- --------------------------------------------------------------------------------
Description of art work on front cover of report.
Solid blue box covering entire left hand side of cover with the name
WRIGHT INVESTORS'SERVICE in white at top.
- -------------------------------------------------------------------------------
THE WRIGHT
MANAGED
BLUE CHIP
INVESTMENT
FUNDS
Wright logo
Semi-Annual Report
June 30, 1997
<PAGE>
The Wright Managed Blue Chip Investment Funds
===============================================================================
THE WRIGHT MANAGED BLUE CHIP INVESTMENT FUNDS CONSISTS OF FOUR EQUITY FUNDS
FROM THE WRIGHT MANAGED EQUITY TRUST, A MONEY MARKET FUND AND FOUR OTHER FIXED
INCOME FUNDS FROM THE WRIGHT MANAGED INCOME TRUST. EACH OF THE NINE FUNDS HAVE
DISTINCT INVESTMENT OBJECTIVES AND POLICIES. THEY CAN BE USED SINGLY OR IN
COMBINATION TO ACHIEVE VIRTUALLY ANY OBJECTIVE. FURTHER, AS THEY ARE ALL
"NO-LOAD" FUNDS (NO COMMISSIONS OR SALES CHARGES), PORTFOLIO ALLOCATION
STRATEGIES CAN BE ALTERED AS DESIRED TO MEET CHANGING MARKET CONDITIONS OR
CHANGING REQUIREMENTS WITHOUT INCURRING ANY SALES CHARGES. EXCEPT AS NOTED, EACH
FUND OFFERS TWO CLASSES OF SHARES DESIGNATED AS INSTITUTIONAL SHARES AND
STANDARD SHARES.
Approved Wright Investment List
Securities selected for equity portfolios are drawn from investment lists
prepared by Wright Investors' Service (Wright) known as The Approved Wright
Investment List (AWIL) The Approved Wright Junior Blue Chip List (AWJBCL) and
the International Approved Wright Investment List (International AWIL).
Companies are selected by Wright as having the highest investment quality among
those equity securities which are considered as "investment grade". The
corporations may be large or small, exchange traded or over-the-counter, and may
include those not currently paying dividends on their shares. Companies are, in
the opinion of Wright, soundly financed and have established records of earnings
profitability and equity growth. All have established investment acceptance and
active, liquid markets for their publicly owned shares.
Four Equity Funds
Wright Selected Blue Chip Equities Fund (WBC) seeks to enhance total investment
return of price appreciation plus income by providing active management of
equities of well-established companies meeting strict quality standards.
Equities selected are limited to those companies on the AWIL whose current
operations reflect defined, quantified characteristics which have been
determined to offer comparatively superior total investment returns over the
intermediate term. The process selects those companies from the AWIL, regardless
of size, based on Wright's evaluation of their outlook as described above.
Investments are equally weighted.
Wright Junior Blue Chip Equities Fund (WJBC). This portfolio seeks to enhance
total investment return of price appreciation plus income by providing
management of equities of smaller companies still experiencing their rapid
growth period. Equity securities selected are limited to those companies on the
AWJBCL which consists of smaller companies than those on the AWIL but which meet
a higher standard of profitability and growth characteristics.
Wright Major Blue Chip Equities Fund (WMBC) seeks to enhance total investment
return of price appreciation plus income by providing management of a broadly
diversified portfolio of equities of larger well-established companies meeting
strict quality standards. In selecting companies from the AWIL for this
portfolio, the Investment Committee of Wright selects, based on quantitative
formulae, those companies which are expected to do better over the intermediate
term. The quantitative formulae takes into consideration factors such as
over/under valuation and compatibility with current market trends. Investments
in the portfolio are equally weighted in the selected securities.
<PAGE>
Wright International Blue Chip Equities Fund (WIBC). This is a broadly
diversified portfolio of equities of well-established, non-U.S. companies
meeting strict quality standards. The portfolio may buy common stocks traded on
the securities exchange of the country in which the company is based or it may
purchase American Depositary Receipts (ADR's) traded in the United States. The
portfolio is denominated in U.S. dollars and investors should understand that
fluctuations in foreign exchange rates may impact the value of their investment.
A Money Market Fund
Wright U.S. Treasury Money Market Fund (WTMM) seeks a high rate of current
income but with added safety that comes from limiting its investments to
securities of the U.S. Government and its agencies. There may be an added
advantage to investors that reside in states and municipalities that do not tax
dividend income from mutual funds investing exclusively in U.S. Government
securities. This Fund only offers Standard Shares.
Four Fixed-Income Funds
Wright U.S. Treasury Near Term Fund (WNTB), like WUSTB, is a diversified
portfolio concentrating on bonds and other obligations of the U.S. Government,
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 U.S. Treasury Fund (WUSTB) is invested in U.S. Treasury bills, notes and
bonds, which are guaranteed as to principal and interest by the full faith and
credit of the U.S. Government, and which are not expected to be taxable by
certain state or municipal governments. Maturities are relatively long.
Dividends are accrued daily and paid monthly.
Wright Total Return Bond Fund (WTRB) is a diversified portfolio of quality
government and corporate bonds and other debt securities of varying maturities
which, in the Adviser's opinion, will achieve the portfolio objective of best
total return, i.e. the best total of ordinary income plus capital appreciation.
Accordingly, investment selections and maturities may differ depending on the
particular phase of the interest rate cycle. Dividends are accrued daily and
paid monthly. This Fund only offers Standard Shares.
Wright Current Income Fund (WCIF) may be invested in a variety of securities and
may use a number of strategies to produce a high level of income with reasonable
stability of principal. 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>
TABLE OF CONTENTS
===============================================================================
INVESTMENT OBJECTIVES ........................Inside Front Cover
LETTER TO SHAREHOLDERS ..................................... 2
MANAGEMENT DISCUSSION....................................... 3
DIVIDEND DISTRIBUTIONS...................................... 7
FINANCIAL STATEMENTS
--------------------
WRIGHT MANAGED EQUITY TRUST
Statements of Assets and Liabilities..................... 11
Statements of Operations................................. 12
Statements of Changes in Net Assets...................... 13
Financial Highlights..................................... 15
Notes to Financial Statements............................ 19
WRIGHT MANAGED INCOME TRUST
Statements of Assets and Liabilities..................... 23
Statements of Operations................................. 25
Statements of Changes in Net Assets...................... 27
Financial Highlights..................................... 29
Notes to Financial Statements............................ 34
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
Statements of Assets and Liabilities..................... 38
Statements of Operations................................. 40
Statements of Changes in Net Assets...................... 42
Financial Highlights..................................... 44
Notes to Financial Statements............................ 46
PORTFOLIOS
---------------
Wright Major Blue Chip Equities Fund (WMBC).............. 50
Wright Total Return Bond Fund (WTRB)..................... 52
Wright U.S. Treasury Money Market Fund (WTMM)............ 53
Wright Selected Blue Chip Equities Portfolio (WBC)....... 54
Wright Junior Blue Chip Equities Portfolio (WJBC)........ 56
Wright International Blue Chip Equities Portfolio (WIBC). 58
Wright U.S. Treasury Near Term Portfolio (WNTB).......... 61
Wright U.S. Treasury Portfolio (WUSTB)................... 62
Wright Current Income Portfolio (WCIF)................... 63
<PAGE>
LETTER TO SHAREHOLDERS
July 1997
Dear Shareholders:
As it did in 1995 and 1996, the U.S. stock market surpassed most expectations
during the first half of 1997. After a mediocre first three months, the second
quarter of 1997 turned out to be the best quarter for the Dow Jones Industrial
Average (DJIA) in ten years, bringing the DJIA's first-half price rise to 19%.
Outside the U.S., stock prices also had healthy gains over the first half of
1997. The catalyst for the global stock market strength in the first half of
1997 was a worldwide downtrend in interest rates, which largely reflected more
moderate economic growth in the U.S. and favorable inflation readings virtually
everywhere.
U.S. bond market values declined during the opening three months of 1997, hurt
in part by the Federal Reserve's 25 basis-point increase in interest rates in
March; but bond prices rebounded during the second quarter, as investor fears of
further tightening by the Federal Reserve receded. The first quarter's
inordinately strong demand, which the Fed cited as the reason for its March 25
interest rate increase, has given way to more moderate growth, easing concerns
that inflation is about to escalate. In fact, by all the evidence, global
inflation rates headed lower during the second quarter. Bond yields in the major
markets abroad declined to a 25-year low during the second quarter. In the first
week of July, the 30-year U.S. Treasury bond yield was back down to 6.6%, below
its year-end 1996 rate.
As the second half of 1997 begins, the U.S. economic environment remains close
to an optimal mix of growth and inflation. Nonetheless, the stock market's
outsized advance over the past 30 months leaves little margin for error. Over
the past 12 months, the S&P 500's P/E multiple has expanded more than 10% (from
19 to 22, on a trailing basis). Treasury bond yields would probably have to fall
back below 6% - which may not occur until economic slowing gets a lot more
severe than currently - to justify P/Es this high. Even then, history suggests
that there has to be a point at which valuations will win out over momentum.
Should the U.S. stock market fall victim to profit taking, foreign equities
would most likely do the same.
Most important stock market peaks are associated with deteriorating economic or
corporate fundamentals. So long as the outlook for corporate profits and
interest rates remains positive, any market correction over the coming months is
unlikely to develop into an outright bear market. In Wright's view, high-quality
stocks and bonds can be expected to provide investors with inflation-beating
returns over the balance of 1997 and 1998. Longer term, the outlook remains
favorable for high-quality stocks. Rising productivity and record corporate
profits, low inflation, the shrinking U.S. budget deficit and greater fiscal
discipline around the globe, and an aging population increasingly inclined
toward investment constitute a positive environment for equity securities into
the 21st century.
As always, it should be understood that past performance does not guarantee
future results and that investment return and principal value will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost. Investing internationally entails additional risks, such as
currency fluctuations and potential political instability.
The paragraphs on the following pages discuss the various economic, political
and market factors affecting the investment performance of the Wright Equity and
Fixed-Income Funds during the first half of 1997 and prospects for the period
ahead.
Sincerely,
Peter M. Donovan
President
<PAGE>
MANAGEMENT DISCUSSION
================================================================================
STOCK FUNDS
- ------------
The U.S. stock market extended its winning streak to eight straight quarters
with a slight gain in the first quarter of 1997 and a double-digit rate of
advance in the second quarter. What appeared to be the start of a serious global
stock market correction in late March and early April turned out to have been
the launching pad for yet another leg to the worldwide bull market in equities.
In the early trading sessions of July, this bullish trend has carried the stock
market averages to new highs. Valuations are high at midyear 1997, and any loss
of momentum could result in a period of market consolidation or correction.
Price/earnings multiples have recently climbed to levels rarely seen in postwar
market history. At 20 times forecast year-ahead earnings, the S&P 500's current
pricing represents a premium of close to 50% over the market's 50-year average
P/E. But even allowing for some shrinkage in P/E multiples, today's positive
investment fundamentals form the basis for expecting an 8% or so rate of return
from stocks over the coming five years. As favorable as current demographics are
for financial assets, the principal factors driving the bull market in stocks
are more basic: moderate but steady economic growth, low inflation, solid growth
in corporate profits, declining interest rates, and rising productivity.
Following 15 years of returns averaging 19%, an 8% annual rate of investment
return might seem skimpy, but it still represents a 5% or so premium over
inflation and should compare favorably with the likely returns on alternative
investments.
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
For the first half of 1997, the Wright Selected Blue Chip Equities Fund (WBC)
had a 15.7% total return, ahead of the Lipper equity growth fund average return
of 14.3%. Contributing to the Fund's strong results was good performance from
stocks in the construction, technology, non-bank finance, and machinery
industries during the second quarter. Fund performance also benefited from
above-market industry positions in construction, machinery, and transportation
stocks, groups that outperformed the market. Detracting from WBC's first-half
1997 results was the portfolio's underweighting in the health care industry, one
of the quarter's best performing groups. Small- and mid-cap issues generally
lagged big, Dow-type stocks during the second quarter, despite their more
moderate valuations. This continuing disparity between big- and small-cap stocks
was again a drag on the relative performance of the Selected Blue Chip Fund.
At midyear 1997, Selected Blue Chip Equities were trading at an average of 15
times forecast 1997 earnings, more than 25% below the S&P 500's P/E multiple of
20. In the event a period of correction or consolidation descends upon the U.S.
stock market in the months ahead, the WBC's discount P/E may limit the
portfolio's downside exposure, as should the 14% average earnings growth rate
forecast for WBC stocks in 1997-98.
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
The Wright Junior Blue Chip Fund (WJBC) had a 15.3% total investment return for
the first half of 1997, which compares favorably with both the Russell 2000's
10.2% return and Value Line's 13.5% for the same period. WJBC benefited in the
first half from strong results in the printing and publishing group.
Lower-than-market exposure in the health care and electronics industries held
down returns a bit, as did a relatively poor showing in machinery stocks and
retailers.
<PAGE>
In terms of projected 1997 earnings, WJBC stockholdings were trading at a 30%
P/E discount to the S&P 500 (14 versus 20) at midyear 1997. Relatively low
valuations and earnings growth up to twice as fast as the S&P 500's projected
7.5% in 1997-98 are expected to contribute to comparatively good market
performance by the high-quality mid- and small-cap stocks in the Junior Blue
Chip Fund in the quarters ahead.
WRIGHT MAJOR BLUE CHP EQUITIES FUND
During the second quarter of 1997, the Wright Quality Core Fund changed its name
to the Wright Major Blue Chip Fund (WMBC), reflecting the Fund's increasing
focus on big-cap quality stocks. WMBC had a 20.0% investment return during the
first half of 1997, as compared with a 14.3% return for the Lipper equity growth
fund average. WMBC performance was aided by the good showing of the big-cap
sector of the stock market, as well as by good performance in the communications
utilities, machinery and equipment, and metal products industries. WMBC
underweighting in health care stocks hurt performance.
At June 30, the average price/earnings multiple for the stocks in the WMBC was
17, a discount of about 15% from the S&P 500's P/E of 20 (in terms of estimated
1997 earnings). For 1997-98, earnings growth is projected at an average of
12%-14%, well above the 7%-8% forecast for the S&P 500.
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
The Wright International Blue Chip Fund (WIBC) earned a 6.5% total investment
return during 1997's first half, behind the return of the FT/S&P World ex U.S.
total return index of 11.3%. Canada, Hong Kong and Mexico were all good markets
for the International Blue Chip Fund in the first half; U.K. stock holdings
underperformed. WIBC's big underweighting in Japan relative to the FT/S&P
benchmark helped during the first quarter but hampered results in the second
quarter, when the Japanese stock market produced a better-than-10% rebound in
local currency terms plus a nearly 10% recovery in the yen against the U.S.
dollar.
As measured by the FT/S&P country indexes, European markets produced total
returns averaging 14% in U.S. dollars during the first half; Nordic markets also
rose 14%; Japan was up 9%; and the Pacific ex Japan region edged up 2%. The U.S.
stock market outperformed 23 of the 27 largest foreign markets during the first
half.
As 1997 has progressed, we have seen far more increases in forecasts of global
economic growth for 1997 and 1998 than reductions. At the same time, inflation
estimates have been almost universally lowered recently. Against this backdrop,
interest rates have moved lower almost everywhere. Prospects for Europe's
Monetary Union (EMU) have not been helped by stubborn budget deficits in France
and Germany; Italy and Spain, on the other hand, have made progress toward
meeting EMU targets. The U.K. and Canada raised lending rates during the second
quarter, but for the most part, interest rate trends are flat or to the
downside. Japan's economic recovery still lacks the support of domestic demand,
and confidence remains low. In the aggregate, after years of lagging in GDP,
profits and stock prices, foreign economies and markets have some catching up to
do against the U.S., in Wright's view.
FIXED-INCOME FUNDS
- -------------------
With U.S. economic growth moderating, bond prices rallied during the second
quarter, pushing bond returns to the plus side for the year to date. The yield
on the 30-year Treasury bond, which rose during the opening three months of
<PAGE>
1997, declined 30 basis points from March through June, closing the second
quarter at 6.8%. By mid-July, the downtrend in yields had carried the 30-year
T-bond under 6.5%. Along the length of the Treasury yield curve, the decline in
yields has averaged 70 basis points in the three months since the April 11 peak
in rates.
Economic growth pulled back in the second quarter following a robust first
quarter. The economy that was raging ahead at a nearly 6% growth rate in the
first quarter probably grew 2% or less in the second. At the same time, all
indications are that global competition and economic slack, along with gains in
productivity, are keeping inflation under control. Consumer prices rose at an
annual rate of under 2% over the first half of 1997, while producer prices
declined. Gold and oil prices were also in a moderating trend at midyear.
These economic conditions allowed the Federal Reserve (the Fed) to keep monetary
policy unchanged during the second quarter, after boosting rates one-quarter
percentage point in March. Wright expects that economic growth will pick up
again in the second half of 1997, and this may prompt the Fed to raise interest
rates again before the year is out. With chances of a flare-up in inflation
remote, any further tightening by the Fed is likely to be modest. Nevertheless,
the possibility of Fed tightening and investors' stubborn inflation fears could
keep the bond market volatile over the summer. Over the past 24 months, buying
(lengthening) when the 30-year T-bond has been above 7% and selling when it
approached 6% has been a successful fixed-income strategy; Wright believes that
this range for bonds may persist for a while yet. In May, when the long T-bond
yield was around 7%, Wright lengthened the maturities of its longer-term bond
portfolios.
WRIGHT U.S. TREASURY MONEY MARKET FUND
The coupon-equivalent yield on 90-day Treasury bills stayed in a fairly narrow
band during the first half of 1997, ending the period at 5.25%, down 10 basis
points from its March 31 level and little changed from its year-end 1996 rate.
The Wright U.S. Treasury Money Market Fund (WTMM) earned a total investment
return of 2.4% over the January-June period, compared with 2.5% earned by the
average U.S. Treasury money market fund and 2.5% for 90-day T-bills during the
same period.
Since raising the federal funds rate by 25 basis points on March 25, the Fed has
passed on two more chances to tighten monetary policy. The Fed may yet decide to
tighten in the months ahead, but with inflation pressures quiescent, any rise in
short-term rates is likely to be quite modest. Over the coming 12 months,
Treasury bill returns are expected to remain in the 5.0%-5.5% range. Average
maturity on WTMM Fund holdings at midyear 1997 was 73 days.
WRIGHT U.S. TREASURY NEAR TERM FUND
Over the second quarter of 1997, the average maturity of the Wright U.S.
Treasury Near-Term Fund (WNTB) was raised to about 2.0 years, matching the 2.0
year average at the end of 1996. Yields on Treasury securities in this maturity
range climbed about 20 basis points for the first half. So far this year, this
Fund has earned 2.5%, matching the first-half return from three-month Treasury
bills. Over the last 12 months, the WNTB Fund's 5.7% return has topped the 5.1%
return from T-bills.
At June 30, the Wright U.S. Treasury Near Term Portfolio was invested 97% in
U.S. Treasury Securities and 3% in government agency issues. Its yield to
maturity was 6.0%, up from 5.9% at December 31. On May 1, 1997, WNTB transferred
all of its assets to the Wright U.S. Treasury Near Term Portfolio in exchange
for an interest in the Portfolio.
<PAGE>
WRIGHT U.S. TREASURY FUND
The Wright U.S. Treasury Fund (WUSTB) earned a total investment return of 1.9%
in the first half of 1997, which compares with a 3.2% return for the Lipper
fixed income fund average and 2.6% for the Lehman government bond composite.
During the second quarter, the maturity of the WUSTB was raised to 8.3 years
(duration 5.8 years), up from 7.7 years (5.5) at the end of the first quarter
and about even with December 1996 levels. Yields in the 8-year maturity range
increased 10-15 basis points during 1997's first half.
At midyear 1997, with bond yields lower than they were a year earlier, WUSTB has
earned 7.2% over the last 12 months, as compared with 8.3% for the Lipper bond
fund average. WUSTB's 7.9% compound annual rate of return over the last five
years compares with a 6.6% return for the Lipper average. At June 30, the yield
to maturity on the WUSTB was 6.5%, down from 6.9% three months earlier.
WRIGHT TOTAL RETURN BOND FUND
During the second quarter of 1997, with yields on long-term Treasury securities
exceeding 7%, Wright raised the Wright Total Return Bond Fund's (WTRB) maturity
to 8.2 years from 7.8 at the end of March and 8.0 at December 1996; over the
same period, its duration moved up to 5.8 years from 5.7. At June 30, WTRB's
yield to maturity was 6.5%, down from 6.9% three months earlier.
During the first half of 1997, WTRB had a total return of 2.0%, as compared with
a 3.2% return for the Lipper bond fund average and 2.7% for the Lehman
government/corporate composite. For the year through June, the WTRB Fund
returned 7.4%.
WRIGHT CURRENT INCOME FUND
The Wright Current Income Fund (WCIF) had a total investment return of 3.8% in
the second quarter of 1997, bringing its first-half return to 3.4%, in line with
the returns earned by the Morningstar government mortgage fund average. Over the
past 12 months, the WCIF has earned 8.6%, also in line with the return for the
Morningstar fund average.
The Wright Current Income Portfolio is invested in Ginnie Maes, which are
mortgage-based securities backed by the U.S. government. WCIF, which pays a
dividend monthly, is particularly suited for income-oriented investors. Its
indicated annual yield of 6.5% as of June 30 was more than double the rate of
core consumer price inflation.
<PAGE>
DIVIDEND DISTRIBUTIONS
(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
N.A.V. Distri- Distri- 12 Month 5 Year 10 Year Cum.
