THE WRIGHT MANAGED BLUE CHIP INVESTMENT FUNDS
SEMI-ANNUAL REPORT
JUNE 30 , 2000
THE WRIGHT MANAGED EQUITY TRUST
o Wright Selected Blue Chip Equities Fund
o Wright Major Blue Chip Equities Fund
o Wright International Blue Chip Equities Fund
THE WRIGHT MANAGED INCOME TRUST
o Wright U.S. Treasury Money Market Fund
o Wright U.S. Government Near Term Fund
o Wright U.S. Treasury Fund
o Wright Total Return Bond Fund
o Wright Current Income Fund
THE WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
<PAGE>
THE WRIGHT MANAGED BLUE CHIP INVESTMENT FUNDS
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The Wright Managed Blue Chip Investment Funds consists of three equity funds
from The Wright Managed Equity Trust, a money market fund and four other fixed
income funds from The Wright Managed Income Trust. Each of the eight funds have
distinct investment objectives and policies. They can be used singly or in
combination to achieve virtually any objective. Further, as they are all
"no-load" funds (no commissions or sales charges), portfolio allocation
strategies can be altered as desired to meet changing market conditions or
changing requirements without incurring any sales charges. Except as noted, each
fund offers two classes of shares designated as Institutional Shares and
Standard Shares.
APPROVED WRIGHT INVESTMENT LIST
Securities selected for equity portfolios are drawn from investment lists
prepared by Wright Investors' Service (Wright) known as The Approved Wright
Investment List (AWIL) and The International Approved Wright Investment List
(International AWIL). Companies are selected by Wright as having the highest
investment quality among those equity securities which are considered as
"investment grade". The corporations may be large or small, exchange traded or
over-the-counter, and may include those not currently paying dividends on their
shares. Companies are, in the opinion of Wright, soundly financed and have
established records of earnings profitability and equity growth. All have
established investment acceptance and active, liquid markets for their publicly
owned shares.
THREE EQUITY FUNDS
WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC) seeks to enhance total investment
return of price appreciation plus income by providing active management of
equities of well-established companies meeting strict quality standards.
Equities selected are limited to those companies on the AWIL whose current
operations reflect defined, quantified characteristics which have been
determined to offer comparatively superior total investment returns over the
intermediate term. The process selects those companies from the AWIL, regardless
of size, based on Wright's evaluation of their outlook as described above.
Investments are equally weighted.
WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC) seeks to enhance total investment
return of price appreciation plus income by providing management of a broadly
diversified portfolio of equities of larger well-established companies meeting
strict quality standards. In selecting companies from the AWIL for this
portfolio, the Investment Committee of Wright selects, based on quantitative
formulae, those companies which are expected to do better over the intermediate
term. The quantitative formulae takes into consideration factors such as
over/under valuation and compatibility with current market trends. Investments
in the portfolio are control weighted in the selected securities.
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC). This is a broadly
diversified portfolio of equities of well-established, non-U.S. companies
meeting strict quality standards. The portfolio may buy common stocks traded on
the securities exchange of the country in which the company is based or it may
purchase American Depositary Receipts (ADR's) traded in the United States. The
portfolio is denominated in U.S. dollars and investors should understand that
fluctuations in foreign exchange rates may impact the value of their investment.
<PAGE>
A MONEY MARKET FUND
Wright U.S. Treasury Money Market Fund (WTMM) seeks a high rate of current
income but with added safety that comes from limiting its investments to
securities of the U.S. Government and its agencies. There may be an added
advantage to investors that reside in states and municipalities that do not tax
dividend income from mutual funds investing exclusively in U.S. Government
securities. This fund only offers Standard Shares.
FOUR FIXED-INCOME FUNDS
Wright U.S. Government Near Term Fund (WNTB) (name changed to Wright U.S.
Government Near Term Fund on July 1, 1998) is a diversified portfolio
concentrating on bonds and other obligations of the U.S. Government and U.S.
Government Agencies with an average weighted maturity of less than five years.
This portfolio is designed to appeal to the investor seeking a high level of
income that is normally somewhat less variable and normally somewhat higher than
that available from short-term money market instruments and who is also tolerant
of modest fluctuation in capital (i.e. compared with somewhat greater
fluctuation likely with longer term fixed income securities). Dividends are
accrued daily and paid monthly.
WRIGHT U.S. TREASURY FUND (WUSTB) is invested in U.S. Treasury bills, notes and
bonds, which are guaranteed as to principal and interest by the full faith and
credit of the U.S. Government, and which are not expected to be taxable by
certain state or municipal governments. Maturities are relatively long.
Dividends are accrued daily and paid monthly.
WRIGHT TOTAL RETURN BOND FUND (WTRB) is a diversified portfolio of investment
grade government and corporate bonds and other debt securities of varying
maturities which, in the Adviser's opinion, will achieve the portfolio objective
of best total return, i.e. the best total of ordinary income plus capital
appreciation. Accordingly, investment selections and maturities may differ
depending on the particular phase of the interest rate cycle. Dividends are
accrued daily and paid monthly. This fund only offers Standard Shares.
WRIGHT CURRENT INCOME FUND (WCIF) may be invested in a variety of securities and
may use a number of strategies to produce a high level of income with reasonable
stability of principal. The fund reinvests all principal payments. Dividends are
accrued daily and paid monthly.
<PAGE>
TABLE OF CONTENTS
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INVESTMENT OBJECTIVES...................................inside front cover
LETTER TO SHAREHOLDERS...................................................2
MANAGEMENT DISCUSSION....................................................3
DIVIDEND DISTRIBUTIONS AND INVESTMENT RETURN.............................8
FINANCIAL STATEMENTS
THE WRIGHT MANAGED EQUITY TRUST
Wright Selected Blue Chip Equities Fund........................14
Wright Major Blue Chip Equities Fund...........................16
Wright International Blue Chip Equities Fund...................18
Financial Highlights...........................................20
Notes to Financial Statements..................................25
THE WRIGHT MANAGED INCOME TRUST
Wright U.S. Treasury Fund Money Market Fund....................30
Wright U.S. Government Near Term Fund..........................32
Wright U.S. Treasury Fund......................................34
Wright Total Return Bond Fund..................................36
Wright Current Income Fund.....................................38
Financial Highlights...........................................40
Notes to Financial Statements..................................46
THE WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
Selected Blue Chip Equities Portfolio..........................52
International Blue Chip Equities Portfolio.....................54
U.S. Government Near Term Portfolio............................56
U.S. Treasury Portfolio........................................58
Current Income Portfolio.......................................60
Supplementary Data.............................................62
Notes to Financial Statements..................................65
PORTFOLIOS OF INVESTMENTS
Wright Major Blue Chip Equities Fund (WMBC)....................70
Wright Total Return Bond Fund (WTRB)...........................72
Selected Blue Chip Equities Portfolio (SBCP)...................74
International Blue Chip Equities Portfolio (IBCP)..............76
Wright U.S. Treasury Money Market Fund (WTMM)..................78
U.S. Government Near Term Portfolio (NTBP).....................79
U.S. Treasury Portfolio (USTBP)................................80
Current Income Portfolio (CIFP)................................81
<PAGE>
LETTER TO SHAREHOLDERS
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July, 2000
Dear Shareholders:
The first half of 2000 has been a raucous period for investors, with some of the
most volatile trading in history, particularly in April. With May and June,
market volatility receded to half of April's level and for stocks outside of
technology, trading volatility has more or less returned to normal. Despite all
the sound and fury of the first half of 2000, the major stock market averages
start the third quarter little changed from end-of-1999 levels.
During April and most of May, investors waited anxiously for signs that the U.S.
economy was cooling. In the absence of those signs, fears of extended Federal
Reserve monetary tightening sent bond yields higher and share prices lower.
During June, with government reports turning up evidence that economic activity
was slowing, the bond market recovered and investor concerns shifted to the
outlook for corporate profits. In the opening days of July, a spate of companies
- including some prominent computer software companies - issued warnings that
earnings would fall short of Wall Street estimates.
At Wright, our analysts believe that the U.S. economy is in the process of
downshifting toward the 3 1/2% growth targeted by the Fed. We see little change
in the competitive environment and limited pricing power that most firms face.
Still, occasional profit shortfalls for specific stocks notwithstanding, we
continue to forecast a healthy increase in aggregate corporate profits this year
and next and believe that the risk of significant further interest rate hikes is
limited, two elements of the favorable investment backdrop.
The correction of some of the market's speculative excesses - in share prices of
Internet and other growth stocks, for example - has proceeded apace in the
second quarter and early July. Money flows into stock mutual funds have fallen
significantly since February's peak, another indication that the big,
non-discriminating expectations that investors had for stock returns have come
back to earth. While Alan Greenspan may not yet be satisfied that the last trace
of "irrational exuberance" has been routed from the U.S. stock market, we see
evidence of more rational market valuations and projections, a healthy
development for long-term investors. The Federal Reserve may raise interest
rates another time or two in this cycle, but we're increasingly confident that
the lion's share of Fed tightening is behind us.
Sincerely,
/s/ Peter M. Donovan
---------------------
Peter M. Donovan
President
<PAGE>
MANAGEMENT DISCUSSION
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EQUITY FUNDS
The year 2000 has seen record stock market volatility, although the second
quarter ended in a more stable trend. For Nasdaq, April was the most volatile
month in history, with an average daily change (without regard to sign) of 4.3%,
six times the norm. This moderated to 2.9% in May and 2.2% in June, still above
normal. Fluctuations in non-tech stocks were more muted, but for tech and
non-tech stocks alike, profit disappointments continued to bring severe
retribution.
Tech stocks fell into a bear market in the second quarter; non-tech stocks were
in a correction. From peak to trough, Nasdaq dropped 37%, the S&P 500 11%.
Before the quarter ended, Nasdaq had rallied to a point 21% off its peak, while
the S&P 500 was down 5%. For the entire quarter, the S&P 500 lost 2.7% in total
return terms, the Nasdaq more than 13%. Although S&P 500 tech stocks were hit
hard with a 9.0% loss, the worst performing S&P 500 sector was basic materials,
down about 15%; communications services had a 14% loss. Leading the S&P 500 was
health care, up 23% for the period, well ahead of the next best group, consumer
staples, which returned 6%. As measured by the FTSE indexes, non-U.S. stocks in
total underperformed the U.S. in the second quarter. Europe (-2.3% in dollars)
and non-Japan Asia (-2.1%) declined less, but Japan (-7.6%) was weaker. For the
first six months of 2000, global stock prices were down nominally.
Wright believes the fundamentals support the development of a more positive
equity market. The U.S. economy looks on track to slow to a more sustainable
growth rate in the second half of the year, which should limit the extent of
further Fed tightening since core inflation remains moderate. Moreover,
constructive economic environments appear to be falling into place around the
globe; even Japan seems to be making progress. In the U.S., second-quarter
profits are starting to come in, and early on there are more positive than
negative surprises. Wall Street is looking for only a moderate slowdown in
profit growth in the second half of 2000.
But stocks may not yet be ready to move up in a straight line. For one
thing, despite the market's retreat this year, valuations remain high, with the
S&P 500 still valued in excess of 20 times year-ahead earnings and the Nasdaq's
trailing P/E multiple over 100 at mid-year. Wright Investors' Service also
believes that it will take more confirmation of economic cooling - but not so
much cooling that profit prospects suffer - before investors will be comfortable
with the notion that Fed tightening has nearly run its course. Once that
happens, stock market prospects will brighten considerably.
<TABLE>
<CAPTION>
2000 1999 1998 1997 1996 1995 1994 1993 1992 1991
----
Total Return Q2 6 Mos. Year Year Year Year Year Year Year Year Year
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Selected Blue Chips (WSBC) -2.3% 6.2% 5.8% 0.1% 32.7% 18.6% 30.3% -3.5% 2.1% 4.7% 36.0%
Major Blue Chips (WMBC)
Standard Shares -4.4% -3.4% 23.9% 20.4% 33.9% 17.6% 29.0% -0.7% 1.0% 8.0% 38.9%
Institutional Shares -4.1% -3.3% 7.2%** - - - - - - - -
Int'l Blue Chips (WIBC)
Standard Shares -6.9% -4.8% 34.3% 6.1% 1.5% 20.7% 13.6% -1.6% 28.2% -3.9% 17.2%
Institutional Shares -6.9% -4.7% 34.5% 7.5% -6.4%* - - - - - -
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*: For the period from July 7, 1997 (inception of offering of institutional
shares) to December 31, 1997.
**:For the period from July 14, 1999 (inception of offering of institutional
shares) to December 31, 1999.
</TABLE>
<PAGE>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
Although unusual volatility and dramatic shifts in sentiment made portfolio
positioning problematic, the Wright Selected Blue Chip Equities Fund (WSBC) did
relatively well in the second quarter of 2000, falling by 2.3% as compared with
a 3.3% decline for the Standard & Poor's 400 index, the Midcap benchmark. The
Russell 2000 index, another measure of midcap stocks, declined by 3.8%. Thus the
Wright Selected Blue Chip Equities Fund outperformed the S&P 400 and Russell
2000 midcap indexes in the second quarter, with somewhat more muted movements
than either index.
Major contributors to the fund's outperformance in the second quarter include
the Healthcare sector - Barr Labs (+60%), Watson Pharmaceuticals (+35%), Forest
Labs (+20%) - and the Energy sector, especially Devon Energy (+15%). Consumer
Staples area was also strong, including Alberto-Culver (+20%) and Sysco (+16%).
Other contributors include CDW Computers (+33%), Tiffany (+23%), Sanmina (+26%),
and Adobe (+16%).
For the entire first half of 2000, WSBC had a 6.2% total investment return,
behind the S&P 400 (+9.0%) but ahead of the Russell 2000 (+3.1%).
WRIGHT MAJOR BLUE CHIP EQUITIES FUND
The Wright Major Blue Chip Equities Fund (WMBC) completed the first half of
2000 with a 3.4% decline, as compared with a 0.4% loss in the S&P 500. Following
the market's overall pattern, the Fund produced a positive total return in the
first quarter, but then experienced negative results in a volatile second
quarter.
In the first half, the WMBC Fund benefited from stock selection in the
Technology and Energy sectors, where the weightings finished at 32.2% and 7.7%,
respectively. When compared with the S&P 500, Technology was about
market-weighted, while Energy was somewhat overweighted. Stocks in the Consumer
Cyclicals area were another source of value added in the first six months.
Detracting from WMBC results was the laggard action of some stocks in the
Capital Goods and Communication Services sectors. Among the big contributors
over this period were Oracle Systems, Intel, and Adobe Systems. Second-quarter
performance was hampered to some extent by holdings in Microsoft, Electronic
Data Systems, and AT&T.
The WMBC Fund is managed as a Large Cap Blend portfolio, utilizing both growth
and value stocks. At June 30, 2000, its holdings averaged a P/E of 31.1 times
12-months trailing earnings as compared with the 28.4 P/E for the S&P 500 Index.
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
After outperforming in 1999, foreign markets overall lagged the U.S. stock
market in dollar terms in the first two quarters of 2000. The Wright
International Blue Chip Equities Fund (WIBC), which beat its benchmark last year
and in this year's first quarter, lagged in the second quarter with a loss of
6.9%, behind the FTSE world ex U.S. index (-3.5%) and the Morningstar average of
international equity funds (-4.5%). For the first half of 2000, the WIBC fund
lost 4.8%, in the same range as the FTSE World ex U.S. index (-4.3%) and the
Morningstar average (-4.2%).
In contrast to the first quarter, when technology was strong, in the second
quarter the global retreat in technology stocks hurt the WIBC Fund, which was
overweight in that sector. A poor showing by the Fund's holdings in Japan, where
the overall market was weak, also hurt the Fund's second-quarter results.
Compared to the FTSE world ex U.S. index, the Fund benefited from having no
holdings in Greece, one of the world's weakest markets. Strong stock selection
in Brazil, which is seeing an improving economy, and Sweden also worked to the
Fund's benefit. The Fund is starting the third quarter of 2000 with a somewhat
reduced weighing in technology compared to three months earlier. In terms of
country allocation, holdings in Europe have been increased, and positions in
Taiwan and Thailand have been added.
<PAGE>
FIXED-INCOME FUNDS
In the second quarter of 2000, bonds produced little more than coupon returns.
This was enough to make it two positive quarters in a row for bonds, a first
since 1998. Early in May, with ten-year Treasury bond yields up near 6.6%, the
quarter looked like it would be a disappointing one for bonds. But fixed-income
investors viewed the Fed's interest rate hike in May as an indication that the
central bank would do whatever was needed to keep inflation under control.
Yields on two-to-ten year T-bonds fell roughly 50 basis points over the
remainder of the second quarter and were down about 20 basis points for the
first half of 2000.
As in the first quarter, Treasury bonds returned more than the S&P 500 in the
second quarter. The Lehman Brothers Treasury bond composite returned just about
1.5% in the latest three months, bringing its year-to-date return to 5.4%. In a
change from the first quarter, when long-term Treasury bonds outdistanced other
fixed-income assets by a wide margin, intermediate Treasuries (+1.8%) returned a
bit more than long-term T-bonds (+1.0%) over the April-June period. Returns on
corporate bonds (+1.2%) were a bit behind those on Treasury bonds; agencies
(+1.7%) and mortgage-backed issues (+2.3%) did a little better. For the first
six months of 2000, bond prices were flat to modestly higher.
WIS expects that at the end of 2000 bond yields might be pretty close to current
levels. The economic environment we foresee for the rest of the year - a
moderation in economic growth to a sustainable pace on the order of 3 1/2% and
inflation not much higher, and perhaps lower, than the current rate - suggests
that Fed tightening is near an end. But that doesn't mean there won't be the
anomalous "bad" report on inflation or growth to send bonds lower in the
interim. WIS expects that more proof that the economy is cooling will be needed
before investors stop worrying about what the Fed's next move might be. In the
meantime, while there may not be much downside risk in bonds, investors lack the
confidence to propel bond prices significantly higher either. Spread products
currently look attractive.
<TABLE>
<CAPTION>
2000 1999 1998 1997 1996 1995 1994 1993 1992 1991
----
Total Return Q2 6 Mos. Year Year Year Year Year Year Year Year Year
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
U.S. Treasury Money
Market (WTMM) 1.3% 5.1% 4.3% 4.7% 4.8% 4.8% 5.3% 3.6% 2.5% 3.3% n.a.
U.S. Gov. Near-Term
Bonds (WNTB) 1.5% 2.4% 1.9% 6.0% 5.9% 3.9% 11.9% -3.1% 8.0% 6.3% 13.1%
U.S. Treasury Bonds
(WUSTB) 1.2% 5.1% -4.0% 10.0% 9.1% -1.2% 28.1% -8.6% 15.9% 7.1% 17.6%
Total Return Bonds
(WTRB) 1.3% 3.5% -3.9% 9.6% 9.2% 0.9% 22.0% -6.6% 11.0% 7.1% 15.4%
Current Income (WCIF)
Standard Shares 1.9% 3.8% 0.5% 6.5% 8.6% 4.3% 17.5% -3.3% 6.6% 6.7% 15.3%
Institutional Shares 1.9% 3.9% 0.6% 6.6% 4.4%* - - - - - -
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*: For the period from July 7, 1997 (inception of offering of institutional
shares) to December 31, 1997.
</TABLE>
WRIGHT U.S. TREASURY MONEY MARKET FUND
The Wright U.S. Treasury Money Market Fund (WTMM) returned 1.3% in the second
quarter and 5.1% for the first half of 2000. These returns are comparable to
those on the average Treasury money market fund. For the same periods, 90-day
T-bills returned 1.4% and 2.9%, respectively. At the end of the second quarter,
the average maturity of the WTMM Fund was 78 days.
The Federal Reserve raised interest rates by 50 basis points in May and made no
change at its June policy meeting. In the second quarter, the coupon-equivalent
yield on 90-day Treasury bills stayed essentially unchanged. Wright expects that
the current round of Fed tightening is coming to a close, although another hike
in rates is possible. T-bill yields may be a little higher at the end of 2000
than they were at mid-year.
<PAGE>
WRIGHT U.S. GOVERNMENT NEAR TERM FUND
In the second quarter, bond issues with shorter maturities did better than
longer maturity issues. Yields on two-year Treasuries were down 13 basis points,
while longer-term Treasury yields were unchanged. The Wright U.S. Government
Near-Term Fund (WNTB) returned 1.5% in the second quarter, bringing its return
for the first half of 2000 to 2.4%. This compares to returns of 1.7% (quarter)
and 3.0% (half) for the Lehman 1-3 year Government bond average and 1.2% and
2.5% earned for the same periods by the Morningstar average of Government
near-term bond funds.
At mid-year, the WNTB Funds holdings were allocated about half to U.S.
Treasuries and half to U.S. agency securities. U.S. agencies have suffered so
far in 2000 as the future status of the Government Sponsored Enterprises (GSEs),
which are large participants in this market, is being questioned. The WTNB Fund
will continue to allocate a large portion to U.S. agencies as the yield
advantages over Treasuries are judged to be attractive. Duration was extended
slightly to 1.6 years during the second quarter, a little shorter than the 1.7
year average duration of the Lehman 1-3 Government index. At June 30, 2000, the
WNTB Fund had a yield to maturity of 6.3%.
WRIGHT U.S. TREASURY FUND
The Wright U.S. Treasury Fund (WUSTB), which holds U.S. Treasuries exclusively,
posted a 1.2% return in the second quarter of 2000, compared with 1.5% for the
Lehman Brothers Treasury bond composite and 1.8% for the Morningstar average of
U.S. Treasury bond funds. In the second quarter, shorter maturities did better
than long maturities as yields on two-year Treasuries were down 13 basis points,
while ten-year Treasury bond yields were unchanged. For the first half of 2000,
the WUSTB Fund returned 5.1%, as compared with 5.4% for the Lehman benchmark and
5.0% for the Morningstar average of Treasury funds.
At the end of June 2000, the WUSTB's yield to maturity was 6.6%. The WUSTB
Fund's average duration of 5.7 years was slightly longer than the benchmark
duration. Wright's forecast is that the Federal Reserve is close to the end of
its tightening moves and that inflation will stay moderate, pushing yields lower
over the intermediate to long term. This view supports our slightly long
maturity/duration stance for the fund.
WRIGHT TOTAL RETURN BOND FUND
The Wright Total Return Bond Fund (WTRB) returned 1.3% in the second quarter of
2000. WTRB lagged the 1.7% return on the Lehman Brothers' U.S. Aggregate bond
average but surpassed the 0.7% earned by the Morningstar average of total return
bond funds. For the first six months of 2000, the WTRB Fund returned 3.5%,
behind the Lehman Aggregate average's 4.0% but topping the 2.9% returned by the
Morningstar average.
WIS continues to hold a higher proportion of spread (non-Treasury) products in
the WTRB Fund, anticipating that they will provide returns in excess of
Treasuries in the second half of 2000. At midyear, the WTRB Fund was invested in
the following sectors: about 19% in Treasury issues; 18% in agency securities;
35% in corporate bonds; 27% in mortgages and 1% in asset-backed issues. At the
end of the second quarter, the WTRB fund had an average duration of 5.0 years,
compared to 4.9 for the Lehman U.S. Aggregate average. WIS believes that yields
will move lower over the intermediate to long-term time horizon; combined with
the attractive yield spreads offered by the spread (non-Treasury) products, this
should lead to relatively good returns from bonds in the second half of 2000.
<PAGE>
WRIGHT CURRENT INCOME FUND
Mortgage-backed issues outperformed Treasuries for the second quarter of 2000
despite questions about the future of government backing for some
mortgage-backed securities. The Wright Current Income Fund (WCIF), which was
invested in Ginnie Maes (mortgage-based securities with the explicit backing of
the Federal government), returned 1.9% in the April-June period. This compared
favorably with the return of 1.7% for the Morningstar government mortgage fund
average. For the first six months of 2000, the WCIF Fund returned 3.8%, compared
to 3.3% for the Morningstar average.
At the end of the second quarter of 2000, the WCIF had a duration estimated at
4.3 years, unchanged from three months earlier. Future fund purchases may lean
towards lower coupon issues in anticipation of lower yields in the future. The
fund's indicated annual yield of 6.0% at the end of the second quarter provided
a cushion over the current inflation rate.
U.S. SECURITIES MARKETS -------------------------------------------------------
The Dow Jones Industrial Average chart shows the point changes in the average
which consists of 30 major NYSE industrial companies and is a price-weighted
arithmetic average, with the divisor adjusted for stock splits. The yield
chart shows the basis point changes in the U.S. Treasury bond which is the
benchmark U.S. Treasury bond with a maturity of 30 years.
The following plotting points are used for comparison in the mountain charts.
Date Dow Jones U.S. 30 Year
Industrial Average Treasury Bond Yield
12/31/90 2633.66 8.25%
12/31/91 3168.83 7.40%
12/31/92 3301.11 7.40%
12/31/93 3754.09 6.35%
12/31/94 3834.44 7.88%
12/31/95 5117.12 5.95%
12/31/96 6448.27 6.64%
12/31/97 7908.25 5.92%
12/31/98 9181.43 5.09%
12/31/99 11,497.12 6.50%
06/30/00 10,447.89 6.00%
--------------------------------------------------------------------------------
<PAGE>
DIVIDEND DISTRIBUTIONS AND INVESTMENT RETURN
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<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5 Year 10 Year Cum.
