-----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, RwRdg0ZctzR1IdRLDkNt8ilP+sUw0qDOm57F8kPzV9RhdHcP7GWzbaA8hPmT5B6a j1UjAX/yq2QemFlFalGflg== 0000715165-96-000004.txt : 19960221 0000715165-96-000004.hdr.sgml : 19960221 ACCESSION NUMBER: 0000715165-96-000004 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960220 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: 96523181 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 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, 1995 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 U.S. TREASURY FUND (WUSTB) is invested in U.S. Treasury bills, notes and bonds, which are guaranteed as to principal and interest by the full faith and credit of the U.S. Government, and which are not expected to be taxable by certain state or municipal governments. Maturities are relatively long. Dividends are accrued daily and paid monthly. WRIGHT U.S. TREASURY NEAR TERM FUND (WNTB), like WUSTB, is a diversified portfolio concentrating on bonds and other obligations of the U.S. Government, which are guaranteed as to principal and interest by the full faith and credit of the U.S. Government. The average weighted maturity varies from one to five years. This portfolio is designed to appeal to the investor seeking a high level of income that is normally somewhat less variable and normally somewhat higher than that available from short-term money market instruments and who is also tolerant of modest fluctuation in capital (i.e. compared with somewhat greater fluctuation likely with longer term fixed income securities). Dividends are accrued daily and paid monthly. WRIGHT 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. TABLE OF CONTENTS =============================================================================== INVESTMENT OBJECTIVES.....................Inside Front Cover LETTER TO SHAREHOLDERS................................... 1 WRIGHT MANAGED INCOME FUNDS -- Dividend Distributions....................... 5 WRIGHT U.S. TREASURY FUND (WUSTB) -- Portfolio of Investments..................... 7 Financial Statements......................... 8 WRIGHT U.S. TREASURY NEAR TERM FUND (WNTB) -- Portfolio of Investments.................... 11 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 REPORT TO SHAREHOLDERS =============================================================================== WRIGHT U.S. TREASURY FUND The Wright U.S. Treasury Fund (WUSTB) earned a 7.4% total investment return in the fourth quarter of 1995, double the 3.6% return reported for the Lipper Fixed-Income Fund average. For all of 1995, the WUSTB had a total investment return of 28.2%. Over the past ten years, it has averaged a 10.2% annual rate of return, comparing favorably with the 8.1% annual rate of return in the Lipper Bond Fund average. As its name suggests, the U.S. Treasury Fund holds U.S. Treasury securities exclusively. At the end of 1995, average yield to maturity was 6.2%, down from 6.8% on September 30. Currently, Fund holdings have an average maturity of 18.9 years and an average duration of 10.1 years, down slightly from 19.2 years and 10.2 years, respectively, at September 30. Treasury yields in the 20-year maturity range declined about 60 basis points over the course of the fourth quarter of 1995. Wright believes that a resolution of the budget impasse in Washington and additional Fed easing would clear the way for a further reduction in long-term interest rates, although of a smaller magnitude than the decline seen in 1995. With inflation not expected to exceed 3% any time soon and further Federal Reserve easing likely early in 1996, long-term bond yields could decline another 25-50 basis points over the course of 1996, in Wright's view. WRIGHT TOTAL RETURN BOND FUND After a temporary bout of weakness in the third quarter, the bull market in bonds resumed in the final period of 1995, with yields on 10-year U.S. Treasury bonds declining 60 basis points to 26-month lows. Declining interest rates propelled the Wright Total Return Bond Fund (WTRB) to an investment return of 5.7% for the fourth quarter, one-to-two percentage points above the Lehman Government/Corporate Bond average (4.7%) and the Lipper Fixed-Income Fund average (3.6%). The strong fourth quarter brought the return on the WTRB for all of 1995 to 22.0%, well above the 15.2% return for the Lipper Fixed-Income Fund average. For the five years through December 1995, the WTRB Fund's 9.4% average compound annual rate of total investment return is nominally ahead of the Lipper Fund average return. Since it began in July 1983, the Wright Total Return Bond Fund has averaged a 10.5% annual rate of total investment return, more than one percentage point ahead of the 9.2% return for the average Lipper Bond Fund over the same period. At the end of 1995, WTRB Fund's holdings consisted of 49% U.S. Treasury securities, 12% U.S. government agencies and 39% high-quality corporate bonds. The Fund's average maturity was moved up to 11.4 years over the fourth quarter from 9.9 years at the end of the third quarter, while duration climbed to 7.5 years from 6.8 years. At December 31, 1995, WTRB's average yield to maurity was 6.0%, versus 6.5% three months earlier. WRIGHT U.S. TREASURY NEAR TERM FUND Yields on Treasury securities in the two-to-three year maturity range declined nearly 70 basis points during the fourth quarter of 1995. The Wright U.S. Treasury Near Term Fund (WNTB), with an average maturity of 2.5 years at the end of 1995 (down from 2.8 years three months earlier), saw its average yield to maturity decline to 5.3% from 5.9%. The WNTB Fund earned a total return of 2.6% in the final quarter of the year, bringing its full-year return to 11.9%. Since inception in 1983, it has averaged an 8.5% annual rate of total return. At the end of the fourth quarter, 75% of WNTB's holdings were U.S. Treasury securities and 25% were government agency issues. Wright believes that the Federal Reserve, having reduced interest rates twice during 1995, will continue to ease monetary policy in early 1996, resulting in further declines in short-term interest rates. While returns on near-term bonds are likely to exceed those on Treasury bills in the year ahead, they are not likely to match those earned in 1995. WRIGHT CURRENT INCOME FUND Mortgage rates declined over 50 basis points during the fourth quarter of 1995 and over 200 basis points for the full year. As a result of these declines, the Wright Current Income Fund (WCIF) had total returns of 3.4% in the final quarter of 1995 (versus 3.6% estimated for the Morningstar Government Mortgage Fund average) and 17.5% for all of 1995 (15.7% for the Morningstar average). The Wright Current Income Fund, which pays its dividend monthly, had a current yield of 6.5% at the end of 1995, down from 6.6% at September 30. With inflation not likely to get much above 3% in the near future, the Fund's yield, along with its stability, are attractive for income-oriented investors, in Wright's view. WCIF holds only mortgage-backed securities (Ginnie Maes) backed by the full faith and credit of the U.S. government; it does not hold any derivative securities. WRIGHT INSURED TAX FREE BOND FUND The Wright Insured Tax Free Bond Fund (WTFB) holds AAA-insured tax-exempt municipal securities. For the three months through December 1995, WTFB had a total return of 2.1%, compared with a 4.2% return estimated for the average insured tax free bond fund. For all of 1995, WTFB's 11.6% return compares with 15.1% for the average tax exempt fund. WTFB's average annual rate of return since inception in April 1985 is 7.2%, as compared with 8.4% for the average insured tax free bond fund over the same period. At December 31, the average yield to maturity of WTFB holdings was 4.9%, versus 5.4% three months earlier; the average maturity of Fund holdings was 8.4 years, little changed for the quarter. It should be understood that performance data quoted herein represents past performance and that the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Sincerely, Peter M. Donovan President February 1996 WRIGHT MANAGED INCOME TRUST - BOND FUNDS WRIGHT U.S. TREASURY FUND Growth of $10,000 invested 12/31/85 through 12/31/95 Annual Total Return ------------------------------------------ Lst 1 Yr Lst 5 Yrs Lst 10 Yrs Wright U.S. Treasury Fund +28.2% +11.3% +10.2% Lehman Gov't/Corp Index +19.2% +9.8% +9.6% Lipper Fixed Income Funds +15.2% +9.3% +8.1% The cumulative total return of a U.S. $10,000 investment in the WRIGHT U.S. TREASURY FUND on 12/31/85 would have grown to $26,448 by December 31, 1995.
The following plotting points are used for comparison in the total investment return mountain chart. Date Wright U.S. Lehman Gov't/Co Lipper Fixed Treasury Fund Index Income Funds -------------------------------------------------------------------- 12/31/85 $10,000 $10,000 $10,000 12/31/86 $11,991 $11,562 $11,270 12/31/87 $11,636 $11,827 $11,413 12/31/88 $12,520 $12,723 $12,316 12/31/89 $14,557 $14,535 $13,476 12/31/90 $15,478 $15,739 $14,050 12/31/91 $18,196 $18,276 $16,603 12/31/92 $19,482 $19,662 $17,910 12/31/93 $22,580 $21,831 $19,642 12/31/94 $20,633 $21,065 $18,998 12/31/95 $26,448 $25,119 $21,889
WRIGHT MANAGED INCOME TRUST - BOND FUNDS WRIGHT U.S. TREASURY NEAR TERM FUND Growth of $10,000 invested 12/31/85 through 12/31/95 Annual Total Return ------------------------------------------- Lst 1 Yr Lst 5 Yrs Lst 10 Yrs Wright U.S. Treasury Near Term Fund +11.9% +7.1% +7.6% Lehman Gov't/Corp Index +19.2% +9.8% +9.6% Morningstar Gov't (1-5 Yrs) Funds e+11.4% e+6.7% e+7.4% The cumulative total return of a U.S. $10,000 investment in the WRIGHT U.S. TREASURY NEAR TERM FUND on 12/31/85 would have grown to $20,724 by December 31, 1995.
The following plotting points are used for comparison in the total investment return mountain chart. Date Wright U.S. Lehman Gov't/Corp Morningstar Gov't Treasury Near Term Index (1-5 Yrs) Funds ---------------------------------------------------------------------------- 12/31/85 $10,000 $10,000 $10,000 12/31/86 $11,312 $11,562 $11,221 12/31/87 $11,576 $11,827 $11,549 12/31/88 $12,242 $12,723 $12,314 12/31/89 $13,609 $14,535 $13,644 12/31/90 $14,730 $15,739 $14,818 12/31/91 $16,656 $18,276 $16,760 12/31/92 $17,698 $19,662 $17,692 12/31/93 $19,106 $21,831 $18,774 12/31/94 $18,515 $21,065 $18,390 12/31/95 $20,724 $25,119 $20,484
WRIGHT MANAGED INCOME TRUST - BOND FUNDS WRIGHT TOTAL RETURN BOND FUND Growth of $10,000 invested 12/31/85 through 12/31/95 Annual Total Return ------------------------------------------ Lst 1 Yr Lst 5 Yrs Lst 10 Yrs Wright Total Return Bond Fund +22.0% +9.4% +8.9% Lehman Gov't/Corp Index +19.2% +9.8% +9.6% Lipper Fixed Income Funds +15.2% +9.3% +8.1% The cumulative total return of a U.S. $10,000 investment in the WRIGHT TOTAL RETURN BOND FUND on 12/31/85 would have grown to $23,424 by December 31, 1995.
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 -------------------------------------------------------------------- 12/31/85 $10,000 $10,000 $10,000 12/31/86 $12,054 $11,562 $11,270 12/31/87 $11,676 $11,827 $11,413 12/31/88 $12,522 $12,723 $12,316 12/31/89 $14,223 $14,535 $13,476 12/31/90 $14,976 $15,739 $14,050 12/31/91 $17,279 $18,276 $16,603 12/31/92 $18,510 $19,662 $17,910 12/31/93 $20,551 $21,831 $19,642 12/31/94 $19,205 $21,065 $18,998 12/31/95 $23,424 $25,119 $21,889
WRIGHT MANAGED INCOME TRUST - BOND FUNDS WRIGHT TAX-FREE BOND FUND Growth of $10,000 invested 12/31/85 through 12/31/95 Annual Total Return ------------------------------------------ Lst 1 Yr Lst 5 Yrs Lst 10 Yrs Wright Tax-Free Bond Fund +11.6% +7.0% +7.1% Lehman Gov't/Corp Index +19.2% +9.8% +9.6% Lehman Municipal Bond index +17.5% +8.6% +9.2% The cumulative total return of a U.S. $10,000 investment in the WRIGHT TAX-FREE BOND FUND on 12/31/85 would have grown to $19,871 by December 31, 1995.