Period Per bution bution Shares Invstmnt Invstmnt Invstmnt Invstmnt
Ending Share $ P/S in Shares Owned Value Return Return Return Return
(Annualized) (Annualized)(Annualized)
- -------------------------------------------------------------------------------------------------------------------------------
THE EQUITY TRUST -- WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1/4/83 $10.00 100.00 $1,000.00
Dec.96 17.73 2.040 0.116173 302.60 5,365.08 18.57% 9.77% 12.01% 12.76%
Jan.97 18.06 302.60 5,464.96 18.80% 10.69% 11.04% 12.82%
Feb.97 18.46 302.60 5,586.00 19.55% 10.99% 10.74% 12.93%
Mar.97 16.47 1.540 0.090855 330.09 5,436.58 14.83% 11.10% 10.42% 12.63%
Apr.97 17.03 330.09 5,621.43 17.27% 11.81% 11.17% 12.82%
May 97 18.21 330.09 6.010.94 22.77% 13.25% 11.94% 13.26%
Jun 97 18.76 0.040 0.002111 330.79 6,205.62 26.32% 14.56% 11.64% 13.43%
- ---------------------------------------------------------------------------------------------------------------------------------
THE EQUITY TRUST -- WRIGHT JUNIOR BLUE CHIP EQUITIES FUND (WJBC)
1/15/85 $10.00 100.00 $1,000.00
Dec. 96 8.86 3.700 0.427252 361.54 3,203.20 17.53% 8.95% 9.22% 10.22%
Jan.97 9.00 361.54 3,253.86 18.51% 8.83% 8.11% 10.29%
Feb.97 9.16 361.54 3,311.71 17.92% 8.75% 7.64% 10.38%
Mar 97 8.96 0.025 0.002729 362.53 3,248.27 14.69% 9.00% 7.49% 10.13%
Apr.97 9.02 362.53 3,270.02 14.94% 9.90% 7.91% 10.12%
May 97 9.80 362.53 3,552.79 21.96% 11.42% 8.74% 10.79%
Jun.97 10.18 0.010 0.000993 362.89 3,694.22 27.54% 13.58% 8.70% 11.06%
- ----------------------------------------------------------------------------------------------------------------------------------
THE EQUITY TRUST -- WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
7/22/85 $10.00 100.00 $1,000.00
Dec. 96 12.45 2.300 0.186840 342.36 4,262.34 17.63% 10.44% 12.38% 13.51%
Jan.97 12.88 342.36 4,409.60 19.52% 11.08% 11.47% 13.73%
Feb.97 13.12 342.36 4,491.76 19.52% 11.31% 11.05% 13.82%
Mar 97 10.68 2.050 0.185688 405.93 4,335.33 13.84% 11.12% 10.59% 13.37%
Apr.97 11.24 405.93 4,562.65 18.47% 12.25% 11.56% 13.76%
May 97 12.05 405.93 4,891.46 24.78% 13.87% 12.29% 14.33%
Jun.97 12.58 0.020 0.001566 406.57 5,114.65 31.14% 15.54% 12.17% 14.65%
- ----------------------------------------------------------------------------------------------------------------------------------
<PAGE>
THE EQUITY TRUST -- WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND (WIBC)
9/14/89 $10.00 100.00 $1,000.00
Dec. 96 16.69 1.110 0.068434 113.48 1,893.98 20.73% 10.69% -- 9.00%
Jan.97 16.36 113.48 1,856.53 15.61% 10.07% -- 8.74%
Feb.97 16.59 113.48 1,882.63 15.85% 10.28% -- 8.85%
Mar.97 15.93 0.533 0.033670 117.30 1,868.59 11.56% 10.80% -- 8.64%
Apr.97 15.81 117.30 1,854.51 8.32% 9.89% -- 8.44%
May 97 16.48 117.30 1,933.10 11.59% 9.56% -- 8.92%
Jun.97 17.19 117.30 2,016.39 16.04% 10.83% -- 9.42%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE INCOME TRUST -- WRIGHT U.S. TREASURY MONEY MARKET FUND (WTMM)
MONTHLY CUMULATIVE ANNUALIZED INVESTMENT RETURN
MONTH NET INCOME RETURN ______________________________________
ENDING PER SHARE PER SHARE (a) 1 Month 3 Month Cumulative
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$1,000.00
Jan. 31 $0.003993 1,003.99 4.70% -- 4.70%
Feb. 29 0.003596 1,007.60 4.69% -- 4.70%
Mar. 31 0.003997 1,011.63 4.71% 4.73% 4.72%
Apr. 30 0.003918 1,015.59 4.77% 4.75% 4.74%
May 31 0.004028 1,019.68 4.74% 4.77% 4.76%
Jun. 30 0.003917 1,023.67 4.76% 4.79% 4.77%
----------
Total $0.023449
(a): Assumes reinvestment of monthly dividends.
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------------
N.A.V. Distri- Distri- 12 Month 5 Year 10 Year Cum.
Period Per bution bution Shares Invstmnt Invstmnt Invstmnt Invstmnt
Ending Share $ P/S in Shares Owned Value Return Return Return Return
(Annualized) (Annualized)(Annualized)
- ---------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT U.S. TREASURY NEAR TERM FUND (WNTB)
<S> <C> <C> <C> <C> <C> <C> <C>
7/25/83 $10.00 100.000 $1,000.00
12/96 10.24 0.050356 0.004918 281.416 2,881.70 3.91% 5.28% 6.65% 8.19%
1/97 10.23 0.050379 0.004925 282.802 2,893.06 3.53% 5.55% 6.59% 8.17%
2/97 10.21 0.045606 0.004467 284.065 2,900.31 4.39% 5.54% 6.57% 8.14%
3/97 10.14 0.049701 0.004901 285.457 2,894.54 4.36% 5.61% 6.60% 8.08%
4/97 10.17 0.047795 0.004700 286.799 2,916.75 5.25% 5.57% 6.89% 8.09%
5/97 10.18 0.044897 0.004418 288.066 2,932.51 5.60% 5.40% 6.97% 8.08%
6/97 10.20 0.049211 0.004825 289.456 2,952.45 5.70% 5.26% 6.91% 8.08%
---------
Total $0.287589
<PAGE>
- -------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT U.S. TREASURY FUND (WUSTB)
7/25/83 $10.00 100.000 $1,000.00
12/96 13.58 0.234859 0.017294 281.677 3,825.17 -1.23% 7.49% 8.09% 10.50%
1/97 13.52 0.063075 0.004666 282.991 3,826.04 -1.13% 8.23% 7.96% 10.43%
2/97 13.45 0.056319 0.004190 284.177 3,822.18 3.40% 8.05% 7.81% 10.36%
3/97 13.08 0.172383 0.013168 287.919 3,765.98 3.33% 7.99% 7.85% 10.18%
4/97 13.22 0.058865 0.004453 289.201 3,823.24 6.17% 8.31% 8.50% 10.23%
5/97 13.27 0.053364 0.004021 290.364 3,853.13 7.47% 7.95% 8.68% 10.23%
6/97 13.37 0.058092 0.004345 291.626 3,899.03 7.21% 7.91% 8.69% 10.26%
---------
Total $0.462098
- ---------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT TOTAL RETURN BOND FUND (WTRB)
7/25/83 $10.00 100.000 $1,000.00
12/96 12.50 0.059626 0.004770 280.396 3,504.95 0.87% 6.46% 6.97% 9.78%
1/97 12.44 0.058615 0.004712 281.718 3,504.57 0.49% 6.86% 6.78% 9.72%
2/97 12.37 0.053439 0.004320 282.935 3,499.90 3.84% 6.76% 6.70% 9.65%
3/97 12.13 0.058576 0.004807 284.295 3,448.50 3.62% 6.58% 6.66% 9.47%
4/97 12.27 0.055727 0.004542 285.586 3,504.14 6.42% 6.79% 7.30% 9.54%
5/97 12.32 0.057371 0.004657 286.916 3,534.80 7.90% 6.57% 7.52% 9.54%
6/97 12.40 0.055875 0.004506 288.209 3,573.79 7.43% 6.45% 7.50% 9.57%
---------
Total $0.339603
- -------------------------------------------------------------------------------------------------------------------------------
THE INCOME TRUST -- WRIGHT CURRENT INCOME FUND (WCIF)
4/14/87 $10.00 100.000 $1,000.00
12/96 10.43 0.057090 0.005474 211.500 2,205.95 4.31% 6.17% -- 8.48%
1/97 10.43 0.057396 0.005502 212.664 2,218.08 4.27% 6.73% -- 8.47%
2/97 10.42 0.053324 0.005117 213.752 2,227.30 6.03% 6.63% -- 8.44%
3/97 10.23 0.058897 0.005729 214.977 2,199.21 5.13% 6.53% -- 8.23%
4/97 10.33 0.053487 0.005176 216.089 2,232.20 7.06% 6.61% 8.37% 8.32%
5/97 10.38 0.051743 0.004985 217.167 2,254.19 8.80% 6.37% 8.49% 8.35%
6/97 10.45 0.056802 0.005436 218.347 2,281.73 8.64% 6.35% 8.49% 8.41%
---------
Total $0.331649
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Selected Wright Junior Wright Major Wright International
Blue Chip Blue Chip Blue Chip Blue Chip
Equities Fund Equities Fund Equities Fund+ Equities Fund
(WBC) (WJBC) (WMBC) (WIBC)
- -------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C> <C>
Identified cost............................... $ - $ - $ 19,155,969 $ -
Unrealized appreciation (depreciation)........ - - 4,382,814 -
Investments in Portfolio, at value............ 228,965,249 13,968,334 - 300,207,666
------------ ------------ ------------ ------------
Total investments, at value (Note 1A)......... $ 228,965,249 $ 13,968,334 $ 23,538,783 $300,207,666
Cash.......................................... - - 765,514 -
Receivable for Fund shares sold............... 221 - - 102,885
Dividend and interest receivable.............. - - 29,687 -
Deferred organization expenses (Note 1D)...... - - 29,454 -
------------ ------------ ------------ ------------
Total Assets............................. $ 228,965,470 $ 13,968,334 $ 24,363,438 $300,310,551
------------ ------------ ------------ ------------
LIABILITIES:
Trustee fees payable.......................... $ 562 $ 562 $ 562 $ 562
Accrued expenses and other liabilities........ 5,675 1,658 52,177 16,826
------------ ------------ ------------ ------------
Total Liabilities......................... $ 6,237 $ 2,220 $ 52,739 $ (17,388)
------------ ------------ ------------ ------------
NET ASSETS....................................... $ 228,959,233 $ 13,966,114 $ 24,310,699 $300,293,163
============= ============= ============= =============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market value of securities
received in exchange for Fund shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired........................ $ 157,087,582 $ 9,396,813 $ 15,940,739 $223,633,314
Accumulated undistributed (overdistributed) net
realized gain on investments and foreign
currency (computed on the basis of
identified cost)............................ 13,410,662 1,538,203 4,202,163 (6,804,439)
Unrealized appreciation of investments and trans-
lation of assets and liabilities in foreign currency
(computed on the basis of identified cost).. 57,524,805 3,436,554 4,382,814 80,616,047
Undistributed (distributions in excess of) net
investment income........................... 936,184 (405,456) (215,017) 2,848,241
------------ ------------ ------------ ------------
Net assets applicable to outstanding shares. $ 228,959,233 $ 13,966,114 $ 24,310,699 $300,293,163
============= ============= ============= =============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING................................. 12,202,432 1,372,569 1,932,327 17,467,521
============= ============= ============= =============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST...................... $18.76 $10.18 $12.58 $17.19
============= ============= ============= =============
+ The Wright Major Blue Chip Equities Fund does not invest in a corresponding
master portfolio.
See Notes To Fiancial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Selected Wright Junior Wright Major Wright International
Blue Chip Blue Chip Blue Chip Blue Chip
Equities Fund Equities Fund Equities Fund+ Equities Fund
(WBC) (WJBC) (WMBC) (WIBC)
- ---------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1C):
Income --
<S> <C> <C> <C> <C>
Dividend income................................. $ 1,344,062 $ 67,668 $ 212,127 $ 2,501,667
Interest income................................. 61,184 6,140 10,880 118,994
Less: Foreign taxes............................. - - - (280,385)
Dividend income allocated from Portfolio........ 756,451 30,645 - 1,832,796
Interest income allocated from Portfolio........ 42,782 1,974 - 29,690
Less: Foreign taxes from Portfolio.............. - - - (245,953)
Expenses allocated from Portfolio............... (242,383) (4,690) - (437,231)
------------ ------------ ------------ ------------
Net investment income.......................... $ 1,962,096 $ 101,737 $ 223,007 $ 3,519,578
------------ ------------ ------------ ------------
Expenses --
Investment Adviser fee (Note 2)................. $ 437,112 $ 36,602 $ 57,979 $ 716,225
Administrator fee (Note 2)...................... 134,715 13,028 25,004 151,371
Compensation of Trustees not affiliated with the
Investment Adviser or Administrator............ 2,210 1,627 1,703 933
Custodian fee (Note 1E)......................... 23,222 6,380 14,121 101,900
Distribution expenses (Note 3).................. 220,646 14,063 26,941 294,067
Transfer and dividend disbursing agent fees..... 21,348 1,296 3,188 23,329
Printing........................................ 927 2,356 1,130 5,267
Audit services.................................. 29,550 23,850 25,550 25,200
Legal services.................................. 1,312 1,110 10,194 9,678
Shareholder communication expense............... 9,932 3,107 1,241 20,843
Amortization of organization expenses (Note 1D). - - 921 -
Registration costs.............................. 7,898 3,076 5,319 7,559
Miscellaneous................................... - 2,430 1,995 45,136
------------ ------------ ------------ ------------
Total expenses................................. $ 888,872 $ 108,925 $ 175,286 $ 1,401,508
------------ ------------ ------------ ------------
Deduct --
Preliminary reduction of Investment Adviser fee
(Note 2).................................... $ - $ 21,004 $ 11,318 $ -
Preliminary reduction of distribution expenses by
Principal Underwriter (Note 2) ................ - 14,063 18,431 -
------------ ------------ ------------ ------------
Total deductions............................... $ - $ 35,067 $ 29,749 $ -
------------ ------------ ------------ ------------
Net expenses................................. $ 888,872 $ 73,858 $ 145,537 $ 1,401,508
------------ ------------ ------------ ------------
Net investment income...................... $ 1,073,224 $ 27,879 $ 77,470 $ 2,118,070
------------ ------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investment and foreign currency
transactions (identified cost basis)............ $ 8,148,211 $ 1,058,209 $ 4,203,632 $ 563,608
Net realized gain on investment and foreign currency
transactions from Portfolio (identified cost basis) 5,276,964 343,723 - 555,061
------------ ------------ ------------ ------------
Net realized gain on investments................. $ 13,425,175 $ 1,401,932 $ 4,203,632 $ 1,118,669
------------ ------------ ------------ ------------
Change in unrealized appreciation (depreciation)
of investments and translation of assets and
liabilities in foreign currencies ............. $ 5,539,904 $ (727,910) $ 238,626 $ (5,954,162)
Change in unrealized appreciation (depreciation)
of investments and translation of assets and
liabilities in foreign currencies from Portfolio 11,768,516 1,224,566 - 21,308,151
------------ ------------ ------------ ------------
Net change in unrealized appreciation
(depreciation) of investments and translation of
assets and liabilities in foreign currencies... $ 17,308,420 $ 496,656 $ 238,626 $ 15,353,989
------------ ------------ ------------ ------------
Net realized and unrealized gain................. $ 30,733,595 $ 1,898,588 $ 4,442,258 $ 16,472,658
------------ ------------ ------------ ------------
Net increase in net assets from operations..... $ 31,806,819 $ 1,926,467 $ 4,519,728 $ 18,590,728
============= ============= ============= =============
+ The Wright Major Blue Chip Equities Fund does not invest in a corresponding
master portfolio.
See Notes To Fiancial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
STATEMENTS OF CHANGES IN NET ASSETS
===============================================================================
<TABLE>
<CAPTION>
Wright Selected Wright Junior
Blue Chip Blue Chip
Equities Fund Equities Fund
(WBC) (WJBC)
Year Ended Dec. 31 Year Ended Dec. 31
-----------------------------------------------------------
1997(1) 1996 1997(1) 1996
- ---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income.................................. $ 1,073,224 $ 2,631,529 $ 27,879 $ 138,013
Net realized gain on investments....................... 13,425,175 39,254,389 1,401,932 4,475,140
Change in unrealized appreciation of investments....... 17,308,420 (2,677,293) 496,656 (1,773,925)
------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations......................... $ 31,806,819 $ 39,208,625 $ 1,926,467 $ 2,839,228
------------ ------------ ------------ ------------
Undistributed net investment loss included in
price of shares sold and redeemed (Note 1G)............ $ (21,097) $ (218,349) $ (12,808) $ (118,531)
------------ ------------ ------------ ------------
Distributions to shareholders (Note 1H)
From net investment income............................. $ (1,061,417) $ (2,485,082) $ (35,269) $ (156,925)
From net realized gain................................. (17,114,932) (21,491,146) (14,330) (4,391,022)
------------ ------------ ------------ ------------
Total distributions.................................. $(18,176,349) $ (23,976,228) $ (49,599) $ (4,547,947)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from capital
share transactions - (Note 4).......................... $ 7,184,279 $ (24,436,411) $ (1,926,646) $(10,137,508)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets.................... $ 20,793,652 $ (9,422,363) $ (62,586) $(11,964,758)
NET ASSETS:
At beginning of period................................... 208,165,581 217,587,944 14,028,700 25,993,458
------------ ------------ ------------ ------------
At end of period......................................... $228,959,233 $ 208,165,581 $ 13,966,114 $ 14,028,700
============= ============= ============= =============
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF)
NET INVESTMENT INCOME INCLUDED IN NET
ASSETS AT END OF PERIOD.................................. $ 936,184 $ 945,474 $ (405,456) $ (385,258)
============= ============= ============= =============
(1) For the six months ended June 30,1997 (unaudited).
See Notes To Fiancial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
STATEMENTS OF CHANGES IN NET ASSETS
================================================================================
<TABLE>
<CAPTION>
Wright Major Wright International
Blue Chip Blue Chip
Equities Fund+ Equities Fund
(WMBC) (WIBC)
Year Ended Dec. 31 Year Ended Dec. 31
-------------------------------------------------------------
1997(1) 1996 1997(1) 1996
- ----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income.................................. $ 77,470 $ 349,438 $ 2,118,070 $ 1,956,736
Net realized gain on investments....................... 4,203,632 11,025,665 1,118,669 19,574,426
Change in unrealized appreciation of investments....... 238,626 (5,101,936) 15,353,989 24,303,355
------------ ------------ ------------ ------------
Net increase in net assets
resulting from operations......................... $ 4,519,728 $ 6,273,167 $ 18,590,728 $ 45,834,517
------------ ------------ ------------ ------------
Undistributed net investment income (loss) included in
price of shares sold and redeemed (Note 1G)............ $ - $ (43,460) $ 202,503 $ 23,205
------------ ------------ ------------ ------------
Distributions to shareholders (Note 4)
From net investment income............................. $ (86,622) $ (342,817) $ (396,732) $ (1,527,735)
From net realized gain................................. (3,912,802) (4,865,664) (8,797,091) (15,430,128)
------------ ------------ ------------ ------------
Total distributions.................................. $ (3,999,424) $ (5,208,481) $ (9,193,823) $ (16,957,863)
------------ ------------ ------------ ------------
Net increase (decrease) in net assets from capital
share transactions - Standard Shares................... $(2,024,720) $ (24,340,385) $ 21,961,416 $ 2,656,534
------------ ------------ ------------ ------------
Net increase (decrease) in net assets.................... $(1,504,416) $ (23,319,159) $ 31,560,824 $ 31,556,393
NET ASSETS:
At beginning of period................................... 25,815,115 49,134,274 268,732,339 237,175,946
------------ ------------ ------------ ------------
At end of period......................................... $ 24,310,699 $ 25,815,115 $300,293,163 $268,732,339
============= ============= ============= =============
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF)
NET INVESTMENT INCOME INCLUDED IN NET
ASSETS AT END OF PERIOD.................................. $ (215,017) $ (205,865) $ 2,848,241 $ 924,400
============= ============= ============= =============
(1) For the six months ended June 30,1997 (unaudited).
+ The Wright Major Blue Chip Equities Fund does not invest in a corresponding
master portfolio.
See Notes To Fiancial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
================================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(3) 1996 1995 1994 1993 1992
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 17.730 $ 16.830 $ 13.850 $ 14.920 $ 14.790 $ 17.180
-------- -------- -------- -------- -------- --------
Income (Loss) from Investment Operations:
Net investment income.................. $ 0.086 $ 0.204 $ 0.226 $ 0.233 $ 0.196 $ 0.222
Net realized and unrealized gain (loss)
on investments....................... 2.524 2.886 3.904 (0.763) 0.104 0.498
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations....... $ 2.610 $ 3.090 $ 4.130 $ (0.530) $ 0.300 $ 0.720
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............. $ (0.090) $ (0.200) $ (0.200) $ (0.180) $ (0.170) $ (0.200)
From net realized gain on investments.. (1.490) (1.990) (0.840) (0.360) -- (2.910)
In excess of net realized gain
on investments....................... -- -- (0.110) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions................ $ (1.580) $ (2.190) $ (1.150) $ (0.540) $ (0.170) $ (3.110)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 18.760 $ 17.730 $ 16.830 $ 13.850 $ 14.920 $ 14.790
========= ========= ========= ========= ========= =========
Total Return (1)............................ 15.67% 18.57% 30.34% (3.52%) 2.06% 4.71%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $ 228,959 $ 208,166 $217,588 $186,016 $ 175,481 $152,997
Ratio of expenses to average net assets 1.05%(4)(6) 1.04% 1.04% 1.03% 1.03% 1.02%
Ratio of net investment income to average
net assets........................... 0.99%(4) 1.15% 1.44% 1.57% 1.28% 1.34%
Portfolio turnover rate(5) ............ 10% 43% 44% 72% 28% 77%
Average commission rate paid (2) ...... $ 0.0500 $ 0.0497 -- -- -- --
(1) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(2) Average commission rate paid is computed by dividing the total dollar amount
of commissions paid during the fiscal year by the total number of shares
purchased and sold during the fiscal year on which commissions were charged.
For fiscal years beginning on or after September 1, 1995, the Fund is
required to disclose its average commission rate per share for security
trades on which commissions are charged. Amount for the six months ended
June 30, 1997 is for the period while the Fund was making investments
directly in securities. The average commission rate paid for the period
since the Fund transferred substantially all of its investable assets to the
Portfolio is shown in the Portfolio's financial statements which are
included elsewhere in this report.
(3) For the six months ended June 30, 1997.
(4) Annualized.
(5) Portfolio turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover rate for the period since the Fund transferred substantially all of
its investable assets to the Portfolio is shown in the Portfolio's financial
statments which are included elsewhere in this report.
