As filed with the Securities and Exchange Commission on August 27, 2012

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 Farms Road

Milford, Connecticut 06461

Christopher A. Madden

Three Canal Plaza, Suite 600

Portland, ME 04101

207-347-2000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2012 – June 30, 2012

Table of Contents

Investment Objectives	inside front
Letter to Shareholders	2
Fund Expenses	4
Board of Trustees Annual Approval of the Investment Advisory Agreement	53
Important Notices Regarding Delivery of Shareholder Documents, Portfolio Holdings and Proxy Voting	54

FINANCIAL STATEMENTS

The Wright Managed Equity Trust		The Wright Managed Income Trust
Wright Selected Blue Chip Equities Fund		Wright Total Return Bond Fund
Portfolio of Investments	6	Portfolio of Investments	29
Statement of Assets and Liabilities	8	Statement of Assets and Liabilities	35
Statement of Operations	8	Statement of Operations	35
Statements of Changes in Net Assets	9	Statements of Changes in Net Assets	36
Financial Highlights	10	Financial Highlights	37
Wright Major Blue Chip Equities Fund		Wright Current Income Fund
Portfolio of Investments	11	Portfolio of Investments	38
Statement of Assets and Liabilities	13	Statement of Assets and Liabilities	43
Statement of Operations	13	Statement of Operations	43
Statements of Changes in Net Assets	14	Statements of Changes in Net Assets	44
Financial Highlights	15	Financial Highlights	45
Wright International Blue Chip Equities Fund		Notes to Financial Statements	46
Portfolio of Investments	16
Statement of Assets and Liabilities	18
Statement of Operations	18
Statements of Changes in Net Assets	19
Financial Highlights	20
Notes to Financial Statements	21

Letter to Shareholders

Dear Shareholders:

Global stock prices generally retreated in the second quarter of 2012 as investors sought shelter in safehaven securities like U.S. Treasury bonds and German bonds. The S&P 500 and NASDAQ began April on the right foot, gaining upwards of 1% on the second quarter’s first day of trading and establishing new multi-year highs. The major U.S. market indexes ended the second quarter as impressively, with price increases of 2% to 3%, making June 29 the best day for stocks in six months. What came in between April 2 and June 29 was not so pretty, but the U.S. stock market action on the two days bracketing the second quarter of 2012 saved the quarter from really looking ugly. Instead, we saw what amounted to a mild correction in Q2, leaving the market averages with healthy, indeed, better-than-average returns for 2012’s first half. Despite all the negative headlines on Europe and the slowing U.S. economy, U.S. stock returns were well ahead of bond returns for the first half of 2012: NASDAQ, +13.3%; S&P 500, +9.5%; Dow Jones Industrials, +6.8%; Barclays U.S. bond market aggregate, +2.4%. Foreign stocks generally had steeper corrections in the second quarter of 2012 and consequently shallower returns for the entire first half.

Market volatility was roughly 10% higher in the second quarter than in Q1, with stock market indexes giving back anywhere from one-third (Dow Jones Industrials) to one-half (S&P 400 MidCaps) of their first-quarter gains. Economic evidence accumulated in the period suggesting that Europe continues in recession, while growth slowed in the U.S., China and India, erstwhile engines of global economic growth. The first important data releases of July showed some mild positive surprises for Europe – namely, that manufacturing wasn’t quite as weak in June as forecasters thought – but the ISM survey of purchasing managers showed that, for the first time in almost three years, U.S. manufacturing failed to expand last month. The ISM surveys showed that new order rates contracted for manufacturers and growth slowed at service companies in June.

The improved economic trends of late 2011/early 2012 and the sense of optimism that the world could get past the European debt crisis came undone in the second quarter. Economic indicators slowed over the course of the second quarter. Employment increases in the three months to June 2012 totaled 225,000 jobs, just one-third as many as in the first quarter, a slowdown similar in magnitude to the one seen in May-July of 2011. As we noted three months ago, the warm weather experienced at the beginning of 2012 may have exaggerated the first quarter’s growth – to the detriment of second-quarter economic activity, which we believe probably will come in somewhat below the 1.9% annual GDP growth rate of Q1. While Europe tries to fight off recession, its policy mishmash of austerity and bailouts seems only to heighten the uncertainties facing doubting investors and lenders. The late-June agreements reached by Euro-Zone leaders on assistance to struggling European banks and sovereign nations briefly buoyed investor spirits, but like so many other measures and half measures taken over the past several years, they appear to have a short shelf life.

Stock prices have already discounted a lot of economic slowing, and few would be so bold as to assume we have heard the last of the European debt crisis. In that sense, markets have set a low bar of expectations for economies and corporations to hurdle. Indeed, one of the best aspects of this once-in-50-years economic cycle, where ordinary business cycle pressures are compounded by dramatic debt deleveraging, has been corporate profits. Where other economic parameters, such as employment and wage income, have disappointed this cycle, corporate profits have generally exceeded historical growth rates. In other words, the doubling in stock prices off the March 2009 lows has been supported by a doubling of profits.

The S&P 500’s price/earnings multiple as the third quarter of 2012 began was 13.5 (on trailing 12 months’ earnings), nearly 4 P/E points below the market’s average valuation over the past 25 years. Correcting for the

 2

Letter to Shareholders

financial imbalances and excesses of the 1990s and 2000s will not be a walk in the park, and rates of return on stocks in the 7%-8% range might be as good as investors can expect over the next five years. In today’s low interest rate environment, that would still represent a significant premium over likely fixed-income returns. Investors should take encouragement from the fact that the financial condition of corporations and households have been on the mend for fully three years. Corporations of the type on the Approved Wright Investment List continue to create fundamental value for stockholders through growth in earnings, dividends and equity, and ultimately, we believe, stock prices will reflect this growth in the form of positive real rates of return.

MERGER ANNOUNCEMENT

In case you missed our earlier announcement, I am pleased to point out to you some very exciting and positive news for Wright Investors’ Service, Inc. (“Wright”) and its clients. The parent company of Wright, The Winthrop Corporation, signed a definitive agreement on June 18th to merge with a wholly owned subsidiary of National Patent Development Corporation (“NPDC”), a public company listed on the Over-The-Counter Bulletin Board Exchange under the symbol NPDV.OB. The transaction is expected to close in the fourth quarter of 2012.

This merger, which was entered into only after careful consideration, will enable Wright to achieve its growth objectives more quickly and enable it to expand on its tradition of excellence in investment management and client service. There will be no changes in the staff or the management of client accounts as a result of this transaction. I will remain as Wright’s Chief Executive Officer and be added as a director of NPDC. As we go forward, you should experience “business as usual.”

We at Wright look forward to being aligned with NPDC and to the opportunities and growth that this new alliance will bring. It is our expectation that with this transaction, Wright will continue to build upon its long tradition of quality and disciplined investing and continue to earn the trust that you have shown to us. If you have any questions or would like to discuss this further, please contact me.

Sincerely,

Peter M. Donovan

Chairman & CEO

 3

Fund Expenses

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 (January 1, 2012 – June 30, 2012).

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 applicable).  Therefore, the second line of the tables is useful in comparing ongoing costs only, and will not 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.

 4

Fund Expenses

EQUITY FUNDS				FIXED INCOME FUNDS
Wright Selected Blue Chip Equities Fund				Wright Total Return Bond Fund
Beginning	Ending	Expenses Paid	Beginning	Ending	Expenses Paid
Account Value	Account Value	During Period*	Account Value	Account Value	During Period*
(1/1/12)	(6/30/12)	(1/1/12-6/30/12)	(1/1/12)	(6/30/12)	(1/1/12-6/30/12)
Actual Fund Shares	$1,000.00	$1,066.30	$7.19	Actual Fund Shares	$1,000.00	$1,023.73	$4.53
Hypothetical (5% return per year before expenses)				Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,017.90	$7.02	Fund Shares	$1,000.00	$1,020.14	$4.76
*Expenses are equal to the Fund’s annualized expense ratio of 1.40% multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2011.				*Expenses are equal to the Fund’s annualized expense ratio of 0.95% multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2011.
Wright Major Blue Chip Equities Fund				Wright Current Income Fund
Beginning	Ending	Expenses Paid	Beginning	Ending	Expenses Paid
Account Value	Account Value	During Period*	Account Value	Account Value	During Period*
(1/1/12)	(6/30/12)	(1/1/12-6/30/12)	(1/1/12)	(6/30/12)	(1/1/12-6/30/12)
Actual Fund Shares	$1,000.00	$1,012.23	$7.00	Actual Fund Shares	$1,000.00	$1,022.27	$4.53
Hypothetical (5% return per year before expenses)				Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,017.90	$7.02	Fund Shares	$1,000.00	$1,020.39	$4.52
*Expenses are equal to the Fund’s annualized expense ratio of 1.40% multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2011.				*Expenses are equal to the Fund’s annualized expense ratio of 0.90% multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2011.
Wright International Blue Chip Equities Fund
Beginning	Ending	Expenses Paid
Account Value	Account Value	During Period*
(1/1/12)	(6/30/12)	(1/1/12-6/30/12)
Actual Fund Shares	$1,000.00	$1,002.76	$9.21
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,015.66	$9.27
*Expenses are equal to the Fund’s annualized expense ratio of 1.85% multiplied by the average account value over the period, multiplied by 182/366 (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 December 31, 2011.

 5

Wright Selected Blue Chip Equities Fund (WSBC)

Portfolio of Investments - As of June 30, 2012

	Shares		Value		Shares		Value
EQUITY INTERESTS - 97.8%				HEALTH CARE EQUIPMENT & SERVICES (CONTINUED) - 7.5%
				MEDNAX, Inc.*	1,725	$	118,232
AUTOMOBILES & COMPONENTS - 0.4%				Omnicare, Inc.	7,005		218,766
BorgWarner, Inc.*	2,235	$	146,594	Universal Health Services, Inc. - Class B	24,585		1,061,089
				WellCare Health Plans, Inc.*	4,985		264,205
BANKS - 5.9%						$	2,585,614
Commerce Bancshares, Inc.	10,365	$	392,834
East West Bancorp, Inc.	40,130		941,450	INDUSTRIAL - 1.3%
Fulton Financial Corp.	70,150		700,798	Carlisle Cos., Inc.	2,555	$	135,466
		$	2,035,082	Gardner Denver, Inc.	4,585		242,592
				Werner Enterprises, Inc.	3,440		82,182
CAPITAL GOODS - 10.1%						$	460,240
AGCO Corp.*	22,345	$	1,021,837
BE Aerospace, Inc.*	14,320		625,211	INSURANCE - 5.7%
Hubbell, Inc. - Class B	4,065		316,826	American Financial Group, Inc.	11,520	$	451,929
KBR, Inc.	28,650		707,942	Everest Re Group, Ltd.	2,640		273,214
Regal-Beloit Corp.	2,130		132,614	HCC Insurance Holdings, Inc.	21,635		679,339
Timken Co.	5,385		246,579	Reinsurance Group of America, Inc.	6,490		345,333
URS Corp.	11,480		400,422	WR Berkley Corp.	5,482		213,359
		$	3,451,431			$	1,963,174
COMMERCIAL AND PROFESSIONAL SERVICES - 1.3%				MATERIALS - 6.4%
FTI Consulting, Inc.*	4,265	$	122,619	Albemarle Corp.	9,620	$	573,737
Towers Watson & Co. - Class A	5,585		334,541	Ashland, Inc.	5,280		365,957
		$	457,160	NewMarket Corp.	610		132,126
				Rock-Tenn Co. - Class A	11,475		625,961
CONSUMER DISCRETIONARY - 0.6%				Valspar Corp.	9,345		490,519
Alaska Air Group, Inc.*	5,915	$	212,348			$	2,188,300
CONSUMER SERVICES - 1.8%				PHARMACEUTICALS & BIOTECHNOLOGY - 4.4%
Brinker International, Inc.	19,710	$	628,158	Endo Health Solutions, Inc.*	28,410	$	880,142
				Medicis Pharmaceutical Corp. - Class A	18,690		638,263
CONSUMER STAPLES - 4.7%						$	1,518,405
AMERIGROUP Corp.*	4,300	$	283,413
Cooper Cos., Inc. (The)	4,980		397,205	REAL ESTATE - 3.9%
Ingredion, Inc.	11,600		574,432	Hospitality Properties Trust (REIT)	6,245	$	154,689
Monster Beverage Corp.*	4,895		348,524	Jones Lang LaSalle, Inc.	13,305		936,273
		$	1,603,574	Rayonier, Inc. (REIT)	5,117		229,753
						$	1,320,715
DIVERSIFIED FINANCIALS - 4.0%
Affiliated Managers Group, Inc.*	2,440	$	267,058	RETAILING - 12.7%
Raymond James Financial, Inc.	11,370		389,309	Advance Auto Parts, Inc.	12,190	$	831,602
Waddell & Reed Financial, Inc. - Class A	23,255		704,161	Ascena Retail Group, Inc.*	16,870		314,119
		$	1,360,528	Dick's Sporting Goods, Inc.	2,945		141,360
				Dollar Tree, Inc.*	6,504		349,915
ENERGY - 4.5%				Foot Locker, Inc.	8,325		254,579
Helix Energy Solutions Group, Inc.*	24,585	$	403,440	PetSmart, Inc.	2,135		145,564
HollyFrontier Corp.	31,674		1,122,210	PVH Corp.	7,315		569,034
		$	1,525,650	Rent-A-Center, Inc.	7,815		263,678
				Ross Stores, Inc.	23,995		1,498,968
FOOD, BEVERAGE & TOBACCO - 1.0%						$	4,368,819
Ralcorp Holdings, Inc.*	2,540	$	169,520
Universal Corp.	3,550		164,471	SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.5%
		$	333,991	Fairchild Semiconductor International, Inc.*	16,360	$	230,676
				Lam Research Corp.*	22,755		858,774
HEALTH CARE EQUIPMENT & SERVICES - 7.5%				Skyworks Solutions, Inc.*	3,555		97,300
Health Management Associates, Inc. - Class A*	41,745	$	327,698			$	1,186,750
LifePoint Hospitals, Inc.*	5,685		232,971
Lincare Holdings, Inc.	10,660		362,653

See Notes to Financial Statements.  6

Wright Selected Blue Chip Equities Fund (WSBC)

