Phoenix Investment Management The Rhode Island Philharmonic Orchestra trusts its endowment to Phoenix Investment Management. The Orchestra provides  critically acclaimed and accessible  symphonic performances at Providence’s Veteran’s Memorial Auditorium and other venues throughout Rhode Island. Its  affiliated Music School offers superior music education for children, adults and families.  espite a challenging investment  climate, our Phoenix Investment Management division realized further growth. It was a year marked by strong performance results and the division’s best year for new business, as individual investors and organizations alike recognized the value of turning to seasoned money managers with proven track records. During a period of very high market volatility, Phoenix proved once again that financial counsel is not about promises,  but performance. Phoenix Investment Management’s equity composite, fixed income composite, and balanced fund composite outperformed the leading market indices  and the mutual fund universe in their respective categories in 2002, just as they  did in 2000 and 2001. Looking forward to 2003, Phoenix remains focused on preserving and increasing the real value of clients’ capital and  generating adequate cash flow for their  individual needs through intensive and  effective asset management. A new Phoenix Investment Management client, St. Elizabeth Community operates nursing homes in East Greenwich, Bristol and Providence, R.I. Phoenix manages  St. Elizabeth’s employee pension fund  and endowment. Here at the new East Greenwich facility, a client enjoys the company of a resident pet. St. Elizabeth’s is also renovating a building in Providence that will become  an affordable assisted-living facility. eight Phoenix Investment Management, acquired by Washington Trust in 2000, has been providing investment  management services to individuals and institutions since 1988. 