-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VAYgrtUAzIxj6aKqmMW9uf1Nz06vacKe5v8mY6lclx9iMxJGJCfJKbctrhHuHAwp euwMUUQU/yaK+FV7Fha87A== 0000715165-96-000003.txt : 19960216 0000715165-96-000003.hdr.sgml : 19960216 ACCESSION NUMBER: 0000715165-96-000003 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960215 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: 96520630 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 ANNUAL REPORT - ------------------------------------------------------------------------------- Description of art work on the front cover of the report Three thin vertical green lines on the right side of the page. - ------------------------------------------------------------------------------- ANNUAL REPORT DECEMBER 31, 1995 WRIGHT U.S. TREASURY MONEY MARKET FUND THE WRIGHT MANAGED INVESTMENT FUNDS WRIGHT U.S. TREASURY MONEY MARKET FUND =============================================================================== WRIGHT U.S. TREASURY MONEY MARKET FUND seeks a high rate of current income but with added safety that comes from limiting its investments to securities of the U.S. Government and its agencies. There may be an added advantage to investors that reside in states and municipalities that do not tax dividend income from mutual funds investing exclusively in U.S. Government securities. TABLE OF CONTENTS =============================================================================== INVESTMENT OBJECTIVES..................Inside Front Cover LETTER TO SHAREHOLDERS................................ 1 WRIGHT U.S. TREASURY MONEY MARKET FUND Monthly Net Income Per Share................ 2 Portfolio of Investments.................... 3 Financial Statements........................ 4 WRIGHT U.S. TREASURY MONEY MARKET FUND =============================================================================== February 1996 Dear Shareholders: The Wright U.S. Treasury Money Market Fund (WTMM) had a 1.3% total return for the fourth quarter of 1995, matching the return of the average Treasury money market fund. For all of 1995, the Fund's return was 5.3%, also in line with the average money market fund's performance. WTMM, which holds only short-term U.S. Treasury securities, had an average maurity of 89 days at the end of the fourth quarter, up from 75 days three months earlier. Three-month Treasury bill rates declined by 33 basis points in the final quarter of 1995. Much of the decline came late in the quarter following the Federal Reserve's 25 basis-point cut in the fed funds rate. With the economy clearly slowing in the fourth quarter and into early 1996, Wright expects the Fed to ease further early in 1996, by as much as 75 basis points; lower returns on short-term securities appear likely. It should be understood that performance data quoted above represents past performance which is not predictive of future performance and that the investment return of a money market fund fluctuates on a daily basis. Sincerely, Peter M. Donovan President WRIGHT U.S. TREASURY MONEY MARKET FUND -- 1995 ==============================================================================
MONTHLY CUMULATIVE ANNUALIZED INVESTMENT RETURN MONTH NET INCOME RETURN ______________________________________ ENDING PER SHARE PER SHARE (a) 1 Month 3 Month Cumulative - ------------------------------------------------------------------------------------------------------------------------- $1,000.00 Jan. 31 $0.004187833 1,004.19 4.93% 4.93% Feb. 28 0.003954237 1,008.16 5.15% 5.05% Mar. 31 0.004495298 1,012.69 5.29% 5.15% 5.15% Apr. 30 0.004486644 1,017.23 5.46% 5.33% 5.24% May 31 0.004575083 1,021.89 5.39% 5.40% 5.29% Jun. 30 0.004443119 1,026.43 5.41% 5.44% 5.33% Jul. 31 0.004539099 1,031.09 5.34% 5.40% 5.35% Aug. 31 0.004461950 1,035.69 5.25% 5.36% 5.36% Sep. 30 0.004266125 1,040.11 5.19% 5.29% 5.36% Oct. 31 0.004355057 1,044.64 5.13% 5.21% 5.36% Nov. 30 0.004144636 1,048.97 5.04% 5.14% 5.35% Dec. 31 0.004214358 1,053.39 4.96% 5.07% 5.34% ---------- Total $0.052123439 (a): Assumes reinvestment of monthly dividends.
