As filed with the Securities and Exchange Commission on March 7, 2011

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-3489

THE WRIGHT MANAGED EQUITY TRUST

440 Wheelers Farm 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 – December 31, 2010

ITEM 1. REPORT TO STOCKHOLDERS.

Table of Contents

Investment Objectives	inside front cover
Letter to Shareholders (Unaudited)	2
Management Discussion (Unaudited)	4
Performance Summaries (Unaudited)	9
Fund Expenses (Unaudited)	14
Management and Organization (Unaudited)	65
Board of Trustees Annual Approval of the Investment Advisory Agreement (Unaudited)	67
Important Notices Regarding Privacy, Delivery of Shareholder Documents, Portfolio Holdings and Proxy Voting (Unaudited)	68

FINANCIAL STATEMENTS

The Wright Managed Equity Trust
Wright Selected Blue Chip Equities Fund
Portfolio of Investments	16
Statement of Assets and Liabilities	18
Statement of Operations	18
Statement of Changes in Net Assets	19
Financial Highlights	20

Wright Major Blue Chip Equities Fund
Portfolio of Investments	21
Statement of Assets and Liabilities	23
Statement of Operations	23
Statement of Changes in Net Assets	24
Financial Highlights	25

Wright International Blue Chip Equities Fund
Portfolio of Investments	26
Statement of Assets and Liabilities	28
Statement of Operations	28
Statement of Changes in Net Assets	29
Financial Highlights	30
Notes to Financial Statements	31
Report of Independent Registered Public Accounting Firm	39
Federal Tax Information (Unaudited)	40

The Wright Managed Income Trust
Wright Total Return Bond Fund
Portfolio of Investments	41
Statement of Assets and Liabilities	46
Statement of Operations	46
Statement of Changes in Net Assets	47
Financial Highlights	48

Wright Current Income Fund
Portfolio of Investments	49
Statement of Assets and Liabilities	53
Statement of Operations	54
Statement of Changes in Net Assets	55
Financial Highlights

Notes to Financial Statements	56
Report of Independent Registered Public Accounting Firm	63
Federal Tax Information (Unaudited)	64

1

Letter to Shareholders (Unaudited)

 January 2011

Dear Shareholders:

For the third year in a row, the opening day of the New Year has seen stock prices moving sharply higher, with the S&P 500 advancing 1.1% on January 3, 2011. In both 2009 and 2010, first-day market gains proved to be good omens for equity investors anxious about year-ahead prospects after the pummeling they took in 2008, when the market’s big first-day decline (-1.4%) was anything but auspicious. While Monday’s better-than-1% rise in the S&P 500 was the market’s 14th best start in eight decades, it is admittedly not much of a “forecast” to hang one’s hat on going into the New Year. Over the entire 1929-2010 period, the correlation between first-day trading and the rest of the year is slight (R2 = 5%). Also, 2010’s strong stock market opening didn’t preclude a 16% decline in the S&P 500 from April to July. Happily, global stock markets ended 2010 with a flourish, with December returns for the MSCI World ex U.S. index averaging over 7% in U.S. dollar terms, making last month the best December since 1999. For all of 2010, the S&P 500 returned a bit more than 15%, 10.8% of that coming in the fourth quarter. The U.S. bond market suffered a 1.3% loss in Q4, but returned 6.5% for the entire year, as credit spreads narrowed.

Fortunately, there is a more substantial, more fundamental basis for expecting 2011 to be a satisfying year for stock investors than its good opening day showing, namely, the quickening of economic activity that took place in the U.S. and parts of Europe as 2010 was winding down. In the U.S., the first big economic reports of the New Year, the ISM surveys of purchasing managers, showed new order rates in both manufacturing and nonmanufacturing climbing as 2010 was ending, with service industries’ orders hitting the highest level since 2005. To be sure, there remain pockets of weakness geographically and by sector, and risks of a less benign outcome are not insignificant, but chances are good in our opinion that 2011 will see a respectable increase in world GDP. The slowdown in growth engines China and India is expected to be quite limited, in our view. The food inflation that has caused the People’s Bank of China to nudge up interest rates recently is likely to be a temporary and ultimately secondary obstacle to the country’s prime objective of continuing job creation and growth. In the developed world, economic policy by and large remains pro-growth, led by the U.S. combination of $600 billion in quantitative easing and tax cutting and job programs totalling $858 billion.

If the United States economy advances by the roughly 3% that Wright Investors’ Service is forecasting for 2011, we should see another healthy increase in corporate profits, continuing what has been the most impressive aspect of the economic expansion that began 18 months ago. By the Commerce Department’s reckoning, corporate profits from current production were practically back to their all-time high in the third quarter of 2010; in Wright’s estimation, S&P 500 profits from operations will attain record heights in the year ahead, providing fundamental support for higher stock prices.

At the stock market peak in 2007, the S&P 500 was priced at 22 times trailing five-year earnings; by comparison, 2011 is starting at a more moderate 17 times trailing five-year profits. What’s more, if current projections pan out, the S&P 500 is priced at 14 times forecast 2011 profits, in line with its post-1960 average. Of course, the fact that the S&P 500 has risen 86% since its March 2009 low, the biggest 22-month advance since the 1950s, is reason enough to approach 2011 with some measure of caution.  At the very least, we expect to see more evidence of a trade-up in quality by investors – favoring more seasoned and generally bigger-capitalization stocks over smaller-cap and emerging market issues. This would represent a pulling back from the so-called risk-on behavior that investors exhibited during 2009-10. Investors were somewhat more discriminating in 2010 than in the prior year, but really only during the downdrafts of the spring and summer months.

Some of the uncertainties that faced investors three months ago have begun to be clarified. As we suggested three months ago, the November elections did indeed “resolve some major uncertainties with respect to taxes and fiscal policy generally.” For example, the so-called Bush tax cuts were extended for 2011-12 and across the income spectrum, as expected. Europe’s financial crises, while still at risk of erupting from time to time and from place to place, do not appear to be as serious a threat to the survival of the euro as seemed the case this past summer. The euro was the weakest of the major currencies in 2010, the yen one of the

2

Letter to Shareholders (Unaudited)

strongest; since its June low, however, the euro has rebounded more than 10% against the U.S. dollar, an indication that market anxiety regarding the euro has receded from the panic seen last summer.

Additional quantitative easing, announced by the Federal Reserve the day after the elections but anticipated since the Fed’s Jackson Hole conclave in August, has elevated inflation expectations about 35 basis points. Somewhat perversely, anticipation of a new Treasury bond buying program from the Fed took interest rates to lows in early November, and since the actual announcement and start of QE2 long-term interest rates have risen some 75 basis points, as clear a case of “buy the rumor, sell the news” as ever there was. The renewed downtrend in home prices the past four months certainly isn’t helped by this latest escalation of mortgage rates, which along with the nation’s 9%-10% unemployment rate, are important reasons to expect accommodative policies to continue. Our call continues to be that the Federal Reserve will stay on the sidelines after QE2 ends at mid-year 2011, leaving the federal funds rate in the 0%-0.25% range throughout the year.

Realistically, growth is the only solution to the deficit mess that the federal government and the states find themselves in. Policy makers are likely to seek some combination of faster real growth and higher inflation, preferably more of the former than the latter, with the caveat that government spending will be a target of the new Congress. If we have to characterize it, a reduced role for the government is probably the better long-term path but it comes with some short-run braking effects. In the near term, there may be other obstacles to growth that give currency to the idea of a “new normal” growth rate for the U.S. economy somewhere below the nation’s potential – for instance, the unwinding of debt by consumers and the increasing savings rate. The tectonic attitude shift reflected in the 2010 elections suggests that fiscal policy will get less accommodative as we move further away from the financial crisis that followed the Lehman bankruptcy.

Investors continue to face risks in the sphere of debt and deficits, but after two major bear markets in 10 years, the markets may have sufficiently discounted these uncertainties, so that respectable returns – in the range of the market’s long-term norms – are quite feasible looking out over the next five years. Corporate profits and conditions in the credit markets, approaching record levels in the case of profits and moving back toward normal in credit, are the focus of our scrutiny as we enter the New Year armed with caution but also with more economic optimism than has been warranted since 2006. If you have any questions or suggestions on how we can better serve your investment and wealth management needs, please let us know.

 Sincerely,

  

Peter M. Donovan

   Chairman & CEO

3

Management Discussion (Unaudited)

WRIGHT EQUITY FUNDS

The S&P 500 returned more than 15% in 2010. U.S. stocks’ strong showing in the second half of the year more than made up for ground lost in the first half.  After rising without interruption for more than a year, stocks reversed course in the second quarter of 2010, giving back the first quarter’s gains on concerns about the euro region’s debt crisis and signs of a slowdown in the recovery’s momentum. But stocks turned positive in Q3 and the strength continued in the fourth quarter. Early in Q4, stocks got a boost from strong third-quarter profit reports; for all of 2010, S&P 500 operating profits probably rose more than 35%. Anticipation of the start of the second round of quantitative easing by the Fed also sent stocks higher. The rally stalled in November, with a resurgence of the debt crisis in Europe contributing to investor unease. Globally, stocks staged a bona fide year-end rally in December as conditions in Europe stabilized a bit, at least temporarily, and economic indicators pointed to better growth ahead, quite a change from earlier in the year when fears of a double dip took hold. In the U.S., economic activity quickened starting in the fall; Q4 GDP growth was probably in the 3% range after growth of 2.6% in Q3 and 1.7% in Q2. Consumer spending has picked up and manufacturing activity has firmed. So far, the recovery in jobs remains disappointing and the housing market has seen little improvement.

The S&P 500 returned 10.8% for the fourth quarter of 2010. By the end of the year, the S&P had reached its highest level in two years and was up 86% from its 2009 low – though it was still 20% shy of its all-time high reached in 2007. The Dow’s returns were a little behind the S&P 500 for the periods (8% for the quarter and 14% for the year) and Nasdaq’s were a little better (12% for the quarter and 18% for the year). For the year and the quarter, cyclical stocks generally did better than defensive in the S&P 500; high-quality stocks lagged lower quality in the first half of the year but started to make a comeback in the second half, even though in general investors seemed willing to take on more risk. This “risk-on” mood was evident in the strong showing of smaller stocks in Q4 – the S&P MidCap 400 returned 13.5% and the S&P SmallCap 600 returned more than 16%; both of these indexes returned more than 26% for the year. Investors were confident enough to push the S&P 500’s forward P/E up in the quarter and to take the VIX stock volatility index under 20, close to last April’s low.  Results from international stock markets were a mixed bag in the full year and fourth quarter of 2010, as the euro region’s debt crisis put a damper on European markets. The MSCI World ex U.S. index of developed markets returned 7.2% in Q4 and 9.0% for all of 2010 in dollar terms. Developed markets in the Pacific region had a strong showing with dollar returns of 10.6% in the quarter and 15.9% for the year, with assistance from a strong yen. Not surprisingly, the returns from Europe lagged the overall index – 4.5% from Europe overall and 1.5% from the Euro countries in Q4. For the year, the Euro region lost nearly 6% in dollar terms, with the weakness of the euro detracting from dollar returns.

The fourth-quarter rally in stocks notwithstanding, WIS believes that the prospects for equities relative to bonds over the coming year look brighter than they did three months ago. Due to the quickening of economic activity in recent months, U.S. GDP will be starting 2011 at a higher level and with more momentum than appeared likely just a few months ago. In addition, the tax cut package that the Administration and Congress worked out in December will add some stimulus in 2011. Our current expectation is for 3%-3.5% GDP growth in the coming year. Corporate profits have been a bright spot of this generally tepid economic recovery almost since its beginning. S&P 500 operating profits likely rose more than 35% in 2010 and another, albeit more modest, double-digit gain is likely in 2011. Cost reduction efforts enabled companies to improve margins with only modest sales growth, and there is room for further gains in profitability should sales strengthen in 2011 as we expect they will. Even with an improving fundamental environment, there could be bouts of stock market volatility over the coming year, periods like the spring and summer of 2010 when the economic indicators were not so promising. We also believe that the ebb and flow of debt concerns both here and abroad have the potential to affect the stock market in 2011. But over the course of the year, the good news should outweigh the bad, and with the stock market’s multiple still below the average of the past 25 years, there is room for equities to respond to good news.

4

Management Discussion (Unaudited)

SELECTED BLUE CHIP FUND 

The S&P MidCap 400 outperformed the S&P 500 in 2010 with a return of 26.6%. The Wright Selected Blue Chip Fund (WSBC) returned 23.9% for the year. WSBC outperformed the S&P MidCap 400 in the first and fourth quarters of 2010, but lagged in the middle six months of the year. In the fourth quarter, WSBC returned 13.7% compared to 13.5% for the mid-cap benchmark.

In 2010, stock selection was the biggest factor in WSBC’s relative performance compared to the S&P MidCap benchmark, while sector allocation played a smaller role overall. In the first and fourth quarters, when the Fund outperformed the benchmark, stocks selection was positive, while in the second and third quarters, stock selection detracted from performance. In the fourth quarter, the Fund benefitted from the relatively good performance of its holdings in financials, information technology, energy and telecom services; overall, selection was positive in six of 10 sectors. For the year, the biggest benefit came from information technology and materials, while selection in consumer discretionary stocks hurt performance. In the fourth quarter, strong positive contributions came from energy holdings Cimarex Energy and Oceaneering International, both up more than 30%, and tech stock Vishay Intertechnology, up 52%. The biggest detraction came from two health care companies, Medicis (-9.4%) and Teleflex (-10%) and retailer 99 Cents Only Store (-17%). For the year, strong relative contributions came from tech stocks F5 Networks (+146%) and Sybase (+50%) and energy company Cimarex Energy (+68%), while Manpower (-21%) and American Eagle Outfitters (-23%) lagged.

We expect that the second half of 2010’s shift toward quality stocks will continue in 2011. The WSBC Fund is positioned in the mid-cap universe to take advantage of a preference for quality. WSBC continues to be biased to the larger companies in the index and its holdings have better historic earnings growth than the index constituents. In the aggregate, WSBC companies had lower current and forward P/E multiples than those in the MidCap 400 with similar rates of expected earnings growth. WIS continues to advise diversity in investment portfolios as the best way to navigate difficult economic times.

MAJOR BLUE CHIP FUND  

The Wright Major Blue Chip Fund (WMBC) is managed as a blend of the large-cap growth and value stocks in the S&P 500 Composite, selected with a bias toward the higher-quality issues in the index. The WMBC Fund returned 11.2% in the fourth quarter of 2010, topping the S&P 500’s 10.8%. For the year, WMBC returned 13.2% compared to 15.1% for the S&P 500. WMBC matched its benchmark’s results in the first quarter, then lagged in Q2 and Q3 before gaining some ground in Q4.

In the first half of 2010, WMBC’s emphasis on quality worked against it as investors continued to prefer low-quality issues. In the second half of the year, investors returned to quality, but for the year as a whole its emphasis on quality hurt Fund performance. In addition, 2010 was a year when smaller stocks outperformed big stocks, so the WMBC’s larger median market cap compared to the benchmark also hurt performance for the year. As investors became more cautious in the second quarter, WMBC took a cash reserve, a plus for quarterly performance in that quarter. In the second half of the year, as stocks rallied, the cash reserve was invested in equities. In the fourth quarter, WMBC benefitted from being overweight in materials stocks, one of the strongest sectors in the S&P 500 in the quarter, and also from strong stock selection in that group. The Fund was also helped by being underweight in the defensive utility and consumer staples groups, as more cyclical groups were strong in Q4. Strong stock selection in financials was also positive in Q4. For the year, stock selection in the materials, information technology, and consumer discretionary and energy sectors was positive for the Fund, while stock selection in industrials was a drag on performance. Looking at individual issues, positive contributors to relative performance in Q4 were energy stock National Oilwell (+51%) and materials company Freeport-McMoRan (+42%). A 15% decline in retailer Best Buy, whose operating performance was disappointing, detracted from performance in Q4. For the year, National Oilwell (+54%) and Freeport-McMoRan (+53%) were among the positive contributors, along with Apple Computer (+53%), while Google (-26%), WellPoint (-18.0%) and Hewlett Packard (-18%) lagged.

5

Management Discussion (Unaudited)

Going into 2011, WIS expects that equities will continue to be supported by solid profit growth. We are expecting U.S.  economic growth to pick up in 2011, and to take advantage of this, WMBC is overweight in the materials, consumer discretionary and information technology sectors, as well as financials. In addition, corporations have accumulated significant cash on their balance sheets, setting the stage for possible stock buybacks and dividend increases. WMBC is well positioned to take advantage of an environment in which stock performance is driven by fundamentals, with its bias toward the higher quality and more substantial issues in the S&P 500 and an attractive valuation. At year-end 2010, WMBC holdings in the aggregate were priced at lower current and forward P/E multiples than the S&P 500 despite better historic earnings growth and similar forecast earnings growth.

INTERNATIONAL BLUE CHIP FUND 

The MSCI World ex U.S. index lagged the S&P 500 in 2010 with a 9.0% return compared to 15.1% for the S&P 500. The Wright International Blue Chip Fund (WIBC) lagged the MSCI World ex U.S. index in the first half of the year, made up some ground in Q3, but underperformed the benchmark in Q4, with a return of 6.2% compared to 7.2% for the MSCI World ex U.S. index. For all of 2010, WIBC returned 5.8% compared to the MSCI World ex U.S. benchmark’s 9.0% return.

As in the U.S., cyclical groups did better than defensive groups in international markets in 2010, and in both the full year and the fourth quarter, WIBC’s relative performance benefitted from its positioning to take advantage of this, particularly through its overweighting in the industrial and materials sectors, where it focused on companies that benefit from exports to emerging markets. Stock selection was strong in the materials sector. However, stock selection overall was negative for both periods, with the biggest drag on performance coming from the financial sector as its holdings in European banks suffered from worry about fallout from the Euro debt crisis. In line with these trends, among the positive contributors in Q4 were chemical company BASF (+27%) and miners Teck Resources (+52%) and BHP Billiton (+25%). Three banks were among the laggards: BNP Paribas (-10%), Banco Santander (-15%) and Barclays (-13%). For the year, miners Rio Tinto (+58%) and Teck Resources (+79%), industrial Itochu (+41%) and consumer discretionary company Jardine Cycle & Carriage (+53%) were leaders, while banks Banco Santander (-32%) and BNP Paribas (-18%) were again among the worst performers.

Moving into 2011, WIBC remains overweight in material, energy, industrials and consumer discretionary stocks, as we expect some pick-up in momentum in the global recovery this year.  The Fund’s positioning also reflects the view that emerging markets will continue to drive global growth. WIBC is well positioned to benefit from a trend back toward quality and also offers attractive value. In the aggregate, its holdings are priced at significant discounts to the MSCI World ex U.S. index in terms of current and forward price/earnings ratios and price/cash flow ratio. Increasing dividends should also contribute to WIBC returns going forward. We continue to see the inclusion of international stocks as likely to enhance risk-adjusted returns in diversified investment portfolios.

6

Management Discussion (Unaudited)

WRIGHT FIXED INCOME FUNDS

Treasury bond yields declined over the course of 2010. For the first three quarters of the year bond yields moved lower for a number of reasons: the U.S. recovery was proceeding at a below-normal pace; inflation was low; the Fed was moving toward more quantitative easing; and concern over the euro region’s finances made the safety of Treasury bonds appealing. The yield on the 10-year Treasury moved under 2.5% early in Q4, down 130 basis points from where it started the year. Yields rose in the fourth quarter, however, as economic indicators turned more positive and indications that Europe was dealing with its crisis boosted investor confidence and drew funds out of Treasury bonds and into stocks. The 10-year Treasury yield moved up to 3.3% by year end, down about 50 bps from where it started the year. Short-term rates were much less volatile in 2010 as the likelihood that the Fed would raise rates during the year waned. The yield curve flattened in Q2 and Q3 as long yields retreated, then steepened again in Q4, with the yield spread between two-year and 10-year T-bonds closing the year just about where it began. Spreads on corporate bonds tightened for much of the year, a sign of confidence that at times was at odds with the signal being given by rising Treasury prices.

For all of 2010, the Barclays  Capital  U.S. Aggregate Bond index (“Barclays Aggregate”) generated a respectable return of 6.5% despite a 1.3% loss in the fourth quarter of 2010. Treasury bonds were the worst place to be in the fourth quarter, with the sector losing 2.6%; for the year, Treasurys lagged the Aggregate with a 5.9% return. With spreads tightening, corporate bonds had a smaller loss than Treasurys, 1.6%, in Q4; they also topped Treasurys for the year with a 9.0% return. Agency securities topped Treasurys in Q4 but lagged for the year. Mortgage-backed and commercial mortgage securities both had positive returns in Q4; for all of 2010, commercial mortgages led the investment-grade sectors with a 20% return, while mortgages lagged with 5.4%. Investors’ increased appetite for risk made this a very good year for non-investment grade bonds, which returned 3% in the fourth quarter and 15% for the year.

