N-Q 1 dnq.htm dnq.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-03489

THE WRIGHT MANAGED EQUITY TRUST
440 Wheelers Farms Road
Milford, Connecticut 06461


Christopher A. Madden
Three Canal Plaza, Suite 600
Portland, ME 04101
207-347-2000


Date of fiscal year end: December 31

Date of reporting period: January 1, 2010 – March 31, 2010

 
 
 
 

Item 1.  Schedule of Investments.
 

         
Wright International Blue Chip Equities Fund (WIBC)
 
      
Portfolio of Investments - As of March 31, 2010 (Unaudited)
         
         
   
Shares
  
Value
         
 
EQUITY INTERESTS - 99.6%
      
         
         
 
AUSTRALIA - 1.6%
      
 
BHP Billiton, Ltd.
27,455
  
 $           1,098,449
         
         
 
AUSTRIA - 0.2%
      
 
Voestalpine AG
3,780
  
 $              153,186
         
         
 
CANADA - 10.4%
      
 
Agrium, Inc.
6,480
  
 $              458,719
 
Canadian National Railway Co.
11,346
  
                  689,338
 
Cenovus Energy, Inc.
15,259
  
                  399,016
 
CGI Group, Inc. - Class A*
59,939
  
                  898,007
 
EnCana Corp.
15,241
  
                  474,709
 
Groupe Aeroplan, Inc.
28,506
  
                  299,235
 
Methanex Corp.
13,444
  
                  325,979
 
Research In Motion, Ltd.*
7,069
  
                  524,313
 
Sino Forest Corp. - Class A
22,900
  
                  449,175
 
Sun Life Financial, Inc.
16,129
  
                  519,377
 
Teck Resources, Ltd. - Class B*
11,984
  
                  522,687
 
Toronto-Dominion Bank (The)
19,834
  
              1,479,901
       
 $           7,040,456
         
         
 
CHINA- 1.0%
      
 
Sinopharm Group Co.
82,000
  
 $              368,565
 
Xinao Gas Holdings, Ltd.
130,000
  
                  332,170
       
 $              700,735
         
         
 
CYPRUS - 0.5%
      
 
Bank of Cyprus Public Co., Ltd.
53,237
  
 $              337,124
         
         
 
DENMARK- 1.3%
      
 
Carlsberg A/S - Class B (1)
10,428
  
 $              876,787
         
         
 
FRANCE - 11.9%
      
 
BNP Paribas
13,140
  
 $           1,010,955
 
Bouygues SA
12,911
  
                  650,228
 
Carrefour SA
11,261
  
                  543,741
 
Cie de Saint-Gobain
8,141
  
                  392,155
 
Danone
4,777
  
                  288,283
 
France Telecom SA
10,021
  
                  240,205
 
Lagardere SCA
8,816
  
                  357,391
 
Pinault-Printemp
2,754
  
                  367,315
 
Sanofi-Aventis SA
9,278
  
                  692,858
 
Schneider Electric SA
3,419
  
                  401,743
 
Societe Generale
10,906
  
                  687,155
 
Technip SA
4,824
  
                  392,947
 
Total SA
17,168
  
                  998,426
 
Vallourec SA
3,890
  
                  785,849
 
Vinci SA
4,348
  
                  256,717
       
 $           8,065,968
         
         
 
GERMANY - 5.9%
      
 
Adidas AG
5,478
  
 $              293,304
 
BASF SE
15,891
  
                  988,882
 
Deutsche Boerse AG
4,290
  
                  318,393
 
Fresenius SE (Preferred Stock) (1)
4,494
  
                  338,276
 
Henkel AG & Co. KGaA (Preferred Stock)
6,622
  
                  356,617
 
MAN SE (1)
3,614
  
                  302,991
 
Muenchener Rueckversicherungs-Gesellschaft AG
3,797
  
                  618,068
 
SAP AG
9,056
  
                  438,988
 
Siemens AG
3,142
  
                  315,669
       
 $           3,971,188
         
         
 
GREECE - 0.8%
      
 
JUMBO SA
33,446
  
 $              339,418
 
OPAP SA
7,573
  
                  172,150
       
 $              511,568
         
         
 
HONG KONG - 2.8%
      
 
Cheung Kong Holdings, Ltd.
31,000
  
 $              399,243
 
CLP Holdings, Ltd. (Ordinary)
151,000
  
              1,079,308
 
Hong Kong Exchanges & Clearing, Ltd.
24,100
  
                  402,251
       
 $           1,880,802
         
         
 
