- -------------------------------------------------------------------------------
Description of art work on front cover of report
Three thin vertical red stripes on the right side of the page.
- -------------------------------------------------------------------------------
SEMI-
ANNUAL
REPORT
JUNE 30, 1995
THE WRIGHT
MANAGED
INCOME TRUST
THE WRIGHT MANAGED
INVESTMENT FUNDS
<PAGE>
THE WRIGHT MANAGED
INVESTMENT FUNDS
===============================================================================
WRIGHT "TRUE BLUE CHIP" INVESTMENT FUNDS INCLUDE A DIVERSIFIED COLLECTION OF
PROFESSIONALLY MANAGED FIXED INCOME VEHICLES INTENDED FOR INVESTMENT PORTFOLIO
USE. 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), STRATEGIES CAN BE ALTERED WITHOUT INCURRING ANY SALES CHARGES, AS
DESIRED TO ADJUST TO CHANGING MARKET CONDITIONS OR CHANGING REQUIREMENTS.
FIVE FIXED-INCOME FUNDS
THERE ARE FIVE FIXED-INCOME PORTFOLIOS OF BONDS AND OTHER DEBT SECURITIES, EACH
OF WHICH HAS A DIFFERENT INVESTMENT OBJECTIVE AND DIFFERENT INVESTMENT POLICIES.
INVESTORS MAY SELECT ANY OF THE PORTFOLIOS OR MAY SPREAD THEIR INVESTMENTS AMONG
MORE THAN ONE.
WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF) is invested in U.S. Treasury bills,
notes and bonds, and other obligations of the U.S. Government and its agencies
and instrumentalities 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.
<PAGE>
TABLE OF CONTENTS
===============================================================================
INVESTMENT
OBJECTIVES.....................Inside Front Cover
LETTER TO
SHAREHOLDERS................................... 1
WRIGHT MANAGED INCOME FUNDS --
Dividend Distributions....................... 3
WRIGHT GOVERNMENT
OBLIGATIONS FUND (WGOF) --
Portfolio of Investments..................... 5
Financial Statements......................... 6
WRIGHT NEAR TERM
BOND FUND (WNTB) --
Portfolio of Investments..................... 9
Financial Statements.........................11
WRIGHT TOTAL RETURN
BOND FUND (WTRB) --
Portfolio of Investments.....................14
Financial Statements.........................17
WRIGHT INSURED TAX FREE
BOND FUND (WTFB) --
Portfolio of Investments.....................20
Financial Statements.........................23
WRIGHT CURRENT
INCOME FUND (WCIF) --
Portfolio of Investments.....................26
Financial Statements.........................31
<PAGE>
THE WRIGHT MANAGED INCOME TRUST
===============================================================================
July 1995
Dear Shareholders:
After suffering through a bear market decline during 1994, the U.S. bond market
rebounded strongly during the first half of 1995. Signs of a slowing economic
expansion and indications that inflation will stay low combined to send
long-term interest rates to the lowest levels since February 1994. At midyear
1995, the U.S. bond market appeared to be anticipating easier monetary policy
from the Federal Reserve; early in July, the Fed delivered, lowering the federal
funds rate from 6% to 5.75%. This rate reduction, the first in almost three
years, may be followed by further cuts to the extent the economic expansion
fails to regain its vigor. In any event, the moderate growth and low inflation
that have characterized the economic expansion since 1991 are likely to
continue, providing a favorable environment for high-quality fixed-income
investments.
The Wright Government Obligations Fund, which currently holds U.S. Treasury
bonds with an average maturity of 21 years and an average duration of 10.5
years, had a 17% total return for the first half of 1995. Its five-year average
return has been 10.6% per annum. At June 30, 1995, Fund yield to maturity
averaged 6.8%.
The Wright Near Term Bond Fund had a 7.7% total return for the first half of
1995. For the five years ended June 30, the Fund's average annual rate of total
return was 7.4%. At midyear 1995, Fund holdings (64% Treasuries, 36% government
agencies) averaged 3.1 years to maturity; Fund average yield to maturity was
6.0%.
The Wright Total Return Bond Fund had a 13.5% total return for first half of
1995. Over the five years ended June 1995, the Fund averaged an 8.8% annual rate
of total return. At June 30, Fund holdings were: 31% U.S. Treasury securities,
22% government agencies, 46% high-grade corporate bonds and 1% cash equivalents
. Average maturity was 9.6 years; average duration, 6.4 years; and average yield
to maturity, 6.6%.
The Wright Insured Tax Free Bond Fund had a 6.8% total return for the first half
of 1995. The Fund's average annual rate of return since inception ten years ago
is 7.1%. At midyear 1995, the Fund's average time to maturity was 8.4 years, and
the average yield to maturity of its holdings was 5.5%. Fund holdings are
strictly AAA-insured, tax-exempt, municipal securities.
The Wright Current Income Fund had a total return of 11.4% for the first half of
1995. Since its inception in 1987, the Fund has averaged an 8.8% annual rate of
total return. Fund holdings are 99% mortgage-backed securities (Ginnie Maes),
backed by the full faith and credit of the U.S. Treasury and 1% cash
equivalents.
<PAGE>
During the first half, investors in intermediate to long-term Treasury bonds
enjoyed annual rates of return of better than 20%. Pretty clearly, the bond
market is unlikely to generate anywhere near such generous returns over the
coming year. Indeed, the yield curve flattened to such an extent during the
first half that a decline in short-term rates would appear to be a SINE QUA NON
for further advances in bond market values. Despite what we judge to be
favorable long-term fundamentals, the bond market's strong showing so far this
year sets up the possibility of some profit taking in the months ahead.
It should be understood that performance data quoted above represents past
performance and that the investment return and principal value of an investment
will fluctuate so that an investor's shares, when redeemed, may be worth more or
less than their original cost.
Sincerely,
Peter M. Donovan
President
<PAGE>
<TABLE>
<CAPTION>
N.A.V. Distri- Distri- Invstmnt 12 Month 5 Year Cum.
Period Per bution bution Shares Return Invstmnt Invstmnt Invstmnt
Ending Share $ P/S in Shares Owned Value YTD Return Return
(Annualized)(Annualized)
- ----------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF) (UNAUDITED)
- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7/25/83 $10.00 100.000 $1,000.00
12/94 12.25 246.633 3,021.26 -8.66% -8.66% 7.22% 10.15%
1/95 12.47 $0.078287 0.006278 248.277 3,096.01 2.43% -8.47% 8.45% 10.31%
2/95 12.75 0.068016 0.005335 249.601 3,182.41 5.29% -1.72% 9.16% 10.50%
3/95 12.75 0.076666 0.006013 251.102 3,201.55 5.93% 3.28% 9.35% 10.47%
4/95 12.89 0.072035 0.005588 252.505 3,254.79 7.69% 6.83% 10.22% 10.55%
5/95 13.77 0.074356 0.005400 253.869 3,495.77 15.66% 15.41% 10.86% 11.14%
6/95 13.85 0.072657 0.005246 255.200 3,534.53 16.95% 17.86% 10.63% 11.16%
---------
Total $0.442017
- -----------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT NEAR TERM BOND FUND (WNTB) (UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
7/25/83 $10.00 100.000 $1,000.00
12/94 9.92 249.659 2,476.61 -3.10% -3.10% 6.35% 8.25%
1/95 10.00 $0.051672 0.005167 250.975 2,509.75 1.33% -2.82% 6.80% 8.31%
2/95 10.11 0.048232 0.004771 252.172 2,549.46 2.93% 0.50% 7.08% 8.40%
3/95 10.11 0.051589 0.005103 253.459 2,562.47 3.46% 2.93% 7.18% 8.39%
4/95 10.16 0.051314 0.005051 254.739 2,588.15 4.49% 4.89% 7.45% 8.42%
5/95 10.36 0.052921 0.005108 256.041 2,652.58 7.09% 7.61% 7.54% 8.58%
6/95 10.37 0.052615 0.005074 257.340 2,668.61 7.74% 8.17% 7.43% 8.57%
---------
Total $0.308343
- -----------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT TOTAL RETURN BOND FUND (WTRB) (UNAUDITED)
- ----------------------------------------------------------
7/25/83 $10.00 100.000 $1,000.00
12/94 11.43 249.141 2,847.68 -6.57% -6.57% 6.19% 9.58%
1/95 11.59 0.062608 0.005402 250.518 2,903.50 1.95% -6.13% 7.19% 9.69%
2/95 11.83 0.061940 0.005236 251.829 2,979.14 4.60% -0.74% 7.78% 9.87%
3/95 11.86 0.064429 0.005432 253.197 3,002.92 5.44% 3.45% 8.01% 9.87%
4/95 11.97 0.062814 0.005248 254.526 3,046.68 6.97% 6.35% 8.74% 9.93%
5/95 12.54 0.062217 0.004961 255.789 3,207.59 12.62% 12.22% 9.03% 10.34%
6/95 12.58 0.062061 0.004933 257.051 3,233.70 13.54% 13.60% 8.78% 10.34%
---------
Total $0.376069
</TABLE>
<PAGE>
<TABLE>
THE INCOME TRUST -- WRIGHT INSURED TAX-FREE BOND FUND (WTFB) (UNAUDITED)
- --------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/9/85 $10.00 100.000 $1,000.00
12/94 11.02 170.912 1,883.45 -4.08% -4.08% 5.89% 6.72%
1/95 11.11 $0.045820 0.004124 171.635 1,906.86 1.23% -3.95% 6.42% 6.80%
2/95 11.31 0.046146 0.004080 172.335 1,949.11 3.48% 0.25% 6.63% 6.98%
3/95 11.37 0.044421 0.003907 173.008 1,967.10 4.43% 4.36% 6.88% 7.02%
4/95 11.36 0.043871 0.003862 173.676 1,972.96 4.74% 4.70% 7.11% 6.99%
5/95 11.55 0.044598 0.003861 174.347 2,013.71 6.90% 6.42% 7.08% 7.15%
6/95 11.49 0.043654 0.003799 175.009 2,010.86 6.75% 6.46% 6.84% 7.07%
---------
Total $0.268510
- -----------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT CURRENT INCOME FUND (WCIF) (UNAUDITED)
- -------------------------------------------------------
4/14/87 $10.00 100.000 $1,000.00
12/94 9.71 185.309 1,799.35 -3.30% -3.30% 6.86% 7.91%
1/95 9.87 $0.059081 0.005986 186.466 1,840.42 2.26% -1.97% 7.54% 8.13%
2/95 10.08 0.059476 0.005900 187.566 1,890.67 5.05% 1.68% 8.01% 8.42%
3/95 10.06 0.058751 0.005840 188.662 1,897.94 5.45% 5.38% 8.06% 8.38%
4/95 10.15 0.058044 0.005719 189.741 1,925.87 7.00% 7.82% 8.64% 8.49%
5/95 10.45 0.056515 0.005408 190.767 1,993.51 10.76% 11.54% 8.70% 8.86%
6/95 10.45 0.056713 0.005427 191.802 2,004.33 11.36% 12.75% 8.46% 8.84%
---------
Total $0.348580
</TABLE>
<PAGE>
WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF)
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
$ 1,500,000 U.S. Treasury Notes 8.500% 2/15/20 $120.937 $ 1,814,055 7.03% 6.74%
300,000 U.S. Treasury Notes 7.500% 11/15/24 110.641 331,923 6.78% 6.67%
600,000 U.S. Treasury Bonds 11.625% 11/15/04 137.469 824,814 8.46% 6.28%
1,100,000 U.S. Treasury Bonds 10.000% 5/15/10 126.062 1,386,682 7.93% 7.13%
1,400,000 U.S. Treasury Bonds 14.000% 11/15/11 160.531 2,247,434 8.72% 7.52%
1,000,000 U.S. Treasury Bonds 11.250% 2/15/15 150.031 1,500,310 7.50% 6.65%
1,800,000 U.S. Treasury Bonds 7.250% 5/15/16 105.984 1,907,712 6.84% 6.69%
1,400,000 U.S. Treasury Bonds 7.500% 11/15/16 108.875 1,524,250 6.89% 6.71%
1,500,000 U.S. Treasury Bonds 8.125% 8/15/19 116.344 1,745,160 6.98% 6.74%
2,400,000 U.S. Treasury Bonds 7.875% 2/15/21 113.719 2,729,256 6.92% 6.74%
250,000 U.S. Treasury Bonds 8.125% 5/15/21 116.797 291,993 6.96% 6.74%
450,000 U.S. Treasury Bonds 7.250% 8/15/22 106.625 479,812 6.80% 6.72%
-----------
Total Investments (identified cost, $14,954,376) -- 98.6% $16,783,401 7.37% 6.84%
