspan Energy Corp 307,679
3,526 Murphy Oil Corp. 165,502
4,467 Noble Affiliates, Inc. 143,223
6,084 Pennzoil-Quaker State Co. 78,712
7,858 Pioneer Natural Resources 91,840
9,873 Ranger Oil Ltd.* 51,216
12,007 Tosco Corp. 321,187
6,869 Ultramar Diamond Shamrock 158,416
4,396 Valero Energy 98,086
5,068 Varco International, Inc.* 57,332
--------------
1,951,580
--------------
Oil & Gas Drilling (2.43%)
5,544 BJ Services Co.* 148,302
10,750 ENSCO International, Inc.* 199,547
13,592 Global Marine, Inc.* 202,181
7,902 Nabors Industries, Inc.* 162,485
10,279 Noble Drilling Corp.* 201,725
12,990 Ocean Energy * 120,969
6,031 Parker Drilling Co.* 24,124
3,774 Smith International, Inc.* 169,358
4,356 Tidewater, Inc. 115,434
7,884 Transocean Offshore 234,056
7,985 Weatherford, Inc. 270,492
--------------
1,848,673
--------------
Paper/Forest Products/Containers (2.05%)
4,233 Bowater, Inc. 226,995
1,682 Chesapeake Corp. of Virginia 54,665
7,092 Consolidated Papers 214,533
4,052 Longview Fiber Co. 52,676
3,297 P.H. Glatfelter Co. 42,243
2,184 Rayonier Inc. 99,645
7,967 Sonoco Products 205,648
6,847 Timber Co. 176,310
5,503 Unisource Worlwide Inc. 44,712
7,886 Vulcan Materials Co. 376,556
4,265 Wausau-Mosinee Paper Corp. 70,372
--------------
1,564,355
--------------
Pharmaceuticals (2.06%)
2,505 Agouron Pharmaceuticals, Inc.* 147,952
3,527 Carter-Wallace, Inc. 61,943
4,580 Covance Inc. 100,474
6,483 Forest Laboratories, Inc.* 288,493
5,999 ICN Pharmaceuticals, Inc. 198,342
9,176 IVAX Corp. 120,435
4,230 MedImmune Inc.* 233,179
10,114 Mylan Laboratories, Inc. 229,461
2,232 Sepracor Inc.* 188,604
--------------
1,568,883
--------------
Publishing (Books) (0.22%)
2,361 Houghton Mifflin Co. 105,360
1,287 Scholastic Corp.* 60,851
--------------
166,211
--------------
Publishing (Newspapers) (1.14%)
9,454 A. H. Belo Corp. Class A 204,443
3,475 Lee Enterprises, Inc. 99,472
2,099 Media General, Inc. Class A 109,148
790 Washington Post Co. Class B 453,460
--------------
866,523
--------------
Restaurants (1.49%)
5,170 Brinker International, Inc.* 142,821
3,528 Buffets Inc.* 35,280
4,795 Cracker Barrel
Old Country Stores, Inc. 96,799
5,773 Outback Steakhouse* 206,746
2,316 Papa John's Pizza * 93,074
1,610 Sbarro, Inc. 42,162
14,121 Starbucks Corp.* 521,594
--------------
1,138,476
--------------
Retail Stores (General Merchandise) (1.04%)
5,801 BJ's Wholesale Club 154,089
4,638 Dollar Tree Stores 169,287
13,511 Family Dollar Stores, Inc. 325,953
2,975 Fastenal Co. 142,056
--------------
791,385
--------------
Retail Stores (Specialty - Apparel) (0.72%)
4,030 Abercrombie & Fitch Co. Class A* 383,354
3,613 Ross Stores, Inc. 165,972
--------------
549,326
--------------
Retail Stores (Specialty) (2.55%)
5,381 Barnes & Noble Inc.* 186,990
10,914 Bed Bath & Beyond, Inc.* 389,493
6,044 Borders Group, Inc.* 87,260
3,991 Claire's Stores, Inc. 132,202
7,172 CompUSA, Inc.* 50,204
5,349 General Nutrition Cos., Inc.* 88,593
4,687 Heilig-Meyers Co. 27,536
2,371 Lands' End, Inc.* 90,691
2,665 Nine West Group, Inc.* 75,953