N.A.V. Distri- Distri- Value 12 Month Annual Annual Annual
Period Per bution bution Shares of $1,000 Invstmnt Invstmnt Invstmnt Invstmnt
Ending Share $ P/S in Shares Owned Investment Return Return Return Return
-------------------------------------------------------------------------------------------------------------------------------
THE EQUITY TRUST -- WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC)
1/4/83 $10.00 100.00 $1,000.00
Dec.99 15.13 3.264 0.228411 498.31 7,539.37 5.75% 16.78% 11.40% 12.63%
Jan.00 14.31 498.31 7,130.76 2.29% 15.27% 11.68% 12.19%
Feb.00 15.32 498.31 7,634.05 14.14% 15.67% 12.41% 12.58%
Mar.00 14.60 1.845 0.125939 561.06 8,191.50 23.45% 17.17% 12.90% 12.98%
Apr.00 14.42 561.06 8,090.51 10.77% 16.37% 13.01% 12.83%
May 00 13.92 561.06 7,809.98 7.41% 14.88% 11.68% 12.54%
Jun.00 14.27 561.06 8,006.35 5.98% 14.92% 11.84% 12.63%
---------------------------------------------------------------------------------------------------------------------------------
THE EQUITY TRUST -- WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
Standard Shares
7/22/85 $10.00 100.00 $1,000.00
Dec.99 16.29 0.589 0.037684 522.81 8,516.58 23.95% 24.84% 16.05% 15.99%
Jan.00 15.74 522.81 8,229.03 15.54% 23.70% 16.61% 15.61%
Feb.00 15.19 522.81 7,941.49 13.67% 21.70% 16.11% 15.24%
Mar.00 16.28 0.176 0.010622 528.36 8,601.75 21.33% 23.40% 16.61% 15.78%
Apr.00 15.80 528.36 8,348.14 8.16% 22.24% 16.47% 15.45%
May 00 15.27 528.36 8,068.11 8.05% 20.87% 15.07% 15.09%
Jun.00 15.57 528.36 8,226.62 5.21% 20.77% 15.24% 15.15%
Institutional Shares
7/14/99 $10.00 100.00 $1,000.00
Dec.99 10.11 0.579 0.059876 105.99 1,071.53 - - - 7.15%
Jan.00 9.76 105.99 1,034.44 - - - 3.44%
Feb.00 9.41 105.99 997.34 - - - -0.27%
Mar 00 10.03 0.166 0.016259 107.71 1,080.34 - - - 8.03%
Apr.00 9.74 107.71 1,049.10 - - - 4.91%
May 00 9.41 107.71 1,013.56 - - - 1.36%
Jun.00 9.62 107.71 1,036.18 - - - 3.62%
<PAGE>
THE EQUITY TRUST -- WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC)
Standard Shares
9/14/89 $10.00 100.00 $1,000.00
Dec.99 18.90 2.010 0.116997 144.99 2,740.31 34.26% 14.69% 10.12% 10.29%
Jan.00 17.63 144.99 2,556.19 29.53% 13.83% 9.62% 9.46%
Feb.00 19.21 144.99 2,785.27 44.49% 15.19% 11.05% 10.29%
Mar.00 19.33 144.99 2,802.67 42.80% 14.12% 11.25% 10.27%
Apr.00 18.15 144.99 2,631.58 28.07% 12.07% 10.63% 9.53%
May 00 17.37 144.99 2,518.49 28.41% 10.66% 9.29% 9.01%
Jun.00 17.99 144.99 2,608.38 27.10% 11.21% 9.27% 9.29%
---------------------------------------------------------------------------------------------------------------------------------
Institutional Shares
7/07/97 $10.00 100.00 $1,000.00
Dec.99 9.16 2.010 0.241297 147.83 1,354.09 34.49% -- -- 12.97%
Jan.00 8.55 147.83 1,263.92 29.84% -- -- 9.54%
Feb.00 9.32 147.83 1,377.75 44.96% -- -- 12.87%
Mar.00 9.38 147.83 1,386.62 43.21% -- -- 12.69%
Apr.00 8.80 147.83 1,300.88 28.21% -- -- 9.79%
May 00 8.43 147.83 1,246.18 28.71% -- -- 7.88%
Jun.00 8.73 147.83 1,290.53 27.34% -- -- 8.92%
---------------------------------------------------------------------------------------------------------------------------------
<PAGE>
THE INCOME TRUST -- WRIGHT U.S. TREASURY MONEY MARKET FUND (WTMM)
MONTHLY VALUE OF ANNUALIZED INVESTMENT RETURN
MONTH NET INCOME $1,000 ______________________________________
ENDING PER SHARE INVESTMENT(a) 1 Month 3 Month Cumulative
-------------------------------------------------------------------------------------------------------------------------------
$1,000.00
Jan. 31 $0.004052 1,004.05 4.78% - 4.78%
Feb. 29 0.003894 1,007.96 4.91% - 4.86%
Mar. 31 0.004261 1,012.26 5.03% 4.93% 4.93%
Apr. 30 0.004233 1,016.54 5.16% 5.06% 5.00%
May 31 0.004369 1,020.98 5.16% 5.14% 5.05%
Jun. 30 0.004327 1,025.40 5.28% 5.22% 5.11%
Jul. 31
Aug. 31
Sep. 30
Oct. 31
Nov. 30
Dec. 31
----------
Total $0.025136
(a): Assumes reinvestment of monthly dividends.
</TABLE>
-------------------------------------------------------------------------------
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
5 Year 10 Year Cum.
N.A.V. Distri- Distri- Value 12 Month Annual Annual Annual
Period Per bution bution Shares of $1,000 Invstmnt Invstmnt Invstmnt Invstmnt
Ending Share $ P/S in Shares Owned Investment Return Return Return Return
------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT U.S. GOVERNMENT NEAR TERM FUND (WNTB)
7/25/83 $10.00 100.000 $1,000.00
12/99 9.93 0.044204 0.004452 332.000 3,296.76 1.91% 5.89% 6.12% 7.53%
1/00 9.88 0.044700 0.004524 333.502 3,295.00 1.42% 5.60% 6.20% 7.48%
2/00 9.89 0.042235 0.004270 334.926 3,312.42 2.74% 5.38% 6.22% 7.48%
3/00 9.89 0.042645 0.004312 336.371 3,326.71 2.53% 5.36% 6.26% 7.47%
4/00 9.87 0.042035 0.004259 337.803 3,334.12 2.52% 5.20% 6.32% 7.45%
5/00 9.86 0.043674 0.004429 339.299 3,345.49 3.03% 4.75% 6.13% 7.43%
6/00 9.91 0.041830 0.004221 340.732 3,376.65 3.75% 4.82% 6.11% 7.45%
---------
Total $0.257119
----------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT U.S. TREASURY FUND (WUSTB)
7/25/83 $10.00 100.000 $1,000.00
12/99 12.89 0.060946 0.004728 341.808 4,405.91 -3.97% 7.83% 7.53% 9.44%
1/00 12.88 0.060999 0.004736 343.427 4,423.34 -4.06% 7.40% 7.92% 9.42%
2/00 13.00 0.055330 0.004256 344.888 4,483.55 0.20% 7.10% 8.12% 9.46%
3/00 13.20 0.060584 0.004590 346.471 4,573.42 1.84% 7.39% 8.37% 9.54%
4/00 13.10 0.059648 0.004553 348.049 4,559.44 1.25% 6.97% 8.58% 9.47%
5/00 13.05 0.061354 0.004701 349.685 4,563.39 2.59% 5.47% 8.13% 9.43%
6/00 13.18 0.060010 0.004553 351.277 4,629.84 4.48% 5.55% 8.06% 9.47%
---------
Total $0.357925
---------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT TOTAL RETURN BOND FUND (WTRB)
7/25/83 $10.00 100.000 $1,000.00
12/99 12.10 0.077447 0.006378 333.139 4,030.98 -3.91% 7.19% 6.69% 8.85%
1/00 12.00 0.057778 0.004815 334.743 4,016.92 -4.79% 6.71% 6.95% 8.78%
2/00 12.07 0.057789 0.004788 336.346 4,059.69 -0.98% 6.38% 7.08% 8.81%
3/00 12.18 0.059261 0.004865 337.982 4,116.62 -0.03% 6.51% 7.26% 8.85%
4/00 12.06 0.058870 0.004881 339.632 4,095.96 -0.66% 6.10% 7.41% 8.77%
5/00 12.00 0.059671 0.004973 341.321 4,095.85 0.78% 5.01% 7.00% 8.73%
6/00 12.16 0.059492 0.004892 342.991 4,170.77 3.22% 5.22% 6.99% 8.80%
---------
Total $0.352861
---------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT CURRENT INCOME FUND (WCIF)
Standard Shares
4/14/87 $10.00 100.000 $1,000.00
12/99 10.09 0.052745 0.005227 254.112 2,563.99 0.52% 7.33% 7.10% 7.69%
1/00 9.95 0.053734 0.005400 255.485 2,542.07 -0.90% 6.67% 7.10% 7.56%
2/00 10.02 0.053413 0.005331 256.847 2,573.60 0.97% 6.36% 7.18% 7.62%
3/00 10.12 0.052391 0.005177 258.176 2,612.74 1.92% 6.60% 7.33% 7.69%
4/00 10.04 0.052719 0.005251 259.532 2,605.70 1.24% 6.23% 7.43% 7.62%
5/00 10.03 0.052463 0.005231 260.889 2,616.72 2.54% 5.59% 7.13% 7.60%
6/00 10.15 0.052546 0.005177 262.240 2,661.74 5.09% 5.84% 7.14% 7.69%
---------
Total $0.317266
---------------------------------------------------------------------------------------------------------------------------------
Institutional Shares
7/07/97 $10.00 100.000 $1,000.00
12/99 9.60 0.051664 0.005382 116.574 1,119.11 0.60% -- -- 4.63%
1/00 9.47 0.052452 0.005539 117.220 1,110.07 -0.69% -- -- 4.15%
2/00 9.54 0.052292 0.005481 117.863 1,124.41 1.19% -- -- 4.53%
3/00 9.63 0.051129 0.005309 118.488 1,141.04 2.07% -- -- 4.94%
4/00 9.55 0.051116 0.005352 119.122 1,137.62 1.36% -- -- 4.68%
5/00 9.54 0.051433 0.005391 119.765 1,142.56 2.61% -- -- 4.70%
6/00 9.66 0.051652 0.005347 120.405 1,163.11 5.20% -- -- 5.19%
---------
Total $0.310074
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Wright Selected Blue Chip Equities Fund (WBC)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments in portfolio, at value
(identified cost, $37,383,119)(Note 1A) $ 49,434,171
Receivable for fund shares sold......... 3,465
------------
Total assets.......................... $ 49,437,636
------------
LIABILITIES:
Payable for fund shares reacquired...... $ 29,268
Accrued expenses and other liabilities.. 6,957
Distribution fee payable................ 16,507
------------
Total liabilities..................... $ 52,732
------------
NET ASSETS................................ $ 49,384,904
=============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market
value of securities received in exchange for fund
shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired................... $ 29,715,760
Accumulated undistributed net realized gain
on investments (computed on the basis of
identified cost)....................... 6,745,896
Unrealized appreciation of investments
(computed on the basis of identified cost) 12,051,052
Undistributed net investment income..... 872,196
------------
Net assets applicable to outstanding
shares................................ $ 49,384,904
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING............................ 3,460,404
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................. $14.27
=============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1C):
Income -
Dividend income allocated from portfolio $ 307,567
Interest income allocated from portfolio 13,085
Expenses allocated from portfolio...... (278,631)
------------
Investment income..................... $ 42,021
------------
Expenses -
Administrator fee (Note 2)............. $ 5,959
Compensation of Trustees not employees of the
investment adviser or administrator... 2,643
Custodian fee (Note 1D)................ 7,317
Distribution expenses (Note 3)......... 74,441
Transfer and dividend disbursing agent fees 13,834
Audit services......................... 14,200
Legal services......................... 1,122
Printing............................... 2,833
Registration costs .................... 7,701
Miscellaneous.......................... 7,560
------------
Total expenses........................ $ 137,610
------------
Deduct -
Preliminary reduction of distribution expenses
by principal underwriter (Note 3) .... $ 43,258
------------
Net expenses........................ $ 94,352
------------
Net investment loss............... $ (52,331)
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investment transactions from
portfolio (identified cost basis)...... $ 7,062,958
Change in unrealized appreciation
of investments ........................ (3,532,789)
------------
Net realized and unrealized gain on
investments............................ $ 3,530,169
------------
Net increase in net assets from
operations........................... $ 3,477,838
=============
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Wright Selected Blue Chip Equities Fund (WBC)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31,1999
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income (loss)............................................... $ (52,331) $ 509,531
Net realized gain on investments........................................... 7,062,958 41,165,564
Change in unrealized depreciation of investments........................... (3,532,789) (40,029,553)
------------ ------------
Net increase in net assets resulting from operations $ 3,477,838 $ 1,645,542
------------ ------------
Distributions to shareholders (Note 1F) -
From net investment income ................................................ $ - $ (448,820)
From net realized gain..................................................... (7,328,645) (16,856,408)
------------ ------------
Total distributions...................................................... $ (7,328,645) $(17,305,228)
------------ ------------
Net decrease in net assets from fund share transactions (Note 4) -........... $(21,311,646) $(130,757,524)
------------ ------------
Net decrease in net assets................................................... $(25,162,453) $(146,417,210)
NET ASSETS:
At beginning of period....................................................... 74,547,357 220,964,567
------------ ------------
At end of period............................................................. $ 49,384,904 $ 74,547,357
============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME
INCLUDED IN NET ASSETS AT END OF PERIOD...................................... $ 872,196 $ 924,527
============== ==============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Wright Major Blue Chip Equities Fund (WMBC)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Identified cost....................... $146,271,322
Unrealized appreciation............... 17,074,557
------------
Total investments, at value (Note 1A)... $163,345,879
Cash.................................... 1,995
Receivable for fund shares sold......... 43,684
Dividend and interest receivable........ 75,622
Receivable from investment adviser...... 2,075
------------
Total assets.......................... $163,469,255
------------
LIABILITIES:
Payable for fund shares reacquired...... $ 107,940
Accrued expenses and other liabilities.. 20,418
------------
Total liabilities..................... $ 128,358
------------
NET ASSETS................................ $163,340,897
=============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market
value of securities received in exchange for fund
shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired................... $140,696,376
Accumulated undistributed net realized gain
on investments (computed on the basis
of identified cost).................... 5,823,623
Unrealized appreciation of investments
(computed on the basis of identified cost) 17,074,557
Distributions in excess of net
investment income...................... (253,659)
------------
Net assets applicable to outstanding
shares................................ $163,340,897
=============
Computation of net asset value,
offering and redemption price per share:
Standard shares:
-----------------
Net assets............................ $161,802,217
=============
Shares of beneficial interest outstanding 10,392,226
=============
Net asset value, offering price and redemption
price per share of beneficial interest $15.57
=============
Institutional shares:
--------------------
Net assets............................ $ 1,538,680
=============
Shares of beneficial interest outstanding 160,004
=============
Net asset value, offering price and redemption
price per share of beneficial interest $9.62
=============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1C):
Income -
Dividend income........................ $ 791,588
Interest income........................ 88,153
------------
Investment income..................... $ 879,741
------------
Expenses -
Investment adviser fee (Note 2)........ $ 387,841
Administrator fee - (Note 2)........... 125,790
Compensation of Trustees not employees of the
investment adviser or administrator... 2,643
Custodian fee - Standard shares (Note 1D) 34,447
Custodian fee - Institutional shares (Note 1D) 421
Distribution expenses - Standard
shares (Note 3)....................... 191,601
Transfer and dividend disbursing agent fees
- Standard shares..................... 27,393
Printing............................... 2,210
Audit services......................... 28,133
Legal services......................... 1,122
Registration costs - Standard shares... 12,212
Registration costs - Institutional shares 4,460
Miscellaneous.......................... 4,778
------------
Total expenses........................ $ 823,051
------------
Deduct -
Preliminary allocation of expenses to the
investment adviser (Note 2) .......... $ 2,075
------------
Net expenses........................ $ 820,976
------------
Net investment income............. $ 58,765
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis)................ $ 6,287,939
Change in unrealized appreciation of
investments............................ (11,444,607)
------------
Net realized and unrealized loss
on investments......................... $(5,156,668)
------------
Net decrease in net assets from
operations............................ $(5,097,903)
=============
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Wright Major Blue Chip Equities Fund
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
----------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 58,765 $ 285,438
Net realized gain on investments........................................... 6,287,939 7,887,196
Change in unrealized appreciation (depreciation) of investments............ (11,444,607) 16,582,999
------------ ------------
Net increase (decrease) in net assets resulting from operations.......... $ (5,097,903) $ 24,755,633
------------ ------------
Distributions to shareholders (Note 1F) -
From net investment income - Standard shares............................... $ (57,505) $ (285,301)
In excess of net investment income - Standard shares....................... (42,206) (40,529)
From net realized gain - Standard shares................................... (1,666,498) (4,869,756)
From net realized gain - Institutional shares.............................. (33,610) (49,123)
In excess of net realized gain - Institutional shares...................... -- (57,483)
------------ ------------
Total distributions...................................................... $ (1,799,819) $ (5,302,192)
------------ ------------
Net increase (decrease) in net assets from fund share transactions (Note 4)
Standard shares............................................................ $ 24,257,506 $ 74,094,629
Institutional shares....................................................... $ (414,390) $ 1,968,967
------------ ------------
Net increase in net assets from fund share transactions...................... $ 23,843,116 $ 76,063,596
------------ ------------
Net increase in net assets................................................... $ 16,945,394 $ 95,517,037
NET ASSETS:
At beginning of period....................................................... 146,395,503 50,878,466
------------ ------------
At end of period............................................................. $163,340,897 $146,395,503
============== ==============
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME INCLUDED IN NET ASSETS
AT END OF PERIOD............................................................. $ (253,659) $ (212,713)
============== ==============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Wright International Blue Chip Equities Fund (WIBC)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investment in portfolio, at value
(identified cost, $129,793,081) (Note 1A) $156,070,809
Receivable for fund shares sold......... 660,488
------------
Total assets.......................... $156,731,297
------------
LIABILITIES:
Payable for fund shares reacquired...... $ 390,333
Accrued expenses and other liabilities.. 11,451
------------
Total liabilities..................... $ 401,784
------------
NET ASSETS................................ $156,329,513
============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market
value of securities received in exchange for fund
shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired................... $108,782,787
Accumulated undistributed net realized gain on
investments and foreign currency (computed
on the basis of identified cost)....... 19,438,844
Unrealized appreciation of investments
and translation of assets and liabilities
in foreign currency(computed on the basis
of identified cost)....................... 26,277,728
Undistributed net investment income........ 1,830,154
------------
Net assets applicable to outstanding
shares.................................. $156,329,513
=============
Computation of net asset value, offering
and redemption price per share:
Standard shares:
-----------------
Net assets............................ $135,497,969
=============
Shares of beneficial interest outstanding 7,531,703
=============
Net asset value, offering price, and redemption
price per share of beneficial interest $17.99
=============
Institutional shares:
--------------------
Net assets............................ $ 20,831,544
=============
Shares of beneficial interest outstanding 2,386,125
=============
Net asset value, offering price, and
redemption price per share
of beneficial interest.............. $8.73
=============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1C):
Income -
Dividend income allocated from portfolio $ 2,550,705
Interest income allocated from portfolio 242,647
Less: Foreign taxes allocated from portfolio (145,482)
Expenses allocated from portfolio...... (947,286)
------------
Investment income..................... $ 1,700,584
------------
Expenses -
Administrator fee (Note 2)............. $ 13,048
Compensation of Trustees not employees of
the investment adviser or administrator 2,643
Custodian fee - Standard shares (Note 1D) 9,601
Custodian fee - Institutional shares (Note 1D) 5,000
Distribution expenses-Standard shares (Note 3) 174,910
Transfer and dividend disbursing agent fees
-Standard shares...................... 18,805
Transfer and dividend disbursing agent fees
-Institutional shares................. 2,265
Printing............................... 2,603
Audit services......................... 14,200
Legal services......................... 1,122
Registration costs - Standard shares... 9,525
Registration costs - Institutional shares 5,260
Miscellaneous.......................... 472
------------
Total expenses........................ $ 259,454
------------
Net investment income............. $ 1,441,130
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investment and foreign
currency transactions from portfolio
(identified cost basis)................ $19,437,707
Change in unrealized appreciation
of investments and translation of
assets and liabilities in foreign
currencies from portfolio.............. (27,942,362)
------------
Net realized and unrealized loss on
investments............................ $(8,504,655)
------------
Net decrease in net assets from
operations........................... $(7,063,525)
=============
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Wright International Blue Chip Equities Fund (WIBC)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
-------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income (loss)............................................... $ 1,441,130 $ (3,489)
Net realized gain on investments........................................... 19,437,707 33,096,688
Change in unrealized appreciation (depreciation) of investments............ (27,942,362) 12,487,904
------------ ------------
Net increase (decrease) in net assets resulting from operations.......... $ (7,063,525) $ 45,581,103
------------ ------------
Distributions to shareholders (Note 1F) -
From net investment income -
Standard shares.......................................................... $ - $ -
Institutional shares..................................................... - -
From net realized gain -
Standard shares.......................................................... - (17,985,521)
Institutional shares..................................................... - (4,888,914)
------------ ------------
Total distributions...................................................... $ - $(22,874,435)
------------ ------------
Net increase (decrease) in net assets from fund share transactions (Note 4) -
Standard shares.......................................................... $ (6,002,114) $(67,103,489)
Institutional shares..................................................... (2,469,276) 4,423,914
------------ ------------
Net decrease in net assets from fund share transactions...................... $ (8,471,390) $(62,679,575)
------------ ------------
Net decrease in net assets................................................... $(15,534,915) $(39,972,907)
NET ASSETS:
At beginning of period....................................................... 171,864,428 211,837,335
------------ ------------
At end of period............................................................. $156,329,513 $171,864,428
============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME
INCLUDED IN NET ASSETS AT END OF PERIOD...................................... $ 1,830,154 $ 389,024
============== ==============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------
Wright Selected Blue Chip Equities Fund 2000(6)(8) 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period........ $ 15.130 $ 17.630 $ 19.200 $ 17.730 $ 16.830 $ 13.850
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income (loss)* ......... $ (0.013) $ 0.181 $ 0.095 $ 0.133 $ 0.204 $ 0.226
Net realized and unrealized gain (loss) 0.998 0.638 (0.139) 5.172 2.886 3.904
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations......... $ 0.985 $ 0.819 $ (0.044) $ 5.305 $ 3.090 $ 4.130
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from investment income....... $ - $ (0.055) $ (0.090) $ (0.145) $ (0.200) $ (0.200)
Distributions from capital gains....... (1.845) (3.264) (1.366) (3.690) (1.990) (0.840)
In excess of net realized gain on
investments........................... - - (0.070) - - (0.110)
-------- -------- -------- -------- -------- --------
Total distributions................ $ (1.845) $ (3.319) $ (1.526) $ (3.835) $ (2.190) $ (1.150)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 14.270 $ 15.130 $ 17.630 $ 19.200 $ 17.730 $ 16.830
========== ========== ========== ========== ========== ==========
Total return(1)............................. 6.19% 5.75% 0.14% 32.70% 18.57% 30.34%
Ratios/Supplemental Data*:
Net assets, end of period (000 omitted) $ 49,385 $ 74,547 $ 220,965 $ 259,411 $ 208,166 $217,588
Ratio of net expenses to average net assets 1.26%(3)(7) 1.16%(3) 1.11%(3) 1.08%(3) 1.04% 1.04%
Ratio of net expenses after custodian fee
reduction to average net assets(5).. 1.26%(3)(7) 1.15%(3) 1.11%(3) 1.08%(3) 1.04% 1.04%
Ratio of net investment income (loss) to average
net assets.......................... (0.18%)(7) 0.36% 0.46% 0.75% 1.15% 1.44%
Portfolio turnover rate .............. 39%(4) 106%(4) 78%(4) 10%(2) 43%(2) 44%(2)
---------------------------------------------------------------------------------------------------------------------------------
<FN>
* For the six months ended June 30, 2000 and the year ended December 31, 1999,
the distributor reduced its fees. Had such action not been undertaken, net
investment income (loss) per share and the ratios would have been as follows:
2000(6) 1999
Net investment income (loss) per share. $ (0.023) $ 0.151
========== ==========
Ratios (As a percentage of average net assets):
Expenses........................... 1.40%(3)(7) 1.22%(3)
========== ==========
Expenses after custodian fee
reduction(5)...................... 1.40%(3)(7) 1.21%(3)
========== ==========
Net investment income (loss)....... (0.32%)(7) 0.30%
========== ==========
-------------------------------------------------------------------------------
1 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the reinvestment date.
2 Portfolio turnover represents the rate of portfolio activity for the period
while the fund was making investments directly in securities.
3 Includes each fund's share of its corresponding portfolio's allocated expenses.
4 Represents portfolio turnover rate of the fund's corresponding portfolio.
5 Custodian fees were reduced by credits resulting from cash balances the trust
maintained with the custodian (Note 1D). The computation of net expenses to
average daily net assets reported above is computed without consideration of
such credits.
6 For the six months ended June 30, 2000 (unaudited).
7 Annualized.
8 Certain per share amounts are based on average shares outstanding.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
-----------------------------------------------------------------------------------------------------------------------------
Wright Major Blue Chip Equities Fund 2000(4)(5) 1999(4) 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------
Standard Shares
-----------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period........ $ 16.290 $ 13.670 $ 12.020 $ 12.450 $ 12.650 $ 11.390
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income(1)............... $ 0.006 $ 0.042 $ 0.091 $ 0.100 $ 0.064 $ 0.153
Net realized and unrealized gain (loss) (0.550) 3.202 2.324 3.515 2.131 3.107
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations......... $ (0.544) $ 3.244 $ 2.415 $ 3.615 $ 2.195 $ 3.260
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from investment income....... $ (0.006) $ (0.039) $ (0.055) $ (0.085) $ (0.120) $ (0.160)
In excess of investment income......... (0.004) (0.006) - - - -
Distributions from capital gains....... (0.166) (0.579) (0.710) (3.960) (2.275) (1.840)
-------- -------- -------- -------- -------- --------
Total distributions................ $ (0.176) $ (0.624) $ (0.765) $ (4.045) $ (2.395) $ (2.000)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 15.570 $ 16.290 $ 13.670 $ 12.020 $ 12.450 $ 12.650
========== ========== ========== ========== ========== ==========
Total Return(3)............................. (3.40%) 23.95% 20.43% 33.86% 17.63% 28.98%
Ratios/Supplemental Data(1):
Net assets, end of period (000 omitted) $ 161,802 $ 144,359 $ 50,878 $ 27,721 $ 25,815 $ 49,134
Ratio of net expenses to average net assets 1.06%(6) 1.05% 1.07% 1.08% 1.08% 1.07%
Ratio of net expenses after custodian fee
reduction to average net assets(2)... 1.06%(6) 1.05% 1.05% 1.05% 1.05% 1.05%
Ratio of net investment income to average
net assets ......................... 0.07%(6) 0.27% 0.49% 0.68% 0.90% 1.19%
Portfolio turnover rate................ 53% 59% 36% 89% 45% 83%
---------------------------------------------------------------------------------------------------------------------------------
<FN>
1 For the years ended December 31, 1999, 1998, 1997, 1996 and 1995, the
distributor and/or investment adviser reduced their fees. Had such action not
been undertaken, net investment income per share and the ratios would have
been as follows:
1999 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
Net investment income per share........ $ 0.034 $ 0.052 $ 0.049 $ 0.061 $ 0.150
========== ========== ========== ========== ==========
Ratios (As a percentage of average net assets):
Expenses........................... 1.10% 1.28% 1.43% 1.12% 1.09%
========== ========== ========== ========== ==========
Expenses after custodian fee reduction(2) 1.10% 1.26% 1.40% 1.09% 1.07%
========== ========== ========== ========== ==========
Net investment income.............. 0.22% 0.28% 0.33% 0.86% 1.17%
========== ========== ========== ========== ==========
---------------------------------------------------------------------------------------------------------------------------------
2 Custodian fees were reduced by credits resulting from cash balances the trust
maintained with the custodian (Note 1D). The computation of net expenses to
average daily net assets reported above is computed without consideration of
such credits.
