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


Megan Hadley Koehler
Three Canal Plaza, Suite 600
Portland, ME 04101
207-347-2000


Date of fiscal year end: December 31

Date of reporting period: January 1, 2014 – March 31, 2014


 
 
 
 

Item 1.  Schedule of Investments.

                   
Wright Selected Blue Chip Equities Fund (WSBC)
    
Portfolio of Investments – As of March 31, 2014 (Unaudited)
    
                   

 
Shares
                
Value
  
EQUITY INTERESTS - 99.5%
                    
AUTOMOBILES & COMPONENTS - 2.3%
                    
Advance Auto Parts, Inc.
5,425
              
$
686,263
  
Gentex Corp.
7,855
                
247,668
  
                 
$
933,931
  
                       
BANKS - 8.8%
                    
BancorpSouth, Inc.
29,950
              
$
747,552
  
City National Corp.
5,925
                
466,416
  
Commerce Bancshares, Inc.
6,045
                
280,609
  
East West Bancorp, Inc.
16,825
                
614,113
  
First Niagara Financial Group, Inc.
25,700
                
242,865
  
FirstMerit Corp.
22,215
                
462,738
  
Fulton Financial Corp.
50,570
                
636,171
  
Valley National Bancorp
13,520
                
140,743
  
                 
$
3,591,207
  
                       
CAPITAL GOODS - 11.8%
                    
AGCO Corp.
3,415
              
$
188,371
  
Alliant Techsystems, Inc.
3,740
                
531,641
  
AMETEK, Inc.
8,105
                
417,327
  
B/E Aerospace, Inc.*
16,050
                
1,392,980
  
Carlisle Cos., Inc.
11,930
                
946,526
  
Esterline Technologies Corp.*
2,270
                
241,846
  
Exelis, Inc.
16,640
                
316,326
  
Huntington Ingalls Industries, Inc.
2,970
                
303,712
  
Terex Corp.
11,060
                
489,958
  
                 
$
4,828,687
  
                       
COMMERCIAL SERVICES & SUPPLIES - 4.9%
                    
AECOM Technology Corp.*
21,025
              
$
676,374
  
Deluxe Corp.
14,620
                
767,112
  
Towers Watson & Co. - Class A
2,885
                
329,034
  
URS Corp.
5,295
                
249,183
  
                 
$
2,021,703
  
                       
CONSUMER DURABLES & APPAREL - 3.0%
                    
Hanesbrands, Inc.
16,130
              
$
1,233,622
  
                       
DIVERSIFIED FINANCIALS - 7.7%
                    
Affiliated Managers Group, Inc.*
2,725
              
$
545,136
  
MSCI, Inc.*
14,100
                
606,582
  
Raymond James Financial, Inc.
12,185
                
681,507
  
Waddell & Reed Financial, Inc. - Class A
17,685
                
1,301,970
  
                 
$
3,135,195
  
                       
ELECTRONIC EQUIPMENT & INSTRUMENTS - 2.8%
                    
Arrow Electronics, Inc.*
7,455
              
$
442,529
  
Avnet, Inc.
14,645
                
681,432
  
                 
$
1,123,961
  
                       
ENERGY - 5.3%
                    
Atwood Oceanics, Inc.*
3,490
              
$
175,861
  
Cimarex Energy Co.
1,060
                
126,257
  
HollyFrontier Corp.
19,134
                
910,396
  
Oil States International, Inc.*
600
                
59,160
  
ONEOK, Inc.
11,560
                
684,930
  
Patterson-UTI Energy, Inc.
6,120
                
193,881
  
                 
$
2,150,485
  
                       
FOOD, BEVERAGE & TOBACCO - 2.1%
                    
Ingredion, Inc.
1,930
              
$
131,394
  
Keurig Green Mountain, Inc.
6,825
                
720,652
  
                 
$
852,046
  
                       
HEALTH CARE EQUIPMENT & SERVICES - 6.7%
                    
Covance, Inc.*
4,335
              
$
450,407
  
MEDNAX, Inc.*
4,160
                
257,837
  
Omnicare, Inc.