9,799 Officemax Inc.* 99,215
2,636 Payless Shoesource Inc. 127,681
5,744 Perrigo Co.* 43,798
11,238 Saks Holding * 318,176
2,713 Tiffany & Co. 227,892
--------------
1,945,684
--------------
Textile Specialty (0.95%)
8,222 Jones Apparel Group, Inc.* 271,326
11,033 Shaw Industries, Inc. 199,973
4,722 Unifi, Inc. 66,108
2,454 Wellman, Inc. 35,123
4,435 Westpoint Stevens, Inc.* 151,899
--------------
724,429
--------------
Total Industrial 50,757,238
--------------
TRANSPORTATION (1.25%)
Airfreight (0.38%)
3,786 Airborne Freight Corp. 121,152
7,677 Comair Holdings, Inc. 169,374
--------------
290,526
--------------
Shipping (0.15%)
3,506 Alexander & Baldwin, Inc. 76,256
2,885 Overseas Shipholding Group Inc. 36,062
--------------
112,318
--------------
Transportation (Miscellaneous) (0.47%)
2,056 Alaska Air Group, Inc.* 90,592
3,862 GATX Corp. 132,756
2,792 J.B. Hunt Transport Services, Inc. 58,108
4,009 Wisconsin Central
Transportation Corp.* 74,041
--------------
355,497
--------------
Truckers (0.25%)
1,970 Arnold Industries, Inc. 31,274
3,748 CNF Transportation Inc. 163,741
--------------
195,015
--------------
Total Transportation 953,356
--------------
UTILITIES (9.38%)
Electric Utilities (7.77%)
9,600 Allegheny Energy Inc. 327,000
1,691 Black Hills Corp. 38,259
2,544 CMP Group, Inc. 49,290
8,110 CMS Energy Corp. 356,840
1,763 Cleco Corp 54,433
8,420 Conectiv Inc. 201,554
12,626 DPL, Inc. 225,690
9,904 Energy East Corp. 261,837
7,609 Florida Progress Corp. 292,946
2,515 Hawaiian Electric Industries Inc. 89,440
2,949 Idacorp, Inc. 92,894
5,623 Illinova Corp. 147,604
6,049 Interstate Energy Corp. 174,287
6,968 Ipalco Enterprises, Inc. 160,699
4,853 Kansas City Power & Light Co. 129,818
10,168 LG&E Energy Corp. 221,790
4,669 Midamerican Energy Hldgs. 150,283
5,677 Minnesota Power & Light Co. 119,572
4,315 Montana Power Co. 321,737
4,020 Nevada Power Co. 103,766
4,692 New England Electric System 232,254
10,057 NiSource Inc. 279,082
10,235 Northeast Utilities 163,760
6,333 OGE Energy Corp 150,013
6,644 Pinnacle West Capital Corp. 257,870
9,293 Potomac Electric Power Co. 271,820
3,275 Public Service Co. of New Mexico 58,541
6,630 Puget Sound Power & Light Co. 163,678
8,121 SCANA Corp. 190,843
10,343 TECO Energy, Inc. 220,435
7,073 Utilicorp United, Inc. 172,846
9,039 Wisconsin Energy Corp. 242,923
--------------
5,923,804
--------------
Gas Utilities (0.75%)
5,379 KN Energy, Inc. 110,942
6,212 MCN Corp. 123,852
3,027 National Fuel & Gas Co. 132,431
6,468 Questar Corp. 117,637
3,626 Washington Gas Light Corp. 85,438
--------------
570,300
--------------
Telephone Companies (Local) (0.86%)
2,794 Aliant Communication 123,635
10,696 Cincinnati Bell, Inc. 241,997
4,796 Telephone & Data Systems, Inc. 287,160
--------------
652,792
--------------
Total Utilities 7,146,896
--------------
FINANCIAL (13.92%)
Banks (7.15%)
4,963 Associated Banc-Corp. 180,529
4,287 Astoria Financial Corp. 214,886
3,180 CCB Financial Corp. 183,645
13,149 Charter One Financial 410,906
3,598 City National Corp. 138,973
