As filed with the Securities and Exchange Commission on August 19, 2014

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

Vicki Horwitz

Three Canal Plaza, Suite 600

Portland, ME 04101

207-347-2000

Date of fiscal year end: December 31

Date of reporting period: January 1, 2014 – June 30, 2014

ITEM 1. REPORT TO STOCKHOLDERS.

Table of Contents

Investment Objectives	inside front
Letter to Shareholders	2
Fund Expenses	4
Board of Trustees Annual Approval of the Investment Advisory Agreement	47
Important Notices Regarding Delivery of Shareholder Documents, Portfolio Holdings and Proxy Voting	48

FINANCIAL STATEMENTS

 The Wright Managed Equity Trust

Wright Selected Blue Chip Equities Fund

Portfolio of Investments 6

Statement of Assets and Liabilities  8

Statement of Operations  8

Statements of Changes in Net Assets  9

Financial Highlights  10

Wright Major Blue Chip Equities Fund

Portfolio of Investments 11

Statement of Assets and Liabilities 12

Statement of Operations 12

Statements of Changes in Net Assets 13

Financial Highlights 14

Wright International Blue Chip Equities Fund

Portfolio of Investments 15

Statement of Assets and Liabilities 17

Statement of Operations 17

Statements of Changes in Net Assets 18

Financial Highlights 19

Notes to Financial Statements 20

The Wright Managed IncomeTrust

Wright Total Return Bond Fund

Portfolio of Investments 27

Statement of Assets and Liabilities 31

Statement of Operations 31

Statements of Changes in Net Assets 32

Financial Highlights 33

Wright Current Income Fund

Portfolio of Investments 34

Statement of Assets and Liabilities 38

Statement of Operations 38

Statements of Changes in Net Assets 39

Financial Highlights 40

 Notes to Financial Statements  41

Letter to Shareholders

Dear Shareholder:

The S&P 500 enjoyed a roughly 5% rate of return in the second quarter of 2014, more than twice its return in the first quarter. Outside the U.S., stock performance was mostly improved in Q2 relative to Q1’s anemic returns or, in the case of emerging markets, outright losses. Bonds also put in a workman-like performance for the quarter, staying ahead of inflation (and the Dow) for a second quarter in a row. Treasury bond yields fell roughly 20 basis points at the long end of the yield curve during Q2, while short rates inched up, resulting in further flattening in the yield curve. U.S. economic growth has rebounded from the dismal first-quarter result, but there is not yet a strong basis for expecting sustainable 3% growth rather than the 2% growth averaged since the economic expansion began five years ago this summer.  For the first half of 2014, the S&P 50 total return was 7.1%.

As the third quarter begins, the major stock market averages are trading at all-time highs. With its 5.2% second-quarter return in the books, the S&P 500 has now gone two years since its last price correction of 10% and 2½ years since the last 20% correction. In total, the bull market rally in stocks since March 2009 has powered the S&P 500 to a 190% price rise (Dow, 157%; NASDAQ, 248%), even as stock market volatility, as reflected in the price of S&P 500 index options, has receded to the lowest levels since 2007. These low readings on the Chicago Board Options Exchange Volatility Index (VIX) “fear gauge,” prompted Fed Chairman Janet Yellen to express concern about declining volatility (i.e., growing complacency) at her mid-June press conference. Developed stock markets outside the U.S. failed to perform as well as U.S. stocks once again in the second quarter, but emerging markets did – for only the second time in the past six quarters.

Bonds performed well again in the second quarter, aided by lower rates and declining spreads against Treasuries. Long-term U.S. Treasury bond yields fell about 20 basis points in the quarter, due partly to disappointing economic trends and partly to risk-adverse trading precipitated by geopolitical drama in Iraq and Ukraine. Credit spreads narrowed again in the second quarter; high-yield bonds and the sovereign debt of the nations of Europe had strong showings. The yield-to-worst on the Barclays corporate high-yield composite fell to 4.9% from 5.2% during the second quarter. The Federal Reserve reduced its bond buying rate at its two second-quarter policy meetings, remaining on course to end quantitative easing (QE) by the fourth quarter of 2014. We believe that the Fed will keep short-term interest rates low through mid-2015 and possibly longer if the expected ramp-up in economic growth fails to materialize. The Barclays U.S. bond market aggregate total return was 3.9% for the first half of 2014.

Rising stock prices and the ongoing narrowing in credit spreads fly in the face of concerns that the economies of the U.S., Japan, China and Europe may continue to disappoint. The U.S.’s dismal Q1 GDP growth (+0.1% in the advance estimate, -1.0% in the preliminary estimate and -2.9% in the final estimate) caused a cascade of estimate revisions for 2014. To some degree, soft consumer spending in April and May calls into question the Fed’s forecasts of 3%-ish growth for 2015-16. June’s record level of auto sales and healthy rate of job creation suggest, however, that momentum is building for a stronger second half.

From a low of 1.1% in the year to this past February, the U.S. inflation rate nearly doubled by the middle of the year. The 12-month change in the consumer price index was 2.1% in May, and the core inflation rate hit 2.0% for the first time in over a year. Wage rates have firmed, and with productivity declining, unit labor costs may soon be at worrisome levels. The Fed has been attempting to boost inflation to the 2% level or even, temporarily, higher. Now that the CPI is at those levels, investors may start paying more attention to rising prices and anticipating Fed rate hikes. Higher inflation is not now a global issue, except in that Japan has for the

 2

Letter to Shareholders

moment succeeded in breaking the hold of its terrible deflation pressures. In Europe, June’s easing by the ECB was as much about reversing deflation trends as about boosting economic growth.

At midyear 2014, the S&P 500 was priced at 18 times trailing 12 month earnings, high by historical standards, but a far cry from peak P/E’s near 25 at the market top of 2000. Unlike 2007, when stock prices looked reasonable but subprime mortgages were about to crater, we believe that today’s business climate is on an improving trend. On a forward basis, the stock market P/E multiple is in the 16-17 range, a fair approximation of stock value at a time of limited competition from fixed-income securities. Some stock valuation measures suggest that share prices may have gotten ahead of fundamentals. But fundamentals are looking better, and some of the more extreme market valuations have begun to correct. Such internal market dynamics may be enough to avert a broader sell-off and extend the bull market through this, its sixth year. A focus on quality securities with good dividend support offers a prudent risk/reward profile at this juncture.

The strong June employment report released on July 3 was a welcome sign that the second-quarter economy will be as good as the first quarter’s was bad. We are a bit skeptical that U.S. GDP growth will reach and sustain the 3% rate that the Federal Reserve projects for 2015. Nonetheless, we expect a better business backdrop ahead, one that should improve the odds of increasing corporate earnings and higher stock prices in the second half of 2014. Bonds have put in two better-than-expected quarters in a row, but we doubt that the second half will produce equally good returns, as gradually rising interest rates are expected. The lower volatility that bonds, particularly those with shorter-than-market duration, bring to a portfolio warrants their playing an important role in balanced portfolios. If you have any questions on Wright’s views on these matters or on other investment or wealth management issues, please contact me.

Sincerely,

Peter M. Donavan

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, 2014 – June 30, 2014).

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

Wright Selected Blue Chip Equities Fund

	Beginning Account Value (1/1/14)	Ending Account Value    (6/30/14)	Expenses Paid During Period* (1/1/14-6/30/14)
Actual Fund Shares	$1,000.00	$ 1,038.55	$7.08
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$ 1,017.85	$7.00

*Expenses are equal to the Fund’s annualized expense ratio of 1.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2013.

Wright Major Blue Chip Equities Fund

	Beginning Account Value (1/1/14)	Ending Account Value     (6/30/14)	Expenses Paid During Period* (1/1/14-6/30/14)
Actual Fund Shares	$1,000.00	$1,083.66	$7.23
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,017.85	$7.00

*Expenses are equal to the Fund’s annualized expense ratio of 1.40% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2013.

Wright International Blue Chip Equities Fund

	Beginning Account Value (1/1/14)	Ending Account Value     (6/30/14)	Expenses Paid During Period* (1/1/14-6/30/14)
Actual Fund Shares	$1,000.00	$1,051.77	$  9.41
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,015.62	$  9.25

*Expenses are equal to the Fund’s annualized expense ratio of 1.85% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2013.

FIXED-INCOME FUNDS

Wright Total Return Bond Fund

	Beginning Account Value (1/1/14)	Ending Account Value     (6/30/14)	Expenses Paid During Period* (1/1/14-6/30/14)
Actual Fund Shares	$1,000.00	$1,033.09	$4.79
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,020.08	$4.76

*Expenses are equal to the Fund’s annualized expense ratio of 0.95% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2013.

Wright Current Income Fund

	Beginning Account Value (1/1/14)	Ending Account Value     (6/30/14)	Expenses Paid During Period* (1/1/14-6/30/14)
Actual Fund Shares	$1,000.00	$1,024.79	$4.52
Hypothetical (5% return per year before expenses)
Fund Shares	$1,000.00	$1,020.33	$4.51

*Expenses are equal to the Fund’s annualized expense ratio of 0.90% multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).  The example assumes that the $1,000 was invested at the net asset value per share determined at the close of business on December 31, 2013.

5

Wright Selected Blue Chip Equities Fund (WSBC)

Portfolio of Investments – As of June 30, 2014

	Shares		Value		Shares		Value
EQUITY INTERESTS - 99.6%				FOOD, BEVERAGE & TOBACCO - 0.7%
				Ingredion, Inc.	1,930	$	144,827
BANKS - 7.8%				Keurig Green Mountain, Inc.	1,085		135,202
BancorpSouth, Inc.	29,950	$	735,871			$	280,029
City National Corp.	5,925		448,878
Commerce Bancshares, Inc.	6,045		281,093	HEALTH CARE EQUIPMENT & SERVICES - 6.3%
East West Bancorp, Inc.	16,825		588,707	Align Technology, Inc.*	2,185	$	122,447
Fulton Financial Corp.	66,615		825,360	MEDNAX, Inc.*	2,725		158,459
New York Community Bancorp, Inc.	12,590		201,188	Omnicare, Inc.	7,830		521,243
Valley National Bancorp	13,520		133,983	ResMed, Inc.	12,155		615,408
		$	3,215,080	Universal Health Services, Inc. - Class B	12,390		1,186,466
						$	2,604,023
CAPITAL GOODS - 14.2%
AECOM Technology Corp.*	21,025	$	677,005	HOUSEHOLD & PERSONAL PRODUCTS - 2.3%
AGCO Corp.	8,085		454,539	Energizer Holdings, Inc.	7,635	$	931,699
Alliant Techsystems, Inc.	3,740		500,861
AMETEK, Inc.	4,155		217,223	INSURANCE - 6.1%
B/E Aerospace, Inc.*	16,050		1,484,464	American Financial Group, Inc.	7,355	$	438,064
Carlisle Cos., Inc.	11,930		1,033,377	Everest Re Group, Ltd.	1,190		190,983
Esterline Technologies Corp.*	2,270		261,322	Fidelity National Financial, Inc. - Class A	12,205		399,836
Exelis, Inc.	16,640		282,547	HCC Insurance Holdings, Inc.	18,110		886,303
Huntington Ingalls Industries, Inc.	2,970		280,932	Old Republic International Corp.	12,150		200,961
Terex Corp.	11,060		454,566	WR Berkley Corp.	8,352		386,781
URS Corp.	5,110		234,294			$	2,502,928
		$	5,881,130
				MATERIALS - 7.0%
COMMERCIAL & PROFESSIONAL SERVICES - 3.9%				Albemarle Corp.	2,650	$	189,475
Deluxe Corp.	19,260	$	1,128,251	Olin Corp.	24,270		653,349
RR Donnelley & Sons Co.	11,985		203,265	Packaging Corp. of America	13,900		993,711
Towers Watson & Co. - Class A	2,795		291,323	Rock-Tenn Co. - Class A	4,285		452,453
		$	1,622,839	Silgan Holdings, Inc.	3,615		183,714
				Worthington Industries, Inc.	9,685		416,842
CONSUMER DURABLES & APPAREL - 3.4%						$	2,889,544
Hanesbrands, Inc.	14,170	$	1,394,895
				MEDIA - 3.0%
CONSUMER SERVICES - 2.7%				John Wiley & Sons, Inc. - Class A	12,865	$	779,490
Apollo Education Group, Inc.*	7,635	$	238,594	Meredith Corp.	9,640		466,191
Bally Technologies, Inc.*	1,585		104,166			$	1,245,681
Brinker International, Inc.	7,975		387,984
Cheesecake Factory, Inc. (The)	5,710		265,058	PHARMACEUTICALS & BIOTECHNOLOGY - 4.2%
DeVry Education Group, Inc.	2,590		109,661	Charles River Laboratories International, Inc.*	3,690	$	197,489
		$	1,105,463	Covance, Inc.*	4,335		370,989
				Endo International PLC*	9,530		667,291
DIVERSIFIED FINANCIALS - 4.3%				United Therapeutics Corp.*	5,765		510,145
Affiliated Managers Group, Inc.*	1,080	$	221,832			$	1,745,914
MSCI, Inc.*	14,100		646,485
Raymond James Financial, Inc.	7,815		396,455	REAL ESTATE - 4.1%
Waddell & Reed Financial, Inc. - Class A	7,965		498,529	American Campus Communities, Inc. REIT	6,225	$	238,044
		$	1,763,301	Corrections Corp. of America REIT	11,195		367,756
				Omega Healthcare Investors, Inc. REIT	30,130		1,110,592
ENERGY - 6.8%						$	1,716,392
Atwood Oceanics, Inc.*	3,490	$	183,155
Cimarex Energy Co.	1,740		249,620	RETAILING - 4.8%
HollyFrontier Corp.	19,134		835,965	Aaron's, Inc.	6,030	$	214,909
ONEOK, Inc.	11,560		787,005	Advance Auto Parts, Inc.	2,525		340,673
Patterson-UTI Energy, Inc.	18,120		633,113	Big Lots, Inc.*	4,635		211,819
Superior Energy Services, Inc.	3,545		128,116	Foot Locker, Inc.	21,580		1,094,538
		$	2,816,974	Ross Stores, Inc.	1,870		123,663
						$	1,985,602