(6) Includes each Fund's share of its corresponding Portfolo's allocated expenses.
See Notes To Fiancial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
===============================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(5) 1996 1995 1994 1993 1992
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 8.860 $ 10.850 $ 11.000 $ 11.950 $ 11.690 $ 14.720
-------- -------- -------- -------- -------- --------
Income (Loss) from Investment Operations:
Net investment income (loss)(1)........ $ (0.027) $ 0.067 $ 0.120 $ 0.101 $ 0.101 $ 0.045
Net realized and unrealized gain (loss)
on investments....................... 1.382 1.738 1.977 (0.431) 0.809 0.315
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations....... $ 1.355 $ 1.805 $ 2.097 $ (0.330) $ 0.910 $ 0.360
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............. $ (0.025) $ (0.100) $ (0.100) $ (0.100) $ (0.060) $ (0.030)
From net realized gain on investments.. (0.010) (3.695) (1.030) (0.520) (0.590) (3.360)
In excess of net realized gain
on investments....................... -- -- (1.117) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions................ $ (0.035) $ (3.795) $ (2.247) $ (0.620) $ (0.650) $ (3.390)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 10.180 $ 8.860 $ 10.850 $ 11.000 $ 11.950 $ 11.690
========= ========= ========= ========= ========= =========
Total Return(3)............................. 15.33% 17.53% 20.51% (2.75%) 7.93% 3.28%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $ 13,966 $ 14,029 $ 25,993 $ 37,124 $ 68,226 $ 64,635
Ratio of expenses to average net assets(1) 1.18%(6)(8) 1.20%(2) 1.17%(2) 1.11% 1.09% 1.07%
Ratio of net investment income to average
net assets(1) ....................... 0.42%(6) 0.73% 0.89% 0.91% 0.86% 0.31%
Portfolio turnover rate(7) ............ 25% 41% 40% 36% 38% 80%
Average commission rate paid (4) ..... $ 0.0511 $ 0.0511 -- -- -- --
(1)For the six months ended June 30, 1997 and the years ended December 31, 1996
and 1995, the Investment Adviser and the Principal Underwriter reduced their
fees. Had such actions not been undertaken, net investment income (loss) per
share and the ratios would have been as follows:
1997(5) 1996 1995
-------- ------ ------
Net investment income (loss) per share. $ (0.053) $ 0.048 $ 0.105
========= ========= =========
Ratios (As a percentage of average net assets):
Expenses........................... 1.71%(6)(8) 1.41% 1.28%
========= ========= =========
Net investment income.............. (0.11%)(6) 0.52% 0.78%
========= ========= =========
(2) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 1E). The computation of net
expenses to average daily net assets reported above for the years ended
December 31, 1996 and 1995 is computed without consideration of such
credits, in accordance with reporting regulations in effect beginning in
1995. If these credits were considered, the ratio of net expenses to average
daily net assets would have been reduced to 1.15% and 1.14% for the years
ended December 31, 1996 and 1995, respectively.
(3) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(4) Average commission rate paid is computed by dividing the total dollar amount
of commissions paid during the fiscal year by the total number of shares
purchased and sold during the fiscal year on which commissions were charged.
For fiscal years beginning on or after September 1, 1995, the Fund is
required to disclose its average commission rate per share for security
trades on which commissions are charged. Amount for the six months ended
June 30, 1997 is for the period while the Fund was making investments
directly in securities. The average commission rate paid for the period
since the Fund transferred substantially all of its investable assets to the
Portfolio is shown in the Portfolio's financial statements which are
included elsewhere in this report.
(5) For the six months ended June 30, 1997.
(6) Annualized.
(7) Portfolio turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover rate for the period since the Fund transferred substantially all of
its investable assets to the Portfolio is shown in the Portfolio's financial
statments which are included elsewhere in this report.
(8) Includes each Fund's share of its corresponding Portfolo's allocated expenses.
See Notes To Fiancial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
WRIGHT MAJOR BLUE CHIP EQUITIES FUND
================================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
-------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(5) 1996 1995 1994 1993 1992
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 12.450 $ 12.650 $ 11.390 $ 12.720 $ 13.380 $ 14.730
-------- -------- -------- -------- -------- --------
Income (Loss) from Investment Operations:
Net investment income(1)............... $ 0.033 $ 0.064 $ 0.153 $ 0.180 $ 0.176 $ 0.179
Net realized and unrealized gain (loss)
on investments....................... 2.167 2.131 3.107 (0.295) (0.046) 0.951
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations....... $ 2.200 $ 2.195 $ 3.260 $ (0.115) $ 0.130 $ 1.130
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............. $ (0.045) $ (0.120) $ (0.160) $ (0.160) $ (0.160) $ (0.160)
From net realized gain on investments.. (2.025) (2.275) (1.840) (1.055) (0.625) (2.320)
In excess of net realized gains........ -- -- -- -- (0.005) --
-------- -------- -------- -------- -------- --------
Total distributions................ $ (2.070) $ (2.395) $ (2.000) $ (1.215) $ (0.790) $ (2.480)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 12.580 $ 12.450 $ 12.650 $ 11.390 $ 12.720 $ 13.380
========= ========= ========= ========= ========= =========
Total Return(3)............................. 19.99% 17.63% 28.98% (0.70%) 1.00% 8.02%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $ 24,311 $ 25,815 $ 49,134 $ 51,085 $ 88,349 $ 81,674
Ratio of expenses to average net assets(1) 1.17%(6) 1.08%(2) 1.07%(2) 0.99% 0.97% 1.01%
Ratio of net investment income to average
net assets(1)...................... 0.62%(6) 0.90% 1.19% 1.46% 1.37% 1.20%
Portfolio turnover rate................ 69% 45% 83% 55% 53% 70%
Average commission rate paid (4)....... $ 0.0558 $ 0.0564 -- -- -- --
(1)For the six months ended June 30, 1997 and the years ended December 31, 1996
and 1995, the Principal Underwriter reduced its fee. Had such action not been
undertaken, net investment income per share and the ratios would have been as
follows:
1997 1996 1995
----- ------ ------
Net investment income per share........ $ 0.017 $ 0.061 $ 0.150
========= ========= =========
Ratios (As a percentage of average net assets):
Expenses........................... 1.41% 1.12% 1.09%
========= ========= =========
Net investment income.............. 0.38% 0.86% 1.17%
========= ========= =========
(2) Custodian fees were reduced by credits resulting from cash balances the
Trust maintained with the custodian (Note 1E). The computation of net
expenses to average daily net assets reported above for the years ended
December 31, 1996 and 1995 is computed without consideration of such
credits, in accordance with reporting regulations in effect beginning in
1995. If these credits were considered, the ratio of net expenses to average
daily net assets would have been reduced to 1.05% for the years ended
December 31, 1996 and 1995.
(3) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(4) Average commission rate paid is computed by dividing the total dollar amount
of commissions paid during the fiscal year by the total number of shares
purchased and sold during the fiscal year on which commissions were charged.
For fiscal years beginning on or after September 1, 1995, the Fund is
required to disclose its average commission rate per share for security
trades on which commissions are charged.
(5) For the six months ended June 30, 1997.
(6) Annualized.
See Notes To Fiancial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND
================================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
---------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(3) 1996 1995 1994 1993 1992
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 16.690 $ 14.770 $ 13.090 $ 13.410 $ 10.520 $ 11.040
--------- --------- --------- --------- --------- ---------
Income (loss) from Investment Operations:
Net investment income.................. $ 0.129 $ 0.128 $ 0.142 $ 0.127 $ 0.107 $ 0.094
Net realized and unrealized gain (loss)
on investments..................... 0.904 2.902 1.638 (0.347) 2.853 (0.524)
--------- --------- --------- --------- --------- ---------
Total income (loss)
from investment operations......... $ 1.033 $ 3.030 $ 1.780 $ (0.220) $ 2.960 $ (0.430)
--------- --------- --------- --------- --------- ---------
Less Distributions:
From net investment income............. $ (0.023) $ (0.100) $ (0.100) $ (0.100) $ (0.070) $ (0.090)
From net realized gains................ (0.510) (1.010) -- -- -- --
--------- --------- --------- --------- --------- ---------
Total distributions................ $ (0.533) $ (1.110) $ (0.100) $ (0.100) $ (0.070) $ (0.090)
--------- --------- --------- --------- --------- ---------
Net asset value, end of period.............. $17.190 $ 16.690 $ 14.770 $ 13.090 $ 13.410 $ 10.520
========== ========== ========== ========== ========== ==========
Total Return(1)............................. 6.46% 20.73% 13.61% (1.64%) 28.22% (3.94%)
Ratios/Supplemental Data
Net assets, end of period (000 omitted) $300,293 $268,732 $237,176 $200,232 $100,071 $ 74,409
Ratio of expenses to average daily net
assets............................. 1.26%(4)(6) 1.30% 1.29% 1.31% 1.46% 1.51%
Ratio of net investment income to average
daily net assets................... 1.45%(4) 0.82% 0.99% 1.00% 0.67% 0.81%
Portfolio Turnover Rate(5) ............ 4% 29% 12% 12% 30% 15%
Average commision rate paid (2)........ $ 0.0189 $ 0.1882 -- -- -- --
(1) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(2) Average commission rate paid is computed by dividing the total dollar amount
of commissions paid during the fiscal year by the total number of shares
purchased and sold during the fiscal year on which commissions were charged.
For fiscal years beginning on or after September 1, 1995, the Fund is
required to disclose its average commission rate per share for security
trades on which commissions are charged. Amount for the six months ended
June 30, 1997 is for the period while the Fund was making investments
directly in securities. The average commission rate paid for the period
since the Fund transferred substantially all of its investable assets to the
Portfolio is shown in the Portfolio's financial statements which are
included elsewhere in this report.
(3) For the six months ended June 30, 1997.
(4) Annualized.
(5) Portfolio turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover rate for the period since the Fund transferred substantially all of
its investable assets to the Portfolio is shown in the Portfolio's financial
statments which are included elsewhere in this report.
(6) Includes each Fund's share of its corresponding Portfolo's allocated expenses.
See Notes To Fiancial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED EQUITY TRUST
NOTES TO FINANCIAL STATEMENTS
===============================================================================
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright Managed Equity Trust (the Trust), issuer of Wright Selected Blue
Chip Equities Fund (WBC) series, Wright Junior Blue Chip Equities Fund (WJBC)
series, Wright Major Blue Chip Equities Fund (WMBC) series (formerly the Wright
Quality Core Equities Fund), and Wright International Blue Chip Equities Fund
(WIBC) series (collectively the Funds), is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end, management
investment company. WBC, WJBC, and WIBC invest all of their investable assets in
interests in a separate corresponding open-end management investment company (a
Portfolio), a New York Trust, having the same investment objective as its
corresponding Fund. WBC invests its assets in the Selected Blue Chip Equities
Portfolio, WJBC invests its assets in the Junior Blue Chip Equities Portfolio,
and WIBC invests its assets in the International Blue Chip Equities Portfolio.
On May 2, 1997, WBC, WJBC, and WIBC transferred their net assets (substantially
all of their investable assets) to their corresponding Portfolio in exchange for
interests in the Portfolio. WBC transferred net assets with a value of
$214,549,482, including unrealized appreciation of $45,756,289. WJBC transferred
net assets with a value of $12,729,749, including unrealized appreciation of
$2,211,989. WIBC transferred net assets with a value of $283,992,069, including
unrealized appreciation of $59,307,896. The value of each Fund's investment in
its corresponding Portfolio reflects the Fund's proportionate interest in the
net assets of that Portfolio (99.99%, 99.99%, and 99.99% at June 30, 1997 for
WBC, WJBC, and WIBC, respectively). The performance of each Fund is directly
affected by the performance of its corresponding Portfolio. The financial
statements of each Portfolio, including the portfolio of investments, are
included elsewhere in this report and should be read in conjunction with each
Fund's financial statements. The following is a summary of significant
accounting policies consistently followed by the Trust in the preparation of its
financial statements. The policies are in conformity with generally accepted
accounting principles.
A. Investment Valuations -- Securities listed on securities exchanges or in
the NASDAQ National Market are valued at closing sale prices. Unlisted or
listed securities for which closing sale prices are not available are
valued at the mean between the latest bid and asked prices. Short-term
obligations maturing in sixty days or less are valued at amortized cost,
which approximates value. Securities for which market quotations are
unavailable are appraised at their fair value as determined in good faith
by or at the direction of the Trustees. Valuation of securities by WBC,
WJBC and WIBC are discussed in Note 1 of the Portfolios' Notes to Financial
Statements which are included elsewhere in this report.
B. Foreign Currency Translation -- Investment security valuations, other
assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange
rates. Purchases and sales of foreign investment securities and income and
expenses are translated into U.S. dollars based upon currency exchange
rates prevailing on the respective dates of such transactions.
C. Income -- Before WBC, WJBC, and WIBC began investing in its corresponding
Portfolio, the Funds held their own investments directly. For Funds which
held investments directly, dividend income and distributions to
shareholders are recorded on the ex-dividend date. Interest income is
recorded on the accrual basis. However, if the ex-dividend date has passed,
certain dividends from foreign securities are recorded as the Fund is
informed of the ex-dividend date. The net investment income of WBC, WJBC,
and WIBC consists of the Fund's pro rata share of the net investment income
of its corresponding Portfolio, less all actual and accrued expenses of
each Fund determined in accordance with generally accepted accounting
principles.
D. Deferred Organization Expenses -- Costs incurred by the Funds in connection
with their organization are being amortized on the straight-line basis over
five years from commencement of operations.
<PAGE>
E. Expense Reduction -- The Funds have entered into an arrangement with its
custodian whereby interest earned on uninvested cash balances are used to
offset custodian fees. All significant reductions are reported as a
reduction of expenses in the Statement of Operations.
F. Federal Taxes -- The Trust's policy is to comply with the provisions of the
Internal Revenue Code (the Code) available to regulated investment
companies and distribute to shareholders each year all of its taxable
income, including any net realized gain on investments. Accordingly, no
provision for federal income or excise tax is necessary. Withholding taxes
on foreign dividends have been provided for in accordance with the Trust's
understanding of the applicable country's tax rules and rates. For the
purpose of Code Sec 852 (b)(3)(C), WBC and WJBC hereby designate
$13,799,045 and $4,039,400, respectively, as long term capital gain
distributions paid during the taxable year.
G. Equalization -- The Funds follow the accounting practice known as
equalization by which a portion of the proceeds from sales and costs of
reacquisitions of Fund shares, equivalent on a per-share basis to the
amount of undistributed net investment income on the date of the
transaction, is credited or charged to undistributed net investment income.
As a result, undistributed net investment income per share is unaffected by
sales or reacquisitions of Fund shares.
H. Distributions -- The Trust requires that differences in the recognition or
classification of income between the financial statements and tax earnings
and profits which result only in temporary overdistributions for financial
statement purposes, are classified as distributions in excess of net
investment income or accumulated net realized gains. Distributions in
excess of tax basis earnings and profits are reported in the financial
statements as a return of capital. Permanent differences between book and
tax accounting for certain items may result in reclassification of these
items.
I. Other -- Investment transactions are accounted for on the date the
investments are purchased or sold.
J. Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported
amounts of revenue and expense during the reporting period. Actual results
could differ from those estimates.
(2) 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 six month period ended June 30, 1997, for WMBC the effective annual rate
was 0.45%. To enhance the net income of the Fund, Wright made a reduction of its
investment adviser fee in the amount of $11,318. Prior to May 2, 1997 (when WBC,
WJBC, and WIBC transferred substantially all of their assets to their
corresponding Portfolio in exchange for interests in their corresponding
Portfolio), WBC, WJBC, and WIBC retained Wright as their investment adviser. The
Portfolios have engaged Wright to render investment advisory services. See Note
2 of the Portfolios' Notes to Financial Statements which are included elsewhere
in this report. For the period from January 1, 1997 to May 1, 1997, for WBC,
WJBC, and WIBC, the effective annual rate was 0.61%, 0.55%, and 0.77%,
respectively. To enhance the net income of the Funds, Wright made a reduction of
its investment adviser fee for WJBC by $8,891. The Trust also has engaged Eaton
Vance Management (Eaton Vance) to act as administrator of the Trust. Under the
Administration Agreement, Eaton Vance is responsible for managing the business
affairs of the Trust and is compensated based upon a percentage of average daily
net assets which rate is reduced as average daily net assets exceed certain
levels. For the period ended June 30,1997, the effective annual rate was 0.12%
for WBC, 0.20% for WJBC, 0.20% for WMBC, and 0.11% for WIBC. Certain of the
Trustees and officers of the Trust are Trustees or officers of the above
<PAGE>
organizations. Except as to Trustees of the Trust who are not affiliated with
Eaton Vance or Wright, Trustees and officers receive remuneration for their
services to the Trust out of the fees paid to Eaton Vance and Wright.
(3) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
Funds will pay Wright Investors' Service Distributors, Inc. (Principal
Underwriter), a subsidiary of Wright Investors' Service, an annual rate of 2/10
of 1% of each Fund's average daily net assets for activities primarily intended
to result in the sale of each Fund's shares. To enhance the net income of WJBC
and WMBC, the Principal Underwriter made a reduction of its fee by $37,941 and
$14,839, respectively.
(4) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 1997 (UNAUDITED) December 31, 1996
------------------------------------------------------------
Shares Amount Shares Amount
- --------------------------------------------------------------------------------------------------------------------------
WRIGHT SELECTED BLUE CHIP EQUITIES FUND --
<S> <C> <C> <C> <C>
Sold ............................................... 1,074,572 $ 18,957,010 3,370,863 $ 58,680,124
Issued to shareholders in payment
of distributions declared.......................... 866,184 14,718,027 1,117,467 19,510,827
Reacquired........................................... (1,482,135) (26,490,758) (5,675,972) (102,627,362)
---------- -------------- ---------- -------------
Net increase (decrease)........................ 458,621 $ 7,184,279 (1,187,642) $ (24,436,411)
=========== =============== =========== ===============
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND --
Sold ............................................... 221,644 $ 2,029,805 99,920 $ 1,044,278
Issued to shareholders in payment
of distributions declared.......................... 4,443 41,721 444,180 3,864,662
Reacquired........................................... (436,910) (3,998,172) (1,355,874) (15,046,448)
---------- ------------- ---------- -------------
Net decrease................................... (210,823) $ (1,926,646) (811,774) $ (10,137,508)
=========== =============== =========== ===============
WRIGHT MAJOR BLUE CHIP EQUITIES FUND --
Sold ............................................... 150,415 $ 1,827,353 337,332 $ 4,468,704
Issued to shareholders in payment
of distributions declared.......................... 340,468 3,763,242 394,213 4,874,918
Reacquired........................................... (631,647) (7,615,315) (2,543,369) (33,684,007)
---------- ------------- ---------- -------------
Net decrease................................... (140,764) $ (2,024,720) (1,811,824) $ (24,340,385)
=========== =============== =========== ===============
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES FUND --
Sold ............................................... 4,412,210 $ 72,047,565 5,048,536 $ 81,155,741
Issued to shareholders in payment
of distributions declared.......................... 494,865 7,784,216 890,647 14,344,879
Reacquired........................................... (3,542,472) (57,870,365) (5,893,501) (92,844,086)
---------- ------------- ---------- -------------
Net increase................................... 1,364,603 $ 21,961,416 45,682 $ 2,656,534
=========== =============== =========== ===============
</TABLE>
<PAGE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations and redemptions in kind, were as follows:
<TABLE>
<CAPTION>
Six Months Ended June 30, 1997
------------------------------------------------------------------------
Wright Selected Wright Junior Wright Wright International
Blue Chip Blue Chip Major Blue Chip Blue Chip
Equities Fund* Equities Fund* Equities Fund Equities Fund*
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases............................................ $ 19,732,545 $ 3,176,738 $ 16,849,122 $ 25,308,607
============ ============ ============ ============
Sales................................................ $ 24,365,621 $ 5,034,316 $ 20,510,580 $ 11,425,115
============ ============ ============ ============
Redemptions in Kind (at Value)....................... $ 1,861,188 $ -- $ 2,714,656 $ --
============ ============ ============ ============
- -------------------------------------------------------------------------------------------------------------------------------
* For the period January 1, 1997 to April 30, 1997
</TABLE>
In addition, the redemption in kind transactions resulted in realized gains
of $445,029 and $854,284 for WBC and WMBC, respectively.
