[ FRONT COVER ]
[ WOODWARD FUNDS LOGO ART AND LOGOTYPE ]
-----------------
Annual Report
December 31, 1995
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Woodward Equity Index Fund
Investment Adviser
[ NBD BANK LOGOTYPE ]
24 Hour yield information:
Purchase and Redemption orders:
(800) 688-3350
<PAGE>
To Our Woodward Shareholders:
The fourth quarter of 1995 provided strong results in the equity and bond
markets with total returns of 6 percent for the Standard and Poor's (S&P) and
4.3 percent for the Lehman Aggregate Bond Index. These results capped an
exceptional year which provided total returns of 37.5 percent for the S&P,
31.7 percent for the Russell 2500 (a proxy for smaller companies) and 18.5
percent for the Lehman Aggregate Bond Index. Foreign markets, as measured by
the EAFE Index, provided good absolute returns of 11.2 percent, but failed to
keep up with the exceptional U.S. market. In fact, S&P 500 results were the
third highest since 1948 and the highest since 1958; the overall bond results
were also the third highest, in this case since the mid 1970s.
The Woodward money market funds had an excellent year with all funds
finishing in the top quartile of their respective IBC/Donoghue's peer groups.
The funds maintained their exceptional credit quality throughout the year and
profited from a strategy of maintaining slightly longer-weighted average
maturities as compared to their peer groups.
The Woodward bond funds again exceeded their respective benchmarks in the
fourth quarter, providing exceptional 1995 results. The Bond Fund generated a
total return of 23.8 percent, while the Intermediate Bond Fund provided
results of 19.5 percent. The two funds ranked at the top of their respective
fund categories for the year. The Short Bond Fund provided a total return of
10.1 percent, modestly below its benchmark but well above cash alternatives.
The Woodward equity funds had a solid fourth quarter with a number of the
funds exceeding their peer groups. Generally, the results for the Woodward
equity funds for the year provided very high absolute results; they moderately
lagged peer managers and came up somewhat short of the broader indices. The
Woodward Growth/Value, Capital Growth and International Equity funds had good
fourth quarters. This helped the Growth/Value and Capital Growth Funds close
the gap with their peers for the year, while the International Equity Fund
provided good comparative returns on an annual basis. The Opportunity and
Intrinsic Value Funds lagged their respective benchmarks for the quarter and
the year. We look to 1996 to improve relative equity performance which,
coupled with our strong bond results, should provide our clients continued
success with their investments.
During the year, NBD Bancorp, Inc. merged with First Chicago Corporation.
We were pleased that the investment management effort of the joint
organization has been identified as a primary business of the Bank and that
substantial resources have been allocated to the business. We look forward to
melding the two organization's considerable strengths and providing our
clients with a measurably enhanced research and fund management group.
Thank you for your continued support and we hope you find this report
useful and informative.
Sincerely,
/s/ Earl I. Heenan, Jr.
-----------------------
Earl I. Heenan, Jr.
<PAGE>
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
WOODWARD EQUITY INDEX FUND
Objective:
The Woodward Equity Index Fund (the "Fund") seeks to provide investors
with a broad exposure to the overall equity market as measured by the Standard
& Poor's 500 Index (the "Index") of common stocks. The Index is a diversified,
unmanaged representation of primarily larger companies. The Fund does not
necessarily own all 500 stocks which are included in the Index, but owns a
large, representative sampling of those issues. The Fund's objective is to
closely match the intermediate and long term performance of the S&P 500 Index
on a total return basis, excluding transaction and management costs.
Performance Highlights:
During 1995, the Fund attained a 37.4% total return. This included an
increase in the net asset value from $10.65 to $14.15 per share, dividend
distributions of $0.31 per share, and a capital gain distribution of $0.14 per
share. Over this same period, the Index attained a total return of 37.5%.
Since the Fund's inception in 1992, its average annual return has totaled
14.5% versus 14.8% for the Index.
As expected, the Fund's total return is dependent upon the underlying
performance of the Index. The small tracking error of the Fund is largely
attributable to the Fund's fees and expenses. Additional tracking error occurs
from nominal transaction costs. The Index return includes no transaction or
management costs. In statistical terms, the Fund's correlation coefficient of
0.9999 demonstrates the close association between the Fund's return and that
of the Index (a correlation of 1.0 would suggest perfect correlation). We are
pleased with the successful performance of the Fund and thank our investors
for their continued confidence.
<PAGE>
<TABLE>
<CAPTION>
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE
WOODWARD EQUITY INDEX FUND (Continued)
Growth of $10,000 Invested in the
Woodward Equity Index Fund and the
Standard & Poor's 500 Index
[ GRAPH ]
7/10/92 12/92 6/93 12/93 6/94 12/94 6/95 12/95
------- ----- ---- ----- ---- ----- ---- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Fund $10,000 $10,648 $11,155 $11,688 $11,290 $11,807 $14,178 $16,219
Index* $10,000 $10,657 $11,181 $11,736 $11,324 $11,901 $14,291 $16,335
<FN>
* Excludes expenses.
</TABLE>
<TABLE>
<CAPTION>
Since
Average Annual Total Return One Inception
Through 12/31/95 Year (7/10/92)
---------------- ---- ---------
<S> <C> <C>
Woodward Equity Index Fund 37.4% 14.5%
S&P 500 Index* 37.5% 14.8%
<FN>
* A broad-based, unmanaged equity index comprised
of larger U.S. publicly traded corporations.