WRIGHT U.S. TREASURY MONEY MARKET FUND PORTFOLIO OF INVESTMENTS DECEMBER 31, 1995 =============================================================================== Face Interest Maturity Amount Issuer Rate Date Value - ------------------------------------------------------------------------------- $ 200,000 U. S. Treasury Bills 5.240% 01/25/96 $ 199,301 100,000 U. S. Treasury Bills 5.200% 01/25/96 99,653 600,000 U. S. Treasury Bills 5.210% 01/25/96 597,915 3,500,000 U. S. Treasury Bills 4.700% 02/01/96 3,485,835 1,200,000 U. S. Treasury Bills 5.350% 02/15/96 1,191,975 2,300,000 U. S. Treasury Bills 5.270% 02/22/96 2,282,491 5,250,000 U. S. Treasury Bills 5.310% 02/29/96 5,204,312 950,000 U. S. Treasury Bills 5.280% 03/07/96 940,804 400,000 U. S. Treasury Bills 5.310% 03/07/96 396,106 1,150,000 U. S. Treasury Bills 5.295% 03/07/96 1,138,837 5,500,000 U. S. Treasury Bills 4.760% 03/07/96 5,452,003 2,400,000 U. S. Treasury Bills 5.340% 03/14/96 2,374,012 1,000,000 U. S. Treasury Bills 5.300% 03/14/96 989,253 3,800,000 U. S. Treasury Bills 5.350% 03/28/96 3,750,869 300,000 U. S. Treasury Bills 5.300% 04/04/96 295,848 400,000 U. S. Treasury Bills 5.260% 04/04/96 394,506 900,000 U. S. Treasury Bills 5.270% 04/04/96 887,616 200,000 U. S. Treasury Bills 5.240% 04/04/96 197,264 300,000 U. S. Treasury Bills 5.210% 04/04/96 295,919 1,600,000 U. S. Treasury Bills 5.315% 04/04/96 1,577,795 600,000 U. S. Treasury Bills 5.190% 04/04/96 591,869 3,500,000 U. S. Treasury Bills 5.000% 04/25/96 3,444,097 800,000 U. S. Treasury Bills 5.250% 05/09/96 784,950 600,000 U. S. Treasury Bills 5.270% 05/09/96 588,669 3,300,000 U. S. Treasury Bills 5.240% 05/09/96 3,238,037 1,400,000 U. S. Treasury Bills 5.220% 05/16/96 1,372,392 300,000 U. S. Treasury Bills 5.190% 05/16/96 294,118 400,000 U. S. Treasury Bills 5.120% 05/16/96 392,263 2,000,000 U. S. Treasury Bills 5.180% 05/30/96 1,956,833 200,000 U. S. Treasury Bills 5.210% 05/30/96 195,658 250,000 U. S. Treasury Bills 5.230% 05/30/96 244,552 800,000 U. S. Treasury Bills 5.220% 05/30/96 782,600 ---------- TOTAL INVESTMENTS AT AMORTIZED COST -- 99.5% $45,638,352 Other Assets, less Liabilities -- 0.5% 250,595 ---------- Net Assets -- 100.0% $45,888,947 ===========
See notes to financial statements WRIGHT U.S. TREASURY MONEY MARKET FUND =============================================================================== STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 - ------------------------------------------------------------------------------- ASSETS: Investments, at amortized cost and value (Note 1A).................................... $45,638,352 Cash............................................ 237,761 Receivable for Fund shares sold................. 195,080 Deferred organizational costs (Note 1D)......... 5,440 ---------- Total Assets................................. $46,076,633 LIABILITIES: Payable for Fund shares reacquired.... $121,922 Payable to dividend disbursing agent.. 52,032 Investment Adviser fee payable........ 4,916 Custodian fee payable................. 3,100 Trustees' fees payable................ 250 Accrued expenses and other liabilities 5,466 -------- Total Liabilities.................. 187,686 ----------- NET ASSETS (Consisting of paid-in capital)...... $45,888,947 =========== Net Asset Value, Offering Price, and Redemption Price Per Share ($45,888,947 / 45,888,947 shares of beneficial interest outstanding).......... $1.00 ===========
STATEMENT OF OPERATIONS For the Year Ended December 31, 1995 - ------------------------------------------------------------------------------- INVESTMENT INCOME: Interest income (Note 1B)........................$ 2,632,668 ----------- Expenses -- Investment Adviser fee (Note 3)....... $162,732 Administrator fee (Note 3)............ 32,543 Compensation of Trustees not affiliated with the Investment Adviser or Administrator.. 1,563 Custodian fee (Note 3)................ 42,735 Audit and legal....................... 22,068 Registration costs.................... 15,385 Transfer & dividend disbursing agent fees ................................ 10,284 Shareholder communication expense..... 5,774 Amortization of organization costs(Note 1D)4,630 Printing.............................. 2,611 Miscellaneous......................... 2,526 -------- Total expenses...................... $302,851 -------- Deduct -- Reduction of Investment Adviser fee (Note 3)......................... $ 87,656 Reduction of Custodian fee (Note 3)... 5,959 -------- Total deductions.................... $ 93,615 -------- Net expenses................................... 209,236 ----------- Net investment income..........................$ 2,423,432 ===========