Subsequent to the initial transfer of assets from WBC, WJBC, and WIBC to
their corresponding Portfolio, increases and decreases in each Fund's investment
in its corresponding Portfolio for the period from May 2, 1997 to June 30, 1997
were as follows:
WBC WJBC WIBC
- -------------------------------------------------------------------------------
Increases........... $ 6,043,768 $ 746,690 $16,409,721
Decreases........... 9,230,329 1,104,149 23,567,600
- -------------------------------------------------------------------------------
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) of the investment
securities owned at June 30,1997, as computed on a federal income tax basis, are
as follows:
Wright Major Blue Chip
Equities Fund
- --------------------------------------------------------------
Aggregate cost............................ $ 19,155,969
============
Gross unrealized appreciation............. $ 4,545,361
Gross unrealized depreciation............. 162,547
-------------
Net unrealized appreciation............... $ 4,382,814
============
<PAGE>
WRIGHT MANAGED INCOME TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Wright Wright
U.S. Treasury U.S. Treasury U.S. Treasury
Money Market Fund+ Near Term Fund Fund
(WTMM) (WNTB) (WUSTB)
- --------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C>
Identified cost................................. $ 91,201,855 $ - $ -
Unrealized appreciation (depreciation).......... - - -
Investments in Portfolio, at value.............. - 108,656,748 62,583,259
------------ ------------ ------------
Total investments, at value (Note 1A)............. $ 91,201,855 $108,656,748 $ 62,583,259
Deferred organization expenses (Note 1D).......... 175 - -
------------ ------------ ------------
Total Assets.................................. $ 91,202,030 $108,656,748 $ 62,583,259
------------ ------------ ------------
LIABILITIES:
Cash overdraft due to custodian................... $ 232,447 $ - $ -
Distributions payable............................. 353,520 532,439 266,599
Accrued management fees........................... 19,975 - -
Trustee fees payable.............................. 450 450 450
Accrued expenses and other liabilities............ 16,152 4,868 3,057
------------ ------------ ------------
Total Liabilities............................. $ 622,544 $ 537,757 $ 270,106
------------ ------------ ------------
NET ASSETS........................................... $ 90,579,486 $108,118,991 $ 62,313,153
============== ============== ==============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market value of securities
received in exchange for Fund shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired............................ $ 90,579,486 $126,934,179 $ 62,420,611
Accumulated undistributed net realized loss on invest-
ments (computed on the basis of identified cost) - (19,539,989) (22,812)
Unrealized appreciation (depreciation) of investments
(computed on the basis of identified cost)...... - 494,618 (138,083)
Undistributed net investment income............... - 230,183 53,437
--------------- ------------ ------------
Net assets applicable to outstanding shares..... $ 90,579,486 $108,118,991 $ 62,313,153
============== ============== ==============
SHARES OF BENEFICIAL INTEREST OUTSTANDING......... 90,579,486 10,601,513 4,661,715
============== ============== ==============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST.......................... $1.00 $10.20 $13.37
============== ============== ==============
+ The Wright U.S. Treasury Money Market Fund does not invest in a corresponding
master portfolio. The cost of securities held at June 30, 1997 is the same as
the market value.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Wright
Total Return Current Income
Bond Fund+ Fund
(WTRB) (WCIF)
- ---------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C>
Identified cost................................. $ 77,923,160 $ -
Unrealized appreciation (depreciation).......... (436,694) -
Investments in Portfolio, at value.............. - 88,585,607
------------ ------------
Total investments at value (Note 1A).............. $ 77,486,466 $ 88,585,607
Cash.............................................. 298,078 -
Interest Receivable............................... 1,258,436 -
------------ ------------
Total Assets.................................. $ 79,042,980 $ 88,585,607
------------ ------------
LIABILITIES:
Distributions payable............................. $ 356,498 $ 459,730
Distribution fee payable to Principal Underwriter. - 31,867
Trustee fees payable.............................. - 450
Accrued expenses and other liabilities............ 12,040 12,557
------------ ------------
Total Liabilities............................. $ 368,538 $ 504,604
------------ ------------
NET ASSETS........................................... $ 78,674,442 $ 88,081,003
============= =============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the market value of securities
received in exchange for Fund shares and shares issued to shareholders in
payment of distributions declared), less cost
of shares reacquired............................ $ 79,127,582 $ 89,151,427
Accumulated undistributed net realized (loss) on invest-
ments (computed on the basis of identified cost) (98,433) (1,075,221)
Unrealized appreciation (depreciation) of investments
(computed on the basis of identified cost)...... (436,694) 27,166
Undistributed (distributions in excess of) net
investment income............................... 81,987 (22,369)
------------ ------------
Net assets applicable to outstanding shares..... $ 78,674,442 88,081,003
============= =============
SHARES OF BENEFICIAL INTEREST OUTSTANDING......... 6,344,095 8,434,233
============= =============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST.......................... $12.40 $10.44
============= =============
+ The Wright Total Return Bond Fund does not invest in a corresponding master
portfolio.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Wright Wright
U.S. Treasury U.S. Treasury U.S. Treasury
Money Market Fund+ Near Term Fund Fund
(WTMM) (WNTB) (WUSTB)
- ---------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Income --
<S> <C> <C> <C>
Interest income................................... $ 2,449,954 $ 2,779,969 $ 1,188,023
Interest income allocated from Portfolio.......... - 1,305,674 614,458
Expenses allocated from Portfolio................. - (91,174) (41,270)
------------ ------------ ------------
Net investment income............................ $ 2,449,954 $ 3,994,469 $ 1,761,211
------------ ------------ ------------
Expenses --
Investment Adviser fee (Note 3)................... $ 165,577 $ 172,837 $ 73,974
Administrator fee (Note 3)........................ 33,098 53,871 28,514
Compensation of Trustees not affiliated with the
Investment Adviser or Administrator.............. 1,402 1,348 1,302
Custodian fee (Note 1C)........................... 26,926 5,946 2,341
Distribution expenses (Note 4).................... - 134,048 61,968
Transfer and dividend disbursing agent fees....... 17,835 12,268 5,243
Printing.......................................... 1,480 2,587 2,601
Audit services.................................... 19,850 27,550 22,150
Legal services.................................... 535 10,201 1,020
Shareholder communication expense................. 8,717 5,479 4,513
Registration costs................................ 17,480 10,735 9,203
Miscellaneous..................................... 1,186 1,183 -
------------ ------------ ------------
Total expenses................................... $ 294,086 $ 438,053 $ 212,829
------------ ------------ ------------
Deduct --
Preliminary reduction of Investment Adviser fee
(Note 3) 87,674 - -
------------ ------------ ------------
Total deductions................................. $ 87,674 $ - $ -
------------ ------------ ------------
Total expenses.................................. $ 206,412 $ 438,053 $ 212,829
------------ ------------ ------------
Net investment income.......................... $ 2,243,542 $ 3,556,416 $ 1,548,382
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment (identified
cost basis).................................... $ (5,963) $ (114,104) $ (10,016)
Net realized loss on investment from Portfolio
(identified cost basis)........................... - (28,650) -
------------ ------------ ------------
Net realized loss on investments................... $ (5,963) $ (142,754) $ (10,016)
------------ ------------ ------------
Change in unrealized appreciation of investments... $ - $ (792,269) $ (950,167)
Change in unrealized appreciation of investments
from Portfolio.................................... - 286,735 570,738
------------ ------------ ------------
Net change in unrealized depreciation of investments $ - $ (505,534) $ (379,429)
------------ ------------ ------------
Net realized and unrealized loss on investments... $ (5,963) $ (648,288) $ (389,445)
------------ ------------ ------------
Net increase in net assets from operations....... $ 2,237,579 $ 2,908,128 $ 1,158,937
============= ============= =============
+ The Wright U.S. Treasury Money Market Fund does not invest in a corresponding master portfolio.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Wright
Total Return Current Income
Bond Fund+ Fund
(WTRB) (WCIF)
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Income --
<S> <C> <C>
Interest income................................... $ 2,679,763 $ 1,762,611
Interest income allocated from Portfolio.......... - 1,023,689
Expenses allocated from Portfolio................. - (60,372)
------------ ------------
Net investment income............................ $ 2,679,763 $ 2,725,928
------------ ------------
Expenses --
Investment Adviser fee (Note 3)................... $ 166,441 $ 94,877
Administrator fee (Note 3)........................ 41,611 36,301
Compensation of Trustees not affiliated with the
Investment Adviser or Administrator.............. 650 1,460
Custodian fee (Note 1C)........................... 20,450 6,916
Distribution expenses (Note 4).................... 83,220 88,630
Transfer and dividend disbursing agent fees....... 6,847 6,539
Printing.......................................... 4,497 1,130
Audit services.................................... 27,050 21,850
Legal services.................................... 645 9,670
Shareholder communication expense................. 5,454 1,526
Registration costs................................ 9,510 9,776
Interest expense.................................. - -
Miscellaneous..................................... - -
------------ ------------
Total expenses................................... $ 366,375 $ 278,875
------------ ------------
Net investment income.......................... $ 2,313,388 $ 2,447,053
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized loss on investment transactions
(identified cost basis)........................... $ (104,611) $ (41,659)
Net realized loss on investment transactions from Portfolio
(identified cost basis)........................... - (6,207)
------------ ------------
Net realized gain (loss) on investments............ $ - $ (47,866)
------------ ------------
Change in unrealized appreciation of investments... $ (579,957) $ (420,203)
Change in unrealized appreciation of investments
from Portfolio.................................... - 842,743
------------ ------------
Net change in unrealized appreciation (depreciation)
of investments.................................... $ (579,957) $ 422,540
------------ ------------
Net realized and unrealized gain (loss) on investments $ (684,568) $ 374,674
------------ ------------
Net increase in net assets from operations....... $ 1,628,820 $ 2,821,727
============= =============
+ The Wright Total Return Bond Fund does not invest in a corresponding master
portfolio.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
STATEMENTS OF CHANGES IN NET ASSETS
===============================================================================
<TABLE>
<CAPTION>
Wright Wright Wright
U.S. Treasury U.S. Treasury U.S. Treasury
Money Market Fund Near Term Fund Fund
(WTMM) (WNTB) (WUSTB)
Year Ended Dec. 31 Year Ended Dec. 31 Year Ended Dec. 31
----------------------------------------------------------------------------------------
1997(1) 1996 1997(1) 1996 1997(1) 1996
- ---------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C> <C> <C>
Net investment income........$ 2,243,542 $ 2,763,403 $ 3,556,416 $ 8,277,153 $ 1,548,382 $ 2,277,815
Net realized gain (loss) on
investment transactions..... (5,963) - (142,755) 564,027 (10,016) 1,565,818
Change in unrealized appre-
ciation of investments...... - - (505,533) (3,403,735) (379,269) (2,085,302)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in
net assets resulting from
operations.................$ 2,237,579 $ 2,763,403 $ 2,908,128 $ 5,437,445 $ 1,159,097 $ 1,758,331
------------ ------------ ------------ ------------ ------------ ------------
Distributions to shareholders (Note 2) --
From net investment income...$ (2,237,579) $ 2,763,403 $ (3,491,776) $ (8,272,352) $ (1,512,069) $ (2,268,131)
From net realized gain....... - - - - (460,985) (683,329)
------------ ------------ ------------ ------------ ------------ ------------
Total distributions.........$ (2,237,579) $ - $ (3,491,776) $ (8,272,352) $ (1,973,054) $ (2,951,460)
------------ ------------ ------------ ------------ ------------ ------------
Capital share transaction (Note 4)
Proceeds from shares sold....$112,960,592 $254,493,576 $ 9,218,727 $ 34,366,823 $ 13,895,523 $ 49,896,782
Reinvestment of dividends.... 1,120,932 1,528,366 1,619,693 4,738,955 1,274,427 2,233,676
Cost of shares reacquired....(118,685,547) (206,727,380) (32,460,815) (49,545,671) (7,020,789) (11,115,624)
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in net
assets from capital share
transactions.................$ (4,604,023) $ 49,294,562 $(21,622,395) $ (10,439,893) $ 8,149,161 $ 41,014,834
------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease)
in net assets.............$ (4,604,023) $ 49,294,562 $(22,206,043) $ (13,274,800) $ 7,335,204 $ 39,821,705
NET ASSETS:
At beginning of period........ 95,183,509 45,888,947 130,325,034 143,599,834 54,977,949 15,156,244
------------ ------------ ------------ ------------ ------------ ------------
At end of period..............$ 90,579,486 $ 95,183,509 $108,118,991 $ 130,325,034 $ 62,313,153 $ 54,977,949
============= ============= ============= ============= ============= =============
UNDISTRIBUTED NET
INVESTMENT INCOME
INCLUDED IN NET ASSETS
AT END OF PERIOD..............$ - $ - $ 230,183 $ 165,543 $ 53,437 $ 17,123
============= ============= ============= ============= ============= =============
(1) For the six months ended June 30,1997 (unaudited).
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
STATEMENTS OF CHANGES IN NET ASSETS
===============================================================================
<TABLE>
<CAPTION>
Wright Wright
Total Return Current Income
Bond Fund Fund
(WTRB) (WCIF)
Year Ended Dec. 31 Year Ended Dec. 31
-------------------------------------------------------------
1997(1) 1996 1997(1) 1996
- ------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From operations --
<S> <C> <C> <C> <C>
Net investment income (loss). $ 2,313,388 $ 6,253,543 $ 2,462,830 $ 4,184,753
Net realized gain (loss) on
investment transactions..... (104,611) 1,478,297 (47,866) (196,901)
Change in unrealized appre-
ciation of investments...... (579,957) (7,506,256) 422,540 (1,341,304)
------------ ------------ ------------ ------------
Net increase (decrease) in
net assets resulting from
operations................. $ 1,628,820 $ 225,584 $ 2,837,504 $ 2,646,548
------------ ------------ ------------ ------------
Distributions to shareholders (Note 2) --
From net investment income... $ (2,306,889) $ (6,256,731) $ (2,412,722) $ (4,191,419)
------------ ------------ ------------ ------------
Total distributions......... $ (2,306,889) $ (6,256,731) $ (2,412,722) $ (4,191,419)
------------ ------------ ------------ ------------
Net increase (decrease) in net
assets from capital share trans-
actions (Note 4)............. $(12,029,120) $ (25,348,824) $ 23,048,627 $ (176,931)
------------ ------------ ------------ ------------
Net increase (decrease)
in net assets............. $(12,707,189) $ (31,379,971) $ 23,473,409 $ (1,721,802)
NET ASSETS:
At beginning of period........ 91,381,631 122,761,602 64,623,371 66,345,173
------------ ------------ ------------ ------------
At end of period.............. $ 78,674,442 $ 91,381,631 $ 88,096,780 $ 64,623,371
============= ============= ============= =============
UNDISTRIBUTED (DISTRIBUTIONS
IN EXCESS OF) NET INVESTMENT
INCOME INCLUDED IN NET
ASSETS AT END OF PERIOD....... $ 81,987 $ 75,488 $ (6,592) $ (56,700)
============= ============= ============= =============
(1) For the six months ended June 30,1997 (unaudited).
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
WRIGHT U.S. TREASURY MONEY MARKET FUND
================================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(4) 1996 1995 1994 1993 1992
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value -- beginning of period......... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from Investment Operations:
Net investment income(1) .................. 0.02345 0.04745 0.05212 0.03494 0.02503 0.03221
Less Distributions:
From net investment income.................. (0.02345) (0.04745) (0.05212) (0.03494) (0.02503) (0.03221)
-------- -------- -------- -------- -------- --------
Net asset value -- end of period............... $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
========= ========= ========= ========= ========= =========
Total Return(2)................................ 2.38% 4.85% 5.34% 3.55% 2.53% 3.27%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted)..... $90,579 $95,184 $45,889 $68,877 $11,011 $13,856
Ratio of net expenses to average daily
net assets(1)............................. 0.44%(5) 0.45%(3) 0.46%(3) 0.45% 0.45% 0.46%
Ratio of net investment income to average daily
net assets(1)............................. 4.74%(5) 4.73% 5.22% 3.77% 2.52% 3.19%
(1)During each of the above periods, the Investment Adviser reduced its fee and
in certain periods was allocated a portion of the operating expenses. Had
such actions not been undertaken, net investment income per share and the
ratios would have been as follows:
Year Ended December 31,
---------------------------------------------------------------------------
1997(4) 1996 1995 1994 1993 1992
- ----------------------------------------------------------------------------------------------------------------------------
Net investment income per share................ $0.02279 $0.04524 $0.05120 $0.03253 $0.01977 $0.02958
========= ========= ========= ========= ========= =========
Ratios (As a percentage of average daily net assets):
Expenses.................................... 0.62%(5) 0.67% 0.65% 0.71% 0.97% 0.72%
========= ========= ========= ========= ========= =========
Net investment income ...................... 4.56%(5) 4.51% 5.03% 3.51% 1.99% 2.93%
========= ========= ========= ========= ========= =========
(2)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the payable date.
(3)Custodian fees were reduced by credits resulting from cash balances the Fund
maintained with the custodian (Note 1C). The computation of net expenses to
average daily net assets reported above is computed without consideration of
such credits, in accordance with reporting regulations in effect beginning in
1995. If these credits were considered, the ratio of net expenses to average
daily net assets would have been reduced to 0.44% and 0.45% for the years
ended December 31, 1996 and 1995, respectively.
(4) For the six months ended June 30, 1997.
(5) Annualized.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
WRIGHT U.S. TREASURY NEAR TERM FUND
================================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
-------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(2) 1996 1995 1994 1993 1992
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 10.240 $ 10.450 $ 9.920 $ 10.840 $ 10.660 $ 10.750
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income.................... $ 0.297 $ 0.606 $ 0.631 $ 0.588 $ 0.655 $ 0.739
Net realized and unrealized gain (loss)
on investments......................... (0.049) (0.212) 0.524 (0.920) 0.180 (0.090)
-------- -------- -------- -------- -------- --------
Total income (loss) from investment
operations........................... $ 0.248 $ 0.394 $ 1.155 $ (0.332) $ 0.835 $ 0.649
-------- -------- -------- -------- -------- --------
Less distributions from net investment income $ (0.288) $ (0.604) $ (0.625) $ (0.588) $ (0.655) $ (0.739)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 10.200 $ 10.240 $ 10.450 $ 9.920 $ 10.840 $ 10.660
========= ========= ========= ========= ========= ========
Total Return(1)............................. 2.46% 3.91% 11.93% (3.10%) 7.95% 6.26%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $108,119 $ 130,325 $ 143,600 $212,122 $ 380,917 $371,074
Ratio of expenses to average net assets.. 0.9%(3)(5) 0.8% 0.8% 0.7% 0.7% 0.8%
Ratio of net investment income to average
net assets............................. 5.9%(3) 5.9% 6.2% 5.7% 6.0% 6.9%
Portfolio Turnover Rate(4) .............. 3% 28% 21% 33% 22% 6%
(1) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the record date.
(2) For the six months ended June 30, 1997.
(3) Annualized.
(4) Portfolio turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover rate for the period since the Fund transferred substantially all of
its investable assets to the Portfolio is shown in the Portfolio's financial
statements which are included elsewhere in this report.
(5) Includes each Fund's share of its corresponding Portfolio's allocated expenses.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
WRIGHT U.S. TREASURY FUND
================================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
---------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(4) 1996(3) 1995 1994 1993 1992
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 13.580 $ 14.710 $ 12.250 $ 14.360 $ 13.190 $ 13.220
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income(1)................. $ 0.359 $ 0.769 $ 0.880 $ 0.880 $ 0.892 $ 0.911
Net realized and unrealized gain (loss)
on investments......................... (0.107) (0.973) 2.458 (2.110) 1.170 (0.030)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........... $ 0.251 $ (0.204) $ 3.338 $ (1.230) $ 2.062 $ 0.881
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............... $ (0.352) $ (0.756) $ (0.878) $ (0.880) $ (0.892) $ (0.911)
From net realized gain................... (0.110) (0.170) -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions.................... $ (0.462) $ (0.926) $ (0.878) $ (0.880) $ (0.892) $ (0.911)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 13.370 $ 13.580 $ 14.710 $ 12.250 $ 14.360 $ 13.190
========= ========= ========= ========= ========= =========
Total Return(2)............................. 1.60% (1.23%) 28.18% (8.66%) 15.90% 7.07%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $ 62,313 $ 54,978 $ 15,156 $ 16,658 $ 29,846 $ 29,703
Ratio of net expenses to average net assets 0.9%(5)(7) 0.9% 0.9% 0.9% 0.9% 0.9%
Ratio of net investment income to average
net assets............................. 5.3%(5) 5.5% 6.6% 6.9% 6.3% 7.1%
Portfolio Turnover Rate(6) .............. 1% 65% 8% 1% 12% 15%
(1)During the period ended June 30,1997 and during each of the five years ended
December 31, 1996, the operating expenses of the Fund were reduced by an
allocation of expenses to the Investment Adviser or a reduction in
distribution fee, or a combination thereof. Had such action not been
undertaken, the net investment income per share and the ratios would have
been as follows:
Year Ended December 31,
---------------------------------------------------------------
1996 1995 1994 1993 1992
- -----------------------------------------------------------------------------------------------------------------------------
Net investment income per share............. $ 0.769 $ 0.827 $ 0.854 $ 0.878 $ 0.898
========= ========= ========= ========= =========
Ratios (As a percentage of average net assets):
Expenses .............................. 0.9% 1.2% 1.1% 1.0% 1.0%
========= ========= ========= ========= =========
Net investment income.................... 5.5% 6.2% 6.7% 6.2% 7.0%
========= ========= ========= ========= =========
(2)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the record date.
(3) Certain of the per share data are based on average shares outstanding.
(4) For the six months ended June 30, 1997.
(5) Annualized.
(6) Portfolio turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover rate for the period since the Fund transferred substantially all of
its investable assets to the Portfolio is shown in the Portfolio's financial
statements which are included elsewhere in this report.
(7) Includes each Fund's share of its corresponding Portfolio's allocated expenses.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
WRIGHT TOTAL RETURN BOND FUND
================================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(3) 1996(2) 1995 1994 1993 1992
- -------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 12.500 $ 13.120 $ 11.430 $ 13.010 $ 12.610 $ 12.580
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income.................... $ 0.343 $ 0.720 $ 0.758 $ 0.740 $ 0.789 $ 0.830
Net realized and unrealized gain (loss) on
investments............................ (0.103) (0.809) 1.685 (1.580) 0.580 0.030
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations........... $ 0.240 $ (0.089) $ 2.443 $ (0.840) $ 1.369 $ 0.860
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............... $ (0.340) $ (0.709) $ (0.753) $ (0.740) $ (0.789) $ (0.830)
From net realized gain on investments.... -- -- -- -- (0.177) --
In excess of net realized gain on investments -- -- -- -- (0.003) --
-------- -------- -------- -------- -------- --------
Total distributions.................... $ (0.340) $ (0.709) $ (0.753) $ (0.740) $ (0.969) $ (0.830)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 12.400 $ 12.500 $ 13.120 $ 11.430 $ 13.010 $ 12.610
========= ========= ========= ========= ========= =========
Total Return(1)............................. 1.97% 0.87% 21.97% (6.57%) 11.03% 7.13%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $ 78,674 $ 91,382 $122,762 $143,497 $ 259,513 $217,564
Ratio of net expenses to average net assets 0.9%(4) 0.8% 0.8% 0.8% 0.8% 0.8%
Ratio of net investment income to average
net assets............................. 5.6%(4) 5.7% 6.2% 6.1% 6.0% 6.7%
Portfolio Turnover Rate.................. 2% 96% 50% 32% 36% 13%
(1)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the record date.
(2) Certain of the per share data are based on average shares outstanding.
(3) For the six months ended June 30, 1997.
