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Previous: PRICE T ROWE TAX FREE HIGH YIELD FUND INC, 497, 2000-07-05 |
Next: BRANCH BANKING & TRUST CO /NC/, 13F-HR, 2000-07-05 |
[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, 2000
[RIGHTIME LOGO]
Rightime
Family of Funds
Table of Contents
Portfolios
Rightime Fund 3
Rightime Blue Chip Fund 5
Rightime Social Awareness Fund 15
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
Officers and Directors 33
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 2000
Rightime (Unaudited)
Family of Funds
The Rightime Fund
Portfolio of Investments
-----------------------------------------------------------------------------------
Value
Shares (Note 1)
------- --------------
<S> <C> <C> <C>
EQUITY FUNDS: (77.43%)
47,283 Aim Value Fund $ 2,409,524
34,963 Alliance Premier Growth Fund 1,336,286
99,900 American Century New
Opportunity Fund 1,577,416
95,590 Federated Capital Appreciation Fund 2,789,320
131,077 Federated Equity Income Fund 2,920,391
48,309 Fidelity Blue Chip Stock Fund 2,933,816
70,721 Fidelity Fund 2,929,279
86,022 Fidelity Low Priced Stock Fund 2,009,462
41,546 Fidelity OTC Fund 2,847,528
101,863 Fidelity Mid-Cap Stock Fund 2,559,819
90,950 IDS New Dimensions Fund 3,376,076
138,272 Invesco Blue Chip Growth Fund 1,095,114
153,749 Invesco Dynamics Fund 4,137,395
190,718 Invesco Equity Income Fund 2,971,392
73,204 Janus Fund Fund 3,374,709
79,380 Janus Growth and Income Fund 3,397,462
98,993 Kemper Growth "A" Fund 1,895,715
155,714 Lord Abbett Affiliated Fund 2,391,771
183,655 Lord Abbett Growth and
Income Fund 1,979,798
245,276 MAS Value Fund 3,132,169
142,653 MFS MIT "A" Fund 2,945,792
96,404 MFS New Discovery "A" Fund 2,173,917
108,749 NY "Davis" Venture Value Fund 3,421,245
60,918 Pioneer Fund 2,942,940
167,511 Putnam Fund for Growth and
Income Fund 3,073,832
260,374 Putnam Investors "A" Fund 4,819,528
42,336 Safeco Growth Fund 1,023,678
85,714 T. Rowe Price Value Fund 1,524,857
126,702 T. Rowe Price Small Cap Value Fund 2,356,650
45,907 Valueline Leveraged Growth Fund 2,723,180
109,843 Valueline Special Situations Fund 3,078,898
83,610 Vanguard Equity Income Fund 1,897,113
60,781 Vanguard US Growth Fund 2,695,633
-------------
Total Equity Funds
(cost $82,007,613) 86,741,705
-------------
MONEY MARKET FUNDS: (11.76%)
2,508,403 AIM Cash Reserves Fund $ 2,508,403
2,402,567 American Century Premier Fund 2,402,567
161,235 Delaware Cash Reserves Fund 161,235
385,149 Fidelity US Government Fund 385,149
65,247 IDS Cash Management Fund 65,247
5,053,998 MAS Cash Reserves Fund 5,053,998
1,569,287 MFS Money Market Fund 1,569,287
50,039 New England Cash
Management Fund 50,039
19,250 Oppenheimer Money Market Fund 19,250
141,834 Pioneer Cash Reserves Fund 141,834
111,441 Seligman Cash Management Fund 111,441
711,474 Vanguard Prime Money Market Fund 711,474
------------
Total Money Market Funds
(cost $13,179,924) 13,179,924
-------------
Principal
Amount
----------
SHORT-TERM INVESTMENTS (10.72%)
Repurchase Agreement (7.15%)(b)
$8,010,000 C.S. First Boston
5.80%; 5/1/00 (cost $8,010,000;
maturity value $8,013,872) $ 8,010,000
-------------
United States Treasury Bills (3.57%)(c)
3,000,000 5.54%; 05/11/00 2,995,421
1,000,000 5.49%; 05/18/00 997,355
-------------
Total United States Treasury Bills
(cost $3,992,776) 3,992,776
-------------
Total Short-term Investments
(cost $12,002,776) 12,002,776
-------------
Total Investments (cost $107,190,314)
(99.91%)(a) 111,924,405
Other Assets Less Liabilities (0.09%) 105,928
-------------
Net Assets (100.00%) $112,030,333
=============
(a) Aggregate cost for federal income tax purposes is $107,190,314. At
April 30, 2000 unrealized appreciation (depreciation) of
securities for federal income tax purposes is as follows:
Gross unrealized appreciation $5,396,587
Gross unrealized depreciation (662,496)
-------------
Net unrealized appreciation $4,734,091
=============
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of
$8,168,196 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, 2000, the market value of $3,992,776 of the U.S. Treasury
Bills were pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 2000:
(Contracts/delivery month/commitment)
Unrealized
Appreciation
(Depreciation)
--------------
NASDAQ 100 Stock Index
($100 times premium)
25/Jun/Long $ (682,500)
Dow Jones 2000 Stock Index
($10 times premium)
90/Jun/Long (389,500)
S&P 400 MidCap Stock Index
($500 times premium)
15/Jun/Long 32,500
Russell 2000 Stock Index
($500 times premium)
10/Jun/Long (158,750)
--------------
$(1,198,250)
==============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 2000
Rightime (Unaudited)
Family of Funds
The Rightime Blue Chip Fund
Portfolio of Investments
-----------------------------------------------------------------------------------
Value
Shares (Note 1)
------- --------------
<S> <C> <C> <C>
COMMON STOCK (89.29%)
INDUSTRIALS (71.92%)
Aerospace/Defense (0.76%)
15,971 Boeing Co. $ 633,849
3,694 General Dynamics Corp. 216,099
7,280 Lockheed Martin Corp. 181,090
1,277 Northrop Grumman Corp. 90,507
6,220 Raytheon Co. Cl. B 138,006
3,489 Rockwell International Corp. 137,379
8,732 United Technologies Corp. 543,021
-------------
1,939,951
-------------
Aluminum (0.25%)
4,028 Alcan Aluminium Ltd. 131,917
6,765 Alcoa Inc. 438,879
1,162 Reynolds Metals Co. 77,273
-------------
648,069
-------------
Auto Parts After Market (0.09%)
1,394 Cooper Tire & Rubber Co. 18,819
3,269 Genuine Parts Co. 85,811
2,874 Goodyear Tire & Rubber Co. 79,394
1,616 ITT Industries, Inc. 51,005
-------------
235,029
-------------
Automobiles (0.91%)
22,206 Ford Motor Co. 1,214,391
11,768 General Motors Corp. 1,101,779
-------------
2,316,170
-------------
Beverages (Alcoholic) (0.28%)
678 Adolph Coors Co. Class B 34,578
8,554 Anheuser-Busch Co., Inc. 603,592
1,259 Brown-Forman Corp. Class B 68,694
-------------
706,864
-------------
Beverages (Soft Drinks) (1.22%)
45,403 Coca-Cola Co. 2,136,779
26,762 PepsiCo, Inc. 981,831
-------------
3,118,610
-------------
Biotechnology (0.58%)
18,777 Amgen, Inc.* 1,051,512
2,762 Biogen, Inc.* 162,440
3,789 Pe Corp.-Biosystems Group 227,340
2,113 Quintiles Transnational Corp.* 30,242
-------------
1,471,534
-------------
Broadcast Media (1.37%)
14,016 CBS Corp.* 823,440
6,223 Clear Channel Communications* 448,056
17,033 Comcast Corp. Class A Special 682,385
11,250 Mediaone Group, Inc.* 850,781
12,813 Viacom International Class B* 696,707
-------------
3,501,369
-------------
Building Materials (0.11%)
8,218 Masco Corp. 184,391
1,008 Owens Corning 18,333
3,049 Sherwin-Williams Co. 75,844
-------------
278,568
-------------
Chemicals (0.82%)
4,215 Air Products & Chemicals, Inc. 130,928
4,031 Dow Chemical Co. 455,503
19,200 E.I. du Pont de Nemours & Co. 910,803
1,438 Eastman Chemical 75,225
2,025 Goodrich (B.F.) Co. 64,547
1,955 Hercules, Inc. 30,425
2,922 Praxair, Inc. 129,846
4,024 Rohm & Haas Co. 143,355
2,460 Union Carbide Corp. 145,140
-------------
2,085,772
-------------
Chemicals (Diversified) (0.16%)
2,071 Avery Dennison Corp. 135,909
2,313 Engelhard Corp. 40,622
562 FMC Corp.* 32,701
1,261 Mallinckrodt, Inc. 33,889
3,195 PPG Industries, Inc. 173,728
-------------
416,849
-------------
Chemicals (Specialty) (0.02%)
1,320 Grace (W.R.) & Co. 17,160
1,057 Great Lakes Chemical Corp. 28,473
-------------
45,633
-------------
Commercial Services (0.19%)
2,382 Ecolab, Inc. 93,047
748 National Service Industries, Inc. 16,082
3,262 Omnicom Group Inc. 297,046
1,280 Young & Rubicam Inc. 71,280
-------------
477,455
-------------
Communication (Equipment/Manufacturers) (7.73%)
5,521 ADC Telecommunications, Inc.* 335,401
1,481 Andrew Corp.* 43,597
125,786 Cisco Systems, Inc.* 8,720,508
4,764 Corning, Inc. 940,890
58,595 Lucent Technologies, Inc. 3,643,877
3,605 Molex, Inc. 198,050
6,699 Nextel Communications* 733,122
26,539 Northern Telecom Ltd. 3,005,542
13,565 Qualcomm, Inc.* 1,470,955
2,906 Scientific-Atlanta, Inc. 189,072
7,395 Tellabs, Inc.* 405,338
-------------
19,686,352
-------------
Computer Hardware (1.32%)
47,155 Dell Computer* 2,363,644
2,348 Lexmark International 277,064
3,968 Seagate Technology* 201,624
10,895 Solectron Corp.* 510,022
-------------
3,352,354
-------------
Computer Software (9.38%)
6,294 3 Com Corporation* 248,220
2,179 Adobe Systems, Inc. 263,523
5,771 ALLTEL Corp. 384,493
41,942 America Online, Inc.* 2,508,656