Portfolio of Investments - As of June 30, 2012

	Shares		Value	Portfolio Composition by Sector
SOFTWARE & SERVICES - 4.8%				% of total investments at June 30, 2012
Alliance Data Systems Corp.*	7,805	$	1,053,675	Financials	19.9%
Synopsys, Inc.*	3,560		104,771	Consumer Discretionary	15.3%
ValueClick, Inc.*	30,775		504,402	Industrials	15.3%
		$	1,662,848	Information Technology	14.6%
				Health Care	14.3%
TECHNOLOGY HARDWARE & EQUIPMENT - 6.0%				Materials	6.5%
Arrow Electronics, Inc.*	5,440	$	178,486	Utilities	5.4%
Avnet, Inc.*	19,300		595,598	Energy	4.5%
Cadence Design Systems, Inc.*	7,715		84,788	Consumer Staples	3.8%
DST Systems, Inc.	5,890		319,886	Telecommunication Services	0.4%
Jack Henry & Associates, Inc.	5,885		203,150
MICROS Systems, Inc.*	1,925		98,560
QLogic Corp.*	11,875		162,569
Tech Data Corp.*	3,660		176,302
Vishay Intertechnology, Inc.*	25,185		237,495
		$	2,056,834
TELECOMMUNICATION SERVICES - 0.4%
Telephone & Data Systems, Inc.	6,171	$	131,381
TRANSPORTATION - 1.6%
Kansas City Southern	7,820	$	543,959
UTILITIES - 5.3%
Cleco Corp.	9,445	$	395,084
NV Energy, Inc.	20,920		367,774
ONEOK, Inc.	16,045		678,864
UGI Corp.	13,005		382,737
		$	1,824,459
TOTAL EQUITY INTERESTS - 97.8%
(identified cost, $28,940,117)		$	33,566,014
SHORT-TERM INVESTMENTS - 2.1%
Fidelity Government Money Market Fund, 0.01% (1)	715,400	$	715,400
TOTAL SHORT-TERM INVESTMENTS - 2.1%
(identified cost, $715,400)		$	715,400
TOTAL INVESTMENTS — 99.9%
(identified cost, $29,655,517)		$	34,281,414
OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.1%			36,685
NET ASSETS — 100.0%		$	34,318,099
REIT — Real Estate Investment Trust
*          Non-income producing security.
(1)        Variable rate security. Rate presented is as of June 30, 2012.

See Notes to Financial Statements.  7

Wright Selected Blue Chip Equities Fund (WSBC)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2012					For the Six Months Ended June 30, 2012
ASSETS:			FALSE		INVESTMENT INCOME (Note 1C)			FALSE
	Investments, at value				+07	Dividend income	$	209,854
	(identified cost $29,655,517) (Note 1A)	$	34,281,414	##		Total investment income	$	209,854
	Receivable for fund shares sold		6,297
	Dividends receivable		36,918		Expenses –
	Prepaid expenses and other assets		24,476			Investment adviser fee (Note 3)	$	103,545
	Total assets	$	34,349,105			Administrator fee (Note 3)		20,709
						Trustee expense (Note 3)		7,450
LIABILITIES:						Custodian fee		1,726
	Payable for fund shares reacquired	$	22,555			Accountant fee		19,531
	Accrued expenses and other liabilities		8,451			Distribution expenses (Note 4)		43,144
	Total liabilities	$	31,006			Transfer agent fee		17,696
NET ASSETS		$	34,318,099			Printing		43
						Shareholder communications		3,348
NET ASSETS CONSIST OF:						Audit services		8,592
	Paid-in capital	$	29,606,039			Legal services		3,569
	Accumulated net realized gain on investments		118,314			Compliance services		2,999
	Distributions in excess of net investment income		(32,151	)		Registration costs		9,818
	Unrealized appreciation on investments		4,625,897			Interest expense (Note 8)		400
	Net assets applicable to outstanding shares	$	34,318,099			Miscellaneous		6,376
						Total expenses	$	248,946
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			3,229,854
					Deduct –
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	10.63			Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(6,941	)
						Net expenses	$	242,005
						Net investment loss	$	(32,151	)
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
						Net realized gain on investment transactions	$	482,779
						Net change in unrealized appreciation (depreciation) on investments		1,787,311
						Net realized and unrealized gain on investments	$	2,270,090
						Net increase in net assets from operations	$	2,237,939

See Notes to Financial Statements.  8

Wright Selected Blue Chip Equities Fund (WSBC)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2012			December 31, 2011
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment loss	$	(32,151	)	$	(50,448	)
	Net realized gain on investment transactions		482,779			1,748,539
	Net change in unrealized appreciation (depreciation) on investments		1,787,311			(2,203,596	)
	Net increase (decrease) in net assets from operations	$	2,237,939		$	(505,505	)
Distributions to shareholders (Note 2)
	From net realized capital gains		(1,149,678	)		-
	Total distributions	$	(1,149,678	)	$	-
Net increase in net assets resulting from fund share transactions (Note 6)		$	868,079		$	4,496,809
Net increase in net assets		$	1,956,340		$	3,991,304
NET ASSETS:
	At beginning of period		32,361,759			28,370,455
	At end of period	$	34,318,099		$	32,361,759
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	(32,151	)	$	-

See Notes to Financial Statements.  9

Wright Selected Blue Chip Equities Fund (WSBC)

These financial highlights reflect selected data for a share outstanding throughout each period.
			Six Months Ended June 30,			Years Ended December 31,
FINANCIAL HIGHLIGHTS			2012				2011				2010			2009			2008				2007
Net asset value, beginning of period			$	10.280			$	10.400			$	8.400		$	6.060		$	11.100			$	12.270
Income (loss) from investment operations:
Net investment income (loss) (1)				(0.010	)			(0.018	)			(0.022	)		0.011			(0.013	)			(0.013		)
Net realized and unrealized gain (loss)				0.729				(0.102	)			2.030			2.329			(4.121	)			1.340
		Total income (loss) from investment operations		0.719				(0.120	)			2.008			2.340			(4.134	)			1.327
Less distributions:
From net investment income				—				—				(0.008	)		—			—				(0.016		)
From net realized gains				(0.369	)			—				—			—			(0.906	)			(2.481		)
	Total distributions			(0.369	)			—				(0.008	)		—			(0.906	)			(2.497		)
Net asset value, end of period			$	10.630			$	10.280			$	10.400		$	8.400		$	6.060			$	11.100
Total Return(2)				6.63	%(3)			(1.15	)%			23.93	%		38.61	%		(39.81	)%			11.59		%
Ratios/Supplemental Data(5):
Net assets, end of period (000 omitted)			$34,318				$32,362				$28,370			$16,763			$13,364				$23,923
Ratios (As a percentage of     average daily net assets):
Net expenses				1.40	%(4)			1.40	%			1.40	%		1.36	%		1.26	%			1.26	%
Net expenses after custodian fee reduction				N/A				N/A				N/A			1.36	%		1.25	%			1.25	%
Net investment income (loss)				(0.19	)%(4)			(0.17	)%			(0.24	)%		0.15	%		(0.15	)%			(0.10	)%
Portfolio turnover rate				27	%(3)			82	%			60	%		41	%		72	%			67	%
				For the six months ended June 30, 2012, and for the years ended December 31, 2011, 2010, 2009, 2008 and 2007				For the six months ended June 30, 2012, and for the years ended December 31, 2011, 2010, 2009, 2008 and 2007
(1)	Computed using average shares outstanding.
(2)	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 period reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(3)	Not annualized.
(4)	Annualized.
(5)	For each of the periods presented, 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:
	............................................................		2012				2011			2010				2009			2008			2007
Ratios (As a percentage of     average daily net assets):
Expenses				1.44	%(4)			1.46	%			1.79	%		2.15	%		1.90	%			1.66	%
Expenses after custodian fee reduction				N/A				N/A				N/A			2.15	%		1.89	%			1.66	%
Net investment loss				(0.23	)%(4)			(0.23	)%			(0.63	)%		(0.64	)%		(0.79	)%			(0.51	)%
	............................................................

See Notes to Financial Statements.  10

Wright Major Blue Chip Equities Fund (WMBC)

Portfolio of Investments - As of June 30, 2012

	Shares		Value		Shares		Value
EQUITY INTERESTS - 99.5%				PHARMACEUTICALS & BIOTECHNOLOGY - 10.9%
				Amgen, Inc.	8,410	$	614,266
CAPITAL GOODS - 12.0%				Bristol-Myers Squibb Co.	2,745		98,683
3M Co.	1,095	$	98,112	Endo Health Solutions, Inc.*	12,960		401,501
Cummins, Inc.	3,540		343,061	Forest Laboratories, Inc.*	4,520		158,155
Fluor Corp.	9,705		478,845	Johnson & Johnson	9,410		635,739
General Dynamics Corp.	8,450		557,362			$	1,908,344
Precision Castparts Corp.	3,260		536,238
WW Grainger, Inc.	435		83,189	RETAILING - 4.7%
		$	2,096,807	Amazon.com, Inc.*	370	$	84,489
				Bed Bath & Beyond, Inc.*	7,310		451,758
CONSUMER DISCRETIONARY - 0.5%				Dollar Tree, Inc.*	1,810		97,378
Chipotle Mexican Grill, Inc.*	225	$	85,489	Mattel, Inc.	2,800		90,832
				TJX Cos., Inc.	2,260		97,022
CONSUMER DURABLES & APPAREL - 0.4%						$	821,479
NIKE, Inc. - Class B	895	$	78,563
				SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.0%
CONSUMER SERVICES - 0.5%				Analog Devices, Inc.	4,000	$	150,680
Starbucks Corp.	1,640	$	87,445	Intel Corp.	27,115		722,615
						$	873,295
CONSUMER STAPLES - 3.3%				SOFTWARE & SERVICES - 10.8%
Biogen Idec, Inc.*	530	$	76,521	Google, Inc. - Class A*	1,035	$	600,372
Monster Beverage Corp.*	6,995		498,044	Microsoft Corp.	27,975		855,755
		$	574,565	Oracle Corp.	14,595		433,472
						$	1,889,599
DIVERSIFIED FINANCIALS - 11.0%
IntercontinentalExchange, Inc.*	4,300	$	584,714	TECHNOLOGY HARDWARE & EQUIPMENT - 5.6%
JPMorgan Chase & Co.	18,900		675,297	Apple, Inc.*	500	$	292,000
Mastercard, Inc. - Class A	205		88,173	Cisco Systems, Inc.	35,140		603,354
T. Rowe Price Group, Inc.	9,190		578,602	Texas Instruments, Inc.	3,045		87,361
		$	1,926,786			$	982,715
ENERGY - 9.2%				TRANSPORTATION - 2.0%
Chevron Corp.	2,400	$	253,200	Kirby Corp.*	7,480	$	352,158
Helmerich & Payne, Inc.	8,220		357,406
Murphy Oil Corp.	10,225		514,215	TOTAL EQUITY INTERESTS - 99.5%
Noble Corp.*	14,665		477,052	(identified cost, $18,255,904)		$	17,418,439
		$	1,601,873
				SHORT-TERM INVESTMENTS - 0.3%
FOOD & STAPLES RETAILING - 2.9%				Fidelity Government Money Market Fund, 0.01% (1)	50,005	$	50,005
Walgreen Co.	17,405	$	514,840
				TOTAL SHORT-TERM INVESTMENTS - 0.3%
FOOD, BEVERAGE & TOBACCO - 6.9%				(identified cost, $50,005)		$	50,005
Brown-Forman Corp. - Class B	4,325	$	418,876
Coca-Cola Co. (The)	9,975		779,946	TOTAL INVESTMENTS — 99.8%
		$	1,198,822	(identified cost, $18,305,909)		$	17,468,444
HEALTH CARE EQUIPMENT & SERVICES - 5.5%				OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.2%			31,250
Humana, Inc.	6,735	$	521,559
Stryker Corp.	8,150		449,065	NET ASSETS — 100.0%		$	17,499,694
		$	970,624
				* — Non-income producing security.
INSURANCE - 3.2%				(1)   Variable rate security. Rate presented is as of June 30, 2012.
Aflac, Inc.	13,195	$	561,975
MATERIALS - 5.1%
CF Industries Holdings, Inc.	2,225	$	431,071
Freeport-McMoRan Copper & Gold, Inc.	13,560		461,989
		$	893,060

See Notes to Financial Statements.  11

Wright Major Blue Chip Equities Fund (WMBC)

Portfolio of Investments - As of June 30, 2012

Portfolio Composition by Sector
% of total investments at June 30, 2012
Information Technology	22.0%
Health Care	17.0%
Industrials	14.0%
Financials	13.8%
Consumer Staples	12.7%
Energy	9.2%
Consumer Discretionary	6.2%
Materials	5.1%

See Notes to Financial Statements.  12

Wright Major Blue Chip Equities Fund (WMBC)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2012					For the Six Months Ended June 30, 2012
ASSETS:					INVESTMENT INCOME (Note 1C)
	Investments, at value				07	Dividend income	$	145,022
	(identified cost $18,305,909) (Note 1A)	$	17,468,444	###		Total investment income	$	145,022
	Receivable for fund shares sold		3,364
	Dividends receivable		10,959		Expenses –
	Prepaid expenses and other assets		22,818			Investment adviser fee (Note 3)	$	56,075
	Total assets	$	17,505,585			Administrator fee (Note 3)		11,215
						Trustee expense (Note 3)		7,168
LIABILITIES:						Custodian fee		2,426
	Accrued expenses and other liabilities	$	5,891			Accountant fee		18,209
	Total liabilities	$	5,891			Distribution expenses (Note 4)		23,365
NET ASSETS		$	17,499,694			Transfer agent fee		15,593
						Printing		28
NET ASSETS CONSIST OF:						Shareholder communications		2,627
	Paid-in capital	$	23,342,463			Audit services		8,260
	Accumulated net realized loss on investments		(5,019,092	)		Legal services		1,923
	Undistributed net investment income		13,788			Compliance services		2,683
	Unrealized depreciation on investments		(837,465	)		Registration costs		9,333
	Net assets applicable to outstanding shares	$	17,499,694			Interest expense (Note 8)		391
						Miscellaneous		4,363
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			1,410,097			Total expenses	$	163,659
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	12.41		Deduct –
						Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(32,425	)
						Net expenses	$	131,234
						Net investment income	$	13,788
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
						Net realized gain on investment transactions	$	204,931
						Net change in unrealized appreciation (depreciation) on investments		96,171
						Net realized and unrealized gain on investments	$	301,102
						Net increase in net assets from operations	$	314,890

