- --------------------------------------------------------------------------------
Description of art work on front cover of the report
Three thin vertical blue lines on the right side of the page
- --------------------------------------------------------------------------------
ANNUAL
REPORT
DECEMBER 31, 1994
THE WRIGHT
MANAGED
EQUITY TRUST
THE WRIGHT MANAGED
INVESTMENT FUNDS
<PAGE>
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.
CONTINUED ON INSIDE BACK COVER)
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
================================================================================
February, 1995
Dear Shareholders:
The year 1994 was a difficult year for the U.S. stock market. While the Dow
Jones Industrial Average eked out a nominal advance for the year, other major
market averages declined. Indeed, most U.S. stocks suffered price declines of
close to 20% from their highs during 1994. Corporate profits expanded
significantly last year, but generally not enough to offset the effects of
falling price/earnings multiples; rising interest rates were the principal
culprit in the stock market weakness.
For 1994, the Wright Selected Blue Chip Equities Fund had a total return of
- -3.5%, slightly worse than the average equity growth fund (-2.4%). High-quality
stocks have not yet begun to exhibit the superior market performance that we
expect them to show; but some weakening has been observed in the lower-quality
and speculative issues that had previously enjoyed investor favor. For example,
the one-third of all NYSE stocks with the poorest quality ratings, a group that
experienced a 20% annual rate of total return over the three years ended
September 1994, suffered a 6% decline in value during the fourth quarter.
The Wright Quality Core Equities Fund had a total return of -0.7% for 1994, a
slightly better result than the average stock mutual fund. At the end of 1994,
the stocks in the Quality Core Fund averaged a P/E multiple of 12.4 (based on
projected 1995 earnings) versus 14.8 for the S&P 500.
The Wright Junior Blue Chip Equities Fund had a -2.7% total return, as compared
to a -1.8% total return for the Russell 2000 stock index. At the end of December
1994, the stocks in the Junior Blue Chip Fund were priced, on average, at a P/E
discount of almost 20% to the S&P 500 (12 vs 15), based on estimated 1995
earnings.
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>
WRIGHT MANAGED EQUITY TRUST - EQUITY FUNDS
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
Growth of $10,000 invested 12/31/84 through 12/31/94
<CAPTION>
Annual Total Return
----------------------------------------
Lst 1 Yr Lst 5 Yrs Lst 10 Yrs
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wright Selected Blue Chip Equities Fund -3.5% +6.3% +11.3%
Lipper Growth Funds -2.1% +8.4% +12.1%
NYSE -0.1% +8.7% +13.9%
Wright U.S. Fiduciary Equity Index +0.7% +11.5% +14.6%
</TABLE>
<TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT SELECTED BLUE CHIP EQUITIES FUND on 12/31/84
would have grown to $10,281 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<CAPTION>
Date Wright Selected Lipper Equity NYSE Wright U.S. Fiduciary
Blue Chip Fund Growth Funds Index Equity Index
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
12/31/84 $10,000 $10,000 $10,000 $10,000
12/31/85 $12,725 $12,725 $13,152 $13,485
12/31/86 $14,529 $14,415 $15,523 $15,643
12/31/87 $14,264 $14,574 $15,980 $15,409
12/31/88 $17,303 $16,619 $18,748 $19,322
12/31/89 $21,554 $20,864 $24,237 $22,668
12/31/90 $20,842 $19,721 $23,312 $19,560
12/31/91 $28,342 $26,819 $30,641 $27,488
12/31/92 $29,678 $28,908 $33,104 $33,352
12/31/93 $30,290 $31,975 $36,754 $38,765
12/31/94 $29,224 $31,287 $36,710 $39,044
</TABLE>
<TABLE>
WRIGHT MANAGED EQUITY TRUST - EQUITY FUNDS
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
Growth of $10,000 invested 1/31/85* through 12/31/94
<CAPTION>
Annual Total Return
--------------------------------------------
Lst 1 Yr Lst 5 Yrs Since Incept*
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wright Junior Blue Chip Equities Fund -2.7% +5.8% +7.9%
Value Line Stock Index -2.6% +5.3% +7.1%
NYSE -0.1% +8.7% +12.9%
Wright U.S. Fiduciary Equity Index +0.7% +11.5% +13.5%
</TABLE>
<TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND on 1/31/85
would have grown to $21,255 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<CAPTION>
Date Wright Junior Value Line NYSE Wright U.S. Fiduciary
Blue Chip Fund Stock Index Index Equity Index
- -------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
01/31/85 $10,000 $10,000 $10,000 $10,000
12/31/85 $11,805 $11,297 $12,174 $12,147
12/31/86 $12,468 $12,189 $14,368 $14,088
12/31/87 $12,022 $11,189 $14,791 $13,885
12/31/88 $13,850 $13,329 $17,353 $17,404
12/31/89 $16,012 $15,313 $22,434 $20,418
12/31/90 $14,314 $12,104 $21,577 $17,623
12/31/91 $19,608 $16,006 $28,362 $24,763
12/31/92 $20,250 $17,768 $30,641 $30,048
12/31/93 $21,856 $20,347 $34,020 $34,919
12/31/94 $21,255 $19,820 $33,979 $35,171
</TABLE>
<TABLE>
WRIGHT MANAGED EQUITY TRUST - EQUITY FUNDS
WRIGHT QUALITY CORE EQUITIES FUND
Growth of $10,000 invested 8/1/85* through 12/31/94
<CAPTION>
Annual Total Return
-------------------------------------------
Lst 1 Yr Lst 5 Yrs Since Incept*
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Wright Quality Core Equities Fund -0.7% +7.9% +11.6%
Lipper Growth Funds -2.1% +8.4% +11.4%
NYSE -0.1% +8.7% +13.1%
Wright U.S. Fiduciary Equity Index +0.7% +11.5% +13.5%
</TABLE>
<TABLE>
The cumulative total return of a U.S. $10,000 investment in the
WRIGHT QUALITY CORE EQUITIES FUND on 8/1/85
would have grown to $28,091 by December 31, 1994.
The following plotting points are used for comparison
in the total investment return mountain chart.
<CAPTION>
Date Wright Quality Lipper Equity NYSE Wright U.S. Fiduciary
Equities Fund Growth Funds Index Equity Index
- ----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
07/31/85 $10,000 $10,000 $10,000 $10,000
12/31/85 $11,346 $11,225 $11,195 $11,400
12/31/86 $13,264 $12,688 $13,213 $13,220
12/31/87 $13,398 $12,828 $13,602 $13,020
12/31/88 $15,630 $14,628 $15,958 $16,330
12/31/89 $19,228 $18,364 $20,630 $19,160
12/31/90 $18,673 $17,358 $19,843 $16,530
12/31/91 $25,937 $23,606 $26,081 $23,230
12/31/92 $28,017 $25,444 $28,178 $28,190
12/31/93 $28,297 $28,144 $31,284 $32,760
12/31/94 $28,091 $27,539 $31,247 $33,000
</TABLE>
NOTES: *: For comparison with other averages, the investment results are shown
from the first month-end since the Fund's inception. The investment results of
Wright U.S. Equity Funds and Lipper's average of 550 Growth Funds are net of all
fees and expenses charged to the Funds. No fees or expenses have been deducted
from the other averages. The Total Investment Return is the % return of an
initial $10,000 investment made at the beginning of the period to the ending
redeemable value assuming all dividends and distributions are reinvested. Past
performance is not predictive of future performance.