3 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the reinvestment date.
4 Certain per share amounts are based on average shares outstanding.
5 For the six months ended June 30, 2000 (unaudited).
6 Annualized.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Financial Highlights
Year Ended December 31,
----------------------
-------------------------------------------------------------------------------
Wright Major Blue Chip Equities Fund 2000(3)(4) 1999(++)(3)
-------------------------------------------------------------------------------
Institutional Shares
Net asset value, beginning of period........ $ 10.110 $ 10.000
-------- --------
Income (loss) from investment operations:
Net investment income(1)............... $ 0.007 $ 0.001
Net realized and unrealized gain (loss) (0.331) 0.688
-------- --------
Total income (loss)
from investment operations......... $ (0.324) $ 0.689
-------- --------
Less distributions:
Distributions from capital gains....... $ (0.166) $ (0.267)
Distributions in excess of capital gains - (0.312)
-------- --------
Total distributions................ $ (0.166) $ (0.579)
-------- --------
Net asset value, end of period.............. $ 9.620 $ 10.110
========== ==========
Total Return(2)............................. (3.30%) 7.15%
Ratios/Supplemental Data(1):
Net assets, end of period (000 omitted) $ 1,539 $ 2,037
Ratio of net expenses to average net assets 1.03%(+) 1.19%(+)
Ratio of net investment income to average
net assets ......................... 0.14%(+) 0.02%(+)
Portfolio turnover rate................ 53% 59%
-------------------------------------------------------------------------------
1 For the six months ended June 30, 2000 and the year ended December 31, 1999,
the operating expenses of the fund were reduced by an allocation of expenses
to the investment adviser, or the administrator and distributor reduced their
fees. Had such action not been undertaken, net investment loss per share and
the ratios would have been as follows:
2000(4) 1999(++)
-------------------------------------------------------------------------------
Net investment loss per share.......... $ (0.004) $ (0.001)
========== ==========
Ratios (As a percentage of average net assets):
Expenses........................... 1.26%(+) 1.22%(+)
========== ==========
Net investment loss................ (0.09%)(+) (0.01%)(+)
========== ==========
-------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the reinvestment date.
3 Certain per share amounts are based upon average shares outstanding.
4 For the six months ended June 30, 2000 (unaudited).
+ Annualized.
++ For the period from July 14, 1999 (inception of offering Institutional
shares) to December 31, 1999.
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
-------------------------------------------------------------------------------------------------------------------------------
Wright International Blue Chip Equities Fund 2000(5)(6) 1999(5) 1998 1997 1996 1995
-------------------------------------------------------------------------------------------------------------------------------
Standard Shares
------------------------------------------------------------------------------------------------------------------------------
Net asset value, beginning of period........ $18.900 $16.020 $16.020 $16.690 $14.770 $13.090
--------- --------- --------- --------- --------- ---------
Income (loss) from investment operations:
Net investment income (loss) .......... $0.163 $ (0.004) $ 0.078 $ 0.185 $ 0.128 $ 0.142
Net realized and unrealized gain (loss) (1.073) 5.181 0.868 0.048+ 2.902 1.638
--------- --------- --------- --------- --------- ---------
Total income (loss)
from investment operations......... ($0.910) $ 5.177 $ 0.946 $ 0.233 $ 3.030 $ 1.780
--------- --------- --------- --------- --------- ---------
Less distributions:
Dividends from investment income....... $ - $ - $ (0.070) $ (0.163) $ (0.100) $ (0.100)
Distributions from capital gains....... - (2.297) (0.876) (0.740) (1.010) -
--------- --------- --------- --------- --------- ---------
Total distributions................ $ - $ (2.297) $ (0.946) $ (0.903) $ (1.110) $ (0.100)
--------- --------- --------- --------- --------- ----------
Net asset value, end of period.............. $17.990 $18.900 $16.020 $16.020 $16.690 $14.770
========== ========== ========== ========== ========== ==========
Total return(1)............................. (4.81%) 34.26% 6.14% 1.54% 20.73% 13.61%
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $135,498 $147,610 $193,327 $212,698 $268,732 $237,176
Ratio of total expenses to average
daily net assets...................... 1.52%(3)(7) 1.49%(3) 1.35%(3) 1.31%(3) 1.30% 1.29%
Ratio of net investment income to average daily
net assets.......................... 1.78%(7) 0.02% 0.42%(+) 0.82% 0.82% 0.99%
Portfolio turnover rate .............. 36%(4) 105%(4) 66%(4) 4%(2) 29%(2) 12%(2)
----------------------------------------------------------------------------------------------------------------------------------
<FN>
1 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the reinvestment date.
2 Portfolio turnover represents the rate of portfolio activity for the period
while the fund was making investments directly in securities.
3 Includes each fund's share of its corresponding Portfolio's allocated expenses.
4 Represents portfolio turnover rate of the fund's corresponding portfolio.
5 Certain per share amounts are based on average shares outstanding.
6 For the six months ended June 30, 2000 (unaudited).
7 Annualized.
+ Per share amount is not in accordance with the net realized and unrealized
gain (loss) for the period because of the timing of sales of fund shares and
the amounts per share of realized and unrealized gains and losses at such
times.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
Wright Managed Equity Trust
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
------------------------------------------------------
<S> <C> <C> <C> <C>
----------------------------------------------------------------------------------------------------------------------------------
Wright International Blue Chip Equities Fund 2000(4)(6) 1999(4) 1998 1997(*)
----------------------------------------------------------------------------------------------------------------------------------
Institutional Shares
Net asset value, beginning of period........ $ 9.160 $ 8.750 $ 9.130 $ 10.000
-------- -------- -------- ---------
Income (loss) from Investment Operations:
Net investment income ................. $ 0.081 $ 0.014 $ 0.159 $ 0.006
Net realized and unrealized gain (loss) (0.511) 2.693 0.487 (0.646)(+)
-------- -------- -------- --------
Total income (loss)
from investment operations......... $ (0.430) $ 2.707 $ 0.646 $ (0.640)
-------- -------- -------- --------
Less distributions:
Dividends from investment income....... $ - $ - $ (0.150) $ -
Distributions from capital gains....... - (2.297) (0.876) (0.230)
-------- -------- -------- --------
Total distribution................. $ - $ (2.297) $ (1.026) $ (0.230)
-------- -------- -------- --------
Net asset value, end of period.............. $ 8.730 $ 9.160 $ 8.750 $ 9.130
========= ========= ========= =========
Total return(1)............................. (4.69%) 34.49% 7.54% (6.37%)
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $ 20,832 $ 24,254 $ 18,511 $ 45,094
Ratio of total expenses to average daily
net assets........................... 1.33%(2)(++) 1.28%(2) 1.12%(2) 1.16%(2)(++)
Ratio of net investment income to average daily
net assets........................... 1.83%(++) 0.16% 0.73% 0.15%(++)
Portfolio turnover rate................ 36%(3) 105%(3) 66%(3) 4%(5)
----------------------------------------------------------------------------------------------------------------------------------
<FN>
1 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the reinvestment date.
2 Includes each fund's share of its corresponding portfolio's allocated expenses.
3 Represents portfolio turnover rate of the fund's corresponding portfolio.
4 Certain per share amounts are based on average shares outstanding.
5 Portfolio turnover represents the rate of portfolio activity for the period
while the fund was making investments directly in securities.
6 For the six months ended June 30, 2000 (unaudited).
+ Per share amount is not in accordance with the net realized and unrealized
gain (loss) for the period because of the timing of sales of fund shares and
the amounts per share of realized and unrealized gains and losses at such
times.
++ Annualized.
* For the period from July 7, 1997 (inception of offering institutional shares)
to December 31, 1997.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED EQUITY TRUST
-------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright Managed Equity Trust (the Trust), issuer of Wright Selected Blue
Chip Equities Fund (WBC) series, Wright Major Blue Chip Equities Fund (WMBC)
series, and Wright International Blue Chip Equities Fund (WIBC) series
(collectively, the Funds), is registered under the Investment Company Act of
1940, as amended, as a diversified, open-end, management investment company. WBC
and WIBC invest all of their investable assets in interests in a separate
corresponding open-end management investment company (a Portfolio), a New York
Trust, having the same investment objective as its corresponding fund. WBC
invests its assets in the Selected Blue Chip Equities Portfolio and WIBC invests
its assets in the International Blue Chip Equities Portfolio. The value of each
fund's investment in its corresponding Portfolio reflects the fund's
proportionate interest in the net assets of that Portfolio (98.6% and 99.4% at
June 30, 2000 for WBC and WIBC, respectively). The performance of each fund is
directly affected by the performance of its corresponding Portfolio. The
financial statements of each Portfolio, including the portfolio of investments,
are included elsewhere in this report and should be read in conjunction with
each fund's financial statements. The following is a summary of significant
accounting policies consistently followed by the Trust in the preparation of its
financial statements. The policies are in conformity with accounting principles
generally accepted in the United States of America.
A. Investment Valuations - For WMBC securities listed on securities exchanges
or in the NASDAQ National Market are valued at closing sale prices, if
those prices are deemed to be representative of market values at the close
of business. Unlisted or listed securities for which closing sale prices
are not available are valued at the mean between the latest bid and asked
prices. Short-term obligations maturing in sixty days or less are valued at
amortized cost, which approximates market value. Securities for which
market quotations are unavailable or deemed not to be representative of
market values at the close of business are appraised at their fair value as
determined in good faith by or at the direction of the Trustees. Valuation
of securities by WBC and WIBC are discussed in Note 1A of the Portfolios'
Notes to Financial Statements which are included elsewhere in this report.
B. Foreign Currency Translation - Investment security valuations, other
assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange
rates. Purchases and sales of foreign investment securities and income and
expenses are translated into U.S. dollars based upon currency exchange
rates prevailing on the respective dates of such transactions.
C. Income - For WMBC, dividend income and distributions to shareholders are
recorded on the ex-dividend date. Interest income is recorded on the
accrual basis. However, if the ex-dividend date has passed, certain
dividends from foreign securities are recorded as the fund is informed of
the ex-dividend date. The net investment income of WBC and WIBC consists of
the fund's pro rata share of the net investment income of its corresponding
Portfolio, less all actual and accrued expenses of each fund determined in
accordance with generally accepted accounting principles.
D. Expense Reduction - The funds have entered into an arrangement with its
custodian whereby interest earned on uninvested cash balances is used to
offset custodian fees. All significant reductions are reported as a
reduction of expenses in the Statement of Operations.
E. Federal Taxes - The Trust's policy is to comply with the provisions of the
Internal Revenue Code (the Code) available to regulated investment
companies and distribute to shareholders each year all of its taxable
income, including any net realized gain on investments. Accordingly, no
provision for federal income or excise tax is necessary. Withholding taxes
on foreign dividends have been provided for in accordance with the Trust's
understanding of the applicable country's tax rules and rates.ry 1, 1999,
the Trust ceased recording equalization.
<PAGE>
F. Distributions - The Trust requires that differences in the recognition or
classification of income between the financial statements and tax earnings
and profits which result only in temporary overdistributions for financial
statement purposes, are classified as distributions in excess of net
investment income or accumulated net realized gains. Distributions in
excess of tax basis earnings and profits are reported in the financial
statements as a return of capital. Permanent differences between book and
tax accounting for certain items may result in reclassification of these
items.
G. Other - Investment transactions are accounted for on the date the
investments are purchased or sold.
H. Use of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period. Actual results could differ from those estimates.
I. Multiple Classes of Shares of Beneficial Interest - Each fund is authorized
to offer a standard share class and an institutional share class. The share
classes differ in their respective distribution and service fees. All
shareholders bear the common expenses of the fund pro rata based on the
average daily net assets of each class, without distinction between share
classes. Dividends are declared separately for each class. Each class has
equal rights as to voting, redemption, dividends, and liquidation. At June
30, 2000, only WMBC and WIBC had an institutional share class.
J. Interim Financial Information - The interim financial statements relating
to June 30, 2000 and for the six month period then ended have not been
audited by independent certified public accountants, but in the opinion of
the Trust's management, reflect all adjustments, consisting only of
normally recurring adjustments, necessary for the fair presentation of the
financial statements.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service, Inc. (Wright) to act as
investment adviser to the funds pursuant to the respective Investment Advisory
Contracts. Wright furnishes each fund with investment management, investment
advisory, and other services. For its services, Wright is compensated based upon
a percentage of average daily net assets which rate is adjusted as average daily
net assets exceed certain levels. For the six months ended June 30, 2000, for
WMBC the effective annual rate was 0.50%. The Portfolios have engaged Wright to
render investment advisory services. See Note 2 of the Portfolios' Notes to
Financial Statements which are included elsewhere in this report. To enhance the
net income of the fund, $2,075 of expenses were allocated to the investment
adviser for WMBC-Institutional Shares. The Trust also has engaged Eaton Vance
Management (Eaton Vance) to act as administrator of the Trust. Under the
Administration Agreement, Eaton Vance is responsible for managing the business
affairs of the Trust and is compensated based upon a percentage of average daily
net assets which rate is reduced as average daily net assets exceed certain
levels. For the six months ended June 30, 2000, the effective annual rate was
0.02% for WBC, 0.16% for WMBC, and 0.02% for WIBC. Certain of the Trustees and
officers of the Trust are Trustees or officers of the above organizations.
Except as to Trustees of the Trust who are not employees of Eaton Vance or
Wright, Trustees and officers receive remuneration for their services to the
Trust out of the fees paid to Eaton Vance and Wright.
(3) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
funds will pay Wright Investors' Service Distributors, Inc. (Principal
Underwriter), a wholly-owned subsidiary of Winthrop, an annual rate of 0.25% of
each fund's average daily net assets attributable to Standard shares for
activities primarily intended to result in the sale of each fund's Standard
shares. To enhance the net income of WBC, the principal underwriter made a
preliminary reduction of its fee by $43,258. In addition, the Trustees have
adopted a service plan (the Service Plan) which allows the funds to reimburse
the Principal Underwriter for payments to intermediaries for providing account
administration and account maintenance services to their customers who are
beneficial owners of shares. The amount of service fee payable under the Service
Plan with respect to each class of shares may not exceed 0.25% annually of the
average daily net assets attributable to the respective classes. For the six
months ended June 30, 2000, the funds did not accrue or pay any service fees.
<PAGE>
(4) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in fund shares were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 2000 December 31, 1999
---------------------------------------------------------------
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------------------------------------
Wright Selected Blue Chip Equities Fund--
<S> <C> <C> <C> <C>
Sold................................................... 381,756 $ 5,614,511 1,547,222 $ 26,874,487
Issued to shareholders in payment of distributions
declared.............................................. 401,054 5,875,650 1,009,272 14,480,550
Reacquired............................................. (2,250,903) (32,801,807) (10,158,221) (172,112,561)
----------- -------------- ----------- --------------
Net decrease......................................... (1,468,093) $ (21,311,646) (7,601,727) $(130,757,524)
=========== ============== =========== ==============
Wright Major Blue Chip Equities Fund -- Standard Shares
Sold................................................... 3,487,548 $ 54,889,869 8,075,051 $ 119,260,766
Issued to shareholders in payment of distributions
declared.............................................. 94,056 1,558,412 297,328 4,636,894
Reacquired............................................. (2,052,111) (32,190,775) (3,232,621) (49,803,031)
----------- -------------- ----------- --------------
Net increase......................................... 1,529,493 $ 24,257,506 5,139,758 $ 74,094,629
=========== ============== =========== ==============
Wright Major Blue Chip Equities Fund -- Institutional Shares
Sold................................................... 35,823 $ 341,000 199,068 $ 1,950,361
Issued to shareholders in payment of distributions
declared.............................................. 3,292 33,610 11,013 106,606
Reacquired............................................. (80,524) (789,000) (8,668) (88,000)
----------- -------------- ----------- --------------
Net increase (decrease).............................. (41,409) $ (414,390) 201,413 $ 1,968,967
=========== ============== =========== ==============
Wright International Blue Chip Equities Fund-- Standard Shares:
Sold................................................... 4,401,412 $ 80,321,719 5,014,606 $ 80,196,748
Issued to shareholders in payment of distributions
declared.............................................. 233 4,002 875,950 14,725,621
Reacquired............................................. (4,679,681) (86,327,835) (10,146,203) (162,025,858)
----------- -------------- ----------- --------------
Net decrease......................................... (278,036) $ (6,002,114) (4,255,647) $ (67,103,489)
=========== ============== =========== ==============
Wright International Blue Chip Equities Fund-- Institutional Shares:
Issued to shareholders in payment of distributions
declared.............................................. 75,524 $ 655,724 588,052 $ 4,888,914
Reacquired............................................. (336,303) (3,125,000) (55,919) (465,000)
----------- -------------- ----------- --------------
Net increase (decrease)................................ (260,779) $ (2,469,276) 532,133 $ 4,423,914
=========== ============== =========== ==============
</TABLE>
<PAGE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations were as follows:
Six Months Ended
June 30, 2000
---------------------------
Wright Major Blue Chip
Equities Fund
-------------------------------------------------------------------------------
Purchases....................... $ 105,081,514
================
Sales........................... $ 82,362,847
================
-------------------------------------------------------------------------------
Increases and decreases in each fund's investment in its corresponding
Portfolio for the six months ended June 30, 2000 were as follows:
WBC WIBC
-------------------------------------------------------------------------------
Increases................... $ 5,953,339 $ 84,818,214
Decreases................... (34,506,600) (93,759,274)
-------------------------------------------------------------------------------
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) of the investment
securities owned at June 30, 2000, as computed on a federal income tax basis,
are as follows:
Wright Major
Blue Chip
Equities Fund
-----------------------------------------------------------------------------
Aggregate cost.......................... $ 146,271,322
=============
Gross unrealized appreciation........... $ 27,415,080
Gross unrealized depreciation........... (10,340,523)
-------------
Net unrealized appreciation............. $ 17,074,557
=============
------------------------------------------------------------------------------
(7) LINE OF CREDIT
The funds participate with other funds managed by Wright in a committed $20
million unsecured line of credit agreement with a bank. The funds may
temporarily borrow from the line of credit to satisfy redemption requests or
settle investment transactions. Interest is charged to each fund based on its
borrowings at an amount above the federal funds rate. In addition, a fee
computed at an annual rate of 0.10% on the average daily unused portion of the
$20 million line of credit, is allocated among the participating funds at the
end of each quarter. The funds did not have significant borrowings or allocated
fees during the six months ended June 30, 2000.
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Wright U.S. Treasury Money Market Fund (WTMM)(+)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Total investments, at amortized cost
(Note 1A).............................. $ 51,549,678
Receivable from investment adviser...... 8,350
------------
Total assets.......................... $ 51,558,028
------------
LIABILITIES:
Cash overdraft.......................... $ 210,769
Distributions payable................... 211,137
Accrued expenses and other liabilities.. 9,805
------------
Total liabilities..................... $ 431,711
------------
NET ASSETS (consisting of paid-in capital) $ 51,126,317
==============
SHARES OF BENEFICIAL INTEREST OUTSTANDING 51,126,317
==============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................. $1.00
==============
+ The Wright U.S. Treasury Money Market Fund does not invest in a corresponding
master portfolio. The amortized cost of securities held at June 30, 2000 is the
same as the market value.
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Interest income........................ $ 1,470,082
------------
Expenses -
Investment adviser fee (Note 3)........ $ 86,546
Administrator fee (Note 3)............. 18,642
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1C)................ 24,698
Transfer and dividend disbursing agent fees 5,782
Printing............................... 1,914
Audit services......................... 30,165
Legal services......................... 566
Registration costs..................... 14,840
Miscellaneous.......................... 9,457
------------
Total expenses........................ $ 194,196
------------
Deduct -
Reduction of custodian fee (Note 1C)... $ 2,232
Preliminary reduction of investment adviser fee
(Note 3).............................. 72,866
------------
Total deductions...................... $ 75,098
------------
Net expenses.......................... $ 119,098
------------
Net investment income............... $ 1,350,984
==============
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Wright U.S. Treasury Money Market Fund (WTMM)(+)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31,1999
---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
<S> <C> <C>
Net investment income........................................................ $ 1,350,984 $ 3,343,342
------------ ------------
Distributions to shareholders (Note 2) -
From net investment income................................................. $ (1,350,984) $ (3,343,342)
------------ ------------
Fund share transactions (Note 5)+ -
Proceeds from shares sold.................................................. $ 69,541,439 $203,310,392
Reinvestment of dividends.................................................. 836,670 2,487,831
Cost of shares reacquired.................................................. (81,778,967) (234,594,040)
------------ ------------
Net decrease in net assets from fund share transactions...................... $(11,400,858) $(28,795,817)
------------ ------------
Net decrease in net assets............................................... $(11,400,858) $(28,795,817)
NET ASSETS:
At beginning of period....................................................... 62,527,175 91,322,992
------------ ------------
At end of period............................................................. $ 51,126,317 $ 62,527,175
============= =============
+ For WTMM, the Fund share transactions are at a net asset value of $1.00 per
share.
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Wright U.S. Government Near Term Fund (WNTB)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Investments in portfolio, at value
(identified cost of $48,574,697)(Note 1A) $47,899,052
------------
Total assets.......................... $47,899,052
------------
LIABILITIES:
Distributions payable................... $ 173,182
Distribution fee payable................ 7,181
Accrued expenses and other liabilities.. 5,562
------------
Total liabilities..................... $ 185,925
------------
NET ASSETS................................ $47,713,127
==============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market
value of securities received in exchange for Fund
shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired................... $59,419,078
Accumulated net realized loss on investments
(computed on the basis of identified cost) (11,042,415)
Unrealized depreciation of investments
(computed on the basis of identified cost) (675,645)
Undistributed net investment income..... 12,109
------------
Net assets applicable to outstanding
share................................. $47,713,127
==============
SHARES OF BENEFICIAL INTEREST OUTSTANDING 4,814,876
==============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................. $9.91
==============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Interest income allocated from portfolio $ 1,371,261
Expenses allocated from portfolio...... (152,723)
------------
Investment income..................... $ 1,218,538
------------
Expenses -
Administrator fee (Note 3)............. $ 4,447
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1C)................ 7,499
Distribution expenses (Note 4)......... 55,585
Transfer and dividend disbursing agent fees 9,521
Printing............................... 1,434
Audit services......................... 4,350
Legal services......................... 683
Registration costs..................... 9,240
Miscellaneous.......................... 7,887
------------
Total expenses........................ $ 102,232
------------
Deduct -
Preliminary reduction of distribution expenses by
principal underwriter (Note 4)........ $ 42,981
------------
Net expenses.......................... $ 59,251
------------
Net investment income............... $ 1,159,287
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions
from portfolio (identified cost basis). $ (178,744)
Net change in unrealized depreciation
of investments......................... 35,262
------------
Net realized and unrealized loss on
investments........................... $ (143,482)
------------
Net increase in net assets from
operations........................... $ 1,015,805
==============
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Wright U.S. Government Near Term Fund (WNTB)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 1,159,287 $ 3,914,502
Net realized loss on investment transactions............................... (178,744) (341,916)
Change in unrealized appreciation (depreciation) of investments............ 35,262 (2,270,040)
------------ ------------
Net increase in net assets resulting from operations..................... $ 1,015,805 $ 1,302,546
------------ ------------
Distributions to shareholders (Note 2) -
From net investment income................................................. $ (1,160,624) $ (3,898,323)
------------ ------------
Net decrease in net assets from fund share transactions (Note 5)............. $ (4,966,929) $(36,500,892)
------------ ------------
Net decrease in net assets............................................... $ (5,111,748) $(39,096,669)
NET ASSETS:
At beginning of period....................................................... 52,824,875 91,921,544
------------ ------------
At end of period............................................................. $ 47,713,127 $ 52,824,875
============= =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS AT END OF PERIOD............................................... $ 12,109 $ 13,446
============= =============
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Wright U.S. Treasury Fund (WUSTB)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Investments in portfolio, at value
(identified cost of $21,528,802)(Note 1A) $21,372,402
Receivable for fund shares sold......... 1,424
------------
Total assets.......................... $21,373,826
------------
LIABILITIES:
Distributions payable................... $ 101,016
Accrued expenses and other liabilities.. 4,422
------------
Total liabilities..................... $ 105,438
------------
NET ASSETS................................ $21,268,388
============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market
value of securities received in exchange for fund
shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired................... $21,533,738
Accumulated net realized loss on investments
(computed on the basis of identified cost) (109,828)
Unrealized depreciation of investments
(computed on the basis of identified cost (156,400)
Undistributed net investment income..... 878
------------
Net assets applicable to outstanding
shares................................ $21,268,388
==============
SHARES OF BENEFICIAL INTEREST OUTSTANDING 1,613,172
==============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................. $13.18
==============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Interest income allocated from portfolio $ 840,098
Expenses allocated from portfolio...... (83,747)
------------
Investment income..................... $ 756,351
------------
Expenses -
Administrator fee (Note 3)............. $ 2,597
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1C)................ 7,501
Distribution expenses (Note 4)......... 32,456
Transfer and dividend disbursing agent fees 5,088
Printing............................... 1,560
Audit services......................... 1,250
Legal services......................... 505
Registration costs..................... 8,389
Miscellaneous.......................... 8,553
------------
Total expenses........................ $ 69,485
------------
Deduct -
Preliminary reduction of distribution expenses by
principal underwriter (Note 4)......... $ 29,243
------------
Net expenses.......................... $ 40,242
------------
Net investment income............... $ 716,109
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions
from portfolio (identified cost basis). $ (119,044)
Net change in unrealized depreciation
of investments......................... 710,438
------------
Net realized and unrealized gain on
investments........................... $ 591,394
------------
Net increase in net assets from operations $ 1,307,503
==============
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
------------------------------------------------------------------------------
Wright U.S. Treasury Fund (WUSTB)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31,1999
-------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 716,109 $ 2,741,299
Net realized gain (loss) on investment transactions........................ (119,044) 856,694
Change in unrealized appreciation (depreciation) of investments............ 710,438 (5,938,057)
------------ ------------
Net increase (decrease) in net assets resulting from operations.......... $ 1,307,503 $ (2,340,064)
------------ ------------
Distributions to shareholders (Note 2) -
From net investment income................................................. $ (715,231) $ (2,727,598)
From net realized gain..................................................... - (732,979)
------------ ------------
Total distributions...................................................... $ (715,231) $ (3,460,577)
------------ ------------
Net decrease in net assets from fund share transactions (Note 5)............. $(10,516,380) $(30,263,221)
------------ ------------
Net decrease in net assets............................................... $ (9,924,108) $(36,063,862)
NET ASSETS:
At beginning of period....................................................... 31,192,496 67,256,358
------------ ------------
At end of period............................................................. $ 21,268,388 $ 31,192,496
============= =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS AT END OF PERIOD............................................... $ 878 $ -
============= =============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Wright Total Return Bond Fund (WTRB)(+)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Identified cost....................... $68,314,075
Unrealized depreciation............... (2,010,962)
------------
Total investments, at value (Note 1A)... $ 66,303,113
Cash.................................... 53,451
Interest receivable..................... 1,010,182
Receivable from investment adviser...... 13,605
------------
Total assets.......................... $67,380,351
------------
LIABILITIES:
Payable for fund shares reacquired...... $ 16,988
Distributions payable................... 333,129
Accrued expenses and other liabilities.. 11,200
------------
Total liabilities..................... $ 361,317
------------
NET ASSETS................................ $67,019,034
============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market
value of securities received in exchange for fund
shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired................... $71,605,466
Accumulated undistributed net realized loss
on investments (computed on the basis of
identified cost)....................... (2,550,910)
Unrealized depreciation of investments
(computed on the basis of identified cost (2,010,962)
Distributions in excess of net investment
income.................................. (24,560)
------------
Net assets applicable to outstanding
shares................................. $67,019,034
==============
SHARES OF BENEFICIAL INTEREST OUTSTANDING 5,510,299
==============
NET ASSET VALUE, OFFERING PRICE, AND
REDEMPTION PRICE PER SHARE OF
BENEFICIAL INTEREST.................... $12.16
==============
+ The Wright Total Return Bond Fund does not invest in a corresponding master
portfolio.