STATEMENTS OF CHANGES IN NET ASSETS - ------------------------------------------------------------------------------- Year Ended December 31 1995 1994 ----------------------------- FROM OPERATIONS: Net investment income.................................................................. $ 2,423,432 $ 1,697,224 ------------ ------------ DIVIDENDS DECLARED FROM NET INVESTMENT INCOME (Note 2).................................... $ (2,423,432) $ (1,697,224) ------------ ------------ FROM FUND SHARE (PRINCIPAL) TRANSACTIONS AT NET ASSET VALUE OF $1.00 PER SHARE (Note 4): Proceeds from sale of shares........................................................... $217,876,175 $204,314,264 Net asset value of shares issued to shareholders in connection with the merger of Wright Managed Money Market Fund (Note 7)............................................ -- 16,981,815 Net asset value of shares issued to shareholders in payment of dividends declared...... 1,823,063 1,121,380 Cost of shares reacquired.............................................................. (242,687,133) (164,551,690) ------------ ------------ Increase (decrease) in net assets from Fund share transactions....................... $(22,987,895) $ 57,865,769 ------------ ------------ Net increase (decrease) in net assets.............................................. $(22,987,895) $ 57,865,769 NET ASSETS: Beginning of year...................................................................... 68,876,842 11,011,073 ------------ ------------ End of year............................................................................ $ 45,888,947 $ 68,876,842 ============= =============
See notes to financial statements. WRIGHT U.S. TREASURY MONEY MARKET FUND ===============================================================================
Year Ended December 31, ------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1995 1994 1993 1992 1991(2) - --------------------------------------------------------------------------------------------------------------------------- Net asset value -- beginning of period......... $1.00 $1.00 $1.00 $1.00 $1.00 Income from Investment Operations: Net investment income(1) .................. 0.05212 0.03494 0.02503 0.03221 0.02526 Less Distributions: From net investment income.................. (0.05212) (0.03494) (0.02503) (0.03221) (0.02526) -------- -------- -------- -------- -------- Net asset value -- end of period............... $1.00 $1.00 $1.00 $1.00 $1.00 ========= ========= ========= ========= ========= Total Return(4)................................ 5.34% 3.55% 2.53% 3.27% 5.06%(3) Ratios/Supplemental Data: Net assets, end of year (000 omitted)....... $45,889 $68,877 $11,011 $13,856 $15,233 Ratio of net expenses to average daily net assets................................ 0.46%(5) 0.45% 0.45% 0.46% 0.25%(3) Ratio of net investment income to average daily net assets................................ 5.22% 3.77% 2.52% 3.19% 4.95%(3) (1)During each of the above periods, the Investment Adviser reduced its fee and in certain periods was allocated a portion of the operating expenses. Had such actions not been undertaken, net investment income per share and the ratios would have been as follows: Year Ended December 31, ------------------------------------------------------------- 1995 1994 1993 1992 1991(2) - --------------------------------------------------------------------------------------------------------------------------- Net investment income per share................ $0.05120 $0.03253 $0.01977 $0.02958 $0.02159 ========= ========= ========= ========= ========= Ratios (As a percentage of average daily net assets): Expenses.................................... 