<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)
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1/4/83 $10.00 100.00 $1,000.00
Dec. 93 14.92 0.04 0.002736 241.16 3,598.14 0.67% 3.94% 11.00% 12.32%
Jan. 94 15.02 241.16 3,622.25 0.67% 3.94% 11.00% 12.32%
Feb. 94 14.95 241.16 3,605.37 0.20% 3.46% 11.05% 12.20%
Mar. 94 14.36 0.04 0.002665 241.80 3,472.31 -3.50% -1.90% 9.85% 11.74%
Apr. 94 14.36 241.80 3,472.31 -3.50% 1.53% 8.88% 11.67%
May 94 14.34 241.80 3,467.48 -3.63% -1.24% 7.89% 11.58%
Jun. 94 14.06 0.04 0.002772 242.47 3,409.20 -5.25% -1.01% 7.60% 11.34%
Jul. 94 14.36 242.47 3,481.94 -3.23% 2.60% 6.52% 11.39%
Aug. 94 14.89 242.47 3,610.45 0.34% 3.18% 6.96% 11.64%
Sep. 94 14.50 0.04 0.002738 243.14 3,525.51 -2.02% 1.24% 6.66% 11.33%
Oct. 94 14.55 243.14 3,537.67 -1.68% -0.07% 7.49% 11.28%
Nov. 94 14.03 243.14 3,411.24 -5.19% -2.05% 6.50% 10.86%
Dec. 94 13.85 0.42 0.030905 250.65 3,471.54 -3.52% -3.52% 6.28% 10.94%
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------------------------------------------------------
THE EQUITY TRUST -- WRIGHT JUNIOR BLUE CHIP EQUITIES FUND (WJBC)
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1/15/85 $10.00 100.00 $1,000.00
Dec. 93 11.95 0.61 0.052226 194.60 2,325.44 7.93% 7.93% 9.55% 9.88%
Jan. 94 12.14 194.60 2,362.41 1.59% 9.27% 9.53% 9.97%
Feb. 94 12.26 194.60 2,385.76 2.59% 10.82% 9.71% 10.00%
Mar. 94 11.62 0.19 0.015189 197.55 2,295.57 -1.28% 5.01% 8.72% 9.46%
Apr. 94 11.63 197.55 2,297.54 -1.20% 8.78% 7.87% 9.39%
May 94 11.33 197.55 2,238.27 -3.75% 2.57% 6.50% 9.00%
Jun. 94 11.16 0.03 0.002197 197.99 2,209.53 -4.98% 3.43% 6.35% 8.77%
Jul. 94 11.31 197.99 2,239.23 -3.71% 4.37% 5.52% 8.82%
Aug. 94 11.73 197.99 2,322.39 -0.13% 4.30% 5.99% 9.15%
Sep. 94 11.57 0.03 0.002161 198.41 2,295.66 -1.28% 1.91% 5.55% 8.94%
Oct. 94 11.71 198.41 2,323.44 -0.09% 1.89% 6.73% 8.99%
Nov. 94 11.20 198.41 2,222.24 -4.44% -0.36% 6.03% 8.42%
Dec. 94 11.00 0.39 0.036184 205.59 2,261.54 -2.75% -2.75% 5.83% 8.54%
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------------------------------------------------------
THE EQUITY TRUST -- WRIGHT QUALITY CORE EQUITIES FUND (WQC)
- -------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
7/22/85 $10.00 100.00 $1,000.00
Dec. 93 12.71 0.67 0.053472 222.64 2,829.70 1.00% 1.00% 12.60% 13.11%
Jan. 94 12.69 222.64 2,825.25 -0.16% 1.91% 11.49% 12.95%
Feb. 94 12.64 222.64 2,814.12 -0.55% 1.89% 11.67% 12.78%
Mar. 94 12.11 0.04 0.003147 223.34 2,704.61 -4.42% -3.18% 10.51% 12.14%
Apr. 94 12.10 223.34 2,702.37 -4.50% 0.13% 9.40% 12.02%
May 94 12.27 223.34 2,740.34 -3.16% -0.93% 8.70% 12.09%
Jun. 94 12.02 0.04 0.003236 224.06 2,693.19 -4.82% -0.75% 8.58% 11.76%
Jul. 94 12.30 224.06 2,755.93 -2.61% 3.90% 7.49% 11.89%
Aug. 94 12.78 224.06 2,863.48 1.19% 4.71% 8.04% 12.24%
Sep. 94 12.46 0.04 0.003187 224.77 2,800.68 -1.03% 3.05% 7.72% 11.86%
Oct. 94 12.63 224.77 2,838.89 0.32% 2.08% 8.78% 11.91%
Nov. 94 12.24 224.77 2,751.23 -2.77% -0.32% 7.97% 11.42%
Dec. 94 11.39 1.10 0.097247 246.63 2,809.14 -0.73% -0.73% 7.88% 11.56%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND (WBC)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
================================================================================
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
EQUITY INTERESTS -- 98.0%
APPAREL -- 4.9%
Fruit of the Loom, Inc*............. 65,000 $ 1,755,000
Justin Industries................... 145,000 1,721,875
Nike Inc............................ 25,000 1,865,625
Reebok International Ltd............ 51,000 2,014,500
VF Corp............................. 36,830 1,790,859
-------------
$ 9,147,859
-------------
AUTOMOTIVE -- 2.0%
Modine Manufacturing Co............. 68,000 $ 1,955,000
Myers Industries.................... 118,625 1,660,750
-------------
$ 3,615,750
-------------
BEVERAGES -- 1.1%
Brown Forman Corp................... 66,000 $ 2,013,000
-------------
CHEMICALS -- 2.1%
Clorox Company...................... 31,140 $ 1,833,368
Sherwin Williams Co................. 61,800 2,047,125
-------------
$ 3,880,493
-------------
CONSTRUCTION -- 1.0%
Clayton Homes....................... 119,250 $ 1,878,188
-------------
DIVERSIFIED -- 4.0%
National Service Industries......... 72,000 $ 1,845,000
Rockwell International Corp......... 53,210 1,902,258
Standex International Corp.......... 57,730 1,811,279
Teleflex, Incorporated.............. 55,000 1,952,500
-------------
$ 7,511,037
-------------
DRUGS, COSMETICS & HEALTH CARE -- 6.9%
Alberto Culver Co. Class A.......... 79,000 $ 1,935,500
Becton Dickenson & Co............... 40,000 1,920,000
Bristol-Meyers Squibb Co............ 33,564 1,942,517
Johnson & Johnson................... 32,600 1,784,850
Medex Inc........................... 124,000 1,674,000
Merck & Co., Inc.................... 47,000 1,791,875
Upjohn Co........................... 57,000 1,752,750
-------------
$ 12,801,492
-------------
ELECTRICAL -- 2.8%
Emerson Electric Co................. 26,650 $ 1,665,625
General Electric Co................. 39,540 2,016,540
Juno Lighting, Inc.................. 88,000 1,562,000
-------------
$ 5,244,165
-------------
ELECTRONICS -- 6.5%
Compaq Computer*.................... 48,000 $ 1,896,000
EG&G................................ 60,000 847,500