(4) Annualized.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
WRIGHT CURRENT INCOME FUND
================================================================================
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1997(2) 1996 1995 1994 1993 1992
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period........ $ 10.430 $ 10.670 $ 9.710 $ 10.750 $ 10.780 $ 10.850
-------- -------- -------- -------- -------- --------
Income (loss) from Investment Operations:
Net investment income.................... $ 0.338 $ 0.674 $ 0.696 $ 0.690 $ 0.728 $ 0.767
Net realized and unrealized gain (loss) on
investments............................ 0.004 (0.239) 0.955 (1.040) (0.030) (0.069)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations......... $ 0.342 $ 0.435 $ 1.651 $ (0.350) $ 0.698 $ 0.698
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............... $ (0.332) $ (0.675) $ (0.691) $ (0.690)* $ (0.728) $ (0.767)
From net realized gain................... -- -- -- -- -- (0.001)
-------- -------- -------- -------- -------- --------
Total distributions.................. $ (0.332) $ (0.675) $ (0.691) $ (0.690) $ (0.728) $ (0.768)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 10.440 $ 10.430 $ 10.670 $ 9.710 $ 10.750 $ 10.780
========= ========= ========= ========= ========= =========
Total Return(1)............................. 3.34% 4.31% 17.46% (3.30%) 6.59% 6.73%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted).. $ 88,081 $ 64,623 $ 66,345 $84,178 $ 115,158 $ 99,676
Ratio of net expenses to average net assets 1.0%(3)(5) 0.9% 0.9% 0.8% 0.8% 0.9%
Ratio of net investment income to average
net assets......................... 7.4%(3) 6.5% 6.8% 6.9% 6.7% 7.2%
Portfolio Turnover Rate.................. 3% 9% 26% 10% 4% 13%
* Includes distribution in excess of net investment income of $.00013 per share.
(1)Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each year reported. Dividends and distributions, if any, are assumed to be
reinvested at the net asset value on the record date.
(2) For the six months ended June 30, 1997.
(3) Annualized.
(4) Portfolio turnover represents the rate of portfolio activity for the period
while the Fund was making investments directly in securities. The portfolio
turnover rate for the period since the Fund transferred substantially all of
its investable assets to the Portfolio is shown in the Portfolio's financial
statements which are included elsewhere in this report.
(5) Includes each Fund's share of its corresponding Portfolio's allocated expenses.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT MANAGED INCOME TRUST
NOTES TO FINANCIAL STATEMENTS
================================================================================
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright Managed Income Trust (the Trust), issuer of Wright U.S. Treasury
Money Market Fund (WTMM) series, Wright U.S. Treasury Near Term Fund (WNTB)
series, Wright U.S. Treasury Fund (WUSTB) series, Wright Total Return Bond Fund
(WTRB) series, and Wright Current Income Fund (WCIF) series (collectively the
Funds), is registered under the Investment Company Act of 1940, as amended, as a
diversified, open-end, management investment company. WNTB, WUSTB, and WCIF
invest all of their investable assets in interests in a separate corresponding
open-end management investment company (a Portfolio), a New York Trust, having
the same investment objective as its corresponding Fund. WNTB invests its assets
in the Near Term Portfolio, WUSTB invests its assets in the U.S. Treasury
Portfolio, and WCIF invests its assets in the Current Income Portfolio. On May
2, 1997, WNTB, WUSTB, and WCIF transferred their net assets (substantially all
of their investable assets) to their corresponding Portfolio in exchange for
interests in the Portfolio. WNTB transferred net assets with a value of
$123,524,244, including unrealized appreciation of $207,883. WUSTB transferred
net assets with a value of $58,739,419, including unrealized depreciation of
$708,821. WCIF transferred net assets with a value of $85,898,444, including
unrealized depreciation of $815,577. The value of each Fund's investment in its
corresponding Portfolio reflects the Fund's proportionate interest in the net
assets of that Portfolio (99.9%, 99.9%, and 99.9% at June 30, 1997 for WNTB,
WUSTB, and WCIF, respectively). The performance of each Fund is directly
affected by the performance of its corresponding Portfolio. The financial
statements of each Portfolio, including the portfolio of investments, are
included elsewhere in this report and should be read in conjunction with each
Fund's financial statements. The following is a summary of significant
accounting policies consistently followed by the Trust in the preparation of its
financial statements. The policies are in conformity with 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. WTMM's
money market instruments are valued at amortized cost, which the Trustees have
determined in good faith constitutes value. WTMM's use of amortized cost is
subject to the Fund's compliance with certain conditions as specified under Rule
2a-7 of the Investment Company Act of 1940. Valuation of securities by WNTB,
WUSTB, and WCIF are discussed in Note 1 of the Portfolios' Notes to Financial
Statements which are included elsewhere in this report.
B. Interest Income -- Before WNTB, WUSTB, and WCIF began investing in their
corresponding Portfolio, the Funds held their own investments directly. For
Funds which held investments directly, interest income consists of interest
accrued and discount earned (including both original issue and market discount)
and amortization of premium or discount on long-term debt securities when
required for federal income tax purposes. The income is accrued ratably to the
date of maturity on the investments of the Funds. The net investment income of
WNTB, WUSTB, and WCIF consists of the Fund's pro rata share of the net
investment income of its corresponding Portfolio, less all actual and accrued
expenses of each Fund determined in accordance with generally accepted
accounting principles.
C. Expense Reduction -- The Funds have entered into an arrangement with its
custodian agent whereby interest earned on uninvested cash balance is used to
offset custodian fees. All significant reductions are reported as a reduction of
expenses in the Statement of Operations.
D. Federal Taxes -- The Trust's policy is to comply with the provisions of
the Internal Revenue Code (the Code) available to regulated investment companies
and to distribute to shareholders each year all of its taxable income, including
any net realized gain on investments. Accordingly, no provision for
<PAGE>
federal income or excise tax is necessary. At December 31,
1996, the Trust, for federal income tax purposes, had capital loss
carryovers of $18,204 (WTMM), $19,381,446 (WNTB) and $1,027,355 (WCIF)
which will reduce taxable income arising from future net realized gain on
investments, if any, to the extent permitted by the Code, and thus will
reduce the amount of the distribution to shareholders which would otherwise
be necessary to relieve the respective Fund of any liability for federal
income or excise tax. Pursuant to the Code, such capital loss carryovers
will expire as follows:
12/31 WTMM WNTB WCIF
- -----------------------------------------------------------------------------
1997 $ 48 $1,319,208 $--
1998 -- 3,324,484 --
1999 -- 4,467,443 --
2000 939 2,957,673 7,132
2001 1,921 -- 8,621
2002 1,315 6,936,070 682,417
2003 -- 376,568 215,933
2004 13,981 -- 113,252
- ------------------------------------------------------------------------------
At December 31, 1996, net capital losses of $15,788 for WNTB attributable
to security transactions incurred after October 31, 1996 are treated as
arising on the first day of the Fund's next taxable year.
E. Use of Estimates -- The preparation of financial statements in conformity
with generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported
amounts of revenue and expense during the reporting period. Actual results
could differ from those estimates.
F. Other -- Investment transactions are accounted for on the date the
investments are purchased or sold.
(2) DISTRIBUTIONS
Each Fund's policy is to determine net income once daily, as of the close
of the New York Stock Exchange and the net income so determined is declared as a
dividend to shareholders of record at the time of such determination.
Distributions of realized capital gains are made at least annually. Shareholders
may reinvest capital gain distributions in additional shares of the same Fund at
the net asset value as of the ex-dividend date. Dividends may be reinvested in
additional shares of the same Fund at the net asset value as of the payable
date.
The Trust requires that differences in the recognition or classification of
income between the financial statements and tax earnings and profits which
result in temporary overdistributions for financial statement purposes, be
classified as distributions in excess of net investment income or accumulated
net realized gains.
(3) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service (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 six month period ended June 30, 1997, for WTMM, and WTRB the effective
annual rate was 0.35% and 0.40%, respectively. Prior to May 1, 1997 (when WNTB,
WUSTB, and WCIF transferred substantially all of their assets to their
corresponding Portfolio in exchange for interests in their corresponding
Portfolio), WNTB, WUSTB, and WCIF retained Wright as their investment adviser.
The Portfolios have engaged Wright to render investment advisory services. See
Note 2 of the Portfolios' Notes to Financial Statements which are included
elsewhere in this report. For the period from January 1, 1997 to April 30, 1997,
for WNTB, WUSTB, and WCIF, the effective annual rate was 0.41%, 0.40%, and
0.40%, respectively. To enhance the net income of the Funds, Wright made a
reduction of its investment adviser fee by $87,674 for WTMM. 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
<PAGE>
percentage of average daily net assets which rate is reduced as average daily
net assets exceed certain levels. For the period ended June 30, 1997, the
effective annual rate was 0.07% for WTMM, 0.08% for WNTB, 0.10% for WUSTB, 0.10%
for WTRB, and 0.10% for WCIF. Certain of the Trustees and officers of the Trust
are directors/trustees and/or officers of the above organizations. Except as to
Trustees of the Trust who are not 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.
(4) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
Funds, except WTMM, will pay Wright Investors' Service Distributors, Inc.
(Principal Underwriter), a subsidiary of Wright, 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.
(5) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
Six Months Ended Year Ended
June 30, 1997 (UNAUDITED) December 31, 1996
------------------------------------------------------------
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------------------------------------------
WRIGHT U.S. TREASURY NEAR TERM FUND --
<S> <C> <C> <C> <C>
Sales.................................................... 903,720 $ 9,218,728 3,340,768 $ 34,366,823
Issued to shareholders in payment of
distributions declared................................. 159,010 1,619,693 461,357 4,738,955
Redemptions.............................................. (3,182,129) (32,460,815) (4,819,450) (49,545,671)
---------- ------------- ---------- -------------
Net decrease......................................... (2,199,399) $(21,622,394) (1,017,325) $(10,439,893)
========= ================================
WRIGHT U.S. TREASURY FUND --
Sales.................................................... 1,042,893 $ 13,895,523 3,670,606 $ 49,896,782
Issued to shareholders in payment
of distributions declared.............................. 96,015 1,274,427 164,524 2,233,676
Redemptions.............................................. (524,899) (7,020,789) (817,559) (11,115,624)
---------- ------------- ---------- -------------
Net increase (decrease).............................. 614,009 $ 8,149,161 3,017,571 $ 41,014,834
========= ================================
WRIGHT TOTAL RETURN BOND FUND --
Sales.................................................... 155,152 $ 1,915,470 931,801 $ 11,573,005
Issued to shareholders in payment
of distributions declared.............................. 116,571 1,434,570 344,332 4,267,461
Redemptions.............................................. (1,241,040) (15,379,160) (3,318,666) (41,189,290)
---------- ------------- ---------- -------------
Net decrease......................................... (969,317) $(12,029,120) (2,042,533) $(25,348,824)
========= ================================
WRIGHT CURRENT INCOME FUND --
Sales.................................................... 2,774,068 $ 28,634,800 1,488,351 $ 15,484,497
Issued to shareholders in payment
of distributions declared.............................. 137,845 1,427,127 289,710 3,004,165
Redemptions.............................................. (675,933) (7,013,300) (1,798,536) (18,665,593)
---------- ------------- ---------- -------------
Net decrease......................................... 2,235,980 $ 23,048,627 (20,475) $ (176,931)
========= ================================
</TABLE>
<PAGE>
(6) INVESTMENT TRANSACTIONS
The Trust invests primarily in debt securities. The ability of the issuers
of the debt securities held by the Trust to meet their obligations may be
affected by economic developments in a specific industry or municipality.
Purchases and sales and maturities of investments, other than short-term
obligations, were as follows:
<TABLE>
<CAPTION>
Six Months Ended June 30, 1997
---------------------------------------------------------------------------------------------------
Wright U.S. Treasury Wright U.S. Treasury Wright U.S. Wright Total Wright Current
Money Market Fund Near Term Fund* Treasury Fund* Return Bond Fund Income Fund*
- ----------------------------------------------------------------------------------------------------------------------------------
Purchases --
<S> <C> <C> <C> <C> <C>
Non-U.S. Gov't Obligations.. $ -- $ -- $ -- $ -- $ --
============= ============= ============= ============= =============
U.S. Gov't Obligations...... $ 154,916,356 $ 13,969,688 $ 6,989,656 $ 1,913,672 $ 23,363,552
============= ============= ============= ============= =============
Sales --
Non-U.S. Gov't Obligations.. $ -- $ -- $ -- $ $ --
============= ============= ============= ============= =============
U.S. Gov't Obligations...... $ 41,028,071 $ 34,203,633 $ 594,937 $ 13,820,750 $ 1,030,005
============= ============= ============= ============= =============
- -------------------------------------------------------------------------------------------------------------------------------
* For the Period from January 1,1997 to April 30, 1997.
</TABLE>
Subsequent to the initial transfer of assets from WNTB, WUSTB, and WCIF to
their corresponding Portfolio, the increases and decreases in each Fund's
investment in its corresponding Portfolio for the period from May 1, 1997 to
June 30, 1997 were as follows:
WNTB WUSTB WCIF
- -------------------------------------------------------------------------------
Increases.............$ 3,122,950 $ 5,441,859 $ 3,562,063
Decreases............. 19,463,030 2,741,946 2,682,641
- -------------------------------------------------------------------------------
(7) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) in value of the
investments owned at June 30, 1997, as computed on a federal income tax basis,
are as follows:
Wright Total Return
Bond Fund
- -------------------------------------------------------------------------------
Aggregate cost............................ $ 77,923,160
============
Gross unrealized appreciation............. $ 408,919
Gross unrealized depreciation............. 845,613
-------------
Net unrealized appreciation............... $ (436,694)
============
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Selected Wright Junior Wright International
Blue Chip Blue Chip Blue Chip
Equities Portfolio Equities Portfolio Equities Portfolio
(WBC) (WJBC) (WIBC)
- -------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C>
Identified cost................................. $ 169,658,912 $ 10,041,278 $225,896,172
Unrealized appreciation......................... 57,524,805 3,436,555 72,940,867
------------ ------------ ------------
Total investments, at value (Note 1A)......... $ 227,183,717 $ 13,477,833 $298,837,039
Cash.............................................. 838 473,330 -
Receivable for investments sold................... 1,472,116 - 3,641,063
Dividends and interest receivable................. 311,270 12,819 1,177,472
Receivable for open forward foreign currency
exchange contracts.............................. - - 22
Deferred organization expenses (Note 1E).......... 28,866 28,866 28,866
------------ ------------ ------------
Total Assets.................................. $ 228,996,807 $ 13,992,848 $303,684,462
------------ ------------ ------------
LIABILITIES:
Cash overdraft due to custodian................... $ - $ - $ 2,940,453
Payable for investments purchased................. - - 450,386
Accrued organization payable...................... 20,946 20,946 20,946
Accrued expenses and other liabilities............ 10,600 3,556 65,000
------------ ------------ ------------
Total Liabilities............................... $ 31,546 $ 24,502 $ 3,476,785
------------ ------------ ------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN PORTFOLIO.................. $ 228,965,261 $ 13,968,346 $300,207,677
============= ============= =============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and
withdrawals..................................... $ 171,440,456 $ 10,531,791 $219,591,630
Unrealized appreciation (depreciation) of investments
and foreign currency transactions (computed
on the basis of identified cost)................ 57,524,805 3,436,555 80,616,047
------------ ------------ ------------
Total......................................... $ 228,965,261 $ 13,968,346 $300,207,677
============= ============= =============
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Wright Wright
U.S. Treasury U.S. Treasury Current Income
Near Term Portfolio Portfolio Portfolio
(WNTB) (WUSTB) (WCIF)
- ---------------------------------------------------------------------------------------------------------------------------------
ASSETS:
Investments --
<S> <C> <C> <C>
Identified cost................................. $ 105,939,511 $ 60,350,206 $ 88,019,180
Unrealized appreciation (depreciation).......... 494,618 (138,083) 27,166
------------ ------------ ------------
Total investments, at value (Note 1A)......... $ 106,434,129 $ 60,212,123 $ 88,046,346
Cash.............................................. 371,208 1,534,318 1,811
Receivable for investments sold................... - - -
Interest receivable............................... 1,851,746 828,653 531,284
Deferred organization expenses (Note 1C).......... 35,866 35,866 35,866
------------ ------------ ------------
Total Assets.................................. $ 108,692,949 $ 62,610,960 $ 88,615,307
------------ ------------ ------------
LIABILITIES:
Accrued organization expenses..................... $ 27,690 $ 27,690 $ 27,690
Accrued expenses and other liabilities............ 8,500 - 2,000
------------ ------------ ------------
Total Liabilities............................... $ 36,190 $ 27,690 $ 29,690
------------ ------------ ------------
NET ASSETS APPLICABLE TO
INVESTORS' INTEREST IN PORTFOLIO.................. $ 108,656,759 $ 62,583,270 $ 88,585,617
============= ============= =============
SOURCES OF NET ASSETS:
Net proceeds from capital contributions and
withdrawals..................................... $ 108,162,141 $ 62,721,353 $ 88,558,451
Unrealized appreciation (depreciation) of investments
(computed on the basis of identified cost)...... 494,618 (138,083) 27,166
------------ ------------ ------------
Total......................................... $ 108,656,759 $ 62,583,270 $ 88,585,617
============= ============= =============
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
STATEMENTS OF OPERATIONS
Period from the Start of Business, May 2, 1997 to June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Selected Wright Junior Wright International
Blue Chip Blue Chip Blue Chip
Equities Portfolio Equities Portfolio Equities Portfolio
(WBC) (WJBC) (WIBC)
- -----------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Income --
<S> <C> <C> <C>
Dividends....................................... $ 756,451 $ 30,645 $ 1,832,796
Interest........................................ 42,782 1,974 29,690
Less: Foreign taxes............................. - - (245,953)
------------ ------------ ------------
Total income.................................. $ 799,233 $ 32,619 $ 1,616,533
------------ ------------ ------------
Expenses --
Investment Adviser fee (Note 2)................. $ 230,649 $ 12,119 $ 371,097
Custodian fee (Note 1D)......................... 10,600 3,550 65,000
Amortization of organization expenses (Note 1C). 1,134 1,134 1,134
------------ ------------ ------------
Total expenses................................ $ 242,383 $ 16,803 $ 437,231
------------ ------------ ------------
Deduct -- .....................................
Preliminary reduction of Investment Adviser fee
(Note 2)................................... $ - $ 12,113 -
------------ ------------ ------------
Total deductions........................... $ - $ 12,113 $ -
------------ ------------ ------------
Net expenses............................. $ 242,383 $ 4,690 $ 437,231
------------ ------------ ------------
Net investment income................. $ 556,850 $ 27,929 $ 1,179,302
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on investment and foreign currency
transactions (identified cost basis)............ $ 5,276,964 $ 343,723 $ 555,061
Change in unrealized appreciation of investments
and translation of assets and liabilities in
foreign currencies.............................. 11,768,516 1,224,566 21,308,151
------------ ------------ ------------
Net realized and unrealized gain on investments
and foreign currency............................ $ 17,045,480 $ 1,568,289 $ 21,863,212
------------ ------------ ------------
Net increase in net assets from operations.... $ 17,602,330 $ 1,596,218 $ 23,042,514
============= ============= =============
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
STATEMENTS OF OPERATIONS
Period from the Start of Business, May 2,1997 to June 30, 1997 (UNAUDITED)
===============================================================================
<TABLE>
<CAPTION>
Wright Wright Wright
U.S. Treasury U.S. Treasury Current Income
Near Term Portfolio Portfolio Portfolio
(WNTB) (WUSTB) (WCIF)
- -------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME (Note 1B):
Income --
<S> <C> <C> <C>
Interest income................................. $ 1,305,674 $ 614,458 $ 1,023,689
------------ ------------ ------------
Expenses --
Investment Adviser fee (Note 2)................. $ 81,540 $ 40,136 $ 57,238
Custodian fees (Note 1D)........................ 8,500 - 2,000
Amortization of organization expenses (Note 1C). 1,134 1,134 1,134
------------ ------------ ------------
Total expenses................................ $ 91,174 $ 41,270 $ 60,372
------------ ------------ ------------
Net investment income................. $ 1,214,500 $ 573,188 $ 963,317
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized loss on investment
transactions (identified cost basis)............ $ (28,650) $ - $ (6,207)
Change in unrealized appreciation of investments.. 286,735 570,738 842,743
------------ ------------ ------------
Net realized and unrealized gain on investments... $ 258,085 $ 570,738 $ 836,536
------------ ------------ ------------
Net increase in net assets from operations.... $ 1,472,585 $ 1,143,926 $ 1,799,853
============= ============= =============
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period from the start of business May 2,1997 to June 30, 1997 UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Wright Selected Wright Junior Wright International
Blue Chip Blue Chip Blue Chip
Equities Portfolio Equities Portfolio Equities Portfolio
(WBC) (WJBC) (WIBC)
- -----------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From Operations --
<S> <C> <C> <C>
Net investment income........................... $ 556,850 $ 27,929 $ 1,179,302
Net realized gain on investments................ 5,276,964 343,723 555,061
Change in unrealized appreciation of investments 11,768,516 1,224,566 21,308,151
------------ ------------ ------------
Increase in net assets from operations........ $ 17,602,330 $ 1,596,218 $ 23,042,514
------------ ------------ ------------
Capital transactions --
Contributions................................... $ 220,593,250 $ 13,476,267 $ 300,975,654
Withdrawals..................................... (9,230,329) (1,104,149) (23,810,501)
------------ ------------ ------------
Increase in net assets
resulting from capital transactions........ $ 211,362,921 $ 12,372,118 $277,165,153
------------ ------------ ------------
Net increase in net assets.................... $ 228,965,251 $ 13,968,336 $300,207,667
NET ASSETS:
At beginning of period............................ 10 10 10
------------ ------------ ------------
At end of period.................................. $ 228,965,261 $ 13,968,346 $ 300,207,677
============= ============= =============
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period from the start of business May 2,1997 to June 30, 1997(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Wright Wright Wright
U.S. Treasury U.S. Treasury Current Income
Near Term Portfolio Portfolio Portfolio
(WNTB) (WUSTB) (WCIF)
- ------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS:
From Operations --
<S> <C> <C> <C>
Net investment income........................... $ 1,214,500 $ 573,188 $ 963,317
Net realized loss on investments................ (28,650) - (6,207)
Change in unrealized appreciation of investments 286,735 570,738 842,743
------------ ------------ ------------
Increase in net assets from operations........ $ 1,472,585 $ 1,143,926 $ 1,799,853
------------ ------------ ------------
Capital transactions --
Contributions................................... 126,647,194 64,181,278 89,468,395
Withdrawals..................................... (19,463,030) (2,741,946) (2,682,641)
------------ ------------ ------------
Increase in net assets
resulting from capital transactions........ $ 107,184,164 $ 61,439,334 $ 86,785,754
------------ ------------ ------------
Net increase in net assets.................... $ 108,656,749 $ 62,583,260 $ 88,585,607
NET ASSETS:
At beginning of period............................ 10 10 10
------------ ------------ ------------
At end of period.................................. $ 108,656,759 $ 62,583,270 $ 88,585,617
============= ============= =============
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
WRIGHT MANAGED EQUITY TRUST PORTFOLIOS
For the period from the start of business May 2,1997 to June 30, 1997(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Wright Selected Wright Junior Wright International
Blue Chip Blue Chip Blue Chip
Equities Portfolio Equities Portfolio Equities Portfolio
SUPPLEMENTARY DATA (WBC) (WJBC) (WIBC)
- -----------------------------------------------------------------------------------------------------------------------------
Ratios (As of percentage of average daily net assets)++:
<S> <C> <C> <C> <C>
Net expenses(1) .................................. 0.67%+ 0.22%+ 0.89%+
Net investment income............................. 1.54%+ 1.28%+ 2.40%+
------------ ------------ ------------
Portfolio Turnover................................... 9% 25% 4%
============= ============= =============
Net assets, end of period (000 omitted).............. $ 228,965 $ 13,968 $ 300,208
(1) The expense ratios for the Portfolios have been adjusted to reflect a
change in reporting requirements. The new reporting guidelines require each
Portfolio to increase its expense ratio by the effect of any offset
arrangements with its service providers.
