-------------------------------------------------------------------------------
Description of art work on front cover of the report
Three thin vertical blue lines on the right side of the page
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SEMI-
ANNUAL
REPORT
JUNE 30, 1995
THE WRIGHT
MANAGED
EQUITY TRUST
THE WRIGHT MANAGED
INVESTMENT FUNDS
<PAGE>
THE WRIGHT MANAGED
INVESTMENT FUNDS
===============================================================================
WRIGHT "TRUE BLUE CHIP" EQUITY INVESTMENT FUNDS INCLUDE THREE DIVERSIFIED
PROFESSIONALLY MANAGED 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.
APPROVED
WRIGHT INVESTMENT LIST
Securities selected for each of the three equity portfolios are drawn from
investment lists prepared by Wright Investors' Service known as The Approved
Wright Investment List (the "AWIL"). Companies on the AWIL are selected by
Wright as having the highest investment quality among those equity securities
which are considered as "investment grade". The corporations may be large or
small, exchange traded or over-the-counter, and may include those not currently
paying dividends on their shares. Companies on the AWIL are, in the opinion of
Wright, soundly financed and have established records of earnings profitability
and equity growth. All have established investment acceptance and active, liquid
markets for their publicly owned shares.
TABLE OF CONTENTS
===============================================================================
INVESTMENT
OBJECTIVES.....................Inside Front Cover
LETTER TO
SHAREHOLDERS................................... 1
WRIGHT MANAGED EQUITY FUNDS
-- Dividend Distributions.................... 3
WRIGHT SELECTED BLUE CHIP
EQUITIES FUND (WBC) --
Portfolio of Investments..................... 4
Financial Statements......................... 7
WRIGHT JUNIOR BLUE CHIP
EQUITIES FUND (WJBC) --
Portfolio of Investments.....................10
Financial Statements........................ 12
WRIGHT QUALITY CORE
EQUITIES FUND (WQC) --
Portfolio of Investments.....................15
Financial Statements........................ 18
<PAGE>
THE WRIGHT MANAGED EQUITY TRUST
===============================================================================
July 1995
Dear Shareholders:
After a difficult year for the U.S. stock market in 1994, the
first six months of 1995 were rewarding for U.S. stockholders. The
Dow Jones Industrial Average climbed steadily higher during the
first half, adding over 700 points (from 3834 to 4566) in the
process. Corporate profits continued to expand significantly,
while interest rates declined sharply, buoying stock market
pricing.
For 1995's first six months, the Wright Selected Blue Chip
Equities Fund had a total return of 15.1%, slightly behind the
return of the average equity growth fund (17.5%). High-quality
stocks have still not begun to exhibit the superior market
performance that we expect them to show. Wright believes that the
market's anti-quality bias runs counter to the favorable
valuations and fundamental growth advantages of the high-quality
stock sector; this bias may be expected to reverse in due course.
The Wright Junior Blue Chip Equities Fund had a 10.2% total return
in the first half, as compared to an 11.8% total return for the
S&P SmallCap 600 stock index. At the end of June 1995, the stocks
in the Junior Blue Chip Fund were priced, on average, at a P/E
discount of almost 15% to the S&P 500 (14.0 vs 16.3), based on
estimated 1995 earnings.
The Wright Quality Core Equities Fund had a total return of 14.0%
for the first half. At mid-year 1995, the stocks in the Quality
Core Fund averaged a P/E multiple of 14.3 (based on projected 1995
earnings) versus 16.3 for the S&P 500, a 12% P/E discount.
It should be understood that the performance data cited above
represents past performance which is not predictive of future
performance and that the investment return and principal value of
an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
Sincerely,
Peter M. Donovan
President
<PAGE>
<TABLE>
<CAPTION>
N.A.V. Distri- Distri- Invstmnt 12 Month 5 Year Cum.
Period Per bution bution Shares Return Invstmnt Invstmnt Invstmnt
Ending Share $ P/S in Shares Owned Value YTD Return Return Return
(Annualized)(Annualized)
-------------------------------------------------------------------------------------------------------------------------------
THE EQUITY TRUST -- WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC) (UNAUDITED)
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1/4/83 $10.00 100.00 $1,000.00
Dec. 94 13.85 0.42 0.030905 250.65 3,471.54 -3.52% -3.52% 6.28% 10.94%
Jan. 95 13.98 250.65 3,504.13 0.94% -3.26% 8.21% 10.94%
Feb. 95 14.71 250.65 3,687.11 6.21% 2.27% 9.24% 11.34%
Mar. 95 14.58 0.22 0.015172 254.46 3,709.97 6.87% 6.84% 8.78% 11.31%
Apr. 95 14.90 254.46 3,791.39 9.21% 9.19% 9.75% 11.43%
May 95 15.34 254.46 3,903.35 12.44% 12.57% 8.56% 11.61%
Jun. 95 15.65 0.05 0.003205 255.28 3,995.13 15.08% 17.18% 8.85% 11.73%
</TABLE>
-------------------------------------------------------------------------------
<TABLE>
THE EQUITY TRUST -- WRIGHT JUNIOR BLUE CHIP EQUITIES FUND (WJBC) (UNAUDITED)
------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1/15/85 $10.00 100.00 $1,000.00
Dec. 94 11.00 0.385 0.036184 205.59 2,261.54 -2.75% -2.75% 5.83% 8.54%
Jan. 95 10.86 205.59 2,232.75 -1.27% -5.49% 7.80% 8.33%
Feb. 95 11.40 205.59 2,343.77 3.64% -1.76% 8.52% 8.78%
Mar. 95 10.54 0.895 0.085482 223.17 2,352.20 4.01% 2.47% 7.71% 8.74%
Apr. 95 10.78 223.17 2,405.76 6.38% 4.71% 8.53% 8.91%
May 95 10.88 223.17 2,428.08 7.36% 8.48% 7.39% 8.93%
Jun. 95 11.06 0.107 0.009701 225.33 2,492.19 10.20% 12.79% 7.90% 9.13%
</TABLE>
-------------------------------------------------------------------------------
<TABLE>
THE EQUITY TRUST -- WRIGHT QUALITY CORE EQUITIES FUND (WQC) (UNAUDITED)
-------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7/22/85 $10.00 100.00 $1,000.00
Dec. 94 11.39 1.10 0.097247 246.63 2,809.14 -0.73% -0.73% 7.88% 11.56%
Jan. 95 11.52 246.63 2,841.20 1.14% 0.56% 9.93% 11.58%
Feb. 95 12.06 246.63 2,974.38 5.88% 5.70% 10.77% 12.02%
Mar. 95 12.15 0.04 0.003314 247.45 3,006.51 7.03% 11.16% 10.20% 12.03%
Apr. 95 12.36 247.45 3,058.48 8.88% 13.18% 10.97% 12.12%
May 95 12.64 247.45 3,127.76 11.34% 14.14% 9.56% 12.27%
Jun. 95 12.90 0.04 0.003113 248.22 3,202.03 13.99% 18.89% 9.96% 12.42%
</TABLE>
<PAGE>
<TABLE>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC)
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
Shares Value
-------------------------------------------------------------------------------
EQUITY INTERESTS -- 97.5%
<S> <C> <C>
APPAREL -- 2.7%
Reebok International Ltd............ 51,000 $ 2,074,000
Russell Corp........................ 67,000 1,926,250
VF Corp............................. 36,830 1,979,613
-----------
$ 5,979,863
-----------
AUTOMOTIVE -- 1.9%
Eaton Corp.......................... 35,000 $ 2,034,375
Modine Manufacturing Co............. 59,000 2,168,250