E-Systems Inc....................... 48,955 2,037,752
Hewlett Packard Inc................. 19,000 1,897,625
Intel Corporation................... 28,155 1,798,401
Methode Electronics Class A......... 103,000 1,751,000
Raytheon Co......................... 29,180 1,863,873
-------------
$ 12,092,151
-------------
FINANCIAL -- 17.0%
AFLAC Inc........................... 55,000 $ 1,760,000
American International Group........ 20,000 1,960,000
Amsouth Bancorp..................... 66,000 1,699,500
Bancorp Hawaii Inc.................. 65,175 1,653,816
Commerce Bancshares, Inc............ 69,037 1,864,012
Edwards (A.G.), Inc................. 106,000 1,908,000
Fifth Third Bancorp................. 36,000 1,728,000
First Colonial Bankshares........... 86,000 1,741,500
First Colony Corp................... 80,000 1,790,000
First Hawaiian Inc.................. 70,500 1,674,375
First Virginia Banks Inc............ 52,665 1,685,280
Keycorp............................. 71,208 1,780,200
Raymond James Financial Corp........ 127,000 1,778,000
Southern National Corp.............. 92,000 1,759,500
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Southtrust Corporation.............. 88,000 1,584,000
Star Banc Corp...................... 49,965 1,817,477
SunTrust Banks Inc.................. 35,920 1,715,180
West One Bancorp.................... 67,000 1,775,500
-------------
$ 31,674,340
-------------
FOOD -- 5.0%
Archer Daniels Midland Co........... 91,375 $ 1,884,609
Dean Foods Company.................. 64,000 1,856,000
Hormel (George A.) & Company........ 68,000 1,683,000
Pioneer Hi-Bred International....... 58,000 2,001,000
Universal Foods Corp................ 70,000 1,925,000
-------------
$ 9,349,609
-------------
MACHINERY & EQUIPMENT -- 1.9%
Briggs & Stratton Corp.............. 56,180 $ 1,839,895
Pitney-Bowes Inc.................... 54,500 1,730,375
-------------
$ 3,570,270
-------------
METAL PRODUCTS MANUFACTURERS -- 4.1%
CLARCOR Inc......................... 93,950 $ 1,996,438
Crown Cork & Seal Company*.......... 53,000 2,000,750
Kaydon Corp......................... 81,000 1,944,000
Watts Industries Inc................ 76,000 1,605,500
-------------
$ 7,546,688
-------------
OIL, GAS & COAL -- 0.9%
Exxon Corporation................... 25,800 $ 1,567,350
-------------
PAPER -- 1.0%
Kimberly-Clark Corp................. 38,000 $ 1,919,000
-------------
PRINTING & PUBLISHING -- 7.0%
Banta (George) Corp................. 60,899 $ 1,842,195
Ennis Business Forms................ 134,220 1,677,750
Gannett Co. Inc..................... 34,080 1,814,760
Harland (John H.) Co................ 89,900 1,798,000
Lee Enterprises, Inc................ 57,300 1,976,850
Reynolds & Reynolds Inc............. 78,900 1,972,500
Wallace Computer Services........... 68,600 1,989,400
-------------
$ 13,071,455
-------------
RECREATION -- 3.1%
Carnival Corporation................ 90,590 $ 1,925,038
International Dairy Queen*.......... 113,000 1,921,000
Luby's Cafeteria, Inc............... 84,750 1,896,281
-------------
$ 5,742,319
-------------
RETAILERS -- 7.5%
Casey's General Stores.............. 128,000 $ 1,920,000
Dress Barn Inc*..................... 178,000 1,913,500
Giant Food Inc...................... 82,000 1,783,500
Hannaford Brothers Company.......... 70,000 1,776,250
Land's End Inc*..................... 112,000 1,540,000
May Department Stores............... 50,000 1,687,500
Melville Corp....................... 58,000 1,790,750
Ross Stores Inc..................... 138,000 1,552,500
-------------
$ 13,964,000
-------------
TRANSPORTATION -- 3.2%
Air Express International Corp...... 105,000 $ 2,100,000
Arnold Industries Inc............... 90,000 1,867,500
Intertrans Corp..................... 147,400 1,916,200
-------------
$ 5,883,700
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
UTILITIES -- COMMUNICATIONS -- 2.0%
Ameritech Corp...................... 48,240 $ 1,947,690
Lincoln Telecom Co.................. 107,400 1,825,800
-------------
$ 3,773,490
-------------
UTILITIES -- ELECTRIC POWER -- 5.0%
DQE................................. 65,000 $ 1,925,625
Duke Power Co....................... 47,850 1,824,281
Southwestern Energy Company......... 110,000 1,636,250
TECO Energy, Inc.................... 97,800 1,968,225
Wisconsin Energy Corp............... 77,350 2,001,431
-------------
$ 9,355,812
-------------
UTILITIES-- ELECTRIC POWER HOLDING-- 1.0%
Central & South West Corp........... 79,400 $ 1,796,425
-------------
UTILITIES-- ELECTRIC POWER & GAS-- 1.1%
NIPSCO Industries Inc............... 68,000 $ 2,023,000
-------------
MISCELLANEOUS -- 6.9%
Dionex Corporation*................. 48,000 $ 1,812,000
Genuine Parts Co.................... 54,150 1,949,400
Handleman Co........................ 172,000 1,956,500
Marshall Industries*................ 72,265 1,933,089
Medicine Shoppe International....... 68,300 1,827,021
Pioneer Stand Electronics........... 101,000 1,590,750
Stanhome Inc........................ 58,000 1,834,250
-------------
$ 12,903,010
-------------
TOTAL INVESTMENTS -- 98.0%
(identified cost, $180,285,908) $182,324,603
OTHER ASSETS,
LESS LIABILITIES-- 2.0% 3,691,188
-------------
NET ASSETS-- 100% $186,015,791
=============
</TABLE>
* Non-income-producing security.