Past performance is not predictive of future performance.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE WOODWARD FUNDS
EQUITY INDEX FUND
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1995
<S> <C>
ASSETS:
Investment in securities:
At cost $404,271,461
============
At value (Note 2) $537,807,471
Receivable for shares purchased 5,500
Receivable for securities sold 276,211
Income receivable 960,384
Deferred organization costs, net (Note 2) 6,599
Prepaids and other assets 18,025
------------
TOTAL ASSETS 539,074,190
------------
LIABILITIES:
Payable for securities purchased 10,245,243
Payable for shares redeemed 174,627
Accrued investment advisory fee 43,456
Accrued distribution fees 2,173
Accrued custodial fee 8,503
Dividends payable 378,684
Other payables and accrued expenses 18,591
TOTAL LIABILITIES 10,871,277
------------
NET ASSETS $528,202,913
============
Net assets consist of:
Capital shares (unlimited number of shares
authorized, par value $.10 per share) $ 3,733,385
Additional paid-in capital 393,359,193
Accumulated undistributed net investment income 142,278
Accumulated undistributed net realized (losses) (2,567,953)
Net unrealized appreciation on investments 133,536,010
------------
TOTAL NET ASSETS $528,202,913
============
Shares of capital stock outstanding 37,333,855
============
Net asset value and redemption price per share $ 14.15
============
Maximum offering price per share $ 14.15
============
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE WOODWARD FUNDS
EQUITY INDEX FUND
STATEMENT OF OPERATIONS
For the Year Ended December 31, 1995
<S> <C>
INVESTMENT INCOME (Note 2):
Interest $ 104,661
Dividends 10,355,653
------------
TOTAL INVESTMENT INCOME 10,460,314
------------
EXPENSES (Notes 2, 3 and 5):
Investment advisory fee 411,792
Distribution fees 21,253
Professional fees 53,872
Custodial fee 79,955
Transfer and dividend disbursing agent fees 7,135
Amortization of deferred organization costs 4,399
Marketing expenses 35,105
Registration, filing fees and other expenses 2,903
------------
TOTAL EXPENSES 616,414
------------
NET INVESTMENT INCOME 9,843,900
------------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS:
Net realized gains 4,873,484
Net change in unrealized appreciation on
investments 113,244,299
------------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS 118,117,783
------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $127,961,683
============
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE WOODWARD FUNDS
EQUITY INDEX FUND
STATEMENTS OF CHANGES IN NET ASSETS
Year Ended Year Ended
Dec. 31, 1995 Dec. 31, 1994
------------- -------------
<S> <C> <C>
FROM OPERATIONS:
Net investment income $ 9,843,900 $ 8,937,984
Net realized gains 4,873,484 6,401,604
Net change in unrealized appreciation
(depreciation) on investments 113,244,299 (11,009,072)
------------- -------------
Net increase in net assets from operations 127,961,683 4,330,516
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS (Note 2):
From net investment income (10,140,926) (8,745,069)
From realized gains (4,873,484) (7,135,458)
In excess of realized gains (90,675) (2,477,278)
------------- -------------
Total distributions (15,105,085) (18,357,805)
------------- -------------
FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold 142,012,075 123,274,323
Net asset value of shares issued in reinvestment
of distributions to shareholders 13,655,168 17,030,652
------------- -------------
155,667,243 140,304,975
Less: payments for shares redeemed (81,128,978) (110,798,539)
------------- -------------
Net increase in net assets from capital share
transactions 74,538,265 29,506,436
------------- -------------
NET INCREASE IN NET ASSETS 187,394,863 15,479,147
NET ASSETS:
Beginning of year 340,808,050 325,328,903
------------- -------------
End of year $ 528,202,913 $ 340,808,050
============= =============
CAPITAL SHARE TRANSACTIONS:
Shares sold 10,856,382 11,159,448
Shares issued in reinvestment of distributions
to shareholders 1,022,145 1,593,566
------------- -------------
11,878,527 12,753,014
Less: shares redeemed (6,539,777) (9,938,857)
------------- -------------
NET INCREASE IN SHARES OUTSTANDING 5,338,750 2,814,157
CAPITAL SHARES:
Beginning of year 31,995,105 29,180,948
------------- -------------
End of year 37,333,855 31,995,105
============= =============
<FN>
See accompanying notes to financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
THE WOODWARD FUNDS
EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS
December 31, 1995
Description Face Amount Market Value
----------- ----------- ------------
<S> <C> <C>
TEMPORARY CASH INVESTMENT -- 1.92%
Salomon Brothers, Revolving Repurchase Agreement,
5.93%, 1/2/96 (secured by various U.S. Treasury
Strips with maturities ranging from 2/15/96
through 11/15/05 and U.S. Treasury Notes,
5.50%, 11/15/98, all held at Chemical Bank) $10,340,932 $ 10,340,932
------------
(Cost $10,340,932)
Shares
------
COMMON STOCKS -- 98.08%
Aerospace -- 2.41%
Boeing Co. 39,459 3,092,599
General Dynamics Corp. 7,756 458,574
Goodrich (B.F.) Co. 2,800 190,750