It is unlikely that the Fed will change its near-zero interest rate policy in 2011. Although economic activity quickened late in 2010, the implementation of quantitative easing and recent comments suggest the Fed continues to be disappointed with the pace of recovery and is more worried about too little inflation rather than too much. In the year through November, the latest month available, the PCE deflator increased just 1.0% and the core PCE deflator (ex food and energy) was up less than 0.8%. We expect, however, that inflation will start to move up in 2011, though we don’t expect it to reach the 2% mark. Nevertheless, we expect that as economic growth picks up interest rates will edge higher over the course of 2011, especially in longer-dated issues. We don’t believe that the rise will be steep or continuous, especially since the potential for some soft periods in the stock market could send investors back to bonds at times. The speed and magnitude of the correction in bonds in the fourth quarter of 2010 was excessive and not a good model for what may happen in 2011, in our view. While Treasury bond prices are likely to decline in 2011, income and spread tightening on non-Treasury sectors could keep 2011’s return on the Barclays Aggregate modestly positive and just about on a pace with inflation. The always-present potential for surprises suggests that conservative long-term investors keep their portfolios diversified with a mix of asset classes.

7

Management Discussion (Unaudited)

TOTAL RETURN BOND FUND  

The Wright Total Return Bond Fund (WTRB), a diversified bond fund, returned 6.2% in 2010 compared to 6.5% for the Barclays Aggregate. The Fund outperformed the index in the first and third quarters of 2010, lagged in the second quarter and in the fourth quarter of 2010 had a slight shortfall with a loss of 1.4% compared to a loss of 1.3% for the index.  The WTRB had a yield of 2.6% for December 2010 calculated according to SEC guidelines. Dividends paid by this Fund may be more or less than implied by this yield.

Sector allocation played a major role in WTRB’s performance in 2010. Throughout the year, WTRB was significantly overweight in corporate bonds (43% of assets at year end compared to 24% for the benchmark) and also overweight in commercial mortgages (7% vs 3%). With spreads on these sectors tightening in three of four quarters in 2010 (Q2 was the exception), this allocation was a plus for performance for the year. Being underweight in mortgages for the first nine months of the year, when mortgage returns lagged, also helped. Early in the fourth quarter, WTRB returned to a neutral position in mortgages, which outperformed the benchmark in the final period of the year. Throughout the year, WTRB was underweight in Treasury and Agency issues, which underperformed the Barclays Aggregate in 2010.

WTRB’s duration position was shorter than the Barclays Aggregate throughout the first nine months of 2010. This had a negative effect on the Fund’s relative performance as interest rates declined during this period. In the fourth quarter, in the belief that the impact of QE2 might increase Treasury bond volatility, the duration was moved to just about neutral with the benchmark; WTRB was also positioned relatively neutral along the yield curve.  With this positioning, which was continued early in 2011, the rise in interest rates in Q4, which occurred primarily in December, had little effect on the Fund’s relative performance.

CURRENT INCOME FUND  

For all of 2010, the mortgage-backed sector of the bond market returned 5.4%, lagging both Treasury bonds, which returned 5.9%, and the Barclays Aggregate, which returned 6.5%. In the fourth quarter, the MBS sector returned 0.2% compared to losses of 1.3% for the Barclays Aggregate and 2.6% for Treasuries. The Wright Current Income Fund (WCIF) is managed to be primarily invested in GNMA issues (mortgage-based securities, known as Ginnie Maes, guaranteed by the full faith and credit of the U.S. government) and other mortgage-based securities backed by government agencies. The WCIF Fund is actively managed to maximize income and minimize principal fluctuation. WCIF returned 0.1% after expenses in the fourth quarter of 2010 compared to 0.3% for the Barclays Capital GNMA Backed Bond index (“Barclays GNMA”). For all of 2010, WCIF returned 5.7% compared to 6.7% for the benchmark. The WCIF had a yield of 3.4% for December 2010 calculated according to SEC guidelines. Dividends paid by this Fund may be more or less than implied by this yield.

In addition to its holdings in Ginnie Maes (about 60% of assets at year end), WCIF also held mortgage securities backed by Fannie Mae (FNMA) and Freddie Mac (FHLMC). These issues had returns that were slightly behind Ginnie Mae returns in each of the four quarters of 2010. During 2010, WCIFs mortgage holdings in the aggregate had a slightly shorter duration than the Barclays GNMA benchmark. This worked against the Fund when interest rates were falling in the first three quarters of 2010 but was helpful in Q4 when interest rates declined. The effect of the Fund’s duration differential compared to the benchmark was mitigated by holdings of higher-coupon, well-seasoned bonds. This contributed to the Fund having less negative convexity than the Barclays GNMA benchmark, which results in more stable performance when interest rates are volatile. In keeping with its goal of providing high income, at year end the WCIF Fund’s average coupon was 5.8% compared to 5.0% for the Barclays GNMA index.

8

Performance Summaries (Unaudited)

Important

The Total Investment Return is the percent return of an initial $10,000 investment made at the beginning of the period to the ending redeemable value assuming all dividends and distributions are reinvested. After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. Past performance is not predictive of future performance.

The Fund’s average annual return is compared with that of the S&P MidCap 400, an unmanaged index of stocks in a broad range of industries with market capitalizations of a few billion or less. The performance of the S&P MidCap 400, unlike that of the Fund, reflects no deductions for fees, expenses or taxes.As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.15%. However, Wright and WISDI have contractually agreed to waive a portion of its fees and/or reimburse certain expenses to limit total operating expense to 1.40%, which is in effect until April 30, 2011. During the period, certain fees were waived and/or expenses reimbursed; otherwise, returns would have been lower. Returns greater than one year are annualized.

*  The Fund’s average annual return is compared with that of the S&P MidCap 400, an unmanaged index of stocks in a broad range of industries with market capitalizations of a few billion or less. The performance of the S&P MidCap 400, unlike that of the Fund, reflects no deductions for fees, expenses or taxes.As stated in the current prospectus, the Fund’s annual operating expense ratio (gross) is 2.15%. However, Wright and WISDI have contractually agreed to waive a portion of its fees and/or reimburse certain expenses to limit total operating expense to 1.40%, which is in effect until April 30, 2011. During the period, certain fees were waived and/or expenses reimbursed; otherwise, returns would have been lower. Returns greater than one year are annualized.

Industry Weightings						Ten Largest Stock Holdings
% of net assets @ 12/31/10						% of net assets @ 12/31/10
Retailing	11.1	%	Consumer Services	1.8	%		Cimarex Energy Co.	3.2	%
Electronic Equipment & Instruments	8.7	%	Household & Personal Products	1.8	%		Fulton Financial Corp.	2.4	%
Health Care Equipment & Services Materials	8.3 7.2	% %	Semiconductors & Semiconductor Equipment	1.8	%		Jones Lang LaSalle, Inc. Lincare Holdings, Inc.	2.4 2.3	% %
Insurance	6.9	%	Capital Goods	1.5	%		F5 Networks, Inc.	2.2	%
Software & Services	6.8	%	Oil & Gas	1.2	%		Lubrizol Corp.	2.1	%
Energy	6.5	%	Telecommunication Services	1.1	%		Ross Stores, Inc.	2.0	%
Industrial	5.7	%	Commercial Services & Supplies	0.9	%		Avnet, Inc.	1.7	%
Real Estate	5.5	%	Machinery	0.9	%		Endo Pharmaceuticals Holdings, Inc.	1.7	%
Banks	4.9	%	Aerospace & Defense	0.8	%		HCC Insurance Holdings, Inc.	1.7	%
Utilities	4.7	%	Food, Beverage & Tobacco	0.8	%
Pharmaceuticals & Biotechnology	3.2	%	Consumer Products	0.7	%
Diversified Financials	2.0	%	Communications Equipment	0.5	%
Automobiles & Components	1.9	%	Media	0.4	%
Chemicals	1.8	%	Education	0.3	%

9

Performance Summaries (Unaudited)

Industry Weightings						Ten Largest Stock Holdings
% of net assets @ 12/31/10						% of net assets @ 12/31/10
Computers & Peripherals	12.4	%	Telecommunication Services	2.9	%		Apple, Inc.	5.0	%
Energy	11.0	%	Food & Staples Retailing	2.7	%		International Business Machines Corp.	4.1	%
Diversified Financials	9.1	%	Household Durables	2.0	%		Oracle Corp.	3.4	%
Software & Services	8.0	%	Utilities	1.6	%		JPMorgan Chase & Co.	3.1	%
Pharmaceuticals & Biotechnology	7.1	%	Food, Beverage & Tobacco	1.5	%		Chevron Corp.	3.0	%
Media	5.1	%	Consumer Durables & Apparel	1.3	%		Freeport-McMoRan Copper & Gold, Inc.	2.9	%
Insurance	4.9	%	Industrial	1.0	%		Hewlett-Packard Co.	2.7	%
Health Care Equipment & Services	4.7	%	Communications Equipment	0.8	%		Wells Fargo & Co.	2.4	%
Materials	4.7	%	Technology Hardware & Equipment	0.8	%		Microsoft Corp.	2.4	%
Retailing	4.5	%	Transportation	0.7	%		National Oilwell Varco, Inc.	2.3	%
Banks	4.3	%	Automobiles & Components	0.6	%
Capital Goods	3.4	%	Hotels, Restaurants & Leisure	0.5	%
Aerospace	3.3	%	Semiconductors & Semiconductor Equipment	0.5	%

10

Performance Summaries (Unaudited)

Country Weightings						Ten Largest Stock Holdings
% of net assets @ 12/31/10						% of net assets @ 12/31/10
United Kingdom	18.6	%	Hong Kong	2.6	%	BP PLC	3.6	%
Japan	16.4	%	Israel	2.3	%	BASF SE	2.3	%
France	8.7	%	Netherlands	2.1	%	Nestle SA	2.2	%
Canada	8.5	%	Sweden	1.6	%	ITOCHU Corp.	2.0	%
Switzerland	6.7	%	Denmark	1.4	%	Rio Tinto, Ltd.	2.0	%
Germany	6.6	%	Belgium	1.1	%	Toronto-Dominion Bank	2.0	%
Australia	6.2	%	Norway	0.9	%	AstraZeneca PLC	1.8	%
Spain	4.2	%	South Africa	0.6	%	Mitsubishi Corp.	1.8	%
China	4.0	%	Finland	0.6	%	Mitsui & Co., Ltd.	1.7	%
Italy	2.8	%	South Korea	0.5	%	Swatch Group AG	1.7	%
Singapore	2.7	%

11

Performance Summaries (Unaudited)

WRIGHT TOTAL RETURN BOND FUND

Growth of $10,000 Invested 1/1/01 Through 12/31/10

Holdings by Sector			Five Largest Bond Holdings
% of net assets @ 12/31/10			% of net assets @ 12/31/10
Asset-Backed Securities	2.8	%	U.S. Treasury Note	4.00%		08/15/18	5.9	%
Convertible Bonds	0.8	%	GNMA, Series 2010-44 NK	4.00%		10/20/37	3.3	%
Corporate Bonds	42.8	%	FNMA Pool #888366	7.00%		04/01/37	2.9	%
Mortgage-Backed Securities	37.0	%	U.S. Treasury Note	3.25%		06/30/16	2.7	%
U.S. Treasuries	15.8	%	FHLMC Series 2627, Class MW	5.00%		06/15/23	1.8	%
Holdings by Credit Quality			Weighted Average Maturity		6.1 years
% of portfolio @ 12/31/10			@12/31/10
A	20	%
Aa	4	%
Aaa	12	%
Baa	17	%
<Baa	2	%
Agency-Backed Securities	29	%
U.S. Treasuries	16	%

12

Performance Summaries (Unaudited)

Holdings by Sector			Five Largest Bond Holdings
% of net assets @ 12/31/10			% of net assets @ 12/31/10
				GNMA II Pool #004838	6.50%	10/20/40	3.9	%
Mortgage-Backed Securities	96.9	%		GNMA, Series 2010-23 DP	4.50%	10/20/37	3.8	%
				GNMA II Pool #719213	6.50%	02/20/33	3.3	%
				FNMA Pool #851655	6.00%	12/01/35	2.8	%
				FHLMC Series 3413, Class B	5.50%	04/15/37	2.5	%
Weighted Average Maturity
@ 12/31/10	4.3	Years

13

Fund Expenses (Unaudited)

Example:

As a shareholder of a fund, you incur two types of costs: (1) transaction costs, including redemption fees (if applicable); and (2) ongoing costs including management fees; distribution or service fees; and other fund expenses.  This example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.  The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (July 1, 2010 – December 31, 2010).

Actual Expenses:

The first line of the tables shown on the following page provides information about actual account values and actual expenses.  You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period.  Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The second line of the tables provides information about hypothetical account values and hypothetical expenses based on the actual Fund expense ratio and an assumed rate of return of 5% per year (before expenses), which is not the actual return of the Fund.  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period.  You may use this information to compare the ongoing costs of investing in your Fund and other funds.  To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees (if payable).  Therefore, the second line of the tables is useful in comparing ongoing costs only, and will help you determine the relative total costs of owning different funds.  In addition, if these transactional costs were included, your costs would have been higher.

14

Fund Expenses (Unaudited)

EQUITY FUNDS

Wright Selected Blue Chip Equities Fund

	Beginning Account Value (7/1/10)	Ending Account Value (12/31/10)	Expenses Paid During Period* (7/1/10-12/31/10)
Actual Fund Shares	$1,000.00	$1,260.64	$7.98
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,018.15	$7.12

*Expenses are equal to the Fund’s annualized expense ratio of 1.40% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2010.

Wright Major Blue Chip Equities Fund

	Beginning Account Value (7/1/10)	Ending Account Value (12/31/10)	Expenses Paid During Period* (7/1/10-12/31/10)
Actual Fund Shares	$1,000.00	$1,229.04	$7.98
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,018.05	$7.22

*Expenses are equal to the Fund’s annualized expense ratio of 1.42% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2010.

Wright International Blue Chip Equities Fund

	Beginning Account Value (7/1/10)	Ending Account Value (12/31/10)	Expenses Paid During Period* (7/1/10-12/31/10)
Actual Fund Shares	$1,000.00	$1,251.57	$10.56
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,015.83	$9.45

*Expenses are equal to the Fund’s annualized expense ratio of 1.86% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2010.

FIXED INCOME FUNDS

Wright Total Return Bond Fund

	Beginning Account Value (7/1/10)	Ending Account Value (12/31/10)	Expenses Paid During Period* (7/1/10-12/31/10)
Actual Fund Shares	$1,000.00	$1,012.82	$4.72
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,020.52	$4.74

*Expenses are equal to the Fund’s annualized expense ratio of 0.93% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2010.

Wright Current Income Fund

	Beginning Account Value (7/1/10)	Ending Account Value (12/31/10)	Expenses Paid During Period* (7/1/10-12/31/10)
Actual Fund Shares	$1,000.00	$1,010.40	$4.56
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,020.67	$4.58

*Expenses are equal to the Fund’s annualized expense ratio of 0.90% multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on June 30, 2010.

15

Wright Selected Blue Chip Equities Fund (WSBC)

Portfolio of Investments - As of December 31, 2010

Shares Value

EQUITY INTERESTS - 99.7%

AEROSPACE & DEFENSE - 0.8%
BE Aerospace, Inc.*	6,395	$	236,807

AUTOMOBILES & COMPONENTS - 1.9%
Advance Auto Parts, Inc.	5,935	$	392,600
Oshkosh Corp.*	4,495		158,404
		$	551,004

BANKS - 4.9%
Commerce Bancshares, Inc.	6,749	$	268,138
Fulton Financial Corp.	65,710		679,441
SVB Financial Group*	8,220		436,071
		$	1,383,650

CAPITAL GOODS - 1.5%
SPX Corp.	5,860	$	418,931

CHEMICALS - 1.8%
Albemarle Corp.	2,360	$	131,641
Ashland, Inc.	4,200		213,612
Cytec Industries, Inc.	2,965		157,323
		$	502,576

COMMERCIAL SERVICES & SUPPLIES - 0.9%
Global Payments, Inc.	5,780	$	267,094

COMMUNICATIONS EQUIPMENT - 0.5%
RF Micro Devices, Inc.*	19,955	$	146,669

CONSUMER PRODUCTS - 0.7%
Mohawk Industries, Inc.*	3,655	$	207,458

CONSUMER SERVICES - 1.8%
Panera Bread Co. - Class A*	2,370	$	239,868
WMS Industries, Inc.*	5,860		265,106
		$	504,974

DIVERSIFIED FINANCIALS - 2.0%
Affiliated Managers Group, Inc.*	3,370	$	334,372
Raymond James Financial, Inc.	5,402		176,645
SEI Investments Co.	2,660		63,281
		$	574,298

EDUCATION - 0.3%
ITT Educational Services, Inc.*	1,150	$	73,243

ELECTRONIC EQUIPMENT & INSTRUMENTS - 8.7%
Arrow Electronics, Inc.*	13,080	$	447,990
Avnet, Inc.*	14,995		495,285
Hubbell, Inc. - Class B	5,935		356,871
Pentair, Inc.	4,640		169,406
Rovi Corp.*	1,825		113,168
Synopsys, Inc.*	2,715		73,061
Tech Data Corp.*	3,195		140,644
Vishay Intertechnology, Inc.*	26,230		385,056
Woodward Governor Co.	7,385		277,381
		$	2,458,862
	Shares		Value

ENERGY - 6.5%
Cimarex Energy Co.	10,410	$	921,597
Energen Corp.	9,135		440,855
Oceaneering International, Inc.*	6,545		481,909
		$	1,844,361

FOOD, BEVERAGE & TOBACCO - 0.8%
Ralcorp Holdings, Inc.*	3,580	$	232,736

HEALTH CARE EQUIPMENT & SERVICES - 8.3%
Community Health Systems, Inc.*	3,730	$	139,390
Health Management Associates, Inc. - Class A*	22,740		216,940
Henry Schein, Inc.*	1,595		97,917
Kinetic Concepts, Inc.*	6,240		261,331
LifePoint Hospitals, Inc.*	8,145		299,329
Lincare Holdings, Inc.	23,905		641,371
Mednax, Inc.*	2,285		153,758
Owens & Minor, Inc.	4,750		139,793
Service Corp. International	14,985		123,626
STERIS Corp.	3,655		133,261
Universal Health Services, Inc. - Class B	3,270		141,983
		$	2,348,699

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
Church & Dwight Co., Inc.	3,425	$	236,394
Tupperware Brands Corp.	5,935		282,921
		$	519,315

INDUSTRIAL - 5.7%
Carlisle Cos., Inc.	11,165	$	443,697
Energizer Holdings, Inc.*	2,490		181,521
Joy Global, Inc.	5,410		469,318
Kansas City Southern*	6,670		319,226
Timken Co.	4,000		190,920
		$	1,604,682

INSURANCE - 6.9%
American Financial Group, Inc.	6,800	$	219,572
Everest Re Group, Ltd.	1,385		117,476
HCC Insurance Holdings, Inc.	16,670		482,430
Protective Life Corp.	5,860		156,110
Reinsurance Group of America, Inc.	3,430		184,225
StanCorp Financial Group, Inc.	8,450		381,433
WR Berkley Corp.	15,067		412,535
		$	1,953,781

MACHINERY - 0.9%
Regal-Beloit Corp.	3,805	$	254,022

MATERIALS - 7.2%
Crane Co.	3,955	$	162,432
Lubrizol Corp.	5,515		589,443
Packaging Corp. of America	3,270		84,497
Reliance Steel & Aluminum Co.	3,655		186,771
Steel Dynamics, Inc.	7,615		139,355
Temple-Inland, Inc.	8,535		181,283
Thomas & Betts Corp.*	9,585		462,955
Valspar Corp.	6,715		231,533
		$	2,038,269

See notes to financial statements16

Wright Selected Blue Chip Equities Fund (WSBC)

Portfolio of Investments - As of December 31, 2010

	Shares		Value
MEDIA - 0.4%
Harte-Hanks, Inc.	7,675	$	98,010

OIL & GAS - 1.2%
Newfield Exploration Co.*	3,095	$	223,180
Southern Union Co.	4,640		111,685
		$	334,865

PHARMACEUTICALS & BIOTECHNOLOGY - 3.2%
Endo Pharmaceuticals Holdings, Inc.*	13,625	$	486,549
Medicis Pharmaceutical Corp. - Class A	7,155		191,682
Perrigo Co.	3,770		238,754
		$	916,985

REAL ESTATE - 5.5%
Hospitality Properties Trust (REIT)	15,000	$	345,600
Jones Lang LaSalle, Inc.	8,090		678,913
Rayonier, Inc. (REIT)	5,860		307,767
UDR, Inc. (REIT)	9,106		214,173
		$	1,546,453

RETAILING - 11.1%
Aeropostale, Inc.*	13,675	$	336,952
American Eagle Outfitters, Inc.	14,000		204,820
Chico's FAS, Inc.	6,670		80,240
Dick's Sporting Goods, Inc.*	6,845		256,688
Dollar Tree, Inc.*	5,182		290,607
Dress Barn, Inc. (The)*	3,300		87,186
Foot Locker, Inc.	9,895		194,140
Guess?, Inc.	4,035		190,936
PetSmart, Inc.	3,270		130,211
Phillips-Van Heusen Corp.	4,335		273,148
Rent-A-Center, Inc.	7,695		248,395
Ross Stores, Inc.	8,810		557,232
Williams-Sonoma, Inc.	8,450		301,581
		$	3,152,136

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
Fairchild Semiconductor International, Inc.*	9,260	$	144,548
Lam Research Corp.*	7,115		368,415
		$	512,963

Shares Value

SOFTWARE & SERVICES - 6.8%
Acxiom Corp.*	16,675	$	285,976
F5 Networks, Inc.*	4,745		617,609
Factset Research Systems, Inc.	1,000		93,760
Ingram Micro, Inc.* - Class A	12,405		236,812
Parametric Technology Corp.*	15,150		341,330
ValueClick, Inc.*	22,145		354,984
		$	1,930,471

TELECOMMUNICATION SERVICES - 1.1%
Syniverse Holdings, Inc.*	10,350	$	319,297

UTILITIES - 4.7%
DPL, Inc.	17,735	$	455,967
MDU Resources Group, Inc.	11,208		227,186
Oneok, Inc.	7,110		394,392
UGI Corp.	8,395		265,114
		$	1,342,659

TOTAL EQUITY INTERESTS - 99.7% (identified cost, $23,233,088) $ 28,275,270

SHORT-TERM INVESTMENTS - 22.0%
Fidelity Government Money Market Fund, 0.01% (1)	6,257,103	$	6,257,103

TOTAL SHORT-TERM INVESTMENTS - 22.0% (identified cost, $6,257,103) $ 6,257,103

TOTAL INVESTMENTS — 121.7% (identified cost, $29,490,191) $ 34,532,373

LIABILITIES, IN EXCESS OF OTHER ASSETS — (21.7)% (6,161,918 )

NET ASSETS — 100.0% $ 28,370,455

REIT — Real Estate Investment Trust

* Non-income producing security.