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
================================================================================
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost.................................... $180,285,908
Unrealized appreciation............................ 2,038,695
-------------
Total Value (Note 1A)............................ $182,324,603
Receivable for fund shares sold...................... 241,516
Cash................................................. 471
Receivable for investments sold...................... 4,843,983
Dividends receivable................................. 532,153
-------------
Total Assets....................................... $187,942,726
-------------
LIABILITIES:
Loans payable........................................ $ 52,983
Capital gains distribution payable....... 4,065
Payable for fund shares reacquired....... 1,846,092
Trustee fees payable..................... 312
Custodian fee payable.................... 14,482
Accrued expenses and other liabilities... 9,001
-------------
Total Liabilities...................... $ 1,926,935
-------------
NET ASSETS.................................. $186,015,791
=============
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............................... $178,381,517
Accumulated undistributed net realized gain
on investments (computed on the basis of
identified cost)................................... 3,586,353
Unrealized appreciation of investments (computed
on the basis of identified cost)................... 2,038,695
Undistributed net investment income.................. 2,009,226
-------------
Net assets applicable to outstanding shares $186,015,791
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING........................................ 13,431,844
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST............................. $13.85
=============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Income --
Dividends.......................................... $ 4,510,245
Interest........................................... 408,176
-------------
Total Income..................................... $ 4,918,421
-------------
Expenses --
Investment Adviser fee (Note 2).................... $ 1,169,165
Administrator fee (Note 2)......................... 253,840
Compensation of Trustees not affiliated with
the Investment Adviser or Administrator.......... 2,151
Custodian fee (Note 2)............................. 57,774
Transfer and dividend disbursing agent fees........ 22,462
Distribution expenses (Note 3)..................... 379,468
Audit services..................................... 24,533
Legal services..................................... 2,523
Registration costs................................. 18,481
Printing........................................... 2,464
Miscellaneous...................................... 11,957
Interest paid on loans............................. 699
-------------
Total Expenses................................... $ 1,945,517
-------------
Net Investment Income.......................... $ 2,972,904
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis)............................ $ 9,148,808
Change in unrealized appreciation
of investments..................................... (19,763,621)
-------------
Net realized and unrealized gain (loss)
on investments..................................... $(10,614,813)
-------------
Net decrease in net assets
from operations................................ $ (7,641,909)
=============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
================================================================================
Year Ended
December 31,
---------------------------------
STATEMENT OF CHANGES IN NET ASSETS 1994 1993
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE)IN NET ASSETS:
From operations --
Net investment income...................................................... $ 2,972,904 $ 2,189,863
Net realized gain (loss) on investment transactions........................ 9,148,808 (767,573)
Change in unrealized appreciation of investments........................... (19,763,621) 2,320,286
-------------- --------------
Increase (decrease) in net assets from operations..................... $ (7,641,909) $ 3,742,576
-------------- --------------
Undistributed net investment income included in
price of shares sold and redeemed (Note 1C).................................. $ 280,883 $ 227,658
-------------- --------------
Distributions to shareholders --
From net investment income................................................. $ (2,385,221) $ (2,019,776)
From net realized gain on investment transactions.......................... (4,787,377) --
-------------- -------------
Total distributions to shareholders................................... $ (7,172,598) $ (2,019,776)
-------------- --------------
Net increase from fund share transactions (exclusive of amounts
allocated to net investment income) (Note 4)................................ $ 25,068,300 $ 20,534,008
-------------- --------------
Net increase in net assets............................................ $ 10,534,676 $ 22,484,466
NET ASSETS:
At beginning of year........................................................... 175,481,115 152,996,649
-------------- -------------
At end of year................................................................. $ 186,015,791 $ 175,481,115
============== =============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS.......................... $ 2,009,226 $ 1,140,660
============== =============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND
Year Ended December 31,
-------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of year.......... $ 14.920 $ 14.790 $ 17.180 $ 13.840 $ 15.370
--------- ---------- ---------- ---------- ---------
Income (Loss) from Investment Operations:
Net investment income.................. $ 0.233 $ 0.196 $ 0.222 $ 0.267 $ 0.323
Net realized and unrealized gain (loss)
on investments....................... (0.763) 0.104 0.498 4.553 (0.843)
--------- ---------- ---------- ---------- ---------
Total income (loss)
from investment operations....... $ (0.530) $ 0.300 $ 0.720 $ 4.820 $ (0.520)
--------- ---------- ---------- ---------- ---------
Less Distributions:
From net investment income............. $ (0.180) $ (0.170) $ (0.200) $ (0.250) $ (0.320)
From net realized gain on investments.. (0.360) -- (2.910) (1.230) (0.690)
--------- ---------- ---------- ---------- ---------
Total distributions................ $ (0.540) $ (0.170) $ (3.110) $ (1.480) $ (1.010)
--------- ---------- ---------- ---------- ---------
Net asset value, end of year................ $ 13.850 $ 14.920 $ 14.790 $ 17.180 $ 13.840
========= ========== ========== ========== =========
Total Return................................ (3.52%) 2.06% 4.71% 35.98% (3.30%)
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $186,016 $ 175,481 $ 152,997 $ 167,900 $108,571
Ratio of expenses to average net assets 1.03% 1.03% 1.02% 1.08% 1.12%
Ratio of net investment income to average
net assets........................... 1.57% 1.28% 1.34% 1.67% 2.28%
Portfolio turnover rate................ 72% 28% 77% 72% 83%
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND (WJBC)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
================================================================================
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
EQUITY INTERESTS -- 96.6%
APPAREL -- 4.5%
Justin Industries................... 31,000 $ 368,125
Nautica Enterprises*................ 32,000 968,000
Stride Rite Corp.................... 29,000 322,625
-------------
$ 1,658,750
-------------
AUTOMOTIVE -- 2.0%
Modine Manufacturing................ 26,600 $ 764,756
-------------
DIVERSIFIED -- 4.8%
Standex International Corp.......... 27,000 $ 847,125
Teleflex, Inc....................... 26,000 923,000
-------------
$ 1,770,125
DRUGS, COSMETICS & HEALTH CARE -- 6.7%
Alberto Culver Company Class A...... 42,000 $ 1,029,000
Invacare Corporation................ 13,000 445,250
Nellcor Inc*........................ 18,000 594,000
Sunrise Medical, Inc*............... 15,000 414,375
-------------
$ 2,482,625
ELECTRICAL -- 4.4%
Baldor Electric..................... 15,000 $ 405,000
Juno Lighting Inc................... 68,600 1,217,650
-------------
$ 1,622,650
ELECTRONICS -- 3.1%
EG&G................................ 56,000 $ 791,000
Methode Electronics Class A......... 21,000 357,000
-------------
$ 1,148,000
FINANCIAL -- 2.9%
First Hawaiian Inc.................. 15,000 $ 356,250
Raymond James Financial Corp........ 27,000 378,000
Southern National Corp.............. 19,000 363,375
-------------
$ 1,097,625
FOOD -- 4.3%
Bob Evans Farms, Inc................ 45,000 $ 922,500
Universal Food Corporation.......... 24,000 660,000
-------------
$ 1,582,500
MACHINERY & EQUIPMENT -- 2.5%
Donaldson Co. Inc................... 40,000 $ 945,000
-------------
METAL PRODUCTS MANUFACTURERS -- 6.5%
CLARCOR Inc......................... 57,300 $ 1,217,625
Kaydon Corp......................... 34,300 823,200
Watts Industries Inc................ 17,000 359,125
-------------
$ 2,399,950
PAPER -- 1.1%
Wausau Paper Mills Co............... 18,700 $ 425,425
-------------
PRINTING & PUBLISHING -- 10.3%
Banta (George) Co., Inc............. 28,750 $ 869,688
Harland J.H. Co..................... 46,000 920,000
Lee Enterprises, Inc................ 33,700 1,162,650
Wallace Computer Services........... 30,400 881,600
-------------
$ 3,833,938
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
RECREATION -- 5.9%
International Dairy Queen*.......... 33,000 $ 561,000
Luby's Cafeteria, Inc............... 41,000 917,375
Morrison Restaurants Inc............ 29,500 722,750
-------------
$ 2,201,125
RETAILERS -- 5.6%
Casey's General Stores.............. 70,000 $ 1,050,000
Hannaford Brothers Co............... 16,000 406,000
Lands' End Inc*..................... 22,000 302,500
Ross Stores, Inc.................... 29,000 326,250
-------------
$ 2,084,750
TRANSPORTATION -- 5.5%
Air Express International Corp...... 38,250 $ 765,000
Arnold Industries Inc............... 39,200 813,400
Comair Holdings, Inc................ 26,000 455,000
-------------
$ 2,033,400
UTILITIES -- 9.6%
Black Hills Corporation............. 41,300 $ 882,788
Lincoln Telecom..................... 60,000 1,020,000
Southern Indiana Gas & Electric..... 36,000 954,000
Southwestern Energy Company......... 47,000 699,125
-------------
$ 3,555,913
MISCELLANEOUS -- 16.9%
Blair (John) Corp................... 25,350 $ 1,014,000
Crawford & Co....................... 39,000 624,000
Dionex Corp*........................ 28,400 1,072,100
Handleman Co........................ 42,000 477,750
Lydall Inc*......................... 24,000 780,000
Marshall Industries*................ 33,000 882,750
Pioneer Stand Electronics........... 44,000 693,000
Stanhome Inc........................ 23,000 727,375
-------------
$ 6,270,975
TOTAL INVESTMENTS -- 96.6%
(identified cost, $34,143,838) $ 35,877,507
OTHER ASSETS,
LESS LIABILITIES-- 3.4% 1,246,533
-------------
NET ASSETS-- 100.0% $ 37,124,040
=============
</TABLE>
* Non-income-producing security.