======= =======
Other Assets, less Liabilities -- 1.4% 237,105
-----------
Net Assets -- 100.0% $17,020,506
============
Average Maturity -- 21.1 Years1
<FN>
1 Unaudited.
</FN>
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT GOVERNMENT OBLIGATIONS FUND
===============================================================================
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C>
Identified cost........................ $ 14,954,376
Unrealized appreciation................ 1,829,025
------------
Total value (Note 1A)................ $ 16,783,401
Cash..................................... 28,570
Interest receivable...................... 302,752
------------
Total Assets........................... $ 17,114,723
------------
LIABILITIES:
Payable to dividend disbursing agent..... $ 90,592
Trustees' fees payable................... 417
Custodian fee payable.................... 1,558
Accrued expenses and other liabilities... 1,650
------------
Total Liabilities...................... $ 94,217
------------
NET ASSETS.................................. $ 17,020,506
============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares
issued to shareholders in payment of distributions
declared), less cost of shares redeemed.. $ 16,020,814
Accumulated net realized loss on investments
(computed on the basis of identified cost) (836,792)
Unrealized appreciation of investments (computed
on the basis of identified cost)......... 1,829,025
Undistributed net investment income......... 7,459
Net assets applicable to outstanding shares $ 17,020,506
============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING.............................. 1,228,708
============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................... $13.85
============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C>
Interest Income (Note 1B)................ $ 656,826
------------
Expenses --
Investment adviser fee (Note 3)........ $ 33,729
Administrator fee (Note 3)............. 8,432
Compensation of trustees not affiliated with
the investment adviser or administrator 1,076
Distribution expenses (Note 4)......... 16,865
Custodian fee (Note 3)................. 11,230
Audit services......................... 20,600
Transfer and dividend disbursing agent fees 4,755
Registration costs..................... 10,106
Printing............................... 1,121
Legal services......................... 735
Miscellaneous.......................... 971
------------
Total expenses....................... $ 109,620
------------
Deduct --
Reduction of investment adviser fee.. $ 16,865
Reduction of distribution expenses
(Note 4)............................. 16,865
------------
Total................................ $ 33,730
------------
Net expenses......................... $ 75,890
------------
Net investment income.............. $ 580,936
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis)................ $ 127,178
Change in unrealized appreciation
of investments......................... 1,966,655
------------
Net realized and unrealized loss
on investments..................... $ 2,093,833
------------
Net increase in net assets
from operations.................... $ 2,674,769
============
- -------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT GOVERNMENT OBLIGATIONS FUND
===============================================================================
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENT OF CHANGES IN NET ASSETS June 30, 1995 Dec. 31, 1994
(UNAUDITED)
- ----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
<S> <C> <C>
From operations --
Net investment income.................................................. $ 580,936 $ 1,439,454
Net realized gain on investment
transactions......................................................... 127,178 358,064
Change in unrealized appreciation
of investments....................................................... 1,966,655 (3,989,643)
------------ ------------
Increase (decrease) in net assets from operations................. $ 2,674,769 $ (2,192,125)
Distributions to shareholders from net investment income................... (580,921) (1,439,554)
Net decrease from Fund share transactions
(Note 5) .............................................................. (1,731,757) (9,556,034)
----------- ------------
Net increase (decrease) in net assets............................. $ 362,091 $ (13,187,713)
NET ASSETS:
At beginning of period..................................................... 16,658,415 29,846,128
------------ ------------
At end of period........................................................... $ 17,020,506 $ 16,658,415
============= =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS............................................................. $ 7,459 $ 7,444
============= =============
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT GOVERNMENT OBLIGATIONS FUND
===============================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
---------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1995(2) 1994 1993 1992 1991 1990
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 12.250 $ 14.360 $ 13.190 $ 13.220 $ 12.100 $ 12.300
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income(1)................. $ 0.442 $ 0.880 $ 0.892 $ 0.911 $ 0.902 $ 0.912
Net realized and unrealized gain (loss)
on investments......................... 1.600 (2.110) 1.170 (0.030) 1.120 (0.202)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........... $ 2.042 $ (1.230) $ 2.062 $ 0.881 $ 2.022 $ 0.710
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............... $ (0.442) $ (0.880) $ (0.892) $ (0.911) $ (0.902) $ (0.910)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 13.850 $ 12.250 $ 14.360 $ 13.190 $ 13.220 $ 12.100
========= ========= ========= ========= ========= =========
Total Return................................ 16.95% (8.66%) 15.90% 7.07% 17.56% 6.33%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $ 17,021 $ 16,658 $ 29,846 $ 29,703 $ 33,857 $ 37,293
Ratio of net expenses to average net assets 0.9%(3) 0.9% 0.9% 0.9% 0.9% 0.9%
Ratio of net investment income to average
net assets............................. 6.9%(3) 6.9% 6.3% 7.1% 7.4% 8.1%
Portfolio Turnover Rate.................. 4% 1% 12% 15% 15% 32%
<FN>
(1)During each of the three years ended December 31, 1994, the operating
expenses of the Fund were reduced by an allocation of expenses to the adviser
or a reduction in distribution fee, or a combination thereof. Had such action
not been undertaken, the net investment income per share and the ratios would
have been as follows:
For Period Ended Year Ended December 31,
-----------------------
June 30, 1995 1994 1993 1992
(UNAUDITED)
- ----------------------------------------------------------------------------------------------------------------------------------
Net investment income per share............. $ 0.417 $ 0.854 $ 0.878 $ 0.898
========= ========= ========= =========
Ratios (As a percentage of average net assets):
Expenses .............................. 1.3% 1.1% 1.0% 1.0%
========= ========= ========= =========
Net investment income.................... 6.5% 6.7% 6.2% 7.0%
========= ========= ========= =========
(2) Six months ended June 30, 1995.
(3) Annualized.
</FN>
- -------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT NEAR TERM BOND FUND (WNTB)
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
<C> <S> <C> <C> <C> <C> <C> <C>
$ 3,500,000 U.S. Treasury Notes 5.125% 3/31/98 $ 98.078 $ 3,432,730 5.23% 5.89%
7,000,000 U.S. Treasury Notes 5.125% 11/15/95 99.781 6,984,670 5.14% 5.60%
2,000,000 U.S. Treasury Notes 7.125% 10/15/98 103.609 2,072,180 6.88% 5.96%
3,000,000 U.S. Treasury Notes 5.125% 12/31/98 97.391 2,921,730 5.26% 5.96%
1,000,000 U.S. Treasury Notes 6.875% 10/31/96 101.328 1,013,280 6.78% 5.81%
3,450,000 U.S. Treasury Notes 9.000% 5/15/98 108.031 3,727,070 8.33% 5.92%
2,000,000 U.S. Treasury Notes 7.875% 11/15/99 107.109 2,142,180 7.35% 6.00%
2,000,000 U.S. Treasury Notes 7.250% 11/15/96 101.812 2,036,240 7.12% 5.85%
2,100,000 U.S. Treasury Notes 8.125% 2/15/98 105.359 2,212,539 7.71% 5.89%
2,000,000 U.S. Treasury Notes 8.000% 8/15/99 107.297 2,145,940 7.46% 5.98%
1,500,000 U.S. Treasury Notes 8.500% 2/15/00 110.031 1,650,465 7.73% 5.98%
3,000,000 U.S. Treasury Notes 7.000% 4/15/99 103.453 3,103,590 6.77% 5.97%
2,000,000 U.S. Treasury Notes 6.375% 1/15/99 101.297 2,025,940 6.29% 5.96%
3,000,000 U.S. Treasury Notes 6.875% 3/31/97 101.687 3,050,610 6.76% 5.84%
5,000,000 U.S. Treasury Notes 6.375% 6/30/97 101.031 5,051,550 6.31% 5.82%
4,000,000 U.S. Treasury Notes 5.625% 8/31/97 99.516 3,980,640 5.65% 5.86%
1,000,000 U.S. Treasury Notes 6.000% 10/15/99 100.078 1,000,780 6.00% 5.98%
7,000,000 U.S. Treasury Notes 6.000% 11/30/97 100.203 7,014,210 5.99% 5.91%
1,500,000 U.S. Treasury Notes 5.125% 6/30/98 97.859 1,467,885 5.24% 5.91%
800,000 U.S. Treasury Notes 4.750% 10/31/98 96.422 771,376 4.93% 5.95%
20,000,000 U.S. Treasury Notes 7.875% 4/15/98 105.031 21,006,200 7.50% 5.89%
12,500,000 U.S. Treasury Notes 7.500% 11/15/01 107.344 13,418,000 6.99% 6.09%
12,000,000 U.S. Treasury Bonds 7.125% 2/29/00 104.453 12,534,360 6.82% 6.01%
10,600,000 Federal Home Loan Banks 8.250% 5/27/96 102.125 10,825,250 8.08% 5.80%
6,000,000 Federal Home Loan Banks 8.250% 6/25/96 102.312 6,138,720 8.06% 5.80%
5,500,000 Federal Home Loan Banks 8.000% 7/25/96 102.094 5,615,170 7.84% 5.94%
14,500,000 Federal Home Loan Banks 8.250% 9/25/96 102.625 14,880,625 8.04% 6.00%
3,300,000 Federal Home Loan Banks 8.600% 6/25/99 108.312 3,574,296 7.94% 6.21%
4,000,000 Federal Home Loan Banks 8.450% 7/26/99 107.828 4,313,120 7.84% 6.24%
2,500,000 Federal Home Loan Banks 8.600% 8/25/99 108.687 2,717,175 7.91% 6.19%
500,000 Federal Home Loan Banks 7.000% 7/05/01 100.000 500,000 7.00% 7.00%
2,000,000 Federal Home Loan Banks 6.070% 6/30/03 98.125 1,962,500 6.19% 6.37%
1,000,000 Federal Home Loan Banks 5.600% 9/22/03 94.973 949,730 5.90% 6.39%
2,500,000 Federal Home Loan Banks 5.610% 9/29/03 95.015 2,375,375 5.90% 6.40%
</TABLE>
<PAGE>
<TABLE>
<C> <C> <C> <C> <C> <C> <C>
$ 2,000,000 Federal Home Loan Banks 5.450% 10/29/03 $ 93.909 $1,878,180 5.80% 6.40%
3,400,000 Federal Home Loan Banks 5.020% 11/16/98 96.869 3,293,546 5.18% 6.06%
RESERVE FUNDS
335,000 American Express Corp. 5.503% 7/03/95 100.000 335,000 5.50% 5.36%
----------- ------ ------
Total Investments (identified cost, $160,322,221) -- 99.4% $164,122,852 7.01% 6.00%