(1) Variable rate security. Rate presented is as of December 31, 2010.

See notes to financial statements17

Wright Selected Blue Chip Equities Fund (WSBC)

STATEMENT OF ASSETS AND LIABILITIES
As of December 31, 2010
ASSETS:
	Investments, at value
	(identified cost $29,490,191) (Note 1A)	$	34,532,373
	Receivable for fund shares sold		645,386
	Dividends receivable		15,877
	Prepaid expenses and other assets		14,190
	Total assets	$	35,207,826
LIABILITIES:
	Payable for fund shares reacquired	$	1,360
	Investment securities purchased		6,820,252
	Accrued expenses and other liabilities		15,759
	Total liabilities	$	6,837,371
NET ASSETS		$	28,370,455
NET ASSETS CONSIST OF:
	Paid-in capital	$	24,323,381
	Accumulated net realized loss on investments		(995,108	)
	Unrealized appreciation on investments		5,042,182
	Net assets applicable to outstanding shares	$	28,370,455
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			2,727,894
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	10.40

STATEMENT OF OPERATIONS
For the Year Ended December 31, 2010
INVESTMENT INCOME (Note 1C)
	Dividend income	$	218,271
	Total investment income	$	218,271
Expenses –
	Investment adviser fee (Note 3)	$	112,869
	Administrator fee (Note 3)		22,574
	Trustee expense (Note 3)		15,450
	Custodian fee		1,888
	Accountant fees		37,515
	Distribution expenses (Note 4)		47,029
	Transfer agent fees		37,679
	Printing		114
	Shareholder communications		4,896
	Audit services		33,159
	Legal services		8,945
	Registration costs		9,521
	Interest expense (Note 8)		54
	Miscellaneous		5,066
	Total expenses	$	336,759
Deduct –
	Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(73,344	)
	Net expenses	$	263,415
	Net investment loss	$	(45,144	)
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
	Net realized gain on investment transactions	$	1,233,621
	Net change in unrealized appreciation on investments		2,909,492
	Net realized and unrealized gain on investments	$	4,143,113
	Net increase in net assets from operations	$	4,097,969

See notes to financial statements18

Wright Selected Blue Chip Equities Fund (WSBC)

		Year Ended
STATEMENTS OF CHANGES IN NET ASSETS			December 31, 2010			December 31, 2009
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income (loss)		$	(45,144	)	$	21,795
	Net realized gain (loss) on investment transactions			1,233,621			(818,298	)
	Net change in unrealized appreciation on investments			2,909,492			5,533,574
	Net  increase in net assets from operations		$	4,097,969		$	4,737,071
Distributions to shareholders (Note 2)
	From net investment income		$	(17,380	)	$	-
	Total distributions		$	(17,380	)	$	-
Net increase (decrease) in net assets resulting from fund share transactions (Note 6)			$	7,526,879		$	(1,337,892	)
Net increase in net assets			$	11,607,468		$	3,399,179
NET ASSETS:
	At begining of year			16,762,987			13,363,808
	At end of year		$	28,370,455		$	16,762,987
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF YEAR			$	-		$	17,152

See notes to financial statements19

Wright Selected Blue Chip Equities Fund (WSBC)

		Year Ended December 31,
FINANCIAL HIGHLIGHTS			2010						2009						2008						2007						2006
Net asset value, beginning of year			$		8.400		(1)		$		6.060				$		11.100				$		12.270				$		13.030
Income (loss) from investment operations:
Net investment income (loss) (2)					(0.022		)				0.011						(0.013		)				(0.013		)				(0.034		)
Net realized and unrealized gain (loss)					2.030						2.329		(1)				(4.121		)				1.340						0.529
Total income (loss) from investment operations					2.008						2.340		(1)				(4.134		)				1.327						0.495
Less distributions:
From net investment income					(0.008		)				—						—						(0.016		)				—
From net realized gains					—						—						(0.906		)				(2.481		)				(1.255		)
	Total distributions				(0.008		)				—						(0.906		)				(2.497		)				(1.255		)
Net asset value, end of year			$		10.400				$		8.400		(1)		$		6.060				$		11.100				$		12.270
Total Return(3)					23.93		%				38.61		%				(39.81		)%				11.59		%				3.77		%
Ratios/Supplemental Data(4):
Net assets, end of year (000 omitted)			$28,370						$16,763						$13,364						$23,923						$38,352
Ratios (As a percentage of average daily net assets):
Net expenses				1.40		%				1.36		%				1.26		%				1.26		%				1.26		%
Net expenses after custodian fee reduction				N/A						1.36		%				1.25		%				1.25		%				1.25		%
Net investment income (loss)				(0.24		)%				0.15		%				(0.15		)%				(0.10		)%				(0.27		)%
Portfolio turnover rate				60		%				41		%				72		%				67		%				66		%
(1)	Previously reported amount has been changed by 0.002 to reflect rounding consistencies.
(2)	Computed using average shares outstanding.
(3)	Total return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each year reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(4)	For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, the operating expenses of the Fund were reduced by a waiver of fees and/or allocation of expenses to the principal underwriter and/or investment adviser. Had such action not been undertaken, expenses and net investment loss ratios would have been as follows:
		2010						2009						2008						2007						2006
Ratios (As a percentage of average daily net assets):
Gross expenses				1.79		%				2.15		%				1.90		%				1.66		%				1.46		%
Gross expenses after custodian fee reduction				N/A						2.15		%				1.89		%				1.66		%				1.44		%
Net investment loss				(0.63		)%				(0.64		)%				(0.79		)%				(0.51		)%				(0.46		)%

See notes to financial statements                                                                                                                                                          20

Wright Major Blue Chip Equities Fund (WMBC)

Portfolio of Investments - As of December 31, 2010

Shares Value

EQUITY INTERESTS - 99.4%

AEROSPACE – 3.3%
General Dynamics Corp.	3,490	$	247,650
Honeywell International, Inc.	4,055		215,564
Raytheon Co.	2,500		115,850
United Technologies Corp.	1,690		133,037
		$	712,101

AUTOMOBILES & COMPONENTS – 0.6%
Ford Motor Co.*	3,650	$	61,284
Johnson Controls, Inc.	1,985		75,827
		$	137,111

BANKS – 4.3%
Bank of America Corp.	16,085	$	214,574
US Bancorp	7,295		196,746
Wells Fargo & Co.	16,825		521,407
		$	932,727

CAPITAL GOODS – 3.4%
3M Co.	2,855	$	246,386
General Electric Co.	26,265		480,387
		$	726,773

COMMUNICATIONS EQUIPMENT – 0.8%
Harris Corp.	1,115	$	50,510
L-3 Communications Holdings, Inc.	1,590		112,079
		$	162,589

COMPUTERS & PERIPHERALS – 12.4%
Apple, Inc.*	3,335	$	1,075,738
Hewlett-Packard Co.	14,075		592,557
International Business Machines Corp.	6,025		884,229
Western Digital Corp.*	4,195		142,211
		$	2,694,735

CONSUMER DURABLES & APPAREL – 1.3%
Coach, Inc.	5,245	$	290,101

DIVERSIFIED FINANCIALS – 9.1%
American Express Co.	5,520	$	236,918
Citigroup, Inc.*	58,715		277,722
Fiserv, Inc.*	1,465		85,790
Franklin Resources, Inc.	860		95,641
Goldman Sachs Group, Inc. (The)	2,315		389,291
JPMorgan Chase & Co.	15,800		670,236
NASDAQ OMX Group, Inc. (The)*	4,455		105,628
PNC Financial Services Group, Inc.	1,960		119,011
		$	1,980,237

ENERGY – 11.0%
Apache Corp.	1,380	$	164,537
Chevron Corp.	7,205		657,456
ConocoPhillips	4,870		331,647
Diamond Offshore Drilling, Inc.	4,695		313,955
Ensco PLC, ADR	4,080		217,791
National Oilwell Varco, Inc.	7,525		506,056
Peabody Energy Corp.	2,955		189,061
		$	2,380,503

Shares Value

FOOD & STAPLES RETAILING – 2.7%
CVS Caremark Corp.	6,985	$	242,868
Walgreen Co.	3,920		152,723
Wal-Mart Stores, Inc.	1,905		102,737
Whole Foods Market, Inc.*	1,530		77,403
		$	575,731

FOOD, BEVERAGE & TOBACCO – 1.5%
PepsiCo, Inc.	3,405	$	222,449
Reynolds American, Inc.	3,090		100,796
		$	323,245

HEALTH CARE EQUIPMENT & SERVICES – 4.7%
Aetna, Inc.	4,545	$	138,668
CIGNA Corp.	1,860		68,188
Coventry Health Care, Inc.*	3,730		98,472
Express Scripts, Inc.*	4,920		265,926
Humana, Inc.*	1,065		58,298
Medtronic, Inc.	5,725		212,340
UnitedHealth Group, Inc.	5,085		183,619
		$	1,025,511

HOTELS, RESTAURANTS & LEISURE – 0.5%
Wyndham Worldwide Corp.	3,845	$	115,196

HOUSEHOLD DURABLES – 2.0%
Procter & Gamble Co. (The)	6,755	$	434,549

INDUSTRIAL – 1.0%
Cummins, Inc.	1,020	$	112,210
Dover Corp.	1,625		94,982
		$	207,192

INSURANCE – 4.9%
Aflac, Inc.	4,985	$	281,303
Chubb Corp.	7,090		422,848
MetLife, Inc.	2,155		95,768
Prudential Financial, Inc.	1,775		104,210
Unum Group	6,940		168,087
		$	1,072,216

MATERIALS – 4.7%
Cliffs Natural Resources, Inc.	1,340	$	104,533
E.I. du Pont de Nemours & Co.	4,520		225,458
Freeport-McMoRan Copper & Gold, Inc.	5,175		621,466
PPG Industries, Inc.	775		65,154
		$	1,016,611

MEDIA – 5.1%
Comcast Corp. – Class A	15,325	$	336,690
DIRECTV – Class A*	8,240		329,023
News Corp. – Class A	14,100		205,296
Viacom, Inc. – Class B	5,945		235,482
		$	1,106,491

PHARMACEUTICALS & BIOTECHNOLOGY – 7.1%
AmerisourceBergen Corp.	2,310	$	78,817
Amgen, Inc.*	5,355		293,989
Eli Lilly & Co.	4,190		146,818

See notes to financial statements21

Wright Major Blue Chip Equities Fund (WMBC)

Portfolio of Investments - As of December 31, 2010

Shares Value

PHARMACEUTICALS & BIOTECHNOLOGY – continued
Forest Laboratories, Inc.*	4015	$	128,400
Johnson & Johnson	6,580		406,973
Pfizer, Inc.	27,630		483,801
		$	1,538,798

RETAILING – 4.5%
Best Buy Co., Inc.	2,610	$	89,497
Big Lots, Inc.*	2,725		83,004
Priceline.com, Inc.*	235		93,894
Ross Stores, Inc.	1,890		119,542
Starbucks Corp.	12,745		409,497
Target Corp.	1,380		82,979
TJX Cos., Inc.	2,105		93,441
		$	971,854

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT – 0.5%
Intel Corp.	5,080	$	106,832

SOFTWARE & SERVICES – 8.0%
Altera Corp.	3,880	$	138,050
BMC Software, Inc.*	3,600		169,704
CA, Inc.	6,515		159,227
Microsoft Corp.	18,255		509,680
Oracle Corp.	23,845		746,348
		$	1,723,009

TECHNOLOGY HARDWARE & EQUIPMENT – 0.8%
QUALCOMM, Inc.	3,570	$	176,679

Shares Value

TELECOMMUNICATION SERVICES – 2.9%
AT&T, Inc.	10,335	$	303,642
Verizon Communications, Inc.	8,825		315,759
		$	619,401

TRANSPORTATION – 0.7%
CSX Corp.	2,495	$	161,202

UTILITIES – 1.6%
Constellation Energy Group, Inc.	4,230	$	129,565
Oneok, Inc.	3,965		219,938
		$	349,503

TOTAL EQUITY INTERESTS – 99.4% (identified cost, $19,807,704) $ 21,540,897

TOTAL INVESTMENTS — 99.4% (identified cost, $19,807,704) $ 21,540,897

OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.6% 135,114

NET ASSETS — 100.0% $ 21,676,011

ADR — American Depository Receipt

PLC — Public Limited Company

* Non-income producing security.

See notes to financial statements22

Wright Major Blue Chip Equities Fund (WMBC)

STATEMENT OF ASSETS AND LIABILITIES
As of December 31, 2010
ASSETS:
	Investments, at value
	(identified cost $19,807,704) (Note 1A)	$	21,540,897
	Receivable for fund shares sold		31,422
	Investment securities sold		290,903
	Dividends receivable		13,382
	Prepaid expenses and other assets		14,898
	Total assets	$	21,891,502
LIABILITIES:
	Outstanding line of credit (Note 8)	$	181,130
	Payable for fund shares reacquired		19,876
	Accrued expenses and other liabilities		14,485
	Total liabilities	$	215,491
NET ASSETS		$	21,676,011
NET ASSETS CONSIST OF:
	Paid-in capital	$	27,997,360
	Accumulated net realized loss on investments		(8,054,542	)
	Unrealized appreciation on investments		1,733,193
	Net assets applicable to outstanding shares	$	21,676,011
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			1,769,678
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	12.25

STATEMENT OF OPERATIONS
For the Year Ended December 31, 2010
INVESTMENT INCOME (Note 1C)
	Dividend income	$	426,232
	Total investment income	$	426,232
Expenses –
	Investment adviser fee (Note 3)	$	141,521
	Administrator fee (Note 3)		28,304
	Trustee expense (Note 3)		15,453
	Custodian fee		4,960
	Accountant fees		37,899
	Distribution expenses (Note 4)		58,967
	Transfer agent fees		34,238
	Printing		143
	Shareholder communications		5,930
	Audit services		34,534
	Legal services		10,106
	Registration costs		10,592
	Interest expense (Note 8)		3,237
	Miscellaneous		9,294
	Total expenses	$	395,178
Deduct –
	Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(61,727	)
	Net expenses	$	333,451
	Net investment income	$	92,781
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
	Net realized gain on investment transactions	$	1,024,058
	Net change in unrealized appreciation on investments		1,503,779
	Net realized and unrealized gain on investments	$	2,527,837
	Net increase in net assets from operations	$	2,620,618

See notes to financial statements                                                                                                                                                          23

Wright Major Blue Chip Equities Fund (WMBC)

		Year Ended
STATEMENTS OF CHANGES IN NET ASSETS			December 31, 2010			December 31, 2009
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income		$	92,781		$	349,233
	Net realized gain (loss) on investment transactions			1,024,058			(3,186,606	)
	Net change in unrealized appreciation on investments			1,503,779			8,788,094
	Net  increase in net assets from operations		$	2,620,618		$	5,950,721
Distributions to shareholders (Note 2)
	From net investment income		$	(94,651	)	$	(338,949	)
	Total distributions		$	(94,651	)	$	(338,949	)
Net decrease in net assets resulting from fund share transactions (Note 6)			$	(8,187,311	)	$	(10,758,001	)
Net decrease in net assets			$	(5,661,344	)	$	(5,146,229	)
NET ASSETS:
	At beginning of year			27,337,355			32,483,584
	At end of year		$	21,676,011		$	27,337,355
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF YEAR			$	-		$	2,051

See notes to financial statements                                                                                                                                                          24 

Wright Major Blue Chip Equities Fund (WMBC)

		Year Ended December 31,
FINANCIAL HIGHLIGHTS			2010			2009			2008			2007			2006
Net asset value, beginning of year			$	10.870	(1)	$	9.340		$	14.520		$	13.790		$	12.420
Income (loss) from investment operations:
Net investment income (2)				0.044			0.099			0.104			0.091			0.062
Net realized and unrealized gain (loss)				1.389			1.564	(1)		(5.169	)		0.728			1.374
Total income (loss) from investment operations				1.433			1.663	(1)		(5.065	)		0.819			1.436
Less distributions:
From net investment income				(0.053	)		(0.133	)		(0.115	)		(0.089	)		(0.066	)
Net asset value, end of year			$	12.250		$	10.870	(1)	$	9.340		$	14.520		$	13.790
Total Return(3)				13.19	%		17.83	%		(34.85	)%		5.96	%		11.57	%
Ratios/Supplemental Data(4):
Net assets, end of year (000 omitted)			$21,676			$27,337			$32,484			$57,750			$63,276
Ratios (As a percentage of average daily net assets):
Net expenses				1.41	%		1.36	%		1.26	%		1.26	%		1.26	%
Net expenses after custodian fee reduction				N/A			1.36	%		1.25	%		1.25	%		1.25	%
Net investment income				0.39	%		1.06	%		0.86	%		0.63	%		0.48	%
Portfolio turnover rate				68	%		69	%		58	%		55	%		97	%
(1)	Previously reported amount has been changed by 0.002 to reflect rounding consistencies.
(2)	Computed using average shares outstanding.
(3)	Total return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of   each year reported.  Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(4)	For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, the operating expenses of the Fund were reduced by a waiver of   fees and/or allocation of expenses to the principal underwriter and/or investment adviser.  Had such action not been undertaken, expenses   and net investment income ratios would have been as follows:
			2010			2009			2008			2007			2006
Ratios (As a percentage of average daily net assets):
Gross expenses				1.68	%		1.55	%		1.37	%		1.28	%		1.28	%
Gross expenses after custodian fee reduction				N/A			1.55	%		1.36	%		1.27	%		1.27	%
Net investment income				0.13	%		0.86	%		0.75	%		0.61	%		0.46	%

See notes to financial statements                                                                                                                                                          25 

Wright International Blue Chip Equities Fund (WIBC)

Portfolio of Investments - As of December 31, 2010

Shares Value

EQUITY INTERESTS - 99.1%

AUSTRALIA - 6.2%
Australia & New Zealand Banking Group, Ltd.	15,831	$	378,914
BHP Billiton, Ltd.	18,204		844,365
Commonwealth Bank of Australia	12,847		668,581
QBE Insurance Group, Ltd.	11,770		218,977
Rio Tinto, Ltd.	11,142		976,162
		$	3,086,999

BELGIUM - 1.1%
Delhaize Group SA	7,712	$	571,826

CANADA - 8.5%
Agrium, Inc.	2,763	$	254,430
Bank of Nova Scotia	8,134		467,419
Canadian National Railway Co.	3,913		261,287
CGI Group, Inc. - Class A*	39,756		688,173
Power Financial Corp. (1)	10,272		317,676
Sino-Forest Corp.*	23,900		560,188
Teck Resources, Ltd. - Class B	7,944		493,997
Toronto-Dominion Bank (The)	13,147		982,403
Westshore Terminals Investment Corp.	10,328		238,854
		$	4,264,427