INDIA - 0.7%
      
 
ICICI Bank, Ltd., ADR
10,606
  
 $              452,876
         
         
 
ISRAEL - 0.7%
      
 
Mellanox Technologies, Ltd.*
20,457
  
 $              482,171
         
         
 
ITALY - 4.1%
      
 
Enel SpA
212,968
  
 $           1,193,011
 
ENI SpA (Azioni Ordinarie)
67,709
  
              1,591,387
       
 $           2,784,398
         
         
 
JAPAN - 18.3%
      
 
Astellas Pharma, Inc.
23,000
  
 $              833,208
 
Daito Trust Co.nstruction Co., Ltd.
5,600
  
                  270,291
 
Honda Motor Co., Ltd.
8,800
  
                  310,788
 
ITOCHU Corp.
125,000
  
              1,095,623
 
Itochu Techno-Solutions Corp.
10,600
  
                  348,266
 
JFE Holdings, Inc.
8,500
  
                  342,493
 
Komatsu, Ltd.
10,700
  
                  224,443
 
Makita Corp.
36,500
  
              1,203,125
 
Marubeni Corp.
230,000
  
              1,430,116
 
Mitsubishi Corp.
41,800
  
              1,095,997
 
Mitsui & Co., Ltd.
78,300
  
              1,316,452
 
NHK Spring Co., Ltd.
29,000
  
                  266,289
 
Nidec Corp.
3,700
  
                  396,768
 
Nippon Telegraph & Telephone Corp.
13,500
  
                  569,242
 
Nissan Motor Co., Ltd.
50,400
  
                  432,046
 
Nomura Research Institute, Ltd.
8,800
  
                  200,599
 
NTT DoCoMo, Inc.
238
  
                  362,705
 
Sankyo Co., Ltd.
11,400
  
                  564,266
 
Shin-Etsu Chemical Co., Ltd.
7,200
  
                  418,408
 
Tokyo Electron, Ltd.
5,800
  
                  384,846
 
Tokyo Gas Co., Ltd.
65,000
  
                  286,601
       
 $         12,352,572
         
         
 
NETHERLANDS - 2.4%
      
 
Chicago Bridge & Iron Co. NV*
15,182
  
 $              353,133
 
ING Groep NV (Aandeel)
29,770
  
                  297,763
 
Royal Dutch Shell PLC - Class B
36,390
  
              1,002,156
       
 $           1,653,052
         
         
 
NORWAY - 0.6%
      
 
Telenor ASA
30,276
  
 $              411,113
         
         
 
RUSSIA - 1.0%
      
 
Lukoil OAO, ADR
4,800
  
 $              272,160
 
Mechel, ADR (1)
13,000
  
                  369,460
       
 $              641,620
         
         
 
SINGAPORE - 1.1%
      
 
ARA Asset Management, Ltd.
466,000
  
 $              379,986
 
Jardine Cycle & Carriage, Ltd.
17,000
  
                  357,255
       
 $              737,241
         
         
 
SOUTH AFRICA - 0.5%
      
 
Sasol, Ltd.
8,083
  
 $              333,585
         
         
 
SPAIN - 5.8%
      
 
Acciona SA
4,172
  
 $              463,522
 
Banco Bilbao Vizcaya Argentaria SA
27,513
  
                  377,118
 
Banco Santander SA
74,236
  
                  988,415
 
Mapfre SA
94,239
  
                  346,330
 
Telefonica SA
73,410
  
              1,742,266
       
 $           3,917,651
         
         
 
SWEDEN - 1.3%
      
 
SKF AB - Class B
23,889
  
 $              425,866
 
TeliaSonera AB
66,194
  
                  471,369
       
 $              897,235
         
         
 
SWITZERLAND - 10.7%
      
 
ABB, Ltd.
13,605
  
 $              297,680
 
Credit Suisse Group AG
14,533
  
                  750,433
 
Holcim, Ltd.
3,098
  
                  231,346
 
Nestle SA
33,773
  
              1,732,689
 
Novartis AG
13,232
  
                  715,940
 
Roche Holding AG
4,032
  
                  655,049
 
Swatch Group AG (The) - Class B
1,138
  
                  363,494
 
Swiss Reinsurance Co., Ltd.
25,028
  
              1,234,101
 
Xstrata PLC
22,787
  
                  431,552
 
Zurich Financial Services AG (Inhaberktie)
3,154
  
                  809,963
       
 $           7,222,247
         
         
 