See Notes to Financial Statements. 6

Wright Selected Blue Chip Equities Fund (WSBC)

Portfolio of Investments – As of June 30, 2014

	Shares		Value
SOFTWARE & SERVICES - 6.7%
Acxiom Corp.*	17,155	$	372,092	Portfolio Composition by Sector
Alliance Data Systems Corp.*	2,305		648,281	% of total investments at June 30, 2014
Cadence Design Systems, Inc.*	41,750		730,208	Financials	22.4%
Conversant, Inc.*	3,700		93,980	Industrials	20.3%
Jack Henry & Associates, Inc.	3,165		188,096	Consumer Discretionary	13.9%
Leidos Holdings, Inc.	8,430		323,206	Health Care	10.6%
NeuStar, Inc. - Class A*	16,570		431,151	Information Technology	9.9%
		$	2,787,014	Materials	7.0%
				Energy	6.8%
TECHNOLOGY HARDWARE & EQUIPMENT - 3.1%				Utilities	6.2%
Arrow Electronics, Inc.*	7,455	$	450,356	Consumer Staples	2.9%
Avnet, Inc.	14,645		648,920
Zebra Technologies Corp.*	2,075		170,814
		$	1,270,090
TRANSPORTATION - 2.1%
Alaska Air Group, Inc.	8,990	$	854,500
UTILITIES - 6.1%
Great Plains Energy, Inc.	16,910	$	454,372
IDACORP, Inc.	7,010		405,388
ONE Gas, Inc.	17,816		672,554
UGI Corp.	19,910		1,005,455
		$	2,537,769
TOTAL EQUITY INTERESTS - 99.6%		$	41,150,867
(identified cost, $29,612,658)
SHORT-TERM INVESTMENTS - 0.2%
Fidelity Government Money Market Fund, 0.01% (1)	88,241	$	88,241
TOTAL SHORT-TERM INVESTMENTS - 0.2%
(identified cost, $88,241)		$	88,241
TOTAL INVESTMENTS — 99.8%		$	41,239,108
(identified cost, $29,700,899)
OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.2%			67,835
NET ASSETS — 100.0%		$	41,306,943
PLC — Public Limited Company
REIT — Real Estate Investment Trust
*        Non-income producing security.
(1)      Variable rate security.  Rate presented is as of June 30, 2014.

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, 2014					For the Six Months Ended June 30, 2014
ASSETS:			FALSE		INVESTMENT INCOME (Note 1C)			FALSE
	Investments, at value				3.00E+07	Dividend income	$	301,470
	(identified cost $29,700,899) (Note 1A)	$	41,239,108	######		Total investment income	$	301,470
	Receivable for fund shares sold		19,398
	Dividends receivable		40,359		Expenses –
	Prepaid expenses and other assets		18,698			Investment adviser fee (Note 3)	$	119,144
	Total assets	$	41,317,563			Administrator fee (Note 3)		23,829
						Trustee expense (Note 3)		7,121
LIABILITIES:						Custodian fee		2,403
	Payable for fund shares reacquired	$	5,048			Accountant fee		19,795
	Accrued expenses and other liabilities		5,572			Distribution expenses (Note 4)		49,643
	Total liabilities	$	10,620			Transfer agent fee		14,317
NET ASSETS		$	41,306,943			Printing		56
						Shareholder communications		2,900
NET ASSETS CONSIST OF:						Audit services		8,593
	Paid-in capital	$	27,306,370			Legal services		9,556
	Accumulated net realized gain on investments		2,439,073			Compliance services		3,145
	Undistributed net investment income		23,291			Registration costs		10,357
	Unrealized appreciation on investments		11,538,209			Interest expense (Note 8)		177
	Net assets applicable to outstanding shares	$	41,306,943			Miscellaneous		11,633
						Total expenses	$	282,669
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			2,989,656
					Deduct –
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	13.82			Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(4,490	)
						Net expenses	$	278,179
						Net investment income	$	23,291
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
						Net realized gain on investment transactions	$	2,557,110
						Net change in unrealized appreciation (depreciation) on investments		(1,026,971	)
						Net realized and unrealized gain on investments	$	1,530,139
						Net increase in net assets from operations	$	1,553,430

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, 2014			December 31, 2013
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income (loss)	$	23,291		$	(20,491	)
0	Net realized gain on investment transactions		2,557,110			5,721,464
	Net change in unrealized appreciation (depreciation) on investments		(1,026,971	)		6,436,418
	Net increase in net assets from operations	$	1,553,430		$	12,137,391
Distributions to shareholders (Note 2)
	From net investment income	$	-		$	(7,466	)
	From net realized capital gains		(2,496,590	)		(4,709,210	)
	Total distributions	$	(2,496,590	)	$	(4,716,676	)
Net increase in net assets resulting from fund share transactions (Note 6)		$	2,046,141		$	2,860,851
Net increase in net assets		$	1,102,981		$	10,281,566
##
NET ASSETS:
	At beginning of period		40,203,962			29,922,396
	At end of period	$	41,306,943		$	40,203,962
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	23,291		$	-

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			2014					2013			2012			2011				2010			2009
Net asset value, beginning of period			$	14.160				$	11.530		$	10.280		$	10.400			$	8.400		$	6.060
Income (loss) from investment operations:
Net investment income (loss) (1)				0.008					(0.007	)		0.028			(0.018	)			(0.022	)		0.011
Net realized and unrealized gain (loss)				0.519					4.412			1.616			(0.102	)			2.030			2.329
	Total income (loss) from investment operations			0.527					4.405			1.644			(0.120	)			2.008			2.340
Less distributions:
From net investment income				—					—	(2)		(0.025	)		—				(0.008	)		—
From net realized gains				(0.867		)			(1.775	)		(0.369	)		—				—			—
	Total distributions			(0.867		)			(1.775	)		(0.394	)		—				(0.008	)		—
Net asset value, end of period			$	13.820				$	14.160		$	11.530		$	10.280			$	10.400		$	8.400
Total Return(3)				3.85		%(4)			39.82	%		16.02	%		(1.15	)%			23.93	%		38.61		%
Ratios/Supplemental Data(6):
Net assets, end of period (000 omitted)			$41,307					$40,204			$29,922			$32,362				$28,370			$16,763
Ratios (As a percentage of average daily net assets):
Net expenses				1.40	%(5)				1.40	%		1.40	%		1.40	%			1.40	%		1.36		%
Net expenses after custodian fee reduction				N/A					N/A			N/A			N/A				N/A			1.36		%
Net investment income (loss)				0.12	%(5)				(0.06	)%		0.25	%		(0.17	)%			(0.24	)%		0.15		%
Portfolio turnover rate				30	%(4)				76	%		54	%		82	%			60	%		41		%
				For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009					For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009
(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 (loss) ratios would have been as follows:
		2014						2013			2012			2011			2010				2009
Ratios (As a percentage of average daily net assets):
Expenses				1.42	%(5)				1.43	%		1.48	%		1.46	%			1.79	%		2.15	%
Expenses after custodian fee reduction				N/A					N/A			N/A			N/A				N/A			2.15	%
Net investment income (loss)				0.10	%(5)				(0.08	)%		0.17	%		(0.23	)%			(0.63	)%		(0.64	)%

See Notes to Financial Statements. 10

Wright Major Blue Chip Equities Fund (WMBC)

Portfolio of Investments – As of June 30, 2014

	Shares		Value		Shares		Value
EQUITY INTERESTS - 100.7%
				RETAILING - 1.6%
BANKS - 4.5%				TJX Cos., Inc. (The)	5,590	$	297,109
JPMorgan Chase & Co.	14,395	$	829,440
				SEMICONDUCTOR EQUIPMENT & PRODUCTS - 4.1%
CAPITAL GOODS - 11.1%				Intel Corp.	24,490	$	756,741
3M Co.	4,825	$	691,133
Cummins, Inc.	690		106,460	SOFTWARE & SERVICES - 13.8%
General Dynamics Corp.	5,410		630,536	Google, Inc. - Class A*	200	$	116,934
Rockwell Automation, Inc.	5,040		630,806	Google, Inc. - Class C*	200		115,056
		$	2,058,935	Intuit, Inc.	965		77,711
				MasterCard, Inc. - Class A	4,235		311,146
CONSUMER DURABLES & APPAREL - 5.4%				Microsoft Corp.	21,870		911,979
Garmin, Ltd.	6,255	$	380,929	Oracle Corp.	17,905		725,690
Polaris Industries, Inc.	465		60,562	Visa, Inc. - Class A	1,440		303,422
VF Corp.	8,945		563,535			$	2,561,938
		$	1,005,026
				TECHNOLOGY HARDWARE & EQUIPMENT - 5.6%
DIVERSIFIED FINANCIALS - 2.0%				Apple, Inc.	6,405	$	595,217
T. Rowe Price Group, Inc.	4,305	$	363,385	QUALCOMM, Inc.	5,615		444,708
						$	1,039,925
ENERGY - 11.6%
Chevron Corp.	3,795	$	495,437	TELECOMMUNICATION SERVICES - 3.7%
Halliburton Co.	11,345		805,608	AT&T, Inc.	19,620	$	693,763
Schlumberger, Ltd.	7,230		852,779
		$	2,153,824	UTILITIES - 3.8%
				NextEra Energy, Inc.	6,810	$	697,889
FOOD & STAPLES RETAILING - 1.3%
Walgreen Co.	3,350	$	248,336	TOTAL EQUITY INTERESTS - 100.7%		$	18,673,296
				(identified cost, $15,387,295)
FOOD, BEVERAGE & TOBACCO - 1.8%
Coca-Cola Co. (The)	3,875	$	164,145	TOTAL INVESTMENTS — 100.7%		$	18,673,296
Monster Beverage Corp.*	2,380		169,051	(identified cost, $15,387,295)
		$	333,196
				LIABILITIES, IN EXCESS OF OTHER ASSETS — (0.7)%			(120,600	)
HEALTH CARE EQUIPMENT & SERVICES - 7.6%
Abbott Laboratories	10,670	$	436,403	NET ASSETS — 100.0%		$	18,552,696
Humana, Inc.	2,865		365,918
Stryker Corp.	7,260		612,163	* — Non-income producing security.
		$	1,414,484
				Portfolio Composition by Sector
INSURANCE - 7.3%				% of total investments at June 30, 2014
Aflac, Inc.	10,260	$	638,685	Information Technology	23.3%
MetLife, Inc.	12,945		719,224	Health Care	18.1%
		$	1,357,909	Financials	13.7%
				Energy	11.5%
MATERIALS - 4.6%				Industrials	11.1%
CF Industries Holdings, Inc.	1,565	$	376,429	Consumer Discretionary	7.3%
Monsanto Co.	3,755		468,399	Materials	4.5%
		$	844,828	Telecommunication Services	3.7%
				Utilities	3.7%
MEDIA - 0.3%				Consumer Staples	3.1%
Scripps Networks Interactive, Inc. - Class A	710	$	57,609
PHARMACEUTICALS & BIOTECHNOLOGY - 10.6%
Allergan, Inc.	760	$	128,607
Amgen, Inc.	6,010		711,404
Gilead Sciences, Inc.*	2,215		183,645
Johnson & Johnson	8,940		935,303
		$	1,958,959