8,956 Dime Bancorp, Inc. 206,548
14,795 First Security Corp. 281,105
10,054 First Tennessee National Corp. 433,579
3,927 First Virginia Banks, Inc. 196,105
7,419 Green Point Financial Corp. 259,665
12,260 Hibernia Corp. Class A 163,211
4,033 Keystone Financial, Inc. 129,560
8,316 Marshall & Ilsley Corp. 582,120
5,598 Mercantile Bankshares Corp. 207,126
11,189 North Fork Bancorporation, Inc. 251,753
8,253 Old Kent Financial Corp. 389,954
6,298 Pacific Century Financial Corp 136,981
3,363 Provident Financial Group 140,826
12,498 Sovereign Bancorp, Inc. 170,285
6,813 TCF Financial Corp. 197,577
2,623 Wilmington Trust Corp. 161,151
6,131 Zions Bancorp. 408,861
--------------
5,445,346
--------------
Brokerage (2.40%)
7,434 A.G. Edwards & Sons, Inc. 260,190
9,017 E Trade Group * 1,041,464
11,215 PaineWebber Group, Inc. 526,404
--------------
1,828,058
--------------
Financial Miscellaneous (1.14%)
4,846 Finova Group, Inc. 234,122
5,648 Nova Corp. * 146,848
2,379 The PMI Group Inc. 132,778
9,423 T. Rowe Price 355,129
--------------
868,877
--------------
Insurance (3.23%)
20,800 AFLAC, Inc. 1,128,400
5,465 AMBAC, Inc. 329,949
4,788 American Financial Group, Inc. 173,864
2,303 HSB Group Inc. 87,226
3,335 Horace Mann Educators Corp. 75,871
10,691 Old Republic International Corp. 209,143
5,052 Protective Life Corp. 197,975
7,146 Reliastar Financial Corp. 262,615
--------------
2,465,043
--------------
Total Financial 10,607,324
--------------
Total Common Stock
(cost $62,614,315) 69,464,814
--------------
Principal
Amount
- ------------
SHORT-TERM INVESTMENTS, (7.60%)
Repurchase Agreement, (2.62%)(b)
$ 1,992,000 First Boston
4.80%; 5/3/99 (cost $1,992,000;
maturity value $1,992,797) 1,992,000
United States Treasury Bill (4.98%)(c)
3,800,000 4.39%; 5/6/99 (cost $3,797,695) 3,797,695
Total Short-term Investments
(cost $5,789,695) $ 5,789,695
--------------
Total Investments (cost $68,404,010)
(98.76%)(a) 75,254,509
Other Assets Less Liabilities (1.24%) 946,206
--------------
Net Assets (100.00%) $ 76,200,715
==============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $68,404,010. At
April 30, 1999 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $12,479,320
Gross unrealized depreciation (5,628,821)
--------------
Net unrealized appreciation $6,850,499
--------------
(b) The Repurchase Agreement is collateralized by obligations of the United States
government and its agencies with a market value of $2,032,065 which exceeds the
value of the repurchase agreement. It is the Fund's policy to always receive, as
collateral, securities whose value, including accrued interest, will be at least
equal to 102% of the dollar amount to be paid to the Fund under each agreement
at its maturity. The value of the securities are monitored daily. If the value
falls below 101% of the amount to be paid at maturity, additional collateral is
obtained. The Fund makes payment for such securities only upon physical delivery
or evidence of book entry transferred to the account of its custodian.