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
================================================================================
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost.................................. $ 34,143,838
Unrealized appreciation.......................... 1,733,669
-------------
Total Value (Note 1A).......................... $ 35,877,507
Cash............................................... 94,335
Receivable for fund shares sold.................... 35,732
Receivable for investments sold.................... 1,353,625
Dividends receivable............................... 52,154
-------------
Total Assets..................................... $ 37,413,353
-------------
LIABILITIES:
Payable for fund shares reacquired................. $ 278,653
Trustee fees payable............................... 312
Custodian fee payable.............................. 8,883
Accrued expenses and other liabilities............. 1,465
-------------
Total Liabilities................................ $ 289,313
-------------
NET ASSETS............................................ $ 37,124,040
=============
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............................. $ 30,253,969
Accumulated undistributed net realized gain
on investments (computed on the basis of
identified cost)................................. 4,751,919
Unrealized appreciation of investments (computed
on the basis of identified cost)................. 1,733,669
Undistributed net investment income................ 384,483
-------------
Net assets applicable to outstanding shares...... $ 37,124,040
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING...................................... 3,375,431
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST........................... $11.00
=============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Income --
Dividends........................................ $ 1,106,123
Interest......................................... 67,273
-------------
Total Income................................... $ 1,173,396
-------------
Expenses --
Investment Adviser fee (Note 2).................. $ 322,161
Administrator fee (Note 2)....................... 117,150
Compensation of trustees not affiliated with
the Investment Adviser or Administrator........ 2,201
Custodian fee (Note 2)........................... 27,815
Transfer and dividend disbursing agent fees..... 11,755
Distribution expenses (Note 3)................... 117,150
Audit services................................... 24,133
Legal services................................... 1,781
Registration costs............................... 11,562
Printing......................................... 2,541
Miscellaneous.................................... 5,826
-------------
Total Expenses................................. 644,075
-------------
Net Investment Income........................ $ 529,321
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis)......................... $ 6,599,714
Change in unrealized appreciation
of investments.................................. (8,816,947)
-------------
Net realized and unrealized gain (loss)
on investments................................ $ (2,217,233)
-------------
Net decrease in net assets
from operations............................. $ (1,687,912)
=============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
================================================================================
Year Ended
December 31,
-------------------------------------
STATEMENT OF CHANGES IN NET ASSETS 1994 1993
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income...................................................... $ 529,321 $ 571,301
Net realized gain on investment transactions............................... 6,599,714 4,621,330
Change in unrealized appreciation of investments........................... (8,816,947) (81,609)
-------------- ---------------
Increase (decrease) in net assets from operations..................... $ (1,687,912) $ 5,111,022
-------------- ---------------
Undistributed net investment loss included in
price of shares sold and redeemed (Note 1C).................................. $ (98,655) $ (4,664)
- -------------- ---------------
Distributions to shareholders
From net investment income................................................... $ (488,244) $ (335,175)
From net realized gain on investment transactions............................ (2,117,788) (3,274,154)
-------------- ---------------
Total distribution to shareholders.................................... $ (2,606,032) $ (3,609,329)
-------------- --------------
Net increase (decrease) from fund share transactions (exclusive of
amounts allocated to net investment income) (Note 4)......................... $ (26,708,885) $ 2,093,853
- -------------- ---------------
Net increase (decrease) in net assets................................. $ (31,101,484) $ 3,590,882
NET ASSETS:
At beginning of year........................................................... 68,225,524 64,634,642
-------------- ---------------
At end of year................................................................. $ 37,124,040 $ 68,225,524
============== ===============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS.......................... $ 89,314 $ 146,892
============== ===============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND
================================================================================
Year Ended December 31,
--------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of year.......... $ 11.950 $ 11.690 $ 14.720 $ 11.500 $ 13.020
--------- ---------- ---------- ---------- ---------
Income (Loss) from Investment Operations:
Net investment income.................. $ 0.101 $ 0.101 $ 0.045 $ 0.072 $ 0.111
Net realized and unrealized gain (loss)
on investments....................... (0.431) 0.809 0.315 4.118 (1.491)
--------- ---------- ---------- ---------- ----------
Total income (loss)
from investment operations....... $ (0.330) $ 0.910 $ 0.360 $ 4.190 $ (1.380)
--------- ---------- ---------- ---------- ---------
Less Distributions:
From net investment income............. $ (0.100) $ (0.060) $ (0.030) $ (0.070) $ (0.140)
From net realized gain on investments.. (0.520) (0.590) (3.360) (0.900) --
--------- ---------- ---------- ---------- ---------
Total distributions................ $ (0.620) $ (0.650) $ (3.390) $ (0.970) $ (0.140)
--------- ---------- ---------- ---------- ---------
Net asset value, end of year................ $ 11.000 $ 11.950 $ 11.690 $ 14.720 $ 11.500
========= ========== ========== ========== =========
Total Return................................ (2.75%) 7.93% 3.28% 36.98% (10.61%)
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $ 37,124 $ 68,226 $ 64,635 $ 120,911 $ 63,385
Ratio of expenses to average net assets 1.11% 1.09% 1.07% 1.10% 1.14%
Ratio of net investment income to average
net assets........................... 0.91% 0.86% 0.31% 0.52% 0.95%
Portfolio turnover rate................ 36% 38% 80% 60% 75%
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT QUALITY CORE EQUITIES FUND (WQC)
PORTFOLIO OF INVESTMENTS
DECEMBER 31, 1994
================================================================================
Shares Value
- --------------------------------------------------------------------------------
<S> <C> <C>
EQUITY INTERESTS -- 92.7%
APPAREL -- 2.5%
Nike Inc............................ 6,500 $ 485,063
Reebok International................ 11,400 450,300
VF Corp............................. 6,700 325,787
-------------
$ 1,261,150
-------------
BEVERAGES -- 1.8%
Brown-Forman Corp .................. 14,650 $ 446,825
Coca-Cola Co........................ 9,532 490,898
-------------
$ 937,723
-------------
CHEMICALS -- 7.0%
Bandag, Inc......................... 6,000 $ 363,000