-----------
$ 4,202,625
-----------
BEVERAGES -- 1.8%
Anheuser Busch...................... 33,550 $ 1,908,156
Brown Forman Corp................... 66,000 2,002,500
-----------
$ 3,910,656
-----------
CHEMICALS -- 4.6%
Bandag Inc.......................... 32,500 $ 2,031,250
Clorox Company...................... 31,140 2,031,885
Lubrizol Corp....................... 54,000 1,910,250
PPG Industries...................... 49,000 2,107,000
Sherwin Williams Co................. 55,800 1,987,875
-----------
$ 10,068,260
-----------
CONSTRUCTION -- 0.9%
Fleetwood Enterprises, Inc.......... 103,000 $ 2,034,250
-----------
DIVERSIFIED -- 5.8%
Crane Company....................... 56,000 $ 2,030,000
Johnson Controls.................... 37,000 2,090,500
National Service Industries......... 72,000 2,079,000
Rockwell International Corp......... 46,210 2,114,108
Standex International Corp.......... 64,730 2,038,995
Teleflex, Incorporated.............. 55,000 2,365,000
-----------
$ 12,717,603
-----------
DRUGS, COSMETICS & HEALTH CARE -- 6.8%
Alberto Culver Co. Class A.......... 80,400 $ 2,070,300
Bard C.R............................ 34,500 1,950,000
Becton Dickenson & Co............... 34,500 2,009,625
Bristol-Meyers Squibb Co............ 30,564 2,082,173
Johnson & Johnson................... 32,600 2,204,575
Merck & Co., Inc.................... 47,000 2,303,000
Upjohn Co........................... 57,000 2,158,875
-----------
$ 14,778,548
-----------
ELECTRICAL -- 2.6%
Emerson Electric Co................. 26,650 $ 1,905,475
General Electric Co................. 34,540 1,947,193
Juno Lighting, Inc.................. 112,000 1,792,000
-----------
$ 5,644,668
-----------
ELECTRONICS -- 5.8%
BMC Industries...................... 106,000 $ 2,663,250
Hewlett Packard Inc................. 34,000 2,533,000
Intel Corporation................... 49,310 3,121,940
Raytheon Co......................... 26,180 2,032,222
Sun Microsystems Inc................ 48,000 2,328,000
-----------
$ 12,678,412
-----------
FINANCIAL -- 17.6%
AFLAC Inc........................... 49,000 $ 2,143,750
American International Group........ 18,000 2,052,000
Bancorp Hawaii Inc.................. 65,175 1,955,250
Commerce Bancshares, Inc............ 69,037 2,174,682
Compass Bancshares.................. 76,000 2,194,500
Edwards (A.G.), Inc................. 95,000 2,137,500
Fifth Third Bancorp................. 36,000 2,025,000
First Colony Corp................... 99,000 2,376,000
First Hawaiian Inc.................. 70,500 1,885,875
First Virginia Banks Inc............ 52,665 1,974,937
MBIA Inc............................ 33,000 2,194,500
NBD Bancorp Inc..................... 68,000 2,176,000
Raymond James Financial Corp........ 108,000 2,092,500
Southern National Corp.............. 92,000 2,208,000
Southtrust Corporation.............. 88,475 2,045,984
Star Banc Corp...................... 49,965 2,298,390
<PAGE>
FINANCIAL -- continued
SunTrust Banks Inc.................. 35,920 $ 2,092,340
US Trust Corp....................... 28,500 2,052,000
West One Bancorp.................... 6,000 200,250
-----------
$ 38,279,458
-----------
FOOD -- 3.9%
Dean Foods Company.................. 64,000 $ 1,792,000
Hormel (George A.) & Company........ 82,000 2,142,250
Pioneer Hi-Bred International....... 58,000 2,436,000
Universal Foods Corp................ 67,000 2,169,125
-----------
$ 8,539,375
-----------
MACHINERY & EQUIPMENT -- 2.9%
Briggs & Stratton Corp.............. 56,180 $ 1,938,210
Dover Corp.......................... 30,000 2,182,500
Pitney-Bowes Inc.................... 54,500 2,091,438
-----------
$ 6,212,148
-----------
METAL PRODUCTS MANUFACTURERS -- 4.0%
CLARCOR Inc......................... 93,950 $ 2,149,106
Kaydon Corp......................... 69,000 2,052,750
Stanley Works....................... 54,000 2,045,250
Watts Industries Inc................ 98,000 2,456,125
-----------
$ 8,703,231
-----------
OIL, GAS & COAL -- 0.8%
Exxon Corporation................... 25,800 $ 1,822,125
-----------
PAPER -- 1.1%
Kimberly-Clark Corp................. 38,000 $ 2,275,250
-----------
PRINTING & PUBLISHING -- 6.8%
Banta (George) Corp................. 60,899 $ 2,024,891
Ennis Business Forms................ 166,220 2,056,972
Gannett Co. Inc..................... 34,080 1,848,840
Harland (John H.) Co................ 89,900 2,056,462
Lee Enterprises, Inc................ 55,500 2,115,938
Reynolds & Reynolds Inc............. 78,900 2,327,550
Wallace Computer Services........... 61,600 2,363,900
-----------
$ 14,794,553
-----------
RECREATION -- 4.1%
Carnival Corporation................ 90,590 $ 2,117,541
International Dairy Queen*.......... 113,000 2,203,500
Luby's Cafeteria, Inc............... 103,750 2,087,969
Sturm, Ruger & Company.............. 75,000 2,446,875
-----------
$ 8,855,885
-----------
RETAILERS -- 5.9%
Casey's General Stores.............. 128,000 $ 2,304,000
Dress Barn Inc*..................... 221,000 2,154,750
Giant Food Inc...................... 82,000 2,326,750
Hannaford Brothers Company.......... 70,000 1,995,000
May Department Stores............... 50,000 2,081,250
Melville Corp....................... 58,000 1,986,500
-----------
$ 12,848,250
-----------
TRANSPORTATION -- 1.0%
Air Express International Corp...... 89,000 $ 2,091,500
-----------
UTILITIES -- COMMUNICATIONS -- 4.7%
Ameritech Corp...................... 43,740 $ 1,924,560
Century Telephone Enterprises....... 66,000 1,872,750
Lincoln Telecom Co.................. 125,620 1,978,515
SBC Communications.................. 48,000 2,286,000
Sprint Corp......................... 65,000 2,185,625
-----------
$ 10,247,450
-----------
<PAGE>
UTILITIES -- ELECTRIC POWER -- 3.6%
DQE................................. 88,500 $ 2,079,750
Duke Power Co....................... 47,850 1,985,775
TECO Energy, Inc.................... 88,800 1,942,500
Wisconsin Energy Corp............... 68,850 1,927,800
-----------
$ 7,935,825
-----------
UTILITIES -- ELECTRIC POWER HOLDING -- 1.0%
Central & South West Corp........... 79,400 $ 2,084,250
-----------
UTILITIES -- ELECTRIC POWER & GAS -- 0.9%
NIPSCO Industries Inc............... 60,500 $ 2,057,000
-----------
MISCELLANEOUS -- 6.3%
Dionex Corporation*................. 50,000 $ 2,287,500
Genuine Parts Co.................... 49,150 1,861,555
Marshall Industries*................ 72,265 2,420,878
Medicine Shoppe International....... 68,300 2,399,038
Pioneer Stand Electronics........... 101,000 2,474,500
Stanhome Inc........................ 68,000 2,244,000
-----------
$ 13,687,471
-----------
TOTAL EQUITY INTERESTS - 97.5%
(identified cost, $185,044,572) $212,448,656
-----------
RESERVE FUNDS -- 1.7%
Face Amount
American Express Corp. 5.503%, 7/03/95
At amortized cost................$3,600,00 $ 3,600,000
-----------
TOTAL INVESTMENTS -- 99.2%
(identified cost, $188,644,570) $216,048,656
OTHER ASSETS,
LESS LIABILITIES -- 0.8% 1,779,367
-----------
NET ASSETS -- 100% $217,828,023
============
* Non-income-producing security.
