- --------------------------------------------------------------------------------
Description of the art work on the front cover of the report
Three thin vertical red lines on the right side of the page.
- --------------------------------------------------------------------------------
ANNUAL
REPORT
DECEMBER 31, 1994
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.
(CONTINUED ON INSIDE BACK COVER)
TABLE OF CONTENTS
INVESTMENT
OBJECTIVES.....................Inside Front Cover
LETTER TO
SHAREHOLDERS................................... 1
WRIGHT MANAGED INCOME FUNDS --
Dividend Distributions....................... 4
WRIGHT GOVERNMENT
OBLIGATIONS FUND (WGOF) --
Portfolio of Investments..................... 6
Financial Statements......................... 7
WRIGHT NEAR TERM
BOND FUND (WNTB) --
Portfolio of Investments.....................10
Financial Statements.........................12
WRIGHT TOTAL RETURN
BOND FUND (WTRB) --
Portfolio of Investments.....................15
Financial Statements.........................18
WRIGHT INSURED TAX FREE
BOND FUND (WTFB) --
Portfolio of Investments.....................21
Financial Statements.........................24
WRIGHT CURRENT
INCOME FUND (WCIF) --
Portfolio of Investments.....................27
Financial Statements.........................32
<PAGE>
THE WRIGHT MANAGED INCOME TRUST
================================================================================
February, 1995
Dear Shareholders:
The U.S. bond market suffered through a bear market decline during 1994, and
bond markets around the world followed the U.S. lead. The Federal Reserve
increased short-term interest rates six times for a total of 250 basis points
during the year; long-term yields climbed 150 basis points.
The Wright Total Return Bond Fund had a -6.6% total return for 1994. Over the
five years ended December 1994, the Fund has averaged a 6.2% annual rate of
total return. At December 31, Fund holdings were: 38% U.S. Treasury securities,
18% government agencies, and 42% high-quality corporate bonds. Average maturity
was 6.5 years; average duration, 5.0 years; and average yield to maturity, 8.2%.
The Wright Government Obligations Fund, which holds U.S. Treasury bonds with an
average maturity of 21 years currently and an average duration of 10 years, had
a -8.7% total return for 1994. Its ten-year average return has been 10.1% per
annum. At December 31, 1994, Fund yield to maturity averaged 8.0%.
The Wright Current Income Fund had a total return of -3.3% vs -3.9% for the
Morningstar government mortgage fund average in 1994. Since its inception in
1987, the Fund has averaged an 7.9% annual rate of total return. During 1994,
mortgage rates rose by roughly two percentage points, resulting in price
weakness in mortgage-backed securities. Unlike many other mortgage-backed
securities funds, the Current Income Fund does not hold any derivative
securities; Fund holdings are 100% mortgage-backed securities guaranteed by the
Government National Mortgage Association (Ginnie Mae).
The Wright Near Term Bond Fund had a -3.1% total return for 1994, the first
negative return for any year since the Fund's inception in 1983. For the five
years ended December 1994, the Fund's average annual rate of total return has
been 6.4%. At December 31, Fund holdings (71% Treasuries, 27% government
agencies and 2% cash) averaged 2.5 years to maturity, down from 3.3 years at
June 30 and at the midpoint of the Fund target maturity range (0-5 years); Fund
average yield to maturity was 7.9%.
The Wright Insured Tax Free Bond Fund had a -4.1% total return (vs -6.3% for the
average insured tax-free bond fund). The Fund's average annual rate of return
since inception 9 1/2 years ago is 6.7%, the same as for the average fund in the
insured tax-free category. At the end of 1994, the Fund's average time to
maturity was 8.4 years, and the average yield to maturity of its holdings was
6.4%. Fund holdings are strictly AAA-insured, tax-exempt, municipal securities.
In late 1994 and into the early weeks of 1995, the U.S. bond market has begun to
act a little better. This improved market action is partly as a result of
expectations that the economy will slow and inflation will remain relatively low
over the coming year. But it may also reflect the fact that the market's current
7 1/2%-8% level of yields has drawn bargain hunters back into the market,
providing support to bond market values. In the low
<PAGE>
inflation environment expected for 1995, intermediate-term bonds offer
sizeable yield premiums overinflation and rates on short-term securities, in
Wright's opinion. Another hike in interest rates early in 1995 could temporarily
halt the improvement seen over the past several months in the U.S. bond
market. Nevertheless, as 1995 progresses, a move to lower bond yields
and higher bond market values is expected.
It should be understood that performance data quoted above represents past
performance which is not predictive of future 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
<TABLE>
WRIGHT GOVERNMENT OBLIGATIONS FUND
Growth of $10,000 invested 12/31/84 through 12/31/94
<CAPTION>
Annual Total Return
----------------------------------------
Lst 1 Yr Lst 5 Yrs Lst 10 Yrs
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wright Gov't Obligations Fund -8.6% +7.2% +10.1%
Lehman Gov't/Corp Index -3.5% +7.7% +9.8%
Lipper Fixed Income Funds -3.3% +7.1% +8.6%
</TABLE>
<TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT GOVERNMENT OBLIGATIONS FUND on 12/31/84
would have grown to $26,066 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<CAPTION>
Date Wright Gov't Lehman Gov't/Co Lipper Fixed
Obligations Fund Index Income Funds
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
12-31-84 $10,000 $10,000 $10,000
12-31-85 $12,633 $12,130 $11,980
12-31-86 $15,148 $14,025 $13,501
12-31-87 $14,700 $14,346 $13,672
12-31-88 $15,817 $15,434 $14,754
12-31-89 $18,389 $17,631 $16,144
12-31-90 $19,553 $19,091 $16,832
12-31-91 $22,986 $22,170 $19,890
12-31-92 $24,612 $23,851 $21,456
12-31-93 $28,525 $26,482 $23,530
12-31-94 $26,066 $25,553 $22,759
</TABLE>
<TABLE>
WRIGHT NEAR TERM BOND FUND
Growth of $10,000 invested 12/31/84 through 12/31/94
<CAPTION>
Annual Total Return
----------------------------------------
Lst 1 Yr Lst 5 Yrs Lst 10 Yrs
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wright Near Term Bond Fund -3.1% +6.3% +7.9%
Lehman Gov't/Corp Index -3.5% +7.7% +9.8%
Morningstar Gov't (1-5 Yrs) Funds -2.1% +6.1% +7.8%
</TABLE>
<TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT NEAR TERM BOND FUND on 12/31/84
would have grown to $21,347 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<CAPTION>
Date Wright Near Term Lehman Gov't/Co Morningstar Gov't
Bond Fund Index (1-5 Yrs) Funds
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
12-31-84 $10,000 $10,000 $10,000
12-31-85 $11,530 $12,129 $11,701
12-31-86 $13,043 $14,019 $13,059
12-31-87 $13,348 $14,349 $13,381
12-31-88 $14,115 $15,429 $14,248
12-31-89 $15,692 $17,628 $15,812
12-31-90 $16,983 $19,088 $17,156
12-31-91 $19,204 $22,168 $19,375
12-31-92 $20,406 $23,848 $20,481
12-31-93 $22,029 $26,478 $21,712
12-31-94 $21,347 $25,548 $21,254
</TABLE>
<PAGE>
<TABLE>
WRIGHT TOTAL RETURN BOND FUND
Growth of $10,000 invested 12/31/84 through 12/31/94
<CAPTION>
Annual Total Return
----------------------------------------
Lst 1 Yr Lst 5 Yrs Lst 10 Yrs
- -------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wright Total Return Bond Fund -6.6% +6.2% +9.3%
Lehman Gov't/Corp Index -3.5% +7.7% +9.8%
Lipper Fixed Income Funds -3.3% +7.1% +8.6%
</TABLE>
<TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT TOTAL RETURN BOND FUND on 12/31/84
would have grown to $24,392 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<CAPTION>
Date Wright Total Return Lehman Gov't/Co Lipper Fixed
Bond Fund Index Income Funds
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
12-31-84 $10,000 $10,000 $10,000
12-31-85 $12,701 $12,130 $11,980
12-31-86 $15,310 $14,020 $13,501
12-31-87 $14,830 $14,350 $13,672
12-31-88 $15,905 $15,430 $14,754
12-31-89 $18,065 $17,630 $16,144
12-31-90 $19,021 $19,090 $16,832
12-31-91 $21,947 $22,170 $19,890
12-31-92 $23,511 $23,850 $21,456
12-31-93 $26,103 $26,480 $23,530
12-31-94 $24,392 $25,550 $22,759
</TABLE>
<TABLE>
WRIGHT TAX-FREE BOND FUND
Growth of $10,000 invested 5/1/85* through 12/31/94
<CAPTION>
Annual Total Return
--------------------------------------------
Lst 1 Yr Lst 5 Yrs Since Incept*
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wright Tax-Free Bond Fund -4.1% +5.9% +6.8%
Lehman Gov't/Corp Index -3.5% +7.7% +9.7%
Lehman Municipal Bond index -5.2% +6.9% +9.0%
</TABLE>
<TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT TAX-FREE BOND FUND on 5/1/85
would have grown to $18,885 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<CAPTION>
Date Wright Tax-Free Lehman Gov't/Co Lehman Municipal
Bond Fund Index Bond index
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
04-30-85 $10,000 $10,000 $10,000
12-31-85 $10,594 $11,637 $11,131
12-31-86 $12,148 $13,454 $13,281
12-31-87 $12,423 $13,763 $13,480
12-31-88 $13,220 $14,806 $14,849
12-31-89 $14,160 $16,914 $16,451
12-31-90 $14,999 $18,315 $17,799
12-31-91 $16,575 $21,268 $19,795
12-31-92 $17,886 $22,880 $21,540
12-31-93 $19,655 $25,405 $24,186
12-31-94 $18,855 $24,513 $22,936
</TABLE>
<TABLE>
WRIGHT CURRENT INCOME FUND
Growth of $10,000 invested 5/1/87* through 12/31/94
<CAPTION>
Annual Total Return
-------------------------------------------
Lst 1 Yr Lst 5 Yrs Since Incept*
- ----------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wright Current Income Fund -3.3% +6.9% +8.0%
Lehman Gov't/Corp Index -3.5% +7.7% +8.3%
Lehman Mtg-Backed index -1.6% +7.6% +8.7%
</TABLE>
<TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT CURRENT INCOME BOND FUND on 5/1/87
would have grown to $18,016 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<CAPTION>
Date Wright Current Lehman Gov't/Co Lehman Mtg-Backed
Income Fund Index Index
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
04-30-87 $10,000 $10,000 $10,000
12-31-87 $10,416 $10,356 $10,459
12-31-88 $11,323 $11,141 $11,372
12-31-89 $12,925 $12,728 $13,117
12-31-90 $14,198 $13,782 $14,524
12-31-91 $16,372 $16,004 $16,807
12-31-92 $17,475 $17,217 $17,977
12-31-93 $18,626 $19,117 $19,208
12-31-94 $18,016 $18,446 $18,898
</TABLE>
NOTES: *: For comparison with other averages, the investment results are
shown from the first month-end since the Fund's inception. The investment
results of Wright Fixed Income Funds, Lipper's average of 1375 Fixed
Income Funds and Morningstar's average of 97 Government General Funds with
average maturities of 1 to 5 years are net of all fees and expenses charged to
the Funds. No fees or expenses have been deducted from the Lehman Bond Indices.
The Total Investment Return is the % return of an initial $10,000 investment
made at the beginning of the period to the ending redeemable value
assuming all dividends and distributions are reinvested. Past performance
is not predictive of future performance.