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Interest income........................ $ 2,617,280
------------
Investment income..................... $ 2,617,280
------------
Expenses -
Investment adviser fee (Note 3)........ $ 154,212
Administrator fee (Note 3)............. 38,553
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1C)................ 15,320
Distribution expenses (Note 4)......... 96,382
Transfer and dividend disbursing agent fees 9,646
Printing............................... 761
Audit services......................... 32,019
Legal services......................... 566
Registration costs..................... 10,262
Miscellaneous.......................... 22,577
------------
Total expenses........................ $ 381,884
------------
Deduct -
Reduction of custodian fee
(Note 1C)............................. $ 3,204
Preliminary allocation of expenses by
investment adviser (Note 3)........... 13,605
------------
Total deductions...................... $ 16,809
------------
Net expenses.......................... $ 365,075
------------
Net investment income............... $ 2,252,205
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $(2,488,675)
Net change in unrealized depreciation
of investments......................... 2,871,583
------------
Net realized and unrealized gain on
investments........................... $ 382,908
------------
Net increase in net assets from operations $ 2,635,113
============
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
------------------------------------------------------------------------------
Wright Total Return Bond Fund (WTRB)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 2,252,205 $ 5,659,743
Net realized gain (loss) on investment transactions........................ (2,488,675) 83,209
Change in unrealized appreciation (depreciation) of investments............ 2,871,583 (10,280,970)
------------ ------------
Net increase (decrease) in net assets resulting from operations.......... $ 2,635,113 $ (4,538,018)
------------ ------------
Distributions to shareholders (Note 2) -
From net investment income -............................................... $ (2,252,205) $ (5,659,743)
In excess of net investment income......................................... (9,244) (3,634)
From net realized gain..................................................... - (83,209)
In excess of realized gains................................................ - (63,002)
------------ ------------
Total distributions...................................................... $ (2,261,449) $ (5,809,588)
------------ ------------
Net decrease in net assets from fund share transactions (Note 5)............. $(20,690,835) $(18,253,539)
------------ ------------
Net decrease in net assets............................................... $(20,317,171) $(28,601,145)
NET ASSETS:
At beginning of period....................................................... 87,336,205 115,937,350
------------ ------------
At end of period............................................................. $ 67,019,034 $ 87,336,205
============= =============
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME
INCLUDED IN NET ASSETS AT END OF PERIOD...................................... $ (24,560) $ (15,316)
============= =============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Wright Current Income Fund (WCIF)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Investment in portfolio, at value (identified
cost of $105,688,716) (Note 1A)..... $102,963,598
------------
Total assets.......................... $102,963,598
------------
LIABILITIES:
Distributions payable................... $ 501,130
Accrued expenses and other liabilities.. 8,009
------------
Total liabilities..................... $ 509,139
------------
NET ASSETS................................ $102,454,459
==============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market
value of securities received in exchange for fund
shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired................... $106,868,584
Accumulated undistributed net realized loss
on investments (computed on the basis of
identified cost)....................... (1,378,022)
Unrealized depreciation of investments
(computed on the basis of identified cost) (2,725,118)
Distributions in excess of net investment
income................................. (310,985)
------------
Net assets applicable to outstanding
shares................................ $102,454,459
==============
Computation of net asset value, offering and redemption price per share:
Standard Shares:
---------------
Net assets............................. $78,276,444
============
Shares of beneficial interest outstanding 7,708,626
============
Net asset value, offering price, and
redemption price per share of
beneficial interest................... $10.15
============
Institutional Shares:
--------------------
Net assets............................. $24,178,015
============
SHARES OF BENEFICIAL INTEREST OUTSTANDING 2,501,828
============
NET ASSET VALUE, OFFERING PRICE, AND
REDEMPTION PRICE PER SHARE OF
BENEFICIAL INTEREST................... $9.66
============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Interest income allocated from portfolio $ 3,448,005
Expenses allocated from portfolio...... (290,340)
------------
Investment income..................... $ 3,157,665
------------
Expenses -
Administrator fee (Note 3)............. $ 9,437
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee -
Standard shares (Note 1C)............. 5,241
Institutional shares (Note 1C)........ 5,000
Distribution expenses -
Standard shares (Note 4).............. 88,711
Transfer and dividend disbursing agent fees
Standard shares....................... 8,753
Institutional shares.................. 2,748
Printing............................... 2,960
Audit services......................... 4,300
Legal services......................... 505
Registration costs -
Standard shares....................... 9,081
Institutional shares.................. 5,975
Miscellaneous.......................... 7,044
------------
Total expenses........................ $ 151,341
------------
Deduct -
Preliminary reduction of distribution expenses
- Standard shares
by principal underwriter (Note 4)... $ 12,286
------------
Net expenses.......................... $ 139,055
------------
Net investment income............... $ 3,018,610
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (214,908)
Change in unrealized depreciation
of investments......................... 766,131
------------
Net realized and unrealized gain on
investments........................... 551,223
------------
Net increase in net assets from
operation............................ $ 3,569,833
==============
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Wright Current Income Fund (WCIF)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31,1999
---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 3,018,610 $ 6,464,702
Net realized loss on investment transactions............................... (214,908) (199,779)
Change in unrealized appreciation (depreciation) of investments............ 766,131 (5,633,814)
------------ ------------
Net increase in net assets resulting from operations..................... $ 3,569,833 $ 631,109
------------ ------------
Distributions to shareholders (Note 2) -
From net investment income -
Standard shares.......................................................... $ (2,254,363) $ (5,019,888)
Institutional shares..................................................... (764,247) (1,431,824)
In excess of net investment income -
Standard shares.......................................................... (1,800) -
Institutional shares..................................................... ( 1,066) -
------------ ------------
Total distributions...................................................... $ (3,021,476) $ (6,451,712)
------------ ------------
Net increase (decrease) in net assets
from Fund share transactions (Note 5) -
Standard shares.......................................................... $ 1,318,453 $ (9,277,546)
Institutional shares..................................................... 761,221 1,431,824
------------ ------------
Net increase (decrease) in net assets from fund share transactions....... $ 2,079,674 $ (7,845,722)
------------ ------------
Net increase (decrease) in net assets.................................... $ 2,628,031 $(13,666,325)
NET ASSETS:
At beginning of period....................................................... 99,826,428 113,492,753
------------ ------------
At end of period............................................................. $102,454,459 $ 99,826,428
============= =============
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME INCLUDED
IN NET ASSETS AT END OF PERIOD............................................... $ (310,985) $ (308,119)
============= =============
</TABLE>
See notes to financaial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Wright U.S. Treasury Money Market Fund 2000(4) 1999 1998 1997 1996 1995
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment operations:
Net investment income(1).................. 0.0251 0.0420 0.0460 0.0474 0.0475 0.0521
Less distributions:
Dividends from net Investment income...... (0.0251) (0.0420) (0.0460) (0.0474) (0.0475) (0.0521)
-------- -------- -------- -------- -------- --------
Total distributions....................... (0.0251) (0.0420) (0.0460) (0.0474) (0.0475) (0.0521)
-------- -------- -------- -------- -------- --------
Net asset value, end of period............... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
========= ========= ========= ========= ========= =========
Total return(2).............................. 5.11% 4.29% 4.73% 4.84% 4.85% 5.34%
Ratios/Supplemental Data(1):
Net assets, end of period (000 omitted)... $51,126 $62,527 $91,323 $87,059 $95,184 $45,889
Ratio of net expenses to average
net assets(3)............................ 0.46%(5) 0.45% 0.45% 0.45% 0.45% 0.46%
Ratio of net investment income to
average net assets....................... 5.07%(5) 4.19% 4.61% 4.74% 4.73% 5.22%
---------------------------------------------------------------------------------------------------------------------------------
1 During each of the above periods, the investment adviser voluntarily reduced
its fee and in certain periods was allocated a portion of the operating
expenses. Had such actions not been undertaken, net investment income per
share and the ratios would have been as follows:
Net investment income per share................ $0.0238 $0.0402 $0.0444 $0.0460 $0.0452 $0.0512
========== ========== ========== ========== ========== ==========
Ratios (as a percentage of average daily net assets):
Expenses.................................... 0.73%(5) 0.63% 0.61% 0.59% 0.67% 0.65%
========== ========== ========== ========== ========== ==========
Net investment income ...................... 4.80%(5) 4.01% 4.45% 4.60% 4.51% 5.03%
========== ========== ========== ========== ========== ==========
----------------------------------------------------------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the reinvestment date.
3 Custodian fees were reduced by credits resulting from cash balances the fund
maintained with the custodian (Note 1C). The computation of net expenses to
average daily net assets reported above is computed without consideration of
such credits. If these credits were considered, the ratio of net expenses to
average daily net assets would have been as follows:
2000(4) 1999 1998 1997 1996 1995
---- ---- ---- ---- ---- ----
Actual ratio of net expenses 0.45%(5) 0.45% 0.45% 0.45% 0.44% 0.45%
-------------------------------------------------------------------------------------------------------------------------------
4 For the six months ended June 30, 2000 (unaudited).
5 Annualized
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Wright U.S. Government Near Term Fund 2000(7) 1999 1998 1997 1996 1995
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 9.930 $ 10.270 $ 10.240 $ 10.240 $ 10.450 $ 9.920
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income(1)................. $ 0.257 $ 0.534 $ 0.549 $ 0.599 $ 0.606 $ 0.631
Net realized and unrealized gain (loss).. (0.020) (0.343) 0.048(+) (0.010) (0.212) 0.524
-------- -------- -------- -------- -------- --------
Total income from
investment operations............... $ 0.237 $ 0.191 $ 0.597 $ 0.589 $ 0.394 $ 1.155
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from investment income....... $ (0.257) $ (0.531) $ (0.567) $ (0.589) $ (0.604) $ (0.625)
Distributions from capital gains....... - - - - - -
-------- -------- -------- -------- -------- --------
Total distributions.................... $ (0.257) $ (0.531) $ (0.567) $ (0.589) $ (0.604) $ (0.625)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 9.910 $ 9.930 $ 10.270 $ 10.240 $ 10.240 $ 10.450
========= ========= ========= ========= ========= ========
Total return(2)............................. 2.42% 1.91% 5.98% 5.93% 3.94% 11.93%
Ratios/Supplemental Data(1):
Net assets, end of period (000 omitted).. $ 47,713 $ 52,825 $ 91,922 $ 102,565 $ 130,325 $143,600
Ratio of net expenses to average net assets 0.99%(4)(8) 0.91%(4) 0.88%(4) 0.87%(4) 0.80% 0.80%
Ratio of expenses after custodian fee
reduction to average net assets(5) .... 0.95%(4)(8) 0.90%(4) 0.87%(4) 0.87%(4) 0.80% 0.80%
Ratio of net investment income to average
net assets............................ 5.21%(8) 5.27% 5.38% 5.82% 5.90% 6.20%
Portfolio turnover rate ................ 0%(6) 0%(6) 10%(6) 4%(3) 28%(3) 21%(3)
---------------------------------------------------------------------------------------------------------------------------------
1 For certain periods presented, the operating expenses of the fund were
reduced by an allocation of expenses to the investment adviser, a reduction
in distribution fees, a reduction in administrator fees, or a combination
thereof. Had such action not been undertaken, net investment income per share
and the ratios would have been as follows:
2000(7) 1999 1998 1997
---- ----- ---- ----
Net investment income per share........ $ 0.248 $ 0.526 $ 0.546 $ 0.597
========= ========= ========= =========
Ratios (As a percentage of average net assets):
Expenses........................... 1.18%(4)(8) 0.99%(4) 0.91%(4) 0.89%(4)
========= ========= ========= =========
Expenses after custodian fee reduction(5) 1.14%(4)(8) 0.98%(4) 0.90%(4) 0.89%(4)
========= ========= ========= =========
Net investment income.............. 5.02%(8) 5.19% 5.35% 5.80%
========= ========= ========= =========
--------------------------------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the reinvestment date.
3 Portfolio turnover represents the rate of portfolio activity for the period
while the fund was making investments directly in securities.
4 Includes each fund's share of its corresponding portfolio's allocated expenses.
5 Custodian fees were reduced by credits resulting from cash balances the fund
and the portfolio maintained with the custodian (Note 1C). The computation of
net expenses to average daily net assets reported above is computed without
consideration of such credits.
6 Represents portfolio turnover rate of the fund's corresponding portfolio.
7 For the six months ended June 30, 2000 (unaudited).
8 Annualized
+ Per share amount is not in accordance with the net realized and unrealized
gain (loss) for the period because of the timing of sales of Fund shares and
the amounts per share of realized and unrealized gains and losses at such
times.
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
-------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------------
Wright U.S. Treasury Fund 2000(8) 1999 1998 1997 1996(3) 1995
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 12.890 $ 14.400 $ 13.950 $ 13.580 $ 14.710 $ 12.250
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income(1)................. $ 0.359 $ 0.722 $ 0.724 $ 0.721 $ 0.769 $ 0.880
Net realized and unrealized gain (loss).. 0.289 (1.282) 0.632 0.462 (0.973) 2.458
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations............. $ 0.648 $ (0.560) $ 1.356 $ 1.183 $ (0.204) $ 3.338
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from investment income......... $ (0.358) $ (0.716) $ (0.741) $ (0.703) $ (0.756) $ (0.878)
Distributions from capital gains......... - (0.234) (0.165) (0.110) (0.170) -
-------- -------- -------- -------- -------- --------
Total distributions.................... $ (0.358) $ (0.950) $ (0.906) $ (0.813) $ (0.926) $ (0.878)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 13.180 $ 12.890 $ 14.400 $ 13.950 $ 13.580 $ 14.710
========= ========= ========= ========= ========= =========
Total return(2)............................. 5.08% (3.97%) 9.95% 9.08% (1.26%) 28.10%
Ratios/Supplemental Data(1)
Net assets, end of period (000 omitted).. $ 21,268 $ 31,192 $ 67,256 $ 74,158 $ 54,978 $ 15,156
Ratio of net expenses to average
net assets ........................... 0.97%(5)(9) 0.92%(5) 0.94%(5) 1.01%(5) 0.90% 0.90%
Ratio of net expenses after custodian fee
reduction to average net assets(6)... 0.96%(5)(9) 0.90%(5) 0.90%(5) 0.87%(5) - -
Ratio of net investment income
to average net assets................ 5.52%(9) 5.26% 5.09% 5.34% 5.50% 6.60%
Portfolio turnover rate ................. 0%(7) 0%(7) 7%(7) 1%(4) 65%(4) 8%(4)
----------------------------------------------------------------------------------------------------------------------------------
1 For each of the periods presented, the operating expenses of the fund were
reduced by an allocation of expenses to the investment adviser, a reduction
in distribution fees by the distributor, a reduction in administrator fees,
or a combination thereof. Had such action not been undertaken, the net
investment income per share and the ratios would have been as follows:
2000(8) 1999 1998 1997 1996 1995
---- ---- ---- ---- ----- ----
Net investment income per share............. $ 0.337 $ 0.703 $ 0.721 $ 0.720 $ 0.769 $ 0.827
========= ========= ========= ========= ========= =========
Ratios (as a percentage of average net assets):
Expenses .............................. 1.31%(5)(9) 1.06%(5) 0.96%(5) 1.02%(5) 0.90% 1.20%
========= ========= ========= ========= ========= =========
Expenses after custodian fee reduction(6) 1.30%(5)(9) 1.04%(5) 0.92%(5) 0.88%(5) - -
========= ========= ========= ========= ========= =========
Net investment income.................... 5.18%(9) 5.12% 5.07% 5.33% 5.50% 6.20%
========= ========= ========= ========= ========= =========
-----------------------------------------------------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the reinvestment date.
3 Certain of the per share data are based on average shares outstanding.
4 Portfolio turnover represents the rate of portfolio activity for the period
while the fund was making investments directly in securities.
5 Includes each fund's share of its corresponding portfolio's allocated expenses.
6 Custodian fees were reduced by credits resulting from cash balances the fund
and the portfolio maintained with the custodian (Note 1C). The computation of
net expenses to average daily net assets reported above is computed without
consideration of such credits.
7 Represents portfolio turnover rate at the fund's corresponding portfolio.
8 For the six months ended June 30, 2000 (unaudited).
9 Annualized
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
Wright Total Return Bond Fund 2000(5) 1999 1998 1997 19963 1995
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 12.100 $ 13.310 $ 12.930 $ 12.500 $ 13.120 $ 11.430
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income ................... $ 0.351 $ 0.679 $ 0.680 $ 0.690 $ 0.720 $ 0.758
Net realized and unrealized gain (loss).. 0.062 (1.190) 0.524 0.427 (0.631) 1.685
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations............. $ 0.413 $ (0.511) $ 1.204 $ 1.117 $ 0.089 $ 2.443
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from investment income......... $ (0.352) $ (0.680) $ (0.690) $ (0.687) $ (0.709) $ (0.753)
Dividends in excess of net investment income - (0.000)(4) - - - -
Distributions from capital gains......... (0.001) (0.011) (0.133) - - -
In excess of net realized gain on investments - (0.008) (0.001) - - -
-------- -------- -------- -------- -------- --------
Total distributions.................... $ (0.353) $ (0.699) $ (0.824) $ (0.687) $ (0.709) $ (0.753)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 12.160 $ 12.100 $ 13.310 $ 12.930 $ 12.500 $ 13.120
========= ========= ========= ========= ========= =========
Total return(2)............................. 3.47% (3.91%) 9.56% 9.25% 0.90% 21.97%
Ratios/Supplemental Data(1):
Net assets, end of period (000 omitted).. $ 67,019 $ 87,336 $115,937 $ 80,004 $ 91,382 $122,762
Ratio of net expenses to average net assets 0.96%(6) 0.90% 0.90% 0.90% 0.80% 0.80%
Ratio of net expenses after custodian fee
reduction to average net assets(7).... 0.95%(6) 0.90% 0.90% 0.90% 0.80% 0.80%
Ratio of net investment income to average
net assets............................ 5.85%(6) 5.36% 5.18% 5.50% 5.70% 6.20%
Portfolio turnover rate.................. 44% 31% 26% 34% 96% 50%
--------------------------------------------------------------------------------------------------------------------------------
1 For the six months ended June 30, 2000 and the year ended December 31, 1999,
the investment adviser reduced its fee. Had such action not been undertaken,
net investment income per share and the ratios would have been as follows:
2000(5) 1999
Net investment income per share........ $ 0.349 $ 0.678
========== ==========
Ratios (As a percentage of average net assets):
Expenses........................... 0.99%(6) 0.91%
========== ==========
Expenses after custodian fee reduction(7) 0.98%(6) 0.91%
========== ==========
Net investment income.............. 5.82%(6) 5.35%
========== ==========
-------------------------------------------------------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the reinvestment date.
3 Certain of the per share data are based on average shares outstanding.
4 Represents less than $(0.001) per share.
5 For the six months ended June 30, 2000 (unaudited).
6 Annualized
7 Custodian fees were reduced by credits resulting from cash balances the fund
and the portfolio maintained with the custodian (Note 1C). The computation of
net expenses to average daily net assets reported above is computed without
consideration of such credits.
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
Wright Current Income Fund 2000(5)(7) 1999(5) 1998 1997 1996 1995
---------------------------------------------------------------------------------------------------------------------------------
Standard Shares
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 10.090 $ 10.660 $ 10.630 $ 10.430 $ 10.670 $ 9.710
-------- -------- -------- -------- -------- --------
Income (loss) from investment operations:
Net investment income(1)................. $ 0.317 $ 0.620 $ 0.646 $ 0.658 $ 0.674 $ 0.696
Net realized and unrealized gain (loss).. 0.060 (0.570) 0.028 0.206 (0.239) 0.955
-------- -------- -------- -------- -------- --------
Total income from
investment operations............. $ 0.377 $ 0.050 $ 0.674 $ 0.864 $ 0.435 $ 1.651
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from investment income......... $ (0.317) $ (0.620) $ (0.643) $ (0.664) $ (0.675) $ (0.691)
Distributions from capital gains......... - - - - - -
In excess of net investment income....... (0.000)(10) - (0.001) - - -
-------- -------- -------- -------- -------- --------
Total distributions.................. $ (0.317) $ (0.620) $ (0.644) $ (0.664) $ (0.675) $ (0.691)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 10.150 $ 10.090 $ 10.660 $ 10.630 $ 10.430 $ 10.670
========= ========= ========= ========= ========= =========
Total return(2)............................. 3.81% 0.52% 6.51% 8.56% 4.35% 17.46%
Ratios/Supplemental Data(1):
Net assets, end of period (000 omitted).. $ 78,276 76,452 $ 90,262 $ 76,217 $ 64,623 $66,345
Ratio of net expenses to average net assets 0.95%(4)(8) 0.91%(4) 0.90%(4) 0.89%(4) 0.90% 0.90%
Ratio of net expenses after custodian fee
reduction to average net assets(9).... 0.95%(4)(8) 0.91%(4) 0.90%(4) 0.89%(4) 0.90% 0.90%
Ratio of net investment income
to average net assets................. 6.35%(8) 6.02% 6.03% 6.44% 6.50% 6.80%
Portfolio turnover rate ................. 0%(6) 0%(6) 1%(6) 3%(3) 9%(3) 26%(3)
-------------------------------------------------------------------------------------------------------------------------------
1 For the six months ended June 30, 2000 and the years ended December 31,
1999, 1998 and 1997, the principal underwriter reduced its fees. Had such action
not been undertaken, net investment income per share and the ratios would have
been as follows:
2000(7) 1999 1998 1997
------ ----- ----- -----
Net investment income per share........ $ 0.316 $ 0.615 $ 0.644 $ 0.652
========= ========= ========= =========
Ratios (As a percentage of average net assets):
Expenses........................... 0.98%(4)(8) 0.96%(4) 0.92%(4) 0.95%(4)
========= ========= ========= =========
Expenses after custodian fee reduction(9) 0.98%(4)(8) 0.96%(4) 0.92%(4) 0.95%(4)
========= ========= ========= =========
Net investment income.............. 6.32%(8) 5.97% 6.01% 6.38%
========= ========= ========= =========
----------------------------------------------------------------------------------------------------------------------------------
2 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the reinvestment date.
3 Portfolio turnover represents the rate of portfolio activity for the period
while the fund was making investments directly in securities.
4 Includes each fund's share of its corresponding portfolio's allocated expenses.
5 Certain of the per share data are based on average shares outstanding.
6 Represents portfolio turnover rate at the fund's corresponding portfolio.
7 For the six months ended June 30, 2000 (unaudited).
8 Annualized
9 Custodian fees were reduced by credits resulting from cash balances the fund
and the portfolio maintained with the custodian (Note 1C). The computation of
net expenses to average daily net assets reported above is computed without
consideration of such credits.