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
===============================================================================
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
-------------------------------------------------------------------------------
ASSETS:
<S> <C>
Investments --
Identified cost........................ $188,644,570
Unrealized appreciation................ 27,404,086
------------
Total Value (Note 1A)................ $216,048,656
Receivable for fund shares sold.......... 3,372
Cash..................................... 18,704
Receivable for investments sold.......... 1,342,438
Dividends receivable..................... 432,036
------------
Total Assets........................... $217,845,206
------------
LIABILITIES:
Trustee fees payable..................... $ 625
Custodian fee payable.................... 11,958
Accrued expenses and other liabilities... 4,600
------------
Total Liabilities...................... $ 17,183
------------
NET ASSETS.................................. $217,828,023
=============
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................... $186,511,941
Accumulated undistributed net realized gain
on investments (computed on the basis of
identified cost)....................... 1,698,080
Unrealized appreciation of investments (computed
on the basis of identified cost)....... 27,404,086
Undistributed net investment income...... 2,213,916
------------
Net assets applicable to outstanding shares$217,828,023
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING............................ 13,914,777
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................. $15.65
=============
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
-------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Income --
Dividends.............................. $ 2,277,616
Interest............................... 160,101
------------
Total Income......................... $ 2,437,717
------------
Expenses --
Investment Adviser fee (Note 2)........ $ 587,239
Administrator fee (Note 2)............. 126,526
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator 1,614
Custodian fee (Note 2)................. 40,860
Transfer and dividend disbursing agent fees 17,247
Distribution expenses (Note 3)......... 190,337
Audit services......................... 25,500
Legal services......................... 1,358
Registration costs..................... 9,807
Miscellaneous.......................... 3,203
Interest paid on loans................. 885
------------
Total Expenses....................... $ 1,004,576
------------
Net Investment Income.............. $ 1,433,141
------------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis)................ $ 226,210
Change in unrealized appreciation
of investments......................... 25,365,391
------------
Net realized and unrealized gain
on investments......................... $ 25,591,601
------------
Net increase in net assets
from operations.................... $ 27,024,742
=============
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
===============================================================================
<TABLE>
Six Months Ended Year Ended
STATEMENT OF CHANGES IN NET ASSETS June 30, 1995 Dec. 31, 1994
(UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income...................................................... $ 1,433,141 $ 2,972,904
Net realized gain on investment transactions............................... 226,210 9,148,808
Change in unrealized appreciation of investments........................... 25,365,391 (19,763,621)
------------ ------------
Increase (decrease) in net assets from operations..................... $ 7,024,742 $ (7,641,909)
------------ ------------
Undistributed net investment income included in
price of shares sold and redeemed (Note 1C).................................. $ 87,355 $ 280,883
------------ ------------
Distributions to shareholders --
From net investment income................................................. $(1,315,806) $ (2,385,221)
From net realized gain on investment transactions.......................... (2,114,483) (4,787,377)
------------ ------------
Total distributions to shareholders................................... $(3,430,289) $ (7,172,598)
------------ ------------
Net increase from fund share transactions (exclusive of amounts
allocated to net investment income) (Note 4)................................ $ 8,130,424 $ 25,068,300
------------ ------------
Net increase in net assets............................................ $31,812,232 $ 10,534,676
NET ASSETS:
At beginning of period......................................................... 186,015,791 175,481,115
------------ ------------
At end of period............................................................... $ 217,828,023 $ 186,015,791
============= =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS.......................... $ 2,213,916 $ 2,009,226
============= =============
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
===============================================================================
Year Ended December 31,
--------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1995(1) 1994 1993 1992 1991 1990
(UNAUDITED)
---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period........ $ 13.850 $ 14.920 $ 14.790 $ 17.180 $ 13.840 $ 15.370
-------- -------- -------- -------- -------- --------
Income (Loss) from Investment Operations:
Net investment income.................. $ 0.110 $ 0.233 $ 0.196 $ 0.222 $ 0.267 $ 0.323
Net realized and unrealized gain (loss)
on investments....................... 1.960 (0.763) 0.104 0.498 4.553 (0.843)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations....... $ 2.070 $ (0.530) $ 0.300 $ 0.720 $ 4.820 $ (0.520)
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............. $ (0.100) $ (0.180) $ (0.170) $ (0.200) $ (0.250) $ (0.320)
From net realized gain on investments.. (0.170) (0.360) -- (2.910) (1.230) (0.690)
-------- -------- -------- -------- -------- --------
Total distributions................ $ (0.270) $ (0.540) $ (0.170) $ (3.110) $ (1.480) $ (1.010)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 15.650 $ 13.850 $ 14.920 $ 14.790 $ 17.180 $ 13.840
========= ========= ========= ========= ========= =========
Total Return................................ 15.08% (3.52%) 2.06% 4.71% 35.98% (3.30%)
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $217,828 $186,016 $ 175,481 $ 152,997 $ 167,900 $108,571
Ratio of expenses to average net assets 1.05%(2) 1.03% 1.03% 1.02% 1.08% 1.12%
Ratio of net investment income to average
net assets........................... 1.50%(2) 1.57% 1.28% 1.34% 1.67% 2.28%
Portfolio turnover rate................ 28% 72% 28% 77% 72% 83%
<FN>
(1) Six months ended June 30, 1995.