CHINA - 4.0%
Baidu, Inc., ADR*	4,259	$	411,121
China Petroleum & Chemical Corp., ADR (1)	2,497		238,938
China Railway Construction Corp., Ltd. - Class H*	167,500		201,682
CNinsure, Inc., ADR (1)	11,420		196,995
CNOOC, Ltd., ADR	1,197		285,329
ENN Energy Holdings, Ltd.	50,000		149,865
Foxconn International Holdings, Ltd.*	205,000		143,195
Guangshen Railway Co., Ltd. - Class H	618,000		243,268
Shandong Chenming Paper Holdings, Ltd. - Class H	143,000		113,316
		$	1,983,709

DENMARK - 1.4%
Carlsberg A/S - Class B	6,907	$	700,044

FINLAND - 0.6%
Nokian Renkaat OYJ	7,686	$	283,041

FRANCE - 8.7%
AXA SA	9,708	$	162,146
BNP Paribas	12,301		785,680
Bouygues SA	8,554		370,146
Cie Generale des Etablissements Michelin - Class B	8,213		591,675
France Telecom SA	15,627		326,940
PPR	916		146,235
Schneider Electric SA	2,278		342,278
Technip SA	3,199		296,551
Total SA	11,388		605,756
Vallourec SA	5,176		545,788
	Shares		Value
Vinci SA	2,896	$	158,047
		$	4,331,242

GERMANY - 6.6%
Adidas AG	3,638	$	242,295
Allianz SE	1,782		214,131
BASF SE	14,153		1,147,612
Bayer AG	5,220		390,049
Deutsche Bank AG	8,937		472,162
Henkel AG & Co KGaA (Preferred Stock), 0.53%	2,966		187,479
Muenchener Rueckversicherungs AG - Class R	2,526		387,018
Siemens AG	2,095		263,744
		$	3,304,490

HONG KONG - 2.6%
Cheung Kong Holdings, Ltd.	19,000	$	293,054
Guangdong Investment, Ltd.	458,000		235,668
Techtronic Industries Co.	167,000		217,836
Texwinca Holdings, Ltd.	220,000		278,762
Xinyi Glass Holdings Co., Ltd.	314,000		258,514
		$	1,283,834

ISRAEL - 2.3%
Bezeq Israeli Telecommunication Corp., Ltd.	99,234	$	305,150
Check Point Software Technologies, Ltd.*	3,941		182,310
Partner Communications Co., Ltd., ADR	12,297		249,875
Teva Pharmaceutical Industries, Ltd., ADR	8,415		438,674
		$	1,176,009

ITALY - 2.8%
Enel SpA	132,142	$	670,774
ENI SpA (Azioni Ordinarie)	33,796		749,509
		$	1,420,283

JAPAN - 16.4%
Aisin Seiki Co., Ltd.	4,500	$	159,994
Astellas Pharma, Inc.	12,918		494,780
Daito Trust Construction Co., Ltd.	5,400		371,556
Honda Motor Co., Ltd.	4,000		159,147
ITOCHU Corp.	97,100		987,751
K's Holdings Corp.	6,300		172,224
Makita Corp.	12,200		501,250
Marubeni Corp.	78,000		551,172
Mitsubishi Corp.	32,500		884,031
Mitsui & Co., Ltd.	51,900		861,296
Mitsui OSK Lines, Ltd.	62,000		425,067
Nidec Corp.	1,200		121,922
Nippon Electric Glass Co., Ltd.	24,000		348,093
Nippon Telegraph & Telephone Corp.	6,900		313,807
Nitto Denko Corp.	3,900		184,609
Shimamura Co., Ltd.	2,900		270,240
Sumitomo Corp.	48,700		692,477
Sumitomo Electric Industries, Ltd.	12,000		167,512
Toyota Boshoku Corp.	9,000		159,604
USS Co., Ltd.	2,000		164,344
Yamada Denki Co., Ltd.	3,110		213,219
		$	8,204,095

See notes to financial statements                                                                                                                                                         26 

Wright International Blue Chip Equities Fund (WIBC)

Portfolio of Investments - As of December 31, 2010

Shares Value

NETHERLANDS - 2.1%
Fugro NV	3,970	$	327,546
Koninklijke Vopak NV	5,065		240,202
Royal Dutch Shell PLC - Class B	13,880		459,616
		$	1,027,364

NORWAY - 0.9%
Telenor ASA	26,899	$	442,794

SINGAPORE - 2.7%
Jardine Cycle & Carriage, Ltd.	27,000	$	771,399
Oversea-Chinese Banking Corp., Ltd.	78,000		601,569
		$	1,372,968

SOUTH AFRICA - 0.6%
Sasol, Ltd., ADR (1)	5,392	$	280,654

SOUTH KOREA - 0.5%
POSCO, ADR	2,232	$	240,364

SPAIN - 4.2%
Banco Bilbao Vizcaya Argentaria SA	25,022	$	256,569
Banco Santander SA	44,426		477,704
Banco Santander SA, ADR	16,700		177,855
Construcciones y Auxiliar de Ferrocarriles SA	514		271,885
Mapfre SA	62,408		175,895
Telefonica SA	32,728		753,063
		$	2,112,971

SWEDEN - 1.6%
Svenska Handelsbanken AB - Class A	18,818	$	605,980
TeliaSonera AB	25,976		207,467
		$	813,447

SWITZERLAND - 6.7%
Nestle SA	18,502	$	1,093,732
Novartis AG	8,775		520,623
Roche Holding AG	2,012		297,616
Swatch Group AG (The)	1,893		851,895
Swiss Reinsurance Co., Ltd.	5,240		284,582
Zurich Financial Services AG (Inhaberktie)	1,133		296,287
		$	3,344,735

UNITED KINGDOM - 18.6%
Anglo American PLC	5,861	$	306,075
AstraZeneca PLC	19,616		897,399
Aviva PLC	83,504		513,801
Barclays PLC (Ordinary)	102,838		421,279
BHP Billiton PLC	20,260		809,179
BP PLC	244,792		1,784,261
British American Tobacco PLC	5,103		196,822
Carnival PLC	5,824		271,909
Centrica PLC	75,490		391,921
Ensco PLC, ADR	4,758		253,982
Eurasian Natural Resources Corp. PLC	32,620		535,230
	Shares		Value
Investec PLC	56,369	$	465,100
Lloyds Banking Group PLC*	331,699		341,196
Man Group PLC	60,195		278,963
Sage Group PLC (The)	48,291		206,709
Standard Chartered PLC	6,506		175,762
Vedanta Resources PLC	4,868		191,835
Vodafone Group PLC	232,912		604,604
WPP PLC	23,476		290,183
Xstrata PLC	15,100		355,920
		$	9,292,130

TOTAL EQUITY INTERESTS - 99.1% (identified cost, $40,734,877) $ 49,537,426

SHORT-TERM INVESTMENTS - 0.6%
Fidelity Government Money Market Fund, 0.01% (2)	313,017	$	313,017

TOTAL SHORT-TERM INVESTMENTS - 0.6% (identified cost, $313,017) $ 313,017

TOTAL INVESTMENTS — 99.7% (identified cost, $41,047,894) $ 49,850,443

OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.3% 143,482

NET ASSETS — 100.0% $ 49,993,925

ADR — American Depository Receipt

PLC — Public Limited Company

* Non-income producing security.

(1) The security or a portion of the security is out on loan at December 31, 2010. Total loaned securities had a market value of $648,442 at December 31, 2010.

(2) Variable rate security. Rate presented is as of December 31, 2010.

Portfolio Composition by Sector
% of portfolio at December 31, 2010
(unaudited)
Financials	22.2	%
Industrials	16.8	%
Materials	14.2	%
Consumer Discretionary	11.1	%
Energy	10.7	%
Telecommunication Services	6.5	%
Health Care	6.1	%
Consumer Staples	5.5	%
Information Technology	4.0	%
Utilities	2.9	%

See notes to financial statements                                                                                                                                                          27 

Wright International Blue Chip Equities Fund (WIBC)

STATEMENT OF ASSETS AND LIABILITIES
As of December 31, 2010
ASSETS:
	Investments, at value
	(identified cost $41,047,894) (Note 1A)	$	49,850,443
	Foreign currency, at value
	(identified cost $6,938) (Note 1A)		7,062
	Receivable for fund shares sold		21,084
	Dividends receivable		34,852
	Tax reclaims receivable		152,990
	Prepaid expenses and other assets		17,349
	Total assets	$	50,083,780
LIABILITIES:
	Payable for fund shares reacquired	$	61,644
	Accrued expenses and other liabilities		28,211
	Total liabilities	$	89,855
NET ASSETS		$	49,993,925
NET ASSETS CONSIST OF:
	Paid-in capital	$	95,648,358
	Accumulated net realized loss on investments and foreign currency		(54,479,846	)
	Undistributed net investment income		1,556
	Unrealized appreciation on investments and foreign currency translations		8,823,857
	Net assets applicable to outstanding shares	$	49,993,925
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			3,363,976
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	14.86

STATEMENT OF OPERATIONS
For the Year Ended December 31, 2010
INVESTMENT INCOME (Note 1C)
	Dividend income (net of foreign taxes $207,298)	$	1,644,202
	Income from securities lending (net)		35,241
	Total investment income	$	1,679,443
Expenses –
	Investment adviser fee (Note 3)	$	451,915
	Administrator fee (Note 3)		96,031
	Trustee expense (Note 3)		15,303
	Custodian fee		55,199
	Accountant fees		64,547
	Distribution expenses (Note 4)		141,223
	Transfer agent fees		60,075
	Printing		259
	Shareholder communications		9,885
	Audit services		39,309
	Legal services		25,582
	Registration costs		10,050
	Interest expense (Note 8)		3,823
	Miscellaneous		18,507
	Total expenses	$	991,708
Deduct –
	Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(9,278	)
	Net expenses	$	982,430
	Net investment income	$	697,013
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
Net realized gain (loss) –
	Investments	$	1,276,104
	Foreign currency transactions		(133,765	)
	Net realized gain (loss) on investments and foreign currency transactions	$	1,142,339
Change in unrealized appreciation (depreciation) –
	Investments	$	(519,586	)
	Foreign currency translations		12,110
	Net change in unrealized appreciation (depreciation) on investments and foreign currency translations	$	(507,476	)
	Net realized and unrealized gain on investments and foreign currency	$	634,863
	Net increase in net assets from operations	$	1,331,876

See notes to financial statements                                                                                                                                                          28 

Wright International Blue Chip Equities Fund (WIBC)

		Year Ended
STATEMENTS OF CHANGES IN NET ASSETS			December 31, 2010			December 31, 2009
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income		$	697,013		$	1,117,967
	Net realized gain (loss) on investments and foreign currency transactions			1,142,339			(19,779,893	)
	Net change in unrealized appreciation (depreciation) on investments and foreign currency translations			(507,476	)		36,832,030
	Net  increase in net assets from operations		$	1,331,876		$	18,170,104
Distributions to shareholders (Note 2)
	From net investment income		$	(1,672,543	)	$	-
	Total distributions		$	(1,672,543	)	$	-
Net decrease in net assets resulting from fund share transactions (Note 6)			$	(18,504,338	)	$	(16,476,708	)
Net increase (decrease) in net assets			$	(18,845,005	)	$	1,693,396
NET ASSETS:
	At begining of year			68,838,930			67,145,534
	At end of year		$	49,993,925		$	68,838,930
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF YEAR			$	1,556		$	1,069,322

See notes to financial statements                                                                                                                                                          29 

Wright International Blue Chip Equities Fund (WIBC)

		Year Ended December 31,
FINANCIAL HIGHLIGHTS			2010			2009			2008			2007			2006
Net asset value, beginning of year			$	14.460	(1)	$	10.810		$	22.470		$	22.830		$	18.060
Income (loss) from investment operations:
Net investment income (2)				0.170			0.208			0.483			0.434			0.255
Net realized and unrealized gain (loss)				0.640			3.442	(1)		(11.002	)		0.755			4.859
Total income (loss) from investment operations				0.810			3.650	(1)		(10.519	)		1.189			5.114
Less distributions:
From net investment income				(0.410	)		—			(0.575	)		(0.491	)		(0.320	)
From net realized gains				—			—			(0.558	)		(1.058	)		(0.024	)
Tax return of capital				—			—			(0.008	)		—			—
	Total distributions			(0.410	)		—			(1.141	)		(1.549	)		(0.344	)
Redemption Fees(2)				—	(3)		—			—			—			—
Net asset value, end of year			$	14.860		$	14.460	(1)	$	10.810		$	22.470		$	22.830
Total Return(4)				5.76	%		33.77	%		(47.74	)%		5.50	%		28.49	%
Ratios/Supplemental Data(5):
Net assets, end of year (000 omitted)			$49,994			$68,839			$67,146			$183,608			$218,201
Ratios (As a percentage of average daily net assets):
Net expenses				1.74	%		1.63	%		1.54	%		1.49	%		1.46	%
Net expenses after custodian fee reduction				N/A			1.63	%		1.53	%		1.47	%		1.37	%
Net investment income				1.23	%		1.75	%		2.71	%		1.82	%		1.26	%
Portfolio turnover rate				92	%		63	%		82	%		138	%		116	%
(1)	Previously reported amount has been changed by 0.001 to reflect rounding consistencies.
(2)	Computed using average shares outstanding.
(3)	Less than $0.001 per share.
(4)	Total return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each year reported.  Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(5)	For the year ended December 31, 2010, the operating expenses of the Fund were reduced by a waiver of fees and/or allocation of expenses to the principal underwriter and/or investment adviser. Had such action not been undertaken, expenses and net investment income ratios would have been as follows:
			2010
Ratios (As a percentage of average daily net assets):
Gross expenses				1.76	%
Net investment income				1.22	%
	.

See notes to financial statements                                                                                                                                                          30 

Wright Managed Equity Trust

Notes to Financial Statements

1.   Significant Accounting Policies

Wright Selected Blue Chip Equities Fund (“WSBC”), Wright Major Blue Chip Equities Fund (“WMBC”), and Wright International Blue Chip Equities Fund (“WIBC”) (each a “Fund” and collectively, the “Funds”) (the Funds constituting Wright Managed Equity Trust (the “Trust”)), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. The Funds seek to provide total return consisting of price appreciation and current income.

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

A. Investment Valuations – Equity securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service. Investments in open-end mutual funds are valued at net asset value. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a third party pricing service. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges are monitored by the investment adviser and may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Funds in a manner that most fairly reflects the security’s value, or the amount that the Funds might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B. Investment Transactions – Investment transactions for financial statement purposes are accounted for on a trade date basis.  Realized gains and losses on investments sold are determined on the basis of identified cost.

C. Income – Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Funds are informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Funds’ understanding of applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium and accretion of discount.

D. Federal Taxes – Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable income and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary. Foreign taxes are provided for based on WIBC’s

31

Wright Managed Equity Trust

Notes to Financial Statements

understanding of the tax rules and rates that exist in the foreign markets in which it invests. At December 31, 2010, WSBC, WMBC and WIBC, for federal income tax purposes, had capital loss carryforwards of $961,631, $8,043,743 and $53,303,391, respectively, which will reduce each Fund’s taxable income arising from future net realized gain on investment transactions, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders, which would otherwise be necessary to relieve the Funds of any liability for federal income or excise tax. Pursuant to the Code, such capital loss carryovers will expire as follows:

December 31,	WSBC	WMBC	WIBC
2011	$           -	$ 2,230,768	$                -
2016	-	875,589	18,605,975
2017	961,631	4,937,386	34,697,416

As of December 31, 2010, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Funds’ federal tax returns filed in the 3-year period ended December 31, 2010, remains subject to examination by the Internal Revenue Service.

E. Expenses – The majority of expenses of the Trust are directly identifiable to an individual Fund. Expenses which are not readily identifiable to a specific Fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the Funds.

F. Foreign Currency Translation – Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments and foreign currency transactions. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

H. Indemnifications – Under each Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds, and shareholders are indemnified against personal liability for the obligations of the Funds. Additionally, in the normal course of business, the Funds enter into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

2. Distributions to Shareholders

It is the present policy of the Trust to make annual distributions of all or substantially all of the net investment income of the Funds and to distribute annually all or substantially all of the net realized capital gains (reduced by available capital loss carryforwards from prior years, if any) of the Funds. Distributions to shareholders are recorded on the ex-dividend date. Shareholders may reinvest income and capital gain distributions in additional shares of the same Fund at the net asset value as of the ex-dividend date or, at the election of the shareholder, receive distributions in cash. The Funds distinguish between distributions on a tax basis and a financial reporting basis. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

32

Wright Managed Equity Trust

Notes to Financial Statements

The tax character of distributions paid for the year ended December 31, 2010, and December 31, 2009, was as follows:

Year Ended 12/31/10		WSBC		WMBC		WIBC
Distributions declared from:
Ordinary income	$	17,380	$	94,651	$	1,672,543

Year Ended 12/31/09		WSBC		WMBC		WIBC
Distributions declared from:
Ordinary income	$	-	$	338,949	$	-

During the year ended December 31, 2010, the following amounts were reclassified due to differences between book and tax accounting, primarily for net operating losses, foreign currency gain (loss), distributions from real estate investment trusts, passive foreign investment company transactions and expiring capital loss carryovers.

Increase (decrease):		WSBC			WMBC			WIBC
Paid-in capital	$	(50,187	)	$	(11,716,453	)	$	-
Accumulated net realized gain (loss)		4,815			11,716,634			92,236
Accumulated undistributed net investment income (loss)		45,372			(181	)		(92,236	)

These reclassifications had no effect on the net assets or net asset value per share of the Funds.

As of December 31, 2010, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

		WSBC			WMBC			WIBC
Undistributed ordinary income	$	-		$	-		$	107,024
Capital loss carryforward and post October losses		(961,631	)		(8,043,743	)		(53,303,391	)
Net unrealized appreciation		5,008,705			1,722,394			7,541,934

The difference between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales and passive foreign investment company transactions.

3. Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Wright Investor Services, Inc. (“Wright”) as compensation for investment advisory services rendered to the Funds. The fees are computed at annual rates of the Funds' average daily net assets as noted below, and are payable monthly.

Annual Advisory Fee Rates
Fund	Under $100 Million	$100 Million to $250 Million	$250 Million to $500 Million	$500 Million to $1 Billion	Over $1 Billion
WSBC	0.60%	0.57%	0.54%	0.50%	0.45%
WMBC	0.60%	0.57%	0.54%	0.50%	0.45%
WIBC	0.80%	0.78%	0.76%	0.72%	0.67%

33

Wright Managed Equity Trust

Notes to Financial Statements

For the year ended December 31, 2010, the fee and the effective annual rate, as a percentage of average daily net assets for each of the Funds were as follows:

Fund	Investment Adviser Fee	Effective Annual Rate
WSBC	$  112,869	0.60%
WMBC	141,521	0.60%
WIBC	451,915	0.80%

The administrator fee is earned by Wright for administering the business affairs of each Fund.  The fee is computed at an annual rate of 0.17% of WIBC’s average daily net assets up to $100 million and 0.07% of average daily net assets over $100 million. The fee is computed at an annual rate of 0.12% of WSBC’s and WMBC’s average daily net assets up to $100 million and 0.07% of average daily net assets over $100 million. Atlantic Fund Administration, LLC (d/b/a Atlantic Fund Services) (“Atlantic”) serves as sub-administrator of the Funds to perform certain services of the administrator as may be agreed upon between the administrator and sub-administrator.  The sub-administration fee is paid by Wright.

For the year ended December 31, 2010, the administrator fee for WSBC, WMBC and WIBC amounted to $22,574, $28,304 and $96,031, respectively.

Certain Trustees and officers of the Trust are Trustees or officers of the above organizations and/or of the Funds’ principal underwriter. Except as to Trustees of the Trust who are not employees of Atlantic or Wright, Trustees and officers receive remuneration for their services to the Trust out of the fees paid to Atlantic and Wright.  The Trustees are compensated by the Fund Complex as a whole, rather than on a per Trust or per Fund basis.  Quarterly retainer fees are paid in the amount of $4,000 to the Lead Trustee, $3,500 to the Secretary of Independent Trustees, and $3,000 each to the remaining Trustees.  In addition, each Trustee will be paid a fee of $1,500 for each regular Board meeting attended.  Each Trustee is also reimbursed for all reasonable out-of-pocket expenses incurred in connection with his duties as a Trustee, including travel and related expenses incurred in attending Board meetings.  The amount of Trustees’ fees attributable to each Fund is disclosed in the Statement of Operations.

4. Distribution and Service Plans

The Trust has in effect a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 of the 1940 Act. The Plan provides that each Fund will pay Wright Investors’ Service Distributors, Inc. (“WISDI”), the principal underwriter, a wholly-owned subsidiary of The Winthrop Corporation and an affiliate of Wright, a distribution fee of 0.25% of the average daily net assets of each Fund for distribution services and facilities provided to the Funds by WISDI. Distribution fees paid or accrued to WISDI for the year ended December 31, 2010, for WSBC, WMBC and WIBC were $47,029, $58,967 and $141,223, respectively. In addition, the Trustees have adopted a service plan (the “Service Plan”) which allows the Funds to reimburse the principal underwriter for payments to intermediaries for providing account administration and personal and account maintenance services to their customers who are beneficial owners of each Fund’s shares. The combined amount of service fees payable under the Service Plan and Rule 12b-1 distribution fees may not exceed 0.25% annually of each Fund’s average daily net assets. For the year ended December 31, 2010, the Funds did not accrue or pay any service fees.