1,132 Autodesk, Inc. 43,440
11,586 Automatic Data Processing, Inc. 623,472
4,489 BMC Software, Inc.* 210,141
10,763 Computer Associates
International, Inc. 600,710
3,076 Computer Sciences Corp.* 250,886
6,626 Compuware Corp.* 83,239
8,654 Electronic Data Systems 594,962
18,704 EMC Corp.* 2,598,687
7,703 First Data Corp. 375,040
5,659 IMS Health, Inc. 96,557
95,680 Microsoft Corp.* 6,673,680
1,775 NCR Corporation 68,559
5,598 Network Appliance 413,902
6,004 Novell, Inc.* 117,828
51,866 Oracle Corp.* 4,146,038
5,054 Parametric Technology Corp.* 41,222
4,934 Peoplesoft, Inc. 68,768
494 Shared Medical Systems Corp. 20,470
3,385 Silicon Graphics, Inc.* 24,330
29,017 Sun Microsystems, Inc.* 2,667,750
7,110 Veritas Software Corp.* 762,659
-------------
23,887,232
-------------
Computer Systems (2.66%)
1,911 Adaptec, Inc. 51,597
2,972 Apple Computer, Inc.* 368,714
3,350 Cabletron Systems, Inc.* 76,631
2,658 Ceridian Corp.* 57,645
3,294 Citrix Systems * 201,140
31,140 COMPAQ Computer Corp. 910,845
2,806 Comverse Technology, Inc.* 250,260
5,819 Gateway 2000 321,500
33,137 International Business
Machines Corp. 3,698,918
4,968 Micron Technology Inc.* 691,794
5,709 Unisys Corp.* 132,377
-------------
6,761,421
-------------
Conglomerates (5.39%)
1,719 Allegheny Technologies Inc.* 41,578
60,314 General Electric Co. 9,484,376
14,552 Honeywell International Inc. 814,912
7,335 Minnesota Mining &
Manufacturing Co. 634,478
3,150 Pactiv Corporation* 25,791
7,969 Seagram Co. Ltd. 430,326
2,734 Textron, Inc. 169,337
23,650 Time Warner, Inc. 2,127,022
-------------
13,727,820
-------------
Containers (Metal & Glass) (0.02%)
556 Ball Corp. 17,514
2,377 Crown Cork & Seal Co., Inc. 38,626
-------------
56,140
-------------
Containers (Paper) (0.03%)
962 Bemis Co., Inc. 35,414
1,027 Temple-Inland Inc. 51,478
-------------
86,892
-------------
Cosmetics (0.39%)
1,024 Alberto-Culver Co. Class B 24,192
4,454 Avon Products, Inc. 184,841
19,717 Gillette Co. 729,529
1,932 International Flavors &
Fragrances, Inc. 66,533
-------------
1,005,095
-------------
Electrical Equipment (0.21%)
7,923 Emerson Electric Co. 434,775
1,063 Thomas & Betts Corp. 32,754
1,716 W.W. Grainger, Inc. 74,432
-------------
541,961
-------------
Electronics (Instrumentation) (1.02%)
18,474 Hewlett-Packard Co. 2,493,990
878 Perkinelmer Inc. 48,070
870 Tektronix, Inc. 50,322
-------------
2,592,382
-------------
Electronics (Semiconductors) (6.42%)
2,706 Advanced Micro Devices, Inc.* 237,452
3,285 Altera Corp.* 335,892
6,430 Analog Devices, Inc.* 493,905
14,069 Applied Materials, Inc.* 1,432,400
3,947 Conexant Systems Inc.* 236,327
61,416 Intel Corp. 7,788,316
3,375 KLA Instruments Corp.* 252,703
4,800 Linear Technology Corp. 274,200
5,468 LSI Logic Corp.* 341,750
13,036 Motorola, Inc. 1,552,099
3,153 National Semiconductor Corp.* 191,545
3,143 Teradyne, Inc.* 345,730
14,945 Texas Instruments, Inc. 2,434,167
5,906 Xilinx, Inc.* 432,614
-------------
16,349,100
-------------
Entertainment (0.78%)
11,342 Carnival Corp. 282,132
2,363 Harrah's Entertainment, Inc.* 48,589
38,049 Walt Disney Co. 1,647,997
-------------
1,978,718
-------------
Food Wholesalers (0.11%)
2,566 SuperValu Inc. 53,084
6,066 Sysco Corp. 228,233
-------------
281,317
-------------
Foods (0.93%)
11,161 Archer-Daniels-Midland Co. 110,912
5,127 Bestfoods Intl. 257,632
7,838 Campbell Soup Co. 203,788
7,820 Coca-Cola Enterprises, Inc. 166,664
9,051 ConAgra, Inc. 170,838
5,536 General Mills, Inc. 201,372
6,519 H.J. Heinz Co. 221,646
2,544 Hershey Foods Corp. 115,434
7,453 Kellogg Co. 182,133
5,995 Nabisco Group Holding Corp. 77,186
2,459 Quaker Oats Co. 160,296
5,549 Ralston-Purina Group 98,148
16,707 Sara Lee Corp. 250,605
2,128 Wrigley, (Wm.) Jr. Co. 154,014
-------------
2,370,668
-------------
Gold Mining (0.12%)
7,248 Barrick Gold Corp. 121,857
3,004 Freeport-McMoRan Copper &
Gold Inc. Class B 28,914
4,784 Homestake Mining Co. 28,704
3,080 Newmont Mining Corp. 72,188
5,984 Placer Dome Group, Inc. 48,620
-------------
300,283
-------------
Hardware & Tools (0.06%)
1,597 Black & Decker Corp.* 67,174
1,076 Snap-On Inc. 28,447
1,644 Stanley Works 48,498
-------------
144,119
-------------
Health Care (Diversified) (3.32%)
28,258 Abbott Laboratories, Inc. 1,086,167
24,003 American Home Products Corp. 1,348,669
36,466 Bristol-Myers Squibb Co. 1,912,186
25,578 Johnson & Johnson 2,110,185
3,121 United Healthcare Corp. 208,132
15,785 Warner-Lambert Co. 1,796,530
-------------
8,461,869
-------------
Health Care (Drugs) (3.92%)
2,417 Allergan, Inc. 142,301
20,046 Eli Lilly & Co. 1,549,806
42,967 Merck & Co., Inc. 2,986,207
71,160 Pfizer, Inc. 2,997,615
23,007 Pharmacia Corp. 1,148,912
27,002 Schering-Plough Corp. 1,088,518
1,764 Watson Pharmaceuticals, Inc.* 79,270
-------------
9,992,629
-------------
Health Care (Miscellaneous) (0.21%)
1,877 ALZA Corp.* 82,705
5,171 Cardinal Health, Inc. 284,728
1,894 HCR Manor Care 22,610
7,097 HEALTHSOUTH Corp.* 57,220
1,170 Wellpoint Health Networks 86,288
-------------
533,551
-------------
Heavy Duty Trucks & Parts (0.13%)
761 Cummins Engine Co., Inc. 27,063
3,024 Dana Corp. 91,854
1,353 Eaton Corp. 113,652
1,162 Navistar International Corp.* 40,670
1,440 Paccar, Inc. 68,490
-------------
341,729
-------------
Homebuilding (0.02%)
1,092 Centex Corp. 26,344
877 Kaufman & Broad Home Corp. 16,882
795 Pulte Corp. 17,092
-------------
60,318
-------------
Hospital Management Companies (0.18%)
10,355 Columbia/HCA Healthcare Corp. 294,470
3,078 Humana, Inc.* 23,662
5,734 Tenet Healthcare Corp.* 146,217
-------------
464,349
-------------
Hotel/Motel (0.11%)
6,776 Hilton Hotels Corp. 57,596
4,573 Marriott Intl (com) 146,336
3,552 Mirage Resorts, Inc.* 72,372
-------------
276,304
-------------
Household Furnishings & Appliances (0.06%)
736 Armstrong World Industries Inc. 14,398
1,552 Maytag Corp. 53,447
1,368 Whirlpool Corp. 89,091
-------------
156,936
-------------
Household Products (1.09%)
4,348 Clorox Co. 159,789
10,710 Colgate-Palmolive Co. 611,809
3,016 Fortune Brands 75,400
24,187 Procter & Gamble Co. 1,442,150
10,508 Unilever N.V. ADR 478,771
-------------
2,767,919
-------------
Housewares (0.06%)
5,184 Newell 130,572
1,060 Tupperware Corp. 20,008
-------------
150,580
-------------
Machinery (Diversified) (0.26%)
422 Briggs & Stratton Corp. 16,194
6,536 Caterpillar, Inc. 257,764
1,731 Cooper Industries, Inc. 59,395
4,302 Deere & Co. 173,693
3,007 Ingersoll-Rand Co. 141,141
680 Milacron, Inc. 12,410
-------------
660,597
-------------
Manufacturing (Diversified Industries) (0.98%)
1,211 Crane Co. 32,546
2,617 Danaher Corp. 149,496
3,743 Dover Corp. 190,191
5,524 Illinois Tool Works, Inc. 353,881
1,571 Johnson Controls, Inc. 99,464
832 Millipore Corp. 59,644
150 NACCO Industries, Inc. Class A 6,731
2,280 Pall Corp. 50,872
2,061 Parker Hannifin Corp. 95,836
1,138 Timkin Co. 21,053
31,087 Tyco Intl Ltd. 1,428,059
-------------
2,487,773
-------------
Manufacturing (Specialized Industries) (0.07%)
3,608 Leggett & Platt, Inc. 77,121
2,759 Owens-Illinois, Inc.* 37,246
2,908 Thermo Electron Corp.* 56,342
-------------
170,709
-------------
Medical Products & Supplies (0.95%)
1,061 Bausch & Lomb, Inc. 64,058
5,348 Baxter International Inc. 348,288
4,625 Becton, Dickinson & Co. 118,516
2,075 Biomet, Inc.* 74,052
7,622 Boston Scientific Corp.* 201,983
941 C.R. Bard, Inc. 41,001
5,650 Guidant Corp. 324,169
21,956 Medtronic, Inc. 1,140,340
1,854 Sigma Aldrich Corp. 54,461
1,547 St. Jude Medical, Inc.* 48,247
-------------
2,415,115
-------------
Metals Miscellaneous (0.07%)
1,398 Fluor Corp. 46,920
3,528 Inco Ltd. 55,125
1,488 Phelps Dodge Corp. 68,820
-------------
170,865
-------------
Miscellaneous (1.40%)
1,186 American Greetings Corp. Class A 21,496
1,688 Brunswick Corp. 32,388
12,978 Cendant Corporation* 200,348
1,349 Deluxe Corp. 33,978
5,803 Eastman Kodak Co. 324,560
1,808 H & R Block, Inc. 75,597
1,308 Harcourt General, Inc. 48,887
5,564 Harley-Davidson, Inc. 221,517
5,159 Interpublic Group of Cos., Inc. 211,519
613 Jostens Inc. 15,133
1,755 Kerr-McGee Corp. 90,821
1,949 Loews Corp. 107,439
5,179 Mckesson HBO Inc 87,396
4,543 Paychex, Inc. 239,075
818 Polaroid Corp. 16,513
2,324 R.R. Donnelley & Sons Co. 49,385
1,535 Sealed Air Corp.* 85,384
329 Springs Industries Inc. Class A 13,510
2,235 TRW, Inc. 130,748
7,992 Williams Cos., Inc. 298,202
9,678 Yahoo Inc.* 1,260,560
-------------
3,564,456
-------------