======= =======
Other Assets, Less Liabilities -- 0.6% 980,505
-----------
Net Assets -- 100.0% $165,103,356
============
Average Maturity -- 3.1 Years1
<FN>
1 Unaudited.
</FN>
- -------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT NEAR TERM BOND FUND
===============================================================================
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
ASSETS:
<S> <C>
Investments --
Identified cost........................ $160,322,221
Unrealized appreciation................ 3,800,631
------------
Total value (Note 1A)................ $164,122,852
Cash..................................... 4,973
Receivable for fund shares sold.......... 15,813
Interest receivable...................... 2,325,163
------------
Total Assets........................... $166,468,801
------------
LIABILITIES:
Payable for investments purchased........ $ 500,000
Payable to dividend disbursing agent..... 852,467
Trustees' fees payable................... 417
Custodian fee payable.................... 7,170
Accrued expenses and other liabilities... 5,391
------------
Total Liabilities...................... $ 1,365,445
------------
NET ASSETS.................................. $165,103,356
============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares issued to shareholders in
payment of distributions declared), less cost of shares
redeemed................................. $185,388,849
Accumulated net realized loss on investment
transactions (computed on the basis of
identified cost)......................... (24,281,084)
Unrealized appreciation of investments
(computed on the basis of identified cost) 3,800,631
Undistributed net investment income......... 194,960
Net assets applicable to outstanding shares $165,103,356
============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING.............................. 15,926,865
============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................... $10.37
============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest Income (Note 1B)................ $ 6,698,738
--------------
Expenses --
Investment adviser fee (Note 3)........ $ 416,523
Administrator fee (Note 3)............. 68,560
Compensation of trustees not affiliated with
the Investment adviser or administrator 1,698
Distribution expenses (Note 4)......... 194,033
Custodian fee (Note 3)................. 21,379
Transfer and dividend disbursing agent fees 17,055
Audit services......................... 28,000
Registration costs..................... 11,006
Printing............................... 1,245
Legal services......................... 1,300
Miscellaneous.......................... 4,563
------------
Total expenses....................... $ 765,362
------------
Net investment income.............. $ 5,933,376
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (937,081)
Change in unrealized appreciation
of investments......................... 9,624,626
------------
Net realized and unrealized gain
on investments..................... $ 8,687,545
------------
Net increase in net assets
from operations.................... $ 14,620,921
============
- -------------------------------------------------------------------------------
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT NEAR TERM BOND FUND
===============================================================================
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENT OF CHANGES IN NET ASSETS June 30, 1995 Dec. 31, 1994
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
<S> <C> <C>
From operations --
Net investment income.................................................. $ 5,933,376 $ 16,679,095
Net realized loss on investment
transactions......................................................... (937,081) (6,936,070)
Change in unrealized appreciation
of investments....................................................... 9,624,626 (20,360,712)
------------ ------------
Increase (decrease) in net assets from operations................. $ 14,620,921 $ (10,617,687)
Distributions to shareholders from net investment income................... (5,928,169) (16,671,903)
Net increase (decrease) from Fund share transactions (Note 5).............. (55,711,618) (141,505,123)
------------ ------------
Net increase (decrease) in net assets............................. $ (47,018,866) $ (168,794,713)
NET ASSETS:
At beginning of period..................................................... 212,122,222 380,916,935
------------ ------------
At end of period........................................................... $ 165,103,356 $ 212,122,222
============= =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS............................................................. $ 194,960 $ 189,753
============= =============
- -------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT NEAR TERM BOND FUND
===============================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
----------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1995(1) 1994 1993 1992 1991 1990
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 9.920 $ 10.840 $ 10.660 $ 10.750 $ 10.260 $ 10.330
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operation
Net investment income.................... $ 0.308 $ 0.588 $ 0.655 $ 0.739 $ 0.795 $ 0.871
Net realized and unrealized gain (loss)
on investments......................... 0.450 (0.920) 0.180 (0.090) 0.489 (0.068)
-------- -------- -------- -------- -------- --------
Total income (loss) from investment
operations........................... $ 0.758 $ (0.332) $ 0.835 $ 0.649 $ 1.284 $ 0.803
-------- -------- -------- -------- -------- --------
Less distributions from net investment income $ (0.308) $ (0.588) $ (0.655) $ (0.739) $ (0.794) $ (0.873)
-------- --------- --------- -------- -------- --------
Net asset value, end of period.............. $ 10.370 $ 9.920 $ 10.840 $ 10.660 $ 10.750 $ 10.260
========= ========= ========= ========= ========= =========
Total Return................................ 7.74% (3.10%) 7.95% 6.26% 13.08% 8.23%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $165,103 $212,122 $380,917 $ 371,074 $ 232,407 $253,537
Ratio of expenses to average net assets.. 0.8%(2) 0.7% 0.7% 0.8% 0.8% 0.8%
Ratio of net investment income to average
net assets............................. 6.1%(2) 5.7% 6.0% 6.9% 7.7% 8.6%
Portfolio Turnover Rate.................. 27% 33% 22% 6% 18% 25%
<FN>
(1) Six months ended June 30, 1995.
(2) Annualized.
</FN>
- -------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT TOTAL RETURN BOND FUND (WTRB)
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
- -----------------------------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 45.7%
FINANCIAL -- 3.6%
<C> <C> <C> <C> <C> <C> <C>
$ 1,500,000 GE Capital Corp 7.670% 5/22/02 $106.544 $ 1,598,160 7.20% 6.48%
2,000,000 GE Capital Corp 7.875% 12/01/06 108.345 2,166,900 7.27% 6.81%
700,000 Rockland Trust Co. 9.500% 10/15/96 91.000 637,000 10.44% 17.54%
----------
$ 4,402,060
---------
INDUSTRIALS -- 16.6%
$ 2,850,000 Abbott Labs 5.600% 10/01/03 $ 93.516 $ 2,665,206 5.99% 6.63%
2,000,000 Anheuser Busch 6.900% 10/01/02 100.404 2,008,080 6.87% 6.83%
2,000,000 Archer Daniels Midland Co 6.250% 3/15/03 97.265 1,945,300 6.43% 6.71%
2,500,000 Walt Disney Company 5.800% 10/27/08 91.048 2,276,200 6.37% 6.83%
1,050,000 Johnson & Johnson 7.375% 6/29/02 104.111 1,093,166 7.08% 6.63%
1,400,000 Kimberly Clark 6.875% 2/15/14 96.750 1,354,500 7.11% 7.19%
1,500,000 Proctor & Gamble Co 8.000% 11/15/03 107.782 1,616,730 7.42% 6.77%
5,000,000 Sara Lee Corp. 5.750% 9/03/03 94.536 4,726,800 6.08% 6.63%
3,000,000 Wal-Mart Stores 6.375% 3/01/03 98.283 2,948,490 6.49% 6.66%
----------
$20,634,472
----------
UTILITIES -- 25.5%
$ 4,100,000 AT&T Corp. 7.750% 3/01/07 $106.868 $ 4,381,588 7.25% 6.88%
5,000,000 Bell Atlantic - New Jersey 5.875% 2/01/04 95.260 4,763,000 6.17% 6.60%
5,000,000 Bellsouth Telecommunications 6.375% 6/15/04 98.010 4,900,500 6.50% 6.67%
1,000,000 Citizens Utilities Co 7.450% 1/15/04 105.104 1,051,040 7.09% 6.66%
2,000,000 Consolidated Edison 7.625% 3/01/04 105.225 2,104,500 7.25% 6.82%
7,600,000 Consolidated Edison 6.375% 4/01/03 97.382 7,401,032 6.55% 6.81%
2,000,000 Duke Power Co 7.000% 9/01/05 101.687 2,033,740 6.88% 6.77%
3,000,000 Pacific Bell 7.250% 7/01/02 103.840 3,115,200 6.98% 6.56%
2,000,000 Pacific Tel & Tel 6.500% 7/01/03 97.828 1,956,560 6.64% 6.86%
----------
$31,707,160
----------
</TABLE>
<PAGE>
<TABLE>
U.S. GOVERNMENT AGENCIES -- 22.3%
<C> <C> <C> <C> <C> <C> <C>
$ 6,200,000 Federal Home Loan Banks 8.600% 6/25/99 $108.312 $ 6,715,344 7.94% 6.21%
5,700,000 Federal Home Loan Banks 8.375% 10/25/99 108.016 6,156,912 7.75% 6.23%
4,600,000 Federal Home Loan Banks 8.600% 1/25/00 109.375 5,031,250 7.86% 6.21%
3,000,000 Federal Home Loan Banks 6.070% 6/30/03 98.125 2,943,750 6.19% 6.37%
1,700,000 Federal Home Loan Banks 5.600% 9/22/03 94.973 1,614,541 5.90% 6.40%
2,500,000 Federal Home Loan Banks 5.610% 9/29/03 95.015 2,375,375 5.90% 6.40%
3,000,000 Federal Home Loan Banks 5.450% 10/29/03 93.909 2,817,270 5.80% 6.40%
----------
$27,654,442
----------
U.S. TREASURIES -- 30.3%
$ 15,900,000 U.S. Treasury Bonds 7.500% 11/15/16 $108.875 $17,311,125 6.89% 6.71%
1,100,000 U.S. Treasury Bonds 13.750% 8/15/04 151.359 1,664,949 9.08% 6.27%
3,750,000 U.S. Treasury Bonds 8.250% 5/15/05 108.328 4,062,300 7.62% 7.06%
80,000 U.S. Treasury Notes 4.750% 2/15/97 98.281 78,625 4.83% 5.87%
510,000 U.S. Treasury Notes 6.875% 8/31/99 103.172 526,177 6.66% 6.00%
3,300,000 U.S. Treasury Notes 6.500% 5/15/05 102.125 3,370,125 6.36% 6.21%
2,000,000 U.S. Treasury Notes 6.250% 2/15/03 100.266 2,005,320 6.23% 6.20%
100,000 U.S. Treasury Notes 8.500% 8/15/95 100.297 100,297 8.47% 5.96%
1,500,000 U.S. Treasury Notes 8.000% 8/15/99 107.297 1,609,455 7.46% 5.98%
3,000,000 U.S. Treasury Notes 8.500% 2/15/00 110.031 3,300,930 7.73% 5.98%
3,000,000 U.S. Treasury Notes 7.750% 2/15/01 108.109 3,243,270 7.17% 6.03%
350,000 U.S. Treasury Notes 6.375% 1/15/99 101.297 354,540 6.29% 5.97%
----------
$37,627,113
----------
</TABLE>
<PAGE>
<TABLE>
RESERVE FUNDS -- 0.6%
<C> <S> <C> <C> <C> <C> <C> <C>
$ 770,000 American Express Corp. 5.503% 7/03/95 $100.000 $ 770,000 5.50% 5.36%
----------
Total Investments (identified cost, $119,080,957) -- 98.9% $122,795,246 6.89% 6.57%
