-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Cwr8iIUk14kr+RXpFOkNbRP23uHHBj0nA+q8PIjQBqljDVFxWM6XYhRCNTDuCOl/ Gw4CRomISKq6jBaVRSS6Gg== 0000715165-95-000021.txt : 19950301 0000715165-95-000021.hdr.sgml : 19950301 ACCESSION NUMBER: 0000715165-95-000021 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19941231 FILED AS OF DATE: 19950227 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WRIGHT MANAGED INCOME TRUST CENTRAL INDEX KEY: 0000715165 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] IRS NUMBER: 042789493 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: 1940 Act SEC FILE NUMBER: 811-03668 FILM NUMBER: 95515379 BUSINESS ADDRESS: STREET 1: 24 FEDERAL ST CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6174828260 FORMER COMPANY: FORMER CONFORMED NAME: WRIGHT MANAGED BOND TRUST DATE OF NAME CHANGE: 19910331 FORMER COMPANY: FORMER CONFORMED NAME: BOND FUND FOR BANK TRUST DEPARTMENTS BFBT FUND DATE OF NAME CHANGE: 19880218 N-30D 1 - -------------------------------------------------------------------------------- Description of the art work on the front cover of the report Three thin vertical red lines on the right side of the page. - -------------------------------------------------------------------------------- ANNUAL REPORT DECEMBER 31, 1994 THE WRIGHT MANAGED INCOME TRUST THE WRIGHT MANAGED INVESTMENT FUNDS THE WRIGHT MANAGED INVESTMENT FUNDS ================================================================================ WRIGHT "TRUE BLUE CHIP" INVESTMENT FUNDS INCLUDE A DIVERSIFIED COLLECTION OF PROFESSIONALLY MANAGED FIXED INCOME VEHICLES INTENDED FOR INVESTMENT PORTFOLIO USE. THEY CAN BE USED SINGLY OR IN COMBINATION TO ACHIEVE VIRTUALLY ANY OBJECTIVE. FURTHER, AS THEY ARE ALL "NO-LOAD" FUNDS (NO COMMISSIONS OR SALES CHARGES), STRATEGIES CAN BE ALTERED WITHOUT INCURRING ANY SALES CHARGES, AS DESIRED TO ADJUST TO CHANGING MARKET CONDITIONS OR CHANGING REQUIREMENTS. FIVE FIXED-INCOME FUNDS THERE ARE FIVE FIXED-INCOME PORTFOLIOS OF BONDS AND OTHER DEBT SECURITIES, EACH OF WHICH HAS A DIFFERENT INVESTMENT OBJECTIVE AND DIFFERENT INVESTMENT POLICIES. INVESTORS MAY SELECT ANY OF THE PORTFOLIOS OR MAY SPREAD THEIR INVESTMENTS AMONG MORE THAN ONE. WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF) is invested in U.S. Treasury bills, notes and bonds, and other obligations of the U.S. Government and its agencies and instrumentalities which are guaranteed as to principal and interest by the full faith and credit of the U.S. Government, and which are not expected to be taxable by certain state or municipal governments. Maturities are relatively long. Dividends are accrued daily and paid monthly. (CONTINUED ON INSIDE BACK COVER) TABLE OF CONTENTS INVESTMENT OBJECTIVES.....................Inside Front Cover LETTER TO SHAREHOLDERS................................... 1 WRIGHT MANAGED INCOME FUNDS -- Dividend Distributions....................... 4 WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF) -- Portfolio of Investments..................... 6 Financial Statements......................... 7 WRIGHT NEAR TERM BOND FUND (WNTB) -- Portfolio of Investments.....................10 Financial Statements.........................12 WRIGHT TOTAL RETURN BOND FUND (WTRB) -- Portfolio of Investments.....................15 Financial Statements.........................18 WRIGHT INSURED TAX FREE BOND FUND (WTFB) -- Portfolio of Investments.....................21 Financial Statements.........................24 WRIGHT CURRENT INCOME FUND (WCIF) -- Portfolio of Investments.....................27 Financial Statements.........................32 THE WRIGHT MANAGED INCOME TRUST ================================================================================ February, 1995 Dear Shareholders: The U.S. bond market suffered through a bear market decline during 1994, and bond markets around the world followed the U.S. lead. The Federal Reserve increased short-term interest rates six times for a total of 250 basis points during the year; long-term yields climbed 150 basis points. The Wright Total Return Bond Fund had a -6.6% total return for 1994. Over the five years ended December 1994, the Fund has averaged a 6.2% annual rate of total return. At December 31, Fund holdings were: 38% U.S. Treasury securities, 18% government agencies, and 42% high-quality corporate bonds. Average maturity was 6.5 years; average duration, 5.0 years; and average yield to maturity, 8.2%. The Wright Government Obligations Fund, which holds U.S. Treasury bonds with an average maturity of 21 years currently and an average duration of 10 years, had a -8.7% total return for 1994. Its ten-year average return has been 10.1% per annum. At December 31, 1994, Fund yield to maturity averaged 8.0%. The Wright Current Income Fund had a total return of -3.3% vs -3.9% for the Morningstar government mortgage fund average in 1994. Since its inception in 1987, the Fund has averaged an 7.9% annual rate of total return. During 1994, mortgage rates rose by roughly two percentage points, resulting in price weakness in mortgage-backed securities. Unlike many other mortgage-backed securities funds, the Current Income Fund does not hold any derivative securities; Fund holdings are 100% mortgage-backed securities guaranteed by the Government National Mortgage Association (Ginnie Mae). The Wright Near Term Bond Fund had a -3.1% total return for 1994, the first negative return for any year since the Fund's inception in 1983. For the five years ended December 1994, the Fund's average annual rate of total return has been 6.4%. At December 31, Fund holdings (71% Treasuries, 27% government agencies and 2% cash) averaged 2.5 years to maturity, down from 3.3 years at June 30 and at the midpoint of the Fund target maturity range (0-5 years); Fund average yield to maturity was 7.9%. The Wright Insured Tax Free Bond Fund had a -4.1% total return (vs -6.3% for the average insured tax-free bond fund). The Fund's average annual rate of return since inception 9 1/2 years ago is 6.7%, the same as for the average fund in the insured tax-free category. At the end of 1994, the Fund's average time to maturity was 8.4 years, and the average yield to maturity of its holdings was 6.4%. Fund holdings are strictly AAA-insured, tax-exempt, municipal securities. In late 1994 and into the early weeks of 1995, the U.S. bond market has begun to act a little better. This improved market action is partly as a result of expectations that the economy will slow and inflation will remain relatively low over the coming year. But it may also reflect the fact that the market's current 7 1/2%-8% level of yields has drawn bargain hunters back into the market, providing support to bond market values. In the low inflation environment expected for 1995, intermediate-term bonds offer sizeable yield premiums overinflation and rates on short-term securities, in Wright's opinion. Another hike in interest rates early in 1995 could temporarily halt the improvement seen over the past several months in the U.S. bond market. Nevertheless, as 1995 progresses, a move to lower bond yields and higher bond market values is expected. It should be understood that performance data quoted above represents past performance which is not predictive of future performance and that the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Sincerely, Peter M. Donovan President WRIGHT GOVERNMENT OBLIGATIONS FUND Growth of $10,000 invested 12/31/84 through 12/31/94
Annual Total Return ---------------------------------------- Lst 1 Yr Lst 5 Yrs Lst 10 Yrs - ------------------------------------------------------------------------------------- Wright Gov't Obligations Fund -8.6% +7.2% +10.1% Lehman Gov't/Corp Index -3.5% +7.7% +9.8% Lipper Fixed Income Funds -3.3% +7.1% +8.6%
The cumulative total return of a U.S. $10,000 investment in the WRIGHT GOVERNMENT OBLIGATIONS FUND on 12/31/84 would have grown to $26,066 by December 31, 1994. The following plotting points are used for comparison in the total investment return mountain chart.
Date Wright Gov't Lehman Gov't/Co Lipper Fixed Obligations Fund Index Income Funds - -------------------------------------------------------------------------------- 12-31-84 $10,000 $10,000 $10,000 12-31-85 $12,633 $12,130 $11,980 12-31-86 $15,148 $14,025 $13,501 12-31-87 $14,700 $14,346 $13,672 12-31-88 $15,817 $15,434 $14,754 12-31-89 $18,389 $17,631 $16,144 12-31-90 $19,553 $19,091 $16,832 12-31-91 $22,986 $22,170 $19,890 12-31-92 $24,612 $23,851 $21,456 12-31-93 $28,525 $26,482 $23,530 12-31-94 $26,066 $25,553 $22,759
WRIGHT NEAR TERM BOND FUND Growth of $10,000 invested 12/31/84 through 12/31/94
Annual Total Return ---------------------------------------- Lst 1 Yr Lst 5 Yrs Lst 10 Yrs - ------------------------------------------------------------------------------------- Wright Near Term Bond Fund -3.1% +6.3% +7.9% Lehman Gov't/Corp Index -3.5% +7.7% +9.8% Morningstar Gov't (1-5 Yrs) Funds -2.1% +6.1% +7.8%
The cumulative total return of a U.S. $10,000 investment in the WRIGHT NEAR TERM BOND FUND on 12/31/84 would have grown to $21,347 by December 31, 1994. The following plotting points are used for comparison in the total investment return mountain chart.
Date Wright Near Term Lehman Gov't/Co Morningstar Gov't Bond Fund Index (1-5 Yrs) Funds - -------------------------------------------------------------------------------- 12-31-84 $10,000 $10,000 $10,000 12-31-85 $11,530 $12,129 $11,701 12-31-86 $13,043 $14,019 $13,059 12-31-87 $13,348 $14,349 $13,381 12-31-88 $14,115 $15,429 $14,248 12-31-89 $15,692 $17,628 $15,812 12-31-90 $16,983 $19,088 $17,156 12-31-91 $19,204 $22,168 $19,375 12-31-92 $20,406 $23,848 $20,481 12-31-93 $22,029 $26,478 $21,712 12-31-94 $21,347 $25,548 $21,254
WRIGHT TOTAL RETURN BOND FUND Growth of $10,000 invested 12/31/84 through 12/31/94
Annual Total Return ---------------------------------------- Lst 1 Yr Lst 5 Yrs Lst 10 Yrs - ------------------------------------------------------------------------------------- Wright Total Return Bond Fund -6.6% +6.2% +9.3% Lehman Gov't/Corp Index -3.5% +7.7% +9.8% Lipper Fixed Income Funds -3.3% +7.1% +8.6%
The cumulative total return of a U.S. $10,000 investment in the WRIGHT TOTAL RETURN BOND FUND on 12/31/84 would have grown to $24,392 by December 31, 1994. The following plotting points are used for comparison in the total investment return mountain chart.
Date Wright Total Return Lehman Gov't/Co Lipper Fixed Bond Fund Index Income Funds - -------------------------------------------------------------------------------- 12-31-84 $10,000 $10,000 $10,000 12-31-85 $12,701 $12,130 $11,980 12-31-86 $15,310 $14,020 $13,501 12-31-87 $14,830 $14,350 $13,672 12-31-88 $15,905 $15,430 $14,754 12-31-89 $18,065 $17,630 $16,144 12-31-90 $19,021 $19,090 $16,832 12-31-91 $21,947 $22,170 $19,890 12-31-92 $23,511 $23,850 $21,456 12-31-93 $26,103 $26,480 $23,530 12-31-94 $24,392 $25,550 $22,759
WRIGHT TAX-FREE BOND FUND Growth of $10,000 invested 5/1/85* through 12/31/94
Annual Total Return -------------------------------------------- Lst 1 Yr Lst 5 Yrs Since Incept* - ----------------------------------------------------------------------------------------- Wright Tax-Free Bond Fund -4.1% +5.9% +6.8% Lehman Gov't/Corp Index -3.5% +7.7% +9.7% Lehman Municipal Bond index -5.2% +6.9% +9.0%
The cumulative total return of a U.S. $10,000 investment in the WRIGHT TAX-FREE BOND FUND on 5/1/85 would have grown to $18,885 by December 31, 1994. The following plotting points are used for comparison in the total investment return mountain chart.
Date Wright Tax-Free Lehman Gov't/Co Lehman Municipal Bond Fund Index Bond index - -------------------------------------------------------------------------------- 04-30-85 $10,000 $10,000 $10,000 12-31-85 $10,594 $11,637 $11,131 12-31-86 $12,148 $13,454 $13,281 12-31-87 $12,423 $13,763 $13,480 12-31-88 $13,220 $14,806 $14,849 12-31-89 $14,160 $16,914 $16,451 12-31-90 $14,999 $18,315 $17,799 12-31-91 $16,575 $21,268 $19,795 12-31-92 $17,886 $22,880 $21,540 12-31-93 $19,655 $25,405 $24,186 12-31-94 $18,855 $24,513 $22,936
WRIGHT CURRENT INCOME FUND Growth of $10,000 invested 5/1/87* through 12/31/94
Annual Total Return ------------------------------------------- Lst 1 Yr Lst 5 Yrs Since Incept* - ---------------------------------------------------------------------------------------- Wright Current Income Fund -3.3% +6.9% +8.0% Lehman Gov't/Corp Index -3.5% +7.7% +8.3% Lehman Mtg-Backed index -1.6% +7.6% +8.7%
The cumulative total return of a U.S. $10,000 investment in the WRIGHT CURRENT INCOME BOND FUND on 5/1/87 would have grown to $18,016 by December 31, 1994. The following plotting points are used for comparison in the total investment return mountain chart.
Date Wright Current Lehman Gov't/Co Lehman Mtg-Backed Income Fund Index Index - -------------------------------------------------------------------------------- 04-30-87 $10,000 $10,000 $10,000 12-31-87 $10,416 $10,356 $10,459 12-31-88 $11,323 $11,141 $11,372 12-31-89 $12,925 $12,728 $13,117 12-31-90 $14,198 $13,782 $14,524 12-31-91 $16,372 $16,004 $16,807 12-31-92 $17,475 $17,217 $17,977 12-31-93 $18,626 $19,117 $19,208 12-31-94 $18,016 $18,446 $18,898
NOTES: *: For comparison with other averages, the investment results are shown from the first month-end since the Fund's inception. The investment results of Wright Fixed Income Funds, Lipper's average of 1375 Fixed Income Funds and Morningstar's average of 97 Government General Funds with average maturities of 1 to 5 years are net of all fees and expenses charged to the Funds. No fees or expenses have been deducted from the Lehman Bond Indices. The Total Investment Return is the % return of an initial $10,000 investment made at the beginning of the period to the ending redeemable value assuming all dividends and distributions are reinvested. Past performance is not predictive of future performance.