Office Equipment & Supplies (0.24%)
2,753 Ikon Office Solutions, Inc. 16,174
6,053 Office Depot, Inc.* 63,935
4,876 Pitney Bowes, Inc. 199,306
12,211 Xerox Corp. 322,828
-------------
602,243
-------------
Oil & Gas Drilling (0.09%)
4,197 El Paso Energy Corp. 178,372
1,697 Rowan Cos., Inc.* 47,410
-------------
225,782
-------------
Oil (Domestic Integrated) (0.33%)
1,667 Amerada Hess Corp. 106,063
1,306 Ashland Inc. 44,567
6,757 Occidental Petroleum Corp. 144,853
4,656 Phillips Petroleum Co. 220,869
1,659 Sunoco 50,288
4,456 Unocal Corp. 143,984
5,712 USX-Marathon Group 133,161
-------------
843,785
-------------
Oil (Exploration & Production) (0.21%)
2,344 Anadarko Petroleum Corp. 101,818
2,097 Apache Corp. 101,573
3,998 Burlington Resources, Inc. 157,171
2,645 Tosco Corp. 84,805
4,632 Union Pacific Resources Group, Inc. 88,876
-------------
534,243
-------------
Oil (International Integrated) (3.73%)
9,730 BP Amoco Plc. ADR 496,236
12,064 Chevron Corp. 1,026,948
11,510 Conoco, Inc. Class B 286,311
63,486 Exxon Mobil Corp. 4,932,069
39,420 Royal Dutch Petroleum Co. ADR 2,261,722
10,166 Texaco Inc. 503,217
-------------
9,506,503
-------------
Oil Well Equipment & Services (0.59%)
6,052 Baker Hughes, Inc. 192,529
8,121 Halliburton Co. 358,847
1,095 McDermott International, Inc. 8,897
10,108 Schlumberger Ltd. 773,894
3,842 Transocean Offshore 180,574
-------------
1,514,741
-------------
Paper & Forest Products (0.70%)
1,051 Boise Cascade Corp. 34,223
1,768 Champion International Corp. 116,246
3,978 Fort James Corp. 95,223
3,143 Georgia-Pacific Corp. 115,505
7,612 International Paper Co. 279,741
10,213 Kimberly-Clark Corp. 592,992
1,957 Louisiana-Pacific Corp. 26,175
1,887 Mead Corp. 65,691
532 Potlatch Corp. 20,981
1,839 Vulcan Materials Co. 80,571
1,844 Westvaco Corp. 56,934
4,317 Weyerhaeuser Co. 230,690
2,051 Williamette Industries 78,323
-------------
1,793,295
-------------
Publishing (0.12%)
2,957 Dun & Bradstreet Corp. 89,080
3,605 McGraw-Hill Cos. 189,262
945 Meredith Corp. 26,283
-------------
304,625
-------------
Publishing (Newspapers) (0.36%)
1,651 Dow Jones & Co., Inc. 107,109
5,125 Gannett Co., Inc. 327,359
1,543 Knight-Ridder, Inc. 75,703
3,148 New York Times Co. Class A 129,658
1,103 Times Mirror Co. Class A 107,611
4,368 Tribune Co. 169,806
-------------
917,246
-------------
Restaurants (0.45%)
2,356 Darden Restaurants, Inc.* 43,439
24,891 McDonald's Corp. 948,969
2,776 Tricon Global Restaurants * 94,731
2,198 Wendy's International, Inc. 49,180
-------------
1,136,319
-------------
Retail Stores (Department) (0.18%)
1,929 Dillard's, Inc. 26,885
3,860 Federated Department Stores* 131,240
4,786 J.C. Penney Co., Inc. 66,107
6,112 May Department Stores Co. 168,080
2,474 Nordstrom, Inc. 68,808
-------------
461,120
-------------
Retail Stores (Drugs) (0.22%)
723 Longs Drug Stores, Inc. 16,810
4,762 Rite Aid Corp. 23,810
18,498 Walgreen Co. 520,256
-------------
560,876
-------------
Retail Stores (Food Chains) (0.23%)
7,787 Albertson's, Inc. 253,564
705 Great Atlantic & Pacific Tea Co., Inc. 12,910
15,333 Kroger Co.* 284,619
2,687 Winn Dixie Stores, Inc. 44,503
-------------
595,596
-------------
Retail Stores (General Merchandise) (2.13%)
2,037 Consolidated Stores, Inc.* 25,335
8,946 Kmart Corp. * 72,686
6,948 Sears, Roebuck & Co. 254,470
8,055 Target Corp. 536,161
81,865 Wal-Mart Stores, Inc. 4,533,274
-------------
5,421,926
-------------
Retail Stores (Specialty - Apparel) (0.34%)
15,642 Gap, Inc. 574,844
3,949 Limited, Inc. 178,445
5,700 TJX Cos., Inc. 109,369
-------------
862,658
-------------
Retail Stores (Specialty) (2.20%)
2,540 AutoZone, Inc.* 58,261
2,580 Bed Bath & Beyond, Inc.* 94,654
3,758 Best Buy, Inc.* 303,458
3,738 Circuit City Stores, Inc. 219,841
8,173 Costco Companies* 441,853
7,203 CVS Corporation 313,331
10,388 Delphi Automotive Systems 198,671
4,858 Dollar General Corp. 111,127
42,324 Home Depot, Inc. 2,372,789
5,994 Kohls Corp.* 287,712
7,027 Lowes Cos., Inc. 347,836
9,354 Safeway, Inc. 412,745
8,634 Staples, Inc.* 164,586
3,553 Tandy Corp. 202,521
4,412 Toys R Us, Inc.* 67,283
-------------
5,596,668
-------------
Shoes (0.09%)
5,073 Nike, Inc. Class B 220,358
1,034 Reebok International Ltd.* 17,578
-------------
237,936
-------------
Steel (0.06%)
2,409 Bethlehem Steel Corp.* 12,948
1,603 Nucor Corp. 68,929
1,625 USX-U.S. Steel Group 40,727
1,641 Worthington Industries, Inc. 20,307
-------------
142,911
-------------
Telecommunications (Long Distance) (2.91%)
58,739 AT&T Corp. 2,742,377
14,333 Global Crossing Ltd. 451,490
52,180 MCI WorldCom, Inc.* 2,370,929
16,020 Sprint Corp. 985,230
15,844 Sprint Corp. (PCS Group)* 871,420
-------------
7,421,446
-------------
Textile (Apparel Manufacturers) (0.05%)
1,087 Liz Claiborne, Inc. 50,342
608 Russell Corp. 11,932
2,171 VF Corp. 61,331
-------------
123,605
-------------
Tobacco (0.39%)
43,502 Philip Morris Cos., Inc. 951,606
3,146 UST Inc. 47,190
-------------
998,796
-------------
Toys (0.06%)
3,561 Hasbro, Inc. 56,753
7,731 Mattel, Inc. 94,705
-------------
151,458
-------------
Waste Management (0.08%)
3,469 Allied Waste Industries, Inc.* 21,248
11,388 Waste Management, Inc. 180,784
-------------
202,032
-------------
Total Industrial 183,195,236
-------------
TRANSPORTATION (0.59%)
Airlines (0.18%)
2,722 AMR Corp.* 92,718
2,373 Delta Air Lines, Inc. 125,176
9,272 Southwest Airlines Co. 201,086
1,314 USAir Group, Inc.* 36,546
-------------
455,526
-------------
Railroads (0.29%)
8,399 Burlington Northern Santa Fe Corp. 202,626
4,013 CSX Corp. 84,022
2,032 Kansas City Southern Industries, Inc. 146,050
7,022 Norfolk Southern Corp. 123,763
4,569 Union Pacific Corp. 192,469
-------------
748,930
-------------
Transportation (Miscellaneous) (0.12%)
5,329 Fedex Corp. 200,837
1,180 Ryder System, Inc. 26,181
2,380 Sabre Holdings Corp. 83,151
-------------
310,169
-------------
Total Transportation 1,514,625
-------------
UTILITIES (5.26%)
Electric Companies (1.33%)
2,522 Ameren Corp. 92,526
3,568 American Electric Power Co., Inc. 130,678
2,934 Carolina Power & Light Co. 107,274
3,909 Central & South West Corp. 84,776
2,921 CINergy Corp. 78,137
4,063 Consolidated Edison, Inc. 142,967
2,749 Constellation Energy Group 90,889
4,375 Dominion Resources 196,875
2,667 DTE Energy Co. 87,011
6,722 Duke Power Co. 386,515
6,383 Edison International 121,676
4,536 Entergy Corp. 115,384
4,284 Firstenergy Corp. 108,974
3,295 FPL Group, Inc. 148,893
2,269 GPU Inc. 63,674
3,443 Niagara Mohawk Power Corp. 47,772
2,846 Northern States Power Co. 62,078
3,415 PECO Energy Corp. 142,363
7,059 PG & E Corporation 183,093
2,641 PPL Corp. 63,054
4,018 Public Service Enterprise Group Inc. 144,146
5,434 Reliant Energy Inc. 144,680
12,375 Southern Co. 308,602
5,081 Texas Utilities Co. 171,166
3,998 Unicom Corp. 158,920
-------------
3,382,123
-------------
Electric Utilities (0.23%)
3,794 AES Corp.* 341,223
2,128 CMS Energy Corp. 40,432
1,805 Florida Progress Corp. 88,445
2,124 New Century Energies 69,296
1,558 Pinnacle West Capital Corp. 54,725
-------------
594,121
-------------
Natural Gas (0.54%)
3,928 Coastal Corp. 197,137
1,494 Columbia Gas Systems, Inc. 93,749
497 Eastern Enterprises 30,255
13,155 Enron Corp. 916,739
865 NICOR, Inc. 29,302
568 Oneok, Inc. 14,342
653 Peoples Energy Corp. 20,284
3,755 Sempra Energy 69,702
-------------
1,371,510
-------------
Telephone (3.16%)
28,542 Bell Atlantic Corp. 1,691,114
34,602 BellSouth Corp. 1,684,685
2,568 Century Tel, Inc. 62,916
17,863 GTE Corp. 1,210,218
62,711 SBC Communications Inc. 2,747,526
9,289 U S WEST, Inc. 661,261
-------------
8,057,720
-------------
Total Utilities 13,405,474
-------------
FINANCIAL (11.52%)
Banks (0.92%)
13,535 Bank of New York, Inc. 555,781
2,875 Comerica, Inc. 121,828
5,675 Fifth Third Bancorp 358,234
18,015 Firstar Corporation 448,123
4,092 Northern Trust Corp. 262,400
4,019 Regions Financial Corp. 82,138
3,085 Southtrust Corp. 73,654
2,941 State Street Boston 284,909
3,212 Summit Bancorp 81,504
2,593 Union Planters Corp. 73,414
-------------
2,341,985
-------------
Brokerage (0.31%)
15,073 Charles Schwab Corp. 670,748
2,623 PaineWebber Group, Inc. 115,084
-------------
785,832
-------------
Financial Miscellaneous (3.06%)
8,229 American Express Co. 1,234,865
4,542 American General Corp. 254,352
13,387 Associates First Capital 297,024
2,085 Bear Stearns Co., Inc. 89,394
3,625 Capital One Financial Corp. 158,594