(2) Annualized.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND (WJBC)
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
Shares Value
-------------------------------------------------------------------------------
EQUITY INTERESTS -- 99.2%
<S> <C> <C>
AUTOMOTIVE -- 2.2%
Modine Manufacturing................ 18,100 $ 665,175
-----------
CONSTRUCTION -- 0.8%
Fleetwood Enterprises............... 12,000 $ 237,000
-----------
DIVERSIFIED -- 6.7%
Crane Company....................... 18,000 $ 652,500
Standex International Corp.......... 20,000 630,000
Teleflex, Inc....................... 17,000 731,000
-----------
$ 2,013,500
-----------
DRUGS, COSMETICS & HEALTH CARE -- 9.5%
Alberto Culver Company Class A...... 28,000 $ 721,000
Diagnostic Products Corp............ 15,000 547,500
Invacare Corporation................ 13,000 539,500
Nellcor Inc*........................ 13,000 585,000
Sunrise Medical, Inc*............... 15,000 466,875
-----------
$ 2,859,875
-----------
ELECTRICAL -- 3.3%
Baldor Electric..................... 15,000 $ 429,375
Juno Lighting Inc................... 34,600 553,600
-----------
$ 982,975
-----------
ELECTRONICS -- 7.0%
BMC Industries...................... 32,000 $ 804,000
Dallas Semiconductor Corp........... 34,000 697,000
Verifone Inc........................ 25,000 612,500
-----------
$ 2,113,500
-----------
FINANCIAL -- 9.0%
First Commercial Corp............... 30,000 $ 765,000
First Hawaiian Inc.................. 15,000 $ 401,250
Raymond James Financial Corp........ 27,000 523,125
Star Banc Corp...................... 12,000 552,000
Southern National Corp.............. 19,000 456,000
-----------
$ 2,697,375
-----------
FOOD -- 4.1%
Bob Evans Farms, Inc................ 30,000 $ 611,250
Universal Food Corporation.......... 19,500 631,313
-----------
$ 1,242,563
-----------
MACHINERY & EQUIPMENT -- 4.2%
Briggs & Stratton Corp.............. 15,000 $ 517,500
Donaldson Co. Inc................... 28,000 731,500
-----------
$ 1,249,000
-----------
METAL PRODUCTS MANUFACTURERS -- 6.3%
CLARCOR Inc......................... 31,800 $ 727,425
Kaydon Corp......................... 24,300 722,925
Watts Industries Inc................ 17,000 426,062
-----------
$ 1,876,412
-----------
PAPER -- 1.4%
Wausau Paper Mills Co............... 18,700 $ 426,593
-----------
PRINTING & PUBLISHING -- 11.0%
Banta (George) Co., Inc............. 19,750 $ 656,688
Ennis Business Forms................ 40,000 495,000
Harland (John H.) Co................ 31,000 709,125
Lee Enterprises, Inc................ 16,000 610,000
Wallace Computer Services........... 21,400 821,225
-----------
$ 3,292,038
-----------
<PAGE>
RECREATION -- 4.2%
International Dairy Queen*.......... 33,000 $ 643,500
Luby's Cafeteria, Inc............... 31,000 623,875
-----------
$ 1,267,375
-----------
RETAILERS -- 5.2%
Casey's General Stores.............. 36,000 $ 648,000
Dress Barn Inc*..................... 46,000 448,500
Hannaford Brothers Co............... 16,000 456,000
-----------
$ 1,552,500
-----------
TRANSPORTATION -- 5.5%
Air Express International Corp...... 26,250 $ 616,875
Expeditors International............ 23,000 517,500
M.S. Carriers....................... 28,000 532,000
-----------
$ 1,666,375
-----------
UTILITIES -- 5.0%
Black Hills Corporation............. 28,300 $ 594,300
DQE................................. 10,000 235,000
Lincoln Telecom Co.................. 42,000 661,500
-----------
$ 1,490,800
-----------
MISCELLANEOUS -- 13.8%
Crawford & Co....................... 39,000 $ 658,125
Dionex Corp*........................ 14,400 658,800
Marshall Industries*................ 23,000 770,500
Medicine Shoppe International....... 18,000 632,250
Pioneer Stand Electronics........... 27,000 661,500
Stanhome Inc........................ 23,000 759,000
-----------
$ 4,140,175
-----------
TOTAL INVESTMENTS -- 99.2%
(identified cost, $25,502,888) $ 29,773,231
OTHER ASSETS,
LESS LIABILITIES -- 0.8% 225,635
-----------
NET ASSETS -- 100.0% $ 29,998,866
============
* Non-income-producing security.
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
===============================================================================
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
-------------------------------------------------------------------------------
ASSETS:
<S> <C>
Investments --
Identified cost........................ $ 25,502,888
Unrealized appreciation................ 4,270,343
------------
Total Value (Note 1A)................ $ 29,773,231
Cash..................................... 177,922
Receivable from investment adviser....... 14,565
Dividends receivable..................... 39,586
------------
Total Assets........................... $ 30,005,304
------------
LIABILITIES:
Trustee fees payable..................... $ 625
Custodian fee payable.................... 3,738
Accrued expenses and other liabilities... 2,075
------------
Total Liabilities...................... $ 6,438
------------
NET ASSETS.................................. $ 29,998,866
=============
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................... $ 22,984,699
Accumulated undistributed net realized gain
on investments (computed on the basis of
identified cost)....................... 2,356,986
Unrealized appreciation of investments (computed
on the basis of identified cost)....... 4,270,343
Undistributed net investment income...... 386,838
------------
Net assets applicable to outstanding shares$ 29,998,866
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING............................ 2,712,485
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................. $11.06
=============
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
-------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Income --
Dividends............................... $ 360,912
Interest................................ 14,776
------------
Total Income.......................... $ 375,688
------------
Expenses --
Investment Adviser fee (Note 2)......... $ 93,355
Administrator fee (Note 2).............. 33,947
Interest expense........................ 3,712
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator 1,614
Custodian fee (Note 2).................. 13,712
Transfer and dividend disbursing agent fees 7,916
Distribution expenses (Note 3).......... 33,947
Audit services.......................... 21,900
Legal services.......................... 934
Registration costs...................... 8,517
Printing................................ 81
Miscellaneous........................... 1,404
------------
Total Expenses........................ $ 221,039
------------
Deduct --
Reduction of distribution expenses by
Principal Underwriter (Note 3)........ $ 10,655
Allocation of expenses to investment
adviser (Note 2)...................... 14,565
------------
Total deducted........................ $ 25,220
------------
Net expenses.......................... $ 195,819
------------
Net investment income............... $ 179,869
------------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis)................. $ 535,713
Change in unrealized appreciation
of investments.......................... 2,536,674
------------
Net realized and unrealized gain
on investments.......................... $ 3,072,387
------------
Net increase in net assets
from operations..................... $ 3,252,256
=============
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
===============================================================================
<TABLE>
Six Months Ended Year Ended
STATEMENT OF CHANGES IN NET ASSETS June 30, 1995 Dec. 31, 1994
(UNAUDITED)
-----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income................................................... $ 179,869 $ 529,321
Net realized gain on investment transactions............................ 535,713 6,599,714
Change in unrealized appreciation (depreciation) of investments......... 2,536,674 (8,816,947)
------------ ------------
Increase (decrease) in net assets from operations.................. $ 3,252,256 $ (1,687,912)
------------ ------------
Undistributed net investment income included in
price of shares sold and redeemed (Note 1C)............................... $ (30,258) $ (98,655)
------------ ------------
Distributions to shareholders
From net investment income................................................ $ (147,256) $ (488,244)
From net realized gain on investment transactions......................... (2,930,646) (2,117,788)
------------ ------------
Total distribution to shareholders................................. $ (3,077,902) $ (2,606,032)
------------ ------------
Net decrease from fund share transactions (exclusive of
amounts allocated to net investment income) (Note 4)...................... $ (7,269,270) $ (26,708,885)
------------ ------------
Net decrease in net assets......................................... $ (7,125,174) $ (31,101,484)
NET ASSETS:
At beginning of period...................................................... 37,124,040 68,225,524
------------ ------------
At end of period............................................................ $ 29,998,866 $ 37,124,040
============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS....................... $ 91,669 $ 89,314
============== ==============
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
===============================================================================
Year Ended December 31,
----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1995(1) 1994 1993 1992 1991 1990
(UNAUDITED)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period........ $ 11.000 $ 11.950 $ 11.690 $ 14.720 $ 11.500 $ 13.020
-------- -------- -------- -------- -------- --------
Income (Loss) from Investment Operations:
Net investment income.................. $ 0.079 $ 0.101 $ 0.101 $ 0.045 $ 0.072 $ 0.111
Net realized and unrealized gain (loss)
on investments....................... 0.983 (0.431) 0.809 0.315 4.118 (1.491)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations....... $ 1.062 $ (0.330) $ 0.910 $ 0.360 $ 4.190 $ (1.380)
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............. $ (0.050) $ (0.100) $ (0.060) $ (0.030) $ (0.070) $ (0.140)
From net realized gain on investments.. (0.952) (0.520) (0.590) (3.360) (0.900) --
-------- -------- -------- -------- -------- --------
Total distributions................ $ (1.002) $ (0.620) $ (0.650) $ (3.390) $ (0.970) $ (0.140)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 11.060 $ 11.000 $ 11.950 $ 11.690 $ 14.720 $ 11.500
========= ========= ========= ========= ========= =========
Total Return................................ 10.20% (2.75%) 7.93% 3.28% 36.98% (10.61%)
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $ 29,999 $ 37,124 $ 68,226 $ 64,635 $ 120,911 $ 63,385
Ratio of expenses to average net assets 1.16%(2) 1.11% 1.09% 1.07% 1.10% 1.14%
Ratio of net investment income to average
net assets........................... 1.06%(2) 0.91% 0.86% 0.31% 0.52% 0.95%
Portfolio turnover rate................ 28% 36% 38% 80% 60% 75%
<FN>
(1)During the period ended June 30, 1995, the Principal Underwriter reduced its
fee and the Investment Adviser was allocated a portion of operating expenses.