10 Represents less than $(0.001) per share.
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Financial Highlights
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Wright Current Income Fund - continued 2000(5)(8) 1999(5) 1998 1997(*0
-----------------------------------------------------------------------------------------------------------------------------------
Institutional Shares
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 9.600 $ 10.150 $ 10.120 $ 10.000
-------- -------- -------- --------
Income (loss) from investment operations:
Net investment income .................. $ 0.310 $ 0.620 $ 0.619 $ 0.313
Net realized and unrealized gain (loss).. 0.060 (0.560) 0.026 0.120
-------- -------- -------- --------
Total income from
investment operations............. $ 0.370 $ 0.060 $ 0.645 $ 0.433
-------- -------- -------- --------
Less distributions:
Dividends from investment income......... $ (0.310) $ (0.610) $ (0.615) $ (0.313)
In excess of net investment income....... (0.000)4 - - (0.000)4
Distributions from capital gains......... - - -
Return of capital........................ - - -
-------- -------- -------- --------
Total distributions.................. $ (0.310) $ (0.610) $ (0.615) $ (0.313)
-------- -------- -------- --------
Net asset value, end of period............. $ 9.660 $ 9.600 $ 10.150 $ 10.120
========= ========= ========= =========
Total return(1)............................. 3.93% 0.60% 6.56% 4.40%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $ 24,178 $ 23,374 $ 23,231 $ 21,801
Ratio of net expenses to average net assets 0.79%(2)(3) 0.70%(2) 0.75%(2) 0.48%(2)(3)
Ratio of net expenses after custodian fee
reduction to average net assets(9)..... 0.79%(2)(3) 0.70%(2) 0.75%(2) 0.48%(2)(3)
Ratio of net investment income
to average net assets................. 6.52%(3) 6.23% 6.11% 4.70%(3)
Portfolio turnover rate ................. 0%(6) 0%(6) 1%(6) 3%(7)
-----------------------------------------------------------------------------------------------------------------------------------
1 Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the reinvestment date.
2 Includes each fund's share of its corresponding portfolio's allocated expenses.
3 Annualized.
4 Represents less than $(0.001) per share.
5 Certain of the per share data are based on average shares outstanding.
6 Represents portfolio turnover rate at the fund's corresponding portfolio.
7 Portfolio turnover .represents the rate of portfolio activity for the period
while the fund was making investments directly in securities.
8 For the six months ended June 30, 2000 (unaudited).
9 Custodian fees were reduced by credits resulting from cash balances the fund
and the portfolio maintained with the custodian (Note 1C). The computation of
net expenses to average daily net assets reported above is computed without
consideration of such credits.
* For the period from July 7, 1997 (inception of offering of institutional
shares) to December 31, 1997.
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT MANAGED INCOME TRUST
-------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright Managed Income Trust (the Trust), issuer of Wright U.S. Treasury
Money Market Fund (WTMM) series, Wright U.S. Government Near Term Fund (WNTB)
series, Wright U.S. Treasury Fund (WUSTB) series, Wright Total Return Bond Fund
(WTRB) series, and Wright Current Income Fund (WCIF) series (collectively, the
Funds), is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end, management investment company. WNTB, WUSTB, and WCIF
invest all of their investable assets in interests in a separate corresponding
open-end management investment company (a Portfolio), a New York Trust, having
the same investment objective as its corresponding fund. WNTB invests its assets
in the Near Term Portfolio, WUSTB invests its assets in the U.S. Treasury
Portfolio, and WCIF invests its assets in the Current Income Portfolio. The
value of each fund's investment in its corresponding Portfolio reflects the
fund's proportionate interest in the net assets of that Portfolio (99.9%, 92.6%,
and 99.9% at June 30, 2000 for WNTB, WUSTB, and WCIF, respectively). The
performance of each fund is directly affected by the performance of its
corresponding Portfolio. The financial statements of each Portfolio, including
the portfolio of investments, are included elsewhere in this report and should
be read in conjunction with each fund's financial statements. The following is a
summary of significant accounting policies consistently followed by the Trust in
the preparation of its financial statements. The policies are in conformity with
accounting principles generally accepted in the United States of America.
A. Investment Valuations - For WTRB investments for which market quotations
are readily available are valued at current market value as furnished by a
pricing service. Investments for which valuations are not readily
available will be appraised at their fair value as determined in good faith
by or at the direction of the Trustees. Short-term obligations maturing
in sixty days or less are valued at amortized cost, which approximates
market value. WTMM's money market instruments are valued at amortized cost,
which the Trustees have determined in good faith constitutes market value.
WTMM's use of amortized cost is subject to the fund's compliance with
certain conditions as specified under Rule 2a-7 of the Investment Company
Act of 1940. Valuation of securities by WNTB, WUSTB, and WCIF are
discussed in Note 1A of the Portfolios' Notes to Financial Statements
which are included elsewhere in this report.
B. Interest Income - For WTMM and WTRB, interest income consists of interest
accrued and discount earned (including both original issue and market
discount) and amortization of premium or discount on long-term debt
securities when required for federal income tax purposes. The income is
accrued ratably to the date of maturity on the investments of the funds.
The net investment income of WNTB, WUSTB, and WCIF consists of the fund's
pro rata share of the net investment income of its corresponding Portfolio,
less all actual and accrued expenses of each fund determined in accordance
with generally accepted accounting principles.
C. Expense Reduction - The funds have entered into an arrangement with their
custodian agent whereby interest earned on uninvested cash balance is used
to offset custodian fees. All significant reductions are reported as a
reduction of expenses in the Statement of Operations.
D. Federal Taxes - The Trust's policy is to comply with the provisions of the
Internal Revenue Code (the Code) available to regulated investment
companies and to distribute to shareholders each year all of its taxable
income, including any net realized gain on investments. Accordingly, no
provision for federal income or excise tax is necessary. At December 31,
1999, the Trust, for federal income tax purposes, had capital loss
carryovers of $60,136 (WTMM), $10,819,336 (WNTB), and $1,091,554 (WCIF)
which will reduce taxable income arising from future net realized gain on
investments, if any, to the extent permitted by the Code, and thus will
reduce the amount of the distribution to shareholders which would otherwise
be necessary to relieve the respective fund of any liability for federal
income or excise tax. Pursuant to the Code, such capital loss carryovers
will expire as follows:
12/31 WTMM WNTB WCIF
-------------------------------------------------------------------------------
2000 $ 939 $ 2,957,673 $ -
2001 - - -
2002 1,921 6,936,070 676,782
2003 1,315 376,568 215,933
2004 13,981 - 113,252
2005 4,550 188,862 19,428
2006 2,146 62,582 -
2007 35,284 297,581 66,159
-------------------------------------------------------------------------------
<PAGE>
At December 31, 1999, net capital losses of $62,236 for WTRB, $44,335 for
WNTB, and $(71,560) for WCIF attributable to security transactions incurred
after October 31, 1999 are treated as arising on the first day of the
fund's current taxable year.
E. Use of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period. Actual results could differ from those estimates.
F. Other - Investment transactions are accounted for on the date the
investments are purchased or sold.
G. Multiple Classes of Shares of Beneficial Interest - Each fund is authorized
to offer a standard share class and an institutional share class. The share
classes differ in their respective distribution, service fees and other
class specific expenses. All shareholders bear the common expenses of the
fund pro rata based on the average daily net assets of each class, without
distinction between share classes. Dividends are declared separately for
each class. Each class has equal rights as to voting, redemption,
dividends, and liquidation. At June 30, 2000, only WCIF had an
institutional share class.
H. Interim Financial Information - The interim financial statements relating
to June 30, 2000 and for the six month period then ended have not been
audited by independent certified public accountants, but in the opinion of
the Trust's management, reflect all adjustments, consisting only of
normally recurring adjustments, necessary for the fair presentation of the
financial statements.
(2) DISTRIBUTIONS
Each fund's policy is to determine net income once daily, as of the close
of the New York Stock Exchange and the net income so determined is declared as a
dividend to shareholders of record at the time of such determination.
Distributions of realized capital gains are made at least annually. Shareholders
may reinvest capital gain distributions in additional shares of the same fund at
the net asset value as of the ex-dividend date. Dividends may be reinvested in
additional shares of the same fund at the net asset value as of the payable
date.
The Trust requires that differences in the recognition or classification of
income between the financial statements and tax earnings and profits which
result in temporary overdistributions for financial statement purposes be
classified as distributions in excess of net investment income or accumulated
net realized gains.
(3) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service, Inc. (Wright) to act as
investment adviser to the funds pursuant to the respective Investment Advisory
Contracts. Wright furnishes each fund with investment management, investment
advisory, and other services. For its services, Wright is compensated based upon
a percentage of average daily net assets which rate is adjusted as average daily
net assets exceed certain levels. For the six months ended June 30, 2000, for
WTMM and WTRB the effective annual rate was 0.35% and 0.41%, respectively. The
Portfolios have engaged Wright to render investment advisory services. (See Note
2 of the Portfolios' Notes to Financial Statements which are included elsewhere
in this report.) To enhance the net income of the funds, Wright made a
preliminary reduction of its investment adviser fee by $72,866 for WTMM, and a
preliminary allocation of expenses of $13,605 for WTRB.
The Trust also has engaged Eaton Vance Management (Eaton Vance) to act as
administrator of the Trust. Under the Administration Agreement, Eaton Vance is
responsible for managing the business affairs of the Trust and is compensated
based upon a percentage of average daily net assets which rate is reduced as
average daily net assets exceed certain levels. For the six months ended June
30, 2000, the effective annual rate was 0.07% for WTMM, 0.02% for WNTB, 0.02%
<PAGE>
for WUSTB, 0.10% for WTRB, and 0.02% for WCIF. Certain of the Trustees and
officers of the Trust are directors/trustees and/or officers of the above
organizations. Except as to Trustees of the Trust who are not employees of Eaton
Vance or Wright, Trustees and officers received remuneration for their services
to the Trust out of fees paid to Eaton Vance and Wright.
(4) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
funds, except WTMM, will pay Wright Investors' Service Distributors, Inc.
(Principal Underwriter), a wholly-owned subsidiary of Winthrop, at an annual
rate of 0.25% of the Standard shares average daily net assets of each fund for
activities primarily intended to result in the sale of each fund's Standard
shares. To enhance the net income of WNTB, WUSTB, and WCIF, the Principal
Underwriter made a preliminary reduction of its fee by $42,981, $29,243, and
$12,286, respectively.
In addition, the Trustees have adopted a service plan (the Service Plan) which
allows the funds to reimburse the Principal Underwriter for payments to
intermediaries for providing account administration and personal and account
maintenance services to their customers who are beneficial owners of shares. The
amount of service fee payable under the Service Plan with respect to each class
of shares may not exceed 0.25% annually of the average daily net assets
attributable to the respective classes. For the six months ended June 30, 2000,
the funds did not accrue or pay any service fees.
(5) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in fund shares were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 2000 December 31, 1999
------------------------ ------------------------
Shares Amount Shares Amount
-----------------------------------------------------------------------------------------------------------------------------------
Wright U.S. Government Near Term Fund--
<S> <C> <C> <C> <C>
Sales................................................ 1,284,360 $ 12,724,016 1,075,305 $ 10,923,918
Issued to shareholders in payment of
distributions declared............................. 51,355 507,302 234,392 2,134,222
Redemptions.......................................... (1,840,223) (18,198,247) (4,937,269) (49,559,032)
----------- -------------- ----------- --------------
Net decrease..................................... (504,508) $ (4,966,929) (3,627,572) $ (36,500,892)
=========== =============== ============ ===============
Wright U.S. TREASURY Fund--
Sales................................................ 64,908 $ 845,878 629,153 $ 9,000,043
Issued to shareholders in payment
of distributions declared.......................... 31,664 412,830 147,786 2,366,619
Redemptions.......................................... (903,439) (11,775,088) (3,028,254) (41,629,883)
---------- -------------- ----------- --------------
Net decrease..................................... (806,867) $ (10,516,380) (2,251,315) $ (30,263,221)
============= ============== =========== ===============
Wright Total Return Bond Fund--
Sales................................................ 453,144 $ 5,486,858 3,332,918 $ 42,519,725
Issued to shareholders in payment
of distributions declared.......................... 116,189 1,401,406 369,267 4,298,435
Redemptions.......................................... (2,277,094) (27,579,099) (5,191,831) (65,071,699)
---------- -------------- ----------- --------------
Net decrease..................................... (1,707,761) $ (20,690,835) (1,489,646) $ (18,253,539)
============= ================= ============= =================
<PAGE>
Wright Current Income Fund -- Standard Shares
Sales................................................ 1,645,845 $ 16,675,004 2,134,187 $ 22,254,843
Issued to shareholders in payment
of distributions declared.......................... 108,607 964,149 318,512 3,027,283
Redemptions.......................................... (1,626,567) (16,320,700) (3,337,993) (34,559,692)
----------- -------------- ----------- --------------
Net increase (decrease).......................... 127,885 $ 1,318,453 (885,294) $ (9,277,546)
============= ================= ============= =================
Wright Current Income Fund-- Institutional Shares
Issued to shareholders in payment
of distributions declared.......................... 66,637 $ 761,221 145,647 $ 1,431,824
----------- -------------- ----------- --------------
Net increase..................................... 66,637 $ 761,221 145,647 $ 1,431,824
============= ================= ============= =================
-------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(6) INVESTMENT TRANSACTIONS
The Trust invests primarily in debt securities. The ability of the issuers
of the debt securities held by the Trust to meet their obligations may be
affected by economic developments in a specific industry or municipality.
Purchases and sales and maturities of investments, other than short-term
obligations, were as follows:
Six Months Ended June 30, 2000
Wright Total
Return Bond Fund
-------------------------------------------------------------------------------
Purchases--
Non-U.S. Obligations $ 15,155,844
==============
U.S. Gov't Obligations $ 18,115,374
==============
Sales--
Non-U.S. Gov't Obligation $ 27,425,520
==============
U.S. Gov't Obligations $ 21,646,750
==============
Increases and decreases in each fund's investment in its corresponding
Portfolio for the six months ended June 30, 2000 were as follows:
WNTB WUSTB WCIF
-------------------------------------------------------------------------------
Increases $ 12,731,707 $ 848,679 $ 16,704,078
Decreases (18,870,731) (12,073,051) (17,436,454)
(7) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) of the investment
securities owned at June 30, 2000, as computed on a federal income tax basis,
are as follows:
Wright Total Return
Bond Fund
-------------------------------------------------------------------------------
Aggregate cost............................ $ 68,314,075
=============
Gross unrealized appreciation............. $ 394,022
Gross unrealized depreciation............. (2,404,984)
------------
Net unrealized depreciation............... $ (2,010,962)
=============
(8) LINE OF CREDIT
The funds participate with other funds managed by Wright in a committed $20
million unsecured line of credit agreement with a bank. The funds may
temporarily borrow from the line of credit to satisfy redemption requests or
settle investment transactions. Interest is charged to each fund based on its
borrowings at an amount above the federal funds rate. In addition, a fee
computed at an annual rate of 0.10% on the average daily unused portion of the
$20 million line of credit, is allocated among the participating funds at the
end of each quarter. The funds did not have significant borrowings or allocated
fees during the six months ended June 30, 2000.
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
Selected Blue Chip Equities Portfolio (SBCP)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Identified cost....................... $ 38,036,173
Unrealized appreciation............... 12,089,862
------------
Total investments, at value (Note 1A). $ 50,126,035
Cash.................................... 1,961
Dividends and interest receivable....... 18,740
Deferred organization expenses (Note 1C) 12,162
------------
Total Assets.......................... $ 50,158,898
------------
LIABILITIES:
Accrued expenses and other liabilities.. $ 9,097
------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN PORTFOLIO........ $ 50,149,801
=============
NET ASSETS CONSISTS OF:
Net proceeds from capital contributions and
withdrawals............................ $ 38,059,939
Unrealized appreciation of investments
(computed on the basis of identified cost) 12,089,862
------------
Total................................. $ 50,149,801
=============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1G):
Income -
Dividends.............................. $ 311,616
Interest............................... 13,252
------------
Total income.......................... $ 324,868
------------
Expenses -
Investment adviser fee (Note 2)........ $ 166,062
Administrator fee (Note 2)............. 57,036
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1D)................ 13,904
Interest expense....................... 12,768
Audit fees............................. 30,257
Amortization of organization expenses (Note 1C) 2,877
Miscellaneous.......................... 51
------------
Total expenses........................ $ 284,541
------------
Deduct -
Reduction of custodian fee (Note 1D).. $ 2,246
------------
Net expenses..................... $ 282,295
------------
Net investment income......... $ 42,573
------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis)................ $ 7,156,249
Change in unrealized appreciation
of investments ........................ (3,582,837)
------------
Net realized and unrealized gain
on investments......................... $ 3,573,412
------------
Net increase in net assets
from operations.................... $ 3,615,985
=============
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
Selected Blue Chip Equities Portfolio (SBCP)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
--------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 42,573 $ 952,543
Net realized gain on investments........................................... 7,156,249 41,111,687
Change in unrealized appreciation (depreciation)
of investments........................................................... (3,582,837) (39,940,696)
------------ ------------
Net increase in net assets from operations............................... $ 3,615,985 $ 2,123,534
------------ ------------
Capital transactions -
Contributions.............................................................. $ 6,309,374 $ 28,835,743
Withdrawals................................................................ (35,258,100) (177,133,426)
------------ ------------
Decrease in net assets resulting from capital transactions................... $(28,948,726) $(148,297,683)
------------ ------------
Net decrease in net assets................................................... $(25,332,741) $(146,174,149)
NET ASSETS:
At beginning of period....................................................... 75,482,542 221,656,691
------------ ------------
At end of period............................................................. $ 50,149,801 $ 75,482,542
============= =============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
International Blue Chip Equities Portfolio (IBCP)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Identified cost....................... $127,318,287
Unrealized appreciation............... 26,467,777
------------
Total investments, at value (Note 1A). $153,786,064
Cash.................................... 1,720
Receivable for fund shares sold......... 7,300,959
Tax reclaim receivable.................. 198,703
Dividends and interest receivable....... 92,103
Deferred organization expenses (Note 1C) 12,162
------------
Total Assets.......................... $161,391,711
------------
LIABILITIES:
Foreign currency at value
(identified cost $3,528,224)........... $ 3,567,203
Payable for investments purchased....... 788,401
Payable for open forward foreign currency
exchange contracts (Notes 1H & 5)...... 44,254
Accrued expenses and other liabilities.. 41,828
------------
Total Liabilities...................... $ 4,441,686
------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN PORTFOLIO........ $156,950,025
=============
NET ASSETS CONSISTS OF:
Net proceeds from capital contributions and
withdrawals............................ $130,521,706
Unrealized appreciation of investments
and foreign currency transactions (computed
on the basis of identified cost)....... 26,428,319
------------
Total................................. $156,950,025
=============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1G):
Income -
Dividends.............................. $ 2,564,331
Interest............................... 244,068
Less: Foreign taxes.................... (146,288)
------------
Total income.......................... $ 2,662,111
------------
Expenses -
Investment adviser fee (Note 2)........ $ 624,736
Administrator fee (Note 2)............. 115,191
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1D)................ 141,276
Interest expense....................... 31,995
Audit fees............................. 28,533
Amortization of organization expenses
(Note 1C)............................. 2,877
Miscellaneous.......................... 6,682
------------
Total expenses........................ $ 952,876
------------
Net investment income................ $ 1,709,235
------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized gain on investment and foreign
currency transactions (identified
cost basis)............................ $19,563,947
Change in unrealized appreciation of
investments and translation of assets and
liabilities in foreign currencies...... (28,091,286)
------------
Net realized and unrealized loss on
investments and foreign currency....... $(8,527,339)
------------
Net decrease in net assets
from operations.................... $(6,818,104)
=============
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
International Blue Chip Equities Portfolio (IBCP)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 1,709,235 $ 554,862
Net realized gain on investments........................................... 19,563,947 32,973,325
Change in unrealized appreciation of investments........................... (28,091,286) 12,787,420
------------ ------------
Net increase (decrease) in net assets from operations.................... $ (6,818,104) $ 46,315,607
------------ ------------
Capital transactions -
Contributions.............................................................. $ 85,391,214 $ 80,846,539
Withdrawals................................................................ (94,094,274) (166,921,499)
------------ ------------
Decrease in net assets resulting from capital transactions................... $ (8,703,060) $(86,074,960)
------------ ------------
Net decrease in net assets................................................... $(15,521,164) $(39,759,353)
NET ASSETS:
At beginning of period....................................................... 172,471,189 212,230,542
------------ ------------
At end of period............................................................. $156,950,025 $172,471,189
============= =============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
U.S. Government Near Term Portfolio (NTBP)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Identified cost....................... $49,632,138
Unrealized depreciation............... (675,645)
------------
Total investments, at value (Note 1A). $48,956,493
Interest receivable..................... 716,849
Deferred organization expenses (Note 1C) 11,182
------------
Total assets.......................... $49,684,524
------------
LIABILITIES:
Cash overdraft.......................... $ 1,758,054
Investment adviser fee payable.......... 21,199
Accrued expenses and other liabilities.. 6,208
------------
Total liabilities..................... $ 1,785,461
------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN PORTFOLIO........ $47,899,063
=============
NET ASSETS CONSISTS OF:
Net proceeds from capital contributions and
withdrawals............................ $48,574,708
Unrealized depreciation of investments
(computed on the basis of identified cost) (675,645)
------------
Total................................. $47,899,063
=============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1G):
Income -
Interest Income........................ $ 1,371,261
------------
Expenses -
Investment adviser fee (Note 2)........ $ 94,115
Administrator fee (Note 2)............. 22,280
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1D)................ 12,512
Audit fees............................. 26,741
Miscellaneous.......................... 117
Amortization of organization expenses
(Note 1C)............................. 2,894
------------
Total expenses........................ $ 160,245
------------
Deduct -
Reduction of custodian fee (Note 1D).. 7,522
------------
Net expenses....................... $ 152,723
------------
Net investment income............ $ 1,218,538
------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (178,744)
Net change in unrealized depreciation
of investments......................... 35,262
------------
Net realized and unrealized loss
on investments......................... $ (143,482)
------------
Net increase in net assets
from operations.................... $ 1,075,056
=============
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
U.S. Government Near Term Portfolio (NTBP)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
-----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 1,218,538 $ 4,159,396
Net realized loss on investments........................................... (178,744) (341,915)
Change in unrealized appreciation (depreciation) of investments............ 35,262 (2,270,040)
------------ ------------
Net increase in net assets from operations............................... $ 1,075,056 $ 1,547,441
------------ ------------
Capital transactions -
Contributions.............................................................. $ 12,731,706 $ 11,025,277
Withdrawals................................................................ (18,870,731) (51,809,661)
------------ ------------
Decrease in net assets resulting from capital transactions................... $ (6,139,025) $(40,784,384)
------------ ------------
Net decrease in net assets................................................... $ (5,063,969) $(39,236,943)
NET ASSETS:
At beginning of period....................................................... 52,963,032 92,199,975
------------ ------------
At end of period............................................................. $ 47,899,063 $ 52,963,032
============= =============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
U.S. Treasury Portfolio (USTBP)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Identified cost....................... $22,367,231
Unrealized depreciation............... (156,895)
------------
Total investments, at value (Note 1A). $22,210,336
Cash.................................... 254,160
Interest receivable..................... 410,664
Deferred organization expenses (Note 1C) 11,134
------------
Total assets.......................... $ 22,886,294
------------
LIABILITIES:
Accrued expenses and other liabilities.. $ 18,055
------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN PORTFOLIO........ $22,868,239
=============
NET ASSETS CONSISTS OF:
Net proceeds from capital contributions and
withdrawals............................ $23,025,134
Unrealized depreciation of investments
(computed on the basis of identified cost) (156,895)
------------
Total................................. $22,868,239
=============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1G):
Income -
Interest Income........................ $ 899,000
------------
Expenses -
Investment adviser fee (Note 2)........ $ 55,764
Administrator fee (Note 2)............. 13,943
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1D)................ 12,095
Audit fees............................. 20,973
Amortization of organization expenses
(Note 1C)............................. 2,903
Miscellaneous.......................... 99
------------
Total expenses........................ $ 107,363
------------
Deduct -..............................
Preliminary reduction
of investment adviser fee (Note 2). 15,108
Reduction of custodian fee (Note 1D).. 2,653
------------
Total deductions.................... $ 17,761
------------
Net expenses........................ $ 89,602
------------
Net investment income............. $ 809,398
------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (126,995)
Net change in unrealized depreciation
of investments......................... 764,053
------------
Net realized and unrealized gain
on investments......................... $ 637,058
------------
Net increase in net assets
from operations.................... $ 1,446,456
=============
See notes to financial statements
<PAGE>
Wright Blue Chip Master Portfolio Trust
-------------------------------------------------------------------------------
U.S. Treasury Portfolio (USTBP)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
---------------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 809,398 $ 2,963,464
Net realized gain (loss) on investments.................................... (126,995) 847,235
Change in unrealized appreciation (depreciation) of investments............ 764,053 (5,992,168)
------------ ------------
Net increase (decrease) in net assets from operations.................... $ 1,446,456 $ (2,181,469)
------------ ------------
Capital transactions -
Contributions.............................................................. $ 923,679 $ 11,578,470
Withdrawals................................................................ (13,255,051) (42,973,499)
------------ ------------
Decrease in net assets resulting from capital transactions................... $(12,331,372) $(31,395,029)
------------ ------------
Net decrease in net assets................................................... $(10,884,916) $(33,576,498)
NET ASSETS:
At beginning of period....................................................... 33,753,155 67,329,653
------------ ------------
At end of period............................................................. $ 22,868,239 $ 33,753,155
============= =============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
Current Income Portfolio (CIFP)
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
-------------------------------------------------------------------------------
ASSETS:
Investments -
Identified cost....................... $105,046,461
Unrealized depreciation............... (2,725,119)
------------
Total investments, at value (Note 1A). $102,321,342
Cash.................................... 2,834
Receivable for investments sold......... 46,647
Interest receivable..................... 591,679
Deferred organization expenses (Note 1C) 10,959
------------
Total assets.......................... $ 102,973,461
------------
LIABILITIES:
Accrued expenses and other liabilities.. $ 9,852
------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN PORTFOLIO........ $ 102,963,609
=============
NET ASSETS CONSISTS OF:
Net proceeds from capital contributions and
withdrawals............................ $105,688,728
Unrealized depreciation of investments
(computed on the basis of identified cost) (2,725,119)
------------
Total................................. $102,963,609
=============
See notes to financial statements
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1G):
Income -
Interest Income........................ $ 3,448,005
------------
Expenses -
Investment adviser fee (Note 2)........ $ 189,380
Administrator fee (Note 2)............. 47,309
Compensation of Trustees not employees of
the investment adviser or administrator 1,586
Custodian fee (Note 1D)................ 24,419
Audit fees............................. 21,179
Amortization of organization expenses
(Note 1C)............................. 2,903
Miscellaneous.......................... 5,622
------------
Total expenses........................ $ 292,398
------------
Deduct -..............................
