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Description of art work on front cover of the report
Three thin vertical green stripes on the right side of the page
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SEMI-ANNUAL
REPORT
JUNE 30, 1995
WRIGHT
U.S. TREASURY
MONEY MARKET
FUND
THE WRIGHT MANAGED
INVESTMENT FUNDS
<PAGE>
WRIGHT U.S. TREASURY
MONEY MARKET FUND
===============================================================================
WRIGHT U.S. TREASURY MONEY MARKET FUND 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.
TABLE OF CONTENTS
===============================================================================
INVESTMENT
OBJECTIVES..................Inside Front Cover
LETTER TO
SHAREHOLDERS................................ 1
WRIGHT U.S. TREASURY MONEY MARKET FUND
Monthly Net Income Per Share................ 2
Portfolio of Investments.................... 3
Financial Statements........................ 4
<PAGE>
WRIGHT U.S. TREASURY MONEY MARKET FUND
===============================================================================
July 1995
Dear Shareholders:
The Wright U.S. Treasury Money Market Fund had a 2.8% total return (5.33%
annualized) for the first six months of 1995, as compared to a 2.7% return on
the average money market fund for the period. The Federal Reserve raised
short-term interest rates 1/2 percentage point in February 1995, but three-month
Treasury bill yields dropped almost 10 basis points over the first six months of
1995.
At midyear 1995, the yield on three-month T-bills was 5.6%, and rates could move
lower during the second half; in July, the Federal Reserve cut the federal funds
rate to 5.75% from 6.0%, the first rate reduction by the Fed in three years. The
Wright U.S. Treasury Money Market Fund holds only short-term U.S. Treasury
securities; at midyear 1995, Fund holdings averaged 77 days to maturity.
It should be understood that performance data quoted above represents past
performance which is not predictive of future performance and that the
investment return of a money market fund fluctuates on a daily basis.
Sincerely,
Peter M. Donovan
President
<PAGE>
WRIGHT U.S. TREASURY MONEY MARKET FUND -- 1995 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
MONTHLY CUMULATIVE ANNUALIZED INVESTMENT RETURN
MONTH NET INCOME RETURN ______________________________________
ENDING PER SHARE PER SHARE (a) 1 Month 3 Month Cumulative
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$1,000.00
Jan. 31 $0.004187833 1,004.19 4.93% 4.93%
Feb. 28 0.003954237 1,008.16 5.15% 5.05%
Mar. 31 0.004495298 1,012.69 5.29% 5.15% 5.15%
Apr. 30 0.004486644 1,017.23 5.46% 5.33% 5.24%
May 31 0.004575083 1,021.89 5.39% 5.40% 5.29%
Jun. 30 0.004443119 1,026.43 5.41% 5.44% 5.33%
-------------
Total 0.026142214
(a): Assumes reinvestment of monthly dividends.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT U.S. TREASURY MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
Face Interest Maturity
Amount Issuer Rate Date Value
- -------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
$5,000,000 U.S. Treasury Bills 5.680% 7/27/95 $ 4,979,489
5,000,000 U.S. Treasury Bills 6.100% 10/19/95 4,906,805
5,000,000 U.S. Treasury Bills 6.215% 11/16/95 4,880,878
100,000 U.S. Treasury Bills 5.210% 7/13/95 99,826
1,400,000 U.S. Treasury Bills 5.050% 7/13/95 1,397,643
5,000,000 U.S. Treasury Bills 5.580% 8/03/95 4,974,425
5,000,000 U.S. Treasury Bills 5.650% 8/10/95 4,968,611
3,800,000 U.S. Treasury Bills 5.305% 9/14/95 3,758,002
5,000,000 U.S. Treasury Bills 5.360% 9/28/95 4,933,744
3,600,000 U.S. Treasury Bills 5.380% 12/07/95 3,514,460
----------
TOTAL INVESTMENTS
AT AMORTIZED COST -- 100.4% $38,413,883
Other Assets, less Liabilities -- (0.4%) (153,393)
----------
Net Assets -- 100.0% $38,260,490
===========
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT U.S. TREASURY MONEY MARKET FUND
===============================================================================
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost and value
(Note 1A)...................................... $38,413,883
Cash.............................................. 33,365
Deferred organizational costs (Note 1D)........... 7,767
----------
Total Assets................................... $38,455,015
LIABILITIES:
Payable to dividend disbursing agent.... $182,597
Custodian fee payable................... 6,524
Trustees' fees payable.................. 417
Accrued expenses and other liabilities.. 4,987
---------
Total Liabilities.................... 194,525
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NET ASSETS (Consisting of paid-in capital)........ $38,260,490
===========
Net Asset Value, Offering Price, and Redemption
Price Per Share ($38,260,490 / 38,260,490 shares
of beneficial interest outstanding)............ $1.00
===========
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
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<S> <C> <C>
INVESTMENT INCOME:
Interest income (Note 1B).............................. $1,355,550
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Expenses --
Investment adviser fee (Note 3).............. $ 83,065
Administrator fee (Note 3)................... 16,608
Compensation of trustees not affiliated with
the Investment Adviser or Administrator... 1,076