Lockheed Martin Corp. 23,009 1,817,711
Loral Corp. 19,100 675,663
McDonnell Douglas Corp. 12,351 1,136,292
Northrop Grumman Corp. 4,572 292,608
Raytheon Co. 27,748 1,311,093
Rockwell International Corp. 25,129 1,328,696
Textron, Inc. 9,333 629,978
TRW, Inc. 8,170 633,174
United Technologies Corp. 14,966 1,419,898
------------
12,987,036
------------
Air Transport -- 0.38%
AMR Corp. * 10,104 750,222
Delta Air Lines, Inc. 4,609 340,490
Federal Express Corp. * 5,806 428,918
Southwest Airlines Co. 14,400 334,800
USAir Group, Inc. * 13,700 181,525
------------
2,035,955
------------
Apparel -- 0.47%
Fruit of the Loom, Inc. Class A * 7,600 185,250
Liz Claiborne, Inc. 7,712 214,008
Nike, Inc. Class B 16,012 1,114,836
Reebok International Ltd. 8,375 236,594
Russell Corp. 7,500 208,124
Spring Industries, Inc 4,400 182,050
Stride Rite Corp. 10,700 80,250
V.F. Corp. 6,348 334,856
------------
2,555,968
------------
Banks -- 6.64%
Banc One Corp. 44,743 1,689,048
Bank of Boston Corp. 13,126 607,078
Bank of New York Co., Inc. 23,190 1,130,513
BankAmerica Corp. 41,132 2,663,297
Bankers Trust New York Corp. 7,894 524,951
Barnett Banks, Inc. 12,604 743,636
Boatmens Bancshares, Inc. 15,366 628,085
Chase Manhattan Corp. 20,182 1,223,534
Chemical Banking Corp. 30,052 1,765,555
Citicorp 48,842 3,284,625
Comerica, Inc. 12,500 501,563
CoreStates Financial Corp. 13,765 521,349
Dean Witter, Discover & Co. 17,707 832,229
First Bank System, Inc. 14,360 712,615
First Chicago NBD Corp. 34,916 1,379,182
First Fidelity Bancorp 8,427 635,185
First Interstate Bancorp 8,270 1,128,855
First Union Corp. 20,814 1,157,779
Fleet Financial Group, Inc. 29,695 1,210,071
J.P. Morgan & Co., Inc. 23,022 1,847,516
KeyCorp 26,700 967,875
MBNA Corp. 19,255 710,028
Mellon Bank Corp. 18,154 975,777
National City Corp. 14,600 483,625
NationsBank Corp. 31,150 2,168,819
Norwest Corp. 42,526 1,403,358
PNC Bank Corp. 29,365 947,021
Republic NY Corp. 5,292 328,766
Suntrust Banks, Inc. 11,752 805,012
U.S. Bancorp 17,367 583,964
Wachovia Corp. 21,673 991,540
Wells Fargo & Co. 5,433 1,173,527
------------
35,725,978
------------
Business Machines -- 4.51%
Amdahl Corp. * 18,600 158,100
Apple Computer, Inc. 11,306 360,379
Autodesk, Inc. 4,800 164,400
Ceridian Corp. * 7,300 301,125
Cisco System, Inc. * 30,300 2,261,138
Compaq Computer Corp. * 30,539 1,465,872
Cray Research, Inc. * 6,500 160,875
Data General Corp. * 14,700 202,125
Digital Equipment Corp. * 15,647 1,003,364
DSC Communications Corp. * 11,450 422,219
Honeywell, Inc. 14,577 708,807
Intergraph Corp. * 14,000 220,500
International Business Machines Corp. 65,437 6,003,845
Microsoft Corp. * 68,100 5,975,775
Novell, Inc. * 37,179 529,801
Pitney Bowes, Inc. 16,721 785,887
Silicon Graphics * 21,335 586,712
Sun Microsystems, Inc. * 24,368 1,111,790
Tandem Computers, Inc. * 11,500 122,187
Xerox Corp. 12,388 1,697,155
------------
24,242,056
------------
Business Services -- 2.00%
Allergan, Inc. 6,247 203,027
Automatic Data Processing, Inc. 18,218 1,352,687
Block (H.&R.), Inc. 11,190 453,195
Browning-Ferris Industries, Inc. 21,348 629,766
Computer Associates International, Inc. 26,271 1,494,163
Computer Sciences Corp. * 5,160 362,490
Deluxe Corp. 7,609 220,661
Dial Corp. 8,718 258,271
Dun & Bradstreet Corp. 20,331 1,316,433
Ecolab, Inc. 5,746 172,380
Harland (John H.) Co. 6,200 129,425
Interpublic Group of Companies, Inc. 11,232 487,188
Laidlaw Inc., Class B 25,242 258,731
Moore Corp. Ltd. 7,228 134,622
National Service Industries, Inc. 5,000 161,875
Ogden Corp. 7,200 153,900
Shared Medical Systems, Inc. 4,900 266,438
U S West Media Group * 59,131 1,123,488
WMX Technologies, Inc. 53,154 1,587,975
------------
10,766,715
------------
Chemicals -- 2.73%
Air Products & Chemicals, Inc. 11,263 594,123
Dow Chemical Co. 30,045 2,114,417
duPont (E I) de Nemours & Co., Inc. 64,446 4,503,164
Grace (W.R.) & Co. 9,911 585,988
Great Lakes Chemical Corp. 7,468 537,696
Hercules, Inc. 11,874 669,397
Monsanto Co. 13,277 1,626,433
Morton International, Inc. 15,537 557,390
Nalco Chemical Co. 6,364 191,716
PPG Industries, Inc. 25,304 1,157,658
Praxair, Inc. 17,414 585,546
Rohm & Haas Co. 9,529 613,428
Safety Kleen Corp. 12,300 192,187
Sigma-Aldrich Corp. 4,800 237,600
Union Carbide Corp. 14,084 528,150
------------
14,694,893
------------
Construction -- 0.51%
Armstrong World Industries, Inc. 3,327 206,274
Centex Corp. (with warrants to purchase
interest in CDC L.P. Class B units and shares
Of 3333 Holdings Corp) 9,783 339,959
Crane Co. 5,200 191,750
Fluor Corp. 7,963 525,558
Masco Corp. 15,411 483,520
Owens-Corning Fiberglas Corp. * 4,189 187,982
Pulte Corp. 6,400 215,200
Sherwin Williams Co. 7,904 322,088
Stanley Works 4,942 254,513
------------
2,726,844
------------
Consumer Durables -- 0.40%
Black & Decker Corp. 8,478 298,850
Jostens, Inc. 8,100 196,425
Maytag Corp. 9,270 187,718
Newell Co. 17,640 456,435
Outboard Marine Corp. 9,000 183,375
Rubbermaid, Inc. 17,234 439,467
Whirlpool Corp. 7,503 399,534
------------
2,161,804
------------
Containers -- 0.13%
Ball Corp. 4,800 132,000
Crown Cork & Seal Co., Inc. * 10,435 435,661
Stone Container Corp. 8,382 120,491