Pursuant to an Expense Limitation Agreement, Wright and WISDI have agreed to waive all or a portion of their fees and reimburse expenses to the extent that total annual operating expenses exceed 1.40% of the average daily net assets of each of WSBC and WMBC and 1.85% of the average daily net assets of WIBC through April 30, 2011 (excluding interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business). Thereafter, the waiver and reimbursement may be changed or terminated at any time. Pursuant to this agreement, Wright waived and/or reimbursed investment adviser fees of $26,315 and

34

Wright Managed Equity Trust

Notes to Financial Statements

$13,093 for WSBC and WMBC, respectively.  WISDI waived distribution fees of $47,029, $48,634 and $9,278 for WSBC, WMBC and WIBC, respectively.

5. Investment Transactions

Purchases and sales of investments, other than short-term obligations, were as follows:

Year Ended December 31, 2010
	WSBC	WMBC	WIBC
Purchases	$  18,735,431	$  16,229,070	$  51,680,915
Sales	$  11,145,392	$  24,314,603	$  71,480,368

6. Shares of Beneficial Interest

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:

	Year Ended December 31, 2010					Year Ended December 31, 2009
	Shares		Amount			Shares			Amount
WSBC
Sold	1,241,263		$	12,152,747			215,260		$	1,502,588
Issued to shareholders in payment of distributions declared	1,655			14,572			-			-
Redemptions	(510,109	)		(4,640,440	)		(425,279	)		(2,840,480	)
Net increase (decrease)	732,809		$	7,526,879			(210,019	)	$	(1,337,892	)

WMBC
Sold	203,955		$	2,262,037		893,986		$	7,946,834
Issued to shareholders in payment of distributions declared	6,975			84,020		25,410			270,513
Redemptions	(956,638	)		(10,533,368	)	(1,883,001	)		(18,975,348	)
Net decrease	(745,708	)	$	(8,187,311	)	(963,605	)	$	(10,758,001	)

WIBC
Sold	444,936		$	6,282,185		982,921		$	11,778,461
Issued to shareholders in payment of distributions declared	89,482			1,264,509		-			-
Redemptions	(1,930,614	)		(26,052,262	)	(2,433,845	)		(28,255,506	)
Redemption fees	-			1,230		-			337
Net decrease	(1,396,196	)	$	(18,504,338	)	(1,450,924	)	$	(16,476,708	)

7. Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of the investment securities owned at December 31, 2010, as determined on a federal income tax basis, were as follows:

35

Wright Managed Equity Trust

Notes to Financial Statements

Year Ended December 31, 2010
	WSBC			WMBC			WIBC
Aggregate cost	$	29,523,668		$	19,818,503		$	42,329,817
Gross unrealized appreciation	$	5,277,170		$	2,896,768		$	9,299,267
Gross unrealized depreciation		(268,465	)		(1,174,374	)		(1,778,641	)
Net unrealized appreciation	$	5,008,705		$	1,722,394		$	7,520,626

8. Line of Credit

The Funds participate with other funds managed by Wright in a committed $10 million unsecured line of credit agreement with Union Bank of California, N.A. (“Union Bank”). The Funds may temporarily borrow from the line of credit to satisfy redemption requests or settle investment transactions.  Interest is charged to each Fund based on its borrowings at an amount above the LIBOR rate. Because the line of credit is not available exclusively to each Fund, they may be unable to borrow some or all of the Funds’ requested amounts at any particular time. At December 31, 2010, WMBC had a balance outstanding pursuant to this line of credit of $181,130 at an interest rate of 1.26%.

The average borrowings and average interest rate (based on days with outstanding balances)  for the year ended December 31, 2010, were as follows:

	WSBC	WMBC	WIBC
Average borrowings	$119,432	$342,654	$656,608
Average interest rate	1.26%	1.28%	1.28%

9. Risks Associated With Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Funds, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.

10. Securities Lending Agreement

WIBC has established a securities lending arrangement with Union Bank as securities lending agent in which WIBC lends portfolio securities to a broker in exchange for collateral consisting of cash in an amount at least equal to the market value of the securities on loan. Cash collateral may be invested in government securities. As of December 31, 2010, the collateral consisted of a repurchase agreement. WIBC earns interest on the amount invested in the portfolio, but it must pay to or receive from a broker a rebate fee, depending on the securities loaned, computed as a varying percentage of the collateral received. The broker fee and interest income earned is offset by the broker rebate fees paid of $49,284 for the year ended December 31, 2010. In the event of counterparty default, WIBC is subject to potential loss if it is delayed or prevented from exercising its right to dispose of the collateral. WIBC bears risk in the event that invested collateral is not sufficient to meet obligations due on loans. WIBC has the right under the securities lending agreement to recover the securities from the borrower on demand. As of December 31, 2010, WIBC had $648,442 of total loaned securities with a collateral value of $671,660.

36

Wright Managed Equity Trust

Notes to Financial Statements

11. Fair Value Measurements

Under GAAP 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 December 31, 2010, the inputs used in valuing each Fund’s investments, which are carried at value, were as follows:

WSBC

Asset 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	$	28,275,270	$	-	$	-	$	28,275,270
Short-Term Investments		-		6,257,103		-		6,257,103
Total Investments	$	28,275,270	$	6,257,103	$	-	$	34,532,373

WMBC

Asset 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	$	21,540,897	$	-	$	-	$	21,540,897
Total Investments	$	21,540,897	$	-	$	-	$	21,540,897

WIBC

Asset 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	$	28,784,231	$	20,753,195	$	-	$	49,537,426
Short-Term Investments		-		313,017		-		313,017
Total Investments	$	28,784,231	$	21,066,212	$	-	$	49,850,443

The Level 1 and Level 2 inputs displayed in these tables under Equity Interests are Common Stock.  Refer to each Fund’s Portfolio of Investments for a further breakout of each security by type.

37

Wright Managed Equity Trust

Notes to Financial Statements

12. Change in Independent Registered Public Accounting Firm

The Board of Trustees (the “Board”), with the approval and recommendation of the Audit Committee, selected BBD, LLP (“BBD”) to replace Deloitte & Touche, LLP (“D&T”), as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ending December 31, 2010.  Throughout D&T’s tenure, including the Funds’ two most recent fiscal periods, the Funds had no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, and there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchanges Act of 1934.  With respect to the Funds, D&T’s audit opinions, including the past two fiscal periods, have not contained either an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.  Further, there were no disagreements between the Funds and D&T on accounting principles, financial statement disclosure or audit scope, which, if not resolved to the satisfaction of D&T would have caused D&T to make reference to the disagreement in D&T’s report.  During the last two fiscal years of the Funds, neither the Funds nor anyone on its behalf has consulted BBD on items concering the application of accounting principles to a specified transaction (either completed or proposed) or the type of audit opinion that might be rendered on the Funds’ financial statements, or concerning the subject of a disagreement of the kind described in Item 304(a)(1)(iv) of Regulation S-K or reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K.

13. New Accounting Pronouncement

In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements.”  ASU No. 2010-06 clarifies existing disclosure and requires additional disclosures regarding fair value measurements.  Effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years, entities will need to disclose information about purchases, sales, issuances and settlements of Level 3 securities on a gross basis, rather than as a net number as currently required.  Management is currently evaluating the impact ASU No. 2010-06 will have on financial statement disclosures.

14. Review for Subsequent Events

In connection with the preparation of the financial statements of the Funds as of and for the year ended December 31, 2010, events and transactions subsequent to December 31, 2010, have been evaluated by the Funds’ management for possible adjustment and/or disclosure. Management has not identified any subsequent events requiring financial statement disclosure as of the date these financial statements were issued.

38

Wright Managed Equity Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wright Managed Equity Trust and the Shareholders of Wright Selected Blue Chip Equities Fund, Wright Major Blue Chip Equities Fund, and Wright International Blue Chip Equities Fund:

We have audited the accompanying statements of assets and liabilities of Wright Selected Blue Chip Equities Fund, Wright Major Blue Chip Equities Fund, and Wright International Blue Chip Equities Fund (the “Funds”), each a series of shares of beneficial interest in The Wright Managed Equity Trust, including the portfolios of investments, as of December 31, 2010, and the related statements of operations, the statements of changes in net assets and the financial highlights for the year then ended.  These financial statements and financial highlights are the responsibility of the Funds’ management.  Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets for the year ended December 31, 2009 and the financial highlights for each of the years in the four-year period ended December 31, 2009 were audited by other auditors whose report dated February 23, 2010, expressed an unqualified opinion on such financial statements and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  Our procedures included confirmation of securities owned as of December 31, 2010 by correspondence with the custodian 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 Wright Selected Blue Chip Equities Fund, Wright Major Blue Chip Equities Fund, and Wright International Blue Chip Equities Fund as of December 31, 2010, the results of their operations, the changes in their net assets and their financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

 BBD, LLP

Philadelphia, Pennsylvania

February 15, 2011

39

Wright Managed Equity Trust

Federal Tax Information (Unaudited)

The Form 1099-DIV you received in January 2011 showed the tax status of all distributions paid to your account in calendar year 2010.  Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds.  As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of a Fund’s fiscal year end regarding capital gain dividends, and the status of qualified dividend income for individuals, the dividends received deduction for corporations and the foreign tax credit.

Dividends Received Deduction – Corporate shareholders are generally entitled to take the dividends received deduction on the portion of a fund’s dividend distribution that qualifies under tax law.  For the Wright Selected Blue Chip Equities Fund and Wright Major Blue Chip Equities Fund’s fiscal 2010 ordinary income dividend, 100.00% qualifies for the corporate dividends received deduction.

Qualified Dividend Income – Wright Selected Blue Chip Equities Fund, Wright Major Blue Chip Equities Fund and Wright International Blue Chip Equities Fund designate 100.00%, 100.00% and 93.40%, respectively, for the qualified dividend rate (QDI) as defined in Section 1(h)(11) of the Internal Revenue Code.

40

Wright Total Return Bond (WTRB)

Portfolio of Investments - As of December 31, 2010

Face Amount Description Coupon Rate Maturity Date Value

FIXED INCOME INVESTMENTS - 99.2%

ASSET-BACKED SECURITIES - 2.8%

$	149,384	AEP Texas Central Transition Funding LLC, Series 2006-A, Class A2	4.980	%		07/01/15	$	156,343
	310,000	Citibank Credit Card Issuance Trust, Series 2009-A1, Class A1	2.010	%	(1)	03/17/14		315,619
	170,000	Harley-Davidson Motorcycle Trust, Series 2009-1, Class A4	4.550	%		01/15/17		178,815
	195,000	PSE&G Transition Funding LLC, Series 2001-1, Class A7	6.750	%		06/15/16		225,454

Total Asset-Backed Securities (identified cost, $839,727) $ 876,231

COMMERCIAL MORTGAGE-BACKED SECURITIES - 6.9%

$	275,000	Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A5	4.733	%		10/15/41	$	290,021
	330,000	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-C3, Class A5	3.936	%		05/15/38		342,578
	435,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C3, Class A5	4.878	%		01/15/42		454,081
	300,000	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4	5.372	%		09/15/39		321,388
	315,000	Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A4	5.291	%	(1)	01/12/44		338,719
	310,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4	5.907	%	(1)	06/12/46		339,649
	90,528	Salomon Brothers Mortgage Securities VII, Inc., Series 2002-KEY2, Class A2	4.467	%		03/18/36		92,743

Total Commercial Mortgage-Backed Securities (identified cost, $2,046,856) $ 2,179,179

RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.2%

$ 68,484 Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2 4.466 % (1) 07/25/34  $ 70,669

Total Residential Mortgage-Backed Securities (identified cost, $57,338) $ 70,669

CONVERTIBLE BONDS - 0.8%

$	130,000	NASDAQ OMX Group, Inc. (The)	2.500	%	08/15/13	$	129,350
	125,000	National City Corp.	4.000	%	02/01/11		125,781

Total Convertible Bonds (identified cost, $250,240) $ 255,131

CORPORATE BONDS - 42.8%

AEROSPACE & DEFENSE - 0.2%
$	60,000	L-3 Communications Corp.		5.875	%			01/15/15	$	61,425
AUTO MANUFACTURERS - 0.4%
$	110,000	Daimler Finance North America, LLC		6.500	%			11/15/13	$	124,610
BANKS - 3.0%
$	210,000	Deutsche Bank AG/London		5.375	%			10/12/12	$	225,789
	155,000	Royal Bank of Scotland PLC (The)		3.950	%			09/21/15		152,532
	55,000	SunTrust Banks, Inc.		6.000	%			09/11/17		57,839
	100,000	Wachovia Corp., MTN, Series E		0.446	%		(1)	03/01/12		100,011
	110,000	Wells Fargo & Co.		4.375	%			01/31/13		116,465
	280,000	Westpac Banking Corp.		4.200	%			02/27/15		294,154
CAPITAL GOODS - 1.0%
$	65,000	Baldor Electric Co.		8.625	%			02/15/17	$	73,125
	110,000	Honeywell International, Inc.		3.875	%			02/15/14		116,900
	110,000	PACCAR, Inc.		6.875	%			02/15/14		126,266
CONSUMER DURABLES & APPAREL - 0.4%
$	115,000	Hasbro, Inc.		6.125	%			05/15/14	$	124,821
CONSUMER SERVICES - 0.2%
$	60,000	Brinker International, Inc.		5.750	%			06/01/14	$	63,109
DIVERSIFIED FINANCIALS - 7.9%
$	135,000	American Express Credit Corp., Series C	7.300			%		08/20/13	$	152,218
	55,000	Ameriprise Financial, Inc.	5.650			%		11/15/15		61,013

See notes to financial statements41

Wright Total Return Bond (WTRB)

Portfolio of Investments - As of December 31, 2010

	Face Amount	Description	Coupon Rate					Maturity Date		Value
$	65,000	BlackRock, Inc.	3.500			%		12/10/14	$	67,468
	55,000	Capital One Financial Corp.	7.375			%		05/23/14		62,634
	260,000	Citigroup, Inc.	6.500			%		08/19/13		285,669
	160,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, MTN	2.125			%		10/13/15		154,911
	130,000	Credit Suisse USA, Inc.	0.539			%	(1)	04/12/13		129,523
	225,000	General Electric Capital Corp., MTN, Series A	6.750			%		03/15/32		255,481
	100,000	Goldman Sachs Group, Inc. (The)	0.903			%	(1)	09/29/14		97,912
	115,000	Goldman Sachs Group, Inc. (The)	6.150			%		04/01/18		126,824
	235,000	HSBC Finance Corp.	6.375			%		10/15/11		245,037
	70,000	Jefferies Group, Inc.	8.500			%		07/15/19		80,161
	110,000	JPMorgan Chase & Co.	6.300			%		04/23/19		125,414
	125,000	Merrill Lynch & Co., Inc.	6.050			%		05/16/16		128,935
	150,000	Moody's Corp.	5.500			%		09/01/20		148,462
	100,000	Morgan Stanley	5.300			%		03/01/13		106,616
	120,000	Nomura Holdings, Inc.	5.000			%		03/04/15		125,228
	130,000	TD Ameritrade Holding Corp.	4.150			%		12/01/14		134,553
ENERGY - 2.4%
$	205,000	Baker Hughes, Inc.		6.875	%			01/15/29	$	246,879
	70,000	Cimarex Energy Co.		7.125	%			05/01/17		72,975
	35,000	Marathon Oil Corp.		6.500	%			02/15/14		39,428
	50,000	Newfield Exploration Co.		6.625	%			04/15/16		51,625
	50,000	ONEOK Partners LP		6.850	%			10/15/37		55,795
	60,000	Oneok, Inc.		5.200	%			06/15/15		64,660
	70,000	Peabody Energy Corp.		7.375	%			11/01/16		78,050
	50,000	Smith International, Inc.		9.750	%			03/15/19		69,166
	55,000	Valero Energy Corp.		9.375	%			03/15/19		68,373
FOOD, BEVERAGE & TOBACCO - 2.7%
$	60,000	Altria Group, Inc.		8.500	%			11/10/13	$	71,064
	55,000	Altria Group, Inc.		9.700	%			11/10/18		72,664
	60,000	Anheuser-Busch Cos., Inc.		5.050	%			10/15/16		65,072
	115,000	Coca-Cola Co. (The)		3.625	%			03/15/14		121,807
	55,000	ConAgra Foods, Inc.		5.875	%			04/15/14		60,937
	150,000	Corn Products International, Inc.		4.625	%			11/01/20		148,230
	40,000	PepsiAmericas, Inc.		4.375	%			02/15/14		43,293
	100,000	PepsiCo, Inc.		7.900	%			11/01/18		128,858
	105,000	Philip Morris International, Inc.		6.875	%			03/17/14		121,081
HEALTH CARE EQUIPMENT & SERVICES - 1.3%
$	40,000	McKesson Corp.		6.500	%			02/15/14	$	44,971
	100,000	Medtronic, Inc.		4.500	%			03/15/14		108,627
	55,000	UnitedHealth Group, Inc.		6.000	%			02/15/18		62,525
	145,000	WellPoint, Inc.		4.350	%			08/15/20		144,150
	55,000	Zimmer Holdings, Inc.		4.625	%			11/30/19		56,575
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
$	115,000	Avon Products, Inc.		5.625	%			03/01/14	$	127,521
	60,000	Estee Lauder Cos., Inc. (The)		6.000	%			05/15/37		64,981
INSURANCE - 4.5%
$	100,000	ACE INA Holdings, Inc.		5.875	%			06/15/14	$	112,212
	275,000	Loews Corp.		5.250	%			03/15/16		298,538
	125,000	MetLife, Inc.		5.000	%			06/15/15		135,511
	130,000	OneBeacon US Holdings, Inc.		5.875	%			05/15/13		134,779
	255,000	PartnerRe Finance B, LLC		5.500	%			06/01/20		257,259
	55,000	Principal Financial Group, Inc.		8.875	%			05/15/19		69,302
	130,000	Principal Life Income Funding Trusts, MTN		0.466	%		(1)	11/08/13		128,615
	50,000	Prudential Financial, Inc., MTN, Series D		7.375	%			06/15/19		59,047
	200,000	Travelers Cos., Inc. (The)		5.500	%			12/01/15		224,734
MATERIALS - 1.0%
$	120,000	Dow Chemical Co. (The)	7.375			%		03/01/23	$	134,024
	100,000	Lubrizol Corp.	8.875			%		02/01/19		126,036
	55,000	Steel Dynamics, Inc.	7.375			%		11/01/12		58,300

See notes to financial statements42

Wright Total Return Bond (WTRB)

Portfolio of Investments - As of December 31, 2010

	Face Amount	Description	Coupon Rate					Maturity Date		Value
MEDIA - 2.2%
$	90,000	Comcast Cable Communications Holdings, Inc.		9.455	%			11/15/22	$	124,768
	135,000	DIRECTV Holdings, LLC/DIRECTV Financing Co., Inc.		7.625	%			05/15/16		149,847
	95,000	McGraw-Hill Cos., Inc. (The)		5.900	%			11/15/17		102,974
	50,000	Time Warner Cable, Inc.		8.250	%			04/01/19		62,206
	115,000	Time Warner Cos., Inc.		6.950	%			01/15/28		129,775
	120,000	Viacom, Inc.		4.375	%			09/15/14		127,864
MINING - 0.5%
$	80,000	Barrick Gold Financeco, LLC		6.125	%			09/15/13	$	89,592
	50,000	Rio Tinto Finance USA, Ltd.		8.950	%			05/01/14		60,581
MISCELLANEOUS MANUFACTURING - 0.2%
$	55,000	Tyco International Finance SA		8.500	%			01/15/19	$	70,507
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%
$	115,000	Wyeth		5.500	%			02/01/14	$	127,938
PIPELINES - 0.8%
$	60,000	Spectra Energy Capital, LLC		5.650	%			03/01/20	$	63,852
	170,000	TransCanada PipeLines, Ltd.		6.500	%			08/15/18		200,969
RETAILING - 1.8%
$	55,000	AutoZone, Inc.		5.750	%			01/15/15	$	60,573
	135,000	Best Buy Co., Inc.		6.750	%			07/15/13		149,421
	140,000	CVS Caremark Corp.		4.750	%			05/18/20		145,630
	22,000	Ltd. Brands, Inc.		5.250	%			11/01/14		22,880
	55,000	NetFlix, Inc.		8.500	%			11/15/17		62,150
	120,000	Safeway, Inc.		5.000	%			08/15/19		123,655
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
$	165,000	Applied Materials, Inc.		7.125	%			10/15/17	$	195,143
SOFTWARE & SERVICES - 3.6%
$	140,000	Adobe Systems, Inc.		4.750	%			02/01/20	$	143,470
	140,000	Computer Sciences Corp.		5.500	%			03/15/13		149,777
	140,000	Dun & Bradstreet Corp.		6.000	%			04/01/13		152,600
	145,000	Hewlett-Packard Co.		2.200	%			12/01/15		142,970
	145,000	Ingram Micro, Inc.		5.250	%			09/01/17		146,943
	105,000	International Business Machines Corp.		7.625	%			10/15/18		133,866
	120,000	Intuit, Inc.		5.400	%			03/15/12		125,704
	150,000	Symantec Corp.		4.200	%			09/15/20		137,877
TECHNOLOGY HARDWARE & EQUIPMENT - 0.6%
$	30,000	Dell, Inc.		5.625	%			04/15/14	$	33,153
	140,000	Harris Corp.		5.000	%			10/01/15		148,176
TELECOMMUNICATIONS - 2.3%
$	155,000	BellSouth Corp.		6.000	%			11/15/34	$	154,869
	70,000	British Telecommunications PLC		9.875	%			12/15/30		93,534
	105,000	Cellco Partnership / Verizon Wireless Capital, LLC		5.550	%			02/01/14		115,867
	145,000	Telefonica Emisiones SAU		4.949	%			01/15/15		150,311
	175,000	Verizon Global Funding Corp.		7.750	%			12/01/30		217,701
TRANSPORTATION - 0.4%
$	120,000	Burlington Northern Santa Fe, LLC		6.200	%			08/15/36	$	130,154
UTILITIES - 3.8%
$	115,000	American Electric Power Co., Inc.	5.250			%		06/01/15	$	126,318
	110,000	Consolidated Edison Co. of New York, Inc.	7.125			%		12/01/18		136,228
	90,000	Dominion Resources, Inc., Series E	6.300			%		03/15/33		97,626
	115,000	Duke Energy Indiana, Inc.	5.000			%		09/15/13		124,887
	80,000	Exelon Generation Co., LLC	5.200			%		10/01/19		83,839
	115,000	FPL Group Capital, Inc., Series D	7.300			%	(1)	09/01/67		118,893