7,830
                
467,216
  
ResMed, Inc.
12,155
                
543,207
  
Universal Health Services, Inc. - Class B
12,390
                
1,016,847
  
                 
$
2,735,514
  
                       
HOTELS, RESTAURANTS & LEISURE - 5.3%
                    
Apollo Education Group, Inc.*
12,065
              
$
413,106
  
Brinker International, Inc.
22,045
                
1,156,260
  
Cheesecake Factory, Inc. (The)
8,545
                
406,998
  
Polaris Industries, Inc.
1,480
                
206,771
  
                 
$
2,183,135
  
                       
HOUSEHOLD & PERSONAL PRODUCTS - 1.9%
                    
Energizer Holdings, Inc.
7,635
              
$
769,150
  
                       
INSURANCE - 4.2%
                    
American Financial Group, Inc.
7,355
              
$
424,457
  
Everest Re Group, Ltd.
1,190
                
182,130
  
HCC Insurance Holdings, Inc.
14,405
                
655,283
  
Old Republic International Corp.
7,575
                
124,230
  
WR Berkley Corp.
8,352
                
347,610
  
                 
$
1,733,710
  
                       
MATERIALS - 6.0%
                    
Albemarle Corp.
2,700
              
$
179,334
  
Olin Corp.
18,430
                
508,852
  
Packaging Corp. of America
13,900
                
978,143
  
Rock-Tenn Co. - Class A
4,285
                
452,367
  
Silgan Holdings, Inc.
3,615
                
179,015
  
Worthington Industries, Inc.
4,530
                
173,273
  
                 
$
2,470,984
  
                       
MEDIA - 2.6%
                    
John Wiley & Sons, Inc. - Class A
10,830
              
$
624,241
  
Meredith Corp.
9,820
                
455,943
  
                 
$
1,080,184
  
                       
PHARMACEUTICALS & BIOTECHNOLOGY - 2.5%
                    
Endo International PLC*
6,800
              
$
466,820
  
United Therapeutics Corp.*
5,765
                
542,083
  
                 
$
1,008,903
  
                       
REAL ESTATE - 1.9%
                    
American Campus Communities, Inc., REIT
3,200
              
$
119,520
  
Corrections Corp. of America REIT
11,195
                
350,627
  
Omega Healthcare Investors, Inc. REIT
9,640
                
323,133
  
                 
$
793,280
  
                       
RETAILING - 4.8%
                    
Dick's Sporting Goods, Inc.
3,465
              
$
189,224
  
Foot Locker, Inc.
21,580
                
1,013,828
  
Ross Stores, Inc.
10,750
                
769,162
  
                 
$
1,972,214
  
                       
SOFTWARE & SERVICES - 8.0%
                    
3D Systems Corp.*
2,965
              
$
175,380
  
Acxiom Corp.*
17,155
                
590,046
  
Alliance Data Systems Corp.*
3,605
                
982,182
  
Cadence Design Systems, Inc.*
41,750
                
648,795
  
Conversant, Inc.*
7,205
                
202,821
  
Jack Henry & Associates, Inc.
6,800
                
379,168
  
Leidos Holdings, Inc.
4,095
                
144,840
  
Zebra Technologies Corp.*
2,075
                
144,026
  
                 
$
3,267,258
  
                       
TELECOMMUNICATION SERVICES - 0.7%
                    
NeuStar, Inc. - Class A*
9,195
              
$
298,929
  
                       
TRANSPORTATION - 2.6%
                    
Alaska Air Group, Inc.
11,210
              
$
1,046,005
  
                       
UTILITIES - 3.6%
                    
IDACORP, Inc.
3,660
              
$
203,020
  
ONE Gas, Inc.*
13,961
                
501,628
  
UGI Corp.
17,155
                
782,439
  
                 
$
1,487,087
  
                       
TOTAL EQUITY INTERESTS - 99.5%
              
$
40,717,190
  
(identified cost, $28,310,942)
                    