UNITED ARAB EMIRATES - 0.4%
      
 
Dragon Oil PLC*
40,971
  
 $              300,801
         
         
 
UNITED KINGDOM - 15.6%
      
 
AstraZeneca PLC
28,995
  
 $           1,292,647
 
Aviva PLC
56,296
  
                  329,029
 
BAE Systems PLC
73,267
  
                  412,658
 
Barclays PLC (Ordinary)
295,759
  
              1,616,439
 
BG Group PLC
9,594
  
                  165,979
 
BHP Billiton PLC
26,071
  
                  893,765
 
BP PLC
76,512
  
                  723,525
 
British American Tobacco PLC
11,586
  
                  399,212
 
Carnival PLC
11,377
  
                  466,823
 
Ensco PLC
7,172
  
                  321,162
 
HSBC Holdings PLC
128,720
  
              1,304,306
 
Investec PLC
72,677
  
                  594,214
 
Next PLC
7,714
  
                  253,218
 
Rio Tinto PLC
10,458
  
                  619,479
 
Sage Group PLC (The)
72,930
  
                  264,510
 
Schroders PLC
19,072
  
                  407,050
 
Taylor Wimpey PLC
255,997
  
                  146,203
 
WPP PLC
35,276
  
                  365,475
       
 $         10,575,694
         
         
         
         
TOTAL EQUITY INTERESTS - 99.6% (identified cost, $58,565,978)
    
 $         67,398,519
         
         
OTHER ASSETS, LESS LIABILITIES - 0.4%
    
                  265,661
         
NET ASSETS - 100.0%
    
 $         67,664,180
         
         
         
         
         
ADR
American Depositary Receipt
      
PLC
Public Limited Company
      
         
         
*
Non-income producing security.
      
(1)
This security or a portion of the security is out on loan at March 31, 2010. Total loaned securities had a market value of $1,361,125 at March 31, 2010.


The Fund did not have any financial instruments outstanding at March 31, 2010.
    
         
 *  Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
         
         
 
Gross unrealized appreciation
 $                     11,356,641
  
         
 
Gross unrealized depreciation
                        (2,524,100)
  
         
 
Net unrealized appreciation
  
 $                      8,832,541
  
         
         
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
         
• Level 1 – quoted prices in active markets for identical investments
    
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
         
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
         
At March 31, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
  
         
Assets Description
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Equity Interests
                       67,398,519
                                      -
                                      -
                          67,398,519
Total Investments
 $                     67,398,519
 $                                    -
 $                                    -
 $                       67,398,519
         
         
         
The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
         
The Fund held no investments or other financial instruments as of March 31, 2010, whose fair value was determined using Level 3 inputs.
         
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements included in its semiannual or annual report to shareholders.

 
 
 


         
Wright Major Blue Chip Equities Fund (WMBC)
 
      
Portfolio of Investments - As of March 31, 2010 (Unaudited)
         
         
   
Shares
  
Value
         
 
EQUITY INTERESTS - 101.0%
      
         
         
 
AEROSPACE - 5.5%
      
 
General Dynamics Corp.
4,950
  
 $               382,140
 
Honeywell International, Inc.
5,655
  
                  256,002
 
Northrop Grumman Corp.
7,125
  
                  467,186
 
Raytheon Co.
3,480
  
                  198,778
 
United Technologies Corp.
2,370
  
                  174,456
       
 $            1,478,562
         
         
 
AUTOMOBILES & COMPONENTS - 1.0%
      
 
Ford Motor Co.*
14,050
  
 $               176,608
 
Johnson Controls, Inc.
2,665
  
                     87,918
       
 $               264,526
         
 
BANKS - 3.6%
      
 
Bank of America Corp.
22,415
  
 $               400,108
 
Bank of New York Mellon Corp. (The)
4,060
  
                  125,373
 
Wells Fargo & Co.
13,855
  
                  431,168
       
 $               956,649
         
         
 
CAPITAL GOODS - 4.0%
      
 
General Electric Co.
36,595
  
 $               666,029
 
Lockheed Martin Corp.
4,905
  
                  408,194
       
 $            1,074,223
         
         
 