Had such action not been undertaken, net investment income per share and the
ratios would have been as follows:
Six Months Ended
June 30, 1995
Net investment income per share $0.068
========
Ratios (As a percentage of average net assets):
Expenses 1.30%
========
Net investment income 0.92%
========
(2) Annualized.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT QUALITY CORE EQUITIES FUND (WQC)
PORTFOLIO OF INVESTMENTS
JUNE 30, 1995 (UNAUDITED)
===============================================================================
Shares Value
-------------------------------------------------------------------------------
EQUITY INTERESTS -- 98.7%
<S> <C> <C>
APPAREL -- 1.9%
Reebok International Ltd............ 10,500 $ 357,000
Russell Corp........................ 11,300 324,875
VF Corp............................. 6,225 334,594
-----------
$ 1,016,469
-----------
AUTOMOTIVE -- 1.3%
Eaton Corp.......................... 5,900 $ 342,938
Modine Manufacturing................ 10,000 367,500
-----------
$ 710,438
-----------
BEVERAGES -- 1.1%
Anheuser Busch...................... 5,400 $ 307,125
Brown-Forman Corp .................. 9,150 305,381
-----------
$ 612,506
-----------
CHEMICALS -- 5.8%
Bandag, Inc......................... 5,500 $ 343,750
Clorox Corp......................... 5,600 365,400
Cooper Tire & Rubber................ 13,700 333,937
Great Lakes Chemical Corp........... 5,800 349,450
Lubrizol Corp....................... 9,500 336,063
PPG Industries...................... 9,500 408,500
RPM Inc............................. 18,500 367,687
Rohm & Haas Co...................... 5,650 310,044
Sherwin Williams Co................. 8,300 295,688
-----------
$ 3,110,519
-----------
CONSTRUCTION -- 1.3%
Clayton Homes....................... 21,608 $ 353,831
Fleetwood Enterprises, Inc.......... 16,800 331,800
-----------
$ 685,631
-----------
DIVERSIFIED -- 5.4%
Crane Company....................... 12,400 $ 449,500
Johnson Controls.................... 6,900 389,850
Lancaster Colony Corp............... 9,932 355,069
Minnesota Mining & Mfg. Co.......... 6,166 353,004
National Service Industries......... 10,900 314,738
Rockwell Int'l. Corp................ 7,550 345,413
Standex International Corp.......... 10,600 333,900
Teleflex Inc........................ 8,000 344,000
-----------
$ 2,885,474
-----------
DRUGS, COSMETICS & HEALTH CARE -- 9.1%
Abbott Laboratories................. 10,030 $ 406,215
Alberto Culver Co. Class A.......... 13,400 345,050
Bard (C.R.) Inc..................... 12,000 360,000
Becton Dickinson & Co............... 5,650 329,113
Bristol-Meyers Squibb Co............ 4,700 320,188
Diagnostic Products Corp............ 9,000 328,500
Invacare Corp....................... 9,700 402,550
Johnson & Johnson................... 4,850 327,981
Lilly (Eli) & Company............... 2,600 204,100
Merck & Co.......................... 7,142 349,958
Nellcor, Inc........................ 10,300 463,500
Pfizer Inc.......................... 3,300 304,838
Sunrise Medical, Inc................ 12,200 379,725
Upjohn Co........................... 9,300 352,238
-----------
$ 4,873,956
-----------
ELECTRICAL -- 2.4%
Baldor Electric..................... 12,600 $ 360,675
Emerson Electric Co................. 5,000 357,500
General Electric Co................. 5,250 295,969
Juno Lighting Inc................... 18,700 299,200
-----------
$ 1,313,344
-----------
ELECTRONICS -- 6.2%
BMC Industries...................... 19,300 $ 484,913
Dallas Semiconductor Corp........... 15,800 323,900
Hewlett-Packard Inc................. 5,500 409,750
Intel Corporation................... 7,650 484,337
Raytheon Co......................... 4,200 326,025
Sun Microsystems, Inc............... 8,900 $ 431,650
<PAGE>
ELECTRONICS -- continued
Verifone, Inc....................... 15,100 369,950
Vishay Intertechnology, Inc......... 14,490 523,451
-----------
$ 3,353,976
-----------
FINANCIAL -- 13.0%
AFLAC, Inc.......................... 8,100 $ 354,375
American International Group........ 2,800 319,200
Bancorp Hawaii...................... 12,250 367,500
Commerce Bancshares, Inc............ 10,550 332,325
Compass Bancshares.................. 12,000 346,500
Edwards (A.G.), Inc................. 16,000 360,000
Fifth Third Bancorp................. 6,750 379,688
First Colony Corp................... 14,400 345,600
First Commercial Corp............... 13,000 331,500
First Hawaiian Inc.................. 13,300 355,775
First Virginia Banks Inc............ 8,700 326,250
MBIA, Inc........................... 5,050 335,825
NBD Bancorp, Inc.................... 10,000 320,000
Raymond James Financial Corp........ 17,400 337,125
Southern National Corp.............. 14,400 345,600
Southtrust Corp..................... 15,800 365,375
Star Banc Corp...................... 7,900 363,400
SunTrust Banks Inc.................. 5,950 346,588
U.S. Trust Corp..................... 5,000 360,000
West One Bancorp.................... 11,800 393,825
-----------
$ 6,986,451
-----------
FOOD -- 4.6%
CPC International Inc............... 6,150 $ 379,763
Dean Foods Co....................... 11,300 316,400
H.J. Heinz Co....................... 8,850 392,719
Hershey Foods Corp.................. 6,740 372,385
Hormel (George A.) & Co............. 13,400 350,075
Pioneer Hi-Bred International....... 7,900 331,800
Universal Foods Corp................ 10,300 333,463
-----------
$ 2,476,605
-----------
MACHINERY & EQUIPMENT -- 2.6%
Briggs & Stratton Corp.............. 8,600 $ 296,700
Donaldson Co., Inc.................. 14,200 370,975
Dover Corp.......................... 4,800 349,200
Pitney-Bowes Inc.................... 9,400 360,725
-----------
$ 1,377,600
-----------
METAL PRODUCTS MANUFACTURERS -- 3.5%
CLARCOR............................. 16,700 $ 382,013
Illinois Tool Works Inc............. 7,500 412,500
Kaydon Corp......................... 11,100 330,225
Stanley Works....................... 8,900 337,088
Watts Industries, Inc............... 15,600 390,967
-----------
$ 1,852,793
-----------
OIL, GAS, COAL & RELATED SERVICES -- 0.6%
Exxon Corp.......................... 4,400 $ 310,750
-----------
PAPER -- 2.7%
Bemis Co............................ 13,500 $ 351,000
Kimberly-Clark...................... 6,350 380,206
Sonoco Products Co.................. 15,855 392,411
Wausau Paper Mills Co............... 14,300 326,219
-----------
$ 1,449,836
-----------
PRINTING & PUBLISHING -- 5.9%
Banta Corp.......................... 9,900 $ 329,175
Donnelley (R.R.) & Sons............. 11,100 399,600
Ennis Business Forms................ 27,000 334,125
Gannett Co. Inc..................... 6,250 339,063
Harland (John H.) Co................ 14,000 320,250
Knight-Ridder Inc................... 6,650 378,219
Lee Enterprises, Inc................ 9,400 358,375
Reynolds & Reynolds, Inc............ 12,000 354,000
Wallace Computer Services........... 10,000 383,750
-----------
$ 3,196,557
-----------
RECREATION -- 5.3%
Bob Evans Farms..................... 16,600 $ 338,225
Capital Cities/ABC, Inc............. 3,700 399,600
Carnival Cruise Class A............. 12,600 294,525
International Dairy Queen*.......... 16,900 329,550
Luby's Cafeteria, Inc............... 16,000 322,000
McDonald's Corp..................... 10,300 402,988
Sturm, Ruger & Company.............. 12,400 404,550
Wendy's International............... 21,200 378,950
-----------
$ 2,870,388
-----------
<PAGE>
RETAILERS -- 7.5%
Albertson's Inc..................... 11,300 $ 336,175