See Notes to Financial Statements.  13

Wright Major Blue Chip Equities Fund (WMBC)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2012			December 31, 2011
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income (loss)	$	13,788		$	(18,177	)
	Net realized gain on investment transactions		204,931			2,830,519
	Net change in unrealized appreciation (depreciation) on investments		96,171			(2,666,829	)
	Net increase in net assets from operations	$	314,890		$	145,513
Net decrease in net assets resulting from fund share transactions (Note 6)		$	(1,736,159	)	$	(2,900,561	)
Net decrease in net assets		$	(1,421,269	)	$	(2,755,048	)
NET ASSETS:
	At beginning of period		18,920,963			21,676,011
	At end of period	$	17,499,694		$	18,920,963
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	13,788		$	-

See Notes to Financial Statements.  14

Wright Major Blue Chip Equities Fund (WMBC)

These financial highlights reflect selected data for a share outstanding throughout each period.
		Six Months Ended June 30,			Years Ended December 31,
FINANCIAL HIGHLIGHTS		2012				2011			2010			2009			2008				2007
Net asset value, beginning of period		$	12.260			$	12.250		$	10.870		$	9.340		$	14.520			$	13.790
Income (loss) from investment operations:
Net investment income (loss) (1)			0.010				(0.012	)		0.044			0.099			0.104				0.091
Net realized and unrealized gain (loss)			0.140				0.022			1.389			1.564			(5.169	)			0.728
	Total income (loss) from investment operations		0.150				0.010			1.433			1.663			(5.065	)			0.819
Less distributions:
From net investment income			—				—			(0.053	)		(0.133	)		(0.115	)			(0.089	)
Net asset value, end of period		$	12.410			$	12.260		$	12.250		$	10.870		$	9.340			$	14.520
Total Return(2)			1.22	%(3)			0.08	%		13.19	%		17.83	%		(34.85	)%			5.96	%
Ratios/Supplemental Data(5):
Net assets, end of period (000 omitted)		$17,500				$18,921			$21,676			$27,337			$32,484				$57,750
Ratios (As a percentage of average daily net assets):
Net expenses			1.40	%(4)			1.40	%		1.41	%		1.36	%		1.26	%			1.26	%
Net expenses after custodian fee reduction			N/A				N/A			N/A			1.36	%		1.25	%			1.25	%
Net investment income (loss)			0.15	%(4)			(0.09	)%		0.39	%		1.06	%		0.86	%			0.63	%
Portfolio turnover rate			42	%(3)			154	%		68	%		69	%		58	%			55	%
(1)	Computed using average shares outstanding.
(2)	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 period reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(3)	Not annualized.
(4)	Annualized.
(5)	For each of the periods presented, 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 (loss) ratios would have been as follows:
		2012				2011			2010			2009			2008			2007
Ratios (As a percentage of      average daily net assets):
Expenses			1.75	%(4)			1.70	%		1.68	%		1.55	%		1.37	%			1.28	%
Expenses after custodian fee reduction			N/A				N/A			N/A			1.55	%		1.36	%			1.27	%
Net investment income (loss)			(0.20	)%(4)			(0.39	)%		0.13	%		0.86	%		0.75	%			0.61	%

See Notes to Financial Statements.  15

Wright International Blue Chip Equities Fund (WIBC)

Portfolio of Investments - As of June 30, 2012

	Shares		Value		Shares		Value
EQUITY INTERESTS - 97.9%				GERMANY (CONTINUED)
				RWE AG	9,828	$	401,294
AUSTRALIA - 5.0%				SAP AG	2,256		134,053
Australia & New Zealand Banking Group, Ltd.	6,839	$	154,437	Siemens AG	1,552		130,129
BHP Billiton, Ltd.	10,947		352,908	Volkswagen AG	1,871		281,746
Commonwealth Bank of Australia	6,316		343,781			$	3,062,910
Incitec Pivot, Ltd.	66,976		195,663
Westpac Banking Corp.	22,595		489,392	HONG KONG - 2.4%
		$	1,536,181	Cheung Kong Holdings, Ltd.	40,000	$	487,827
				Power Assets Holdings, Ltd.	20,500		153,548
AUSTRIA - 0.4%				Techtronic Industries Co.	74,000		92,824
OMV AG	4,311	$	135,514			$	734,199
BRAZIL - 1.0%				ITALY - 2.5%
Cia de Bebidas das Americas, ADR	8,271	$	317,027	Enel SpA	77,632	$	250,435
				ENI SpA (Azioni Ordinarie)	24,601		523,870
CANADA - 7.3%						$	774,305
Agrium, Inc.	5,266	$	466,086
Bank of Nova Scotia	3,999		206,883	JAPAN - 17.7%
BCE, Inc.	3,052		125,678	Bridgestone Corp.	10,500	$	238,846
CGI Group, Inc. - Class A*	15,873		381,002	Brother Industries, Ltd.	11,700		132,558
Magna International, Inc.	6,325		249,476	Daihatsu Motor Co., Ltd.	5,000		86,916
Toronto-Dominion Bank (The)	10,618		829,901	Daito Trust Construction Co., Ltd.	4,300		406,880
		$	2,259,026	Dena Co., Ltd.	5,600		146,474
				ITOCHU Corp.	61,000		636,070
CHINA - 2.3%				KDDI Corp.	112		720,090
Baidu, Inc., ADR*	3,101	$	356,553	Marubeni Corp.	13,000		85,700
China Petroleum & Chemical Corp., ADR	1,843		164,377	Medipal Holdings Corp.	6,700		94,551
CNOOC, Ltd., ADR	918		184,748	Mitsubishi Corp.	20,400		408,051
		$	705,678	Mitsui & Co., Ltd.	21,000		308,986
				Nippon Telegraph & Telephone Corp.	5,200		241,133
DENMARK - 0.5%				Nissan Motor Co., Ltd.	16,700		156,556
AP Moeller - Maersk A/S - Class B	24	$	157,482	Omron Corp.	4,300		91,238
				ORIX Corp.	2,900		267,866
FRANCE - 9.1%				Sumitomo Corp.	58,300		809,580
Alstom SA	4,883	$	154,486	Tsuruha Holdings, Inc.	1,600		99,361
AtoS	2,744		164,085	Yamada Denki Co., Ltd.	10,480		532,603
AXA SA	7,934		105,519			$	5,463,459
BNP Paribas SA	10,878		418,766
Cie Generale des Etablissements Michelin - Class B	3,225		210,691	NETHERLANDS - 1.9%
France Telecom SA	13,135		172,941	ASML Holding NV	2,576	$	130,975
PPR	1,286		183,192	ING Groep NV*	36,450		243,589
Sanofi	10,341		783,983	Koninklijke Boskalis Westminster NV	6,180		203,676
Schneider Electric SA	1,695		94,065			$	578,240
Technip SA	1,201		124,902
Total SA	8,295		373,700	NORWAY - 2.2%
		$	2,786,330	Telenor ASA	26,701	$	444,234
				Yara International ASA	5,076		220,991
GERMANY - 10.0%						$	665,225
Adidas AG	2,685	$	192,699
Allianz SE	1,319		132,420	SINGAPORE - 1.7%
BASF SE	12,690		880,902	Jardine Cycle & Carriage, Ltd.	11,000	$	402,124
Bayer AG	2,232		160,831	United Overseas Bank, Ltd.	9,000		132,570
Bayerische Motoren Werke AG	3,719		268,540			$	534,694
Daimler AG	2,777		124,561
Deutsche Boerse AG	2,637		142,326	SPAIN - 1.2%
Henkel AG & Co. KGaA (Preferred Stock), 0.80%	3,220		213,409	Banco Santander SA	54,580	$	361,631

See Notes to Financial Statements.  16

Wright International Blue Chip Equities Fund (WIBC)

Portfolio of Investments - As of June 30, 2012

	Shares		Value
SWEDEN - 1.6%				ADR — American Depositary Receipt
Getinge AB - Class B	9,810	$	243,033	PLC — Public Limited Company
Skanska AB - Class B	6,569		100,594	*         Non-income producing security.
Tele2 AB - Class B	10,243		158,489	(1)       Security fair valued in accordance with procedures adopted by the Board of Trustees. At the period end, the value of these securities amounted to $20,005 or 0.1% of net assets.
		$	502,116	(2)      Variable rate security. Rate presented is as of June 30, 2012.
SWITZERLAND - 7.9%
Credit Suisse Group AG*	15,402	$	280,865	Portfolio Composition by Sector
Nestle SA	18,047		1,078,244	% of total investments at June 30, 2012
Novartis AG	6,388		357,026	Financials	22.7%
Swatch Group AG (The)	539		212,696	Industrials	13.2%
Swiss Re AG*	2,495		156,975	Consumer Discretionary	11.2%
Zurich Insurance Group AG (Inhaberktie)*	1,491		336,322	Materials	10.0%
		$	2,422,128	Energy	9.7%
				Health Care	9.1%
UNITED KINGDOM - 23.2%				Telecommunication Services	8.2%
Anglo American PLC	4,313	$	141,281	Consumer Staples	7.0%
AstraZeneca PLC	20,566		920,285	Information Technology	5.1%
Aviva PLC	33,154		141,753	Utilities	3.8%
BAE Systems PLC	39,596		179,233
Balfour Beatty PLC	28,970		135,405
Barclays PLC (Ordinary)	95,255		243,303
BG Group PLC	22,633		461,484
BHP Billiton PLC	22,068		625,103
BP PLC	75,711		501,061
Centrica PLC	68,702		342,663
Cobham PLC	32,124		116,994
Ensco PLC - Class A	4,966		233,253
Eurasian Natural Resources Corp. PLC	20,674		134,698
GlaxoSmithKline PLC	7,422		168,446
HSBC Holdings PLC	17,355		152,734
Imperial Tobacco Group PLC	10,134		390,214
Legal & General Group PLC	399,570		797,796
Rolls-Royce Holdings PLC*	34,570		465,219
Rolls-Royce Holdings PLC – Class C* (1)	2,381,714		3,736
Rolls-Royce Holdings PLC – Class C* (1)	1,673,043		16,269
Royal Dutch Shell PLC - Class B	6,630		231,374
Vodafone Group PLC	217,042		610,202
WPP PLC	11,087		134,420
		$	7,146,926
TOTAL EQUITY INTERESTS - 97.9%
(identified cost, $28,309,784)		$	30,143,071
SHORT-TERM INVESTMENTS - 1.4%
Fidelity Government Money Market Fund, 0.01% (2)	434,273	$	434,273
TOTAL SHORT-TERM INVESTMENTS - 1.4%
(identified cost, $434,273)		$	434,273
TOTAL INVESTMENTS — 99.3%		$	30,577,344
(identified cost, $28,744,057)
OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.7%			200,575
NET ASSETS — 100.0%		$	30,777,919

See Notes to Financial Statements.  17

Wright International Blue Chip Equities Fund (WIBC)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2012					For the Six Months Ended June 30, 2012
ASSETS:					INVESTMENT INCOME (Note 1C)
	Investments, at value					Dividend income (net of foreign taxes $124,121)	$	839,604
	(identified cost $28,744,057) (Note 1A)	$	30,577,344			Interest income		12
	Foreign currency, at value					Income from securities lending (net)		21,932
	(identified cost $36,455) (Note 1A)		36,553			Total investment income	$	861,548
	Receivable for fund shares sold		3,026
	Dividends receivable		76,235		Expenses –
	Tax reclaims receivable		60,151			Investment adviser fee (Note 3)	$	134,322
	Receivable for security lending		1,712			Administrator fee (Note 3)		28,543
	Prepaid expenses and other assets		26,191			Trustee expense (Note 3)		7,063
	Total assets	$	30,781,212			Custodian fee		13,918
						Accountant fee		30,002
LIABILITIES:						Distribution expenses (Note 4)		41,976
	Accrued expenses and other liabilities	$	3,293			Transfer agent fee		24,645
	Total liabilities	$	3,293			Printing		51
NET ASSETS		$	30,777,919			Shareholder communications		3,593
						Audit services		8,134
NET ASSETS CONSIST OF:						Legal services		3,439
	Paid-in capital	$	82,491,672			Compliance services		2,857
	Accumulated net realized loss on investments and foreign currency		(54,087,964	)		Registration costs		9,326
	Undistributed net investment income		543,169			Interest expense (Note 8)		2,299
	Unrealized appreciation on investments and foreign currency		1,831,042			Miscellaneous		8,351
	Net assets applicable to outstanding shares	$	30,777,919			Total expenses	$	318,519
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			2,442,795		Deduct –
						Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(5,600	)
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	12.6			Net expenses	$	312,919
						Net investment income	$	548,629
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
					Net realized loss –
						Investment transactions	$	(1,210,933	)
						Foreign currency transactions		(720	)
						Net realized loss	$	(1,211,653	)
					Change in unrealized appreciation (depreciation) –
						Investments	$	939,516
						Foreign currency translations		(5,824	)
						Net change in unrealized appreciation (depreciation) on investments	$	933,692
						Net realized and unrealized loss on investments and foreign currency translations	$	(277,961	)
						Net increase in net assets from operations	$	270,668

See Notes to Financial Statements.  18

Wright International Blue Chip Equities Fund (WIBC)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2012			December 31, 2011
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income	$	548,629		$	659,056
	Net realized gain (loss) on investment and foreign currency transactions		(1,211,653	)		1,663,058
	Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		933,692			(7,926,507	)
	Net increase (decrease) in net assets from operations	$	270,668		$	(5,604,393	)
Distributions to shareholders (Note 2)
	From net investment income	$	(42,464	)	$	(683,131	)
	Total distributions	$	(42,464	)	$	(683,131	)
Net decrease in net assets resulting from fund share transactions (Note 6)		$	(3,699,882	)	$	(9,456,804	)
Net decrease in net assets		$	(3,471,678	)	$	(15,744,328	)
NET ASSETS:
	At beginning of period		34,249,597			49,993,925
	At end of period	$	30,777,919		$	34,249,597
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	543,169		$	37,004

See Notes to Financial Statements.  19

Wright International Blue Chip Equities Fund (WIBC)