See Notes to Financial Statements. 11

Wright Major Blue Chip Equities Fund (WMBC)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2014					For the Six Months Ended June 30, 2014
ASSETS:			FALSE		INVESTMENT INCOME (Note 1C)			FALSE
	Investments, at value				2.00E+07	Dividend income	$	189,448
	(identified cost $15,387,295) (Note 1A)	$	18,673,296	######		Total investment income	$	189,448
	Receivable for fund shares sold		1,133
	Dividends receivable		7,091		Expenses –
	Prepaid expenses and other assets		17,563			Investment adviser fee (Note 3)	$	52,658
	Total assets	$	18,699,083			Administrator fee (Note 3)		10,532
						Trustee expense (Note 3)		7,096
LIABILITIES:						Custodian fee		2,516
	Outstanding line of credit (Note 8)	$	130,241			Accountant fee		18,836
	Payable for fund shares reacquired		6,553			Distribution expenses (Note 4)		21,941
	Accrued expenses and other liabilities		9,593			Transfer agent fee		12,683
	Total liabilities	$	146,387			Printing		25
NET ASSETS		$	18,552,696			Shareholder communications		2,384
						Audit services		8,557
NET ASSETS CONSIST OF:						Legal services		2,902
	Paid-in capital	$	17,741,638			Compliance services		2,788
	Accumulated net realized loss on investments		(2,541,354	)		Registration costs		10,149
	Undistributed net investment income		66,411			Interest expense (Note 8)		168
	Unrealized appreciation on investments		3,286,001			Miscellaneous		8,417
	Net assets applicable to outstanding shares	$	18,552,696			Total expenses	$	161,652
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			1,005,529		Deduct –
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	18.45			Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(38,615	)
						Net expenses	$	123,037
						Net investment income	$	66,411
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
						Net realized gain on investment transactions	$	1,195,074
						Net change in unrealized appreciation (depreciation) on investments		193,723
						Net realized and unrealized gain on investments	$	1,388,797
						Net increase in net assets from operations	$	1,455,208

See Notes to Financial Statements. 12

Wright Major Blue Chip Equities Fund (WMBC)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2014			December 31, 2013
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income	$	66,411		$	105,865
0	Net realized gain on investment transactions		1,195,074			1,526,891
	Net change in unrealized appreciation (depreciation) on investments		193,723			3,279,155
	Net increase in net assets from operations	$	1,455,208		$	4,911,911
Distributions to shareholders (Note 2)
	From net investment income	$	(4,605	)	$	(103,923	)
	Total distributions	$	(4,605	)	$	(103,923	)
Net decrease in net assets resulting from fund share transactions (Note 6)		$	(589,576	)	$	(2,675,499	)
Net increase in net assets		$	861,027		$	2,132,489
##
NET ASSETS:
	At beginning of period		17,691,669			15,559,180
	At end of period	$	18,552,696		$	17,691,669
UNDISTRIBUTED NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	66,411		$	4,605

See Notes to Financial Statements. 13

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		2014					2013			2012			2011			2010			2009
Net asset value, beginning of period		$	17.030				$	12.690		$	12.260		$	12.250		$	10.870		$	9.340
Income (loss) from investment operations:
Net investment income (loss) (1)			0.065					0.096			0.082			(0.012	)		0.044			0.099
Net realized and unrealized gain (loss)			1.355					4.344			0.437			0.022			1.389			1.564
	Total income (loss) from investment operations		1.420					4.440			0.519			0.010			1.433			1.663
Less distributions:
From net investment income			—		(2)			(0.100	)		(0.089	)		—			(0.053	)		(0.133	)
Net asset value, end of period		$	18.450				$	17.030		$	12.690		$	12.260		$	12.250		$	10.870
Total Return(3)			8.37		%(4)			35.03	%		4.23	%		0.08	%		13.19	%		17.83	%
Ratios/Supplemental Data(6):
Net assets, end of period (000 omitted)		$18,553					$17,692			$15,559			$18,921			$21,676			$27,337
Ratios (As a percentage of average daily net assets):
Net expenses			1.40	%(5)				1.40	%		1.40	%		1.40	%		1.41	%		1.36	%
Net expenses after custodian fee reduction			N/A					N/A			N/A			N/A			N/A			1.36	%
Net investment income (loss)			0.76	%(5)				0.65	%		0.64	%		(0.09	)%		0.39	%		1.06	%
Portfolio turnover rate			31	%(4)				64	%		76	%		154	%		68	%		69	%
			For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009					For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009
(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 (loss) ratios would have been as follows:
		2014					2013			2012			2011			2010			2009
Ratios (As a percentage of average daily net assets):
Expenses			1.84	%(5)				1.87	%		1.84	%		1.70	%		1.68	%		1.55	%
Expenses after custodian fee reduction			N/A					N/A			N/A			N/A			N/A			1.55	%
Net investment income (loss)			0.32	%(5)				0.17	%		0.20	%		(0.39	)%		0.13	%		0.86	%

See Notes to Financial Statements. 14

Wright International Blue Chip Equities Fund (WIBC)

Portfolio of Investments – As of June 30, 2014

	Shares		Value		Shares		Value
				Infineon Technologies AG	8,327	$	104,079
EQUITY INTERESTS - 99.1%				Muenchener Rueckversicherungs AG - Class R	1,497		331,833
				Siemens AG	2,027		267,675
				Volkswagen AG	2,072		535,603
AUSTRALIA - 3.8%						$	4,128,551
Australia & New Zealand Banking Group, Ltd.*	7,831	$	246,426
Commonwealth Bank of Australia	4,135		315,660	GREECE - 0.3%
CSL, Ltd.	2,520		158,289	Dynagas LNG Partners LP	4,178	$	101,316
Flight Centre Travel Group, Ltd.	3,743		157,034
Rio Tinto PLC	5,712		303,597	HONG KONG - 0.3%
Seek, Ltd.	7,235		108,236	Hutchison Whampoa, Ltd.	8,000	$	109,414
		$	1,289,242
				IRELAND - 0.5%
AUSTRIA - 0.6%				Ryanair Holdings PLC*	17,099	$	160,951
OMV AG	1,443	$	65,198
Voestalpine AG	3,017		143,563	ISRAEL - 0.3%
		$	208,761	Teva Pharmaceutical Industries, Ltd., ADR	1,906	$	99,913
CANADA - 5.5%				ITALY - 3.4%
Agrium, Inc.	1,829	$	167,849	Enel SpA	34,096	$	198,588
Canadian Natural Resources, Ltd.	4,010		184,585	Eni SpA (Azioni Ordinarie)	16,091		440,179
CGI Group, Inc. - Class A*	8,963		318,247	Intesa Sanpaolo SpA	160,124		494,591
EnCana Corp.	7,207		171,049			$	1,133,358
Gildan Activewear, Inc.	1,972		116,396
Manulife Financial Corp.	8,469		168,641	JAPAN - 19.9%
Toronto-Dominion Bank (The)	14,330		739,001	ADEKA Corp.	7,900	$	105,978
		$	1,865,768	Asahi Kasei Corp.	49,000		374,858
				Asics Corp.	4,800		111,963
COLOMBIA - 1.0%				Bridgestone Corp.	3,800		132,975
Pacific Rubiales Energy Corp.	17,217	$	350,434	Central Japan Railway Co.	2,291		326,785
				Daito Trust Construction Co., Ltd.	2,700		317,428
				Daiwa Securities Group, Inc.	18,000		155,826
DENMARK - 1.3%				Hoya Corp.	4,100		136,228
AP Moeller - Maersk A/S - Class B	171	$	424,893	ITOCHU Corp.	46,800		601,025
				KDDI Corp.	14,300		872,215
				Maeda Road Construction Co., Ltd.	8,000		138,433
FRANCE - 11.1%				Mazda Motor Corp.	61,000		286,017
AXA SA	8,259	$	197,378	Meitec Corp.	5,600		174,680
BNP Paribas SA	9,257		627,944	Mitsubishi Corp.	8,500		176,788
Cie de Saint-Gobain	1,598		90,153	Murata Manufacturing Co., Ltd.	1,800		168,460
Cie Generale des Etablissements Michelin	2,693		321,738	NHK Spring Co., Ltd.*	11,400		106,905
Danone SA	1,949		144,738	Nippon Paint Co., Ltd.	6,000		126,983
GDF Suez	5,791		159,408	Nippon Telegraph & Telephone Corp.	6,000		374,197
Orange SA	27,799		438,653	Omron Corp.	3,900		164,385
Publicis Groupe SA	1,334		113,130	ORIX Corp.	17,900		296,669
Renault SA	1,352		122,228	Sekisui House, Ltd.	11,000		150,822
Safran SA	1,412		92,438	SoftBank Corp.	1,600		119,133
Sanofi	1,636		173,774	Sumitomo Corp.	36,900		498,289
Societe Generale SA	2,694		141,103	Sumitomo Realty & Development Co., Ltd.	2,000		85,820
Total SA	10,871		785,579	Sumitomo Rubber Industries, Ltd.	11,200		161,635
Veolia Environnement SA	9,035		172,132	Suzuki Motor Corp.	5,700		178,531
Vivendi SA	2,765		67,650	Toyota Motor Corp.	6,000		360,338
Zodiac Aerospace	2,270		76,829			$	6,703,366
		$	3,724,875
				NETHERLANDS - 1.5%
GERMANY - 12.3%				Koninklijke Boskalis Westminster NV	5,303	$	304,110
Allianz SE	1,510	$	251,605	Koninklijke DSM NV	2,529		184,175
BASF SE	9,505		1,106,561			$	488,285
Bayer AG	2,386		336,970
Bayerische Motoren Werke AG	2,904		368,258
Continental AG	1,250		289,490
Daimler AG	4,197		393,048
Deutsche Lufthansa AG	6,681		143,429

See Notes to Financial Statements. 15

Wright International Blue Chip Equities Fund (WIBC)

Portfolio of Investments – As of June 30, 2014

	Shares		Value	ADR — American Depositary Receipt
NORWAY - 3.9%				LP — Limited Partnership
Statoil ASA	25,639	$	787,183	PLC — Public Limited Company
Yara International ASA	10,468		524,227	*      Non-income producing security.
		$	1,311,410	(1)  Variable rate security.  Rate presented is as of June 30, 2014.
SPAIN - 5.3%				Portfolio Composition by Sector
Banco Bilbao Vizcaya Argentaria SA	35,745	$	455,585	% of total investments at June 30, 2014
Enagas SA	5,826		187,452	Financials	23.4%
Gas Natural SDG SA	19,854		626,979	Industrials	14.3%
Iberdrola SA	65,136		497,897	Consumer Discretionary	13.1%
		$	1,767,913	Energy	11.2%
				Materials	10.5%
				Health Care	9.7%
SWITZERLAND - 11.7%				Telecommunication Services	6.2%
Actelion, Ltd.*	4,576	$	578,966	Utilities	5.5%
Credit Suisse Group AG	15,201		434,706	Consumer Staples	3.4%
Nestle SA	12,968		1,004,625	Information Technology	2.7%
Novartis AG	4,427		400,866
Roche Holding AG	583		173,888
Swatch Group AG (The)	2,406		267,243
Swiss Re AG	9,903		881,086
Zurich Insurance Group AG (Inhaberktie)	613		184,771
		$	3,926,151
UNITED KINGDOM - 16.4%
AstraZeneca PLC	6,998	$	519,364
Aviva PLC	42,420		370,275
BBA Aviation PLC	19,611		103,614
BHP Billiton PLC	13,848		447,396
BP PLC	67,870		597,528
GlaxoSmithKline PLC	29,807		797,100
IMI PLC	6,337		161,121
Legal & General Group PLC	218,833		843,382
Lloyds Banking Group PLC*	188,332		239,099
Rolls-Royce Holdings PLC*	37,470		684,887
Royal Dutch Shell PLC - Class B*	5,913		257,055
Vodafone Group PLC	54,334		181,161
Wolseley PLC	1,964		107,561
WPP PLC	9,233		201,127
		$	5,510,670
TOTAL EQUITY INTERESTS - 99.1%		$	33,305,271
(identified cost, $24,608,118)
SHORT-TERM INVESTMENTS - 0.4%
Fidelity Government Money Market Fund, 0.01% (1)	132,583	$	132,583
TOTAL SHORT-TERM INVESTMENTS - 0.4%		$	132,583
(identified cost, $132,583)
TOTAL INVESTMENTS — 99.5%		$	33,437,854
(identified cost, $24,740,701)
OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.5%			176,470
NET ASSETS — 100.0%		$	33,614,324