<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 Return
(Annualized)(Annualized)
- -----------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF)
- -----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7/25/83 $10.00 100.000 $1,000.00
12/93 14.36 230.337 3,307.64 15.90% 15.90% 12.52% 12.14%
1/94 14.61 $0.074690 0.005112 231.515 3,382.43 2.26% 15.14% 12.65% 12.28%
2/94 13.92 0.067010 0.004814 232.629 3,238.20 -2.10% 6.91% 12.05% 11.72%
3/94 13.25 0.075510 0.005699 233.955 3,099.90 -6.28% 2.07% 10.86% 11.17%
4/94 12.95 0.072960 0.005634 235.273 3,046.79 -7.89% -0.22% 9.96% 10.90%
5/94 12.80 0.074640 0.005831 236.645 3,029.06 -8.42% -1.13% 9.12% 10.75%
6/94 12.60 0.072600 0.005762 238.009 2,998.91 -9.33% -5.96% 7.93% 10.57%
7/94 12.92 0.072863 0.005640 239.351 3,093.41 -6.51% -4.33% 8.09% 10.79%
8/94 12.75 0.074840 0.005870 240.756 3,069.64 -7.20% -8.56% 8.48% 10.63%
9/94 12.29 0.072557 0.005904 242.177 2,976.36 -10.02% -11.70% 7.75% 10.24%
10/94 12.15 0.072970 0.006006 243.632 2,960.12 -10.51% -12.67% 6.91% 10.11%
11/94 12.13 0.073090 0.006026 245.100 2,973.06 -10.12% -9.94% 6.85% 10.07%
12/94 12.25 0.076648 0.006257 246.633 3,021.26 -8.66% -8.66% 7.22% 10.15%
---------
Total $0.880378
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT NEAR TERM BOND FUND (WNTB)
- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7/25/83 $10.00 100.000 $1,000.00
12/93 10.84 235.787 2,555.94 7.95% 7.95% 9.31% 9.41%
1/94 10.90 $0.052477 0.004814 236.923 2,582.46 1.04% 6.98% 9.35% 9.44%
2/94 10.66 0.047530 0.004459 237.979 2,536.86 -0.75% 3.53% 9.02% 9.18%
3/94 10.41 0.052900 0.005082 239.188 2,489.95 -2.58% 1.17% 8.57% 8.91%
4/94 10.27 0.048040 0.004678 240.307 2,467.95 -3.44% -0.49% 8.00% 8.75%
5/94 10.21 0.050086 0.004906 241.486 2,465.57 -3.54% -0.27% 7.60% 8.67%
6/94 10.17 0.048305 0.004750 242.633 2,467.58 -3.46% -1.68% 7.15% 8.61%
7/94 10.24 0.047294 0.004619 243.754 2,496.04 -2.34% -0.68% 7.01% 8.66%
8/94 10.21 0.048329 0.004733 244.907 2,500.50 -2.17% -2.06% 7.30% 8.61%
9/94 10.10 0.047837 0.004736 246.067 2,485.28 -2.76% -3.13% 7.08% 8.48%
10/94 10.06 0.045959 0.004468 247.191 2,486.75 -2.71% -3.10% 6.68% 8.42%
11/94 9.95 0.047969 0.004821 248.383 2,471.41 -3.31% -3.02% 6.40% 8.30%
12/94 9.92 0.050938 0.005135 249.659 2,476.61 -3.10% -3.10% 6.35% 8.25%
---------
Total $0.587664
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT TOTAL RETURN BOND FUND (WTRB)
- ----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7/25/83 $10.00 100.000 $1,000.00
12/93 13.01 234.265 3,047.78 11.03% 11.03% 10.42% 11.27%
1/94 13.14 $0.063187 0.004809 235.391 3,093.04 1.48% 9.97% 10.47% 11.33%
2/94 12.69 0.060237 0.004747 236.508 3,001.29 -1.53% 4.32% 9.99% 10.93%
3/94 12.21 0.063987 0.005241 237.748 2,902.90 -4.75% 0.45% 9.26% 10.49%
4/94 11.99 0.060680 0.005061 238.951 2,865.02 -6.00% -1.59% 8.59% 10.27%
5/94 11.90 0.062522 0.005254 240.207 2,858.46 -6.21% -1.64% 7.96% 10.16%
6/94 11.79 0.060873 0.005163 241.447 2,846.66 -6.60% -4.36% 7.13% 10.04%
7/94 11.95 0.059392 0.004970 242.647 2,899.63 -4.86% -2.84% 6.98% 10.15%
8/94 11.90 0.061091 0.005134 243.892 2,902.32 -4.77% -5.15% 7.47% 10.07%
9/94 11.65 0.060429 0.005187 245.158 2,856.09 -6.29% -7.30% 7.07% 9.84%
10/94 11.55 0.060954 0.005277 246.451 2,846.51 -6.60% -7.85% 6.33% 9.73%
11/94 11.44 0.061416 0.005369 247.774 2,834.54 -7.00% -6.68% 6.10% 9.61%
12/94 11.43 0.063033 0.005515 249.141 2,847.68 -6.57% -6.57% 6.19% 9.58%
----------
Total $0.737801
</TABLE>
<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 Return
(Annualized)(Annualized)
- -----------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT INSURED TAX-FREE BOND FUND (WTFB)
- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/9/85 $10.00 100.000 $1,000.00
12/93 12.17 161.344 1,963.55 9.89% 9.89% 8.26% 8.04%
1/94 12.26 $0.045185 0.003686 161.938 1,985.36 1.11% 10.10% 8.33% 8.09%
2/94 11.96 0.046048 0.003850 162.562 1,944.24 -0.98% 4.79% 7.97% 7.77%
3/94 11.55 0.046691 0.004043 163.219 1,885.18 -3.99% 2.24% 7.42% 7.32%
4/94 11.50 0.046198 0.004017 163.875 1,884.56 -4.02% 1.46% 7.07% 7.25%
5/94 11.50 0.047372 0.004119 164.550 1,892.32 -3.63% 1.39% 6.86% 7.23%
6/94 11.43 0.050019 0.004376 165.270 1,889.03 -3.80% 0.06% 6.57% 7.14%
7/94 11.57 0.045483 0.003931 165.919 1,919.69 -2.23% 1.56% 6.70% 7.26%
8/94 11.55 0.045814 0.003967 166.577 1,923.97 -2.02% 0.06% 6.89% 7.21%
9/94 11.39 0.046937 0.004121 167.264 1,905.14 -2.97% -1.71% 6.76% 7.04%
10/94 11.24 0.045497 0.004048 167.941 1,887.66 -3.87% -3.06% 6.36% 6.87%
11/94 11.02 0.047287 0.004291 168.662 1,858.65 -5.34% -3.65% 5.78% 6.64%
12/94 11.02 0.147026 0.013342 170.912 1,883.45 -4.08% -4.08% 5.89% 6.72%
----------
Total $0.659557
</TABLE>
<TABLE>
- -----------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT CURRENT INCOME FUND (WCIF)
- ---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
4/14/87 $10.00 100.000 $1,000.00
12/93 10.75 173.096 1,860.78 6.59% 6.59% 10.47% 9.69%
1/94 10.79 $0.055758 0.005168 173.990 1,877.35 0.89% 5.66% 10.32% 9.70%
2/94 10.63 0.056543 0.005319 174.916 1,859.35 -0.08% 3.69% 10.31% 9.44%
3/94 10.24 0.057732 0.005638 175.902 1,801.23 -3.20% -0.05% 9.63% 8.82%
4/94 10.10 0.055820 0.005527 176.874 1,786.43 -4.00% -1.27% 9.01% 8.59%
5/94 10.05 0.056228 0.005595 177.864 1,787.53 -3.94% -1.76% 8.35% 8.49%
6/94 9.94 0.055656 0.005599 178.859 1,777.86 -4.46% -3.27% 7.65% 8.31%
7/94 10.10 0.056948 0.005638 179.868 1,816.67 -2.37% -1.87% 7.72% 8.53%
8/94 10.05 0.057539 0.005725 180.898 1,818.02 -2.30% -1.97% 8.04% 8.44%
9/94 9.82 0.058523 0.005960 181.976 1,787.00 -3.96% -3.56% 7.53% 8.09%
10/94 9.72 0.057315 0.005897 183.049 1,779.23 -4.38% -4.23% 6.97% 7.93%
11/94 9.64 0.059376 0.006159 184.176 1,775.46 -4.59% -3.90% 6.69% 7.81%
12/94 9.71 0.059705 0.006149 185.309 1,799.35 -3.30% -3.30% 6.86% 7.91%
----------
Total $0.687143
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
================================================================================================================================
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 $105.391 $ 1,580,865 8.07% 8.00%
900,000 U.S. Treasury Bonds 11.625% 11/15/04 125.250 1,127,250 9.28% 7.89%
1,300,000 U.S. Treasury Bonds 10.000% 5/15/10 113.953 1,481,389 8.78% 8.37%
1,400,000 U.S. Treasury Bonds 14.000% 11/15/11 145.562 2,037,868 9.62% 8.77%
1,000,000 U.S. Treasury Bonds 11.250% 2/15/15 132.125 1,321,250 8.52% 8.01%
2,200,000 U.S. Treasury Bonds 7.250% 5/15/16 92.469 2,034,318 7.84% 7.99%
2,100,000 U.S. Treasury Bonds 7.500% 11/15/16 94.906 1,993,026 7.90% 7.96%
1,500,000 U.S. Treasury Bonds 8.125% 8/15/19 101.328 1,519,920 8.02% 7.96%
2,400,000 U.S. Treasury Bonds 7.875% 2/15/21 98.750 2,370,000 7.98% 7.99%
250,000 U.S. Treasury Bonds 8.125% 5/15/21 101.594 253,985 8.00% 7.98%
450,000 U.S. Treasury Bonds 7.250% 8/15/22 92.312 415,404 7.85% 7.94%
------------
Total Investments (identified cost, $16,272,905)-- 96.9% $16,135,275 8.17% 8.04%
===== =====
Other Assets, less Liabilities-- 3.1% 523,140
------------
Net Assets-- 100.0% $16,658,415
============
Average Maturity -- 20.7 Years[1]
[1] Unaudited.
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT GOVERNMENT OBLIGATIONS FUND
================================================================================
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
--------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost.................................. $ 16,272,905
Unrealized depreciation.......................... (137,630)
-------------
Total value (Note 1A).......................... $ 16,135,275
Cash............................................... 282,256
Interest receivable................................ 320,104
Receivable for fund shares sold.................... 233
-------------
Total Assets..................................... $ 16,737,868
-------------
LIABILITIES:
Payable for fund shares reacquired................. $ 5,595
Payable to dividend disbursing agent............... 51,572
Trustees' fees payable............................. 208
Custodian fee payable.............................. 8,491
Investment adviser fee payable..................... 12,342
Accrued expenses and other liabilities............. 1,245
-------------
Total Liabilities................................ $ 79,453
-------------
NET ASSETS............................................ $ 16,658,415
=============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares
issued to shareholders in payment of distributions
declared), less cost of shares redeemed............ $ 17,752,571
Accumulated net realized loss on investments
(computed on the basis of identified cost)......... (963,970)
Unrealized depreciation of investments (computed
on the basis of identified cost)................... (137,630)
Undistributed net investment income................... 7,444
-------------
Net assets applicable to outstanding shares........ $ 16,658,415
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 1,360,117
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $12.25
=============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest Income (Note 1B).......................... $ 1,630,680
-------------
Expenses --
Investment adviser fee (Note 3).................. $ 84,992
Administrator fee (Note 3)....................... 21,245
Compensation of trustees not affiliated with
the investment adviser or administrator........ 1,268
Distribution expenses (Note 4)................... 42,491
Custodian fee (Note 3)........................... 32,620
Audit services................................... 21,606
Transfer and dividend disbursing agent fees...... 7,775
Registration costs............................... 8,886
Printing......................................... 1,590
Legal services................................... 1,019
Miscellaneous.................................... 2,739
-------------
Total expenses................................. $ 226,231
-------------
Deduct --
Reduction of distribution expenses
(Note 4)....................................... $ 35,005
-------------
Net expenses................................... $ 191,226
-------------
Net investment income........................ $ 1,439,454
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis).......................... $ 358,064
Change in unrealized appreciation
of investments................................... (3,989,643)
-------------
Net realized and unrealized loss
on investments............................... $ (3,631,579)
-------------
Net decrease in net assets
from operations.............................. $ (2,192,125)
=============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT GOVERNMENT OBLIGATIONS FUND
================================================================================
Year Ended
December 31,
---------------------------
STATEMENT OF CHANGES IN NET ASSETS 1994 1993
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income.................................................. $ 1,439,454 $ 1,926,701
Net realized gain on investment
transactions......................................................... 358,064 765,128
Change in unrealized appreciation
of investments....................................................... (3,989,643) 1,820,047
-------------- -------------
Increase (decrease) in net assets from operations................. $ (2,192,125) $ 4,511,876
Distributions to shareholders from net investment income................... (1,439,554) (1,926,695)
Net decrease from Fund share transactions
(Note 5) ................................................................ (9,556,034) (2,441,667)
- -------------- -------------
Net increase (decrease) in net assets............................. $ (13,187,713) $ 143,514
NET ASSETS:
At beginning of year....................................................... 29,846,128 29,702,614
-------------- -------------
At end of year............................................................. $ 16,658,415 $ 29,846,128
============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS............................................................. $ 7,444 $ 7,544
============== ==============
</TABLE>
See notes to financial statements
<TABLE>
<CAPTION>
WRIGHT GOVERNMENT OBLIGATIONS FUND
=============================================================================================================================
Year Ended December 31,
---------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.......... $ 14.360 $ 13.190 $ 13.220 $ 12.100 $ 12.300
-------- --------- --------- --------- --------
Income (loss) from Investment Operations:
Net investment income[................. $ 0.880 $ 0.892 $ 0.911 $ 0.902 $ 0.912
Net realized and unrealized gain (loss)
on investments....................... (2.110) 1.170 (0.030) 1.120 (0.202)
--------- --------- ---------- --------- --------
Total income (loss)
from investment operations......... $ (1.230) $ 2.062 $ 0.881 $ 2.022 $ 0.710
--------- ---------- ---------- ---------- ---------
Less Distributions:
From net investment income............. $ (0.880) $ (0.892) $ (0.911) $ (0.902) $ (0.910)
--------- ---------- ---------- ---------- ---------
Net asset value, end of year................ $ 12.250 $ 14.360 $ 13.190 $ 13.220 $ 12.100
========= ========== ========== ========== =========
Total Return................................ (8.66%) 15.90% 7.07% 17.56% 6.33%
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $16,658 $ 29,846 $ 29,703 $ 33,857 $ 37,293
Ratio of net expenses to average net assets 0.9% 0.9% 0.9% 0.9% 0.9%
Ratio of net investment income to average
net assets........................... 6.9% 6.3% 7.1% 7.4% 8.1%
Portfolio Turnover Rate................ 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 either by an allocation of expenses to the
adviser or a reduction in distribution fee, or a combination of these. Had such
action not been undertaken, the net investment income per share and the ratios
would have been as follows:
Year Ended December 31,
-------------------------------------
1994 1993 1992
- ---------------------------------------------------------------------------------------------------
Net investment income per share............. $ 0.854 $ 0.878 $ 0.898
========= ========== ==========
Ratios (As a percentage of average net assets):
Expenses .............................. 1.1% 1.0% 1.0%
======== ========== =========
Net investment income.................. 6.7% 6.2% 7.0%
======== ========== =========
</FN>
</TABLE>
See notes to financial statements.