2,083 Countrywide Credit Industries, Inc. 57,543
12,779 Federal Home Loan Mortgage Corp. 587,035
18,841 Federal National Mortgage Assn. 1,136,348
8,641 Household International, Inc. 360,762
2,206 Lehman Brothers Holdings, Inc. 181,030
4,904 Marsh & McLennan Cos., Inc. 483,350
1,831 MBIA, Inc. 90,520
14,739 MBNA Corp. 391,505
6,814 Merrill Lynch & Co., Inc. 694,602
20,944 Morgan Stanley Dean Witter & Co. 1,607,452
2,924 Student Loan Marketing 91,558
5,142 Synovus Financial Corp. 95,448
-------------
7,811,382
-------------
Insurance (0.25%)
4,891 AFLAC, Inc. 238,742
4,717 Aon Corp. 127,654
3,017 Cincinnati Financial Corp. 121,623
2,599 Equifax, Inc. 63,513
1,344 Progressive Corp. of Ohio 87,948
-------------
639,480
-------------
Investment Management (0.09%)
4,571 Franklin Resources Corp. 147,415
2,200 T. Rowe Price 83,875
-------------
231,290
-------------
Life Insurance (0.23%)
6,014 Conseco Co., Inc. 32,701
1,925 Jefferson-Pilot Corp. 128,133
3,594 Lincoln National Corp. 125,116
2,610 Providian Financial Corp. 229,843
2,418 Torchmark Corp. 60,601
-------------
576,394
-------------
Major Regional Banks (1.78%)
7,190 Amsouth Bancorp 104,704
6,385 BB&T Corp. 170,001
18,155 First Union Corp. 578,691
16,828 Fleet Boston Corp. 596,343
4,207 Huntington Bancshares Inc. 76,778
8,222 KeyCorp 152,107
9,350 Mellon Financial Corp. 300,369
11,332 National City Corp. 192,644
2,243 Old Kent Financial Corp. 67,571
5,404 PNC Bank Corp. 235,750
5,882 SunTrust Banks, Inc. 298,512
13,846 U.S Bancorp Del Com 281,247
3,727 Wachovia Corp. 233,637
30,350 Wells Fargo Company 1,246,247
-------------
4,534,601
-------------
Money Center Banks (1.45%)
21,079 Banc One Corp. 642,910
31,383 Bank Of America 1,537,767
15,162 Chase Manhattan Corp. 1,092,612
3,183 J.P. Morgan & Co., Inc. 408,618
-------------
3,681,907
-------------
Multi-Line Insurance (3.08%)
2,629 Aetna, Inc. 152,154
14,807 Allstate Corp. 349,816
28,461 American International Group, Inc. 3,121,816
3,099 CIGNA Corp. 247,145
61,983 Citigroup, Inc. 3,684,115
4,074 ITT Hartford Group, Inc. 212,612
4,412 Unumprovident Corp. 75,004
-------------
7,842,662
-------------
Property-Casualty Insurance (0.20%)
3,234 Chubb Corp. 205,763
1,943 MGIC Investment Corp. 92,900
2,389 SAFECO Corp. 52,857
4,178 St. Paul Cos., Inc. 148,841
-------------
500,361
-------------
Savings & Loans Companies (0.15%)
2,970 Golden West Financial Corp. 101,351
10,612 Washington Mutual Inc. 271,269
-------------
372,620
-------------
Total Financial 29,318,514
-------------
Total Common Stock
(cost $126,198,351) 227,433,849
-------------
Principal
Amount
----------
SHORT-TERM INVESTMENTS, (10.89%)
Repurchase Agreement, (5.80%)(b)
$14,766,000 First Boston 5.80%; 5/1/00
(cost $14,766,000 ; maturity
value $14,773,137) 14,766,000
United States Treasury Bill (5.09%)(c)
13,000,000 5.54%; 5/11/00 (cost $12,980,264) 12,980,264
-------------
Total Short-term Investments
(cost $27,746,264) 27,746,264
-------------
Total Investments (cost $153,944,615)
(100.18%)(a) 255,180,113
-------------
Liabilities Less Other Assets (-0.18%) (467,555)
Net Assets (100.00%) $254,712,558
-------------
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $153,944,615. At
April 30, 2000 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $111,277,887
Gross unrealized depreciation (10,042,389)
-------------
Net unrealized appreciation $101,235,498
=============
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of
$15,060,518 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, 2000, the market value of $12,980,264 of the U.S.
Treasury Bills were pledged to cover margin requirements for futures
contracts.
Futures contracts at April 30, 2000:
(Contracts-$250 times premium/delivery
month/commitment)
Unrealized
Depreciation
-------------
S&P 500 Stock Index:
75/June/Long $ (733,125)
=============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] April 30, 2000
Rightime (Unaudited)
Family of Funds
The Rightime
Social Awareness Fund
Portfolio of Investments
-------------------------------------------------------------------------------------
Value
Shares (Note 1)
------------ --------------
<S> <C> <C> <C>
COMMON STOCK (98.80%)
Banks & Money Centers (19.48%)
26,000 Firstar Corp. $ 646,750
22,000 MBNA Corp. 584,375
7,000 Providian Financial Corp. 616,437
10,000 Suntrust Banks Inc. 507,500
-------------
2,355,062
-------------
Computer Hardware, Software & Services (4.62%)
10,000 Computer Associates Int. 558,125
-------------
Financial (Miscellaneous) (11.34%)
8,000 Block (H&R) Inc. 334,500
12,000 Fannie Mae 723,750
10,000 Student Loan Marketing 313,125
-------------
1,371,375
-------------
Foods & Beverages (4.04%)
20,000 Kellog Co. 488,750
-------------
Food Wholesaler & Supermarkets (5.94%)
30,000 Kroger Co. 556,875
6,500 Super Valu, Inc. 134,469
2,000 Wild Oats Markets Inc. 26,500
-------------
717,844
-------------
Household Products (3.97%)
3,000 Tupperware Corp 56,625
6,500 Whirlpool Corp. 423,312
-------------
479,937
-------------
Insurance (13.11%)
9,500 Jefferson-Pilot Corp. 632,344
15,000 Lincoln National Corp 522,188
9,000 MGIC Investment Corp. 430,313
-------------
1,584,845
-------------
Manufacturing (5.56%)
4,200 Black & Decker Corp. 176,663
3,000 Fastenal Co. 175,312
15,000 Leggett & Platt 320,625
-------------
672,600
-------------
Minning Metals / Steel (2.94%)
10,000 Echo Bay Mines LTD 11,875
8,000 Nucor Corp. 344,000
-------------
355,875
-------------
Miscellaneous (3.69%)
3,000 Bemis Company Inc. 110,437
2,500 Cummins Engine Co. Inc. 88,906
5,500 Watson Pharmaceutical Inc. 247,156
-------------
446,499
-------------
Retail Stores (Speciality) (22.11%)
9,000 AutoZone Inc. 206,438
3,000 Claire's Stores 55,312
20,000 Dollar General Corp. 457,500
30,000 Kmart Corp. 243,750
10,000 Lowe's Companies 495,000
2,500 Men's Wearhouse Inc. 53,594
18,000 Sears, Roebuck and Co. 659,250
25,000 Staples, Inc. 476,563
3,000 Stride Rite Corp. 25,313
-------------
2,672,720
-------------
Utilities (2.00%)
5,600 Keyspan Energy Corp. 164,500
2,500 Peoples Energy Corp. 77,656
-------------
242,156
-------------
Total Common Stock
(cost $12,140,257) 11,945,788
-------------
SHORT-TERM INVESTMENT (1.16%)
Repurchase Agreement (1.16%)(b)
$140,000 C.S. First Boston
5.80%;5/1/00; (cost $140,000;
maturity value $140,068) $ 140,000
-------------
Total Short-term Investments
(cost $140,000) 140,000
-------------
Total Investments (cost $12,280,257)
(99.96%)(a) 12,085,788
Other Assets Less Liabilities (.04%) 5,159
-------------
Net Assets (100.00%) $12,090,947
=============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $12,280,257. At
April 30, 2000 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $ 408,241
Gross unrealized depreciation (602,710)
-------------
Net unrealized appreciation $(194,469)
=============
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of $142,846
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, 2000
Rightime (Unaudited)
Family of Funds
The Rightime Midcap Fund
Portfolio of Investments
-------------------------------------------------------------------------------------
Value
Shares (Note 1)
-------------- --------------
<S> <C> <C> <C>
COMMON STOCK (81.72%)
INDUSTRIALS (65.18%)
Aerospace/Defense (0.37%)
2,489 Cordant Technologies, Inc. $ 140,940
1,661 Precision Castparts Corp. 69,347
703 Sequa Corp. Class A* 34,623
2,100 Universal Corp. 39,638
-------------
284,548
-------------
Auto Parts After Market (0.35%)
1,485 Bandag, Inc. 35,454
2,114 SPX Corp. 232,276
-------------
267,730
-------------
Auto Parts & Equipment(0.51%)
1,751 Arvin Industries, Inc. 38,084
1,833 Borg-Warner Automotive, Inc. 76,642
5,005 Federal-Mogul Corp. 67,880
4,549 Lear Company* 136,186
4,685 Meritor Automotive Inc. 70,275
-------------
389,067
-------------
Biotechnology (1.57%)
12,314 Chiron Corp.* 557,209
3,900 Edwards Lifesciences* 58,501
5,703 Genzyme Corp.* 278,378
2,978 Gilead Sciences, Inc. 161,370
1,820 Incyte Pharmaceuticals Inc.* 140,140
-------------
1,195,598
-------------
Broadcast Media (2.08%)
2,348 Chris-Craft Industries, Inc.* 144,255
3,684 Hispanic Broadcasting Corp. 372,314
3,454 Sylvan Learning Systems 52,026
6,910 Univision Communications Inc.* 754,918
7,520 Westwood One, Inc. 266,020
-------------
1,589,533
-------------
Building Materials (0.65%)
1,832 Granite Construction Co. 43,510
3,166 Martin Marietta Materials, Inc. 167,798