Casey's General Stores, Inc......... 21,300 383,400
Circuit City Stores Inc............. 14,500 458,563
Dress Barn, Inc*.................... 38,900 379,275
Giant Food Inc...................... 12,200 346,175
Hannaford Brothers Co............... 12,800 364,800
The Limited, Inc.................... 16,000 352,000
May Department Stores............... 8,900 370,463
Melville Corp....................... 8,400 287,700
Nordstrom Inc....................... 9,400 388,925
Walgreen Co......................... 7,200 360,900
-----------
$ 4,028,376
-----------
TRANSPORTATION -- 1.8%
Air Express International Corp...... 14,000 $ 329,000
Expeditors International............ 15,600 351,000
M.S. Carriers, Inc.................. 14,500 275,500
-----------
$ 955,500
-----------
UTILITIES -- COMMUNICATIONS -- 3.1%
AmeriTech Corp...................... 6,600 $ 290,400
Century Telephone Enterprises....... 10,000 283,750
Lincoln Telecommunications.......... 21,500 338,625
SBC Communications.................. 8,100 385,763
Sprint Corp......................... 10,500 353,063
-----------
$ 1,651,601
-----------
UTILITIES -- ELECTRIC POWER -- 3.8%
Black Hills......................... 15,900 $ 333,900
DQE Inc............................. 14,250 334,875
Duke Power Company.................. 8,150 338,225
NIPSC Industries, Inc............... 9,400 319,600
TECO Energy, Inc.................... 16,400 358,750
Wisconsin Energy Corp............... 11,950 334,600
-----------
$ 2,019,950
-----------
UTILITIES -- ELECTRIC POWER HOLDINGS -- 0.7%
Central & South West Corp........... 13,750 $ 360,938
-----------
MISCELLANEOUS -- 9.1%
Computer Sciences Corp.............. 6,600 $ 375,375
Crawford and Co..................... 21,200 357,750
Dionex Corporation*................. 7,600 347,700
Flightsafety International.......... 8,300 404,625
Genuine Parts Co.................... 8,750 331,406
Grainger (W.W.) Inc................. 5,200 305,500
Interpublic Group Cos. Inc.......... 10,600 397,500
Kent Electronics Corp............... 12,750 482,906
Leggett & Platt Inc................. 7,600 334,400
Marshall Industries*................ 11,000 368,500
Medicine Shoppe International....... 10,800 379,350
Pioneer Stand Electronics........... 17,000 416,500
Stanhome Inc........................ 11,300 372,900
-----------
$ 4,874,413
-----------
TOTAL EQUITY INVESTMENTS -- 98.7%
(identified cost, $46,345,118) $ 52,974,071
-----------
RESERVE FUNDS -- 1.1%
Face Amount
American Express Corp., 5.503%,
7/3/95 at amorized cost........... 615,000 $ 615,000
-----------
TOTAL INVESTMENTS -- 99.8%
(identified cost, $46,960,118) $ 53,589,071
OTHER ASSETS,
LESS LIABILITIES -- 0.2% 91,361
-----------
NET ASSETS -- 100% $ 53,680,432
============
* Non-income-producing security.
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT QUALITY CORE EQUITIES FUND
===============================================================================
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1995 (UNAUDITED)
-------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost........................ $ 46,960,118
Unrealized appreciation................ 6,628,953
------------
Total Value (Note 1A)................ $ 53,589,071
Cash..................................... 96
Receivable from investment adviser....... 9,130
Dividends and interest receivable........ 92,883
------------
Total Assets........................... $ 53,691,180
------------
LIABILITIES:
Trustee fees payable..................... $ 625
Custodian fee payable.................... 7,823
Accrued expenses and other liabilities... 2,300
------------
Total Liabilities...................... $ 10,748
------------
NET ASSETS.................................. $ 53,680,432
=============
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......... $ 43,459,744
Accumulated undistributed net realized gain
on investments (computed on the basis of
identified cost)....................... 3,417,649
Unrealized appreciation of investments
(computed on the basis of identified cost) 6,628,953
Undistributed net investment income...... 174,086
------------
Net assets applicable to
outstanding shares................... $ 53,680,432
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING............................ 4,160,507
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST................. $12.90
=============
</TABLE>
<TABLE>
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 1995 (UNAUDITED)
-------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Income --
Dividends.............................. $ 562,049
Interest............................... 40,210
------------
Total Income......................... $ 602,259
------------
Expenses --
Investment Adviser fee (Note 2)........ $ 113,992
Administrator fee (Note 2)............. 50,663
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator 1,614
Custodian fee (Note 2)................. 28,045
Transfer and dividend disbursing agent fees 6,795
Distribution expenses (Note 3)......... 50,663
Audit services......................... 26,900
Legal services......................... 978
Registration costs..................... 9,217
Printing............................... 1,587
Miscellaneous.......................... 1,841
------------
Total Expenses....................... $ 292,295
------------
Deduct --
Reduction of distribution expenses by
Principal Underwriter (Note 3)........ $ 17,577
Allocation of expenses to investment
adviser (Note 2)...................... 9,130
------------
Total deducted........................ $ 26,707
------------
Net expenses.......................... $ 265,588
------------
Net investment income.............. $ 336,671
-------------
REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis)................ $ 3,417,649
Change in unrealized appreciation
of investments......................... 2,945,777
------------
Net realized and unrealized gain
on investments......................... $ 6,363,426
------------
Net increase in net assets
from operations.................... $ 6,700,097
=============
See notes to financial statements
</TABLE>
<PAGE>
<TABLE>
WRIGHT QUALITY CORE EQUITIES FUND
===============================================================================
Six Months Ended Year Ended
STATEMENT OF CHANGES IN NET ASSETS June 30, 1995 Dec. 31, 1994
(UNAUDITED)
-------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income................................................... $ 336,671 $ 1,076,807
Net realized gain on investment transactions............................ 3,417,649 9,834,657
Change in unrealized appreciation of investments........................ 2,945,777 (11,332,016)
------------ ------------
Increase (decrease) in net assets from operations.................. $ 6,700,097 $ (420,552)
------------ ------------
Undistributed net investment income included in
price of shares sold and redeemed (Note 1C)............................... $ (38,023) $ (198,337)
------------ ------------
Distributions to shareholders --
From net investment income.............................................. $ (317,328) $ (879,992)
From net realized gain on investment transactions....................... -- (4,488,457)
In excess of net realized gain on investment transactions............... -- (7,109)
------------ ------------
Total distributions to shareholders................................ $ (317,328) $ (5,375,558)
------------ ------------