------------
688,152
------------
Domestic Oil -- 1.13%
Amerada Hess Corp. 9,788 518,764
Ashland, Inc. 6,582 231,193
Atlantic Richfield Co. 18,776 2,079,442
Kerr-McGee Corp. 4,421 280,734
Oryx Energy Co. * 13,100 175,213
Pennzoil Co. 3,908 165,113
Phillips Petroleum Co. 30,153 1,028,970
Sun Co., Inc. 9,180 251,302
Unocal Corp. 25,256 735,581
USX-Marathon Group 31,263 609,629
------------
6,075,941
------------
Drugs and Medicine -- 10.35%
Abbott Laboratories 90,874 3,793,990
ALZA Corp. * 6,556 162,261
American Home Products Corp. 35,936 3,485,792
Amgen, Inc. * 29,188 1,733,038
Bard (C.R.), Inc. 6,300 203,175
Bausch & Lomb, Inc. 6,896 273,254
Baxter International, Inc. 31,689 1,326,977
Becton Dickinson & Co. 6,973 522,975
Beverly Enterprises, Inc. * 14,300 151,938
Biomet, Inc. * 11,900 212,712
Bristol-Myers Squibb Co. 59,742 5,130,344
Columbia/HCA Healthcare Corp. 51,766 2,627,125
Community Psychiatric Centers 16,800 205,800
Eli Lilly & Co. 65,314 3,673,913
Humana, Inc. * 16,000 438,000
Johnson & Johnson 74,480 6,377,350
Mallinckrodt Group, Inc. 10,469 380,810
Manor Care, Inc. 5,756 201,460
Medtronic, Inc. 27,732 1,549,526
Merck & Co., Inc. 141,076 9,275,747
Pall Corp. 16,845 452,709
Pfizer, Inc. 71,564 4,508,532
Pharmacia & Upjohn Co. 57,225 2,217,468
St. Jude Medical, Inc. 6,900 296,700
Schering-Plough Corp. 41,606 2,277,929
Tenet Healthcare Corp. 20,102 417,117
United Healthcare Corp. 20,100 1,316,550
United States Surgical Co. 7,300 156,036
U.S. HealthCare, Inc. 16,300 757,950
Warner Lambert Co. 15,568 1,512,041
------------
55,639,219
------------
Electronics -- 4.51%
Advanced Micro Devices, Inc. * 10,652 175,758
AMP, Inc. 22,676 870,192
Andrew Corp. * 4,050 154,913
Boston Scientific Corp. * 20,835 1,020,915
E G & G, Inc. 9,700 235,225
First Data Corp. 26,300 1,758,813
General Signal Corp. 6,453 208,916
Harris Corp. 3,007 164,258
Hewlett-Packard Co. 58,800 4,924,500
Intel Corp. 94,724 5,375,587
Johnson Controls, Inc. 3,508 241,175
LSI Logic Corp. * 14,300 468,325
Micron Technology, Inc. 22,500 891,563
Motorola, Inc. 67,810 3,865,170
National Semiconductor Corp. * 11,816 262,906
Northern Telecom Ltd. 31,505 1,354,715
Perkin Elmer Corp. 4,400 166,100
Raychem Corp. 3,881 220,732
Scientific-Atlanta, Inc. 15,100 226,500
Tektronix, Inc. 3,400 167,024
Teledyne, Inc. 6,300 161,437
Texas Instruments, Inc. 22,928 1,186,523
Thomas & Betts Corp. 2,400 177,000
------------
24,278,247
------------
Energy and Utilities -- 4.52%
American Electric Power Co., Inc. 19,165 776,183
Baltimore Gas & Electric Co. 14,831 422,684
Carolina Power & Light Co. 16,419 566,456
Central & SouthWest Corp. 19,584 545,904
CINergy Corp. 21,342 653,599
Coastal Corp. 14,683 546,942
Columbia Gas System, Inc. * 5,000 219,375
Consolidated Edison Co. of New York, Inc. 24,428 781,696
Consolidated Natural Gas Co. 13,336 605,121
Detroit Edison Co. 16,226 559,797
Dominion Resources, Inc. 21,159 872,809
Duke Power Co. 24,609 1,165,851
Enron Corp. 28,208 1,075,430
Enserch Corp. 10,100 164,125
Entergy Corp. 29,860 873,405
FPL Group, Inc. 22,855 1,059,901
General Public Utilities Corp. 11,743 399,262
Houston Industries, Inc. 33,196 805,003
Niagara Mohawk Power Corp. 17,000 163,625
Nicor, Inc. 6,100 167,750
Noram Energy Inc. 23,600 209,450
Northern States Power Co. 5,948 292,196
ONEOK Inc. 7,600 173,850
Ohio Edison Co. 13,703 322,021
PP&L Resources, Inc. 17,300 432,500
Pacific Enterprises 8,168 230,746
Pacific Gas & Electric Co. 47,730 1,354,339
PacifiCorp 37,377 794,261
Panhandle Eastern Corp. 15,080 420,355
PECO Energy Co. 22,567 679,831
Peoples Energy Corp. 6,000 190,500
Public Service Enterprise Group, Inc. 25,672 786,205
SCE Corp. 50,271 892,310
Sonat, Inc. 8,648 308,085
Southern Co. 75,746 1,865,245
Texas Utilities Co. 27,494 1,130,691
Unicom Corp. 22,576 739,363
Union Electric Co. 10,806 451,150
Williams Companies, Inc. 14,094 618,373
------------
24,316,389
------------
Energy Raw Materials -- 1.37%
Baker Hughes, Inc. 12,357 301,202
Barricks Gold Corp. 37,602 991,753
Burlington Resources, Inc. 12,952 508,366
Dresser Industries, Inc. 17,030 415,106
Eastern Enterprises 5,500 193,875
Halliburton Co. 11,218 567,911
Helmerich & Payne, Inc. 11,600 345,100
Louisiana Land & Exploration Co. 4,500 192,938
McDermott International, Inc. 9,700 213,400
Nacco Industries, Inc. Class A 2,400 133,200
Occidental Petroleum Corp. 33,871 723,993
Pittston Services Group 6,600 207,075
Rowan Companies, Inc. * 22,800 225,150
Santa Fe Energy Resources, Inc. * 19,500 187,688
Schlumberger Ltd. 27,075 1,874,944
Western Atlas, Inc. * 5,154 260,276
------------
7,341,977
------------
Food and Agriculture -- 5.84%
Archer Daniels Midland Co. 67,129 1,208,322
Campbell Soup Co. 28,867 1,732,020
Coca-Cola Co. 144,248 10,710,414
ConAgra, Inc. 28,219 1,164,034
CPC International, Inc. 16,087 1,103,970
Darden Restaurants, Inc. 15,167 180,108
Fleming Companies, Inc. 7,800 160,875
General Mills, Inc. 16,867 974,069
Heinz (H.J.) Co. 42,444 1,405,941
Hershey Foods Corp. 9,606 624,390
Kellogg Co. 25,837 1,995,908
Pepsico, Inc. 90,580 5,061,158
Pioneer Hi-Bred International, Inc. 8,826 490,946