======= =======
Other Assets, Less Liabilities -- 1.1% 1,391,512
----------
Net Assets -- 100.0% $124,186,758
============
Average Maturity -- 9.1 Years1
<FN>
1 Unaudited.
</FN>
- -------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT TOTAL RETURN BOND FUND
===============================================================================
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
ASSETS:
<S> <C>
Investments --
Identified cost........................ $119,080,957
Unrealized appreciation................ 3,714,289
------------
Total value (Note 1A)................ $122,795,246
Cash..................................... 3,035
Receivable for fund shares sold.......... 188
Interest receivable...................... 2,018,056
------------
Total Assets........................... $124,816,525
------------
LIABILITIES:
Payable to dividend disbursing agent..... $ 618,398
Trustees' fees payable................... 417
Custodian fee payable.................... 6,902
Accrued expenses and other liabilities... 4,050
------------
Total Liabilities...................... $ 629,767
------------
NET ASSETS.................................. $124,186,758
============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares
issued to shareholders in payment of distributions
declared), less cost of shares redeemed.. $122,955,956
Accumulated net realized loss on investment
transactions (computed on the basis of
identified cost)......................... (2,537,830)
Unrealized appreciation of investments (computed
on the basis of identified cost)......... 3,714,289
Undistributed net investment income......... 54,343
------------
Net assets applicable to outstanding shares $124,186,758
============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING.............................. 9,875,327
============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................... $12.58
============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest Income (Note 1B)................ $ 4,805,066
------------
Expenses --
Investment adviser fee (Note 3)........ $ 278,726
Administrator fee (Note 3)............. 56,578
Compensation of trustees not affiliated with
the Investment adviser or administrator 1,076
Distribution expenses (Note 4)......... 134,122
Custodian fee (Note 3)................. 21,368
Audit services......................... 28,700
Transfer and dividend disbursing agent fees 12,773
Registration costs..................... 12,624
Legal services......................... 1,091
Printing............................... 1,263
Miscellaneous.......................... 3,330
------------
Total expenses....................... $ 551,651
------------
Net investment income.............. $ 4,253,415
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (653,742)
Change in unrealized appreciation
of investments......................... 13,547,987
------------
Net realized and unrealized gain
on investments..................... $ 12,894,245
------------
Net increase in net assets
from operations.................... $ 17,147,660
============
- -------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT TOTAL RETURN BOND FUND
===============================================================================
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENT OF CHANGES IN NET ASSETS June 30, 1995 Dec. 31, 1994
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
<S> <C> <C>
From operations --
Net investment income...................................................... $ 4,253,415 $ 11,761,434
Net realized loss on investment
transactions............................................................. (653,742) (1,884,088)
Change in unrealized appreciation
of investments........................................................... 13,547,987 (23,935,733)
------------ ------------
Increase (decrease) in net assets from operations..................... $ 17,147,660 $ (14,058,387)
Distributions to shareholders from net investment income....................... (4,245,285) (11,757,984)
Net decrease from Fund share transactions (Note 5)............................. (32,212,351) (90,200,306)
------------ ------------
Net decrease in net assets............................................ $ (19,309,976) $(116,016,677)
NET ASSETS:
At beginning of period......................................................... 143,496,734 259,513,411
------------ ------------
At end of period............................................................... $ 124,186,758 $ 143,496,734
============= =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS................................................................. $ 54,343 $ 46,213
============= =============
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT TOTAL RETURN BOND FUND
===============================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
---------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1995(1) 1994 1993 1992 1991 1990
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 11.430 $ 13.010 $ 12.610 $ 12.580 $ 11.700 $ 12.010
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income.................... $ 0.376 $ 0.740 $ 0.789 $ 0.830 $ 0.854 $ 0.886
Net realized and unrealized gain (loss) on
investments............................ 1.150 (1.580) 0.580 0.030 0.880 (0.312)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........... $ 1.526 $ (0.840) $ 1.369 $ 0.860 $ 1.734 $ 0.574
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............... $ (0.376) $ (0.740) $ (0.789) $ (0.830) $ (0.854) $ (0.884)
From net realized gain on investments.... -- -- (0.177) -- -- --
In excess of net realized gain on investments -- -- (0.003) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions.................... $ (0.376) $ (0.740) $ (0.969) $ (0.830) $ (0.854) $ (0.884)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 12.580 $ 11.430 $ 13.010 $ 12.610 $ 12.580 $ 11.700
========= ========= ========= ========= ========= =========
Total Return................................ 13.54% (6.57%) 11.03% 7.13% 15.38% 5.29%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $124,187 $143,497 $259,513 $217,564 $ 134,728 $112,408
Ratio of net expenses to average net assets 0.8%(2) 0.8% 0.8% 0.8% 0.8% 0.8%
Ratio of net investment income to average
net assets............................. 6.4%(2) 6.1% 6.0% 6.7% 7.2% 7.7%
Portfolio Turnover Rate.................. 47% 32% 36% 13% 56% 48%
<FN>
(1) Six months ended June 30, 1995.
(2) Annualized.
</FN>
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT INSURED TAX-FREE BOND FUND (WTFB)
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield1 Maturity*(1)
- -----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.0%
EDUCATION -- 14.7%
<C> <C> <C> <C> <C> <C> <C>
$ 250,000 Berkley Calif Uni Sch Dist 6.150% 8/01/05 $106.649 $ 266,625 5.77% 5.29% M
25,000 Bristol Twp PA Sch Dist 8.700% 1/15/01 101.741 25,435 8.55% 8.30% M
25,000 Calcasieu Parish LA Sch Dist 9.100% 6/01/02 123.595 30,899 7.36% 5.02% M
300,000 Goshen-Chandler Ind Sch Bldg 5.950% 1/15/03 105.072 315,217 5.66% 5.13% M
150,000 Greensburg Salem PA Sch Dist 7.100% 1/01/09 108.204 162,307 6.56% 6.19% F
200,000 Mars Penn Area Sch Dist 6.550% 3/01/02 106.715 213,431 6.14% 5.39% F
50,000 Southwestern Texas St Uni 8.750% 10/01/01 102.667 51,334 8.52% 8.19% F
150,000 Sumter SC Sch Dist 7.150% 6/01/09 110.108 165,163 6.49% 6.06% F
200,000 Washoe County Nev Sch Dist 5.100% 8/01/99 101.467 202,934 5.03% 4.70% M
150,000 Williamsville NY Cent Sch Dist 6.500% 12/01/99 107.598 161,398 6.04% 4.58% M
----------
$ 1,594,743
----------
GENERAL OBLIGATION -- 40.2%
$ 150,000 Brookhaven N Y Ser B GO 7.000% 5/01/04 $113.143 $ 169,715 6.19% 5.13% M
200,000 Central Lake Cnty IL 6.250% 5/01/99 105.662 211,325 5.92% 4.62% M
250,000 Cook County Ill Ser A 5.100% 11/15/05 98.569 246,425 5.17% 5.28% M
250,000 Cumberland Cnty NC 5.700% 2/01/05 105.575 263,939 5.40% 4.96% C
200,000 Fairbanks Northstar, Alaska 5.300% 3/01/04 100.683 201,366 5.26% 5.20% M
300,000 State Of Massachusetts 4.125% 10/01/01 95.421 286,264 4.32% 4.98% M
250,000 Michigan Muni Bd Auth 4.950% 5/01/04 98.378 245,947 5.03% 5.18% M
5,000 New York, New York 6.000% 8/01/01 104.546 5,227 5.74% 5.12% M
250,000 New York, City of NY 7.000% 8/01/04 106.019 265,048 6.60% 6.13% C
195,000 New York NY Ser C 6.000% 8/01/01 106.047 206,792 5.66% 4.84% M
125,000 New York NY General Obl Ser A 7.000% 8/01/99 105.446 131,808 6.64% 5.49% C
200,000 O Fallon Missouri 5.350% 3/01/04 101.062 202,126 5.29% 5.20% C
200,000 Pennsylvania State 6.500% 11/01/04 109.034 218,069 5.96% 5.26% C
250,000 Prince Georges County MD 5.400% 9/01/02 102.984 257,462 5.24% 4.90% M
250,000 Providence Rhode Island 5.600% 1/15/05 101.996 254,990 5.49% 5.33% M
200,000 Smithfield Rhode Island 6.500% 4/15/02 105.784 211,569 6.14% 5.47% C
200,000 Snohomish County Washington 5.750% 12/01/10 99.792 199,584 5.76% 5.77% M
140,000 Summit County Ohio 5.550% 12/01/06 101.736 142,431 5.46% 5.33% P
200,000 Travis County Texas 6.400% 3/01/04 106.019 212,039 6.04% 5.52% C
250,000 West University Place TX 5.600% 2/01/03 102.981 257,453 5.44% 5.12% M
150,000 Wilmington Del 6.150% 7/01/05 105.579 158,369 5.83% 5.42% C
----------
$ 4,347,949
----------
</TABLE>
<PAGE>
<TABLE>
HEALTH CARE -- 13.7%
<C> <C> <C> <C> <C> <C> <C>
$ 200,000 California Health Fac 5.500% 8/01/00 $103.121 $ 206,241 5.33% 4.80% M
250,000 Dade Cnty Fla Health Facs Aut 5.000% 5/15/05 98.237 245,593 5.09% 5.23% M
205,000 Decatur Illinois Hosp 6.400% 10/01/01 107.373 220,115 5.96% 5.01% M
250,000 Fulton De Kalb GA Hosp Auth 5.300% 1/01/05 100.444 251,110 5.28% 5.24% M
100,000 Massachusetts, State Health & Ed 7.300% 10/01/18 107.233 107,233 6.81% 6.48% C
200,000 Massachusetts, State Health & Edl Facs 4.500% 7/01/02 96.048 192,096 4.69% 5.18% M
250,000 Tallahassee Fla Health Fac 5.400% 12/01/01 102.334 255,835 5.28% 4.97% M
----------
$ 1,478,223
----------
PUBLIC FACILITIES -- 3.7%
$ 175,000 Kane Cnty Ill Pub Bldg Comm 6.700% 12/01/03 $106.011 $ 185,519 6.32% 5.79% C
200,000 Louisiana Public Facs Auth 6.100% 5/15/02 106.625 213,250 5.72% 4.95% M
----------
$ 398,769
----------
UTILITIES -- 14.9%
$ 250,000 East Bay CA Mun Util Sist Wtr 5.000% 6/01/05 $97.403 $ 243,509 5.13% 5.34% M
300,000 Georgia Mun Elec Auth Pwr 4.700% 1/01/05 96.142 288,428 4.89% 5.22% M
300,000 North Carolina Mun Pwr Agy 5.000% 1/01/04 99.657 298,973 5.02% 5.05% M
250,000 Ohio State Wtr Dev 5.600% 12/01/02 103.488 258,722 5.41% 5.03% M
200,000 Oklahoma St Mun Pwr Auth 5.300% 1/01/01 101.957 203,914 5.20% 4.89% M
100,000 Ottawa Kansas Water Rev H 9.250% 12/01/02 103.162 103,163 8.97% 8.66% F
150,000 Pasadena Tex Wtr & Swr 5.900% 10/01/00 105.282 157,923 5.60% 4.75% M
50,000 Pecan Grove TX Muni Utl Dist 8.700% 9/01/02 114.162 57,081 7.62% 6.79% C
----------
$ 1,611,713
----------
MISCELLANEOUS -- 10.8%
$ 70,000 Arizona St Transn Brd Excise Rev 7.000% 7/01/05 $110.582 $ 77,408 6.33% 5.60% F
80,000 Arizona St Transn Brd Excise Rev 7.000% 7/01/05 108.133 86,507 6.47% 5.91% C
250,000 Broomfield Colo Sales & Use Tax 7.050% 12/01/06 109.943 274,860 6.41% 5.84% F
</TABLE>
<PAGE>
<TABLE>
MISCELLANEOUS -- continued
<C> <C> <C> <C> <C> <C> <C>
$ 150,000 Dearborn MI Econ Dev Corp 6.350% 8/15/02 $109.966 $ 164,950 5.77% 4.69% F
150,000 Fairbanks N Star Boro Ak 4.700% 3/01/99 100.294 150,442 4.69% 4.61% M
150,000 NJ Wastewtr Treatment Ln Rev Ser A 7.000% 5/15/07 107.692 161,538 6.50% 6.08% C
250,000Tucson Ariz Str & Hwy User 5.200% 7/01/04 100.356 250,891 5.18% 5.15% M
----------
$ 1,166,596
----------
Total Investments (identified cost, $10,255,259) -- 98.0% $10,597,992 5.66% 5.01%
======= =======
Other Assets, Less Liabilities -- 2.0% 211,146
----------
Net Assets -- 100.0% $10,809,138
============
Average Maturity -- 8.4 Years1
<FN>
* -- (C): Price to Call; (F): Prerefunded; (M): Price to Maturity; (P): Price to Par Call; (X): Called.