See Notes to Financial Statements. 16

Wright International Blue Chip Equities Fund (WIBC)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2014					For the Six Months Ended June 30, 2014
ASSETS:			FALSE		INVESTMENT INCOME (Note 1C)			FALSE
	Investments, at value				2.00E+07	Dividend income (net of foreign taxes $100,948)	$	1,033,036
	(identified cost $24,740,701) (Note 1A)	$	33,437,854	######		Total investment income	$	1,033,036
	Foreign currency, at value
	(identified cost $26,531) (Note 1A)		26,798	######	Expenses –
	Receivable for fund shares sold		4,124			Investment adviser fee (Note 3)	$	129,718
	Dividends receivable		45,631			Administrator fee (Note 3)		27,565
	Tax reclaims receivable		116,259			Trustee expense (Note 3)		7,175
	Prepaid expenses and other assets		18,357			Custodian fee		19,519
	Total assets	$	33,649,023			Accountant fee		31,856
						Distribution expenses (Note 4)		40,537
LIABILITIES:						Transfer agent fee		22,886
	Payable for fund shares reacquired	$	6,203			Printing		51
	Accrued expenses and other liabilities		28,496			Shareholder communications		2,947
	Total liabilities	$	34,699			Audit services		8,653
NET ASSETS		$	33,614,324			Legal services		5,354
						Compliance services		3,049
NET ASSETS CONSIST OF:						Registration costs		10,503
	Paid-in capital	$	75,628,717			Interest expense (Note 8)		258
	Accumulated net realized loss on investments and foreign currency		(51,030,012	)		Miscellaneous		16,703
	Undistributed net investment income		316,405			Total expenses	$	326,774
	Unrealized appreciation on investments and foreign currency		8,699,214
	Net assets applicable to outstanding shares	$	33,614,324		Deduct –
						Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(26,542	)
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			1,964,937			Net expenses	$	300,232
						Net investment income	$	732,804
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	17.11
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:
					Net realized loss –
						Investment transactions	$	1,141,892
						Foreign currency transactions		(1,778	)
						Net realized loss	$	1,140,114
					Change in unrealized appreciation (depreciation) –
						Investments	$	(181,340	)
						Foreign currency translations		(759	)
						Net change in unrealized appreciation (depreciation) on investments	$	(182,099	)
						Net realized and unrealized gain on investments and foreign currency translations	$	958,015
						Net increase in net assets from operations	$	1,690,819

See Notes to Financial Statements. 17

Wright International Blue Chip Equities Fund (WIBC)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2014			December 31, 2013
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income	$	732,804		$	492,899
-6694	Net realized gain on investment and foreign currency transactions		1,140,114			2,430,822
	Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		(182,099	)		2,597,853
	Net increase in net assets from operations	$	1,690,819		$	5,521,574
Distributions to shareholders (Note 2)
	From net investment income	$	(24,458	)	$	(1,049,112	)
	Total distributions	$	(24,458	)	$	(1,049,112	)
Net decrease in net assets resulting from fund share transactions (Note 6)		$	(119,005	)	$	(5,661,248	)
Net increase (decrease) in net assets		$	1,547,356		$	(1,188,786	)
##
NET ASSETS:
	At beginning of period		32,066,968			33,255,754
	At end of period	$	33,614,324		$	32,066,968
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	316,405		$	(391,941	)

See Notes to Financial Statements. 18

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		2014				2013			2012			2011					2010			2009
Net asset value, beginning of period		$	16.280			$	14.120		$	12.580		$	14.860				$	14.460		$	10.810
Income (loss) from investment operations:
Net investment income (1)			0.367				0.236			0.244			0.224					0.170			0.208
Net realized and unrealized gain (loss)			0.475				2.480			1.567			(2.256		)			0.640			3.442
	Total income (loss) from investment operations		0.842				2.716			1.811			(2.032		)			0.810			3.650
Less distributions:
From net investment income			(0.012	)			(0.556	)		(0.272	)		(0.248		)			(0.410	)		—
Redemption Fees(1)			—	(2)			—	(2)		0.001			—		(2)			—	(2)		—
#
Net asset value, end of period		$	17.110			$	16.280		$	14.120		$	12.580				$	14.860		$	14.460
Total Return(3)			5.18	%(4)			19.46	%		14.45	%		(13.65		)%			5.76	%		33.77	%
Ratios/Supplemental Data(6):
Net assets, end of period (000 omitted)		$33,614				$32,067			$33,256			$34,250					$49,994			$68,839
Ratios (As a percentage of average daily net assets):
Net expenses			1.85	%(5)			1.85	%		1.85	%		1.78		%			1.74	%		1.63	%
Net expenses after custodian fee reduction			N/A				N/A			N/A			N/A					N/A			1.63	%
Net investment income			4.52	%(5)			1.57	%		1.84	%		1.56		%			1.23	%		1.75	%
Portfolio turnover rate			26	%(4)			45	%		58	%		50		%			92	%		63	%
			For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009				For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009
(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:
		2014				2013			2012			2010
Ratios (As a percentage of average daily net assets):
Expenses			2.02	%(5)			2.01	%		2.01	%			1.76		%
Net investment income			4.35	%(5)			1.41	%		1.68	%			1.22		%

See Notes to Financial Statements. 19

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,

20

The Wright Managed Equity Trust

Notes to Financial Statements

WMBC and WIBC, for federal income tax purposes, have capital loss carryforwards of $3,708,193 and $51,755,977, 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 carryforwards will expire as follows:

December 31,	WMBC	WIBC
2016	$              -	$17,058,561
2017	3,708,193	34,697,416

As of June 30, 2014, 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, 2013, 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. The 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, 2014, 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.

21

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, 2013, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

		WSBC		WMBC			WIBC
Undistributed ordinary income	$	738,264	$	4,605		$	24,352
Undistributed long-term gain		1,758,196		-			-
Capital loss carryforward and post October losses		-		(3,708,193	)		(51,755,977	)
Net unrealized appreciation		12,447,273		3,064,043			8,050,871
Total	$	14,943,733	$	(639,545	)	$	(43,680,754	)

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 period ended June 30, 2014, 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	$119,144	0.60%
WMBC	$  52,658	0.60%
WIBC	$129,718	0.80%

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

22

The Wright Managed Equity Trust

Notes to Financial Statements

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 period ended June 30, 2014, the administrator fee for WSBC, WMBC and WIBC amounted to $23,829, $10,532 and $27,565, 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 period ended June 30, 2014, for WSBC, WMBC and WIBC were $49,643, $21,941 and $40,537, 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 period ended June 30, 2014, 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, 2015 (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 and expenses of $16,674 for WMBC. WISDI waived distribution fees of $4,490, $21,941 and $26,542  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, 2014
	WSBC	WMBC	WIBC
Purchases	$13,263,419	$5,486,444	$9,169,447
Sales	$11,998,871	$6,066,666	$8,399,956

6. Shares of Beneficial Interest

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

23

The Wright Managed Equity Trust

Notes to Financial Statements

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

	December 31, 2014	36525			41820	#	#				41639
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
		Shares			Amount			Shares			Amount
WSBC
Sold		301,579		$	4,151,794			730,104		$	9,257,764
Issued to shareholders in payment of distributions declared		143,314			1,939,045			277,835			3,678,541
Redemptions		(295,087	)		(4,044,698	)		(763,906	)		(10,075,454	)
Net increase		149,806		$	2,046,141			244,033		$	2,860,851

	December 31, 2014	36525			41820	#	#				41639
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
		Shares			Amount			Shares			Amount
WMBC
Sold		38,895		$	660,906			104,380		$	1,476,739
Issued to shareholders in payment of distributions declared		251			4,324			5,961			96,441
Redemptions		(72,530	)		(1,254,806	)		(297,734	)		(4,248,679	)
Net decrease		(33,384	)	$	(589,576	)		(187,393	)	$	(2,675,499	)

	December 31, 2014	36525			41820	#	#				41639
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
		Shares			Amount			Shares			Amount
WIBC
Sold		134,192		$	2,160,120			196,159		$	2,948,227
Issued to shareholders in payment of distributions declared		1,477			23,606			64,952			1,001,441
Redemptions		(140,701	)		(2,303,060	)		(647,060	)		(9,611,638	)
Redemption fees		-			329			-			722
Net decrease		(5,032	)	$	(119,005	)		(385,949	)	$	(5,661,248	)

7. Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of the investment securities owned at June 30, 2014, as computed on a federal income tax basis, were as follows:

Six Months Ended June 30, 2014
	WSBC			WMBC			WIBC
Aggregate cost	$	29,700,899		$	15,387,295		$	24,740,701
Gross unrealized appreciation	$	11,908,811		$	3,340,811		$	8,869,967
Gross unrealized depreciation		(370,602	)		(54,810	)		(172,814	)
Net unrealized appreciation	$	11,538,209		$	3,286,001		$	8,697,153

24

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, 2014, WMBC had a balance outstanding pursuant to this line of credit of $130,241 at an interest rate of 1.16%.

The average borrowings and average interest rate (based on days with outstanding balances) for the period ended June 30, 2014, were as follows:

	WSBC	WMBC	WIBC
Average borrowings	$114,835	$99,928	$196,695
Average interest rate	1.15%	1.16%	1.15%

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. 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, 2014, the inputs used in valuing each Fund’s investments, which are carried at value, were as follows:

25

The Wright Managed Equity Trust

Notes to Financial Statements

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	$	41,150,867	$	-	$	-	$	41,150,867
Short-Term Investments		-		88,241		-		88,241
Total Investments	$	41,150,867	$	88,241	$	-	$	41,239,108

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	$	18,673,296	$	-	$	-	$	18,673,296
Total Investments	$	18,673,296	$	-	$	-	$	18,673,296

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	$	33,305,271	$	-	$	-	$	33,305,271
Short-Term Investments		-		132,583		-		132,583
Total Investments	$	33,305,271	$	132,583	$	-	$	33,437,854

The Level 1 values displayed in these tables under Equity Interests are Common Stock. Refer to each Fund’s Portfolio of Investments for a further breakout of each security by industry or country.

There were no transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2014.

11. Review for Subsequent Events

In connection with the preparation of the financial statements of the Funds as of and for the period ended June 30, 2014, events and transactions subsequent to June 30, 2014, 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.