These financial highlights reflect selected data for a share outstanding throughout each period.
		Six Months Ended June 30,			Years Ended December 31,
FINANCIAL HIGHLIGHTS		2012				2011			2010			2009			2008			2007
Net asset value, beginning of period		$	12.580			$	14.860		$	14.460		$	10.810		$	22.470		$	22.830
Income (loss) from investment operations:
Net investment income (1)			0.213				0.224			0.170			0.208			0.483			0.434
Net realized and unrealized gain (loss)			(0.178	)			(2.256	)		0.640			3.442			(11.002	)		0.755
	Total income (loss) from investment operations		0.035				(2.032	)		0.810			3.650			(10.519	)		1.189
Less distributions:
From net investment income			(0.016	)			(0.248	)		(0.410	)		—			(0.575	)		(0.491	)
From net realized gains			—				—			—			—			(0.558	)		(1.058	)
Tax return of capital			—				—			—			—			(0.008	)		—
	Total distributions		(0.016	)			(0.248	)		(0.410	)		—			(1.141	)		(1.549	)
Redemption Fees(1)			0.001				—	(2)		—	(2)		—			—			—
Net asset value, end of period		$	12.600			$	12.580		$	14.860		$	14.460		$	10.810		$	22.470
Total Return(3)			0.28	%(4)			(13.65	)%		5.76	%		33.77	%		(47.74	)%		5.50	%
Ratios/Supplemental Data(6):
Net assets, end of period (000 omitted)		$30,778				$34,250			$49,994			$68,839			$67,146			$183,608
Ratios (As a percentage of     average daily net assets):
Net expenses			1.85	%(5)			1.78	%		1.74	%		1.63	%		1.54	%		1.49	%
Net expenses after custodian fee reduction			N/A				N/A			N/A			1.63	%		1.53	%		1.47	%
Net investment income			3.27	%(5)			1.56	%		1.23	%		1.75	%		2.71	%		1.82	%
Portfolio turnover rate			30	%(4)			50	%		92	%		63	%		82	%		138	%
(1)	Computed using average shares outstanding.
(2)	Less than $0.001 per share.
(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 period reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(4)	Not annualized.
(5)	Annualized.
(6)	For each of the periods presented, 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:
		2012				2010
Ratios (As a percentage of     average daily net assets):
Expenses			1.90	%(5)			1.76	%
Net investment income			3.23	%(5)			1.22	%
	............................................................

See Notes to Financial Statements.  20

The 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. 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 understanding of the tax rules and rates that exist in the foreign markets in which it invests. At December 31,

 21

The Wright Managed Equity Trust

Notes to Financial Statements

2011, WMBC and WIBC, for federal income tax purposes, had capital loss carryforwards of $5,140,711 and $52,085,864, 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,	WMBC	WIBC
2016	$   203,325	$17,388,448
2017	4,937,386	34,697,416

As of June 30, 2012, 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, 2011, 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. Redemption Fees – A shareholder who redeems or exchanges shares of WIBC within three months of purchase will incur a redemption fee of 2.00% of the current net asset value of shares redeemed, subject to certain limitations. The fee is charged for the benefit of the remaining shareholders and will be paid to WIBC to help offset transaction costs. The fee is accounted for as an addition to paid-in capital. The Fund reserves the right to modify the terms of or terminate the fee at any time. There are limited exceptions to the imposition of the redemption fee.

G. 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. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

H. 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.

I. 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.

J. Interim Financial Statements – The interim financial statements relating to June 30, 2012, and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

 22

The Wright Managed Equity Trust

Notes to Financial Statements

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 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. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income.

As of December 31, 2011, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

		WSBC		WMBC			WIBC
Undistributed ordinary income	$	-	$	-		$	42,290
Undistributed long-term gain		1,149,464		-			-
Capital loss carryforward and post October losses		-		(5,140,711	)		(52,085,864	)
Net unrealized appreciation (depreciation)		2,474,335		(1,016,948	)		101,617
Total	$	3,623,799	$	(6,157,659	)	$	(51,941,957	)

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%

For the six months ended June 30, 2012, 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	$103,545	0.60%
WMBC	$  56,075	0.60%
WIBC	$134,322	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.

 23

The Wright Managed Equity Trust

Notes to Financial Statements

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 six months ended June 30, 2012, the administrator fee for WSBC, WMBC and WIBC amounted to $20,709, $11,215 and $28,543, 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 Trust in conjunction with the Wright Managed Income Trust, 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 each Fund’s 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 six months ended June 30, 2012, for WSBC, WMBC and WIBC were $43,144, $23,365 and $41,976, 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 six months ended June 30, 2012, 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, 2013 (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 $9,060 for WMBC. WISDI waived distribution fees of $6,941, $23,365 and $5,600  for WSBC, WMBC and WIBC, respectively.

5. Investment Transactions

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

Six Months Ended June 30, 2012
	WSBC	WMBC	WIBC
Purchases	$9,118,681	$7,920,400	$10,142,102
Sales	$9,916,100	$9,415,854	$13,883,391

6. Shares of Beneficial Interest

The Declaration of Trust permits the Trustees to issue an unlimited number of full and fractional shares of

 24

The Wright Managed Equity Trust

Notes to Financial Statements

beneficial interest (without par value). Transactions in Fund shares were as follows:

	Six Months Ended June 30, 2012					Year Ended December 31, 2011
	Shares			Amount		Shares			Amount
WSBC
Sold	421,053		$	4,640,356		1,217,920		$	12,601,664
Issued to shareholders in payment of distributions declared	78,920			905,216		-			-
Redemptions	(418,141	)		(4,677,493	)	(797,792	)		(8,104,855	)
Net increase	81,832		$	868,079		420,128		$	4,496,809
	Six Months Ended June 30, 2012					Year Ended December 31, 2011
	Shares			Amount		Shares			Amount
WMBC
Sold	26,580		$	346,361		265,696		$	3,265,816
Redemptions	(160,250	)		(2,082,520	)	(491,607	)		(6,166,377	)
Net decrease	(133,670	)	$	(1,736,159	)	(225,911	)	$	(2,900,561	)
	Six Months Ended June 30, 2012					Year Ended December 31, 2011
	Shares			Amount		Shares			Amount
WIBC
Sold	61,320		$	811,197		366,751		$	5,165,522
Issued to shareholders in payment of distributions declared	2,743			38,261		48,799			606,608
Redemptions	(344,084	)		(4,551,197	)	(1,056,710	)		(15,228,963	)
Redemption fees	-			1,857		-			29
Net decrease	(280,021	)	$	(3,699,882	)	(641,160	)	$	(9,456,804	)

7. Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of the investment securities owned at June 30, 2012, as computed on a federal income tax basis, were as follows:

Six Months Ended June 30, 2012
	WSBC			WMBC			WIBC
Aggregate cost	$	29,655,517		$	18,305,909		$	28,744,057
Gross unrealized appreciation	$	5,410,507		$	727,526		$	4,233,297
Gross unrealized depreciation		(784,610	)		(1,564,991	)		(2,400,010	)
Net unrealized appreciation (depreciation)	$	4,625,897		$	(837,465	)	$	1,833,287

 25

The Wright Managed Equity Trust

Notes to Financial Statements

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 June 30, 2012, 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 six months ended June 30, 2012, were as follows:

	WSBC	WMBC	WIBC
Average borrowings	$252,387	$104,711	$503,268
Average interest rate	1.25%	1.25%	1.25%

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. 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 $31,207 for the six months ended June 30, 2012. 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 June 30, 2012, WIBC had no securities on loan.

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

 26

The Wright Managed Equity Trust

Notes to Financial Statements

• 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 June 30, 2012, 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	$	33,566,014	$	-	$	-	$	33,566,014
Short-Term Investments		-		715,400		-		715,400
Total Investments	$	33,566,014	$	715,400	$	-	$	34,281,414

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	$	17,418,439	$	-	$	-	$	17,418,439
Short-Term Investments		-		50,005		-		50,005
Total Investments	$	17,418,439	$	50,005	$	-	$	17,468,444

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	$	30,123,066	$	-	$	20,005	$	30,143,071
Short-Term Investments		-		434,273		-		434,273
Total Investments	$	30,123,066	$	434,273	$	20,005	$	30,577,344

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

There were no significant transfers between Level 1 and Level 2 for the period ended June 30, 2012.  The security identified below as a transfer into Level 3 represents shares that were received as a result of a corporate action.

 27

The Wright Managed Equity Trust

Notes to Financial Statements

The following is a reconciliation of Level 3 assets (at either the beginning or ending of the period) for WIBC for which significant unobservable inputs were used to determine fair value.

		Equity Interests
Balance as of 12/31/11	$	16,120
Change in Unrealized Appreciation		149
Transfers In		3,736
Balance as of 06/30/12	$	20,005
Net change in unrealized appreciation from investments held as of 06/30/12 *	$	3,885

* The change in unrealized appreciation (depreciation) is included in net change in unrealized appreciation (depreciation) of investments in the accompanying Statement of Operations.

12. New Accounting Pronouncement

In May 2011, FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.”  ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRSs”).  ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011.  Management has evaluated ASU No. 2011-04 and has determined that it did not have a significant impact on the reporting of the financial statement disclosures.

In December 2011, FASB issued ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position.  The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRSs.  ASU No. 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013.  Management is evaluating any impact ASU No. 2011-11 may have on each Fund’s financial statements.

13. Review for Subsequent Events

In connection with the preparation of the financial statements of the Funds as of and for the six months ended June 30, 2012, events and transactions subsequent to June 30, 2012, 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.

 28

Wright Total Return Fund (WTRB)

Portfolio of Investments - As of June 30, 2012

Face Amount Description Coupon Rate Maturity Date Value

FIXED-INCOME INVESTMENTS - 98.5%

ASSET-BACKED SECURITIES - 0.9%

$	65,257	Harley-Davidson Motorcycle Trust, Series 2009-1, Class A4	4.550	%	01/15/17	$	65,595
	195,000	PSE&G Transition Funding LLC, Series 2001-1, Class A7	6.750	%	06/15/16		213,714

Total Asset-Backed Securities (identified cost, $269,838) $ 279,309

COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.1%

$	275,000	Citigroup Commercial Mortgage Trust, Series 2004-C2, Class A5	4.733	%		10/15/41	$	294,038
	309,067	Credit Suisse First Boston Mortgage Securities Corp., Series 2003-C3, Class A5	3.936	%		05/15/38		313,823
	227,128	Credit Suisse First Boston Mortgage Securities Corp., Series 2005-C1, Class A3	4.813	%		02/15/38		233,093
	435,000	JPMorgan Chase Commercial Mortgage Securities Corp., Series 2004-C3, Class A5	4.878	%		01/15/42		464,316
	300,000	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4	5.372	%		09/15/39		342,699
	315,000	Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A4	5.291	%	(1)	01/12/44		350,587
	310,000	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4	6.093	%	(1)	06/12/46		352,802

Total Commercial Mortgage-Backed Securities (identified cost, $2,171,032) $ 2,351,358

RESIDENTIAL MORTGAGE-BACKED SECURITIES - 0.1%

$ 46,840 Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 1A2 2.621 % (1) 07/25/34  $ 46,932

Total Residential Mortgage-Backed Securities (identified cost, $39,457) $ 46,932

CORPORATE BONDS - 44.7%

AUTO MANUFACTURERS - 0.4%
$	110,000	Daimler Finance North America, LLC	6.500	%		11/15/13	$	117,953
CAPITAL GOODS - 0.4%
$	110,000	PACCAR, Inc.	6.875	%		02/15/14	$	120,691
COMMUNICATIONS EQUIPMENT - 1.0%
$	300,000	eBay, Inc.	3.250	%		10/15/20	$	314,823
CONSUMER DURABLES & APPAREL - 0.4%
$	115,000	Hasbro, Inc.	6.125	%		05/15/14	$	124,411
CONSUMER SERVICES - 0.2%
$	60,000	Brinker International, Inc.	5.750	%		06/01/14	$	64,137
DIVERSIFIED FINANCIALS - 13.1%
$	135,000	American Express Credit Corp., Series C	7.300	%		08/20/13	$	144,376
	55,000	Ameriprise Financial, Inc.	5.650	%		11/15/15		62,320
	135,000	Bank of America Corp., MTN	5.000	%		05/13/21		139,529
	140,000	Bear Stearns Cos., LLC (The)	5.700	%		11/15/14		151,577
	65,000	BlackRock, Inc.	3.500	%		12/10/14		68,987
	55,000	Capital One Financial Corp.	7.375	%		05/23/14		60,445
	260,000	Citigroup, Inc.	6.500	%		08/19/13		272,493
	160,000	Cooperatieve Centrale Raiffeisen-Boerenleenbank BA	2.125	%		10/13/15		160,735
	130,000	Credit Suisse USA, Inc.	0.719	%	(1)	04/12/13		129,826
	260,000	Eaton Vance Corp.	6.500	%		10/02/17		297,362
	135,000	Equifax, Inc.	4.450	%		12/01/14		142,692
	225,000	General Electric Capital Corp., MTN, Series A	6.750	%		03/15/32		279,413
	100,000	Goldman Sachs Group, Inc. (The)	1.061	%	(1)	09/29/14		96,089
	115,000	Goldman Sachs Group, Inc. (The)	6.150	%		04/01/18		124,821
	110,000	JPMorgan Chase & Co.	6.300	%		04/23/19		128,742
	125,000	Merrill Lynch & Co., Inc.	6.050	%		05/16/16		129,347
	150,000	Moody's Corp.	5.500	%		09/01/20		162,424
	150,000	Morgan Stanley	5.500	%		07/28/21		148,049
	120,000	Nomura Holdings, Inc.	5.000	%		03/04/15		124,662
	135,000	PNC Funding Corp.	4.250	%		09/21/15		146,820
	55,000	SunTrust Banks, Inc.	6.000	%		09/11/17		62,676

See Notes to Financial Statements.  29

Wright Total Return Fund (WTRB)