Quaker Oats Co. 12,966 447,327
Ralston-Ralston Purina Group 11,200 698,600
Sara Lee Corp. 55,655 1,774,003
Sysco Corp. 23,827 774,378
Whitman Corp. 9,800 227,850
Wrigley (Wm.) Jr Co. 12,335 647,588
------------
31,381,901
----------
Gold -- 0.20%
Homestake Mining Co. 20,389 318,578
Placer Dome, Inc. 25,255 609,277
Santa Fe Pacific Gold Corp. 10,698 129,713
------------
1,057,568
------------
Insurance -- 3.35%
Aetna Life & Casualty Co. 12,182 843,604
Alexander & Alexander Services, Inc. 7,300 138,700
Allstate Corp. 53,240 2,189,495
American General Corp. 22,363 779,910
American International Group, Inc. 54,548 5,045,690
Chubb Corp. 10,537 1,019,455
CIGNA Corp. 8,555 883,304
General Re Corp. 9,103 1,410,965
ITT Hartford Group, Inc. * 12,269 593,513
Jefferson-Pilot Corp. 6,776 315,061
Lincoln National Corp. 10,969 589,584
Marsh & McLennan Companies, Inc. 9,432 837,090
Providian Corp. 9,897 403,303
SAFECO Corp. 17,292 596,574
St. Paul Companies 9,800 545,125
Torchmark Corp. 6,795 307,474
Transamerica Corp. 9,465 689,761
UNUM Corp. 8,400 462,000
USF&G Corp. 10,400 175,500
USLIFE Corp. 6,400 191,200
------------
18,017,308
------------
International Oil -- 6.64%
Amoco Corp. 57,118 4,105,356
Chevron Corp. 77,214 4,053,735
Exxon Corp. 142,741 11,437,123
Mobil Corp. 45,476 5,093,312
Royal Dutch Petroleum Co., N.Y. Registry 61,354 8,658,583
Texaco, Inc. 30,133 2,365,441
------------
35,713,550
------------
Liquor -- 0.71%
Anheuser-Busch Companies, Inc. 29,261 1,956,829
Brown Forman Corp. Class B 7,254 264,771
Coors (Adolph) Co. Class B 9,700 214,613
Seagram Co. Ltd. 40,159 1,390,505
------------
3,826,718
------------
Media -- 2.40%
Cabletron System, Inc. * 7,670 621,270
Capital Cities/ABC, Inc. 17,650 2,177,569
Comcast Corp., Class A Special 22,800 414,675
Donnelley (R.R.) & Sons Co. 16,445 647,522
Dow Jones & Co., Inc. 9,154 365,016
Gannett Co., Inc. 16,139 990,531
King World Productions, Inc. * 5,100 198,263
Knight-Ridder, Inc. 5,021 313,813
McGraw Hill Companies, Inc. 6,882 599,594
Meredith Corp. 5,300 221,938
New York Times Co. Class A 10,426 308,870
Tele-Communications, Inc. Class A * 75,829 1,507,102
Time Warner, Inc. 46,173 1,748,802
Times Mirror Co. Class A 11,909 403,417
Tribune Co. 8,657 529,159
Viacom, Inc. Class B Non-Voting * 39,334 1,863,447
------------
12,910,988
------------
Miscellaneous and Conglomerates -- 1.07%
Corning, Inc. 31,042 993,344
Eastman Chemical Co. 8,060 504,758
ITT Corp. 12,269 650,257
ITT Industries, Inc. 12,269 294,456
Minnesota Mining & Manufacturing Co. 50,228 3,327,605
------------
5,770,420
------------
Miscellaneous Finance -- 2.70%
Ahmanson (H.F.) & Co. 11,433 302,975
American Express Co. 54,068 2,237,064
Beneficial Corp. 5,140 239,653
Federal Home Loan Mortgage Corp. 22,200 1,853,700
Federal National Mortgage Association 31,747 3,940,596
Golden West Financial Corp. 5,715 315,754
Great Western Financial Corp. 12,328 314,364
Household International, Inc. 12,649 747,872
Merrill Lynch & Co., Inc. 20,657 1,053,507
Morgan Stanley Group, Inc. 9,300 749,813
Salomon, Inc. 10,526 373,672
Travelers Inc. 37,452 2,354,794
------------
14,483,764
------------
Motor Vehicles -- 2.32%
Chrysler Corp. 44,214 2,448,350
Cummins Engine Co., Inc. 4,300 159,100
Dana Corp. 9,124 266,877
Eaton Corp. 8,634 462,998
Echlin, Inc. 4,769 174,069
Fleetwood Enterprises, Inc. 9,100 234,325
Ford Motor Co. 120,028 3,480,812
General Motors Corp. 85,970 4,545,664
Genuine Parts Co. 16,819 689,579
------------
12,461,774
------------
Non-Durables and Entertainment -- 2.29%
American Greetings Corp. Class A 7,080 195,585
Bally Entertainment Corp. * 15,200 212,800
CUC International, Inc. * 23,850 813,881
Handleman Co. 12,600 72,450
Harcourt General, Inc. 6,876 287,933
Hasbro, Inc. 7,758 240,498
Kimberly-Clark Corp. 32,517 2,690,782
Luby's Cafeterias, Inc. 8,600 191,350
Mattel, Inc. 23,913 735,325
McDonalds Corp. 79,782 3,600,163
Oracle Systems Corp. * 49,993 2,118,453
Premark International, Inc. 5,124 259,403
Service Corp. International 13,086 575,783
Shoneys, Inc * 17,100 175,275
Wendy's International, Inc. 7,090 150,662
------------
12,320,343
------------
Non-Ferrous Metals -- 1.02%
Alcan Aluminum Ltd. 30,807 958,868
Aluminum Co. of America 19,344 1,022,814
Asarco, Inc. 5,900 188,800
Cyprus Amax Minerals Co. 8,663 226,321
Echo Bay Mines Ltd. 17,400 180,525
Engelhard Corp. 14,386 312,896
Freeport McMoran Copper Class B 21,000 590,625
Inco, Ltd. 14,174 471,285
Newmont Mining Corp. 12,482 564,811
Phelps Dodge Corp. 9,358 582,535
Reynolds Metals Co. 7,044 398,866
------------
5,498,346
------------
Optical Photographic Equipment -- 0.53%
Eastman Kodak Co. 39,041 2,615,747
Polaroid Corp. 4,396 208,261
------------
2,824,008
------------
Paper and Forest Products -- 1.16%
Bemis, Inc. 5,800 148,625
Boise Cascade Corp. 4,800 166,200
Champion International Corp. 11,355 476,910
Federal Paper Board Co., Inc. 4,900 254,188
Georgia-Pacific Corp. 11,026 756,659
International Paper Co. 32,570 1,233,589
James River Corp. of Virginia 13,338 321,779
Louisiana Pacific Corp. 10,925 264,931
Mead Corp. 5,388 281,523
Potlatch Corp. 4,400 176,000