N.A.V. Distri- Distri- Invstmnt 12 Month 5 Year Cum. Period Per bution bution Shares Return Invstmnt Invstmnt Invstmnt Ending Share $ P/S in Shares Owned Value YTD Return Return Return (Annualized)(Annualized) - ----------------------------------------------------------------------------------------------------------------------------- THE INCOME TRUST -- WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF) - ----------------------------------------------------------------- 7/25/83 $10.00 100.000 $1,000.00 12/93 14.36 230.337 3,307.64 15.90% 15.90% 12.52% 12.14% 1/94 14.61 $0.074690 0.005112 231.515 3,382.43 2.26% 15.14% 12.65% 12.28% 2/94 13.92 0.067010 0.004814 232.629 3,238.20 -2.10% 6.91% 12.05% 11.72% 3/94 13.25 0.075510 0.005699 233.955 3,099.90 -6.28% 2.07% 10.86% 11.17% 4/94 12.95 0.072960 0.005634 235.273 3,046.79 -7.89% -0.22% 9.96% 10.90% 5/94 12.80 0.074640 0.005831 236.645 3,029.06 -8.42% -1.13% 9.12% 10.75% 6/94 12.60 0.072600 0.005762 238.009 2,998.91 -9.33% -5.96% 7.93% 10.57% 7/94 12.92 0.072863 0.005640 239.351 3,093.41 -6.51% -4.33% 8.09% 10.79% 8/94 12.75 0.074840 0.005870 240.756 3,069.64 -7.20% -8.56% 8.48% 10.63% 9/94 12.29 0.072557 0.005904 242.177 2,976.36 -10.02% -11.70% 7.75% 10.24% 10/94 12.15 0.072970 0.006006 243.632 2,960.12 -10.51% -12.67% 6.91% 10.11% 11/94 12.13 0.073090 0.006026 245.100 2,973.06 -10.12% -9.94% 6.85% 10.07% 12/94 12.25 0.076648 0.006257 246.633 3,021.26 -8.66% -8.66% 7.22% 10.15% --------- Total $0.880378
- ----------------------------------------------------------------------------------------------------------------------------- THE INCOME TRUST -- WRIGHT NEAR TERM BOND FUND (WNTB) - ---------------------------------------------------------------- 7/25/83 $10.00 100.000 $1,000.00 12/93 10.84 235.787 2,555.94 7.95% 7.95% 9.31% 9.41% 1/94 10.90 $0.052477 0.004814 236.923 2,582.46 1.04% 6.98% 9.35% 9.44% 2/94 10.66 0.047530 0.004459 237.979 2,536.86 -0.75% 3.53% 9.02% 9.18% 3/94 10.41 0.052900 0.005082 239.188 2,489.95 -2.58% 1.17% 8.57% 8.91% 4/94 10.27 0.048040 0.004678 240.307 2,467.95 -3.44% -0.49% 8.00% 8.75% 5/94 10.21 0.050086 0.004906 241.486 2,465.57 -3.54% -0.27% 7.60% 8.67% 6/94 10.17 0.048305 0.004750 242.633 2,467.58 -3.46% -1.68% 7.15% 8.61% 7/94 10.24 0.047294 0.004619 243.754 2,496.04 -2.34% -0.68% 7.01% 8.66% 8/94 10.21 0.048329 0.004733 244.907 2,500.50 -2.17% -2.06% 7.30% 8.61% 9/94 10.10 0.047837 0.004736 246.067 2,485.28 -2.76% -3.13% 7.08% 8.48% 10/94 10.06 0.045959 0.004468 247.191 2,486.75 -2.71% -3.10% 6.68% 8.42% 11/94 9.95 0.047969 0.004821 248.383 2,471.41 -3.31% -3.02% 6.40% 8.30% 12/94 9.92 0.050938 0.005135 249.659 2,476.61 -3.10% -3.10% 6.35% 8.25% --------- Total $0.587664
- ----------------------------------------------------------------------------------------------------------------------------- THE INCOME TRUST -- WRIGHT TOTAL RETURN BOND FUND (WTRB) - ---------------------------------------------------------- 7/25/83 $10.00 100.000 $1,000.00 12/93 13.01 234.265 3,047.78 11.03% 11.03% 10.42% 11.27% 1/94 13.14 $0.063187 0.004809 235.391 3,093.04 1.48% 9.97% 10.47% 11.33% 2/94 12.69 0.060237 0.004747 236.508 3,001.29 -1.53% 4.32% 9.99% 10.93% 3/94 12.21 0.063987 0.005241 237.748 2,902.90 -4.75% 0.45% 9.26% 10.49% 4/94 11.99 0.060680 0.005061 238.951 2,865.02 -6.00% -1.59% 8.59% 10.27% 5/94 11.90 0.062522 0.005254 240.207 2,858.46 -6.21% -1.64% 7.96% 10.16% 6/94 11.79 0.060873 0.005163 241.447 2,846.66 -6.60% -4.36% 7.13% 10.04% 7/94 11.95 0.059392 0.004970 242.647 2,899.63 -4.86% -2.84% 6.98% 10.15% 8/94 11.90 0.061091 0.005134 243.892 2,902.32 -4.77% -5.15% 7.47% 10.07% 9/94 11.65 0.060429 0.005187 245.158 2,856.09 -6.29% -7.30% 7.07% 9.84% 10/94 11.55 0.060954 0.005277 246.451 2,846.51 -6.60% -7.85% 6.33% 9.73% 11/94 11.44 0.061416 0.005369 247.774 2,834.54 -7.00% -6.68% 6.10% 9.61% 12/94 11.43 0.063033 0.005515 249.141 2,847.68 -6.57% -6.57% 6.19% 9.58% ---------- Total $0.737801
- -----------------------------------------------------------------------------------------------------------------------------
N.A.V. Distri- Distri- Invstmnt 12 Month 5 Year Cum. Period Per bution bution Shares Return Invstmnt Invstmnt Invstmnt Ending Share $ P/S in Shares Owned Value YTD Return Return Return (Annualized)(Annualized) - ----------------------------------------------------------------------------------------------------------------------------- THE INCOME TRUST -- WRIGHT INSURED TAX-FREE BOND FUND (WTFB) - --------------------------------------------------------------- 4/9/85 $10.00 100.000 $1,000.00 12/93 12.17 161.344 1,963.55 9.89% 9.89% 8.26% 8.04% 1/94 12.26 $0.045185 0.003686 161.938 1,985.36 1.11% 10.10% 8.33% 8.09% 2/94 11.96 0.046048 0.003850 162.562 1,944.24 -0.98% 4.79% 7.97% 7.77% 3/94 11.55 0.046691 0.004043 163.219 1,885.18 -3.99% 2.24% 7.42% 7.32% 4/94 11.50 0.046198 0.004017 163.875 1,884.56 -4.02% 1.46% 7.07% 7.25% 5/94 11.50 0.047372 0.004119 164.550 1,892.32 -3.63% 1.39% 6.86% 7.23% 6/94 11.43 0.050019 0.004376 165.270 1,889.03 -3.80% 0.06% 6.57% 7.14% 7/94 11.57 0.045483 0.003931 165.919 1,919.69 -2.23% 1.56% 6.70% 7.26% 8/94 11.55 0.045814 0.003967 166.577 1,923.97 -2.02% 0.06% 6.89% 7.21% 9/94 11.39 0.046937 0.004121 167.264 1,905.14 -2.97% -1.71% 6.76% 7.04% 10/94 11.24 0.045497 0.004048 167.941 1,887.66 -3.87% -3.06% 6.36% 6.87% 11/94 11.02 0.047287 0.004291 168.662 1,858.65 -5.34% -3.65% 5.78% 6.64% 12/94 11.02 0.147026 0.013342 170.912 1,883.45 -4.08% -4.08% 5.89% 6.72% ---------- Total $0.659557
- ----------------------------------------------------------------------------------------------------------------------------- THE INCOME TRUST -- WRIGHT CURRENT INCOME FUND (WCIF) - --------------------------------------------------------------- 4/14/87 $10.00 100.000 $1,000.00 12/93 10.75 173.096 1,860.78 6.59% 6.59% 10.47% 9.69% 1/94 10.79 $0.055758 0.005168 173.990 1,877.35 0.89% 5.66% 10.32% 9.70% 2/94 10.63 0.056543 0.005319 174.916 1,859.35 -0.08% 3.69% 10.31% 9.44% 3/94 10.24 0.057732 0.005638 175.902 1,801.23 -3.20% -0.05% 9.63% 8.82% 4/94 10.10 0.055820 0.005527 176.874 1,786.43 -4.00% -1.27% 9.01% 8.59% 5/94 10.05 0.056228 0.005595 177.864 1,787.53 -3.94% -1.76% 8.35% 8.49% 6/94 9.94 0.055656 0.005599 178.859 1,777.86 -4.46% -3.27% 7.65% 8.31% 7/94 10.10 0.056948 0.005638 179.868 1,816.67 -2.37% -1.87% 7.72% 8.53% 8/94 10.05 0.057539 0.005725 180.898 1,818.02 -2.30% -1.97% 8.04% 8.44% 9/94 9.82 0.058523 0.005960 181.976 1,787.00 -3.96% -3.56% 7.53% 8.09% 10/94 9.72 0.057315 0.005897 183.049 1,779.23 -4.38% -4.23% 6.97% 7.93% 11/94 9.64 0.059376 0.006159 184.176 1,775.46 -4.59% -3.90% 6.69% 7.81% 12/94 9.71 0.059705 0.006149 185.309 1,799.35 -3.30% -3.30% 6.86% 7.91% ---------- Total $0.687143
WRIGHT GOVERNMENT OBLIGATIONS FUND (WGOF) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994 ================================================================================================================================ Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[1] - -------------------------------------------------------------------------------------------------------------------------------- $ 1,500,000 U.S. Treasury Notes 8.500% 2/15/20 $105.391 $ 1,580,865 8.07% 8.00% 900,000 U.S. Treasury Bonds 11.625% 11/15/04 125.250 1,127,250 9.28% 7.89% 1,300,000 U.S. Treasury Bonds 10.000% 5/15/10 113.953 1,481,389 8.78% 8.37% 1,400,000 U.S. Treasury Bonds 14.000% 11/15/11 145.562 2,037,868 9.62% 8.77% 1,000,000 U.S. Treasury Bonds 11.250% 2/15/15 132.125 1,321,250 8.52% 8.01% 2,200,000 U.S. Treasury Bonds 7.250% 5/15/16 92.469 2,034,318 7.84% 7.99% 2,100,000 U.S. Treasury Bonds 7.500% 11/15/16 94.906 1,993,026 7.90% 7.96% 1,500,000 U.S. Treasury Bonds 8.125% 8/15/19 101.328 1,519,920 8.02% 7.96% 2,400,000 U.S. Treasury Bonds 7.875% 2/15/21 98.750 2,370,000 7.98% 7.99% 250,000 U.S. Treasury Bonds 8.125% 5/15/21 101.594 253,985 8.00% 7.98% 450,000 U.S. Treasury Bonds 7.250% 8/15/22 92.312 415,404 7.85% 7.94% ------------ Total Investments (identified cost, $16,272,905)-- 96.9% $16,135,275 8.17% 8.04% ===== ===== Other Assets, less Liabilities-- 3.1% 523,140 ------------ Net Assets-- 100.0% $16,658,415 ============ Average Maturity -- 20.7 Years[1] [1] Unaudited.
See notes to financial statements
WRIGHT GOVERNMENT OBLIGATIONS FUND ================================================================================ STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 -------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost.................................. $ 16,272,905 Unrealized depreciation.......................... (137,630) ------------- Total value (Note 1A).......................... $ 16,135,275 Cash............................................... 282,256 Interest receivable................................ 320,104 Receivable for fund shares sold.................... 233 ------------- Total Assets..................................... $ 16,737,868 ------------- LIABILITIES: Payable for fund shares reacquired................. $ 5,595 Payable to dividend disbursing agent............... 51,572 Trustees' fees payable............................. 208 Custodian fee payable.............................. 8,491 Investment adviser fee payable..................... 12,342 Accrued expenses and other liabilities............. 1,245 ------------- Total Liabilities................................ $ 79,453 ------------- NET ASSETS............................................ $ 16,658,415 ============= NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed............ $ 17,752,571 Accumulated net realized loss on investments (computed on the basis of identified cost)......... (963,970) Unrealized depreciation of investments (computed on the basis of identified cost)................... (137,630) Undistributed net investment income................... 7,444 ------------- Net assets applicable to outstanding shares........ $ 16,658,415 ============= SHARES OF BENEFICIAL INTEREST OUTSTANDING........................................ 1,360,117 ============= NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST............................. $12.25 =============
STATEMENT OF OPERATIONS For the Year Ended December 31, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B).......................... $ 1,630,680 ------------- Expenses -- Investment adviser fee (Note 3).................. $ 84,992 Administrator fee (Note 3)....................... 21,245 Compensation of trustees not affiliated with the investment adviser or administrator........ 1,268 Distribution expenses (Note 4)................... 42,491 Custodian fee (Note 3)........................... 32,620 Audit services................................... 21,606 Transfer and dividend disbursing agent fees...... 7,775 Registration costs............................... 8,886 Printing......................................... 1,590 Legal services................................... 1,019 Miscellaneous.................................... 2,739 ------------- Total expenses................................. $ 226,231 ------------- Deduct -- Reduction of distribution expenses (Note 4)....................................... $ 35,005 ------------- Net expenses................................... $ 191,226 ------------- Net investment income........................ $ 1,439,454 ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain on investment transactions (identified cost basis).......................... $ 358,064 Change in unrealized appreciation of investments................................... (3,989,643) ------------- Net realized and unrealized loss on investments............................... $ (3,631,579) ------------- Net decrease in net assets from operations.............................. $ (2,192,125) =============
See notes to financial statements
WRIGHT GOVERNMENT OBLIGATIONS FUND ================================================================================ Year Ended December 31, --------------------------- STATEMENT OF CHANGES IN NET ASSETS 1994 1993 - ------------------------------------------------------------------------------------------------------------------------ INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 1,439,454 $ 1,926,701 Net realized gain on investment transactions......................................................... 358,064 765,128 Change in unrealized appreciation of investments....................................................... (3,989,643) 1,820,047 -------------- ------------- Increase (decrease) in net assets from operations................. $ (2,192,125) $ 4,511,876 Distributions to shareholders from net investment income................... (1,439,554) (1,926,695) Net decrease from Fund share transactions (Note 5) ................................................................ (9,556,034) (2,441,667) - -------------- ------------- Net increase (decrease) in net assets............................. $ (13,187,713) $ 143,514 NET ASSETS: At beginning of year....................................................... 29,846,128 29,702,614 -------------- ------------- At end of year............................................................. $ 16,658,415 $ 29,846,128 ============== ============== UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS............................................................. $ 7,444 $ 7,544 ============== ==============
See notes to financial statements
WRIGHT GOVERNMENT OBLIGATIONS FUND ============================================================================================================================= Year Ended December 31, --------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990 - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of year.......... $ 14.360 $ 13.190 $ 13.220 $ 12.100 $ 12.300 -------- --------- --------- --------- -------- Income (loss) from Investment Operations: Net investment income[................. $ 0.880 $ 0.892 $ 0.911 $ 0.902 $ 0.912 Net realized and unrealized gain (loss) on investments....................... (2.110) 1.170 (0.030) 1.120 (0.202) --------- --------- ---------- --------- -------- Total income (loss) from investment operations......... $ (1.230) $ 2.062 $ 0.881 $ 2.022 $ 0.710 --------- ---------- ---------- ---------- --------- Less Distributions: From net investment income............. $ (0.880) $ (0.892) $ (0.911) $ (0.902) $ (0.910) --------- ---------- ---------- ---------- --------- Net asset value, end of year................ $ 12.250 $ 14.360 $ 13.190 $ 13.220 $ 12.100 ========= ========== ========== ========== ========= Total Return................................ (8.66%) 15.90% 7.07% 17.56% 6.33% Ratios/Supplemental Data: Net assets, end of year (000 omitted).. $16,658 $ 29,846 $ 29,703 $ 33,857 $ 37,293 Ratio of net expenses to average net assets 0.9% 0.9% 0.9% 0.9% 0.9% Ratio of net investment income to average net assets........................... 6.9% 6.3% 7.1% 7.4% 8.1% Portfolio Turnover Rate................ 1% 12% 15% 15% 32% [1] During each of the three years ended December 31, 1994, the operating expenses of the Fund were reduced either by an allocation of expenses to the adviser or a reduction in distribution fee, or a combination of these. Had such action not been undertaken, the net investment income per share and the ratios would have been as follows: Year Ended December 31, ------------------------------------- 1994 1993 1992 - --------------------------------------------------------------------------------------------------- Net investment income per share............. $ 0.854 $ 0.878 $ 0.898 ========= ========== ========== Ratios (As a percentage of average net assets): Expenses .............................. 1.1% 1.0% 1.0% ======== ========== ========= Net investment income.................. 6.7% 6.2% 7.0% ======== ========== =========
See notes to financial statements.
