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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 18
SIGNATURE JOHN PASCO, III
TITLE ADMINISTRATOR
INDEX OF EXHIBITS
Exhibit A: Financial Data Schedules
Exhibit B: Report of Independent Certified Public Accountants on Internal
Control Structure
Exhibit C: Proxy
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<TABLE> <S> <C>
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<INVESTMENTS-AT-COST> 205659
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RUPAY-BARRINGTON TOTAL
RETURN FUND, INC.
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
August 14, 1998
TO THE STOCKHOLDERS
RUPAY-BARRINGTON
TOTAL RETURN FUND, INC.
Notice is hereby given that an annual meeting of stockholders of
Rupay-Barrington Total Return Fund, Inc., (the "Company") will be held on August
14, 1998 at 9:00 a.m., local time, at the offices of The Rupay-Barrington
Financial Group, Inc., 1000 Ballpark Way, Suite 302, Arlington, Texas 76011 for
the following purposes:
1. To ratify the terms and conditions under which Rupay-Barrington
Advisors, Inc. (the "Advisor") has been providing services and
receiving advisory fees since January 4, 1997 and continuing
through the date on which the New Advisory Agreement (as defined
in Item 2 below) is approved by the Stockholders.
2. To approve the new investment advisory agreement (the "New
Advisory Agreement") between the Company and the Advisor.
3. To elect four persons to the Company's Board of Directors to serve
until the next annual meeting or until their successors shall have
been elected and qualified.
4. To approve a change of the name of the Company to Rupay-Barrington
Funds, Inc.
5. To ratify the action of the Board of Directors in selecting Tait,
Weller & Baker as auditors to examine the books and financial
statements of the Company for the period commencing January 1,
1998, and ending December 31, 1998.
6. To transact such other business as may properly be brought before the
meeting.
Stockholders of record at the close of business on July 24, 1998, will
be entitled to vote at the meeting. We hope that you will attend the meeting,
but if you cannot do so, please fill in and sign the enclosed proxy, and return
it in the accompanying envelope as promptly as possible. Any stockholder
attending the meeting can vote in person even though a proxy has already been
returned.
In order to save your Company the additional expense of further solicitation,
please be kind enough to complete and return your proxy card today.
Fritz Bensler
President
July 31, 1998
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
The Board of Directors
Rupay-Barrington Funds, Inc.
Richmond, Virginia
In planning and performing our audit of the financial statements of
Rupay-Barrington Total Return Fund, Inc., the Rupay-Barrington Growth Fund and
the Rupay-Barrington Value Equity Fund (the "Funds"), each a series of shares of
the Rupay-Barrington Funds, Inc. for the period ended December 31, 1998, we
considered their internal control structure, including procedures for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on the internal control
structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
December 31, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
TAIT, WELLER & BAKER
Philadelphia, Pennsylvania
January 22, 1999