1 Unaudited.
</FN>
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT INSURED TAX-FREE BOND FUND
===============================================================================
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
ASSETS:
<S> <C>
Investments --
Identified cost........................ $ 10,255,259
Unrealized appreciation................ 342,733
------------
Total value (Note 1A)................ $ 10,597,992
Cash checking............................ 68,456
Interest receivable...................... 179,365
Receivable from investment adviser....... 12,700
------------
Total Assets........................... $ 10,858,513
------------
LIABILITIES:
Payable to dividend disbursing agent..... $ 41,042
Trustees' fees payable................... 417
Custodian fee payable.................... 5,590
Accrued expenses and other liabilities... 2,326
------------
Total Liabilities...................... $ 49,375
------------
NET ASSETS.................................. $ 10,809,138
============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares
issued to shareholders in payment of distributions
declared), less cost of shares redeemed.. $ 10,462,323
Accumulated net realized loss on investment
transactions (computed on the basis of
identified cost)......................... (3,437)
Unrealized appreciation of investments (computed
on the basis of identified cost)......... 342,733
Undistributed net investment income......... 7,519
------------
Net assets applicable to outstanding shares $ 10,809,138
============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING.............................. 940,942
============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................... $11.49
============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest Income (Note 1B)................ $ 306,029
------------
Expenses --
Investment adviser fee (Note 3)........ $ 21,595
Administrator fee (Note 3)............. 5,399
Compensation of trustees not affiliated with
the Investment adviser or administrator 1,076
Distribution expenses (Note 4)......... 10,798
Custodian fee (Note 3)................. 17,619
Audit services......................... 17,800
Interest expense....................... 2,601
Transfer and dividend disbursing agent fees 4,988
Registration costs..................... 8,248
Printing............................... 1,623
Legal fees............................. 718
Miscellaneous.......................... 1,217
------------
Total expenses....................... $ 93,682
------------
Deduct --
Allocation of expenses to investment
adviser............................ $ 12,700
Reduction of investment adviser
fee (Note 3)....................... 21,595
Reduction of distribution expenses
by principal underwriter (Note 4).... 10,798
------------
Total.............................. $ 45,093
------------
Net expenses......................... $ 48,589
------------
Net investment income.............. $ 257,440
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (4,138)
Change in unrealized appreciation
of investments......................... 451,573
------------
Net realized and unrealized gain
on investments..................... $ 447,435
------------
Net increase in net assets
from operations.................... $ 704,875
============
- -------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT INSURED TAX-FREE BOND FUND
===============================================================================
<TABLE>
Six Months Ended Year Ended
STATEMENT OF CHANGES IN NET ASSETS June 30, 1995 Dec. 31, 1994
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
<S> <C> <C>
From operations --
Net investment income.................................................. $ 257,440 $ 697,607
Net realized gain (loss) on investment
transactions...................................................... (4,138) 103,903
Change in unrealized appreciation
of investments.................................................... 451,573 (1,505,272)
------------ ------------
Increase (decrease) in net assets from operations................. $ 704,875 $ (703,763)
------------ ------------
Distributions to shareholders --
From net investment income............................................. $ (257,434) $ (697,473)
From net realized gains on investment transactions..................... -- (103,201)
------------ ------------
Total distributions............................................... $ (257,434) $ (800,674)
------------ ------------
Net decrease from Fund share transactions (Note 5)......................... $ (285,180) $ (6,053,899)
------------ ------------
Net increase (decrease) in net assets............................. $ 162,261 $ (7,558,336)
NET ASSETS:
At beginning of period..................................................... 10,646,877 18,205,213
------------ ------------
At end of period........................................................... $ 10,809,138 $ 10,646,877
============= =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS............................................................. $ 7,519 $ 7,513
============= =============
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT INSURED TAX-FREE BOND FUND
===============================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
--------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1995(2) 1994 1993 1992 1991 1990
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 11.020 $ 12.170 $ 11.600 $ 11.330 $ 10.840 $ 10.870
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income(1)................. $ 0.268 $ 0.560 $ 0.556 $ 0.601 $ 0.614 $ 0.647
Net realized and unrealized gain (loss) on
investments............................ 0.470 (1.050) 0.570 0.270 0.492 (0.030)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........... $ 0.738 $ (0.490) $ 1.126 $ 0.871 $ 1.106 $ 0.617
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............... $ (0.268) $ (0.560) $ (0.556) $ (0.601) $ (0.616) $ (0.647)
From net realized gains.................. -- (0.100) -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions.................... $ (0.268) $ (0.660) $ (0.556) $ (0.601) $ (0.616) $ (0.647)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 11.490 $ 11.020 $ 12.170 $ 11.600 $ 11.330 $ 10.840
========= ========= ========= ========= ========= =========
Total Return................................ 6.75% (4.08%) 9.89% 7.91% 10.50% 5.93%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $10,809 $10,647 $ 18,205 $ 13,454 $ 8,396 $ 5,513
Ratio of net expenses to average net assets 0.9%(3) 0.9% 0.9% 0.9% 0.9% 1.0%
Ratio of net investment income to average
net assets............................. 4.8%(3) 4.8% 4.7% 5.3% 5.6% 6.0%
Portfolio Turnover Rate.................. 10% 4% 7% 10% 2% 28%
(1)During the six months ended June 30, 1995 and each of the years in the
five-year period ended December 31, 1994, the operating expenses of the Fund
were reduced either by a reduction of the investment adviser fee,
administrator fee, or distribution fee or through the allocation of expenses
to the Adviser, or a combination thereof. Had such actions not been
undertaken, the net investment income per share and the ratios would have
been as follows:
For Period Ended Year Ended December 31,
-----------------------
June 30, 1995 1994 1993 1992 1991 1990
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
Net investment income per share............. $ 0.218 $0.513 $0.521 $0.556 $0.537 $0.528
========= ========= ========= ========= ========= =========
Ratios (As a percentage of average net assets):
Expenses .............................. 1.7% 1.3% 1.1% 1.3% 1.6% 2.1%
========= ========= ========= ========= ========= =========
Net investment income.................... 3.9% 4.4% 4.4% 4.9% 4.9% 4.9%
========= ========= ========= ========= ========= =========
<FN>
(2) Six months ended June 30, 1995.
(3) Annualized.
</FN>
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT CURRENT INCOME FUND (WCIF)
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
- -----------------------------------------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
$ 1,716,272 GNMA POOL # 000169 7.500% 09/20/22 $100.250 $ 1,720,563 7.48% 7.44%
829,770 GNMA POOL # 000394 7.500% 10/20/22 100.250 831,844 7.48% 7.44%
6,870 GNMA POOL # 000434 8.000% 04/15/01 102.244 7,024 7.82% 7.74%
913,681 GNMA POOL # 000446 7.500% 11/20/22 100.250 915,965 7.48% 7.44%
1,944 GNMA POOL # 000473 7.500% 04/15/01 100.902 1,962 7.43% 7.38%
1,625,149 GNMA POOL # 000545 7.500% 12/20/22 100.250 1,629,212 7.48% 7.44%
2,585,698 GNMA POOL # 000723 7.500% 01/20/23 100.250 2,592,162 7.48% 7.44%
2,604,785 GNMA POOL # 001268 8.000% 07/20/23 101.625 2,647,113 7.87% 7.80%
4,427 GNMA POOL # 001408 6.500% 03/15/02 98.990 4,382 6.57% 6.97%
201,825 GNMA POOL # 001596 9.000% 04/20/21 104.156 210,213 8.64% 8.52%
653,634 GNMA POOL # 001792 8.000% 03/20/22 101.625 664,256 7.87% 7.80%
5,464 GNMA POOL # 003026 8.000% 01/15/04 102.690 5,611 7.79% 7.69%
2,358 GNMA POOL # 003331 8.000% 01/15/04 102.690 2,421 7.79% 7.69%
5,722 GNMA POOL # 004183 8.000% 07/15/04 102.863 5,886 7.78% 7.68%
3,458 GNMA POOL # 004433 9.000% 11/15/04 105.579 3,651 8.52% 8.37%
8,826 GNMA POOL # 005466 8.500% 03/15/05 104.213 9,198 8.16% 8.03%
1,194 GNMA POOL # 005561 8.500% 04/15/05 104.028 1,242 8.17% 8.05%
4,376 GNMA POOL # 005687 7.250% 02/15/05 102.368 4,480 7.08% 6.99%
5,839 GNMA POOL # 005910 7.250% 02/15/05 102.313 5,974 7.09% 7.00%
23,509 GNMA POOL # 007003 8.000% 07/15/05 102.974 24,208 7.77% 7.66%
3,619 GNMA POOL # 007319 6.500% 10/15/04 98.800 3,576 6.58% 6.59%