WRIGHT NEAR TERM BOND FUND (WNTB) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994 ================================================================================================================================ Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[1] - -------------------------------------------------------------------------------------------------------------------------------- $ 3,500,000 U.S. Treasury Notes 5.125% 3/31/98 $ 92.344 $ 3,232,040 5.55% 7.84% 10,000,000 U.S. Treasury Notes 5.125% 11/15/95 98.297 9,829,700 5.24% 7.16% 2,350,000 U.S. Treasury Notes 7.125% 10/15/98 97.937 2,301,520 7.28% 7.76% 3,000,000 U.S. Treasury Notes 5.125% 12/31/98 90.812 2,724,360 5.64% 7.85% 7,700,000 U.S. Treasury Notes 6.875% 10/31/96 98.656 7,596,512 6.97% 7.67% 10,550,000 U.S. Treasury Notes 5.500% 4/30/96 97.484 10,284,562 5.64% 7.53% 3,450,000 U.S. Treasury Notes 9.000% 5/15/98 103.359 3,565,886 8.71% 7.84% 6,000,000 U.S. Treasury Notes 6.000% 6/30/96 97.844 5,870,640 6.13% 7.55% 2,000,000 U.S. Treasury Notes 7.875% 11/15/99 100.250 2,005,000 7.86% 7.81% 4,800,000 U.S. Treasury Notes 7.250% 11/15/96 99.219 4,762,512 7.31% 7.70% 7,500,000 U.S. Treasury Notes 7.625% 4/30/96 100.172 7,512,900 7.61% 7.47% 2,200,000 U.S. Treasury Notes 8.125% 2/15/98 100.766 2,216,852 8.06% 7.84% 2,000,000 U.S. Treasury Notes 8.000% 8/15/99 100.578 2,011,560 7.96% 7.85% 1,500,000 U.S. Treasury Notes 8.500% 2/15/00 102.734 1,541,010 8.27% 7.84% 3,000,000 U.S. Treasury Notes 7.000% 4/15/99 96.906 2,907,180 7.22% 7.86% 2,000,000 U.S. Treasury Notes 6.375% 1/15/99 94.937 1,898,740 6.72% 7.86% 3,000,000 U.S. Treasury Notes 6.875% 3/31/97 98.187 2,945,610 7.00% 7.76% 3,300,000 U.S. Treasury Notes 5.875% 5/15/95 99.781 3,292,773 5.89% 6.43% 15,900,000 U.S. Treasury Notes 6.375% 6/30/97 96.922 15,410,598 6.58% 7.75% 7,000,000 U.S. Treasury Notes 4.625% 8/15/95 98.594 6,901,580 4.69% 6.95% 14,000,000 U.S. Treasury Notes 5.625% 8/31/97 94.844 13,278,160 5.94% 7.81% 1,000,000 U.S. Treasury Notes 6.000% 10/15/99 92.812 928,120 6.47% 7.83% 12,000,000 U.S. Treasury Notes 6.000% 11/30/97 95.359 11,443,080 6.29% 7.81% 1,500,000 U.S. Treasury Notes 5.125% 6/30/98 91.797 1,376,955 5.58% 7.85% 3,000,000 U.S. Treasury Notes 4.750% 10/31/98 89.875 2,696,250 5.29% 7.86% 20,000,000 U.S. Treasury Notes 7.875% 4/15/98 100.094 20,018,800 7.87% 7.84% 500,000 U.S. Treasury Bonds 10.500% 2/15/95 100.547 502,735 10.44% 5.86% 3,500,000 U.S. Treasury Bonds 12.625% 5/15/95 102.266 3,579,310 12.35% 6.31% 10,600,000 Federal Home Loan Banks 8.250% 5/27/96 100.625 10,666,250 8.20% 7.76% 6,000,000 Federal Home Loan Banks 8.250% 6/25/96 100.531 6,031,860 8.21% 7.86% 5,500,000 Federal Home Loan Banks 8.000% 7/25/96 100.125 5,506,875 7.99% 7.91% 14,500,000 Federal Home Loan Banks 8.250% 9/25/96 100.625 14,590,625 8.20% 7.85%
WRIGHT NEAR TERM BOND FUND (WNTB) PORTFOLIO OF INVESTMENTS (continued) DECEMBER 31, 1994 ================================================================================================================================ $ 3,300,000 Federal Home Loan Banks 8.600% 6/25/99 $102.937 $ 3,396,921 8.36% 7.81% 4,000,000 Federal Home Loan Banks 8.450% 7/26/99 102.531 4,101,240 8.24% 7.78% 2,500,000 Federal Home Loan Banks 8.600% 8/25/99 104.156 2,603,900 8.26% 7.52% 1,500,000 Federal Home Loan Banks 8.400% 1/25/95 100.044 1,500,660 8.40% 7.48% 2,000,000 Federal Home Loan Banks 6.070% 6/30/03 87.306 1,746,120 6.95% 8.17% 1,000,000 Federal Home Loan Banks 5.600% 9/22/03 84.165 841,650 6.65% 8.17% 2,500,000 Federal Home Loan Banks 5.610% 9/29/03 84.201 2,105,025 6.66% 8.17% 2,000,000 Federal Home Loan Banks 5.450% 10/29/03 83.103 1,662,060 6.56% 8.17% 3,400,000 Federal Home Loan Banks 5.020% 11/16/98 90.054 3,061,835 5.57% 8.06% RESERVE FUNDS 440,000 American Express Corp. 5.754% 1/03/95 100.000 440,000 ----------- Total Investments (identified cost, $216,713,961) -- 99.4% 210,889,966 7.06% 7.85% ============ ==== =========== ===== ===== Other Assets, Less Liabilities -- 0.6% 1,232,256 ----------- Net Assets -- 100.0% $212,122,222 ============ Average Maturity -- 2.5 Years[1] [1] Unaudited.
See notes to financial statements
WRIGHT NEAR TERM BOND FUND ================================================================================ STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 - -------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost.................................. $216,713,961 Unrealized depreciation.......................... (5,823,995) Total value (Note 1A).......................... $210,889,966 Receivable for fund shares sold.................... 15,361 Interest receivable................................ 3,584,119 Total Assets..................................... $214,489,446 LIABILITIES: Payable for fund shares reacquired................. $ 1,944,553 Payable to dividend disbursing agent............... 356,371 Due to bank........................................ 43,731 Trustees' fees payable............................. 208 Custodian fee payable.............................. 17,135 Accrued expenses and other liabilities............. 5,226 Total Liabilities................................ $ 2,367,224 NET ASSETS............................................ $212,122,222 NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed............................................. $241,100,467 Accumulated net realized loss on investment transactions (computed on the basis of identified cost)................................... (23,344,003) Unrealized depreciation of investments (computed on the basis of identified cost)......... (5,823,995) Undistributed net investment income................... 189,753 Net assets applicable to outstanding shares........ $212,122,222 SHARES OF BENEFICIAL INTEREST OUTSTANDING........................................ 21,387,764 NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST............................. $9.92
STATEMENT OF OPERATIONS For the Year Ended December 31, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B).......................... $ 18,859,242 Expenses -- Investment adviser fee (Note 3).................. $ 1,266,025 Administrator fee (Note 3)....................... 172,293 Compensation of trustees not affiliated with the Investment adviser or administrator........ 1,267 Distribution expenses (Note 4)................... 584,569 Custodian fee (Note 3)........................... 71,746 Transfer and dividend disbursing agent fees...... 34,730 Audit services................................... 26,206 Registration costs............................... 10,248 Printing......................................... 2,633 Legal services................................... 2,352 Miscellaneous.................................... 8,078 Total expenses................................. $ 2,180,147 Net investment income........................ $ 16,679,095 REALIZED AND UNREALIZED LOSS ON INVESTMENTS: Net realized loss on investment transactions (identified cost basis)................ $ (6,936,070) Change in unrealized appreciation of investments......................... (20,360,712) Net realized and unrealized loss on investments..................... $(27,296,782) Net decrease in net assets from operations.................... $(10,617,687)
See notes to financial statements
WRIGHT NEAR TERM BOND FUND ================================================================================ Year Ended December 31, ------------------------------------- STATEMENT OF CHANGES IN NET ASSETS 1994 1993 - --------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 16,679,095 $ 21,539,533 Net realized gain (loss) on investment transactions......................................................... (6,936,070) 1,941,983 Change in unrealized appreciation of investments....................................................... (20,360,712) 3,874,250 -------------- -------------- Increase (decrease) in net assets from operations................. $ (10,617,687) $ 27,355,766 Distributions to shareholders from net investment income................... (16,671,903) (21,551,322) Net increase (decrease) from Fund share transactions (Note 5).............. (141,505,123) 4,038,621 - -------------- -------------- Net increase (decrease) in net assets............................. $(168,794,713) $ 9,843,065 NET ASSETS: At beginning of year....................................................... 380,916,935 371,073,870 -------------- --------------- At end of year............................................................. $ 212,122,222 $ 380,916,935 ============== ============== UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS............................................................. $ 189,753 $ 194,350 =============== ==============
See notes to financial statements
WRIGHT NEAR TERM BOND FUND ============================================================================================================================= Year Ended December 31, --------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990 - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of year.......... $ 10.840 $ 10.660 $ 10.750 $ 10.260 $ 10.330 --------- ---------- ---------- ---------- --------- Income (loss) from Investment Operations: Net investment income.................. $ 0.588 $ 0.655 $ 0.739 $ 0.795 $ 0.871 Net realized and unrealized gain (loss) on investments....................... (0.920) 0.180 (0.090) 0.489 (0.068) --------- ---------- ---------- ---------- --------- Total income (loss) from investment operations......................... $ (0.332) $ 0.835 $ 0.649 $ 1.284 $ 0.803 --------- ---------- ---------- ---------- --------- Less distributions from net investment income $ (0.588) $ (0.655) $ (0.739) $ (0.794) $ (0.873) --------- ---------- ---------- ---------- --------- Net asset value, end of year................ $ 9.920 $ 10.840 $ 10.660 $ 10.750 $ 10.260 ========= ========== ========== ========== ========= Total Return................................ (3.10%) 7.95% 6.26% 13.08% 8.23% Ratios/Supplemental Data: Net assets, end of year (000 omitted).. $212,122 $380,917 $ 371,074 $ 232,407 $253,537 Ratio of expenses to average net assets 0.7% 0.7% 0.8% 0.8% 0.8% Ratio of net investment income to average net assets........................... 5.7% 6.0% 6.9% 7.7% 8.6% Portfolio Turnover Rate................ 33% 22% 6% 18% 25%
See notes to financial statements
WRIGHT TOTAL RETURN BOND FUND (WTRB) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994 ============================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[1] - ------------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS -- 42.1% - ------------------------- FINANCIAL -- 2.8% $ 1,500,000 GE Capital Corp. 7.670% 5/22/02 $96.278 $ 1,444,170 7.97% 8.35% 2,000,000 GE Capital Corp. 7.875% 12/01/06 95.548 1,910,960 8.24% 8.47% 700,000 Rockland Trust Co.1 9.500% 10/15/96 89.500 626,500 10.62% 16.47% ----------- $ 3,981,630 ----------- INDUSTRIALS -- 21.2% $ 2,850,000 Abbott Labs 5.600% 10/01/03 $ 84.186 $ 2,399,301 6.65% 8.16% 2,000,000 Anheuser Busch 6.900% 10/01/02 91.477 1,829,540 7.54% 8.42% 2,000,000 Archer Daniels Midland Co. 6.250% 5/15/03 87.953 1,759,060 7.11% 8.27% 2,000,000 Dillard Dept. Stores 7.150% 9/01/02 92.933 1,858,660 7.69% 8.42% 2,500,000 Disney (Walt) Company 5.800% 10/27/08 78.942 1,973,550 7.35% 8.68% 4,000,000 E.I. Dupont Nemour 6.750% 10/15/02 91.401 3,656,040 7.39% 8.27% 1,000,000 General Mills 7.420% 6/01/00 96.052 960,520 7.72% 8.34% 1,050,000 Johnson & Johnson 7.375% 6/29/02 94.738 994,749 7.79% 8.33% 1,000,000 Kimberly Clark 9.125% 6/01/97 101.875 1,018,750 8.96% 8.25% 3,100,000 Minnesota Mining & Mfg. 6.250% 3/29/99 93.011 2,883,341 6.72% 8.23% 1,800,000 Pfizer Inc 6.500% 2/01/97 97.188 1,749,384 6.69% 7.99% 1,500,000 Proctor & Gamble Co. 8.000% 11/15/03 97.675 1,465,125 8.19% 8.37% 5,000,000 Sara Lee Corp. 5.750% 9/03/03 83.782 4,189,100 6.86% 8.42% 1,100,000 Upjohn Co. 6.170% 10/08/99 91.876 1,010,636 6.72% 8.26% 3,000,000 Wal-Mart Stores 6.375% 3/01/03 88.729 2,661,870 7.19% 8.30% ----------- $30,409,626 ----------- UTILITIES -- 18.1% $ 5,000,000 Bell Atlantic - New Jersey 5.875% 2/01/04 $ 85.018 $ 4,250,900 8.25% 6.91% 5,000,000 Bellsouth Telecommunication 6.375% 6/15/04 88.438 4,421,900 7.21% 8.15% 1,000,000 Citizens Utilities Co. 7.450% 1/15/04 94.830 948,300 7.86% 8.27% 2,000,000 Consolidated Edison 7.625% 3/01/04 94.471 1,889,420 8.07% 8.50% 7,600,000 Consolidated Edison 6.375% 4/01/03 88.265 6,708,140 7.22% 8.37% 1,000,000 Duke Power Co. 7.000% 6/01/00 94.106 941,060 7.44% 8.37% 2,000,000 Duke Power Co. 7.000% 9/01/05 90.426 1,808,520 7.74% 8.37% 3,000,000 Pacific Bell 7.250% 7/01/02 94.130 2,823,900 7.70% 8.32%