                       
SHORT-TERM INVESTMENTS - 0.4%
                    
Fidelity Government Money Market Fund, 0.01% (1)
158,489
              
$
158,489
  
                       
TOTAL SHORT-TERM INVESTMENTS - 0.4%
              
$
158,489
  
(identified cost, $158,489)
                    
                       
TOTAL INVESTMENTS — 99.9%
              
$
40,875,679
  
(identified cost, $28,469,431)
                    
                       
OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.1%
                
53,348
  
                       
NET ASSETS — 100.0%
              
$
40,929,027
  
                       
PLC — Public Limited Company
                      
REIT — Real Estate Investment Trust
                      
*        Non-income producing security.
                      
(1)     Variable rate security. Rate presented is as of March 31, 2014.
                    
                       
                       
*  Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
  
Gross Unrealized Appreciation
                
$
12,763,098
  
Gross Unrealized Depreciation
                  
(356,850
)
Net Unrealized Appreciation
                
$
12,406,248
  
                       

 
The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
  
   
Level 1 – quoted prices in active markets for identical assets
  
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
  
Level 3 – significant unobservable inputs (including the 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.
  
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2014.
  
                       
               
 
      
Asset Description
      
Quoted Prices in Active Markets for Indentical Assets
(Level 1)
  
Significant Other Observable Inputs
(Level 2)
  
Significant Unobservable
Inputs
(Level 3)
  
Total
  
Equity Interests
    
$
40,717,190
$
-
$
-
$
40,717,190
  
Short-Term Investments
      
-
  
158,489
  
-
  
158,489
  
Total Investments
    
$
40,717,190
$
158,489
$
-
$
40,875,679
  
                       
The Level 1 inputs displayed in this table under Equity Interests are Common Stock. Refer to the Portfolio of Investments for a further breakout of each security by industry.
  
There were no transfers between Level 1, Level 2 and Level 3 for the period ended March 31, 2014.
  
THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND’S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND’S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED BY THE FUND.
  
                       
 
 
 
 
 

                   
Wright Major Blue Chip Equities Fund (WMBC)
    
Portfolio of Investments – As of March 31, 2014 (Unaudited)
    
                   
 
 
Shares
                
Value
  
EQUITY INTERESTS - 99.3%
                      
CAPITAL GOODS - 7.6%
                      
3M Co.
4,080
              
$
553,493
  
Cummins, Inc.
1,360
                
202,626
  
General Dynamics Corp.
5,540
                
603,417
  
                 
$
1,359,536
  
                       
COMMUNICATIONS EQUIPMENT - 2.7%
                      
QUALCOMM, Inc.
6,190
              
$
488,143
  
                       
COMPUTERS & PERIPHERALS - 2.7%
                      
Apple, Inc.
915
              
$
491,117
  
                       
CONSUMER DURABLES & APPAREL - 1.2%
                      
Mattel, Inc.
5,305
              
$
212,784
  
                       
DIVERSIFIED FINANCIALS - 7.0%
                      
JPMorgan Chase & Co.
12,855
              
$
780,427
  
T. Rowe Price Group, Inc.
5,755
                
473,924
  
                 
$
1,254,351
  
                       
ELECTRONIC EQUIPMENT & INSTRUMENTS - 3.3%
                      
Rockwell Automation, Inc.
4,695
              
$
584,762
  
                       
                       