26

Wright Total Return Bond Fund (WTRB)

Portfolio of Investments – As of June 30, 2014

AFA

Face Amount Description Coupon Rate Maturity Date Value

FIXED INCOME INVESTMENTS - 97.7%

COMMERCIAL MORTGAGE-BACKED SECURITIES - 7.8%

$	300,000	LB-UBS Commercial Mortgage Trust, Series 2006-C6, Class A4	5.372	%		09/15/39	$	324,922
	287,353	Merrill Lynch Mortgage Trust, Series 2005-LC1, Class A4	5.291	%	(1)	01/12/44		302,478
	309,019	Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-2, Class A4	6.066	%	(1)	06/12/46		332,752

Total Commercial Mortgage-Backed Securities (identified cost, $894,505) $ 960,152

CORPORATE BONDS - 42.1%

COMMUNICATIONS EQUIPMENT - 0.5%
$	55,000	Vodafone Group PLC	6.150	%	02/27/37	$	65,568
CONSUMER STAPLES - 0.5%
$	60,000	Celgene Corp.	3.250	%	08/15/22	$	59,973
DIVERSIFIED FINANCIALS - 9.2%
$	70,000	Aflac, Inc.	3.625	%	06/15/23	$	71,580
	27,000	Ameriprise Financial, Inc.	5.650	%	11/15/15		28,811
	75,000	Bank of America Corp.	6.050	%	05/16/16		81,612
	85,000	Bank of America Corp., MTN	5.000	%	05/13/21		95,015
	50,000	Citigroup, Inc.	5.375	%	08/09/20		57,373
	30,000	Eaton Vance Corp.	6.500	%	10/02/17		34,492
	95,000	General Electric Capital Corp., MTN, Series A	6.750	%	03/15/32		125,675
	155,000	Goldman Sachs Group, Inc. (The)	6.150	%	04/01/18		177,908
	120,000	JPMorgan Chase & Co.	6.300	%	04/23/19		142,029
	90,000	Morgan Stanley, GMTN	5.500	%	07/28/21		103,548
	70,000	Nomura Holdings, Inc.	5.000	%	03/04/15		71,974
	85,000	PNC Funding Corp.	4.250	%	09/21/15		88,774
	55,000	SunTrust Banks, Inc.	6.000	%	09/11/17		62,334
ENERGY - 2.3%
$	55,000	Baker Hughes, Inc.	6.875	%	01/15/29	$	73,598
	50,000	ONEOK Partners LP	6.850	%	10/15/37		63,204
	70,000	Peabody Energy Corp.	7.375	%	11/01/16		77,263
	55,000	Valero Energy Corp.	9.375	%	03/15/19		72,263
FOOD, BEVERAGE & TOBACCO - 1.6%
$	13,000	Altria Group, Inc.	9.700	%	11/10/18	$	17,050
	50,000	Ingredion, Inc.	4.625	%	11/01/20		53,949
	100,000	PepsiCo, Inc.	7.900	%	11/01/18		124,591
HEALTH CARE EQUIPMENT & SERVICES - 2.4%
$	55,000	Cigna Corp.	2.750	%	11/15/16	$	57,151
	75,000	Laboratory Corp. of America Holdings	3.125	%	05/15/16		78,151
	80,000	UnitedHealth Group, Inc.	6.000	%	02/15/18		92,376
	70,000	WellPoint, Inc.	4.350	%	08/15/20		76,495
HOUSEHOLD & PERSONAL PRODUCTS - 0.6%
$	60,000	Estee Lauder Cos., Inc. (The)	6.000	%	05/15/37	$	73,505
INFORMATION SERVICES - 1.2%
$	85,000	Equifax, Inc.	4.450	%	12/01/14	$	86,376
	50,000	Moody's Corp.	5.500	%	09/01/20		56,925

See Notes to Financial Statements. 27

Wright Total Return Bond Fund (WTRB)

Portfolio of Investments – As of June 30, 2014

	Face Amount	Description	Coupon Rate			Maturity Date		Value
INSURANCE - 2.9%
$	50,000	Loews Corp.	5.250	%		03/15/16	$	53,817
	105,000	PartnerRe Finance B, LLC	5.500	%		06/01/20		119,585
	55,000	Principal Financial Group, Inc.	8.875	%		05/15/19		71,082
	50,000	Prudential Financial, Inc., MTN	4.500	%		11/15/20		55,188
	50,000	Prudential Financial, Inc., MTN, Series D	7.375	%		06/15/19		61,986
MATERIALS - 2.4%
$	70,000	Dow Chemical Co. (The)	7.375	%		03/01/23	$	87,372
	70,000	Greif, Inc.	6.750	%		02/01/17		78,050
	100,000	Lubrizol Corp.	8.875	%		02/01/19		128,554
MEDIA - 2.5%
$	90,000	Comcast Cable Communications Holdings, Inc.	9.455	%		11/15/22	$	131,022
	40,000	DIRECTV Holdings, LLC / DIRECTV Financing Co., Inc.	5.000	%		03/01/21		44,717
	45,000	McGraw Hill Financial, Inc.	5.900	%		11/15/17		49,975
	65,000	Time Warner Cos., Inc.	6.950	%		01/15/28		84,007
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 0.8%
$	95,000	Thermo Fisher Scientific, Inc.	3.150	%		01/15/23	$	94,010
PIPELINES - 1.5%
$	60,000	Spectra Energy Capital, LLC	5.650	%		03/01/20	$	67,774
	100,000	TransCanada PipeLines, Ltd.	6.500	%		08/15/18		118,864
REAL ESTATE - 0.8%
$	100,000	Simon Property Group LP	2.750	%		02/01/23	$	96,785
RETAILING - 1.4%
$	95,000	Kohl's Corp.	4.000	%		11/01/21	$	99,160
	72,000	L Brands, Inc.	5.250	%		11/01/14		73,296
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.1%
$	115,000	Applied Materials, Inc.	7.125	%		10/15/17	$	134,490
SOFTWARE & SERVICES - 2.7%
$	60,000	Adobe Systems, Inc.	4.750	%		02/01/20	$	66,822
	105,000	International Business Machines Corp.	7.625	%		10/15/18		129,946
	80,000	Oracle Corp.	5.375	%		07/15/40		91,277
	50,000	Symantec Corp.	4.200	%		09/15/20		51,949
TELECOMMUNICATIONS - 1.0%
$	55,000	BellSouth Corp.	6.000	%		11/15/34	$	61,410
	50,000	Verizon Communications, Inc.	7.750	%		12/01/30		68,749
TRANSPORTATION – 1.2%
$	70,000	Burlington Northern Santa Fe, LLC	6.200	%		08/15/36	$	87,070
	60,000	FedEx Corp.	4.000	%		01/15/24		62,656
UTILITIES - 5.5%
$	110,000	Consolidated Edison Co. of New York, Inc.	7.125	%		12/01/18	$	133,780
	90,000	Dominion Resources, Inc., Series E	6.300	%		03/15/33		111,836
	80,000	Exelon Generation Co., LLC	5.200	%		10/01/19		90,076
	115,000	NextEra Energy Capital Holdings, Inc., Series D	7.300	%	(1)	09/01/67		126,878
	50,000	Pacific Gas & Electric Co.	8.250	%		10/15/18		62,531
	60,000	Public Service Electric & Gas Co., MTN	5.300	%		05/01/18		68,156
	75,000	Sempra Energy	6.500	%		06/01/16		82,906

Total Corporate Bonds (identified cost, $4,651,647) $ 5,215,339

See Notes to Financial Statements. 28

Wright Total Return Bond Fund (WTRB)

Portfolio of Investments – As of June 30, 2014

Face Amount Description Coupon Rate Maturity Date Value

U.S. GOVERNMENT INTERESTS - 47.8%

AGENCY MORTGAGE-BACKED SECURITIES - 35.3%
$	46,713	FHLMC Gold Pool #A32600	5.500	%		05/01/35	$	52,117
	14,737	FHLMC Gold Pool #C01646	6.000	%		09/01/33		16,778
	19,696	FHLMC Gold Pool #C27663	7.000	%		06/01/29		20,144
	81,776	FHLMC Gold Pool #C47318	7.000	%		09/01/29		95,387
	53,358	FHLMC Gold Pool #C66878	6.500	%		05/01/32		60,636
	65,477	FHLMC Gold Pool #C91046	6.500	%		05/01/27		73,837
	10,118	FHLMC Gold Pool #D66753	6.000	%		10/01/23		11,362
	608	FHLMC Gold Pool #E00903	7.000	%		10/01/15		623
	75,963	FHLMC Gold Pool #G01035	6.000	%		05/01/29		86,383
	20,458	FHLMC Gold Pool #G02478	5.500	%		12/01/36		22,807
	47,116	FHLMC Gold Pool #N30514	5.500	%		11/01/28		52,642
	169,745	FHLMC Gold Pool #P00024	7.000	%		09/01/32		184,921
	38,268	FHLMC Gold Pool #P50064	7.000	%		09/01/30		43,434
	47,056	FHLMC Pool #1B1291	2.378	%	(1)	11/01/33		49,967
	129,251	FHLMC Pool #1G0233	2.261	%	(1)	05/01/35		137,439
	11,209	FHLMC Pool #781071	2.534	%	(1)	11/01/33		11,980
	7,505	FHLMC Pool #781804	4.965	%	(1)	07/01/34		7,779
	3,791	FHLMC Pool #781884	5.150	%	(1)	08/01/34		3,966
	10,380	FHLMC Pool #782862	5.106	%	(1)	11/01/34		10,784
	104,670	FHLMC, Series 1983, Class Z	6.500	%		12/15/23		116,392
	87,158	FHLMC, Series 2044, Class PE	6.500	%		04/15/28		97,599
	406,580	FHLMC, Series 2627, Class MW	5.000	%		06/15/23		438,972
	70,251	FNMA Pool #253057	8.000	%		12/01/29		79,474
	1,715	FNMA Pool #479477	6.000	%		01/01/29		1,932
	3,019	FNMA Pool #489357	6.500	%		03/01/29		3,411
	8,704	FNMA Pool #535332	8.500	%		04/01/30		10,854
	16,281	FNMA Pool #545782	7.000	%		07/01/32		18,808
	10,565	FNMA Pool #597396	6.500	%		09/01/31		11,948
	39,194	FNMA Pool #621284	6.500	%		12/01/31		45,373
	11,630	FNMA Pool #725866	4.500	%		09/01/34		12,622
	38,729	FNMA Pool #738630	5.500	%		11/01/33		43,336
	122,642	FNMA Pool #745001	6.500	%		09/01/35		138,397
	55,505	FNMA Pool #745467	2.520	%	(1)	04/01/36		59,169
	93,346	FNMA Pool #745755	5.000	%		12/01/35		103,989
	35,483	FNMA Pool #747529	4.500	%		10/01/33		38,564
	302,014	FNMA Pool #781893	4.500	%		11/01/31		330,144
	15,368	FNMA Pool #809888	4.500	%		03/01/35		16,677
	225,382	FNMA Pool #888366	7.000	%		04/01/37		251,818
	206,434	FNMA Pool #888367	7.000	%		03/01/37		230,462
	145,393	FNMA Pool #888417	6.500	%		01/01/36		165,890
	9,058	FNMA Pool #906455	5.917	%	(1)	01/01/37		9,685
	11,282	GNMA I Pool #376400	6.500	%		02/15/24		12,827
	16,108	GNMA I Pool #379982	7.000	%		02/15/24		17,574
	96,057	GNMA I Pool #393347	7.500	%		02/15/27		108,143
	34,182	GNMA I Pool #410081	8.000	%		08/15/25		38,890
	29,494	GNMA I Pool #427199	7.000	%		12/15/27		30,885
	19,726	GNMA I Pool #448490	7.500	%		03/15/27		20,931
	38,675	GNMA I Pool #458762	6.500	%		01/15/28		44,102
	16,857	GNMA I Pool #460726	6.500	%		12/15/27		19,166
	7,855	GNMA I Pool #510706	8.000	%		11/15/29		8,733
	11,318	GNMA I Pool #581536	5.500	%		06/15/33		12,752
	53,565	GNMA II Pool #002630	6.500	%		08/20/28		62,264
	2,897	GNMA II Pool #002909	8.000	%		04/20/30		3,530

See Notes to Financial Statements. 29

Wright Total Return Bond Fund (WTRB)

Portfolio of Investments – As of June 30, 2014

	Face Amount	Description	Coupon Rate		Maturity Date		Value
AGENCY MORTGAGE-BACKED SECURITIES (CONTINUED)
	7,175	GNMA II Pool #002972	7.500	%		09/20/30	$	8,632
	2,734	GNMA II Pool #002973	8.000	%		09/20/30		3,371
	24,159	GNMA II Pool #003095	6.500	%		06/20/31		28,213
	170,468	GNMA II Pool #004841	8.000	%		08/20/31		206,728
	548,545	GNMA, Series 2010-44, Class NK	4.000	%		10/20/37		575,929

U.S. TREASURIES - 12.5%
$	590,000	U.S. Treasury Bond	3.125	%		02/15/42	$	571,009
	90,000	U.S. Treasury Note	2.625	%		11/15/20		93,501
	1,070,000	U.S. Treasury Strip Coupon	2.520-2.892	%	(2)	05/15/22		887,166

Total U.S. Government Interests (identified cost, $5,720,830) $ 5,922,848

TOTAL FIXED INCOME INVESTMENTS (identified cost, $11,266,982) — 97.7% $ 12,098,339

SHORT-TERM INVESTMENTS - 1.5%

$ 177,274 Fidelity Government Money Market Fund, 0.01% (1)  $ 177,274

TOTAL SHORT-TERM INVESTMENTS (identified cost, $177,274) — 1.5% $ 177,274

TOTAL INVESTMENTS (identified cost, $11,444,256) — 99.2% $ 12,275,613

OTHER ASSETS, IN EXCESS OF LIABILITIES — 0.8% 103,811

NET ASSETS — 100.0% $ 12,379,424

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GMTN — Global Medium Term Note

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, 2014.