++ The operating expense of the WJBC reflects a reduction of the investment
adviser fee. Had such action not been taken, the ratios would have been as
follows:
Ratios (As of percentage of average daily net assets):
Expenses ......................................... - 0.77%+ -
------------ ------------ ------------
Net investment income............................. - 0.73%+ -
------------ ------------ ------------
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
WRIGHT MANAGED INCOME TRUST PORTFOLIOS
For the period from the start of business May 2,1997 to June 30, 1997(UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Wright Wright Wright
U.S. Treasury U.S. Treasury Current Income
Near Term Portfolio Portfolio Portfolio
SUPPLEMENTARY DATA (WNTB) (WUSTB) (WCIF)
- -----------------------------------------------------------------------------------------------------------------------------
Ratios (As of percentage of average daily net assets):
<S> <C> <C> <C> <C>
Net expenses(1) .................................. 0.48%+ 0.42%+ 0.50%+
Net investment income............................. 6.34%+ 5.86%+ 6.79%+
------------ ------------ ------------
Portfolio Turnover................................... 9% 0% 1%
============= ============= =============
Net assets, end of period (000 omitted).............. $ 108,567 $ 62,583 $ 88,586
(1) The expense ratios for the Portfolios have been adjusted to reflect a
change in reporting requirements. The new reporting guidelines require each
Portfolio to increase its expense ratio by the effect of any offset
arrangements with its service providers.
+ Annualized.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
NOTES TO FINANCIAL STATEMENTS
================================================================================
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright Blue Chip Master Portfolio Trust (the Trust), issuer of Selected
Blue Chip Equities Portfolio (Selected Portfolio), Junior Blue Chip Equities
Portfolio (Junior Portfolio), International Blue Chip Equities Portfolio
(International Portfolio), U.S. Treasury Portfolio (Treasury Portfolio), U.S.
Treasury Near Term Portfolio (Term Portfolio), and Current Income Portfolio
(Income Portfolio), collectively the Portfolios, are registered under the
Investment Company Act of 1940 as non-diversified open-end management investment
companies which were organized as trusts under the laws of the State of New York
on March 18, 1997. The Declaration of Trust permit the Trustees to issue
interests in the Portfolios. The following is a summary of significant
accounting policies of the Portfolios. The policies are in conformity with
generally accepted accounting principles.
A. Investment Valuations -- Securities listed on securities exchanges or in
the NASDAQ National Market are valued at closing sale prices. Unlisted or listed
securities, for which closing sale prices are not available, are valued at the
mean between latest bid and asked prices. Short-term obligations maturing in
sixty days or less are valued at amortized cost, which approximates market
value. Securities for which market quotations are unavailable, are appraised at
their fair value as determined in good faith by or at the direction of the
Trustees.
B. Foreign Currency Translation -- Investment security valuations, other
assets, and liabilities initially expressed in foreign currencies are translated
each business day into U.S. dollars based upon current exchange rates. Purchases
and sales of foreign investment securities and income and expenses are
translated into U.S. dollars based upon currency exchange rates prevailing on
the respective dates of such transactions.
C. Deferred Organization Expenses -- Costs incurred by a Portfolio in
connection with its organization are being amortized on the straight-line basis
over five years beginning on the date each Portfolio commenced operations.
D. Expense Reductions -- The Portfolios have entered into an arrangement
with its custodian whereby interest earned on uninvested cash balances are used
to offset custodian fees. All significant reductions are reported as a reduction
of expenses in the Statement of Operations.
E. Income Taxes -- The Portfolios are treated as partnerships for Federal
tax purposes. No provision is made by the Portfolios for federal or state taxes
on any taxable income of the Portfolios because each investor in the Portfolios
is ultimately responsible for the payment of any taxes. Since some of the
Portfolios' investors are regulated investment companies that invest all or
substantially all of their assets in the Portfolios, the Portfolios normally
must satisfy the applicable source of income and diversification requirements
(under the Internal Revenue Code) in order for their respective investors to
satisfy them. The Portfolios will allocate at least annually among their
respective investors each investor's distributive share of the Portfolios' net
taxable (if any) and tax-exempt investment income, net realized capital gains
and any other items of income, gain, loss, deductions or credit.
F. Use of Estimates -- The preparation of financial statements in
conformity with generally accepted accounting principles requires management to
make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
revenue and expense during the reporting period. Actual results could differ
from those estimates.
<PAGE>
G. Other -- Investment transactions are accounted for on the date the
investments are purchased or sold. Dividend income is recorded on ex-dividend
date. However, if the ex-dividend date has passed, certain dividends from
foreign securities are recorded as the Portfolio is informed of the ex-dividend
date. Interest income consists of interest accrued and discount earned
(including both original issue and market discount) and amortization of premium
or discount on long-term debt securities when required for federal income tax
purposes. The interest income is accrued ratably to the date of maturity on the
investments of the Portfolios.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Services (Wright) to perform
investment management, investment advisory, and other services. For its
services, Wright is compensated based upon a percentage of average daily net
asset which rate is adjusted as average daily net assets exceed certain levels.
For the period from the start of business, May 2, 1997 to June 30, 1997, the
effective annual rate was 1.06% for the Selected Portfolio, 0.74% for the Junior
Portfolio, 0.48% for the International Portfolio, 0.40% for the Treasury
Portfolio, 0.40% for the Term Portfolio, and 0.42% for the Income Portfolio. To
enhance the net income of the Fund, Wright made a reduction of its investment
adviser fee by $12,113 for the Junior Portfolio
Certain of the Trustees and officers of the Portfolio are Trustees or
officers of the above organizations, Except as to Trustees of the Portfolios who
are not affiliated with Eaton Vance or Wright, Trustees and officers receive
remuneration for their services to the Portfolios out of the fees paid to Eaton
Vance and Wright.
(3) INVESTMENTS
The Treasury Portfolio, Term Portfolio, and Income Portfolio invest
primarily in debt securities. The ability of the issuers of these debt
securities held by the Portfolios to meet their obligations may be affected by
economic developments in a specific industry or municipality. Purchases and
sales of investments, other than U.S. Government securities and short-term
obligations, for the period from the start of business, May 2, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
Selected Junior International U.S. U.S. Treasury Current
Blue Chip Blue Chip Blue Chip Treasury Near Term Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchases - Non-U.S. Gov't Obligations $19,518,155 $1,135,153 $ 5,079,401 -- -- --
=========== =========== =========== =========== =========== ===========
Purchases - U.S. Gov't Obligations -- -- -- $ 6,119,750 $ 9,978,750 $ 6,998,521
=========== =========== =========== =========== =========== ===========
Sales - Non-U.S. Gov't Obligations $27,814,482 $ 1,303,036 $12,993,691 -- -- --
=========== =========== =========== =========== =========== ===========
Sales - U.S. Gov't. Obligations -- -- -- -- $23,771,586 $ 667,090
=========== =========== =========== =========== =========== ===========
</TABLE>
(4) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) of the investment
securities owned at June 30, 1997, as computed on a federal income tax basis,
are as follows:
<TABLE>
<CAPTION>
Selected Junior International U.S. U.S. Treasury Current
Blue Chip Blue Chip Blue Chip Treasury Near Term Income
Portfolio Portfolio Portfolio Portfolio Portfolio Portfolio
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Aggregate cost $ 169,658,912 $ 10,041,278 $ 218,206,172 $ 60,350,206 $ 105,939,511 $ 88,009,717
============ ============ ============ ============ ============ ============
Gross unrealized appreciation $ 59,119,557 $ 3,584,415 $ 86,184,282 $ 54,477 $ 897,196 $ 1,093,203
Gross unrealized depreciation 1,594,752 147,860 5,553,415 192,560 402,577 1,066,037
----------- ----------- ----------- ----------- ----------- -----------
Net unrealized appreciation $ 57,524,805 $ 3,436,555 $ 80,630,867 $ (138,083) $ 494,618 $ 27,166
============ ============ ============ ============ ============ ============
</TABLE>
(5) FINANCIAL INSTRUMENTS
The Portfolios may trade in financial instruments with off-balance sheet
risk in the normal course of their investing activities in order to manage
exposure to market risks such as interest rates and foreign currency exchange
rates. These financial instruments include forward foreign currency contracts
for the International Portfolio. The notional or contractual amounts of these
instruments represent the investment the Portfolio has in particular class if
financial instruments and does not necessarily represent the amounts potentially
subject to risk. The measurement of the risks associated with these instruments
is meaningful only when all related and offsetting transactions are considered.
As of June 30, 1997 the International Portfolio had the following forward
foreign currency exchange contracts open:
<TABLE>
<CAPTION>
In Exchange Contracts Net
Settlement Contracts for at Unrealized
Date Currency to Deliver (U.S. Dollars) Value Appreciation
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
7/2/97 Singapore Dollar 37,554 $26,291 $26,269 $22
========= ========= =========
</TABLE>
At June 30, 1997, the International Portfolio had sufficient cash and/or
securities to cover any commitments under these contracts.
(6) RISKS ASSOCIATED WITH FOREIGN INVESTMENTS
The International Portfolio's investing in securities issued by companies whose
principal business activities are outside the Untied States may involve
significant risks not present in domestic investments. For example, there is
generally less publicly available information about foreign companies,
particularly those not subject to the disclosure and reporting requirements of
the U.S. securities laws. Foreign issuers are generally not bound by uniform
accounting, auditing, and financial reporting requirements and standards of
practice comparable to those applicable to domestic issuers.
<PAGE>
Investments in foreign securities also involve the risk of possible adverse
changes in investment or exchange control regulations, expropriation or
confiscatory taxation, limitation on the removal of funds or other assets of
International Portfolio, political or financial instability or diplomatic and
other developments which could affect such investments. Foreign stock markets,
while growing in volume and sophistication, are generally not as developed as
those in the United States, and securities of some foreign issuers (particularly
those located in developing countries) may be less liquid and more volatile than
securities of comparable U.S. companies. In general, there is less overall
governmental supervision and regulation of foreign securities markets,
broker-dealers, and issuers than in the United States.
Settlement of securities transactions in foreign countries may be delayed
and is generally less frequent than in the United States, which could affect the
liquidity of International Portfolio's assets. International Portfolio may be
unable to sell securities where the registration process is incomplete and may
experience delays in receipt of dividends.
<PAGE>
WRIGHT MAJOR BLUE CHIP EQUITIES FUND (WMBC)
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
===============================================================================
Shares Value
-------- -------
Equity Interests -- 96.8%
APPAREL -- 2.5%
VF Corp............................. 7,100 $ 601,725
-----------
AUTOMOTIVE -- 4.7%
Autoliv Inc......................... 921 $ 36,034
Chrysler Corporation................ 15,300 502,031
Eaton Corp.......................... 6,800 593,725
-----------
$ 1,131,790
-----------
BEVERAGES -- 2.1%
Anheuser Busch Co................... 12,200 $ 511,638
-----------
CHEMICALS -- 12.7%
Air Products & Chemicals............ 6,900 $ 560,623
Great Lakes Chemical Corp........... 10,300 539,463
Morton International Inc............ 14,200 428,663
PPG Industries...................... 9,100 528,938
Rohm & Haas Co...................... 5,900 531,369
Sherwin Williams Co................. 16,500 509,438
-----------
$ 3,098,494
-----------
CONSTRUCTION -- 2.7%
Caterpillar Tractor Inc............. 6,000 $ 644,250
-----------
DIVERSIFIED -- 5.2%
Allied Signal Inc................... 6,200 $ 520,800
General Electric Company............ 8,000 523,000
Tyco Lab............................ 3,300 229,556
-----------
$ 1,273,356
-----------
DRUGS, COSMETICS & HEALTH CARE -- 2.4%
Bristol-Myers Squibb Co............. 7,200 $ 583,200
-----------
ELECTRICAL -- 2.1%
Emerson Electric Co................. 9,300 $ 512,081
-----------
ELECTRONICS -- 14.4%
Applied Materials Inc............... 7,300 $ 516,931
Compaq Computer*.................... 4,600 456,550
EMC Corp./Mass...................... 14,500 565,500
Intel Corporation................... 3,600 510,525
Raytheon Co......................... 9,700 494,700
Seagate Technology, Inc............. 10,900 383,544
Sun Microsystems, Inc............... 15,700 584,334
-----------
$ 3,512,084
-----------
FINANCIAL -- 11.1%
American Express Co................. 7,400 $ 551,300
American International Group........ 3,700 552,687
Aon Corp............................ 10,700 553,725
Key Corp. (New)..................... 8,900 497,288
MBIA, Inc........................... 4,800 541,500
-----------
$ 2,696,500
-----------
FOOD -- 2.1%
Sara Lee Corp....................... 12,400 $ 516,150
-----------
MACHINERY & EQUIPMENT -- 9.2%
Deere & Co.......................... 10,400 $ 570,700
Dover Corp.......................... 7,900 485,850
Ingersoll Rand Co................... 10,300 636,025
Pitney-Bowes Inc.................... 7,900 549,050
-----------
$ 2,241,625
-----------
METAL PRODUCTS MANUFACTURERS -- 2.3%
Illinois Tool Works Inc............. 11,400 $ 569,288
-----------
OIL, GAS, COAL & RELATED SERVICES -- 2.0%
Exxon Corp.......................... 7,900 $ 485,850
-----------
PRINTING & PUBLISHING -- 2.2%
Gannett Co. Inc..................... 5,300 $ 523,375
-----------
<PAGE>
RETAILERS -- 10.6%
Costco Companies Inc................ 15,100 $ 496,413
Gap Stores.......................... 13,600 528,700
May Department Stores............... 9,700 458,325
Rite Aid Corp....................... 10,200 508,725
Toys "R" Us, Inc. Holding Co........ 16,800 588,000
-----------
$ 2,580,163
-----------
UTILITIES -- 6.5%
AmeriTech Corp...................... 7,000 $ 475,562
Bell Atlantic Corp.................. 7,700 584,238
Sprint Corp......................... 9,700 510,463
-----------
$ 1,570,263
-----------
MISCELLANEOUS -- 2.0%
Genuine Parts Co.................... 14,375 $ 486,951
-----------
TOTAL EQUITY INTERESTS -- 96.8%
(identified cost, $19,155,969) $ 23,538,783
OTHER ASSETS,
LESS LIABILITIES -- 3.2% 771,916
-----------
NET ASSETS -- 100% $ 24,310,699
============
* Non-income-producing security.