Reduction of custodian fee (Note 1D).. 2,058
------------
Net expenses....................... $ 290,340
------------
Net investment income............ $ 3,157,665
------------
REALIZED AND UNREALIZED LOSS
ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (214,908)
Net change in unrealized depreciation
of investments......................... 766,131
------------
Net realized and unrealized gain
on investments......................... $ 551,223
------------
Net increase in net assets
from operations.................... $ 3,708,888
=============
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
Current Income Portfolio (CIFP)
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENTS OF CHANGES IN NET ASSETS June 30, 2000 Dec. 31, 1999
-----------------------------------------------------------------------------------------------------------------------------
(Unaudited)
INCREASE (DECREASE) IN NET ASSETS:
From operations -
<S> <C> <C>
Net investment income...................................................... $ 3,157,665 $ 6,758,670
Net realized loss on investments........................................... (214,908) (199,779)
Change in unrealized appreciation (depreciation) of investments............ 766,131 (5,633,815)
------------ ------------
Net increase in net assets from operations............................... $ 3,708,888 $ 925,076
------------ ------------
Capital transactions -
Contributions.............................................................. $ 16,704,078 $ 22,298,864
Withdrawals................................................................ (17,436,454) (36,943,595)
------------ ------------
Decrease in net assets resulting from capital transactions................... $ (732,376) $(14,644,731)
------------ ------------
Net increase (decrease) in net assets........................................ $ 2,976,512 $(13,719,655)
NET ASSETS:
At beginning of period....................................................... 99,987,097 113,706,752
------------ ------------
At end of period............................................................. $102,963,609 $ 99,987,097
============= =============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
Supplementary Data
<TABLE>
<CAPTION>
Year Ended December 31
-----------------------------------------------------------------------------------------------------------------------------
Selected Blue Chip Equities Portfolio (SBCP) 2000(3) 1999 1998 1997(2)
-----------------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of average daily net assets):(++)
<S> <C> <C> <C> <C>
Net expenses 0.94%(+) 0.85% 0.77% 0.66%(+)
Net expenses after custodian fee reduction(1) 0.93%(+) 0.84% - -
Net investment income 0.14%(+) 0.67% 0.80% 1.08%(+)
Portfolio Turnover 39% 106% 78% 28%
Net assets, end of period (000 omitted) $50,150 $75,483 $221,657 $259,492
--------------------------------------------------------------------------------------------------------------------------------
+ Annualized.
++ For the year ended December 31, 1999, the operating expenses of SBCP reflect
a waiver of the investment adviser fee. Had such action not been taken, the
ratios would have been as follows:
1999
Ratios (As a percentage of average daily net assets):
Expenses 0.86%
Expenses after custodian fee reduction(1) 0.85%
Net investment income 0.66%
1 Reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any offset arrangements with its service providers. The
computation of net expenses to average daily net assets reported above is
computed without consideration of credits in such offset arrangements.
2 For the period from the start of business, May 2, 1997 to December 31, 1997.
3 For the six months ended June 30, 2000 (unaudited).
-------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
<TABLE>
<CAPTION>
Year Ended December 31
-------------------------------------------------------------------------------------------------------------------------------
International Blue Chip Equities Portfolio (IBCP) 2000(2) 1999 1998 1997(1)
-------------------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of average daily net assets):
<S> <C> <C> <C> <C>
Net expenses 1.17%(+) 1.14% 1.01% 0.90%(+)
Net investment income 2.10%(+) 0.33% 0.77% 0.95%(+)
Portfolio Turnover 36% 105% 66% 37%
Net assets, end of period (000 omitted) $156,950 $172,471 $212,231 $257,047
---------------------------------------------------------------------------------------------------------------------------------
+ Annualized.
1 For the period from the start of business, May 2, 1997 to December 31, 1997.
2 For the six months ended June 30, 2000 (unaudited).
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
------------------------------------------------------------------------------
Supplementary Data
<TABLE>
<CAPTION>
Year Ended December 31
----------------------------------------------------------------------------------------------------------------------------------
U.S. Government Near Term Portfolio (NTBP) 20003 1999 1998 19972
----------------------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of average daily net assets):
<S> <C> <C> <C> <C>
Net expenses(1) 0.72%(+) 0.58% 0.57% 0.46%(+)
Net investment income 5.47%(+) 5.60% 5.68% 6.24%(+)
Portfolio Turnover 0% 0% 10% 0%
Net assets, end of period (000 omitted) $47,899 $52,963 $92,200 $102,861
-----------------------------------------------------------------------------------------------------------------------------------
+ Annualized.
1 Reporting guidelines require each Portfolio to increase its expense ratio by
the effect of any offset arrangements with its service providers. The
computation of net expenses to average daily net assets reported above is
computed without consideration of credits in such offset arrangements. If
these credits were considered, the ratio of net expenses to average daily
net assets would have been reduced to 0.69% for the six months ended June
30, 2000, 0.57% for the year ended December 31, 1999, 0.56% for the year
ended December 31, 1998, and 0.45% for the period from the start of
business, May 2, 1997 to December 31, 1997.
2 For the period from the start of business, May 2, 1997 to December 31, 1997.
3 For the six months ended June 30, 2000 (unaudited).
</TABLE>
See notes to financial statements
<TABLE>
<CAPTION>
Year Ended December 31
----------------------------------------------------------------------------------------------------------------------------------
U.S. Treasury Portfolio (USTBP) 2000(3) 1999 1998 1997(2)
----------------------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of average daily net assets)++:
<S> <C> <C> <C> <C>
Net expenses(1) 0.66%(+) 0.60% 0.57% 0.56%(+)
Net investment income 5.82%(+) 5.57% 5.45% 6.11%(+)
Portfolio Turnover 0% 0% 7% 0%
Net assets, end of period (000 omitted) $22,868 $33,753 $67,330 $74,536
----------------------------------------------------------------------------------------------------------------------------------
++ For the six months ended June 30, 2000 and the year ended December 31, 1998,
the operating expenses of USTBP reflect an allocation of expenses to the
investment adviser. Had such action not been taken, the ratios would have
been as follows:
20003 1998
---- ----
Ratios (As a percentage of average daily net assets):
Expenses 0.77%(+) 0.58%
Net Expenses 0.75%(+) 0.55%
Net Investment Income 5.71%(+) 5.44%
-----------------------------------------------------------------------------------------------------------------------------------
+ Annualized.
1 Reporting guidelines require the Portfolio to increase its expense ratio by
the effect of any offset arrangements with its service providers. The
computation of net expenses to average daily net assets reported above is
computed without consideration of credits in such offset arrangements. If
these credits were considered, the ratio of net expenses to average daily
net assets would have been reduced to 0.64% for the six months ended June
30, 2000, 0.58% for the year ended December 31, 1999, 0.54% for the year
ended December 31, 1998, and 0.41% for the period from the start of business
May 2, 1997 to December 31, 1997.
2 For the period from the start of business, May 2, 1997 to December 31, 1997.
3 For the six months ended June 30, 2000 (unaudited).
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
Supplementary Data
<TABLE>
<CAPTION>
Year Ended December 31
--------------------------------------------------------------------------------------------------------------------------------
Current Income Portfolio (CIFP) 2000(3) 1999 1998 1997(1)
--------------------------------------------------------------------------------------------------------------------------------
Ratios (As a percentage of average daily net assets):
<S> <C> <C> <C> <C>
Net expenses(2) 0.62%(+) 0.59% 0.57% 0.48%(+)
Net investment income 6.67%(+) 6.32% 6.33% 6.66%(+)
Portfolio Turnover 0% 0% 1% 7%
Net assets, end of year (000 omitted) $102,964 $99,987 $113,707 $97,765
---------------------------------------------------------------------------------------------------------------------------------
+ Annualized.
1 For the period from the start of business, May 2, 1997 to December 31, 1997.
2 Reporting guidelines require each Portfolio to increase its expense ratio by
the effect of any offset arrangements with its service providers. The
computation of net expenses to average daily net assets reported above is
computed without consideration of credits in such offset arrangements. If
these credits were considered, the ratio of net expenses to average daily
net assets would have been reduced to 0.61% for the six months ended June
30, 2000.
3 For the six months ended June 30, 2000 (unaudited).
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
-------------------------------------------------------------------------------
Notes to Financial Statements (unaudited)
-------------------------------------------------------------------------------
(1) Significant Accounting Policies
The Wright Blue Chip Master Portfolio Trust (the Trust), issuer of Selected
Blue Chip Equities Portfolio (Selected Portfolio), International Blue Chip
Equities Portfolio (International Portfolio), U.S. Government Near Term
Portfolio (Term Portfolio), U.S. Treasury Portfolio (Treasury Portfolio), and
Current Income Portfolio (Income Portfolio), collectively the Portfolios, are
registered under the Investment Company Act of 1940 as non-diversified open-end
management investment companies which were organized as trusts under the laws of
the State of New York on March 18, 1997. The Declaration of Trust permits the
Trustees to issue interests in the portfolios. The following is a summary of
significant accounting policies of the portfolios. The policies are in
conformity with accounting principles generally accepted in the United States of
America.
A. Investment Valuations - Securities listed on securities exchanges or in
the NASDAQ National Market are valued at closing sale prices. Securities
traded on more than one U.S. or foreign securities exchange are valued at
the last sale price on the exchange representing the principal market fo
such securities, if those prices are deemed to be representative of market
values at the close of business. Unlisted or listed securities, for which
closing sale prices are not available, are valued at the mean between
latest bid and asked prices. Fixed income securities for which market
quotations are readily available are valued on the basis of valuations
supplied by a pricing service. Short-term obligations maturing in sixty
days or less are valued at amortized cost, which approximates market value.
Securities for which market quotations are unavailable, or deemed not to be
representative of market values at the close of business, are appraised
at their fair value as determined in good faith by or at the direction of
the Trustees of the Trust.
B. Foreign Currency Translation - Investment security valuations, other
assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange
rates. Purchases and sales of foreign investment securities and income and
expenses are translated into U.S. dollars based upon currency exchange
rates prevailing on the respective dates of such transactions.
The Trust does not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.
C. Deferred Organization Expenses - Costs incurred by a portfolio in
connection with its organization are being amortized on the straight-line
basis over five years beginning on the date each portfolio commenced
operations.
D. Expense Reductions - The portfolios have entered into an arrangement with
its custodian whereby interest earned on uninvested cash balances are used
to offset custodian fees. All significant reductions are reported as a
reduction of expenses in the Statement of Operations.
E. Income Taxes - The portfolios are treated as partnerships for federal
tax purposes. No provision is made by the portfolios for federal or state
taxes on any taxable income of the portfolios because each investor in the
portfolios is ultimately responsible for the payment of any taxes on its
share of such income. Since some of the portfolios' investors are
regulated investment companies that invest all or substantially all of
their assets in the portfolios, the portfolios normally must satisfy the
applicable source of income and diversification requirements (under the
Internal Revenue Code) in order for their respective investors to satisfy
them. The portfolios will allocate at least annually among their
respective investors each investor's distributive share of the
portfolios' net taxable investment income, net realized capital gains
and any other items of income, gain, loss, deductions or credit.
F. Use of Estimates - The preparation of financial statements in conformity
with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period. Actual results could differ from those estimates.
<PAGE>
G. Other - Investment transactions are accounted for on the date the
investments are purchased or sold. Dividend income is recorded on the
ex-dividend date. However, if the ex-dividend date has passed, certain
dividends from foreign securities are recorded as the portfolio is informed
of the ex-dividend date. Interest income consists of interest accrued and
discount earned (including both original issue and market discount) and
amortization of premium or discount on long-term debt securities when
required for federal income tax purposes. The interest income is accrued
ratably to the date of maturity on the investments of the portfolios.
H. Forward Foreign Currency Contracts - The International Portfolio may enter
into forward foreign currency exchange contracts for the purchase or sale
of a specific foreign currency at a fixed price on a future date. Risks may
arise upon entering these contracts from the potential inability of
counterparties to meet the terms of their contracts and from unanticipated
movements in the value of a foreign currency relative to the U.S. dollar.
The International Portfolio will enter into forward contracts for hedging
purposes in connection with purchases and sales of securities denominated
in foreign currencies. The forward foreign currency exchange contracts are
adjusted by the daily forward exchange rate of the underlying currency and
any gains or losses are recorded for financial statement purposes as
unrealized until such time as the contracts have been closed or offset.
I. Interim Financial Information - The interim financial statements relating
to June 30, 2000 and for the six month period then ended have not been
audited by independent certified public accountants, but in the opinion of
the Trust's management, reflect all adjustments, consisting only of
normally recurring adjustments, necessary for the fair presentation of the
financial statements.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service, Inc. (Wright) to act as
investment adviser to the portfolios pursuant to the respective Investment
Advisory Contracts. Wright furnishes each portfolio with investment management,
investment advisory, and other services. For its services, Wright is compensated
based upon a percentage of average daily net assets, which rate is adjusted as
average daily net assets exceed certain levels. For the six months ended June
30, 2000, the effective annual rate was 0.55% for the Selected Portfolio, 0.77%
for the International Portfolio, 0.40% for the Term Portfolio, 0.40% for the
Treasury Portfolio, and 0.40% for the Income Portfolio. To enhance the net
income of the Treasury Portfolio, Wright made a preliminary reduction of its
management fee by $15,108.
The Trust has engaged Eaton Vance Management (Eaton Vance) to act as
administrator of the Trust. Under the Administration Agreement, Eaton Vance is
responsible for managing the business affairs of the Trust and is compensated
based upon a percentage of average daily net assets which rate is reduced as
average daily net assets exceed certain levels. For the six months ended June
30, 2000, the effective annual rate was 0.19% for the Selected Portfolio, 0.14%
for the International Portfolio, 0.10% for the Term Portfolio, 0.10% for the
Treasury Portfolio, and 0.10% for the Income Portfolio.
Certain of the Trustees and officers of the portfolio are Trustees or
officers of the above organizations. Except as to Trustees of the portfolios who
are not employees of Wright, Trustees and officers receive remuneration for
their services to the portfolios out of the fees paid to Wright.
(3) INVESTMENTS
The Term Portfolio, Treasury Portfolio, and Income Portfolio invest
primarily in debt securities. The ability of the issuers of these debt
securities held by the portfolios to meet their obligations may be affected by
economic developments in a specific industry or municipality. Purchases and
sales of investments, other than U.S. Government securities and short-term
obligations, for the six months ended June 30, 2000 were as follows:
<PAGE>
<TABLE>
<CAPTION>
Selected International U.S. Government U.S. Current
Blue Chip Blue Chip Near Term Treasury Income
Portfolio Portfolio Portfolio Portfolio Portfolio
----------------------------------------------------------------------------------------------------------------------------
Purchases -
<S> <C> <C> <C> <C> <C>
Non-U.S. Gov't Obligations $ 24,061,456 $ 55,779,515 $ -- $ -- $ --
============ ============ ============ ============ ============
U.S. Gov't Obligations $ -- $ -- $ 14,433,705 $ 1,228,525 $ 5,320,852
============ ============ ============ ============ ============
Sales -
Non-U.S. Gov't Obligations $ 52,848,963 $ 81,202,100 $ -- $ -- $ --
============ ============ ============ ============ ============
U.S. Gov't. Obligations $ -- $ -- $ 20,387,800 $ 12,548,987 $ 3,109,192
============ ============ ============ ============ ============
</TABLE>
(4) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) of the investment
securities owned at June 30, 2000, as computed on a federal income tax basis,
are as follows:
<TABLE>
<CAPTION>
Selected International U.S. Government U.S. Current
Blue Chip Blue Chip Near Term Treasury Income
Portfolio Portfolio Portfolio Portfolio Portfolio
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Aggregate cost $ 38,036,173 $127,318,287 $ 49,632,138 $ 22,367,231 $105,046,461
============ ============ ============ ============ ============
Gross unrealized appreciation $ 13,686,289 $ 33,043,204 $ 6,360 $ 326,583 $ 274,328
Gross unrealized depreciation (1,596,427) (6,575,427) (682,005) (483,478) (2,999,447)
----------- ----------- ----------- ----------- -----------
Net unrealized appreciation (depreciation) $ 12,089,862 $ 26,467,777 $ (675,645) $ (156,895) $ (2,725,119)
============ ============ ============ ============ ============
</TABLE>
(5) FINANCIAL INSTRUMENTS
The portfolios may trade in financial instruments with off-balance sheet
risk in the normal course of their investing activities in order to manage
exposure to market risks such as interest rates and foreign currency exchange
rates. These financial instruments include forward foreign currency contracts
for the International Portfolio. The notional or contractual amounts of these
instruments represent the investment the portfolio has in particular classes of
financial instruments and does not necessarily represent the amounts potentially
subject to risk. The measurement of the risks associated with these instruments
is meaningful only when all related and offsetting transactions are considered.
As of June 30, 2000, the International Portfolio had the following forward
foreign currency exchange contracts open:
<TABLE>
<CAPTION>
Settlement Contracts In Exchange for Contracts Net Unrealized
Date Currency to Deliver (U.S. Dollars) at Value Depreciation
----------------------------------------------------------------------------------------------------------------------------------
SALES
<S> <C> <C> <C> <C> <C>
7/03/00 Euro 14,494 $ 13,742 $ 13,883 $ 141
7/05/00 Euro 3,856,030 3,649,733 3,693,846 44,113
------------- ------------- -----------
-
TOTAL $ 3,663,475 $ 3,707,729 $ 44,254
============= ============= ===========
</TABLE>
<PAGE>
(6) RISKS ASSOCIATED WITH FOREIGN INVESTMENTS
The International Portfolio's investing in securities issued by companies whose
principal business activities are outside the United States may involve
significant risks not present in domestic investments. For example, there is
generally less publicly available information about foreign companies,
particularly those not subject to the disclosure and reporting requirements of
the U.S. securities laws. Foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and standards of
practice comparable to those applicable to domestic issuers. Investments in
foreign securities also involve the risk of possible adverse changes in
investment or exchange control regulations, expropriation or confiscatory
taxation, limitation on the removal of funds or other assets of International
Portfolio, political or financial instability or diplomatic and other
developments which could affect such investments. Foreign stock markets, while
growing in volume and sophistication, are generally not as developed as those in
the United States, and securities of some foreign issuers (particularly those
located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities markets,
broker-dealers, and issuers than in the United States.
Settlement of securities transactions in foreign countries may be delayed
and is generally less frequent than in the United States, which could affect the
liquidity of International Portfolio's assets. International Portfolio may be
unable to sell securities where the registration process is incomplete and may
experience delays in receipt of dividends.
(7) LINE OF CREDIT
The portfolios participate with other funds managed by Wright in a
committed $20 million unsecured line of credit agreement with a bank. The
portfolios may temporarily borrow from the line of credit to settle investment
transactions. Interest is charged to each portfolio based on its borrowings at
an amount above the federal funds' rate. In addition, a fee computed at an
annual rate of 0.10% on the average daily unused portion of the $20 million line
of credit, is allocated among the participating funds and portfolios at the end
of each quarter. At June 30, 2000, there were no loans outstanding.
<PAGE>
WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
-------------------------------------------------------------------------------
Portfolio of Investments - June 30, 2000 (Unaudited)
Shares Value
Equity Interests -- 99.9%
BEVERAGES -- 4.1%
Anheuser Busch Cos. Inc............. 36,000 $ 2,688,750
Pepsico, Inc........................ 90,600 4,026,038
-----------
$ 6,714,788
-----------
CHEMICALS -- 1.0%
Du Pont (E.I.) de Nemours........... 36,000 $ 1,575,000
-----------
COMMUNICATIONS EQUIPMENT -- 6.5%
Cisco Systems, Inc.*................ 104,100 $ 6,616,856
Lucent Technologies................. 67,500 3,999,375
-----------
$ 10,616,231
-----------
COMPUTER & PERIPHERALS -- 6.3%
International Business Machine...... 34,100 $ 3,736,081
Sun Microsystems, Inc.*............. 72,000 6,547,500
-----------
$ 10,283,581
-----------
CONSTRUCTION -- 1.1%
Vulcan Materials Co................. 40,500 $ 1,728,844
-----------
DIVERSIFIED -- 6.2%
General Electric Co.*............... 109,900 $ 5,824,700
Honeywell International Inc......... 68,900 2,321,069
Procter & Gamble Co................. 35,000 2,003,750
-----------
$ 10,149,519
-----------
DRUGS, COSMETICS & HEALTHCARE -- 15.5%
Avon Products Inc................... 83,500 $ 3,715,750
Biogen, Inc.*....................... 60,400 3,895,800
Gillette Co......................... 67,500 2,358,281
Johnson & Johnson................... 36,600 3,728,625
Medtronics, Inc.*................... 84,200 4,194,213
Pfizer Inc.*........................ 76,500 3,672,000
Watson Pharmaceutical, Inc.*........ 68,800 3,698,000
-----------
$ 25,262,669
-----------
ELECTRONIC EQUIPMENT & INSTRUMENTATION -- 2.4%
Solectron Corp.*.................... 92,500 $ 3,873,438
-----------
FINANCIAL -- 7.4%
Chase Manhattan Corp.*.............. 68,400 $ 3,150,675
Citigroup........................... 96,350 5,805,087
Fifth Third Bancorp................. 48,800 3,086,600
-----------
$ 12,042,362
-----------
METAL PRODUCERS -- 1.1%
Alcoa Inc........................... 64,300 $ 1,864,700
-----------
METAL PRODUCTS MANUFACTURERS -- 1.6%
Illinois Tool Works Inc............. 46,300 $ 2,639,100
-----------
OIL, GAS, COAL & RELATED SERVICES -- 7.7%
Conoco Inc Class B-WI............... 81,000 $ 1,989,562
Exxon Mobil Corp.................... 53,806 4,223,771
Schlumberger Ltd.................... 43,700 3,261,113
Transocean Sedco Forex Inc.......... 56,952 3,043,372
-----------
$ 12,517,818
-----------
PAPER -- 0.8%
Mead Corp........................... 51,400 $ 1,297,850
-----------
PRINTING & PUBLISHING -- 1.0%
Gannett Co., Inc.*.................. 28,300 $ 1,692,693
-----------
RECREATION -- 1.5%
Harley-Davidson*.................... 65,500 $ 2,521,750
-----------
RETAILERS -- 5.1%
Albertson's Inc..................... 70,643 $ 2,348,880
Wal-Mart Stores Inc................. 104,100 5,998,763
-----------
$ 8,347,643
-----------
<PAGE>
SEMICONDUCTOR EQUIPMENT & PRODUCTS-- 8.2%
Adaptec Inc.*....................... 70,000 $ 1,592,500
Analog Devices*..................... 56,900 4,324,400
Intel Corporation................... 43,100 5,761,931
Kla-Tencor Corporation*............. 28,900 1,692,456
-----------
$ 13,371,287
-----------
SOFTWARE & SERVICES -- 9.9%
Adobe Systems Inc................... 41,800 $ 5,434,000
Microsoft Corporation*.............. 63,600 5,088,000
Oracle Corp.*....................... 66,800 5,615,375
-----------
$ 16,137,375
-----------
UTILITIES -- 8.0%
AT & T Corporation*................. 88,000 $ 2,783,000
Enron Corporation................... 54,000 3,483,000
SBC Communications, Inc.*........... 95,700 4,139,025
Worldcom, Inc.*..................... 59,750 2,741,031
-----------
$ 13,146,056
-----------
MISCELLANEOUS -- 4.5%
Electronic Data Systems Corp........ 49,400 $ 2,037,750
Marsh & McLennan Cos., Inc.......... 50,800 5,305,425
-----------
$ 7,343,175
-----------
TOTAL EQUITY INTERESTS -- 99.9%
(identified cost, $146,051,322) $163,125,879
-----------
Reserve Funds -- 0.1%
Face Amount
American Express Corp., 6.884%, 7/03/00
(at amortized cost)...............$220,000 $ 220,000
-----------
TOTAL INVESTMENTS -- 100%
(identified cost, $146,271,322) 163,345,879
-----------
OTHER ASSETS,
LESS LIABILITIES -- 0.0% (4,982)
-----------
NET ASSETS -- 100% $163,340,897
============
* Non-income-producing security.