UTILITIES - continued $ 2,000,000 Pacific Tel & Tel 6.500% 7/01/03 $ 87.951 $ 1,759,020 7.39% 8.52% 500,000 Wisconsin Telephone Co. 7.250% 2/01/07 91.524 457,620 7.92% 8.38% ----------- $26,008,780 ----------- U.S. GOVERNMENT AGENCIES -- 17.8% - ---------------------------------- $ 6,200,000 Federal Home Loan Banks 8.600% 6/25/99 $102.937 $ 6,382,094 8.36% 7.81% 5,700,000 Federal Home Loan Banks 8.375% 10/25/99 101.594 5,790,858 8.24% 7.79% 4,600,000 Federal Home Loan Banks 8.600% 1/25/00 102.312 4,706,352 8.41% 8.03% 3,000,000 Federal Home Loan Banks 6.070% 6/30/03 87.306 2,619,180 6.95% 8.17% 1,700,000 Federal Home Loan Banks 5.600% 9/22/03 84.165 1,430,805 6.65% 8.17% 2,500,000 Federal Home Loan Banks 5.610% 9/29/03 84.201 2,105,025 6.66% 8.17% 3,000,000 Federal Home Loan Banks 5.450% 10/29/03 83.103 2,493,090 6.56% 8.17% ----------- $25,527,404 ----------- U.S. TREASURIES -- 38.5% - ------------------------------ $ 5,300,000 U.S. Treasury Bonds 10.375% 5/15/95 $101.422 $ 5,375,366 10.23% 6.39% 700,000 U.S. Treasury Bonds 13.750% 8/15/04 138.969 972,783 9.89% 7.89% 25,000 U.S. Treasury Bonds 11.250% 2/15/15 132.125 33,031 7.78% 7.83% 3,750,000 U.S. Treasury Bonds 8.250% 5/15/05 100.281 3,760,537 8.23% 8.21% 150,000 U.S. Treasury Notes 6.875% 10/31/96 98.656 147,984 6.97% 7.67% 2,700,000 U.S. Treasury Notes 6.375% 8/15/02 91.562 2,472,174 6.96% 7.87% 10,900,000 U.S. Treasury Notes 6.375% 6/30/97 96.922 10,564,498 6.58% 7.75% 2,000,000 U.S. Treasury Notes 6.250% 2/15/03 90.437 1,808,740 6.91% 7.86% 250,000 U.S. Treasury Notes 5.125% 11/30/98 90.969 227,423 5.63% 7.85% 1,500,000 U.S. Treasury Notes 5.750% 8/15/03 86.960 1,303,590 6.62% 7.87% 1,500,000 U.S. Treasury Notes 8.000% 8/15/99 100.578 1,508,670 7.95% 7.84% 9,000,000 U.S. Treasury Notes 6.000% 11/30/97 95.359 8,582,310 6.29% 7.81% 3,000,000 U.S. Treasury Notes 8.500% 2/15/00 102.734 3,082,020 8.28% 7.84%
U.S. TREASURIES - continued $ 3,000,000 U.S. Treasury Notes 7.750% 2/15/01 $ 99.594 $ 2,987,820 7.78% 7.83% 550,000 U.S. Treasury Notes 7.500% 11/15/01 98.172 539,946 7.64% 7.85% 12,500,000 U.S. Treasury Notes 6.375% 1/15/99 94.937 11,867,125 6.72% 7.86% ----------- $55,234,017 ----------- RESERVE FUNDS -- 0.4% $ 615,000 American Express Corp. 5.754% 1/03/95 100.000 $ 615,000 ----------- Total Investments (identified cost, $151,610,155)-- 98.8% $141,776,457 7.55% 8.20% ============ ==== ============ ===== ===== Other Assets, Less Liabilities -- 1.2% 1,720,277 ------------ Net Assets -- 100.0% $143,496,734 ============ Average Maturity -- 6.5 Years[1] [1] Unaudited.
See notes to financial statements
WRIGHT TOTAL RETURN BOND FUND ================================================================================ STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 - -------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost.................................. $151,610,155 Unrealized depreciation.......................... (9,833,698) ------------- Total value (Note 1A).......................... $141,776,457 Cash............................................... 4,225 Receivable for fund shares sold.................... 35,715 Interest receivable................................ 2,870,361 ------------- Total Assets..................................... $144,686,758 ------------- LIABILITIES: Payable for fund shares reacquired................. $ 1,013,055 Payable to dividend disbursing agent............... 159,730 Trustees' fees payable............................. 208 Custodian fee payable..................... ........ 13,406 Accrued expenses and other liabilities............. 3,625 Total Liabilities................................ $ 1,190,024 ------------- NET ASSETS............................................ $143,496,734 ============= NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed............ $155,168,307 Accumulated net realized loss on investment transactions (computed on the basis of identified cost)................................... (1,884,088) Unrealized depreciation of investments (computed on the basis of identified cost)................... (9,833,698) Undistributed net investment income................... 46,213 -------------- Net assets applicable to outstanding shares........ $ 143,496,734 ============== SHARES OF BENEFICIAL INTEREST OUTSTANDING........................................ 12,556,303 ============== NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST................... $11.43 ==============
STATEMENT OF OPERATIONS For the Year Ended December 31, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B).......................... $ 13,239,635 ------------ Expenses -- Investment adviser fee (Note 3).................. $ 824,625 Administrator fee (Note 3)....................... 136,920 Compensation of trustees not affiliated with the Investment adviser or administrator........ 1,268 Distribution expenses (Note 4)................... 384,631 Custodian fee (Note 3)........................... 56,469 Audit services................................... 26,806 Transfer and dividend disbursing agent fees...... 23,785 Registration costs............................... 12,536 Legal services................................... 1,910 Printing......................................... 1,892 Miscellaneous.................................... 7,359 ------------ Total expenses................................. $ 1,478,201 ------------ Net investment income........................ $ 11,761,434 ------------ REALIZED AND UNREALIZED LOSS ON INVESTMENTS: Net realized loss on investment transactions (identified cost basis).......................... $ (1,884,088) Change in unrealized appreciation of investments................................... (23,935,733) ------------- Net realized and unrealized loss on investments............................... $(25,819,821) ------------- Net decrease in net assets from operations.............................. $(14,058,387) =============
See notes to financial statements
WRIGHT TOTAL RETURN BOND FUND ============================================================================================================================= Year Ended December 31, ------------------------------------ STATEMENT OF CHANGES IN NET ASSETS 1994 1993 - ----------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 11,761,434 $ 14,484,062 Net realized gain (loss) on investment transactions......................................................... (1,884,088) 5,335,956 Change in unrealized appreciation of investments....................................................... (23,935,733) 4,449,598 -------------- ------------- Increase (decrease) in net assets from operations................. $ (14,058,387) $ 24,269,616 -------------- -------------- Distributions to shareholders -- From net investment income............................................. $ (11,757,984) $ (14,484,937) From net realized gain on investments.................................. -- (3,516,307) In excess of net realized gain on investments.......................... -- (53,186) -------------- -------------- Total distributions............................................... $ (11,757,984) $ (18,054,420) -------------- -------------- Net increase (decrease) from Fund share transactions (Note 5).............. $ (90,200,306) $ 35,734,399 - -------------- -------------- Net increase (decrease) in net assets............................. $(116,016,677) $ 41,949,585 NET ASSETS: At beginning of year....................................................... 259,513,411 217,563,826 -------------- -------------- At end of year............................................................. $ 143,496,734 $ 259,513,411 ============== ============== UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS............................................................. $ 46,213 $ 95,94 ============== ==============
See notes to financial statements
WRIGHT TOTAL RETURN BOND FUND ============================================================================================================================= Year Ended December 31, -------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990 - ---------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period........ $ 13.010 $ 12.610 $ 12.580 $ 11.700 $ 12.010 -------- --------- --------- --------- -------- Income (loss) from Investment Operations: Net investment income1 ................ $ 0.740 $ 0.789 $ 0.830 $ 0.854 $ 0.886 Net realized and unrealized gain (loss) on investments.......................... (1.580) 0.580 0.030 0.880 (0.312) --------- ---------- ---------- ---------- --------- Total income (loss) from investment operations......... $ (0.840) $ 1.369 $ 0.860 $ 1.734 $ 0.574 --------- ---------- ---------- ----------- --------- Less Distributions: From net investment income............. $ (0.740) $ (0.789) $ (0.830) $ (0.854) $ (0.884) From net realized gain on investments.. -- (0.177) -- -- -- In excess of net realized gain on investments -- (0.003) -- -- -- --------- ---------- ---------- ---------- ---------- Total distributions................ $ (0.740) $ (0.969) $ (0.830) $ (0.854) $ (0.884) --------- ---------- ---------- ---------- --------- Net asset value, end of period.............. $ 11.430 $ 13.010 $ 12.610 $ 12.580 $ 11.700 ========= ========= ========= ========== ========= Total Return................................ (6.57%) 11.03% 7.13% 15.38% 5.29% Ratios/Supplemental Data: Net assets, end of period (000 omitted) $143,497 $259,513 $217,564 $ 134,728 $112,408 Ratio of net expenses to average net assets 0.8% 0.8% 0.8% 0.8% 0.8% Ratio of net investment income to average net assets........................... 6.1% 6.0% 6.7% 7.2% 7.7% Portfolio Turnover Rate................ 32% 36% 13% 56% 48%
See notes to financial statements
WRIGHT INSURED TAX-FREE BOND FUND (WTFB) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994 ================================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[*][1] - ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 105.0% - ------------------------- EDUCATION -- 18.7% $ 250,000 Berkeley Calif Uni Sch Dist 6.150% 8/01/05 $ 99.916 $ 249,791 6.16% 6.16% M 25,000 Bristol Twp PA Sch Dist 8.700% 1/15/01 100.300 25,075 8.67% 8.63% M 25,000 Calcasieu Parish LA Sch Dist 9.100% 6/01/02 119.129 29,782 7.64% 5.88% M 300,000 Goshen-Chandler Ind Sch Bldg 5.950% 1/15/03 99.619 298,855 5.97% 6.01% M 150,000 Greensburg Salem PA Sch Dist 7.100% 1/01/09 105.276 157,914 6.74% 6.52% M 250,000 Lancaster NY Cent Sch Dist 5.750% 6/01/05 98.154 245,385 5.86% 5.99% M 200,000 Mars Penn Area Sch Dist 6.550% 3/01/02 103.441 206,882 6.33% 5.95% M 150,000 Sarasota Cnty FL Sch Brd 6.900% 7/01/98 105.184 157,776 6.56% 5.26% M 50,000 Southwestern Texas St Uni 8.750% 10/01/01 104.466 52,233 8.38% 7.88% M 150,000 Sumter SC Sch Dist 7.155% 6/01/09 106.731 160,096 6.70% 6.43% M 50,000 Thurston Cnty WA Sch Dist No 3 8.750% 6/01/01 101.690 50,845 8.61% 8.40% M 200,000 Washoe County Nev Sch Dist 5.100% 8/01/99 97.997 195,994 5.20% 5.60% M 150,000 Williamsville NY Cent Sch Dist 6.500% 12/01/99 104.341 156,511 6.23% 5.48% M ------------ $ 1,987,139 ------------ GENERAL OBLIGATION -- 36.3% $ 150,000 Brookhaven NY Ser B GO 7.000% 5/01/04 $107.650 $ 161,475 6.50% 5.92% M 15,000 Buffalo Grove ILL GO 9.300% 1/01/05 102.012 15,302 9.18% 8.99% M 200,000 Central Lake Cnty IL 6.250% 5/01/99 103.043 206,086 6.07% 5.45% M 250,000 Cook County Ill Ser A 5.100% 11/15/05 91.015 227,538 5.60% 6.25% M 250,000 Cumberland Cnty NC 5.700% 2/01/05 98.341 245,853 5.80% 5.92% M 200,000 District of Columbia 6.300% 6/01/05 100.416 200,832 6.27% 6.24% P 25,000 Ennis TX 9.000% 6/01/01 101.792 25,448 8.84% 8.63% M 300,000 State of Massachusetts 4.125% 10/01/01 90.403 271,209 4.56% 5.86% M 250,000 Michigan Muni Bd Auth 4.950% 5/01/04 91.897 229,743 5.39% 6.10% M 5,000 New York, New York 6.000% 8/01/01 101.841 5,092 5.89% 5.66% M 250,000 New York, City of NY 7.000% 8/01/04 105.635 264,088 6.63% 6.21% M 195,000 New York NY Ser C 6.000% 8/01/01 100.694 196,355 5.96% 5.87% M 125,000 New York NY General Obl Ser A 7.000% 8/01/99 104.966 131,207 6.67% 5.75% M 200,000 O Fallon Missouri 5.350% 3/01/04 95.052 190,104 5.63% 6.06% M 200,000 Pennsylvania State 6.500% 11/01/04 103.664 207,328 6.27% 6.00% M 250,000 Prince Georges County MD 5.400% 9/01/02 97.543 243,858 5.54% 5.80% M 250,000 Providence Rhode Island 5.600% 1/15/05 95.849 239,623 5.84% 6.16% M 200,000 Smithfield Rhode Island 6.500% 4/15/02 103.747 207,494 6.27% 5.86% M 200,000 Travis County Texas 6.400% 3/01/04 102.544 205,088 6.24% 6.03% M 250,000 West University Place TX 5.600% 2/01/03 97.585 243,963 5.74% 5.98% M 150,000 Wilmington Del 6.150% 7/01/05 100.733 151,100 6.11% 6.06% M ------------ $ 3,868,786 ------------
See notes to financial statements HEALTH CARE -- 14.4% $ 200,000 California Health Fac 5.500% 8/01/00 $ 98.955 $ 197,910 5.56% 5.72% M 250,000 Dade Cnty FLA Health Facs Aut 5.000% 5/15/05 90.982 227,455 5.50% 6.19% M 205,000 Decatur Illinois Hosp 6.400% 10/01/01 102.908 210,961 6.22% 5.87% M 250,000 Fulton De Kalb GA Hosp Auth 5.300% 1/01/05 93.083 232,708 5.69% 6.24% M 100,000 Massachusetts, State Health & Ed 7.300% 10/01/18 103.308 103,308 7.07% 7.01% M 200,000 Massachusetts, State Health & Edl Facs 4.500% 7/01/02 90.987 181,974 4.95% 6.01% M 15,000 Monangalia Cnty Hosp Rev W. VA 9.000% 6/01/00 103.755 15,563 8.67% 8.13% M 120,000 Rhode Island St Health & Ed 5.800% 6/01/99 101.510 121,812 5.71% 5.41% M 250,000 Tallahassee Fla Health Fac 5.400% 12/01/01 97.353 243,383 5.55% 5.87% M ----------- $ 1,535,074 ----------- PUBLIC FACILITIES -- 4.6% $ 175,000 Kane Cnty Ill Pub Bldg Comm 6.700% 12/01/03 $103.410 $ 180,968 6.48% 6.20% M 100,000 Louisiana Public Facs Auth 6.000% 5/15/01 101.630 101.630 5.91% 5.69% M 200,000 Louisiana Public Facs Auth 6.100% 5/15/02 101.831 203,662 5.99% 5.79% M ------------ $ 486,260 ------------ UTILITIES -- 19.6% $ 150,000 Alabama St Mun Elec Auth Pwr 5.750% 9/01/01 $100.210 $ 150.315 5.74% 5.71% M 125,000 Allegheny Cnty Pa San Aut 9.625% 6/01/00 102.047 127,559 9.43% 9.13% M 275,000 Beloit Wisconsin Sewer System 6.750% 7/01/05 101.349 278,710 6.66% 6.57% M 250,000 East Bay CA Mun Util Sist Wtr 5.000% 6/01/05 90.456 226,140 5.53% 6.26% M 300,000 Georgia Mun Elec Auth Pwr 4.700% 1/01/05 87.920 263,760 5.35% 6.35% M 300,000 North Carolina Mun Pwr Agy 5.000% 1/01/04 93.121 279,363 5.37% 6.00% M 250,000 Ohio State Wtr Dev 5.600% 12/01/02 98.676 246,690 5.68% 5.81% M 200,000 Oklahoma St Mun Pwr Auth 5.300% 1/01/01 98.139 196,278 5.40% 5.67% M 100,000 Ottawa Kansas Water Rev H 9.250% 12/01/02 105.082 105,082 8.80% 8.36% M 150,000 Pasadena Tex Wtr & Swr 5.900% 10/01/00 101.891 152,837 5.79% 5.51% M 50,000 Pecan Grove TX Muni Utl Dist 8.700% 9/01/02 112.352 56,176 7.74% 6.62% M ----------- $ 2,082,910 ----------- MISCELLANEOUS -- 11.4% $ 70,000 Arizona St. Transn Brd Excise Rev 7.000% 7/01/05 $107.022 $ 74,915 6.54% 6.09% M 80,000 Arizona St. Transn Brd Excise Rev 7.000% 7/01/05 104.826 83,861 6.68% 6.36% M 250,000 Broomfield CO Sales & Use Tax 7.050% 12/01/06 106.110 265,275 6.64% 6.31% M