COMMUNICATIONS EQUIPMENT - 2.4%
      
 
Cisco Systems, Inc.*
4,060
  
 $               105,682
 
Harris Corp.
6,890
  
                  327,206
 
L-3 Communications Holdings, Inc.
2,240
  
                  205,251
       
 $               638,139
         
         
 
COMPUTERS & PERIPHERALS - 10.5%
      
 
Apple, Inc.*
2,990
  
 $               702,441
 
Hewlett-Packard Co.
19,600
  
               1,041,740
 
International Business Machines Corp.
8,395
  
               1,076,659
       
 $            2,820,840
         
         
 
CONSUMER DURABLES & APPAREL - 1.2%
      
 
Coach, Inc.
3,705
  
 $               146,422
 
D.R. Horton, Inc.
13,345
  
                  168,147
       
 $               314,569
         
         
 
DIVERSIFIED FINANCIALS - 8.6%
      
 
American Express Co.
7,690
  
 $               317,289
 
Discover Financial Services
8,600
  
                  128,140
 
Fiserv, Inc.*
2,075
  
                  105,327
 
Goldman Sachs Group, Inc. (The)
3,220
  
                  549,429
 
JPMorgan Chase & Co.
15,215
  
                  680,871
 
Mastercard, Inc. - Class A
840
  
                  213,360
 
PNC Financial Services Group, Inc.
5,175
  
                  308,948
       
 $            2,303,364
         
         
 
ENERGY - 10.3%
      
 
Cameron International Corp.*
3,110
  
 $               133,295
 
Chesapeake Energy Corp.
3,935
  
                     93,023
 
Chevron Corp.
12,465
  
                  945,221
 
ENSCO International PLC, ADR
4,185
  
                  187,404
 
Exxon Mobil Corp.
8,005
  
                  536,175
 
FMC Technologies, Inc.*
3,650
  
                  235,900
 
National Oilwell Varco, Inc.
10,955
  
                  444,554
 
Peabody Energy Corp.
4,115
  
                  188,056
       
 $            2,763,628
         
         
 
FOOD, BEVERAGE & TOBACCO - 3.1%
      
 
Altria Group, Inc.
13,730
  
 $               281,740
 
Archer-Daniels-Midland Co.
10,295
  
                  297,526
 
Coca-Cola Enterprises, Inc.
6,195
  
                  171,354
 
Whole Foods Market, Inc.*
2,160
  
                     78,084
       
 $               828,704
         
         
 
HEALTH CARE EQUIPMENT & SERVICES - 4.6%
      
 
Aetna, Inc.
2,875
  
 $               100,941
 
Express Scripts, Inc.*
3,430
  
                  349,037
 
Medtronic, Inc.
7,970
  
                  358,889
 
UnitedHealth Group, Inc.
1,880
  
                     61,420
 
WellPoint, Inc.*
5,700
  
                  366,966
       
 $            1,237,253
         
         
 
HEAVY MACHINERY - 0.4%
      
 
Dover Corp.
2,225
  
 $               104,019
         
         
 
HOTELS, RESTAURANTS & LEISURE - 1.5%
      
 
Carnival Corp.
4,265
  
 $               165,823
 
McDonald's Corp.
1,300
  
                     86,736
 
Wyndham Worldwide Corp.
5,360
  
                  137,913
       
 $               390,472
         
         
 
HOUSEHOLD DURABLES - 2.2%
      
 
Procter & Gamble Co. (The)
9,410
  
 $               595,371
         
         
 
INSURANCE - 6.8%
      
 
Aflac, Inc.
6,950
  
 $               377,315
 
Chubb Corp.
9,880
  
                  512,278
 
CIGNA Corp.
2,600
  
                     95,108
 
Genworth Financial, Inc.*
9,210
  
                  168,911
 
MetLife, Inc.
3,010
  
                  130,453
 
Prudential Financial, Inc.
2,430
  
                  147,015
 
Torchmark Corp.
1,985
  
                  106,217
 
Travelers Cos, Inc. (The)
3,410
  
                  183,935
 
Unum Group
4,230
  
                  104,777
       
 $            1,826,009
         
         
 
