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Description of art work on cover of report
Catholic Values Investment Trust logo --
Light blue solid circle with letters CVIT printed over it in blue & violet.
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Semi-Annual Report
From Inception
May 1, 1997
Through
June 30,1997
Catholic Values Investment Trust Equity Fund
<PAGE>
Table of Contents
LETTER TO SHAREHOLDERS...................... 1
MANAGEMENT DISCUSSION....................... 2
CATHOLIC VALUES INVESTMENT TRUST
EQUITY FUND
Portfolio of Investments.................. 4
Statement of Assets and Liabilities....... 6
Statement of Operations................... 7
Statement of Changes in Net Assets........ 8
Financial Highlights...................... 9
Notes to Financial Statements.............10
Catholic Values Investment Trust Equity Fund
LETTER TO SHAREHOLDERS
===============================================================================
July, 1997
Dear Shareholders:
We are pleased to welcome all shareholders of the Catholic Values
Investment Trust Equity Fund which opened on May 1, 1997. The Fund invests for
long-term growth of capital and reasonable current income. It pursues this
objective by investing in a broadly diversified portfolio of well-established
U.S. and, eventually, non-U.S. companies which meet strict quality and religious
standards. These companies must offer products or services and undertake
activities that are consistent with the core teachings of the Roman Catholic
Church.
At the moment, all investments are in U.S. securities. As the Fund grows
in size, additional international securities will be added resulting in a global
fund that will have approximately 70% of its assets in U.S. securities and 30%
in international securities.
A Catholic Advisory Board assures that the Fund's investments are
consistent with Catholic values. This is not a simple nor singular
responsibility since there are many Catholics with varying viewpoints and there
are many Catholic institutions with their own views as well. In addition, there
are changing circumstances and varying economic environments in which companies
must exist. Thus, this independent Board must exercise great wisdom and caution
in reviewing each company and equity to assure that the investment conforms to
the objectives.
Initially, Wright Investors' Service, the Fund's investment Adviser,
selects the equities from its approved list of quality blue chip companies. All
companies on this approved list are, in the opinion of Wright, soundly financed
with established records of earnings profitability and equity growth. All have
established investment acceptance and active, liquid markets. These selections
are then reviewed by the Catholic Advisory Board. Each member of the Board is
involved in various Catholic activities and is in contact with numerous Catholic
institutions and Catholic clergy. In addition, information received from
shareholders, secondary materials, and general input from interested sources is
constantly reviewed and evaluated. When a company is found not to be in
compliance with Church core teachings, the investment Adviser is asked to remove
it.
<PAGE>
The result is continuous dialogue, continuous information input,
continuous review, and thus continuous evaluation. Independent thinking and
independent information support a Fund that adheres to Catholic doctrine while
balancing changes in the marketplace, changes in informational input, and
changes in value systems. Thus, your fund combines Catholic values with
investment values.
The Fund has its own website: www.catholicinvestment.com. Visit often and
invite your friends, associates and other Catholics as well. The site contains
information about your fund, including a recent list of portfolio holdings. You
may, after following some security protection procedures, also access your
account.
Sincerely,
Walter R. Miller
Secretary to the Catholic Advisory Board
<PAGE>
Catholic Values Investment Trust Equity Fund
MANAGEMENT DISCUSSION
The U.S. stock market extended its winning streak to eight straight
quarters with a slight gain in the first quarter of 1997 and a double-digit rate
of advance in the second quarter. What appeared to be the start of a serious
global stock market correction in late March and early April turned out to have
been the launching pad for yet another leg to the worldwide bull market in
equities. In the early trading sessions of July, this bullish trend has carried
the stock market averages to new highs. Valuations are high at midyear 1997, and
any loss of momentum could result in a period of market consolidation or
correction.