The following plotting points are used for comparison in the total investment return mountain chart. Date Wright Tax-Free Lehman Gov't/Corp Lehman Municipal Bond Fund Index Bond index --------------------------------------------------------------------- 12/31/85 $10,000 $10,000 $10,000 12/31/86 $11,467 $11,562 $11,932 12/31/87 $11,726 $11,827 $12,111 12/31/88 $12,479 $12,723 $13,341 12/31/89 $13,366 $14,535 $14,779 12/31/90 $14,158 $15,739 $15,990 12/31/91 $15,646 $18,276 $17,784 12/31/92 $16,884 $19,662 $19,351 12/31/93 $18,554 $21,831 $21,729 12/31/94 $17,799 $21,065 $20,606 12/31/95 $19,871 $25,119 $24,202
WRIGHT MANAGED INCOME TRUST - BOND FUNDS WRIGHT CURRENT INCOME FUND Growth of $10,000 invested 4/30/87* through 12/31/95 Annual Total Return --------------------------------------------- Lst 1 Yr Lst 5 Yrs Since Incept* Wright Current Income Fund +17.5% +8.3% +9.0% Lehman Gov't/Corp Index +19.2% +9.8% +9.5% Lehman Mtg-Backed index +16.8% +8.7% +9.6% The cumulative total return of a U.S. $10,000 investment in the WRIGHT CURRENT INCOME BOND FUND on 4/30/87 would have grown to $21,162 by December 31, 1995.
The following plotting points are used for comparison in the total investment return mountain chart. Date Wright Current Lehman Gov't/Corp Lehman Mtg-Backed Income Fund Index Index ----------------------------------------------------------------------- 04/30/87 $10,000 $10,000 $10,000 12/31/87 $10,416 $10,356 $10,500 12/31/88 $11,323 $11,141 $11,416 12/31/89 $12,925 $12,728 $13,169 12/31/90 $14,198 $13,782 $14,581 12/31/91 $16,372 $16,004 $16,873 12/31/92 $17,475 $17,217 $18,048 12/31/93 $18,626 $19,117 $19,283 12/31/94 $18,016 $18,446 $18,972 12/31/95 $21,162 $21,996 $22,160 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 1520 Fixed Income Funds and Morningstar's average of 111 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- 12 Month 5 Year 10 Year Cum. Period Per bution bution Shares Invstmnt Invstmnt Invstmnt Invstmnt Ending Share $ P/S in Shares Owned Value Return Return Return Return (Annualized) (Annualized)(Annualized) - ---------------------------------------------------------------------------------------------------------------------------- THE INCOME TRUST -- WRIGHT U.S. TREASURY FUND (WUSTB) - ------------------------------------------------------ 7/25/83 $10.00 100.000 $1,000.00 12/94 12.25 246.633 3,021.26 -8.66% 7.22% 10.05% 10.15% 1/95 12.47 $0.078287 0.006278 248.277 3,096.01 -8.47% 8.45% 10.01% 10.31% 2/95 12.75 0.068402 0.005335 249.601 3,182.41 -1.72% 9.16% 10.67% 10.50% 3/95 12.75 0.076666 0.006013 251.102 3,201.55 3.28% 9.35% 10.51% 10.47% 4/95 12.89 0.072035 0.005588 252.505 3,254.79 6.83% 10.22% 10.44% 10.55% 5/95 13.77 0.074356 0.005400 253.869 3,495.77 15.41% 10.86% 10.51% 11.14% 6/95 13.85 0.072657 0.005246 255.200 3,534.53 17.86% 10.63% 10.52% 11.16% 7/95 13.56 0.074606 0.005502 256.605 3,479.56 12.50% 10.08% 10.48% 10.93% 8/95 13.75 0.074154 0.005393 257.988 3,547.34 15.54% 11.43% 10.42% 11.03% 9/95 13.91 0.071874 0.005167 259.321 3,607.16 21.17% 11.52% 10.59% 11.10% 10/95 14.20 0.073676 0.005188 260.667 3,701.47 25.00% 11.62% 10.57% 11.26% 11/95 14.44 0.073766 0.005108 261.999 3,783.26 27.20% 11.24% 10.44% 11.38% 12/95 14.71 0.067219 0.004566 263.195 3,871.60 28.18% 11.31% 10.21% 11.51% --------- Total $0.877698
THE INCOME TRUST -- WRIGHT U.S. TREASURY NEAR TERM FUND (WNTB) - --------------------------------------------------------------- 7/25/83 $10.00 100.000 $1,000.00 12/94 9.92 249.659 2,476.61 -3.10% 6.35% 7.88% 8.25% 1/95 10.00 $0.051672 0.005167 250.975 2,509.75 -2.82% 6.80% 7.87% 8.31% 2/95 10.11 0.048232 0.004771 252.172 2,549.46 0.50% 7.08% 8.14% 8.40% 3/95 10.11 0.051589 0.005103 253.459 2,562.47 2.93% 7.18% 8.06% 8.39% 4/95 10.16 0.051314 0.005051 254.739 2,588.15 4.89% 7.45% 8.08% 8.42% 5/95 10.36 0.052921 0.005108 256.041 2,652.58 7.61% 7.54% 8.03% 8.58% 6/95 10.37 0.052615 0.005074 257.340 2,668.61 8.17% 7.43% 8.00% 8.57% 7/95 10.32 0.053425 0.005177 258.672 2,669.49 6.95% 7.15% 8.03% 8.51% 8/95 10.34 0.052851 0.005111 259.994 2,688.34 7.52% 7.38% 7.93% 8.52% 9/95 10.34 0.052174 0.005046 261.306 2,701.90 8.72% 7.32% 7.96% 8.50% 10/95 10.38 0.053507 0.005155 262.653 2,726.34 9.62% 7.27% 7.88% 8.52% 11/95 10.43 0.051860 0.004972 263.959 2,753.09 11.39% 7.17% 7.76% 8.55% 12/95 10.45 0.053142 0.005085 265.301 2,772.40 11.93% 7.07% 7.56% 8.55% --------- Total $0.625302
THE INCOME TRUST -- WRIGHT TOTAL RETURN BOND FUND (WTRB) - --------------------------------------------------------- 7/25/83 $10.00 100.000 $1,000.00 12/94 11.43 249.141 2,847.68 -6.57% 6.19% 9.33% 9.58% 1/95 11.59 0.062608 0.005402 250.518 2,903.50 -6.13% 7.19% 9.18% 9.69% 2/95 11.83 0.061940 0.005236 251.829 2,979.14 -0.74% 7.78% 9.86% 9.87% 3/95 11.86 0.064429 0.005432 253.197 3,002.92 3.45% 8.01% 9.73% 9.87% 4/95 11.97 0.062814 0.005248 254.526 3,046.68 6.35% 8.74% 9.62% 9.93% 5/95 12.54 0.062217 0.004961 255.789 3,207.59 12.22% 9.03% 9.42% 10.34% 6/95 12.58 0.062061 0.004933 257.051 3,233.70 13.60% 8.78% 9.39% 10.34% 7/95 12.41 0.062429 0.005031 258.344 3,206.05 10.56% 8.36% 9.46% 10.18% 8/95 12.52 0.063063 0.005037 259.645 3,250.76 11.99% 9.34% 9.32% 10.23% 9/95 12.60 0.062361 0.004949 260.930 3,287.72 15.10% 9.44% 9.44% 10.26% 10/95 12.75 0.062736 0.004920 262.214 3,343.23 17.44% 9.48% 9.31% 10.34% 11/95 12.95 0.062342 0.004814 263.477 3,412.02 20.36% 9.35% 9.16% 10.45% 12/95 13.12 0.064282 0.004900 264.767 3,473.75 21.97% 9.36% 8.88% 10.53% --------- Total $0.753282
THE INCOME TRUST -- WRIGHT INSURED TAX-FREE BOND FUND (WTFB) - ------------------------------------------------------------- 4/9/85 $10.00 100.000 $1,000.00 12/94 11.02 170.912 1,883.45 -4.08% 5.89% -- 6.72% 1/95 11.11 $0.045820 0.004124 171.635 1,906.86 -3.95% 6.42% -- 6.80% 2/95 11.31 0.046146 0.004080 172.335 1,949.11 0.25% 6.63% -- 6.98% 3/95 11.37 0.044421 0.003907 173.008 1,967.10 4.36% 6.88% -- 7.02% 4/95 11.36 0.043871 0.003862 173.676 1,972.96 4.70% 7.11% -- 6.99% 5/95 11.55 0.044598 0.003861 174.347 2,013.71 6.42% 7.08% 7.09% 7.15% 6/95 11.49 0.043654 0.003799 175.009 2,010.86 6.46% 6.84% 7.08% 7.07% 7/95 11.56 0.044448 0.003845 175.682 2,030.89 5.79% 6.75% 7.20% 7.11% 8/95 11.63 0.043816 0.003767 176.344 2,050.88 6.60% 7.51% 7.35% 7.16% 9/95 11.63 0.044969 0.003867 177.026 2,058.81 8.07% 7.56% 7.62% 7.14% 10/95 11.70 0.043682 0.003734 177.687 2,078.94 10.12% 7.46% 7.46% 7.18% 11/95 11.76 0.043086 0.003664 178.338 2,097.26 12.83% 7.08% 7.26% 7.21% 12/95 11.75 0.042000 0.003575 178.976 2,102.96 11.64% 7.01% 7.11% 7.18% --------- Total $0.530511
THE INCOME TRUST -- WRIGHT CURRENT INCOME FUND (WCIF) - ------------------------------------------------------ 4/14/87 $10.00 100.000 $1,000.00 12/94 9.71 185.309 1,799.35 -3.30% 6.86% -- 7.91% 1/95 9.87 $0.059081 0.005986 186.466 1,840.42 -1.97% 7.54% -- 8.13% 2/95 10.08 0.059476 0.005900 187.566 1,890.67 1.68% 8.01% -- 8.42% 3/95 10.06 0.058751 0.005840 188.662 1,897.94 5.38% 8.06% -- 8.38% 4/95 10.15 0.058044 0.005719 189.741 1,925.87 7.82% 8.64% -- 8.49% 5/95 10.45 0.056515 0.005408 190.767 1,993.51 11.54% 8.70% -- 8.86% 6/95 10.45 0.056713 0.005427 191.802 2,004.33 12.75% 8.46% -- 8.84% 7/95 10.39 0.057078 0.005494 192.856 2,003.77 10.29% 8.13% -- 8.74% 8/95 10.45 0.057155 0.005469 193.910 2,026.36 11.45% 8.57% -- 8.79% 9/95 10.49 0.057370 0.005469 194.971 2,045.25 14.44% 8.61% -- 8.82% 10/95 10.51 0.057266 0.005449 196.033 2,060.31 15.77% 8.57% -- 8.82% 11/95 10.59 0.056816 0.005365 197.085 2,087.13 17.52% 8.37% -- 8.90% 12/95 10.67 0.056552 0.005300 198.130 2,114.04 17.46% 8.31% -- 8.97% --------- Total $0.690817
WRIGHT U.S. TREASURY FUND (WUSTB) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1995 =================================================================================================================================== 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% 02/15/20 $130.656 $ 1,959,840 6.51% 6.06% 600,000 U. S. Treasury Bonds 11.625% 11/15/04 141.531 849,186 8.21% 5.61% 1,000,000 U. S. Treasury Bonds 10.000% 05/15/10 130.406 1,304,060 7.67% 6.66% 1,300,000 U. S. Treasury Bonds 14.000% 11/15/11 165.859 2,156,167 8.44% 7.04% 1,000,000 U. S. Treasury Bonds 11.250% 02/15/15 160.078 1,600,780 7.03% 5.95% 2,000,000 U. S. Treasury Bonds 7.250% 05/15/16 114.187 2,283,740 6.35% 6.04% 1,400,000 U. S. Treasury Bonds 7.500% 11/15/16 117.250 1,641,500 6.40% 6.03% 1,500,000 U. S. Treasury Bonds 8.125% 08/15/19 125.734 1,886,010 6.46% 6.06% 550,000 U. S. Treasury Bonds 7.875% 02/15/21 123.141 677,276 6.40% 6.08% 500,000 U. S. Treasury Bonds 6.500% 08/15/05 106.531 532,655 6.10% 5.61% ----------- Total Investments (identified cost, $12,564,565) -- 98.3% $14,891,214 6.84% 6.13% ======= ======= Other Assets, less Liabilities -- 1.7% 265,030 ----------- Net Assets -- 100.0% $15,156,244 ============ Average Maturity -- 18.8 Years(1) (1) Unaudited.