<PAGE>
<TABLE>
<CAPTION>
WRIGHT NEAR TERM BOND FUND (WNTB)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
================================================================================================================================
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 $ 92.344 $ 3,232,040 5.55% 7.84%
10,000,000 U.S. Treasury Notes 5.125% 11/15/95 98.297 9,829,700 5.24% 7.16%
2,350,000 U.S. Treasury Notes 7.125% 10/15/98 97.937 2,301,520 7.28% 7.76%
3,000,000 U.S. Treasury Notes 5.125% 12/31/98 90.812 2,724,360 5.64% 7.85%
7,700,000 U.S. Treasury Notes 6.875% 10/31/96 98.656 7,596,512 6.97% 7.67%
10,550,000 U.S. Treasury Notes 5.500% 4/30/96 97.484 10,284,562 5.64% 7.53%
3,450,000 U.S. Treasury Notes 9.000% 5/15/98 103.359 3,565,886 8.71% 7.84%
6,000,000 U.S. Treasury Notes 6.000% 6/30/96 97.844 5,870,640 6.13% 7.55%
2,000,000 U.S. Treasury Notes 7.875% 11/15/99 100.250 2,005,000 7.86% 7.81%
4,800,000 U.S. Treasury Notes 7.250% 11/15/96 99.219 4,762,512 7.31% 7.70%
7,500,000 U.S. Treasury Notes 7.625% 4/30/96 100.172 7,512,900 7.61% 7.47%
2,200,000 U.S. Treasury Notes 8.125% 2/15/98 100.766 2,216,852 8.06% 7.84%
2,000,000 U.S. Treasury Notes 8.000% 8/15/99 100.578 2,011,560 7.96% 7.85%
1,500,000 U.S. Treasury Notes 8.500% 2/15/00 102.734 1,541,010 8.27% 7.84%
3,000,000 U.S. Treasury Notes 7.000% 4/15/99 96.906 2,907,180 7.22% 7.86%
2,000,000 U.S. Treasury Notes 6.375% 1/15/99 94.937 1,898,740 6.72% 7.86%
3,000,000 U.S. Treasury Notes 6.875% 3/31/97 98.187 2,945,610 7.00% 7.76%
3,300,000 U.S. Treasury Notes 5.875% 5/15/95 99.781 3,292,773 5.89% 6.43%
15,900,000 U.S. Treasury Notes 6.375% 6/30/97 96.922 15,410,598 6.58% 7.75%
7,000,000 U.S. Treasury Notes 4.625% 8/15/95 98.594 6,901,580 4.69% 6.95%
14,000,000 U.S. Treasury Notes 5.625% 8/31/97 94.844 13,278,160 5.94% 7.81%
1,000,000 U.S. Treasury Notes 6.000% 10/15/99 92.812 928,120 6.47% 7.83%
12,000,000 U.S. Treasury Notes 6.000% 11/30/97 95.359 11,443,080 6.29% 7.81%
1,500,000 U.S. Treasury Notes 5.125% 6/30/98 91.797 1,376,955 5.58% 7.85%
3,000,000 U.S. Treasury Notes 4.750% 10/31/98 89.875 2,696,250 5.29% 7.86%
20,000,000 U.S. Treasury Notes 7.875% 4/15/98 100.094 20,018,800 7.87% 7.84%
500,000 U.S. Treasury Bonds 10.500% 2/15/95 100.547 502,735 10.44% 5.86%
3,500,000 U.S. Treasury Bonds 12.625% 5/15/95 102.266 3,579,310 12.35% 6.31%
10,600,000 Federal Home Loan Banks 8.250% 5/27/96 100.625 10,666,250 8.20% 7.76%
6,000,000 Federal Home Loan Banks 8.250% 6/25/96 100.531 6,031,860 8.21% 7.86%
5,500,000 Federal Home Loan Banks 8.000% 7/25/96 100.125 5,506,875 7.99% 7.91%
14,500,000 Federal Home Loan Banks 8.250% 9/25/96 100.625 14,590,625 8.20% 7.85%
</TABLE>
<PAGE>
<TABLE>
WRIGHT NEAR TERM BOND FUND (WNTB)
PORTFOLIO OF INVESTMENTS (continued)
DECEMBER 31, 1994
================================================================================================================================
<C> <S> <C> <C> <C> <C> <C> <C>
$ 3,300,000 Federal Home Loan Banks 8.600% 6/25/99 $102.937 $ 3,396,921 8.36% 7.81%
4,000,000 Federal Home Loan Banks 8.450% 7/26/99 102.531 4,101,240 8.24% 7.78%
2,500,000 Federal Home Loan Banks 8.600% 8/25/99 104.156 2,603,900 8.26% 7.52%
1,500,000 Federal Home Loan Banks 8.400% 1/25/95 100.044 1,500,660 8.40% 7.48%
2,000,000 Federal Home Loan Banks 6.070% 6/30/03 87.306 1,746,120 6.95% 8.17%
1,000,000 Federal Home Loan Banks 5.600% 9/22/03 84.165 841,650 6.65% 8.17%
2,500,000 Federal Home Loan Banks 5.610% 9/29/03 84.201 2,105,025 6.66% 8.17%
2,000,000 Federal Home Loan Banks 5.450% 10/29/03 83.103 1,662,060 6.56% 8.17%
3,400,000 Federal Home Loan Banks 5.020% 11/16/98 90.054 3,061,835 5.57% 8.06%
RESERVE FUNDS
440,000 American Express Corp. 5.754% 1/03/95 100.000 440,000
-----------
Total Investments (identified cost, $216,713,961) -- 99.4% 210,889,966 7.06% 7.85%
============ ==== =========== ===== =====
Other Assets, Less Liabilities -- 0.6% 1,232,256
-----------
Net Assets -- 100.0% $212,122,222
============
Average Maturity -- 2.5 Years[1]
<FN>
[1] Unaudited.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT NEAR TERM BOND FUND
================================================================================
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost.................................. $216,713,961
Unrealized depreciation.......................... (5,823,995)
Total value (Note 1A).......................... $210,889,966
Receivable for fund shares sold.................... 15,361
Interest receivable................................ 3,584,119
Total Assets..................................... $214,489,446
LIABILITIES:
Payable for fund shares reacquired................. $ 1,944,553
Payable to dividend disbursing agent............... 356,371
Due to bank........................................ 43,731
Trustees' fees payable............................. 208
Custodian fee payable.............................. 17,135
Accrued expenses and other liabilities............. 5,226
Total Liabilities................................ $ 2,367,224
NET ASSETS............................................ $212,122,222
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including
shares issued to shareholders in payment of
distributions declared), less cost of shares
redeemed............................................. $241,100,467
Accumulated net realized loss on investment
transactions (computed on the basis of
identified cost)................................... (23,344,003)
Unrealized depreciation of investments
(computed on the basis of identified cost)......... (5,823,995)
Undistributed net investment income................... 189,753
Net assets applicable to outstanding shares........ $212,122,222
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 21,387,764
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $9.92
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest Income (Note 1B).......................... $ 18,859,242
Expenses --
Investment adviser fee (Note 3).................. $ 1,266,025
Administrator fee (Note 3)....................... 172,293
Compensation of trustees not affiliated with
the Investment adviser or administrator........ 1,267
Distribution expenses (Note 4)................... 584,569
Custodian fee (Note 3)........................... 71,746
Transfer and dividend disbursing agent fees...... 34,730
Audit services................................... 26,206
Registration costs............................... 10,248
Printing......................................... 2,633
Legal services................................... 2,352
Miscellaneous.................................... 8,078
Total expenses................................. $ 2,180,147
Net investment income........................ $ 16,679,095
REALIZED AND UNREALIZED LOSS ON
INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (6,936,070)
Change in unrealized appreciation
of investments......................... (20,360,712)
Net realized and unrealized loss
on investments..................... $(27,296,782)
Net decrease in net assets
from operations.................... $(10,617,687)
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT NEAR TERM BOND FUND
================================================================================
Year Ended
December 31,
-------------------------------------
STATEMENT OF CHANGES IN NET ASSETS 1994 1993
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income.................................................. $ 16,679,095 $ 21,539,533
Net realized gain (loss) on investment
transactions......................................................... (6,936,070) 1,941,983
Change in unrealized appreciation
of investments....................................................... (20,360,712) 3,874,250
-------------- --------------
Increase (decrease) in net assets from operations................. $ (10,617,687) $ 27,355,766
Distributions to shareholders from net investment income................... (16,671,903) (21,551,322)
Net increase (decrease) from Fund share transactions (Note 5).............. (141,505,123) 4,038,621
- -------------- --------------
Net increase (decrease) in net assets............................. $(168,794,713) $ 9,843,065
NET ASSETS:
At beginning of year....................................................... 380,916,935 371,073,870
-------------- ---------------
At end of year............................................................. $ 212,122,222 $ 380,916,935
============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS............................................................. $ 189,753 $ 194,350
=============== ==============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT NEAR TERM BOND FUND
=============================================================================================================================
Year Ended December 31,
---------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.......... $ 10.840 $ 10.660 $ 10.750 $ 10.260 $ 10.330
--------- ---------- ---------- ---------- ---------
Income (loss) from Investment Operations:
Net investment income.................. $ 0.588 $ 0.655 $ 0.739 $ 0.795 $ 0.871
Net realized and unrealized gain (loss)
on investments....................... (0.920) 0.180 (0.090) 0.489 (0.068)
--------- ---------- ---------- ---------- ---------
Total income (loss) from investment
operations......................... $ (0.332) $ 0.835 $ 0.649 $ 1.284 $ 0.803
--------- ---------- ---------- ---------- ---------
Less distributions from net investment income $ (0.588) $ (0.655) $ (0.739) $ (0.794) $ (0.873)
--------- ---------- ---------- ---------- ---------
Net asset value, end of year................ $ 9.920 $ 10.840 $ 10.660 $ 10.750 $ 10.260
========= ========== ========== ========== =========
Total Return................................ (3.10%) 7.95% 6.26% 13.08% 8.23%
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $212,122 $380,917 $ 371,074 $ 232,407 $253,537
Ratio of expenses to average net assets 0.7% 0.7% 0.8% 0.8% 0.8%
Ratio of net investment income to average
net assets........................... 5.7% 6.0% 6.9% 7.7% 8.6%
Portfolio Turnover Rate................ 33% 22% 6% 18% 25%
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT TOTAL RETURN BOND FUND (WTRB)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
==============================================================================================================================
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>
CORPORATE BONDS -- 42.1%
- -------------------------
FINANCIAL -- 2.8%
$ 1,500,000 GE Capital Corp. 7.670% 5/22/02 $96.278 $ 1,444,170 7.97% 8.35%
2,000,000 GE Capital Corp. 7.875% 12/01/06 95.548 1,910,960 8.24% 8.47%
700,000 Rockland Trust Co.1 9.500% 10/15/96 89.500 626,500 10.62% 16.47%
-----------
$ 3,981,630
-----------
INDUSTRIALS -- 21.2%
$ 2,850,000 Abbott Labs 5.600% 10/01/03 $ 84.186 $ 2,399,301 6.65% 8.16%
2,000,000 Anheuser Busch 6.900% 10/01/02 91.477 1,829,540 7.54% 8.42%
2,000,000 Archer Daniels Midland Co. 6.250% 5/15/03 87.953 1,759,060 7.11% 8.27%
2,000,000 Dillard Dept. Stores 7.150% 9/01/02 92.933 1,858,660 7.69% 8.42%
2,500,000 Disney (Walt) Company 5.800% 10/27/08 78.942 1,973,550 7.35% 8.68%
4,000,000 E.I. Dupont Nemour 6.750% 10/15/02 91.401 3,656,040 7.39% 8.27%