Price/earnings multiples have recently climbed to levels rarely seen in
postwar market history. At 20 times forecast year-ahead earnings, the S&P 500's
current pricing represents a premium of close to 50% over the market's 50-year
average P/E. But even allowing for some shrinkage in P/E multiples, today's
positive investment fundamentals form the basis for expecting an 8% or so rate
of return from stocks over the coming five years. As favorable as current
demographics are for financial assets, the principal factors driving the bull
market in stocks are more basic: moderate but steady economic growth, low
inflation, solid growth in corporate profits, declining interest rates, and
rising productivity. Following 15 years of returns averaging 19%, an 8% annual
rate of investment return might seem skimpy, but it still represents a 5% or so
premium over inflation and should compare favorably with the likely returns on
alternative investments.
On May 1,1997, Fund shares were first offered at $10.00 per share. On
June 30,1997, Institutional Service shares were $10.33 and Individual shares
were $10.31. They have continued to climb in the early days of July.
Contributing to the Fund's results was good performance from stocks in the
construction, technology, non-bank finance, and machinery industries during the
second quarter. Fund performance also benefited from above-market industry
positions in construction, machinery, and transportation stocks, groups that
outperformed the market. Detracting from results was the portfolio's
underweighting in the health care industry, one of the quarter's best performing
groups. Small- and mid-cap issues generally lagged big, Dow-type stocks during
the second quarter, despite their more moderate valuations. This continuing
disparity between big- and small-cap stocks was again a drag on the relative
performance of the Catholic Values Investment Trust Fund.
On June 30, 1997, equities in the CVIT Portfolio were trading at a
price/earnings multiple that was outstanding, below the S&P 500's P/E multiple
of 20. In the event a period of correction or consolidation descends upon the
U.S. stock market in the months ahead, the Fund's discount P/E may limit the
portfolio's downside exposure.
<PAGE>
Catholic Values Investment Trust Equity Fund
PORTFOLIO OF INVESTMENTS
June 30, 1997 (UNAUDITED)
===============================================================================
Shares Value
------- -------
Equity Interests -- 99.3%
APPAREL -- 4.1%
Russell Corp............... 2,200 $ 65,175
VF Corp.................... 800 67,800
-----------
$ 132,975
-----------
AUTOMOTIVE -- 8.6%
Chrysler Corp.............. 2,200 $ 72,188
Eaton Corp................. 800 69,850
Echlin Inc................. 2,000 72,000
Modine Mfg. Co............. 2,300 68,425
-----------
$ 282,463
-----------
CHEMICALS -- 5.6%
Morton Int'l Inc.-W/I...... 1,800 $ 54,338
PPG Industries, Inc........ 1,100 63,938
Rohm & Haas Company........ 700 63,042
-----------
$ 181,318
-----------
CONSTRUCTION -- 11.8%
Caterpillar Inc............ 600 $ 64,425
Fleetwood Enterprises, Inc. 2,100 62,606
Medusa Corporation......... 1,700 65,238
Oakwood Homes Corp......... 2,800 67,200
Toll Brothers.............. 3,500 64,311
Vulcan Materials Co........ 800 62,800
-----------
$ 386,580
-----------
DIVERSIFIED -- 2.1%
Crane Company.............. 1,600 $ 66,900
-----------
ELECTRONICS -- 10.0%
Compaq Computer............ 700 $ 69,475
Harman Int'l. Industries... 1,600 67,400
Raytheon Co................ 1,300 66,300
Seagate Technology, Inc.... 1,500 52,781
Sun Microsystems, Inc...... 1,900 70,716
-----------
$ 326,672
-----------
FINANCIAL -- 12.4%
A.G. Edwards, Inc.......... 1,600 $ 68,400
BB&T Corporation........... 1,500 67,500
First Virginia Banks, Inc.. 1,100 66,344
Pacific Century Fin'l. Corp 1,500 69,375
Quick and Reilly Group..... 2,900 67,425
Southtrust Corp............ 1,600 66,200
-----------
$ 405,244
-----------
MACHINERY & EQUIPMENT -- 8.0%
Briggs & Stratton Com...... 1,300 $ 65,000
Deere & Company............ 1,200 65,850
Ingersoll-Rand Co.......... 1,100 67,925
Pitney Bowes, Inc.......... 900 62,550
-----------
$ 261,325
-----------
METAL PRODUCERS -- 2.1%
Carpenter Technology....... 1,500 $ 68,625
-----------
METAL PRODUCTS MFRS. -- 8.1%
Kaydon Corp................ 1,400 $ 69,475
Snap-on Inc................ 1,700 66,938
Trinity Industries......... 2,100 66,675
Watts Industries Inc. Cl. A 2,600 62,400
-----------
$ 265,488