(c) At April 30, 1999, the market value of $3,797,695 of the U.S. Treasury Bills were
pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 1999:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Appreciation
--------------
S&P 400 MidCap Stock Index:
30/June/Buy $ 39,192
--------------
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of
[RIGHTIME LOGO] Assets and
Rightime Liabilities
Family of Funds April 30, 1999 (Unaudited)
- ----------------------------------------------------------------------------------------------------------------
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 $110,947,677;
$172,968,497;$20,098,802 and
$68,404,011 respectively) (Note 1) $109,713,776 $300,073,066 $ 19,751,537 $75,254,509
Cash 7,483,095 224 2,000,802 989,958
Receivables:
Dividends and interest 171,907 253,352 4,933 61,997
Fund shares sold 13,891 50,417 711 2,103
Prepaid expenses and other assets 38,106 65,026 1,812 18,003
------------- -------------- -------------- -------------
Total Assets 117,420,775 300,442,085 21,759,795 76,326,570
------------- -------------- -------------- -------------
LIABILITIES
Payables:
Variation margin 175,625 1,177,500 -- 79,500
Fund shares repurchased 74,863 201,230 5,218 988
Securities purchased -- -- 5,236,823 --
Accrued expenses 62,709 258,179 12,735 44,640
Other liabilities 2,454 4,127 114 681
Distribution payable adjustment (37) -- -- 46
------------- -------------- -------------- -------------
Total Liabilities 315,614 1,641,036 5,254,890 125,855
------------- -------------- -------------- -------------
NET ASSETS (applicable to 3,473,588;
7,388,997; 499,810 and 2,277,257
outstanding shares, respectively) (Note 4) $117,105,161 $298,801,049 $ 16,504,905 $76,200,715
============= ============== ============== =============
Net asset value and redemption price per
share $33.71 $40.44 $33.02 $33.46
====== ====== ====== ======
Maximum offering price per share $33.71 $42.46 (1) $34.67 (1) $35.13
====== ====== ====== ======
NET ASSETS
At April 30, 1999 net assets consisted of:
Paid-in capital $103,385,706 $189,789,026 $ 14,753,393 $62,164,423
Undistributed net investment income (loss) 893,919 (1,377,483) 36,774 (514,745)
Undistributed net realized gain (loss) on
investments 14,457,187 (16,351,834) 2,062,003 7,739,730
Net unrealized appreciation (depreciation)
of investments (1,233,901) 127,104,569 (347,265) 6,850,499
Net unrealized depreciation of futures
contracts (397,750) (363,229) -- (39,192)
------------- -------------- -------------- -------------
$117,105,161 $298,801,049 $ 16,504,905 $76,200,715
============= ============== ============== =============
(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>
Statement of
[RIGHTIME LOGO] Operations
Rightime For the six months
Family of Funds ended April 30, 1999 (Unaudited)
- -------------------------------------------------------------------------------------------------------------------
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 $ 675,108 $ 1,734,592 $ 56,038 $ 379,926
Interest 1,720,595 799,536 159,882 257,787
------------- -------------- -------------- -------------
Total income 2,395,703 2,534,128 215,920 637,713
------------- -------------- -------------- -------------
EXPENSES
Administrative services (Note 2) 559,038 1,264,584 67,236 311,584
Investment advisory fees (Note 2) 294,230 743,873 39,551 183,285
Distribution costs - 12b-1 (Notes 2 and 3) 294,230 371,937 19,776 91,642
Distribution costs - service charge
(Notes 2 and 3) 147,115 371,937 19,776 91,642
Transfer agent fees (Note 2) 88,664 161,495 10,025 55,211
Accounting services (Note 2) 25,356 29,846 6,435 22,013
Legal and audit fees 20,400 32,132 3,860 11,100
Reports to shareholders 8,700 18,741 1,549 5,280
Custody fees 8,400 12,871 868 4,800
Registration fees 7,230 5,756 7,525 5,712
Directors fees 6,600 12,783 1,249 3,900