ENERGY - 9.3%
                      
Chevron Corp.
2,215
              
$
263,386
  
Halliburton Co.
11,055
                
651,029
  
HollyFrontier Corp.
3,675
                
174,856
  
Schlumberger, Ltd.
5,910
                
576,225
  
                 
$
1,665,496
  
                       
FOOD & DRUG RETAILING - 3.0%
                      
Walgreen Co.
8,005
              
$
528,570
  
                       
FOOD, BEVERAGE & TOBACCO - 1.8%
                      
Coca-Cola Co. (The)
3,875
              
$
149,808
  
Monster Beverage Corp.*
2,380
                
165,291
  
                 
$
315,099
  
                       
HEALTH CARE EQUIPMENT & SERVICES - 6.6%
                      
Humana, Inc.
5,255
              
$
592,344
  
Stryker Corp.
7,260
                
591,472
  
                 
$
1,183,816
  
                       
HOTELS, RESTAURANTS & LEISURE - 1.5%
                      
Polaris Industries, Inc.
465
              
$
64,965
  
Starbucks Corp.
2,655
                
194,824
  
                 
$
259,789
  
                       
INSURANCE - 6.8%
                      
Aflac, Inc.
9,080
              
$
572,403
  
MetLife, Inc.
12,165
                
642,312
  
                 
$
1,214,715
  
                       
MATERIALS - 4.7%
                      
CF Industries Holdings, Inc.
1,565
              
$
407,902
  
Monsanto Co.
3,755
                
427,206
  
                 
$
835,108
  
                       
                       
PHARMACEUTICALS & BIOTECHNOLOGY - 10.4%
                      
Amgen, Inc.
5,240
              
$
646,301
  
Bristol-Myers Squibb Co.
5,440
                
282,608
  
Gilead Sciences, Inc.*
2,215
                
156,955
  
Johnson & Johnson
7,890
                
775,035
  
                 
$
1,860,899
  
                       
RETAILING - 4.7%
                      
Bed Bath & Beyond, Inc.*
3,200
              
$
220,160
  
Ross Stores, Inc.
1,655
                
118,415
  
TJX Cos., Inc.
8,275
                
501,879
  
                 
$
840,454
  
                       
SEMICONDUCTOR EQUIPMENT & PRODUCTS - 3.5%
                      
Intel Corp.
24,490
              
$
632,087
  
                       
SOFTWARE & SERVICES - 15.0%
                      
eBay, Inc.*
770
              
$
42,535
  
Google, Inc. - Class A*
200
                
222,902
  
Intuit, Inc.
965
                
75,009
  
MasterCard, Inc. - Class A
5,105
                
381,343
  
Microsoft Corp.
23,430
                
960,396
  
Oracle Corp.
18,245
                
746,403
  
Visa, Inc. - Class A
1,160
                
250,398
  
                 
$
2,678,986
  
                       
TELECOMMUNICATION SERVICES - 3.9%
                      
AT&T, Inc.
19,620
              
$
688,074
  
                       
UTILITIES - 3.6%
                      
NextEra Energy, Inc.
6,810
              
$
651,172
  
                       
TOTAL EQUITY INTERESTS - 99.3%
                      
(identified cost, $14,908,105)
                
$
17,744,958
  
                       
SHORT-TERM INVESTMENTS - 0.6%
                      
Fidelity Government Money Market Fund, 0.01% (1)
108,632
              
$
108,632
  
                       
TOTAL SHORT-TERM INVESTMENTS - 0.6%
                      
(identified cost, $108,632)
                
$
108,632
  
                       
TOTAL INVESTMENTS — 99.9%
                      
(identified cost, $15,016,737)
                
$
17,853,590
  
                       
OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.1%
                  
22,907
  
                       
NET ASSETS — 100.0%
                
$
17,876,497
  
                       
* — Non-income producing security.
                      
(1)     Variable rate security. Rate presented is as of March 31, 2014.
                    
                       
*  Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
  
Gross Unrealized Appreciation
                
$
2,990,752
  
Gross Unrealized Depreciation
                  
(153,898
)
Net Unrealized Appreciation
                
$
2,836,854
  
                       
 
The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
  
   
Level 1 – quoted prices in active markets for identical assets
  
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
  
Level 3 – significant unobservable inputs (including the 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.
  