MATERIALS - 3.5%
      
 
Ball Corp.
2,045
  
 $               109,162
 
Bemis Co., Inc.
4,010
  
                  115,167
 
EI du Pont de Nemours & Co.
6,295
  
                  234,426
 
Freeport-McMoRan Copper & Gold, Inc.
960
  
                     80,198
 
Nucor Corp.
1,545
  
                     70,112
 
Pactiv Corp.*
8,770
  
                  220,829
 
Precision Castparts Corp.
905
  
                  114,673
       
 $               944,567
         
         
 
MEDIA - 2.7%
      
 
Comcast Corp. - Class A
9,690
  
 $               182,366
 
McGraw-Hill Cos., Inc. (The)
4,560
  
                  162,564
 
Omnicom Group, Inc.
2,345
  
                     91,009
 
Viacom, Inc. - Class B*
8,280
  
                  284,666
       
 $               720,605
         
         
 
PHARMACEUTICALS & BIOTECHNOLOGY - 9.3%
      
 
Amgen, Inc.*
7,460
  
 $               445,810
 
Biogen Idec, Inc.*
2,130
  
                  122,177
 
Forest Laboratories, Inc.*
6,875
  
                  215,600
 
Johnson & Johnson
11,490
  
                  749,148
 
McKesson Corp.
1,650
  
                  108,438
 
Pfizer, Inc.
38,505
  
                  660,361
 
Watson Pharmaceuticals, Inc.*
4,160
  
                  173,763
       
 $            2,475,297
         
         
 
RETAILING - 8.1%
      
 
Big Lots, Inc.*
6,870
  
 $               250,205
 
CVS Caremark Corp.
13,800
  
                  504,528
 
Estee Lauder Cos., Inc. (The)
4,190
  
                  271,805
 
Family Dollar Stores, Inc.
4,460
  
                  163,281
 
Ross Stores, Inc.
2,635
  
                  140,893
 
Sherwin-Williams Co. (The)
1,930
  
                  130,622
 
Urban Outfitters, Inc.*
4,765
  
                  181,213
 
Wal-Mart Stores, Inc.
9,610
  
                  534,316
       
 $            2,176,863
         
         
 
SOFTWARE & SERVICES - 6.9%
      
 
CA, Inc.
9,080
  
 $               213,108
 
Computer Sciences Corp.*
2,380
  
                  129,686
 
Compuware Corp.*
10,075
  
                     84,630
 
Google, Inc. - Class A*
370
  
                  209,794
 
Microsoft Corp.
11,605
  
                  339,678
 
Oracle Corp.
33,825
  
                  868,964
       
 $            1,845,860
         
         
 
TELECOMMUNICATION SERVICES - 2.9%
      
 
AT&T, Inc.
9,300
  
 $               240,312
 
CenturyTel, Inc.
2,625
  
                     93,082
 
Verizon Communications, Inc.
13,995
  
                  434,125
       
 $               767,519
         
         
 
UTILITIES - 1.9%
      
 
Constellation Energy Group, Inc.
5,285
  
 $               185,556
 
Exelon Corp.
7,350
  
                  322,003
       
 $               507,559
         
         
TOTAL EQUITY INTERESTS - 101.0% (identified cost, $25,604,975)
    
 $         27,034,598
         
 
SHORT-TERM INVESTMENTS - 0.0%
      
         
 
Fidelity Government Money Market Fund, 0.03%
8,000
  
 $                    8,000
         
TOTAL SHORT-TERM INVESTMENTS - 0.0% (identified cost, $8,000)
    
 $                    8,000
         
TOTAL INVESTMENTS - 101.0% (identified cost, $25,612,975)
    
 $         27,042,598
         
OTHER ASSETS, LESS LIABILITIES - (1.0)%
    
                 (269,743)
         
NET ASSETS - 100.0%
    
 $         26,772,855
         
         
         
         
ADR
American Depositary Receipt
      
PLC
Public Limited Company
      
         
         
* Non-income producing security.
      


The Fund did not have any financial instruments outstanding at March 31, 2010.
    
         
The cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
         
         
 
Gross unrealized appreciation
 $                      2,992,567
  
         
 
Gross unrealized depreciation
                        (1,562,944)
  
         
 
Net unrealized appreciation
  
 $                      1,429,623
  
         
         
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
         
• Level 1 – quoted prices in active markets for identical investments
    
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
         
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
         
At March 31, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
  
         
Assets Description
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Equity Interests
                       27,034,598
                                      -
                                      -
                          27,034,598
Short-Term Investments
                               8,000
                                      -
                                      -
                                  8,000
Total Investments
 $                     27,042,598
 $                                    -
 $                                    -
 $                        27,042,598
         
         
         
The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
         
The Fund held no investments or other financial instruments as of March 31, 2010, whose fair value was determined using Level 3 inputs.
         