See notes to financial statements
<PAGE>
WRIGHT TOTAL RETURN BOND FUND (WTRB)
-------------------------------------------------------------------------------
Portfolio of Investments - June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
----------------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS
FINANCIAL
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1,100,000 Ameritech Cap 6.15% 1/15/08 $91.518 $ 1,006,698 6.72% 7.7%
1,240,000 Ford Motor Credit 5.80% 1/12/09 86.999 1,078,788 6.67% 7.9%
2,000,000 GMAC 6.38% 10/15/04 95.621 1,912,420 6.67% 7.5%
1,000,000 IBM Corp. 5.63% 4/12/04 95.161 951,610 5.91% 7.0%
2,890,000 Lehman Bros. Hldg. 7.75% 1/15/05 99.073 2,863,210 7.82% 8.0%
1,000,000 J.P. Morgan 6.88% 1/15/07 95.853 958,530 7.17% 7.8%
935,000 MBNA Master Credit Corp. 7.35% 7/16/07 100.75 942,012 7.30% 7.1%
INDUSTRIALS
$ 3,500,000 Federated Dept. Stores 8.50% 6/15/03 $100.917 $ 3,532,095 8.42% 7.8%
1,280,000 Kimberly Clark Corp. 6.38% 1/1/28 86.445 1,106,496 7.37% 7.5%
2,000,000 TJX Companies Inc 7.45% 12/15/09 93.115 1,862,300 8.00% 8.1%
1,430,000 Wal-Mart Stores 6.15% 8/10/01 99.134 1,417,616 6.20% 7.0%
UTILITIES
$ 1,000,000 Duke Energy Corp. 6.00% 12/1/28 $ 78.585 $ 785,850 7.64% 7.8%
2,000,000 Enron Corp. 6.50% 8/1/02 97.970 1,959,400 6.63% 7.3%
1,100,000 Lucent Technologies Inc. 6.45% 3/15/29 87.658 964,238 7.36% 7.4%
955,000 Tennessee Valley Authority 6.00% 3/15/13 92.625 884,569 6.48% 7.2%
3,000,000 Williams Cos., Inc. 6.50% 8/1/06 93.561 2,806,830 6.95% 7.7%
----------
Total Corporate Bonds (identified cost, $26,300,919) - 37.4% $25,032,662
GOVERNMENT INTERESTS
U.S. GOVERNMENT AGENCIES
$ 1,000,000 Federal Home Loan Mortgage 4.75% 12/14/01 $97.156 $ 971,560 4.89% 6.9%
1,500,000 Federal Home Loan Mortgage 5.13% 2/26/02 97.172 1,457,580 5.27% 6.9%
40,000 Federal Home Loan Mortgage 5.75% 4/15/08 91.812 36,725 6.26% 7.2%
530,000 Federal Home Loan Mortgage 5.80% 9/2/08 91.797 486,524 6.32% 7.2%
750,000 Federal National Mtg. Assn. 5.63% 3/15/01 $99.156 743,670 5.67% 6.8%
1,925,000 Federal National Mtg. Assn. 5.35% 10/27/03 95.016 1,829,058 5.63% 7.0%
2,000,000 Federal National Mtg. Assn. 6.40% 11/9/04 96.594 1,931,880 6.63% 7.2%
900,000 Federal National Mtg. Assn. 7.13% 2/15/05 100.406 903,654 7.10% 7.0%
1,500,000 Federal National Mtg. Assn. 6.56% 11/26/07 94.531 1,417,965 6.94% 7.4%
1,000,000 Federal National Mtg. Assn. 6.17% 1/15/08 92.875 928,750 6.64% 7.4%
440,000 Federal National Mtg. Assn. 5.74% 1/21/09 89.312 392,973 6.43% 7.3%
512,243 Federal National Mtg. Assn. 6.00% 1/1/29 91.531 468,861 6.56% 7.4%
1,266,828 Federal National Mtg. Assn. 8.50% 4/1/30 101.843 1,290,176 8.35% 8.1%
<PAGE>
492,134 GNMA Pool # 436214 6.50% 2/15/13 $ 97.156 $ 478,138 6.69% 7.4%
845,882 GNMA Pool # 463839 6.00% 5/15/13 95.140 804,772 6.31% 7.4%
376,690 GNMA Pool # 442996 6.00% 6/15/13 95.140 358,383 6.31% 7.3%
2,819,891 GNMA Pool # 374892 7.00% 2/15/24 97.500 2,749,395 7.18% 7.8%
569,345 GNMA Pool # 376400 6.50% 2/15/24 95.406 543,190 6.81% 7.7%
972,082 GNMA Pool # 379982 7.00% 2/15/24 97.500 947,781 7.18% 7.8%
1,729,254 GNMA Pool # 410081 8.00% 8/15/25 101.125 1,748,708 7.91% 7.7%
924,789 GNMA Pool # 422506 6.50% 3/15/26 95.094 879,419 6.84% 7.7%
1,325,906 GNMA Pool # 460726 6.50% 12/15/27 94.969 1,259,200 6.84% 7.6%
881,106 GNMA Pool # 427199 7.00% 12/15/27 97.250 856,877 7.20% 7.7%
1,503,075 GNMA Pool # 458672 6.50% 1/15/28 94.937 1,426,974 6.85% 7.6%
890,545 GNMA Pool # 478072 6.50% 5/15/28 94.937 845,457 6.85% 7.5%
468,839 GNMA Pool # 488924 6.50% 11/15/28 94.937 445,102 6.85% 7.5%
653,096 GNMA Pool # 002671 6.00% 11/20/28 91.657 598,609 6.55% 7.5%
989,773 GNMA Pool # 510706 8.00% 11/15/29 101.062 1,000,285 7.92% 7.8%
598,388 GNMA Pool # 002909 8.00% 4/20/30 100.562 601,752 7.96% 7.9%
U.S. TREASURIES
$ 3,925,000 U.S. Treasury Bond 7.25% 5/15/16 $110.219 $ 4,326,096 6.58% 6.2%
850,000 U.S. Treasury Bond 6.00% 2/15/26 97.922 832,337 6.13% 6.2%
2,500,000 U.S. Treasury Bond 6.13% 8/15/29 101.000 2,525,000 6.06% 6.0%
800,000 U.S. Treasury Note 5.50% 5/31/03 $97.687 781,496 5.63% 6.4%
4,200,000 U.S. Treasury Note 7.50% 2/15/05 104.812 4,402,104 7.16% 6.3%
-----------
Total Government Interests (identified cost, $42,013,156) -61.5% $41,270,451
-----------
Total Investments (identified cost, $68,314,075) - 98.9% $66,303,113
Other Assets, Less Liabilities - 1.1% 715,921
-----------
Net Assets -- 100.0% $67,019,034
============
Average Maturity - 9.8 Years
(1) Unaudited.
</TABLE>
See notes to financial statements
<PAGE>
SELECTED BLUE CHIP EQUITIES PORTFOLIO (SBCP)
-------------------------------------------------------------------------------
Portfolio of Investments - June 30, 2000 (Unaudited)
Shares Value
Equity Interests -- 99.1%
APPAREL -- 2.9%
Jones Apparel Group Inc.*........... 29,700 $ 697,950
Liz Claiborne....................... 21,100 743,775
-----------
$ 1,441,725
-----------
COMPUTERS & PERIPHERALS -- 1.4%
Gateway Inc.*....................... 12,600 $ 715,050
-----------
CONSTRUCTION -- 2.8%
Southdown, Inc...................... 9,600 $ 554,400
Toll Brothers*...................... 19,100 391,550
Vulcan Materials Co................. 10,800 461,025
-----------
$ 1,406,975
-----------
DIVERSIFIED -- 0.5%
Crane Co............................ 11,050 $ 268,653
-----------
DRUGS, COSMETICS & HEALTHCARE -- 15.8%
Alberto Culver Co. Class A.......... 44,600 $ 1,170,750
Barr Laboratories Inc.*............. 20,100 900,731
Biogen, Inc.*....................... 11,700 754,650
Forest Laboratories Inc.*........... 13,300 1,343,300
Minimed Inc.*....................... 4,900 578,200
Stryker Corp........................ 28,300 1,238,125
Watson Pharmaceutical, Inc.*........ 35,600 1,913,500
-----------
$ 7,899,256
-----------
ELECTRICAL EQUIPMENT -- 1.1%
Vishay Intertechnology Inc.*........ 14,400 $ 546,300
-----------
ELECTRONIC EQUIPMENT & INSTRUMENTATION-- 6.1%
American Power Conversion Corp.*.... 29,300 $ 1,195,806
Samina Corp.*....................... 10,000 855,000
Solectron Corp.*.................... 23,900 1,000,813
-----------
$ 3,051,619
-----------
FINANCIAL -- 6.6%
AFLAC Corp.......................... 7,700 $ 353,718
AMBAC Financial Group Inc........... 4,300 235,694
BB&T Corp........................... 16,840 402,055
Commerce Bancshares Inc............. 15,800 470,050
Compass Bancshares.................. 24,375 415,898
Edwards (A.G.) Inc.................. 9,530 371,670
Jefferson Pilot Corp................ 8,600 485,363
Wilmington Trust Corp............... 13,100 560,025
-----------
$ 3,294,473
-----------
FOOD -- 1.1%
Hormel Foods Corp................... 13,100 $ 220,244
Universal Foods Corp................ 18,600 344,100
-----------
$ 564,344
-----------
MACHINERY & EQUIPMENT -- 2.2%........
Deere & Co.......................... 14,100 $ 521,700
Lexmark Int'l. Group Inc.*.......... 8,400 564,900
-----------
$ 1,086,600
-----------
METAL PRODUCERS -- 1.6%
Alcoa Inc........................... 14,600 $ 423,400
Nucor Corp.......................... 11,100 368,381
-----------
$ 791,781
-----------
METAL PRODUCTS MANUFACTURERS -- 1.3%
Harsco Corp......................... 25,100 $ 640,050
-----------
OIL, GAS, COAL & RELATED SERVICES-- 9.4%
Devon Energy Corp................... 30,200 $ 1,696,862
Ensco Int'l Inc..................... 47,200 1,690,350
Nabors Inds., Inc.*................. 20,000 831,250
Noble Drilling Corp.*............... 12,500 514,844
-----------
$ 4,733,306
-----------
<PAGE>
PRINTING & PUBLISHING -- 0.8%
New York Times Co................... 10,800 $ 426,600
-----------
RECREATION -- 3.9%
Brinker International Inc.*......... 37,300 $ 1,091,025
Harley-Davidson..................... 10,800 415,800
Wendys International Inc............ 26,600 473,813
-----------
$ 1,980,638
-----------
RETAILERS -- 4.1%
Albertson's Inc..................... 9,600 $ 319,200
Bed Bath & Beyond Inc.*............. 15,300 554,625
Ross Stores Inc..................... 37,400 638,138
Tiffany & Co........................ 8,200 553,500
-----------
$ 2,065,463
-----------
SEMICONDUCTOR EQUIPMENT & PRODUCTS-- 14.9%
Altera Corp.*....................... 11,300 $ 1,151,893
Analog Devices*..................... 23,300 1,770,800
Dallas Semiconductor Corp........... 13,700 558,275
Linear Technology Corp.............. 10,900 696,918
Maxim Intergrated Products*......... 13,400 910,363
Novellus System Inc.*............... 12,400 701,375
Qlogic Corp.*....................... 6,800 449,225
Vitesse Semiconductor Corp.*........ 9,100 669,419
Xilinx Inc.*........................ 7,100 586,194
-----------
$ 7,494,462
-----------
SOFTWARE & SERVICES -- 6.5%
Adobe Systems Inc................... 11,700 $ 1,521,000
Autodesk Inc........................ 26,800 929,625
Electronic Arts*.................... 5,000 364,687
Veritas Software Corp.*............. 3,775 426,634
-----------
$ 3,241,946
-----------
UTILITIES -- 10.1%
Alltel Corporation.................. 9,019 $ 558,614
Duke Energy Corp.................... 18,630 1,050,266
Dynegy Inc.......................... 14,600 997,363
Enron Corp.......................... 9,500 612,750
Nisource Inc........................ 58,500 1,089,563
Questar Corp........................ 39,100 757,562
-----------
$ 5,066,118
-----------
MISCELLANEOUS -- 6.0%
Avery-Dennison Corp................. 10,100 $ 677,963
Cardinal Health Inc................. 8,600 636,400
CDW Computer Centers Inc............ 8,200 512,500
Cintas Corp......................... 16,200 594,338
Sysco Corp.......................... 13,400 564,475
-----------
$ 2,985,676
-----------
TOTAL EQUITY INTERESTS-- 99.1%
(identified cost, $37,611,173).... $ 49,701,035
-----------
Reserve Funds -- 0.8%
Face Amount
American Express Corp., 6.884%, 7/03/00
(at amortized cost)...............$425,000 $ 425,000
-----------
TOTAL INVESTMENTS-- 99.9%
(identified cost, $38,036,173).... $ 50,126,035
OTHER ASSETS,
LESS LIABILITIES -- 0.1% 23,766
-----------
NET ASSETS -- 100% $ 50,149,801
============
* Non-income-producing security
See notes to financial statements
<PAGE>
INTERNATIONAL BLUE CHIP EQUITIES PORTFOLIO (IBCP)
-------------------------------------------------------------------------------
Portfolio of Investments - June 30, 2000 (Unaudited)
Shares Value
Equity Interests -- 91.7%
BELGIUM -- 0.6%
Fortis B............................ 11,000 $ 321,098
UCB BB.............................. 16,200 597,007
-----------
$ 918,105
-----------
BRAZIL -- 1.3%
Embratel Partipacoes ADR............ 17,000 $ 401,625
Petroleo Brasileiro ADR............. 55,000 1,661,633
-----------
$ 2,063,258
-----------
CANADA -- 4.0%
Bombardier Inc. Class B............. 42,000 $ 1,139,527
Celestica Inc.*..................... 15,500 769,187
C-Mac Industries* .................. 19,700 930,707
Investors Group Inc................. 46,000 631,787
Nortel Networks Corp.*.............. 41,979 2,865,067
-----------
$ 6,336,275
-----------
DENMARK -- 0.3%
Tele Danmark........................ 7,600 $ 512,973
-----------
FINLAND -- 0.4%
Metsa Serla B Shares................ 93,000 $ 690,262
-----------
FRANCE -- 14.0%
Air Liquide French.................. 7,040 $ 920,986
Alcatel............................. 40,000 2,631,760
Altran Technologies SA.............. 3,300 648,200
Atos Ord*........................... 7,000 656,982
Axa Company FRF60................... 11,000 1,738,225
Cap Gemini.......................... 2,600 459,409
France Telecom SA................... 11,400 1,598,363
Infogrames Entertainment*........... 10,000 255,706
L'oreal............................. 1,000 868,634
NRJ SA.............................. 760 393,040
Peugeot SA.......................... 4,000 805,234
Rexel*.............................. 11,000 848,043
Sagem SA-New*....................... 300 352,817
Societe Generale-A.................. 30,000 1,810,053
Technip SA.......................... 14,500 1,759,439
Total Fina SA....................... 12,500 1,922,583
TV Francaise........................ 22,000 1,538,066
Valeo............................... 6,350 340,558
Vivendi............................. 26,300 2,328,585
-----------
$ 21,876,683
-----------
GERMANY -- 5.9%
BASF AG............................. 35,900 $ 1,456,054
Bayerische Motoren Werke A.......... 23,400 708,162
Deutsche Bank AG.................... 10,000 825,059
Deutsche Telekom AG ................ 7,500 426,583
Epcos*.............................. 5,800 578,351
Lufthansa AG........................ 31,900 744,213
Marschollek Lauten.................. 1,200 503,367
Muenchene Rueckversicherungs........ 1,600 505,666
SAP AG Vorzug....................... 5,400 999,408
Siemans Registered.................. 16,300 2,453,972
-----------
$ 9,200,835
-----------
HONG KONG -- 3.4%
China Telecom*...................... 227,000 $ 2,001,879
Hutchison Whampoa................... 130,900 1,645,527
Johnson Electric Holdings........... 100,000 946,022
Television Broadcasts Ltd........... 110,000 733,728
-----------
$ 5,327,156
-----------
INDIA -- 0.3%
Infosys Technologies ADR............ 3,000 $ 531,750
-----------
IRELAND -- 1.3%
Bank of Ireland..................... 134,000 $ 847,375
Elan Corp PLC ADR*.................. 25,000 1,210,937
-----------
$ 2,058,312
-----------
ITALY -- 4.9%
Alleanza Assicurazioni SPA.......... 83,000 $ 1,099,732
Bipop Carire SPA.................... 80,000 630,550
Mediaset SPA*....................... 74,000 1,140,295
Rolo Banca SPA...................... 40,000 744,324
Saipem SPA.......................... 175,000 1,039,105
San Paolo-Imi SPA................... 69,000 1,217,878
Telecom Italia Mobile............... 179,000 1,830,854
-----------
$ 7,702,738
-----------
JAPAN -- 16.6%
Aiful Corp.......................... 6,000 $ 554,212
Canon Inc........................... 41,000 2,044,579
Disco Co............................ 5,300 874,991
Fanuc Co............................ 16,000 1,630,525
Fast Retailing...................... 1,800 754,817
Honda Motor Co. Ltd................. 14,000 477,333
Hoya Corp........................... 10,000 897,242
Ito Yokado Co....................... 13,000 783,340
Japan Telecom Co. Ltd............... 15 651,681
Keyence Corporation................. 2,600 859,464
Murata Mfg. Co. Ltd................. 11,000 1,610,313
Nintendo Corp. Ltd.................. 5,700 1,001,322
NTT Docomo Inc...................... 50 1,355,308
Promise Co. Ltd..................... 16,000 1,266,339
Ricoh Corp. Ltd..................... 80,000 1,696,260
Rohm Company........................ 4,700 1,380,525
Secom Co Ltd........................ 10,000 731,961
Seven Eleven Japan Ltd.............. 12,000 1,005,289
Shin-Etsu Chemical Co............... 16,000 812,996
Sony Corp........................... 20,000 1,870,041
Takeda Chem. Industries Ltd......... 21,000 1,380,431
Toyota Motor Co..................... 53,000 2,417,737
-----------
$ 26,056,706
-----------
<PAGE>
MEXICO -- 1.2%
Grupo Televisa SA-Ser CPO*.......... 130,000 $ 446,499
Telefonos de Mexico................. 286,000 816,645
Walmart de Mexico-Ser V*............ 226,000 530,495
-----------
$ 1,793,639
-----------
NETHERLANDS -- 8.0%
Abn Amro Holdings................... 18,500 $ 454,630
Aegon NV............................ 16,134 575,879
ASM Lithography Holding NV*......... 50,400 2,223,900
Fortis Amev NV...................... 22,081 644,774
ING Groep N.V....................... 16,246 1,101,563
Koninklijke Philips Electronics..... 38,000 1,797,794
Qiagen*............................. 5,900 1,017,077
Royal Dutch Petroleum Co............ 15,000 935,194
Royal KPN NV*....................... 19,118 857,796
St Microelectronics NV.............. 42,000 2,654,744
VNU NV.............................. 7,000 362,681
-----------
$ 12,626,032
-----------
NORWAY-- 0.5%
Petroleum Geo-Services ADR*......... 47,500 $ 810,469
-----------
PORTUGAL-- 0.8%
Portugal Telecom S.A. ADR........... 105,000 $ 1,181,250
-----------
SINGAPORE -- 0.5%
Datacraft Asia Ltd.................. 79,000 $ 695,200
-----------
SOUTH KOREA -- 0.9%
Korea Telecom Corp-SP ADR........... 16,500 $ 798,188
Sk Telecom Co Ltd-ADR............... 16,600 602,787
-----------
$ 1,400,975
-----------
SPAIN -- 4.1%
Banco Bilbao Vizcaya SA............. 58,000 $ 869,304
Banco Popular Espanol............... 29,600 918,473
Banco Santander Central Hisp........ 75,500 798,985
Endesa SA........................... 29,500 573,236
Repsol SA........................... 96,970 1,936,301
Telefonica SA*...................... 60,033 1,293,606
-----------
$ 6,389,905
-----------
SWEDEN -- 3.7%
Ericsson AB B Free*................. 158,000 $ 3,139,847
Sandvik AB B Fria*.................. 18,750 395,029
Skandia Forsakrings AB Free......... 88,000 2,335,042
-----------
$ 5,869,918
-----------
SWITZERLAND -- 4.0%
ABB Ltd............................. 4,900 $ 587,561
Cie Financ Fichemont-UTS "A"........ 630 1,700,454
Nestle ............................. 800 1,604,127
Schw. Rueckversicherungs-Reg........ 360 735,122
Serono*............................. 800 668,182
Zuerich Allied AG................... 2,000 989,990
-----------
$ 6,285,436
-----------
TAIWAN-- 0.5%
Taiwan Semiconductor-SP ADR*........ 22,000 $ 852,500
-----------
THAILAND -- 0.5%
Advanced Info Services*............. 82,000 $ 766,922
-----------
UNITED KINGDOM -- 14.0%
Allied Zurich PLC................... 179,000 $ 2,118,611
Amvesco PLC......................... 185,000 2,969,935
BP Amoco PLC........................ 273,000 2,621,327
British Telecommunications PLC...... 100,000 1,293,383
Cable & Wireless PLC ADR............ 13,700 685,856
CMG PLC*............................ 72,400 1,026,322
FKI Babcock......................... 117,000 416,412
Glaxo Wellcome PLC.................. 50,000 1,459,221
Invensys PLC........................ 193,400 726,403
Kingfisher PLC...................... 85,417 778,125
Lloyds TSB Group PLC................ 63,000 595,380
Marconi PLC ADR..................... 68,000 952,000
Reuters Group PLC................... 33,600 573,499
Reuters Group PLC-SP ADR............ 1,500 149,906
Sema Group PLC...................... 63,000 896,887
Smithkline Beecham PLC.............. 57,000 746,724
Spirent PLC*........................ 99,000 666,463
Vodafone Airtouch PLC............... 804,288 3,252,311
-----------
$ 21,928,765
-----------
TOTAL EQUITY INTERESTS - 91.7%
(identified cost, $117,408,287) $143,876,064
-----------
Reserve Funds -- 6.3%
Face Amount
American Express Corp., 6.884%, 7/03/00
(at amortized cost).............$7,795,000 $ 7,795,000
General Electric Cap Corp., 6.504%, 7/03/00
(at amortized cost)............$2,115,000 2,115,000
-----------
Total Reserve Funds............. $ 9,910,000
-----------
TOTAL INVESTMENTS - 98.0%
(identified cost, $127,318,287) 153,786,064
-----------
OTHER ASSETS, LESS LIABILITIES -- 2.0% 3,163,961
-----------
NET ASSETS -- 100% $156,950,025
============
* Non-income-producing security. ADR: American Depository Receipts.
See notes to financial statements
<PAGE>
WRIGHT U.S. TREASURY MONEY MARKET FUND (WTMM)
-------------------------------------------------------------------------------
Portfolio of Investments - June 30, 2000 (Unaudited)
Face Interest Maturity
Amount Issuer Rate Date Value
-------------------------------------------------------------------------------
$ 700,000 U.S. Treasury Bills 5.610% 7/20/00 $ 697,927
400,000 U.S. Treasury Bills 5.550% 7/20/00 398,829
700,000 U.S. Treasury Bills 5.750% 7/20/00 697,876
200,000 U.S. Treasury Bills 5.710% 7/20/00 199,397
2,000,000 U.S. Treasury Bills 5.960% 8/17/00 1,984,438
500,000 U.S. Treasury Bills 5.520% 8/17/00 496,397
2,800,000 U.S. Treasury Bills 5.640% 9/14/00 2,767,100
1,200,000 U.S. Treasury Bills 5.620% 9/14/00 1,185,950
2,400,000 U.S. Treasury Bills 5.840% 10/12/00 2,359,898
1,600,000 U.S. Treasury Bills 5.730% 10/12/00 1,573,769
2,500,000 U.S. Treasury Bills 5.880% 11/09/00 2,446,508
1,700,000 U.S. Treasury Bills 5.950% 12/07/00 1,655,325
1,600,000 U.S. Treasury Bills 5.480% 7/06/00 1,598,782
200,000 U.S. Treasury Bills 5.670% 7/06/00 199,842
800,000 U.S. Treasury Bills 5.690% 7/06/00 799,367
1,200,000 U.S. Treasury Bills 5.700% 7/13/00 1,197,720
300,000 U.S. Treasury Bills 5.250% 7/13/00 299,475
700,000 U.S. Treasury Bills 5.300% 7/27/00 697,321
2,200,000 U.S. Treasury Bills 5.705% 8/03/00 2,188,495
2,200,000 U.S. Treasury Bills 5.350% 8/10/00 2,186,922
300,000 U.S. Treasury Bills 5.750% 8/24/00 297,413
600,000 U.S. Treasury Bill 5.650% 8/24/00 594,915
700,000 U.S. Treasury Bills 5.680% 8/24/00 694,036
600,000 U.S. Treasury Bills 5.540% 8/24/00 595,014
2,600,000 U.S. Treasury Bills 5.540% 8/31/00 2,575,593
1,400,000 U.S. Treasury Bills 5.560% 8/31/00 1,386,810
2,300,000 U.S. Treasury Bills 5.550% 9/07/00 2,275,888
400,000 U.S. Treasury Bills 5.860% 9/21/00 394,661
700,000 U.S. Treasury Bills 5.670% 9/21/00 690,959
1,000,000 U.S. Treasury Bills 5.610% 9/28/00 986,131
2,200,000 U.S. Treasury Bills 5.680% 10/05/00 2,166,677
1,200,000 U.S. Treasury Bills 5.900% 10/19/00 1,178,367
2,000,000 U.S. Treasury Bills 5.970% 10/26/00 1,961,195
2,000,000 U.S. Treasury Bills 6.000% 11/02/00 1,958,667
2,000,000 U.S. Treasury Bills 6.030% 11/24/00 1,951,090
2,500,000 U.S. Treasury Bills 5.880% 11/30/00 2,437,933
$ 650,000 U.S. Treasury Bonds 5.375% 7/31/00 $ 664,423
350,000 U.S. Treasury Bonds 5.375% 7/31/00 357,761
2,600,000 U.S. Treasury Bonds 5.375% 7/31/00 2,750,807
----------
Total Investments
At Amortized Cost -- 100.8% $ 51,549,678
Other Assets, less Liabilities -- (0.8%) (423,361)
-------------
Net Assets -- 100.0% $ 51,126,317
=============
See notes to financial statements
<PAGE>
U.S. GOVERNMENT NEAR TERM PORTFOLIO (NTBP)
-------------------------------------------------------------------------------
Portfolio of Investments - June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
---------------------------------------------------------------------------------------------------------------------------------
GOVERNMENT INTERESTS
<S> <C> <C> <C> <C> <C> <C> <C>
$ 725,000 FNBL 5.97% 12/12/00 $99.625 $722,281 5.99% 6.7%
1,500,000 Federal Home Loan Bank 6.38% 1/24/01 97.453 1,495,305 6.40% 6.8%
1,500,000 FNLB 5.43% 6/8/01 98.656 1,479,840 5.50% 6.9%
1,500,000 Federal Home Loan Bank 4.86% 10/5/01 97.453 1,461,795 4.99% 6.9%
1,700,000 Federal Home Loan Bank 5.13% 2/26/02 97.172 1,651,924 5.27% 6.9%
1,500,000 Federal Home Loan Bank 6.75% 5/1/02 99.625 1,494,375 6.78% 6.9%
2,000,000 Federal Home Loan Bank 6.03% 11/26/02 97.828 1,956,560 6.16% 6.5%
625,000 Federal Home Loan Bank 7.35% 2/28/03 100.366 627,287 7.32% 7.4%
1,000,000 FHLMC 6.00% 1/12/04 96.344 963,440 6.23% 7.1%
1,000,000 FNMA 5.31% 9/15/00 99.734 997,340 5.32% 6.5%
1,500,000 FNMA 5.25% 11/19/01 97.797 1,466,955 5.37% 6.8%
1,925,000 FNMA 5.90% 7/9/03 96.375 1,855,219 6.12% 7.1%
1,300,000 FNMA 6.17% 8/5/03 97.000 1,261,000 6.36% 7.1%
1,500,000 FNMA 5.94% 8/18/03 96.484 1,447,260 6.16% 7.1%
1,500,000 FNMA 5.86% 8/20/03 96.250 1,443,750 6.09% 7.1%
1,500,000 FNMA 5.35% 10/27/03 95.016 1,425,240 5.63% 7.0%
1,475,000 FNMA 5.86% 1/20/04 95.984 1,415,764 6.11% 7.1%
770,000 FNMA 5.88% 4/23/04 95.422 734,749 6.16% 7.1%
1,450,000 U.S. Treasury Note 6.00% 8/15/00 99.984 1,449,768 6.00% 5.9%
1,600,000 U.S. Treasury Note 5.63% 11/30/00 99.734 1,595,744 5.64% 6.3%
1,500,000 U.S. Treasury Note 6.38% 3/31/01 99.906 1,498,590 6.38% 6.5%
1,000,000 U.S. Treasury Note 6.38% 9/30/01 99.843 998,438 6.38% 6.5%
8,650,000 U.S. Treasury Note 7.50% 11/15/01 101.266 8,759,509 7.41% 6.5%
6,000,000 U.S. Treasury Note 6.38% 8/15/02 99.906 5,994,360 6.38% 6.4%
-----------
Total Government Interests (identified cost, $44,872,138) -- 92.3% $44,196,493
-----------
Reserve Funds -- 9.9%
Face Amount
2,380,000 American Express Corp. 6.884% 7/03/00 $ 2,380,000
2,380,000 General Electric Cap Corp. 6.504% 7/03/00 2,380,000
-----------
Total Reserve Funds (at amortized cost) $ 4,760,000
-----------
TOTAL INVESTMENTS - 102.2% 48,956,493
Other Assets, Less Liabilities -- -2.2% (1,057,430)
-----------
Net Assets -- 100.0% $47,899,063
============
Average Maturity -- 1.9 Years(1)
(1) Unaudited.