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2014.
  
                       
                       
Asset Description
      
Quoted Prices in Active Markets for Indentical Assets
(Level 1)
  
Significant Other Observable Inputs
(Level 2)
  
Significant Unobservable
Inputs
(Level 3)
  
Total
  
Equity Interests
    
$
17,744,958
$
-
$
-
$
17,744,958
  
Short-Term Investments
      
-
  
108,632
  
-
  
108,632
  
Total Investments
    
$
17,744,958
$
108,632
$
-
$
17,853,590
  
                       
The Level 1 inputs displayed in this table under Equity Interests are Common Stock. Refer to the Portfolio of Investments for a further breakout of each security by industry.
  
There were no transfers between Level 1, Level 2 and Level 3 for the period ended March 31, 2014.
  
THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND’S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND’S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED BY THE FUND.
                       
 
 
 
 
 

                   
Wright International Blue Chip Equities Fund (WIBC)
    
Portfolio of Investments – As of March 31, 2014 (Unaudited)
    
                   

 
Shares
                
Value
  
EQUITY INTERESTS - 95.1%
                      
AUSTRALIA - 3.8%
                      
Australia & New Zealand Banking Group, Ltd.
7,638
              
$
234,041
  
Commonwealth Bank of Australia*
4,031
                
289,326
  
CSL, Ltd.
2,458
                
158,471
  
Flight Centre Travel Group, Ltd.
3,648
                
177,477
  
Rio Tinto PLC*
3,847
                
214,052
  
Seek, Ltd.
11,178
                
182,031
  
                 
$
1,255,398
  
                       
AUSTRIA - 0.8%
                      
OMV AG
3,367
              
$
152,837
  
Voestalpine AG
2,941
                
129,325
  
                 
$
282,162
  
                       
CANADA - 3.8%
                      
Agrium, Inc.
3,516
              
$
343,174
  
CGI Group, Inc. - Class A*
3,822
                
118,183
  
Manulife Financial Corp.
8,272
                
159,782
  
Toronto-Dominion Bank (The)
13,968
                
655,911
  
                 
$
1,277,050
  
                       
DENMARK - 1.5%
                      
AP Moeller - Maersk A/S - Class B
26
              
$
311,981
  
Novo Nordisk A/S, Class B
4,096
                
186,615
  
                 
$
498,596
  
                       
FRANCE - 11.8%
                      
Alcatel-Lucent*
48,214
              
$
190,183
  
AtoS
1,869
                
169,060
  
AXA SA
8,052
                
209,357
  
BNP Paribas SA
9,028
                
696,674
  
Cie Generale des Etablissements Michelin
2,626
                
328,559
  
Danone SA
1,902
                
134,558
  
Orange SA
17,717
                
261,766
  
Publicis Groupe SA
1,303
                
117,772
  
Rubis SCA
1,882
                
135,529
  
Safran SA
2,346
                
162,606
  
Sanofi
3,115
                
324,913
  
Societe Generale SA
2,629
                
161,985
  
Total SA
10,601
                
695,475
  
Veolia Environnement SA
8,807
                
174,305
  
Vivendi SA
2,703
                
75,328
  
Zodiac Aerospace
2,220
                
78,482
  
                 
$
3,916,552
  
                       
GERMANY - 13.1%
                      
Allianz SE
1,472
              
$
248,932
  
BASF SE
9,268
                
1,030,575
  
Bayer AG
2,325
                
314,611
  
Bayerische Motoren Werke AG
2,830
                
357,359
  
Continental AG
1,220
                
292,407
  
Daimler AG
4,095
                
387,117
  
Deutsche Lufthansa AG*
13,507
                
353,984
  
Muenchener Rueckversicherungs AG - Class R
1,461
                
319,360
  
OSRAM Licht AG*
2,066
                
134,016
  
SAP AG
1,843
                
149,257
  
Siemens AG
1,978
              
 
266,348
  
Volkswagen AG
2,021
                
512,521
  
                 