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements included in its semiannual or annual report to shareholders.



 
 
 
 

         
Wright Selected Blue Chip Equities Fund (WSBC)
 
      
Portfolio of Investments - As of March 31, 2010 (Unaudited)
         
         
   
Shares
  
Value
         
 
EQUITY INTERESTS - 96.3%
      
         
         
 
AEROSPACE & DEFENSE - 0.7%
      
 
BE Aerospace, Inc.*
4,750
  
 $              144,637
         
         
 
AUTOMOBILE & COMPONENTS - 0.7%
      
 
Oshkosh Corp.
3,310
  
 $              133,525
         
         
 
BANKS - 2.4%
      
 
Commerce Bancshares, Inc.
4,790
  
 $              197,061
 
SVB Financial Group*
5,960
  
                  278,094
       
 $              475,155
         
         
 
CAPITAL GOODS - 2.9%
      
 
SPX Corp.
4,365
  
 $              289,487
 
Thomas & Betts Corp.*
7,095
  
                  278,408
       
 $              567,895
         
         
 
CHEMICALS - 1.4%
      
 
Ashland, Inc.
1,700
  
 $                 89,709
 
Cytec Industries, Inc.
2,155
  
                  100,725
 
Olin Corp.
4,200
  
                    82,404
       
 $              272,838
         
         
 
COMMERCIAL SERVICES & SUPPLIES - 3.8%
      
 
Corrections Corporation of America*
3,515
  
 $                 69,808
 
Global Payments, Inc.
4,310
  
                  196,320
 
Manpower, Inc.
3,690
  
                  210,773
 
Navigant Consulting, Inc.*
6,970
  
                    84,546
 
Teleflex, Inc.
2,780
  
                  178,115
       
 $              739,562
         
         
 
CONSUMER PRODUCTS - 2.0%
      
 
99 Cents Only Stores*
6,235
  
 $              101,630
 
Mohawk Industries, Inc.*
2,690
  
                  146,282
 
Priceline.com, Inc.*
570
  
                  145,350
       
 $              393,262
         
         
 
DIVERSIFIED FINANCIALS - 4.3%
      
 
Affiliated Managers Group, Inc.*
3,460
  
 $              273,340
 
Astoria Financial Corp.
3,525
  
                    51,112
 
Lender Processing Services, Inc.
2,210
  
                    83,427
 
Raymond James Financial, Inc.
7,317
  
                  195,657
 
SEI Investments Co.
6,295
  
                  138,301
 
Towers Watson & Co.
2,040
  
                    96,900
       
 $              838,737
         
         
 
EDUCATION - 0.9%
      
 
ITT Educational Services, Inc.*
1,530
  
 $              172,094
         
         
 
ELECTRONIC EQUIPMENT & INSTRUMENTS - 8.6%
      
 
AMETEK, Inc.
3,370
  
 $              139,720
 
Arrow Electronics, Inc.*
7,715
  
                  232,453
 
Avnet, Inc.*
11,010
  
                  330,300
 
Hubbell, Inc. - Class B
4,425
  
                  223,153
 
Lincoln Electric Holdings, Inc.
2,440
  
                  132,565
 
Pentair, Inc.
4,880
  
                  173,826
 
Rovi Corp.*
2,720
  
                  100,994
 
Synopsys, Inc.*
4,370
  
                    97,757
 
Tech Data Corp.*
2,270
  
                    95,113
 
Vishay Intertechnology, Inc.*
14,475
  
                  148,079
       
 $           1,673,960
         
         
 
ENERGY - 5.5%
      
 
Cimarex Energy Co.
3,745
  
 $              222,378
 
Energen Corp.
6,695
  
                  311,518
 
FMC Technologies, Inc.*
2,215
  
                  143,155
 
Helix Energy Solutions Group, Inc.*
7,170
  
                    93,425
 
Oceaneering International, Inc.*
2,180
  
                  138,408
 
Patterson-UTI Energy, Inc.
5,895
  
                    82,353
 
Tidewater, Inc.
1,700
  
                    80,359
       
 $           1,071,596
         
         
 