See notes to financial statements MISCELLANEOUS-- continued $ 150,000 Dearborn MI Econ Dev Corp 6.350% 8/15/02 $104.295 $ 156,443 6.09% 5.65% M 250,000 Fairbanks N Star Boro AK 4.700% 3/01/99 97.120 242,800 4.84% 5.48% M 150,000 NJ Wastewtr Treatment Ln Rev SerA 7.000% 5/15/07 105.135 157,703 6.66% 6.39% M 250,000 Tucson Ariz Str & Hwy User 5.200% 7/01/04 93.649 234,124 5.55% 6.09% M ----------- $ 1,215,121 ----------- Total Investments (identified cost, $11,284,130)-- 105.0% $11,175,290 6.44% 6.39% =========== ===== =========== ===== ===== Other Assets, Less Liabilities -- (5.0%) (528,413) ----------- Net Assets-- 100.0% $10,646,877 =========== Average Maturity -- 8.4 Years[1] [*] -- (C): Price to Call; (F): Prerefunded; (M): Price to Maturity; (P): Price to Par Call; (X): Called. [1] Unaudited.
See notes to financial statements
WRIGHT INSURED TAX-FREE BOND FUND ================================================================================ STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 - -------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost.................................. $ 11,284,130 Unrealized depreciation.......................... (108,840) ------------- Total value (Note 1A).......................... $ 11,175,290 Receivable for fund shares sold.................... 9,939 Interest receivable................................ 197,141 ------------- Total Assets..................................... $ 11,382,370 ------------- LIABILITIES: Payable for fund shares reacquired................. $ 40,117 Payable to dividend disbursing agent............... 35,979 Loan payable....................................... 650,436 Trustees' fees payable............................. 208 Custodian fee payable.............................. 7,428 Accrued expenses and other liabilities............. 1,325 Total Liabilities................................ $ 735,493 ------------- NET ASSETS............................................ $ 10,646,877 ============= NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed............ $ 10,747,503 Accumulated net realized gain on investment transactions (computed on the basis of identified cost)................................... 701 Unrealized depreciation of investments (computed on the basis of identified cost)................... (108,840) Undistributed net investment income................... 7,513 ------------- Net assets applicable to outstanding shares........ $ 10,646,877 ============= SHARES OF BENEFICIAL INTEREST OUTSTANDING........................................ 966,095 ============= NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST............................. $11.02 =============
STATEMENT OF OPERATIONS For the Year Ended December 31, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B).......................... $ 829,636 ------------- Expenses -- Investment adviser fee (Note 3).................. $ 57,725 Administrator fee (Note 3)....................... 14,431 Compensation of trustees not affiliated with the Investment adviser or administrator........ 1,267 Distribution expenses (Note 4)................... 28,863 Custodian fee (Note 3)........................... 37,901 Audit services................................... 18,106 Interest expense................................. 10,183 Transfer and dividend disbursing agent fees ..... 9,146 Registration costs............................... 8,316 Printing......................................... 2,005 Legal fees....................................... 985 Miscellaneous.................................... 1,920 ------------- Total expenses................................. $ 190,848 ------------- Deduct -- Reduction of investment adviser fee (Note 3)................................. $ 29,956 Reduction of distribution expenses by principal underwriter (Note 4)............ 28,863 ------------- Total........................................ $ 58,819 ------------- Net expenses................................... $ 132,029 ------------- Net investment income........................ $ 697,607 ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain on investment transactions (identified cost basis).......................... $ 103,902 Change in unrealized appreciation of investments................................... (1,505,272) ------------- Net realized and unrealized gain (loss) on investments............................... $ (1,401,370) ------------- Net decrease in net assets from operations.............................. $ (703,763) =============
See notes to financial statements
WRIGHT INSURED TAX-FREE BOND FUND Year Ended December 31, ---------------------------------------- STATEMENT OF CHANGES IN NET ASSETS 1994 1993 - ------------------------------------------------------------------------------------------------------------------------------ INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 697,607 $ 773,709 Net realized gain on investment transactions......................................................... 103,903 58,990 Change in unrealized appreciation of investments....................................................... (1,505,272) 713,614 --------------- -------------- Increase (decrease) in net assets from operations................. $ (703,763) $ 1,546,313 --------------- -------------- Distributions to shareholders -- From net investment income............................................. $ (697,473) $ (772,506) From net realized gains on investment transactions..................... (103,201) -- -------------- -------------- Total distributions............................................... $ (800,674) $ (772,506) -------------- -------------- Net increase (decrease) from Fund share transactions (Note 5).............. $ (6,053,899) $ 3,977,128 - -------------- -------------- Net increase (decrease) in net assets............................. $ (7,558,336) $ 4,750,935 NET ASSETS: At beginning of year....................................................... 18,205,213 13,454,278 ------------- -------------- At end of year............................................................. $ 10,646,877 $ 18,205,213 ============== ============== UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS............................................................. $ 7,513 $ 5,123 ============== ==============
See notes to financial statements
WRIGHT INSURED TAX-FREE BOND FUND ============================================================================================================================= Year Ended December 31, --------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990 - ----------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of period........ $ 12.170 $ 11.600 $ 11.330 $ 10.840 $ 10.870 -------- --------- --------- --------- -------- Income (loss) from Investment Operations: Net investment income[1]............... $ 0.560 $ 0.556 $ 0.601 $ 0.614 $ 0.647 Net realized and unrealized gain (loss) on investments.......................... (1.050) 0.570 0.270 0.492 (0.030) --------- ---------- ---------- ---------- --------- Total income (loss) from investment operations......... $ (0.490) $ 1.126 $ 0.871 $ 1.106 $ 0.617 --------- ---------- ---------- ---------- --------- Less Distributions: From net investment income............. $ (0.560) $ (0.556) $ (0.601) $ (0.616) $ (0.647) From net realized gains................ (0.100) -- -- -- -- --------- ---------- ---------- ---------- --------- Total distributions................ $ (0.660) $ (0.556) $ (0.601) $ (0.616) $ (0.647) --------- ---------- ---------- ---------- --------- Net asset value, end of period.............. $ 11.020 $ 12.170 $ 11.600 $ 11.330 $ 10.840 ========= ========== ========== ========== ========= Total Return................................ (4.08%) 9.89% 7.91% 10.50% 5.93% Ratios/Supplemental Data: Net assets, end of period (000 omitted) $10,647 $ 18,205 $ 13,454 $ 8,396 $ 5,513 Ratio of net expenses to average net assets 0.9% 0.9% 0.9% 0.9% 1.0% Ratio of net investment income to average net assets........................... 4.8% 4.7% 5.3% 5.6% 6.0% Portfolio Turnover Rate................ 4% 7% 10% 2% 28% [1]During each of the years in the five-year period ended December 31,1994, the operating expenses of the Fund were reduced either by a reduction of the investment adviser fee, administrator fee, or distribution fee or through the allocation of expenses to the Adviser, or a combination of these. Had such actions not been undertaken, the net investment income per share and the ratios would have been as follows: Year Ended December 31, ------------------------------------------------------------ 1994 1993 1992 1991 1990 - --------------------------------------------------------------------------------------------------------------------------- Net investment income per share............. $0.513 $0.521 $0.556 $0.537 $0.528 Ratios (As a percentage of average net assets): Expenses .............................. 1.3% 1.1% 1.3% 1.6% 2.1% Net investment income.................. 4.4% 4.4% 4.9% 4.9% 4.9%
See notes to fianacial statements
WRIGHT CURRENT INCOME FUND (WCIF) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994 ============================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[1] - ------------------------------------------------------------------------------------------------------------------------------ $ 1,777,733 GNMA POOL # 000169 7.500% 9/20/22 $ 92.156 $ 1,638,288 8.14% 8.31% 862,972 GNMA POOL # 000394 7.500% 10/20/22 92.156 795,280 8.14% 8.31% 7,341 GNMA POOL # 000434 8.000% 4/15/01 99.934 7,337 8.01% 7.97% 936,154 GNMA POOL # 000446 7.500% 11/20/22 92.156 862,722 8.14% 8.31% 2,230 GNMA POOL # 000473 7.500% 4/15/01 98.332 2,193 7.63% 7.64% 1,688,674 GNMA POOL # 000545 7.500% 11/20/22 92.156 1,556,215 8.14% 8.31% 2,657,174 GNMA POOL # 000723 7.500% 1/20/23 92.156 2,448,746 8.14% 8.31% 871,798 GNMA POOL # 000810 7.500% 2/20/23 92.156 803,414 8.14% 8.31% 2,710,881 GNMA POOL # 001268 8.000% 7/20/23 94.843 2,571,081 8.44% 8.52% 4,694 GNMA POOL # 001408 6.500% 3/15/02 93.001 4,365 6.99% 7.18% 216,004 GNMA POOL # 001596 9.000% 4/20/21 99.625 215,194 9.03% 9.00% 181,083 GNMA POOL # 001774 8.000% 2/20/22 94.843 171,745 8.43% 8.52% 675,556 GNMA POOL # 001792 8.000% 3/20/22 94.843 640,718 8.44% 8.52% 5,998 GNMA POOL # 003026 8.000% 1/15/04 99.782 5,985 8.02% 7.99% 2,797 GNMA POOL # 003331 8.000% 1/15/04 99.602 2,786 8.03% 8.06% 6,759 GNMA POOL # 004183 8.000% 7/15/04 99.477 6,724 8.04% 8.02% 3,616 GNMA POOL # 004433 9.000% 11/15/04 102.000 3,688 8.82% 8.74% 9,153 GNMA POOL # 005466 8.500% 3/15/05 100.500 9,199 8.46% 8.41% 1,256 GNMA POOL # 005561 8.500% 4/15/05 100.500 1,262 8.46% 8.41% 4,761 GNMA POOL # 005687 7.250% 2/15/05 97.923 4,662 7.40% 7.43% 6,823 GNMA POOL # 005910 7.250% 2/15/05 97.923 6,681 7.40% 7.43% 27,998 GNMA POOL # 007003 8.000% 7/15/05 99.477 27,851 8.04% 8.02% 4,014 GNMA POOL # 007319 6.500% 10/15/04 91.728 3,682 7.09% 7.31% 9,643 GNMA POOL # 009106 8.250% 5/15/06 99.587 9,603 8.28% 8.26% 12,364 GNMA POOL # 009889 7.250% 2/15/06 97.598 12,067 7.43% 7.46% 3,437 GNMA POOL # 011191 7.250% 4/15/06 97.598 3,354 7.43% 7.46% 7,630 GNMA POOL # 012526 8.000% 11/15/06 99.168 7,567 8.07% 8.05% 139,378 GNMA POOL # 151443 10.000% 3/15/16 105.670 147,280 9.46% 9.32% 298,335 GNMA POOL # 151882 8.500% 9/15/19 98.712 294,493 8.61% 8.60% 52,509 GNMA POOL # 153564 10.000% 4/15/16 105.670 55,487 9.46% 9.32% 207,885 GNMA POOL # 172558 9.500% 8/15/16 103.789 215,762 9.15% 9.04% 211,750 GNMA POOL # 176992 8.000% 11/15/16 97.196 205,813 8.23% 8.26% 151,418 GNMA POOL # 177308 9.000% 9/15/16 101.224 153,271 8.89% 8.82% 67,577 GNMA POOL # 177784 8.000% 10/15/16 96.956 65,520 8.25% 8.29% 83,150 GNMA POOL # 179863 9.000% 11/15/01 101.687 84,553 8.85% 8.76% 94,002 GNMA POOL # 180033 9.500% 9/15/16 103.789 97,564 9.15% 9.04% 76,601 GNMA POOL # 186520 8.000% 2/15/17 96.956 74,269 8.25% 8.29% 33,255 GNMA POOL # 188060 9.500% 10/15/16 103.604 34,454 9.17% 9.06% 199,059 GNMA POOL # 188865 8.500% 1/15/17 99.132 197,331 8.57% 8.56% 719,293 GNMA POOL # 189141 7.500% 2/15/23 92.781 667,367 8.08% 8.24% 179,738 GNMA POOL # 190671 8.500% 1/15/17 99.382 178,627 8.55% 8.53% 9,685 GNMA POOL # 190959 8.500% 2/15/17 99.132 9,601 8.57% 8.56% 508,619 GNMA POOL # 191095 8.500% 6/15/21 98.250 499,719 8.65% 8.65% 259,389 GNMA POOL # 192357 8.000% 4/15/17 96.956 251,493 8.25% 8.30% 828,462 GNMA POOL # 194057 8.500% 4/15/17 99.132 821,271 8.58% 8.56% 134,323 GNMA POOL # 194287 9.500% 3/15/17 103.959 139,641 9.14% 9.02% 1,119,262 GNMA POOL # 194926 8.500% 2/15/17 99.132 1,109,547 8.57% 8.56%