Custodian fee (Note 3)....................... 19,430
Audit and legal.............................. 18,834
Registration costs........................... 5,738
Transfer & dividend disbursing agent fees ... 7,822
Amortization of organization costs(Note 1D).. 2,302
Printing..................................... 2,611
Miscellaneous................................ 2,060
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Total expenses............................. $159,546
Deduct --
Preliminary reduction of investment adviser
fee (Note 3)................................ 52,742
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Net expenses......................................... 106,804
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Net investment income................................ $1,248,746
===========
</TABLE>
<TABLE>
STATEMENT OF CHANGES IN NET ASSETS
Six Months Ended Year Ended
June 30, 1995 Dec. 31, 1994
(UNAUDITED)
<S> <C> <C>
FROM OPERATIONS:
Net investment income.................................................................. $ 1,248,746 $ 1,697,224
------------ ------------
DIVIDENDS DECLARED FROM NET INVESTMENT INCOME (Note 2).................................... $ (1,248,746) $ (1,697,224)
------------ ------------
FROM FUND SHARE (PRINCIPAL) TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE
(Note 4):
Proceeds from sale of shares........................................................... $ 98,796,907 $204,314,264
Net asset value of shares issued to shareholders in connection with the merger of
The Wright Managed Money Market Fund (Note 7)........................................ -- 16,981,815
Net asset value of shares issued to shareholders in payment of dividends declared...... 852,680 1,121,380
Cost of shares reacquired.............................................................. (130,265,939) (164,551,690)
------------ ------------
Increase (decrease) in net assets from Fund share transactions....................... $(30,616,352) $ 57,865,769
------------ ------------
Net increase (decrease) in net assets.............................................. $(30,616,352) $ 57,865,769
NET ASSETS:
Beginning of period.................................................................... 68,876,842 11,011,073
------------ ------------
End of period.......................................................................... $ 38,260,490 $ 68,876,842
============= =============
See notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT U.S. TREASURY MONEY MARKET FUND
=============================================================================================================================
Year Ended December 31,
-----------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1995(5) 1994 1993 1992 1991(2)
(UNAUDITED)
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<S> <C> <C> <C> <C> <C>
Net asset value -- beginning of period......... $1.00 $1.00 $1.00 $1.00 $1.00
Income from Investment Operations:
Net investment income(1) .................. 0.02747 0.03494 0.02503 0.03221 0.02526
Less Distributions:
From net investment income.................. (0.02747) (0.03494) (0.02503) (0.03221) (0.02526)
-------- -------- -------- -------- --------
Net asset value -- end of period............... $1.00 $1.00 $1.00 $1.00 $1.00
========= ========= ========= ========= =========
Total Return(4)................................ 2.78% 3.55% 2.53% 3.27% 5.06%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted)..... $38,260 $68,877 $11,011 $13,856 $15,233
Ratio of net expenses to average net assets. 0.45%(3) 0.45% 0.45% 0.46% 0.25%(3)
Ratio of net investment income to average
net assets................................ 5.29%(3) 3.77% 2.52% 3.19% 4.95%(3)
<FN>
(1)During each of the above periods, the Investment Adviser 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:
Year Ended December 31,
---------------------------------------------------------------
1995(5) 1994 1993 1992 1991(2)
- -----------------------------------------------------------------------------------------------------------------------------
Net investment income per share................ $0.02631 $0.03253 $0.01977 $0.02958 $0.02159
========= ========= ========= ========= =========
Ratios (As a percentage of average net assets):
Expenses.................................... 0.68%(3) 0.71% 0.97% 0.72% 0.97%(3)
========= ========= ========= ========= =========
Net investment income ...................... 5.07%(3) 3.51% 1.99% 2.93% 4.23%(3)
========= ========= ========= ========= =========
(2) For the period from the start of business, June 28, 1991, to December 31, 1991.
(3) Annualized.
(4)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 payable date.
(5) Six months ended June 30, 1995.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT U.S. TREASURY MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
(1) SIGNIFICANT ACCOUNTING POLICIES
Wright U.S. Treasury Money Market Fund (the Fund) is a series of The Wright
Managed Income Trust (the Trust) and is registered under the Investment Company
Act of 1940, as amended, as a diversified, open-end, management investment
company. The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements. The policies are in conformity with generally accepted accounting
principles.