1,000,000 General Mills 7.420% 6/01/00 96.052 960,520 7.72% 8.34%
1,050,000 Johnson & Johnson 7.375% 6/29/02 94.738 994,749 7.79% 8.33%
1,000,000 Kimberly Clark 9.125% 6/01/97 101.875 1,018,750 8.96% 8.25%
3,100,000 Minnesota Mining & Mfg. 6.250% 3/29/99 93.011 2,883,341 6.72% 8.23%
1,800,000 Pfizer Inc 6.500% 2/01/97 97.188 1,749,384 6.69% 7.99%
1,500,000 Proctor & Gamble Co. 8.000% 11/15/03 97.675 1,465,125 8.19% 8.37%
5,000,000 Sara Lee Corp. 5.750% 9/03/03 83.782 4,189,100 6.86% 8.42%
1,100,000 Upjohn Co. 6.170% 10/08/99 91.876 1,010,636 6.72% 8.26%
3,000,000 Wal-Mart Stores 6.375% 3/01/03 88.729 2,661,870 7.19% 8.30%
-----------
$30,409,626
-----------
UTILITIES -- 18.1%
$ 5,000,000 Bell Atlantic - New Jersey 5.875% 2/01/04 $ 85.018 $ 4,250,900 8.25% 6.91%
5,000,000 Bellsouth Telecommunication 6.375% 6/15/04 88.438 4,421,900 7.21% 8.15%
1,000,000 Citizens Utilities Co. 7.450% 1/15/04 94.830 948,300 7.86% 8.27%
2,000,000 Consolidated Edison 7.625% 3/01/04 94.471 1,889,420 8.07% 8.50%
7,600,000 Consolidated Edison 6.375% 4/01/03 88.265 6,708,140 7.22% 8.37%
1,000,000 Duke Power Co. 7.000% 6/01/00 94.106 941,060 7.44% 8.37%
2,000,000 Duke Power Co. 7.000% 9/01/05 90.426 1,808,520 7.74% 8.37%
3,000,000 Pacific Bell 7.250% 7/01/02 94.130 2,823,900 7.70% 8.32%
</TABLE>
<PAGE>
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C>
UTILITIES - continued
$ 2,000,000 Pacific Tel & Tel 6.500% 7/01/03 $ 87.951 $ 1,759,020 7.39% 8.52%
500,000 Wisconsin Telephone Co. 7.250% 2/01/07 91.524 457,620 7.92% 8.38%
-----------
$26,008,780
-----------
U.S. GOVERNMENT AGENCIES -- 17.8%
- ----------------------------------
$ 6,200,000 Federal Home Loan Banks 8.600% 6/25/99 $102.937 $ 6,382,094 8.36% 7.81%
5,700,000 Federal Home Loan Banks 8.375% 10/25/99 101.594 5,790,858 8.24% 7.79%
4,600,000 Federal Home Loan Banks 8.600% 1/25/00 102.312 4,706,352 8.41% 8.03%
3,000,000 Federal Home Loan Banks 6.070% 6/30/03 87.306 2,619,180 6.95% 8.17%
1,700,000 Federal Home Loan Banks 5.600% 9/22/03 84.165 1,430,805 6.65% 8.17%
2,500,000 Federal Home Loan Banks 5.610% 9/29/03 84.201 2,105,025 6.66% 8.17%
3,000,000 Federal Home Loan Banks 5.450% 10/29/03 83.103 2,493,090 6.56% 8.17%
-----------
$25,527,404
-----------
U.S. TREASURIES -- 38.5%
- ------------------------------
$ 5,300,000 U.S. Treasury Bonds 10.375% 5/15/95 $101.422 $ 5,375,366 10.23% 6.39%
700,000 U.S. Treasury Bonds 13.750% 8/15/04 138.969 972,783 9.89% 7.89%
25,000 U.S. Treasury Bonds 11.250% 2/15/15 132.125 33,031 7.78% 7.83%
3,750,000 U.S. Treasury Bonds 8.250% 5/15/05 100.281 3,760,537 8.23% 8.21%
150,000 U.S. Treasury Notes 6.875% 10/31/96 98.656 147,984 6.97% 7.67%
2,700,000 U.S. Treasury Notes 6.375% 8/15/02 91.562 2,472,174 6.96% 7.87%
10,900,000 U.S. Treasury Notes 6.375% 6/30/97 96.922 10,564,498 6.58% 7.75%
2,000,000 U.S. Treasury Notes 6.250% 2/15/03 90.437 1,808,740 6.91% 7.86%
250,000 U.S. Treasury Notes 5.125% 11/30/98 90.969 227,423 5.63% 7.85%
1,500,000 U.S. Treasury Notes 5.750% 8/15/03 86.960 1,303,590 6.62% 7.87%
1,500,000 U.S. Treasury Notes 8.000% 8/15/99 100.578 1,508,670 7.95% 7.84%
9,000,000 U.S. Treasury Notes 6.000% 11/30/97 95.359 8,582,310 6.29% 7.81%
3,000,000 U.S. Treasury Notes 8.500% 2/15/00 102.734 3,082,020 8.28% 7.84%
</TABLE>
<PAGE>
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C>
U.S. TREASURIES - continued
$ 3,000,000 U.S. Treasury Notes 7.750% 2/15/01 $ 99.594 $ 2,987,820 7.78% 7.83%
550,000 U.S. Treasury Notes 7.500% 11/15/01 98.172 539,946 7.64% 7.85%
12,500,000 U.S. Treasury Notes 6.375% 1/15/99 94.937 11,867,125 6.72% 7.86%
-----------
$55,234,017
-----------
RESERVE FUNDS -- 0.4%
$ 615,000 American Express Corp. 5.754% 1/03/95 100.000 $ 615,000
-----------
Total Investments (identified cost, $151,610,155)-- 98.8% $141,776,457 7.55% 8.20%
============ ==== ============ ===== =====
Other Assets, Less Liabilities -- 1.2% 1,720,277
------------
Net Assets -- 100.0% $143,496,734
============
Average Maturity -- 6.5 Years[1]
<FN>
[1] Unaudited.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT TOTAL RETURN BOND FUND
================================================================================
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost.................................. $151,610,155
Unrealized depreciation.......................... (9,833,698)
-------------
Total value (Note 1A).......................... $141,776,457
Cash............................................... 4,225
Receivable for fund shares sold.................... 35,715
Interest receivable................................ 2,870,361
-------------
Total Assets..................................... $144,686,758
-------------
LIABILITIES:
Payable for fund shares reacquired................. $ 1,013,055
Payable to dividend disbursing agent............... 159,730
Trustees' fees payable............................. 208
Custodian fee payable..................... ........ 13,406
Accrued expenses and other liabilities............. 3,625
Total Liabilities................................ $ 1,190,024
-------------
NET ASSETS............................................ $143,496,734
=============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares
issued to shareholders in payment of distributions
declared), less cost of shares redeemed............ $155,168,307
Accumulated net realized loss on investment
transactions (computed on the basis of
identified cost)................................... (1,884,088)
Unrealized depreciation of investments (computed
on the basis of identified cost)................... (9,833,698)
Undistributed net investment income................... 46,213
--------------
Net assets applicable to outstanding shares........ $ 143,496,734
==============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 12,556,303
==============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................... $11.43
==============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest Income (Note 1B).......................... $ 13,239,635
------------
Expenses --
Investment adviser fee (Note 3).................. $ 824,625
Administrator fee (Note 3)....................... 136,920
Compensation of trustees not affiliated with
the Investment adviser or administrator........ 1,268
Distribution expenses (Note 4)................... 384,631
Custodian fee (Note 3)........................... 56,469
Audit services................................... 26,806
Transfer and dividend disbursing agent fees...... 23,785
Registration costs............................... 12,536
Legal services................................... 1,910
Printing......................................... 1,892
Miscellaneous.................................... 7,359
------------
Total expenses................................. $ 1,478,201
------------
Net investment income........................ $ 11,761,434
------------
REALIZED AND UNREALIZED LOSS ON
INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis).......................... $ (1,884,088)
Change in unrealized appreciation
of investments................................... (23,935,733)
-------------
Net realized and unrealized loss
on investments............................... $(25,819,821)
-------------
Net decrease in net assets
from operations.............................. $(14,058,387)
=============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT TOTAL RETURN BOND FUND
=============================================================================================================================
Year Ended
December 31,
------------------------------------
STATEMENT OF CHANGES IN NET ASSETS 1994 1993
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income.................................................. $ 11,761,434 $ 14,484,062
Net realized gain (loss) on investment
transactions......................................................... (1,884,088) 5,335,956
Change in unrealized appreciation
of investments....................................................... (23,935,733) 4,449,598
-------------- -------------
Increase (decrease) in net assets from operations................. $ (14,058,387) $ 24,269,616
-------------- --------------
Distributions to shareholders --
From net investment income............................................. $ (11,757,984) $ (14,484,937)
From net realized gain on investments.................................. -- (3,516,307)
In excess of net realized gain on investments.......................... -- (53,186)
-------------- --------------
Total distributions............................................... $ (11,757,984) $ (18,054,420)
-------------- --------------
Net increase (decrease) from Fund share transactions (Note 5).............. $ (90,200,306) $ 35,734,399
- -------------- --------------
Net increase (decrease) in net assets............................. $(116,016,677) $ 41,949,585
NET ASSETS:
At beginning of year....................................................... 259,513,411 217,563,826
-------------- --------------
At end of year............................................................. $ 143,496,734 $ 259,513,411
============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS............................................................. $ 46,213 $ 95,94
============== ==============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT TOTAL RETURN BOND FUND
=============================================================================================================================
Year Ended December 31,
--------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 13.010 $ 12.610 $ 12.580 $ 11.700 $ 12.010
-------- --------- --------- --------- --------
Income (loss) from Investment Operations:
Net investment income1 ................ $ 0.740 $ 0.789 $ 0.830 $ 0.854 $ 0.886
Net realized and unrealized gain (loss) on
investments.......................... (1.580) 0.580 0.030 0.880 (0.312)
--------- ---------- ---------- ---------- ---------
Total income (loss)
from investment operations......... $ (0.840) $ 1.369 $ 0.860 $ 1.734 $ 0.574
--------- ---------- ---------- ----------- ---------
Less Distributions:
From net investment income............. $ (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................ $ (0.740) $ (0.969) $ (0.830) $ (0.854) $ (0.884)
--------- ---------- ---------- ---------- ---------
Net asset value, end of period.............. $ 11.430 $ 13.010 $ 12.610 $ 12.580 $ 11.700
========= ========= ========= ========== =========
Total Return................................ (6.57%) 11.03% 7.13% 15.38% 5.29%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $143,497 $259,513 $217,564 $ 134,728 $112,408
Ratio of net expenses to average net assets 0.8% 0.8% 0.8% 0.8% 0.8%
Ratio of net investment income to average
net assets........................... 6.1% 6.0% 6.7% 7.2% 7.7%
Portfolio Turnover Rate................ 32% 36% 13% 56% 48%
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT INSURED TAX-FREE BOND FUND (WTFB)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
==================================================================================================================================
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield[1] Maturity[*][1]
- ----------------------------------------------------------------------------------------------------------------------------------