$
4,366,487
  
                       
IRELAND - 0.8%
                      
Ryanair Holdings PLC*
24,373
              
$
256,643
  
                       
ITALY - 3.0%
                      
Enel SpA
33,241
              
$
188,206
  
Eni SpA (Azioni Ordinarie)
15,695
                
393,912
  
Intesa Sanpaolo SpA
119,897
                
406,510
  
                 
$
988,628
  
                       
JAPAN - 18.7%
                      
ADEKA Corp.
7,700
              
$
88,974
  
Asics Corp.
7,600
                
149,735
  
Bridgestone Corp.
5,700
                
202,573
  
Central Japan Railway Co.
2,191
                
256,576
  
Daito Trust Construction Co., Ltd.
4,200
                
389,515
  
Daiwa House Industry Co., Ltd.
7,000
                
119,017
  
Daiwa Securities Group, Inc.
40,000
                
348,789
  
ITOCHU Corp.
45,700
                
535,167
  
KDDI Corp.
14,000
                
812,390
  
Kirin Holdings Co., Ltd.
8,000
                
111,084
  
Maeda Road Construction Co., Ltd.
8,000
                
111,783
  
Mazda Motor Corp.
60,000
                
266,835
  
Meitec Corp.
5,500
                
156,479
  
Mitsui OSK Lines, Ltd.
35,000
                
136,622
  
Murata Manufacturing Co., Ltd.
1,000
                
94,528
  
NHK Spring Co., Ltd.
11,200
                
104,077
  
Nippon Telegraph & Telephone Corp.
3,900
                
212,789
  
Omron Corp.
2,100
                
86,867
  
ORIX Corp.*
17,500
                
246,905
  
Rohm Co. Ltd,
2,400
                
107,317
  
Sekisui House, Ltd.
10,800
                
134,338
  
SoftBank Corp.
1,500
                
113,609
  
Sumitomo Corp.
36,000
                
458,980
  
Sumitomo Mitsui Trust Holdings, Inc.
60,338
                
273,025
  
Sumitomo Realty & Development Co., Ltd.
2,000
                
78,497
  
Sumitomo Rubber Industries, Ltd.
11,000
                
140,351
  
Suzuki Motor Corp.
5,600
                
146,491
  
Toyota Motor Corp.
5,900
                
333,771
  
                 
$
6,217,084
  
                       
LUXEMBOURG - 0.4%
                      
Tenaris SA
5,573
              
$
122,973
  
                       
NETHERLANDS - 1.3%
                      
Koninklijke Boskalis Westminster NV
5,025
              
$
276,820
  
Koninklijke DSM NV
2,471
                
169,653
  
                 
$
446,473
  
                       
NORWAY - 1.4%
                      
Telenor ASA
7,041
              
$
156,060
  
Yara International ASA
7,463
                
329,830
  
                 
$
485,890
  
                       
SPAIN - 4.1%
                      
Banco Bilbao Vizcaya Argentaria SA
12,274
              
$
147,479
  
Enagas SA
5,676
                
172,691
  
Gas Natural SDG SA
17,196
                
483,725
  
Iberdrola SA
34,669
                
242,544
  
International Consolidated Airlines Group SA*
13,403
                
93,223
  
Repsol SA
8,615
                
219,959
  
                 
$
1,359,621
  
                       
SWEDEN - 0.3%
                      
TeliaSonera AB
12,234
              
$
92,082
  
                       
SWITZERLAND - 11.5%
                      
Actelion, Ltd.*
4,464
              
$
422,977
  
Credit Suisse Group AG*
14,825
                
479,817
  
Nestle SA
12,649
                
952,953
  
Novartis AG
4,317
                
366,531
  
Roche Holding AG
560
                
167,997
  
Swatch Group AG (The)
3,080
                
357,390
  
Swiss Re AG
9,658
                
895,990
  
Zurich Insurance Group AG (Inhaberktie)
589
                
180,964
  
                 
$
3,824,619
  
                       
UNITED KINGDOM - 18.1%
                      
AstraZeneca PLC
16,173
              
$
1,045,214
  
Aviva PLC
58,102
                
462,045
  
BAE Systems PLC
32,248
                
222,683
  
BBA Aviation PLC
19,150
                
105,930
  
BHP Billiton PLC
13,501
                