Net decrease from fund share transactions (exclusive of
amounts allocated to net investment income) (Note 4)...................... $ (3,748,970) $ (31,269,572)
------------ ------------
Net increase (decrease) in net assets.............................. $ 2,595,776 $ (37,264,019)
NET ASSETS:
At beginning of period...................................................... 51,084,656 88,348,675
------------ ------------
At end of period............................................................ $ 53,680,432 $ 51,084,656
============= =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS....................... $ 174,086 $ 192,766
============= =============
See notes to financial statements
</TABLE>
<PAGE>
WRIGHT QUALITY CORE EQUITIES FUND
===============================================================================
<TABLE>
Year Ended December 31,
----------------------------------------------------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1995(2) 1994 1993 1992 1991 1990
(UNAUDITED)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of period........ $ 11.390 $ 12.720 $ 13.380 $ 14.730 $ 10.760 $ 11.290
-------- -------- -------- -------- -------- --------
Income (Loss) from Investment Operations:
Net investment income(1)............... $ 0.079 $ 0.180 $ 0.176 $ 0.179 $ 0.175 $ 0.192
Net realized and unrealized gain (loss)
on investments....................... 1.511 (0.295) (0.046) 0.951 3.985 (0.522)
-------- -------- -------- -------- -------- --------
Total income (loss)
from investment operations....... $ 1.590 $ (0.115) $ 0.130 $ 1.130 $ 4.160 $ (0.330)
-------- -------- -------- -------- -------- --------
Less Distributions:
From net investment income............. $ (0.080) $ (0.160) $ (0.160) $ (0.160) $ (0.190) $ (0.200)
From net realized gain on investments.. -- (1.055) (0.625) (2.320) -- --
In excess of net realized gains........ -- -- (0.005) -- -- --
-------- -------- -------- -------- -------- --------
Total distributions................ $ (0.080) $ (1.215) $ (0.790) $ (2.480) $ (0.190) $ (0.200)
-------- -------- -------- -------- -------- --------
Net asset value, end of period.............. $ 12.900 $ 11.390 $ 12.720 $ 13.380 $ 14.730 $ 10.760
========= ========= ========= ========= ========= =========
Total Return................................ 13.99% (0.70%) 1.00% 8.02% 38.90% (2.89%)
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $ 53,680 $ 51,085 $ 88,349 $ 81,674 $ 80,065 $ 44,293
Ratio of expenses to average net assets 1.05%(3) 0.99% 0.97% 1.01% 1.03% 1.07%
Ratio of net investment income to average
net assets........................... 1.33%(3) 1.46% 1.37% 1.20% 1.34% 1.80%
Portfolio turnover rate................ 65% 55% 53% 70% 9% 18%
<FN>
(1)For the period ended June 30, 1995 and the year ended December 31, 1990, the
operating expenses of the Fund were reduced by a reduction of the
distribution fees and the allocation of expenses to the Investment Adviser.
Had such action not been undertaken, net investment income per share and the
ratios would have been as follows:
Six Months Ended Year Ended
June 30, 1995 December 31, 1990
------------- -----------------
Net investment income per share............. $ 0.073 $ 0.183
========= =========
Ratios (As a percentage of average net assets):
Expenses .............................. 1.15% 1.15%
========= =========
Net investment income.................. 1.22% 1.72%
========= =========
(2) Six months ended June 30, 1995.
(3) Annualized.
</FN>
See notes to financial statements
</TABLE>
<PAGE>
THE WRIGHT MANAGED EQUITY TRUST
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
===============================================================================
(1) SIGNIFICANT ACCOUNTING POLICIES
The Wright Managed Equity Trust (the "Trust"), issuer of Wright Selected
Blue Chip Equities Fund (WBC) series, Wright Junior Blue Chip Equities Fund
(WJBC) series, Wright Quality Core Equities Fund (WQC) series and Wright
International Blue Chip (WIBC) series, is registered under the Investment
Company Act of 1940, as amended, as a diversified, open-end, management
investment company. WIBC's financial statements have been prepared separately.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
policies are in conformity with generally accepted accounting principles.
A. Investment Valuations -- Securities listed on securities exchanges or in
the NASDAQ National Market are valued at closing sale prices. Unlisted or
listed securities for which closing sale prices are not available are
valued at the mean between the latest bid and asked prices. Short-term
obligations maturing in sixty days or less are valued at amortized cost,
which approximates value. Securities for which market quotations are
unavailable are appraised at their fair value as determined in good faith
by or at the direction of the Trustees.
B. Federal Taxes -- The Trust's policy is to comply with the provisions of the
Internal Revenue Code (the Code) available to regulated investment
companies and distribute to shareholders each year all of its taxable
income, including any net realized gain on investments. Accordingly, no
provision for federal income or excise tax is necessary.
C. Equalization -- The Funds follow the accounting practice known as
equalization by which a portion of the proceeds from sales and costs of
reacquisitions of Fund shares, equivalent on a per-share basis to the
amount of undistributed net investment income on the date of the
transaction, is credited or charged to undistributed net investment income.
As a result, undistributed net investment income per share is unaffected by
sales or reacquisitions of Fund shares.
D. Distributions -- 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.
E. 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 ex-dividend date. Interest income is
recorded on the accrual basis.
(2) INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has engaged Wright Investors' Service (Wright) to perform
investment management, investment advisory, and other services. For its
services, Wright is compensated based upon a percentage of average daily net
assets which rate is adjusted as average daily net assets exceed certain levels.
For the period ended June 30, 1995, the effective annual rate was 0.62% for WBC,
0.55% for WJBC, and 0.45% for WQC. The Trust also has engaged Eaton Vance
Management (Eaton Vance) to
<PAGE>
act as administrator of the Trust. Under the Administration Agreement,
Eaton Vance is responsible for managing the business affairs of the Trust and is
compensated based upon a percentage of average daily net assets which rate is
reduced as average daily net assets exceed certain levels. For the period ended
June 30, 1995, the effective annual rate was 0.13% for WBC, 0.20% for WJBC and
0.20% for WQC. Except as to Trustees of the Trust who are not affiliated with
Eaton Vance or Wright, Trustees and officers receive remuneration for their
services to the Trust out of the fees paid to Eaton Vance and Wright. The
custodian fee was paid to Investors Bank & Trust Company (IBT), an affiliate of
Eaton Vance, for its services as custodian of the Trust. Pursuant to the
custodian agreement, IBT receives a fee reduced by credits which are determined
based on the average daily cash balances the Trust maintains with IBT. Certain
of the Trustees and officers of the Trust are Trustees or officers of the above
organizations. See Note 3.