See Notes To Financial Statements
<PAGE>
WRIGHT TOTAL RETURN BOND FUND (WTRB)
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
- ---------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 6,600,000 U.S. Treasury Notes 5.875% 11/15/99 $ 99.359 $ 6,557,694 5.91% 6.17%
1,900,000 U.S. Treasury Notes 5.875% 06/30/00 99.031 1,881,589 5.93% 6.23%
1,000,000 U.S. Treasury Notes 6.250% 08/31/00 99.937 999,370 6.25% 6.27%
3,000,000 U.S. Treasury Notes 5.750% 10/31/00 98.406 2,952,180 5.84% 6.28%
3,000,000 U.S. Treasury Notes 7.750% 02/15/01 104.578 3,137,340 7.41% 6.34%
9,800,000 U.S. Treasury Notes 6.250% 02/15/03 99.219 9,723,462 6.30% 6.42%
1,700,000 U.S. Treasury Notes 7.500% 02/15/05 105.812 1,798,804 7.09% 6.53%
11,300,000 U.S. Treasury Notes 6.500% 05/15/05 99.812 11,278,756 6.51% 6.54%
17,800,000 U.S. Treasury Notes 6.500% 08/15/05 99.719 17,749,982 6.52% 6.55%
5,500,000 U.S. Treasury Notes 5.875% 11/15/05 95.672 5,261,960 6.14% 6.56%
200,000 U.S. Treasury Notes 5.625% 02/15/06 93.922 187,844 5.99% 6.57%
4,000,000 U.S. Treasury Notes 6.500% 10/15/06 99.578 3,983,120 6.53% 6.57%
2,000,000 U.S. Treasury Bonds 8.250% 05/15/05 104.687 2,093,740 7.88% 7.45%
9,475,000 U.S. Treasury Bonds 7.250% 05/15/16 104.281 9,880,625 6.95% 6.84%
----------
Total Investments (identified cost, $77,923,160)-- 98.5% $77,486,466
Other Assets, Less Liabilities -- 1.5% 1,187,976
----------
Net Assets -- 100.0% $78,674,442
============
Average Maturity -- 8.1 Years (1)
(1) Unaudited.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT U.S. TREASURY MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
Face Interest Maturity
Amount Issuer Rate Date Value
- -----------------------------------------------------------------------------
$2,400,000 U.S. Treasury Bills 5.080% 07/24/97 $ 2,392,203
200,000 U.S. Treasury Bills 5.120% 07/24/97 199,345
500,000 U.S. Treasury Bills 4.970% 07/24/97 498,413
1,000,000 U.S. Treasury Bills 4.970% 07/24/97 996,825
800,000 U.S. Treasury Bills 4.750% 07/24/97 797,572
500,000 U.S. Treasury Bills 5.110% 08/21/97 496,381
2,500,000 U.S. Treasury Bills 5.160% 08/21/97 2,481,725
2,100,000 U.S. Treasury Bills 4.840% 08/21/97 2,085,601
1,000,000 U.S. Treasury Bills 5.085% 09/18/97 988,841
300,000 U.S. Treasury Bills 5.140% 09/18/97 296,616
2,800,000 U.S. Treasury Bills 5.370% 09/18/97 2,767,005
3,000,000 U.S. Treasury Bills 5.170% 10/16/97 2,953,901
1,000,000 U.S. Treasury Bills 5.140% 11/13/97 980,725
1,100,000 U.S. Treasury Bills 5.120% 11/13/97 1,078,880
300,000 U.S. Treasury Bills 5.150% 12/11/97 293,005
450,000 U.S. Treasury Bills 5.180% 12/11/97 439,446
3,000,000 U.S. Treasury Bills 5.290% 02/05/98 2,903,457
2,000,000 U.S. Treasury Bills 5.070% 07/03/97 1,999,437
2,900,000 U.S. Treasury Bills 5.110% 07/03/97 2,899,177
3,100,000 U.S. Treasury Bills 4.960% 07/17/97 3,093,166
1,000,000 U.S. Treasury Bills 4.940% 07/17/97 997,804
600,000 U.S. Treasury Bill 4.700% 07/17/97 598,747
400,000 U.S. Treasury Bills 5.000% 07/10/97 399,499
500,000 U.S. Treasury Bills 4.990% 07/10/97 499,377
1,400,000 U.S. Treasury Bills 4.945% 07/10/97 1,398,269
2,500,000 U.S. Treasury Bills 5.090% 07/10/97 2,496,819
3,400,000 U.S. Treasury Bills 5.150% 07/31/97 3,385,408
1,000,000 U.S. Treasury Bills 4.950% 07/31/97 995,875
400,000 U.S. Treasury Bills 4.730% 07/31/97 398,423
2,600,000 U.S. Treasury Bills 4.990% 08/07/97 2,586,665
2,400,000 U.S. Treasury Bills 5.170% 08/07/97 2,387,247
3,100,000 U.S. Treasury Bills 5.230% 08/14/97 3,080,184
2,100,000 U.S. Treasury Bills 4.810% 08/14/97 2,087,654
3,000,000 U.S. Treasury Bills 5.105% 08/28/97 2,975,326
1,800,000 U.S. Treasury Bills 5.140% 08/28/97 1,785,094
3,000,000 U.S. Treasury Bills 5.170% 09/04/97 2,971,995
1,200,000 U.S. Treasury Bills 5.040% 09/04/97 1,189,080
3,100,000 U.S. Treasury Bills 5.200% 09/11/97 3,067,760
3,000,000 U.S. Treasury Bills 5.340% 09/25/97 2,961,730
600,000 U.S. Treasury Bills 5.240% 09/25/97 592,489
500,000 U.S. Treasury Bills 5.090% 09/25/97 493,920
3,000,000 U.S. Treasury Bills 4.900% 10/02/97 2,962,025
5,000,000 U.S. Treasury Bills 4.960% 10/09/97 4,931,111
3,200,000 U.S. Treasury Bills 5.175% 10/23/97 3,147,560
3,000,000 U.S. Treasury Bills 5.050% 10/30/97 2,949,079
5,000,000 U.S. Treasury Bills 4.980% 11/06/97 4,911,467
3,000,000 U.S. Treasury Bills 5.070% 11/20/97 2,940,005
1,400,000 U.S. Treasury Bills 5.225% 11/28/97 1,369,522
----------
TOTAL INVESTMENTS
AT AMORTIZED COST -- 100.7% $91,201,855
Other Assets, less Liabilities -- 0.7% (622,369)
---------------
Net Assets -- 100.0% $90,579,486
===========
See Notes To Financial Statements
<PAGE>
WRIGHT SELECTED BLUE CHIP EQUITIES PORTFOLIO (WBC)
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
================================================================================
Shares Value
-------- -------
Equity Interests -- 95.3%
APPAREL -- 2.5%
Russell Corp........................ 95,300 $ 2,823,262
VF Corp............................. 34,330 2,909,468
-----------
$ 5,732,730
-----------
AUTOMOTIVE -- 4.4%
Autoliv Inc......................... 16,027 $ 627,056
Chrysler Corporation................ 48,900 1,604,531
Eaton Corp.......................... 31,000 2,706,688
Echlin Inc.......................... 56,400 2,030,400
Modine Mfg. Co...................... 35,700 1,062,075
Johnson Controls.................... 51,000 2,094,188
-----------
$ 10,124,938
-----------
BEVERAGES -- 0.9%
Anheuser Busch...................... 51,500 $ 2,159,781
-----------
CHEMICALS -- 4.3%
Great Lakes Chemical Corp........... 29,900 $ 1,566,011
Lubrizol Corp....................... 58,600 2,457,538
Morton International Inc............ 45,800 1,382,588
PPG Industries...................... 41,500 2,412,188
Rohm & Haas Co...................... 22,100 1,990,381
-----------
$ 9,808,706
-----------
CONSTRUCTION -- 6.9%
Caterpillar Tractor, Inc............ 30,100 $ 3,231,987
Clayton Homes....................... 75,000 1,068,750
Fleetwood Enterprises, Inc.......... 86,900 2,590,706
Medusa Corporation.................. 64,100 2,459,838
Oakwood Homes Corp*................. 76,600 1,838,400
Toll Brothers....................... 98,000 1,800,750
Vulcan Materials Co................. 34,500 2,708,250
-----------
$ 15,698,681
-----------
DIVERSIFIED -- 5.1%
Carllisle Corp...................... 30,000 $ 1,046,250
Crane Company....................... 61,100 2,554,743
Lancaster Colony Corp............... 45,000 2,176,875
National Service Industries......... 65,800 3,203,638
Teleflex, Incorporated.............. 84,000 2,625,000
-----------
$ 11,606,506
-----------
DRUGS, COSMETICS & HEALTH CARE -- 1.4%
Bristol-Myers Squibb Co............. 40,828 $ 3,307,068
-----------
ELECTRONICS -- 8.5%
Compaq Computer*.................... 28,900 $ 2,868,325
Dallas Semiconductor Corp........... 87,600 3,438,300
EMC Corp./Mass...................... 65,000 2,535,000
National Computer System Inc........ 95,000 2,529,375
Raytheon Co......................... 46,260 2,359,260
Seagate Technology, Inc............. 80,500 2,832,594
Sun Microsystems Inc................ 79,500 2,958,886
-----------
$ 19,521,740
-----------
FINANCIAL -- 13.4%
AFLAC Corp.......................... 52,250 $ 2,468,813
Allied Group........................ 30,000 1,140,000
AMBAC Inc........................... 39,600 3,024,450
BB&T Corporation.................... 58,400 2,628,000
Commerce Bancshares, Inc............ 52,421 2,372,050
Compass Bancshares.................. 81,750 2,748,844
Edwards (A.G.), Inc................. 82,500 3,526,875
First Security CP................... 49,500 1,351,969
First Virginia Banks Inc............ 44,265 2,669,733
MBIA Inc............................ 22,000 2,481,875
Pacific Century Financial Corp...... 55,175 2,551,844
Quick and Reilly Group.............. 68,400 1,590,300
Southtrust Corporation.............. 53,100 2,197,011
-----------
$ 30,751,764
-----------
FOOD -- 1.2%
Universal Foods Corp................ 72,000 $ 2,745,000
-----------
MACHINERY & EQUIPMENT -- 6.1%
Briggs & Stratton Corp.............. 54,380 $ 2,719,000
Dover Corp.......................... 43,300 2,662,950
Deere & Co.......................... 53,300 2,924,838
Ingersoll Rand Co................... 49,300 3,044,275
Pitney-Bowes Inc.................... 36,500 2,536,750
-----------
$ 13,887,813
-----------
METAL PRODUCERS -- 1.0%
Carpenter Technology................ 49,200 $ 2,250,900
-----------
<PAGE>
METAL PRODUCTS MANUFACTURERS -- 5.4%
Harsco Corp......................... 53,000 $ 2,146,500
Kaydon Corp......................... 24,300 1,205,888
Snap-on Inc......................... 56,600 2,228,625
Trimas Corp. Common Stock........... 75,000 2,109,375
Trinity Industries.................. 58,800 1,866,900
Watts Industries Inc. Class A....... 117,900 2,829,600
-----------
$ 12,386,888
-----------
PAPER -- 1.1%
Sonoco Products Co.................. 81,000 $ 2,465,436
-----------
PRINTING & PUBLISHING -- 5.6%
American Greetings Corp............. 76,900 $ 2,854,913
Banta (George) Corp................. 83,748 2,271,665
Gannett Co. Inc..................... 27,780 2,743,275
Lee Enterprises, Inc................ 102,200 2,695,525
Standard Register................... 75,000 2,296,874
-----------
$ 12,862,252
-----------
RECREATION -- 3.9%
Callaway Golf Company............... 28,500 $ 1,011,750
Kingworld Productions Inc........... 57,000 1,995,000
Ryan's Family Steak Houses*......... 296,000 2,534,500
Wendy's International Inc........... 127,000 3,294,063
-----------
$ 8,835,313
-----------
RETAILERS -- 5.5%
Casey's General Store, Incx......... 50,000 $ 1,076,560
Costco Companies Inc................ 82,500 2,712,188
Family Dollar Stores................ 103,500 2,820,375
Hannaford Brothers Company.......... 64,000 2,276,000
May Department Stores............... 42,800 2,022,300
Toys "R" Us, Inc. Holding Co........ 50,000 1,750,000
-----------
$ 12,657,423
-----------
TRANSPORTATION -- 3.7%
ASA Holdings, Inc................... 66,600 $ 1,906,425
Comair Holdings, Inc................ 100,000 2,768,750
Illinois Central Corp............... 54,000 1,886,625
Werner Enterprises Inc.............. 100,000 1,937,500
-----------
$ 8,499,300
-----------
UTILITIES -- 8.7%
Ameritech Corp...................... 40,140 $ 2,727,011
Century Telephone Enterprises....... 73,800 2,486,138
Citizens Utilities Cl. A............ 0.406 4
DQE, Inc............................ 76,800 2,169,600
NIPSCO Industries Inc............... 63,700 2,631,606
Questar Corp........................ 60,000 2,422,500
Sprint Corp......................... 59,800 3,146,975
TECO Energy, Inc.................... 98,000 2,505,125
Wisconsin Energy Corp............... 72,850 1,812,144
-----------
$ 19,901,103
-----------
MISCELLANEOUS -- 5.7%
Arrow Electronics, Inc.............. 34,300 $ 1,822,188
Genuine Parts Co.................... 81,075 2,746,416
Kelly Services...................... 38,000 1,192,250
Leggett & Platt Inc................. 74,600 3,207,800
Marshall Industries*................ 76,865 2,863,221
Universal Health Services-Cl. B..... 31,000 1,193,500
-----------
$ 13,025,375
-----------
TOTAL EQUITY INTERESTS - 95.3%
(identified cost, $160,703,912) $218,228,717
Reserve Funds -- 3.9%
Face Amount
American Express Corp., 6.001%, 07/01/97
(at amortized cost).............$8,955,000 8,955,000
-----------
TOTAL INVESTMENTS -- 99.2%
(identified cost, $169,658,912) $227,183,717
OTHER ASSETS,
LESS LIABILITIES -- 0.8% 1,781,544
-----------
NET ASSETS -- 100% $228,965,261
============
* Non-income-producing security.
See Notes To Financial Statements
<PAGE>
WRIGHT JUNIOR BLUE CHIP EQUITIES PORTFOLIO (WJBC)
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
================================================================================
Shares Value
-------- -------
Equity Interests -- 96.5%
AUTOMOTIVE -- 5.3%
Myers Industries.................... 14,500 $ 244,688
Simpson Industries.................. 29,000 308,125
TBC Corp............................ 22,600 189,275
-----------
$ 742,088
-----------
CHEMICALS -- 2.3%
Wh. Brady Co. Class A............... 11,000 $ 319,000
-----------
CONSTRUCTION -- 2.3%
Patrick Industries Inc.............. 19,800 $ 326,700
-----------
DIVERSIFIED -- 7.4%
Crane Company....................... 12,750 $ 533,109
Teleflex, Inc....................... 16,000 500,000
-----------
$ 1,033,109
-----------
ELECTRICAL --2.1%
Woodhead Industries Inc............. 15,500 $ 292,563
-----------
ELECTRONICS -- 4.4%
Norstan Inc......................... 17,800 $ 289,250
Technitrol.......................... 12,000 328,500
-----------
$ 617,750
-----------
FINANCIAL -- 21.4%
Allied Group........................ 9,750 $ 370,500
Associated Banc Corp................ 6,600 260,700
Centura Banks Inc................... 6,000 275,250
First Commercial Corp............... 7,774 319,706
First Michigan Bank Corp............ 10,000 302,500
McDonald & Co. Investments.......... 6,600 302,775
One Valley Bancorp.................. 10,000 420,000
Raymond James Financial Corp........ 15,000 410,625
Westamerica Bancorp................. 4,300 326,800
-----------
$ 2,988,856
-----------
MACHINERY & EQUIPMENT -- 8.1%
Applied Power Inc. Cl. "A".......... 6,500 $ 335,563
Briggs & Stratton Corp.............. 8,000 400,000
Lindsay Manufacturing Co............ 12,000 393,000
-----------
$ 1,128,563
-----------
METAL PRODUCTS MANUFACTURERS -- 5.4%
CLARCOR Inc......................... 16,300 $ 403,425
Regal Beloit Corp................... 13,500 353,531
-----------
$ 756,956
-----------
PAPER -- 2.1%
Republic Group...................... 14,300 $ 287,786
-----------
PRINTING & PUBLISHING -- 11.5%
American Business Products-GA....... 12,000 $ 273,000
Banta Corp.......................... 14,625 396,703
Central Newspapers Cl A............. 7,500 537,188
Merrill Corp........................ 11,000 400,125
-----------
$ 1,607,016
-----------
RETAILERS -- 4.2%
Dress Barn Inc...................... 14,500 $ 282,750
Ruddick Corp........................ 18,600 306,900
-----------
$ 589,650
-----------
MISCELLANEOUS -- 20.0%
Bush Industries Cl. A............... 12,000 $ 285,000
CACI International Inc.............. 13,000 198,250
Falcon Products Inc................. 21,800 292,938
Lawson Prods. Inc................... 10,000 270,000
Marshall Industries*................ 15,000 558,750
Paxar Corp.......................... 15,000 283,125
Pioneer Stand Electronics........... 19,500 263,250
Sterling Electronics................ 24,185 308,359
World Fuel Services Corp............ 15,000 328,124
-----------
$ 2,787,796
-----------
<PAGE>
TOTAL EQUITY INTERESTS -- 96.5%
(identified cost, $10,041,278) $ 13,477,833
OTHER ASSETS,
LESS LIABILITIES -- 3.5% 490,513
-----------
NET ASSETS -- 100.0% $ 13,968,346
============
* Non-income-producing security.
See Notes To Financial Statements
<PAGE>
WRIGHT INTERNATIONAL BLUE CHIP EQUITIES PORTFOLIO (WIBC)
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
Shares Value
-------- -------
Equity Interests -- 97.0%
AUSTRALIA -- 4.8%
Australian Gas & Light Co........... 375,000 $ 2,209,691
Broken Hill Proprietary Co. ........ 136,293 2,006,019
Coles Myer Ltd ADR................. 62,551 2,611,504
F.H. Faulding (U.K.)................ 370,359 2,126,387
Futuris Corporation Limited.........1,867,345 3,004,761
Lend Lease Corp. Ltd................ 118,894 2,514,917
-----------
$ 14,473,279
-----------
BELGIUM -- 1.6%
Colruyt SA.......................... 5,500 $ 2,683,822
Delhaize Freres & Cie Le Lion SA.... 41,200 2,165,075
-----------
$ 4,848,897
-----------
CANADA -- 7.0%
Bombardier Inc. Class B............. 132,000 $ 2,994,869
British Columbia Telecom............ 95,300 2,238,187
Linamar Corporation................. 77,000 3,365,639
Loblaw Companies Ltd................ 218,000 3,002,405
Magna Int'l. Inc. Cl. A............. 39,000 2,346,400
Newbridge Network Corp*............. 65,000 2,827,500
Power Financial Corp................ 95,000 2,248,356
Thomson Corporation................. 93,000 2,143,724
-----------
$ 21,167,080
-----------
CHILE -- 1.6%
Compania de Telecomunicacion........ 78,000 $ 2,574,000
Embotelladora Andina SA............. 54,000 1,127,250
Embotelladora Andina Series......... 54,000 1,157,625
-----------
$ 4,858,875
-----------
DENMARK -- 4.1%
Berendsen Sophus A/S Class B........ 16,093 $ 2,327,295
Carlsburg A/S Pfd Class B........... 34,727 1,914,659
Coloplast B A/S..................... 34,200 2,282,301
Icopal Group........................ 7,550 1,697,479
Novo-Nordisk AS..................... 26,000 2,835,666
Radiometer A/S...................... 26,450 1,362,683
-----------
$ 12,420,083
-----------
FINLAND -- 0.8%
Orion A/S-B......................... 67,300 $ 2,534,338
-----------
FRANCE -- 9.3%
BIC................................. 13,200 $ 2,159,367
Carrefour Supermarche............... 3,700 2,688,161
Castorama Dubois Inv................ 10,541 1,483,940
Comptoirs Modernes SA............... 4,504 2,376,781
L'Air Liquide SA.................... 12,043 1,912,694
LeGrand SA.......................... 10,500 1,849,945
L'Oreal SA.......................... 6,545 2,758,604
LVMH Moet-Hennessy SA ADR.......... 38,620 2,080,653
Pernod Ricard SA.................... 33,280 1,716,544
Sagem SA............................ 3,500 1,778,449
SEB Group........................... 12,000 2,104,009
Synthelabo.......................... 22,900 2,982,126
TV Francaise........................ 21,000 1,876,755
-----------
$ 27,768,028
-----------
GERMANY -- 5.6%
Altana Ind-Aktien DM50.............. 2,500 $ 2,666,973
Bayerische Motoren Werke AG......... 3,109 2,573,076
Beiersdorf AG....................... 45,200 2,333,171
Douglas Holdings AG................. 50,000 1,993,060
Dyckerhoff AG....................... 6,300 2,276,390
Gehe AG............................. 32,000 2,184,050
Heidelberger Zement AG ............. 29,300 2,772,791
-----------
$ 16,799,511
-----------
HONG KONG -- 7.2%
China Light & Power Co. Ltd. ADR.... 351,276 $ 1,990,505
Hang Lung Dev. Co. Ltd. ADR......... 206,400 1,891,553
Hang Seng Bank Ltd. ADR............. 192,195 2,741,258
Hong Kong Aircraft Engineering Co... 741,000 2,697,258
Hong Kong & China Gas Co. ADR......1,352,349 2,705,509
Hong Kong Electric Holdings Ltd.ADR 600,000 2,416,357
Johnson Electric Holdings Ltd....... 897,500 2,676,096
Kowloon Motor Bus Co. (1933) Ltd.... 979,200 2,527,881
Swire Pacific Ltd. ADR.............. 214,400 1,930,266
-----------
$ 21,576,683
-----------
IRELAND -- 2.2%
Elan Corp. PLC...................... 62,000 $ 2,805,500
Fyffes PLC..........................1,094,267 1,677,205
Greencore PLC....................... 398,804 1,979,934
-----------
$ 6,462,639
-----------
<PAGE>
JAPAN -- 8.3%
Chudenko Corp....................... 58,630 $ 1,571,246
Daiichi Pharmaceutical.............. 137,000 2,415,783
Ito Yokado Co. Ltd.................. 9,500 2,208,750
Kurita Water Industries............. 99,600 2,651,827
Kyodo Printing Co................... 198,000 1,901,270
Ono Pharmaceutical.................. 56,000 1,974,947
Santen Pharmaceutical............... 118,360 2,366,063
Seven Eleven Japan Ltd.............. 34,580 2,614,140
Taisho Pharmaceutical Co. LT........ 85,000 2,292,785
Yamanouchi Pharmaceutical........... 114,000 3,065,078
York-Benimaru Co. Ltd............... 60,000 1,885,557
-----------
$ 24,947,446
-----------
MALAYSIA -- 3.3%
Genting Berhad...................... 230,000 $ 1,102,615
Guinness Anchor Berhad.............. 782,000 1,735,024
Hong Leong Industries Berhad........ 580,800 1,840,887
Perlis Plantations Berhad........... 615,000 1,803,090
Sime Darby Berhad................... 599,200 1,994,168
Sungei Way Holdings Berhad.......... 725,000 1,367,275
-----------
$ 9,843,059
-----------
MEXICO -- 3.0%
Cifra S.A...........................1,457,000 $ 2,674,032
Grupo Industrial Maseca-B...........1,600,000 1,750,883
Kimberly Clark de Mexico S.A........ 99,800 1,976,040
Telefonos de Mexico................. 54,400 2,597,600
-----------
$ 8,998,555
-----------
NETHERLANDS -- 8.6%
CSM N.V. Cert....................... 37,895 $ 1,900,641
Elsevier............................ 134,900 2,255,324
Getronics N.V....................... 63,584 2,054,756
Grolsch N.V......................... 54,000 1,874,407
Hagemeyer N.V....................... 47,356 2,47,576
Heineken N.V........................ 9,975 1,703,260
Koninklijke Ahold N.V............... 29,167 2,461,927
IHC Caland N.V...................... 35,000 1,914,216
Nutricia Verenidge Bedrijve......... 16,258 2,568,928
Polygram............................ 32,700 1,716,754
Unilever N.V........................ 12,900 2,716,897
Verenigde Nederlandse............... 101,000 2,234,263
-----------
$ 25,848,949
-----------
SINGAPORE -- 0.9%
Asia Pacific Brewery................ 167,000 $ 665,804
Singapore Press Holdings LT......... 106,200 2,139,302
-----------
$ 2,805,106
-----------
SOUTH AFRICA -- 2.2%
Sasol Beperk Limited................ 175,000 $ 2,295,272
South African Breweries LT.......... 66,803 2,050,549
Tiger Oats Limited.................. 127,000 2,239,612
-----------
$ 6,585,433
-----------
SPAIN -- 3.4%
Banco Popular Espanola.............. 11,600 $ 2,841,459
Empresa Nac de Electricidad......... 30,600 2,568,427
Gas Natural SDG S.A................. 10,500 2,293,435
Repsol S.A.......................... 55,740 2,356,304
-----------
$ 10,059,625
-----------
SWEDEN -- 3.6%
AGA AB B Free....................... 121,500 $ 1,618,178
Astra AB B Free Shares.............. 142,000 2,506,304
Atlas Copco AB A Free............... 101,000 2,638,065
Gullspangs Kraft - "B" Free......... 113,000 1,709,531
Hennes and Mauritz.................. 67,500 2,374,024
-----------
$ 10,846,102
-----------
SWITZERLAND -- 3.4%
Nestle SA ADR....................... 34,900 $ 2,437,471
Novartis AG-Reg..................... 1,900 3,037,709
Roche Holding AG - Genussch......... 270 2,442,271
S.M.H. AG-Registered 10SFR.......... 15,800 2,140,254
-----------
$ 10,057,705
-----------
UNITED KINGDOM -- 16.1%
Allied Colloids Group PLC........... 920,000 $ 1,923,564
Bowthorpe Holdings PLC.............. 290,000 1,560,542
Cable & Wireless PLC ADR........... 84,300 2,355,131
Grand Metropolitan PLC ADR......... 55,900 2,190,581
Halma PLC........................... 599,333 1,617,552
Johnson Matthey Public Ltd.......... 225,200 2,448,940
LaPorte PLC......................... 197,070 2,116,014
Marks & Spencer PLC................. 240,700 2,015,056
<PAGE>
UNITED KINGDOM - continued
Morrison (Wm.) Supermarket.......... 686,000 1,771,458
Pearson PLC......................... 163,746 1,898,705
Polypipe PLC........................ 625,000 2,165,800
Powerscreen Int'l................... 245,100 2,678,688
Provident Financial PLC............. 283,491 2,644,858
Reckitt & Colman PLC................ 152,135 2,245,628
Scapa Group PLC..................... 481,873 1,701,937
Securicor Group -A-*................ 411,113 1,952,006
Siebe PLC........................... 135,972 2,306,069
Smith & Nephew PLC.................. 633,693 1,763,073
Smiths Industries PLC............... 180,100 2,304,358
Tesco PLC........................... 417,060 2,570,841
Vodafone Group PLC.................. 480,000 2,343,062
Weir Group PLC...................... 407,700 1,681,090
Wolseley PLC........................ 252,215 1,990,693
-----------
$ 48,245,646
-----------
TOTAL EQUITY INTERESTS - 97.0%
(identified cost, $218,206,172) $291,147,039
Reserve Funds -- 2.5%
Face Amount
American Express Corp., 6%, 07/01/97
(at amortized cost).............$7,690,000 7,690,000
-----------
TOTAL INVESTMENTS -- 99.5%
(identified cost, $225,896,172) $298,837,039
OTHER ASSETS,
LESS LIABILITIES -- 0.5% 1,370,638
-----------
NET ASSETS -- 100% $300,207,677
============
* Non-income-producing security.