See notes to financial statements WRIGHT U.S. TREASURY FUND =============================================================================== STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 - ------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost........................ $ 12,564,565 Unrealized appreciation................ 2,326,649 ------------ Total value (Note 1A)................ $ 14,891,214 Cash..................................... 50,383 Interest receivable...................... 243,021 Receivable for Fund shares sold.......... 34,098 ------------ Total Assets........................... $ 15,218,716 ------------ LIABILITIES: Payable for Fund shares reacquired....... $ 5,166 Payable to dividend disbursing agent..... 36,101 Investment Adviser fee payable........... 15,256 Trustees' fees payable................... 250 Custodian fee payable.................... 2,500 Accrued expenses and other liabilities... 3,199 ------------ Total Liabilities...................... $ 62,472 ------------ NET ASSETS.................................. $ 15,156,244 ============ NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed.. $ 13,256,456 Accumulated net realized loss on investments (computed on the basis of identified cost) (434,300) Unrealized appreciation of investments (computed on the basis of identified cost)......... 2,326,649 Undistributed net investment income......... 7,439 Net assets applicable to outstanding shares $ 15,156,244 ============ SHARES OF BENEFICIAL INTEREST OUTSTANDING.............................. 1,030,135 ============ NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST................... $14.71 ============
STATEMENT OF OPERATIONS For the Year Ended December 31, 1995 - ------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B)................ $ 1,219,456 ------------ Expenses -- Investment Adviser fee (Note 3)........ $ 65,539 Administrator fee (Note 3)............. 16,384 Compensation of trustees not affiliated with the Investment Adviser or Administrator 1,603 Distribution expenses (Note 4)......... 32,770 Custodian fee (Note 3)................. 34,697 Audit services......................... 23,583 Transfer and dividend disbursing agent fees 6,018 Shareholder communication expense...... 1,822 Registration costs..................... 15,140 Printing............................... 1,904 Legal services......................... 980 Miscellaneous.......................... 2,061 ------------ Total expenses....................... $ 202,501 ------------ Deduct -- Reduction of distribution expenses by Principal Underwriter (Note 4)... $ 32,770 Reduction of Investment Adviser fee (Note 3)............................ 17,515 Reduction of custodian fee (Note 3).. 4,754 ------------ Total deductions..................... $ 55,039 ------------ Net expenses......................... $ 147,462 ------------ Net investment income.............. $ 1,071,994 ------------ REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investment transactions (identified cost basis)................ $ 529,670 Change in unrealized appreciation of investments......................... 2,464,279 ------------ Net realized and unrealized gain on investments..................... $ 2,993,949 ------------ Net increase in net assets from operations.................... $ 4,065,943 ============
See notes to financial statements WRIGHT U.S. TREASURY FUND =============================================================================== Year Ended December 31, ------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS 1995 1994 - --------------------------------------------------------------------------------------------------------------------------- INREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 1,071,994 $ 1,439,454 Net realized gain on investment transactions......................................................... 529,670 358,064 Change in unrealized appreciation of investments....................................................... 2,464,279 (3,989,643) ------------ ------------ Increase (decrease) in net assets from operations................. $ 4,065,943 $ (2,192,125) Distributions to shareholders from net investment income................... (1,072,005) (1,439,554) Net decrease from Fund share transactions (Note 5) .............................................................. (4,496,109) (9,556,034) ------------ ------------ Net decrease in net assets........................................ $ (1,502,171) $ (13,187,713) NET ASSETS: At beginning of year....................................................... 16,658,415 29,846,128 ------------ ------------ At end of year............................................................. $ 15,156,244 $ 16,658,415 ============= ============= UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS............................................................. $ 7,439 $ 7,444 ============= =============
See notes to financial statements WRIGHT U.S. TREASURY FUND =============================================================================================================================== Year Ended December 31, ----------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1995 1994 1993 1992 1991 - ------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of year.......... $ 12.250 $ 14.360 $ 13.190 $ 13.220 $ 12.100 -------- -------- -------- -------- -------- Income (loss) from Investment Operations: Net investment income(1)................. $ 0.880 $ 0.880 $ 0.892 $ 0.911 $ 0.902 Net realized and unrealized gain (loss) on investments......................... 2.458 (2.110) 1.170 (0.030) 1.120 -------- -------- -------- -------- -------- Total income (loss) from investment operations........... $ 3.338 $ (1.230) $ 2.062 $ 0.881 $ 2.022 -------- -------- -------- -------- -------- Less Distributions: From net investment income............... $ (0.878) $ (0.880) $ (0.892) $ (0.911) $ (0.902) -------- -------- -------- -------- -------- Net asset value, end of year................ $ 14.710 $ 12.250 $ 14.360 $ 13.190 $ 13.220 ========= ========= ========= ========= ========= Total Return(2)............................. 28.18% (8.66%) 15.90% 7.07% 17.56% Ratios/Supplemental Data: Net assets, end of period (000 omitted).. $ 15,156 $ 16,658 $ 29,846 $ 29,703 $ 33,857 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............................. 6.6% 6.9% 6.3% 7.1% 7.4% Portfolio Turnover Rate.................. 8% 1% 12% 15% 15% (1)During each of the four years ended December 31, 1995, the operating expenses of the Fund were reduced by an allocation of expenses to the Investment Adviser or a reduction in distribution fee, or a combination thereof. Had such action not been undertaken, the net investment income per share and the ratios would have been as follows: Year Ended December 31, -------------------------------------------- 1995 1994 1993 1992 - -------------------------------------------------------------------------------------------------------------- Net investment income per share............. $ 0.827 $ 0.854 $ 0.878 $ 0.898 ========= ========= ========= ========= Ratios (As a percentage of average net assets): Expenses .............................. 1.2% 1.1% 1.0% 1.0% ========= ========= ========= ========= Net investment income.................... 6.2% 6.7% 6.2% 7.0% ========= ========= ========= ========= (2)Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each year reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the record date.
See notes to financial statements WRIGHT U.S. TREASURY NEAR TERM FUND (WNTB) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1995 =================================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield(1) Maturity(1) - ----------------------------------------------------------------------------------------------------------------------------------- $ 7,000,000 U. S. Treasury Note 5.125% 03/31/98 $ 99.828 $ 6,987,960 5.13% 5.20% 2,000,000 U. S. Treasury Note 7.125% 10/15/98 104.812 2,096,240 6.80% 5.24% 3,000,000 U. S. Treasury Note 5.125% 12/31/98 99.656 2,989,680 5.14% 5.25% 3,450,000 U. S. Treasury Note 9.000% 05/15/98 108.281 3,735,695 8.31% 5.24% 2,000,000 U. S. Treasury Note 7.875% 11/15/99 108.719 2,174,380 7.24% 5.35% 2,000,000 U. S. Treasury Note 7.250% 11/15/96 101.656 2,033,120 7.13% 5.83% 2,100,000 U. S. Treasury Note 8.125% 02/15/98 105.750 2,220,750 7.68% 5.23% 2,000,000 U. S. Treasury Note 8.000% 08/15/99 108.656 2,173,120 7.36% 5.33% 1,500,000 U. S. Treasury Note 8.500% 02/15/00 111.437 1,671,555 7.63% 5.37% 3,000,000 U. S. Treasury Note 7.000% 04/15/99 105.062 3,151,860 6.66% 5.29% 2,000,000 U. S. Treasury Note 6.375% 01/15/99 103.109 2,062,180 6.18% 5.26% 3,000,000 U. S. Treasury Note 6.875% 03/31/97 101.969 3,059,070 6.74% 5.19% 5,000,000 U. S. Treasury Note 6.375% 06/30/97 101.656 5,082,800 6.27% 5.19% 7,000,000 U. S. Treasury Note 5.625% 08/31/97 100.641 7,044,870 5.59% 5.20% 6,500,000 U. S. Treasury Note 6.000% 11/30/97 101.469 6,595,485 5.91% 5.20% 1,500,000 U. S. Treasury Note 5.125% 06/30/98 99.797 1,496,955 5.14% 5.21% 2,000,000 U. S. Treasury Note 5.875% 08/15/98 101.578 2,031,560 5.78% 5.23% 20,000,000 U. S. Treasury Note 7.875% 04/15/98 105.594 21,118,800 7.46% 5.23% 12,500,000 U. S. Treasury Note 7.500% 11/15/01 110.141 13,767,625 6.81% 5.44% 2,000,000 U. S. Treasury Note 5.125% 03/31/96 99.969 1,999,380 5.13% 5.22% 12,000,000 U. S. Treasury Note 7.125% 02/29/00 106.453 12,774,360 6.69% 5.37% 5,000,000 Federal Home Loan Banks 8.250% 05/27/96 101.125 5,056,250 8.16% 5.38% 5,000,000 Federal Home Loan Banks 8.250% 06/25/96 101.359 5,067,950 8.14% 5.36% 5,500,000 Federal Home Loan Banks 8.000% 07/25/96 101.453 5,579,915 7.89% 5.36% 14,500,000 Federal Home Loan Banks 8.250% 09/25/96 102.016 14,792,320 8.09% 5.39% 1,150,000 Federal Home Loan Banks 8.600% 06/25/99 109.812 1,262,837 7.83% 5.47% 3,400,000 Federal Home Loan Banks 5.020% 11/16/98 99.115 3,369,910 5.06% 5.35% ----------- ------ ------ Total Investments (identified cost, $136,992,741) -- 98.5% $141,396,627 6.70% 5.31% ======= ======= Other Assets, Less Liabilities -- 1.5% 2,203,207 ----------- Net Assets -- 100.0% $143,599,834 ============ Average Maturity -- 2.4 Years(1) (1) Unaudited.