0.65% 0.71% 0.97% 0.72% 0.97%(3) ========= ========= ========= ========= ========= Net investment income ...................... 5.03% 3.51% 1.99% 2.93% 4.23%(3) ========= ========= ========= ========= ========= (2) For the period from the start of business, June 28, 1991, to December 31, 1991. (3) Annualized. (4)Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each period reported. Dividends and distributions, if any, are assumed to be invested at the net asset value on the payable date. (5)Custodian fees were reduced by credits resulting from cash balances the Fund maintained with the Custodian (Note 3). The computation of net expenses to average daily net assets reported above is computed without consideration of such credits, in accordance with reporting regulations in effect beginning in 1995. If these credits were considered, the ratio of net expenses to average daily net asets would have been reduced to 0.45%.
See notes to financial statements WRIGHT U.S. TREASURY MONEY MARKET FUND NOTES TO FINANCIAL STATEMENTS =============================================================================== (1) SIGNIFICANT ACCOUNTING POLICIES Wright U.S. Treasury Money Market Fund (the Fund) is a series of The Wright Managed Income Trust (the Trust) and is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end, management investment company. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with generally accepted accounting principles. A. Valuation of Investments -- Money market instruments are valued at amortized cost, which the Trustees have determined in good faith constitutes fair value. The Fund's use of amortized cost is subject to the Fund's compliance with certain conditions as specified under Rule 2a-7 of the Investment Company Act of 1940. B. Interest Income -- Interest income consists of interest accrued and discount earned (including both original issue and market discount) on the investments of the Fund, accrued ratably to the date of maturity plus or minus net realized gain or loss, if any, on investments. C. Federal Taxes -- The Fund's policy is to comply with the provisions of the Internal Revenue Code available to regulated investment companies and distribute to shareholders each year all of its taxable income. Accordingly, no provision for federal income or excise tax is necessary. D. Deferred Organization Costs -- Costs incurred by the Fund in connection with its organization are being amortized on a straight-line basis through June 1996. E. Other -- Investment transactions are accounted for on the date the investments are purchased or sold. (2) DIVIDENDS The net investment income of the Fund is determined daily, and all of the net investment income so determined is declared as a dividend to shareholders of record at the time of such determination. Dividends are distributed monthly in the form of additional shares of the Fund or, at the election of the shareholder, in cash, on the payable date. (3) INVESTMENT ADVISER AND ADMINISTRATOR FEES AND OTHER TRANSACTIONS WITH AFFILIATES The Fund has engaged Wright Investors' Service (Wright) to perform investment management, investment advisory, and other services. For its services, Wright is compensated based on a percentage of average daily net assets which rate is adjusted as average daily net assets exceed certain levels. For the year ended December 31, 1995, the effective annual rate was 0.35%. To enhance the net income of the Fund, Wright reduced its investment adviser fee by $87,656. The Fund has also engaged Eaton Vance Management (Eaton Vance) to act as administrator of the Fund. Under the Administration Agreement, Eaton Vance is responsible for managing the business affairs of the Fund and is compensated based on a percentage of average daily net assets which rate is reduced as average daily net assets exceed certain levels. For the year ended December 31, 1995, the effective annual rate was 0.07%. The custodian fee was paid to Investors Bank & Trust Company (IBT) for its services as custodian to the Fund. Prior to November 10, 1995, IBT was an affiliate of Eaton Vance. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balances the Fund maintains with IBT. All significant credits are reported as a reduction of expenses in the Statement of Operations. Certain of the Trustees and officers of the Trust are directors/trustees and/or officers of the above organizations. Except as to Trustees who are not affiliated with Wright or Eaton Vance, Trustees and officers receive remuneration for their services to the Fund out of the fees paid to Wright or Eaton Vance. (4) SHARES OF BENEFICIAL INTEREST The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). (5) INVESTMENTS Purchases and sales and maturities of investments aggregated $297,818,179 and $319,229,911, respectively. (6) LINE OF CREDIT The Fund participates with other funds managed by Wright in a line of credit with a bank which allows the Funds to borrow up to $20,000,000 collectively. The line of credit consists of a $10,000,000 committed facility and a $10,000,000 uncommitted facility. Interest is charged to each fund based on its borrowings, at a rate equal to the bank's base rate. In addition, the funds pay a prorated commitment fee computed at a rate of 1/4 of 1% of $10,000,000 less the value of any borrowing. The Trust did not have any borrowings under the line of credit during the year ended December 31, 1995. (7) ACQUISITION OF WRIGHT MANAGED MONEY MARKET FUND On March 30, 1994, the Fund acquired the net assets of Wright Managed Money Market Fund pursuant to a plan of reorganization dated March 28,1994 and approved by the shareholders of both funds. The acquisition was accomplished by a tax-free exchange of 16,981,815 shares of Wright Managed Money Market Fund for the same number of shares of Wright U.S. Treasury Money Market Fund. The aggregate net assets of the Fund immediately after the acquisition was $40,883,041. INDEPENDENT AUDITORS' REPORT =============================================================================== To the Trustees and Shareholders of The Wright Managed Income Trust: We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Wright U.S. Treasury Money Market Fund (one of the series constituting The Wright Managed Income Trust) as of December 31, 1995, and the related statement of operations for the year then ended, the statements of changes in net assets for the years ended December 31, 1995 and 1994, and the financial highlights for each of the years in the five-year period ended December 31, 1995. 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, 1995, 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 Wright U.S. Treasury Money Market Fund series of The Wright Managed Income Trust as of December 31, 1995, the results of its operations, the changes in its net assets, and its financial highlights for the respective stated periods in conformity with generally accepted accounting principles. DELOITTE & TOUCHE, LLP Boston, Massachusetts February 2, 1996 - ------------------------------------------------------------------------------- Description of art work on the back cover of the report Three thin vertical green lines on the right side of the page. - ------------------------------------------------------------------------------- THE WRIGHT U.S. TREASURY MONEY MARKET FUND ANNUAL REPORT OFFICERS AND TRUSTEES OF THE FUNDS Peter M. Donovan, President and Trustee H. Day Brigham, Jr., Vice President, Secretary and Trustee A. M. Moody III, Vice President and Trustee Judith R. Corchard, Vice President Winthrop S. Emmet, Trustee Leland Miles, Trustee Lloyd F. Pierce, Trustee George R. Prefer, Trustee Raymond Van Houtte, Trustee James L. O'Connor, Treasurer William J. Austin, Jr., Assistant Treasurer ADMINISTRATOR Eaton Vance Management 24 Federal Street Boston, Massachusetts 02110 INVESTMENT ADVISER Wright Investors' Service 1000 Lafayette Boulevard Bridgeport, Connecticut 06604 PRINCIPAL UNDERWRITER Wright Investors' Service Distributors, Inc. 1000 Lafayette Boulevard Bridgeport, Connecticut 06604 CUSTODIAN Investors Bank & Trust Company 89 South Street Boston, Massachusetts 02111 TRANSFER AND DIVIDEND DISBURSING AGENT First Data Investor Services Group Wright Managed Investment Funds P.O. Box 1559 Boston, Massachusetts 02104 INDEPENDENT AUDITORS Deloitte & Touche LLP 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-----