2,434 Southdown, Inc. 141,476
3,351 USG Corp. 139,904
-------------
492,688
-------------
Chemicals & Materials (2.25%)
2,110 A. Schulman Inc. 27,166
4,759 Airgas, Inc.* 27,959
3,169 Albemarle Corp. 66,351
4,482 Cabot Corp. 121,014
8,062 CK Witco Corporation 94,729
2,862 Cytec Industries, Inc.* 86,218
1,562 Dexter Corp. 85,715
5,658 Ethyl Corp. 17,681
2,392 Ferro Corp. 54,717
2,099 Georgia Gulf Corp. 50,507
952 H.B. Fuller Co. 36,592
7,760 IMC Global Inc. 119,795
3,702 Lubrizol Corp. 94,864
7,971 Lyondell Petrochemical Co. 146,467
3,315 M.A. Hanna Co. 38,122
367 NCH Corp. 15,873
3,054 Olin Corp. 54,208
7,322 RPM Inc. (Ohio) 74,135
7,466 Solutia Inc. 101,724
4,216 Waters Corporation 399,466
-------------
1,713,303
-------------
Commercial Services (Specialized) (2.70%)
1,803 Banta Corp. 35,271
11,296 Cintas Corp. 447,604
10,352 Convergys Corp.* 455,488
8,312 Fiserv, Inc.* 381,832
4,655 Harte-Hanks, Inc. 115,211
1,757 Jacobs Engineering Group Inc.* 55,016
6,510 Modis Professional Services* 49,232
2,823 Navigant Consulting 28,054
1,720 NCO Group, Inc. 59,125
3,353 Ogden Corp. 32,901
6,081 Robert Half International, Inc.* 371,701
2,039 Rollins, Inc. 29,311
-------------
2,060,746
-------------
Communications Equipment (0.39%)
2,675 Adtran Inc* 180,730
2,221 L-3 Communications Hldgs Inc.* 118,268
-------------
298,998
-------------
Computer Hardware (2.21%)
11,886 Jabil Circuit, Inc. 486,583
5,179 Microchip Technology, Inc.* 321,422
11,169 Quantum Corp. - Dlt & Storage 131,236
8,518 Sanmina Corp. 511,612
6,791 Storage Technology Corp.* 88,283
3,526 Tech Data Corp.* 147,872
-------------
1,687,008
-------------
Computer Software & Services (9.20%)
5,825 Acxiom Corp.* 157,275
3,345 Affiliated Computer Services 110,803
16,507 Cadence Design Systems, Inc.* 277,524
4,095 Cambridge Technology Partners* 45,045
3,713 Checkfree Holdings Corp.* 188,667
10,381 Comdisco, Inc. 322,460
13,941 Concord EFS, Inc.* 311,930
3,280 Csg Systems Intl Inc* 151,290
4,298 DST Systems, Inc. 318,858
4,285 Electronic Arts* 259,242
5,965 Gartner Group, Inc. Class B 64,497
13,649 Informix Corp.* 150,139
13,240 Intuit, Inc.* 475,812
4,859 Keane, Inc.* 140,304
5,761 Legato Systems * 74,533
3,230 Macromedia Inc.* 281,010
4,352 Mentor Graphics Corp.* 57,120
9,437 Network Associates* 240,054
1,480 Nvidia* 131,905
2,411 Policy Management Systems Corp.* 31,946
5,920 Rational Soft* 503,940
13,067 Siebel Systems* 1,605,608
2,422 Structural Dynamics Research Corp.* 32,394
8,693 SunGard Data Systems* 300,452
5,527 Sybase Inc.* 111,576
2,872 Sykes Enterprises, Inc. 57,440
3,941 Symantec Corp.* 246,066
4,802 Synopsys, Inc.* 201,684
3,000 Titan Corp 128,812
2,207 Transaction Systems Architects 36,002
-------------
7,014,388
-------------
Consumer Products (0.76%)
3,287 Blyth Industries, Inc. 97,583
2,633 Church and Dwight, Inc. 47,065
7,143 Dial Corp. 99,556
6,715 Energizer Holdings* 114,575
7,431 R.J. Reynolds Tobacco Holdings 154,193
3,619 Westpoint Stevens, Inc. 67,856
-------------
580,828
-------------
Electrical Components & Other Equipment (4.91%)
6,507 Arrow Electronics, Inc.* 285,088
14,886 Atmel Corp.* 728,484
2,843 Avnet, Inc. 223,531
4,445 Cirrus Logic* 72,787
4,389 Hubbell Inc. Class B 114,388
1,634 Magnatek* 13,583
18,530 Maxim Integrated Products, Inc.* 1,200,976
5,157 Sensormatic Electronics Corp. 86,057
8,998 Symbol Technologies, Inc.* 501,625
3,056 UCAR International, Inc.* 40,301
5,739 Vishay Intertechnology, Inc.* 481,401
-------------
3,748,221
-------------
Electrical Equipment (1.25%)
6,172 Integrated Device Technology, Inc.* 296,642
2,864 Sawtek Inc.* 136,935
9,774 SCI Systems, Inc.* 520,466
-------------
954,043
-------------
Electronic (Semiconductors) (3.70%)
7,408 Cypress Semiconductor Corp.* 384,753
2,540 Micrel Inc.* 219,710
7,953 Novellus Systems, Inc.* 530,366
4,955 Qlogic Corp* 497,048
2,550 Transwitch Corp.* 224,559
2,508 Triquint Semiconductor Inc 257,854
10,403 Vitesse Semiconductor Corp.* 708,054
-------------
2,822,344
-------------
Food & Beverages (2.03%)
2,676 Bob Evans Farms, Inc. 34,955
2,506 Dean Foods Corp. 61,397
3,785 Dole Food Co. 66,474
1,878 Dreyer's Grand Ice Cream, Inc. 45,072
6,800 Flowers Industries, Inc. 103,700
2,864 Hannaford Brothers Co. 207,282
9,823 Hormel Foods Corp. 149,801
7,224 IBP, Inc. 119,196
1,270 International Multifoods Corp. 16,272
4,754 Interstate Bakeries 60,614
1,966 J.M. Smucker Co. Class A 31,456
2,031 Lance, Inc. 21,579
4,799 McCormick & Co., Inc. 149,669
2,115 Suiza Foods* 82,353
15,563 Tyson Foods, Inc. 162,439
6,882 U.S. Foodservice* 178,932
3,408 Universal Foods Corp. 56,019
-------------
1,547,210
-------------
Health Care Products (Distribution) (0.35%)
9,098 Bergen Brunswig Corp. Class A 45,490
7,034 Sybron Corp.* 218,933
-------------
264,423
-------------
Health Care Services (1.62%)
3,528 Apria Healthcare* 49,172
6,948 Beverly Enterprises* 23,450
2,611 Express Scripts* 93,343
3,326 First Health Group Inc.* 101,235
8,287 Foundation Health Systems-Class A 83,388
17,174 Health Management Associates
Class A* 273,711
3,663 Lincare Holdings Inc.* 111,722
6,189 Omnicare, Inc. 93,995
5,526 Oxford Health Plan* 104,994
2,954 Pacificare Health System 151,946
4,790 Quorum Health Group, Inc.* 50,894
2,662 Trigon Health* 95,666
-------------
1,233,516
-------------
Leisure Time (Products)(0.27%)
5,157 Callaway Golf Co. 85,735
5,083 International Game Technology 123,898
-------------
209,633
-------------
Leisure Time (Services) (1.07%)
3,601 Intl Speedway Corp. Class A 154,843
6,141 Mandalay Resort Group* 115,911
20,667 Park Place Entertainment* 264,796
5,304 Premier Parks, Inc. 114,368
6,438 Viad Corp. 163,364
-------------
813,282
-------------
Manufacturing (Diversified Industries) (1.00%)
4,795 American Standard Cos., Inc.* 196,595
2,181 Ametek Inc. 44,847
3,587 Burlington Industries* 15,693
2,042 Carlisle Co., Inc. 84,105
3,183 Everest Re Group Ltd 93,103
3,346 Furniture Brands Intl. 62,528
2,721 Harsco Corp. 80,780
3,266 Pentair, Inc. 124,924
1,353 Tecumseh Products Co. Class A 62,830
-------------
765,405
-------------
Manufacturing (Specialized Industries) (1.96%)
4,036 AGCO Corp. 47,928
2,061 Albany International Corp. 31,301
13,055 American Power Conversion Corp.* 461,005
3,579 Dentsply International 104,015
4,674 Diebold, Inc. 134,962
3,120 Donaldson Co., Inc. 72,540
3,125 Federal Signal Corp. 63,477
2,530 Flowserve Corp. 35,736
2,471 Imation Corp. 69,342
2,087 Kaydon Corp. 48,784
2,046 Kennametal, Inc. 58,822
2,001 Modine Manufacturing Co. 44,147
1,116 Nordson Corp. 49,871
4,575 Steris Corp.* 41,175
1,897 Stewart & Stevenson Services, Inc. 22,883
2,574 Teleflex Inc. 88,964
2,675 Trinity Industries, Inc. 59,519
2,642 York International Corp. 63,738
-------------
1,498,209
-------------
Medical Products & Supplies (1.48%)
1,811 Acuson Corp.* 22,298
1,969 Beckman Coulter, Inc. 127,616
4,438 Hillenbrand Industries, Inc. 133,695
2,109 Minimed, Inc. 259,275
4,808 PSS World Medical* 41,319
6,574 Stryker Corp. 472,506
4,360 VISX Inc.* 68,942
-------------
1,125,651
-------------
Metals (Specialty) (0.06%)
1,487 Carpenter Technology Corp. 29,833
475 Maxxam Inc.* 12,825
-------------
42,658
-------------
Miscellaneous (2.51%)
3,926 A.C. Nielson 90,543
6,570 American Water Works Co., Inc. 149,057
5,237 Apollo Group, Inc. Class A* 151,873
9,486 Clayton Homes Inc. 90,117
749 Cleveland-Cliffs Iron Co. 18,397
4,707 Devry, Inc. 112,085
2,363 Gtech Holdings Corp.* 49,032
4,687 Harris Corp. 151,449
2,433 Kelly Services, Inc. Class A 57,328
2,713 Lancaster Colony Corp. 71,216
3,089 Litton Industries, Inc.* 134,178
5,142 Manpower Inc. 181,577
3,157 Mark IV Industries, Inc. 66,889
1,434 Minerals Technologies, Inc. 66,322
4,110 Mohawk Industries, Inc.* 101,979
3,454 Pittston Services Group 56,559
3,148 Ruddick Corp. 36,005
3,985 Sotheby's Holdings Class A 66,002
7,362 Stewart Enterprises, Inc. Class A 35,430
3,600 Valassis Communications Inc 122,625
9,569 Whitman Corp. 109,445
-------------
1,918,108
-------------
Office Equipment & Supplies (0.62%)
5,425 Herman Miller, Inc. 148,509
4,091 Hon Industries, Inc. 102,019
7,683 Officemax Inc.* 43,217
5,236 Reynolds & Reynolds Class A 124,355
1,888 The Standard Register Co. 24,662
2,841 Wallace Computer Services, Inc. 31,073
-------------
473,835
-------------
Oil & Gas (1.83%)
3,858 AGL Resources Inc. 67,515
1,947 Hanover Compressor Co. 113,413
9,074 Keyspan Energy Corp. 266,549