See notes to financial statements43

Wright Total Return Bond (WTRB)

Portfolio of Investments - As of December 31, 2010

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	55,000	Hawaiian Electric Industries, Inc., MTN	6.141	%	08/15/11	$	56,728
	50,000	Pacific Gas & Electric Co.	8.250	%	10/15/18		65,061
	138,000	PPL Energy Supply, LLC	6.300	%	07/15/13		152,123
	60,000	Public Service Electric & Gas Co., MTN	5.300	%	05/01/18		67,216
	100,000	Sempra Energy	6.000	%	02/01/13		108,461
	55,000	TransAlta Corp.	4.750	%	01/15/15		58,227

Total Corporate Bonds (identified cost, $12,797,146) $ 13,495,673

U.S. GOVERNMENT INTERESTS - 45.7%

AGENCY MORTGAGE-BACKED SECURITIES - 29.9%
$	198,316	FHLMC Gold Pool #A32600	5.500	%		05/01/35	$	212,919
	39,669	FHLMC Gold Pool #C01646	6.000	%		09/01/33		43,602
	21,921	FHLMC Gold Pool #C27663	7.000	%		06/01/29		24,971
	121,181	FHLMC Gold Pool #C47318	7.000	%		09/01/29		140,051
	196,303	FHLMC Gold Pool #C66878	6.500	%		05/01/32		220,757
	132,712	FHLMC Gold Pool #C91046	6.500	%		05/01/27		147,233
	36,148	FHLMC Gold Pool #D66753	6.000	%		10/01/23		38,768
	7,846	FHLMC Gold Pool #E00903	7.000	%		10/01/15		8,547
	209,935	FHLMC Gold Pool #G01035	6.000	%		05/01/29		230,750
	113,354	FHLMC Gold Pool #G02478	5.500	%		12/01/36		121,170
	155,376	FHLMC Gold Pool #H19018	6.500	%		08/01/37		171,453
	99,000	FHLMC Gold Pool #N30514	5.500	%		11/01/28		104,959
	296,912	FHLMC Gold Pool #P00024	7.000	%		09/01/32		332,396
	18,954	FHLMC Gold Pool #P50031	7.000	%		08/01/18		21,252
	46,768	FHLMC Gold Pool #P50064	7.000	%		09/01/30		52,438
	82,000	FHLMC Pool #1B1291	2.753	%	(1)	11/01/33		85,402
	279,977	FHLMC Pool #1G0233	3.027	%	(1)	05/01/35		294,130
	47,195	FHLMC Pool #781071	5.199	%	(1)	11/01/33		50,235
	45,110	FHLMC Pool #781804	5.065	%	(1)	07/01/34		47,765
	20,438	FHLMC Pool #781884	5.141	%	(1)	08/01/34		21,648
	56,118	FHLMC Pool #782862	5.035	%	(1)	11/01/34		59,368
	550,000	FHLMC Series 2627, Class MW	5.000	%		06/15/23		583,077
	235,193	FHLMC, Series 1983, Class Z	6.500	%		12/15/23		262,160
	171,209	FHLMC, Series 2044, Class PE	6.500	%		04/15/28		175,888
	101,343	FNMA Pool #253057	8.000	%		12/01/29		117,012
	14,932	FNMA Pool #254845	4.000	%		07/01/13		15,353
	15,080	FNMA Pool #254863	4.000	%		08/01/13		15,758
	22,758	FNMA Pool #479477	6.000	%		01/01/29		25,074
	19,890	FNMA Pool #489357	6.500	%		03/01/29		22,367
	17,570	FNMA Pool #535332	8.500	%		04/01/30		20,409
	34,000	FNMA Pool #545782	7.000	%		07/01/32		38,758
	25,155	FNMA Pool #597396	6.500	%		09/01/31		28,289
	95,246	FNMA Pool #621284	6.500	%		12/01/31		107,110
	44,645	FNMA Pool #725866	4.500	%		09/01/34		46,105
	112,058	FNMA Pool #738630	5.500	%		11/01/33		120,805
	311,386	FNMA Pool #745001	6.500	%		09/01/35		349,203
	197,574	FNMA Pool #745467	5.634	%	(1)	04/01/36		210,951
	369,307	FNMA Pool #745755	5.000	%		12/01/35		390,194
	154,414	FNMA Pool #747529	4.500	%		10/01/33		159,707
	513,049	FNMA Pool #781893	4.500	%		11/01/31		532,392
	49,174	FNMA Pool #809888	4.500	%		03/01/35		50,767
	800,814	FNMA Pool #888366	7.000	%		04/01/37		907,637
	348,483	FNMA Pool #888417	6.500	%		01/01/36		391,894
	58,834	FNMA Pool #906455	5.974	%	(1)	01/01/37		63,127
	84,097	GNMA I Pool #374892	7.000	%		02/15/24		96,135
	31,661	GNMA I Pool #376400	6.500	%		02/15/24		35,957

See notes to financial statements44

Wright Total Return Bond (WTRB)

Portfolio of Investments - As of December 31, 2010

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	43,143	GNMA I Pool #379982	7.000	%	02/15/24	$	49,319
	162,021	GNMA I Pool #393347	7.500	%	02/15/27		187,150
	57,097	GNMA I Pool #410081	8.000	%	08/15/25		67,474
	33,887	GNMA I Pool #427199	7.000	%	12/15/27		38,835
	3,874	GNMA I Pool #436214	6.500	%	02/15/13		4,230
	37,526	GNMA I Pool #448490	7.500	%	03/15/27		43,346
	47,512	GNMA I Pool #458762	6.500	%	01/15/28		53,949
	48,418	GNMA I Pool #460726	6.500	%	12/15/27		54,943
	15,242	GNMA I Pool #488924	6.500	%	11/15/28		17,308
	12,659	GNMA I Pool #510706	8.000	%	11/15/29		14,972
	43,810	GNMA I Pool #581536	5.500	%	06/15/33		47,602
	105,333	GNMA II Pool #002630	6.500	%	08/20/28		119,201
	5,119	GNMA II Pool #002909	8.000	%	04/20/30		6,064
	13,011	GNMA II Pool #002972	7.500	%	09/20/30		15,003
	4,726	GNMA II Pool #002973	8.000	%	09/20/30		5,580
	47,131	GNMA II Pool #003095	6.500	%	06/20/31		53,334
	345,359	GNMA II Pool #004841	8.000	%	08/20/31		401,732
	1,011,715	GNMA, Series 2010-44 NK	4.000	%	10/20/37		1,051,588

U.S. TREASURIES - 15.8%
$	195,000	U.S. Treasury Bond	6.125	%		11/15/27	$	244,999
	230,000	U.S. Treasury Note	0.750	%		11/30/11		230,943
	390,000	U.S. Treasury Note	1.750	%		01/31/14		398,227
	805,000	U.S. Treasury Note	3.250	%		06/30/16		848,835
	1,705,000	U.S. Treasury Note	4.000	%		08/15/18		1,847,927
	350,000	U.S. Treasury Note	3.750	%		11/15/18		372,340
	435,000	U.S. Treasury Strip	2.600-3.060	%	(2)	11/15/19		324,943
	445,000	U.S. Treasury Strip	4.310-4.470	%	(2)	11/15/30		180,079
	1,990,000	U.S. Treasury Strip	4.298-4.850	%	(2)	08/15/39		537,925

Total U.S. Government Interests (identified cost, $14,152,932) $ 14,413,791

TOTAL FIXED INCOME INVESTMENTS (identified cost, $30,144,239) — 99.2% $ 31,290,674

SHORT-TERM INVESTMENTS - 0.2%

$ 59,184 Fidelity Government Money Market Fund, 0.01% (1)  $ 59,184

TOTAL SHORT-TERM INVESTMENTS (identified cost, $59,184) — 0.2% $ 59,184

TOTAL INVESTMENTS (identified cost, $30,203,423) — 99.4% $ 31,349,858

OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.6% 180,337

NET ASSETS — 100.0% $ 31,530,195

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association
LLC — Limited Liability Company

LP — Limited Partnership

MTN — Medium Term Note

PLC — Public Limited Company

(1) Variable rate security. Rate presented is as of December 31, 2010.

(2) Rate presented is yield to maturity.

See notes to financial statements45

Wright Total Return Bond (WTRB)

STATEMENT OF ASSETS AND LIABILITIES
As of December 31, 2010
ASSETS:
	Investments, at value
	(identified cost $30,203,423) (Note 1A)	$	31,349,858
	Receivable for fund shares sold		736
	Investment securities sold		17,463
	Dividends and interest receivable		277,787
	Tax reclaims receivable		364
	Prepaid expenses and other assets		14,565
	Total assets	$	31,660,773
LIABILITIES:
	Payable for fund shares reacquired	$	74,899
	Distributions payable		34,876
	Accrued expenses and other liabilities		20,803
	Total liabilities	$	130,578
NET ASSETS		$	31,530,195
NET ASSETS CONSIST OF:
	Paid-in capital	$	32,400,344
	Accumulated net realized loss on investments		(2,016,584	)
	Unrealized appreciation on investments		1,146,435
	Net assets applicable to outstanding shares	$	31,530,195
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			2,446,206
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	12.89

STATEMENT OF OPERATIONS
For the Year Ended December 31, 2010
INVESTMENT INCOME (Note 1C)
	Interest income (net of foreign taxes, $528)	$	1,205,850
	Dividend income		215
	Total investment income	$	1,206,065
Expenses –
	Investment adviser fee (Note 3)	$	128,908
	Administrator fee (Note 3)		20,052
	Trustee expense (Note 3)		21,948
	Custodian fee		2,834
	Accountant fees		38,309
	Pricing		25,420
	Distribution expenses (Note 4)		71,615
	Transfer agent fees		31,983
	Printing		149
	Shareholder communications		7,225
	Audit services		33,692
	Legal services		12,980
	Registration costs		11,191
	Interest expense (Note 8)		12
	Miscellaneous		2,586
	Total expenses	$	408,904
Deduct –
	Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(171,569	)
	Net expenses	$	237,335
	Net investment income	$	968,730
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
	Net realized gain on investment transactions	$	254,200
	Net change in unrealized appreciation on investments		369,046
	Net realized and unrealized gain on investments	$	623,246
	Net increase in net assets from operations	$	1,591,976

See notes to financial statements46

Wright Total Return Bond (WTRB)

		Year Ended
STATEMENTS OF CHANGES IN NET ASSETS			December 31, 2010			December 31, 2009
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income		$	968,730		$	1,053,830
	Net realized gain (loss) on investment transactions			254,200			(237,554	)
	Net change in unrealized appreciation on investments			369,046			1,465,401
	Net  increase in net assets from operations		$	1,591,976		$	2,281,677
Distributions to shareholders (Note 2)
	From net investment income		$	(1,108,572	)	$	(1,139,933	)
	Total distributions		$	(1,108,572	)	$	(1,139,933	)
Net increase in net assets resulting from fund share transactions (Note 6)			$	6,490,580		$	152,064
Net increase in net assets			$	6,973,984		$	1,293,808
NET ASSETS:
	At begining of year			24,556,211			23,262,403
	At end of year		$	31,530,195		$	24,556,211
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF YEAR			$	-		$	(18,955	)

See notes to financial statements47

Wright Total Return Bond (WTRB)

		Year Ended December 31,
FINANCIAL HIGHLIGHTS			2010			2009			2008			2007			2006
Net assetvalue, beginning of year			$	12.620	(1)	$	11.990		$	12.390		$	12.290		$	12.430
Income (loss) from investment operations:
Net investment income (2)				0.437			0.558			0.573			0.558			0.483
Net realized and unrealized gain (loss)				0.336			0.676	(1)		(0.373	)		0.115			(0.082	)
Total income from investment operations				0.773			1.234	(1)		0.200			0.673			0.401
Less distributions:
From net investment income				(0.503	)		(0.604	)		(0.600	)		(0.573	)		(0.541	)
Net asset value, end of year			$	12.890		$	12.620	(1)	$	11.990		$	12.390		$	12.290
Total Return(3)				6.18	%		10.53	%		1.69	%		5.64	%		3.34	%
Ratios/Supplemental Data(4):
Net assets, end of year (000 omitted)			$31,530			$24,556			$23,262			$24,989			$30,866
Ratios (As a percentage of average daily net assets):
Net expenses				0.83	%		0.70	%		0.71	%		0.87	%		0.99	%
Net expenses after custodian fee reduction				N/A			0.70	%		0.70	%		0.85	%		0.95	%
Net investment income				3.38	%		4.53	%		4.73	%		4.56	%		3.96	%
Portfolio turnover rate				119	%		61	%		125	%		119	%		90	%
(1)	Previously reported amount has been changed by 0.004 to reflect rounding consistencies.
(2)	Computed using average shares outstanding.
(3)	Total return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value on the last day of each year reported.  Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(4)	For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, the operating expenses of the Fund were reduced by a waiver of fees and/or allocation of expenses to the principal underwriter and/or investment adviser. Had such action not been undertaken, expenses and net investment income ratios would have been as follows:
			2010			2009			2008			2007			2006
Ratios (As a percentage of average daily net assets):
Expenses				1.43	%		1.55	%		1.52	%		1.41	%		1.23	%
Expenses after custodian fee reduction				N/A			1.55	%		1.51	%		1.38	%		1.19	%
Net investment income				2.78	%		3.68	%		3.93	%		4.03	%		3.72	%

See notes to financial statements48

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of December 31, 2010

Face Amount Description Coupon Rate Maturity Date Value

FIXED INCOME INVESTMENTS - 96.9%

AGENCY MORTGAGE-BACKED SECURITIES - 96.9%
$	26,327	FHLMC Gold Pool #C00548	7.000	%	08/01/27	$	29,943
	76,209	FHLMC Gold Pool #C00778	7.000	%	06/01/29		86,811
	383,870	FHLMC Gold Pool #C91034	6.000	%	06/01/27		416,112
	52,297	FHLMC Gold Pool #D81642	7.500	%	08/01/27		59,905
	95,352	FHLMC Gold Pool #D82572	7.000	%	09/01/27		108,450
	39,303	FHLMC Gold Pool #E00678	6.500	%	06/01/14		41,949
	41,185	FHLMC Gold Pool #E00721	6.500	%	07/01/14		43,994
	50,861	FHLMC Gold Pool #E81704	8.500	%	05/01/15		57,147
	297,555	FHLMC Gold Pool #G02478	5.500	%	12/01/36		318,070
	517,190	FHLMC Gold Pool #G30412	6.000	%	03/01/28		560,629
	296,912	FHLMC Gold Pool #P00024	7.000	%	09/01/32		332,397
	289,449	FHLMC Gold Pool #P50019	7.000	%	07/01/24		331,420
	1,000,000	FHLMC Series 3413, Class B	5.500	%	04/15/37		1,033,714
	123,353	FHLMC, Series 2176, Class OJ	7.000	%	08/15/29		142,159
	80,281	FHLMC, Series 2201, Class C	8.000	%	11/15/29		96,815
	480,334	FHLMC, Series 2218, Class ZB	6.000	%	03/15/30		529,956
	168,846	FHLMC, Series 2259, Class ZM	7.000	%	10/15/30		191,346
	714,912	FHLMC, Series 2426 Class GJ	6.000	%	03/15/32		783,612
	200,000	FHLMC, Series 2963, Class DL	5.500	%	02/15/31		209,404
	226,691	FHLMC-GNMA Series 15, Class L	7.000	%	07/25/23		238,920
	81,529	FHLMC-GNMA Series 23, Class KZ	6.500	%	11/25/23		91,691
	148,966	FHLMC-GNMA Series 4, Class D	8.000	%	12/25/22		172,803
	572,720	FNMA Pool #252034	7.000	%	09/01/28		657,136
	50,642	FNMA Pool #535131	6.000	%	03/01/29		55,795
	218,883	FNMA Pool #673315	5.500	%	11/01/32		235,694
	958,142	FNMA Pool #725027	5.000	%	11/01/33		1,013,530
	60,320	FNMA Pool #733750	6.310	%	10/01/32		67,311
	345,026	FNMA Pool #735861	6.500	%	09/01/33		388,007
	623,960	FNMA Pool #745001	6.500	%	09/01/35		699,738
	160,423	FNMA Pool #745630	5.500	%	01/01/29		173,346
	179,861	FNMA Pool #801357	5.500	%	08/01/34		193,675
	211,197	FNMA Pool #813839	6.000	%	11/01/34		232,688
	1,044,311	FNMA Pool #851655	6.000	%	12/01/35		1,145,684
	136,914	FNMA Pool #871394	7.000	%	04/01/21		149,314
	223,372	FNMA Pool #888129	5.500	%	02/01/37		239,550
	158,476	FNMA Pool #888367	7.000	%	03/01/37		179,616
	176,829	FNMA, Series 2003-69 N	5.000	%	07/25/33		187,015
	227,195	FNMA, Series 2003-W3 2A5	5.356	%	06/25/42		246,427
	284,000	FNMA, Series 2005-68 BC	5.250	%	06/25/35		309,981
	354,191	FNMA, Series 2009-93 PD	4.500	%	09/25/39		362,001
	390,000	FNMA, Series 2009-96 DB	4.000	%	11/25/29		379,623
	637,760	FNMA, Series 2010-12 EY	4.000	%	02/25/25		626,654
	474,955	FNMA, Series G92-43 Z	7.500	%	07/25/22		541,075
	287,149	FNMA, Series G93-5 Z	6.500	%	02/25/23		322,659
	627	GNMA I Pool #176992	8.000	%	11/15/16		633
	983	GNMA I Pool #177784	8.000	%	10/15/16		998
	8,561	GNMA I Pool #192357	8.000	%	04/15/17		8,697
	1,872	GNMA I Pool #194287	9.500	%	03/15/17		1,889
	855	GNMA I Pool #196063	8.500	%	03/15/17		975
	1,009	GNMA I Pool #212601	8.500	%	06/15/17		1,151
	1,389	GNMA I Pool #220917	8.500	%	04/15/17		1,584
	3,498	GNMA I Pool #223348	10.000	%	08/15/18		3,530
	4,851	GNMA I Pool #228308	10.000	%	01/15/19		5,593