8,838 GNMA POOL # 009106 8.250% 05/15/06 103.292 9,129 7.99% 7.88%
11,255 GNMA POOL # 009889 7.250% 02/15/06 102.240 11,507 7.09% 7.00%
3,296 GNMA POOL # 011191 7.250% 04/15/06 102.240 3,370 7.09% 7.00%
7,365 GNMA POOL # 012526 8.000% 11/15/06 103.042 7,589 7.76% 7.66%
118,286 GNMA POOL # 151443 10.000% 03/15/16 109.031 128,968 9.17% 8.97%
296,339 GNMA POOL # 151882 8.500% 09/15/19 104.377 309,310 8.14% 8.01%
52,005 GNMA POOL # 153564 10.000% 04/15/16 109.031 56,702 9.17% 8.97%
205,942 GNMA POOL # 172558 9.500% 08/15/16 106.919 220,191 8.89% 8.71%
204,562 GNMA POOL # 176992 8.000% 11/15/16 103.280 211,272 7.75% 7.63%
150,189 GNMA POOL # 177308 9.000% 09/15/16 105.774 158,861 8.51% 8.35%
66,897 GNMA POOL # 177784 8.000% 10/15/16 103.153 69,006 7.76% 7.65%
93,372 GNMA POOL # 180033 9.500% 09/15/16 107.083 99,986 8.87% 8.69%
33,026 GNMA POOL # 188060 9.500% 10/15/16 106.919 35,311 8.89% 8.71%
601,706 GNMA POOL # 189141 7.500% 02/15/23 100.500 604,715 7.46% 7.42%
9,385 GNMA POOL # 190959 8.500% 02/15/17 104.580 9,815 8.13% 7.99%
483,834 GNMA POOL # 191095 8.500% 06/15/21 103.812 502,278 8.19% 8.07%
208,194 GNMA POOL # 192357 8.000% 04/15/17 103.017 214,475 7.77% 7.66%
818,067 GNMA POOL # 194057 8.500% 04/15/17 104.580 855,534 8.13% 7.99%
127,287 GNMA POOL # 194287 9.500% 03/15/17 107.124 136,355 8.87% 8.69%
1,107,797 GNMA POOL # 194926 8.500% 02/15/17 104.713 1,160,007 8.12% 7.98%
21,232 GNMA POOL # 196063 8.500% 03/15/17 104.580 22,204 8.13% 7.99%
270,945 GNMA POOL # 197654 8.500% 09/15/21 103.812 281,273 8.19% 8.07%
</TABLE>
<PAGE>
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C>
$ 244,045 GNMA POOL # 199537 8.000% 03/15/17 $103.017 $ 251,408 7.77% 7.66%
219,928 GNMA POOL # 203078 8.000% 12/15/16 103.153 226,862 7.76% 7.65%
389,628 GNMA POOL # 203369 8.000% 12/15/16 103.153 401,913 7.76% 7.65%
310,497 GNMA POOL # 205522 8.000% 04/15/17 103.153 320,287 7.76% 7.65%
196,463 GNMA POOL # 205524 8.000% 05/15/17 103.017 202,390 7.77% 7.66%
16,259 GNMA POOL # 206740 10.000% 10/15/17 109.068 17,733 9.17% 8.96%
158,439 GNMA POOL # 206762 9.000% 04/15/21 105.031 166,410 8.57% 8.43%
118,735 GNMA POOL # 207019 8.000% 03/15/17 103.017 122,317 7.77% 7.66%
35,668 GNMA POOL # 208076 8.000% 04/15/17 103.280 36,838 7.75% 7.63%
64,920 GNMA POOL # 210520 10.500% 08/15/17 110.156 71,513 9.53% 9.32%
39,774 GNMA POOL # 210618 9.500% 04/15/17 107.124 42,607 8.87% 8.69%
215,183 GNMA POOL # 211013 9.000% 01/15/20 105.485 226,986 8.53% 8.38%
234,262 GNMA POOL # 211231 8.500% 05/15/17 104.713 245,303 8.12% 7.98%
412,232 GNMA POOL # 211279 8.000% 04/15/17 103.153 425,230 7.76% 7.65%
512,448 GNMA POOL # 211678 8.000% 05/15/17 103.017 527,909 7.77% 7.66%
144,264 GNMA POOL # 212601 8.500% 06/15/17 104.580 150,871 8.13% 7.99%
216,763 GNMA POOL # 213444 8.000% 06/15/17 103.017 223,303 7.77% 7.66%
240,260 GNMA POOL # 216461 8.000% 05/15/17 103.017 247,509 7.77% 7.66%
54,622 GNMA POOL # 218420 8.500% 11/15/21 103.812 56,704 8.19% 8.07%
307,774 GNMA POOL # 219335 8.000% 05/15/17 103.153 317,478 7.76% 7.65%
296,160 GNMA POOL # 220703 8.000% 05/15/17 103.153 305,498 7.76% 7.65%
34,288 GNMA POOL # 220917 8.500% 04/15/17 104.580 35,858 8.13% 7.99%
728,046 GNMA POOL # 222112 8.000% 01/15/22 102.375 745,337 7.81% 7.72%
76,577 GNMA POOL # 223126 10.000% 08/15/17 109.068 83,521 9.17% 8.96%
154,649 GNMA POOL # 223133 9.500% 07/15/17 106.738 165,069 8.90% 8.73%
50,949 GNMA POOL # 223348 10.000% 08/15/18 109.031 55,550 9.17% 8.97%
37,258 GNMA POOL # 223588 10.000% 12/15/18 109.031 40,623 9.17% 8.97%
30,771 GNMA POOL # 224078 10.000% 07/15/18 109.068 33,561 9.17% 8.97%
131,312 GNMA POOL # 228308 10.000% 01/15/19 109.068 143,219 9.17% 8.97%
119,166 GNMA POOL # 228483 9.500% 09/15/19 106.190 126,542 8.95% 8.79%
94,637 GNMA POOL # 230223 9.500% 04/15/18 106.738 101,014 8.90% 8.73%
94,518 GNMA POOL # 235000 10.000% 01/15/18 109.068 103,089 9.17% 8.97%
70,535 GNMA POOL # 245580 9.500% 07/15/18 106.375 75,032 8.93% 8.77%
84,877 GNMA POOL # 247473 10.000% 09/15/18 109.031 92,542 9.17% 8.97%
201,256 GNMA POOL # 247681 9.000% 11/15/19 105.485 212,295 8.53% 8.38%
67,259 GNMA POOL # 247872 10.000% 09/15/18 108.843 73,207 9.19% 8.99%
40,842 GNMA POOL # 250412 8.000% 03/15/18 103.017 42,074 7.77% 7.66%
102,004 GNMA POOL # 251241 9.500% 06/15/18 106.375 108,507 8.93% 8.77%
131,319 GNMA POOL # 258911 9.500% 09/15/18 106.190 139,448 8.95% 8.79%
85,121 GNMA POOL # 260999 9.500% 09/15/18 106.375 90,547 8.93% 8.77%
112,099 GNMA POOL # 263439 10.000% 02/15/19 109.068 122,264 9.17% 8.96%
151,617 GNMA POOL # 265267 9.500% 08/15/20 106.000 160,714 8.96% 8.81%
72,995 GNMA POOL # 266983 10.000% 02/15/19 108.843 79,450 9.19% 8.99%
</TABLE>
<PAGE>
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C>
$ 51,215 GNMA POOL # 273690 9.500% 08/15/19 $106.190 $ 54,385 8.95% 8.79%
107,806 GNMA POOL # 274489 9.500% 12/15/19 106.000 114,274 8.96% 8.80%
38,619 GNMA POOL # 275456 9.500% 08/15/19 106.000 40,936 8.96% 8.80%
137,497 GNMA POOL # 275538 9.500% 01/15/20 106.190 146,008 8.95% 8.79%
122,568 GNMA POOL # 277205 9.000% 12/15/19 105.485 129,291 8.53% 8.38%
89,517 GNMA POOL # 285467 9.500% 07/15/20 106.000 94,888 8.96% 8.81%
146,284 GNMA POOL # 285744 9.000% 05/15/20 105.586 154,455 8.52% 8.37%
164,803 GNMA POOL # 286556 9.000% 03/15/20 105.378 173,666 8.54% 8.39%
254,584 GNMA POOL # 287345 8.500% 06/15/20 104.319 265,579 8.15% 8.02%
4,471 GNMA POOL # 287999 9.000% 09/15/20 105.378 4,711 8.54% 8.39%
357,088 GNMA POOL # 289092 9.000% 04/15/20 105.378 376,292 8.54% 8.39%
19,434 GNMA POOL # 289949 8.500% 07/15/21 103.812 20,175 8.19% 8.07%
42,593 GNMA POOL # 290700 9.000% 08/15/20 105.031 44,736 8.57% 8.43%
80,307 GNMA POOL # 291119 9.500% 07/15/20 106.000 85,125 8.96% 8.81%
81,527 GNMA POOL # 291933 9.500% 07/15/20 106.000 86,419 8.96% 8.81%
43,706 GNMA POOL # 293666 8.500% 06/15/21 104.319 45,594 8.15% 8.02%
4,900 GNMA POOL # 294209 9.000% 07/15/21 105.031 5,147 8.57% 8.43%
91,496 GNMA POOL # 294577 9.500% 11/15/20 106.000 96,986 8.96% 8.81%
789,143 GNMA POOL # 296150 8.500% 08/15/21 103.812 819,225 8.19% 8.07%
16,278 GNMA POOL # 297345 8.500% 08/15/20 104.319 16,981 8.15% 8.02%
501,447 GNMA POOL # 300698 9.000% 06/15/21 105.485 528,951 8.53% 8.38%
41,570 GNMA POOL # 301017 8.500% 06/15/21 103.812 43,155 8.19% 8.07%
293,975 GNMA POOL # 301050 8.500% 07/15/21 103.812 305,181 8.19% 8.07%
159,948 GNMA POOL # 301366 8.500% 06/15/21 103.812 166,045 8.19% 8.07%
152,602 GNMA POOL # 301785 8.500% 05/15/21 103.812 158,419 8.19% 8.07%
165,939 GNMA POOL # 302713 9.000% 02/15/21 105.031 174,287 8.57% 8.43%
18,806 GNMA POOL # 302723 8.500% 05/15/21 103.812 19,523 8.19% 8.07%
148,277 GNMA POOL # 302781 8.500% 06/15/21 103.812 153,929 8.19% 8.07%
189,014 GNMA POOL # 302933 8.500% 06/15/21 103.812 196,219 8.19% 8.07%
272,239 GNMA POOL # 302935 8.500% 06/15/21 103.812 282,617 8.19% 8.07%
195,472 GNMA POOL # 304512 8.500% 05/15/21 104.377 204,028 8.14% 8.01%
334,526 GNMA POOL # 305091 9.000% 07/15/21 105.031 351,356 8.57% 8.43%
99,889 GNMA POOL # 305585 8.500% 04/15/21 103.812 103,697 8.19% 8.07%
24,124 GNMA POOL # 306669 8.000% 07/15/21 102.375 24,697 7.81% 7.72%
254,243 GNMA POOL # 306693 8.500% 09/15/21 103.812 263,935 8.19% 8.07%
216,906 GNMA POOL # 307547 8.500% 06/15/21 103.812 225,174 8.19% 8.07%
136,433 GNMA POOL # 307553 8.500% 06/15/21 103.812 141,634 8.19% 8.07%
240,459 GNMA POOL # 308792 9.000% 07/15/21 105.031 252,556 8.57% 8.43%
163,395 GNMA POOL # 311087 8.500% 07/15/21 103.812 169,624 8.19% 8.07%
77,084 GNMA POOL # 311646 8.500% 11/15/21 103.812 80,022 8.19% 8.07%
174,419 GNMA POOL # 312602 8.500% 02/15/22 103.812 181,068 8.19% 8.07%
24,127 GNMA POOL # 314222 8.500% 04/15/22 103.812 25,047 8.19% 8.07%
</TABLE>
<PAGE>
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C>
$ 378,251 GNMA POOL # 314581 9.500% 10/15/21 $106.000 $ 400,946 8.96% 8.81%
604,145 GNMA POOL # 314912 8.500% 05/15/22 103.812 627,175 8.19% 8.07%
609,736 GNMA POOL # 315187 8.000% 06/15/22 102.375 624,217 7.81% 7.72%
224,561 GNMA POOL # 315359 8.500% 11/15/21 103.812 233,121 8.19% 8.07%
598,215 GNMA POOL # 315388 8.000% 02/15/22 102.375 612,423 7.81% 7.72%
659,661 GNMA POOL # 315754 8.000% 01/15/22 102.375 675,328 7.81% 7.72%
1,390,574 GNMA POOL # 316240 8.000% 01/15/22 102.375 1,423,600 7.81% 7.72%
460,671 GNMA POOL # 316615 8.500% 11/15/21 103.812 478,232 8.19% 8.07%
205,620 GNMA POOL # 316776 8.000% 11/15/21 102.375 210,503 7.81% 7.72%
327,106 GNMA POOL # 317069 8.500% 12/15/21 103.812 339,575 8.19% 8.07%
583,916 GNMA POOL # 317351 8.000% 05/15/22 102.375 597,784 7.81% 7.72%
579,674 GNMA POOL # 317358 8.000% 05/15/22 102.375 593,441 7.81% 7.72%
275,712 GNMA POOL # 318315 8.000% 06/15/22 102.625 282,949 7.80% 7.70%
476,676 GNMA POOL # 318776 8.000% 02/15/22 102.375 487,997 7.81% 7.72%
14,902 GNMA POOL # 318793 8.500% 02/15/22 104.319 15,546 8.15% 8.02%
572,359 GNMA POOL # 319441 8.500% 04/15/22 103.812 594,177 8.19% 8.07%
344,195 GNMA POOL # 321234 8.500% 04/15/22 103.812 357,316 8.19% 8.07%
368,288 GNMA POOL # 321806 8.000% 05/15/22 102.375 377,035 7.81% 7.72%
739,068 GNMA POOL # 321807 8.000% 05/15/22 102.375 756,621 7.81% 7.72%
500,897 GNMA POOL # 321976 8.500% 01/15/22 103.812 519,991 8.19% 8.07%
657,009 GNMA POOL # 323124 8.000% 06/15/22 102.375 672,613 7.81% 7.72%
895,711 GNMA POOL # 323226 8.000% 06/15/22 102.375 916,984 7.81% 7.72%
732,238 GNMA POOL # 323929 8.000% 02/15/22 102.375 749,629 7.81% 7.72%
629,028 GNMA POOL # 325165 8.000% 06/15/22 102.375 643,967 7.81% 7.72%
554,689 GNMA POOL # 325651 8.000% 06/15/22 102.375 567,863 7.81% 7.72%
861,241 GNMA POOL # 327244 7.500% 08/15/22 100.500 865,547 7.46% 7.42%