Temple-Inland, Inc. 5,025 221,728
Union Camp Corp. 9,171 436,769
Westvaco Corp. 8,841 245,338
Weyerhaeuser Co. 21,766 941,379
Willamette Industries, Inc. 5,700 320,625
------------
6,246,243
------------
Producer Goods -- 5.35%
Alco Standard Corp. 13,466 614,386
Allied Signal, Inc. 31,748 1,508,030
Applied Materials Co. * 21,280 837,900
Avery Dennison Corp. 5,770 289,221
Briggs & Stratton Corp. 4,000 173,500
Caterpillar, Inc. 23,480 1,379,450
Cincinnati Milacron, Inc. 5,400 141,750
Cooper Industries, Inc. 10,859 399,068
Deere & Co. 32,823 1,157,011
Dover Corp. 10,862 400,536
Emerson Electric Co. 25,042 2,047,184
FMC Corp. * 5,203 351,853
Foster Wheeler Corp. 4,400 187,000
General Electric Co. 192,042 13,827,024
Giddings & Lewis, Inc. 9,200 151,800
Grainger (W.W.), Inc. 4,812 318,795
Harnischfeger Industries, Inc. 4,600 152,950
Illinois Tool Works, Inc. 13,358 788,122
Ingersoll-Rand Co. 11,162 392,065
Millipore Corp. 5,600 230,300
Navistar International * 18,600 195,300
Parker-Hannifin Corp. 5,815 199,164
Snap-On, Inc. 4,400 199,100
Tenneco, Inc. 20,242 1,004,509
Timken Co. 3,400 130,050
Trinova Corp. 4,600 131,675
Tyco International Ltd. 20,788 740,572
Varity Corp. * 3,550 131,794
Westinghouse Electric Corp. 41,470 684,255
------------
28,764,364
------------
Railroads and Shipping -- 1.05%
Burlington Northern Santa Fe 15,925 1,242,150
Conrail, Inc. 10,666 746,620
CSX Corp. 22,140 1,010,137
Norfolk Southern Corp. 13,876 1,101,408
Union Pacific Corp. 23,667 1,562,022
------------
5,662,337
------------
Retail -- 4.50%
Albertsons, Inc. 30,169 991,806
American Stores Co. 14,264 381,562
Charming Shoppes, Inc. 125,500 360,812
Circuit City Stores, Inc. 10,964 302,881
Dayton Hudson Corp. 7,044 528,300
Dillard Department Stores Class A 11,730 334,305
Federated Department Stores, Inc. * 20,400 561,000
Gap, Inc. 14,456 607,152
Giant Food, Inc. Class A 5,800 182,700
Great Atlantic & Pacific Tea Co., Inc. 9,000 207,000
Home Depot, Inc. 53,265 2,550,062
Kmart Corp. 43,988 318,913
Kroger Co. * 13,345 500,437
Limited, Inc. 35,443 615,822
Longs Drug Stores Corp. 4,500 215,437
Lowes Companies, Inc. 20,584 689,564
May Department Stores Co. 29,670 1,253,558
Melville Corp. 11,512 353,994
Mercantile Stores, Inc. 3,900 180,375
Nordstrom, Inc. 7,793 315,617
J.C. Penney & Co., Inc. 26,988 1,285,304
Pep Boys Manny Moe & Jack 7,700 197,313
Price/Costco, Inc. * 21,613 329,598
Rite-Aid Corp. 8,156 279,343
Sears, Roebuck & Co. 44,809 1,747,551
Supervalu, Inc. 6,231 196,276
Tandy Corp. 9,138 379,227
TJX Companies, Inc. 13,100 247,263
Toys R Us * 28,967 630,032
Wal Mart Stores, Inc. 263,995 5,906,888
Walgreen Co. 25,686 767,369
Winn-Dixie Stores, Inc. 17,274 636,979
Woolworth Corp. 11,464 149,032
------------
24,203,472
------------
Soaps and Cosmetics -- 2.72%
Alberto-Culver Co. Class B 6,000 206,250
Avon Products, Inc. 7,090 534,409
Clorox Co. 4,947 354,329
Colgate-Palmolive Co. 16,027 1,125,897
Gillette Co. 50,518 2,633,251
International Flavors & Fragrances, Inc. 14,843 712,464
Procter & Gamble Co. 78,887 6,547,621
Unilever N.V. 18,014 2,535,470
------------
14,649,691
------------
Steel -- 0.28%
Armco, Inc. * 36,400 213,850
Bethlehem Steel Corp. * 8,538 119,532
Inland Steel Industries, Inc. 10,972 275,672
Nucor Corp. 9,259 528,920
USX-U.S. Steel Group 7,828 240,711
Worthington Industries, Inc. 6,785 141,213
------------
1,519,898
------------
Telephone -- 8.41%
AT&T Corp. 183,000 11,849,250
AirTouch Communications, Inc. * 54,510 1,539,908
ALLTEL Corp. 24,305 716,998
Ameritech Corp. 62,912 3,711,808
Bell Atlantic Corp. 50,790 3,396,581
Bellsouth Corp. 114,250 4,969,875
GTE Corp. 111,373 4,900,412
MCI Communications Corp. 75,559 1,973,979
NYNEX Corp. 48,110 2,597,940
Pacific Telesis Group 47,110 1,584,074
SBC Communications Inc. 70,076 4,029,370
Sprint Corp. 39,565 1,577,655
Tellabs, Inc. * 8,848 327,376
US WEST Communications Group 57,731 2,063,882
------------
45,239,108
------------
Tires and Rubber Goods -- 0.20%
Cooper Tire & Rubber Co. 6,842 168,484
Goodyear Tire & Rubber Co. 19,742 895,794
------------
1,064,278
------------
Tobacco -- 2.15%
American Brands, Inc. 20,002 892,589
Loews Corp. 13,620 1,067,468
Philip Morris Companies, Inc. 96,623 8,744,382
Schweitzer Mauduit International, Inc. * 1 21
UST, Inc. 25,615 854,90
------------
11,559,360
------------
Travel and Recreation -- 0.96%
Brunswick Corp. 9,813 235,512
Disney (Walt) Co. 60,667 3,579,353
Harrahs Entertainment, Inc. 10,050 243,712
Hilton Hotels Corp. 7,883 484,804
Marriott International, Inc. 16,137 617,240
------------
5,160,621
------------
Trucking and Freight -- 0.17%
Consolidated Freightways, Inc. 6,200 164,300
PACCAR, Inc. 4,292 180,800
Roadway Services, Inc. 3,773 184,405
Ryder System, Inc. 6,199 153,425
Yellow Corp. 17,000 210,375
------------
893,305
------------
TOTAL COMMON STOCKS 527,466,539
------------
(Cost $393,930,529)
TOTAL INVESTMENTS $537,807,471
============
(Cost $404,271,461)
<FN>
* Non-income producing security
</TABLE>
<PAGE>
THE WOODWARD FUNDS
EQUITY INDEX FUND
NOTES TO FINANCIAL STATEMENTS
(1) Organization and Commencement of Operations