Portfolio of Investments - As of June 30, 2012

	Face Amount	Description	Coupon Rate			Maturity Date		Value
DIVERSIFIED FINANCIALS (CONTINUED)
$	130,000	TD Ameritrade Holding Corp.	4.150	%		12/01/14	$	137,503
	300,000	Toyota Motor Credit Corp., MTN	3.300	%		01/12/22		315,663
	220,000	US Bancorp, MTN	3.150	%		03/04/15		232,467
	280,000	Wells Fargo & Co.	3.625	%		04/15/15		298,262
	280,000	Westpac Banking Corp.	4.200	%		02/27/15		297,644
ENERGY - 1.8%
$	205,000	Baker Hughes, Inc.	6.875	%		01/15/29	$	273,926
	50,000	Newfield Exploration Co.	6.625	%		04/15/16		51,313
	50,000	ONEOK Partners LP	6.850	%		10/15/37		59,757
	60,000	ONEOK, Inc.	5.200	%		06/15/15		65,195
	70,000	Peabody Energy Corp.	7.375	%		11/01/16		77,350
	55,000	Valero Energy Corp.	9.375	%		03/15/19		72,377
FOOD, BEVERAGE & TOBACCO - 2.1%
$	60,000	Altria Group, Inc.	8.500	%		11/10/13	$	65,936
	55,000	Altria Group, Inc.	9.700	%		11/10/18		76,204
	140,000	ConAgra Foods, Inc.	5.875	%		04/15/14		151,240
	150,000	Ingredion, Inc.	4.625	%		11/01/20		162,819
	100,000	PepsiCo, Inc.	7.900	%		11/01/18		133,774
	105,000	Philip Morris International, Inc.	6.875	%		03/17/14		115,972
HEALTH CARE EQUIPMENT & SERVICES - 2.6%
$	155,000	Cigna Corp.	2.750	%		11/15/16	$	159,856
	135,000	Hospira, Inc.	5.900	%		06/15/14		144,826
	75,000	Laboratory Corp. of America Holdings	3.125	%		05/15/16		78,330
	40,000	McKesson Corp.	6.500	%		02/15/14		43,614
	100,000	Medtronic, Inc.	4.500	%		03/15/14		106,405
	130,000	UnitedHealth Group, Inc.	6.000	%		02/15/18		157,498
	145,000	WellPoint, Inc.	4.350	%		08/15/20		159,710
HOUSEHOLD & PERSONAL PRODUCTS - 0.2%
$	60,000	Estee Lauder Cos., Inc. (The)	6.000	%		05/15/37	$	77,309
INDUSTRIAL - 0.2%
$	70,000	Greif, Inc.	6.750	%		02/01/17	$	76,300
INSURANCE - 4.4%
$	100,000	ACE INA Holdings, Inc.	5.875	%		06/15/14	$	109,057
	275,000	Loews Corp.	5.250	%		03/15/16		304,741
	125,000	MetLife, Inc.	5.000	%		06/15/15		137,520
	46,000	OneBeacon US Holdings, Inc.	5.875	%		05/15/13		47,323
	255,000	PartnerRe Finance B, LLC	5.500	%		06/01/20		269,449
	55,000	Principal Financial Group, Inc.	8.875	%		05/15/19		71,386
	130,000	Principal Life Income Funding Trusts, MTN	0.646	%	(1)	11/08/13		130,165
	90,000	Prudential Financial, Inc., MTN	4.500	%		11/15/20		95,566
	50,000	Prudential Financial, Inc., MTN, Series D	7.375	%		06/15/19		61,110
	200,000	Travelers Cos., Inc. (The)	5.500	%		12/01/15		225,898
MATERIALS - 1.3%
$	145,000	Airgas, Inc.	4.500	%		09/15/14	$	155,033
	120,000	Dow Chemical Co. (The)	7.375	%		03/01/23		147,735
	100,000	Lubrizol Corp.	8.875	%		02/01/19		136,702
MEDIA - 2.3%
$	90,000	Comcast Cable Communications Holdings, Inc.	9.455	%		11/15/22	$	131,255
	150,000	DIRECTV Holdings, LLC / DIRECTV Financing Co., Inc.	5.000	%		03/01/21		165,081
	95,000	McGraw-Hill Cos., Inc. (The)	5.900	%		11/15/17		109,482
	50,000	Time Warner Cable, Inc.	8.250	%		04/01/19		65,424
	115,000	Time Warner Cos., Inc.	6.950	%		01/15/28		143,698
	120,000	Viacom, Inc.	4.375	%		09/15/14		128,520

See Notes to Financial Statements.  30

Wright Total Return Fund (WTRB)

Portfolio of Investments - As of June 30, 2012

	Face Amount	Description	Coupon Rate			Maturity Date		Value
MINING - 0.4%
$	80,000	Barrick Gold Financeco, LLC	6.125	%		09/15/13	$	84,963
	50,000	Rio Tinto Finance USA, Ltd.	8.950	%		05/01/14		57,118
MISCELLANEOUS MANUFACTURING - 0.2%
$	55,000	Tyco International Finance SA	8.500	%		01/15/19	$	75,419
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.4%
$	115,000	Wyeth, LLC	5.500	%		02/01/14	$	123,821
PIPELINES - 0.9%
$	60,000	Spectra Energy Capital, LLC	5.650	%		03/01/20	$	68,228
	170,000	TransCanada PipeLines, Ltd.	6.500	%		08/15/18		211,625
RETAILING - 1.3%
$	55,000	AutoZone, Inc.	5.750	%		01/15/15	$	60,619
	145,000	Kohl's Corp.	4.000	%		11/01/21		150,994
	72,000	Ltd. Brands, Inc.	5.250	%		11/01/14		75,960
	120,000	Safeway, Inc.	5.000	%		08/15/19		124,313
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 0.6%
$	165,000	Applied Materials, Inc.	7.125	%		10/15/17	$	205,966
SOFTWARE & SERVICES - 3.2%
$	140,000	Adobe Systems, Inc.	4.750	%		02/01/20	$	156,634
	140,000	Dun & Bradstreet Corp. (The)	6.000	%		04/01/13		145,200
	145,000	Ingram Micro, Inc.	5.250	%		09/01/17		155,623
	105,000	International Business Machines Corp.	7.625	%		10/15/18		140,073
	245,000	Oracle Corp.	5.375	%		07/15/40		301,366
	150,000	Symantec Corp.	4.200	%		09/15/20		153,706
TECHNOLOGY HARDWARE & EQUIPMENT - 1.0%
$	30,000	Dell, Inc.	5.625	%		04/15/14	$	32,471
	140,000	Harris Corp.	5.000	%		10/01/15		152,511
	140,000	Pitney Bowes, Inc., MTN	5.250	%		01/15/37		139,741
TELECOMMUNICATIONS - 2.2%
$	155,000	BellSouth Corp.	6.000	%		11/15/34	$	172,762
	70,000	British Telecommunications PLC	9.625	%		12/15/30		105,549
	105,000	Cellco Partnership / Verizon Wireless Capital, LLC	5.550	%		02/01/14		112,449
	145,000	Telefonica Emisiones SAU	4.949	%		01/15/15		137,163
	150,000	Verizon Global Funding Corp.	7.750	%		12/01/30		212,172
TRANSPORTATION - 0.5%
$	120,000	Burlington Northern Santa Fe, LLC	6.200	%		08/15/36	$	150,193
UTILITIES - 3.6%
$	115,000	American Electric Power Co., Inc.	5.250	%		06/01/15	$	125,058
	110,000	Consolidated Edison Co. of New York, Inc.	7.125	%		12/01/18		142,612
	90,000	Dominion Resources, Inc., Series E	6.300	%		03/15/33		114,758
	115,000	Duke Energy Indiana, Inc.	5.000	%		09/15/13		120,614
	80,000	Exelon Generation Co., LLC	5.200	%		10/01/19		87,635
	115,000	NextEra Energy Capital Holdings, Inc., Series D	7.300	%	(1)	09/01/67		122,175
	50,000	Pacific Gas & Electric Co.	8.250	%		10/15/18		67,483
	138,000	PPL Energy Supply, LLC	6.300	%		07/15/13		145,439
	60,000	Public Service Electric & Gas Co., MTN	5.300	%		05/01/18		71,389
	125,000	Sempra Energy	6.500	%		06/01/16		147,183
	55,000	TransAlta Corp.	4.750	%		01/15/15		57,423

Total Corporate Bonds (identified cost, $13,608,085) $ 14,710,203

See Notes to Financial Statements.  31

Wright Total Return Fund (WTRB)

Portfolio of Investments - As of June 30, 2012

Face Amount Description Coupon Rate Maturity Date Value

U.S. GOVERNMENT INTERESTS - 45.7%

AGENCY MORTGAGE-BACKED SECURITIES - 23.3%
$	109,695	FHLMC Gold Pool #A32600	5.500	%		05/01/35	$	120,572
	27,004	FHLMC Gold Pool #C01646	6.000	%		09/01/33		30,282
	21,038	FHLMC Gold Pool #C27663	7.000	%		06/01/29		21,881
	95,049	FHLMC Gold Pool #C47318	7.000	%		09/01/29		112,634
	125,620	FHLMC Gold Pool #C66878	6.500	%		05/01/32		143,114
	108,339	FHLMC Gold Pool #C91046	6.500	%		05/01/27		121,344
	17,461	FHLMC Gold Pool #D66753	6.000	%		10/01/23		19,258
	4,229	FHLMC Gold Pool #E00903	7.000	%		10/01/15		4,559
	144,933	FHLMC Gold Pool #G01035	6.000	%		05/01/29		162,525
	66,722	FHLMC Gold Pool #G02478	5.500	%		12/01/36		72,738
	62,279	FHLMC Gold Pool #H19018	6.500	%		08/01/37		69,385
	88,685	FHLMC Gold Pool #N30514	5.500	%		11/01/28		95,877
	249,918	FHLMC Gold Pool #P00024	7.000	%		09/01/32		288,225
	11,150	FHLMC Gold Pool #P50031	7.000	%		08/01/18		11,707
	43,395	FHLMC Gold Pool #P50064	7.000	%		09/01/30		49,253
	62,288	FHLMC Pool #1B1291	2.500	%	(1)	11/01/33		66,182
	159,834	FHLMC Pool #1G0233	2.832	%	(1)	05/01/35		170,987
	21,412	FHLMC Pool #781071	5.248	%	(1)	11/01/33		23,080
	19,753	FHLMC Pool #781804	5.082	%	(1)	07/01/34		21,263
	10,584	FHLMC Pool #781884	5.161	%	(1)	08/01/34		11,392
	31,513	FHLMC Pool #782862	5.050	%	(1)	11/01/34		33,904
	174,787	FHLMC, Series 1983, Class Z	6.500	%		12/15/23		197,983
	122,688	FHLMC, Series 2044, Class PE	6.500	%		04/15/28		140,658
	550,000	FHLMC, Series 2627, Class MW	5.000	%		06/15/23		622,835
	83,350	FNMA Pool #253057	8.000	%		12/01/29		101,205
	3,462	FNMA Pool #254845	4.000	%		07/01/13		3,660
	3,929	FNMA Pool #254863	4.000	%		08/01/13		4,126
	10,483	FNMA Pool #479477	6.000	%		01/01/29		11,764
	12,412	FNMA Pool #489357	6.500	%		03/01/29		14,271
	13,093	FNMA Pool #535332	8.500	%		04/01/30		16,392
	25,896	FNMA Pool #545782	7.000	%		07/01/32		30,300
	12,748	FNMA Pool #597396	6.500	%		09/01/31		14,594
	60,669	FNMA Pool #621284	6.500	%		12/01/31		69,454
	26,945	FNMA Pool #725866	4.500	%		09/01/34		28,992
	77,911	FNMA Pool #738630	5.500	%		11/01/33		85,666
	226,662	FNMA Pool #745001	6.500	%		09/01/35		258,281
	124,991	FNMA Pool #745467	5.508	%	(1)	04/01/36		134,293
	217,825	FNMA Pool #745755	5.000	%		12/01/35		236,928
	89,240	FNMA Pool #747529	4.500	%		10/01/33		96,073
	465,671	FNMA Pool #781893	4.500	%		11/01/31		511,077
	31,065	FNMA Pool #809888	4.500	%		03/01/35		33,385
	534,415	FNMA Pool #888366	7.000	%		04/01/37		618,564
	482,553	FNMA Pool #888367	7.000	%		03/01/37		562,540
	245,519	FNMA Pool #888417	6.500	%		01/01/36		282,301
	38,763	FNMA Pool #906455	6.028	%	(1)	01/01/37		42,010
	24,363	GNMA I Pool #374892	7.000	%		02/15/24		28,648
	23,783	GNMA I Pool #376400	6.500	%		02/15/24		27,355
	23,408	GNMA I Pool #379982	7.000	%		02/15/24		27,525
	136,247	GNMA I Pool #393347	7.500	%		02/15/27		163,651
	51,897	GNMA I Pool #410081	8.000	%		08/15/25		62,768
	32,077	GNMA I Pool #427199	7.000	%		12/15/27		38,272
	748	GNMA I Pool #436214	6.500	%		02/15/13		772
	35,367	GNMA I Pool #448490	7.500	%		03/15/27		38,863

See Notes to Financial Statements.  32

Wright Total Return Fund (WTRB)

Portfolio of Investments - As of June 30, 2012

	Face Amount	Description	Coupon Rate		Maturity Date		Value
AGENCY MORTGAGE-BACKED SECURITIES (CONTINUED)
$	43,981	GNMA I Pool #458762	6.500	%	01/15/28	$	51,398
	33,572	GNMA I Pool #460726	6.500	%	12/15/27		39,160
	14,450	GNMA I Pool #488924	6.500	%	11/15/28		16,886
	12,034	GNMA I Pool #510706	8.000	%	11/15/29		14,855
	24,553	GNMA I Pool #581536	5.500	%	06/15/33		27,426
	80,069	GNMA II Pool #002630	6.500	%	08/20/28		92,483
	4,228	GNMA II Pool #002909	8.000	%	04/20/30		5,328
	10,015	GNMA II Pool #002972	7.500	%	09/20/30		12,265
	3,678	GNMA II Pool #002973	8.000	%	09/20/30		4,557
	36,979	GNMA II Pool #003095	6.500	%	06/20/31		42,874
	251,717	GNMA II Pool #004841	8.000	%	08/20/31		306,675
	851,854	GNMA, Series 2010-44, Class NK	4.000	%	10/20/37		902,478

U.S. TREASURIES - 22.4%
$	210,000	U.S. Treasury Bond	6.125	%		11/15/27	$	317,363
	855,000	U.S. Treasury Note	3.875	%		02/15/13		874,638
	815,000	U.S. Treasury Note	1.875	%		04/30/14		838,049
	1,255,000	U.S. Treasury Note	2.375	%		02/28/15		1,320,790
	60,000	U.S. Treasury Note	1.875	%		06/30/15		62,569
	595,000	U.S. Treasury Note	3.250	%		06/30/16		657,521
	1,610,000	U.S. Treasury Note	2.750	%		05/31/17		1,766,473
	180,000	U.S. Treasury Note	1.875	%		08/31/17		189,928
	350,000	U.S. Treasury Note	3.125	%		05/15/19		397,852
	725,000	U.S. Treasury Strip	3.140-4.845	%	(2)	11/15/30		446,766
	1,120,000	U.S. Treasury Strip	2.815-5.045	%	(2)	08/15/39		517,265

Total U.S. Government Interests (identified cost, $14,321,374) $ 15,060,967

TOTAL FIXED-INCOME INVESTMENTS (identified cost, $30,409,786) — 98.5% $ 32,448,769

SHORT-TERM INVESTMENTS - 1.5%

$ 486,764 Fidelity Government Money Market Fund, 0.01% (1)  $ 486,764

TOTAL SHORT-TERM INVESTMENTS (identified cost, $486,764) — 1.5% $ 486,764

TOTAL INVESTMENTS (identified cost, $30,896,550) — 100.0% $ 32,935,533

OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.0% 36

NET ASSETS — 100.0% $ 32,935,569

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 June 30, 2012.