(2) Rate presented is yield to maturity.

Portfolio Composition by Security Type
% of total investments at June 30, 2014
Commercial Mortgage-Backed Securities	7.8%
Corporate Bonds	42.1%
U.S. Government Interests	35.3%
Short-Term Investments	1.5%

See Notes to Financial Statements. 30

Wright Total Return Bond Fund (WTRB)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2014					For the Six Months Ended June 30, 2014
ASSETS:			FALSE		INVESTMENT INCOME (Note 1C)			FALSE
	Investments, at value					Interest income	$	267,157
	(identified cost $11,444,256) (Note 1A)	$	12,275,613	######	1.00E+07	Dividend income		5
	Receivable for fund shares sold		1,146			Total investment income	$	267,162
	Receivable for investment securities sold		1,159
	Dividends and interest receivable		97,866		Expenses –
	Prepaid expenses and other assets		20,853			Investment adviser fee (Note 3)	$	29,919
	Total assets	$	12,396,637			Administrator fee (Note 3)		4,654
						Trustee expense (Note 3)		6,732
LIABILITIES:						Custodian fee		2,063
	Payable for fund shares reacquired	$	805			Accountant fee		17,744
	Distributions payable		6,408			Pricing		12,674
	Accrued expenses and other liabilities		10,000			Distribution expenses (Note 4)		16,621
	Total liabilities	$	17,213			Transfer agent fee		10,662
NET ASSETS		$	12,379,424			Printing		18
						Shareholder communications		2,246
NET ASSETS CONSIST OF:						Audit services		9,559
	Paid-in capital	$	13,145,858			Legal services		2,185
	Accumulated net realized loss on investments		(1,545,706	)		Compliance services		2,596
	Distributions in excess of net investment income		(52,085	)		Registration costs		10,080
	Unrealized appreciation on investments		831,357			Interest expense (Note 8)		179
	Net assets applicable to outstanding shares	$	12,379,424			Miscellaneous		10,626
						Total expenses	$	138,558
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			975,501
					Deduct –
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	12.69			Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(75,218	)
						Net expenses	$	63,340
						Net investment income	$	203,822
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
						Net realized gain on investment transactions	$	97,212
						Net change in unrealized appreciation (depreciation) on investments		158,481
						Net realized and unrealized gain on investments	$	255,693
						Net increase in net assets from operations	$	459,515

See Notes to Financial Statements. 31

Wright Total Return Bond Fund (WTRB)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2014			December 31, 2013
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income	$	203,822		$	518,259
0	Net realized gain on investment transactions		97,212			177,389
	Net change in unrealized appreciation (depreciation) on investments		158,481			(1,134,346	)
	Net increase (decrease) in net assets from operations	$	459,515		$	(438,698	)
Distributions to shareholders (Note 2)
	From net investment income	$	(255,907	)	$	(665,626	)
	Total distributions	$	(255,907	)	$	(665,626	)
Net decrease in net assets resulting from fund share transactions (Note 6)		$	(3,266,593	)	$	(7,939,140	)
Net decrease in net assets		$	(3,062,985	)	$	(9,043,464	)
##
NET ASSETS:
	At beginning of period		15,442,409			24,485,873
	At end of period	$	12,379,424		$	15,442,409
DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	(52,085	)	$	-

See Notes to Financial Statements. 32

Wright Total Return Bond 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		2014				2013			2012			2011			2010			2009
Net asset value, beginning of period		$	12.520			$	13.300		$	13.220		$	12.890		$	12.620		$	11.990
Income (loss) from investment operations:
Net investment income (1)			0.192				0.378			0.339			0.420			0.437			0.558
Net realized and unrealized gain (loss)			0.220				(0.673	)		0.206			0.425			0.336			0.676
	Total income (loss) from investment operations		0.412				(0.295	)		0.545			0.845			0.773			1.234
Less distributions:
From net investment income			(0.242	)			(0.485	)		(0.465	)		(0.515	)		(0.503	)		(0.604	)
Net asset value, end of period		$	12.690			$	12.520		$	13.300		$	13.220		$	12.890		$	12.620
Total Return(2)			3.31	%(3)			(2.25	)%		4.16	%		6.68	%		6.18	%		10.53	%
Ratios/Supplemental Data(5):
Net assets, end of period (000 omitted)		$12,379				$15,442			$24,486			$30,623			$31,530			$24,556
Ratios (As a percentage of average daily net assets):
Net expenses			0.95	%(4)			0.95	%		0.95	%		0.95	%		0.83	%		0.70	%
Net expenses after custodian fee reduction			N/A				N/A			N/A			N/A			N/A			0.70	%
Net investment income			3.07	%(4)			2.93	%		2.54	%		3.22	%		3.38	%		4.53	%
Portfolio turnover rate			7	%(3)			46	%		68	%		55	%		119	%		61	%
			For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009				For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009
(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:
		2014				2013			2012			2011			2010			2009
Ratios (As a percentage of average daily net assets):
Expenses			2.08	%(4)			1.80	%		1.41	%		1.37	%		1.43	%		1.55	%
Expenses after custodian fee reduction			N/A				N/A			N/A			N/A			N/A			1.55	%
Net investment income			1.94	%(4)			2.08	%		2.08	%		2.80	%		2.78	%		3.68	%

See Notes to Financial Statements. 33

Wright Current Income Fund (WCIF)

Portfolio of Investments – As of June 30, 2014

Face Amount Description Coupon Rate Maturity Date Value

FIXED INCOME INVESTMENTS - 96.7%

AGENCY MORTGAGE-BACKED SECURITIES - 96.7%
$	222,145	FHLMC Gold Pool #A85905	5.000	%	05/01/39	$	248,234
	574,689	FHLMC Gold Pool #A88945	4.000	%	08/01/39		611,152
	11,939	FHLMC Gold Pool #C00548	7.000	%	08/01/27		13,820
	33,503	FHLMC Gold Pool #C00778	7.000	%	06/01/29		38,790
	171,243	FHLMC Gold Pool #C01375	6.500	%	07/01/32		193,384
	123,240	FHLMC Gold Pool #C91034	6.000	%	06/01/27		140,114
	13,173	FHLMC Gold Pool #D81642	7.500	%	08/01/27		13,562
	43,111	FHLMC Gold Pool #D82572	7.000	%	09/01/27		48,342
	231	FHLMC Gold Pool #E00721	6.500	%	07/01/14		231
	6,178	FHLMC Gold Pool #E81704	8.500	%	05/01/15		6,283
	186,587	FHLMC Gold Pool #G00892	6.500	%	12/01/27		212,732
	93,621	FHLMC Gold Pool #G02809	6.500	%	05/01/36		105,571
	66,859	FHLMC Gold Pool #G04710	6.000	%	09/01/38		75,747
	91,454	FHLMC Gold Pool #G08012	6.500	%	09/01/34		103,237
	194,468	FHLMC Gold Pool #G08022	6.000	%	11/01/34		221,401
	163,347	FHLMC Gold Pool #G08047	6.000	%	03/01/35		185,935
	802,206	FHLMC Gold Pool #G08378	6.000	%	10/01/39		902,083
	703,697	FHLMC Gold Pool #G30482	4.500	%	05/01/30		766,318
	137,751	FHLMC Gold Pool #G80111	7.300	%	12/17/22		152,666
	27,129	FHLMC Gold Pool #H09098	6.500	%	10/01/37		28,887
	169,745	FHLMC Gold Pool #P00024	7.000	%	09/01/32		184,921
	116,319	FHLMC Gold Pool #P50019	7.000	%	07/01/24		132,022
	1,051,449	FHLMC Gold Pool #P50079	5.000	%	07/01/33		1,130,758
	264,093	FHLMC Gold Pool #T30126	5.550	%	07/01/37		308,609
	244,351	FHLMC Gold Pool #T30133	5.550	%	07/01/37		287,278
	595,475	FHLMC Gold Pool #T60798	3.500	%	07/01/42		607,311
	232,334	FHLMC Gold Pool #U30400	5.550	%	06/01/37		273,468
	366,961	FHLMC, Series 2097, Class PZ	6.000	%	11/15/28		410,660
	56,898	FHLMC, Series 2176, Class OJ	7.000	%	08/15/29		65,856
	39,930	FHLMC, Series 2201, Class C	8.000	%	11/15/29		46,636
	177,785	FHLMC, Series 2218, Class ZB	6.000	%	03/15/30		199,296
	83,348	FHLMC, Series 2259, Class ZM	7.000	%	10/15/30		95,968
	45,671	FHLMC, Series 2576, Class HC	5.500	%	03/15/33		50,048
	143,134	FHLMC, Series 2802, Class OH	6.000	%	05/15/34		158,263
	391,752	FHLMC, Series 3033, Class WY	5.500	%	09/15/35		433,409
	161,131	FHLMC, Series 3072, Class DL	6.000	%	02/15/35		182,467
	93,748	FHLMC, Series 3255, Class QE	5.500	%	12/15/36		102,814
	128,163	FHLMC, Series 3641, Class TB	4.500	%	03/15/40		137,842
	108,025	FHLMC, Series 3814, Class B	3.000	%	02/15/26		109,040
	858,475	FHLMC, Series 3969, Class JY	4.500	%	12/15/41		905,944
	163,594	FHLMC, Series 4011, Class DA	4.000	%	09/15/41		161,175
	1,538,874	FHLMC, Series 4011, Class DB	4.000	%	09/15/41		1,529,335
	345,126	FHLMC, Series 4097, Class VT	3.500	%	08/15/25		365,437
	93,254	FHLMC, Series 4103, Class DV	3.000	%	11/15/25		95,748
	1,889,168	FHLMC, Series 4142, Class PN	2.500	%	12/15/32		1,798,299
	120,151	FHLMC-GNMA, Series 15, Class L	7.000	%	07/25/23		135,038
	43,438	FHLMC-GNMA, Series 23, Class KZ	6.500	%	11/25/23		48,637
	74,648	FHLMC-GNMA, Series 4, Class D	8.000	%	12/25/22		85,130
	336,154	FNMA Pool #252034	7.000	%	09/01/28		390,036
	62,229	FNMA Pool #252215	6.000	%	11/01/28		70,927
	449,984	FNMA Pool #256182	6.000	%	03/01/36		504,294
	424,223	FNMA Pool #256677	6.000	%	04/01/27		478,251
	65,409	FNMA Pool #256972	6.000	%	11/01/37		71,789

See Notes to Financial Statements. 34

Wright Current Income Fund (WCIF)