Insurance 6,000 13,007 954 3,600
Miscellaneous 43,981 206,180 397 25,386
------------- -------------- -------------- -------------
Total expenses 1,509,944 3,245,142 179,201 815,155
------------- -------------- -------------- -------------
Net investment income (loss) 885,759 (711,014) 36,719 (177,442)
------------- -------------- -------------- -------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized gain from security
transactions 6,533,606 6,025,688 2,057,240 11,937,086
Capital gain distribution from regulated
investment companies 4,309,328 -- -- --
Net realized gain (loss) on futures
contracts 4,983,615 (21,260,563) -- (3,977,516)
Increase (decrease) in unrealized
appreciation of investments (4,199,809) 43,789,660 (699,435) 2,172,976
Decrease in unrealized appreciation of
futures contracts (1,777,825) (1,501,379) -- (590,935)
------------- -------------- -------------- -------------
Net gain on investments 9,848,915 27,053,406 1,357,805 9,541,611
------------- -------------- -------------- -------------
Net increase in net assets resulting
from operations $ 10,734,674 $26,342,392 $ 1,394,524 $ 9,364,169
============= ============== ============== =============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] Statement of
Rightime Changes in Net Assets
Family of Funds (Unaudited)
- ---------------------------------------------------------------------------------------------------------------------------------
The
Rightime The
The The Rightime Social Rightime
Rightime Blue Chip Awareness MidCap
Fund Fund Fund Fund
-------------------------- ------------------------------- --------------------------- ------------------------
For Six For For Six For For Six For For Six For
Months Ended Year Months Ended Year Months Ended Year Months Ended Year
Apr. 30, 1999 Ended Apr. 30, 1999 Ended Apr. 30, 1999 Ended Apr. 30, 1999 Ended
(Unaudited) Oct. 31, 1998 (Unaudited) Oct. 31, 1998 (Unaudited) Oct. 31, 1998 (Unaudited) Oct. 31, 1998
--------------------------- ------------------------------ --------------------------- -------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment
income (loss) $ 885,759 $ 1,254,451 $ (711,014) $ (664,220) $ 36,719 $ 105,660 $ (177,442) $ (311,478)
Net realized
gain from
security
transactions 6,533,606 17,891,366 6,025,688 30,148,296 2,057,240 2,481,462 11,937,086 664,389
Capital gain
distributions
from regulated
investment
companies 4,309,328 5,710,686 -- -- -- -- -- --
Net realized
gain (loss) on
futures
contracts 4,983,615 5,425,895 (21,260,563) 16,903,481 -- 90,134 (3,977,516) 11,484,174
Net increase
(decrease) in
unrealized
appreciation
of
investments (4,199,809) (12,107,474) 43,789,660 15,026,031 (699,435) 381,479 2,172,976 2,427,100
Net increase
(decrease) in
unrealized
appreciation
of futures
contracts (1,777,825) 1,876,325 (1,501,379) 1,573,750 -- 9,925 (590,935) 646,993
------------ ------------ ------------ ------------ ----------- ------------ ----------- -------------
Net increase
in net
assets
resulting
from
operations 10,734,674 20,051,249 26,342,392 62,987,338 1,394,524 3,068,660 9,364,169 14,911,178
DISTRIBUTIONS
TO
SHAREHOLDERS
Distributions
from net
realized gains
on
investments (14,057,088) -- (30,507,902) -- (2,577,096) (394,194) (12,475,590) (1,494,460)
Distributions
from net
investment
income (1,245,759) (1,587,062) -- (132,463) (105,288) (57,366) -- (537,779)
CAPITAL SHARE
TRANSACTIONS
Increase
(decrease)
in net
assets
resulting
from capital
share
transactions
(Note 4) 11,074,611 (33,867,271) 31,550,776 (45,826,046) 3,903,426 (195,549) 11,819,562 (14,681,561)
------------ ------------ ------------ ------------ ----------- ------------ ----------- -------------
Total
increase
(decrease) 6,506,438 (15,403,084) 27,385,266 17,028,829 2,615,566 2,421,551 8,708,141 (1,802,622)
NET ASSETS
Beginning
of year 110,598,723 126,001,807 271,415,783 254,386,954 13,889,339 11,467,788 67,492,574 69,295,196