</TABLE>
See notes to financial statements
<PAGE>
U.S. TREASURY PORTFOLIO (USTBP)
-------------------------------------------------------------------------------
Portfolio of Investments - June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 4,650,000 U. S. Treasury Notes 5.25% 1/31/01 $99.344 $4,619,495 5.28% 6.4%
2,200,000 U. S. Treasury Notes 5.00% 2/28/01 99.078 2,179,716 5.05% 6.4%
500,000 U. S. Treasury Notes 6.38% 9/30/01 99.843 499,219 6.38% 6.5%
2,300,000 U. S. Treasury Notes 6.50% 8/15/05 101.031 2,323,713 6.43% 6.3%
1,150,000 U. S. Treasury Notes 6.13% 8/15/07 99.328 1,142,272 6.17% 6.2%
600,000 U.S Treasury Bonds 11.63% 11/15/04 120.000 720,000 9.69% 6.3%
1,000,000 U.S Treasury Bonds 10.00% 5/15/10 114.391 1,143,910 8.74% 7.9%
1,300,000 U.S Treasury Bonds 14.00% 11/15/11 138.875 1,805,375 10.08% 8.6%
2,600,000 U.S Treasury Bonds 7.25% 5/15/16 110.219 2,865,694 6.58% 6.2%
30,000 U.S Treasury Bonds 7.50% 11/15/16 112.937 33,881 6.64% 6.3%
1,200,000 U.S Treasury Bonds 6.25% 8/15/23 100.812 1,209,744 6.20% 6.2%
1,825,000 U.S Treasury Bonds 6.00% 2/15/26 97.922 1,787,077 6.13% 6.2%
2,050,000 U.S Treasury Bonds 5.50% 8/15/28 91.719 1,880,240 6.00% 6.1%
-----------
Total Investments (identified cost, $22,367,231) - 97.1% $22,210,336
Other Assets, less Liabilities - 2.9 657,903
-----------
Net Assets - 100.0% $22,868,239
============
Average Maturity - 9.8 Years(1)
(1) Unaudited.
</TABLE>
See notes to financial statements
<PAGE>
CURRENT INCOME PORTFOLIO (CIFP)
-------------------------------------------------------------------------------
Portfolio of Investments - June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current
Amount Description Rate Date Price Value Yield(1)
---------------------------------------------------------------------------------------------------------------------------------
GOVERNMENT INTERESTS - 93.0%
<S> <C> <C> <C> <C> <C> <C>
$ 1,267,390 FNMA # 535131 6.00% 3/01/29 $ 91.531 $ 1,160,055 6.56%
309 GNMA Pool # 000434 8.00% 4/15/01 100.023 309 8.00%
85 GNMA Pool # 000473 7.50% 4/15/01 99.935 86 7.51%
538 GNMA Pool # 001408 6.50% 3/15/02 98.743 532 6.58%
672 GNMA Pool # 003026 8.00% 1/15/04 101.318 682 7.90%
508 GNMA Pool # 003331 8.00% 1/15/04 101.318 515 7.90%
1,694 GNMA Pool # 004183 8.00% 7/15/04 101.318 1,717 7.90%
847 GNMA Pool # 007319 6.50% 10/15/04 97.724 828 6.65%
804 GNMA Pool # 004433 9.00% 11/15/04 102.286 823 8.80%
1,062 GNMA Pool # 005687 7.25% 2/15/05 100.320 1,066 7.23%
1,249 GNMA Pool # 005910 7.25% 2/15/05 100.469 1,256 7.22%
2,315 GNMA Pool # 005466 8.50% 3/15/05 101.865 2,359 8.34%
334 GNMA Pool # 005561 8.50% 4/15/05 101.611 340 8.37%
8,557 GNMA Pool # 007003 8.00% 7/15/05 101.318 8,670 7.90%
4,611 GNMA Pool # 009889 7.25% 2/15/06 100.500 4,634 7.21%
745 GNMA Pool # 011191 7.25% 4/15/06 100.500 749 7.21%
3,291 GNMA Pool # 009106 8.25% 5/15/06 101.956 3,356 8.09%
3,015 GNMA Pool # 012526 8.00% 11/15/06 101.956 3,074 7.85%
820,223 GNMA Pool # 436214 6.50% 2/15/13 97.156 796,896 6.69%
758,263 GNMA Pool # 442996 6.00% 6/15/13 95.140 721,412 6.31%
42,865 GNMA Pool # 151443 10.00% 3/15/16 105.850 45,373 9.45%
18,208 GNMA Pool # 153564 10.00% 4/15/16 105.717 19,249 9.46%
53,073 GNMA Pool # 172558 9.50% 8/15/16 105.281 55,877 9.02%
28,409 GNMA Pool # 180033 9.50% 9/15/16 105.281 29,910 9.02%
18,157 GNMA Pool # 177784 8.00% 10/15/16 101.843 18,492 7.86%
4,724 GNMA Pool # 188060 9.50% 10/15/16 105.281 4,974 9.02%
126,626 GNMA Pool # 176992 8.00% 11/15/16 101.843 128,960 7.86%
172,429 GNMA Pool # 203369 8.00% 12/15/16 101.843 175,607 7.86%
1,278 GNMA Pool # 190959 8.50% 2/15/17 103.061 1,318 8.25%
342,064 GNMA Pool # 194926 8.50% 2/15/17 103.061 352,535 8.25%
51,592 GNMA Pool # 194287 9.50% 3/15/17 105.249 54,300 9.03%
7,480 GNMA Pool # 196063 8.50% 3/15/17 103.061 7,709 8.25%
58,081 GNMA Pool # 207019 8.00% 3/15/17 101.843 59,152 7.86%
40,794 GNMA Pool # 192357 8.00% 4/15/17 101.843 41,546 7.86%
231,332 GNMA Pool # 194057 8.50% 4/15/17 103.061 238,413 8.25%
8,939 GNMA Pool # 208076 8.00% 4/15/17 101.843 9,104 7.86%
10,239 GNMA Pool # 210618 9.50% 4/15/17 105.249 10,777 9.03%
14,132 GNMA Pool # 220917 8.50% 4/15/17 103.061 14,565 8.25%
49,317 GNMA Pool # 211231 8.50% 5/15/17 103.061 50,827 8.25%
139,466 GNMA Pool # 219335 8.00% 5/15/17 101.843 142,037 7.86%
150,820 GNMA Pool # 220703 8.00% 5/15/17 101.843 153,600 7.86%
33,990 GNMA Pool # 212601 8.50% 6/15/17 103.061 35,031 8.25%
49,817 GNMA Pool # 223133 9.50% 7/15/17 105.249 52,432 9.03%
5,246 GNMA Pool # 210520 10.50% 8/15/17 107.671 5,649 9.75%
30,512 GNMA Pool # 223126 10.00% 8/15/17 106.156 32,390 9.42%
15,051 GNMA Pool # 206740 10.00% 10/15/17 106.156 15,978 9.42%
19,971 GNMA Pool # 250412 8.00% 3/15/18 101.750 20,321 7.86%
23,187 GNMA Pool # 230223 9.50% 4/15/18 105.218 24,398 9.03%
24,831 GNMA Pool # 251241 9.50% 6/15/18 105.218 26,127 9.03%
4,804 GNMA Pool # 224078 10.00% 7/15/18 106.156 5,101 9.42%
16,188 GNMA Pool # 245580 9.50% 7/15/18 105.218 17,033 9.03%
12,192 GNMA Pool # 223348 10.00% 8/15/18 106.156 12,943 9.42%
8,152 GNMA Pool # 247473 10.00% 9/15/18 104.536 8,522 9.57%
14,219 GNMA Pool # 247872 10.00% 9/15/18 106.156 15,095 9.42%
28,399 GNMA Pool # 258911 9.50% 9/15/18 105.218 29,881 9.03%
25,142 GNMA Pool # 260999 9.50% 9/15/18 105.218 26,454 9.03%
4,136 GNMA Pool # 223588 10.00% 12/15/18 106.156 4,391 9.42%
41,492 GNMA Pool # 228308 10.00% 1/15/19 106.067 44,010 9.43%
17,200 GNMA Pool # 263439 10.00% 2/15/19 106.156 18,259 9.42%
14,898 GNMA Pool # 266983 10.00% 2/15/19 106.156 15,816 9.42%
7,034 GNMA Pool # 273690 9.50% 8/15/19 105.187 7,399 9.03%
19,022 GNMA Pool # 275456 9.50% 8/15/19 105.187 20,010 9.03%
20,346 GNMA Pool # 228483 9.50% 9/15/19 105.187 21,402 9.03%
56,492 GNMA Pool # 247681 9.00% 11/15/19 103.999 58,751 8.65%
16,854 GNMA Pool # 274489 9.50% 12/15/19 105.187 17,728 9.03%
6,811 GNMA Pool # 277205 9.00% 12/15/19 103.999 7,084 8.65%
35,875 GNMA Pool # 211013 9.00% 1/15/20 103.874 37,266 8.66%
14,320 GNMA Pool # 275538 9.50% 1/15/20 105.093 15,050 9.04%
43,317 GNMA Pool # 286556 9.00% 3/15/20 103.874 44,996 8.66%
61,009 GNMA Pool # 289092 9.00% 4/15/20 103.874 63,373 8.66%
64,783 GNMA Pool # 285744 9.00% 5/15/20 103.874 67,293 8.66%
5,688 GNMA Pool # 291933 9.50% 7/15/20 105.093 5,979 9.04%
27,568 GNMA Pool # 265267 9.50% 8/15/20 105.093 28,973 9.04%
6,207 GNMA Pool # 290700 9.00% 8/15/20 103.874 6,448 8.66%
6,615 GNMA Pool # 297345 8.50% 8/15/20 102.710 6,794 8.28%
1,011 GNMA Pool # 287999 9.00% 9/15/20 103.874 1,050 8.66%
57,154 GNMA Pool # 302713 9.00% 2/15/21 103.874 59,368 8.66%
51,981 GNMA Pool # 206762 9.00% 4/15/21 103.874 53,996 8.66%
42,067 GNMA Pool # 001596 9.00% 4/20/21 103.061 43,355 8.73%
5,700 GNMA Pool # 302723 8.50% 5/15/21 102.593 5,849 8.29%
86,994 GNMA Pool # 304512 8.50% 5/15/21 102.593 89,250 8.29%
5,457 GNMA Pool # 293666 8.50% 6/15/21 102.593 5,599 8.29%
18,446 GNMA Pool # 301017 8.50% 6/15/21 102.593 18,925 8.29%
34,152 GNMA Pool # 301366 8.50% 6/15/21 102.593 35,038 8.29%
11,957 GNMA Pool # 302781 8.50% 6/15/21 102.593 12,267 8.29%
41,209 GNMA Pool # 302933 8.50% 6/15/21 102.593 42,278 8.29%
2,946 GNMA Pool # 289949 8.50% 7/15/21 102.593 3,023 8.29%
689 GNMA Pool # 294209 9.00% 7/15/21 103.874 716 8.66%
130,708 GNMA Pool # 305091 9.00% 7/15/21 103.874 135,772 8.66%
4,012 GNMA Pool # 306669 8.00% 7/15/21 101.468 4,071 7.88%
64,838 GNMA Pool # 308792 9.00% 7/15/21 103.874 67,351 8.66%
25,450 GNMA Pool # 311087 8.50% 7/15/21 102.593 26,111 8.29%
69,826 GNMA Pool # 306693 8.50% 9/15/21 102.593 71,637 8.29%
69,428 GNMA Pool # 314581 9.50% 10/15/21 105.093 72,965 9.04%
7,770 GNMA Pool # 218420 8.50% 11/15/21 102.593 7,972 8.29%
105,830 GNMA Pool # 316615 8.50% 11/15/21 102.593 108,575 8.29%
119,486 GNMA Pool # 317069 8.50% 12/15/21 102.593 122,585 8.29%
205,963 GNMA Pool # 222112 8.00% 1/15/22 101.406 208,859 7.89%
259,736 GNMA Pool # 315754 8.00% 1/15/22 101.406 263,388 7.89%
272,723 GNMA Pool # 316240 8.00% 1/15/22 101.406 276,558 7.89%
166,964 GNMA Pool # 321976 8.50% 1/15/22 102.562 171,243 8.29%
375,168 GNMA Pool # 315388 8.00% 2/15/22 101.406 380,444 7.89%
144,340 GNMA Pool # 318776 8.00% 2/15/22 101.406 146,370 7.89%
2,070 GNMA Pool # 318793 8.50% 2/15/22 102.562 2,124 8.29%
246,915 GNMA Pool # 323929 8.00% 2/15/22 101.406 250,387 7.89%
13,478 GNMA Pool # 314222 8.50% 4/15/22 102.562 13,823 8.29%
235,692 GNMA Pool # 319441 8.50% 4/15/22 102.562 241,731 8.29%
144,992 GNMA Pool # 317351 8.00% 5/15/22 101.406 147,031 7.89%
190,154 GNMA Pool # 317358 8.00% 5/15/22 101.406 192,828 7.89%
80,033 GNMA Pool # 321806 8.00% 5/15/22 101.406 81,158 7.89%
303,624 GNMA Pool # 321807 8.00% 5/15/22 101.406 307,894 7.89%
383,930 GNMA Pool # 323226 8.00% 6/15/22 101.406 389,329 7.89%
211,347 GNMA Pool # 325165 8.00% 6/15/22 101.406 214,319 7.89%
163,530 GNMA Pool # 315187 8.00% 6/15/22 101.406 165,830 7.89%
50,425 GNMA Pool # 325651 8.00% 6/15/22 101.406 51,135 7.89%
308,842 GNMA Pool # 329540 7.50% 8/15/22 99.656 307,781 7.53%
247,553 GNMA Pool # 335746 8.00% 10/15/22 101.406 251,034 7.89%
247,567 GNMA Pool # 335950 8.00% 10/15/22 101.406 251,048 7.89%
121,819 GNMA Pool # 331361 8.00% 11/15/22 101.406 123,532 7.89%
650,509 GNMA Pool # 000545 7.50% 12/20/22 99.219 645,429 7.56%
999,128 GNMA Pool # 000723 7.50% 1/20/23 99.266 991,795 7.56%
672,083 GNMA Pool # 329982 7.50% 2/15/23 99.594 669,355 7.53%
951,478 GNMA Pool # 350372 7.00% 4/15/23 97.562 928,281 7.17%
1,412,424 GNMA Pool # 348103 7.00% 6/15/23 97.562 1,377,990 7.17%
871,880 GNMA Pool # 350659 7.50% 6/15/23 99.594 868,341 7.53%
795,791 GNMA Pool # 001268 8.00% 7/20/23 100.718 801,505 7.94%
1,542,655 GNMA Pool # 336488 7.00% 8/15/23 97.562 1,505,045 7.17%
568,819 GNMA Pool # 348213 6.50% 8/15/23 95.500 543,223 6.81%
908,815 GNMA Pool # 350938 6.50% 8/15/23 95.500 867,919 6.81%
805,798 GNMA Pool # 352110 7.00% 8/15/23 97.562 786,153 7.17%
611,100 GNMA Pool # 363429 7.00% 8/15/23 97.562 596,202 7.17%
1,110,277 GNMA Pool # 367806 6.50% 9/15/23 95.500 1,060,315 6.81%
694,372 GNMA Pool # 367414 6.00% 11/15/23 92.844 644,683 6.46%
1,491,561 GNMA Pool # 370773 6.00% 11/15/23 92.844 1,384,825 6.46%
1,099,082 GNMA Pool # 352001 6.50% 12/15/23 95.500 1,049,624 6.81%
1,305,524 GNMA Pool # 368238 7.00% 12/15/23 97.562 1,273,696 7.17%
1,571,618 GNMA Pool # 368502 7.00% 2/15/24 97.500 1,532,328 7.18%
2,107,475 GNMA Pool # 372050 6.50% 2/15/24 95.406 2,010,658 6.81%
740,149 GNMA Pool # 376400 6.50% 2/15/24 95.406 706,147 6.81%
802,448 GNMA Pool # 387189 7.00% 2/15/24 97.500 782,387 7.18%
323,918 GNMA Pool # 001788 7.00% 7/20/24 97.032 314,305 7.21%
1,974,076 GNMA Pool # 376218 7.50% 8/15/25 99.437 1,962,963 7.54%
422,161 GNMA Pool # 398251 7.50% 9/15/25 99.437 419,784 7.54%
3,353,874 GNMA Pool # 413152 8.00% 10/15/25 101.125 3,391,606 7.91%
401,104 GNMA Pool # 414736 7.50% 11/15/25 99.437 398,846 7.54%
2,144,815 GNMA Pool # 410215 7.50% 12/15/25 99.437 2,132,741 7.54%
846,366 GNMA Pool # 405558 7.50% 1/15/26 99.344 840,814 7.55%
414,649 GNMA Pool # 417225 7.50% 1/15/26 99.344 411,930 7.55%
278,838 GNMA Pool # 004702 7.50% 2/15/26 99.344 277,009 7.55%
895,926 GNMA Pool # 417276 7.00% 2/15/26 97.281 871,566 7.20%
2,576,199 GNMA Pool # 420707 7.00% 2/15/26 97.281 2,506,152 7.20%
1,110,365 GNMA Pool # 422506 6.50% 3/15/26 95.094 1,055,891 6.84%
444,451 GNMA Pool # 424173 7.50% 3/15/26 99.344 441,536 7.55%
507,148 GNMA Pool # 421829 7.50% 4/15/26 99.344 503,822 7.55%
415,003 GNMA Pool # 002218 7.50% 5/20/26 99.001 410,858 7.58%
645,334 GNMA Pool # 780518 7.00% 6/15/26 97.281 627,788 7.20%
289,815 GNMA Pool # 431036 8.00% 7/15/26 101.125 293,076 7.91%
1,260,875 GNMA Pool # 002268 7.50% 8/20/26 99.001 1,248,280 7.58%
1,354,002 GNMA Pool # 780429 7.50% 9/15/26 99.437 1,346,380 7.54%
465,757 GNMA Pool # 372379 8.00% 10/15/26 101.125 470,998 7.91%
802,491 GNMA Pool # 442063 7.00% 10/15/26 97.281 780,672 7.20%
1,331,178 GNMA Pool # 005601 8.00% 11/15/26 101.125 1,346,155 7.91%
691,067 GNMA Pool # 436723 7.50% 11/15/26 99.344 686,534 7.55%
555,478 GNMA Pool # 044190 8.00% 12/15/26 101.125 561,727 7.91%
484,171 GNMA Pool # 442193 7.50% 12/15/26 99.344 480,995 7.55%
1,756,687 GNMA Pool # 440166 7.00% 2/15/27 97.250 1,708,379 7.20%
1,978,954 GNMA Pool # 448490 7.50% 3/15/27 99.344 1,965,972 7.55%
2,349,315 GNMA Pool # 436777 7.00% 4/15/27 97.250 2,284,709 7.20%
820,986 GNMA Pool # 446943 7.00% 4/15/27 97.250 798,409 7.20%
110,341 GNMA Pool # 423114 7.00% 9/15/27 97.250 107,307 7.20%
1,270,075 GNMA Pool # 430279 7.00% 10/15/27 97.250 1,235,149 7.20%
418,351 GNMA Pool # 460698 7.00% 10/15/27 97.250 406,847 7.20%
1,150,487 GNMA Pool # 458712 7.00% 11/15/27 97.250 1,118,849 7.20%
1,325,906 GNMA Pool # 460726 6.50% 12/15/27 94.969 1,259,200 6.84%
742,107 GNMA Pool # 372468 6.50% 12/15/27 94.969 704,772 6.84%
441,520 GNMA Pool # 427199 7.00% 12/15/27 97.250 429,378 7.20%
862,499 GNMA Pool # 462444 6.50% 12/15/27 94.969 819,107 6.84%
2,254,612 GNMA Pool # 458762 6.50% 1/15/28 94.937 2,140,462 6.85%
1,313,796 GNMA Pool # 462623 6.50% 3/15/28 94.937 1,247,279 6.85%
867,830 GNMA Pool # 469226 6.50% 3/15/28 94.937 823,893 6.85%
1,722,886 GNMA Pool # 472028 6.50% 5/15/28 94.937 1,635,657 6.85%
1,278,110 GNMA Pool # 480030 6.50% 6/15/28 94.937 1,213,400 6.85%
1,347,545 GNMA Pool # 449176 6.50% 7/15/28 94.937 1,279,319 6.85%
855,007 GNMA Pool # 468173 7.00% 8/15/28 97.218 831,222 7.20%
1,780,009 GNMA Pool # 484195 6.50% 8/15/28 94.937 1,689,888 6.85%
3,249,758 GNMA Pool # 486482 6.50% 9/15/28 94.937 3,085,223 6.85%
1,849,998 GNMA Pool # 469615 6.50% 10/15/28 94.937 1,756,333 6.85%
1,419,754 GNMA Pool # 457100 6.50% 11/15/28 94.937 1,347,872 6.85%
932,995 GNMA Pool # 002671 6.00% 11/20/28 91.657 855,155 6.55%
2,517,115 GNMA Pool # 002687 6.00% 12/20/28 91.657 2,307,113 6.55%
961,916 GNMA Pool # 510083 7.00% 7/15/29 97.187 934,858 7.20%
1,521,527 GNMA Pool # 434505 7.50% 8/15/29 99.281 1,510,588 7.55%
1,033,577 GNMA Pool # 000024 8.50% 12/20/29 101.875 1,052,957 8.34%
994,813 GNMA Pool # 002897 8.00% 3/20/30 100.562 1,000,405 7.96%
3,142,986 GNMA Pool # 002909 8.00% 4/20/30 100.562 3,160,651 7.96%
-----------
Total Government Interests (identified cost, $98,811,461) - 93.3% $ 96,086,342
-----------
Reserve Funds -- 6.1%
Face Amount
5,115,000 American Express Corp. 6.884% 7/03/00 $ 5,115,000
1,120,000 General Electric Cap Corp. 6.504% 7/03/00 1,120,000
-----------
Total Reserve Funds (at amortized cost) $ 6,235,000
-----------
TOTAL INVESTMENTS - 99.4% 102,321,342
Other Assets, less Liabilities - 0.6% 642,267
-----------
Net Assets - 100.0% $102,963,609
============
(1) Unaudited.
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT INVESTORS' SERVICE DISTRIBUTORS, INC.
440 Wheelers Farms Road, Milford, CT 06460
SEMI-ANNUAL REPORT
OFFICERS AND TRUSTEES OF THE FUNDS
Peter M. Donovan, President and Trustee
H. Day Brigham, Jr., Vice President , Secretary and Trustee
A. M. Moody III, Vice President and Trustee
Judith R. Corchard, Vice President and Trustee
Dorcas R. Hardy, Trustee
Leland Miles, Trustee
Lloyd F. Pierce, Trustee
Richard E. Taber, Trustee
Raymond Van Houtte, Trustee
James L. O'Connor, Treasurer
William J. Austin, Jr., Assistant Treasurer
ADMINISTRATOR
Eaton Vance Management
255 State Street
Boston, Massachusetts 02109
INVESTMENT ADVISER
Wright Investors' Service
440 Wheelers Farms Road
Milford, Connecticut 06460
PRINCIPAL UNDERWRITER
Wright Investors' Service Distributors, Inc.
440 Wheelers Farms Road
Milford, Connecticut 06460
(800) 888-9471
e-mail: [email protected]
CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
TRANSFER AND DIVIDEND DISBURSING AGENT
PFPC Global Fund Services
Wright Managed Investment Funds
P.O. Box 5156
Westborough, Massachusetts 01581-9698
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of a mutual fund unless
accompanied or preceded by a Fund's current prospectus.