Clorox Corp......................... 8,300 488,662
Great Lakes Chemical Corp........... 6,000 342,000
Int'l Flavors & Fragrances Inc...... 9,700 448,625
Lubrizol Corp....................... 12,900 436,988
Nalco Chemical...................... 10,500 351,750
PPG Industries...................... 11,000 408,375
Proctor & Gamble Co................. 5,000 310,000
Sherwin Williams Co................. 12,700 420,688
-------------
$ 3,570,088
-------------
CONSTRUCTION -- 0.8%
Clayton Homes....................... 27,108 $ 426,951
-------------
DIVERSIFIED -- 2.1%
Lancaster Colony Corp............... 9,932 $ 291,752
Minnesota Mining & Mfg. Co.......... 7,516 401,167
Rockwell Int'l. Corp................ 10,200 364,650
-------------
$ 1,057,569
-------------
DRUGS, COSMETICS & HEALTH CARE -- 9.6%
Abbott Laboratories................. 16,330 $ 532,766
Alberto Culver Co. Class A.......... 15,500 379,750
Becton Dickinson & Co............... 9,400 451,200
Biomet, Inc*........................ 29,500 413,000
Bristol-Meyers Squibb Co............ 7,700 445,638
Johnson & Johnson................... 8,700 476,325
Merck & Co.......................... 9,242 352,351
Pfizer Inc.......................... 6,400 494,400
St. Jude Medical Inc................ 13,000 516,750
Schering-Plough Corp................ 6,200 458,800
Upjohn Co........................... 12,400 381,300
-------------
$ 4,902,280
-------------
ELECTRICAL -- 3.5%
Baldor Electric..................... 14,000 $ 378,000
Emerson Electric Co................. 6,800 425,000
General Electric Co................. 9,100 464,100
Thomas & Betts Corp................. 7,500 503,438
-------------
$ 1,770,538
-------------
ELECTRONICS -- 7.6%
ADC Telecommunications*............. 9,500 $ 475,000
Amp Inc............................. 5,600 407,400
Compaq Computer*.................... 8,600 339,700
E Systems Inc....................... 10,100 420,412
Hewlett-Packard Inc................. 5,200 519,350
Intel Corporation................... 5,400 344,925
Linear Technology Corp.............. 10,300 509,850
Motorola Inc........................ 7,800 451,425
Raytheon Co......................... 6,300 402,413
-------------
$ 3,870,475
-------------
FINANCIAL -- 9.9%
AFLAC, Inc.......................... 8,400 $ 268,800
American International Group........ 3,600 352,800
Amsouth Bancorp..................... 11,500 296,125
Andrew Corporation*................. 7,700 402,325
Bancorp Hawaii...................... 12,550 318,456
Commerce Bancshares, Inc............ 9,450 255,150
Edwards (A.G.), Inc................. 20,800 374,400
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
Fifth Third Bancorp................. 7,200 $ 345,600
First Hawaiian Inc.................. 13,900 330,125
First Virginia Banks Inc............ 10,600 339,200
Keycorp............................. 12,748 318,700
Southtrust Corp..................... 19,800 356,400
Star Banc Corp...................... 10,200 371,025
Suntrust Banks Inc.................. 8,500 405,875
West One Bancorp.................... 12,300 325,950
-------------
$ 5,060,931
-------------
FOOD -- 5.2%
Archer Daniels Midland Co........... 27,187 $ 560,731
CPC International Inc............... 8,500 452,625
Dean Foods Co....................... 12,200 353,800
Hershey Foods Corp.................. 7,340 355,073
Hormel (George A.) & Co............. 18,700 462,825
Wrigley (Wm.) Jr. Co................ 9,200 454,250
-------------
$ 2,639,304
-------------
MACHINERY & EQUIPMENT -- 3.7%
Briggs & Stratton Corp.............. 11,000 $ 360,250
Donaldson Co., Inc.................. 15,800 373,275
Dover Corp.......................... 8,000 413,000
Nordson Corp........................ 7,200 432,000
Pitney-Bowes Inc.................... 10,200 323,850
-------------
$ 1,902,375
-------------
METAL PRODUCERS -- 0.8%
Worthington Industries.............. 20,450 $ 409,000
-------------
METAL PRODUCTS MANUFACTURERS -- 3.0%
CLARCOR............................. 17,300 $ 367,625
Crown Cork & Seal Inc*.............. 10,700 403,925
Illinois Tool Works Inc............. 10,300 450,625
Stanley Works....................... 8,900 318,175
-------------
$ 1,540,350
-------------
OIL, GAS, COAL & RELATED SERVICES-- 0.9%
Exxon Corp.......................... 7,200 $ 437,400
-------------
PAPER -- 1.3%
Kimberly-Clark...................... 6,800 $ 343,400
Sonoco Products Co.................. 15,100 330,313
-------------
$ 673,713
-------------
PRINTING & PUBLISHING -- 3.6%
American Business Products.......... 16,000 $ 356,000
Banta Corp.......................... 10,500 317,625
Donnelley (R.R.) & Sons............. 14,200 418,900
Gannett Co. Inc..................... 7,200 383,400
Knight-Ridder Inc................... 6,900 348,450
-------------
$ 1,824,375
-------------
RECREATION -- 2.3%
Bob Evans Farms..................... 17,200 $ 352,600
Carnival Cruise Class A............. 19,200 408,000
McDonald's Corp..................... 15,000 438,750
-------------
$ 1,199,350
-------------
RETAILERS -- 9.8%
Albertson's Inc..................... 15,600 $ 452,400
Blair Corporation................... 8,500 340,000
Casey's General Stores, Inc......... 26,000 390,000
Circuit City Stores Inc............. 18,100 402,725
Dollar General Corp................. 16,312 489,360
Giant Food Inc...................... 14,900 324,075
Hannaford Brothers Co............... 17,500 444,063
May Department Stores............... 9,300 313,875
Nordstrom Inc....................... 9,500 399,000
Pep Boys-M. M. & M. (The)........... 15,400 477,400
Rite Aid Corp....................... 20,600 481,525
Winn-Dixie.......................... 9,800 503,475
-------------
$ 5,017,898
-------------
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
TRANSPORTATION -- 2.1%
Air Express International Corp...... 19,500 $ 390,000
Arnold Industries................... 16,900 350,675
Comair Holdings, Inc................ 18,000 315,000
-------------
$ 1,055,675
-------------
UTILITIES -- COMMUNICATIONS -- 3.3%
Alltel Corp......................... 15,100 $ 454,888
AmeriTech Corp...................... 10,000 403,750
Century Telephone Enterprises....... 14,700 433,650
Southwestern Bell Corp.............. 9,600 387,600
-------------
$ 1,679,888
-------------
UTILITIES -- ELECTRIC POWER -- 3.2%
Black Hills......................... 18,000 $ 384,750
Duke Power Company.................. 10,700 407,937
TECO Energy, Inc.................... 20,500 412,563
Wisconsin Energy Corp............... 17,150 443,756
-------------
$ 1,649,006
-------------
UTILITIES-- ELECTRIC POWER HOLDING-- 0.7%
Central & South West Corp........... 16,700 $ 377,838
-------------
MISCELLANEOUS -- 8.0%
Automatic Data Processing Inc....... 7,800 $ 456,300
Block (H & R) Inc................... 11,100 412,087
Cintas Corp......................... 13,400 475,700
Crawford and Co..................... 22,900 366,400
Dionex Corporation*................. 9,200 347,300
Genuine Parts Co.................... 11,900 428,400
Interpublic Group Cos. Inc.......... 12,700 407,986
Leggett & Platt Inc................. 8,800 308,000
Newell Co........................... 18,000 378,000
Pacificare Health Systems*.......... 7,800 514,800
-------------
$ 4,094,973
-------------
TOTAL EQUITY INTERESTS -- 92.7%
(identified cost, $43,675,674) $ 47,358,850
-------------
RESERVE FUNDS -- 7.1%
Face Amount
------------
American Express Corp., 5.759%,
1/09/95..........................$1,770,000 $ 1,770,000
General Electric Capital Corp., 5.441%,
1/03/95...........................$1,865,000 1,865,000
TOTAL RESERVE FUNDS, -------------
at amortized cost $ 3,635,000
-------------
TOTAL INVESTMENTS -- 99.8%
(identified cost, $47,310,674) $ 50,993,850
OTHER ASSETS,
LESS LIABILITIES -- 0.2% 90,806
-------------
NET ASSETS-- 100% $ 51,084,656
=============
</TABLE>
* Non-income-producing security.