Portfolio of Investments – As of June 30, 2014

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	402,447	FNMA Pool #257138	5.000	%	03/01/38	$	437,776
	15,678	FNMA Pool #535131	6.000	%	03/01/29		17,878
	90,083	FNMA Pool #594207	6.500	%	02/01/31		101,224
	40,227	FNMA Pool #673315	5.500	%	11/01/32		45,076
	179,614	FNMA Pool #721255	5.500	%	07/01/33		201,868
	55,554	FNMA Pool #733750	6.310	%	10/01/32		62,571
	195,905	FNMA Pool #735861	6.500	%	09/01/33		226,177
	245,753	FNMA Pool #745001	6.500	%	09/01/35		277,321
	428,750	FNMA Pool #745318	5.000	%	12/01/34		478,958
	33,344	FNMA Pool #745630	5.500	%	01/01/29		37,310
	88,550	FNMA Pool #801357	5.500	%	08/01/34		99,655
	467,675	FNMA Pool #801506	4.750	%	09/01/34		508,618
	110,457	FNMA Pool #813839	6.000	%	11/01/34		121,513
	492,408	FNMA Pool #819457	4.750	%	02/01/35		535,616
	933,585	FNMA Pool #846323	4.250	%	11/01/35		1,001,249
	609,862	FNMA Pool #851762	4.250	%	01/01/36		648,432
	95,510	FNMA Pool #871394	7.000	%	04/01/21		103,816
	159,165	FNMA Pool #888211	7.000	%	08/01/36		184,806
	46,514	FNMA Pool #888367	7.000	%	03/01/37		51,928
	98,524	FNMA Pool #888534	5.000	%	08/01/37		107,197
	1,306,754	FNMA Pool #891367	4.750	%	04/01/36		1,430,231
	257,614	FNMA Pool #908160	5.500	%	12/01/36		279,694
	258,096	FNMA Pool #930504	5.000	%	02/01/39		283,764
	98,257	FNMA Pool #930664	6.500	%	03/01/39		110,482
	582,943	FNMA Pool #940441	5.780	%	03/01/37		652,279
	42,455	FNMA Pool #954957	6.000	%	10/01/37		46,522
	94,051	FNMA Pool #995346	6.500	%	09/01/36		106,115
	253,227	FNMA Pool #995656	7.000	%	06/01/33		292,893
	582,532	FNMA Pool #AD0329	6.500	%	09/01/28		657,320
	117,762	FNMA Pool #AD0756	6.500	%	11/01/28		132,865
	944,122	FNMA Pool #AI0108	5.000	%	04/01/41		1,063,586
	467,454	FNMA Pool #AL3036	6.000	%	02/01/38		530,210
	419,670	FNMA Pool #MA0559	5.000	%	09/01/30		467,468
	189,000	FNMA Whole Loan, Series 2003-W17, Class 1A7	5.750	%	08/25/33		205,843
	41,041	FNMA Whole Loan, Series 2003-W18, Class 1A6	5.370	%	08/25/43		41,823
	308,325	FNMA Whole Loan, Series 2004-W11, Class 1A1	6.000	%	05/25/44		361,255
	215,291	FNMA, Series 2001-52, Class XZ	6.500	%	10/25/31		247,073
	98,686	FNMA, Series 2001-52, Class YZ	6.500	%	10/25/31		110,918
	90,097	FNMA, Series 2002-15, Class QH	6.000	%	04/25/32		99,771
	84,214	FNMA, Series 2003-30, Class JQ	5.500	%	04/25/33		92,876
	417,528	FNMA, Series 2003-32, Class BZ	6.000	%	11/25/32		467,141
	228,106	FNMA, Series 2004-17, Class H	5.500	%	04/25/34		254,559
	285,000	FNMA, Series 2004-25, Class LC	5.500	%	04/25/34		308,361
	256,000	FNMA, Series 2004-25, Class UC	5.500	%	04/25/34		281,817
	129,581	FNMA, Series 2005-106, Class UK	5.500	%	12/25/35		143,780
	172,000	FNMA, Series 2005-120, Class PB	6.000	%	01/25/36		202,727
	214,241	FNMA, Series 2005-58, Class BC	5.500	%	07/25/25		237,609
	788,000	FNMA, Series 2006-74, Class PD	6.500	%	08/25/36		910,793
	390,794	FNMA, Series 2007-76, Class PE	6.000	%	08/25/37		429,689
	800,000	FNMA, Series 2007-81, Class GE	6.000	%	08/25/37		918,193
	850,000	FNMA, Series 2008-60, Class JC	5.000	%	07/25/38		948,585
	88,282	FNMA, Series 2008-86, Class GD	6.000	%	03/25/36		95,367
	150,000	FNMA, Series 2009-50, Class AX	5.000	%	07/25/39		170,159
	210,000	FNMA, Series 2011-37, Class LH	4.000	%	11/25/40		218,633
	247,970	FNMA, Series 2012-51, Class B	7.000	%	05/25/42		281,645
	397,449	FNMA, Series 2013-17, Class YM	4.000	%	03/25/33		422,393

See Notes to Financial Statements. 35

Wright Current Income Fund (WCIF)

Portfolio of Investments – As of June 30, 2014

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	145,236	FNMA, Series G93-5, Class Z	6.500	%	02/25/23	$	164,009
	30,305	GNMA I Pool #471369	5.500	%	05/15/33		34,036
	108,038	GNMA I Pool #487108	6.000	%	04/15/29		124,897
	91,381	GNMA I Pool #489377	6.375	%	03/15/29		102,812
	73,970	GNMA I Pool #509930	5.500	%	06/15/29		82,640
	96,579	GNMA I Pool #509965	5.500	%	06/15/29		107,891
	28,989	GNMA I Pool #595606	6.000	%	11/15/32		32,616
	5,382	GNMA I Pool #602377	4.500	%	06/15/18		5,666
	3,827	GNMA I Pool #603377	4.500	%	01/15/18		3,988
	247,571	GNMA I Pool #615272	4.500	%	07/15/33		271,480
	80,110	GNMA I Pool #615403	4.500	%	08/15/33		88,068
	58,782	GNMA I Pool #616829	5.500	%	01/15/25		65,656
	65,605	GNMA I Pool #623190	6.000	%	12/15/23		73,758
	238,111	GNMA I Pool #624600	6.150	%	01/15/34		267,895
	53,088	GNMA I Pool #640940	5.500	%	05/15/35		60,381
	36,466	GNMA I Pool #677162	5.500	%	08/15/23		39,686
	247,837	GNMA I Pool #697999	4.500	%	02/15/24		264,360
	545,186	GNMA I Pool #711286	6.500	%	10/15/32		619,975
	446,475	GNMA I Pool #733602	5.000	%	04/15/40		504,138
	181,872	GNMA I Pool #782771	4.500	%	09/15/24		194,007
	194,089	GNMA I Pool #AB1821	3.250	%	10/15/42		195,994
	54,052	GNMA II Pool #003284	5.500	%	09/20/32		60,793
	98,286	GNMA II Pool #003346	5.500	%	02/20/33		110,648
	34,052	GNMA II Pool #003401	4.500	%	06/20/33		37,529
	230,183	GNMA II Pool #003403	5.500	%	06/20/33		259,230
	54,597	GNMA II Pool #003554	4.500	%	05/20/34		60,161
	150,542	GNMA II Pool #003689	4.500	%	03/20/35		165,259
	284,892	GNMA II Pool #003931	6.000	%	12/20/36		323,811
	22,250	GNMA II Pool #004284	5.500	%	11/20/38		23,941
	235,503	GNMA II Pool #004291	6.000	%	11/20/38		267,879
	120,728	GNMA II Pool #004412	5.000	%	04/20/39		129,450
	303,572	GNMA II Pool #004561	6.000	%	10/20/39		345,725
	252,461	GNMA II Pool #004702	3.500	%	06/20/25		267,410
	301,047	GNMA II Pool #004753	8.000	%	08/20/30		364,606
	962,656	GNMA II Pool #004838	6.500	%	10/20/40		1,088,067
	88,774	GNMA II Pool #575787	5.760	%	03/20/33		102,583
	196,048	GNMA II Pool #610116	5.760	%	04/20/33		225,834
	64,133	GNMA II Pool #610143	5.760	%	06/20/33		72,308
	67,887	GNMA II Pool #612121	5.760	%	07/20/33		76,454
	208,959	GNMA II Pool #648541	6.000	%	10/20/35		234,145
	119,516	GNMA II Pool #748939	4.000	%	09/20/40		128,215
	471,783	GNMA, Series 1998-21, Class ZB	6.500	%	09/20/28		535,733
	115,417	GNMA, Series 1999-25, Class TB	7.500	%	07/16/29		132,946
	390,098	GNMA, Series 1999-4, Class ZB	6.000	%	02/20/29		438,198
	162,506	GNMA, Series 2000-14, Class PD	7.000	%	02/16/30		187,359
	650,000	GNMA, Series 2001-53, Class PB	6.500	%	11/20/31		757,530
	274,765	GNMA, Series 2002-22, Class GF	6.500	%	03/20/32		314,035
	258,647	GNMA, Series 2002-33, Class ZD	6.000	%	05/16/32		291,816
	104,063	GNMA, Series 2002-40, Class UK	6.500	%	06/20/32		118,820
	81,212	GNMA, Series 2002-45, Class QE	6.500	%	06/20/32		92,789
	141,544	GNMA, Series 2002-6, Class GE	6.500	%	01/20/32		161,686
	69,764	GNMA, Series 2002-7, Class PG	6.500	%	01/20/32		78,977
	187,656	GNMA, Series 2003-103, Class PC	5.500	%	11/20/33		205,847
	136,000	GNMA, Series 2003-26, Class MA	5.500	%	03/20/33		146,615
	154,000	GNMA, Series 2003-46, Class HA	4.500	%	06/20/33		167,260
	179,000	GNMA, Series 2003-46, Class MA	5.000	%	05/20/33		195,865

See Notes to Financial Statements. 36

Wright Current Income Fund (WCIF)

Portfolio of Investments – As of June 30, 2014

	Face Amount	Description	Coupon Rate		Maturity Date		Value
$	503,000	GNMA, Series 2003-46, Class ND	5.000	%	06/20/33	$	556,720
	541,482	GNMA, Series 2003-57, Class C	4.500	%	04/20/33		585,335
	111,000	GNMA, Series 2003-84, Class PC	5.500	%	10/20/33		125,958
	91,968	GNMA, Series 2004-16, Class GB	5.500	%	06/20/33		97,562
	107,589	GNMA, Series 2004-63, Class AG	6.000	%	07/20/32		121,158
	211,000	GNMA, Series 2005-13, Class BE	5.000	%	09/20/34		231,742
	872,376	GNMA, Series 2005-17, Class GE	5.000	%	02/20/35		951,510
	350,618	GNMA, Series 2005-49, Class B	5.500	%	06/20/35		392,076
	227,000	GNMA, Series 2005-51, Class DC	5.000	%	07/20/35		250,768
	100,000	GNMA, Series 2005-93, Class BH	5.500	%	06/20/35		110,521
	43,629	GNMA, Series 2007-18, Class B	5.500	%	05/20/35		49,458
	814,000	GNMA, Series 2007-6, Class LE	5.500	%	02/20/37		909,930
	163,646	GNMA, Series 2007-68, Class NA	5.000	%	11/20/37		179,097
	97,993	GNMA, Series 2007-70, Class PE	5.500	%	11/20/37		108,025
	240,000	GNMA, Series 2008-26, Class JP	5.250	%	03/20/38		265,714
	300,000	GNMA, Series 2008-35, Class EH	5.500	%	03/20/38		338,716
	314,000	GNMA, Series 2008-65, Class CM	5.000	%	08/20/38		344,154
	757,000	GNMA, Series 2008-65, Class PG	6.000	%	08/20/38		880,253
	157,000	GNMA, Series 2009-47, Class LT	5.000	%	06/20/39		173,750
	592,658	GNMA, Series 2009-57, Class VB	5.000	%	06/16/39		670,394
	706,000	GNMA, Series 2009-93, Class AY	5.000	%	10/20/39		784,529
	2,000,000	GNMA, Series 2010-116, Class PB	5.000	%	06/16/40		2,289,545
	350,000	GNMA, Series 2010-89, Class BG	4.000	%	07/20/40		361,716

Total Agency Mortgage-Backed Securities (identified cost, $55,607,082) $ 56,630,731

TOTAL FIXED INCOME INVESTMENTS (identified cost, $55,607,082) — 96.7% $ 56,630,731

SHORT-TERM INVESTMENTS - 5.1%

$ 2,997,880 Fidelity Government Money Market Fund, 0.01% (1)  $ 2,997,880

TOTAL SHORT-TERM INVESTMENTS (identified cost, $2,997,880) — 5.1% $ 2,997,880

TOTAL INVESTMENTS (identified cost, $58,604,962) — 101.8% $ 59,628,611

LIABILITIES, IN EXCESS OF OTHER ASSETS — (1.8)% (1,061,876 )

NET ASSETS — 100.0% $ 58,566,735

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, 2014.