3,049 Murphy Oil Corp. 179,891
3,867 Noble Affiliates, Inc. 139,454
5,286 Pennzoil-Quaker State Co. 57,816
6,799 Pioneer Natural Resources 70,115
12,501 Santa Fe Snyder Corp. 114,853
5,874 Ultramar Diamond Shamrock 145,382
3,779 Valero Energy 109,591
4,425 Varco International, Inc. 55,312
3,909 Vectren Corporation 78,669
-------------
1,398,560
-------------
Oil & Gas Drilling (3.92%)
4,803 BJ Services Co.* 337,411
5,816 Devon Energy Corporation 280,259
9,308 ENSCO International, Inc. 308,909
11,823 Global Marine, Inc.* 283,752
7,327 Grant Prideco Inc* 141,045
3,355 Helmerich & Payne, Inc. 105,053
9,407 Nabors Industries, Inc. 370,989
8,910 Noble Drilling Corp.* 355,843
11,312 Ocean Energy * 146,349
3,316 Smith International, Inc. 252,016
3,770 Tidewater, Inc. 112,158
7,327 Weatherford, Inc. 297,659
-------------
2,991,443
-------------
Paper/Forest Products/Containers (1.23%)
3,502 Bowater, Inc. 192,610
1,187 Chesapeake Corp. of Virginia 37,094
6,152 Consolidated Papers 233,007
5,617 Georgia-Pacific Timber Co. 130,244
3,503 Longview Fiber Co. 44,663
2,862 P.H. Glatfelter Co. 30,766
1,862 Rayonier Inc. 87,398
6,912 Sonoco Products 144,288
3,485 Wausau-Mosinee Paper Corp. 42,256
-------------
942,326
-------------
Pharmaceuticals (3.77%)
3,049 Carter-Wallace, Inc. 67,840
3,957 Covance Inc. 36,355
5,665 Forest Laboratories, Inc.* 476,214
5,312 ICN Pharmaceuticals, Inc. 133,796
10,729 IVAX Corp. 293,706
4,570 MedImmune Inc.* 730,914
6,018 Millennium Pharmaceuticals* 477,679
8,760 Mylan Laboratories, Inc. 248,565
4,492 Sepracor Inc.* 413,264
-------------
2,878,333
-------------
Publishing (Books) (0.18%)
2,108 Houghton Mifflin Co. 87,614
1,121 Scholastic Corp.* 52,337
-------------
139,951
-------------
Publishing (Newspapers) (1.09%)
8,029 A. H. Belo Corp. Class A 133,984
3,010 Lee Enterprises, Inc. 68,289
1,803 Media General, Inc. Class A 88,685
7,217 Reader's Digest Assn. 230,944
636 Washington Post Co. Class B 310,368
-------------
832,270
-------------
Restaurants (1.11%)
4,435 Brinker International, Inc.* 141,366
2,851 Buffets Inc.* 27,975
3,974 CBRL Group 55,139
2,243 Lone Star Steakhouse & Saloon* 26,495
5,084 Outback Steakhouse* 166,501
2,064 Papa John's Pizza* 56,760
12,350 Starbucks Corp.* 373,395
-------------
847,631
-------------
Retail Stores (General Merchandise) (1.21%)
4,993 BJ's Wholesale Club 176,939
4,204 Dollar Tree Stores 243,306
11,719 Family Dollar Stores, Inc. 223,393
2,572 Fastenal Co. 150,301
3,797 Williams-Sonoma, Inc. 131,471
-------------
925,410
-------------
Retail Stores (Specialty) (1.94%)
4,705 Barnes & Noble Inc.* 87,043
5,294 Borders Group, Inc.* 84,042
2,929 Cdw Computer Centers Inc 304,616
3,469 Claire's Stores, Inc. 63,960
2,044 Lands' End, Inc.* 86,487
2,106 Payless Shoesource Inc. 116,093
4,972 Perrigo Co.* 28,278
9,816 Saks Holding* 112,270
9,069 Shaw Industries, Inc. 143,404
1,807 Superior Industries International, Inc. 58,163
4,889 Tiffany & Co. 355,369
3,771 Warnaco Group 40,067
-------------
1,479,792
-------------
Retail Stores (Specialty - Apparel) (0.45%)
6,984 Abercrombie & Fitch Co. Class A* 76,824
3,163 American Eagle Outfitters 53,771
3,323 Neiman Marcus Group Inc. Class A 85,567
6,133 Ross Stores, Inc. 127,260
-------------
343,422
-------------
Steel (0.13%)
6,986 AK Steel Holding Corp. 77,283
1,679 Ryerson Tull Inc. 20,778
-------------
98,061
-------------
Telecommunications (2.01%)
2,390 Antec Corp* 128,463
14,659 Broadwing Inc. 415,033
3,595 Comsat Corp. 87,853
2,225 Polycom* 176,053
1,435 Powerwave Technologies Inc.* 298,570
4,186 Telephone & Data Systems, Inc. 426,972
-------------
1,532,944
-------------
Textile Specialty (0.44%)
8,304 Jones Apparel Group, Inc.* 246,525
4,013 Unifi, Inc. 40,882
2,300 Wellman, Inc. 49,162
-------------
336,569
-------------
Total Industrial 49,737,685
-------------
TRANSPORTATION (0.95%)
Railroads (0.22%)
3,332 GATX Corp. 119,119
3,474 Wisconsin Central
Transportation Corp.* 50,590
-------------
169,709
-------------
Shipping (0.26%)
2,923 Alexander & Baldwin, Inc. 61,383
2,235 Newport News Shipbuilding 74,593
2,283 Overseas Shipholding Group Inc. 59,786
-------------
195,762
-------------
Transportation (Miscellaneous)(0.16%)
3,297 Airborne Freight Corp. 70,679
1,790 Alaska Air Group, Inc.* 51,462
-------------
122,141
-------------
Truckers (0.31%)
1,669 Arnold Industries, Inc. 19,506
3,279 CNF Transportation Inc. 91,607
2,416 J.B. Hunt Transport Services, Inc. 39,864
4,360 Swift Transportation, Co 87,472
-------------
238,449
-------------
Total Transportation 726,061
-------------
UTILITIES (7.56%)
Electric Utilities (6.66%)
7,486 Allegheny Energy Inc. 227,387
5,337 Alliant Energy Corp. 160,110
1,447 Black Hills Corp. 33,191
4,263 Calpine Corporation 390,064
1,526 Cleco Corp 52,552
2,199 CMP Group, Inc. 63,634
6,305 Conectiv Inc. 111,914
10,753 DPL, Inc. 250,007
5,105 DQE, Inc. 195,266
9,823 Dynegy Inc 642,793
8,396 Energy East Corp. 175,266
2,184 Hawaiian Electric Industries Inc. 80,808
2,550 Idacorp, Inc. 94,031
5,811 Ipalco Enterprises, Inc. 118,762
4,196 Kansas City Power & Light Co. 107,785
8,790 LG&E Energy Corp. 204,917
4,980 Minnesota Power & Light Co. 91,819
7,470 Montana Power Co. 329,147
8,477 NiSource Inc. 156,824
8,918 Northeast Utilities 191,737
4,077 Nstar 179,643
5,274 OGE Energy Corp 104,491
8,035 Potomac Electric Power Co. 188,320
2,764 Public Service Co. of New Mexico 49,752
5,732 Puget Sound Power & Light Co. 136,135
7,021 Scana Corp. 181,668
5,315 Sierra Pacific Resources 80,389
8,775 TECO Energy, Inc. 191,953
6,299 Utilicorp United, Inc. 121,256
7,991 Wisconsin Energy Corp. 170,808
-------------
5,082,429
-------------
Gas Utilities (0.90%)
7,630 Kinder Morgan, Inc. 231,284
5,806 MCN Corp. 144,787
2,630 National Fuel & Gas Co. 124,761
5,588 Questar Corp. 105,124
3,150 Washington Gas Light Corp. 80,719
-------------
686,675
-------------
Total Utilities 5,769,104
-------------
FINANCIAL (8.03%)
Banks (4.57%)
4,337 Associated Banc-Corp. 110,865
3,687 Astoria Financial Corp. 101,623
2,744 CCB Financial Corp. 108,560
14,382 Charter One Financial 292,134
3,078 City National Corp. 113,309
7,705 Compass Bancshares, Inc. 142,542
7,514 Dime Bancorp, Inc. 140,888
13,270 First Security Corp. 187,439
8,838 First Tennessee National Corp. 167,922
3,368 First Virginia Banks, Inc. 122,932
6,087 Firstmerit Corporation 99,675
7,309 Green Point Financial Corp. 136,130
10,867 Hibernia Corp. Class A 115,462
3,302 Keystone Financial, Inc. 49,530
7,220 Marshall & Ilsley Corp. 335,279
4,672 Mercantile Bankshares Corp. 133,152
7,337 National Commerce Bancorp 120,602
10,050 North Fork Bancorporation, Inc. 162,684
5,439 Pacific Century Financial Corp 111,839
3,291 Provident Financial Group 96,467
14,865 Sovereign Bancorp, Inc. 102,197
5,623 TCF Financial Corp. 131,438
2,549 Westamerica Bancorporation 63,884
2,207 Wilmington Trust Corp. 101,798
5,796 Zions Bancorp. 240,534
-------------
3,488,885
-------------
Brokerage (1.14%)
6,243 A.G. Edwards & Sons, Inc. 234,893
18,964 E Trade Group* 407,726
2,103 Investment Technology Group 78,862
3,876 Legg Mason, Inc. 146,561
-------------
868,042
-------------
Financial Miscellaneous (0.56%)
4,150 Finova Group, Inc. 53,172
4,991 Nova Corp.* 157,840
3,028 The PMI Group Inc. 146,669
3,070 Webster Financial Corp. 65,621
-------------
423,302
-------------
Insurance (1.76%)
3,678 Allmerica Financial Corporation 199,072
4,740 AMBAC, Inc. 227,520
3,959 American Financial Group, Inc. 100,707
2,781 Horace Mann Educators Corp. 40,498
1,974 HSB Group Inc. 57,246
4,073 Ohio Casualty Corp. 67,714
8,557 Old Republic International Corp. 121,937
4,372 Protective Life Corp. 104,108
6,016 Reliastar Financial Corp. 259,064
4,904 Unitrin, Inc. 165,510
-------------
1,343,376
-------------
Total Financial 6,123,605
-------------
Total Common Stock
(cost $55,102,970) 62,356,455
-------------
Principal
Amount
--------------
SHORT-TERM INVESTMENTS (18.22%)
Repurchase Agreement, (11.68%)(b)
$8,914,000 First Boston
5.80%; 5/01/2000 (cost $8,914,000;
maturity value $8,918,308) 8,914,000
United States Treasury Bill (6.54%)(c)
5,000,000 5.54%; 5/11/2000 (cost $4,992,387) 4,992,387
Total Short-term Investments
(cost $10,906,387) 13,906,387
-------------
Total Investments (cost $66,009,357)
(99.94%)(a) 76,262,842
Other Assets Less Liabilities (.06%) 46,078
-------------
Net Assets (100.00%) $ 76,308,920
=============