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT QUALITY CORE EQUITIES FUND
================================================================================
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
ASSETS:
Investments --
Identified cost.................................. $ 47,310,674
Unrealized appreciation.......................... 3,683,176
-------------
Total Value (Note 1A).......................... $ 50,993,850
Cash............................................... 787
Receivable for fund shares sold.................... 10,955
Dividends and interest receivable.................. 110,471
-------------
Total Assets..................................... $ 51,116,063
-------------
LIABILITIES:
Payable for fund shares reacquired................. $ 21,753
Trustee fees payable............................... 312
Custodian fee payable.............................. 7,616
Accrued expenses and other liabilities............. 1,726
-------------
Total Liabilities................................ $ 31,407
-------------
NET ASSETS............................................ $ 51,084,656
=============
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 share-
holders in payment of distributions declared),
less cost of shares reacquired................... $ 47,208,714
Unrealized appreciation of investments
(computed on the basis of identified cost)......... 3,683,176
Undistributed net investment income................ 192,766
-------------
Net assets applicable to
outstanding shares............................. $ 51,084,656
=============
SHARES OF BENEFICIAL INTEREST
OUTSTANDING..................................... 4,485,312
=============
NET ASSET VALUE, OFFERING PRICE,
AND REDEMPTION PRICE PER SHARE
OF BENEFICIAL INTEREST........................... $11.39
=============
</TABLE>
<TABLE>
<CAPTION>
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1994
- --------------------------------------------------------------------------------
<S> <C>
INVESTMENT INCOME:
Income --
Dividends........................................ $ 1,740,963
Interest......................................... 67,255
-------------
Total Income................................... $ 1,808,218
-------------
Expenses --
Investment Adviser fee (Note 2).................. $ 332,192
Administrator fee (Note 2)....................... 147,641
Compensation of trustees not affiliated with
the Investment Adviser or Administrator........ 2,151
Custodian fee (Note 2)........................... 32,641
Transfer and dividend disbursing agent fees..... 14,012
Distribution expenses (Note 3)................... 147,641
Audit services................................... 28,250
Legal services................................... 1,833
Registration costs............................... 11,786
Printing......................................... 2,394
Interest paid on loans........................... 5,450
Miscellaneous.................................... 5,420
-------------
Total Expenses................................. $ 731,411
-------------
Net Investment Income........................ $ 1,076,807
-------------
REALIZED AND UNREALIZED GAIN (LOSS) ON
INVESTMENTS:
Net realized gain on investment transactions
(identified cost basis).......................... $ 9,834,657
Change in unrealized appreciation
of investments................................... (11,332,016)
-------------
Net realized and unrealized gain (loss)
on investments................................... $ (1,497,359)
-------------
Net decrease in net assets
from operations.............................. $ (420,552)
=============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT QUALITY CORE EQUITIES FUND
================================================================================
Year Ended
December 31,
-------------------------------------
STATEMENT OF CHANGES IN NET ASSETS 1994 1993
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
From operations --
Net investment income...................................................... $ 1,076,807 $ 1,187,636
Net realized gain on investment transactions............................... 9,834,657 4,083,933
Change in unrealized appreciation of investments........................... (11,332,016) (4,372,477)
-------------- ---------------
Increase (decrease) in net assets from operations..................... $ (420,552) $ 899,092
-------------- ---------------
Undistributed net investment income (loss) included in
price of shares sold and redeemed (Note 1C).................................. $ (198,337) $ 28,601
- -------------- ---------------
Distributions to shareholders --
From net investment income................................................... $ (879,992) $ (1,084,466)
From net realized gain on investment transactions............................ (4,488,457) (4,083,933)
In excess of net realized gain on investment transactions.................... (7,109) (31,540)
-------------- --------------
Total distributions to shareholders................................... $ (5,375,558) $ (5,199,939)
-------------- ---------------
Net increase (decrease) from fund share transactions (exclusive of
amounts allocated to net investment income) (Note 4)......................... $ (31,269,572) $ 10,946,442
- -------------- ---------------
Net increase (decrease) in net assets................................. $ (37,264,019) $ 6,674,196
NET ASSETS:
At beginning of year........................................................... 88,348,675 81,674,479
-------------- ---------------
At end of year................................................................. $ 51,084,656 $ 88,348,675
============== ==============
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS.......................... $ 255,021 $ 256,543
============== ===============
</TABLE>
See notes to financial statements
<PAGE>
<TABLE>
<CAPTION>
WRIGHT QUALITY CORE EQUITIES FUND
================================================================================
Year Ended December 31,
--------------------------------------------------------------
FINANCIAL HIGHLIGHTS 1994 1993 1992 1991 1990
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
PER SHARE DATA:
Net asset value, beginning of year.......... $ 12.720 $ 13.380 $ 14.730 $ 10.760 $ 11.290
--------- ---------- ---------- ---------- ---------
Income (Loss) from Investment Operations:
Net investment income[1]................. $ 0.180 $ 0.176 $ 0.179 $ 0.175 $ 0.192
Net realized and unrealized gain (loss)
on investments....................... (0.295) (0.046) 0.951 3.985 (0.522)
--------- ---------- ---------- --------- ---------
Total income (loss)
from investment operations....... $ (0.115) $ 0.130 $ 1.130 $ 4.160 $ (0.330)
--------- ---------- ---------- ---------- ---------
Less Distributions:
From net investment income............. $ (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................ $ (1.215) $ (0.790) $ (2.480) $ (0.190) $ (0.200)
---------- ---------- ---------- ---------- ---------
Net asset value, end of year................ $ 11.390 $ 12.720 $ 13.380 $ 14.730 $ 10.760
========= ========== ========== ========== =========
Total Return................................ (0.70%) 1.00% 8.02% 38.90% (2.89%)
Ratios/Supplemental Data:
Net assets, end of year (000 omitted).. $ 51,085 $ 88,349 $ 81,674 $ 80,065 $ 44,293
Ratio of expenses to average net assets 0.99% 0.97% 1.01% 1.03% 1.07%
Ratio of net investment income to average
net assets........................... 1.46% 1.37% 1.20% 1.34% 1.80%
Portfolio turnover rate................ 55% 53% 70% 9% 18%
<FN>
[1] For the year ended December 31, 1990, the operating expenses of the Fund
were reduced by a reduction of the distribution fees. Had such action
not been undertaken, net investment income per share and the ratios would
have been as follows:
Year Ended
December 31, 1990
------------------
Net investment income per share............. $ 0.183
=========
Ratios (As a percentage of average net assets):
Expenses .............................. 1.15%
=========
Net investment income.................. 1.72%
=========
</FN>
</TABLE>
<PAGE>
THE WRIGHT MANAGED EQUITY TRUST
NOTES TO FINANCIAL STATEMENTS
================================================================================
(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. At December 31, 1994,
WQC recharacterized $62,255 of capital gain distributions to distributions
from net investment income. WJBC recharacterized $295,169 of distributions
from net investment income to distributions from capital gains. In
addition, permanent differences of $5,346,200 and $766,787 for WQC and
WJBC, respectively, were reclassified from net realized gain on investment
transactions to paid-in capital. These differences were a result of
redemption-in-kind transactions.