-----------
<PAGE>
PRINTING & PUBLISHING -- 5.4%
American Greetings Corp.... 1,700 $ 63,113
Banta Corp................. 2,400 65,100
Standard Register.......... 1,600 49,000
-----------
$ 177,213
-----------
RECREATION -- 4.0%
Kingworld Productions Inc.. 1,900 $ 66,500
Ryans Family Steak Hse..... 7,300 62,506
-----------
$ 129,006
-----------
RETAILERS -- 2.3%
Family Dollar Stores....... 2,800 $ 76,300
-----------
TRANSPORTATION -- 4.2%
ASA Holdings Inc........... 2,600 $ 74,425
Illinois Central Corp...... 1,800 62,888
-----------
$ 137,313
-----------
UTLIITIES -- 6.0%
Century Telephone Enter.... 1,900 $ 64,006
Nipsco Industries, Inc..... 1,600 66,100
Wisconsin Energy Corp...... 2,700 67,163
-----------
$ 197,269
-----------
MISCELLANEOUS -- 4.0%
Arrow Electronics, Inc..... 1,200 $ 63,750
Marshall Industries........ 1,800 67,050
-----------
$ 130,800
-----------
TOTAL EQUITY INTERESTS - 98.7%
(identified cost, $3,111,869) $ 3,225,491
OTHER ASSETS,
LESS LIABILITIES -- 1.3%. 44,135
-----------
NET ASSETS -- 100% $ 3,269,626
============
<PAGE>
Catholic Values Investment Trust Equity Fund
STATEMENT OF ASSETS AND LIABILITIES
================================================================================
May 1, 1997
(start of business)
to June 30, 1997
(UNAUDITED)
-----------------
ASSETS:
Investments --
Identified cost.............................. $ 3,111,869
Unrealized appreciation...................... 113,622
------------
Total Value (Note 1A)...................... $ 3,225,491
Cash........................................... 49,082
Dividends receivable........................... 3,423
Receivable from Investment Adviser............. 16,000
Deferred organization expenses (Note 1B)....... 146,897
------------
Total Assets............................... $ 3,440,893
------------
LIABILITIES:
Payable for investments purchased.............. $ 4,138
Trustee fees payable........................... 1,171
Accrued organization expense................... 151,500
Accrued expenses and other liabilities......... 14,458
------------
Total Liabilities.......................... $ 171,267
------------
NET ASSETS.......................................... $ 3,269,626
==============
NET ASSETS CONSIST OF:
Proceeds from sales of shares (including the
market value of securities received in
exchange for Fund shares and shares issued
to shareholders in payment of distributions
declared), less cost of shares reacquired... $ 3,155,414
Accumulated undistributed net realized loss on
investments (computed on the basis of
identified cost)............................ (1,274)
Unrealized appreciation of investments
(computed on the basis of identified cost)... 113,622
Undistributed net investment income............ 1,864
------------
Net assets applicable to outstanding shares. $ 3,269,626
=============
Computation of net asset value and offering price per share:
Net assets - Institutional Service shares........ $ 2,539,796
==============
Shares of beneficial interest outstanding -
Institutional Service shares................. 244,311
==============
Net asset value, offering price, and redemption
price per share of beneficial interest....... $ 10.40
==============
Net assets - Individual shares .................. $ 729,830
==============
Shares of beneficial interest outstanding -
Individual shares............................ 70,301
==============
Net asset value, offering price, and redemption
price per share of beneficial interest....... $ 10.38
==============
<PAGE>
Catholic Values Investment Trust Equity Fund
STATEMENT OF OPERATIONS
===============================================================================
May 1, 1997
(start of business)
to June 30, 1997
(UNAUDITED)
--------------------
INVESTMENT INCOME:
Income --
Dividends................................. $ 7,046
------------
Total investment Income.............. $ 7,046
------------
Expenses --
Investment Adviser fee (Note 2)............ $ 2,825
Administrator fee (Note 2)................. 260
Compensation of Trustees not affiliated
with the Investment Adviser or Administrator 2,733
Custodian fee (Note 1C).................... 9,720
Distribution expenses (Note 3)............. 1,484
Transfer and dividend disbursing agent fees 88
Amortization of organization expenses (Note 1B) 4,603
Miscellaneous.............................. 6,720
------------
Total expenses........................ $ 28,433
------------
Deduct --
Preliminary reduction of Investment