See notes to financial statements49

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of December 31, 2010

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	2,228	GNMA I Pool #230223	9.500	%	04/15/18	$	2,247
	3,202	GNMA I Pool #260999	9.500	%	09/15/18		3,752
	4,617	GNMA I Pool #263439	10.000	%	02/15/19		4,659
	1,231	GNMA I Pool #265267	9.500	%	08/15/20		1,455
	1,433	GNMA I Pool #266983	10.000	%	02/15/19		1,668
	687	GNMA I Pool #286556	9.000	%	03/15/20		804
	1,350	GNMA I Pool #301366	8.500	%	06/15/21		1,558
	4,043	GNMA I Pool #302933	8.500	%	06/15/21		4,785
	9,640	GNMA I Pool #308792	9.000	%	07/15/21		11,343
	1,676	GNMA I Pool #314222	8.500	%	04/15/22		1,989
	2,958	GNMA I Pool #315187	8.000	%	06/15/22		3,469
	7,821	GNMA I Pool #315754	8.000	%	01/15/22		7,868
	22,199	GNMA I Pool #319441	8.500	%	04/15/22		24,681
	6,439	GNMA I Pool #325165	8.000	%	06/15/22		7,551
	7,368	GNMA I Pool #335950	8.000	%	10/15/22		8,327
	108,353	GNMA I Pool #346987	7.000	%	12/15/23		123,706
	49,635	GNMA I Pool #352001	6.500	%	12/15/23		56,262
	18,390	GNMA I Pool #352110	7.000	%	08/15/23		20,996
	45,033	GNMA I Pool #368238	7.000	%	12/15/23		51,414
	32,534	GNMA I Pool #372379	8.000	%	10/15/26		38,394
	54,413	GNMA I Pool #396537	7.490	%	03/15/25		62,800
	40,765	GNMA I Pool #399726	7.490	%	05/15/25		47,049
	97,904	GNMA I Pool #399788	7.490	%	09/15/25		112,994
	27,677	GNMA I Pool #399958	7.490	%	02/15/27		31,959
	26,475	GNMA I Pool #399964	7.490	%	04/15/26		30,542
	46,599	GNMA I Pool #410215	7.500	%	12/15/25		53,797
	5,360	GNMA I Pool #414736	7.500	%	11/15/25		6,188
	23,276	GNMA I Pool #420707	7.000	%	02/15/26		26,657
	16,214	GNMA I Pool #421829	7.500	%	04/15/26		18,710
	9,472	GNMA I Pool #431036	8.000	%	07/15/26		11,178
	13,886	GNMA I Pool #431612	8.000	%	11/15/26		16,387
	4,709	GNMA I Pool #442190	8.000	%	12/15/26		5,557
	48,639	GNMA I Pool #448970	8.000	%	08/15/27		57,487
	12,924	GNMA I Pool #449176	6.500	%	07/15/28		14,676
	21,419	GNMA I Pool #462623	6.500	%	03/15/28		24,321
	135,420	GNMA I Pool #471369	5.500	%	05/15/33		147,142
	8,364	GNMA I Pool #475149	6.500	%	05/15/13		9,132
	289,339	GNMA I Pool #487108	6.000	%	04/15/29		319,506
	131,716	GNMA I Pool #489377	6.375	%	03/15/29		148,493
	434,114	GNMA I Pool #503405	6.500	%	04/15/29		492,931
	136,132	GNMA I Pool #509930	5.500	%	06/15/29		148,250
	278,513	GNMA I Pool #509965	5.500	%	06/15/29		303,304
	35,895	GNMA I Pool #524811	6.375	%	09/15/29		40,467
	15,785	GNMA I Pool #538314	7.000	%	02/15/32		18,091
	137,639	GNMA I Pool #595606	6.000	%	11/15/32		151,989
	16,431	GNMA I Pool #602377	4.500	%	06/15/18		17,492
	829,731	GNMA I Pool #603328	5.500	%	12/15/32		901,810
	21,136	GNMA I Pool #603377	4.500	%	01/15/18		22,500
	123,361	GNMA I Pool #616829	5.500	%	01/15/25		134,694
	116,882	GNMA I Pool #623190	6.000	%	12/15/23		128,863
	454,427	GNMA I Pool #624600	6.150	%	01/15/34		519,126
	73,447	GNMA I Pool #640940	5.500	%	05/15/35		80,929
	34,689	GNMA I Pool #658267	6.500	%	02/15/22		37,952
	856,782	GNMA I Pool #711286	6.500	%	10/15/32		956,187
	36,366	GNMA I Pool #780429	7.500	%	09/15/26		41,976
	221,141	GNMA I Pool #780492	7.000	%	09/15/24		252,566
	126,399	GNMA I Pool #780977	7.500	%	12/15/28		149,959

See notes to financial statements50

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of December 31, 2010

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	315,846	GNMA I Pool #781120	7.000	%	12/15/29	$	362,265
	22,963	GNMA II Pool #000723	7.500	%	01/20/23		26,388
	1,844	GNMA II Pool #001596	9.000	%	04/20/21		2,162
	27,484	GNMA II Pool #002268	7.500	%	08/20/26		31,587
	96,932	GNMA II Pool #002442	6.500	%	06/20/27		109,693
	3,731	GNMA II Pool #002855	8.500	%	12/20/29		4,487
	140,841	GNMA II Pool #003284	5.500	%	09/20/32		152,639
	86,885	GNMA II Pool #003401	4.500	%	06/20/33		91,384
	491,036	GNMA II Pool #003403	5.500	%	06/20/33		532,004
	125,604	GNMA II Pool #003554	4.500	%	05/20/34		131,986
	598,058	GNMA II Pool #003556	5.500	%	05/20/34		646,997
	345,522	GNMA II Pool #003689	4.500	%	03/20/35		362,762
	49,035	GNMA II Pool #004149	7.500	%	05/20/38		54,900
	540,405	GNMA II Pool #004308	5.000	%	12/20/38		567,480
	365,602	GNMA II Pool #004412	5.000	%	04/20/39		385,747
	769,548	GNMA II Pool #004751	7.000	%	12/20/38		853,885
	235,213	GNMA II Pool #004752	7.500	%	11/20/38		263,346
	495,708	GNMA II Pool #004753	8.000	%	08/20/30		585,234
	845,156	GNMA II Pool #004805	6.500	%	09/20/40		949,765
	198,602	GNMA II Pool #004808	8.000	%	01/20/31		231,608
	1,407,264	GNMA II Pool #004838	6.500	%	10/20/40		1,581,449
	96,880	GNMA II Pool #575787	5.760	%	03/20/33		106,285
	104,698	GNMA II Pool #608120	6.310	%	01/20/33		117,767
	299,399	GNMA II Pool #610116	5.760	%	04/20/33		328,465
	69,723	GNMA II Pool #610143	5.760	%	06/20/33		76,492
	235,857	GNMA II Pool #612121	5.760	%	07/20/33		258,755
	223,771	GNMA II Pool #648541	6.000	%	10/20/35		246,429
	1,182,875	GNMA II Pool #719213	6.500	%	02/20/33		1,326,361
	113,321	GNMA Pool #780685	6.500	%	12/15/27		128,651
	926,120	GNMA, Series 1998-21 ZB	6.500	%	09/20/28		1,000,909
	204,286	GNMA, Series 1999-25 TB	7.500	%	07/16/29		229,640
	795,922	GNMA, Series 1999-4 ZB	6.000	%	02/20/29		873,853
	310,074	GNMA, Series 2000-14 PD	7.000	%	02/16/30		339,961
	238,545	GNMA, Series 2001-4 PM	6.500	%	03/20/31		273,815
	301,972	GNMA, Series 2002-22 GF	6.500	%	03/20/32		330,825
	209,475	GNMA, Series 2002-40 UK	6.500	%	06/20/32		242,325
	163,851	GNMA, Series 2002-45 QE	6.500	%	06/20/32		184,483
	268,538	GNMA, Series 2002-6 GE	6.500	%	01/20/32		287,945
	135,287	GNMA, Series 2002-7 PG	6.500	%	01/20/32		155,604
	423,027	GNMA, Series 2002-76 EA	4.500	%	12/20/29		446,404
	833,489	GNMA, Series 2002-76 TC	4.500	%	12/16/26		893,003
	192,000	GNMA, Series 2003-2 AG	5.000	%	01/20/33		202,661
	300,000	GNMA, Series 2008-35 EH	5.500	%	03/20/38		322,531
	500,000	GNMA, Series 2010-21 NB	4.500	%	01/20/37		518,681
	1,494,206	GNMA, Series 2010-23 DP	4.500	%	10/20/37		1,551,463
	360,424	Vendee Mortgage Trust, Series 1996-1 1Z	6.750	%	02/15/26		407,325
	292,029	Vendee Mortgage Trust, Series 1998-1 2E	7.000	%	03/15/28		338,202

Total Agency Mortgage-Backed Securities (identified cost, $37,877,560) $ 39,346,008

TOTAL FIXED INCOME INVESTMENTS (identified cost, $37,877,560) — 96.9% $ 39,346,008

SHORT-TERM INVESTMENTS - 2.8%
$	1,132,394	Fidelity Government Money Market Fund, 0.01% (1)	$	1,132,394

See notes to financial statements51

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of December 31, 2010

		Value
TOTAL SHORT-TERM INVESTMENTS (identified cost, $1,132,394) — 2.8%	$	1,132,394

TOTAL INVESTMENTS (identified cost, $39,009,954) — 99.7% $ 40,478,402

OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.3% $ 105,888

NET ASSETS — 100.0% $ 40,584,290

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

(1)      Variable rate security. Rate presented is as of December 31, 2010.

See notes to financial statements52

Wright Current Income Fund (WCIF)

STATEMENT OF ASSETS AND LIABILITIES
As of December 31, 2010
ASSETS:			TRUE
	Investments, at value
	(identified cost $39,009,954) (Note 1A)	$	40,478,402
	Receivable for fund shares sold		78,118
	Investment securities sold		404
	Dividends and interest receivable		179,876
	Prepaid expenses and other assets		15,415
	Total assets	$	40,752,215
LIABILITIES:
	Payable for fund shares reacquired	$	86,665
	Distributions payable		59,420
	Accrued expenses and other liabilities		21,840
	Total liabilities	$	167,925
NET ASSETS		$	40,584,290
NET ASSETS CONSIST OF:
	Paid-in capital	$	39,778,807
	Accumulated net realized loss on investments		(664,464	)
	Undistributed net investment income		1,499
	Unrealized appreciation on investments		1,468,448
	Net assets applicable to outstanding shares	$	40,584,290
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			4,093,644
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	9.91

STATEMENT OF OPERATIONS
For the Year Ended December 31, 2010
INVESTMENT INCOME (Note 1C)
	Interest income	$	1,693,512
	Dividend income		730
	Total investment income	$	1,694,242
Expenses –
	Investment adviser fee (Note 3)	$	162,657
	Administrator fee (Note 3)		32,532
	Trustee expense (Note 3)		21,948
	Custodian fee		3,559
	Accountant fees		38,913
	Distribution expenses (Note 4)		90,365
	Transfer agent fees		35,457
	Printing		193
	Shareholder communications		7,402
	Audit services		39,499
	Legal services		15,539
	Registration costs		10,474
	Interest expense (Note 8)		72
	Miscellaneous		22,840
	Total expenses	$	481,450
Deduct –
	Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(156,065	)
	Net expenses	$	325,385
	Net investment income	$	1,368,857
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
	Net realized gain on investment transactions	$	244,084
	Net change in unrealized appreciation on investments		261,790
	Net realized and unrealized gain on investments	$	505,874
	Net increase in net assets from operations	$	1,874,731

See notes to financial statements53

Wright Current Income Fund (WCIF)

		Year Ended
STATEMENTS OF CHANGES IN NET ASSETS			December 31, 2010			December 31, 2009
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income		$	1,368,857		$	1,843,529
	Net realized gain on investment transactions			244,084			721,461
	Net change in unrealized appreciation (depreciation) on investments			261,790			(208,499	)
	Net  increase in net assets from operations		$	1,874,731		$	2,356,491
Distributions to shareholders (Note 2)
	From net investment income		$	(1,698,180	)	$	(1,798,418	)
	Total distributions		$	(1,698,180	)	$	(1,798,418	)
Net increase (decrease) in net assets resulting from fund share transactions (Note 6)			$	7,378,534		$	(6,335,077	)
Net increase (decrease) in net assets			$	7,555,085		$	(5,777,004	)
NET ASSETS:
	At begining of year			33,029,205			38,806,209
	At end of year		$	40,584,290		$	33,029,205
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF YEAR			$	1,499		$	127,753

See notes to financial statements                                                                                                                                                          54

Wright Current Income Fund (WCIF)

		Year Ended December 31,
FINANCIAL HIGHLIGHTS			2010				2009			2008			2007			2006
Net asset value, beginning of year			$		9.830	(1)	$	9.700		$	9.590		$	9.510		$	9.610
Income (loss) from investment operations:
Net investment income (2)					0.377			0.472			0.447			0.455			0.427
Net realized and unrealized gain (loss)					0.175			0.118	(1)		0.122			0.078			(0.063	)
Total income from investment operations					0.552			0.590	(1)		0.569			0.533			0.364
Less distributions:
From net investment income					(0.472	)		(0.460	)		(0.459	)		(0.444	)		(0.447	)
From net realized gains					—			—			—			(0.009	)		(0.017	)
	Total distributions				(0.472	)		(0.460	)		(0.459	)		(0.453	)		(0.464	)
Net asset value, end of year			$		9.910		$	9.830	(1)	$	9.700		$	9.590		$	9.510
Total Return(3)					5.70	%		6.20	%		6.10	%		5.77	%		3.92	%
Ratios/Supplemental Data(4):
Net assets, end of year (000 omitted)			$40,584				$33,029			$38,806			$39,699			$40,474
Ratios (As a percentage of average daily net assets):
Net expenses					0.90	%		0.92	%		0.96	%		0.96	%		0.96	%
Net expenses after custodian fee reduction					N/A			0.92	%		0.95	%		0.95	%		0.95	%
Net investment income					3.79	%		4.81	%		4.66	%		4.80	%		4.47	%
Portfolio turnover rate					54	%		57	%		57	%		47	%		75	%
(1)	Previously reported amount has been changed by 0.001 to reflect rounding consistencies.
(2)	Computed using average shares outstanding.
(3)	Total return is calculated assuming a purchase at the net asset value on the first day and a sale at the net asset value  on the last day of each year reported.  Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(4)	For the years ended December 31, 2010, 2009, 2008, 2007 and 2006, the operating expenses of the Fund were reduced by a waiver of fees and/or allocation of expenses to the principal underwriter and/or investment adviser. Had such action not been undertaken, expenses and net investment income ratios would have been as follows:
				2010			2009			2008			2007			2006
Ratios (As a percentage of average daily net assets):
Expenses					1.33	%		1.32	%		1.24	%		1.23	%		1.31	%
Expenses after custodian fee reduction					N/A			1.32	%		1.23	%		1.22	%		1.30	%
Net investment income					3.36	%		4.41	%		4.38	%		4.52	%		4.13	%

See notes to financial statements55

Wright Managed Income Trust

Notes to Financial Statements

1. Significant Accounting Policies

Wright Total Return Bond Fund (“WTRB”) and Wright Current Income Fund (“WCIF”) (each a “Fund” and collectively, the “Funds”) (the Funds constituting Wright Managed Income Trust (the “Trust”)), is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a diversified, open-end management investment company. WTRB seeks a superior rate of total return, consisting of a high level of income plus price appreciation. WCIF seeks a high level of current income consistent with moderate fluctuations of principal.

The following is a summary of significant accounting policies consistently followed by the Trust in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

A. Investment Valuations – Debt obligations, including listed securities and securities for which quotations are readily available, will normally be valued on the basis of reported trades or market quotations provided by third party pricing services, when these prices are representative of the securities’ market values. For debt securities where market quotations are not readily available, the pricing services will use various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, issuer spreads, as well as industry and economic events. Short-term debt securities with a remaining maturity of sixty days or less are generally valued at amortized cost, which approximates market value. If short-term debt securities are acquired with a remaining maturity of more than sixty days, they will be valued by a pricing service as described above. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Funds in a manner that most fairly reflects the security’s value, or the amount that the Funds might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B. Investment Transactions – Investment transactions for financial statement purposes are accounted for on a trade date basis.  Realized gains and losses on investments sold are determined on the basis of identified cost.

C. Income – Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Funds are informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Funds’ understanding of applicable countries’ tax rules and rates. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium and accretion of discount.  Paydown gains and losses are included in interest income.

D. Federal Taxes – Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the Code) applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.  At December 31, 2010, WTRB and WCIF, for federal income tax purposes, had capital loss carryovers of $1,857,855 and $604,928, respectively, which will reduce each Fund’s taxable income arising from future net realized gain on investments, if any, to the extent permitted by the Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the respective Funds of any liability for federal income or excise tax. Pursuant to the Code, such capital loss carryovers will expire as follows:

56

Wright Managed Income Trust

Notes to Financial Statements

December 31,	WTRB	WCIF
2012	$              -	$ 248,470
2013	270,953	196,117
2014	1,088,772	-
2015	199,047	160,341
2017	299,083	-

A capital loss carryover of $444,587, included in WCIF’s amount in the table above, is available to the Fund as a result of the reorganization of Wright U.S. Government Near Term Fund on December 9, 2006. Utilization of this capital loss carryover may be limited in accordance with certain income tax regulations.

As of December 31, 2010, the Funds had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. Each of the Fund’s federal tax returns filed in the 3-year period ended December 31, 2010, remains subject to examination by the Internal Revenue Service.

E. Expenses - The majority of expenses of the Trust are directly identifiable to an individual Fund. Expenses which are not readily identifiable to a specific Fund are allocated taking into consideration, among other things, the nature and type of expense and the relative size of the Funds.

F. Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G. Indemnifications – Under the Trust’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Funds, and shareholders are indemnified against personal liability for the obligations of the Funds. Additionally, in the normal course of business, the Funds enter into agreements with service providers that may contain indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred.

2. Distributions to Shareholders

The net investment income of each Fund is determined daily, and substantially all of the net investment income so determined is declared daily as a dividend to shareholders of record at the time of declaration. Distributions are generally paid monthly.  Distributions of net realized capital gains (reduced by available capital loss carryforwards from prior years, if any) are made at least annually. Shareholders may reinvest income and capital gain distributions in additional shares of the same Fund at the net asset value as of the reinvestment date or, at the election of the shareholder, receive distributions in cash. The Funds distinguish between distributions on a tax basis and a financial reporting basis. GAAP requires that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital.

The tax character of distributions paid for the years ended December 31, 2010, and December 31, 2009, was as follows:

Year Ended 12/31/10		WTRB		WCIF
Distributions declared from:
Ordinary income	$	1,108,572	$	1,698,180

57

Wright Managed Income Trust

Notes to Financial Statements

Year Ended 12/31/09		WTRB		WCIF
Distributions declared from:
Ordinary income	$	1,139,933	$	1,798,418

During the year ended December 31, 2010, the following amounts were reclassified due to expired capital loss carryforwards and differences between book and tax accounting, primarily for premium amortization and paydown gain (loss).

Increase (decrease):		WTRB			WCIF
Paid-in capital	$	(351,860	)	$	-
Accumulated net realized gain (loss)		193,063			(203,069	)
Accumulated undistributed net investment income (loss)		158,797			203,069

These reclassifications had no effect on the net assets or net asset value per share of the Funds.

As of December 31, 2010, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

		WTRB			WCIF
Undistributed ordinary income	$	-		$	1,499
Capital loss carryforward and post October losses		(1,877,616	)		(626,200	)
Unrealized appreciation		1,007,467			1,430,184

The difference between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statements of Assets and Liabilities are primarily due to wash sales, premium amortization and paydown gain (loss).

For tax purposes, the current year post-October loss was $19,761 and $21,272 (realized during the period November 1, 2010, through December 31, 2010) for WTRB and WCIF, respectively.  These losses will be recognized for tax purposes on the first business day of the Funds’ next fiscal year, January 1, 2011.

3. Investment Adviser Fee and Other Transactions With Affiliates

The investment adviser fee is earned by Wright Investors’ Service, Inc. (“Wright”) as compensation for investment advisory services rendered to the Funds. The fees are computed at annual rates of the average daily net assets as noted below, and are payable monthly.

Annual Advisory Fee Rates
Fund	Under $100 Million	$100 Million to $250 Million	$250 Million to $500 Million	$500 Million to $1 Billion	Over $1 Billion
WTRB	0.45%	0.44%	0.42%	0.40%	0.35%
WCIF	0.45%	0.44%	0.42%	0.40%	0.35%

For the year ended December 31, 2010, the fee and the effective annual rate as a percentage of average daily net assets for each of the Funds were as follows:

Fund	Investment Adviser Fee	Effective Annual Rate
WTRB	$128,908	0.45%
WCIF	162,657	0.45%

58

Wright Managed Income Trust

Notes to Financial Statements

The administrator fee is earned by Wright for administering the business affairs of each Fund.  The fee is computed at an annual rate of 0.07% of the average daily net assets up to $100 million for WTRB and an annual rate of 0.09% of the average daily net assets up to $100 million for WCIF, and at reduced rates as net assets exceed that level.  Atlantic Fund Administration, LLC (d/b/a Atlantic Fund Services) (“Atlantic”) serves as sub-administrator of the Funds to perform certain services of the administrator as may be agreed upon between the administrator and sub-administrator.  The sub-administration fee is paid by Wright.

For the year ended December 31, 2010, the administrator fee for WTRB and WCIF amounted to $20,052 and $32,532, respectively.