415,051
  
BP PLC
47,391
                
379,238
  
GlaxoSmithKline PLC
17,180
                
455,832
  
ITV PLC
43,522
                
138,948
  
Legal & General Group PLC
302,093
                
1,030,940
  
Lloyds Banking Group PLC*
183,815
                
228,763
  
Rolls-Royce Holdings PLC
36,537
                
654,202
  
Royal Dutch Shell PLC - Class B
5,765
                
224,948
  
Vodafone Group PLC
96,241
                
353,467
  
Wolseley PLC
1,914
                
108,842
  
WPP PLC
8,995
                
185,501
  
                 
$
6,011,604
  
                       
UNITED STATES - 0.7%
                      
Verizon Communications, Inc.
4,640
              
$
221,235
  
                       
TOTAL EQUITY INTERESTS - 95.1%
                      
(identified cost, $23,107,823)
                
$
31,623,097
  
                       
SHORT-TERM INVESTMENTS - 4.3%
                      
Fidelity Government Money Market Fund, 0.01% (1)
1,448,812
              
$
1,448,812
  
                       
TOTAL SHORT-TERM INVESTMENTS - 4.3%
                      
(identified cost, $1,448,812)
                
$
1,448,812
  
                       
TOTAL INVESTMENTS — 99.4%
                      
(identified cost, $24,556,635)
                
$
33,071,909
  
                       
OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.6%
                  
186,923
  
                       
NET ASSETS — 100.0%
                
$
33,258,832
  
                       
PLC — Public Limited Company
                      
*        Non-income producing security.
                      
(1)     Variable rate security. Rate presented is as of March 31, 2014.
                    
                       
*  Cost for federal income tax purposes is substantially the same as for financial statement purposes and net unrealized appreciation consists of:
  
Gross Unrealized Appreciation
                
$
8,833,190
  
Gross Unrealized Depreciation
                  
(317,916
)
Net Unrealized Appreciation
                
$
8,515,274
  
                       

The Fund has a three-tier fair value hierarchy. The basis of the tiers is dependent upon the various “inputs” used to determine the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
  
   
Level 1 – quoted prices in active markets for identical assets
  
Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
  
Level 3 – significant unobservable inputs (including the 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.
  
The following is a summary of the inputs used to value the Fund’s investments as of March 31, 2014.
  
                       
           
 
  
 
      
Asset Description
      
Quoted Prices in Active Markets for Indentical Assets
(Level 1)
  
Significant Other Observable
Inputs
(Level 2)
  
Significant Unobservable Inputs
(Level 3)
  
Total
  
Equity Interests
    
$
31,623,097
$
-
$
-
$
31,623,097
  
Short-Term Investments
      
-
  
1,448,812
  
-
  
1,448,812
  
Total Investments
    
$
31,623,097
$
1,448,812
$
-
$
33,071,909
  
                       
The Level 1 inputs displayed in this table under Equity Interests are Common Stock and Preferred Stock. Refer to the Portfolio of Investments for a further breakout of each security by country.
  
There were no transfers between Level 1, Level 2 and Level 3 for the period ended March 31, 2014.
  
THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND’S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND’S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED BY THE FUND.
  
                       
 
 
 
 
 

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; Principal Executive Officer
    
       

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; Principal Executive Officer
    
       
Date:
May 12, 2014
    
       
By:
/s/ Michael J. McKeen
    
 
Michael J. McKeen
    
 
Treasurer; Principal Financial Officer
    
       
Date:
May 12, 2014