* Non-income producing security.
(a) Aggregate cost for federal income tax purposes is $66,009,357. At
April 30, 2000 unrealized appreciation (depreciation) of securities for
federal income tax purposes is as follows:
Gross unrealized appreciation $16,118,611
Gross unrealized depreciation (8,865,126)
-------------
Net unrealized appreciation $7,253,485
-------------
(b) The Repurchase Agreement is collateralized by obligations of the
United States government and its agencies with a market value of
$9,093,449 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, 2000, the market value of $4,992,387 of the U.S. Treasury
Bills were pledged to cover margin requirements for futures contracts.
Futures contracts at April 30, 2000:
(Contracts-$500 times premium/delivery
month/commitment)
Unrealized
Appreciation
-------------
S&P 400 MidCap Stock Index:
59/June/Long $ 240,396
-------------
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
Statements of
[RIGHTIME LOGO] Assets and
Rightime Liabilities
Family of Funds April 30, 2000 (Unaudtied)
--------------------------------------------------------------------------------------------------------------
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 $107,190,314;
$153,944,615; $12,280,257 and
$69,009,357 respectively)
(Note 1) $111,924,405 $255,180,113 $12,085,788 $76,262,842
Cash 131 912 805 125
Receivables:
Dividends and interest 64,237 195,851 10,620 51,197
Fund shares sold 10,276 57,939 994 29,046
Variation margin 318,775 -- -- 169,625
Prepaid expenses and other assets 38,106 65,026 1,812 18,003
-------------- -------------- -------------- --------------
Total Assets 112,355,930 255,499,841 12,100,019 76,530,838
-------------- -------------- -------------- --------------
LIABILITIES
Payables:
Variation margin -- 99,375 -- --
Fund shares repurchased 272,260 613,052 30,968 206,849
Accrued expenses 50,882 70,729 (22,010) 14,389
Other liabilities 2,454 4,127 114 680
-------------- -------------- -------------- --------------
Total Liabilities 325,596 787,283 9,072 221,918
-------------- -------------- -------------- --------------
NET ASSETS
(applicable to 3,374,972; 6,534,386; 482,585
and 2,610,984 outstanding shares, respectively)
(Note 4) $112,030,334 $254,712,558 $12,090,947 $76,308,920
============= ============== ============== ==============
Net asset value and redemption price per share $33.19 $38.98 $25.05 $29.23
====== ====== ====== ======
Maximum offering price per share $33.19 $40.92(1) $26.30(1) $30.69(1)
====== ====== ====== ======
NET ASSETS
At April 30, 2000 net assets consisted of:
Paid-in capital $ 99,334,248 $155,359,563 $14,327,569 $71,382,512
Undistributed net investment income (loss) 3,383,319 (2,468,954) 45,472 (853,365)
Undistributed net realized gain (loss) on
investments 5,776,925 1,319,576 (2,087,625) (1,714,108)
Net unrealized appreciation (depreciation)
of investments 4,734,091 101,235,498 (194,469) 7,253,485
Net unrealized appreciation (depreciation)
of futures contracts (1,198,250) (733,125) -- 240,396
-------------- -------------- -------------- --------------
$112,030,333 $254,712,558 $12,090,947 $76,308,920
============== ============== ============== ==============
(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 Six Months Ended April 30, 2000 (Unaudited)
--------------------------------------------------------------------------------------------------------------
The Rightime The Rightime The Rightime
The Rightime Blue Chip Social Awareness MidCap
Fund Fund Fund Fund
-------------- -------------- ---------------- --------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Income
Dividends $ 1,944,932 $ 1,495,538 $ 67,593 $ 386,636
Interest 1,103,253 652,766 149,245 285,867
-------------- -------------- ---------------- --------------
Total income 3,048,185 2,148,304 216,838 672,503
-------------- -------------- ---------------- --------------
EXPENSES
Administrative services (Note 2) 554,131 1,176,938 59,668 324,325
Investment advisory fees (Note 2) 291,648 692,317 35,099 190,779
Distribution costs - 12b-1 (Notes 2 and 3) 290,942 346,158 17,550 95,390
Distribution costs - service charge
(Notes 2 and 3) 142,590 346,158 17,549 95,390
Transfer agent fees (Note 2) 74,107 164,236 7,901 50,121
Accounting services (Note 2) 25,137 35,479 8,511 23,119
Legal and audit fees 20,610 35,736 3,220 13,441
Custody fees 10,680 17,259 2,263 7,169
Reports to shareholders 9,780 21,906 878 6,452
Registration fees 6,360 6,150 3,649 6,302
Directors fees 5,910 13,036 527 3,823
Insurance 5,520 12,384 507 3,763
Miscellaneous 16,614 -- -- --
-------------- -------------- ---------------- --------------
Total expenses 1,454,029 2,867,757 157,322 820,074
-------------- -------------- ---------------- --------------
Net investment income (loss) 1,594,156 (719,453) 59,516 (147,571)
-------------- -------------- ---------------- --------------
REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS
Net realized gain (loss)
from security transactions 7,719,189 25,578,183 (2,091,867) 6,207,743
Capital gain distribution from regulated
investment companies 2,970,123 -- -- --
Net realized loss on futures contracts (1,894,548) (26,381,165) -- (7,479,853)
Increase (decrease) in unrealized
appreciation of investments 4,046,968 (8,435,665) (194,469) 5,108,128
Increase (decrease) in unrealized
appreciation of futures contracts (1,239,750) 1,384,963 -- (889,854)
-------------- -------------- ---------------- --------------
Net gain (loss) on investments 11,601,982 (7,853,684) (2,286,336) 2,946,164
-------------- -------------- ---------------- --------------
Net increase (decrease) in net assets
resulting from operations $13,196,138 $(8,573,137) $(2,226,820) $2,798,593
============== ============== ================ ==============
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] Statement of
Rightime Changes in Net Assets
Family of Funds (Unaudited)
-------------------------------------------------------------------------------------------------------------------------------
The Rightime Fund The Rightime Blue Chip Fund
-------------------------------- --------------------------------
For Six For Six
Months Ended For Months Ended For
April 30, 2000 Year Ended April 30, 2000 Year Ended
(Unaudited) October 31, 1999 (Unaudited) October 31, 1999
-------------- ---------------- -------------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 1,594,156 $ 1,049,621 $ (719,453) $ (1,083,031)
Net realized gain from security transactions 7,719,189 5,111,253 25,578,183 28,247,104
Capital gain distributions from regulated
investment companies 2,970,123 5,135,574 -- --
Net realized gain (loss) on futures contracts (1,894,548) 3,965,709 (26,381,165) (24,684,417)
Net increase (decrease) in unrealized appreciation
of investments 4,046,968 (2,278,785) (8,435,665) 26,358,312
Net increase (decrease) in unrealized appreciation
of futures contracts (1,239,750) (1,338,575) 1,384,963 (3,256,238)
-------------- ---------------- -------------- ----------------
Net increase (decrease) in net assets resulting
from operations 13,196,138 11,644,797 (8,573,137) 25,581,730
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains on investments (12,890,856) (14,057,122) (325,284) (30,507,902)
Distributions from net investment income (2,238,738) (1,245,762) -- --
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting from
capital share transactions (Note 4) 1,333,419 5,689,734 (25,388,474) 22,509,787
-------------- ---------------- -------------- ----------------
Total increase (decrease) (600,037) 2,031,647 (34,286,895) 17,583,615
NET ASSETS
Beginning of year 112,630,370 110,598,723 288,999,453 271,415,783
-------------- ---------------- -------------- ----------------
End of year * $112,030,333 $112,630,370 $254,712,558 $288,999,398
============== ================ ============== ================
* Including undistributed net investment income (loss) of: $ 3,383,319 $ 1,057,813 $ (2,468,954) $ --
============== ================ ============== ================
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
The Rightime
Social Awareness Fund The Rightime MidCap Fund
-------------------------------- --------------------------------
For Six For Six
Months Ended For Months Ended For
April 30, 2000 Year Ended April 30, 2000 Year Ended
(Unaudited) October 31, 1999 (Unaudited) October 31, 1999