MUNICIPAL BONDS -- 105.0%
- -------------------------
<C> <S> <C> <C> <C> <C> <C> <C>
EDUCATION -- 18.7%
$ 250,000 Berkeley Calif Uni Sch Dist 6.150% 8/01/05 $ 99.916 $ 249,791 6.16% 6.16% M
25,000 Bristol Twp PA Sch Dist 8.700% 1/15/01 100.300 25,075 8.67% 8.63% M
25,000 Calcasieu Parish LA Sch Dist 9.100% 6/01/02 119.129 29,782 7.64% 5.88% M
300,000 Goshen-Chandler Ind Sch Bldg 5.950% 1/15/03 99.619 298,855 5.97% 6.01% M
150,000 Greensburg Salem PA Sch Dist 7.100% 1/01/09 105.276 157,914 6.74% 6.52% M
250,000 Lancaster NY Cent Sch Dist 5.750% 6/01/05 98.154 245,385 5.86% 5.99% M
200,000 Mars Penn Area Sch Dist 6.550% 3/01/02 103.441 206,882 6.33% 5.95% M
150,000 Sarasota Cnty FL Sch Brd 6.900% 7/01/98 105.184 157,776 6.56% 5.26% M
50,000 Southwestern Texas St Uni 8.750% 10/01/01 104.466 52,233 8.38% 7.88% M
150,000 Sumter SC Sch Dist 7.155% 6/01/09 106.731 160,096 6.70% 6.43% M
50,000 Thurston Cnty WA Sch Dist No 3 8.750% 6/01/01 101.690 50,845 8.61% 8.40% M
200,000 Washoe County Nev Sch Dist 5.100% 8/01/99 97.997 195,994 5.20% 5.60% M
150,000 Williamsville NY Cent Sch Dist 6.500% 12/01/99 104.341 156,511 6.23% 5.48% M
------------
$ 1,987,139
------------
GENERAL OBLIGATION -- 36.3%
$ 150,000 Brookhaven NY Ser B GO 7.000% 5/01/04 $107.650 $ 161,475 6.50% 5.92% M
15,000 Buffalo Grove ILL GO 9.300% 1/01/05 102.012 15,302 9.18% 8.99% M
200,000 Central Lake Cnty IL 6.250% 5/01/99 103.043 206,086 6.07% 5.45% M
250,000 Cook County Ill Ser A 5.100% 11/15/05 91.015 227,538 5.60% 6.25% M
250,000 Cumberland Cnty NC 5.700% 2/01/05 98.341 245,853 5.80% 5.92% M
200,000 District of Columbia 6.300% 6/01/05 100.416 200,832 6.27% 6.24% P
25,000 Ennis TX 9.000% 6/01/01 101.792 25,448 8.84% 8.63% M
300,000 State of Massachusetts 4.125% 10/01/01 90.403 271,209 4.56% 5.86% M
250,000 Michigan Muni Bd Auth 4.950% 5/01/04 91.897 229,743 5.39% 6.10% M
5,000 New York, New York 6.000% 8/01/01 101.841 5,092 5.89% 5.66% M
250,000 New York, City of NY 7.000% 8/01/04 105.635 264,088 6.63% 6.21% M
195,000 New York NY Ser C 6.000% 8/01/01 100.694 196,355 5.96% 5.87% M
125,000 New York NY General Obl Ser A 7.000% 8/01/99 104.966 131,207 6.67% 5.75% M
200,000 O Fallon Missouri 5.350% 3/01/04 95.052 190,104 5.63% 6.06% M
200,000 Pennsylvania State 6.500% 11/01/04 103.664 207,328 6.27% 6.00% M
250,000 Prince Georges County MD 5.400% 9/01/02 97.543 243,858 5.54% 5.80% M
250,000 Providence Rhode Island 5.600% 1/15/05 95.849 239,623 5.84% 6.16% M
200,000 Smithfield Rhode Island 6.500% 4/15/02 103.747 207,494 6.27% 5.86% M
200,000 Travis County Texas 6.400% 3/01/04 102.544 205,088 6.24% 6.03% M
250,000 West University Place TX 5.600% 2/01/03 97.585 243,963 5.74% 5.98% M
150,000 Wilmington Del 6.150% 7/01/05 100.733 151,100 6.11% 6.06% M
------------
$ 3,868,786
------------
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C>
HEALTH CARE -- 14.4%
$ 200,000 California Health Fac 5.500% 8/01/00 $ 98.955 $ 197,910 5.56% 5.72% M
250,000 Dade Cnty FLA Health Facs Aut 5.000% 5/15/05 90.982 227,455 5.50% 6.19% M
205,000 Decatur Illinois Hosp 6.400% 10/01/01 102.908 210,961 6.22% 5.87% M
250,000 Fulton De Kalb GA Hosp Auth 5.300% 1/01/05 93.083 232,708 5.69% 6.24% M
100,000 Massachusetts, State Health & Ed 7.300% 10/01/18 103.308 103,308 7.07% 7.01% M
200,000 Massachusetts, State Health & Edl Facs 4.500% 7/01/02 90.987 181,974 4.95% 6.01% M
15,000 Monangalia Cnty Hosp Rev W. VA 9.000% 6/01/00 103.755 15,563 8.67% 8.13% M
120,000 Rhode Island St Health & Ed 5.800% 6/01/99 101.510 121,812 5.71% 5.41% M
250,000 Tallahassee Fla Health Fac 5.400% 12/01/01 97.353 243,383 5.55% 5.87% M
-----------
$ 1,535,074
-----------
PUBLIC FACILITIES -- 4.6%
$ 175,000 Kane Cnty Ill Pub Bldg Comm 6.700% 12/01/03 $103.410 $ 180,968 6.48% 6.20% M
100,000 Louisiana Public Facs Auth 6.000% 5/15/01 101.630 101.630 5.91% 5.69% M
200,000 Louisiana Public Facs Auth 6.100% 5/15/02 101.831 203,662 5.99% 5.79% M
------------
$ 486,260
------------
UTILITIES -- 19.6%
$ 150,000 Alabama St Mun Elec Auth Pwr 5.750% 9/01/01 $100.210 $ 150.315 5.74% 5.71% M
125,000 Allegheny Cnty Pa San Aut 9.625% 6/01/00 102.047 127,559 9.43% 9.13% M
275,000 Beloit Wisconsin Sewer System 6.750% 7/01/05 101.349 278,710 6.66% 6.57% M
250,000 East Bay CA Mun Util Sist Wtr 5.000% 6/01/05 90.456 226,140 5.53% 6.26% M
300,000 Georgia Mun Elec Auth Pwr 4.700% 1/01/05 87.920 263,760 5.35% 6.35% M
300,000 North Carolina Mun Pwr Agy 5.000% 1/01/04 93.121 279,363 5.37% 6.00% M
250,000 Ohio State Wtr Dev 5.600% 12/01/02 98.676 246,690 5.68% 5.81% M
200,000 Oklahoma St Mun Pwr Auth 5.300% 1/01/01 98.139 196,278 5.40% 5.67% M
100,000 Ottawa Kansas Water Rev H 9.250% 12/01/02 105.082 105,082 8.80% 8.36% M
150,000 Pasadena Tex Wtr & Swr 5.900% 10/01/00 101.891 152,837 5.79% 5.51% M
50,000 Pecan Grove TX Muni Utl Dist 8.700% 9/01/02 112.352 56,176 7.74% 6.62% M
-----------
$ 2,082,910
-----------
MISCELLANEOUS -- 11.4%
$ 70,000 Arizona St. Transn Brd Excise Rev 7.000% 7/01/05 $107.022 $ 74,915 6.54% 6.09% M
80,000 Arizona St. Transn Brd Excise Rev 7.000% 7/01/05 104.826 83,861 6.68% 6.36% M
250,000 Broomfield CO Sales & Use Tax 7.050% 12/01/06 106.110 265,275 6.64% 6.31% M
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<C> <S> <C> <C> <C> <C> <C> <C>
MISCELLANEOUS-- continued
$ 150,000 Dearborn MI Econ Dev Corp 6.350% 8/15/02 $104.295 $ 156,443 6.09% 5.65% M
250,000 Fairbanks N Star Boro AK 4.700% 3/01/99 97.120 242,800 4.84% 5.48% M
150,000 NJ Wastewtr Treatment Ln Rev SerA 7.000% 5/15/07 105.135 157,703 6.66% 6.39% M
250,000 Tucson Ariz Str & Hwy User 5.200% 7/01/04 93.649 234,124 5.55% 6.09% M
-----------
$ 1,215,121
-----------
Total Investments (identified cost, $11,284,130)-- 105.0% $11,175,290 6.44% 6.39%
=========== ===== =========== ===== =====
Other Assets, Less Liabilities -- (5.0%) (528,413)
-----------
Net Assets-- 100.0% $10,646,877
===========
Average Maturity -- 8.4 Years[1]
<FN>
[*] -- (C): Price to Call; (F): Prerefunded; (M): Price to Maturity; (P): Price to Par Call; (X): Called.
[1] Unaudited.
</FN>
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT INSURED TAX-FREE BOND FUND
================================================================================
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost.................................. $ 11,284,130
Unrealized depreciation.......................... (108,840)
-------------
Total value (Note 1A).......................... $ 11,175,290
Receivable for fund shares sold.................... 9,939
Interest receivable................................ 197,141
-------------
Total Assets..................................... $ 11,382,370
-------------
LIABILITIES:
Payable for fund shares reacquired................. $ 40,117
Payable to dividend disbursing agent............... 35,979
Loan payable....................................... 650,436
Trustees' fees payable............................. 208
Custodian fee payable.............................. 7,428
Accrued expenses and other liabilities............. 1,325
Total Liabilities................................ $ 735,493
-------------
NET ASSETS............................................ $ 10,646,877
=============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares
issued to shareholders in payment of distributions
declared), less cost of shares redeemed............ $ 10,747,503
Accumulated net realized gain on investment
transactions (computed on the basis of
identified cost)................................... 701
Unrealized depreciation of investments (computed
on the basis of identified cost)................... (108,840)
Undistributed net investment income................... 7,513
-------------
Net assets applicable to outstanding shares........ $ 10,646,877
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 966,095
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $11.02
=============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest Income (Note 1B).......................... $ 829,636
-------------
Expenses --
Investment adviser fee (Note 3).................. $ 57,725
Administrator fee (Note 3)....................... 14,431
Compensation of trustees not affiliated with
the Investment adviser or administrator........ 1,267
Distribution expenses (Note 4)................... 28,863
Custodian fee (Note 3)........................... 37,901
Audit services................................... 18,106
Interest expense................................. 10,183
Transfer and dividend disbursing agent fees ..... 9,146
Registration costs............................... 8,316
Printing......................................... 2,005
Legal fees....................................... 985
Miscellaneous.................................... 1,920
-------------
Total expenses................................. $ 190,848
-------------
Deduct --
Reduction of investment adviser
fee (Note 3)................................. $ 29,956
Reduction of distribution expenses
by principal underwriter (Note 4)............ 28,863
-------------
Total........................................ $ 58,819
-------------
Net expenses................................... $ 132,029
-------------
Net investment income........................ $ 697,607
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis).......................... $ 103,902
Change in unrealized appreciation
of investments................................... (1,505,272)
-------------
Net realized and unrealized gain (loss)
on investments............................... $ (1,401,370)
-------------
Net decrease in net assets
from operations.............................. $ (703,763)
=============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT INSURED TAX-FREE BOND FUND Year Ended
December 31,
----------------------------------------
STATEMENT OF CHANGES IN NET ASSETS 1994 1993
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income.................................................. $ 697,607 $ 773,709
Net realized gain on investment
transactions......................................................... 103,903 58,990
Change in unrealized appreciation
of investments....................................................... (1,505,272) 713,614
--------------- --------------
Increase (decrease) in net assets from operations................. $ (703,763) $ 1,546,313
--------------- --------------
Distributions to shareholders --
From net investment income............................................. $ (697,473) $ (772,506)
From net realized gains on investment transactions..................... (103,201) --
-------------- --------------
Total distributions............................................... $ (800,674) $ (772,506)
-------------- --------------
Net increase (decrease) from Fund share transactions (Note 5).............. $ (6,053,899) $ 3,977,128
- -------------- --------------
Net increase (decrease) in net assets............................. $ (7,558,336) $ 4,750,935
NET ASSETS:
At beginning of year....................................................... 18,205,213 13,454,278
------------- --------------
At end of year............................................................. $ 10,646,877 $ 18,205,213
============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS............................................................. $ 7,513 $ 5,123