251,559 GNMA POOL # 328807 8.000% 07/15/22 102.375 257,534 7.81% 7.72%
954,149 GNMA POOL # 329540 7.500% 08/15/22 100.500 958,920 7.46% 7.42%
416,930 GNMA POOL # 329716 8.000% 10/15/22 102.375 426,832 7.81% 7.72%
1,376,856 GNMA POOL # 329982 7.500% 02/15/23 100.500 1,383,740 7.46% 7.42%
335,237 GNMA POOL # 330616 8.000% 10/15/22 102.375 343,199 7.81% 7.72%
717,047 GNMA POOL # 331361 8.000% 11/15/22 102.375 734,077 7.81% 7.72%
475,001 GNMA POOL # 334122 8.000% 10/15/22 102.375 486,282 7.81% 7.72%
1,546,297 GNMA POOL # 335746 8.000% 10/15/22 102.375 1,583,022 7.81% 7.72%
614,121 GNMA POOL # 335950 8.000% 10/15/22 102.375 628,706 7.81% 7.72%
2,807,410 GNMA POOL # 348103 7.000% 06/15/23 98.406 2,762,660 7.11% 7.13%
893,956 GNMA POOL # 348213 6.500% 08/15/23 96.062 858,752 6.77% 6.86%
1,566,762 GNMA POOL # 350372 7.000% 04/15/23 98.406 1,541,788 7.11% 7.13%
892,336 GNMA POOL # 350651 7.500% 06/15/23 100.500 896,798 7.46% 7.42%
1,658,854 GNMA POOL # 350659 7.500% 06/15/23 100.500 1,667,148 7.46% 7.42%
2,000,566 GNMA POOL # 350938 6.500% 08/15/23 96.062 1,921,784 6.77% 6.86%
925,293 GNMA POOL # 358931 7.000% 12/15/23 98.406 910,544 7.11% 7.13%
</TABLE>
<PAGE>
<TABLE>
<C> <C> <C> <C> <C> <C> <C> <C>
$ 948,998 GNMA POOL # 362125 7.000% 10/15/23 $ 98.406 $ 933,871 7.11% 7.13%
959,507 GNMA POOL # 362174 6.500% 01/15/24 96.062 921,722 6.77% 6.86%
955,187 GNMA POOL # 362628 7.000% 08/15/23 98.406 939,961 7.11% 7.13%
998,786 GNMA POOL # 363429 7.000% 08/15/23 98.406 982,865 7.11% 7.13%
934,514 GNMA POOL # 367414 6.000% 11/15/23 93.500 873,771 6.42% 6.61%
2,944,018 GNMA POOL # 367806 6.500% 09/15/23 96.062 2,828,082 6.77% 6.86%
2,603,877 GNMA POOL # 368238 7.000% 12/15/23 98.406 2,562,371 7.11% 7.13%
2,935,221 GNMA POOL # 368502 7.000% 02/15/24 98.406 2,888,434 7.11% 7.13%
1,997,119 GNMA POOL # 370773 6.000% 11/15/23 93.500 1,867,306 6.42% 6.61%
2,891,815 GNMA POOL # 372050 6.500% 02/15/24 96.062 2,777,935 6.77% 6.86%
RESERVE FUNDS
810,000 American Express Corp 5.503% 07/03/95 100.00 810,000 5.50% 5.36%
----------- ------ ------
Total Investments (identified cost $81,281,463) -- 99.9% $81,014,054 7.52% 7.48%
======= =======
Other Assets, less Liabilities -- 0.1% 62,741
-----------
Net Assets -- 100.0% $81,076,895
============
<FN>
1 Unaudited.
</FN>
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT CURRENT INCOME FUND
=============================================================================
<TABLE>
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
- -------------------------------------------------------------------------------
ASSETS:
<S> <C>
Investments --
Identified cost........................ $ 81,281,463
Unrealized depreciation................ (267,309)
------------
Total value (Note 1A)................ $ 81,014,154
Cash .................................... 3,535
Interest receivable...................... 514,521
------------
Total Assets........................... $ 81,532,210
------------
LIABILITIES:
Payable to dividend disbursing agent..... $ 445,670
Trustees' fees payable................... 417
Custodian fee payable.................... 5,953
Accrued expenses and other liabilities... 3,275
------------
Total Liabilities...................... $ 455,315
------------
NET ASSETS.................................. $ 81,076,895
============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares
issued to shareholders in payment of distributions
declared), less cost of shares redeemed.. $ 82,451,314
Accumulated net realized loss on investment
transactions (computed on the basis of
identified cost)......................... (1,110,310)
Unrealized depreciation of investments (computed
on the basis of identified cost)......... (267,309)
Undistributed net investment income......... 3,200
------------
Net assets applicable to outstanding shares $ 81,076,895
============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING.............................. 7,760,776
============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................... $10.45
============
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
- ------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest Income (Note 1B)................ $ 3,217,671
------------
Expenses --
Investment adviser fee (Note 3)........ $ 164,148
Administrator fee (Note 3)............. 41,037
Compensation of trustees not affiliated with
the Investment adviser or administrator 1,076
Distribution expenses (Note 4)......... 82,074
Custodian fee (Note 3)................. 21,679
Audit services......................... 20,700
Transfer and dividend disbursing agent fees 6,992
Registration costs..................... 8,766
Interest on loans...................... 3,651
Printing............................... 691
Legal services......................... 927
Miscellaneous.......................... 9,527
------------
Total expenses....................... $ 361,268
------------
Net investment income.............. $ 2,856,403
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (412,142)
Change in unrealized appreciation
of investments......................... 6,522,068
------------
Net realized and unrealized gain
on investments..................... $ 6,109,926
------------
Net increase in net assets
from operations.................... $ 8,966,329
============
- ----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT CURRENT INCOME FUND
===============================================================================
<TABLE>
<CAPTION>
Six Months Ended Year Ended
STATEMENT OF CHANGES IN NET ASSETS June 30, 1995 Dec. 31, 1994
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
<S> <C> <C>
From operations --
Net investment income.................................................. $ 2,856,403 $ 6,817,890
Net realized loss on investment
transactions......................................................... (412,142) (682,417)
Change in unrealized appreciation
of investments....................................................... 6,522,068 (10,057,612)
------------ ------------
Increase (decrease) in net assets from operations................. $ 8,966,329 $ (3,922,139)
------------ ------------
Distributions to shareholders --
From net investment income............................................. $ (2,851,965) $ (6,817,890)
In excess of net investment income..................................... -- (1,238)
------------ ------------
Total distributions............................................... $ (2,851,965) $ (6,819,128)
------------ ------------
Net decrease from Fund share transactions (Note 5)......................... $ (9,215,073) $ (20,238,740)
------------ ------------
Net increase (decrease) in net assets............................. $ (3,100,709) $ (30,980,007)
NET ASSETS:
At beginning of period..................................................... 84,177,604 115,157,611
------------ ------------
At end of period........................................................... $ 81,076,895 $ 84,177,604
============= =============
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF)
NET INVESTMENT INCOME INCLUDED IN NET ASSETS.................................... $ 3,200 $ (1,238)
============= =============
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT CURRENT INCOME FUND
===============================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------
FINANCIAL HIGHLIGHTS 1995(2) 1994 1993 1992 1991 1990
(UNAUDITED)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 9.710 $ 10.750 $ 10.780 $ 10.850 $ 10.160 $ 10.090
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income(1)................. $ 0.349 $ 0.690* $ 0.728 $ 0.767 $ 0.798 $ 0.859
Net realized and unrealized gain (loss) on
investments............................ 0.740 (1.040) (0.030) (0.069) 0.690 0.080
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations......... $ 1.089 $ (0.350) $ 0.698 $ 0.698 $ 1.488 $ 0.939
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............... $ (0.349) $ (0.690) $ (0.728) $ (0.767) $ (0.798) $ (0.859)
From net realized gain................... -- -- -- (0.001) -- (0.010)
-------- -------- -------- -------- -------- --------
Total distributions.................. $ (0.349) $ (0.690) $ (0.728) $ (0.768) $ (0.798) $ (0.869)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 10.450 $ 9.710 $ 10.750 $ 10.780 $ 10.850 $ 10.160
========= ========= ========= ========= ========= =========
Total Return................................ 11.36% (3.30%) 6.59% 6.73% 15.31% 9.85%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $ 81,077 $84,178 $115,158 $ 99,676 $ 65,700 $ 17,601
Ratio of net expenses to average net assets 0.9%(3) 0.8% 0.8% 0.9% 0.9% 0.9%
Ratio of net investment income to average
net assets............................. 7.0%(3) 6.9% 6.7% 7.2% 7.6% 8.6%
Portfolio Turnover Rate.................. 0% 10% 4% 13% 5% 10%
<FN>
(1)During each of the years in the two-year period ended December 31, 1991, the
operating expenses of the Fund were reduced either by a reduction of the
investment adviser fee, administrator fee, or distribution fee or through the
allocation of expenses to the Adviser, or a combination of these. Had such
actions not been undertaken, the net investment income per share and the
ratios would have been as follows:
Year Ended December 31,
-----------------------
1991 1990
Net investment income per share............. $ 0.787 $ 0.809
========= =========
Ratios (As a percentage of average net assets):
Expenses .............................. 1.0% 1.4%
========= =========
Net investment income.................... 7.5% 8.1%
========= =========
(2) Six months ended June 30, 1995.