Portfolio Composition by Security Type
% of total investments at June 30, 2014
Agency Mortgage-Backed Securities	95.0%
Short-Term Investments	5.0%

See Notes to Financial Statements. 37

Wright Current Income Fund (WCIF)

STATEMENT OF ASSETS AND LIABILITIES					STATEMENT OF OPERATIONS
As of June 30, 2014					For the Six Months Ended June 30, 2014
ASSETS:			FALSE		INVESTMENT INCOME (Note 1C)			FALSE
	Investments, at value					Interest income	$	969,406
	(identified cost $58,604,962) (Note 1A)	$	59,628,611	######	6.00E+07	Dividend income		98
	Receivable for fund shares sold		47,110			Total investment income	$	969,504
	Dividends and interest receivable		222,729
	Prepaid expenses and other assets		23,122		Expenses –
	Total assets	$	59,921,572			Investment adviser fee (Note 3)	$	130,348
						Administrator fee (Note 3)		26,070
LIABILITIES:						Trustee expense (Note 3)		6,906
	Payable for fund shares reacquired	$	19,751			Custodian fee		2,853
	Payable for investment securities purchased		1,216,528			Accountant fee		19,967
	Distributions payable		99,036			Pricing		23,433
	Accrued expenses and other liabilities		19,522			Distribution expenses (Note 4)		72,415
	Total liabilities	$	1,354,837			Transfer agent fee		14,297
NET ASSETS		$	58,566,735			Printing		82
						Shareholder communications		3,279
NET ASSETS CONSIST OF:						Audit services		9,788
	Paid-in capital	$	61,040,719			Legal services		9,601
	Accumulated net realized loss on investments		(3,081,650	)		Compliance services		3,345
	Distributions in excess of net investment income		(415,983	)		Registration costs		10,628
	Unrealized appreciation on investments		1,023,649			Miscellaneous		19,002
	Net assets applicable to outstanding shares	$	58,566,735			Total expenses	$	352,014
SHARES OF BENEFICIAL INTEREST OUTSTANDING AT $0.000 PAR VALUE (UNLIMITED SHARES AUTHORIZED)			6,170,167		Deduct –
						Waiver and/or reimbursement by the principal underwriter and/or investment adviser (Note 4)	$	(91,318	)
NET ASSET VALUE, OFFERING PRICE, AND REDEMPTION PRICE PER SHARE OF BENEFICIAL INTEREST		$	9.49			Net expenses	$	260,696
						Net investment income	$	708,808
					REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
						Net realized gain on investment transactions	$	277,644
						Net change in unrealized appreciation (depreciation) on investments		453,908
						Net realized and unrealized gain on investments	$	731,552
						Net increase in net assets from operations	$	1,440,360

38

Wright Current Income Fund (WCIF)

		Six Months Ended			Year Ended
STATEMENTS OF CHANGES IN NET ASSETS		June 30, 2014			December 31, 2013
INCREASE (DECREASE) IN NET ASSETS:
From operations –
	Net investment income	$	708,808		$	1,262,003
0	Net realized gain (loss) on investment transactions		277,644			(275,429	)
	Net change in unrealized appreciation (depreciation) on investments		453,908			(2,419,901	)
	Net increase (decrease) in net assets from operations	$	1,440,360		$	(1,433,327	)
Distributions to shareholders (Note 2)
	From net investment income	$	(1,125,079	)	$	(2,763,577	)
	Total distributions	$	(1,125,079	)	$	(2,763,577	)
Net decrease in net assets resulting from fund share transactions (Note 6)		$	(1,125,105	)	$	(15,880,571	)
Net decrease in net assets		$	(809,824	)	$	(20,077,475	)
##
NET ASSETS:
	At beginning of period		59,376,559			79,454,034
	At end of period	$	58,566,735		$	59,376,559
UNDISTRIBUTED (DISTRIBUTIONS IN EXCESS OF) NET INVESTMENT INCOME INCLUDED IN NET ASSETS AT END OF PERIOD		$	(415,983	)	$	288

39

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		2014				2013			2012			2011			2010			2009
Net asset value, beginning of period		$	9.440			$	10.010		$	10.100		$	9.910		$	9.830		$	9.700
Income (loss) from investment operations:
Net investment income (1)			0.115				0.173			0.225			0.303			0.377			0.472
Net realized and unrealized gain (loss)			0.118				(0.365	)		0.081			0.302			0.175			0.118
	Total income (loss) from investment operations		0.233				(0.192	)		0.306			0.605			0.552			0.590
Less distributions:
From net investment income			(0.183	)			(0.378	)		(0.396	)		(0.415	)		(0.472	)		(0.460	)
Net asset value, end of period		$	9.490			$	9.440		$	10.010		$	10.100		$	9.910		$	9.830
Total Return(2)			2.48	%(3)			(1.95	)%		3.06	%		6.22	%		5.70	%		6.20	%
Ratios/Supplemental Data(1):
Net assets, end of period (000 omitted)		$58,567				$59,377			$79,454			$61,325			$40,584			$33,029
Ratios (As a percentage of average daily net assets):
Net expenses			0.90	%(4)			0.90	%		0.90	%		0.90	%		0.90	%		0.92	%
Net expenses after custodian fee reduction			N/A				N/A			N/A			N/A			N/A			0.92	%
Net investment income			2.45	%(4)			1.77	%		2.23	%		3.03	%		3.79	%		4.81	%
Portfolio turnover rate			15	%(3)			39	%		27	%		50	%		54	%		57	%
			For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009				For the six months ended June 30, 2014, and for the years ended December 31, 2013, 2012, 2011, 2010 and 2009
(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:
		2014				2013			2012			2011			2010			2009
Ratios (As a percentage of average daily net assets):
Expenses			1.22	%(4)			1.16	%		1.16	%		1.19	%		1.33	%		1.32	%
Expenses after custodian fee reduction			N/A				N/A			N/A			N/A			N/A			1.32	%
Net investment income			2.13	%(4)			1.51	%		1.97	%		2.74	%		3.36	%		4.41	%

40

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. 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, 2013, WTRB and  WCIF, for federal income tax purposes, had capital loss carryforwards subject to expiration of $1,438,598 and $2,990,870, 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 carryforwards will expire as follows:

41

The Wright Managed Income Trust

Notes to Financial Statements

December 31,	WTRB	WCIF
2014	$940,468	$          -
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 carryforwards with expiration dates.  Therefore, it is possible that all or a portion of a fund’s pre-effective capital loss carryforwards could expire unused.  In addition to the amounts noted in the table above, WCIF has $1,610,948 available short term capital loss carryforwards and $1,219,581 available long term capital loss carryforwards that have no expiration date.

As of June 30, 2014, 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, 2013, 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, 2014, 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.

42

The Wright Managed Income Trust

Notes to Financial Statements

As of December 31, 2013, the components of distributable earnings (accumulated losses) on a tax basis were as follows:

		WTRB			WCIF
Undistributed ordinary income	$	-		$	288
Capital loss carryforward and post October losses		(1,456,233	)		(3,124,253	)
Unrealized appreciation		486,191			334,700
Total	$	(970,042	)	$	(2,789,265	)

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

For tax purposes, the current year post-October loss was $17,635 and $133,383 (realized during the period November 1, 2013 through December 31, 2013) for WTRB and WCIF, respectively. These losses will be recognized for tax purposes on the first business day of each Fund’s next fiscal year, January 1, 2014.

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 year ended June 30, 2014, 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	$  29,919	0.45%
WCIF	$130,348	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 period ended June 30, 2014, the administrator fee for WTRB and WCIF amounted to $4,654 and $26,070, 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

43

The Wright Managed Income Trust

Notes to Financial Statements

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 period ended June 30, 2014, for WTRB  and WCIF were  $16,621 and $72,415, 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 period ended June 30, 2014, 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, 2015 (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 $58,597 and $18,903 for WTRB and WCIF, respectively. WISDI waived distribution fees of $16,621 and $72,415 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, 2014
	WTRB	WCIF
Purchases -
Non-U.S. Government & Agency Obligations	$    240,598	$               -
U.S. Government & Agency Obligations	681,471	232,753
Sales -
Non-U.S. Government & Agency Obligations	$ 2,061,552	$ 8,282,432
U.S. Government & Agency Obligations	2,075,037	8,678,810

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:

44

The Wright Managed Income Trust

Notes to Financial Statements

	December 31, 2014	36525			41820	#	#				41639
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
		Shares			Amount			Shares			Amount
WTRB
Sold		32,091		$	405,139			166,765		$	2,158,136
Issued to shareholders in payment of distributions declared		16,706			211,579			38,483			494,615
Redemptions		(306,892	)		(3,883,311	)		(812,158	)		(10,591,891	)
Net decrease		(258,095	)	$	(3,266,593	)		(606,910	)	$	(7,939,140	)

	December 31, 2014	36525			41820	#	#				41639
		Six Months Ended June 30, 2014						Year Ended December 31, 2013
		Shares			Amount			Shares			Amount
WCIF
Sold		708,761		$	6,720,083			2,259,819		$	22,209,423
Issued to shareholders in payment of distributions declared		52,323			496,528			127,114			1,235,624
Redemptions		(879,512	)		(8,341,716	)		(4,038,834	)		(39,325,618	)
Net decrease		(118,428	)	$	(1,125,105	)		(1,651,901	)	$	(15,880,571	)

7. Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of the investment securities owned at June 30, 2014, as computed on a federal income tax basis, were as follows:

Year Ended December 31, 2013
	WTRB			WCIF
Aggregate cost	$	11,444,256		$	58,604,962
Gross unrealized appreciation	$	5,360,547		$	1,452,921
Gross unrealized depreciation		(4,529,190	)		(429,272	)
Net unrealized appreciation	$	831,357		$	1,023,649

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, 2014, 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 period ended June 30, 2014, were as follows:

	WTRB
Average borrowings	$143,015
Average interest rate	1.15%

45

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, 2014, 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
Commerical Mortgage-Backed Securities	$	-	$	960,152	$	-	$	960,152
Corporate Bonds		-		5,215,339		-		5,215,339
U.S. Government Interests		-		5,922,848		-		5,922,848
Short-Term Investments		-		177,274		-		177,274
Total Investments	$	-	$	12,275,613	$	-	$	12,275,613

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	$	-	$	56,630,731	$	-	$	56,630,731
Short-Term Investments		-		2,997,880		-		2,997,880
Total Investments	$	-	$	59,628,611	$	-	$	59,628,611

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 transfers among Level 1, Level 2 and Level 3 for the period ended June 30, 2014.

10. Review for Subsequent Events

In connection with the preparation of the financial statements of the Funds as of and for the period ended June 30, 2014, events and transactions subsequent to June 30, 2014, 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.

46

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 as of December 31, 2013: (i) the Wright Selected Blue Chip Equities Fund (“WSBC”) outperformed its benchmark and peer group for the one-, three-, and five-year periods; (ii) the Wright Major Blue Chip Equities Fund (“WMBC”) outperformed its benchmark and peer group for the one-year period, but underperformed its benchmark and peer group for the three- and five-year periods, (iii) the Wright International Blue Chip Equities Fund (“WIBC”) outperformed its peer group for the one-year period, but underperformed its benchmark for the one-, three-, and five-year periods and its peer group for the three- and five-year periods; (iv) the Wright Total Return Bond Fund (“WTRB”) outperformed its benchmark for the five-year period, but underperformed its benchmark for the one- and three-year periods and its peer group for the one-, three- and five-year periods; and (v) the Wright Current Income Fund (“WCIF”) outperformed its benchmark for the one-year period and its peer group for the one-, three- and five- year periods, but underperformed its benchmark for the three- and five-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 WSBC was 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 2013 exceeded the Funds’ respective benchmarks, with the exception of WIBC which underperformed its benchmark. They also noted, that performance in 2013 for the Funds exceeded that of their respective peer groups, with the exception of WTRB which underperformed. 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.

47

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) 555-0644, 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) 555-0644.

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) 555-0644. This description is also available on the SEC website at http://www.sec.gov.

48

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 14, 2014

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 14, 2014

By           /s/ Michael J. McKeen

     Michael J. McKeen

Treasurer

Date       August 14, 2014