------------ ------------ ------------ ------------ ----------- ------------ ----------- -------------
End of
year * $117,105,161 $110,598,723 $298,801,049 $271,415,783 $16,504,905 $ 13,889,339 $76,200,715 $ 67,492,574
============ ============ ============ ============ =========== ============ =========== =============
* Including
undistributed
net
investment
income
(loss) of: $ 893,919 $ 1,253,954 $ (1,377,483) $ -- $ 36,774 $ 105,343 $ (514,745) $ --
============ ============ ============ ============ =========== ============ =========== =============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] Finanical
Rightime Highlights
Family of Funds
(For a Share Outstanding Throughout the Period)
- -------------------------------------------------------------------------------------------------------------------------
Net
Realized
Net and Distributions Distributions Net
Asset Net Unrealized from from Asset
Value Investment Gain Total Net Realized Value
Beginning Income (Loss) on From Investment Capital Total End Total
of Year (Loss) Investments Operations Income Gains Distributions of Year Return (1)
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
The Rightime Fund
1999 (a) $35.13 $0.26 $3.30 $3.56 $(0.41) $(4.57) $(4.98) $33.71 9.76%
1998 29.95 0.43 5.16 5.59 (0.41) -- (0.41) 35.13 18.86
1997 32.09 0.43 (1.24) (0.81) (0.42) (0.91) (1.33) 29.95 (2.77)
1996 37.55 1.14 2.11 3.25 (0.77) (7.94) (8.71) 32.09 8.96
1995 35.50 (0.10) 7.21 7.11 (0.30) (4.76) (5.06) 37.55 23.38
1994 37.42 0.29 (0.49) (0.20) -- (1.72) (1.72) 35.50 (0.48)
- -------------------------------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1999 (a) $40.98 $(0.10) $4.19 $4.09 $ -- $(4.63) $(4.63) $40.44 9.75%
1998 32.27 (0.10) 8.83 8.73 (0.02) -- (0.02) 40.98 27.06
1997 31.88 0.03 0.83 0.86 (0.40) (0.07) (0.47) 32.27 2.63
1996 32.84 0.40 3.52 3.92 (0.28) (4.60) (4.88) 31.88 12.26
1995 33.08 0.35 5.66 6.01 (0.46) (5.79) (6.25) 32.84 22.31
1994 33.14 0.39 (0.04) 0.35 (0.23) (0.18) (0.41) 33.08 1.06
- -------------------------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1999 (a) $35.96 $0.07 $3.88 $3.95 $(0.27) $(6.62) $(6.89) $33.02 10.12%
1998 29.31 0.27 7.55 7.82 (0.15) (1.02) (1.17) 35.96 27.37
1997 29.09 0.17 1.52 1.69 (0.43) (1.04) (1.47) 29.31 5.77
1996 32.37 0.41 3.88 4.29 -- (7.57) (7.57) 29.09 13.62
1995 26.84 0.08 5.91 5.99 (0.46) -- (0.46) 32.37 22.70
1994 29.07 0.33 (0.72) (0.39) -- (1.84) (1.84) 26.84 (1.27)
- -------------------------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1999 (a) $35.19 $(0.08) $4.90 $4.82 $ -- $(6.55) $(6.55) $33.46 13.92%
1998 29.12 (0.16) 7.13 6.97 (0.24) (0.66) (0.90) 35.19 24.53
1997 29.02 0.27 1.33 1.60 (0.54) (0.96) (1.50) 29.12 5.55
1996 32.95 0.49 2.56 3.05 (0.14) (6.84) (6.98) 29.02 9.65
1995 28.44 0.26 5.25 5.51 (0.45) (0.55) (1.00) 32.95 20.07
1994 31.07 0.32 (0.78) (0.46) -- (2.17) (2.17) 28.44 (1.38)
(a) For six months ended April 30, 1999 (Unaudited)
(1) Excludes sales charge
See accompanying notes to financial statements
<CAPTION>
April 30, 1999 (Unaudited)
RATIOS
----------------------------------------------------------------------------------------------------
Net Assets At The Expenses to Average Net Investment Income (Loss) Portfolio
End of Year Net Assets to Average Net Assets Turnover
- -------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The Rightime Fund
1999 (a) $117,105,161 2.57%* 1.50%* 105.54%
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
1994 149,207,566 2.51 0.78 11.50
- -------------------------------------------------------------------------------------------------------------------------
The Rightime Blue Chip Fund
1999 (a) $298,801,049 2.18%* (0.48)%* 1.40%
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
1994 221,681,939 2.22 1.16 0.98