Adviser fee (Note 2).................. $ 2,825
Preliminary reduction of Administrator
fee (Note 2).......................... 260
Preliminary reduction of Distribution
fee (Note 3)........................... 1,484
Preliminary allocation of expenses to
Investment Adviser (Note 2)............ 16,000
Reduction of custodian fee (Note 1C)....... 2,682
------------
Total deductions...................... $ 23,251
------------
Net expenses.......................... $ 5,182
------------
Net Investment Income............... $ 1,864
------------
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized loss on investments
(identified cost basis).................... $ (1,274)
Change in unrealized appreciation of investments 113,622
------------
Net realized and unrealized gain on investments. $ 112,348
------------
Net increase in net assets from operations.. $ 114,212
==============
<PAGE>
Catholic Values Investment Trust Equity Fund
STATEMENT OF CHANGES IN NET ASSETS
===============================================================================
May 1, 1997
(start of business)
to June 30, 1997
(UNAUDITED)
-------------------
INCREASE (DECREASE) IN NET ASSETS:
From Operations --
Net investment income........................ $ 1,864
Net realized loss on investment transactions. (1,274)
Unrealized appreciation of investments....... 113,622
------------
Increase in net assets from operations.. $ 114,212
------------
Capital share transactions
Proceeds from shares sold - Institutional
Service class................................ $2,451,400
------------
Net increase in net assets from capital share
transactions - Institutional Service
class................................... $2,451,400
------------
Proceeds from shares sold - Individual class..... $ 705,062
Cost of shares reacquired - Individual class..... (1,048)
------------
Net increase in net assets from capital
share transactions - Individual class....... $ 704,014
------------
Net increase in net assets.............. $ 3,269,626
NET ASSETS:
At beginning of period........................... -
------------
At end of period................................. $ 3,269,626
==============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED
IN NET ASSETS.................................... $ 1,864
==============
<PAGE>
Catholic Values Investment Trust Equity Fund
===============================================================================
<TABLE>
<CAPTION>
From Inception
Through June 30, 1997
-------------------------------------------------------
FINANCIAL HIGHLIGHTS Institutional Service Shares Individual Shares
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C>
Net asset value, beginning of period........ $ 10.000 $ 10.000
-------- --------
Income (Loss) from Investment Operations:
Net investment income (loss)*.......... $ 0.012 $ (0.014)
Net realized and unrealized gain
on investments....................... 0.388 0.394
-------- --------
Total income
from investment operations....... $ 0.400 $ 0.380
-------- --------
Net asset value, end of period.............. $ 10.400 $ 10.380
========= =========
Total Return (1)............................ 4.0% 3.8%
Ratios/Supplemental Data:
Net assets, end of period (000 omitted) $ 2,540 $ 730
Ratio of expenses to average net assets* 1.59%(3)(4) 3.25%(3)(4)
Ratio of net investment income (loss) to
average net assets................... 1.02%(3) (0.96%)(3)
Portfolio turnover rate................ 4% 4%
Average commission rate paid (2) ...... $ 0.0893 $ 0.0893
* During the period, the Investment Adviser, the Administrator and the
Principal Underwriter made a preliminary waiver of their fees and the
Investment Adviser made a preliminary assumption of a portion of operating
expenses. Had such actions not been undertaken, net investment income (loss)
per share and the ratios would have been as follows:
Institutional Service Shares Individual Shares
----------------------------- -----------------
Net investment loss per share............... $ (0.052) $ (0.086)
Annualized Ratios (As a percentage of average net assets):
Expenses .............................. 6.38%(3) 7.51%(3)
Net investment loss.................... $ (0.045)(3) $ (0.058)(3)
(1) Total investment return is calculated assuming a purchase at the net asset
value on the first day and a sale at the net asset value on the last day of
each period reported. Dividends and distributions, if any, are assumed to be
invested at the net asset value on the record date.