Certain Trustees and officers of the Trust are Trustees or officers of the above organizations and/or of the Funds’ principal underwriter. Except as to Trustees of the Trust who are not employees of Atlantic or Wright, Trustees and officers receive remuneration for their services to the Trust out of the fees paid to Atlantic and Wright.  The Trustees are compensated by the Fund Complex as a whole, rather than on a per Trust or per Fund basis.  Quarterly retainer fees are paid in the amount of $4,000 to the Lead Trustee, $3,500 to the Secretary of Independent Trustees, and $3,000 each to the remaining Trustees.  In addition, each Trustee will be paid a fee of $1,500 for each regular Board meeting attended.  Each Trustee is also reimbursed for all reasonable out-of-pocket expenses incurred in connection with his duties as a Trustee, including travel and related expenses incurred in attending Board meetings.  The amount of Trustees’ fees attributable to each Fund is disclosed in the Statement of Operations.

4. Distribution Plans and Service Plans

The Trust has in effect a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 of the 1940 Act. The Plan provides that each Fund will pay Wright Investors’ Service Distributors, Inc. (“WISDI”), the principal underwriter, a wholly-owned subsidiary of The Winthrop Corporation and an affiliate of Wright, a distribution fee of 0.25% per annum of the average daily net assets of each Fund for distribution services and facilities provided to each Fund by WISDI. Distribution fees paid or accrued to WISDI for the year ended December 31, 2010, for WTRB and WCIF amounted to $71,615 and $90,365, respectively. In addition, the Trustees have adopted a service plan (the “Service Plan”) which allows the Funds to reimburse the principal underwriter for payments to intermediaries for providing account administration and personal and account maintenance services to their customers who are beneficial owners of each Fund’s shares. The combined amount of service fees payable under the Service Plan and Rule 12b-1 distribution fees may not exceed 0.25% annually of each Fund’s average daily net assets. For the year ended December 31, 2010, the Funds did not accrue or pay any service fees.

Pursuant to an Expense Limitation Agreement, Wright and WISDI have agreed to waive all or a portion of their fees and reimburse expenses to the extent that total annual operating expenses exceed 0.95% and 1.00% of the average daily net assets of WTRB and WCIF, respectively, through April 30, 2011 (excluding interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with GAAP, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business). Thereafter, the waiver and reimbursement may be changed or terminated at any time. In addition, Wright and WISDI have voluntarily agreed to further limit the total annual operating expenses of WCIF to 0.90% of its average daily net assets. Such voluntary limitation may be terminated at any time.  Prior to July 13, 2010, Wright and WISDI voluntarily waived and/or reimbursed total annual operating expenses of WTRB to 0.70%. Pursuant to these agreements and voluntary limitation, Wright waived and/or reimbursed investment adviser fees of $99,954 and $65,700 for WTRB and WCIF, respectively.  WISDI waived distribution fees of $71,615 and $90,365 for WTRB and WCIF, respectively.

5. Investment Transactions

Purchases and sales (including maturities and paydowns) of investments, other than short-term obligations, were as follows:

59

Wright Managed Income Trust

Notes to Financial Statements

	Year Ended December 31, 2010
	WTRB	WCIF
Purchases -
Non-U.S. Government & Agency Obligations	$  7,182,904	$                 -
U.S. Government & Agency Obligations	$32,683,295	$25,778,539
Sales -
Non-U.S. Government & Agency Obligations	$  3,823,186	$  1,149,715
U.S. Government & Agency Obligations	$29,478,464	$17,752,424

6. Shares of Beneficial Interest

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of beneficial interest (without par value). Transactions in Fund shares were as follows:

	Year Ended December 31, 2010					Year Ended December 31, 2009
	Shares		Amount			Shares			Amount
WTRB
Sold	969,280		$	12,544,600			412,466		$	5,130,935
Issued to shareholders in payment of distributions declared	61,226			792,638			75,223			927,254
Redemptions	(530,770	)		(6,846,658	)		(481,454	)		(5,906,125	)
Net increase	499,736		$	6,490,580			6,235		$	152,064

	Year Ended December 31, 2010					Year Ended December 31, 2009
	Shares		Amount			Shares			Amount
WCIF
Sold	2,147,771		$	21,431,508			959,509		$	9,406,951
Issued to shareholders in payment of distributions declared	110,447			1,099,985			117,297			1,151,298
Redemptions	(1,524,435	)		(15,152,959	)		(1,716,872	)		(16,893,326	)
Net increase (decrease)	733,783		$	7,378,534			(640,066	)	$	(6,335,077	)

7. Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of the investment securities owned at December 31, 2010, as computed on a federal income tax basis, were as follows:

	WTRB			WCIF
Aggregate cost	$	30,342,391		$	39,048,218
Gross unrealized appreciation	$	1,332,656		$	1,616,329
Gross unrealized depreciation		(325,189	)		(186,145	)
Net unrealized appreciation	$	1,007,467		$	1,430,184

8. Line of Credit

The Funds participate with other funds managed by Wright in a committed $10 million unsecured line of credit agreement with Union Bank of California, N.A. (“Union Bank”). The Funds may temporarily borrow from the line of credit to satisfy redemption requests or settle investment transactions.  Interest is charged to each Fund based on its borrowings at an amount above the LIBOR rate. Because the line of credit is not available

60

Wright Managed Income Trust

Notes to Financial Statements

exclusively to each Fund, they may be unable to borrow some or all of the Funds’ requested amounts at any particular time. At December 31, 2010, the Funds had no outstanding balances pursuant to this line of credit.

The average borrowings and average interest rate (based on days with outstanding balances) for the year ended December 31, 2010, were as follows:

	WTRB	WCIF
Average borrowings	$49,278	$410,097
Average interest rate	1.27%	1.26%

9. Fair Value Measurements

Under GAAP 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 December 31, 2010, the inputs used in valuing each Fund’s investments, which are carried at value, were as follows:

WTRB

Asset Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Asset-Backed Securities	$	-	$	876,231	$	-	$	876,231
Commercial Mortgage-Backed Securities		-		2,179,179		-		2,179,179
Residential Mortgage-Backed Securities		-		70,669		-		70,669
Convertible Bonds		-		255,131		-		255,131
Corporate Bonds		-		13,495,673		-		13,495,673
U.S. Government Interests		-		14,413,791		-		14,413,791
Short-Term Investments		-		59,184		-		59,184
Total Investments	$	-	$	31,349,858	$	-	$	31,349,858

61

Wright Managed Income Trust

Notes to Financial Statements

WCIF

Asset Description	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Agency Mortgage-Backed Securities	$	-	$	39,346,008	$	-	$	39,346,008
Short-Term Investments		-		1,132,394		-		1,132,394
Total Investments	$	-	$	40,478,402	$	-	$	40,478,402

The level classification by major category of investments is the same as the category presentation in each Fund’s Portfolio of Investments.

10. Change in Independent Registered Public Accounting Firm

The Board of Trustees (the “Board”), with the approval and recommendation of the Audit Committee, selected BBD, LLP (“BBD”) to replace Deloitte & Touche, LLP (“D&T”), as the Funds’ independent registered public accounting firm for the Funds’ fiscal year ending December 31, 2010.  Throughout D&T’s tenure, including the Funds’ two most recent fiscal periods, the Funds had no disagreements with D&T on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, and there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchanges Act of 1934.  With respect to the Funds, D&T’s audit opinions, including the past two fiscal periods, have not contained either an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.  Further, there were no disagreements between the Funds and D&T on accounting principles, financial statement disclosure or audit scope, which, if not resolved to the satisfaction of D&T would have caused D&T to make reference to the disagreement in D&T’s report.  During the last two fiscal years of the Funds, neither the Funds nor anyone on its behalf has consulted BBD on items concering the application of accounting principles to a specified transaction (either completed or proposed) or the type of audit opinion that might be rendered on the Funds’ financial statements, or concerning the subject of a disagreement of the kind described in Item 304(a)(1)(iv) of Regulation S-K or reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K.

11. New Accounting Pronouncement

In January 2010, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2010-06 “Improving Disclosures about Fair Value Measurements.”  ASU No. 2010-06 clarifies existing disclosure and requires additional disclosures regarding fair value measurements.  Effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years, entities will need to disclose information about purchases, sales, issuances and settlements of Level 3 securities on a gross basis, rather than as a net number as currently required.  Management is currently evaluating the impact ASU No. 2010-06 will have on financial statement disclosures.

12. Review for Subsequent Events

In connection with the preparation of the financial statements of the Funds as of and for the year ended December 31, 2010, events and transactions subsequent to December 31, 2010, have been evaluated by the Funds’ management for possible adjustment and/or disclosure. Management has not identified any subsequent events requiring financial statement disclosure as of the date these financial statements were issued.

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Wright Managed Income Trust

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wright Managed Income Trust and the Shareholders of Wright Total Return Bond Fund and Wright Current Income Fund:

We have audited the accompanying statements of assets and liabilities of Wright Total Return Bond Fund and Wright Current Income Fund (the “Funds”), each a series of shares of beneficial interest in The Wright Managed Income Trust, including the portfolios of investments, as of December 31, 2010, and the related statements of operations, the statements of changes in net assets and the financial highlights for the year then ended. These financial statements and the financial highlights are the responsibility of the Funds’ management.  Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The statements of changes in net assets for the year ended December 31, 2009 and the financial highlights for each of the years in the four-year period ended December 31, 2009 were audited by other auditors whose report dated February 23, 2010, expressed an unqualified opinion on such financial statements and financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  Our procedures included confirmation of securities owned as of December 31, 2010 by correspondence with the custodian.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Wright Total Return Bond Fund and Wright Current Income Fund as of December 31, 2010, the results of their operations, the changes in their net assets and their financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

  BBD, LLP

Philadelphia, Pennsylvania

February 15, 2011

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Wright Managed Income Trust

Federal Tax Information (Unaudited)

The Form 1099-DIV you received in January 2011 showed the tax status of all distributions paid to your account in calendar year 2010.  Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Funds.

Qualified Interest Income – Wright Total Return Bond Fund and Wright Current Income Fund designate 97.88% and 100.00%, respectively, as qualified interest income exempt from U.S. tax for foreign shareholders (QII).

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Management and Organization (Unaudited)

________________________________________________________________________

Fund Management.  The Trustees of the Trust are responsible for the overall management and supervision of the affairs of the Trust.  The Trustees and principal officers of the Trusts are listed below.  Except as  indicated, each individual has held the office shown or other offices in the same company for the last five years.  The business address of each Trustee and principal  officer is 440 Wheelers Farms Road, Milford, Connecticut 06461.

Definitions:

“WISDI” means Wright Investors’ Service Distributors, Inc., the principal underwriter of the Funds.

“Winthrop” means The Winthrop Corporation, a holding company which owns all of the shares of Wright and WISDI.

Name, Address and Age	Position(s) with the Trust	Term* of Office and Length of Service	Principal Occupation During Past Five Years	Number of Funds in Fund Complex Overseen By Trustee	Other Trustee/ Director/ Partnership/ Employment Positions Held
Interested Trustees
Peter M. Donovan ** Age   68	President and Trustee	President and Trustee since Inception	Chairman, Chief Executive Officer, President and Director of Wright and Winthrop; Chief Investment Officer and Chairman of the Investment Committee; a Director of WISDI; President of 5 funds managed by Wright	5	None
A.M. Moody, III*** Age  74	Vice President and Trustee	Vice President of the Trusts since December, 1990; Trustee of the Trusts since January, 1990	President, AM Moody Consulting LLC (compliance and administrative services to the mutual fund industry) since July 1, 2003; President of WISDI since 2005; Vice President of 5 funds managed by Wright; Retired Senior Vice President of Wright and Winthrop; Retired President of WISDI June 30, 2003 to May 2005	5	None
*       Trustees serve an indefinite term.  Officers are elected annually. **      Mr. Donovan is an interested person of the Trusts because of his positions as President of the Trusts, Chairman, Chief Executive Officer and Director of Wright and Winthrop and Director of WISDI. ***     Mr. Moody is an interested person of the Trusts because of his position as Vice President of the Trusts, President and Director of WISDI, and his affiliation as a consultant to Wright.

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Management and Organization (Unaudited) - continued

_____________________________________________________________________

Name, Address and Age	Position(s) with the Trust	Term* of Office and Length of Service	Principal Occupation During Past Five Years	Number of Funds in Fund Complex Overseen By Trustee	Other Trustee/ Director/ Partnership/ Employment Positions Held
Independent Trustees
James J. Clarke Age  69	Trustee	Trustee since December, 2002	President, Clarke Consulting (bank consultant – financial management and strategic planning); Director – Reliance Bank, Altoona, PA since August 1995; Director – Quaint Oak Bank, Southampton, PA since March 2007; Associate Professor of Finance at Villanova University, 1972-2002	5	None
Dorcas R. Hardy Age  64	Trustee	Trustee since December, 1998	President, Dorcas R. Hardy & Associates (a public policy and government relations firm) Spotsylvania, VA; Director, The Options Clearing Corporation 1997-2005; Director, First Coast Service Options since 1998	5	None
Richard E. Taber Age  62	Trustee	Trustee since March, 1997	Chairman and Chief Executive Officer of First Country Bank, Stamford, CT	5	None

Principal Officers who are not Trustees
Judith R. Corchard Age  72	Vice President	Vice President of the Trusts since June, 1998	Executive Vice President, Investment Management; Senior Investment Officer and Director of Wright and Winthrop; Vice President of 5 funds managed by Wright, Fund Chief Compliance Officer since 2004
Gale L. Bertrand Age  46	Treasurer	Treasurer since December 1, 2009	Vice President, Atlantic Fund Services, LLC 2008 to present; 2004 to 2008 Citigroup Fund Services, LLC; Officer of 5 funds managed by Wright
Christopher A. Madden Age  43	Secretary	Secretary since December 1, 2009	Counsel at Atlantic Fund Services, LLC 2009 to present; 2005 to 2009 Citigroup Fund Services, LLC; 1997 to 2005 State Street Bank and Trust Company; Officer of 5 funds managed by Wright

*       Trustees serve an indefinite term.  Officers are elected annually.

Additional information about the Funds’ Trustees is available in the Statement of Additional Information, which is available without charge, upon request, by calling 1-800-888-9471.

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Board of Trustees

Annual Approval of the Investment Advisory Agreement (Unaudited)

In evaluating the Investment Advisory Contracts, the Independent Trustees met separately from the Interested Trustees and reviewed and considered materials furnished by Wright, including information regarding Wright, its affiliates and personnel, operations and financial condition. The Independent Trustees discussed with representatives of Wright the portfolio management and operations of the funds and the capabilities of Wright to provide advisory and other services to each fund. The Independent Trustees considered, among other things, the following:

Equity Funds and Income Funds

• Whether the advisory arrangements are fair and reasonable relative to possible alternative arrangements. The Trustees concluded that the advisory fees paid by the Funds are reasonable.

• Whether advisory services are being provided as agreed to. The Trustees concluded that the services being provided by the adviser are as agreed to in the advisory contract.

• Whether compensation paid by a Fund to the adviser is fair and reasonable in relation to the services provided and the charges by other advisers for similar services. The Trustees concluded that the compensation paid by the Funds to the adviser is in the average range of compensation charged by other advisers for similar services and is reasonable.

• Fees and expense ratios compared to similar funds. The Trustees concluded that the expense ratios of the Funds are in line with the average for similar funds.

• Performance and relationship of fees and performance. The Trustees concluded that in most cases the performance results of the Funds were at least in the mid-range of similar funds while their expense ratios were reasonable in comparison.

• Analysis of each Fund’s profitability to the adviser. The Trustees concluded that the profitability to the adviser of each Fund was reasonable and not excessive.

• The adviser’s financial condition and the overall organization of the adviser.

• Sales and redemption data. The Trustees reviewed the information which had been provided to them relating to sales and redemptions and Wright’s marketing strategies to try to increase assets under management.

• The economic outlook and the general investment outlook in the relevant investment markets. The Trustees have received a presentation on the overall economic outlook and investment outlook of both equity and income markets at each Board meeting.

• The resources devoted to compliance efforts undertaken by the adviser and the record of compliance with investment policies and restrictions and with policies on personal securities transactions. The Trustees have approved and met separately with the Funds’ Chief Compliance Officer.

Additional Considerations for Equity Funds

• The allocation of brokerage and any benefits received by the adviser as a result of brokerage allocation. The Trustees reviewed the Trading Analysis included in the material provided in advance of the meeting.

The Independent Trustees’ Committee did not consider any single factor as controlling in their consideration of the renewal of the Investment Advisory Contracts, nor are the considerations described above all encompassing. Based on their consideration of all factors which they considered material, and with the assistance of independent counsel, the Independent Trustees’ Committee concluded that the renewal of the Investment Advisory Contracts with its current fee structure is in the interests of the shareholders.

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Important Notices Regarding Privacy, Delivery of Shareholder Documents, Portfolio Holdings and Proxy Voting (Unaudited)

Wright Managed Investment Funds

Wright Investors’ Service, Inc.

Wright Investors’ Service Distributors, Inc.

Privacy Policy

Wright is committed to ensuring your financial privacy. Each of the above financial institutions has the following policy in effect with respect to nonpublic personal information about its customers:

• The only such information we collect is information received from customers, through application forms or otherwise, and information which we necessarily receive in connection with your Wright fund transactions.

• We will not disclose this information to anyone except as required or permitted by law. Such disclosure includes that made to other companies such as transfer agents and their employees and to our employees, in each case as necessary to service your account.

• We have adopted policies and procedures (including physical, electronic and procedural safeguards) that are designed to protect the confidentiality of this information.

For more information about Wright’s privacy policies please feel free to call 1-800-888-9471.

Important Notice Regarding Delivery of Shareholders Documents

The Securities and Exchange Commission permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders.

Wright, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Wright, or your financial adviser, otherwise.

If you would prefer that your Wright documents not be householded, please contact Wright at 1-800-888-9471, or your financial adviser.

Your instructions that householding not apply to delivery of your Wright documents will be effective within 30 days of receipt by Wright or your financial adviser.

Portfolio Holdings

In accordance with rules established by the SEC, the funds send semi-annual and annual reports to  shareholders that contain a complete list of portfolio holdings as of the end of the second and fourth quarters, respectively, within 60 days of quarter-end and after filing with the SEC. The funds also disclose complete portfolio holdings as of the end of the first and third fiscal quarters on Form N-Q, which is filed with the SEC within 60 days of quarter-end. The funds’ complete portfolio holdings as reported in annual and semi-annual reports and on Form N-Q are available for viewing on the SEC website at http://www.sec.gov and may be reviewed and copied at the SEC’s public reference room (information on the operation and terms of usage of the SEC public reference room is available at http://sec.gov/info/edgar/prrules.htm or by calling 1-800-SEC-0330). After filing, the funds’ portfolio holdings as reported in annual and semi-annual reports are also available on Wright’s website at www.wisi.com and are available upon request at no additional cost by contacting Wright at 1-800-888-9471.

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Important Notices Regarding Privacy, Delivery of Shareholder Documents, Portfolio Holdings and Proxy Voting (Unaudited) - continued

Proxy Voting Policies and Procedures

From time to time funds are required to vote proxies related to the securities held by the funds. The Wright Managed Funds vote proxies according to a set of policies and procedures approved by the Funds’ Board. You may obtain a description of these policies and procedures and information on how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 without charge, upon request, by calling 1-800-888-9471. This description is also available on the Securities and Exchange Commissions website at http://www.sec.gov.

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ITEM 2. CODE OF ETHICS.

The registrant has adopted a code of ethics applicable to its Principal Executive Officer and Principal Financial Officer.  The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-888-9471.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s Board has designate James J. Clarke, an independent trustee, as its audit committee financial expert.  Mr. Clarke is the Principal of Clarke Consulting, a financial management and strategic planning firm.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the principal accountant in connection with the statutory and filings or engagements for those fiscal years were, $88,992 in 2010 and $87,375 in 2009.

(b) Audit-Related Fees

None.

(c) Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning were $17,110 in 2010 and $16,300 in 2009.  The nature of the services comprising these fees were tax compliance, tax advice and tax planning including fees for tax return preparation.

(d) All Other Fees

None.

(e) (1) The registrant’s audit committee has adopted an Audit Committee Charter which contains policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”).  The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities.  As a general matter,  the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee, and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees with the exception of any de minimus engagement meeting applicable requirements.  Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the registrant’s audit committee.  The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually.  The registrant’s audit committee maintains full responsibility for the appointment, compensation and oversight of the registrant’s principal accountant.

        (2) Not applicable.

(f) Not applicable

(g) Not applicable.

(h) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a)   Included as part of report to stockholders under Item 1.

(b)   Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.  PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which a Fund’s shareholder may recommend nominees to the registrant’s board of Trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A(17 CFR240 14a-101), or this item.

ITEM 11. 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 reported within the time period specified to 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 12. EXHIBITS.

(a)(1)  Registrant’s Code of Ethics – Not applicable (please see Item 2)

(a)(2) Treasurer’s and President’s Section 302 certification

(a)(3)  Not applicable.

(b)      Combined 906 certification

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.

Registrant                      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   02/24/11

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   02/24/11

By      /s/ Gale L. Bertrand

    Gale L. Bertrand

          Treasurer

Date  02/23/11