See notes to financial statements WRIGHT U.S. TREASURY NEAR TERM FUND =============================================================================== STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 - ------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost........................ $136,992,741 Unrealized appreciation................ 4,403,886 ------------ Total value (Note 1A)................ $141,396,627 Cash..................................... 22,110 Receivable for Fund shares sold.......... 400,984 Interest receivable...................... 2,367,652 ------------ Total Assets........................... $144,187,373 ------------ LIABILITIES: Payable for Fund shares reacquired....... $ 248,595 Payable to dividend disbursing agent..... 325,844 Trustees' fees payable................... 250 Custodian fee payable.................... 4,500 Accrued expenses and other liabilities... 8,350 ------------ Total Liabilities...................... $ 587,539 ------------ NET ASSETS.................................. $143,599,834 ============ NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed................................. $160,668,525 Accumulated net realized loss on investment transactions (computed on the basis of identified cost)......................... (21,682,260) Unrealized appreciation of investments (computed on the basis of identified cost) 4,403,886 Undistributed net investment income......... 209,683 Net assets applicable to outstanding shares $143,599,834 ============ SHARES OF BENEFICIAL INTEREST OUTSTANDING.............................. 13,738,237 ============ NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST................... $10.45 ============
STATEMENT OF OPERATIONS For the Year Ended December 31, 1995 - ------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B)................ $ 11,961,829 ------------ Expenses -- Investment Adviser fee (Note 3)........ $ 739,265 Administrator fee (Note 3)............. 129,501 Compensation of trustees not affiliated with the Investment Adviser or Administrator 2,170 Distribution expenses (Note 4)......... 347,507 Custodian fee (Note 3)................. 60,902 Transfer and dividend disbursing agent fees 14,130 Shareholder communication expense...... 22,064 Audit services......................... 30,983 Registration costs..................... 15,972 Printing............................... 1,992 Legal services......................... 1,579 Miscellaneous.......................... 7,245 ------------ Total expenses....................... $ 1,373,310 Deduct -- Reduction of custodian fee........... 12,111 ------------ Net expenses......................... $ 1,361,199 ------------ Net investment income.............. $ 10,600,630 ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized loss on investment transactions (identified cost basis)................ $ (376,568) Change in unrealized appreciation of investments......................... 10,227,881 ------------ Net realized and unrealized gain on investments..................... $ 9,851,313 ------------ Net increase in net assets from operations.................... $ 20,451,943 ============
See notes to financial statements WRIGHT U.S. TREASURY NEAR TERM FUND =============================================================================== Year Ended December 31, ----------------------------- STATEMENTS OF CHANGES IN NET ASSETS 1995 1994 - ------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 10,600,630 $ 16,679,095 Net realized loss on investment transactions......................................................... (376,568) (6,936,070) Change in unrealized appreciation of investments....................................................... 10,227,881 (20,360,712) --------------- --------------- Increase (decrease) in net assets from operations................. $ 20,451,943 $ (10,617,687) Distributions to shareholders from net investment income................... (10,580,700) (16,671,903) Net decrease from Fund share transactions (Note 5)......................... (78,393,631) (141,505,123) ---------------- --------------- Net decrease in net assets........................................ $ (68,522,388) $ (168,794,713) NET ASSETS: At beginning of year....................................................... 212,122,222 380,916,935 --------------- ------------- At end of year............................................................. $ 143,599,834 $ 212,122,222 ============= ============= UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS............................................................. $ 209,683 $ 189,753 ============= =============
See notes to financial statements WRIGHT U.S. TREASURY NEAR TERM FUND ================================================================================================================================== Year Ended December 31, --------------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1995 1994 1993 1992 1991 - ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of year.......... $ 9.920 $ 10.840 $ 10.660 $ 10.750 $ 10.260 -------- -------- -------- -------- -------- Income (loss) from Investment Operations: Net investment income.................... $ 0.631 $ 0.588 $ 0.655 $ 0.739 $ 0.795 Net realized and unrealized gain (loss) on investments......................... 0.524 (0.920) 0.180 (0.090) 0.489 -------- -------- -------- -------- -------- Total income (loss) from investment operations........................... $ 1.155 $ (0.332) $ 0.835 $ 0.649 $ 1.284 -------- -------- -------- -------- -------- Less distributions from net investment income $ (0.625) $ (0.588) $ (0.655) $ (0.739) $ 0.794) -------- -------- -------- -------- -------- Net asset value, end of year................ $ 10.450 $ 9.920 $ 10.840 $ 10.660 $ 10.750 ========= ========= ========= ========= ========= Total Return(1)............................. 11.93% (3.10%) 7.95% 6.26% 13.08% Ratios/Supplemental Data: Net assets, end of year (000 omitted).... $143,600 $212,122 $ 380,917 $ 371,074 $232,407 Ratio of expenses to average net assets.. 0.8% 0.7% 0.7% 0.8% 0.8% Ratio of net investment income to average net assets............................. 6.2% 5.7% 6.0% 6.9% 7.7% Portfolio Turnover Rate.................. 21% 33% 22% 6% 18% (1)Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each year reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the record date.
See notes to financial statements WRIGHT TOTAL RETURN BOND FUND (WTRB) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1995 ============================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield(1) Maturity(1) - ------------------------------------------------------------------------------------------------------------------------------ CORPORATE BONDS -- 38.4% - ------------------------ FINANCIAL -- 3.7% $ 1,500,000 GE Capital Corp 7.670% 05/22/02 $110.214 $ 1,653,210 6.96% 5.73% 2,000,000 GE Capital Corp 7.875% 12/01/06 113.345 2,266,900 6.95% 6.18% 700,000 Rockland Trust Co.(*) 9.500% 10/15/96 93.000 651,000 10.22% 19.39% ---------- $ 4,571,110 INDUSTRIALS -- 14.2% $ 2,850,000 Abbott Labs 5.600% 10/01/03 $ 97.902 $ 2,790,207 5.72% 5.94% 2,000,000 Anheuser Busch 6.900% 10/01/02 105.252 2,105,040 6.56% 5.94% 2,000,000 Archer Daniels Midland Co 6.250% 05/15/03 101.803 2,036,060 6.14% 5.95% 2,500,000 Walt Disney Company 5.800% 10/27/08 97.283 2,432,075 5.96% 6.11% 1,400,000 Kimberly Clark 6.875% 02/15/14 104.190 1,458,660 6.60% 6.48% 1,500,000 Proctor & Gamble Co 8.000% 11/15/03 111.556 1,673,340 7.17% 6.13% 5,000,000 Sara Lee Corp. 5.750% 09/03/03 98.156 4,907,800 5.86% 6.05% ------------ $17,403,182 UTILITIES -- 20.5% $ 4,100,000 AT&T Corp. 7.750% 03/01/07 $112.386 $ 4,607,826 6.90% 6.20% 5,000,000 Bell Atlantic - New Jersey 5.875% 02/01/04 99.365 4,968,250 5.91% 5.97% 5,000,000 Bellsouth Telecommunications 6.375% 06/15/04 102.756 5,137,800 6.20% 5.96% 1,000,000 Citizens Utilities Co 7.450% 01/15/04 108.968 1,089,680 6.84% 6.03% 2,000,000 Consolidated Edison 6.375% 04/01/03 101.145 2,022,900 6.30% 6.18% 2,000,000 Duke Power Co 7.000% 09/01/05 104.182 2,083,640 6.72% 6.41% 3,000,000 Pacific Bell 7.250% 07/01/02 107.027 3,210,810 6.77% 5.94% 2,000,000 Pacific Tel & Tel 6.500% 07/01/03 100.634 2,012,680 6.46% 6.39% ------------- $25,133,586 U.S. GOVERNMENT AGENCIES -- 12.0% - ---------------------------------- $ 3,200,000 Federal Home Loan Banks 8.375% 10/25/99 $109.797 $ 3,513,504 7.63% 5.49% 4,600,000 Federal Home Loan Banks 8.600% 01/25/00 111.172 5,113,912 7.74% 5.50% 1,500,000 Federal Home Loan Banks 6.070% 06/30/03 101.467 1,522,005 5.98% 5.83% 1,700,000 Federal Home Loan Banks 5.600% 09/22/03 98.553 1,675,401 5.68% 5.84% 3,000,000 Federal Home Loan Banks 5.450% 10/29/03 97.582 2,927,460 5.59% 5.84% ------------ $14,752,282 U.S. TREASURIES -- 48.0% $ 17,900,000 U.S. Treasury Bonds 7.500% 11/15/16 $117.250 $20,987,750 6.40% 6.03% 6,500,000 U.S. Treasury Bonds 6.250% 08/15/23 102.891 6,687,915 6.07% 6.03% 3,750,000 U.S. Treasury Bonds 8.250% 05/15/05 109.875 4,120,313 7.51% 6.81% 6,600,000 U.S. Treasury Bonds 6.500% 08/15/05 106.531 7,031,046 6.10% 5.61% 75,000 U.S. Treasury Notes 6.875% 03/31/97 101.969 76,477 6.74% 5.22% 100,000 U.S. Treasury Notes 4.375% 08/15/96 99.469 99,469 4.40% 5.24% 6,800,000 U.S. Treasury Notes 6.500% 05/15/05 106.391 7,234,588 6.11% 5.61% 2,000,000 U.S. Treasury Notes 6.250% 02/15/03 104.328 2,086,560 5.99% 5.50% 500,000 U.S. Treasury Notes 7.750% 12/31/99 108.516 542,580 7.14% 5.36% 1,700,000 U.S. Treasury Notes 7.500% 02/15/05 113.344 1,926,847 6.62% 5.61% 2,500,000 U.S. Treasury Notes 8.500% 02/15/00 111.437 2,785,925 7.63% 5.37% 3,000,000 U.S. Treasury Notes 7.750% 02/15/01 110.422 3,312,660 7.02% 5.40% 2,000,000 U.S. Treasury Notes 5.875% 11/15/05 102.250 2,045,000 5.75% 5.58% ---------- $58,937,130 ----------- Total Investments (identified cost, $113,147,771) -- 98.4% $120,797,290 6.45% 6.04% ======= ======= Other Assets, Less Liabilities -- 1.6% 1,964,312 ---------- Net Assets -- 100.0% $122,761,602 ============ Average Maturity -- 9.1 Years(1) (*) Security priced by management (1) Unaudited.
See notes to financial statements WRIGHT TOTAL RETURN BOND FUND =============================================================================== STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 - ------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost........................ $113,147,771 Unrealized appreciation................ 7,649,519 ------------ Total value (Note 1A)................ $120,797,290 Cash..................................... 33,926 Receivable for Fund shares sold.......... 101,639 Interest receivable...................... 2,084,899 ------------ Total Assets........................... $123,017,754 ------------ LIABILITIES: Payable to dividend disbursing agent..... $ 215,855 Payable for Fund shares reacquired....... 28,047 Trustees' fees payable................... 250 Custodian fee payable.................... 4,500 Accrued expenses and other liabilities... 7,500 ------------ Total Liabilities...................... $ 256,152 ------------ NET ASSETS.................................. $122,761,602 ============ NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed.. $116,505,526 Accumulated net realized loss on investment transactions (computed on the basis of identified cost)......................... (1,472,119) Unrealized appreciation of investments (computed on the basis of identified cost)......... 7,649,519 Undistributed net investment income......... 78,676 ------------ Net assets applicable to outstanding shares $122,761,602 ============ SHARES OF BENEFICIAL INTEREST OUTSTANDING.............................. 9,355,945 ============ NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST................... $13.12 ============
STATEMENT OF OPERATIONS For the Year Ended December 31, 1995 - ------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B)................ $ 8,856,688 ------------ Expenses -- Investment Adviser fee (Note 3)........ $ 525,335 Administrator fee (Note 3)............. 110,899 Compensation of trustees not affiliated with the Investment Adviser or Administrator 1,473 Distribution expenses (Note 4)......... 254,493 Custodian fee (Note 3)................. 57,086 Audit services......................... 31,683 Transfer and dividend disbursing agent fees 12,309 Shareholder communication expense...... 15,708 Registration costs..................... 17,050 Legal services......................... 1,361 Printing............................... 2,010 Interest expense....................... 484 Miscellaneous.......................... 5,934 ------------ Total expenses....................... $ 1,035,825 Deduct -- Reduction of custodian fee........... 9,007 ------------ Net expenses......................... $ 1,026,818 ------------ Net investment income.............. $ 7,829,870 ------------- REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investment transactions (identified cost basis)................ $ 411,969 Change in unrealized appreciation of investments......................... 17,483,217 ------------ Net realized and unrealized gain on investments..................... $ 17,895,186 ------------ Net increase in net assets from operations.................... $ 25,725,056 ============
See notes to financial statements WRIGHT TOTAL RETURN BOND FUND =============================================================================== Year Ended December 31, ------------------------------ STATEMENTS OF CHANGES IN NET ASSETS 1995 1994 - ---------------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income...................................................... $ 7,829,870 $ 11,761,434 Net realized gain (loss) on investment transactions............................................................. 411,969 (1,884,088) Change in unrealized appreciation of investments........................................................... 17,483,217 (23,935,733) ------------ ------------ Increase (decrease) in net assets from operations..................... $ 25,725,056 $ (14,058,387) Distributions to shareholders from net investment income....................... (7,796,582) (11,757,984) Net decrease from Fund share transactions (Note 5)............................. (38,663,606) (90,200,306) ------------ ------------ Net decrease in net assets............................................ $ (20,735,132) $(116,016,677) NET ASSETS: At beginning of year........................................................... 143,496,734 259,513,411 ------------ ------------ At end of year................................................................. $ 122,761,602 $ 143,496,734 ============= ============= UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS................................................................. $ 78,676 $ 46,213 ============= =============
See notes to financial statements WRIGHT TOTAL RETURN BOND FUND =================================================================================================================================== Year Ended December 31, -------------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1995 1994 1993 1992 1991 - ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of year.......... $ 11.430 $ 13.010 $ 12.610 $ 12.580 $ 11.700 -------- -------- -------- -------- -------- Income (loss) from Investment Operations: Net investment income.................... $ 0.758 $ 0.740 $ 0.789 $ 0.830 $ 0.854 Net realized and unrealized gain (loss) on investments............................ 1.685 (1.580) 0.580 0.030 0.880 -------- -------- -------- -------- -------- Total income (loss) from investment operations........... $ 2.443 $ (0.840) $ 1.369 $ 0.860 $ 1.734 -------- -------- -------- -------- -------- Less Distributions: From net investment income............... $ (0.753) $ (0.740) $ (0.789) $ (0.830) $ (0.854) From net realized gain on investments.... -- -- (0.177) -- -- In excess of net realized gain on investments -- -- (0.003) -- -- -------- -------- -------- -------- -------- Total distributions.................... $ (0.753) $ (0.740) $ (0.969) $ (0.830) $ (0.854) -------- -------- -------- -------- -------- Net asset value, end of year................ $ 13.120 $ 11.430 $ 13.010 $ 12.610 $ 12.580 ========= ========= ========= ========= ========= Total Return(1)............................. 21.97% (6.57%) 11.03% 7.13% 15.38% Ratios/Supplemental Data: Net assets, end of year (000 omitted).... $122,762 $143,497 $259,513 $ 217,564 $134,728 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............................. 6.2% 6.1% 6.0% 6.7% 7.2% Portfolio Turnover Rate.................. 50% 32% 36% 13% 56% (1)Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each year reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the record date.