(2) Rate presented is yield to maturity.

See Notes to Financial Statements.  33

Wright Total Return Fund (WTRB)

Portfolio of Investments - As of June 30, 2012

Portfolio Composition by Security Type
% of total investments at June 30, 2012
Asset-Backed Securities	0.9%
Commercial Mortgage-Backed Securities	7.1%
Residential Mortgage-Backed Securities	0.1%
Corporate Bonds	44.7%
U.S. Government Interests	45.7%
Short-Term Investments	1.5%

See Notes to Financial Statements.  34

Wright Total Return Fund (WTRB)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2012					For the Six Months Ended June 30, 2012
ASSETS:					INVESTMENT INCOME (Note 1C)
	Investments, at value					Dividend income	$	17
	(identified cost $30,896,550) (Note 1A)	$	32,935,533			Interest income		704,349
	Receivable for fund shares sold		42,241			Total investment income	$	704,366
	Receivable for investment securities sold		86,152
	Cash		10,231		Expenses –
	Dividends and interest receivable		259,913			Investment adviser fee (Note 3)	$	70,780
	Prepaid expenses and other assets		26,692			Administrator fee (Note 3)		11,010
	Total assets	$	33,360,762			Trustee expense (Note 3)		10,860
						Custodian fee		1,542
LIABILITIES:						Accountant fee		19,606
	Payable for fund shares reacquired	$	503			Pricing		16,833
	Payable for investment securities purchased		360,007			Distribution expenses (Note 4)		39,322
	Distributions payable		45,337			Transfer agent fee		15,140
	Accrued expenses and other liabilities		19,346			Printing		39
	Total liabilities	$	425,193			Shareholder communications		3,304
NET ASSETS		$	32,935,569			Audit services		10,216
						Legal services		3,291
NET ASSETS CONSIST OF:						Compliance services		2,980
	Paid-in capital	$	32,846,958			Registration costs		11,305
	Accumulated net realized loss on investments		(1,928,425	)		Miscellaneous		6,767
	Distributions in excess of net investment income		(21,947	)		Total expenses	$	222,995
	Unrealized appreciation on investments		2,038,983
	Net assets applicable to outstanding shares	$	32,935,569		Deduct –
						Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(73,569	)
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			2,477,641			Net expenses	$	149,426
						Net investment income	$	554,940
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	13.29
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
						Net realized gain on investment transactions	$	101,404
						Net change in unrealized appreciation (depreciation) on investments		103,704
						Net realized and unrealized gain on investments	$	205,108
						Net increase in net assets from operations	$	760,048

See Notes to Financial Statements.  35

Wright Total Return Fund (WTRB)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2012			December 31, 2011
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income	$	554,940		$	989,900
	Net realized gain on investment transactions		101,404			211,660
	Net change in unrealized appreciation (depreciation) on investments		103,704			788,844
	Net increase in net assets from operations	$	760,048		$	1,990,404
Distributions to shareholders (Note 2)
	From net investment income	$	(576,887	)	$	(1,214,917	)
	Total distributions	$	(576,887	)	$	(1,214,917	)
Net increase (decrease) in net assets resulting from fund share transactions (Note 6)		$	2,129,084		$	(1,682,358	)
Net increase (decrease) in net assets		$	2,312,245		$	(906,871	)
NET ASSETS:
	At beginning of period		30,623,324			31,530,195
	At end of period	$	32,935,569		$	30,623,324
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	(21,947	)	$	-

See Notes to Financial Statements.  36

Wright Total Return Fund (WTRB)

These financial highlights reflect selected data for a share outstanding throughout each period.
		Six Months Ended June 30,			Years Ended December 31,
FINANCIAL HIGHLIGHTS		2012				2011			2010			2009			2008			2007
Net asset value, beginning of period		$	13.220			$	12.890		$	12.620		$	11.990		$	12.390		$	12.290
Income (loss) from investment operations:
Net investment income (1)			0.233				0.420			0.437			0.558			0.573			0.558
Net realized and unrealized gain (loss)			0.079				0.425			0.336			0.676			(0.373	)		0.115
	Total income from investment operations		0.312				0.845			0.773			1.234			0.200			0.673
Less distributions:
From net investment income			(0.242	)			(0.515	)		(0.503	)		(0.604	)		(0.600	)		(0.573	)
Net asset value, end of period		$	13.290			$	13.220		$	12.890		$	12.620		$	11.990		$	12.390
Total Return(2)			2.37	%(3)			6.68	%		6.18	%		10.53	%		1.69	%		5.64	%
Ratios/Supplemental Data(5):
Net assets, end of period (000 omitted)		$32,936				$30,623			$31,530			$24,556			$23,262			$24,989
Ratios (As a percentage of     average daily net assets):
Net expenses			0.95	%(4)			0.95	%		0.83	%		0.70	%		0.71	%		0.87	%
Net expenses after custodian fee reduction			N/A				N/A			N/A			0.70	%		0.70	%		0.85	%
Net investment income			3.53	%(4)			3.22	%		3.38	%		4.53	%		4.73	%		4.56	%
Portfolio turnover rate			18	%(3)			55	%		119	%		61	%		125	%		119	%
(1)	Computed using average shares outstanding.
(2)	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 period reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(3)	Not annualized.
(4)	Annualized.
(5)	For each of the periods presented, 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:
		2012				2011			2010			2009			2008			2007
Ratios (As a percentage of     average daily net assets):
Expenses			1.42	%(4)			1.37	%		1.43	%		1.55	%		1.52	%		1.41	%
Expenses after custodian fee reduction			N/A				N/A			N/A			1.55	%		1.51	%		1.38	%
Net investment income			3.06	%(4)			2.80	%		2.78	%		3.68	%		3.93	%		4.03	%

See Notes to Financial Statements.  37

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of June 30, 2012

Face Amount Description Coupon Rate Maturity Date Value

FIXED-INCOME INVESTMENTS - 98.0%

AGENCY MORTGAGE-BACKED SECURITIES - 98.0%
$	18,599	FHLMC Gold Pool #C00548	7.000	%	08/01/27	$	22,191
	57,154	FHLMC Gold Pool #C00778	7.000	%	06/01/29		68,552
	122,082	FHLMC Gold Pool #C01375	6.500	%	07/01/32		141,219
	225,981	FHLMC Gold Pool #C91034	6.000	%	06/01/27		248,078
	666,459	FHLMC Gold Pool #C91408	3.500	%	11/01/31		705,362
	49,543	FHLMC Gold Pool #D81642	7.500	%	08/01/27		59,922
	68,147	FHLMC Gold Pool #D82572	7.000	%	09/01/27		81,308
	16,982	FHLMC Gold Pool #E00678	6.500	%	06/01/14		17,684
	17,424	FHLMC Gold Pool #E00721	6.500	%	07/01/14		18,145
	29,976	FHLMC Gold Pool #E81704	8.500	%	05/01/15		32,343
	626,217	FHLMC Gold Pool #G02791	5.500	%	04/01/37		681,503
	207,723	FHLMC Gold Pool #G02809	6.500	%	05/01/36		234,898
	165,933	FHLMC Gold Pool #G08012	6.500	%	09/01/34		188,264
	1,155,068	FHLMC Gold Pool #G08081	6.000	%	09/01/35		1,272,884
	888,003	FHLMC Gold Pool #G08378	6.000	%	10/01/39		974,132
	247,112	FHLMC Gold Pool #H09054	4.500	%	03/01/37		261,322
	115,302	FHLMC Gold Pool #H09098	6.500	%	10/01/37		128,495
	249,918	FHLMC Gold Pool #P00024	7.000	%	09/01/32		288,225
	201,392	FHLMC Gold Pool #P50019	7.000	%	07/01/24		235,629
	86,053	FHLMC, Series 2176, Class OJ	7.000	%	08/15/29		99,291
	59,234	FHLMC, Series 2201, Class C	8.000	%	11/15/29		70,564
	310,871	FHLMC, Series 2218, Class ZB	6.000	%	03/15/30		347,272
	132,394	FHLMC, Series 2259, Class ZM	7.000	%	10/15/30		155,452
	92,933	FHLMC, Series 2576, Class HC	5.500	%	03/15/33		103,919
	785,000	FHLMC, Series 3004, Class HK	5.500	%	07/15/35		862,767
	961,181	FHLMC, Series 3033, Class WY	5.500	%	09/15/35		1,057,770
	200,000	FHLMC, Series 3072, Class DL	6.000	%	02/15/35		233,186
	133,625	FHLMC, Series 3217, Class PD	6.000	%	11/15/34		138,787
	565,000	FHLMC, Series 3605, Class NC	5.500	%	06/15/37		691,073
	1,000,000	FHLMC, Series 3662, Class PJ	5.000	%	04/15/40		1,155,822
	175,729	FHLMC-GNMA, Series 15, Class L	7.000	%	07/25/23		200,189
	63,573	FHLMC-GNMA, Series 23, Class KZ	6.500	%	11/25/23		71,784
	109,624	FHLMC-GNMA, Series 4, Class D	8.000	%	12/25/22		125,865
	478,477	FNMA Pool #252034	7.000	%	09/01/28		572,706
	1,172,659	FNMA Pool #256182	6.000	%	03/01/36		1,281,642
	226,455	FNMA Pool #256972	6.000	%	11/01/37		247,784
	851,895	FNMA Pool #257138	5.000	%	03/01/38		912,630
	30,407	FNMA Pool #535131	6.000	%	03/01/29		34,122
	140,423	FNMA Pool #594207	6.500	%	02/01/31		163,627
	71,353	FNMA Pool #673315	5.500	%	11/01/32		78,500
	1,298,348	FNMA Pool #689108	5.500	%	02/01/33		1,428,393
	521,113	FNMA Pool #721255	5.500	%	07/01/33		572,983
	58,415	FNMA Pool #733750	6.310	%	10/01/32		66,462
	825,025	FNMA Pool #735415	6.500	%	12/01/32		944,498
	264,785	FNMA Pool #735861	6.500	%	09/01/33		304,453
	454,189	FNMA Pool #745001	6.500	%	09/01/35		517,547
	828,923	FNMA Pool #745318	5.000	%	12/01/34		893,378
	95,235	FNMA Pool #745630	5.500	%	01/01/29		104,893
	126,034	FNMA Pool #801357	5.500	%	08/01/34		138,657
	141,905	FNMA Pool #813839	6.000	%	11/01/34		159,816
	850,038	FNMA Pool #851655	6.000	%	12/01/35		948,827
	120,178	FNMA Pool #871394	7.000	%	04/01/21		131,437
	380,087	FNMA Pool #879922	5.000	%	11/01/35		409,798