See notes to fianacial statements WRIGHT CURRENT INCOME FUND (WCIF) - CONTINUED PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994
============================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[1] - ------------------------------------------------------------------------------------------------------------------------------ $ 329,182 GNMA POOL # 196062 8.000% 3/15/17 $ 96.713 $ 318,362 8.27% 8.32% 23,355 GNMA POOL # 196063 8.500% 3/15/17 99.132 23,152 8.57% 8.56% 281,790 GNMA POOL # 197654 8.500% 9/15/21 98.250 276,858 8.65% 8.65% 251,741 GNMA POOL # 199537 8.000% 3/15/17 96.956 244,078 8.25% 8.29% 232,158 GNMA POOL # 203078 8.000% 12/15/16 96.956 225,092 8.25% 8.29% 393,395 GNMA POOL # 203369 8.000% 12/15/16 96.956 381,420 8.25% 8.29% 66,994 GNMA POOL # 205372 8.000% 3/15/17 96.956 64,955 8.25% 8.29% 313,923 GNMA POOL # 205522 8.000% 4/15/17 96.956 304,367 8.25% 8.29% 198,543 GNMA POOL # 205524 8.000% 5/15/17 96.956 192,499 8.25% 8.30% 16,349 GNMA POOL # 206740 10.000% 10/15/17 105.218 17,202 9.50% 7.74% 159,165 GNMA POOL # 206762 9.000% 4/15/21 100.875 160,558 9.28% 9.30% 124,720 GNMA POOL # 207019 8.000% 3/15/17 96.956 120,924 8.25% 8.29% 40,580 GNMA POOL # 208076 8.000% 4/15/17 97.433 39,538 8.21% 8.24% 74,431 GNMA POOL # 210520 10.500% 8/15/17 106.812 79,501 9.83% 9.67% 40,169 GNMA POOL # 210618 9.500% 4/15/17 104.111 41,820 9.13% 9.00% 224,723 GNMA POOL # 211013 9.000% 1/15/20 100.963 226,887 8.91% 8.85% 258,424 GNMA POOL # 211231 8.500% 5/15/17 99.132 256,180 8.57% 8.55% 417,220 GNMA POOL # 211279 8.000% 4/15/17 96.956 404,520 8.25% 8.29% 516,935 GNMA POOL # 211678 8.000% 5/15/17 96.713 499,944 8.27% 8.32% 159,645 GNMA POOL # 212601 8.500% 6/15/17 99.132 158,259 8.57% 8.56% 226,937 GNMA POOL # 213444 8.000% 6/15/17 96.713 219,478 8.27% 8.32% 255,123 GNMA POOL # 216461 8.000% 5/15/17 96.956 247,357 8.25% 8.29% 56,775 GNMA POOL # 218420 8.500% 11/15/21 98.250 55,781 8.65% 8.65% 317,755 GNMA POOL # 219335 8.000% 5/15/17 96.956 308,082 8.25% 8.29% 306,387 GNMA POOL # 220703 8.000% 5/15/17 96.956 297,060 8.25% 8.29% 36,215 GNMA POOL # 220917 8.500% 4/15/17 99.132 35,900 8.58% 8.56% 735,410 GNMA POOL # 222112 8.000% 1/15/22 95.593 703,000 8.37% 8.44% 77,008 GNMA POOL # 223126 10.000% 8/15/17 105.218 81,026 9.50% 9.37% 168,120 GNMA POOL # 223133 9.500% 7/15/17 103.406 173,846 9.19% 9.08% 64,223 GNMA POOL # 223348 10.000% 8/15/18 105.218 67,574 9.50% 9.37% 37,733 GNMA POOL # 223588 10.000% 12/15/18 105.218 39,702 9.51% 9.37% 30,956 GNMA POOL # 224078 10.000% 7/15/18 105.218 32,572 9.50% 9.36% 139,324 GNMA POOL # 228308 10.000% 1/15/19 105.093 146,420 9.52% 9.38% 119,776 GNMA POOL # 228483 9.500% 9/15/19 103.204 123,614 9.21% 9.10% 95,481 GNMA POOL # 230223 9.500% 4/15/18 103.604 98,922 9.17% 9.06% 95,049 GNMA POOL # 235000 10.000% 1/15/18 105.218 100,009 9.50% 9.37% 70,964 GNMA POOL # 245580 9.500% 7/15/18 103.262 73,279 9.20% 9.09% 98,896 GNMA POOL # 247473 10.000% 9/15/18 105.218 104,056 9.50% 9.37% 215,190 GNMA POOL # 247681 9.000% 11/15/19 100.963 217,262 8.91% 8.85% 67,594 GNMA POOL # 247872 10.000% 9/15/18 105.093 71,037 9.52% 9.38% 41,160 GNMA POOL # 250412 8.000% 3/15/18 96.713 39,807 8.27% 8.32% 106,806 GNMA POOL # 251241 9.500% 6/15/18 103.406 110,444 9.19% 9.08% 139,772 GNMA POOL # 258911 9.500% 9/15/18 103.262 144,332 9.20% 9.09% 88,579 GNMA POOL # 260999 9.500% 9/15/18 103.262 91,468 9.20% 9.09% 121,972 GNMA POOL # 263439 10.000% 2/15/19 105.093 128,184 9.51% 9.38% 85,154 GNMA POOL # 263773 8.000% 8/15/18 96.713 82,355 8.27% 8.32% 174,826 GNMA POOL # 265267 9.500% 8/15/20 103.204 180,427 9.21% 9.10%
See notes to fianacial statements WRIGHT CURRENT INCOME FUND (WCIF) - CONTINUED PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994
============================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[1] - ------------------------------------------------------------------------------------------------------------------------------ $ 77,862 GNMA POOL # 266983 10.000% 2/15/19 $105.093 $ 81,828 9.52% 9.38% 68,287 GNMA POOL # 273690 9.500% 8/15/19 103.204 70,475 9.21% 9.10% 121,637 GNMA POOL # 274489 9.500% 12/15/19 103.204 125,534 9.21% 9.10% 38,806 GNMA POOL # 275456 9.500% 8/15/19 103.204 40,049 9.21% 9.10% 146,785 GNMA POOL # 275538 9.500% 1/15/20 103.204 151,488 9.21% 9.10% 123,339 GNMA POOL # 277205 9.000% 12/15/19 100.963 124,527 8.91% 8.85% 90,029 GNMA POOL # 285467 9.500% 7/15/20 103.204 92,913 9.21% 9.10% 170,332 GNMA POOL # 285744 9.000% 5/15/20 101.142 172,277 8.90% 8.83% 189,178 GNMA POOL # 286556 9.000% 3/15/20 100.963 191,000 8.91% 8.85% 272,099 GNMA POOL # 287345 8.500% 6/15/20 98.712 268,594 8.61% 8.60% 5,857 GNMA POOL # 287999 9.000% 9/15/20 100.875 5,909 8.92% 8.86% 392,597 GNMA POOL # 289092 9.000% 4/15/20 100.963 396,377 8.91% 8.85% 19,526 GNMA POOL # 289949 8.500% 7/15/21 98.250 19,184 8.65% 8.65% 42,794 GNMA POOL # 290700 9.000% 8/15/20 100.875 43,169 8.92% 8.86% 86,366 GNMA POOL # 291119 9.500% 7/15/20 103.204 89,133 9.21% 9.10% 94,579 GNMA POOL # 291933 9.500% 7/15/20 103.156 97,564 9.21% 9.10% 58,859 GNMA POOL # 293666 8.500% 6/15/21 98.250 57,829 8.65% 8.65% 6,149 GNMA POOL # 294209 9.000% 7/15/21 100.875 6,203 8.92% 8.86% 91,883 GNMA POOL # 294577 9.500% 11/15/20 103.156 94,783 9.21% 9.11% 894,586 GNMA POOL # 296150 8.500% 8/15/21 98.250 878,931 8.65% 8.65% 16,390 GNMA POOL # 297345 8.500% 8/15/20 98.250 16,103 8.65% 8.65% 506,442 GNMA POOL # 300698 9.000% 6/15/21 101.055 511,785 8.91% 8.84% 41,767 GNMA POOL # 301017 8.500% 6/15/21 98.250 41,036 8.65% 8.65% 296,190 GNMA POOL # 301050 8.500% 7/15/21 98.250 291,007 8.65% 8.65% 142,997 GNMA POOL # 301257 9.000% 7/15/21 100.875 144,248 8.92% 8.86% 170,233 GNMA POOL # 301366 8.500% 6/15/21 98.250 167,254 8.65% 8.65% 153,522 GNMA POOL # 301785 8.500% 5/15/21 98.250 150,835 8.65% 8.65% 166,689 GNMA POOL # 302713 9.000% 2/15/21 100.875 168,147 8.92% 8.86% 18,937 GNMA POOL # 302723 8.500% 5/15/21 98.250 18,606 8.65% 8.65% 149,422 GNMA POOL # 302781 8.500% 6/15/21 98.250 146,807 8.65% 8.65% 201,538 GNMA POOL # 302933 8.500% 6/15/21 98.250 198,012 8.65% 8.65% 309,266 GNMA POOL # 302935 8.500% 6/15/21 98.250 303,854 8.65% 8.65% 198,663 GNMA POOL # 304512 8.500% 5/15/21 98.712 196,104 8.61% 8.60% 397,576 GNMA POOL # 305091 9.000% 7/15/21 100.875 401,055 8.92% 8.86% 299,280 GNMA POOL # 305130 8.000% 11/15/22 95.593 286,090 8.37% 8.44% 676,792 GNMA POOL # 305186 8.500% 6/15/21 98.250 664,948 8.65% 8.65% 100,368 GNMA POOL # 305585 8.500% 4/15/21 98.250 98,612 8.65% 8.65% 27,145 GNMA POOL # 306669 8.000% 7/15/21 95.593 25,949 8.37% 8.44% 193,095 GNMA POOL # 306673 8.500% 8/15/21 98.250 189,716 8.65% 8.65% 233,956 GNMA POOL # 306692 8.500% 9/15/21 98.250 229,862 8.65% 8.65% 270,232 GNMA POOL # 306693 8.500% 9/15/21 98.250 265,503 8.65% 8.65% 222,682 GNMA POOL # 307547 8.500% 6/15/21 98.250 218,785 8.65% 8.65% 150,147 GNMA POOL # 307553 8.500% 6/15/21 98.250 147,519 8.65% 8.65% 255,576 GNMA POOL # 308792 9.000% 7/15/21 100.875 257,812 8.65% 8.65% 81,254 GNMA POOL # 310526 8.500% 7/15/21 98.250 79,832 8.65% 8.65% 87,874 GNMA POOL # 310530 8.500% 7/15/21 98.250 86,337 8.65% 8.65% 164,333 GNMA POOL # 311087 8.500% 7/15/21 98.250 161,457 8.61% 8.65%
See notes to fianacial statements WRIGHT CURRENT INCOME FUND (WCIF) - CONTINUED PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994
============================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[1] - ------------------------------------------------------------------------------------------------------------------------------ $ 84,910 GNMA POOL # 311646 8.500% 11/15/21 $ 98.250 $ 83,424 8.65% 8.65% 175,202 GNMA POOL # 312602 8.500% 2/15/22 98.250 172,136 8.65% 8.65% 28,734 GNMA POOL # 314222 8.500% 4/15/22 98.250 28,232 8.65% 8.65% 406,964 GNMA POOL # 314581 9.500% 10/15/21 103.156 419,807 9.21% 9.11% 607,001 GNMA POOL # 314912 8.500% 5/15/22 98.250 596,378 8.65% 8.65% 641,413 GNMA POOL # 315187 8.000% 6/15/22 95.593 613,146 8.37% 8.44% 225,885 GNMA POOL # 315359 8.500% 11/15/21 98.250 221,932 8.65% 8.65% 601,763 GNMA POOL # 315388 8.000% 2/15/22 95.593 575,243 8.37% 8.44% 663,567 GNMA POOL # 315754 8.000% 1/15/22 95.593 634,323 8.37% 8.44% 1,435,257 GNMA POOL # 316240 8.000% 1/15/22 95.593 1,372,005 8.37% 8.44% 462,775 GNMA POOL # 316615 8.500% 11/15/21 98.250 454,677 8.65% 8.65% 206,774 GNMA POOL # 316776 8.000% 11/15/21 95.593 197,661 8.37% 8.44% 329,279 GNMA POOL # 317069 8.500% 12/15/21 98.250 323,516 8.65% 8.65% 587,024 GNMA POOL # 317351 8.000% 5/15/22 95.593 561,154 8.37% 8.44% 583,138 GNMA POOL # 317358 8.000% 5/15/22 95.593 557,440 8.37% 8.44% 278,361 GNMA POOL # 318315 8.000% 6/15/22 95.593 266,094 8.37% 8.44% 519,612 GNMA POOL # 318776 8.000% 2/15/22 95.593 496,713 8.37% 8.44% 16,784 GNMA POOL # 318793 8.500% 2/15/22 98.250 16,490 8.65% 8.65% 76,322 GNMA POOL # 319046 8.500% 11/15/21 98.712 75,339 8.61% 8.60% 643,284 GNMA POOL # 319441 8.500% 4/15/22 98.250 632,026 8.65% 8.65% 241,015 GNMA POOL # 320747 8.500% 2/15/22 98.250 236,798 8.65% 8.65% 345,740 GNMA POOL # 321234 8.500% 4/15/22 98.250 339,689 8.65% 8.65% 384,944 GNMA POOL # 321806 8.000% 5/15/22 95.593 367,980 8.37% 8.44% 744,958 GNMA POOL # 321807 8.000% 5/15/22 95.593 712,128 8.37% 8.44% 535,544 GNMA POOL # 321976 8.500% 1/15/22 98.250 526,172 8.65% 8.65% 688,282 GNMA POOL # 323124 8.000% 6/15/22 95.593 657,949 8.37% 8.44% 900,354 GNMA POOL # 323226 8.000% 6/15/22 95.593 860,675 8.37% 8.44% 57,695 GNMA POOL # 323425 8.000% 6/15/22 95.593 55,152 8.37% 8.44% 762,098 GNMA POOL # 323929 8.000% 2/15/22 95.593 728,513 8.37% 8.44% 662,138 GNMA POOL # 325165 8.000% 6/15/22 95.593 632,958 8.37% 8.44% 558,128 GNMA POOL # 325651 8.000% 6/15/22 95.593 533,532 8.37% 8.44% 866,553 GNMA POOL # 327244 7.500% 8/15/22 92.781 803,997 8.08% 8.24% 270,582 GNMA POOL # 328807 8.000% 7/15/22 95.593 258,657 8.37% 8.44% 959,086 GNMA POOL # 329540 7.500% 8/15/22 92.781 889,850 8.08% 8.24% 127,455 GNMA POOL # 329700 8.000% 9/15/22 95.593 121,838 8.37% 8.44% 439,529 GNMA POOL # 329716 8.000% 10/15/22 95.593 420,159 8.37% 8.44% 1,384,092 GNMA POOL # 329982 7.500% 2/15/23 92.781 1,284,175 8.08% 8.24% 347,913 GNMA POOL # 330616 8.000% 10/15/22 95.593 332,580 8.37% 8.44% 726,378 GNMA POOL # 331361 8.000% 11/15/22 95.593 694,367 8.37% 8.44% 477,189 GNMA POOL # 334122 8.000% 10/15/22 95.593 456,160 8.37% 8.44% 1,556,418 GNMA POOL # 335746 8.000% 10/15/22 95.593 1,487,827 8.37% 8.44% 645,567 GNMA POOL # 335950 8.000% 10/15/22 95.593 617,116 8.37% 8.44% 427,588 GNMA POOL # 336394 7.500% 10/20/22 92.156 394,048 8.14% 8.31% 412,209 GNMA POOL # 338859 8.000% 11/15/22 95.593 394,043 8.37% 8.44% 2,826,157 GNMA POOL # 348103 7.000% 6/15/23 89.750 2,536,476 7.80% 8.06% 993,003 GNMA POOL # 348213 6.500% 8/15/23 86.656 860,497 7.50% 7.89% 1,578,903 GNMA POOL # 350372 7.000% 4/15/23 89.750 1,417,066 7.80% 8.06%
See notes to fianacial statements WRIGHT CURRENT INCOME FUND (WCIF) - CONTINUED PORTFOLIO OF INVESTMENTS DECEMBER 31, 1994
============================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield[1] Maturity[1] - ------------------------------------------------------------------------------------------------------------------------------ $ 897,656 GNMA POOL # 350651 7.500% 6/15/23 $ 92.781 $ 832,854 8.08% 8.24% 1,732,399 GNMA POOL # 350659 7.500% 6/15/23 92.781 1,607,337 8.00% 8.13% 2,014,097 GNMA POOL # 350938 6.500% 8/15/23 86.656 1,745,336 7.50% 7.89% 931,102 GNMA POOL # 358931 7.000% 12/15/23 89.750 835,664 7.80% 8.06% 956,152 GNMA POOL # 362125 7.000% 10/15/23 89.750 858,146 7.80% 8.06% 967,084 GNMA POOL # 362174 6.500% 1/15/24 86.656 838,037 7.50% 7.89% 961,269 GNMA POOL # 362628 7.000% 8/15/23 89.750 862,739 7.80% 8.06% 1,004,098 GNMA POOL # 363429 7.000% 8/15/23 89.750 901,178 7.80% 8.06% 940,748 GNMA POOL # 367414 6.000% 11/15/23 83.406 784,640 7.19% 7.73% 969,866 GNMA POOL # 367674 6.500% 8/15/23 86.656 840,447 7.50% 7.89% 2,961,490 GNMA POOL # 367806 6.500% 9/15/23 86.656 2,566,308 7.50% 7.89% 2,618,161 GNMA POOL # 368238 7.000% 12/15/23 89.750 2,349,800 7.80% 8.06% 2,950,158 GNMA POOL # 368502 7.000% 2/15/24 89.750 2,647,767 7.80% 8.06% 2,009,542 GNMA POOL # 370773 6.000% 11/15/23 83.406 1,676,079 7.19% 7.74% 936,970 GNMA POOL # 371557 7.000% 12/15/23 89.750 840,931 7.80% 8.06% 2,913,410 GNMA POOL # 372050 6.500% 2/15/24 86.656 2,524,644 7.50% 7.89% 951,065 GNMA POOL # 375106 6.500% 1/15/24 86.656 824,155 7.50% 7.89% ------------ Total Investments (identified cost $90,853,201)-- 99.9% $84,063,824 8.53% 8.56% ======= ======= Other Assets, less Liabilities-- 0.1% 113,780 ------------ Net Assets-- 100.0% $84,177,604 ============ [1] Unaudited. See notes to financial statements
WRIGHT CURRENT INCOME FUND ================================================================================