See notes to financial statements WRIGHT INSURED TAX-FREE BOND FUND (WTFB) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1995 ================================================================================================================================== Face Coupon Maturity Market Current Yield To Amount Description Rate Date Price Value Yield(1) Maturity(*)(1) - --------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL BONDS -- 98.8% - ------------------------ EDUCATION -- 13.8% $ 250,000 Berkley Calif Uni Sch Dist 6.150% 08/01/05 $111.657 $ 279,143 5.51% 4.63% M 25,000 Bristol Twp PA Sch Dist 8.700% 01/15/01 120.312 30,077 7.23% 4.19% M 25,000 Calcasieu Parish LA Sch Dist 9.100% 06/01/02 125.150 31,287 7.27% 4.54% M 300,000 Goshen-Chandler Ind Sch Bldg 5.950% 01/15/03 108.668 326,004 5.48% 4.50% M 150,000 Greensburg Salem PA Sch Dist 7.100% 01/01/09 108.137 162,206 6.57% 4.19% F 200,000 Mars Penn Area Sch Dist 6.550% 03/01/02 106.934 213,868 6.13% 4.19% F 150,000 Sumter SC Sch Dist 7.150% 06/01/09 110.209 165,314 6.49% 4.19% F 150,000 Williamsville NY Cent Sch Dist 6.500% 12/01/99 108.459 162,689 5.99% 4.14% M ---------- $ 1,370,588 ---------- GENERAL OBLIGATION -- 45.0% $ 125,000 Bristol County Rhode Island 5.125% 12/01/10 $ 98.967 $ 123,706 5.18% 5.22% M 150,000 Brookhaven NY Ser B 7.000% 05/01/04 116.383 174,575 6.01% 4.61% M 100,000 Central Lake Cnty IL 6.250% 05/01/99 106.478 106,514 5.87% 4.15% M 250,000 Cook County Ill Ser A 5.100% 11/05/05 102.332 255,830 4.98% 4.80% M 250,000 Cumberland Cnty NC 5.700% 02/01/05 108.764 271,910 5.24% 4.37% C 200,000 Fairbanks Northstar, Alaska 5.300% 03/01/04 103.888 207,776 5.10% 4.72% M 300,000 State of Massachusetts 4.125% 10/01/01 99.085 297,255 4.16% 4.30% M 250,000 Michigan Muni Bd Auth 4.950% 05/01/04 101.840 254,600 4.86% 4.68% M 195,000 New York, New York Ser C 6.000% 08/01/01 108.310 211,205 5.54% 4.31% M 250,000 New York, City of NY 7.000% 08/01/04 106.009 265,023 6.60% 3.98% C 125,000 New York City Ser A 7.000% 08/01/99 105.611 132,014 6.63% 4.23% C 200,000 O Fallon Missouri 5.350% 03/01/04 104.580 209,160 5.12% 4.35% C 200,000 Pennsylvania State 6.500% 11/01/04 111.756 223,512 5.82% 4.42% C 250,000 Prince Georges County MD 5.400% 09/01/02 105.602 264,005 5.11% 4.42% M 250,000 Providence Rhode Island 5.600% 01/15/05 105.436 263,590 5.31% 4.85% M 200,000 Smithfield Rhode Island 6.500% 04/15/02 106.677 213,354 6.09% 4.25% C 200,000 Snohomish County Washington 5.750% 12/01/10 103.520 207,040 5.55% 5.25% C 140,000 Summit County Ohio 5.550% 12/01/06 105.457 147,640 5.26% 4.85% P 200,000 Travis County Texas 6.400% 03/01/04 107.907 215,814 5.93% 4.66% C 250,000 West University Place TX 5.600% 02/01/03 105.416 263,540 5.31% 4.57% P 150,000 Wilmington Del 6.150% 07/01/05 108.653 162,980 5.66% 4.49% F ---------- $ 4,471,043 ---------- HEALTH CARE -- 13.2% $ 250,000 Dade Cnty Fla Health Facs Aut 5.000% 05/15/05 $102.325 $ 255,813 4.89% 4.69% M 205,000 Decatur Illinois Hosp 6.400% 10/01/01 109.372 224,213 5.85% 4.53% M 250,000 Fulton De Kalb GA Hosp Auth 5.300% 01/01/05 103.472 258,680 5.12% 4.82% M 100,000 Massachusetts, State Health & Ed 7.300% 10/01/18 110.369 110,369 6.61% 4.99% C 200,000 Massachusetts, State Health & Edl Facs 4.500% 07/01/02 100.279 200,557 4.49% 4.45% M 250,000 Tallahassee Fla Health Fac 5.400% 12/01/01 104.682 261,705 5.16% 4.49% M ---------- $ 1,311,337 ---------- PUBLIC FACILITIES -- 4.1% $ 175,000 Kane Cnty Ill Pub Bldg Comm 6.700% 12/01/03 $107.676 $ 188,433 6.22% 4.54% C 200,000 Louisiana Public Facs Auth 6.100% 05/15/02 108.261 216,522 5.63% 4.59% M ---------- $ 404,955 ---------- UTILITIES -- 10.6% $ 250,000 East Bay CA Mun Util Syst Wtr 5.000% 06/01/05 $102.488 $ 256,220 4.88% 4.67% M 100,000 North Carolina Mun Pwr Agy 5.000% 01/01/04 102.990 102,990 4.85% 4.55% M 250,000 Ohio State Wtr Dev 5.600% 12/01/02 107.090 267,725 5.23% 4.40% M 200,000 Oklahoma St Mun Pwr Auth 5.300% 01/01/01 104.460 208,920 5.07% 4.30% M 150,000 Pasadena Tex Wtr & Swr 5.900% 10/01/00 107.385 161,077 5.49% 4.17% M 50,000 Pecan Grove TX Muni Utl Dist 8.700% 09/01/02 114.679 57,340 7.59% 4.33% C ---------- $ 1,054,272 ---------- MISCELLANEOUS -- 12.1% $ 70,000 Arizona St Transn Brd Excise Rev 7.000% 07/01/05 $110.802 $ 77,561 6.32% 4.19% F 80,000 Arizona St Transn Brd Excise Rev 7.000% 07/01/05 110.802 88,642 6.32% 4.19% F 250,000 Broomfield Co Sales & Use Tax 7.050% 12/01/06 110.241 275,603 6.40% 4.19% F 150,000 Dearborn MI Econ Dev Corp 6.350% 08/15/02 111.239 166,859 5.71% 4.39% F 150,000 NJ Wastewtr Treatment Ln Rev Ser A 7.000% 05/15/07 108.710 163,065 6.44% 4.73% C 175,000 Pennsylvania Intergovernment 5.250% 06/15/08 100.672 176,176 5.21% 5.18% C 250,000 Tucson Ariz Str & Hwy User 5.200% 07/01/04 103.827 259,567 5.01% 4.65% M ---------- $ 1,207,473 ---------- Total Investments (identified cost, $9,241,816) -- 98.8% $ 9,819,668 5.71% 4.56% ======= ======= Other Assets, Less Liabilities -- 1.2% 115,027 ---------- Net Assets -- 100.0% $ 9,934,695 ============ 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, 1995 - ------------------------------------------------------------------------------ ASSETS: Investments -- Identified cost........................ $ 9,241,816 Unrealized appreciation................ 577,852 ------------ Total value (Note 1A)................ $ 9,819,668 Cash..................................... 8,620 Interest receivable...................... 152,100 Receivable from Investment Adviser....... 927 Receivable for Fund shares sold.......... 216 ------------ Total Assets........................... $ 9,981,531 ------------ LIABILITIES: Payable for Fund shares reacquired....... $ 3,271 Loans payable (Note 8)................... 20,000 Payable to dividend disbursing agent..... 17,170 Trustees' fees payable................... 250 Custodian fee payable.................... 3,000 Interest on loans........................ 169 Accrued expenses and other liabilities... 2,976 ------------ Total Liabilities...................... $ 46,836 ------------ NET ASSETS.................................. $ 9,934,695 ============ NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed.. $ 9,347,135 Unrealized appreciation of investments (computed on the basis of identified cost)......... 577,852 Undistributed net investment income......... 9,708 ------------ Net assets applicable to outstanding shares $ 9,934,695 ============ SHARES OF BENEFICIAL INTEREST OUTSTANDING.............................. 845,234 ============ NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST................... $11.75 ============
STATEMENT OF OPERATIONS For the Year Ended December 31, 1995 - ------------------------------------------------------------------------------- INVESTMENT INCOME: Interest Income (Note 1B)................ $ 587,234 ------------ Expenses -- Investment Adviser fee (Note 3)........ $ 42,577 Administrator fee (Note 3)............. 10,644 Compensation of trustees not affiliated with the Investment Adviser or Administrator 1,548 Distribution expenses (Note 4)......... 21,289 Custodian fee (Note 3)................. 41,713 Audit services......................... 20,783 Interest expense....................... 3,352 Transfer and dividend disbursing agent fees 5,693 Shareholder communication expense...... 1,065 Registration costs..................... 12,911 Printing............................... 2,370 Legal fees............................. 953 Miscellaneous.......................... 2,367 ------------ Total expenses....................... $ 167,265 ------------ Deduct -- Reduction of Investment Adviser fee (Note 3)....................... $ 42,577 Reduction of distribution expenses by Principal Underwriter (Note 4).. 21,289 Reduction of custodian fee (Note 3).. 6,645 Allocation of expenses to Investment Adviser (Note 3)................... 927 ------------ Total deducted..................... $ 71,438 ------------ Net expenses......................... $ 95,827 ------------ Net investment income.............. $ 491,407 ------------ REALIZED AND UNREALIZED GAIN ON INVESTMENTS: Net realized gain on investment transactions (identified cost basis)................ $ 1,397 Change in unrealized appreciation of investments......................... 686,692 ------------ Net realized and unrealized gain on investments..................... $ 688,089 ------------ Net increase in net assets from operations.................... $ 1,179,496 ============
See notes to financial statements WRIGHT INSURED TAX-FREE BOND FUND =============================================================================== Year Ended December 31, ------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS 1995 1994 - --------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 491,407 $ 697,607 Net realized gain on investment transactions...................................................... 1,397 103,903 Change in unrealized appreciation of investments.................................................... 686,692 (1,505,273) ------------ ------------ Increase (decrease) in net assets from operations................. $ 1,179,496 $ (703,763) ------------ ------------ Distributions to shareholders -- From net investment income............................................. $ (491,406) $ (697,473) From net realized gains on investment transactions..................... -- (103,201) ------------ ------------ Total distributions............................................... $ (491,406) $ (800,674) ------------ ------------ Net decrease from Fund share transactions (Note 5)......................... $ (1,400,272) $ (6,053,899) ------------ ------------ Net decrease in net assets........................................ $ (712,182) $ (7,558,336) NET ASSETS: At beginning of year....................................................... 10,646,877 18,205,213 ------------ ------------ At end of year............................................................. $ 9,934,695 $ 10,646,877 ============= ============= UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS............................................................. $ 9,708 $ 7,513 ============= =============