See Notes to Financial Statements.  38

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of June 30, 2012

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	283,840	FNMA Pool #888211	7.000	%	08/01/36	$	334,987
	108,730	FNMA Pool #888367	7.000	%	03/01/37		126,753
	228,289	FNMA Pool #888534	5.000	%	08/01/37		244,564
	1,253,913	FNMA Pool #889307	5.000	%	07/01/37		1,364,664
	570,546	FNMA Pool #930504	5.000	%	02/01/39		628,066
	154,011	FNMA Pool #930664	6.500	%	03/01/39		176,920
	98,814	FNMA Pool #954957	6.000	%	10/01/37		108,120
	1,717,766	FNMA Pool #995149	6.500	%	10/01/38		1,939,678
	229,450	FNMA Pool #995346	6.500	%	09/01/36		261,457
	417,606	FNMA Pool #995656	7.000	%	06/01/33		500,528
	733,886	FNMA Pool #AB1231	5.000	%	07/01/40		801,749
	124,394	FNMA Pool #AB2265	4.000	%	02/01/41		134,895
	1,076,100	FNMA Pool #AB3223	4.000	%	07/01/41		1,177,327
	243,848	FNMA Pool #AD0756	6.500	%	11/01/28		274,626
	501,526	FNMA Pool #AD6420	5.000	%	06/01/40		547,902
	498,737	FNMA Pool #AL0886	6.500	%	10/01/38		570,960
	272,949	FNMA Whole Loan, Series 2004-W1, Class 2A2	7.000	%	12/25/33		329,926
	419,139	FNMA Whole Loan, Series 2004-W11, Class 1A1	6.000	%	05/25/44		501,280
	169,241	FNMA, Series 2001-52, Class YZ	6.500	%	10/25/31		197,860
	125,000	FNMA, Series 2002-15, Class QH	6.000	%	04/25/32		143,456
	763,022	FNMA, Series 2003-32, Class BZ	6.000	%	11/25/32		898,581
	231,824	FNMA, Series 2004-17, Class H	5.500	%	04/25/34		264,356
	285,000	FNMA, Series 2004-25, Class LC	5.500	%	04/25/34		324,034
	256,000	FNMA, Series 2004-25, Class UC	5.500	%	04/25/34		291,058
	339,858	FNMA, Series 2004-90, Class D	4.000	%	11/25/34		370,965
	205,000	FNMA, Series 2005-106, Class UK	5.500	%	12/25/35		230,334
	304,000	FNMA, Series 2007-76, Class PE	6.000	%	08/25/37		355,068
	800,000	FNMA, Series 2007-81, Class GE	6.000	%	08/25/37		981,205
	170,000	FNMA, Series 2008-46, Class JN	5.500	%	06/25/38		185,425
	850,000	FNMA, Series 2008-60, Class JC	5.000	%	07/25/38		966,280
	88,282	FNMA, Series 2008-86, Class GD	6.000	%	03/25/36		101,986
	390,000	FNMA, Series 2009-96, Class DB	4.000	%	11/25/29		427,888
	347,743	FNMA, Series G92-43, Class Z	7.500	%	07/25/22		403,875
	225,548	FNMA, Series G93-5, Class Z	6.500	%	02/25/23		261,262
	771	GNMA I Pool #177784	8.000	%	10/15/16		775
	6,865	GNMA I Pool #192357	8.000	%	04/15/17		6,902
	1,520	GNMA I Pool #194287	9.500	%	03/15/17		1,530
	597	GNMA I Pool #196063	8.500	%	03/15/17		659
	802	GNMA I Pool #212601	8.500	%	06/15/17		806
	1,102	GNMA I Pool #220917	8.500	%	04/15/17		1,159
	2,120	GNMA I Pool #223348	10.000	%	08/15/18		2,135
	1,883	GNMA I Pool #230223	9.500	%	04/15/18		1,895
	2,725	GNMA I Pool #260999	9.500	%	09/15/18		2,874
	4,024	GNMA I Pool #263439	10.000	%	02/15/19		4,052
	1,105	GNMA I Pool #265267	9.500	%	08/15/20		1,112
	581	GNMA I Pool #266983	10.000	%	02/15/19		585
	610	GNMA I Pool #286556	9.000	%	03/15/20		614
	711	GNMA I Pool #301366	8.500	%	06/15/21		743
	3,631	GNMA I Pool #302933	8.500	%	06/15/21		4,333
	8,781	GNMA I Pool #308792	9.000	%	07/15/21		9,252
	1,529	GNMA I Pool #314222	8.500	%	04/15/22		1,548
	1,430	GNMA I Pool #315187	8.000	%	06/15/22		1,438
	19,412	GNMA I Pool #319441	8.500	%	04/15/22		19,793
	4,894	GNMA I Pool #325165	8.000	%	06/15/22		5,807
	5,947	GNMA I Pool #335950	8.000	%	10/15/22		5,978
	90,938	GNMA I Pool #346987	7.000	%	12/15/23		106,283

See Notes to Financial Statements.  39

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of June 30, 2012

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	35,989	GNMA I Pool #352001	6.500	%	12/15/23	$	41,337
	11,194	GNMA I Pool #352110	7.000	%	08/15/23		13,082
	41,667	GNMA I Pool #368238	7.000	%	12/15/23		48,698
	22,603	GNMA I Pool #372379	8.000	%	10/15/26		23,951
	38,332	GNMA I Pool #399726	7.490	%	05/15/25		44,686
	92,001	GNMA I Pool #399788	7.490	%	09/15/25		107,252
	26,189	GNMA I Pool #399958	7.490	%	02/15/27		30,587
	24,729	GNMA I Pool #399964	7.490	%	04/15/26		28,864
	39,937	GNMA I Pool #410215	7.500	%	12/15/25		47,750
	3,497	GNMA I Pool #414736	7.500	%	11/15/25		4,196
	13,368	GNMA I Pool #420707	7.000	%	02/15/26		15,881
	10,884	GNMA I Pool #421829	7.500	%	04/15/26		13,047
	3,382	GNMA I Pool #431036	8.000	%	07/15/26		3,560
	13,191	GNMA I Pool #431612	8.000	%	11/15/26		13,532
	4,308	GNMA I Pool #442190	8.000	%	12/15/26		4,992
	39,538	GNMA I Pool #448970	8.000	%	08/15/27		48,447
	7,698	GNMA I Pool #449176	6.500	%	07/15/28		8,996
	20,342	GNMA I Pool #462623	6.500	%	03/15/28		23,772
	72,688	GNMA I Pool #471369	5.500	%	05/15/33		81,126
	189,913	GNMA I Pool #487108	6.000	%	04/15/29		216,247
	98,240	GNMA I Pool #489377	6.375	%	03/15/29		111,862
	328,152	GNMA I Pool #503405	6.500	%	04/15/29		382,975
	128,492	GNMA I Pool #509930	5.500	%	06/15/29		143,288
	211,409	GNMA I Pool #509965	5.500	%	06/15/29		236,018
	14,133	GNMA I Pool #538314	7.000	%	02/15/32		16,908
	30,990	GNMA I Pool #595606	6.000	%	11/15/32		35,171
	8,678	GNMA I Pool #602377	4.500	%	06/15/18		9,429
	15,770	GNMA I Pool #603377	4.500	%	01/15/18		16,659
	137,888	GNMA I Pool #615403	4.500	%	08/15/33		152,538
	82,650	GNMA I Pool #616829	5.500	%	01/15/25		92,219
	94,622	GNMA I Pool #623190	6.000	%	12/15/23		106,885
	344,090	GNMA I Pool #624600	6.150	%	01/15/34		390,512
	65,381	GNMA I Pool #640940	5.500	%	05/15/35		73,237
	28,651	GNMA I Pool #658267	6.500	%	02/15/22		31,805
	100,322	GNMA I Pool #677162	5.500	%	08/15/23		109,295
	825,780	GNMA I Pool #711286	6.500	%	10/15/32		963,739
	742,561	GNMA I Pool #733602	5.000	%	04/15/40		823,863
	29,918	GNMA I Pool #780429	7.500	%	09/15/26		32,959
	166,454	GNMA I Pool #780492	7.000	%	09/15/24		195,374
	82,262	GNMA I Pool #780685	6.500	%	12/15/27		94,329
	102,114	GNMA I Pool #780977	7.500	%	12/15/28		123,117
	255,396	GNMA I Pool #781120	7.000	%	12/15/29		306,649
	17,913	GNMA II Pool #000723	7.500	%	01/20/23		20,999
	1,645	GNMA II Pool #001596	9.000	%	04/20/21		1,973
	21,740	GNMA II Pool #002268	7.500	%	08/20/26		26,116
	57,939	GNMA II Pool #002442	6.500	%	06/20/27		66,641
	3,538	GNMA II Pool #002855	8.500	%	12/20/29		4,420
	95,051	GNMA II Pool #003284	5.500	%	09/20/32		106,278
	64,677	GNMA II Pool #003401	4.500	%	06/20/33		71,763
	378,945	GNMA II Pool #003403	5.500	%	06/20/33		423,588
	96,345	GNMA II Pool #003554	4.500	%	05/20/34		106,720
	257,882	GNMA II Pool #003689	4.500	%	03/20/35		285,895
	611,086	GNMA II Pool #003931	6.000	%	12/20/36		687,182
	37,487	GNMA II Pool #004149	7.500	%	05/20/38		46,257
	899,952	GNMA II Pool #004260	6.000	%	10/20/38		975,667
	135,260	GNMA II Pool #004284	5.500	%	11/20/38		144,812

See Notes to Financial Statements.  40

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of June 30, 2012

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	536,076	GNMA II Pool #004291	6.000	%	11/20/38	$	601,408
	353,205	GNMA II Pool #004308	5.000	%	12/20/38		374,824
	320,650	GNMA II Pool #004412	5.000	%	04/20/39		343,282
	610,813	GNMA II Pool #004561	6.000	%	10/20/39		686,779
	510,056	GNMA II Pool #004751	7.000	%	12/20/38		607,899
	162,440	GNMA II Pool #004752	7.500	%	11/20/38		199,617
	467,488	GNMA II Pool #004753	8.000	%	08/20/30		573,435
	419,824	GNMA II Pool #004805	6.500	%	09/20/40		483,599
	141,698	GNMA II Pool #004808	8.000	%	01/20/31		175,071
	350,270	GNMA II Pool #004828	4.500	%	10/20/40		371,065
	769,645	GNMA II Pool #004838	6.500	%	10/20/40		888,485
	1,107,786	GNMA II Pool #004848	3.500	%	11/20/40		1,178,091
	311,072	GNMA II Pool #004993	7.000	%	03/20/41		369,765
	471,530	GNMA II Pool #005257	4.000	%	12/20/41		501,842
	875,241	GNMA II Pool #005294	7.000	%	11/20/40		1,025,108
	93,663	GNMA II Pool #575787	5.760	%	03/20/33		104,698
	101,031	GNMA II Pool #608120	6.310	%	01/20/33		114,354
	285,847	GNMA II Pool #610116	5.760	%	04/20/33		319,566
	67,476	GNMA II Pool #610143	5.760	%	06/20/33		75,425
	227,340	GNMA II Pool #612121	5.760	%	07/20/33		254,122
	217,853	GNMA II Pool #648541	6.000	%	10/20/35		244,668
	504,542	GNMA II Pool #719213	6.500	%	02/20/33		584,576
	150,605	GNMA II Pool #748939	4.000	%	09/20/40		165,370
	716,585	GNMA, Series 1998-21, Class ZB	6.500	%	09/20/28		840,566
	164,441	GNMA, Series 1999-25, Class TB	7.500	%	07/16/29		199,665
	607,454	GNMA, Series 1999-4, Class ZB	6.000	%	02/20/29		695,362
	231,692	GNMA, Series 2000-14, Class PD	7.000	%	02/16/30		274,358
	185,378	GNMA, Series 2001-4, Class PM	6.500	%	03/20/31		216,606
	230,620	GNMA, Series 2002-22, Class GF	6.500	%	03/20/32		272,370
	158,854	GNMA, Series 2002-40, Class UK	6.500	%	06/20/32		187,488
	124,545	GNMA, Series 2002-45, Class QE	6.500	%	06/20/32		144,420
	205,229	GNMA, Series 2002-6, Class GE	6.500	%	01/20/32		237,879
	103,232	GNMA, Series 2002-7, Class PG	6.500	%	01/20/32		121,943
	214,000	GNMA, Series 2003-103, Class PC	5.500	%	11/20/33		250,211
	154,000	GNMA, Series 2003-46, Class HA	4.500	%	06/20/33		179,229
	179,000	GNMA, Series 2003-46, Class MA	5.000	%	05/20/33		205,998
	300,000	GNMA, Series 2003-46, Class ND	5.000	%	06/20/33		348,089
	575,000	GNMA, Series 2003-57, Class C	4.500	%	04/20/33		658,487
	117,000	GNMA, Series 2004-16, Class GB	5.500	%	06/20/33		131,926
	125,000	GNMA, Series 2004-63, Class AG	6.000	%	07/20/32		148,386
	211,000	GNMA, Series 2005-13, Class BE	5.000	%	09/20/34		237,470
	895,942	GNMA, Series 2005-17, Class GE	5.000	%	02/20/35		1,030,835
	227,000	GNMA, Series 2005-51, Class DC	5.000	%	07/20/35		263,922
	100,000	GNMA, Series 2005-93, Class BH	5.500	%	06/20/35		118,093
	809,000	GNMA, Series 2006-17, Class TW	6.000	%	04/20/36		995,235
	120,000	GNMA, Series 2007-18, Class B	5.500	%	05/20/35		135,611
	271,000	GNMA, Series 2007-6, Class LE	5.500	%	02/20/37		323,429
	120,000	GNMA, Series 2007-70, Class PE	5.500	%	11/20/37		139,129
	300,000	GNMA, Series 2008-35, Class EH	5.500	%	03/20/38		364,646
	368,000	GNMA, Series 2008-65, Class PG	6.000	%	08/20/38		451,274
	157,000	GNMA, Series 2009-47, Class LT	5.000	%	06/20/39		179,977
	592,667	GNMA, Series 2009-57, Class VB	5.000	%	06/16/39		703,499
	2,000,000	GNMA, Series 2010-116, Class PB	5.000	%	06/16/40		2,453,249
	181,905	GNMA, Series 2011-32, Class TA	4.000	%	05/16/40		185,300

See Notes to Financial Statements.  41

Wright Current Income Fund (WCIF)

Portfolio of Investments - As of June 30, 2012

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	304,512	Vendee Mortgage Trust, Series 1996-1, Class 1Z	6.750	%	02/15/26	$	356,745
	248,483	Vendee Mortgage Trust, Series 1998-1, Class 2E	7.000	%	03/15/28		299,462

Total Agency Mortgage-Backed Securities (identified cost, $66,075,381) $ 69,325,411

TOTAL FIXED-INCOME INVESTMENTS (identified cost, $66,075,381) — 98.0% $ 69,325,411

SHORT-TERM INVESTMENTS - 1.7%

$ 1,189,907 Fidelity Government Money Market Fund, 0.01% (1)  $ 1,189,907

TOTAL SHORT-TERM INVESTMENTS (identified cost, $1,189,907) — 1.7% $ 1,189,907

TOTAL INVESTMENTS (identified cost, $67,265,288) — 99.7% $ 70,515,318

OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.3% 204,919

NET ASSETS — 100.0% $ 70,720,237

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 June 30, 2012.