(2) Average commission rate paid is computed by dividing the total dollar amount
of commissions paid during the fiscal year by the total number of shares
purchased and sold during the fiscal year on which commissions were charged.
(3) Annualized.
(4) Custodian fees were reduced by credits resulting from cash balances the Fund
maintained with the Custodian (Note 1C). The computation of net expenses to
average daily net assets reported above is computed without consideration of
such credit. If these credits were considered, the ratio of net expenses to
average daily net assets would have been reduced to 0.85% and 2.68% for the
Institutional Service and Individual classes, respectively.
</TABLE>
Catholic Values Investment Trust Equity Fund
NOTES TO FINANCIAL STATEMENTS
===============================================================================
(1) SIGNIFICANT ACCOUNTING POLICIES
The Catholic Values Investment Trust Equity Fund (the Fund) (one of the
series of the Catholic Values Investment Trust) is registered under the
Investment Company Act of 1940, as amended, as a diversified, open-ended
management investment company. The following is a summary of significant
accounting policies consistently followed by the Fund in the preparation of its
financial statements. The policies are in conformity with generally accepted
accounting principles.
A. Investment Valuations - Securities listed on securities exchanges or in
the NASDAQ National Market are valued at closing sale prices. Unlisted
or listed securities, for which closing sale prices are not available,
are valued at the mean between latest bid and asked prices. Fixed
income securities for which market quotations are readily available are
valued on the basis of valuations supplied by a pricing service. Fixed
income and equity securities for which market quotations are
unavailable, restricted securities, and other assets are valued at
their fair value as determined in good faith by or at the direction of
the Trustees. Short-term obligations maturing in 60 days or less are
valued at amortized cost, which approximates market value.
B. Deferred Organization Expenses - Costs incurred by the Fund in
connection with its organization are being amortized on the
straight-line basis over five years beginning on the date the Fund
commenced operations.
C. Expense Reduction - The Fund has entered into an arrangement with its
custodian whereby interest earned on uninvested cash balances are used
to offset custodian fees. All significant reductions are reported as a
reduction of expenses in the Statement of Operations.
D. Federal Taxes - The Fund's policy is to comply with the provisions of
the Internal Revenue Code (the Code) available to regulated investment
companies and distribute to shareholders each year all of its taxable
income, including any net realized gain on investments. Accordingly, no
provision for federal income or excise tax is necessary.
E. Distributions - The Fund requires that differences in the recognition
or classification of income between the financial statements and tax
earnings and profits which result only in temporary over-distributions
for financial statement purposes, are classified as distributions in
excess of net investment income or accumulated net realized gains.
Distributions in excess of tax basis earnings and profits are reported
in the financial statements as a return of capital. Permanent
differences between book and tax accounting for certain items may
result in reclassification of these items.
<PAGE>
F. Multiple Classes of Shares of Beneficial Interest - The Fund offers an
individual share class and an institutional service share class. The
share classes differ in their respective distribution and service fees.
All shareholders bear the common expenses of the Fund pro rata based on
the average daily net assets of each class, without distinction between
share classes. Dividends are declared separately for each class. Each
class has equal rights as to voting, redemption, dividends and
liquidation.
G. Other - Investment transactions are accounted for on the date the
investments are purchased or sold. Dividend income and distributions to
shareholders are recorded on the accrual basis. However, if the
ex-dividend date has passed, certain dividends from foreign securities
are recorded as the Fund is informed of the ex-dividend date.
H. Use of Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial
statements and the reported amounts of revenue and expense during the
reporting period. Actual results could differ from those estimates.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Fund has engaged Wright Investors' Services (Wright) to perform
investment management, investment advisory, and other services. For its
services, Wright is compensated based upon a percentage of average daily net
asset which rate is adjusted as average daily net assets exceed certain levels.