FOOD, BEVERAGE & TOBACCO - 1.3%
      
 
Ralcorp Holdings, Inc.*
2,555
  
 $              173,178
 
Universal Corp.
1,530
  
                    80,616
       
 $              253,794
         
         
 
HEALTH CARE EQUIPMENT & SERVICES - 9.1%
      
 
Community Health Systems, Inc.*
2,835
  
 $              104,697
 
Health Management Associates, Inc. - Class A*
16,800
  
                  144,480
 
Henry Schein, Inc.*
2,835
  
                  166,982
 
Kindred Healthcare, Inc.*
5,100
  
                    92,055
 
Kinetic Concepts, Inc.*
4,650
  
                  222,317
 
LifePoint Hospitals, Inc.*
5,955
  
                  219,025
 
Lincare Holdings, Inc.*
11,745
  
                  527,116
 
Service Corp. International
10,990
  
                  100,888
 
STERIS Corp.
3,915
  
                  131,779
 
WellCare Health Plans, Inc.*
1,970
  
                    58,667
       
 $           1,768,006
         
         
 
HOUSEHOLD & PERSONAL PRODUCTS - 1.7%
      
 
Church & Dwight Co., Inc.
2,440
  
 $              163,358
 
Tupperware Brands Corp.
3,405
  
                  164,189
       
 $              327,547
         
         
 
INSURANCE - 8.2%
      
 
American Financial Group, Inc.
5,130
  
 $              145,949
 
Everest Re Group, Ltd.
1,700
  
                  137,581
 
HCC Insurance Holdings, Inc.
12,255
  
                  338,238
 
Horace Mann Educators Corp.
8,070
  
                  121,534
 
Protective Life Corp.
6,640
  
                  146,014
 
Reinsurance Group of America, Inc.
2,440
  
                  128,149
 
StanCorp Financial Group, Inc.
6,175
  
                  294,115
 
W.R. Berkley Corp.
11,122
  
                  290,173
       
 $           1,601,753
         
         
 
MACHINERY - 0.7%
      
 
Wabtec Corp.
3,120
  
 $              131,414
         
         
 
MATERIALS - 9.9%
      
 
Airgas, Inc.
1,665
  
 $              105,927
 
Crane Co.
3,010
  
                  106,855
 
FMC Corp.
1,645
  
                    99,588
 
Joy Global, Inc.
3,970
  
                  224,702
 
Lubrizol Corp.
3,520
  
                  322,854
 
Reliance Steel & Aluminum Co.
2,610
  
                  128,490
 
Sonoco Products Co.
3,915
  
                  120,543
 
Steel Dynamics, Inc.
5,470
  
                    95,561
 
Temple-Inland, Inc.
9,135
  
                  186,628
 
Terra Industries, Inc.
4,200
  
                  192,192
 
Timken Co. (The)
5,900
  
                  177,059
 
Valmont Industries, Inc.
1,530
  
                  126,730
 
Worthington Industries, Inc.
2,735
  
                    47,288
       
 $           1,934,417
         
         
 
OIL & GAS - 2.3%
      
 
Newfield Exploration Co.*
4,000
  
 $              208,200
 
Plains Exploration & Production Co.*
3,120
  
                    93,569
 
Pride International, Inc.*
1,820
  
                    54,800
 
Unit Corp.*
2,210
  
                    93,439
       
 $              450,008
         
         
 
PHARMACEUTICALS & BIOTECHNOLOGY - 2.5%
      
 
Endo Pharmaceuticals Holdings, Inc.*
10,040
  
 $              237,848
 
Perrigo Co.
4,315
  
                  253,377
       
 $              491,225
         
         
 
REAL ESTATE - 4.3%
      
 
Hospitality Properties Trust (REIT)
9,020
  
 $              216,029
 
Jones Lang LaSalle, Inc.
2,215
  
                  161,451
 
NVR, Inc.*
395
  
                  286,968
 
UDR, Inc.
10,356
  
                  182,680
       
 $              847,128
         
         
 
RETAILING - 9.5%
      
 
Aeropostale, Inc.*
7,525
  
 $              216,946
 
Brinker International, Inc.
9,755
  
                  188,076
 
Dick's Sporting Goods, Inc.*
13,050
  
                  340,736
 
Dollar Tree, Inc.*
2,610
  
                  154,564
 
Foot Locker, Inc.
4,650
  
                    69,936
 
Guess?, Inc.
3,970
  
                  186,511
 
Phillips-Van Heusen Corp.
3,915
  
                  224,564
 
Rent-A-Center, Inc.*
5,550
  
                  131,258
 
Ross Stores, Inc.
6,465
  
                  345,684
       
 $           1,858,275
         
         
 