--------------- ---------------- -------------- ----------------
<S> <C> <C> <C> <C>
OPERATIONS
Net investment income (loss) $ 59,516 $ 116,747 $ (147,571) $ (368,490)
Net realized gain (loss)
from security transactions (2,091,867) 1,370,087 6,207,743 17,284,948
Net realized loss on futures contracts -- -- (7,479,853) (3,950,914)
Net increase (decrease) in unrealized appreciation
of investments (194,469) (352,170) 5,108,128 (2,532,166)
Net increase (decrease) in unrealized appreciation
of futures contracts -- -- (889,854) 578,507
--------------- ---------------- -------------- ----------------
Net increase (decrease) in net assets
resulting from operations (2,226,820) 1,134,664 2,798,593 11,011,885
DISTRIBUTIONS TO SHAREHOLDERS
Distributions from net realized gains
on investments (1,370,608) (2,577,096) (13,555,697) (12,476,086)
Distributions from net investment income (130,846) (105,288) -- --
CAPITAL SHARE TRANSACTIONS
Increase (decrease) in net assets resulting from
capital share transactions (Note 4) (107,158) 3,584,760 9,815,030 11,222,621
--------------- ---------------- -------------- ----------------
Total increase (decrease) (3,835,432) 2,037,040 (942,074) 9,758,420
NET ASSETS
Beginning of year 15,926,379 13,889,339 77,250,994 67,492,574
--------------- ---------------- -------------- ----------------
End of year * $12,090,947 $15,926,379 $76,308,920 $77,250,994
=============== ================ ============== ================
* Including undistributed net investment income (loss) of: $ 45,472 $ 116,802 (853,365) --
=============== ================ ============== ================
See accompanying notes to financial statements
</TABLE>
<TABLE>
<CAPTION>
[RIGHTIME LOGO] Financial
Rightime Highlights
Family of Funds (For a Share Outstanding Throughout the Period)
---------------------------------------------------------------------------------------------------------------
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>
The Rightime Fund
2000 (a) $33.97 $0.47 $3.44 $3.91
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
2000 (a) $40.33 $(0.11) $(1.19) $(1.30)
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
2000 (a) $32.50 $0.12 $(4.46) $(4.34)
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
2000 (a) $34.19 $(0.06) $1.18 $1.12
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
---------------------------------------------------------------------------------------------------------------
(a) For six months ended April 30, 2000 (Unaudited)
(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
---------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
The Rightime Fund
2000 (a) $(0.69) $(3.99) $(4.68) $33.20 11.74%
1999 (0.41) (4.57) (4.98) 33.97 10.61
1998 (0.41) 0.00 (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
2000 (a) $0.00 $(0.05) $(0.05) $38.98 (3.24)%
1999 0.00 (4.63) (4.63) 40.33 9.45
1998 (0.02) 0.00 (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
2000 (a) $(0.27) $(2.84) $(3.11) $25.05 (14.40)%
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 0.00 (7.57) (7.57) 29.09 13.62
1995 (0.46) 0.00 (0.46) 32.37 22.70
---------------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
2000 (a) $0.00 $(6.08) $(6.08) $29.23 3.76%
1999 0.00 (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
---------------------------------------------------------------------------------------------------------------
(a) For six months ended April 30, 2000 (Unaudited)
(1) Excludes sales charge
<CAPTION>
April 30, 2000 (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
2000 (a) $112,030,333 2.49%* 2.73%* 69.52%
1999 112,630,370 0.03 0.01 1.06
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
2000 (a) $254,712,558 2.07%* (0.52)%* 3.57%
1999 288,999,453 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
2000 (a) $12,090,947 2.23%* 0.84%* 126.16%
1999 15,926,379 2.21 0.72 169.26
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
---------------------------------------------------------------------------------------------------------------
The Rightime MidCap Fund
2000 (a) $76,308,920 2.14%* (0.38)%* 10.86%
1999 77,250,994 2.16 (0.48) 50.75
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
---------------------------------------------------------------------------------------------------------------
* Annualized
(a) For six months ended April 30, 2000 (Unaudited)
See accompanying notes to financial statements
</TABLE>
April 30, 2000
(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
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 qualitiy 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 principals, 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 $190,328
The Rightime Social Awareness Fund $ 9,341
The Rightime MidCap Fund $ 59,403
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 $310,457 and $99,001 respectively.
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
--------------------------------------------------------
2000 1999
------------------------ --------------------------
Shares Value Shares Value
-------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Shares sold 99,261 $ 3,392,082 308,522 $10,706,455
Shares issued in reinvestment
of distributions 456,479 14,904,043 434,224 15,015,469
-------- ------------ ---------- ------------
555,740 18,296,125 742,746 25,721,924
Shares redeemed (496,526) (16,962,706) (574,853) (20,032,190)
-------- ------------ ---------- ------------
Net increase (decrease) 59,214 $ 1,333,419 167,893 $ 5,689,734
======== ============ ========== ============
The Rightime Blue Chip Fund
--------------------------------------------------------
2000 1999
------------------------ ----------------------------
Shares Value Shares Value
-------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Shares sold 181,013 $ 7,295,617 686,258 $ 28,351,854
Shares issued in reinvestment
of distributions 7,758 323,587 731,907 30,227,759
-------- -------------- ---------- --------------
188,771 7,619,204 1,418,165 58,759,613
Shares redeemed (820,149) (33,007,678) (874,962) (36,069,826)
-------- -------------- ---------- --------------
Net increase (decrease) (631,378) $(25,388,474) 543,203 $ 22,509,787
======== ============== ========== ==============
The Rightime Social Awareness Fund
--------------------------------------------------------
2000 1999
------------------------ --------------------------
Shares Value Shares Value
-------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Shares sold 12,884 $ 369,243 87,966 $ 3,047,159
Shares issued in reinvestment
of distributions 51,031 1,439,572 73,151 2,527,371
-------- ------------ ---------- ------------
63,915 1,808,815 161,117 5,574,530
Shares redeemed (71,444) (1,915,973) (57,300) (1,989,770)
-------- ------------ ---------- ------------
Net increase (decrease) (7,529) $ (107,158) 103,817 $ 3,584,760
======== ============ ========== ============
The Rightime MidCapFund
--------------------------------------------------------
2000 1999
------------------------ ----------------------------
Shares Value Shares Value
-------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
Shares sold 89,063 $ 2,683,445 234,456 $ 8,025,990
Shares issued in reinvestment
of distributions 475,885 13,538,931 376,672 12,456,529
-------- -------------- ---------- --------------
564,948 16,222,376 611,128 20,482,519
Shares redeemed (213,627) (6,407,346) (269,142) (9,259,898)
-------- -------------- ---------- --------------
Net increase (decrease) 351,321 $ 9,815,030 341,986 $ 11,222,621
======== ============== ========== ==============
</TABLE>
NOTE 5 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments during
the six months ended April 30, 2000 were as follows:
Purchases Sales
-------------- --------------
The Rightime Fund $94,945,488 $50,022,932
The Rightime Blue Chip Fund $ 8,996,398 $58,800,091
The Rightime Social
Awareness Fund $31,989,635 $17,722,450
The Rightime MidCap Fund $ 7,241,187 $20,999,000
<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
123 S. Broad Street
Philadelphia, PA 19109
Transfer Agent
Lincoln Investment Planning, Inc.
218 Glenside Ave.
Wyncote, PA 19095-1595
Legal Counsel
Greenberg Travrig
2050 One Commerce Square
Philadelphia, PA 19103
Printed on recycled paper
[THIS PAGE INTENTIONALLY LEFT BLANK]
[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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