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 year ended December 31, 1994, 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 act as administrator of the Trust. Under the
Administration Agreement, Eaton Vance is responsible
<PAGE>
THE WRIGHT MANAGED EQUITY TRUST
NOTES TO FINANCIAL STATEMENTS - continued
================================================================================
for managing the business affairs of the Trust and is compensated based upon a
percentage of average daily net assets which rate is reduced as average daily
net assets exceed certain levels. For the year ended December 31, 1994, the
effective annual rate was 0.13% 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.
(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.
(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>
<CAPTION>
Year Ended December 31,
--------------------------------------------------------------
1994 1993
--------------------------- ------------------------------
Shares Amount Shares Amount
- ---------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
WRIGHT SELECTED BLUE CHIP EQUITIES FUND --
Sold ............................................... 5,636,130 $ 81,393,593 4,523,131 $ 65,219,268
Issued to shareholders in payment
of distributions declared.......................... 429,746 5,868,021 105,286 1,512,950
Reacquired........................................... (4,395,865) (62,193,314) (3,212,081) (46,198,210)
----------- -------------- ----------- ---------------
Net increase .................................. 1,670,011 $ 25,068,300 1,416,336 $ 20,534,008
=========== ============== ========== ===============
WRIGHT JUNIOR BLUE CHIP EQUITIES FUND --
Sold ............................................... 780,096 $ 9,079,764 1,023,432 $ 11,994,806
Issued to shareholders in payment
of distributions declared.......................... 201,483 2,267,954 271,144 3,167,595
Reacquired........................................... (3,315,481) (38,056,603) (1,113,847) (13,068,548)
----------- -------------- ----------- ---------------
Net increase (decrease)........................ (2,333,902) $ (26,708,885) 180,729 $ 2,093,853
=========== ============== ========== ===============
WRIGHT QUALITY CORE EQUITIES FUND --
Sold ............................................... 1,640,109 $ 20,229,633 2,016,941 $ 26,177,770
Issued to shareholders in payment
of distributions declared.......................... 444,758 5,046,814 399,579 5,030,154
Reacquired........................................... (4,547,757) (56,546,019) (1,570,396) (20,261,482)
----------- -------------- ----------- --------------
Net increase (decrease)........................ (2,462,890) $ (31,269,572) 846,124 $ 10,946,442
=========== ============== =========== ===============
</TABLE>
<PAGE>
THE WRIGHT MANAGED EQUITY TRUST
NOTES TO FINANCIAL STATEMENTS - continued
================================================================================
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than U.S. Government securities
and short-term obligations, for the year ended December 31, 1994, 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..................................... $154,613,053 $20,170,178 $38,772,261
============ =========== ===========
Sales......................................... $130,108,838 $45,167,452 $57,130,479
============ =========== ===========
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
In addition, investments for WQC and WJBC having aggregate market
values of $16,768,992 and $3,493,125, respectively, 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 December 31, 1994, as computed on a federal income tax
basis, are as follows:
<TABLE>
WRIGHT WRIGHT WRIGHT
SELECTED BLUE CHIP JUNIOR BLUE CHIP QUALITY CORE
EQUITIES FUND EQUITIES FUND EQUITIES FUND
- ------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Aggregate cost.................................... $ 180,285,908 $ 34,143,838 $ 47,310,674
============== ============== ==============
Gross unrealized appreciation..................... $ 9,594,283 $ 3,853,319 $ 4,986,750
Gross unrealized depreciation..................... (7,555,588) (2,119,650) (1,303,574)
-------------- -------------- --------------
Net unrealized appreciation....................... $ 2,038,695 $ 1,733,669 $ 3,683,176
============== ============== ==============
- ------------------------------------------------------------------------------------------------------------------------------
</TABLE>
(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 December 31, 1994.
(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 $5,000,000 committed facility and
a $15,000,000 uncommitted facility. Interest is charged to each Fund based on
its borrowings, at a rate equal to the bank's base rate. In addition, the funds
pay a facility fee computed at a rate of 1/4 of 1% on the unused portion of the
$5,000,000 facility. The Trust did not have any significant borrowings under the
line of credit during the year ended December 31, 1994.
<PAGE>
INDEPENDENT AUDITORS' REPORT
To the Trustees and Shareholders of
The Wright Managed Equity Trust:
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Wright Selected Blue Chip Equities Fund,
Wright Junior Blue Chip Equities Fund, and Wright Quality Core Equities Fund
(three of the four portfolios which constitute The Wright Managed Equity Trust)
as of December 31, 1994, the related statements of operations for the year then
ended, the statements of changes in net assets for the years ended December 31,
1994 and 1993, and the financial highlights for each of the years in the
five-year period ended December 31, 1994. These financial statements and
financial highlights are the responsibility of the Trust's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the securities owned as of
December 31, 1994, by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights present
fairly, in all material respects, the financial position of each of the
aforementioned Portfolios of The Wright Managed Equity Trust as of December 31,
1994, the results of their operations, the changes in their net assets, and
their financial highlights for the respective stated periods in conformity with
generally accepted accounting principles.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
February 2, 1995
<PAGE>
(CONTINUED FROM INSIDE FRONT COVER)
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 THE WRIGHT MANAGED which become eligible for the
portfolios as described above. EQUITY TRUST
<PAGE>
- --------------------------------------------------------------------------------
Description of art work on back cover of the report
Three thin vertical blue stripes on the right side of the page
- --------------------------------------------------------------------------------
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.