============== ==============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT INSURED TAX-FREE BOND FUND
=============================================================================================================================
Year Ended December 31,
---------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 12.170 $ 11.600 $ 11.330 $ 10.840 $ 10.870
-------- --------- --------- --------- --------
Income (loss) from Investment Operations:
Net investment income[1]............... $ 0.560 $ 0.556 $ 0.601 $ 0.614 $ 0.647
Net realized and unrealized gain (loss) on
investments.......................... (1.050) 0.570 0.270 0.492 (0.030)
--------- ---------- ---------- ---------- ---------
Total income (loss)
from investment operations......... $ (0.490) $ 1.126 $ 0.871 $ 1.106 $ 0.617
--------- ---------- ---------- ---------- ---------
Less Distributions:
From net investment income............. $ (0.560) $ (0.556) $ (0.601) $ (0.616) $ (0.647)
From net realized gains................ (0.100) -- -- -- --
--------- ---------- ---------- ---------- ---------
Total distributions................ $ (0.660) $ (0.556) $ (0.601) $ (0.616) $ (0.647)
--------- ---------- ---------- ---------- ---------
Net asset value, end of period.............. $ 11.020 $ 12.170 $ 11.600 $ 11.330 $ 10.840
========= ========== ========== ========== =========
Total Return................................ (4.08%) 9.89% 7.91% 10.50% 5.93%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $10,647 $ 18,205 $ 13,454 $ 8,396 $ 5,513
Ratio of net expenses to average net assets 0.9% 0.9% 0.9% 0.9% 1.0%
Ratio of net investment income to average
net assets........................... 4.8% 4.7% 5.3% 5.6% 6.0%
Portfolio Turnover Rate................ 4% 7% 10% 2% 28%
<FN>
[1]During 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 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,
------------------------------------------------------------
1994 1993 1992 1991 1990
- ---------------------------------------------------------------------------------------------------------------------------
Net investment income per share............. $0.513 $0.521 $0.556 $0.537 $0.528
Ratios (As a percentage of average net assets):
Expenses .............................. 1.3% 1.1% 1.3% 1.6% 2.1%
Net investment income.................. 4.4% 4.4% 4.9% 4.9% 4.9%
</FN>
</TABLE>
See notes to fianacial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT CURRENT INCOME FUND (WCIF)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
==============================================================================================================================
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>
$ 1,777,733 GNMA POOL # 000169 7.500% 9/20/22 $ 92.156 $ 1,638,288 8.14% 8.31%
862,972 GNMA POOL # 000394 7.500% 10/20/22 92.156 795,280 8.14% 8.31%
7,341 GNMA POOL # 000434 8.000% 4/15/01 99.934 7,337 8.01% 7.97%
936,154 GNMA POOL # 000446 7.500% 11/20/22 92.156 862,722 8.14% 8.31%
2,230 GNMA POOL # 000473 7.500% 4/15/01 98.332 2,193 7.63% 7.64%
1,688,674 GNMA POOL # 000545 7.500% 11/20/22 92.156 1,556,215 8.14% 8.31%
2,657,174 GNMA POOL # 000723 7.500% 1/20/23 92.156 2,448,746 8.14% 8.31%
871,798 GNMA POOL # 000810 7.500% 2/20/23 92.156 803,414 8.14% 8.31%
2,710,881 GNMA POOL # 001268 8.000% 7/20/23 94.843 2,571,081 8.44% 8.52%
4,694 GNMA POOL # 001408 6.500% 3/15/02 93.001 4,365 6.99% 7.18%
216,004 GNMA POOL # 001596 9.000% 4/20/21 99.625 215,194 9.03% 9.00%
181,083 GNMA POOL # 001774 8.000% 2/20/22 94.843 171,745 8.43% 8.52%
675,556 GNMA POOL # 001792 8.000% 3/20/22 94.843 640,718 8.44% 8.52%
5,998 GNMA POOL # 003026 8.000% 1/15/04 99.782 5,985 8.02% 7.99%
2,797 GNMA POOL # 003331 8.000% 1/15/04 99.602 2,786 8.03% 8.06%
6,759 GNMA POOL # 004183 8.000% 7/15/04 99.477 6,724 8.04% 8.02%
3,616 GNMA POOL # 004433 9.000% 11/15/04 102.000 3,688 8.82% 8.74%
9,153 GNMA POOL # 005466 8.500% 3/15/05 100.500 9,199 8.46% 8.41%
1,256 GNMA POOL # 005561 8.500% 4/15/05 100.500 1,262 8.46% 8.41%
4,761 GNMA POOL # 005687 7.250% 2/15/05 97.923 4,662 7.40% 7.43%
6,823 GNMA POOL # 005910 7.250% 2/15/05 97.923 6,681 7.40% 7.43%
27,998 GNMA POOL # 007003 8.000% 7/15/05 99.477 27,851 8.04% 8.02%
4,014 GNMA POOL # 007319 6.500% 10/15/04 91.728 3,682 7.09% 7.31%
9,643 GNMA POOL # 009106 8.250% 5/15/06 99.587 9,603 8.28% 8.26%
12,364 GNMA POOL # 009889 7.250% 2/15/06 97.598 12,067 7.43% 7.46%
3,437 GNMA POOL # 011191 7.250% 4/15/06 97.598 3,354 7.43% 7.46%
7,630 GNMA POOL # 012526 8.000% 11/15/06 99.168 7,567 8.07% 8.05%
139,378 GNMA POOL # 151443 10.000% 3/15/16 105.670 147,280 9.46% 9.32%
298,335 GNMA POOL # 151882 8.500% 9/15/19 98.712 294,493 8.61% 8.60%
52,509 GNMA POOL # 153564 10.000% 4/15/16 105.670 55,487 9.46% 9.32%
207,885 GNMA POOL # 172558 9.500% 8/15/16 103.789 215,762 9.15% 9.04%
211,750 GNMA POOL # 176992 8.000% 11/15/16 97.196 205,813 8.23% 8.26%
151,418 GNMA POOL # 177308 9.000% 9/15/16 101.224 153,271 8.89% 8.82%
67,577 GNMA POOL # 177784 8.000% 10/15/16 96.956 65,520 8.25% 8.29%
83,150 GNMA POOL # 179863 9.000% 11/15/01 101.687 84,553 8.85% 8.76%
94,002 GNMA POOL # 180033 9.500% 9/15/16 103.789 97,564 9.15% 9.04%
76,601 GNMA POOL # 186520 8.000% 2/15/17 96.956 74,269 8.25% 8.29%
33,255 GNMA POOL # 188060 9.500% 10/15/16 103.604 34,454 9.17% 9.06%
199,059 GNMA POOL # 188865 8.500% 1/15/17 99.132 197,331 8.57% 8.56%
719,293 GNMA POOL # 189141 7.500% 2/15/23 92.781 667,367 8.08% 8.24%
179,738 GNMA POOL # 190671 8.500% 1/15/17 99.382 178,627 8.55% 8.53%
9,685 GNMA POOL # 190959 8.500% 2/15/17 99.132 9,601 8.57% 8.56%
508,619 GNMA POOL # 191095 8.500% 6/15/21 98.250 499,719 8.65% 8.65%
259,389 GNMA POOL # 192357 8.000% 4/15/17 96.956 251,493 8.25% 8.30%
828,462 GNMA POOL # 194057 8.500% 4/15/17 99.132 821,271 8.58% 8.56%
134,323 GNMA POOL # 194287 9.500% 3/15/17 103.959 139,641 9.14% 9.02%
1,119,262 GNMA POOL # 194926 8.500% 2/15/17 99.132 1,109,547 8.57% 8.56%
</TABLE>
See notes to fianacial statements
<PAGE>
<TABLE>
WRIGHT CURRENT INCOME FUND (WCIF) - CONTINUED
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
<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>
$ 329,182 GNMA POOL # 196062 8.000% 3/15/17 $ 96.713 $ 318,362 8.27% 8.32%
23,355 GNMA POOL # 196063 8.500% 3/15/17 99.132 23,152 8.57% 8.56%
281,790 GNMA POOL # 197654 8.500% 9/15/21 98.250 276,858 8.65% 8.65%
251,741 GNMA POOL # 199537 8.000% 3/15/17 96.956 244,078 8.25% 8.29%
232,158 GNMA POOL # 203078 8.000% 12/15/16 96.956 225,092 8.25% 8.29%
393,395 GNMA POOL # 203369 8.000% 12/15/16 96.956 381,420 8.25% 8.29%
66,994 GNMA POOL # 205372 8.000% 3/15/17 96.956 64,955 8.25% 8.29%
313,923 GNMA POOL # 205522 8.000% 4/15/17 96.956 304,367 8.25% 8.29%
198,543 GNMA POOL # 205524 8.000% 5/15/17 96.956 192,499 8.25% 8.30%
16,349 GNMA POOL # 206740 10.000% 10/15/17 105.218 17,202 9.50% 7.74%
159,165 GNMA POOL # 206762 9.000% 4/15/21 100.875 160,558 9.28% 9.30%
124,720 GNMA POOL # 207019 8.000% 3/15/17 96.956 120,924 8.25% 8.29%
40,580 GNMA POOL # 208076 8.000% 4/15/17 97.433 39,538 8.21% 8.24%
74,431 GNMA POOL # 210520 10.500% 8/15/17 106.812 79,501 9.83% 9.67%
40,169 GNMA POOL # 210618 9.500% 4/15/17 104.111 41,820 9.13% 9.00%
224,723 GNMA POOL # 211013 9.000% 1/15/20 100.963 226,887 8.91% 8.85%
258,424 GNMA POOL # 211231 8.500% 5/15/17 99.132 256,180 8.57% 8.55%
417,220 GNMA POOL # 211279 8.000% 4/15/17 96.956 404,520 8.25% 8.29%
516,935 GNMA POOL # 211678 8.000% 5/15/17 96.713 499,944 8.27% 8.32%
159,645 GNMA POOL # 212601 8.500% 6/15/17 99.132 158,259 8.57% 8.56%
226,937 GNMA POOL # 213444 8.000% 6/15/17 96.713 219,478 8.27% 8.32%
255,123 GNMA POOL # 216461 8.000% 5/15/17 96.956 247,357 8.25% 8.29%
56,775 GNMA POOL # 218420 8.500% 11/15/21 98.250 55,781 8.65% 8.65%
317,755 GNMA POOL # 219335 8.000% 5/15/17 96.956 308,082 8.25% 8.29%
306,387 GNMA POOL # 220703 8.000% 5/15/17 96.956 297,060 8.25% 8.29%
36,215 GNMA POOL # 220917 8.500% 4/15/17 99.132 35,900 8.58% 8.56%
735,410 GNMA POOL # 222112 8.000% 1/15/22 95.593 703,000 8.37% 8.44%
77,008 GNMA POOL # 223126 10.000% 8/15/17 105.218 81,026 9.50% 9.37%
168,120 GNMA POOL # 223133 9.500% 7/15/17 103.406 173,846 9.19% 9.08%
64,223 GNMA POOL # 223348 10.000% 8/15/18 105.218 67,574 9.50% 9.37%
37,733 GNMA POOL # 223588 10.000% 12/15/18 105.218 39,702 9.51% 9.37%
30,956 GNMA POOL # 224078 10.000% 7/15/18 105.218 32,572 9.50% 9.36%
139,324 GNMA POOL # 228308 10.000% 1/15/19 105.093 146,420 9.52% 9.38%
119,776 GNMA POOL # 228483 9.500% 9/15/19 103.204 123,614 9.21% 9.10%
95,481 GNMA POOL # 230223 9.500% 4/15/18 103.604 98,922 9.17% 9.06%
95,049 GNMA POOL # 235000 10.000% 1/15/18 105.218 100,009 9.50% 9.37%
70,964 GNMA POOL # 245580 9.500% 7/15/18 103.262 73,279 9.20% 9.09%
98,896 GNMA POOL # 247473 10.000% 9/15/18 105.218 104,056 9.50% 9.37%
215,190 GNMA POOL # 247681 9.000% 11/15/19 100.963 217,262 8.91% 8.85%
67,594 GNMA POOL # 247872 10.000% 9/15/18 105.093 71,037 9.52% 9.38%
41,160 GNMA POOL # 250412 8.000% 3/15/18 96.713 39,807 8.27% 8.32%
106,806 GNMA POOL # 251241 9.500% 6/15/18 103.406 110,444 9.19% 9.08%
139,772 GNMA POOL # 258911 9.500% 9/15/18 103.262 144,332 9.20% 9.09%
88,579 GNMA POOL # 260999 9.500% 9/15/18 103.262 91,468 9.20% 9.09%
121,972 GNMA POOL # 263439 10.000% 2/15/19 105.093 128,184 9.51% 9.38%
85,154 GNMA POOL # 263773 8.000% 8/15/18 96.713 82,355 8.27% 8.32%
174,826 GNMA POOL # 265267 9.500% 8/15/20 103.204 180,427 9.21% 9.10%
</TABLE>
See notes to fianacial statements
<PAGE>
<TABLE>
WRIGHT CURRENT INCOME FUND (WCIF) - CONTINUED
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
<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>
$ 77,862 GNMA POOL # 266983 10.000% 2/15/19 $105.093 $ 81,828 9.52% 9.38%
68,287 GNMA POOL # 273690 9.500% 8/15/19 103.204 70,475 9.21% 9.10%
121,637 GNMA POOL # 274489 9.500% 12/15/19 103.204 125,534 9.21% 9.10%
38,806 GNMA POOL # 275456 9.500% 8/15/19 103.204 40,049 9.21% 9.10%
146,785 GNMA POOL # 275538 9.500% 1/15/20 103.204 151,488 9.21% 9.10%
123,339 GNMA POOL # 277205 9.000% 12/15/19 100.963 124,527 8.91% 8.85%
90,029 GNMA POOL # 285467 9.500% 7/15/20 103.204 92,913 9.21% 9.10%
170,332 GNMA POOL # 285744 9.000% 5/15/20 101.142 172,277 8.90% 8.83%
189,178 GNMA POOL # 286556 9.000% 3/15/20 100.963 191,000 8.91% 8.85%
272,099 GNMA POOL # 287345 8.500% 6/15/20 98.712 268,594 8.61% 8.60%
5,857 GNMA POOL # 287999 9.000% 9/15/20 100.875 5,909 8.92% 8.86%
392,597 GNMA POOL # 289092 9.000% 4/15/20 100.963 396,377 8.91% 8.85%
19,526 GNMA POOL # 289949 8.500% 7/15/21 98.250 19,184 8.65% 8.65%
42,794 GNMA POOL # 290700 9.000% 8/15/20 100.875 43,169 8.92% 8.86%
86,366 GNMA POOL # 291119 9.500% 7/15/20 103.204 89,133 9.21% 9.10%
94,579 GNMA POOL # 291933 9.500% 7/15/20 103.156 97,564 9.21% 9.10%
58,859 GNMA POOL # 293666 8.500% 6/15/21 98.250 57,829 8.65% 8.65%
6,149 GNMA POOL # 294209 9.000% 7/15/21 100.875 6,203 8.92% 8.86%
91,883 GNMA POOL # 294577 9.500% 11/15/20 103.156 94,783 9.21% 9.11%
894,586 GNMA POOL # 296150 8.500% 8/15/21 98.250 878,931 8.65% 8.65%
16,390 GNMA POOL # 297345 8.500% 8/15/20 98.250 16,103 8.65% 8.65%
506,442 GNMA POOL # 300698 9.000% 6/15/21 101.055 511,785 8.91% 8.84%
41,767 GNMA POOL # 301017 8.500% 6/15/21 98.250 41,036 8.65% 8.65%
296,190 GNMA POOL # 301050 8.500% 7/15/21 98.250 291,007 8.65% 8.65%