SOFTWARE & SERVICES - 9.0%
      
 
Acxiom Corp.*
18,215
  
 $              326,777
 
ANSYS, Inc.*
2,260
  
                    97,496
 
F5 Networks, Inc.*
3,940
  
                  242,349
 
Factset Research Systems, Inc.
1,420
  
                  104,185
 
Fair Isaac Corp.
3,745
  
                    94,898
 
Ingram Micro, Inc.*
8,935
  
                  156,809
 
McAfee, Inc.*
2,100
  
                    84,273
 
Parametric Technology Corp.*
11,180
  
                  201,799
 
Sybase, Inc.*
9,475
  
                  441,725
       
 $           1,750,311
         
         
 
TELECOMMUNICATION SERVICES - 1.8%
      
 
Harte-Hanks, Inc.
5,735
  
 $                 73,752
 
NeuStar, Inc. - Class A*
5,135
  
                  129,402
 
Syniverse Holdings, Inc.*
3,685
  
                    71,747
 
ValueClick, Inc.*
8,280
  
                    83,959
       
 $              358,860
         
         
 
UTILITIES - 2.8%
      
 
MDU Resources Group, Inc.
14,358
  
 $              309,846
 
ONEOK, Inc.
5,330
  
                  243,314
       
 $              553,160
         
         
TOTAL EQUITY INTERESTS - 96.3% (identified cost, $15,208,495)
    
 $         18,809,159
         
 
SHORT-TERM INVESTMENTS - 2.6%
      
         
 
Fidelity Government Money Market Fund, 0.03%
511,844
  
 $              511,844
         
TOTAL SHORT-TERM INVESTMENTS - 2.6% (identified cost, $511,844)
    
 $              511,844
         
TOTAL INVESTMENTS - 98.9% (identified cost, $15,720,339)
    
 $         19,321,003
         
OTHER ASSETS, LESS LIABILITIES - 1.1%
    
                  211,587
         
NET ASSETS - 100.0%
    
 $         19,532,590
         
         
         
         
         
REIT - Real Estate Investment Trust
      
         
* Non-income producing security.
      


The Fund did not have any financial instruments outstanding at March 31, 2010.
    
         
The cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
         
         
 
Gross unrealized appreciation
 $                      3,894,933
  
         
 
Gross unrealized depreciation
                           (294,269)
  
         
 
Net unrealized appreciation
  
 $                      3,600,664
  
         
         
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
         
• Level 1 – quoted prices in active markets for identical investments
    
• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
• Level 3 – significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
         
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
         
At March 31, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
  
         
Assets Description
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
 (Level 2)
Significant Unobservable Inputs
(Level 3)
Total
Equity Interests
                       18,809,159
                                      -
                                      -
                           18,809,159
Short-Term Investments
                            511,844
                                      -
                                      -
                               511,844
Total Investments
 $                     19,321,003
 $                                    -
 $                                    -
 $                        19,321,003
         
         
         
The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.
         
The Fund held no investments or other financial instruments as of March 31, 2010, whose fair value was determined using Level 3 inputs.
         
For information on the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements included in its semiannual or annual report to shareholders.



 
 
 
 

Item 2.  Controls and Procedures.

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reporting within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
 

 
 (b) There have been no significant changes in the registrant’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

Item 3.  Exhibits

Certification of Principal Executive Officer and Principal Financial Officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17CFR 270.30a-2(a)) is attached hereto as Exhibit 99Cert.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


The Wright Managed Equity Trust (On behalf of Wright Selected Blue Chip Equities Fund, Wright Major Blue Chip Equities Fund, and Wright International Blue Chip Equities Fund


By:
/s/ Peter M. Donovan
  
 
Peter M. Donovan
  
 
President
  
     
Date:
April 30, 2010
  


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:
/s/ Peter M. Donovan
  
 
Peter M. Donovan
  
 
President
  
     
Date:
April 30, 2010
  
     
By:
/s/ Gale L. Bertrand
  
 
Gale L. Bertrand
  
 
Treasurer
  
     
Date:
April 28, 2010