A. Valuation of Investments -- Money market instruments are valued at
amortized cost, which the Trustees have determined in good faith
constitutes fair value. The Fund'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.
B. Interest Income -- Interest income consists of interest accrued
and discount earned (including both original issue and market
discount) on the investments of the Fund, accrued ratably to the
date of maturity plus or minus net realized gain or loss, if any,
on investments.
C. Federal Taxes -- The Fund's policy is to comply with the
provisions of the Internal Revenue Code available to regulated
investment companies and distribute to shareholders each year all
of its taxable income. Accordingly, no provision for federal
income or excise tax is necessary.
D. Deferred Organization Costs -- Costs incurred by the Fund in
connection with its organization are being amortized on a
straight-line basis through June 1996.
E. Other -- Investment transactions are accounted for on the date the
investments are purchased or sold.
(2) DIVIDENDS
The net income of the Fund is determined daily, and all of the net income
so determined is declared as a dividend to shareholders of record at the time of
such determination. Dividends are distributed monthly in the form of additional
shares of the Fund or, at the election of the shareholder, in cash, on the
payable date.
(3) INVESTMENT ADVISER AND ADMINISTRATOR FEES AND OTHER TRANSACTIONS WITH
AFFILIATES
The Fund has engaged Wright Investors' Service (Wright) to perform
investment management, investment advisory, and other services.
<PAGE>
For its services, Wright is compensated based on a percentage of average
daily net assets which rate is adjusted as average daily net assets exceed
certain levels. For the period ended June 30, 1995, the effective annual rate
was 0.35%. To enhance the net income of the Fund, Wright reduced its investment
adviser fee by $52,742. The Fund has also engaged Eaton Vance Management (Eaton
Vance) to act as administrator of the Fund. Under the Administration Agreement,
Eaton Vance is responsible for managing the business affairs of the Fund and is
compensated based on a percentage of average daily net assets which rate is
reduced as average daily net assets exceed certain levels. For the period ended
June 30, 1995, the effective annual rate was 0.07%. Except as to Trustees who
are not affiliated with Wright or Eaton Vance, Trustees and officers receive
remuneration for their services to the Fund out of the fees paid to Wright or
Eaton Vance. The custodian fee was paid to Investors Bank & Trust Company (IBT),
an affiliate of Eaton Vance, for its services as custodian to the Fund. Pursuant
to the custodian agreement, IBT receives a fee reduced by credits which are
determined based on the average daily cash balances the Fund maintains with IBT.
Certain of the Trustees and officers of the Trust are directors/trustees and/or
officers of the above organizations.
(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).
(5) INVESTMENTS
Purchases and sales and maturities of investments aggregated $190,188,677
and $219,847,411, respectively.
(6) LINE OF CREDIT
The Fund participates with other funds managed by Wright in a line of
credit with a bank which allows the Funds to borrow up to $20,000,000
collectively. The line of credit consists of a $10,000,000 committed facility
and a $10,000,000 uncommitted facility. Interest is charged to each fund based
on its borrowings, at a rate equal to the bank's base rate. In addition, the
funds pay a prorated commitment fee computed at a rate of 1/4 of 1% of
$10,000,000 less the value of any borrowing. The Trust did not have any
borrowings under the line of credit during the period ended June 30, 1995.
(7) ACQUISITION OF WRIGHT MANAGED MONEY MARKET FUND
On March 30, 1994, the Fund acquired the net assets of Wright Managed Money
Market Fund pursuant to a plan of reorganization dated March 28,1994 and
approved by the shareholders of both funds. The acquisition was accomplished by
a tax-free exchange of 16,981,815 shares of Wright Managed Money Market Fund for
the same number of shares of Wright U.S. Treasury Money Market Fund. The
aggregate net assets of the Fund immediately after the acquisition was
$40,883,041.
<PAGE>
THE WRIGHT
U.S. TREASURY
MONEY MARKET FUND
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
Winthrop S. Emmet, Trustee
Leland Miles, Trustee
Lloyd F. Pierce, Trustee
George R. Prefer, Trustee
Raymond Van Houtte, Trustee
James L. O'Connor, Treasurer
William J. Austin, Jr., Assistant Treasurer
ADMINISTRATOR
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110
INVESTMENT ADVISER
Wright Investors' Service
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
PRINCIPAL UNDERWRITER
Wright Investors' Service Distributors, Inc.
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, Massachusetts 02110
TRANSFER AND DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
Wright Managed Investment Funds
P.O. Box 1559
Boston, Massachusetts 02104
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.