Portfolio Composition by Security Type
% of total investments at June 30, 2012
Agency Mortgage-Backed Securities	98.3%
Short-Term Investments	1.7%

See Notes to Financial Statements.  42

Wright Current Income Fund (WCIF)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2012					For the Six Months Ended June 30, 2012
ASSETS:					INVESTMENT INCOME (Note 1C)
	Investments, at value					Dividend income	$	125
	(identified cost $67,265,288) (Note 1A)	$	70,515,318			Interest income		1,075,050
	Receivable for fund shares sold		48,719			Total investment income	$	1,075,175
	Dividends and interest receivable		292,043
	Prepaid expenses and other assets		31,230		Expenses –
	Total assets	$	70,887,310			Investment adviser fee (Note 3)	$	146,045
						Administrator fee (Note 3)		29,209
LIABILITIES:						Trustee expense (Note 3)		10,985
	Payable for fund shares reacquired	$	33,846			Custodian fee		3,245
	Distributions payable		111,571			Accountant fee		21,113
	Accrued expenses and other liabilities		21,656			Distribution expenses (Note 4)		81,136
	Total liabilities	$	167,073			Transfer agent fee		19,281
NET ASSETS		$	70,720,237			Printing		79
						Shareholder communications		4,174
NET ASSETS CONSIST OF:						Audit services		10,337
	Paid-in capital	$	68,909,913			Legal services		6,774
	Accumulated net realized loss on investments		(909,236	)		Compliance services		3,467
	Distributions in excess of net investment income		(530,470	)		Registration costs		11,806
	Unrealized appreciation on investments		3,250,030			Interest expense (Note 8)		622
	Net assets applicable to outstanding shares	$	70,720,237			Miscellaneous		25,730
						Total expenses	$	374,003
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			6,987,739
					Deduct –
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	10.12			Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(81,312	)
						Net expenses	$	292,691
						Net investment income	$	782,484
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
						Net realized gain on investment transactions	$	26,621
						Net change in unrealized appreciation (depreciation) on investments		607,521
						Net realized and unrealized gain on investments	$	634,142
						Net increase in net assets from operations	$	1,416,626

See Notes to Financial Statements.  43

Wright Current Income Fund (WCIF)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2012			December 31, 2011
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income	$	782,484		$	1,473,024
	Net realized gain on investment transactions		26,621			251,314
	Net change in unrealized appreciation (depreciation) on investments		607,521			1,174,061
	Net increase in net assets from operations	$	1,416,626		$	2,898,399
Distributions to shareholders (Note 2)
	From net investment income	$	(1,312,976	)	$	(1,997,208	)
	Total distributions	$	(1,312,976	)	$	(1,997,208	)
Net increase in net assets resulting from fund share transactions (Note 6)		$	9,291,171		$	19,839,935
Net increase in net assets		$	9,394,821		$	20,741,126
NET ASSETS:
	At beginning of period		61,325,416			40,584,290
	At end of period	$	70,720,237		$	61,325,416
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	(530,470	)	$	22

See Notes to Financial Statements.  44

Wright Current Income Fund (WCIF)

These financial highlights reflect selected data for a share outstanding throughout each period.
		Six Months Ended June 30,			Years Ended December 31,
FINANCIAL HIGHLIGHTS		2012				2011			2010			2009			2008			2007
Net asset value, beginning of period		$	10.100			$	9.910		$	9.830		$	9.700		$	9.590		$	9.510
Income (loss) from investment operations:
Net investment income (1)			0.121				0.303			0.377			0.472			0.447			0.455
Net realized and unrealized gain (loss)			0.102				0.302			0.175			0.118			0.122			0.078
	Total income from investment operations		0.223				0.605			0.552			0.590			0.569			0.533
Less distributions:
From net investment income			(0.203	)			(0.415	)		(0.472	)		(0.460	)		(0.459	)		(0.444	)
From net realized gains			—				—			—			—			—			(0.009	)
	Total distributions		(0.203	)			(0.415	)		(0.472	)		(0.460	)		(0.459	)		(0.453	)
Net asset value, end of period		$	10.120			$	10.100		$	9.910		$	9.830		$	9.700		$	9.590
Total Return(2)			2.23	%(3)			6.22	%		5.70	%		6.20	%		6.10	%		5.77	%
Ratios/Supplemental Data(5):
Net assets, end of period (000 omitted)		$70,720				$61,325			$40,584			$33,029			$38,806			$39,699
Ratios (As a percentage of       average daily net assets):
Net expenses			0.90	%(4)			0.90	%		0.90	%		0.92	%		0.96	%		0.96	%
Net expenses after custodian fee reduction			N/A				N/A			N/A			0.92	%		0.95	%		0.95	%
Net investment income			2.41	%(4)			3.03	%		3.79	%		4.81	%		4.66	%		4.80	%
Portfolio turnover rate			12	%(3)			50	%		54	%		57	%		57	%		47	%
(1)	Computed using average shares outstanding.
(2)	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 period reported. Dividends and distributions, if any, are assumed to be reinvested at the net asset value on the reinvestment date.
(3)	Not annualized.
(4)	Annualized.
(5)	For each of the periods presented, 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:
		2012				2011			2010			2009			2008			2007
Ratios (As a percentage of     average daily net assets):
Expenses			1.15	%(4)			1.19	%		1.33	%		1.32	%		1.24	%		1.23	%
Expenses after custodian fee reduction			N/A				N/A			N/A			1.32	%		1.23	%		1.22	%
Net investment income			2.16	%(4)			2.74	%		3.36	%		4.41	%		4.38	%		4.52	%
	............................................................

See Notes to Financial Statements.  45

The 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. 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, 2011, WTRB and  WCIF, for federal income tax purposes, had capital loss carryovers of $1,798,213 and $851,407, 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:

 46

The Wright Managed Income Trust

Notes to Financial Statements

December 31,	WTRB	WCIF
2012	$              -	$ 248,470
2013	211,311	196,117
2014	1,088,772	-
2015	199,047	160,341
2017	299,083	-

As a result of the Regulated Investment Company Modernization Act of 2010, net capital losses realized on or after January 1, 2011 (effective date) may be carried forward indefinitely to offset future realized capital gains; however, post-effective losses must be used before pre-effective capital loss carry overs with expiration dates.  Therefore, it is possible that all or a portion of a fund’s pre-effective capital loss carry overs could expire unused.  In addition to the amounts noted in the table above, WCIF has $246,479 available capital loss carry overs that have no expiration date.

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 June 30, 2012, 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, 2011, 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 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.

H. Interim Financial Statements – The interim financial statements relating to June 30, 2012, and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of Funds’ management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

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.

 47

The Wright Managed Income Trust

Notes to Financial Statements

As of December 31, 2011, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

		WTRB			WCIF
Undistributed ordinary income	$	-		$	22
Capital loss carryforward and post October losses		(1,798,213	)		(851,407	)
Unrealized appreciation		1,703,663			2,558,059
Total	$	(94,550	)	$	1,706,674

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).

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
WTRB	0.45%	0.44%	0.42%	0.40%	0.35%
WCIF	0.45%	0.44%	0.42%	0.40%	0.35%

For the six months ended June 30, 2012, 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	$  70,780	0.45%
WCIF	$146,045	0.45%

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 0.05% 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 six months ended June 30, 2012, the administrator fee for WTRB and WCIF amounted to $11,010 and $29,209, 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 Trust in conjunction with the Wright Managed Equity Trust, 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 each Fund’s Statement of Operations.

 48

The Wright Managed Income Trust

Notes to Financial Statements

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 six months ended June 30, 2012, for WTRB  and WCIF were  $39,322 and $81,136, 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 six months ended June 30, 2012, 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, 2013 (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 expenses of WCIF to 0.90% of its average daily net assets. Such voluntary limitation may be terminated at any time. Pursuant to these agreements and voluntary limitation, Wright waived and/or reimbursed investment adviser fees of $34,247 and $1,861 for WTRB and WCIF, respectively. WISDI waived distribution fees of $39,322 and $79,451 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:

Six Months Ended June 30, 2012
	WTRB	WCIF
Purchases -
Non-U.S. Government & Agency Obligations	$   892,303	$                -
U.S. Government & Agency Obligations	6,825,001	16,856,252
Sales -
Non-U.S. Government & Agency Obligations	$1,294,592	$     32,948
U.S. Government & Agency Obligations	4,469,891	7,763,020

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:

 49

The Wright Managed Income Trust

Notes to Financial Statements

	Six Months Ended June 30, 2012					Year Ended December 31, 2011
	Shares			Amount		Shares			Amount
WTRB
Sold	346,770		$	4,601,694		620,725		$	8,102,660
Issued to shareholders in payment of distributions declared	23,153			307,695		56,493			737,603
Redemptions	(209,551	)		(2,780,305	)	(806,155	)		(10,522,621	)
Net increase (decrease)	160,372		$	2,129,084		(128,937	)	$	(1,682,358	)
	Six Months Ended June 30, 2012					Year Ended December 31, 2011
	Shares			Amount		Shares			Amount
WCIF
Sold	1,861,272		$	18,820,103		4,106,579		$	41,203,680
Issued to shareholders in payment of distributions declared	69,072			698,755		108,804			1,090,141
Redemptions	(1,012,404	)		(10,227,687	)	(2,239,228	)		(22,453,886	)
Net increase	917,940		$	9,291,171		1,976,155		$	19,839,935

7. Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of the investment securities owned at June 30, 2012, as computed on a federal income tax basis, were as follows:

Six Months Ended June 30, 2012
	WTRB			WCIF
Aggregate cost	$	30,896,550		$	67,265,288
Gross unrealized appreciation	$	2,133,165		$	3,298,728
Gross unrealized depreciation		(94,182	)		(48,698	)
Net unrealized appreciation	$	2,038,983		$	3,250,030

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 June 30, 2012, 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 six months ended June 30, 2012, were as follows:

	WTRB
Average borrowings	$13,124
Average interest rate	1.30%

 50

The Wright Managed Income Trust

Notes to Financial Statements

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 June 30, 2012, 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	$	-	$	279,309	$	-	$	279,309
Commerical Mortgage-Backed Securities		-		2,351,358		-		2,351,358
Residential Mortgage-Backed Securities		-		46,932		-		46,932
Corporate Bonds		-		14,710,203		-		14,710,203
U.S. Government Interests		-		15,060,967		-		15,060,967
Short-Term Investments		-		486,764		-		486,764
Total Investments	$	-	$	32,935,533	$	-	$	32,935,533

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	$	-	$	69,325,411	$	-	$	69,325,411
Short-Term Investments		-		1,189,907		-		1,189,907
Total Investments	$	-	$	70,515,318	$	-	$	70,515,318

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

There were no significant transfers between Level 1 and Level 2 for the period ended June 30, 2012.

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The Wright Managed Income Trust

Notes to Financial Statements

10. New Accounting Pronouncement

In May 2011, FASB issued ASU No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.”  ASU No. 2011-04 establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and International Financial Reporting Standards (“IFRSs”).  ASU No. 2011-04 is effective for interim and annual periods beginning after December 15, 2011.  Management has evaluated ASU No. 2011-04 and has determined that it did not have a significant impact on the reporting of the financial statement disclosures.

In December 2011, FASB issued ASU No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position.  The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRSs.  ASU No. 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013.  Management is evaluating any impact ASU No. 2011-11 may have on each Fund’s financial statements.

11. Review for Subsequent Events

In connection with the preparation of the financial statements of the Funds as of and for the six months ended June 30, 2012, events and transactions subsequent to June 30, 2012, 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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Board of Trustees

Annual Approval of the Investment Advisory Agreement

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:

1.Performance and Quality of Services. The Trustees considered the quality of services provided by Wright as well as Wright’s oversight of vendors. The Trustees also considered the resources devoted to Wright’s compliance efforts and their record of compliance. The Trustees concluded that the services being provided by Wright are as agreed to in the Advisory Contracts and that the quality of service is good.

The Trustees relied on market comparisons and Morningstar data to assess the performance of each Fund over one, three, five and ten year periods. The Trustees noted that Wright Selected Blue Chip Equities Fund (WSBC) outperformed its benchmark in 2011 but underperformed its benchmark in the three to ten year time frames. They also observed that WSBC outperformed its peer group ov each time period.

The Trustees saw that Wright Major Blue Chip Equities Fund (WMBC) outperformed its peer group in 2011 but underperformed its peer group over the three to ten year time frames. They also noted that WMBC generally underperformed its benchmark across all time periods.

The Trustees observed that Wright International Blue Chip Equities Fund (WIBC) underperformed its benchmark across all time periods. They noted that WIBC outperformed its peer group in 2011 but underperformed that group in the three to ten year time periods.

The Trustees noted that the performance of Wright Total Return Bond Fund (WTRB) was generally comparable to its benchmark and its peer group. They observed that WTRB underperformed its benchmark in 2011 and over five and ten years, but outperformed the benchmark for the three year period. The Trustees then noted that WTRB outperformed its peer group in 2011 and over five and ten years, but underperformed its peer group for the three year period.

The Trustees observed that Wright Current Income Fund (WCIF) underperformed its benchmark across all periods. They also noted that WCIF performed comparably to its peer group, with underperformance in 2011 and over three years while outperforming the peer group over the five and ten year periods.

2.Fees and expense ratios. The Trustees noted that the Funds’ expense ratios exceed those of some of their peers, but are reasonably similar and that the expense ratios for both WSBC and WTRB are equal to or lower than the median for their respective peer groups. The Trustees noted that the Funds’ expense ratios remain generally unchanged from the prior year, although they specifically noted that WIBC’s expense ratio had increased. They also considered the contractual expense limitations in place for each Fund. The Trustees concluded that, based upon the information provided by Wright, the compensation paid by the Funds to Wright is in the average range of compensation charged by other advisers for similar services and appear fair, and also that the Funds’ expenses do not appear excessive.

3.Relationship of fees and performance. The Trustees observed that performance in 2011 fell below the Funds’ respective benchmarks, with the exception of WSBC which outperformed its benchmark. They also noted, however, that performance in 2011 for the Funds exceeded that of their respective peer groups, in some cases significantly, with the exception of WIBC which underperformed but was comparable. The Trustees assessed each Fund’s fee structure against those of its peer group, as well as in comparison to the fee structure for private accounts. The Trustees concluded that, based on the overall short-term and long-term performance of the Funds, the fee structure appears to be fair and reasonable.

4.Profitability and Economies of Scale.The Trustees assessed the level of profitability to Wright as adviser to each Fund and concluded that such was reasonable and not excessive. The Trustees also considered Wright’s financial condition, and noted that continuing subsidies by Wright to the majority of the Funds limited the overall profitability of those Funds to Wright. The Trustees observed that the Funds have breakpoints which appear to be typical and serve to limit concerns over economies of scale. The Trustees concluded that economies of scale are not a major concern at the Funds’ current asset levels.

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Important Notices Regarding Delivery of Shareholder

Documents, Portfolio Holdings and Proxy Voting

The Wright Managed Blue Chip Investment Funds

Wright Investors’ Service, Inc.

Wright Investors’ Service Distributors, Inc.

Important Notice Regarding Delivery of Shareholders Documents

The Securities and Exchange Commission (the “SEC”) 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 (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 (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.wrightinvestors.com and are available upon request at no additional cost by contacting Wright at (800) 888-9471.

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 Blue Chip Investment 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 (800) 888-9471. This description is also available on the SEC website at http://www.sec.gov.

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ITEM 2. CODE OF ETHICS.

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. 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	August 23, 2012

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	August 23, 2012

By	/s/ Michael J. McKeen
	Michael J. McKeen
	Treasurer
Date	August 24, 2012