For the period from the start of business, May 1, 1997 to June 30, 1997, the
effective annual rate was 0.75%. To enhance the net income of the Fund, Wright
made a preliminary reduction of its investment adviser fee by $2,825. The Fund
also has engaged Eaton Vance Management (Eaton Vance) to act as administrator of
the Fund. Under the Administrator Agreement, Eaton Vance is responsible for
managing the business affairs of the Fund and 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 period from the start of business,
May 1, 1997 to June 30, 1997, the effective annual rate was 0.07%. Eaton
Vance made a preliminary waiver of its fee of $260. Certain of the Trustees and
officers of the Fund are Trustees or officers of the above organizations. Except
as to Trustees of the Fund who are not affiliated with Eaton Vance or Wright,
Trustees and officers receive remuneration for their services to the Fund out of
the fees paid to Eaton Vance and Wright.
<PAGE>
(3) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that the Fund
will pay Wright Investors' Service Distributors, Inc. (Principal Underwriter)
(WISDI), a subsidiary of Wright Investors' Service, an annual rate of 0.75% per
annum of the Fund's average net assets attributable to the Individual Class
shares and 0.25% per annum of the Fund's average net assets attributable to the
Institutional Service shares. To enhance the net income of the Fund, the
Principal Underwriter made a reduction of its fee by $781 and $703 for
Individual and Institutional Service classes, respectively.
In addition, the Trustees have adopted a service plan (the Service Plan)
which allows the Fund to reimburse WISDI for payments to intermediaries for
providing account administration and personal and account maintenance services
to their customers who are beneficial owners of shares. The amount of service
fee payable under the Service Plan with respect to each class of shares of the
Fund may not exceed 0.25% annually of the average daily net assets attributable
to the respective classes. For the period from the start of business April 25,
1997 to June 30, 1997, the Fund neither accrued nor paid any service fees.
(4) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follow:
<TABLE>
<CAPTION>
For the Period from the Start of Business,
May 1, 1997 to June 30, 1997
-------------------------------------------------------------------
INSTITUTIONAL SERVICE SHARES INDIVIDUAL SHARES
Shares Amount Shares Amount
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Sold.................................... 244,311 $ 2,451,400 70,401 $ 705,062
Reacquired.............................. - - (100) (1,048)
------- ---------- ------- ----------
Net increase............................ 244,311 $ 2,451,400 70,301 $ 704,014
======== ========== ======== ==========
</TABLE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investment, other than US Government securities and
short term obligations for the period from the start of business May 1, 1997
to June 30, 1997, were $3,172,704 and $59,561, respectively.
<PAGE>
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) of the investment
securities owned at June 30, 1997, as computed on a federal income tax basis,
are as follows:
Aggregate cost........................... $ 3,111,869
===========
Gross unrealized appreciation............ $ 169,413
Gross unrealized depreciation............. (55,791)
-----------
Net unrealized appreciation............... $ 113,622
===========
(7) CONTINGENT DEFERRED SALES CHARGE
A contingent deferred sales charge (CDSC) of 1% is imposed on any
redemption of Individual Class shares made within one year of purchase. The CDSC
is based on the net asset value of the redeemed shares and is paid to WISDI. No
charge is made on shares acquired through the reinvestment of distributions.
Additionally, no CDSC is charged on shares sold to Wright or its affiliates or
to their respective employees.
<PAGE>
SEMI-ANNUAL REPORT
Catholic Advisory Board
Thomas P. Melady, Chairman
Margaret M. Hecklet
Bowie Kuhn
Thomas S. Monaghan
William A. Wilson
Investment Adviser
Wright Investors' Service
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
Administrator
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110
Principal Underwriter
Wright Investors' Service Distributors, Inc.
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
Custodian
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
Transfer and Dividend Disbursing Agent
First Data Investor Services Group
Wright Managed Investment Funds
P.O. Box 5156
Westborough, Massachusetts 01581-9698
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of a mutual fund unless accompanied or preceded by a
Fund's current prospectus.