See notes to financial statements WRIGHT INSURED TAX-FREE BOND FUND ================================================================================================================================== Year Ended December 31, -------------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1995 1994 1993 1992 1991 - ---------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of year.......... $ 11.020 $ 12.170 $ 11.600 $ 11.330 $ 10.840 -------- -------- -------- -------- -------- Income (loss) from Investment Operations: Net investment income(1)................. $ 0.531 $ 0.560 $ 0.556 $ 0.601 $ 0.614 Net realized and unrealized gain (loss) on investments............................ 0.729 (1.050) 0.570 0.270 0.492 -------- -------- -------- -------- -------- Total income (loss) from investment operations........... $ 1.260 $ (0.490) $ 1.126 $ 0.871 $ 1.106 -------- -------- -------- -------- -------- Less Distributions: From net investment income............... $ (0.530) $ (0.560) $ (0.556) $ (0.601) $ (0.616) From net realized gains.................. -- (0.100) -- -- -- -------- -------- -------- -------- -------- Total distributions.................... $ (0.530) $ (0.660) $ (0.556) $ (0.601) $ (0.616) -------- -------- -------- -------- -------- Net asset value, end of year................ $ 11.750 $ 11.020 $ 12.170 $ 11.600 $ 11.330 ========= ========= ========= ========= ========= Total Return(3)............................. 11.64% (4.08%) 9.89% 7.91% 10.50% Ratios/Supplemental Data: Net assets, end of year (000 omitted).... $ 9,935 $10,647 $ 18,205 $ 13,454 $ 8,396 Ratio of net expenses to average net assets 1.0%(2) 0.9% 0.9% 0.9% 0.9% Ratio of net investment income to average net assets............................. 4.6% 4.8% 4.7% 5.3% 5.6% Portfolio Turnover Rate.................. 8% 4% 7% 10% 2% (1)During each of the years in the five-year period ended December 31, 1995, 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 Investment Adviser, or a combination thereof. Had such actions not been undertaken, the net investment income per share and the ratios would have been as follows: Year Ended December 31, -------------------------------------------------------------- 1995 1994 1993 1992 1991 - ---------------------------------------------------------------------------------------------------------------------------- Net investment income per share............. $ 0.462 $0.513 $0.521 $0.556 $0.537 ========= ========= ========= ========= ========= Ratios (As a percentage of average net assets): Expenses .............................. 1.6% 1.3% 1.1% 1.3% 1.6% ========= ========= ========= ========= ========= Net investment income.................... 4.0% 4.4% 4.4% 4.9% 4.9% ========= ========= ========= ========= ========= (2)During the year ended December 31, 1995, custodian fees were reduced by credits resulting from cash balances that the Trust maintained with the custodian (Note 3). The computation of net expenses to average 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 net assets would have been reduced to 0.9%. (3)Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each year reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the record date.
See notes to financial statements WRIGHT CURRENT INCOME FUND (WCIF) PORTFOLIO OF INVESTMENTS DECEMBER 31, 1995 ================================================================================================================================== Face Coupon Maturity Market Current Amount Description Rate Date Price Value Yield(1) - ---------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT INTERESTS - 97.8% - ---------------------------- $ 1,596,305 GNMA POOL # 000169 7.500% 09/20/22 $102.312 $1,633,212 7.33% 783,575 GNMA POOL # 000394 7.500% 10/20/22 102.312 801,766 7.33% 6,162 GNMA POOL # 000434 8.000% 04/15/01 104.029 6,410 7.69% 866,076 GNMA POOL # 000446 7.500% 11/20/22 102.312 886,100 7.33% 1,655 GNMA POOL # 000473 7.500% 04/15/01 102.974 1,704 7.28% 1,536,632 GNMA POOL # 000545 7.500% 12/20/22 102.312 1,572,159 7.33% 2,440,936 GNMA POOL # 000723 7.500% 01/20/23 102.312 2,497,370 7.33% 2,441,634 GNMA POOL # 001268 8.000% 07/20/23 103.562 2,528,605 7.72% 3,902 GNMA POOL # 001408 6.500% 03/15/02 101.767 3,971 6.39% 176,941 GNMA POOL # 001596 9.000% 04/20/21 105.187 186,119 8.56% 4,638 GNMA POOL # 003026 8.000% 01/15/04 104.784 4,860 7.63% 2,019 GNMA POOL # 003331 8.000% 01/15/04 104.784 2,116 7.63% 5,273 GNMA POOL # 004183 8.000% 07/15/04 105.038 5,539 7.62% 3,107 GNMA POOL # 004433 9.000% 11/15/04 106.051 3,295 8.49% 8,478 GNMA POOL # 005466 8.500% 03/15/05 105.200 8,919 8.08% 1,137 GNMA POOL # 005561 8.500% 04/15/05 104.906 1,193 8.10% 4,022 GNMA POOL # 005687 7.250% 02/15/05 104.562 4,205 6.93% 5,360 GNMA POOL # 005910 7.250% 02/15/05 104.562 5,605 6.93% 21,598 GNMA POOL # 007003 8.000% 07/15/05 105.225 22,726 7.60% 3,324 GNMA POOL # 007319 6.500% 10/15/04 101.925 3,388 6.38% 8,196 GNMA POOL # 009106 8.250% 05/15/06 105.604 8,655 7.81% 10,361 GNMA POOL # 009889 7.250% 02/15/06 104.562 10,834 6.93% 3,151 GNMA POOL # 011191 7.250% 04/15/06 104.562 3,295 6.93% 7,072 GNMA POOL # 012526 8.000% 11/15/06 105.354 7,451 7.59% 117,175 GNMA POOL # 151443 10.000% 03/15/16 110.488 129,464 9.05% 258,248 GNMA POOL # 151882 8.500% 09/15/19 105.775 273,162 8.04% 51,428 GNMA POOL # 153564 10.000% 04/15/16 110.523 56,840 9.05% 192,738 GNMA POOL # 172558 9.500% 08/15/16 108.218 208,577 8.78% 201,243 GNMA POOL # 176992 8.000% 11/15/16 105.234 211,776 7.60% 64,194 GNMA POOL # 177784 8.000% 10/15/16 105.108 67,473 7.61% 92,708 GNMA POOL # 180033 9.500% 09/15/16 108.218 100,327 8.78% 25,336 GNMA POOL # 188060 9.500% 10/15/16 108.135 27,397 8.79% 8,536 GNMA POOL # 190959 8.500% 02/15/17 105.983 9,047 8.02% 206,151 GNMA POOL # 192357 8.000% 04/15/17 105.108 216,681 7.61% $ 621,359 GNMA POOL # 194057 8.500% 04/15/17 $105.924 $ 658,168 8.02% 125,550 GNMA POOL # 194287 9.500% 03/15/17 108.302 135,973 8.77% 979,931 GNMA POOL # 194926 8.500% 02/15/17 105.983 1,038,560 8.02% 19,719 GNMA POOL # 196063 8.500% 03/15/17 105.983 20,899 8.02% 213,072 GNMA POOL # 199537 8.000% 03/15/17 105.108 223,956 7.61% 386,029 GNMA POOL # 203369 8.000% 12/15/16 105.108 405,747 7.61% 16,165 GNMA POOL # 206740 10.000% 10/15/17 110.593 17,877 9.04% 157,667 GNMA POOL # 206762 9.000% 04/15/21 106.375 167,718 8.46% 110,262 GNMA POOL # 207019 8.000% 03/15/17 105.108 115,894 7.61% 35,096 GNMA POOL # 208076 8.000% 04/15/17 105.344 36,972 7.59% 64,502 GNMA POOL # 210520 10.500% 08/15/17 111.864 72,155 9.39% 39,360 GNMA POOL # 210618 9.500% 04/15/17 108.385 42,660 8.77% 205,892 GNMA POOL # 211013 9.000% 01/15/20 106.531 219,339 8.45% 212,710 GNMA POOL # 211231 8.500% 05/15/17 105.983 225,436 8.02% 362,573 GNMA POOL # 211279 8.000% 04/15/17 105.108 381,093 7.61% 122,918 GNMA POOL # 212601 8.500% 06/15/17 105.983 130,272 8.02% 51,602 GNMA POOL # 218420 8.500% 11/15/21 105.000 54,182 8.10% 295,630 GNMA POOL # 219335 8.000% 05/15/17 105.108 310,731 7.61% 291,472 GNMA POOL # 220703 8.000% 05/15/17 105.108 306,360 7.61% 30,996 GNMA POOL # 220917 8.500% 04/15/17 105.983 32,850 8.02% 719,738 GNMA POOL # 222112 8.000% 01/15/22 104.264 750,428 7.67% 59,699 GNMA POOL # 223126 10.000% 08/15/17 110.593 66,023 9.04% 144,980 GNMA POOL # 223133 9.500% 07/15/17 108.052 156,654 8.79% 49,911 GNMA POOL # 223348 10.000% 08/15/18 110.593 55,198 9.04% 36,730 GNMA POOL # 223588 10.000% 12/15/18 110.593 40,621 9.04% 30,570 GNMA POOL # 224078 10.000% 07/15/18 110.593 33,808 9.04% 126,091 GNMA POOL # 228308 10.000% 01/15/19 110.628 139,492 9.04% 91,232 GNMA POOL # 228483 9.500% 09/15/19 107.885 98,426 8.81% 72,824 GNMA POOL # 230223 9.500% 04/15/18 108.135 78,748 8.79% 93,958 GNMA POOL # 235000 10.000% 01/15/18 110.593 103,911 9.04% 70,085 GNMA POOL # 245580 9.500% 07/15/18 107.968 75,669 8.80% 67,561 GNMA POOL # 247473 10.000% 09/15/18 110.593 74,718 9.04% 177,088 GNMA POOL # 247681 9.000% 11/15/19 106.609 188,792 8.44% 56,106 GNMA POOL # 247872 10.000% 09/15/18 110.628 62,069 9.04% 35,430 GNMA POOL # 250412 8.000% 03/15/18 104.967 37,190 7.62% 95,974 GNMA POOL # 251241 9.500% 06/15/18 108.052 103,702 8.79% $ 120,864 GNMA POOL # 258911 9.500% 09/15/18 $107.968 $ 130,494 8.80% 75,028 GNMA POOL # 260999 9.500% 09/15/18 107.968 81,006 8.80% 102,354 GNMA POOL # 263439 10.000% 02/15/19 110.628 113,232 9.04% 134,054 GNMA POOL # 265267 9.500% 08/15/20 107.885 144,624 8.81% 60,278 GNMA POOL # 266983 10.000% 02/15/19 110.628 66,684 9.04% 37,694 GNMA POOL # 273690 9.500% 08/15/19 107.885 40,666 8.81% 101,274 GNMA POOL # 274489 9.500% 12/15/19 107.885 109,259 8.81% 38,414 GNMA POOL # 275456 9.500% 08/15/19 107.885 41,443 8.81% 125,456 GNMA POOL # 275538 9.500% 01/15/20 107.968 135,452 8.80% 75,626 GNMA POOL # 277205 9.000% 12/15/19 106.531 80,565 8.45% 88,843 GNMA POOL # 285467 9.500% 07/15/20 107.885 95,848 8.81% 126,835 GNMA POOL # 285744 9.000% 05/15/20 106.609 135,218 8.44% 146,243 GNMA POOL # 286556 9.000% 03/15/20 106.531 155,794 8.45% 4,444 GNMA POOL # 287999 9.000% 09/15/20 106.453 4,731 8.45% 299,797 GNMA POOL # 289092 9.000% 04/15/20 106.531 319,377 8.45% 19,338 GNMA POOL # 289949 8.500% 07/15/21 105.000 20,305 8.10% 33,102 GNMA POOL # 290700 9.000% 08/15/20 106.453 35,238 8.45% 74,881 GNMA POOL # 291933 9.500% 07/15/20 107.802 80,723 8.81% 43,444 GNMA POOL # 293666 8.500% 06/15/21 105.775 45,953 8.04% 4,876 GNMA POOL # 294209 9.000% 07/15/21 106.375 5,187 8.46% 91,090 GNMA POOL # 294577 9.500% 11/15/20 107.802 98,197 8.81% 13,406 GNMA POOL # 297345 8.500% 08/15/20 105.687 14,168 8.04% 41,364 GNMA POOL # 301017 8.500% 06/15/21 105.000 43,432 8.10% 151,767 GNMA POOL # 301366 8.500% 06/15/21 105.687 160,398 8.04% 165,153 GNMA POOL # 302713 9.000% 02/15/21 106.375 175,682 8.46% 18,670 GNMA POOL # 302723 8.500% 05/15/21 105.687 19,732 8.04% 147,135 GNMA POOL # 302781 8.500% 06/15/21 105.687 155,503 8.04% 168,682 GNMA POOL # 302933 8.500% 06/15/21 105.687 178,275 8.04% 145,599 GNMA POOL # 304512 8.500% 05/15/21 105.775 154,007 8.04% 332,997 GNMA POOL # 305091 9.000% 07/15/21 106.375 354,226 8.46% 22,526 GNMA POOL # 306669 8.000% 07/15/21 104.336 23,503 7.67% 233,641 GNMA POOL # 306693 8.500% 09/15/21 105.000 245,323 8.10% 135,563 GNMA POOL # 307553 8.500% 06/15/21 105.000 142,341 8.10% 219,039 GNMA POOL # 308792 9.000% 07/15/21 106.375 233,003 8.46% 130,383 GNMA POOL # 311087 8.500% 07/15/21 105.000 136,902 8.10% 24,014 GNMA POOL # 314222 8.500% 04/15/22 105.000 25,215 8.10% $ 292,885 GNMA POOL # 314581 9.500% 10/15/21 $107.718 $ 315,490 8.82% 509,011 GNMA POOL # 314912 8.500% 05/15/22 105.000 534,462 8.10% 563,600 GNMA POOL # 315187 8.000% 06/15/22 104.264 587,632 7.67% 594,314 GNMA POOL # 315388 8.000% 02/15/22 104.336 620,083 7.67% 576,048 GNMA POOL # 315754 8.000% 01/15/22 104.264 600,611 7.67% 1,206,915 GNMA POOL # 316240 8.000% 01/15/22 104.264 1,258,378 7.67% 458,456 GNMA POOL # 316615 8.500% 11/15/21 105.000 481,379 8.10% 301,201 GNMA POOL # 317069 8.500% 12/15/21 105.000 316,261 8.10% 566,321 GNMA POOL # 317351 8.000% 05/15/22 104.188 