- -------------------------------------------------------------------------------------------------------------------------
The Rightime Social Awareness Fund
1999 (a) $16,504,905 2.26%* 0.46%* 101.19%
1998 13,889,339 2.35 0.88 142.15
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
1994 7,221,772 2.56 1.04 54.85
- -------------------------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
1999 (a) $76,200,715 2.22%* (0.48)%* 39.60%
1998 67,492,574 2.24 (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
1994 65,252,084 2.28 1.14 0.75
* Annualized
(a) For six months ended April 30, 1999 (unaudited)
See accompanying notes to financial statements
</TABLE>
April 30, 1999
(Unaudited)
[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 prospects for above-average capital growth which, in the opinion of
the fund's advisor, show evidence in the conduct of their business,
relative to other companies in the same industry, of contributing to the
enhancement of the quality of human life.
The 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
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 six month period April 30, 1999, the Distributor received
commissions as an underwriter and a retail dealer of Fund shares as
follows:
The Rightime Blue Chip Fund $341,842
The Rightime Social Awareness Fund $ 35,615
The Rightime MidCap Fund $ 87,270
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 $315,395 and $88,844 respectively. During the six
month period ended April 30, 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 212,732 $ 7,440,722 280,002 $ 9,304,396 428,259 $17,897,715 675,121 $ 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
-------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
646,956 22,456,191 330,699 10,847,122 1,160,166 48,125,474 678,943 25,572,659
Shares
redeemed (321,233) (11,381,580) (1,390,058) (44,714,393) (393,730) (16,574,698) (1,939,495) (71,398,705)
-------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Net increase
(decrease) 325,723 $ 11,074,611 (1,059,359) $(33,867,271) 766,436 $31,550,776 (1,260,552) $(45,826,046)
======== ============ ========== ============ ========== ============ ========== ============
<CAPTION>
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 66,940 $ 2,353,236 54,325 $ 1,789,588 103,348 $ 3,517,819 140,278 $ 4,394,868
Shares issued
in reinvestment
of
distributions 73,151 2,527,372 13,629 415,697 376,655 12,455,987 68,685 2,020,018
-------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
140,091 4,880,608 67,954 2,205,285 480,003 15,973,806 208,963 6,414,886
Shares
redeemed (26,578) (977,182) (72,851) (2,400,834) (120,424) (4,154,244) (670,773) (21,096,447)
-------- ------------ ---------- ------------ ---------- ------------ ---------- ------------
Net increase
(decrease) 113,513 $ 3,903,426 (4,897) $ (195,549) 359,579 $11,819,562 (461,810) $(14,681,561)
======== ============ ========== ============ ========== ============ ========== ============
</TABLE>
<TABLE>
<CAPTION>
NOTE 5 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments during the six months ended April 30, 1999 were as follows:
Purchases Sales
---------- --------------
<S> <C> <C>
The Rightime Fund $81,168,612 $77,145,707
The Rightime Blue Chip Fund $ 3,702,146 $ 8,874,077
The Rightime Social
Awareness Fund $16,063,803 $15,482,614
The Rightime MidCap Fund $24,927,342 $25,901,523
</TABLE>
<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
Reading, PA 19805 Member of the 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,
Mt. Laurel, NJ 08054 Former Superintendent of 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
530 Walnut Street
Philadelphia, PA 19106
Transfer Agent
Lincoln Investment Planning, Inc.
218 Glenside Ave.
Wyncote, PA 19095-1595
Legal Counsel
Stradley, Ronon, Stevens & Young
2600 One Commerce Square
Philadelphia, PA 19103
Printed on recycled paper
|
|