STATEMENT OF ASSETS AND LIABILITIES December 31, 1994 - -------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost........................ $ 90,853,201 Unrealized depreciation................ (6,789,377) ------------- Total value (Note 1A)................ $ 84,063,824 Receivable or fund shares sold........... 988 Interest receivable...................... 574,118 Receivable for investments sold.......... 4,961 ------------- Total Assets........................... $ 84,643,891 ------------- LIABILITIES: Payable for fund shares reacquired....... $ 200,329 Loans payable............................ 146,386 Payable to dividend disbursing agent..... 103,785 Trustees' fees payable................... 208 Custodian fee payable.................... 13,289 Accrued expenses and other liabilities... 2,290 ------------- Total Liabilities...................... $ 466,287 ------------- NET ASSETS.................................. $ 84,177,604 ============= NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed.. $ 91,666,387 Accumulated net realized loss on investment transactions (computed on the basis of identified cost)......................... (698,168) Unrealized depreciation of investments (computed on the basis of identified cost)......... (6,789,377) Distributions in excess of net investment income (1,238) ------------- Net assets applicable to outstanding shares $ 84,177,604 ============= SHARES OF BENEFICIAL INTEREST OUTSTANDING.............................. 8,670,470 ============= NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST................... $ 9.71 =============
================================================================================ STATEMENT OF OPERATIONS For the Year Ended December 31, 1994 - -------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B)................ $ 7,643,220 ------------- Expenses -- Investment adviser fee (Note 3)........ $ 403,012 Administrator fee (Note 3)............. 97,754 Compensation of trustees not affiliated with the Investment adviser or administrator 1,268 Distribution expenses (Note 4)......... 200,298 Custodian fee (Note 3)................. 62,477 Audit services......................... 21,006 Transfer and dividend disbursing agent fees 16,339 Registration costs..................... 9,632 Interest on loans...................... 5,988 Printing............................... 1,590 Legal services......................... 1,432 Miscellaneous.......................... 4,534 ------------- Total expenses....................... $ 825,330 ------------- Net investment income.............. $ 6,817,890 ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized loss on investment transactions (identified cost basis)................ $ (682,417) Change in unrealized appreciation of investments......................... (10,057,612) ------------- Net realized and unrealized loss on investments..................... $(10,740,029) ------------- Net decrease in net assets from operations.................... $ (3,922,139) =============
See notes to financial statements WRIGHT CURRENT INCOME FUND ============================================================================================================================
Year Ended December 31, ------------------------------------ STATEMENT OF CHANGES IN NET ASSETS 1994 1993 - ---------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 6,817,890 $ 7,282,634 Net realized loss on investment transactions......................................................... (682,417) (8,621) Change in unrealized appreciation of investments....................................................... (10,057,612) (396,265) --------------- --------------- Increase (decrease) in net assets from operations................. $ (3,922,139) $ 6,877,748 --------------- --------------- Distributions to shareholders -- From net investment income............................................. $ (6,817,890) $ (7,282,634) In excess of net investment income..................................... (1,238) -- --------------- --------------- Total distributions............................................... $ (6,819,128) $ (7,282,634) --------------- --------------- Net increase (decrease) from Fund share transactions (Note 5).............. $ (20,238,740) $ 15,886,787 --------------- --------------- Net increase (decrease) in net assets............................. $ (30,980,007) $ 15,481,901 NET ASSETS: At beginning of period..................................................... 115,157,611 99,675,710 --------------- --------------- At end of period........................................................... $ 84,177,604 $ 115,157,611 =============== =============== DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME INCLUDED IN NET ASSETS.......................................................... $ (1,238) $ -- =============== ===============
See notes to financial statements WRIGHT CURRENT INCOME FUND ==============================================================================================================================
Year Ended December 31, ------------------------------------------------------------------------ FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990 - ------------------------------------------------------------------------------------------------------------------------------ Net asset value, beginning of year.......... $ 10.750 $ 10.780 $ 10.850 $ 10.160 $ 10.090 --------- ---------- ---------- ---------- --------- Income (loss) from Investment Operations: Net investment income[1]............... $ 0.690* $ 0.728 $ 0.767 $ 0.798 $ 0.859 Net realized and unrealized gain (loss) on investments.......................... (1.040) (0.030) (0.069) 0.690 0.080 --------- ---------- ---------- ---------- --------- Total income (loss) from investment operations......... $ (0.350) $ 0.698 $ 0.698 $ 1.488 $ 0.939 --------- ---------- ---------- ---------- --------- Less Distributions: From net investment income............. $ (0.690) $ (0.728) $ (0.767) $ (0.798) $ (0.859) From net realized gain................. -- -- (0.001) -- (0.010) --------- ---------- ---------- ---------- --------- Total distributions................ $ (0.690) $ (0.728) $ (0.768) $ (0.798) $ (0.869) --------- ---------- ---------- ---------- --------- Net asset value, end of year................ $ 9.710 $ 10.750 $ 10.780 $ 10.850 $ 10.160 ========= ========== ========== ========== ========= Total Return................................ (3.30%) 6.59% 6.73% 15.31% 9.85% Ratios/Supplemental Data: Net assets, end of year (000 omitted).. $84,178 $115,158 $ 99,676 $ 65,700 $ 17,601 Ratio of net expenses to average net assets 0.8% 0.8% 0.9% 0.9% 0.9% Ratio of net investment income to average net assets........................... 6.9% 6.7% 7.2% 7.6% 8.6% Portfolio Turnover Rate................ 10% 4% 13% 5% 10% [1] During each of the years in the two-year period ended December 31, 1991, the operating expenses of the Fund were reduced either by a reduction of the investment adviser fee, administrator fee, or distribution fee or through the allocation of expenses to the Adviser, or a combination of these. Had such actions not been undertaken, the net investment income per share and the ratios would have been as follows: Year Ended December 31, ------------------------------ 1991 1990 - ------------------------------------------------------------------------------------------------------------------------------ Net investment income per share............. $ 0.787 $ 0.809 ======== ======== Ratios (As a percentage of average net assets): Expenses .............................. 1.0% 1.4% ======== ======== Net investment income.................. 7.5% 8.1% ======== ======== * Includes distribution in excess of net investment income of $.00013 per share. See notes to financial statements
THE WRIGHT MANAGED INCOME TRUST NOTES TO FINANCIAL STATEMENTS ================================================================================ (1) SIGNIFICANT ACCOUNTING POLICIES The Trust, issuer of Wright Government Obligations Fund (WGOF) series, Wright Near Term Bond Fund (WNTB) series, Wright Total Return Bond Fund (WTRB) series, Wright Insured Tax Free Bond Fund (WTFB) series, and Wright Current Income Fund (WCIF) series, is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end, management investment company. The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles. A. Investment Valuations - Investments of the various funds for which market quotations are readily available are valued at current market value as furnished by a pricing service. Investments for which valuations are not readily available will be appraised at their fair value as determined in good faith by or at the direction of the Trustees. Short-term obligations maturing in sixty days or less are valued at amortized cost, which approximates value. B. Income - Interest income is determined on the basis of interest accrued and discount earned, adjusted for amortization of premium or discount on long-term debt securities when required for federal income tax purposes. C. Federal Taxes - The Trust's policy is to comply with the provisions of the Internal Revenue Code (the Code) available to regulated investment companies and to distribute to shareholders each year all of its taxable income, including any net realized gain on investments. Accordingly, no provision for federal income or excise tax is necessary. At December 31, 1994, the Trust, for federal income tax purposes, had capital loss carryovers of $963,970 (WGOF), $23,344,003 (WNTB), $698,168 (WCIF) and $1,884,088 (WTRB) which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distribution to shareholders which would otherwise be necessary to relieve the respective Fund of any liability for federal income or excise tax. Pursuant to the Code, such capital loss carryovers will expire as follows: 12/31 WGOF WNTB WCIF WTRB ------------------------------------------------------------ 1995 $-- $2,038,311 $ -- $ -- 1996 -- 2,300,814 -- -- 1997 -- 1,319,208 -- -- 1998 963,970 3,324,484 -- -- 1999 -- 4,467,443 -- -- 2000 -- 2,957,673 7,132 -- 2001 -- -- 8,619 -- 2002 -- 6,936,070 682,417 1,884,088
Distributions paid by WTFB from net investment income on tax-exempt municipal securities are not included by shareholders as gross income for federal income tax purposes because WTFB intends to meet certain requirements of the Code applicable to regulated investment companies which will enable WTFB to pay exempt distributions. The portion of interest, if any, earned on private activity bonds issued after August 7, 1986, may be considered a tax preference item to shareholders. D. Other - Investment transactions are accounted for on the date the investments are purchased or sold. (2) DISTRIBUTIONS Each Fund's policy is to determine net income once daily, as of the close of the New York Stock Exchange and the net income so determined is declared as a dividend to shareholders of record at the THE WRIGHT MANAGED INCOME TRUST NOTES TO FINANCIAL STATEMENTS - CONTINUED ================================================================================ time of such determination. Distributions of realized capital gains are made at least annually. Shareholders may reinvest capital gain distributions in additional shares of the same Fund at the net asset value as of the ex-dividend date. Dividends and distributions may be reinvested in additional shares of the same Fund at the net asset value as of the payable date. The Trust requires that differences in the recognition or classification of income between the financial statements and tax earnings and profits which result in temporary overdistributions for financial statement purposes, are classified as distributions in excess of net investment income or accumulated net realized gains. During the year ended December 31, 1994, $53,186 was reclassified from undistributed net investment income to accumulated undistributed net realized loss on investment transactions on WTRB's financial statements, and $11,789 was reclassified from undistributed net investment income to paid-in capital on WNTB's financial statements. Also during the year ended December 31, 1994, $3,283 was reclassified from accumulated net realized gain on investment transactions, of which $2,256 was reclassified to undistributed net investment income and $1,027 to paid-in capital on WTFB's financial statements. These reclassifications are due to differences between book and tax accounting. Net investment income, net realized gains (losses) and net assets were not affected by these reclassifications. (3) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES The Trust has engaged Wright Investors' Service (Wright) to perform investment management, investment advisory, and other services. For its services, Wright is compensated based upon a percentage of average daily net assets which rate is adjusted as average daily net assets exceed certain levels. For the year ended December 31, 1994, the effective annual rate was 0.40% for WGOF, WTFB and WCIF, and 0.43% for WTRB and 0.44% for WNTB. To enhance the net income of the Funds, Wright reduced its investment adviser fee by $29,956 for the benefit of WTFB. The Trust also has engaged Eaton Vance Management (Eaton Vance) to act as administrator of the Trust. Under the Administration Agreement, Eaton Vance is responsible for managing the business affairs of the Trust and is compensated based upon a percentage of average daily net assets which rate is reduced as average daily net assets exceed certain levels. For the year ended December 31, 1994, the effective annual rate was 0.10% for WGOF, WTFB and WCIF, 0.07% for WTRB, and 0.06% for WNTB. Except as to Trustees of the Trust who are not affiliated with Eaton Vance or Wright, Trustees and officers received remuneration for their services to the Trust out of fees paid to Eaton Vance and Wright. The custodian fee was paid to Investors Bank & Trust Company (IBT), an affiliate of Eaton Vance, for its services as custodian of the Trust. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balances the Trust maintains with IBT. Certain of the Trustees and officers of the Trust are directors/trustees and/or officers of the above organizations. See Note 4. (4) DISTRIBUTION EXPENSES The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule 12b-1 of the Investment Company Act of 1940. The Plan provides that each of the Funds will pay the principal underwriter, Wright Investors' Service Distributors, Inc., a subsidiary of Wright Investors' Service, at an annual rate of 2/10 of 1% of the average daily net assets of each Fund for activities primarily intended to result in the sale of each Fund's shares. For the year ended December 31, 1994, the Principal Underwriter made a reduction of its fee to WGOF and WTFB by $35,005 and $28,863, respectively. THE WRIGHT MANAGED INCOME TRUST NOTES TO FINANCIAL STATEMENTS - CONTINUED ================================================================================ (5) SHARES OF BENEFICIAL INTEREST The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows: Year Ended December 31, --------------------------------------------------------------- 1994 1993 --------------------------------------------------------------- Shares Amount Shares Amount - ------------------------------------------------------------------------------------------------------------------------------ WRIGHT GOVERNMENT OBLIGATIONS FUND -- Sales.................................................... 162,879 $ 2,104,165 406,098 $ 5,797,345 Issued to shareholders in payment of distributions declared.............................. 62,116 805,054 89,252 1,264,888 Redemptions.............................................. (943,611) (12,465,253) (668,923) (9,503,900) ------------ ------------- ------------ ------------- Net decrease......................................... (718,616) $ (9,556,034) (173,573) $ (2,441,667) ============ ============= ============ ============= WRIGHT NEAR TERM BOND FUND -- Sales.................................................... 4,457,277 $ 46,681,687 12,619,527 $137,686,335 Issued to shareholders in payment of distributions declared................................. 1,093,362 11,252,377 1,363,631 14,890,616 Redemptions..............................................(19,306,382) (199,439,187) (13,645,055) (148,538,330) ------------ ------------- ------------ ------------- Net increase (decrease)..............................(13,755,743) $(141,505,123) 338,103 $ 4,038,621 ============ ============= ============ ============= WRIGHT TOTAL RETURN BOND FUND -- Sales.................................................... 3,088,029 $ 38,238,580 6,066,589 $ 79,995,327 Issued to shareholders in payment of distributions declared.............................. 800,418 9,609,765 1,186,404 15,598,436 Redemptions..............................................(11,284,858) (138,048,649) (4,556,719) (59,859,364) ------------ ------------- ------------ ------------- Net increase (decrease).............................. (7,396,411) $(90,200,306) 2,696,274 $ 35,734,399 ============ ============= ============ ============= WRIGHT INSURED TAX-FREE BOND FUND -- Sales.................................................... 307,219 $ 3,650,011 758,015 $ 9,015,959 Issued to shareholders in payment of distributions declared ............................. 52,115 597,038 48,390 579,590 Redemptions.............................................. (889,361) (10,300,948) (470,567) (5,618,421) ------------ ------------- ------------ ------------- Net increase (decrease).............................. (530,027) $ (6,053,899) 335,838 $ 3,977,128 ============ ============= ============ ============= WRIGHT CURRENT INCOME FUND -- Sales.................................................... 1,447,569 $ 14,915,507 3,132,793 $ 34,134,753 Issued to shareholders in payment of distributions declared.............................. 530,312 5,337,338 522,778 5,696,105 Redemptions.............................................. (4,014,808) (40,491,585) (2,197,161) (23,944,071) ------------ ------------- ------------ ------------- Net increase (decrease).............................. (2,036,927) $(20,238,740) 1,458,410 $ 15,886,787 ============ ============= ============ =============
(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: Year Ended December 31, 1994 ---------------------------------------------------------------------------------------------- WRIGHT GOVERNMENT WRIGHT NEAR WRIGHT TOTAL WRIGHT INSURED WRIGHT CURRENT OBLIGATIONS FUND TERM BOND FUND RETURN BOND FUND TAX-FREE BOND FUND INCOME FUND - ------------------------------------------------------------------------------------------------------------------------------ Purchases -- Non-U.S. Gov't Obligations.. $ -- $ -- $ 8,888,950 $ 606,957 $ -- ============= ============= ============= ============= ============= U.S. Gov't Obligations...... $ 147,398 $ 94,700,562 $ 51,572,472 $ -- $ 9,980,433 ============= ============= ============= ============= ============= Sales -- Non-U.S. Gov't Obligations.. $ -- $ -- $ 21,519,259 $ 5,688,681 $ -- ============= ============= ============= ============= ============= U.S. Gov't Obligations...... $ 9,764,266 $ 232,141,302 $ 126,079,912 $ -- $ 24,900,482 ============= ============= ============= ============= ============= - ------------------------------------------------------------------------------------------------------------------------------
(7) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES The cost and unrealized appreciation (depreciation) in value of the investments owned at December 31, 1994, as computed on a federal income tax basis, are as follows: WRIGHT GOVERNMENT WRIGHT NEAR WRIGHT TOTAL WRIGHT INSURED WRIGHT CURRENT OBLIGATIONS FUND TERM BOND FUND RETURN BOND FUND TAX-FREE BOND FUND INCOME FUND - ------------------------------------------------------------------------------------------------------------------------------ Aggregate cost................... $ 16,272,905 $ 216,713,961 $ 151,610,155 $ 11,284,130 $ 90,853,201 ============= ============= ============= ============= ============= Gross unrealized appreciation.... $ 184,736 $ 917,796 $ 606,983 $ 204,481 $ 211,472 Gross unrealized depreciation.... 322,366 6,741,791 10,440,681 313,321 7,000,849 ------------- ------------- ------------- ------------- ------------- Net unrealized depreciation. $ 137,630 $ 5,823,995 $ 9,833,698 $ 108,840 $ 6,789,377 ============= ============= ============= ============= ============= - ------------------------------------------------------------------------------------------------------------------------------
THE WRIGHT MANAGED INCOME TRUST NOTES TO FINANCIAL STATEMENTS - CONTINUED ================================================================================ (8) FINANCIAL INSTRUMENTS The Funds may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options and futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. None of the Funds held such instruments at December 31, 1994. (9) LINE OF CREDIT The Trust participates with other funds managed by Wright in a line of credit with a bank which allows the funds to borrow up to $20,000,000 collectively. The line of credit consists of a $5,000,000 committed facility and a $15,000,000 uncommitted facility. Interest is charged to each fund based on its borrowings, at a rate equal to the bank's base rate. In addition, the funds pay a facility fee computed at a rate of 1/4 of 1% on the unused portion of the $5,000,000 facility. The Wright Insured Tax-Free Bond and Current Income Funds had outstanding loans of $650,436 and $146,386, respectively, at December 31,1994. INDEPENDENT AUDITORS' REPORT ================================================================================ To the Trustees and Shareholders of The Wright Managed Income Trust: We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Wright Government Obligations Fund, Wright Near Term Bond Fund, Wright Total Return Bond Fund, Wright Insured Tax-Free Bond Fund, and Wright Current Income Fund of The Wright Managed Income Trust as of December 31, 1994, the related statements of operations for the year then ended, the statements of changes in net assets for the years ended December 31, 1994 and 1993, and the financial highlights for each of the years in the five-year period ended December 31, 1994. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of the securities owned at December 31, 1994, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, such financial statements and financial highlights present fairly, in all material respects, the financial position of each of the respective Funds constituting The Wright Managed Income Trust as of December 31, 1994, the results of their operations, the changes in their net assets, and their financial highlights for the respective stated periods in conformity with generally accepted accounting principles. DELOITTE & TOUCHE LLP Boston, Massachusetts February 3, 1995 THE WRIGHT MANAGED INVESTMENT FUNDS ================================================================================ (CONTINUED FROM INSIDE FRONT COVER) WRIGHT NEAR TERM BOND FUND (WNTB), like WGOF, is a diversified portfolio concentrating on bonds and other obligations of the U.S. Government, its agencies and instrumentalities which are guaranteed as to principal and interest by the full faith and credit of the U.S. Government. The average weighted maturity varies from one to five years. This portfolio is designed to appeal to the investor seeking a high level of income that is normally somewhat less variable and normally somewhat higher than that available from short-term money market instruments and who is also tolerant of modest fluctuation in capital (i.e. compared with somewhat greater fluctuation likely with longer term fixed income securities). Dividends are accrued daily and paid monthly. WRIGHT TOTAL RETURN BOND FUND (WTRB) is a diversified portfolio of quality corporate bonds and other debt securities of varying maturities which, in the Adviser's opinion, will achieve the portfolio objective of best total return, i.e. the best total of ordinary income plus capital appreciation. Accordingly, investment selections and maturities may differ depending on the particular phase of the interest rate cycle. Dividends are accrued daily and paid monthly. WRIGHT INSURED TAX-FREE BOND FUND (WTFB) is a diversified portfolio invested in high-grade municipal bonds and other intermediate or long-term debt securities that provide current interest income which is exempt from Federal income taxes. The portfolio limits its investments to obligations exempt from Federal income tax which at the time of purchase are insured as to principal and interest. The portfolio will have an average weighted maturity that produces the best compromise between generous return and stability of principal. Dividends are accrued daily and paid monthly. WRIGHT CURRENT INCOME FUND (WCIF) may be invested in a variety of securities and may use a number of strategies to produce a high level of income with reasonable stability of principal. Currently, this portfolio is primarily invested in mortgage Participation Certificates issued by the Government National Mortgage Association (GNMA). GNMA guarantees that the fund will receive timely principal and interest payments. The Fund reinvests all principal payments. Dividends are accrued daily and paid monthly. - -------------------------------------------------------------------------------- Description of the art work on the back cover of the report Three thin vertical red lines on the right side of the page. - -------------------------------------------------------------------------------- THE WRIGHT MANAGED INCOME TRUST ANNUAL REPORTS OFFICERS AND TRUSTEES OF THE FUNDS Peter M. Donovan, President and Trustee H. Day Brigham, Jr., Vice President , Secretary and Trustee A. M. Moody III, Vice President and Trustee Judith R. Corchard, Vice President Winthrop S. Emmet, Trustee Leland Miles, Trustee Lloyd F. Pierce, Trustee George R. Prefer, Trustee Raymond Van Houtte, Trustee James L. O'Connor, Treasurer William J. Austin, Jr., Assistant Treasurer ADMINISTRATOR Eaton Vance Management 24 Federal Street Boston, Massachusetts 02110 INVESTMENT ADVISER Wright Investors' Service 1000 Lafayette Boulevard Bridgeport, Connecticut 06604 PRINCIPAL UNDERWRITER Wright Investors' Service Distributors, Inc. 1000 Lafayette Boulevard Bridgeport, Connecticut 06604 CUSTODIAN Investors Bank & Trust Company 24 Federal Street Boston, Massachusetts 02110 TRANSFER AND DIVIDEND DISBURSING AGENT The Shareholder Services Group, Inc. Wright Managed Investment Funds P.O. Box 1559 Boston, Massachusetts 02104 AUDITORS Deloitte & Touche 125 Summer Street Boston, Massachusetts 02110 This report is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of a mutual fund unless accompanied or preceded by a Fund's current prospectus. -----END PRIVACY-ENHANCED MESSAGE-----