590,039 7.68% 576,003 GNMA POOL # 317358 8.000% 05/15/22 104.264 600,564 7.67% 473,678 GNMA POOL # 318776 8.000% 02/15/22 104.264 493,876 7.67% 14,782 GNMA POOL # 318793 8.500% 02/15/22 105.775 15,636 8.04% 483,979 GNMA POOL # 319441 8.500% 04/15/22 105.000 508,178 8.10% 348,532 GNMA POOL # 321806 8.000% 05/15/22 104.264 363,393 7.67% 735,097 GNMA POOL # 321807 8.000% 05/15/22 104.188 765,883 7.68% 468,099 GNMA POOL # 321976 8.500% 01/15/22 105.000 491,504 8.10% 825,055 GNMA POOL # 323226 8.000% 06/15/22 104.188 859,608 7.68% 682,237 GNMA POOL # 323929 8.000% 02/15/22 104.264 711,328 7.67% 596,656 GNMA POOL # 325165 8.000% 06/15/22 104.188 621,644 7.68% 479,463 GNMA POOL # 325651 8.000% 06/15/22 104.264 499,907 7.67% 949,006 GNMA POOL # 329540 7.500% 08/15/22 103.014 977,609 7.28% 1,369,246 GNMA POOL # 329982 7.500% 02/15/23 102.875 1,408,612 7.29% 713,139 GNMA POOL # 331361 8.000% 11/15/22 104.188 743,005 7.68% 1,419,856 GNMA POOL # 335746 8.000% 10/15/22 104.188 1,479,320 7.68% 546,946 GNMA POOL # 335950 8.000% 10/15/22 104.188 569,852 7.68% 2,655,992 GNMA POOL # 348103 7.000% 06/15/23 101.356 2,692,007 6.91% 888,503 GNMA POOL # 348213 6.500% 08/15/23 99.187 881,279 6.55% 1,454,188 GNMA POOL # 350372 7.000% 04/15/23 101.356 1,473,907 6.91% 1,573,407 GNMA POOL # 350659 7.500% 06/15/23 102.875 1,618,642 7.29% 1,876,639 GNMA POOL # 350938 6.500% 08/15/23 99.187 1,861,382 6.55% 916,319 GNMA POOL # 362125 7.000% 10/15/23 101.356 928,744 6.91% 951,399 GNMA POOL # 362174 6.500% 01/15/24 99.290 944,644 6.55% 949,216 GNMA POOL # 362628 7.000% 08/15/23 101.187 960,483 6.92% 993,263 GNMA POOL # 363429 7.000% 08/15/23 101.187 1,005,053 6.92% 927,593 GNMA POOL # 367414 6.000% 11/15/23 97.250 902,084 6.17% 2,861,912 GNMA POOL # 367806 6.500% 09/15/23 99.187 2,838,645 6.55% $ 2,589,097 GNMA POOL # 368238 7.000% 12/15/23 $101.187 $ 2,619,830 6.92% 2,768,838 GNMA POOL # 368502 7.000% 02/15/24 101.187 2,801,704 6.92% 1,984,354 GNMA POOL # 370773 6.000% 11/15/23 97.250 1,929,784 6.17% 2,872,511 GNMA POOL # 372050 6.500% 02/15/24 99.187 2,849,157 6.55% ---------- Total Government Investments (identified cost, $63,949,907) -- 97.8% $64,895,837 RESERVE FUNDS - 1.8% 1,155,000 American Express Corp 5.654% 01/02/96 100.000 1,155,000 5.65% ----------- ------ Total Investments (identified cost $65,104,907) -- 99.6% $66,050,837 7.98% ======= Other Assets, less Liabilities -- 0.4% 294,336 ----------- Net Assets -- 100.0% $66,345,173 ============ (1) Unaudited.
See notes to financial statements WRIGHT CURRENT INCOME FUND =============================================================================== STATEMENT OF ASSETS AND LIABILITIES December 31, 1995 - ------------------------------------------------------------------------------- ASSETS: Investments -- Identified cost........................ $ 65,104,907 Unrealized appreciation................ 945,930 ------------ Total value (Note 1A)................ $ 66,050,837 Cash .................................... 2,559 Receivable for Fund shares sold.......... 95,179 Interest receivable...................... 398,712 Receivable for investments sold.......... 1,206 ------------ Total Assets........................... $ 66,548,493 ------------ LIABILITIES: Payable to dividend disbursing agent..... $ 103,812 Payable for Fund shares reacquired....... 90,648 Trustees' fees payable................... 250 Custodian fee payable.................... 4,400 Accrued expenses and other liabilities... 4,210 ------------ Total Liabilities...................... $ 203,320 ------------ NET ASSETS.................................. $ 66,345,173 ============ NET ASSETS CONSIST OF: Proceeds from sales of shares (including shares issued to shareholders in payment of distributions declared), less cost of shares redeemed.. $ 66,279,731 Accumulated net realized loss on investment transactions (computed on the basis of identified cost)......................... (914,103) Unrealized appreciation of investments (computed on the basis of identified cost)......... 945,930 Undistributed net investment income......... 33,615 ------------ Net assets applicable to outstanding shares $ 66,345,173 ============ SHARES OF BENEFICIAL INTEREST OUTSTANDING.............................. 6,218,728 ============ NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST................... $10.67 ============
STATEMENT OF OPERATIONS For the Year Ended December 31, 1995 - ------------------------------------------------------------------------------ INVESTMENT INCOME: Interest Income (Note 1B)................ $ 5,976,371 ------------ Expenses -- Investment Adviser fee (Note 3)........ $ 313,626 Administrator fee (Note 3)............. 78,407 Compensation of trustees not affiliated with the Investment Adviser or Administrator 1,529 Distribution expenses (Note 4)......... 155,373 Custodian fee (Note 3)................. 60,585 Audit services......................... 23,683 Transfer and dividend disbursing agent fees 9,695 Shareholder communication expense...... 6,494 Registration costs..................... 12,848 Interest expense....................... 5,374 Printing............................... 1,450 Legal services......................... 1,187 Miscellaneous.......................... 7,557 ------------ Total expenses....................... $ 677,808 Deduct -- Reduction of custodian fee........... 4,516 ------------ Net expenses......................... $ 673,292 ------------ Net investment income.............. $ 5,303,079 ------------ REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized loss on investment transactions (identified cost basis)................ $ (215,933) Change in unrealized appreciation of investments......................... 7,735,307 ------------ Net realized and unrealized gain on investments..................... $ 7,519,374 ------------ Net increase in net assets from operations.................... $ 12,822,453 ============
See notes to financial statements WRIGHT CURRENT INCOME FUND =================================================================================================================================== Year Ended December 31, ----------------------------------------- STATEMENTS OF CHANGES IN NET ASSETS 1995 1994 - ------------------------------------------------------------------------------------------------------------------------------- INCREASE (DECREASE) IN NET ASSETS: From operations -- Net investment income.................................................. $ 5,303,079 $ 6,817,890 Net realized loss on investment transactions......................................................... (215,933) (682,417) Change in unrealized appreciation of investments....................................................... 7,735,307 (10,057,612) ------------ ------------ Increase (decrease) in net assets from operations................. $ 12,822,453 $ (3,922,139) ------------ ------------ Distributions to shareholders -- From net investment income............................................. $ (5,270,012) $ (6,817,890) In excess of net investment income..................................... -- (1,238) ------------ ------------ Total distributions............................................... $ (5,270,012) $ (6,819,128) ------------ ------------ Net decrease from Fund share transactions (Note 5)......................... $ (25,384,872) $ (20,238,740) ------------ ------------ Net decrease in net assets........................................ $ (17,832,431) $ (30,980,007) NET ASSETS: At beginning of year....................................................... 84,177,604 115,157,611 ------------ ------------ At end of year............................................................. $ 66,345,173 $ 84,177,604 ============= ============= UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME INCLUDED IN NET ASSETS.................................... $ 33,615 $ (1,238) ============= =============
See notes to financial statements WRIGHT CURRENT INCOME FUND ================================================================================================================================== Year Ended December 31, -------------------------------------------------------------------- FINANCIAL HIGHLIGHTS 1995 1994 1993 1992 1991 - --------------------------------------------------------------------------------------------------------------------------------- Net asset value, beginning of year.......... $ 9.710 $ 10.750 $ 10.780 $ 10.850 $ 10.160 -------- -------- -------- -------- -------- Income (loss) from Investment Operations: Net investment income(1)................. $ 0.696 $ 0.690(*) $ 0.728 $ 0.767 $ 0.798 Net realized and unrealized gain (loss) on investments............................ 0.955 (1.040) (0.030) (0.069) 0.690 -------- -------- -------- -------- -------- Total income (loss) from investment operations......... $ 1.651 $ (0.350) $ 0.698 $ 0.698 $ 1.488 -------- -------- -------- -------- -------- Less Distributions: From net investment income............... $ (0.691) $ (0.690) $ (0.728) $ (0.767) $ (0.798) From net realized gain................... -- -- -- (0.001) -- -------- -------- -------- -------- -------- Total distributions.................. $ (0.691) $ (0.690) $ (0.728) $ (0.768) $ (0.798) -------- -------- -------- -------- -------- Net asset value, end of year................ $ 10.670 $ 9.710 $ 10.750 $ 10.780 $ 10.850 ========= ========= ========= ========= ========= Total Return(2)............................. 17.46% (3.30%) 6.59% 6.73% 15.31% Ratios/Supplemental Data: Net assets, end of year (000 omitted).... $ 66,345 $84,178 $ 115,158 $ 99,676 $ 65,700 Ratio of net expenses to average net assets 0.9% 0.8% 0.8% 0.9% 0.9% Ratio of net investment income to average net assets............................. 6.8% 6.9% 6.7% 7.2% 7.6% Portfolio Turnover Rate.................. 26% 10% 4% 13% 5% (1)During the year ended December 31, 1991, the operating expenses of the Fund were reduced by a reduction of the distribution fee. Had such actions not been undertaken, the net investment income per share and the ratios would have been as follows: 1991 Net investment income per share............. $ 0.787 ========= Ratios (As a percentage of average net assets): Expenses .............................. 1.0% ========= Net investment income.................... 7.5% ========= (*) Includes distribution in excess of net investment income of $.00013 per share. (2)Total investment return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each year reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the record date.