(3) Annualized.
* Includes distribution in excess of net investment income of $.00013 per share.
</FN>
- -----------------------------------------------------------------------------------------------------------------------------------
See notes to financial statements
</TABLE>
<PAGE>
THE WRIGHT MANAGED INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
===============================================================================
(1) SIGNIFICANT ACCOUNTING POLICIES
The Trust, issuer of Wright Government Obligations Fund (WGOF) series,
Wright Near Term Bond Fund (WNTB) series, Wright Total Return Bond Fund (WTRB)
series, Wright Insured Tax Free Bond Fund (WTFB) series, and Wright Current
Income Fund (WCIF) series, 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 Trust in the preparation of its financial statements. The policies are in
conformity with generally accepted accounting principles.
A. Investment Valuations -- Investments of the various funds 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 value.
B. Income -- Interest income is determined on the basis of interest accrued
and discount earned, adjusted for amortization of premium or discount on
long-term debt securities when required for federal income tax purposes.
C. 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,
1994, the Trust, for federal income tax purposes, had capital loss
carryovers of $963,970 (WGOF), $23,344,003 (WNTB), $698,168 (WCIF) and
$1,884,088 (WTRB) 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 WGOF WNTB WCIF WTRB
1995 $ -- $2,038,311 $ -- $ --
1996 -- 2,300,814 -- --
1997 -- 1,319,208 -- --
1998 963,970 3,324,484 -- --
1999 -- 4,467,443 -- --
2000 -- 2,957,673 7,132 --
2001 -- -- 8,619 --
2002 -- 6,936,070 682,417 1,884,088
Distributions paid by WTFB from net investment income on tax-exempt
municipal securities are not included by shareholders as gross income for
federal income tax purposes because WTFB intends to meet certain
requirements of the Code applicable to regulated investment companies which
will enable WTFB to pay exempt distributions. The portion of interest, if
any, earned on private activity bonds issued after August 7, 1986, may be
considered a tax preference item to shareholders.
D. Other -- Investment transactions are accounted for on the date the
investments are purchased or sold.
(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
<PAGE>
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, are
classified as distributions in excess of net investment income or accumulated
net realized gains.
During the year ended December 31, 1994, $53,186 was reclassified from
undistributed net investment income to accumulated undistributed net realized
loss on investment transactions on WTRB's financial statements, and $11,789 was
reclassified from undistributed net investment income to paid-in capital on
WNTB's financial statements. Also during the year ended December 31, 1994,
$3,283 was reclassified from accumulated net realized gain on investment
transactions, of which $2,256 was reclassified to undistributed net investment
income and $1,027 to paid-in capital on WTFB's financial statements. These
reclassifications are due to differences between book and tax accounting. Net
investment income, net realized gains (losses) and net assets were not affected
by these reclassifications.
(3) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service (Wright) to perform
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 period ended June 30,1995, the effective annual rate was 0.40% for WGOF,
WTFB and WCIF, and 0.46% for WTRB and WNTB. To enhance the net income of the
Funds, Wright reduced its investment adviser fee by $21,595 and $16,865 for the
benefit of WTFB and WGOF, respectively. 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 period ended June 30, 1995, the effective annual rate was 0.10%
for WGOF, WTFB and WCIF, and 0.04% for WTRB and WNTB. Except as to Trustees of
the Trust who are not affiliated with Eaton Vance or Wright, Trustees and
officers received remuneration for their services to the Trust out of fees paid
to Eaton Vance and Wright. The custodian fee was paid to Investors Bank & Trust
Company (IBT), an affiliate of Eaton Vance, for its services as custodian of the
Trust. Pursuant to the custodian agreement, IBT receives a fee reduced by
credits which are determined based on the average daily cash balances the Trust
maintains with IBT. Certain of the Trustees and officers of the Trust are
directors/trustees and/or officers of the above organizations. See Note 4.
(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 will pay the principal underwriter, Wright Investors' Service
Distributors, Inc., a subsidiary of Wright Investors' Service, at an annual rate
of 2/10 of 1% of the average daily net assets of each Fund for activities
primarily intended to result in the sale of each Fund's shares. For the period
ended June 30, 1995, the Principal Underwriter made a reduction of its fee to
WGOF and WTFB by $16,865 and $10,798, respectively.
<PAGE>
(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>
Six Months Ended Year Ended
June 30, 1995 (Unaudited) December 31, 1994
------------------------- -----------------
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------------------------------
WRIGHT GOVERNMENT OBLIGATIONS FUND --
<S> <C> <C> <C> <C>
Sales.................................................... 71,916 $ 924,419 162,879 $ 2,104,165
Issued to shareholders in payment
of distributions declared.............................. 20,149 260,054 62,116 805,054
Redemptions.............................................. (223,474) (2,916,230) (943,611) (12,465,253)
---------- ------------- ---------- -------------
Net decrease......................................... (131,409) $ (1,731,757) (718,616) $ (9,556,034)
========== ============== ========== ==============
WRIGHT NEAR TERM BOND FUND --
Sales.................................................... 1,108,432 $ 11,247,463 4,457,277 $ 46,681,687
Issued to shareholders in payment of
distributions declared................................. 343,032 3,478,605 1,093,362 11,252,377
Redemptions.............................................. (6,912,363) (70,437,686) (19,306,382) (199,439,187)
---------- ------------- ---------- -------------
Net decrease......................................... (5,460,899) $(55,711,618) (13,755,743) $(141,505,123)
========== ============== ========== ==============
WRIGHT TOTAL RETURN BOND FUND --
Sales.................................................... 757,856 $ 9,099,481 3,088,029 $ 38,238,580
Issued to shareholders in payment
of distributions declared.............................. 240,089 2,865,563 800,418 9,609,765
Redemptions.............................................. (3,678,921) (44,177,395) (11,284,858) (138,048,649)
---------- ------------- ---------- -------------
Net decrease......................................... (2,680,976) $(32,212,351) (7,396,411) $(90,200,306)
========== ============== ========== ==============
WRIGHT INSURED TAX-FREE BOND FUND --
Sales.................................................... 157,938 $ 1,794,913 307,219 $ 3,650,011
Issued to shareholders in payment
of distributions declared ............................. 11,277 128,287 52,115 597,038
Redemptions.............................................. (194,368) (2,208,380) (889,361) (10,300,948)
---------- ------------- ---------- -------------
Net decrease......................................... (25,153) $ (285,180) (530,027) $ (6,053,899)
========== ============== ========== ==============
WRIGHT CURRENT INCOME FUND --
Sales.................................................... 378,183 $ 3,831,725 1,447,569 $ 14,915,507
Issued to shareholders in payment
of distributions declared.............................. 195,876 1,981,057 530,312 5,337,338
Redemptions.............................................. (1,483,753) (15,027,855) (4,014,808) (40,491,585)
---------- ------------- ---------- -------------
Net decrease......................................... (909,694) $ (9,215,073) (2,036,927) $(20,238,740)
========= ============ ========= ============
</TABLE>
<PAGE>
(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:
<TABLE>
<CAPTION>
Six Months Ended June 30, 1995
-------------------------------------------------------------------------------------------------
Wright Government Wright Near Wright Total Wright Insured Wright Current
Obligations Fund Term Bond Fund Return Bond Fund Tax-Free Bond Fund Income Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Purchases --
<S> <C> <C> <C> <C> <C>
Non-U.S. Gov't Obligations.. $ -- $ -- $ 5,301,420 $ 540,389 $ --
============== ============== ============== ============== ==============
U.S. Gov't Obligations...... $ 295,188 $ 25,248,984 $ 25,511,699 $ -- $ --
============== ============== ============== ============== ==============
Sales --
Non-U.S. Gov't Obligations.. $ -- $ -- $ 13,881,550 $ 1,564,638 $ --
============== ============== ============== ============== ==============
U.S. Gov't Obligations...... $ 1,744,281 $ 80,620,086 $ 48,985,013 $ -- $ 7,524,458
============== ============== ============== ============== ==============
(7) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) in value of the
investments owned at June 30, 1995, as computed on a federal income tax basis,
are as follows:
Wright Government Wright Near Wright Total Wright Insured Wright Current
Obligations Fund Term Bond Fund Return Bond Fund Tax-Free Bond Fund Income Fund
- -----------------------------------------------------------------------------------------------------------------------------------
Aggregate cost................... $ 14,954,376 $160,322,221 $119,080,957 $ 10,255,259 $ 81,281,463
============== ============== ============== ============== ==============
Gross unrealized appreciation.... $ 1,829,025 $ 4,796,688 $ 5,689,837 $ 401,391 $ 1,243,047
Gross unrealized depreciation.... -- 996,057 1,975,548 58,658 1,510,356
------------ ------------ ------------ ------------ ------------
Net unrealized appreciation
(depreciation)............ $ 1,829,025 $ 3,800,631 $ 3,714,289 $ 342,733 $ (267,309)
============== ============== ============== ============== ==============
</TABLE>
<PAGE>
(8) FINANCIAL INSTRUMENTS
The Funds may trade in financial instruments with off-balance sheet risk in
the normal course of its investing activities to assist in managing exposure to
various market risks. These financial instruments include written options and
futures contracts and may involve, to a varying degree, elements of risk in
excess of the amounts recognized for financial statement purposes. None of the
Funds held such instruments at June 30, 1995.
(9) LINE OF CREDIT
The Trust 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 commitment fee computed at a rate of 1/4 of 1% of $10,000,000 less
the value of any borrowing. The Funds had no outstanding loans at June 30, 1995.
<PAGE>
WRIGHT NEAR TERM BOND FUND (WNTB), like WGOF, is a diversified portfolio
concentrating on bonds and other obligations of the U.S. Government, its
agencies and instrumentalities which are guaranteed as to principal and interest
by the full faith and credit of the U.S. Government. The average weighted
maturity varies from one to 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 TOTAL RETURN BOND FUND (WTRB) is a diversified portfolio of quality
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.
WRIGHT INSURED TAX-FREE BOND FUND (WTFB) is a diversified portfolio invested in
high-grade municipal bonds and other intermediate or long-term debt securities
that provide current interest income which is exempt from Federal income taxes.
The portfolio limits its investments to obligations exempt from Federal income
tax which at the time of purchase are insured as to principal and interest. The
portfolio will have an average weighted maturity that produces the best
compromise between generous return and stability of principal. Dividends are
accrued daily and paid monthly.
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. Currently, this portfolio is primarily invested in
mortgage Participation Certificates issued by the Government National Mortgage
Association (GNMA). GNMA guarantees that the fund will receive timely principal
and interest payments. The Fund reinvests all principal payments. Dividends are
accrued daily and paid monthly.
<PAGE>
- -------------------------------------------------------------------------------
Description of art work on back cover of report
Three thin vertical red stripes on right side of page.
- -------------------------------------------------------------------------------
THE WRIGHT MANAGED
INCOME TRUST
SEMI-ANNUAL
REPORTS
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
AUDITORS
Deloitte & Touche
125 Summer Street
Boston, Massachusetts 02110
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.