The Woodward Funds (Woodward) was organized as a Massachusetts business
trust on April 21, 1987, and registered under the Investment Company Act of
1940, as amended, as an open-end investment company. As of December 31, 1995,
Woodward consisted of seventeen separate series. The Woodward Equity Index
Fund (Equity Index Fund) commenced operations on July 10, 1992.
(2) Significant Accounting Policies
The following is a summary of significant accounting policies followed by
the Equity Index Fund in the preparation of the financial statements. The
policies are in conformity with generally accepted accounting principles for
investment companies. Following generally accepted accounting principles
requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results could
differ from those estimates.
Investments
The Equity Index Fund values investment securities at market value which
is determined by a pricing service based upon quoted market prices or dealer
quotes. Securities for which market prices or dealer quotes are not readily
available are valued by the investment advisor, NBD Bank (NBD) in accordance
with procedures approved by the Board of Trustees.
Investment security purchases and sales are accounted for on the day
after trade date.
Woodward invests in securities subject to repurchase agreements. Such
transactions are entered into only with institutions included on the Federal
Reserve System's list of institutions with whom the Federal Reserve open
market desk will do business. NBD, acting under the supervision of the Board
of Trustees, has established the following additional policies and procedures
relating to Woodward's investments in securities subject to repurchase
agreements: 1) the value of the underlying collateral is required to equal or
exceed 102% of the funds advanced under the repurchase agreement including
accrued interest; 2) collateral is marked to market daily by NBD to assure its
value remains at least equal to 102% of the repurchase agreement amount; and
3) funds are not disbursed by Woodward or its agent unless collateral is
presented or acknowledged by the collateral custodian.
Investment Income
Interest income is recorded daily on the accrual basis adjusted for
amortization of premium and accretion of discount on debt instruments.
Dividends are recorded on the ex-dividend date.
Federal Income Taxes
It is Woodward's policy to comply with the requirements of Subchapter M
of the Internal Revenue Code, as amended, applicable to regulated investment
companies and to distribute net investment income and realized gains to its
shareholders. Therefore, no federal income tax provision is required in the
accompanying financial statements.
Net realized gains differ for financial statement and tax purposes
primarily because of the recognition of wash sale transactions and
post-October 31 capital losses. Also, due to the timing of dividend
distributions, the fiscal year in which amounts are distributed may differ
from the year that the income or realized gains were recorded by the Fund.
Certain book-to-tax timing differences for the funds are reflected as excess
distributions in the Statements of Changes in Net Assets. These distributions
do not constitute a tax return of capital.
Shareholder Dividends
Dividends from net investment income are declared and paid quarterly by
the Equity Index Fund. Net realized capital gains are distributed annually.
Distributions from net investment income and net realized gains are made
during each year to avoid the 4% excise tax imposed on regulated investment
companies
<PAGE>
by the Internal Revenue Code.
Deferred Organization Costs
Organization costs are being amortized on a straight-line basis over the
five year period beginning with the commencement of operations of the Equity
Index Fund.
Expenses
Expenses are charged daily as a percentage of the Fund's net assets.
Woodward monitors the rate at which expenses are charged to ensure that a
proper amount of expense is charged to income each year. This percentage is
subject to revision if there is a change in the estimate of the future net
assets of Woodward or a change in expectations as to the level of actual
expenses.
(3) Transactions with Affiliates
First of Michigan Corporation (FoM) and Essex National Securities, Inc.
(Essex) act as sponsors and co-distributors of Woodward's shares. Pursuant to
their Distribution Agreement with Woodward, FoM is entitled to receive a fee
at the annual rate of .005% of the Equity Index Fund's average net assets and
Essex is entitled to receive a fee at the annual rate of .10% of the aggregate
average net assets of Woodward's investment portfolios attributable to
investments by clients of Essex.
NBD is the investment advisor pursuant to the Advisory Agreement. For its
advisory services to Woodward, NBD is entitled to a fee, computed daily and
payable monthly. Under the Advisory Agreement, NBD also provides Woodward with
certain administrative services, such as maintaining Woodward's general ledger
and assisting in the preparation of various regulatory reports. NBD receives
no additional compensation for such services.