See notes to financial statements THE WRIGHT MANAGED INCOME TRUST NOTES TO FINANCIAL STATEMENTS =============================================================================== (1) SIGNIFICANT ACCOUNTING POLICIES The Trust, issuer of Wright U.S. Treasury Fund (WUSTB) series, formerly the Wright Government Obligations Fund series; Wright U.S. Treasury Near Term Fund (WNTB) series, formerly the Wright Near Term Bond Fund 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, 1995, the Trust, for federal income tax purposes, had capital loss carryovers of $434,300 (WUSTB), $21,682,260 (WNTB), $914,103 (WCIF) and $1,472,119 (WTRB) which will reduce taxable income arising from future net realized gain on investments, if any, to the extent permitte 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 WUSTB WNTB WCIF WTRB -------------------------------------------------- 1996 $ -- $2,300,814 $ -- $ -- 1997 -- 1,319,208 -- -- 1998 434,300 3,324,484 -- -- 1999 -- 4,467,443 -- -- 2000 -- 2,957,673 7,132 -- 2001 -- -- 8,619 -- 2002 -- 6,936,070 682,417 1,472,119 2003 -- 376,568 215,933 --
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. Use of Estimates -- The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. E. Other -- Investment transactions are accounted for on the date the investments are purchased or sold. (2) DISTRIBUTIONS Each Fund's policy is to determine net income once daily, as of the close of the New York Stock Exchange and the net income so determined is declared as a dividend to shareholders of record at the time of such determination. Distributions of realized capital gains are made at least annually. Shareholders may reinvest capital gain distributions in additional shares of the same Fund at the net asset value as of the ex-dividend date. Dividends may be reinvested in additional shares of the same Fund at the net asset value as of the payable date. The Trust requires that differences in the recognition or classification of income between the financial statements and tax earnings and profits which result in temporary overdistributions for financial statement purposes, are classified as distributions in excess of net investment income or accumulated net realized gains. ACCUMULATED UNDISTRIBUTED NET REALIZED GAIN Gain (Loss) Undistributed Paid-in on Net Investment Capital Investment Income (Loss) - ----------------------------------------------------------- WUSTB ($6) -- $6 WNTB ($2,038,311) $2,038,311 -- WTRB $825 -- ($825) WTFB ($96) ($2,098) $2,194 WCIF ($1,784) ($2) $1,786 - ----------------------------------------------------------
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, 1995, the effective annual rate was 0.40% for WUSTB, WTFB and WCIF, 0.41% for WTRB and 0.43% for WNTB. To enhance the net income of the Funds, Wright reduced its investment adviser fee by $42,577 and $17,515 for the benefit of WTFB and WUSTB, respectively. The Trust also has engaged Eaton Vance Management (Eaton Vance) to act as administrator of the Trust. Under the Administration Agreement, Eaton Vance is responsible for managing the business affairs of the Trust and is compensated based upon a percentage of average daily net assets which rate is reduced as average daily net assets exceed certain levels. For the year ended December 31, 1995, the effective annual rate was 0.10% for WUSTB, WTFB and WCIF, 0.09% for WTRB and 0.07% for WNTB. The custodian fee was paid to Investors Bank & Trust Company (IBT) for its services as custodian of the Trust. 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 Trust 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 of the Trust who are not affiliated with Eaton Vance or Wright, Trustees and officers received remuneration for their services to the Trust out of fees paid to Eaton Vance and Wright. (4) DISTRIBUTION EXPENSES The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule 12b-1 of the Investment Company Act of 1940. The Plan provides that each of the Funds will pay Wright Investors' Service Distributors, Inc. (Principal Underwriter), a subsidiary of Wright, at an annual rate of 2/10 of 1% of the average daily net assets of each Fund for activities primarily intended to result in the sale of each Fund's shares. For the year ended December 31, 1995, the Principal Underwriter made a reduction of its fee to WUSTB and WTFB by $32,770 and $21,289, respectively. (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, ------------------------------------------------------------- 1995 1994 ------------------------------------------------------------- Shares Amount Shares Amount - ------------------------------------------------------------------------------------------------------------------------------- WRIGHT U.S. TREASURY FUND -- Sales.................................................... 111,589 $ 1,478,738 162,879 $ 2,104,165 Issued to shareholders in payment of distributions declared.............................. 41,352 557,152 62,116 805,054 Redemptions.............................................. (482,923) (6,531,999) (943,611) (12,465,253) ---------- ------------- ---------- ------------- Net decrease......................................... (329,982) $ (4,496,109) (718,616) $ (9,556,034) ========== ============== ========== ============== WRIGHT U.S. TREASURY NEAR TERM FUND -- Sales.................................................... 2,507,050 $ 25,756,963 4,457,277 $ 46,681,687 Issued to shareholders in payment of distributions declared................................. 657,890 6,744,268 1,093,362 11,252,377 Redemptions..............................................(10,814,467) (110,894,862) (19,306,382) (199,439,187) ---------- ------------- ---------- ------------- Net decrease......................................... (7,649,527) $(78,393,631) (13,755,743) $(141,505,123) ========== ============== ========== ============== WRIGHT TOTAL RETURN BOND FUND -- Sales.................................................... 1,710,110 $ 21,132,654 3,088,029 $ 38,238,580 Issued to shareholders in payment of distributions declared.............................. 470,132 5,784,061 800,418 9,609,763 Redemptions.............................................. (5,380,600) (65,580,321) (11,284,858) (138,048,649) ---------- ------------- ---------- ------------- Net decrease......................................... (3,200,358) $(38,663,606) (7,396,411) $(90,200,306) ========== ============== ========== ============== WRIGHT INSURED TAX-FREE BOND FUND -- Sales.................................................... 277,377 $ 3,172,217 307,219 $ 3,650,011 Issued to shareholders in payment of distributions declared ............................. 24,036 276,793 52,115 597,038 Redemptions.............................................. (422,274) (4,849,282) (889,361) (10,300,948) ---------- ------------- ---------- ------------- Net decrease......................................... (120,861) $ (1,400,272) (530,027) $ (6,053,899) ========== ============== ========== ============== WRIGHT CURRENT INCOME FUND -- Sales.................................................... 796,965 $ 8,232,880 1,447,569 $ 14,915,507 Issued to shareholders in payment of distributions declared.............................. 397,997 4,102,611 530,312 5,337,338 Redemptions.............................................. (3,646,704) (37,720,363) (4,014,808) (40,491,585) ---------- ------------- ---------- ------------- Net decrease......................................... (2,451,742) $(25,384,872) (2,036,927) $(20,238,740) ========= ============ ========= ============
(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, 1995 -------------------------------------------------------------------------------------------- Wright U.S. Wright U.S. Treasury Wright Total Wright Insured Wright Current Treasury Fund Near Term Fund Return Bond Fund Tax-Free Bond Fund Income Fund - -------------------------------------------------------------------------------------------------------------------------------- Purchases -- Non-U.S. Gov't Obligations.. $ -- $ -- $ 5,301,420 $ 840,389 $ -- ============== ============== ============== ============== ============== U.S. Gov't Obligations...... $ 1,318,383 $ 35,726,875 $ 57,719,949 $ -- $ -- ============== ============== ============== ============== ============== Sales -- Non-U.S. Gov't Obligations.. $ -- $ -- $ 26,913,665 $ 2,879,942 $ -- ============== ============== ============== ============== ============== U.S. Gov't Obligations...... $ 5,556,281 $ 107,673,626 $ 74,330,957 $ -- $ 20,004,409 ============== ============== ============== ============== ============== - ---------------------------------------------------------------------------------------------------------------------------------
(7) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES The cost and unrealized appreciation (depreciation) in value of the investments owned at December 31, 1995, as computed on a federal income tax basis, are as follows: Wright U.S. Wright U.S. Treasury Wright Total Wright Insured Wright Current Treasury Fund Near Term Fund Return Bond Fund Tax-Free Bond Fund Income Fund - ---------------------------------------------------------------------------------------------------------------------------- Aggregate cost................... $ 12,564,565 $136,992,741 $113,147,771 $ 9,241,816 $ 65,104,907 ============= ============= ============= ============= ============= Gross unrealized appreciation.... $ 2,326,649 $ 4,674,371 $ 8,044,555 $ 581,293 $ 1,401,952 Gross unrealized depreciation.... -- (270,485) (395,036) (3,441) (456,022) ------------ ------------ ------------ ------------ ------------ Net unrealized appreciation. $ 2,326,649 $ 4,403,886 $ 7,649,519 $ 577,852 $ 945,930 ============= ============= ============= ============= ============= - ----------------------------------------------------------------------------------------------------------------------------
(8) LINE OF CREDIT The Trust participates with other funds managed by Wright in a line of credit with a bank which allows the Funds to borrow up to $20,000,000 collectively. The line of credit consists of a $10,000,000 committed facility and a $10,000,000 uncommitted facility. Interest is charged to each fund based on its borrowings, at a rate equal to the bank's base rate. In addition, the funds pay a commitment fee computed at a rate of 1/4 of 1% of $10,000,000 less the value of any borrowing. The Wright Insured Tax-Free Bond Fund had loans outstanding of $20,000 at December 31, 1995. 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 U.S. Treasury Fund, Wright U.S. Treasury Near Term 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, 1995, the related statements 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 each of the respective Funds constituting The Wright Managed Income Trust as of December 31, 1995, 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 2, 1996 - ------------------------------------------------------------------------------- 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 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-----