142,997 GNMA POOL # 301257 9.000% 7/15/21 100.875 144,248 8.92% 8.86%
170,233 GNMA POOL # 301366 8.500% 6/15/21 98.250 167,254 8.65% 8.65%
153,522 GNMA POOL # 301785 8.500% 5/15/21 98.250 150,835 8.65% 8.65%
166,689 GNMA POOL # 302713 9.000% 2/15/21 100.875 168,147 8.92% 8.86%
18,937 GNMA POOL # 302723 8.500% 5/15/21 98.250 18,606 8.65% 8.65%
149,422 GNMA POOL # 302781 8.500% 6/15/21 98.250 146,807 8.65% 8.65%
201,538 GNMA POOL # 302933 8.500% 6/15/21 98.250 198,012 8.65% 8.65%
309,266 GNMA POOL # 302935 8.500% 6/15/21 98.250 303,854 8.65% 8.65%
198,663 GNMA POOL # 304512 8.500% 5/15/21 98.712 196,104 8.61% 8.60%
397,576 GNMA POOL # 305091 9.000% 7/15/21 100.875 401,055 8.92% 8.86%
299,280 GNMA POOL # 305130 8.000% 11/15/22 95.593 286,090 8.37% 8.44%
676,792 GNMA POOL # 305186 8.500% 6/15/21 98.250 664,948 8.65% 8.65%
100,368 GNMA POOL # 305585 8.500% 4/15/21 98.250 98,612 8.65% 8.65%
27,145 GNMA POOL # 306669 8.000% 7/15/21 95.593 25,949 8.37% 8.44%
193,095 GNMA POOL # 306673 8.500% 8/15/21 98.250 189,716 8.65% 8.65%
233,956 GNMA POOL # 306692 8.500% 9/15/21 98.250 229,862 8.65% 8.65%
270,232 GNMA POOL # 306693 8.500% 9/15/21 98.250 265,503 8.65% 8.65%
222,682 GNMA POOL # 307547 8.500% 6/15/21 98.250 218,785 8.65% 8.65%
150,147 GNMA POOL # 307553 8.500% 6/15/21 98.250 147,519 8.65% 8.65%
255,576 GNMA POOL # 308792 9.000% 7/15/21 100.875 257,812 8.65% 8.65%
81,254 GNMA POOL # 310526 8.500% 7/15/21 98.250 79,832 8.65% 8.65%
87,874 GNMA POOL # 310530 8.500% 7/15/21 98.250 86,337 8.65% 8.65%
164,333 GNMA POOL # 311087 8.500% 7/15/21 98.250 161,457 8.61% 8.65%
</TABLE>
See notes to fianacial statements
<PAGE>
<TABLE>
WRIGHT CURRENT INCOME FUND (WCIF) - CONTINUED
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
<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>
$ 84,910 GNMA POOL # 311646 8.500% 11/15/21 $ 98.250 $ 83,424 8.65% 8.65%
175,202 GNMA POOL # 312602 8.500% 2/15/22 98.250 172,136 8.65% 8.65%
28,734 GNMA POOL # 314222 8.500% 4/15/22 98.250 28,232 8.65% 8.65%
406,964 GNMA POOL # 314581 9.500% 10/15/21 103.156 419,807 9.21% 9.11%
607,001 GNMA POOL # 314912 8.500% 5/15/22 98.250 596,378 8.65% 8.65%
641,413 GNMA POOL # 315187 8.000% 6/15/22 95.593 613,146 8.37% 8.44%
225,885 GNMA POOL # 315359 8.500% 11/15/21 98.250 221,932 8.65% 8.65%
601,763 GNMA POOL # 315388 8.000% 2/15/22 95.593 575,243 8.37% 8.44%
663,567 GNMA POOL # 315754 8.000% 1/15/22 95.593 634,323 8.37% 8.44%
1,435,257 GNMA POOL # 316240 8.000% 1/15/22 95.593 1,372,005 8.37% 8.44%
462,775 GNMA POOL # 316615 8.500% 11/15/21 98.250 454,677 8.65% 8.65%
206,774 GNMA POOL # 316776 8.000% 11/15/21 95.593 197,661 8.37% 8.44%
329,279 GNMA POOL # 317069 8.500% 12/15/21 98.250 323,516 8.65% 8.65%
587,024 GNMA POOL # 317351 8.000% 5/15/22 95.593 561,154 8.37% 8.44%
583,138 GNMA POOL # 317358 8.000% 5/15/22 95.593 557,440 8.37% 8.44%
278,361 GNMA POOL # 318315 8.000% 6/15/22 95.593 266,094 8.37% 8.44%
519,612 GNMA POOL # 318776 8.000% 2/15/22 95.593 496,713 8.37% 8.44%
16,784 GNMA POOL # 318793 8.500% 2/15/22 98.250 16,490 8.65% 8.65%
76,322 GNMA POOL # 319046 8.500% 11/15/21 98.712 75,339 8.61% 8.60%
643,284 GNMA POOL # 319441 8.500% 4/15/22 98.250 632,026 8.65% 8.65%
241,015 GNMA POOL # 320747 8.500% 2/15/22 98.250 236,798 8.65% 8.65%
345,740 GNMA POOL # 321234 8.500% 4/15/22 98.250 339,689 8.65% 8.65%
384,944 GNMA POOL # 321806 8.000% 5/15/22 95.593 367,980 8.37% 8.44%
744,958 GNMA POOL # 321807 8.000% 5/15/22 95.593 712,128 8.37% 8.44%
535,544 GNMA POOL # 321976 8.500% 1/15/22 98.250 526,172 8.65% 8.65%
688,282 GNMA POOL # 323124 8.000% 6/15/22 95.593 657,949 8.37% 8.44%
900,354 GNMA POOL # 323226 8.000% 6/15/22 95.593 860,675 8.37% 8.44%
57,695 GNMA POOL # 323425 8.000% 6/15/22 95.593 55,152 8.37% 8.44%
762,098 GNMA POOL # 323929 8.000% 2/15/22 95.593 728,513 8.37% 8.44%
662,138 GNMA POOL # 325165 8.000% 6/15/22 95.593 632,958 8.37% 8.44%
558,128 GNMA POOL # 325651 8.000% 6/15/22 95.593 533,532 8.37% 8.44%
866,553 GNMA POOL # 327244 7.500% 8/15/22 92.781 803,997 8.08% 8.24%
270,582 GNMA POOL # 328807 8.000% 7/15/22 95.593 258,657 8.37% 8.44%
959,086 GNMA POOL # 329540 7.500% 8/15/22 92.781 889,850 8.08% 8.24%
127,455 GNMA POOL # 329700 8.000% 9/15/22 95.593 121,838 8.37% 8.44%
439,529 GNMA POOL # 329716 8.000% 10/15/22 95.593 420,159 8.37% 8.44%
1,384,092 GNMA POOL # 329982 7.500% 2/15/23 92.781 1,284,175 8.08% 8.24%
347,913 GNMA POOL # 330616 8.000% 10/15/22 95.593 332,580 8.37% 8.44%
726,378 GNMA POOL # 331361 8.000% 11/15/22 95.593 694,367 8.37% 8.44%
477,189 GNMA POOL # 334122 8.000% 10/15/22 95.593 456,160 8.37% 8.44%
1,556,418 GNMA POOL # 335746 8.000% 10/15/22 95.593 1,487,827 8.37% 8.44%
645,567 GNMA POOL # 335950 8.000% 10/15/22 95.593 617,116 8.37% 8.44%
427,588 GNMA POOL # 336394 7.500% 10/20/22 92.156 394,048 8.14% 8.31%
412,209 GNMA POOL # 338859 8.000% 11/15/22 95.593 394,043 8.37% 8.44%
2,826,157 GNMA POOL # 348103 7.000% 6/15/23 89.750 2,536,476 7.80% 8.06%
993,003 GNMA POOL # 348213 6.500% 8/15/23 86.656 860,497 7.50% 7.89%
1,578,903 GNMA POOL # 350372 7.000% 4/15/23 89.750 1,417,066 7.80% 8.06%
</TABLE>
See notes to fianacial statements
<PAGE>
<TABLE>
WRIGHT CURRENT INCOME FUND (WCIF) - CONTINUED
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
<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>
$ 897,656 GNMA POOL # 350651 7.500% 6/15/23 $ 92.781 $ 832,854 8.08% 8.24%
1,732,399 GNMA POOL # 350659 7.500% 6/15/23 92.781 1,607,337 8.00% 8.13%
2,014,097 GNMA POOL # 350938 6.500% 8/15/23 86.656 1,745,336 7.50% 7.89%
931,102 GNMA POOL # 358931 7.000% 12/15/23 89.750 835,664 7.80% 8.06%
956,152 GNMA POOL # 362125 7.000% 10/15/23 89.750 858,146 7.80% 8.06%
967,084 GNMA POOL # 362174 6.500% 1/15/24 86.656 838,037 7.50% 7.89%
961,269 GNMA POOL # 362628 7.000% 8/15/23 89.750 862,739 7.80% 8.06%
1,004,098 GNMA POOL # 363429 7.000% 8/15/23 89.750 901,178 7.80% 8.06%
940,748 GNMA POOL # 367414 6.000% 11/15/23 83.406 784,640 7.19% 7.73%
969,866 GNMA POOL # 367674 6.500% 8/15/23 86.656 840,447 7.50% 7.89%
2,961,490 GNMA POOL # 367806 6.500% 9/15/23 86.656 2,566,308 7.50% 7.89%
2,618,161 GNMA POOL # 368238 7.000% 12/15/23 89.750 2,349,800 7.80% 8.06%
2,950,158 GNMA POOL # 368502 7.000% 2/15/24 89.750 2,647,767 7.80% 8.06%
2,009,542 GNMA POOL # 370773 6.000% 11/15/23 83.406 1,676,079 7.19% 7.74%
936,970 GNMA POOL # 371557 7.000% 12/15/23 89.750 840,931 7.80% 8.06%
2,913,410 GNMA POOL # 372050 6.500% 2/15/24 86.656 2,524,644 7.50% 7.89%
951,065 GNMA POOL # 375106 6.500% 1/15/24 86.656 824,155 7.50% 7.89%
------------
Total Investments (identified cost $90,853,201)-- 99.9% $84,063,824 8.53% 8.56%
======= =======
Other Assets, less Liabilities-- 0.1% 113,780
------------
Net Assets-- 100.0% $84,177,604
============
<FN>
[1] Unaudited.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT CURRENT INCOME FUND
================================================================================
<CAPTION>
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost........................ $ 90,853,201
Unrealized depreciation................ (6,789,377)
-------------
Total value (Note 1A)................ $ 84,063,824
Receivable or fund shares sold........... 988
Interest receivable...................... 574,118
Receivable for investments sold.......... 4,961
-------------
Total Assets........................... $ 84,643,891
-------------
LIABILITIES:
Payable for fund shares reacquired....... $ 200,329
Loans payable............................ 146,386
Payable to dividend disbursing agent..... 103,785
Trustees' fees payable................... 208
Custodian fee payable.................... 13,289
Accrued expenses and other liabilities... 2,290
-------------
Total Liabilities...................... $ 466,287
-------------
NET ASSETS.................................. $ 84,177,604
=============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including shares
issued to shareholders in payment of distributions
declared), less cost of shares redeemed.. $ 91,666,387
Accumulated net realized loss on investment
transactions (computed on the basis of
identified cost)......................... (698,168)
Unrealized depreciation of investments (computed
on the basis of identified cost)......... (6,789,377)
Distributions in excess of net investment income (1,238)
-------------
Net assets applicable to outstanding shares $ 84,177,604
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING.............................. 8,670,470
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................... $ 9.71
=============
</TABLE>
<TABLE>
<CAPTION>
================================================================================
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Interest Income (Note 1B)................ $ 7,643,220
-------------
Expenses --
Investment adviser fee (Note 3)........ $ 403,012
Administrator fee (Note 3)............. 97,754
Compensation of trustees not affiliated with
the Investment adviser or administrator 1,268
Distribution expenses (Note 4)......... 200,298
Custodian fee (Note 3)................. 62,477
Audit services......................... 21,006
Transfer and dividend disbursing agent fees 16,339
Registration costs..................... 9,632
Interest on loans...................... 5,988
Printing............................... 1,590
Legal services......................... 1,432
Miscellaneous.......................... 4,534
-------------
Total expenses....................... $ 825,330
-------------
Net investment income.............. $ 6,817,890
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)................ $ (682,417)
Change in unrealized appreciation
of investments......................... (10,057,612)
-------------
Net realized and unrealized loss
on investments..................... $(10,740,029)
-------------
Net decrease in net assets
from operations.................... $ (3,922,139)
=============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT CURRENT INCOME FUND
<TABLE>
============================================================================================================================
<CAPTION>
Year Ended
December 31,
------------------------------------
STATEMENT OF CHANGES IN NET ASSETS 1994 1993
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income.................................................. $ 6,817,890 $ 7,282,634
Net realized loss on investment
transactions......................................................... (682,417) (8,621)
Change in unrealized appreciation
of investments....................................................... (10,057,612) (396,265)
--------------- ---------------
Increase (decrease) in net assets from operations................. $ (3,922,139) $ 6,877,748
--------------- ---------------
Distributions to shareholders --
From net investment income............................................. $ (6,817,890) $ (7,282,634)
In excess of net investment income..................................... (1,238) --
--------------- ---------------
Total distributions............................................... $ (6,819,128) $ (7,282,634)
--------------- ---------------
Net increase (decrease) from Fund share transactions (Note 5).............. $ (20,238,740) $ 15,886,787
--------------- ---------------
Net increase (decrease) in net assets............................. $ (30,980,007) $ 15,481,901
NET ASSETS:
At beginning of period..................................................... 115,157,611 99,675,710
--------------- ---------------
At end of period........................................................... $ 84,177,604 $ 115,157,611
=============== ===============
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME
INCLUDED IN NET ASSETS.......................................................... $ (1,238) $ --
=============== ===============
</TABLE>
See notes to financial statements
<PAGE>
WRIGHT CURRENT INCOME FUND
<TABLE>
==============================================================================================================================
<CAPTION>
Year Ended December 31,
------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of year.......... $ 10.750 $ 10.780 $ 10.850 $ 10.160 $ 10.090
--------- ---------- ---------- ---------- ---------
Income (loss) from Investment Operations:
Net investment income[1]............... $ 0.690* $ 0.728 $ 0.767 $ 0.798 $ 0.859
Net realized and unrealized gain (loss) on
investments.......................... (1.040) (0.030) (0.069) 0.690 0.080
--------- ---------- ---------- ---------- ---------
Total income (loss)
from investment operations......... $ (0.350) $ 0.698 $ 0.698 $ 1.488 $ 0.939
--------- ---------- ---------- ---------- ---------
Less Distributions:
From net investment income............. $ (0.690) $ (0.728) $ (0.767) $ (0.798) $ (0.859)
From net realized gain................. -- -- (0.001) -- (0.010)
--------- ---------- ---------- ---------- ---------
Total distributions................ $ (0.690) $ (0.728) $ (0.768) $ (0.798) $ (0.869)
--------- ---------- ---------- ---------- ---------
Net asset value, end of year................ $ 9.710 $ 10.750 $ 10.780 $ 10.850 $ 10.160
========= ========== ========== ========== =========
Total Return................................ (3.30%) 6.59% 6.73% 15.31% 9.85%
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $84,178 $115,158 $ 99,676 $ 65,700 $ 17,601
Ratio of net expenses to average net assets 0.8% 0.8% 0.9% 0.9% 0.9%
Ratio of net investment income to average
net assets........................... 6.9% 6.7% 7.2% 7.6% 8.6%
Portfolio Turnover Rate................ 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%
======== ========
* 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
================================================================================
(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:
<TABLE>
12/31 WGOF WNTB WCIF WTRB
------------------------------------------------------------
<S> <C> <C> <C> <C>
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
</TABLE>
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>
THE WRIGHT MANAGED INCOME TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
================================================================================
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 and distributions 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 year ended December 31, 1994, the effective annual rate was 0.40% for
WGOF, WTFB and WCIF, and 0.43% for WTRB and 0.44% for WNTB. To enhance the net
income of the Funds, Wright reduced its investment adviser fee by $29,956 for
the benefit of WTFB. 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 year ended
December 31, 1994, the effective annual rate was 0.10% for WGOF, WTFB and WCIF,
0.07% for WTRB, and 0.06% for 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 year
ended December 31, 1994, the Principal Underwriter made a reduction of its fee
to WGOF and WTFB by $35,005 and $28,863, respectively.
<PAGE>
THE WRIGHT MANAGED INCOME TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
================================================================================
(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>
Year Ended December 31,
---------------------------------------------------------------
1994 1993
---------------------------------------------------------------
Shares Amount Shares Amount
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WRIGHT GOVERNMENT OBLIGATIONS FUND --
Sales.................................................... 162,879 $ 2,104,165 406,098 $ 5,797,345
Issued to shareholders in payment
of distributions declared.............................. 62,116 805,054 89,252 1,264,888
Redemptions.............................................. (943,611) (12,465,253) (668,923) (9,503,900)
------------ ------------- ------------ -------------
Net decrease......................................... (718,616) $ (9,556,034) (173,573) $ (2,441,667)
============ ============= ============ =============
WRIGHT NEAR TERM BOND FUND --
Sales.................................................... 4,457,277 $ 46,681,687 12,619,527 $137,686,335
Issued to shareholders in payment of
distributions declared................................. 1,093,362 11,252,377 1,363,631 14,890,616
Redemptions..............................................(19,306,382) (199,439,187) (13,645,055) (148,538,330)
------------ ------------- ------------ -------------
Net increase (decrease)..............................(13,755,743) $(141,505,123) 338,103 $ 4,038,621
============ ============= ============ =============
WRIGHT TOTAL RETURN BOND FUND --
Sales.................................................... 3,088,029 $ 38,238,580 6,066,589 $ 79,995,327
Issued to shareholders in payment
of distributions declared.............................. 800,418 9,609,765 1,186,404 15,598,436
Redemptions..............................................(11,284,858) (138,048,649) (4,556,719) (59,859,364)
------------ ------------- ------------ -------------
Net increase (decrease).............................. (7,396,411) $(90,200,306) 2,696,274 $ 35,734,399
============ ============= ============ =============
WRIGHT INSURED TAX-FREE BOND FUND --
Sales.................................................... 307,219 $ 3,650,011 758,015 $ 9,015,959
Issued to shareholders in payment
of distributions declared ............................. 52,115 597,038 48,390 579,590
Redemptions.............................................. (889,361) (10,300,948) (470,567) (5,618,421)
------------ ------------- ------------ -------------
Net increase (decrease).............................. (530,027) $ (6,053,899) 335,838 $ 3,977,128
============ ============= ============ =============
WRIGHT CURRENT INCOME FUND --
Sales.................................................... 1,447,569 $ 14,915,507 3,132,793 $ 34,134,753
Issued to shareholders in payment
of distributions declared.............................. 530,312 5,337,338 522,778 5,696,105
Redemptions.............................................. (4,014,808) (40,491,585) (2,197,161) (23,944,071)
------------ ------------- ------------ -------------
Net increase (decrease).............................. (2,036,927) $(20,238,740) 1,458,410 $ 15,886,787
============ ============= ============ =============
</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>
Year Ended December 31, 1994
----------------------------------------------------------------------------------------------
WRIGHT GOVERNMENT WRIGHT NEAR WRIGHT TOTAL WRIGHT INSURED WRIGHT CURRENT
OBLIGATIONS FUND TERM BOND FUND RETURN BOND FUND TAX-FREE BOND FUND INCOME FUND
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Purchases --
Non-U.S. Gov't Obligations.. $ -- $ -- $ 8,888,950 $ 606,957 $ --
============= ============= ============= ============= =============
U.S. Gov't Obligations...... $ 147,398 $ 94,700,562 $ 51,572,472 $ -- $ 9,980,433
============= ============= ============= ============= =============
Sales --
Non-U.S. Gov't Obligations.. $ -- $ -- $ 21,519,259 $ 5,688,681 $ --
============= ============= ============= ============= =============
U.S. Gov't Obligations...... $ 9,764,266 $ 232,141,302 $ 126,079,912 $ -- $ 24,900,482
============= ============= ============= ============= =============
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(7) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) in value of the
investments owned at December 31, 1994, as computed on a federal income tax
basis, are as follows:
<TABLE>
WRIGHT GOVERNMENT WRIGHT NEAR WRIGHT TOTAL WRIGHT INSURED WRIGHT CURRENT
OBLIGATIONS FUND TERM BOND FUND RETURN BOND FUND TAX-FREE BOND FUND INCOME FUND
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Aggregate cost................... $ 16,272,905 $ 216,713,961 $ 151,610,155 $ 11,284,130 $ 90,853,201
============= ============= ============= ============= =============
Gross unrealized appreciation.... $ 184,736 $ 917,796 $ 606,983 $ 204,481 $ 211,472
Gross unrealized depreciation.... 322,366 6,741,791 10,440,681 313,321 7,000,849
------------- ------------- ------------- ------------- -------------
Net unrealized depreciation. $ 137,630 $ 5,823,995 $ 9,833,698 $ 108,840 $ 6,789,377
============= ============= ============= ============= =============
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
THE WRIGHT MANAGED INCOME TRUST
NOTES TO FINANCIAL STATEMENTS - CONTINUED
================================================================================
(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 December 31, 1994.
(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 $5,000,000 committed facility and
a $15,000,000 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 facility fee computed at a rate of 1/4 of 1% on the unused portion of the
$5,000,000 facility. The Wright Insured Tax-Free Bond and Current Income Funds
had outstanding loans of $650,436 and $146,386, respectively, at December
31,1994.
<PAGE>
INDEPENDENT AUDITORS' REPORT
================================================================================
To the Trustees and Shareholders of
The Wright Managed Income Trust:
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Wright Government Obligations Fund, Wright
Near Term Bond Fund, Wright Total Return Bond Fund, Wright Insured Tax-Free Bond
Fund, and Wright Current Income Fund of The Wright Managed Income Trust as of
December 31, 1994, the related statements of operations for the year then ended,
the statements of changes in net assets for the years ended December 31, 1994
and 1993, and the financial highlights for each of the years in the five-year
period ended December 31, 1994. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the securities owned at
December 31, 1994, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of each of the
respective Funds constituting The Wright Managed Income Trust as of December 31,
1994, the results of their operations, the changes in their net assets, and
their financial highlights for the respective stated periods in conformity with
generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 3, 1995
<PAGE>
THE WRIGHT MANAGED INVESTMENT FUNDS
================================================================================
(CONTINUED FROM INSIDE FRONT COVER)
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 the art work on the back cover of the report
Three thin vertical red lines on the right side of the page.
- --------------------------------------------------------------------------------
THE WRIGHT MANAGED
INCOME TRUST
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.