ADR: American Depository Receipts
See Notes To Financial Statements
<PAGE>
WRIGHT U.S. TREASURY NEAR TERM PORTFOLIO (WNTB)
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 4,000,000 U. S. Treasury Notes 7.250% 02/15/98 $100.922 $ 4,036,880 7.18% 5.74%
2,100,000 U. S. Treasury Notes 8.125% 02/15/98 101.453 2,130,513 8.01% 5.69%
1,700,000 U. S. Treasury Notes 5.125% 03/31/98 99.609 1,693,353 5.15% 5.63%
20,000,000 U. S. Treasury Notes 7.875% 04/15/98 101.625 20,325,000 7.75% 5.73%
3,450,000 U. S. Treasury Notes 9.000% 05/15/98 102.703 3,543,254 8.76% 5.79%
500,000 U. S. Treasury Notes 5.875% 08/15/98 99.969 499,845 5.88% 5.90%
4,500,000 U. S. Treasury Notes 6.125% 08/31/98 100.250 4,511,250 6.11% 5.89%
2,000,000 U. S. Treasury Notes 7.125% 10/15/98 101.469 2,029,380 7.02% 5.92%
700,000 U. S. Treasury Notes 6.375% 01/15/99 100.578 704,046 6.34% 5.98%
1,400,000 U. S. Treasury Notes 5.875% 03/31/99 99.750 1,396,500 5.89% 6.02%
10,000,000 U. S. Treasury Notes 6.250% 03/31/99 100.344 10,034,400 6.23% 6.03%
3,000,000 U. S. Treasury Notes 7.000% 04/15/99 101.578 3,047,340 6.89% 6.06%
8,500,000 U. S. Treasury Notes 6.375% 07/15/99 100.547 8,546,495 6.34% 6.08%
2,000,000 U. S. Treasury Notes 8.000% 08/15/99 103.687 2,073,740 7.72% 6.13%
2,000,000 U. S. Treasury Notes 7.875% 11/15/99 103.719 2,074,380 7.59% 6.16%
1,500,000 U. S. Treasury Notes 8.500% 02/15/00 105.469 1,582,035 8.06% 6.23%
11,100,000 U. S. Treasury Notes 7.125% 02/29/00 102.187 11,342,757 6.97% 6.23%
8,000,000 U. S. Treasury Notes 6.250% 05/31/00 100.047 8,003,760 6.25% 6.24%
1,500,000 U. S. Treasury Notes 5.625% 02/28/01 97.766 1,466,490 5.75% 6.32%
9,650,000 U. S. Treasury Notes 7.500% 11/15/01 104.203 10,055,590 7.20% 6.38%
4,000,000 U. S. Treasury Notes 6.250% 02/28/02 99.437 3,977,480 6.29% 6.40%
3,400,000 Federal Home Loan Banks 5.020% 11/16/98 98.813 3,359,641 5.08% 5.84%
-----------
Total Investments (identified cost, $105,939,511) -- 98.0% $106,434,129
Other Assets, Less Liabilities -- 2.0% 2,222,630
-----------
Net Assets -- 100.0% $108,656,759
============
Average Maturity -- 2 Years (1)
(1) Unaudited.
</TABLE>
See Notes To Financial Statements
<PAGE>
WRIGHT U.S. TREASURY PORTFOLIO (WUSTB)
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current Yield To
Amount Description Rate Date Price Value Yield(1) Maturity(1)
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 5,500,000 U. S. Treasury Notes 5.875% 11/15/99 $ 99.359 $ 5,464,745 5.91% 6.17%
3,400,000 U. S. Treasury Notes 6.250% 05/31/00 100.047 3,401,598 6.25% 6.24%
5,700,000 U. S. Treasury Notes 5.250% 01/31/01 96.672 5,510,304 5.43% 6.27%
600,000 U. S. Treasury Notes 6.625% 07/31/01 100.937 605,622 6.56% 6.37%
900,000 U. S. Treasury Notes 6.250% 02/15/03 99.219 892,971 6.30% 6.42%
14,000,000 U. S. Treasury Notes 6.500% 05/15/05 99.812 13,973,680 6.51% 6.54%
8,950,000 U. S. Treasury Notes 6.500% 08/15/05 99.719 8,924,851 6.52% 6.55%
2,000,000 U. S. Treasury Notes 5.875% 11/15/05 95.672 1,913,440 6.14% 6.56%
4,500,000 U. S. Treasury Notes 5.625% 02/15/06 93.922 4,226,490 5.99% 6.57%
3,500,000 U. S. Treasury Notes 6.500% 10/15/06 99.578 3,485,230 6.53% 6.57%
1,500,000 U. S. Treasury Notes 6.625% 05/15/07 100.828 1,512,420 6.57% 6.52%
600,000 U. S. Treasury Bonds 11.625% 11/15/04 129.562 777,372 8.97% 6.53%
1,000,000 U. S. Treasury Bonds 10.000% 05/15/10 120.312 1,203,120 8.31% 7.51%
1,300,000 U. S. Treasury Bonds 14.000% 11/15/11 150.703 1,959,139 9.29% 8.00%
6,100,000 U. S. Treasury Bonds 7.250% 05/15/16 104.281 6,361,141 6.95% 6.84%
-----------
Total Investments (identified cost, $60,350,206)-- 96.2% $ 60,212,123
Other Assets, less Liabilities-- 3.8% 2,371,147
-----------
Net Assets-- 100.0% $ 62,583,270
============
Average Maturity -- 8.1 Years (1)
(1) Unaudited.
See Notes To Financial Statements
</TABLE>
<PAGE>
WRIGHT CURRENT INCOME PORTFOLIO (WCIF)
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
================================================================================
<TABLE>
<CAPTION>
Face Coupon Maturity Market Current
Amount Description Rate Date Price Value Yield(1)
- --------------------------------------------------------------------------------------------------------------------------------
GOVERNMENT INVESTMENTS - 95.4%
<S> <C> <C> <C> <C> <C> <C>
$ 4,388 GNMA POOL # 000434 8.00% 4/15/01 $102.130 $ 4,482 7.83%
932 GNMA POOL # 000473 7.50% 4/15/01 101.011 942 7.42%
1,303,328 GNMA POOL # 000545 7.50% 12/20/22 100.436 1,309,011 7.47%
2,077,987 GNMA POOL # 000723 7.50% 1/20/23 100.436 2,087,048 7.47%
1,881,537 GNMA POOL # 001268 8.00% 7/20/23 102.218 1,923,270 7.83%
2,805 GNMA POOL # 001408 6.50% 3/15/02 99.200 2,783 6.55%
115,378 GNMA POOL # 001596 9.00% 4/20/21 106.062 122,373 8.49%
506,537 GNMA POOL # 001788 7.00% 7/20/24 98.281 497,830 7.12%
963,376 GNMA POOL # 002218 7.50% 5/20/26 99.936 962,760 7.50%
2,544 GNMA POOL # 003026 8.00% 1/15/04 102.740 2,614 7.79%
1,304 GNMA POOL # 003331 8.00% 1/15/04 102.994 1,344 7.77%
3,676 GNMA POOL # 004183 8.00% 7/15/04 102.994 3,787 7.77%
2,652 GNMA POOL # 004433 9.00% 11/15/04 105.278 2,792 8.55%
944,269 GNMA POOL # 004702 7.50% 2/15/26 100.281 946,923 7.48%
6,161 GNMA POOL # 005466 8.50% 3/15/05 104.365 6,431 8.14%
644 GNMA POOL # 005561 8.50% 4/15/05 103.988 671 8.17%
3,842,268 GNMA POOL # 005601 8.00% 11/15/26 102.312 3,931,102 7.82%
2,985 GNMA POOL # 005687 7.25% 2/15/05 101.084 3,018 7.17%
3,820 GNMA POOL # 005910 7.25% 2/15/05 101.084 3,862 7.17%
16,250 GNMA POOL # 007003 8.00% 7/15/05 103.503 16,820 7.73%
2,584 GNMA POOL # 007319 6.50% 10/15/04 98.778 2,553 6.58%
6,753 GNMA POOL # 009106 8.25% 5/15/06 104.200 7,037 7.92%
8,909 GNMA POOL # 009889 7.25% 2/15/06 100.988 8,997 7.18%
1,751 GNMA POOL # 011191 7.25% 4/15/06 100.988 1,769 7.18%
5,990 GNMA POOL # 012526 8.00% 11/15/06 103.700 6,212 7.71%
1,580,890 GNMA POOL # 044190 8.00% 12/15/26 102.312 1,617,441 7.82%
99,656 GNMA POOL # 151443 10.00% 3/15/16 109.807 109,430 9.11%
31,776 GNMA POOL # 153564 10.00% 4/15/16 109.630 34,837 9.12%
154,561 GNMA POOL # 172558 9.50% 8/15/16 108.500 167,699 8.76%
178,524 GNMA POOL # 176992 8.00% 11/15/16 103.843 185,385 7.70%
52,519 GNMA POOL # 177784 8.00% 10/15/16 103.843 54,537 7.70%
62,819 GNMA POOL # 180033 9.50% 9/15/16 108.500 68,159 8.76%
10,966 GNMA POOL # 188060 9.50% 10/15/16 108.500 11,899 8.76%
7,433 GNMA POOL # 190959 8.50% 2/15/17 105.562 7,847 8.05%
131,774 GNMA POOL # 192357 8.00% 4/15/17 103.681 136,625 7.72%
447,050 GNMA POOL # 194057 8.50% 4/15/17 105.562 471,915 8.05%
93,370 GNMA POOL # 194287 9.50% 3/15/17 108.450 101,260 8.76%
785,438 GNMA POOL # 194926 8.50% 2/15/17 105.562 829,124 8.05%
15,059 GNMA POOL # 196063 8.50% 3/15/17 105.562 15,897 8.05%
295,652 GNMA POOL # 203369 8.00% 12/15/16 103.843 307,015 7.70%
15,850 GNMA POOL # 206740 10.00% 10/15/17 109.913 17,422 9.10%
113,372 GNMA POOL # 206762 9.00% 4/15/21 106.874 121,165 8.42%
89,509 GNMA POOL # 207019 8.00% 3/15/17 103.681 92,804 7.72%
33,282 GNMA POOL # 208076 8.00% 4/15/17 103.681 34,507 7.72%
<PAGE>
$ 33,166 GNMA POOL # 210520 10.50% 8/15/17 $110.950 $ 36,798 9.46%
32,067 GNMA POOL # 210618 9.50% 4/15/17 108.450 34,777 8.76%
141,127 GNMA POOL # 211013 9.00% 1/15/20 106.952 150,939 8.41%
133,164 GNMA POOL # 211231 8.50% 5/15/17 105.562 140,571 8.05%
103,661 GNMA POOL # 212601 8.50% 6/15/17 105.562 109,427 8.05%
34,707 GNMA POOL # 218420 8.50% 11/15/21 104.937 36,421 8.10%
253,521 GNMA POOL # 219335 8.00% 5/15/17 103.681 262,853 7.72%
251,005 GNMA POOL # 220703 8.00% 5/15/17 103.681 260,245 7.72%
27,414 GNMA POOL # 220917 8.50% 4/15/17 105.562 28,939 8.05%
577,104 GNMA POOL # 222112 8.00% 1/15/22 102.936 594,049 7.77%
41,446 GNMA POOL # 223126 10.00% 8/15/17 109.913 45,555 9.10%
135,641 GNMA POOL # 223133 9.50% 7/15/17 108.450 147,103 8.76%
31,160 GNMA POOL # 223348 10.00% 8/15/18 109.913 34,250 9.10%
17,910 GNMA POOL # 223588 10.00% 12/15/18 110.106 19,721 9.08%
16,461 GNMA POOL # 224078 10.00% 7/15/18 110.021 18,111 9.09%
101,087 GNMA POOL # 228308 10.00% 1/15/19 109.913 111,108 9.10%
70,371 GNMA POOL # 228483 9.50% 9/15/19 108.350 76,247 8.77%
52,126 GNMA POOL # 230223 9.50% 4/15/18 108.400 56,505 8.76%
71,941 GNMA POOL # 235000 10.00% 1/15/18 109.913 79,073 9.10%
68,586 GNMA POOL # 245580 9.50% 7/15/18 108.400 74,347 8.76%
56,425 GNMA POOL # 247473 10.00% 9/15/18 110.106 62,128 9.08%
146,047 GNMA POOL # 247681 9.00% 11/15/19 107.030 156,315 8.41%
35,691 GNMA POOL # 247872 10.00% 9/15/18 110.021 39,268 9.09%
30,897 GNMA POOL # 250412 8.00% 3/15/18 103.518 31,985 7.73%
64,343 GNMA POOL # 251241 9.50% 6/15/18 108.400 69,749 8.76%
118,575 GNMA POOL # 258911 9.50% 9/15/18 108.400 128,535 8.76%
54,210 GNMA POOL # 260999 9.50% 9/15/18 108.400 58,764 8.76%
72,506 GNMA POOL # 263439 10.00% 2/15/19 110.021 79,772 9.09%
82,687 GNMA POOL # 265267 9.50% 8/15/20 108.300 89,550 8.77%
35,598 GNMA POOL # 266983 10.00% 2/15/19 110.021 39,166 9.09%
17,045 GNMA POOL # 273690 9.50% 8/15/19 108.350 18,468 8.77%
50,471 GNMA POOL # 274489 9.50% 12/15/19 108.350 54,686 8.77%
37,744 GNMA POOL # 275456 9.50% 8/15/19 108.350 40,896 8.77%
83,137 GNMA POOL # 275538 9.50% 1/15/20 108.300 90,038 8.77%
41,385 GNMA POOL # 277205 9.00% 12/15/19 107.030 44,295 8.41%
27,663 GNMA POOL # 285467 9.50% 7/15/20 108.300 29,959 8.77%
96,955 GNMA POOL # 285744 9.00% 5/15/20 106.952 103,696 8.41%
119,749 GNMA POOL # 286556 9.00% 3/15/20 106.952 128,075 8.41%
2,965 GNMA POOL # 287999 9.00% 9/15/20 106.952 3,172 8.42%
195,537 GNMA POOL # 289092 9.00% 4/15/20 106.952 209,131 8.41%
13,724 GNMA POOL # 289949 8.50% 7/15/21 104.937 14,403 8.10%
32,560 GNMA POOL # 290700 9.00% 8/15/20 106.952 34,824 8.41%
65,415 GNMA POOL # 291933 9.50% 7/15/20 108.300 70,845 8.77%
42,577 GNMA POOL # 293666 8.50% 6/15/21 104.937 44,679 8.10%
<PAGE>
$ 2,617 GNMA POOL # 294209 9.00% 7/15/21 $106.874 $ 2,797 8.42%
58,633 GNMA POOL # 294577 9.50% 11/15/20 108.300 63,500 8.77%
13,109 GNMA POOL # 297345 8.50% 8/15/20 105.093 13,777 8.09%
40,677 GNMA POOL # 301017 8.50% 6/15/21 104.937 42,685 8.10%
102,837 GNMA POOL # 301366 8.50% 6/15/21 104.937 107,915 8.10%
128,399 GNMA POOL # 302713 9.00% 2/15/21 106.874 137,226 8.42%
14,399 GNMA POOL # 302723 8.50% 5/15/21 104.937 15,110 8.10%
114,127 GNMA POOL # 302781 8.50% 6/15/21 104.937 119,762 8.10%
120,663 GNMA POOL # 302933 8.50% 6/15/21 104.937 126,620 8.10%
108,216 GNMA POOL # 304512 8.50% 5/15/21 104.937 113,559 8.10%
198,145 GNMA POOL # 305091 9.00% 7/15/21 106.874 211,766 8.42%
19,308 GNMA POOL # 306669 8.00% 7/15/21 103.030 19,893 7.76%
166,465 GNMA POOL # 306693 8.50% 9/15/21 104.937 174,684 8.10%
134,373 GNMA POOL # 308792 9.00% 7/15/21 106.874 143,610 8.42%
98,257 GNMA POOL # 311087 8.50% 7/15/21 104.937 103,109 8.10%
21,657 GNMA POOL # 314222 8.50% 4/15/22 104.656 22,666 8.12%
255,483 GNMA POOL # 314581 9.50% 10/15/21 108.250 276,561 8.78%
430,594 GNMA POOL # 315187 8.00% 6/15/22 102.936 443,237 7.77%
581,276 GNMA POOL # 315388 8.00% 2/15/22 102.936 598,343 7.77%
446,320 GNMA POOL # 315754 8.00% 1/15/22 102.936 459,425 7.77%
882,867 GNMA POOL # 316240 8.00% 1/15/22 102.936 908,788 7.77%
309,163 GNMA POOL # 316615 8.50% 11/15/21 104.937 324,427 8.10%
296,298 GNMA POOL # 317069 8.50% 12/15/21 104.937 310,926 8.10%
418,043 GNMA POOL # 317351 8.00% 5/15/22 102.936 430,318 7.77%
428,743 GNMA POOL # 317358 8.00% 5/15/22 102.936 441,332 7.77%
354,412 GNMA POOL # 318776 8.00% 2/15/22 102.936 364,818 7.77%
11,595 GNMA POOL # 318793 8.50% 2/15/22 104.656 12,135 8.12%
442,972 GNMA POOL # 319441 8.50% 4/15/22 104.656 463,598 8.12%
277,017 GNMA POOL # 321806 8.00% 5/15/22 102.936 285,150 7.77%
553,082 GNMA POOL # 321807 8.00% 5/15/22 102.936 569,321 7.77%
372,508 GNMA POOL # 321976 8.50% 1/15/22 104.656 389,852 8.12%
587,943 GNMA POOL # 323226 8.00% 6/15/22 102.936 605,206 7.77%
540,125 GNMA POOL # 323929 8.00% 2/15/22 102.936 555,983 7.77%
500,237 GNMA POOL # 325165 8.00% 6/15/22 102.936 514,925 7.77%
396,954 GNMA POOL # 325651 8.00% 6/15/22 102.936 408,609 7.77%
683,430 GNMA POOL # 329540 7.50% 8/15/22 100.843 689,191 7.44%
1,140,679 GNMA POOL # 329982 7.50% 2/15/23 100.750 1,149,235 7.44%
614,932 GNMA POOL # 331361 8.00% 11/15/22 102.936 632,987 7.77%
1,230,001 GNMA POOL # 335746 8.00% 10/15/22 102.936 1,266,114 7.77%
430,267 GNMA POOL # 335950 8.00% 10/15/22 102.936 442,900 7.77%
2,279,237 GNMA POOL # 348103 7.00% 6/15/23 98.688 2,249,334 7.09%
870,943 GNMA POOL # 348213 6.50% 8/15/23 96.375 839,371 6.74%
1,410,056 GNMA POOL # 350372 7.00% 4/15/23 98.688 1,391,557 7.09%
1,544,646 GNMA POOL # 350659 7.50% 6/15/23 100.750 1,556,232 7.44%
<PAGE>
$ 1,697,680 GNMA POOL # 350938 6.50% 8/15/23 $ 96.375 $ 1,636,139 6.74%
871,057 GNMA POOL # 362174 6.50% 1/15/24 96.281 838,663 6.75%
845,468 GNMA POOL # 362628 7.00% 8/15/23 98.688 834,376 7.09%
859,089 GNMA POOL # 363429 7.00% 8/15/23 98.688 847,819 7.09%
830,677 GNMA POOL # 367414 6.00% 11/15/23 93.500 776,683 6.42%
1,576,143 GNMA POOL # 367806 6.50% 9/15/23 96.375 1,519,009 6.74%
2,126,734 GNMA POOL # 368238 7.00% 12/15/23 98.688 2,098,831 7.09%
2,548,251 GNMA POOL # 368502 7.00% 2/15/24 98.594 2,512,423 7.10%
1,683,685 GNMA POOL # 370773 6.00% 11/15/23 93.500 1,574,246 6.42%
2,769,910 GNMA POOL # 372050 6.50% 2/15/24 96.281 2,666,898 6.75%
1,956,177 GNMA POOL # 372379 8.00% 10/15/26 102.312 2,001,404 7.82%
3,415,599 GNMA POOL # 376218 7.50% 8/15/25 100.343 3,427,315 7.47%
921,529 GNMA POOL # 398251 7.50% 9/15/25 100.343 924,691 7.47%
1,580,040 GNMA POOL # 405558 7.50% 1/15/26 100.375 1,585,967 7.47%
967,477 GNMA POOL # 414736 7.50% 11/15/25 100.343 970,797 7.47%
1,025,165 GNMA POOL # 417225 7.50% 1/15/26 100.375 1,029,011 7.47%
967,428 GNMA POOL # 421829 7.50% 4/15/26 100.281 970,148 7.48%
948,364 GNMA POOL # 424173 7.50% 3/15/26 100.281 951,029 7.48%
966,321 GNMA POOL # 431036 8.00% 7/15/26 102.312 988,662 7.82%
1,279,865 GNMA POOL # 436723 7.50% 11/15/26 100.281 1,283,462 7.48%
3,293,560 GNMA POOL # 436777 7.00% 4/15/27 98.156 3,232,827 7.13%
2,470,560 GNMA POOL # 440166 7.00% 2/15/27 98.156 2,425,004 7.13%
1,065,808 GNMA POOL # 442193 7.50% 12/15/26 100.281 1,068,804 7.48%
4,317,561 GNMA POOL # 448490 7.50% 3/15/27 100.281 4,329,693 7.48%
2,834,561 GNMA POOL # 780429 7.50% 9/15/26 100.343 2,844,284 7.47%
986,893 GNMA POOL # 780518 7.00% 6/15/26 98.218 969,307 7.13%
-----------
Total Government Investments (identified cost, $84,479,717)-- 95.4% $ 84,506,883
RESERVE FUNDS - 4.0%
$ 3,530,000 AMERICAN EXPRESS CORP 6.001% 7/1/97 3,530,000 6.00%
----------- ------
Total Investments (identified cost $88,009,717)-- 99.4% $88,036,883
Other Assets, less Liabilities-- 0.6% 531,383
-----------
Net Assets-- 100.0% $88,568,266
============
(1) Unaudited.
See Notes To Financial Statements
</TABLE>
<PAGE>
The Wright Managed
Blue Chip Investment Funds
Semi-Annual Report
Officers and Trustees of the Funds
Peter M. Donovan, President and Trustee
H. Day Brigham, Jr., Vice President , Secretary and Trustee
A. M. Moody III, Vice President and Trustee
Judith R. Corchard, Vice President
Winthrop S. Emmet, Trustee
Leland Miles, Trustee
Lloyd F. Pierce, Trustee
George R. Prefer, Trustee
Richard E. Taber, 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
200 Clarendon Street
Boston, Massachusetts 02116
Transfer and Dividend Disbursing Agent
First Data Investor Services Group
Wright Managed Investment Funds
P.O. Box 5156
Westborough, Massachusetts 01581-9698
This report is not authorized for use as an offer of sale or a
solicitation of an offer to buy shares of a mutual fund unless
accompanied or preceded by a Fund's current prospectus.