A reorganization of Woodward and The Prairie Funds is being considered by
the Board of Trustees of both funds. In connection with the proposed
reorganization, the Board of Trustees of Woodward and the Board of Trustees of
Prairie must approve certain reorganization agreements. The transaction is
intended to be effected as a tax-free reorganization under the Internal
Revenue Code, so that none of the Fund's shareholders will recognize taxable
gains or losses as a result of the reorganization. A proxy
statement/prospectus describing the reorganization and the reasons therefore
will be sent to shareholders.
NBD, FoM, and Essex have agreed that they may waive their fees in whole
or in part; and, if in part, may specify the particular fund to which such
waiver relates as may be required to satisfy any expense limitation imposed by
state securities laws or other applicable laws. At present, no restrictive
expense limitation is imposed on Woodward. Restrictive limitations could be
imposed as a result of changes in current state laws and regulations in those
states where Woodward has qualified its shares, or by a decision of the
Trustees to qualify the shares in other states having restrictive expense
limitations.
NBD is also compensated for its services as Woodward's Custodian,
Transfer Agent and Dividend Disbursing Agent, and is reimbursed for certain
out of pocket expenses incurred on behalf of Woodward.
On March 10, 1994, Woodward adopted The Woodward Funds Deferred
Compensation Plan (the "Plan"), an unfunded, nonqualified deferred
compensation plan. The Plan allows an individual Trustee to elect to defer
receipt of all or a percentage of fees which otherwise would be payable for
services performed.
See Note 5 for a summary of fee rates and expenses pursuant to these
agreements.
<PAGE>
(4) Investment Securities Transactions
Information with respect to investment securities and security
transactions, based on the aggregate cost of investments for federal income
tax purposes, excluding short-term securities, is as follows:
<TABLE>
<S> <C>
Gross Unrealized Gains $ 142,270,373
Gross Unrealized Losses (11,735,522)
-------------
$ 130,534,851
=============
Federal Income Tax Cost $ 407,272,620
Purchases $ 114,112,109
Sales $ 43,881,654
</TABLE>
(5) Expenses
Following is a summary of total expense rates charged, advisory fee rates
payable to NBD, and amounts paid to NBD, FoM, and Essex pursuant to the
agreements described in Note 3 for the year ended December 31, 1995. The rates
shown are stated as a percentage of each fund's average net assets.
<TABLE>
<CAPTION>
Effective Date
--------------
<S> <C>
Expense Rates:
January 1 0.15%
NBD Advisory Fee:
January 1 0.10%
Amounts Paid:
Advisory Fee to NBD $411,792
Distribution Fee to FoM & Essex $ 21,253
Other Fees & Out of Pocket Expenses
to NBD $ 89,143
</TABLE>
<PAGE>
THE WOODWARD FUNDS
EQUITY INDEX FUND
FINANCIAL HIGHLIGHTS
The Financial Highlights presents a per share analysis of how the Equity
Index Fund's net asset values have changed during the periods presented.
Additional quantitative measures expressed in ratio form analyze important
relationships between certain items presented in the financial statements.
These financial highlights have been derived from the financial statements of
the Equity Index Fund and other information for the periods presented.
<TABLE>
<CAPTION>
Year Ended Year Ended Year Ended Period Ended
Dec. 31, 1995 Dec. 31, 1994 Dec. 31, 1993 Dec. 31, 1992
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.65 $ 11.15 $ 10.52 $ 10.00
Income from investment operations:
Net investment income 0.30 0.31 0.28 0.12
Net realized and unrealized gains (losses)
on investments 3.65 (0.20) 0.75 0.52
------------ ------------ ------------ ------------
Total from investment operations 3.95 0.11 1.03 0.64
------------ ------------ ------------ ------------
Less distributions:
From net investment income (0.31) (0.30) (0.27) (0.12)
From realized gains (0.14) (0.23) (0.13) --
In excess of realized gains (0.00) (0.08) -- --
------------ ------------ ------------ ------------
Total distributions (0.45) (0.61) (0.40) (0.12)
------------ ------------ ------------ ------------
Net asset value, end of period $ 14.15 $ 10.65 $ 11.15 $ 10.52
============ ============ ============ ============
Total Return 37.35% 1.02% 9.77% 13.61%(a)
Ratios/Supplemental Data
Net assets, end of period $528,202,913 $340,808,050 $325,328,903 $242,057,866
Ratio of expenses to average net assets 0.15% 0.17% 0.20% 0.22%(a)
Ratio of net investment income to average net
assets 2.39% 2.71% 2.59% 2.71%(a)
Portfolio turnover rate 10.66% 24.15% 16.01% 0.50%
Average commission rate $ 0.03
<FN>
(a) Annualized for periods less than one year for comparability purposes.
Actual annual values may be less than or greater than those shown.
See accompanying notes to financial statements.
</TABLE>
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Trustees and Shareholders of
The Woodward Equity Index Fund:
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of The Woodward Equity Index Fund as
of December 31, 1995, and the related statement of operations for the year
then ended, the statements of changes in net assets for each of the two years
in the period then ended, and the financial highlights for each of the periods
from inception (as indicated in Note 1) through December 31, 1995. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audit 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 physical counts and
confirmation of securities owned as of December 31, 1995, by inspection and
correspondence with custodians, banks and brokers. 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, the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of The Woodward Equity Index Fund as of December 31, 1995, the
results of its operations for the year then ended, the changes in its net
assets for each of the two years in the period then ended and the financial
highlights for each of the periods from inception (as indicated in Note 1)
through December 31, 1995 in conformity with generally accepted accounting
principles.
ARTHUR ANDERSEN LLP
Detroit, Michigan,
February 19, 1996.
<PAGE>
[ BACK COVER ]
Investment Adviser:
NBD Bank
Detroit, Michigan 48226
Sponsors and Co-Distributors:
First of Michigan Corporation
Detroit, Michigan 48243
Essex National Securities, Inc.
Napa, California 94558
Custodian and Transfer Agent:
NBD Bank
Troy, Michigan 48007-7058
Legal Counsel:
Drinker Biddle & Reath
Philadelphia, Pennsylvania 19107-3496 [ WOODWARD FUNDS LOGO ]
- -------------------------------------------------------------------------------
The Woodward Funds ------------
P.O. Box 7058 BULK RATE
Troy, MI 48007-7058 U.S. POSTAGE
PAID
Detroit, MI
Permit No. 2
------------