To enhance the net income of certain series, Wright was allocated a portion
of WJBC and WQC expenses as follows:
WJBC WQC
--------- -------
Allocation of expense to
the Investment Adviser $14,565 $9,130
(3) DISTRIBUTION EXPENSES
The Trustees have adopted a Distribution Plan (the Plan) pursuant to Rule
12b-1 of the Investment Company Act of 1940. The Plan provides that each of the
Funds will pay the Principal Underwriter, Wright Investors' Service
Distributors, Inc., a subsidiary of Wright Investors' Service, an annual rate of
2/10 of 1% of each Fund's average daily net assets for activities primarily
intended to result in the sale of each Fund's shares. To enhance the net income
of WJBC and WQC, the Principal Underwriter reduced its fee by $10,655 and
$17,577, respectively.
(4) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number
of full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
Six Months Ended Year Ended
June 30, 1995 (UNAUDITED) December 31, 1994
------------------------- -----------------
Shares Amount Shares Amount
---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND --
Sold ............................................... 2,862,680 $ 42,263,573 5,636,130 $ 81,393,593
Issued to shareholders in payment
of distributions declared.......................... 194,350 2,827,304 429,746 5,868,021
Reacquired........................................... (2,574,097) (36,960,453) (4,395,865) (62,193,314)
--------- ------------ --------- ------------
Net increase .................................. 482,933 $ 8,130,424 1,670,011 $ 25,068,300
========== ============== ========== ==============
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND --
Sold ............................................... 177,851 $ 1,924,866 780,096 $ 9,079,764
Issued to shareholders in payment
of distributions declared.......................... 245,636 2,574,702 201,483 2,267,954
Reacquired........................................... (1,086,433) (11,768,838) (3,315,481) (38,056,603)
--------- ------------ --------- ------------
Net decrease................................... (662,946) $ (7,269,270) (2,333,902) $ (26,708,885)
========== ============== ========== ==============
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C>
WRIGHT QUALITY CORE EQUITIES FUND --
Sold ............................................... 579,470 $ 7,063,312 1,640,109 $ 20,229,633
Issued to shareholders in payment
of distributions declared.......................... 24,226 300,886 444,758 5,046,814
Reacquired........................................... (928,501) (11,113,168) (4,547,757) (56,546,019)
--------- ------------ --------- ------------
Net decrease................................... (324,805) $ (3,748,970) (2,462,890) $ (31,269,572)
========= ============ ========= ============
</TABLE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations, for the period ended June 30, 1995, were as follows:
<TABLE>
Wright Selected Blue Chip Wright Junior Blue Chip Wright Quality Core
Equities Fund Equities Fund Equities Fund
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Purchases..................................... $56,733,119 $ 9,494,100 $33,112,759
============ ============ ============
Sales......................................... $52,200,667 $18,670,763 $33,860,964
============ ============ ============
</TABLE>
In addition, investments for WQC having aggregate market values of
$6,860,047 were distributed in payment for capital stock redeemed.
(6) FEDERAL INCOME TAX BASIS OF INVESTMENT SECURITIES
The cost and unrealized appreciation (depreciation) of the investment
securities owned at June 30, 1995, as computed on a federal income tax basis,
are as follows:
<TABLE>
Wright Selected Blue Chip Wright Junior Blue Chip Wright Quality Core
Equities Fund Equities Fund Equities Fund
------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Aggregate cost................................ $188,644,570 $25,502,888 $46,960,188
============ ============ ============
Gross unrealized appreciation................. $ 29,459,271 $ 4,842,588 $ 7,229,428
Gross unrealized depreciation................. (2,055,185) (572,245) (600,475)
----------- ----------- -----------
Net unrealized appreciation................... $ 27,404,086 $ 4,270,343 $6,628,953
============ ============ ============
</TABLE>
<PAGE>
(7) FINANCIAL INSTRUMENTS
The Trust may trade in financial instruments with off-balance sheet risk in
the normal course of its investing activities to assist in managing exposure to
various market risks. These financial instruments include written options,
forward foreign currency exchange contracts, and futures contracts and may
involve, to a varying degree, elements of risk in excess of the amounts
recognized for financial statement purposes. The Funds hold no such instruments
at June 30, 1995.
(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 prorated commitment fee computed at a rate of 1/4 of 1% of
$10,000,000 less the value of any borrowing. The Trust did not have any
significant borrowings under the line of credit during the period ended June
30,1995.
<PAGE>
WRIGHT QUALITY CORE EQUITIES FUND (WQC) seeks to enhance total investment return
of price appreciation plus income by providing management of a broadly
diversified portfolio of equities of well-established companies meeting strict
quality standards. In selecting companies from the AWIL for this portfolio, the
Investment Committee of Wright Investors' Service first ranks all AWIL companies
by comparative market value. The smaller companies are eliminated from
consideration. From the remaining companies Wright's Investment Committee
selects, based on quantitative formulae, those companies which are expected to
do better over the next one to two years. The quantitative formulae takes into
consideration factors such as over/under valuation and compatibility with
current market trends. Investments in the portfolio are equally weighted in the
selected securities.
WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC) seeks to enhance total investment
return of price appreciation plus income by providing active management of
equities of well-established companies meeting strict quality standards.
Equities selected are limited to those companies on the AWIL whose current
operations reflect defined, quantified characteristics which have been
determined to offer comparatively superior total investment returns over the
intermediate term. The process selects those companies from the AWIL, regardless
of size, based on Wright's evaluation of their outlook as described above.
Investments are equally weighted.
WRIGHT JUNIOR BLUE CHIP EQUITIES (WJBC). This portfolio seeks to enhance total
investment return of price appreciation plus income by providing management of
equities of smaller companies still experiencing their rapid growth period.
Equity securities selected are limited to those companies on the AWIL which when
ranked by stock market capitalization represent the smaller companies on the
list. These companies are then ranked by their outlook and those with higher
ranking are considered for purchase. Investments are equally weighted.
DISCIPLINED APPROACH
The disciplines which determine sale include preventing individual holdings from
exceeding more than 2 1/2 times their normal value position in this Fund and
requiring the sale of the securities of any company which no longer meets the
standards of the AWIL. Also, portfolio holdings which fall in the unfavorable
category based on the quantitative formulae described above are generally sold.
The disciplines which determine purchase provide that new funds, income from
securities currently held, and proceeds of sales of securities will be used to
increase those positions which at current market are the furthest below their
normal target values and to purchase companies which become eligible for the
portfolios as described above.
<PAGE>
-------------------------------------------------------------------------------
Description of art work on back cover of this report
Three thin vertical blue lines on the right side of page
-------------------------------------------------------------------------------
THE WRIGHT MANAGED
EQUITY TRUST
SEMI-ANNUAL
REPORTS
OFFICERS AND TRUSTEES OF THE FUNDS
Peter M. Donovan, President and Trustee
H. Day Brigham, Jr., Vice President , Secretary and Trustee
A. M. Moody III, Vice President and Trustee
Judith R. Corchard, Vice President
Winthrop S. Emmet, Trustee
Leland Miles, Trustee
Lloyd F. Pierce, Trustee
George R. Prefer, Trustee
Raymond Van Houtte, Trustee
James L. O'Connor, Treasurer
William J. Austin, Jr., Assistant Treasurer
ADMINISTRATOR
Eaton Vance Management
24 Federal Street
Boston, Massachusetts 02110
INVESTMENT ADVISER
Wright Investors' Service
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
PRINCIPAL UNDERWRITER
Wright Investors' Service Distributors, Inc.
1000 Lafayette Boulevard
Bridgeport, Connecticut 06604
CUSTODIAN
Investors Bank & Trust Company
24 Federal Street
Boston, Massachusetts 02110
TRANSFER AND DIVIDEND DISBURSING AGENT
The Shareholder Services Group, Inc.
Wright Managed Investment Funds
P.O. Box 1559
Boston, Massachusetts 02104
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.
